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Speaker 1: Hey guys, Saga and Crystal here.

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

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

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Speaker 2: the future of this show.

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

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

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Speaker 3: not exist anywhere else.

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

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

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

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

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Speaker 3: dot com. Good morning, everybody, Happy Monday, have an amazing

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Speaker 3: show for everybody today.

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Speaker 2: What do we have pristl Indeed, we do many things

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Speaker 2: to get to this morning. So Trump will not rule

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Speaker 2: out a recession. We'll tell you what the hell is

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Speaker 2: going on there as just as we can figure anyway.

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Speaker 2: We're going to take you inside that cabinet meeting showdown,

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Speaker 2: Marco Rubio versus Elon Musk. Sean Duffy also getting in

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Speaker 2: the mix, So some interesting things happening there. What does

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Speaker 2: it mean for the future of doge Canada had elections.

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Speaker 2: The Liberal Party there elected their new leaders, so he

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Speaker 2: will be the prime minister until they call new elections.

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Speaker 2: There has been a dramatic turnaround in fortunes for the

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Speaker 2: Liberal Party since Trump started threatening them with significant tariffs,

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Speaker 2: So really interesting dynamics there too. Civilians are being mass

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Speaker 2: slaughtered and serious or you will not hear in the

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Speaker 2: mainstream press, we will take you inside what's going on there.

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Speaker 2: Just really shocking images and footage that we can reveal here,

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Speaker 2: not for the faint of heart, whatsoever. The same time,

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Speaker 2: in the Lease, Trump is trying to negotiate a new

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Speaker 2: deal with Iran. Maybe so far Ron has rejected that

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Speaker 2: outreach thing basically like why should we trust you? We

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Speaker 2: had to deal with you before, how did that go?

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Speaker 2: But still an interesting development and certainly want to track there.

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Speaker 2: We are also following this situation with Columbia University. The

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Speaker 2: Trump administration has stripped them of four hundred million dollars

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Speaker 2: in federal funding and they have arrested. DHS has arrested

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Speaker 2: and essentially disappeared at this point, we don't know where

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Speaker 2: This guy is, a Green card holder who was a

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Speaker 2: leader of pro Power nine protest on campus, so obviously

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Speaker 2: a horrific situation there, and I'm taking a look at

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Speaker 2: Tim Walls spilling the tea on the Kamala campaign and

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Speaker 2: what might be next for him.

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Speaker 1: That's right.

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Speaker 3: Can't wait to listen to that one, especially there's been

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Speaker 3: a lot of discourse in the Democratic universe over his interview,

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Speaker 3: which I've been enjoying absolutely thoroughly. Thank you to everybody

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Speaker 3: who's been subscribing to the show. We really appreciate it's

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Speaker 3: been a lot of fun. We've been working extra hard here.

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Speaker 3: We've got five days a week now of coverage here

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Speaker 3: at Breaking Points. To go ahead Breakingpoints dot com, you

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Speaker 3: can become a premium subscriber and just had to say

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Speaker 3: we will overcome this time change my fellow morning. It's

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Speaker 3: a difficult time out there, Crystal. I will be happy

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Speaker 3: to report traffic was much better today despite Elon's return

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Speaker 3: to work mandate.

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Speaker 1: My theory is that people are too lazy to get

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Speaker 1: up in the dark.

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Speaker 3: So maybe I am pro daylight saving time because people

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Speaker 3: don't want to commute whenever.

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Speaker 1: It's very dark.

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Speaker 3: But for the rest of us, for the rest of

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Speaker 3: us who have to get up no matter what it is,

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Speaker 3: we shall overcome this.

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Speaker 4: Wonder.

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Speaker 2: I wonder if some of the agencies though, because one

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Speaker 2: of the things is like they just literally don't have

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Speaker 2: space for all.

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Speaker 1: Yes, that's right, actually be a work.

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Speaker 2: So I wonder if it's also partly the agencies reasserting

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Speaker 2: themselves and being like, you know, somebod y'all actually don't

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Speaker 2: need to come in.

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Speaker 1: I'll save some of this for the cabinet.

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Speaker 3: But I spent the weekend I talked to a couple

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Speaker 3: of folks who are actually victims of the return to

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Speaker 3: office mandate, and it's actually unbelievable. If I were one

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Speaker 3: of them, not only would I quit and take that

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Speaker 3: buy out, I would I would be absolutely furious. So

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Speaker 3: that is a secondary conversation that we can get to.

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Speaker 3: But let's turn down to recession watch. So Donald Trump

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Speaker 3: has given an interview now which is nothing short of extraordinary.

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Speaker 3: Asked to rule out a recession as a result of

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Speaker 3: the tariffs and as a result of some of the

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Speaker 3: other problems that we have right now in the economy,

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Speaker 3: and he's basically not saying no. So let's take a listen,

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Speaker 3: and I want to.

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Speaker 5: Ask you about Ukraine and to blow up the other

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Speaker 5: day with Zielenski. Let me stay on the economy for

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Speaker 5: a moment, because there are rising worries about a slowdown.

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Speaker 5: You've got the Atlanta Federal Reserve say we're going to

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Speaker 5: have a contraction in the first quarter.

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Speaker 6: Look, I know that you inherited a mess.

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Speaker 7: And you say, I've only been here.

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Speaker 5: Are you expecting a reception this year?

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Speaker 7: I hate to predict things like that.

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Speaker 8: There is a period of transition because what we're doing

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Speaker 8: is very big. We're bringing wealth back to America. That's

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Speaker 8: a big thing, and there are always periods of it

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Speaker 8: takes a little time. It takes a little time. But

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Speaker 8: I don't I think it should be great for us.

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Speaker 8: I mean, I think it should be great. It's going

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Speaker 8: to be great ultimately for the farmer.

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Speaker 7: You know, don't forget.

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Speaker 5: I meant, before you came into the Oval office the

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Speaker 5: first time, you were a very successful businessman, very successful

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Speaker 5: real estate executive. And a lot of people said, oh,

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Speaker 5: this is the business president, this is it.

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Speaker 1: He's watching the stock market.

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Speaker 5: He knows all about you know, he doesn't want the.

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Speaker 1: Market to go down.

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Speaker 5: And now we've got tariffs and the market has been

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Speaker 5: going down.

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Speaker 7: Well, not much.

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Speaker 5: I mean, in you said, look, we're going to have

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Speaker 5: a disruption, but we're okay with that. Is that what

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Speaker 5: you meant the stock market going down was the disruption?

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Speaker 6: What to be a lump where you alluding to.

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Speaker 8: What I have to do is build a strong country.

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Speaker 8: You can't really watch the stock market. If you look

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Speaker 8: at China, they have one hundred year perspective.

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Speaker 3: If you look at what do you think if you

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Speaker 3: look at Canada they have one hundred year perspective. Well,

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Speaker 3: you say China, because if you said China, that's correct.

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Speaker 1: If you said Canada, not so sure about that.

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Speaker 3: I mean, look, the truth is is that the stock market,

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Speaker 3: the S and P and the last month is down

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Speaker 3: by about five percent. I guess, to be fair to Trump,

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Speaker 3: it's down because it went up after he was elected.

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Speaker 3: The market didn't necessarily expect him to be like this.

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Speaker 3: If you look at the last one year, you know

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Speaker 3: the S and P still up by some twelve percent

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Speaker 3: or so.

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Speaker 1: But you know, this is the problem for Trump is that.

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Speaker 3: People are not really that people are not that retrospective,

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Speaker 3: especially people on Wall Street. It's all quarter by quarter

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Speaker 3: and you got to look at it now and it's

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Speaker 3: what have you done for me? Lately that's how Americans are,

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Speaker 3: and I think the real problem with some of that

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Speaker 3: talk again is I don't disagree at all. Of course,

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Speaker 3: how many times we joked here about stock market is

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Speaker 3: a graph of rich people's feelings, et cetera. We're going

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Speaker 3: to get to some comments by Scott Besten's Secretary of

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Speaker 3: the Treasury about how the American dream should not be

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Speaker 3: consumption based.

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Speaker 1: Could not agree more.

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Speaker 3: The issue is that people have got to really feel

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Speaker 3: as if you're presenting a genuine alternative and doing everything

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Speaker 3: possible to actually change the circumstances of their lives. And

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Speaker 3: if we don't have more policy now and in the future,

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Speaker 3: like with the tax bill and others that are not

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Speaker 3: combined not only with just industrialization, but with immediate relief

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Speaker 3: and feeling as if you're fighting for the average common

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Speaker 3: working person, then you're going to have the divergence where

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Speaker 3: you both will have more difficult consumption, You'll have worse

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Speaker 3: on employment data, high home prices and no change to

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Speaker 3: your fundamentals, and your overall retirement portfolio will go down.

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Speaker 3: I mean, you should not forget we are swimming up

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Speaker 3: against seventy five years of basically so called free trade

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Speaker 3: policy and the consumption based economy. It's basically the dream

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Speaker 3: that was sold to the American people, and it's not

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Speaker 3: even a dream anymore.

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Speaker 1: They believe it. If anything, it's the conditions of their lives.

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Speaker 3: So you have to basically should not only take a

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Speaker 3: whole of government approach, you're also trying to change the

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Speaker 3: American culture. At the very same time, somebody who would

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Speaker 3: ever bet against telling Americans that actually recession could be fine,

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Speaker 3: and yeah, you should just go ahead and change your

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Speaker 3: consumption based patterns that you've had for your entire life.

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Speaker 1: Not usually a good way to get elected. I mean,

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Speaker 1: what do I know that.

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Speaker 6: It was a shocking response.

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Speaker 2: It was crazy to get asked point blank, are we

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Speaker 2: going to avoid a recession? And he's like, maybe, well,

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Speaker 2: I don't like to predict that. I mean, that is

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Speaker 2: that is wild, and it does give credence to, you know,

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Speaker 2: the idea that actually they sort of want to maybe

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Speaker 2: not necessarily spark our recession, but certainly to spark a slowdown.

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Speaker 2: And the theory here is basically that the tariffs without

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Speaker 2: some sort of significant slowdown, crushing of people's wages and

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Speaker 2: ability to consume, and that goes along with slashing the

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Speaker 2: government social safety net and all the austerity that Elon

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Speaker 2: is bringing.

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Speaker 6: To bear for regular people.

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Speaker 2: Of course, rich people are getting their tax cut and

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Speaker 2: they're getting their regulators gutted and all that sort of stuff,

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Speaker 2: But for regular people this mass austerity. The theory is

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Speaker 2: that if you do terror RIfS without doing that, then

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Speaker 2: you get inflation. So they've decided that the way to

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Speaker 2: crush inflation is basically to screw.

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Speaker 6: You over and make it so that you don't have

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Speaker 6: money to spend. That's the sort of theory.

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Speaker 2: And I have to say, with his answer like this,

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Speaker 2: that sounds kind of correct at this point. Not to

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Speaker 2: mention that you have heard. I think it's you know,

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Speaker 2: Scott Bessett who has said things are very similar and

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Speaker 2: more sort of like technical economic jargon. I do think

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Speaker 2: at this point that that is probably the plan. You know,

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Speaker 2: we could talk more about this once we play best

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Speaker 2: and saying like, oh, the American dream shouldn't just be

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Speaker 2: like cheap consumer goods. True, but your agenda that you've

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Speaker 2: laid out and that you're implementing is to shift the

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Speaker 2: economy even more in the direction of the wealthy through

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Speaker 2: those tax cuts, through the social safety net cuts through

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Speaker 2: you know, getting rid effectively of the CFPB, gutting the SEC,

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Speaker 2: gutting enforcement through things like you know, we're going to have.

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Speaker 6: This crypto Reserve fund that we.

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Speaker 2: Can use to you know, funnel public resources into stopping

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Speaker 2: the crypto bags of billionaires. Through even the foreign policy,

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Speaker 2: which is all geared towards sort of creating new areas

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Speaker 2: of potential exploitation for the rich.

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Speaker 6: So, yes, the economy should be a rebalanced.

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Speaker 2: Yes, the core of like American prosperity shouldn't just be

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Speaker 2: how much cheap goods can we.

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Speaker 6: Get at Walmart.

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Speaker 2: But you're going in the total opposite direction of that

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Speaker 2: and just tilting the economy even more in the direction

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Speaker 2: of the rich. It's sort of like Reaganomics and Paul

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Speaker 2: Ryan on steroids.

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Speaker 3: Well, it's very it's just very confused, and I think

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Speaker 3: that's the easiest way to put and if things are confused,

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Speaker 3: people are not going to read the best intentions into it.

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Speaker 3: Now you also have the Commerce Secretary who has had

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Speaker 3: some wild moments on television. First of all, he did

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Speaker 3: say there will not be a recession, while Trump did

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Speaker 3: not rule it out, but he also went off about

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Speaker 3: AI and robots. So, guys, let's go ahead and play

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Speaker 3: these two stots back to back, just so people can

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Speaker 3: get a full taste that our economy is in very

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Speaker 3: good hands right now. Let's go ahead and play Howard Ludnek.

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Speaker 9: Anybody who bets against Donald Trump, it's like the same

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Speaker 9: people who thought Donald Trump wasn't a winner a year ago.

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Speaker 9: Donald Trump is a winner. He's going to win for

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Speaker 9: the American people. That's just the way it's going to be.

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Speaker 9: There's going to be no recession in America. What there's

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Speaker 9: going to be is global tariffs are going to come

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Speaker 9: down because President Trump has said, you want to charge

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Speaker 9: us one hundred percent, We're going to charge you one

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Speaker 9: hundred percent. And you know what they say. They say, no, no, no, no, no,

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Speaker 9: don't charge us one hundred percent. We'll bring hours down,

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Speaker 9: will unleash America out to the world, grow our economy

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Speaker 9: in a way we've never grown before. You are going

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Speaker 9: to see over the next two years the greatest set

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Speaker 9: of growth coming from America as Americans.

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Speaker 7: You saw it.

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Speaker 9: One point three trillion of new investment coming in America.

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Speaker 7: That speak of all those jobs.

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Speaker 9: And remember each trillion of investment in America is one

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Speaker 9: percent of growth GDP. So Donald Trump is bringing growth

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Speaker 9: to America. I would never bet on recession, no chance.

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Speaker 9: Do you think by moving everything back because you describe it,

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Speaker 9: that they're going to be able to be competitive globally? Aren't?

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Speaker 1: Price is ultimately going to actually have to rise.

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Speaker 9: I think if you want to buy things from other

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Speaker 9: countries and you want to bring it into America, then

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Speaker 9: the price is going to rise.

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Speaker 6: But if you make it here.

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Speaker 9: Then of course the price won't rise. So make it here.

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Speaker 9: Make it here. How hard is that to say? You know,

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Speaker 9: just keep repeating it to yourself. There's no tariff if

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Speaker 9: you make it here. So TSMC, the biggest chip manufacturer, says, okay, okay,

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Speaker 9: I'll make it here. You're going to watch everybody come

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Speaker 9: to that realization. Apple, who builds it all in China?

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Speaker 9: Why are they building it all in China and giving

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Speaker 9: us our iPhone? Why don't they make it here?

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Speaker 7: You know they umused to say we don't have secretaries,

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Speaker 7: that wages.

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Speaker 1: Are lower over there.

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Speaker 9: And now there are robots who can do it. You're

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Speaker 9: going to see robotic production of iphe phones and the

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Speaker 9: jobs that are going to be created. People who build

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Speaker 9: those factories, the mechanics who work on those robots. These

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Speaker 9: jobs are going to be millions and millions of those jobs.

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Speaker 9: These are great, high paying jobs and you don't need

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Speaker 9: a college education to do it.

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Speaker 1: So yeah, that's what we're dealing. Okay, robot, we're going

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Speaker 1: to do the job.

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Speaker 6: Wait a minute, I mean you're going to build a robot.

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Speaker 2: So it's going to be great. Like he kind of

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Speaker 2: let the cat out of the bag with that one.

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Speaker 2: That like, oh, the way we can keep the prices

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Speaker 2: low is just like AI and robots.

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Speaker 3: But that's why it drives me nuts, is that it

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Speaker 3: needs if we're going to have a coherent Again, I'm

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Speaker 3: very pro terror, I'm against a lot of USMCA. The

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Speaker 3: truth is that natal USMC have been devastating for the

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Speaker 3: American manufacturer. Fact is that we don't you know, build

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Speaker 3: or have not only the defense industrial base, the industrial

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Speaker 3: based period that we have here to be like a

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Speaker 3: sustainable and a real country. You know, God forbid that

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Speaker 3: we ever have an actual financial crisis. We're not Russia,

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Speaker 3: we're not China, we're not India. We don't have policies

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Speaker 3: in place to make sure that we can function in

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Speaker 3: the in the bad times as well as in the good.

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Speaker 3: But you know, this type of talk just makes it

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Speaker 3: so completely incoherent, and it makes it again so that

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Speaker 3: the American consumer just has no idea what to do.

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Speaker 3: And when they have no idea what to do, they're

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Speaker 3: going to pull back their overall consumer spending. And actually,

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Speaker 3: you know, the fact is is that you know, if

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Speaker 3: you do accept this thing, people have said, oh, who

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Speaker 3: cares about the stock market, it's rich people. Well, I'm

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Speaker 3: going to turn it over to our Treasury secretary now,

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Speaker 3: because here's the problem. We live in a complete bottom

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Speaker 3: up economy where or sorry, top down economy, fifty percent

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Speaker 3: of all consumer spending is rich people.

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Speaker 1: It's unbelievable.

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Speaker 3: Right now, I was looking not only at some of

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Speaker 3: the Wall Street Journal stats, but luxury services for high

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Speaker 3: fine hotels, like first class air.

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Speaker 1: Travel, all of you know, like Remoa bags, all that's

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Speaker 1: exploding right now.

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Speaker 3: But if you look at the bottom part of the economy,

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Speaker 3: places where people have to penny pinsion others, it is devastating.

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Speaker 3: And so you both are going to have consumer pair

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Speaker 3: back at all levels, which is really bad, not only

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Speaker 3: for the stock market, bad broadly Let's take a listen

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Speaker 3: now to our Secretary of the Treasury Codes Again. He's

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Speaker 3: pitching a vision very much like mine, but it has

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Speaker 3: to be backed up with a lot of policy.

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Speaker 1: Let's go and take a listen to Scott Bessett.

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Speaker 10: Top ten percent of Americans are forty or fifty percent

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Speaker 10: of consumption, and that is an unstable equilibrium. The bottom

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Speaker 10: fifty percent of working Americans have gotten killed. We are

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Speaker 10: trying to address that. We're trying to get rates down.

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Speaker 10: And could we be seeing this economy that we inherited

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Speaker 10: starting to roll a bit?

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Speaker 11: Sure?

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Speaker 10: And look, there's going to be a natural adjustment as

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Speaker 10: we move away from public spending. The private spending. The

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Speaker 10: market and the economy have just become hooked, and we've

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Speaker 10: become addicted to this government spending, and there's going to

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Speaker 10: be a detox period. The United States also provides reserve

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Speaker 10: assets as a consumer of first and last resort, and

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Speaker 10: it absorbs excess supply in the face of insufficient demand.

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Speaker 10: In other countries' domestic models, this system is not sustainable.

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Speaker 10: Access to cheap goods is not the asset is not

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Speaker 10: the essence of the American dream.

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Speaker 3: So I mean, look, you know access to cheap goods

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Speaker 3: is not the essence of the American dream.

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Speaker 1: I want that to be true.

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Speaker 3: It has, however, been true for the last seventy five years.

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Speaker 3: In fact, much of the degradation of our country is

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Speaker 3: a result of that mindset. But it's baked into the culture.

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Speaker 3: Now we are a Black Friday America. Like, let's be honest,

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Speaker 3: we're Cyber Monday America. That's who we are. We have

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Speaker 3: decided that those cheap things from China and all that

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Speaker 3: are worth it. And in a sense, you can't necessarily

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Speaker 3: blame people because all policy has been guided towards that direction.

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Speaker 1: When you have no policy geared towards.

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Speaker 3: Anything else, that's the easiest way to function in our society.

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Speaker 3: But again, whenever you have major consumable goods or not sorry,

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Speaker 3: major goods that are vital parts of the American life

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Speaker 3: like health insurance and or home prices become completely unaffordable.

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Speaker 3: On top of education, well what do we have. We

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Speaker 3: have a complete, you know, mismatch of the things that

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Speaker 3: are actually important are way too expensive, and the things

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Speaker 3: that are not important to your life at all are

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Speaker 3: the cheaper than ever. You can think by the way

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Speaker 3: you're you know that he was speaking of the Economic

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Speaker 3: Club of New York ironic because as you can.

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Speaker 1: Think, the people like that.

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Speaker 3: However, you know, again not to beat a dead horse,

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Speaker 3: but if you have tax policy which is basically geared

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Speaker 3: towards giving the Economic Club of New York, like a

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Speaker 3: huge tax cut, and or you don't have policy that's

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Speaker 3: put into place, which makes it so that you have

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Speaker 3: more things like this that happened tariffs, for example, like

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Speaker 3: if they took three months to do a real study

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Speaker 3: of the tariffs, but then they come into place and

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Speaker 3: they're strategic and they're staying and they're not part of

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Speaker 3: some wishwash chaos with the markets.

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Speaker 1: Well then at least, you know.

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Speaker 3: The American consumer, the American business, eve, Canada, Mexico, all

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Speaker 3: of us can say all right, you know, we can negotiate,

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Speaker 3: let's say, on these terms. Right now it all just

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Speaker 3: feelschaotic to an end. Now, their defense from the White House,

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Speaker 3: the defense from the White House is this is how

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Speaker 3: you actually get things done in terms of being able

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Speaker 3: to just throw things, keep the Canadians and the Mexicans

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Speaker 3: or you know, the entire world really on their feet,

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Speaker 3: create chaos in the system, and then work to that

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Speaker 3: advantage whenever there's a vacuum, and you know, if you

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Speaker 3: had true faith that a good outcome would come as a.

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Speaker 1: Result of that, it's possible.

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Speaker 3: I still think Trump has got a decent amount of runway. However,

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Speaker 3: day after day after day you see market down, see

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Speaker 3: consumer sentiment and all that. You're flirting with a bit

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Speaker 3: of disaster the closer that we get to the first

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Speaker 3: hundred days, and no real action on many of the

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Speaker 3: things that he ran on, like inflation and on immigration.

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Speaker 3: While you also basically just have dos to the centerpiece

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Speaker 3: story of the entire country, you are very much moving

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Speaker 3: away from that. We're coming up on fifty days, right,

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Speaker 3: so you've only got fifty more to go. It's really

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Speaker 3: not that long of a time. And so I do

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Speaker 3: think that they are really flirting with fire here. And

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Speaker 3: you know, and soon enough we're going to have that

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Speaker 3: tax cut. It's not that far away, and that will

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Speaker 3: only make the even worse.

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Speaker 2: And Medicaid cuts very likely. Medicaid cuts, I mean, that's

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Speaker 2: what they're floating as eight hundred billion dollars Medicaid cups cuts,

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Speaker 2: which will be devastating to millions of people across the country.

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Speaker 2: I mean one thing that Obamacare did. We'll talk more

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Speaker 2: about this probably later in the week. Publicans put forward

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Speaker 2: their continuing resolution as we move closer to this potential

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Speaker 2: government shutdown. But you know, the Obamacare Medicaid expansion made

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Speaker 2: Medicaid much more popular because it made it you know,

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Speaker 2: it's not anywhere close to universal program, but it made

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Speaker 2: it so that there was much more public buy in,

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Speaker 2: so it wasn't just something that felt like it's on

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Speaker 2: the fringes. Half of Americans are either on Medicaid themselves

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Speaker 2: or have someone who's close to them who is on Medicaid.

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Speaker 2: So this program has really become an integral part of

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Speaker 2: the fabric of the healthcare system in this country. Everybody

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Speaker 2: has problems with the healthcare system, but certainly they don't

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Speaker 2: want to go in the direction of making it a

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Speaker 2: more expensive and be less available. And that gets to

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Speaker 2: your point saga about education, healthcare, and housing. So if

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Speaker 2: you were going to remake the social contract in America

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Speaker 2: and say, you know what, the essence of the American

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Speaker 2: dream isn't cheap consumer goods.

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Speaker 6: What could that look like?

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Speaker 2: Because you know, I would like to move in that direction.

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Speaker 2: I think cheap consumer goods have been like the opiate

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Speaker 2: of the masses, and really has that mindset, which is

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Speaker 2: this very neoliberal mindset, really has been quite detrimental to

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Speaker 2: the overall well being of Americans, especially the American working class.

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Speaker 2: So what could a new social contract look like. I

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Speaker 2: think it would look like, Okay, things that you're buying

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Speaker 2: at Walmart are going to be more expensive, but you're

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Speaker 2: going to have universal health care. You're gonna have health care.

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Speaker 2: It's going to be in prescription drugs. You're gonna be

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Speaker 2: able to just go to the doctor and get care.

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Speaker 2: Housing is going to be much more affordable. You can

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Speaker 2: actually imagine yourself like getting on that ladder of home ownership.

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Speaker 2: It's going to be much more widely available. We're going

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00:19:50,240 --> 00:19:51,960
Speaker 2: to get back to an arrow when there was such

441
00:19:52,000 --> 00:19:54,000
Speaker 2: a thing as a starter home that a person with

442
00:19:54,080 --> 00:19:56,880
Speaker 2: a regular salary could afford while they're in their twenties

443
00:19:56,960 --> 00:19:59,439
Speaker 2: or at least early thirties. We're going to make it

444
00:19:59,480 --> 00:20:03,199
Speaker 2: so that education is widely available that you don't have,

445
00:20:03,280 --> 00:20:05,600
Speaker 2: you know, hundreds of thousands of dollars a student loan

446
00:20:05,680 --> 00:20:09,560
Speaker 2: debt that you're taking on. And in each of those categories,

447
00:20:09,840 --> 00:20:13,879
Speaker 2: the Trump administration has already made moves to make things worse.

448
00:20:14,080 --> 00:20:17,200
Speaker 2: So with education, they're rolling back some of the existing

449
00:20:17,600 --> 00:20:20,800
Speaker 2: student loan relief. There's, of course, you know, an assault

450
00:20:20,800 --> 00:20:25,840
Speaker 2: on certain institutions which could certainly translate into higher tuition.

451
00:20:26,240 --> 00:20:29,000
Speaker 2: So you've got that on education. With regard to healthcare,

452
00:20:29,359 --> 00:20:31,480
Speaker 2: we rolled back one of the executive orders that the

453
00:20:31,480 --> 00:20:33,719
Speaker 2: Biden administration had put in place to try to make

454
00:20:33,800 --> 00:20:37,359
Speaker 2: drugs cheaper, and you have these looming cuts to Medicaid,

455
00:20:37,400 --> 00:20:39,320
Speaker 2: which you're going to be you know, devastating, especially in

456
00:20:39,400 --> 00:20:42,880
Speaker 2: rural communities across the country. And with housing, if you're

457
00:20:42,880 --> 00:20:46,679
Speaker 2: putting tariffs on building materials coming from Canada, you are

458
00:20:46,800 --> 00:20:49,800
Speaker 2: very likely to have housing construction be even more expensive

459
00:20:50,080 --> 00:20:53,639
Speaker 2: than it is right now. So instead of offering, okay,

460
00:20:53,680 --> 00:20:55,320
Speaker 2: here's a new social contract.

461
00:20:54,920 --> 00:20:56,240
Speaker 6: Here's what you are going to get out of it.

462
00:20:56,240 --> 00:20:59,680
Speaker 2: Here's how it's going to overall improve quality of your life, well,

463
00:20:59,720 --> 00:21:03,600
Speaker 2: you're well being, your communities, et cetera. Instead we're getting

464
00:21:03,920 --> 00:21:06,520
Speaker 2: we're taking away the cheap consumer goods, and we are

465
00:21:06,520 --> 00:21:10,120
Speaker 2: pushing the economy even more in the direction of the wealthy,

466
00:21:10,160 --> 00:21:13,119
Speaker 2: even more in the direction of you know, Trump and

467
00:21:13,200 --> 00:21:17,000
Speaker 2: Elon and whoever are there billionaire friends to benefit from?

468
00:21:17,320 --> 00:21:21,040
Speaker 2: So you know, that's why when Scott Besson says that,

469
00:21:21,119 --> 00:21:23,159
Speaker 2: why it is not going to bring true for people,

470
00:21:23,200 --> 00:21:26,000
Speaker 2: and there would be a tremendous trust deficit to begin with,

471
00:21:26,160 --> 00:21:29,879
Speaker 2: Like it would take an extraordinary level of proof that

472
00:21:29,920 --> 00:21:32,480
Speaker 2: they're actually going to deliver for you in these other categories.

473
00:21:32,520 --> 00:21:35,280
Speaker 2: I think for people to accept that new bargain at

474
00:21:35,280 --> 00:21:37,920
Speaker 2: this point, but certainly not when you know, another part

475
00:21:37,920 --> 00:21:40,440
Speaker 2: of his speech was telling these bankers that, like, we're

476
00:21:40,440 --> 00:21:43,640
Speaker 2: going to cut some of the post financial crash regulations

477
00:21:43,880 --> 00:21:47,960
Speaker 2: with regard to your supplementary leverage ratio and make it

478
00:21:48,000 --> 00:21:52,600
Speaker 2: so that there's less less regulatory landscape holding you back.

479
00:21:52,840 --> 00:21:54,840
Speaker 2: And you see what they're doing with the CFPDE, you

480
00:21:54,920 --> 00:21:56,600
Speaker 2: see what they're doing with the SEC, you see what

481
00:21:56,640 --> 00:21:59,360
Speaker 2: they're doing with making sure that bad bosses can bust your.

482
00:21:59,400 --> 00:21:59,800
Speaker 6: Union, etc.

483
00:22:00,560 --> 00:22:04,080
Speaker 2: And there's nothing being offered for people in exchange for

484
00:22:04,200 --> 00:22:06,280
Speaker 2: giving up those cheap consumer goods.

485
00:22:06,880 --> 00:22:08,480
Speaker 1: Yeah, I mean, I was looking just now.

486
00:22:08,880 --> 00:22:12,159
Speaker 3: Americans in nineteen seventy one spent seven point six percent

487
00:22:12,200 --> 00:22:15,359
Speaker 3: of their income on healthcare. The exact data today is

488
00:22:15,359 --> 00:22:18,159
Speaker 3: a bit unclear, but at GDP wise in nineteen seventy one,

489
00:22:18,160 --> 00:22:20,520
Speaker 3: Americans spent about seven point two percent of GDP on healthcare.

490
00:22:20,600 --> 00:22:23,120
Speaker 3: Today it's eighteen percent, right, and so we've actually gotten batter,

491
00:22:23,160 --> 00:22:25,800
Speaker 3: we've gotten sicker, it's gotten worse. So I mean, look,

492
00:22:25,800 --> 00:22:27,720
Speaker 3: I understand, you know that's the Bernie Sanders vision, but

493
00:22:27,760 --> 00:22:28,920
Speaker 3: like you don't even have to go that far.

494
00:22:28,960 --> 00:22:30,720
Speaker 1: You could just make it like relatively affordable.

495
00:22:30,840 --> 00:22:32,880
Speaker 3: Like you can make it so that it's not crazy

496
00:22:33,320 --> 00:22:36,040
Speaker 3: too expensive starter homes and all of that. Or you

497
00:22:36,080 --> 00:22:38,320
Speaker 3: don't need free college to make college affordable, it's actually

498
00:22:38,359 --> 00:22:40,399
Speaker 3: not that difficult. You just make it so that these

499
00:22:40,440 --> 00:22:44,520
Speaker 3: people can't ridiculously screw over their own students with student loans.

500
00:22:44,520 --> 00:22:46,800
Speaker 3: You also don't need the government backstopping all of this

501
00:22:46,920 --> 00:22:48,639
Speaker 3: as well. There are a lot of different ways, but

502
00:22:48,680 --> 00:22:52,440
Speaker 3: the problem again is I don't see necessarily some major changes.

503
00:22:52,480 --> 00:22:54,879
Speaker 3: I will say there's one good news is that apparently

504
00:22:54,920 --> 00:22:57,639
Speaker 3: the House did include a twenty percent tax or so

505
00:22:57,840 --> 00:22:59,359
Speaker 3: on endowments for colleges.

506
00:22:59,359 --> 00:23:01,000
Speaker 1: I think it should be higher than that.

507
00:23:01,040 --> 00:23:03,280
Speaker 3: But the problem here is that then we we would

508
00:23:03,320 --> 00:23:05,760
Speaker 3: need to make sure that it is pegged as well

509
00:23:05,800 --> 00:23:08,560
Speaker 3: to affordability, so that you can avoid the tax very

510
00:23:08,640 --> 00:23:12,000
Speaker 3: easily avoid the tax as long as percent you know,

511
00:23:12,119 --> 00:23:15,480
Speaker 3: income wise or whatever it is affordable. They're never gonna

512
00:23:15,600 --> 00:23:17,760
Speaker 3: spring for that, and they're lobbying as hard as they

513
00:23:17,760 --> 00:23:21,840
Speaker 3: possibly can. The overall picture it's not good. Let's go

514
00:23:21,840 --> 00:23:24,480
Speaker 3: to the next one. This was from the Financial Times.

515
00:23:24,600 --> 00:23:26,199
Speaker 3: I actually thought it was a very good piece, and

516
00:23:26,240 --> 00:23:28,359
Speaker 3: it says, is this dot Com bust two point zero.

517
00:23:28,840 --> 00:23:31,520
Speaker 3: But really what she tries to argue throughout all of

518
00:23:31,560 --> 00:23:35,320
Speaker 3: this is just that these crashes that end up happening

519
00:23:35,640 --> 00:23:37,600
Speaker 3: not like two thousand and eight, but more like dot

520
00:23:37,640 --> 00:23:40,880
Speaker 3: Com or a few others, they don't have a single

521
00:23:41,000 --> 00:23:45,240
Speaker 3: precipitating event. It's basically just a lot of different stuff

522
00:23:45,600 --> 00:23:50,439
Speaker 3: that somehow just comes together in a moment roughly, you know,

523
00:23:50,520 --> 00:23:53,080
Speaker 3: either a day or maybe a month, or over the

524
00:23:53,160 --> 00:23:55,520
Speaker 3: last couple of months, that make it so that you

525
00:23:55,680 --> 00:23:59,720
Speaker 3: just start to ask fundamental questions and look at fundamentals,

526
00:23:59,840 --> 00:24:03,480
Speaker 3: and then the like dream or the bubble can just

527
00:24:03,520 --> 00:24:06,680
Speaker 3: get popped without any real knowledge. And what they're worried

528
00:24:06,680 --> 00:24:09,040
Speaker 3: about is something we've talked about here at nauseum, which

529
00:24:09,080 --> 00:24:11,760
Speaker 3: is the makeup of the so called Magnificent seven stocks

530
00:24:11,760 --> 00:24:14,040
Speaker 3: in the S and P five hundred and really is

531
00:24:14,080 --> 00:24:16,360
Speaker 3: that they say particularly worrying for those who see parallels

532
00:24:16,359 --> 00:24:18,960
Speaker 3: to two thousand. Magnificent seven that powered the broader market

533
00:24:18,960 --> 00:24:21,520
Speaker 3: are now in correction territory. They're down twelve percent from

534
00:24:21,520 --> 00:24:23,720
Speaker 3: the highs that collectively hid in December, and their fourth

535
00:24:23,800 --> 00:24:26,600
Speaker 3: quarter profits were not particularly bad. Investors are starting to

536
00:24:26,600 --> 00:24:28,679
Speaker 3: ask more questions about the billions of dollars spent on

537
00:24:28,720 --> 00:24:31,600
Speaker 3: AI data centers and power sources and how that's going

538
00:24:31,640 --> 00:24:34,960
Speaker 3: to translate to overall growth. To some long term investors,

539
00:24:34,960 --> 00:24:37,320
Speaker 3: that seems eerily familiar to the loss of the dot

540
00:24:37,320 --> 00:24:40,680
Speaker 3: com bubble into in nineteen ninety nine. Once funding became

541
00:24:40,680 --> 00:24:43,800
Speaker 3: more expensive, loss making startups such as pet dot Com

542
00:24:43,800 --> 00:24:46,640
Speaker 3: and webvan ran out of money, their telecom and technology

543
00:24:46,680 --> 00:24:49,359
Speaker 3: providers started to struggle, pulling down the broader market, and

544
00:24:49,440 --> 00:24:51,720
Speaker 3: you enter a recession in March of two thousand and one.

545
00:24:51,960 --> 00:24:54,200
Speaker 1: And so again, nothing is one to one.

546
00:24:54,280 --> 00:24:57,399
Speaker 3: It's just the fact that you see similar things that

547
00:24:57,440 --> 00:25:00,000
Speaker 3: are happening, and if the Trump administration is not careful,

548
00:25:00,200 --> 00:25:03,000
Speaker 3: they will find themselves in very similar territory.

549
00:25:03,160 --> 00:25:03,840
Speaker 1: That's the issue.

550
00:25:03,920 --> 00:25:06,280
Speaker 3: Let's go to the final part here, which you know,

551
00:25:06,400 --> 00:25:08,879
Speaker 3: I'm not really sure why we're doing this. This is

552
00:25:09,160 --> 00:25:11,920
Speaker 3: a post from both Charlie Kirk and from Trump on

553
00:25:11,960 --> 00:25:14,240
Speaker 3: truth Social It's from Charlie Kirk saying, shut up about

554
00:25:14,280 --> 00:25:17,240
Speaker 3: egg prices. Trump is saving consumers millions.

555
00:25:17,280 --> 00:25:17,439
Speaker 6: You know.

556
00:25:17,480 --> 00:25:19,800
Speaker 3: The ironic part about this is the Trump administration actually

557
00:25:19,800 --> 00:25:21,600
Speaker 3: did something pretty good on eggs a couple of days ago.

558
00:25:21,840 --> 00:25:24,200
Speaker 3: But like Biden, they're not doing anything about it. They

559
00:25:24,240 --> 00:25:28,280
Speaker 3: have the Department of Justice actually investigating egg sellers.

560
00:25:28,520 --> 00:25:28,800
Speaker 1: Now.

561
00:25:28,960 --> 00:25:31,240
Speaker 3: The reason why I think that they're not doing it

562
00:25:31,280 --> 00:25:34,320
Speaker 3: is it sounds eerly familiar to the whole price control

563
00:25:34,560 --> 00:25:38,560
Speaker 3: drama that happened during the campaign. And you and I

564
00:25:38,600 --> 00:25:41,520
Speaker 3: talked about this, but remember Biden's Department of Justice went

565
00:25:41,640 --> 00:25:44,280
Speaker 3: after the meat packing industry, but they just never talked

566
00:25:44,280 --> 00:25:47,160
Speaker 3: about it to anybody. And so Trump, you know, look,

567
00:25:47,200 --> 00:25:49,520
Speaker 3: your Department of Justice is doing something good here. That's

568
00:25:49,600 --> 00:25:51,880
Speaker 3: very popular to go after people who are either price

569
00:25:51,920 --> 00:25:54,880
Speaker 3: gouging and look, investigation, let's see what it bears out.

570
00:25:54,960 --> 00:25:57,400
Speaker 1: Are you, you know, making undue profits.

571
00:25:57,040 --> 00:25:59,440
Speaker 3: Or you're using bird flu as an excuse to jack

572
00:25:59,480 --> 00:26:01,320
Speaker 3: things up, or is whole foods you know, like, what's

573
00:26:01,320 --> 00:26:03,640
Speaker 3: the real profit margin on all this stuff? You could

574
00:26:03,640 --> 00:26:05,479
Speaker 3: call that communist if you want, I would say that's

575
00:26:05,560 --> 00:26:07,200
Speaker 3: living in a society whenever you have one of the

576
00:26:07,240 --> 00:26:11,000
Speaker 3: most subsized industries literally on Earth. But that's the issue

577
00:26:11,080 --> 00:26:12,560
Speaker 3: is at the same time, it's like, shut up about

578
00:26:12,560 --> 00:26:15,080
Speaker 3: egg price. It's like, no, egg prices are way too high.

579
00:26:15,160 --> 00:26:16,800
Speaker 3: Here's what I'm doing about it. Yeah, let me talk

580
00:26:16,800 --> 00:26:18,520
Speaker 3: about it all the time. Yeah, and instead we get

581
00:26:18,520 --> 00:26:21,399
Speaker 3: doge nonsense. So look, it's a messaging problem as much

582
00:26:21,440 --> 00:26:24,840
Speaker 3: of this, as much as it is a policy problem.

583
00:26:24,840 --> 00:26:26,840
Speaker 3: We will find out, you know, we'll find out how

584
00:26:27,320 --> 00:26:28,919
Speaker 3: how much people are willing to put up with it.

585
00:26:28,960 --> 00:26:30,800
Speaker 1: I really have no idea.

586
00:26:30,520 --> 00:26:33,280
Speaker 3: Because overlying all of this is that Trump is the

587
00:26:33,320 --> 00:26:36,800
Speaker 3: strongest cult of personality in modern American history.

588
00:26:36,840 --> 00:26:37,560
Speaker 1: People love him.

589
00:26:37,640 --> 00:26:39,600
Speaker 3: They you know, if you look at Republican confidence in

590
00:26:39,640 --> 00:26:43,800
Speaker 3: the economy, it's sky high right now, Like their overall

591
00:26:44,200 --> 00:26:46,680
Speaker 3: approval are they really like much like a lot of

592
00:26:46,720 --> 00:26:49,960
Speaker 3: Democrats were under Joe Biden. So it's really a question

593
00:26:50,040 --> 00:26:53,200
Speaker 3: of both independence and of democratic activism to see if

594
00:26:53,240 --> 00:26:55,920
Speaker 3: that will be able to be overcome at a partisan,

595
00:26:56,240 --> 00:26:58,639
Speaker 3: you know level, even beyond the midterms and all that,

596
00:26:58,720 --> 00:27:01,679
Speaker 3: Like how they're going to Walesce for whatever the argument

597
00:27:01,760 --> 00:27:04,720
Speaker 3: comes in the future. So, but that's my only coveyat

598
00:27:04,720 --> 00:27:06,639
Speaker 3: If anybody can survive this, it is Trump. He's more

599
00:27:06,680 --> 00:27:08,560
Speaker 3: runway than anybody other politician I've ever seen.

600
00:27:08,680 --> 00:27:11,439
Speaker 2: Yeah, well, I mean certainly with his base, like they'll

601
00:27:11,520 --> 00:27:12,600
Speaker 2: follow him into the gates.

602
00:27:12,680 --> 00:27:14,800
Speaker 6: Bell, I think it's really true at this point.

603
00:27:15,040 --> 00:27:17,480
Speaker 2: Listen, how do we feel about the like Zelenski Trump

604
00:27:17,520 --> 00:27:20,479
Speaker 2: White House, JD Van situation. Have you seen the chart

605
00:27:20,720 --> 00:27:23,760
Speaker 2: of the way that Republican opinion changed after that meeting?

606
00:27:24,080 --> 00:27:27,400
Speaker 2: It just it went from like actually liking Zelensky pretty

607
00:27:27,440 --> 00:27:31,320
Speaker 2: well to it falling off a cliff over just that one,

608
00:27:31,400 --> 00:27:34,399
Speaker 2: like Trump signaling I don't like this guy, and so yeah,

609
00:27:34,440 --> 00:27:37,320
Speaker 2: they'll go I mean they will buy Okay, a recession

610
00:27:37,400 --> 00:27:39,399
Speaker 2: is good for us somehow, the stock market crashing is

611
00:27:39,440 --> 00:27:43,360
Speaker 2: good for us Somewhile it really is that like closely

612
00:27:43,440 --> 00:27:46,000
Speaker 2: tied to him and whatever he says. But you know

613
00:27:46,080 --> 00:27:48,199
Speaker 2: that's like thirty percent of the country. And then you

614
00:27:48,280 --> 00:27:51,119
Speaker 2: have obviously Democrats hate the guy and are going to

615
00:27:51,119 --> 00:27:53,320
Speaker 2: continue to hate the guy and are going to continue

616
00:27:53,320 --> 00:27:56,040
Speaker 2: to make a lot of noise about the cuts of

617
00:27:56,040 --> 00:27:58,520
Speaker 2: the social safety net, the giveaways to the rich, et cetera.

618
00:27:58,840 --> 00:28:01,600
Speaker 2: He's only likely to than their hand with the policy

619
00:28:01,640 --> 00:28:04,479
Speaker 2: moves anticipated from here. And then you've got, you know,

620
00:28:04,520 --> 00:28:07,520
Speaker 2: the Independence who really swung towards Trump in this election,

621
00:28:08,080 --> 00:28:11,000
Speaker 2: and the sort of new swing coalitions which are more

622
00:28:11,160 --> 00:28:14,480
Speaker 2: up for grabs, and so, you know, are they able

623
00:28:14,560 --> 00:28:18,280
Speaker 2: to really buy into the story of the tariffs are

624
00:28:18,320 --> 00:28:21,480
Speaker 2: to reindustrialize America, even though Trump is not even really

625
00:28:21,480 --> 00:28:23,960
Speaker 2: telling that story consistently at this point? Are they able

626
00:28:24,040 --> 00:28:27,159
Speaker 2: to look at the sort of glossy top line of

627
00:28:27,240 --> 00:28:30,520
Speaker 2: we're making the government quote unquote more efficient and ignore

628
00:28:30,560 --> 00:28:33,040
Speaker 2: the specifics of the cuts that are happening, The way

629
00:28:33,040 --> 00:28:35,919
Speaker 2: they're damaging, incredibly damaging, the way they've been done with

630
00:28:35,960 --> 00:28:38,240
Speaker 2: the hatchet, the way they've had to scramble and rehire

631
00:28:38,280 --> 00:28:40,760
Speaker 2: people that they realized were really critical for the government.

632
00:28:41,080 --> 00:28:43,200
Speaker 2: I mean, that's you know, that's the question. You guys

633
00:28:43,200 --> 00:28:45,360
Speaker 2: won't be surprised, which diruction. I think things are going

634
00:28:45,400 --> 00:28:48,040
Speaker 2: to go and especially with the economy turning increasingly sour,

635
00:28:48,400 --> 00:28:51,000
Speaker 2: but you know, similar to the point that you've been making.

636
00:28:51,400 --> 00:28:54,600
Speaker 2: Sorobamaris tweeted this and I thought this was really well said.

637
00:28:54,640 --> 00:28:57,000
Speaker 2: He's like, listen, Trump came in with a mandate and

638
00:28:57,040 --> 00:28:59,440
Speaker 2: a trifecta, and he's going to waste it on letting

639
00:28:59,480 --> 00:29:02,440
Speaker 2: banks pie up the overdraft fees on low income customers

640
00:29:02,480 --> 00:29:06,080
Speaker 2: and firing vets and nuclear weapons safety specialists then scrambling

641
00:29:06,120 --> 00:29:09,720
Speaker 2: to hire them back. What even is a legislative agenda here?

642
00:29:09,920 --> 00:29:12,520
Speaker 2: And you know, I think that's well said. Like the

643
00:29:12,560 --> 00:29:16,080
Speaker 2: first one hundred day priority has been this, just like Doge,

644
00:29:16,800 --> 00:29:21,120
Speaker 2: ramming through all sorts of like gutting the regulatory system

645
00:29:21,640 --> 00:29:25,080
Speaker 2: and pushing to fire air traffic controllers as we're about

646
00:29:25,080 --> 00:29:28,120
Speaker 2: to discuss in the next block, et cetera. And none

647
00:29:28,120 --> 00:29:31,720
Speaker 2: of it is coherent whatsoever. I mean, it does feel

648
00:29:31,760 --> 00:29:37,280
Speaker 2: sometimes like you've got Trump's you know, national populism somehow

649
00:29:37,400 --> 00:29:43,040
Speaker 2: with this, like Frankenstinian mashup with Elon Musk's anarcho capitalism,

650
00:29:43,200 --> 00:29:45,440
Speaker 2: and the whole thing is just like a dog's breakfast

651
00:29:45,480 --> 00:29:47,880
Speaker 2: that somehow still you know, is very clearly going to

652
00:29:47,880 --> 00:29:48,520
Speaker 2: benefit the rich.

653
00:29:48,640 --> 00:29:50,360
Speaker 1: I think about it all the time. I'm just like,

654
00:29:50,440 --> 00:29:51,480
Speaker 1: how did we get here?

655
00:29:51,520 --> 00:29:54,120
Speaker 3: And at first, you know, it's interesting too, because I

656
00:29:54,160 --> 00:29:56,000
Speaker 3: was really thinking about the backlash in the beginning. I

657
00:29:56,040 --> 00:29:57,920
Speaker 3: was like, look, in a certain sense, the chaos is

658
00:29:57,920 --> 00:29:59,280
Speaker 3: actually what a lot of people voted for.

659
00:29:59,320 --> 00:29:59,720
Speaker 1: They love it.

660
00:30:00,000 --> 00:30:02,280
Speaker 3: There's nothing they love more than seeing like liberals cry.

661
00:30:02,680 --> 00:30:04,640
Speaker 3: But I think the reason it is starting to turn

662
00:30:05,120 --> 00:30:08,200
Speaker 3: is not only the consumer sentiment and the tariffs per se,

663
00:30:08,560 --> 00:30:11,640
Speaker 3: but you do have a lot of federal government employees,

664
00:30:11,720 --> 00:30:13,160
Speaker 3: as I keep saying, across the country.

665
00:30:13,240 --> 00:30:15,760
Speaker 1: Yeah, it's the largest employer in the entire nation. And

666
00:30:16,040 --> 00:30:18,560
Speaker 1: everybody kind of knows somebody who works for the government.

667
00:30:18,600 --> 00:30:20,560
Speaker 3: Not even here in DC that's a given, but I'm

668
00:30:20,600 --> 00:30:23,280
Speaker 3: saying all across the country, be a National Park Service, whatever,

669
00:30:23,320 --> 00:30:26,520
Speaker 3: Pentagon contractor, and not only that, you know, I heard

670
00:30:26,560 --> 00:30:28,240
Speaker 3: a story. These are all just in my own life

671
00:30:28,280 --> 00:30:30,160
Speaker 3: of somebody I know works at a private firm. It's

672
00:30:30,200 --> 00:30:33,080
Speaker 3: like a marketing company. One of their major one of

673
00:30:33,080 --> 00:30:36,440
Speaker 3: their major clients was like a major US government agency.

674
00:30:36,560 --> 00:30:39,360
Speaker 3: So the US government agency freezes all future contracts, which

675
00:30:39,400 --> 00:30:41,920
Speaker 3: means what they have layoffs at this agency.

676
00:30:41,960 --> 00:30:43,600
Speaker 1: And I was like, oh, that's kind of interesting, that's

677
00:30:43,640 --> 00:30:44,000
Speaker 1: one of them.

678
00:30:44,080 --> 00:30:46,240
Speaker 3: Just I mean, obviously feel bad for those people, but

679
00:30:46,360 --> 00:30:48,880
Speaker 3: I meant more on a sociological level, of those people

680
00:30:48,880 --> 00:30:51,680
Speaker 3: probably never in their lives thought about the government or

681
00:30:51,720 --> 00:30:54,800
Speaker 3: doze whatever, you know, beyond beyond like the way an

682
00:30:54,800 --> 00:30:58,120
Speaker 3: normal person would. But that's when there's something gets touched,

683
00:30:58,280 --> 00:30:59,640
Speaker 3: and when something touches you.

684
00:30:59,680 --> 00:31:00,800
Speaker 1: We saw this during COVID.

685
00:31:00,920 --> 00:31:03,040
Speaker 3: What's the most radicalizing event for a lot of people,

686
00:31:03,080 --> 00:31:07,560
Speaker 3: COVID why vax mandates lockdowns whatever? That was, school closures

687
00:31:07,600 --> 00:31:11,440
Speaker 3: exactly because that's an actual concrete policy that was enough

688
00:31:11,440 --> 00:31:15,160
Speaker 3: to turn people Republican, at least in my circles. For

689
00:31:15,400 --> 00:31:18,200
Speaker 3: what it's been several years now since that happened, and

690
00:31:18,240 --> 00:31:22,720
Speaker 3: the hangover effect from that has been years of political ramifications. Well,

691
00:31:22,760 --> 00:31:25,440
Speaker 3: I could see the similar, you know, change if there

692
00:31:25,560 --> 00:31:28,520
Speaker 3: is a slash and funding, or if somebody gets laid

693
00:31:28,560 --> 00:31:33,840
Speaker 3: off or somebody finds themselves like genuinely materially harmed by

694
00:31:33,880 --> 00:31:36,200
Speaker 3: one of these policies. Let's say there's a crash, you know,

695
00:31:36,240 --> 00:31:39,400
Speaker 3: I talk about that one a lot hurricane season. We'll

696
00:31:39,440 --> 00:31:42,480
Speaker 3: see that one soon, in the effects of whether Noah,

697
00:31:42,600 --> 00:31:45,000
Speaker 3: you know, has something a major international crisis which is

698
00:31:45,040 --> 00:31:47,800
Speaker 3: not handled properly and troops get killed like, those are

699
00:31:47,880 --> 00:31:50,520
Speaker 3: the types of things that really make and force people

700
00:31:50,760 --> 00:31:53,520
Speaker 3: to change. So we will see, as I said, but

701
00:31:53,760 --> 00:31:56,880
Speaker 3: I do think I can just see risk and part

702
00:31:56,920 --> 00:31:59,280
Speaker 3: of the problem is I think what a great leader

703
00:31:59,400 --> 00:32:02,280
Speaker 3: should always do is to anticipate those issues. I'm just

704
00:32:02,280 --> 00:32:03,959
Speaker 3: a moron, you know, Like I don't you know, at

705
00:32:03,960 --> 00:32:05,880
Speaker 3: the end of the day, it's not that difficult to

706
00:32:05,880 --> 00:32:08,960
Speaker 3: come up with these scenarios in your head. These are

707
00:32:09,120 --> 00:32:12,640
Speaker 3: elected officials and many of them working in professional politics,

708
00:32:12,680 --> 00:32:15,480
Speaker 3: and they often wait to pounce for a great moment.

709
00:32:15,520 --> 00:32:17,560
Speaker 3: You should always apply that thinking, and you should do

710
00:32:17,600 --> 00:32:19,640
Speaker 3: everything in your power to make sure that you're not

711
00:32:19,680 --> 00:32:23,600
Speaker 3: susceptible to those types of you know, macro change events,

712
00:32:23,640 --> 00:32:26,520
Speaker 3: whatever that could change your political fortunes. And so that's

713
00:32:26,600 --> 00:32:30,240
Speaker 3: just generally how I've been thinking about where the organic

714
00:32:30,320 --> 00:32:32,800
Speaker 3: change and the pushback may be. The Democrats were always

715
00:32:32,840 --> 00:32:35,840
Speaker 3: going to be upset, but it really it's about independence

716
00:32:36,120 --> 00:32:39,000
Speaker 3: and also about how people will materially feel about this

717
00:32:39,480 --> 00:32:39,959
Speaker 3: at the end.

718
00:32:40,000 --> 00:32:40,760
Speaker 1: And yeah, I just checked.

719
00:32:40,760 --> 00:32:43,400
Speaker 3: It's been forty nine days since January twenty, so tomorrow's

720
00:32:43,400 --> 00:32:46,720
Speaker 3: the fiftieth day of Donald Trump's presidency. You really don't

721
00:32:46,760 --> 00:32:49,240
Speaker 3: have that much longer left for your the good will

722
00:32:49,560 --> 00:32:51,880
Speaker 3: of the American people, And if the latter fifty days

723
00:32:51,880 --> 00:32:53,560
Speaker 3: look more like the first, I think it'll be a

724
00:32:53,560 --> 00:32:56,400
Speaker 3: problem for him.

725
00:32:56,640 --> 00:32:57,960
Speaker 1: Let's get to the cabinet, shall we.

726
00:32:58,040 --> 00:33:00,880
Speaker 3: All right, this is an extraordinary show down in the

727
00:33:00,920 --> 00:33:04,440
Speaker 3: cabinet meeting. We're getting some details here. Let's go and

728
00:33:04,440 --> 00:33:07,680
Speaker 3: put it up there on the screen. Apparently, in this

729
00:33:07,840 --> 00:33:12,960
Speaker 3: cabinet meeting, which was convened by Donald Trump over tensions

730
00:33:13,000 --> 00:33:18,239
Speaker 3: inside of DOGE, Marco Rubio had a complete standoff with

731
00:33:18,440 --> 00:33:21,080
Speaker 3: Elon Musk, and you'd be surprised, which is not just

732
00:33:21,200 --> 00:33:24,280
Speaker 3: over DOGE and the State Department, but it was also

733
00:33:24,360 --> 00:33:28,080
Speaker 3: over usaid and more broadly about cabinet level authority. So

734
00:33:28,160 --> 00:33:29,840
Speaker 3: let me just read from some of this.

735
00:33:29,920 --> 00:33:30,080
Speaker 1: Here.

736
00:33:30,080 --> 00:33:31,600
Speaker 3: He was in the cabinet room with the Oval Office,

737
00:33:31,600 --> 00:33:34,160
Speaker 3: the White House Secretary of State seated beside the President,

738
00:33:34,160 --> 00:33:36,080
Speaker 3: listening to a litany attacks from the richest man in

739
00:33:36,120 --> 00:33:39,320
Speaker 3: the world. Seated diagonally opposite across the elliptical mahogany table,

740
00:33:39,600 --> 00:33:42,120
Speaker 3: Elon Musk was letting Rubio have it, accusing him of

741
00:33:42,160 --> 00:33:42,640
Speaker 3: failing to.

742
00:33:42,560 --> 00:33:43,440
Speaker 1: Slash his staff.

743
00:33:43,680 --> 00:33:46,840
Speaker 3: You have fired nobody, mister Musk told Rubio, then scornfully

744
00:33:46,880 --> 00:33:48,880
Speaker 3: added that perhaps he was the only person he had

745
00:33:48,880 --> 00:33:52,080
Speaker 3: fired was a staff member from Musk's Department of Government Efficiency.

746
00:33:52,440 --> 00:33:55,200
Speaker 3: Rubio has been privately furious with Musk for weeks ever

747
00:33:55,240 --> 00:33:58,200
Speaker 3: since his team effectively shuddered an entire agency that was

748
00:33:58,280 --> 00:34:02,960
Speaker 3: under Rubio's CONTROLSAI, but an extraordinary cabinet meeting in front

749
00:34:03,000 --> 00:34:05,520
Speaker 3: of President Trump and twenty others, details of which have

750
00:34:05,680 --> 00:34:09,080
Speaker 3: not been reported, mister Rubio got his grievances off his chest.

751
00:34:09,360 --> 00:34:10,800
Speaker 1: Musk was not being truthful.

752
00:34:10,880 --> 00:34:13,399
Speaker 3: Rubio said, what about the more than fifteen hundred State

753
00:34:13,400 --> 00:34:14,960
Speaker 3: Department officials who took the buyouts?

754
00:34:15,120 --> 00:34:16,240
Speaker 1: Did they not count his layoff?

755
00:34:16,280 --> 00:34:19,200
Speaker 3: He asked, sarcastically, whether Musk wanted to rehire them so

756
00:34:19,200 --> 00:34:20,960
Speaker 3: that he could make a show of firing them again.

757
00:34:21,120 --> 00:34:24,720
Speaker 3: Then he laid out his detailed plans reorganizing the State Department.

758
00:34:24,840 --> 00:34:27,640
Speaker 1: Musk was unimpressed. He told Rubio he was on good TV.

759
00:34:27,760 --> 00:34:29,960
Speaker 3: Good on TV, with a clear sub sext that he

760
00:34:30,040 --> 00:34:32,279
Speaker 3: was not good for much else. Throughout all of this,

761
00:34:32,360 --> 00:34:34,040
Speaker 3: the President sat back in his chair as if he

762
00:34:34,080 --> 00:34:37,120
Speaker 3: were watching a tennis match. After the argument dragged on

763
00:34:37,160 --> 00:34:39,799
Speaker 3: for an uncomfortable amount of time, Trump finally intervened to

764
00:34:39,800 --> 00:34:42,240
Speaker 3: defend Rubio as quote doing a great job.

765
00:34:42,400 --> 00:34:44,399
Speaker 1: So Rubio has a lot to deal with. He's very busy.

766
00:34:44,400 --> 00:34:47,760
Speaker 3: He's always traveling, so everyone just needs to work together.

767
00:34:48,120 --> 00:34:51,920
Speaker 3: That was only one of two clashes apparently that happened

768
00:34:51,960 --> 00:34:52,920
Speaker 3: inside that meeting.

769
00:34:53,120 --> 00:34:55,400
Speaker 1: The second was actually between.

770
00:34:55,200 --> 00:34:58,880
Speaker 3: Sean Duffy and Elon Musk, Shawn Duffy's the Secretary of Transportation.

771
00:34:59,640 --> 00:35:02,520
Speaker 3: Duffy said, the young staff of mister Mus's team, we're

772
00:35:02,520 --> 00:35:04,279
Speaker 3: trying to lay off air traffic controllers.

773
00:35:04,440 --> 00:35:05,839
Speaker 1: Quote what am I supposed to do?

774
00:35:06,040 --> 00:35:08,560
Speaker 3: Mister Duffy said, I have multiple plane crashes to deal

775
00:35:08,640 --> 00:35:10,520
Speaker 3: with now, and your people want me to fire a

776
00:35:10,600 --> 00:35:13,760
Speaker 3: traffic controllers. Must hold Duffy's assertion was a lie. Duffy

777
00:35:13,800 --> 00:35:15,760
Speaker 3: insisted it was not, and he had heard from them directly.

778
00:35:16,000 --> 00:35:17,919
Speaker 3: Musk said, who has been fired? Give me their names,

779
00:35:18,000 --> 00:35:19,879
Speaker 3: Tell me their names. Duffy said, there are no names,

780
00:35:19,880 --> 00:35:22,239
Speaker 3: because I stopped them from being fired. At another point,

781
00:35:22,320 --> 00:35:25,200
Speaker 3: Musk insisted people were hired under DEI programs were working

782
00:35:25,280 --> 00:35:28,880
Speaker 3: control towers. Duffy pushedback and must did not add any details,

783
00:35:29,000 --> 00:35:30,840
Speaker 3: but said in the longer back and forth that Duffy

784
00:35:30,840 --> 00:35:32,680
Speaker 3: had his phone number and should call him if they

785
00:35:32,719 --> 00:35:35,440
Speaker 3: had any issues to raise. The exchange added with Trump

786
00:35:35,480 --> 00:35:38,120
Speaker 3: telling Duffy he had to hire people from MIT and

787
00:35:38,160 --> 00:35:40,960
Speaker 3: that the people and the controllers need to be geniuses.

788
00:35:41,000 --> 00:35:43,279
Speaker 3: I guess we could agree with that one. And you know,

789
00:35:43,440 --> 00:35:45,520
Speaker 3: just a little bit of we're just taking a look

790
00:35:45,560 --> 00:35:46,560
Speaker 3: at what exactly.

791
00:35:46,360 --> 00:35:49,520
Speaker 2: We had no use for these high falutant right, you know, universities.

792
00:35:50,239 --> 00:35:51,799
Speaker 3: No, no, we want the best of the best. MIT,

793
00:35:51,960 --> 00:35:54,280
Speaker 3: by the way, has got no affirmative action, so shout

794
00:35:54,320 --> 00:35:57,239
Speaker 3: out to MIT. Let's go to the next one here,

795
00:35:57,480 --> 00:35:59,400
Speaker 3: just to show you some of the fallout. Elon is

796
00:35:59,440 --> 00:36:03,200
Speaker 3: no longer following Secretary Duffy on his personal account, so

797
00:36:03,280 --> 00:36:07,239
Speaker 3: he's very petty man. The point being that there's been

798
00:36:07,280 --> 00:36:10,320
Speaker 3: some there's been some flare ups here in the background.

799
00:36:10,400 --> 00:36:14,719
Speaker 3: Now how it all works, I don't actually know, because

800
00:36:15,120 --> 00:36:17,680
Speaker 3: at the same time, if you read the article, Trump

801
00:36:17,760 --> 00:36:20,000
Speaker 3: did back up, you know Elon saying at the end

802
00:36:20,000 --> 00:36:21,839
Speaker 3: of the day, like, oh, if they're not firing enough people,

803
00:36:21,840 --> 00:36:24,600
Speaker 3: Elon you you know you you get it done, or

804
00:36:24,600 --> 00:36:27,560
Speaker 3: Elon will. But he also was trying to telegraph at

805
00:36:27,560 --> 00:36:30,080
Speaker 3: the same time that the cabinet officials themselves are the

806
00:36:30,080 --> 00:36:33,400
Speaker 3: ones with the ultimate authority to hire and fire. And this,

807
00:36:33,520 --> 00:36:36,600
Speaker 3: you know, this is a Washington tail as old as time.

808
00:36:36,719 --> 00:36:40,360
Speaker 3: Who has jurisdiction who are the people who are actually

809
00:36:40,680 --> 00:36:43,560
Speaker 3: you know, in charge of the government, And usually it's

810
00:36:43,560 --> 00:36:45,920
Speaker 3: the Cabinet secretary. But when the White House and in

811
00:36:45,960 --> 00:36:48,800
Speaker 3: this case DOGE under Elon is trying to take control

812
00:36:48,840 --> 00:36:51,279
Speaker 3: over this not only take casing of political problems, but

813
00:36:51,360 --> 00:36:54,040
Speaker 3: also like extra judicial problems in terms of like who

814
00:36:54,040 --> 00:36:57,000
Speaker 3: has the authority to do this and whether the Elon's

815
00:36:57,000 --> 00:36:59,840
Speaker 3: technically in charge of DOGE or not. This was the

816
00:37:00,040 --> 00:37:02,439
Speaker 3: overall end result in some sense, this is what Trump loves,

817
00:37:02,480 --> 00:37:04,560
Speaker 3: you know, he loves the drama, and he loves all

818
00:37:04,600 --> 00:37:04,719
Speaker 3: of you.

819
00:37:04,880 --> 00:37:06,160
Speaker 6: He likes some of these factions fights.

820
00:37:06,160 --> 00:37:08,120
Speaker 2: Ah we they talk in here about how you're sitting

821
00:37:08,160 --> 00:37:10,200
Speaker 2: back and watching this like he was watching a tennis match.

822
00:37:10,239 --> 00:37:11,719
Speaker 1: There's nothing he loves more than that.

823
00:37:11,880 --> 00:37:14,600
Speaker 3: But you know, it's funny if it's something stupid like

824
00:37:14,600 --> 00:37:16,360
Speaker 3: oh Morosa versus John Kelly.

825
00:37:16,440 --> 00:37:17,680
Speaker 1: But it's not funny.

826
00:37:17,320 --> 00:37:22,560
Speaker 3: Whenever it's about hatred government programs like air traffic controllers.

827
00:37:22,880 --> 00:37:25,080
Speaker 3: So that's where I think there's a little bit of

828
00:37:25,080 --> 00:37:25,839
Speaker 3: an issue right now.

829
00:37:26,000 --> 00:37:27,960
Speaker 2: So there's an update this morning. I don't know if

830
00:37:27,960 --> 00:37:31,080
Speaker 2: you saw this. Marco Rubio has a new pinned tweet okay,

831
00:37:31,160 --> 00:37:33,840
Speaker 2: which says after a six week review, we're officially canceling

832
00:37:33,880 --> 00:37:36,600
Speaker 2: eighty three percent of the programs at USAID. The fifty

833
00:37:36,600 --> 00:37:38,800
Speaker 2: two hundred contracts that are now canceled spent tens of

834
00:37:38,800 --> 00:37:40,880
Speaker 2: billions of dollars in ways that did not serve and

835
00:37:40,920 --> 00:37:43,120
Speaker 2: in some cases even harm the core national interests of

836
00:37:43,160 --> 00:37:45,680
Speaker 2: the US. In consultation with Congress, we intend for the

837
00:37:45,680 --> 00:37:48,640
Speaker 2: remaining eighteen percent of programs or keeping a proxibility thousand

838
00:37:48,680 --> 00:37:51,680
Speaker 2: to be administered under more effectively under the State Department.

839
00:37:52,000 --> 00:37:54,040
Speaker 2: Thank you to DOJE and our hard working staff who

840
00:37:54,080 --> 00:37:56,600
Speaker 2: worked very long hours to achieve this overdue in historic reform,

841
00:37:56,600 --> 00:37:59,880
Speaker 2: and Elon replied, tough but necessary. Good working with you.

842
00:38:00,040 --> 00:38:02,600
Speaker 2: The important parts of usai D should always have been

843
00:38:02,680 --> 00:38:06,360
Speaker 2: with Department of State. So, I you know, Rubio there

844
00:38:06,800 --> 00:38:09,719
Speaker 2: trying to signal to the DOGE fans that no, he's

845
00:38:10,000 --> 00:38:12,920
Speaker 2: he's on board, he's a good you know DOGE ally,

846
00:38:13,040 --> 00:38:15,000
Speaker 2: and it seems like they sort of kissed and made

847
00:38:15,080 --> 00:38:17,560
Speaker 2: up in terms of the Twitter back and forth. But

848
00:38:17,719 --> 00:38:20,360
Speaker 2: you know, I mean, some of the backstory with Rubio

849
00:38:20,400 --> 00:38:22,839
Speaker 2: I think has to come down to as well. When

850
00:38:23,200 --> 00:38:28,440
Speaker 2: PETFAR funding was cut and there was a backlash, Rubio

851
00:38:28,520 --> 00:38:30,879
Speaker 2: signed a waiver saying no, no, these funds still need

852
00:38:30,920 --> 00:38:33,040
Speaker 2: to go out. But the funds still did not go out.

853
00:38:33,200 --> 00:38:35,879
Speaker 2: So it was like he had actually no control over

854
00:38:35,920 --> 00:38:38,440
Speaker 2: the agency that he was running. And I'm sure that

855
00:38:38,600 --> 00:38:41,200
Speaker 2: and things that we have no idea about contributed to

856
00:38:41,200 --> 00:38:43,880
Speaker 2: this tension. But the fact USAID was such a direct

857
00:38:43,960 --> 00:38:48,560
Speaker 2: target and Elon really took the helm and sidelined Rubio there,

858
00:38:48,960 --> 00:38:52,880
Speaker 2: you know, that is part of what led to this blow.

859
00:38:52,719 --> 00:38:53,399
Speaker 6: Up between them.

860
00:38:53,680 --> 00:38:55,279
Speaker 2: Now, the other thing that you have to keep in

861
00:38:55,320 --> 00:38:59,319
Speaker 2: mind with this cabinet meeting and the way it's been

862
00:38:59,360 --> 00:39:02,479
Speaker 2: sold to the price and the way Trump is positioning things,

863
00:39:02,480 --> 00:39:06,160
Speaker 2: et cetera, is that part of the legal problems for

864
00:39:06,320 --> 00:39:09,799
Speaker 2: Elon and DOGE is that, you know, it does have

865
00:39:09,880 --> 00:39:12,920
Speaker 2: to be the agencies who decide who to hire and fire.

866
00:39:13,440 --> 00:39:14,520
Speaker 6: So by putting this.

867
00:39:14,520 --> 00:39:17,520
Speaker 2: Out to the media and positioning its like no, no, no,

868
00:39:17,560 --> 00:39:20,880
Speaker 2: Marco Rubio, Sean Duffy, they really are ultimately in charge,

869
00:39:21,120 --> 00:39:23,960
Speaker 2: that could also help them with their legal case because

870
00:39:23,960 --> 00:39:27,440
Speaker 2: the courts have already signaled like you can't just you know,

871
00:39:27,560 --> 00:39:31,040
Speaker 2: DOGE can't just blanket fire people. Office of Personnel Management,

872
00:39:31,080 --> 00:39:34,080
Speaker 2: which is like government HR can't just blanket fire people

873
00:39:34,120 --> 00:39:36,920
Speaker 2: outside of their own agencies. That has to come from

874
00:39:37,000 --> 00:39:40,200
Speaker 2: the departments themselves. So that's the other piece. Is that

875
00:39:40,719 --> 00:39:44,560
Speaker 2: repositioning this narrative where it's oh, no, the cabinet secretaries

876
00:39:44,560 --> 00:39:46,960
Speaker 2: are actually in charge, could be an attempt as well

877
00:39:47,000 --> 00:39:48,680
Speaker 2: to help them with their legal trouble.

878
00:39:48,880 --> 00:39:52,560
Speaker 3: Yeah, I actually read that as well. I mean, no

879
00:39:52,600 --> 00:39:54,960
Speaker 3: one should confuse it to say Marco Rubio is not

880
00:39:55,000 --> 00:39:57,640
Speaker 3: a conservative who probably doesn't agree with cutting the you

881
00:39:57,680 --> 00:40:00,600
Speaker 3: know USAI. Yeah, right, First, that's always been the case.

882
00:40:00,960 --> 00:40:03,920
Speaker 3: The question for them is about authority and about the

883
00:40:04,000 --> 00:40:07,040
Speaker 3: ability to actually, you know, put these cuts in and

884
00:40:07,080 --> 00:40:11,480
Speaker 3: see as if it. Basically the question is is Doshan

885
00:40:11,600 --> 00:40:14,560
Speaker 3: Duffy himself get to decide who gets cut and what's not.

886
00:40:14,719 --> 00:40:17,080
Speaker 3: And in general, this is one where look, I'm not

887
00:40:17,120 --> 00:40:20,759
Speaker 3: a big expertise worshiper or any of that, but at

888
00:40:20,760 --> 00:40:23,799
Speaker 3: the very least, if we think about norms, you know,

889
00:40:23,840 --> 00:40:26,960
Speaker 3: for people who've been sentate confirmed to these positions, who

890
00:40:27,000 --> 00:40:30,279
Speaker 3: have the authority and the reporting of their underleans to

891
00:40:30,320 --> 00:40:32,600
Speaker 3: like actually go and find out who should get cut

892
00:40:32,719 --> 00:40:35,120
Speaker 3: or not, then sure, but that's a different story about

893
00:40:35,160 --> 00:40:37,560
Speaker 3: who gets cut, and especially at a media level as

894
00:40:37,560 --> 00:40:40,560
Speaker 3: opposed to just coming in and deciding what gets cut

895
00:40:40,760 --> 00:40:43,600
Speaker 3: and what's not. And that's really where again, you know,

896
00:40:44,040 --> 00:40:46,719
Speaker 3: you can have all the so called like ability like

897
00:40:46,800 --> 00:40:49,040
Speaker 3: Elon supposedly has to be able to come in and

898
00:40:49,040 --> 00:40:51,680
Speaker 3: just be like a domain expert, you know, almost immediately.

899
00:40:51,840 --> 00:40:54,479
Speaker 3: But you know, with the government, it's just fundamentally different

900
00:40:54,480 --> 00:40:56,480
Speaker 3: than a private company. That was actually the fascinating part

901
00:40:56,760 --> 00:40:58,840
Speaker 3: of when you were reading in the Times article is

902
00:40:58,840 --> 00:40:59,640
Speaker 3: he just kept coming back.

903
00:40:59,680 --> 00:41:00,880
Speaker 1: He's like, look, my market cap of.

904
00:41:00,880 --> 00:41:03,000
Speaker 3: My companies is hundreds of billions, Like you know, I've

905
00:41:03,000 --> 00:41:04,960
Speaker 3: been able to run them this, this and this, and

906
00:41:05,320 --> 00:41:07,040
Speaker 3: I mean I've just said from day one. It's like, look,

907
00:41:07,040 --> 00:41:09,920
Speaker 3: it is just not the government. Like efficiency, while it

908
00:41:09,920 --> 00:41:12,200
Speaker 3: should be a goal, is not the ultimate goal. Like

909
00:41:12,200 --> 00:41:15,239
Speaker 3: it's not about increasing the profitability of the government. There

910
00:41:15,239 --> 00:41:17,840
Speaker 3: are a lot of government programs which are super inefficient,

911
00:41:17,880 --> 00:41:20,680
Speaker 3: but they're very popular and or necessary for a lot

912
00:41:20,680 --> 00:41:23,239
Speaker 3: of people. They could be more efficient, but it would look,

913
00:41:23,400 --> 00:41:26,080
Speaker 3: what's more efficient social security or letting people starve. Obviously

914
00:41:26,200 --> 00:41:29,280
Speaker 3: letting people starve is more efficient. It's not a sociological

915
00:41:29,560 --> 00:41:32,040
Speaker 3: you know, it's not like a benefit to society though,

916
00:41:32,160 --> 00:41:34,160
Speaker 3: so we say, Okay, we're going to pay it. You know,

917
00:41:34,239 --> 00:41:36,560
Speaker 3: that's one of those where the business mindset has just

918
00:41:36,640 --> 00:41:38,319
Speaker 3: never made a lot of sense and part of the

919
00:41:38,320 --> 00:41:40,160
Speaker 3: reason why I don't think business people have ever been

920
00:41:40,200 --> 00:41:41,360
Speaker 3: particularly good politicians.

921
00:41:41,440 --> 00:41:41,720
Speaker 1: Yeah.

922
00:41:41,800 --> 00:41:44,600
Speaker 2: No, I think that's exactly right. And I mean Elon's

923
00:41:44,719 --> 00:41:47,800
Speaker 2: arrogance and his lack of ability to work with people,

924
00:41:47,920 --> 00:41:51,000
Speaker 2: his total unwillingness to try to like smooth things over.

925
00:41:51,040 --> 00:41:53,640
Speaker 2: I mean, that's part of his character that he's actually

926
00:41:53,680 --> 00:41:55,960
Speaker 2: proud of. I mean, he tweeted that thing about like

927
00:41:56,040 --> 00:41:59,000
Speaker 2: what the downfall of Western civilization is like empathy, Like

928
00:41:59,040 --> 00:42:01,680
Speaker 2: that's he thinks that. I mean, there's stuff he makes

929
00:42:01,719 --> 00:42:06,480
Speaker 2: similar type of comments in that direction in the biography,

930
00:42:06,520 --> 00:42:08,239
Speaker 2: the Walter Isaacson biography.

931
00:42:08,320 --> 00:42:11,400
Speaker 1: Oh that book sucks's.

932
00:42:11,840 --> 00:42:14,759
Speaker 2: I mean, but it's still like, you know, you get

933
00:42:14,800 --> 00:42:18,080
Speaker 2: a sense of his character and empathy is something that

934
00:42:18,120 --> 00:42:20,160
Speaker 2: he looks down on. So the idea of like, oh,

935
00:42:20,200 --> 00:42:22,880
Speaker 2: people are going to die in Africa because of HIV

936
00:42:23,000 --> 00:42:24,960
Speaker 2: because we don't have that funding, Like he doesn't care.

937
00:42:25,239 --> 00:42:27,879
Speaker 2: The idea that he you know, he's pushing the social

938
00:42:27,920 --> 00:42:29,920
Speaker 2: securities of Ponzi scheme and.

939
00:42:30,480 --> 00:42:33,440
Speaker 6: He like the elderly people were lifted.

940
00:42:33,120 --> 00:42:36,200
Speaker 2: Out of poverty by this program has been importantly, incredibly important.

941
00:42:36,239 --> 00:42:38,640
Speaker 2: He doesn't care like the fact that Marco Rubio was

942
00:42:38,640 --> 00:42:39,399
Speaker 2: pissed off at him.

943
00:42:39,400 --> 00:42:40,480
Speaker 6: He certainly doesn't care.

944
00:42:40,800 --> 00:42:44,400
Speaker 2: And the fact that it was also Sean Duffy was

945
00:42:44,480 --> 00:42:46,560
Speaker 2: one of the other people who was most pissed off

946
00:42:46,560 --> 00:42:49,520
Speaker 2: at Elon also makes a lot of sense because Sean

947
00:42:49,600 --> 00:42:53,000
Speaker 2: Duffy Department of Transportation FAA is under him. That is

948
00:42:53,080 --> 00:42:55,440
Speaker 2: one of the departments that Elon has taken the most

949
00:42:55,440 --> 00:42:55,960
Speaker 2: interest in.

950
00:42:56,440 --> 00:42:57,719
Speaker 1: Why well, I.

951
00:42:57,680 --> 00:43:02,200
Speaker 2: Mean, FAA has been investigated SpaceX because of now, we

952
00:43:02,360 --> 00:43:06,600
Speaker 2: just had another SpaceX rocket that blew up and caused

953
00:43:06,760 --> 00:43:10,560
Speaker 2: mass diversion of commercial flights and airports had to be closed,

954
00:43:10,560 --> 00:43:13,960
Speaker 2: et cetera. So he's been pissed off at them for

955
00:43:14,000 --> 00:43:17,200
Speaker 2: a while. There's also reporting about the way his SpaceX

956
00:43:17,239 --> 00:43:20,320
Speaker 2: people have come in and are trying to take contracts

957
00:43:20,320 --> 00:43:24,960
Speaker 2: away from other countries and other companies and redirect them

958
00:43:25,320 --> 00:43:29,239
Speaker 2: to Starlink in particular just under SpaceX. So it's not

959
00:43:29,360 --> 00:43:32,440
Speaker 2: surprising that Sean Duffy would be one of the others

960
00:43:32,480 --> 00:43:35,040
Speaker 2: that had the most sort of grievance and you know,

961
00:43:35,120 --> 00:43:37,600
Speaker 2: rubbed up against Musk the most here. But you know,

962
00:43:37,719 --> 00:43:40,120
Speaker 2: in terms of how this plays out and whether Elon

963
00:43:40,200 --> 00:43:42,520
Speaker 2: will actually be rained in or not, color me a

964
00:43:42,560 --> 00:43:45,640
Speaker 2: little bit skeptical because, as Zager was saying, after this

965
00:43:45,680 --> 00:43:48,560
Speaker 2: whole thing, Trump gets asked like, okay, well what went

966
00:43:48,600 --> 00:43:50,839
Speaker 2: down in the Oval office? And he does make this

967
00:43:50,880 --> 00:43:52,719
Speaker 2: comment that's like, well, you know, it's up to the

968
00:43:52,800 --> 00:43:55,040
Speaker 2: agency heads to cut, but if they don't, Elon will

969
00:43:55,040 --> 00:43:55,279
Speaker 2: do it.

970
00:43:55,320 --> 00:43:56,480
Speaker 6: Take a listen, you.

971
00:43:56,440 --> 00:43:59,040
Speaker 11: Spoke today with your cabinet members and Elon Musk.

972
00:44:00,360 --> 00:44:03,200
Speaker 10: What did you tell them in regards to Elon Musk

973
00:44:03,239 --> 00:44:05,520
Speaker 10: and his authorities to carry out actions.

974
00:44:05,560 --> 00:44:06,480
Speaker 7: We had a great meeting.

975
00:44:06,560 --> 00:44:10,040
Speaker 8: We had Elon and we had some of the representatives

976
00:44:10,080 --> 00:44:14,400
Speaker 8: that for you know, the business reps. We also had

977
00:44:14,600 --> 00:44:17,719
Speaker 8: most of the cabinet members, not all of them, it

978
00:44:17,760 --> 00:44:19,879
Speaker 8: doesn't really pertain to all of them, but many of them.

979
00:44:20,800 --> 00:44:23,160
Speaker 7: And I thought it was a really good meeting.

980
00:44:23,200 --> 00:44:25,920
Speaker 8: It was about cutting because we have everybody knows the

981
00:44:25,960 --> 00:44:29,879
Speaker 8: country's way out of control in terms of the number

982
00:44:29,920 --> 00:44:31,799
Speaker 8: of people. We have many people that don't work, We

983
00:44:31,840 --> 00:44:34,200
Speaker 8: have many people probably that aren't even living, that are

984
00:44:34,200 --> 00:44:37,319
Speaker 8: getting checks, and we're finding all of that out and

985
00:44:37,360 --> 00:44:41,320
Speaker 8: it's being reported we're going to save hundreds of billions

986
00:44:41,360 --> 00:44:44,680
Speaker 8: of dollars. We've already saved a lot, and parts of

987
00:44:44,719 --> 00:44:47,160
Speaker 8: it are contracts that are expired that we're paying on,

988
00:44:47,800 --> 00:44:51,480
Speaker 8: many crazy things that you know, you can see it happening.

989
00:44:51,520 --> 00:44:53,480
Speaker 7: It shouldn't happen, but you can see it happening. You

990
00:44:53,520 --> 00:44:55,759
Speaker 7: see a lot of it being put out.

991
00:44:55,800 --> 00:44:58,320
Speaker 8: But the other thing I think most important for today,

992
00:44:58,719 --> 00:45:02,000
Speaker 8: I want the cabinet members to keep good people. I

993
00:45:02,000 --> 00:45:04,319
Speaker 8: don't want to see a big cut where a lot

994
00:45:04,320 --> 00:45:07,120
Speaker 8: of good people are cut. I want the cabinet members

995
00:45:07,160 --> 00:45:09,280
Speaker 8: to keep the good people. And the people that aren't

996
00:45:09,320 --> 00:45:12,520
Speaker 8: doing a good job, that are unreliable, don't show up

997
00:45:12,560 --> 00:45:14,520
Speaker 8: to work, et cetera, those people can be cut.

998
00:45:15,280 --> 00:45:17,800
Speaker 7: So I had a meeting and.

999
00:45:17,680 --> 00:45:20,200
Speaker 8: I said, I want the cabinet members go first, keep

1000
00:45:20,280 --> 00:45:23,879
Speaker 8: all the people you want, everybody that you need. And

1001
00:45:23,960 --> 00:45:25,520
Speaker 8: it would be better if they were there for two

1002
00:45:25,600 --> 00:45:28,879
Speaker 8: years instead of two weeks, because in two years they'll

1003
00:45:28,880 --> 00:45:31,600
Speaker 8: know the people better. But I want them to do

1004
00:45:31,640 --> 00:45:33,680
Speaker 8: the best job they can. Where we have good people,

1005
00:45:34,840 --> 00:45:37,239
Speaker 8: that's precious, it's very important, and we want them to

1006
00:45:37,320 --> 00:45:38,160
Speaker 8: keep the good people.

1007
00:45:38,880 --> 00:45:41,440
Speaker 7: And so we're going to be watching.

1008
00:45:41,040 --> 00:45:43,279
Speaker 8: Them and Elon and the group are going to be

1009
00:45:43,360 --> 00:45:47,040
Speaker 8: watching them, and if they can cut, it's better, and

1010
00:45:47,080 --> 00:45:49,360
Speaker 8: if they don't cut, then Elon will do the cutting.

1011
00:45:49,840 --> 00:45:52,239
Speaker 2: So if they can cut, it's better, but if they

1012
00:45:52,320 --> 00:45:56,160
Speaker 2: don't cut, then Elon will. So still ultimately the final

1013
00:45:56,200 --> 00:45:59,600
Speaker 2: decision rusting with Elon there. So we'll see, we'll see

1014
00:45:59,760 --> 00:46:04,239
Speaker 2: me and I just it's been the level of subservius

1015
00:46:04,920 --> 00:46:08,040
Speaker 2: from Trump, the level of the amount of the direction

1016
00:46:08,160 --> 00:46:10,080
Speaker 2: of the government that he has just handed over to

1017
00:46:10,239 --> 00:46:13,759
Speaker 2: Elon has been truly extraordinary. And so maybe we'll look

1018
00:46:13,800 --> 00:46:16,239
Speaker 2: back at this as like a turning point where I

1019
00:46:16,280 --> 00:46:19,319
Speaker 2: think from Trump's language and the fact that he said

1020
00:46:19,360 --> 00:46:21,480
Speaker 2: this thing about we want to cut with a scalpel,

1021
00:46:21,560 --> 00:46:23,840
Speaker 2: not a hatchet, like, I do think he realizes some

1022
00:46:23,880 --> 00:46:26,640
Speaker 2: of the political peril here, and I think he's felt

1023
00:46:26,640 --> 00:46:28,799
Speaker 2: blowback from and there are a lot of Republicans who

1024
00:46:28,840 --> 00:46:31,000
Speaker 2: were like, this thing that was important in my district

1025
00:46:31,040 --> 00:46:33,640
Speaker 2: got cut. And by the way, you know, Elon went

1026
00:46:33,719 --> 00:46:36,000
Speaker 2: and gave them his number so that they can petition

1027
00:46:36,120 --> 00:46:38,880
Speaker 2: him directly. They can petition the king directly to have

1028
00:46:39,000 --> 00:46:42,319
Speaker 2: their particular cuts reversed. But you know, I do think

1029
00:46:42,360 --> 00:46:43,840
Speaker 2: he has a bit of a sense that he's on

1030
00:46:43,880 --> 00:46:47,719
Speaker 2: politically perilous ground. Does that make him change course? I

1031
00:46:47,719 --> 00:46:48,919
Speaker 2: think that's a real open question.

1032
00:46:49,040 --> 00:46:51,759
Speaker 3: Yeah, I don't know's that's the point is that we

1033
00:46:51,880 --> 00:46:56,680
Speaker 3: really cannot tell because for all of that, Elon, you know, yes,

1034
00:46:56,719 --> 00:46:57,560
Speaker 3: he's been put in.

1035
00:46:57,440 --> 00:46:58,120
Speaker 1: His place a little bit.

1036
00:46:58,239 --> 00:46:59,799
Speaker 3: Will he does wear a suit now, thank you, We

1037
00:47:00,719 --> 00:47:02,880
Speaker 3: finally showed up win a suit to a cabinet meeting.

1038
00:47:03,160 --> 00:47:05,880
Speaker 3: Even Trump, I guess, could no longer countenance that anymore.

1039
00:47:05,920 --> 00:47:08,680
Speaker 3: After he he just threw a comment at him, unlike Zelenski.

1040
00:47:08,719 --> 00:47:13,439
Speaker 3: Apparently Elon listens. But you know, even then, the audacity

1041
00:47:13,520 --> 00:47:16,080
Speaker 3: to like lecture the US Secretary of State in the

1042
00:47:16,120 --> 00:47:20,160
Speaker 3: American Cabinet room when you're unelected, it's just unbelievable. It's

1043
00:47:20,239 --> 00:47:23,239
Speaker 3: like oo, and Trump just puts up with it, right.

1044
00:47:23,400 --> 00:47:25,719
Speaker 3: And it's not even like he's a senior member of

1045
00:47:25,719 --> 00:47:28,640
Speaker 3: the White House staff, like a Stephen Miller or somebody

1046
00:47:28,680 --> 00:47:31,279
Speaker 3: like that, who has been on board the campaign since

1047
00:47:31,320 --> 00:47:36,319
Speaker 3: twenty fifteen, symbiotic with Donald Trump, who genuinely has the

1048
00:47:36,360 --> 00:47:38,759
Speaker 3: authority and the political standing to do so. It's like

1049
00:47:38,840 --> 00:47:41,560
Speaker 3: this person didn't really support Trump until like July of

1050
00:47:41,560 --> 00:47:44,400
Speaker 3: twenty twenty four right, and then just ended up you know,

1051
00:47:44,480 --> 00:47:48,400
Speaker 3: bandwagoning and paying for the campaign to basically leap frog

1052
00:47:48,440 --> 00:47:50,360
Speaker 3: all of these other people who've been with him for

1053
00:47:50,400 --> 00:47:52,279
Speaker 3: such a long time. Not even Steve Bannon would ever

1054
00:47:52,360 --> 00:47:54,279
Speaker 3: dare to sit there in the US Cabinet room and

1055
00:47:54,320 --> 00:47:56,959
Speaker 3: to lecture the United States Secretary of State, right, And

1056
00:47:57,080 --> 00:47:59,600
Speaker 3: he's got ten times more authority in my opinion, to

1057
00:47:59,600 --> 00:48:01,560
Speaker 3: be able to do so. So, look, is it a

1058
00:48:01,600 --> 00:48:05,480
Speaker 3: turning point and all that? Maybe my only political caution

1059
00:48:05,640 --> 00:48:09,400
Speaker 3: is it's still just so early that Trump could reverse

1060
00:48:09,440 --> 00:48:11,799
Speaker 3: course and he'd probably be fine. A lot of this

1061
00:48:11,960 --> 00:48:14,759
Speaker 3: may be you know, energizing all that to democratic basis.

1062
00:48:14,800 --> 00:48:17,080
Speaker 3: Still have seventeen months till the midterms and all that

1063
00:48:17,120 --> 00:48:20,200
Speaker 3: start to really kick into gear. So that's where I'm

1064
00:48:20,239 --> 00:48:24,200
Speaker 3: the most curious is what direction they decide to go in.

1065
00:48:24,280 --> 00:48:26,000
Speaker 3: But I still think the tax bill is like a

1066
00:48:26,040 --> 00:48:30,560
Speaker 3: looming political detriment to them politically, where that's one where

1067
00:48:30,880 --> 00:48:34,520
Speaker 3: being a normy Republican alone like even sands Elon is

1068
00:48:34,560 --> 00:48:36,360
Speaker 3: going to be very politically difficult.

1069
00:48:36,440 --> 00:48:38,319
Speaker 1: Yeah, for the White House. That's where I just can't

1070
00:48:38,320 --> 00:48:38,719
Speaker 1: look away.

1071
00:48:38,760 --> 00:48:42,000
Speaker 3: I'm like, this is a blinking red light of political

1072
00:48:42,040 --> 00:48:46,600
Speaker 3: problems that you're just waiting, you know, to pass, and

1073
00:48:46,640 --> 00:48:49,040
Speaker 3: they're frothing at the mouth for it. But I don't

1074
00:48:49,080 --> 00:48:50,680
Speaker 3: think America is going to take it down lightly.

1075
00:48:51,000 --> 00:48:53,720
Speaker 2: Yeah, I don't think so either. If democrosts were smart,

1076
00:48:53,719 --> 00:48:56,960
Speaker 2: they would talk relentlessly about medicaid and tax guts for

1077
00:48:56,960 --> 00:48:59,120
Speaker 2: the rich. I mean that that would be you would

1078
00:48:59,120 --> 00:49:00,719
Speaker 2: be on just like endlessly solved.

1079
00:49:00,760 --> 00:49:02,400
Speaker 1: We would be smarter. It's not cut Medicaid. I mean,

1080
00:49:02,400 --> 00:49:04,160
Speaker 1: I still that's the other thing. Look Medicaid.

1081
00:49:04,400 --> 00:49:06,440
Speaker 3: We'll see they say, you know the budget and all

1082
00:49:06,480 --> 00:49:08,879
Speaker 3: that has quote unquote cuts. Trump says you won't sign

1083
00:49:08,880 --> 00:49:12,240
Speaker 3: a Medicaid or a Medicare cut if they do work requirements.

1084
00:49:12,280 --> 00:49:14,440
Speaker 3: I still think that's very different. I mean, you know, liberals,

1085
00:49:14,440 --> 00:49:16,040
Speaker 3: can you argue about it till they're blue and the

1086
00:49:16,080 --> 00:49:17,640
Speaker 3: face work requirements are very posuble.

1087
00:49:17,680 --> 00:49:20,239
Speaker 2: I was looking at the I was looking at the

1088
00:49:20,360 --> 00:49:22,880
Speaker 2: numbers this morning. And let's say that even if you

1089
00:49:22,920 --> 00:49:25,319
Speaker 2: put in work requirements. So they have slated in the

1090
00:49:25,440 --> 00:49:28,400
Speaker 2: Republican budget that passed the House eight hundred billion dollars

1091
00:49:28,400 --> 00:49:31,600
Speaker 2: in cuts that would likely be from Medicaid. The way

1092
00:49:31,640 --> 00:49:34,200
Speaker 2: that the process works, it's not like specified but it

1093
00:49:34,200 --> 00:49:36,760
Speaker 2: would almost have to come from either Medicaid or Medicare,

1094
00:49:36,840 --> 00:49:40,200
Speaker 2: and Medicare is even more politically difficult to cut it all.

1095
00:49:40,560 --> 00:49:42,880
Speaker 2: So if you put in work requirements, that's about one

1096
00:49:42,920 --> 00:49:46,080
Speaker 2: hundred billion dollars, right, So you still have seven hundred

1097
00:49:46,280 --> 00:49:49,480
Speaker 2: billion dollars more that you are going to cut. So

1098
00:49:49,800 --> 00:49:52,319
Speaker 2: it's you will be cutting into the bone. And I mean,

1099
00:49:52,440 --> 00:49:55,240
Speaker 2: you know, I oppose work. I think everyone should have healthcare.

1100
00:49:55,800 --> 00:49:58,279
Speaker 2: But even if you do that for people who don't

1101
00:49:58,400 --> 00:50:01,920
Speaker 2: aren't disabled, it is it's a drop in the bucket of.

1102
00:50:01,840 --> 00:50:03,440
Speaker 6: How much they ultimately want to cut.

1103
00:50:04,040 --> 00:50:06,480
Speaker 2: But the last thing that I'll say about the Elon

1104
00:50:06,880 --> 00:50:11,320
Speaker 2: situation is Elon has his own agenda, right, And Elon,

1105
00:50:11,560 --> 00:50:13,160
Speaker 2: as much as he may, you know, put on the

1106
00:50:13,160 --> 00:50:15,919
Speaker 2: suit and make nice with Trump and get oh, mister Trump,

1107
00:50:15,960 --> 00:50:18,279
Speaker 2: thank you so much, and you're so amazing, and he

1108
00:50:18,400 --> 00:50:23,120
Speaker 2: may butter him up, but Elon has his own ideological agenda,

1109
00:50:23,440 --> 00:50:26,520
Speaker 2: and Elon believes himself to be ready player one, the

1110
00:50:26,560 --> 00:50:30,640
Speaker 2: primary actor, not Trump. It will take more than a

1111
00:50:30,719 --> 00:50:34,040
Speaker 2: little you know, leaked to the press slap on the

1112
00:50:34,040 --> 00:50:38,040
Speaker 2: wrist to get Elon to stop pushing ahead with whatever

1113
00:50:38,080 --> 00:50:39,120
Speaker 2: the hell he wants to do.

1114
00:50:39,200 --> 00:50:41,520
Speaker 6: It's the way he operates, and in this way.

1115
00:50:41,320 --> 00:50:44,480
Speaker 2: The fact that he is this businessman who you know,

1116
00:50:45,040 --> 00:50:47,920
Speaker 2: sees violating the law and as like a cost of

1117
00:50:47,960 --> 00:50:50,279
Speaker 2: doing business and just something that he does as part

1118
00:50:50,320 --> 00:50:54,719
Speaker 2: of his daily practice and charging forward no matter what,

1119
00:50:55,480 --> 00:50:58,200
Speaker 2: no matter who would object or what the norms are,

1120
00:50:58,320 --> 00:51:01,120
Speaker 2: what the procedures are, or whatever, it does give him

1121
00:51:01,120 --> 00:51:05,319
Speaker 2: a tremendous advantage in this battle. And we've already seen

1122
00:51:05,600 --> 00:51:09,120
Speaker 2: the way that his doge apparatics have rolled through all

1123
00:51:09,160 --> 00:51:11,760
Speaker 2: of these departments and gotten access to all these data,

1124
00:51:12,160 --> 00:51:14,680
Speaker 2: and you know, sent out his five bullet point email

1125
00:51:14,719 --> 00:51:18,680
Speaker 2: without getting anyone's permission to the whole of government and

1126
00:51:18,760 --> 00:51:21,239
Speaker 2: forced everybody to react to him like that is the

1127
00:51:21,280 --> 00:51:24,200
Speaker 2: way that he operates. And so it's going to take

1128
00:51:24,560 --> 00:51:27,680
Speaker 2: much more from Trump than just saying like, oh, the

1129
00:51:27,719 --> 00:51:30,279
Speaker 2: agency heads are in charge, but ultimately Elon gets his

1130
00:51:30,280 --> 00:51:32,200
Speaker 2: aside too to cut It's going to take a lot

1131
00:51:32,280 --> 00:51:35,959
Speaker 2: more actual effort in actually checking Elon and perhaps even

1132
00:51:36,040 --> 00:51:39,000
Speaker 2: just removing Elon from the post before he would ever

1133
00:51:39,120 --> 00:51:42,200
Speaker 2: stop pushing in the direction that he is pushing. So

1134
00:51:42,360 --> 00:51:45,640
Speaker 2: that's why I'm skeptical that this will represent a true

1135
00:51:45,719 --> 00:51:49,400
Speaker 2: turning point. But perhaps if Trump realizes like how politically

1136
00:51:49,440 --> 00:51:52,320
Speaker 2: paralysis is, or if Elon pisss him off or offends

1137
00:51:52,400 --> 00:51:55,320
Speaker 2: his ego in some certain kind of way, maybe things change.

1138
00:51:55,320 --> 00:51:56,720
Speaker 6: But I just don't see any sign.

1139
00:51:56,560 --> 00:51:59,399
Speaker 1: Of that yet. Well yeah, I'm excited to see.

1140
00:51:59,680 --> 00:52:02,399
Speaker 3: Certainly if they listen, if they get what, if they

1141
00:52:02,400 --> 00:52:04,720
Speaker 3: get what's coming to them, nobody can say.

1142
00:52:04,520 --> 00:52:06,319
Speaker 1: You weren't worn. It's even in the White House.

1143
00:52:06,320 --> 00:52:07,919
Speaker 3: What you think Steve Bann and all those other people

1144
00:52:07,960 --> 00:52:09,360
Speaker 3: aren't telling them what's coming.

1145
00:52:09,400 --> 00:52:11,000
Speaker 1: But listen. I mean, if that's what they want to do,

1146
00:52:11,040 --> 00:52:12,040
Speaker 1: I guess that's what they want to do.

1147
00:52:12,080 --> 00:52:14,000
Speaker 2: That was one of the things he apparently told Steve

1148
00:52:14,000 --> 00:52:15,839
Speaker 2: Bannon to back off the Elon curtize.

1149
00:52:15,840 --> 00:52:19,200
Speaker 1: And of course, so.

1150
00:52:19,160 --> 00:52:21,600
Speaker 2: We got some updates from our neighbors of the North

1151
00:52:21,719 --> 00:52:23,920
Speaker 2: and our president's relationship with them.

1152
00:52:24,000 --> 00:52:25,440
Speaker 6: Let's go and put this up on the screen.

1153
00:52:25,560 --> 00:52:28,920
Speaker 2: The New York Times, reporting on a conversation between Canada

1154
00:52:29,520 --> 00:52:33,520
Speaker 2: Trudeau of Canada and himself, he told Justin Trudeau that

1155
00:52:33,560 --> 00:52:36,400
Speaker 2: he did not believe that the treaty that demarcates the

1156
00:52:36,400 --> 00:52:38,799
Speaker 2: border between the two countries was valid and that he

1157
00:52:38,920 --> 00:52:42,759
Speaker 2: wants to revise the boundary. Trump offered no further explanation.

1158
00:52:43,080 --> 00:52:46,480
Speaker 2: And this is obviously in the context of the trade

1159
00:52:46,480 --> 00:52:49,360
Speaker 2: war which terrorists were put on. Some of them have

1160
00:52:49,440 --> 00:52:51,600
Speaker 2: been rolled back, but there's still a significant number that

1161
00:52:51,640 --> 00:52:53,799
Speaker 2: are in place. All of them are supposed to go

1162
00:52:53,880 --> 00:52:57,160
Speaker 2: back into effect on April second, So still very much

1163
00:52:57,239 --> 00:53:00,440
Speaker 2: up in the air what's going on there. And Sager know,

1164
00:53:00,480 --> 00:53:04,160
Speaker 2: Trudeau has really become convinced that Trump is quite serious

1165
00:53:04,239 --> 00:53:07,640
Speaker 2: about the whole fifty first state conversation, or at least

1166
00:53:07,680 --> 00:53:11,839
Speaker 2: about moving the borders and the US just annexing part

1167
00:53:11,920 --> 00:53:15,279
Speaker 2: of Canada that Trump wants to annex. And you know,

1168
00:53:15,320 --> 00:53:18,279
Speaker 2: as we look at these tariffs in the context of

1169
00:53:18,320 --> 00:53:20,960
Speaker 2: the Canadian and economy and the context of our economy,

1170
00:53:21,239 --> 00:53:24,360
Speaker 2: Trudeau at least really believes that the purpose of these

1171
00:53:24,440 --> 00:53:26,640
Speaker 2: it's certainly not about fentanyl, but that it's not even

1172
00:53:26,719 --> 00:53:30,719
Speaker 2: really about the you know, reindustrialize of the American economy.

1173
00:53:31,160 --> 00:53:34,600
Speaker 2: It's about waging economic war to try to get Canada

1174
00:53:34,680 --> 00:53:39,319
Speaker 2: to capitulate to these territorial ambitions of Donald Trump, of

1175
00:53:39,360 --> 00:53:42,000
Speaker 2: his new manifest destiny of acquisition.

1176
00:53:42,200 --> 00:53:45,239
Speaker 3: I don't know how serious it is beyond just literally

1177
00:53:45,360 --> 00:53:47,759
Speaker 3: like a feeling that America has been getting ripped off

1178
00:53:47,800 --> 00:53:51,160
Speaker 3: by Canada and just wanting to have some punishment. There's

1179
00:53:51,200 --> 00:53:55,000
Speaker 3: also there's also an element here of political management, of

1180
00:53:55,040 --> 00:53:57,320
Speaker 3: which I've been trying to get my head around. Clearly,

1181
00:53:57,400 --> 00:54:01,920
Speaker 3: Trump respects Claudia Shinbound in Mexico much more than Trudeau.

1182
00:54:02,160 --> 00:54:04,960
Speaker 3: I don't really know why. I mean Claudia Shanbaum. I mean,

1183
00:54:05,000 --> 00:54:07,600
Speaker 3: if we're talking border disputes, we got way more border

1184
00:54:07,600 --> 00:54:10,400
Speaker 3: disputes with Mexico than we do with Canada. So you know,

1185
00:54:10,440 --> 00:54:13,200
Speaker 3: if we really want to talk real revisionism or Baja

1186
00:54:13,239 --> 00:54:15,160
Speaker 3: California or any of that stuff, I'm game. We can

1187
00:54:15,160 --> 00:54:18,440
Speaker 3: talk about that all day long. So with Canada, I

1188
00:54:18,440 --> 00:54:21,200
Speaker 3: actually think it's a lot more ideological because justin Trudeau

1189
00:54:21,320 --> 00:54:23,520
Speaker 3: not only being a liberal per se, but just you know,

1190
00:54:23,600 --> 00:54:27,000
Speaker 3: more neilib and critical. I think of the Trump administration

1191
00:54:27,400 --> 00:54:30,759
Speaker 3: over the four years after for them as well. I mean,

1192
00:54:30,760 --> 00:54:34,200
Speaker 3: Trump has got fixations that go back decades. Canada and

1193
00:54:34,280 --> 00:54:36,279
Speaker 3: Japan are the two. If you go when you look

1194
00:54:36,280 --> 00:54:39,200
Speaker 3: at his comments from the nineteen seventies onwards, it's all

1195
00:54:39,360 --> 00:54:42,800
Speaker 3: Japan and Canada. The Japanese it drives them crazy because

1196
00:54:42,800 --> 00:54:45,000
Speaker 3: he's still living in the world of like nineteen eighty

1197
00:54:45,040 --> 00:54:47,840
Speaker 3: where Japan is filthy, rich and growing, you know, a

1198
00:54:47,880 --> 00:54:49,160
Speaker 3: decade over like eight and.

1199
00:54:50,719 --> 00:54:52,160
Speaker 1: Yeah, they were the China of their time.

1200
00:54:52,480 --> 00:54:54,319
Speaker 3: I'm not saying we still don't have trade problems with Japan,

1201
00:54:54,480 --> 00:54:57,759
Speaker 3: that's just different now. The point I think with all

1202
00:54:57,800 --> 00:55:00,760
Speaker 3: of this is that Trump just had as a theory

1203
00:55:00,760 --> 00:55:04,160
Speaker 3: of tariffs, which he's always wanted to be able to do,

1204
00:55:04,600 --> 00:55:08,880
Speaker 3: and being both unrestrained and having that ability, this so

1205
00:55:09,000 --> 00:55:12,279
Speaker 3: called like Madman theory and all that he wants to

1206
00:55:12,320 --> 00:55:15,920
Speaker 3: see how far that he can push it while running

1207
00:55:16,000 --> 00:55:19,600
Speaker 3: up against the realities of the market and of overall

1208
00:55:19,920 --> 00:55:23,360
Speaker 3: US consumer sentiment. I think what he did not necessarily

1209
00:55:23,400 --> 00:55:27,359
Speaker 3: grapple with is the reaction from Canada that we've seen

1210
00:55:27,600 --> 00:55:31,160
Speaker 3: domestically in their politics and with their rise now of

1211
00:55:31,200 --> 00:55:36,239
Speaker 3: the Liberal Party basically saving them reigniting like this Canadian nationalism,

1212
00:55:36,280 --> 00:55:38,000
Speaker 3: which I didn't even know existed. I thought they all

1213
00:55:38,000 --> 00:55:40,920
Speaker 3: hated each other anyway, and they're divided over language, but

1214
00:55:41,360 --> 00:55:43,040
Speaker 3: they really have come together. You got to give it

1215
00:55:43,080 --> 00:55:44,959
Speaker 3: to them, you know, in a way, you do need

1216
00:55:44,960 --> 00:55:47,640
Speaker 3: like an external threat force to really make yourself your

1217
00:55:47,680 --> 00:55:51,840
Speaker 3: country come together for your national identity. But the problem

1218
00:55:51,840 --> 00:55:55,440
Speaker 3: that I actually think is whenever we're igniting that Canadian

1219
00:55:55,560 --> 00:55:59,640
Speaker 3: identity and bringing them together, their capacity to suffer as

1220
00:55:59,680 --> 00:56:03,200
Speaker 3: opposse to the American consumer, it's probably much higher because

1221
00:56:03,200 --> 00:56:05,480
Speaker 3: they feel like they're sticking it to the man, whereas

1222
00:56:05,840 --> 00:56:08,719
Speaker 3: Americans are like, I don't know about this, like right,

1223
00:56:08,719 --> 00:56:11,080
Speaker 3: and we're we're way more consumer in society too.

1224
00:56:11,160 --> 00:56:13,560
Speaker 2: Well, not only that, but as we were discussing before,

1225
00:56:13,920 --> 00:56:16,319
Speaker 2: like for the Canadians, they would know exactly what they're

1226
00:56:16,320 --> 00:56:19,600
Speaker 2: fighting for, like to keep their country. For us be

1227
00:56:19,760 --> 00:56:22,319
Speaker 2: like what why are we even doing this? Like what

1228
00:56:22,440 --> 00:56:24,800
Speaker 2: is going on? They don't even like there's a tiny

1229
00:56:24,800 --> 00:56:27,120
Speaker 2: minuscule amount of fenchanel coming across the border, which is

1230
00:56:27,120 --> 00:56:29,040
Speaker 2: the line that we've been sold about why we have.

1231
00:56:29,040 --> 00:56:29,759
Speaker 6: To do all of this.

1232
00:56:29,760 --> 00:56:30,920
Speaker 1: Well, it's a legal pretext.

1233
00:56:31,000 --> 00:56:33,000
Speaker 2: Yeah, yeah, that's the legal pretend. But I mean they

1234
00:56:33,080 --> 00:56:35,080
Speaker 2: talk about it. That's that's what they're trying to sell,

1235
00:56:35,200 --> 00:56:36,759
Speaker 2: is like, oh, this is why we need to do it.

1236
00:56:36,760 --> 00:56:39,200
Speaker 2: You had what Peter Navarro talking about how the Mexican

1237
00:56:39,239 --> 00:56:42,760
Speaker 2: cartels had taken over Canada. So there's not any clear

1238
00:56:42,880 --> 00:56:48,560
Speaker 2: reason why Americans would want to wage this war, economic

1239
00:56:48,719 --> 00:56:51,680
Speaker 2: or otherwise but for Canadians, like, the stakes are very

1240
00:56:51,719 --> 00:56:54,520
Speaker 2: clear and they're very high. So listen, I don't know

1241
00:56:54,560 --> 00:56:56,200
Speaker 2: what the hell is going on in Trump's head. I

1242
00:56:56,239 --> 00:56:58,160
Speaker 2: do think that part of it is, like you said, Sager,

1243
00:56:58,360 --> 00:57:00,960
Speaker 2: like Trudeau is this very sort of like the Obama

1244
00:57:01,000 --> 00:57:03,759
Speaker 2: of Canada, you know, and can literally right and King

1245
00:57:03,840 --> 00:57:06,600
Speaker 2: Abbason in during the Obama era and all of that,

1246
00:57:06,719 --> 00:57:09,240
Speaker 2: and position himself in a very similar way in terms

1247
00:57:09,239 --> 00:57:12,719
Speaker 2: of this sort of like you know, high IQ liberal

1248
00:57:12,840 --> 00:57:17,960
Speaker 2: internationalists approach, and I think Trump just like he just hates.

1249
00:57:17,680 --> 00:57:19,200
Speaker 6: All those people. He just hates them.

1250
00:57:19,240 --> 00:57:22,520
Speaker 2: And it's partly this chip on his shoulder that Trump

1251
00:57:22,560 --> 00:57:25,040
Speaker 2: has about how they look down on him and all

1252
00:57:25,080 --> 00:57:26,080
Speaker 2: of this sort of stuff.

1253
00:57:26,320 --> 00:57:27,760
Speaker 6: I do think that plays into it.

1254
00:57:28,040 --> 00:57:30,720
Speaker 2: But I also think partly, maybe as a result of that,

1255
00:57:31,080 --> 00:57:34,080
Speaker 2: you can't just dismiss the things that he has himself

1256
00:57:34,200 --> 00:57:38,560
Speaker 2: said about wanting to use an economic war to annex

1257
00:57:38,680 --> 00:57:41,400
Speaker 2: Canada as the fifty first state. And maybe that's like

1258
00:57:41,480 --> 00:57:43,840
Speaker 2: the opening negotiating position. But I thought it was very

1259
00:57:43,880 --> 00:57:47,320
Speaker 2: revealing here that you know, he has recognized like, oh,

1260
00:57:47,360 --> 00:57:49,720
Speaker 2: all these treaties and stuff that set the border, I'm

1261
00:57:49,760 --> 00:57:51,400
Speaker 2: just not going to agree with those and I just

1262
00:57:51,480 --> 00:57:54,200
Speaker 2: don't accept them. And I'm gonna, you know, I'm going

1263
00:57:54,240 --> 00:57:57,280
Speaker 2: to see about annexing this area just north of the

1264
00:57:57,320 --> 00:57:59,080
Speaker 2: Great Lakes. I'm going to see what I can get

1265
00:57:59,080 --> 00:58:01,520
Speaker 2: away with. I think we have to take him seriously

1266
00:58:01,680 --> 00:58:04,280
Speaker 2: at that. And you know, you talk about things that

1267
00:58:04,320 --> 00:58:09,160
Speaker 2: are politically unpopular, like the US expanding into Canada is

1268
00:58:09,200 --> 00:58:13,280
Speaker 2: not something that anyone voted for, and it's wildly politically unpopular,

1269
00:58:13,360 --> 00:58:16,600
Speaker 2: as is acquiring Greenland. Probably the most popular of his,

1270
00:58:16,920 --> 00:58:20,160
Speaker 2: like you know, territorial conquest things, is the Panama Canal,

1271
00:58:20,200 --> 00:58:22,040
Speaker 2: which has already like sold off to Black Rocks.

1272
00:58:22,040 --> 00:58:24,280
Speaker 1: So you know, he didn't sell it off to Black Rock.

1273
00:58:24,360 --> 00:58:26,360
Speaker 3: The Chinese sold it to Black Okay, and they probably

1274
00:58:26,360 --> 00:58:28,480
Speaker 3: shouldn't have owned it in the first place. We're all being.

1275
00:58:28,320 --> 00:58:31,360
Speaker 2: Honest, but we know why that transaction ultimately.

1276
00:58:31,040 --> 00:58:32,400
Speaker 1: Okay, But why is that so bad? This is this

1277
00:58:32,480 --> 00:58:33,240
Speaker 1: is where I get annoyed.

1278
00:58:33,280 --> 00:58:35,080
Speaker 3: It's like, by the way, he tweeted today that Greenland

1279
00:58:35,120 --> 00:58:37,720
Speaker 3: will have the right of self determination. So Greenlanders, there's

1280
00:58:37,720 --> 00:58:39,880
Speaker 3: only fifty thousand of you. I have a modest proposal,

1281
00:58:39,840 --> 00:58:41,840
Speaker 3: will give you a million bucks each. All you have

1282
00:58:41,840 --> 00:58:43,600
Speaker 3: to do is come over here, the Danes have treated

1283
00:58:43,640 --> 00:58:46,160
Speaker 3: you like shit. You will be embraced greatly by the

1284
00:58:46,160 --> 00:58:48,920
Speaker 3: American Empire and we protect you anyway, so you might

1285
00:58:49,000 --> 00:58:50,920
Speaker 3: as well sign up on Canada.

1286
00:58:51,280 --> 00:58:51,560
Speaker 7: I don't know.

1287
00:58:51,600 --> 00:58:54,240
Speaker 3: Again, I have mixed feelings these Canadians. They drive me crazy.

1288
00:58:54,320 --> 00:58:58,920
Speaker 3: The way that they just their their chauvinism when clearly

1289
00:58:59,080 --> 00:59:01,120
Speaker 3: we are the only reason that they get to exist

1290
00:59:01,200 --> 00:59:04,120
Speaker 3: and breathe is a little bit annoying considering how how

1291
00:59:04,160 --> 00:59:07,520
Speaker 3: much of our defense posture goes to their benefit. However,

1292
00:59:07,720 --> 00:59:10,760
Speaker 3: I can sympathize with being a power that is up there.

1293
00:59:10,760 --> 00:59:12,400
Speaker 3: That is like, hey, hold on a second, I thought

1294
00:59:12,400 --> 00:59:14,560
Speaker 3: we were great neighbors and all that, and you're trying

1295
00:59:14,600 --> 00:59:18,240
Speaker 3: to change that contract. So broadly, I think that their

1296
00:59:18,400 --> 00:59:22,760
Speaker 3: ignition of nationalism is more interesting, especially because it hasn't

1297
00:59:22,800 --> 00:59:25,520
Speaker 3: really existed for a long time, like they haven't had

1298
00:59:25,520 --> 00:59:27,560
Speaker 3: a reason to be together. Like I said, I mean,

1299
00:59:27,560 --> 00:59:29,480
Speaker 3: they all hate each other anyway, whether they speak French

1300
00:59:29,520 --> 00:59:31,800
Speaker 3: and English one of the dumbest countries in the planet, whatever.

1301
00:59:32,280 --> 00:59:35,480
Speaker 3: But my point is just that for them, they have

1302
00:59:35,600 --> 00:59:38,400
Speaker 3: been able, both the Conservative and the Liberal Party, to

1303
00:59:38,520 --> 00:59:42,560
Speaker 3: have extraordinary political benefit of standing up to Trump, which

1304
00:59:42,600 --> 00:59:45,520
Speaker 3: I just generally think is worse, especially if we're trying

1305
00:59:45,520 --> 00:59:49,280
Speaker 3: to get a better and more favorable deal on economic terms.

1306
00:59:49,280 --> 00:59:51,480
Speaker 3: But I mean, the truth of the matter is our

1307
00:59:51,480 --> 00:59:54,480
Speaker 3: trade deficit with Canada is unbelievable, and they have been

1308
00:59:54,480 --> 00:59:58,040
Speaker 3: a huge beneficiary both of NAFTA. Their own quality of

1309
00:59:58,040 --> 01:00:01,160
Speaker 3: life as rate not only stable, was actually broadly increase

1310
01:00:01,360 --> 01:00:03,440
Speaker 3: to the extent that it's had a problem since NAFTA.

1311
01:00:03,520 --> 01:00:05,680
Speaker 3: It's their own fault because of mass immigration, of which

1312
01:00:05,680 --> 01:00:07,960
Speaker 3: they're having their own fights over in their own country

1313
01:00:08,000 --> 01:00:10,920
Speaker 3: right now. So even justin Trudeau admitted and part of

1314
01:00:10,960 --> 01:00:12,720
Speaker 3: the reason he's so unpopular.

1315
01:00:12,800 --> 01:00:15,200
Speaker 1: So him getting kicked out is an interesting moment.

1316
01:00:15,480 --> 01:00:17,400
Speaker 3: And actually, if we see the rise of kind of

1317
01:00:17,400 --> 01:00:20,560
Speaker 3: the leaders in Canada, both left and right, they're having

1318
01:00:20,560 --> 01:00:23,520
Speaker 3: to fuse this new Canadian nationalism fight with kind of

1319
01:00:23,560 --> 01:00:25,960
Speaker 3: like who and what they stand for, which is broadly

1320
01:00:26,000 --> 01:00:27,880
Speaker 3: better for them. I kind of wish we had the

1321
01:00:27,880 --> 01:00:30,560
Speaker 3: same thing over here. I'm almost jealous, to be honest,

1322
01:00:30,760 --> 01:00:31,600
Speaker 3: of their awakening.

1323
01:00:31,720 --> 01:00:35,360
Speaker 2: Yeah, so let's get to the Canadian politics here. Trudeau

1324
01:00:35,640 --> 01:00:40,200
Speaker 2: stepped down as Liberal Party leader because he was profoundly unpopular,

1325
01:00:40,360 --> 01:00:43,760
Speaker 2: and so the Liberal Party had their leadership elections, who

1326
01:00:43,800 --> 01:00:46,240
Speaker 2: can put this up on the screen. They chose a

1327
01:00:46,280 --> 01:00:49,280
Speaker 2: guy named Mark Carney. He is the former governor of

1328
01:00:49,320 --> 01:00:52,600
Speaker 2: both the Bank of England actually during Brexit and also the.

1329
01:00:52,520 --> 01:00:53,480
Speaker 6: Bank of Canada.

1330
01:00:53,960 --> 01:00:56,880
Speaker 2: I mean, my sense of him, for wow, I've known

1331
01:00:56,920 --> 01:00:59,400
Speaker 2: about this guy for like two days, is that he's

1332
01:00:59,480 --> 01:01:02,040
Speaker 2: sort of like a liberal technocrat kind of a guy

1333
01:01:03,360 --> 01:01:06,520
Speaker 2: in terms of the Liberal Party, tends towards the more

1334
01:01:06,640 --> 01:01:10,760
Speaker 2: sort of fiscal conservative, as did his primary rival, Christian Freeland.

1335
01:01:11,480 --> 01:01:13,880
Speaker 2: So in any case, they've chosen this just sort of

1336
01:01:13,920 --> 01:01:17,800
Speaker 2: like steady hand who has a deep understanding obviously of

1337
01:01:17,880 --> 01:01:22,520
Speaker 2: the global financial system given his previous positions, banker who

1338
01:01:22,520 --> 01:01:25,600
Speaker 2: will now face the Conservative leader, a guy by the

1339
01:01:25,680 --> 01:01:31,560
Speaker 2: name of Pierre. That's how that's the French pronunciation I

1340
01:01:31,600 --> 01:01:32,360
Speaker 2: think he says.

1341
01:01:34,840 --> 01:01:36,560
Speaker 1: V I think is the way that I'm going to

1342
01:01:36,560 --> 01:01:39,720
Speaker 1: call him. Mister Pierre is.

1343
01:01:39,640 --> 01:01:40,480
Speaker 6: The French version.

1344
01:01:40,520 --> 01:01:43,560
Speaker 2: But in any case, he was looking I mean, this dude, Pierre,

1345
01:01:43,600 --> 01:01:45,680
Speaker 2: he looked like he was a shoe in And if

1346
01:01:45,720 --> 01:01:50,360
Speaker 2: you put up put up see the chart that we have,

1347
01:01:50,480 --> 01:01:53,400
Speaker 2: what is that C four B that shows the polling

1348
01:01:53,520 --> 01:01:56,440
Speaker 2: and the way that Trump's tariff war has just like

1349
01:01:56,680 --> 01:02:02,880
Speaker 2: completely completely rescued the Liberal from what was previously certain defeat.

1350
01:02:03,200 --> 01:02:05,480
Speaker 2: And you can see the red line there like they

1351
01:02:05,520 --> 01:02:06,400
Speaker 2: were in the toilet.

1352
01:02:06,440 --> 01:02:06,840
Speaker 6: I mean, we.

1353
01:02:06,840 --> 01:02:10,640
Speaker 2: Covered this when Trudeau resigned. You can see the line there.

1354
01:02:10,880 --> 01:02:14,400
Speaker 2: It was at an absolute low. But the combination, I'm

1355
01:02:14,400 --> 01:02:17,400
Speaker 2: sure having a new leader helps, but really it's the

1356
01:02:17,720 --> 01:02:22,200
Speaker 2: Trump economic warfare that has rescued the liberal parties hopes.

1357
01:02:22,240 --> 01:02:24,560
Speaker 2: Here now there's still not a locket a shoe in.

1358
01:02:25,000 --> 01:02:26,920
Speaker 2: If you put the one before this up on the screen,

1359
01:02:27,200 --> 01:02:30,160
Speaker 2: you can see C. Four that the Conservatives still have

1360
01:02:30,800 --> 01:02:34,920
Speaker 2: an edge in terms of the what the polling shows.

1361
01:02:35,280 --> 01:02:38,840
Speaker 2: But before Liberals were absolutely toasted, it says they're still

1362
01:02:38,920 --> 01:02:40,680
Speaker 2: up in the polls. The Conservatives are, with the latest

1363
01:02:40,680 --> 01:02:44,120
Speaker 2: averages suggesting forty percent of voters back then. The liberals fortunes, meanwhile,

1364
01:02:44,120 --> 01:02:46,560
Speaker 2: have been revived. Their support has climbed to slightly over

1365
01:02:46,600 --> 01:02:50,480
Speaker 2: thirty percent, up ten points from January. The new dude,

1366
01:02:50,560 --> 01:02:53,600
Speaker 2: Mark Carney can call elections kind of I guess whenever

1367
01:02:53,640 --> 01:02:55,840
Speaker 2: he really wants. It has to be in the relative

1368
01:02:55,880 --> 01:02:58,840
Speaker 2: near term, but he can call elections whenever he should

1369
01:02:58,880 --> 01:03:01,320
Speaker 2: call them. For like April six, when the new terrorists

1370
01:03:01,320 --> 01:03:06,200
Speaker 2: are being put into place to maximize his chances of success. Here,

1371
01:03:06,640 --> 01:03:09,720
Speaker 2: let's just get a taste of see three guys, let's

1372
01:03:09,720 --> 01:03:11,680
Speaker 2: just go ahead and get a taste of Mark Carney

1373
01:03:11,680 --> 01:03:15,040
Speaker 2: in the way that he is talking about the political situation. Obviously,

1374
01:03:15,040 --> 01:03:16,600
Speaker 2: he puts Trump here at front and center.

1375
01:03:17,200 --> 01:03:19,480
Speaker 1: There's someone who's trying to do the opposite.

1376
01:03:19,720 --> 01:03:28,520
Speaker 12: There's someone who's trying to weaken our economy. Yeah, Donald Trump,

1377
01:03:29,760 --> 01:03:34,760
Speaker 12: Donald Trump, and Donald Trump, as we know, has put

1378
01:03:34,960 --> 01:03:39,160
Speaker 12: as a prime minister, just said unjustified tariffs on what

1379
01:03:39,240 --> 01:03:42,680
Speaker 12: we build, on what we sell, on how we make

1380
01:03:42,840 --> 01:03:49,439
Speaker 12: a living. He's attacking Canadian families, workers and businesses, and

1381
01:03:49,560 --> 01:03:54,760
Speaker 12: we cannot let him succeed. And we won't.

1382
01:03:55,560 --> 01:03:55,959
Speaker 1: We won't.

1383
01:03:56,160 --> 01:04:00,680
Speaker 12: The Canadian government has rightly retaliated and is rightly retaliating

1384
01:04:00,760 --> 01:04:04,160
Speaker 12: with our own tariffs that will have maximum impact in

1385
01:04:04,240 --> 01:04:09,240
Speaker 12: the United States and minimum impact here in Canada. And

1386
01:04:09,360 --> 01:04:12,600
Speaker 12: my government will keep our tariffs on until the Americans

1387
01:04:12,680 --> 01:04:13,840
Speaker 12: show us respect.

1388
01:04:14,440 --> 01:04:17,680
Speaker 2: And he ran on taking aggressive posture towards Trump. He

1389
01:04:17,720 --> 01:04:20,960
Speaker 2: wants to put into place dollar dollar retaliatory terrorsts that

1390
01:04:20,960 --> 01:04:23,480
Speaker 2: would hit the US hard and you know, sort of

1391
01:04:23,480 --> 01:04:26,240
Speaker 2: minimize the impact for Canada. I know there's been a

1392
01:04:26,240 --> 01:04:29,840
Speaker 2: lot of talk targeting red states, in particular going after

1393
01:04:29,880 --> 01:04:33,320
Speaker 2: Donald Trump's support base, and so you know, the fact

1394
01:04:33,360 --> 01:04:35,920
Speaker 2: that that's what people were looking for is also really noteworthy.

1395
01:04:35,960 --> 01:04:40,600
Speaker 2: Apparently Pierre Poliev, who previously had really position sort of

1396
01:04:40,600 --> 01:04:43,360
Speaker 2: compared himself to Trump and had gone viral in the

1397
01:04:43,360 --> 01:04:45,960
Speaker 2: American right, et cetera. Now he is really trying to

1398
01:04:46,240 --> 01:04:50,240
Speaker 2: distance himself from Trump and said he is quote not Maga.

1399
01:04:50,360 --> 01:04:52,400
Speaker 2: So you can see the way the fault lines have drawn,

1400
01:04:52,440 --> 01:04:54,840
Speaker 2: in the way that what was previously a neutral or

1401
01:04:54,960 --> 01:04:59,120
Speaker 2: benefit for the Conservatives has now turned into being totally toxic.

1402
01:04:59,200 --> 01:05:01,120
Speaker 1: Canada was right for Maga style takeover.

1403
01:05:01,160 --> 01:05:02,960
Speaker 3: They had the same problem that Trudeau had to resign

1404
01:05:03,040 --> 01:05:05,120
Speaker 3: for a reason, he was massively unpopular, and they have

1405
01:05:05,200 --> 01:05:09,320
Speaker 3: huge problems of mass immigration that Pierre that Trudeau even admitted.

1406
01:05:09,400 --> 01:05:12,840
Speaker 3: They have same economic stagnation, they have very similar trends.

1407
01:05:12,880 --> 01:05:14,600
Speaker 3: You know, we are cousins, you know, in a way,

1408
01:05:14,840 --> 01:05:17,640
Speaker 3: and so our problem is definitely rhyme. But now with

1409
01:05:17,720 --> 01:05:21,480
Speaker 3: this reignition of Canadian nationalism, you have even the Conservative

1410
01:05:21,520 --> 01:05:24,840
Speaker 3: Party really coming out hard on behalf of Canada.

1411
01:05:24,880 --> 01:05:25,959
Speaker 1: We have here a.

1412
01:05:25,880 --> 01:05:30,360
Speaker 3: Great clip from Ontario from Doug Ford the brother of

1413
01:05:30,520 --> 01:05:33,480
Speaker 3: Rob Ford. The Ford family, the most American family, even

1414
01:05:33,520 --> 01:05:37,600
Speaker 3: though they are Canadian, of coming out against Donald Trump.

1415
01:05:37,800 --> 01:05:40,680
Speaker 3: And here's Doug Ford is at the Premier of Ontario.

1416
01:05:40,800 --> 01:05:42,640
Speaker 3: I guess they call him over there. He says, I

1417
01:05:42,640 --> 01:05:45,000
Speaker 3: supported Trump getting elected, but man, was I wrong.

1418
01:05:45,120 --> 01:05:45,840
Speaker 1: Let's take a listen.

1419
01:05:46,200 --> 01:05:49,600
Speaker 4: In response to what started earlier this week, you threatened

1420
01:05:49,600 --> 01:05:53,200
Speaker 4: to cut off electricity to big chunk of the United States.

1421
01:05:53,640 --> 01:05:57,080
Speaker 11: Well, you know something, I have a great relationship with

1422
01:05:58,040 --> 01:06:01,400
Speaker 11: the governors in New York and Michigan. In Minnesota, I

1423
01:06:01,440 --> 01:06:04,520
Speaker 11: just got off the phone yesterday with Governor Walls and

1424
01:06:04,800 --> 01:06:08,440
Speaker 11: what a gentleman he is. And I'm going to put

1425
01:06:08,440 --> 01:06:11,280
Speaker 11: it twenty five percent tariff on the electricity the one

1426
01:06:11,320 --> 01:06:15,560
Speaker 11: point five million homes and businesses as of Monday until

1427
01:06:15,680 --> 01:06:19,160
Speaker 11: President Trump drops East tariffs. That's the last thing I

1428
01:06:19,200 --> 01:06:22,440
Speaker 11: want to do. It's the last thing. But he has

1429
01:06:22,480 --> 01:06:27,560
Speaker 11: to understand that he can't attack our country economically and

1430
01:06:27,760 --> 01:06:29,000
Speaker 11: expect us to roll over.

1431
01:06:29,640 --> 01:06:33,600
Speaker 4: So starts Monday. Starts Monday unless this war ends before then,

1432
01:06:33,800 --> 01:06:36,960
Speaker 4: that's right, yes, which means American electric bills are going

1433
01:06:36,960 --> 01:06:38,760
Speaker 4: to be the Upper and Midwest and the Northeast, the

1434
01:06:38,760 --> 01:06:39,760
Speaker 4: middle landa are going up.

1435
01:06:39,960 --> 01:06:42,440
Speaker 11: That's right. And what we're seeing already with gas prices

1436
01:06:42,520 --> 01:06:48,600
Speaker 11: in the northeast, gas prices are going to go up again. People. Eventually,

1437
01:06:49,040 --> 01:06:52,200
Speaker 11: the assembly lines if he continues April second, we'll shut

1438
01:06:52,240 --> 01:06:55,240
Speaker 11: down within five days. Auto parts go back and forth

1439
01:06:55,280 --> 01:06:57,439
Speaker 11: across the border up to eight times before it gets

1440
01:06:57,440 --> 01:07:01,760
Speaker 11: assembled in Ontario or Michigan or other states. And for

1441
01:07:01,840 --> 01:07:04,640
Speaker 11: what he's created, an absolute mess.

1442
01:07:04,920 --> 01:07:09,080
Speaker 4: Last I checked, you're a conservative, Yes, Sam, you celebrated

1443
01:07:09,520 --> 01:07:11,320
Speaker 4: President Trump's victory in November.

1444
01:07:11,680 --> 01:07:16,200
Speaker 11: I thought, you know, I thought he'd do a great job. Man,

1445
01:07:16,320 --> 01:07:19,120
Speaker 11: was I wrong? And I am first to admit I

1446
01:07:19,240 --> 01:07:19,640
Speaker 11: was wrong.

1447
01:07:20,200 --> 01:07:22,520
Speaker 3: It just shows you that even the political leaders there

1448
01:07:22,680 --> 01:07:25,680
Speaker 3: who are conservative are going to have to come against America,

1449
01:07:25,760 --> 01:07:28,240
Speaker 3: which you know is going to have big ramifications for them,

1450
01:07:28,400 --> 01:07:31,960
Speaker 3: and give them a mandate because of the new election

1451
01:07:32,360 --> 01:07:35,040
Speaker 3: to be able to negotiate with a much harder line

1452
01:07:35,160 --> 01:07:36,520
Speaker 3: against the United States, which could have.

1453
01:07:36,520 --> 01:07:37,120
Speaker 1: A lot of problems.

1454
01:07:37,200 --> 01:07:39,360
Speaker 6: Yeah, that's right. And he's a very like Trumpian.

1455
01:07:39,480 --> 01:07:41,840
Speaker 1: Oh, I love politician, Like I said, I love it

1456
01:07:42,040 --> 01:07:42,280
Speaker 1: a lot.

1457
01:07:42,520 --> 01:07:45,200
Speaker 2: He's got a lot of swagger, you know. And so look,

1458
01:07:45,280 --> 01:07:49,160
Speaker 2: this is the guy who's historically been able to read

1459
01:07:49,200 --> 01:07:51,160
Speaker 2: the mood of the public. I don't think that's a

1460
01:07:51,200 --> 01:07:53,640
Speaker 2: particularly hard thing to do in Canada right at this moment,

1461
01:07:53,720 --> 01:07:55,880
Speaker 2: like it's pretty clear where the battle lines are drawn,

1462
01:07:56,240 --> 01:07:58,760
Speaker 2: and so yeah, well, you know, we'll see where this

1463
01:07:58,840 --> 01:08:01,560
Speaker 2: all goes, because it asks at this point, I mean

1464
01:08:01,600 --> 01:08:03,960
Speaker 2: I I I'm forgetting the numbers, but it still is

1465
01:08:03,960 --> 01:08:07,040
Speaker 2: a significant amount of tariffs that are in place, even

1466
01:08:07,120 --> 01:08:10,240
Speaker 2: now after they rolled back the you know, whatever goods

1467
01:08:10,280 --> 01:08:12,680
Speaker 2: fall under the U. S. M c A, and with

1468
01:08:12,760 --> 01:08:14,160
Speaker 2: the threat that we're going to do all of this

1469
01:08:14,240 --> 01:08:16,120
Speaker 2: again in less than a month's time.

1470
01:08:16,320 --> 01:08:17,639
Speaker 6: So yeah, we'll

1471
01:08:17,680 --> 01:08:19,880
Speaker 2: See, we'll see where it goes for their politics and ours.