WEBVTT - ICYMI: Fixing the Golden State

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is Bloomberg business Week Daily reporting from the magazine

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<v Speaker 2>that helps global leaders stay ahead with insight on the people, companies,

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<v Speaker 2>and trends shaping today's complex economy. Plus global business finance

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<v Speaker 2>and tech news as it happens. The Bloomberg Business Weekdaily

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<v Speaker 2>Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.

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<v Speaker 1>Now, US states are warning of significant revenue losses due

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<v Speaker 1>to President Trump's administrations government cuts and trade policies. The

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<v Speaker 1>cuts coming out of time when states are already facing

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<v Speaker 1>flat revenue growth, rising costs from inflation, and the end

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<v Speaker 1>of pandemic aid, with governors and lawmakers debating how indeed

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<v Speaker 1>to make up for those losses. So what might any

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<v Speaker 1>or all of this mean for the US state that

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<v Speaker 1>is the biggest in the United States the economy and

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<v Speaker 1>it is now.

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<v Speaker 3>The fourth largest economy in the world.

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<v Speaker 1>I was corrected before where we came on air and

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<v Speaker 1>next year, of course, is host to a governor's race.

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<v Speaker 1>We're talking about California and we want to talk to

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<v Speaker 1>someone who's looking to be the next governor in the

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<v Speaker 1>state of California. Joining us is Steven j. Klubec He

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<v Speaker 1>is twenty twenty six Democratic candidate for governor of California.

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<v Speaker 1>Founder and former CEO of Diamond Resorts International. He's an

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<v Speaker 1>investor in the publicly held microcap and online gaming company

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<v Speaker 1>Plays Studios. He's been on Undercover Boss. He's rumored at

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<v Speaker 1>one time to maybe run for governor of Nevada. This

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<v Speaker 1>is what happens when you do a little bit of

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<v Speaker 1>a search. He also served as a Nevada State Athletic

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<v Speaker 1>Commission and he's got a new book out. It is

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<v Speaker 1>entitled Facing Hard Truths, How Americans Can get real, pulled

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<v Speaker 1>together and turn our country around. It's published just earlier

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<v Speaker 1>this month. He joins au Center Bloomberg Interactive Broker Studio.

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<v Speaker 1>A long lead up, but I want people to know

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<v Speaker 1>kind of a little bit about who you are.

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<v Speaker 4>Well, you forgot about something.

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<v Speaker 3>Very important, Which did I leave out?

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<v Speaker 4>The first chairman up Brand USA, the head of tourism

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<v Speaker 4>and travel of the United States from America under President Obama.

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<v Speaker 3>I don't know how I let that.

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<v Speaker 4>I don't know.

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<v Speaker 3>Okay, maybe my editors got in there.

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<v Speaker 5>How's the US brand looking right now?

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<v Speaker 4>You know, that's a very good that's a very good

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<v Speaker 4>point because I was at I was at a meeting

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<v Speaker 4>with the Treasury secretary and he was explaining what the

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<v Speaker 4>philosophy was of the president, who I know very well.

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<v Speaker 4>I was going to do a deal with him in

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<v Speaker 4>Las Vegas. Yeah, the Trump Tower, and I passed. We

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<v Speaker 4>had the same architect because I have values, I have

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<v Speaker 4>integrity and he doesn't have that. And I pay my

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<v Speaker 4>contractors and he doesn't. But look for a brand guy

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<v Speaker 4>who licenses his brand, you know it takes decades to

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<v Speaker 4>build a brand. He sure killed ours within minutes. And

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<v Speaker 4>I asked the Secretary of Treasury, I'm like, how could

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<v Speaker 4>you upset the largest buyers of our bonds, the Chinese

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<v Speaker 4>and Japanese? How could you have them lose face the

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<v Speaker 4>concept of face? And he says, well, you know, the

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<v Speaker 4>guy likes to live in chaos and he likes to

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<v Speaker 4>play game crazy Ivan. I said, did you just say

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<v Speaker 4>crazy Ivan?

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<v Speaker 5>You're killing me, right, I said, look, and Scott Besson

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<v Speaker 5>said that to you.

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<v Speaker 4>Of course he did in front of me in two

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<v Speaker 4>hundred and it was reported by Puck and I got

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<v Speaker 4>to tell you dropping the bomb in the bar and

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<v Speaker 4>playing reality TV with the best brand in the world,

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<v Speaker 4>the United States of America is beyond any comprehension of

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<v Speaker 4>anyone that understands brand marketing sales. I don't get it.

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<v Speaker 3>What do you make of a.

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<v Speaker 1>Treasury secretary who understands financial markets considering his background, right,

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<v Speaker 1>he understood that works, and that the understanding of having

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<v Speaker 1>kind of full faith in the US government, right, and

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<v Speaker 1>there needs to be some calmon consistency rather than volatility, stability,

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<v Speaker 1>stability exactly. So what do you make of what some

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<v Speaker 1>might say is a US Treasury secretary who should know better?

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<v Speaker 6>Well?

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<v Speaker 4>You know, I know very well because my first partner

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<v Speaker 4>at Diamond Resorts was Sorrows, Your Sorrows brah a minute.

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<v Speaker 4>And then you know, Guggenheim became my my equity partner

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<v Speaker 4>because the Sorrows at that time too was betting against

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<v Speaker 4>the consumer. And I said, I can't have you know

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<v Speaker 4>that philosophy at that time. And I said I And

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<v Speaker 4>so I know Scott, he was the CEO. And I'm like, what,

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<v Speaker 4>what what's going on here? I don't know why everyone

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<v Speaker 4>around President Trump sells their soul? Why they sell their soul?

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<v Speaker 4>Because I've been involved in power and politics, you know,

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<v Speaker 4>trained by by by Bill Clinton and my adopted father,

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<v Speaker 4>Harry Reid. Look, we all have a soul and conscious conscience,

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<v Speaker 4>and I just would never sell my soul, never pander,

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<v Speaker 4>and these folks they get sucked into the vortex and

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<v Speaker 4>I don't get it.

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<v Speaker 1>But to play Devil's advocate, maybe a little bit here

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<v Speaker 1>is that some would say, listen, President Trump is dealing

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<v Speaker 1>with some issues that need to be dealt with, and

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<v Speaker 1>whether it's immigration and leading illegal immigration, not even when

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<v Speaker 1>President Biden came in, a lot of this tire of

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<v Speaker 1>stayed in place, right, So there are issues that he

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<v Speaker 1>is tackling and some I love this and forgive me,

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<v Speaker 1>I repeat it, and I haven't quite meant.

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<v Speaker 3>I don't remember the story. So there was somebody at

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<v Speaker 3>the Times, but it was like.

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<v Speaker 1>Donald Trump being the right question, He's just not the

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<v Speaker 1>right answer meaning and that's not my view. It's just

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<v Speaker 1>how some say that he's asking the right questions.

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<v Speaker 3>But maybe I ask the.

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<v Speaker 4>Right questions too. I have warmth and compassion. Okay, I

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<v Speaker 4>am also a guy of performance and results in California.

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<v Speaker 4>I'm going to create the Department of California Performance and Results,

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<v Speaker 4>known as CPR, which the state needs.

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<v Speaker 1>Well talk well let's talk about California because you know

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<v Speaker 1>it's a crowded field. It is a crowded field, and

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<v Speaker 1>you know there's some veteran politicians too, So how do you,

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<v Speaker 1>how do you stand out? How do you how do

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<v Speaker 1>you maybe take California to the next you know, it's

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<v Speaker 1>next ten, twenty thirty years.

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<v Speaker 3>Well, the goodness, if.

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<v Speaker 4>They were good at what they did, we wouldn't have

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<v Speaker 4>the problems with California that we do. Okay, they have

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<v Speaker 4>failed well, affordability number one, homelessness number two, the lack

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<v Speaker 4>of transparency, the lack of execution, the lack of enforcement,

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<v Speaker 4>will take me to.

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<v Speaker 1>Affordability because Matt and I have been around the block

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<v Speaker 1>a few times, and I think it's safe to say

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<v Speaker 1>I'm not looking to age you because you never age

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<v Speaker 1>minus there.

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<v Speaker 5>Oh my god, I'm pretty old.

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<v Speaker 1>No. But I think my point is that we've been

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<v Speaker 1>talking about housing affordability, particularly to California, for decades, and

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<v Speaker 1>yet here we are.

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<v Speaker 3>So how do we fix.

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<v Speaker 5>And we have the same issue here, that's.

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<v Speaker 3>Right, right, So how would you fix that?

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<v Speaker 4>Great question? So I was a builder in the eighties

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<v Speaker 4>and nineties in California, and I seemed to was able

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<v Speaker 4>to pull my approvals without the onset of Sequea sequas,

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<v Speaker 4>a highly regulated regulation in California, and the Species Act

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<v Speaker 4>and the Coastal Commission. Okay, So, California has over three

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<v Speaker 4>hundred and eighty thousand regulations onto its and over the

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<v Speaker 4>last ten years, the FTEs the full time employees and

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<v Speaker 4>government have increased by forty five thousand. Because these laws

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<v Speaker 4>beget regulations which we get FTEs. California is not open

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<v Speaker 4>for business. It's not affordable, leveable, or workable. Okay. And

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<v Speaker 4>I just as as a builder, tried to get something

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<v Speaker 4>permitted over last year and a half and it is almost.

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<v Speaker 1>Impossible saying if those regulations are rolled back that that

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<v Speaker 1>that will.

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<v Speaker 3>Lead to affordable housing.

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<v Speaker 4>Yes, so let me kay, let me let me finish,

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<v Speaker 4>because I'm about solutions for the other career.

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<v Speaker 3>You're listening to the Bloomberg Business podcast. Catch us Live

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<v Speaker 3>weekday afternoons from two to fives.

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<v Speaker 1>And Android Auto shut the Bloomberkness Up or watch live

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<v Speaker 1>two la fives.

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<v Speaker 4>The laws sequel and the coast Book Commission and the

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<v Speaker 4>Species Act. So I'm going to declare an affordability emergency

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<v Speaker 4>in the state of California until the legislature creates new

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<v Speaker 4>laws for affordability that will allow housing to be constructed properly, Okay,

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<v Speaker 4>without having Nimby or Nimby not in my backyard weaponized

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<v Speaker 4>along with the unions weaponized to hold up permits, because

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<v Speaker 4>that seems to be the major issue.

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<v Speaker 6>Steven, I want to ask about this because I've also

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<v Speaker 6>have been frustrated by red tape, and clearly it's a problem,

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<v Speaker 6>especially in a place like California. On the other hand,

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<v Speaker 6>without regulations, you will have disasters like the wildfires that

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<v Speaker 6>end up burning down. You know, so much of residential

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<v Speaker 6>la so well, A very good question.

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<v Speaker 4>Yeah, And you know what's great about this campaign that

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<v Speaker 4>I'm running is I've got solutions where the other candidates don't. Now,

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<v Speaker 4>if you did your homework, you know I was a

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<v Speaker 4>regulator with indictment power, and you know I was also

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<v Speaker 4>a judge, and I've changed laws in many states too,

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<v Speaker 4>So I understand not only how to fix broken broken businesses,

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<v Speaker 4>broken institutions, but I know how to create laws, regulate,

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<v Speaker 4>and adjudicate. So I bring this full to the table

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<v Speaker 4>and I'll tell you this, regulations are good to keep

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<v Speaker 4>bad actors out, But too many regulations inhibit good business

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<v Speaker 4>from doing good business.

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<v Speaker 1>But what's the guarantee that that good business means that

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<v Speaker 1>you are building affordable housing in the places that are needed.

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<v Speaker 1>A lot of folks will say, especially where there's major cities,

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<v Speaker 1>it's not that we need affordable housing out in the

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<v Speaker 1>suburbs where people have to commute another hour and a

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<v Speaker 1>half to get in for workers who maybe can't afford

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<v Speaker 1>to even do that, that you need to do it

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<v Speaker 1>in the cities where the jobs are.

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<v Speaker 3>And where they have those jobs. How do we get

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<v Speaker 3>that done?

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<v Speaker 4>So you really have to have three types of regulations

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<v Speaker 4>with regard to affordability and housing. You need rural, suburban,

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<v Speaker 4>and urban. Okay, And that's the way it was done

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<v Speaker 4>decades ago, and there is something to be looked at

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<v Speaker 4>with regard to going back to what worked before. So

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<v Speaker 4>it's almost as if California has been putting band aids

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<v Speaker 4>on band aids on band aids and they're all bleeding

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<v Speaker 4>and they need to be repaired. So the only way

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<v Speaker 4>to repair a wound is to rip the band aid

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<v Speaker 4>off and get to the heart of the issue. And

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<v Speaker 4>in the interim pause, these regulations, okay, still making sure

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<v Speaker 4>bad actors don't exist and get to a solution that

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<v Speaker 4>allows us to grow and have aspiration in California. I

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<v Speaker 4>remember I grew up in the aspiration in California, and

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<v Speaker 4>today there is no aspiration because we're closed for business.

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<v Speaker 1>It has the affordability your key policy platform or what is.

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<v Speaker 5>Oh one of benny and the others Insurance Okay, what's

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<v Speaker 5>your key?

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<v Speaker 4>Yeah, it's affordable, livable, workable, and all the subcomponent parts

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<v Speaker 4>of that. So insurance, for example, I have a fix

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<v Speaker 4>for the insurance crisis in California. If you go to

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<v Speaker 4>my website you'll see it. You've got to really talk

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<v Speaker 4>about the great exports of California. Okay, we have five

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<v Speaker 4>great exports, not in any order. Innovation, manufacturing, agriculture, tourism

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<v Speaker 4>and travel. Okay, you've got entertainment, and you've got education.

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<v Speaker 4>Education used to be an export in the state also,

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<v Speaker 4>okay when I was growing up there. So you've got

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<v Speaker 4>our uc system and our cal state system, and our

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<v Speaker 4>cal state system needs to be reinvented. Okay, to talk

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<v Speaker 4>about allowing people to do good work in the real world,

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<v Speaker 4>so people are prepared for the real world and more

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<v Speaker 4>trade oriented you know behavior, So there's it's as if

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<v Speaker 4>California has not been run by an executive in many decades,

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<v Speaker 4>and that's what we need to look forward to. And

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<v Speaker 4>I'm the only candidate that has that experience. I'm qualified

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<v Speaker 4>where the others are not qualified.

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<v Speaker 5>Stephen, how do you though, run against someone like Gavin

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<v Speaker 5>Newsom who is a nationally recognized name and has been

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<v Speaker 5>for manal election cycles.

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<v Speaker 4>You know, that's a good question because Gavin Newsom has

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<v Speaker 4>an expiration date and that's my birth date.

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<v Speaker 6>It's it's expensive, though. I imagine how much Gvins.

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<v Speaker 4>Turned out to win with the joke, but yeah, it

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<v Speaker 4>turned out.

0:12:12.080 --> 0:12:12.400
<v Speaker 5>Okay.

0:12:12.600 --> 0:12:15.040
<v Speaker 6>How do you how do you run against other candidates though?

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<v Speaker 6>Then with real name recognition? It without putting down millions

0:12:21.320 --> 0:12:23.600
<v Speaker 6>of dollars or how much are you prepared to spend

0:12:23.679 --> 0:12:24.199
<v Speaker 6>to win the race?

0:12:24.240 --> 0:12:25.760
<v Speaker 4>I guess is what I'm assing. So you didn't see

0:12:25.760 --> 0:12:28.800
<v Speaker 4>my Undercover Boss episodes, I'm the number one Undercover Boss

0:12:28.880 --> 0:12:32.680
<v Speaker 4>in the history of that television show, sixteen million plus ratings.

0:12:33.360 --> 0:12:35.520
<v Speaker 4>So when you say I don't have name recognition, I

0:12:35.600 --> 0:12:36.280
<v Speaker 4>beg to differ.

0:12:37.480 --> 0:12:41.000
<v Speaker 5>I guess I don't watch Undercover Boss. You should.

0:12:41.240 --> 0:12:41.880
<v Speaker 4>It's a good show.

0:12:42.160 --> 0:12:44.680
<v Speaker 6>I'm sure it's fantastic. But do you do you have

0:12:44.800 --> 0:12:47.160
<v Speaker 6>to spend? How much do you have to spend to win? Well,

0:12:47.200 --> 0:12:49.880
<v Speaker 6>I'll be a lot more efficient than the other candidates.

0:12:49.920 --> 0:12:52.360
<v Speaker 6>So you know, we just did a lunch Sextant poll

0:12:52.880 --> 0:12:57.880
<v Speaker 6>and my bio has twenty seven percent already, Name recognition

0:12:58.160 --> 0:12:59.079
<v Speaker 6>and interest.

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<v Speaker 1>One thing I want to ask because one of the

0:13:00.920 --> 0:13:03.679
<v Speaker 1>things that any governor, the next governor of California will

0:13:03.679 --> 0:13:04.480
<v Speaker 1>have to deal with is you have.

0:13:04.440 --> 0:13:06.520
<v Speaker 3>To deal with President Trump. So how would you.

0:13:06.520 --> 0:13:09.240
<v Speaker 1>Deal with him as governor of the largest state, because

0:13:09.240 --> 0:13:10.800
<v Speaker 1>we know it's tricky.

0:13:12.200 --> 0:13:15.319
<v Speaker 4>Well, I've sat across the table from him numerous times.

0:13:15.320 --> 0:13:17.599
<v Speaker 1>Many people have sat Elon Musk has sat across the

0:13:17.600 --> 0:13:21.120
<v Speaker 1>table several times. I understand that their relationship has.

0:13:21.000 --> 0:13:25.840
<v Speaker 4>Evolved, no question about it. And I do have respect

0:13:25.840 --> 0:13:27.560
<v Speaker 4>for him, and I believe he has respect for me.

0:13:28.000 --> 0:13:30.080
<v Speaker 4>We know each other pretty well. I have his cell

0:13:30.080 --> 0:13:33.760
<v Speaker 4>phone number, he's got mine. And there's no other candidate

0:13:33.960 --> 0:13:37.520
<v Speaker 4>that will fight for California, nor has California values like me.

0:13:37.679 --> 0:13:42.120
<v Speaker 4>Kindergarten through first year of college, and I'm not afraid.

0:13:42.559 --> 0:13:44.960
<v Speaker 4>I mean, I come from the rough and tumble business world,

0:13:45.000 --> 0:13:47.920
<v Speaker 4>that also has been trained in ledge rag and adjudication

0:13:48.600 --> 0:13:50.959
<v Speaker 4>by some very very good talents. And if you want

0:13:51.000 --> 0:13:53.960
<v Speaker 4>to underestimate me, God bless you at your own risk.

0:13:54.200 --> 0:13:56.640
<v Speaker 1>Well, we look forward to watching the race. We go

0:13:56.720 --> 0:13:59.080
<v Speaker 1>from race to race. I'me today, Yes, Stephen, thank you

0:13:59.080 --> 0:14:01.560
<v Speaker 1>so much for your time. I'm Stephen Kuschek. He's twenty

0:14:01.559 --> 0:14:04.079
<v Speaker 1>twenty six Democratic candidate for Governor of California and as

0:14:04.080 --> 0:14:06.880
<v Speaker 1>we mentioned, founder, former CE of Diamond Resorts International, and

0:14:06.960 --> 0:14:07.760
<v Speaker 1>so much more.

0:14:08.520 --> 0:14:10.880
<v Speaker 6>As we later recover Boss, I'm going to go back

0:14:10.880 --> 0:14:15.040
<v Speaker 6>and watch apparently the most explosive Boss in series.

0:14:14.880 --> 0:14:15.960
<v Speaker 5>History and most generous.

0:14:16.840 --> 0:14:18.000
<v Speaker 3>That's which is nice.

0:14:18.080 --> 0:14:18.719
<v Speaker 5>That's what I want to do.

0:14:18.880 --> 0:14:22.640
<v Speaker 4>Is actually really important, apologetically authentic and warm and compassionate.

0:14:22.840 --> 0:14:25.160
<v Speaker 3>All right, come back soon, Stephen. Good luck