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[Applause] all right next up um joe lonsdale we go joe lonsdale's gonna come up he's
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gonna tee it up for about five or ten minutes in a solo dolo he told me he's burning the house down
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[Music] and they've just gone crazy with them well hello miami it's good to be here
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from austin for a day we're uh it's the second second best tech city here it's not too bad
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how many people actually are live in miami i'm curious with the crowd we've been over that so everyone's flown in
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town like me that's pretty cool well you know i'm i'm generally an american optimist but i want to talk about
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a lot of stuff that's broken right now that we know how to fix but we aren't and you know talking to these guys
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especially hearing from elon and everyone today it's just so exciting what our civilization is going towards
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what it could be doing but if you talk to a lot of our smartest friends uh you know you look at guys like dolly or
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bridgewater and others you know they see america and decline they see decadence they see decay and i think there's a lot
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of important questions we're facing right now like why do these happen to a civilization
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why when there's so many exciting things going on that we know can make a really
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great future you know for our kids and grandkids and for humanity why is this stuff breaking and i want to tell you a
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little story a policy group in austin and we have you know we follow the homeless population there and we were
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going along with a middle-aged mexican gentleman who had just lost his job and he went into the homeless center he's
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really struggling and he says you know i really want to try to find a job i want
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some job training and the and the in the person working there she says you know sir you deserve a home and he said yeah
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that's great but you know what can i get some training and she said you don't need to worry about that you need to
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worry about getting a home for people just like you what you deserve and and i want to back up about the
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situation in austin because we're seeing this all over the country right now you
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know in 2018 the mayor of austin went to san francisco in l.a and and you know he was asking him for
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advice that i wanted to do for homelessness there wasn't really homelessness downtown it's funny this is
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funny to me too but there's actually a reason he was asking him for advice and it's a special interest thing where
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there's actually hundreds of millions of funding that goes to these groups in sf
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and la that work on this into all of their friends and to all the people with their politics and it's a huge money
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spigot for for politicians they're very powerful in those other cities in austin
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they didn't have that money spaghett and he wanted it and you know you know what
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they told him i heard this from both sides he said you know you have to show people that capitalism doesn't work you
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gotta put it in their faces uh and then you'll get funding and he went back to austin and he brought all
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the camps downtown uh homeless death spiked homeless trafficking spike sex trafficking spike drugs spiked but uh
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the funding went way up for him and his friends uh they got massive new funding you know unaccountable sources of money
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for these people and and and then and then of course they start deploying the answers which is the housing first
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strategy and by the way this is not just like a right versus left thing i think housing first was first deployed under w
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bush so this is this is a general strategy you guys probably know in la they spend eight hundred thousand
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dollars per new home trying to solve this problem there's seven thousand non-profits right now you know funded by
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hud around our country with the same philosophy and the philosophy is no pay for performance no transparency no
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accountability just build the homes and you know when i first heard about this a
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decade ago i thought wow that makes sense there's 5 000 homeless people let's build 5 000 homes uh it turns out
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that there's still about a couple percent of our society that really don't have a home but they're living kind of
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on the edge on people's couches with other family with friends so the actual demand for homes
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and it turns out maybe it's about 6 million 10 million it's effectively infinite there's infinite demand for
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homes in our society and who do you think gets these tones when we build them so so this guy we're following you
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know a few hundred people with my philanthropy group and our team goes back in with him
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and he gets in line and he's been leaving between a camp that they helped him set up in downtown and uh in a
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relative's house but he's saying he's living outside in camp and he goes back and he's just missed getting a home and
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he's frustrated and they're explaining the points to someone he says wait a second so you're saying that if i was on
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drugs i'd qualify for a home and they said well we don't like to say it that way but that's true and he says you're
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saying if i committed a crime i'd qualify for a home and they're like well yeah but that's that yeah we don't like
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to say it that way but that's true that would have given you enough points to qualify for a home and and and and what
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happens here if you try to bait this system there's you know 7 000 of these pro groups around around the country uh
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you you're streamed out as a racist you're streamed at without a homonym attacks there's three things one there's
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not the intellectual humility to see that there may be other answers that may be correct
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two there's no respect for the dignity of everyone in this conversations if you disagree you are a bad person
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and three there's no passion for the truth these people are not trying to pursue the truth these people already
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have the truth and they're giving it to you as a dogma and this is true of pretty much
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every of these broken areas in our society and there's a lot of them there's a lot of them right now there's
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like we know we have 50 training programs that we spend a lot of money on the federal government they're not
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accountable they don't tend to work they're very broken there's no transparency there's no competition
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there's no debate you're forward or against it and you're a bad person if you're against it there's there's
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there's these vocational schools around the country texas vocational schools uh were really underperforming seven years
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ago and uh you know what we did is we ended up actually changing them so that the
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schools were only going to be funded based on the salaries of the students coming out if you tie it to graduation
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rates doesn't work because they can graduate everyone we tied to the salary is coming out we got the we got the
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salaries coming out to go up 117 percent just by putting in that accountability but but most of the country doesn't do
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that most of the country there's vocational schools people go very low graduation rates they fail uh we're not
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going to go into the k to 12 issues you guys know about but one fact most people
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don't know is the education inequality in this country is far greater than the wealth inequality far greater so so
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there's i mean you know and you guys probably see there's infant formula production thing which is a crisis right
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now there's really basic policy mistakes around that the way we run our prisons our probation and parole there's all
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sorts of ways to run a much better we're not doing it though uh you know i'll give you one other example because elon
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was speaking today austin infrastructure i'm very excited about his boring company
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and you know they on austin we passed a six billion seven billion dollar plan to
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build really small amount of infrastructure it's already balloon and cost of 12 billion you know for for less
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than half the original money for three billion dollars you could do over a hundred times as many uh as many tunnels
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in terms of what they're building right now and and you do you know with with a hundred more stations and so basically
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for a tiny fraction of the cost and again i go and talk to the city and talk to the guys there's no intellectual
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humility uh you know we don't there's no they don't respect your dignity elon's a
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bad guy we don't like elon whatever because they're they're some kind of extreme version
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and uh and they're not interested in the truth and they're really not they're just interested in like what they're
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going to do their way and so can you kind of come back to this like what what's going on in our society where is
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this coming from and you know say what causes decadence to can decline i think the more important question is what
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actually works like why is our society functional and yeah i think this you have to take it back to the
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enlightenment right i mean this if you look at the exponential growth that's happened that's created the wealth that
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all of us enjoy it really happened over the last few centuries kind of post enlightenment and and you had a society
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that really cared about pursuit of the truth really cared about competition of ideas right i mean and you need the
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virtues for this to work right the classical virtues that we talk about our civilization justice wisdom temperous
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courage you need the courage to actually fight for the truth and so what in the long time ago you tended to have
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religious dogma uh which could be some form of virtue signaling some sort of some form of you know basically keeping
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out outsiders and then you had separately debate and substance and debate and substance generally lost to
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religious dogma and what was unique about the enlightenment was unique about our university system
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which we which we created was the liberal universities were a place to have debates where substance could
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actually win against you know dogma and against you know people who people who disagree you
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actually had to disagree civilly and you actually had to pursue truth you had to
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have the intellectual humility to know that you don't have all the answers you had to expect the dignity of
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people who are debating and you had to fight for a passion for the truth and what's happened instead is that most of
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our universities have been conquered by dogma by religion they no longer have these things so once
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again we have the idea of heretics and blasphemy we don't call that we don't use those words but that's what we're
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facing right now if you disagree with people you're a heretic and you're committing blasphemy if you speak
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against all sorts of these things you're not supposed to speak against if you say
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that dei is actually causing problems if you say that here's why esg is wrong that's like it's blasphemous you're not
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this isn't yourself you're not allowed to attack these days you're in trouble you're told not to speak against it
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again or else you're fired there's been about lots of corporations right now this happens all sorts of people and
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this is happening first and foremost on our campus what's happened is this zero-sum historically illiterate and
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tolerant virtue signaling religion has completely taken over and is silencing people and you know our founders our
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founders were were quite fond of heretics i don't know if people realized that but that was kind of the equivalent
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debate 300 years ago to this to this woke religion is that benjamin franklin he said i think all heretics i have
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known have been virtuous men they are the virtue of courage or they wouldn't venture their heresy and they cannot
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afford to be deficient in other virtues to the numerous uh enemies they provoke and so you know i think thinking what's
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going on here all of us first of all need to go back and think about like where where do we not have enough
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humility to try to learn more where where are we not expecting people who disagree and actually engaging them and
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debating them as opposed to calling them names running them off and frankly i think we should also
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remember it's actually really good to be offended uh it's the opposite of safe spaces
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there's this weird cultural thing with the millennial generation i guess i'm barely part of it unfortunately where
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you're basically supposed to protect people from being offended you're supposed to protect them from blasphemy
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i think it has to be the opposite if our civilization is not going to decline i think we actually have to go out of our
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way to learn that when we're offended we have to be stronger it doesn't mean you're you're somehow like elevated as a
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victim if you're offended that's your problem if you're offended and you just stop and think about it and we need to
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use that to advance our civilization again so that's my that's my save for today
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jason wanted me to add a bunch more blast for me but i'm going to hold off on that
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i think you did enough i think it did enough let's talk let's chop it up get in here
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let's talk about why people feel like they're victims what do you think in our country
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makes certain people feel that they've been victimized what are the valid reasons people might
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feel that they have gotten a raw deal in america i mean i think all of our answers have gone through us i'm jewish
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and irish there was when my ancestors came over they were signs saying no dogs are irish allowed my grandfather was
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only promoted to a certain level at abbott because he was a jew actually didn't realize they hired a g when they
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they laughed and said oops that was a mistake you can only get to this level yeah and so i mean i think i think there
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has been some pretty horrible things everywhere in the world frankly not just not just america i think everywhere you
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look there's there's always been groups that have been treated pretty badly i'm irish as well
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irish need not apply yep we had a pretty horrific family and and i'm lucky and then and it's obviously a lot easier to
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be irish than it is to be someone who's black in america i think or jewish and the holocaust yeah yeah so that would
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agree that's true different people's experiences are on a spectrum of the suffering
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correct 100 and so people who've suffered more deserve a little more empathy and perhaps a little
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bit more uh consideration they deserve more empathy but doesn't mean you should embrace philosophies that are wrong or
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harmful right so i mean if you look at the obviously like there's a lot of truth
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and positive parts of the blm movement the last couple years but it's actually led to thousands more deaths in the
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black community because of the things that it was pushing because of the bad ideas we got another one of these things
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we got one more one more how many more of these do we got to do this is like way more work than i
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thought i was signing up for way more work someone get this man a drink we should have had cocktails i never
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agreed to be in the conference business when we started doing this pod i respect you for what you've been able
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to do but this is way too much work you guys said you wanted to do a look at yeah all these fans are here though
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you're doing the q a tomorrow okay sounds good uh i think you know joe uh candidly i think that is where the
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argument breaks down a bit is um people have had different experiences and i would
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disagree that people have to stop thinking like victims i think sometimes we have to think very deeply about
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the suffering people have had especially when it's different than the suffering that you and i have had but that that
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it's so it's and i'm not virtual signaling here i'm just countering i think that i think that's fully true
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what i was really against is i gave 10 examples of ways in which our society is broken and hurting poor people hurting
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working class people like just wasting money on things in dysfunctional ways and all of that is happening because
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we're like going to this illiberal society where we're not able to actually like debate things logically sure and
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respect uh respect other people on the other side of the argument and it's all about demonizing people who disagree
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with us right and i think that's just really really scary right now do you um there's a website people have tweeted
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this uh i think the website is called what the [ __ ] happened in 1971.com you know what i'm talking about where
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yeah if you go to this website i don't tell me so in 196 if you look back socioeconomically
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there's a whole bunch of charts and graphs of everything from gdp to you know uh labor participation rates
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etc and there is a a moment in 1971 where just trend lines break and uh you know dorsey tweeted this out
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a little while ago um a bunch of people talked about it and everybody has tried to figure out what
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actually happened there's a couple there's a couple really good explanations i think right i think i
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think the two biggest ones i think the two biggest ones by far is one is tech driven globalization and the other one
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is going off the gold currency which over financialized economy so i think the gold currency one was important i
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think the one that people don't talk about whether you agree with it or not i'd love to get your perspective is you
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know the move to the great society had a whole bunch of um things that i think were meant to do
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uh meaningful good and then broke down the family as well which is a huge problem in america and
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this is yeah so i mean we talk about things that make civilization prosper i think you get the classical
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virtues and you get a strong families uh which by the way for whatever reason i still can't tell blm was strongly
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against which i think is like just just horrible so so i think it's a problem in
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the white community as well by the way it's like almost half kids are born out of wedlock right now and if you
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statistically look at that those kids just on average vastly underperform this doesn't mean to say there's aren't
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one-off cases and you should get divorced if it's the right thing to do but but but but it's like it's like it's
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really bad for society as a whole statistically you can't argue against that and exactly we've accidentally
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created the incentives towards divorce in the 1960s which obviously wasn't intentional but this is
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a huge problem you're not supposed to talk about it's like a conservative thing i guess
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um and talk about the the financialization and moving off the gold standard as well how did that change
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socioeconomic dynamics in america well basically it made it so there's like a lot more
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money around and so i think i think it over it put more returns into finance so i i benefit from this is is do you for
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as an investor uh so but but making things yeah i think i think i think it put more returns into finance and
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because there's this explosion of credit and money relative to so i think finance
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outperformed uh labor in terms of it's an advantage for finance which is not what you necessarily want it also really
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really helped accelerate tech driven globalization which probably was good for india and china and southeast asia
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and even africa but it basically forced workers in the u.s to compete against all these people directly and so you had
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people paid like 15 times as much in the us these are people and and and then and
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it wasn't sustainable so over time these other people just out competed over the last 50 years which is really
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tough you find it hard to find your tribe in silicon valley oh yeah intellectually has it become
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easier harder the same you know i've just given up on like having even a tribe so much as like let's work on this
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together let's actually make prisons have lower recidivism and higher employment and here's how we're going to
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do it we're going to put these transparency and accountability incentives and it's hard for anyone to
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really disagree with that unless you're running the prisons union and so like we're getting all these laws passed from
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probation and parole and that we're getting all these laws passed foreign vocational school work better yeah and
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what's annoys me chamoth is that i feel like as people who've succeeded we all sort of have a duty to go and fix these
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problems and almost no one else is working on them that does annoy me um and then in terms of like for example i
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want to talk specifically because you mentioned higher ed but if you go a little bit before this
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um we have no real form of competition in the school system yes um you need to use some mechanism for
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good ideas to win a bad idea solutions and the the existing framework has been charter
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schools um but that's been attacked in under every you know sort of way shape or form how
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how does that problem get solved how do we get kids um you know so so the problem if you just
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give everybody choice right now and you give them say funding take the money where they want it basically defunds the
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public schools which then hurts the poor kids the most uh and so i understand why
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people are against like total choice for everyone it's kind of it's kind of more
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like policy detail i think the way to get around that is you just give the poor kids choice because if you just
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give the poor kids choice and now it's very clear you're just doing it to help them but even them being able to choose
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will put pressure and get rid of the hurt the bad schools and help the good schools so you see some mechanism let's
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do the mechanism through the poor kids because that helps them the most like that that's that's my view seems
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actually like a reasonable argument because why should the i mean my kids have choice where to go with my with
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with my wife and i why shouldn't poor kids have that choice so there's there's things that teachers usually are going
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to hate that but at least it's a way to kind of kind of maybe build support for it and is there a way for unions to
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to actually do the the part of the job which is about protecting workers with but disentangle some of the
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financial incentives to aggregate you know dues participate actively you just got to change the power structure right
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now they're totally in charge they don't want to give an inch i get it because every time they give an inch they're
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going to lose more power later on if they see that they're losing some battles then they have to negotiate and they're
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going to be more reasonable yeah you're right we're going to get rid of the bottom 20 percent we're going to you
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know you got to get to a point where the power changes enough that they're willing to then work with you
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but i mean the bigger the bigger thing i think is we actually need leaders who are courageous who could speak up about
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problems in in the midst of everyone yelling and screaming and saying you're not supposed to say things because they
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actually i don't care what you're not supposed to say this is my version of the truth and this
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is what's going to be the best in society and what we're teaching at universities right now is the opposite
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of that what we're teaching is joe just don't say that joe why are you causing problems for yourself joe you know
00:18:47
you're not supposed to talk about these things and i'm so sick of it because like this is why all that stuff's broken
00:18:51
is because no one's speaking up you bought a college [Applause] my my friends barry weiss and neil
00:19:01
ferguson and i uh along with a couple a bunch of others are starting a new university in austin yes did you buy an
00:19:07
existing university [Applause] we got 500 acres in the water it's really pretty it's about
00:19:14
15 minutes from the tesla giant tesla plan about 30 minutes from downtown what are we going to build you teach what
00:19:20
will the majors be and what will be the approach you know the the hypothesis you know as
00:19:25
entrepreneurs our job is to find these gaps in the world where something should exist but it doesn't and it seems like
00:19:30
for the first time in a few generations uh you could actually build a university
00:19:34
that competes with the other very top universities and attracts the very you know most talented kids one of my
00:19:39
obnoxious views on this which i think the stage might might agree with because it's in our direction is that you used
00:19:44
to be the smartest people in the world a lot of them became professors and now you get a lot of very smart people
00:19:49
becoming innovators becoming builders like my smartest friends i got to drop out of their phds from mit and stanford
00:19:54
and caltech actually found more intellectual expression and satisfaction you know in the entrepreneurship world
00:19:59
than they did there and so therefore in order to compete you want not only the top professors but you want to involve a
00:20:05
lot of top innovators and you know we want to teach we want to teach the history of thought in into
00:20:10
free civilizations you want to actually see like like how the alignment come about what were the books what were the
00:20:14
debates that people were having when they're found in the country and kind of kind of learn that core uh and then we
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also want to have centers where you keep interdisciplinary there's one of the key
00:20:23
things universities this is again somewhat technical but they're broken because you get these departments to get
00:20:27
conquered by a certain ideology so you get certain people to only allow people who think like them to be in those
00:20:31
departments so you want to you want to spread it out keep interesting how much how much of this is because of tenure
00:20:37
tenure is a big problem you want to have some protection 10 year old originally was a great thing protected you to say
00:20:41
what you want in practice now it's usually it's usually the other way around and it's pretty and yeah it's
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just not good yeah but yeah no there's there's a huge gap there i think we could fix it and my
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goal obviously is not to have everyone educated through one great university it's to put pressure on other
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universities to change and to help build multiple new ones which i think we need
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to do and the school that you start interdisciplinary by nature which means that not necessarily known as
00:21:05
for technical people for mathematics they'll be like a center of like political economy and history they'll be
00:21:10
a center of data science and innovation and you know et cetera there'll be centers you know
00:21:15
of you know arts and writing and stuff so i think you want difference there are different skills i think everyone should
00:21:20
get the kind of core isn't it for profit or is he going to no it's non-profit it's probably it's part of me wishes i
00:21:26
made it for profits i need to make money because it'd be easier to raise money for it but we've talked to him we've
00:21:31
raised about 100 million dollars nonprofit for it we have the land uh so i mean it's it's gonna work i put my
00:21:36
name on it so i'll pay for it raised a hundred million dollars for this yeah the non-profit yeah yeah
00:21:43
and uh when do you plan on opening it fall of 2024 is our goal for the first class to
00:21:49
be about the size of caltech at first is the hope it's pretty ambitious project yeah well a country our country needs
00:21:56
some some more leaders right now who are courageous and know what i think how do
00:22:00
you energy how do you uh how do you how do you think you'll recruit the first class how
00:22:05
do you get uh yeah you want you want to do much more active recruiting than most
00:22:07
of a top colleges right now especially because we won't be as known at first but i'll tell you what we have a seminar
00:22:12
this summer of 80 kids and we had 44 000 inquiries of from kids about it we have
00:22:17
uh you know when we first the first two weeks after the story was out on twitter
00:22:20
in november that we're doing this we had 4 400 professors apply because these professors are fleeing a lot of the
00:22:25
professors by the way a lot of them on the moderate left they're being attacked by the extremes for again talking about
00:22:29
and saying things you're not supposed to talk about and say and so so a lot of them are trying to fleet other
00:22:33
environments there's a huge demand for it right now it's it's super weird that college kids yeah are
00:22:40
against having debates and discussions so much worse i just find it so weird like that was like one of the best parts
00:22:47
of college because i don't have i mean i haven't been in college so the last five
00:22:50
years just gotten totally crazy like we had a woman profess a really smart woman you know
00:22:56
definitely on the left but like she was applying from nyu law school asking against her we're going to do a new law
00:23:00
school because she can't stand that anymore and we say well what's going on she said well for example we used to use
00:23:04
the socratic method in my law school and i would ask tough questions from both sides of the kids and now in order not
00:23:10
to trigger people i have to write them an email a week ahead of time to make sure i can ask the question and then i'm
00:23:14
going to ask in class next week so if you were to need a lawyer this is to train a lawyer i mean it's just this is
00:23:19
this is where we are at this point so that's nyu law school is nyu that's the policy of nyu i think we got
00:23:25
a bigger cycle project i don't know but like this is this our universities have just gone crazy the last five years like
00:23:31
but is that is that an isolated incident or no yeah yeah has more administrators
00:23:35
and students these administrators are on the whole more likely to be neo-marxists
00:23:38
than to be than be republicans i mean it's just like these things have gotten very extreme
00:23:44
what do you think sex [Laughter] about did you ever think it would get this bad when you were about the university and
00:23:54
you know i mean you lived at a time i mean the time at stanford was uh a pretty bold time when you were there
00:24:01
in terms of freedom of speech in terms of debate vibrancy yeah what basically happened is all those radicals are being
00:24:07
inculcated and trained and brainwashed at stanford that we were reacting to what have 25 30 years ago they all
00:24:14
graduated and then they went off into society and took over all these institutions
00:24:20
and that's the problem we have today matt taibbi and glenn greenwald were talking about it earlier today where if
00:24:25
you actually look at polling the biggest divide in america in terms of political
00:24:29
and cultural beliefs is whether or not you have a college degree so if you're basically a college
00:24:36
graduate you're a member of the professional class if you're not a college graduate you're a member of the
00:24:41
working class that is the biggest divide and you know the the members of the professional class by and large have
00:24:48
very very far left views on sociocultural issues that's just a fact i mean whether you agree
00:24:54
with it or not um and that is creating a huge amount of tension in our society because
00:24:59
two-thirds of the country is working class one-third is a professional class in a democracy the side that has the
00:25:08
larger numbers should win so the working class has the votes but the professional
00:25:13
class runs all the institutions and this is the source i think of all of our political strife
00:25:20
in america is that the people who are in charge of our institutions from the new
00:25:23
york times to the washington post to the fortune 500 disney hollywood and you go go down the list they have
00:25:32
views that are fundamentally in tension in conflict with the views in most of the country the working class of the
00:25:37
country now if you remember that class you may think it's a good thing we're going to push our views
00:25:43
onto the country whether they like it or not and we're going to convert them that's what you call the elite class
00:25:47
right that's the elite and um and that's what's basically now like what i'm describing is not like a criticism i
00:25:54
think it's just like i think that's what i think this is a factual criticism what's happening well yeah i don't think
00:25:59
it's partisan either i mean there there are people who are republicans or democrats there are elites there are
00:26:05
elites in both parties and there are certainly working class people in both parties but what i would say is that the
00:26:10
parties are now in the process of resorting around this sort of political and cultural divide and historically the
00:26:17
democrats were the party of the working class they are now much more the party of the professional class um and they
00:26:24
buy into the belief set of sort of the college educated the you know the those sort of
00:26:31
you call it the woke uh sensibility and the republicans are in the process of transforming into a working class sort
00:26:37
of populist party yeah and um and look there are in both parties there are outliers who don't quite fit in anymore
00:26:44
but um but that's the fundamental transformation that's happening yeah i mean you guys fit into that your
00:26:50
people in the republican party who don't fit in it anymore i mean i wouldn't even necessarily mind
00:26:55
that dynamic you described so much if they weren't breaking everything and if they weren't not allowing conversations
00:27:00
about how broken things are and the better ideas right it's a very strange illiberal nature so i think and i
00:27:05
disconnected with what we were talking about with glenn you know greenwald and tybee is that
00:27:10
look if if you're part of the elite and you control all these institutions all the this cultural
00:27:16
high ground but the country is not with you and just in terms of the sheer numbers
00:27:20
you are going to use the tactics that people in power always use to suppress the greater numbers that's where
00:27:27
censorship comes from the people who are running these institutions don't they want the debate
00:27:32
to be over they want the power to end the debate because they're not otherwise going to
00:27:37
win that debate [Applause] well we're very interested in seeing where you take it and
00:27:46
we appreciate you taking the time to share your views ladies and gentlemen thanks
00:27:53
we'll let your winners ride rain man david sacks we open source it to the fans and
00:28:02
they've just gone crazy [Music] it's like this like sexual tension that they just need to release
00:28:30
[Music] your feet [Music] i'm going on [Music]