00:00:00
let's talk about the sweaters okay let
00:00:02
david let's start with you because i
00:00:03
love it i love it david i
00:00:06
love that i decided to up my sweater
00:00:08
game for chamoth this is tom ford love
00:00:10
it tom ford tom ford the buttons are
00:00:12
made out of endangered rhino horn
00:00:17
we just lost a third of the audience
00:00:19
so my sweater
00:00:21
is a very light italian cashmere made by
00:00:23
a company called doriani doryani
00:00:25
cashmere
00:00:27
uh
00:00:27
this is
00:00:34
this right here this right here is a
00:00:35
little uh young calf leather very soft
00:00:38
very soft
00:00:40
and the buttons uh like david's uh are
00:00:42
made from sharkton
00:00:45
and for those of you at home who would
00:00:46
like to spend 150 and stay warm may i
00:00:49
recommend the marine layer
00:00:51
you can find it on union street jacket i
00:00:54
mean how you can also find that jacket
00:00:56
on turk street
00:00:58
how tilted is sweater karen listening to
00:01:00
this sweater karen if you're listening
00:01:02
i mean you must never reveal sweaty
00:01:05
karen got back to me and she was like oh
00:01:07
my god he's so tilted i think i know who
00:01:09
she is sweater karen can kiss my brown
00:01:11
ass oh so i jade comes home last night i
00:01:14
kid you not she's like i i don't like
00:01:16
you in the t-shirts i got you some
00:01:17
sweaters and i was you know we're going
00:01:19
to the mountains for the for the holiday
00:01:21
and i was like did you watch the podcast
00:01:23
about the sweater she's like no i don't
00:01:24
listen to your podcast i was like okay
00:01:25
fair enough um and i'm like i'm looking
00:01:27
at these things through all these boxes
00:01:29
and she's got this bunch of sweaters i
00:01:30
started like what did you spend on this
00:01:32
she said three thousand dollars i was
00:01:33
like i'm not comfortable spending three
00:01:34
thousand dollars on a sweater that's
00:01:36
half a second eight of them
00:01:50
i think that's the box the sweater came
00:01:52
in was three thousand so i got my three
00:01:54
quarters and i'm feeling good i'm
00:01:56
feeling really good i feel pretty sexy
00:01:58
and i'll be honest
00:02:01
[Music]
00:02:11
[Music]
00:02:15
hey everybody hey everybody welcome to
00:02:17
the holland podcast yes
00:02:20
breaking into the top 50 podcasts week
00:02:22
after week
00:02:24
because of you the amazing audience
00:02:26
telling your friends it's been two weeks
00:02:27
so it's week and week
00:02:29
all right we that's what i said week
00:02:31
after week a week a week
00:02:33
a week and a week
00:02:36
the top 40 podcast episodes in the world
00:02:38
thanks to the fans with me of course
00:02:41
the dictator himself in a uh amazing
00:02:44
sweater light light cashmere
00:02:47
the consultant of science i found out
00:02:50
from his mom
00:02:51
she much prefers the sultan of science
00:02:53
to queen of quinoa so that's what we're
00:02:55
going with going forward
00:02:56
david freeburg who had a great party
00:02:59
uh up in um
00:03:01
and i really enjoyed going and sacks who
00:03:04
didn't go to beeps party or to
00:03:07
friedberg's party he stayed home and
00:03:08
played chess
00:03:10
on his iphone
00:03:12
the rain man himself david sachs welcome
00:03:14
to the pod everybody okay you want me
00:03:16
two new york stores my one true bestie
00:03:18
jason calacanis it's true no that's not
00:03:20
true i i really wanted to come but
00:03:22
that's breastfeeding and so i couldn't
00:03:24
come the helipad was shut down
00:03:26
jamal couldn't land you were getting
00:03:27
breastfed
00:03:36
oh no it was
00:03:37
um
00:03:38
this great show called afterlife from
00:03:41
ricky gervais
00:03:42
there's literally a scene in it where a
00:03:44
woman
00:03:46
they work for a local newspaper that's
00:03:48
going out of business and they're going
00:03:49
to do local stories and the big story in
00:03:51
town is a woman is making
00:03:54
pudding uh incredibly delicious pudding
00:03:57
and it's from her breast
00:03:58
milk and they go and
00:04:01
cover the story anyway i'll just leave
00:04:03
it at that it's pretty amazing story do
00:04:05
you want to know my two new york stories
00:04:06
or not yeah let's hear it what would you
00:04:08
say you had a helicopter story what's
00:04:09
that helicopter story helicopter is also
00:04:11
new york story so uh
00:04:14
i
00:04:15
uh went to deep dale to play golf
00:04:18
with uh a certain well-known individual
00:04:21
and uh we chopper we chop her back a
00:04:24
finance individual
00:04:26
uh media well-known political individual
00:04:30
okay so this is not a rock and roller
00:04:32
you do not want to step foot in a
00:04:33
helicopter with a rocket
00:04:35
no though but so here so here's my story
00:04:37
which is why i i totally freaked out
00:04:38
about helicopters and i can't this was
00:04:41
eight years ago
00:04:42
we played deep dill which is just you
00:04:44
know outside new york get in this the
00:04:46
chopper lands in the middle of thing i
00:04:47
was like okay that's fine you know
00:04:50
and we're going and i'm already feeling
00:04:51
kind of skittish i don't like
00:04:52
helicopters
00:04:54
get to the east side heliport and
00:04:55
eastside heliport is basically right by
00:04:56
the east river and so the helicopter
00:04:59
descends
00:05:01
and one of the skis doesn't actually
00:05:03
land on the [ __ ] oops thing
00:05:06
and so
00:05:07
it does a little tilty poops and then
00:05:10
the guy comes back up and then he lands
00:05:12
you i honestly like i i have never been
00:05:16
more scared in my life all right that's
00:05:18
it and i was like
00:05:20
never again any besties it's a bestie
00:05:22
band for life we're making a pack here
00:05:24
nobody in [ __ ] friends it's crazy so
00:05:25
that's why i'm on new york city last new
00:05:27
york story was i was there two days ago
00:05:29
or for the last couple days we're
00:05:31
staying in the middle of the in the
00:05:32
middle of this omicron breakout
00:05:34
uh by the way had a beautiful dinner uh
00:05:38
after the game draymond kevin durant me
00:05:40
bunch of friends did you go to the game
00:05:43
no we went to the private room at
00:05:44
carbone
00:05:45
it was so brutal though i have to tell
00:05:46
you i feel so disgusting with myself i
00:05:48
had a work dinner
00:05:50
and i have sushi at the work dinner
00:05:52
and then you know dratex after the game
00:05:54
he's like hey look we're all having
00:05:56
dinner carbon i said okay i'll head
00:05:57
through
00:05:58
i went to the hotel i called nat and i
00:06:00
said i'm brushing my teeth
00:06:02
and she said
00:06:04
but you're going out and i said yes but
00:06:05
if i brush my teeth i'm not going to eat
00:06:08
a second center dinner and i thought you
00:06:10
know and then but i made a key mistake
00:06:12
but i didn't floss so i was unflossed
00:06:15
but
00:06:16
i brushed my teeth okay i show up and
00:06:19
[ __ ] i lose it and yes wine and
00:06:21
dessert and bread
00:06:23
vodka
00:06:24
it was really brutal and by 3am i
00:06:26
stumbled home
00:06:28
and i felt so bad because i had to wake
00:06:30
up at like you know
00:06:31
8 o'clock in the morning no my first
00:06:33
meeting was at 7 45. well
00:06:34
congratulations to stuff hi by the way
00:06:37
incredible no
00:06:38
shooter of all time he's a virtuoso
00:06:41
yeah anyways that was my that was my new
00:06:43
york story
00:06:46
i gained here's my here's mine i gained
00:06:48
one kilo 2.2 pounds i gained in two days
00:06:51
uh here's my car bone story hardest
00:06:53
thing to hardest reservation to get in
00:06:55
new york saks is like jake i'll need to
00:06:57
help me a favor what's the best place in
00:06:58
new york to do a closing dinner i'm like
00:07:00
i got you i got my guy get my guy on the
00:07:02
horn my guy's like okay i got you car
00:07:04
bone friday [ __ ] night
00:07:06
eight o'clock hardest ticket to new york
00:07:08
you know what saks does goes dark
00:07:11
friday afternoon 1pm he's like yeah
00:07:13
we're not gonna make it
00:07:16
i'm like oh my god my friend is like j
00:07:18
cal
00:07:20
your guy burned
00:07:22
the carbon res that was the bird ipo i
00:07:25
was going to take the founder out to
00:07:26
dinner that night at carbone and then it
00:07:28
turned into like the big group dinner
00:07:29
with like 30 people so it moved over to
00:07:32
by the way the the the private room
00:07:34
which is like you know not in the
00:07:35
restaurant but it's like a little bit on
00:07:37
the side
00:07:38
it only fits like 15 20 people
00:07:41
so it's not like you can and that's
00:07:43
that's then it's really tight how what
00:07:45
can i ask your question what was steph's
00:07:47
uh how did steph feel
00:07:50
no steph wasn't there draymond kevin me
00:07:53
benny fowler morale but just a bunch of
00:07:55
us you say kevin kevin durant yeah
00:07:58
kevin durant still
00:08:00
ah friendly with uh he's honestly he's
00:08:02
he's such a great guy i love kevin
00:08:04
durant
00:08:05
he really is really really really
00:08:07
aggressive
00:08:09
super super sensitive cool he's friends
00:08:11
again with uh
00:08:12
always
00:08:13
always he was always i mean i think that
00:08:14
when they had their blow up it was more
00:08:16
like their brothers
00:08:18
and it was just a little bit like when
00:08:19
you started talking like joe pesci
00:08:23
did did kevin durant ever start talking
00:08:25
with joe pesci
00:08:28
hey it's time baseball all right uh it
00:08:30
was an eventful week on twitter we're
00:08:32
only one
00:08:34
week into the new twitter ceos reign
00:08:36
jack is gone and already
00:08:38
david sacks has been flagged
00:08:42
it's a guy it can't be a coincidence
00:08:44
that you were talking about them
00:08:46
flagging accounts at the end of free
00:08:48
speech
00:08:49
and then
00:08:50
pull it up on the screen everybody
00:08:53
investors should be spending their time
00:08:56
finding good investments not endlessly
00:08:58
debating interest rates inflation and
00:08:59
tax policy but that's the uncertainty
00:09:01
washington has created it's a great
00:09:03
tweet
00:09:05
i like that tweet actually and then the
00:09:07
flag
00:09:08
the conversation
00:09:10
from sax has been flagged
00:09:11
some conversations can get heavy
00:09:14
don't forget the human behind the screen
00:09:16
do you think that this is that's machine
00:09:18
learned or do you think that that's an
00:09:19
editor that goes in there and actually
00:09:21
manually flags machine learned right
00:09:24
there i think that's a great question
00:09:25
but what is but what is in there that
00:09:26
actually triggers we're debating
00:09:30
washington
00:09:31
interest rates tax policy washington i'm
00:09:34
not sure i'm not sure that you could
00:09:36
build or maybe it's the ratio i don't i
00:09:38
don't know how you would build a
00:09:39
function that would weight this in a way
00:09:40
where this could get flagged of all the
00:09:42
things you could say with those words
00:09:43
this is so benign well i think it's the
00:09:45
kind of it seems to me this thing's
00:09:47
trying to ward off bullying attacks on
00:09:49
sex which i don't think saks needs to be
00:09:51
too worried about
00:09:53
all right because they're telling this
00:09:54
to people who would reply you're saying
00:09:56
it's there to protect me it's to protect
00:09:58
you it's one of those things where
00:09:59
they're like trying to get people to not
00:10:00
insult you in the comments they're
00:10:02
talking about them
00:10:03
do you get a lot of insults and comments
00:10:05
on your tweets oh undoubtedly but so it
00:10:07
could just be a point
00:10:09
this this tweets comments section was
00:10:11
pretty benign oh right it may not be
00:10:13
about the tweet it might be about the
00:10:14
replies no it might be that this wasn't
00:10:16
that hot this wasn't that hot
00:10:18
i think your mother might be onto
00:10:20
something you know michelle chandler got
00:10:22
the same label around the same day for a
00:10:25
tweet that seemed totally innocuous too
00:10:28
so what i wonder about is you know is
00:10:30
this labeled to protect us or is it
00:10:32
a way is it sort of a passive aggressive
00:10:34
way for snowflakes at twitter to like
00:10:37
label
00:10:38
people they don't like and sort of
00:10:39
suggest they're vaguely disreputable
00:10:43
i don't think it's that i don't think
00:10:45
it's right it's a left wing it's a it's
00:10:47
the it's the libs going after the the
00:10:49
sacks you're powering
00:10:51
any liberals getting obviously like
00:10:53
left-wing people wait a second there
00:10:54
seems to be a blanket attempt at trying
00:10:56
to kind of mute the tone a little bit
00:10:58
across the the debating that happens and
00:11:00
the comments that come across
00:11:02
in the replies and i think they're just
00:11:03
trying to like get everyone to tone it
00:11:04
down a bit i mean
00:11:06
before you tweet it it'd be really
00:11:08
interesting to know whether this was
00:11:09
algorithmic or was editorial because i
00:11:11
think if it's editorial
00:11:13
it does actually i don't think it's as
00:11:15
extreme as what david just said but it
00:11:16
skews more in the realm of like people
00:11:18
with an axe to grind can flag one thing
00:11:20
over another or not
00:11:22
right but if it's algorithmic i think
00:11:24
that that algorithm probably just needs
00:11:26
a lot of tweaking because it's not well
00:11:27
anyway this doesn't it say that there's
00:11:29
a person behind the tweet it's like
00:11:31
trying to get people to not say
00:11:35
it's charming the morning is charming
00:11:38
it's trying to get you to be nice to
00:11:39
each other it's ridiculous like your mom
00:11:41
inserting herself and being like now
00:11:43
remember
00:11:44
it's it's there to suggest that there
00:11:46
might be something wrong with the
00:11:48
content that's being posted well you
00:11:50
know in other words in other words the
00:11:51
content is so triggering
00:11:53
that you know it needs warning labels do
00:11:55
you guys think that paternalism has a
00:11:57
role on social networks to try and
00:11:59
multiply the
00:12:01
the
00:12:01
kind of discourse being too acrimonious
00:12:04
like i think we need some some of the
00:12:06
transparency that jack dorsey repeatedly
00:12:08
promised at all the congressional
00:12:09
hearings remember when he got hauled up
00:12:10
there he promised that they would give
00:12:12
more transparency about
00:12:13
the way that their algorithms worked
00:12:15
where is that and it hasn't been
00:12:17
delivered up they promised it now jack
00:12:19
dorsey skipped out of town and there's a
00:12:21
new guy in charge well we need to know
00:12:23
how these algorithms work because they
00:12:25
are pressing their thumb on the scale
00:12:28
you know of debate in the marketplace of
00:12:30
ideas by suggesting that some ideas
00:12:33
are sketchier than others they should
00:12:35
just put here this was algorithmically
00:12:37
done based on they should explain it
00:12:38
under there should be a little question
00:12:39
mark you hope for the question mark
00:12:41
based on the words in the thread it
00:12:43
feels like things are getting heated
00:12:44
here we did this with an algorithm or
00:12:47
users reported this as a heated thread
00:12:50
so we put this here or a human decided
00:12:52
no we just decided yeah but you want it
00:12:55
to be an open marketplace of ideas but
00:12:56
the fact is it's twitter's marketplace
00:12:58
of ideas yeah and facebook's is
00:13:00
facebook's marketplace of ideas and at
00:13:02
the end of the day i don't think you're
00:13:03
going to get away from any of these
00:13:04
centralized social networks
00:13:06
having anything but some degree of
00:13:08
moderation to play a role in a related
00:13:10
thing they didn't just target sacks also
00:13:13
chamata you didn't see this but uh they
00:13:14
flagged one of your tweets uh just this
00:13:16
afternoon pull it up as you can see here
00:13:18
it's a slightly different one
00:13:20
it says layers are for players this
00:13:23
conversation will drift to five thousand
00:13:25
dollar sweaters so a big warning for
00:13:27
tremont just
00:13:29
and for the people replying be careful
00:13:31
this well that that
00:13:33
that must be then that must have been
00:13:34
human uh you know that's human energy
00:13:36
for sure and uh this one came in or prof
00:13:39
g another one came in for prof g so and
00:13:42
in this case i think they're actually
00:13:43
trying to think about
00:13:45
uh the public good this guy is full of
00:13:47
[ __ ] you thought jc benny would beat
00:13:49
amazon
00:13:50
how many how many hours of masterclass
00:13:52
adobe photoshop did you take to to get
00:13:54
this little joke
00:13:56
i didn't make these my meme team did i'm
00:13:59
convinced that there's two ways to raise
00:14:01
your next fund in silicon valley one
00:14:03
have one of the top 50 podcasts in the
00:14:05
world or two have a strong meme game and
00:14:07
i'm going for both sax now has a warning
00:14:10
on his
00:14:10
and this is how they put it on your
00:14:12
profile page exactly this is crazy
00:14:14
warning this person has interesting
00:14:15
things to say
00:14:16
if you if you're too interesting you get
00:14:18
labeled now it's really crazy no i saw
00:14:20
jake i saw jacob having too much fun
00:14:22
with this and i'm like i gotta get in on
00:14:24
this act
00:14:25
you're like i need a meme team yeah
00:14:28
if anybody out there i don't care if
00:14:29
you're i need a comedian
00:14:31
i'm i'm willing to pay on a pay per meme
00:14:34
a pay-per-viral
00:14:36
whatever it takes okay uh in a related
00:14:38
story democrats want racial equity
00:14:41
audits at tech companies according to
00:14:43
the washington free beacon uh which
00:14:45
sacks correct me if i'm wrong that's
00:14:46
some sort of wacky right-wing uh
00:14:49
publication
00:14:50
uh never heard of it okay washington
00:14:52
freebie again if instituted orders would
00:14:54
have veto power over every product or
00:14:57
initiative that's not
00:14:58
an exaggeration is what the story says
00:15:00
one proposal from house democrats would
00:15:02
find companies 20 000 a day for not
00:15:04
completing biennial
00:15:06
independent racial equity audits a
00:15:09
left-wing non-profit called color of
00:15:11
change is pushing for these audits last
00:15:13
week their president called for
00:15:14
independent auditors to vet new products
00:15:17
from tech companies before they were
00:15:18
released in front of congress
00:15:20
2018 color of change successfully pushed
00:15:22
facebook into completing an audit they
00:15:24
called for more restrictions on trump's
00:15:25
posts clear change itself
00:15:27
pushed for trump to be permanently
00:15:29
banned from the platform just so you
00:15:31
know this is exactly the the rough
00:15:33
version of what happened to microsoft
00:15:35
in their doj settlement their anti-trust
00:15:37
settlement was effectively an oversight
00:15:38
where lawyers at the doj were the
00:15:41
product managers and had not effectively
00:15:43
veto right but you had to approve
00:15:44
product features
00:15:46
before you could push them for 10 years
00:15:49
you know this is essentially what caused
00:15:50
bombers rain just be so you know inaudib
00:15:55
to do something and you'd have to go to
00:15:57
these random folks who didn't really
00:15:58
have the context to make a a decision
00:16:01
one way or the other on future so i mean
00:16:03
the idea that they would do this is a
00:16:05
pretty it's pretty crazy i need a point
00:16:06
of clarification here i've heard the
00:16:08
term uh racial audits or racial equity
00:16:10
audits my understanding of those were to
00:16:13
understand the composure of the company
00:16:16
uh in terms of you know the diversity in
00:16:18
the company but this is something
00:16:20
different this is
00:16:22
in the product
00:16:23
to make sure the product isn't racist
00:16:25
can products be racist what's an example
00:16:28
of a product being racist
00:16:30
i don't understand what they would find
00:16:33
let me unpack this for you okay what
00:16:35
they are basically saying is that these
00:16:37
big companies and for example they've
00:16:39
called on google to conduct one of these
00:16:41
audits they want all these big companies
00:16:43
to conduct these audits
00:16:45
these so-called auditors are actually
00:16:47
political consultants who are members of
00:16:50
the democratic party who are friends of
00:16:51
the senators who are pushing for this
00:16:53
they're political activists it's a gift
00:16:55
and it's partly a griff but it's more
00:16:56
than that because
00:16:58
you know when you conduct an audit let's
00:17:00
just take this word audit for a second
00:17:01
okay
00:17:02
you bring in a big five accounting firm
00:17:04
and they will check your numbers
00:17:06
according to generally accepted
00:17:07
accounting principles gap and make sure
00:17:09
that the numbers are what you purported
00:17:11
them to be that is the purpose of an
00:17:13
audit and if the auditor ever says that
00:17:15
you've done anything wrong like you have
00:17:16
to fix it there's no choice
00:17:18
or you can appeal to some other auditor
00:17:20
and have them redo the work okay
00:17:21
according to these generally accepted
00:17:23
principles with an equity audit what
00:17:25
exactly are the principles that are
00:17:27
being enforced or checked here there is
00:17:30
no generally accepted list of equity
00:17:33
principles that must be enforced these
00:17:34
companies basically you have to do
00:17:37
whatever this political activist tells
00:17:38
you to do i mean it's essentially like
00:17:40
bringing in a party commissar
00:17:43
to now take over the company or at least
00:17:46
be inside the company telling the
00:17:48
executives and officer of the company
00:17:50
what to do it's something that frankly
00:17:52
the ccp would do it does feel a little
00:17:55
like uh yeah stasi-like
00:17:59
didn't we have all of the companies
00:18:02
uh on their own from twitter to google
00:18:04
to facebook release their own diversity
00:18:06
stats
00:18:07
years ago i think this is not more than
00:18:10
diversity it's about equity it's about
00:18:11
equity so let's explain the difference
00:18:14
in what that means this is somehow how
00:18:15
the companies run like the day-to-day
00:18:18
life of the employees there not just the
00:18:19
composure and the breakdown of the
00:18:20
employees look equity equity means
00:18:22
anything that progressives say it means
00:18:23
we've seen on this program before how
00:18:25
equity has dumped the shark there's now
00:18:27
uh there's a provision in the
00:18:28
infrastructure bill for tree equity so i
00:18:31
mean really any
00:18:33
disparity that occurs that progressives
00:18:36
don't like can now be called a violation
00:18:38
of equity and this gives them the
00:18:39
authorization to come in there and start
00:18:40
giving orders
00:18:43
it's very weird that i don't understand
00:18:44
how the product then review gets
00:18:47
stopped
00:18:48
meant to throttle you from a leasing
00:18:49
product as a punitive
00:18:51
let me give you an example so recently
00:18:54
you know i wrote a piece called the the
00:18:56
no buy list where i basically you had
00:18:58
companies like paypal and some of these
00:19:00
other financial firms were starting to
00:19:01
deny service to customers to users based
00:19:05
on their political affiliations and not
00:19:08
just like people who are in
00:19:10
you know well-known hate groups that
00:19:12
like everybody sort of you know issues
00:19:14
and wants to stay away from but these
00:19:16
are people with relatively down the
00:19:18
middle conservative you know
00:19:19
conservative groups and they were being
00:19:21
denied service
00:19:23
by you know fintech firms so now i'm not
00:19:25
saying that this is what this means but
00:19:27
if this equity auditors tells you well
00:19:30
look i don't think it's equitable to
00:19:32
allow these conservative groups to you
00:19:34
know be a user of your product well
00:19:36
what's the company going to do they're
00:19:37
going to have to listen to that
00:19:38
and and that that is a plausible
00:19:40
scenario given that it's already
00:19:41
occurred we've all we've we've said this
00:19:43
so many times on the pod but i just want
00:19:45
to say it again for because i guess a
00:19:47
lot of folks are new and listening
00:19:49
whenever you hear equity used by a
00:19:51
politician it usually means there's a
00:19:53
power grab involved yeah because if you
00:19:55
really want things to be fair you want
00:19:56
things to be um equal meritocracy you
00:19:59
want equality but whenever you start
00:20:02
throwing the word equity around and say
00:20:04
we want racial equity it's a bunch of
00:20:06
you know a small number of people
00:20:09
who you know basically have and live by
00:20:13
what i you know what's often called
00:20:14
luxury beliefs who want to judge other
00:20:16
people who want to be morally absolutist
00:20:19
and then who want to basically like uh
00:20:21
you know exercise a power grab and we
00:20:23
have to push back on that stuff because
00:20:25
it's just a slippery slippery slope well
00:20:28
this also seems like overbearing
00:20:31
red tape for companies i mean if the
00:20:33
company has no problems no complaints
00:20:34
against it you know releases their
00:20:37
diversity numbers like what is the point
00:20:39
of going in and auditing them let's use
00:20:40
let's use an example that builds on what
00:20:42
david said let's take square okay one of
00:20:44
the one of the most incredible things
00:20:45
that square did was in a hackathon
00:20:47
essentially build a cash app yeah and
00:20:50
one of the most incredible things that
00:20:51
happened in the cash app was that it
00:20:53
really started to blow up in urban
00:20:55
communities okay and it starts to
00:20:57
normalize
00:20:59
banking
00:21:00
opening up bank accounts having more
00:21:02
savings understanding you know an
00:21:03
on-ramp into crypto you know cash app
00:21:06
has probably done more to get black and
00:21:07
brown people into crypto and to save
00:21:09
money and to understand
00:21:11
their cash than almost anybody else as
00:21:13
as a customer almost explicit strategy
00:21:16
and so is somebody supposed to go in
00:21:18
there and just you know arbitrarily
00:21:20
judge whether there's too many white
00:21:22
people that work at square or not enough
00:21:24
black people and so xyz thing has to
00:21:26
change or such and such a feature
00:21:28
doesn't actually speak to folks so you
00:21:30
can't do it
00:21:31
it's insanity it's like also to se to
00:21:33
your point sax is
00:21:35
what are the what do these people know
00:21:37
like what is their qualification and
00:21:38
what what's the goal
00:21:40
right and and to build on jamaa's point
00:21:42
if these senators so i think cory booker
00:21:45
was the one who proposed this if these
00:21:47
senators want those specific policies
00:21:49
implemented
00:21:50
in the fortune 500 let them pass a bill
00:21:53
to do it and let all of our elected
00:21:54
representatives vote on that bill
00:21:56
and then we can see if it'll really if
00:21:58
it's popular enough to pass and whether
00:22:00
it passes constitutional muster they
00:22:02
won't do that because these bills if
00:22:05
they were directly concretized for
00:22:07
international
00:22:07
would be very unpopular so instead what
00:22:10
they do is tell you well we're not going
00:22:12
to do this directly we're going to put
00:22:13
pressure on these big companies to hire
00:22:15
one of our political friends again this
00:22:17
like commissar-like person and empower
00:22:19
them to tell these companies what to do
00:22:22
so it's it's really kind of insidious
00:22:23
what they're doing and they're kind of
00:22:25
covering it all up with these nice
00:22:26
sounding names i mean who could be
00:22:28
against a racial equity audit right
00:22:31
because
00:22:32
yes if you're if you're against it you
00:22:34
must be a racist and you must not
00:22:36
believe in auditing companies right
00:22:38
right word game you have to you just
00:22:40
it's a word game it's it's using words
00:22:42
that are really
00:22:43
loaded and mean a lot to a lot of us
00:22:46
right if i hear racism and race you're
00:22:48
triggering
00:22:50
it's not triggering but my ears perk up
00:22:51
and i have i have a lot of inbuilt
00:22:55
opinions on it that have been governed
00:22:56
by 45 years as living as a as a brown
00:22:59
man and so okay it stands to reason that
00:23:02
i'm going to pay attention but on the
00:23:04
surface if you say racial equity audit
00:23:06
it also doesn't seem actually all that
00:23:07
bad it seems like reasonably benign and
00:23:09
that seems like an okay thing to do it's
00:23:11
just that most of us then stop at that
00:23:13
point and move on right but if you
00:23:15
actually look at the rules again i would
00:23:17
just say whenever
00:23:18
political frameworks use the word we
00:23:20
need to create more equity
00:23:22
the outcomes are horrible for example
00:23:24
look in healthcare you know if we have
00:23:26
used this idea of healthcare equity
00:23:29
health equity and we've misused it to
00:23:31
such a degree and all we see is that now
00:23:34
the system is so perverted it also
00:23:37
doesn't work for the majority of people
00:23:38
that have actually had the health care
00:23:39
system work for it right like at the top
00:23:41
of the pecking order has always been
00:23:42
white men have always gotten the best
00:23:44
care and we've always measured our
00:23:46
health care progress in america
00:23:48
based on the longevity of men white men
00:23:51
you know 78 79 80 years old and then it
00:23:54
started to degrade and people were
00:23:55
curious what was happening and
00:23:57
underneath it all was just a bunch of
00:23:59
power grabs under the realm of equity we
00:24:01
passed all these crazy laws we basically
00:24:03
didn't do anything
00:24:04
to really create more accountability and
00:24:06
a cost based system
00:24:08
and here we are so at some point
00:24:11
when the citizenry hears that word
00:24:14
you're gonna have to put your thinking
00:24:15
cap on
00:24:17
and actually take the opposite view
00:24:18
which is hold on this is a really nice
00:24:20
sounding word
00:24:22
it may not be what i think it is and i
00:24:23
got to pay attention because more than
00:24:25
if i didn't hear the word at all
00:24:26
anything you have uh on race freidberg
00:24:29
representing
00:24:31
uh
00:24:32
south africans fundamentally i i don't
00:24:34
think this is about race j call i think
00:24:35
this is about power power
00:24:37
it feels like a power grip also it feels
00:24:39
like a little grip it feels like a
00:24:40
little bit of a grift i know i had heard
00:24:42
on the back channel that a lot of the
00:24:44
people who are criticizing some big tech
00:24:45
companies
00:24:46
who were getting you know i'm not going
00:24:48
to say who or under what modern sweaters
00:24:51
sweater karen is that okay but there was
00:24:53
a group of people who are like attacking
00:24:55
big sur why don't karen if she has an
00:24:57
opinion on sweater she must have an
00:24:58
opinion on racial equity come on okay
00:25:00
enough leave spread of caring the issue
00:25:02
is um they would complain and create
00:25:05
these you know basically you know
00:25:06
twitter mobs and then they'd say oh yeah
00:25:08
and hire us for twenty thousand dollars
00:25:10
we'll come in and fix the problem for
00:25:11
you so they were creating the twitter to
00:25:15
then come in and solve the problem
00:25:16
that's so good and i was like oh wow
00:25:18
that is
00:25:19
that's so brutal that's so dirty no i
00:25:22
mean these hr consultants who've written
00:25:23
these books like on the was it uh
00:25:26
d'angelo or whatever on white fragility
00:25:28
and you know how how to be an
00:25:29
anti-racist i mean they're all making a
00:25:32
fortune in corporate fees you know
00:25:34
charging 20 30 000
00:25:36
per
00:25:37
per gig i mean it is absolutely a racket
00:25:39
i'm not a fan of equality of outcome i'm
00:25:42
more a fan of equality of opportunity
00:25:44
and i think um absolutely many many of
00:25:47
these sorts of folks i try and identify
00:25:50
methods to drive a quality of outcome
00:25:53
and it inhibits the competitive forces
00:25:55
that cause the best person the best idea
00:25:58
the best business the best market model
00:26:00
to win
00:26:02
and
00:26:03
you know i think it's easy to conflate
00:26:05
the two when you don't really think
00:26:06
through it but it is certainly
00:26:08
appropriate and reasonable to make sure
00:26:09
that folks aren't discriminated against
00:26:11
when they apply for a job i don't think
00:26:14
it's appropriate
00:26:15
to then apply
00:26:17
considerations of race and other factors
00:26:19
when people are equally in the same job
00:26:22
on who
00:26:23
gets to have the chance at the bonus it
00:26:25
is the best performer that should have
00:26:27
the chance at the bonus and the same
00:26:29
should be true in marketplaces and the
00:26:30
same should be true with business um and
00:26:32
i think that what we're really seeing is
00:26:34
this fundamental
00:26:36
effort to try and generate equality and
00:26:38
outcomes
00:26:39
um in lots of different manifestations
00:26:42
and we're seeing it more frequently and
00:26:44
more severely than we've seen it
00:26:45
historically but it's not uh i don't
00:26:48
think it's the right model and it's only
00:26:49
going to lead to demise of marketplace
00:26:51
dynamics and the things that cause
00:26:53
forces for success and progress
00:26:56
to wimp you know we
00:26:57
we mentioned this a couple times i'll
00:26:59
just say it again
00:27:00
but we are about to have probably the
00:27:03
most significant movement
00:27:05
and questioning of equity versus
00:27:07
equality
00:27:08
um because i think in the next month
00:27:10
maybe in the next two months we're going
00:27:12
to sort of see
00:27:14
a pretty strict opinion on affirmative
00:27:15
action and
00:27:17
if you talk to legal scholars the
00:27:18
overwhelming consensus is this is gone
00:27:21
um and you know we're gonna have to
00:27:23
figure out how to rebuild
00:27:25
you know what was a really important
00:27:27
system that tried to give folks at least
00:27:29
you know getting to the starting line in
00:27:31
the same
00:27:32
way but it's not gonna it's not really
00:27:35
gonna exist in this in the same way
00:27:36
shape or form speaking of karen's uh
00:27:39
elizabeth warren uh was bashing elon
00:27:41
over taxes
00:27:43
and elon um has a twitter handle um with
00:27:47
some followers and he responded
00:27:49
uh elizabeth warren says let's change
00:27:51
the rigged tax code so the person of the
00:27:53
year will actually pay taxes and stop
00:27:55
freeloading off everyone else
00:27:57
unfortunately for uh elizabeth warren uh
00:28:01
elon musk is pretty good at twitter he
00:28:03
replied and if you opened your eyes for
00:28:05
two seconds you would realize i pay more
00:28:07
taxes than any american in history this
00:28:10
year you pay which is i guess true he
00:28:12
paid more in taxes now than any american
00:28:14
in history as a side note elizabeth
00:28:17
warren has a 12 million net worth and i
00:28:19
saw
00:28:20
that she paid no taxes on her equity
00:28:22
holdings because she didn't sell
00:28:23
anything which is how the tax code works
00:28:27
and uh elon then responded
00:28:30
uh don't spend it all at once oh wait
00:28:32
you already did
00:28:34
and then you know after the warm-up
00:28:36
replies you uh really
00:28:39
you know uh got in the zone and uh like
00:28:42
steph curry just started draining half
00:28:44
court shots he rationed her everything
00:28:46
she heard her with 50 000 rupees yeah
00:28:48
you remind me of when i was a kid and my
00:28:50
friends angry mom would just randomly
00:28:52
yell at everyone for no reason please
00:28:55
don't call
00:28:56
the manager on me senator karen elon
00:29:00
also responded to bernie sanders
00:29:02
uh tweet today about climate change
00:29:04
bernie sanders said
00:29:05
when future generations asked us what
00:29:07
did we do to stop the climate crisis how
00:29:09
would we answer
00:29:10
and uh elon set
00:29:13
and so great tweets uh
00:29:15
but to the bigger picture did these
00:29:17
people even
00:29:18
know what's going on in the world no
00:29:20
they woke up they woke up on the wrong
00:29:23
side of the tilt bed yeah because uh in
00:29:26
in like a 24-hour period he was the time
00:29:29
person of the year
00:29:30
the ft person of the year
00:29:32
and they just went into super mega tilt
00:29:35
mode and the buildback batter act got
00:29:38
shelved and
00:29:42
um
00:29:43
well i mean you know i think we we
00:29:45
talked about this last week but that
00:29:46
bill is dead now i mean they pushed it
00:29:47
to march to basically avoid a down vote
00:29:50
nothing's going to happen david you're
00:29:51
right
00:29:53
we said last week wouldn't it be
00:29:54
hilarious if elon said kill it and then
00:29:57
it got killed well i don't i don't think
00:29:59
that that's why the bill is dying i
00:30:01
think the real reason is that
00:30:03
we now see a fed posture which is
00:30:05
actually pretty reasonable which
00:30:07
actually says oh wait there's way too
00:30:09
much money in the system as it is yeah
00:30:12
you know the fed two days ago basically
00:30:13
said we're going to see up to three rate
00:30:15
hikes
00:30:16
next year probably 50 basis points each
00:30:19
so you know it's basically acknowledging
00:30:21
that these these last you know several
00:30:24
years we have printed way too much money
00:30:26
and they're trying to fix the problem
00:30:28
that they created
00:30:29
so that's i think the real reason and
00:30:31
then the cbo comes out and basically
00:30:33
says the congressional budget office and
00:30:35
says this thing is a white albatross
00:30:37
that's going to cost way more than you
00:30:38
guys think it will and so it puts biden
00:30:40
in this very awkward situation which is
00:30:43
you know on the one hand he supports
00:30:44
powell
00:30:46
um and you know he supports institutions
00:30:48
or has historically like the cbo
00:30:50
but he effectively then has to push back
00:30:52
on both of them all in one false to try
00:30:54
to ram this bill down people's throats
00:30:55
and the support is
00:30:57
i think it's crumbling and so you know
00:30:59
to save face they basically said well
00:31:01
we'll put a pin on this and we'll
00:31:02
revisit it in march but you guys know
00:31:04
what's going to happen in the next three
00:31:06
months there's going to be some other
00:31:07
crisis
00:31:08
most folks will forget and it may just
00:31:10
allow them to move on without having to
00:31:13
actually deal with the potential of this
00:31:15
thing getting defeated which would just
00:31:16
be i think cataclysmically bad for exact
00:31:19
for democrats you were on cnbc today i
00:31:22
thought you said something really
00:31:24
important where you said hey listen
00:31:26
maybe if we just calm things down for a
00:31:29
year
00:31:30
we can you know get through i'm not sure
00:31:32
what the exact quote was but maybe you
00:31:34
could unpack that sentiment you had on
00:31:36
cnbc today because i thought that was
00:31:37
pretty important yeah well i mean i
00:31:39
agree with what jamal said this um i
00:31:42
mean this this bbb bill
00:31:44
was particularly anachronistic once the
00:31:46
6.8 percent you know inflation print
00:31:49
came out in other words we're in a
00:31:50
hyperinflationary environment and here
00:31:52
comes this bill that the cbo says
00:31:55
if you know over 10 years would cost
00:31:58
five trillion dollars that's the last
00:32:00
thing we need is more money printing
00:32:01
when you know we've got this
00:32:03
inflationary fire out of control so i
00:32:05
think that is why the the bill is being
00:32:07
shelved probably not to return
00:32:09
um i think that the larger problem that
00:32:11
we have in the markets is that this
00:32:13
there's a tremendous amount of
00:32:14
uncertainty being created right now by
00:32:16
washington we've had tremendous
00:32:18
uncertainty over spending
00:32:20
over taxes over interest rates
00:32:23
and the conversations that i'm having
00:32:26
with friends who are investors in really
00:32:28
every asset class real estate
00:32:30
vc crypto
00:32:32
the conversations are all the same
00:32:33
what's interest rates going to do what's
00:32:34
the macro picture going to be i've never
00:32:36
seen
00:32:37
investors who should be focused on hey
00:32:39
do i miss this company or buy this
00:32:40
building or whatever those aren't the
00:32:42
conversations it's all everyone's a
00:32:43
macro economist now and so we're also
00:32:45
distracted by this and
00:32:48
so now the fed a couple of days ago
00:32:49
finally gave us clarity i mean what they
00:32:51
basically said is they're gonna
00:32:53
accelerate the taper they'll end
00:32:55
quantitative easing at the end of q1 and
00:32:57
then we're basically gonna get explain
00:32:59
what that means to people who don't know
00:33:01
what they've been purchasing and why
00:33:03
yeah i mean quantitative easing is kind
00:33:05
of a weird term what it means is the fed
00:33:07
has been going into the bond market and
00:33:09
buying bonds um i think basically
00:33:12
mortgage-backed securities and
00:33:13
treasuries and they've been buying i
00:33:15
think about 90 billion a month they're
00:33:17
going to cut that back to 60 billion a
00:33:19
month
00:33:20
and
00:33:21
that'll continue just to explain it a
00:33:23
little bit more when you do that what
00:33:25
you're doing is
00:33:26
you're giving somebody that owns those
00:33:28
bonds money
00:33:30
okay so the fed prints money
00:33:32
the government prints a hundred dollars
00:33:35
takes that hundred dollars steps into
00:33:37
the market and takes something from you
00:33:39
in this case it's a bond and gives you
00:33:41
that freshly printed hundred dollars
00:33:44
what are you going to do well you're
00:33:45
probably going to go and spend that
00:33:47
you're going to buy other things and
00:33:49
that's the cycle of inflation that
00:33:50
quantitative easing basically creates
00:33:53
and so when you call when you talk about
00:33:55
tapering what that means is slowing down
00:33:58
the money printing machine and slowing
00:34:00
down
00:34:01
you stepping in the market and buying
00:34:02
assets with money that you've created
00:34:04
out of thin air and it's up to other
00:34:06
people to buy those assets if other
00:34:07
people see value in them you you then
00:34:09
are forced to find the real market
00:34:11
clearing price yeah those those bonds
00:34:13
are now on the fed's balance sheet and
00:34:15
so there's a very interesting chart
00:34:16
showing assets that are owned by the fed
00:34:20
and it went up by something like three
00:34:22
trillion during covid so that is the
00:34:25
sort of monetary stimulus that's been
00:34:27
pumped into the market over the last
00:34:28
couple of years separately we've had
00:34:30
something like six or seven trillion of
00:34:32
dispending by the government so
00:34:34
you know tremendously so that three
00:34:36
trillion is not thrown away so we're
00:34:37
clear we're going to get interest on
00:34:39
that and people some number will default
00:34:41
some of them will get paid back it's a
00:34:42
way of stimulating the economy but we
00:34:44
now know after this uh stemi checks and
00:34:48
all the stimulus we did during the
00:34:49
pandemic we don't need to put more fire
00:34:52
or oxygen or kerosene on what we got
00:34:54
going in this economy correct david yeah
00:34:56
i mean we
00:34:58
we should show that chart about how much
00:34:59
the fed's balance sheet has grown over
00:35:01
the last couple of years but you know
00:35:04
the the argument i think would be the
00:35:05
reason why they do they buy these assets
00:35:07
is if they're buying bonds
00:35:09
it basically means that it keeps the
00:35:12
yield down right because if they weren't
00:35:14
the ones buying them someone else would
00:35:16
have to buy these bonds to keep the
00:35:17
government funded and they might demand
00:35:19
a higher interest rate a higher yield on
00:35:21
the bonds so
00:35:23
this by having the fed come in and
00:35:25
increase the demand for the government's
00:35:27
debt
00:35:28
it means that the government can sell
00:35:30
its debt more cheaply
00:35:31
so when they stop doing that um i think
00:35:34
you can expect that
00:35:36
you know interest rates are going to
00:35:37
need to rise in order to make our debt
00:35:39
attractive to you know to bond buyers
00:35:43
the other thing the other thing by the
00:35:44
way that the fed
00:35:45
did when they did that was it wasn't
00:35:47
just government bonds that they were
00:35:49
buying
00:35:50
they decided completely arbitrarily
00:35:54
at one point to start buying certain
00:35:56
corporate debt
00:35:57
so they own like four debt gm debt
00:36:00
commercial that's called yeah no no no
00:36:03
well not i mean commercial papers sort
00:36:04
of more very fast turn short term
00:36:07
duration but like how do you make a
00:36:09
decision to start buying corporate bonds
00:36:10
it's like buying corporate equities do
00:36:12
you buy google versus facebook do you
00:36:14
have who's the capital allocator making
00:36:15
that decision so more importantly who's
00:36:17
who's setting the price who's setting
00:36:19
the price so you know these guys have
00:36:21
been off the reservation for a long time
00:36:23
i think it's fair to say that they were
00:36:25
forced into action without a playbook in
00:36:28
the middle of a once in a you know
00:36:29
lifetime once a century pandemic fair
00:36:31
enough
00:36:32
and i think they actually did a pretty
00:36:34
reasonable job but we just kept the tap
00:36:37
on for so long yeah
00:36:39
and now we're like dealing with this
00:36:41
stuff trying to figure out how do we
00:36:42
actually compensate so the idea that we
00:36:45
would add knowing all of this so it's
00:36:47
one thing i think if biden passed the
00:36:49
bill
00:36:50
five months ago
00:36:51
six months ago because we didn't know
00:36:53
any of this stuff
00:36:54
but to do it now knowing that i think
00:36:57
that it's really hard and i bet you that
00:36:59
it's not just mansion on the democrats
00:37:02
that are having a little bit of
00:37:03
heartburn and second thoughts it's
00:37:05
probably more because i suspect that
00:37:06
they could have forced his hand really
00:37:09
if it was just up to him but i suspect
00:37:11
there are other democrats who are now
00:37:12
teetering on the fence thinking i don't
00:37:14
want my legacy to be tied to this when
00:37:16
we're printing six seven eight percent
00:37:18
inflation for me to basically keep the
00:37:20
money printing machine on because it's
00:37:22
it's insane this is like the sopranos
00:37:24
episode where he gave him like
00:37:26
he fronted the guy like 45 boxes of ziti
00:37:28
and like you wake up and this guy can't
00:37:30
pay the bill in the poker game like
00:37:31
where can we even afford to pay this
00:37:32
back at some point yeah look i think
00:37:34
when when march comes around and this
00:37:36
bill is supposedly going to be brought
00:37:37
back off the table we're going to be
00:37:39
into the election season in 2022 and i
00:37:41
don't know that democrats are going to
00:37:42
want to defend this
00:37:43
i think there is a view on the
00:37:44
democratic side that if they deliver
00:37:46
enough goodies to their base then that
00:37:49
will help them win elections but i think
00:37:51
what helps you win elections more
00:37:54
than delivering goodies to your special
00:37:56
interests is for the economy to be
00:37:57
healthy yeah and if they are sort of
00:38:00
pressurizing this inflation situation
00:38:03
that is i think ultimately that could
00:38:05
backfire i think that's going to be
00:38:06
worse for the economy frankly i think
00:38:08
manchester is doing biden a favor
00:38:10
because if the economy does grow by four
00:38:13
percent next year as the fed is
00:38:14
predicting it is and if inflation comes
00:38:17
down
00:38:18
because you stop printing money the way
00:38:19
they're doing
00:38:21
then you know i think the democrats will
00:38:22
do better in the election if the economy
00:38:24
is good i mean one of the reasons why
00:38:26
they did so poorly you know in the
00:38:27
off-year election
00:38:29
uh a month ago is that there's
00:38:30
tremendous economic anxiety out there
00:38:32
people are seeing the inflation at the
00:38:34
gas tank when they go to buy food
00:38:36
and um you know if that continues i
00:38:39
think they're going to do very poorly
00:38:40
next year i wanted to like bring up this
00:38:43
chart from fred
00:38:44
on total assets on the fed balance sheet
00:38:46
i think it is really interesting to look
00:38:47
at this thing
00:38:48
because so the fed had about a trillion
00:38:51
of assets until 2008 okay then we had
00:38:53
the financial crisis and they doubled it
00:38:55
that's when the quantitative easing
00:38:56
began
00:38:58
i went to 2 trillion but then from
00:39:00
roughly 2009
00:39:02
to
00:39:03
about 2020 before covid
00:39:06
somehow the balance sheet grew from 2
00:39:08
trillion to 4 trillion
00:39:10
so and it had gone to four and a half
00:39:12
and they were starting to shed assets so
00:39:14
they were starting to get off drugs but
00:39:16
it was still from two to four trillion
00:39:18
between this like 2009 and 2020 period
00:39:21
when supposedly we weren't in a crisis
00:39:23
so
00:39:24
you know they've continued this
00:39:24
quantitative easing then covet hits and
00:39:27
the amount grows from four to seven
00:39:29
trillion
00:39:30
just in 2020 and since then it's gone
00:39:33
from seven
00:39:34
to a little under nine trillion uh just
00:39:37
in the last you know
00:39:39
well they they they've been three trees
00:39:42
i mean these are 20-year-olds they got
00:39:43
to sell them well either they're going
00:39:45
to have to sell the assets or they kind
00:39:46
of do
00:39:47
well well
00:39:48
well it's not like that they basically
00:39:50
are the are the fed is the one who
00:39:52
bought the government debt
00:39:54
so they're buying to call it a 10-year
00:39:55
treasury
00:39:56
so
00:39:57
yeah i guess they could just wait till
00:39:58
the the bond gets paid off but um
00:40:02
but i guess they could do that but but
00:40:04
now that fed has an incentive not to let
00:40:05
the assets get toxic
00:40:07
right so
00:40:09
if you know the assets would get toxic
00:40:11
if you know if interest rates go up too
00:40:13
high
00:40:14
that drives bond prices down and now all
00:40:16
the assets on their books are worth a
00:40:17
lot less
00:40:18
yeah this is this is like the point
00:40:20
where we have to just call it and say
00:40:22
okay you know what let's move on meaning
00:40:24
in the sense that like we have to go to
00:40:26
these root causes because the money is
00:40:29
more money
00:40:30
is not going to fix what we're dealing
00:40:32
with so i just put something in the
00:40:33
group chat and i just want to get your
00:40:35
guys's reaction to it because when i saw
00:40:37
it it blew my mind there was a study
00:40:40
okay that was just published a few days
00:40:42
ago and it said the following thing
00:40:44
children born during the pandemic have
00:40:47
experienced a catastrophic drop
00:40:50
in cognitive development
00:40:52
of 22 iq points
00:40:55
22 yeah and when you look at it
00:40:58
the people that were the most affected
00:41:00
were male children and children of lower
00:41:02
socioeconomic families
00:41:05
but everybody was affected
00:41:07
yet you see the amount of money that
00:41:09
we're spending already so adding more
00:41:11
money
00:41:13
to something is not going to make it
00:41:14
better if what we're spending today is
00:41:16
basically just getting flushed on the
00:41:17
toilet
00:41:19
and these are the kinds of things that
00:41:20
really matter how do you allow
00:41:22
an entire generation of kids to
00:41:25
to see to suffer by the way what does
00:41:27
that show
00:41:29
that means that teachers actually are
00:41:30
unbelievably important so number one
00:41:32
they should get paid a lot more okay
00:41:33
let's just put it down there should be
00:41:34
more of them and smaller class sizes
00:41:35
exactly but if you if you have you know
00:41:38
these completely screwed up incentives
00:41:40
between you know the organizations the
00:41:42
unions that represent these teachers and
00:41:44
then the parents who have completely
00:41:45
different incentives
00:41:47
and they basically fight to never be in
00:41:49
classroom and to not really teach this
00:41:51
is the measurable outcome yeah the iq of
00:41:54
our children i mean we have crucial
00:41:56
ability their executive function their
00:41:58
scores are going down how do they
00:42:01
recover from that
00:42:02
be a lot of tutoring it's gonna be a
00:42:04
large summer school yeah i mean zoom's
00:42:06
not gonna do it i don't think more
00:42:07
fortnite in roblox fixes this problem no
00:42:10
definitely not
00:42:12
and and i feel terrible because like you
00:42:13
know as a parent that's that was my
00:42:15
solution right i was struggling with the
00:42:17
zooms like every other parent and then
00:42:19
in the evenings i was just so burnt and
00:42:21
just feeling so beside myself in the
00:42:23
middle of the pandemic
00:42:25
whereas i had a no ipad rule for my kids
00:42:27
that i broke down yep you know everybody
00:42:30
did i mean it's like everybody you're
00:42:31
home with your kids all day long it's
00:42:33
not how it's supposed to work and but so
00:42:35
the point is like this is where the
00:42:36
government should step in and actually
00:42:37
say okay here let me take leadership on
00:42:39
this topic
00:42:40
right and talk to the unions fix
00:42:43
whatever needs to be fixed amp up the
00:42:45
the money into charter schools do
00:42:46
whatever you need to do
00:42:48
but please fix the problem
00:42:50
but randomly spending money to try to
00:42:52
buy votes i think people see through
00:42:54
that it just doesn't work and related to
00:42:56
that omnicron is spreading like crazy uh
00:42:59
new york city hasn't i'm rick
00:43:02
omnicron omicron there is no n
00:43:05
omicron omicron omicron yes i'll i'll
00:43:09
learn how to pronounce it when it's gone
00:43:11
omicron
00:43:12
is spreading like crazy
00:43:15
in new york city and in the uk amongst
00:43:18
other places the nba and the nfl are
00:43:20
seeing surges i've had a ton of people i
00:43:22
know test positive this week you guys
00:43:24
had that
00:43:25
family friends crazy
00:43:27
it's insane how many people are i know
00:43:29
so many people in new york city
00:43:32
related yeah and a lot of people that
00:43:33
don't have um any symptoms so here's the
00:43:36
chart of cases uh case of spiking but
00:43:38
hospitalizations and deaths are flat or
00:43:41
going down um in places where these
00:43:43
outbreaks are occurring the uk uh charts
00:43:45
are even starker there's a lot of
00:43:47
anecdotal evidence everybody on tick
00:43:48
tock and instagram and twitter young
00:43:50
people in new york who went to cena con
00:43:52
are saying they all got it but if you
00:43:54
look at this
00:43:55
what is santa con santa con is the worst
00:43:58
holiday of the year it's a time when a
00:44:01
bunch of young people dress as santa
00:44:03
claus
00:44:04
and get drunk
00:44:05
and you have
00:44:10
[Applause]
00:44:16
that's what goes on everyone wears their
00:44:17
little santa outfit and they go bar
00:44:18
crawling
00:44:19
so it's not sexy santa well actually i
00:44:22
have a story about that i was san
00:44:24
francisco
00:44:26
you were sexy santa no
00:44:28
i literally took my daughters out for
00:44:30
pizza
00:44:31
uh tony's uh in uh north beach and you
00:44:35
know i've got my three daughters and
00:44:37
there's all these people walking around
00:44:38
like look dad it's santa claus like a
00:44:40
lot of them and so there's a thousand
00:44:42
santa claus descend on north beach
00:44:45
and i turn around and i kid you not
00:44:47
there are two old guys
00:44:49
i'm talking 70 years old
00:44:51
and they're wearing a baseball a santa
00:44:53
hat
00:44:55
santa boots
00:44:57
and nothing in between
00:44:59
literally
00:45:01
[ __ ] naked
00:45:02
in
00:45:03
on the street so
00:45:05
yeah
00:45:05
bro you're you're so you're so demented
00:45:08
okay you're like this like like unkey
00:45:10
perv like every time i get those text
00:45:12
messages i don't know what to think
00:45:14
did you guys click on the twitter link
00:45:15
when jason was like guys search for the
00:45:17
folsom street fair on twitter no i can't
00:45:20
i can't unsee what i saw i was like why
00:45:22
is this awesome street
00:45:24
trending i was like i thought there was
00:45:26
a terrorist attack bro that was so
00:45:28
brutal you you should you can't send
00:45:30
that [ __ ] around like it's so brutal i
00:45:32
don't click off i was like don't click
00:45:33
on false i was like oh this is a twitter
00:45:35
link what is it about web 3.0
00:45:38
not exactly uh the folsom street fair
00:45:40
i'm gonna go ahead and say don't search
00:45:42
for that um
00:45:43
if you have kids around it's a little
00:45:44
bit intense but anyway the santa calm
00:45:47
was on saturday december 11th and so
00:45:50
here we are five days late you know four
00:45:51
or five days later and the stuff uh
00:45:53
hitting if that's true it almost
00:45:55
perfectly mirrors the original outbreak
00:45:56
after saint patty's day in march 2020.
00:46:00
and if you look on social media all the
00:46:02
city md lines uh where people get tested
00:46:05
are around the block and
00:46:07
30 nba players have entered the covid
00:46:09
protocol in the last two weeks about
00:46:11
seven percent of the league and uh we
00:46:13
had a big question mark of would this be
00:46:15
less more contagious it obviously is
00:46:17
check less deadly it apparently some
00:46:19
studies show as much as 40 times more
00:46:22
infectious than delta
00:46:24
um highly contagious extreme very much
00:46:26
airborne it's going everywhere
00:46:30
like i said last time if it does end up
00:46:32
having low severity and low um
00:46:36
hospitalization rate and low death rate
00:46:37
for vaccinated or vaccinated plus
00:46:39
boosted populations
00:46:41
this could end up being a massive
00:46:43
immunizing event meaning like a lot of
00:46:44
people will develop new antibodies and
00:46:46
resistance and
00:46:48
you know that could be a net good thing
00:46:49
but it's certainly the case that this is
00:46:51
not a
00:46:52
one strain one shot and done pandemic
00:46:55
this is an endemic kind of circumstance
00:46:57
we're going to be in this for a while
00:46:58
and
00:46:59
um you know the circumstances are one
00:47:01
that may kind of require you know an
00:47:03
adaptation in terms of how we live and
00:47:05
operate and especially as it relates to
00:47:07
things that are so important like
00:47:08
keeping businesses open in schools
00:47:10
um you know i think we're going to use
00:47:12
recent memory to guide future decision
00:47:14
making or at least politicians and
00:47:18
you know kind of lawmakers will and
00:47:20
they'll say
00:47:21
hey this is what we did last time this
00:47:22
happened and we just saw this in
00:47:23
california where they're like last time
00:47:24
like we told everyone going to lock down
00:47:27
or wear masks indoors again and we're
00:47:29
seeing that behavior again
00:47:31
certainly it may have an impact in terms
00:47:33
of the spread but this is highly
00:47:34
contagious and it's going to spread
00:47:36
everywhere
00:47:38
and i think there's just some adaptation
00:47:40
that maybe
00:47:41
is going to be needed here over the long
00:47:43
run there's no end there's no end inside
00:47:45
there's no end in sight but uh
00:47:47
it is less deadly and so could be mass
00:47:49
immunizing and that has led people to
00:47:52
think of this herd immunity potentially
00:47:53
if there's not another variant
00:47:55
um sacs if the nba and the nfl are
00:47:58
learning to live with kovid and
00:48:00
obviously when we were in miami there's
00:48:02
no covet in austin there's no covid
00:48:04
is everybody now just go because it
00:48:06
seems like the politicians now whether
00:48:08
it's in europe we're seeing the protests
00:48:10
uh and i think we'll see them here in
00:48:11
the united states if this keeps up
00:48:13
australia obviously having protests as
00:48:15
well the public has decided i think
00:48:17
we're willing to have a thousand people
00:48:19
die a day or a certain number of people
00:48:21
die today to get back to normal so what
00:48:23
what do you think the end game here is
00:48:25
going into 22. i'll make a prediction
00:48:26
for 2022. okay i will predict that even
00:48:30
the blue areas of the country are going
00:48:32
to have fatigue with all these coveted
00:48:35
restrictions and so even the blue state
00:48:38
governors who are addicted to their
00:48:39
state of emergencies and their
00:48:42
restrictions and lockdowns and closures
00:48:44
and mass mandates even they are going to
00:48:46
have to give them up in 2022 because the
00:48:48
country is sick and tired of this peter
00:48:51
pham had a really good tweet uh just the
00:48:53
other day maybe you guys can dig it up
00:48:55
where he had a friend visit him from
00:48:56
texas
00:48:57
and they've been living normally there
00:48:59
since like july of 2020 roughly kids in
00:49:02
school
00:49:03
occasionally someone gets sick but
00:49:05
they've been living normally okay it's a
00:49:06
manageable problem and he couldn't
00:49:08
believe
00:49:09
peter's friend could not believe how
00:49:11
they're living in l.a where still
00:49:13
everyone's living in fear they've we now
00:49:15
have a new one month indoor mass mandate
00:49:18
thanks to you know
00:49:20
governor newsom who still
00:49:22
is ruling the state under a state of
00:49:23
emergency what good is that going to do
00:49:26
so i think you know but but but i think
00:49:28
that some of these blue areas people are
00:49:30
so
00:49:31
petrified still
00:49:32
of the virus and i think it's just
00:49:34
because of
00:49:35
they're the ones who have been ingesting
00:49:38
all this fear porn coming from the media
00:49:40
and but but i think it's gonna break i
00:49:42
think the the finally this hysteria and
00:49:44
panic will break it'll crest over the
00:49:47
blue parts of the country in 2022
00:49:50
they're already back to normal in the
00:49:51
red parts and especially omicron you
00:49:54
can't stop this
00:49:55
okay i think that's the the salient
00:49:57
point here nothing spreading you're all
00:50:00
going to get it look
00:50:01
the little the little stupid vax card
00:50:03
that you have to show everywhere to get
00:50:04
like popcorn at a movie theater like you
00:50:06
know in san francisco it doesn't do
00:50:08
anything because vaccinated people can
00:50:09
spread it too
00:50:10
so
00:50:11
that doesn't do anything and the mass
00:50:13
main date doesn't do anything
00:50:14
um
00:50:15
you know and so none of this stuff does
00:50:17
anything except getting a vaccine
00:50:19
reduces the severity of the illness
00:50:23
and losing weight and we can't have that
00:50:24
conversations those consequences are
00:50:26
mainly on the person who decides to do
00:50:29
it what we have to say is we just have
00:50:30
to tell everybody you know listen
00:50:32
lose weight get in shape eat healthy get
00:50:34
vaccinated get back to life that's it
00:50:37
that's the best you can do i'm i believe
00:50:39
everybody's going to get it we're
00:50:40
starting to see like a real
00:50:42
divergence in american life where and i
00:50:45
think omicron's if we have lockdowns
00:50:47
under omicron and really the big issue
00:50:49
is school closures if we go back to
00:50:50
school closures and blue states and have
00:50:53
more of the learning loss that jamal was
00:50:55
talking about and i bet we do
00:50:57
whereas in red states they're still out
00:50:59
there learning normally and they're
00:51:00
dealing with it just like they deal with
00:51:02
the outbreak of a flu season or cold
00:51:05
season but they you know they're just
00:51:06
managing it we're gonna there's gonna be
00:51:08
we're gonna be living in two different
00:51:09
americas
00:51:11
but i but i don't believe this is
00:51:12
sustainable i think eventually these
00:51:14
governors who are holding on to their
00:51:16
power and their restrictions are gonna
00:51:18
lose in 2022
00:51:20
the ones who haven't given it up are
00:51:22
gonna are gonna basically uh fall to a
00:51:25
red wave in november 22. i think noosa
00:51:28
might be the only one left school's
00:51:30
closed i see everybody's cancelling
00:51:31
their christmas parties jp morgan
00:51:33
canceled that we're close we're close
00:51:36
every christmas party's been getting
00:51:37
cancelled um and i wonder if schools i
00:51:40
mean teachers unions i think they got to
00:51:42
be having a meeting right now they don't
00:51:44
even the teachers don't even acknowledge
00:51:46
that learning loss exists
00:51:48
i
00:51:48
mean decided to homeschool for the year
00:51:51
of the pandemic and i kept my homeschool
00:51:53
teacher for you know a couple of hours a
00:51:55
day and uh my kids have done wonderfully
00:51:57
and it's great to have the ability to
00:51:59
afford to be able to do that but not
00:52:00
everybody can have an after-school tutor
00:52:02
let me upload this for a second okay so
00:52:05
i'm spilling the beans on one of my
00:52:06
predictions i'll make at the predictions
00:52:07
episode we do but first we had covet
00:52:10
okay then we had the overreaction to
00:52:12
covid both politically and economically
00:52:15
economically we pumped
00:52:17
10 trillion plus of spending
00:52:19
and monetary and qe and all this sort of
00:52:21
stuff politically we had these
00:52:24
restrictions school closures lockdowns
00:52:27
mandates okay i think we're about to
00:52:29
enter a new phase which is the
00:52:31
correction to the overreaction and i
00:52:34
think we're already in the correction so
00:52:35
the market's been correcting growth
00:52:36
stock's been correcting for the last
00:52:38
five or six weeks i now think that
00:52:42
there was a bit of a political
00:52:43
correction with young kid winning in
00:52:45
virginia remember that state swung 10
00:52:47
points relative to a year ago and i
00:52:50
think you'll see a further correction
00:52:51
both political and economic in
00:52:53
2022
00:52:55
so we may not be completely passed kova
00:52:57
but i think we are going to be past this
00:53:00
sort of overreaction to covet what do
00:53:02
you guys think about succession
00:53:04
oh no i haven't seen it
00:53:07
don't say anything jeremy strong jeremy
00:53:09
strong let's talk about the journey
00:53:10
jeremy strong okay jeremy strong is a
00:53:13
weirdo uh according to a new yorker
00:53:15
profile and there's been a huge response
00:53:17
to it uh this profile handle kendall roy
00:53:21
on success chandler roy who is woke and
00:53:23
dumb and ineffective as an
00:53:26
executive and obviously the show is
00:53:30
modeled after rupert murdoch and fox and
00:53:32
the kids there who are not dopey
00:53:34
actually in the article it hinted that
00:53:36
most of secession's co-workers dislike
00:53:38
him due to his intensity and nothing
00:53:40
acted and method acting rituals
00:53:43
he won't rehearse with anybody he's in
00:53:45
character all the time like daniel day
00:53:47
lewis he won't get makeup whenever
00:53:49
everybody else does because he doesn't
00:53:50
want to reduce the energy and the
00:53:51
buildup uh the article notes there is a
00:53:54
fine line that strong walks between
00:53:57
being a legendary method actor and just
00:54:00
a complete
00:54:01
uh the awesome networker wait can i tell
00:54:04
you why this story was interesting to me
00:54:05
and why isn't this you guys yeah
00:54:08
okay so
00:54:09
here's a guy who
00:54:11
in many ways is a virtuoso and
00:54:14
the reason you mean he's a he's a really
00:54:16
good actor because i despise kendall roy
00:54:18
on that show uh and i was wondering like
00:54:20
is this guy just a terrible actor or is
00:54:22
he such a good actor that i hate them
00:54:24
yes i hate him and that's why i was
00:54:26
attracted to this article and in it or
00:54:28
after it so basically what happens is
00:54:30
he's a virtuoso just i'll come back to
00:54:32
in a second
00:54:34
these people at the new yorker who i
00:54:36
guess are just jealous or want to write
00:54:38
click bait
00:54:39
try to destroy this guy
00:54:41
but what they didn't factor
00:54:43
is that when they published this article
00:54:45
all these other actors would come to his
00:54:47
defense and do it really publicly yes
00:54:50
anne hathaway jessica
00:54:53
and aaron sorkin wrote a letter exactly
00:54:56
that jessica chastain published to
00:54:57
twitter because aaron aaron sorkin
00:54:59
doesn't have
00:55:00
access to social media by design
00:55:03
and in all of it they said this is the
00:55:05
most incredible person we've seen aaron
00:55:07
sorkin says this guy is as good as
00:55:08
dustin hoffman which is like this is as
00:55:11
good as it gets so why was it
00:55:13
interesting to me it's you have these
00:55:15
people
00:55:16
who are grinding
00:55:18
and trying to perfect their craft be a
00:55:19
virtuoso you talked about steph curry
00:55:21
grinding try to perfect his craft just a
00:55:23
little steph curry story as a tangent
00:55:26
he he brought in this team where they
00:55:28
basically started to map out all of the
00:55:31
uh circumferences of the ring of the of
00:55:33
the net and he practiced this summer
00:55:36
literally trying to get it perfectly in
00:55:38
to create this very specific kind of
00:55:40
swish
00:55:41
and he just kept shooting and shooting
00:55:43
and shooting and shooting not you know
00:55:44
all the time but every day for some
00:55:46
number of shots trying to get the ball
00:55:48
perfectly into the basket
00:55:50
that is a level of perfectionism
00:55:52
and if that's being a virtuoso that none
00:55:54
of us can really appreciate but you see
00:55:56
the output and we all love it he's
00:55:58
already the goat and he's trying to
00:56:00
outdo himself here's a different guy
00:56:02
in a completely different theater in
00:56:04
this case acting
00:56:05
trying to also be really legendary and
00:56:08
putting himself through all kinds of
00:56:09
stuff
00:56:10
and still not lose himself in it okay so
00:56:13
much so that all of these other people
00:56:14
will really appreciate how amazing he is
00:56:17
and to me what i don't like is that then
00:56:19
these critics
00:56:20
who don't do anything who've never
00:56:22
accomplished anything at all in their
00:56:24
lives
00:56:26
judgments feel so triggered that they
00:56:28
have to judge him it's one thing to not
00:56:30
have that skill i'll never be as good of
00:56:32
an actor as jeremy strong i'll never be
00:56:34
as good of a basketball player as death
00:56:36
but i don't hate these people for that
00:56:38
i'm so happy that people like this exist
00:56:41
but there's a strain of people that
00:56:43
exist
00:56:44
and then you also have a and then who
00:56:46
also have a platform
00:56:47
yeah i was about to connect the dots for
00:56:49
you is like look at yeah look at how the
00:56:51
politicians feel the same way about
00:56:53
private markets politicians social
00:56:55
decide to try to destroy people yeah so
00:56:57
instead what these people do is they
00:56:58
take a shortcut they're the critics
00:57:01
they're not in the arena okay the folks
00:57:04
in the arena are booking wins and losses
00:57:06
constantly
00:57:07
but you have this you have this strain
00:57:09
of impotent critic
00:57:12
that doesn't actually know how to do for
00:57:14
themselves
00:57:16
and they somehow have a platform and
00:57:19
then what they end up doing is cutting
00:57:20
corners and then some subset of those
00:57:23
start to cheat cue david well yeah it's
00:57:26
a story that the congress back in 2012
00:57:28
passed a bill called the stock act to
00:57:30
prohibit
00:57:32
members of congress from trading on
00:57:34
their insider knowledge based on you
00:57:36
know
00:57:37
based on legislative actions they're
00:57:39
about to take and it's been widely
00:57:41
flouted by dozens of
00:57:44
you know representatives and senators
00:57:46
and the problem is there's no punishment
00:57:48
it's something like a 200 fine or
00:57:50
something like that that gets waived
00:57:52
in most of these cases so it's
00:57:54
completely hypocritical because these
00:57:55
are the these politicians like senator
00:57:58
karen they're constantly demonizing and
00:58:00
attacking other people to make
00:58:02
themselves look better and then here
00:58:03
they are they've got dirty hands um and
00:58:06
they asked pelosi they said to pelosi
00:58:08
well don't you think that members of
00:58:10
congress should be prohibited from
00:58:12
trading stocks right because their
00:58:13
actions have such a huge consequence on
00:58:15
them and pelosi said no it's a it's a
00:58:17
free market it's a free market we should
00:58:19
be free to to do that it's like huh you
00:58:22
know i don't remember that being a
00:58:23
defense every time you've wanted to
00:58:24
regulate
00:58:25
some you know industry that uh
00:58:30
doesn't the president have to divest
00:58:32
when they take the presidential office
00:58:34
it's not a thing
00:58:37
yeah so they're blind so why why would
00:58:39
senators congress totally people be any
00:58:42
different
00:58:43
it's absurd that elected officials
00:58:45
should be able to engage in insider
00:58:46
trading it makes no sense the fed uh
00:58:48
actually had this issue as well two um
00:58:51
two folks on the federal reserve board
00:58:53
resigned and then powell issued uh a
00:58:56
whole bunch of i think new laws tried or
00:58:58
regulations inside the fed to try to fix
00:59:00
it and the same issue occurs with
00:59:02
federal judges
00:59:03
and there are federal judges that are
00:59:05
consistently trading
00:59:07
in the equities of the companies
00:59:10
that are in front of them and so how can
00:59:11
you how can you adjudicate a case there
00:59:13
was one judge that had 130 plus
00:59:16
conflicts trading conflicts
00:59:19
130 plus and he is the one that's there
00:59:22
where at t or facebook or google has an
00:59:25
issue
00:59:26
i mean how can you actually assume that
00:59:28
these folks are being impartial if
00:59:30
that's the case and there are no
00:59:32
consequences for this and yet you know
00:59:34
if you're again going back to where we
00:59:36
started
00:59:37
somebody in the arena trying to do
00:59:39
something
00:59:40
you just got to think to yourself like
00:59:41
you have critics that are bashing you
00:59:43
you have folks that are basically
00:59:44
flouting the law because they can and
00:59:47
then you put these two together and it's
00:59:49
like this is so
00:59:50
it's kind of depressing to be honest
00:59:51
with you you you start to lose a little
00:59:53
bit of faith
00:59:54
i mean this these politicians are
00:59:56
grifters that's it and full stop i mean
00:59:58
they're just grifting and
01:00:02
i mean except for apparently except for
01:00:03
bernie sanders and elizabeth warren they
01:00:05
should just buy the companies they hate
01:00:06
why aren't they buying amazon and tesla
01:00:08
they would be total proponents of jeff
01:00:10
bezos and elon musk if they did yeah in
01:00:12
fairness to warren i've seen her tweet
01:00:14
that she supports the banning of the
01:00:15
insider trading by congress
01:00:16
representatives but i don't exactly see
01:00:18
her fighting for it uh you know as hard
01:00:20
as she's denouncing people like elon so
01:00:22
um look i mean it's it's characteristic
01:00:25
of elected officials that they um what
01:00:29
is it they see the the splinter
01:00:31
you know in somebody you know in
01:00:33
somebody else's eye but not the the log
01:00:35
in their own or something like that
01:00:36
isn't that the expression
01:00:38
but you know who's taking advantage of
01:00:39
this issue is blake masters who's
01:00:41
running for senate in arizona just
01:00:43
tweeted about that this would be the
01:00:45
first thing he would fix if he gets
01:00:47
elected which is to ban insider trading
01:00:50
by elected officials and i i think it's
01:00:52
remarkable that
01:00:53
you know politicians as shrewd as nancy
01:00:55
pelosi are deceiting this issue to
01:00:58
republicans i mean i don't know why
01:00:59
republicans wouldn't make this a major
01:01:02
plank of their platform for 2022. nancy
01:01:05
pelosi is i think the third or fourth
01:01:07
richest person in congress her husband
01:01:09
is a very sophisticated private equity
01:01:11
investor
01:01:12
there are these meme stocks
01:01:14
that follow nancy pelosi's stock trading
01:01:16
account or pretend to that were you know
01:01:19
recently by the way banned by twitter
01:01:21
right yeah
01:01:22
that was yeah protecting her protecting
01:01:25
her effectively so you know she has an
01:01:27
incentive to not her seat of power
01:01:30
is not necessarily the salary that she
01:01:32
earns by being house leader but it's by
01:01:34
translating that in a bunch of different
01:01:36
ways and one way apparently it turns out
01:01:38
is being an active equity investor in
01:01:41
the market it's unbelievable that's
01:01:42
allowed i don't know how this isn't just
01:01:44
like an a plus fantastic issue for
01:01:47
republicans they should make it an
01:01:49
absolute plank of their platform here we
01:01:51
go florida republican brian mast was
01:01:53
late in disclosure disclosing purchase
01:01:55
of up to a hundred thousand in stock at
01:01:57
an aerospace company
01:01:59
which had just testified before a
01:02:00
committee he sets kentucky republican
01:02:02
rand paul was 16 months late disclosing
01:02:04
that he bought his wife bought stock in
01:02:07
a pharma company that manufactures an
01:02:09
anti-viral coven 19 treatment right
01:02:11
nevada democrat susie lee failed to
01:02:13
probably dispose more than 200 trades
01:02:16
yeah just as much as 3 million i mean
01:02:18
this is yeah just to be clear the
01:02:19
violations have been on both sides of
01:02:21
the aisle i'm not at all trying to say
01:02:24
that republicans are better on this than
01:02:25
democrats this is good
01:02:27
bipartisan cooperation yeah yeah exactly
01:02:30
i mean it's ridiculous this is the
01:02:31
political class in washington engaging
01:02:33
in bad behavior but but but the
01:02:35
difference is this which is
01:02:37
that pelosi the only leader of a party
01:02:40
i've heard defend this is pelosi and i
01:02:42
think this is a fantastic issue for
01:02:44
outsider candidates really on both sides
01:02:47
to run on well this is also something
01:02:49
that biden can take because biden has
01:02:50
never tried to do this stuff you know oh
01:02:52
my god biden's got so many shady
01:02:54
dealings and comments
01:02:56
selling paintings to china there's a lot
01:02:58
of rich spiders out there apparently
01:03:00
he's got a rich brother he's got our you
01:03:01
know
01:03:02
paid a lot of money
01:03:04
maybe that's true but joe biden has been
01:03:06
really down in the middle come on be
01:03:07
fair hunter is brilliant i mean he's
01:03:09
selling paintings yeah but why are they
01:03:11
buying hunter buying paints for 500 000
01:03:14
well i mean he's a great artist i mean a
01:03:17
lot of people buy i don't know if you
01:03:18
saw melania's coming out with nfts today
01:03:21
so she's okay
01:03:23
everybody's securing the bag now i mean
01:03:26
if and by the way the presidential grift
01:03:28
is always the best just as a case in
01:03:30
point
01:03:31
trump's spec
01:03:33
is worth over 2 billion
01:03:35
and buzzfeed which makes 360 million a
01:03:37
year and i think has 102 million million
01:03:39
cash issues
01:03:40
he's not in office that's misstated
01:03:42
jason trump's back his shares that he's
01:03:44
going to be receiving are worth close to
01:03:46
20 billion
01:03:48
20 billion but he's not in office
01:03:50
anymore so i'm not sure the shares he's
01:03:52
going to receive oh
01:03:54
yeah
01:03:55
what you're counting is the market cap
01:03:57
of the cash and trust the value of the
01:03:59
shares that are already republican
01:04:01
right the trump the value of the trump
01:04:03
entity is going to be closer to 20
01:04:04
billion oh is that right wow that's even
01:04:06
yeah crazier with no revenue there's
01:04:08
more media right yeah
01:04:09
well the sec apparently the doj sent a
01:04:11
bunch of inquiries on this asking uh for
01:04:13
background on the transaction
01:04:15
because there's no business there's no
01:04:17
contracts there's no employees it's just
01:04:19
the whole but by the way ideas just to
01:04:22
make sure that everybody understands
01:04:23
this is this is a bipartisan thing as
01:04:25
well the the ultimate
01:04:28
bag secures the obamas got i think 50
01:04:32
million plus each for their book deals
01:04:35
and they got supposedly high eight
01:04:37
figures like 50 60 70 80 million dollars
01:04:39
from now sorry hold on a second hold on
01:04:40
a second when you said when you call
01:04:42
them bag secures i was really triggered
01:04:43
there for a second so am i supposed to
01:04:45
take that offensively that you're saying
01:04:46
michelle obama and barack obama secured
01:04:48
the bag secured the bag is a term for
01:04:50
getting the money
01:04:52
the
01:04:58
we're not against
01:05:00
everybody not being able to make money
01:05:02
uh the issue is trading on your office
01:05:06
in a way
01:05:07
that
01:05:08
uh where you are trading on your insider
01:05:10
information that your office is giving
01:05:12
sure but i mean here or if you're
01:05:14
selling influence if you sell a book
01:05:16
hold on a second if you sell a book when
01:05:17
you're out of office
01:05:19
is that really a problem is that on the
01:05:20
bus i wanted to point out that netflix
01:05:22
won what was netflix's existential
01:05:24
crisis for the eight years obama was in
01:05:26
office
01:05:27
anybody remember
01:05:29
nobody remembers net neutral cares
01:05:32
could they get would they have to pay
01:05:33
verizon what was uh the obama's position
01:05:36
on net neutrality
01:05:37
they were for net neutrality
01:05:40
netflix stock went up 40 50 x under
01:05:42
obama it could all be a coincidence i'm
01:05:44
just saying what the [ __ ] so you're
01:05:46
saying it's like you're saying that this
01:05:47
guy is lobbying payment to obama i think
01:05:50
it's like are you serious i think it's
01:05:53
like
01:05:54
i mean listen the clintons were doing
01:05:56
speaking gifts for goldman sachs at half
01:05:58
a million dollars this is kind of my cue
01:06:00
to go to dinner now
01:06:01
okay so here's the mri you know the main
01:06:03
way that winston churchill supported
01:06:05
himself was writing books i think it's
01:06:07
okay for politicians to write books and
01:06:09
if because ultimately the public buys
01:06:11
them and that's how they make money what
01:06:12
about when the book is 50 million in the
01:06:14
normal price for b10 that's the problem
01:06:16
well i mean if i i guess you might have
01:06:18
a point if the advance was so in excess
01:06:20
of the expected sales that it raises a
01:06:22
question of what the real motive is for
01:06:24
the payment but i don't but is that is
01:06:26
that what happened nobody gets paid a 50
01:06:28
million dollar event nobody gets an
01:06:29
eight-figure dollar who's never made a
01:06:30
documentary before
01:06:33
no i mean if this book sold five million
01:06:35
copies it still wouldn't be worth it uh
01:06:37
let's move on to mrna so we keep our
01:06:38
freed
01:06:39
uh free burn factor
01:06:41
i'm like so i'm so ready to go to dinner
01:06:43
rick thompson gave me a wonderful bottle
01:06:45
of wine by the way i'm going to go drink
01:06:46
it tonight i'm so super tilted that
01:06:48
you're you you you like it's like i mean
01:06:50
what did i criticize the obamas yeah i
01:06:53
can't deal with you
01:06:55
there's a no-fly zone for you i'm super
01:06:57
tilted i mean this is worse than sweater
01:06:59
karen what what about the clintons can i
01:07:02
can i uh go after their 500k speaking
01:07:04
gigs from goldman sachs yeah that's okay
01:07:07
yeah okay fine just don't trust the
01:07:08
obamas but i mean jason are you are you
01:07:11
doing exactly what
01:07:13
senator karen did to elon which is by
01:07:15
virtue of the fact that they're making
01:07:17
money that you are now computing evil
01:07:19
motors to it no it's just a
01:07:21
disproportionate to what they should get
01:07:22
by your assessment their assessment's
01:07:24
the same about elon i pay a lot of money
01:07:26
for michelle obama to do much of any i
01:07:28
think she's a bigger deal for somebody
01:07:30
who's never made a film on for netflix i
01:07:32
don't think that makes sense you you
01:07:33
said the same thing about rivian i don't
01:07:35
know man you're projecting a little bit
01:07:36
i i totally agree
01:07:38
this is on the second floor i jump out
01:07:39
the window right now yeah
01:07:42
let winners be winners
01:07:44
i think we should differentiate between
01:07:45
insider trading sure bad and should not
01:07:48
be allowed influence peddling badge
01:07:50
should not be allowed and somebody out
01:07:52
of office making money they're
01:07:53
influenced
01:07:54
oh no no not monetizing their influence
01:07:56
and if they did that that's the problem
01:07:58
getting paid for services is not getting
01:08:00
paid to sell tickets or books that's if
01:08:02
that's what it is that's fine
01:08:04
it's disproportionate to the reality
01:08:05
let's put it in
01:08:08
yeah no no no jason say you like the
01:08:11
obamas or i don't know
01:08:13
i would vote obama for a third term okay
01:08:16
didn't you get paid a fifty thousand
01:08:17
dollar speaking fee recently to speak at
01:08:19
a yes conference he did overpaid
01:08:22
overpaid overpaid
01:08:31
who are you trying to influence who are
01:08:33
they paying you to influence jacal i
01:08:34
mean honestly jacob jason jason jason
01:08:37
you're like like 30 less than a high-end
01:08:40
escort okay no offense
01:08:42
oh yeah that's 600 bucks
01:08:46
there's uh
01:08:49
what's 30 more than 50 you're saying
01:08:51
it's like 80 grand right
01:08:53
i don't know 60 70 grand i didn't
01:08:54
realize that
01:08:56
um
01:08:57
all right talk to us about the mrna news
01:08:59
for cancer freeber
01:09:00
that came out this past week
01:09:02
so i think the article that you guys
01:09:04
sent around was one related to
01:09:06
an oncology treatment that uses mrna
01:09:08
tech but i think it's what i wanted to
01:09:10
kind of what i thought would be
01:09:11
interesting to talk about for a second
01:09:13
is just zooming out on mrna technology
01:09:15
as a whole
01:09:17
um which you know has been theorized for
01:09:19
you know the the potential of it's been
01:09:21
talked about for 50 years
01:09:23
um if we talk about real quick what what
01:09:26
rna is remember your dna your genetic
01:09:29
code
01:09:30
uh
01:09:31
you know defines um
01:09:33
the uh
01:09:35
the printing of proteins in your cells
01:09:37
and so every three letters of dna is as
01:09:39
an amino acid a bunch of amino acids in
01:09:41
it
01:09:42
in a row form a protein and that protein
01:09:44
has some function in your body the way
01:09:46
that the dna gets translated into
01:09:48
protein is through these mrna snippets
01:09:50
so
01:09:51
a little snippet of rna is a copy of dna
01:09:54
which floats over from the dna strand
01:09:57
and it floats into what's called the
01:09:58
ribosome and the ribosomes the protein
01:09:59
printer in the cell and there's lots of
01:10:02
ribosomes and there's lots of rna
01:10:03
floating around all the time and it's
01:10:05
being copied over so some chemical
01:10:07
triggers the expression of that gene
01:10:10
of that sequence of dna into rna that
01:10:13
then turns into protein and so a
01:10:14
chemical induces the protein then the
01:10:16
protein does something interesting and
01:10:18
the protein has a function in your body
01:10:20
and some of those proteins in human body
01:10:22
can you know do bad things and some of
01:10:24
them can do good things and so the idea
01:10:26
has always been that we can actually use
01:10:28
proteins as a way to modulate our health
01:10:30
and modulate disease for example
01:10:32
creating a protein that can attach to
01:10:35
cancer cells and signal immune cells to
01:10:37
come and kill those cancer cells as an
01:10:39
example and some people have genetic
01:10:41
problems where their dna prints the
01:10:43
wrong protein and then that protein is
01:10:46
malformed or causes some harm to your
01:10:48
health and so the idea for rna
01:10:50
technology has always been that instead
01:10:51
of having
01:10:53
dna be the source of truth for the
01:10:55
proteins that get expressed in your body
01:10:57
can we stick rna directly into cells and
01:11:01
use that rna to trigger the production
01:11:03
of proteins that can do specific things
01:11:05
in your body and remember the biggest
01:11:07
segment of the pharma market or a huge
01:11:09
segment of the farmer market is what's
01:11:10
called biologic drugs which are largely
01:11:12
antibodies which are a type of protein
01:11:14
that have some specific function but
01:11:16
very many of these proteins are hard to
01:11:18
get into the body and get them into the
01:11:20
right place and get them to do the
01:11:21
things we want to do so it would be a
01:11:23
lot easier if we could get rna into the
01:11:25
right cells to get those cells to make
01:11:27
the right protein to do that thing that
01:11:29
we want them to do so everything from
01:11:31
cancer treatment to genetic diseases
01:11:34
and there's rna interference and there's
01:11:37
rna
01:11:38
or what are called oligonucleotides that
01:11:40
can be used to block specific bad
01:11:43
proteins from being produced in your
01:11:44
cells
01:11:46
or is kind of another kind of course of
01:11:47
treatment so making proteins that we
01:11:49
think are therapeutic and blocking the
01:11:51
production of bad proteins are kind of
01:11:53
the mainstay of this idea behind rna
01:11:55
technology and moderna was started to
01:11:57
pursue this effort out of flagship
01:11:59
pioneering which is an incubation shop
01:12:00
in in boston
01:12:02
um and they really kind of struggled for
01:12:04
years to find the right footing of
01:12:05
what's the right business model and the
01:12:06
right product and the and the fda kind
01:12:08
of struggled with improving this stuff
01:12:10
and then boom covet hit and when covet
01:12:12
hit it was like holy crap let's
01:12:14
accelerate this rna technology use it
01:12:16
for vaccines which had been in
01:12:17
development for years and the protein
01:12:19
that's being produced is the same
01:12:20
protein you find on the the sars cov2
01:12:22
virus which triggers an immune response
01:12:24
and builds up your immunity to that
01:12:25
virus and now the floodgates are open
01:12:28
and this is incredible because the
01:12:30
frontiers in rna over the next decade
01:12:32
could change the course of how we treat
01:12:34
disease and change the course of um of
01:12:38
outcomes for many diseases from genetic
01:12:41
diseases all the way through to cancers
01:12:43
and so we're starting to see those
01:12:45
floodgates open i think there's now a
01:12:46
few a handful of these
01:12:48
uh you know uh rna interference um
01:12:51
products that have been approved by the
01:12:52
fda and we're now starting to see many
01:12:54
more of these cancer and immunotherapy
01:12:56
drugs start to get approved
01:12:58
as rna
01:12:59
therapies but it really i think was lit
01:13:02
by um uh by the breakthrough with covid
01:13:04
and everyone kind of seeing the benefit
01:13:06
of this and the lack of side effects and
01:13:08
we've now got
01:13:09
i think a validation in the market and
01:13:11
acceptance for consumers and this
01:13:12
technology could transform the industry
01:13:15
in the same way that genentech
01:13:16
transformed the pharma industry with
01:13:18
biologic drugs in the um 80s and 90s so
01:13:21
it's super exciting
01:13:23
and you know we can do updates regularly
01:13:25
on our show if you guys want to talk
01:13:26
about more of the cool stuff that's
01:13:28
coming out but man this is going to
01:13:29
transform how medicine is delivered and
01:13:31
the potential of things that we can kind
01:13:33
of treat let me ask you a question would
01:13:36
the if we looked at the total number of
01:13:38
deaths from covid and then the potential
01:13:40
debt you know debts avoided or early
01:13:42
debts or more life days added however
01:13:44
you want to do it from
01:13:46
mrna and the impact on cancer over the
01:13:49
next say 30 or 40 years in other words
01:13:51
the impact it would have on the people
01:13:52
living today who lived through covid do
01:13:54
you think net net uh will see
01:13:57
that
01:13:58
the prevention of cancers through this
01:14:00
new technology could actually make
01:14:03
you know uh
01:14:04
basically the silver lining to what
01:14:06
happened during covenant it's a good
01:14:08
question um
01:14:10
let me give you the counterpoint in the
01:14:12
late 90s there was a a gene editing
01:14:15
clinical trial that took place
01:14:17
and they tried to uh and a patient and
01:14:19
they and they delivered the gene editing
01:14:21
technology via virus and so the virus
01:14:23
goes in it spreads around and it has
01:14:25
this this molecule that would edit the
01:14:27
gene and and it was for genetic disease
01:14:30
and a patient that they gave it to a
01:14:31
young guy
01:14:32
got this uh this virus and he actually
01:14:34
died from it and they shut down all
01:14:36
clinical trials for years and it was
01:14:38
like boom that's the end
01:14:40
so um there are a lot of scientists a
01:14:43
lot of doctors have argued for years
01:14:44
that that particular case
01:14:46
caused so many lives to be lost because
01:14:49
we lost years of progress in being able
01:14:50
to run clinical trials during that time
01:14:52
and get drugs to market that could treat
01:14:54
people and you're right maybe the
01:14:56
opposite has happened here that while
01:14:58
these clinical trials may have taken
01:14:59
years and years and years to get through
01:15:01
in a normal setting perhaps the pandemic
01:15:04
was the accelerant we needed to get more
01:15:06
of these to market faster and millions
01:15:08
of people whose lives would have been
01:15:09
lost or would be lost otherwise to
01:15:11
cancer and other
01:15:12
genetic diseases and so on over the
01:15:14
years to come will be safe because these
01:15:16
therapies will get to market faster
01:15:18
and so yeah it's it's it's a it's a
01:15:20
great point and maybe i don't know what
01:15:22
the calculus is between the lives lost
01:15:24
and the pandemic versus the lives gained
01:15:26
via these treatments coming to market
01:15:27
faster but it's certainly a good way to
01:15:29
think about it the the way to look at it
01:15:30
we look at the days of life lost right
01:15:33
and if we actually could actually
01:15:34
predict how long somebody's gonna live
01:15:36
and that you know extension of life i
01:15:38
think we could come out of this ahead uh
01:15:40
finally on our docket london breed calls
01:15:41
for better policing in san francisco
01:15:43
after this insane surge in crime here's
01:15:46
the video
01:15:47
it is time
01:15:49
that the reign of criminals who are
01:15:51
destroying our city it is time for it to
01:15:54
come to an end
01:15:55
and it comes to an end
01:15:57
when we take the steps
01:16:00
to be more aggressive
01:16:02
with law enforcement more aggressive
01:16:05
with the changes in our policies
01:16:07
and less tolerant of all the [ __ ]
01:16:10
that has destroyed our city we are going
01:16:12
to turn this around this is a city that
01:16:15
has a population of less than 1 million
01:16:18
people
01:16:19
an over 12 billion dollar budget the
01:16:22
residents of the city have been
01:16:23
extremely generous in providing us with
01:16:26
the resources we need to make a
01:16:29
difference and now the priorities we
01:16:32
need to make must be to protect them
01:16:35
must be to turn things around in their
01:16:37
neighborhoods when you are in a room
01:16:39
full of people
01:16:40
i would say probably anywhere between 90
01:16:42
and 95 percent of folks could raise
01:16:45
their hand and say that either their car
01:16:47
has been broken into broken into or
01:16:50
they've been a victim in some capacity
01:16:52
or another that is not okay
01:16:54
that is not acceptable sacks i thought
01:16:57
crime was down and that everything was
01:16:59
great
01:17:00
and that we were going to defund the
01:17:01
police what is happening here what's the
01:17:03
big turnaround well it's it's exactly
01:17:05
what i was saying that first of all i
01:17:06
loved it i love what she said it's
01:17:09
exactly what i've been saying for the
01:17:10
last year and it's really great to hear
01:17:12
her say the same types of things i
01:17:14
started this this campaign
01:17:16
back in january after new year's eve you
01:17:19
had those two women uh get killed by a
01:17:22
repeat offender who was released by
01:17:24
chase abu dean and then as i dug into it
01:17:26
i saw that he was doing this all the
01:17:27
time as part of his agenda of
01:17:29
decarceration
01:17:30
so and you know a year later
01:17:32
like we've talked about throughout this
01:17:34
this whole time and the city is totally
01:17:35
degenerated into some sort of dystopian
01:17:38
gotham-like city uh this did feel like
01:17:41
the beginning of a batman movie i mean
01:17:42
it was a strong statement i thought it
01:17:44
was great this is just the beginning of
01:17:46
what needs to be done i predict that
01:17:49
london breed is going to eventually butt
01:17:51
heads with chase abu dean there is no
01:17:54
way that he will support this agenda
01:17:57
fixing the city she wants to increase
01:17:59
the police presence so like you said she
01:18:02
is going to refund the police not defund
01:18:04
the police chase abu deen is i mean the
01:18:07
only people he's passionate about
01:18:08
prosecuting are police officers yeah so
01:18:12
we have a huge problem that the police
01:18:13
department is actually we have too few
01:18:15
of them we're understaffed we take that
01:18:18
job
01:18:18
it's not just because the budget it's
01:18:20
also because they're demoralized and
01:18:22
they've got you know
01:18:23
they've got this prosecutor by the way
01:18:25
there was a case just recently
01:18:28
where um
01:18:30
a repeat offender
01:18:31
bashed a vodka ball over the head of a
01:18:33
cop and
01:18:35
chase just announced that he's getting
01:18:37
sent to mental health diversion instead
01:18:39
of being prosecuted i want to what post
01:18:41
this yeah a cop
01:18:43
and not go to jail
01:18:44
in the city of san francisco yes this is
01:18:47
why the cops are demoralized so in order
01:18:49
for london brie to fix the problem she
01:18:51
is going and i think she's on the right
01:18:52
track here he's got to go so here's my
01:18:54
prediction
01:18:56
on february 15th they are having the
01:18:58
recall election for the education board
01:19:02
and i predict that that board at least
01:19:04
two of the three are going to be
01:19:05
recalled the parents and tired are sick
01:19:07
and tired of it they are going to be out
01:19:10
i think that's going to embolden london
01:19:11
breed to then support the recall of
01:19:14
chase abu dean in the june election
01:19:17
and and i think because he gets to pick
01:19:19
his replacement yes exactly so that's
01:19:21
what she's doing she basically flipped
01:19:23
she was quiet up until this point
01:19:25
uh and progressive left are slowly
01:19:28
eating themselves yeah i mean i think
01:19:30
this is self-preservation right chamoth
01:19:32
i mean if she didn't make a change here
01:19:33
she's going to be out of office too
01:19:34
she'll get recalled it's not
01:19:35
self-preservation they're realizing that
01:19:38
these policies don't work
01:19:40
moral absolutism didn't work on the left
01:19:43
or the right
01:19:44
these guys have tried in a small scale
01:19:47
to do what a certain fraction of the
01:19:49
democratic party has been trying to do
01:19:51
at a national level
01:19:52
it doesn't work
01:19:54
overspending under policing under
01:19:56
educating it doesn't do anything there i
01:19:59
think there is going to be a schism i
01:20:01
think it started after the young victory
01:20:04
in virginia and i think it's going to
01:20:06
accelerate throughout for the next year
01:20:08
and especially after the red wave in
01:20:09
november 2022 there's going to be a
01:20:12
schism between liberal pragmatists and
01:20:14
these extreme radical progressives i
01:20:16
think um london breed represents she's
01:20:20
obviously very liberal but i think she's
01:20:21
pragmatic i think she wants to find
01:20:22
solutions that work whereas chase boudin
01:20:25
is a radical idiologue who will never
01:20:27
change
01:20:28
no matter how much evidence is presented
01:20:30
to him those policies don't work
01:20:32
i think um there's a simple formula the
01:20:35
person who gets you into the mess is
01:20:36
likely not the right person to get you
01:20:38
out of the mess
01:20:39
and um well said you know she she talks
01:20:42
about san francisco having a 12 billion
01:20:45
a year budget can you guys imagine if
01:20:47
she was the ceo of a tech company that
01:20:49
had 12 billion dollars a year in opex
01:20:52
and she ran the business into the ground
01:20:54
would the board say go ahead turn it
01:20:57
around
01:20:58
absolutely not the board would step in
01:21:00
and in this case the board is the
01:21:02
citizens of san francisco and they would
01:21:03
say let's find the right person to turn
01:21:05
this thing around and while she stood up
01:21:07
and said the right things and maybe it
01:21:09
would echo and i think you know even if
01:21:11
it echoes within david sax's heart i'm
01:21:13
sure it's echoing in a lot of parts of
01:21:16
more liberal san franciscans um but i
01:21:18
think that the apathy
01:21:20
being asleep at the wheel
01:21:22
and allowing the um disorganization
01:21:25
across the departments within that city
01:21:28
is ultimately her responsibility
01:21:31
and i don't think that any amount of you
01:21:34
know verbiage or action she might take
01:21:36
at this point
01:21:37
justifies the damage she has caused
01:21:40
while being the leader of that city and
01:21:42
i think that you'll and by the way i
01:21:43
think you'll see to sax's point earlier
01:21:46
i think you'll see the same response
01:21:48
across the nation
01:21:50
where folks feel like the leaders that
01:21:52
got them into the mess that they're in
01:21:54
locally in cities and elsewhere around
01:21:56
this country
01:21:58
are going to vote those folks out of
01:21:59
office
01:22:00
because they want to change and it's the
01:22:02
same reason we saw folks vote trump into
01:22:04
office and the same reason we saw folks
01:22:06
vote trump out of office the more you
01:22:08
want to see a change the more you're
01:22:10
going to make a change with your
01:22:11
political
01:22:12
right freedberg is so so right there is
01:22:14
a phenomenal twitter account
01:22:16
his name is rob henderson
01:22:18
and he's like a phd student right now i
01:22:20
think he's in europe on scholarship you
01:22:22
know is this this this this guy has has
01:22:24
an incredible background which you can
01:22:26
talk about later but rob henderson has
01:22:28
this thing which i love which is that
01:22:30
you know
01:22:31
a lot of this stuff is born out of what
01:22:33
he calls luxury beliefs right like
01:22:35
defunding the police is a luxury belief
01:22:37
if you're like this rich middle-class
01:22:39
cloistered person that can sit behind a
01:22:41
gate have armed security yada yada
01:22:44
because you're not living in the ghetto
01:22:45
where the byproducts of
01:22:48
the byproduct of defunding the police
01:22:50
are born out or decarceration are borne
01:22:53
out or you know if you send your kid to
01:22:55
a private school you can completely be
01:22:57
for all these crazy radical ideas like
01:22:59
defunding you know advanced placement
01:23:01
defunding the gifted program because if
01:23:04
your kid's smart you'll just pay for a
01:23:05
tutor and you can do whatever you want
01:23:07
those luxury beliefs
01:23:09
exist more in the progressive left in
01:23:12
such a small cohort of people than in
01:23:14
any other political class that we have
01:23:16
in america and when they get a hold of
01:23:18
power
01:23:19
they've now had the right to show
01:23:22
whether those luxury beliefs
01:23:24
can actually work
01:23:26
the data says it doesn't
01:23:29
okay with competence i mean how about
01:23:31
that like just
01:23:32
keep people safe and make the education
01:23:34
luxury beliefs belong in sociology
01:23:37
sociology textbooks in anthropological
01:23:40
articles they they're they're better off
01:23:43
and like we're beatnik smoke pot and
01:23:45
talk about it over a glass of wine let
01:23:47
me clean up something just so look i
01:23:48
have no special desire to defend london
01:23:51
breed i'm sure there are many yeah
01:23:54
i knew that i don't know
01:23:56
i'm sure there are many better people
01:23:58
wearing a london breed brand sweater is
01:24:00
that yeah
01:24:07
look i i'm sure there are better mayors
01:24:09
but um just i i think i think we have to
01:24:12
sort of temper what you said based on
01:24:14
the realities of politics in san
01:24:15
francisco which are which are this we
01:24:17
actually have a weak mayor the mayor
01:24:19
can't do anything yeah we're supervisors
01:24:21
without the boat the board of
01:24:22
supervisors right and the soups are
01:24:24
controlled right now by a bunch of
01:24:25
crazies
01:24:26
basically allies dean preston and matty
01:24:30
hillary
01:24:31
who are
01:24:32
who are allies of chase abu dean okay so
01:24:36
london breed i think wants to do
01:24:38
some good things i think that she is
01:24:41
more pragmatic than these idiologs i
01:24:43
think that she could have been more
01:24:46
aggressive and more outspoken about
01:24:48
standing up to them however
01:24:50
earlier okay but i think she is now
01:24:52
doing the right thing in terms of the
01:24:53
speech she just gave basically calling
01:24:55
for refunding the police and we're sick
01:24:57
of the [ __ ] and we're going to take
01:24:58
action those are the right things to be
01:25:00
saying right now she did the right thing
01:25:01
in terms of supporting the recall of
01:25:03
this school board and what i'm saying is
01:25:06
let's give her a chance to see if she
01:25:07
does come out of his favor
01:25:09
of the recall of chase abu dean because
01:25:11
i think that's where it's headed and if
01:25:12
she gets on board with that and she
01:25:14
shows she's pragmatic she may actually
01:25:16
survive what are you saying
01:25:18
if she gets out it's happening all
01:25:20
around the country right we saw bill de
01:25:22
blasio who was the first real
01:25:24
progressive leftist elected to a major
01:25:26
city he completely ran new york city
01:25:28
into the ground now eric adams is going
01:25:30
to go clean it up right we had glenn
01:25:32
younkin who basically ran a centrist
01:25:34
campaign take over virginia
01:25:36
it's over
01:25:38
it's over let's call it it's over
01:25:41
centrism pragmatism enough of these
01:25:44
extreme polar opposites okay right let
01:25:47
let antifa and the proud boys go and
01:25:48
make love to each other in some deserted
01:25:50
island it's over it's done
01:25:55
like proud boys and um what's the other
01:25:58
group oath keepers or something they
01:26:00
this uh
01:26:01
woman who's gay said
01:26:04
she's like
01:26:05
oh you know it was rachel maddow she's
01:26:07
like i think these are like gay activist
01:26:09
groups aren't they like proud boys it
01:26:11
sounds like a gay activist group
01:26:14
i think we're seeing the
01:26:16
the correction of the overreaction the
01:26:17
pandemic cause what neil ferguson calls
01:26:20
pandemic politics that we that the
01:26:22
pandemic bred a strain of radical
01:26:25
politics that we saw all over the
01:26:26
country and i think on both sides
01:26:29
and i think the country is going to come
01:26:31
out of that did you see these idiots go
01:26:32
to cheesecake factory and do a sit-in
01:26:35
without their masks on
01:26:37
and that that's their form of protest
01:26:39
it's like we're going to go into the
01:26:40
cheesecake factory
01:26:42
it was a cheesecake factory protest
01:26:45
and now it's going national with people
01:26:47
who are anti-mass anti-vaxx they're
01:26:50
don't want to have to show their cards
01:26:51
or wear a mask when they walk through
01:26:52
their seats so they're literally doing
01:26:54
sit-ins at cheesecake factory and i was
01:26:55
like i would protest going to a
01:26:58
cheesecake factory i'm not going to
01:26:59
protest any cheesecake factories well
01:27:01
some people aren't on a diet like you
01:27:03
jkl and they enjoy cheesecake ah well
01:27:05
where are you at what's the number zach
01:27:07
just give us the number what's your
01:27:08
weight around 170. i'm 174. so i'm right
01:27:11
i'm coming right up behind you you hear
01:27:12
the steps you hear the sex sexy i'm
01:27:14
going to tell you bro i love your
01:27:16
sweater i'm going to drive to the city
01:27:17
come to the mausoleum and make love to
01:27:19
you with that sweater on oh my god all
01:27:21
right everybody we'll see you next week
01:27:23
on the lovely boys and podcasts love you
01:27:25
besties
01:27:27
love you sucks back at you
01:27:30
let your winners ride
01:27:32
rain man david sack
01:27:37
and it said we open source it to the
01:27:38
fans and they've just gone crazy
01:27:46
[Music]
01:27:50
besties
01:27:52
[Music]
01:28:13
we need to get mercy's
01:28:18
[Music]
