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I just can't wait till I'm single again and I dress up for Halloween I'm going to dress up as Southwest Airlines and a
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bunch of [Laughter] [Music] people hi everyone this is Pivot from New York Magazine in the VOX media podcast Network I'm Cara swisser happy
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belated St Patrick's Day Scott Galloway even though you're Scottish so I went out and got [ __ ] up went into the Euro
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and the guy next to me says wow he said circumcised I'm like nope that's is the wear and tear oh my
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God so I got back last night uh from Mexico I went to a wonderful wedding and yeah how was it it was lovely it was a mix of really meaningful they're both
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really lovely people and lovely friends everyone was very happy and of course fabulous it was like a beautiful setting
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beautiful people we had a really nice time oh nice good it was great anything exciting happened did you did you you know do anything embarrassing for the
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for the team here well come on yeah that's Scott Galloway I'm doing things embarrassing
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that's redundant I think that's part of the reason people invite me though um you know what the best gift is I'm being
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very serious the best gift the best gift you can give anyone for their wedding in my view is to get a little too [ __ ] up
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and have an amazing time I do both those things did you do a toast no I'm not I'm not I'm not in the
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a circle no I'm I'm I'm what I'm I don't know if this says anything but on my wedding invitation it's said seat filler yeah everybody knows everybody knows
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everybody knows I'll get [ __ ] up and be on the dance floor and they know I'll bring some and they know I'll bring someone and they know I'll bring some on
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hot you did those things yeah you're lovely wife I assume I'm a seat filler good I'm a seat good I'm glad I'm glad you had a good time sorry I wasn't there I was moving my mom into a sister living
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which was not quite as glamorous alth that sounds close sounds close uh it was it was it's a nice place it's really lovely and the people are wonderful and they're in DC um and I have to say they
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handle every there's so much stuff to do and they handleable and let me just tell you something amazingly the food at this
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[ __ ] place is so good I don't even know what to say I like would go I would go there every night the food is so good
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like not a little good I'm going to take you there Scott no you're not I mean you're going to take me there in about 20 years it's a beautiful place it's one of these high-end ones and I literally
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everyone's like the food can't be good I bring it back to Amanda and she's like that's [ __ ] delicious it's like I
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want to eat there it's like so good so anyway I was pretty pleased with that let me just give everyone a quick fly on
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thewall excerpt from my weekend versus your weekend well what the [ __ ] we in Toom sure I'll do X that was me and then
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exert from you you've always been a disappointment to me actually it's going better than I
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thought I ordered my mom the New York Times and the New York Post to be delivered here so that's a good sign so
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she can have her daily intake of crap and good news good well done news um but anyway she was a beautiful place it work it worked out as best as it could and we brought her to the house for dinner and
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it's working it's I'm glad it went well it went it's going to be a lot for Caris swier this is the third try for lucky
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and it's going to stick let me just tell you it's going to stick um anyway uh otherwise I was moving into my house too
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so it's been a really glamorous meet unpacking boxes you got a lot going I do I just this morning I was like oh I
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dropped Claire off then went and got candy cakes from my mom do you know those peanut butter things from Tasty
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Cake got those and brought her her S I bought a series of in like National inquire she likes people National inquire in touch I was embarrassed at the Giant Food to buy those things but I
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did uh and then visited her and then came here anyway well you know it's 30 ft long and smells like piss what the
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line dance at a senior oh my God that's terrible it's just don't you know what Scott it's coming for all of us let's
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just say it's coming diapers depends be coming for you someday we come into and leave this world and Di it's true it's true anyway anyhow it's going really well and I think she's having a
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relatively good time for her anyway uh we got a lot to talk about today uh the economy uh as the S&P tries to recover
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from correction territory whatever that means as well as the effects the latest round of Trump's executive orders but
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first as you noted big cracks are showing the Democratic party after 10 Senate Democrats voted Republicans to
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avoid government shutdown this past week Senate minority leader Chuck Schumer infuriated fellow party members by
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crossing the a to pass the president uh president Trump's approved stop Gap measure prominent Dem such as Alexandria
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CIO Cortez wanted to force a shut down the protest Trump and Elon mus federal spending cuts Schumer defended his
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decision uh to Lulu Garcia Navar of the New York Times on Sunday here's what he said let me explain a shutdown would
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shut down all government agencies and it would so be up to Trump and Doge and musk what to open again because they could determine what was essential so their goal of shutting down of
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decimating the whole federal government of cutting agency after agency after agency would occur under a shutdown it would be devastating two days from now
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on a shutdown they could say well snap food stamps for kids is not essential it's gone all veterans offices in rural areas are gone social security Medicare
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Medicaid they're not essential we're cutting them back uh that is his excuse although how did you get in the [ __ ]
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situation Chuck that's one of the things I would say um he's not really terrific
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leader at the same time he has a point at the same time they're cutting down the government they are anyway slowly
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this is a quicker way to do it so talk about this lesser of two evils thing I've been talking to both uh you know I
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think the the the Republicans got them in a jam is what they did um there there's rumors that Democrats are urging
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AOC to primary Schumer uh uh so talk a little bit about this because neither I think it's two choices of Despair with one of the Democrats talking about it um
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and there's a real shift of like let them shut it down then and let's see what people think and then there are
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others of oh no they're going to shut it down trying to protect all your marbles so any thoughts there's always a good
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excuse for failure how how did the Democratic Leadership put us in a position of bad choices between bad choices and shutting down the government
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I mean re there's always Senate leader Schumer or minority leader Schumer always has a good excuse for failure yeah he does and um you know
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shutting down the government yeah what does that mean shutting down what is now an operating system for bypassing the
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courts and by bypassing Congress at at some point we have to be the party of not fuing around not the reasonable
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party that's thoughtful and always is on the wrong end of every strategic move we we absolutely in my view should have said fine um Republican states
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Republicans need to see that if you if the government is now an operating system for for your March towards
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autocracy we're not down and we're shutting down the government I don't believe Democrats would have got the blame here I think if 58 days post
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whatever it is inauguration the government has shut down uh I think it the majority of it would have stuck to
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Trump I think that a lot lot of Republicans uh who voted for Trump would have been hurt and seen that okay this
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is what you voted for and there's also it's not binary there was a midep if they had been more coordinated they
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could have probably run an effective filibuster and at least gotten some of the things they wanted instead they have
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pass a spending deal which essentially gives Doge and Trump cart blanch to continue do what they're doing so this
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is uh I believe that AOC is going to be the junior senator from New York in 2028
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I think Senator Schumer has consistently been played by the other side I think he is a
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weak leader and I think he embodies uh the absolute definition of what it means to be a Democrat or the Democratic party right now and that is they have have not discerned the difference between being right and being
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effective right this was which you talked about I mean though fedman was also on the side we don't shut the government down um now Ted Cruz tried to
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do this with Obamacare remember he pushed that shut down and I know the Republicans suffered for it in a in a
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similar Jam the Republicans were in a jam for years right they had this kind of situation but Obamacare was popular
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people wanted Obamacare people don't want this right right well that's the that's the argument is that whoever
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initiates the shutdown is the holds the bag of [ __ ] essentially yeah but they're okay they're they're in control so uh I just
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I think Obama was in control then too I believe I don't think they would I don't think that the way this is going they're
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essentially trying to shut down the government slowly and pick which parts of government they want to shut down so
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I think you could absolutely say I'm sorry who's shutting down government they're the ones firing everyone with any without any sort of congressional
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oversight they're the ones who have decided okay they're going to they're not going to make this isn't about
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efficiency or an audit this is about political decisions with no constitutional oversight and
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most frightening I know we're going to talk about this they've now decided that the other branch of government that all of us were hoping would be the back stop
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the courts they're they're basically ignoring court orders so okay if the government is now an an operating system and a purse for a move towards autocracy sorry we're we're just going to shut it
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down I think we were right when we said that in uh Austin like let them do it let them let let the chips fall where
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they may and I don't think they have a choice because this is going to be a playbook for the Republicans the whole
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time like put them in a jam put them in a jam put them and use Elon Musk as the boogeyman well let him be a boogeyman
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then right just let him let him look ridiculous Rich overprivileged cutting people and yes they can cut all this stuff and I get that there's there's it's just when you're always playing
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defense and and you're always trying to catch all the balls and stop all the eruptions you are the loser in that game
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cuz they can just they're they're camp they're acting like they're in in the minority in a weird way even though they're in the majority right they're doing the bomb throwing the blowing
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things up everything else which is really interesting to me yeah I don't I I I think that Americans will vote for
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policies they don't agree on as long as they sense strength and resolve and right now the Democratic party appears
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to La all of this yeah now I think AOC has seems to very articulate on this like here's what we do like she seems to have a plan like in that way and Schumer is sort of like well we don't want them
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to shut down the government faster I'm like well they're doing it slower what's the [ __ ] difference like they're
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going to do what they're going to do because until you win elections that's pretty much it right correct I don't CH
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Senate minority leader Schumer perfectly embodies a Democratic party weak feckless and believing that right is
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more important than effective I just he's he's a he's a terrible leader he embodies everything that's bad about the Democratic party series a series of mey
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mouthed um week uh this is why I'm doing this I listened to that New York Times interview Jesus Christ you want to talk about a weak leader listen to the constant
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excuses and just incredible denial we're winning our message our message is getting out there and it's resonating with people and it's like are you drunk stupid or both correct
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this is the and the sad part about it is this is like watching Steve Young sit on
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the bench if Joe Montana had been I don't I can't name a bad quarterback we have Fant we have a
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fantastic bench here we have Richie Torres I don't agree politics Jeff's kind of dissed Sumer which was
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interesting he was trying to get something going in the house on this topic and voted against and then why designate right and I know we all want
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to like Hakeem right but quite frankly he for him to sit in the back and just act
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Sullen that doesn't do us any [ __ ] good well he did hold those group that group together to vote against it it's
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just that all the Republicans stayed together they weren't expecting the Republicans it was only one no vote so
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he did hold those guys together right they there could have been some peel offs among the Trump uh areas you know
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the people that are in those mixed those mixed uh areas uh but he held them all together and tumer did not and obviously
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worked behind the scenes to get 10 people to do what he wanted them to do which they're all old in every war in
00:13:04
every war there is a nonviolence Movement we should practice non-violence and like well okay good luck with that I understand it in theory but good luck with let them do it and then let the
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media write about it and let people freak the [ __ ] out and move the story back to Trump cutting government in half
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right right that's what I say so let's get to polls it's interesting um this is on the economy but there's there's
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larger polls here because I do think there's real opportunity now this new NBC poll shows that while Trump has his best approval rating ever the majority
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of Voters disapprove of how he's handled the economy so far there's so much weakness there um we'll talk about the
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market collection but I'm going to read from Kristen salus Anderson who I really do trust she's a conservative poster um
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and she said that everything's mixed all over the place and um you know he thinks
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he has a mandate uh he thinks he can do with all this stuff because he believes he has a Latitude to go big and bold to
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create some turbulence and cause some prices to rise in the church as he asserts himself but as I dug into Mr
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Trump's polling date it looked increasingly that American voters mandate to the president was more narrow than he sees it after a prolonged period
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of inflation with a B Administration that told Americans not to believe their lying wallets voters clearly wanted the
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next president to stabilize the economy make their cost of living more manageable and so she's putting out that
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this is a very big opportunity uh for Democrats you know what I mean that they don't think what he's doing is great um
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but this is a dangerous example Mr Trump's agenda is carried out almost exclusively through executive power and public opinion gives government control
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back to his opponents um the Affordable Care Act proved too difficult for Republicans to uproot because it is enshrined law by Congress and many many
00:14:42
uh support it while Mr Trump's actions are products of pen and phone alone um so the number one issue of America Remains the number one issue and their real political risk to the strategy that
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ask voters to grin and bear it at the checkout line today for a promise of something better tomorrow that's what
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they're doing the Trump Administration the S&P closed 10% below recent highs it's now trailing major markets in
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Europe and China as you've discussed it's down about 6% the the auration and Scott Secretary of SEC uh uh treasury
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secretary Scott bessen who sounds like a MAG now called the correction healthy also by the way he has a $22 million
00:15:17
house while he was saying just suck it up to people um there he think he was saying that the
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aftershocks are are normal for a correction and you need to grin and bear it that's essentially what SC B and said
00:15:30
um there's a questions of what it does to the dollar um uh New York Times pointed out over the weekend that new
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that Trump's trade war is leading to regulatory tariffs that specifically Target Trump voters nearly eight million
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Americans work in Industries targeted by levies and the majority are Trump voters a New York Times analysis show they
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include corn car makers poultry steel mills and more consumer sentiment hit nearly a 2 and a half year low in March
00:15:53
inflation's expectations have served so talk about this because this is a huge opportunity
00:16:00
that the Democrats are not taking in any way well okay there's the markets and there's messaging and the markets to be fair if you're if if you think of if you
00:16:11
try to stay have Fidelity to the data the markets have lost about 6 months of gains but they're still up for 12 months they're still up dramatically for years
00:16:22
they're and they're still quite frankly very expensive so he could be doing everything that all economists agree
00:16:28
with the markets just might be letting off some steam from what are what I would call Historic overvalued highs
00:16:36
something we've been talking about a long time and I'm patting myself on the back here but I said in November of 24
00:16:42
we were going to see a 15-year reversal in the flows of capital out of the US into Europe and Nom us markets that
00:16:49
reversal of the largest river of the world and that is capital flowing into us grow stocks that has happened we are
00:16:56
seeing a reversal in capital flows out of the us and this might have been the Catalyst for it but the reality is the
00:17:04
stock markets haven't crashed they've corrected they have not crashed or they've not even corrected they've just
00:17:10
they've had a bad few months unemployment is still pretty low inflation has is being stubborn but we haven't seen these dramatic upticks in inflation people are are worried about
00:17:23
it it could still it could still happen what is going to but the the talking points here are such a missed opportunity one we are going to continue to fund for $60 billion or 8% of our
00:17:37
military budget uh a a push back on a murderous autocracy that is good for democracy we're going to continue to support democratic values and the majority of that Revenue will return to
00:17:49
America including the majority of which will go to Red States we are going to control the deficit we are going to look at uh no we're we're going to not only
00:18:00
not only not have a tax cut we're going to have an alternative minimum tax for the wealthy Inc corporations your tax
00:18:06
rates are not going up but we're going to make sure everybody just pays what they're supposed to pay and we're going to get responsible about the deficit we
00:18:13
need a massive leveling up of young people and of the middle class who should if both people work should have a reasonable lifestyle we are going to raise minimum wage to 245 an hour we are
00:18:26
going to build 7 million homes manufactured homes which cost 30 to 50% less than a home built on site and we
00:18:33
are going to bring down the cost of people's housing we have so many opportunities to say we're the party of
00:18:40
getting [ __ ] done we're the party and at the same time push back on the notion no
00:18:45
we're not going to give into a murderous autocrat no we're going to restore amazing trading relationships with
00:18:51
80-year along with we're going to maintain 80-year alliances economic alliances that bring down the cost of everything from tomatoes to Lumber to cars and we're proposing these things
00:19:04
and let them go down in Congress let them be voted against let America say does it make sense to have fantastic
00:19:10
trading relationships that will bring down the cost of our products does it make sense to have corporations in the
00:19:17
wealthy at least pay 30% of their profits which they are not doing right now doesn't make sense to not have an
00:19:23
explosion in the deficit instead we're just running around responding to every that we think is outrageous waiting for the rest of the public to get outraged when they're busy just trying to get by
00:19:34
with their second and third job so the messaging here has been terrible the Democratic party has shown no leadership other than their shock their outrage of people are not more outraged again and
00:19:47
this is my call sign here we need to be the party of ideas not indignance I was watching him this weekend I thought he
00:19:53
did so badly from a messaging speaking of messaging I thought he looked Rich he looked like Scrooge McDuck I don't know why like a gay Scrooge McDuck but it was really gay has nothing to do with it
00:20:04
nonetheless um that's what he looked like to me but um uh it was bad messaging like you you don't have any right to Chinese flat screens Americans I'm like you don't [ __ ] it's none of
00:20:16
your business what I have a right to it was so snotty um I thought I was I I was sort of surprised by that messaging and
00:20:23
I thought he did a bad job on all the programs he he he appeared on um he looks like a rich guy telling poor
00:20:30
people to suck it up like and you'll you'll you'll appreciate later once we get through this but I'm like there's no
00:20:37
pain for you anywhere along this route whatsoever I don't know if that's resonant but I I was offended by him and
00:20:44
I got some money right I was like wow you're really obnoxious kind of personality I think Wall Street was
00:20:51
quite disturbed by him because they thought he was sort of the reasonable guy but again this was him sticking his
00:20:57
chin out but there's no fist Stone cor Democratic part correct he said he said America is not about cheaper things that was an opportunity to go for a Democrat to say let's be honest America is an
00:21:09
operating system that has created more Prosperity than any any nation in history and prosperity means you get to
00:21:17
work hard and you get to live really well which quite frankly Mr betet that is the reason you are here and once
00:21:22
you're a billionaire fine it's easy for you to say you're going to pay more for a flat screen TV but there's a lot of
00:21:27
Americans that do that do expect to be able to send their kids to college do expect to be able to take a nice
00:21:34
vacation do expect to be able to buy their kids a new Paran Nikes that makes them feel good about themselves and about America so yeah it is about Prosperity what it's also about is an
00:21:46
operating system to ensure that the least fortunate Among Us have a certain level of dignity because they know they
00:21:52
are protected in terms of in terms of right to choose they know they are protected to ensure that a bus even if
00:21:58
it's funded by the government will pick them up and take them to a decent School see above the Department of Education
00:22:04
this was a huge opportunity to weigh in and say boss regarding Prosperity shut the [ __ ] shut the [ __ ] up that's what I I was like why is anyone say him to shut the [ __ ] up because I was saying it to the TV scen I'm likeo not your business
00:22:16
what I want if I want to buy plastic toys for my kids till the end of time easy for you to say exact from from St Bart shoving up Diamond glass dildos up
00:22:24
your ass I mean for God's sakes there's no diamond don't do I hope you didn't do
00:22:29
that this weekend Scott I would have tried I I tried I was there I was ready well last thing on the economy I saw the best animation over the weekend comparing Warren Buffett and Kathy Woods strategies over the past four years
00:22:42
Warren Buffett's kicked some [ __ ] ass this guy he likes value stocks Kathy likes I guess growth I don't know quite
00:22:48
what she he's up 67 she's down 63 like it's crazy he's had his ups and downs but hers just kept going down why do
00:22:55
people listen to her did you see that I was like literally the best thing we could do is to have the CIA plan her and
00:23:03
chamath as Russian asset managers and we would bankrupt the country honestly that should be our strategy Warren Buffett
00:23:10
look he's super old he's not going to last that long but man does he a [ __ ] goat just he got out of C he like knows
00:23:16
exactly what to do at all times I'm just saying this I just love that animation Kathy Wood you I just was I I love a
00:23:23
visual I love a visual cuz you're like see what I'm saying kind of stuff it's the power of branding she talks about
00:23:29
things like hash rates with her big chunky glasses and says send me a billion dollars and I will turn it into
00:23:34
220 million but look how cool my big chunky glasses are and CNBC keeps bringing me on because I have a price
00:23:41
target of $10,000 on Tesla I know enable them to sell more opio to induce constipation ads despite the fact I have very few people of it is literally the lesson I'm going to have a class on
00:23:54
branding how branding can supersede actual performance ments on Kathy Wood oh my God I'm so glad you're going to teach again you should that would be a really good class anyway let's go on a quick break when we come back more
00:24:06
agency Cuts uh in the Trump Administration Scott we're back president Trump has placed another round
00:24:11
of agency on The Chopping Block uh including the voice of America or vaa it's kind of a screw you to Kathy Carrie
00:24:18
Lake but that's another issue I'm perfectly happy with that the vaa Run by the US Agency for Global media broadcast
00:24:24
United States domestic news to hundreds of millions around the world to extend uh US influence and to combat
00:24:30
authoritarianism Carrie Lake who Chum Trump chose to run vaa she was the one who keeps losing in Arizona was PL the
00:24:37
the loud nasty lady who keeps losing in in Arizona was planning to transform the outlet to fight and information more the
00:24:44
cuts made uh in an executive order also targeted agencies which address homelessness fund libraries and promote
00:24:50
economic development for minority and low communities so basically everybody but the rich people um talk I don't know
00:24:56
if the vaa cut matters what do you think this voice of America cut no big deal big deal
00:25:02
look I believe I mean what is really really staggering is there was an analysis done
00:25:09
of how many deaths are going to happen this year unnecessary deaths from things like malaria right uh hunger from this
00:25:17
cut of $75 billion of us Aid and they're estimating just this year alone there's going to be three million
00:25:24
deaths and people say okay there's there's some powerful memes online saying what other Nation taxes their
00:25:31
people and sends money to us and the answer is okay they the whole point the the one of the basic tenants of a post-world War II America starting with what is arguably the most Visionary act
00:25:45
in economic political history is we said okay Germany and Japan treated us really
00:25:52
poorly they were our enemy but this is what we're going to do we're going to in an act of extr extraordinary vision and
00:25:59
generosity we're going to pay for the Reconstruction of their societies and overnight not overnight
00:26:05
over a decade we turned to formidable unbelievable cultures that were incredibly formidable enemies into incredible allies and it has really held the
00:26:18
post-world War II peace and prosperity is that these two the kind of the number two and number three economies around the world until China were our allies and they realized through this act
00:26:30
through this act of generosity and we recognize that soft power is the hardest power in the world because you don't even know what wars don't break out you don't even know what individual in an
00:26:43
African country with a a strong anti-American contingent refuses to work with them and cooperate because they
00:26:48
think you know what they're actually good people may maybe we don't agree with them maybe maybe they make bad
00:26:55
decisions but at the end of the day they try to do the right thing they're trying to stop AIDS in our country they're
00:27:02
trying they're trying to stop hunger they're willing to send aircraft they're willing to send people in put their
00:27:08
boots on the ground when they censors actual genocide that soft power for about 1% of our deficit creates margin power and good will that affects
00:27:21
millions of decisions made every week around whether to help work with want to send your best and brid to this nation this is like these are investments in for a lack of a better term brand
00:27:33
building where people think I want to go to the US I want to work with us companies I don't want to take an
00:27:39
American Tourist hostage or kill them because they're nice people and their memory as long and they reach as far
00:27:45
let's not [ __ ] with them let's work with them and so this withdrawal of soft power when you look at the actual return we have gotten on this soft power is extraordinary and something like the
00:27:57
voice of and I want to be clear there's I believe as an educator the Department of Education should probably be smaller
00:28:03
than it is universal testing nationally was a good idea it hasn't worked the the 500 people of the 4,000 that work for
00:28:10
the Department of Education should probably lose their job I'm not against reducing the size of government but when
00:28:15
you just start cutting everything including things that are working really well and making people feel good about
00:28:22
America and creating prosperity and margin power and it's going to take decades to rebuild build once we
00:28:28
realized it was a bad idea to do away with it so car Lake it's fun K lake is a [ __ ] distraction that that's a distraction the question is should we be spending a little bit of money to have
00:28:40
our viewpoints transmitted in a thoughtful well produced way around the world I I I think it's it's such a good
00:28:47
spending of money and by the way guess who's running into the space the Russians and the Chinese right 100%
00:28:53
that's the thing it's the smallest amount of money to spend one to keep it away we have a better story
00:28:58
like it's okay and I don't I I think voice America and we're good at by the way the media is good it's actually very
00:29:05
clear it's you know they're like oh they're anti-trump this is the whole thing you know obsessing them but if
00:29:11
you're in listen car Lake who I'm sorry is a village idiot um he was going to transform the outlet to fight an
00:29:17
information War yes Carrie that's what you need to do but not in your trumped up ridiculous way it's giving people
00:29:24
good information about the United States and what we're doing here it shows we're present it shows we care it's like even
00:29:31
if it's it's just very solid in I have listened to Voice of America elsewhere it's and we also fund things like radio for Europe Etc I know there's some things and I do think about this a lot
00:29:43
that are of a different era and we shouldn't do anymore like sometimes we have to change and things but this is
00:29:49
money well spent especially when the Chinese and the Russians and other people are putting out all kinds of
00:29:55
misinformation around the world and information about themselves right not just misinformation but look at us look
00:30:01
what we're doing and stuff like that and I just think it's just the best way to say you know here's America we're still
00:30:07
here we still are great and I just what a what a the only thing that I get pleasure in is she doesn't really have a job but that's fine like that's just my personal pleasure but the cuts they're
00:30:18
making are so targeted to things that make us better as a nation that it's really it's it's just sort of a fend for
00:30:26
yourself kind of thing that's happen which I think is not the picture America has of itself or maybe they do now
00:30:33
Carrie lake is a physical embodiment of AI right now and in that is she put herself out of business I love that she
00:30:39
said on a campaign Trail as if it was a future not a bug that I'm going to be the media's worst nightmare well she
00:30:45
okay she got herself fired yeah she's right she's the worst she's the worst thing that happened in media including
00:30:50
the voice of America and now she's out of work I it's just and she wanted to bring all her skills as a news she was
00:30:56
on a local news stage Carri sorry I don't find you to be the top level media thinker of Our Generation you know who's
00:31:04
playing you know who's playing the long game right now it's so it's so the gulf yeah Al
00:31:09
jazer or or funding you know quote unquote Middle Eastern studies Department slowly but surely across
00:31:15
universities Across America you should do America you should do that all they're getting rid of all these democracy organizations you know million
00:31:22
democracy organizations do you think these what a lot of people believe including myself these anti-semitic protest on campus just happened
00:31:29
overnight no they took a lot of thoughtful long-term investing do you think that empathy towards whatever you
00:31:36
know different viewpoints out of the gulf just happened overnight Al jazer do you think that when my son on the way to
00:31:43
Sushi asks me says Dad when did we take their land away do you think that open overnight no the Chinese are playing the
00:31:50
Chinese and the gulf are playing the long game and we used to think about this we used to think about okay how can
00:31:55
soft power slowly but surely get people to our viewpoints such that every decision every action every economic every mil we have 700 military bases in like 70 or 80 countries do you
00:32:08
do you realize how many decisions in a view of our country and most of these people making these decision decisions
00:32:14
have never been to America so your your brand your people's perception of you I'm just not inclined to do business with a company from Afghanistan I've never been there I
00:32:26
don't know that many Afghan it is an unfair snap decision but it's based on the impression I have the perceptions of
00:32:34
their country this is such a marketing opportunity missed if somebody if somebody comes from New Zealand I'm like
00:32:40
I like them I'd like to hire them why do I like the new Zeal if I if I if if they start if they if they start rounding up
00:32:45
juice I'm shoving Bitcoin up my ass and I'm heading to New Zealand and I'm going to spend more money there all of these
00:32:51
BR perceptions are so they are more important than the actual in many ways the actual activities and we are pulling back on all of our brand polling is going to go down car
00:33:03
Lake but mostly because of you anyway president Trump also visited the justice department speaking of ruining something that had a very good reputation to give
00:33:10
an hourlong speech Focus mostly on criticizing those who investigated him what a tiny minded person is Presidents
00:33:15
do not typically speak at the justice department for good reason here are some of the things Trump said he proclaimed himself the chief law enforcement
00:33:22
officer in our country which usually is the attorney general he also Su it's illegal for Network to cover him and
00:33:28
what he sees is an overly negative light he said the classified documents case against him was [ __ ] when the speech
00:33:34
ended YMCA played and he did his dance oh my God it's they're how are we losing to this person like this is marketing give me a marketing thing here because
00:33:46
obviously this is all such nonsense he shouldn't have been there it does this is a line we should never cross and he
00:33:51
does it constantly back and forth and again in an Ideal World what should Democrats be doing in response to this
00:33:57
yeah look I I there is such a void here of Democratic Leadership for someone just to stand up and say you know this
00:34:04
is [ __ ] more importantly uh uh and I I know this going to drive you crazy I have literally I'm about to be
00:34:10
indoctrinated into the woke church I'm about to become an apostle a cardinal they are burning white smoke of the ballots because I am now doing a live podcast with my other side piece the
00:34:22
much basically she's you but younger which is what I like to do what I'll do with my third and fourth wife I am
00:34:28
speaking at the 92nd Street W and all I can think about all I can think about is when they introduce me standing up and
00:34:35
screaming out young man there's no feet to feel down I said young man what you're going there with tarof you're doing a tarlo event I literally have to pull [ __ ]
00:34:48
teeth we have been offered 10 of these and you've turned them all down you know that like it Aspen we were off for one
00:34:53
I'm trying to impress the new wi honestly literally we're not doing France cuz you won't do it we're not
00:34:58
doing oh my God France we got invited to France you're busy doing something else an expensive or something like that
00:35:05
something whatever anytime I try to get one of these going which people are desperate for you say no and you say yes
00:35:11
to her I just want to unless there's hot people are a t and it's for the 92 Street why it's not like like anything
00:35:16
really no not the France one would have been fun we would have enjoyed ourselves but no the one in Aspen you want to I'm
00:35:22
just saying I'm just saying yeah just saying no I got to I got I got pretend to be young and hip with the new W I cannot get you to take me out to dinner Scott there you go there you go anyway
00:35:35
uh that will be very nice for you to I'm going to move on now I'm going to move on the Democrats you have a huge wide
00:35:41
hole you could drive a truck through and you are not driving it you're driving it into a wall Chuck Schumer all right Scott let's go on a quick break we come
00:35:47
back uh Southwest Airlines is no longer offering free bags Scott we're back very briefly Scott scth withth Airlines will
00:35:53
soon end its policy allowing free check bags bags fly free as long been what is Southwest is known for along with having
00:35:59
no assigned seating which the airline will also eliminate uh this year so they're basically United um uh frequent
00:36:06
flyers and credit card holders will still be allowed one free bag and but the move has been met with uh criticism
00:36:12
online activism met Elliot management has been increasing pressure on the airline to raise profits obviously it's
00:36:17
expensive to do this meanwhile Spirit Airlines is fresh out of bankruptcy and the CEO said it's ready to take on competitors will take advantage of the
00:36:23
time it takes Southwest to find its new footing with the new rules uh brand assessment isn't this is what Southwest
00:36:30
was actually a good version of a cheap airline right until about 10 years ago Southwest Airlines had a greater market
00:36:36
capitalization than the rest of the US industry combined and what Southwest was able to do was build an amazing brand
00:36:43
sort of around freedom and that was we don't charge you owners cancellation fees it's very flexible you can sort of
00:36:50
get up and go even being located in the southwest we were all about low cost they always had 737s to try and create
00:36:56
operational efficiency they implemented a great culture that was sort of fun and quirky and the idea
00:37:02
was if things aren't going well for you you want to take a vacation or quite frankly you want to peace out and move
00:37:07
to Vegas Southwest is about freedom and have this amazing brand and when you look at an industry where it is near impossible to establish differentiation
00:37:18
think about it they're all flying to the same place they're all flying the same goddamn equipment they're all hiring
00:37:24
effectively the same people how do you maintain any sort of differentiation that creates an industry that is non-c
00:37:30
commoditized and results in shareholder value and Southwest was able to do that and one of the key components of their
00:37:36
brand was we don't rip you off or nickel and dime You by charging you for bags and I see this by the way I think Elliott are some of the smartest people in investment I work with them I like
00:37:48
them they've been very generous with me I think this is the wrong move I think this is straight trading off short-term
00:37:54
profits in financial engineering to make a quick buck and then basically lose one
00:38:00
of the few one of the few precious scarce forms of differentiation in an industry that has been totally commoditized and so then the question is if you take away these few things that
00:38:13
differentiate Southwest what is their differentiation it just it just becomes a search on
00:38:19
Expedia for who is the lowest price who do I go to first so I see this as a pure
00:38:25
example of shortterm juice of profits the stock will probably go up it will substantially increase their IA Elliot will sell their stake and Southwest further melds into this giant amorphous
00:38:38
bubble of all Airlines with no differentiation I this is this again is another lesson branding is like working
00:38:45
out the next day it hurts it sucks it requires discipline but if you're disciplined about it and willing to make
00:38:52
the consistent Investments and working out everything gets a little bit easier you get a Little Bit Stronger it's
00:38:57
easier to go up the stairs people want to hang out with you you're less likely to have bouts of depression brand
00:39:03
building and this is brand building the the free bags is working out every day and what they've decided to do is like
00:39:09
I'm done I want the profits I I I think this is a bad move I think this is trading off brand equity for a
00:39:16
short-term hit in IA yep I would agree with you I think you're correct on all these things I just this is I I I don't
00:39:22
know why I would take I used to take Southwest a lot because of these things like it was always cheaper it was always
00:39:28
more flexible now I'm like well if I have to pay I might as well like have the things I like and then collect you
00:39:34
know I don't know you know this Scott I'm a Global Services un united now I am finally I don't even know what that
00:39:39
means the top tier they have a secret room that's a sign that your relationships are struggling and your
00:39:45
life sucks I know but I'm still very happy I'm very happy I have to say I like the separate entrances anyway um
00:39:51
say separate yeah they do mhm mhm separate little rooms they give you little food you walk in you go through
00:39:58
security there there's a separate security entrance too it's not even the special TSA whatever clear line it's an
00:40:05
even better line it's really nice I have to say I just can't wait till I just can't wait till I'm single again and I
00:40:10
dress up for Halloween I'm going to dress up as Southwest Airlines and [ __ ] a bunch of people okay anyway I don't fly Southwest
00:40:18
anymore and I used to fly a lot and it was and that bag wasn't attraction it was it was it was different it was the cheap airline that was decent if that
00:40:24
makes a sense like if I had all the kids at once and it was just ridiculously it was always the cheap airline that you
00:40:31
always had a good experience on if that makes sense that you always like it was it you felt you it didn't make you feel
00:40:37
like Spirit which always made you feel like they're going to stick you in a box and shove you in or Russian air or
00:40:42
something like that and you're right it's it's a short-term solution to a thing well the bottom line is the
00:40:48
airline industry is a terrible industry because for investors because about 30 years ago the gulf uh who are very smart and have a mendous amount of capital said we need a coming out party and
00:40:59
instead of H having the Olympics they built and overfunded uh the world's best airlines
00:41:06
in the world because they did the math and they said people's brand impression of you is based on first and foremost
00:41:12
the airline that brought you there and back and to the airports and so Singapore and uh and then and then UAE
00:41:21
basically said the best investment we could make as a halo for our entire nation would be to build these extraordinary Airlines and essentially
00:41:29
uh Singapore and then Emirates Airlines and then Qatar uh built the by far the best airlines in the world and when you buy a ticket on Emirates Airlines if you're spending a th000 bucks you're getting $1,400 in service and the
00:41:43
American Airlines and every other Long Haul airline in the world just can't compete right they they can't they can't
00:41:49
afford to compete with a company with an airline that is offering you know I mean
00:41:55
I you see the ads for for Penelope crw on the Emirates the premium economy seat that looks like a like a beautiful seat it's this these ads that are on and she looks at she's like you had me a
00:42:06
Penelope cre she goes premium economy and it's like such a good ad like let me just say I was like that first of all I
00:42:13
went Penelope crw and secondly I went that's a [ __ ] nice seat there in premium economy I would fly on that
00:42:19
that's the two things worked panelope Cru and the seat go ahead sorry the airlines the domestic carriers across
00:42:26
the econ iies that demand that their airlines not be subsidized by the government which you can argue for just
00:42:32
can't compete with Singapore emirat and Qatar airlines domestically I think I want to say of the big three Delta does the best job by far the best the best operator in the domestic Market is uh
00:42:45
JetBlue mint seats two Isles two and four where you get your own pod obviously fly a lot but everything else
00:42:52
is a distant second to the gulf Airlines and quite frankly to JetBlue domestically is a shitty Airline
00:42:58
consumers have said that they will they will endure absolute atrocious service just to get from point A to point B less
00:43:04
expensively that industry is an example of just I think just this last year Airlines since kind of the Inception of commercial Aviation are finally starting to in aggregate to turn a profit it is
00:43:16
as Warren Buffett your hero said if we could if we had a time machine we would go back and murder uh the R Brothers it
00:43:24
has been a terrible uh place to invest I I fly a I fly I've been flying I've been molesting the Earth for the last 30 years I can break down almost every Airline good and
00:43:36
bad worst airline in Europe km by the way there are just Inc there are some Inc there's just such a range of good to
00:43:44
Bad by the way the best new first class is Lanza's first class and also the apartment the apartment from Singapore
00:43:49
Airlines but anyways I think a lot a lot about flying yeah I do too I love I love I do like flying I do like a Qui shout
00:43:57
out to all the single ladies out there I am the Southwest Airlines of men my baggage is free a lot of baggage daddy's
00:44:06
bringing a lot daddy's bringing erectile dysfunction daddy is bringing self-hate oh no this is like four bad this is
00:44:14
literally like four bad jokes this is what is happening one more quick break and we'll be back for wins and fails
00:44:20
obviously fails are four penis jokes in a row okay Scott let's hear some wins and fails I shall go first I shall go
00:44:27
first let me say a win I know you're with him this weekend but Severance is so [ __ ] good Ben Stiller I love you
00:44:35
Ben Stiller let me just say we both a man and I it's so incredibly dense but also utterly fascinating and you think about it all week it is one of those shows and I got to say I was like I like
00:44:48
a lot I love The Sopranos I like uh the bear this one has me thinking and thinking and thinking about all kinds of
00:44:54
issues around identity everything else but it's also really gripping at the same time and entertaining and and let me just say I don't and I always can say oh that's going to happen next like when
00:45:05
I watch White Lotus as much as I like it I get I know exactly what's going to happen essentially I don't know what's
00:45:11
going to happen in this [ __ ] thing and I they're so inventive I have to say Patricia Arad they're all good on this
00:45:18
show there's not a person that's not good the guy who plays Mr milch he's amazing um but I love this show and Ben
00:45:27
Kudos and it's like it's like doing incredibly well for Apple it's like one of like it's grow the audience is
00:45:33
growing week to we and it's not one of those small audiences that is like everyone's talking about it's a big
00:45:38
audience for Apple it's making a ton of money Kudos Kudos Kudos CU this is these are people at the top of their game I
00:45:45
have to say I think about it all the time so that is my win my fail well obviously Chuck Schumer Because by the way his book tour events were postponed after the backlash he has a book new
00:45:57
book out called anti-Semitism in America a warning that's been postponed um for security reasons apparently but that's
00:46:03
not my my loss it's um I Heard the original title where are my testicles where are my testicles that's right yeah yeah um I would say this ridiculous Trump is always doing a a a ridiculous
00:46:16
thing and a distracting thing but his statement this weekend about um Biden's pardons are void and V because of the
00:46:22
autopen there's no power to undo a pardon in the Constitution or case law he wants to do all his stupid Parts I'm
00:46:28
not a fan of the pardon system by presiden in any way whatsoever I think they should get three and that's it and
00:46:34
they can't get paid for it but get your just like stop with this [ __ ] Ridiculousness you can't he's and the
00:46:41
way he does it he goes uh hereby declared in capital letters void vacant in no further Force than effect because
00:46:47
they were done by the autopen [ __ ] you like honestly like this was even for him
00:46:53
was a ridiculous stupid thing to do and he has a list of stupid things so like look if we're going to keep these dumb
00:47:00
pardons just stop acting like like this this is what occupies your brain like good maybe I suppose so I was really irritated by that for some reason anyway that's my positive and negative
00:47:10
Severance fantasticness Trump as usual distraction distraction distraction and it's working
00:47:18
unfortunately uh we share the same fail there's always a good excuse for failure
00:47:23
and the Democratic party has a total lack of leadership who do you like in the Democrats can I ask you if to pick
00:47:29
someone Chris Murphy is being kind of spicy AOC I think he's been fantastic I think um you know I wish I'm a huge fan
00:47:37
of uh obviously Senators bened Warner I think AOC I appreciate I think uh um representative Crockett is that Crockett CH Crockett I mean at least they're getting out there and they're saying
00:47:49
[ __ ] uh my favorites are I really like representative Torres I just love that the that he comes out out with moderate policies and and the far-left is just just does not how to deal with his the
00:48:02
intersectionality of a black Latino gay man saying these moderate things I just love that he's driving everyone crazy uh
00:48:09
Governor West Moore who in a State of the Union Address said his administration was going to focus on the struggles of young men I thought that
00:48:15
was a very brave thing to do in St he's the one the Republicans are nervous about I can tell you so what I would say
00:48:21
is anyone who's anyone who's willing to come out right now and say the Democratic Party lacks leadership and
00:48:27
take an aggressive stand against this slide into autocracy and I'm I will give money to right now for your campaign I I just uh we are desperate for someone to
00:48:39
go a little bit gangster and have a strong voice here I think this is we are the we are literally the party of Unix
00:48:46
right now Unix and it's a word you don't use very often I like that word that's my favorite character in Game of Thrones
00:48:53
is the unic um is that my favorite Char that's a tough one I don't know the I like the prince of Dorn I like a guy I like a b a bisexual who drinks a lot and
00:49:07
kills people that's pretty that guy's so [ __ ] hot by the way just so you know people kept asking me why I was dancing around on stage with my shirt off at South by
00:49:17
Southwest and what they don't realize is that we had to bargain for our South by Southwest um spot and they said okay but
00:49:25
if we come to you and ask you for a favor you have to accept and I said yes and before us I don't know if you know
00:49:32
this this is true story was The Last of Us cast oh and Pedro Pascal went on stage and all the women were literally
00:49:38
going [ __ ] crazy and they said okay Scott we need you to go out there and cool down the women okay that's a good one I love him
00:49:45
that's good I love him I have a little I have a hot oh who doesn't love the guy who doesn't love that guy who doesn't
00:49:52
anyways um where the [ __ ] were we oh you're winning fail oh you're fa fail is the rep the Democrat fail is look we we
00:50:00
have got to find our footing here there is a b the bad news is our leadership brightens up a room by leaving it they
00:50:07
are literally they're just so ineffective they've just acquiesced they've basically given now the Republicans uh uh car blanch to do whatever they want and it's just so
00:50:18
incredibly discouraging the the good news is we have a fantastic bench and what I would
00:50:24
say to this bench is command the space you occupy get out there be be Fearless push back on this um what's going on here there's an enormous void for the
00:50:37
new generation of Democratic Leadership to step into so my my my fail is uh Senator Schumer I think it is time for you to move on I think you I think you are just not up to the job quite frankly
00:50:50
uh my win is I think Europe is a union again uh it's A1 19 trillion economy they are figuring out that with the resolve in the capital uh the the latter of which
00:51:03
they have in Spades the former of which we have to decide in 1939 or 1940 my mother was sleeping and
00:51:11
her family were sleeping in tube stations and passing out gas masks in the shape of Disney characters the real
00:51:17
fulcrum here is that to be fair Russia has shown tremendous resolve Russia is willing to send 600 young men to their
00:51:24
death by L offering money to these families and small villages in Russia but you got to give it I mean you got to acknowledge the core competence of Russia is resolve and the willingness to
00:51:36
sacrifice uh the EU nations are a 20 trillion or1 19 trillion doll economy Russia is an economy that's two trillion that's smaller than Canada they have the capital they have better weapons they
00:51:50
have better IP they they their Ai and drone technology will be far superior the question is do they have the resolve if they do then let then let you know
00:52:02
Trump Bluster about pretending he gets to decide the terms of this surrender he doesn't if Europe wants to decide to
00:52:10
come up and fill the void of leadership in capital and resolve that the US has abdicated from they can absolutely as they did in 1939 push back against a
00:52:21
murderous autocrat and I think we're beginning to see signs of it I think these two meetings one in uh England one
00:52:29
in Brussels are showing that starmer um uh Holtz and um and uh mrr are filling that void uh so I'm hopeful my win is that the European Union is
00:52:42
going to begin to push back and fill the void of American leadership I also believe and I've said this before it
00:52:48
could inspire a dramatic upward spal in the economy through the technology spillover and the stimulus of increased
00:52:54
military spending and greater coordination and cutting the red tape and we're already seeing that in the stock market yeah can I can I put
00:53:01
something out there so they interviewed political interviewed Chris Le who was one of the campaign managers of Donald
00:53:06
Trump and he was saying how stupid Europeans are I'd love you to answer this um he goes we basically subsized
00:53:12
Europe for the last 50 years 60 years of post World War II and of course we did the rebuilding we've done all those
00:53:17
things we're able to create these social paradises where the government paid for everything they didn't have to pay for was their National Defense you know at
00:53:23
some point in time the gravy trains got to end well the gravy is ending now the Cold War is Over the balance of power
00:53:28
shifts all these things have changed politicians in Europe don't want to change they sure don't want to change at the pace that's being forced on them to
00:53:34
change how they go about spending so it's going to create a new level of angst and then he said at the same time
00:53:41
they're arrogant as hell I spent time in Europe last couple years they still don't get it they don't understand there's a new sheriff in town and he's a
00:53:46
very very set ways and pensions about America First means it means you're first we're first you're second I think
00:53:53
this guy's a [ __ ] idiot like he doesn't see what's actually we're actually going to going to make them
00:53:58
Stronger by this correct that's what you argue well of course I spent too much time in these private members clubs in New York and I went to Costa chiani and I went with some friends and we had some
00:54:09
drinks and some kashio with lovely little pasta dinner like nice in the corner and the bill was 740 bucks and I
00:54:17
I know the general manager and I came over and I said I said who is here it's all young people and I said who are
00:54:23
these young kids who can afford to spend 00 bucks on drinks and a light dinner and he said no one here is paying and
00:54:31
that is the young women here someone else is paying for them you think that's sex is fine it's also true and the men
00:54:38
the young men because it's their parents credit card they're all trust fund kids and this is interesting thing they said they're trust fund kids from New Jersey
00:54:45
I know a lot of trust fund kids and to a certain extent Europe has been a little
00:54:50
bit of the negative externalities of being a trust fund kid and that it is is dependent upon the military into a
00:54:55
lesser extent the economic umbrella of the US and quite frankly they have become indulgent and spoiled and that is
00:55:01
a harsh statement and it is true and what Europe realizes now is that they're smart they can work hard they have
00:55:08
incredible skills IP artisanship they literally are the home home of the Renaissance they are the home of like of
00:55:15
of great philosophers if they get their [ __ ] together they cut the regulation and they show some of the resolve some
00:55:22
of the grit and some of the Innovation that America and China has filled the void if you look at the the rise of China it hasn't come at the expense of
00:55:28
the US the US still has the same GDP growth the US still has the same number of of big companies of unicorns who it's come at the expense of is Europe and I
00:55:39
think a lot of this is that Europe needs to finally say okay we're going to become a union I believe this in some
00:55:45
ways might be back it it might take England back into the European Union and they need to coordinate lower the
00:55:52
bureaucracy lower lower the the lack of or what I would say the administrative State they need to SP really increase their substantial spending and they need to say if need be we're going to put
00:56:03
boots on the ground and yeah fine Trump wave your arms be an ass clown fine we're the ones that going to decide we're we're going to back Ukraine we have seen what happens when you let a
00:56:15
murderous autocrat run unchecked we're not down for this anymore we'd love your help if it's there great if it's not
00:56:20
we're going to count on it keep in mind that the Europeans substantially push back push back viciously and victoriously on a murderous autocrat for
00:56:31
two years before the Americans weighed into the war in 1930 you know if there were two long years of the greatest one
00:56:38
of the greatest industrial war machines ever the Third Reich was invading a Europe that had stopped spending and stopped preparing and stopped coordinating that's where we are now Europe can absolutely push back on
00:56:51
Russia Crystal sevita you're an idiot you're the arrogant prick anyway um we want to hear from you uh send us your
00:56:58
questions about business Tech or whatever is on your mind go to nymag.com Pivot to submit a question for the show
00:57:04
or call 85551 pivot elsewhere in the Cara and Scott Universe I talked to Ezra Klein this week with on with Cara
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switcher let's listen to a clip there is an orwellian to this but efficiency needs a goal right I mean if you want a
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government that can be more efficiently taken over by Elon musk's companies and yeah do is doing great if you want a
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government that can more efficiently do things in service of the public and execute big public projects and like no
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it's not doing great goals here really matter and um what they're doing is trying to build something that is more open to high levels of crony capitalism right it's a sort of an oligarchic
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takeover uh I just want to fight that I thought it was good uh his book is really interesting it's about the
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government the the Democrats getting a set of balls essentially and I think it's an interesting book I know you've interviewed him too um okay that's the
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show thanks for listening to Pivot uh and be sure to like And subscribe to our YouTube channel which is doing very well
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we're getting we have a face as kinus you think asra Klein has spoken at the 92nd wi yes many times he's very popular
00:58:06
he's like the media sexy guy now and you have to really compete you need to compete okay uh we'll be back uh on
00:58:12
Friday by the way Scott do not Sing YMCA and read us out make sure you subscribe
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to the show wherever you listen to podcast thanks for listening to Pivot from New York Magazine of VOX media you can subscribe to the magazine at
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nymag.com pod we'll be back later this week for another breakdown of all things Tech and business who's going to decide
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not to surrender to a murderous autocrat two words first e second you [Music]