
00:00:00
We used to be the cop or the protection
00:00:03
when we hear a knock at the door. Now we
00:00:05
are the knock at the door.
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>> Hi everyone. This is Pivot from New York
00:00:14
Magazine and the Vox Media Podcast
00:00:16
Network. I'm Cara Swisser.
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>> I'm Scott Callawa.
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>> And where are you Scott?
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>> Uh somewhere over the North Atlantic.
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Cara, where are you?
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>> All right. I am in my studio in DC. But
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we we recorded
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>> Corey maintain eye contact.
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Maintain eye contact.
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>> Is Corey Luwendowski with you?
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>> No. Wendowski.
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>> Yeah. So, I'm fairly certain.
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>> Yeah.
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>> He's not going to keep his job either.
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>> I'm guessing. Well, let me just give
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people back it up for a minute. Scott,
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we recorded earlier but had to hop back
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on. Hence why you're on a plane and and
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I'm and we're redoing this. President
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Trump has fired Homeland Security
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Secretary Christy Nomer, giving her a
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fake job. Trump announced the move on
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True Social, saying Gnome had served us
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well and had has had numerous and
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spectacular results. He announced the
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Republican Senator Mark Wayne Mullen
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would replace Gnome. Gnome is stepping
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into a new role. Apparently, she wasn't
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quite fired. I don't know what this is.
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It's like a firing.
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>> Oh, no. She was fired.
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>> I get it.
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>> She's like special envoy to Hulu
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original programming or something.
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>> She's special envoy. Let's get it right.
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special envoy to The Shield of the
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Americas. I I I don't even That's like a
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bad Marvel movie. I feel like like the
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one that we don't want to watch. But
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let's talk about this cuz uh later in
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the show you have we we'll be talking
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about a lot of things happening right
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now for the Republicans. But um talk to
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me about this firing a little bit. Well,
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supposedly, I mean, you might have more
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information than me, but supposedly it
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wasn't the conflict of interest of
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having an affair with her number two. It
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wasn't
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uh uh essentially killing American
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citizens. It wasn't it wasn't
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essentially overseeing what I would
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argue are the definition of
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concentration camps and that is black
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sites outside legal jurisdiction or
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protection of your of your um origin
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country which is the definition of a
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concentration camp. It was supposedly
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what was the straw that broke Trump's
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back was that she had spent close to or
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over $200 million I believe on ads
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featuring her which appear to be uh
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courtesy of her her number two an
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attempt to raise her awareness for a
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presidential run that that that was what
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angered Trump. What have you heard
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Karen? she was advantaging herself and
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Trump likes to only advantage himself,
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right? And so anybody else who's trying
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to do that, there was also the question
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these two recent congressional hearings.
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To me, I I felt the writing was on the
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wall because Republicans in the Senate
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particularly were really going after
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her. So they knew that they had no
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repercussions to do so, right? If they
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had gone after her because they were
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good people or because they had a
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backbone. I think only Tom Tillis has
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been doing that because he's leaving.
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Um, uh, this is Senator Tillis from
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North Carolina. I think she, uh, I think
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they had permission to go after her,
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whether it was, uh, Kennedy, uh, John
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Kennedy or or others that really did
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attack her. Um, and the Democrats did an
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excellent job, too, bringing up all
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these issues you talked about. I just
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felt like it was open season on her, so
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to speak, someone who enjoys killing
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dogs. And, you know, even the reaction
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has been interesting. uh Senator Tom
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Tillis uh who was very upset about the
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disaster relief fuckups I think very
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much so and about also about f getting
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rid of people uh I mean going after
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people who didn't commit any crimes
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right just in terms of he kept talking
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about a quota system why are you doing
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it on a quota system in the in these
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hearings he his uh his thing on ex
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saying goodbye was Senator Mark Wayne
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Mullen is a great guy and a great choice
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to lead DHS restore competence and
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refocus efforts on quickly distributing
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disaster aid. That's the first thing he
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noted. Keeping the border secure and
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targeting violent illegal immigrants for
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deportation. Another big positive. He
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likes dogs. Um which of course is
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referenced to to uh her her killing uh
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her dog. Um people are having a field
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day about this of course uh on the
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thing. Although one of the good ones
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about Mark Wayne Mullen who was a
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senator from Oklahoma was uh he can't
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even have a border between his name uh
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Mark and Wayne Mark Wayne. Um, but no,
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they, you know, people, the Republicans
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felt emboldened to attack her and
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therefore it was very clear that they
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got their signals from the White House
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would be my guess.
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>> I mean, that just goes to what a poor
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manager and what a low character person,
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spoiler alert, the president is, and
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that is when you hire people and you
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expect them to be part of a team. If you
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know you're going to fire them, which it
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sounds like he did because it took about
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3 seconds. The moment they announced she
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was leaving, they announced her
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replacement
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to quite frankly trot her out and use
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her as an anger pillow and humiliate her
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before showing her the door knowing that
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you were going to fire as opposed to
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saying, "Look, we're making a change.
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There's no reason for you to go in front
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of Congress or once you resign, you
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probably will not be called. Maybe maybe
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they still would have called her."
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>> That last two days in Congress was bad.
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>> But that was okay. We have absolutely no
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respect, fidelity, camaraderie for the
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people I hire. And if it serves my
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political purposes, I will throw them
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under the bus and then back up the bus
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and run over them again.
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>> That's the Trump way, right? That's the
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Trump way. And in fact, he doesn't even
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give her the I don't think she deserves
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any dignity. The dignity of just firing
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her like you're fired. I mean, the guy
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who's so famous for doing you're fired
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cannot say you're fired. you have to
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give him this symmetrical envoy to the
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shield of the Americas which and of
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course she's bragging as if she won
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right as if it was a good thing because
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like even as she's humiliated and by the
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next humiliation by the way is going to
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be Pam Bondi right that's obvious he's
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going to go all the ladies as you know
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of the Trump administration are in big
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trouble um and they will be the first to
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go they'll get to Cash Patel at some
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point or maybe not but like another
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incompetent another you know same thing
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with Pam Bondi menacious and incompetent
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Um, and so he he doesn't the fact that
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he hasn't let go so many of these people
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already who are just not up to the task
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is really says a ton about his
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management style.
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>> I think they're more strategic than
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people want to give me a credit for. And
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when I was a consultant, I always used I
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would review DAXs and associates going
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in to present to a management team. I
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would say I would ask a series of
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questions. And one of the questions I
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would ask what I would say I would ask
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who's in the room that's not in the room
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and that is what is the context what is
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the influences what is the overarching
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theme of the vibe in this room or their
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objectives before you even show up and
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the two people that are always in the
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room around any Trump official and any
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public activity are one Roy Conn. If you
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look at the way these people have put
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themselves in front of the Senate and
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the Congress, one of the greatest
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erosions in the grand equity of the
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United States is there has always been a
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level of civility and decorum. They
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aren't that South Korean Senate where
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they break into fisticuffs or they start
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yelling at each other. There was always
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a certain amount of respect. But this
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Roy Con deny, deflect,
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uh, obuscate, attack, you're you're a
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you're you're ashamed of yourself.
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You're a failed lawyer. Go on. Don't
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answer the question. That has in and
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among itself eroded the value and the
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prestige of the Senate. Roy Con is
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always in the room when these guys
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testify. The person that's always in the
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room is Epstein. And I believe there are
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three people armed with LLM saying
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monitoring the temperature of Epstein in
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the news. And when it gets above a
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certain temperature, they think of
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distractions. And nothing is better than
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one of these hearings or declaring war
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or saying you're going to raise tariffs
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of 50%. But I literally think they have
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they are monitoring the the number of
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times Epstein and Trump are linked
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together when it gets above a certain
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temperature in the press. they they they
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throw someone under the bus, announce a
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tariff, start start firing missiles,
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whatever it might be, you know,
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capturing or uh absconding with with um
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leaders of Central American countries,
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but Roy Conn and Jeffrey Epstein are
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>> very smart. That's a And the Epstein
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stuff is not going away. Let me just say
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it is not. It is, as I said a half a
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year ago, it is it is here to stay. like
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it's the thing. To to Christy Gnome's
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credit, she did not go to the island on
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her [ __ ] plane. Um, so that's a good
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that's a good part of her. But we wish
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you well, Christy. You're completely
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incompetent and deserve to be fired. Um,
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but the fact that he kept you there that
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long says more about Donald Trump than
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it does about Christine Gnome. She she's
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is what she is, I guess.
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>> I heard she's going to be volunteering
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to get an all kill dog shelter.
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>> Oh, very funny. I mean, that's going to
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that's going to go to the end of her
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days and deservedly so. Anyway, uh now
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back to the rest of the show. Guess
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where I went last night?
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>> Where'd you go?
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>> Party for uh Andrew Ross Sorcin at the
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French Embassy, our favorite Canadian.
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>> I was not invited.
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>> I know. It was by Puck and he got the
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First Amendment award. He gave a He gave
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such a good speech. He's like,
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>> he's a very talented guy.
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>> He's such a nice boy. I don't know what
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else to say. He's a nice boy. He gave an
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excellent speech about the First
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Amendment. And he he said everyone
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thinks he's Canadian because we say
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that's the case. He now is asked about
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Canadian his wife too. His wife they're
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very
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>> but let's just say he's Canadian even
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though he's not.
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>> Can I tell you the first time I heard
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his name?
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>> What? Yeah.
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>> My first board meeting at the New York
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Times. Uh they were going around and we
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have this su succession strategy and
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that's when I knew the CEO wasn't very
00:09:58
good was it was clear she was like
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shooting everybody that got near the CEO
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spot. and they went through and we're
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trying to everyone was asking about
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compensation and equity awards and they
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mentioned this one young reporter and
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everyone's like well offer them 8% you
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know and they mentioned they go oh and
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we have this young reporter who's really
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talented Andrew soccer and everyone went
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pay him whatever he wants
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>> oh
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>> everyone literally said you know we're
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trying to manage a company that we need
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fiscal discipline it wasn't doing well
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yeah
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>> and his name comes up and everyone looks
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around pay him whatever he wants we
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can't lose that guy
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>> yeah Well, he looks great. He gave He
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got the First Amendment award. I I And
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he gave a beautiful speech. Anyway,
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congratulations, Andrew.
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>> Was it a fun party?
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>> It was a good party.
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>> Daddy's going to a big party.
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>> What are you doing?
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>> Well, you were invited, but you wouldn't
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be my plus.
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>> Oh, the Vanity Fair. I actually um the
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guy who's the editor's boyfriend, Sean
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McCree, was there and he sat where I was
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going. I said, "Well, Scott Galloway is
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going to be there, so he'll shot the
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place." Buckale.
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>> Um uh you want to see someone at the bar
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having a good time? Yeah. I've been so
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nervous about what to wear. Spent most
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of the weekend trying to style myself.
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>> Don't wear jeans at a tux like Ted
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Sarandos. I didn't think that worked.
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>> I'm rolling up to the bar and I'm
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getting [ __ ] up and I'm just going to
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observe. I don't need to speak to
00:11:11
anybody.
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>> No, you need to talk to people.
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>> You know what I do? I talk to Ted
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Sarandos about strategy and who he
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should acquire. That's that's the limit
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of my social capabilities.
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>> Do you not do the executives there? Can
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I tell you two quick stories of vanity?
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>> I want to meet the gay hockey guys. Will
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they be there?
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>> Oh, they pro. Oh, I'm sure they'll be
00:11:27
there. Oh, I bet they are. We are Are
00:11:29
you allowed to take selfies with that
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thing or do they kick you out?
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>> Well, I don't know. They used to. Yeah.
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I don't No, I don't think so. I think
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you're not allowed to. Let me tell you
00:11:36
two quick stories. I went to one when it
00:11:38
was up at this um the sand not it was in
00:11:41
that hotel Sunset Towers. It used to be
00:11:44
the sunset
00:11:44
>> and it was small, much more intimate and
00:11:46
one year all the tech people got went
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like all they invited all the tech
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people. And so I was like [ __ ] I don't
00:11:52
want to see these people. I want to see
00:11:54
celebrities. And they they kept they're
00:11:56
really shy at the time. And they kept
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bothering me like to talk to me. And I
00:12:00
was like, I don't want to talk to you,
00:12:00
Sergey Bren. I don't want to talk to you
00:12:02
all you people. And Sergey Brand
00:12:04
wouldn't wasn't able to talk to anybody,
00:12:06
but except they were wearing Google
00:12:08
Glass. He was wearing a Google Glass.
00:12:10
And he goes, "No one's talking to me."
00:12:12
And I'm like, "Take off your [ __ ]
00:12:13
Google Glass and like say you're a
00:12:16
billionaire. That's how it's going to
00:12:17
work here." The second time uh the
00:12:20
second time I went there I ran into um I
00:12:22
was talking as you did to Bob Iger or I
00:12:26
forget Comcast head may have been Ted
00:12:29
Sarandos and the guy who plays uh Harry
00:12:33
Potter came up to me and said excuse me
00:12:35
you know and he said I've noticed all
00:12:38
the really important uh studio people
00:12:41
are sort of
00:12:42
>> so like you to have a story that makes
00:12:43
you sound powerful.
00:12:44
>> No I did. No let me finish the story.
00:12:46
Shut up. So he said, "I've noticed
00:12:48
you're talking. They're all talking to
00:12:49
you and they're very interested in
00:12:51
talking to you. Who are you?" This guy
00:12:53
is really smart. I love him. Daniel
00:12:54
Gradcliffe. And I said, "I'm their drug
00:12:56
dealer."
00:12:58
>> That's what I did.
00:12:59
>> But I'm not.
00:13:01
>> Anyway, I have a lot of good stories
00:13:02
from there. You'll have a good time.
00:13:03
Talk to people. Talk say hello to Robert
00:13:05
Dairo if he's there cuz he
00:13:07
>> Yeah, that's not my style. I wasn't
00:13:08
going to go. I said no. And then someone
00:13:11
we both know said, "You have to go
00:13:12
once." So I'm going go on. But I'm
00:13:14
literally It's been very stressful
00:13:15
picking out my outfit.
00:13:17
>> It's early. Remember, it's early. You go
00:13:18
like like 10.
00:13:20
>> I'm literally leaving you at South by
00:13:21
Southwest. I'm changing on the plane and
00:13:23
I'm going straight to the event.
00:13:25
>> Yeah. Yeah. It goes on forever though.
00:13:26
Stay till late. Stay till late.
00:13:28
>> I only think I was invited cuz they
00:13:29
thought I was going to be your plus one.
00:13:31
And then you said no when I said yes.
00:13:34
>> No, I don't think so. Anyway, have a
00:13:35
great time. You'll have a great time.
00:13:36
We've got a lot to get to today because
00:13:38
we also this weekend will be in
00:13:40
Minneapolis. We'll talk about that in a
00:13:41
second. on Sunday. We're very excited to
00:13:43
do resist and unsubscribe there. Um, but
00:13:46
let's get to the news first. Let's dig
00:13:47
in. First, uh, Defense Secretary Pete
00:13:49
Hegsth says the war in Iran is far from
00:13:52
over, warning that we've only just
00:13:54
begun. It was such a ridiculous press
00:13:56
conference. As a record, the House is
00:13:58
set to vote on a measure to block
00:14:00
President Trump from taking further
00:14:01
action in Iran without congressional
00:14:03
support. And the Senate already failed
00:14:05
to do that. By the way, European leaders
00:14:07
are pushing back on Trump, notably
00:14:09
Spain's prime minister, who said, "We
00:14:11
can't play Russian roulette with the
00:14:12
destiny of millions of people." He's
00:14:14
absolutely correct. The White House said
00:14:16
they were cooperating and then they said
00:14:17
they weren't. Um Trump is also facing
00:14:20
push back from parts of his MAGA base
00:14:22
over the war. Even as he insists MAGA
00:14:23
loves what I'm doing, they do not love
00:14:25
what he's doing. And looking at the
00:14:26
economic impact, US gas prices saw their
00:14:29
biggest single day spike in three years
00:14:30
this week, and oil prices continue to
00:14:33
rise. Um, this drag on the in the US
00:14:36
economy is going to be very tough for
00:14:38
Trump and and the Republicans as we
00:14:39
approach the midterms. I've been uh I've
00:14:42
been talking to a lot of Republicans. In
00:14:43
fact, had a meeting with a very
00:14:45
prominent one yesterday. Um, and they
00:14:48
are they I can tell you they do not like
00:14:50
this or they they think Pete Hath is is
00:14:53
an imbecile. That's for sure. And they
00:14:55
don't think this was well thought out at
00:14:57
all. I think and that's that's the
00:14:59
Republicans and these are people who
00:15:01
maybe publicly are being supportive by
00:15:03
at least voting against his the
00:15:05
restrictions on Trump. What what are
00:15:07
your thoughts about the economy? What's
00:15:08
happening here?
00:15:09
>> It really hasn't taken much of a hit
00:15:11
yet. It's the existential threat that it
00:15:12
could digress into something much bigger
00:15:14
and more dangerous. The oil is up about
00:15:17
11 11 bucks a barrel or 10% uh or 12%
00:15:23
which translates to about 25 cents a
00:15:25
gallon typically. Typically wars the
00:15:28
markets go down and then they check back
00:15:30
and actually the year after a war ends
00:15:32
markets typically outperform. So I don't
00:15:34
think you can say that the markets have
00:15:37
responded or that we know this is going
00:15:39
to be inflationary.
00:15:40
>> Yeah.
00:15:41
>> What what I think you can say is that I
00:15:44
believe if he had gone to Congress and
00:15:46
made an argument for why we're doing
00:15:48
this, why now, and what are our
00:15:50
objectives, he might have gotten the
00:15:52
authorization for the use of military
00:15:54
force. They they never get declarations
00:15:57
of war any longer. They get AUMFs.
00:16:00
But unfortunately, what they've done is
00:16:02
because they had to position this as a
00:16:04
defensive action, they said, "Oh, one of
00:16:07
our allies was about to be imminently
00:16:08
attacked. We were going to have to
00:16:10
respond." So, it's like, "Okay, you just
00:16:11
gave into this very dangerous trope
00:16:15
>> that Israel is controlling the US."
00:16:17
>> Yes.
00:16:17
>> That was just And you have had such
00:16:20
inconsistent messaging.
00:16:22
>> Absolutely.
00:16:22
>> This is regime change. No, we don't want
00:16:24
regime change. This is going to be 5
00:16:26
days. We'll be there as long as it
00:16:27
takes. Yeah. This is a
00:16:29
>> Now the Kurds. We're bringing the Kurds
00:16:30
in.
00:16:31
>> Yeah. Now we're going to operate the
00:16:32
Kurds. Well, okay. What does that mean
00:16:34
when the Kurds get fired up in other
00:16:35
regions? This is a special combat
00:16:38
operation. No, it's a war. They have so
00:16:41
much inconsistent messaging. And the
00:16:43
fact that they didn't reflect the
00:16:44
confidence to at a minimum think about
00:16:46
the American citizens in the Gulf and a
00:16:48
plan for getting them out of there.
00:16:50
>> That seems like makes Biden's
00:16:52
Afghanistan withdrawal seem like
00:16:55
>> in addition just just tactically
00:16:57
>> Mhm.
00:16:59
>> tactically
00:17:01
bombing Thran the the majority the real
00:17:04
danger here is that the Iranian people
00:17:07
are not on our side turn against us. Uh
00:17:11
because what the Iranian biggest
00:17:13
miscalculation was firing they basically
00:17:16
John Stewart summarized it as two guys
00:17:18
start beating up on you. So what do you
00:17:20
do? You try and start a fight with
00:17:21
everyone in the bar. That was a real
00:17:24
strategic mistake on the part of Iran.
00:17:27
But our potentially biggest mistake is
00:17:29
when we're bombing Thran, you're
00:17:31
essentially flattening neighborhoods of
00:17:34
people who are probably more pro- West
00:17:36
>> and empathetic. It's the the kind of
00:17:39
religious the theocracies in the rural
00:17:42
area. So,
00:17:43
>> no one really trusts. I think the why
00:17:45
why now and objectives had legitimacy
00:17:48
here and he potentially could have got
00:17:51
77% of Republicans are or 72% of
00:17:54
Republicans are in favor of this. Only
00:17:55
17% of progressives.
00:17:57
>> It's low. 72% of Republicans is low.
00:18:00
It's usually 95%.
00:18:01
>> The the broader number is 4159. So,
00:18:04
let's be clear. The majority of
00:18:05
Americans do not support this. I still
00:18:07
think had he had a well thoughtout plan,
00:18:09
he could have gotten potentially
00:18:11
>> I don't agree with you. I think uh this
00:18:12
was interesting listening to this
00:18:14
Republican very high-profile politician,
00:18:16
he was like they have 15 days to resolve
00:18:20
this like because if it drags on more
00:18:22
and they don't seem to have a point, uh
00:18:25
it's a problem. And one of the things he
00:18:26
was pointing to was unaffiliated um
00:18:30
voters. He's like the yeah the
00:18:33
independence he says across there there
00:18:35
are red lights everywhere for
00:18:37
Republicans around independence and
00:18:38
independents hate this and he said if he
00:18:41
doesn't have a very tight sharp plan in
00:18:44
place I mean he was blumx that they
00:18:46
didn't have one Mike that they didn't
00:18:48
and they they weren't communicating them
00:18:49
and I'll tell you one when he had gone
00:18:51
to that briefing about whether there
00:18:53
really was an imminent threat and one of
00:18:55
the reporters asked him is was there an
00:18:57
im imminent threat and he said well
00:18:59
there's been one for 47 years. That's
00:19:01
what it sounded like. Like he was like
00:19:03
didn't even buy their nonsensical
00:19:05
reasons.
00:19:06
>> But you asked you asked about the
00:19:09
economy.
00:19:10
So the the decision to to go to war in
00:19:13
my opinion is not what is going to be
00:19:15
quote unquote the downfall or really
00:19:17
hurt the Trump administration. It's the
00:19:18
following. It appears that these types
00:19:21
of actions, unilateral actions, where
00:19:23
you don't make any attempt to get
00:19:25
European or Gulf nations involved to
00:19:27
increase legitimacy, much less the
00:19:29
resources, right? These nations could
00:19:31
have helped shoot down these nations
00:19:33
have their own military, their own
00:19:34
intelligence. They could have served a
00:19:35
real valuable role in help protecting
00:19:37
those Gulf States, achieving the
00:19:39
objectives. The fact that we now have a
00:19:42
$ 1.1 trillion military that appears to
00:19:44
be run by incompetence. In addition,
00:19:47
America was the operating system. We
00:19:50
everyone settles their trades and
00:19:51
dollars. They operate on the IP
00:19:53
agreements of America. We largely
00:19:55
enforce the flows of energy with our
00:19:57
navy, our military bases, make sure that
00:20:00
rogue nations don't go too rogue. We're
00:20:03
sort of been the operating system. Now,
00:20:05
this decision amongst others,
00:20:06
specifically going about it unilaterally
00:20:08
with no attempt to even consult Congress
00:20:11
or our allies, all of a sudden shows the
00:20:14
nation that used to enforce that no
00:20:16
nation go too rogue, they're now that
00:20:18
rogue nation.
00:20:19
>> Yeah.
00:20:19
>> But I think the real existential threat
00:20:21
to the economy and to American
00:20:23
prosperity is the following. It's yet
00:20:25
another data point that shows we used to
00:20:28
be the cop or the protection when we
00:20:31
hear a knock at the door. Now we are the
00:20:33
knock at the door.
00:20:34
>> Yeah, I get it. It's really What's
00:20:36
interesting is that um how many people
00:20:39
are are secretly not for it, right? It's
00:20:41
it's a really you do see the strength of
00:20:45
of people pushing back now on Trump,
00:20:47
which is really interesting. Much more
00:20:49
so all over the place, not listening to
00:20:50
him, not going along with him. Now,
00:20:53
typically politicians go along with uh
00:20:56
anybody when there's a war happening.
00:20:57
They try not to be too difficult. But
00:21:00
one of the things is this further
00:21:01
abrogation of power by the Congress, you
00:21:03
know, in terms of where they where they
00:21:05
and they're sitting around act talking
00:21:07
and debating about whether they have
00:21:09
power or not. If I don't know if you've
00:21:10
followed any of that, it's kind of
00:21:11
ridiculous. And they do. And one of the
00:21:14
it just I think it just creates more cha
00:21:16
chaos around Trump. Like he's chaotic
00:21:19
>> at the same time as all his his his work
00:21:22
the people that work for him are
00:21:23
incompetent that seem more and more and
00:21:25
especially Pete Seth. He seemed
00:21:27
completely out of sorts for this. And
00:21:29
one of the the of course there's
00:21:31
conspiracy theories everywhere, but one
00:21:33
of them is that if Iran hits the United
00:21:36
States in some way, a city of a United
00:21:38
States city, which is entirely possible,
00:21:40
that's what he'll use as the excuse to
00:21:42
call martial law. Just just so you know,
00:21:44
there's a lot of things happening all
00:21:47
all at the same time. And I don't I just
00:21:49
don't it's not good because it's chaos
00:21:50
and Trump. Chaos and Trump. And so I
00:21:53
think Trump is the same thing as our
00:21:54
domestic problems here with him. It's
00:21:56
chaos. It's chaos and it's not thought
00:21:59
out and it's incompetence. Um, and you
00:22:01
know, there obviously the Republicans
00:22:03
are worried about the midterms and they
00:22:04
should. Um, the first primaries of the
00:22:07
2026 midterms. Here are some of the
00:22:09
highlights from Tuesday's elections. In
00:22:11
Texas, incumbent Senator John Cornin and
00:22:14
Texas Attorney General Ken Paxton are
00:22:16
headed to a late May GOP Senate runoff.
00:22:19
The GOP clash is already the most
00:22:21
expensive Senate primary in history with
00:22:23
Republicans alone racking up nearly
00:22:24
hund00 million in ad buys. Um Trump is
00:22:28
supposedly going to pick one and tell
00:22:29
the other to get out, but Ken Pax has
00:22:31
already said he's not getting out even
00:22:32
if he doesn't get picked. Um and state
00:22:35
representative James Terico beat
00:22:37
Representative Jasmine Crockett in
00:22:38
Texas's Democratic Senate primary. Let's
00:22:41
listen to a clip from Telerico's victory
00:22:43
speech. To the billionaires who have
00:22:46
taken over our state and taken over our
00:22:49
country, your unchecked power is coming
00:22:52
to an end.
00:22:56
>> Your days dividing working people are
00:22:59
numbered.
00:23:00
>> Oh, he sounds like a guy we should hang
00:23:01
out with. Um, good, good, good. It was a
00:23:04
good speech. And actually, I have to say
00:23:05
Crockett handled the the defeat well.
00:23:08
They seemed to come together. Everyone's
00:23:10
like, "We're all going to come
00:23:10
together." Um and uh they both ran
00:23:13
really tough campaigns and and then they
00:23:15
they I have to say everybody acted the
00:23:18
Democrats look like they're not uh in
00:23:21
disarray as they say. Uh Texas Supreme
00:23:23
Court stepped in to block a lastminute
00:23:24
voting extension in two counties after
00:23:26
GOP primary polling mixups backing an
00:23:29
appeal from Ken Paxton. It seemed like
00:23:31
he was just trying to create chaos. In
00:23:33
North Carolina, former Governor Roy
00:23:35
Cooper won the Democratic Senate primary
00:23:37
quite easily and will face Republican
00:23:39
Michael Wattley uh for uh Senator Tom
00:23:42
Tillis' seat in the race that could help
00:23:44
decide Senate control. Um so interesting
00:23:48
stuff going on there. A lot of people
00:23:49
lost their jobs. Um Dan Krenshaw lost
00:23:51
his job. Uh he was targeted by a
00:23:53
billionaire, speaking of billionaires,
00:23:55
who spent enormous amounts of money to
00:23:57
get rid of him. in North Carolina, the
00:23:58
head of the state senate who'd been in
00:24:00
power for a long long time uh is in a
00:24:03
very tight race. A lot of people losing
00:24:05
losing their jobs like all over the
00:24:07
place. So, uh what do you think uh this
00:24:10
means for Democrats this year and for
00:24:11
Republicans?
00:24:12
>> It's very exciting for Democrats. the I
00:24:15
mean the Torico race. First off, if
00:24:18
Terico wins the seat against the
00:24:20
Republican nominee, I think he's likely
00:24:23
or very likely to be the vice
00:24:25
presidential pick in 2028 because if he
00:24:27
wins this and shows an ability to win in
00:24:30
Texas, if as VP they think he could
00:24:33
deliver Texas, it's game over for
00:24:35
whoever's for the Democrats win. If you
00:24:38
could flip Texas in a presidential race,
00:24:39
do
00:24:40
>> you think he should stay there for a
00:24:41
little bit? get amass power.
00:24:44
>> Well, how long did how long was Obama
00:24:46
senator?
00:24:46
>> Yeah, that's right.
00:24:47
>> I mean, they do. The VP is supposed to
00:24:50
be the person who could take over. It's
00:24:51
not. The VP is brought on to hopefully
00:24:53
win a state
00:24:54
>> that is a swing state for the most part.
00:24:56
Anyways, so it's exciting moment for
00:24:59
Terico, but what's really exciting for
00:25:01
Democrats is that through the odds, the
00:25:04
majority or the number of Democrats
00:25:07
turning out in a primary was in the high
00:25:10
hundreds of thousands, 7 or 800,000.
00:25:13
>> 2.1 million Democrats turned out. And
00:25:16
the very this the other very exciting
00:25:18
thing is that
00:25:19
>> I think it was 1.8 million Republicans
00:25:21
turned out. So whoever whoever whatever
00:25:24
party is able to turn out more people
00:25:26
for the primary gives you real insight
00:25:29
into what's going to happen in the
00:25:30
general
00:25:30
>> especially among Hispanics he really
00:25:32
pulled in that he shifted them
00:25:35
>> and if we have the first Texas statewide
00:25:37
Democrat elected in 20 or 30 years
00:25:40
>> yes was the last one.
00:25:42
>> What's that?
00:25:43
>> Lloyd Benson was the last one I think.
00:25:45
>> I thought it was an Richards.
00:25:47
>> No she was governor.
00:25:48
>> She was governor. There you go. So, this
00:25:50
is an exciting this is just a super
00:25:53
exciting moment uh for Democrats. So, I
00:25:56
I don't you know I don't I don't think
00:25:58
you can overstate it. All the races look
00:26:00
to be have been closer. The surprising
00:26:04
stuff was some of the more some of the
00:26:06
Republicans who lost their lost their
00:26:08
seats. That was very interesting.
00:26:10
>> Um I was thinking of sending some money
00:26:12
to Paxton because I'd love to see him
00:26:13
against Terara because I think that
00:26:15
means Terica wins.
00:26:16
>> Yeah. Yeah. Um, anyways,
00:26:18
>> he's refusing to get out. I mean, who
00:26:20
knows if he I mean, Trump's going to try
00:26:22
to get him out. Um, supposedly they
00:26:24
think Cornin's the better person to run
00:26:25
against.
00:26:26
>> Well, he's more electable. He's
00:26:27
absolutely
00:26:28
>> within the MAG. It doesn't excite the
00:26:30
MAGA groups, right? They like Paxton.
00:26:32
He's backed by all the MAGA groups. All
00:26:35
of them.
00:26:36
>> Yeah. It's This is Look, I I looked at
00:26:39
the results and all I thought was and I
00:26:42
tried to screen out my biases. I thought
00:26:43
there's just no getting around this.
00:26:45
Mhm.
00:26:45
>> This feels really good.
00:26:47
>> Yeah. Yeah. Yeah. We'll see. It was
00:26:48
really interesting. Um and I thought
00:26:50
that uh Telerico's continued focus on
00:26:53
the rich was really interesting. It's
00:26:55
really it's it's got a similar vibe of
00:26:57
obviously you would point to AOC and
00:27:00
>> Bernie. Yeah.
00:27:01
>> Bernie and uh of course Mandani. Like
00:27:04
he's like the Texas Mandani kind of
00:27:06
thing. Um and so you know I kept saying
00:27:08
you know if he wins and of course Trump
00:27:11
attacked him quite a bit he'll be at the
00:27:13
White House hanging out with Trump like
00:27:14
Trump will be hugging him like and stuff
00:27:16
like that because he loves a winner that
00:27:18
kind of thing. He's just the kind of
00:27:19
person that will do pull a similar thing
00:27:21
that Montani did.
00:27:23
>> Well Mandami was to his credit Mandami
00:27:25
was smart. He showed that he was a
00:27:26
pragmatist and he was willing to
00:27:28
>> um he he wanted to be effective versus
00:27:30
right and not politically grandstand and
00:27:33
he got that woman released. He's he's
00:27:35
proven to be quite pragmatic.
00:27:37
>> He's kept Jessica Tish as police
00:27:38
commissioner who is very effective. I
00:27:41
just have a feeling Telerico is going to
00:27:42
have the same experience with Trump that
00:27:44
Trump will will bear hug him.
00:27:46
>> The class warfare if you will around the
00:27:48
billionaire class. So the genie
00:27:50
coefficient which is a measure of
00:27:52
inequality
00:27:53
>> if it's zero to one. If you're at zero
00:27:56
it means everyone has exactly the same
00:27:57
amount. If you're at one it means one
00:27:59
person has everything.
00:28:01
>> Mhm.
00:28:01
>> I think but revolution always takes on a
00:28:03
different complexion. I think what we
00:28:04
have now is a series of smaller
00:28:06
revolutions. But when you start
00:28:08
identifying a class of people based on
00:28:10
their wealth, I mean that that kind of
00:28:12
means that the revolution is coming and
00:28:15
Trump and Epstein and the people Epsteed
00:28:18
himself with it has created I I mean we
00:28:22
are I mean the revolution here might be
00:28:25
a series of of tax increase. I I don't
00:28:27
know how it's going to
00:28:28
>> let me let me just read something. This
00:28:30
was in a story I read. The richest
00:28:32
Americans have amassed enormous wealth
00:28:33
in recent years, while most Americans
00:28:35
have seen theirs stagnate. The net worth
00:28:37
of the top 0.1% doubled from 2020 to a
00:28:42
collective sum of 24.9 trillion in the
00:28:45
third quarter of 2025 and now accounts
00:28:48
for 14.4% of the total household wealth
00:28:52
according to the Federal Reserve. That's
00:28:54
an astonishing figure. That's just
00:28:56
astonishing.
00:28:57
>> Well, yeah. The what William Gibson said
00:29:00
about technology is true about
00:29:02
prosperity in that it's prosperity is
00:29:04
here in America. It's just not evenly
00:29:05
distributed.
00:29:06
>> Yeah. But it's
00:29:06
>> and now and it's made us more fragile as
00:29:08
an economy to think of the morality of
00:29:10
it. 10% the top 10% of US households are
00:29:13
now responsible for 50% of the spend.
00:29:15
>> Right. I think tech billionaires have
00:29:17
done so much damage to themselves in
00:29:19
this the way they behaved and they do
00:29:20
act like they have unch and I think Elon
00:29:22
Musk will go down in history as someone
00:29:24
who really began the push back against
00:29:26
this because the way the imperious and
00:29:28
ridiculous way he conducted himself and
00:29:30
all of them all of them do all of them
00:29:31
do
00:29:32
>> well becoming the wealthiest man in the
00:29:33
world such that you can cut off aid to
00:29:34
HIV positive mothers that's not a good
00:29:36
luck
00:29:36
>> yeah it's not a good look any
00:29:38
congratulations to uh Telerico and
00:29:40
others who won yesterday
00:29:42
>> and to Jasmine Crockett by the way I
00:29:43
thought she ran a great campaign She
00:29:45
went right up and then attacked Christy
00:29:47
Gnome beautifully. Like did a beautiful
00:29:49
take down of Christy Gnome which is
00:29:51
she's very good at her job. Um I we
00:29:53
haven't seen the last of her.
00:29:55
>> Hope not. She really is. Okay, Scott,
00:29:58
let's go on a quick break. When we come
00:30:00
back, what Sam Alman is saying about
00:30:02
OpenAI's deal with the Pentagon and what
00:30:04
Daario Amodi is saying about Sam Alman.
00:30:06
It's pretty eviscerating.
00:30:09
>> Support for the show comes from
00:30:10
Cororeweave. AI isn't just a new tool.
00:30:13
It encompasses so much more. It's
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spurring a revolution across all
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together. Coreweave is at the center,
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corweave.com/refor
00:31:00
anything.
00:31:08
Scott, we're back. Open A has updated
00:31:10
its deal with the Pentagon, adding
00:31:12
language that says uh its AI system
00:31:14
quote shall shall not be intentionally
00:31:17
used for domestic surveillance. CEO Sam
00:31:20
Alman wrote it's critical to protect the
00:31:22
civil liberties of Americans. But at an
00:31:24
all hands meeting this week, Sam told
00:31:26
staff that open had no control over how
00:31:28
the defense department uses its
00:31:29
software. And while uh defending the
00:31:31
deal in the Pentagon, he acknowledged
00:31:33
that rolling it out so quickly made the
00:31:35
company look quote opportunistic and
00:31:37
sloppy. That's the the app producing
00:31:39
sloppy is the poor name of of open AI.
00:31:43
Sam said it's been painful to try to do
00:31:45
the quote right thing and then get quote
00:31:48
personally crushed for it. Oh my god,
00:31:50
Sam, this is so he needs to stop
00:31:52
talking. I've got to say um it's a
00:31:54
question of whether he's actually
00:31:56
tarnished the brand too much in his
00:31:57
actions. Um Chachi PT uninstalls surged
00:32:00
295% the day after the Pentagon deal was
00:32:03
announced. Claw downloads continue to
00:32:05
spike. Meanwhile, um, uh, Anthropic CEO
00:32:08
Dario Modi told his staff that the Trump
00:32:10
administration didn't like Anthropic
00:32:12
because it didn't, uh, it it hadn't
00:32:14
given, um, dictator style praise to
00:32:17
Trump, while Sam has. He really laid
00:32:20
into they they there's, if you think
00:32:22
Elon Musk and Sam Alman have a problem,
00:32:24
Dario Modi and Sam Alman have a problem.
00:32:27
So, what do you think about this? This
00:32:28
is like a a real od
00:32:32
something's going on over there at
00:32:34
OpenAI that they really need to fix.
00:32:36
>> I think of it on the other side and you
00:32:38
know as as people know we're going to be
00:32:40
resist and unsubscribe in Minneapolis on
00:32:42
Sunday. And the way we're evolving it is
00:32:45
we're now going to um try and encourage
00:32:48
people to sign up for who we think are
00:32:50
good actors. And the most obvious
00:32:52
contrast here is the contrast between
00:32:53
open AI and anthropic. And I've been
00:32:56
saying for six months that I thought one
00:32:58
of the biggest commercial opportunities
00:32:59
was for a CEO basically to say no and
00:33:02
say these are we're we're done enabling
00:33:04
these type of this type of depraved
00:33:06
behavior. We're not going to engage in
00:33:08
the violation of Americans Americans
00:33:10
rights. And the hero we didn't think we
00:33:12
needed is Dario Amod. He's basically
00:33:15
stepped up and he said no. And just to
00:33:18
the point of it being a huge commercial
00:33:20
opportunity,
00:33:21
uh he uh Anthropic immediately surged
00:33:24
number one in the app store and its
00:33:26
annual recurring revenue has gone from
00:33:28
14 billion to 19 billion in just one
00:33:31
week. So this is going to be this is a
00:33:35
big moment because what Daario and
00:33:36
Anthropic have done even if they don't
00:33:39
realize it is they're all of a sudden
00:33:41
gonna give a bunch of CEOs across
00:33:43
America
00:33:44
>> the confidence to start saying no. Yeah,
00:33:47
>> because I thought it was going to be
00:33:48
Nike, but we said this six months ago.
00:33:51
It's a huge commercial opportunity.
00:33:52
>> Got to be a tech person.
00:33:55
>> Tech has been so in bed with Trump. It's
00:33:57
got to be a tech person doing it. That's
00:33:59
>> fair point. But the the point is the
00:34:01
opportunity here
00:34:02
>> was for someone to just stand up and say
00:34:04
enough already. I'm I'm not going to I'm
00:34:06
done. And
00:34:07
>> I'll tell you, a lot of Republican
00:34:09
senators really have not liked the way
00:34:11
Hegath has handled. I've been talking to
00:34:13
a lot of them quietly. They have been
00:34:15
saying this
00:34:16
>> it's anti- capitalist.
00:34:17
>> Yes. It's very they're very not
00:34:20
disposed. They're like when did we
00:34:21
become communists essentially and and
00:34:24
one of the things that'll be
00:34:25
interesting. I mean sort of anthropic is
00:34:27
a little like um what Tom Tillis has
00:34:29
been doing. He's left but he has
00:34:31
enormous leverage over the Trump
00:34:33
administration now because he can say
00:34:35
things and so in he says this sucks.
00:34:37
Pete he or Steven Miller sucks, right?
00:34:40
he does say it outright and then others
00:34:43
say well I'm not really liking some of
00:34:45
the things Zen Miller it gives them the
00:34:46
courage to say slightly less critical
00:34:49
things and I think that's a great way to
00:34:51
be and Dario is playing that role I get
00:34:54
it but he's playing the role of a heat
00:34:56
shield in a lot of ways
00:34:57
>> if you're under you get to make weapons
00:34:59
for the government it's legal if you're
00:35:02
>> if you're um
00:35:04
palunteer you get to sell data to the
00:35:06
government as long as it's legal and for
00:35:08
whatever purposes they might use it for.
00:35:10
And if you're anthropic, you get to work
00:35:13
with who you want. You can't do it based
00:35:15
on you can't discriminate or not work
00:35:16
with people based on their sexual
00:35:18
orientation or their ethnicity, but they
00:35:20
can absolutely. We get to decide who we
00:35:22
take ads from.
00:35:23
>> We we we say no all the time to
00:35:25
advertisers and say no, we're not
00:35:27
comfortable with it. Uh the what the the
00:35:30
big thing here is that in one week,
00:35:35
Claude went from number 42 to number one
00:35:37
in the free app store.
00:35:40
So, this is I mean this is a big moment.
00:35:44
This is a turning point because I just
00:35:46
trust me on this. In the next 30 days,
00:35:49
all of a sudden, we're going to see
00:35:50
these these CEOs cosplaying Nelson
00:35:54
Mandela and acting all righteous.
00:35:56
>> I don't know. I don't know about that.
00:35:57
One of the things that was interesting,
00:35:58
there was a poll out in Emerson poll. I
00:36:00
can't remember. No, that wasn't Emerson.
00:36:01
It was a it was a more normal poll um
00:36:04
that said that people want CEOs to
00:36:07
remain neutral but they also want them
00:36:08
to be genuine. So they kind of like this
00:36:11
you know even though they say they don't
00:36:13
want companies to weigh in they kind of
00:36:15
do which is interesting that people
00:36:17
answer differently. I do think people do
00:36:21
vote like with resistance unsubscribe if
00:36:23
you don't like how chat g I so many
00:36:25
people have told me they have dumped
00:36:27
chat GPT more than any of the other ones
00:36:30
and Amazon would be the second one when
00:36:31
they come up to me to ask me about your
00:36:33
efforts with resistant unsubscribe. It's
00:36:36
always Amazon and and Open AI that they
00:36:38
focus in on. That's what I've noticed.
00:36:41
>> But we haven't had an option to the
00:36:42
upside. We haven't had a carrot just to
00:36:44
stick.
00:36:45
>> Great idea. And this has given everyone
00:36:46
the ability to say all right my lack of
00:36:49
spending is a signal but my spending can
00:36:51
also be a signal
00:36:52
>> right
00:36:53
>> and I think there's a big opportunity
00:36:55
here and I'm personally going to urge
00:36:58
people to sign up for and patronize
00:37:01
anthropic
00:37:03
>> and to unsubscribe and not use open AI
00:37:05
and send a very strong signal that
00:37:08
people notice and when certain companies
00:37:11
stand up at potentially you know
00:37:13
potentially pretty severe risk of
00:37:14
retribution
00:37:16
There's all kinds of second order
00:37:17
effects of Palanteer uses Claude. A lot
00:37:20
of people use Claude%. It's a real risk.
00:37:22
It might cost them in the short run.
00:37:23
>> Well, there's a there's a lot over the
00:37:25
medium and the long term. I believe this
00:37:27
is one of the biggest commercial
00:37:28
opportunities presented to companies
00:37:30
right now.
00:37:30
>> Yeah, we'll see where it goes. Um the
00:37:33
issue, let me just make a warning for
00:37:35
anthropic Dario who is typical te tech
00:37:39
person, arrogant. It can be arrogant and
00:37:42
um imperious kind of thing. He loves to
00:37:44
write, which I I appreciate. I like a I
00:37:46
like a CEO that does really is a good
00:37:48
writer actually. Um he he's got to be
00:37:51
careful not to appear too righteous,
00:37:54
right? Too self-righteous. I think
00:37:55
that's where
00:37:56
>> I think he should go dark and just let
00:37:57
his action speak for his words.
00:37:59
>> Yeah, exactly. I think there is that,
00:38:00
you know, he's definitely getting
00:38:01
attacked by the idiot Emil Michael and
00:38:05
David Saxs, the other [ __ ] Um
00:38:07
>> well, again, government government
00:38:08
officials deciding that
00:38:11
>> we're now, like you said, central
00:38:12
planning. Yeah,
00:38:15
>> it's another data point you asked about
00:38:17
the economy. Every time we diminish the
00:38:19
rule of law and that everyone gets to is
00:38:22
is is enable everyone is entitled to and
00:38:25
subject to the same laws. Every time we
00:38:27
say okay the the law is now a tool for
00:38:30
political retribution based on who's in
00:38:32
who's in power. We lose we our price
00:38:36
earnings multiple on the S&P goes down.
00:38:38
>> Right. He's more powerful. Dary Mod is
00:38:40
more powerful now than he was because
00:38:42
he's the only one. Right. And the same
00:38:44
thing with the Tom Tillis, he has more
00:38:46
leverage now in his 300 days left cuz it
00:38:50
gives the gives people permission to be
00:38:53
to push back in a maybe not he gets to
00:38:56
be the louder one both of them. And it
00:38:58
it'll be interesting. It'll be all over
00:38:59
the place. Um speaking of not pushing
00:39:02
back, FCC chair Brendan Carr, who I love
00:39:05
to call a [ __ ] because he is, says he
00:39:07
expects the Warner Brothers Paramount
00:39:09
merger deal to get through approval
00:39:11
pretty quickly. Of course, you lap dog.
00:39:14
Let's listen to what he said when asked
00:39:15
about whether he would have concerns
00:39:16
about the Netflix deal.
00:39:18
>> Yeah, there was a lot of concerns in DC
00:39:19
and you can see it already. Just the
00:39:21
scope and scale on the streaming service
00:39:23
in particular, they would had a very
00:39:25
difficult path forward from regulatory
00:39:26
perspective. This deal uh is a lot
00:39:28
cleaner, does not raise at all the same
00:39:30
types of concerns. I think there's some
00:39:31
real consumer benefits that could emerge
00:39:33
from it.
00:39:33
>> He's right about it was obviously
00:39:35
they're smaller. That's that's right,
00:39:36
Brandon. But Brandon has nothing to do
00:39:38
with this deal and he always mouths off
00:39:40
on everything. Um, meanwhile, Fitch
00:39:42
Ratings, one of the Wall Street's big
00:39:44
credit rating agencies, has cut
00:39:45
Paramount's credit ratings to junk
00:39:47
status. No surprise. Enormous debt, I
00:39:50
think, from 75 to hundred billion
00:39:51
dollars in debt. It's a big It's a big
00:39:53
chunk of money. They say they're going
00:39:55
to delever quickly, but it's always
00:39:56
hard, as Bill Cohen noted. Um, and David
00:39:59
Zazoff, also not looking so good.
00:40:01
President and CEO of Warers. He's
00:40:02
looking good to shareholders. Filed to
00:40:04
sell over $114 million worth of stock in
00:40:06
the company. he's getting pillaried by
00:40:08
because it's very clear that um that uh
00:40:11
Paramount will have to cut. They say six
00:40:13
billion it's much higher. Um you know
00:40:17
CAR does not play a role here just just
00:40:19
for people to understand a real role. Um
00:40:22
but it will get through it probably will
00:40:23
you know they've been working Europe,
00:40:25
they've been working the government. Um
00:40:28
it's just a question of how they get
00:40:29
through and and what damage they have
00:40:32
done by doing this very non-economic
00:40:35
deal. Um, any more thoughts on that?
00:40:37
>> When the book on the worst acquisitions
00:40:39
in history
00:40:41
>> is written, it should just be called
00:40:42
Warner Brothers.
00:40:44
>> It's true.
00:40:45
>> I mean, if you if you r if you ran into
00:40:49
>> time Warner executives in 2005, Steve K
00:40:53
is super smart. He realized that AOL had
00:40:56
nowhere near the value it was trading
00:40:57
at. So he said, "This is a time to trade
00:40:59
it in for boring revenues that come from
00:41:01
records and books and parks and movies."
00:41:05
>> And if you find a Time Warner executive
00:41:07
two or three years later, literally
00:41:09
their retirements were ruined because of
00:41:12
what was the worst acquisition
00:41:14
uh in history. And that's Time Warner's
00:41:16
merger with AOL. And AOL within like 36
00:41:19
months was worth 10% of what Time Warner
00:41:23
had to pay for it and give up. And then
00:41:25
AT&T bought Time Warner and then barely
00:41:27
and then had to take a had to take a
00:41:29
haircut.
00:41:30
>> And then Time Warner merged with
00:41:33
Discovery.
00:41:34
>> Yeah.
00:41:34
>> And basically it turned into just a
00:41:37
giant
00:41:38
>> uh public benefit organization. It's
00:41:40
like basically the merger between
00:41:42
Discovery and Warner Brothers is if
00:41:45
David Zazov had been honest, he would
00:41:47
have stood up and said, "Look, this can
00:41:49
make me almost a billionaire regardless
00:41:52
of whether I destroy or make shareholder
00:41:54
value."
00:41:54
>> He certainly didn't improve it. He
00:41:56
didn't improve it.
00:41:57
>> It did not. It's underperformed the S&P
00:42:00
by any stretch of the imagination. He's
00:42:01
a brilliant investment banker and he's
00:42:04
going to walk away with $700 million,
00:42:05
whatever. It's legal.
00:42:07
>> Good for him shareholders. What I don't
00:42:09
get is if I was Netflix, I would be I'd
00:42:12
be much meaner or more mavelian and I'd
00:42:14
be trying to fire up as many Democratic
00:42:16
lawmakers as possible.
00:42:18
>> I think they are I think probably they
00:42:19
are they're saying a lot of p you know
00:42:21
uh Jerry Cardelli who's one of the
00:42:23
investors tried to clap back at Netflix
00:42:25
all the all the I've talked to some
00:42:27
Paramount executives and they're all
00:42:29
>> the unions I don't get I can't get over
00:42:31
like Netflix has got sour grapes. I'm
00:42:33
like they're accurate sour grapes like
00:42:35
sorry I think it's very effective by
00:42:38
slapping them you know making them a
00:42:40
villain but yeah I agree the union's
00:42:42
>> it's going to be 8x and also uh Edgar
00:42:45
Bronman Sher Redstone and now David
00:42:47
Ellison there's a general trend
00:42:49
>> throughout history where dad makes a
00:42:52
[ __ ] ton of money through grit and
00:42:54
creativity and then dad Jr. loses it.
00:42:57
Yeah,
00:42:59
>> Junior.
00:42:59
>> But basically the only ones who were
00:43:01
>> Murdoch Rupert Murdoch took his dad, but
00:43:03
that was like a small
00:43:04
>> Oh, no. He he I mean he was a rich kid,
00:43:07
but he turned his father's
00:43:08
>> Yeah.
00:43:09
>> into an empire.
00:43:10
>> Empire. Yeah.
00:43:11
>> And and and
00:43:13
anyways, this
00:43:15
>> anyone involved in media now is
00:43:17
basically a billionaire's kid looking to
00:43:19
go to the Oscars and make the family 80%
00:43:22
less wealthy.
00:43:23
>> Yeah, it's true.
00:43:24
>> And that's what Brmpman did. That's what
00:43:26
Sherry Redstone did. She
00:43:27
>> definitely did.
00:43:28
>> And that's that's what David Ellison is
00:43:30
about to do.
00:43:31
>> Well, he has a lot of money, so he has a
00:43:33
lot to lose. He really really really
00:43:34
likes making movies. Scott,
00:43:36
>> this company this company is going to be
00:43:38
they're going to try to go to AI to cut
00:43:40
re to cut I think and I think you're
00:43:42
going to see a lot of AI slop. I think
00:43:44
the creative community is going to turn
00:43:45
on them.
00:43:46
>> Yeah.
00:43:46
>> And I think this is going to be very I
00:43:49
would not want to own those bonds right
00:43:50
now unless they're seniors secured in
00:43:52
the stack.
00:43:52
>> Yeah. Uh, but I think this is going to
00:43:54
be very
00:43:55
>> and and of course they're going to get a
00:43:57
lot of attention with the news thing
00:43:58
even though it's a smaller part of the
00:44:00
empire. Um, you know, they're going to
00:44:02
>> I wouldn't be surprised if they sell it.
00:44:03
I I don't I I don't I've never for sure
00:44:06
they're merging CBS and CNN that they
00:44:08
have to. They It's economically
00:44:10
untenable not to do so. I would hope
00:44:13
they would put Mark Thompson in charge
00:44:14
of the whole thing. Um, I think he's a
00:44:17
really good u person and very wellliked.
00:44:20
I can tell you it's hair on fire over at
00:44:22
CNN in terms of being I get I get like
00:44:25
like covered with CNN. What's happening
00:44:27
Carol? What's happening Karen? I have
00:44:28
some knowledge I will say. Uh but
00:44:30
they're definitely uh merging um merging
00:44:34
the two of them. There's no other choice
00:44:35
for them to do.
00:44:36
>> I think they should have CNN anchors on
00:44:38
Survivor, the CNN show. Dana Bash, oh my
00:44:42
god, she would so I mean
00:44:44
>> win Caitlyn Collins would kill them all.
00:44:46
Don't you think?
00:44:47
>> Oh no. I think Dana B I think Dana Bash
00:44:49
is the kind of person that would smother
00:44:50
you in your sleep if she needed to.
00:44:52
>> Really? I feel like Kayn Collins. Did
00:44:54
you see her like kicking kick in the
00:44:56
>> I think there's a very secretary's ass.
00:44:58
>> I think there's a very dark interesting
00:44:59
side to Dana.
00:45:00
>> Okay. All right. But we know we don't.
00:45:02
>> And I'm here for it. Dana, by the way,
00:45:04
no. Jake probably will get gotten.
00:45:06
Anderson of course is so sweet. Um I'm
00:45:09
trying to think if there's an outside
00:45:11
person. Bruno. I don't know. There's a
00:45:13
lot of people there. There's a lot of
00:45:14
people. I'm I'm going to vote Gayen
00:45:16
Collins. You can invite Dana Bash. But
00:45:18
we definitely think uh Anderson and Jake
00:45:21
will be will be off will be will be
00:45:23
>> I think Far just opens a bar on the
00:45:25
island and says, "I'm done.
00:45:27
>> I'm done.
00:45:28
>> I'm sick of telling people what's going
00:45:30
to happen."
00:45:30
>> Jack rank survivability on an island of
00:45:33
CNN anchors. Oh, that's so funny.
00:45:36
>> Yeah. Who wins in Survivor? CNN
00:45:38
Survivor. They're literally going to
00:45:39
have to do creative.
00:45:41
>> So cool.
00:45:42
>> Survivor. The CNN edition. Uh, Scott,
00:45:45
what do you do with Scott Jennings? What
00:45:47
do you Where do you put him?
00:45:48
>> Oh, he's killed by his own troops.
00:45:51
>> He's like he's they I mean, yeah. No,
00:45:55
he's the guy he's the guy they bury they
00:45:57
bury up to his neck in sand and let's
00:45:59
let the tide come in slowly.
00:46:02
They're like, "Is there a fire ant? Is
00:46:06
there a fire ant hill on the island? We
00:46:08
have an idea for Scott." Yes,
00:46:10
>> we have Michael Smirkcon leading
00:46:12
Campfire songs at the end of night to
00:46:14
make everyone feel good.
00:46:15
>> He won't have a bar.
00:46:16
>> We have AC 360, that guy who who
00:46:19
substitutes for Anderson. He just has to
00:46:20
walk around with his shirt off. He's
00:46:22
hot. Sean,
00:46:23
>> he just has to walk around with his
00:46:24
shirt off. I've got it all planned. If
00:46:27
Ellison's call me, I take back
00:46:29
everything I've said. I have a way to
00:46:31
pay off your debt.
00:46:34
Survivor, the CNN edition.
00:46:36
>> I'm telling you, Kaitlyn Collins will
00:46:38
take them all down. All right, Scott,
00:46:40
let's go on a quick break. When we come
00:46:42
back, the return of the Burger Wars.
00:46:44
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00:47:38
Scott, we're back with more news. Burger
00:47:40
King and McDonald's have some social
00:47:41
media beef. I can't believe I just read
00:47:43
that. McDonald's posted a video of its
00:47:46
CEO eating the company's Big Arch uh
00:47:48
burger last month. And while he says he
00:47:50
was taking a big bite, the bite was
00:47:52
small, he also called it the product. Uh
00:47:54
the video went viral because of the
00:47:56
discrepancy. And then on the day of the
00:47:58
release of the Big Arch, Burger King
00:48:00
posted a video of its president eating a
00:48:02
Whopper burger in a more enthusiastic
00:48:04
fashion than the rest of them. There's a
00:48:06
Wendy's one. I think there's a Taco
00:48:08
Bell. I don't know. There's so many of
00:48:09
them now. Um and and while it was What
00:48:12
did you think very briefly? What did you
00:48:14
think of this? It's kind of fascinating.
00:48:16
It really took off the burger eating
00:48:18
situation. Funny, stupid.
00:48:21
>> Well, what no one wanted to talk about
00:48:23
was
00:48:23
>> Mhm.
00:48:24
>> There was a CO McDonald's who I think
00:48:25
died of colorctal cancer in his late
00:48:27
40s. Um
00:48:29
>> Oh, well,
00:48:29
>> like I don't Yeah, that that's a real
00:48:32
pickme up story.
00:48:33
>> Thanks, Scott.
00:48:35
Um, I don't know why I brought that up.
00:48:37
I don't I What do you I could not be
00:48:39
less interested in the story other than
00:48:41
to say that
00:48:42
>> other than to say that I want
00:48:46
I want to buy
00:48:48
>> I I've been as as I'm sure you are. I've
00:48:51
been talking to all these presidents,
00:48:52
presidential candidates who call me for
00:48:54
ideas, which is their way of saying,
00:48:55
"Send me money."
00:48:57
>> I'm like, "Not buy a billion doses of of
00:49:00
GOP one uh drug."
00:49:01
>> Yeah. Actually, these businesses are
00:49:03
under siege. You're absolutely right.
00:49:05
>> Distributed to rural communities. Uh if
00:49:08
you want to if you want to solve the
00:49:09
deficit, all roads lead to health care.
00:49:11
If we want to reduce health care costs,
00:49:12
all roads, in my opinion,
00:49:14
>> lead to GLP1. And that the best
00:49:16
investment we could make. I I think I
00:49:18
think fast food, by the way, I I got to
00:49:20
be honest. I look forward The only thing
00:49:22
I'm the only thing I like about travel
00:49:24
is if I'm at an airport, I grant myself
00:49:26
the luxury of eating McDonald's. I have
00:49:28
a general rule. I don't eat fast food or
00:49:30
go to strip bars in cities I live in
00:49:31
because that could just go bad places.
00:49:34
>> So, but when I'm at the airport, the
00:49:36
McDonald's at Newark is the best
00:49:38
McDonald's in the world.
00:49:39
>> You like In-N-Out, too. And Shake Shack.
00:49:41
>> Oh, that's not even fast food. That's
00:49:43
That's the best meal in the world.
00:49:45
>> It is. You're right. That's literally
00:49:46
the best.
00:49:46
>> Well, then let me get on this. We're on
00:49:48
food chains. RFK Junior question. What's
00:49:49
in Dunkin Donuts products in
00:49:51
Massachusetts is not having it. Governor
00:49:53
Mora Healey posted an image with a
00:49:55
Dunkin cup saying come and take it.
00:49:57
Others are having fun with uh the the
00:49:59
jab on social media saying things like
00:50:01
if this administration changes anything
00:50:02
that goes into Duncan I will make
00:50:04
January 6 look like a tea party. Um you
00:50:07
know it's interesting they're going
00:50:08
after brands like well RFK is such an
00:50:11
such a another [ __ ] Um it's it's
00:50:14
interesting because remember when
00:50:15
Bloomberg did this with the co with the
00:50:17
sugar? It wasn't good. It wasn't a good
00:50:19
minute for him.
00:50:19
>> Now the big gulp. What do you what do
00:50:22
you think about this? I think Duncan is
00:50:24
not a good thing to go after. I feel
00:50:25
like people really like that Dunkin
00:50:27
Donuts. They really do.
00:50:30
>> They know it's full of sugar. They're
00:50:31
aware.
00:50:32
>> America runs on Duncan. Cara, um,
00:50:35
>> look, I I think people have the right to
00:50:37
kill themselves. And if they want to do
00:50:39
it slowly with McDonald's and Duncan,
00:50:41
that's kind of their opportunity. I
00:50:43
think the government has an obligation
00:50:44
to go the other way and provide more
00:50:46
education. 70% of Americans are obese or
00:50:49
overweight. It's like 38% are obese. In
00:50:51
Japan, it's 4%. And it starts very
00:50:53
early. They have every public school has
00:50:56
to have a nutritionist and they are not
00:50:58
allowed to have any processed food and
00:51:00
everything has to be fresh in the
00:51:01
morning.
00:51:01
>> There's a whole scene in my documentary
00:51:03
with me in a Korean school eating their
00:51:05
food. It's astonishing when you see
00:51:07
>> and you ask these kids what their
00:51:08
favorite food is. They're like broccoli.
00:51:10
>> Yes. They were like, "Oh, this kimchi
00:51:12
here." It was a fermented food. It was
00:51:15
miso soup. It was rice. Certainly. It
00:51:18
was It was so good. It was so healthy.
00:51:20
It was crazy. and they end up paying
00:51:21
6,000 or $7,000 per consumer on
00:51:24
healthcare and we pay 13,000 folks.
00:51:26
Let's do the math. So, I don't like I
00:51:28
don't like demonizing.
00:51:30
>> Look, I like McDonald's. I like Dunkin
00:51:32
Donuts. I like to think that because of
00:51:35
education early on I I got some, you
00:51:38
know, I'm focused on eating the right
00:51:40
foods. Also, the reality is fast food is
00:51:43
a function of poverty and that is or or
00:51:46
going back to the same income inequality
00:51:48
and that is if you're a single mother,
00:51:50
>> the cheapest caloric intake is fast
00:51:52
food.
00:51:53
>> It is.
00:51:53
>> And people people want to get moral and
00:51:55
lecture people about the importance of
00:51:56
cooking at home and cooking with good
00:51:58
food. Actually, the the myth is that
00:52:00
cooking at home saves you money. No,
00:52:01
it's not. To cook at home with natural
00:52:03
ingredients is really expensive.
00:52:05
>> It is.
00:52:06
>> And so,
00:52:07
>> and also time. A lot of people have two
00:52:09
jobs
00:52:09
>> or food deserts.
00:52:10
>> Yeah.
00:52:10
>> Uh but again, I'm I I've said this
00:52:13
before. I think the most transformative
00:52:15
technology over the next five or 10
00:52:16
years is not AI. I think it's GLP1. But
00:52:19
>> um love McDonald's. Think people should
00:52:21
have the right to kill themselves fast
00:52:22
or slow if they want.
00:52:24
>> But I think a really good investment
00:52:26
would be giving people enough money and
00:52:28
enough education that they want to and
00:52:29
can afford to eat well.
00:52:31
>> Yeah. But I have to say I wouldn't go up
00:52:33
against Mara Healey. I would not if I
00:52:35
were you, RFK. She's a tough nut. She
00:52:37
was a big basketball player. I don't
00:52:38
know if you know that. She was a very
00:52:39
good one. Um anyway, uh we'll see what
00:52:42
happen, right? That one.
00:52:43
>> Yeah, she's great. But it's really
00:52:45
interesting that that these these I have
00:52:47
to say some of the brands on social
00:52:49
media are really interesting. Um and
00:52:52
some of them are better than others.
00:52:53
Wendy's does an amazing job, for
00:52:54
example, online.
00:52:56
>> Well, you know what Peter Pan's favorite
00:52:57
place to eat out is?
00:52:58
>> Where where is
00:52:59
>> Wendy's?
00:53:01
Oh god, I can't believe you have a dirty
00:53:04
joke about Wendy's. Oh, thank God. All
00:53:08
right, Scott, one more quick break.
00:53:10
We'll be back for predictions. Okay,
00:53:12
Scott. Um, let's hear a prediction. I
00:53:14
have something very quickly to say in
00:53:16
the prediction department. I if for
00:53:18
people who didn't notice, there was a
00:53:19
story uh again on uh bots again about
00:53:24
problems with wrongful deaths and
00:53:25
suicides. This time it's Google with
00:53:28
Gemini AI chatbot coached a man towards
00:53:30
suicide. And it is the story is
00:53:32
devastating. This is an adult, not a ch
00:53:35
not a young person, not someone
00:53:37
underage, but uh it's still just as
00:53:39
devastating what it did and what it told
00:53:41
him to do and it made him go to places
00:53:43
and look for things in order to find a
00:53:46
robot to put this digital girlfriend
00:53:48
into. Um, I have to say I predict some
00:53:52
really significant legislation around
00:53:54
this in a way that is probably going to
00:53:57
be too reactive and at the same time um,
00:54:01
uh, it necessary because of the way
00:54:02
these companies are conducting their
00:54:04
their chat bots that interact with
00:54:06
people on a personal level and they have
00:54:08
done nothing to to rein them in. Um, and
00:54:11
so I think there's going to be a flood
00:54:13
of things around how we interact with
00:54:16
technology, uh, that's going to be
00:54:18
bipartisan and pretty ugly for the tech
00:54:20
companies. Go ahead. I've been talking
00:54:22
about this for years, but I think
00:54:23
>> Yeah. And I didn't mean to make light at
00:54:25
fast food that there was that mass
00:54:26
shooting at a fast food restaurant where
00:54:28
the guy was screaming, "You've ordered
00:54:29
your last McRib." And then one of the
00:54:31
workers said, "Sir, this is a Wendy's."
00:54:33
>> Oh my god,
00:54:34
>> that's so wrong, Cara.
00:54:36
>> It's so wrong.
00:54:37
>> That's so wrong.
00:54:37
>> Either way. Anyway, what's your
00:54:39
prediction?
00:54:40
>> You know, I want to take some license
00:54:43
here and I wanted to talk I wanted to do
00:54:45
kind of a a fail in a win. And that is
00:54:49
um
00:54:51
I just I watched I'm one of my living
00:54:54
heroes is uh Madame uh Secretary Clinton
00:54:58
and it's the only person I've ever
00:55:01
canvas for. And
00:55:03
I saw what I saw uh when I saw I watched
00:55:07
her entire testimony.
00:55:09
I just thought the level of sexism
00:55:13
was so [ __ ] insane.
00:55:16
Um and that is um so first off,
00:55:22
when is the last time
00:55:24
a man was asked repeatedly to explain
00:55:27
his wife's behavior or actions?
00:55:30
and the the absurdity of holding wives
00:55:32
accountable for husbands.
00:55:35
And here's what's so incredibly [ __ ]
00:55:37
up about this. We live in a world
00:55:38
>> they ought to responsible for you. So go
00:55:40
ahead.
00:55:41
>> We live in a world where a woman with
00:55:42
her own 50-year career in public
00:55:44
service, senator, secretary of state,
00:55:45
presidential candidate gets hauled in
00:55:48
front of a committee and asked to
00:55:49
explain what her husband did, not what
00:55:51
you did, what he did. And also there's
00:55:55
this implicit assumption that like and
00:55:58
why didn't you stop him? And we've seen
00:56:00
the same [ __ ] for decades. When a
00:56:02
powerful man does something wrong, we
00:56:05
turn to his wife and ask, "Where were
00:56:06
you? Why didn't you know? Why didn't you
00:56:08
leave him? Why are you still with him?"
00:56:10
>> She's often
00:56:12
>> and we never ask the inverse. When a
00:56:14
woman in power screws up, we don't haul
00:56:16
her husband in and ask him to explain
00:56:18
her choices.
00:56:19
>> We don't demand he account for her
00:56:21
behavior. Yeah,
00:56:22
>> we don't ask why did you stay with her
00:56:25
>> because implicit in all this is this
00:56:28
>> we do ask that but go ahead
00:56:30
>> implicit in all this is this assumption
00:56:32
that men are autonomous agents
00:56:33
responsible for their own actions which
00:56:35
is right whereas women are responsible
00:56:38
for everyone's actions including their
00:56:40
husbands the double standard is
00:56:43
staggering if if if Hillary had left
00:56:46
Bill after the Lewinsky scandal she'd
00:56:48
have been called a calculating
00:56:49
opportunist who who abandoned him and
00:56:52
that it was politically convenient. If
00:56:53
she stays with him, she's complicit in
00:56:56
everything
00:56:57
um he's ever done. So, I just think it's
00:57:00
insane that they kept asking her
00:57:03
questions when he was testifying the
00:57:05
next [ __ ] day. Well, ask him.
00:57:07
>> She handled it beautifully.
00:57:08
>> Yeah, I agree. So now just to to piss
00:57:11
off the Brooklyn Sandled or Birkenstock
00:57:14
crowd on the other side, there is
00:57:17
absolutely a double standard
00:57:19
for for women when it comes to asking
00:57:23
them to explain obvious discretions or
00:57:27
conflicts of interest. Watching the
00:57:28
exchange, basically saying, "Are you
00:57:30
having sex with are you in an
00:57:33
extrammarital?" And I I'm gonna be
00:57:35
clear. I'm not judging them on having an
00:57:36
extrammarital affair or having sex. When
00:57:39
you're having a relationship with your
00:57:41
number two who is unqualified,
00:57:44
that is reason to be fired at any
00:57:46
organization, any corporation, much less
00:57:49
a cabinet position. And and what the
00:57:51
exchange reminded me of was how
00:57:53
selectively we apply accountability and
00:57:56
politics. And as someone who considers
00:57:57
them a feminist, that means you're
00:57:59
subject to the same opportunities. And
00:58:00
also, you're entitled to the same amount
00:58:03
of [ __ ] as everybody else. And when male
00:58:05
politicians face questions about
00:58:08
personal conduct, the expectation is
00:58:09
clear. Answer the [ __ ] question. And
00:58:12
when they dodge, the press and the
00:58:14
opposition usually press harder until
00:58:16
they deny it or or admit it.
00:58:18
>> Tony Gonzalez, did that just happen?
00:58:20
>> Evasion becomes the story. But when a
00:58:22
woman, Secretary Gnome, respond to a
00:58:24
direct question about a relationship,
00:58:26
calling it total garbage and declining
00:58:28
to actually say no, the moment largely
00:58:31
passed without the same relentless
00:58:33
followup.
00:58:34
>> Yeah, Gonzalez is still in the news for
00:58:36
>> because of this double standard of being
00:58:37
accused of [ __ ] shaming. This is sexism
00:58:40
the other way. If a male cabinet
00:58:42
secretary responded that way to a
00:58:43
similar question, the headlines would
00:58:45
reads would read refuses to deny and the
00:58:48
questioning wouldn't stop. So there is
00:58:50
sexism asking women to take
00:58:52
responsibility for their husbands, but
00:58:54
at the same time there's a double
00:58:56
standard of a lack of accountability
00:58:58
amongst women for the same types of
00:59:00
things where the press and and other
00:59:03
lawmakers would not let up. God
00:59:06
>> lawmakers I know I think lawmakers did
00:59:09
did not let up. I think they said it
00:59:11
>> it's over. It's done.
00:59:12
>> They are not they are doing their job.
00:59:14
They did ask and they asked several
00:59:15
times. say yes.
00:59:17
>> If this had been Bill Clinton or another
00:59:22
media until they clarified their
00:59:24
comments.
00:59:24
>> I'm going to say you're right about the
00:59:25
media. I'd say I think they
00:59:29
they asked as hard as they could and she
00:59:31
just refused. She went she just
00:59:33
>> I think I think they should have said
00:59:34
the following and it's easy to pick when
00:59:36
I think one of them senators should have
00:59:38
said
00:59:38
>> you are having an inappropriate
00:59:40
relationship with your number two who is
00:59:43
unqualified and this puts the nation at
00:59:45
risk. I would have backed her into a
00:59:46
[ __ ] corner.
00:59:47
>> That's fair that they could have done it
00:59:49
a different way. You're right.
00:59:50
>> So I'll move on. Um real quick my
00:59:53
prediction yeah
00:59:54
>> is no. And that is Dario Amodi has given
00:59:59
license and permission to CEOs to say
01:00:01
no.
01:00:01
>> And in the next 30 days, you are going
01:00:04
to see a raft of CEOs find their
01:00:07
testicles and start saying no to this
01:00:09
administration.
01:00:10
>> No. No. There's going to be a lot of
01:00:12
that. I agree with you 100%. Um, okay.
01:00:14
Well, speaking of yes, we will be in
01:00:17
Minnesota, everybody. Just so you know,
01:00:19
we're going to be there on Sunday night
01:00:21
and we're very excited and we're very
01:00:23
excited to do this show. It'll be a
01:00:25
pivot show and at the same time we're
01:00:26
going to talk a lot about Resist and
01:00:28
Unsubscribe and Scott's got some tricks
01:00:30
up his sleeve. We've got some special
01:00:31
guests, secret guests. Uh we're sold
01:00:33
out. Um so it's not like we're selling
01:00:36
it, but we're we're very excited to do
01:00:37
it and raise money for a legal
01:00:39
organization that helps immigrants
01:00:41
there. Um anyway, we want to hear from
01:00:43
you. Send us your question about
01:00:44
business tech or whatever's on your
01:00:46
mind. Go to nymag.com/pivot
01:00:48
to submit a question for the show or
01:00:49
call 85551 pivot. Elsewhere in the Karen
01:00:52
Scott universe, this week on ProfG
01:00:54
Markets, Scott spoke with big short
01:00:56
legend Steve Iceman about why he thinks
01:00:59
the war in Iran is unlikely to rattle
01:01:01
markets and why the bigger risk
01:01:03
investors should be watching again is
01:01:05
AI. Let's listen to a clip.
01:01:07
>> Everything that's being created by
01:01:09
people who are doing AI has value. The
01:01:11
question is how much value? So much
01:01:13
money is being spent.
01:01:17
Are the returns that these companies are
01:01:20
going to generate, are they going to
01:01:21
justify those returns? I suspect not. If
01:01:24
I had to stake my life on it, I'd say
01:01:26
we'd have some kind of replay where,
01:01:31
you know, in the internet bubble, the
01:01:32
first generation of internet companies
01:01:34
basically failed. And it was the second
01:01:37
generation of internet companies that
01:01:39
that took us on to glory in terms of the
01:01:41
value of the internet.
01:01:42
>> Oh, very good. Very sensible. That makes
01:01:44
sense. Okay, that's the show. Thanks for
01:01:47
listening uh to Pivot and be sure to
01:01:49
like and subscribe to our YouTube
01:01:51
channel. We'll be back next week with an
01:01:53
episode, as I said, taped live in
01:01:55
Minneapolis. Scott, I can't believe we
01:01:56
did it. I mean, we just thought about it
01:01:58
on the show and then we made it. So,
01:02:00
>> yeah, we had an idea and it's happened.












