00:00:00
This is grift on a very explicit scale and also like, yeah, that's right. I'm taking it. I'm cheating.
00:00:12
>> Hi everyone, this is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Cara Swisser
00:00:17
>> and I'm Scott Callaway. >> We should get to the news. Actually, there's a big piece in this. Why not?
00:00:21
>> Yeah. First, let me just tell you Donald Trump's embrace of crypto is paying off
00:00:25
in a big way. Trump earned about $1.4 four billion dollars over the past year from crypto, according to a new
00:00:30
financial disclosure, which I think is underounting all the grift he's doing. A big chunk of that came from sales of his
00:00:36
Trump memecoin and digital tokens for the Trump family crypto company, which he gets paid no matter what. And
00:00:42
everyone who's invested in it is losing, just so you know. He got all this money.
00:00:46
It's not just crypto. Trump pulled in at least 2.2 billion in total income for the year, up from 622 million in 2024
00:00:53
before he returned to the presidency. That includes more than 620 million in real estate, hotel, and golf related
00:00:59
income, which is almost nothing. Um, plus 86.5 million from legal settlements from ABC, CBS, YouTube, Meta, and X. Uh,
00:01:08
this grift is just and it turns out we're paying for the East Wing. We're paying for the Kenny
00:01:13
Center. We're paying for all manner of things that he is up to. Um, which he said the public wasn't paying for. So,
00:01:20
this is astonishing. I think they're underounted. What did you I mean, nobody's surprised, but the grift is
00:01:25
really quite astonishing. >> Well, there's the grift and there's the I mean, there's the micro, and that is
00:01:31
2.2 billion in personal income, you know, while sitting as you're occupying the Oval Office, and
00:01:38
1.4 billion of it from crypto, a financial system that he now supposedly regulates. It's it
00:01:45
>> it's not a conflict of interest. It's a business model. Yeah. And essentially
00:01:49
what you have in America is slowly but surely we're monetizing everything. We monetize healthcare.
00:01:54
>> We monetize education. >> We monetize uh enragement online. And now the president is monetizing the full
00:02:02
faith and credit and power of the White House. He went from 622 million the year
00:02:07
in net worth before taking office at 2.2 billion after. >> He's essentially set up a toll booth uh
00:02:13
for the American government. And the memecoin would have been a five alarm scandal for anyone else but him.
00:02:18
>> Absolutely. >> It's a financial instrument with no underlying value that goes up when the
00:02:22
president tweets about it. And that's securities manipulation with a big red hat. And the fact that he did it the
00:02:28
Friday night before his inauguration under the cover of dark, you know, that he called people and said, "Thanks for
00:02:33
giving me 10, 20, $100 million for my campaign. FYI, the coin coin gets announced tonight. Uh it'll it'll go up
00:02:41
and then you can if you dump it, you dump it. Uh but on a larger level I was thinking about our 250 year anniversary
00:02:49
and in I mean this is the reality that since 1991 childhood poverty has gone way down way down crime has been cut in
00:02:58
half. >> Y >> we have a the number of people have gone gotten educations has gone up. We have a
00:03:04
healthier better educated populace uh than ever before. The crime is at its lowest rate ever in New York. Right? But
00:03:14
happiness, as Jimmy Carr says, or satisfaction isn't a function of what you have. It's the delta between what
00:03:21
you have and your expectations. And what's happened in America, because there's now a normalization, an
00:03:28
algorithmically normalized.1% in terms of your expectations. I'll give you an example. From 22 to 42, I did nothing
00:03:35
but work. And I think my first vacation, the only vacations I took with my mom, we went to Niagara Falls once. We used
00:03:41
to go to Magic Mountain because we couldn't afford to go to Disneyland. >> And I remember going to Club Med in
00:03:47
Masalon when I was like in my late 20s. >> Oh wow. >> And I thought it was [ __ ] I mean it
00:03:53
couldn't have been any tackier. Bad daquiries, not a very nice beach. >> All you can eat, but that you wouldn't
00:03:59
want to eat all of it. >> And I thought it was amazing. I just thought it was the most I was bra I I
00:04:05
brought back Club Med shirts. I had a Club Med hat. >> Oh my god. I just thought Club Med was
00:04:10
the most amazing thing. And I was talking about >> Did you pay by beads? Was it? Didn't you
00:04:14
have beads? >> Yeah, you get beads for bars, for drinks. >> It's amazing. >> Oh god.
00:04:20
>> Yeah. Because here's the thing. >> That's a tell. >> I had never been to nor was I being
00:04:25
reminded 105 times a day as people vomited their experience at St. Barts and Mkos. My expectations
00:04:32
>> were low >> were dramatically lower. And then you combine that with the following. The
00:04:38
people who are supposedly in charge are exhibiting a level of corruption and depravity that just makes us feel bad
00:04:44
about institutions. >> Right. Exactly. >> So you have a coarsening of our discourse where quite frankly there's an
00:04:50
economic incentive to [ __ ] post everything. It's happened a lot during the Biden presidency. It's also to a
00:04:55
certain extent happening now. You have social media vomiting everybody's wealth in your face and giving you the
00:05:01
impression that if you haven't made $3 million on Ethereum and your boyfriend doesn't have a six-pack, you're failing.
00:05:06
And also the people in charge seem to be genuinely like low character people and
00:05:12
>> grabbing everything, all the good news. >> Yeah. And people don't trust the CDC.
00:05:16
They don't trust the Supreme Court. It's like what William Gibson said, the future's here. It's just not evenly
00:05:21
distributed. Prosperity is here. They see it everywhere. But people don't feel like it's evenly distributed. So people
00:05:28
now a quarter of a people under the age of 25 feel good about America. It's 3/4 of people our age. So, it's definitely
00:05:35
like Kylo Scan coined the term vibe session, but the 250th anniversary if you if the well, you're down there.
00:05:41
What's the vibe like? >> Well, you know, I think people feel like this this guy grabs everything like and
00:05:47
what my my worry is that it goes we all hate everything because of these people,
00:05:52
right? We think everything's on the take and it sort of makes you feel like nothing works or or that there's no
00:05:59
payoff for anything. And you know, I was really struck by a really interesting exchange this week between, you know,
00:06:04
Elon Musk attacked Roana for saying he's killed children with the cuts of US ID that he bragged about, you know, putting
00:06:10
it to wood chipper, etc. without any care for the impact. Um, and then Nick, he said, "Show me one person who's been
00:06:18
killed." And then Nick Kristoff, who does amazing reporting, the New York Times, here's some names. And by the
00:06:24
way, there's >> and I saw them thousands and thousands and thousands and thousands more. And
00:06:28
then instead of like actually engaging him, which he did exactly what Elon asked for because that's his thing. It's
00:06:35
like name one person who's hurt that's their little stupid trick and he does and then he's like Nick Kristoff is
00:06:40
evil. I was like you [ __ ] like what it made me think. It sounds really including this crypto stuff. It's like
00:06:47
what is wrong? I I wanted to fight the feeling of everything sucks and it was really hard for the first time. I was
00:06:55
like, "These people have no care." The same thing with Steven Miller spouting off about the um they won all these
00:07:02
Supreme Court cases, but they lost the one that they really care about, which was birthright citizenship, right? And
00:07:09
so, they just can't stop the hate. They just have endless pools of hatred and grift. And I wonder how you survive
00:07:17
that. And especially if you're a young person looking at it, like what is your reaction? I mean that that that to me
00:07:23
was like I even feel exhausted by their enthusiastic villaining and stealing. Like I find them exhausting and I just
00:07:33
don't know what I would do if I was a young person looking at all this. >> Yeah. It's look there's a lot of issues.
00:07:38
I mean the the number of people in the middle has gone away and young people have a
00:07:45
a rational reason to be to be upset. the the the traditional means of of building
00:07:52
a life, finding a mate, developing economic security, advancing up the ladder, which is typically some sort of
00:08:00
certification, either vocational programming or a college degree, and then buying a house. The incumbents have
00:08:05
weaponized scarcity to make it more expensive for them to get those things such that the people who already own
00:08:10
them, a college degree in housing, can see the value of those things go up. and also our tax policy which continues to
00:08:16
transfer wealth from them to to the incumbents. Right. Loosely speaking, our tax policy over the last 50 years has
00:08:23
taken $50 trillion and transferred it from the bottom 90% to the top 10%. >> Rich old people. Yeah.
00:08:28
>> Yeah. So they're they justifiably um can be very, you know, very upset. Uh having said that, if you actually look
00:08:37
at the data, things aren't as bad as you would believe in terms of the vibe. But
00:08:43
again, and this is the great Jimmy Carr, your happiness and your purpose isn't a
00:08:49
function of what you have. It's the delta between what you have and your expectations.
00:08:54
And the downside of a meritocracy and especially when social media speedballs it is everyone believes if they're not
00:09:01
in the top 1% they're failing. >> Except when they're looking at the president just stealing, stealing,
00:09:06
stealing%. >> That's really it. Like there's just no even pre like look grift has been around
00:09:12
the game has been around forever from the beginning right from every every country every historical thing but this
00:09:18
is grift on a very explicit scale and also like yeah that's right I'm taking it that's right I'm cheating and let me
00:09:27
tell you let me let me put out another story that came out politico is calling this week's Democratic primaries in
00:09:31
Colorado an anti-establishment avalanche obviously was happening in New York which was no surprise with Mum Donnie
00:09:37
getting you know backing a bunch of people, one of whom is really problematic. Colorado Attorney General
00:09:42
Phil Weiser, though, upset longtime Senator Michael Bennett, who you and I both have a lot of regard for, who
00:09:47
looked like a lock for the nomination a year ago. We thought he'd be governor of
00:09:51
Colorado. And then 29-year-old Democratic socialist. Meot Kirros unseated a 15 turn 15 term congresswoman
00:09:58
and Manny Rutell, a progressive state representative, defeated a moderate Democrat. The results add up to a
00:10:04
growing string of progressive anti-incumbent. And I think that's actually Steve Bannon was very cany on
00:10:09
this stuff. Victories notably with what happen in New York and there are a number of primaries still to come over
00:10:14
the next few months. Um all this is a New York Times uh Sienna poll showed Democrats within striking distance of
00:10:20
putting the Senate majority back in play. I want you to not go negative yet because I want you to understand talk
00:10:25
about these victories and what what they are. And let me read something that Robert Rich wrote on Substack about
00:10:31
these elections. Pundits eager to declare a new movement or sound the alarm about socialism are having a field
00:10:36
day. But they're wrong. Voters who who have supported these candidates haven't done so because they've been
00:10:40
particularly attracted to the idea of democratic socialism. Most even don't know what democratic socialism is. In
00:10:45
reality, voters have been attracted to vigorous young people who are committed to getting stuff done. Steve Bannon said
00:10:51
nearly the same thing, which was really interesting. And I would agree talking to like Louie like he's just sick of
00:10:58
people not getting stuff done like and looking for something else which is interesting. What are your thoughts on
00:11:04
this? I think R and I hate to say it Bannon are correct. >> I think that's exactly right. The
00:11:09
establishment didn't lose on policy here Cara they lost on energy. >> No. >> And look I've been calling for
00:11:16
disruption in the Democratic party. I think leader Jeff and Minority Leader Schumer are absolutely the wrong people
00:11:21
to provide the kind of robust energetic push back that the Trump administration warrants. But here's the thing about
00:11:28
disruption is you don't get to pick the exact calibration of your disruption. So
00:11:32
for example, I consider myself a moderate and I'm convinced that the true litmus test of someone who's truly a
00:11:37
moderate is everybody hates you. So think about the senators who are moderates like Fedterman and Mansion.
00:11:43
Everybody hates them. So people claim they want a moderate, but when someone actually shows up and occasionally
00:11:50
agrees with the other side, they become an apostate. >> At the same time, guys like me claim we
00:11:55
want disruption. We need to disrupt the Democratic party. And then when it happens,
00:12:01
>> we freak out about it. >> Yeah. >> But here's the bottom line. There's a lot to like here. And I say this full
00:12:07
disclosure. I have given money to Senator Michael Bennett for everything he has run for for the last 10 years. I
00:12:13
hosted a fundraiser for him for president. You know, by the way, if you get money
00:12:17
from me, it's not a good sign. Uh, but I I think the world of Senator Bennett, former school superintendent, one of the
00:12:25
most credentialed people in the Senate, >> qualified, >> lost to a state agent nobody had ever
00:12:28
heard of a year ago. But here's the bottom line. If you want disruption, you don't get to pick your form of
00:12:35
disruption. And these candidates, they are, there's a lot to like about these candidates. They're young. They're
00:12:42
energetic. They're unafraid. They don't have a bunch of blather about how you would go about universal
00:12:49
healthcare. They're just like Medicare for all. So, there's a lot to like about them, but the reality is for those of us
00:12:56
in the center, we don't get to pick our flavor of disruption. What I would say that bothers me is that democratic
00:13:04
socialists effectively want socialism through democratic means. The reality is if you really look at history, socialism
00:13:11
just doesn't work, folks. And they will always point to what about Northern Europe? Northern Europe is actually more
00:13:18
capitalist than we are right now. They just have a social safety net and they spend
00:13:22
>> They call themselves that though, don't they? I mean, you you always you always
00:13:26
um threat um Sweden, for example, or the Netherlands. >> Here's the system that's worked.
00:13:31
Democracy, individual rights, and capitalism. Call it what you want. When you start believing that you should have
00:13:38
government sponsored grocery stores or that you shouldn't have border, I mean that [ __ ] quite frankly, it just not
00:13:45
only doesn't make sense, it threatens our ability to win the midterms. Rahm Emanuel had a fantastic statement in the
00:13:51
thread we were on and he said it publicly. We have to stop arguing and atomizing ourselves between blue and
00:13:58
cobalt blue. So, I'm more focused on my energy on, you know, the the the grift and corruption and just stupid
00:14:05
decision-making of the Trump administration. The thing So, I there's a lot I like about this disruption. It
00:14:13
you don't get to pick your flavor of disruption. And you know what? Young people just want change.
00:14:17
>> The interestingly, I was just on Scaramucci's podcast and he said he actually has been impressed by by
00:14:22
Mandani and he was very against him. He was sort of where you are, right? Kind of thing. That's right. And he's like, I
00:14:28
have to say he's effective. And I do think they're not looking for necessarily just upsetting the
00:14:33
incumbents. They want people who do [ __ ] >> And I one of the things about Wiser, and
00:14:37
I was watching this thing, is he was just a more energetic campaigner. He wanted your vote more. And he was he
00:14:43
wasn't necessarily much more liberal. It wasn't that cuz Michael's pretty liberal, relatively speaking,
00:14:51
right? Especially in Colorado. He just looked like he could like he like he just was energetic and not just fake
00:14:58
fake energy maybe like what Kennedy felt like back in the 60s. It was like I literally just
00:15:04
want you to do your job. Like I want and and I do think I think you're right about capitalism. I agree with that. But
00:15:10
it should needs to have everyone gets healthare. That is not that I think that's a really good message of the
00:15:15
democratic socialist and everyone else. Everyone should get good healthare. Everyone should get a good minimum wage.
00:15:22
You know, and and what's incredible, I'll tell you what really absolutely struck me and I re I finally realized
00:15:28
that the Republican party is [ __ ] in seven ways to Sunday. What's coming next, not I mean post Trump was uh
00:15:36
Mandani said, "Can we can everyone like we have an electrical grid problem coming up with this heat because there's
00:15:42
a huge heat warning all over the east coast including in New York and he said if you could put you know your air
00:15:47
conditioning to 78 versus 74 that would be great." That's all he said. Immediately Ted Cruz and Nikki Haley, I
00:15:55
told you she can't help herself, said communism, right? Or social, this is what socialism is. Immediately there
00:16:01
were tweets from years ago when she was governor of South Carolina. And he the same thing in Texas where they asked
00:16:08
people to put their put their air conditioning down surfaced. What is wrong with them? Like he was asking a
00:16:15
normal thing that they themselves had asked for. The minute they jumped on it, they were trying to do socialism. They
00:16:20
look like idiots and everyone can see it. And that's that's why I told you Nikki Hilly is impossible. She's never
00:16:26
going to win anything because she's so such a suckup in so many ways. It was so not sensible. He was saying something
00:16:33
sensible and everyone sees it and did not immediately think communism about the air conditioning even though I love
00:16:39
air conditioning. And so that to me is they're they're vigorous. They're vigorous young people who want to be
00:16:47
effective. That is what I think is attractive. >> I don't I I don't disagree with any of
00:16:51
that. And the thing that Mum Donnie and some of these people are doing, the most
00:16:56
admirable thing about Donald Trump, President Trump is actionorientation. It's ready, fire, aim. It's like, no,
00:17:03
I'm going to do this. We're doing it. And the courts might challenge it. We might have to roll it back. But
00:17:07
Americans really respect that. And Mandani, to his credit, immediately imposed certain taxes, certain policies.
00:17:14
And I think young people think, "Well, at least he's [ __ ] doing something." Now, the the glass half empty for me is
00:17:21
the following. The whenever the far left and the far right agree on anything, it's a really that's a tell it's a
00:17:28
really bad idea. They are both antivax. I believe they both the far left and the
00:17:34
far right come together on what I believe are anti-semitic themes. They both come together on an isolationist
00:17:39
foreign policy. And what I see here is they both come together on a cert on socialism as an economic policy. Donald
00:17:48
Trump is investing in Intel. Donald Trump is entertaining the idea of investing in open AI. Donald Trump
00:17:54
believes that the government should have a golden share in US steel. All that happens when you do that, all that
00:18:00
happens when you do that is you end up with warehouses in Ireland full of Deloreans and Air France. And you see a
00:18:07
lot of that rhetoric from the far left. I we absolutely need a more progressive tax structure. But here's how you get to
00:18:14
a progressive tax structure. The thing we spend the most money on is not the military. It's not our debt. It's not
00:18:20
even social security. The thing the American government spends the most money on, we spend $2.2 trillion on
00:18:27
givebacks from the tax code in the form of loopholes to corporations and the wealthy. We need to reduce spending on
00:18:36
tax l loopholes and give backs to the wealthy and corporations. And if you look at Northern Europe,
00:18:43
they're very capitalist. They let companies go out of business. They don't take stakes in Spotify. Their tax rates
00:18:50
are either the same or a touch higher than ours. But what they do is they enforce them and they say, "Spotify, you
00:18:57
don't get to ride off your jets, your plant property, and equipment." And in the richest people don't get to have
00:19:03
donor advised funds where they get to ride off donations they haven't made yet. So quite frankly there's some
00:19:09
things that really bothered me about the winds in New York because I felt like like being anti-Israel was a litmus
00:19:15
test. Obviously as a Jew that concerns me. >> Well there was one there was one theander is not
00:19:19
>> Shiovalier. >> Yes. Shiovalier is the problem. Yeah. >> By the way she's going to be the poster
00:19:23
child. She's about to become the poster child for Republicans. >> She's problematic. No question.
00:19:27
>> Anyways, let me circle out to where I started. I don't get to pick the calibration in the color and the flavor
00:19:33
of disruption. Disruption, they're youthful, they're energetic, they're unafraid,
00:19:40
and that for me is 70 or 80% good. Do I worry that they're embracing a form of socialism that has never worked
00:19:46
throughout history? Yeah, I trust there'll be modulating forces from the center on both sides on that. But the
00:19:51
reality is we need the the Democratic Party needs to shed its skin. And I gotta be honest, leader Jeff and Schumer
00:19:59
are getting clear signals. >> Yeah. >> No one gives a [ __ ] what you think. You
00:20:04
have become >> institutional endorsements have become a liability. Just as we thought US bases
00:20:11
in Gulf States would provide a veil of protection. They become bullseye. You're going to start to see Democratic
00:20:17
candidates say, "Senator Schumer, please do not come to my rally." >> They are. They are actually. They're
00:20:22
like all talking about whether they'd vote for him. He's got to go. I've I told him that to his face. He thought I
00:20:27
was kidding. I was like, "No, you need to step down." It was like He's like, "Haha, Cara." I was like, "No, time to
00:20:33
go. Time to move along." I mean, we don't want to >> Mitch McConnell situation here. We want to move along.
00:20:41
Anyway, we need to go on a quick I agree with you. It's very It's It's exciting.
00:20:44
I find it exciting. >> We need a disruption. Good for them. Youth energy. Have at it. I think it's a
00:20:49
good thing, too. >> I like non-cautious people. I do. I think the Democrats have played it too
00:20:54
cautious. Anyway, um let's go on a quick break. When we come back, the Supreme Court finishes its term with some major
00:21:00
rulings. That was something. >> Support for the show comes from Framer. If your team wants a website that looks
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00:22:06
Rules and restrictions may apply. Scott, we're back with more news. It's been a big week for the Supreme Court as
00:22:12
it wrapped up its term. Let's go through a roundup of some of the cases the court
00:22:15
ruled on. Uh the court struck down a federal law that bars the president from firing members of the FTC. So he no more
00:22:22
independent agencies essentially. They lifted limits on how much political parties can spend on advertising and
00:22:28
other expenses with candidates. A problem and more more Citizens United upheld two state laws barring the
00:22:34
participation of transgender female athletes from girls and women's sports team. and upheld birthright citizenship
00:22:39
striking down uh an executive order. Let's hear some thoughts from uh Leah Litman who co-hosts the podcast Strict
00:22:46
Scrutiny which breaks down all things Supreme Court. Hey Cara and Scott, here are some quick thoughts on the most
00:22:51
recent Supreme Court term. We came within a single vote, one vote of saying the Constitution doesn't mean what it
00:22:56
says on birthright citizenship and nullifying a constitutional amendment that is the foundation of our
00:23:02
constitutional order of multi-racial democracy after the Civil War. They have also been systematically undermining our
00:23:08
democracy, killing the Voting Rights Act, enabling partisan and racial gerrymandering. They've also just killed
00:23:14
campaign finance regulations that were designed to prevent political corruption. As a result, the super rich
00:23:20
will be able to effectively funnel more than $500,000 directly to candidates in the upcoming election. and they have
00:23:27
been killing Congress's capacity to govern at expanding presidential power against a backdrop of a president who
00:23:34
has been engaged in corruption and paytoplay and that is just the start of it. >> Yes, I think she sort of articulated it.
00:23:41
I the ones that really upset me and I I'm the birth rate citizenship was far too close. Far too close and
00:23:49
>> that was disturbing and and by the way a lot of the Trump people have to go back
00:23:52
home wherever they come from. The two that really upset me to me are is this the um the voting rights act obvious
00:24:00
voting rights act absolutely but the finance to me it's all the money the the finance regulations uh designed to
00:24:06
prevent political corruption that was more more citizens united was the last thing we need and then secondly the
00:24:13
ability of the no independent agencies on things that deserve independence like the FTC and you've seen what Brandon
00:24:20
Carr has done although one of the justices did say Brandon Carr was a [ __ ] in part of his essentially said
00:24:26
that in in his ruling I think it was Kavanaaugh could have been Gorsuch whatever they look the same to me. So
00:24:31
those two were like giving more power to the president in general which I think will be just as bad with a Democrat and
00:24:38
is terrible with Trump um was two problems but the money to me was the focus focus I had. What about you? Yeah,
00:24:45
Citizens United is arguably one of the worst things that's happened in recent history to the US because of the 900
00:24:51
billionaires, they they make up a third of political giving. It's probably more than half of influence because they can
00:24:57
be much more targeted. You know, unions just give money to whoever's the union candidate. But a private equity firm can
00:25:03
give $700,000 to Senator Cinema and say just be the hold out for the infrastructure bill and ask that they
00:25:10
strip out the carried interest loophole. And that cost 20 or$30 billion which is
00:25:15
the most ridiculous loophole in history see above 22 trillion dollars spent on loopholes where private equity owners
00:25:22
get their commission on investment gains in the form of long-term capital gains.
00:25:26
It's it's totally indefensible. So that's that's bad. Th this silver lining, the dotted silver lining on on
00:25:35
this out of control spend is that what we're finding is it's gone past its utility. And that is it used to be 20
00:25:45
years ago like 97% of the time who raised the most money won. It's no longer happening. Like Tom Styer spent a
00:25:51
quarter of a billion dollars and didn't win. It's almost like the full local news station employment act. The amount
00:25:58
of money they're spending on the whole it's really bad. But what you are seeing is it's no longer the key fulcrum for
00:26:05
who or the key lever for who wins. The thing that upset me the most that which is so frightening that it was even this
00:26:12
close >> was um birthright citizenship. >> I mean this is the constitution, right?
00:26:18
>> Just straightforward. The constitution says if you're born here >> Yeah. >> you're amendment. It's right there.
00:26:24
>> And I'm going to give you a couple anchor babies. Uh Balagan who got a red card unfairly. the attack the the
00:26:30
premier striker for the World Cup team. His parents were here. I forget. She couldn't go home. He was born.
00:26:35
>> She's too pregnant. >> She was too pregnant. I think the airlines said you're too
00:26:40
>> good for us, right? And also it's a fairly small number. It's only 7%. It's a fairly small number of babies.
00:26:48
>> It is. And I would argue >> the whole word anchor baby is so [ __ ] ridiculous.
00:26:52
>> Not only that, but to a certain extent, this is what we don't like to talk about. Immigration is not only the
00:26:57
secret sauce. It's the most illegal immigration is probably the most profitable form of immigration because
00:27:02
they're risktakers and they generally fold back across the border when the crops are picked or there's not enough
00:27:07
demand for them and they pay taxes and they usually don't stick around to to collect social security and they usually
00:27:13
don't call the fire. They they commit crimes at a lower rate than citizens. The reality is we didn't just wake up
00:27:19
and find oops, there's 15 million undocumented workers here. Republicans and Democrats have looked at each other
00:27:25
and gone wink wink. It's nice having cheap housing being built in Phoenix, Arizona,
00:27:30
>> or grapes picked for cheap or whatever. >> How are we going to get all these people
00:27:33
to wipe grandma's ass for 11 bucks an hour? I mean, >> Haitian immigrants are the biggest um
00:27:38
nurses nurses aids. >> I mean, so it's not This has been an economic decision. Has it gone too far?
00:27:45
Absolutely. But be clear, folks. We didn't just wake up and let this happen. So Balagan is one anchor baby. You know
00:27:52
who else is an anchor baby? Carolia. No, the Trump. Baron Trump. >> You could say she's a male orderer
00:27:57
bride. She's not an anchor baby. She wasn't born here. >> That's true. Sorry. Who?
00:28:01
>> Your co-host, Cara. >> Oh, right. You're an anchor baby. >> My parents at the ages of 19 and 24 got
00:28:09
on steam ships from Glasgow and London, respectively, and they landed in Canada where my mom was a stenographer and my
00:28:15
dad was a candle salesman. They met at a dance. They fell in love. >> They had sex there. So, the conception
00:28:21
was Canada. in Toronto. They claimed they got married and had me. I'm not sure if that's true. I'm not gonna argue
00:28:27
it. I don't care. >> Uh but they decided they could not also >> I'm a bastard. >> That was my dad. Ankle a few inches we
00:28:37
short to the blanket, whatever that means. >> And by the way, he was a bastard. He was
00:28:41
born he was born in Australia unwet to an unwed woman who was a mc nanny at the Mcvigger family.
00:28:48
>> The entire family was really >> Yeah. literally were bastards all the way through. I'm the Jon Snow of Jon
00:28:53
Snow's. >> Mhm. >> And and anyways, my father basically my father's my father's mother freaked out,
00:28:59
said to her boyfriend, "We got to get out of here. I've already sold the baby to this wealthy family." And they went
00:29:03
they literally went to the dock and got it shipped to Glas, Scotland. Anyway, my
00:29:07
mom's seven and a half months pregnant. They said that we cannot endure another winter here in Toronto. and they read an
00:29:14
article in the Toronto Globe and Mail saying that the best weather in North America was in this town called San
00:29:20
Diego, >> San Diego. >> So they loaded up my mom's Austin Mini Metro, which is basically a lawnmower
00:29:26
with doors. Like if you've ever seen Mr. Bean, that's the car. And seven and a half months pregnant,
00:29:31
>> no idea you were. >> My mom and my dad drove to San Diego and something like 37 days later, I was born
00:29:40
at Lao. >> They were not hospital. They were just visiting. >> And let me make a flex. I'm a US
00:29:46
citizen. >> Why didn't I know this about you? >> I am a US citizen. I've had to pay US
00:29:52
taxes. >> Yeah. >> Me and my companies have paid well over hund00 million in taxes over the last 30
00:29:57
years. >> It seems like it's worked out for everybody. And I just want to notify the
00:30:01
IRS and the Trump administration. >> My mother, I am an illegal anchor baby. I think my citizen should be revoked.
00:30:08
And by the way, when I sell my next company, I'm going to be in Dubai and I'm not going to be subject to US taxes.
00:30:13
I am down for you to revoke my US citizenship. And also abdicate, absolve me of all and refund me of all the tax
00:30:23
payments I have made because my parents decided to come to the US and, you know,
00:30:29
drop a nine pound stone called Scott in San Diego instead of Toronto. >> Wow. And I would imagine that there is
00:30:37
more of uh Balagan and Galloway than there are people eating cats and dogs, >> right? Or just showing running across
00:30:45
the border be pregnant. This the screed from Steven Miller who I cannot wait till he gets his reckoning
00:30:52
>> is astonishing. So hateful and like ridiculous and full of lies that it's it's so full of li this whole their
00:30:59
whole and let's not use the term anger because it's so gross. It's such a gross way of and hateful way of looking at it.
00:31:05
I had no Scott, you could have been sent back wherever. Where would you Canada? Where would you have been sent to? Do
00:31:12
>> you hear that [ __ ] weirdo talking about eugenics that people should be sterilized before they get here?
00:31:17
>> Yes, I know, right? Are they not allowed in if they're >> boss? 19 1939 Germany's calling and
00:31:22
wants you back. >> I know. Wait a second. Where would you go? What country would you go to?
00:31:26
>> Now, >> that's the that's the other thing. Where do we send them back to? Right. Cuz
00:31:30
would you go to Canada if this passed like you would >> send them? People are leaving. Last year
00:31:34
was the first time in since World War II we had no negative immigration. >> Lost at the Supreme Court which it could
00:31:40
have, right? Where would they send Scott Galloway back to? Was it Canada or is it
00:31:44
England or is it Scotland? Like what country do you are you >> what country are you from?
00:31:50
>> Well my parents my parents my dad is a or was a Scottish or British citizen. My
00:31:56
mom became a citizen of the US but I guess back to the UK. I don't know. >> Oh god, I had no idea. Well, okay. Well,
00:32:02
I'm glad you're safe. >> I'm opening a bar in St. Barts, so I'm a French citizen.
00:32:06
>> Okay. >> But then I have to vote. Then I have to root for team France, and I just can't
00:32:10
do that. >> Oh, yeah. >> I just can't do that. >> All right. Well, this is some news I
00:32:13
didn't know. I >> after seeing after seeing team Japan, has there ever been a product that's
00:32:20
better been better for the umbrella brand than team Japan? Did you see what they did after they lost in a
00:32:25
heartbreaking loss to Brazil? They all walked over to the Japanese side and they bowed to apologize to their fans.
00:32:32
>> Oh, they did. Oh, >> these I I I think I'd like I want to move to Japan anyways. Yeah, I would
00:32:37
love to spend more time in Japan. >> Lived there for a couple of months. I loved it. Um All right. Other Supreme
00:32:41
Court news. Wow, Scott, this I'm just I I'm need to calculate the situation now.
00:32:46
>> You need to get me kicked out. >> I need to get you kicked out. All right. So, um in this week in I'm going to ask
00:32:51
everyone for their ID when they come and be a guest host. In other Supreme Court
00:32:55
news, by the way, NPR retracted an article saying that Samuel Alo, another piece of [ __ ] Sorry, Samuel, but you
00:33:01
are, had retired, uh, reporter Nina Totenberg has said she heard retirement announcements were coming and mistakenly
00:33:06
assumed it was Alto, prompting her team to publish a pre-written story. Uh, that
00:33:11
seemed like odd. It seemed like that. I think he's probably leaving, right? He's
00:33:15
going to have they're going to have to he's got to he's got two years left to put in, you know, younger versions of
00:33:20
Alto and and and um Thomas, I guess. Correct. >> Why would you think these people are any
00:33:26
less narcissistic than Ruth Bader Ginsburg? They all think they're going to live forever.
00:33:29
>> Oh, they may not leave. Oh, interesting. You don't think they'll do it for the
00:33:33
take one for the team kind of thing? >> Well, that's what Sudter did. I I think it depends on the individual and I just
00:33:38
don't know him well enough. Yeah, he seems like >> RBG RBG I mean RBG and Senator Feinstein
00:33:45
both lovely important women who really >> forged paths >> screwed who really put a a a unfortunate
00:33:53
punctuation mark at the end of the sentence of their career by not believing they would ever die.
00:33:58
>> Yeah. Oh, you think Alita will just stick around because he loves I have no idea what he's like
00:34:03
>> all his like things. And by the way, in Thomas's whatever his his anti- whatever, he he like mentioned
00:34:10
DreadScott an awful lot. He's like, which of course was a terrible thing. 14th Amendment is here to protect all of
00:34:16
us. So, it's glad that it's there. They're going to try to they're going to try to take it down, but they're going
00:34:19
to be a successful >> protect podcasting and erectile dysfunction drug sales. >> Exactly. Anyway, let's go on a quick
00:34:26
break. When we come back, we'll talk about SpaceX donating to Trump accounts. Scott, we're back with more news. The
00:34:31
Trump administration has talked with SpaceX about donating stock to the administration's Trump Accounts child
00:34:35
savings program. It's unclear whether Elen Musk has agreed to that or how it would be structured. Trump accounts are
00:34:40
set to launch on July 4th with over 6 million children enrolled. Other big donors include uh billionaire Michael
00:34:46
Dell and his wife and companies like Black Rockck and Bank of America which have agreed to match donations made by
00:34:50
employees. The Open A is reportedly also discussing giving Trump administration a
00:34:54
5% stake in the company. uh proposal reportedly involved other US uh AI companies also giving governments
00:35:01
similar stakes. To me it was really interesting. Paul Graham had a really interesting point. The reason that
00:35:06
OpenAI was doing that is because they don't get asked for 10%. Like I thought that was true. This all feels like a
00:35:11
shakeddown or you get something in return for doing this kind of stuff. I don't hate the idea of accounts. I don't
00:35:18
I wish we will hope we will be renaming them from Trump accounts to something else. USA accounts. Um, but it seems a
00:35:25
little uh socialist to me. I don't know. What do you think? >> Again, it's where the far right and the
00:35:30
far left meet that with just different objectives and different claims. Open AI offering the government a 5% equity
00:35:38
stake is essentially to buy protection, neutralize regulation, lock in a government anchor client. It's not
00:35:45
patriotism. It's protection money. It's a moat. and and you don't think they're going to be the first to get government
00:35:51
contracts versus other AI startups. It's also the beginning of what I think is going to be the one of the biggest
00:35:58
bailouts in recent history. And that is we're starting to see cracks >> AI. Yeah.
00:36:02
>> Cracks in the wall where there's fewer companies have actually figured out a way to create demand. There's only a two
00:36:07
now. Open AI and Anthropic consistently and their their spend and capex commitments are so out of control that I
00:36:18
think Sam Alman says I like the idea of the full faith and backing and maybe even governmentbacked debt. Yeah. So
00:36:24
>> from the president >> bailout >> and here's the bottom line. The government should not the government
00:36:28
should not be taking equity stakes in companies. They just shouldn't. I I mean there are some exceptions occasionally
00:36:35
when I do think you can make an argument in the great financial recession that it
00:36:39
made sense for the government to bail out the automobile industry because it was a huge employer but they didn't
00:36:43
start saying you can only buy Fords or >> they save Tesla's ass back when it >> these companies have gotten trillions of
00:36:52
dollars in market cap let them run I mean this is just straight up cronyism privatize the gains socialize the losses
00:36:58
>> yeah can I ask you a question one of the things Al Karp is in seems insane every
00:37:02
time he opens his mouth and and and you know hopped up on something. But he was he was going on sort of trash.
00:37:08
>> Very cogent. >> I thought he was very cogent. >> I do too. And I had to listen for a
00:37:12
second because he's so nuts. He always throws in some nutball thing on the side and and his manner is so But what he was
00:37:18
saying is something that Mark Cuban had said to me previously is this token maxing is going to come back to bite
00:37:24
people and that when people find people are cheaper than the tokens, it's going to sort of collapse. Mark said Mark
00:37:29
Cuban said this absolutely first to me. Um months and months and months ago and and Karp was was articulating this idea
00:37:37
of these open uh systems mostly from China as you predicted Scott um taking the place of you know with regular
00:37:45
corporations um and two things he was saying is one keeping your data yours and not giving them to open AI and
00:37:52
anthropics and secondly the cost of these tokens is really untenable and I as nutty as he is and he he took a
00:38:00
number of like slaps said competitors cuz he can't help himself. He made a lot of sense. I can't believe I'm saying
00:38:06
this too, but but he did as I was listen I had to listen to it twice and I was trying to think if I could put it in
00:38:10
someone else's voice. Um cuz I every time I hear him he says nutty things but tell this is the kind of thing I was
00:38:19
like we're we're going to this is going to collapse and a bunch of economists all of these world economists are all
00:38:24
worried about these cracks that you've talked about. So talk a little bit about this because this idea, you had the idea
00:38:29
of China, these open systems from China replacing and and sort of knocking the stuffing. You have these economists
00:38:36
saying this, you have Karp saying this. Again, I want to give credit to Mark Cuban for being the first to mention it
00:38:41
to me. Um, talk a little bit about this cuz all this like government intervention seems really problematic
00:38:48
going forward. >> The government intervention is bailout cosplay growth and Karp is right. cheap
00:38:55
models are eating the expensive ones. The token consumption of Chinese models has surpassed the token consumption of
00:39:01
frontier models in the US because all of a sudden the CFO of of Uber goes our entire AI budget was burned through in 8
00:39:08
weeks and I don't see any consumer talking about the improvement in ride hailing service. I I don't
00:39:16
>> or it's not improving it. It's not improving. >> Well, it's sort of like experimentation
00:39:19
is over. This can no longer be a magic trick. you either have to incorporate this into in the plumbing and show me
00:39:24
ROI. We're going to reduce our budgets here and AI is following kind of the same curve as cloud computing and that
00:39:32
is margins compress. There's this reminded me of 99 and tell me if you think this this analogy is
00:39:40
that okay so the internet comes and we think everyone's going to buy their dog food and their cars and Pepsi's going to
00:39:48
buy their sugar online on the internet and we're all going to buy not just CDs and books but we're going to buy
00:39:53
everything online and there's the front layer so everyone invests in Amazon and etoys and you know pets.com
00:40:01
and it ends up that they're just not nearly creating enough demand and not enough commerce is going through
00:40:06
e-commerce to justify anything resembling the valuations these companies are getting. So they go, "Oh,
00:40:11
wait. We're not sure which part of the application layer, which LLM, if you will, is going to win. So let's all
00:40:17
invest in the infrastructure layer." And everyone invested safely and like I can't pick the winner. So I'm going to
00:40:22
invest in Cisco or in Telco infrastructure. And Cisco hit an all-time high, lost 93% of its value
00:40:30
from 99 to 2001. And I see kind of the same thing here where everyone's saying, "All right, let's invest in the demand
00:40:37
side." You know, XAI, Llama, uh, uh, Grock, Anthropic, or excuse me, Claude, uh,
00:40:48
Chat GBT, and all of a sudden it looks like the demand may not be as exponential as we thought,
00:40:54
>> or it's too costly, or it's too >> or it's too expensive, which lowers demand. And some of the players who
00:41:02
thought they were going to need infrastructure for their own demand, specifically Meta and XAI, have said,
00:41:07
"We overestimated the demand of our own LLM, so we're renting out our infrastructure." Right?
00:41:12
>> In a matter of 30 days, it looks like we've gone from a supply crisis to a demand crisis.
00:41:18
>> And what you'll see, I think, is just as in 99, the first companies to crash were
00:41:24
the B TOC, then it went to B2B. Oh, wait. I not pets.com. Let's go to remember Internet Capital Group. Well,
00:41:30
they're selling >> sugar in between. >> I forgot about from farmers, right? >> I totally forgot about that. I wrote so
00:41:37
many stories. >> It had a valuation greater than General Electric. And then everyone figured out
00:41:41
no one was buying [ __ ] anything. And it was easier to fax your orders than it was to go on the Internet Capital Group.
00:41:47
>> Yes. >> website. And then everyone went to went B to C then B2B. B TOC gets creamed. B2B
00:41:55
then gets creamed. And then the infrastructure guys got creamed. I think we're sort of going through a similar
00:42:00
cycle right now >> overbuilding >> and we're starting to see the beginning of the cracks at the application layer
00:42:05
saying people are questioning the amount of money they've they're spending on anthropic and open AAI. What's evidence
00:42:13
of that? >> Open AAI and Anthropic are considering delaying their IPOs. I agree and I I do
00:42:18
think one of the things I think will recover would be computing demand because there's only going to be more
00:42:23
computing demand eventually and I think that's what happened with all those internet companies like look there were
00:42:28
a million like I forgot about ICG oh my god I you just to brought me back um you
00:42:33
know everyone remembers pets.com but um you know eventually there'll be a Google
00:42:39
right eventually there'll be a Facebook >> the technology will survive these companies will survive
00:42:44
>> I would bet computing isn't area you would want to eventually like when it once it crashes buying it up would be a
00:42:51
smart thing right computing um apps would be an important thing like understanding where it's going but
00:42:58
you're right these are a lot of these companies aren't ready to buy these things and prices have to come down and
00:43:02
then that'll have a knock-on effects of Oracle and all the others who have you know a lot of other companies will be
00:43:10
affected in the in the blast radius of this I agree I think these economists I was reading the report from this thing
00:43:16
and usually I don't pay that much attention to like predictions but I was like this makes perfect sense of where
00:43:22
it's going and it does have a feel you're absolutely right of 1999 >> Amazon's an amazing company from 99 to
00:43:30
2001 and I it lost 92% of its value >> yeah then you buy >> um Meta is an amazing company four years
00:43:37
ago in 2022 it lost 72% of its value these companies the natural curve of these companies is very volatile
00:43:46
and the technology and these companies will survive and they will be great companies
00:43:51
or can they go down 90% in value? The answer is yes. This feels it just feels so 99 to me. It's
00:44:01
>> the government meddling makes it worse. The government >> Oh yeah. propping them up because Trump
00:44:05
is like my entire administration is America is a giant bet whether it's the the GDP growth, capex spendings,
00:44:13
earnings growth in the S&P is all a big bet on AI money. His political if these guys go down is going to be really rough
00:44:21
for me. I I'm telling you a bailout is coming. >> Yeah, one would assume. Yeah, cuz
00:44:25
they're the future of America. Yeah, you're right 100%. All right, Scott, one more quick break. We'll be back for
00:44:31
predictions. Okay, Scott, before we get into this week's predictions, I want to play a prediction you made last week at
00:44:37
CAM. >> My prediction is the biggest IPO in terms of First Day Pop is going to be a
00:44:41
European the Berkshire Hathaway I forgotten internet brands and that's this company called Bending Spoons that
00:44:47
I had not heard of until two weeks ago. I'm kind of fascinated with it. >> Well, Scott, take a victory lap. Bending
00:44:52
Spoons surged 40% after the company's IPO this week. What's next before you get to your prediction? Well, so first
00:45:00
off, the company was up. So SpaceX was up, I think, 22 or 23%. We predict it would be up 20. Bending Spoons was up
00:45:06
close up, I think, 42% yesterday. They're going to have to show that they can scale a model of buying stuff at,
00:45:16
you know, Xibbita and >> these orphans and then substantially reducing costs, which is Latin for hire
00:45:24
younger people, and replace the expensive 40-year-olds. And to their credit, they have some of the highest
00:45:29
revenue per employee of any digital company right now or any internet company. But they're going to have to
00:45:34
show that they can consistently make these accretive acquisitions. What this really is is like Martin Surell kind of
00:45:40
pioneered this model. He went and bought all the big agencies. I don't even remember them now. Oglev Mayor, he could
00:45:46
go in and buy these companies at seven times or eight and they'd immediately he'd take their earnings and the market
00:45:52
reward him would would reward them with 12 times. They're going to have to show that they can that this model, this
00:45:59
private equity-like model of acquiring companies, they don't get them cheap. They get them for a good price. You
00:46:04
would argue that their ability to reduce costs, continue to see growth, add some
00:46:09
growth organic, and then the market will give them a markup. They're going to have to show they can continue to do
00:46:14
that. >> Slightly down right now today. They're going down today. >> Well, to be clear, the valuation last
00:46:21
year it was about 7 billion. It came out at 19 billion. It's trading at about 23
00:46:26
now. The stock's not expensive, but you would argue that they are going to have to show sooner rather than later their
00:46:33
ability to continue to scale these types of accretive acquisitions. So, but I thought when I talked to when
00:46:40
I looked around and I said, "Okay, all of the oxygen had been sucked out of the air for SpaceX." And when these guys
00:46:46
came out at seven or eight times earnings and all of those brands and the fact they were only raising a billion
00:46:52
half dollars, I thought this thing's going to get I mean this is the sad part about IPOs.
00:46:58
This is what I believe JP Morgan and Goldman Sachs are doing and that is they use AI and their incredible market
00:47:03
insight and their incredible marketing machine. They are the new engineers. They engineer a 20 plus% pop on day one
00:47:11
because the reality is that is the ultimate branding event. Everywhere in the news today is that bending Italian
00:47:16
company bending spoons is up is up 20%. And personally I wanted to see the company go up and the reason I brought
00:47:23
some sunlight to it was because I am so sick of talking about American AI companies. I love the idea of a European
00:47:30
company that's not AI >> and also cleanup a cleanup company. You know what's interesting is that I'm just
00:47:36
looking at the meta thing that they're at 20 the PE ratio is 20 which seems healthy.
00:47:42
Um and and and that SpaceX is more is valued at 500 uh billion dollars more than them is insane.
00:47:51
>> I don't care how good they are at robots. It's just nutty. What he'll do is he'll fold Tesla into this. But
00:47:57
>> as I've said many times, >> which is another anchor, two anchors. >> Yeah. >> Two anchors each other. Um, but it is
00:48:04
there are some real values here, right? Like Meta seems to be I mean I don't even usually make
00:48:10
>> Meta on a price earnings basis I don't think has ever been this cheap and the
00:48:12
cheapest of them all was my big tech stock pick for 26. The uh Amazon has never had a price earnings ratio this
00:48:18
low. >> Yeah. What is theirs? Wow. You know Google Alphabet is 27. Meta is 21. Amazon you're right is low 29.
00:48:28
>> Yeah. And it's usually its average over the last 20 years has been 55. Um, and
00:48:33
anyways, industrialized robots all gone forever. But, uh, so my prediction is um
00:48:40
um that essentially, and I said this, we're starting to see uh uh cracks in the wall around
00:48:48
um evidence. And I think it's nuance, not definitive. It's not cracking because AI doesn't
00:48:54
work. It's cracking because investors are starting to ask much more pointed questions. Specifically, can we actually
00:49:00
earn a return on the trillions of dollars being spent here and the evidence the there's evidence that the
00:49:08
narrative around AI is changing and that is capex is outrunning uh monetization. The largest cloud
00:49:16
companies are on pace to spend 6 to 700 billion on AI infrastructure just this year. Yet many enterprise customers are
00:49:24
struggling to demonstrate measurable ROI and that is the narrative's move from can a can AI work to can AI pay
00:49:33
and it used to be spend more money this is the future infinite demand and it's like well hold on CFOs are starting to
00:49:40
tap the brakes here and the market is splitting JP JP Morgan noted uh the divergence AI infrastructure suppliers
00:49:49
continue to outperform form uh and the companies writing the biggest AI checks, the hyperscalers have begun to lag. And
00:49:57
that's reminiscent again of latestage infrastructure booms where the suppliers prosper before the customers earn
00:50:03
adequate returns. And also Wall Street as it does eventually focuses on ROI. And the debate has shifted from 12
00:50:10
months ago the debate was who can build the biggest model. Now it's who can make
00:50:15
money. >> Right. Yeah. And and one of my role models here are this fantastic chief
00:50:20
economist Paul's Torston SL. He puts out these fantastic emails every day with a
00:50:25
chart and he argues that the markets may be pricing and productivity gains that will take years, not quarters to
00:50:32
materialize. We're starting to see central bankers issue warnings. >> Yeah, they are. They're all over the
00:50:37
place. >> And here's the thing, Cara. If the AI trade unwinds, the most vulnerable names
00:50:43
are generally the ones whose valuations depend most valuable on continued AI infrastructure spending. The tier one
00:50:49
risk level is Nvidia, Astera Labs, and Marvel technology. These companies are extraordinary businesses, don't get me
00:50:56
wrong, but they're the most exposed to a slowdown in GPU and networking demand. >> They're the Cisco. Nvidia is the Cisco.
00:51:03
>> And then the tier 2, Verdive, Super Microcomputer, Coreweave. uh these are effectively picks and shovels for the AI
00:51:09
gold rush. And then and then you go to the third level, the Microsofts, the Alphabets, the Amazons, the met there
00:51:14
will be nowhere there would be nowhere to hide here. And that is the technology story is intact.
00:51:22
It's just that the valuation story is beginning to get stress tested and I don't think it's going to survive that
00:51:28
stress test. So what's the prediction? you know, all eight or 10 of those companies, a basket of them, uh, down 20
00:51:36
to 40% in the next 12 months. And by the way, still great companies, the technology will survive. I believe that
00:51:43
the the the better AI players are going to be juggernauts in 5 to 10 years, but we are entering uh these guys are just
00:51:51
way out in front of their skis. >> Yep. I would agree. I'm going to make a short prediction, too. Thing that we
00:51:56
started beginning with the Trumps. I just noticed this New York Post on Trump family corruption, which was
00:52:02
interesting. I think it's not Trump that's going to pay for this cuz I think he's going to die before we can get to
00:52:06
him, but I think his children and the children of the Lutnik and the rest are going to get it. I do think they're
00:52:12
going to >> get it. You mean be prosecuted? >> Yes. Here's why. This is the New York
00:52:15
Post. The Trump sons, meanwhile, are part owners or investors in companies neck neck deep in key defense contracts
00:52:23
to mine tungsten reserves in Central Asia. It stinks to high heaven. If the president's family making bank from
00:52:28
obscure resource companies in the former Soviet Union sound familiar, maybe it's
00:52:32
because Hunter Biden's lucrative connection in Berisma Ukrainian gas company was a major scandal in the 2020
00:52:37
election and beyond. Republicans, including Donald Trump, were justifiably outraged at the obvious influence
00:52:42
pedaling. These kids are going to pay a price. That's my prediction. >> You don't think they'll get pardons? I
00:52:51
think he'll try, but I think they're state they're a state. There's all manner of ways to go get to them. I just
00:52:57
think they're in for a I think they're uh in for a lot. Um anyway, that's my prediction. Anyway, but I think it's all
00:53:04
part of the same thing like you're talking about that we cannot save these internet companies. We cannot keep
00:53:10
intervening for friends of Donald Trump or family members. Anyway, it's gross. It's it's socialism is really what it
00:53:17
is. Anyway, communism really. Anyway, we want to hear from you. Send us your questions about business, tech, or
00:53:22
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