00:00:00
Before, after. Before, after. Oh god. Come on. Okay. Come on. Let's go. He's got a And he's going to blab too much, too.
00:00:17
Hi everyone. This is Pivot from New York Magazine, the Vox Media Podcast Network. I'm Cara Swisser in my new studio
00:00:23
without books behind me, but they will have them. Here I am. Oh my god. Could you be in You're apologizing for not
00:00:30
having books behind you. Well, I'm going to have awards. My many awards is what I'm going to have. Yeah. Okay. Do you
00:00:35
like my new studio? It's in my house. I'm not sure I like the red chair, quite frankly. Really? Why does it upset you?
00:00:42
Does it threaten you? Um, no. It takes me back to an era. I think you've moved on. I think you've turned the page on the red chair. We'll see. I like it for now. I'm going to leave it because it
00:00:53
upsets you. Upsets and disturbs you. Yeah. Yeah. You mean it's like retro or that I should It reminds me of Walt
00:00:59
Mossberg who I just had lunch with. No, I love Malt. Walt. I just think you've moved on. I don't know. What color chair
00:01:06
should I have with you in the Scotty era? Plaid. Um, no. I don't know. Black. I'm going to put your blanket that I stole from the five arms where for your birthday. I'm Oh, good. That'd be nice.
00:01:17
I'll put that on. Okay. Next. All right. I'll put I'll drape it. I'll drape a Scottish a Scottish thing on it. And I
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think it reminds us how old you are. But anyways, um, literally right out of the gate. Go ahead. Right out of the gate.
00:01:30
Go ahead. You were on your college tour. Tell me about You were away last week. We had lovely guest hosts with Jen Saki
00:01:36
and uh, John Love it. They were great. Jen Saki and those those are both great. They are great. They were very friends
00:01:42
with both of them. They'd like they'd be fun to roll with. We'll see about that. We'll I'll check with them. She's She's
00:01:49
interesting and attractive and he's interesting. Yeah. Really? Okay. Sorry. Sorry, John. Anyway, um, who's the
00:01:55
handsome one? Who's the handsome? All of them. Oh, John Favro is who you're thinking. Oh, he's dreamy. Yeah, that
00:02:01
dude's dreamy. I think John Love's adorable. Yeah, he's good looking. He He was on Survivor. Do you know he was on
00:02:06
the show Survivor? He was on Survivor. He's way too smart and overthought. He's out in the second round. He was out.
00:02:13
That guy's too That guy's I'm going to do this. I'm going to do this. I'm voting John off the island. Okay, college tour. Back to me. A college
00:02:20
tour. Tell me about the college tour cuz I really don't want to talk about White Lotus in any way. Um, so eight schools in 5 days, seven
00:02:29
straight days of full parenting. Cleared everything. Didn't talk to anybody. I only talked to you once, if that. And it
00:02:34
was about the college tour. We went to I like to personify everything and just so I can make sure my kid gets into none of them, I'll personify each of them. So, first one we
00:02:47
did was UDub, University of Wisconsin Madison. And when I was at UCLA, the fraternity next to mine was the FCAPS. And the FCAPS are basically these white dudes from small towns who abuse
00:03:00
substances who did really well on the SAT. Okay, that is the University of Wisconsin Madison except it's a girl who wears too much makeup, who really likes makeup and
00:03:13
but they're doing their job. Actually, UDub Madison, I I rag a lot on higher education. They're doing their job. They
00:03:20
let in a They let in a [ __ ] ton of kids. Yeah, it's crowded. They have money, but
00:03:25
it's not the Ritz Carlton Madison. They are they get it. They they you know they got the assignment. I felt really good. I actually met with someone there at just like in Virtue signal. They do this amazing
00:03:37
program where they train prisoners or they educate they do classes at local prisons. I'm giving some money to it.
00:03:44
They're doing their job. I was really impressed with them. So you like them, but you just insulted them. So your son's not going in there now. But go
00:03:49
ahead. Move along. There you go. Thanks for that. And then we went to Chicago. Chicago's a dude.
00:03:57
University of That's Yeah. You Chicago. I did a session there in the Institute of Politics with David Axelrod. He's great. Yeah. Which is available on YouTube.
00:04:08
And imagine a guy in a park. They're one of two things. They either win a Nobel Prize. Everyone who
00:04:14
goes there either wins a Nobel Prize or ends up in a park without shoes feeding pigeons and speaking to themselves. I
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mean, these people are I can't imagine people I would rather not party with than anyone who
00:04:27
went to the University of Chicago. Having said that, having said that, anyone that interviews with me, yeah,
00:04:33
that went to the University of Chicago, automatic hire because they're self-hating. They work all the time. They're brilliant, mildly depressed,
00:04:40
perfect employees. Perfect employees. Let's move it through. Okay, keep going. Northwestern.
00:04:46
Okay, this is the gay son we all want. Oh, okay. This is write a college to our book. This is
00:04:55
stylish, impressive. Yeah. good in theater but also like takes AP everything and does well and it's the most there is clearly so much money
00:05:07
there it is such a beautiful campus it is but the lake is just sitting there going oh [ __ ] I'm going to make it so
00:05:14
cold about 3 months a year you may oh my god you can just feel the w you can feel mother winter and the wear going oh just wait and see what I'm
00:05:26
going to do to you then we went to Michigan and saw my son. Your son is Michigan personified. Oh, no. You better be careful cuz he loves you and I'm his mom. Imagine
00:05:38
you're a power forward. Uhhuh. And work odd all the time and a nice kid. And you also get 11 million on the SAT. They're
00:05:45
like, these kids are Michigan. Michigan is one of the schools. It's arguably the
00:05:51
best public school in the nation, maybe tied with Berkeley, but you can go super deep on social or you could literally
00:05:59
try and split the atom at the building next to the cafeteria. Yeah. Right. You can go deep either way there. I think
00:06:06
Michigan and it's a big school. I like school I like to call out schools that are doing their job. They're living they're just they're living up to their
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mission. They're trying to keep tuition reasonable. It's not inexpensive, but educating a lot of kids. They're doing
00:06:20
their job and it's a really impressive place and also you can go deep in sports and I your the working stuff is great. Your son saved the day. It's storming about 300 people.
00:06:33
By the way, we show up at we've been doing all these tours by the way. Easy law. It should be a law punishable by death. No parent should be able to ask a question in the [ __ ] parents
00:06:45
teacher in the tours. Yeah, they all I I was so triggered. None of the students could ask a question because the parents are because the over parenting and get
00:06:57
this the highlight this is a true story. University of Chicago University of Chicago. All right. Three women, three
00:07:05
moms ask the same question sequentially about safety on campus. The threat to an 18-year-old freshman on college campuses is dwarfed by the
00:07:16
suicidal ideiation of overp protection of parents that don't prepare them for the [ __ ] real world. Moms asking
00:07:24
questions at parent teacher the moms at college tours. I don't think they should ask questions then. I agree with parents
00:07:30
at college tours are a bigger threat to your kids safety than any crime on Okay,
00:07:36
moving along. So, Alex took you on a tour. Okay. He Anyway, so we get there. They cancelled the tour. The weather was
00:07:43
so bad. They're like, "We're canceling the tour." So, you have 100 kids and 200 Karen's parents just sitting in the hallway. So, I text Alex and he's like, "Yeah, come come to the house." We
00:07:56
showed up at his frat house. Imagine you're an animal living inside a trash dumpster. Yeah. And it had Greek letters
00:08:03
on the side. Yeah. That's it. It is. It smells like older old beer. There's [ __ ]
00:08:10
everywhere. And by the way, it's much nicer than my fraternity. And it's these kids playing foosball. Some are in
00:08:16
suits. Some are studying physics. There's a wait room. It gave me a business idea. He said, "You seem to enjoy being there." Uh, it took me back. My I lived in my fraternity for four
00:08:27
years. Yeah. And my girlfriend wouldn't come over and I'd say, "Why would you come over?" And she said, "It smells like [ __ ] I don't want to come over."
00:08:34
So, I came up with a business idea. I came up with a business idea. I'm going to start a candle and it's either stale
00:08:41
beer or [ __ ] I think it would work. Okay. We're only four colleges in here. That's my thing. Okay. Then we went then we went to Boston College. But Alex gave you a
00:08:52
tour. Thank Alex Wisher for doing that. He took He saved the day. Oh, I'm sorry. Alex saved the day. And then Alex said,
00:08:58
"No problem. Come out of fraternity." We cruised around his fraternity. My son just got the biggest kick out of a fraternity. Yeah, he did. He did the
00:09:04
kicst and then he took us on this like this like I don't know ruined cliffnotes tour of Michigan and then took us for lunch. He literally Alex saved the day. We were in a typhoon with a parent
00:09:16
teacher comp or a tour cancelled and Alex did this whirlwind. He saved the day Michigan. Let me just say he loves
00:09:23
and my son is very impressed very impressed by Alex. He couldn't have been he couldn't have been nicer and more
00:09:29
generous. It's not easy for a kid to just take two or three hours out of his day. Anyways, thank you, Alex Fisher. Oh, he loves you. And then we went to
00:09:36
Boston College, which we're really impressed by. I say that was the biggest surprise of the upside, but it is sort
00:09:42
of a it's a fallen Catholic. It's a kid that used to go to church and by the 11th grade he's selling dope out of his
00:09:49
Rav 4. Is that the AOC college or did she go to Boston University? I don't know which one. Oh, AOC there. I looked
00:09:56
like Boston University is where she went. It's it's a contradiction. It looks like these kids are waiting to get home and and light up and maybe start
00:10:03
doing some, you know, doing some beer bongs, but there's sisters everywhere. I did not I still haven't figured out
00:10:10
what's going on there, but it's a really impress I was really pleasantly surprised by BC. We then went to We're
00:10:16
going to move us faster through this time. Go ahead. We then went to UVA. I want to go to UVA. I think it's
00:10:24
the most beautiful campus in the nation. I think if we want to restore prosperity and mating, I think men and women should
00:10:31
each get a number. And whatever the number is, that's you get married on the spot on the lawn. Everyone there is nice. Everyone there is good-looking.
00:10:38
Everyone is there is impressive. Just marry them all off. Yeah. Um they should all just marry each other. They're never
00:10:43
going to find a talent pool like that. And the architecture school. It's a nice school. And then we went to UNC. And the
00:10:51
terrible thing about teenagers is they start getting these terrible things called opinions. Mhm. We got to UNCC and
00:10:57
my son was like a dog off a leash in the park. He just started running around and going in buildings and yeah, something
00:11:04
happened at UNC. UNC is basically great school. The hottest smartest person or the hottest most the most popular kid in class at all UNCC schools have one thing in common. They leave North Carolina.
00:11:18
The second hottest most impressive person goes to UNC. Yeah. They're just it's just got a great vibe. A great vibe. Another school people love, the two schools where they talk about it to
00:11:30
this day is UNCC and Michigan. They love their schools. They love I'm not exaggerating and I'm I'm a little bit scared to say this. I don't think it'll impact anything, but he walked to the top of the stairs. It's I couldn't tell
00:11:42
the difference between UNCC and UVA except UVA looks like it has 50 or 60 wealthier donors. It's a little newer.
00:11:48
It's a little shinier, but they look like the same school to me. He walked to the top of the stairs.
00:11:55
He turned around and he looked out over the quad and he goes, "This is my school." Oh, see, you know it. All
00:12:01
right. Well, and all I can think about 8% out of state admissions rate. I don't know if it's your school. You need to
00:12:06
move to North Carolina. That's what you need to do. I literally chat GPT that what how do you establish North Carolina
00:12:12
residence? It's not It's not easy. You actually have to live there. Yeah. And you know who your congress per your
00:12:18
senator would be. Um it's uh it's two Republicans, but the governor is a great guy. The governor is really impressive.
00:12:25
Yeah. All right. I'm going to stop your college tour because we're dead. Anyways, that's my college. I'm glad
00:12:30
next week. We're glad. We're glad we're back. All right. We have a lot to By the way, when you were gone, things
00:12:36
happened, my friend. Lots of things. The world kept spinning. The world did not keep spinning. The world is crashing.
00:12:42
We're on a Let's get right in. Let's get in. US markets are on a roller coaster as we report Monday morning following an
00:12:48
epic two-day dive last week. Epic in a bad term that destroyed $6 trillion in market value thanks to Donald Trump's
00:12:54
tariffs which seem like inane in the way they were formulated. US stocks tumbled at the opening bell today briefly surged
00:13:01
following report that Trump was considering a 90-day pause which many are suggesting to him including Jamie
00:13:07
Diamond and others um from uh bankers and other people. The White House quickly called that report fake news and
00:13:13
the current Dow S&P 500 are currently back in the red. So, a lot of volatility to say the least. Who knows what Trump
00:13:19
will do. In fact, he seems to be sticking by his guns. We'll get to winners and losers from these tariffs a
00:13:24
little later, but we've seen overall we've been seeing Goldman Sachs has raised the odds of a US recession to 45%. As Larry Summers put it, this is
00:13:31
the biggest self-inflicted wound we put on our economy in history. In terms of retaliation, China was quick to respond,
00:13:37
imposing a 34% tariff on all goods imported from the US starting on April 10th. Trump said he's going to impose an
00:13:43
additional 50% on China if they don't drop that 34% increase. The EU and of course the Tik Tok deal went out the
00:13:49
window. The EU is expected to present a united front in the coming days with a set of targeted counter measures. Uh let
00:13:57
me let me read a couple more things. this retali uh retaliation moves. TE uh Treasury Secretary Scott Besson, who
00:14:03
looks unhappy, said over the weekend that more than 50 countries have started negotiations with the US since the
00:14:08
tariff announcement, whatever. Probably like the the penguins maybe. Though Trump also said, "My policies will never
00:14:15
change." Um, I'll get to, well, I'm just gonna Howard Lutnik, who seems like the
00:14:20
biggest clown of all besides Peter Navaro, which are the two faces of this, also offered his take on how terrorists
00:14:25
will lead to a manufacturing resurgence in the US on Face the Nation. This this quote, I literally was like, this is the
00:14:31
dumbest person I've ever met. So, uh, uh, let's go. Let's listen to that and then we'll get some reaction from you.
00:14:38
Well, remember the army of millions and millions of human beings screwing in little little screws to make iPhones.
00:14:45
That kind of thing is going to come to America. It's going to be automated and great Americans, the trade craft of
00:14:51
America is going to fix them, is going to work on them. They're going to be mechanics. There's going to be HVAC
00:14:57
specialists. There's going to be electricians. The trade craft of America, our high school educated
00:15:02
Americans. The core of our workforce is going to have the greatest resurgence of jobs in the history of America to work
00:15:09
on these high-tech factories which are all coming to America. He's an idiot. I don't know what else to say. The screws,
00:15:16
the robots, whatever you say. Let's have a first reaction because then and last thing, sorry. Mark Cuban um said one
00:15:23
thing the terrorists are going to spur is smuggling a resurgence. Mark Cuban said that um and noted that maybe that's
00:15:29
what the border patrol money is used for. So reaction. Well, let's just talk about Apple.
00:15:34
Americans don't want to go into a factory and screw in little screws. Americans don't even want to put on a hazmat suit and go to a regular factory.
00:15:41
This notion that Americans are dying to go back to an assembly line is just not true. You can't get you can't get Americans to work on a construction
00:15:47
site. You think they're going to show up for assembly line work? So, let's let's talk specifically about Apple. iPhone costs about 12 or $1,300
00:15:54
bucks. With the existing tariffs, they're going to 2,000. If we tried to produce them in
00:16:00
the US, they'd be $3,500. They're not. So, first off, they're not coming back here. And all that's going to happen is the following. Fewer people are going to buy fewer
00:16:10
iPhones. It'll reduce Apple revenues by 30 to40 billion, say economists. It trades at
00:16:17
eight times revenue. So you're going to wipe out a third of a trillion dollars. You're going to have 401ks go down.
00:16:24
You're going to people be less confident buying things. You're going to have Apple employees and shareholders lose a
00:16:29
lot of wealth. You're going to have I mean you're in we're not even talking about the second tier effects and that is one we are thrusting people into the arms of China and two assume it just
00:16:43
goes tit for tat any let's stop talking we know tariffs are bad let's assume that we reduce a billion dollars of
00:16:52
um Samsung sales right I'm trying to think of an analog to Apple and uh Apple sales go down a billion dollars Samsung trades at like 1.2 to two times
00:17:04
revenues. Apple trades at eight. So you think, okay, it's bad, but we each lose a billion dollars in revenue and sales
00:17:10
through prices or products that are less competitive because they're more expensive. No, we lose $8 billion in
00:17:16
market cap. They lose two. So the biggest beneficiary of global trade over the last 30 or 40 years have been has been the US because the products we export are high margin high
00:17:30
value ad manufactured products. We're the second biggest manufacturer in the world. But what we do is we take cheap
00:17:36
oil from Canada. We refine it. We take cheap products from other nations in earth minerals and we turn them into
00:17:42
very expensive 55 point margin Nvidia chips and services. Tesla, another example, Toyota, really well-run company, trades at.7 times revenue.
00:17:55
Tesla trades at eight times revenue. So for for every billion dollars in reductions in trade of Tesla, we lose 8 billion in market cap. They lose 77
00:18:08
million. So the echo effect here is so dramatic. And even beyond that, even beyond that, you're going to see, in my view,
00:18:19
over the next five years, a pretty serious destruction in the value of our stock markets. And it's for the following reasons. The US market trades at a PE
00:18:31
multiple of 28 until Wednesday night. Now it's down to 26. Germany at 22 or 23, Japan at 18, China at 14. Now, why do our companies trade at a higher value
00:18:43
for the same earnings, the same profits as as companies in other nations? It's because we have this umbrella called the
00:18:50
US brand. And it means a lot of things. It means risk aggressive capital. It means entrepreneurship. It means great
00:18:57
universities, great IP. It means immigration. It means rule of law and consistency. We're seen as a consistent
00:19:04
trading partner. China doesn't have rule of law. They can put companies out of business right away. They can disappear
00:19:09
people. Germany doesn't have as much risk capital. They're not as aggressive. The US is losing or has lost two things.
00:19:19
Rule of law. We've now decided to basically ignore court orders. We're doing oneoffs and companies that make no
00:19:25
sense. We're deporting people to El Salvador for no reason at all. In addition, we're no longer seen as
00:19:32
consistent the epileptic the epileptic sclerotic decisions of this guy. So, what are you going to have? You're going to have a rerating of the S&P down from 26 to maybe 15. And here's the thing,
00:19:45
all of our companies could continue to outperform the rest of companies around the world and their stocks are still
00:19:51
going to go down. If you invested in Latin American stocks, it didn't matter how well the company did. You cannot outrun multiple contraction, which is going to happen over the next five
00:20:03
years. So, so what so in a lot of this lot of the things is one of 70 point out cor correctly like it's deciding on this one person who has a wrong math and the wrong idea between trade deficit and
00:20:15
tariffs and the relationship every single thing he's saying is actually wrong and has this thing in his head
00:20:21
that everything has to equal out that if they buy this we sell that like we have
00:20:26
to sell exactly like why don't they and Steven Miller same thing why don't they buy American cars because Toyotas are
00:20:33
better, you dumbass. And they make them here, too. Like the stupidity is outranked only by the, as you were
00:20:39
saying, the rule of law, the lack of any any consistency, the the reli the ri reliability of the US. Um, one, what has to happen here? What do you imagine's
00:20:51
going to happen here? Because there's now suddenly Jamie Diamond is speaking about Bill Aman has suddenly found his his balls again and is saying something
00:20:58
truthful. although he he made sure he sucked up to Trump in the beginning of the of his screed which was about a
00:21:04
nuclear winter in investing essentially um or in the US economy. Um what's your what's your advice to people that are panicking right now and trying to figure out what to do their investments and then second no first what's going to h
00:21:18
what what do you think's going to happen and what's your advice for people if it continues in this way?
00:21:25
I feel more confident answering the latter than the former. I can't predict Donald Trump's actions. I think he is.
00:21:32
So, look, the the only adult in the cabinet here that isn't on unsecure phones and apps, releasing attack plans to the rest of the world, and who has any understanding of economics. I've
00:21:44
said this for a long time. The adult in the room is the Dow, the 10-year, and the NASDAQ. Mhm. And if the NASDAQ keeps
00:21:51
going down, they're probably going to have to respond. They're not going to be able to jazz hands their way out of
00:21:56
this. This the argument they're making is the following is that sometime the market doesn't represent the real
00:22:02
economy. That's actually a relatively good argument. The Dow Jones and NASDAQ are dangerous indicators because they
00:22:08
give a false signal of prosperity and a lot of people aren't impacted by the markets. They're impacted by things like inflation. The problem is if you were to
00:22:16
take minimum wage to 25 bucks an hour or you were to increase taxes on corporations to try and have some fiscal
00:22:21
sanity, that would take the markets down, but that would be an investment that would be worth it. This is just making products more expensive, making
00:22:29
our products less competitive overseas and convincing the rest of the world to reconfigure the supply chain to not
00:22:34
include American businesses or professionals. That's just that's just shooting yourself in the foot and then
00:22:39
taking your gun and putting it in your mouth. So, but I have no idea what he's going to do. I just don't get it. I
00:22:44
think if this gets much worse, he's probably going to do some [ __ ] Like, so, for example, Jamie Diamond
00:22:50
suggestion that's even worse because it's the uncertainty that hurts more than the tariffs. Going to do it. We're
00:22:56
going to do the we're going to pull another Tik Tok. It's just for God's sakes, we'd be better off if he just
00:23:03
came up with some sort of not this tariff level, but some sort of modest tariff and let people plan their business. It's the uncertainty and the
00:23:10
unpredictability. It's like being in a relationship with someone who's bipolar speaking for a friend. You don't know who you're waking up next to. Also, it's
00:23:17
incorrect. One of the people who they base the the the theories on has written a piece in their
00:23:24
time saying they got this totally wrong and they did the math wrong and it's a quarter. What they should put here is a
00:23:30
quarter of what I said. You know, I said a quarter of what they're doing here, which means they don't know how to do
00:23:36
math. That's the part that's frightening. They actually don't understand what they've done. Like
00:23:41
pushing the nuclear button, what does this do kind of thing. I don't that makes me more nervous. The key to
00:23:47
building a business, the team of the best players wins. Greatness is in the agency of other. Do you know these ass
00:23:52
clowns? Do you know where they came up with the formula for their tariffs? I know. If you type in tariff, give me a
00:23:58
tariff that that levels up our trade debt, which is a stupid, you want a trade deficit, but if you ask the question, put in place tariffs against every nation based on bringing
00:24:10
equilibrium to our trade deficit. If you put it into chat GPT, you come back with the exact formulas they came up with.
00:24:18
Their economic advisors are [ __ ] turning to chat GPT. Let's go to your second question. What to do? Yeah. as an investor. Mhm. This is what you do.
00:24:30
Nothing. And that is whether it's hard whether it's you're getting a divorce, whether you lose someone you love,
00:24:36
whether you get fired, you do not make big life decisions in the midst of emotional trauma because you are not
00:24:42
thinking straight. In addition, tomorrow morning he could announce, say he sells all his stocks
00:24:48
today, he could announce tomorrow morning that he's he's removing all tariffs. He's capable of doing that. and
00:24:54
the markets could rip up 2,000 points. And then what happens to your mental health when you sold at the bottom?
00:25:00
Probably the worst piece of financial advice given in media was when Jim Kramer, who I don't think it I don't think he's malice. I think he's a good
00:25:06
guy trying to do the right thing. He told investors at the very bottom, if you don't like this volatility, you should sell your stocks. Within 14
00:25:12
months, we had recovered all of our losses. If you sold when Jim Kramer suggested you might want to think about getting out, you saw your net worth cut in half. And even more damaging to your
00:25:25
financial well-being was your mental well-being because you saw everybody else get to back exactly where they were
00:25:32
and you were the idiot that sold at the bottom. This is what I'm doing since Q4 of last year. I just look at the S&P.
00:25:39
It's trading at Apple's trading at 38 times earnings and it's not growing. I have been selling down US stocks and I have been diversifying into Latin American and
00:25:50
European and some Asian stocks because if you're just invested in the US, you're not diversified. And see above uh
00:25:57
rerating down a contraction in the multiple of US stocks. You may want to think about maybe taking some tax
00:26:03
losses, harvesting some tax losses. Talk to people. Talk to people. Have a kitchen cabinet. Don't do anything rash
00:26:09
or out of emotion. But I think if you were to diversify into European stocks, which by the way, you're not buying low and buying uh selling low and buying high, European stocks have been hard hit
00:26:20
hard, too. You're a little bit more diversified, which I think is a vastly underrated strategy. DEI DEI that stock. All right, we're going to go to a quick
00:26:32
break and when we come back, we're going to talk a little bit more about the losers and some winners from the Trump tariffs. Scott, we're back. The number
00:26:39
of sectors took a beating from Trump's tariff and it's been particularly rough for te big tech. Um, in two days after
00:26:44
the tariffs were announced, Apple dropped 16%, Meta fell 14, Amazon was down 13. Nice job, boys, of going to the
00:26:50
inauguration. That really paid off for you. The two-day drop wiped out $31 billion in net worth for Elon Musk at
00:26:56
$23 billion for Jeff Bezos and 27 billion for Mark Zuckerberg. I feel so bad for them. How's the investment in Trump paying off now as a reporter of the weekend? a number of these folks uh
00:27:07
want to go to Mara Lago uh to talk to him about this. I don't know if they've done it yet, but this was the rumor that
00:27:12
was going down that they are really and and also bankers. Um Elon doesn't seem to agree with Trump on tariffs and of course speaking his mind. He said on Saturday that he hoped Europe and the US would effectively do zero tariff
00:27:23
situation, effectively creating a free trade zone. Totally opposite. He also had a couple of posts calling out Peter
00:27:29
Navaro, Trump's trade adviser, who's such an idiot. All the this I agree with Elon on all this uh as EU regulars are reportedly praying to inflict a billion dollar fine against X for breaking a law
00:27:40
to combat illicit content and disinformation that's separate. Um this is interesting that he's doing that. The
00:27:46
person that's looking more like a genius than ever, Warren Buffett. He didn't kiss the Trump wing. He's been growing his cash pile in the last year. He's
00:27:52
currently sitting around $334 billion. Never Warren Buffett, I guess. And then also a few losers, fast fashion uh brands, Shien, a Scott
00:28:03
favorite, and Teimu. Uh Trump has closed the loophole that gave the tariff exemption on goods shipped from China
00:28:10
valued under $800. I think it's called dimminimous or something like that. It no longer applies as of May 2nd. A lot
00:28:16
of people didn't like that this loophole. Um without the loophole, prices and orders could jump as much as
00:28:21
30%. Amazon might also take a hit because they ran into the lowcost storefront uh powered by um powered by
00:28:29
uh China uh Chinese goods, cheap Chinese goods. One of the things that was really strange was uh Scott Besson talking
00:28:36
about how Americans shouldn't buy cheap stuff anymore. Too bad. And that's too bad for you, Scott, because you can
00:28:42
afford cashmere all the time. But that was another message they were sending out is we should get off our our cheap
00:28:48
goods. Uh uh so no longer shop at Walmart the biggest employer whatever like none of your [ __ ] business
00:28:54
dudes. So talk a little bit about tech because also the last thing is tech it sells a lot of services into Europe and
00:29:00
in cloud computing also so do the McKenzies of the world and that's where we have a trade um surplus in services
00:29:08
from what I understand. So talk a little bit about the why it's impacting tech and you know sort of the
00:29:13
the you see the real cracks from the Elons and the others. Bezos is probably apoplelectic. Trump um Cook is apppoplelectic I'm sure and and a little and Warren Buffett looks he's 105 years
00:29:26
old and he's once again the goat it's just okay. So let's look at Europe is the US. We export Nvidia chips. They Nvidia trades at 24 times revenues
00:29:41
for every billion dollars they sell in additional chips to other markets. Uh institutional investors and
00:29:47
employees of Nvidia register a $ 24 billion gain. Uh California gets enormous tax revenue from the incremental gains of shareholder value. When Mercedes exports Mercedes into the
00:30:00
United States, they trade at 0.23. If they lose a billion dollars in business, they lose $23 million in
00:30:07
market cap. 23 million versus 24 billion in lost market cap. Yeah. We we have taken global trade has been great for the world. It's been the world more prosperous. And to be clear, we haven't
00:30:21
done a good job of protecting the people who get hurt. Some people get hurt. There are certain industries. South
00:30:26
Korea has done a good job of protecting nent industries strategic to them with tariffs. Tariffs can be used. these
00:30:32
blanket tariffs or let me put it this way the one of the greatest increases in global prosperity over the last 50 years you would be hardpressed
00:30:43
you might think well it's the world order where democracies have bound together under the umbrella of US prosperity and NATO and military might
00:30:50
we have kept the peace wars are very destructive to economics but at the top of the list would probably be global
00:30:56
trade global trade find out what you can produce best at the lowest price and trade with someone who's really good
00:31:01
producing something else and you both get better products at a lower price and you have a greater quality of life. So
00:31:09
there is it's not only reduces the prosperity of the world, it massively there's no nation that benefits more from global trade because our products are high margin, high value ad. When
00:31:23
Canada ships energy into the US, we then add value to it. We refine it. We turn it into higher grade petroleum and we sell it at triple the price to other people. Yeah. We we as you noted people
00:31:37
we are in the business of high value ad high margin rule of law IP driven that creates so much revenue and what about this argument that we're going to bring domestic manufacturing back here and
00:31:49
everyone even even the crazy stations are like that's going to take 10 years if if and they're not going to it'll
00:31:54
never happen it'll never happen never happen and first off first off we don't want it to happen we're not just a taco
00:32:01
truck with massuses we're the second largest manufacturer in the world. Yeah. But we
00:32:07
manufacture AI chips. We we manufacture really high value ad products that have decent margins. We have purposefully outsourced low low value ad, low margin,
00:32:21
low shareholder value products. And American consumers, I'm sorry, American workers don't want to go back into
00:32:28
factories. 98% of businesses that sell into global trade are small and medium-sized businesses. 40 million jobs are related to or depend on global
00:32:39
trade. And people say, well, 40 million to 355, that's not that bad. Only 150 million people in the US
00:32:45
work. So the the notion we're going to bring back, we don't want to bring back. I mean, you need what you need are great great middle class well-paying jobs,
00:32:57
vocational. You need more people trained to install energy efficient HVAC heaters
00:33:03
at 30 bucks an hour. We need that. But there is not a line to go work on a factory floor in Lancing, Michigan. This isn't what people do. Try and renovate a house and see how much people want to
00:33:15
actually build a home that were born here. They don't. Guess who wants to do that? Immigrants. Exa. Exactly. Right.
00:33:22
So, this notion this notion that everyone's lining up to go work at a factory job in the Midwest on an
00:33:30
assembly line. Yeah. It's just it's such a it's like an it's like an 80s guy idea
00:33:35
of the world. Like seriously. And they I get you know what I do actually get the arguments about um you know sort of
00:33:43
hollowing out American manufacturing by doing cheaper goods abroad and the going
00:33:48
too far with free trade and not you know retraining people. There's great arguments to be made about trying to
00:33:54
figure out new ways for people to have jobs. But this way the idea we're going to bring back factory. Every time Howard
00:34:00
Lutnik gets on the air I'm like are you living in a different century? Like it's
00:34:07
just it's it's been stuck in Trump's head for 40 years. And what's astonishing is the Republicans are like,
00:34:13
"Let's listen to the president. He's playing 4D chess. We just don't get it." No, that's not what's happening. He's stuck in the 80s. He's stuck in some era that no longer exists. And
00:34:25
wouldn't it be great if the women women didn't vote and and there was no such thing as me do and I could do whatever I felt like. This is a different era. And
00:34:36
what's what what kind of amazes me is that it hasn't gotten through to that the Republicans are still sticking with it's such a test of MAGA. I've never seen anything. This has got to be the
00:34:49
ultimate cult test. Will you take the Will you take the Kool-Aid? Will you actually drink the Kool-Aid? We're so
00:34:55
narcissistic. We refuse to acknowledge that the rest of the world is a pretty interesting case study in history. Mhm.
00:35:02
And the 50s and 60s, Latin America embraced protectionist policies. Their economy did not grow. They opened up.
00:35:08
Their economy boomed. They the last time we had tariffs like this. They weren't even as big as this, right? Was in 1930, the Smooth Holly Tariff Act. Y those
00:35:20
tariffs weren't as big as these. And what was what was the impact there? It widened the it worsened the Great
00:35:26
Depression. Instead of boosting the economy and creating jobs, by 1933, real US GDP had dropped by a
00:35:33
third. Do you know what would happen in the US if GDP dropped by a third and the
00:35:39
unemployment rate, which is at 4%, hit 25%. I was really disappointed, really disappointed. I watched all the Sunday morning programs. Margaret Brennan did a good job. The rest of them clearly
00:35:52
didn't take an economics class because they couldn't ask a basic question. Name a country. There are 159 countries.
00:35:58
There are two centuries of economic modern economic history. Name a country where this level of tariffs has worked.
00:36:04
Hasn't. It hasn't. It hasn't. It backfires. It's the ultimate. Let's wait and see. Like, no, let's not wait and
00:36:11
see what happens when we inject bleach into our veins. Let's not wait and see. We have to move on. But because I, you
00:36:17
know, one of the things that that I want to talk about is it's this is a gift to China. This is China needed a way out of
00:36:23
their economic doldrums. We've just handed them the key. Let me just ask you one question. This is a sincere
00:36:30
question. Right. If they can if they can have a conspiracy that in the basement, which
00:36:35
doesn't exist, of a pizza joint, Hillary Clinton is drinking the blood of children they're sacrificing. I can go
00:36:41
semiconspiracy theory. Okay. Go ahead. Let's hear it. Putin and she have each put10 billion
00:36:48
dollars into the Trump coin or they've committed to it. You're going to be the wealthiest man in history.
00:36:55
But he's old. You're the wealthiest man in history. But you need to do the following things. You need to withdraw
00:37:00
from Ukraine. You need to fragment the strongest US western democracy alliances in history to give us license to do whatever the [ __ ] we want. This is the ultimate manurian candidate is what you're saying. And we need you to thrust
00:37:14
the biggest tra China's all about money. We need you to thrust the biggest trading partners into our arms. We need you to get Japan and South Korea to
00:37:21
start talking to us too again. If it was not Trump Vance, this is the question. If it was not Trump Vance, but it was Putin she, what would be any [ __ ]
00:37:33
different than what has happened over the last two months? Well, seems too complicated. I just think he's stupid.
00:37:40
We should we should have hired the the solid plan B. We should have hired the smart woman. But that's my question. If
00:37:47
if Putin and she had been president and vice president, yeah, what would they have done differently? I don't know. I I
00:37:54
I agree. I I think he's just so stupid. I just stupidity takes the cake here. And he's stupid and he's addled and he's
00:38:01
got to go. He's got to go. I don't know what else. Let's surrender Ukraine and side with our enemies. Let's pretend you
00:38:06
won the Cold War even though we has been talking about this for 40 years. It's been like a like a a hair up his ass for
00:38:12
40 years. Like he has been talking about this. So I feel like he's now like I'm going to do this finally and see what
00:38:18
happened. I'm pushing this button and I'm seeing what's happening. I don't know. I'm going to ask GBT.
00:38:23
A reminder, we're recording this on Monday morning. Who knows what Trump will do in the next few hours or days or
00:38:28
really minutes. All right, Scott. Let's go on a quick break and when we come back, the Tik Tok deadline gets
00:38:34
postponed yet again. President Trump delayed the ban on Tik Tok for 75 days for a second time. How
00:38:41
ridiculous. A deal for the sale was reportedly closed until Trump made his tariffs announcement causing China to
00:38:46
pull out of the negotiations. Obviously, Oracle Blackstone and Andre Horitz all friends of Donald Trump were reportedly involved. Trump has previously suggested he could lessen tariffs on China
00:38:58
exchange for a deal. I'm sure China is just thrilled to hear that. I don't know why China would do anything. Like maybe
00:39:03
they will if they if they want. I don't know why you would do anything. Um, so talk let's do a very brief thing about
00:39:10
this because it's um I I think it's just going to sit there in limbo and just bump along, right? I don't there's no
00:39:17
deal here. They're going to try to bring it under 20%. I think that's the amount the ownership of China for Chinese the
00:39:24
Chinese government and or Chinese investors. Yeah. Well, you go first here. What are
00:39:29
your thoughts? I don't know what's going to happen here. It feels like a story from the 1980s, too. I mean, I think it's I think eventually it'll have some
00:39:37
convoluted thing that's not going to make a difference or keep us safer in any way. I think they need to make the
00:39:42
case of why it is dangerous. I never I I sort of like the law, but didn't like I didn't feel they made their case. And at
00:39:49
the same time, I'm absolutely certain the Chinese are manip. So, I I I think, you know, I
00:39:57
think I think it's a it's eventually a dwindling company, right? It will like over time if it's not focusing on this product I'm in this new zone Scott of like the reason things fail is because
00:40:09
products suck like that's you know maybe you know what I'm sorry well the 45 to95
00:40:16
was the brand era but digital unlock product is the new bomb again it sounds like I'm like if if Tesla made great
00:40:22
cars people would still buy them even though he's no advertising they don't advertise I I really do think that I'm
00:40:27
thinking myself I use Amazon and I don't want to use it cuz I I'm really irritated by Jeff Bezos, but it's a
00:40:32
great product and it's really hard. Like I think if if it gets the ball, how do you think I feel using Starlink to talk
00:40:38
call you on Facebook? I know. I know. Um I think it's just really I think the problems that this will suffer as a product because of all this mishagosh. And so I I I don't feel kids talk I mean
00:40:50
they're going to move on to the next thing. That's what I feel like. and and eventually they'll come up with some convoluted way where Mark Andre gets
00:40:56
even richer than he already is and more toxic and it won't make any sense and it
00:41:02
won't protect Americans better and China will continue to do I mean just to me this has been s all of this has been a
00:41:08
gimme to China just one big gimme to a government that does not want us to dominate so as as it relates to Tik Tok I just don't think we would ever let C CBS NBC
00:41:21
and ABC owned by the Kremlin in the 60s. I think it's [ __ ] insane to have Tik Tok. I think we're raising a generation
00:41:28
of civic, military, and business leaders who hate America. 50% of people our age
00:41:33
feel good about America, one in 10 young people. And I might not I might even be
00:41:38
wrong, but just from a trade symmetry standpoint, there are no media companies in China. And we can't afford to have
00:41:44
this uh the average 14-year-old boy in America is spending 17 hours on a media platform controlled by the CCP. It's just not a good idea. No. So, it should be banned. Now, the second thing, and
00:41:56
this goes back to the notion that you can't outrun multiple contraction, which we're about to incur, the mother of all,
00:42:01
multiple contraction, is remember when Trump hated Tik Tok and then remember when President Biden had a
00:42:08
bipartisan law passed and none of it [ __ ] means anything anymore. doesn't doesn't because if the one of the
00:42:14
largest donors to the Trump campaign, Jeffrey ass, is also happens to be an investor in Tik Tok and a bunch of
00:42:20
crypto bros and Silicon Valley bros are also investors. He can do all this [ __ ] I'm in, I'm out. I'm your
00:42:28
girlfriend. I'm not your girlfriend. I want to break up. I don't want to break. Why would anyone take us seriously? Why
00:42:34
would so ridiculous? Why? China China is like, uh, yeah, fine. China's not going
00:42:39
to back down to the US unless they can figure out a way unless they have all sorts of assets which is Latin for spies within Oracle and they feel like they
00:42:50
can keep the asset in the US as an espionage and propaganda tool and have their cake and eat it too. They're just going to play slow ball because this guy will change his mind next week. Or maybe
00:43:03
General Atlantic Partners or Sequoia Capital who would have sex with their sisters for a nickel. We'll put pressure
00:43:09
on Trump and off from What are you on? I knew you'd bring in White Lotus, but go ahead. Well, that's unfair. They'd have
00:43:16
they'd [ __ ] their mothers for a nickel. I think that's more accurate. Anyways, these folks these folks now run the
00:43:23
White House. And so this is Tik Tok just sort of represents um one a national security threat that we just don't take seriously because because our kids like it and we don't
00:43:35
understand it in B I I remember when you took me to the White House. I remember thinking and they were like, "Oh, we're
00:43:41
not on TikTok." And I'm like, "That's a bad idea. You don't realize what's going on." Yeah. You don't you don't see what's happening to our kids here. your
00:43:47
kid can see a beheading and then a dance video and then something showing, you know, viewpoints on Hamas
00:43:55
and Israel or viewpoints a bunch of people like I'm even part of it. I see my angriest videos get the most play on Tik Tok. Yeah, they get dialed up. And
00:44:06
that's not just Tik Tok, it's everything else. But why on earth why on earth would we allow missiles to be planted on
00:44:12
an island Cuba 60 mi offshore the US coast even if they claim they will never use them against us like no we're just
00:44:18
not going to put up with that and then again it's the inconsistency that's going to take our press does it matter
00:44:24
because we're giving them advantage in this tariff thing now we've given them an even bigger thing like oh biggest
00:44:29
winner here winner winner winner chicken dinner China and they were really losing
00:44:35
they were really losing biggest winner out of all this. Hands down. All of a sudden, Canada is like Chinese are
00:44:42
buying up all the real estate in Vancouver. This is what every China every Chinese diplomat and businessman
00:44:49
is working. I've done a lot of business in China. They're all working overtime and they're going to European capitals.
00:44:56
They're going everywhere and saying they may say you may not agree with us, but you know what? We're good partners.
00:45:02
Lifeline for China. This has been such a gift to China. Anyway, that's our feelings. It's a con. It's an
00:45:07
unbelievable gift of Vice President Shei. She absolutely. Um All right, Scott. One more quick break. We'll be
00:45:14
back for wins and fails. Okay, Scott. Uh we're going to do wins and fails. I think I shall go first. I think a win. I
00:45:21
really en I love a protest. I thought these hands-off protests were everywhere. Every city was full. I love
00:45:27
seeing them in Turkey. I love like people turning out. I don't know if they work or not, but DC and New York 100,000
00:45:34
attendees each. There were Amanda went down. I did not. And like average people, it was not like the professional
00:45:41
protesters that you might see. Um themes were were administrations attacks on social security, the layoffs, deportations, Elon Musk. Of course, I love the signs. I They make me laugh.
00:45:52
AKIA has better cabinets. It's funny. They really do. Wisconsin hates Elon so much it could be one of his kids. um uh abort uh unwanted uh presidencies and
00:46:04
now we're all the we're we're all uh we're all the couch now. Um Trump of course spent the weekend golfing. I mean
00:46:11
just the visuals couldn't be any better and I I kind of just like it. It gets people in in Bolden. I don't know if
00:46:17
protests matter but this one had a had a real momentum momentum field which is nice and we'll see if that matters or
00:46:24
not for the fail. so obvious uh 60 Minutes which is you know people talk about the decline of traditional media people who do real reporting really we owe them a debt of gratitude they did a
00:46:35
story on Sunday on uh Venezuelan migrants who got deported to prison in El Salvador and their reporting found no
00:46:42
criminal records for 75% of those migrants these people were taken off the street many of them with legal um legally here and put in a prison it's
00:46:54
literally like a a a you know uh just a a movie. It's a movie. It feels like a movie. This is so cruel. And the people who are doing this to people and and putting people in prison
00:47:06
without any criminal record and sending them to another country they're not even from. Uh I hope they go to jail
00:47:12
themselves at some point and and pretending they can't take them back. I just I I cannot uh this is grotesque in
00:47:20
every single way. Grotesque. So, that's a it's like such an embarrassment and people aren't paying attention because
00:47:25
of all this stuff about the tariffs and the stock market. But, boy, what a human rights um what a human rights disaster
00:47:33
for us, our country. We have no ability to say we're a good people if we're doing things like that. I like both of
00:47:40
those. Um I'm an agist. I think all of these old people need to go away. M I think
00:47:47
that uh Biden's inability and the people around him uh their lack of backbone to
00:47:54
acknowledge that biology always wins is uh if we've decided the prefrontal cortex of a 34 year old is too immature to have that person have
00:48:06
access to nuclear weapons and for God's sakes an 80-year-old shouldn't have their finger on the button. And my win
00:48:13
is the market is responding. uh Democrat, I think it's Sikat Chakrabarti, who was the comm's director
00:48:21
for 35year-old uh former boss representative Alexandria Okasiocortez. Um it's decided that he's going to challenge Rep. Nancy Pelosi or
00:48:33
he did ch he did challenge her for Chakraarti, 39-year-old software engineer turned political operative. Um,
00:48:40
you know, I like seeing uh young people rising to the um challenge. In Los Angeles, 37year-old Jake Rakov announced last week that he is running for the seat of his former boss, Rep. Brad
00:48:51
Sherman, who's 70. Brad, Representative Sherman, you served your country well. Now, collect a gold watch and go play
00:48:56
[ __ ] golf. You're too old. In Michigan, state senator Malady Mallerie McMorro, 38, launched a bid for her state's open US Senate seat by talking about her experiences as a millennial. I
00:49:09
mean, there are young people stepping up here in Illinois. Cat I saw her at MSNBC. I was on Jensen Saki's show on
00:49:16
Sunday and I ran into uh Mallalerie. She's really impressive. Very impressive. And in Illinois, Cat Abu
00:49:23
Gazala. That's the problem with all these young names. Her names are too [ __ ] complicated. Change your name to like Smith. Just old. Change your name
00:49:30
to Smith. You'll get more votes. You'll get more votes. Oh my god. Anyways, uh Cat, I like that. That's what I call Repat. Okay. Uh Reb Reb Jan uh
00:49:41
Shakowski. God, what is with these people? Oh my god. Really? You're not doing this. Go ahead. She's running for
00:49:48
the seat of Rep. Jan Shakowski who is 80. Go home. Oh yeah. She's a she's an influencer. Yeah. Go home. Rep. Jan Shakowski. 80. Go. Good congress. Let me
00:50:00
say for many years. But okay. So I agree. Senator Schumer. Senator Schumer, you're 74. Someone this weekend offered me 10 million bucks if I put in 10 million to run for president. I'm like,
00:50:12
I'm too [ __ ] old. You need someone who's going to work 19. Bill Clinton slept 5 hours a night for eight years.
00:50:20
All right. Because he was in his old people. Okay, we need my win is young people stepping up to the plate. If you're, and I always like to put Ax word, if you're a young a young uh
00:50:34
moderate running against someone who just is only there because they're a [ __ ] incumbent, email me scotted.nyu and I'm
00:50:42
in. I'm in for the maximum campaign contribution. I'm voting for youth and new ideas and vigor, right? Um, okay. My
00:50:50
my fail is the following. Oh, all right. Okay. Go ahead. On Thursday and Friday,
00:50:55
I lost I don't know, somewhere between six and eight million dollars. I got some of it back because I'd shorted AI stocks. So, I probably lost four to five million bucks. That's the
00:51:07
bad news. The good news is I am so blessed and privileged because of the underpinnings of an America that offers
00:51:14
prosperity, offers opportunities to the children of single immigrant mothers who lived and died as secretary, rule of
00:51:21
law, great entrepreneurial culture. It really doesn't matter. I'm I'm fine. I know it matters to a lot of people. I'm no flexing and bragging about my wealth, but it does have a point. My
00:51:33
disappointment is that, okay, we now live in a nation where we've decided to side with autocrats, not democracies pushing back
00:51:45
on autocrats. We now live in a nation where it's possible that you can go to jail if you don't knock on someone who is planning to get an abortion. We live
00:51:56
in a country where it is feasible where a 14-year-old who is raped has to carry her child to term. We live in a country where a woman could die of sepsis in an
00:52:08
emergency room parking lot because she's bleeding out because the medical professionals are too scared
00:52:16
to perform a necessary abortion. We live in a country where we now have a president who's opened a Swiss banking account where anyone can put money in in exchange for political favors and not
00:52:28
have to disclose it. That is the country are we are in. And here's what money has. You left out law firms, but go
00:52:34
ahead. Oh, and we can intimidate law firms into agreeing into agreeing not to represent the president's adversaries. I mean, that's the whole point of the
00:52:47
that's the whole [ __ ] point of our legal system. Paul Weiss go [ __ ] yourself. Jesus Christ. Don't call
00:52:54
yourself You have You should never call yourself an American law firm. Your headquarters is [ __ ] Moscow meets
00:53:02
Mara Lagoa. What cowards. And by the way, guest speaker Bob Iger. That's the country we're in. And
00:53:09
where do people turn up? Where do people decide that's it? We have to go to Mara Lago is when the markets are down 10%.
00:53:17
Well, guess what? That's about number 30 on my [ __ ] list of what terrible things have happened to this country. So, look, I'll take it. I'll take it.
00:53:28
But when it when it's when it's all about the markets and not about people's rights, not about humanity, not about coarseness and cruelty, not about the
00:53:39
whole point of a constitution, the whole point of a democracy is you protect the lower 50. You and I are going to be just
00:53:46
fine. And I understand your concerns about your family. I think that is those are real concerns. The majority of
00:53:52
people in the top 1%, we're going to be fine. The whole point of a constitution and a democracy is you have to protect the bottom 50. And what is all of a
00:54:02
sudden the red line? The NASDAQ is down. That's what has people. That's why I was
00:54:08
like, Bill Aman, go [ __ ] yourself. That's the red line. That's the red line. That's the red line. Yep. Yep. All
00:54:15
right. We're We're We're okay with murderous autocrats and 14year-olds carrying babies to term, but if a NASDAQ
00:54:22
goes down, I love this liberal. That's too much. You know what? to I'm going to Thursday and Friday the market's going
00:54:28
down. I could give a flying [ __ ] I'll go I'll take the markets down another 10%. Start protecting the lower 50. I love this. Scott the lesbian from San
00:54:39
Francisco, Scott Galloway. I give you people. All right, we want to hear from you. Send us our question, your
00:54:44
questions about business, tech, or whatever's on your mind. Go to nymag.com/pivot to submit a question for the show or call
00:54:50
85551 pivot. I love your verb, Scott. Elsewhere in the Scott and Cara universe, this week I spoke with Jeff Lawson, owner of The Onion. Oh, what a great guy this guy is. Um, in terms of
00:55:00
what what what he's done there. Let's listen to a clip. We have worked to create a environment where people will
00:55:07
come to defend us, right? In a way that they don't necessarily come to defend the New York Times because it's believed
00:55:12
the New York Times can defend itself. It's a big organization. the Little Old Onion. When you go after satire and it
00:55:18
shows just how small I'm going to make a penis joke, just how small your penis is when you come after satire. I think
00:55:24
people rise up and they they say that's enough. Like we're going to we're going to defend this little thing called The Onion because satire is highly protected
00:55:31
speech. Um and The Onion is a beloved brand and a beloved publication. Anyway, really interesting guy. He's, you know,
00:55:37
he's trying to keep it. I love The Onion. I think they do a great job and he's sort of saved it in a lot of ways. Um, anyway, his name's Jeff Lawson and
00:55:44
it was great and he loves Scott Gallery. Love it. So, he had to make one penis joke. I love The Onion. Yeah, I know. He
00:55:49
They're hard the hard part though is occasionally I read The Onion, I'm like, "Is that actual news today?" I know.
00:55:54
Exactly. I don't know. You're doing all kinds of cool things and and they're um he really did save it um in a lot of
00:56:00
ways. Um just a small little contribution. He's a billionaire, too. He was at Twilio. He had a big activist
00:56:05
investor thing sort of toss him out. But really interesting guy. Um okay, that's the show. Thanks for listening to Pivot.
00:56:12
Be sure to like and subscribe to our YouTube channel. We will be back on Friday. Scott read us out and very
00:56:20
indignant. I like it. Today's show is produced by Lara Name and Zoe Marcus, Taylor Griffin and Kate Gallagher. Ernie
00:56:26
and Todd entry to this episode. Julian Ardited the video. Thanks also to Dubroso and Dan Shoulan. Nishak Kurwa is
00:56:33
Vox Media's executive producer of audio. Make sure you subscribe to the show wherever you listen to podcast. Thanks
00:56:39
for listening to Pivot from New York Magazine and Box Media. You can subscribe to the magazine at
00:56:44
nymag.com/pod. We'll be back later this week for another breakdown of all things tech and business. Don't you often see
00:56:51
someone and think, "What's their story? What's their life? How did he end up on a park bench without shoes, feeding
00:56:58
pigeons, and speaking to himself?" University of Chicago. I was on a college tour. Cara
00:57:06
[Music]