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Speaker 1: dot com. Good morning, everybody, Happy Tuesday. Have an amazing
Speaker 1: show for everybody today. What do we have, Crystal, indeed
Speaker 1: we do.
Speaker 2: We have Kevin Hassett of the White House telling us
Speaker 2: we may have a quiet period in the labor market,
Speaker 2: nothing to be distressed about, just because of AI displacement.
Speaker 2: Might be a a little quiet out there in terms
Speaker 2: of job creation. Also some updates on Larry Summers, who
Speaker 2: was heavily featured in those Epstein emails that were released.
Speaker 2: He says he is now stepping back from some of
Speaker 2: his public commitments, So we will dig into what was
Speaker 2: revealed there.
Speaker 3: And his response.
Speaker 2: Also a bunch of updates with regard to Ice. First
Speaker 2: of all, Latinos who had voted in significant numbers for
Speaker 2: Trump abandoning him also in significant numbers. And the Greg
Speaker 2: Bovino team has now moved to Charlotte and then they're
Speaker 2: apparently planning to go to New Orleans. So break down
Speaker 2: what we know about those deployments and also the aftermath
Speaker 2: of what happened in Chicago, some new indications about what
Speaker 2: we may be planning in Venezuela. Will dig into that.
Speaker 2: Sager has a property tax update for all of us.
Speaker 2: Excited to hear from him on that one, and really
Speaker 2: looking forward to this interview we have with a top
Speaker 2: AI safety researcher. This is a guy who had left
Speaker 2: Open AI because of his concerns about the direction of AI.
Speaker 2: He is sounding the alarm and he co author of
Speaker 2: paper called AI twenty twenty seven that's gotten a lot
Speaker 2: of attention. That is his and his co author's best
Speaker 2: guess of how AI is going to develop and the
Speaker 2: major consequential, potentially civilizational risks entailed in this multi trillion
Speaker 2: dollar project that the oligarchs and our government, Chinese and
Speaker 2: everybody else are throwing tons of money at, tons tons
Speaker 2: of effort at, so really looking forward to.
Speaker 3: Speaking with him.
Speaker 2: I've watched a bunch of his interviews and read his
Speaker 2: paper obviously.
Speaker 1: So that's one really interesting guy. I've seen a bunch
Speaker 1: of his stuff. I know some of you are familiar
Speaker 1: as well with play clips of him here on the show.
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Speaker 1: With the economy and this quiet period being described here
Speaker 1: by the White House in this AI, they're saying, it's
Speaker 1: just a little cooling off, it's just a little bit
Speaker 1: of a blip of what's happening. Let's take a listen.
Speaker 4: Last CPI report. We got surprised forty eight Bloomberg economists
Speaker 4: on the downside, and even had some sort of temporary
Speaker 4: bad news because there was a refinery.
Speaker 1: That would shut down if you're looking at the top
Speaker 1: flag number.
Speaker 4: I think that there have been mixed signals in the
Speaker 4: job market and really really positive signals in the output markets.
Speaker 4: As you know, we've got GDP now running close to
Speaker 4: four percent, we've got productivity running up around three percent,
Speaker 4: and so I think that there could be a little
Speaker 4: bit of almost a quiet time in the labor market
Speaker 4: because firms are finding that AI is making their workers
Speaker 4: so productive that they don't necessarily have to hire the
Speaker 4: new kids out of college and so on. But because
Speaker 4: there's so much output growth and income growth, that's the
Speaker 4: kind of thing that you know, a free market will
Speaker 4: work out relatively quickly. As you know, new ways to
Speaker 4: spend money emerge.
Speaker 1: Free mark's going to figure it out, don't worry about it. Well,
Speaker 1: you know, it's one of those where I keep saying this,
Speaker 1: The Biden vibes on this are just so out of control.
Speaker 1: Like what they keep doing is they post charts, they
Speaker 1: say the economy is historically better than ever. If it
Speaker 1: is bad, it's always somebody else's fault. And if you
Speaker 1: know to the extent it is somebody else's fault, we're
Speaker 1: also we're not going to do anything about somebody else's fault, right,
Speaker 1: so you can't. This is one of those where with
Speaker 1: AI they just continue to basically think that yes, it
Speaker 1: will shake out. It's free market creative destruction, the libertarian's
Speaker 1: favorite word whenever it comes to this, And you know,
Speaker 1: maybe there is something to that. But part of what
Speaker 1: is so distressing and we're going to talk about with
Speaker 1: the AI twenty twenty seven plan is basically they keep
Speaker 1: saying stuff out loud like none of you are going
Speaker 1: to work in five years, and the government is just
Speaker 1: completely just letting it go. Just this morning, House Republicans
Speaker 1: are apparently scheming to try and put some language in
Speaker 1: that will block all states from regulating AIS any individual state.
Speaker 1: Remember this, They previously tried to pass this gambit and
Speaker 1: there was a pushback against it, and I'm increasingly just thinking, like, look, look,
Speaker 1: I'm sorry, Like we have to have democratic check whenever
Speaker 1: it comes to our relationship with this technology, when billions
Speaker 1: of us are going to use it, and you out
Speaker 1: in your own words, if we take you seriously, it's
Speaker 1: going to cause mass layoffs, It's going to disrupt every
Speaker 1: facet of our society. It's just too important to leave
Speaker 1: in the hands of Sam Altman. I don't trust him,
Speaker 1: and I don't think anybody.
Speaker 2: Else should oh or anyone anyone or literally anyone else.
Speaker 2: I mean, so, I actually been thinking a lot about
Speaker 2: this this week, and increasingly obviously.
Speaker 3: There's a lot going on with the Trumpeters.
Speaker 2: There's you know, Ebstein files, there's the big beautiful Bill,
Speaker 2: there's Venezuela, there's the Ice deployments. There's a lot of
Speaker 2: shit going on with the Trump administration. I'm increasingly feeling
Speaker 2: like the AI push is actually the main event, is
Speaker 2: like the main done just in terms of the consequences
Speaker 2: of it that I've already been convinced of, but that
Speaker 2: you know, in Trump's campaign, you'll recall you had, first
Speaker 2: of all, him flip his position on a bunch of issues,
Speaker 2: including crypto in order.
Speaker 3: To please these tech oligarchs.
Speaker 2: You had a bunch of these tech guys who previously
Speaker 2: we like more or less Democrats or voting for Democrats,
Speaker 2: supporting Democrats, flip their support to Trump. You had Elon
Speaker 2: Musk himself coming in with what two hundred and fifty
Speaker 2: million dollars plus and taking an extremely aggressive, active role
Speaker 2: in the campaign, being influential in who Trump picked as
Speaker 2: his VP. And then what happens as soon as he
Speaker 2: comes into office. First of all, you guys will remember
Speaker 2: the images from the inauguration where he's surrounded by all
Speaker 2: of these tech barons. A striking image and a striking
Speaker 2: portrait of what was to come. In that initial batch
Speaker 2: of executive orders, you remember there was a whole slew
Speaker 2: of them, so it was somewhat lost. But immediately what
Speaker 2: he did was to roll back any of the safety
Speaker 2: guardrails that have been put in place by the Biden administration.
Speaker 2: The whole push of this administration has been to completely
Speaker 2: deregulate the tech industry, I mean regulation in general, but
Speaker 2: specifically the tech industry, and make it so that it
Speaker 2: was completely.
Speaker 3: Off to the races.
Speaker 2: With this AI tech development with no breaks on the car.
Speaker 2: We had multiple press conferences with these guys. You see
Speaker 2: them at dinners with these guys. This is the central
Speaker 2: piece that this Trump administration really is about. They're placing
Speaker 2: this bet that number one, we can beat China to
Speaker 2: ag artificial general intelligence, and that number two, it's going
Speaker 2: to magically solve more problems than it creates. When if
Speaker 2: you actually listen to the researchers of one of them
Speaker 2: we're going to talk to you today. If you listen
Speaker 2: to even guys like Sam Altman or Mark Zuckerberg, who's
Speaker 2: one of the least responsible actors actually in all of this,
Speaker 2: you listen to Elon Musk, they'll tell you we are
Speaker 2: planning to replace at the very least tens of millions
Speaker 2: of jobs with robots, like we are planning to make
Speaker 2: you irrelevant. This is already happening. We covered how Amazon
Speaker 2: their plans to eliminate half a million jobs were leaked.
Speaker 2: The New York Times got their hands on it. They're
Speaker 2: already implementing this. There is a warehouse down I believe
Speaker 2: in Shrapeport, Louisiana, where is largely robots already. So this
Speaker 2: is happening now. This clip from Kevin Hassett is so significant.
Speaker 2: I think, as far as I know, this is the
Speaker 2: first time the White House is acknowledging that that labor
Speaker 2: displacement is already happening. Now it's happening exactly the places
Speaker 2: you would expect, with coders and with new employees coming
Speaker 2: out of college, so that those entry level jobs are
Speaker 2: being destroyed. People cannot get their foot on the ladder
Speaker 2: that is where it starts.
Speaker 3: But they have much bigger goals.
Speaker 2: So when he says, oh, it's just a quiet time
Speaker 2: and plays it down and frames it actually soger like
Speaker 2: this is some plus. Oh, they're just you know, these
Speaker 2: companies are getting more productive. It's a good thing actually
Speaker 2: that we're displacing all these workers and there's going to
Speaker 2: be a spike in unemployment and young kids coming out
Speaker 2: of college are not going to have jobs to go to.
Speaker 3: That's how he's framing it.
Speaker 2: That's how they're thinking about it, and that's how these
Speaker 2: companies are thinking about it too, which is why they
Speaker 2: all go out and brag as much as possible about
Speaker 2: all the layoffs that they're doing.
Speaker 1: Yeah, I mean, you know, to think it back. Actually,
Speaker 1: if you even roll the tape of our inauguration coverage.
Speaker 1: What we said is if you roll back, you know
Speaker 1: you will offer You may think that the most significant
Speaker 1: thing that happened in the Trump administration was AI. You know,
Speaker 1: considering all those tech CEOs, which we literally said on
Speaker 1: the day he was inaugurated with that picture, AI regulation
Speaker 1: and all of that has also just been a morass.
Speaker 1: You know you're talking about AIS. I did a few
Speaker 1: monologues about it at the time. Unfortunately, the Biden rules,
Speaker 1: in my opinion, would have basically just crystallized too big
Speaker 1: to fail. With a lot of the open AI and others.
Speaker 1: At that time there was a little bit more of
Speaker 1: a hope for an open source direction. The Trump administration
Speaker 1: has abandoned even the Biden administration's effective commitment to op
Speaker 1: too big to fail and to regulation because what they've
Speaker 1: done they need the AI companies to continue to investing
Speaker 1: in our economy. If they do stop building these data centers.
Speaker 1: We are in an official recession.
Speaker 3: Now.
Speaker 1: We're going to get to some data that already shows
Speaker 1: some recessionary impact. But the issue is the stock market
Speaker 1: and GDP is entirely reliant on these AI gains. That's
Speaker 1: part of the reason they'reletting them let fly because they're like, look,
Speaker 1: without this, we're screwed. I mean, you go to talk
Speaker 1: about tariffs and all this other stuff, the discussion is
Speaker 1: totally different without a lot of these AI companies, And
Speaker 1: in general, you're actually seeing recession and inflation problems that
Speaker 1: are bubbling up everywhere. Consumers are more miserable than ever before,
Speaker 1: literally rock bottom sentiment, and of course the same type
Speaker 1: of Biden administration stuff trying to tell consumers that they're wrong,
Speaker 1: like they're not wrong, they're empirically correct when it comes
Speaker 1: to grocery prices, housing, basic cost of living, health insurance,
Speaker 1: all the stuff that we cover here on a day
Speaker 1: to day basis, And the administration is doing the same thing,
Speaker 1: trying to blame other people. In fact, frankly, they're just
Speaker 1: doing it an even dumber and more low IQ way.
Speaker 1: Here with Scott Bessen for his explanation on beef Maria.
Speaker 5: The beef market is a very specialized market. It goes
Speaker 5: in long cycles, and that this is the perfect storm
Speaker 5: again something we inherited. And there's also because of the
Speaker 5: mass immigration, a disease that had been we've been rid
Speaker 5: of in North America made its way up through South
Speaker 5: America as these migrants, they have brought some of their
Speaker 5: cattle with them. So part of the problem is we've
Speaker 5: had to shut the border to Mexican beef because of
Speaker 5: this disease called the screw worms, So we're not going
Speaker 5: to let that get into our supply chain.
Speaker 1: So yeah, the explanation is that some of these people
Speaker 1: have brought the cows with them and that that's the
Speaker 1: disease that is spreading me so well, you know, I checked,
Speaker 1: by the way, I did check on that. What he's
Speaker 1: alleging is something called bovine sponge ofform and cephalopathy. But
Speaker 1: from what we see on the CDC website and others,
Speaker 1: it is not necessarily because people are bringing cattle over
Speaker 1: the border with them. But regardless, you know, actually just
Speaker 1: heard from somebody yesterday and others like beef prices in
Speaker 1: terms of sticker shock at the grocery store are ones
Speaker 1: where people are paying a lot of attention. But I
Speaker 1: increasingly buy the housing theory of everything, and when you
Speaker 1: buy that and you look at the data, it's just
Speaker 1: a disaster, not only in terms of home prices and rates.
Speaker 1: But put this next one, please up on the screen.
Speaker 1: New Flora closures have now jumped some twenty percent in October,
Speaker 1: a sign of more distress in the housing market. Foreclosure starts.
Speaker 1: That's the initial phase of the process rose six percent
Speaker 1: for the month, and we're twenty percent higher than the
Speaker 1: year before. Completed foreclosures the final phase are up thirty
Speaker 1: two percent year over year. Florida, South Carolina in Illinois
Speaker 1: leading the state in Florida in foreclosures. They say that
Speaker 1: some thirty six thousand US properties with some type of
Speaker 1: foreclosure in October, such as default notices and others. That's
Speaker 1: twenty percent higher than the year prior. I mean, there's
Speaker 1: a lot of potential reasons for that. Usually it's just
Speaker 1: that people's household balance sheet and debt, which we've also
Speaker 1: been covering here now for years. It does eventually catch
Speaker 1: up if you're unable to make those mortgage payments. Also,
Speaker 1: potentially the government shutdown. Who knows how many of them
Speaker 1: were workers and others who are already behind on their
Speaker 1: bills and they just got a final final screw turning
Speaker 1: in there. So we don't know exactly what the reason is,
Speaker 1: but you know, if you lived through seven, you don't
Speaker 1: want to be seeing headlines like this. You just don't
Speaker 1: want to see it period, right. You want people to
Speaker 1: have enough money that they're at the very least they
Speaker 1: can make their kind of monthly bills. And right now
Speaker 1: with inflation at the grocery store, with housing, with rates
Speaker 1: and others, it just feels more unattainable than ever before.
Speaker 1: Especially and it's not about feeling. You can look at
Speaker 1: credit card balances, wages flat for over the last couple
Speaker 1: of years, and you can say it's pretty obvious where
Speaker 1: things are right now.
Speaker 2: Yeah, I just saw this from CNBC as well. It's
Speaker 2: the corollary to what you're saying about home foreclosures. Home
Speaker 2: Depot is cutting their earnings outlook as home improvement demand
Speaker 2: falls short of expectations. Apparently, they missed their third quarter
Speaker 2: earning estimates. That's their third straight miss. They cut their
Speaker 2: full year profit outlook. The company said slow consumer spending
Speaker 2: and a weaker housing market have made home improvement demand
Speaker 2: worse than it expected. So you can see indications of
Speaker 2: those ut youwhere yeah.
Speaker 1: You can see it in that debt. And then also
Speaker 1: so because AI is the single bet, then you also
Speaker 1: start to have to pay attention to some of these
Speaker 1: people who are you know, exiting their position. There was
Speaker 1: a huge one News yesterday showed let's put this up
Speaker 1: here on the screen A four. Peter Teal's hedge fund
Speaker 1: has now dumped his entire Endvidia stock and has cut
Speaker 1: back even on the Tesla position. I mean, it's one
Speaker 1: of those where people obviously are trading and all of
Speaker 1: that all the time, but in general when you look
Speaker 1: at the people who are exiting and now starting to
Speaker 1: call the top. Let's say, on Nvidia, you had Michael Burry,
Speaker 1: the famed big short investor. Again it's always the caveat
Speaker 1: he has called many since the big short and he
Speaker 1: was incorrect. But he is staking out a big position
Speaker 1: against an Nvidia and Palenteer. But here what you see
Speaker 1: is that they sold some five hundred and thirty seven
Speaker 1: thousand shares in Nvidia. The steak would have been worth
Speaker 1: about one hundred million dollars, so the company's closed price
Speaker 1: on September thirtieth. This Teal sell off, coupled with Soft
Speaker 1: Banks sell off of its own n Video holdings last week,
Speaker 1: has fueled Wall Street's angst that the frenzy driving these
Speaker 1: sorts may have peaked, putting at risk the trillions of
Speaker 1: dollars that are committing to AI advancement. Investors and analysts
Speaker 1: still looking to the third quarter results are reported tomorrow
Speaker 1: to dispel worries of a bubble. At the same time,
Speaker 1: this I actually found kind of fascinating in myriad ways.
Speaker 1: Put a five here on the screen. So the founder
Speaker 1: of Klarna, he's the Swedish billionaire. Now, if you don't
Speaker 1: know what Klarna is, it's one of those buy now,
Speaker 1: pay later apps. So a guy who became a billionaire
Speaker 1: by founding a company which has basically saddled people with
Speaker 1: hundreds of billions of dollars in buy now, pay later debt.
Speaker 1: So's you could call him a debt billionaire. I think
Speaker 1: that's too fair. Now, says I'm nervous about all of
Speaker 1: this AI debt spending. Seems to me he's an expert
Speaker 1: in debt. That just me personally like the guy who
Speaker 1: literally created a novel way of debt in the twenty twenties,
Speaker 1: which that takes skill. I wouldn't say it's moral or anything,
Speaker 1: but takes skills, certainly to try and extract more money
Speaker 1: out of the consumer economy. In the twenty twenties, this
Speaker 1: guy says, I'm nervous about the trillions of dollars of
Speaker 1: spending on AI. He says the tech industry is committing
Speaker 1: too much money to huge computing infrastructure. He is a
Speaker 1: shareholder in open Ai, Perplexity xai service through his family office.
Speaker 1: He told The Financial Times that huge sums being poured
Speaker 1: making nervous. I think open Ai can be very successful
Speaker 1: at a company, but at the same time, I'm very
Speaker 1: nervous about the size of these investments in data centers.
Speaker 1: That's a particular thing that I am concerned about. He
Speaker 1: himself calls himself an AI evangelist, and he says an
Speaker 1: AI chatbot already handles two thirds of his customers services
Speaker 1: and inquiries over at Klarna. Now what he's pointing to, though,
Speaker 1: I we keep hammering this home on the show open
Speaker 1: Ai and Perplexity. In all these places they make money.
Speaker 1: No one's saying they don't make any money. They actually
Speaker 1: make a lot of money. But they have so much
Speaker 1: the door that in terms of commitments that open ai itself,
Speaker 1: it's current projected loss in twenty twenty eight is seventy
Speaker 1: eight billion. Seventy eight billion dollars of losses just in
Speaker 1: twenty twenty eight and a trillion dollars in spending commitments
Speaker 1: just for that one company that doesn't even factor in
Speaker 1: Xai perplex all of these other data center commitments. So
Speaker 1: if you have even a marginal crawl back to reality,
Speaker 1: that is a crash for our economy and for our GDP.
Speaker 1: That's the problem. And I mean, look, enough people are
Speaker 1: saying it at this point. I don't even really think
Speaker 1: you could call it a black Swan event. It's one
Speaker 1: of the more predictable things there are. Obvious business cycle
Speaker 1: is one of those things they teach you and like
Speaker 1: econ one oh one, and everyone's just kind of on
Speaker 1: pins and needles waiting for it to happen. But Wall
Speaker 1: Street's irrational exuberance. Also, it doesn't seem to be fading.
Speaker 1: There's still billions of dollars being poured into this, so
Speaker 1: really nobody knows, like you could be, you know, it's
Speaker 1: you could either be a person who is you know,
Speaker 1: crying wolf or something like that. Like, nobody is exactly clear.
Speaker 1: Nobody wants to miss out on the gains. But the richest,
Speaker 1: some of the richest fund managers in the world, they're
Speaker 1: taking profit they're selling and they're saying, hey, that's enough,
Speaker 1: We're going to take the cash. Yeah, what it is
Speaker 1: that makes me very nervous.
Speaker 2: A lot of the logic of it is people don't
Speaker 2: want to be left on the sidelines because think of
Speaker 2: what has been advertised as the end state of AI
Speaker 2: is one of these companies is going to reach AGI
Speaker 2: and that's going to change everything and the you know,
Speaker 2: the company and the founders or the CEO, the executives,
Speaker 2: whoever's in charge at that time that are you know,
Speaker 2: in charge of that company. When they achieve AGI, not
Speaker 2: only are they going to become tremendously wealthy, they're also
Speaker 2: going to become tremendously powerful, like tremendously powerful in a
Speaker 2: way that has never we've never seen before in the
Speaker 2: history of the planet type of powerful if the promise
Speaker 2: lives up to what they're holding out.
Speaker 3: So, yeah, these guys who.
Speaker 2: Are megalomaniacs want to make sure that they are have
Speaker 2: a stake in the winning team when that it all
Speaker 2: comes to pass. Now it's possible, it never does come
Speaker 2: to pass. Our guest today will say, you know, he
Speaker 2: thinks it is he believes that they are going to
Speaker 2: get to that point, but it's possible they never do
Speaker 2: get to that point, that it stays sort of in
Speaker 2: the realm of what it is now, which is still
Speaker 2: causing a lot of havoc and displacement and a lot
Speaker 2: of significant consequences, a quiet time in the labor market,
Speaker 2: as Kevin has to put it. But it's possibly, you know,
Speaker 2: that's the sort of thing like we could as a
Speaker 2: society sort of metabolize and deal with with, you know,
Speaker 2: significant pain, but we could deal with over time. They
Speaker 2: don't want to be left out of the big seismic
Speaker 2: revolution that they think is possible here with AI. So
Speaker 2: that's why even as everybody knows that this is a
Speaker 2: bubble in some sense, but why the money is going
Speaker 2: to continue to pour in is because of that dynamic.
Speaker 2: The last piece we have here is you know, getting
Speaker 2: back to the nuts and bolts of people's lives, and
Speaker 2: obviously the data center buildoun has a huge impact on
Speaker 2: that as well. Republicans increasingly blamed for poor economic conditions.
Speaker 2: We can put a six up on the screen. This
Speaker 2: This is an area where Republicans traditionally have an advantage
Speaker 2: on the economy. Trump specifically has had a major advantage
Speaker 2: on the economy that's been his consistent strength up until
Speaker 2: this term, and now according to this NRCC polster. So,
Speaker 2: this is a Republican polster for the first time in
Speaker 2: two years, voters whose top priorities inflation and the economy
Speaker 2: now prefer a generic Democrat for Congress by thirteen points
Speaker 2: over a Republican. And I'm not sure if it was
Speaker 2: by this polster or a separate one they pulled specifically
Speaker 2: on Okay, who do you blame for healthcare price increases? Overwhelmingly?
Speaker 2: People said the GOP. Who do you blame for electric
Speaker 2: bill increases? Overwhelmingly? People said the GOP. So if you
Speaker 2: want to know why the election was so incredibly lopsided
Speaker 2: this year, and why I think Republicans are had to
Speaker 2: for yet another significant reckoning in the midterm elections, you'd
Speaker 2: be hard pressed to find a better explanation than this one.
Speaker 1: Yeah, no, I mean the economy. Look, people always blame
Speaker 1: the party in power. That's what Biden was blamed for
Speaker 1: four years. And as I said four years ago, almost
Speaker 1: to the day, you have to be appear as if
Speaker 1: you're doing something about it, as if you care about it,
Speaker 1: and instead you know you're blocked. It's that's why the
Speaker 1: epscene thing is important, because you're blocking that while also
Speaker 1: seemingly not doing much for me and obsessing over your
Speaker 1: own personal quest to get the Nobel Peace Prize because
Speaker 1: you've ended ninety wars now or whatever. At this point,
Speaker 1: right the Democratic Republic, everyone is celebrating, of course, the
Speaker 1: end of potential end or whatever of that conflict. But
Speaker 1: that stuff, you know, the narcissism and all that, people
Speaker 1: can deal with a lot as long as thing or
Speaker 1: economy is doing well. The classic bumper sticker of the
Speaker 1: Trump era or the Biden era was could use some
Speaker 1: mean tweets right now as long as the gas was
Speaker 1: two dollars. And it's like, well, the whole point beyond
Speaker 1: that is I don't care about the personal conduct or whatever,
Speaker 1: as long as things are going well in my life.
Speaker 1: And it's like, well things aren't going well in your life, well,
Speaker 1: then that stuff actually all really does start to matter.
Speaker 1: That seems to be the overall endpoint for a lot
Speaker 1: of this. And look, I don't know, I mean, you know,
Speaker 1: you don't want to read too much into a single
Speaker 1: day movements, but there's just been like slow kind of
Speaker 1: movements in the s and P five hundred. There was one.
Speaker 3: Yesterday, there was a drop morning.
Speaker 1: Futures are down again this morning, we're not. You know,
Speaker 1: things can change literally on a dime here, but Federal
Speaker 1: Reserve doesn't look like it's going to step in and
Speaker 1: do anything drastic anytime soon, right, So things generally seem
Speaker 1: to be in stasis for now, and stasis is trending
Speaker 1: in a down direction. If you look at house balance sheet,
Speaker 1: housing and more, nobody is planning anything radically to save you.
Speaker 1: In fact, they're probably planning something radical in the opposite direction,
Speaker 1: which I'll get to it in property tax bit like.
Speaker 1: If anything, the people who are at the top of
Speaker 1: the status quo are doing everything they possibly can to
Speaker 1: preserve said status quo, and in a way, I think
Speaker 1: there they are girding themselves for a potential crash to
Speaker 1: insulate them from any potential chaos and make it so
Speaker 1: the younger people and the new generation will not only
Speaker 1: bear the entire brunt, but will be the ones who
Speaker 1: are totally screwed. Yeah, while they're completely.
Speaker 3: Safe, I mean it's work.
Speaker 2: When you think about the AI aspect, it's much worse
Speaker 2: than the status quo because they're actively planning and celebrating
Speaker 2: feeding you to the wolves.
Speaker 3: I mean, that's what Kevin.
Speaker 2: Kevin has it is saying, it's like, oh, it's great
Speaker 2: that these they don't have to hire these kids out
Speaker 2: in college anymore. That's that's great. It's improved productivity. That
Speaker 2: is their goal. Like their goal is to make it
Speaker 2: so that you are irrelevant. Your labor is relevant, like
Speaker 2: forget about chief labor. They want no labor. They want,
Speaker 2: you know, to hand as much off to the robots
Speaker 2: as they possibly can. That's their goal. That's the stated
Speaker 2: goal of all of these tech executives. That's you know,
Speaker 2: when you want to ask yourself the question, Okay, these
Speaker 2: trillion dollar you know spend that open Ai has planned,
Speaker 2: and these other companies you know somewhere similar ballpark figures.
Speaker 3: As well, how are they going to make that money.
Speaker 2: It's not going to come from you and me signing
Speaker 2: up for you know, a chat GPT subscription. No, it's
Speaker 2: going to come from giant companies who are willing to
Speaker 2: pay large sums of money to get rid of you,
Speaker 2: to get rid of your labor. That is what they're
Speaker 2: betting on, and that's what this administration has gone whole
Speaker 2: hog behind. This is a central driving force, if not
Speaker 2: the driving force, of this administration. That's why these guys
Speaker 2: gave Trump so much money, That's why they did so
Speaker 2: much for him for his election. You know, they're also
Speaker 2: sort of directly involved in the massive amount of wealth
Speaker 2: that he's accumulated.
Speaker 3: Through his crypto scam.
Speaker 2: Like this is the play, and so you know when
Speaker 2: Kevin has it comes down, it is openly celebrating and
Speaker 2: justifying significant layoffs and lack of hiring because of AI development.
Speaker 3: Everyone needs to pay attention.
Speaker 2: To what their actual goals are and the way that
Speaker 2: they are using policy and executive orders and funding and
Speaker 2: financing and relationships to build this whole thing out. And
Speaker 2: thank you for the flag about that they're trying to
Speaker 2: do this thing again. Of the States can't regulate AI,
Speaker 2: which is absolutely insane, and everything he needs the rooftops
Speaker 2: about this.
Speaker 1: That's why I'm not I'm not exactly sold on the
Speaker 1: master Plan because I don't think it is I genuinely
Speaker 1: think it is an absolute alliance of convenience and of stupidity.
Speaker 1: Republicans are dumb, and they like money, right, and they
Speaker 1: want job creators or whatever. Now Elon and all the
Speaker 1: rest of these people, no question, Okay, of course they're
Speaker 1: sucking up to Trump to try and get as much
Speaker 1: out of it. A lot of is to try off
Speaker 1: hold off regulation and basically to convince them that they're
Speaker 1: the single driving enging of the economy. And I think
Speaker 1: that is true. It also aligns with their overall posture
Speaker 1: towards deregulation itself, because that's something like built into the
Speaker 1: Republican psyche. What they mostly want is to be left alone.
Speaker 1: I think that's bad. I mean, especially Sam Altman and
Speaker 1: Mark Zuckerberg and Dario. I mean Dario, he just goes
Speaker 1: on TV and he's like, none of you are gonna
Speaker 1: be working in five years, and everyone's just supposed to
Speaker 1: accept that as they're like, oh, okay, got it right.
Speaker 1: I mean, they genuinely act as if they're going to
Speaker 1: face no consequences, and so yeah, I mean, I just
Speaker 1: to be.
Speaker 2: Clear, I don't think Trump gives a shit about any
Speaker 2: of it at all, Like he cares about the stock
Speaker 2: market keeps going on. But you know, I think he
Speaker 2: wanted to stay on prison and get back in the
Speaker 2: White House, and these guys were willing to throw tons
Speaker 2: of cash at him, and he's checked out of this
Speaker 2: administration handed off significant chunks of it to other aids,
Speaker 2: whether it's you know, Steven Miller, Mark Rubio or whoever.
Speaker 2: And so yeah, I'm not saying like that he's a
Speaker 2: devoted AI acolyte. I don't think he gives a shit.
Speaker 2: But I think he's turned this whole part of his
Speaker 2: administration over to these tech oligarchs and basically sold his presidency,
Speaker 2: this aspect of his presidency, to them, and they're going
Speaker 2: to get whatever they want from him. I mean the
Speaker 2: H one B conversations like fits in that right. And
Speaker 2: you you flagged at the time when he went on
Speaker 2: the All In podcast during the campaign and was like,
Speaker 2: I'm gonna staple the visas to the diploma, and you
Speaker 2: were like, what how does this fit with the other
Speaker 2: things that he said. Now, listen, you guys, you know
Speaker 2: I'm pro immigrant. I am also pro major reform of
Speaker 2: the H one B program, which is genuinely exploitative and
Speaker 2: undercuts does undercut native tech workers as well. So for
Speaker 2: him to come out now and be like, I want
Speaker 2: six hundred thousand Chinese students in our universities and I'm
Speaker 2: still pro h one. B Ask yourself the question, why
Speaker 2: are these two things so dissonant from the other things
Speaker 2: that he said on the campaign trail, And it's because
Speaker 2: it's what these tech oligarchs want. He's going to do
Speaker 2: whatever it is that they want. He sold this part
Speaker 2: of his presidency to him, to them, to me. That's
Speaker 2: just like abundantly clear. And those answers to Laura Ingram
Speaker 2: are just one example, one, you know, small but significant
Speaker 2: example of the way that he has outsourced this whole
Speaker 2: part of his presidency, which is unbelievably important to literally
Speaker 2: all of us, to the worst people in the world.
Speaker 1: Yeah, I mean, well, they seem uncowed and they definitely
Speaker 1: seem to have a lot of power, which is part
Speaker 1: of the problem. Speaking worst people in the world, what's
Speaker 1: going on with larious?
Speaker 2: Right, So, Larry Summers, former Chargery secretary, has been basically
Speaker 2: the scene of every great economic crime in our recent past,
Speaker 2: whether it's a bank balance, whether it's NAFTA. You could
Speaker 2: go on and on with him, continues to have tons
Speaker 2: of influence for unknowable reasons within the Democratic Party and
Speaker 2: was part of this Center for American Progress, pushed to
Speaker 2: create their own, you know, they were like, oh, the
Speaker 2: Republicans did Project twenty twenty five, We're going to do
Speaker 2: Project twenty twenty nine. So he was very influential part
Speaker 2: of this development within Center for American Progress of the
Speaker 2: economic plank of Project twenty twenty nine, which is terrible,
Speaker 2: and it's part of the Centrists and the corporatists trying
Speaker 2: to keep a hold on the Democratic Party even as
Speaker 2: the base revolt against them. And Zorn m Donnie is
Speaker 2: the most popular figure in the Democratic Party. So lo
Speaker 2: and behold, this isn't a big surprise. We knew Larry
Speaker 2: Summers had a significant relationship with Jeffrey Epstein, which he
Speaker 2: apologized for in the past. But this man is all
Speaker 2: over the Epstein emails that just came out. One of
Speaker 2: the central characters. Trump is mentioned a lot more, but
Speaker 2: Larry Summers is mentioned a lot. And we have direct emails.
Speaker 2: Unlike with Trump, we have direct emails between Larry Summers
Speaker 2: and Jeffrey Epstein that come out of this and they
Speaker 2: I'll show you some of them. They're pretty wild, the
Speaker 2: sort he was getting like relationship advice to chase after
Speaker 2: some lady while he's married.
Speaker 3: By the way, from Jeffrey freaking.
Speaker 2: Epstein and was messaging with him right up until he
Speaker 2: is put in literal prison, So very.
Speaker 3: Deep relationship with him.
Speaker 2: Okay, So after all of this came out, there's a
Speaker 2: bunch of public pressure, and he is now as of
Speaker 2: yesterday afternoon or evening, could be one up on the screen,
Speaker 2: he is now announced that he is going to step
Speaker 2: back from all public commitments in light of those messages
Speaker 2: that were revealed, with Epstein saying he is deeply ashamed
Speaker 2: and hopes to quote rebuild trust and repair relationships. He will, however,
Speaker 2: continue teaching at Harvard. Let's put the next piece up.
Speaker 3: On the screen.
Speaker 2: American Prospect has been doing some fantastic reporting here. I
Speaker 2: have to think that some of the pressure that came
Speaker 2: from Daniel b Augus Law here at American Prospect and others.
Speaker 2: Ryan also highlighting his emails and also some Chinese government
Speaker 2: official connections.
Speaker 3: I'll get to that in a moment.
Speaker 2: But they talked here about the way he was guiding
Speaker 2: this project at the Center for American Progress. So, according
Speaker 2: to people with knowledge of the arrangement, one of the
Speaker 2: leads on the economic policy plank for the project twenty
Speaker 2: twenty nine project is Harvard professor and former Treasury Secretary
Speaker 2: Larry Summers, who has now been exposed as regularly exchanging
Speaker 2: emails about his personal life with the notorious sex trafficker
Speaker 2: Jeffrey Epstein. Officially, Summers has the title of Distinguished Senior
Speaker 2: Fellow at CAP. All three sources confirmed CAP is compiling
Speaker 2: a policy blueprint in the event of the Democratic presidential
Speaker 2: victory in the next election. Summers had taken a leadership
Speaker 2: role in advising the project's economic policy arm to the
Speaker 2: sources said. They also said Summers was the final sign
Speaker 2: off on a CAP housing policy paper set to be
Speaker 2: released next week, and they have CAP has now confirmed
Speaker 2: that is part of his announcement that he will be
Speaker 2: stepping back, so from public commitments. He is also stepping back,
Speaker 2: will no longer be involved with Center for American Progress
Speaker 2: and presumably this policy project.
Speaker 1: Yeah, but I think what's important to note about Summers is,
Speaker 1: first of all, you know, this whole I'm deeply ashamed,
Speaker 1: Like did you really deeply ashamed because he got caught Okay,
Speaker 1: you know, and in terms of his look, you could
Speaker 1: already have judged him on his policy record in the
Speaker 1: Clinton White House or anywhere else as the Trump or
Speaker 1: as the Harvard University president, Like he clearly had a
Speaker 1: long relationship there with Epstein. But what's really disgusting is
Speaker 1: the way, look, remember this is all post sex offender
Speaker 1: conviction number one, number two in terms of larry his
Speaker 1: own wife is apparently sending Epstein recommendations for books including
Speaker 1: Lolita all right, which, if you'll remember, he actually was
Speaker 1: found with a first edition copy of Lolita, which is
Speaker 1: I mean disgusting. Yeah, if you don't know what it is,
Speaker 1: google it, okay, And it's one of those where inside
Speaker 1: of this you know, piece about his lecherous behavior and
Speaker 1: luring this woman and kind of looking to Epstein as
Speaker 1: like this wingman. Literally that's the way that they describe it.
Speaker 1: You're like, this is so repulsive. And I saw it
Speaker 1: very interesting piece in the Rap actually where a columnist
Speaker 1: was coming to grips with the fact. She was like,
Speaker 1: you know, I've long been an insider, and every Thanksgiving
Speaker 1: I am confronted with a relative who believes that the
Speaker 1: world is run by a global pedophile elite. And she's like,
Speaker 1: now it's painful to admit that they were credited. I'm like, yeah,
Speaker 1: it's true. I mean, look, I'm a cynical guy. I've
Speaker 1: lived here for a long time. You hear stories, you know,
Speaker 1: about things and all of that, even not like when
Speaker 1: you really read the Birthday book, it's shocking, Like it's
Speaker 1: shocking to see some of the world's richest, the most
Speaker 1: powerful men, including our current president, past presidents, Oh, Jeffrey,
Speaker 1: I mean Trump, wonderful secret the check thing about the girlfriend,
Speaker 1: the drawings and the.
Speaker 2: Cartoons intentionally child like, the child like probably freak out
Speaker 2: more than any like.
Speaker 1: And remember that I still haven't been able to track
Speaker 1: that guy down. I've been looking for him, the guy
Speaker 1: with the child drawing where it looked like literally some
Speaker 1: eyes wide shut pianists type thing like. It's I'm telling you,
Speaker 1: I tried for days to actually find the guy who
Speaker 1: drew that. I think he lives in Spain, but you know,
Speaker 1: completely unable to find the fact that it hasn't come
Speaker 1: out at this point is kind of weird in my opinion.
Speaker 1: It was a small child at the time that that
Speaker 1: drawing was done. Uh, you'll recall, you know, some of
Speaker 1: the emails that I was reading recently, Epstein replied to
Speaker 1: somebody and was like, please send a picture of you
Speaker 1: and your child always puts a smile on my face. Weird, Sorry, weird,
Speaker 1: all right, weird. It's one of those where you look
Speaker 1: at their own like winking, nodding behavior, not to mention.
Speaker 1: I mean, remember the birthday book. They literally were making
Speaker 1: rape jokes in there. They're like rape fantasies about wearing
Speaker 1: masks with while they're holding guns and knives, about going
Speaker 1: out and like just finding someone to violently rape them.
Speaker 1: Like this is the stuff that they joked about. So like,
Speaker 1: if you're joking about that, what's actually happening I mean
Speaker 1: behind the scenes and from a very very young age.
Speaker 1: So the fact is is Larry Summers was a part
Speaker 1: of that. And what we always try to say is like, yeah,
Speaker 1: the whole point of the Epstein story is it ain't
Speaker 1: just Summers. It's Leon Black, it's Les Wexner, It's Trump,
Speaker 1: it's Bill Clinton, it's Bill Gates, it's the Nobel pe
Speaker 1: Priest Pricipol, it's a bunch of Israeli former prime ministers.
Speaker 1: It's you know anyway, no, no, no, no, it's four that
Speaker 1: he has known connections to. Now in terms of you know,
Speaker 1: potential lectrous behavior, you're right, But in terms of having
Speaker 1: direct connection to we have at least some mentions of
Speaker 1: four separate Israeli prime ministers that he's had a connection
Speaker 1: to Mongolia is president Coate Devoir, the daughter there of
Speaker 1: the leader. I mean, this is paints a picture which
Speaker 1: is I mean it's eyes wide shot literally like it.
Speaker 1: It is a actual representation of a look at the
Speaker 1: end of the day, what do people always say, like
Speaker 1: absolute power corrupts absolutely and so we already know that
Speaker 1: people who are filthy rich live a very different life
Speaker 1: from all of us. In fact, Jess yesterday, I'm one
Speaker 1: of those suckers for one of those Wall Street Journal
Speaker 1: stories which is like how the ultra rich are living
Speaker 1: in luxury and it's like the super rich Miami real
Speaker 1: estate developers just invite a Wall Street Journal reporter along
Speaker 1: with them to brag about their private dinner clubs and
Speaker 1: their jet setting lifestyle. And I was like, wow, people
Speaker 1: not only have no shame, but it's one of those
Speaker 1: where you're like openly bragging about how the richer that
Speaker 1: you are, how pleasant it is to get away from
Speaker 1: as many peasants as possible. I mean, they're like, say
Speaker 1: this shit out in the open. I mean they say
Speaker 1: it in a more polite way. Obviously it's like, oh, well,
Speaker 1: real luxuries, not it whatever. My point is, just like
Speaker 1: they everybody's it's almost just like out in the open
Speaker 1: now at that point. And I mean that's why I
Speaker 1: think the Epstein story matters, is because it just shows
Speaker 1: that they transcend a level above where not even normal
Speaker 1: but like normal ish people are and they act with
Speaker 1: a totally different set of rules, and that set of
Speaker 1: rules corrupts at the sole level, at the financial level,
Speaker 1: government level, truly, and those are the people broadly who
Speaker 1: are in charge of the world's riches and of the
Speaker 1: world's governments. I think we should all grapple with that.
Speaker 2: Yeah, I mean, I think having a bunch of billionaires
Speaker 2: is inconsistent with democracy. I think it does, like you said,
Speaker 2: corrupt you on like a deep foundational level where yeah,
Speaker 2: you just don't see yourself as part of this sea
Speaker 2: of humanity. And there's also this level of decadence and
Speaker 2: boredom that seems to come where it's just like, you know,
Speaker 2: you're just looking for more and more elaborate displays of
Speaker 2: like wealth or opulence or you know, decadence in other ways,
Speaker 2: with Larry Summers in particular. I really want people to
Speaker 2: I don't know if people how much you know about
Speaker 2: this man, but he's sort of the ultimate Washington like
Speaker 2: serious thinker, you.
Speaker 3: Know, very highly esteemed.
Speaker 2: Harvard obviously has advised multiple presidents. He's always consulted Trump. Still,
Speaker 2: would you know, I mean, he's Biden still was talking
Speaker 2: to him. Obviously even now, even even before these emails
Speaker 2: came out, we knew about this relationship with Epstein, but
Speaker 2: Center for American Progress is still bringing him in for
Speaker 2: their economic policy plank. Like he's seen as the ultimate
Speaker 2: like serious economic thinker, especially in democratic circles. And so,
Speaker 2: you know, to have these emails revealed, which are disgusting,
Speaker 2: let's put the next Harvard Crimson tear sheet up on
Speaker 2: the screen, which details some of them. So a summersat
Speaker 2: clandestine relationship with women he called a mentee. Epstein was
Speaker 2: his quote wingman, and Sager used that terminology like that's
Speaker 2: how they referred to it, right, That's not our characterization.
Speaker 2: That was how they refer to this relationship. And so
Speaker 2: I'll read you a little bit of this. They say
Speaker 2: in a sequence of text and emails between November twenty
Speaker 2: eighteen and July fifth, twenty nineteen. What's happens in July
Speaker 2: of twenty nineteen, Soccer Epstein goes to prison, So he's
Speaker 2: emailing this man right up until he goes to prison.
Speaker 2: Summers turned to Epstein for advice on his pursuit of
Speaker 2: this woman, who he described as a mentee. Epstein was
Speaker 2: quick to chime in with assurances and suggestions, describing himself
Speaker 2: in one November twenty eighteen message as summers wingman. Then
Speaker 2: explains how they became public. Summer's correspondence with Epstein, a
Speaker 2: financier who pled guilty to soliciting prostitution for minor in
Speaker 2: two thousand and eight, ends just one day before Epstein
Speaker 2: was arrested on new sex trafficking charges. Together, the messages
Speaker 2: show Summers placed an extraordinary degree of trust in Epstein,
Speaker 2: asking him for help in navigating relationship that blurred the
Speaker 2: boundaries of his professional and personal lives. Again, by the way,
Speaker 2: Larry Summer's married during this entire time. Summers, who was
Speaker 2: married since two thousand and five, told Epstein he thought
Speaker 2: the woman was reluctant to leave him because she valued.
Speaker 3: His professional connections.
Speaker 2: Epstein told him in one June twenty nineteen text, she
Speaker 2: is doomed to be with you think for now I'm
Speaker 2: going nowhere with her except at economics mentor, Summers wrote,
Speaker 2: I think I'm right now in the scene very warmly
Speaker 2: in rear view mirror category. She must be very confused
Speaker 2: or maybe wants to cut me off. But one's professional
Speaker 2: connection a lot, and so holds to it, Summers wrote
Speaker 2: in a March twenty nineteen exchange, explaining why he believed
Speaker 2: she continued to engage with him despite tensions, which listen
Speaker 2: is also disgusting that he knows she doesn't really want
Speaker 2: to be with him romantically, but he has this powerful
Speaker 2: position and sort of hold on her, so he's using
Speaker 2: that to maintain the sexual relationship even though what she
Speaker 2: really wants is actually just the mentee relationship. Is disgusting,
Speaker 2: Like that's what he's acknowledging in these emails to Epstein,
Speaker 2: is like that's the hole that he has on her,
Speaker 2: and that's what he's going to exploit to keep her close.
Speaker 1: It's like a I mean, it's like a parody of
Speaker 1: me too. You know. It's one of those where it's
Speaker 1: like the you bring together.
Speaker 3: Power, the power dynamic yeah.
Speaker 1: Yeah, right, I mean god like and look, you know
Speaker 1: it was a critic and stuff of me too, but
Speaker 1: like some of these people are real, like some of
Speaker 1: these creeps. It started for a reason. I mean, I
Speaker 1: have no other way. Really, dude, describe it. Put some
Speaker 1: of the emails. Let's go to be four, just to
Speaker 1: show everybody. Let's put it up here on the screen again.
Speaker 1: March of twenty nineteen, he says, we talked on the phone.
Speaker 1: Then I can't talk later, didn't think I can talk tomorrow.
Speaker 1: I said, what are you up to? She said, I'm busy.
Speaker 1: I said, awfully, koy you are. Then I said, did
Speaker 1: you really rearrange the weekend we were going to be
Speaker 1: together because guy number three was coming? She said, no,
Speaker 1: is schedule change. After we changed our plans, I said, okay,
Speaker 1: call me when you feel like a tone was not
Speaker 1: a good feeling. I didn't want to be in a
Speaker 1: gift giving competition while being friends without benefits. This is hilarry.
Speaker 1: In March twenty nineteen, how old is he at this point?
Speaker 1: Like sixty something? Epstein, She's smart making you pay for
Speaker 1: past errors. Ignore the daddy. I'm going to go out
Speaker 1: with motorcycle guy you reacted well dot dot dot annoyed,
Speaker 1: shows caring, no whining, show to strength. I mean, yeah,
Speaker 1: like this is literally like I don't know, it's like
Speaker 1: teenage behavior, which weird even at that point. But these
Speaker 1: are sixty year old men who are the ultra rich,
Speaker 1: who are also in Larry Summers case, literally married. I mean,
Speaker 1: I have no idea how he can ever show his
Speaker 1: face in public. Ever. Again, let's go to the next one, Shawe.
Speaker 1: In terms of the emails, same thing.
Speaker 4: You know.
Speaker 1: This was from Larry Summers to this woman who he
Speaker 1: was wooing. He said, I wanted to show how grateful
Speaker 1: I am and have been for your support, also for
Speaker 1: the support of my father's work. This is what she's saying.
Speaker 1: I don't say these things often by hope, he implies.
Speaker 1: You know, it's one of those where he is exploiting
Speaker 1: this relationship and his own past relationship with her father
Speaker 1: to like try to woo this girl. I mean, are
Speaker 1: this woman right at the time? I just think it's
Speaker 1: really sick.
Speaker 2: So this is the woman that it appears the messages
Speaker 2: were about, and so he had this mentee relationship with her.
Speaker 2: But in addition, her dad is a CCP official, So
Speaker 2: you know, I mean, there's just all sorts of layers
Speaker 2: of morally professionally inappropriate.
Speaker 3: I mean, it's it's gross.
Speaker 2: And then the fact that this man is still was
Speaker 2: up until this moment so trusted by so many people
Speaker 2: in power here in DC is extraordinary. Caput B six
Speaker 2: up on the screen here from ze Jalani.
Speaker 3: This was the original.
Speaker 2: He's deeply shamed after new Epstein emails and will pause
Speaker 2: public engagements. So there you go. That's the tale of
Speaker 2: Larry Summers here. But you know, he's just emblematic of
Speaker 2: so many and you know the fact that Epstein had
Speaker 2: these close relationships with people like him who are held
Speaker 2: in such high esteem by so many elites and look
Speaker 2: to for guidance and wisdom and serious person blah blah
Speaker 2: blah is part of how he was able to maintain
Speaker 2: all of his you know, his wealth and his connections
Speaker 2: and his banking relationships. This is one one piece because
Speaker 2: he would people would he would use the fact that like, oh, well,
Speaker 2: Larry Summers truss me, will Bill Gates trust me? Well,
Speaker 2: Elon must trust me, so why wouldn't you? And the
Speaker 2: fact that they all had this cone of silence around
Speaker 2: it is how it perpetuated for.
Speaker 1: So so, and they had no moral standards. I mean again,
Speaker 1: even if somebody was like, hey man, you know so
Speaker 1: and so he's a good guy, I'm like, yeah, maybe,
Speaker 1: and then you do Google search and you see conviction
Speaker 1: for him, like yeah, I'm good. You know, It's like
Speaker 1: it'd be one of those where I'd be like, hey,
Speaker 1: do you know about this? And if they're like, oh, yeah,
Speaker 1: but you know he said she actually was you know,
Speaker 1: she looked eighteen or something, I'd be like, oh, bro,
Speaker 1: like this is not happening.
Speaker 2: And even if so yeah, they led to downplay Alan
Speaker 2: Dershowood still out there downplaying it like oh, you know
Speaker 2: the girl was, she was seventeen, It's just one. They
Speaker 2: were so harsh on him, blah blah blah. But this
Speaker 2: these emails again leading up until literally he's arrested. Day
Speaker 2: before he's arrested and put in prison. They this was
Speaker 2: after Julie Capeer. Yeah, I had done all of her
Speaker 2: reporting for the Miami Herald about how no, there were
Speaker 2: dozens of girls, We're talking down to what the youngest
Speaker 2: was like thirteen. So he got this slap on the wrist.
Speaker 2: Totally rigged and inappropriate, literally illegal sweetheart deal. All of
Speaker 2: that is in the public domain. So even if Larry
Speaker 2: Summers wanted to be tricked by Epstein's you know, oh
Speaker 2: well it was just you know, I hired a prostitute
Speaker 2: once that I didn't know that she wasn't any whatever,
Speaker 2: which is still disgusting, right, But even if you you know,
Speaker 2: wanted to buy that at this point in time, all
Speaker 2: every it's all out there. I mean, we have learned
Speaker 2: more over the years, but the general shape and the
Speaker 2: web of how disgusting this was was out in the
Speaker 2: public record, and he was still seeking relationship advice for
Speaker 2: his affair from this man.
Speaker 1: Yeah, just grotesque again, I mean, they live in a
Speaker 1: different world than the rest of us. I guess I
Speaker 1: don't really have another word for it.
Speaker 2: So we have a bunch updates for you with regard
Speaker 2: to Trump's ice deployments across the country, but wanted to
Speaker 2: start actually with a polling update. Of course, Trump and
Speaker 2: the Republicans took a lot of pride in the gains
Speaker 2: that they made with Latino voters, particularly in this election cycle,
Speaker 2: have really pinned a lot, actually staked a lot on
Speaker 2: this realignment of working class Latino.
Speaker 3: Voters towards Republicans.
Speaker 6: Let's check in on how that's going Latinos on Trump
Speaker 6: and immigration. You know, back a year ago, what do
Speaker 6: we see on the issue of immigration. Latino voters trusted
Speaker 6: Kamala Harris more than Donald Trump, but by just two
Speaker 6: points one two. Look now at Donald Trump's then approvating
Speaker 6: on immigration among Latinos. He is thirty eight points underwater.
Speaker 6: That is a thirty six point shift essentially from where
Speaker 6: we were a year ago. On immigration, Kamala Harris and
Speaker 6: Donald Trump are basically tied on the issue of immigration,
Speaker 6: and now on the issue of immigration, Latinos despise hate
Speaker 6: Donald Trump. Trump's not approparating among Latinos. In early February, again,
Speaker 6: he was just two points underwater. Look at where he
Speaker 6: is now late October minus thirty four points. Thirty four
Speaker 6: points underwater, a shift to thirty two points over the
Speaker 6: course of this year. I should point out this as
Speaker 6: the CBS new Juga pole, but I was looking at
Speaker 6: the Averager polls. I was looking at our own poll
Speaker 6: very similar shift twenty twenty five thirty point shifts on
Speaker 6: the net approval rating away from Donald Trump among Latino's
Speaker 6: overall and what did we learn from the twenty twenty
Speaker 6: five elections. I took the highest Latino percentage area in
Speaker 6: both New Jersey and Virginia. New Jersey, it was Union City.
Speaker 6: Look at this twenty twenty four president of the twenty
Speaker 6: twenty five governor shift. There was a fifty two I'm
Speaker 6: laughing because you never see any numbers like this, A
Speaker 6: fifty two point shift towards Mikey Show from how Kamala
Speaker 6: Harris did on the margin. Mikey Show ran away with this.
Speaker 6: Kamala Harris did win that vote, but by a small margin.
Speaker 6: Mikey Show did fifty two points better. How about in
Speaker 6: Virginia Manasa's Park. Look at that, a twenty two point
Speaker 6: shift towards Abigail Spamberger from how Kamala Harris did.
Speaker 1: Back in twenty twenty four.
Speaker 6: We saw a huge Latino shift in both New Jersey
Speaker 6: and Virginia.
Speaker 2: And I think sagar that Latinos are one of the
Speaker 2: biggest swing blocks in America. Democrats really took for granted that,
Speaker 2: you know, Latino support and also had this very caricaturish
Speaker 2: view of what they wanted in terms of, you know,
Speaker 2: super serving a soft on immigration message and that that
Speaker 2: would be enough to hold them in the coalition forever.
Speaker 2: And you and I have been tracking, you know, especially
Speaker 2: in twenty twenty you saw these significant shifts down in
Speaker 2: Texas and Rio Grand Valley. Then you saw in twenty
Speaker 2: twenty four even more shifts towards Trump, and then I
Speaker 2: think Republicans have somewhat made the mistake of just assuming
Speaker 2: that like, oh, now they're in our coalition and that's
Speaker 2: it and nothing is going to change.
Speaker 1: It's just especially true in Texas where a lot of
Speaker 1: the jerrymandering relies on the Latino swinge. That's the biggest mistake.
Speaker 1: I mean, look, no constituency should be taken for granted.
Speaker 1: I do also think it's caricaturist to say that it's
Speaker 1: only about immigration. One of the things that we always
Speaker 1: said is, yeah, it turns out Latinos are like everybody
Speaker 1: else and in terms of we care about the economy,
Speaker 1: actually we're not all the same. Actually, a Puerto Rican
Speaker 1: in New York is not the same as a fifth
Speaker 1: generation Mexican Ish guy in South Texas. Turns out, yes
Speaker 1: we may understand each other's language, we're totally different. We
Speaker 1: have totally doing a wants, dreams whatever. Our entire daily
Speaker 1: life is distinctly different than also a Cuban or Paraguayan
Speaker 1: in South Florida and then also a Chicano in Los Angeles.
Speaker 1: Like we're all the same, okay, actually in that we're
Speaker 1: all different, that's it, and mostly we're basically yeah we are. Yeah,
Speaker 1: it's a tutology, but it's true. It's one of those where, yes,
Speaker 1: we are in a massive country, we all individually live
Speaker 1: in our areas where our wants needs can be like
Speaker 1: ish the same, but the circumstances of our life are
Speaker 1: very different. So we generally vote in terms of our
Speaker 1: own interests. And this is why remember the Tony Hinchcliffe thing.
Speaker 1: They're like, oh, Puerto Rican, so they're not going to
Speaker 1: take that. It's like, yeah, actually they voted overwhelmingly for Trump,
Speaker 1: and especially down in South Florida, and it's like, yeah, why, well,
Speaker 1: because it turns out like they're not like little sissies
Speaker 1: that can't take a joke again, just like everyone else.
Speaker 1: So in this case, I think their net on immigration
Speaker 1: in the same way other people are net negative on immigration.
Speaker 1: They're like, this feels chaotic, That's what it's right.
Speaker 2: I mean, I would say that they're may just given
Speaker 2: the racial character of the way the immigration push has
Speaker 2: been executed with the Kavanaugh stops, the number of US
Speaker 2: citizens who happen to look Latino or have Latino surnames
Speaker 2: or whatever, who have been stopped, who have been arrested,
Speaker 2: who haven't been believed even when they pull out their
Speaker 2: driver's license, Like, I think it probably does hit a
Speaker 2: little extra if you're Latino and you see the way
Speaker 2: that people who look like you and you know, have
Speaker 2: similar names come have similar ethnic backgrounds or being targeted.
Speaker 2: Your communities are the ones that are being you know,
Speaker 2: most targeted by ICE. Like I do think that that
Speaker 2: is is certainly a significant factor here as well. But
Speaker 2: in terms of the latest so you know, Baveno's crew
Speaker 2: of Customs and Border Patrol, which are the you know,
Speaker 2: we talk about ICE as kind of a catch hall
Speaker 2: CBP is actually the most across and Bovino has been
Speaker 2: He's the one who did the big apartment raid in Chicago, Like,
Speaker 2: he's been sort of the most wild and and has
Speaker 2: the most like militarized sort of forces behind him. He
Speaker 2: also in Chicago, And I think this is part probably
Speaker 2: of why they're leaving.
Speaker 3: The city of Chicago.
Speaker 2: At this point, there were a bunch of court orders
Speaker 2: that came down to really constrain their use of force,
Speaker 2: in particular their use of tear gas, which had been
Speaker 2: totally just wild and indiscriminate. We showed you the video
Speaker 2: here of them like spraying tear gas into a car
Speaker 2: that was passing by that had a one year old
Speaker 2: strapped into the seat. American citizens, by the way, one
Speaker 2: year old strapped into the seat and they just pepper
Speaker 2: spray them as they're driving by. So in any case,
Speaker 2: there had been a bunch of court orders against him.
Speaker 2: He had to admit in court that he had lied
Speaker 2: about a number of incidents as well. So they've left Chicago.
Speaker 2: Now they're in Charlotte. We can put see two up
Speaker 2: on the screen. This is from a day ago. I
Speaker 2: don't know what the update is, but US Border Patrol
Speaker 2: over US eighty one on first date of Charlotte immigration crackdown.
Speaker 2: We've seen backlash in the community. There's you know, video,
Speaker 2: similar videos of Chicago coming out as Charlotte, and apparently
Speaker 2: the idea is to stay there for a relatively short
Speaker 2: period before heading down to New Orleans. We also have
Speaker 2: some numbers here about Okay, so, you know, do they
Speaker 2: get the bad guys in Chicago?
Speaker 3: Was it all worth it?
Speaker 2: All the you know, black Hawk helicopters zip tying children
Speaker 2: pepper spray near Halloween parades, shooting an American citizen it
Speaker 2: was an activist five times? Was this all worth it?
Speaker 2: Put C three up on the screen. Two point six
Speaker 2: percent sixteen people on the list of six hundred and
Speaker 2: fourteen that had to be provided to the court in
Speaker 2: one of these cases, two point six percent of them
Speaker 2: had any criminal history at all. I mean, that is
Speaker 2: so pathetic, is they said? I think in this article
Speaker 2: or one of the other ones that I read about this,
Speaker 2: that you know, normal Chicago PD would in a single
Speaker 2: weekend come into contact and have dealings with more than
Speaker 2: sixteen people with criminal records. So when they use all
Speaker 2: this rhetoric about the worst of the worst, and you know,
Speaker 2: these are the worst people on the planet, this is
Speaker 2: what we're actually talking about here. Barely any of these
Speaker 2: people had criminal histories. In the big apartment breed that
Speaker 2: they broadcast on social media were so proud of they
Speaker 2: put out all this propaganda about used the Blackhawk military helicopters, swooping,
Speaker 2: knockdown doors, dragging out shoulder in the middle of the night,
Speaker 2: American citizens all the rest. Guess how many people they
Speaker 2: ended up charging from that zero zero. Again, we were
Speaker 2: told this building was infested with trender rag trender Raga
Speaker 2: had taken over this building. It was lawless gang violence.
Speaker 2: I'm not going to say that there weren't any sort
Speaker 2: of crimes being committed in the building because people had
Speaker 2: complained about, you know, drug use and this sorts of
Speaker 2: thing that was going on. You had a total slum
Speaker 2: lord who owns the building, who's probably the one who,
Speaker 2: by the way, who called in ice. What they were
Speaker 2: able to actually charge though, zero people out of this
Speaker 2: whole thing. So it's very important for people to understand
Speaker 2: the way that they will routinely lie and misrepresent what
Speaker 2: they're doing. And there was also soccer just a big
Speaker 2: New York Times piece backing up other reporting as well
Speaker 2: that because DHS has shifted their priorities, the actual you know,
Speaker 2: investigations into sex trafficking or human trafficking or drug dealing,
Speaker 2: those sorts of things have fallen by the wayside so
Speaker 2: that they can pick up Jose at the home depot.
Speaker 1: I mean, administration doesn't have credibility on this. They haven't
Speaker 1: a lot of credibility since Seacott, in my opinion, as
Speaker 1: painful for me you to say, all right, I mean,
Speaker 1: you know, I like I want deportation, I want law
Speaker 1: and order. I still think, you know, broadly, I think
Speaker 1: criminals and all that should be prioritized deported. And I mean, yes,
Speaker 1: it's great. I know the left is now now a
Speaker 1: refound love of deporting criminals and illegals, not that they
Speaker 1: ever actually wanted to under the Biden administration, but okay,
Speaker 1: you know, cool that we're now accepting that. It's very
Speaker 1: frustrating to be honest, because you're watching the entire credibility
Speaker 1: of the ideas behind mass deportation or deportation itself be eroded.
Speaker 1: This is like an abolished ice activist dream, to be honest, like,
Speaker 1: you know, you have more political credibility than ever before,
Speaker 1: and the case of immigration restriction will probably be damaged
Speaker 1: now for generations to come. I think that's very damaging.
Speaker 1: And I do blame the administration because they are the
Speaker 1: people who ultimately have to enact as policy. I think
Speaker 1: that they've cartoonishly behaved and they're creating more chaos, and
Speaker 1: so yeah, I mean I've just resigned. I'm like, look,
Speaker 1: it's I think it's over. Like, I think we've got
Speaker 1: three and a half years. They'll clownishly, you know, continue
Speaker 1: this type and then you know, do we have the
Speaker 1: Cernovich tweet?
Speaker 5: Yeah?
Speaker 1: Can we put C five up here on the screen.
Speaker 1: This has been sticking in my head only I mean
Speaker 1: I've also been saying it, but what he said. Mike
Speaker 1: is a prominent conservative activist. He says during a recent
Speaker 1: visit in DC, the talk of everyone was how overt
Speaker 1: the corruption was. It's at levels you read about in
Speaker 1: history books in nearly every department. Lots of do people
Speaker 1: just think Democrats will never win, they'll all get away
Speaker 1: with this. And I mean, I think this not just
Speaker 1: about immigration. I think about this broadly with a lot
Speaker 1: of the administration. And you can make fun of ask
Speaker 1: you can make fun all you want. There were lots
Speaker 1: of well meaning people in the election who voted for
Speaker 1: legitimate immigration concerns, and ultimately, you know, the crime for
Speaker 1: people who use those, you know, to then not only
Speaker 1: enrich themselves but do damage to the cause. It's devastating.
Speaker 1: I mean, it's one of those where like, look, you know,
Speaker 1: if you think back for I don't know, let's say
Speaker 1: Biden any you know, if you believed in those types
Speaker 1: of politics and then you have a bad leader and
Speaker 1: a bad administration who does tremendous justice, Like that's a
Speaker 1: you know, like that's criminal, right actually, because it's really
Speaker 1: a lot of voters and others, And we talked yesterday
Speaker 1: about the whole fuenttes like racialism thing. I mean, they're
Speaker 1: doing everything in their power to try and basically like
Speaker 1: basically empower this like racialist view of the world. Basically
Speaker 1: at this point, yeah, I mean, it's honestly, like it's
Speaker 1: really depressing because what it does show you is how
Speaker 1: cartoonish like the behavior here is. And look, I'm not
Speaker 1: going to deny they're real people's lives who are also
Speaker 1: at stake here. Yeah, I mean, I you know, maintain
Speaker 1: even if you're quote not a criminal and you became
Speaker 1: here illegally, I still think you should be deported. But
Speaker 1: you know, good luck making that argument in the future.
Speaker 1: If people look at Blackhawk helicopters and all this other stuff,
Speaker 1: they're going to say at the end of the day,
Speaker 1: I'm not willing to make that trade off. I'll continue
Speaker 1: to make the case. I still believe it. But if
Speaker 1: this is the way that it actually, it's kind of
Speaker 1: like when people try to defend socialism or whatever, and
Speaker 1: everyone's always like, well, if you know, look at has
Speaker 1: it ever worked before? Right? If the practical example that
Speaker 1: anyone in modern memory can have of this, they're going
Speaker 1: to be deeply skeptical for generations to come. And I
Speaker 1: think that, you know, I think my friend Raihan Salam
Speaker 1: wrote this years ago about Trump and maybe he was right.
Speaker 1: He wrote it back in twenty fifteen. He's like an
Speaker 1: og immigration restrictionist and he was like, I think Trump
Speaker 1: will do damage to the cause for you. I actually
Speaker 1: ridiculed him at the time. I'm like, well, he's the
Speaker 1: only one who won, and you know now he won
Speaker 1: again in twenty twenty four. But perhaps he's been vindicated
Speaker 1: in the long run.
Speaker 3: Interesting, speaking of that corruption piece, puts C four up
Speaker 3: on the screen.
Speaker 1: It's just kind shit, like, I mean, it's.
Speaker 2: Just crazy Christy Noam, who loves to do these friaking
Speaker 2: photo shoots and is just an embarrassing person in general alone.
Speaker 2: Behold pro Publica. By the way, it's been doing some
Speaker 2: very good reporting. Firm tied to Christy Nooms. Secretly it
Speaker 2: got money from two hundred twenty million dollar dhs AD contracts.
Speaker 2: What I mean, what do we even need dhs ads for?
Speaker 3: To begin with?
Speaker 2: You guys want to see what these ads look like,
Speaker 2: and then I can tell you more about the details
Speaker 2: of this firm and who all is involved with it.
Speaker 3: Let's go and play CE six.
Speaker 2: This is one of the ads that this firm was
Speaker 2: involved with creating.
Speaker 7: Why do I love these wide open spaces? They remind
Speaker 7: me of why our forefathers came here, not just for
Speaker 7: its beauty, but for the freedom only America provides.
Speaker 1: I'm Christy Noman.
Speaker 7: The cowboys who tame the West, to the Titans who
Speaker 7: built our cities, to the dreamers who chase the impossible.
Speaker 7: America has always rewarded vision and grit. Our greatness calls
Speaker 7: people to us for a chance to prosper, to live
Speaker 7: how they choose, to become part of something special. Anyone
Speaker 7: who searches for freedom can always find a home here.
Speaker 7: But that freedom's a precious thing and we defend it vigorously.
Speaker 7: You cross the border illegally, we'll find you break our
Speaker 7: laws will punish you harm American citizens.
Speaker 1: There will be consequences. But if you come here.
Speaker 7: The right way, your American dream can be as big
Speaker 7: as these endless guys from President Trump.
Speaker 1: And me, welcome home.
Speaker 3: Okay, So I had noticed up deal.
Speaker 1: I'd noticed some of these ads. This is a little weird,
Speaker 1: A little weird. Yeah, Well, because on Fox News in particular,
Speaker 1: they'd be like, you need to leave, and I was like,
Speaker 1: how many illegals are watching Fox News? I mean, I'm
Speaker 1: only watching Fox News because I have to for work.
Speaker 2: I really think that some ad of Christina I'm and
Speaker 2: a horse is like going to change your.
Speaker 3: Decision about where I mean.
Speaker 2: It's just it's a total vanity project. She, like probably
Speaker 2: many others, wants to run for president, I assume. And
Speaker 2: so this is a way they've flooded the big beautiful bill,
Speaker 2: flooded DHS and ICE with just insane amounts of cash.
Speaker 2: And so this is the type of shit that they're
Speaker 2: doing with it, this little ad campaign, which, by the way,
Speaker 2: so to again, two hundred twenty million dollars. They kept
Speaker 2: one beneficiary of the nine figure ad deal a secret,
Speaker 2: according to Pro Publica records, and interviews show a Republican
Speaker 2: consulting firm with long standing personal and business ties to
Speaker 2: know them, and her senior aids at DHS. The company
Speaker 2: running the Mount Rushmore shoot, called the Strategy Group, does
Speaker 2: not appear on public documents about the contract. The main
Speaker 2: recipient listed on the contracts is a mysterious Delaware company
Speaker 2: which was created days before the deal was finalized. No
Speaker 2: firm has closer ties to nomes. Political operation in the
Speaker 2: Strategy Group played a central role in her twenty twenty
Speaker 2: two South Dakota gubernatorial campaign. Corey Lewandowski, who is not
Speaker 2: only her top advisor at DHS, which is the part
Speaker 2: they put in here, is also her rumored boyfriend, has
Speaker 2: worked extensively with the firm, and the company's CEO is
Speaker 2: married to noam's chief spokesperson, Tricia McLaughlin.
Speaker 3: So there you go. Strategy Group's ad work is.
Speaker 2: The first known example of money flowing from Nome's agency
Speaker 2: to businesses controlled by her allies and friends. And you know,
Speaker 2: there's there's this now secret why they decided to hide
Speaker 2: this because it is blatantly and clearly, disgustingly corrupt and
Speaker 2: just you know, total cash grab at every level.
Speaker 3: Of this administration. And it's true.
Speaker 2: You know, I keep thinking about Steve Bannon telling I
Speaker 2: don't remember what conference he was at. He was like,
Speaker 2: you know, if the Democrats get back in power, some
Speaker 2: of us are going to prison. Now I don't think
Speaker 2: you know, Bannon's already been in prison. I'm not aware
Speaker 2: of him committing any new crimes, so he's not at
Speaker 2: the top of my list. But like, yes, this level
Speaker 2: of corrupt dealing, it should be punished, the level of lawlessness,
Speaker 2: like when crimes are broken. I do think that some
Speaker 2: of these officials should fear for their freedom after this
Speaker 2: administration is through, because I can tell you the Democratic
Speaker 2: base is going to be looking for a candidate in
Speaker 2: twenty twenty eight who is willing to say Steven Miller
Speaker 2: and Christy nom should be in jail.
Speaker 1: I mean, you know, I can't say you weren't warned.
Speaker 1: And yes, if you cartoonishly disregard the law, I mean
Speaker 1: in Kirsty Nomes case or Stephen Miller, even if my
Speaker 1: opinion is what's going to happen is Trump on his
Speaker 1: way out will do the Hunter Biden thing, the preemptive
Speaker 1: pardon for any and all whatever, and so no I
Speaker 1: don't think anybody's going to prison, but whenever it comes
Speaker 1: to investigations in the interim. What a lot of people
Speaker 1: don't know is that the government doesn't pay, let's say,
Speaker 1: for your legal fees, like when you get called before Congress,
Speaker 1: especially if it's on a private matter, and so many officials.
Speaker 1: This happened in the Clinton administration, this happened in the
Speaker 1: first Trump administration. You'll remember I said this during Doge.
Speaker 1: I was like, man, I hope you got or you know,
Speaker 1: Elon will be fine, he's rich. Everybody else I'm like,
Speaker 1: you better lawyer up, because when the Dems come calling
Speaker 1: in the House Oversight Committee with subpoenas, these guys charge
Speaker 1: like one thousand dollars an hour, and sometimes they can
Speaker 1: take a twelve to fifteen hours for transcripts and for interviews,
Speaker 1: and you need a council in the room that entire time,
Speaker 1: or when you're calling before like the level. Look, it's
Speaker 1: that's what That's how government has worked now basically since
Speaker 1: the Kenneth Star affair. Like every time the opposition party,
Speaker 1: no matter who it is, is in power, they try
Speaker 1: to do investigations and subpoena power and all that and yes,
Speaker 1: there's a huge political incentive. So if you're see Christy Nome,
Speaker 1: I think she'll probably figure it out. Donors, if you're
Speaker 1: Trisia McLaughlin or like one of the junior people, those
Speaker 1: are the ones where I'm like, I would be very
Speaker 1: worried if I were.
Speaker 2: You, or you know some of these ICE guys who
Speaker 2: are out on the street, like, just because Steve Miller
Speaker 2: or Greg Bavin or whatever told you to do it
Speaker 2: doesn't mean that you're totally protective. And this actually duvetails
Speaker 2: into the Venezuela segment we're about to do. Or some
Speaker 2: of these militaries are VIS members who are being tasked
Speaker 2: with like murdering random people in the Caribbean or in
Speaker 2: the Pacific. Are seeking outside legal councils because they are
Speaker 2: concerned about their own legal liability and they do not
Speaker 2: trust the guidance that they're getting within the administration.