1
00:00:00,080 --> 00:00:01,599
Speaker 1: Hey guys, Saga and Crystal here.

2
00:00:01,680 --> 00:00:05,200
Speaker 2: Independent media just played a truly massive role in this election,

3
00:00:05,360 --> 00:00:07,840
Speaker 2: and we are so excited about what that means for

4
00:00:07,880 --> 00:00:08,720
Speaker 2: the future of the show.

5
00:00:08,880 --> 00:00:10,760
Speaker 3: This is the only place where you can find honest

6
00:00:10,760 --> 00:00:13,280
Speaker 3: perspectives from the left and the right that simply does

7
00:00:13,320 --> 00:00:14,680
Speaker 3: not exist anywhere else.

8
00:00:14,760 --> 00:00:17,080
Speaker 2: So if that is something that's important to you, please

9
00:00:17,120 --> 00:00:19,599
Speaker 2: go to Breakingpoints dot com. Become a member today and

10
00:00:19,640 --> 00:00:22,800
Speaker 2: you'll get access to our full shows, unedited, ad free,

11
00:00:22,800 --> 00:00:25,600
Speaker 2: and all put together for you every morning in your inbox.

12
00:00:25,680 --> 00:00:27,560
Speaker 3: We need your help to build the future of independent

13
00:00:27,560 --> 00:00:29,920
Speaker 3: news media and we hope to see you at Breakingpoints

14
00:00:29,960 --> 00:00:36,080
Speaker 3: dot com. Good morning, everybody, Happy Thursday. Have an amazing

15
00:00:36,080 --> 00:00:37,960
Speaker 3: show for everybody today. When do we have Crystal in need?

16
00:00:37,960 --> 00:00:40,800
Speaker 2: We do so. Mass layoffs have begun. We've got the

17
00:00:40,880 --> 00:00:44,360
Speaker 2: list of large companies that are laying off thousands of workers.

18
00:00:44,560 --> 00:00:46,440
Speaker 2: The FED also announced that they're going to be doing

19
00:00:46,520 --> 00:00:49,440
Speaker 2: another rate cut, but future rate cuts are uncertain, so

20
00:00:49,520 --> 00:00:51,800
Speaker 2: a lot to dig into there. In terms of economics,

21
00:00:51,920 --> 00:00:54,800
Speaker 2: we're also getting a look at the health insurance premium

22
00:00:54,840 --> 00:00:57,400
Speaker 2: rates for next year, and boy, oh boy, does not

23
00:00:57,480 --> 00:01:02,400
Speaker 2: look good for literally anyone. We've got some interesting revelations

24
00:01:02,440 --> 00:01:06,600
Speaker 2: with regard to the investigation in Charlie Kirk's murder assassination.

25
00:01:06,800 --> 00:01:09,240
Speaker 2: So Cash Battel pissed off at Joe Kent because Joe

26
00:01:09,280 --> 00:01:11,840
Speaker 2: Kent was looking at some of the evidence and exploring

27
00:01:11,880 --> 00:01:16,399
Speaker 2: potential outside ties, including potential foreign national ties. So we're

28
00:01:16,400 --> 00:01:18,320
Speaker 2: going to take a look at that. Also, some good news,

29
00:01:18,640 --> 00:01:21,319
Speaker 2: a man who had been arrested for posting a Charlie

30
00:01:21,400 --> 00:01:25,400
Speaker 2: Kirk meme has been released after public pressure and some

31
00:01:25,480 --> 00:01:28,000
Speaker 2: local reporting, So some good news there, but he did

32
00:01:28,000 --> 00:01:31,400
Speaker 2: spend a month in prison plus before he was released.

33
00:01:31,440 --> 00:01:34,360
Speaker 2: Absolute insane situation. We're going to do a little bit

34
00:01:34,360 --> 00:01:37,120
Speaker 2: of a dive into the races that are happening, the

35
00:01:37,160 --> 00:01:39,399
Speaker 2: electoral races that are happening next week. We got New Jersey,

36
00:01:39,440 --> 00:01:41,399
Speaker 2: we got Virginia. We of course have New York City

37
00:01:41,480 --> 00:01:43,680
Speaker 2: mayoral race. We've got some new, brand new polling out

38
00:01:43,680 --> 00:01:46,880
Speaker 2: this morning that is very interesting, so you definitely want

39
00:01:46,920 --> 00:01:49,880
Speaker 2: to stay tuned for that. We're also taking a look

40
00:01:49,880 --> 00:01:53,800
Speaker 2: at Jade Vance confronted over Israel at a TPUSA event

41
00:01:54,000 --> 00:01:59,280
Speaker 2: and Jane Huger threatened with deportation by Steven Miller's wife,

42
00:01:59,360 --> 00:02:02,960
Speaker 2: Katie Miller live on Piers Morgan. So that's an interesting moment.

43
00:02:02,960 --> 00:02:05,920
Speaker 3: I'm saving perhaps one of the most sexist public comments.

44
00:02:06,760 --> 00:02:07,360
Speaker 2: I might be there.

45
00:02:08,000 --> 00:02:09,560
Speaker 1: I think you will be there with me.

46
00:02:09,639 --> 00:02:12,120
Speaker 3: I think I think even the most radical feminists will

47
00:02:12,120 --> 00:02:13,760
Speaker 3: be there with me. Thank you to every eve it's

48
00:02:13,800 --> 00:02:17,040
Speaker 3: been subscribing Breakingpoints in dot com for our premium membership.

49
00:02:17,040 --> 00:02:19,679
Speaker 3: We deeply appreciate it. By the way, while we're on that,

50
00:02:20,160 --> 00:02:23,480
Speaker 3: we do have a new promotional way. Let's go and

51
00:02:23,480 --> 00:02:26,400
Speaker 3: put this up here on the screen. This is holiday merch.

52
00:02:26,440 --> 00:02:29,079
Speaker 3: It's right around this season, so it's twenty percent off

53
00:02:29,080 --> 00:02:32,560
Speaker 3: for our Breaking Points members. We've got our sweater, it's

54
00:02:32,600 --> 00:02:35,800
Speaker 3: back our Christmas sweater, which of course sold out last year.

55
00:02:36,120 --> 00:02:39,040
Speaker 3: And the Breaking Point socks I can attest. I wear

56
00:02:39,080 --> 00:02:41,600
Speaker 3: these socks all the time. I wore them all over

57
00:02:41,639 --> 00:02:44,840
Speaker 3: the world. There might go to winter travel socks. I

58
00:02:44,880 --> 00:02:49,120
Speaker 3: absolutely love them. I'm really not chilling, Like I didn't

59
00:02:49,120 --> 00:02:50,200
Speaker 3: know if they were going to be good or not,

60
00:02:50,280 --> 00:02:50,840
Speaker 3: and I got them.

61
00:02:50,840 --> 00:02:52,600
Speaker 1: I was like, these are actually incredible.

62
00:02:52,960 --> 00:02:56,120
Speaker 3: But we should we should, indeed think because remember it

63
00:02:56,160 --> 00:02:58,320
Speaker 3: is made in America and it is Union made, which

64
00:02:58,360 --> 00:03:00,440
Speaker 3: is of course something will that's right committed here, so

65
00:03:00,760 --> 00:03:02,000
Speaker 3: you all know what. We're not making a ton of

66
00:03:02,040 --> 00:03:04,360
Speaker 3: money off these things. It's purely for fun. So twenty

67
00:03:04,360 --> 00:03:06,840
Speaker 3: percent off promo and it will be available to our

68
00:03:06,840 --> 00:03:07,560
Speaker 3: premium subscribers.

69
00:03:07,680 --> 00:03:10,160
Speaker 2: Yeah, not saying they're cheap, but you know, at costs.

70
00:03:10,160 --> 00:03:11,519
Speaker 2: If you're going to make up in America yeah, and

71
00:03:11,600 --> 00:03:13,959
Speaker 2: want to make it union made. Yeah, So look in

72
00:03:14,000 --> 00:03:16,960
Speaker 2: your inbox premium members, you'll get the discount code and

73
00:03:17,000 --> 00:03:19,840
Speaker 2: then you can pick up your Christmas holiday merch for

74
00:03:19,880 --> 00:03:21,079
Speaker 2: twenty That's exactly right.

75
00:03:21,120 --> 00:03:24,640
Speaker 3: No ten move shopping over here, right, No ten move socks.

76
00:03:24,680 --> 00:03:26,760
Speaker 3: These are actually high quality socks that you.

77
00:03:26,680 --> 00:03:27,760
Speaker 1: Can wear anywhere.

78
00:03:27,760 --> 00:03:29,880
Speaker 3: And I've gotten organic compliments about the people who didn't

79
00:03:29,880 --> 00:03:31,480
Speaker 3: even know who I went, like, those are nice socks.

80
00:03:31,480 --> 00:03:32,280
Speaker 1: Those nice socks.

81
00:03:32,320 --> 00:03:34,520
Speaker 3: The shoe salesman, which I guess he's incentivized to say,

82
00:03:34,560 --> 00:03:38,520
Speaker 3: he's like, hey, he's a pretty nice socks over here. Okay, Okay,

83
00:03:38,600 --> 00:03:41,040
Speaker 3: with all that, please hit subscribe to our YouTube channel

84
00:03:41,080 --> 00:03:43,840
Speaker 3: if you can't afford a membership, no worries. Also, if

85
00:03:43,840 --> 00:03:46,560
Speaker 3: you're listening to this on a podcast, just please send

86
00:03:46,680 --> 00:03:49,240
Speaker 3: this episode or any episode your favorite to a friend

87
00:03:49,440 --> 00:03:51,760
Speaker 3: or ratest five stars it really helps other people find

88
00:03:51,840 --> 00:03:53,760
Speaker 3: the show. But let's go ahead and start, as you said, Crystal,

89
00:03:53,840 --> 00:03:56,440
Speaker 3: with the economy. There is a lot going on here

90
00:03:56,480 --> 00:03:58,440
Speaker 3: in terms of the Federal Reserve. Let's put this up

91
00:03:58,440 --> 00:04:01,240
Speaker 3: here on the screen your own. Powell, the Chairman of

92
00:04:01,280 --> 00:04:04,200
Speaker 3: the Federal Reserve, lowered interest rates for the second meeting

93
00:04:04,360 --> 00:04:07,000
Speaker 3: so far, but it was not a lot, and he

94
00:04:07,120 --> 00:04:10,560
Speaker 3: also cast out on expectations of a further rate cut

95
00:04:10,800 --> 00:04:13,440
Speaker 3: later this year. This sent markets into a little bit

96
00:04:13,480 --> 00:04:15,560
Speaker 3: of turmoil immediately after.

97
00:04:15,760 --> 00:04:18,240
Speaker 1: He uttered the phrase quote far from it.

98
00:04:18,520 --> 00:04:21,719
Speaker 3: Whenever he was asked specifically about market expectations from a

99
00:04:21,800 --> 00:04:24,120
Speaker 3: rate cut of the next gathering in December. This was

100
00:04:24,200 --> 00:04:26,680
Speaker 3: a little bit of a surprise, erasing some of the

101
00:04:26,720 --> 00:04:27,480
Speaker 3: gains on the day.

102
00:04:27,520 --> 00:04:29,080
Speaker 1: It wasn't a crash or anything like that.

103
00:04:29,279 --> 00:04:31,839
Speaker 3: But the point is is that Powell's comments, as they write,

104
00:04:31,880 --> 00:04:35,200
Speaker 3: underscore the easiest part of unwinding the Central Bank's aggressive

105
00:04:35,279 --> 00:04:38,520
Speaker 3: rate increases might be over as he navigates a committee

106
00:04:38,520 --> 00:04:40,800
Speaker 3: with what has identified as a growing course of officials

107
00:04:40,839 --> 00:04:43,880
Speaker 3: who are also wondering whether rate cuts are even warranted.

108
00:04:43,960 --> 00:04:47,599
Speaker 3: All of this results entirely on the back of inflation,

109
00:04:47,800 --> 00:04:50,919
Speaker 3: but also the data blackout. So this is really important

110
00:04:51,560 --> 00:04:55,479
Speaker 3: for people to understand the data blackout because of the

111
00:04:55,480 --> 00:04:59,960
Speaker 3: government's shutdown. So right now, the immense amount of data

112
00:05:00,160 --> 00:05:03,640
Speaker 3: gathered by BLS and others from the federal government has

113
00:05:03,640 --> 00:05:05,000
Speaker 3: now been shut down, what is it, twenty five to

114
00:05:05,000 --> 00:05:07,360
Speaker 3: twenty six days, something like that, So they're actually kind

115
00:05:07,360 --> 00:05:08,960
Speaker 3: of flying blind. That's part of the reason why he

116
00:05:08,960 --> 00:05:11,640
Speaker 3: said in December, I genuinely don't know. In addition to

117
00:05:11,839 --> 00:05:14,440
Speaker 3: tariff policy is all over the map, President Trump and

118
00:05:14,480 --> 00:05:18,040
Speaker 3: President she met this morning or whatever this evening in

119
00:05:18,160 --> 00:05:20,919
Speaker 3: South Korea recently for some hour and a half meeting.

120
00:05:20,960 --> 00:05:24,080
Speaker 3: They did announce a reduction in the overall number of

121
00:05:24,200 --> 00:05:27,200
Speaker 3: China tariffs, still waiting for some market reaction. Things look

122
00:05:27,240 --> 00:05:29,320
Speaker 3: flat right now. In terms of the futures, it was

123
00:05:29,360 --> 00:05:33,000
Speaker 3: relatively expencted, probably Briston. It was effectively they kind of

124
00:05:33,320 --> 00:05:35,080
Speaker 3: we're telegra graphing some of that. We'll get to that

125
00:05:35,160 --> 00:05:38,520
Speaker 3: in the Nvidia chapter. But the whole point really around

126
00:05:38,640 --> 00:05:42,239
Speaker 3: all of this is per carity, lack of data, flying

127
00:05:42,279 --> 00:05:44,360
Speaker 3: a bit blind, and when you combine it with some

128
00:05:44,400 --> 00:05:46,880
Speaker 3: of the job data, things are not looking particularly good

129
00:05:46,920 --> 00:05:47,240
Speaker 3: right now.

130
00:05:47,320 --> 00:05:49,760
Speaker 2: Yeah, let's put a two up on the screen. Speaking

131
00:05:49,760 --> 00:05:52,120
Speaker 2: of that, you know, we covered earlier in the week

132
00:05:52,279 --> 00:05:55,440
Speaker 2: some of the Amazon and the UPS layoffs. We can

133
00:05:55,480 --> 00:05:57,920
Speaker 2: add to that list. Just look at this UPS forty

134
00:05:57,960 --> 00:06:01,479
Speaker 2: eight thousand employees, Amazon up to thirty, Intel twenty four k,

135
00:06:01,600 --> 00:06:06,440
Speaker 2: Nestle sixteen, Accenture eleven, Ford eleven, Novo Nordisk nine thousand,

136
00:06:06,520 --> 00:06:10,200
Speaker 2: Microsoft seven thousand, PwC fifty six hundred, Salesforce four thousand,

137
00:06:10,200 --> 00:06:13,680
Speaker 2: Paramount two thousand, Target eighteen hundred, Kroger one thousand, Applied

138
00:06:13,720 --> 00:06:16,680
Speaker 2: Materials one thousand, four and forty four Meta six hundred.

139
00:06:16,720 --> 00:06:18,560
Speaker 2: We can go to the next one. GM is also

140
00:06:18,560 --> 00:06:23,200
Speaker 2: announcing thousands of layoffs. This is specifically in their electric

141
00:06:23,440 --> 00:06:27,760
Speaker 2: vehicle plants, which you know makes some sense since we've

142
00:06:27,760 --> 00:06:32,120
Speaker 2: been on again, off again with the push towards electric vehicles. Obviously,

143
00:06:32,120 --> 00:06:35,000
Speaker 2: the Biden administration was in favor set up some incentives

144
00:06:35,040 --> 00:06:37,680
Speaker 2: both for consumers and also for automakers to move in

145
00:06:37,760 --> 00:06:41,200
Speaker 2: that direction. Trump administration running one hundred and eighty degrees

146
00:06:41,200 --> 00:06:43,919
Speaker 2: in the other direction. So GM now laying off thirty

147
00:06:43,920 --> 00:06:48,760
Speaker 2: three hundred of their workers associated with evs, and you know,

148
00:06:49,080 --> 00:06:52,159
Speaker 2: one of the one of the reasons is that the

149
00:06:52,240 --> 00:06:55,080
Speaker 2: Wall Street rewards, you know, all their stock prices surge

150
00:06:55,080 --> 00:06:56,880
Speaker 2: when they can show that they're able to get rid

151
00:06:56,880 --> 00:07:00,000
Speaker 2: of human beings. Another piece is that you have AI

152
00:07:00,160 --> 00:07:03,000
Speaker 2: coming in, and especially with white collar jobs, they're thinking, okay,

153
00:07:03,080 --> 00:07:05,560
Speaker 2: well we can we can push some of our you know,

154
00:07:05,880 --> 00:07:09,680
Speaker 2: spreadsheet jockeying and analysis and some of that basic level work.

155
00:07:09,680 --> 00:07:12,000
Speaker 2: We can push that onto AI and have fewer people

156
00:07:12,360 --> 00:07:15,120
Speaker 2: actually at the organization. As people leave, we also are

157
00:07:15,160 --> 00:07:17,760
Speaker 2: not going to rehire. And then the other component here

158
00:07:17,880 --> 00:07:21,160
Speaker 2: is that you have a massive amount of uncertainty because

159
00:07:21,240 --> 00:07:23,760
Speaker 2: of the because of a variety of reasons, but one

160
00:07:23,800 --> 00:07:26,760
Speaker 2: of them certainly being the erratic nature of this presidency

161
00:07:26,800 --> 00:07:28,440
Speaker 2: and never knowing what the hell this man is going

162
00:07:28,480 --> 00:07:31,640
Speaker 2: to do next. So that doesn't exactly inspire confidence. If

163
00:07:31,680 --> 00:07:33,680
Speaker 2: you are a business owner, something we can attest to

164
00:07:33,760 --> 00:07:37,320
Speaker 2: as well in the future and in you know, making

165
00:07:37,400 --> 00:07:40,600
Speaker 2: large scale investments, are certainly building out your workforce. So

166
00:07:40,840 --> 00:07:44,240
Speaker 2: for all of those reasons, you have companies not only

167
00:07:44,320 --> 00:07:47,960
Speaker 2: putting a pause on hiring, but actively laying off thousands

168
00:07:48,000 --> 00:07:50,160
Speaker 2: of workers at this point in what appears to be

169
00:07:50,240 --> 00:07:51,200
Speaker 2: a very troubling trend.

170
00:07:51,320 --> 00:07:53,760
Speaker 1: Yes, that's right, let's go ahead and please put a

171
00:07:54,000 --> 00:07:56,520
Speaker 1: five on the screen. This is from the Wall Street Journal.

172
00:07:56,640 --> 00:07:59,920
Speaker 3: Tens of thousands of white collar jobs are now disappearing

173
00:08:00,040 --> 00:08:01,800
Speaker 3: as AI starts to bite.

174
00:08:01,920 --> 00:08:04,200
Speaker 1: What they say is and you know, they point to some.

175
00:08:04,160 --> 00:08:06,680
Speaker 3: Of the job losses that we already covered in our

176
00:08:06,760 --> 00:08:10,440
Speaker 3: last show from Amazon from Ups. However, they highlight a

177
00:08:10,440 --> 00:08:12,800
Speaker 3: few that I actually wasn't even necessarily aware about, target

178
00:08:12,840 --> 00:08:15,760
Speaker 3: cutting some eighteen hundred jobs. They also said white collar

179
00:08:15,920 --> 00:08:19,200
Speaker 3: workers from companies like Rivian, Molten Cores, booz Al and

180
00:08:19,240 --> 00:08:22,840
Speaker 3: Hamilton General Motors and others all receiving pink slips just

181
00:08:22,880 --> 00:08:26,160
Speaker 3: ahead of the holidays, adding up to absolutely tens of

182
00:08:26,320 --> 00:08:28,520
Speaker 3: thousands of jobs now so far.

183
00:08:29,240 --> 00:08:30,960
Speaker 1: Exactly as you said, a lot of this is just.

184
00:08:30,880 --> 00:08:35,240
Speaker 3: Like grunt work, and you know, administrative cost, HR, legal etc.

185
00:08:35,679 --> 00:08:39,120
Speaker 3: Behind the waves, they say, is the embrace of artificial intelligence.

186
00:08:39,280 --> 00:08:42,160
Speaker 3: Executives now hoping they can handle more of that work

187
00:08:42,320 --> 00:08:45,760
Speaker 3: than the well compensated white collar employees. Investors have pushed

188
00:08:45,760 --> 00:08:48,359
Speaker 3: the C suite to work more efficiently with fewer employees.

189
00:08:48,640 --> 00:08:49,160
Speaker 1: Altogether.

190
00:08:49,240 --> 00:08:51,920
Speaker 3: The factors are remaking what office work looks like in

191
00:08:51,960 --> 00:08:55,680
Speaker 3: the United States, leaving managers that remain with more workers

192
00:08:55,720 --> 00:08:58,480
Speaker 3: to supervise less time to meet with them while saddling

193
00:08:58,480 --> 00:09:01,800
Speaker 3: the employees fortunate enough to have jobs with much heavier workloads.

194
00:09:01,840 --> 00:09:04,920
Speaker 3: So you're going to work more money? Are more hours

195
00:09:05,080 --> 00:09:06,120
Speaker 3: for the same amount of pay?

196
00:09:06,200 --> 00:09:06,360
Speaker 1: Yeah?

197
00:09:06,440 --> 00:09:07,000
Speaker 2: Not more money?

198
00:09:07,040 --> 00:09:07,360
Speaker 1: Not great?

199
00:09:07,400 --> 00:09:09,720
Speaker 3: Well somebody who's making more money and yeah, the people

200
00:09:09,720 --> 00:09:11,760
Speaker 3: of the job, you know, the investors.

201
00:09:11,760 --> 00:09:13,920
Speaker 2: Stolar made a good point about that. He was like, well,

202
00:09:13,920 --> 00:09:16,520
Speaker 2: they're claiming all of this, you know, increase in productivity

203
00:09:16,559 --> 00:09:19,400
Speaker 2: and decrease and costs from AI, but you know you're

204
00:09:19,400 --> 00:09:21,199
Speaker 2: not seeing them lower prices now, are you any know?

205
00:09:21,360 --> 00:09:21,840
Speaker 1: Of course not.

206
00:09:22,320 --> 00:09:25,280
Speaker 2: There was an interesting statistic here in this Wall Street

207
00:09:25,320 --> 00:09:28,839
Speaker 2: Journal piece. They say the college class of twenty twenty

208
00:09:28,840 --> 00:09:32,319
Speaker 2: five submitted more job applications than the class of twenty

209
00:09:32,320 --> 00:09:34,720
Speaker 2: twenty four, so putting more work into the job search

210
00:09:34,800 --> 00:09:37,959
Speaker 2: while receiving a smaller number of offers cour to the

211
00:09:38,000 --> 00:09:41,160
Speaker 2: National Association of Colleges and Employers. So they're having to

212
00:09:41,200 --> 00:09:44,040
Speaker 2: send out more applications and they're getting fewer job offers.

213
00:09:44,080 --> 00:09:46,760
Speaker 2: We continue to see that unemployment rate for new college

214
00:09:46,760 --> 00:09:49,480
Speaker 2: grads tick up again. There's a variety of reasons, but

215
00:09:49,559 --> 00:09:54,200
Speaker 2: AI is certainly one of them. You know, as companies. Look,

216
00:09:54,440 --> 00:09:57,280
Speaker 2: the entry level work is exactly the sort of thing

217
00:09:57,640 --> 00:10:01,319
Speaker 2: that you could potentially use AI. And even companies I

218
00:10:01,360 --> 00:10:04,760
Speaker 2: think that haven't fully figured out how to incorporate AI

219
00:10:04,960 --> 00:10:07,560
Speaker 2: in a way that does save labor and you know,

220
00:10:07,640 --> 00:10:09,959
Speaker 2: makes their employees more productive such that they don't need

221
00:10:09,960 --> 00:10:13,280
Speaker 2: as many human beings. They anticipate being able to do that,

222
00:10:13,600 --> 00:10:15,440
Speaker 2: and they want to get the Wall Street rewards from

223
00:10:15,440 --> 00:10:17,560
Speaker 2: a big headline saying that they're laying off a bunch

224
00:10:17,600 --> 00:10:20,079
Speaker 2: of workers because you know, our society structured such to

225
00:10:20,160 --> 00:10:21,280
Speaker 2: that sort of thing as a rewarded.

226
00:10:21,280 --> 00:10:23,520
Speaker 1: Actually, yeah, you know. They highlight a really sad case.

227
00:10:23,559 --> 00:10:24,760
Speaker 1: Here a thirty three year old guy.

228
00:10:24,800 --> 00:10:26,600
Speaker 3: So this guy's exactly the same age as me, He

229
00:10:26,679 --> 00:10:30,040
Speaker 3: has three children, He has spent ten months looking for work.

230
00:10:30,080 --> 00:10:33,920
Speaker 3: He's a technologist, has requisite experience. They say that he

231
00:10:33,960 --> 00:10:37,320
Speaker 3: applied to over one thousand jobs to make ends meet,

232
00:10:37,679 --> 00:10:40,560
Speaker 3: covering food, gas, utilities. He emptied his four oh one

233
00:10:40,640 --> 00:10:43,640
Speaker 3: K sold stocks, crypto and the Pokemon cards he collected

234
00:10:43,640 --> 00:10:46,440
Speaker 3: with his son. His home was put into foreclosure when

235
00:10:46,480 --> 00:10:48,839
Speaker 3: he couldn't make the mortgage payment this summer. A friend

236
00:10:48,880 --> 00:10:51,880
Speaker 3: referred him now to a dealership job. He commutes two

237
00:10:51,960 --> 00:10:54,520
Speaker 3: hours or more each day, hustles on the floor from

238
00:10:54,520 --> 00:10:57,480
Speaker 3: the stores eight thirty to nine on Tuesday, he's weighing

239
00:10:57,480 --> 00:11:00,439
Speaker 3: weather to drive in on his day off. Three year

240
00:11:00,480 --> 00:11:03,520
Speaker 3: old father of three, basically bankrupt by the way in

241
00:11:03,600 --> 00:11:05,199
Speaker 3: New bron Folds, Texas.

242
00:11:05,240 --> 00:11:07,040
Speaker 1: No disrespect in New bron Files. I like it there.

243
00:11:07,040 --> 00:11:08,800
Speaker 3: It's a nice place, but you know, it's not exactly

244
00:11:08,880 --> 00:11:11,079
Speaker 3: a very high cost of living area. This is a

245
00:11:11,120 --> 00:11:13,320
Speaker 3: place where houses shouldn't be no more than a couple

246
00:11:13,440 --> 00:11:16,960
Speaker 3: hundred grand for a reasonable house for a family at four.

247
00:11:17,040 --> 00:11:19,320
Speaker 3: So consider you know what the mortgage payment and all

248
00:11:19,360 --> 00:11:20,800
Speaker 3: of that would look like. It would be a different

249
00:11:20,840 --> 00:11:23,120
Speaker 3: stories living in a two three million dollar house. But

250
00:11:23,160 --> 00:11:26,280
Speaker 3: that's not you know, anybody who's done anything particularly wrong.

251
00:11:26,320 --> 00:11:28,520
Speaker 3: So if you're effectively bankrupt and you have at least

252
00:11:28,559 --> 00:11:30,560
Speaker 3: a number of skills and you end up working at

253
00:11:30,600 --> 00:11:34,360
Speaker 3: dealership sales job, I mean, that's that's rough. No disrespect

254
00:11:34,400 --> 00:11:37,120
Speaker 3: to that job either at all, but just shows you,

255
00:11:37,120 --> 00:11:39,000
Speaker 3: you know that, He's like, I have no work life, mounts,

256
00:11:39,040 --> 00:11:40,480
Speaker 3: I have three children, I have a two hour community

257
00:11:40,480 --> 00:11:40,800
Speaker 3: each way.

258
00:11:40,800 --> 00:11:42,400
Speaker 1: Okay, I mean that's a nightmare scenario.

259
00:11:42,800 --> 00:11:45,400
Speaker 3: It reminds me of I forget this, this documentary about the

260
00:11:45,440 --> 00:11:47,600
Speaker 3: GM plant that closed back in two thousand and eight

261
00:11:47,640 --> 00:11:49,720
Speaker 3: and the workers where they're like, yeah, you have a job,

262
00:11:49,760 --> 00:11:50,400
Speaker 3: but it's not here.

263
00:11:50,640 --> 00:11:52,679
Speaker 1: You have to go somewhere else, remember that.

264
00:11:52,720 --> 00:11:55,920
Speaker 3: And they all had to go live in like housing together,

265
00:11:56,000 --> 00:11:58,680
Speaker 3: like temporary housing together, and then try to commute back.

266
00:11:59,000 --> 00:12:02,760
Speaker 2: On the weekend generational residence UNI area.

267
00:12:02,400 --> 00:12:05,040
Speaker 3: Exactly right, and then their families just boom gone. The

268
00:12:05,160 --> 00:12:08,000
Speaker 3: entire decimation of the town happened within a decade, and

269
00:12:08,040 --> 00:12:09,839
Speaker 3: now it's almost been two decades at this point, I

270
00:12:09,880 --> 00:12:11,800
Speaker 3: actually would like to go back and to check on

271
00:12:11,880 --> 00:12:14,000
Speaker 3: some of those areas. I'd be willing to bet you know,

272
00:12:14,120 --> 00:12:16,560
Speaker 3: the soul got basically sucked out of all of them.

273
00:12:16,600 --> 00:12:20,280
Speaker 3: And they also, he says, they say in the piece

274
00:12:20,440 --> 00:12:23,439
Speaker 3: about recruiting firms where they have seen quote a number

275
00:12:23,480 --> 00:12:26,800
Speaker 3: of forty year olds are now surging in terms of

276
00:12:26,840 --> 00:12:28,120
Speaker 3: people who have been let off.

277
00:12:28,360 --> 00:12:29,960
Speaker 1: They can't keep up with the technology.

278
00:12:29,960 --> 00:12:32,640
Speaker 3: It's outpacing their skill set, and they are now looking

279
00:12:32,800 --> 00:12:34,880
Speaker 3: for jobs that are out there. So maybe some twenty

280
00:12:34,920 --> 00:12:38,080
Speaker 3: five years twenty seven years I think technically from retirement, right,

281
00:12:38,120 --> 00:12:40,679
Speaker 3: so they staw have thirty prime age, working years almost

282
00:12:40,840 --> 00:12:41,480
Speaker 3: ahead of them.

283
00:12:41,720 --> 00:12:43,160
Speaker 1: That's really really devastating.

284
00:12:43,200 --> 00:12:46,880
Speaker 3: They highlight people genuinely across the income spectrum, across the

285
00:12:46,920 --> 00:12:49,640
Speaker 3: skill spectrum, and across age, just to show you the

286
00:12:49,679 --> 00:12:52,200
Speaker 3: way that this is all, you know, coming together, and

287
00:12:52,360 --> 00:12:55,200
Speaker 3: it's also being manifested not only in the job loss,

288
00:12:55,600 --> 00:12:57,640
Speaker 3: but also in the higher prices for all of us,

289
00:12:57,679 --> 00:13:01,679
Speaker 3: through power, through data centers, through the out of concentration

290
00:13:02,080 --> 00:13:04,640
Speaker 3: in our stock markets. We're we've taken an entire bed

291
00:13:04,679 --> 00:13:07,160
Speaker 3: on AI. If it fails, we're done, Like we will

292
00:13:07,160 --> 00:13:09,160
Speaker 3: have a full on great recession.

293
00:13:09,280 --> 00:13:10,200
Speaker 1: Actually it might be worse.

294
00:13:10,800 --> 00:13:13,640
Speaker 2: We're also done. Yeah, Like I mean serious, Like this

295
00:13:13,720 --> 00:13:16,640
Speaker 2: is the beginning, right AA still really kind of sucks,

296
00:13:17,080 --> 00:13:20,240
Speaker 2: and you're seeing these level of layoffs and uh job

297
00:13:20,480 --> 00:13:25,160
Speaker 2: joblessness skyrocketing for college grads and them, you know, filing

298
00:13:25,200 --> 00:13:28,200
Speaker 2: a thousand applications and getting no job offers, and forty

299
00:13:28,280 --> 00:13:30,040
Speaker 2: year olds getting kicked out of their jobs and not

300
00:13:30,080 --> 00:13:32,920
Speaker 2: being able to restart, and people unable to change career

301
00:13:33,000 --> 00:13:36,080
Speaker 2: like we are just at the beginning. You will never

302
00:13:36,160 --> 00:13:38,560
Speaker 2: meet a more radicalized person than the person who like

303
00:13:38,640 --> 00:13:40,880
Speaker 2: did all the things, went to business school, took on

304
00:13:41,480 --> 00:13:43,199
Speaker 2: all this debt, or went to law school, took on

305
00:13:43,280 --> 00:13:46,280
Speaker 2: all this debt, and then there is nothing for them.

306
00:13:46,720 --> 00:13:50,120
Speaker 2: Like that's that is the reality now, and that is

307
00:13:50,160 --> 00:13:55,000
Speaker 2: the accelerating future that these companies are aiming for, and like,

308
00:13:55,440 --> 00:13:57,920
Speaker 2: what are we going to do about this? I mean genuinely,

309
00:13:57,960 --> 00:13:59,839
Speaker 2: what are we going to do about this? As I've

310
00:13:59,840 --> 00:14:02,320
Speaker 2: said before, the best case scenario is that they never

311
00:14:02,360 --> 00:14:04,480
Speaker 2: get beyond the phase they're at now of like, you know,

312
00:14:04,520 --> 00:14:07,120
Speaker 2: it kind of sucks and you can't really do all

313
00:14:07,200 --> 00:14:10,160
Speaker 2: that much with it, and so there's some labor force disruption,

314
00:14:10,280 --> 00:14:13,800
Speaker 2: but it's not cataclysmic. I don't know, you know, the

315
00:14:14,080 --> 00:14:16,800
Speaker 2: path that they're heading on what they want to achieve

316
00:14:17,520 --> 00:14:21,000
Speaker 2: looks like it is a revolution from the top that

317
00:14:21,040 --> 00:14:23,040
Speaker 2: they are trying to achieve. And I know that there

318
00:14:23,040 --> 00:14:25,080
Speaker 2: will be a reaction from people who are looking at

319
00:14:25,080 --> 00:14:27,320
Speaker 2: this landscape for themselves and their kids, and like, I

320
00:14:27,440 --> 00:14:30,000
Speaker 2: literally don't know what to do to survive now because

321
00:14:30,000 --> 00:14:33,200
Speaker 2: there's no entry level positions. You know, certain categories are

322
00:14:33,240 --> 00:14:36,960
Speaker 2: eliminated completely. And it's not sector bisector. It's like, you know,

323
00:14:37,000 --> 00:14:38,400
Speaker 2: a lot of it is the jobs that we were

324
00:14:38,440 --> 00:14:40,800
Speaker 2: all told, oh, going to learn to code, that's the

325
00:14:40,880 --> 00:14:42,520
Speaker 2: job of the future. Those are some of the first

326
00:14:42,640 --> 00:14:45,360
Speaker 2: jobs that are going so, I don't know, it's pretty

327
00:14:45,360 --> 00:14:47,880
Speaker 2: dire and we can see, you know, Republicans, this is like,

328
00:14:47,960 --> 00:14:50,520
Speaker 2: you know, maybe the least important storyline, but Republicans starting

329
00:14:50,520 --> 00:14:53,600
Speaker 2: to take on water here a four on their economic

330
00:14:53,640 --> 00:14:58,560
Speaker 2: handling because of this whole confluence of events. For the

331
00:14:58,600 --> 00:15:02,119
Speaker 2: first time in quite a while, we have the Democrats

332
00:15:02,120 --> 00:15:04,040
Speaker 2: taken the lead in the party better to keep the

333
00:15:04,080 --> 00:15:07,200
Speaker 2: country prosperous. I doubt how anyone has a whole lot

334
00:15:07,240 --> 00:15:10,920
Speaker 2: of confidence in either party to really guide the ship

335
00:15:11,160 --> 00:15:15,760
Speaker 2: and steer the courses. We head into an incredibly uncertain

336
00:15:15,800 --> 00:15:18,560
Speaker 2: era here, and like I said, I think it's just

337
00:15:18,600 --> 00:15:22,320
Speaker 2: starting to set in for people what AI is actually

338
00:15:22,360 --> 00:15:25,160
Speaker 2: intended to do, which is to replace every single one

339
00:15:25,160 --> 00:15:25,360
Speaker 2: of you.

340
00:15:25,720 --> 00:15:27,880
Speaker 3: Let's think about the UPS story. Did you really hear

341
00:15:27,920 --> 00:15:30,120
Speaker 3: about it anywhere? I mean, if we covered on this

342
00:15:30,160 --> 00:15:32,200
Speaker 3: show it was our a blog, did you hear about it?

343
00:15:32,200 --> 00:15:35,520
Speaker 3: I mean, it's forty eight thousand people who are in

344
00:15:36,120 --> 00:15:40,920
Speaker 3: an industry where it's management and operations. Like a lot

345
00:15:40,920 --> 00:15:43,840
Speaker 3: of these people, this is middle class, normal people.

346
00:15:44,720 --> 00:15:48,840
Speaker 1: MO probably did everything right and they're out of a job.

347
00:15:48,960 --> 00:15:51,560
Speaker 3: Ahead of the holidays ahead of the busiest season of UPS.

348
00:15:51,600 --> 00:15:54,120
Speaker 3: What is UPS telling the entire market? We don't need

349
00:15:54,200 --> 00:15:55,880
Speaker 3: these people to function. We'll still be able to deliver

350
00:15:56,160 --> 00:15:58,640
Speaker 3: all these packages on time, and maybe they can. But

351
00:15:58,920 --> 00:16:01,520
Speaker 3: nobody even particularly cares about any of these. Like, did

352
00:16:01,560 --> 00:16:04,400
Speaker 3: I see a major national politician or anybody actually come

353
00:16:04,440 --> 00:16:05,240
Speaker 3: and speak out.

354
00:16:05,280 --> 00:16:08,240
Speaker 1: Not really, not one, right, I mean, instead everybody.

355
00:16:08,360 --> 00:16:10,360
Speaker 3: This was I'm borrowing a little bit from Tucker's mologe

356
00:16:10,360 --> 00:16:12,800
Speaker 3: because you mentioned this specifically. He recently did one about

357
00:16:12,880 --> 00:16:15,040
Speaker 3: Venezuela and he's like, I'm sorry, I don't care about

358
00:16:15,160 --> 00:16:18,680
Speaker 3: Venezuela right now. In particular, Lindsey Graham was talking about

359
00:16:18,680 --> 00:16:21,640
Speaker 3: how Venezuela supports Hesbola or something like that as part

360
00:16:21,680 --> 00:16:24,080
Speaker 3: of the reason why we need to overthore. He's like,

361
00:16:24,120 --> 00:16:26,440
Speaker 3: I'm sorry, Like he's like, that is just something I

362
00:16:26,480 --> 00:16:28,480
Speaker 3: don't care about right now. It's not an imminent threat,

363
00:16:28,560 --> 00:16:31,800
Speaker 3: like this is actually an unironic imminent threat to the

364
00:16:31,920 --> 00:16:33,800
Speaker 3: very foundations of who we are.

365
00:16:33,880 --> 00:16:38,280
Speaker 1: So it's really it's really just concerning the politics. The politics.

366
00:16:38,280 --> 00:16:40,600
Speaker 3: I think what it highlights, as you're talking about there

367
00:16:40,600 --> 00:16:43,920
Speaker 3: about the GOP, the GOP advantage on the economy is

368
00:16:43,960 --> 00:16:46,800
Speaker 3: going away. That's probably a reflection of because they're in

369
00:16:46,840 --> 00:16:48,840
Speaker 3: power right now. The reason it was high in twenty

370
00:16:48,840 --> 00:16:50,200
Speaker 3: twenty three is because Biden was.

371
00:16:50,200 --> 00:16:52,080
Speaker 1: They were out of pound right said so now.

372
00:16:52,120 --> 00:16:54,600
Speaker 3: But even if the Democrats like plus four, it's not

373
00:16:54,600 --> 00:16:57,320
Speaker 3: that high. It just shows you like nobody has any

374
00:16:57,320 --> 00:17:01,200
Speaker 3: real vision or attention to the actual things that make

375
00:17:01,480 --> 00:17:02,400
Speaker 3: society tick.

376
00:17:02,720 --> 00:17:04,400
Speaker 1: It just seems like it's on autopilot.

377
00:17:04,600 --> 00:17:07,760
Speaker 3: It's completely in the hands we covered yesterday of sam

378
00:17:07,840 --> 00:17:12,400
Speaker 3: Altman literally gets to decide whether he's responsible enough to

379
00:17:12,440 --> 00:17:16,080
Speaker 3: introduce mass ai pornography into the entire system. Sam Altman

380
00:17:16,359 --> 00:17:19,360
Speaker 3: gets to decide, and open Ai personally gets to decide

381
00:17:19,400 --> 00:17:23,280
Speaker 3: whether they are responsible enough in their handling of mental

382
00:17:23,320 --> 00:17:28,000
Speaker 3: health and of suicidal ideation. And it's completely amoral and

383
00:17:28,040 --> 00:17:32,959
Speaker 3: also undemocratic. Like no, that is singularly a subject an

384
00:17:33,080 --> 00:17:36,160
Speaker 3: issue which should be entirely up to the people. If

385
00:17:36,160 --> 00:17:39,760
Speaker 3: we decide ultimately that yes, this is how they should

386
00:17:39,800 --> 00:17:41,320
Speaker 3: handle it, I mean I won't like it, but so

387
00:17:41,400 --> 00:17:43,160
Speaker 3: be it. But we never got to weigh in on

388
00:17:43,200 --> 00:17:45,040
Speaker 3: any of this. And I think that that is the

389
00:17:45,080 --> 00:17:49,920
Speaker 3: foundation of our economic relationship to labor since the post

390
00:17:50,000 --> 00:17:53,040
Speaker 3: nineteen hundred Gilded Age era is we decided no, it's

391
00:17:53,080 --> 00:17:56,520
Speaker 3: actually ridiculous to say that these large companies get to

392
00:17:56,600 --> 00:17:58,320
Speaker 3: run every fast of our life. We will take back

393
00:17:58,359 --> 00:18:01,400
Speaker 3: to crewdit control one last thing that we have, which

394
00:18:01,440 --> 00:18:04,080
Speaker 3: is the current government, and we see absolutely none of

395
00:18:04,080 --> 00:18:05,960
Speaker 3: that which just want them to let them do whatever

396
00:18:05,960 --> 00:18:07,679
Speaker 3: they want. It's putting all of us in a tremendous

397
00:18:07,680 --> 00:18:09,920
Speaker 3: amount of risk, especially with retirement, which we're about to

398
00:18:09,920 --> 00:18:10,720
Speaker 3: get to with nvideo.

399
00:18:10,840 --> 00:18:14,440
Speaker 2: Look, guys, this is the real great replacement theory, genuinely.

400
00:18:14,680 --> 00:18:17,680
Speaker 2: I mean, the politicians in charge right now are funneling

401
00:18:18,040 --> 00:18:21,720
Speaker 2: money and favors to a few giant corporations and a

402
00:18:21,720 --> 00:18:25,840
Speaker 2: few oligarchs who want to replace make your labor irrelevant.

403
00:18:26,160 --> 00:18:29,720
Speaker 2: Like it's not hidden, it's not a conspiracy. It's out

404
00:18:29,800 --> 00:18:32,720
Speaker 2: in the open. And you know, it's only a matter

405
00:18:32,760 --> 00:18:36,480
Speaker 2: of time before people connect the dots between their electricity

406
00:18:36,520 --> 00:18:38,639
Speaker 2: bill going up right now and these data centers going

407
00:18:38,720 --> 00:18:41,280
Speaker 2: up all across the country and these increasing you know,

408
00:18:41,400 --> 00:18:43,760
Speaker 2: layoffs that are starting now, especially in white collar work.

409
00:18:44,000 --> 00:18:46,360
Speaker 2: But also we talked about Amazon runs to replace six

410
00:18:46,400 --> 00:18:50,000
Speaker 2: hundred thousand of their blue collar warehouse workers. Yeah, that's

411
00:18:50,040 --> 00:18:51,560
Speaker 2: one of the few jobs you can get now where

412
00:18:51,560 --> 00:18:53,399
Speaker 2: it's like you can come out with a high school degree.

413
00:18:53,480 --> 00:18:56,320
Speaker 2: It's not a great it's a very difficult physical job,

414
00:18:56,560 --> 00:18:59,000
Speaker 2: but you can earn twenty twenty five bucks an hour.

415
00:18:59,040 --> 00:19:01,320
Speaker 2: At least it's something of it bailable to you. And

416
00:19:01,480 --> 00:19:04,160
Speaker 2: they're trying to automate all of that out of existence.

417
00:19:04,200 --> 00:19:09,399
Speaker 2: So it is a very dire landscape. But should we

418
00:19:09,480 --> 00:19:12,119
Speaker 2: check in on how the financial bubble is doing today?

419
00:19:12,160 --> 00:19:14,800
Speaker 3: Soger, Yeah, let's let's let's hope it's not a bubble

420
00:19:14,840 --> 00:19:16,160
Speaker 3: because we're screwed fit.

421
00:19:16,280 --> 00:19:18,840
Speaker 2: I mean, it's definitely a bubble. I don't think, genuinely,

422
00:19:18,880 --> 00:19:20,879
Speaker 2: I don't think there's anyone who denies that it's a bubble.

423
00:19:20,920 --> 00:19:23,320
Speaker 2: It's just a matter of how much the damage is

424
00:19:23,320 --> 00:19:23,679
Speaker 2: going to be.

425
00:19:23,880 --> 00:19:25,879
Speaker 3: Let's put it up here, and Vidia has now become

426
00:19:25,920 --> 00:19:29,920
Speaker 3: the first five trillion dollar company. Shares have been boosted

427
00:19:29,920 --> 00:19:32,560
Speaker 3: by the AI boom. You can see there. The market

428
00:19:32,560 --> 00:19:35,600
Speaker 3: cap now five trillion dollars just two hundred and seventy

429
00:19:35,600 --> 00:19:36,160
Speaker 3: three days ago.

430
00:19:36,160 --> 00:19:38,320
Speaker 1: It was four trillion just sixty six days.

431
00:19:38,400 --> 00:19:40,320
Speaker 3: It took sixty six days to go from two trillion

432
00:19:40,320 --> 00:19:41,920
Speaker 3: to three trillion, and it took some one hundred and

433
00:19:41,920 --> 00:19:42,480
Speaker 3: eighty days to.

434
00:19:42,480 --> 00:19:44,199
Speaker 1: Go from one trillion to trillion.

435
00:19:44,240 --> 00:19:47,000
Speaker 3: But you can see the absolute gigantic increase in the

436
00:19:47,080 --> 00:19:50,240
Speaker 3: overall stock price and the market cap. Shares have been boosted,

437
00:19:50,240 --> 00:19:52,879
Speaker 3: they say, by AI's potential and recent flurry of deals.

438
00:19:53,040 --> 00:19:55,520
Speaker 3: Remember that these deals are not actually cash deals. A

439
00:19:55,560 --> 00:19:58,240
Speaker 3: lot of them are circular. Round trip finance is the

440
00:19:58,240 --> 00:20:00,320
Speaker 3: way that they call it. Vendor finance is another term

441
00:20:00,359 --> 00:20:02,679
Speaker 3: that goes back several decades. You can go watch our

442
00:20:02,720 --> 00:20:05,480
Speaker 3: segment with David Dan if you're interested for the exact mechanics.

443
00:20:05,720 --> 00:20:09,960
Speaker 3: And Video is now larger than AMD, arm ASML, Broadcom, Intel,

444
00:20:10,080 --> 00:20:16,040
Speaker 3: LAMB Research, Micron, Qualcom, TSMC combined, combined all of those

445
00:20:16,119 --> 00:20:21,760
Speaker 3: juggernaut semiconductors manufacturers. Remember also, TSMC actually makes the d

446
00:20:21,840 --> 00:20:23,480
Speaker 3: video chip, not that a lot of people even know

447
00:20:23,560 --> 00:20:26,600
Speaker 3: that now. According to the Dow Jones Market its value

448
00:20:26,640 --> 00:20:31,119
Speaker 3: also exceeds entire sectors of the S and P five hundred,

449
00:20:31,440 --> 00:20:37,160
Speaker 3: including utilities, industrials, and consumer staples. Santa Clara Company designs chips,

450
00:20:37,280 --> 00:20:39,639
Speaker 3: as they say about GPUs.

451
00:20:39,040 --> 00:20:41,240
Speaker 1: Has shipped some six million of the Blackwell chip.

452
00:20:41,080 --> 00:20:43,800
Speaker 3: It released just last year, has orders for fourteen million

453
00:20:43,840 --> 00:20:46,160
Speaker 3: more that's part of the reason why. And this is why,

454
00:20:46,440 --> 00:20:48,480
Speaker 3: you know, saying it's a bubble implies that they don't

455
00:20:48,520 --> 00:20:50,800
Speaker 3: sell anything. They actually do sell a lot of stuff,

456
00:20:50,840 --> 00:20:52,359
Speaker 3: Like they have a lot of orders on the books.

457
00:20:52,359 --> 00:20:54,680
Speaker 3: That's part of the reason why the stock is so high.

458
00:20:54,800 --> 00:20:56,600
Speaker 3: The question is are those orders going.

459
00:20:56,480 --> 00:20:59,080
Speaker 1: To continue in the you know, the medium to.

460
00:20:59,080 --> 00:21:02,560
Speaker 3: Long run to sustain this level of growth and to

461
00:21:02,840 --> 00:21:07,600
Speaker 3: finance all of the deals that are you know, propped

462
00:21:07,640 --> 00:21:11,520
Speaker 3: up by these insane valuations. Just again, to stick with this,

463
00:21:11,600 --> 00:21:15,040
Speaker 3: the market value of Nvidia now exceeds the entire S

464
00:21:15,080 --> 00:21:18,719
Speaker 3: and P five hundred industrials. It exceeds consumer staples, it

465
00:21:18,760 --> 00:21:22,120
Speaker 3: exceeds broadcom it, it exceeds the S and P five

466
00:21:22,200 --> 00:21:26,720
Speaker 3: hundred utilities a m d asml micron I meant, I mean,

467
00:21:27,080 --> 00:21:29,920
Speaker 3: just consider like what percent that that makes up of

468
00:21:29,960 --> 00:21:31,359
Speaker 3: the entire S and P five hundred.

469
00:21:31,520 --> 00:21:33,639
Speaker 1: Ironically, I use chat GPT to calculate this.

470
00:21:33,840 --> 00:21:36,879
Speaker 3: It's some eight percent alone, just of the entire S

471
00:21:36,920 --> 00:21:39,159
Speaker 3: and P five hundred, So just the whole. So if

472
00:21:39,200 --> 00:21:42,120
Speaker 3: you know, you're a normal investor, you have your four

473
00:21:42,160 --> 00:21:44,879
Speaker 3: oh one K, your roth Ira whatever, and you're just

474
00:21:44,960 --> 00:21:47,480
Speaker 3: on auto buy for a Vanguard s and P five

475
00:21:47,560 --> 00:21:50,639
Speaker 3: hundred fund, which is what most people responsibly should do.

476
00:21:50,920 --> 00:21:53,400
Speaker 3: You're betting on Nvidia a lot more than you think.

477
00:21:53,440 --> 00:21:56,800
Speaker 3: Now you're not totally you know, exposed to the risk.

478
00:21:56,920 --> 00:21:59,080
Speaker 3: But yeah, let's say it goes down, then that will

479
00:21:59,119 --> 00:22:00,800
Speaker 3: drag the entire index down.

480
00:22:00,840 --> 00:22:02,520
Speaker 1: It literally has that power.

481
00:22:02,720 --> 00:22:04,760
Speaker 3: Like I mean, I don't think it's an exaggeration to

482
00:22:04,800 --> 00:22:08,159
Speaker 3: say that the retirement portfolio of the entire country is

483
00:22:08,200 --> 00:22:09,480
Speaker 3: big banking on the stock.

484
00:22:09,640 --> 00:22:11,359
Speaker 2: Well, and I've got some more for you. So Jacob

485
00:22:11,440 --> 00:22:13,560
Speaker 2: King crunched the numbers. He says in nvidia' is now

486
00:22:13,560 --> 00:22:17,640
Speaker 2: worth more than two Canada's one hundred and sixty six icelands,

487
00:22:18,680 --> 00:22:23,040
Speaker 2: a Germany and a half. Every US regional bank combined

488
00:22:23,800 --> 00:22:27,480
Speaker 2: the world's billionaires three times over the entire NFL thirty

489
00:22:27,520 --> 00:22:30,679
Speaker 2: five times, every piece of sold in history, every item

490
00:22:30,760 --> 00:22:36,240
Speaker 2: on Amazon, Visa, Massacard and PayPal, Nasa, SpaceX and Boeing, Toyota,

491
00:22:36,280 --> 00:22:39,439
Speaker 2: Sony and Nintendo, Europe's four biggest banks, every oil company

492
00:22:39,440 --> 00:22:42,879
Speaker 2: on Earth, all of global gold reserves combined, all of

493
00:22:43,000 --> 00:22:45,760
Speaker 2: La real estate, Manhattan real estate, the whole crypto market,

494
00:22:46,040 --> 00:22:50,400
Speaker 2: and all fifty four African countries combined. Okay, let's think

495
00:22:50,400 --> 00:22:54,800
Speaker 2: about this whole quote unquote vendor financing thing again. So basically,

496
00:22:54,880 --> 00:22:59,000
Speaker 2: the idea is that in Nvidia loans money to a

497
00:22:59,040 --> 00:23:02,160
Speaker 2: company and or stock or stock, and then they buy

498
00:23:02,680 --> 00:23:05,919
Speaker 2: the Nvidia chips. So they give the money and you know,

499
00:23:06,000 --> 00:23:07,840
Speaker 2: to the company, and the company sends the money back

500
00:23:07,880 --> 00:23:10,680
Speaker 2: to them and gets their chips in exchange, and everybody's

501
00:23:10,680 --> 00:23:12,960
Speaker 2: stock price goes up, right, even though you're just round

502
00:23:13,040 --> 00:23:17,480
Speaker 2: tripping this money effectively. Okay, So not only do they

503
00:23:17,520 --> 00:23:21,119
Speaker 2: have to maintain their order flow in order for this

504
00:23:21,400 --> 00:23:24,040
Speaker 2: stock price to continue going up or even maintain its

505
00:23:24,040 --> 00:23:28,399
Speaker 2: current value evaluation, they also have to maintain their price.

506
00:23:28,840 --> 00:23:31,360
Speaker 2: So let's say that there's some sort of market hit

507
00:23:31,680 --> 00:23:35,240
Speaker 2: where the price of these chips goes down, and or

508
00:23:35,280 --> 00:23:37,240
Speaker 2: there's some sort of a hit in the AI market

509
00:23:37,280 --> 00:23:39,879
Speaker 2: where all of these companies go down. Well, not only

510
00:23:39,960 --> 00:23:44,440
Speaker 2: is Nvidia taking the direct hit because now their chips

511
00:23:44,440 --> 00:23:46,800
Speaker 2: are worth less than they're able to sell them for less,

512
00:23:47,040 --> 00:23:50,080
Speaker 2: but now all of these investments, all of this vendor

513
00:23:50,160 --> 00:23:53,840
Speaker 2: financing that is going out to these companies, they're being

514
00:23:53,920 --> 00:23:56,639
Speaker 2: hit there too, because the value of those companies is

515
00:23:56,640 --> 00:24:00,520
Speaker 2: going down as well. So you're getting hit twice just

516
00:24:00,600 --> 00:24:04,159
Speaker 2: from one market movement. So that's when you look at

517
00:24:04,200 --> 00:24:06,399
Speaker 2: the precarity of this. I mean, it's some of the

518
00:24:06,440 --> 00:24:10,520
Speaker 2: same like domino type effects that we all experience firsthand,

519
00:24:10,600 --> 00:24:13,520
Speaker 2: or those of us are old enough to experience firsthand

520
00:24:13,800 --> 00:24:18,119
Speaker 2: during the Great Recession. So you know, you're set up

521
00:24:18,160 --> 00:24:21,639
Speaker 2: for something very troubling here. And it also begs the

522
00:24:21,720 --> 00:24:23,720
Speaker 2: question like, Okay, if these chips are so amazing, there's

523
00:24:23,760 --> 00:24:25,280
Speaker 2: so much demand for them, and oh my god, the

524
00:24:25,280 --> 00:24:27,480
Speaker 2: price just keeps going up and up and up. Why

525
00:24:27,520 --> 00:24:30,199
Speaker 2: do you need to do these deals if there is

526
00:24:30,240 --> 00:24:34,119
Speaker 2: so much organic demand for this thing. So a lot

527
00:24:34,160 --> 00:24:36,800
Speaker 2: of big questions, And like I said, I don't even

528
00:24:36,840 --> 00:24:40,120
Speaker 2: think there are many people that deny that it's a bubble.

529
00:24:40,240 --> 00:24:43,080
Speaker 2: There's just all sorts of cope around it of like, Okay, yeah,

530
00:24:43,119 --> 00:24:44,800
Speaker 2: it's a bubble, but you know what, even though it's

531
00:24:44,840 --> 00:24:46,760
Speaker 2: a bubble, when it crashes, there's gonna be a lot

532
00:24:46,760 --> 00:24:48,760
Speaker 2: of good that comes down of it, or you know,

533
00:24:48,840 --> 00:24:50,439
Speaker 2: it's not going to pop for a long time, so

534
00:24:50,520 --> 00:24:52,440
Speaker 2: don't worry about it. I mean, there are very few

535
00:24:52,440 --> 00:24:54,760
Speaker 2: people who are actually like this is fine in this

536
00:24:54,800 --> 00:24:55,960
Speaker 2: market actually makes sense.

537
00:24:57,040 --> 00:24:58,879
Speaker 1: Did you put a six B up on the screen.

538
00:24:59,000 --> 00:25:02,520
Speaker 2: No, yes, the infamous now vendor financing charge.

539
00:25:02,520 --> 00:25:05,680
Speaker 3: Look how beautiful this is, right, It's like a gorgeous

540
00:25:05,680 --> 00:25:09,240
Speaker 3: graphic where it shows Nvidia, it shows companies investing in

541
00:25:09,359 --> 00:25:11,919
Speaker 3: video and Nvidia investing in back and then various different

542
00:25:11,960 --> 00:25:14,160
Speaker 3: open AI is kind of the nexus of a lot

543
00:25:14,200 --> 00:25:18,600
Speaker 3: of these deals. But each arrow shows either investment services, capital,

544
00:25:18,680 --> 00:25:20,160
Speaker 3: hardware or software.

545
00:25:20,160 --> 00:25:22,199
Speaker 1: And how intra related the entire thing.

546
00:25:22,359 --> 00:25:24,640
Speaker 2: This is like our whole economy right here, guys. This

547
00:25:24,680 --> 00:25:25,280
Speaker 2: is it right here.

548
00:25:25,400 --> 00:25:28,320
Speaker 3: It's entire GDP spending, it's everything, and all of it

549
00:25:28,400 --> 00:25:30,960
Speaker 3: is being powered by data centers. By the way, you

550
00:25:31,000 --> 00:25:33,760
Speaker 3: know there is a huge China angle already. Let's go

551
00:25:33,760 --> 00:25:36,280
Speaker 3: ahead and put that one please up on the screen,

552
00:25:36,359 --> 00:25:38,520
Speaker 3: a seven just to show you all.

553
00:25:38,680 --> 00:25:40,520
Speaker 1: So Bloomberg is now reporting.

554
00:25:40,560 --> 00:25:42,679
Speaker 3: And remember I mentioned the Blackwell chip, which is one

555
00:25:42,720 --> 00:25:45,000
Speaker 3: of the more advanced chips here. The AI chip will

556
00:25:45,040 --> 00:25:47,600
Speaker 3: be on the negotiating table now in the US China

557
00:25:47,640 --> 00:25:51,639
Speaker 3: trade talks. Any substantial deal here would balance the AI

558
00:25:51,680 --> 00:25:52,960
Speaker 3: compute balance of power.

559
00:25:53,160 --> 00:25:55,120
Speaker 1: Trump has suggested he is open to.

560
00:25:55,119 --> 00:25:58,200
Speaker 3: Providing Nvidia with the Chinese access as part of a

561
00:25:58,280 --> 00:26:01,159
Speaker 3: larger trade deal. Which will represent a major concession, and

562
00:26:01,200 --> 00:26:04,480
Speaker 3: it would quote rile up national security hawks in Washington.

563
00:26:04,800 --> 00:26:08,040
Speaker 3: AI Blackwell is basically like the last element of our

564
00:26:08,080 --> 00:26:11,600
Speaker 3: economy where we have some strategic advantage over the Chinese.

565
00:26:11,680 --> 00:26:15,879
Speaker 3: And Trump is basically worried about the soybean farmers in

566
00:26:15,960 --> 00:26:19,520
Speaker 3: the Midwest, and so he's decided, I'm happy to give

567
00:26:19,560 --> 00:26:22,240
Speaker 3: them access to the best technology in the world in

568
00:26:22,280 --> 00:26:24,800
Speaker 3: our last moat, as long as they can bail out

569
00:26:24,800 --> 00:26:27,360
Speaker 3: my trade war on soybeans, even though, by the way,

570
00:26:27,400 --> 00:26:30,400
Speaker 3: we could have also forced Argentina, who we were bailing out,

571
00:26:30,440 --> 00:26:33,240
Speaker 3: to buy said soybeans if we wanted to. We didn't

572
00:26:33,240 --> 00:26:35,560
Speaker 3: even have to do any of this. So let's put

573
00:26:35,600 --> 00:26:37,960
Speaker 3: the next one up on the screen too, because here's

574
00:26:37,960 --> 00:26:40,280
Speaker 3: the thing, guys and Video gen saying, he is one

575
00:26:40,320 --> 00:26:42,920
Speaker 3: of the Jensen is one of the most sophisticated political

576
00:26:42,920 --> 00:26:46,159
Speaker 3: actors I've seen in quite a long time. He understands

577
00:26:46,160 --> 00:26:49,600
Speaker 3: this place exactly. He's here in town actually right now

578
00:26:49,760 --> 00:26:52,960
Speaker 3: for the Nvidia conference, laying the groundwork for trying to

579
00:26:52,960 --> 00:26:54,200
Speaker 3: sell as many chips in China.

580
00:26:54,320 --> 00:26:56,080
Speaker 1: He's a business That's what he wants to do, right,

581
00:26:56,240 --> 00:26:56,840
Speaker 1: So what do you do?

582
00:26:57,600 --> 00:27:01,399
Speaker 3: He is now joining everyone in and donating to the

583
00:27:01,440 --> 00:27:05,000
Speaker 3: Trump ballroom. I will also remind you that one way

584
00:27:05,040 --> 00:27:06,919
Speaker 3: he was able to get access to Trump is he

585
00:27:07,119 --> 00:27:10,560
Speaker 3: donated a significant amount to some superpack which held a

586
00:27:10,640 --> 00:27:14,119
Speaker 3: dinner at mar A Lago. And immediately after that dinner

587
00:27:14,119 --> 00:27:16,639
Speaker 3: at mar A Lago, it's not confirmed exactly spoke to Trump,

588
00:27:16,800 --> 00:27:20,000
Speaker 3: it's almost certainly he must have, right because immediately afterwards

589
00:27:20,000 --> 00:27:22,800
Speaker 3: there was an announcement of a concession. He has been

590
00:27:22,880 --> 00:27:26,840
Speaker 3: meeting with every Ai figure in Washington over the last

591
00:27:26,880 --> 00:27:30,159
Speaker 3: like several months because he is desperate to preserve the

592
00:27:30,240 --> 00:27:33,400
Speaker 3: Chinese bottom line for his business. He even traveled recently

593
00:27:33,400 --> 00:27:35,760
Speaker 3: to Beijing and said that he would be working as hard.

594
00:27:35,600 --> 00:27:37,480
Speaker 1: As he could to sell the Blackwell chip.

595
00:27:37,640 --> 00:27:40,800
Speaker 3: Now, what's crazy about this entire thing is that the

596
00:27:40,880 --> 00:27:44,600
Speaker 3: Chinese now openly say they go, yes, we want access

597
00:27:44,600 --> 00:27:47,200
Speaker 3: to the Blackwell chip for now. At the very same

598
00:27:47,280 --> 00:27:50,200
Speaker 3: time they're like, this is a strategic problem for us,

599
00:27:50,320 --> 00:27:53,320
Speaker 3: so we are going to massively surge development to make

600
00:27:53,359 --> 00:27:56,240
Speaker 3: sure that we're not reliant on the Blackwell chip. He

601
00:27:56,280 --> 00:27:59,600
Speaker 3: doesn't care, neither does America. Trump needs a soybean bailout

602
00:28:00,400 --> 00:28:02,280
Speaker 3: so we could buy more soybeans. We're gonna give away

603
00:28:02,520 --> 00:28:05,440
Speaker 3: part of our economic the last thing that we really

604
00:28:05,480 --> 00:28:08,560
Speaker 3: have on top of them. And then at the same time,

605
00:28:08,840 --> 00:28:12,400
Speaker 3: it's all just a juice the Nvidia stock price in

606
00:28:12,440 --> 00:28:15,360
Speaker 3: the short term because the Chinese, who are smart, as

607
00:28:15,400 --> 00:28:17,920
Speaker 3: I always say here, are like, yeah, in the long run,

608
00:28:17,960 --> 00:28:19,640
Speaker 3: this is a problem for us. They're like, we can't

609
00:28:19,640 --> 00:28:22,960
Speaker 3: be having this, and they have open orders in their

610
00:28:23,119 --> 00:28:26,000
Speaker 3: entire economy which are being massively state funded to find

611
00:28:26,040 --> 00:28:28,480
Speaker 3: an alternative in the immediate So this is it.

612
00:28:29,160 --> 00:28:30,960
Speaker 1: And we had Ben Smith on our show, and it

613
00:28:31,000 --> 00:28:32,520
Speaker 1: bears a longer discussion.

614
00:28:32,920 --> 00:28:36,399
Speaker 3: The era of trying to beat China or any of

615
00:28:36,440 --> 00:28:39,360
Speaker 3: that on trying to beat China in terms of full

616
00:28:39,360 --> 00:28:42,760
Speaker 3: on decoupling from the US side is over. My current

617
00:28:42,800 --> 00:28:45,200
Speaker 3: theory is that if China and the US d couple,

618
00:28:45,240 --> 00:28:46,880
Speaker 3: it will be because the Chinese want.

619
00:28:46,760 --> 00:28:49,320
Speaker 1: To and they're like, they're like, you guys are a problem.

620
00:28:49,440 --> 00:28:52,440
Speaker 3: You know, you have a degenerate market, volatile economy.

621
00:28:52,480 --> 00:28:54,840
Speaker 1: They're like, we can't deal with this. You're too unreliable

622
00:28:54,880 --> 00:28:56,400
Speaker 1: of a supplier to all.

623
00:28:56,520 --> 00:28:58,760
Speaker 2: And by the way, they're in a lot of ways

624
00:28:58,760 --> 00:29:01,760
Speaker 2: they are. They have been taking the steps to do

625
00:29:01,840 --> 00:29:04,880
Speaker 2: that both in terms of their financial system. You know,

626
00:29:04,880 --> 00:29:07,640
Speaker 2: they're looking at our sanctions really going like, okay, this

627
00:29:07,680 --> 00:29:09,400
Speaker 2: is not we don't want you to have this leverage

628
00:29:09,440 --> 00:29:13,440
Speaker 2: over us. I Arna Bertrand had written up that whole

629
00:29:13,440 --> 00:29:16,240
Speaker 2: thing about helium. They realized that they've had this vulnerability

630
00:29:16,600 --> 00:29:19,440
Speaker 2: and relied on us for helium, which is apparently really important,

631
00:29:19,480 --> 00:29:21,400
Speaker 2: and they're all right, well, we got to figure that out.

632
00:29:21,680 --> 00:29:24,720
Speaker 2: You know, they have been thinking about how actually to

633
00:29:24,800 --> 00:29:28,440
Speaker 2: become less dependent on us and decouple from US for

634
00:29:28,600 --> 00:29:32,440
Speaker 2: years now. And you know, this is the Chips piece

635
00:29:32,480 --> 00:29:34,680
Speaker 2: is a really critical piece. You know, I'm not even

636
00:29:34,720 --> 00:29:37,160
Speaker 2: sure I disagree with the decision from the Trump administration

637
00:29:37,280 --> 00:29:38,920
Speaker 2: at this point. Like the corrupt part of it is

638
00:29:38,920 --> 00:29:41,240
Speaker 2: obviously disgusting, and I actually think what it really comes

639
00:29:41,280 --> 00:29:44,320
Speaker 2: down to as well, is that Trump also realizes that

640
00:29:44,400 --> 00:29:47,760
Speaker 2: the stock market is wholly and completely dependent on in VideA.

641
00:29:48,200 --> 00:29:50,640
Speaker 2: So he's like, he wants that arrow line to keep

642
00:29:50,680 --> 00:29:53,600
Speaker 2: going up, so he's going to do whatever in Vidia

643
00:29:54,080 --> 00:29:58,040
Speaker 2: wants him to do to continue increasing their orders, et cetera.

644
00:29:58,440 --> 00:30:01,160
Speaker 2: But you know, when we had these sorts of export

645
00:30:01,160 --> 00:30:04,000
Speaker 2: controls on, what that did is it did force China

646
00:30:04,080 --> 00:30:05,800
Speaker 2: into Okay, well, we got to be creative, we got

647
00:30:05,840 --> 00:30:07,440
Speaker 2: to do our own innovation, We've got to do our

648
00:30:07,480 --> 00:30:10,840
Speaker 2: own development. You know, that's actually what helped you in

649
00:30:10,920 --> 00:30:13,600
Speaker 2: some of the backstory for development of deep Seek. They

650
00:30:13,680 --> 00:30:15,800
Speaker 2: realize how to be more innovative with the chips that

651
00:30:15,800 --> 00:30:18,720
Speaker 2: they did have access to, et cetera. So you know,

652
00:30:18,760 --> 00:30:20,640
Speaker 2: I'm not even sure, like I don't know that the

653
00:30:20,640 --> 00:30:23,760
Speaker 2: export controls were really working at this point. What Nvidia's

654
00:30:23,840 --> 00:30:26,760
Speaker 2: argument is, and of course this is a self interested argument,

655
00:30:26,880 --> 00:30:29,720
Speaker 2: but their argument is effectively like, no, you don't want

656
00:30:29,760 --> 00:30:33,440
Speaker 2: to keep the American tech stack out of China. You

657
00:30:33,480 --> 00:30:36,680
Speaker 2: want them to be dependent on our tech. And so

658
00:30:37,040 --> 00:30:39,960
Speaker 2: that's the argument that they've been making. Basically, if you,

659
00:30:39,960 --> 00:30:42,840
Speaker 2: you know, don't allow them to purchase these chips, they're

660
00:30:42,880 --> 00:30:44,760
Speaker 2: just going to go and develop their own and it'll

661
00:30:44,800 --> 00:30:47,520
Speaker 2: be a direct competitor. And then you know, that's more

662
00:30:47,520 --> 00:30:49,720
Speaker 2: of an issue for you at this point. Now, like

663
00:30:49,760 --> 00:30:51,320
Speaker 2: you said, I'm sure what China is going to do

664
00:30:51,560 --> 00:30:53,920
Speaker 2: is both to purchase these chips in the short term

665
00:30:53,960 --> 00:30:57,120
Speaker 2: and also continue their development and racism at this level

666
00:30:57,160 --> 00:31:00,280
Speaker 2: of advanced technology, right, But I mean, I think like

667
00:31:00,280 --> 00:31:02,880
Speaker 2: they're racing towards that, whether we provide them with you,

668
00:31:02,960 --> 00:31:04,280
Speaker 2: allow them to buy these chips or not.

669
00:31:04,320 --> 00:31:06,760
Speaker 3: At the time, don't sell somebody the rope to hang you. Okay,

670
00:31:06,760 --> 00:31:09,000
Speaker 3: at least make it a little bit more difficult. And

671
00:31:09,200 --> 00:31:11,560
Speaker 3: this look, I mean, the problem is talking about this

672
00:31:11,720 --> 00:31:12,560
Speaker 3: in a vacuum.

673
00:31:12,600 --> 00:31:14,440
Speaker 1: It's not supposed to be in vacuum. The right is.

674
00:31:14,800 --> 00:31:17,640
Speaker 3: This is what's so frustrating and honestly deeply sad. Eight

675
00:31:17,840 --> 00:31:22,680
Speaker 3: years of talk about industrial policy, about competition, about decoupling,

676
00:31:23,000 --> 00:31:27,200
Speaker 3: about reforming American manufacturing, and it's basically over, guys, like

677
00:31:27,320 --> 00:31:28,960
Speaker 3: it's over this trade deal.

678
00:31:29,280 --> 00:31:30,640
Speaker 1: Put the nail in the coffin.

679
00:31:30,680 --> 00:31:34,040
Speaker 3: Ironically, it's Trump himself who ten years ago was the

680
00:31:34,080 --> 00:31:37,120
Speaker 3: person who ushered in a new consensus on China where

681
00:31:37,160 --> 00:31:39,200
Speaker 3: a lot of people agreed. But the point of our

682
00:31:39,240 --> 00:31:42,080
Speaker 3: discussion with Ben Smith yesterday is he's also the person who,

683
00:31:42,160 --> 00:31:44,920
Speaker 3: because of political convenience, corrupt, whatever you want to call it,

684
00:31:44,920 --> 00:31:47,000
Speaker 3: has decided actually, it's not going to happen.

685
00:31:47,160 --> 00:31:48,360
Speaker 1: It's not entirely his fault.

686
00:31:48,560 --> 00:31:51,760
Speaker 3: The Biden administration tried, but the truth was, as we

687
00:31:51,800 --> 00:31:53,920
Speaker 3: always said at the time, it's just not enough.

688
00:31:54,000 --> 00:31:56,720
Speaker 1: Like the piecemeal approach, it was never going to work.

689
00:31:56,760 --> 00:31:58,760
Speaker 3: It would have literally had to take in what the

690
00:31:58,840 --> 00:32:02,440
Speaker 3: Chinese did, made a commitment made in China twenty twenty five.

691
00:32:02,840 --> 00:32:04,200
Speaker 1: Like I said, I went through their plan.

692
00:32:04,680 --> 00:32:08,040
Speaker 3: You would be amazed how their ten year plan actually

693
00:32:08,080 --> 00:32:10,000
Speaker 3: came to fruition on a number of counts.

694
00:32:10,000 --> 00:32:11,120
Speaker 1: They have still a few.

695
00:32:11,040 --> 00:32:13,840
Speaker 3: Strategic areas which they're very open about, and they're moving

696
00:32:13,880 --> 00:32:16,640
Speaker 3: towards it. And their system is not only not only

697
00:32:16,680 --> 00:32:20,440
Speaker 3: it's not only not collapsing as people predicted and said, oh,

698
00:32:20,440 --> 00:32:23,520
Speaker 3: they'll never be able to do it. Instead, it's going

699
00:32:23,520 --> 00:32:26,520
Speaker 3: the opposite. It's consolidating. You know, it looks even more

700
00:32:26,600 --> 00:32:28,840
Speaker 3: legitimate for the eyes of people. Of course, they have

701
00:32:28,880 --> 00:32:31,320
Speaker 3: a lot of problems. No one's saying that they don't.

702
00:32:31,320 --> 00:32:34,360
Speaker 3: It's a gigantic country with over a billion people in it.

703
00:32:34,440 --> 00:32:38,040
Speaker 3: But their trajectory is on the right track. You can't

704
00:32:38,120 --> 00:32:41,800
Speaker 3: say that about our current economy, and so AI is

705
00:32:41,840 --> 00:32:45,080
Speaker 3: the last thing that we have. And yeah, if they succeed,

706
00:32:45,280 --> 00:32:48,400
Speaker 3: I guess it'll destroy us. If it doesn't succeed, it'll

707
00:32:48,440 --> 00:32:49,840
Speaker 3: also destroy us.

708
00:32:50,320 --> 00:32:51,480
Speaker 2: I mean, if we're going in the strip, can we

709
00:32:51,520 --> 00:32:53,200
Speaker 2: at least get to buy the BYD cars?

710
00:32:53,640 --> 00:32:56,600
Speaker 1: Yeah, Well, something you can in Mexico.

711
00:32:56,920 --> 00:32:59,680
Speaker 3: I was actually speaking with a friend recently and because

712
00:32:59,760 --> 00:33:03,000
Speaker 3: I was very against allowing these Chinese cars into our market,

713
00:33:03,040 --> 00:33:05,120
Speaker 3: and he made this point. He said, look, I agree,

714
00:33:05,200 --> 00:33:08,400
Speaker 3: I understand where you're coming from, but the truth is

715
00:33:08,400 --> 00:33:13,640
Speaker 3: is that the American automakers are so just so bad,

716
00:33:14,120 --> 00:33:17,960
Speaker 3: and that there's not enough competition currently in the US,

717
00:33:18,040 --> 00:33:20,760
Speaker 3: and that the only way that we could potentially spur

718
00:33:20,920 --> 00:33:23,960
Speaker 3: things is to allow byd Zhaomi and all of these

719
00:33:23,960 --> 00:33:27,560
Speaker 3: other companies here access, but consumers would flock and it

720
00:33:27,600 --> 00:33:31,360
Speaker 3: would actually put organic market pressure on four GM and

721
00:33:31,400 --> 00:33:32,920
Speaker 3: others to actually try and compete.

722
00:33:32,920 --> 00:33:34,680
Speaker 1: In that second. I said, you know what, I don't.

723
00:33:34,960 --> 00:33:36,280
Speaker 1: I'm not there one hundred percent.

724
00:33:36,400 --> 00:33:39,320
Speaker 3: But it's not a bad argument because they're cheaper, it's

725
00:33:39,400 --> 00:33:42,760
Speaker 3: better technology. And I mean, again, if we're going to

726
00:33:42,800 --> 00:33:44,680
Speaker 3: live in this world where decoupling and all that's not

727
00:33:44,720 --> 00:33:46,280
Speaker 3: going to happen, then yeah, we might as well be

728
00:33:46,280 --> 00:33:48,080
Speaker 3: able to drive a cheap car, right. You know, I

729
00:33:48,080 --> 00:33:50,080
Speaker 3: want to know if the Japanese cars, sorry, it's better,

730
00:33:50,080 --> 00:33:52,240
Speaker 3: it just is. I saw the new version of the Corolla.

731
00:33:52,280 --> 00:33:53,680
Speaker 3: Oh my god, I'm like salivating.

732
00:33:53,800 --> 00:33:57,000
Speaker 2: Well here's here's in fairness, to the American automakers, especially

733
00:33:57,040 --> 00:33:59,680
Speaker 2: with the EV development is like, you know, if you

734
00:33:59,760 --> 00:34:03,880
Speaker 2: were a Chinese automaker, you knew my government is in

735
00:34:03,920 --> 00:34:07,040
Speaker 2: for the long term on EV's and you know, and

736
00:34:07,040 --> 00:34:09,320
Speaker 2: by the way, there were a lot of EV Chinese

737
00:34:09,360 --> 00:34:12,120
Speaker 2: EV automakers that failed, you know, they it wasn't just

738
00:34:12,200 --> 00:34:15,000
Speaker 2: this one company. There are many of them. There's some

739
00:34:15,000 --> 00:34:16,960
Speaker 2: of them was very interesting, some of them have failed,

740
00:34:16,960 --> 00:34:19,560
Speaker 2: some of them have succeeded, et cetera. But they they

741
00:34:19,560 --> 00:34:21,960
Speaker 2: all had the confidence of Okay, this is a priority

742
00:34:22,000 --> 00:34:24,880
Speaker 2: of my government, not oh, this is a priority of

743
00:34:24,920 --> 00:34:27,600
Speaker 2: this four years, but next four years who the FuG knows.

744
00:34:27,960 --> 00:34:31,080
Speaker 2: And that's the reality for the automakers here. So you know,

745
00:34:31,160 --> 00:34:33,400
Speaker 2: like I said before, you had four years of Biden

746
00:34:33,520 --> 00:34:35,319
Speaker 2: saying Okay, this is something we want to do, and

747
00:34:35,320 --> 00:34:37,399
Speaker 2: we're going to try to build out the charging infrastructure,

748
00:34:37,400 --> 00:34:39,480
Speaker 2: and you know, which is a major pain point as

749
00:34:39,480 --> 00:34:40,920
Speaker 2: someone who is an EV owner. And by the way,

750
00:34:40,960 --> 00:34:43,760
Speaker 2: I love I actually love my board Mustang Mockys.

751
00:34:44,040 --> 00:34:44,719
Speaker 1: I really like it.

752
00:34:44,760 --> 00:34:46,640
Speaker 2: I'm not saying it's better than BYD It's probably not.

753
00:34:46,920 --> 00:34:47,480
Speaker 2: I know it's not.

754
00:34:47,880 --> 00:34:50,560
Speaker 1: But it depends just roomy, well, it depends on the BYD.

755
00:34:50,840 --> 00:34:53,040
Speaker 2: I mean they you know, the bhyd's they have longer.

756
00:34:53,440 --> 00:34:56,279
Speaker 2: The battery technology alone is better. But in any case,

757
00:34:56,360 --> 00:34:58,319
Speaker 2: you know, one of the pain points is a not

758
00:34:58,440 --> 00:35:01,799
Speaker 2: fully built out charging infrastru Sure, Biden administration was all right,

759
00:35:01,840 --> 00:35:03,400
Speaker 2: we're going to work on that, We're going to give

760
00:35:03,440 --> 00:35:05,200
Speaker 2: some subsidies, we're going to help people to be able

761
00:35:05,239 --> 00:35:08,360
Speaker 2: to make the transition, We're to support these automakers. And

762
00:35:08,440 --> 00:35:10,399
Speaker 2: then you know, four years go by and the Trump

763
00:35:10,400 --> 00:35:13,600
Speaker 2: administration pulls all of that aggressively, is like, Nope, we

764
00:35:13,640 --> 00:35:16,600
Speaker 2: don't want to do absolutely any of that. So you know,

765
00:35:16,680 --> 00:35:19,520
Speaker 2: in a sense, it's like it really hobbles their ability

766
00:35:19,840 --> 00:35:22,319
Speaker 2: to have any sort of business certainty and invest for

767
00:35:22,360 --> 00:35:24,120
Speaker 2: the long term. So I do have some sympathy for

768
00:35:24,200 --> 00:35:25,800
Speaker 2: them in terms of their trajectory.

769
00:35:25,800 --> 00:35:26,560
Speaker 1: No, it's not their fault.

770
00:35:26,640 --> 00:35:28,680
Speaker 2: Yeah, well, I mean, I'm not saying it's none of

771
00:35:28,680 --> 00:35:31,040
Speaker 2: it's their fault, but it's also a very uncertain policy.

772
00:35:31,080 --> 00:35:33,400
Speaker 3: Lands You're definitely right. But even on the outcome, this

773
00:35:33,480 --> 00:35:35,799
Speaker 3: is why outcomes are so important. You know, everyone's like, oh,

774
00:35:35,800 --> 00:35:39,520
Speaker 3: the Biden administration appropriate funds the actual chargers that were

775
00:35:39,520 --> 00:35:41,480
Speaker 3: built out, even with the enormous amount of funds.

776
00:35:41,560 --> 00:35:42,080
Speaker 1: It was scant.

777
00:35:42,200 --> 00:35:44,080
Speaker 3: It was like one in one thousand of the amount

778
00:35:44,320 --> 00:35:47,480
Speaker 3: of infrastructure, right, and the ones that were built, you know,

779
00:35:47,480 --> 00:35:49,520
Speaker 3: they had long wait times, many of the times that

780
00:35:49,560 --> 00:35:52,600
Speaker 3: they were down. We just don't have the requisitibility to

781
00:35:52,680 --> 00:35:56,600
Speaker 3: just go in bulldoze build new stuff, put in some transformers.

782
00:35:56,640 --> 00:35:58,400
Speaker 1: I will say credit to Tesla.

783
00:35:58,480 --> 00:36:01,000
Speaker 3: The new stuff that they're putting in the Northeast Corridor

784
00:36:01,239 --> 00:36:03,920
Speaker 3: with their transformers and the super charging network is actually

785
00:36:04,000 --> 00:36:07,240
Speaker 3: very cool. But that's still that's only for Tesla owners

786
00:36:07,239 --> 00:36:09,040
Speaker 3: and some you know, the other companies that have done

787
00:36:09,160 --> 00:36:11,200
Speaker 3: deals with them. It's not even close, you know, to

788
00:36:11,200 --> 00:36:13,640
Speaker 3: to what's the current market penetration of EV. I don't

789
00:36:13,680 --> 00:36:15,560
Speaker 3: even think it's ten percent in terms of the number

790
00:36:15,560 --> 00:36:18,759
Speaker 3: of Right, maybe in California, right, you're right, maybe in California,

791
00:36:18,800 --> 00:36:21,080
Speaker 3: But here in the Northeast, I would have to I

792
00:36:21,080 --> 00:36:23,840
Speaker 3: would have to look immediately, but it's it's still not

793
00:36:24,360 --> 00:36:26,439
Speaker 3: even close to where it is. And by the way,

794
00:36:26,520 --> 00:36:28,680
Speaker 3: even the power if you try to charge at a

795
00:36:28,719 --> 00:36:30,920
Speaker 3: supercharger in the middle of the day, it can get

796
00:36:30,960 --> 00:36:33,839
Speaker 3: a little pricey there for a couple hundred miles. I mean, yeah,

797
00:36:33,880 --> 00:36:36,000
Speaker 3: I'm preaching to the choir for people who have to

798
00:36:36,040 --> 00:36:38,640
Speaker 3: pay for gas like that's it's obviously a lot more.

799
00:36:38,880 --> 00:36:41,480
Speaker 1: But in China they don't have necessarily that issue.

800
00:36:41,480 --> 00:36:43,759
Speaker 3: By the way, you know, I was in London about

801
00:36:43,800 --> 00:36:46,719
Speaker 3: a year ago or so, and you know those pylons

802
00:36:46,719 --> 00:36:48,759
Speaker 3: that like stick up out of the street in a

803
00:36:48,800 --> 00:36:52,440
Speaker 3: lot of places in London, they have charging supports inside

804
00:36:52,480 --> 00:36:54,839
Speaker 3: the pylons for street parkers. So you can just roll up,

805
00:36:55,080 --> 00:36:57,680
Speaker 3: you can park right there, and you can actually charge

806
00:36:57,680 --> 00:37:00,560
Speaker 3: your car directly from one of those street piss it's

807
00:37:00,600 --> 00:37:03,040
Speaker 3: just sitting there on the sidewalk. I mean, London's an

808
00:37:03,040 --> 00:37:05,239
Speaker 3: ancient city. If they can figure it out, why can't

809
00:37:05,239 --> 00:37:05,960
Speaker 3: we figure it out.

810
00:37:06,000 --> 00:37:07,840
Speaker 2: I mean, I will tell you guys, it is a

811
00:37:07,880 --> 00:37:11,959
Speaker 2: superior technology, like not only not having a patient. Yeah,

812
00:37:12,000 --> 00:37:14,560
Speaker 2: the acceleration is meantagical. The way it drives is great.

813
00:37:14,719 --> 00:37:16,480
Speaker 2: No maintenance, right, you're not good. You don't have to

814
00:37:16,480 --> 00:37:19,200
Speaker 2: go get your oil change because there's no oil circulating through.

815
00:37:19,239 --> 00:37:22,040
Speaker 2: It's much cleaner. It just requires a lot less upkeep,

816
00:37:22,320 --> 00:37:24,120
Speaker 2: so last longer you're going to the you know, the

817
00:37:24,560 --> 00:37:28,200
Speaker 2: dealer or the auto mechanic much less. You obviously don't

818
00:37:28,239 --> 00:37:29,839
Speaker 2: have to deal with the ups and downs of how

819
00:37:29,920 --> 00:37:31,640
Speaker 2: much gas costs and whatever like.

820
00:37:31,760 --> 00:37:32,319
Speaker 1: It is a.

821
00:37:32,280 --> 00:37:35,879
Speaker 2: Superior technology, but not if you don't have the infrastructure

822
00:37:35,920 --> 00:37:39,040
Speaker 2: built out, then it just becomes impractical for most people.

823
00:37:39,120 --> 00:37:40,840
Speaker 2: You know, I wouldn't have an electric vehicle if it

824
00:37:40,880 --> 00:37:43,440
Speaker 2: was my sole vehicle. I'm not going to take it

825
00:37:43,480 --> 00:37:45,680
Speaker 2: on long trips because it's a frickin paign in the butt,

826
00:37:45,840 --> 00:37:48,040
Speaker 2: you know, to have to Okay, where's my charging station?

827
00:37:48,440 --> 00:37:50,399
Speaker 2: Where am I? You know, let me plan it all out.

828
00:37:50,440 --> 00:37:52,000
Speaker 2: Then I'm gonna have to sit there for twenty minutes

829
00:37:52,000 --> 00:37:54,280
Speaker 2: while the thing gets a charge. Oh, this one's broken,

830
00:37:54,320 --> 00:37:55,920
Speaker 2: it doesn't work. What am I going to do now?

831
00:37:56,000 --> 00:37:59,680
Speaker 2: You know? That's that is the current reality of EV ownership.

832
00:37:59,719 --> 00:38:03,960
Speaker 2: And since our government can't you know, build anything, and

833
00:38:04,280 --> 00:38:07,080
Speaker 2: couldn't get us act together to you know, really invest

834
00:38:07,239 --> 00:38:10,120
Speaker 2: in this charging infrastructure and as schizophrenic about what they

835
00:38:10,160 --> 00:38:12,600
Speaker 2: want even want to do in this direction, it means

836
00:38:12,600 --> 00:38:17,000
Speaker 2: that our automakers are you know, falling behind and sort

837
00:38:17,000 --> 00:38:18,920
Speaker 2: of we're being left in the past. I looked it up.

838
00:38:18,960 --> 00:38:22,359
Speaker 2: The new EV penetration for new car sales is seven

839
00:38:22,400 --> 00:38:24,239
Speaker 2: to eight percent. Okay, so that's just with new car

840
00:38:24,280 --> 00:38:27,200
Speaker 2: sales even seven to eight percent. Yes, look, it's not nothing,

841
00:38:27,280 --> 00:38:30,719
Speaker 2: but you know it's still and you get why because

842
00:38:30,719 --> 00:38:32,680
Speaker 2: it's inconvenient, right, Yeah, of course I've driven.

843
00:38:32,680 --> 00:38:36,200
Speaker 3: I've driven twelve hours in the in the electric car,

844
00:38:36,600 --> 00:38:38,239
Speaker 3: and I mean, I will say, if you have a

845
00:38:38,280 --> 00:38:39,839
Speaker 3: new baby, it's not the worst thing in the world

846
00:38:39,840 --> 00:38:41,920
Speaker 3: because you pretty much have to stop every two hours anyway.

847
00:38:41,960 --> 00:38:44,160
Speaker 1: But yeah, if it was, if it was just.

848
00:38:44,160 --> 00:38:46,160
Speaker 3: Me, I would be I would definitely have found it

849
00:38:46,200 --> 00:38:48,239
Speaker 3: a little bit inconvenient. But I mean, you know, the

850
00:38:48,239 --> 00:38:50,560
Speaker 3: full self driving can make up for that. It depends

851
00:38:50,640 --> 00:38:54,080
Speaker 3: on your own preference for the technology and et cetera.

852
00:38:54,239 --> 00:38:57,200
Speaker 3: But yes, look, the fact of the matter is they

853
00:38:57,200 --> 00:39:00,439
Speaker 3: have abundant, cheap power over there, They have a huge

854
00:39:00,480 --> 00:39:05,359
Speaker 3: amount of government infrastructure and investment behind their technology.

855
00:39:05,600 --> 00:39:09,200
Speaker 1: It just continues to progress. The people there love it.

856
00:39:09,560 --> 00:39:11,000
Speaker 1: You know, there's no real.

857
00:39:10,880 --> 00:39:14,680
Speaker 3: Organic complaint generally, and it would be nice if we

858
00:39:14,719 --> 00:39:17,200
Speaker 3: could see something like that, and instead all of us

859
00:39:17,239 --> 00:39:19,880
Speaker 3: are just praying to the Nvidia God that it continues

860
00:39:20,040 --> 00:39:22,239
Speaker 3: to go up, because when it goes down, we're all

861
00:39:22,239 --> 00:39:26,719
Speaker 3: going to suffer the consequences. Yeah, all right, let's get

862
00:39:26,760 --> 00:39:27,360
Speaker 3: to insurance.

863
00:39:27,680 --> 00:39:29,960
Speaker 2: So we are now getting more of a preview for

864
00:39:30,360 --> 00:39:33,000
Speaker 2: just how much healthcare premiums are going up in the

865
00:39:33,040 --> 00:39:36,120
Speaker 2: Obamacare marketplaces for next year. We can put this tear

866
00:39:36,160 --> 00:39:39,360
Speaker 2: sheet up on the screen. The news is very grim.

867
00:39:39,480 --> 00:39:43,080
Speaker 2: Obamacare price has become public highlighting big increases. So the

868
00:39:43,120 --> 00:39:46,600
Speaker 2: Trump administration has released a preview of the available plan

869
00:39:46,680 --> 00:39:50,080
Speaker 2: sold through Obamacare marketplaces in thirty states, giving Americans who

870
00:39:50,080 --> 00:39:51,880
Speaker 2: buy their own health insurance a first look at just

871
00:39:51,920 --> 00:39:55,000
Speaker 2: how much prices would go up. Insurers have increased rates

872
00:39:55,000 --> 00:39:58,480
Speaker 2: significantly for next year, an average of about thirty percent

873
00:39:59,200 --> 00:40:01,560
Speaker 2: for a typical t in the thirty states where the

874
00:40:01,600 --> 00:40:04,840
Speaker 2: federal government manages markets, and an average of seventeen percent

875
00:40:05,280 --> 00:40:07,960
Speaker 2: in states that run their own markets. That's according to

876
00:40:08,160 --> 00:40:12,239
Speaker 2: a new analysis from Kaiser Family Foundation. Biggest impact for

877
00:40:12,280 --> 00:40:15,080
Speaker 2: nearly all Americans covered by Obamacare plans will occur with

878
00:40:15,120 --> 00:40:17,400
Speaker 2: the expiration of generous subsidies at the end of the

879
00:40:17,480 --> 00:40:20,680
Speaker 2: year and less Congress extends them. Prices on the government

880
00:40:20,719 --> 00:40:25,120
Speaker 2: website healthcare dot gov reflect that change using calculations based

881
00:40:25,160 --> 00:40:27,920
Speaker 2: on a return to the lower subsidy levels offered before

882
00:40:28,080 --> 00:40:32,440
Speaker 2: twenty twenty one. So you have you know across the

883
00:40:32,480 --> 00:40:37,040
Speaker 2: board hit in terms of prices going up, and Sager

884
00:40:37,280 --> 00:40:39,759
Speaker 2: part of what they point to and we can get

885
00:40:39,760 --> 00:40:42,440
Speaker 2: into because I think it's still very murky why prices

886
00:40:42,480 --> 00:40:44,920
Speaker 2: are going up so much at this point. Certainly some

887
00:40:44,960 --> 00:40:48,120
Speaker 2: of it has to do with the ozembic style weight

888
00:40:48,160 --> 00:40:50,920
Speaker 2: loss drugs, which have become incredibly popular and also, by

889
00:40:50,920 --> 00:40:53,560
Speaker 2: the way, incredibly impactful. The obesity rate is actually going

890
00:40:53,560 --> 00:40:56,719
Speaker 2: down for like the first time in modern history. But

891
00:40:56,840 --> 00:40:59,560
Speaker 2: you also have with this they talk about how with

892
00:40:59,640 --> 00:41:02,840
Speaker 2: the laws of the subsidies and prices going up, healthier

893
00:41:02,840 --> 00:41:05,320
Speaker 2: people are going to drop out. That makes the cost

894
00:41:05,400 --> 00:41:08,319
Speaker 2: higher for them. Sicker people stay in the pool, and

895
00:41:08,400 --> 00:41:13,800
Speaker 2: so they are pricing in that expectation that healthier, younger

896
00:41:13,840 --> 00:41:16,160
Speaker 2: people are going to drop out of the pool, and

897
00:41:16,200 --> 00:41:18,279
Speaker 2: so everybody who remains is going to have.

898
00:41:18,239 --> 00:41:18,640
Speaker 1: To bear more.

899
00:41:18,800 --> 00:41:21,680
Speaker 3: I mean, it's rational. So ours are not yet public.

900
00:41:21,880 --> 00:41:24,000
Speaker 3: They will be public by the way November first. I

901
00:41:24,040 --> 00:41:26,520
Speaker 3: will personally post for all of you what it will

902
00:41:26,560 --> 00:41:28,799
Speaker 3: cost for me, because I'm very curious actually to see

903
00:41:28,800 --> 00:41:31,440
Speaker 3: what the actual increase will be. But I mean, this

904
00:41:31,520 --> 00:41:34,279
Speaker 3: is a rational calculus. Let's say it starts to get

905
00:41:34,360 --> 00:41:37,640
Speaker 3: to the thirty thousand dollars a year range, and you

906
00:41:37,760 --> 00:41:40,360
Speaker 3: include a fourteen thousand dollars deductible, which is what I

907
00:41:40,400 --> 00:41:43,840
Speaker 3: currently have right now for the plan that's forty four grand.

908
00:41:43,960 --> 00:41:47,600
Speaker 1: In the event of a bad thing happening.

909
00:41:47,320 --> 00:41:50,160
Speaker 3: To you, maybe roll the dice, just pay it in cash,

910
00:41:50,280 --> 00:41:52,239
Speaker 3: I mean, honestly, and by the way, with cash, can't

911
00:41:52,239 --> 00:41:54,560
Speaker 3: you negotiate. I've heard that before that if you have

912
00:41:54,600 --> 00:41:57,000
Speaker 3: a cash bill at hospital, you can call them up

913
00:41:57,040 --> 00:41:59,640
Speaker 3: and be like, hey, listen, I'll pay you fifty cents

914
00:41:59,640 --> 00:42:01,960
Speaker 3: on the dollar, and they'll be like, oh, okay, you know,

915
00:42:02,040 --> 00:42:04,279
Speaker 3: we'll take it something like which shows you how fake

916
00:42:04,320 --> 00:42:06,200
Speaker 3: the prices the entire time.

917
00:42:06,480 --> 00:42:08,440
Speaker 1: Yeah, around forty fifty thousand bucks.

918
00:42:08,560 --> 00:42:11,640
Speaker 3: I mean, it seems reasonable to just say, I'm not sure,

919
00:42:11,800 --> 00:42:14,480
Speaker 3: not so sure that we shouldn't just basically be self insured.

920
00:42:14,480 --> 00:42:16,080
Speaker 1: I mean, that's a horrible place to be. You're gonna

921
00:42:16,080 --> 00:42:16,440
Speaker 1: be you're out.

922
00:42:16,440 --> 00:42:18,319
Speaker 3: If you're gonna be out the whole anyway, for such

923
00:42:18,320 --> 00:42:21,520
Speaker 3: an insane amount of money, you're basically buying like ultra

924
00:42:21,640 --> 00:42:23,640
Speaker 3: disaster insurance at that point.

925
00:42:23,680 --> 00:42:24,560
Speaker 1: And I don't think that.

926
00:42:24,520 --> 00:42:27,680
Speaker 3: The disaster insurance should cost forty thousand dollars a year right,

927
00:42:27,760 --> 00:42:30,600
Speaker 3: or forty five thousand dollars potentially in the event of

928
00:42:30,640 --> 00:42:34,160
Speaker 3: a really bad situation, that is an entirely rational choice

929
00:42:34,160 --> 00:42:36,879
Speaker 3: that would not fall really anyone from making. And I think,

930
00:42:36,920 --> 00:42:38,640
Speaker 3: you know what we just can't get away from is

931
00:42:39,040 --> 00:42:41,480
Speaker 3: this just shows you how bad Obamacare is like. And

932
00:42:42,360 --> 00:42:46,120
Speaker 3: it's one of those where with the whole subsidy conversation,

933
00:42:46,480 --> 00:42:50,320
Speaker 3: it just seems missing for this entire It just seems

934
00:42:50,320 --> 00:42:53,200
Speaker 3: missing from this entire discussion, like the subsidies only existed

935
00:42:53,440 --> 00:42:56,400
Speaker 3: because of COVID. I think that better than nothing. Rationally,

936
00:42:56,440 --> 00:42:59,080
Speaker 3: people look at the subsidy and said, oh, that's not affordable,

937
00:42:59,200 --> 00:43:02,080
Speaker 3: but it's like or affordable. Yeah, sound, so they signed

938
00:43:02,160 --> 00:43:04,680
Speaker 3: up and they actually had HELT insurance for the first time.

939
00:43:04,960 --> 00:43:08,359
Speaker 3: What I do find very objectionable is not the GLP one,

940
00:43:08,640 --> 00:43:12,160
Speaker 3: but it does appear that many of the hospitals have

941
00:43:12,239 --> 00:43:15,680
Speaker 3: been taking advantage of the newly amount of insured to

942
00:43:15,880 --> 00:43:19,560
Speaker 3: increase their overall price for the services and including for

943
00:43:19,640 --> 00:43:22,280
Speaker 3: some of the drugs that have been negotiated, because remember

944
00:43:22,360 --> 00:43:25,160
Speaker 3: over the PBMs and the interlockators between all of this

945
00:43:25,280 --> 00:43:28,080
Speaker 3: are squeezing every dollar that they possibly can, so the

946
00:43:28,160 --> 00:43:30,719
Speaker 3: overall price has actually gone up as more people have

947
00:43:30,840 --> 00:43:33,760
Speaker 3: entered this market based insurance subsidy system.

948
00:43:33,800 --> 00:43:35,120
Speaker 1: And so the ultimate.

949
00:43:35,040 --> 00:43:37,680
Speaker 3: Reality that you arrive at is healthy people may leave

950
00:43:37,680 --> 00:43:39,919
Speaker 3: the pool the remaining number of people in the pool,

951
00:43:39,960 --> 00:43:41,279
Speaker 3: or are they going to be sicker who are going

952
00:43:41,320 --> 00:43:45,799
Speaker 3: to consuming more healthcare? That healthcare price is completely untethered

953
00:43:46,000 --> 00:43:49,000
Speaker 3: from any market based demand. And you had how you

954
00:43:49,080 --> 00:43:51,920
Speaker 3: end up with twenty percent of your GDP spent on

955
00:43:52,080 --> 00:43:56,759
Speaker 3: keeping people sick. It's an insane system and it makes

956
00:43:56,800 --> 00:44:00,640
Speaker 3: me so angry when I think about it. From housing

957
00:44:01,040 --> 00:44:03,319
Speaker 3: and to this, I just don't know, Like if you

958
00:44:03,440 --> 00:44:06,520
Speaker 3: are we talked previously twenty five thousand dollars per year

959
00:44:06,800 --> 00:44:09,399
Speaker 3: family of four, What are we doing here?

960
00:44:09,880 --> 00:44:12,880
Speaker 1: That's usury? At a certain point.

961
00:44:12,800 --> 00:44:16,880
Speaker 2: Where are my AI savings? You know, when when's that

962
00:44:16,920 --> 00:44:17,520
Speaker 2: going to hit? Yeah?

963
00:44:17,520 --> 00:44:19,239
Speaker 1: If you're going to deny people care, at least save

964
00:44:19,239 --> 00:44:19,879
Speaker 1: me a fucking buck.

965
00:44:20,040 --> 00:44:20,320
Speaker 3: Yeah.

966
00:44:20,239 --> 00:44:22,600
Speaker 1: Where I'm Mike, I can't deal with this anymore.

967
00:44:22,640 --> 00:44:26,239
Speaker 2: Where are the health insurance layoffs and then the accompanying

968
00:44:26,400 --> 00:44:28,880
Speaker 2: reduction in premiums from all the money that you're saving.

969
00:44:29,520 --> 00:44:32,440
Speaker 2: Somehow that's not filtering down to the consumer level. And

970
00:44:32,800 --> 00:44:35,239
Speaker 2: you know, they dig into who is going to be

971
00:44:35,239 --> 00:44:38,239
Speaker 2: most affected. So you have this group that makes, you know,

972
00:44:38,280 --> 00:44:40,560
Speaker 2: four times the poverty level. They were the ones that

973
00:44:40,600 --> 00:44:43,080
Speaker 2: were really the subsidies were expanded towards. So they're making

974
00:44:43,280 --> 00:44:45,560
Speaker 2: sixty five thousand dollars a board that's all going to

975
00:44:45,600 --> 00:44:47,640
Speaker 2: go away. So their premiums are the ones that are

976
00:44:47,680 --> 00:44:49,480
Speaker 2: really going to gyrock at the most, from like a

977
00:44:49,480 --> 00:44:52,759
Speaker 2: few hundred dollars to multi thousands of dollars. But people

978
00:44:52,840 --> 00:44:55,840
Speaker 2: who are at the poverty line or near the poverty line,

979
00:44:55,880 --> 00:44:59,280
Speaker 2: they are also going to see their costs go up significantly.

980
00:44:59,680 --> 00:45:02,600
Speaker 2: Now it's, you know, still an affordable amount if you

981
00:45:02,680 --> 00:45:05,440
Speaker 2: make a reasonable income, but if you're at the poverty level,

982
00:45:06,040 --> 00:45:09,600
Speaker 2: any sort of an increase is potentially dire for you.

983
00:45:09,680 --> 00:45:11,840
Speaker 2: Potentially means the difference between you being able to have

984
00:45:11,920 --> 00:45:14,480
Speaker 2: health insurance and not being able to have health insurance.

985
00:45:14,640 --> 00:45:16,920
Speaker 2: The other thing that they're pointing to here, Sager, is

986
00:45:16,920 --> 00:45:20,600
Speaker 2: they're saying that this weekend, November first, is a kind

987
00:45:20,640 --> 00:45:23,719
Speaker 2: of a key deadline, because if you don't have some

988
00:45:23,800 --> 00:45:27,399
Speaker 2: sort of a deal figured out in the shutdown, then

989
00:45:27,760 --> 00:45:31,160
Speaker 2: you are they're going to price in the expectation that

990
00:45:31,200 --> 00:45:33,440
Speaker 2: the subsidies are not going to continue that the healthy

991
00:45:33,440 --> 00:45:35,800
Speaker 2: people are going to drop a ount, that these premiums

992
00:45:35,800 --> 00:45:39,480
Speaker 2: are in fact going to become reality. So you know,

993
00:45:39,560 --> 00:45:41,719
Speaker 2: they're looking towards this weekend as really sort of like

994
00:45:41,760 --> 00:45:45,080
Speaker 2: a key moment in order to you know, determine what's

995
00:45:45,120 --> 00:45:47,680
Speaker 2: going to happen for the year going forward. Now, I

996
00:45:47,719 --> 00:45:51,479
Speaker 2: will say the expansion of the subsidies was under during

997
00:45:51,520 --> 00:45:55,520
Speaker 2: COVID was very successful in terms of, you know, the

998
00:45:55,600 --> 00:45:58,279
Speaker 2: uninsured rate is the lowest that it's ever been. I think,

999
00:45:58,920 --> 00:46:01,840
Speaker 2: you know, there were huge numbers of people who got

1000
00:46:01,880 --> 00:46:06,040
Speaker 2: into the Obamacare marketplaces because of these subsidies that were offered,

1001
00:46:06,120 --> 00:46:08,560
Speaker 2: So it was very successful in that way. But it

1002
00:46:08,600 --> 00:46:10,799
Speaker 2: means now that if those subsidies go away, you're going

1003
00:46:10,840 --> 00:46:13,960
Speaker 2: to have millions and millions of people who are really impacted.

1004
00:46:13,960 --> 00:46:15,800
Speaker 2: Not to mention, like I said, the follow one effects

1005
00:46:15,800 --> 00:46:16,440
Speaker 2: of premiums going on.

1006
00:46:16,600 --> 00:46:18,360
Speaker 3: Yeah, let's go to the next one, because this highlights

1007
00:46:18,400 --> 00:46:21,520
Speaker 3: something that I'm very passionate about which we did not

1008
00:46:21,600 --> 00:46:24,440
Speaker 3: even know chrysal until we became self employed. So Marginie

1009
00:46:24,480 --> 00:46:27,200
Speaker 3: Taylor Green highlights this. This is for self employed married

1010
00:46:27,239 --> 00:46:30,279
Speaker 3: parents in their thirties with four kids. They talk about

1011
00:46:30,280 --> 00:46:32,759
Speaker 3: Obamacare she says, Democrats of this Obamacare fifteen years ago.

1012
00:46:32,840 --> 00:46:34,799
Speaker 3: Johnson says, Republicans have a mystery plan that has yet

1013
00:46:34,840 --> 00:46:36,719
Speaker 3: to be revealed to fix it. No one knows what

1014
00:46:36,719 --> 00:46:38,760
Speaker 3: it is. We're told to stay home in our district.

1015
00:46:38,880 --> 00:46:42,479
Speaker 3: She highlights this post from a guy Mark Meredith. He says,

1016
00:46:42,520 --> 00:46:45,400
Speaker 3: these are the nine options for health insurance in my

1017
00:46:45,719 --> 00:46:49,160
Speaker 3: zip code. Here are the three silver plans. The plans

1018
00:46:49,160 --> 00:46:52,400
Speaker 3: that he posts range from three thousand, six hundred and

1019
00:46:52,440 --> 00:46:55,960
Speaker 3: fifty dollars five dollars per month to three thousand, eight

1020
00:46:56,040 --> 00:46:58,759
Speaker 3: hundred and ten dollars per month. If you look at

1021
00:46:58,760 --> 00:47:03,360
Speaker 3: the deductible, it's eighty six hundred, twelve thousand, and three thousand.

1022
00:47:03,640 --> 00:47:07,280
Speaker 3: The out of pocket maximum ranges from from the low

1023
00:47:07,400 --> 00:47:12,240
Speaker 3: of seventeen thousand, eight hundred to twenty one thousand, two hundred.

1024
00:47:12,320 --> 00:47:15,000
Speaker 3: This is a blue Cross Blue Shield plan for a

1025
00:47:15,040 --> 00:47:16,480
Speaker 3: family of six people.

1026
00:47:16,719 --> 00:47:19,440
Speaker 1: Now, notice she mentions they're self employed.

1027
00:47:19,480 --> 00:47:20,840
Speaker 3: I mean, one of the things that you and I

1028
00:47:21,000 --> 00:47:23,359
Speaker 3: discover right when you're self employed is not only that

1029
00:47:23,400 --> 00:47:25,640
Speaker 3: nobody's going to give you health insurance, but you also

1030
00:47:25,719 --> 00:47:28,440
Speaker 3: have to pay like the full freight of Medicare and

1031
00:47:28,480 --> 00:47:32,640
Speaker 3: Social Security tax. So think about what this means for entrepreneurship. Like,

1032
00:47:32,680 --> 00:47:35,880
Speaker 3: if you are somebody who wants to be an entrepreneur

1033
00:47:35,920 --> 00:47:38,120
Speaker 3: and to start your own business, which is allegedly the

1034
00:47:38,120 --> 00:47:42,520
Speaker 3: American dream, you actually are a lot worse off statistically

1035
00:47:42,800 --> 00:47:45,440
Speaker 3: in a lot of ways by taking this gamble. Because

1036
00:47:45,960 --> 00:47:49,200
Speaker 3: thirty six hundred per year, how much is that annualized?

1037
00:47:49,239 --> 00:47:51,040
Speaker 3: I can't even do the math in my head. That's

1038
00:47:51,080 --> 00:47:53,160
Speaker 3: what like forty K year or something like that. Okay,

1039
00:47:53,160 --> 00:47:56,320
Speaker 3: so that's like forty thousand dollars a year in after

1040
00:47:56,400 --> 00:47:57,240
Speaker 3: tax income.

1041
00:47:57,520 --> 00:47:58,960
Speaker 1: Yes, it's tax deductible.

1042
00:47:59,040 --> 00:48:01,480
Speaker 3: You know off of the top that you have to

1043
00:48:01,520 --> 00:48:04,240
Speaker 3: be able to bring home to make this, not before

1044
00:48:04,360 --> 00:48:07,640
Speaker 3: you make your mortgage or any of your other built

1045
00:48:07,719 --> 00:48:12,279
Speaker 3: not to mention profitability and paying for your employers or employees.

1046
00:48:12,360 --> 00:48:15,080
Speaker 3: So if you're self employed, what is that or if

1047
00:48:15,120 --> 00:48:17,000
Speaker 3: you were thinking about being self employed and you're looking

1048
00:48:17,040 --> 00:48:18,440
Speaker 3: at this, what does that tell you?

1049
00:48:18,800 --> 00:48:19,680
Speaker 1: Healthcare cash?

1050
00:48:19,840 --> 00:48:22,120
Speaker 3: My job is worth a shitload of money to me,

1051
00:48:22,440 --> 00:48:25,160
Speaker 3: I may be better off staying at this W two.

1052
00:48:25,480 --> 00:48:27,560
Speaker 3: That makes me miserable because at least I don't have

1053
00:48:27,600 --> 00:48:31,080
Speaker 3: to carry the burden of the payroll tax and of

1054
00:48:31,120 --> 00:48:35,600
Speaker 3: the overall healthcare that's really I think so bad because

1055
00:48:35,960 --> 00:48:40,280
Speaker 3: it means it will just incentivize more concentration. Of course,

1056
00:48:40,320 --> 00:48:42,399
Speaker 3: Amazon and those other people they can they have great

1057
00:48:42,400 --> 00:48:45,120
Speaker 3: healthcare because they can negotiate with the insurance company. They

1058
00:48:45,160 --> 00:48:48,440
Speaker 3: can provide preferential rates, so can any other large fortune

1059
00:48:48,480 --> 00:48:51,520
Speaker 3: five hundred company. Part of the reason why in American

1060
00:48:51,520 --> 00:48:53,440
Speaker 3: mythology we're always like, oh, you know, go work at

1061
00:48:53,440 --> 00:48:55,799
Speaker 3: a big companies because of the benefits, right, but the

1062
00:48:55,840 --> 00:48:59,200
Speaker 3: benefits are chained slavery, basically saying that you can't leave.

1063
00:48:59,600 --> 00:49:02,400
Speaker 3: And that what I think we really need to highlight

1064
00:49:02,480 --> 00:49:06,120
Speaker 3: because the lack of support. At the very least, it

1065
00:49:06,120 --> 00:49:08,400
Speaker 3: should be easier to start a new business with the

1066
00:49:08,440 --> 00:49:11,719
Speaker 3: concentration of banks, health insurance, payroll tax, a lot of

1067
00:49:11,760 --> 00:49:14,000
Speaker 3: the other tax problems that exist for people who are

1068
00:49:14,040 --> 00:49:17,319
Speaker 3: small business owners, which we've discovered every single one of

1069
00:49:17,320 --> 00:49:20,720
Speaker 3: those in running this. It is not it is not simple,

1070
00:49:20,800 --> 00:49:23,080
Speaker 3: it is not easy, and it can very easily drive

1071
00:49:23,080 --> 00:49:24,440
Speaker 3: you to a place of madness.

1072
00:49:24,520 --> 00:49:27,640
Speaker 2: Yeah, it definitely takes out some of the dynamism from

1073
00:49:27,680 --> 00:49:30,279
Speaker 2: the economy, both in terms of you know, people not

1074
00:49:30,320 --> 00:49:32,200
Speaker 2: being able to switch jobs because they're so terrified about

1075
00:49:32,200 --> 00:49:34,200
Speaker 2: their benefits not wanting to go out on their own

1076
00:49:34,280 --> 00:49:37,800
Speaker 2: because they have to have health insurance. There is no, absolutely,

1077
00:49:37,880 --> 00:49:40,239
Speaker 2: no doubt about it. I appreciate Marjorie Taylor Green, you know,

1078
00:49:40,320 --> 00:49:42,040
Speaker 2: sounding the alarm on these things. I will say the

1079
00:49:42,080 --> 00:49:46,440
Speaker 2: solutions she's offered are the typical like price transparency was

1080
00:49:46,480 --> 00:49:49,280
Speaker 2: just like sure, that is not going to solve the problem.

1081
00:49:49,400 --> 00:49:49,960
Speaker 1: I think we need it.

1082
00:49:50,640 --> 00:49:52,960
Speaker 2: It has to be. It has to be a much

1083
00:49:53,000 --> 00:49:56,480
Speaker 2: more radical solution. And listen, the left has been right

1084
00:49:56,520 --> 00:49:59,600
Speaker 2: about Obamacare from day one. Doesn't have some improvements over

1085
00:49:59,600 --> 00:50:01,399
Speaker 2: the priors, and when you could just like get kicked

1086
00:50:01,440 --> 00:50:03,759
Speaker 2: off for any old reason and pre existing conditions and

1087
00:50:03,800 --> 00:50:07,279
Speaker 2: all this not sense. Yes, but if even if it

1088
00:50:07,320 --> 00:50:09,719
Speaker 2: had a public option, that would have at least provided

1089
00:50:09,760 --> 00:50:12,640
Speaker 2: some competition in the marketplace. But what you really need

1090
00:50:12,680 --> 00:50:15,520
Speaker 2: is to go back to square one. And I understand

1091
00:50:15,600 --> 00:50:17,960
Speaker 2: how difficult that would be, given how entrenched all of

1092
00:50:18,000 --> 00:50:21,000
Speaker 2: these interests are in our system, how much is built

1093
00:50:21,080 --> 00:50:23,800
Speaker 2: up around it. You know how much I've seen people

1094
00:50:23,800 --> 00:50:25,960
Speaker 2: make the point of basically like you know, countries, Yes,

1095
00:50:26,040 --> 00:50:28,280
Speaker 2: we're the only developed country that doesn't have universal healthcare,

1096
00:50:28,320 --> 00:50:31,279
Speaker 2: but other countries developed this one. Things were simpler and

1097
00:50:31,520 --> 00:50:33,160
Speaker 2: you know, so it's going to be more difficult for

1098
00:50:33,239 --> 00:50:35,320
Speaker 2: us to do it. I'm sure that there is something

1099
00:50:35,360 --> 00:50:37,960
Speaker 2: to that, but we can. But how is this simple?

1100
00:50:38,120 --> 00:50:40,560
Speaker 2: Like this is not sustainable either, So we're going to

1101
00:50:40,640 --> 00:50:41,960
Speaker 2: have to figure something out, and it's going to have

1102
00:50:42,000 --> 00:50:43,840
Speaker 2: to be something a lot more radical than like we

1103
00:50:43,920 --> 00:50:46,759
Speaker 2: need price transparency, which is the only thing Republicans can

1104
00:50:46,800 --> 00:50:47,520
Speaker 2: really ever figure out.

1105
00:50:47,520 --> 00:50:50,399
Speaker 3: In the United to spend seventy percent more of its

1106
00:50:50,400 --> 00:50:53,560
Speaker 3: GDP on healthcare than any other high income country in

1107
00:50:53,600 --> 00:50:59,080
Speaker 3: the world without corresponding improvements in life expectancy or outcomes.

1108
00:50:58,680 --> 00:51:03,480
Speaker 2: Spend more, get less worse outcomes, and the literal incentive

1109
00:51:03,520 --> 00:51:05,640
Speaker 2: in the system is for you to be chronically ill.

1110
00:51:05,719 --> 00:51:07,000
Speaker 1: Oh yeah, that makes money.

1111
00:51:07,080 --> 00:51:09,360
Speaker 2: That is the incentive because that's how you make money.

1112
00:51:09,560 --> 00:51:11,760
Speaker 2: So if you have a healthcare system that is driven

1113
00:51:11,800 --> 00:51:13,759
Speaker 2: around making money, you are going to have a lot

1114
00:51:13,800 --> 00:51:15,919
Speaker 2: of sick people. And lo and behold, we have a

1115
00:51:15,960 --> 00:51:16,600
Speaker 2: lot of sick LIFs.

1116
00:51:16,640 --> 00:51:17,560
Speaker 1: I'll talking about with dialog.

1117
00:51:17,600 --> 00:51:20,080
Speaker 3: I mean, I know it may sound like a broken

1118
00:51:20,080 --> 00:51:23,080
Speaker 3: record on dialysis, but does anybody appreciate how crazy it

1119
00:51:23,160 --> 00:51:25,840
Speaker 3: is that one percent of the entire US federal budget

1120
00:51:25,840 --> 00:51:30,200
Speaker 3: is dialysis? One percent hundreds of billions of dollars a

1121
00:51:30,320 --> 00:51:35,239
Speaker 3: year spent on dialysis with no nobody is thinking or

1122
00:51:35,280 --> 00:51:36,799
Speaker 3: doing anything about that. By the way, do you know

1123
00:51:36,840 --> 00:51:38,440
Speaker 3: how fucked up you have to be to have be

1124
00:51:38,560 --> 00:51:41,920
Speaker 3: on dialysis in the first place? That means like fifty

1125
00:51:42,000 --> 00:51:45,680
Speaker 3: things have gone wrong, from obesity to I mean so

1126
00:51:45,920 --> 00:51:50,920
Speaker 3: preventive care you're an nd stage renal disease at that point.

1127
00:51:51,080 --> 00:51:53,239
Speaker 3: That is how bad things And that's how much money

1128
00:51:53,280 --> 00:51:55,160
Speaker 3: we have to spent. How much cheaper would it be

1129
00:51:55,320 --> 00:51:57,160
Speaker 3: to make sure, hey, listen, make sure people aren't fat

1130
00:51:57,160 --> 00:51:59,040
Speaker 3: in the first place. Over forty percent of people on

1131
00:51:59,080 --> 00:52:03,520
Speaker 3: dialysis are more obese. The vast majority are extremely unhealthy

1132
00:52:03,840 --> 00:52:06,760
Speaker 3: in many other areas, many have not had any health

1133
00:52:06,760 --> 00:52:08,480
Speaker 3: care in the previous number of years.

1134
00:52:08,520 --> 00:52:10,200
Speaker 1: It would be so much cheaper just to make.

1135
00:52:10,080 --> 00:52:12,520
Speaker 3: Sure, hey, never go on dialysis in the first place,

1136
00:52:12,560 --> 00:52:15,520
Speaker 3: and instead these dialysis clinics, I forget the name exactly

1137
00:52:15,520 --> 00:52:18,760
Speaker 3: of it. These are multi billionaires who are running this place.

1138
00:52:18,800 --> 00:52:21,560
Speaker 1: You know, sick that is statins.

1139
00:52:20,960 --> 00:52:22,840
Speaker 3: You know, and all the other drugs that people have

1140
00:52:22,880 --> 00:52:24,680
Speaker 3: to take for the rest of their lives after they

1141
00:52:24,719 --> 00:52:27,439
Speaker 3: already have blood pressure or heart problems. Yeah, who's paying

1142
00:52:27,520 --> 00:52:29,120
Speaker 3: for that, right, it's just better not to have that

1143
00:52:29,280 --> 00:52:32,680
Speaker 3: problem in the first place. Diabetes insulin, we know what, Yes,

1144
00:52:32,840 --> 00:52:35,480
Speaker 3: insulin prices are bad. You know what's better not needing

1145
00:52:35,480 --> 00:52:36,439
Speaker 3: insulin in the first place.

1146
00:52:36,440 --> 00:52:37,040
Speaker 1: How do you do that?

1147
00:52:37,080 --> 00:52:40,480
Speaker 3: Don't get fat, have some preventative pre diabetic work. Something

1148
00:52:40,560 --> 00:52:43,240
Speaker 3: like seventy percent of the US population is on the road.

1149
00:52:43,120 --> 00:52:45,160
Speaker 1: To pre diabetes one help with that.

1150
00:52:45,400 --> 00:52:48,560
Speaker 3: Yeah, that's interesting though, because but this also highlights the

1151
00:52:48,600 --> 00:52:49,200
Speaker 3: cost issue.

1152
00:52:49,440 --> 00:52:51,040
Speaker 1: B five please on the screen.

1153
00:52:51,760 --> 00:52:54,560
Speaker 3: So for the first time, actually ever, this is about

1154
00:52:54,560 --> 00:52:57,719
Speaker 3: the US obesity rate. It peaked at forty twenty twenty two,

1155
00:52:57,840 --> 00:52:59,600
Speaker 3: it's now at thirty seven. How did it get to

1156
00:52:59,640 --> 00:53:02,680
Speaker 3: thirty sive? Well, a number of people are using these

1157
00:53:02,719 --> 00:53:05,680
Speaker 3: golp one drugs. Is now it's some twelve percent of

1158
00:53:05,719 --> 00:53:07,200
Speaker 3: the overall US population.

1159
00:53:07,480 --> 00:53:08,799
Speaker 2: I think it's the beef tallow fry.

1160
00:53:09,600 --> 00:53:12,440
Speaker 1: Yeah, it's staking ship actually seaked shape.

1161
00:53:13,920 --> 00:53:18,080
Speaker 3: However, you can still see it only dropped by two percent.

1162
00:53:18,360 --> 00:53:20,000
Speaker 2: Okay, we're kind of in the right direction.

1163
00:53:20,280 --> 00:53:23,120
Speaker 3: Did you notice how it went from thirty three before

1164
00:53:23,120 --> 00:53:26,560
Speaker 3: the pandemic to thirty nine after the pandemic and now

1165
00:53:26,560 --> 00:53:29,439
Speaker 3: it dropped by two So what does that mean? It's like, yeah,

1166
00:53:29,440 --> 00:53:32,279
Speaker 3: it's nice. We dropped by two. We're still not even

1167
00:53:32,360 --> 00:53:35,799
Speaker 3: on track to get down to thirty three. And a

1168
00:53:35,840 --> 00:53:38,359
Speaker 3: lot of these golp one drugs are being paid for

1169
00:53:38,719 --> 00:53:41,880
Speaker 3: out of pocket by people who have obviously a modest

1170
00:53:41,920 --> 00:53:43,960
Speaker 3: amount of income. I mean, from what I've seen from

1171
00:53:44,000 --> 00:53:46,160
Speaker 3: the ads, it's what is it like a couple hundred

1172
00:53:46,200 --> 00:53:47,959
Speaker 3: bucks a month. I mean, it's a lot of money,

1173
00:53:48,000 --> 00:53:50,160
Speaker 3: but it's not it's not going to break the bank.

1174
00:53:50,280 --> 00:53:52,000
Speaker 1: Like, it's not like plastic surgery or.

1175
00:53:51,920 --> 00:53:53,480
Speaker 2: Something like health insurance.

1176
00:53:54,760 --> 00:53:56,960
Speaker 3: Exactly right, and you know, if anything, it probably could

1177
00:53:56,960 --> 00:54:00,080
Speaker 3: save you for it. So insurance is not covering it.

1178
00:53:59,840 --> 00:54:02,400
Speaker 3: It is covering it in some instances, but they're paying

1179
00:54:02,480 --> 00:54:05,600
Speaker 3: absolutely insane amounts of money for that covers. It's still

1180
00:54:05,600 --> 00:54:07,560
Speaker 3: not shit showing up from where we are. And I

1181
00:54:07,560 --> 00:54:10,239
Speaker 3: think it makes sense because the obesity rate was something

1182
00:54:10,280 --> 00:54:13,040
Speaker 3: with forty percent and now it's only dropped to thirty seven.

1183
00:54:13,080 --> 00:54:14,480
Speaker 1: It used to be at thirty three something like six

1184
00:54:14,600 --> 00:54:17,320
Speaker 1: seven years ago. We can get back to that. Maybe.

1185
00:54:17,360 --> 00:54:18,960
Speaker 1: You know, I'm not at this point. I used to

1186
00:54:19,040 --> 00:54:20,560
Speaker 1: be against ylp one.

1187
00:54:21,120 --> 00:54:23,160
Speaker 3: I still think I am for children, for anybody under

1188
00:54:23,280 --> 00:54:25,240
Speaker 3: like twenty five years old, just because I think messing

1189
00:54:25,280 --> 00:54:28,000
Speaker 3: with the guts of children and all of that is

1190
00:54:28,160 --> 00:54:30,080
Speaker 3: still very scary and we don't know the long term

1191
00:54:30,239 --> 00:54:32,840
Speaker 3: implications of that, but I do think it is clear,

1192
00:54:33,000 --> 00:54:35,640
Speaker 3: like for obesity, it and just needs to be all

1193
00:54:35,680 --> 00:54:38,719
Speaker 3: hands on deck to make sure that this is crushed

1194
00:54:39,160 --> 00:54:42,319
Speaker 3: as soon as humanly possible, because it will bankrupt us,

1195
00:54:42,360 --> 00:54:45,000
Speaker 3: will bankrupt you beyond the money, which you know, whatever

1196
00:54:45,080 --> 00:54:48,440
Speaker 3: that's replaceable is, it will destroy your health. And there's

1197
00:54:48,520 --> 00:54:50,400
Speaker 3: just not again, you know, for all the talk of

1198
00:54:50,800 --> 00:54:53,120
Speaker 3: maha and all of that, et cetera, this is the

1199
00:54:53,120 --> 00:54:56,560
Speaker 3: structural stuff that actually keeps people deeply, deeply unhealthy.

1200
00:54:56,680 --> 00:54:57,719
Speaker 1: Yeah, it's really bad.

1201
00:54:57,840 --> 00:55:01,840
Speaker 2: Yeah, No, you're you're absolutely right. A golf YouTuber actually

1202
00:55:02,000 --> 00:55:04,360
Speaker 2: young guy and there are thirty thirty five something like

1203
00:55:04,360 --> 00:55:06,200
Speaker 2: that that Kyle, I know you're talking about.

1204
00:55:06,320 --> 00:55:08,560
Speaker 1: Yeah, the guy from barstool, Yeah.

1205
00:55:08,840 --> 00:55:11,480
Speaker 2: Big guy and just just died and.

1206
00:55:11,440 --> 00:55:12,840
Speaker 3: So yeah, I don't know what that was about, but

1207
00:55:12,920 --> 00:55:14,520
Speaker 3: they didn't release the cause of but they did say

1208
00:55:14,520 --> 00:55:16,000
Speaker 3: it was an unexpected medical issue.

1209
00:55:16,200 --> 00:55:20,080
Speaker 2: Yeah. So I mean it's look the health consequences in

1210
00:55:20,120 --> 00:55:23,799
Speaker 2: the way that being you know, morbidly obese limits what

1211
00:55:23,840 --> 00:55:25,960
Speaker 2: you're able to do in the world. You know, it

1212
00:55:26,040 --> 00:55:29,000
Speaker 2: is absolutely an emergency. So I'm glad to say that

1213
00:55:29,080 --> 00:55:31,520
Speaker 2: at least there's some movement in the right direction, because

1214
00:55:31,560 --> 00:55:35,400
Speaker 2: it just felt hopeless for so long. And but and

1215
00:55:36,160 --> 00:55:39,040
Speaker 2: I was just looking. The cost out of pocket for

1216
00:55:39,120 --> 00:55:42,080
Speaker 2: the generic versions is like a few hundred dollars a month.

1217
00:55:42,760 --> 00:55:45,279
Speaker 2: Insures mostly only cover it when it's like directly linked

1218
00:55:45,320 --> 00:55:47,440
Speaker 2: to diabetes or something like that. So if it's like,

1219
00:55:47,520 --> 00:55:48,960
Speaker 2: you know, a vanity project.

1220
00:55:48,760 --> 00:55:51,040
Speaker 3: Do you understand how stupid that is. It's only once

1221
00:55:51,080 --> 00:55:55,239
Speaker 3: you're diabetic that they'll pay for it. Better to get diabetic. Yes,

1222
00:55:56,120 --> 00:55:59,160
Speaker 3: this is the sickness in the system. It's like this

1223
00:55:59,280 --> 00:56:03,440
Speaker 3: for everything. Uh ah, man, I could go on forever,

1224
00:56:03,520 --> 00:56:06,920
Speaker 3: but it is something that's just you know, from the dialysis,

1225
00:56:06,920 --> 00:56:10,120
Speaker 3: from the amount of money that is spent every year.

1226
00:56:10,440 --> 00:56:14,320
Speaker 3: And it's not just it's not like it's abstract money.

1227
00:56:14,360 --> 00:56:16,720
Speaker 1: It's taxpayer dollars in a lot of ways.

1228
00:56:16,960 --> 00:56:20,560
Speaker 3: That funnels this entire system, the billionaires and the multi

1229
00:56:20,560 --> 00:56:23,640
Speaker 3: millionaires that it mints all throughout, you know, all of

1230
00:56:23,640 --> 00:56:26,840
Speaker 3: this for what end? And yeah, I get it, it's trite.

1231
00:56:26,840 --> 00:56:29,080
Speaker 3: We've been talking about it for twenty years. But it's

1232
00:56:29,160 --> 00:56:33,080
Speaker 3: literally an imminent crisis. With this healthcare premium expiring, there

1233
00:56:33,080 --> 00:56:34,560
Speaker 3: are going to be vast numbers of people that are

1234
00:56:34,600 --> 00:56:36,799
Speaker 3: just going to be uninsured, period. And like I said,

1235
00:56:36,840 --> 00:56:38,960
Speaker 3: if it comes to the forty five thousand dollar mark.

1236
00:56:38,800 --> 00:56:40,480
Speaker 1: I'm probably gonna roll the dice. I probably just go

1237
00:56:40,520 --> 00:56:42,600
Speaker 1: on insured. And I really, I mean, why you'd be

1238
00:56:42,640 --> 00:56:43,279
Speaker 1: stupid not to.

1239
00:56:43,719 --> 00:56:46,560
Speaker 2: And life expectancy continues to go down, and like this,

1240
00:56:46,719 --> 00:56:48,440
Speaker 2: you know, this ties into that story as well.

1241
00:56:51,400 --> 00:56:54,960
Speaker 3: Turning now to the Charlie Kirk investigation, in some very

1242
00:56:55,000 --> 00:56:57,759
Speaker 3: strange developments happening at the very top of the US

1243
00:56:57,760 --> 00:56:59,840
Speaker 3: intelligence community and the FBI. Let's go and put this

1244
00:56:59,920 --> 00:57:03,880
Speaker 3: up here on the screen. Officials access to FBI files

1245
00:57:03,920 --> 00:57:06,840
Speaker 3: in Charlie kak case droa pushback. That's a very New

1246
00:57:06,960 --> 00:57:09,440
Speaker 3: York Times way of putting some of the details here.

1247
00:57:09,480 --> 00:57:11,480
Speaker 3: So let me set the stage. So the person who

1248
00:57:11,560 --> 00:57:13,200
Speaker 3: is in front of you, if you're just watching, is

1249
00:57:13,320 --> 00:57:17,360
Speaker 3: Joe Kent. He is the National counter Terrorism Center Director.

1250
00:57:17,440 --> 00:57:20,960
Speaker 3: He is a deputy to Tulci Gabbert the od and

1251
00:57:21,040 --> 00:57:24,520
Speaker 3: I the Office of the Director of National Intelligence. Now,

1252
00:57:24,600 --> 00:57:28,040
Speaker 3: currently there is a long brewing fight apparently in the

1253
00:57:28,040 --> 00:57:32,560
Speaker 3: administration over the Charlie Kirk case because Joe Kent examined

1254
00:57:32,760 --> 00:57:36,680
Speaker 3: FBI files in the last several weeks to quote investigate

1255
00:57:36,760 --> 00:57:40,400
Speaker 3: whether the man charged with assassinating Charlie Kirk had support

1256
00:57:40,440 --> 00:57:44,480
Speaker 3: from someone else, a foreign power, or another entity. The

1257
00:57:44,600 --> 00:57:48,280
Speaker 3: inquiry by Kent, the director of the National counter Terrorism Center,

1258
00:57:48,440 --> 00:57:52,280
Speaker 3: alarmed Cash Pattel, the director of the FBI. Mister Patel

1259
00:57:52,320 --> 00:57:55,640
Speaker 3: and other senior official believed mister Kent was overstepping, treading

1260
00:57:55,640 --> 00:57:59,640
Speaker 3: on FBI responsibilities and potentially interfering with the investigation and

1261
00:57:59,680 --> 00:58:03,400
Speaker 3: the pecution of the suspect, Tyler Robinson. But supporters of

1262
00:58:03,440 --> 00:58:05,480
Speaker 3: mister Ken say was just doing his job running down

1263
00:58:05,560 --> 00:58:09,000
Speaker 3: leads making sure no foreign or domestic groups were linked

1264
00:58:09,000 --> 00:58:12,320
Speaker 3: to mister Kirk's death. Robinson was accused of killing Kirk

1265
00:58:12,600 --> 00:58:16,600
Speaker 3: last month. Mister Kent is the confirmed Senate director of

1266
00:58:16,600 --> 00:58:17,760
Speaker 3: the counter Terrorism Center.

1267
00:58:18,040 --> 00:58:18,320
Speaker 1: Quote.

1268
00:58:18,320 --> 00:58:21,640
Speaker 3: Mister Patel was troubled that Kent had gone through FBI

1269
00:58:21,760 --> 00:58:25,240
Speaker 3: material related to the case. Mister Kent's efforts were a topic.

1270
00:58:25,280 --> 00:58:30,240
Speaker 3: Then at a White House meeting, a top meeting with Patel, Kent, Gabbard, JD. Vance,

1271
00:58:30,280 --> 00:58:32,720
Speaker 3: and the White House Chief of Staff, the people interviewed

1272
00:58:32,720 --> 00:58:35,800
Speaker 3: by The Times with granted anonymity, They say FBI and

1273
00:58:35,800 --> 00:58:38,320
Speaker 3: the DOJ generally keep tight control over these evidence in

1274
00:58:38,400 --> 00:58:41,280
Speaker 3: criminal cases when they're preparing for trial, where the government

1275
00:58:41,360 --> 00:58:43,440
Speaker 3: documents may have to be turned over the defense and

1276
00:58:43,480 --> 00:58:45,840
Speaker 3: could be used to poke holes in the prosecution's case.

1277
00:58:46,160 --> 00:58:48,920
Speaker 3: So what they say specifically is that while Robinson is

1278
00:58:48,920 --> 00:58:51,840
Speaker 3: currently only facing state charges, they were concerned that his

1279
00:58:51,920 --> 00:58:55,760
Speaker 3: effort could provide fodder to defense lawyers, who could use

1280
00:58:55,800 --> 00:58:58,240
Speaker 3: the notion that there more than one person was involved

1281
00:58:58,360 --> 00:59:01,600
Speaker 3: to raise reasonable doubt in the minds of jurors about

1282
00:59:01,680 --> 00:59:02,880
Speaker 3: the case itself.

1283
00:59:03,680 --> 00:59:06,400
Speaker 2: Cash has raised plenty of reasonable.

1284
00:59:09,680 --> 00:59:13,000
Speaker 3: Look, I mean, I gotta trea lightly here. There's so

1285
00:59:13,120 --> 00:59:16,600
Speaker 3: much conspiracy stuff, you know, around all of this. I

1286
00:59:16,800 --> 00:59:20,960
Speaker 3: will say, it's pretty weird that they're getting. First of all,

1287
00:59:21,080 --> 00:59:23,040
Speaker 3: is a state case. Okay, so this doesn't even have

1288
00:59:23,080 --> 00:59:24,400
Speaker 3: anything to do with the fence.

1289
00:59:24,600 --> 00:59:24,800
Speaker 1: Now.

1290
00:59:25,160 --> 00:59:27,280
Speaker 3: Number Two, like, technically would they even have a subpoena

1291
00:59:27,360 --> 00:59:30,400
Speaker 3: power over what the National counter Terrorism Director is doing?

1292
00:59:30,560 --> 00:59:30,680
Speaker 1: Like?

1293
00:59:30,720 --> 00:59:33,720
Speaker 3: No, right, I mean, would technically be a secret inside

1294
00:59:33,800 --> 00:59:37,120
Speaker 3: this entire time? Two Again, I mean I can see

1295
00:59:37,120 --> 00:59:39,560
Speaker 3: how if you look at this, you're like, wait, so

1296
00:59:39,760 --> 00:59:43,560
Speaker 3: Cash Battel freaked out at Joe Kent for saying, are

1297
00:59:43,600 --> 00:59:44,760
Speaker 3: there any foreign.

1298
00:59:44,760 --> 00:59:47,560
Speaker 1: Governments or powers involved in this? That's what he freaked

1299
00:59:47,560 --> 00:59:48,120
Speaker 1: out at him for.

1300
00:59:48,560 --> 00:59:51,120
Speaker 3: That's a legitimate question, right, I mean, look, it could

1301
00:59:51,200 --> 00:59:53,320
Speaker 3: be a turf war and a pissing match over the

1302
00:59:53,400 --> 00:59:56,000
Speaker 3: FBI and the counter Terrorism Director. But the very fact

1303
00:59:56,040 --> 00:59:58,360
Speaker 3: that this came out is a really bad look I

1304
00:59:58,360 --> 01:00:01,840
Speaker 3: think for Cash Batel. It also just I mean, you know,

1305
01:00:01,920 --> 01:00:04,360
Speaker 3: considering the circumstances of the case, like we have not

1306
01:00:04,640 --> 01:00:08,160
Speaker 3: learned anything new in weeks, and there's still a lot

1307
01:00:08,200 --> 01:00:11,000
Speaker 3: of people, obviously Candice and others who are like raising

1308
01:00:11,080 --> 01:00:13,480
Speaker 3: questions about the whole thing. I do think a lot

1309
01:00:13,520 --> 01:00:15,800
Speaker 3: of it goes pretty insane far, you know, I mean,

1310
01:00:15,880 --> 01:00:18,080
Speaker 3: like Israel killed Charlie Kirker, any of that. I don't

1311
01:00:18,120 --> 01:00:20,280
Speaker 3: think there's a lot of evidence to back that up.

1312
01:00:20,320 --> 01:00:22,400
Speaker 3: But you and I both know that when something like

1313
01:00:22,440 --> 01:00:26,120
Speaker 3: this is happening and the agencies are acting sketchy, maybe

1314
01:00:26,200 --> 01:00:29,560
Speaker 3: I'm not saying that happened. I'm saying maybe something sketchy

1315
01:00:29,720 --> 01:00:32,880
Speaker 3: is happening behind the scenes. We have no genuinely, no

1316
01:00:33,000 --> 01:00:34,960
Speaker 3: earthly idea, and I think the fact that it was

1317
01:00:35,040 --> 01:00:37,560
Speaker 3: leaked to by the way, and you can only leak

1318
01:00:37,640 --> 01:00:40,360
Speaker 3: something like this if the people directly involve are the

1319
01:00:40,400 --> 01:00:43,520
Speaker 3: ones who can confirm it does tell us that people

1320
01:00:43,560 --> 01:00:45,880
Speaker 3: inside the building are trying to sound the alarm.

1321
01:00:45,800 --> 01:00:48,400
Speaker 1: And that also makes me ask a lot of questions

1322
01:00:48,440 --> 01:00:49,640
Speaker 1: about the circumstances here.

1323
01:00:49,720 --> 01:00:53,040
Speaker 2: This is another interesting section, by the way, this is

1324
01:00:53,360 --> 01:00:57,440
Speaker 2: the first mainstream outlet that I've seen publish any new journalism. Yeah,

1325
01:00:57,560 --> 01:01:01,360
Speaker 2: with regard to Charlie Kirk's assassination, you know, in weeks,

1326
01:01:01,480 --> 01:01:06,040
Speaker 2: if not months. So that to me has been frustrating

1327
01:01:06,280 --> 01:01:08,680
Speaker 2: as well, because you know, you had Ken Clippenstein immediately

1328
01:01:08,720 --> 01:01:10,640
Speaker 2: after able to get in touch with people around Tyler

1329
01:01:10,760 --> 01:01:13,440
Speaker 2: get some understanding of who was he, how did this happen, like,

1330
01:01:13,760 --> 01:01:16,160
Speaker 2: you know, at least glean some sense of who this

1331
01:01:16,200 --> 01:01:20,920
Speaker 2: person is, and no mainstream outlet has done that kind

1332
01:01:20,960 --> 01:01:24,200
Speaker 2: of legwork in any case. Listen to this section of

1333
01:01:24,200 --> 01:01:26,400
Speaker 2: the New York Times report. They say in the hours

1334
01:01:26,440 --> 01:01:29,840
Speaker 2: after mister Kirk's killing, before mister Robinson was identified as

1335
01:01:29,880 --> 01:01:35,960
Speaker 2: the suspect, officials across American intelligence agencies were investigating whether

1336
01:01:36,080 --> 01:01:39,040
Speaker 2: any foreign government was involved in a plot to kill

1337
01:01:39,080 --> 01:01:42,600
Speaker 2: mister Kirk. Some officials inside the government raised questions about

1338
01:01:42,600 --> 01:01:46,040
Speaker 2: the assassin's abilities and training after security footage was released

1339
01:01:46,040 --> 01:01:48,760
Speaker 2: of him jumping from a high ledge. Early in the investigation,

1340
01:01:48,840 --> 01:01:51,840
Speaker 2: evidence was collected that contained words often associated with anti

1341
01:01:51,840 --> 01:01:55,200
Speaker 2: fascists writing, namely therescriptions on bullets found in the rifle

1342
01:01:55,240 --> 01:01:58,520
Speaker 2: that killed mister Kirk. So in any case, that that's

1343
01:01:58,560 --> 01:02:01,680
Speaker 2: also a new piece of information that right after this happened,

1344
01:02:01,960 --> 01:02:04,840
Speaker 2: our own government was looking into whether there were any

1345
01:02:05,160 --> 01:02:09,240
Speaker 2: foreign governments that were involved in this. Now you also have,

1346
01:02:10,120 --> 01:02:13,640
Speaker 2: you know, the use of Charlie Kirk's murder as a

1347
01:02:13,720 --> 01:02:16,600
Speaker 2: pretext by this administration to you know, you've got NSPM

1348
01:02:16,720 --> 01:02:22,120
Speaker 2: seven and this creation of mythology around Antifa being some

1349
01:02:22,280 --> 01:02:25,720
Speaker 2: nationwide terror network, et cetera. You know, it wouldn't surprise

1350
01:02:25,760 --> 01:02:27,720
Speaker 2: me if Joe Kent was also looking into, oh, well,

1351
01:02:27,760 --> 01:02:29,680
Speaker 2: what you know, left wing groups might he have been

1352
01:02:29,720 --> 01:02:33,160
Speaker 2: associated with, et cetera. And as Sagar said, it could

1353
01:02:33,160 --> 01:02:35,040
Speaker 2: be just a turf war, and it could be that

1354
01:02:35,120 --> 01:02:38,480
Speaker 2: cash Betel, for whatever reason, really wants to keep his

1355
01:02:38,600 --> 01:02:41,160
Speaker 2: hands wrapped around this and keep other people out. The

1356
01:02:41,240 --> 01:02:43,480
Speaker 2: other thing that really comes out of this is, you know,

1357
01:02:43,600 --> 01:02:47,960
Speaker 2: Kent and Tulci Gabbard are allies apparently in the administration,

1358
01:02:48,240 --> 01:02:50,640
Speaker 2: and just as she was sort of shunted to the

1359
01:02:50,720 --> 01:02:54,640
Speaker 2: side during the build up to the Iran strikes, it

1360
01:02:54,680 --> 01:02:56,760
Speaker 2: appears that she is still very much on the ounce

1361
01:02:56,880 --> 01:02:59,520
Speaker 2: in terms of you know, her influence and sway within

1362
01:02:59,520 --> 01:03:02,640
Speaker 2: the admiration as well, and has rubbed a number of

1363
01:03:02,640 --> 01:03:04,160
Speaker 2: people the wrong way and doesn't seem to have a

1364
01:03:04,200 --> 01:03:04,720
Speaker 2: lot of power on.

1365
01:03:04,680 --> 01:03:07,440
Speaker 3: The C four on the screen. That's what I'm saying.

1366
01:03:07,640 --> 01:03:10,240
Speaker 3: It doesn't necessarily have to be conspiracy. It really could

1367
01:03:10,280 --> 01:03:11,400
Speaker 3: be like a TURF four.

1368
01:03:11,880 --> 01:03:12,880
Speaker 1: C four shows this.

1369
01:03:12,960 --> 01:03:15,880
Speaker 3: The FBI now opposes a push for Gabert to take

1370
01:03:15,920 --> 01:03:19,680
Speaker 3: the lead on counter intelligence. So the backstory here is

1371
01:03:19,720 --> 01:03:22,680
Speaker 3: that the FBI made this disclosure in a pointed letter

1372
01:03:23,160 --> 01:03:26,040
Speaker 3: over the concern that Tulsea Gabbert, is the Director of

1373
01:03:26,120 --> 01:03:30,720
Speaker 3: National Intelligence, would take the lead on all counter intelligence issues.

1374
01:03:30,800 --> 01:03:33,920
Speaker 3: I will say, I mean, here's the thing. If you

1375
01:03:34,000 --> 01:03:37,200
Speaker 3: look at if you look at where things are right

1376
01:03:37,240 --> 01:03:40,520
Speaker 3: now in the admin, this is technically not how it's

1377
01:03:40,560 --> 01:03:41,280
Speaker 3: supposed to work.

1378
01:03:41,320 --> 01:03:42,680
Speaker 1: And let me just explain a little bit.

1379
01:03:42,720 --> 01:03:47,480
Speaker 3: For years, the FBI did have the lead in counter intelligence. Now,

1380
01:03:47,760 --> 01:03:51,120
Speaker 3: the reason why after nine to eleven, we established the

1381
01:03:51,160 --> 01:03:55,280
Speaker 3: Office of the Director of National Intelligence. Was because the FBI,

1382
01:03:55,520 --> 01:03:59,200
Speaker 3: the CIA, the geospatial intelligence agencies, all these other agencies

1383
01:03:59,200 --> 01:04:02,120
Speaker 3: were not working together under a centralized figure. That's how

1384
01:04:02,200 --> 01:04:04,400
Speaker 3: nine to eleven happened. Because the FBI and the CI

1385
01:04:04,480 --> 01:04:06,720
Speaker 3: were in a pissing contest, literally like what you're seeing

1386
01:04:06,920 --> 01:04:09,080
Speaker 3: right now. So they said, we need to establish this

1387
01:04:09,160 --> 01:04:11,560
Speaker 3: office like the OD and I to oversee all of

1388
01:04:11,600 --> 01:04:15,320
Speaker 3: them that they report up to. It hasn't materialized in practice.

1389
01:04:15,440 --> 01:04:19,040
Speaker 3: The CIA remains vastly powerful, the FBI remains vastly powerful,

1390
01:04:19,120 --> 01:04:20,520
Speaker 3: and the OD and I has been a bit of

1391
01:04:20,560 --> 01:04:23,040
Speaker 3: a joke over the last twenty years. And nonetheless they

1392
01:04:23,040 --> 01:04:26,400
Speaker 3: have statutory authority technically to be the actual intelligence director

1393
01:04:26,600 --> 01:04:30,280
Speaker 3: for counterintelligence specifically, also to make sure again that you

1394
01:04:30,360 --> 01:04:34,000
Speaker 3: just have the FBI and the NSA, everyone working under

1395
01:04:34,040 --> 01:04:37,320
Speaker 3: a unified directive. Let's say for a counter intelligence measure. Now,

1396
01:04:37,360 --> 01:04:38,800
Speaker 3: if you're the FBI, you don't want to give that

1397
01:04:38,880 --> 01:04:41,920
Speaker 3: up because spy investigations is like a long history of

1398
01:04:42,080 --> 01:04:45,720
Speaker 3: President of Hoover and of using his blackmail basically over

1399
01:04:45,760 --> 01:04:49,240
Speaker 3: the last fifty sixty years. I think what this comes

1400
01:04:49,280 --> 01:04:52,760
Speaker 3: back to is some of it is incompetence, a lot

1401
01:04:52,800 --> 01:04:55,680
Speaker 3: of it is turf war. But in that there's a

1402
01:04:55,680 --> 01:04:58,880
Speaker 3: lot of room for screwery, right in terms of when

1403
01:04:58,920 --> 01:05:02,360
Speaker 3: you have turf over this investigation, then you can control

1404
01:05:02,400 --> 01:05:05,000
Speaker 3: what's getting leaked and what's not. And you're you know,

1405
01:05:05,040 --> 01:05:08,400
Speaker 3: you're getting upset about Tulsi getting involved in counter intelligence,

1406
01:05:08,400 --> 01:05:09,760
Speaker 3: Like why would you be upset about that? Are you

1407
01:05:09,840 --> 01:05:12,040
Speaker 3: trying to cover something up? Like maybe not, it really

1408
01:05:12,040 --> 01:05:14,200
Speaker 3: may just be turf war. But in the interim, like

1409
01:05:14,280 --> 01:05:17,560
Speaker 3: maybe you are right, And that's why just watching all

1410
01:05:17,600 --> 01:05:20,080
Speaker 3: of this, I think something weird is happening at the time.

1411
01:05:20,080 --> 01:05:23,280
Speaker 3: I think it's a turf war struggle because look, Tulsi,

1412
01:05:23,360 --> 01:05:26,240
Speaker 3: I've criticized her a lot obviously over Iran et cetera.

1413
01:05:26,360 --> 01:05:28,800
Speaker 3: I will say at the very least her and Joe

1414
01:05:28,880 --> 01:05:32,040
Speaker 3: are much more in an anti war, anti neo constance

1415
01:05:32,560 --> 01:05:35,640
Speaker 3: inside even inside this administration. Then a lot of people

1416
01:05:35,760 --> 01:05:38,200
Speaker 3: may be able to appreciate. And I think that they

1417
01:05:38,200 --> 01:05:39,280
Speaker 3: are being punished for that.

1418
01:05:39,360 --> 01:05:42,880
Speaker 2: Yeah, I think they've been sidelined very clearly. Let's put

1419
01:05:42,920 --> 01:05:45,960
Speaker 2: C two up on the screen. And yeah, also that's

1420
01:05:46,000 --> 01:05:50,200
Speaker 2: not just not to let to we're just talking about

1421
01:05:50,240 --> 01:05:53,040
Speaker 2: the internal dynamics here and who does have the ear

1422
01:05:53,080 --> 01:05:55,560
Speaker 2: at the president, who does have the power, which is

1423
01:05:55,680 --> 01:05:58,000
Speaker 2: very clear from the reporting you've done on Venezuela Soger.

1424
01:05:58,760 --> 01:06:01,160
Speaker 2: So this is you know, this is on Avenue Lance,

1425
01:06:01,680 --> 01:06:09,840
Speaker 2: the trans lover has gone missing. You know, like there's

1426
01:06:10,040 --> 01:06:14,040
Speaker 2: a lot of questioning that's weird gets wired about and again,

1427
01:06:14,320 --> 01:06:16,240
Speaker 2: you know, the New York Post, it actually makes sense

1428
01:06:16,280 --> 01:06:20,440
Speaker 2: that they did this reporting. And they did some of

1429
01:06:20,560 --> 01:06:23,320
Speaker 2: if memory serves, like in the early days, right when

1430
01:06:23,440 --> 01:06:26,400
Speaker 2: Charlie Kirk was assassinated, you know, they had some of

1431
01:06:26,440 --> 01:06:29,400
Speaker 2: the initial leaks and were able to be out first

1432
01:06:29,440 --> 01:06:33,200
Speaker 2: with a variety of information. But you know, the lack

1433
01:06:33,240 --> 01:06:36,880
Speaker 2: of additional information on Lance, I think is also when

1434
01:06:37,200 --> 01:06:40,760
Speaker 2: when Lance's identity the government is asserting is a key

1435
01:06:40,840 --> 01:06:44,480
Speaker 2: part of Tyler Robinson's radicalization to this point, you know

1436
01:06:44,600 --> 01:06:47,760
Speaker 2: that is noteworthy as well. There's another track of this

1437
01:06:47,880 --> 01:06:49,840
Speaker 2: too that I just wanted to update everybody on. I

1438
01:06:49,880 --> 01:06:51,440
Speaker 2: don't know if you guys have been following this case,

1439
01:06:51,480 --> 01:06:54,280
Speaker 2: we could put see three up on the screen. They

1440
01:06:54,480 --> 01:06:59,600
Speaker 2: actually in Tennessee arrested this dude for literally posting a

1441
01:06:59,760 --> 01:07:03,960
Speaker 2: chart Kirk meme okay, and it was not even a

1442
01:07:04,000 --> 01:07:06,880
Speaker 2: really crazy thing like it was, you know, I was

1443
01:07:06,880 --> 01:07:10,600
Speaker 2: a little edgy. It was like the president. It was

1444
01:07:10,640 --> 01:07:13,160
Speaker 2: a picture of Trump. And then I think it was

1445
01:07:13,240 --> 01:07:16,000
Speaker 2: after a school shooting. He said something like they're going

1446
01:07:16,080 --> 01:07:18,360
Speaker 2: to have to get over it, and he included that quote.

1447
01:07:18,880 --> 01:07:23,440
Speaker 2: And that's literally just that is what he was arrested for.

1448
01:07:23,840 --> 01:07:28,000
Speaker 2: He was held on two million dollar bond. He has

1449
01:07:28,080 --> 01:07:32,280
Speaker 2: been in prison for over thirty so over months. This man,

1450
01:07:32,320 --> 01:07:35,360
Speaker 2: who's former law enforcement by the way, held in prison

1451
01:07:35,720 --> 01:07:39,960
Speaker 2: for over a month for posting a meme on Facebook. Okay,

1452
01:07:40,640 --> 01:07:44,680
Speaker 2: and credit to some you know intercepted this report here,

1453
01:07:44,920 --> 01:07:47,760
Speaker 2: but I watched yesterday there was a local journalist who

1454
01:07:47,760 --> 01:07:50,280
Speaker 2: did an interview with the sheriff and showed him the

1455
01:07:50,280 --> 01:07:53,120
Speaker 2: meme and was like, where's the threat? Because the reason

1456
01:07:53,160 --> 01:07:54,720
Speaker 2: the bond was so high is they claimed that it

1457
01:07:54,760 --> 01:07:58,960
Speaker 2: was a threat against a school. Again utterly preposterous because

1458
01:07:59,000 --> 01:08:02,440
Speaker 2: the context of trump quote was about a school shooting,

1459
01:08:02,880 --> 01:08:06,920
Speaker 2: so they construed this as a threat against a school. Okay,

1460
01:08:07,000 --> 01:08:09,480
Speaker 2: So the journalists that's showing the share of like where's

1461
01:08:09,520 --> 01:08:11,400
Speaker 2: the threat in here? And of course he has really

1462
01:08:11,400 --> 01:08:13,280
Speaker 2: no answer. He's like, oh, well, I think he knew

1463
01:08:13,320 --> 01:08:16,040
Speaker 2: what he was doing, et cetera, et cetera. So after

1464
01:08:16,160 --> 01:08:18,840
Speaker 2: I think public pressure and people I know have been

1465
01:08:18,880 --> 01:08:21,519
Speaker 2: calling into the sheriff's office whatever. They finally, you know,

1466
01:08:21,600 --> 01:08:24,000
Speaker 2: the local prosecutors decide, okay, we're going to drop the charges,

1467
01:08:24,040 --> 01:08:27,360
Speaker 2: and this guy has been set free. But crazy situation.

1468
01:08:27,760 --> 01:08:30,559
Speaker 2: How to in prison for over thirty days for a

1469
01:08:30,600 --> 01:08:32,960
Speaker 2: Facebook meme? And I hear a lot from the right

1470
01:08:33,040 --> 01:08:36,439
Speaker 2: about whatever's going on in the UK Okay, and that's fine,

1471
01:08:36,479 --> 01:08:39,959
Speaker 2: you know, I think I prefer our speech laws to theirs.

1472
01:08:40,200 --> 01:08:42,760
Speaker 2: But where are you on this one? Because this is

1473
01:08:42,840 --> 01:08:45,559
Speaker 2: complete and total insanity that someone could be denied their

1474
01:08:45,600 --> 01:08:49,280
Speaker 2: liberty for over a month because of a slightly not

1475
01:08:49,360 --> 01:08:52,400
Speaker 2: even really like slightly edgy Facebook meme that they posted.

1476
01:08:52,520 --> 01:08:55,479
Speaker 3: Yeah, we we do have the report that he is

1477
01:08:55,520 --> 01:08:58,800
Speaker 3: free now, which I guess is good. I think what's

1478
01:08:58,800 --> 01:09:01,360
Speaker 3: actually crazier about this is that this was a local

1479
01:09:01,439 --> 01:09:04,120
Speaker 3: state case, which I still have no idea how you

1480
01:09:04,120 --> 01:09:07,439
Speaker 3: get a two million I mean, I've literally seen reports

1481
01:09:07,479 --> 01:09:10,280
Speaker 3: about murderers and rapists who get less of a bond

1482
01:09:10,360 --> 01:09:14,240
Speaker 3: and spend less time in prison or in jail awaiting

1483
01:09:14,320 --> 01:09:17,040
Speaker 3: release than this guy. How you even brought the case

1484
01:09:17,400 --> 01:09:19,960
Speaker 3: or the charges against him is literally totally nuts.

1485
01:09:20,000 --> 01:09:24,800
Speaker 2: So apparently Tennessee passed some law about these sorts of

1486
01:09:24,960 --> 01:09:28,200
Speaker 2: quote unquote threats that at the time people were raising

1487
01:09:28,200 --> 01:09:29,599
Speaker 2: concerns about, like what.

1488
01:09:29,560 --> 01:09:31,000
Speaker 1: Do you mean, what was a justification?

1489
01:09:31,200 --> 01:09:33,400
Speaker 2: What was a justification? I don't know the origin of

1490
01:09:33,439 --> 01:09:35,160
Speaker 2: the law or why they did it. This is something

1491
01:09:35,160 --> 01:09:37,519
Speaker 2: that happened, like, I don't know, maybe last year, and

1492
01:09:37,560 --> 01:09:40,080
Speaker 2: that was the law that they cited. So all of

1493
01:09:40,120 --> 01:09:42,320
Speaker 2: the concerns about the way this could be abused to

1494
01:09:42,400 --> 01:09:46,639
Speaker 2: quash speech, I basically come to fruition in this case

1495
01:09:46,640 --> 01:09:48,479
Speaker 2: where they're arresting someone over a Facebook meme.

1496
01:09:48,640 --> 01:09:49,640
Speaker 1: This is crazy.

1497
01:09:49,720 --> 01:09:53,840
Speaker 3: So yeah, I'm looking into the actual law itself.

1498
01:09:55,439 --> 01:09:55,839
Speaker 1: Wild.

1499
01:09:56,080 --> 01:09:59,840
Speaker 2: Yeah, it's actually crazy, probably unconstitutional. I'm sure you know,

1500
01:10:00,000 --> 01:10:03,120
Speaker 2: he should he should suit, he should sue for damages

1501
01:10:03,479 --> 01:10:07,240
Speaker 2: for emotional distress of being held in being held in prison.

1502
01:10:07,280 --> 01:10:09,880
Speaker 1: I agree with you. I think it's totally absurd, And yes,

1503
01:10:09,920 --> 01:10:12,160
Speaker 1: you're right, I mean it's I mean, I don't know.

1504
01:10:12,240 --> 01:10:13,320
Speaker 1: At a certain point too.

1505
01:10:13,600 --> 01:10:15,680
Speaker 3: We've been covering this now for a long time, Like

1506
01:10:15,840 --> 01:10:20,320
Speaker 3: we just yesterday did the Hamdi case where the guy

1507
01:10:20,439 --> 01:10:23,599
Speaker 3: was detained, and I mean, okay, like he said some

1508
01:10:23,720 --> 01:10:28,519
Speaker 3: not nice things about October seventh, whatever it's about October seventh,

1509
01:10:28,760 --> 01:10:32,360
Speaker 3: that's not about us. It's literally enforcement for a foreign

1510
01:10:32,400 --> 01:10:36,559
Speaker 3: country and he's being held in iced attention. I'm like, okay,

1511
01:10:36,720 --> 01:10:39,280
Speaker 3: I mean, look, I'm not saying it's good.

1512
01:10:39,720 --> 01:10:41,479
Speaker 1: I don't think it's a great thing that he said.

1513
01:10:41,520 --> 01:10:43,800
Speaker 1: I definitely don't think it was artful in the way

1514
01:10:43,840 --> 01:10:44,360
Speaker 1: that he said it.

1515
01:10:44,400 --> 01:10:46,840
Speaker 3: But the equivalence that I come back to is like

1516
01:10:47,000 --> 01:10:50,920
Speaker 3: I literally see posts of Israelis being like it. Remember

1517
01:10:50,920 --> 01:10:53,559
Speaker 3: that guy in the Israeli podcast who said it makes

1518
01:10:53,640 --> 01:10:57,000
Speaker 3: him feel better to watch baby starving in Gaza.

1519
01:10:57,160 --> 01:10:59,040
Speaker 1: Remember that He's like, it makes us happen.

1520
01:10:59,080 --> 01:11:01,920
Speaker 2: I go enjoy food more, it makes me enjoy my life.

1521
01:11:01,920 --> 01:11:04,000
Speaker 3: And I'm just like seeing, okay, and this guy's speaking

1522
01:11:04,080 --> 01:11:06,120
Speaker 3: like perfect English, like I'm presumably he has come to

1523
01:11:06,160 --> 01:11:08,320
Speaker 3: the US many times, like okay, well, then deny that

1524
01:11:08,360 --> 01:11:10,320
Speaker 3: guy's visa, then right, if we're going to be the

1525
01:11:10,400 --> 01:11:12,320
Speaker 3: police here, then we got to do that too, but

1526
01:11:12,439 --> 01:11:14,920
Speaker 3: we don't. And so it just falls apart to me.

1527
01:11:15,000 --> 01:11:18,080
Speaker 3: You know, all of this like moral outrage about all of.

1528
01:11:18,040 --> 01:11:19,280
Speaker 1: This, and I don't know just yeah.

1529
01:11:20,520 --> 01:11:22,920
Speaker 2: Well, we'll get later in the show to Steven Miller's

1530
01:11:22,920 --> 01:11:26,200
Speaker 2: wife threatening Jink with deportation because she accused him of

1531
01:11:26,200 --> 01:11:28,840
Speaker 2: being anti Semitic. So a lot going on.

1532
01:11:29,000 --> 01:11:30,519
Speaker 1: I mean, I'm laughing, but it's not fun. It's actually

1533
01:11:30,520 --> 01:11:30,840
Speaker 1: not fun.

1534
01:11:30,880 --> 01:11:35,120
Speaker 2: It's a genuine threat, given who her husband is. Crazy