00:00:00
The victimization that he has is so massive, you know, that he's always being victimized. Someone's always
00:00:06
[ __ ] him. That's his whole world view. Hi everyone, this is Pivot from New York
00:00:15
Magazine and the Vox Media Podcast Network. I'm Cara Swisser. >> And I'm Scott Galloway.
00:00:20
>> Scott, you're missing the blizzard. It's outside. I should pull it back.
00:00:24
>> Is it a bomb cyclone? >> It's something else. Can you see that or
00:00:28
not? I see a city being snowed on by an old lady. Um leisure >> today. It's nuts. It's It is really
00:00:38
quite a blizzard. It's a blizzard. It's what's happening here. So, just so you
00:00:42
know, as we tape, over 40 million people in the US are under a blizzard warning,
00:00:46
by the way, and snow dropping 3 in an hour in some locations. It really is still going on here in New York. Um and
00:00:52
it's crazy. It's it's it's there's a lot of snow happening. We all thought the
00:00:56
snow was over. Maybe I'll go take a a walk in New York and co walk in the Central Park and contemplate my life.
00:01:02
>> Do what I would do. Go to Shea Margo and get [ __ ] up and establish eye contact
00:01:06
with a nice young Russian lady. >> I'm getting an award tonight in Brooklyn. I've got to go out there.
00:01:10
>> Of course you are. >> I am. I'm getting the governor's award.
00:01:13
>> I'm getting an award tonight in Brooklyn. That is the most Cara Swisser
00:01:16
thing ever said. >> I'm getting an award in Brooklyn. >> Yes, I have to go there. Yeah, it's for
00:01:23
the ambies. >> What do you Okay. All right. Fine. I'll play along. There's a podcast. What are
00:01:27
you getting an award for? >> For being old from the governor's award. >> The Oscars is a podcast. I thought that
00:01:32
was the vibes. What? What are those? What is it called? The web those. No, that's the Oh, the
00:01:37
>> the signal awards. >> No, I don't know. Whatever. They're
00:01:40
trying to make the mic. That's called That's what podcast. >> This is not the BAFTAs or the Oscars.
00:01:45
This is the podcast version. I'm getting the great contributions to podcasting
00:01:50
award. >> Really? >> I guess here's something crazy going on. Mexican security forces killed the
00:01:55
leader of the Halisco New Generation Cartel and eight other cartel members in a Mexican military operation aided by US
00:02:01
intelligence support and then they went crazy these these cartels and they're
00:02:06
like they're in Porto Viarda like Captain Stubing that's how I know Porto
00:02:09
Viarda from from Loveboat and they're like bombing the whole place and all these Americans have been either
00:02:15
diverted from going there or cannot leave there not just Americans but lots of people and they're like attacking
00:02:22
neighborhoods and this footage is really something. All these burnt cars and it's
00:02:27
really something. I don't know what you think about it. >> I don't it the the issue is it's not I
00:02:35
mean it's violence but it feels like it's more structural governance and an
00:02:39
economic issue that's been evolving for nearly two decades and that is these
00:02:43
cartels are so inextricably integrated into the economy and even the government.
00:02:49
>> That's a really good point. And it it it's not a traditional drug war in the
00:02:53
old sense. It's sort of fragmentation and power vacuums. Right? After the break up of more powerful consolidated
00:03:01
cartels, dozens of regional groups now compete for territory and trafficking routes and increasingly
00:03:08
diversified revenue streams. like things like fuel theft, extortion, uh human smuggling, elite I mean all
00:03:17
kinds of supposedly they've interrupted the avocado supply chain and often times the violence is about local
00:03:25
market control because Mexico is a big economy rather than exports. >> I guess that this is the reaction like
00:03:31
to to just show what they can do to upset economics, right? I guess that's what they're doing like with these. the
00:03:38
I mean the thing that does so much damage to this >> hands down my favorite place to travel
00:03:45
in the world and I'm very fortunate I get to go to a lot of every year I go with a group of guys to Tulum I love
00:03:51
Cabo I think San Miguel dea I just think Mexico I also think it's the best bargain in the world it's six-star
00:04:00
service and food and culture and vistas for fourstar prices where in eur whereas
00:04:06
in Europe you get a lot of five star service for six-star prices. The I absolutely love the food, the culture,
00:04:13
the people. And what happens is Americans immediately are like, "Oh, no. I'm not going to travel there." And the
00:04:18
reality is most of this violence is coni confined to what I'll call Mexican on
00:04:21
Mexican violence, but it makes you think, should I? >> These photos of tourists from, you know,
00:04:28
they're all in their hotels near beaches and they're just showing enormous
00:04:31
amounts of fires. I guess there there was one guy who was in his hotel room and this guy these these two cartel
00:04:37
members are on motorcycles set fire to like a version of a 7-Eleven there like just in front of him and it was really
00:04:45
it's really interesting to experience it this way like sort of online like hey I
00:04:50
was down here having a margarita and oh yeah the drug cartels just bombed a car in my
00:04:57
>> this does this does sort of signal a shift because for the last for in recent
00:05:01
years Mexico's federal ederal strategy and some people call it appeasement has
00:05:05
been more about containment over confrontation. This is confrontation and also we don't we don't want to have an
00:05:10
honest conversation. The US plays a role here. There's a dimension here and that
00:05:14
is a lot of our firearms flow south. You know what drives a lot of the profits here is is US drug demand and fentanyl
00:05:23
production and trafficking have reshaped the the supply chain and the economics of the trade. lower input costs, much
00:05:30
higher potency, smaller shipping volumes. So the the synthetic the power or economic potency of synthetics have
00:05:38
changed the incentive structure. You don't need large cocoa fields or massive
00:05:42
kind of drug smuggling convoys. You need kind of like chemical precursors and in
00:05:49
distribution networks and enforcement muscle. But this is, you know, Yeah. But I'm let me be clear. I'm still going to
00:05:55
Mexico. I love Mexico. Anyway, it's a black eye for Claudia Shine Bomb, I have to say. Even if the
00:06:01
US helped her and stuff like that. Anyway, we'll we'll move on. >> Well, is it a black eye or does she show
00:06:05
some some some muscle here like >> by by doing something about I don't
00:06:09
know. I don't know. We're going to keep watching it and I hope people there are
00:06:13
safe. How is Resistant Unsubscribe going? Some of you have been writing in asking, let's check in on that for
00:06:19
alternatives to big tech that they're unsubscribing from. I'm going to help
00:06:22
you out here. Uh, Scott, we asked David Pierce, editor at large of The Verge and
00:06:26
co-host of The Vergecast, to give us some recommendations. Everyone's going to help you, Scott. Let's listen to what
00:06:31
David has to say. >> If I was trying to get rid of big tech apps in my life, my top three or four
00:06:38
recommendations would definitely start with Proton. Proton is this company started by a bunch of CERN scientists in
00:06:44
Switzerland that is very privacy focused. And over the years, they've actually built a series of apps that are
00:06:50
basically as good as everything you get from Google. They have a drive, they have an email, they have calendar, they
00:06:55
have all this stuff. The next one is probably Signal, which is the messaging app I think everyone should switch to.
00:07:01
There are things that are good about WhatsApp even though it's owned by Meta,
00:07:03
but Signal is is a is an organization run by the right kind of people who believe in the right kind of things. And
00:07:08
then the third one is slightly more a field, but I would say anyone who wants to do smart home stuff in their life
00:07:14
right now should use Home Assistant. You can use Alexa, you can use HomeKit, you
00:07:19
can use Google, but Home Assistant is this very specific, hackable, open system that you control much more
00:07:30
completely than you control any of those other systems. Everything from the stuff
00:07:33
on your doorbell that's looking out at the world and seeing people come up to
00:07:36
your door to like the baby monitors inside of your house. Who runs that stuff matters.
00:07:41
>> That was great. That was great. Those are all three terrific recommendations.
00:07:45
So, what's going on, Scott? >> Well, first off, it bears repeating. You
00:07:49
have been the biggest supporter of this and I very much appreciate it. Um, >> no problem.
00:07:53
>> But as we wind down February, so the two objectives were what I call signal and
00:07:58
incentives. wanted to send a signal to the American public that they have this weapon hiding in plain sight and that
00:08:03
their economic decisions can have an impact. I think we've I I think we've
00:08:08
hit that on all levels. We've gotten just a ton of media exposure, a ton of unsubscribes
00:08:15
people. I do think there's a large percentage of the populace who now realizes that economic strength is is
00:08:19
strength. The second objective was incentives and that is to reconfigure the incentives among big tech executives
00:08:24
to think twice before they enable or facilitate. I'm not sure we've accomplished that quite frankly. I my
00:08:30
friends have said it's a conversation on product management teams but it's not a
00:08:34
board level conversation yet. >> So the question is as we wind down February what do we do? And I was
00:08:40
>> I was contacted by um uh the Dutch historian Ruter Bregman who's been
00:08:45
instrumental in this. >> Yeah. I'm a huge fan by the way. He's only 37.
00:08:49
>> He's a lovely guy. >> Yeah. And super smart. and he reached out and said,
00:08:53
>> "FYI, for people who don't know, he confronted the issue of billionaires at
00:08:56
Davos and got a lot of >> He called him a bunch of tax avoiders." He basically said, "None of you want to
00:09:01
talk about the real issue on the table, which was tax avoidance." He's unafraid.
00:09:04
I love the guy. And anyways, I I love authors and academics who are just sort of unafraid.
00:09:10
>> And he contacted me and said, "You've got the brand, the visibility, and the
00:09:14
momentum. We have this group of really talented young people and some traction in something called Quit GPT." and his
00:09:21
view is you need to consolidate and focus on one and try and bring them down. And so we're trying to figure out
00:09:29
um and I'm going to speak to you about it and some other people, but I've had a
00:09:32
bunch of organizations, a bunch of Congress people, elected representatives all say, how do we
00:09:38
continue this and how do we make it more effective? and it's gotten I did an I
00:09:43
did an analysis for us to get the number of visitors unique visitors to our site
00:09:47
if we paid for it and we haven't paid a dime would cost us somewhere between5
00:09:51
and $9 million. It just shows the power of social media um in terms of the platforms we've built
00:09:58
and the content stream we have uh and how powerful podcasts are driving. But I need to in the next several days figure
00:10:06
out what we do in March. Is it focusing? Is it different media outlets? What is it that that helps maintain this
00:10:12
momentum? Is it consolidating? There are three or four similar movements around the world. Do we all consolidate? I was
00:10:19
on a call with recorded ed and I was like, if the British, the Russians, and the Americans can come together to
00:10:24
defeat Germany, maybe we should figure out a way to all consolidate and come together. But the the two points are
00:10:31
distill down to a smaller number of targets if you will and also do what you said devel uh um structure some
00:10:37
full-time resources. >> Yeah, I think so. So that that that that you can they just tell you what to do,
00:10:43
right? Essentially there's there's a lot of people who do that. One of the things
00:10:46
that's you know someone who I'm really impressed with that maybe well she's a
00:10:49
Democratic uh she wrote a great book about young people organizing Amanda Litman who runs Run for Something and
00:10:54
it's to I had her on the podcast. She's incredibly um you know strategic in
00:10:59
terms of figuring out what people need to do, especially young people. It seems like this is something you need to get
00:11:05
people who are actually a little more you know that that really can focus energetically. I don't mean
00:11:09
professionally like because there's a lot of professional organizers that don't really get stuff done. I think
00:11:14
you've really caught lightning in a bottle here and you've got to keep doing
00:11:17
it. Anyway, we were we're still working on an event uh Scott and I are and so
00:11:22
we're going to do that hopefully. Um and uh and we'll see where it goes from
00:11:27
there. Um but let's uh let's move on to the stuff we have to cover today. Uh
00:11:30
Donald Trump is increasing his global tariff uh to 15% from 10% effective immediately just days after the Supreme
00:11:37
Court struck down most of his global tariffs. In a 6 to3 decision, the court ruled that Trump exceeded his authority
00:11:42
when he invoked the Emergency Powers Act. Trump called the decision ridiculous and anti-American. He also
00:11:47
insulted the justices personally quite a bit. Um that was, you know, it was worse
00:11:52
than that. He's just being a giant [ __ ] baby. His latest workaround uses a 1974 trade law that allows him to
00:11:58
impose temporary terrorists for 150 days. He just posted on True Social a little while ago about the court
00:12:03
empowering him to use the terrorists in a more powerful and obnoxious way. He's
00:12:07
just, you know, he's just the the the court, let me be clear, was very clear
00:12:12
about what he was doing was illegal essentially and that the Congress and and and uh Gorsuch, the judge Gorsuch
00:12:19
had a really eviscerating take on how Congress has sort of abregated its responsibility. Uh they also are
00:12:25
questioning one of the other justices also questioned whether the re who was against it questions if the if the
00:12:32
refunds could happen. Um Scott Bessant sort of is trying to hedge that bet because they've got to give billions in
00:12:38
in many many billions in um I think 175 billion something like that in returns to US businesses etc. Um what did you
00:12:49
think about this and the reaction? Um I I I'll just let me let me actually read
00:12:55
through this stuff. We can discuss the whole thing. The repercussions of this tariff position. The EU just hit pause
00:13:00
on its US trade deal until it gets more clarity on what Trump is doing. Thousands of companies around the world
00:13:04
have already filed lawsuits challenging the tariffs even before the Supreme Court's ruling. So there's all a market
00:13:09
in that. Estimates suggest the government could owe again more than 175 billion in refunds. The Supreme Court is
00:13:16
leaving the refund question in lower courts. This is just Kavanagh who warned the process. It's going to be a mess.
00:13:20
And it is. Let's let's listen to Secretary Bessant uh what he said about
00:13:24
these payoffs. He spoke to Fox News after the decision. This could take months. This could take years to to
00:13:30
litigate and to get to the payouts. And if there is a payout, it looks like it's
00:13:37
just going to be the ultimate corporate welfare. >> Oh, please, Scott. You took the money
00:13:41
from them. Give it back. Um, so talk about what the next move is for everybody and and and the reaction that
00:13:46
Trump had, which was was was very I honestly thought it was dangerous given the political uh heat right now,
00:13:53
especially for the Supreme Court justices. Well, it's weird. Everyone says he's a loser.
00:14:01
There's no doubt it's a check on his authority and, you know, a rejection or
00:14:06
a gag reflex. The the primary purpose or power of Congress is the power of the purse. They're the ones that are
00:14:12
supposed to I mean what you've had on a metal level and Barry Goldwater back in
00:14:17
the 70s warned of this there's been a slow abregation of power to the executive branch and a lot of the power
00:14:24
was checked by norms not by laws and then someone showed up and said [ __ ] the norms I'm declaring wars and tariffs on
00:14:32
my own. And one of the reasons you've seen such uh so many Republican Congress
00:14:37
people decide to retire is they're like it's one thing to be in the minority and
00:14:41
know that you've been defenistrated or neutered. It's another thing to be in
00:14:44
the majority and the speaker of the house is not the speaker of the house. He's the speaker of the white house.
00:14:48
He's there just to run rough shot over us and pretend he represents Congress.
00:14:53
He doesn't. He represents the president. And Republicans are like, "Wait, I
00:14:58
thought we were in charge and had some say here and we don't." And these
00:15:01
tariffs would not have gone through. there are enough Republicans against the tariffs. You know, they're supposed to
00:15:05
be the free marketers. So, this is a victory for uh co-equal branches of government in Congress controlling the
00:15:14
purse. I think it's a huge victory for the Supreme Court who was looking increasingly like Trump's um you know,
00:15:22
trolls or not trolls, Trump's acolytes, right? This does look like the independence of the court. Six to three
00:15:28
is pretty resounding. In a weird way, I thought this gave Trump an offramp from what was clearly a failed economic
00:15:36
policy that I thought the economy and the stock market would actually probably um go up. What was interesting is the
00:15:44
the reaction was muted. The market was slightly up, but now it's looking like
00:15:48
he's going to use another provision 122 which only lasts 150 days. But it's more
00:15:53
inconsistency. And we've said this for a long time. More than more than the tariffs themselves, the most damaging
00:15:58
thing to American trade policy is inconsistency. Nobody no small business knows how to plan their business against
00:16:05
what will be tariffs or not tariffs. What I've been tracking, I was working with a hedge fund trying to find tariff
00:16:12
claims. So if you're Mercedes-Benz of the United States and you paid 20 million tariffs, you could at one point
00:16:18
potentially buy those claims for 10 cents on the dollar. Now, those have accelerated to 20 to 40 cents on the
00:16:25
dollar, but the reason they're not trading at 60 or 80 cents on the dollar is the administration and complexity of
00:16:30
potentially getting the money back. I think that's a red herring. I just don't
00:16:34
>> I think if if they collected this money easily, I don't see why they can't
00:16:37
reimburse it easily. It was all done digitally. So, I don't I don't buy that
00:16:40
argument. But, it's more indecision. It's more sclerotic decision-m where
00:16:45
people can't plan their business again. And what you see is just a continued
00:16:50
reconfiguration of the global supply chain around the US where we have massively
00:16:56
benefited over you know someone brought up the notion the very simple notion actually I think it was Justin Wers that
00:17:01
said we have a trade deficit in the form of dollars but we have a trade surplus in the form of stuff. So the example is
00:17:09
I have a trade deficit with my barber but my barber makes me look just [ __ ] dreamy for very little money. So it's a
00:17:16
good trade and US trade policy while we give more paper money to them we get so much [ __ ] because of the strength of the
00:17:25
dollar is an economic imbeile like he's just he's seeing things like he learned
00:17:29
economics in fourth grade and that's where he's stuck right >> but if you if you if you if you export
00:17:35
$100 with Nvidia chips to Germany in exchange for $100 of a Mercedes G Wagon they operate at 10 points operating
00:17:43
margin and get seven times you IBIT does. So they get $70. We operate uh Nvidia operates at like 60
00:17:51
points operating margin and trades at 40. We get $2,400. I mean, if there's any asymmetry here of
00:18:00
who is who has disproportionately benefited from global trade, it's been the US. We've been the big winner.
00:18:06
>> So this is stuck in Trump's brain forever because he's just not honestly
00:18:10
he's not that smart, right? like I know just in a in a very basic way he has
00:18:14
this has had in this brain and then he has these facilitators and by the way Scott Besset knows better of course he
00:18:19
knows exactly what you know and he's I don't know what his game is I mean it's
00:18:23
he's talk about tarnishing a reputation that he had that was pretty decent um
00:18:28
but one of the one of the things that's problematic is that he's operating sort
00:18:32
of economics for dummies or something like something because he sticks in his brain that this is the way things go and
00:18:39
I I I think most people don't think about it in in in a complex way. I think
00:18:44
the two things that I think about again were these that the Supreme Court did him a favor here, right? That got him he
00:18:50
got to try out his stupid ideas. >> He seems to be doubling down. >> He's doubling down in a really demented
00:18:57
way and the personal stuff that he was attacking them with. And you know, apparently
00:19:01
>> families should be ashamed. >> Families and Barrett, Coney Barrett and
00:19:06
Gorsuch, I think. um just really strange just really really strange and they were
00:19:12
all they were saying was pointing out the obvious which was this is something Congress should do it's something
00:19:17
Congress is job is to do and he just doesn't feel any restraints on himself and that's what it is and it's like old
00:19:25
man combined with someone who's already an egoomaniac and a narcissist combined
00:19:30
with more old man combined with he gets to do what he wants this term and the victimization that he has is so massive
00:19:37
you know that he's always being victimized. Someone's always [ __ ] him. That's his whole world view that
00:19:42
it's just we're being governed by a guy who just again didn't is a victim.
00:19:48
Thinks he's a victim. Anyway, uh we'll see where does it go from here very
00:19:52
briefly. >> Well, on Cowsi, they're saying it's a 76% chance the court orders a tariff
00:19:58
refund before 2027. So, it does feel like he's running out of options. This section 122 has a maximum 150 days. The
00:20:07
Supreme Court does seem pretty resolute on this 63. I don't think he's going to
00:20:11
lot get a lot of support from even Republicans who are Congress like, "Oh, wait. We have meaning again. You mean we
00:20:15
get to actually have input? You actually have to bring this to us." And and if if
00:20:19
he thinks these tariffs have merit and they're good for the economy, then take
00:20:23
it to Congress and work out a deal with them. That's that's what they're there
00:20:27
for. >> He can't get it passed because he can't get it passed the way he wants
00:20:29
>> because he can't justify it intellectually or economically. Right. Well,
00:20:33
>> this is the the amount of money the prosperity we have recognized from global trade. Now, granted
00:20:40
he his some of his instincts are correct. We had an asymmetric relationship. We were getting taken
00:20:45
advantage of in my view in terms of our relationship with China. They you know they they steal our IP and then sell us
00:20:52
stuff at 60 cents on the dollar. We are not good at looking after people who are
00:20:56
on the wrong end of global trade. Right. >> But he's never doing that. He just tells
00:21:00
them he's here for them. But then he doesn't actually do anything for them.
00:21:05
>> And then if you want to look at the manufacturing sector that was supposed
00:21:08
to be rejuvenated, that has not happened. What has happened >> is that the tourist industry which
00:21:13
employs 12 million people versus the manufacturing industry which employs 11 million is taking a real hit cuz
00:21:21
Canadians are thinking, "No, I'm not going to Disneyland or Las Vegas this
00:21:24
year." Did you see that story about that British woman who was put into ice for 6
00:21:28
weeks for, you know, >> checking your people have to turn over their phone and they're being asked for
00:21:34
their password? It's like, [ __ ] that. I'll go to I'll go to Capri or I'll go
00:21:37
to Buenosar, you know, I'll do something else. I would think this is a I would
00:21:42
think every tourism board in the world is like come here. We'll take your money.
00:21:45
>> Okay, Scott, let's go on a quick break. When we come back, get ready for Trump's
00:21:49
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shipstation.com code pivot. shipstation.com code pivot. >> Scott, we're back. As we record, we're
00:24:22
one day away from Trump's State of the Union speech. This will appear on the
00:24:25
day of it. He's walking in with a 60% disapproval rating. According to a new
00:24:30
Washington Post ABC Ipsos poll, House Minority Leader Hakee Jeff is urging Democrats either attend in silent
00:24:37
defiance or skip the speech. And a growing number of Democrats plan to attend a counter rally on the National
00:24:42
Mall called the people's state of the union. And uh Virginia Governor Abigail
00:24:46
Spanber is delivering the official Democratic response. It's a good choice. Um what do you think of this?
00:24:52
>> I I don't think he quite frank I I'm wondering if that's if and when we bomb
00:24:57
Iran. I don't >> I don't think he has a lot to I I don't know.
00:25:02
>> Apparently it apparently he's going to talk about how manufacturing is coming back to the
00:25:07
US like tomorrow. He's sort of like an Elon promise. >> I think the screenshots here are going
00:25:11
to be really hilarious. The audience reaction even I think there's even going
00:25:14
to be some Republicans who are kind of like, "Oh yeah, I clap." Uh yeah, that's
00:25:18
not >> Yeah, >> that's not that's not working here. I I think it's going to be very interesting,
00:25:25
but I feel as if he's, you know, they're like, "Okay, how do we turn chicken [ __ ]
00:25:29
into chicken salad here?" >> Yeah. They're going to to Vance apparently gave an interview where he's
00:25:34
talking about how we're going to suddenly have factories everywhere. Like it's all made up. Literally, it feels
00:25:38
like, you know, there was a really interesting meme online, Elon promising autonomy for like 10 years, like
00:25:44
tomorrow, next week. They're going to try to say everything's great with the
00:25:47
economy, which to me, when Biden did that, was so uneffective when people know that's not the case. I think this
00:25:53
these these numbers are just astonishing that he keeps doubling down, right, on these 60% disapproval is so high. I
00:26:01
don't think you I think it was this number right after the January 6th attack on the capital. I mean, I think
00:26:08
that's where we are right now. And um it'll be interesting. I think there's a
00:26:12
high chance of crazy like that he does something nuts. >> Just goes unchained.
00:26:16
>> Unchained like he says something kooky or he loses his words. I wouldn't get up
00:26:21
there if I were him. You know, of course he's going to have pancake makeup caked
00:26:26
on his hand. By the way, whoever is doing that, I can tell you there are Hollywood people that can make that hand
00:26:31
look better. I keep looking at it. I'm like, what is his like secretary doing
00:26:35
it or, you know, with a bunch of like like cheap makeup? It's really weird. I
00:26:40
feel like they could do a better job. >> It's the same person that came up with
00:26:42
the tariff strategy. >> Right. Exactly. It's Peter Navaro slabbering, you know, Mac.
00:26:47
>> Hold your hand out. >> It's not even >> My niece works My niece works at
00:26:51
Sephora. This is how you do it. >> But seriously, I think it is a good chance of crazy. good can't like a high
00:26:57
chance of crazy like something. Yeah, I wouldn't do it if I were him. I'd find
00:27:00
some dumb excuse not to do it. But he he he's now a heat seeeking me missile.
00:27:06
>> Have you noticed how much he's been like appearing like he keeps appearing
00:27:10
everywhere? I don't know. I just feel like it's bad. And speaking of which, I
00:27:15
think it's we'll see what happens. But the at the very least if he doesn't say
00:27:19
something crazy, poop his pants or or lose his words and it'll be fine, I guess. and doesn't just lie too much.
00:27:27
Um, I don't know. What should the Democrats do? Just show up and say nothing, stare angrily?
00:27:32
>> I think you just I think you just sit there and kind of look like, "Okay,
00:27:36
>> are you [ __ ] kidding me? >> This dude has lost his shit." I I don't
00:27:39
know what they should do. I don't think they uh you know, uh, acquaint yourself like the
00:27:46
elected leaders you are and just uh polite, you not go. The Supreme Court has to go the all of them, right? Don't
00:27:54
you think? Don't you think all of them have to go? >> Yeah. As do our elected representatives.
00:27:59
I I just hate the idea of whoever's president, half the house doesn't show
00:28:03
up. I I don't know. >> I think there's a certain decorum. It's
00:28:06
the State of the Union. Show up. You don't have to smile. You don't have to
00:28:09
applaud. But yeah, I think you show up. And of course, >> they're aliens. Maybe that's what he's
00:28:13
going to do. I don't know. Something. He's going to have to have any jazz
00:28:15
hands and he shouldn't use his hands too much. Let's just say >> I'm just praying that the teleprompter
00:28:20
goes down and he goes full apeshit crazy. I hope that it's >> I hope it's too gin and tonics for drunk
00:28:26
uncle. >> No, but he doesn't drink. Remember, he doesn't drink. Remember his brother died
00:28:30
of alcoholism. >> But other than that, Cara, how is his brother doing? >> What?
00:28:36
>> Dead. All right. Um >> that's like, do you ever run into a friend and you ask how their dad is and
00:28:40
you didn't know? Like, oh, my dad passed a year ago. Oh, but wait, other than
00:28:43
that, how's it going? >> That's always my response. >> You never do that.
00:28:47
>> I totally do that. What are you supposed to say? People, what I find is people
00:28:50
don't go, oh, I'm sorry. All right. It's like, well, dude, he died a year ago.
00:28:53
I'm fine. I think you make a joke out of it. >> Still okay. All right. Well, my mom's
00:28:57
still living. Just remember that. So, all right. >> Lucky. >> Lucky. She's good. I got her a lazy boy.
00:29:03
>> I got her. >> Still good. >> That's the greatest innovation in
00:29:07
Hollywood. It's not AI. It's lazy boys in theater. >> It stands up now. It's so good. I took
00:29:11
her to lunch. I I lifted her right out of that chair. Stuck her in. Anyway, she loves her lazy boy. She loves her.
00:29:18
>> Yeah. >> I'm just saying I'm getting you one. They're very nice now. Anyway, um
00:29:22
>> I want one with wheels where I can just fly down the avenue. >> No, we're going to keep you in a room
00:29:26
and that's going to be the end of it. So, this is one I've been really excited
00:29:30
to talk to you about. President Trump has called on Netflix to fire board member Susan Rice or quote the
00:29:35
consequences after Rice said Democrats would push for corporate accountability. The DOJ is investigating Netflix
00:29:42
proposed takeover of Warner Brothers and whether the deal may quote substantially
00:29:46
lessen competition. and Paramount saying there's quote no statutory impediment to
00:29:51
closing its deal for Warner Brothers after clearing a US antitrust waiting period. This is not true. Uh regulators
00:29:57
could still stop to sue it. Of course, there's the EU and other uh other ways.
00:30:01
This is not This was a press release. Meanwhile, a group of Democratic senators is threatening to investigate
00:30:07
Paramount, seeking information on the company's contacts with the Trump administration. as we tape the seven-day
00:30:12
window for Warner Brothers to talk with Paramount is nearing an end at 11:59 PM on Monday. So, talk about this this
00:30:21
Trump thing. I mean, Susan Rice, like what I mean, maybe it'll have an implication. I don't know. It's just
00:30:26
weird. You can't make like he had tried to get Lisa Monaco from stopping working
00:30:30
at Microsoft. Microsoft just ignored him essentially and she's still working
00:30:33
there. Um, do you think it's important? What do what do what do you think here?
00:30:38
Yeah, it's it's incredibly socialist. Capital markets function on the assumption that boards are accountable
00:30:44
to shareholders, that regulatory authority is exercised through formal channels, and that political powers and
00:30:50
uses leverage and private corporate disputes. And you know, when those lines erode,
00:30:56
you introduce political risk and into ordinary governance decisions. Capitalism is supposed to be regulated
00:31:03
competition. and you a guy who just has a history of bankrupting casinos and leaving a stream of unpaid
00:31:11
subcontractors uh you know who got rich through a grift monetizing the White House is not the
00:31:18
person to be telling companies it's just it's totally anathema to the way America
00:31:23
has built its economy you know when political actors treat corporate boards as cultural back uh
00:31:30
battlegrounds you shift you shift from kind of rules-based capitalism to personalitydriven capitalism. Investors
00:31:40
investors can price regulation, but they struggle to price discretionary political targeting. So, does this mean
00:31:46
every time the administration changes, we invest in companies that are have Democratic board members versus
00:31:52
Republican >> board members? And practically, if presidents start leaning on boards, it
00:31:58
invites Congress, regulators, and state officials to do the same. And that's not
00:32:01
market discipline. That's >> we won't give you this unless you get
00:32:05
rid of this person. I mean, so far >> again, it didn't work with Lisa Monaco
00:32:10
at Microsoft. They just basically ignored the request. >> And I think so I was with some Netflix
00:32:15
people. I went to the BAFTA awards last night and I was >> you went to BAFTA. Hello. Where are the
00:32:22
lead? What did you wear? >> Oh, I I I did know BAFTA was a big deal and I showed up just with a blazer and
00:32:28
then Ted Sandos came up to me in a tux. I'm like, "Oh god, I [ __ ] up."
00:32:31
>> Yeah. Okay. >> Um, >> yeah, he was there. >> Yeah. Uh, but everyone, yeah, it was
00:32:36
really, really fancy. I didn't a friend of mine took me to dinner and said, "Do
00:32:39
you want to go to the BAFA Awards?" I said, "Yeah." >> Wow.
00:32:41
>> And anyways, but they will I I have no inside information here, but I know what smart class act
00:32:51
management is. I am sure if they haven't already, they'll put out a statement of
00:32:54
support for Susan Rice. And this is this has become so obviously he's now supporting um Paramount, but I talked to
00:33:06
some Netflix. I think that at this point these so much testosterone has gotten involved in this. If you had asked
00:33:13
either the Ellison's or Ted Sando 6 months ago, are you willing you ever pay
00:33:18
$82 billion for Warner? They'd say, no [ __ ] way. It's not worth that in any
00:33:22
world. But because Zazlav, to his credit, is not a great operator, but he's an outstanding investment banker,
00:33:28
he has played them off each other and convinced both of them to overpay. If the Ellison's end up getting this, and
00:33:35
Netflix doesn't, my prediction is that Netflix stock is up 10 to 20%. Because
00:33:40
with $80 billion, Netflix can create just a [ __ ] ton of content, new verticals, new markets, new subscription
00:33:45
plans. They'll be able to at this point I think it would almost be better for
00:33:50
them if they lost and they just sue the [ __ ] out of Paramount and the government
00:33:55
and basically create keep Hollywood in a state of flux because >> this non non
00:34:01
>> and they're the winner. They they'll keep on humming. I mean that company's
00:34:04
firing on all 12,000 cylinders with >> content production all over the world
00:34:09
and just you know they're sort of the default, right? You have to even in the
00:34:13
resist and unsubscribe people would say I'm going down to one streaming media
00:34:18
platform and if you go down to one who do you choose >> absolutely >> you choose Netflix right it's
00:34:22
>> Netflix yeah >> everyone else is heated seats and car stereoss they're they're the engine in
00:34:27
the car itself they're the chassis so to speak >> or Disney right because it's
00:34:32
>> you have young kids and you don't watch TV maybe well I guess >> I watch a lot of TV you're wrong you're
00:34:37
wrong I watch it at night >> but but yeah it it's What you're going to see here, I think,
00:34:44
is that even if the Ellison's get it, if Netflix could block the closing of the
00:34:52
acquisition until the next administration, they might be able to overturn it because
00:34:56
>> that's right. >> The whole point of capitalism is it's pretty basic in in M&A. Whoever shows up
00:35:02
with more money gets approved by shareholders and then it has to survive regulatory review. The president has no
00:35:08
role in any of that. That's not as what he that's not what he's there for. He's
00:35:12
the whole point of government is we let our thoroughbreds run. We have antitrust. We have regulatory concerns.
00:35:19
We have cifhious security concerns. But you're supposed guess what the American
00:35:24
corporation is the second best performing organizations in history only behind the US military. We create these
00:35:33
these out of control full body contact violence, not a ton of regulation, low regulation rules, regulated competition
00:35:41
produces unprecedented profits, prosperity, and innovation. And all of a sudden, you have a a failed rich kid
00:35:49
deciding who should own what. >> Yeah. Exactly. So, one of the things that I has is really struck me. Look,
00:35:55
Netflix will be fine without this. I think they really want it now. You know what I mean? I think they are
00:36:00
>> ego's involved now. Not just ego, but it's actually could be good for them, too. Right. This gives
00:36:05
>> I don't agree. I think with that money, they could build a bigger business on
00:36:07
their own >> possibly. Right. You're right. You're absolutely right. So, they'll be fine.
00:36:11
Whatever. And in slowing everything down, they've created a slowdown for everybody, which is always good for them
00:36:17
because they're faster, right? They were lapping Hollywood for years. That I sat
00:36:21
there, I was like, why are you letting Netflix lap you all for years and years and years? So, they have that ability to
00:36:27
do that. And they've always stayed fresh. They're a very fresh company even
00:36:30
as old as they are comparatively, right? So, they're still they remain fresh and
00:36:34
relevant. Um, and people are learning how to do what they do, but it's taken
00:36:38
forever for Hollywood to do so. And one of the things that just gets me is one, the efforts of Paramount are one, to run
00:36:45
a shitty business and show that you cannot do content, whether it's over at CBS News or Losing Taylor Sheridan.
00:36:52
>> Oh, come on. Landmen. >> The world before the world before HR. I love Landmen.
00:36:57
>> Okay. I know you do. >> A bunch of men drilling where they're
00:36:59
not supposed to drill. People die and then they pay him off and everything's
00:37:02
better. >> How could you How could you ruin 60 Minutes? What a bunch of [ __ ] idiots.
00:37:06
I'm sorry. Like, how could you how could you get Anderson Cooper to walk out?
00:37:11
He's such a polite young man. Like, it's just like you're a bunch of dummies. I'm
00:37:15
sorry. I really I like some of you, but seriously, this is rid It comes from the
00:37:20
top. I'm sorry. And getting daddy to pay for it is really depressing on so many
00:37:25
levels. Like, so sad. It's like sad rich kid. And they and they're going to Let
00:37:30
me just tell you, guess who's coming for you. You think the Democrats won't do
00:37:34
anything? You are wrong, Paramount. They are coming at you. If they win these elections, I don't It's going to be a
00:37:41
long time before you get your hands on CNN. It's going to be a long time before
00:37:44
you get your hands on any of this. And then let's stop at European regulators.
00:37:49
Like, and by the way, now people in Hollywood don't all love Netflix. That is 100% clear. But now suddenly a lot of
00:37:56
Hollywood people like Mark Ruffalo very liberal is is pushing back against James
00:38:01
Cameron who's cuz he loves theaters whatever. Um there's now like a a growing like hey leave Netflix alone
00:38:08
like which is incredible because they're so like bossy to most of Hollywood. So
00:38:13
Paramount, you have managed to shoe yourself in every foot possible, every toe in the way you've conducted this and
00:38:19
just throw the money at it as you should have done in the first place and just take daddy's money and and buy it, but
00:38:26
you're still not going to get it easily, especially because you're stressing all
00:38:29
this closeness with the Trump administration. It's not going to end well for you in three or four months.
00:38:34
That's my thought. In the first Star Wars, uh, Jedi Obi-Wan Kenobi is on the
00:38:39
Millennium Falcon and he feels a disturbance in the Force and he has to sit down and he goes, "It's as if
00:38:45
millions of people just screamed and then nothing." And he's referring to the
00:38:50
Death Star which builds a capability to destroy planets and Darth Vader orders the destruction of Aldderon.
00:38:57
You are going to see if the Ellison's get if the Ellison's close, if Paramount
00:39:03
closes on Warner Brothers, you are going to hear a scream from the creative community of which they're not even
00:39:09
aware of. >> Mhm. >> Agreed. >> You have a melting ice cube in Paramount
00:39:15
and then you'll get this the scale. They'll overpay. At this point, they're
00:39:20
both overpaying. Whoever gets it is overpaying. And then father Ellison is gonna go, "Okay, the only way we can get
00:39:26
anything resembling a return is to reduce cost by 40%." The fact that SAG After the Writers Guild are not hair on
00:39:36
fire about AI, you want to see AI come to an industry and destroy the labor. Oh my god. Because Ted Sand, whatever you
00:39:46
think about Netflix, they like Hollywood. >> They still hire makeup artists. They
00:39:50
still they still do things kind of I don't want to call it, >> you know, the old way. I I think with
00:39:56
CBS they're like, "All right, we have to make some bold take some risk because
00:40:01
this thing is just going away slowly." >> Dink way. I get it. They I have a list
00:40:06
of that. >> It's hard to defend the execution to date. They had to take some risks here.
00:40:12
I wouldn't have taken a lot of risk with 60 minutes. Yes. Now, I would have waited until this deal was over and
00:40:18
maybe hired a competent person, but that's a different story. Anyway, um let's go on a quick break and we come
00:40:23
back. Investors want protection from AI. >> Support for the show comes from
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AI, go to corweave.com/re for anything. Scott, we're back. This is really interesting because you've talked about
00:41:28
the the problems that companies not AI are having, but Wall Street is taking interest in a new category called Halo
00:41:34
companies. Heavy assets, low obsolescence. Business is seen as largely immune to disruption from AI.
00:41:40
Really interesting. S&P 500 sectors for industrials, materials, utilities, and
00:41:44
consumer staples have marched ahead in the last month. Companies like McDonald's and Exon Mobile are taking a
00:41:49
win as investors try to take cover from potential AI disruption. Now, you've
00:41:54
said a lot of these companies have suffered because AI has taken most of the gains in the stock market. Talk
00:42:00
about this. This was a story in the Wall Street Journal, but it's something we've
00:42:03
discussed before. It was the other 400 companies, not the first the top seven or whatever.
00:42:10
>> There's been a rotation out of AI companies into what are traditionally
00:42:14
thought of as defense stocks like Proctor and Gamble or Caterpillar, but they have been run up. And so what
00:42:20
you've had is you've had this weird phenomena where there's been a pretty
00:42:24
serious like multi-trillion dollar destruction in the private and public market valuations of the companies most
00:42:29
tightly associated with AI whether it's Nvidia or Microsoft or you know they
00:42:35
have all gotten hit pretty hard. What's also interesting though and then there's
00:42:39
been a rotation into quote unquote the defensive guys that are considered AI immune. Goldman Sachs put together an AI
00:42:46
immune index. the opportunity in all of this and where I'm actually thinking of
00:42:50
investing is that while AI stocks have come down, you know, the there's still a
00:42:56
massive fear that they're going to destroy entire sectors. And the sectors that are ground zero for this fear right
00:43:03
now are traditional SAS companies, Salesforce, Service Now, um Adobe. The view is since this new innovation from
00:43:13
um clude I'm sorry from claude that those businesses that someone will just automatically put in a prompt and all of
00:43:20
a sudden overnight no longer need Salesforce for their CRM for for their salespeople and that overnight
00:43:27
Salesforce is going to go away. I mean Salesforce and Adobe and Service Now these companies are off somewhere
00:43:32
between 40 and 70%. These companies and by the way there's absolutely no evidence whatsoever. voted last week.
00:43:40
Yeah. >> So, these companies are growing at double digits. Meanwhile, some of these
00:43:44
old economy companies that are growing at single digits are trading at much higher multiples. So, I would argue that
00:43:52
one of the biggest opportunities in the market right now is the traditional SAS companies as a multiple on their free
00:43:58
cash flow. They >> This is beyond these Halo companies, beyond the McDonald's.
00:44:02
>> No, I think the Halo guys quite frankly are overpriced right now. >> Oh, interesting. They're low growth
00:44:08
companies trading at exceptional pees. Meanwhile, I mean, keep in mind if you think so at all my companies, we've had
00:44:17
Salesforce. I don't care if some kid if some kid came to me and said, "Okay, we can kind
00:44:22
of replicate Salesforce with a thoughtful prompt into anthropic." I'd be like, "Okay, we're going to have to
00:44:29
retrain everybody on a new UI." these companies get so they have client service, they have events, they have
00:44:36
they have worked out millions of bugs over a couple years. I get invited to Dreamforce if I spend enough money. The
00:44:44
thought that all of a sudden people are just going to strip out Adobe or Figma or Service Now is just these companies
00:44:53
are so deeply embedded. You can call it technical debt, you can call it switching costs, whatever it is. In
00:44:59
addition, if if AI can actually take the coding down to something meaningless, then what will happen, I think, is that
00:45:07
these SAS companies will reduce their cost by 10 or 20%. Which gives you their actual coding and technical costs are
00:45:14
only 10 or 20% of their revenue. The other 80% is marketing, branding, client service, design, events is so that shows
00:45:22
you where the value is. They'll do the same thing and then pass on those savings. So you might see some mild
00:45:28
margin compression, but I think the flight into quote unquote defensive stocks. I think that trade has been
00:45:33
overdone. And I think there's one of the biggest I haven't been able to find value
00:45:38
anywhere. I've been selling, not buying for the first time in a long time. I
00:45:43
look at these SAS companies. There is absolutely no evidence anywhere that a large corporation is giving up Adobe or
00:45:49
Salesforce and putting in new prompts into AI. So I think that threat has been massively
00:45:56
over overdone. Also I think the rotation into these more traditional low growth companies quite frankly I think those
00:46:03
guys are really overvalued right now. These are low growth companies trading at a tech growth multiples.
00:46:10
>> Yeah I would agree. I think you're absolutely right. I think that's a
00:46:13
really interesting take on that. The it is interesting that people are looking beyond AI right like where are the
00:46:19
opportunities and I think I think your argument is excellent. So, what are you buying?
00:46:23
>> Oh, I'm going to put together probably a basket of Figma, Adobe, Salesforce,
00:46:29
maybe Service Now, but I look at those companies and unless there's a collapse
00:46:35
in their business model, do you know how hard it is to get rid of I remember, you
00:46:40
know, these companies are so deeply embedded. I remember we were paying $25,000 a year for my terminal for
00:46:46
Bloomberg and we thought, okay, let's go to Thompson Reuters. It's cheaper.
00:46:50
Bloomberg is so tightly integrated into your life if you're managing a hedge
00:46:54
fund. Even messaging the way we message people in the hedge fund over time, Scott things do get replaced over time,
00:47:02
right? >> I think what's going to happen here is margin compression >> a box if you remember a lot of this
00:47:08
>> but they'll I think they'll cut costs. I mean I still think I mean for example
00:47:13
Salesforce I actually think is really brilliant branding. They have built some of the tallest buildings in every one of
00:47:18
their markets in the world. There there's probably if they needed to quite a bit of cost they could cut and pass on
00:47:24
to their consumers. These are smart people. What they might say is if they see a threat they might say oh
00:47:31
Salesforce is now6x per seat versus X per seat. These are smart well-run management teams. Uh and by the way no
00:47:40
evidence whatsoever that any of this is impacting any of those companies. >> Yes. That is the bigger point. All
00:47:46
right. Scott's going different than Halo. He's going, "What are we going to
00:47:49
call them? S not dead software." >> I would say abandoned. Abandoned. It's
00:47:56
like that little monkey who was who was rejected by his his family and found a plushy. It's the plushy strategy.
00:48:04
>> I knew you watched that. >> I can't stop watching that little
00:48:07
monkey. >> I know. >> I can't stop watching. >> Did you see the one
00:48:10
>> his mom rejected him and they gave him a plushy? >> I know. But did you see the one where
00:48:14
they it was speaking of AI use where the monkey attacks all the other monkey the
00:48:18
monkey with the plushy attacks all the other monkeys >> starts doing kung fu on them.
00:48:22
>> Yeah. Starts doing kung fu on them like he's like he's had enough. He's going to
00:48:26
punch. Anyway, >> I just thought that I saw that and granted I think I was on an edible and
00:48:31
I'm like that's my purpose in life is to be other people's plushy. >> Plushy.
00:48:35
>> That's my purpose. >> You are my plushy. Anyway, >> I meant I'm here to go somewhere weird
00:48:40
really quickly. So, I'm going to move on. One more quick break. We'll be back
00:48:43
for wins and fails. Support for today's show comes from Upwork. Hiring help shouldn't be a headache, let alone a
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00:49:42
That's upw.com. upwork.com. All right. Wins and fails. I shall go first cuz I have declared myself first.
00:49:55
So when the Olympics just ended, they were quite good. US women and women in general dominated. America's female
00:50:01
Olympians won six gold medals and 17 medals overall. American men won four gold medals and 12 medals over her. It's
00:50:07
not a competition, but they did really well. Um, and in any case, one of the things I was really struck by was not an
00:50:13
American, but someone who is American, Eileen Goo, uh, who won the gold medal in the women's free uh, free skipipe
00:50:21
event for China. She's been been meddling for China and just won a couple of silvers. She's been really plagued by
00:50:28
stupid questions largely from male um, reporters. But she got asked a question uh when asked by a woman, "What do you
00:50:36
think about your words before you speak?" It actually was a very complimentary question saying, "You're
00:50:40
so well spoken. How do you do it?" And so, let let's listen to her answer,
00:50:44
which I thought was so superb. She's gorgeous. She's a model. She's a skier.
00:50:48
She's an athlete, etc. Let's let's listen. I think overall, I'm just a
00:50:53
pensive person. Like, I'm a very introspective I'm an introspective young
00:50:57
woman. Like, I spend a lot of time in my head. Um, and it's not a bad place to
00:51:01
be. I I journal a lot. I break down all of my thought processes. I think I apply
00:51:05
a very analytical lens to my own thinking and I kind of modify it because it's so interesting. You can control
00:51:12
what you think. Like you can control how you think and therefore you can control
00:51:16
who you are. And especially as a young person, like I'm 22, so with neuroplasticity on my side, I can
00:51:21
literally become exactly who I want to be. How cool is that? Like how empowering is that, right? I think she
00:51:25
was quite lively in a way that I really enjoyed listening to her uh you know push back against people very a lot of
00:51:31
these athletes whether they were some of the skaters uh the women skaters were astonishing and they're they're their
00:51:37
own people. I really enjoyed this for that for all these uh these athletes especially the women showing off. They
00:51:43
don't have to be adorable little dolls. They were just their own people. I really like that. My fail is related.
00:51:50
It's when Trump called the US men's hockey team in the locker room after
00:51:54
their victory where Cash Patel was making a [ __ ] idiot himself chugging beers and acting like he was 21 when
00:52:00
he's old and spending taxpayer money. But let's not get into that imbecile.
00:52:05
But anyways, Trump then tried to said hold my beer to Cash Patel and he invited them to the State of the Union
00:52:11
and the White House. But let's listen to how he said it. >> We'll do the White House the next day.
00:52:16
We'll just have some fun. We have medals for you guys. And we have to I must tell
00:52:20
you, we're gonna have to bring the women's team. You do know that. >> I do believe I probably would be
00:52:29
impeached. Okay. >> It's so great to have a really old man make a stupid old man joke and that is
00:52:36
fine. He is what he is. And it was just gross to insult the women who had just won the gold medal. Um instead the guys
00:52:43
laughed and I get it. I get it. I get it. You're in a locker room, you just won, you're all excited, and you have
00:52:48
the president calling you, but you don't have to laugh at his jerky joke. And it
00:52:52
it it doesn't shed good light on you to do this and to cut down the women's team
00:52:57
just because UN because of this imbecile old man said this thing. I think it's
00:53:02
time is over for for talking about women like their battle axes or they're such a
00:53:06
pain to be here and oh the ladies. It's tiresome in the extreme. Um I'm not
00:53:11
someone who doesn't like a good joke. I put up with Scots all the time, but this
00:53:15
is just not funny. And it isn't funny to the women's team. Now, a day later,
00:53:18
after Trump did invite the US uh women's hockey team, it turns out they simply
00:53:23
can't make it. Sorry, Donald Trump. We're getting our hair washed or washing
00:53:28
our hair, I don't know, whatever stupid excuse. They don't want to they don't
00:53:31
want to hang with you. A spokesman for the team said, "We are sincerely grateful for the invitation extended to
00:53:36
our gold medalinning US women's hockey team." and added that they would not be
00:53:40
able to attend, quote, due to the timing and previously scheduled academic and professional commitments. I love them.
00:53:46
And I'm going to just relate very quickly. When my son Louie was on a men's soccer lacrosse team, there was a
00:53:53
there was an audio of something where they it really insulted the girls in the class really badly. Like really like it
00:54:01
was a dumb, stupid, sexually charged um song they played. I don't remember it
00:54:07
exactly, but they got a video of it, of course, because everything's videotaped.
00:54:11
And it was gross what they were doing. They're assaulting their classmates like
00:54:15
in a really sexist way. And Louie wasn't singing the song. I he was in the video.
00:54:20
He wasn't singing the song. But I remember um you know, when I saw it, I was so disappointed in him because he
00:54:26
didn't say anything, right? He didn't like and I know he couldn't he was in
00:54:30
the locker room. And so we had a great talk at the time and I remember spending a lot of time talking to both my boys
00:54:36
about their role in pro, like you say, protecting women. Not just protecting, but don't laugh at stupid [ __ ] like
00:54:43
that. Like you don't have to go along just to get along. And it was really it
00:54:47
reminded me of that moment when when Louise said to me at the time, you know, I didn't do anything. And I said, you
00:54:53
didn't do anything. That's exactly my problem with you at this moment. And I
00:54:58
get it. I get what it's like being a boy. I get the pressures of it, but honestly, US men's soccer hockey team,
00:55:05
you know, just be better. Let's just say, let's say be what I would say to you is if I
00:55:12
was your parent, I'd slap you back to last Sunday. Anyway, that's my Go ahead.
00:55:16
Congratulations, by the way, US men's hockey team and the women's hockey team.
00:55:20
>> The I I thought the highlight of the Winter Olympics was um Megan Keller, who
00:55:25
scored the overtime. I grew up going to hockey games. It was the only one of the
00:55:29
few ways my father and I bonded. We used to go to LA Kings games and watch Marcel
00:55:34
Deion and Whitey Whiting and Roie Vashan and uh so I know something about hockey
00:55:40
and I used to go to Maple Leafs games with my father. The the overtime goal from Megan Keller hands down for me was
00:55:48
the the ultimate demonstration of athleticism, grace under pressure. And keep in mind,
00:55:55
you know, these women are really doing it for the love of the sport. They don't, their league does not pay a lot.
00:56:01
>> Can I point out Alyssa Lou and the three others, the three other women from the
00:56:06
US were all supportive of each other. Like they weren't like had each other level of camaraderie.
00:56:11
Amazing. >> I do not fault the men for laughing. They're in a locker room. They're
00:56:14
talking to the president and most of them are like 23 year olds from Wisconsin. They don't
00:56:19
>> Not that there's anything wrong, but I don't fault them. I fault the president
00:56:23
for not setting a good example for young men, >> right? >> You know, that's just not And but the
00:56:28
the women >> did you see the final of the the women's hockey? >> Yeah, it was amazing.
00:56:34
>> The goal she pulled off >> was so ext I I kept watching it over and
00:56:39
I spent 20 minutes watching it 40 times. Anyways, >> uh Megan, >> they don't get they don't get to star in
00:56:46
heated rivalry, etc. They It really is. They they they're an astonished rivalry with women's hockey.
00:56:54
>> That's already happening. >> You got one viewer. >> I'm sorry. That's already happening. But
00:56:58
we'll go into it in great. Go ahead. Yours win and fail. >> Well, it's one thing and that is
00:57:06
okay. So, we let our thoroughbreds US corporations run. And we have structural systemic
00:57:13
laws that tell them, okay, you can't pour mercury into the river. And if an industry becomes so consolidated, it
00:57:19
starts extracting unfair rents from labor, consumers, the government moves in. Other than that, one of the reasons
00:57:25
for our economic growth is we heir on a lack of regulation or government intervention. When the president starts
00:57:31
weighing in and saying the most ridiculous [ __ ] about a board member he called her racist, oh yeah, Susan Rice,
00:57:39
like famous racist. >> So that's not even my fail though. that we we've expected that kind of weak and
00:57:47
weird socialist/communist/autocratic behavior that hurts our economy. What I can't stand is that Democrats
00:57:58
do not lack all creativity around how we're going to strike back. And let me
00:58:03
just give you one idea because I love the idea of economic activism. And that is all right. A a kind of beltway
00:58:12
on-ramp into greater wealth is the following. You serve in Congress or in the cabinet and you go on because you're
00:58:18
an impressive person with strong connections and an understanding of the world. You go on to serve on corporate
00:58:24
boards and make some money. I bet Susan Rice has made millions of dollars on the
00:58:29
board of Netflix. And by the way, I think it's great. She worked her ass off. I don't mind. There should be a
00:58:35
cooling off period going to work for lobbyists. But I have been on boards with former the New York Times. We had
00:58:41
Bill Canard, the former head of the FCC, went on to be the American ambassador to
00:58:44
the EU. I was on a board with uh Rick Snder who went on to be the governor of Michigan. I think it's great that they
00:58:51
serve on boards. They're talented, thoughtful people. They deserve to make money. I have no problem with it. But if
00:58:56
the president starts [ __ ] with Democrats on boards, leader Jeff and uh Senator Schumer, why
00:59:05
the [ __ ] are you not [ __ ] back? And this is the following. For example, Mike
00:59:11
Pompeo, former head of the CIA and Secretary of State, he is on a board, and I did this in about 10 minutes of
00:59:19
research. He did he is on a board uh called Von which is a single class share company and when I used to do activism I
00:59:30
had to spend 150,000 to 250,000 to file a 13D and nominate directors and get lawyers involved. I have now written up
00:59:40
uh uh uh the filings for nominating governors at this single class share company and I did it in about 7 minutes
00:59:47
using AI. I'm gonna buy one share in this company and I'm gonna start targeting Republicans on boards and not
00:59:55
renominating them and then maybe go after another board member and anyone in Congress who's a Republican who decides
01:00:03
they too would like to make some money on boards. Well, why aren't Schumer and
01:00:07
Jeffrey saying, "We're going to we're going to be back in power, folks. And if
01:00:12
you want to go serve on boards as Susan Rice did, we're gonna start [ __ ] with
01:00:17
you. >> Now look, Scott, the thing is what he's doing is totally wrong. So you should do
01:00:21
the wrong thing in order to meet him. Like that is a hard decision. >> You you fire a gun at me, I am pulling
01:00:28
out my gun and I am shooting you in the [ __ ] face. >> All right, I'm good.
01:00:32
>> This is about incentives. And this this notion that Democrats that we're higher
01:00:36
and mightier and that we'll restore the con [ __ ] that. [ __ ] that. You wanna You
01:00:43
want to deny the Constitution and and engage in depraved criminal behavior against us? Well, fine, folks. If you
01:00:51
think we're going to restore just go back to being the nice guys who are gentile and restore the norms, no. That
01:00:57
is the wrong incentives. There needs to be a loud and clear message to the Republicans who are grabbing this their
01:01:03
ankles as America gets [ __ ] here. Be clear. You want an autocracy? Fine. and we'll show you an autocracy when we're
01:01:11
back in charge. >> Sorry for sorry for the lecture. >> Okay. I think they're not going to be
01:01:15
invited at the next Democratic getaway. I There's other ways to fight back that
01:01:19
are just as devastating to them that you don't have to do what they did. There's
01:01:23
lots someone called me from one of these companies and it's like, "Oh, I don't
01:01:27
think the Democrats are going to hurt us." I said, "Oh, they're going to hurt
01:01:30
you. You're just not the same way. >> They're not afraid. They think we're
01:01:33
going to go back to strongly worded letters." >> No, they're not going to. I think
01:01:36
there's going to be action. I do. I just don't think we have to do it the way
01:01:39
Trump is doing, which is essentially acting like Putin. Anyway, we have we have to we have to uh move on. But just
01:01:45
for people who don't know, Trump's favorite judge, speaking of fails, Eileen Cannon just blocked the public
01:01:50
release of special counsel Jackson's report on the classified documents case
01:01:54
against Trump trying her best to get into the Supreme Court. Eileen or Ailen, whatever your [ __ ] name is, you suck
01:01:59
and you're going to be overturned on appeal. Um anyway, we want to hear from
01:02:04
you. Send us your questions about business, tech, or whatever's on your mind. We don't want to hear from Judge
01:02:08
Cannon at all anymore, hopefully. Go to nymag.com/pivot to submit a question for the show or
01:02:13
call 85551 Pivot. Elsewhere in the Cara and Scott universe this week on OnWith with Carara Swisser, I spoke with Chris
01:02:21
Appleands and Maggie Kang, directors uh of the K-pop Demon Hunters. Maggie is also the creator. And Scott, you got a
01:02:28
mention. Let's listen. >> How do we get Scott to watch it? Do we just tell him every Let's tell him
01:02:33
everyone's hot. That'll work right cuz everyone's hot. So, watch it. Do it.
01:02:38
>> I just got him to watch Heated Rivalry. >> So, I know it took a bit, but I finally
01:02:43
got him. I am going to make when I'm with him at South by Southwest, I'm
01:02:47
going to go to his room and we're going to watch it. He and I I I will have to
01:02:50
cuddle with him. But that's what's if it takes that's what it takes. I'm going to
01:02:54
do that. So, I will I promise I will get him to watch it and I will give him an edible
01:02:58
>> and I'll put him right in front of it and that's how it's going to go. Just so
01:03:02
you know, >> show >> K-pop Demon Hunters. >> You have not watched it.
01:03:07
>> I have not. But I don't have young kids. Isn't it for little kids?
01:03:10
>> No, it's an adult movie. Just watch it. You're going to watch it with me. You
01:03:13
and I are going to watch it. Okay, we're going to >> Yeah, that's definitely got to involve
01:03:16
some sort of THC. >> Okay, we won't >> K-pop Demon Hunters. It's They're sexy
01:03:22
cartoons. You'll love it. >> Aren't those folks billionaires now? It's not the most watched thing ever on
01:03:26
Netflix. >> It is, but I think they got didn't get again like he did rivalry. They got they
01:03:30
got it for a song. Uh, but I think they did fine. I mean, they're amazing. It's
01:03:33
an amazing podcast. I love K-pop Demon Hunters. It's not for kids, actually.
01:03:36
It's a It's a very complex show. Okay, that's the show. Thanks for listening to
01:03:40
Pivot. Be sure to like and subscribe to our YouTube channel. We'll be back on
01:03:44
Friday.