1 00:00:00,720 --> 00:00:03,680 Speaker 1: Hey, guys, ready or not, twenty twenty four is here, 2 00:00:03,800 --> 00:00:06,280 Speaker 1: and we here at breaking points, are already thinking of 3 00:00:06,320 --> 00:00:08,559 Speaker 1: ways we can up our game for this critical election. 4 00:00:08,760 --> 00:00:11,680 Speaker 1: We rely on our premium subs to expand coverage, upgrade 5 00:00:11,680 --> 00:00:15,080 Speaker 1: the studio ad staff, give you, guys, the best independent 6 00:00:15,120 --> 00:00:17,400 Speaker 1: coverage that is possible. If you like what we're all about, 7 00:00:17,640 --> 00:00:20,040 Speaker 1: it just means the absolute world to have your support. 8 00:00:20,120 --> 00:00:38,239 Speaker 1: But enough with that, let's get to the show. So 9 00:00:38,280 --> 00:00:42,360 Speaker 1: we have a new report into a potential motive of 10 00:00:42,400 --> 00:00:44,720 Speaker 1: that Las Vegas shooter. I don't know if you guys 11 00:00:44,760 --> 00:00:48,360 Speaker 1: remember the details of this guy just massacred people at 12 00:00:48,360 --> 00:00:52,040 Speaker 1: a concert back in twenty seventeen, shooting like a sniper 13 00:00:52,080 --> 00:00:55,639 Speaker 1: from a hotel room in Mandalay Bay, and they were 14 00:00:55,720 --> 00:01:00,440 Speaker 1: never able to at least publicly pin down why he 15 00:01:00,480 --> 00:01:02,240 Speaker 1: did this, and it was sort of like, well, maybe 16 00:01:02,240 --> 00:01:04,679 Speaker 1: he just went crazy. It was known that he was 17 00:01:04,760 --> 00:01:07,400 Speaker 1: a big high stakes gambler and he'd run into some 18 00:01:07,440 --> 00:01:11,320 Speaker 1: financial difficulty. There are reports that his mental health was declining, 19 00:01:11,640 --> 00:01:14,880 Speaker 1: but we never really were told or a motive was 20 00:01:14,920 --> 00:01:18,800 Speaker 1: never really pinpointed by law enforcement. There's some new FBI 21 00:01:18,920 --> 00:01:21,480 Speaker 1: documents that have now just come out let's put this 22 00:01:21,560 --> 00:01:24,600 Speaker 1: up on the screen from the ap that they say 23 00:01:24,640 --> 00:01:28,520 Speaker 1: give a new view into the Las Vegas shooter's mindset. 24 00:01:28,800 --> 00:01:32,600 Speaker 1: The FBI interviewed one of the gunman's fellow gamblers. This 25 00:01:32,640 --> 00:01:34,600 Speaker 1: is detailed in what they say is hundreds of pages 26 00:01:34,640 --> 00:01:38,040 Speaker 1: of documents that were just made public. He believed, this 27 00:01:38,080 --> 00:01:44,000 Speaker 1: fellow gambler that the stress of Stephen Paddock having been 28 00:01:44,200 --> 00:01:47,600 Speaker 1: treated not the way he wanted to by casinos given 29 00:01:47,640 --> 00:01:52,920 Speaker 1: his high roller status, may have led to this massacre. Basically, 30 00:01:52,960 --> 00:01:55,800 Speaker 1: the idea is they used to do like, you know, 31 00:01:55,840 --> 00:01:59,200 Speaker 1: you'd get cruises and you'd get wine tours and all 32 00:01:59,240 --> 00:02:01,480 Speaker 1: this stuff, and they'd sort of cut back on that. 33 00:02:01,760 --> 00:02:03,960 Speaker 1: And he'd also been kicked out barred from a number 34 00:02:04,000 --> 00:02:06,960 Speaker 1: of casinos. I guess because maybe he'd like you done 35 00:02:07,040 --> 00:02:10,160 Speaker 1: too well there or whatever that this led to the 36 00:02:10,280 --> 00:02:15,000 Speaker 1: mental break and may have contributed to the motive here saga, 37 00:02:15,240 --> 00:02:18,040 Speaker 1: You've followed this one really closely, So what do you 38 00:02:18,080 --> 00:02:20,359 Speaker 1: make of this potential here? I think this is bullshit. 39 00:02:20,440 --> 00:02:22,880 Speaker 1: I'll just tell you that I have been obsessed with 40 00:02:22,880 --> 00:02:26,320 Speaker 1: the Steven Pattock case for a long time, as well 41 00:02:26,760 --> 00:02:30,239 Speaker 1: as many others. It remains one of the big mysteries 42 00:02:31,000 --> 00:02:34,720 Speaker 1: in terms of the official narrative, And actually one of 43 00:02:34,720 --> 00:02:37,560 Speaker 1: the investigators said it best. She goes, there's no way 44 00:02:37,600 --> 00:02:39,440 Speaker 1: that they would have hidden any potential motive from our 45 00:02:39,520 --> 00:02:42,880 Speaker 1: victims and survivors for over ten years, dismissing these as 46 00:02:42,919 --> 00:02:46,760 Speaker 1: the speculations of a single gambler. Stephen Paddock was an 47 00:02:46,840 --> 00:02:51,679 Speaker 1: extraordinarily strange individual, very least from a gambling his gambling, 48 00:02:51,880 --> 00:02:55,280 Speaker 1: he wasn't at a gambling table socially. He would sit 49 00:02:55,360 --> 00:02:58,600 Speaker 1: at video poker and sit there and gamble hundreds of 50 00:02:58,639 --> 00:03:00,880 Speaker 1: thousands of dollars and if we're to believe some millions 51 00:03:00,880 --> 00:03:03,680 Speaker 1: of dollars. Wow. The official narrative is that Stephen Paddock 52 00:03:03,720 --> 00:03:06,400 Speaker 1: became obsessed with guns, and then at a period of 53 00:03:06,440 --> 00:03:09,320 Speaker 1: like a year or so and actually mostly in several months, 54 00:03:09,440 --> 00:03:12,040 Speaker 1: started acquiring all these guns. Then he brought up in 55 00:03:12,160 --> 00:03:15,720 Speaker 1: several trips to his suite in the Mandalay Bay Hotel room, 56 00:03:15,800 --> 00:03:17,919 Speaker 1: at which point he broke out the window and shot 57 00:03:18,200 --> 00:03:20,720 Speaker 1: at these concert goers. I mean, first of all, if 58 00:03:20,720 --> 00:03:23,600 Speaker 1: you're mad at gambling institutions, why would you not shoot 59 00:03:23,720 --> 00:03:26,040 Speaker 1: up the casino? Then why would you shoot people who 60 00:03:26,040 --> 00:03:29,560 Speaker 1: are at a concert? Yeah, so the again, there is 61 00:03:29,680 --> 00:03:32,799 Speaker 1: no technical motive. There is still a lot of weird stuff, 62 00:03:32,840 --> 00:03:36,000 Speaker 1: like he sent his girlfriend off to the Philippines. There 63 00:03:36,080 --> 00:03:39,040 Speaker 1: was some initial speculations like is this an international terrorism 64 00:03:39,080 --> 00:03:42,560 Speaker 1: incident because of the some ICE's activity that was happening there. 65 00:03:42,640 --> 00:03:45,080 Speaker 1: She has actually still yet to tell us the full 66 00:03:45,120 --> 00:03:49,120 Speaker 1: story about what was going on there. How did There's 67 00:03:49,160 --> 00:03:52,440 Speaker 1: still so many questions about the guns, about why security 68 00:03:52,480 --> 00:03:54,600 Speaker 1: never flagged him. All of us was on video too, 69 00:03:55,080 --> 00:03:57,480 Speaker 1: by the way, And yeah, in terms of the motive 70 00:03:57,720 --> 00:04:01,720 Speaker 1: and all that. Now, I've never seen any indication officially 71 00:04:01,880 --> 00:04:04,880 Speaker 1: about law enforcement and their involvement in all that, whether 72 00:04:04,920 --> 00:04:07,880 Speaker 1: he was even known to authorities beforehand. But I'm just 73 00:04:07,880 --> 00:04:09,960 Speaker 1: going to say I think there is a massive cover 74 00:04:10,080 --> 00:04:13,600 Speaker 1: up involving this case because it's been several years. Even 75 00:04:13,600 --> 00:04:17,000 Speaker 1: the open records request did not reveal anything, and the 76 00:04:17,040 --> 00:04:20,159 Speaker 1: FBI kind of put the kaibash on this investigation very early, 77 00:04:20,160 --> 00:04:22,200 Speaker 1: by twenty eighteen, one year in they were like, no, 78 00:04:22,839 --> 00:04:25,159 Speaker 1: I mean, this was I believe at the time it 79 00:04:25,200 --> 00:04:28,039 Speaker 1: was the deadliest mass shooting in American history. It might 80 00:04:28,200 --> 00:04:30,840 Speaker 1: still be. I think there might be one, or there 81 00:04:30,880 --> 00:04:32,880 Speaker 1: might have been one that surpassed the Las Vegas but 82 00:04:33,720 --> 00:04:38,839 Speaker 1: it was an absolutely insane event, killed sixty yell sixty yards. More, 83 00:04:39,000 --> 00:04:41,120 Speaker 1: it led to the bump stock ban if everybody wants 84 00:04:41,160 --> 00:04:44,480 Speaker 1: to remember that by the ATF, because I believe Paddock 85 00:04:44,560 --> 00:04:47,960 Speaker 1: used a bump stock. In terms of again, like information 86 00:04:48,240 --> 00:04:50,960 Speaker 1: about his this is part of the other problem since 87 00:04:50,960 --> 00:04:52,880 Speaker 1: he was killed. Obviously, there's never been a trial where 88 00:04:52,880 --> 00:04:54,839 Speaker 1: a lot of this has come out into the open. 89 00:04:54,960 --> 00:04:58,720 Speaker 1: I read the original like Las Vegas report about Steven Paddock, 90 00:04:58,760 --> 00:05:01,520 Speaker 1: and again there's stuff doesn't pass to smelt this, So 91 00:05:02,000 --> 00:05:05,520 Speaker 1: for me, I don't buy this. I'm buying this. No, no, no, no, 92 00:05:05,560 --> 00:05:08,640 Speaker 1: there's something much deeper. They said also that he had 93 00:05:08,920 --> 00:05:12,960 Speaker 1: scoped down other potential live events and even booked hotel 94 00:05:13,040 --> 00:05:16,880 Speaker 1: rooms at those hotels that were by different concerts before 95 00:05:17,200 --> 00:05:20,400 Speaker 1: settling on this particular concert that he was able to 96 00:05:20,680 --> 00:05:23,919 Speaker 1: shoot at from the Mandalay Bay and partly he was 97 00:05:24,000 --> 00:05:26,720 Speaker 1: able to so he was comped this room because of 98 00:05:26,760 --> 00:05:29,800 Speaker 1: his quote unquote high roller status, and he was a 99 00:05:30,040 --> 00:05:33,760 Speaker 1: given use of a private elevator to take all his 100 00:05:33,960 --> 00:05:39,599 Speaker 1: bags of suitcases full of these weapons. So anyway, I 101 00:05:39,600 --> 00:05:41,360 Speaker 1: don't know this one I think continues to be a 102 00:05:41,400 --> 00:05:44,360 Speaker 1: mystery the same. I ain't buying it. I'll just tell 103 00:05:44,360 --> 00:05:45,760 Speaker 1: you that I know a lot of other people are 104 00:05:45,839 --> 00:05:50,720 Speaker 1: buying it either. So there you go. We covered here 105 00:05:50,720 --> 00:05:53,960 Speaker 1: at breaking points. How Howard Schultz, the founder now former 106 00:05:54,040 --> 00:05:57,520 Speaker 1: CEO of Starbucks, was compelled to testify in front of 107 00:05:57,600 --> 00:06:01,280 Speaker 1: the Senate, faced some difficult questions about just utter lawlessness 108 00:06:01,600 --> 00:06:06,760 Speaker 1: regards to union busting, repeated infractions of the law, total 109 00:06:06,880 --> 00:06:09,680 Speaker 1: lack of willingness to negotiate with the new unionized stores 110 00:06:09,720 --> 00:06:13,440 Speaker 1: on new contracts, loll and behold. Two days later, let's 111 00:06:13,440 --> 00:06:17,719 Speaker 1: put this up on the screen, Starbucks fired Alexis Rizzo. 112 00:06:17,839 --> 00:06:22,120 Speaker 1: She was one of the first organizers of the Starbucks 113 00:06:22,160 --> 00:06:27,080 Speaker 1: union campaign that unfolded initially in Buffalo. They claimed it 114 00:06:27,120 --> 00:06:30,719 Speaker 1: was over some incredibly minor infractions, like being literally a 115 00:06:30,800 --> 00:06:33,640 Speaker 1: minute late for work. And we're excited to talk to 116 00:06:33,920 --> 00:06:37,000 Speaker 1: Alexis now about exactly what is going on there. Alexis, 117 00:06:37,000 --> 00:06:40,520 Speaker 1: welcome to the show. Thank you so much for having me. Yeah, 118 00:06:40,560 --> 00:06:43,520 Speaker 1: of course, Now, I know you worked at Starbucks for 119 00:06:43,520 --> 00:06:46,680 Speaker 1: more than seven years, so you're a longtime employee. I 120 00:06:46,760 --> 00:06:49,120 Speaker 1: also know you were the first, I think worker to 121 00:06:49,320 --> 00:06:52,520 Speaker 1: contact the union about starting what has become a historic 122 00:06:52,560 --> 00:06:55,840 Speaker 1: and groundbreaking union drive. Give us a little bit of 123 00:06:55,839 --> 00:06:58,840 Speaker 1: your history with the organization, your view of Starbucks, and 124 00:06:58,880 --> 00:07:02,080 Speaker 1: how that's changed over time. Yeah, So I've been with 125 00:07:02,120 --> 00:07:04,840 Speaker 1: the company since I was seventeen years old. I started 126 00:07:04,880 --> 00:07:09,360 Speaker 1: in October of twenty fifteen. For me, I grew up very, 127 00:07:09,440 --> 00:07:11,760 Speaker 1: very impoverished, and so Starbucks was a way for me 128 00:07:11,840 --> 00:07:15,520 Speaker 1: to become independent, lift myself out of that situation. And 129 00:07:15,560 --> 00:07:18,160 Speaker 1: in a lot of ways, it's an absolutely great company 130 00:07:18,200 --> 00:07:20,760 Speaker 1: to work for, like the relationships that I've made with 131 00:07:20,800 --> 00:07:23,720 Speaker 1: my coworkers, the bond that I have with them, the 132 00:07:23,760 --> 00:07:26,000 Speaker 1: presence that we have in our stores in the community. 133 00:07:26,360 --> 00:07:28,240 Speaker 1: It really is in a lot of ways a wonderful 134 00:07:28,280 --> 00:07:33,280 Speaker 1: place to work. Unfortunately, and why we started this union campaign. 135 00:07:33,280 --> 00:07:35,480 Speaker 1: There's a lot of other things that aren't what they 136 00:07:35,960 --> 00:07:39,760 Speaker 1: seem to be. Howard Schultz, you heard during his Senate testimony, 137 00:07:39,800 --> 00:07:42,720 Speaker 1: him touting all the wonderful benefits that the company offers 138 00:07:43,200 --> 00:07:45,240 Speaker 1: and him saying that no one made them do that, 139 00:07:45,240 --> 00:07:46,800 Speaker 1: that that was just something he did out of the 140 00:07:46,800 --> 00:07:49,800 Speaker 1: goodness of his heart. But in reality, most of my 141 00:07:49,880 --> 00:07:52,840 Speaker 1: partners don't make enough hours per week to even qualify 142 00:07:52,880 --> 00:07:55,960 Speaker 1: for those benefits, nor do they make enough money to 143 00:07:56,120 --> 00:07:58,679 Speaker 1: pay for the health insurance. Anyway, most of us choose 144 00:07:58,720 --> 00:08:01,120 Speaker 1: to take Medicaid or stay on our parents' health insurance 145 00:08:01,120 --> 00:08:04,680 Speaker 1: as long as we can. The benefits don't mean anything 146 00:08:04,760 --> 00:08:08,520 Speaker 1: if you're not being scheduled enough hours to qualify for them. 147 00:08:08,880 --> 00:08:12,320 Speaker 1: If the staffing of the stores is so sporadic, it's 148 00:08:12,320 --> 00:08:14,920 Speaker 1: never consistent. One week you're getting eight hours, the next 149 00:08:14,920 --> 00:08:18,600 Speaker 1: you're getting twenty. It's impossible to maintain that work life balance, 150 00:08:18,840 --> 00:08:22,000 Speaker 1: and we don't have a voice in the workplace. That's 151 00:08:22,040 --> 00:08:24,800 Speaker 1: why in twenty twenty one, we decided that the best 152 00:08:24,840 --> 00:08:27,080 Speaker 1: bet for us would be to try to organize a 153 00:08:27,160 --> 00:08:30,240 Speaker 1: union campaign. I had been in contact with one of 154 00:08:30,280 --> 00:08:33,040 Speaker 1: the organizers from Workers United for a few years prior 155 00:08:33,400 --> 00:08:37,240 Speaker 1: before the pandemic, and at some point I was contacted 156 00:08:37,280 --> 00:08:39,160 Speaker 1: in twenty twenty one, and we decided that that was 157 00:08:39,200 --> 00:08:42,079 Speaker 1: the right time to try to organize. Starbucks got it. 158 00:08:42,120 --> 00:08:45,720 Speaker 1: And so then in the circumstances of your firing, what 159 00:08:45,840 --> 00:08:48,200 Speaker 1: are some of the excuses they tried to come up 160 00:08:48,240 --> 00:08:51,880 Speaker 1: with try and separate you from the company and retaliation, Yeah, 161 00:08:52,040 --> 00:08:54,480 Speaker 1: so it kind of we have to take a little 162 00:08:54,520 --> 00:08:56,720 Speaker 1: bit of a step back to the beginning of the 163 00:08:56,800 --> 00:09:00,480 Speaker 1: union campaign. When Starbucks first found out we were trying 164 00:09:00,480 --> 00:09:02,839 Speaker 1: to organize, we sent our letter to Kevin Johnson. They 165 00:09:02,920 --> 00:09:06,720 Speaker 1: flooded Buffalo with dozens and dozens of support managers, members 166 00:09:06,760 --> 00:09:10,880 Speaker 1: of corporate. They fired all of our management. My store 167 00:09:10,920 --> 00:09:14,480 Speaker 1: manager was fired, my district manager was fired. The acting 168 00:09:14,520 --> 00:09:17,160 Speaker 1: district manager at the time came in and put me 169 00:09:17,200 --> 00:09:20,120 Speaker 1: on a written warning for some bogus time and attendance 170 00:09:20,200 --> 00:09:23,520 Speaker 1: violations that she had found in my punches, and it's 171 00:09:23,559 --> 00:09:26,040 Speaker 1: kind of gone on from there. It's been many years 172 00:09:26,080 --> 00:09:29,440 Speaker 1: of psychological warfare, and I knew that they were going 173 00:09:29,440 --> 00:09:31,880 Speaker 1: to fire me at some point. When I saw them 174 00:09:31,920 --> 00:09:35,040 Speaker 1: fire Sam a motto. It's a thirteen year partner here 175 00:09:35,040 --> 00:09:37,720 Speaker 1: in Buffalo who I've worked with many, many times, and 176 00:09:37,760 --> 00:09:41,400 Speaker 1: he's everything you could possibly ask for an employee. He's 177 00:09:41,440 --> 00:09:44,480 Speaker 1: incredible at his job. They fired him for the silliest 178 00:09:44,520 --> 00:09:47,120 Speaker 1: reason that I've ever heard, and I knew that they 179 00:09:47,160 --> 00:09:48,880 Speaker 1: were going to come for me too, as well as 180 00:09:48,920 --> 00:09:51,360 Speaker 1: all the other union leaders. So I wish I could 181 00:09:51,360 --> 00:09:55,400 Speaker 1: say I was surprised, but they changed my schedule so 182 00:09:55,440 --> 00:09:59,560 Speaker 1: I was closing every night, opening the next morning every weekend, 183 00:10:00,200 --> 00:10:02,839 Speaker 1: all my availability requests that I put in to try 184 00:10:02,880 --> 00:10:06,400 Speaker 1: to change the situation, and they ended up firing me 185 00:10:06,520 --> 00:10:09,120 Speaker 1: for being one minute late to work, twice, four minutes 186 00:10:09,200 --> 00:10:12,679 Speaker 1: late to work another time five minutes late to anything 187 00:10:12,720 --> 00:10:15,480 Speaker 1: that they could find. It's just been a witch hunt 188 00:10:15,600 --> 00:10:20,560 Speaker 1: essentially for us. That's it's outrageous. I know previously some 189 00:10:20,600 --> 00:10:23,559 Speaker 1: of the workers that they had fired, you know, they 190 00:10:23,559 --> 00:10:26,839 Speaker 1: were able to go through legal process and be reinstated. 191 00:10:26,960 --> 00:10:29,200 Speaker 1: Do you have any potential legal recourse and are you 192 00:10:29,240 --> 00:10:32,400 Speaker 1: pursuing it? Oh? Absolutely yeah, I'm going to be fighting 193 00:10:32,400 --> 00:10:35,160 Speaker 1: to get reinstated back with the company. It's no doubt 194 00:10:35,160 --> 00:10:37,160 Speaker 1: to myself or any of my other store partners that 195 00:10:37,240 --> 00:10:39,960 Speaker 1: this was just an act of retaliation. I mean, the 196 00:10:40,040 --> 00:10:42,960 Speaker 1: same time in attendance violations that they separated me for 197 00:10:43,120 --> 00:10:45,640 Speaker 1: committed to a much greater extent by other folks. But 198 00:10:46,240 --> 00:10:48,160 Speaker 1: the only two people in my store that have been 199 00:10:48,200 --> 00:10:51,640 Speaker 1: delivered any kind of discipline since twenty twenty one are 200 00:10:51,720 --> 00:10:54,600 Speaker 1: myself and the other shift supervisor that I work with 201 00:10:54,640 --> 00:10:56,920 Speaker 1: that helped me start the union campaign at my store. 202 00:10:57,640 --> 00:11:02,679 Speaker 1: And have you been able to maintain morale at the store, because, 203 00:11:02,800 --> 00:11:05,520 Speaker 1: as I mentioned in none of the what is it 204 00:11:05,559 --> 00:11:08,840 Speaker 1: like three hundred stores now that have voted to form 205 00:11:08,880 --> 00:11:11,880 Speaker 1: a union, not one of them has a contract. Meanwhile, 206 00:11:11,920 --> 00:11:16,560 Speaker 1: it's not just direct retaliation against worker organizers such as yourself. 207 00:11:17,280 --> 00:11:19,920 Speaker 1: There's also you know, this whole two tiered benefit system 208 00:11:19,960 --> 00:11:22,200 Speaker 1: where they rolled out certain perks and benefits to non 209 00:11:22,280 --> 00:11:24,920 Speaker 1: union store or something again that I believe, based on 210 00:11:25,000 --> 00:11:27,439 Speaker 1: labor law, is illegal, and that he was Howard Chultz 211 00:11:27,440 --> 00:11:30,200 Speaker 1: was sharply questioned over have you been able in the 212 00:11:30,200 --> 00:11:34,000 Speaker 1: face of all of that to maintain morale and commitment 213 00:11:34,120 --> 00:11:39,760 Speaker 1: to the union at your own store location. Yeah. Like 214 00:11:39,800 --> 00:11:42,679 Speaker 1: I was saying before, it's not the benefits that keep 215 00:11:42,760 --> 00:11:44,880 Speaker 1: us with the company for all these years. It's each other. 216 00:11:45,400 --> 00:11:47,960 Speaker 1: And we really do have that strong collective bond together 217 00:11:48,000 --> 00:11:51,160 Speaker 1: where we know it's not the union's fault. We know 218 00:11:51,280 --> 00:11:53,520 Speaker 1: that it's the company doing this to us because they 219 00:11:53,679 --> 00:11:55,200 Speaker 1: do not want us to be able to express our 220 00:11:55,240 --> 00:11:58,559 Speaker 1: right to organize. I mean here in Buffalo there is 221 00:11:58,559 --> 00:12:00,840 Speaker 1: an over two hundred page decision where the company was 222 00:12:01,040 --> 00:12:04,760 Speaker 1: charged and convicted of hundreds of violations of federal labor law. 223 00:12:05,320 --> 00:12:07,439 Speaker 1: So at this point, we're just trying to remain strong 224 00:12:07,480 --> 00:12:09,760 Speaker 1: in the face of them so brazenly breaking the law. 225 00:12:10,679 --> 00:12:15,240 Speaker 1: My disciplines that I had received previously were actually deemed 226 00:12:15,240 --> 00:12:17,600 Speaker 1: illegal by the judge in that decision in ordered to 227 00:12:17,600 --> 00:12:21,280 Speaker 1: be discarded, and the company chose to separate me anyway. 228 00:12:21,480 --> 00:12:24,840 Speaker 1: So it's just total disrespect for the NLRB, And so 229 00:12:25,120 --> 00:12:30,040 Speaker 1: keeping the store together is really a matter of realizing 230 00:12:30,080 --> 00:12:33,360 Speaker 1: that we're in an unprecedented situation that none of us 231 00:12:33,440 --> 00:12:36,000 Speaker 1: knew that our company was going to respond so violently 232 00:12:36,520 --> 00:12:38,560 Speaker 1: with so little regard for the law. We didn't know 233 00:12:38,600 --> 00:12:41,160 Speaker 1: they were going to withhold our benefits. But it's just 234 00:12:41,200 --> 00:12:44,200 Speaker 1: galvanizing us to stay together and stay strong and fight 235 00:12:44,280 --> 00:12:47,360 Speaker 1: for what we deserve and what we're legally obligated to 236 00:12:48,280 --> 00:12:52,280 Speaker 1: the laws of the absolutely doesn't respect those laws. They 237 00:12:52,320 --> 00:12:54,800 Speaker 1: still exist. Yeah, and I mean, I think it's always 238 00:12:54,800 --> 00:12:57,520 Speaker 1: important underscore is the company that holds itself out as 239 00:12:58,200 --> 00:13:03,480 Speaker 1: supposedly progressive see in their actions something quite different here. Finally, 240 00:13:03,520 --> 00:13:07,360 Speaker 1: alexis what is your message to any politicians, either at 241 00:13:07,360 --> 00:13:09,679 Speaker 1: the state or federal level, or even the President of 242 00:13:09,679 --> 00:13:12,040 Speaker 1: the United States in terms of what they could do 243 00:13:12,640 --> 00:13:16,600 Speaker 1: to make it so that future worker organizers as yourself 244 00:13:16,679 --> 00:13:21,280 Speaker 1: don't face this dire landscape. Yeah, I mean, and the 245 00:13:21,320 --> 00:13:24,160 Speaker 1: way that things stand currently, the company has been able 246 00:13:24,240 --> 00:13:28,119 Speaker 1: somehow to wage a year's long battle of psychological warfare 247 00:13:28,840 --> 00:13:32,600 Speaker 1: on these part time, hourly employees who are simply trying 248 00:13:32,679 --> 00:13:35,320 Speaker 1: to exercise their right to organize a union. This is 249 00:13:35,320 --> 00:13:37,640 Speaker 1: the foundation of what our country is built upon. This 250 00:13:37,760 --> 00:13:42,200 Speaker 1: is why we have what we have today. It's disgusting 251 00:13:42,480 --> 00:13:45,040 Speaker 1: and the fact that our labor law has been eroded 252 00:13:45,080 --> 00:13:47,720 Speaker 1: to such a point that this is allowed to happen, 253 00:13:48,000 --> 00:13:50,200 Speaker 1: that the NLRV doesn't have the funding that they need 254 00:13:50,520 --> 00:13:53,440 Speaker 1: to protect us, that's the real problem. We do need help. 255 00:13:54,440 --> 00:13:58,160 Speaker 1: It's not just Starbucks Workers United, it's any young people 256 00:13:58,200 --> 00:14:01,000 Speaker 1: who are trying to organize their workplace. We want to 257 00:14:01,040 --> 00:14:03,440 Speaker 1: fight for something better and we need help to have 258 00:14:03,480 --> 00:14:05,839 Speaker 1: the power to be able to do so. We can 259 00:14:05,920 --> 00:14:09,360 Speaker 1: make this absolutely well. Alexis, thank you so much for 260 00:14:09,400 --> 00:14:11,800 Speaker 1: taking the time, and please keep us update and let 261 00:14:11,840 --> 00:14:13,439 Speaker 1: us know if there's any way that we can be helpful. 262 00:14:13,600 --> 00:14:20,160 Speaker 1: Thank you, thank you, I appreciate it our pleasure. We 263 00:14:20,240 --> 00:14:22,760 Speaker 1: track very closely what's going on in the US housing market, 264 00:14:22,800 --> 00:14:26,160 Speaker 1: and the boomer bonanza is officially not stopping. Let's go 265 00:14:26,160 --> 00:14:28,400 Speaker 1: ahe and put this up there on the screen. Despite 266 00:14:28,520 --> 00:14:32,120 Speaker 1: a historically bad housing market for most people, Boomers are 267 00:14:32,280 --> 00:14:35,800 Speaker 1: cash flush are standing in the way of millennials who 268 00:14:35,800 --> 00:14:39,560 Speaker 1: are desperate to buy a home. The data is absolutely astounding. 269 00:14:39,600 --> 00:14:42,600 Speaker 1: I'm just going to read quote between July twenty twenty one. 270 00:14:42,640 --> 00:14:45,400 Speaker 1: In June of twenty twenty two, boomers were the largest 271 00:14:45,400 --> 00:14:48,440 Speaker 1: share of home buyers for the first time since twenty 272 00:14:48,600 --> 00:14:53,200 Speaker 1: and twelve. They purchased thirty nine percent of all homes 273 00:14:53,400 --> 00:14:56,520 Speaker 1: that sold in that span, up from twenty nine percent 274 00:14:56,800 --> 00:15:00,239 Speaker 1: the year before. Millennials, on the other hand, saw their 275 00:14:59,840 --> 00:15:02,840 Speaker 1: s of the market shrink to just twenty eight percent, 276 00:15:03,520 --> 00:15:05,840 Speaker 1: down from forty three percent the year prior. So what 277 00:15:05,840 --> 00:15:09,200 Speaker 1: can we surmise from that? I think it's actually quite obvious. 278 00:15:09,400 --> 00:15:12,400 Speaker 1: When the rates were low and it was easier to 279 00:15:12,480 --> 00:15:16,240 Speaker 1: qualify for a mortgage, Millennials were able to compete with 280 00:15:16,360 --> 00:15:19,840 Speaker 1: cash flush boomers because it was probably more about the 281 00:15:19,880 --> 00:15:23,560 Speaker 1: overall price. Then when the price the rates went up, 282 00:15:23,880 --> 00:15:26,880 Speaker 1: what happened is the millennials either no longer could afford 283 00:15:26,880 --> 00:15:29,640 Speaker 1: the mortgage payment or no longer even wanted to try, 284 00:15:29,920 --> 00:15:32,200 Speaker 1: and the Boomers, who are all cash flushed from their 285 00:15:32,240 --> 00:15:35,840 Speaker 1: holdings either in retirement or pass home equity savings were 286 00:15:35,880 --> 00:15:38,480 Speaker 1: able to use that and offer an all cash deal 287 00:15:38,720 --> 00:15:42,280 Speaker 1: to buy even more of the US housing stock. Now, obviously, 288 00:15:42,480 --> 00:15:45,520 Speaker 1: the reason that that's bad is that when older people 289 00:15:45,600 --> 00:15:49,840 Speaker 1: are outpricing younger people in the overall marketplace, those younger 290 00:15:49,880 --> 00:15:52,760 Speaker 1: people are left behind in the generational wealth that they 291 00:15:52,760 --> 00:15:56,040 Speaker 1: could build to maybe one day buy a cash house 292 00:15:56,360 --> 00:15:58,840 Speaker 1: in cash in the future. So it's just an overall 293 00:15:59,160 --> 00:16:01,400 Speaker 1: generational break down that's happening. And this is not how 294 00:16:01,480 --> 00:16:04,520 Speaker 1: the economy is supposed to work. People. Yeah, well, millennials 295 00:16:04,560 --> 00:16:07,520 Speaker 1: have just been like screwed their entire economic lives. I mean, 296 00:16:07,600 --> 00:16:10,840 Speaker 1: you know, basically many of them graduating into the Great Recession, 297 00:16:10,920 --> 00:16:13,360 Speaker 1: you get behind from the jump and then you never recover. 298 00:16:13,720 --> 00:16:17,200 Speaker 1: Housing prices escalating and escalating, always further out of reach. 299 00:16:17,680 --> 00:16:19,680 Speaker 1: And it was one thing, yeah, when mortgage rates were 300 00:16:19,720 --> 00:16:22,200 Speaker 1: low and you could rely on that to be able 301 00:16:22,240 --> 00:16:25,120 Speaker 1: to get your foot in the door metaphorically speaking here. 302 00:16:25,520 --> 00:16:29,560 Speaker 1: But now when you have prices didn't really come down 303 00:16:29,680 --> 00:16:31,920 Speaker 1: in a lot of places, they didn't come down at all, 304 00:16:32,560 --> 00:16:34,880 Speaker 1: and you have these high mortgage rates, Well, who does 305 00:16:34,880 --> 00:16:39,160 Speaker 1: that advantage people who already have money sitting in their 306 00:16:39,240 --> 00:16:43,160 Speaker 1: bank account or their you know, stockholdings, who were able 307 00:16:43,200 --> 00:16:46,080 Speaker 1: to come in with those cash lump sum payments. They 308 00:16:46,160 --> 00:16:48,880 Speaker 1: say here as well that millennial home buyers are more 309 00:16:49,000 --> 00:16:51,640 Speaker 1: likely than older cohorts to use financial help from friends 310 00:16:51,760 --> 00:16:55,080 Speaker 1: or family, further tilting and already uneven playing field toward 311 00:16:55,120 --> 00:16:58,680 Speaker 1: the halves who are able to tap resources from previous generations. 312 00:16:58,680 --> 00:17:01,720 Speaker 1: So basically, if you aren't getting help for mommy and 313 00:17:01,800 --> 00:17:04,959 Speaker 1: daddy to come in with some big upfront cash payment, 314 00:17:05,440 --> 00:17:08,520 Speaker 1: you were shut out. And that has huge consequences for 315 00:17:08,640 --> 00:17:12,560 Speaker 1: wealth building throughout your entire lifetime. The more time that 316 00:17:12,680 --> 00:17:16,399 Speaker 1: you spend on the hamster wheel of paying rent and 317 00:17:16,480 --> 00:17:18,919 Speaker 1: not building wealth, the less time you're going to have 318 00:17:19,119 --> 00:17:21,840 Speaker 1: over your lifetime. So boomers have had a more favorable 319 00:17:21,880 --> 00:17:24,600 Speaker 1: economic landscape their entire life. They were able to buy 320 00:17:24,680 --> 00:17:26,480 Speaker 1: houses when it was you know, when they were young, 321 00:17:26,520 --> 00:17:28,640 Speaker 1: when there was like such a thing as a starter home, 322 00:17:28,640 --> 00:17:31,439 Speaker 1: which doesn't even really exist anymore. They were able to 323 00:17:31,440 --> 00:17:33,199 Speaker 1: get their foot in the door. They were able to 324 00:17:33,200 --> 00:17:35,679 Speaker 1: build wealth and grow from there. And now you have 325 00:17:35,920 --> 00:17:38,280 Speaker 1: generation and Millennials and Gen Z by the way coming 326 00:17:38,320 --> 00:17:41,240 Speaker 1: behind them that have been completely and totally screwed. So 327 00:17:41,280 --> 00:17:44,280 Speaker 1: don't be surprised then when their politics reflect a much 328 00:17:44,359 --> 00:17:47,480 Speaker 1: different and much more radical understanding of, you know, the 329 00:17:47,560 --> 00:17:50,200 Speaker 1: nature of our economic system. No, I completely agree. I 330 00:17:50,200 --> 00:17:52,480 Speaker 1: think it's going to be a huge problem in the 331 00:17:52,520 --> 00:17:55,440 Speaker 1: future and unless somebody gets their mind round. This is 332 00:17:55,480 --> 00:17:57,159 Speaker 1: the other thing with the boomers. You know, it's like 333 00:17:57,320 --> 00:18:00,560 Speaker 1: they're buying a lot of these houses for and I 334 00:18:00,560 --> 00:18:03,280 Speaker 1: guess you can't begrudge anybody for taking advantage of your 335 00:18:03,320 --> 00:18:05,960 Speaker 1: economic situation. But at the very same time, at least 336 00:18:06,000 --> 00:18:08,480 Speaker 1: around where I live, they make it a lot more 337 00:18:08,480 --> 00:18:11,800 Speaker 1: difficult for people to build new housing to basically protect 338 00:18:11,840 --> 00:18:15,960 Speaker 1: their own housing stock. Sometimes it's sympathetic because they're like 339 00:18:16,000 --> 00:18:19,040 Speaker 1: want to historical preserve, but sometimes you're like, yo, what 340 00:18:19,200 --> 00:18:21,400 Speaker 1: this is all just about, like give me your home 341 00:18:21,520 --> 00:18:24,520 Speaker 1: health you high, Yeah, so that nobody else can move in. Well, 342 00:18:24,560 --> 00:18:28,000 Speaker 1: this is part of the problem. And while the home 343 00:18:28,040 --> 00:18:31,400 Speaker 1: ownership class can screw up our politics because they tend 344 00:18:31,400 --> 00:18:34,719 Speaker 1: to be more rooted, whereas renters tend to be more transient, 345 00:18:35,119 --> 00:18:37,600 Speaker 1: they tend to have more wealth, and so that all 346 00:18:37,640 --> 00:18:41,480 Speaker 1: translates into more political power. And so that's why you see, 347 00:18:41,560 --> 00:18:43,880 Speaker 1: you know, a decline in the stock of affordable housing, 348 00:18:44,000 --> 00:18:47,480 Speaker 1: decline in the stock of housing whatsoever. That makes it 349 00:18:47,520 --> 00:18:51,040 Speaker 1: so it's such a zero sum gain where you know, 350 00:18:51,080 --> 00:18:56,600 Speaker 1: the boomer's gain is millennials overall loss. So yeah, it 351 00:18:56,680 --> 00:18:59,560 Speaker 1: really does sort of distort our politics in the way 352 00:18:59,560 --> 00:19:02,199 Speaker 1: that you're describing, which isn't about their age. It's just 353 00:19:02,240 --> 00:19:05,399 Speaker 1: about their like class and economic interests being reflected in 354 00:19:05,440 --> 00:19:07,879 Speaker 1: the type of politics and like local zoning laws and 355 00:19:07,960 --> 00:19:11,840 Speaker 1: ordinances that they favor. So I do continue to think 356 00:19:11,880 --> 00:19:18,119 Speaker 1: that housing is one of the most undercovered, undernoticed, volatile 357 00:19:18,280 --> 00:19:21,280 Speaker 1: political issues that is shaping a lot of the direction 358 00:19:21,400 --> 00:19:23,680 Speaker 1: of our politics in the country. And you know, it 359 00:19:23,760 --> 00:19:26,879 Speaker 1: is long past time that we deal with what is 360 00:19:26,920 --> 00:19:31,160 Speaker 1: a dramatically unfair, uneven system that only perpetuates like inter 361 00:19:31,560 --> 00:19:35,159 Speaker 1: generational wealth and then perpetuates this major divide between and 362 00:19:35,200 --> 00:19:41,200 Speaker 1: class between the generations. Hey everyone, this is Ken Clippin 363 00:19:41,240 --> 00:19:43,720 Speaker 1: sign with the Intercept Breaking Points edition. I'm joined today 364 00:19:43,720 --> 00:19:47,919 Speaker 1: by my co writer Dan Boguslaw. We've got an important 365 00:19:47,920 --> 00:19:50,600 Speaker 1: story for you today that both of us worked on 366 00:19:50,720 --> 00:19:53,280 Speaker 1: concerning Silicon Valley Bank and an angle that I think 367 00:19:53,320 --> 00:19:57,280 Speaker 1: has gotten far too little attention, which is the national 368 00:19:57,280 --> 00:20:00,800 Speaker 1: security component to all of this. Behind this scenes during 369 00:20:00,840 --> 00:20:04,080 Speaker 1: the bank run, as the federal government was debating what 370 00:20:04,160 --> 00:20:07,879 Speaker 1: the seize scope and nature of the intervention to protect 371 00:20:07,920 --> 00:20:12,080 Speaker 1: depositors would look like, there was quietly a case being 372 00:20:12,119 --> 00:20:15,800 Speaker 1: made in the halls of the Pentagon for that, the 373 00:20:15,840 --> 00:20:19,680 Speaker 1: fact that Silicon Valley Bank had depositors from the tech 374 00:20:19,720 --> 00:20:22,480 Speaker 1: world that could be said to be of national security significance. 375 00:20:22,720 --> 00:20:24,239 Speaker 1: They were making a case for that they had to 376 00:20:24,240 --> 00:20:27,080 Speaker 1: intervene to protect the national security of the United States. 377 00:20:27,080 --> 00:20:28,720 Speaker 1: And again this is a case that was taking place 378 00:20:28,840 --> 00:20:31,639 Speaker 1: very quietly. There was one report in it afterwards, in 379 00:20:32,160 --> 00:20:34,760 Speaker 1: Defense one, but far too little discussion of how they 380 00:20:34,760 --> 00:20:38,800 Speaker 1: were trying to orchestrate this kind of intervention. And in 381 00:20:38,800 --> 00:20:41,680 Speaker 1: addition to that, what basis that that would have taken, 382 00:20:41,720 --> 00:20:43,600 Speaker 1: what igs that would have taken place under, and how 383 00:20:43,640 --> 00:20:45,760 Speaker 1: it might how it might be pursued in the future. 384 00:20:45,760 --> 00:20:48,800 Speaker 1: Because the Treasury's intervention ended up making it so that 385 00:20:48,800 --> 00:20:51,160 Speaker 1: the DoD did not have to intervene, but it turns 386 00:20:51,160 --> 00:20:53,280 Speaker 1: out they had tools to do so if they wanted to. 387 00:20:53,480 --> 00:20:55,320 Speaker 1: Thanks very much for joining us, Dan, Thanks for having 388 00:20:55,359 --> 00:20:59,080 Speaker 1: me again. So Dan's contribution to the story was going 389 00:20:59,320 --> 00:21:02,760 Speaker 1: to Congress and bird dogging the chair of the Senate 390 00:21:03,160 --> 00:21:07,960 Speaker 1: Intelligence Committee, Mark Warner, who right after the bank run 391 00:21:08,040 --> 00:21:12,199 Speaker 1: on SVB, released a letter saying that the bank run 392 00:21:12,280 --> 00:21:15,520 Speaker 1: posed a national security threat. And at about the same time, 393 00:21:15,600 --> 00:21:19,040 Speaker 1: that's when the Pentagon's Office of Strategic Capital, a newly 394 00:21:19,080 --> 00:21:23,000 Speaker 1: created office under the Biden administration in December that gives them, 395 00:21:23,560 --> 00:21:27,600 Speaker 1: you know, money, resources, and authority to try to protect 396 00:21:28,280 --> 00:21:31,399 Speaker 1: parts of the finance sector that they deem critical to 397 00:21:31,680 --> 00:21:34,560 Speaker 1: national security. It's at that same time that Warner's letter 398 00:21:34,600 --> 00:21:37,800 Speaker 1: comes out that the Pentagon starts pushing this case. And 399 00:21:37,840 --> 00:21:40,000 Speaker 1: so when I contacted them for comment, they didn't respond. 400 00:21:40,000 --> 00:21:42,200 Speaker 1: I sent requests for comment like three times. So Dan 401 00:21:42,320 --> 00:21:44,960 Speaker 1: just physically went to the hill and chased him down 402 00:21:45,000 --> 00:21:47,200 Speaker 1: and asked him, you know, what is the national security 403 00:21:47,240 --> 00:21:50,560 Speaker 1: basis of your of your claim that there's a there's 404 00:21:50,560 --> 00:21:53,840 Speaker 1: a national security threat by this by this bank run. 405 00:21:53,840 --> 00:21:57,720 Speaker 1: What did you tell you? Well, when he came out, 406 00:21:58,119 --> 00:22:02,119 Speaker 1: I think maybe it was to provoke the war powers 407 00:22:02,119 --> 00:22:05,200 Speaker 1: authority that we're used for the invasion of a rock. 408 00:22:05,200 --> 00:22:07,120 Speaker 1: I think that was the vote that he's coming out of. 409 00:22:07,640 --> 00:22:09,960 Speaker 1: I could be wrong about that. However, when he came out, 410 00:22:10,400 --> 00:22:14,119 Speaker 1: he was greeted by a scrum of very excited reporters. 411 00:22:14,680 --> 00:22:17,080 Speaker 1: He was smiling, they were smiling. Yeah, keep talking about 412 00:22:17,080 --> 00:22:18,520 Speaker 1: that dynamic a bit, because when you were describing it 413 00:22:18,520 --> 00:22:20,320 Speaker 1: to me, it's very different than what people think of 414 00:22:20,359 --> 00:22:22,480 Speaker 1: the you know, press would like to think of itself 415 00:22:22,480 --> 00:22:24,480 Speaker 1: as adversarial, but it sounds like that's not what's going 416 00:22:24,520 --> 00:22:26,680 Speaker 1: on now. This was towards the end of the vote. 417 00:22:26,680 --> 00:22:30,680 Speaker 1: There weren't that many senators, you know, coming in and out. 418 00:22:30,920 --> 00:22:33,480 Speaker 1: He said, Wow, it seems like everyone here loves me. 419 00:22:33,560 --> 00:22:36,280 Speaker 1: It seems like everyone's so excited to see me. And 420 00:22:36,400 --> 00:22:38,080 Speaker 1: you know, he was kind of joking because everyone was 421 00:22:38,080 --> 00:22:39,520 Speaker 1: waiting around, you know, he was one of the last 422 00:22:39,520 --> 00:22:41,119 Speaker 1: people they want to get their questions in. But there 423 00:22:41,160 --> 00:22:43,600 Speaker 1: was also an element of that that was completely true. 424 00:22:44,280 --> 00:22:46,000 Speaker 1: You know, you're sort of standing there. I've been chasing 425 00:22:46,040 --> 00:22:48,639 Speaker 1: them all day trying to get comment. You know, the 426 00:22:50,440 --> 00:22:53,919 Speaker 1: large network reporters are there. You know, they're they're chopping 427 00:22:53,920 --> 00:22:55,800 Speaker 1: it up. They're having a great time. They're asking a 428 00:22:55,880 --> 00:22:58,639 Speaker 1: pretty warm dynamic. Warm dynamic, you know, asking you know, 429 00:22:59,040 --> 00:23:02,080 Speaker 1: a senator, you know, any any updates on you know, 430 00:23:02,119 --> 00:23:05,080 Speaker 1: the FBI hearings. You know, it's and it's this was 431 00:23:05,160 --> 00:23:07,439 Speaker 1: anyone asking about the bank runs because this is like 432 00:23:07,560 --> 00:23:10,920 Speaker 1: the big story that I didn't see anything. I didn't 433 00:23:10,920 --> 00:23:13,520 Speaker 1: see anything in that scrum. I know people, uh, you know, 434 00:23:13,960 --> 00:23:17,240 Speaker 1: obviously when when the SVB news dropped, people were you know, 435 00:23:17,440 --> 00:23:22,240 Speaker 1: hounding people, especially on the revocation of certain aspects of 436 00:23:22,280 --> 00:23:26,200 Speaker 1: the Dodd Frank legislation that was uh, you know, repealed 437 00:23:26,240 --> 00:23:30,400 Speaker 1: by a coalition of Republicans and Democrats, some of whom, 438 00:23:30,480 --> 00:23:33,320 Speaker 1: like Warner, participated in the original drafting of Dodd Frank 439 00:23:33,400 --> 00:23:37,400 Speaker 1: legislation to try to increase banking regulation, then later joined 440 00:23:37,400 --> 00:23:40,080 Speaker 1: with the Republican allies to scale those back. Can you 441 00:23:40,119 --> 00:23:43,679 Speaker 1: talk a bit more about that Warner's specific role in 442 00:23:43,720 --> 00:23:46,120 Speaker 1: what happened, not just in terms of his rolling back 443 00:23:46,160 --> 00:23:48,760 Speaker 1: to Dodd Frank regulations that you know, economists said could 444 00:23:48,760 --> 00:23:51,520 Speaker 1: have prevented the SVV bank run from happening, but his 445 00:23:51,560 --> 00:23:53,919 Speaker 1: own equities within banks and his own experience in the 446 00:23:53,920 --> 00:23:56,240 Speaker 1: financial world. Yeah. So, I believe at one point Warner 447 00:23:56,280 --> 00:24:00,840 Speaker 1: was the wealthiest member of the Senate. He was hovering 448 00:24:00,880 --> 00:24:05,320 Speaker 1: I think between I think four hundred million, and you know, 449 00:24:05,320 --> 00:24:07,639 Speaker 1: he's always had a cozy relationship with banks while he 450 00:24:07,800 --> 00:24:09,359 Speaker 1: was one of the one of the drafters of the 451 00:24:09,400 --> 00:24:12,680 Speaker 1: original DoD Frank legislation. He also championed this rollback which 452 00:24:12,720 --> 00:24:20,840 Speaker 1: eliminated certain uh liquidity limits, certain stress testing required for 453 00:24:21,000 --> 00:24:23,800 Speaker 1: these mid sized banks which SBB came in just under 454 00:24:23,840 --> 00:24:27,120 Speaker 1: the wire to be protected basically by this regulatory scale back. 455 00:24:28,160 --> 00:24:31,920 Speaker 1: And uh, you know, when when I pressed Warner on this, 456 00:24:32,119 --> 00:24:35,840 Speaker 1: you know, basically what he said to me was, you 457 00:24:35,880 --> 00:24:38,760 Speaker 1: tell me what regulation we could possibly come up with 458 00:24:38,920 --> 00:24:42,960 Speaker 1: that could have prevented a bank run on twenty five 459 00:24:43,000 --> 00:24:44,639 Speaker 1: cents to the dollar, you know, a quarter of of 460 00:24:44,800 --> 00:24:50,280 Speaker 1: of of assets being withdrawed overnight. And then he proceeded 461 00:24:50,280 --> 00:24:52,639 Speaker 1: to say that you know, you know, I'm gonna I'm 462 00:24:52,640 --> 00:24:54,800 Speaker 1: gonna ask tough questions about deep fakes and the fact 463 00:24:54,800 --> 00:24:57,679 Speaker 1: that this was a deep Internet driven run. You know, 464 00:24:58,080 --> 00:25:00,640 Speaker 1: you know deep fakes. You know him basically, what does 465 00:25:00,680 --> 00:25:02,440 Speaker 1: that have to do with SVB. Well, he's trying to 466 00:25:02,440 --> 00:25:05,600 Speaker 1: put forward the idea that that you know, because a 467 00:25:05,600 --> 00:25:09,600 Speaker 1: piece of this run was catalyzed by private equity you 468 00:25:09,640 --> 00:25:14,040 Speaker 1: know executives basically uh sorry, VC executives you know, texting 469 00:25:14,080 --> 00:25:16,679 Speaker 1: each other back and forth about the liquidity problems at 470 00:25:16,680 --> 00:25:19,439 Speaker 1: the bank. That some and some of that occurred on 471 00:25:19,480 --> 00:25:21,560 Speaker 1: Twitter and was online that you know, you could have 472 00:25:21,600 --> 00:25:26,879 Speaker 1: this threat of digitally induced bank runs, right, a panic 473 00:25:26,960 --> 00:25:29,520 Speaker 1: driven by some fake video. But there's no evidence that 474 00:25:29,520 --> 00:25:33,080 Speaker 1: that happening. No, there's there's absolutely no evidence that, in fact, 475 00:25:33,080 --> 00:25:35,960 Speaker 1: that's the symptom of an underlying disease, which was a 476 00:25:36,000 --> 00:25:40,000 Speaker 1: regulatory failure, which was a scale back that he voted 477 00:25:40,040 --> 00:25:44,480 Speaker 1: for and he helped champion UH and also a total 478 00:25:44,560 --> 00:25:51,240 Speaker 1: lack of of of of internal oversight on the decisions 479 00:25:51,240 --> 00:25:53,480 Speaker 1: that were made. You know, I think this week, I 480 00:25:53,480 --> 00:25:55,920 Speaker 1: believe our article came out. I think it was in 481 00:25:55,960 --> 00:26:00,600 Speaker 1: the Post about how as we changed their internal risk assessments. 482 00:26:00,920 --> 00:26:03,000 Speaker 1: You know, they so they had a sense that something 483 00:26:03,040 --> 00:26:05,960 Speaker 1: like this might They absolutely had a sense that this 484 00:26:05,960 --> 00:26:08,800 Speaker 1: could happen. It absolutely knew that the rate hikes could 485 00:26:08,880 --> 00:26:13,080 Speaker 1: could bury them federal reserve hikes. Yeah, and they tweaked 486 00:26:13,080 --> 00:26:15,960 Speaker 1: their books. Yeah. I find his comments astonishing. Can we 487 00:26:15,960 --> 00:26:18,400 Speaker 1: get element two up there? Just to show people the 488 00:26:18,880 --> 00:26:22,520 Speaker 1: what the quotes are from Senate Intelligence Chair Mark Warner. 489 00:26:22,800 --> 00:26:25,399 Speaker 1: He says, after an unprecedented and reckless run on Silicon 490 00:26:25,440 --> 00:26:28,159 Speaker 1: Valley Bank, there were very real risks of instability, spreading 491 00:26:28,160 --> 00:26:31,240 Speaker 1: into other institutions and undermining our national security and technology 492 00:26:31,240 --> 00:26:33,920 Speaker 1: innovation system. And so that's what prompted us me first 493 00:26:33,920 --> 00:26:36,159 Speaker 1: to contact his press secretary, who they say you're supposed 494 00:26:36,160 --> 00:26:37,800 Speaker 1: to go through. She didn't respond to like three or 495 00:26:37,800 --> 00:26:40,480 Speaker 1: four emails, and so Dan had to go to the 496 00:26:40,520 --> 00:26:42,879 Speaker 1: hill and you know, just chase him down and physically 497 00:26:42,880 --> 00:26:45,760 Speaker 1: ask him. So when he asked him, the Senator Warner says, 498 00:26:45,800 --> 00:26:48,240 Speaker 1: when our financial system is under assault, that is a 499 00:26:48,320 --> 00:26:51,040 Speaker 1: national security issue. And then he goes on to say, 500 00:26:51,520 --> 00:26:53,800 Speaker 1: if you see adversaries potentially being able to use and 501 00:26:53,800 --> 00:26:55,800 Speaker 1: I'm not suggesting this, I'm going to ask this question, 502 00:26:56,040 --> 00:26:58,000 Speaker 1: but I've been worried about deep fakes in the system 503 00:26:58,119 --> 00:27:00,760 Speaker 1: for a while. And that's pretty much the extent of 504 00:27:00,800 --> 00:27:02,879 Speaker 1: what Senator Warner had to say to try to suppsect it. 505 00:27:02,920 --> 00:27:05,640 Speaker 1: But let's be clear about the false equivalency that he's 506 00:27:05,680 --> 00:27:10,960 Speaker 1: drawing here, right, This was not a foreign hostile nation 507 00:27:11,760 --> 00:27:14,399 Speaker 1: trying to take down the US financial system. This was 508 00:27:15,080 --> 00:27:22,240 Speaker 1: a group of wealthy depositors joining joining forces with extremely 509 00:27:22,280 --> 00:27:26,680 Speaker 1: wealthy bank managers to sabotage themselves in a name of profit. 510 00:27:26,800 --> 00:27:28,960 Speaker 1: I mean, you look at some of the investors and 511 00:27:29,400 --> 00:27:31,840 Speaker 1: some of the depositors and SVB like Roku, which had 512 00:27:32,119 --> 00:27:36,080 Speaker 1: deposited hundreds of millions of dollars into a single bank, 513 00:27:36,119 --> 00:27:38,480 Speaker 1: you know, on the sum of the size of the 514 00:27:38,520 --> 00:27:43,679 Speaker 1: GDP of some developing nations. And why did they do 515 00:27:43,720 --> 00:27:48,320 Speaker 1: this Because there was a relationship between managers and tech 516 00:27:48,400 --> 00:27:53,960 Speaker 1: CEOs and that relationship was cultivated through white glove concierge treatment, 517 00:27:56,160 --> 00:27:59,720 Speaker 1: low interest loans, all sorts of things to create a 518 00:27:59,720 --> 00:28:05,080 Speaker 1: cent that this bank somehow represented the incredible creative output 519 00:28:05,160 --> 00:28:08,600 Speaker 1: of Silicon Valley. And at the same time they were 520 00:28:08,720 --> 00:28:13,160 Speaker 1: they were altering their risk assessment tools and protocols uh 521 00:28:13,200 --> 00:28:15,600 Speaker 1: to try to profit as much as they could from 522 00:28:15,600 --> 00:28:19,440 Speaker 1: those hyper risky deposits. Yeah, the potential conflicts here are 523 00:28:19,600 --> 00:28:22,760 Speaker 1: just staggering. When I looked at Senator Warner, he's also 524 00:28:22,880 --> 00:28:26,520 Speaker 1: the chair of the Banking Committee. Yes. Well, and and 525 00:28:26,840 --> 00:28:30,160 Speaker 1: let's let's be clear about something there is I think 526 00:28:30,200 --> 00:28:33,119 Speaker 1: there is some legitimacy the idea that a collapse of 527 00:28:33,160 --> 00:28:36,280 Speaker 1: the US financial system could be a national security issue. 528 00:28:36,400 --> 00:28:42,480 Speaker 1: Now is the solution to that problem creating a a 529 00:28:42,520 --> 00:28:46,160 Speaker 1: cash bag within the within the Pentagon to throw at 530 00:28:46,280 --> 00:28:49,000 Speaker 1: tech companies that are irresponsible with their deposits and the 531 00:28:49,040 --> 00:28:52,800 Speaker 1: banks holding those deposits, Or is it to use your 532 00:28:52,960 --> 00:28:56,200 Speaker 1: power as a US senator and representative of the American 533 00:28:56,240 --> 00:28:59,960 Speaker 1: people to try to create regulations that prevent both both 534 00:29:00,280 --> 00:29:03,760 Speaker 1: both actors on both sides of this issue from conducting 535 00:29:03,800 --> 00:29:07,600 Speaker 1: their behavior to maximize their profits at the risk of 536 00:29:07,600 --> 00:29:10,000 Speaker 1: disrupting the entire system. So, you know, he was very 537 00:29:10,080 --> 00:29:15,200 Speaker 1: quick to try to frame this as a warning sign 538 00:29:15,360 --> 00:29:17,680 Speaker 1: for potential threats from foreign actors and therefore a national 539 00:29:17,680 --> 00:29:22,959 Speaker 1: security issue, without taking any responsibility for his own domestic 540 00:29:23,000 --> 00:29:25,560 Speaker 1: policy decisions. Yeah, I'm glad you brought up the Pentagon 541 00:29:25,600 --> 00:29:28,720 Speaker 1: point because it's a good place to segue over to 542 00:29:28,760 --> 00:29:30,960 Speaker 1: the DoD office that I mentioned before, the Office of 543 00:29:31,240 --> 00:29:36,120 Speaker 1: Strategic Capital, which was established very recently in December, unprecedented 544 00:29:36,200 --> 00:29:39,080 Speaker 1: in its unique authorities, and I you know, interviewed to 545 00:29:39,360 --> 00:29:42,680 Speaker 1: former very high level DoD officials who were kind of 546 00:29:42,680 --> 00:29:44,480 Speaker 1: shocked at all this and said, you know, I was 547 00:29:44,520 --> 00:29:47,360 Speaker 1: really surprised by what took place because there's not really 548 00:29:47,720 --> 00:29:50,360 Speaker 1: a history of you know, the dd having a direct 549 00:29:50,440 --> 00:29:52,600 Speaker 1: role in this. They have something called the Defense Innovation Board, 550 00:29:52,600 --> 00:29:54,960 Speaker 1: but that was just an advisory Council, it didn't have 551 00:29:55,000 --> 00:29:57,880 Speaker 1: the same power that the Office of Strategic Capital does. 552 00:29:57,920 --> 00:29:59,600 Speaker 1: And going forward, you know, if we're going to learn 553 00:29:59,640 --> 00:30:01,600 Speaker 1: anything from this, because this was something that affected that 554 00:30:01,640 --> 00:30:04,720 Speaker 1: bank and then the bank in New York. But you know, 555 00:30:04,800 --> 00:30:07,959 Speaker 1: if the catalyst for this stuff is these uh uh 556 00:30:08,360 --> 00:30:11,160 Speaker 1: federal reserve rate hikes that are going on and still ongoing, 557 00:30:11,160 --> 00:30:14,080 Speaker 1: and that you know, top federal reserve officials say that, 558 00:30:14,440 --> 00:30:16,680 Speaker 1: you know, we have no intention of stopping. We need 559 00:30:16,680 --> 00:30:20,040 Speaker 1: to have a plan for you know, what could happen subsequently. 560 00:30:20,040 --> 00:30:21,440 Speaker 1: I mean, I've seen no reason I think that this 561 00:30:21,720 --> 00:30:24,000 Speaker 1: couldn't happen again. And it seems like the pieces are 562 00:30:24,040 --> 00:30:27,440 Speaker 1: falling into place, just bureaucratically within the d O D 563 00:30:27,560 --> 00:30:29,960 Speaker 1: to be able to make this new case in addition 564 00:30:30,040 --> 00:30:35,320 Speaker 1: to the you know case about the stability of the 565 00:30:35,360 --> 00:30:39,320 Speaker 1: economic system for for for ordinary people generally. Now they're 566 00:30:39,320 --> 00:30:40,840 Speaker 1: going to say, oh, this is going to be a 567 00:30:41,360 --> 00:30:44,720 Speaker 1: you know, coup for the Chinese if we don't intervene. 568 00:30:44,760 --> 00:30:48,360 Speaker 1: And I want to bring up something that Senator Howley 569 00:30:48,760 --> 00:30:52,000 Speaker 1: said to me when when right at the start of 570 00:30:52,040 --> 00:30:54,640 Speaker 1: the SVB collapse, when I was trying to talk to 571 00:30:55,040 --> 00:30:58,680 Speaker 1: senators who had voted for the scaleback of DoD Frank regulations. 572 00:30:58,720 --> 00:31:00,640 Speaker 1: And he said to me that, you know, if this 573 00:31:00,720 --> 00:31:04,920 Speaker 1: had happened, if a small community bank in Missouri had collapsed, 574 00:31:05,960 --> 00:31:11,240 Speaker 1: you know, national politicians would have said, you know, that's capitalism, 575 00:31:11,360 --> 00:31:14,960 Speaker 1: that's the free market. They didn't pull themselves up by bootstraps, 576 00:31:14,960 --> 00:31:17,120 Speaker 1: and so be it. And when it's a giant bank 577 00:31:17,200 --> 00:31:20,800 Speaker 1: connected to you know, powerful interests, like as you reported 578 00:31:21,080 --> 00:31:24,320 Speaker 1: California Governor Gaviner Newsom, and then then all of a 579 00:31:24,320 --> 00:31:26,440 Speaker 1: sudden becomes systemic risk, then all of a sudden, it's 580 00:31:26,520 --> 00:31:29,640 Speaker 1: we have to build that out. And I think there's 581 00:31:29,680 --> 00:31:32,959 Speaker 1: a similar point to be made here with the Department 582 00:31:33,000 --> 00:31:35,560 Speaker 1: of Defense, which is that, you know, in a sense, 583 00:31:35,680 --> 00:31:39,840 Speaker 1: this is this is one more step in the ludicrous 584 00:31:39,880 --> 00:31:43,000 Speaker 1: sums that are divvied out to defense contractors UH without 585 00:31:43,040 --> 00:31:46,360 Speaker 1: any competition to these monopolistic firms that have consolidated taken 586 00:31:46,400 --> 00:31:49,760 Speaker 1: over all production and consulting for the Department of Defense. 587 00:31:49,760 --> 00:31:53,760 Speaker 1: And they're creating an office basically to continue that. What 588 00:31:53,880 --> 00:31:56,600 Speaker 1: is what is in one sense socialism for the rich? 589 00:31:56,680 --> 00:32:00,360 Speaker 1: What is in one sense creating a government funded program 590 00:32:00,400 --> 00:32:05,080 Speaker 1: to ensure the continued production of you know, technology, high 591 00:32:05,120 --> 00:32:09,880 Speaker 1: tech weapons firms and basically saying, you know, we're not 592 00:32:09,920 --> 00:32:11,360 Speaker 1: gonna We're not going to try to get to the 593 00:32:11,440 --> 00:32:13,360 Speaker 1: root of the problem here. We're not going to create regulations. 594 00:32:13,360 --> 00:32:15,880 Speaker 1: We're going to set up a system to not just 595 00:32:15,920 --> 00:32:18,360 Speaker 1: bail banks now, but bail out the companies that are affected. Right. 596 00:32:18,560 --> 00:32:20,680 Speaker 1: It's funny. When I first started working on this story, 597 00:32:20,920 --> 00:32:22,960 Speaker 1: I go to somebody Sometimes when you have a certain 598 00:32:23,000 --> 00:32:24,920 Speaker 1: inclination a story, I like to go to somebody who 599 00:32:24,960 --> 00:32:27,600 Speaker 1: has the opposite view to try to check and challenge 600 00:32:27,600 --> 00:32:29,280 Speaker 1: what your assumptions are. So I went to a friend 601 00:32:29,280 --> 00:32:31,280 Speaker 1: of mine who's a national security hawk who works in 602 00:32:31,320 --> 00:32:34,560 Speaker 1: the intelligence community and is specifically tasked with and has 603 00:32:34,640 --> 00:32:38,640 Speaker 1: been specifically tasked to to monitor and track and stop 604 00:32:39,320 --> 00:32:42,680 Speaker 1: foreign penetration and foreign interference, foreign influence in Silicon Valley 605 00:32:42,680 --> 00:32:45,480 Speaker 1: and asked, and I said, it just completely neutral. I said, 606 00:32:45,560 --> 00:32:48,120 Speaker 1: is there a national security threat from the bank runs 607 00:32:48,160 --> 00:32:50,760 Speaker 1: on SVB? And he said what you just said? He said, no, 608 00:32:50,960 --> 00:32:53,320 Speaker 1: this is an excuse for the rich to pad their pockets. 609 00:32:53,320 --> 00:32:56,400 Speaker 1: This is socialism for the rich and and you know, 610 00:32:56,600 --> 00:32:59,120 Speaker 1: harsh capitalism for everybody else. And it was like, this 611 00:32:59,200 --> 00:33:01,600 Speaker 1: guy is not a dumb on these questions. Yeah, I mean, 612 00:33:01,600 --> 00:33:03,840 Speaker 1: I think it's it's you know, it's one of those 613 00:33:03,880 --> 00:33:06,800 Speaker 1: things that's a new office. It's it's it's a strange 614 00:33:07,240 --> 00:33:13,440 Speaker 1: new orientation. It follows a familiar pattern of of of 615 00:33:13,840 --> 00:33:19,320 Speaker 1: funneling cash to to giant contractors and giant firms. But 616 00:33:19,400 --> 00:33:21,200 Speaker 1: I think, you know, it's these subtleties that get left 617 00:33:21,200 --> 00:33:23,360 Speaker 1: out again, go back to the hill. You know, people 618 00:33:23,560 --> 00:33:25,560 Speaker 1: are are chasing the story of the day. They're they're 619 00:33:25,600 --> 00:33:28,920 Speaker 1: not they're not interested. Their bosses, their managers, their outlets 620 00:33:28,920 --> 00:33:32,360 Speaker 1: are not interested in, you know, chasing these things that 621 00:33:32,360 --> 00:33:34,840 Speaker 1: that gets slipped in on the slot, these slight things 622 00:33:34,840 --> 00:33:37,320 Speaker 1: that like the effects the entire country. Yeah, you know, yeah, 623 00:33:37,360 --> 00:33:40,040 Speaker 1: and you know there's there's good anecdote again going back 624 00:33:40,120 --> 00:33:42,880 Speaker 1: to the SBB reporting right when it happened, where you know, 625 00:33:42,880 --> 00:33:46,440 Speaker 1: I really hammered these these senators on uh, you know, 626 00:33:46,520 --> 00:33:49,280 Speaker 1: this this vote rolling back these regulations, and they said, 627 00:33:49,280 --> 00:33:52,240 Speaker 1: you know, well it's unclear whether the stress testing would 628 00:33:52,280 --> 00:33:54,200 Speaker 1: have done anything. And there's a measure of truth to 629 00:33:54,240 --> 00:33:56,880 Speaker 1: that insofar as you know, even the FED stress testing 630 00:33:56,920 --> 00:33:59,480 Speaker 1: measures are are imperfect and those should be changed. But 631 00:33:59,520 --> 00:34:04,000 Speaker 1: the idea that uh, that this was adequate regulation. This 632 00:34:04,040 --> 00:34:07,040 Speaker 1: scale back created adequate regulation is a complete farce. Now. 633 00:34:07,200 --> 00:34:10,120 Speaker 1: When I when I went and and you know, bird 634 00:34:10,120 --> 00:34:12,879 Speaker 1: dogged all these Democrats who had joined with Republicans to 635 00:34:13,000 --> 00:34:16,840 Speaker 1: pass this bill that Trump signed, you know, they it 636 00:34:16,880 --> 00:34:19,439 Speaker 1: was incredible to me how upset they were, how upset 637 00:34:19,440 --> 00:34:22,920 Speaker 1: they were. You know, Uh, one senator from Delaware, you know, 638 00:34:22,960 --> 00:34:25,640 Speaker 1: I tried to speak with him three times. He tried 639 00:34:25,640 --> 00:34:27,520 Speaker 1: to brush me off three times, really didn't want to, 640 00:34:28,160 --> 00:34:30,080 Speaker 1: not want to talk about this. And in fact, when 641 00:34:30,080 --> 00:34:32,080 Speaker 1: I when I pressed Angus King and we ran the 642 00:34:32,080 --> 00:34:35,920 Speaker 1: story about you know, his vote, I saw him. I 643 00:34:35,960 --> 00:34:37,920 Speaker 1: saw I saw another reporter been standing right next to 644 00:34:38,000 --> 00:34:39,640 Speaker 1: me when when I was pressing him on it, and 645 00:34:39,680 --> 00:34:42,120 Speaker 1: I saw him the next day after the piece came out, 646 00:34:42,160 --> 00:34:44,440 Speaker 1: go up to him and try to talk to him. 647 00:34:44,440 --> 00:34:47,240 Speaker 1: And King was like, I'm not answering any questions, especially 648 00:34:47,280 --> 00:34:49,960 Speaker 1: not from you. And you know that really showed though 649 00:34:50,000 --> 00:34:53,360 Speaker 1: that you know, if you press, if you press a 650 00:34:53,360 --> 00:34:56,520 Speaker 1: little bit too hard with these senators, then you know 651 00:34:56,560 --> 00:34:58,600 Speaker 1: there there lose access and that's why people don't ask you. 652 00:34:59,360 --> 00:35:01,960 Speaker 1: And that's why there's actually someone like Senator Warner, you know, 653 00:35:02,040 --> 00:35:04,400 Speaker 1: to give folks at home a sense of the Washington 654 00:35:04,440 --> 00:35:06,520 Speaker 1: media game. You know, you have a chair of a committee. 655 00:35:06,560 --> 00:35:08,319 Speaker 1: That guy is going to give you exclusive that guy's 656 00:35:08,320 --> 00:35:12,080 Speaker 1: going to give you access to things before investigations come out, 657 00:35:12,200 --> 00:35:14,000 Speaker 1: for press releases coming out, that kind of thing. So 658 00:35:14,040 --> 00:35:17,359 Speaker 1: it can really cost you to cross them. But that's 659 00:35:17,400 --> 00:35:19,000 Speaker 1: that's where we come in, happy to cross these game. 660 00:35:19,120 --> 00:35:21,080 Speaker 1: I'm always shocked by the decorum, you know, I'm always 661 00:35:21,080 --> 00:35:22,759 Speaker 1: shocked by the decorum on the Hill. You know, it's 662 00:35:22,800 --> 00:35:27,480 Speaker 1: like they have they answer to the press, the answer 663 00:35:27,560 --> 00:35:30,280 Speaker 1: to the people who voted to put them in office, 664 00:35:31,160 --> 00:35:34,719 Speaker 1: and I'm always shocked by kind of how timid and reserved. Uh. 665 00:35:35,440 --> 00:35:40,040 Speaker 1: You know, the the the what should be interrogations on 666 00:35:40,360 --> 00:35:44,680 Speaker 1: the Hill are because you know, they're they're they they 667 00:35:44,719 --> 00:35:47,520 Speaker 1: are there to answer your questions, and they can't really 668 00:35:48,040 --> 00:35:50,520 Speaker 1: you know, they say, looking at this story to see 669 00:35:50,719 --> 00:35:52,719 Speaker 1: how little covers there has been, this is not a 670 00:35:52,719 --> 00:35:55,840 Speaker 1: marginal issue. Again, this is systemic. This is a question 671 00:35:55,880 --> 00:35:59,479 Speaker 1: of systemic risk. And you know, how we prevent something 672 00:35:59,440 --> 00:36:01,840 Speaker 1: like this going from this was a huge I guarantee 673 00:36:01,840 --> 00:36:04,480 Speaker 1: you ask any I mean, it's very hard for me 674 00:36:04,520 --> 00:36:06,319 Speaker 1: to believe that looking at something like Silicon Valley Bank. 675 00:36:06,360 --> 00:36:08,920 Speaker 1: That's not something that's going to draw broad condemnation from 676 00:36:08,960 --> 00:36:13,520 Speaker 1: people of both sides of the political aisle. Yeah. I 677 00:36:13,520 --> 00:36:17,560 Speaker 1: mean I think both sides tried to, you know, angle 678 00:36:18,640 --> 00:36:20,759 Speaker 1: you know, both both both on the right and the 679 00:36:20,840 --> 00:36:25,120 Speaker 1: left for a narrative that suited their purposes, except for 680 00:36:26,120 --> 00:36:29,000 Speaker 1: you know, those Democrats who who you know, voted for 681 00:36:29,120 --> 00:36:31,279 Speaker 1: these rollbacks, and they just were doing everything their power 682 00:36:31,320 --> 00:36:32,719 Speaker 1: to say, we have to wait and see, wait for 683 00:36:32,760 --> 00:36:34,799 Speaker 1: the news cycle to blow over. The rhetoric I saw. 684 00:36:34,800 --> 00:36:37,120 Speaker 1: It was so frustrating. It's this from the Democrats, it 685 00:36:37,160 --> 00:36:39,799 Speaker 1: was this is not a bailout, we're protecting depositors, all 686 00:36:39,840 --> 00:36:41,799 Speaker 1: these euphemisms. And then from the Republicans it's like this 687 00:36:41,880 --> 00:36:44,839 Speaker 1: is a bailout. And then absent from the from the 688 00:36:45,040 --> 00:36:48,040 Speaker 1: political leadership discourse is what are we going to do 689 00:36:48,080 --> 00:36:49,840 Speaker 1: to prevent this from happening again? How are we going 690 00:36:49,920 --> 00:36:51,799 Speaker 1: to bring back dot frank? What are the conditions that 691 00:36:51,840 --> 00:36:54,239 Speaker 1: we're going to put on these banks in exchange for 692 00:36:55,000 --> 00:36:57,719 Speaker 1: frankly saving their ass to make it so that this 693 00:36:57,719 --> 00:37:00,239 Speaker 1: doesn't happen again. Almost no discussion of anything, And go 694 00:37:00,280 --> 00:37:02,520 Speaker 1: back to what Warner said to me, Warner said, Uh, 695 00:37:02,600 --> 00:37:06,719 Speaker 1: you tell me what regulations could possibly have prevented this 696 00:37:07,040 --> 00:37:11,600 Speaker 1: wild meme driven online catastrophe other than the one you 697 00:37:11,719 --> 00:37:13,880 Speaker 1: voted against it. Yeah, it's unbelievable. I mean it's it's 698 00:37:14,000 --> 00:37:17,360 Speaker 1: unbelievable to make that argument. It's not based in reality, 699 00:37:17,400 --> 00:37:21,080 Speaker 1: it's not based in truthfulness, and it's it's obscene. Well, 700 00:37:21,120 --> 00:37:25,840 Speaker 1: we really appreciate your descending into the u mor door 701 00:37:26,160 --> 00:37:29,080 Speaker 1: to ask these guys these questions. So thanks for joining 702 00:37:29,160 --> 00:37:31,080 Speaker 1: us and for your hard work in the story, and 703 00:37:31,080 --> 00:37:32,920 Speaker 1: thanks everyone for watching this. Ope you've got something out 704 00:37:32,960 --> 00:37:37,520 Speaker 1: of it. Hey there, my name is James Lee. Thank 705 00:37:37,520 --> 00:37:39,680 Speaker 1: you for tuning into another segment of my show fifty 706 00:37:39,719 --> 00:37:42,759 Speaker 1: one forty nine on Breaking Points, and today let's talk 707 00:37:42,800 --> 00:37:46,719 Speaker 1: about billionaires, this monarch of billionaire. Let's just get get 708 00:37:46,719 --> 00:37:50,040 Speaker 1: at that. Okay. I grew up in federally subsidized How 709 00:37:50,160 --> 00:37:53,240 Speaker 1: let me finish. I grew up in federally subsidized housing. 710 00:37:54,120 --> 00:37:58,200 Speaker 1: My parents never owned a home. I came from nothing. 711 00:37:59,120 --> 00:38:01,880 Speaker 1: I thought my entire pier life was based on the 712 00:38:01,960 --> 00:38:07,440 Speaker 1: achievement of the American dream. Yes, I have billions of dollars. 713 00:38:07,560 --> 00:38:09,960 Speaker 1: I earned it. No one gave it to me. And 714 00:38:10,040 --> 00:38:14,320 Speaker 1: I've shared it cod people of Starbucks, and so anyone 715 00:38:14,320 --> 00:38:17,640 Speaker 1: who keeps labeling this billionaire thing, it's the sil I 716 00:38:17,640 --> 00:38:19,799 Speaker 1: don't mean to cut you up. We have time limits here, 717 00:38:19,840 --> 00:38:22,480 Speaker 1: and you, well, I just think I'm not cutting you. 718 00:38:23,160 --> 00:38:27,680 Speaker 1: It's your moniker constantly. It's unfair. It's unfair. How do 719 00:38:27,680 --> 00:38:29,839 Speaker 1: you guys feel about this? It's Bernie being rude to him? 720 00:38:29,880 --> 00:38:34,600 Speaker 1: Are people unfairly demonizing billionaires, especially billionaires like Howard Schultz 721 00:38:34,600 --> 00:38:39,640 Speaker 1: of Starbucks, a self proclaimed self made billionaire. He seems 722 00:38:39,680 --> 00:38:44,240 Speaker 1: to be not taking too kindly to this billionaire moniker. 723 00:38:44,640 --> 00:38:46,759 Speaker 1: I scrolled through some of the comments on TikTok, people 724 00:38:46,800 --> 00:38:48,600 Speaker 1: seem kind of split. I'll just throw up a few 725 00:38:48,600 --> 00:38:51,840 Speaker 1: examples for you on the screen. Bernie's feelings in logic 726 00:38:51,880 --> 00:38:55,200 Speaker 1: got hurt. Schultz created five hundred thousand good paying jobs 727 00:38:55,239 --> 00:38:57,640 Speaker 1: with benefits. Of course, Bernie the fraud doesn't want to 728 00:38:57,640 --> 00:39:00,600 Speaker 1: hear about it. On the other side, no one earns 729 00:39:00,600 --> 00:39:03,120 Speaker 1: a billion dollars. You only manage a company of thousands 730 00:39:03,120 --> 00:39:07,680 Speaker 1: that earns you billions of dollars American oligarchs. Basically, debate 731 00:39:07,760 --> 00:39:10,040 Speaker 1: is good. I like debate, but how should we be 732 00:39:10,120 --> 00:39:13,200 Speaker 1: thinking about this? Because income inequality has gone like this 733 00:39:13,400 --> 00:39:16,360 Speaker 1: out of control in the past few decades. The wealthy 734 00:39:16,440 --> 00:39:19,479 Speaker 1: have gotten more wealthy, they've never been more well off, 735 00:39:19,880 --> 00:39:23,480 Speaker 1: and everybody else seems to be kind of getting left behind. Now, 736 00:39:23,520 --> 00:39:25,200 Speaker 1: before we get back to Howard, I want to go 737 00:39:25,280 --> 00:39:27,480 Speaker 1: to another billionaire for a second. We live in a 738 00:39:27,480 --> 00:39:29,960 Speaker 1: world where billionaires tweet all kinds of crazy things all 739 00:39:30,000 --> 00:39:33,600 Speaker 1: the time. I won't mention names. Billionaires will treat whatever, 740 00:39:33,680 --> 00:39:35,799 Speaker 1: and then they'll say I'll change the world, I'll do this, 741 00:39:35,920 --> 00:39:38,200 Speaker 1: or you actually did doing it. We're the real deal. Yeah. 742 00:39:38,200 --> 00:39:40,920 Speaker 1: We started a company called costplus Drugs dot com. If 743 00:39:40,960 --> 00:39:42,359 Speaker 1: you go and you put in the drug and if 744 00:39:42,360 --> 00:39:44,960 Speaker 1: we carry it, it'll show you not only what we 745 00:39:45,000 --> 00:39:48,439 Speaker 1: sell it for, it'll show you your cost and actual cost, 746 00:39:48,520 --> 00:39:50,839 Speaker 1: actual cost. But we really pay for it. We mark 747 00:39:50,880 --> 00:39:53,239 Speaker 1: it up fifteen percent. That's it. We have a three 748 00:39:53,280 --> 00:39:57,000 Speaker 1: dollars pharmacy fee and five dollars for shipping. That's it, right. 749 00:39:57,040 --> 00:39:59,319 Speaker 1: I don't need you can't. I don't. My next dollar 750 00:39:59,400 --> 00:40:00,719 Speaker 1: is not going to change my life. But if I 751 00:40:00,760 --> 00:40:06,759 Speaker 1: get a chance to up the pharmaceutical industry, hell yeah, right, 752 00:40:06,800 --> 00:40:09,799 Speaker 1: he's trying to fuck up big pharma. His words, not mine, 753 00:40:10,160 --> 00:40:13,680 Speaker 1: but hot take. I actually think this is bad, indicative 754 00:40:13,760 --> 00:40:17,319 Speaker 1: of something rotten, because, look, I'm very happy to hear 755 00:40:17,360 --> 00:40:20,239 Speaker 1: about Mark Cuban's plans with cost plus drugs, and I 756 00:40:20,280 --> 00:40:24,560 Speaker 1: hope he is successful. But let's imagine a different example. 757 00:40:24,640 --> 00:40:29,080 Speaker 1: What if a different billionaire decides, I think I have 758 00:40:29,120 --> 00:40:33,880 Speaker 1: a great idea about public health. It's really phenomenal what 759 00:40:33,920 --> 00:40:39,000 Speaker 1: the vaccine companies have done, and we can convince people 760 00:40:39,080 --> 00:40:42,239 Speaker 1: to trust the vaccine getting these messages out. You need 761 00:40:42,280 --> 00:40:46,719 Speaker 1: to figure out who people trust that they'll follow, and 762 00:40:47,120 --> 00:40:52,800 Speaker 1: you know, whether it's people of color or various religious groups. 763 00:40:52,840 --> 00:40:55,600 Speaker 1: We somehow need to get the word out this is 764 00:40:55,719 --> 00:40:58,880 Speaker 1: quite an amazing vaccine that helps everyone. Yes, I was 765 00:40:58,880 --> 00:41:01,520 Speaker 1: talking about Bill Gates. Remember when Bill Gates kept saying 766 00:41:01,719 --> 00:41:05,040 Speaker 1: over and over how great the mRNA vaccine was, how 767 00:41:05,080 --> 00:41:08,600 Speaker 1: the technology was phenomenal, and how it would get us 768 00:41:08,600 --> 00:41:12,240 Speaker 1: out of this pandemic. And any discourse, any nuance around 769 00:41:12,280 --> 00:41:15,080 Speaker 1: the topic of vaccines its efficacy, safety was more or 770 00:41:15,160 --> 00:41:19,400 Speaker 1: less forbidden and censored. In fact, we couldn't even really 771 00:41:19,440 --> 00:41:24,640 Speaker 1: discuss other forms of intervention like diet, nutrition, exercise, and 772 00:41:24,920 --> 00:41:29,719 Speaker 1: even other forms of pharmaceutical treatment were oftentimes misrepresented or 773 00:41:29,760 --> 00:41:34,799 Speaker 1: discredited in the mainstream media the entire time. Twenty two, 774 00:41:34,840 --> 00:41:38,960 Speaker 1: it was just vaccines, Bill Gates. Vaccines are a miracle. 775 00:41:39,040 --> 00:41:42,560 Speaker 1: It's mind blowing. Somebody could say the opposite. The thing is, 776 00:41:42,640 --> 00:41:45,759 Speaker 1: vaccines are obviously an important tool in medicine and in 777 00:41:45,800 --> 00:41:50,040 Speaker 1: fighting a pandemic. But should one person, a private billionaire, 778 00:41:50,080 --> 00:41:53,920 Speaker 1: be able to hijack scientific discourse at the highest level 779 00:41:53,960 --> 00:41:56,600 Speaker 1: and tell governments what they should or shouldn't be doing. 780 00:41:56,680 --> 00:41:59,719 Speaker 1: Because that is exactly what happened, and we all know now, 781 00:41:59,760 --> 00:42:02,640 Speaker 1: but it was probably less apparent back then. But in 782 00:42:02,719 --> 00:42:06,600 Speaker 1: February of this year, investigative journalist Jordan Shaftel revealed the 783 00:42:06,680 --> 00:42:11,240 Speaker 1: extent of Gates profit making from his investments advisor partner, Bioantich. 784 00:42:11,640 --> 00:42:14,480 Speaker 1: The foundation had purchased the shares in September twenty nineteen, 785 00:42:14,640 --> 00:42:17,520 Speaker 1: just months before the pandemic was announced, at a pre 786 00:42:17,600 --> 00:42:20,360 Speaker 1: public offering price of eighteen dollars ten cents per share. 787 00:42:20,719 --> 00:42:24,480 Speaker 1: Shaftell reviewed SEC filings and found that the Gates Foundation 788 00:42:24,719 --> 00:42:28,160 Speaker 1: downsides its Biointech holdings by eighty six percent over the 789 00:42:28,200 --> 00:42:31,160 Speaker 1: third quarter of twenty twenty one, bio Intech's best performing 790 00:42:31,239 --> 00:42:34,400 Speaker 1: quarter When the foundation sold the shares at an average 791 00:42:34,400 --> 00:42:37,480 Speaker 1: sale price of three hundred dollars per share, it pocketed 792 00:42:37,560 --> 00:42:40,800 Speaker 1: a profit of approximately two hundred and sixty million dollars, 793 00:42:40,880 --> 00:42:44,200 Speaker 1: or more than fifteen times its original investment. Wow, I'll 794 00:42:44,239 --> 00:42:47,239 Speaker 1: talk about buying low and selling high. Now, would it 795 00:42:47,239 --> 00:42:49,879 Speaker 1: be fair for me to say that his motivations are 796 00:42:50,080 --> 00:42:54,320 Speaker 1: less scientific, perhaps more financial? Could that lead him to 797 00:42:54,320 --> 00:42:58,080 Speaker 1: potentially obfuscate the facts from the public. We think we 798 00:42:58,120 --> 00:43:01,239 Speaker 1: can also have very early in an and the epidemic. 799 00:43:01,280 --> 00:43:05,000 Speaker 1: The thing you can heal that will mean that you 800 00:43:05,080 --> 00:43:10,040 Speaker 1: can't be infected, a blocker, an Inhale blocker. We also 801 00:43:10,120 --> 00:43:12,920 Speaker 1: need to fix the three problems with vaccines. The current 802 00:43:13,000 --> 00:43:17,879 Speaker 1: vaccines are not infection blocking. They're not broad so when 803 00:43:17,920 --> 00:43:20,600 Speaker 1: new variants come up, you lose protection, and they have 804 00:43:20,760 --> 00:43:24,640 Speaker 1: very short duration. So there are some issues and deficiencies 805 00:43:24,680 --> 00:43:27,840 Speaker 1: with the mRNA vaccines. Now that you've sold your stake 806 00:43:27,920 --> 00:43:32,000 Speaker 1: in biointech and made hundreds of millions of dollars, he's like, yeah, 807 00:43:32,040 --> 00:43:33,320 Speaker 1: I know, we all had a few problems with the 808 00:43:33,400 --> 00:43:37,000 Speaker 1: mRNA vaccine, but going forward, we have this much better thing, 809 00:43:37,120 --> 00:43:40,160 Speaker 1: a new type of vaccine which we Inhale through our nose, 810 00:43:40,800 --> 00:43:43,200 Speaker 1: and that's going to be the real game changer. I 811 00:43:43,239 --> 00:43:47,680 Speaker 1: looked it up, something called intran nasal SARS Kobe two vaccine. 812 00:43:47,920 --> 00:43:50,719 Speaker 1: The claim is that it is likely to prevent infection 813 00:43:51,000 --> 00:43:54,840 Speaker 1: and transmission, also likely to prevent disease, a bunch of 814 00:43:54,840 --> 00:43:58,839 Speaker 1: other benefits. It's made by a company called Barod Biotech. 815 00:43:59,440 --> 00:44:03,319 Speaker 1: Sounds like a familiar pitch. Bill Gates His foundation just 816 00:44:03,440 --> 00:44:06,640 Speaker 1: happens to be also invested in this company to a 817 00:44:06,680 --> 00:44:09,719 Speaker 1: tune of about twenty million dollars. I don't know. I 818 00:44:09,719 --> 00:44:12,120 Speaker 1: feel like this is kind of a formy one shame 819 00:44:12,160 --> 00:44:14,280 Speaker 1: on you for me twice shame on me type of situation. 820 00:44:14,719 --> 00:44:18,000 Speaker 1: Will it work. I'm not sure. Maybe we'll have to see. 821 00:44:18,160 --> 00:44:20,600 Speaker 1: But the point is, or my point is, it's never 822 00:44:21,160 --> 00:44:23,560 Speaker 1: our idea is getting implemented. It's never the will of 823 00:44:23,600 --> 00:44:26,719 Speaker 1: the people, it's the will of the billionaire. I'm just 824 00:44:26,760 --> 00:44:28,600 Speaker 1: going to toss a few other examples out there on 825 00:44:28,600 --> 00:44:31,080 Speaker 1: the screen. For example, one of them has taken a 826 00:44:31,280 --> 00:44:34,319 Speaker 1: liking into charter schools. Well, guess what, we got a 827 00:44:34,320 --> 00:44:36,480 Speaker 1: bunch of charter schools now. They don't like unions, they 828 00:44:36,480 --> 00:44:39,520 Speaker 1: don't think it's good for business. Well, let's make it 829 00:44:39,560 --> 00:44:42,000 Speaker 1: really tough to unionize, and even if people do, they 830 00:44:42,000 --> 00:44:44,919 Speaker 1: could still use the law to their advantage to drag 831 00:44:44,960 --> 00:44:48,239 Speaker 1: out the bargaining process and boom union membership. That an 832 00:44:48,280 --> 00:44:51,520 Speaker 1: all time low social security not a chance, Just slash 833 00:44:51,520 --> 00:44:54,040 Speaker 1: it four to one. K's all the way. Any one 834 00:44:54,160 --> 00:44:57,160 Speaker 1: billionaire in America can, on a whim, good idea or 835 00:44:57,120 --> 00:45:00,520 Speaker 1: a bad idea, whatever they're feeling passionate about on the day, 836 00:45:01,120 --> 00:45:03,480 Speaker 1: or in many cases, whatever they think might advance their 837 00:45:03,520 --> 00:45:06,720 Speaker 1: financial objectives. They are able to more or less implement 838 00:45:06,800 --> 00:45:11,040 Speaker 1: any policy they like without electoral intervention, without the ability 839 00:45:11,080 --> 00:45:13,520 Speaker 1: for the public to say no. The New York Times 840 00:45:13,560 --> 00:45:17,759 Speaker 1: has termed this stealth politics. Now, is that the America 841 00:45:17,960 --> 00:45:20,760 Speaker 1: that you want? Because according to history that I learned 842 00:45:20,960 --> 00:45:23,520 Speaker 1: in seventeen seventy six, the founding fathers of America came 843 00:45:23,560 --> 00:45:28,000 Speaker 1: together to disavow the monarchy, to overthrow the king, revolution war, 844 00:45:28,120 --> 00:45:32,480 Speaker 1: to fight for democracy, for liberty. So why today do 845 00:45:32,520 --> 00:45:35,520 Speaker 1: we allow a bunch of kings, call them oligarchs, call 846 00:45:35,600 --> 00:45:37,600 Speaker 1: them whatever you want, But why do we allow a 847 00:45:37,640 --> 00:45:41,320 Speaker 1: bunch of people who have never been elected to public 848 00:45:41,360 --> 00:45:44,200 Speaker 1: office to rule the country. What is going on here? 849 00:45:44,560 --> 00:45:46,880 Speaker 1: Just an observation, just something to think about. But let's 850 00:45:46,880 --> 00:45:50,160 Speaker 1: go back to Howard scheldt to tie this whole thing together. 851 00:45:50,840 --> 00:45:56,000 Speaker 1: Were you informed of or involved in the decision to 852 00:45:56,080 --> 00:46:01,160 Speaker 1: withhold benefits from Starbucks workers in unionize stores, including higher 853 00:46:01,160 --> 00:46:06,680 Speaker 1: pay and fast the sick time accrual. My understanding when 854 00:46:06,719 --> 00:46:09,440 Speaker 1: we created the benefits in May, one month after I 855 00:46:09,520 --> 00:46:13,719 Speaker 1: returned to CEO, my understanding was under the law, we 856 00:46:13,760 --> 00:46:17,799 Speaker 1: did not have the unilateral right to provide those benefits 857 00:46:17,960 --> 00:46:22,319 Speaker 1: to employees who were interested in joining a union. Starbucks 858 00:46:22,320 --> 00:46:25,280 Speaker 1: Coffee Company did not break the law, And that clip 859 00:46:25,320 --> 00:46:28,560 Speaker 1: illustrates my point exactly. It's pretty easy not to break 860 00:46:28,600 --> 00:46:31,359 Speaker 1: the law if you have a hand in crafting the law. 861 00:46:31,880 --> 00:46:34,200 Speaker 1: I can't speak for everyone, and I certainly can't speak 862 00:46:34,239 --> 00:46:37,719 Speaker 1: for the Starbucks employees, but me personally, I don't have 863 00:46:37,719 --> 00:46:40,680 Speaker 1: a problem with for profit enterprises. I don't have a 864 00:46:40,680 --> 00:46:43,240 Speaker 1: problem with billionaires. I mean, who could be upset about 865 00:46:43,280 --> 00:46:47,400 Speaker 1: a rags to riches story like Howard Schultz? Well, some 866 00:46:47,440 --> 00:46:50,520 Speaker 1: people maybe, But what I do take issue with is 867 00:46:50,880 --> 00:46:55,440 Speaker 1: undemocratic lawmaking where money buys policy, and then to have 868 00:46:55,520 --> 00:46:58,600 Speaker 1: to watch a guy like Schultz smugly declare in front 869 00:46:58,600 --> 00:47:01,200 Speaker 1: of Congress that he and his company are acting perfectly 870 00:47:01,200 --> 00:47:03,960 Speaker 1: within the bounds of the law. So the solution we 871 00:47:04,120 --> 00:47:07,239 Speaker 1: have to overturn Citizens United. You know the Supreme Court 872 00:47:07,280 --> 00:47:10,480 Speaker 1: case that basically legalize bribery. We need to force the 873 00:47:10,560 --> 00:47:13,680 Speaker 1: issue and take seriously the effort to ratify House Joint 874 00:47:13,680 --> 00:47:17,240 Speaker 1: Resolution twenty one on your screen, known as the People's 875 00:47:17,440 --> 00:47:21,480 Speaker 1: Rights Amendment, which would undo the Court's disastrous ruling and 876 00:47:21,560 --> 00:47:25,400 Speaker 1: restore the proper guardrails between money and power in government. 877 00:47:25,840 --> 00:47:27,680 Speaker 1: I can trace back so many of the problems we 878 00:47:27,719 --> 00:47:29,520 Speaker 1: have in this country to the fact that we have 879 00:47:29,920 --> 00:47:34,160 Speaker 1: legalized bribery, where corporations are people, where money is speech, 880 00:47:34,480 --> 00:47:38,040 Speaker 1: where one single person can buy the media, and or 881 00:47:38,120 --> 00:47:42,359 Speaker 1: politicians in one fell swoop and implement whatever policy they 882 00:47:42,440 --> 00:47:44,839 Speaker 1: damn well. Please, what do you think? Do you take 883 00:47:44,920 --> 00:47:49,000 Speaker 1: issue with billionaires? Yes? No? If so, in what way? 884 00:47:49,360 --> 00:47:51,839 Speaker 1: Please share your thoughts in the comments below, and if 885 00:47:51,840 --> 00:47:55,160 Speaker 1: you feel inclined to explore more about who runs our world, 886 00:47:55,360 --> 00:47:57,759 Speaker 1: subscribe to my YouTube channel fifty one to forty nine 887 00:47:57,800 --> 00:48:00,000 Speaker 1: with James Lee. The link will be in the description below. 888 00:48:00,000 --> 00:48:02,360 Speaker 1: Oh thank you so much for watching Breaking Points, and 889 00:48:02,400 --> 00:48:03,480 Speaker 1: thanks for your time today