WEBVTT - 8/5/26: Abdul Wins In Michigan, Houthis Hit Saudi Ship, US Bails Out Japan

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<v Speaker 1>Hey, guys, Saga and Crystal here.

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<v Speaker 2>Independent media just played a truly massive role in this election,

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<v Speaker 2>and we are so excited about what that means for

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<v Speaker 2>the future of this show.

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<v Speaker 3>This is the only place where you can find honest

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<v Speaker 3>perspectives from the left and the right that simply does

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<v Speaker 2>So if that is something that's important to you, please

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<v Speaker 4>A right, good morning, and welcome to Breaking Points. As

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<v Speaker 4>we continue our live stream that began last night thirty pm.

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<v Speaker 1>We took a slight break. We're back. We have some

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<v Speaker 1>results in which we'll get into.

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<v Speaker 5>You might as well actually have just had someone else.

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<v Speaker 5>I should have done a third shift. Yes, we should

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<v Speaker 5>have covered until this morning.

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<v Speaker 1>Yeah, then where was Sager.

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<v Speaker 4>Saga do the twelve thirty You could have the red

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<v Speaker 4>light on from twelve thirty to seven thirty and then

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<v Speaker 4>we'll pick up.

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<v Speaker 5>That would be a disaster for his woops. Yes, it

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<v Speaker 5>would so we couldn't. We couldn't have the.

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<v Speaker 1>Ring would be screaming for weeks.

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<v Speaker 5>Would not be good? Would not be good. Crystal is

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<v Speaker 5>with us as well. Ryan is going to run after

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<v Speaker 5>the first couple of blocks, so we're lucky.

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<v Speaker 6>What about my whoop score? Okay?

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<v Speaker 2>Does anyone care? Do you anyone care about what my

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<v Speaker 2>fitbit is telling me this morning?

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<v Speaker 6>That's what I want to.

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<v Speaker 5>Yeah, it's not quite the same, Crystal. Well, if you

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<v Speaker 5>want to get even more of this lively banter, sign

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<v Speaker 5>up for the newsletter at breakingpoints dot com. It's a

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<v Speaker 5>premium version of the Breaking Points experience as What's.

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<v Speaker 2>Right and just so people know when you go there,

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<v Speaker 2>To be honest with you, when I looked at the website,

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<v Speaker 2>I was a little confused. There's no like thing that

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<v Speaker 2>says free monthly trial. You just go and sign up

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<v Speaker 2>and you get the month for free. That's how that works.

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<v Speaker 2>So pretty good deal for everybody. If you've been interested

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<v Speaker 2>in trying it out, now is your chance. And we've

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<v Speaker 2>got not only election results, we've got stuff happening in Iran.

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<v Speaker 2>We are now bailing out the Japanese Yen, so that's interesting,

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<v Speaker 2>all because of again the Iran war.

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<v Speaker 6>We've got a major.

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<v Speaker 2>Epstein slash media slash banking scandal that is being broken

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<v Speaker 2>open by Ron Wyden.

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<v Speaker 6>We've got more.

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<v Speaker 2>Developments in the Max Miller saga. Bernie Moreno, his father

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<v Speaker 2>in law coming forward. We had a big Jag Tapper interview,

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<v Speaker 2>a photo of his daughter that was among the dropbox

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<v Speaker 2>files that was released.

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<v Speaker 6>So a lot to get to there.

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<v Speaker 2>And then we haven't actually delved into this, but Trump

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<v Speaker 2>was very very mad at Janine Piro because she had

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<v Speaker 2>the audacity to drop the charges against this guy that

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<v Speaker 2>he claimed had messed up his beautiful reflecting pool. And

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<v Speaker 2>actually she's dropped a number of charges against a number

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<v Speaker 2>of people at this point. So interesting to dig into

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<v Speaker 2>that palace intrigue.

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<v Speaker 6>I suppose, Yeah, that will.

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<v Speaker 5>Be interesting because Trump and Janina Piro that is one

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<v Speaker 5>of the most beautiful, long lasting relationships. So I must

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<v Speaker 5>discuss perhaps tells a little bit of what's happening inside

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<v Speaker 5>of the White House as well. Now, chrysl and Ryan,

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<v Speaker 5>you guys were up late. I was surprised at how

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<v Speaker 5>long the stream went last night, but we didn't have

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<v Speaker 5>a lot of closure. We didn't have a lot of

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<v Speaker 5>clear information coming out actually of the big Michigan race.

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<v Speaker 5>Hailey Stevens and Abdul l sayed, it's still really close,

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<v Speaker 5>with Abdul in first place for now, looking like that's

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<v Speaker 5>going to hold steady. But let's start by going over

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<v Speaker 5>to Michigan here and looking at some of the results

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<v Speaker 5>as you guys were covering it last night, tell us

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<v Speaker 5>how the night was transpiring a little bit closer than

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<v Speaker 5>people expected.

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<v Speaker 2>It looks like, oh yeah, so maybe we should start

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<v Speaker 2>with a one C, which shows you what the holes

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<v Speaker 2>were leading into last night.

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<v Speaker 6>They were across the board.

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<v Speaker 2>I mean, we were getting Abdul plus nineteen plus seventeen

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<v Speaker 2>plus sixteen all in double digits with a lead for him,

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<v Speaker 2>and so it seemed like all the momentum was on

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<v Speaker 2>his side, like he really opened up a gap. And

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<v Speaker 2>again this was every single polster going back.

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<v Speaker 6>You know what do we have there?

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<v Speaker 2>Like ten different poles that all had him with this

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<v Speaker 2>double digit lead. And that's the way the night started off.

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<v Speaker 2>It looked like it was on trend for this kind

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<v Speaker 2>of a blowout win for him. And then a batch

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<v Speaker 2>of results came in from the Detroit area and these

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<v Speaker 2>were the absentee votes where Hayley Stevens was really racking

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<v Speaker 2>up large percentages. And Ryan can talk a little bit

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<v Speaker 2>more about why that is. Those are basically the people

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<v Speaker 2>who had just gotten the ads and hadn't seen any

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<v Speaker 2>of the other pushback against them or been you know,

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<v Speaker 2>had a chance to be contacted by Abdul's campaign, et cetera.

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<v Speaker 2>So she was racking up big margins there, and all

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<v Speaker 2>of a sudden, it went from Abdul having this gigiantic

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<v Speaker 2>lead to the race being effectively tied. And from there

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<v Speaker 2>on we were just waiting to see what else would

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<v Speaker 2>come in from Wayne County. They were very, very very

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<v Speaker 2>slow in counting, but now we can put a one

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<v Speaker 2>up on the screen. NBC News has called it Abdul

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<v Speaker 2>l Sayad will be the Democratic nominee for the Senate

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<v Speaker 2>in Michigan. He has you know, he is declared victory.

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<v Speaker 2>Mallory McMorrow, who said she would go ahead and endorse

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<v Speaker 2>whoever ended up getting the nomination, she has now endorsed

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<v Speaker 2>Abdul and is backing him.

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<v Speaker 5>So, uh so, can we definitely not on that just

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<v Speaker 5>for a second. That shows Mallary McMorrow got four percent

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<v Speaker 5>of the vote. The NBC News said this, which is

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<v Speaker 5>all this.

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<v Speaker 2>Race kind of significant because it's a larger margin than

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<v Speaker 2>the difference between them.

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<v Speaker 6>Now the confounding factors.

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<v Speaker 2>I don't actually know who that benefits, because it seemed

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<v Speaker 2>like her supporters were fairly evenly split between McMorrow and

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<v Speaker 2>between Steven's and Abdullah Sayad. But in any case, she

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<v Speaker 2>decided to keep her name on the ballot, and that

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<v Speaker 2>may have ended up being a significant factor in the

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<v Speaker 2>outcome of this race.

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<v Speaker 4>Right Yeah, And the absentee ballots, you know, those are

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<v Speaker 4>heavily kind of nursing homes and senior centers, and it's

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<v Speaker 4>a it's a place where the organized Democratic establishment, to

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<v Speaker 4>its credit, still has the capacity to kind of to

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<v Speaker 4>galvanize that that vote and that went overwhelmingly for Stevens,

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<v Speaker 4>where whereas the rest of it, as you said, kind

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<v Speaker 4>of came out kind of a kind of a wash.

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<v Speaker 4>You know, close enough that Abdullahl size is likely. New

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<v Speaker 4>York Times is saying it's still too close to call.

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<v Speaker 4>And I wonder if some of that is the kind

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<v Speaker 4>of wishful thinking on the part of the editors versus

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<v Speaker 4>kind of overruling the data folks who are like, yeah, well,

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<v Speaker 4>it's kind of it's kind of over guys.

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<v Speaker 2>And if you look at the New York Times, if

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<v Speaker 2>you look at their analysis, you know, they have all

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<v Speaker 2>their lego how is so and so doing on their

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<v Speaker 2>benchmarks and what's likely to happen here? And I think

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<v Speaker 2>that their analysis is it is very likely that Abdullah

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<v Speaker 2>side will be the nominee over you know, if you

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<v Speaker 2>look at the bet apps, they all have them at

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<v Speaker 2>ninety nine percent. So I think there's not a whole

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<v Speaker 2>lot of vote left out there, and it's it doesn't

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<v Speaker 2>look like there's enough that would be pro Haley for

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<v Speaker 2>her to make up the gap of roughly one point

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<v Speaker 2>five percentage points here.

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<v Speaker 4>No, it seems like the Polsters need to go back

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<v Speaker 4>to the land lines because it does seem like they

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<v Speaker 4>missed the older vote in.

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<v Speaker 1>A significant way.

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<v Speaker 4>Maybe they've gone, you know, too far into the kind

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<v Speaker 4>of world of texting and online polls. There's still people

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<v Speaker 4>answering those landlines. Although you know, if you have a

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<v Speaker 4>landline at this point, it's it's just ringing constantly with

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<v Speaker 4>spam calls. So, you know, I do sympathize with the polsters,

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<v Speaker 4>but this was this is a you know, this was

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<v Speaker 4>a wild miss. You missed by more than ten points.

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<v Speaker 5>I was just gonna say, the Real Clear Politics average

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<v Speaker 5>had all said a ten point two. That's the average

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<v Speaker 5>of the polls so recent polls. That RCP average had

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<v Speaker 5>them up fourteen, fifteen, ten, sixteen, and thirteen. Now, the

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<v Speaker 5>last couple of polls were from the last week of July.

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<v Speaker 5>I suppose it's possible there was Stephen surge as a

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<v Speaker 5>bunch of money came in in the waiting days of

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<v Speaker 5>the race. Is that possibly explained some of the polling gap.

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<v Speaker 5>I don't know. I mean ten points is a huge miss.

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<v Speaker 2>Yeah, I think it's more that the universe. To Ryan's point,

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<v Speaker 2>that they were polling, they just they just underestimated the

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<v Speaker 2>number of older voters who would be in the electorate.

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<v Speaker 2>That's some of the at least early analysis I'm seeing here,

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<v Speaker 2>and look, to be fair to them, it's difficult to know,

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<v Speaker 2>you know, Zorn and New York completely changed that or electorate,

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<v Speaker 2>and there's way more young people than you would expect.

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<v Speaker 2>It's hard to know who's going to turn out in

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<v Speaker 2>a general election, let alone in a primary election. But

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<v Speaker 2>for every single one of them to have had this

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<v Speaker 2>gigantic double digit miss is quite extraordinary, you know, I'm wondering.

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<v Speaker 2>I'm just thinking about from Look, a win is a win.

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<v Speaker 2>So the left is looking at that, all right, our

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<v Speaker 2>guys getting through, you know, and against extraordinary odds. Right,

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<v Speaker 2>we have to sort of the bar got reset when

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<v Speaker 2>we started seeing all these polls. It's like, oh, how

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<v Speaker 2>big is the margin going to be? But we have

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<v Speaker 2>to keep in mind he was up against what at

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<v Speaker 2>eleven to one spending deficit, sixty two million dollars came

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<v Speaker 2>in from Hailey Stevens like they really put everything they

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<v Speaker 2>could behind her. She ran all the ads making it

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<v Speaker 2>look like she was endorsed by Obama, which I think,

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<v Speaker 2>you know, was a clever strategy and I think had

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<v Speaker 2>certainly had a significant impact they went with, you know,

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<v Speaker 2>from the the I E. Side, They went with all

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<v Speaker 2>these ads claiming that Abdul hates Michelle Obama and is

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<v Speaker 2>a secret sexist. I think that also damaged to him

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<v Speaker 2>with abortions, the electoral singing your tune there, and then

0:09:47.320 --> 0:09:49.280
<v Speaker 2>the endorsements that came in for her. You know, you

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<v Speaker 2>had Jim Clyburn come up, you had Gretchen Whitmer, who

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<v Speaker 2>had said previously and Gary Peters, who had said previously,

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<v Speaker 2>we're not going to get involved in this race, and

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<v Speaker 2>when they saw what direction it was going is actually,

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<v Speaker 2>we are going to get involved in this race. And

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<v Speaker 2>Whitmer is a very popular figure, especially with Democrats in

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<v Speaker 2>the state of Michigan. So they pulled out all of

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<v Speaker 2>the stops here, from the money, the endorsements, the ads,

0:10:11.000 --> 0:10:14.040
<v Speaker 2>the you know, the sort of cynical direction, the weaponization

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<v Speaker 2>of identity, and the sowing of discord between you know,

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<v Speaker 2>Arabs and Muslims in the Detroit area. Like they did

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<v Speaker 2>it all, and they still came up short. So I

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<v Speaker 2>think it is even though it's much narrower than expected,

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<v Speaker 2>I think it's an extraordinary victory for the left, the

0:10:30.600 --> 0:10:34.240
<v Speaker 2>ascendant left, and now Ryan we get to see if

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<v Speaker 2>our theory of electability in a swing state, if that's correct.

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<v Speaker 2>And I have to tell you after seeing I'm curious

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<v Speaker 2>for you guys. Take Haley outperformed in the sort of

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<v Speaker 2>more white rural parts of the state in spite of

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<v Speaker 2>the fact that she really had no campaign to speak

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<v Speaker 2>of outside of the Detroit area. She just the ads

0:10:54.200 --> 0:10:58.080
<v Speaker 2>spend alone. And you know, I think, frankly some discomfort

0:10:58.160 --> 0:11:01.680
<v Speaker 2>with musclim man named Abdullah's I think that's part of

0:11:01.720 --> 0:11:04.240
<v Speaker 2>what was missed in the polls as well. And so

0:11:04.280 --> 0:11:07.680
<v Speaker 2>it does make me concerned that this general election, even

0:11:07.720 --> 0:11:10.640
<v Speaker 2>as it's a very strong Democratic year, is going to

0:11:10.679 --> 0:11:13.560
<v Speaker 2>be tough for Abdul. It is definitely going to be

0:11:13.720 --> 0:11:17.160
<v Speaker 2>a dog fight and is very uncertain what will ultimately

0:11:17.160 --> 0:11:17.720
<v Speaker 2>happen there.

0:11:18.080 --> 0:11:19.280
<v Speaker 1>Yeah, it's going to be tough.

0:11:19.480 --> 0:11:21.840
<v Speaker 4>And on the Wayne County vote, we were talking last

0:11:21.920 --> 0:11:24.480
<v Speaker 4>night about how in twenty twenty four, I think there

0:11:24.480 --> 0:11:27.120
<v Speaker 4>were about one hundred and ninety five thousand votes in

0:11:27.160 --> 0:11:30.600
<v Speaker 4>the Democratic primary in twenty twenty four in Wayne County

0:11:30.840 --> 0:11:32.840
<v Speaker 4>and we were kind of gaming out what it would

0:11:32.840 --> 0:11:35.880
<v Speaker 4>look like if you saw a twenty five percent increase

0:11:36.480 --> 0:11:38.960
<v Speaker 4>this time around, and you know what the margins would

0:11:39.000 --> 0:11:41.199
<v Speaker 4>look like, as you Jumping twenty five percent in two

0:11:41.240 --> 0:11:42.880
<v Speaker 4>years is a pretty huge number.

0:11:43.120 --> 0:11:44.079
<v Speaker 1>It's rare to see.

0:11:44.520 --> 0:11:46.439
<v Speaker 4>So far, we're looking at I think two hundred and

0:11:46.480 --> 0:11:50.719
<v Speaker 4>ninety thousand votes already and well there could be you know,

0:11:51.000 --> 0:11:54.840
<v Speaker 4>thousands more, few thousand more still counted. So you're looking

0:11:54.920 --> 0:11:58.160
<v Speaker 4>at a fifty percent increase in turnout in Wayne County

0:11:59.559 --> 0:12:03.120
<v Speaker 4>from twenty twenty four to twenty twenty six. So that's

0:12:03.160 --> 0:12:05.920
<v Speaker 4>going to be key for Abdullah side to go in

0:12:06.280 --> 0:12:11.880
<v Speaker 4>and persuade those people who voted narrowly for Hailey Stevens

0:12:12.000 --> 0:12:15.600
<v Speaker 4>or we're looking at overall five point win for Stevens

0:12:15.600 --> 0:12:16.560
<v Speaker 4>in Wayne County.

0:12:16.880 --> 0:12:19.080
<v Speaker 1>He's going to need all of those Hailey Stevens people

0:12:19.160 --> 0:12:20.160
<v Speaker 1>to come his way.

0:12:20.200 --> 0:12:24.160
<v Speaker 4>And I don't think he can count much on Gretchen Whitmer.

0:12:24.640 --> 0:12:27.839
<v Speaker 4>Maybe Gary Peters because he wants he actually wants to

0:12:27.840 --> 0:12:30.920
<v Speaker 4>see Democrats win the Senate, but the rest of the

0:12:30.920 --> 0:12:34.880
<v Speaker 4>party establishment. I don't think outside and the left should

0:12:34.920 --> 0:12:37.240
<v Speaker 4>rely on that. I think it should be as nice

0:12:37.240 --> 0:12:40.199
<v Speaker 4>as they can be, as conciliatory, like welcome them in

0:12:40.280 --> 0:12:43.240
<v Speaker 4>and like it makes space for them, but absolutely do

0:12:43.360 --> 0:12:46.840
<v Speaker 4>not count on them, because just as you and I

0:12:46.880 --> 0:12:50.000
<v Speaker 4>are talking about this being a test case for the

0:12:50.200 --> 0:12:54.880
<v Speaker 4>entire premise that populism, you know, from the left can

0:12:54.960 --> 0:12:58.040
<v Speaker 4>win in swing seats, whether it's Will Lawrence, or whether

0:12:58.040 --> 0:13:00.520
<v Speaker 4>it's out of California or Maine or here, this being

0:13:00.559 --> 0:13:04.920
<v Speaker 4>the test case, the powers that be recognize that as well,

0:13:05.480 --> 0:13:08.840
<v Speaker 4>and so for them it is it is a real

0:13:09.120 --> 0:13:13.319
<v Speaker 4>question that they won't talk about much, I think publicly,

0:13:13.800 --> 0:13:17.040
<v Speaker 4>but privately are weighing the question of how much do

0:13:17.080 --> 0:13:20.600
<v Speaker 4>we want this Senate seat versus how how much do

0:13:20.679 --> 0:13:24.439
<v Speaker 4>we not want to set the precedent that this populism

0:13:24.800 --> 0:13:30.360
<v Speaker 4>can win, versus the true reward of Wow, look, you

0:13:30.400 --> 0:13:33.320
<v Speaker 4>guys got what you wanted and he lost. So don't

0:13:33.320 --> 0:13:35.520
<v Speaker 4>ever bother us again with any of this.

0:13:36.200 --> 0:13:39.720
<v Speaker 2>And with an I towards twenty twenty eight exactly and

0:13:39.800 --> 0:13:43.080
<v Speaker 2>who you know would be able to to gain the

0:13:43.160 --> 0:13:46.679
<v Speaker 2>Democratic nomination for presidency. So yeah, it's a big prize

0:13:46.679 --> 0:13:50.680
<v Speaker 2>for them ultimately to watch Abdul, you know, quietly, watch

0:13:50.679 --> 0:13:51.560
<v Speaker 2>ab Duel go down.

0:13:52.120 --> 0:13:54.320
<v Speaker 6>That would please them a lot, especially if.

0:13:54.240 --> 0:13:57.480
<v Speaker 5>The if the polling starts to show Rogers running away

0:13:57.520 --> 0:13:59.640
<v Speaker 5>with it before Labor Day, and then maybe a little

0:13:59.679 --> 0:14:03.080
<v Speaker 5>bit into the fall, that'll be I would imagine Ryan

0:14:03.280 --> 0:14:06.719
<v Speaker 5>and Crystal that's going to be a sign to Democrats

0:14:06.720 --> 0:14:10.480
<v Speaker 5>in Washington. So whether they go all in or they're

0:14:10.559 --> 0:14:13.400
<v Speaker 5>kind of tapid, right.

0:14:13.360 --> 0:14:17.960
<v Speaker 4>Although yes, it's going to be very difficult dance for

0:14:18.000 --> 0:14:20.440
<v Speaker 4>them because they have to you know, publicly, they have

0:14:20.480 --> 0:14:24.080
<v Speaker 4>to publicly want it. But also when Washington people have privately,

0:14:24.280 --> 0:14:27.560
<v Speaker 4>Democrats privately have been saying, you know, it's not obvious

0:14:28.000 --> 0:14:31.040
<v Speaker 4>that holding Congress going into the twenty twenty eight election

0:14:31.520 --> 0:14:34.520
<v Speaker 4>is better for Democrats. Like that might sound strange to

0:14:34.560 --> 0:14:36.600
<v Speaker 4>people outside of Washington who were like, wait a minute,

0:14:36.680 --> 0:14:39.640
<v Speaker 4>I thought you're a political party and you want more

0:14:39.680 --> 0:14:40.840
<v Speaker 4>votes and you want more power.

0:14:41.040 --> 0:14:43.520
<v Speaker 1>But no, that's not all. That's not how all Democrats think.

0:14:43.720 --> 0:14:47.600
<v Speaker 4>There's an argument that that's made in Democratic elite circles

0:14:47.600 --> 0:14:51.760
<v Speaker 4>that if you have Congress, then even though you don't

0:14:51.800 --> 0:14:57.040
<v Speaker 4>have much ability to restrain Trump, you then to the

0:14:57.120 --> 0:15:00.520
<v Speaker 4>voters look partly responsible for whatever is happening being in

0:15:00.560 --> 0:15:03.440
<v Speaker 4>the world and they and the best place for Democrats,

0:15:03.520 --> 0:15:06.600
<v Speaker 4>as far as the establishment is concerned, has always been

0:15:06.960 --> 0:15:10.640
<v Speaker 4>completely out of power and blameless and without any responsibility

0:15:10.680 --> 0:15:13.240
<v Speaker 4>for anything, so that they can then kind of just

0:15:13.440 --> 0:15:18.600
<v Speaker 4>run against whatever screw ups uh uh and corruption the

0:15:18.680 --> 0:15:22.720
<v Speaker 4>Republican whoever that may be, is engaged in. So so

0:15:22.920 --> 0:15:27.960
<v Speaker 4>it also fits into that strategy. Just say, we we tried,

0:15:28.000 --> 0:15:30.520
<v Speaker 4>we did everything, we did everything we could for Abdullah's side,

0:15:30.520 --> 0:15:32.640
<v Speaker 4>but he just fell short. So the so my point

0:15:32.680 --> 0:15:35.720
<v Speaker 4>is you rather than cry about that, you have he

0:15:35.920 --> 0:15:38.480
<v Speaker 4>has to lock in, and so does everybody who did

0:15:38.520 --> 0:15:42.040
<v Speaker 4>everything to get him over the hump here. They have

0:15:42.080 --> 0:15:43.920
<v Speaker 4>to lock in from now to November.

0:15:44.360 --> 0:15:44.560
<v Speaker 7>Uh.

0:15:44.840 --> 0:15:48.480
<v Speaker 4>The work to be done in Detroit is immense, and

0:15:48.520 --> 0:15:50.400
<v Speaker 4>the work to be done in the royal and suburban

0:15:50.440 --> 0:15:53.600
<v Speaker 4>areas is significant as well. That it's it's there for

0:15:53.640 --> 0:15:56.240
<v Speaker 4>the taking, but you know nobody, nobody's going to hand

0:15:56.280 --> 0:15:58.760
<v Speaker 4>it to you. It's the point like they're like this,

0:15:58.760 --> 0:16:01.400
<v Speaker 4>this campaign and this national movement is going to have

0:16:01.440 --> 0:16:02.280
<v Speaker 4>to do it on its own.

0:16:02.800 --> 0:16:03.560
<v Speaker 6>Yeah, that's right.

0:16:03.640 --> 0:16:05.760
<v Speaker 2>Let's go ahead, actually and take a listen to Abdel

0:16:05.800 --> 0:16:09.400
<v Speaker 2>gave a speech last night before the race had been called,

0:16:09.440 --> 0:16:14.359
<v Speaker 2>when you know by anyone, but already striking that conciliatory

0:16:14.560 --> 0:16:17.040
<v Speaker 2>tone with Democrats saying we all have to come together

0:16:17.280 --> 0:16:20.000
<v Speaker 2>to defeat Mike Rogers. Let's go ahead and take a

0:16:20.000 --> 0:16:20.520
<v Speaker 2>listen to that.

0:16:21.320 --> 0:16:25.920
<v Speaker 8>And however we might feel about the campaign we've just

0:16:26.040 --> 0:16:29.600
<v Speaker 8>come through, I want you to understand that it pales

0:16:30.600 --> 0:16:36.040
<v Speaker 8>in comparison to the cynicism, in comparison to the corporatism,

0:16:37.560 --> 0:16:39.400
<v Speaker 8>in comparison to the lies.

0:16:40.160 --> 0:16:43.720
<v Speaker 7>Like Mike Rogers and Donald Trump are going to tell,

0:16:44.720 --> 0:16:49.280
<v Speaker 7>there is so much more that unites us. However much

0:16:49.360 --> 0:16:52.840
<v Speaker 7>we might disagree with our Democratic opponent, there is so

0:16:53.320 --> 0:16:56.000
<v Speaker 7>much more that unites us than divides us.

0:16:56.280 --> 0:16:57.000
<v Speaker 8>And so to.

0:16:57.040 --> 0:17:02.320
<v Speaker 7>All of our supporters here tonight, watching on TV tomorrow,

0:17:02.400 --> 0:17:04.280
<v Speaker 7>we begin to mend fences.

0:17:05.800 --> 0:17:09.440
<v Speaker 8>Whatever happens tonight, we have.

0:17:09.359 --> 0:17:14.439
<v Speaker 7>A responsibility to assure that we unite, to make sure

0:17:14.560 --> 0:17:18.520
<v Speaker 7>that Mike Rogers never sees the inside of the US Senate.

0:17:19.160 --> 0:17:22.560
<v Speaker 2>And you know, in terms of Mike Rogers, he's got

0:17:22.560 --> 0:17:24.719
<v Speaker 2>a tall hill to climb here too, because he's got

0:17:24.720 --> 0:17:26.399
<v Speaker 2>a man named Donald Trump in the White House and

0:17:26.440 --> 0:17:29.560
<v Speaker 2>he's going to have to answer for every insane, stupid,

0:17:29.760 --> 0:17:33.840
<v Speaker 2>destructive thing that that man does between now and November.

0:17:34.440 --> 0:17:38.840
<v Speaker 2>In a very dismal climate both politically for Republicans economically

0:17:39.080 --> 0:17:42.240
<v Speaker 2>in terms of the level of pessimism, the Iran war

0:17:42.320 --> 0:17:45.359
<v Speaker 2>obviously no end in sight here gas price is still

0:17:45.560 --> 0:17:50.880
<v Speaker 2>very high, so it's a brutal climate for him and Democrats,

0:17:51.040 --> 0:17:55.760
<v Speaker 2>you know, outside of the elected establishment and the elite

0:17:55.760 --> 0:17:59.280
<v Speaker 2>tastemakers and the party. Outside of that circle, they are highly,

0:17:59.720 --> 0:18:03.720
<v Speaker 2>highly elite energized to take the Senate and send a

0:18:03.720 --> 0:18:08.520
<v Speaker 2>message to Republicans into the country that the Trump administration

0:18:08.600 --> 0:18:11.520
<v Speaker 2>is unacceptable and that there is you know, a wave

0:18:11.640 --> 0:18:14.359
<v Speaker 2>building to shift power in the other direction.

0:18:14.800 --> 0:18:17.439
<v Speaker 5>And let's keep going to the down ballot races because

0:18:17.520 --> 0:18:20.879
<v Speaker 5>Will Lawrence is an example of some of that energy.

0:18:21.119 --> 0:18:23.439
<v Speaker 5>We can put a two on the screen and Crystal

0:18:23.440 --> 0:18:26.000
<v Speaker 5>and Ryan explain to us, you were watching these results

0:18:26.080 --> 0:18:27.879
<v Speaker 5>come in last night as well, explain to us what

0:18:27.920 --> 0:18:31.000
<v Speaker 5>this means in the kind of broader constellation of DSA

0:18:31.119 --> 0:18:33.880
<v Speaker 5>style wins that we've seen. Obviously, we're going to get

0:18:33.880 --> 0:18:36.200
<v Speaker 5>into the Corey Bush lost last night, So kind of

0:18:36.240 --> 0:18:38.199
<v Speaker 5>a mixed bag, but this is a big one.

0:18:38.840 --> 0:18:39.480
<v Speaker 1>Yeah.

0:18:39.520 --> 0:18:42.480
<v Speaker 4>Matt Masden there that you see finishing third, he had

0:18:42.480 --> 0:18:44.639
<v Speaker 4>millions of dollars spent on behalf of him.

0:18:44.720 --> 0:18:45.040
<v Speaker 1>He was.

0:18:45.280 --> 0:18:48.680
<v Speaker 4>He's a candidate of that what's it called the bridge,

0:18:48.720 --> 0:18:51.320
<v Speaker 4>like the Liz Smith operation, the same one that did

0:18:52.160 --> 0:18:55.320
<v Speaker 4>Mallory McMorrow and.

0:18:54.320 --> 0:18:56.399
<v Speaker 1>That kind of politics.

0:18:57.880 --> 0:19:00.000
<v Speaker 4>Both of Will Lawrence's opponents were made in a line

0:19:00.080 --> 0:19:03.959
<v Speaker 4>A Democrats, like one of them Navy seal who carried

0:19:04.040 --> 0:19:07.680
<v Speaker 4>the nuclear football for Obama. That's Matt and then Bridget

0:19:07.720 --> 0:19:10.920
<v Speaker 4>was ambassador of Ukraine, you know, who stood up to Trump.

0:19:10.960 --> 0:19:13.400
<v Speaker 4>It's like you couldn't kind of do better if you're

0:19:13.400 --> 0:19:18.440
<v Speaker 4>trying to recruit house Democratic candidates for the Democratic primary base.

0:19:18.800 --> 0:19:21.359
<v Speaker 4>And yet Will Lawrence, co founder of Sunrise, on the

0:19:21.400 --> 0:19:25.320
<v Speaker 4>back of his opposition to both genocide and data centers

0:19:25.480 --> 0:19:29.960
<v Speaker 4>in the district, is beating both of them fairly, fairly comfortably.

0:19:30.800 --> 0:19:35.960
<v Speaker 4>And this will be another test, and it's probably useful

0:19:36.280 --> 0:19:38.720
<v Speaker 4>for Abdell side to have him here because he is

0:19:38.800 --> 0:19:43.280
<v Speaker 4>going to be doing everything he can to bring Michigan

0:19:43.320 --> 0:19:47.080
<v Speaker 4>State University District, which is in his district, that bring

0:19:47.119 --> 0:19:50.000
<v Speaker 4>those folks out to vote, but in general, to make

0:19:50.040 --> 0:19:55.840
<v Speaker 4>the case that populism is viable in mid Michigan. He's

0:19:55.840 --> 0:19:58.720
<v Speaker 4>going to go up against Tom Barrett and incumbent Republicans.

0:19:58.720 --> 0:20:01.640
<v Speaker 4>So this is not one of these DSA candidates who

0:20:02.359 --> 0:20:04.560
<v Speaker 4>wins and can now go around the rest of the

0:20:04.560 --> 0:20:07.600
<v Speaker 4>country just electing other DSA candidates like he has to

0:20:07.640 --> 0:20:10.880
<v Speaker 4>flip a red seat and trying to run up those

0:20:10.880 --> 0:20:12.639
<v Speaker 4>margins and beat Tom Barrett is going to be I

0:20:12.640 --> 0:20:16.520
<v Speaker 4>think very helpful to Abdulah's sides showing that this is

0:20:16.800 --> 0:20:19.480
<v Speaker 4>this is not a culture war that he's waging. He's

0:20:19.520 --> 0:20:24.679
<v Speaker 4>not trying to bring communism to mid Michigan. He's just

0:20:24.960 --> 0:20:28.439
<v Speaker 4>going to fight against these data centers and kind of

0:20:28.720 --> 0:20:35.040
<v Speaker 4>actually be conservative, like conserve what people love about mid Michigan.

0:20:35.119 --> 0:20:42.080
<v Speaker 4>So that will be that will be fascinating Crystal. Any

0:20:42.119 --> 0:20:47.280
<v Speaker 4>thoughts on Lawrence kind of you know, fairly comfortably beating

0:20:47.280 --> 0:20:47.880
<v Speaker 4>these two.

0:20:48.600 --> 0:20:51.960
<v Speaker 2>Democrats, Well, it's I mean it's also a bit of

0:20:52.160 --> 0:20:54.439
<v Speaker 2>a centrist in disarray kind of a story because I'm

0:20:54.520 --> 0:20:57.160
<v Speaker 2>sure that there is a lot of recriminations looking at

0:20:57.240 --> 0:20:59.119
<v Speaker 2>you know, he didn't get fifty percent of the vote,

0:20:59.520 --> 0:21:02.160
<v Speaker 2>so no guarantees that if it was head to head

0:21:02.240 --> 0:21:04.520
<v Speaker 2>him versus one of these other candidates that he would

0:21:04.560 --> 0:21:06.600
<v Speaker 2>have lost. But I'm sure they're going to think that

0:21:06.600 --> 0:21:10.200
<v Speaker 2>that's the case. So there's a lack of coordination there

0:21:10.359 --> 0:21:13.959
<v Speaker 2>problem that's an issue. There is a similar dynamic happening

0:21:13.960 --> 0:21:18.840
<v Speaker 2>in the Wisconsin governor's race with Francesca Hang, the DSA candidate,

0:21:19.080 --> 0:21:22.440
<v Speaker 2>really benefiting from that dynamic as well. Although she has

0:21:22.480 --> 0:21:24.440
<v Speaker 2>such a lead that although who knows what the poll

0:21:24.520 --> 0:21:26.199
<v Speaker 2>or whether the polls are right at this point or not,

0:21:26.320 --> 0:21:29.160
<v Speaker 2>but she has such a lead that it seems unlikely

0:21:29.240 --> 0:21:30.960
<v Speaker 2>even if it was a had to head battle there

0:21:31.000 --> 0:21:32.119
<v Speaker 2>that she would be defeated.

0:21:32.160 --> 0:21:32.600
<v Speaker 6>But we'll see.

0:21:32.600 --> 0:21:35.480
<v Speaker 2>That primary is next week, So now I think, well,

0:21:35.520 --> 0:21:37.480
<v Speaker 2>Lawrence is a very compelling candidate. I think we were

0:21:37.520 --> 0:21:41.080
<v Speaker 2>all impressed with him when we interviewed him, and the

0:21:41.200 --> 0:21:44.320
<v Speaker 2>data center critique is very natural for him because obviously

0:21:44.400 --> 0:21:47.760
<v Speaker 2>as a founder of the Sunrise movement, and he's deeply

0:21:47.800 --> 0:21:51.960
<v Speaker 2>concerned about environmental issues, and that is one aspect of

0:21:52.000 --> 0:21:55.399
<v Speaker 2>what the whole country is deeply concerned about with data centers,

0:21:55.720 --> 0:21:58.600
<v Speaker 2>and it's only going to become more of an issue.

0:21:58.640 --> 0:22:00.520
<v Speaker 2>I saw, I can't remember which state it is, was

0:22:00.560 --> 0:22:05.280
<v Speaker 2>in there was a ballot initiative to block a data

0:22:05.280 --> 0:22:08.119
<v Speaker 2>center in a certain area that was successful. After the

0:22:08.480 --> 0:22:12.080
<v Speaker 2>local officials had approved it, the public said we want

0:22:12.119 --> 0:22:14.600
<v Speaker 2>to say in this and we're able to get that

0:22:14.680 --> 0:22:17.640
<v Speaker 2>on the ballot in their area, and they fully rejected it.

0:22:18.000 --> 0:22:21.440
<v Speaker 2>Adding to some there's some three hundred data center bands

0:22:21.480 --> 0:22:24.080
<v Speaker 2>or moratoriums in place across the country at this point.

0:22:24.119 --> 0:22:27.760
<v Speaker 2>So he'll be part of that burgeoning movement. And to

0:22:27.800 --> 0:22:30.560
<v Speaker 2>your point, Ryan, having him on the ground, working in

0:22:30.600 --> 0:22:34.480
<v Speaker 2>collaboration with Abdul and his team is going to be

0:22:34.800 --> 0:22:35.639
<v Speaker 2>very important.

0:22:36.119 --> 0:22:37.119
<v Speaker 6>Let's go to a three.

0:22:37.240 --> 0:22:39.840
<v Speaker 2>We can put this was the other big race for

0:22:39.880 --> 0:22:43.920
<v Speaker 2>the left in Michigan. This is Donovan McKinney versus Street Thanadar.

0:22:44.240 --> 0:22:47.760
<v Speaker 2>This is a Detroit area district. Right now, you've got

0:22:47.800 --> 0:22:51.440
<v Speaker 2>Donovan McKinney up here by a few points, by about

0:22:51.440 --> 0:22:56.680
<v Speaker 2>three points in about three thousand votes. That one has

0:22:56.800 --> 0:23:00.240
<v Speaker 2>not been called yet. They say there's about seventy three

0:23:00.400 --> 0:23:05.440
<v Speaker 2>percent of the expected vote in. It definitely looks very

0:23:05.480 --> 0:23:09.320
<v Speaker 2>good for Donovan, but still enough vote out for it

0:23:09.359 --> 0:23:12.520
<v Speaker 2>to be too close to call. But you know this

0:23:12.640 --> 0:23:15.119
<v Speaker 2>is a this is a big one too, because you

0:23:15.240 --> 0:23:19.640
<v Speaker 2>have a lefty taking out here a Democratic incumbent, and

0:23:19.880 --> 0:23:24.439
<v Speaker 2>anytime that happens, you know, it's very difficult to unseat incumbents.

0:23:25.359 --> 0:23:27.800
<v Speaker 2>And you know, this is a district that does have

0:23:27.880 --> 0:23:32.800
<v Speaker 2>a lot of a beloved Democratic incumbent, yes, beloved by all,

0:23:33.480 --> 0:23:36.440
<v Speaker 2>And this is a district with a large black population

0:23:36.680 --> 0:23:38.840
<v Speaker 2>as well, and so in terms of some of the

0:23:38.920 --> 0:23:41.720
<v Speaker 2>challenges that the left has with black voters and older

0:23:41.760 --> 0:23:45.240
<v Speaker 2>black voters in particular, you know, Donovan McKinney appears to

0:23:45.320 --> 0:23:48.639
<v Speaker 2>have been able to overcome some of that trepidation in

0:23:48.680 --> 0:23:50.440
<v Speaker 2>his battle here against Tritanadar.

0:23:51.600 --> 0:23:54.000
<v Speaker 4>Donovan in our interview recently had a kind of a

0:23:54.040 --> 0:23:56.120
<v Speaker 4>funny line about the DSA because he.

0:23:57.720 --> 0:23:59.800
<v Speaker 1>Has had a bit of a rocky relationship with DSA.

0:23:59.800 --> 0:24:04.439
<v Speaker 4>He and ed up getting Metro Detroit dsay's endorsement, and

0:24:04.480 --> 0:24:06.760
<v Speaker 4>I think that, you know, that really helped.

0:24:06.880 --> 0:24:08.080
<v Speaker 3>And he had.

0:24:09.400 --> 0:24:12.439
<v Speaker 4>People from all over the country, all of these different

0:24:12.440 --> 0:24:16.600
<v Speaker 4>campaigns at Adam ham Away, a lot of heros on

0:24:16.640 --> 0:24:19.159
<v Speaker 4>and on and on came in and brought staff and

0:24:19.240 --> 0:24:24.040
<v Speaker 4>volunteers as well, and with the hope of a relentless

0:24:24.040 --> 0:24:26.719
<v Speaker 4>get out the vote effort kind of overcoming what was

0:24:27.040 --> 0:24:30.000
<v Speaker 4>what was a polling gap. So it seems like this,

0:24:29.760 --> 0:24:33.000
<v Speaker 4>you know, this coming together so far as working for McKinney.

0:24:33.040 --> 0:24:36.760
<v Speaker 4>There's thirty eight thousand votes outstanding and he has to

0:24:37.119 --> 0:24:40.080
<v Speaker 4>you know, maintain this this three thousand vote lead. But

0:24:40.160 --> 0:24:42.560
<v Speaker 4>he in our interview he said something funny, but I

0:24:42.600 --> 0:24:44.520
<v Speaker 4>don't know if you remember exactly how he put it

0:24:44.680 --> 0:24:46.600
<v Speaker 4>when we asked him about his relationship with the DSA,

0:24:46.680 --> 0:24:49.880
<v Speaker 4>is like, I love the DSA. I agree with them

0:24:49.920 --> 0:24:54.200
<v Speaker 4>on basically everything, but man, they talk a lot and

0:24:54.240 --> 0:24:58.240
<v Speaker 4>sometimes it's not very helpful. It was some version of that,

0:24:58.920 --> 0:25:00.760
<v Speaker 4>and I think the DA he needs to listen to

0:25:00.760 --> 0:25:03.840
<v Speaker 4>people like Donovan mckinneyse like, what whatever it is he's

0:25:03.880 --> 0:25:06.520
<v Speaker 4>telling you about what's not working on the ground in Detroit, Like,

0:25:06.600 --> 0:25:09.720
<v Speaker 4>listen because he agrees with you. And yes, you can

0:25:09.760 --> 0:25:11.560
<v Speaker 4>complain about what you know, where he's been in the

0:25:11.600 --> 0:25:15.639
<v Speaker 4>past and some things he's with you now. He wants

0:25:15.640 --> 0:25:18.440
<v Speaker 4>to see Abdulla al Saiah when he endorsed you know,

0:25:18.480 --> 0:25:23.400
<v Speaker 4>they cross endorsed each other. Having him running is a

0:25:23.400 --> 0:25:26.440
<v Speaker 4>a is a great bridge. The The thing that outside

0:25:26.480 --> 0:25:30.160
<v Speaker 4>has going for him, uh, is that the older black

0:25:30.160 --> 0:25:34.760
<v Speaker 4>community in Wayne County is still very well organized. The

0:25:34.800 --> 0:25:37.440
<v Speaker 4>younger black community as the churches, you know, the church

0:25:37.440 --> 0:25:40.320
<v Speaker 4>attendance has gone down and like the just the collapse

0:25:40.320 --> 0:25:42.560
<v Speaker 4>of kind of American society generally in the last couple

0:25:42.560 --> 0:25:46.000
<v Speaker 4>of decades has become disaggregated. But the older voters are

0:25:46.040 --> 0:25:48.600
<v Speaker 4>still very well organized. So if you can get the

0:25:48.640 --> 0:25:52.960
<v Speaker 4>word out that we're gonna we're going to overcome these

0:25:52.960 --> 0:25:56.359
<v Speaker 4>differences and we're going to pull together, and this is

0:25:56.400 --> 0:25:57.720
<v Speaker 4>a rainbow coalition.

0:25:58.640 --> 0:26:01.160
<v Speaker 1>You know, it was Michigan that almost.

0:26:00.800 --> 0:26:03.760
<v Speaker 4>Propelled Jesse Jackson back in nineteen eighty eight to the

0:26:03.800 --> 0:26:08.320
<v Speaker 4>Democratic nomination on the back of a rainbow coalition. Then

0:26:08.400 --> 0:26:11.639
<v Speaker 4>this becomes that this becomes possible and McKinney could be

0:26:11.640 --> 0:26:14.520
<v Speaker 4>a key player, you know, keep bridge there.

0:26:14.400 --> 0:26:17.800
<v Speaker 2>I think, well, yeah, well, one other quick comment about

0:26:18.359 --> 0:26:22.040
<v Speaker 2>DSA is, you know, they are really gaining a reputation

0:26:22.240 --> 0:26:26.359
<v Speaker 2>as important organizing muscle on the ground, and so you

0:26:26.440 --> 0:26:29.359
<v Speaker 2>see more and more candidates reaching out for their endorsement

0:26:29.800 --> 0:26:32.199
<v Speaker 2>because even if it comes with a you know, the

0:26:32.240 --> 0:26:34.919
<v Speaker 2>socialist label that may or may not benefit them in

0:26:34.960 --> 0:26:38.720
<v Speaker 2>the district, just because they actually are a real member

0:26:38.840 --> 0:26:42.720
<v Speaker 2>organization with real ability and know what they are doing

0:26:42.760 --> 0:26:46.919
<v Speaker 2>and have demonstrated demonstrated some prowess in terms of contacting

0:26:47.000 --> 0:26:50.359
<v Speaker 2>voters and organizing and getting out the vote. It is

0:26:50.600 --> 0:26:54.240
<v Speaker 2>candidates are increasingly really seeing it as worthwhile to have

0:26:54.359 --> 0:26:57.639
<v Speaker 2>their backing and being a real difference maker in some

0:26:57.720 --> 0:26:58.840
<v Speaker 2>of these close votes.

0:26:59.280 --> 0:27:01.280
<v Speaker 5>Russell looking at what appears to be a double digit

0:27:01.320 --> 0:27:04.840
<v Speaker 5>loss for Corey Bush in Missouri to Wesley Bell.

0:27:05.240 --> 0:27:07.000
<v Speaker 4>Real quick before we go to Missouri, just just to

0:27:07.080 --> 0:27:09.199
<v Speaker 4>update people and what we talked about last night. There

0:27:09.240 --> 0:27:13.680
<v Speaker 4>were a bunch of other down ballot dsa slash lefty races.

0:27:14.040 --> 0:27:19.920
<v Speaker 4>Senate District one, Aosh lost an effort to Allston incumbent,

0:27:20.119 --> 0:27:23.080
<v Speaker 4>but in Senate District two, A bus Allawi, who has

0:27:23.200 --> 0:27:25.280
<v Speaker 4>I believe he's been on this program, former chief of

0:27:25.320 --> 0:27:28.439
<v Speaker 4>staff to Corey Busch, former stafford of both Andy Levin

0:27:29.119 --> 0:27:33.200
<v Speaker 4>and Rashida Talib, will be one in Dearborn and ousted.

0:27:33.359 --> 0:27:37.280
<v Speaker 4>The incumbent will be the first Arab American to go

0:27:37.320 --> 0:27:41.760
<v Speaker 4>to UH, to go to the state Senate. And then

0:27:42.760 --> 0:27:45.920
<v Speaker 4>it looks like ann Arbor the insurgents one an Arbor

0:27:46.000 --> 0:27:49.560
<v Speaker 4>Mayor race and elsewhere and a bunch of other races

0:27:50.119 --> 0:27:53.000
<v Speaker 4>that we talked about yesterday. It looks like not a

0:27:53.080 --> 0:27:56.800
<v Speaker 4>completely clean suite, but a pretty pretty significant, pretty significant one.

0:27:57.280 --> 0:27:58.560
<v Speaker 1>But not the case in Missouri.

0:28:01.280 --> 0:28:05.840
<v Speaker 5>Now where it stands in Missouri, as Wesley Bell has

0:28:05.960 --> 0:28:09.880
<v Speaker 5>let me pull this back up. Wesley Bell in District

0:28:09.880 --> 0:28:13.040
<v Speaker 5>one has fifty nine point two percent of the vote.

0:28:13.040 --> 0:28:14.639
<v Speaker 5>This is with just about all of the votes, and

0:28:15.000 --> 0:28:18.280
<v Speaker 5>Corey Bush is at thirty six point ninety percent, So

0:28:18.720 --> 0:28:22.040
<v Speaker 5>resounding victory for Wesley Bell. Not exactly a surprise. Are

0:28:22.080 --> 0:28:24.119
<v Speaker 5>we surprised at all by the margin of victory for

0:28:24.160 --> 0:28:27.000
<v Speaker 5>Wesley Bell?

0:28:27.040 --> 0:28:28.639
<v Speaker 1>I mean probably, probably not.

0:28:28.880 --> 0:28:32.960
<v Speaker 4>Unfortunately, this was a real long shot for her, and

0:28:33.400 --> 0:28:36.080
<v Speaker 4>I talked about this last night, but the weird internal

0:28:36.119 --> 0:28:40.240
<v Speaker 4>polling just showed that the negatives on Corey Bush really stuck.

0:28:41.760 --> 0:28:44.360
<v Speaker 4>And the main thing that they hit her for was

0:28:44.440 --> 0:28:48.080
<v Speaker 4>missing too many votes. You know, she talked about she

0:28:48.080 --> 0:28:51.040
<v Speaker 4>had two bouts of COVID, which is what led to

0:28:51.080 --> 0:28:55.280
<v Speaker 4>the the votes being missed. But it's not like they

0:28:55.360 --> 0:28:59.360
<v Speaker 4>give context in attack ads. And Jamal Bowman was telling

0:28:59.440 --> 0:29:01.320
<v Speaker 4>us last night on stream when he was going around

0:29:01.560 --> 0:29:05.120
<v Speaker 4>Saint Louis, you guys can take that off by now.

0:29:06.360 --> 0:29:08.600
<v Speaker 4>When he was going around Saint Louis, people were excited

0:29:08.600 --> 0:29:11.960
<v Speaker 4>about her, but would say like, wait, I saw, didn't

0:29:11.960 --> 0:29:13.360
<v Speaker 4>I say that she didn't do her job. She never

0:29:13.360 --> 0:29:16.120
<v Speaker 4>showed up to vote, like those ads were absolutely everywhere,

0:29:16.120 --> 0:29:18.760
<v Speaker 4>and they still hit her with voting against the infrastructure

0:29:18.760 --> 0:29:22.200
<v Speaker 4>bill in order to try to get the build back

0:29:22.240 --> 0:29:27.240
<v Speaker 4>better bill, you know, through and so the negatives on

0:29:27.280 --> 0:29:29.520
<v Speaker 4>Wesley Bell for whatever reason, weren't landing in the same way,

0:29:29.560 --> 0:29:31.440
<v Speaker 4>and she didn't have also didn't have the money this

0:29:31.560 --> 0:29:35.120
<v Speaker 4>time to kind of really drive those home.

0:29:35.880 --> 0:29:38.960
<v Speaker 2>Yeah, and didn't have a lot of you know, once

0:29:39.120 --> 0:29:41.560
<v Speaker 2>but you didn't have Bernie, you know, back in coming

0:29:41.600 --> 0:29:45.560
<v Speaker 2>to the district, there were you know, some she didn't

0:29:45.560 --> 0:29:49.680
<v Speaker 2>have all the sort of organizational endorsement pieces there. And

0:29:49.760 --> 0:29:52.480
<v Speaker 2>I also think, you know, just in terms of where

0:29:52.560 --> 0:29:54.880
<v Speaker 2>the left is strongest, I think there was you know,

0:29:54.920 --> 0:29:58.640
<v Speaker 2>this is a demographic area an area demographically that was

0:29:58.680 --> 0:30:00.720
<v Speaker 2>going to be a challenge as well. So it seems

0:30:00.760 --> 0:30:03.240
<v Speaker 2>like all of that was just too much to overcome.

0:30:03.360 --> 0:30:07.240
<v Speaker 2>So APAC did get at least one when there last night,

0:30:07.880 --> 0:30:10.600
<v Speaker 2>which I'm sure they'll be very very happy about. I mean,

0:30:10.680 --> 0:30:14.240
<v Speaker 2>just to remind people, when Corey Bush was originally defeated

0:30:14.280 --> 0:30:16.760
<v Speaker 2>by Wesley Bell, this was the most expensive at that time,

0:30:17.120 --> 0:30:20.000
<v Speaker 2>This was the most expensive primary that had ever happened.

0:30:20.080 --> 0:30:22.440
<v Speaker 2>Because they were bound and determined to get her out

0:30:22.480 --> 0:30:25.560
<v Speaker 2>of there, and they succeeded with her. With Jamal Bowman

0:30:25.880 --> 0:30:28.920
<v Speaker 2>as well, I think if she was an incumbent and

0:30:28.960 --> 0:30:31.040
<v Speaker 2>they were trying to run that same playbook. I don't

0:30:31.040 --> 0:30:33.800
<v Speaker 2>think that it would work, but there's a lot of

0:30:33.800 --> 0:30:37.040
<v Speaker 2>advantages to incumbency. And I think you're right Ryan that

0:30:37.240 --> 0:30:41.480
<v Speaker 2>some of the things, you know, the claims about absentee voting,

0:30:41.720 --> 0:30:45.960
<v Speaker 2>there were also some alleged sort of corruption stories involving

0:30:46.000 --> 0:30:49.760
<v Speaker 2>her and her husband that probably dinged her image in

0:30:49.760 --> 0:30:52.400
<v Speaker 2>the district as well. So all of those efforts paid off.

0:30:52.240 --> 0:30:53.480
<v Speaker 1>For them, right.

0:30:53.880 --> 0:30:56.560
<v Speaker 4>The things that land are you know, people think you're

0:30:57.000 --> 0:31:00.320
<v Speaker 4>if people think you're petty corrupt, like self dealing, and

0:31:00.360 --> 0:31:02.440
<v Speaker 4>if you're not and if you're not voting like that

0:31:03.320 --> 0:31:06.120
<v Speaker 4>like that it hits in these.

0:31:05.960 --> 0:31:07.840
<v Speaker 1>Attack ads, like because like for.

0:31:09.400 --> 0:31:10.960
<v Speaker 4>You know, I think for voters are like, you're getting

0:31:10.960 --> 0:31:15.800
<v Speaker 4>paid six figures, your job is to go vote, Go vote.

0:31:15.840 --> 0:31:17.200
<v Speaker 4>Like if I was there, they're thinking, if I was

0:31:17.200 --> 0:31:19.360
<v Speaker 4>getting paid six figures, I would vote. And like I said,

0:31:19.400 --> 0:31:21.920
<v Speaker 4>in attack ad, you don't get a chance to say, well,

0:31:21.920 --> 0:31:23.480
<v Speaker 4>here's the reason I missed these votes.

0:31:24.160 --> 0:31:26.280
<v Speaker 1>Yeah, it's just she had.

0:31:26.120 --> 0:31:28.200
<v Speaker 4>The worst voting record in Congress, you know, whatever the

0:31:28.320 --> 0:31:29.600
<v Speaker 4>whatever the hit hit was.

0:31:31.120 --> 0:31:33.480
<v Speaker 2>And I mean they tried as similar and the sort

0:31:33.520 --> 0:31:36.600
<v Speaker 2>of petty corruption front. They tried a similar tactic with

0:31:36.760 --> 0:31:39.480
<v Speaker 2>Abdul that I'm sure also dinged his image with all

0:31:39.520 --> 0:31:42.000
<v Speaker 2>of Hailey Stevens really spent a lot of time focusing

0:31:42.040 --> 0:31:45.640
<v Speaker 2>on where's your tax return, where's your financial disclosure, which

0:31:45.680 --> 0:31:48.280
<v Speaker 2>she ends up releasing, but you know, she'd raise these

0:31:48.360 --> 0:31:50.680
<v Speaker 2>questions about, well, where did this money come from? Where

0:31:50.680 --> 0:31:53.080
<v Speaker 2>did that money come from? And so to create this

0:31:53.480 --> 0:31:56.920
<v Speaker 2>similar impression and to mondy the waters as she was

0:31:56.920 --> 0:31:59.800
<v Speaker 2>getting hit hard for a sort of corruption by taking

0:31:59.800 --> 0:32:03.400
<v Speaker 2>all of this corporate and lobby money for her campaign.

0:32:04.120 --> 0:32:08.520
<v Speaker 5>Well, let's finally go to Washington District nine, where Adam

0:32:08.600 --> 0:32:12.200
<v Speaker 5>Smith has according to results right now, we've got fifty

0:32:12.240 --> 0:32:15.560
<v Speaker 5>three percent of votes in. He's not just advancing to

0:32:15.600 --> 0:32:19.400
<v Speaker 5>the general election, but had fifty one percent, So over

0:32:19.480 --> 0:32:24.080
<v Speaker 5>fifty percent of the vote there in Washington nine. The

0:32:24.080 --> 0:32:27.440
<v Speaker 5>Republican candidate Doug Basler at twenty three point eight percent,

0:32:27.480 --> 0:32:30.160
<v Speaker 5>So that's what the general election will look like. Again,

0:32:30.200 --> 0:32:32.120
<v Speaker 5>fifty three percent of the votes in. So we don't

0:32:32.160 --> 0:32:35.280
<v Speaker 5>know if these particular margins stick, but over the fifty

0:32:35.280 --> 0:32:37.360
<v Speaker 5>percent margin for Adam Smith right now.

0:32:37.840 --> 0:32:40.200
<v Speaker 2>Yeah, so this this will be a lock for him

0:32:40.240 --> 0:32:43.040
<v Speaker 2>in the general because it's a very liberal district. You know,

0:32:43.200 --> 0:32:46.360
<v Speaker 2>just sort of like suburban Seattle. Obviously, we had both

0:32:46.360 --> 0:32:51.440
<v Speaker 2>Adam Smith and his socialist challenger Kasha Masawant. In Washington,

0:32:51.480 --> 0:32:55.440
<v Speaker 2>they do top two primary, so everybody runs and what's

0:32:55.480 --> 0:32:57.560
<v Speaker 2>called a jungle primary, and then the top two move

0:32:57.560 --> 0:33:01.160
<v Speaker 2>on to the general election. So that's why you see Socialists, Republican,

0:33:01.320 --> 0:33:03.880
<v Speaker 2>Democrat all mixed together there in the results.

0:33:04.120 --> 0:33:07.840
<v Speaker 4>Yeah, and Doug Basler, the Republican, raised less than one

0:33:07.880 --> 0:33:10.760
<v Speaker 4>hundred thousand dollars in the primary, so you know he's

0:33:10.760 --> 0:33:12.680
<v Speaker 4>not a serious candidate. He's not going to be a

0:33:12.680 --> 0:33:16.640
<v Speaker 4>threat to Adam Smith because Shamas the Want is currently

0:33:16.680 --> 0:33:23.240
<v Speaker 4>in battling for third with Melissa Chaudrey. She's current results

0:33:23.240 --> 0:33:25.560
<v Speaker 4>have her with eight thousand little over eight thousand votes.

0:33:25.600 --> 0:33:28.360
<v Speaker 1>She's eight hundred votes ahead of Melissa Chaudry.

0:33:28.720 --> 0:33:32.440
<v Speaker 4>There's still about sixty thousand votes to be counted, so

0:33:32.520 --> 0:33:35.440
<v Speaker 4>it's possible Chaudrey could overtake her, but doesn't matter third

0:33:35.520 --> 0:33:38.880
<v Speaker 4>or fourth. Either way, you don't make it. You don't

0:33:38.880 --> 0:33:43.240
<v Speaker 4>make it into the top two there. Yeah, and Marie

0:33:43.240 --> 0:33:46.920
<v Speaker 4>Glusen Camperez, by the way, did win, and she did

0:33:46.920 --> 0:33:49.000
<v Speaker 4>make the top two. She had a left wing challenger

0:33:49.240 --> 0:33:52.040
<v Speaker 4>who was trying to squeeze her out of the top

0:33:53.320 --> 0:33:55.920
<v Speaker 4>out of the top two, but she made it through.

0:33:55.960 --> 0:33:58.440
<v Speaker 4>So it'll be her against a Republican to defend her seat.

0:34:00.040 --> 0:34:00.200
<v Speaker 8>Yeh.

0:34:00.320 --> 0:34:04.040
<v Speaker 2>So some interesting results there, and you know, I think

0:34:05.160 --> 0:34:09.080
<v Speaker 2>I think perhaps the lack of the DSA endorsement for

0:34:09.160 --> 0:34:13.440
<v Speaker 2>Kashama was significant there to just given again the organizing

0:34:13.520 --> 0:34:17.440
<v Speaker 2>muscle and when you have there were multiple challengers there

0:34:17.600 --> 0:34:21.759
<v Speaker 2>to Adam Smith's left, so there was you know, there

0:34:21.800 --> 0:34:24.200
<v Speaker 2>wasn't an ability to consolidate and be able to get

0:34:24.200 --> 0:34:25.520
<v Speaker 2>past the Republican.

0:34:26.000 --> 0:34:27.640
<v Speaker 6>Partisanship is a hell of a drug.

0:34:27.800 --> 0:34:30.640
<v Speaker 2>You know, if you have an R or D next

0:34:30.719 --> 0:34:32.680
<v Speaker 2>year name, there's a certain block of voters that's just

0:34:32.719 --> 0:34:34.760
<v Speaker 2>going to be there for you. So you're not starting

0:34:34.800 --> 0:34:37.920
<v Speaker 2>from vote number one and you know it can provide

0:34:37.920 --> 0:34:39.880
<v Speaker 2>an advantage and then real.

0:34:39.760 --> 0:34:42.600
<v Speaker 4>Quick before we finish and put up a four, APEC

0:34:42.680 --> 0:34:45.120
<v Speaker 4>did have another win here. This is this is Haley

0:34:45.160 --> 0:34:52.879
<v Speaker 4>Stevens's district to replace her. The pro Israel candidate ended

0:34:52.960 --> 0:34:58.320
<v Speaker 4>up with nearly fifty percent of the vote, Ayisha Faruki

0:34:58.440 --> 0:35:02.920
<v Speaker 4>with thirty two percent, so fairly comfortable win, an expensive

0:35:02.960 --> 0:35:07.040
<v Speaker 4>win for the for the pro Israel crowd. Here in

0:35:07.080 --> 0:35:11.600
<v Speaker 4>Steven's district. But this will be I think probably a

0:35:11.920 --> 0:35:17.320
<v Speaker 4>prime target in the next cycle if if the opposition

0:35:17.360 --> 0:35:20.200
<v Speaker 4>can kind of consolidate around a single single candidate. They

0:35:20.200 --> 0:35:23.200
<v Speaker 4>had a bunch of different challengers and they could never

0:35:23.239 --> 0:35:27.160
<v Speaker 4>really kind of organize the energy behind us a single

0:35:27.200 --> 0:35:28.560
<v Speaker 4>one Kyle Blumcoast.

0:35:28.680 --> 0:35:32.560
<v Speaker 5>They're at thirty six percent. Oh yes, yes, in the

0:35:32.600 --> 0:35:35.360
<v Speaker 5>Upper Peninsula one yes.

0:35:35.239 --> 0:35:36.480
<v Speaker 1>Yeah, we had Kyle.

0:35:36.560 --> 0:35:39.279
<v Speaker 4>We had Kyle on He ended up also spent about

0:35:39.280 --> 0:35:41.960
<v Speaker 4>one hundred grand, ended up losing twenty points to in

0:35:42.000 --> 0:35:43.120
<v Speaker 4>his Democratic primary.

0:35:43.400 --> 0:35:46.520
<v Speaker 5>Interesting, interesting candidacy that we talked to him about data

0:35:46.520 --> 0:35:50.480
<v Speaker 5>centers as well, and we'll have honestly some similar things

0:35:50.480 --> 0:35:53.800
<v Speaker 5>to discuss next week after the Wisconsin results. So should

0:35:53.840 --> 0:35:55.560
<v Speaker 5>we move on to a run and updates everyone?

0:35:57.000 --> 0:36:00.439
<v Speaker 2>Just one last question for Ryan on the election, which

0:36:00.480 --> 0:36:02.960
<v Speaker 2>is just you know, what's kind of your overall takeaway

0:36:03.480 --> 0:36:07.600
<v Speaker 2>for the strength of the left within the Democratic primary

0:36:07.680 --> 0:36:10.479
<v Speaker 2>base and you know how people should be thinking about

0:36:10.480 --> 0:36:11.280
<v Speaker 2>these things overall.

0:36:11.880 --> 0:36:15.200
<v Speaker 4>You know, we did a survey with drop sit Ins,

0:36:15.200 --> 0:36:18.040
<v Speaker 4>the TAO sponsorous survey back and I think April it was,

0:36:18.719 --> 0:36:23.880
<v Speaker 4>and it basically found that Abdulla al Saiah did not

0:36:24.080 --> 0:36:26.120
<v Speaker 4>have a path to victory in a one on one

0:36:26.200 --> 0:36:30.560
<v Speaker 4>race against either Haley Stevens or Mallory McMorrow, and that

0:36:30.640 --> 0:36:34.160
<v Speaker 4>his only his only chance was if all three of

0:36:34.200 --> 0:36:38.800
<v Speaker 4>them stayed in. And it was right around that time

0:36:38.880 --> 0:36:41.920
<v Speaker 4>that we did our survey, we put our survey into

0:36:41.960 --> 0:36:44.960
<v Speaker 4>the field justice the kind of Hassan Piker thing was

0:36:44.960 --> 0:36:48.480
<v Speaker 4>was blowing up that where McMorrow and Third Way were

0:36:48.520 --> 0:36:52.120
<v Speaker 4>demanding that he be denounced, and that ended up polarizing

0:36:52.160 --> 0:36:55.479
<v Speaker 4>the race around him and around Israel, Israel Palestine, and

0:36:55.640 --> 0:36:59.160
<v Speaker 4>you know, sinking mcmorroll's candidacy. So if you would have

0:36:59.200 --> 0:37:01.040
<v Speaker 4>told me at the time that mcmore was going to

0:37:01.120 --> 0:37:05.440
<v Speaker 4>drop out and that Elside was still going to beat

0:37:05.960 --> 0:37:09.200
<v Speaker 4>Haley Stevens, I would have been very surprised because that

0:37:09.640 --> 0:37:12.920
<v Speaker 4>was a very tough path for him for him to win.

0:37:13.000 --> 0:37:14.880
<v Speaker 2>And if we had told you she'd also get the

0:37:14.880 --> 0:37:17.359
<v Speaker 2>Whitmer endorsement, she'd get on top of it.

0:37:17.320 --> 0:37:20.399
<v Speaker 4>Gary Peters would come in, Whitmer would come in, She'd

0:37:20.440 --> 0:37:25.040
<v Speaker 4>have sixty plus million dollars of ads telling people that

0:37:25.440 --> 0:37:27.920
<v Speaker 4>Obama was supporting her, and that you'd have almost three

0:37:28.000 --> 0:37:31.920
<v Speaker 4>hundred thousand people vote in Wayne County, and that he

0:37:31.960 --> 0:37:34.200
<v Speaker 4>would still win. I would have been I would have

0:37:34.239 --> 0:37:36.279
<v Speaker 4>been very surprised, and I would never have expected that

0:37:36.360 --> 0:37:39.800
<v Speaker 4>anybody would have been suggesting that there was going to

0:37:39.840 --> 0:37:42.640
<v Speaker 4>be a fifteen point victory. So I don't know where

0:37:42.640 --> 0:37:45.640
<v Speaker 4>on earth that that kind of came from out of nowhere.

0:37:45.800 --> 0:37:47.560
<v Speaker 1>Plus you if he also tell.

0:37:47.480 --> 0:37:49.600
<v Speaker 4>Me, oh, by the way, Donovan McKinney's going to come

0:37:49.640 --> 0:37:50.359
<v Speaker 4>from behind and win.

0:37:50.680 --> 0:37:51.480
<v Speaker 1>Let's see if he does.

0:37:51.520 --> 0:37:54.319
<v Speaker 4>But he's up now, and Will Lawrence is going to

0:37:54.360 --> 0:37:59.040
<v Speaker 4>win in mid Michigan. That's a pretty dominant performance for

0:37:59.080 --> 0:38:02.480
<v Speaker 4>the populace wing of the party, kind of across across

0:38:02.520 --> 0:38:06.840
<v Speaker 4>the but ideological and racial spectrum in a party that

0:38:06.920 --> 0:38:12.000
<v Speaker 4>is very obsessed with with identity. And it also came

0:38:12.600 --> 0:38:16.960
<v Speaker 4>as the party establishment, after having destroyed Graham Plattner, was

0:38:17.000 --> 0:38:20.000
<v Speaker 4>able to focus all of its energy on trying to

0:38:20.080 --> 0:38:23.320
<v Speaker 4>take down Will Lawrence, who they threw the entire kitchen

0:38:23.320 --> 0:38:26.520
<v Speaker 4>sink at. You know, Oppa was just coming relentlessly, and

0:38:26.600 --> 0:38:29.920
<v Speaker 4>Abdullah said they were going after him, him and Will

0:38:30.000 --> 0:38:34.000
<v Speaker 4>Lawrence with with really everything they had. And so that's

0:38:34.560 --> 0:38:36.799
<v Speaker 4>that's kind of how I take take it away, rather

0:38:36.880 --> 0:38:41.520
<v Speaker 4>than the squeaker, but it's it's going to be a

0:38:41.600 --> 0:38:44.640
<v Speaker 4>very tough race, and and they're gonna, like I said,

0:38:44.640 --> 0:38:46.200
<v Speaker 4>they're gonna have to really lock in. I don't know

0:38:46.239 --> 0:38:50.360
<v Speaker 4>what's what's your thirty thousand foot look this morning?

0:38:51.080 --> 0:38:53.719
<v Speaker 2>You know, what I was thinking about is like, you know,

0:38:54.080 --> 0:38:56.680
<v Speaker 2>in the past, the populous left, there have been lots

0:38:56.680 --> 0:38:59.080
<v Speaker 2>of sort of like moral victories where I was like, well,

0:38:59.200 --> 0:39:02.040
<v Speaker 2>we didn't win, but Bernie came really close. You know,

0:39:02.160 --> 0:39:04.280
<v Speaker 2>if only X and Y and Z had gone different,

0:39:04.800 --> 0:39:07.400
<v Speaker 2>really gave them a scare. I feel like now the

0:39:07.400 --> 0:39:10.120
<v Speaker 2>shoes on the other foot, where it's like the Centrists

0:39:10.120 --> 0:39:12.880
<v Speaker 2>are kind of taking like a moral victory, and you know,

0:39:13.040 --> 0:39:15.640
<v Speaker 2>I'm personally glad to be moving into the realm of

0:39:15.680 --> 0:39:18.920
<v Speaker 2>actual victories, not a moral victories. So I think you're

0:39:19.040 --> 0:39:23.320
<v Speaker 2>right that the bar has been raised so extraordinarily high

0:39:23.719 --> 0:39:30.360
<v Speaker 2>now that in another cycle, just taking out one incumbent Shritannadar,

0:39:30.960 --> 0:39:33.600
<v Speaker 2>if that holds, you know, with Donovan McKinney, that would

0:39:33.640 --> 0:39:36.680
<v Speaker 2>be seen as a really sort of landmark event in

0:39:36.719 --> 0:39:41.359
<v Speaker 2>the way AOC taking out you know, Crowley was this

0:39:41.440 --> 0:39:44.480
<v Speaker 2>kind of watershed moment, et cetera. So I think it

0:39:44.560 --> 0:39:46.759
<v Speaker 2>shows you how much the party has shifted, how much

0:39:46.800 --> 0:39:50.120
<v Speaker 2>the landscape has shifted. But also obviously you can see

0:39:50.120 --> 0:39:52.440
<v Speaker 2>the perils of the way they are able to fight back,

0:39:52.480 --> 0:39:54.879
<v Speaker 2>the amount of resource that they're able to bring to bear,

0:39:55.600 --> 0:39:59.400
<v Speaker 2>the frankly, you know, deeply cynical tactics that they're willing

0:39:59.440 --> 0:40:02.560
<v Speaker 2>to use. You know, the constant weaponization of identity is

0:40:02.560 --> 0:40:04.480
<v Speaker 2>a theme that goes back, you know, certainly to the

0:40:04.680 --> 0:40:08.880
<v Speaker 2>Hillary Clinton versus Burning campaigns as well. So, you know,

0:40:09.000 --> 0:40:12.120
<v Speaker 2>I think it's a I think it's a reminder that

0:40:12.160 --> 0:40:15.520
<v Speaker 2>there are still very very strong forces that will do

0:40:15.600 --> 0:40:19.480
<v Speaker 2>everything they can to oppose a true populist movement that

0:40:19.600 --> 0:40:23.480
<v Speaker 2>will oppose money and politics, will oppose oligarchy, and that

0:40:23.600 --> 0:40:26.400
<v Speaker 2>is to be taken seriously, both inside of the Democratic

0:40:26.440 --> 0:40:28.960
<v Speaker 2>Party and in the you know, the general election.

0:40:29.320 --> 0:40:31.320
<v Speaker 4>Yeah, nothing's going to be handed to anybody. If you

0:40:31.360 --> 0:40:33.080
<v Speaker 4>want it, you got to take it, that's for sure.

0:40:36.719 --> 0:40:39.040
<v Speaker 5>Well, we have some breaking news now. Actually in the

0:40:39.080 --> 0:40:41.279
<v Speaker 5>Red Sea. We could toss this tear shape up on

0:40:41.440 --> 0:40:44.080
<v Speaker 5>the screen. This is from the New York Times right now,

0:40:44.120 --> 0:40:47.200
<v Speaker 5>reporting this morning Huthy threatened to expand Red Sea attacks

0:40:47.239 --> 0:40:51.000
<v Speaker 5>and claim strike on Saudi tanker The who the these

0:40:51.120 --> 0:40:53.759
<v Speaker 5>they report said Wednesday they had struck a Saudi oil

0:40:53.840 --> 0:40:56.120
<v Speaker 5>tanker in the Northern Red Sea, and they threaten to

0:40:56.120 --> 0:40:58.600
<v Speaker 5>intensify attacks. They're in an effort to close quote unquote

0:40:58.640 --> 0:41:02.560
<v Speaker 5>all access routes to Saudi oil shipments. This obviously comes

0:41:02.560 --> 0:41:06.640
<v Speaker 5>as the Trump administration is struggling to get itself out

0:41:06.719 --> 0:41:11.000
<v Speaker 5>of the Iran conflict. More broadly, we can put b

0:41:11.160 --> 0:41:13.839
<v Speaker 5>one up on the screen. Now, this just yesterday. This

0:41:13.920 --> 0:41:15.879
<v Speaker 5>is going to be a st just one moment. I'll

0:41:15.880 --> 0:41:19.200
<v Speaker 5>set it up for US Treasury Secretary Scott Bessant is

0:41:19.239 --> 0:41:22.400
<v Speaker 5>saying on CNBC at least says of yesterday that a

0:41:22.440 --> 0:41:25.319
<v Speaker 5>deal was really, really close, and we also have some

0:41:25.400 --> 0:41:30.600
<v Speaker 5>details to come on a potential deal between between Iran

0:41:31.040 --> 0:41:35.560
<v Speaker 5>and Oman about opening the Strait of Hormuz. But for now,

0:41:35.760 --> 0:41:38.680
<v Speaker 5>let's start here just listening to twenty four hours ago

0:41:38.920 --> 0:41:42.640
<v Speaker 5>Scott Bessant talking about how very very close we were.

0:41:43.040 --> 0:41:48.080
<v Speaker 9>We've seen President Trump last week threatened what would have

0:41:48.160 --> 0:41:51.800
<v Speaker 9>been one of the largest military campaigns, or the largest

0:41:51.840 --> 0:41:56.799
<v Speaker 9>military campaigns since World War Two against the Iranians, and

0:41:56.880 --> 0:41:59.480
<v Speaker 9>now we are because of that, we are in talks

0:41:59.480 --> 0:42:02.240
<v Speaker 9>with the Irais, and I think there is a chance

0:42:02.280 --> 0:42:06.480
<v Speaker 9>we may have a deal today or tomorrow to open

0:42:06.520 --> 0:42:11.759
<v Speaker 9>the straight and move towards a more normalized position in

0:42:11.800 --> 0:42:16.040
<v Speaker 9>this conflict. And that's because if their air forces wiped out,

0:42:16.080 --> 0:42:19.000
<v Speaker 9>their navy is wiped out substantial portion, or their missiles

0:42:19.000 --> 0:42:23.319
<v Speaker 9>are wiped out. More importantly, their missile production capability is

0:42:23.600 --> 0:42:28.319
<v Speaker 9>wiped out. So anything that happens in the golf will

0:42:28.360 --> 0:42:30.919
<v Speaker 9>benefit Japan and indeed the rest of the world.

0:42:31.000 --> 0:42:33.640
<v Speaker 5>Joe, if we put the next element up on the screen,

0:42:33.960 --> 0:42:36.000
<v Speaker 5>the talks of how close this deal were sent the

0:42:36.120 --> 0:42:42.359
<v Speaker 5>stock market surging yesterday and now obviously there's also this

0:42:42.400 --> 0:42:45.920
<v Speaker 5>conversation from reading here from Joyce Karam at a monitor.

0:42:46.680 --> 0:42:53.320
<v Speaker 5>The next element shows reporting Hormuz deal seen close around

0:42:53.320 --> 0:42:56.520
<v Speaker 5>controls entry along exits around has the ability to intervene

0:42:56.560 --> 0:42:59.800
<v Speaker 5>in the waterway, potential service fee revenue split. That's according

0:42:59.840 --> 0:43:01.719
<v Speaker 5>to the New York Times. And bestment was of course

0:43:01.719 --> 0:43:05.360
<v Speaker 5>saying that this could happen any day. Crystal. Now that

0:43:05.400 --> 0:43:08.960
<v Speaker 5>there's additional conflict in the Red Sea and the huthis

0:43:09.000 --> 0:43:12.160
<v Speaker 5>seem to be escalating, what do you think this does

0:43:12.200 --> 0:43:14.279
<v Speaker 5>to the bigger picture in the Middle East right now?

0:43:15.160 --> 0:43:17.120
<v Speaker 2>Well, I mean, the funny thing is Scott Bessont talking

0:43:17.120 --> 0:43:19.000
<v Speaker 2>about We're going to have a deal, but the deal

0:43:19.040 --> 0:43:23.000
<v Speaker 2>isn't with US. It's between Iran and Oman and so

0:43:23.200 --> 0:43:25.040
<v Speaker 2>and when you say a revenue split that is going

0:43:25.040 --> 0:43:29.360
<v Speaker 2>to also not involve US. That is between Iran and Oman,

0:43:29.600 --> 0:43:30.200
<v Speaker 2>and I was.

0:43:30.200 --> 0:43:34.080
<v Speaker 5>Saying it has nothing to do with the bigger, the broader.

0:43:33.800 --> 0:43:37.440
<v Speaker 2>War, Yes, exactly right, and Iran is saying, no, we

0:43:37.520 --> 0:43:40.399
<v Speaker 2>are not negotiating with the United States right now. And

0:43:40.480 --> 0:43:43.800
<v Speaker 2>I think the HOOI you know, action this morning really

0:43:43.840 --> 0:43:46.719
<v Speaker 2>shows that for their view, the war is very much

0:43:46.880 --> 0:43:49.400
<v Speaker 2>still on and they're still going to enforce their red lines,

0:43:49.480 --> 0:43:51.279
<v Speaker 2>both you know, in the Red Sea and with the

0:43:51.320 --> 0:43:52.440
<v Speaker 2>Straight of Horn moves.

0:43:52.680 --> 0:43:55.640
<v Speaker 6>So nothing has really shifted.

0:43:55.680 --> 0:44:00.239
<v Speaker 2>If anything, the acceptance from the US of this Iran

0:44:00.680 --> 0:44:05.680
<v Speaker 2>Oman negotiation is another acknowledgment of the weakness of our

0:44:05.680 --> 0:44:08.600
<v Speaker 2>position because you know, just to back up what happened

0:44:08.640 --> 0:44:11.920
<v Speaker 2>here is we had this mu memo of understanding. There

0:44:12.000 --> 0:44:15.399
<v Speaker 2>was some ambiguity in the language around what would happen

0:44:15.480 --> 0:44:18.120
<v Speaker 2>with the Strait of Hormuz, but the Iranians certainly understood

0:44:18.120 --> 0:44:21.000
<v Speaker 2>it as we are going to retain control because we

0:44:21.080 --> 0:44:23.280
<v Speaker 2>secured that on the battlefield and we have no intention

0:44:23.360 --> 0:44:26.319
<v Speaker 2>of giving that up. The US trying to undermine that

0:44:26.400 --> 0:44:28.279
<v Speaker 2>deal and see what they could get away with by

0:44:28.360 --> 0:44:33.800
<v Speaker 2>establishing these separate corridor through the Strait of Hormuz. Iran

0:44:34.160 --> 0:44:36.680
<v Speaker 2>was not having that, and so that's why we ended it,

0:44:36.680 --> 0:44:38.120
<v Speaker 2>and then we ended up in this, you know, tit

0:44:38.160 --> 0:44:41.200
<v Speaker 2>for tat situation, which is basically where we are today.

0:44:41.719 --> 0:44:44.920
<v Speaker 2>So you know, it continues to be one of the

0:44:45.080 --> 0:44:48.279
<v Speaker 2>primary issues in terms of the conflict, and the Iranians

0:44:48.320 --> 0:44:51.800
<v Speaker 2>have no intention of ever giving up control over the

0:44:51.840 --> 0:44:55.440
<v Speaker 2>Strait of Hormuz. So for besant to you know, tout

0:44:55.440 --> 0:44:58.279
<v Speaker 2>this quote unquote deal as something that's positive for the

0:44:58.400 --> 0:45:01.719
<v Speaker 2>US's kind of extraordinary spin to this because again it's

0:45:02.080 --> 0:45:04.520
<v Speaker 2>it's sort of de facto and admission of how little

0:45:04.840 --> 0:45:08.040
<v Speaker 2>control and leverage we have in all of this. I

0:45:08.080 --> 0:45:10.080
<v Speaker 2>want to put up I think this is B six

0:45:10.239 --> 0:45:12.960
<v Speaker 2>up on the screen. Every day we learned something new

0:45:13.160 --> 0:45:17.000
<v Speaker 2>about how little we have left in our stockpiles. So

0:45:17.400 --> 0:45:21.279
<v Speaker 2>yesterday we learned that we are virtually out of long

0:45:21.400 --> 0:45:25.239
<v Speaker 2>range missiles. Now we get some reporting from CNN that

0:45:25.280 --> 0:45:28.600
<v Speaker 2>the US military is used up nearly eighty percent of

0:45:28.719 --> 0:45:32.680
<v Speaker 2>key missile interceptors as commanders worn once again that stockpiles

0:45:32.680 --> 0:45:35.960
<v Speaker 2>are dangerously low. So that's the other thing that is

0:45:36.040 --> 0:45:38.720
<v Speaker 2>I guess amusing about beston talking about, Oh, we destroyed

0:45:38.719 --> 0:45:41.239
<v Speaker 2>their navy, we destroyed their air force. You know, we've

0:45:41.320 --> 0:45:44.560
<v Speaker 2>kind of destroyed ourselves here. There's a reason why Trump

0:45:44.640 --> 0:45:49.280
<v Speaker 2>issues these threats and then backs off because not only

0:45:49.840 --> 0:45:52.920
<v Speaker 2>does he, I guess realize that even if he acted

0:45:52.920 --> 0:45:56.160
<v Speaker 2>on these alleged threats, it would be unlikely to change

0:45:56.160 --> 0:45:59.440
<v Speaker 2>the dynamics of the negotiating table, but we also just

0:45:59.560 --> 0:46:03.400
<v Speaker 2>literally don't have what we would need to do to

0:46:03.560 --> 0:46:06.960
<v Speaker 2>go forward with the sort of mass bombing campaign that

0:46:07.000 --> 0:46:08.160
<v Speaker 2>we launched this war with.

0:46:08.600 --> 0:46:08.799
<v Speaker 9>Yeah.

0:46:09.120 --> 0:46:11.759
<v Speaker 5>Reading from the CNN report here, Trump decided to back

0:46:11.800 --> 0:46:14.160
<v Speaker 5>off after talking with Middle East allies on Saturday, who

0:46:14.239 --> 0:46:17.759
<v Speaker 5>told him they were afraid of Iranian retaliation, specifically retaliatory

0:46:17.800 --> 0:46:20.880
<v Speaker 5>attacks on their energy infrastructure. According to an official a

0:46:20.960 --> 0:46:23.719
<v Speaker 5>senior Trump official, Trump aregried to hear them and around out.

0:46:23.719 --> 0:46:26.200
<v Speaker 5>He subsequently told Hexath to stand down for now, but

0:46:26.320 --> 0:46:28.239
<v Speaker 5>is not taking the planned strikes off the table for

0:46:28.360 --> 0:46:32.160
<v Speaker 5>a future date. And again in the CNN report, it

0:46:32.200 --> 0:46:35.480
<v Speaker 5>says golf allies have also raised fresh concerns about how

0:46:35.520 --> 0:46:39.520
<v Speaker 5>a shortage of air defense systems could impact their ability

0:46:39.600 --> 0:46:43.680
<v Speaker 5>to warn off potential Iranian retaliation. If Trump decides to

0:46:43.880 --> 0:46:49.000
<v Speaker 5>escalate the ongoing conflict. It is just a stunning embarrassment.

0:46:49.000 --> 0:46:52.880
<v Speaker 5>I mean not stunning because it's surprising, but stunning because

0:46:52.920 --> 0:46:58.400
<v Speaker 5>the administration slept walked into exactly what would have been predicted.

0:46:59.080 --> 0:47:01.920
<v Speaker 5>Was predicted in several months ago. This is what we

0:47:01.920 --> 0:47:06.239
<v Speaker 5>were leading up to Crystal, So it's not surprised to

0:47:06.840 --> 0:47:09.200
<v Speaker 5>I guess people who were always skeptical of this. We

0:47:09.239 --> 0:47:12.239
<v Speaker 5>would be here in August if the conflict was still

0:47:12.239 --> 0:47:14.000
<v Speaker 5>going on. I think Trump said at the beginning it

0:47:14.040 --> 0:47:15.879
<v Speaker 5>was going to be three to four weeks at one point.

0:47:15.960 --> 0:47:18.000
<v Speaker 5>I mean, his timeline was obviously all over the map.

0:47:18.400 --> 0:47:23.200
<v Speaker 5>But we're now it's August fifth, and now our golf

0:47:23.239 --> 0:47:26.920
<v Speaker 5>allies are worried because our interceptor supply has been so

0:47:27.160 --> 0:47:30.040
<v Speaker 5>depleted that they wouldn't be able to fight off an

0:47:30.080 --> 0:47:35.400
<v Speaker 5>Iranian attack. It is such a dramatic contrast with how

0:47:35.520 --> 0:47:39.880
<v Speaker 5>our power was being described by our leaders in early March.

0:47:40.640 --> 0:47:44.040
<v Speaker 2>Yeah, and it really underscores why you had top military

0:47:44.040 --> 0:47:47.120
<v Speaker 2>official saying we have to choose at this point, given

0:47:47.160 --> 0:47:50.520
<v Speaker 2>how low our stockpiles are between defending Israel and defending

0:47:50.560 --> 0:47:53.880
<v Speaker 2>the homeland. Forget about the Gulf Arab allies or our

0:47:53.960 --> 0:47:55.880
<v Speaker 2>bases in the region. I mean, most of those, I

0:47:55.960 --> 0:47:59.560
<v Speaker 2>think have been basically abandoned at this point. There's been

0:47:59.600 --> 0:48:02.239
<v Speaker 2>as or trenchman in Jordan than you had, you know,

0:48:02.320 --> 0:48:05.120
<v Speaker 2>that deadly attack in Jordan as well, with the Iranian

0:48:05.160 --> 0:48:08.040
<v Speaker 2>showing that they could they could hit us there as well.

0:48:08.160 --> 0:48:13.400
<v Speaker 2>So you know, the whole situation in every respect is

0:48:13.520 --> 0:48:17.720
<v Speaker 2>a complete disaster. And yet I don't think that Trump

0:48:18.040 --> 0:48:20.560
<v Speaker 2>and the US have felt enough pain for him to

0:48:20.800 --> 0:48:23.560
<v Speaker 2>accept what would be required, which is, you know, to

0:48:23.680 --> 0:48:26.319
<v Speaker 2>effectively acknowledge defeat at the negotiating table.

0:48:26.320 --> 0:48:27.000
<v Speaker 6>He keeps trying to.

0:48:27.000 --> 0:48:31.560
<v Speaker 2>Find a way out of that impossible predicament, which is why,

0:48:31.600 --> 0:48:34.360
<v Speaker 2>you know, I continue to be fearful of him doing

0:48:34.400 --> 0:48:37.319
<v Speaker 2>something truly insane, you know, whether it's an invasion, whether

0:48:37.360 --> 0:48:40.560
<v Speaker 2>it's a tactical nuke, something of that nature, to try

0:48:40.560 --> 0:48:43.840
<v Speaker 2>to get himself out of the absolute bind that he

0:48:43.920 --> 0:48:45.000
<v Speaker 2>has placed himself into.

0:48:45.400 --> 0:48:45.600
<v Speaker 8>Yeah.

0:48:45.600 --> 0:48:49.440
<v Speaker 5>And meanwhile, Brett Stevens, this is interesting, very pro Israel

0:48:49.600 --> 0:48:52.440
<v Speaker 5>columnist at the New York Times is warning about this

0:48:52.600 --> 0:48:56.359
<v Speaker 5>public letter that Matan Vilnai, is, a retired deput chief

0:48:56.360 --> 0:48:59.799
<v Speaker 5>of staff to the IDF, sent Trump just a few

0:48:59.840 --> 0:49:03.880
<v Speaker 5>days days ago. And this is actually Brett Stevens worrying

0:49:03.960 --> 0:49:06.400
<v Speaker 5>about a potential third into Fada. So in the New

0:49:06.480 --> 0:49:09.760
<v Speaker 5>York Times, Stevens is writing, there's an immediate danger in

0:49:09.920 --> 0:49:12.839
<v Speaker 5>that the spiraling West Bank violence, which is what vill

0:49:12.880 --> 0:49:15.640
<v Speaker 5>and I warned Trump about, could easily produce a third

0:49:15.640 --> 0:49:19.080
<v Speaker 5>into Fada that an exhausted Israel can ill afford militarily

0:49:19.200 --> 0:49:21.920
<v Speaker 5>or diplomatically, to say nothing of the human cost in

0:49:21.960 --> 0:49:24.960
<v Speaker 5>both Israeli im Palestinian lives. There's still a greater long

0:49:25.040 --> 0:49:27.440
<v Speaker 5>term rist that the NISA Yahoo government's excuse making for

0:49:27.520 --> 0:49:29.840
<v Speaker 5>Jewish lawlessness and terrorism leads to what the scholar and

0:49:29.880 --> 0:49:32.960
<v Speaker 5>diplomat Michael Or in an oppression commentary from two thousand

0:49:33.000 --> 0:49:38.319
<v Speaker 5>and nine called the hemorrhaging of sovereignty. So, Crystal, we

0:49:38.360 --> 0:49:41.840
<v Speaker 5>are now again in August, after we heard all of

0:49:41.840 --> 0:49:45.799
<v Speaker 5>the rosy outlooks in March that were being in those

0:49:45.840 --> 0:49:48.479
<v Speaker 5>same people that were promagating those rosie outlooks. We're telling

0:49:48.520 --> 0:49:52.799
<v Speaker 5>everybody who predicted what's coming to pass right now, where

0:49:52.840 --> 0:49:55.640
<v Speaker 5>you have chaos in Israel. You have chaos in the

0:49:55.800 --> 0:49:59.120
<v Speaker 5>US military and no end in sight in this conflict.

0:49:59.480 --> 0:50:05.200
<v Speaker 5>Potentially looking at is is really supporters saying a quote

0:50:05.280 --> 0:50:09.640
<v Speaker 5>third into Fada because of spiraling violence in the West Bank.

0:50:10.000 --> 0:50:13.840
<v Speaker 5>It is a complete and total disaster. And it is

0:50:13.840 --> 0:50:16.880
<v Speaker 5>a complete and total vindication for people who were predicting

0:50:16.880 --> 0:50:19.800
<v Speaker 5>it and being dunked on constantly in March and April

0:50:19.800 --> 0:50:20.759
<v Speaker 5>about what was to come.

0:50:21.560 --> 0:50:24.120
<v Speaker 2>Yeah, and obviously I have a million issues with the

0:50:24.160 --> 0:50:27.160
<v Speaker 2>way Brett Stevens frames this thing and always putting, you know,

0:50:27.360 --> 0:50:32.320
<v Speaker 2>Israel's interest above anything else, including international law or basic

0:50:32.400 --> 0:50:35.160
<v Speaker 2>human rights, et cetera. But to see him use the

0:50:35.160 --> 0:50:38.879
<v Speaker 2>words Jewish terrorism, I think is you know, very significant

0:50:39.320 --> 0:50:41.759
<v Speaker 2>in the New York Times as a conservative calmness in

0:50:41.800 --> 0:50:45.520
<v Speaker 2>someone who is a die, diehard supporter of the Zionist cause.

0:50:45.960 --> 0:50:48.320
<v Speaker 2>And you know, in terms of the West Bank, obviously

0:50:48.320 --> 0:50:51.640
<v Speaker 2>we've been covering the programs there the extraordinary and it's

0:50:51.680 --> 0:50:55.800
<v Speaker 2>not just you know, the settlers who are committing that violence.

0:50:55.800 --> 0:50:58.520
<v Speaker 2>They're very much backed up by the IDF. Those attacks,

0:50:58.560 --> 0:51:01.840
<v Speaker 2>how are state sanctioned. They have been, they have escalated

0:51:02.040 --> 0:51:05.840
<v Speaker 2>dramatically over the past several years, but specifically in the

0:51:05.880 --> 0:51:09.160
<v Speaker 2>past several weeks. And in addition to that, Israel has

0:51:09.200 --> 0:51:13.880
<v Speaker 2>really been trying to economically squeeze the West Bank and

0:51:14.480 --> 0:51:18.120
<v Speaker 2>you know, sort of starve them in that way as well. So, yeah,

0:51:18.160 --> 0:51:21.040
<v Speaker 2>you're going to get people who are very angry about that.

0:51:21.160 --> 0:51:23.400
<v Speaker 2>Anyone would be very angry about that. You're going to

0:51:23.440 --> 0:51:25.560
<v Speaker 2>get a lot of people who are very desperate in

0:51:25.600 --> 0:51:29.840
<v Speaker 2>an existential way. And no, that's not good for the

0:51:29.880 --> 0:51:32.680
<v Speaker 2>people who are being you know, who are having their

0:51:32.760 --> 0:51:37.120
<v Speaker 2>land stolen and who are being abused and assaulted and imprisoned.

0:51:37.120 --> 0:51:39.480
<v Speaker 2>It's certainly first and foremost not good for them. But

0:51:39.600 --> 0:51:42.680
<v Speaker 2>it's not good for anyone's safety to have this level

0:51:42.760 --> 0:51:47.160
<v Speaker 2>of endemic violence, you know. Turning back to the economic

0:51:47.640 --> 0:51:51.680
<v Speaker 2>piece here, we had some interesting comments again from Scott

0:51:51.719 --> 0:51:55.200
<v Speaker 2>Bessett talking about the state of the economy. And you know,

0:51:55.280 --> 0:51:58.600
<v Speaker 2>the thing is that if this was another region of

0:51:58.640 --> 0:52:01.160
<v Speaker 2>the world, perhaps you could put this thing on the

0:52:01.160 --> 0:52:03.279
<v Speaker 2>back burner and just have this sort of low grade

0:52:03.280 --> 0:52:05.239
<v Speaker 2>tip for Tad or the US could even just up

0:52:05.320 --> 0:52:07.600
<v Speaker 2>and leave and sort of like we'll figure it out later.

0:52:08.600 --> 0:52:12.399
<v Speaker 2>Because of how crucial this region of the world is

0:52:12.840 --> 0:52:16.440
<v Speaker 2>for everything in terms of the global economy with the

0:52:16.800 --> 0:52:20.399
<v Speaker 2>fossil fuels backing basically our entire economic structure, we don't

0:52:20.440 --> 0:52:23.960
<v Speaker 2>really have the luxury of that, so the economic piece

0:52:24.000 --> 0:52:27.759
<v Speaker 2>continues to really be at the center of this entire war.

0:52:27.960 --> 0:52:31.000
<v Speaker 2>So in any case, Bessett was asked about the current

0:52:31.280 --> 0:52:33.600
<v Speaker 2>state of the economy and means some interesting comments.

0:52:33.600 --> 0:52:34.200
<v Speaker 5>This is B five.

0:52:34.280 --> 0:52:35.000
<v Speaker 6>Let's take a listen.

0:52:35.360 --> 0:52:39.200
<v Speaker 9>So we are starting to see I got sick of

0:52:39.239 --> 0:52:43.719
<v Speaker 9>hearing about this K shaped economy. I can say here definitively,

0:52:44.160 --> 0:52:46.200
<v Speaker 9>the K shaped economy is over.

0:52:47.880 --> 0:52:48.279
<v Speaker 5>K shaped.

0:52:48.320 --> 0:52:50.520
<v Speaker 2>His economy is over. Just for people who aren't in

0:52:50.520 --> 0:52:52.080
<v Speaker 2>the know of what that means. It means that the

0:52:52.200 --> 0:52:55.480
<v Speaker 2>riches start doing really well and then everybody else is screwed,

0:52:55.600 --> 0:52:59.279
<v Speaker 2>and the K shape economy emily is certainly not over.

0:52:59.480 --> 0:53:01.560
<v Speaker 2>Especially gas prices are going to be one of the

0:53:01.600 --> 0:53:04.960
<v Speaker 2>things that hit working class people the hardest. Inflation is

0:53:04.960 --> 0:53:06.279
<v Speaker 2>one of the things that are going to is going

0:53:06.320 --> 0:53:09.279
<v Speaker 2>to hurt working class people the hardest, because you know,

0:53:09.320 --> 0:53:12.080
<v Speaker 2>budgets are already stretched, wages are not going up to

0:53:12.160 --> 0:53:15.400
<v Speaker 2>keep pace with the level of inflation, and just the

0:53:15.440 --> 0:53:19.320
<v Speaker 2>increase in gas prices alone. So the K shaped economy

0:53:19.440 --> 0:53:21.640
<v Speaker 2>is only further diverging at this point.

0:53:21.719 --> 0:53:23.440
<v Speaker 5>Well, yeah, we just mentioned earlier in the block, but

0:53:23.520 --> 0:53:27.680
<v Speaker 5>the stock markets were surging yesterday on this apparent news

0:53:27.719 --> 0:53:29.560
<v Speaker 5>that we were close to a deal. What that actually

0:53:29.600 --> 0:53:32.319
<v Speaker 5>means different question, as we talked about earlier. So when

0:53:32.360 --> 0:53:36.040
<v Speaker 5>you have markets stop being attached, Well, this has been

0:53:36.040 --> 0:53:37.440
<v Speaker 5>going on for a long time. It's actually where the

0:53:37.600 --> 0:53:42.200
<v Speaker 5>entire K shaped economy formula comes from, being detached from

0:53:42.200 --> 0:53:45.640
<v Speaker 5>the reality of the middle class on the ground. That's

0:53:45.640 --> 0:53:48.640
<v Speaker 5>not an end to the K shaped economy. It's like

0:53:48.680 --> 0:53:53.480
<v Speaker 5>exactly when you're seeing the mag seven take up what

0:53:53.600 --> 0:53:55.560
<v Speaker 5>is it like thirty percent of the S and P

0:53:55.640 --> 0:53:58.680
<v Speaker 5>five hundred somewhere around there. The stocks keep going up

0:53:58.719 --> 0:54:01.200
<v Speaker 5>and up and up. Meanwhile, well, in Michigan, which we

0:54:01.239 --> 0:54:03.040
<v Speaker 5>covered earlier in the show because it had so many

0:54:03.120 --> 0:54:07.280
<v Speaker 5>elections yesterday where populist candidates found success, gas is at

0:54:07.320 --> 0:54:11.160
<v Speaker 5>four to twenty eight according to Triple A's daily average

0:54:11.239 --> 0:54:15.360
<v Speaker 5>four dollars and twenty eight cents a gallon in Michigan.

0:54:16.040 --> 0:54:19.160
<v Speaker 5>So that's just a crazy thing to say. It's obviously

0:54:19.200 --> 0:54:23.040
<v Speaker 5>a political problem for Republicans going into the election, but

0:54:23.800 --> 0:54:28.360
<v Speaker 5>a genuine problem for Americans right now as well, Crystal obviously, yeah,

0:54:28.360 --> 0:54:30.879
<v Speaker 5>the K shaped economy is unfortunately alive, and.

0:54:30.760 --> 0:54:32.879
<v Speaker 6>Well, yeah, and we talked.

0:54:32.960 --> 0:54:38.000
<v Speaker 2>Ryan talked about how Democratic establishment maybe doesn't really care

0:54:38.040 --> 0:54:40.279
<v Speaker 2>all that much about taking back the Senate, and as

0:54:40.440 --> 0:54:43.640
<v Speaker 2>at I guess at the very least cross pressured on

0:54:43.680 --> 0:54:45.919
<v Speaker 2>whether or not they would want Abdula Sayah to win

0:54:46.080 --> 0:54:48.880
<v Speaker 2>in Michigan. But I don't think Trump really cares that

0:54:49.040 --> 0:54:52.920
<v Speaker 2>much about whether Republicans when in the Senate. He's certainly

0:54:52.960 --> 0:54:56.640
<v Speaker 2>not really acting like it outside of some shady behind

0:54:56.640 --> 0:54:59.480
<v Speaker 2>the scenes election brigging maneuvers that he's making.

0:54:59.600 --> 0:55:00.960
<v Speaker 6>But you know, I don't think that.

0:55:00.960 --> 0:55:04.680
<v Speaker 2>He is particularly committed to whether or not Republicans hold

0:55:04.719 --> 0:55:05.920
<v Speaker 2>onto the House or the Senate.

0:55:06.200 --> 0:55:08.480
<v Speaker 6>So you got a weird dynamic.

0:55:08.040 --> 0:55:11.160
<v Speaker 2>Of both I guess party leaderships being like, yeah, whatever.

0:55:11.680 --> 0:55:16.239
<v Speaker 5>Gas is over four dollars in Maine and in Ohio

0:55:16.360 --> 0:55:21.720
<v Speaker 5>as well, so major swing states. Saying the K shaped

0:55:21.719 --> 0:55:25.320
<v Speaker 5>economy is over on CNBC might be a good clever

0:55:25.400 --> 0:55:28.160
<v Speaker 5>way to spin and frame what he thinks is happening,

0:55:28.239 --> 0:55:34.239
<v Speaker 5>but it's obviously not accurate, and it's just completely the

0:55:34.239 --> 0:55:36.200
<v Speaker 5>more that they try to do exactly what we saw

0:55:36.239 --> 0:55:40.880
<v Speaker 5>the Biden administration do by saying it's fine inflation and

0:55:40.920 --> 0:55:44.200
<v Speaker 5>don't worry about it. We've got it under control, or

0:55:44.239 --> 0:55:47.560
<v Speaker 5>blaming the other person, or blaming like you cannot do

0:55:47.680 --> 0:55:49.759
<v Speaker 5>that when you're in charge. And I guess maybe that's

0:55:49.760 --> 0:55:51.839
<v Speaker 5>why Scott Beston is trying to come up with some

0:55:52.040 --> 0:55:55.040
<v Speaker 5>new spin. I don't know, that's my best guess at

0:55:55.040 --> 0:55:55.879
<v Speaker 5>what's going on there.

0:55:56.440 --> 0:55:58.960
<v Speaker 6>Good luck with that, buddy, Yeah, seriously.

0:55:58.719 --> 0:56:00.600
<v Speaker 5>All right, well, speaking of Scott best Boy, do we

0:56:00.640 --> 0:56:03.600
<v Speaker 5>have a story out of Japan. Let's get to it.

0:56:06.440 --> 0:56:09.200
<v Speaker 2>So, in a sign of the massive impact that the

0:56:09.239 --> 0:56:13.000
<v Speaker 2>Iran War is having on the global economy, certain things

0:56:13.080 --> 0:56:17.520
<v Speaker 2>are starting to break, in particular the Japanese yen, the

0:56:17.600 --> 0:56:21.719
<v Speaker 2>Japanese currency, which has taken a massive hit. And I'll

0:56:21.719 --> 0:56:23.480
<v Speaker 2>get into some of the mechanics. So though it's a

0:56:23.480 --> 0:56:25.800
<v Speaker 2>little bit complicated of what exactly is going on there,

0:56:26.120 --> 0:56:29.600
<v Speaker 2>but extraordinary scene here. We've got this Scott Besson almost

0:56:29.600 --> 0:56:32.000
<v Speaker 2>like he's right now on a grocery list. Put c

0:56:32.160 --> 0:56:34.400
<v Speaker 2>one up on the screen. We've got a notepad and

0:56:34.440 --> 0:56:37.719
<v Speaker 2>an ego eyed photographer was able to capture the note

0:56:37.719 --> 0:56:42.239
<v Speaker 2>that was written here. It says to do by Japanese

0:56:42.320 --> 0:56:48.560
<v Speaker 2>yen five to ten billion dollars. So the LDR here

0:56:49.280 --> 0:56:52.359
<v Speaker 2>is that because of the Iran who are causing all

0:56:52.440 --> 0:56:55.719
<v Speaker 2>kinds of problems for Japan, including surging inflation in a

0:56:55.760 --> 0:57:00.279
<v Speaker 2>place that has not had inflation famously for decades up

0:57:00.360 --> 0:57:03.120
<v Speaker 2>until COVID. Then they got a little bit of inflation,

0:57:03.400 --> 0:57:05.759
<v Speaker 2>but now you know, with gas prices going up in

0:57:05.840 --> 0:57:08.279
<v Speaker 2>Japan being an island, it has to import most of

0:57:08.320 --> 0:57:12.080
<v Speaker 2>what they consume. It's causing massive issues for them, and

0:57:12.200 --> 0:57:16.600
<v Speaker 2>so we're jumping in to bail them out and to

0:57:16.640 --> 0:57:20.600
<v Speaker 2>help prop up their currency. The reason we care about that,

0:57:20.640 --> 0:57:22.200
<v Speaker 2>and the reason we're doing that is not out of

0:57:22.240 --> 0:57:24.480
<v Speaker 2>the kindness of our hearts, Emily and or because we,

0:57:24.600 --> 0:57:26.680
<v Speaker 2>you know, love the Japanese and their great allies or

0:57:26.720 --> 0:57:28.640
<v Speaker 2>anything like that, although I'm sure the fact that their

0:57:28.680 --> 0:57:31.440
<v Speaker 2>allies certainly helps to make the case. But the reason

0:57:31.480 --> 0:57:35.040
<v Speaker 2>we're doing that is because in order for them to

0:57:35.120 --> 0:57:38.080
<v Speaker 2>be able to prop up their own currency, they were

0:57:38.160 --> 0:57:42.040
<v Speaker 2>going to have to sell off a lot of US treasuries,

0:57:42.360 --> 0:57:46.439
<v Speaker 2>and they are one of the largest holders of US treasuries.

0:57:45.880 --> 0:57:47.600
<v Speaker 6>In the entire globe.

0:57:48.040 --> 0:57:51.680
<v Speaker 2>So if they begin to sell off the holdings of

0:57:51.760 --> 0:57:55.280
<v Speaker 2>treasury bonds, that they have, that would in turn mean

0:57:55.800 --> 0:57:58.720
<v Speaker 2>that we would have to pay a higher interest rate

0:57:59.280 --> 0:58:02.600
<v Speaker 2>in order to get more people to buy our debt.

0:58:02.840 --> 0:58:06.080
<v Speaker 2>So that means our debt, which is quite high. Japan

0:58:06.120 --> 0:58:08.040
<v Speaker 2>actually has an even larger debt, which is part of

0:58:08.040 --> 0:58:10.800
<v Speaker 2>their problem because they've had de facto zero percent interest

0:58:10.840 --> 0:58:13.960
<v Speaker 2>rates for years and years and years. Our debt is

0:58:13.960 --> 0:58:17.120
<v Speaker 2>also quite high. If you have to pay a higher

0:58:17.160 --> 0:58:20.680
<v Speaker 2>interest rate on that, that puts a lot of financial strain.

0:58:21.280 --> 0:58:23.680
<v Speaker 2>And judging by the way Trump has you know, the

0:58:24.000 --> 0:58:27.520
<v Speaker 2>cycle of the Trump Taco in this war, and also

0:58:27.640 --> 0:58:31.480
<v Speaker 2>with regard to his tariff scheme, he is very closely

0:58:31.680 --> 0:58:35.160
<v Speaker 2>attuned and very paying very close attention to what that

0:58:35.280 --> 0:58:39.400
<v Speaker 2>interest rate is on the treasury bond yield. So that

0:58:39.520 --> 0:58:42.080
<v Speaker 2>is what's going on here. But again, you know, if

0:58:42.080 --> 0:58:44.840
<v Speaker 2>you want to gloss over some of the more technical mechanics,

0:58:44.960 --> 0:58:47.720
<v Speaker 2>the tld R here is that the Japanese are getting

0:58:47.760 --> 0:58:51.600
<v Speaker 2>screwed because of our war in Iran, and it has

0:58:51.640 --> 0:58:55.880
<v Speaker 2>reverberating impacts on us and our budget and the stability

0:58:55.960 --> 0:58:58.160
<v Speaker 2>is of our treasury market. So we are jumping in

0:58:58.200 --> 0:58:59.720
<v Speaker 2>to bail them out to the tune of five to

0:58:59.800 --> 0:59:01.240
<v Speaker 2>ten billion dollars.

0:59:01.960 --> 0:59:08.880
<v Speaker 5>Yep, I don't even know what to say, Crystal. It

0:59:09.000 --> 0:59:10.880
<v Speaker 5>kind of reminds me a bit. It's not it's obviously

0:59:10.880 --> 0:59:12.800
<v Speaker 5>apples and oranges, but it reminds me a bit of

0:59:13.040 --> 0:59:16.880
<v Speaker 5>Best and Argentina, which you and I covered I think

0:59:16.920 --> 0:59:21.080
<v Speaker 5>at the time. Yeah, he's just wheeling and dealing like

0:59:21.160 --> 0:59:24.080
<v Speaker 5>he still works at a hedge fund. That's what it

0:59:24.080 --> 0:59:25.640
<v Speaker 5>looks like from the outside.

0:59:26.320 --> 0:59:29.360
<v Speaker 2>Yeah, well, this is you know, part of how he

0:59:29.440 --> 0:59:31.720
<v Speaker 2>I mean, it really is. The way that he made

0:59:32.200 --> 0:59:37.400
<v Speaker 2>his fortune was working with George Soros on these currency trades,

0:59:37.960 --> 0:59:40.880
<v Speaker 2>and so that you know, this is his bread and butter.

0:59:41.000 --> 0:59:43.560
<v Speaker 2>This is this is where he shines. Propping up foreign

0:59:43.560 --> 0:59:46.320
<v Speaker 2>currencies and manipulating currency markets is kind of where he

0:59:46.360 --> 0:59:48.520
<v Speaker 2>does his thing. We can put see two up on

0:59:48.600 --> 0:59:51.040
<v Speaker 2>the screen just to see, you know, how much the

0:59:51.120 --> 0:59:53.720
<v Speaker 2>yen has fallen. This has the worries that drove Uncle

0:59:53.720 --> 0:59:56.560
<v Speaker 2>Sam to buy the yen. The weakness of the Japanese

0:59:56.600 --> 0:59:59.520
<v Speaker 2>currency was a problem not just for Tokyo but also Washington.

1:00:00.400 --> 1:00:04.760
<v Speaker 2>The yen had slid to a forty year low, indirectly

1:00:04.760 --> 1:00:07.400
<v Speaker 2>threatening to bump up US interest rates, and was throwing

1:00:07.440 --> 1:00:09.680
<v Speaker 2>a wrench in plans to pull billions of dollars of

1:00:09.760 --> 1:00:11.440
<v Speaker 2>Japanese investment into the US.

1:00:11.960 --> 1:00:13.200
<v Speaker 6>Let me explain that part of it.

1:00:13.280 --> 1:00:15.480
<v Speaker 2>So as part of our trade deal with Japan, you know,

1:00:15.680 --> 1:00:17.880
<v Speaker 2>they made one of these promises, We're going to invest

1:00:17.920 --> 1:00:20.160
<v Speaker 2>billions of billions of dollars, et cetera. Well, if you

1:00:20.280 --> 1:00:23.320
<v Speaker 2>have a very weak yen, that means it's going to

1:00:23.600 --> 1:00:27.040
<v Speaker 2>in their currency terms, cost much more to be able

1:00:27.080 --> 1:00:29.040
<v Speaker 2>to make those investments, and they wouldn't be able to

1:00:29.160 --> 1:00:32.400
<v Speaker 2>afford to invest as much in the US. So that's

1:00:32.440 --> 1:00:36.480
<v Speaker 2>the other way in which this was posing a problem

1:00:36.760 --> 1:00:40.520
<v Speaker 2>for Trump and for the US because they were unlikely

1:00:40.600 --> 1:00:43.720
<v Speaker 2>to make good on some of their commitments. Here, there

1:00:43.760 --> 1:00:46.160
<v Speaker 2>was a great video explaining some of the sort of

1:00:46.240 --> 1:00:47.520
<v Speaker 2>longer backstory.

1:00:48.000 --> 1:00:49.120
<v Speaker 6>Japan is a really.

1:00:48.880 --> 1:00:54.760
<v Speaker 2>Fascinating economy because they have, unlike most of the world,

1:00:55.320 --> 1:01:00.760
<v Speaker 2>they have had this long period of a either zero

1:01:00.760 --> 1:01:02.680
<v Speaker 2>percent inflation or even deflation.

1:01:03.240 --> 1:01:05.080
<v Speaker 6>So whereas we're very used.

1:01:04.960 --> 1:01:06.560
<v Speaker 2>To, you know, okay, things are going up in price

1:01:06.560 --> 1:01:08.640
<v Speaker 2>a little bit year over year, and obviously that's spiral

1:01:08.920 --> 1:01:11.840
<v Speaker 2>and escalated in the past few years, they've had this

1:01:12.040 --> 1:01:15.520
<v Speaker 2>in this long stretch, which was a problem for them economically.

1:01:15.560 --> 1:01:18.840
<v Speaker 2>Of price stability. So because of that, they have kept

1:01:18.920 --> 1:01:23.720
<v Speaker 2>their interest rates at zero percent. That means that if

1:01:23.800 --> 1:01:28.600
<v Speaker 2>you are a global financier, you can borrow money at

1:01:28.640 --> 1:01:32.600
<v Speaker 2>basically zero percent, you know in Japan, then you can

1:01:32.600 --> 1:01:35.520
<v Speaker 2>convert it and invest in anything, you know, any sort

1:01:35.520 --> 1:01:37.760
<v Speaker 2>of US tech stock or anything that's going to create

1:01:37.800 --> 1:01:42.880
<v Speaker 2>some sort of a return. So this Japanese carry trade

1:01:43.360 --> 1:01:46.959
<v Speaker 2>has been a very important part of investments, not only

1:01:46.960 --> 1:01:50.080
<v Speaker 2>in treasuries, which we've discussed about discuss but in our

1:01:50.240 --> 1:01:52.840
<v Speaker 2>entire stock market, you know, the tech build out.

1:01:52.680 --> 1:01:53.720
<v Speaker 6>All of that stuff.

1:01:54.280 --> 1:01:59.440
<v Speaker 2>So that's the other issue is maintaining that carry trade

1:01:59.760 --> 1:02:03.280
<v Speaker 2>and up being very important for Japan, for source stability,

1:02:03.320 --> 1:02:07.480
<v Speaker 2>for the US treasury market, et cetera. A YouTuber named

1:02:07.480 --> 1:02:10.920
<v Speaker 2>andre Jeek explained the dynamics here in a way that

1:02:11.000 --> 1:02:14.480
<v Speaker 2>I think was very understandable and got into the background

1:02:14.520 --> 1:02:17.120
<v Speaker 2>of what is going on overall in the Japanese economy.

1:02:17.120 --> 1:02:19.040
<v Speaker 2>It's worth listening to if you're curious about these sorts

1:02:19.080 --> 1:02:20.440
<v Speaker 2>of things. Let's go ahead and take a listen to

1:02:20.520 --> 1:02:22.080
<v Speaker 2>him explaining this carry trade.

1:02:22.320 --> 1:02:25.600
<v Speaker 10>Now, the Enkerry trade meant if you were a hedge fund,

1:02:25.760 --> 1:02:28.560
<v Speaker 10>or a bank or an investor. You could borrow yen

1:02:28.600 --> 1:02:32.440
<v Speaker 10>a zero percent interest converted to dollars. You could buy

1:02:32.520 --> 1:02:35.280
<v Speaker 10>basically anything in the world that paid you more than zero,

1:02:36.080 --> 1:02:39.160
<v Speaker 10>meaning you could buy US treasuries paying four five percent.

1:02:39.720 --> 1:02:43.320
<v Speaker 10>You could buy tech stocks, bitcoin, anything you wanted, and

1:02:43.400 --> 1:02:47.520
<v Speaker 10>you made free money. That's estimated to be worth trillions

1:02:47.720 --> 1:02:52.080
<v Speaker 10>of dollars of investments all around the world, funded by

1:02:52.840 --> 1:02:56.960
<v Speaker 10>borrowed Japanese money. So Japan was like, we want to

1:02:57.000 --> 1:02:59.720
<v Speaker 10>get in on this too. So Japan took its savings

1:02:59.720 --> 1:03:03.360
<v Speaker 10>over because for thirty years there was nothing worth buying

1:03:03.360 --> 1:03:08.400
<v Speaker 10>in Japan. Japanese pension funds, insurers, banks, households, they all

1:03:08.440 --> 1:03:11.760
<v Speaker 10>shipped their money overseas to get some of that interest,

1:03:12.040 --> 1:03:16.120
<v Speaker 10>and in the process, Japan became the world's biggest foreign

1:03:16.480 --> 1:03:19.760
<v Speaker 10>holder of US government debt, holding something like over a

1:03:19.800 --> 1:03:23.720
<v Speaker 10>trillion dollars of US treasuries. Japan's pension fund, for example,

1:03:23.880 --> 1:03:26.680
<v Speaker 10>the GPIF, which is the biggest pension fund in the world,

1:03:27.200 --> 1:03:30.920
<v Speaker 10>holds hundreds of billions of dollars in US bonds and stocks.

1:03:31.640 --> 1:03:34.280
<v Speaker 10>Just think about it like this, When the US borrows money,

1:03:34.640 --> 1:03:37.760
<v Speaker 10>when tech stocks go up, when bitcoin goes up, there

1:03:37.840 --> 1:03:42.040
<v Speaker 10>is a strong chance that somewhere in that process it

1:03:42.160 --> 1:03:46.400
<v Speaker 10>was partially funded by Japanese money. But remember this only

1:03:46.480 --> 1:03:51.640
<v Speaker 10>works because interest rates were zero. They are no longer zero.

1:03:52.280 --> 1:03:54.800
<v Speaker 10>Japan's interest rates are going up.

1:03:55.400 --> 1:03:57.600
<v Speaker 2>So as we know from our own you know, the

1:03:57.600 --> 1:03:59.800
<v Speaker 2>way our central bank operates. Okay, what do you do

1:04:00.080 --> 1:04:02.920
<v Speaker 2>you start to have inflation, which Japan in COVID and

1:04:03.000 --> 1:04:05.760
<v Speaker 2>now exacerbated by the Iran War, has begin to have

1:04:05.800 --> 1:04:06.400
<v Speaker 2>some inflation.

1:04:07.120 --> 1:04:08.560
<v Speaker 6>You raise rates.

1:04:09.200 --> 1:04:11.840
<v Speaker 2>So if you raise the rates, now this carry trade

1:04:11.880 --> 1:04:14.040
<v Speaker 2>no longer makes sense because you can no longer just

1:04:14.240 --> 1:04:16.640
<v Speaker 2>borrow you know, zero percent in Japan and then use

1:04:16.680 --> 1:04:18.600
<v Speaker 2>it to fund all these you know, tech stocks and

1:04:18.640 --> 1:04:22.120
<v Speaker 2>buying US treasuries, et cetera. And so that is creating

1:04:22.240 --> 1:04:25.360
<v Speaker 2>a lot of challenges for them. If they raise the rates,

1:04:25.800 --> 1:04:28.240
<v Speaker 2>then they're going to have you know, bond prices they're

1:04:28.280 --> 1:04:29.400
<v Speaker 2>very high. It is going to be a problem for

1:04:29.480 --> 1:04:32.360
<v Speaker 2>us in terms of our investment. They have this massive

1:04:32.400 --> 1:04:34.880
<v Speaker 2>amount of debt that they accumulated because they could borrow

1:04:34.920 --> 1:04:38.440
<v Speaker 2>at zero percent, so it didn't cause major economic issues

1:04:38.440 --> 1:04:41.360
<v Speaker 2>for them in the past. So when their interest rates

1:04:41.400 --> 1:04:43.920
<v Speaker 2>go up on their debt, it's a major problem. However,

1:04:43.960 --> 1:04:47.120
<v Speaker 2>then if you don't raise interest rates. That's when you

1:04:47.160 --> 1:04:51.160
<v Speaker 2>see these massive problems with the yen and the depreciation there,

1:04:51.240 --> 1:04:53.919
<v Speaker 2>and obviously inflation continues to climb. This is a major

1:04:53.960 --> 1:04:56.760
<v Speaker 2>problem for you know, a country of savers, so all

1:04:56.800 --> 1:05:00.160
<v Speaker 2>of their savings are being eaten away by inflation.

1:05:00.600 --> 1:05:01.480
<v Speaker 6>So they've really.

1:05:01.240 --> 1:05:04.080
<v Speaker 2>Been in this bind, which is why you know, they're

1:05:04.160 --> 1:05:05.840
<v Speaker 2>kind of damned if they do, damned if they don't,

1:05:06.120 --> 1:05:09.080
<v Speaker 2>which is why now the Treasury Secretary is deciding to

1:05:09.320 --> 1:05:12.800
<v Speaker 2>jump in and bail them out, because this problem is

1:05:12.840 --> 1:05:16.120
<v Speaker 2>creating issues for us as well, with our treageries and

1:05:16.160 --> 1:05:17.400
<v Speaker 2>with our stock market.

1:05:17.560 --> 1:05:19.040
<v Speaker 6>So I think it's just Emily.

1:05:19.280 --> 1:05:21.880
<v Speaker 2>The bottom line here is I mean, first of all,

1:05:21.920 --> 1:05:23.360
<v Speaker 2>I think a lot of people are going, wait, why

1:05:23.360 --> 1:05:26.040
<v Speaker 2>are we bailing out Japan? Like, isn't there aren't there

1:05:26.080 --> 1:05:27.360
<v Speaker 2>a lot of other things we could do with that

1:05:27.480 --> 1:05:29.640
<v Speaker 2>five to ten billion dollars in Japanese yen?

1:05:29.760 --> 1:05:30.680
<v Speaker 6>What is going on here?

1:05:30.800 --> 1:05:33.120
<v Speaker 5>We told that euros for the end, right.

1:05:33.880 --> 1:05:35.000
<v Speaker 6>I believe, so yeah.

1:05:35.320 --> 1:05:38.439
<v Speaker 2>But the other I think the broader point to make

1:05:38.480 --> 1:05:42.680
<v Speaker 2>here is just the global economy is very complicated, and

1:05:42.720 --> 1:05:48.040
<v Speaker 2>it's very interconnected, and we are really straining it with

1:05:48.360 --> 1:05:51.960
<v Speaker 2>what we've decided to do in Iran. So, you know,

1:05:52.400 --> 1:05:55.120
<v Speaker 2>I would not have been thinking about as we got

1:05:55.120 --> 1:05:56.720
<v Speaker 2>into this. You know, I'm thinking about oil markets, I'm

1:05:56.720 --> 1:05:59.200
<v Speaker 2>thinking about the obvious things. I wouldn't have been thinking about. Oh,

1:05:59.200 --> 1:06:01.720
<v Speaker 2>this is going to cause currency crisis in Japan that

1:06:01.800 --> 1:06:04.040
<v Speaker 2>we're going to have to intervene in or else. Our

1:06:04.080 --> 1:06:06.520
<v Speaker 2>stock market is going to fall apart, and our debt

1:06:06.800 --> 1:06:10.120
<v Speaker 2>is going to skyrocket in costs. That is a second

1:06:10.200 --> 1:06:12.920
<v Speaker 2>order of effect that myself, as a layperson, would not

1:06:12.960 --> 1:06:15.440
<v Speaker 2>have imagined. And they're even going to be third and

1:06:15.480 --> 1:06:18.080
<v Speaker 2>fourth order effects that even people who do this for

1:06:18.120 --> 1:06:20.080
<v Speaker 2>a living are not going to be able to foresee

1:06:20.120 --> 1:06:23.000
<v Speaker 2>because we saw that all unfold with regard to COVID.

1:06:23.120 --> 1:06:25.680
<v Speaker 2>So to me, it's just a sign of the level

1:06:25.760 --> 1:06:28.960
<v Speaker 2>of fragility in the global economy and how much it

1:06:29.040 --> 1:06:32.400
<v Speaker 2>is being stressed by you know what we've decided to

1:06:32.440 --> 1:06:34.080
<v Speaker 2>do with this warn Iran.

1:06:34.280 --> 1:06:37.160
<v Speaker 5>Well, not even just the economy. I'm reading from an

1:06:37.240 --> 1:06:40.080
<v Speaker 5>NBC news report. Actually I'm sorry, it's a Reuter's report.

1:06:40.120 --> 1:06:43.200
<v Speaker 5>This morning. With Korea is Kim yojung, the powerful sister

1:06:43.240 --> 1:06:46.160
<v Speaker 5>of leader Kim Jong un, warned on Wednesday that Pyongyang

1:06:46.160 --> 1:06:49.480
<v Speaker 5>would adopt quote unquote additional military options in response to

1:06:49.520 --> 1:06:52.439
<v Speaker 5>what she called Japan's transformation into a military power after

1:06:52.480 --> 1:06:57.880
<v Speaker 5>Tokyo test fired a US made Tomahawk cruise missile and crystal,

1:06:58.200 --> 1:07:01.560
<v Speaker 5>all of these pieces come together and emphasize just the

1:07:01.600 --> 1:07:05.280
<v Speaker 5>fragility of geopolitics right now. To your point about the economy,

1:07:05.440 --> 1:07:07.680
<v Speaker 5>to your point about the economy and being tied up

1:07:07.720 --> 1:07:13.280
<v Speaker 5>with Iran, this is this, This situation is obviously very fragile,

1:07:13.360 --> 1:07:15.040
<v Speaker 5>to say the least. I want to read from this

1:07:15.160 --> 1:07:17.920
<v Speaker 5>Financial Times piece that we can put up on the

1:07:17.920 --> 1:07:20.800
<v Speaker 5>screen as well. The headline is Japan vows further yen

1:07:20.920 --> 1:07:24.280
<v Speaker 5>intervention with US if needed. Japan has confirmed the historic

1:07:24.360 --> 1:07:29.080
<v Speaker 5>joint intervention the Finance Ministry intervened on Friday, and then

1:07:29.480 --> 1:07:33.280
<v Speaker 5>further they said, we will not hesitate to conduct further

1:07:33.560 --> 1:07:37.200
<v Speaker 5>joint intervention. That's such a weird way to put it.

1:07:37.240 --> 1:07:40.360
<v Speaker 5>We will not hesitate to conduct further joint intervention. It's

1:07:40.360 --> 1:07:45.000
<v Speaker 5>like a threat crystal at this point from Japan. Really odd.

1:07:46.040 --> 1:07:51.720
<v Speaker 2>Yeah, indeed, a very dicey situation here. So in any case,

1:07:52.200 --> 1:07:55.600
<v Speaker 2>one aspect of the war that is creating massive issues

1:07:55.640 --> 1:07:58.240
<v Speaker 2>for Japan, but also for the global economy and even

1:07:58.240 --> 1:08:01.360
<v Speaker 2>for our own debt and stuff market, so definitely want

1:08:01.400 --> 1:08:02.000
<v Speaker 2>to keep an eye on.

1:08:02.200 --> 1:08:07.200
<v Speaker 5>Yeah, absolutely new updates in the Epstein investigation from Capitol Hill.

1:08:07.240 --> 1:08:07.760
<v Speaker 5>Let's get to that.