Kind: captions
Language: en
Eight Democrats cave and it looks like
the government is set to reopen soon.
The debate continues to rage though over
the Affordable Care Act. Bessent slaps a
reporter around for not knowing what a
currency swap is and swears we've made
money off of it. Cash Patel's girlfriend
is way out of pocket and sues a social
media personality for posting her public
photo in the comments of a post.
Everyone seems to be selling Nvidia
stock and Sam Alman is still looking for
a bailout. South Korea's new president
has made disinformation a crime that
must be punished as it is now considered
a threat to democracy. And an AI country
singer hit number one on the Billboard
charts. And I've got to admit, the song
is an absolute banger.
>> Let's talk about the shutdown cuz I feel
like it's a whole big nothing burger. We
spent 41 days shut down and there was no
>> additional bill passed. There was some
language about farmers and things like
that, but nothing that was what we were
fighting about. The ACA subsidies didn't
budge. SNAP was solidified for the next
year so that way they can't get held up
again.
>> But what Democrats said they wanted,
>> the subsidies have come back. All the
things that they listed, this is why
we're standing out, none of those things
have happened. And I feel like from that
perspective, you did 41 days to then
like fumble the ball. You're going to
have to look at this from the
perspective of does this push Schumer
out of power? If he pushed if it pushed
Schumer out of power, then it was a
complete loss. And I don't know what was
in his head. I don't know what he was
actually going for, but they won the
sort of midterm midterms. I don't know
what the right thing to call that is,
but there was a blue wave. And if that
wasn't a wake-up call for everybody
knowing that we're going to start
campaigning in the summer and so you
better get your [ __ ] together cuz we are
a year out from the midterms and if they
happened right now, the Republicans
would get their ass handed to them. So
Trump is doing a god-awful job of either
delivering the actual goods, although
like if you listen to Besson, it's like
things might be better than they seem,
or he's just spinning. So we'll find
out. All politicians do is spin. So if
Trump is doing a bad job at
communicating it or it just isn't
happening and Schumer was like, I just
need the government to be shut down
right now so people see like we're
fighting for the every person, which of
course they're not. But if we can create
that image, then we're going to win. And
they did win. So if he is like some next
level political genius who's like, "No,
no, no." That needed to be the story. I
needed people to believe like we're
here. We're fighting for you guys. But
really, I just need the Trump
administration to look bad to like, hey,
they run the government and they could
do this if they wanted, but they don't.
And they just want to steamroll you
guys, and they want to double your um
your health care costs and they don't
care if you're starving to death. Right?
So, it was a battle of everybody was
saying the other person is responsible.
But clearly right now, Trump is in a
weak position. People are not feeling
it. So they're like, "Ah, just give me
the other guy." Whoever the other guy
is. I don't really care. Just not him.
So if you had said, "Tom, predict what
the Democrats are saying right now." I
would have said, "Oh, they're stoked
that he got the blue wave and they're
all behind him." But obviously they're
not. And so they're having their own
internal civil war. They really are
pissed. Half of them really are pissed
about the fact that they didn't get the
ACA stuff. So it's like this is starting
to feel like call it establishment
Democrats which are playing one game and
then populist Democrats which are
playing another game. The populist
Democrats I'm telling you right now they
are being led their spirit animal is mom
Donnie.
>> Okay you you I he may not be the one in
the room telling them what to do but
their spirit animal is mom Donnie for
sure. I I I'm 10 toes down on that one.
So you've got that side. What all they
want is like top down. Um give people
more spend more free stuff. Like that's
all that matters. And so you didn't you
Chuck Schumer did not get more free
stuff added to the big beautiful bill,
the big beautiful catastrophe.
That would be BBC. I don't know that we
want to go with that one, but you heard
it here first. Uh so yeah, the the very
catastrophic bill, we want to make it
more catastrophic.
So all of that is um at least trackable.
You can understand that you've got two
wings now of the Democratic party that
are really clearly establishing their
identity. You've got politics is normal.
You've got Schumer going, "Listen,
there's a political game here that you
guys aren't playing that I we can get
what we want." But it really has at
least temporarily eroded his position in
the party as far as I can see. Like
you've got a lot of big voices including
Roana coming after Schumer and saying,
"Yeah, you're feckless. Like you didn't
get us any of the things that um we were
actually fighting for." So I think that
part of the party feels very blindsided
by, oh wait, like this was all just
political [ __ ] you weren't actually
interested in any of that stuff, which
is why you sent out the eight Democrats,
this is people's read on it, that he
sent out the eight Democrats saying, "I
didn't authorize this. What are you
talking about?" But in reality, closer
room tells the eight Democrats who just
happen to not be up for election at
midterms and says, "All right, you guys
go cave. Let's get the government open
back up. we got what we actually wanted,
which was to get these other people
elected uh across the country, to get
the gerrymandering done in California,
to get the new DA, like you know, all
the different things that went blue. Uh
we got it. So now we're good. And this
wasn't about the Affordable Care Act in
the first place. This wasn't about um
benefits for the poor and working class.
It's about power. It's always about
power.
>> Yeah. Um, I would agree with you, but I
do have to push back because if it was
the mom Donnie wing that was kind of up
in arms, I would. And even calling it
the mom dining wing, it's really
Bernie's wing and mom Donnie is just a
spawn of that.
>> Bern Bernie is is basically a corpse. He
has
>> But Bernie was the OG populist back in
2008. He didn't make it.
>> Bernie is Dr. Dre. It's like if you're
old, Dr. Dre is like, "Yo, it's Dr.
Dre." Then that would make 50 Cent and
then I'll make Mom Donnie like Eminem.
>> Well, no. Because I think AOC is still
young enough that she is part of the Mom
Donnie wing. She just is you're used to
her now. So, she might move up on the
national stage. She might become like
the president. But if you want to know
the candidate, if you want to know who
has the energy,
he's just going all the way. He's saying
like the full things that even like an
AOC is not all the way out in the way
that he like he has actually said sees
the means of production. Now people want
to believe that in the last 3 years like
he's had some sort of epiphany that the
only epiphany he's had is oh I can't say
those words and get elected. Cool. Got
you. I'll keep them in my back pocket.
But I'm telling you like if either he
just blows with the wind in which case
what are you actually voting for? or he
has an internal worldview and that
internal worldview is socialist which
seems pretty easy to believe.
>> He could be updating his mental model as
he learns new information.
>> Listen, listen. He could be. I am I will
not doubt that at all. But I will need
to see policy moves that make me believe
that there are new foundations here,
which I do not see. I think that he has
energized his base. He's a very slick
politician. He knows what he can and
can't say,
>> and he's just getting better at that
game. But dude, the mountain of stuff
that you can find of him just saying the
most unhinged [ __ ]
>> Uh so anyway, I think this is somebody
with a a very deaf mental model in that
he understands. There are certain things
you can say in public. There are certain
things that you can't. I think that he
has uh become a lightning rod for social
attention, which is the lifeblood for
any politician. I want to be very clear.
If you want to get elected, you have to
get attention. to get attention, you
either need money or you need the
ability to win over the algorithm. He
understands how to win over the
algorithm. So, he's able to get that
like bottom up. This literally I teach
this to entrepreneurs. So, uh if
somebody comes into Zero Founder or they
come into Billion Dollar CEO, one of the
first things I tell them because people
ask all the time like how do I do paid
advertising well? And the answer to
doing paid advertising well is to be so
good at organic unpaid content that
you're just putting a couple, you know,
bucks behind it and it takes off like
crazy because the content organically is
just so good. He's so good at it that if
you give him a dollar of um campaign
funds, he's going to be able to make it
perform like 10, unlike somebody like
Schumer who just does not know how to
get attention. And so AOC was that. And
I think that she still is contemporary
enough. She's just not hot. She's not
new enough. Whereas he's like he's
pushed even farther. He's new. And so
there's always just the like, oh, like I
haven't seen this before. He has shown
them, oh, there's a winning strategy
here from a populist standpoint. This
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>> The Affordable Care Act,
>> I am coming to believe early days, early
days,
>> but I'm coming to believe is an atrocity
>> and that it can be blamed for how high
the prices are, or it's part of the
blame
>> that we have a wildly dysfunctional
health care system. And so trying to
force the government to just pay more
and more of that which will exacerbate
the problem because you have a flywheel
of government subsidies are the very
thing that create this perverse
incentive for insurance companies to go
it's $600 if you're not insured. It's
$1,300 if you are insured. That's crazy.
That is toxic. That is extremely bad.
And that is where we are. So I'm saying
I don't want them to get more subsidies
for the ACA. I want them to solve that
problem.
>> But are those your principles or their
principles? Cuz if those are
>> That's what I'm saying. So
>> I believe my principles represent math.
But yes, those are my principles. And so
I'm saying they should have fought for
it. I would have more respect for them
if they instead of running a gain and
retain strategy, they were running this
is actually what's right for my
constituents. So this is the thing.
>> What I believe is right for
>> Yeah. Like listen, we're all going to be
wrong. I a key part of my philosophy is
that
>> I always believe I'm right, but I'm not
always right. So I have to factor that
into the way in which I pursue my own
agendas. Like I've got to be thoughtful.
There are times where it's like, yeah,
this shouldn't be left up to only me,
etc., etc. So, I would have respected
their approach even though I hate what
they're fighting for if they had said,
um, this is really the thing that we
believe is right.
>> We're going to go all the way. Now, I
would have been arguing viferously for
them to recognize that's terrible, that
they are fighting for the wrong thing,
that they have the wrong northstar, but
I would have respected that they were
fighting for the thing that they
actually believed, if that's what they
actually believed. Uh, but I am always
surprised by people's behavior when I
run the, "Oh, they have a moral compass
and they're just doing the thing that
they think is best." And I'm never
confused when I go, "This is a gain and
retain strategy."
>> So, uh, listen, there are people like
Roana. He does seem pretty consistent. I
won't lie. I think he's just wrong about
a lot of things. Uh, but he really does
seem to be like, "This is the thing I
believe. Therefore, I'm going after this
thing." So, it's like, I have respect
for him. I can sit down with him. I
think he's crazy. I think he is going to
make horrendous mistakes for the
country.
>> Um
>> but he seems worthy of respect.
>> Yeah. Um now diving into the Affordable
Care Act, I think that we're playing
Monday morning quarterback for a lot of
it when we have this conversation. ACA
is terrible. It's horrible. We should
dismantle it. Should be struck out of
the law immediately. And then we didn't
take a step back to say how did we get
here? And we don't think about the
insurance the individual mandate being
lifted in 2017 when Trump was in office
which was a temp pole to make the math
of the ACA kind of make sense. For those
that don't know the ACA it was supposed
to be modeled similarly to social
security where everybody's required to
have insurance whether you have it or
not from your job or not. That's why the
marketplace was spun up to begin with.
So that way healthier, younger people
are still paying into the system and not
just the sick people who have insurance.
>> That is god awful. I hate that so much.
>> Absolutely. It was either that or 30
million people not have insurance. So we
decided that the 30 million people
having insurance was more important than
everybody chipping in. Everybody's
required to have car insurance. Now
you're required to have health
insurance. That was the kind of the
justification. In 2017 that individual
mandate was removed. So now you don't
get penalized if you don't have
insurance. So of course younger people
flee and then that raised overall cost.
Period. Okay. Go ahead.
>> If you knew that 60% of drivers
>> drive drunk every day, like they only
ever drive drunk. every time they get
behind the wheel, they are drunk. Uh,
how would you feel if I said, "Oh my
god, there are so many car accidents.
Like, we can't keep doing this.
Everybody has to have insurance." Oh,
and by the way, because there's so many
drunk driving accidents, the rates are
through the roof. How would you feel?
>> The same way I feel now when I pay
health insurance, uh, car insurance,
even though I haven't had an accident in
5 years, and my rate keeps going up.
>> Bad.
>> Yeah.
>> Yeah. So, we just took a really dumb
system and made it even dumber. Now, I'm
a little hurt that you didn't ask what's
the analogy with the drunk driving, but
it is the overconumption of sugar.
People are It isn't just diabetes. But
like, these are self-inflicted wounds.
And so, we've got a health care system
that is going broke under a whole lot of
stupidity because we're removing
competition because the government is
paying for everything.
>> I mean, the people are going broke. It's
not the healthare system that's going
broke. healthare system is doing fine.
United Healthcare is posting uh wins.
Kaiser's posting wins for the
correction. The country is going broke
>> that is going Yeah, they're going
>> because one of the many grotesque
expenses that we have is subsidizing
healthcare.
>> Uh if we were to go back um I know your
austerity plan um from your like the
snap conversation we had last week. Some
people just got to figure it out. Sorry.
Go to a church. They can figure it out.
>> Healthcare was supposed to be something
different. We thought, okay, insurance
kicking people off who had cancer, that
was wrong. We should make that a law
that it's not. That will require
healthcare. But it seems like the the
energy going now is yeah, those people
should get kicked off their healthcare
and they'll have to figure it out. Is
that
>> you think that's what I'm saying?
>> I'm I think you're saying the ACA needs
to be repealed. And I'm saying if you
think that the ACA needs to be repealed,
then pre-existing conditions come back.
And if pre-existing conditions come
back, people can then lose their health
insurance. So that's the second order
cause and effect of repealing the ACA
right now in this moment.
>> Yeah. Well, so we have to separate right
now in this moment from what does good
policy look like. So
>> are we starting at the beginning? Cuz
we're here now though. We can't start
the policy.
>> Being here now, I am not a repeal it
overnight. This is the same reason I'm
like if you told people illegal
immigrants or otherwise, you're going to
get SNAP benefits. You can't just shut
it off one day. You've got to say, all
right, this is going to expire at this
date. you've got 90 days, 120 days,
what, whatever period of time, but a
reasonable period of time for them to
figure it out.
>> So, I don't support the just onoff
switch.
>> Um, you told people you were going to do
that thing. It's perfectly acceptable to
change your policy, but there's a reason
that laws usually give you some period
of time to like, hey, this is coming to
effect. It's going to go into effect in
three tanches, whatever, so that people
can adjust their behavior, adjust their
lifestyle. So I would never say hey
you've made all these promises but just
turn it off. That is not what I would
do. But I think that there we need to
approach health care from the
perspective of uh from the physics of
how these ecosystems work. How do we
drive cost down? And we've not done
that. We've done the exact opposite. And
this is the the big problem with big
government people is they do not
understand the government is going to
drive costs up and make things worse
always and forever. There's no
exceptions. Like period just that is the
truth of it. And so you'll sometimes
accept that because there's no free
market incentive to pursue a thing that
we decide we want to pursue. Going to
the moon to beat Russia, right? So we
just wanted to signal to Americans on a
vibes perspective that we're better than
our Cold War um competitor. That's
actually dope. That's super meaningful.
That matters a lot. Um, but as we're
seeing now, the second that there was a
private sector way to do this, SpaceX,
then it became infinitely cheaper. So,
this is I'm not saying that you don't
ever jumpstart things with um government
dollars. The internet came out of DARPA.
Love it. Amazing. But then you get the
[ __ ] out of the way. And so, I'm just
saying the government is knowable. It
will [ __ ] everything up
>> because it it is not um subject to the
forces of competition. The forces of
competition and the selfish desire to
get richer than your neighbor is the
thing that gives us all of our lovely
world that we see like th this is all
the result of that. People being
extremely selfish, wanting to get richer
than their neighbor.
>> And so people don't like that. I get it.
But that's causing them to make really
stupid decisions. And so I'm just like,
"Oh my god." Like, we have to get to the
physics of these situations. So when you
get to the physics of healthare, you
have to open it up to the competition in
the market.
>> You've got to make it so that a health
insurance company can go out of business
so that people go, "Yeah, that health
that insurance company sucks. I hate
everything about what they're doing.
This one's dope." Uh you've got to get
rid of all the regulatory capture that
made it possible for Americans to pay
the burden for uh drug discovery and the
rest of the world gets everything super
cheap. Like that is wild.
>> Uh so you've got to get rid of that kind
of stuff. Uh and at the same time if we
go as a country, hey, we're going to
balance our budget and the thing that we
really care about is we want to make
sure that nobody goes broke from a
catastrophic illness. Okay. Like then
let's look at that. Let's say um the one
thing that we don't care about is
pre-existing conditions, but ooh buddy,
are you going to have to like deal with
the low-level stuff? So, if you look at
right now, this I should have pulled the
link, but if you look right now, the
example that I gave, $600 without
insurance, $1,300 with insurance is a
real example that I'm using of a guy who
recorded his phone call with the health
insurance company and he was like, "Hey,
you guys sent me the bill for $600. I
sent you my insurance and then you sent
me a new bill which is higher. And they
said yes. Uh because if you have
insurance then you get the insurance
cost. If you don't have insurance then
you get a discount. That is so maddening
that I don't understand how people don't
go wait hold on. First of all, you're
going to pay some ungodly amount of
money until you hit your deductible
anyway. Uh so all of those costs matter.
The incentive that the insurance
companies have is that they're going to
or the doctor or whatever that you're
talking to, they have is that well, I've
got to make money somewhere. So, I'm
going to send this to your insurance
company. Your insurance company's going
to negotiate with me, but they're still
going to pay a lot. And so, they get a
sense of like, okay, um, the procedure
costs this much. Your insurance is only
going to cover this, and so you're going
to be out of pocket that much, and if
you haven't hit your deductible, then
you're just going to ring up. I mean, it
could be 15 grand. It could be more. So
all of that stuff is terrible and you've
put people in a position where they have
to have it. So it's like you can't lock
people legally into a system that is
predatory on them, which is exactly what
we're doing right now. So again, I'm not
a pull the plug today, but I'm like
we're going to have to start talking
about this. I can already feel that to
get to my goal of uh a balanced budget
while making sure that the country has
the things that they believe in. Um,
well, I'm going to have to start talking
about this stuff. So,
here we go.
>> Like, it's like a realization like in
real time. You're like, we got to figure
this out.
>> Yes. Because you start looking at all
the things that we spend money on. And
so one of the ones that we just spend an
ungodly amount of money on that people
just they're completely blind to is um
we let people destroy their own health
and then we force young healthy people
like you said to pay into a system like
uh social security where it's like I am
specifically making you dear um young
healthy person pay for the young and ill
and the old and ill and then just the
old.
>> So it's like, okay, that that is god
awful. That is god awful. But if as a
nation we're like, I don't want to see
somebody go bankrupt on cancer. It feels
too roll of the dicey. Don't like that.
Um and so cool, now we're going to put
things in that are going to cover for
that. What exactly that will look like,
I don't know off the top of my head, but
it's like there's no reason that you
can't put systems in like that. Uh and
so that would be better. You still have
the issue of cancer is almost certainly
tied to environment for sure and there
might be so much luck of the draw there.
Genetics for sure and there definitely
is luck of the draw there. But it's also
a third pillar is what you eat.
If there's a um hypothetically speaking
budget is balanced. there's this new
health insurance that is proposed that
is very much um
we
there is a pool of resources in order to
subsidize this health insurance cost. So
right now everybody who gets a paycheck
they have the social security gets taken
out Medicaid gets taken out things like
that.
>> Y
>> if that system is viable are you okay
with that or does it break when the
individual is paying into a larger pool?
I'm trying to see where the economic
>> if you make it a Ponzi scheme, you're
going to have Ponzi scheme problems. And
so if for instance your actuarial math
comes out to go, okay, we have to have
at least 40% young and healthy people
paying into this pot otherwise we can't
support it. Uh well then you need to
have a mathematical table that says what
you do when it becomes 39%. Mhm.
>> 38% 20% whatever because you can't
guarantee that you're always going to
have 40% of young healthy people paying
into the system.
>> So if you've got a plan for that then
yeah I'm totally open. Remember uh here
here is how governments ought to work
morally.
>> Um you ought to have a balanced budget
and then the budget ought to be
allocated to what people believe in. And
so if people are like like me, I'm going
to bang the drum for innovation.
Innovation has saved more people than
anything ever. It's pulled more people
out of poverty than anything ever. Uh
freedom is a prerequisite to innovation.
But like I've got my whole thing. I can
walk you through all the like why it
works and all that. Um but like if I'm a
lone voice because I don't trust myself
to be right on everything, I'm like,
"Okay, well I'm prepared to live in the
world where the quote unquote dumb voter
overrules me." Okay. We'll be right back
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back to the show. Like I get it. Now it
doesn't mean that I'm just going to
stand there and take it. Like if the
dumb voters are doing things that I
think are too crazy, you bunker up, you
move, you whatever. But um I do believe
that is the way things ought to be.
>> Let's jump into Scott Besson setting the
record straight on the Argentinian uh
currency swap.
>> Yeah, speaking of like is we got to play
this out because you got to see him like
bite the guy
>> question of of of costs and prices and
and affordability. Um, how does a a a20
$20 billion bailout of Argentina help uh
Americans?
>> Do you know what a swap line is?
>> It's currency swap. Yes.
>> Yes. But what what is that?
>> That's you're the Treasury Secretary.
>> Yes. But why would you call it a
bailout?
>> That is how
>> in most bailouts I don't he should have
let that hang because he had the guy
dead to rights. And
as an interviewer, if you're going to go
on the attack, you better know your
cause and effect. And I think I'm a
terrible debater. So, I will only like
get spicy on stuff where I'm like, I can
build this up from cause and effect.
>> So, if somebody gives me an argument
that breaks my cause and effect, then I
can be like, I know right where to slot
that piece of information in. Cool.
Understood. Thank you for updating my
mental model. And if they can't break my
cause and effect, well then I just keep
going. This leads to this leads to this
leads to this. Point to the part in that
sequence that is incorrect
>> and it becomes much easier. This guy
went on the attack as a partisan hack
basically and
>> didn't have cause and effect. Didn't
even understand what he was trying to
bite him on.
>> And if Bessant had just sat there and
said, "What is it?"
>> The guy would have been like, "I don't
[ __ ] know, man." And so then he's
going to have to like double down in the
well, you're the treasury secretary.
You're the one that we pay to understand
this. But at least it would have been
clear. And Besson could have been like,
"Look, this is part of the problem. If I
were uh coaching him, I'd be like, this
is where you go. Uh this is part of the
problem. You guys are fighting my agenda
all the time, but the reality is you
don't understand it. And because you
don't understand it, you're going to
feel like you know what I should be
doing, but the reality is you don't
understand the cause and effect of the
economy." And people that do not
understand the cause and effect of the
economy should be very careful trying to
put forward economic policy. And so
here's how it works. And then you just
lay out as briefly as you can what the
cause and effect is. That this isn't a
bailout. That anybody that's using that
is either ignorant or they're being a
partisan hack. And the way that these
things work is they're actually a
revenue generating opportunity. He goes
on to explain it. So we'll we'll let him
go. But um
yeah, messaging, you got to win the
messaging game. All right, let's hear
it.
>> Oops.
>> The Treasury Secretary Bessett joins us
now to talk about this, sir. Good to
have you here in the studio.
>> Hey, Rob. Good to see you again.
>> Um that was a that was I thought the
best moment of the morning. I I enjoyed
watching it. The entire media, and I
mean the entire media has been slamming
you and the Democrat party as well for
this move that was made with Malay. They
know Malay is a very close friend of the
presidents, their allies, but it sounds
like nobody actually knows exactly what
you guys have just done. And I think
everybody figured it out this morning.
>> I I think so, Rob. And look, we use the
US balance sheet to
bolster a great ally of the United
States. I call it the peace through
economic strength. And how much better
to put up the credit and full faith the
United States government make money and
bolster an ally rather than end up with
something like we've got with the Maduro
regime where we're having to target
these and take military action.
>> I missed it.
>> The question was how is this good for
Americans? It's great for Americans.
Well, I mean, listen, all the the
vitriol, the back and forth, all that
stuff really does make me sad cuz you
just you're backing people into a corner
unnecessarily, and nobody gets it more
than me. I understand like even the way
I'm talking right now doesn't have the
bombast uh that it needs to have for us
to retain viewers. I'm so aware of that.
But, um yeah, anyway, it makes me sad
that that's where we're at. But so
Besson is somebody that people um I
think he says it in this or maybe the
interview with uh what's her face? Laura
something.
>> Um where he's like he was more
understated than I'm about to be. But
basically I [ __ ] murdered it on Wall
Street.
>> I had a career there. Like I try to
remind people when I'm teaching
business, I try to remind people, yes, I
make millions of dollars a year teaching
people business,
but I've made over a billion dollars,
billions of dollars
running businesses. So, it's like the
thing that I'm teaching you how to do, I
used to just do. There were no cameras.
There was just I run businesses. It's
what I do. And they generate billions of
dollars in revenue. So, uh, Bessant is
an economic gangster. Like, he was on
Wall Street. You either figure it out or
you go broke. And he made himself, I
think he's a multi-billionaire. I don't
know that for sure, but I'm pretty sure.
Uh, he was part of the team that made a
billion dollars in a single day. Uh,
which is [ __ ] wild. Um, so it's like
this is somebody, this is why I revere
Ray Dallio so much
>> that people can talk a big game, but if
they put their own money at risk and
they walk away with like some big W's,
they know what they're doing. The guy
that we were watching, the MMT guy who
couldn't explain MMT,
>> uh, he's not winning in the marketplace.
That's a guy that knows the right
people, gets cushy consulting jobs.
Besson is an economic gladiator. He's in
the ring going up against like
governments and other economies and like
like that. Do you know how crazy it is
to risk your own money trying to break
the back of the British pound because if
you're wrong, you lose all the money
that you were using to force them to uh
capitulate. And so it's like, man,
you've got some brass [ __ ] And if you
win, it means you actually understood
something. And this is a guy that won
over and over and over and over and
over. Now, you can say that Wall Street
is immoral. Fine. But you've got a guy
that knows how to play that game. And so
you've put him in a position where it's
like, "All right, you've like made this
insane amount of money winning in
economics, and now I'm going to put you
in charge of the largest economy in the
world. Let's go." So, it's like I still
don't know if these guys are going to
pull it off. But again, if people want
to understand why I appear to be less
like drum bang on these guys, I'm
looking at them going if anybody's got a
shot to pull us out of the economic
morass that we're in. It's them. I think
that they're still making catastrophic
errors. Uh but at the same time, they've
got a shot. They've got a shot. So,
uh, I don't know that I love the risk
that we took on Argentina. When I look
at it from, uh, the way that they're
billing it, which is basically, oh, we
made a bunch of money. I almost
certainly a stupid idea to do from that
perspective, it's just not enough risk
and reward. But when you put it in the
context of please remember you're in
Thusidity's trap with China and they
understand that. And so for Bessant and
Trump, this was a move to protect us
from China. Like we are in a battle with
China, a cold war battle right now with
China for South America. And so they saw
an opportunity where it's like, okay,
you have a very popular leader. Remember
something like 72% of all people under
34,
uh that number is directionally correct.
It's not literally correct. Um, but
72ish percent of all people under 34
voted for Malay. So, the youth of
Argentina are 100% on his side. Like,
they want what he's doing to work. And
so, uh, he's very pro America. He's
certainly pro- capitalism. Um, so
anyway, I get from that perspective why
they did it. But let's jump into some I
don't even know what to call this type
news, but uh Elijah Schaefer, CEO of
Rift TV, some of you might know him, is
being sued for $5 million over his ex
post criticizing the FBI director Cash
Patel's girlfriend. Um this is gross
lawfare. He's calling it gross law.
>> Candace retweeted it saying,
"Apparently, when governments and people
in powerful positions get caught lying,
their only weapon is to sue people. It
is absolutely pathetic and it's more,
excuse me, is more meant to scare us
into silence. We will bankrupt you.
These people should be treated with
contempt.
>> This I got to say, whatever you think
about Candace, that tweet is bang on.
>> Mhm.
>> This you you don't hate Lafair enough. I
will just tell you that right now.
>> Yeah. Uh here we'll play the beginning
of this. This is him outlining the
entirety of the lawsuit.
>> Yeah, this this is bad. ing news that I
was being sued for $5 million
by Cash Patel's girlfriend, Alexis
Wilkins. And the reason why might
actually shock you. About a couple
months ago, I posted this photo on the
public social media platform X. I posted
it with no caption, no suggestions of
any mal intent, or any slander,
defamation, or criticisms of character.
I did so attached to an ex post shared
by another account that I'm not
connected to that talked about
government agents being compromised.
Now, Alexis Wilkins is saying that I owe
her $5 million for damages, the exact
evaluation of my company, and if I
cannot come up with that money, that I'm
going to have to shut down my business,
give up all of my digital assets and my
entire voice online in order to pay her
back. So,
>> this is crazy. Yeah,
>> that like
Okay, so uh obviously being in the
public eye, you get to the point where
people say enough horrible [ __ ] about
you uh that you go, "All right, am I
going to pursue people or am I just
going to have some uh testicle
fortitude?"
>> And
bro, if somebody posts a photo of you
insinuating in a trolly manner that
you're a honeypot or whatever, like,
[ __ ] deal with it. Like Oh god. Like
I don't understand. Like it is going to
be used against you. You when you do
this kind of thing then somebody looks
for the opportunity to do it back to
you. Leticia James I'm looking at you.
It's like
it's terrible when either side does it
but like don't be a part of the problem.
So God you'd have to do like even in
fact dear Nintendo what the actual [ __ ]
are you doing with your PAL world
lawsuits? Like that's wild. So, if you
if they went after them for a trade
dress problem, that I would kind of
understand. Uh because they really do
look exactly like [ __ ] Pokemon. But
they didn't go after them for that. They
went after them for game mechanics. It's
like, come on, don't be that guy. Uh and
right now,
what's his face's girlfriend? Cash
Patel's girlfriend is being that guy. I
I just I can't respect it. I can't
respect it. It's a terrible precedent.
Like,
>> I think it's a bad look on Cash, too.
Cash's fall off has to be documented,
man. He was the champion that we needed
and yeah, we love him. He's going to
turn the FBI around. You're looking like
a OP, bro. Like, you're losing all
credibility. We still didn't see the
Epstein files and you paraded three
basketball players thinking you done
cracked the code on something and like,
come on, man. This is not what we asked
for. Now you're going after people on
the right. Like, it doesn't make sense.
It doesn't make sense to me. I think
people are being sensitive.
>> Yeah, that's it.
>> Yeah. And like Cash, unless you're
co-signing this behavior from your
woman,
>> I feel like you have to be.
>> It's a bad look. It's a bad look, man.
That's That's way out of pocket. That's
way out of pocket.
>> And like I I don't know. I I don't get
it. I I don't I really just I don't get
it. Um and again, if this was like at
least the um Emanuel Mcronone thing, the
like I'm a president of France. You
can't be talking about my wife. Like at
least there's something there. But
>> no, no, that that one is just as
ridiculous. Now, Candace at least is
going hard in the paint. So, if
somebody's like if
>> she has invited a lot of pain and
suffering into her life, this guy posted
a trolly photo.
>> That's what I'm saying. I think they're
a little bit different.
>> The amplitude comes up once again. So,
the amplitude of what Candace is doing
is like, god damn. But even that I would
say nah like should they be I mean
listen if God what would I do if I were
if people were like Tom Billu is a woman
and he's trans honestly that would be
funny. So, but like let's say it really
started gaining steam. Like, no, for
real. Like, for real, for real, would I
ever just whip it out, Drew? Would I? I
probably wouldn't. But like, admittedly,
>> you know what I mean? Like, we can end
this real fast. Like, there it is. It
doesn't slap nearly loud enough. I will
assure you of that. Uh, yeah. I don't
know, man. This is all of this is dumb.
lawfare to me is dumb, but Candice, the
amplitude of what Candace is about is
dialed to like 46. So,
>> is this one of those things like this is
just where we're at?
>> This is where we're at, but no, people
really need to be up in arms about this.
People People need to uh make it clear
that that is a level of ridiculous that
and not by doing more lawfare, by the
way, just by like culturally being like
this is a clown show. Uh, this is just
absolutely stupid. You guys are feeding
into a fire. All the things you
complained about, you're becoming like
you're the the the villain that you
swore that you were going to stop. It's
just dumb. So, yeah, somebody somewhere
has got to say like, "Okay, look, I have
every right to pursue this person. I'm
not going to because it's stupid and we
need to look forward." Like, for all
Trump's locker up talk, at least in
2016, he didn't actually pursue it. Now,
he's pursuing it. So, don't love. don't
love.
>> And for anybody saying that Candace
doubled down, you are incorrect. Candace
has quintupled down. Candace has orders
of magnitude down. Like when I watch
her, I'm like, well, this is I mean,
what's that Michael Jackson meme where
he's in Thriller with the popcorn?
That's where I'm at with Candace and the
[ __ ] Mcron, man. Like, godamn.
>> Everybody's waiting for that.
>> She is all the way in. I I can see her
doing like special events from [ __ ]
prison where she's just like, "No, no,
no. I still swear to God she's like
literally pulling her ovaries out and
showing them to her and she's like
there's no way she stuffed them up
there. It's all fake. Like I don't know
that Candace will buy
>> in case she's going to go live on the
Eiffel Tower. Like she's she you have to
take that victory lap.
>> I will refer to her exclusively as the
teflon dawn. Like if she beats that
Candace can say whatever the [ __ ] she
wants.
>> She's going to go live in front of the L
like all right guys. All right.
>> Yeah.
>> I did it.
>> Coming to you live from McCone's
bedroom. You get
all the way like literally if I was like
looking at like a screen of all the
people that I could [ __ ] with in the
world, I'd be like now you can remove
Candace. Like it doesn't matter. But
Tom, she killed your dogs, bro. I said
take her off. I'm not going after
Candace. I don't know who you think I
am.
>> They going to make a John Wick five and
this Candace on like Never mind. It's
cool. It's cool.
>> She's Booby Waga. What was the guy's
name in in John Wick? She is the Booby
Waga. All right. You don't [ __ ] with a
booby walker. I'm just telling you right
now. No way.
>> That's funny. Um, all right. And then
keeping assaults on free speech intact.
Um, South Korea's new president. I don't
know enough to call him far left cuz I
feel like they just had a demographic
crisis.
>> It says far left right there.
>> Who is this? I I can't even pronounce
the news channel.
All right. U Lee J. Mang tells his
police force that hate speech and
misinformation shared on social media.
social media must be considered a crime
that goes beyond the limits of freedom
of expression. He says it must be
severely punished as it's a threat to
democracy. Um before we get into it,
what do you think about this trend
that's happening all over the world? It
seems like of this push on we need to
police information.
>> If you find yourself saying
disinformation should be made illegal,
that is you're a categorical [ __ ] You
need to be immediately removed from
office. I I don't care who Trump my
favorite. Pick anybody that you think I
like. If they're like misinformation
should be illegal. Done. Disqualified.
Out. Impeach. Uh 25th Amendment.
Whatever the one is that's like they're
unfit for service. Like a thousand%.
Like no. Absolutely not. You are
crushing uh dissenting voices. Like that
is the most draconian 1984 [ __ ] ever.
That is somebody who just believes
they're right. Like the obvious question
is, "Bro, have you legitimately never
been wrong?" "No, I've been wrong
before."
Then why the [ __ ] would you ever say
that people shouldn't be allowed to
disinform? When you're wrong, you are
quote unquote disinforming the public.
So, nobody is going to be right all the
time. Nobody should trust themselves.
History is a neverending litany of we
thought this, then we realized we're
wrong. We thought this, then we realized
we were wrong. We thought this, and then
we realized we're wrong. Once you
understand, we don't even understand
quantum physics. We don't understand it.
So, we don't understand the most
fundamental building blocks of the
universe. So, uh what are we supposed to
do? Like people are not allowed to like
try to think through it. They're not
allowed to say what they believe to be
true but ultimately be wrong. That that
is the dumbest [ __ ] ever. It it is so
crazy to me that people think that you
can make progress as a society while
saying I am the arbiter of what is true
and therefore if you say something that
I disagree with you are incorrect and
you've got to be shut down. Like did you
people not live through co like we we
were just wrong about everything. We
were lied to about a whole bunch of [ __ ]
and the takeaway should have been oh
yeah the only way to get to the right
answer is to let everybody say what they
believe to be true. begin to parse it
out. You're gonna have to sift through a
lot of [ __ ] But like things will
rise to the top and over time science is
going to show these are the things that
work. These are the things that don't.
And you're going to get flat earthers on
whatever the topic. And guess what
flatearthers are not going to do?
They're not going to build the rockets
that take us to Mars. So they can [ __ ]
off. And the people that understand how
space actually works, they're going to
be the people that build the rockets and
build the thing. Skills have utility.
And so the people that actually know
something and that something is
meaningful, they're going to win. The
guy that can't explain modern monetary
theory is not going to make money in the
way that Scott Bessant is going to make
money because he actually understands
how economies work. And so it's like
follow the people that have the skill
set to do a thing in real life.
And once you like hook onto that, oh
that's right. Skills have utility.
Skills let you do a thing other people
can't do. So it's pretty easy to find
the people that have the skills. Now,
you may misidentify what the skill is.
The skill may be, oh, they're really
good at manipulating. They're really
good at blackmail or whatever, and so
they get people to do what they want to
do. Cool. You have to figure out what is
the actual skill that that person is
deploying.
>> But skills have utility.
>> Yeah. All right. Let's jump into the
statement um to hear right from him.
>> I'll say it again. In some parts of our
society,
truly inneriscate discrimination and
hatred based on race, origin, and
national origin is rampant. As our
society becomes increasingly polarized,
these extreme expressions continue to
exacerbate social unrest.
>> In particular, hate speech directed at
this specific target is being
indiscriminately spread on social media
platforms.
and false or manipulated information is
spreading.
>> We can't tie this down any longer.
>> This is a clear crime that goes beyond
the limits of freedom of expression.
>> You get what you vote for.
>> So, if this is what people want, they're
going to they're going to run the
experiment. We're going to find out like
if
>> cracking down on it um works. But look
at what's going on in the UK. Terrible.
>> We have to talk about this incoming AI
bubble because there's been a lot of
speculation. Um, SoftBank just ditched
all their Nvidia. Um, Warren Buffett has
liquidated all his stock, even selling
one of his companies for a loss.
>> Michael Bur's put a short on Nvidia.
>> Yeah. Um, Michael Bur thinks that the uh
AI conglomerate is all overhyped.
They're using uh capex expenditures a
bit too loosely. Well, he called it
fraud.
>> Just straight up fraud. He said this is
the
>> the biggest type of fraud. So, he wasn't
saying like it's unique to them, but he
was like this is the biggest type of
fraud in modern history or Yeah. Anyway,
that was the idea. May not be exactly
the words, but that was the idea.
>> Um, and
>> uh because he says it misrepresents the
amount of um profit that they're
actually making. and he gave amounts and
it's a lot. Like if he if his math is
correct, it ends up overstating their
profit dramatically. Uh so this is where
I go, yeah, accounting gets very
complicated very fast. So I'll just say,
okay, he's probably directionally
correct. Uh but it certainly it is
common. So um fraud is more of a Michael
Bur stance than a legal stance.
>> Gotcha. Um it it seems like it's
cracking in all different directions. Um
let me jump into this tweet. Um Wells
Fargo just called the top. Um and nobody
wants to hear it. The tech sector
downgraded to neutral. Not bearish, just
neutral. Wall Street's politest way of
screaming, "Get out while you can." And
this was something we talked about
before we started. The valuation chasm
tech stocks 46x earnings. The S&P 500
averages 29x. That's a 59% premium for a
sector trading on future promises while
sitting on a present day fragility. Um,
that does seem bold and I'm jumping over
to the um Sam Alman interview where he
kind of had to justify his revenue. But
what's your initial take so far before
we play that?
>> AI is a bubble
obviously.
>> I'm wait I was not expecting that. Hold
on.
>> But tech was a bubble in 2000. So it's
like AI is going to play out. It's going
to be the illst [ __ ] ever. I'm just
saying you don't yet know how it's going
to shake out. Who are going to be the
main players? So, it's one of those
where 46x
to me now listen, I don't want to go up
against Michael Bur in the open market.
Uh, but the way that I'm reading this is
that you have to understand what's
happening now through the lens of
liquidity.
>> There's so much money flowing into the
system that it's got to go somewhere. So
smart money knows you have to hide from
inflation. You have to find a return and
the government is getting dicey. So
there are fewer people that are just
flooding into treasuries like there
would historically. And so you've got
people chasing like a return and so
they're going to go into the stock
market for sure. They're going to go
into the thing that they believe on a
long timeline is going to be a high
performer. and they're probably a little
too confident in themselves, but the we
detach from um like fundamentals a long
time ago. This is just about where can I
be and they all think they're going to
be smart enough to get out while the
getting is still good. And so they go,
"Oh, supply and demand tells you that
Nvidia stock is a hot thing right now.
So, I'm going to flood into Nvidia
stock. I won't be stupid. I'll get out
uh once I've gotten my winnings and, you
know, let the dumb money take the fall."
And the bad news is for the top top top
people, that's actually true. that is
what they do. Um, but I I paid more
attention to this in crypto wallets, but
if something like crypto wallets, 5% of
the crypto wallets do 90% of the gains.
And so it's like
>> 5% of the crypto
>> it is it's this this is how markets
work. There really is people. Okay,
listen everybody.
>> We're all the dumb money. We're the dumb
people.
>> It's us. It's us. So,
>> uh, that's why I say don't day trade.
you're going to lose. Now, there might
be a small handful of you that are the
smart money that are taking advantage of
all the rest of us that are dumb money.
Uh, but
I am reminded that not my entire
audience doesn't understand PvPVE.
So, let me explain.
The market is a PVPVE game. PVP is
player versus player.
>> PVE is player versus environment. So,
think of it as the NPCs, the mobs, as
they are often referred to.
>> Uh, once you understand the stock market
is gambling, but it's PvPVE gambling.
So, you're gambling against other
players that are trying to beat you.
They're trying to trick you, outperform
you, pump so that you pour in so that
they can get out.
>> Um, they spin narratives up in Telegram
groups and try to get like hype going.
Like, that's it. You're buying what
they're selling and they're selling what
they're buying.
>> But understand, you are actively going
up against human beings that are trying
to take your money.
>> If you don't have that mental map of
what investing is, you will be taken
advantage of, guaranteed. This is why I
say just put your money in and walk
away. Dollar cost average in to a highly
diversified basket of goods and then
walk away. Do not try to beat these
people. The PVE side of this is that
there's all kinds of things happening in
the world, the economy. So, they're
environmental factors that you they're
out of your control. Like you've got
George Soros out there influencing NOS's
and elections and uh Soros and Besson
together, breaking the back of the
British pound and like all just all
kinds of crazy [ __ ] The yen carry trade
unwinding for like global reasons. the
US like loaning money to Argentina and
there's tons of people invested in
Argentina and so those people just got
taken care of but the people shorting it
just got their asses handed to them and
so was that really moral like right so
that's the E part
>> so when you understand that this is a
PVP
game that is extremely complicated
that's when it's like okay just accept
unless you're doing this all day every
day you are the dumb money that
everybody's trying to win against. Now,
how does the dumb money win? They play a
very long-term game because, ironically,
if you play a long game and you're
diversified, you actually do end up
winning. You don't win like the insane
amounts, it tends to rough out to about
7%, six to 7% over inflation.
>> So, it's like, cool, great, yay. that.
But you've got to be completely
unemotional.
>> Yeah.
>> If you think you're going to day trade
your way, you're going to be in trouble.
>> All right. I want to jump into this. Um
this interview has been kind of
circulating um with uh Sam Alman was
asked, "How can a company with 13
billion in revenues make 1.4 trillion of
spending commitments?"
>> Can a company with 13 billion in
revenues make 1.4 trillion of spend
commitments? You know, and and and
you've heard the criticism, Sam.
>> First of all, we're doing well more
revenue than that. Second of all, Brad,
if you want to sell your shares, I'll
find you a buyer.
>> I just
>> So, seriously,
>> is that Mandela there at the bottom?
>> Yeah,
>> that's hilarious. I didn't watch the
video, but I read a headline and
somebody was like, "This is giving me
Enron vibes." Like two months before
they collapsed where they were just so
cocky and so arrogant, thinking, "Ah,
we'll be fine." and then PVP PVE. Uh the
E comes in hard and poof, the company's
gone overnight. So, um I don't know
what's happening with OpenAI. I don't
want to pretend that I do. It is very
weird that he was effectively asking for
government guarantees, aka a bailout. um
he denies that that's what's happening,
but I've also heard him say that at some
point, I don't remember if he said open
AI specifically, but that was the
implication really is too big to fail.
That they're too important to the
infrastructure of US um AI that the
government is basically de facto going
to have to back them. This is why the
state shouldn't get involved in
capitalism. The state should be laying
infrastructure that all of the AI
companies can use. And the ones that do
that well survive and the ones that
don't go out of business. We need to get
away from this idea of things are too
big to fail. We yeah anyway could do a
whole tyrate on keep the government out
of it. Uh but that is admittedly that
disdain is somebody who is both getting
a little too cocky and I'm sure has just
had to answer this question over and
over and over and he's getting tired. I
think Sam Olman um is in battles behind
the scenes that none of us know about
that. it is constant and never ending.
Um, his own family was suing him at one
point. So, it's like I'm sure this guy
is just under siege at all times from
international companies, companies in
the US. He's going up against Elon all
the time. Uh, you've got Meta poaching
his best employees. Like, that is a
level. There's a reason I don't own a
public company, by the way. This would
be one of them. And so, I get it. Like,
it doesn't look fun. I don't know why
people do that [ __ ] Yes, you can make a
lot of money, but god damn, you are
going to like you deal with stress just
non-stop violence and it's already
stressful enough being an entrepreneur.
I don't need that next layer.
>> We don't need that add to that.
>> So anyway, uh what will ultimately come
of all of this, I don't know. I will say
Sam Alman strikes me as a survivor, but
um even more than I read into what he's
saying, I read into the way that he's
saying it. Now admittedly, it's a pretty
good clapback because he's right. as of
right now today, he would have no
trouble selling whatever shares.
>> He just moved the window to my side
>> uh wants to get rid of. So, and Brad
isn't gonna get rid of his shares. Let's
just start with that.
>> I mean, I I definitely get the pressure
that entrepreneurs uh come under, but we
are putting the entire US economy on
this AI promise. Like literally deficit,
the future of the world, the meaningless
crisis, all these things are happening.
It's kind of like we're trying to
balance a house
>> on the pinnacle pinnacle of a mountain.
even more than
>> Yeah. Like, so I understand Open AI
might have some cracks, but hopefully
Claude and Meta and all these other
people can kind of take their reigns,
but even if it's a 1% possibility, if
this AI thing comes crashing down, are
we then back to square one? Is it at
that point?
>> Yeah, the US it's a rat. We're going to
hit 130 in no time. is that's not how
the look that could put a lot of
financial stress and that could be one
of those things where uh it blows up and
now both cuz there are two economies
right now there are the have assets and
the have nots
>> and the have assets are doing really
well right so 25 has been very good to
me I've made a lot of money um
and the have assets who are feeling
great right now are all like uh we're
driving the economy me and the have nots
are like, I can't afford groceries and
so this sucks and I'm going to vote in a
socialist. So that discrepancy
will be wildly exacerbated if the AI
bubble were to burst right now because
then the have assets are largely going
to be battered
>> and now you're going to be in a 2000.com
bubble or a 2008 uh recession type
thing. Now, if the everything bubble
blows up and everything bursts,
woo, that one is a multi-year.
>> Yeah.
>> Um
certainly great recession equivalent.
Does it become an actual depression?
It's got a shot because there could be a
contagion effect. If the contagion
effect takes down the banks which are
functionally insolvent um then you're it
would be very very bad. So um am I
expecting that the timeline? Listen, I
am admittedly building my arc now and I
feel like a junior carpenter who's like
really just trying to build his first
thing.
>> Um but I am trying to build my arc right
now trying to make sure that I have the
diversified uh portfolio of uncorrelated
assets. make sure that I come with great
humility and understand that uh even if
I'm directionally correct, getting the
timing wrong is brutal. So, being very
careful about that, making sure that I
can survive any economic condition no
matter what comes. But my real like the
alarm bell that I'm trying to sound is
like a 7 to 10 year time horizon. I'm
not on a like oh like even if we get a
deflation of the bubble, I don't think
we get like the insane reset in like the
next year. Now listen,
>> you want to talk about one where I'm
like, boy, would I feel stupid if I
wasn't moving now because it certainly
could happen in the next year. But I
just feel like your bigger concern is
the left and the right start killing
each other at an accelerating rate and
that causes revolution. That's the one
that for real for real like keeps me up
at night. So it's not even necessarily
the ramifications of the bubble. It's
the reaction to the bubble with the
economic and the policies.
>> What almost always takes a country down.
It's not a depression.
>> It's wealth inequality.
>> And so if we have a depression, it'll be
brutal, but it's not people getting
murdered in the streets.
The wealth inequality running away is
murder.
>> So that's where it's like, okay, we want
to look at historical things. So looking
back, uh, depression very bad, very bad,
and ups the odds of war probably a lot
because now it's like,
Trump, listen, you want to get out of
this, all you got to do, piss off China,
make them make a move, do something
like, start saying some [ __ ] about
Taiwan.
And then we can spin up the military
machinery. We get everybody all
patriotic. We [ __ ] tax everybody, not
just the rich. We tax everybody
and yeah, we get everybody super
comfortable with that. We get people
jobs building the war machine and we do
our thing. I that's I'm not saying
that's what's going to happen. I'm
saying the odds of that increase.
>> Uh so
that is uh a scenario that I hate.
The other scenario is we keep spending
money as if printing money doesn't
reverse Robin Hood everybody and the
wealth inequality gets intolerable and
there's like are you guys paying
attention to the ICE stuff? Remember ICE
is an economic problem. ICE is just
economics.
So it isn't um in fact let me lay that
out. The anti-immigrant sentiment is
rising because you have
a shrinking pie. It is actually
shrinking
>> because that pie is actually shrinking.
You are fighting over finite resources
and it's a populist moment. So the left
and the right hate each other, which is
all born of economics anyway. Uh,
everybody's forced into these camps. So
now you've got two sides fighting over a
shrinking pie, and they each want their
portion. We're in a super weird moment
where whatever one side does, the other
side has to be the exact opposite. So,
right now, because Trump's in power,
whatever Trump does, the left becomes
the exact opposite. So, if Trump says
deport, well, we got to be a thousand%
opposed to that. And so, these are the
things like when people say like, uh,
how would you hear this question all the
time, how would the civil war actually
play out? It's playing out. You're
watching it right now. It's escalating.
So, uh, you're seeing moms being like
lookouts for places that they think ICE
is going to be. Um, you see people
throwing rocks off overpasses at cop
cars. You see ICE officers being shot
at. So, this this is how it plays out.
So, you've got a guy with authoritarian
leanings who anytime a blue state says
you can't come here, he's like, "Well,
somebody needs my help and he's going to
send him in because you don't get to
tell him what to do."
>> Mhm.
>> And then that gives them the exact
excuse that they want to push back. So,
becomes these little incursions and so
those will just continue to escalate. AI
generated country song is topping a
Billboard chart and this is on the backs
where last week I think a R&B song that
was AI generation generated also made
the chart. Um
>> you got to play this song. So first of
all
>> I don't want to get copyrighted. So
>> get really for an AI song.
>> Yeah.
>> Interesting.
>> Somebody own somebody owns it.
>> I didn't think you could copyright an AI
song. H okay.
>> Uh I kind of dig that to be honest. All
right. So um it's really good.
like I really like it. Uh so
>> is it going in the rotation?
>> It's already in the rotation. I've
already listened to it today. So yes, it
is uh absolutely fantastic.
>> So I really am saddened by people that
are like, I'm going to fight against
this because all through human history,
every time we fought against the
technology, it worked. Oh, wait a
second. No, it didn't. Not once ever. Uh
so I get the meaning in crisis. You need
to have a solution for that. And I guess
part of part of why I'm so embracing it
is I have all the copium in the world in
the form of I know what I'm gonna do in
an AI world where AI is better than me
at everything. Uh and as long as it
doesn't kill me, I've still got a
strategy. Now, if it kills or enslaves
me, I'm going to be like, "Whoops." Uh
but yeah, right now, so it's going to
happen. It's amazing. Use it to your
advantage. Go write the song you've
always wanted to write. create the thing
you've always wanted to create. There's
going to be a call it fiveyearish window
where you just get to make things and
you get to make it and it's all cheaper
and you're going to be able to do things
you just weren't previously able to do.
>> Um
7 to 10 years
that one's going to be a little harder.
That's you're going to be like, "Huh, I
don't have a job. Uh I don't need a job
because I'm being taken care of, but I
don't like the way that feels." and all
the really cool things that Tom is
talking about. We're still not a
cardartesev type two civilization yet.
So, this kind of sucks. And there will
be a good 10ish years of that which are
going to be unfun. Um,
there's no way around it,
>> man.
>> All right, everybody. That's it for
today. We will see you on Friday. And
until then, my friends, be legendary.
Take care. Peace. If you like this
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