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No one says at a funeral, you know, this guy didn't participate in the SpaceX IPO
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cuz he had real integrity. As we tape on Thursday, SpaceX is less than 24 hours out from its stock market
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debut, and we've got a special guest here to help us break it down. Let's
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bring in Stephanie Rule, anchor of the new MS Now show, Money, Power, Politics at 9:00 a.m. Welcome, Stephanie.
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>> Thank you so much for having me. >> Good. Well, well, first, um, we're going
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to talk about the SpaceX IPO. The company has set its price at $135 a share, valuing the company at 1.77
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trillion. SpaceX IPO will likely make Elon Musk the first trillionaire in the world ever, and make over 4,000 current
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and former SpaceX employees, millionaires. Uh, but if all of the IPOing isn't enough to keep Elon Musk
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busy, has taken X to involve himself in ant very terrible anti-immigration riots
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in Northern Ireland, saying only by protesting repeatedly. and loudly would there be any change. He's supporting a
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lot of really hor heinous people there. In response to criticism about his support, Mus posted, "Murderous migrants
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beheading innocent people in their hometown is what's making people angry, not social media." So, he's he's making
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like terrible trouble ac and and the the the British government is is has responded quite a bit to his
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involvement. Uh he's been meddling over there for quite a while now. So, first
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let's talk about the IPO. Scott has has had really great analysis of it and a
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lot of people like Asswath at NYU and others are like this is this price is ridiculous and at the same time it'll
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probably jump up and then jump down essentially. So let give us your headline. People who are in who are
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buying who are investing people who are participating in the IPO they're not
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buying SpaceX you're betting on Elon Musk. You are buying Elon Musk. The amount of control he has over this
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company is unprecedented. And I'm not saying people should or they shouldn't,
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but that's who they're betting on. And it's extraordinary to me because even
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think about what you just mentioned with where he's taken to X and with regard to
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the protest in Ireland. We even haven't heard one word from the underwriters of
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like are we okay with this? Do you remember it was five or six years ago when it's sort of like at the height of
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me too when Goldman had the big proclamation of like we're only going to be doing deals with you know with
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companies that are have a commitment to diversity and you know that's and I'm
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like >> where like do we not have one shred of a moral compass here and the answer is
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that we don't no one is mentioning this and and when you think about how wealthy
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he's about to become >> and I'm not insulting it or complimenting it I'm just saying I just
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want people to realize realize this is a person who directly impacts what's happening in a war by pulling Starlink.
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This is a person who wants to control information so he buys a social media platform. This is a person who realized
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through Donald Trump he can invest in candidates and by investing in candidates get whatever he wants. Like
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the reason I think we're now going we are seeing an unprecedented amount of money uh going into these elections is
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because Elon Musk and Donald Trump prove that it works, right? You're not just
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getting a little bit of influence. SpaceX's revenue. It says it right in the perspectus comes from government
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contracts. And so you we could all say this is hanky. This isn't how capitalism
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works. This isn't how democracy should work or free markets. But for the investment community is saying in my
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opinion, if you can't beat them, join them. I'm here for the I'm here for the
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money. Here for the dough, Scott, >> I like Stephanie's take that it's the
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boring stuff that moves the needle. >> Sorry, what' you say? I couldn't hear
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you. >> I like stuff. I like my good friend Stephanie's steak. And by the way, slip
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into my DMs if you ever decide that uh you know, you've had it. You just you've
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just had it. You know how to reach me. >> You know how to reach me. Um gross.
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>> Anyway, sorry. Um gross. Exactly. Where are we? Yes. DM slide into my DMs.
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>> Uh look, by the way, she'd slide into my DMs faster than she'd slide. That is
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correct. That is 100% correct. If there was a choice, >> I think that's true of most of our
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guests. >> Yes. Anyway, move along and take her seriously, her thoughts, her deep
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thoughts on the situation with Musk. The thing that's not getting enough reporting is that uh essentially
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M's ability to lean on Trump who then called Paul Atkins and said make the wave all previous rules and include this
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company in the NASDAQ um 100 is going to create 30 to$50 billion in additional demand for a company with a float of 100
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billion. So to use an analogy, imagine on any given week there's a 100,000 people looking for homes in San
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Francisco and that creates a certain price discovery and certain pricing for housing. Imagine if all of a sudden same
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number of houses for sale, there's 150,000 buyers. So when you look at the incremental demand of 30 to$50 billion
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is what I've calculated from things like QQQ and MSCIN indices that are now forced to buy a company that might be
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four to 6% of the index. meaning that 4 to 6% of their capital under management has to be used to buy SpaceX stock
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despite the fact again in a violation of pre-existing rules that has been waved only has 5% of its float out you have
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what is in my opinion the greatest degree of manufactured scarcity ever in an IPO and this is about to be the
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greatest transfer of wealth from retail investors since crypto >> 100% and and Cara just add into that
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what you originally said about who Elon Musk is like go back to Ireland like we're not just making the like we're not
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just making a person a company this extraordinarily powerful it's this person
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>> who he is what he's done what he stands for that's sort of the thing that I want
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to sort of underline and highlight >> he's skated skated around doge he's
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skated around and this will give him an ability to skate around everything right
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unless it goes up and down right because he's not always been he wasn't successful in Wisconsin for example his
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brand has gone to hell. You know, nobody's buying Teslas. There are there are implications, but this gives him
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another life. Sort of a Lex Luthther just got another the cat got another life essentially.
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>> Yes, there's implications, but when you think about the stronghold that they
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have over the government, think about the amount of government contracts. When you say even if things go down, like
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once you are embedded in the government with these government contracts, it's
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like a tick biting you, right? Like you don't just get a tick bite and pull it
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out. The tick bites all the tentacles pop out and it doesn't come back out. So
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when people even say, "Listen, when we have a different administration and they
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see things differently, a lot of these things are are going to pull back out."
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Once you're this entangled in the government, it doesn't work that way. He's in. Well, what if the Democrats get
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in? Does he is he in there? There they certainly, you know, Elizabeth Warren is of course is always speaking up about I
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know. I get it. I know. But she's speaking up at least. She's like, "Look,
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this is not a good thing to She's going to He's going to hurt retirees." That's
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one of her things. She has a number of them. You have Bernie Sanders wanting a chunk of companies like his and other
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like an open AI or whatever. How many years have we talked about closing the carried interest loophole? How many
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years have we talked about banning or limiting or adjusting congressional stock trading? For a zillion years. How
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many years have we talked about social media regulation uh and when Democrats had control? Sure. But I just think once
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you're embedded in the government, look at look at the case of Michael Dell.
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Okay, Michael Dell, glad he did donate$6 billion dollars to the Trump baby accounts. Super duper. Trump then says
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everybody should go out there and buy Adele. The stock goes on. Trump buys the stock. And then Michael Dell gets a $9.5
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billion government contract. I'll bet my bottom dollar that come December if if
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if Democrats take control, I don't think that government contract's getting
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cancelled. Do you? >> No. No. No. But is there any price to pay for this kind of stuff? And and I
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want to get back to the stock itself. >> Well, there should be a price to pay
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because Democrats should be focused on two things as it relates to the midterms. Affordability and
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accountability. If those are the two things that they can nail a message and a plan for, then they actually have a
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chance to take control here. >> So, so what what what is going to happen with this IPO? How does it go? You've
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been you've worked in this sector. Talk Scott's talked. He thinks it's going to
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be a pop, then down, and then a trough. you've seen all these charts, then a
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trough for a while and then it'll start to go up so that people say buy at the
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trough. Listen, there's so much excitement. There's so much enthusiasm. I mean, I just saw something the other
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day with Jamie Diamond talking this up and and they're not even the lead underwriter on this. Like, there's just
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so and and listen, there's just so many people who are like Elon Musk, the guy
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who controls the world, I don't know, let's bet on him. Like like people just
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want in. And especially as you can take remember when at the height of of COVID when Trump the control Elon Musk had the
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time like how he basically created meme stocks right Elon Musk we're taking it
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to the moon and people were all in and I think nerds like us are reading all 22,000 words of a perspectus but there's
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scores of people out there who are just like I just want in even if it's for a
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minute. Now, Scott, can you note you had noticed a vibe shift though, right? It feels and then another friend of mine
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said they got a call from their broker to get into it now, which is a they thought was a bad sign is like a it
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wasn't an email and they were way down on the list. Um, Scott was talking. Scott, explain your feeling that the
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vibe is off, but maybe >> I think there's just been a tangible shift in vibe against AI. AI has gone
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from 75% approval to 25% and I do think that there's some wobbliness in the markets about maybe this the economics
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that the technology will survive but it the valuations may not. Having said that
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SpaceX is I mean Stephanie's right there's just a lot of people this is a
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cult not a company that will invest in anything that Musk puts forward. And to be fair, even companies that made no
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sense from a bottoms of valuation standpoint, he still figured out a way to show return to those investors who
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were willing to hold on to a mediocre automobile company that was trading like a software stock. So, a lot of people,
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you know, the cult, a lot of people think that the decline in Bitcoin price is because people that same kind of
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person is selling their Bitcoin to be in uh be in this company. But basically, what you have, just to remind everybody,
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>> you have a great company with great malts. That's a rocket company. The
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company that makes all the money is basically Comcast and space. It's Starlink. And then you have this
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ridiculous money furnace attached to it called, you know, XAI and it's going out
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at 100 times revenues. But right now, just back to the prediction car, I'm now
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convinced it's not only going to pop out of the gates, it'll close first day up
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because I think some of the brightest minds in the history of finance with government control and the SEC on board
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have created a way to just pull off so much manufactured scarcity. You're not
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allowed to go public unless you issue at least 10% of the firm shares. They got a
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waiver to say, "Oh, only 5%." So, so just look at it this way. Demand.
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Demand is the the velocity of the water coming out of the hose. Supply. If you can constrict supply, you constrict the
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circumference of the nozzle. They are constricting the nozzle such that the the the velocity of the price here is
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going to be extreme to the upside. >> So they're creating they're creating
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false market. Professional investors know this. So, while Scott can be telling all of this as a warning or a
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problem and we should be concerned about it, even if professional investors fundamentally agree with Scott, and I'm
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sure they do, they're also saying, "Yeah, but guess what? It means the stock is going to go up, right?
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Buying a stock doesn't mean you're buying a house and you're locked into it
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for the next four years." And remember when Trump won and Doge was created, all
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three of us and scores of other people called Elon Musk a shadow president. And while he might not be sleeping on Steven
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Miller's couch anymore and going into government agencies with a chainsaw, he
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still has an enormous maybe even more influence over the government. We just don't see him walking into the Oval
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Office with his son on his shoulders. And people know that. And when he's got
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that much influence over the government, or I'm not going to I'm not going to go
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as far as to say Trump in his pocket, but Trump at least, you know, on his shoulder, that for many people, while it
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might not be the right thing uh morally, is going to be the right thing financially. And that's what the markets
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are about. >> Okay, let me we have one question for you. You have to go in a few minutes,
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but let's listen to one more SpaceX question we got from a listener, Holly. >> What do you think about collective
00:12:53
divestment of funds that automatically include SpaceX stock? Would that sufficiently communicate that a lot of
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people are not okay with the changes that allowed this to happen? >> First you Stephanie and then you Scott.
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>> Yes, it would make a diff listen any sort of um economic boycott and we've
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all talked about that for the only place you hit him where it hurts is an economic boycott. Like you can have the
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worst stories, you can have the worst headlines, you can drag all these guys to DC and have a hearing where Katie
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Porter pulls out a whiteboard and says you're naughty naughty naughty. They don't care. They got on their plane and
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they go home. But if there when and if there are significant uh economic boycots, then they have no choice but to
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respond. I just don't know if we're ever going to see something like that. Right?
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When we talk so much about, you know, Bezos and Amazon and as people are saying like, I hate it or I hate those
00:13:44
social media companies, they're saying it while they're scrolling through
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Instagram and then ordering Amazon packages. Scott, very briefly, >> people will opt for their economic
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security and if they think they can get 10 or 20% in a two or one or two hour trade, they know this is overvalued.
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They know that the game is being rigged here and they will take the allocation to get their 10 or 20%. No one says at a
00:14:05
funeral, you know, this guy didn't participate in the SpaceX IPO because he had real integrity,
00:14:09
>> right? That's true. That's a Well, they'll say that at mine. Um 7, you have
00:14:13
a few minutes. Just a few more stories very quick economic stories. Um, OpenA has filed for an IPO. The company has
00:14:19
not yet decided on timing, saying in a statement, "It may be a while because
00:14:23
there are things we want to do that are likely easier for a private company." I
00:14:26
don't know what that is. Like what orgies? I don't know. Open has last in
00:14:31
their defense. There's a lot you have to do, explain, account for when you go
00:14:36
public. It's not easy. >> Um, open was last valued at $852 billion. The filing comes shortly after
00:14:43
rival Anthropics. Uh, which of the three are you betting on? And how worried are
00:14:49
you about the concentration of so much market value in just a few companies? Does the does it make the entire Scott
00:14:54
has been talking about how the entire market is fragile? The entire market is fragile and I think the name of the game
00:14:59
for all of them honestly is to be you don't want to be the last one to IPO, right? There is this huge appetite for
00:15:07
AI. Everybody's so excited, but there's so much and there's potentially so much
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overdevelopment. I think you just don't want to of all of them. You just don't
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want to be the last one you when you've exhausted the market >> when it's already exhausted. Okay,
00:15:18
Scott, anything really briefly? >> No one is rooting for this IPO more than
00:15:24
uh Elon Musk other than Sam Alman. This sets the tone for the next couple IPOs. If this comes out really strong, these
00:15:32
guys are going to be able to come out and say, "Look at our numbers versus SpaceX and you were willing to buy in it
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100 times." Open AI and Anthropic are going to look like value stocks compared to SpaceX if
00:15:44
SpaceX holds up. >> Yeah. Yeah. If it holds up, if there's >> in the case of Open AI and Anthropic,
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especially as it relates to a retail investor, those are companies that people actually could say they know and
00:15:54
they see more than they do SpaceX. That's a good point. All right, one last thing. Inflation was up 4.2% annually in
00:16:00
May, the highest in three years. Much of the surge came from the increase in oil
00:16:03
prices obviously which have ridden 35% in the months since US and Israel attacked Iran. But fear not, President
00:16:09
Trump is feeling optimistic about the situation. Let's listen to a clip. >> Are you concerned, Mr. President, about
00:16:15
the latest inflation number which came out this morning? Could that be a >> No, I love it. The numbers were great.
00:16:21
>> You know what I really love? I love the inflation. >> Okay. How how much does he love
00:16:26
inflation? Both of you. First uh first you Stephanie, how much would it rise before he started to not love it so
00:16:33
much? >> Well, two things. Like as somebody who spent his life deeply in debt, I guess
00:16:38
he could say yes, it inflation works for me. If you put it in full context or when he tried to do a cleanup later,
00:16:44
he's basically saying inflation's not bad. Think about where it could have
00:16:48
been, right? People thought oil was going to be $200 a barrel. But the fact of the matter is, and he said just this
00:16:55
week, like, listen, uh, gas prices were really high when Biden was in office, which was the case when Russia first
00:17:01
invaded Ukraine. But guess what? Those high prices and inflation, I would say, were the fundamental reasons why Joe
00:17:08
Biden and subsequently Kla Harris didn't win the election. Joe Donald Trump promised to lower prices day one. He
00:17:15
obviously hasn't done that. I think when he talks about affordability being nonsense or an oldfashioned term, I
00:17:21
think he's telling the truth because he is in a gilded cage surrounded by people
00:17:25
who have made who are already super wealthy and they've made more money in the last two years than is even
00:17:31
conceivable, but where it's politically devastating and not necessarily for him
00:17:36
because he doesn't need to be president again, but for every Republican running.
00:17:40
That soundbite of the president and that's what they'll use. Inflation's
00:17:43
great. That hurts. You and I both have mothers that voted for Donald Trump and I assure you she my mother does not
00:17:49
think inflation is great and she could tell you the price of London broille and the price of gas today
00:17:55
Republicans I say London broil cuz like that's that's an old London would you
00:17:59
like some London broille Scott really briefly? >> Well people don't 4.2% 2% doesn't sound
00:18:06
like a lot, but what you need to what you need to do is quick math for people uh in terms of compounding. And that is
00:18:15
at 4.2%. If that holds, that means the tuition to go to NYU at $62,000. If you have a baby today, when the baby's when
00:18:23
the kid is ready for college, tuition is now $125,000. Or bring it back just 5 years. It's
00:18:29
easier for people to wrap their heads around. That means a car that costs $50,000
00:18:33
is going to cost um 6 uh $61,000. It's not 4.2, it's 4.2 compounding. And
00:18:41
the other thing about this inflation print that's so bad is for the first time in several years, uh inflation is
00:18:47
now greater than wages, meaning the quality of everyone's life, their prosperity is diminished.
00:18:52
>> But not for Trump and the people who are around Trump and he's happy as a clam in
00:18:57
that bubble. I think if it wasn't for the war in Iran, he would be on cloud9.
00:19:02
>> And also, it it just bears mentioning that for the three of us, it really doesn't
00:19:07
matter cuz we own stocks, we own assets, we're we're hedged against inflation cuz
00:19:12
our house goes up 4.2%, our stocks go up 4.2% because Apple will raise its prices. Who this hurts are earners that
00:19:20
don't have assets yet. So, and and let's be clear, revolutions don't start
00:19:25
because people are unemployed. They start because people are working two jobs and are still hungry. And this is
00:19:31
yet again is another it's another there's still Argentina's had 120% of
00:19:36
inflation. There's a class of people there that have always stayed wealthy because they own land. So the land
00:19:41
owners and the stock owners traditionally older people in the United States are just fine. Inflation is yet
00:19:47
again another transfer of wealth from nonasset owners who are earners to the asset owners. Cara, when let me just say
00:19:53
when people say when wealthy people say they're panicstricken over Zoramani uh coming for capitalism and and and the
00:20:03
and and leading the eat the rich sentiment. He's not leading the eat the rich sentiment. Donald Trump saying I
00:20:10
like inflation is fueling the eat the rich sentiment and the mayor and the tech bros saying all manner of nonsense
00:20:17
every day of the week and twice on Sunday is the same thing. It's anger. It's anger inducing and that's where you
00:20:22
feel it I think. Um, okay. Prediction on which of the IPOs coming or is the stock
00:20:28
market about to take a deep fall as many people think. So, which of the of all the IPOs, which one would you buy into?
00:20:34
And are you worried about the stock market? >> Listen, I've been saying I've been
00:20:38
worried about the stock market for quite some time. And if you talk to, and I'll
00:20:41
be quick, and if you talk to CEOs that are not the Magnificent Seven or that run companies that are impacted by
00:20:48
tariffs or mass deportation, those companies are not booming. They are struggling. They can't walk into the
00:20:54
White House and offer Donald Trump a plane or god only knows what. It's not so easy for them. So, I think under the
00:21:00
hood, things aren't great for lots of companies. But honestly, I can't I'm not
00:21:04
betting against the stock market because the only way it's been going is up. and
00:21:08
a current appetite for AI. To me, it might be fragile, but it's big. >> It's big. All right. Which one would you
00:21:13
buy? It's on a plate in front of you. If I was hanging my morals out the window,
00:21:19
I'd buy all of them. Oh. Okay. All right, then. There you go. All right. Thank you, Stephanie. And everyone, be
00:21:25
sure to watch her new MS Now show. I'm going to yell it. money, power, politics. Weekdays at 900 a.m. She's
00:21:32
going to be getting up early to give us the the lowdown on everything, the the the hot takes. Tell us what what this
00:21:39
move is about very briefly. What is the situation with MPP? Uh I think we need a
00:21:44
great big uh uh morning show. I think that especially obviously we cover politics, we cover current events, but
00:21:51
the economy is the number one thing that people vote on. Tomorrow, as we talk about the SpaceX IPO, we're going to
00:21:57
have a newly minted trillionaire. We are 16 years out from Citizens United and have more money going into politics than
00:22:04
ever. And not just politics cuz, hey, I like this candidate. Politics because it's directly impacting policy. Not to
00:22:12
mention the gargantuan grift and corruption under our nose right now. I couldn't cover all that in one hour. I
00:22:18
thought it was important that we covered it in and we covered it in the morning uh for two hours and in a way that we're
00:22:24
sort of setting the tone for what we cover here because it's not just about following Trump and the crazy thing he's
00:22:30
saying today. We're fundamentally changing potentially the way our economy works, the way capitalism works, and I
00:22:36
think we need to cover it in a comprehensive way. And you guys know this as well as I do, the way that
00:22:41
business news has traditionally been covered. It's business zoos covered for
00:22:45
an audience that that invests in the markets. And when CEOs go on TV, they're
00:22:50
not necessarily giving their worldview. They're talking about specific information about their companies that's
00:22:56
going to impact their report, their stock performance that day. We need to have much bigger and broader
00:23:02
conversations than that. 9 in the morning, too. So, you're on Morning Joe. So, Morning Joe sort of yammers on for a
00:23:07
long time about politics mostly. So, you're gonna come in with a real hard hard-nosed show in the morning
00:23:13
essentially. >> Yes. But also, I mean, yes, at 9 in the morning, but I also think, and you guys
00:23:17
know this, I actually just talked about this in an interview the other day. I think that when people watch TV, yes,
00:23:22
people watch live TV, but it's more you watch the show that you want to watch.
00:23:26
And if you make an important show that matters, it doesn't actually if you if
00:23:30
Landman is your favorite show or Friends and Neighbors and I said to you, "What
00:23:34
time is it on what day?" You might say like, "Oh, I think it comes out on
00:23:37
Fridays." I think the for me the most important thing isn't who's necessarily
00:23:42
watching me at nine. It's how do we make the best show that counts because that's
00:23:45
what people are going to want to see. Think about the way pivot. Think about the way people consume pivot.
00:23:50
>> Yeah. Yeah. Usually when they're drunk, but um no no morning running. I
00:23:54
>> not just Scott. Not just Scott. >> By the way, Stephanie, you I don't know
00:23:58
if you This is very much related to what you're talking about. We were talking
00:24:01
about Taylor Swift and I don't know if you guys heard, but all of her exes are
00:24:06
getting together and collaborating on an album and it's going to be called Maybe
00:24:10
She's the Problem. >> Oh my god. She saved the Knicks. Don't don't don't listen to him. Stephanie
00:24:15
Stephanie appreciates that. >> Don't answer the question. >> Stephanie appreciates that. By the way,
00:24:19
just let's divert from the news. When Stephanie calls me, I'm both excited and
00:24:24
scared cuz typically typically her calls start with Typically her this is not exactly her call start with I think
00:24:30
you're really [ __ ] up. >> Oh nice. >> Or I'm worried about you.
00:24:34
>> I get a version of that too. Interesting. >> Whenever she calls I'm like uhoh. This
00:24:39
is either going to be very good or very bad. >> You know what that's called? A person
00:24:42
who doesn't waste time who's an actual friend. I called a friend. I called
00:24:47
Scott on a personal issue the other day and when I started the call I said let me get to somewhere private and he
00:24:53
immediately said are you getting a divorce? >> Oh my god. All right. >> No, I didn't. That's why I said wait
00:24:59
till the kids are gone. >> Yes. Okay. >> Wait till the kids are out of the house.
00:25:03
It was a divorce. It was I was calling Scott for some parenting. I was calling for actual parenting advice from Scott
00:25:09
which he is fantastic at when it comes to boys. and his immediate response before I just said, "Let me get to
00:25:15
somewhere where no one else in the family could hear me. Wait till the kids are out of the house," was his response.
00:25:20
"Thanks, Scott." >> Oh, okay. All right. >> And then he proceeded to give me
00:25:24
incredible advice. So, may I just say, I have two fine sons. You might >> Yeah, we've heard over and over.
00:25:31
>> They're amazing. Any one of them is quite good at cooking if you didn't.
00:25:34
>> He is. He's working for a restaurant now, Stephanie. In San Francisco, he's
00:25:38
very excited. He has a little outfit, too. >> The other is at Michigan. He's
00:25:41
wonderful. Oh, he's got a fantastic girlfriend. No. >> He's got No, he's got a fantastic He
00:25:45
loves his job. He's he's manufacturing things in an advanced way. >> Thank you all so so much. I love you
00:25:50
both. All right, guys. Good to see. Anyway, uh let's go on a quick break. When we come back, uh the Trump
00:25:56
administration's freakout over Jeffrey Epstein. >> Support for this show comes from Navon.
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indeed sponsored jobs. >> Scott, we're back. The Trump administration cannot escape the examine
00:27:42
files, nor should they be able to, no matter how hard they try. And we're now
00:27:46
getting more details about the internal panic about Epstein over the last year. Maggie Haberman and Jonathan Swan shared
00:27:51
an excerpt from their upcoming book regime change with the New York Times. Here are some high both are New York
00:27:56
Times writers, by the way. Here are some highlights. The situation room became an
00:28:00
Epstein war room where strategy meetings took place. JD Vance suggested having Tucker Carlson interviewed Gelain
00:28:05
Maxwell in prison. There was talk of then deputy uh AG Todd Blanch going on Joe Rogan, but Vance wanted to go on
00:28:13
instead of Blanch. Don Dan Bonino warned um there would be uh President this would be President Trump's Iran Contra.
00:28:21
There was talk of nipples and President Trump's disrespect for nipples in the
00:28:26
room. woman. As funny as that sounds, it was pretty grotesque of his uh his his abuse of a young woman. Um but this is
00:28:33
what they're this is what the this entire leadership is talking about is whether and and whether he'll be able to
00:28:39
handle the nipple stuff getting out. Um it's not just the White House and has
00:28:43
nothing to do with nipples here. Bill Gates was on Capitol Hill this week testifying behind closed doors about his
00:28:48
connection to Epstein. Gates said Epste tried to use information about his extrammarital affairs as leverage after
00:28:54
the two had cut ties. Well, obviously he did. that he's an evil villain. Uh he
00:28:57
also acknowledged that meeting with Epstein was a grave error in judgment which he said before and put his
00:29:02
philanthropy work at risk and it certainly did including his own reputation. Um talk a little bit about
00:29:08
did anything surprise you about how the White House dealt with the Epstein stuff? They sound like [ __ ] amateurs.
00:29:12
Every time I was reading it I was like what a bunch of amateurs. Big fights between Bonino and Patel and Bondi and
00:29:19
Susie Wilds just sitting over it like a demented mother who doesn't know how to
00:29:23
control idiot children. Um, will this be a major issue in in terms and I will say
00:29:28
as you know I was very much early on saying this is a real problem. Reuters is out with a new poll. 75% of people
00:29:34
think the government is hiding information on Epstein's clients and a lot of it is falling as much as Trump
00:29:39
has tried to push it off onto other people on the president himself. Thoughts? >> So I think we agree that it should be an
00:29:45
issue. I don't think it will be. Um, there's recent data showing there's
00:29:49
these March focus groups ranked Epstein sixth amongst voter concerns ahead. you know, so it's well in the back of the
00:29:56
bus here. Um I think it is. Again, I I unfortunately I just don't think it's
00:30:02
that big of an issue. I think I think the American public is so numb to this kind of stuff, especially in the Trump
00:30:08
administration. What I I what I actually found more interesting was the whole Gates testimony. So when you call
00:30:13
someone to come testify in front of a special committee or whoever testified, >> you have some say in it. They made they
00:30:20
got it behind closed doors and they got it during the NBA finals, during Iran, during the SpaceX IPO. This is the bit,
00:30:29
this is what you do. You know this business better than I do. When you have shitty news,
00:30:33
>> you bury it in a big news day, right? >> Behind closed doors >> during a very, very heavy business news
00:30:39
week. This story is gonna come and go. Well, I still think it's a I I'm going
00:30:43
to disagree with you because I think I was actually completely accurate at the beginning of the Epstein thing that it's
00:30:48
a big deal. I think among the base of people, it remains an illuminating and and and a thing that gets them going. I
00:30:56
don't think it goes away. And what was interesting was Dan Bonino during this
00:30:59
whole thing kept saying that to the Trump people that this is not a they kept minimizing it, saying it's not a
00:31:04
big deal. It's not a big deal. It was a big [ __ ] deal. And this is something
00:31:08
I knew from reading all these QAnon boards. This is this is at the center. I think it's still at the center. I think
00:31:13
it creates an atmosphere among people like Rogan and others of these [ __ ] liars. And I think
00:31:20
>> I think Iran's a bigger deal for them than >> it is now. But I'm saying it does this
00:31:24
is like one more, you know, another brick in the wall like that kind of thing. And so I think Epste remains a
00:31:30
bearing wall of this presidency and he cannot get away from it. And when I I get the nipple thing and everything else
00:31:36
and as much as I think he's kind of like an oaf, Danagino had it right and so by
00:31:41
the way did Vance. Although Wilds was sort of accusing of being a conspiracy theorist, but I think Vance had his
00:31:48
finger on the pulse of bringing it out like as much as possible even if it hurt the president um slightly because the
00:31:54
the transparency was more important than what's in it. Um, unless of course there's very clear and inconvertible
00:32:00
evidence that he slept with a with a underage girl, which it's still not proven. Um, it's there's been a lot of
00:32:08
allegations of it certainly. Um, so I think it's still there. I think it sits
00:32:12
there like mold. It just sits there and it sits in the minds of a lot of people like Massie and even though he's zeroed
00:32:19
them, he has not zeroed them. I don't think by any means and I think Vance knows it and Bino certainly knows it
00:32:25
with Gates. Look, this you're right. He This was a good time to do his and he
00:32:30
kept going, "I'm here voluntarily." Did you see that? Which was kind of
00:32:33
interesting. Um I think this has hurt his reputation. >> Oh, yeah. No doubt.
00:32:37
>> For for a long long long time. I think he is this is he is going to suffer.
00:32:42
This is going to he has done some amazing works. >> I think his wife is looking f his
00:32:47
ex-wife is looking fantastic with all this different financial things she's putting out and handling her image quite
00:32:53
well throughout this whole thing. Um, but I think he is permanently harnessed and I'm not sure how any conversation he
00:33:01
has going forward does not include this topic. So I think he has done enormous damage to himself by affiliating himself
00:33:08
with Epstein and um it was a grave error in judgments and it did put his philanthropy at work. So that's I think
00:33:13
it's there. I think it's still there. Anyway, all right. Uh let's go on a
00:33:17
quick break. When we come back, Paramount lashes out against Netflix. This is advertiser content from Harvey
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00:34:58
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shipstation.com code pivot. Taxes and fees apply. Scott, we're back with more news in this
00:36:03
endless [ __ ] merger. Uh, Paramount is accusing Netflix of waging a scorched earth campaign to kill its 110 billion
00:36:11
dollar deal with Warner Brothers. In a letter to the DOJ, Paramount's chief legal officer, Megan Delrahee, says
00:36:17
Netflix is trying to quote, "Poison regulators and other stakeholders against the merger." Oh, come on, M. I
00:36:22
know Megan. Of course they are. Netflix is calling their claims absurd. Um, it's
00:36:27
not the only thing Paramount is doing to get the deal across the finish line. company reportedly submitted a list of
00:36:32
concessions to head off antitrust lawsuit by California and several other states. That'll include New York and
00:36:37
possibly Massachusetts. I'm hearing um uh I recently actually I've gotten notes
00:36:43
from people in Hollywood saying this thing is a little shakier than it looks. I'm I'm not so sure about that, but I'm
00:36:48
surprised I'm getting them. The EU is also currently reviewing the merger in
00:36:52
light of backing of those um in light of the backing of those middle uh Middle Eastern wealth funds. um thoughts
00:36:59
anywhere >> of of all the media CEOs, the one I know best, which isn't very well, is Ted
00:37:05
Surround us. And any campaign to try and undermine to undermine this would have to have
00:37:11
Ted's blessing. And this just isn't Ted's style. He He's not >> He's just going to wait and buy it when
00:37:17
they [ __ ] it up. They're 80 billion. >> And I don't see I don't see any exterior
00:37:22
lobbying of people who are clearly in, you know, Netflix's back pocket. that I
00:37:26
don't see a bunch of Democratic senators getting all jonesed up about this. So, I
00:37:30
just it doesn't it doesn't ring true for me. What does ring true is that some
00:37:35
blue state AGs are starting to look into it and may file I've met with them. They
00:37:41
absolutely are >> and may file may file suit, but I don't see it just when I read that it doesn't
00:37:47
what what I do what I know about Ted. He's Ted is kind of, you know, when Ted
00:37:52
retires, he's he'll probably be like a diplomat cuz he's just not the kind of
00:37:56
person to [ __ ] post or go on the offensive. >> I think they're trash talking it behind
00:38:00
the scenes like because of the obvious situation. This has enormous amounts of debt on it.
00:38:05
>> But but I I interviewed him on stage in LA and I gave him, you know, an opening.
00:38:09
I said, "Isn't the creative community going to scream out in horror when this
00:38:15
when this acquisition closes and because of the AI and, you know, get trying to find efficiencies for overpaying. I gave
00:38:23
him I set him up to and he just he immediately pivoted to something else and said he hopes they do well. I I just
00:38:30
don't >> He's just not that he's not of that ilk. >> No, I think they're shooting themselves
00:38:34
in their own feet and they want to blame other people. They're they This has been
00:38:38
more accurate than clottish. Every step of the way this this acquisition feels clottish and and the debt is the debt.
00:38:45
That's what it is. And one of the things I want people to focus on is there's a
00:38:48
huge amount of debt. They're going to the ugliness is not now. Even though there's a lot of ugly right now, it's
00:38:54
going to happen once the deal is is struck because these people cannot make keep the promises they've made. They're
00:38:59
not very good promise keepers. Some might call them mendacious at times. Um uh but they will not be able to keep up
00:39:06
their um what they are saying they're going to do. And that's when the ugliness will truly start when they have
00:39:11
to make these cuts which have to be significant. no matter what they say, unless Larry Wilson decides to just take
00:39:17
his money and bankroll the whole thing, which I don't think he will, um, this is
00:39:21
going to be tough for for Hollywood and they know it. Um, and I think they're
00:39:25
going to they're going to have real troubles and and then that's when Netflix comes in and sucks up all the
00:39:32
pretty parts would be my guess. >> I do I actually think it probably closes
00:39:35
though because I talked to an economist this weekend and he said it doesn't really fit
00:39:39
>> the her monopoly in terms of streaming. Um, if you factor in linear content from
00:39:45
their flagship channels CBS, HBO, and HTV, the hypothetical combined platform gets roughly 20% of total US hour
00:39:52
streamed, and Netflix is at 60. In terms of total TV viewing time, combined Warner Brothers Paramount um, streaming
00:40:00
and TV All-In would represent about 12.2% of total US viewing, TV watch time, and that's less than YouTube
00:40:06
currently has at about 13%. In terms of box office sales, Paramount and Warner Brothers represent roughly 25% of the
00:40:13
domestic box office. So, and they're just so well connected with Trump. They'll end up selling off like
00:40:19
Spongebob Squarepants so some regulator can feel like they've got a win or something or divesting of some stupid
00:40:25
children's program, but I think this goes through Kali has it at 75%. I think
00:40:30
it's actually higher than that. Yeah, I think I just I've just noticed a lot of
00:40:33
Hollywood people and the smart ones, I'm not talking about the dumb ones, um have
00:40:37
been like, "This feels bad. Something feels bad." But I think it's largely all
00:40:41
the noise around CBS and the disaster they're perpetrating there. But um but I
00:40:46
think it's more um I just think there the pain is going to come once the deal
00:40:50
is done. That is where it's going to happen and you're going to see like how
00:40:54
are they going to get out of this box? And there none of them are Houdini in that gang. So um that's that's the
00:40:59
problem. Um, we'll see. We'll see where it's going, but definitely the state
00:41:02
attorney generals are involved. They're going to try to they will get them to
00:41:06
sell something up there. I am still very concerned about the backing of these Middle Eastern wealth fence owning this
00:41:11
much of our media, but you know, no one else seems to care. Um, but I find that really and I and EU will will they'll
00:41:19
have to they'll have to do a lot of favors for people going forward and later TS Randes and YouTube will take it
00:41:25
all over. That's my feeling like it's really these people are like not don't
00:41:30
count compared to those two and the where you should watch is YouTube and Netflix. That's pretty much how I feel
00:41:36
and Disney to a lesser extent. Anyway, last thing, Canada is the latest country to crack down on social media for teens.
00:41:42
The government proposed a bill this week to ban kids under 16 from using social media, though most companies can get
00:41:48
exemptions if they prove their platforms adequately protect young users. It's not
00:41:51
just Canada, as we said. across the pond. UK Prime Minister uh Starmer is weighing a similar ban. It's I think
00:41:57
Australia has one. It's it's comp it's it's across the world, but don't expect
00:42:01
this to happen in the US. Our embassy in London posted about the potential UK ban
00:42:05
writing the United States favors parental empowerment over government mandates, whatever. Also worth noting uh
00:42:11
though, Australia's social media ban is struggling. 70% of teens are still using
00:42:15
social media apps according to a recent report because they can get around this stuff. So I I think it's more teens
00:42:20
continued to smoke after we put stuff on packs and made it harder by them. I don't really think that should be the
00:42:25
goal there, but I think a society has to say this stuff sucks and is dangerous. So I don't mind just the saying of it.
00:42:32
So how do you how do you think about UK and and Canada doing this? >> I think it's great and I think it's
00:42:37
overdue. I don't I don't think there's any reason why anyone under the age of
00:42:40
16 should be on a social media platform. I think one of the greatest threats to our society is that we're evolving a new
00:42:45
species of asocial, asexual males. And that 40% of the S&P is now tied to trying to convince these people to
00:42:52
sequester from their relationships and be online. And part of the problem is just as their brain is getting wired
00:42:58
through puberty, you're teaching them to have constant visual stimulation and and
00:43:03
be staring at a I mean, there's even there's even evidence now that their
00:43:07
posture is changing. >> Oh, leaning over. >> Yeah. Unless you have >> back to Nanderl, right?
00:43:12
>> Unless you have collective action. And I do think these bands I you know PE
00:43:17
schools aren't going to allow you to have a phone. If you're if you're a
00:43:20
preschool or middle school, you're not allowed to have a phone or I mean anyways, I I think this is it took us 30
00:43:25
years to figure out tobacco or regulated. It took us 20 years with opiates. It looks like social went on
00:43:30
mobile in 2013. It looks like it's going to take us exactly about 20 years. But I
00:43:36
I think this is a great thing. Europe is leading on this. It's weird to describe
00:43:40
Europe as an innovator on regulation. But, uh, as somebody who has grown up with kids in the kill zone, exactly the
00:43:46
wrong age, at exactly the wrong time, >> right time. >> A lot of people will say to me, "I'm
00:43:51
really worried. I have a five and 8-year-old." I'm like, "No, no, no.
00:43:53
You're fine. We'll have this figured out by the time they're 13 and 14." But if
00:43:57
you went through COVID as a teenager and grew up with social media, I really think you faced some significant
00:44:04
headwinds uh uh in terms of emotional >> regulation. First of all, as I said,
00:44:09
it's it's a sign that society thinks it's important, just like we did with
00:44:12
cigarettes or seat belts. Not everyone wears seat belts. Not lots of teens smokes. Guess what? Lots of teens drink
00:44:19
even though we have rules. It's the society saying to its citizens, we think
00:44:23
this is bad. You can cheat and they will. No question. I think that argument is so false. Like, oh, teens will get it
00:44:30
anyway. I'm like, okay, they'll get liquor anyway. They'll get everything.
00:44:33
So, I think that's number one. It says something about your society that you
00:44:36
care enough and it isn't mandating. It's just saying like as with cigarettes, as
00:44:41
with drinking, we shall our teens shall not do this. And I think that's perfectly fine. And you know, the people
00:44:46
that say it's not, they're they're not paying attention to everything else. The
00:44:49
second thing is I do think social media is on the decline among young people, not among our people who are addicted,
00:44:56
fatally addicted to these things. Um, but I do think I I watch a lot of young people and I know a lot of them are on
00:45:02
there, but I think the age is a little higher. >> I put an asterisk on that. I think it's
00:45:06
declining among wealthy, informed young people who have strong parental influences and the money and the
00:45:14
resources to get engaged in other things. >> Fair point. >> I think if you're if you're the child of
00:45:18
a single mother, home alone a lot, >> I don't know. I you know I mean even
00:45:23
among young men do you know supposedly men ages 20 to 30 are spending more time in less time outdoors than prison
00:45:29
inmates. >> They're on a [ __ ] >> screen and just to just to go to school
00:45:34
>> gaming though I think I'm talking about social media >> some of gaming I agree but just the big
00:45:40
tax excuse has always been we can't find it would be impossible for us to detect
00:45:44
underage underage users. Guess what? When Australia passed an act, the platforms deactivated nearly 5 million
00:45:50
teen accounts in just one month. They were able to figure it out. And meanwhile, that very same detection is
00:45:56
being withheld from Americans because our federal government has no interest in protecting children from the harms of
00:46:01
social media. The Kids Online Safety Act passed the Senate 91 to3 and then died when House GOP leadership refused a
00:46:08
floor vote. So the the bill's been reintroduced and is stalled again. A March House markup was pulled amid
00:46:17
partisan fights over preeemption and 40 bipartisan state attorney generals are begging Congress to act, warning the
00:46:23
House version would gut state child safety laws. So this is >> I like you bringing the data, Scott.
00:46:30
>> Well, the last federal law protecting kids online was Kappa and it was in
00:46:33
1998. So wait, let me You don't think the world has changed in 28 years regarding technology and the potential
00:46:39
harm for children? Come on. I >> I would not ask you. I don't I think Australia is not working. is not the
00:46:45
question. It is teens will find a way. But I do think a society stepping out and saying it. And let me just note, I
00:46:51
don't know if you saw this. Um before we get to your prediction, the trailer just
00:46:55
came out for The Social Reckoning, which is the follow-up to The Social Network.
00:46:58
Jeremy Strong is from Succession is playing Mark Zuckerberg. He's got the voice on down pat, although he looks too
00:47:04
old. I have to say he's oddly looking old. But it's all about this. It's all
00:47:08
about and it's, you know, it's the story of Francis Hogan really pretty much. and
00:47:12
and these Facebook files and how this they had all they knew what they were doing and they did it anyway and this
00:47:19
was the first to me this was the moment that that Zuckerberg went villainous right that he that he that you started
00:47:25
understanding the something that I had written about in the times of 2018 this came out in 2019 2021 period but this
00:47:33
was the moment and I think this movie it'll be really interesting by Aaron Sorcin um once again revisiting this
00:47:39
issue is that this guy is living large on the backs of teens, on the backs of kids, on the backs of everybody and I
00:47:49
don't think it's going to be great for the image and I think it's to say it
00:47:52
again and again is has to happen including these rule these laws these movies and everything else and Jeremy
00:47:58
Strong literally sounds so much like them it's disturbing. >> Well, the the ability of big tech to
00:48:03
wash over Washington and separate them from the best interest of our children with money. You know what's got in the
00:48:08
way of the Kids Online Safety Act, better known as KOSA? It forces platforms to exercise open quote
00:48:15
reasonable care in designing features so they prevent and mitigate specific harm
00:48:20
to minors. Things including content promoting suicide, eating disorders, sexual exploitation, and compulsive use
00:48:29
patterns. Big tech is fighting those things. >> Yeah. That's cuz they go, "Oh, it could
00:48:34
be used for this. It could be." They go behind their first amendment nonsense
00:48:37
that they tend to try to push out there. But >> yeah, >> you can't anticipate every I just want
00:48:42
the society to say no to this just like kids with phones in schools. No, no, no.
00:48:48
And that's what is that's what a civil society does to these companies, whether
00:48:52
they're cigarette companies, liquor companies. By the way, liquor's on the
00:48:55
decline. This I think social media is going to decline more than you think. I think that's my that's my prediction.
00:49:00
Anyway, one more quick break. We'll get back. We're going to get back for
00:49:03
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corweave.com/reforthing. Okay, Scott, let's hear a prediction. >> Well, one is a a simple funny one and
00:51:03
the other one is more serious. But the simple one is you're about to see revenues at the hundred biggest podcasts
00:51:09
go up 20 to 30%. >> Oh, yay. That's >> additional just from like everybody everybody make the
00:51:17
wagers. Pivot is about to get a great deal of money and so is every other big podcast to be the quote unquote the
00:51:24
exclusive. They've already come knocking. >> I don't care if it's Yahoo, Scout, or
00:51:30
Gemini. These guys are all gonna We're about to Some of that cheap. Remember all that cheap cheap money that
00:51:37
was being thrown around in 99? >> That was mattresses. That was mattresses.
00:51:41
>> I mean, you're about to see the podcast universe have the tsunami of money just
00:51:46
to say, "Hey, Joe, we'll give you 10 million bucks if you decide that you
00:51:51
only use uh open AI." >> Right. Uh, anyways, that's my stupid simple one. But the more specific one is
00:51:58
that, I mean, look, the fix is in. And I just think it's so [ __ ] obvious. >> Musk called Trump after doing a lot of
00:52:06
analysis with his bankers and said, you know, I spent $250 million to get you elected. He probably said, "No, you can
00:52:13
get me elected." He said, "Well, can you acknowledge that I helped?" He said,
00:52:15
"Yeah." He's like, "I'm considering putting two and a half billion into the
00:52:19
midterms." How would you like that, President Trump? Well, I'd like it a
00:52:22
lot. Well, if you can get Paul Atkins over at the SEC to wave that stupid rule that that doesn't allow retail investors
00:52:29
from participating in great companies like SpaceX, I just have this hankering to put in two, three, maybe5 billion
00:52:35
into the midterms. >> Yankering. Hankering. Yes. >> And again, what does that do? It sends
00:52:41
30 to50 billion dollar in incremental dollars hunting for a hundred billion in available uh shares of SpaceX. This is
00:52:53
all of a sudden there's 50% more people looking for homes in San Francisco than
00:52:57
there was there was with any other previous IPO. And let's just do the math. Say that takes the price of SpaceX
00:53:05
up just let's be conservative 10%. At 2 trillion, that's 200 billion. He owns
00:53:12
40%. So he gets $80 billion. Why wouldn't he promise the president 10 billion in the midterms? Citizens
00:53:20
United, he can do whatever the [ __ ] he wants. So if he called the president and
00:53:24
said, "Hey, call Paul and tell them to do away with this stupid rule such that
00:53:28
retail good Americans can't invest in the best companies." And I got a hankering to put 10 billion dollars to
00:53:34
work in the midterms. I mean, quite frankly, wouldn't he be stupid not to do
00:53:39
that? >> Yes, absolutely. That's how it works. That's how >> Anyways, my prediction is the fixes in.
00:53:43
What people aren't focused on is this the wave the waving of the NASDAQ 100 rules that you got to wait a year and
00:53:50
let price settles is going to create >> it's going to create the ultimate false
00:53:54
flag signal of pricing on the day of this IPO. >> That's what they're doing. Oh, they're
00:53:59
all talking it up and you're like, "Oh, you people." And Stephanie's right.
00:54:02
Morality has nothing to do with it. I could never be an investment banker. I couldn't be a lawyer either. I wouldn't.
00:54:07
I'd be like, "You're guilty. You should go to jail. I'm going to turn you in." I
00:54:10
just couldn't do it. I just couldn't do it. Same invest. You suck. I'm not going
00:54:14
to take you public. I just couldn't do it. I just couldn't do it. I don't know.
00:54:17
Well, whatever. Someone has to. Anyway, uh uh that was a great prediction. I think you're absolutely right. Um and
00:54:23
and about the podcast thing. Yay. Yay. Although I have to say, how [ __ ] do you think I am?
00:54:28
>> We'll cash those checks. But you investment bankers are evil people.
00:54:32
>> You know what I mean? Um uh let me say, how [ __ ] am I that he's going to be a
00:54:35
trillionaire? I'm kind of [ __ ] aren't I? >> Well, I'm all on board now. I love this kind
00:54:41
of populist economist out of the UK, Gary Stevenson. He he totally changed my frame of mind and that is taxes are
00:54:47
kevlar against corruption because when people aggregate too much money, >> they become corrupt. You know, power
00:54:55
corrupts and absolute power absolutely corrupts and our t taxes are what stands between us and having one person who can
00:55:01
decide when to turn off and on battlefield technology and the invasion of Europe.
00:55:05
>> Yeah. Do you think you'll like hire an army just for me? I don't know. more. I
00:55:09
just feel I feel like, oh no, he was irritating before, but now I'm [ __ ] Anyway, elsewhere in the Karen Scott
00:55:16
universe, this week on Professor, Scott spoke with Anne Applebomb, one of my favorites, too, and Fiona Hill. Wow,
00:55:22
what a pair, about how Ukraine is rewriting the rules of warfare, the hidden weaknesses of authoritarian
00:55:27
regimes, and the future of global power. Let's listen to a clip. And I think
00:55:32
actually what Ukraine could show is that the beneficiaries of all of this ought to be society uh the private sector the
00:55:39
innovators and that we need to find some kind of model after this a refresh uh after uh all of the dust is settled here
00:55:46
while the dust is settling to basically get ourselves back into gear again. So a
00:55:50
trillion plus uh defense budget that's going to be top down is not the way to
00:55:54
go at all. You're absolutely right that is not the model. A lesson from this is
00:56:00
that soft power is underrated and hard power is overrated. >> Correct. >> And we've just gotten it all wrong.
00:56:07
>> Scott, I'm glad you did those two ladies. There's they're badasses.
00:56:11
>> Yeah. It was our 400th episode and they asked me who I'd want on the show and I
00:56:14
said either Ann Apple Bomb or Fiona Hill and they said we'll get both. So, I was
00:56:17
really excited to have them on. >> The women shall save us. >> Yeah. Impressive women.
00:56:22
>> We want to hear from you. Send us your questions about business tech or
00:56:24
whatever's on your mind. can go to nymag.com/pivot to submit a question for the show or
00:56:28
call 8551 PIV. Okay, that's the show. Thanks for listening to Pivot. Be sure
00:56:33
to like and subscribe to our YouTube channel. We'll be back next week.