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This is the original heated rivalry, but
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100%
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100% less [ __ ]
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>> actually
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200%.
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>> Yeah, boner killer. Um, so caption this
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photo. Gay man in his 60s who never
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found love or family of his own goes to
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Romania to adopt 8-year-old boy.
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I'm Carara Swisser.
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>> And I'm Scott Galloway.
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>> And welcome to the first Resist and
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Unsubscribe live event at the Pantageous
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Theater in Minneapolis.
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>> Yeah.
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>> Whoa,
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man.
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You know, you guys are in the lead right
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now. We're going to try to We had a a a
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a
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pivot tour last year. We're doing it
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again this fall and we have to kill at
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least two or three cities, but I think
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you just killed one. I'm not sure. I
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feel bad for Boston right now. Anyway,
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uh uh thank you for showing up tonight
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and helping us support the Immigrant Law
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Center of Minnesota. We're recording
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tonight's show and we'll run it on the
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Pivot podcast audio feed and on our
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YouTube channel. We're going to do a lot
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tonight. We'll talk about some headlines
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just like we do on a pivot show and
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Scott will give us an update. If you've
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never seen Scott present, it's an
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amazing thing. That's how I met him and
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ended up in this relationship. Um, he
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was very seductive on the presentation
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situation. Um, but he's going to give us
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an update on the massive impact of
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resist and unsubscribe. People have
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questions and Scott's going to answer
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them and and how much it's made. It
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really has. and I'm glad to be here to
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support it with for him. Um, but first
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we have a special guest we're going to
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chat with tonight. We always have
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special guests you don't know about.
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Please give a round of applause to
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Governor Tim Walls.
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I love him.
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>> Wow. Wow. Maybe you should tell
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Clolobachar you changed your mind.
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>> Well, I No, this is what happens when
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you don't run, I guess. I don't know. So
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>> Oh, suddenly you're popular.
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>> Yeah.
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>> Okay. All right. Um I think we're gonna
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start. We're gonna ask him a bunch of
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questions. We've done this on all the
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tours that we've had and we've had a
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great time and had a we had lots of
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governors and various things. But first
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things first, what was your immediate
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reaction to Christine Gnome's um
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departure,
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>> self-deportation?
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>> Well, I was trying to act all serious
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and say, you know, I'm I'm not a petty
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person. And then I checked myself and I
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said, in this case, I'm petty as hell.
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So,
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>> so,
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>> so it was and I was saying this that I I
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knew Christine Gnome as a member of
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Congress and I when they get in the
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orbit of Donald Trump because we I think
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you would have considered us friends at
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one time. We authored some legislation
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around water quality and things like
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that and then all of a sudden it it it
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turns into this. And um but I think for
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me uh what happened here in in
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Minneapolis was so far beyond the pale
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that the sense of uh the sense of anger
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I had towards her that whatever happens
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isn't enough. Um that's kind of the
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feeling I'm had whatever she has coming
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yet. Um, so
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>> you
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>> with justice, but
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>> you you said last week that Secretary N
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should probably get used to spending
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more time in Minnesota because we've got
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to get we've got to get accountability.
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How are you planning on getting that?
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>> Well, look, there's and and I would make
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my pitch to to the US Congress. Um, and
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especially with uh with her, I guess
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replacement in Mark Wayne, who I know
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too. Um,
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one name. We're all getting that. Um,
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>> I'm making my
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>> He's having a problem that the border
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between names.
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>> Get it?
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>> Well, they can't uh that's they can't um
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they can't do they can't fund these
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people and they can't give them without
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putting guard rails back around. And
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I've been I'm I think motans are
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demanding before they do anything
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confirming someone else, we need to make
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sure they give us the investigations we
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need here, bringing those people back
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and and holding accountability. Um the
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the both physical and moral injury
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that's happened to this state demands
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that justice be carried out. So look,
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whether it's, you know, whether it's
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county attorney with Mary Morardi or
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Keith Ellson, both have talked about it.
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Both are incredibly talented and both of
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them will get justice. And um it's of
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course with with Renee and Alex, but
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this people in Minnesota know there are
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literally hundreds if not thousands of
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things that were done to motans both
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physically, mentally, economically.
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Somebody has to pay somebody has to pay
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a price. So
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>> do do you do you imagine trials with
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her? I mean, she will say she's acting
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she was acting at Steven Miller's best
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or
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>> Well, it's out of my wheelhouse not
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being an attorney, but um we all know in
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history saying you followed orders
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didn't get you out of anything. Just
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following orders didn't get you out of
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anything. And somebody issued those
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orders and she was more than happy to uh
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to tell us she was in charge as as she
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rode her horse around telling us that.
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So, so yes, I I think you know when
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you're in elected office and you can
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make mistakes or whatever, but this was
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not mistakes. This was a blatant
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violation of human constitutional rights
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of motans and she she spoke to that and
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I was I was in Congress last week too
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and mine went a little better I I think
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than hers went. Yeah. But but she
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claimed that everyone knew on this and
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but I I will say this that yes, I think
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that we need to find out there there
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certainly needs to be investigations and
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if those lead to indictments, trials and
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imprisonment for the people who did
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these crimes that that needs to happen.
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But um
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>> can I get one
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>> but I would just leave with this. It all
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goes back to the top. This is Donald
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Trump's started this. Donald Trump did
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this. So,
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>> let me uh ask one question then Scott
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will have one. Is um they're trying to
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equate her what they're call the right
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I've noticed is saying the fraud around
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the ridiculous commercials the $200
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million given to a friend of hers in
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some fashion or Corine Leandowski's um
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>> what they're trying to equate it to what
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happened here fraud that happened here
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like if we go for fraud there we got to
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go for fraud with Christie.
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>> There's a big difference between fraud
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and corruption. Um, people stole from
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the people of Minnesota and those people
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are in jail. We'll continue to do that.
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Uh, ironically, the amount that we know
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with the feeding our future scandal is
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exactly what she spent on the riding the
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horse scandal or whatever it was. But
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this goes a lot deeper where people in
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government directing money towards their
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clients. These were criminals that stole
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from Minnesota and motans caught them
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and put them in jail. So, it was on the
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pretense of this and there's folks that
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need to be accountable. I I said to all
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the motans over the next 10 months, my
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job is to make sure again I am not going
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to apologize that Minnesota has
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incredible social service programs that
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lift people up, feed hungry kids, put
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people in. I will
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I will tell you it is my responsibility
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to make sure those programs are secure
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as possible and that's what we're doing.
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So they're not interested in any of
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that. And this that's
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>> if they were they go to Louisiana, but
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that's another issue.
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>> Yeah. straight up corruption um of
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people taking money and uh you know they
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the false sense of they come here they
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you know right-wing social media uh here
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in Minnesota there are folks that
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invited those people here there are
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people here in elected office who will
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not condemn what happened to Alex and
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Renee or Liam or anyone else and
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their accountability will come in
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November but there still needs to be
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other other avenues to make sure that
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justice is served. Scott,
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>> if a mayor calls you and says, "We have
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word or suspicion that ICE is about to
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have an equivalent pre uh presence to
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what happened in Minneapolis." What
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advice would you have specifically? What
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do you think you got right? And given,
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you know, you were in sort of uncharted
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territories, what did you get wrong?
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What would you do more of? What would
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you do less of if you were advising a
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mayor about to finish? Just to be clear,
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>> governor, excuse me,
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>> the what happened, right, and why they
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left was because of the people on the
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streets. It wasn't the elected
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officials. They left because of that and
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parent teacher organizations that turned
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into food banks and, you know, soccer uh
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and basketball car pools that turned
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into protecting children and parents
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surrounding schools. Um what I would
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tell them and and I don't know if you
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can you can't replicate it immediately
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but that old adage that all politics and
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all action is local. Motans take that to
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local to your house and the house next
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to you and the house next to you. So my
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take is make sure as elected leaders
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that you're watching where the organic
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leadership is coming from. Make sure
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you're not doing anything to interfere
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with that. And we were getting a lot of
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feedback uh from from folks on the
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streets and and to be prepared and make
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sure that that you are ready to make
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these decisions that need to be made
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without any coordination. Like everybody
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in this room knows and everybody knows
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we always work with the federal
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government and the FBI. Sex trafficking,
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you know, drug trafficking, things like
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that. They came in here and tried to
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make the case that we don't cooperate
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with them. And I'm telling you this, at
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the end of the day, when Donald Trump
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and Tom Holman stand up and say, "Well,
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you know, Minnesota finally cooperated,
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that's why we're leaving. We didn't
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change one damn thing we were doing
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before
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>> because our job is not immigration
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reform. We are not going to spend our
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resources going after people who are
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trying to follow the path towards
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citizenship and get here. So, my my
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advice to them is stay in your lane. you
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there's nothing you're going to do like
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all of a sudden we would say oh sure
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we're going to start giving you names or
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something like that they I I the the
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thought of that these states that are
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saying cuz when the president called me
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he said well we didn't have this problem
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in New Orleans or or you know somewhere
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else and I said we said I said well I
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said you didn't shoot people in the face
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in those states you didn't do things and
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I said and he asked what's wrong with
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the people of Minnesota and this was on
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the call I said not one damn thing is
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wrong with the people in Innesota. So
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>> it's it's being organized. It's being
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ready as elected officials. And I think
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what we learned in Minnesota, the
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coordination between different levels of
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government because I think it was within
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a matter of minutes of of Rene's murder
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that Mayor Fry called right away and
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things were starting to be put in place.
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But just to be very clear, uh, state and
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local governments were following the
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leads of the organic leadership on the
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streets and watching what did that. And
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that's the advice I would give. So
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that's what I'd give.
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>> So it it's one of the most important
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parts of this and I think most the
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country got a lot of inspiration from
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it. Um but Minnesota and and and the
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cooperation with the federal government
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didn't seem at that point cooperative at
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least with Greg Bevino. May he whatever.
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I know it's an easy one. He'll be on
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Dancing with the Nazis someday. Um but
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um and with Cash Patel, as it turns out,
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if you'd give him a sirly beer, he would
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have been fine.
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>> Yeah.
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>> Um
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he likes beer.
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>> He chugs it.
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>> What?
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>> Like a like a freshman in college.
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That's how he chugs. Like a like you're
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like, "Oh, you're a bad chugger."
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>> What adult goes into a locker room that
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you had nothing to do with and and acts
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like it had to do with adults?
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>> You know, here's my take on this for
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what it's I was telling them backstage.
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I said, "Well, we got to be afraid." I
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said, I don't care. I can say whatever I
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want right now. We'll get to that. So,
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my thing is, here's something we have to
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bring back. Shame has to be something.
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These people don't feel shame. You have
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to be ashamed to yourself.
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>> I think the problem is you're dealing
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with people who are shameless. And I say
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that about the tech people. Uh, so if
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they don't have shame, they are they are
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shameless. So, Minnesota residents, as
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you just noted, and activist groups say
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that arrests are reportedly still
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happening every day, particularly in the
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suburbs. Talk about what local
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authorities are doing about it. And then
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White House borders our Tom Hman
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promised Minnesota would be down to 150
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ICE agents by last week. Has he has he
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kept that promise?
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>> No. No, I don't believe so. Um and this
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is the other thing. It's very difficult
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for us to confirm that. Um and one of
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the things is I I again whether there is
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650 here or not, the threat of them
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being here and the mental stress that
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puts on especially our immigrant
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community. Um, it doesn't really matter
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whether they're here or not. It's
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interfering with their life. It's
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causing trauma. It's doing all of the
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same damage. And so I No, I don't
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believe they probably have. They They
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Look, all of us here know she did not
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get fired because of what happened here.
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She got fired because of those ads. And
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they left Minneapolis not because they
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did some they thought they did something
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wrong. They left because it became
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politically damaged to them. I believe
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if they get an opportunity again, they
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will do the same thing somewhere else.
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And that's why motans, I tell you this,
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I was in Idaho last night for the Idaho
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Democratic Party. By the way, 1,200
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people, largest it's ever been, 800
00:14:00
waiting to get their Idaho. Idaho,
00:14:03
every single every single one of their
00:14:07
they they're outnumbered 102 to 13 in
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their legislature, the Democrats are,
00:14:13
but they have candidates in every single
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district. But when we got we got to
00:14:17
town, the Minnesota flag was unfurled on
00:14:20
buildings as a sign of resistance. So
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So I want to talk about the Democratic
00:14:30
Party on a more meta level. You went
00:14:32
from almost being vice president to
00:14:35
facing um impeachment articles in your
00:14:38
home state. And a lot of people
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>> Good luck with that.
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And a lot of people would argue that as
00:14:44
bad as the Republican party is, what
00:14:45
makes a lot of progressives angry is
00:14:47
that Democrats don't seem to quite
00:14:48
frankly have their act together.
00:14:50
>> Yeah.
00:14:50
>> That um we
00:14:54
we want to join a resistance, but quite
00:14:56
frankly, we want to we want to join a
00:14:58
more competent aggressive resistance.
00:15:00
>> As someone who was on the front lines,
00:15:03
right, you're the helm of the bobsled.
00:15:05
What observations and what advice would
00:15:08
you offer to democratic leaders around
00:15:12
building a resistance that people are
00:15:14
just quite frankly more excited to join
00:15:17
>> and have a more more fullthroated
00:15:19
response to being a part of?
00:15:21
>> No, I agree. Well, look, I've said it
00:15:24
here and I might be the wrong person to
00:15:25
say this because I, you know, I accept
00:15:27
my responsibility because we would not
00:15:29
be in this crap show if we had uh if we
00:15:31
had won. But what I think the Democratic
00:15:36
Party is is one is we're prisoners to
00:15:40
kind of norms mores that are out there.
00:15:43
We're prisoners to our institutions. And
00:15:45
I will give you this and I the tech
00:15:47
folks drive me as crazy as they do you.
00:15:50
The one thing they possess and I I will
00:15:51
tell you I don't do this. I'm more of a
00:15:53
rule follower. This idea of totally
00:15:55
breaking something. Now I would usually
00:15:57
think if you break it you have a better
00:15:58
plan to go forward. Um, Democrats tend
00:16:01
to be, you know, we got to listen to the
00:16:02
system. We have to send a strongly
00:16:04
worded letter. Um, people are sick of
00:16:06
strongly worded letters. And I made this
00:16:08
case, I made this case in
00:16:11
in 22. I said, if we're going to ask
00:16:14
motans to vote for us and give us a
00:16:15
trifecta, and this was with Melissa
00:16:18
Hortman and Carrie Dick and the
00:16:19
leadership there. I said there, yes. And
00:16:22
those two women knew it. The Democratic
00:16:25
Party, Scott, I think in the past has
00:16:27
been people want to see a direct
00:16:29
connection to what they voted for and
00:16:31
what they've worked for, to an
00:16:32
improvement in their life and the things
00:16:33
they asked for. And I remember after
00:16:35
that legislative session in 23 where we
00:16:37
did paid family and medical leave, fed
00:16:39
our kids, you know, did uh child tax
00:16:42
credit 2040, all that whole list of
00:16:44
things, new flag, all of those things.
00:16:46
Um, I had a young staffer who worked on
00:16:48
my re-election campaign on that and and
00:16:50
we did cannabis and everything and he
00:16:52
looks at me and he said, "Well, this
00:16:54
wasn't that hard. We got all this stuff
00:16:55
done." And I'm like, "God dang, we've
00:16:57
been at this for 20 years." But it was a
00:16:59
real telling moment on this is if you
00:17:01
want to get people excited, you want to
00:17:02
have them believe, then actually do
00:17:04
something. And here's what I say. I'm
00:17:06
not going to give Donald Trump credit
00:17:07
for anything, but what I have learned
00:17:09
from what they did, if they can break
00:17:12
every institution to try and go into
00:17:15
people's houses or to kill people on the
00:17:16
streets or go into wars that are
00:17:18
illegal, then we should be able to break
00:17:20
all the norms to give universal
00:17:21
healthcare, break them off to to protect
00:17:24
things that we want. Um,
00:17:26
>> so who do who do you imagine best
00:17:28
represents that right now in the
00:17:30
Democratic party? I think right at this
00:17:32
point, and I think it's healthy, I I
00:17:34
think we should all agree, we need as
00:17:37
broad as possible as we go past the uh a
00:17:40
broad as possible people out there as we
00:17:42
move to 28. I don't know if that
00:17:43
person's out there yet, but what I
00:17:45
started last January, I was doing town
00:17:47
halls in West Virginia and Ohio where I
00:17:49
was saying, by the way, everybody's
00:17:51
telling you, you know, uh the road to,
00:17:54
you know, you're the road to
00:17:56
totalitarianism, I said, is littered
00:17:58
with people telling you're overreacting.
00:17:59
And I said, "We're not overreacting." I
00:18:01
was encouraging everybody to enter the
00:18:04
fray and fill their lane because I find
00:18:06
great joy every day I read Gavin
00:18:08
Newsome's stuff that he's doing. There's
00:18:09
joy in hitting him at that. There's
00:18:11
there's JB Pritzkar's out there. I see
00:18:13
people like Gretchen Whitman. There's
00:18:14
there's a lot of people out there. I
00:18:16
don't know who's doing it, but here's
00:18:18
what I learned. Donald Trump can suck up
00:18:20
so much oxygen. There isn't one single
00:18:22
person that is kind of the counterweight
00:18:24
to that. But what we saw in Minneapolis
00:18:26
is strength in numbers, strength in
00:18:29
unity, and I want a bunch of folks out
00:18:30
there.
00:18:31
>> Right. We just have uh two more
00:18:32
questions for you. What does that mean
00:18:34
for your political future?
00:18:36
>> Well, I'm I have 10 months to continue
00:18:38
to build uh what we've done in
00:18:40
Minnesota. Month 11.
00:18:42
>> So, yeah. Um, I think I still have a
00:18:46
voice to go out there and and make the
00:18:48
case to to get young people involved
00:18:50
again to get like in in Idaho that it's
00:18:53
pretty encouraging to be in there with
00:18:54
1,200 people in Idaho who are sick as
00:18:57
hell of what's going on and they were
00:18:59
there to, you know, what can we do about
00:19:01
it? How do we get organized? So, I think
00:19:03
for me, taking that message, getting out
00:19:05
there. I want to get uh uh out on the
00:19:07
road after this and do some more and to
00:19:09
help and and my goal is just to make
00:19:11
sure and Scott, your point was there is
00:19:13
not only to elect a Democrat. I want to
00:19:16
make sure that that person we elect, we
00:19:17
hold them accountable to passing the
00:19:19
things we know we need to get done. How
00:19:21
long have we fought on this healthcare
00:19:22
thing? We all know, you know, we give
00:19:24
them the statistics. We spend more than
00:19:25
any other country. The days of arguing
00:19:27
that are over. Whoever wins in 28, in
00:19:30
early 29, better fix the health care
00:19:32
system in a way for people, better
00:19:34
strengthen the middle class. I want to
00:19:35
be part of that.
00:19:36
>> Are you interested in that? Would New
00:19:38
Hampshire be a place you might stop? Are
00:19:40
you interested in running? I just
00:19:41
interviewed Gavin and he lied.
00:19:43
>> No, I am not, but I am interested in
00:19:45
being a part of it and um in the
00:19:48
ambassadorship to the Bahamas if that's
00:19:50
available. So,
00:19:51
>> all right. I have one last question.
00:19:53
Hershel Walker, by the way, is the
00:19:55
ambassador to the Bahamas. Just so you
00:19:58
>> So, so the last question is the
00:20:01
Republicans using the scandal to It was
00:20:03
partially one of the reasons you left, I
00:20:05
think, or maybe it was and you can
00:20:07
correct me, but Republicans say the
00:20:08
scandal proves Minnesota's social safety
00:20:11
net is broken and Democrats say it
00:20:12
proves we need better oversight, not
00:20:14
fewer programs. What has concretely
00:20:17
changed since these stories broke and
00:20:20
these uh and every state? They broke 5
00:20:23
years ago and folks were on it. And I I
00:20:25
remind people that we told the
00:20:27
Department of Agriculture and they
00:20:29
didn't do anything. But I I'll own this.
00:20:31
What's changed is is we have
00:20:32
pre-approvals. We have things in place.
00:20:34
But again, as you see this, they're not
00:20:36
interested in stopping the fraud.
00:20:37
They're interesting in taking away meals
00:20:39
from kids. They're interested in taking
00:20:41
away Medicaid from kids. And this is why
00:20:43
this is not a victimless crime. And it's
00:20:45
why I'm so angry about this because it
00:20:47
weakens people's trust in the
00:20:48
institutions that are absolutely needed.
00:20:50
What I would assure them is there's
00:20:52
numerous things. I will fix this. They
00:20:54
won't. They've got corruption. But what
00:20:56
I can tell you, um, we are not going to
00:20:58
move one inch. We have the most generous
00:21:00
social service programs and there's a
00:21:02
reason that we rank at the top on our
00:21:04
category. So my job is to clean those
00:21:06
programs up, make them more secure, but
00:21:09
um, I totally reject where they're at.
00:21:11
and and to be lectured by people who
00:21:14
spend a quarter billion on horses to be
00:21:17
lectured by the crypto boys with Don Jr.
00:21:20
or whatever to to watch the the Trump
00:21:23
family make money. And I remind people
00:21:24
on this I was the guy who authored the
00:21:27
members of Congress shouldn't be able to
00:21:29
trade stocks or own stocks. And I
00:21:32
thought it was I'll just leave you with
00:21:34
this. that difference between fraud and
00:21:37
corruption. I really thought it was a
00:21:38
flex when the Wall Street Journal did a
00:21:40
big breaking story when I got onto the
00:21:42
ticket and said, "We believe in our
00:21:43
analysis that Tim Walls is the poorest
00:21:46
person to ever run for vice president."
00:21:48
Well, you didn't elect me to get rich.
00:21:51
You elected me to do the job. And so I
00:21:53
I'm not going to I'll I'll take my
00:21:56
beating, but we're not going to do it.
00:21:59
>> Last question.
00:22:01
>> Last question. you've had a rough year
00:22:03
or you've had a stressful year. What
00:22:06
advice would you have for young people
00:22:08
who have this incredible ascent in their
00:22:11
professional life which you have had and
00:22:13
then you face disappointment and you
00:22:15
face a tremendous amount of stress. I
00:22:17
wish we were talking backstage and I
00:22:19
said incorrectly I always feel like I
00:22:22
know what to do which is dangerous and I
00:22:24
remember when I saw the situation here I
00:22:26
remember put trying to put myself in the
00:22:27
shoes of a government leader. I just
00:22:29
would have been so flatfooted. I just
00:22:31
wouldn't have known what to do.
00:22:32
>> I can't imagine the stress and quite
00:22:35
frankly the disappointment
00:22:37
you have likely registered personally
00:22:38
the last 12 months.
00:22:41
>> How do you deal with that? What is your
00:22:43
own process for managing stress and
00:22:45
disappointment? And what advice would
00:22:46
you have for young people who have
00:22:48
mostly just known success?
00:22:50
>> Yeah.
00:22:50
>> And then face real stress and
00:22:52
disappointment.
00:22:53
>> Well, I think
00:22:54
>> by the way, you do look good.
00:22:55
>> Yeah, you look great.
00:22:57
>> Thank you. Um,
00:22:58
>> have you considered running for governor
00:22:59
of California?
00:23:00
>> Yeah, there you go. Um, no. Look, I I
00:23:03
approached this job. I was 40, a school
00:23:06
teacher in Mano. I had no political
00:23:07
experience, no money, and and no
00:23:10
connections. I approached it as an
00:23:12
opportunity that if I had a skill set
00:23:13
that could help. And it's the same way I
00:23:14
told the vice president. I said, "You
00:23:16
pick the person who gets you elected. If
00:23:17
you want me to go to Omaha and get a
00:23:19
point, I'll do that. You just tell me
00:23:20
what to do." So, I always approached it
00:23:22
as it's public. if this isn't my my
00:23:24
concern this year and especially around
00:23:26
making a decision to run again. Um my
00:23:29
number one concern was we needed to hold
00:23:31
the seat, not for me to set in the seat,
00:23:33
but for us to hold the seat. And now
00:23:35
Republicans are totally screwed because
00:23:37
they're not going to win any elections
00:23:38
in Minnesota. And so I
00:23:43
here's my advice to young people and
00:23:45
I've told my team this in these jobs and
00:23:47
the decisions you have to make or
00:23:49
whether it's at 4:00 a.m. to know your
00:23:51
best friend had been killed or to watch
00:23:53
George Floyd or or those things you you
00:23:56
elected me to make those decisions to
00:23:58
the best of my ability surround my se
00:23:59
people who could make good decisions.
00:24:01
But I say the way you manage the stress
00:24:03
on this is is I know we make every
00:24:05
decision in the best interest of motans.
00:24:06
We try and do it as ethically and as uh
00:24:09
obviously following the law as possible.
00:24:12
That's the way you sleep at night
00:24:13
knowing you did the best you possibly
00:24:15
can in it. Cuz I've asked I don't know
00:24:16
how some of these people sleep and it
00:24:17
might be what you said. They're
00:24:18
shameless. They don't have a conscience.
00:24:21
But I would tell young people and it's
00:24:22
what we need. Um they've got horrible
00:24:25
role models right now in many cases. But
00:24:28
there are public servants out there
00:24:30
serving and there's numerous ways you
00:24:32
can do this. Whether it was to be on
00:24:33
those streets, whether it was to be in
00:24:35
those food banks, whether it was to be
00:24:36
standing at the bus stops helping kids,
00:24:38
whether it was be writing letters,
00:24:39
whether it was be donating to the
00:24:41
immigrant law center who's doing
00:24:43
incredible work. Find a way to find a
00:24:46
way to contribute because I think what
00:24:48
what Donald Trump did and what social
00:24:50
media in a modern world has done, why we
00:24:53
should be more connected, we feel more
00:24:54
isolated. And I always said this as a
00:24:57
coach, I knew this that people, it
00:24:58
wasn't about the X's and O's. It was
00:25:00
about being part of something bigger.
00:25:01
And I know that sports gets overblown
00:25:03
the analogy, but Trump figured out
00:25:04
>> you get a pass, but go ahead.
00:25:06
>> Well, Trump Trump figured it out. Make
00:25:09
people go to those rallies because it's
00:25:10
a place they want to go. He even gave
00:25:12
him a uniform in the red hats and he
00:25:13
made them feel like they were part of
00:25:15
something. Um, what you saw in
00:25:17
Minneapolis was community is still real.
00:25:20
It is still there. There are still
00:25:21
places you can go, places you can
00:25:23
contribute. Find your community,
00:25:26
contribute to it, make a difference
00:25:27
because I think all of us know every
00:25:29
research does this. It's it's far better
00:25:31
to give and to help. And motans, by the
00:25:33
way, none of this surprised the people
00:25:35
in this room because it's all a
00:25:37
correlation to highest voter turnout,
00:25:40
highest volunteer rates, highest
00:25:42
donations to charity. That's what we do.
00:25:45
So,
00:25:45
>> and happy.
00:25:46
>> Very, very last question.
00:25:51
>> Are they still weird?
00:25:55
If I had to do it again, I think I would
00:25:57
have used harsher language. But um
00:26:01
don't norm
00:26:04
Patel that little dude jumping around. I
00:26:06
I
00:26:07
>> What's your new word?
00:26:09
>> We have to and and again there's
00:26:11
something about it that belonging
00:26:12
whatever. And and I don't want to say it
00:26:14
like flippantly or whatever, but people
00:26:16
want to be part of an organization that
00:26:17
they're proud of that things are
00:26:19
happening. um we have the capacity to do
00:26:23
that. And one of the things that's more
00:26:25
challenging for us, they set a small
00:26:27
parameter and you either conform or
00:26:28
you're out of the cult. With us, we're
00:26:30
proud of our broad big tent. Um but that
00:26:34
also means um we're going to have to
00:26:36
figure out ways to make people feel more
00:26:38
more a part of it. And so I think
00:26:40
there's there's somebody out there.
00:26:42
Look, there's a lot of exciting people
00:26:43
out there which and again I I swore this
00:26:45
Scott that I would never bet aor's one
00:26:47
of my dearest friends. And after the
00:26:49
last time Bato ran, I said, "I'm not
00:26:51
putting another penny in Texas. Damn it.
00:26:53
It's taking money away." Now we got
00:26:54
James Telerico. I said, "Okay, I'm
00:26:56
putting a penny in there." So
00:26:58
>> anyway, I want everybody to thank uh
00:27:00
Governor Wald.
00:27:01
>> Thank you, Governor.
00:27:18
Yes. Great. Thank you. Thank you. That
00:27:20
was great. We really appreciate it. I
00:27:22
liked his socks. His Minnesota socks.
00:27:24
Did you see them?
00:27:25
>> You want to see mine? A little
00:27:26
different.
00:27:29
Says 100% that [ __ ]
00:27:34
I'm not running anything but my mouth
00:27:37
tonight. Anyway. All right. Well, we
00:27:39
need we need to take a quick break and
00:27:40
when we come back, we'll get to some of
00:27:42
the latest headlines.
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00:30:01
>> Scott, we're back recording live from
00:30:03
the Pantageous Theater in Minneapolis.
00:30:14
>> Let's get to some news starting with
00:30:16
Target. Tar um it's one of the biggest
00:30:18
employers here. I know. M
00:30:22
I know. I know. It's one of the biggest
00:30:24
employers here in Minnesota. It's been
00:30:26
getting heat for not pushing back on ICE
00:30:28
and the Trump administration. Two
00:30:30
Minnesota Target employees who are US
00:30:32
citizens were detained by federal agents
00:30:34
back in January, fueling protests and
00:30:36
boycots. Target's new CEO gave an
00:30:39
interview to the AP uh this week. He
00:30:41
said the company is working to quote win
00:30:43
back trust and the employee and guest
00:30:45
safety is their quote northstar.
00:30:48
I have never heard such [ __ ] nonsense
00:30:51
in my life. Like, and I I interview a
00:30:53
lot of people and I knew Brian Cornell
00:30:56
Cornell who used to run it for a long
00:30:57
time because I covered retail and I
00:31:00
thought that opportunity was the that
00:31:02
interview was the worst interview I've
00:31:04
seen in a while. It said nothing. It was
00:31:06
all talking points. It went out on no
00:31:07
limbs. It was not brave. It wasn't
00:31:09
genuine. Um, and people have a great
00:31:12
emotional relationship with Target. They
00:31:14
have over the years. I mean, there's
00:31:15
other issues they have, but um I thought
00:31:17
it was a real missed opportunity for a
00:31:19
CEO not to have a fresh start. Um Brian
00:31:22
had been tarnished and rightly so for
00:31:25
dumping gay flags as if that's the
00:31:27
biggest deal in the [ __ ] world. Um
00:31:29
and and it was an opportunity missed. Um
00:31:33
obviously there's secular issues
00:31:34
happening around retail, but Target for
00:31:36
a while was really on a on a tear. Your
00:31:39
thoughts?
00:31:39
>> Yeah, last century. Um,
00:31:41
>> yeah,
00:31:42
>> like Target. Target's a great company.
00:31:44
They carved out a great position. The
00:31:45
last 20 years they've returned about 7%
00:31:48
a year. S&P's up 16%. Walmart's up 23.
00:31:53
Uh, so the bottom line is Target has
00:31:55
vastly underperformed the market. And
00:31:57
that's what's such a shame. I look at
00:31:58
this through a shareholder lens. That
00:32:00
was a big opportunity because I think
00:32:02
the biggest commercial opportunity I've
00:32:03
been saying this for 6 months is for
00:32:05
someone to elegantly in a non-personal
00:32:07
way basically to say no and demonstrate
00:32:10
that we have stronger fidelity to our
00:32:13
stakeholders and the constitution
00:32:15
without being personally vindictive
00:32:17
around the Trump administration. This is
00:32:19
a huge opportunity and it looks like
00:32:21
Daario Emod is taking it in the last
00:32:24
week when he kind of refused to comply
00:32:27
with certain Trump administration. He's
00:32:28
since backpedal a little bit, but the
00:32:31
annual occurring revenue uh of Anthropic
00:32:35
has gone from 14 to 19 billion. So, the
00:32:38
opportunity for someone to push back was
00:32:40
enormous. And quite frankly, the CEO of
00:32:41
Target missed an enormous opportunity
00:32:43
cuz right now what this city deserves is
00:32:47
spying, not spin. And
00:32:50
the this was just such a lost
00:32:54
opportunity. And I'm I'm going to name
00:32:56
drop because I'm desperate for your
00:32:57
affirmation, but
00:32:58
I've worked with probably
00:33:01
150 of the Fortune 500 CEOs at some
00:33:03
point in my career and whenever they put
00:33:05
out a press release, I know exactly what
00:33:06
happened here. This was a press release
00:33:08
that was gangbanged by about a dozen
00:33:10
$800 an hour communications consultants
00:33:13
that were worried about
00:33:14
>> attractive
00:33:15
>> different interpretations.
00:33:17
I used to write CEOs press releases in
00:33:19
their IR and I'm like no more than two
00:33:21
people can work on this because it'll
00:33:22
get diluted into nothingness. And also
00:33:25
what I like to remind CEOs of is when
00:33:27
they get stressed out about saying
00:33:28
something or potentially offending
00:33:29
shareholders, I'm like, "Dude, you're
00:33:31
already rich and you're going to be dead
00:33:32
soon. So why wouldn't you say
00:33:35
something?" This was such an enormous
00:33:38
opportunity
00:33:39
to say to basically stand up for
00:33:42
employees. He would have been a national
00:33:43
hero. So many people would have said,
00:33:45
"You know what? I think I'm going to
00:33:46
shop at Target this week." This was the
00:33:49
mother of all missed opportunities for
00:33:51
shareholders. So why do you again
00:33:53
besides the um
00:33:58
I like that spine not spin you spent all
00:34:01
day thinking that one up.
00:34:03
>> I like it.
00:34:04
>> I did.
00:34:04
>> I'm going to steal it. Um but when you
00:34:07
have that when when when they didn't do
00:34:09
that because again there are secular
00:34:11
issues around retail we all know and we
00:34:13
are aware of and that even Walmart which
00:34:15
was the juggernaut is only up 23%. But
00:34:18
what would you when you when you this
00:34:21
person had worked has worked there most
00:34:22
of his career, right? As a career
00:34:24
person.
00:34:25
>> How difficult right now is it for CEOs
00:34:27
to do things like that? Because you
00:34:29
don't you keep saying there's going to
00:34:30
be more and more of them. And Daario did
00:34:32
backpedal a little bit like he said he's
00:34:35
called Trump a dictator which is
00:34:37
technically accurate. Um but they but
00:34:40
they but he kind of walked back saying I
00:34:42
shouldn't have been so rash. Uh he's
00:34:44
still suing the government suing the
00:34:45
government for the behavior.
00:34:47
>> But we've talked about this. Look what's
00:34:48
needed is the following. there's a lack
00:34:50
of leadership amongst so I I'm friends
00:34:52
with a guy named Jeffrey Sullenfeld who
00:34:54
runs a leadership course at Yale who
00:34:56
brings together the largest convocation
00:34:57
of CEOs in the country and I've been
00:35:00
having a dialogue with Jeff and I said
00:35:01
Jeffe you're the hero we need because
00:35:02
the reality is you have to be empathetic
00:35:05
to it's very hard to go first right now
00:35:08
and that is if you go first and you say
00:35:10
I'm the president's enemy the largest
00:35:12
customer in the world is the US
00:35:14
government and it also has the ability
00:35:16
to basically neuter your company and you
00:35:17
do have a responsibility to employees
00:35:19
and shareholders. So, what's needed is
00:35:22
collective action and that is somebody
00:35:23
has to get 10, 50, 100 of the Fortune
00:35:26
500 CEOs to basically put out, you know,
00:35:29
a real letter saying this has just gone
00:35:32
too far. And there are certain
00:35:34
constitutional uh and democratic and
00:35:36
civil rights that have made these
00:35:38
companies the best performing companies
00:35:40
in the best performing organization in
00:35:42
history is the US military. The second
00:35:43
best performing organization in the
00:35:44
world is US corporation. And one of the
00:35:47
reasons it's performed so well is basic
00:35:49
separation of government and business
00:35:51
uniform systemic laws that you get to
00:35:55
oblige by you're you're compliant to but
00:35:57
also you have the same treatment and
00:36:00
they could just put out a fairly a
00:36:03
letter that says we're just not down
00:36:04
with what's going on and it needs to be
00:36:07
50 of them because right now what they
00:36:09
all say and I've heard from probably
00:36:10
about 20% of the companies we're asking
00:36:13
you to um resist and unsubscribe from
00:36:15
and they all make a big point. They're
00:36:17
like, it's really hard to go first. So,
00:36:19
there's a lack of leadership or there's
00:36:21
an opening for someone to organize a
00:36:24
group of them to push back. But the fact
00:36:26
that effectively in the last week, I
00:36:28
think anthropic has become more valuable
00:36:30
than open AI,
00:36:31
>> you're going to see more nos, all of a
00:36:33
sudden a bunch of CEOs are going to
00:36:35
reach down and find these spherical
00:36:37
things and decide to speak up.
00:36:40
>> Well, um, speaking of which, uh, let's
00:36:42
go over anthropic. The Pentagon has
00:36:44
officially labeled it as a supply chain
00:36:46
risk, but the company says it won't
00:36:48
impact business partners as much as Pete
00:36:50
Hexes implies and the ban will only
00:36:52
apply directly to contracts with the
00:36:54
department. I'm going to call them
00:36:56
Department of Defense because I feel
00:36:57
because it's like the Gulf of America.
00:36:59
Um, Daario Amodi is also apologizing as
00:37:02
I said for a memo. He basically said the
00:37:04
White House punished anthropic for not
00:37:05
offering quote dictator style praise.
00:37:08
Um, what is happening here? There's a
00:37:10
person as I've talked about a guy name
00:37:12
Emil Michael who is a a tech person who
00:37:14
got uh who got who had to leave Uber
00:37:17
under very bad circumstances including
00:37:20
reporting by a organization I ran. Um
00:37:23
really a a bullying toad is how I would
00:37:25
describe him. Um but he said let's use
00:37:28
him pretend he knows what's happening.
00:37:30
Um do you think he's they're going to
00:37:32
try to go harder on anthropic now and
00:37:34
what is the price because he did pull
00:37:36
back some. What do you think went into
00:37:38
that from a
00:37:39
>> I think they're distracted and the only
00:37:41
way the only thing I'm fairly certain of
00:37:44
is that again I'll go back to my
00:37:46
consulting days there actually a
00:37:48
wonderful kid Ari who's here who used to
00:37:50
work with me um kid he's now three kids
00:37:52
lives in Minnesota um
00:37:54
>> that means you're old but go ahead
00:37:57
>> but I always used to say before we'd go
00:38:00
in to talk to a board or management
00:38:02
who's in the room that's not in the room
00:38:05
and that is there's always context or
00:38:08
atmospherics in a room. Companies are
00:38:10
highly politically charged places with
00:38:11
leaders who have a disproportionate
00:38:12
amount of influence even when they're
00:38:14
not in the room. I'm like, we're going
00:38:15
in and we're talking about e-commerce or
00:38:17
shareholder value, but who's in the room
00:38:18
that's not in the room? And I believe
00:38:21
almost every decision being made by this
00:38:23
administration is two people who are in
00:38:26
the room but not in the room. And that
00:38:27
is whenever you see anyone dealing with
00:38:29
the press or congressional testimony,
00:38:31
Roy Conn is in the room. And if you look
00:38:34
at Roy Conn's, Roy Con was Donald
00:38:37
Trump's mentor.
00:38:40
Attack, attack, attack, insult, lie,
00:38:42
never deny, never acknowledge, attack,
00:38:44
attack, deny, insult. And basically the
00:38:48
one of the greatest brand erosions of
00:38:50
the US government is there used to be a
00:38:51
certain decor in civility when you
00:38:53
testified in front of Congress. We
00:38:54
weren't that nation that broke into
00:38:56
fisticuffs or start throwing water at
00:38:58
each other. That's gone because Roy Con
00:39:00
is in the room. The second person that
00:39:02
is present in every room right now
00:39:04
around every every decision is Jeffrey
00:39:06
Epstein. And I believe and I've said
00:39:08
this over and over that there are two
00:39:09
very or three very smart people armed
00:39:12
with every LLM monitoring the
00:39:14
temperature of the proximity between
00:39:17
Trump and Epstein's name in the news.
00:39:19
And when it goes above a certain
00:39:21
temperature, they then ask the LLM for
00:39:24
what action would create the most
00:39:25
controversy, no matter how ridiculous it
00:39:28
is. We're taking tariffs of 50% on st on
00:39:31
Spain. We're going to invade Cuba. Start
00:39:34
calling someone racist names that will
00:39:37
push the temperature down again. I think
00:39:40
that the Roy Conn and Epstein are
00:39:42
literally in every room.
00:39:44
>> So, who is in Pete Hegest room besides
00:39:46
Jack Daniels?
00:39:49
>> No, really. It's his friend from high
00:39:51
school.
00:39:51
>> I don't I I think
00:39:53
>> and probably grammar school looking at
00:39:55
him.
00:39:56
Yeah, I I I think that Dario is going to
00:39:58
get let off the hook because my
00:39:59
prediction is in the next two to four
00:40:00
weeks, other CEOs are going to step into
00:40:02
the void, the vacuum of leadership here.
00:40:05
>> So, he'll get some help.
00:40:06
>> I think he'll get some cloud cover from
00:40:08
other firms that'll start saying we're
00:40:10
not going to run firm that would be.
00:40:12
It's not going to be Jeff Bezos.
00:40:15
>> I don't know. I really don't know.
00:40:17
>> I feel like it might be Ted Sarandos,
00:40:19
someone like that because he doesn't
00:40:21
give a [ __ ] now. Yeah, Ted Ted is in a
00:40:24
position to do it now. Um, I mean, in
00:40:27
fact, we're going on a diversion here,
00:40:29
but walking away. It's so funny. If you
00:40:31
wrote a book called The Worst
00:40:32
Acquisitions in History, you just might
00:40:33
as well call it Warner Brothers.
00:40:35
>> And by the way, I wrote that book.
00:40:39
You did not read it cuz you don't miss
00:40:41
the book on AOL.
00:40:42
>> Yeah, I wrote two.
00:40:44
>> Yeah,
00:40:45
>> it's called There Must Be a Pony Bottle
00:40:48
of Lancers and watching listening to
00:40:49
Cisco when I read that. Um,
00:40:52
and the English be.
00:40:53
>> All right, finish up. I got the story.
00:40:56
>> But effectively, they walked away from a
00:40:58
$120 billion deal. So they have $120
00:41:00
billion. Their stock's up 24% since
00:41:02
walking away from a deal. Another 60
00:41:03
billion. So my suggestion to Ted is, you
00:41:06
know what, you've just saved $182
00:41:08
billion. You know what's worth 178?
00:41:10
Disney, the most defensible business in
00:41:12
all of entertainment, which is the
00:41:13
parks. The reason I bring that up is
00:41:16
again, Warner Brothers is about to be
00:41:18
the worst acquisition in history. Yeah,
00:41:20
>> there's absolutely there's basic there's
00:41:21
a basic rule. Sherry Redstone, Edgar
00:41:23
Bronman Jr., now David Ellison. The
00:41:25
wonderful thing about income inequality.
00:41:27
Unfortunately, because of our tax
00:41:28
structure, we create dynasties. But when
00:41:30
we had a more sane tax structure where
00:41:32
we taxed estates because we didn't
00:41:34
believe in dynasties, it had we had
00:41:36
didn't have such out of control income
00:41:37
inequality. Because here's the thing,
00:41:39
rich the kids of rich people are usually
00:41:41
[ __ ] idiots. And they usually spend
00:41:43
they usually spend all of their dad's
00:41:45
money because they're under the
00:41:46
impression that being rich makes them
00:41:47
smart. and they start making really
00:41:49
stupid decisions.
00:41:50
>> That's been my experience. Um I always
00:41:53
say uh to one of them, I can't remember
00:41:57
who it was, one of these kids, I said,
00:41:59
"You, you know, is that you were born
00:42:00
>> the only the only people paying these
00:42:01
prices in media are the children of rich
00:42:03
people." Their idea is they were born on
00:42:06
third base and they think they've hit a
00:42:07
home run. Um and they haven't and it
00:42:10
will be a disaster. You're right.
00:42:11
Speaking of unusual people, some Elon
00:42:14
Musk news. He was in a courtroom this
00:42:16
week. Investors are suing him, claiming
00:42:17
his 2022 tweets about pausing the
00:42:20
Twitter deal tanked the stock price and
00:42:21
cost them a ton of money. Elon's
00:42:23
defense, he says he put the deal on hold
00:42:26
because he genuinely had concerns about
00:42:28
bots and fake accounts. If the jury
00:42:30
doesn't buy it, he could be on the hook
00:42:31
for close to a billion dollars in
00:42:33
damages. He's managed to to anxious his
00:42:36
way out of so many lawsuits, the Pedo
00:42:39
lawsuit, the other one where he said
00:42:41
420. Um, what do you think about this
00:42:44
one? He really misbehaved in this case.
00:42:46
He was forced to then buy it. Of course,
00:42:48
>> he literally fits the SEC definition of
00:42:50
insider trading and market manipulation.
00:42:52
>> Yeah.
00:42:52
>> If I had said if I was on the if I was
00:42:56
on the board of a public company and
00:42:58
said made an announcement, tweeted that
00:42:59
the we had just um that I was buying the
00:43:03
company for $420 a share at a 60%
00:43:06
premium and the funding was secured
00:43:09
and that wasn't true. I would never be
00:43:12
on a public board again, much less be an
00:43:14
officer and most likely I'd end up in
00:43:16
jail. We have sent people to jail for
00:43:18
much less than this. And this is the
00:43:20
problem with this level of massive
00:43:22
income inequality. And that is generally
00:43:24
speaking the one way AI might help is AI
00:43:27
might actually be a means of enforcing
00:43:29
the law unilaterally, which it is not
00:43:31
now. Because the reality is the top 1%
00:43:33
are protected by the law, but they're
00:43:35
not bound by it. And the bottom 99 are
00:43:37
bound by the law, but not protected by
00:43:38
it. And Elon Musk represents that in
00:43:41
spades. And so what? Because most of the
00:43:43
most of the penalties from the law are
00:43:45
civil penalties. And there is no penalty
00:43:48
big enough to get Meta to stop putting
00:43:50
out content that convinces teenage girls
00:43:52
to to stop cutting themselves. And
00:43:55
there's no penalty large enough, no fine
00:43:56
large enough for Musk to stop lying and
00:44:00
committing the types of SEC violations
00:44:02
that the rest of us have to play by.
00:44:04
>> So what's going to happen here to him?
00:44:05
Because he'll say he was concerned about
00:44:07
butts. He had an ironclad deal with no
00:44:09
due diligence that he agreed to.
00:44:12
>> At some point, the laws the penalties
00:44:14
have to be a percentage of your wealth
00:44:17
or the market cap of the company because
00:44:20
he might be fined as much as a billion
00:44:22
dollars. If you have the average
00:44:25
household wealth of a family in America,
00:44:27
$120,000,
00:44:29
that's the equivalent of a $550 fine.
00:44:31
>> Yeah. And he's going to be a
00:44:32
trillionaire with the space.
00:44:34
>> So, who cares? He doesn't care. and he
00:44:35
just throws money and lawyers at it.
00:44:37
>> So, do you think he'll win this case?
00:44:38
Cuz he's he's won them all.
00:44:40
>> I don't know enough about it. What do
00:44:41
you think?
00:44:42
>> I think he might win it again. I think
00:44:44
he he always manages to squeeze out of
00:44:46
things and he says, "Oh, we just didn't
00:44:47
mean to say it and he had real concerns
00:44:50
and you know, we talked about this at
00:44:51
the time. We're like, he's going to have
00:44:53
to buy it. I don't we don't care what he
00:44:54
says."
00:44:55
>> Oh, the court the Delaware court was not
00:44:57
impressed with him. He did not want he
00:44:59
tried to do everything. He realized in a
00:45:00
manic state ketamine he would that
00:45:04
Twitter was worth $44 billion and then
00:45:06
when he sobered up he's like uhoh and he
00:45:08
did everything to try and get out of it
00:45:10
and the Delaware chancellor said I'm
00:45:12
just not that impressed by you these
00:45:14
agreements and to the board the board of
00:45:16
Twitter's like if this we don't care if
00:45:18
this guy's really [ __ ] high if he
00:45:19
wants to pay us this much money just
00:45:21
send an agreement that's airtight and
00:45:22
they did that and they wouldn't let him
00:45:24
out of it because they knew that they
00:45:25
was buying a $18 billion company for 44
00:45:28
billion.
00:45:28
>> Yeah. But he of course sailed out of
00:45:30
that because the banks didn't foreclose
00:45:31
on him. They did because they wanted the
00:45:33
next deal
00:45:34
>> and to be fair the company has performed
00:45:35
better and he moved it into you don't
00:45:38
know how it's performed.
00:45:39
>> Well Twitter most of the metrics
00:45:42
>> are lower significant
00:45:44
>> but my understanding is advertisers have
00:45:46
returned. That's not your understand.
00:45:47
>> My understanding is the business sucks
00:45:49
as it always did and
00:45:51
>> and the numbers are down and threads
00:45:53
owned by
00:45:54
>> huge inroads is now bigger bigger than
00:45:57
Twitter
00:45:57
>> but still I mean people do still there's
00:45:59
a lot of politicians on it which and
00:46:01
press that continue to stay on it. Scott
00:46:03
and I left a long time ago despite
00:46:05
enormous audiences there.
00:46:07
>> I I I mean this sincerely and I talk
00:46:09
about this a lot. I struggle with anger
00:46:10
and depression and I try and go through
00:46:11
a series of things that will be an
00:46:13
unlock and I try to keep track of what
00:46:16
causes when I go dark and one of the
00:46:18
things I realized about fourth is that
00:46:21
20 to 25 I'm very analytical 20 to 25%
00:46:24
of the time when I went dark was [ __ ]
00:46:26
something that happened on Twitter.
00:46:27
>> Yep. You used to get upset.
00:46:28
>> So I stopped using Twitter about three
00:46:30
and a half three years a last World Cup.
00:46:33
My suggestion is uh one of the most
00:46:36
secretive things you can do for your
00:46:37
mental health is not be on Twitter.
00:46:39
Yeah, I would agree. I would agree. I
00:46:41
have not missed it one bit. Um I had I I
00:46:44
continually have tech bros saying,
00:46:46
"You're really missing out." And what's
00:46:48
there? And I'm like, "Oh, someone not
00:46:50
calling me a [ __ ] 50 times a day." I'm
00:46:52
I'm good. I'm real good with that.
00:46:56
>> What?
00:46:57
>> Why does that make me happy? I don't
00:46:58
know.
00:47:00
>> That's a word we need to reestablish as
00:47:02
a good word to use. They use it in
00:47:04
Britain. You live there, right? Don't
00:47:05
they call you that all the time? Yeah,
00:47:07
that's one of those words that I should
00:47:09
never ever say under any circumstance.
00:47:11
>> Please stand.
00:47:12
>> Don't even do see you next Tuesday.
00:47:14
You're not allowed to do any of that.
00:47:15
Anyway,
00:47:16
>> you you own that word.
00:47:18
>> I can and I use it quite a bit. Um
00:47:20
anyway, um all right, next story. More
00:47:23
than 1500 transgender people in Kansas
00:47:26
woke up this week to find their driver's
00:47:27
licenses are now legally invalid. All
00:47:30
thanks to a new state law forcing them
00:47:31
to get new IDs that reflect the gender
00:47:33
they were assigned at birth. The law h
00:47:35
also has what critics are calling a
00:47:37
bounty provision where anyone who
00:47:38
encounters a trans person in a public
00:47:40
bathroom and feels agrieved can actually
00:47:42
sue for damages. Courts are already
00:47:45
pushing back with legal filing calling
00:47:46
the law something designed to quote dis
00:47:48
discriminate against and dehumanize
00:47:50
transgender people. You think um these
00:47:53
anti-trans laws are popping up across
00:47:54
the country again will be uh will
00:47:57
pushing back on this be a winning or
00:47:59
losing strategy for Democrats?
00:48:00
Obviously, the sports stuff did stick,
00:48:02
but as we get closer to midterms, this
00:48:04
this particular thing seems the most
00:48:07
dehumanizing thing and sickening thing
00:48:09
is trying to you need your license to
00:48:11
vote. People are immediately without a a
00:48:14
license, a real ID to fly and everything
00:48:16
else. And um it's really um I think it's
00:48:19
one of the crulest things that I've
00:48:21
heard to do to transgender people uh as
00:48:24
yet among the many cruel things people
00:48:26
do. Uh, any thoughts about how to deal
00:48:28
with a story like this?
00:48:32
>> Be careful, Scott.
00:48:34
>> So,
00:48:36
something David from said kind of
00:48:38
summarized how I feel about the
00:48:39
Democratic party right now, and that is
00:48:41
if progressives won't enforce the
00:48:42
border, fascists will. And we stick out
00:48:45
our chin and we lose our [ __ ] minds
00:48:48
when we try to pass legislation that
00:48:50
demands corporations have third
00:48:51
bathrooms. or when we let a trans woman,
00:48:53
and I realize this is the wrong crowd
00:48:54
for this, but I want to speak as I would
00:48:56
anywhere else. Or we decide that a trans
00:48:58
woman can compete in a woman's NC2A meet
00:49:01
and all progressives look around
00:49:02
cautiously and then applaud and call it
00:49:03
inspiring. So you're telling me all
00:49:06
medals, endorsement contracts,
00:49:08
professional contracts, all money,
00:49:10
college scholarships are ultimately
00:49:11
going to go just to people born with
00:49:12
penises. We lost our [ __ ] minds. and
00:49:15
then they move in and see an opportunity
00:49:18
to demonize a community and just quite
00:49:20
frankly cover it and respond with hate.
00:49:25
So I think where the democratic and I'm
00:49:26
torn on this. I think where the
00:49:27
democratic commi community needs to be
00:49:30
thoughtful. It's like look we have we
00:49:33
have civil rights. This is a community
00:49:35
that deserves the same dignity as every
00:49:37
other community, but no, we're not going
00:49:38
to make it our front and center issue.
00:49:40
These this should be settled law
00:49:43
>> and move on. But it's not settled law.
00:49:45
They took away their licenses. This is
00:49:47
this is where it goes. See, this is what
00:49:49
>> that but the law in my opinion, my read
00:49:51
of the law is there's no legal
00:49:53
justification for taking away their
00:49:55
licenses. But don't make it the platform
00:49:57
for the whoever's running for president.
00:49:59
I just think these these I think a lot
00:50:02
about uh you know, I think a lot about
00:50:04
masculinity and
00:50:06
>> I hadn't noticed that.
00:50:09
And loosely speaking, I think of it as
00:50:12
acquiring skills and strength uh in the
00:50:15
service and protection of others. You
00:50:17
don't h you might disagree with the
00:50:19
trans community. You might not believe
00:50:21
in uh gender affirm whatever your
00:50:24
beliefs are. But if you think of
00:50:25
yourself as a man, right, and you see
00:50:28
this kind of demonization,
00:50:31
it doesn't matter your political views,
00:50:32
you move to protection. This is just
00:50:34
straight victimization.
00:50:38
So where I land, where I land is this
00:50:42
should be settled law. Of course you
00:50:44
don't take their driver's license away.
00:50:45
That's just stupid. But don't make it
00:50:48
don't make it the lead and opening
00:50:50
debate for the presidential election
00:50:52
because this is a community that
00:50:55
this is I get it. This is a really tough
00:50:57
one, but we really screwed up on this
00:51:00
one. And there are a lot of Americans
00:51:03
that have a different viewpoint on this.
00:51:07
But in my view, this is something where
00:51:08
we say, "All right, let's be reasonable.
00:51:10
We're going to afford this community the
00:51:11
same rights and dignity as every other
00:51:13
community, but it's not going to be a
00:51:15
part of our platform that we
00:51:17
>> I do think they're trying to definitely
00:51:19
trying to get us to stick our chin out."
00:51:21
That same time, this I think it actually
00:51:22
is very helpful when they do this bounty
00:51:25
provision thing. It just seems [ __ ]
00:51:27
mean. Like I think just like everywhere
00:51:29
else,
00:51:30
>> persecution for no for no reason. It's
00:51:32
>> I think it had residents here in
00:51:34
Minnesota. I didn't live here. But that
00:51:35
definitely
00:51:36
>> North Dakota passed a law for no a free
00:51:39
play law or whatever it's called. So no
00:51:41
trans athletes in high school. And then
00:51:42
when they were asked to find a trans
00:51:43
athlete in any high school, they
00:51:45
couldn't find one.
00:51:45
>> Yes, that's correct. There's six of
00:51:47
them. Anyway, um it'll be an interesting
00:51:49
thing going forward, but it's
00:51:51
astonishingly cruel and I think it will
00:51:54
it will hit back at them, especially
00:51:55
these bounties. I think there's a real
00:51:57
trend that I think you and I talked
00:52:00
about was a lot of people have
00:52:01
immigration issues, a lot of people have
00:52:03
this and there a lot of people who were
00:52:05
sort of proTrump or voted for Trump to
00:52:07
me has said, but not this way. Right?
00:52:10
And I think there's a great deal of
00:52:12
political strength to be saying, okay,
00:52:14
you can have that view, but do you
00:52:16
really want to do this to people? Do you
00:52:17
really want to do that? And I think
00:52:19
Minnesota was was sort of the absolute
00:52:21
place where people were like, are are
00:52:23
you [ __ ] kidding me? Like that kind
00:52:25
of thing. And I think it does have
00:52:26
resonance and especially when the
00:52:28
citizens fight back in a way that is has
00:52:30
a lot of dignity and grace and and
00:52:33
suffering also at the same time. So, uh,
00:52:35
last one. This one is for you and it's
00:52:38
our friends uh at the Minnesota Star
00:52:40
Tribune, which we love.
00:52:42
>> Um, this I love this thing. I wear it
00:52:45
all the time. It's so great. Uh,
00:52:47
Minneapolis now leads the Midwest in
00:52:49
only fan subscriptions according to new
00:52:52
data from Only Ger. I didn't even know
00:52:55
there was like a data for only fans, but
00:52:57
out of 167 cities, Minneapolis ranks
00:53:00
fifth in the country per capita and
00:53:02
sixth in the world. Min Minneapolis
00:53:06
residents spent more than $14 million on
00:53:09
only fans in 2025.
00:53:14
First of all, what the [ __ ] is going on
00:53:16
with all of you? And Scott, will you be
00:53:20
staying a little longer in Minneapolis?
00:53:24
It's
00:53:24
>> so I'm fascinated with only fans, not
00:53:27
for the reasons you think. Um,
00:53:28
>> it's exactly for the reasons you think.
00:53:31
>> It's just it it reflects a lot of things
00:53:34
about our society and economics. It's so
00:53:36
84% of the creators are women. 80% of
00:53:42
the revenue I'm sorry, 80% of the
00:53:44
creators are women. 84% of the revenue
00:53:46
comes from men. Uh
00:53:51
it's the highest per employee revenue
00:53:53
company in the world right now. It's a
00:53:54
bigger business in the New York Times at
00:53:56
7 billion. And the number of registered
00:54:00
users is greater than the population in
00:54:01
the United States. It's effectively a
00:54:03
transfer of it's basically we've
00:54:06
monetized healthcare in the United
00:54:07
States. We've monetized rage with social
00:54:09
media and now we're monetizing male
00:54:11
loneliness. And I think it's a symptom
00:54:14
of something much more insidious and
00:54:16
frightening. And that is uh young people
00:54:19
aren't having enough sex. And a lot of
00:54:21
it is because young men are not leveling
00:54:24
up and taking as much. They're taking
00:54:26
way too much risk online and they're not
00:54:28
taking a risk enough risk offline.
00:54:31
And uh I offend people when I say this
00:54:34
uh but I hold to it. I think we need
00:54:35
>> Here he goes.
00:54:37
>> I think we need to celebrate young men's
00:54:39
horniness.
00:54:41
Um,
00:54:43
but we need to celebrate it offline. And
00:54:47
what I would say is that the killers of
00:54:49
masculinity are uh the indoors, a lack
00:54:53
of exercise, blaming immigrants, blaming
00:54:55
women, and porn, I think, are killers of
00:54:59
masculinity. And I, like I'm very good
00:55:02
at doing, I'm going to bring this story
00:55:03
back to myself.
00:55:06
When I was about 24 years ago, I was at
00:55:09
the Raleigh Hotel at the pool. On
00:55:11
Sundays, they have a DJ day and there
00:55:13
was just this scorching hot woman and I
00:55:15
made I said to myself, before I leave, I
00:55:19
promise myself I was going to speak to
00:55:21
her. I'm like, I'm going to speak to
00:55:23
her. I'm going to make the approach. I
00:55:25
promise I'm going to do it. And without
00:55:28
the benefit of alcohol, I chickenened
00:55:29
out cuz I'm just not that interesting
00:55:31
without alcohol. And so I went to get my
00:55:35
car and I I had the valet ticket and I
00:55:38
thought, "Oh, fuck." And I ran back in
00:55:40
and I went up to her and I showed her
00:55:41
the valet ticket and I said, "I promised
00:55:43
myself I was going to say hi to you and
00:55:46
uh I almost left." Anyways, uh 18 months
00:55:50
later, we gave birth to a son whose
00:55:52
middle name is Raleigh.
00:55:58
And let me let me be less aspirational
00:56:01
here. I wasn't looking at her thinking I
00:56:03
want lower rates on auto insurance.
00:56:06
Um, I think embracing your horniness and
00:56:09
wanting to have sex is a wonderful
00:56:12
thing. It encourages you to level up. It
00:56:15
encourages you to shower. It encourages
00:56:17
you to have a plan. It encourages you to
00:56:18
develop a kindness practice. It
00:56:20
encourages you to work out. It
00:56:22
encourages you to get girl friends who
00:56:24
can teach you how to behave around women
00:56:26
and when they see you're a decent dude,
00:56:27
maybe introduce you to some of their
00:56:28
friends.
00:56:30
Men need to level up. And the motivation
00:56:33
for leveling up quite frankly is being
00:56:36
so horny you're willing to take risks.
00:56:38
>> Oh well. All right. That's your next
00:56:40
book then.
00:56:40
>> And when and when you're quite frankly
00:56:44
jerking off twice a day to porn, which
00:56:48
unfortunately through AI is getting more
00:56:49
and more lifelike and more and more
00:56:51
seductive, it's going to reduce your
00:56:53
ability to do one of the most wonderful
00:56:55
things in the world, and that is make
00:56:57
your own bad porn.
00:57:01
And let me just let me just finish with
00:57:03
this.
00:57:03
>> I'm waiting for this to end. Okay.
00:57:07
>> Let let me just finish with this. I hate
00:57:11
the incel movement.
00:57:14
Involuntarily celibate. Like it's so
00:57:17
there you face so many obstacles that
00:57:19
you've just given up and you wear like a
00:57:20
badge of honor. Well, guess what? 99% of
00:57:23
men through 99% of history have been
00:57:25
involuntarily celibate. I was
00:57:27
involuntarily celibate for the first 19
00:57:29
years of my life.
00:57:32
And this is what men do. They level up
00:57:35
such that they can be voluntarily
00:57:37
inselibate.
00:57:38
So the fact that okay, welcome. Welcome
00:57:40
to the [ __ ] work week, dudes.
00:57:43
Level up. Women are leveling up. That
00:57:46
means you've got to raise you've got to
00:57:48
you've got to level up, right? Develop
00:57:50
the attributes. I have I coach young
00:57:52
men. I call it the the rule of threes.
00:57:55
If you work out at least three times a
00:57:57
week, and I have data on this, you spend
00:57:58
at least 30 hours a week working outside
00:58:00
of the house, and three times a month,
00:58:03
you put yourself in the company of
00:58:05
strangers in the agency of something
00:58:06
bigger than you, church group, writing
00:58:08
class, nonprofit, and you're willing to
00:58:10
talk to people and endure rejection,
00:58:12
express friendship, express romantic
00:58:14
interest. Every father has an obligation
00:58:15
to teach his son how to express romantic
00:58:18
interest while making that woman or that
00:58:20
man feel safe. Yes,
00:58:21
>> that is an obligation. You have you have
00:58:24
to 45% of men 18 to 22 have never asked
00:58:27
a woman out in person.
00:58:29
>> And there are not enough men leveling up
00:58:32
and realizing at some point if you do
00:58:34
those three things you in the top 5% of
00:58:36
men and what I tell these young men is
00:58:38
that if you're in the top 5% of young
00:58:40
men for long enough you will be I trust
00:58:43
me voluntarily incelibate. And the most
00:58:46
the most wonderful the most wonderful
00:58:49
thing in life the most wonderful thing
00:58:51
in life is building a life with a
00:58:54
partner. And guess where it starts? When
00:58:57
dudes are really [ __ ] horny. Embrace
00:59:00
their horniness.
00:59:01
>> All right. The theory of horny from
00:59:03
Scott Galloway. Um
00:59:06
>> it's why we put a man on the moon and
00:59:08
have vaccines. There was guys who wanted
00:59:10
to get laid. Um, in any case, you know,
00:59:14
Minneapolis, we're going to let you off
00:59:15
the hook cuz it's super cold here. But
00:59:17
now that the weather is lovely like
00:59:19
today, you better get out there and
00:59:20
[ __ ] Apparently, according That's
00:59:23
according to Scott Galloway.
00:59:25
I of course have never had a problem
00:59:27
attracting people. But
00:59:31
it's not going to happen for you
00:59:32
tonight. I'm going back to his house
00:59:34
tonight, but I'm not never happening.
00:59:36
No, I'm kidding. Wouldn't that be great?
00:59:37
>> You always bring this up when it's live.
00:59:38
Don't. I have no interest in you
00:59:40
whatsoever. I mean, it's like you're
00:59:42
you're the reason I became a lesbian.
00:59:44
Anyway,
00:59:45
>> we'll take one more quick break and
00:59:47
we'll be back with Scott's update on the
00:59:49
impact of resist and unsubscribe.
00:59:53
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Scott, we're back. Recording live from
01:03:01
Minneapolis.
01:03:06
And the reason we're here is that back
01:03:08
in February, you started telling people
01:03:10
how to resist and unsubscribe on our
01:03:12
show. Now, uh, tell us how well it
01:03:15
worked. Scott, let me tell you, you're
01:03:16
in for a treat. Scott doing a press.
01:03:18
He's He used to be a very good professor
01:03:20
and he's going to show you why in a
01:03:21
second. That's how I met him.
01:03:24
>> All right. I've got
01:03:27
I've got 55 uh I've got 55 slides in 600
01:03:30
seconds. So, let's light this candle.
01:03:33
Okay. So, the agenda, why why we did
01:03:36
this, the weapon that's hiding in plain
01:03:38
sight, what we built, what's next. Okay.
01:03:40
So, what we uh don't recognize is we
01:03:44
have a weapon hiding in plain sight. And
01:03:45
that is the most radical act in
01:03:47
capitalism is nonparticipation.
01:03:49
If you go all the way back to CO, which
01:03:51
is the most quite frankly crispest,
01:03:53
biggest government action in history, it
01:03:55
wasn't because tens of thousands of
01:03:56
people were dying. It was because GDP
01:03:58
crashed 31%. The only time the Trump
01:04:00
administration responds is when the
01:04:02
markets crashed. I started thinking, how
01:04:04
can we send a signal to CEOs and to the
01:04:07
president about uh our objection? What's
01:04:09
taking place here? We want to rewire the
01:04:12
incentives. Right now the incentive for
01:04:13
all CEOs in tech is to just comply is
01:04:16
just to be obsequious to the president.
01:04:18
We need to figure out a way such that
01:04:20
when CEOs instead of instead of
01:04:22
complying instead of providing data for
01:04:24
surveillance whatever it might be they
01:04:25
think there's a d potential downside to
01:04:27
this. And then also just personally I
01:04:30
have found that um action absorbs
01:04:33
anxiety. This is the first time in my
01:04:35
life I've had I've had trouble
01:04:37
disassociating from what's going on
01:04:38
politically. And also, I think there's
01:04:40
way too much courage behind a mic and
01:04:43
behind a keyboard. And more of us sort
01:04:45
of need to have our off mic and our off
01:04:47
keyboard actions foot to some of the
01:04:49
virtue we claim to have when we get in
01:04:51
front of a [ __ ] keyboard.
01:04:54
I'm not going to go through this. So in
01:04:55
a capitalist society
01:04:57
right consumer spending 2/3 we are
01:05:00
consumer-driven economy and also uh the
01:05:04
wealthiest among us are controlling more
01:05:06
and more. So if you want to hit the
01:05:08
wealthiest you go after stock prices and
01:05:11
then effectively again what we saw was
01:05:13
the greatest political response in
01:05:15
history was when GDP crashed. Want to
01:05:18
rewire the incentives. I apologize I'm
01:05:20
being um redundant here. So what's the
01:05:22
weapon hiding in plain sight?
01:05:25
um economic strikes. It really is a
01:05:27
powerful lever and this is a brief
01:05:29
history of economic strikes. And the one
01:05:31
I always point to is the Montgomery bus
01:05:33
strike. And there was a very cinematic
01:05:35
moment where a courageous woman refused
01:05:36
to give up her seat. But actually, what
01:05:38
moved the needle, it was a 13-month
01:05:41
economic strike where approximately 300
01:05:45
cars a day organized by a young reverend
01:05:48
named Martin Luther King gave people car
01:05:50
pools such that they didn't have to take
01:05:52
the bus and essentially the municipal
01:05:55
system started losing a quarter of a
01:05:56
million dollars a month and then after
01:05:57
13 months they gave in and they
01:05:59
desegregated the bus line. So it needs
01:06:02
to be sustained. And essentially our
01:06:05
president does not seem to be moved by
01:06:06
outrage, not as much by protest, not as
01:06:09
much by the Supreme Court, not as much
01:06:10
by even his own Republican party. He
01:06:13
seems to be moved quite frankly by
01:06:15
markets. And when he has withdrawn from
01:06:17
discussions of annex in Greenland or of
01:06:20
crazy tariff ideas, it has been when one
01:06:22
thing has happened. It's been when the
01:06:23
market has crashed. So how do we send a
01:06:26
signal to them?
01:06:28
What I think is the soft tissue of the
01:06:30
market right now is it's too
01:06:31
concentrated and that is somewhere
01:06:32
between a third and 40% of the stock
01:06:35
market or the S&P is just a handful of
01:06:37
companies. So that's the soft tissue. We
01:06:40
go after these companies and then we go
01:06:42
after the soft tissue of the soft tissue
01:06:44
and that is um subscriptions and again
01:06:48
these companies make up most of the
01:06:50
market. So when Netflix just announces
01:06:54
that for the first time they've lost
01:06:55
subscriptions versus gain them, they
01:06:58
lose $58 billion in market cap. More
01:07:00
reason recently, T-Mobile was supposed
01:07:03
to do add 56,000. This is from our news
01:07:06
call a couple weeks ago. They only added
01:07:08
$495,000. So just an 11,000 delta and
01:07:11
subscriptions. They lost $30 billion in
01:07:13
market cap. So the amount of power we
01:07:17
have when we take when we blow the when
01:07:20
we strike the artery of these companies,
01:07:23
the organs of our corpus and government
01:07:25
with a blow around subscriptions, it
01:07:28
really is the most impactful thing we
01:07:30
can do relative to the amount of
01:07:32
consumer disruption.
01:07:35
Okay. So what you're going to find when
01:07:39
you go to resist and unsubscribe like me
01:07:41
is you might even save some money. I
01:07:42
found out that I had four AT&T contracts
01:07:46
that uh for Blackberries and iPads that
01:07:49
would have been in landfills for 10
01:07:50
years.
01:07:53
That's my visual. All right. So, what we
01:07:54
build? That's what my creative team did
01:07:57
this weekend. What did you do? Uh, so
01:08:01
these companies are smart and they make
01:08:02
it very hard to unsubscribe. So,
01:08:04
basically the site is just meant to
01:08:05
navigate you to a link such that you can
01:08:07
unsubscribe really easily.
01:08:10
And what we have found is that of the
01:08:12
people who go there, approximately 5%
01:08:14
actually unsubscribe versus 4% in an
01:08:17
e-commerce site. And we have driven
01:08:19
approximately uh one and a half million.
01:08:21
We're coming up actually on 2 million
01:08:23
unique site visits without Thank you.
01:08:27
But the most exciting thing is we
01:08:29
haven't spent a single dollar cuz
01:08:31
neither Alphabet or Meta would take my
01:08:33
money because it was quote unquote
01:08:34
political in nature. Yeah. Anyway,
01:08:38
so how did we drive traffic? What's
01:08:41
interesting is it's kind of a lesson in
01:08:43
what works the best. And that is if you
01:08:45
look at the number of people in the core
01:08:47
demographic, traditional cable is really
01:08:49
dying. This is the number of people in
01:08:51
the 25 to 50 year old demographic that
01:08:54
these shows on average networks reach
01:08:57
versus pivot. It's a little bit of
01:08:58
patting ourselves on the back. What was
01:09:00
really interesting, the thing that drove
01:09:03
the most traffic was an article po
01:09:05
posted at npr.org. I was not expecting
01:09:08
that.
01:09:14
We've also built a calculator where if
01:09:16
you go on and type in who you're
01:09:18
unsubscribing from and the size of your
01:09:21
social media footprint, it will give you
01:09:22
a sense for the economic impact. So,
01:09:25
I'll give you an example. If you have uh
01:09:28
if you and your family or you have a
01:09:30
decentsized social network and you
01:09:32
unsubscribe from chat GPT $240
01:09:35
based on the size of your social
01:09:36
network. If it's decent you get another
01:09:38
three people. So four people
01:09:40
unsubscribing that's $960 in loss
01:09:42
revenue because this company is trading
01:09:44
at 40 times revenues. That is
01:09:46
essentially about a 38 or $40,000 hit to
01:09:50
their market cap just with you
01:09:52
unsubscribing and then posting it on
01:09:55
social media.
01:09:59
Again, this is needs to be a sustained
01:10:01
effort of small actions adding up over
01:10:06
13 months.
01:10:08
So, Instagram, uh, we had huge views and
01:10:12
t pick up because we had some
01:10:13
celebrities talk about it and then tried
01:10:16
to the cloud cover. Actually, I did
01:10:19
doing a bunch of research on protests as
01:10:20
media coverage. Uh, we pelted you with
01:10:23
this before. I've been a total [ __ ]
01:10:25
I'm going on everything right now.
01:10:29
I'm not going to I realize videos of me
01:10:31
on top of me speaking is like shavings
01:10:32
of [ __ ] on a [ __ ] salad. up
01:10:37
it. But media coverage is important
01:10:38
because if you look at when a ABC
01:10:40
acquiesed and put Kimmel back on the
01:10:42
air, it was actually when unsubscribes
01:10:44
were going way down, but the media
01:10:46
coverage had picked up because it hurts
01:10:47
morale internally.
01:10:50
So, what's next?
01:10:52
So, what I'm trying to do is figure out
01:10:54
a way to sustain this movement. and I'm
01:10:56
going to be hiring someone full-time and
01:10:58
recognizing that it we had some good
01:11:00
momentum and we don't want to give it up
01:11:02
after a month and try and add some
01:11:04
innovation to it and continue to drive
01:11:06
traffic to the site.
01:11:09
Uh also where is our kind of red line,
01:11:12
right? Like what is your you know
01:11:16
what was your sort of
01:11:19
last straw moment? And for me, um, quite
01:11:23
frankly, it was, uh, it happened here
01:11:27
when we had a member of the cabinet
01:11:29
describe a nurse taking care of veterans
01:11:32
as a domestic terrorist. I just can't, I
01:11:35
I want you to know, and I'm fairly
01:11:37
confident of this. I don't have
01:11:38
research. I think there are tens of
01:11:40
millions of Americans that just feel
01:11:42
your [ __ ] rage right now.
01:11:51
Okay.
01:11:57
So, we have a lot of companies. We're
01:11:59
going to spend uh a few weeks focusing
01:12:02
on one specifically chat GPT and an
01:12:04
unsubscribe movement around chat GPT.
01:12:10
Also, I think there's um essentially we
01:12:12
get poor if we don't have systemic laws
01:12:15
that affect all companies. When we start
01:12:16
punishing some companies and rewarding
01:12:18
others with one of the reasons that
01:12:20
America trades at the highest P multiple
01:12:22
in other words, if you create a dollar
01:12:24
at target, the shareholders, the the
01:12:26
stakeholders get $27 whereas retailers
01:12:29
in Japan get much less and in Germany.
01:12:31
And one of the re reasons great research
01:12:33
universities, incredible risk
01:12:34
aggressiveness, deepest pools of
01:12:36
capital. But the reason we have the
01:12:37
deepest pools of capital is because of
01:12:38
those things, but also rule of law where
01:12:41
they believe that if they invest in a
01:12:42
company, they know what the company is
01:12:45
going to get to do or be enabled to or
01:12:47
be restricted to because the laws are
01:12:48
supposed to be applied equally. So when
01:12:51
we have these one-off punitive efforts
01:12:54
that result in CEOs bending a knee to
01:12:56
the president, it not only is
01:12:58
embarrassing, it not only denies us of
01:13:00
our civil rights and our civil
01:13:01
liberties, it's going to make us poor
01:13:03
over the long term.
01:13:05
Okay.
01:13:09
And we don't realize how good we've had
01:13:11
it for so long. Okay.
01:13:15
I'm going to skip through this.
01:13:17
Effectively, if you think of it, we have
01:13:20
$5 million for every startup in this
01:13:22
nation. Europe has 1 million. We have
01:13:24
five times the amount of risk capital
01:13:26
here. And I think it's in large part
01:13:28
because until recently we had a set of
01:13:30
consistent systemic laws that applied to
01:13:33
everybody in terms if if Palanteer or
01:13:36
Anderero want to make weapons or provide
01:13:39
the government with information to
01:13:40
surveil citizens,
01:13:42
if it's legal, they're allowed to do it.
01:13:44
But at the same time, if a company
01:13:45
doesn't want to work with the Department
01:13:48
of Defense, they're allowed to do that
01:13:49
as well.
01:13:52
And the big myth over the last year is
01:13:54
that the markets have performed well. If
01:13:56
you look at the crash in the dollar,
01:13:57
we're 21 out of 23 right now. We have
01:14:00
underperformed every market except for
01:14:02
New Zealand and Denmark since President
01:14:04
Trump was inaugurated.
01:14:08
What I would say is one of my role
01:14:09
models around this is Heather Cox
01:14:11
Richardson. I think it's really easy to
01:14:12
be bereff.
01:14:19
I got about two minutes here and I'll
01:14:20
wrap up. Uh, I think it's really easy to
01:14:22
be resigned or bereff to the notion that
01:14:24
we're in uniquely dark times, that this
01:14:26
is the worst it's ever been. That just
01:14:28
isn't true. This nation has survived
01:14:31
plagues, civil wars, world wars,
01:14:33
unbelievable economic disasters. We were
01:14:36
interning families because they were
01:14:38
Japanese in what was effectively
01:14:39
concentration camps not that long ago.
01:14:42
And many of those families had sons
01:14:45
serving in the European theater. But
01:14:47
what happened in each of those instances
01:14:49
is that Americans were equal to the
01:14:51
moment and our democracy came back
01:14:53
stronger. And effectively that's the
01:14:56
question now. Are we equal to this
01:14:58
moment? And my fear is that people such
01:15:02
as myself that effectively I would
01:15:03
describe my economic history as
01:15:06
unprecedented typhoon-l like winds in my
01:15:08
sales while paying the lowest taxes in
01:15:12
history. Never asked to serve in the
01:15:15
military. never really asked to
01:15:17
volunteer. Incredibly low tax rates,
01:15:21
free education, UCLA and Berkeley,
01:15:24
unbelievable technology paid by middle
01:15:26
class investors, DARPA. I got assisted
01:15:28
lunch, I got Pell grants, and I've paid
01:15:32
I think my average tax rate, and I talk
01:15:34
openly about this, has been about 20%.
01:15:37
For the last 10 years. So in some and I
01:15:41
think there's a lot of you like me in
01:15:42
this room, we have a debt.
01:15:50
So I think about this a lot, right? I
01:15:54
think this is our moment and I want to
01:15:55
be I want to be able to answer this
01:15:57
question.
01:16:01
I'm going to summarize.
01:16:03
Our
01:16:05
objectives are to send a signal to
01:16:06
consumers that they have a weapon hiding
01:16:08
in plain sight and to create a series of
01:16:10
incentives among CEOs that there's a
01:16:12
downside to enabling this depraved
01:16:14
behavior. The weapon hiding in plain
01:16:16
sight is economic strikes. Most radical
01:16:20
act in a capitalist society is
01:16:21
nonparticipation.
01:16:23
I talked a little bit about what we
01:16:25
built and we're going to continue to
01:16:26
innovate around it and continue to try
01:16:28
and drive traffic to it. I'm going to
01:16:30
hire full-time resources and probably
01:16:33
focus in on a narrower set of companies
01:16:35
to send a stronger signal. And what I
01:16:37
would ask each of us and I think we've
01:16:39
been inspired by some of the sacrifice
01:16:41
that many of you have demonstrated. Uh
01:16:44
what I'm asking uh of a lot of people
01:16:46
especially my generation is do you have
01:16:49
a debt?
01:16:50
You know, are we equal to this moment?
01:16:54
Thank you.
01:17:01
All right. Thank you, Scott. So, um, we
01:17:06
again, one of the things you can go to
01:17:09
Scott's site, resist and unsubscribe.
01:17:11
Anybody can do, one of the things we
01:17:13
want to do, and we don't want to like a
01:17:14
lot of stuff when people ask you, you
01:17:16
feel guilty. We don't want people to
01:17:17
feel guilty. Decide what you can use and
01:17:20
not use temporarily, forever, for
01:17:23
whatever you want to do. If you need to
01:17:25
watch Severance, turn off Apple TV for
01:17:27
now and when it comes back, put it up
01:17:29
and then shut it down again. Like, it's
01:17:31
okay. You don't have to feel perfect and
01:17:33
virtue signal all the time. Just make
01:17:35
one. If you leave here today, make one
01:17:39
unsubscribe from one thing that you
01:17:41
don't [ __ ] need and you don't need at
01:17:42
all. That's all. And it does build.
01:17:46
There is a one of the great things about
01:17:48
Minneapolis was there's a stone soup
01:17:50
quality to all this. We all can
01:17:52
contribute. There's uh talking to your
01:17:55
uh legislators. It's talking to people
01:17:56
at work, talking to your community,
01:17:58
organizing community groups, things like
01:18:00
that. And the most important thing, the
01:18:03
absolute most important tool in your in
01:18:06
your entire kit besides your wallet and
01:18:07
everything else is to vote. Voting is
01:18:10
the most critical and important tool in
01:18:13
this to do. Scott always surprises me
01:18:15
with things like this. And I think it's
01:18:17
really important. And you can ask a
01:18:18
million questions of why it won't work,
01:18:20
but as Scott says, what could go right?
01:18:23
And again, for the people of Minnesota,
01:18:25
thank you so much from the rest of us in
01:18:28
the country.
01:18:28
>> Thank you, Minnesota.
01:18:30
>> Um,
01:18:34
when when history is written, this will
01:18:38
be one of the main stories of this era.
01:18:41
And I'm telling you, it's changed
01:18:43
everybody's it has. You don't think it
01:18:46
has. the the sacrifice has been worth it
01:18:49
even if it seems like an incredibly
01:18:51
steep price to pay across the country.
01:18:54
People, it has inspired people in a way
01:18:56
that is I think going to change things
01:18:58
rather significantly. But it's not over.
01:19:00
Just remember there's still these sons
01:19:03
of [ __ ] keep coming. Anyone who's in
01:19:05
any marginalized group like they keep
01:19:07
coming. So you got to keep vigilant
01:19:10
against what they're doing and don't
01:19:11
assume they're ever going to go away.
01:19:13
And so it's well that true that too. Um
01:19:19
so so keep going Minnesota. We have got
01:19:22
your back. We really appreciate this. Um
01:19:25
and we're so thrilled to have done this
01:19:26
here and we will be back this year. And
01:19:29
you can catch tonight's show on YouTube
01:19:31
and in your podcast feeds. That's all
01:19:34
the time we've got for today. Thank you
01:19:36
Minneapolis.
01:19:38
>> Thank you Minneapolis.
