WEBVTT - Motivated Reasoning in the Biden Campaign, Silicon Valley, and Beyond

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<v Speaker 1>Pushkin. Hey everyone, it's Maria reminding you to send in

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<v Speaker 1>to us on social media or email us at Risky

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<v Speaker 1>Business at pushkin dot fm. We look forward to hearing

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<v Speaker 1>from you. Welcome back to Risky Business, a show about

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<v Speaker 1>making better decisions. I'm Maria Kanikova.

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<v Speaker 2>And I'm Mate Silver. What's the thing with the show, Maria,

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<v Speaker 2>I think today is people who just won't go away.

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<v Speaker 2>So there have been new books out on President Biden's

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<v Speaker 2>condition during his twilight in office. Biden was also diagnosed

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<v Speaker 2>with cancer. This week, in art condolences to him and

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<v Speaker 2>his family, we'll talk about We'll talk about will flog

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<v Speaker 2>the Biden horse one more time? Maria.

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<v Speaker 1>We'll be talking about Biden's decision or a lack thereof,

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<v Speaker 1>to step down in a timely fashion, what that meant,

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<v Speaker 1>and some psychology behind it. Yes, And then in other

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<v Speaker 1>people who we just can't stop talking about, We'll be

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<v Speaker 1>talking about Elizabeth Holmes, Theahos and Elizabeth Holmes's partner Billy

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<v Speaker 1>Evans and his new startup, which, surprise surprise, promises an

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<v Speaker 1>innovative way of testing blood.

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<v Speaker 2>The Alstamux cherl manager Nico Harrison. It's not in the

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<v Speaker 2>same league as Joe Biden or Elizabeth Holmes. He just

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<v Speaker 2>made an extremely stupid trade early this year, but he

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<v Speaker 2>was rewarded for it with the number one overall pick

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<v Speaker 2>in the NBA draft, likely to be Cooper Flagg. We'll

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<v Speaker 2>talk about is the NBA draft lottery rigged? Of course

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<v Speaker 2>it isn't. Hahaha.

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<v Speaker 1>Let's get into it night, Nate. Way back when you

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<v Speaker 1>were one of the first prominent voices to say that

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<v Speaker 1>Biden should not be running for reelection and that he

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<v Speaker 1>should be stepping down, and you got a lot of

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<v Speaker 1>hate for that. When you were saying it, almost no

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<v Speaker 1>one else was, and you know it was. It was

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<v Speaker 1>a big deal. And now we've got several books coming

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<v Speaker 1>out that basically say, oops, more people should have been

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<v Speaker 1>saying it. They should have been saying it earlier, and

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<v Speaker 1>what a clusterfuck. Let's let's talk a little bit about that.

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<v Speaker 2>Yeah, So there are a few things that make this relevant.

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<v Speaker 2>Right when we have talked on this program before about

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<v Speaker 2>the book Fight by Jonathan Allen and Amy Parnes. There's

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<v Speaker 2>another book called Original Sin, which takes a slightly longer exposure.

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<v Speaker 2>Fights mostly about the period where Biden has a terrible

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<v Speaker 2>debate and then is kind of forced drap out. This

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<v Speaker 2>takes a longer lens. I'm not running yet. I've read

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<v Speaker 2>the extensive excerpts and previews of it. That's one thing. Right.

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<v Speaker 2>Number Two, Joe Biden over the weekend was diagnosed with

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<v Speaker 2>I believe stage for prostate cancer. Correct, yes, correct, That

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<v Speaker 2>has spread to his bones. It's a pretty advanced stage.

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<v Speaker 2>So our condolences to Biden's family. But this is not

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<v Speaker 2>entirely non germane to the topic at hand. Right. Third,

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<v Speaker 2>the audio transcript of one of the earlier warning signs

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<v Speaker 2>for Biden was he was under investigation by a special

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<v Speaker 2>counsel named Robert her last year for document actually two

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<v Speaker 2>years ago, I guess right. For document retention practice is

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<v Speaker 2>the thing that no president seems to be very careful

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<v Speaker 2>about these days. Her issued her reports. I'm not going

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<v Speaker 2>to charge him because he's quote an elderly man with

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<v Speaker 2>a poor memory, and what's the right he's gonna go

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<v Speaker 2>over to the witness stand and forget half the shit anyway. Right, So,

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<v Speaker 2>of course all of the Biden people and all the

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<v Speaker 2>apparently nonpartisan media flipped out about this when it happened. However,

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<v Speaker 2>the Biden White House refused to release the audio or

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<v Speaker 2>the video of these interviews, right, making up some bullshit

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<v Speaker 2>excuse that only stupid people bought. But there are lot

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<v Speaker 2>of stupid people in election years, right. And so now

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<v Speaker 2>the audio's out, and like Biden's stuttering and stammering, it's

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<v Speaker 2>not any different than you would expecting that they were

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<v Speaker 2>afraid of it being being released. But still that shines

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<v Speaker 2>more of a lens on the story. But Marie, can

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<v Speaker 2>I give you the kind of hard questions so I

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<v Speaker 2>don't have to answer it? First? How did you feel

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<v Speaker 2>when you heard about the cancer news?

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<v Speaker 1>I felt obviously absolutely uh horrible for Biden. I mean,

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<v Speaker 1>I don't wish that on anyone. I also, you know,

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<v Speaker 1>I think that you know, we're in a really shitty

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<v Speaker 1>situation right now and the country is really really hurting,

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<v Speaker 1>and we've talked on this pod a lot. It doesn't

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<v Speaker 1>really matter kind of what someone's political leanings are to

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<v Speaker 1>be able to point to some things like you know,

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<v Speaker 1>what's happened to usaid, to scientific funding, to research, to innovation,

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<v Speaker 1>you know, tariffs, as we've talked about many, many times,

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<v Speaker 1>to all of these facets of American life, First Amendment protections,

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<v Speaker 1>all of these things. And you know, that's I don't

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<v Speaker 1>want to say squarely on Biden's shoulders, but a lot

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<v Speaker 1>of that is on Biden's shoulders for you know, refusing

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<v Speaker 1>to do what he said he would do. Right, if

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<v Speaker 1>you remember Nate, you probably actually remember this quote more

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<v Speaker 1>accurately than I do. But what was his what was

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<v Speaker 1>his way of phrasing it when he was elected the

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<v Speaker 1>first time? Right? I think he said that he was

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<v Speaker 1>going to be a bridge, right, something like that, that

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<v Speaker 1>he was someone who was going to be a bridge

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<v Speaker 1>to kind of protect against Trump and bring America forward.

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<v Speaker 1>And then you know, a bridge ends, right, A bridge

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<v Speaker 1>goes from bank to bank, and then you get off

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<v Speaker 1>and you're on the other side. And at some point

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<v Speaker 1>he decided that no, he wasn't really going to be

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<v Speaker 1>a bridge. He was also he was also going to

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<v Speaker 1>be the road on the other side, and he was

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<v Speaker 1>the correct person to continue to continue on forward. And

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<v Speaker 1>you know, here here's where we are. So I feel,

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<v Speaker 1>you know, the two things are not related, somewhat related.

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<v Speaker 1>I don't even know. I feel awful, right, Like, no

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<v Speaker 1>one deserves an aggressive form of cancer. I wish I

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<v Speaker 1>wish him quick, speedy recovery. I hope that they can

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<v Speaker 1>treat it, you know, I hope that he has a

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<v Speaker 1>comfortable old age. But I'm not in a very pro

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<v Speaker 1>biden frame of mind in general.

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<v Speaker 2>Yeah, I have trouble mustering up that much sympathy under

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<v Speaker 2>the circumstances, right, And the reason why is because I

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<v Speaker 2>think probabilistically right, and like that's part of what colors

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<v Speaker 2>the whole analysis to begin with, where like someone hits

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<v Speaker 2>this age and that's a problem. But also if you

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<v Speaker 2>are are now being diagnosed with this very aggressive cancer, right,

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<v Speaker 2>wouldn't there have been signs of it before? I mean,

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<v Speaker 2>you know, I asked chet GPT the three model. People

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<v Speaker 2>have different opinions on how appropriate is for medical diagnosis.

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<v Speaker 2>But it's trying to summarize a bunch of research on

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<v Speaker 2>the Internet and in journals and things like that, and

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<v Speaker 2>it's said, yeah, there's a high probability that at the

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<v Speaker 2>cancer is this advanced that it would have been detectable

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<v Speaker 2>a year or so earlier. It's like an eighty or

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<v Speaker 2>ninety percent chance. Right. So there's reporting I'm going to

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<v Speaker 2>have not read original sin. There's reporting in fight about

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<v Speaker 2>how you know, Biden's kind of avoiding the doctor quite

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<v Speaker 2>a bit once his health becomes an issue. We just

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<v Speaker 2>kind of just want to give people rope for this thing.

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<v Speaker 2>And it's like, okay, so that's not great, right. You

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<v Speaker 2>would think that after the debate you would say, Okay,

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<v Speaker 2>I got everything checked out and a couple of problems,

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<v Speaker 2>but here's a complete report. And instead he's kind of

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<v Speaker 2>like pulling it Trump where he has these personal doctors

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<v Speaker 2>that frankly aren't very fucking credible, right, or that the

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<v Speaker 2>diagnosis had been made before and they you want to

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<v Speaker 2>disclose it. I don't.

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<v Speaker 1>Well, either of those things is pretty damning, because the

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<v Speaker 1>first is, you know, we've I think we've all been

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<v Speaker 1>there or you know that moment where like you think

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<v Speaker 1>something's wrong and you're kind of in denial and you

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<v Speaker 1>don't want to go to the doctor because because you

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<v Speaker 1>don't want to confirm it. So you're like, I'm just

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<v Speaker 1>going to put off this appointment, right, Like it's not

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<v Speaker 1>that important because you you kind of you don't want

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<v Speaker 1>to know. It's a very very human response. And but

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<v Speaker 1>if you're kind of a president, then you have a

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<v Speaker 1>responsibility to make sure that, Okay, I'm functioning well, I'm

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<v Speaker 1>firing on all cylinders. There's nothing actually wrong because I have,

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<v Speaker 1>you know, the weight of the country on my shoulders.

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<v Speaker 1>So if he's avoiding the doctor, that's damning. However, if

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<v Speaker 1>he goes and he knows that he has this cancer

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<v Speaker 1>diagnosis and he hides it, that's also damning, right because

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<v Speaker 1>if you have stage four cancer, get the fuck out

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<v Speaker 1>of the race, right, Like that is something that is

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<v Speaker 1>you know, it's awful, and like you should you should

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<v Speaker 1>in no way be running for the presidency. I mean

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<v Speaker 1>you should be at home focusing on your health, recovering.

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<v Speaker 1>If he had received that diagnosis during his presidency, frankly,

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<v Speaker 1>he should have resigned right then and there, passed over

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<v Speaker 1>the presidency to Kamala Harris and said, you know, I'm

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<v Speaker 1>dealing with stage four cancer. I'm you know, I'm really sorry.

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<v Speaker 1>I'm doing what's best for the country. So either way,

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<v Speaker 1>whether he was avoiding the doctors or whether he knew

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<v Speaker 1>and I have no idea, right, Obviously, neither one is

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<v Speaker 1>a very good look for him as the president. And

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<v Speaker 1>if we also just zoom out, like Nate, imagine that

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<v Speaker 1>he had gotten reelected, right, and right now we're in

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<v Speaker 1>We're in term two of the Biden presidency, and this

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<v Speaker 1>news comes out this weekend, you know, four months in,

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<v Speaker 1>and then everyone who says, you know, Biden is who

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<v Speaker 1>was too old? Everyone's like, what are we even doing?

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<v Speaker 1>Like how did we get here?

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<v Speaker 2>Right?

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<v Speaker 1>So, so the counterfactual is also kind of scary to

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<v Speaker 1>think about.

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<v Speaker 2>No, I mean, and you imagine if this had news

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<v Speaker 2>had come out, then I think he would resign the presidency.

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<v Speaker 1>I don't know, we would hope so, but at this

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<v Speaker 1>point we don't know, right, given how he behaved during

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<v Speaker 1>during a.

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<v Speaker 2>I mean, it's so impossible to imagine him winning, Like

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<v Speaker 2>if somehow, I don't know, I mean, if somehow he

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<v Speaker 2>had won, I mean, it would be I think, a

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<v Speaker 2>disastrous presidency, you know what I mean, and in different ways,

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<v Speaker 2>in different but like I again, I said on this

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<v Speaker 2>program that you know, I was not going to vote

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<v Speaker 2>for Joe Biden. My vote doesn't really matter, right, And

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<v Speaker 2>I feel extremely validated in that, right, I with perfect hindsight.

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<v Speaker 2>I mean, I wouldn't vote for Trump, but like I'm

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<v Speaker 2>even further away from ever thinking it was appropriate to

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<v Speaker 2>cast a vote for somebody who I mean again, in

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<v Speaker 2>reporting these books suggests that people around him were worried

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<v Speaker 2>about his ability to perform in a crisis, Right, you know,

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<v Speaker 2>if you have a red phone moment and then his

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<v Speaker 2>people like, well, is there aren't really any nothing disastrous happened. Well,

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<v Speaker 2>I don't know, right.

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<v Speaker 1>We got lucky, We got lucky.

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<v Speaker 2>That is also, I mean, the world is less peaceful

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<v Speaker 2>than when Ryden took over, right, I mean, Israel and

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<v Speaker 2>the Middle East are at war, and Ukraine, I mean

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<v Speaker 2>it's the most serious incursion into European territory in many years. Right,

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<v Speaker 2>our relationship with China saturating. Indian Pakistan are not real

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<v Speaker 2>happy with each other right now, you know, So I

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<v Speaker 2>don't know. I mean, you know, when he was like

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<v Speaker 2>taking these special council meetings, was like, right at the

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<v Speaker 2>same time that October seventh happens, was like off the

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<v Speaker 2>phone with BBE and into these meetings. It's like, okay, Well,

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<v Speaker 2>if you're kind of like not able to like coherently

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<v Speaker 2>remember names, and dates, and like what if there is

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<v Speaker 2>a cute point of strategy that the United States wants

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<v Speaker 2>to articulate or point of leverage. Right, it's just a

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<v Speaker 2>really huge scandal. It's a huge scandal. And you know,

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<v Speaker 2>in some ways, I guess Democrats are lucky, e they're

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<v Speaker 2>not suffering from it more, you know, I mean, I

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<v Speaker 2>don't know with a long term effect. I mean, I

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<v Speaker 2>think Biden at some point we'll just kind of go away, right,

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<v Speaker 2>But like, but like it's it's news worth talking about

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<v Speaker 2>even in May of the year after the election, because

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<v Speaker 2>you know, it's one of the biggest dafts. I mean,

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<v Speaker 2>that's not the way to put it. One of the

0:12:31.564 --> 0:12:36.204
<v Speaker 2>biggest knowable errors, stubborn errors of judgment, repeated errors of

0:12:36.244 --> 0:12:39.844
<v Speaker 2>judgment by Biden and the people around him, and by

0:12:39.884 --> 0:12:42.364
<v Speaker 2>the media frankly who kind of had the I mean,

0:12:42.404 --> 0:12:44.804
<v Speaker 2>they're doing a good job now, right, but they all

0:12:44.804 --> 0:12:46.964
<v Speaker 2>the Democrats who were mad at me or Ezra clin

0:12:47.044 --> 0:12:48.844
<v Speaker 2>of people who were like pointing out that, yeah, probably

0:12:48.844 --> 0:12:50.084
<v Speaker 2>not a good idea to have a guy who's going to

0:12:50.124 --> 0:12:51.644
<v Speaker 2>be president till I was eighty six. And oh, by

0:12:51.684 --> 0:12:54.324
<v Speaker 2>the way, he's clearly not fighting Ronald cylinders right now

0:12:54.324 --> 0:12:58.684
<v Speaker 2>after the debate, Right, I mean I've done hundreds of

0:12:58.724 --> 0:13:01.884
<v Speaker 2>public appearances, Right, I've had I've had shit where I

0:13:01.924 --> 0:13:05.044
<v Speaker 2>was super tired or sick or hungover. I've never had

0:13:05.084 --> 0:13:12.044
<v Speaker 2>a performance remotely as bad as Biden's debate, Right, And

0:13:12.644 --> 0:13:14.404
<v Speaker 2>if I did, then I hope someone w'd be like,

0:13:14.404 --> 0:13:16.564
<v Speaker 2>you got to get medical attention, you know what I mean?

0:13:16.924 --> 0:13:18.884
<v Speaker 1>Yeah? No, I mean I think that it's important to

0:13:18.884 --> 0:13:21.604
<v Speaker 1>be talking about this now, both to understand what happened,

0:13:22.164 --> 0:13:25.084
<v Speaker 1>but also to figure out, you know how on a

0:13:25.124 --> 0:13:27.444
<v Speaker 1>broader scale, like how do we prevent something like this

0:13:27.564 --> 0:13:30.804
<v Speaker 1>from happening again? How do we actually learn from this, right,

0:13:30.884 --> 0:13:34.884
<v Speaker 1>so that going forward we don't find ourselves in a

0:13:34.964 --> 0:13:37.284
<v Speaker 1>similar situation. And by way, I mean the country, right,

0:13:37.564 --> 0:13:40.764
<v Speaker 1>I don't mean you know, the Democratic Party the Republican Party,

0:13:40.804 --> 0:13:44.804
<v Speaker 1>because this could happen to either party. And I think

0:13:44.884 --> 0:13:48.164
<v Speaker 1>that people do need to be empowered to say something

0:13:48.244 --> 0:13:51.284
<v Speaker 1>and not shut up, because I think that's psychologically speaking,

0:13:51.324 --> 0:13:54.444
<v Speaker 1>there are multiple forces here. I mean, first, from like

0:13:54.524 --> 0:13:58.564
<v Speaker 1>the Biden camp. Internally, you do have kind of this

0:13:59.084 --> 0:14:05.244
<v Speaker 1>cycle of motivated reasoning, which basically, you know, is confirmation

0:14:05.404 --> 0:14:08.844
<v Speaker 1>bias on steroids, so you know, if you already have

0:14:09.044 --> 0:14:11.844
<v Speaker 1>a point of you, right, you tend to look at

0:14:11.884 --> 0:14:15.164
<v Speaker 1>evidence with that point of view in mind, and so

0:14:15.324 --> 0:14:17.604
<v Speaker 1>everything that confirms your point of view, you're like, yeah, see,

0:14:17.604 --> 0:14:20.644
<v Speaker 1>this is exactly what I'm talking about. Everything that disconfirms it,

0:14:20.684 --> 0:14:22.484
<v Speaker 1>you're like, oh no, well this is bullshit. You know,

0:14:22.564 --> 0:14:25.964
<v Speaker 1>for these reasons, and you don't wait them correctly, right,

0:14:26.004 --> 0:14:30.124
<v Speaker 1>you don't. Actually you think that you're doing an objective analysis,

0:14:30.124 --> 0:14:33.404
<v Speaker 1>but it's a motivated analysis, motivated by your own biases

0:14:33.444 --> 0:14:35.724
<v Speaker 1>and your own agenda. And so I think that you know,

0:14:35.884 --> 0:14:39.524
<v Speaker 1>I've talked before about followers of Trump kind of being

0:14:39.604 --> 0:14:44.404
<v Speaker 1>under this way of a con artist like mentality, right

0:14:44.444 --> 0:14:48.364
<v Speaker 1>where you kind of once you buy into this, you're

0:14:48.444 --> 0:14:50.444
<v Speaker 1>just kind of part of that and you can't see

0:14:50.444 --> 0:14:53.484
<v Speaker 1>things to the contrary. I actually think that that's true

0:14:53.804 --> 0:14:55.804
<v Speaker 1>to some extent of what was happening to the Biden

0:14:55.884 --> 0:14:59.404
<v Speaker 1>camp as well, that you kind of buy into kind

0:14:59.404 --> 0:15:02.404
<v Speaker 1>of the reality that no, Biden, you know this this

0:15:02.484 --> 0:15:05.084
<v Speaker 1>is fine, right, that this is fine. Dog that I

0:15:05.124 --> 0:15:09.164
<v Speaker 1>have behind me during our day things, that this is fine.

0:15:09.564 --> 0:15:12.884
<v Speaker 1>That everything to the contrary we dismiss and everything and

0:15:12.964 --> 0:15:15.604
<v Speaker 1>every moment of clarity where Biden has like a good

0:15:15.604 --> 0:15:18.644
<v Speaker 1>interview right or half an hour where he's sharp, You're like, see,

0:15:18.844 --> 0:15:21.524
<v Speaker 1>he's totally fine, everything is fine. And so you have

0:15:21.604 --> 0:15:23.724
<v Speaker 1>that on the one hand, and on the other hand,

0:15:23.884 --> 0:15:29.524
<v Speaker 1>you have the pressure, right, the pressure from different external

0:15:29.524 --> 0:15:33.044
<v Speaker 1>forces and internal forces to show cohesion, to kind of

0:15:33.044 --> 0:15:37.684
<v Speaker 1>be loyal to the party. And people often don't understand.

0:15:37.924 --> 0:15:40.004
<v Speaker 1>And I think that this is important to understand, both

0:15:40.044 --> 0:15:42.484
<v Speaker 1>in the past and currently what's happening in the Republican Party,

0:15:42.604 --> 0:15:44.884
<v Speaker 1>that sometimes being loyal to the party means speaking out

0:15:45.124 --> 0:15:46.884
<v Speaker 1>right and saying, hey, this is not okay, this is

0:15:46.924 --> 0:15:50.284
<v Speaker 1>actually undermining our party. Right in the long term, what

0:15:50.444 --> 0:15:53.204
<v Speaker 1>is happening with the party is hurting the party. That

0:15:53.204 --> 0:15:55.684
<v Speaker 1>that can be the act of loyalty. But instead people

0:15:55.804 --> 0:15:59.284
<v Speaker 1>just like cowto and shut up and meekly say yes,

0:15:59.324 --> 0:16:02.244
<v Speaker 1>we will follow the party line, and that can actually

0:16:02.244 --> 0:16:03.044
<v Speaker 1>be devastating.

0:16:03.324 --> 0:16:07.564
<v Speaker 2>Yeah. Look, I think they're both bad, but not quite

0:16:07.604 --> 0:16:09.684
<v Speaker 2>the same phenomenon. I mean, I think in some ways

0:16:09.724 --> 0:16:15.804
<v Speaker 2>Democrats plays maybe less narrowly stupid and more cynical in

0:16:15.844 --> 0:16:18.004
<v Speaker 2>some ways. Right, Like, so I think you know, number one,

0:16:18.684 --> 0:16:21.844
<v Speaker 2>I think the people close to Biden did or must

0:16:21.844 --> 0:16:24.084
<v Speaker 2>have had some idea. A lot of these books are

0:16:24.124 --> 0:16:28.044
<v Speaker 2>reported on background, right, which means it's hard to attribute

0:16:28.124 --> 0:16:31.364
<v Speaker 2>kind of what was generally known versus who knew what? Right,

0:16:31.404 --> 0:16:34.524
<v Speaker 2>But like my model is like people knew. I mean

0:16:34.564 --> 0:16:37.244
<v Speaker 2>Biden was obviously being like shielded a lot. I went

0:16:37.284 --> 0:16:40.324
<v Speaker 2>through his entire schedule for four years, and there were

0:16:40.404 --> 0:16:43.724
<v Speaker 2>eight instances in twenty thirteen and another eight in twenty

0:16:43.804 --> 0:16:46.844
<v Speaker 2>twenty four, so sixteen total in the final two years

0:16:47.044 --> 0:16:49.204
<v Speaker 2>where he does not have any public appearances for four

0:16:49.404 --> 0:16:52.444
<v Speaker 2>days or more in our own and some of those Okay,

0:16:52.484 --> 0:16:54.404
<v Speaker 2>I guess the presence in title to a vacation, but

0:16:54.564 --> 0:16:57.084
<v Speaker 2>like you know, I mean his schedule becomes very sporadic

0:16:57.164 --> 0:17:02.204
<v Speaker 2>and erratic. But also I mean Democrats are selecting for

0:17:02.284 --> 0:17:06.124
<v Speaker 2>people who go along with the program, right, I mean

0:17:06.124 --> 0:17:08.204
<v Speaker 2>this is like, you know, this is part of the

0:17:08.244 --> 0:17:11.284
<v Speaker 2>personality type of what I called the village in my book, right,

0:17:11.324 --> 0:17:15.684
<v Speaker 2>which is it's risk averse do gooder types, and so

0:17:16.044 --> 0:17:18.564
<v Speaker 2>round nosing is a big part of the game. And

0:17:19.724 --> 0:17:23.884
<v Speaker 2>Jennifer O'Malley Dillon, who ran Harris's campaign and ran Biden's campaigns,

0:17:23.884 --> 0:17:25.524
<v Speaker 2>to the reporting these books is like, yeah, she is

0:17:25.564 --> 0:17:28.364
<v Speaker 2>somebody where if you have bad news or to sending

0:17:28.404 --> 0:17:31.164
<v Speaker 2>point of view, then don't tell it to Jen right.

0:17:31.204 --> 0:17:36.644
<v Speaker 2>And how she mind worked Kamala Harris into making herself

0:17:36.724 --> 0:17:39.324
<v Speaker 2>Kamala Harris's campaign chief too, I mean that was just

0:17:39.924 --> 0:17:41.684
<v Speaker 2>you know, I'm much more set the Kamala Harrison I

0:17:41.724 --> 0:17:48.044
<v Speaker 2>am to Joe Biden. But that decision was ill advised,

0:17:48.444 --> 0:17:50.084
<v Speaker 2>I would say. And that's also the implicit thing too,

0:17:50.164 --> 0:17:54.524
<v Speaker 2>is like, so the Biden people thought that, Okay, well

0:17:55.924 --> 0:17:58.124
<v Speaker 2>Harris can't win. Well, you're the ones who fucking picked

0:17:58.124 --> 0:18:01.644
<v Speaker 2>her as your vice president, right, I mean the low

0:18:01.884 --> 0:18:06.084
<v Speaker 2>esteem in which the Biden people held Kamala Harris, right,

0:18:06.724 --> 0:18:08.924
<v Speaker 2>you know, first of all, you know, you have a

0:18:08.964 --> 0:18:10.924
<v Speaker 2>vice president and whatever you think of her as a cane,

0:18:11.004 --> 0:18:13.604
<v Speaker 2>And I mean, she definitely is a knowledgeable person who

0:18:13.804 --> 0:18:18.324
<v Speaker 2>attorney general, senator, definitely traditional qualifications right in the largest

0:18:18.324 --> 0:18:20.284
<v Speaker 2>state in the country, and so she probably should have

0:18:20.284 --> 0:18:22.644
<v Speaker 2>been president. I would have felt safer in a crisis

0:18:22.644 --> 0:18:25.044
<v Speaker 2>with Kamala Harris. And then you know, I'll be honest,

0:18:25.044 --> 0:18:28.204
<v Speaker 2>I would feel safer with Donald Trump picking up the

0:18:28.244 --> 0:18:30.404
<v Speaker 2>red phone and Joe Biden, Like it's not even close,

0:18:31.404 --> 0:18:33.964
<v Speaker 2>Like I don't think he hasn't gotten I'm not saying

0:18:33.964 --> 0:18:36.044
<v Speaker 2>I perfect Trump overall. I certainly wouldn't it, right, but

0:18:36.204 --> 0:18:39.484
<v Speaker 2>like I you know, I mean at least he has

0:18:39.524 --> 0:18:42.964
<v Speaker 2>his wits about him such as they are right, but anyway,

0:18:42.964 --> 0:18:46.084
<v Speaker 2>but yeah, the lowest team. And then if you read fight,

0:18:46.204 --> 0:18:48.644
<v Speaker 2>a lot of it is like, well, the Biden people

0:18:48.684 --> 0:18:54.364
<v Speaker 2>don't want Harris exactly, and the dissenters of dicract parties

0:18:54.364 --> 0:18:57.844
<v Speaker 2>like Barack Obama and Nancy Pelosi also don't want Harris.

0:18:57.844 --> 0:19:00.084
<v Speaker 2>They want kind of this open primary, but she kind

0:19:00.084 --> 0:19:03.284
<v Speaker 2>of emerges as this compromised option in part because the

0:19:03.284 --> 0:19:05.804
<v Speaker 2>Biden people are like, you don't want me, Well fuck you,

0:19:05.804 --> 0:19:09.644
<v Speaker 2>You're getting her, right. I'm not exaggerating by much. Like

0:19:09.684 --> 0:19:13.004
<v Speaker 2>there's that attitude. So yeah, just this morass of stuff

0:19:13.044 --> 0:19:14.964
<v Speaker 2>that like and you know, and then I you know,

0:19:14.964 --> 0:19:17.404
<v Speaker 2>I actually got some quich backrooms people about. Like I

0:19:17.404 --> 0:19:20.004
<v Speaker 2>wrote an article last week saying, okay, enough with the

0:19:20.124 --> 0:19:23.444
<v Speaker 2>media victory lap here, right, I mean, maybe we should

0:19:23.524 --> 0:19:26.084
<v Speaker 2>have Like there's all this reporting. I understand when you're

0:19:26.124 --> 0:19:28.644
<v Speaker 2>reporting a book that sometimes people tell you things on

0:19:28.684 --> 0:19:30.964
<v Speaker 2>the condition of it's going to come out in a year, right,

0:19:31.004 --> 0:19:32.724
<v Speaker 2>I mean, for on the edge. I had some of that.

0:19:32.764 --> 0:19:34.964
<v Speaker 2>People say, well, i'll talk to you on the record

0:19:35.284 --> 0:19:37.004
<v Speaker 2>because I won't be published for a few years, and

0:19:37.044 --> 0:19:39.244
<v Speaker 2>I trust you to do a fair job, whereas I

0:19:39.244 --> 0:19:41.324
<v Speaker 2>couldn't just go turn around and write like a newsletter

0:19:41.324 --> 0:19:45.684
<v Speaker 2>post about that or something. Right, But still, I mean,

0:19:46.244 --> 0:19:48.764
<v Speaker 2>you know, I love the US was lucky, I think,

0:19:48.804 --> 0:19:52.164
<v Speaker 2>to avoid an acute crisis.

0:19:52.604 --> 0:19:56.124
<v Speaker 1>Yeah, it absolutely was. And just for you know, for

0:19:56.164 --> 0:19:57.924
<v Speaker 1>the record, I have not read either book. I've read

0:19:58.004 --> 0:20:01.844
<v Speaker 1>some excerpts from both of them, but some of the

0:20:02.044 --> 0:20:05.124
<v Speaker 1>some of the information there is pretty damning in the

0:20:05.164 --> 0:20:07.804
<v Speaker 1>sense of not recognizing George Clooney, which by the way,

0:20:07.884 --> 0:20:11.404
<v Speaker 1>is huge, right, Like let's just let's just say that

0:20:11.844 --> 0:20:15.884
<v Speaker 1>George George Clooney's face, Nate, So, I don't know if

0:20:15.924 --> 0:20:18.724
<v Speaker 1>you know this, but he so there are psych studies

0:20:19.244 --> 0:20:24.204
<v Speaker 1>on brain damage kind of different types of neural damage

0:20:24.244 --> 0:20:28.324
<v Speaker 1>and kind of cognitive function loss, and George Clooney is

0:20:28.444 --> 0:20:31.644
<v Speaker 1>one of the faces that's used to kind of look

0:20:31.644 --> 0:20:35.284
<v Speaker 1>at that he is so recognizable and such an iconic

0:20:35.404 --> 0:20:38.724
<v Speaker 1>celebrity that his face is actually one of the like

0:20:38.804 --> 0:20:43.364
<v Speaker 1>classic study materials where you assess cognitive function because sometimes

0:20:43.404 --> 0:20:46.284
<v Speaker 1>people like I might not recognize you even though i've

0:20:46.284 --> 0:20:49.764
<v Speaker 1>known you, but I'll recognize George Clooney, right, And sometimes

0:20:49.844 --> 0:20:52.164
<v Speaker 1>I won't quite recognize, but I'll be like, oh, you know,

0:20:52.804 --> 0:20:55.444
<v Speaker 1>so he is one of those faces that's used so

0:20:55.644 --> 0:20:58.564
<v Speaker 1>to me, like it was an added like oh my god, right,

0:20:58.684 --> 0:21:01.044
<v Speaker 1>not recognizing him when you actually know him and he's

0:21:01.084 --> 0:21:05.244
<v Speaker 1>actually a friend, like that is not something that you dismiss, right,

0:21:05.324 --> 0:21:08.364
<v Speaker 1>that is something that if you're a doctor. I was

0:21:08.404 --> 0:21:10.124
<v Speaker 1>going to say, if you're a but you don't need

0:21:10.164 --> 0:21:12.604
<v Speaker 1>to be a psychiatrist. If you're anyone, you have to

0:21:12.644 --> 0:21:15.844
<v Speaker 1>be like, Okay, you know something is actually wrong and

0:21:15.884 --> 0:21:17.844
<v Speaker 1>you need to assess this and we need to figure

0:21:17.884 --> 0:21:21.444
<v Speaker 1>out what the hell happened. It's much worse than thinking

0:21:21.444 --> 0:21:24.204
<v Speaker 1>you just spoke to Metronde even though he's not been

0:21:24.244 --> 0:21:26.924
<v Speaker 1>the president of France for quite some time. Right, So

0:21:27.404 --> 0:21:30.924
<v Speaker 1>in some in some ways like that's that's a oh

0:21:30.964 --> 0:21:33.644
<v Speaker 1>shit moment, like what are we even doing here? And

0:21:33.684 --> 0:21:35.804
<v Speaker 1>there's so many of those that I just saw in

0:21:35.844 --> 0:21:39.564
<v Speaker 1>the excerts, and obviously excerts are chosen for the juicy bits,

0:21:39.604 --> 0:21:42.764
<v Speaker 1>but it does seem like there was kind of a

0:21:42.764 --> 0:21:47.404
<v Speaker 1>consensus to protect the president, and that's the wrong incentive structure, right,

0:21:47.484 --> 0:21:50.284
<v Speaker 1>The incentive should be to protect the country and to

0:21:50.324 --> 0:21:52.484
<v Speaker 1>make sure that the country is on a good path,

0:21:52.524 --> 0:21:53.684
<v Speaker 1>not to protect a man.

0:21:53.964 --> 0:21:56.644
<v Speaker 2>Yeah, I mean there's a whole history of older presidents.

0:21:56.684 --> 0:21:59.044
<v Speaker 2>I mean, you know, Woodrow Wilson had a stroke and

0:22:00.164 --> 0:22:01.884
<v Speaker 2>the second term was a disaster. He wanted to run

0:22:01.924 --> 0:22:04.804
<v Speaker 2>for like a third term, and Harry Truman kind of

0:22:04.804 --> 0:22:06.804
<v Speaker 2>had to be shown. So what happened is until nineteen

0:22:07.884 --> 0:22:12.324
<v Speaker 2>seventy two, basically parties their candidates and the proverbial smoke

0:22:12.364 --> 0:22:15.244
<v Speaker 2>Philip brooms, Right, So if the Democratic Party were getting

0:22:15.244 --> 0:22:17.764
<v Speaker 2>together in privately, say you know what, we've all heard

0:22:17.804 --> 0:22:19.884
<v Speaker 2>these stories about Joe Biden, and so now it's going

0:22:19.964 --> 0:22:22.284
<v Speaker 2>to be Gretchen Whitmer, Josh Shapiro or maybe Harris would

0:22:22.284 --> 0:22:25.284
<v Speaker 2>have a good chance, et cetera. Right, like, and it's

0:22:25.324 --> 0:22:27.044
<v Speaker 2>some kind of we went up with this in between

0:22:27.124 --> 0:22:32.284
<v Speaker 2>where like there wasn't really a primary. I don't know,

0:22:32.684 --> 0:22:37.284
<v Speaker 2>it's yeah, you know, I just think, you know, any

0:22:37.404 --> 0:22:41.804
<v Speaker 2>inner circle Biden person just has direct moral responsibility for

0:22:41.884 --> 0:22:43.844
<v Speaker 2>the election outcome, you know.

0:22:43.764 --> 0:22:47.764
<v Speaker 1>What, exactly exactly, and in protecting Biden here we are,

0:22:47.964 --> 0:22:51.004
<v Speaker 1>right we you handed the country to Donald Trump and

0:22:51.084 --> 0:22:54.844
<v Speaker 1>everything that comes with that. But Nate, the very human

0:22:55.284 --> 0:22:59.964
<v Speaker 1>response to just once you're lying to Lie, Lie, Lie

0:23:00.004 --> 0:23:03.604
<v Speaker 1>and Lie. I think that's a great on entry point

0:23:03.924 --> 0:23:06.484
<v Speaker 1>to something else we wanted to talk about.

0:23:06.524 --> 0:23:07.804
<v Speaker 2>Aunt Elizabeth holmes career.

0:23:07.964 --> 0:23:10.804
<v Speaker 1>Let's take a break and talk about the new startup

0:23:10.964 --> 0:23:13.084
<v Speaker 1>from Billy Evans.

0:23:27.644 --> 0:23:27.804
<v Speaker 2>Nate.

0:23:28.244 --> 0:23:33.084
<v Speaker 1>This is a blast from the past show. Elizabeth Holmes

0:23:33.404 --> 0:23:36.644
<v Speaker 1>is back in the news. Our listeners and people who

0:23:37.004 --> 0:23:40.764
<v Speaker 1>you know have followed any news media kind of for

0:23:41.164 --> 0:23:45.004
<v Speaker 1>the last few years know her as the head of Thernos,

0:23:45.604 --> 0:23:52.444
<v Speaker 1>founder of a game changer in blood diagnostic technology. Basically

0:23:52.604 --> 0:23:56.884
<v Speaker 1>had all the big Silicon Valley big wigs behind her,

0:23:57.044 --> 0:24:00.564
<v Speaker 1>Henry Kissinger on her board, so got some politics in

0:24:00.644 --> 0:24:03.724
<v Speaker 1>there as well, and it all turned out to be

0:24:03.764 --> 0:24:07.084
<v Speaker 1>a huge grift, and more than a grift, a very

0:24:07.204 --> 0:24:12.404
<v Speaker 1>bloody grift pun intended because the results were bogus. The

0:24:12.444 --> 0:24:18.484
<v Speaker 1>blood work was absolutely fraudulent, and people were misdiagnosed. It

0:24:18.524 --> 0:24:22.364
<v Speaker 1>was just an absolute disaster. Holmes is currently in prison

0:24:23.124 --> 0:24:27.724
<v Speaker 1>serving a sentence for her role in Parahose, but she's

0:24:27.764 --> 0:24:29.684
<v Speaker 1>still posts for a photo for The New York Times

0:24:29.684 --> 0:24:32.484
<v Speaker 1>with her partner Billy Evans, who has a new startup

0:24:32.564 --> 0:24:37.844
<v Speaker 1>called Hamanthus, which is a flower known as the blood lily.

0:24:38.244 --> 0:24:40.924
<v Speaker 1>Ha ha ha, because do you know what the startup

0:24:41.004 --> 0:24:44.964
<v Speaker 1>is going to do. It is going to size how

0:24:45.044 --> 0:24:51.124
<v Speaker 1>we test blood for diseases? Does that does that concern

0:24:51.164 --> 0:24:51.564
<v Speaker 1>you at all?

0:24:52.844 --> 0:24:56.924
<v Speaker 2>Yeah? Look, I remember reading the uh reading the book

0:24:57.084 --> 0:25:00.044
<v Speaker 2>Bad Blood by the most journal journalist, John carry You I.

0:25:00.004 --> 0:25:02.164
<v Speaker 1>Believe, Yeah, great book.

0:25:02.324 --> 0:25:04.404
<v Speaker 2>Yeah, and you know it reminds me a little bit

0:25:04.444 --> 0:25:06.724
<v Speaker 2>of the Biden thing you that, like it was so

0:25:06.844 --> 0:25:11.524
<v Speaker 2>obvious from the star this was like seriously fraudular. It

0:25:11.524 --> 0:25:14.804
<v Speaker 2>wasn't like it wasn't so with like with like FTX,

0:25:14.804 --> 0:25:18.884
<v Speaker 2>which is the other most famous fraud of this quarter century.

0:25:19.004 --> 0:25:21.044
<v Speaker 2>I guess right, I guess Enron is a little too

0:25:21.164 --> 0:25:27.284
<v Speaker 2>as aged out. You know, fts itself was a legitimate

0:25:28.124 --> 0:25:32.924
<v Speaker 2>and quite well regarded platform for exchanging crypto assets, right,

0:25:33.164 --> 0:25:35.204
<v Speaker 2>Like that part of the business was the legitimate whatever

0:25:35.244 --> 0:25:39.044
<v Speaker 2>you think of crypto right, and then SBF was siphoning

0:25:39.084 --> 0:25:41.964
<v Speaker 2>money to make a whole bunch of like trades on

0:25:42.124 --> 0:25:45.444
<v Speaker 2>the side that were customer deposits, right whereas therhnos it's

0:25:45.444 --> 0:25:50.964
<v Speaker 2>like it was all a ruse you know, they actually

0:25:51.084 --> 0:25:53.604
<v Speaker 2>recruited a lot of people who like weren't traditional Silicon

0:25:53.684 --> 0:25:56.764
<v Speaker 2>Valley vcs, but were very well in network. They're like, oh,

0:25:56.764 --> 0:26:00.444
<v Speaker 2>this is a future of medicine, and and here's you know,

0:26:02.404 --> 0:26:04.124
<v Speaker 2>let me put this carefully, right, I think there was

0:26:04.164 --> 0:26:11.004
<v Speaker 2>a lot of excitement over a woman founder. She knew dignitaries,

0:26:11.044 --> 0:26:13.484
<v Speaker 2>and she had a great rolodex, right, and like she

0:26:13.564 --> 0:26:15.844
<v Speaker 2>read a lot of buzz and got a different investment

0:26:15.924 --> 0:26:20.404
<v Speaker 2>profile than a typical early stage startup might where maybe

0:26:20.404 --> 0:26:24.924
<v Speaker 2>there was less scrutiny, but I don't know.

0:26:25.524 --> 0:26:27.844
<v Speaker 1>Yeah, no, I mean I think that she was and

0:26:28.204 --> 0:26:31.644
<v Speaker 1>this is I think the reason why if her partner's

0:26:31.644 --> 0:26:37.044
<v Speaker 1>startup is also noteworthy. I think that she brilliantly hit

0:26:37.164 --> 0:26:41.204
<v Speaker 1>on all of the flaws in venture capital funding, right,

0:26:41.284 --> 0:26:45.124
<v Speaker 1>and how Silicon Valley operates in general, what the incentive

0:26:45.124 --> 0:26:48.244
<v Speaker 1>structures are, what they look at, what they don't look at,

0:26:48.324 --> 0:26:52.044
<v Speaker 1>which is also absolutely crucial. So you know, the model

0:26:52.084 --> 0:26:55.044
<v Speaker 1>obviously is, you know, we invest in tons of stuff

0:26:55.084 --> 0:26:56.724
<v Speaker 1>and most of it's going to fail, but if you aren't,

0:26:56.724 --> 0:27:02.964
<v Speaker 1>going to be kind of are stars with completely outsized returns, right,

0:27:03.004 --> 0:27:06.644
<v Speaker 1>And that's how kind of the VC world works, and

0:27:07.044 --> 0:27:12.724
<v Speaker 1>they love stories, and they love compelling narratives, compelling people.

0:27:13.164 --> 0:27:17.404
<v Speaker 1>You know something, They love con artists basically because the

0:27:17.404 --> 0:27:20.604
<v Speaker 1>best storytellers in the world are con artists who paint

0:27:20.684 --> 0:27:23.844
<v Speaker 1>you a beautiful picture of blue skies and what's possible

0:27:24.164 --> 0:27:26.724
<v Speaker 1>and why this is going to be the idea that

0:27:26.804 --> 0:27:29.884
<v Speaker 1>changes everything. They want to believe in that because their

0:27:30.084 --> 0:27:33.804
<v Speaker 1>incentive structure is such that they, you know, if one

0:27:33.844 --> 0:27:35.724
<v Speaker 1>of those is actually true and not a con artists

0:27:35.724 --> 0:27:39.444
<v Speaker 1>beautiful right, like, there's my there's my outsized return that's

0:27:39.444 --> 0:27:42.484
<v Speaker 1>going to pay for everything and make me look like

0:27:42.524 --> 0:27:46.884
<v Speaker 1>an absolute genius. And the problem is oftentimes, you know,

0:27:46.924 --> 0:27:49.444
<v Speaker 1>it's it's hard to it's hard to tell, you know,

0:27:49.924 --> 0:27:52.604
<v Speaker 1>where where the line is between a compelling story with

0:27:52.644 --> 0:27:54.924
<v Speaker 1>a real idea compelling story with a not real idea.

0:27:54.964 --> 0:27:58.044
<v Speaker 1>In this case, as you point out, Nate, it's very clear,

0:27:58.204 --> 0:28:02.724
<v Speaker 1>very early on that there were major, major holes in

0:28:04.044 --> 0:28:09.324
<v Speaker 1>Elizabeth Holmes's story, but because of kind of a lot

0:28:09.484 --> 0:28:13.524
<v Speaker 1>of the glamour associated with it motivated reasoning. Right, this

0:28:13.564 --> 0:28:15.804
<v Speaker 1>is what we're we were talking about when we were

0:28:15.844 --> 0:28:18.564
<v Speaker 1>talking about Biden. It's easy to overlook it if your

0:28:19.404 --> 0:28:24.124
<v Speaker 1>incentives are to believe, and we've talked about a lot

0:28:24.164 --> 0:28:26.964
<v Speaker 1>of those holes. You know the fact that she dropped out.

0:28:27.084 --> 0:28:30.444
<v Speaker 1>Her former advisor said this is you know, the saying good.

0:28:30.564 --> 0:28:33.204
<v Speaker 1>A lot of prominent scientists were like, this is bullshit.

0:28:33.444 --> 0:28:36.524
<v Speaker 1>You know, a lot of the data just never released.

0:28:36.764 --> 0:28:39.044
<v Speaker 1>A lot of these things were huge with flags. People

0:28:39.084 --> 0:28:44.124
<v Speaker 1>started resigning very early on over the lack of scientific data,

0:28:44.164 --> 0:28:47.484
<v Speaker 1>et cetera, et cetera, et cetera. And yet like what if, right,

0:28:47.564 --> 0:28:50.404
<v Speaker 1>like that what if is huge? Like what if we're

0:28:50.444 --> 0:28:54.164
<v Speaker 1>the ones who miss out? FOMO is big? And we

0:28:54.244 --> 0:28:56.804
<v Speaker 1>don't want to be the people who passed on the beatles?

0:28:57.124 --> 0:28:59.124
<v Speaker 1>Like you don't want to be that cautionary tale, and

0:28:59.204 --> 0:29:01.844
<v Speaker 1>so you just want to kind of go go along

0:29:01.884 --> 0:29:06.084
<v Speaker 1>with it. And that creates this culture where grifters thrive.

0:29:06.444 --> 0:29:08.404
<v Speaker 1>And I'm I mean, I would bet a lot of

0:29:08.404 --> 0:29:10.884
<v Speaker 1>money that there are other cons that have been funded

0:29:10.924 --> 0:29:14.724
<v Speaker 1>by vcs in Silicon Valley right now that we don't

0:29:14.964 --> 0:29:17.164
<v Speaker 1>know about yet, and that we might never know about

0:29:17.204 --> 0:29:19.644
<v Speaker 1>because they might just kind of peter out, They might

0:29:19.724 --> 0:29:23.124
<v Speaker 1>not ever ever be kind of as as headlining as

0:29:23.484 --> 0:29:26.324
<v Speaker 1>Elizabeth Holmes. But the fact now that her partner is

0:29:26.364 --> 0:29:30.084
<v Speaker 1>doing you know he's saying, you know what, the appetite

0:29:30.124 --> 0:29:32.084
<v Speaker 1>for this is strong enough that I am going to

0:29:32.604 --> 0:29:33.364
<v Speaker 1>do this again.

0:29:33.524 --> 0:29:36.204
<v Speaker 2>Look, I you know, I have been pulling up the

0:29:36.284 --> 0:29:39.124
<v Speaker 2>list of investors that there knows had and it's like

0:29:39.724 --> 0:29:44.164
<v Speaker 2>it conspicuously, conspicuously omits a lot of the traditional and

0:29:44.204 --> 0:29:47.764
<v Speaker 2>recent horror with Sequoia type firms. I think. I think

0:29:47.804 --> 0:29:50.844
<v Speaker 2>people did have concerns, and a lot of people in

0:29:50.884 --> 0:29:52.804
<v Speaker 2>those firms make a lot of mistakes. I think sometimes

0:29:52.844 --> 0:29:55.204
<v Speaker 2>you have to wonder, well, if they passed on it,

0:29:55.324 --> 0:29:58.084
<v Speaker 2>right because they are terrified of like passing on the

0:29:58.124 --> 0:30:02.084
<v Speaker 2>next big thing, then that's probably has some yeah, for sure,

0:30:02.204 --> 0:30:07.884
<v Speaker 2>signaling value. Right. But the general point is absolutely correct.

0:30:07.884 --> 0:30:11.564
<v Speaker 2>I mean when I you know, I just reported it

0:30:11.564 --> 0:30:14.684
<v Speaker 2>in the book, right, So I was invited to like

0:30:14.724 --> 0:30:17.284
<v Speaker 2>an in recent Horwitz conference and it came off the

0:30:17.284 --> 0:30:21.084
<v Speaker 2>record very quickly, right, But before they told the skull

0:30:21.124 --> 0:30:23.644
<v Speaker 2>off the record. The guy they had on stage was

0:30:23.684 --> 0:30:27.284
<v Speaker 2>Adam Newman, who is the founder of we Work. Very

0:30:28.284 --> 0:30:34.044
<v Speaker 2>charismatic guy, you've ever interacted with him? Right, But also

0:30:34.284 --> 0:30:38.364
<v Speaker 2>there were all types of problems with we Work where

0:30:38.404 --> 0:30:42.404
<v Speaker 2>it's valuation crater, and he was accused of like smoking

0:30:42.404 --> 0:30:44.964
<v Speaker 2>weed on international jets and things like that. Right, and

0:30:45.004 --> 0:30:48.084
<v Speaker 2>they were proud to say we're investing in his new startup,

0:30:48.204 --> 0:30:50.524
<v Speaker 2>right because they're like, we want high variants if you're

0:30:50.564 --> 0:30:52.924
<v Speaker 2>good enough to build kind of the like we work

0:30:53.004 --> 0:30:56.204
<v Speaker 2>wasn't like fake in the way that Faranos was right.

0:30:56.244 --> 0:30:58.524
<v Speaker 2>If you're right, if you're able to build a company

0:30:58.604 --> 0:31:00.524
<v Speaker 2>like whatever, it was sixty billion dollars evaluation on the

0:31:00.604 --> 0:31:02.604
<v Speaker 2>right to the ground, Well it's still close to than

0:31:02.604 --> 0:31:06.124
<v Speaker 2>most people come. Right, So your high variants and high upside,

0:31:06.724 --> 0:31:10.124
<v Speaker 2>and so we want that skill set. And I guess

0:31:10.164 --> 0:31:13.084
<v Speaker 2>that's kind of the same idea here. I mean, you know,

0:31:13.204 --> 0:31:17.324
<v Speaker 2>I don't know. I mean, if SBF or Elizabeth Holmes

0:31:18.204 --> 0:31:22.004
<v Speaker 2>wanted to invest a new startup, they probably get some funding.

0:31:22.164 --> 0:31:25.324
<v Speaker 1>I think I think they would as well. This is

0:31:26.764 --> 0:31:29.564
<v Speaker 1>you know, this is one of those things where I

0:31:29.604 --> 0:31:33.764
<v Speaker 1>think it's true in a lot of the finance community.

0:31:33.844 --> 0:31:38.604
<v Speaker 1>You have people like who you know, not even startups

0:31:38.604 --> 0:31:42.204
<v Speaker 1>in the hedge fund industry who've blown up multiple hedge funds.

0:31:43.364 --> 0:31:46.404
<v Speaker 1>Basically their investors lost all their money and there were

0:31:46.564 --> 0:31:49.484
<v Speaker 1>spectacular failures, and they still get money, right, they still

0:31:49.524 --> 0:31:52.044
<v Speaker 1>are able to raise fun Number two they're able to

0:31:52.124 --> 0:31:54.844
<v Speaker 1>raise fund number three because at some point they had

0:31:54.844 --> 0:31:58.764
<v Speaker 1>a good track record, and these are you know, oftentimes Nate.

0:31:59.164 --> 0:32:03.044
<v Speaker 1>As we know, there's variance, and so that initial track

0:32:03.084 --> 0:32:05.484
<v Speaker 1>record might have been an absolute fluke. You know that

0:32:05.524 --> 0:32:08.164
<v Speaker 1>in poker, right, you have some poker players who just

0:32:08.484 --> 0:32:11.444
<v Speaker 1>have stellar starf and it's not because they're brilliant players.

0:32:11.964 --> 0:32:14.884
<v Speaker 1>It's because they got ridiculously lucky. But in poker, it's

0:32:14.924 --> 0:32:17.844
<v Speaker 1>actually much easier to see that, to see through the noise,

0:32:17.924 --> 0:32:21.844
<v Speaker 1>and eventually, you know, those players go bust. But in

0:32:21.884 --> 0:32:24.844
<v Speaker 1>the world of stock markets, sometimes you know, it's easier

0:32:24.884 --> 0:32:28.244
<v Speaker 1>to take it's noisier, right, so it's harder to be like, oh,

0:32:28.284 --> 0:32:30.444
<v Speaker 1>this was just someone who was a luck box, not

0:32:30.564 --> 0:32:33.244
<v Speaker 1>someone who's a good investor. And so if you're initially

0:32:33.284 --> 0:32:35.284
<v Speaker 1>a luck box, then you get money over and over

0:32:35.324 --> 0:32:37.364
<v Speaker 1>and over, even if you just keep blowing it up.

0:32:37.924 --> 0:32:39.684
<v Speaker 1>And think about how many poker players, by the way,

0:32:39.724 --> 0:32:41.964
<v Speaker 1>even in a world that's less noisy, go bust multiple

0:32:42.044 --> 0:32:45.724
<v Speaker 1>times and yet still find people to lend them money.

0:32:46.404 --> 0:32:49.324
<v Speaker 1>And so I think that we do see this sort

0:32:49.444 --> 0:32:52.444
<v Speaker 1>of thinking in that world over and over and over,

0:32:52.724 --> 0:32:55.604
<v Speaker 1>and so I think absolutely once you know Elizabeth Holmes

0:32:55.604 --> 0:32:58.004
<v Speaker 1>eleven years are up. If she wants to do company

0:32:58.084 --> 0:33:01.044
<v Speaker 1>number two, some people will invest in her, even though

0:33:01.084 --> 0:33:03.204
<v Speaker 1>there are probably a lot of people you should invest

0:33:03.244 --> 0:33:06.484
<v Speaker 1>in before you invest in her. And in the meantime,

0:33:06.604 --> 0:33:09.284
<v Speaker 1>you know, I have a hard time. I know nothing

0:33:09.484 --> 0:33:13.524
<v Speaker 1>about Billy Evans other than you know what he's doing

0:33:13.604 --> 0:33:16.804
<v Speaker 1>right now and that he's Elizabeth Holmes's partner. And to me,

0:33:16.924 --> 0:33:19.884
<v Speaker 1>that's you know, I hate judging someone who I've never met,

0:33:20.084 --> 0:33:22.884
<v Speaker 1>but that's pretty damning. Like do we think, like, is

0:33:22.924 --> 0:33:26.924
<v Speaker 1>there is there a universe where he's a true believer?

0:33:27.164 --> 0:33:28.364
<v Speaker 1>I don't think so. Yeah.

0:33:28.644 --> 0:33:31.244
<v Speaker 2>By the way, it's not even that like it's not

0:33:31.284 --> 0:33:34.884
<v Speaker 2>even like crazy to think that like Adam Newman could

0:33:34.884 --> 0:33:38.364
<v Speaker 2>build a successful another successful startup at some point, Right,

0:33:38.364 --> 0:33:41.284
<v Speaker 2>It's just felt like, why pick him right when you

0:33:41.524 --> 0:33:45.444
<v Speaker 2>have more options than you can possibly have to in

0:33:45.564 --> 0:33:47.244
<v Speaker 2>time to even look at right.

0:33:47.284 --> 0:33:50.404
<v Speaker 1>Absolutely, and you know that his behavior hasn't really improved. Right,

0:33:50.444 --> 0:33:52.764
<v Speaker 1>So even if he does build something successful like there's

0:33:52.964 --> 0:33:55.284
<v Speaker 1>he's also a wild card, like he might blow it

0:33:55.364 --> 0:33:57.204
<v Speaker 1>up just by virtue of who he is and the

0:33:57.244 --> 0:34:00.284
<v Speaker 1>types of things that he's prone to do. You know

0:34:00.764 --> 0:34:04.124
<v Speaker 1>why are you investing in someone like that? I totally

0:34:04.204 --> 0:34:07.044
<v Speaker 1>agree with you date and yeah, and while you know,

0:34:07.084 --> 0:34:09.684
<v Speaker 1>we with someone like Billy Evans who does have a

0:34:09.724 --> 0:34:12.324
<v Speaker 1>track record, like might be a good guy, like we might,

0:34:12.404 --> 0:34:15.884
<v Speaker 1>we might look at him and be like, oh, you know, everything,

0:34:16.004 --> 0:34:19.884
<v Speaker 1>everything is great, but it just why if you're if

0:34:19.884 --> 0:34:24.964
<v Speaker 1>you're an entrepreneur and like your partner is Elizabeth Holmes,

0:34:24.964 --> 0:34:27.244
<v Speaker 1>and you know, like you know how that shit went down,

0:34:27.244 --> 0:34:29.764
<v Speaker 1>and you know, the science was not there by the

0:34:29.804 --> 0:34:32.844
<v Speaker 1>way for being able to test you know, one single

0:34:32.884 --> 0:34:35.284
<v Speaker 1>drop of blood like that was there was no science

0:34:35.324 --> 0:34:38.364
<v Speaker 1>behind it. It was just not possible to do what

0:34:38.404 --> 0:34:40.364
<v Speaker 1>you wanted to do and to say that, oh no,

0:34:40.524 --> 0:34:43.564
<v Speaker 1>well now you know, now we have the science behind

0:34:43.724 --> 0:34:46.684
<v Speaker 1>trying to do the exact same machine. Basically, like man,

0:34:46.764 --> 0:34:49.364
<v Speaker 1>oh man, is he going to be able to raise

0:34:49.404 --> 0:34:52.004
<v Speaker 1>the fifty million dollars that he wants initially and he

0:34:52.004 --> 0:34:55.004
<v Speaker 1>says he'll need seventy, you know, to really kind of

0:34:55.004 --> 0:34:59.164
<v Speaker 1>bring it to scientific fruition. I really, I honestly hope not,

0:34:59.324 --> 0:35:02.844
<v Speaker 1>because it's gonna, like my estimation is already pretty low

0:35:02.844 --> 0:35:05.004
<v Speaker 1>of that world, it's going to fall even further if

0:35:05.084 --> 0:35:07.244
<v Speaker 1>there are people who are willing to give him fifty

0:35:07.244 --> 0:35:08.764
<v Speaker 1>to seventy million dollars.

0:35:08.524 --> 0:35:11.404
<v Speaker 2>To people be responsible for what their partners do.

0:35:12.484 --> 0:35:17.484
<v Speaker 1>No, but if you are launching an identical startup to

0:35:17.564 --> 0:35:20.644
<v Speaker 1>the fraud that was perpetrated by your partner for which

0:35:20.644 --> 0:35:23.084
<v Speaker 1>she is now serving jail time, I don't know. To me,

0:35:23.164 --> 0:35:24.324
<v Speaker 1>that's a little bit different.

0:35:26.244 --> 0:35:28.884
<v Speaker 2>I mean during the wokeness peak, there was like this

0:35:30.564 --> 0:35:34.444
<v Speaker 2>MLS soccer player who's like, whyif had like put on

0:35:34.484 --> 0:35:36.244
<v Speaker 2>social media a bunch of really racist stuff and then

0:35:36.284 --> 0:35:39.364
<v Speaker 2>he had to like leave the team, right, which doesn't

0:35:39.364 --> 0:35:40.204
<v Speaker 2>seem very No.

0:35:40.244 --> 0:35:42.564
<v Speaker 1>That's that's totally not fair. It just you know, I

0:35:42.564 --> 0:35:44.324
<v Speaker 1>think it's there's a lot of nuance there, and it

0:35:44.364 --> 0:35:47.204
<v Speaker 1>depends on depends on the circumstances. So no, I don't

0:35:47.204 --> 0:35:50.124
<v Speaker 1>think you're responsible for what your partner does. But then

0:35:50.164 --> 0:35:53.244
<v Speaker 1>when you go on and try to do the exact

0:35:53.244 --> 0:35:56.364
<v Speaker 1>same thing your partners in in prison for, I think

0:35:56.364 --> 0:35:57.524
<v Speaker 1>that's a little bit different.

0:35:58.044 --> 0:36:01.284
<v Speaker 2>What's what's the startup's name again? Oh? Hea? He told

0:36:01.284 --> 0:36:02.524
<v Speaker 2>me that it's like the blood flower.

0:36:02.324 --> 0:36:04.804
<v Speaker 1>Yeah, blood lily. But hey, it is what it is,

0:36:04.844 --> 0:36:08.644
<v Speaker 1>and we will see what happens. And all I can

0:36:08.684 --> 0:36:12.204
<v Speaker 1>say is, please venture capitalists who listen to our show

0:36:12.644 --> 0:36:16.084
<v Speaker 1>Silicon Valley. More broadly, like, please try to invest in

0:36:16.124 --> 0:36:20.284
<v Speaker 1>people who actually have the background for what they're doing

0:36:21.044 --> 0:36:23.684
<v Speaker 1>and who are credible, and not just because they know

0:36:23.764 --> 0:36:27.884
<v Speaker 1>how to tell a compelling story. Storytelling ain't all there is,

0:36:28.084 --> 0:36:30.124
<v Speaker 1>even though I know that that's what you like to reward,

0:36:30.404 --> 0:36:32.604
<v Speaker 1>So please try to heed that storytelling.

0:36:32.644 --> 0:36:36.124
<v Speaker 2>I hate journalis are like storytelling and journalism like, I

0:36:36.124 --> 0:36:39.644
<v Speaker 2>fucking hate storytelling. I mean, I like storytelling, but the

0:36:39.684 --> 0:36:42.404
<v Speaker 2>minute you call it storytelling, it's like, that's just an

0:36:42.444 --> 0:36:47.724
<v Speaker 2>excuse to like prioritize the narrative over the facts and

0:36:47.764 --> 0:36:50.884
<v Speaker 2>their priority and to exactly put a little spin on

0:36:50.884 --> 0:36:51.204
<v Speaker 2>the ball.

0:36:51.444 --> 0:36:55.084
<v Speaker 1>I think, right, let's take a quick break and then, Nate,

0:36:55.124 --> 0:36:57.644
<v Speaker 1>I'd love to hear, you know, because I love conspiracy theories,

0:36:57.684 --> 0:37:01.324
<v Speaker 1>but I don't know much about the MAVs, so I

0:37:01.364 --> 0:37:04.244
<v Speaker 1>am very curious to hear about what all of this

0:37:04.364 --> 0:37:08.524
<v Speaker 1>conspiracy thinking is about. So let's get into it after

0:37:08.524 --> 0:37:28.484
<v Speaker 1>the break. Nay, tell me what is going on with

0:37:28.924 --> 0:37:32.644
<v Speaker 1>the MAVs and conspiracy theorists of the world over.

0:37:33.244 --> 0:37:37.404
<v Speaker 2>So, the Dallas Mavericks won the NBA Draft lottery, Was

0:37:37.444 --> 0:37:40.644
<v Speaker 2>it last week. I guess uh, they had a one

0:37:40.724 --> 0:37:43.804
<v Speaker 2>point eight percent chance of being picked the top teams

0:37:43.804 --> 0:37:45.844
<v Speaker 2>have ever read a fourteen or fifteen percent chance, and their

0:37:45.884 --> 0:37:49.764
<v Speaker 2>combination of ping pong balls came up. So they will

0:37:49.804 --> 0:37:53.444
<v Speaker 2>presumably drafting Cooper Flag who was the one of the

0:37:53.484 --> 0:37:55.884
<v Speaker 2>few college players ever to win National Player of the

0:37:55.964 --> 0:38:00.724
<v Speaker 2>Year as a freshman. Great player kid from from Maine,

0:38:00.884 --> 0:38:03.724
<v Speaker 2>which does not produce a lot of basketball prospects, but

0:38:03.844 --> 0:38:06.404
<v Speaker 2>you know, thought of it as the next potential superstar.

0:38:06.884 --> 0:38:10.884
<v Speaker 2>People quickly became suspicious part because, yeah, people underestimate that

0:38:10.924 --> 0:38:13.444
<v Speaker 2>one percent is not that low, right, It's like a

0:38:13.444 --> 0:38:20.484
<v Speaker 2>one hour in poker. But they had made an inexplicable

0:38:20.724 --> 0:38:23.604
<v Speaker 2>trade earlier this year where Luka Dacic maybe the top

0:38:24.404 --> 0:38:27.284
<v Speaker 2>my opinion, maybe about the fifth best player in the NBA,

0:38:27.324 --> 0:38:29.244
<v Speaker 2>SOE might have a little higher putting five or six

0:38:29.364 --> 0:38:33.284
<v Speaker 2>or something like that. Right was traded for Anthony Davis,

0:38:33.284 --> 0:38:36.844
<v Speaker 2>who prompably got hurt, and one first round pick and

0:38:36.884 --> 0:38:39.084
<v Speaker 2>a media for player named Max Christy. Right, and so like,

0:38:39.484 --> 0:38:41.444
<v Speaker 2>if you had done an auction around the league, we

0:38:41.444 --> 0:38:46.564
<v Speaker 2>would have gotten like literally twice as much of a return,

0:38:47.324 --> 0:38:49.484
<v Speaker 2>maybe more than that. Right they sold for like forty

0:38:49.524 --> 0:38:53.324
<v Speaker 2>cents on the dollar. However, conveniently, you now have Luca,

0:38:54.124 --> 0:38:57.484
<v Speaker 2>one of the league's glamour players, playing with Lebron James

0:38:57.524 --> 0:39:00.844
<v Speaker 2>in Los Angeles for the Lakers, one of the league's

0:39:00.844 --> 0:39:04.924
<v Speaker 2>glamour franchises. Right, Probably the Lakers are the premiere. You know,

0:39:04.964 --> 0:39:06.964
<v Speaker 2>if you want a team to be really good, probably

0:39:07.084 --> 0:39:10.044
<v Speaker 2>Lakers Knicks in that order if you're if you're the NBA,

0:39:11.244 --> 0:39:12.844
<v Speaker 2>So why would they do this? Well, if it turns

0:39:12.844 --> 0:39:15.724
<v Speaker 2>out they're also getting the first overall pick and Cooper flag,

0:39:15.964 --> 0:39:19.044
<v Speaker 2>that's a pretty fair trade ad and Cooper flag for Luca,

0:39:19.044 --> 0:39:21.604
<v Speaker 2>who's about to have to be contract extension looks pretty good,

0:39:21.604 --> 0:39:25.684
<v Speaker 2>and so that's triggered some conspiracy theories. It's not the

0:39:25.724 --> 0:39:32.844
<v Speaker 2>first time, right, you know Lebron James grew up in Akron, Ohio. Hmmm.

0:39:33.364 --> 0:39:37.724
<v Speaker 2>Convenient Commediately the Cleveland Cavaliers win the draft lottery that year,

0:39:37.804 --> 0:39:41.604
<v Speaker 2>for example, which other ones are alleged. You know, other

0:39:41.644 --> 0:39:44.484
<v Speaker 2>things were like when teams, you know, when the New

0:39:44.564 --> 0:39:47.324
<v Speaker 2>Orleans Pelicans, which were then like owned by the NBA,

0:39:47.444 --> 0:39:53.364
<v Speaker 2>like trade away also Anthony Davis, they got the first

0:39:53.364 --> 0:39:58.444
<v Speaker 2>Pickension Williamson. So whenever, whenever, there's a big prospect. You know,

0:39:58.524 --> 0:40:00.844
<v Speaker 2>it seems to end up in a convenient place. But

0:40:00.884 --> 0:40:04.444
<v Speaker 2>I'd say I'd say a few things about that, right,

0:40:04.644 --> 0:40:09.204
<v Speaker 2>Like number one, a lot of people would have to

0:40:09.244 --> 0:40:14.404
<v Speaker 2>be on this conspiracy, Right, they draw the ping pong

0:40:14.484 --> 0:40:16.844
<v Speaker 2>balls in front of the sealed room full of people

0:40:16.844 --> 0:40:20.684
<v Speaker 2>in the media. Zachlow, formerly a grant Land and ESPN

0:40:20.764 --> 0:40:23.644
<v Speaker 2>now of the Ringer, I believe, was among them. You

0:40:23.644 --> 0:40:26.324
<v Speaker 2>can go listen to his account on his show, right,

0:40:26.404 --> 0:40:29.604
<v Speaker 2>and like so you know, it's pretty transparent. They have

0:40:29.644 --> 0:40:32.404
<v Speaker 2>as complicated codes. It's like not just one ping pong ball,

0:40:32.444 --> 0:40:36.124
<v Speaker 2>but you draw four and each code lines up with

0:40:36.244 --> 0:40:38.724
<v Speaker 2>a set of teams that are are picked. Right, So

0:40:38.724 --> 0:40:42.564
<v Speaker 2>that have to you know, enlist Ernst and Young. I

0:40:42.564 --> 0:40:45.324
<v Speaker 2>believe the heccounting firm they work with to like rig

0:40:45.404 --> 0:40:51.324
<v Speaker 2>the actual mechanics of the ping pong ball, right, and

0:40:51.364 --> 0:40:52.844
<v Speaker 2>that would be a lot and a lot of peop

0:40:52.844 --> 0:40:56.444
<v Speaker 2>would have knowledge of this and would feel chafed about

0:40:56.444 --> 0:40:59.284
<v Speaker 2>it potentially. I mean, who knows. People, You know, people

0:40:59.684 --> 0:41:02.484
<v Speaker 2>kept titelcht about the Biden thing for a long period

0:41:02.484 --> 0:41:04.644
<v Speaker 2>of time. But like I'm also not sure that like

0:41:05.804 --> 0:41:09.444
<v Speaker 2>if you're the league necessarily would want Cooper Flag and

0:41:10.324 --> 0:41:12.684
<v Speaker 2>Dallas's posts. I mean maybe, I don't know, it is

0:41:12.684 --> 0:41:16.564
<v Speaker 2>a pretty big market, right maybe, I know, well what Nate.

0:41:18.684 --> 0:41:22.084
<v Speaker 1>In general, I always like to push back on conspiracy theories,

0:41:22.204 --> 0:41:25.844
<v Speaker 1>right because human mind loves to see to see them

0:41:25.884 --> 0:41:29.084
<v Speaker 1>where they don't exist. And we do know as poker players,

0:41:29.084 --> 0:41:31.924
<v Speaker 1>one outthers happen, right Like, man, they happen way more

0:41:31.924 --> 0:41:35.924
<v Speaker 1>often than you feel like they should happen. That said I, So,

0:41:36.164 --> 0:41:38.284
<v Speaker 1>you know, I'm working on a book about cheating, and

0:41:38.364 --> 0:41:40.324
<v Speaker 1>one of the one of the things that I was

0:41:40.364 --> 0:41:43.644
<v Speaker 1>recently researching. I don't know if you remember this, you know,

0:41:43.764 --> 0:41:46.444
<v Speaker 1>I wasn't born yet, but it was. It was a

0:41:46.524 --> 0:41:52.524
<v Speaker 1>huge scandal in nineteen eighty Pennsylvania lottery scandal, the Triple

0:41:52.564 --> 0:41:57.324
<v Speaker 1>six fix. They actually were able to rig the lottery

0:41:57.604 --> 0:42:01.204
<v Speaker 1>and they had specially weighted balls so that a special

0:42:01.284 --> 0:42:04.324
<v Speaker 1>limited number of combinations were more likely to be drawn.

0:42:04.684 --> 0:42:08.364
<v Speaker 1>And so yeah, obviously you need someone on the inside

0:42:08.444 --> 0:42:11.124
<v Speaker 1>in the in the balls. But this was done. You know,

0:42:11.164 --> 0:42:14.884
<v Speaker 1>this was done also on television, Like it was very

0:42:15.004 --> 0:42:18.004
<v Speaker 1>very controlled environment and yet like it's still possible to

0:42:18.604 --> 0:42:23.124
<v Speaker 1>introduce weighted balls into machines that make certain number of

0:42:23.124 --> 0:42:26.644
<v Speaker 1>combinations more likely to happen. And that's not the only

0:42:26.724 --> 0:42:28.844
<v Speaker 1>time that that's happened. That was just like a very

0:42:28.844 --> 0:42:32.524
<v Speaker 1>prominent example of that happening. And so I hate, I

0:42:32.564 --> 0:42:35.644
<v Speaker 1>don't want to honor conspiracy theorists, but I do just

0:42:35.684 --> 0:42:38.804
<v Speaker 1>want to point out that it is possible due to

0:42:38.964 --> 0:42:40.764
<v Speaker 1>rig lottery ball machines.

0:42:41.604 --> 0:42:47.244
<v Speaker 2>Shaquille O'Neil just allege that in nineteenninety two, then NBA

0:42:47.324 --> 0:42:49.644
<v Speaker 2>Commissioner David Stern asked him if he wanted to go

0:42:49.724 --> 0:42:53.684
<v Speaker 2>to a cold weather or a warm weather city. Guess

0:42:53.724 --> 0:42:56.004
<v Speaker 2>who want to happen to be the Orlando Magic one

0:42:56.004 --> 0:42:58.484
<v Speaker 2>of the warmest destinations in the NBA, not the Minnesota

0:42:58.484 --> 0:43:01.124
<v Speaker 2>Timberwolf or something like that. And so I think people

0:43:01.124 --> 0:43:03.044
<v Speaker 2>are mostly joking, and I think I'm mostly joking. I

0:43:03.084 --> 0:43:07.524
<v Speaker 2>would say not like there is there are big incentives

0:43:07.524 --> 0:43:12.044
<v Speaker 2>for like the league to to align talent to places

0:43:12.124 --> 0:43:16.284
<v Speaker 2>where they think the franchise that deserves it, right, But

0:43:16.404 --> 0:43:18.284
<v Speaker 2>like I mean, it's you know, I don't know there

0:43:18.284 --> 0:43:20.204
<v Speaker 2>would be you know, there would be a sentenced to

0:43:20.244 --> 0:43:23.244
<v Speaker 2>do it. Yeah, they should maybe say, yeah, we determined

0:43:23.284 --> 0:43:25.764
<v Speaker 2>these are the actual picks for the league, right.

0:43:26.084 --> 0:43:30.164
<v Speaker 1>Yeah, no, for sure, for sure. And I also am

0:43:30.164 --> 0:43:32.764
<v Speaker 1>mostly joking, and I think that it is important to

0:43:32.844 --> 0:43:36.284
<v Speaker 1>kind of to make it clear that it's unlikely that

0:43:36.364 --> 0:43:39.324
<v Speaker 1>anything is rigged. All I can say, Nate is you know,

0:43:39.404 --> 0:43:43.564
<v Speaker 1>next time you do a lottery ball lottery that has

0:43:43.884 --> 0:43:47.444
<v Speaker 1>little balls and machines, just keep one eyebrow up and

0:43:47.524 --> 0:43:54.284
<v Speaker 1>make sure that everything is weighted correctly before choosing your numbers.

0:43:59.124 --> 0:44:01.044
<v Speaker 1>Let us know what you think of the show. Reach

0:44:01.084 --> 0:44:04.844
<v Speaker 1>out to us at Risky Business at pushkin dot fm.

0:44:05.324 --> 0:44:07.564
<v Speaker 1>And by the way, if you're a Pushkin Plus subscriber,

0:44:07.604 --> 0:44:10.204
<v Speaker 1>we have some bonus content for you that's coming up

0:44:10.284 --> 0:44:11.244
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0:44:11.604 --> 0:44:14.884
<v Speaker 2>And if you're not subscribing yet, consider signing up for

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0:44:23.524 --> 0:44:27.044
<v Speaker 1>Risky Business is hosted by me Maria Kanikova.

0:44:26.324 --> 0:44:28.724
<v Speaker 2>And by me Nate Silver. The show is a co

0:44:28.764 --> 0:44:32.924
<v Speaker 2>production of Pushkin Industries and iHeartMedia. This episode was produced

0:44:32.924 --> 0:44:36.764
<v Speaker 2>by Isabelle Carter. Our associate producer is Sonya Gerwitz. Sally

0:44:36.844 --> 0:44:39.844
<v Speaker 2>Helm is our editor and our Executive producer is Jacob Goldstein.

0:44:40.364 --> 0:44:41.484
<v Speaker 2>Mixing by Sarah Bruger.

0:44:41.724 --> 0:44:42.884
<v Speaker 1>Thanks so much for tuning in.