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That's odd.com. >> Why not just remove the broadcast networks from those rules? Why are they
00:00:37
I I'm some like they shouldn't be bound by that [ __ ] Brandon Carr who's clearly
00:00:43
looking for his next job which will be Dancing with the Nazis. >> Hi everyone, this is Pivot from New York
00:00:54
Magazine and the Vox Media Podcast Network. I'm Cara Swisser. >> And I'm Scott Galloway.
00:00:59
>> And we are live from South by Southwest in Texas. >> So before we before we get to it, um
00:01:12
again I we're psyched to be here uh this live episode. We want to thank our presenting sponsor ODU. They've
00:01:18
supported they sponsored our pivot tour last year. So they're really into us. Um
00:01:23
we will get to everything else, but Scott, I have a surprise for you. I don't know if you know this, but I have
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a television show coming up on CNN. >> Really? >> Yes. >> I heard it's a horror film called Cara's
00:01:36
Going to Live Forever. >> Yes. So, I'm going to play a little clipboard cuz someone that I work with
00:01:42
is in the show itself. Cuz largely I felt sorry because he's had so many disasters in television. I thought he
00:01:48
should be part of a hit series. >> Zero for five. Five TV series. I haven't
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seen any of them, have you? >> Yeah. All right, let's go. This is going
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to be a huge hit and it's going to really chap his ass. So, go ahead. >> Wow.
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>> Wow. >> Doesn't this land in the backyard of a Colorado household owned by a woman
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named Mindy? >> Mor. Mor and Mindy. >> It's a state-of-the-art sound therapy
00:02:12
pod that is using sound playing in your body. So, there's a lot of science-based
00:02:16
frequencies designed to calm your nervous system at a cellular level. We typically call it an inner and out of
00:02:22
body experience. You know those moments where you suddenly have to ask yourself,
00:02:26
"How did I end up here?" >> This feels like the lamest crypt in the
00:02:30
world, and I'm stuck with Cara. >> Well, Emily Ratikowski was busy. >> This was one of those. I was deep inside
00:02:38
a concrete basement in New York City about to embark on an auditory journey that is designed to help my body repair,
00:02:44
restore, and transform itself. >> We're going to take you on a beautiful
00:02:49
sound journey. >> Sound journey, Scott. >> All right. My traveling companion was my
00:02:53
good friend and podcast partner Scott Galloway. >> I just had a deep insight. Cara, this
00:02:59
longevity trend. >> Hasn't the earth suffered enough? Shouldn't we just die?
00:03:13
Um, anyway, it's coming uh April 11th, but the the plot spoiler there is Scott
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falls asleep in it and has no journey. He just snores. Um, and there is no real science to that.
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So, just among other things we prove, but we had a nice time. >> Yeah. And that's definitely going to
00:03:33
save CNN. >> Yeah. Oh, well, I won't be there when the Ellison's take over, so that's fine with
00:03:42
me. Um, anyway, uh, we've got a lot to get to. Well, first of all, you having a
00:03:46
good time here? Are you enjoying it? >> I'm having a great time. I went out last
00:03:49
night. I'm so sick of rolling up to the the parties now kind of suck cuz you
00:03:54
meet some guy and you're like, I want to grab a drink and he's like, I'm 8 years
00:03:57
sober and now I'm a Pelaton influencer. [ __ ] you. I want to find the guy who's in a
00:04:03
custody battle so he can never see his kids. That dude I'll roll with. Anything? No,
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>> I'm having a nice time. >> You're having a nice time. >> Everyone is working on their sleep.
00:04:12
Well, good for you. >> So, uh, you're leaving. You're going to the Van Fair Oscar party. That should be
00:04:17
fun. >> Hello. >> Yeah, that should be good. I'm not going. I'm staying.
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>> I was the plus one. And the plus one RSVPd yes. And Cara said no. >> So, you'll have a good time. Try not to
00:04:28
bother the celebrities. That's my only advice. Just be cool. Okay. Can you do
00:04:32
that? >> Thank you for that. That's hugely helpful. Thank you. Just be cool for me.
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>> Is there anyone you want to meet? Is there like Sean? He probably won't be
00:04:43
there. He's >> I want to meet simple. I want to meet the um >> I was going to say the gay hockey guys.
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What's it called? >> Heated rivalry. >> Heated rivalry. I'm sorry. I'm just
00:04:53
announcing now executive producer season 2 heated rivalry. Swedish women's team. Biggest show of
00:05:00
next season. Biggest show of next season. >> Oh god. I'm going to go for two here.
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>> I'm I'm going to alert security at the Vanity Fair Oscar party for this. But
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anyway, just be cool. Say nice things. They You'll probably get recognized by
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some of them. It'll be nice. >> I'll be at the bar. That's all.
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>> All right. Excellent. All right. We've got a lot to get to today. We've got a
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lot to talk about. There's so much. It's crazy amounts of news all the time and
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every every moment. But, uh, first thing, surprise, surprise. Wealthy people are swaying elections with their
00:05:29
money. billionaires made up about 19% of all reported campaign donations of 2024
00:05:36
federal elections. This is a a well it's a quantum leap in numbers. Within the
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19% for every dollar that went to Democrats, $5 went to Republicans. The billionaire families gave an average
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total of $10 million each, roughly equal to the amount a h 100,000 typical donors
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give combined. Um Scott, before Citizens United, the share of billionaire spending was under 1%. This is 19%.
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That's an enormous amount of people, enormous number for a small amount of people. Let's talk a little bit about
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that because obviously billionaires taxes are being discussed. Um there's all there's all manner of things
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happening here, but their influence is absolutely clear. >> Yeah. I mean, if you think about 19%
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from 900 people, it's um look, it's the boring stuff that kind of moves the
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needle that that's not that interesting to talk about. But we're gonna wash,
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rinse, and repeat a cycle of autocrats. Uh I actually believe there's uh if you
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look at history, there's as much danger of an autocrat coming from the far left
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as from the far right. I believe the far left is as dangerous as the far right. It's the extremes that present a threat
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to society. And the two things that are probably most important to avoiding a strong man or a strong woman uh from
00:06:52
either side of the party are very boring things. But until we have them, we're
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going to have the weaponization of a decline in the structural and economic standing in my opinion of of middle
00:07:02
class, especially middle class males who tend to be unfortunately more violent and upset when they don't have economic
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or romantic prospect. But the two major reforms that need to happen or we're
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going to have a cycle of strong men and strong women for the next 50 years is one, we need to dej gerrymander the US
00:07:21
because the the general election no longer matters. It's the primary. And who turns out in the primary? The
00:07:27
crazies. So every district now is hard blue or hard left. And we keep sending um 535
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very far-left or very far-right people who share no comety, no no collective values, don't want to work together, and
00:07:43
nothing happens and they genuinely don't like each other. And the the narrative from our leadership is not
00:07:52
how do we work together and get something done. It's that the other guys are wrong. And so it creates a level of
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division and stasis that's really unproductive. And then the other thing is Citizens United. We can't have a
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small group of people who aren't evil, but incrementally will say, "Hey,
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Charles Schumer," and I'll use a Democrat as an example because we always
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talk about Republicans. Democrats take a lot of money, too. It's Republican it's
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it's Republican donors typically, but also Democrats do do bask in a lot of the pack money. And what happens is
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Republicans are much more overt about trying to get tax cuts for who they think are the most productive people and
00:08:28
corporations in the world. What Democrats do is just ring their hands and kill stuff in committee and say they
00:08:34
have concerns about things. But if you have until we have Citizens United overturned and dejerrymander, we're just
00:08:41
going to ping from the far left to the far right for the foreseeable future. it I I do think the Republicans are sort of
00:08:48
doing things in plain sight in a in an effective way by channeling all this money, right? And but the number from
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going from 1% to 19%, it's a very and you're right, it's a very small amount
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of people. And actually, it's a small amount of people from Silicon Valley. So, it's a very particular I mean,
00:09:05
there's there's the Ulanes, the box people, there's a bunch of other rich
00:09:09
people you don't know as well. And by the way, look on your bottom of your boxes. That's what you're getting from
00:09:14
Amazon is from this very far-right family. Um, but one of the things that's the problem here is that that this stuff
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is done in plain sight. And what's they're not going to under overturn Citizens United from what I understand.
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I interviewed Larry Leig recently who has another case that could hollow out Citizens United in terms of super PACs
00:09:34
and dark money. >> Um, but what is the solution until then? Because I don't think they're letting
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up. I don't I think they won't let up in this presidential election. It doesn't
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seem like all of a sudden Elon Musk is gonna call start calling himself they them. It's not happening for us. So what
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what could be done in the interim because he will continue to spend. He's sort of the the poster child for this.
00:09:57
But then you quietly have a whole bunch of them doing the same thing. >> The honest answer is I don't know. I
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don't know if there's a way to prohibit certain political spending across
00:10:05
certain more targeted media. Mhm. >> Um, so I have a movement called Resist
00:10:10
and Unsubscribe and neither Alphabet nor Meta would take my dollars to drive traffic, but if you want to, you know,
00:10:17
promote Cole and get in the way of the earned child tax credit, spend away. So I also I think there might be some
00:10:24
workarounds that people have talked about by going state by state. >> Mhm.
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>> But until I I think until unless it's overturned, which I agree with you, it doesn't look
00:10:35
>> this is all a word salad of saying I don't know. >> Yeah. So when you think about we've
00:10:39
talked a lot about the billionaire tax. Um, you have proposed other things like an AMT tax and there's some things in
00:10:46
committee right now, speaking of Democrats, which seem much more effective, which is giving tax relief to
00:10:50
people under a certain number. Um, and then at the same time making the group of people taxed larger.
00:10:59
>> Well, there's three different tax proposals. So the Democrats, to our
00:11:02
credit, have finally wised up and realized that they need to move from their objective of redistributing
00:11:10
virtue, telling other people they're not as worthy, constantly talking through
00:11:14
identity politics about what's right and what's wrong with the world. And if you
00:11:18
tell billionaires they're evil and white people they're racist, and young men
00:11:22
that they're predators, they'll leave the party. I'm like, "Okay, this part is
00:11:26
not for me." And if you look at those three groups, they have largely abandoned the Democratic party. So what
00:11:31
they realize is that the key to 26 and 28 is to talk less about redistributing virtue and redistributing income. And
00:11:39
also that the best narrative for redistributing income is tax cuts, not not handouts. Now the three there's the
00:11:47
Conor proposal, there's the Booker proposal, and then there's the Warren
00:11:52
um proposal. Warren is basically class warfare. It's a 5% tax, wealth tax every
00:11:57
year. That may not sound like a lot, but the majority of people don't have 5%
00:12:01
liquid taxes sitting around. I can't imagine the hundreds of thousands of people who would be hired to try and
00:12:08
diminish or decrease or lower the value assessed value of billionaires wealth. It goes after basically 900 people.
00:12:15
Actually, that's not true. People over a billion, it's 5%. But to tell billionaires they have to come up with
00:12:20
5% of their wealth every year, I do think that that's the tipping point where you would lose somewhere between a
00:12:27
quarter at least from a residency standpoint to a third of billionaires in the US. The example is the non-dom tax
00:12:34
in the United uh in the United Kingdom. It was theoretically it made all the sense in the world. It's like you've
00:12:38
been here for a while, you should pay UK taxes. The tax receipts this year are going to be lower because 10,000
00:12:45
millionaires have moved away in the last year and people have this populist [ __ ] of let them go. Well, okay,
00:12:51
who's going to pay for the NHS? So, the wealth tax doesn't work. The wealthy are
00:12:55
the most mobile people in the world. They have homes all over the world. They can have really nice lives in Milan or
00:13:02
in London. So, if you're looking to actually be effective, not, you know, not just right, the wealth tax doesn't
00:13:08
work. Rose is more about social services and and corpor corporate taxes, expanded
00:13:14
child tax c tax credit. The one I like the most is Bookers. His he's saying,
00:13:19
okay, it's the first 75,000. It's taxfree. Right now, what people don't
00:13:24
realize is that first off, the myth that wealthy don't pay their taxes. The top
00:13:30
1% paid 19% in 1980. Now they pay 42%. It's the 0.1% that are getting away quite frankly with murder that can use
00:13:39
all sorts of tricks to lower their tax rate into the high teens. But the 1% the workh horses mom's a baller at a law
00:13:46
firm. She's a partner making a million half 2 million bucks. Dad owns three chiropractic clinics. He's making 800
00:13:51
grand. They make 2.3 2.8 million. They probably live in a blue state in a blue city. They're paying 48 or 52% uh
00:13:59
marginal tax rate. So the whole notion of tax the rich doesn't go very far. What I think what Booker is saying is
00:14:07
essentially if you go the first 70 the first 29,000 pay almost no pay no federal taxes right now. He's saying be
00:14:14
at the first 75,000. Now, the devil in the details is that even though it sounds like, oh, that benefits people
00:14:20
who make up to 75,000 the most, it actually benefits people who make 150,000 the most because they get to
00:14:26
apply that free 79 in the lower tax rate on a larger base. It's a good idea. It's
00:14:32
time that we level up the middle class. So, I like that. And it's it's a little
00:14:36
bit more elegant. Whenever you send money to Washington as opposed to lowering taxes, there's some
00:14:42
inefficiency and friction in Washington. So, I think it's a good idea, but I
00:14:46
think there are more elegant ways to raise tax revenue. Um, lower basically do away with or lower the estate tax,
00:14:54
the uh the exemption on money that's inherited from 30 million to 1 million.
00:15:00
We're creating dynastic wealth. And the key is to have taxes that are least taxing. If your kids inherit 11 million
00:15:08
instead of 14 million, you're obviously no less happier because you're not
00:15:11
around to see it. and the kid isn't any any less happier if he gets 11 million
00:15:16
or she gets 11 million versus 14 million. The other thing we need is uh AMT and that is if you make over say a
00:15:23
million bucks or you're a corporation that makes over 10 million bucks use the
00:15:27
4,000 pages of loopholes to skirt it down skirt it down 1202 depreciation but if you're not paying at least 40%
00:15:35
there's an AMT. So, an alternative minimum tax and then um triple the budget of the IRS because the biggest
00:15:43
tax cut in history that we don't talk about is that the Trump administration
00:15:46
has essentially neutered uh the IRS. So, crime's going to go up when there's no
00:15:51
cops on the beat. Supposedly, $750 billion a year is called the tax gap, which is uncollected taxes that are
00:15:58
owed. So, get rid of the estate tax exemption, alternative minimum tax of 40%. support the IRS
00:16:04
>> and support the IRS as opposed to what feels a little bit like class warfare.
00:16:09
>> That's an interesting thing. I don't think it works very well because people
00:16:11
are aspirational. That said, the the tech people especially who are the wealthiest um have not really slathered
00:16:19
themselves in glory in terms of people we I mean they the brand has gone down. And so I think people don't when when
00:16:25
Jeff Bezos rents Venice or uh or or Alex Karp talks about disenfranchising white Democratic women. I think that's
00:16:34
what he was sort of saying in his statements the other day. Um it it feels like let's get them like they're they're
00:16:40
sort of they're they're creating an anger toward them that uh that I think
00:16:44
is unnecessary and unproductive and at the same time you sort of want to take all their you know leave them naked
00:16:51
without clothes. Um, not well I don't want to see them naked. That's not true.
00:16:55
Um, but it's a real it's a real conundrum and I do think one of the things that has to happen is there's got
00:17:00
to be some neutering of Citizens United in that regard because I think it's very
00:17:04
clear what the trends have been. On a middle metal level, the biggest tax cut would be having the stones to go after
00:17:12
entitlements because we spent $7 trillion on $5 trillion in receipts. And every time we do that, in order to
00:17:20
keep the government pumped up and going, and the asset prices, the assets which you and I own, keep them elevated, we
00:17:26
issue more debt. So the biggest tax cut in history would be fiscal responsibility. And it's a tax cut on
00:17:32
your kids in the future who are going to have absolutely no money in the government to invest in education or
00:17:38
technology. And if you really want to get serious about quote unquote taxing future generations, some Democrat is
00:17:45
going to have to be the adult in the room and say that if you make over a million dollars a year as a senior
00:17:49
citizen, you're not getting social security. And we need to move back the age and we need to means test it and we
00:17:55
need to distribute GLP1 and bring down health care costs. But if we're serious
00:17:58
about lowering taxes on future generations, we can have populist ideas. But what we need to do, quite frankly,
00:18:04
is just have more of a fiscal responsibility because the deficit every day is a $2 trillion tax on future
00:18:10
generations because someone's going to have to pay the ship back. >> Well, that may be true, but it's the
00:18:14
Trump administration who's brought up the deficit more than any other of any
00:18:17
of the >> we that's been a bipartisan thing. >> Certainly, but Trump is
00:18:22
>> 7 trillion George B George Washington to George Bush, 30 trillion since George
00:18:26
Bush. But Trump's been the worst. >> Been the worst. So, um, we're going to
00:18:29
move on to March Madness. Kicks off this week. The the and sports books are expecting to take in $4.5 billion in
00:18:35
bets on the NCA college basketball tournaments. Now, only 11% of that will come from the prediction markets this
00:18:41
year, which is a large amount, but that's a perfect time for Poly Market to announce that it's bringing in Palunteer
00:18:46
and uh TWWG AI to monitor sports contracts and flag anything suspicious. Reminder, Poly Market is backed by Peter
00:18:54
Teal and 1789 Capital, which is uh Donald Trump Jr.'s fund in AI system monitoring predictions markets. It seems
00:19:04
like that's the fox guarding the hen house. >> But is it meant to is it meant to so in
00:19:11
the MAMI race, what was strange when you see billboards everywhere saying that mom dami chance of winning 91%.
00:19:20
If you're voting for Cuomo or some other candidate, I I supported a guy named,
00:19:24
you know, Whitney Tilson. I'm not a New York resident, but my friend Whitney
00:19:27
ran. Anyways, you don't show up or you think, "Oh, great." You get excited. So,
00:19:32
these prediction markets actually the polls have the polls have an influence on the actual voting. I think AI in
00:19:38
terms of monitoring, I like the idea. I I've always felt that AI could be used
00:19:42
for defensive measures as much as offensive measures. whether or not Peter Teal has other objectives that's a
00:19:48
little bit scarier. >> Maybe he does. >> So that you're right. It's not AI as a
00:19:54
defense mechanism or for compliance. It's the fact that Peter Teal who believes in in
00:20:00
>> no democracy I believe is his >> Yeah. Feels like democracy is an
00:20:03
outdated mode. So but just in terms of gambling huge threat to young men and what people don't know about gambling as
00:20:09
an addiction is that it's got the highest suicide rate of any addiction. Because if you have a meth addiction,
00:20:16
people people notice it and they weigh in. You can spend your kids' college fund, mortgage your house, spend
00:20:23
everything, and people have no idea. And often times people feel like it's it's
00:20:28
it's just too late. And when in states where they legalize gambling, bankruptcies skyrocket 35% in that same
00:20:34
year. I was just in Vegas. Vegas is dying because why be in Vegas when Vegas is in your pocket? And I I'm curious
00:20:44
what you think cuz you have sons. I have sons. >> They don't gamble. >> Yeah, but you're a better parent than
00:20:50
me. So, >> yes. Yeah. >> The But the question is, speaking theoretically as a parent,
00:20:56
>> I don't think they gamble. >> For young men, do we infantilize them?
00:20:59
Do we have more regulation? Is it a lifeless? >> You know, I think young men do have a a
00:21:04
higher risk profile. I mean, just between my my daughter, it's more comparable. uh my daughter who's six and
00:21:11
my son who's four, he's so risk I mean penis out every moment of the day like
00:21:17
and it's you're always like wow those that's gonna hurt when you get to the
00:21:20
bottom of those stairs on your head like and my daughter is very careful so it's
00:21:24
a really it I hate to say that because I don't like to play into gender tropes
00:21:29
but it's true it just is um but >> trope away we're different and that's
00:21:34
okay >> she happens to be I was very risktaky when I was a kid Um, I I'm I'm with you,
00:21:42
aren't I? Hello. Um, and someone's like, "What's your biggest risk?" I go, "That any moment it will be
00:21:49
over with Scott." Like, which which it never happens. It's like a really
00:21:53
exciting series that ends on a cliffhanger every every episode. Um, but one of the things that I think about
00:22:00
with gambling is I I my sons don't gamble, which is interesting, and I kind of like gambling better than they do,
00:22:05
which is interesting. But um I think the fact that it's you're right AI should be
00:22:12
used in positive ways and we should mitigate the negative ways. But again, a lot of this is controlled by people with
00:22:17
self-interest that you never understand. And so what are they um and earlier today I did an interview with the cast
00:22:24
of the Audacity which talks about these issues. It's a new Silicon Valley show
00:22:29
>> and the idea of the manipulation of our information for in all manner of way I
00:22:35
think we do not understand where it's about to go and so who owns it and who's
00:22:40
running it. Same thing with media. Where are the interests is going to be a huge
00:22:45
problem going forward. >> But your point is your point is the right one in what you just said and that
00:22:51
is AI should be applied to monitoring and compliance. It should just be an AI that reports to a federal agency that's
00:22:59
trying to prevent a tragedy that comments, not to Peter Thiel. >> But keep I mean it's this is a difficult
00:23:05
one because I think a lot about young men and between 24 by7 porn and gambling and an economy that's basically linked
00:23:13
to dopa hits trying to evolve a new species of asocial asexual males. I believe that our economy now is
00:23:21
essentially tied to evolving this new species of male that is basically a shitty citizen who starts blaming
00:23:28
immigrants, prone to conspiracy theory, prone to misogyny, prone to obesity, depression, anxiety, never develops the
00:23:34
skills outside of their house. Males aged 20 to 30 are now spending less time outdoors than prison inmates. And
00:23:41
unfortunately, they're up against this indomitable foe of an AIdriven platforms
00:23:46
that at the exact right moment will convince you, hey, don't go to class, bet on the Jets game. Or, hey, you know,
00:23:52
you can get rich and screenshots of people trading crypto and why go through the effort, perseverance, cost,
00:24:00
showering, resilience, developing a rap. You know what movement I'm going to go
00:24:03
off script here. You know what movement I [ __ ] hate? What >> I think the worst movement in America
00:24:08
right now besides some of the farright crazy [ __ ] is the incel movement and involuntarily celibate and I speak
00:24:16
to a lot of young men and some of them identify as being incelss and they say it as a point of pride like they they
00:24:22
have found their community and that it's not their fault and they just come out
00:24:26
and say I'm an incel and they give up. 62% of men under the age of 30 aren't
00:24:31
even trying to date. 42% of men 18 to 22 have never asked a woman out in person.
00:24:37
And this movement infuriates me cuz just just a heads up, a spoiler alert. For 99% of history, 99% of men have been
00:24:46
involuntarily celibate. And the notion that somehow this is a movement. Well, welcome to the [ __ ] work week. Level
00:24:53
up, [ __ ] It's been hard for all of us. >> You know what? Um, I I feel like there's a book in there.
00:25:04
Um, anyway, um, speaking of someone I wish was incelibate, um, in case anyone's
00:25:10
wondering where the defense secretary Pete Hess stood, oh my god, stood on the Paramount uh,
00:25:20
Warner deal. Uh, we know now. uh at a briefing on Friday, Hegathth, who's a [ __ ] called uh that's just I mean it's
00:25:27
factual. Um called a CNN report on the war in Iran fake news and said the sooner David Ellison takes over the
00:25:36
network the better. Um, also Brandon Carr, Morren number two, oddly enough, not even as smart as Pete Heg, which is
00:25:45
an awfully low bar, is threatening networks because he doesn't like their coverage of the war and is calling it
00:25:51
fake news. It's astonishing that the head of the FCC says these things. It's
00:25:56
actually illegal what he's saying. Um, and he's threatening the broadcast
00:25:59
licenses of networks who do not comply with the correct news. Um, Teamsters are also, by the way, urging the DOJ to
00:26:07
block the deal unless Paramount agrees to protect jobs and increase US production. talk talk about this because
00:26:12
they like you'd think they'd be on their back foot at this point, but they're
00:26:16
doubling down on lack of con well just everything terrible. But this was sort of astonishing to hear from him and then
00:26:24
followed by the FCC chairman around a deal where obviously the the Ellison's
00:26:29
licked Trump up and down like it wasn't even I mean they did >> um they didn't even pretend this is not
00:26:36
what they were doing. They made promise they're making they apparently made promises well reported about CNN uh and
00:26:42
and what they're going to do there. What talk a little bit about this and where
00:26:47
you >> him saying the the loud part out loud I guess. >> Well, it's not only wrong but it's
00:26:56
stupid because it creates but it creates legal. It's exhibit A in a case trying
00:27:02
to block this to say it's an unfair merger and that it's not based on market
00:27:06
dynamics. is based on government interference which it's not supposed to. I'm not as worried and I mean you're the
00:27:12
journalist here but >> I am worried >> I am not as worried about suppression of
00:27:18
speech because what I see as alternative media niche media thriving despite these
00:27:22
threats and it only brings oxygen >> you know bull work and you know puck they'll have their biggest days today
00:27:32
being outraged about this on YouTube >> so I don't think I I don't think that as
00:27:37
much as these folks would like I still think the courts will hold around first amendment. But what it indicates in my
00:27:43
opinion is something more dangerous and that is we generally decide we have regulated competition and if we have
00:27:50
regulation it applies to everybody and that everybody gets to play by the same rules. And when the president starts
00:27:55
deciding I know how to run a steel company, which microchip companies we should invest in and who's saying the
00:28:01
right speech and who isn't, it reflects I just think I think we're just going to
00:28:06
get and I've said this before, we're going to get poorer. our earnings rate
00:28:08
at the highest price earning multiple because of systemic laws where you don't
00:28:12
get on the wrong list and get the wrong call. I'm not as worried about I mean
00:28:16
it's just so nakedly anti-first amendment but I think it'll be slapped down in court.
00:28:20
>> Yeah. But the the the tactics they use is they create a problem and they get
00:28:25
slapped down in court like they just did with Jerome Powell with box of you know
00:28:29
prosecutor box of wine. Uh Janine per whatever box of wine lady watches strong on her perfect. um you know, they do the
00:28:40
thing, create the damage, cause a chilling effect, and then move on when they lose in court, right? Or they get
00:28:47
pushed back, and then they're outraged about losing in court, and then attack
00:28:51
the courts. I mean, it just goes, it does cause actual damage to people. And not just outrage, it's not just, I can't
00:28:59
believe they said that. I totally believe they said it. I I I don't I don't find it outrageous. I just find it
00:29:05
astonishing that they they do it in order to create the kind of crisis that will occupy people until they're slapped
00:29:15
back. And by the time they're slapped back, it's too late. the the tension,
00:29:21
the fear is that it creates a chill and people think twice before writing an article about the Trump administration
00:29:28
and are more promiscuous writing articles truthtelling about Democrats and Republicans,
00:29:34
>> we start having a chill around speaking openly around Republicans. My sense is
00:29:40
that if you look at Kimmel, Cole Bear is that quite frankly it's only emboldened
00:29:46
um uh journalists and institutions uh to write and also I don't know if the chill is working and I think it's giving
00:29:55
rise to a new set of media players who can honestly say we're about truth to
00:30:00
power and we're unafraid and that there's a market for it. >> Well well why not just remove the
00:30:04
broadcast networks from those rules? Why are they I I'm like they shouldn't be
00:30:09
bound by that [ __ ] branding car who's clearly looking for his next job which
00:30:14
will be dancing with the Nazis. But anyway, >> it's wrong. I guess the question is we
00:30:22
always talk about the difference between being right and being effective. >> They're wrong and my sense is so far
00:30:27
they've been ineffective. I think the best thing to happen to Co Bear and Kimmel the ratings exploded when the FCC
00:30:33
threatened >> threatened them. So my sense is the autoimmune response of Americans who
00:30:38
value free speech is kicking in here and it's working really well >> perhaps. But at the end of the day, the
00:30:44
Ellison's own will own this and then we'll have say over it and we'll quietly
00:30:49
do you know smother people possibly. I don't even know if they will. Honestly,
00:30:53
I don't I don't care to stick around and find out. But one of the things is that
00:30:57
you create a situation where where you don't trust your your owners, right? You
00:31:03
don't I mean when I worked at the Washington Post I mean it was there's it
00:31:08
was a different environment for media and everything else but I completely trusted the grams. I got, you know, I
00:31:14
didn't feel like they would toss me over under a Bezos thing. Abs and I know he
00:31:19
was just there this week talking to some of the reporters and was answering questions which he should.
00:31:24
>> Um I I can't I have no idea what they do and in fact probably opt to go to Mara
00:31:31
Lago over protecting something he bought. >> Look, you you're going to forget more
00:31:36
about journalism than I'm going to know. So I'm going to defer to you, but what I
00:31:39
see happening is the following. They make these ridiculous, ownorous, fascist, autocratic statements trying to
00:31:47
control the press and trying to put a chill around free speech. I feel like that attempt to chill free speech is
00:31:54
backfiring. I also don't have any nostalgia or think that we've talked about this. I don't think the CNN I
00:32:02
think CNN and the Washington Post can go away and it's not going to mean anything. I I just don't I I I think
00:32:07
that these folks quite frankly many of them I think Freed Sakaria starts a podcast and a newsletter and has the
00:32:12
same reach with a lower cost of production. I think these incredible journalists go to different places start
00:32:18
alternative media that quite frankly is maybe more effective. So I think that you're going to see a dispersion of
00:32:26
truth to power and journalism. The key is as long as the courts at the end of the day support those people and fall in
00:32:31
the light of first amendment. But I think what happens a lot of times when we talk about this is that journalists
00:32:38
and these organizations see themselves as iconic and very precious. What's precious is first amendment protection
00:32:46
to speak truth to power. And what I see is that every person who's laid off from
00:32:50
the Washington Post or CNN who has any talent now finds incredible platforms and outlets and subscribers. I just
00:32:57
launched on Substack and it's so much fun. you see subscribers and you can make good money. You know, a lot of
00:33:03
people who've left big institutions and are doing well now. >> So, I I feel like the attempt to chill
00:33:10
is like when they when they hit CNN, it breaks into a hundred different alternative niche media companies.
00:33:17
>> The only issue with that is covering a war costs money. Covering you have to
00:33:20
have a larger thing. And so one of the things instead of reforming the costs of something like a CNN or whoever fill in
00:33:27
the blank NBC, instead of reforming that that economy, they're doing damage to it
00:33:33
so it can't revive itself in a way that's cost that that those things cost
00:33:38
like that kind of thing. And so you're not going to have a a a logger go over
00:33:42
to Iran and do the correct coverage. Anyway, >> we'll see what happens. Okay, we need to
00:33:48
take a quick break and when we come back, we'll get to more of the latest headlines.
00:33:53
>> Support for the show comes from Odo. Running a business is hard enough, so
00:33:57
why make it harder with a dozen different apps that don't speak to each other? One for sales, another for
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switch, so why not you? Try odo for free at odo.com. That's odo.com. >> Scott, we're back. Recording live from
00:34:52
South by Southwest. So, Apple is entering its affordable era. Affordability counts. The company
00:35:06
just introduced the MacBook Neo, a laptop priced at $599, roughly half the price of a MacBook Air and powered by an
00:35:15
iPhone chip. While some analysts are saying this is a smart way of getting new market share, others online are
00:35:20
wondering if the budget Apple laptop is a quote recession indicator. talk about this about Apple, what's happening uh
00:35:27
over there and where it goes as they start to figure out uh their next leadership group which has been in there
00:35:33
since a long forever actually since its revival back 25 30 years ago. It's the
00:35:41
same executives. >> So I think the strongest luxury brand in the world is not Chanel or Vuitton. I
00:35:47
think it's Apple. And essentially Apple says Apple is the most the perfect luxury brand is one that says you're
00:35:58
wealthy, you're part of the creative class, but you're not trying to exhibit
00:36:01
your wealth. When you roll around with a Birkin bag, you're saying I'm rich and I want you to know it and I
00:36:10
or I have such an incredible sense and passion for this type of design. I'm willing to sacrifice a great deal of
00:36:16
resources for it. The iPhone basically the the iPhone is become so dominant in identifying the billion wealthiest
00:36:26
people in the world. They're billion iPhone iOS contracts and the other six billion when you pull
00:36:32
out an Android it's like sending a date a request or a Venmo you're not getting
00:36:37
laid. It's it's sort of when when you when you have an Android, you're essentially saying to the world,
00:36:49
life hasn't really panned out the way I'd hoped and I should be starch from the gene
00:37:00
pool. Um, and the pricing people don't recognize. I'll go back to my subsack. Most most
00:37:09
substacks are eight bucks a month or, you know, 12 bucks a month, 100 bucks a year. We purposely did 20 bucks a month
00:37:13
and 200 bucks a year because pricing is a signal. And one of the case studies I love that we talk about in my brand
00:37:19
strategy course. The most successful or fastest zero to billion alcohol brand in
00:37:24
history was Greygus. Uh, and I do a taste test in class and everyone thinks, "Oh yeah, you know, all
00:37:29
these young douchebags, I can tell the difference." And none of them could tell
00:37:33
the difference between Smeirnoff, Sky, Absolute, and Greygus. None of them, like nine out of 10, not even that, can
00:37:40
tell the difference. But the owners of Greygus said, "All right, the fifth of V
00:37:44
or whatever costs about 35 bucks. Charge 55." Because think about it, when you
00:37:49
walk into a store and you're looking at anything, you're immediately sort of
00:37:52
want to check out the most expensive thing. Pricing is a really strong signal. And I think that Apple's genius
00:37:59
is its self-expressive benefit. The strongest self-expressive benefits in the world are the the country you come
00:38:05
from. I'm proud to say I'm from the US. As much as as head up our ass as we are
00:38:10
right now, I still like telling people when I'm overseas and I'm American. It
00:38:13
makes me feel good. The second strongest self-expressive benefit is where you went to college. If you have two people
00:38:20
in a mating environment and the dude went to a good school and doesn't have much else going on, he's like, "Well, at
00:38:24
Cornell." Um, that's the second strongest self-expressive benefit. The third strongest self-expressive benefit
00:38:31
is your phone because it's immediately apparent and the Apple has really become.
00:38:36
>> So you think this Neo is a mistake? >> I would always be premium priced if I
00:38:41
were Apple. I'd always be unattainable for 78 85% of the world's population.
00:38:47
>> Really? What do you think is an indicator of that? >> I don't know. They you know more market
00:38:52
share. They see a market for the near near luxury or they want to expand their market. And by the way, these are some
00:38:58
of the smartest marketers in the world. Second most valuable company in the world. So if it's like the strategy team
00:39:04
at Apple or Scott Galloway, you go with the strategy team at Apple. But I I think this is this is a luxury brand. I
00:39:11
mean, keep in mind what Apple's been able to pull off. Margin is is Latin for
00:39:17
irrational. When you pay a lot of margin for something, it's either because you think
00:39:22
it'll make you feel closer to God, it's a monopoly, or it thinks you make makes
00:39:26
you um more attractive to potential mates. Margin means irrational. And the irrational margins that Apple has been
00:39:34
able to garner, I was on the board of Gateway Computer, remember them? Which I realize is the weakest flex in the
00:39:39
world, but our margins were 8%. If we sold a computer for a,000 bucks, it cost us 920 to assemble the thing.
00:39:49
Meanwhile, Apple was getting 30 and 40 points of margin because people wanted to I was I remember when the the seat
00:39:56
belt light goes off, do you grab a Dell computer that says you work for a corporation? Do you, you know, grab an
00:40:02
ASUS, which means you work for a bad corporation, or do you pull out your Apple and say, "I'm in the creative
00:40:08
community. I'm interesting. I think different." Right. >> Right. And so what you have with Apple,
00:40:14
they have pulled off the impossible. The impossible. And that is they have >> I want you to say why they're doing it
00:40:21
then. >> Okay, >> you're in that meeting. We're going to sell a $575$95
00:40:26
computer. >> Just let me finish my last sentence here. Apple has the margins of Ferrari
00:40:32
with the production volumes of Toyota. No company has ever pulled that off before. They think they're going to
00:40:37
expand share and and clear out a bunch of their competition is why they're doing this. and and good bad you think
00:40:43
it's a great >> I think it works in the short run. I think in the in the long run if Chanel
00:40:48
came out with a $400 bag they would sell a [ __ ] ton of them and then over time it
00:40:52
erodess their margins and the truly aspirational people stop start buying you know more Hermes or what have you.
00:41:00
So, I think it's a I think it's a a trade-off of market share in the short
00:41:04
run for what is the core asset and that is a rational margin as the premier luxury brand in consumer products.
00:41:10
>> And very briefly, how are you feeling about their stock right now as as they
00:41:14
transition away from Tim Cook? >> Well, I've been selling down my Apple
00:41:20
stock because I think Tim Cook is a duplicitive [ __ ] who's benefited from the American society and is not is
00:41:26
not giving back. Um, >> okay. But that's why you did >> I would stock as you're investing.
00:41:35
>> I would hold on to Apple stock. I I think Apple is I think these are incredible companies.
00:41:42
Uh it hurts to sell the stock. I I'm just trying to walk you trying to walk the walk and virtue signal. So
00:41:48
>> resist and unsubscribe. >> You know it. >> Um anyway, we need to take a quick break
00:41:53
and we come back we'll get to wins and fails. >> Support for the show comes from ODO.
00:41:59
There's an endless supply of software out there that promises to streamline your workflow. That may be true for a
00:42:04
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00:42:49
That's odo.com. Scott, we're back recording live from South by Southwest. All right, we're
00:42:57
going to do one win and one fail each. Um I think I am going to start. Um I think um the win this week uh for me was
00:43:09
um the impression I don't know the guy's name of Tucker Carlson on SNL last
00:43:14
night. If you watched it, it was [ __ ] superb. And oddly enough, in some cases,
00:43:20
um, in some of the things he's Tucker Holson's a terrible person. Let's I'm
00:43:24
not going to agree with him, but I thought it was a beautiful rendition of a lot of these sort of noisy
00:43:30
right-wing people who are parodies of themselves. And I thought it was it just got to the heart of the problem with
00:43:36
him. Um, that I thought was just beautiful and it was highly entertaining. It made me laugh. And by
00:43:40
the way, Harry Styles was terrific. And I love Harry Styles so much. I don't
00:43:44
know why, but I do. I find him incredibly appealing. Um the negative this week was uh Elon Musk saying Grock
00:43:51
didn't quite work as planned at at the same time and they're and everybody
00:43:55
leaving Grock even though it has these incredible valuations. Nine of the 11 original founders have left. Um
00:44:03
obviously you have Mecca Hitler, you have all manner of things that is doing. You have uh consent uh non-consentual
00:44:09
sexual images, child pornography. It's not doing great as an AI product. And
00:44:14
again, a low bar. Um, but I thought it was interesting uh um that he admitted what a mess it was. Um it still will not
00:44:21
have any effect on the valuation because any anything Elon does, they will invest
00:44:25
in no matter what. But I thought it was a moment where he sort of admitted what a disaster Grock is. And I think you're
00:44:32
going to see more of that going forward. And at the same time, uh, in continuing
00:44:37
disasters wrought by Elon Musk, the two, if do yourself a favor and watch the the
00:44:42
testimonies, the the the interviews on video of two of the Doge B bros, they're
00:44:48
worse than you thought. Like, it's I couldn't believe they were worse than
00:44:51
you thought. But these were, speaking of incels, like an incelled mode. I don't
00:44:56
know if they're incelss or not, but they should be. Women, any women thinking of
00:45:00
dating them should watch these. Um, I thought they were just sort of this benality of evil kind of thing where you
00:45:07
just watch these ignorant stupid young men telling you why they were cutting and essentially in many cases murdering
00:45:15
people across the globe by do using chatgbt and search to decide and make decisions and someone I couldn't believe
00:45:23
this kid asked I mean maybe I could I don't I kept thinking who raised I want
00:45:27
to find this parent and go have a discussion with them but one of of the things they said is why did you cut it?
00:45:34
And he's like, do you think you're qualified to make the decision on something that was very complex around
00:45:39
expertise and everything else? And he said, yeah, I'm qualified. And he goes,
00:45:43
why? And he goes, well, you don't have to read all the books to know things. I
00:45:47
was like, actually, you need to read all the books to know things. And if you do
00:45:51
if you do yourself any favor, it was such a failure of these obviously probably very good coders in technology
00:45:58
and that had talents in a certain area being being unleashed upon things that took a lot more. And I don't think you
00:46:06
can't cut government programs. I'm not one of those people. But the fact that
00:46:09
they made these decisions in such a haphazard, ridiculous, stupid way is something it's it's a real sight to see.
00:46:16
And one of the things many years ago I found a column I did um that I wrote about the need for ethics history and
00:46:23
philosophy courses uh with technology people and vice versa by the way uh liberal studies people should understand
00:46:31
AI and everything else and one of the things that I thought I one of the better things I think I did as a as a
00:46:36
parent and and Megan my ex-wife is here too is our son Alex for example is a techn is in technology but he takes
00:46:43
design he's really interested in history He's he's got like a wider range of
00:46:48
interests around politics and everything else. And I I don't that's not our
00:46:52
fault, but I think we encouraged him to have a wider range of Louie could learn more about AI. Our older son could
00:46:59
probably learn more about AI than he does, but um but it was it was really a moment where I thought, what are we
00:47:05
making? What kind of children are we making here that they think this is right? And so I thought it was a real
00:47:11
it's an eyeopener to watch these testimonies and they sit there with these very fresh young faces and it was
00:47:19
so disturbing to me on every level. So I encourage you to watch it and be disturbed yourself. Go ahead. Win and
00:47:25
fail. >> I like that. Um my fail is it the Save Act? The one that's trying to It looks
00:47:30
like it's going to be dead on arrival, but the act would force people to show
00:47:34
up with either a passport or a birth stick of it. Only 50% of Americans have a passport. They cost $160 to get. A lot
00:47:42
of people have to change their birth certificate because they get married or they hyphenate their name. This is just
00:47:46
such a naked attempt to suppress voter turnout. It's just it's it's difficult.
00:47:51
And I do it does feel like it's dead on arrival, but it's difficult to imagine
00:47:55
anything more anti-American. >> Yeah. >> They're doing everything to pass it.
00:47:59
>> Yeah. I'm hoping >> getting your senator John Cornin who is just literally the wor the worst. I
00:48:05
mean, Ken Paxton's already sort of criminalishious or criminal adjacent, but this guy used to have values and now
00:48:12
his anything to be in office. Uh and to to the other side, my win is we uh interviewed uh rep state representative
00:48:21
James Talerico yesterday and he had he had the most moving um description of and he wasn't framing it this way of
00:48:35
masculinity. And he said that his father every weekend would mow his lawn and then without asking, without talking
00:48:43
about it, would go next door and mow their lawn. And he said that was masculinity. I
00:48:50
thought that was just so perfect. You know, I struggle with trying to identify it through a series of adjectives and it
00:48:56
just it just without asking mowing your neighbor's lawn. I just love that. That's my
00:49:02
>> You mow my lawn? I have several lawns. >> I'm not going to go there. I
00:49:08
I'm >> I I I I >> I did walk. >> Is this too easy and too wrong? I'm just
00:49:18
just season 2 Swedish US women's hockey team. >> All right. Uh he's I got to meet him.
00:49:24
He's the baby Jesus is very attractive. >> Oh my gosh. Yeah. I really >> I was planning to ask all these zingers
00:49:29
like, "Dude, we follow the same people on Instagram." Um you'll get it. He's supposedly
00:49:35
supposedly follows all these hot women on Instagram. >> I wanted to ask him if he dates and I
00:49:39
just couldn't do anything that he's so >> earnest. >> That's right.
00:49:44
>> He's so real and so earnest and you're just looking to I'm like literally like
00:49:49
take my money. >> Yeah. >> Yeah. Yeah. >> Anyway, it's a real It's going to be an
00:49:55
interesting race. Anyway, um, okay, we need to take a quick break and we come back, we'll take
00:50:02
some questions from the audience. Scott, we're back recording live from South by
00:50:07
Southwest. All right, we're ready to take some questions from the audience. We only
00:50:14
have time for just a few, so keep them short that we can answer quickly and and easy for Scott, please.
00:50:20
>> Hey guys, Melissa Richards Person and I'm from Louisville, Kentucky. Um,
00:50:24
>> wow. My dad is turning 10 in three months. And the reason I offer that,
00:50:29
thank you. Is that he was a civil engineer and he was engineering things built to last.
00:50:36
>> Got it. >> And I think about us, have we as a have we lost the ability to think long term
00:50:42
as opposed to short term? >> That's a great question. That's a great
00:50:45
question, Scott. Um well technically we're focused on shareholder value and the markets
00:50:52
reverse engineer earnings way out in the future. So technically these big capex investments that are driving the economy
00:50:59
you would argue are actually long-term investments. So I think the financial markets would say no we are actually
00:51:06
still the second largest manufacturer in the world. Um, I think people have a fondness and a nostalgia for quote
00:51:13
unquote building stuff, but the reality is 80% of Americans think we should have
00:51:18
more manufacturing, but only 20% of Americans want to work in manufacturing. You can't bring your dog to the factory
00:51:24
floor. So I I would argue that Americans still do have more risk capital to invest long term, but quite frankly,
00:51:32
just like we were talking about CNN, Washington Post, we have this romanticism for manufacturing, but very
00:51:38
few young people other than Kerous when you ask them what they want to do say, I
00:51:42
want to I want to go into manufacturing. Um, so I still think we're thinking long
00:51:46
term and make make great things. I think our products are still some of the best
00:51:50
in the world. I do think we go through cycles of that and I think we're probably headed into a more long I think
00:51:54
especially if you if anyone who's a young person they're moving away from a
00:51:58
lot of this quick fast I've noticed just a little more community and doing this
00:52:04
series there's a lot more of a need and a desperation for community connection
00:52:09
long-termness I picked it up and that's just anecdotal >> hey Cara and Scott thanks for taking
00:52:14
questions Eve Grant um Scott you talked about the attempt to chill free speech is backfiring I'll tend and alternative
00:52:21
media will fill the gap as long as courts protect them. I like your optimism. What about the Go Gawker media
00:52:26
lawsuit that demonstrated the courts didn't protect them and money wins? >> It's a it's a fair point. I'll I'll turn
00:52:33
to my journalist. >> I think you're right. I I am much more concerned. I think they can chill
00:52:37
people. Uh I I worry myself. I like you think about it. You know, I don't do it.
00:52:41
I of course immediately run right into the breach. But I do think it does create a situation when I always like to
00:52:48
see the enemy, right? Like back in the day when everyone's like, "How dare
00:52:52
these anti-gay people?" I'm like, "I can see them. It's the ones I can't see I'm
00:52:56
worried about." And so I like to I see what their move is. And so now it's an
00:53:02
easier person to fight when you see who they are and what they're up to. And
00:53:05
what they're up to is very typical of autotocracies is try to slowly bring it
00:53:09
down. I do think there's a lashback because we do have so many tools available to us and power has shifted
00:53:15
from uh the typical broadcast networks to people like us to others and so it does tend to um
00:53:24
unintended consequences of being such incredible morons is is is what's going
00:53:29
to happen and again I think Brennan Carr is an embarrassment and will end it will
00:53:34
end badly for him eventually just maybe just because you don't know the And just
00:53:39
because you don't know the end of the story doesn't mean that's how it's going
00:53:42
to end. That's how I look at things. All right. Uh that's all the time we have
00:53:47
for today. We really appreciate South by Southwest and we do appreciate all our fans. Thanks for listening to Pivot and
00:53:54
be sure to like and subscribe to our YouTube channel because we have a face for radio. Uh we'll be back later this
00:54:01
week. Thank you so much. South by Southwest. Thanks again to ODU for supporting this
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