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