00:00:00
i got a counter to the other another another
billion dollars i lost i've lost two two billion dollars in the last two days are you guys
recording please record this it looks like we
00:00:08
looks like we need a poker game tomorrow can you
imagine how tilted your mother's gonna go yeah he's gonna be he's got a million in he's going
to buy in for 2 million just to try and get even
00:00:20
let your winners ride rain man david source
00:00:38
hey everybody hey everybody welcome to another
episode of the all-in podcast we took a week off
00:00:44
and boy that was sad i missed you guys i missed
my best we should tell people we had a we had a
00:00:51
small medical procedure for one of the besties and
uh but everything's good and uh it was planned so
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you know nothing nothing out of the ordinary but
we just needed to take a week off that's why we missed a week and that's what we're about yes and
one of the besties uh god i got so many jokes i'm
00:01:05
not going to tell all the jokes that came into
my mind right now would get me get you cancelled really just i literally had seven jokes
i can't tell any of them based on the
00:01:14
amount of money that i've lost in the last two
days i'm ready to get cancelled so it's fine put them in the chat and i'm just gonna [
__ ] let them rip all right everybody david
00:01:23
sacks the rain man is here calling in from an
undisclosed compound freeberg the queen of quinoa
00:01:31
back in action and the dictator himself
licking his wounds two billion dollars for
00:01:37
a billion a day keep it going checking the
apple stock app hitting refresh and going
00:01:43
thank god these companies have fundamentals
because i haven't seen this much blood since game of thrones jason honestly at this
run rate i can lose a trillion dollars
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how do you feel today how does today feel compared to last march when
the same thing was happening you know every day
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the market was down 10 well this is what's
important we made a joke it was like it could only go down ten percent so many days in a row
march march uh 31st you you guys have to remember
00:02:16
that march 31st of 2020 the headlines all over
the press and you can you know go to the wayback
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machine and look at these things but the dow
was down 20 some odd percent the s p was down 20
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and it looked like the world was going to end
and then we had our first big stimulus bill um and things started to look china started
to reopen slowly and things started to look
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better and what's interesting is you have this
rotational sort of deleveraging that's happening
00:02:45
right now people are repricing in inflation people
are moving into sort of these you know overlooked
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stories getting out of growth a little bit and
it's a bloodbath um but i would just i would just
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encourage us all to remember that we were in some
pretty dark days in march of last year as well and you know when you looked at it by the end of the
year it looked amazing so i would just add to that
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the markets are looking pretty grim for tech
stocks right now but this all started because of a really great jobs report showing that
the economy is roaring back so we added 379
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000 jobs in february which beat expectations by
200 000 they also revised the january gains up 166
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000 so now the unemployment rate is down to
6.2 percent remember it was at like 15 percent
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you know last summer during the the lockdowns
for covid so i mean all of this is fundamentally
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due to i think really great news in
the economy because covet is ending and which kind of begs the question of why we need
another 1.9 trillion dollar stimulus bill but but
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i think that ultimately there's a lot of good news
in the real economy and what investors are doing
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is figuring out how to now price or reprice uh
all these different stocks in light of the economy
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roaring back so just a little just a little math
lesson to build on what you're saying you know everybody has a risk-free rate and all stocks are
priced according to that risk-free rate and when
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you know for the many for the last sort of year
particularly when risk-free rates were essentially zero to negative meaning you know that's that's
the riskless money where you that you get from
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the government um it was hard to do anything
except belong growth stocks in a big big way
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but david to your point if we get two or three
more quarters of these kinds of jobs numbers
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you're going to have a you know low single digit
unemployment number and what that means is wages
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will have to go up for businesses to compete and
that's the kind of traditional form of inflation
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that actually reprices things because you then
you lever up rates to kind of control inflation
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when you lever up rates and you you know all of
a sudden they're not zero but they're two three four five six percent this is sort of what brought
the tech bubble to a halt in 2000 which is that
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you know you had six percent real rates and so you
can't own businesses that are projecting revenues
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let alone profits in 2026 um when you can invest
your money in a bond and make six percent six
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percent and that's what i like so just for folks
that don't know this week started with this big
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bond sell-off and what that means is bonds that
used to yield zero percent when you sell them
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they're now yielding 10-year treasuries i
think are at one and a half points right and so as an investor if i can make one and
a half percent with no risk by owning u.s
00:05:30
treasuries over the next 10 years that may feel
like a better bet than owning some risky asset
00:05:36
some speculative company now the other thing
that that it has done and chamoth correct me
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if i'm off on this but what i'm hearing is that
that higher rate because bonds sold down because
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people are expecting inflation to come back up
the interest rates to borrow money are going up
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and so if you're a hedge fund or an institutional
money manager over the last year or so you've been
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able to borrow money for zero percent you can
lever up your portfolio and and and buy as many
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stocks as you want without paying any interest
on it and now that rates are creeping back up people are de-levering they're they're taking risk
off and that's causing a sell-off in both bonds
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and stocks and especially on the speculative
end of the market where you know there's been
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um obviously unchecked kind of investment
capital no you're you're going in you're you're absolutely right like look at the
at the end of the day the cost of borrowing for
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a company goes up what that's really saying
is the investor that's lending them the money um you know has other alternatives um and so
then they're willing to charge you more and
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more for this for this capital and as that
happens you'll see some companies get into
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potentially some real trouble because you know
they're gonna be borrowing money at rates where they can't necessarily generate the cash flows
in the future to pay those things back at the
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same time as you said if you look at sort of like
you know the spac market has taken a real beating
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um what are what are spacks really well you
know in many ways spacks are synthetic bonds
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right and and the reason is because you know if
you go and buy a if you go and buy us back one
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share of any spac you have the ability to redeem
that if you don't like the deal that it does and
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get back your coupon so you know you're notional
rather so if you were to buy a government you know
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german bond at negative one percent or by any spac
where you can put that same you know ten dollars
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to work and get back ten dollars well you do that
versus getting back nine dollars and ninety cents so in many ways like you know the stock market
benefited from rates at zero because you could
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synthetically be long spax as almost a way of
being synthetically long fixed income now as rates
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go up that's not true so what that leaves in the
space market are actually people who want to own
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long-term equity and if you combine that with what
we just said which is the cost of capital going up
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and the discount rate going up now all of a sudden
companies need to be really real and you're seeing that because if you look at the companies that
have just announced back deals just in the last
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few days their stocks have gotten absolutely
obliterated and they're right on the knife's
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edge going into the redemption period so if you
have one or two more months of this where all of a sudden bonds look better and you know some of
these specs post announcement but pre-dece packing
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go through you know ten bucks a share
people just redeem for ten dollars um and you'll have you'll have a bunch of busted ipos
by the way by the way another thing we're seeing
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sorry jason another thing i think we're seeing
right now is in the near term is a feedback loop so as selling takes place what happens is market
participants are jumping in and short selling and
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participating in the trend of that stock and so
there are these these kind of experiences that
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are underway where it's not just about a sell-off
of owners but it's also about a momentum trade that a lot of people are playing into and so there
is a very short-term extremely compounded effect
00:08:56
of the de-levering that's happening in the
cycling that's happening in these markets and so it's super volatile and probably will
be for a little bit of of time here right
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i think so i think we need to figure out
whether there's really um whether there's a real inflation risk dragon cooking someplace
if there if there really is inflation like again
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you have to think like the trillions of dollars
we put into the economy eventually has to come
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out in productive goods and services and all of
that excess capital will probably inflate prices
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now it begs a different question which is we maybe
we've just actually been missing inflation all along because if you ask somebody who lives in
a city you know what the cost of rent has been
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that that thing has been inflating by
feels like twenty percent a year for years so you know health care and education
costs and health care and education
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so maybe we've just done a really terrible job in
the last few years of actually measuring inflation the way it should be you know it's calling this
whole basket of you know you know cpi x energy
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like i mean it's kind of nutty maybe the whole
thing just made no sense a few years ago anyway to david's point and david gave me just a huge bag of
red pills while we were off this week so i've been
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just i've been on a bender on these red pills
but if you look at those three categories what do they have in common education health care and
housing massive regulation and then if you look
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at the things that have gone down consumer goods
electronics food et cetera or have stayed flat in
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terms of inflation those are things that the free
market participates the government's not involved and it's not just the fact there's a lot of
government regulation in things like health care
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and education it's also that the government pays
for a significant portion of it and so there's no
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reason for the people you know who are billing the
government to keep costs down i mean this is why the price of education of a college degree keeps
going up is because the government's paying for a
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lot of it i i i i j david you probably i think you
you may have seen this but when you know when we
00:10:52
announced um our merger with clover for ipoc one
of the first slides i put up there was the only
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place in the market since 2010 where you would
have made more money than being along facebook
00:11:05
and google and apple and amazon was being long
united healthcare cigna wellspring and the reason
00:11:12
is because healthcare was this incredible thing
post-obamacare nobody wants to talk about it on
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the left because it makes it look terrible
but we created massive price inflation and
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united healthcare was a 30 billion dollar company
narrative violation be careful right before right before obamacare passed today it's a
330 billion dollar company um and the level
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of growth that they and aetna and you know cigna
and wellspring these [ __ ] these companies have
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have seen is astounding so these highly regulated
you know systems of societal infrastructure that's
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where all the gains have been regulatory capture
writ large right well as soon as the government is paying for it all the suppliers know they
can increase their prices why wouldn't they so
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it's it's what happens is the government tries to
make something free for people and all they end up doing is making it really expensive well they make
it they they make it up to maybe now they make
00:12:07
it expensive in this very in this very convoluted
way which is hard to track right because it's like
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you know uh who's actually paying well you know
the insurance companies want to just book more
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revenue even if they're you know even if their
gross aggregate profit grows much much more slowly
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they'd rather make the same amount of profit on a
billion dollars versus 100 million dollars so what
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do they do their incentive is to just jack prices
up who are paying those prices companies pay those
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prices who bears those costs all of this stuff
is really not clear because ultimately downstream
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somebody has to pay for this stuff taxpayers and
it's all obscurified i mean look i mean look at the tent story that we were sharing on our group
thread 61 000 for san francisco to put people
00:12:51
into tents with a no big contract one question
i have for for you all um is if we look back
00:12:59
the last time we were at six percent unemployment
july 2014 we look at the unemployment graph it's
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spiked up to as we discussed 15 percent and it has
plummeted back down now to uh the six percent rate
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if we look back on this moment in time and how
quickly the economy is recovering from this
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disaster that we've never experienced before it
looks like this recession is gonna be recovered
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and we're gonna we're already back in business
in such a short period of time compared to
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what happened in the great
recession and the dot-com boom so is america and the u.s dollar and the economy
anti-fragile now to use a teleport term
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what do how do we look at what happened with
the economy did trump do everything right with the stimulus this is a this is a complete outlier
in the following way in a typical recession what
00:13:51
what has to happen is so you have a contraction in
the economy but you don't know when the bottom is
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right the bottom is some number of months in the
future and government policy is basically trying
00:14:02
to create a soft landing where all of a sudden the
cost of capital is low enough now where people say
00:14:08
uh on the margin now this incremental dollar
i would rather borrow and invest which drives growth which then gets the economy going and so
you know how does a government deal with that
00:14:18
they are looking at economic data and saying okay
you know what let me cut rates i'll cut rates again i'll cut rates again and that's really the
one tool that they have in their toolbox because
00:14:26
they're trying to predict in the future how many
rate cuts do i need to get or have rather how big
00:14:32
do they need to be until i get to that place where
you bottom out the pandemic was the exact opposite
00:14:38
because in many ways we actually hit the bottom
in month one because we said everything go to zero right now right when you shut everything
down you technically can't have less economic
00:14:47
activity than zero yeah and so and so in many
ways you price the bottom on day one boom and in
00:14:54
hindsight you know the the real insight would have
been to to see that and say i'm buying this moment
00:15:01
because it only gets better from here so in in
one ways like all of the tools are are actually
00:15:08
now we need to think about them in opposite
and i don't think we have that training to do
00:15:13
that well so we're still going back to the same
toolbox which is why what david said is so true you know we're thinking about incremental stimulus
as a as like a way to get to a soft landing but
00:15:23
we've already actually taken the hard medicine to
europe so let's let's tackle that saks should we
00:15:28
and let's let's take virtue signaling and populism
out of this discussion just on an economic basis
00:15:34
is it necessary to send every american another 600
thousand two thousand knowing what we know today
00:15:41
with the unemployment rate going down would be
redder would we be better off taking that capital
00:15:46
and deploying it in education right unemployment
or something else well first of all it's 1.9
00:15:54
trillion that we don't have we're borrowing it
i mean i would extend unemployment for people in those hard-hit sectors that haven't come back
yet but most this money is going for blue state
00:16:03
bailouts of cities that are totally mismanaged
this is not going to help states like california
00:16:10
or cities like san francisco get their house in
order because this is going to bail them out and defer that day of reckoning from their chronic
mismanagement so we're borrowing money we don't
00:16:18
have to bail out people cities and states that
don't really deserve it i do think we should help the people who've been impacted but um but
it doesn't require two trillion and look here's
00:16:29
the thing we're already down to six percent
unemployment we're going to be down to i'd say probably three or four percent in two quarters i
mean the economy is coming roaring back and the
00:16:37
reason is coming roaring back is because covet is
ending right so the biggest announcement recently and i think this is playing into what's happening
in the stock market as well is that biden
00:16:47
announced that every american who's over the age
of 16 who wants a vaccine will be able to get one by the end of may by the end of may i mean we're
going to have yeah what what wait what happened to
00:16:55
the fossils yeah right well he was six months off
this just yeah when he came in office in january
00:17:01
he's saying the worst is not overblown i mean
that was clearly sandbagging the worst was over
00:17:06
and we're gonna have 300 million doses by the end
of may and the only reason why everybody won't be able to get one is because of states that
are you know creating these ridiculous hoops
00:17:16
to get through confiscating them yeah exactly
like california right now is has three million doses sitting on a shelf because of all the crazy
hoops that gavin newsom has everyone going through
00:17:26
because he wants to score uh browning points on
equity right um so if the government would just
00:17:31
get out of the way let everyone who wants to get a
vaccine get one without worrying about making sure the exact right person in the exact right line
gets one first this thing will be over by memorial
00:17:40
day over now look there'll still be a case here or
there for sure there'll be i'm not saying there'll
00:17:45
be zero cases of cova but there will be zero
pandemic understood as such by the way i'll also
00:17:51
say one other um you know important point about
the stimulus uh one that sacks made yesterday the
00:17:58
cbo put out a a projection this is the the budget
office uh i think congress and they said that the
00:18:06
u.s national debt is likely to reach 202 percent
of gdp by 2051. so the amount of debt that the
00:18:14
u.s government will own is 2x the amount of all
the revenue generated by all of the industries
00:18:20
in the u.s in about 30 years that's an insane
statistic and the reason that people look at
00:18:26
you know gdp or debt to gdp it's because you have
to pay your debt down at some point you owe some
00:18:31
interest on that debt you have to pay it down and
every year you have to generate revenue to pay the bond holders and how do you how does the federal
government generate revenue at either issues more
00:18:39
debt or taxes and in order to meet a 202 percent
level of debt relative to gdp you end up raising
00:18:47
taxes so significantly as a percent of gdp to
cover the uh the the interest payments and the
00:18:53
the principal payments every year that you
end up stalling out the economy cutting important services etc and so we're in a
circumstance now where the the benefit we're
00:19:03
going to get from taking on this additional
debt relative to economic growth and stimulus doesn't actually outweigh the cost of that debt
and we're facing a fiscal crunch at some point
00:19:13
in the next decade or two and there is this fl
this big question mark outstanding right now on a
00:19:18
global stage is the dollar really the safest place
um to be does everyone really want to be dollar
00:19:24
denominated if this is the circumstance that the
u.s federal government is going to be facing uh here's a uh question for chamoth that i'm curious
about if the government is buying all this debt
00:19:36
shouldn't they be buying some amount of equity
as well so they can profit from the government's
00:19:42
issuing debt jason no i know but isn't the
government also going into the market and buying up corporate debt through all of those shouldn't
they have profits coming from that so there was a
00:19:52
risk last year where you know corporates may not
have been able to fund their obligations and so the government basically said we're going to be
the buyer of the last resort and step in and it's
00:20:01
effectively what they did was they they
essentially froze the credit markets because if you were going to then bet on some of these
companies not being able to raise capital
00:20:11
you would have gone to the worst part of
the you know the stack or you would have bet actually that there was going to be
the state transition so meaning debt
00:20:18
is very tightly scripted as you know
aaa plus you know double a a minus
00:20:24
and these transitions from these tiers of
like investment grade to junk to whatever are huge events and basically the government
said nope uh everybody take your chips and go
00:20:35
home because we are going to backstop companies
like ford or whoever folks that were teetering and
00:20:40
so they they effectively said this is going to be
you know until i tell you otherwise a rigged game
00:20:46
i'm going to make sure i backstop these things
these companies will always be able to have money so my question though chamoth is if the government
is going to do that and take that risk shouldn't
00:20:54
they get some warrants or some upside in the
company's future success to then create a virtuous
00:21:00
cycle here that if they did backstop it maybe
they had warrants for five percent of the company like you would give if you were doing a debt
instrument they could probably do it if they were
00:21:08
a direct lender and they they had that chance and
they didn't really do it in 2008 when they did it
00:21:13
i mean maybe they could have done it in a better
way here when you enter the open market there's no such contract and so you can't negotiate that
look i i i want to sort of talk about something
00:21:22
slightly related to this which is if you actually
looked at that 1.9 trillion dollar stimulus bill
00:21:28
the thing that makes the most sense and i think
nobody would complain about was saying let's give a means-based test where the poorest americans
get the most money call it five or six thousand
00:21:38
and the richest americans get nothing and i think
nobody would disagree with that and if you added
00:21:43
up all of that money it's probably on the order
of 500 or 700 billion dollars if you did it if
00:21:49
you did a really expansive package and and i
think people would i mean all of us would raise our hands and say we shouldn't get a [ __ ] dime
and i mean you know people other people should
00:21:58
be getting many multiples of 1400. why should
anybody who wasn't impacted saks get anything
00:22:04
like if you are not impacted yeah of course you
can lose your job you are staying home you're not spending money why should you get anything because
i think that's all the money going into nfts
00:22:13
and making bets on gamestop and doing all this
of course you know shenanigans with bitcoin of course look this is rahm emanuel 2.0 remember
rahm emanuel back in the 2008 2009 financial
00:22:24
crisis said never let a crisis go to waste
this is now never let a crisis reach its end
00:22:31
right they don't want it to be over because this
crisis is a justification yeah this crisis is
00:22:36
the justification for this piggy bank of spending
that this this wish list that they wanted to pass
00:22:42
for a long time very little of it actually
has to do with helping very little very little in fact if you actually look at the
breakdown of this 1.9 trillion dollar bill
00:22:51
it's every typical bill it has a better title but
ultimately it's a bunch of pork barrels by the way there's a bunch of insanity in there like covet
testing i mean guess what we don't need to test
00:23:00
anyone for covet in about 30. you can throw those
tests away we needed there's a couple of billion dollars we could say you know and the list goes
on but i think the point is uh what sacs is making
00:23:10
is totally true we're continuing to latch on to
the covet pandemic crisis as a means to an end
00:23:16
and we're not really solving any problems
that are outstanding as the covit pandemic and the risks remember let's just go back a
year if you guys remember the reason we shut
00:23:25
down the economy was to flatten the curve there
was no assumption we were going to end covet the idea was let's make sure that the health
care system doesn't get overwhelmed with people
00:23:34
dying where we can't handle as many people in
icu beds and now we're in a situation where we're saying you still can't go outside icu beds are
largely open you still have to do x and y and z
00:23:44
we still need to be testing everyone and all of
those risks and considerations should be coming off the table as more people have had covet and
more people have gotten vaccinated and instead
00:23:53
we're using the fear that's been embedded in
us over the past year as a mechanism to drive
00:23:58
spending in a way that is clearly economically
unsustainable ultimately counterproductive
00:24:04
and unfortunately is being you know used as a
mechanism for keeping folks in office and and paying back their friends and all this other
sort of nonsense freeburg you had a you had a
00:24:13
breakdown of uh it by the way because it's not
just the the federal stimulus bill you know the
00:24:18
the california breakdown of what they spent saying
do you have that do you have that can you fill it out what i'm going to do is i'm going to send
the link because it was a through a foia request
00:24:27
they were forced to list it so california had an
emergency declaration joke a total [ __ ] joke
00:24:32
through that emergency declaration it gave
the governor the power and the ability to enter into no-bid contracts to meet the
the demands of the quote-unquote emergency
00:24:41
and the contracts that were entered into are all
publicly listed and available in a link that i will share with you guys and it'll be available
online i don't think a reporter has done what
00:24:51
needs to be done which is to go through those
contracts and identify how much money was spent
00:24:56
on what and where that and why that money was
spent and who ended up benefiting from it some of these contracts including for example 1.9 billion
dollars to perkin elmer to provide nasal swabs and
00:25:08
other you know reactive chemistry needed to run
covet tests with an overflow capacity of their lab
00:25:14
of 4 000 tests a day which by the way costs a few
thousand dollars um for 1.9 billion dollars and
00:25:20
ultimately california didn't really do any of the
testing it was done by private labs where did that 1.9 billion dollars go there was another amount of
money there was a hundred million dollars spent on
00:25:29
accenture to build the vaccination website no
bid contract hundred million dollars for free three pages there was the carbon health guy
did there was another um separately for his
00:25:39
own vaccination program that he was running which
you know obviously highlights just how inept this whole process is there was another um incredible
multi-hundred million dollar contract entered into
00:25:49
for a guy and then i looked up his address on
google maps and i looked at his home in his office it's in like a strip mall next to a donut shop
and this guy is the guy he's a he's technically
00:25:58
a doctor but not really a practicing doctor
who would who got paid hundreds of millions of dollars to source overflow um hospital and doctor
capacity for prisons in the in california insane
00:26:09
the ship that's in there and so um you know the
the the total kind of um i think mismanagement
00:26:14
of capital and obviously inability to kind of
manage through a crisis get taken advantage of yeah and by the way i think the covets the fiscal
the federal covet stimulus looks very similar
00:26:24
in terms of the the pork and other nonsense that's
going on in there it makes yeah hey mainstream media instead of [ __ ] grinding me about you know
a couple hundred million dollars of share sales so
00:26:33
that i can allocate it to [ __ ] climate change
why don't you do your goddamn job and [ __ ] tell this story yeah no because this would take
a joke don't get virtual signaling points
00:26:41
a joke i'll post the link now more i need more
red pills what a joke get me those red pills from miami so there's one there's one article like
you're right jamath like they they there's so many
00:26:51
scandals by the way there was one just reported
in the censure chronicle about how the city of san
00:26:57
francisco paid 16 million dollars to uh to pay for
something like 260 tenths or something like that
00:27:05
for homeless people it was the entire budget
of burning man you just it was 61 000 per 10.
00:27:11
you could build an adu for that guys i have an
entire gaggle of reporters sweating every single
00:27:17
[ __ ] share that i buy or sell and these people
no no i don't this is so [ __ ] stupid and and
00:27:24
and there's true there's trillions of dollars
just swashing around like what it was third
00:27:29
world [ __ ] banana republic kinda go ahead san
francisco is that's all of this money all this
00:27:35
money all this money was dished out according to
no bid uh contract so so basically there was not
00:27:41
a competitive bidding process because it was a
coveted emergency and so yeah look i mean all of
00:27:46
uh newsome's big backers in the healthcare
industry got these giant no-bid contracts these you know the homeless industrial complex
service providers in san francisco got these
00:27:55
giant contracts none of it was bid out and the
politicians would love to be able to keep this
00:28:00
going because they've never had more power they've
never had more degrees of freedom to reward their political supporters so you know i think there was
one really good article i just want to bring up
00:28:09
here uh that was by jonathan chape oh this is the
uh intelligentsia in the uh new yorker yeah the
00:28:15
new york new york times magazine yeah his article
is called zero coveted risk is the wrong standard
00:28:22
and he defines uh a term called zeroism what
what chait writes is he he describes heroism
00:28:29
as the following he says eurozone is an
inability to conceive of public health measures in cost-benefit terms the pandemic becomes an
enemy that must be destroyed at all costs and
00:28:39
any compromise could lead to death and is
therefore unacceptable so in other words if like one person might die then we need to continue
all these emergency measures um it's and and and
00:28:51
this is the thing is that look covid as a pandemic
is going to be over by june okay but there will
00:28:57
always be cases of covet it's going to return as a
seasonal illness and the question is are we going
00:29:02
to allow zeroism to be the policy every year we
basically give these politicians unlimited power
00:29:08
to do lockdowns shutdowns no bid contracts and on
and on and on you already see with the teachers
00:29:14
unions right the education unions are refusing
to go back to work even after their members
00:29:19
are vaccinated yeah saying that there must be
14 days of no meaning zero communities spread
00:29:26
before they can safely return so the teachers
unions are the education users are saying is we're not going to go back to work we want paid
vacation until there's zero cases can i just say
00:29:34
this is not realistic i mean i i um i went to
get uh my daughter's passport updated at usps
00:29:44
they're working while i was driving there i saw
all kinds of infrastructure it was happening
00:29:51
we pay into a system that's supposed to guarantee
in return some level of commitment by individuals
00:29:58
that buy into that same system teachers are part
of that yeah you can't you can't have a get out
00:30:04
of jail free card whenever you want to just say
no we're going to change the rules and it but it applies to everybody else the firefighters
have to show up the cops have to show up
00:30:13
the ambulance people have to show up the nurses
show up you know the usps covers bart everybody
00:30:18
doctors show everybody's going to work but these
[ __ ] teachers the teachers should parents should
00:30:25
take their kids out of school that's what they
should do and then do what jason how how are most people basically well if you have a couple or six
parents people work yeah no no but if you've got
00:30:35
five or six parents together and they're gonna
have time for that [ __ ] what are you talking about this year finish my sentence five or six
parents get together and if they had if they
00:30:44
had um what do you call it when you give parents
a little bit of money for school uh systems the
00:30:50
voucher system would then create the competition
if six or seven families could get five 10k each
00:30:56
and then run their own little bubble school their
micro school this could actually put pressure
00:31:01
well it's not gonna it's not gonna happen but you
actually have a pretty good point what what newsom should do is he should go to these unions and say
listen if you're not gonna go back and you're not
00:31:09
gonna teach no problem we're gonna take the money
that we give to your schools and give them out as vouchers and let the parents do what they want
in other words we're gonna break your union
00:31:21
is that his biggest contributor the single biggest
contributor is the education union right and so
00:31:26
look he has publicly said that yes i'm in favor of
schools reopening but it's not enough for you to
00:31:33
espouse the opinion that schools should go back i
mean you're the governor you need to go make that
00:31:38
happen you need to go tell the teachers unions
you must go back right now because there is no
00:31:43
incremental coveted risk to the teachers they've
seen this now that states which have open schools have not seen it in christopher there is no
science to support this he needs to tell him go
00:31:52
back right now or we're going to break your union
he will not do that because he's an employee of those unions and by the way i have an update
i have an update on the on the recall if you
00:32:01
guys want it no wait let's let's get to it in one
second because i do want to i do want to just say um well first off i want to make an observation
that we are um turning into the rational
00:32:10
rush limbaugh we're all kind of yelling violent
agreement but no it's infuriating it's kind of a
00:32:15
little bit silly um but uh i am just observing
the tone here a little bit um i will say
00:32:22
like if you guys remember we talked about this
like last year which is you know what will life be like post covid post the pandemic and if you guys
remember i said this and i still firmly believe in
00:32:31
i think we're now seeing it play out which is that
the fear that gets created by the actual crisis
00:32:37
will persist in terms of the subconscious behavior
of the population for a long period of time
00:32:43
that's what happened after 9 11. you know the
insanity that went on with the tsa and security checking and racism against brown people and
everything that arose post 9 11 persisted for
00:32:53
a very long time as a result of the shock that
we all experienced and i don't think people were very cognizant of it occurring it was just
like oh well this is now the normal way of life
00:33:01
everyone is so fearful of catching covet and
they've been so kind of trained and told that they're going to die from kovid that we're finding
ourselves in a circumstance where anything can
00:33:10
then be rationalized and those of folks that
then have power and the ability can magnify
00:33:15
the circumstances into something that it seems
kind of shocking and absurd if you put on kind of a rational hack but this is just one manifestation
of what i think will be the case we were um we
00:33:26
we all know people that have been vaccinated that
are more than two weeks since their second shot of vaccination who are still scared of doing things
like being around other people or going into
00:33:35
grocery stores because quote unquote there may be
a chance that there may be a variant that may not work on the vaccine that i may get that may end
up killing me and if you actually do the math
00:33:43
on it you think about it rationally you're not
going to get coveted and you're not going to die but there's a chance therefore i'm going to change
my behavior and that's part of what i think we're
00:33:52
seeing manifest at a very large scale is this like
trained fear mind that we all have at this point
00:33:57
um and policy and everything and by the yeah by
the way the 1.9 trillion dollar stimulus is in
00:34:02
part kind of empowered by this fear that we all
i i i i disagree slightly so look is there going
00:34:08
to be some ptsd from kovadiya i'm sure there will
be but i think people are ready to to get out and
00:34:15
um with a vengeance and i think people want
to and the problem is not that people are
00:34:22
are afraid but that the people doing the
health establishment doing the messaging is not out there telling us the right
things i mean you've got fouchy out there
00:34:31
telling people that even after they're vaccinated
they cannot take off their mass until 2022 that
00:34:36
they're not gonna be able to die no seriously
they're not gonna be able to dine indoors they can't go to a movie a concert or a sporting
event and they can't socialize indoors except
00:34:45
with other also vaccinated people this is what
fauci is saying i mean so no wonder you've got so
00:34:51
many people out there saying that they're going to
wait and see whether the vaccine works or not well because effectively vouching the health
establishment they're being so cautious
00:34:59
in their guidance or effectively giving
anti-vaxx messaging they're basically saying that the vaccines don't work very well which is
just stupid i mean i mean they all be going out
00:35:08
saying nobody has died who has been gotten a shot
nobody has gone to the icu who's gotten involved
00:35:17
am i correct with those three statements
yes yes they need to say if you no doubt no icu no ventilator if you have the shot what
we need to be saying is very simple which is if
00:35:27
you've been vaccinated you will not die if you've
been vaccinated you will not die put that on a billboard and everyone's going to want to get
vaccinated you know only 55 of the population
00:35:36
right now uh says that they're going to get
vaccinated as soon as they can i'm ordering a billboard right now from the besties i think
that just says if you're vaccinated you won't die
00:35:46
the besties i think it's pretty reasonable that
individuals would still be afraid you know because
00:35:51
like i think we learned over the last year that we
can't trust the institutions that are supposed to
00:35:56
tell us in an objective way meaning you can't
trust the who you can't trust nih you can't
00:36:02
trust the cdc you can't necessarily trust the
surgeon general you couldn't trust the president
00:36:07
very complicated right so i think it's
reasonable that people are skeptical what i think is unreasonable is when you know
sort of like organized um unions or organizations
00:36:18
or corporations who have a responsibility to run
the infrastructure of this country basically say
00:36:24
um it all these rules apply to everybody else but
me that's where i think uh we have to really just
00:36:31
kind of question ourselves and fix that that's
not cool it's just fundamentally not reasonable
00:36:37
so we have biden saying that everyone who wants
a vaccine will be able to get one by the end of may we have gavin newsom saying that most of the
state but not all of it will reopen in august well
00:36:47
wait a second you know may june july august why
is there like a three-month gap here it's because
00:36:53
of of of the zero-ism i mean i think newsome has
embraced the zeroism if not zero what's the number
00:36:59
we have eight thousand people die a day in america
uh on average historically as soon as everybody
00:37:05
if it's under 500 that's a day should we be going
back that's not even the question that's not even the question once everyone can get a vaccine
it's over if you choose not to get the vaccine
00:37:14
like sorry that's it's on you we're moving on it's
like we're not going to ask it can i so by the way
00:37:20
the equivalent of heroism would be no one's
allowed to drive a car because people die die die in cars all cars have to be 35 miles
an hour or they or you or yeah or no one's
00:37:29
allowed to drink alcohol because alcohol has some
adverse effect or increases chance of of cancer or whatever or whatever at some point like do you
end up you just triggered chemotherapy yeah sorry
00:37:38
no why nice bordeaux and burgundy doesn't give
you cancer with the wine budget post apocalypse
00:37:45
i mean it's gonna take a lot of it's gonna take
a lot of more billions before i stop drinking my wine um question um i want to throw this into the
scrum um what do you guys think about uh i by the
00:37:56
way i mean also we're all just so punchy because
we didn't talk last week totally we're all so agitated we're excited we're none of those talk
all of our wives have been telling us what to do
00:38:05
we had nobody to vent with and now we're just
going crazy it's like a bunch of 12 year old boys who are on timeout it's like it's like it's like
we've been in a two week time we need to get our
00:38:14
bikes and go for a bike ride no no guys honestly
honestly like have you guys like i have not gotten a word in edgewise with matt for two weeks and i
was so looking forward to talking to you guys i'm
00:38:22
like all right i want to talk um no but listen uh
no what are you guys what do you guys think about
00:38:28
the uh the the biological patriot acting you know
there's these vaccination passports that people
00:38:33
are talking about i just want to get a sense of
where you guys think this is going and this is this is the slippery slope that i think ends all
slippery slopes with respect to privacy right so
00:38:42
i think it was proposed in the eu that you
would need to get a you know a digitally verified kind of passport stamp that shows
that you have been vaccinated in order to
00:38:51
travel freely amongst other eu nations and so
if you think about the implications of this now
00:38:57
the government or governments have the ability to
demand that in order for you to move around freely
00:39:03
you need to represent something digitally or
represent something about some health care procedure that you may or may not want to kind of
uh you know take on so that sound everyone kind
00:39:12
of nods their head and says that seems totally
reasonable and rational it's kovid we're all at risk we should protect ourselves yadda yadda
but where does this go next right because then
00:39:19
it becomes well have you had your measles vaccine
or you know hey you know do you have herpes and
00:39:24
therefore you can't you have to show someone your
herpes passport if you want to have sex with them or you know end up kind of going to a point where
we we really don't have a barrier between what's
00:39:33
private and what's nationalized um or even
super nationalized in in the context of the eu
00:39:39
um and you know is there kind of a slippery
slope that emerges by allowing this amount of invasiveness of personal decision making
and personal data and making it available
00:39:48
to government agencies in order to have access
to the liberties that you you know believe may be endowed to you as an individual citizen
of the world what do you do what do we tax
00:39:58
well i i just think proposals like this are i
think they're going to fade away very quickly
00:40:03
once covet is over and and the real issue we have
right now is that not enough the population wants
00:40:09
to get vaccinated because again the health
authorities are being much too conservative in their guidance so you know there's some polling
numbers on this that so only 15 of the public are
00:40:19
actually opposed to getting the vaccine like you
kind of call them anti-vax but there's another 20 to 30 percent that are taking this wait-and-see
approach and you know they're gonna make sure that
00:40:29
like other people go first and don't sprout tails
or antlers or something before you know they're
00:40:34
gonna be willing to get it but but the reason
why they're all waiting and seeing is because you've got you know fauci and others saying that
we're not going to have normalcy until christmas
00:40:44
or maybe even 2022. so if if that's the case if
things aren't going to be normal until next year
00:40:50
why wouldn't you wait you know and i think what
we need to be saying is look go get the vaccine where everyone who wants it's gonna get it in
the next few months and covet is over it's over
00:41:00
guys but zach's if there is a digital passport
requirement in the eu where do you think that goes
00:41:05
like if you have to show proof of a vaccination
in order to enter the eu without quarantine well yeah it's it's it's it's it's not a great
precedent but i but i i don't know that it's going
00:41:15
to be necessary because i just think that covet's
going to end they're saying so quickly it's it's a this i like sax's point of view which is if you
decide you're not going to do this then you've put
00:41:24
yourself at risk but if nobody else can die from
it why do we need to check it i understand like maybe in this bridge period spring to summer
if you go to a warriors game or a knicks game
00:41:35
where you want to go to burning man or the edc
you know electronic daisy carnival whatever
00:41:40
uh free bird goes to you know uh when he goes to
his raves i mean freeburg at a rave is kind of
00:41:46
the video we need to see i think but why would
that's fine with me but in the short term but
00:41:51
in the long term i don't want to give them that
power look what happened with the patriot act and then them monitoring our data forever and the
government being able to put you know what snowden
00:42:01
found out like they were able to put on the att
backbone the ability to sniff all data i mean
00:42:08
it's overreaching last january uh or february i
think jason it was one of our first pods where
00:42:14
i kind of put this marker out there on this
biological patriarch and it said it it's coming i'm going to put another marker out there um
by the way because like you know there may be
00:42:24
something like this in new york i think most
cities will have to have them i think places jason exactly as you say for sporting
events for concerts it'll be very hard
00:42:34
um as a number of strains increase as the severity
ebbs and flows over time for us to not end up in
00:42:41
this place and i think it will be because
certain people will feel a paternalistic um
00:42:48
desire to sort of you know it'll come from
a good place like i want to help everybody but they'll pass a law and that law will just
get perturbed and and it'll create all kinds
00:42:56
of crazy consequences but i want to put another
[ __ ] out there which is you know there was a really important civil rights case called
masterpiece cake shop versus colorado uh civil
00:43:06
rights commission he went to the supreme court
and it was basically a a guy who owned um a bakery
00:43:14
and he refused i think it was to make a cake for
a same-sex couple um and ultimately you know the
00:43:21
decision was yeah he's allowed the supreme court
gave a very narrow ruling that he was allowed to
00:43:26
withhold service and i asked this question which
is well what is the difference frankly between
00:43:32
withholding service from a same-sex couple or
withholding service from somebody that isn't vaccinated because you know in the eyes of the
business person you know us assuming apparently
00:43:44
you're allowed to make these kinds of you know
judgments uh because you're a private business
00:43:49
the implications i think are really vast um and so
i'm just gonna put it out there that i think that
00:43:54
uh it's actually david i'll take the other side so
i think that there's going to be these biological
00:44:00
patriot acts unfortunately and then the second
thing that i'll say is that i do think that it will get litigated to the supreme court and i
think that narrowly what will come down is that
00:44:10
businesses will be able to decide and i think
this is actually what will put the vaccination
00:44:15
or anti-vaccination movement to the forefront
because i think in this complex global world where
00:44:23
we don't know where diseases come from except we
know that they are more communicable they can be
00:44:29
more deadly and they're more pervasive and they
spread faster just because of the nature in which the world is set up there's going to there's
probably going to be less and less tolerance
00:44:37
for anti-vaccination now that may slow down the
actual process of getting vaccines to market
00:44:44
because we'll want to make it even safer if we're
going to do forced vaccinations of certain things but i'm just going to put a put a [ __ ] out there
that i think that that's well i i don't know that
00:44:52
we need to force people to get vaccinated but i
think that we need to recognize that once people have the option of getting vaccinated there's
no need to have the same public policy response
00:45:02
right so so look if biden's correct that
we're gonna have 300 million doses by end of may and i think he must be correct because
he's been very conservative in his guidance
00:45:11
then we should declare a date certain for
the end of covet i'm not saying that the
00:45:16
virus won't exist i'm not saying there won't be
a smattering of cases i'm saying from a public policy perspective there's no longer a panic a
raging pandemic to justify these incredible new
00:45:27
powers that the government has asserted i mean
what would you do the number of shots in arms are the number of deaths per day no it's look
once once everyone can get the vaccine and i
00:45:37
think that okay so availability availability so i
mean look what we should and it will be available
00:45:42
as long as you know governors like newsome
get out of the way and stop restricting the administration of it but i think we need to
declare a date certain where we say listen
00:45:50
on june 1st there is no more justification for
government having these extraordinary powers to
00:45:56
lock us down to require us i don't think we even
need to wear masks beyond june 1st and by the way
00:46:01
i was pro-mass i was in favor of a mass mandate a
year ago as you guys know but there's no need for
00:46:06
it after june 1st there's no need to have these um
crazy certainly not if you're vaccinations like i
00:46:13
mean you doesn't matter i i it doesn't matter
i just um you know i think it's uh it's a good
00:46:18
point that sax is making it's easy for people to
say let's wear a mask and protect ourselves but
00:46:25
if you don't care about wearing a mask but there
are plenty of people who do and i i think the question is at what point do we allow liberty
to kind of play a role here and it's it's not
00:46:33
just about you know what one person's point of
view which by the way turned out to be wrong multiple times over the last year is in terms
of what they think that other people should do
00:46:43
and you know what what is what does it mean
to actually have freedom of choice and liberty um i mean it's a really it's a really fundamental
question yeah i mean if you look at states
00:46:52
that is a key we have texas has opened up and said
no mass mandate one of the things that hurt us in
00:46:58
this was we didn't have a centralized government
dictating everything and now we see like hey maybe
00:47:04
having some states by the way i i don't know if
that's necessarily true i'll say something about this that i think is important it may be true that
masks stop community spread of the virus but it
00:47:13
doesn't necessarily mean that we stop the spread
of the virus the virus still spread we still had a lot of viral cases in the united states we had a
lot of deaths that arose and whatever restrictions
00:47:22
we put in place people still made the choice to
go into other people's homes take their mask off enjoy free air enjoy drinks and give each other
the virus and that's where so much of the spread
00:47:32
occurred i think you guys are not confronting this
really obvious thing i think like this masterpiece
00:47:38
cake shop thing is a really important concept
like what happens i'm just going to use an extreme example if it's just supreme court you mean no
let's just say that you know google's engineers
00:47:47
unionize and they decide that you know they
want everybody else at google to be vaccinated
00:47:54
and then google says yeah you're right if you
want to work at google you need to be vaccinated not just for the company private company not just
recovered it's a private company by the way that
00:48:03
is a rule at schools right i mean i think my
my uh my preschool or my kid goes here in san francisco requires that's proof of vaccination for
the kids in order for them to traveling seems to
00:48:12
be different and see traveling in some places is
on the way just people just infrastructure some on private infrastructure i know but just just
just focus on this issue what happens if private
00:48:20
organizations pass a decision yeah that you have
to be vaccinated it'll go to the supreme court and
00:48:27
if you look at masterpiece they don't win they
will be they will they will come out with the right to say that which is fine you can go work
somewhere else why is that why is that a problem
00:48:37
exactly yeah i'm just curious i'm just curious how
this plays out if if only half the population of america well maybe they'll lose good engineers and
the free market will resolve itself or google will
00:48:46
end up saying you know what we're not going to
pass this mandate because all the good engineers are going to leave so let's just leave it you know
leave it be um i'm i'm i'm more worried about the
00:48:54
politicians trying to hold the government trying
to hold on to the power that it's asserted over us
00:49:00
over the past year even after covet zones that's
my concept i don't watch the biggest database of
00:49:06
my medical records no right and so this is why
look i think we need to declare a date servant
00:49:11
certain that covet as a pandemic is over my
date is memorial day it's very clear to me that once everyone has the vaccine it's over just
but look i think this is this is when yeah this is
00:49:21
what so i actually think that the newsome recall
which will be in will be going on this summer
00:49:27
uh this is what that election is going to turn
into in my opinion is so so by the way quick can i give a quick update on yes please okay so
i talked to the recall uh people this morning
00:49:38
they're up to 1.95 million well oh signatures
he's done so 50 000 votes short of 2 million
00:49:45
they will be at or over 2 million in two
weeks which is the end of the signature period
00:49:51
their validation rate is about 84 so i think
this is clearly going to pass there will be a
00:49:57
recall election it will be around august now
fast forward newsome has said the state won't
00:50:03
reopen until august but i think that by may june
july you will see just about every other state
00:50:09
reopen obviously texas already completely
reopened but even blue states like connecticut have now lifted lockdowns they still
have a mass mandate for the time being
00:50:18
but i think what you could see by this summer
is that california will look like a laggard you'll see that politicians like newsome are
holding on to the zeroest philosophy they're being
00:50:28
too restrictive they look ridiculous compared to
other states and he still probably won't have an agreement with the teachers unions to go back
to school and uh i think this could become the
00:50:38
big issue in the in the reason why you're making
announcements you want to make an announcement now
00:50:43
we have a special announcement might be taking a
you know might be taking a hiatus from work given
00:50:49
where the markets are at i thought i thought
this governor thing would be value destructive it looks like actually i would have saved the
money you should have my message okay i'm back
00:50:59
[ __ ] it i'm doing it i'm doing it i'm doing
it i'm doing it again i'm back here positions
00:51:06
oh my god to be cynical but if you i am
losing somebody down wow in your state sacks
00:51:13
they can't collect signatures at the
supermarket or at restaurants or disneyland
00:51:18
so maybe maybe newsom shut everything down so that
you couldn't collect eggs well it's interesting
00:51:23
because they actually found that direct mail
was a very effective way of getting signatures so they've gotten around that but newsom is
cutting the budget of the us postal service
00:51:33
no look newsome is definitely there's going to
be a recall election i think it'll be around august and now there's uh recall efforts
underway for uh chase abu dean the killer
00:51:42
d.a the killer d.a of san francisco as well as
gus going to la and the san francisco school
00:51:49
board but we've got to talk yeah we got to talk
about how boudin responded to our last pod right
00:51:57
oh my god lord david i i have three comments
to say before we talk about booty number one i've never seen you more energetic did you
get yeah where are you did you get miami did
00:52:08
you download a fourth emotion did you download a
fourth emotion palm beach he's been at the massage parlor every morning oh it's feeling energized
you're right it's like a build up over the last
00:52:16
two weeks it's like a you know uh yeah big really
too much too much energy i mean how how how
00:52:23
little have you spoken in the last two weeks has
jacqueline spoke in the entire two weeks i know what that feels like you're right i need i need
the bestie therapy i didn't realize i needed this
00:52:33
absolutely the best even therapy is the audience
j cal friedrich you guys you don't know this but
00:52:38
saxy and i called each other on friday and we
spoke for half an hour and like it was a podcast
00:52:49
he did he actually conference called all four
of us i picked up but we spoke for half an hour it felt like a mini pod it was so wonderful oh
my god oh my god but you know what men are too
00:52:59
proud to uh men are too proud to go to therapy so
they start playing i was telling a friend of mine i was telling i was telling a friend like this
podcast was kind of one of the surprising joys
00:53:07
of my life over the last year it really felt like
a great wait a second you got the joy oh i had enjoyed your joy we did it you downloaded yeah
i acknowledge joy now okay he's there but it's
00:53:17
smiling wow it's incredible okay saks go tell us
about booty uh yeah let me find the the tweet so
00:53:23
basically you remember on the last part two weeks
ago we uh chase was supposed to be on our pod he
00:53:28
cancelled and so then in response to that jason
hold the chicken noises for a couple of minutes here hold on so uh i responded to chase as saying
listen you don't have to come on our pod but i'll
00:53:38
challenge you to debate let's do a debate
whatever format you want and we posted it on
00:53:44
on twitter so he didn't respond but by the way
it got like 180 000 views so a lot of people
00:53:49
watched the challenge and so but the crazy
thing is instead of responding directly chasa had a high school friend and campaign worker
post a blog responding to me which and jason got
00:54:02
mentioned too but it was crazy it was like why
would you just respond directly anyway he had this
00:54:07
this shill respond and what he basically said was
in this response was he cited all these charging
00:54:15
statistics and he tried to claim that chasa has
charged just as many cases as the previous da
00:54:21
the problem with that is charging doesn't really
mean anything because you can charge someone and then plead the charges down from a felony to a
misdemeanor it doesn't mean that the person was
00:54:30
actually punished it doesn't mean that you locked
anybody up it doesn't mean that you actually got a conviction to a serious crime or protected the
public from anything the real question is not
00:54:39
chargings but dispositions of cases and
that's the real that's the data that we need
00:54:46
and i know there's a bunch of reporters who are
trying to get that data and chase's office won't give it to him and so you know i would i would
challenge this um this little uh chaser volunteer
00:54:59
you know go find out you know what what is the
real data on you know how many felony charges
00:55:05
have been pleaded down to misdemeanors right how
many felonies have actually been prosecuted how many felony convictions it's interesting to
bring this secured it's interesting you bring
00:55:13
this up if you do a search for gofundme chess of
boudin the number one result should be the the um
00:55:21
the gofundme page i started it now has 455 donors
and 54 000 in funding and so i am withdrawing the
00:55:31
54 000 and i have a meeting with the woman from
the marina times uh who's done great coverage of
00:55:38
this and i'm also looking for some data scientists
and i'm going to give the money minus some
00:55:44
insurance for when chester sues me and some errors
in emissions insurance and i'm going to be giving
00:55:50
the fifty thousand dollars to a journalist or a
data scientist or they can spend it however they want to to attack this very issue which is just
put more sunlight on it and so chesaputin is uh
00:56:01
not happy with me he's not happy with sax
but we are going to put the spotlight on him and it will be through journalism and it will be
through constant pressure and you can help if you
00:56:11
want to donate a hundred dollars go just donate it
to that i'm not taking any money obviously this is a really interesting civics experiment i think for
the rest of the country and i i want to say that i
00:56:21
i don't know enough of these details i go up to
san francisco every now and then i don't i've not liked what i'm scary it's scary um and it's great
that you guys are standing up for your city the
00:56:30
the thing is i wonder how much of these recall
movements now will pick up steam not just here but wherever else they're allowable all around the
country i mean you know the san francisco board of
00:56:40
education spent all this time and money you know
basically naval gazing on the renaming of schools
00:56:46
and then finally just because they were just so
utterly embarrassed basically had to bag that
00:56:52
could you imagine that in the most technically
advanced and most progressive city in the world
00:56:57
basically with the kinds of companies and
people that we have here that that's what people were thinking about during the middle of
a pandemic when children were at home okay uh
00:57:06
you have this d.a who's going to get basically
recalled in los angeles you have a da that's going to get recalled in california you have an entire
you know governor of the state that's going to get
00:57:16
recalled so what are we learning we're learning
that people can actually small numbers of people can be extremely effective at getting change done
and that they represent us and that the distance
00:57:26
between what the public clearly wants and what
some of these bought and paid for radically insane
00:57:34
people both on the left and the right that needs
to stop and if people are you know going to listen
00:57:41
to their constituents we need to stop them people
want people want centrism they want simple central
00:57:46
100 percent reason people want reason yeah the
silliness is that the san francisco board of uh
00:57:52
education people are elected when have any of you
or any of the people that i know in san francisco
00:57:59
ever actually looked up who's the person on the
board of education it's not really a topic that people have paid much attention to and i think
that this experience when you don't pay attention
00:58:08
from a civic perspective on who your elected
officials are and taking action and electing them you wake up when a crisis like this occurs and
you're like oh [ __ ] maybe i should pay attention
00:58:17
the next time there's an election and maybe i
should be more active and be more thoughtful or maybe we should end up in a situation where
you allow the mayor or the board of supervisors
00:58:25
to appoint the board and have an approval
process where there's a little bit more kind of not just anyone that wants to get elected
puts themselves on the ballot gets elected
00:58:33
no one really pays attention to who's getting
elected and then you wake up to this crisis isn't it true that like in the board of education
there was this the whole thing came to a head
00:58:41
because they were trying to like staff a committee
again to waste time on some yeah some guy some guy
00:58:47
raised his hand and you know he happened to be
this you know gay person uh in a mixed cultural
00:58:56
marriage i think and he wanted to be a
part of this committee and he had been kind of like a really good thoughtful participant
and they said no because he wasn't diverse enough
00:59:04
or something yes that's exactly that's exactly
what happened there was a school board meeting it started at 4 p.m okay 4 p.m and this was
the first issue they discussed is whether
00:59:14
like you said this this gay white man was diverse
enough to be on a committee it was a committee where he was volunteering his time he's good and
everybody thought that he'd be additive i mean
00:59:25
you know everybody liked him but they spent
several hours debating whether they should put him on for diversity reasons because he was right he
wasn't woke enough right exactly then they spent
00:59:34
their time talking about renaming schools and
taking abraham lincoln's names off schools and even renaming schools they didn't even know why
certain names were what they got the people wrong
00:59:46
and then basically they didn't even get to the
issue of school reopening until midnight so eight hours later and then everyone basically had gone
to bed and the meeting ended i mean literally this
00:59:55
is what happened and so the the parents it's like
an snl skit it's like insane it's it's insane and
01:00:01
so you know the parents are up in arms and this is
triggering a recall movement because the parents just want the schools reopened and you keep
getting these um responses from the school board
01:00:10
where they keep saying oh we're listening to your
concerns or whatever they keep trying to process them but they're not doing anything about it you
know and then and then they say well in order for
01:00:20
us to reopen we need to establish our testing
infrastructure and we're putting an rfp out for that and blah blah blah and it's like what are you
talking about private schools have reopened just
01:00:30
reopen you know just reopen what do you guys think
about joe biden's first sort of 60 days in office
01:00:40
executing at a high level with the vaccine
i mean opening up all those fema sites and getting to two million shots a day on average
is undeniably great the fact that he used the
01:00:49
war powers act to force merck and to to do the
uh johnson johnson uh and to work with johnson
01:00:56
johnson to increase production undeniable um i'm
not ha and i'm not happy about you know um the
01:01:04
teachers and him cow towing to the teachers and
i'm not happy about just the hint that he wants
01:01:09
to start the war machine up again so you know
yeah bombing syria who wants who here wants to
01:01:14
bomb syria it's like a right-of-way i don't want
to i don't want to talk about anybody anymore where the [ __ ] is syria does anybody know i
mean why why what what what are we doing i mean
01:01:25
that's the thing these are the key issues for me
the teachers and the bombings i don't want that i'd say i i give him an eight out of ten uh jason
because i think the pandemic has been so well
01:01:35
handled by him and science and that team i think
they've done a very good job but those two things those two things are huge black marks for me like
he and and bloomberg ripped him one you know and
01:01:45
mike bloomberg was on tv and he was just like that
is a joke the teachers unions are jokes and you
01:01:51
need to basically tear these people to the ground
you have to they and you cannot allow these folks
01:01:56
to hold an entire generation of kids hostage
okay and then the day i think it was the same
01:02:02
day or the day after unfortunately biden kind
of capitulated to the teachers you're not cool
01:02:07
and then this the bombing of syria was kind
of like why um let's use sac sanctions let's
01:02:14
use money i mean the the legacy of trump i think
not starting wars was the one thing and then him
01:02:21
you know just backing up the brings truck for
the light speed those are the two best things he did and those are two things that we should
say you know what he got those things right
01:02:28
let's carry those forward we have to crack
the teachers unions uh the teachers union the voucher system is the only way to do it and
it's very reasonable to say parents who are paying
01:02:39
[ __ ] tons of taxes should be able to take
that money and educate their kids however they
01:02:44
damn please and if we're gonna spend fifteen
twenty thousand dollars per student on public education as a parent whether you're in brooklyn
or boise idaho you should have access that 15k
01:02:55
you should take where it goes and you should take
control of it that's the way to stop this machina
01:03:01
jkl i had the i had the this crazy realization
as you were saying this which is like if you
01:03:07
said if i said to you you know electrician's union
i would say thumbs up auto workers union thumbs up
01:03:15
seiu generally thumbs up um nurses unions thumbs
up but if i say teachers unions i just have
01:03:21
this incredibly negative connotation now of an
incredibly political class of people who are going
01:03:27
completely out of their way to basically just
like have exceptions and asterisks that apply
01:03:33
to them and them only it's i don't know am i the
only one that feels that way it just seems like
01:03:38
it's trending to where like teachers unions almost
becoming a four-letter word yeah i don't think they care about teachers yeah they they they
don't care about students these things unions
01:03:45
but unions in general do a very important job all
the students yeah but i think unions in general do a really important job and i think that you know
like all these other unions i have a very positive
01:03:54
thought about what they're meant to be you can be
pro-union or pro-organized labor but be against
01:04:00
this specific union just like you can be uh
pro-reforming criminal justice and the unfairness
01:04:07
of it while still being against chesapeaden's
insanity that people should be able to be murdered and killed and beaten in the streets with
impunity like this is these this is not an even
01:04:20
this is a completely logical position to have i
want to not put people in jail for cannabis sales and i want to remove people from non-violent
forward non-violent offenders from the the
01:04:29
incarceration you can believe that while believing
you should incarcerate somebody who murders somebody this is not a hard logic to understand
right totally no you're right i mean the the the
01:04:41
it's it's a combination of ideology and special
interests um working against common sense and
01:04:49
what the average citizen wants you know right and
did you see what happened republican or it's not
01:04:55
republican or democrat david you and i agree
on this and yeah of course we just want common sense government that functions for uh the people
as opposed to special interests or these radical
01:05:05
ideologies i want to have a couple of pops at the
battery and go walk to another bar without having
01:05:11
to fear that somebody's going to stab me for my
goddamn iphone you know or or some poor kid's
01:05:16
going to get attacked by somebody deranged
out of their mind on fentanyl look this is
01:05:21
why nuisance is going to get recalled is because
crime and education are just fundamental issues we do not feel safe in our cities crime is out of
control and we're going crazy that we can't send
01:05:31
our kids to schools these are issues that affect
cities and suburbs everyone's on the same page and i think you're right that the teachers unions
have overplayed their hand and exposed themselves
01:05:40
as not caring about the kids just looking out
for their own benefits they want to be on paid vacation forever effectively and you see there was
a great example where in oakley which is a town in
01:05:50
the east bay the whole uh they were caught on uh
recorded on zoo the hot mic yeah the hot there's
01:05:57
a hot mic where the entire school board was forced
to resign because they got caught mocking parents
01:06:02
for for quote wanting their babysitter's back so
they could smoke pot i mean the cynicism here is
01:06:09
unbelievable i mean these people are supposed
to care about teaching young people and they and they view themselves as just babysitters
yeah you know and they view parents as stoners
01:06:20
yeah i mean we got to shake up this system
and and the problem is competition we need
01:06:26
competition and look the problem is that that
the people that when you have unions running the schools there's no reward for excellence the
bad the bad people don't get fired and the good
01:06:35
people don't get rewarded so they you know if
you're pro if you're anti-competition you are a
01:06:43
everything in this world gets better when people
compete on the playing field in the arena to build
01:06:51
better products and services and in healthcare
and in education and in housing the government
01:06:58
and dare i say at the far left is stopping people
from competing we should look at ourselves as
01:07:05
customers and that's what's happening right now
people are saying we're the customer gavin newsom and chesaputin we don't want that product that
products get the hell get the hell out of here
01:07:14
with that product and give us something reasonable
no person who's republican no person who's
01:07:19
democratic doesn't want safety and doesn't
want competition education the only people
01:07:25
who don't who want to stop competition education
are special interests period amen man you've been
01:07:32
sorry these red pills are built [
__ ] great man these are wow peter t
01:07:39
god man i thought adorable was good but god these
miami keith reboy peter teal stanford red pills
01:07:48
got me lit i'm ready to go all right anybody
give a [ __ ] about nfts non-fungible tokens
01:07:55
i mean i think it's kind of brilliant but uh by
the way don't we only have two minutes two minutes and after that i think you should wrap i think we
should wrap up the red pills yeah i mean that you
01:08:03
can't beat that that wasn't beat some red pills
that was hot when are we gonna see each other i i can't take it anymore i'm like a caged animal
i need to get out of here i need to get on one
01:08:12
of your planes i'm doing a free raise you're
playing get me i'm doing a home and away poker game on wednesday and thursday wednesday in l.a
thursday up here but it's 500 and a thousand jason
01:08:25
oh and you got to play both days you got
to play both days so you can't play one or the other you got to play both days oh boy
chamath is trying to make his billions back
01:08:33
i don't know if i want to be in a 501 1k game no
01:08:39
i mean like in fact in fact i
just you know you can't limp in which races they just you're gonna get
demolished you have four callers that
01:08:46
yeah yeah rick solomon will jump the
fence with the seven eight and busted
01:09:01
malibu tell them i'll take a match with that all
right everybody for the queen of quinoa for rain
01:09:06
man david sacks and four the demolished dictator
will rebuild i believe in you you can rebuild it
01:09:14
you can rebuild that chip and a chair come
on let's get back in the game chip in a chair give us another ipo g-h whatever let's go
everybody and we'll see you next time love
01:09:25
you guys thanks to our sponsors bye guys
that don't exist ditto i love you besties
01:09:41
and it says we open source it to the
fans and they've just gone crazy with it
01:09:54
besties
01:10:04
we should all just get a room and just have one
big huge orgy because they're all just useless it's like this like sexual tension that they
just need to release we need to get mercies
