Ryan and Saagar discuss AI CEOs panic over job losses, WH Press Sec says GenZ is lazy, McConnell still missing after heart attack.
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Speaker 1 (00:00):
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Speaker 3 (00:25):
We need your help to build the future of independent
news media and we hope to see you at Breakingpoints
dot Com. Turning now to AI, let's go and put
this one up here on the screen. Very interesting story
here from notice an internal Treasury Department warning is warning
about the dangers of AI. So there's a draft report
(00:46):
that allegedly exists inside of the Treasury Department. It is
set to warn the risk posed by an artificial intelligence
market it liking key aspects of it to dot com
that upended the US economy in the early two thousands.
The document, the existence contents of which have not been
previously reported, is actually a huge departure from the public
tone of the administration, which is part of why it's
(01:07):
actually important.
Speaker 1 (01:08):
So here's what they write.
Speaker 3 (01:09):
Career Treasury analysts found that AI firms are more deeply
entrenched in the US economy than their dot com predecessors
and pose significant risk to the entire system if financial
conditions change, productivity goals are missed, or various choke motes,
choke points steymi growth, a downturn in the AI market
would send shockwaves throughout the entire economic ecosystem. The report
(01:33):
concludes an AI bubble popping would lead to less of
an immediate crash than the US economy experience in the
early two thousands, but that the companies would cut back,
investors would lose confidence, and the economy would likely grow
more slowly should the industry falter quote stock markets, private
credit markets, companies financing data center buildouts, cloud providers, chip manufacturers,
(01:54):
and utilities would.
Speaker 1 (01:55):
All feel the effects.
Speaker 3 (01:57):
Trump administration officials have never voiced similar unease in public,
and a Treasury Department spokesperson dismissed the findings as quote,
unvetted and not representative of the agency's policy or views.
Quote the official position of the Secretary and the US
Treasury is that artificial intelligence will be a key driver
of America's.
Speaker 1 (02:16):
New Golden age.
Speaker 4 (02:17):
So they're betting the farm.
Speaker 3 (02:20):
This is basically who's who's president dot Com? Was it
Clinton or Bush?
Speaker 4 (02:24):
Well? Probably?
Speaker 3 (02:25):
Oh it was Clinton, right, So when I think about it,
so it is Clinton. I guess it's a different because
he was completely on.
Speaker 4 (02:29):
The way different crashes.
Speaker 5 (02:30):
Yeah, in March two thousand is really when it starts
the down.
Speaker 4 (02:33):
Yeah.
Speaker 3 (02:34):
But if Clinton, I guess Clinton had a future or
al Gore or somebody would be like, the future of
our economy may probably does mean it.
Speaker 4 (02:40):
Was right, the future the econ. It's interesting.
Speaker 5 (02:42):
The future of the economy was the internet, right, but
in twenty fourteen, and just like the railroads later, the
future was the railroad. Yeah, but twenty years later the canals. Uh,
the railroads kind of eclipsed the canals.
Speaker 3 (02:53):
What I think is interesting is basically just the because
it's we've all been saying this, everybody knows it to
be true.
Speaker 1 (02:59):
Doesn't take a genius to figure it out.
Speaker 3 (03:01):
However, having an internal report here which warns about this
against your public positioning. This is the type of stuff
which can come back to bite you. In the ass, right,
Because it's kind of like, if I'm thinking back to
remember the bin Laden in two thousand and one, how
Bush received that briefing in August two thousand and one,
it was like bin Laden determined to attack the United States.
It was totally dismissed at the time, routine part of
(03:23):
the CIA briefing. But then the nine eleven COMMISSI happens
to people were like, hey, oh my god, how could
you have done this? Or let's say in two thousand
and eight, nobody, I can guarantee you. At the time
of what was a glass Stegal repeal, nobody said a word,
right nobody noway's paying attention. They were like, yeah, whatever,
rubber stamp, it is what it is. After eight, everybody's like,
how did this happen? So I think that this is
(03:45):
an example I think of what the future will look like.
And you know, having a draft report like this which
you dismissed, I mean it's a scandal, right because you're saying, Wow,
you guys knew that this was a problem.
Speaker 1 (03:55):
You didn't do anything to cap any the problems.
Speaker 3 (03:58):
You had these career analysts who were warning you this,
this and this right now, it's all gravy.
Speaker 1 (04:03):
I mean, let me check.
Speaker 3 (04:04):
You know, where are we at today, AGEAH S and
P futures and this is pretty high.
Speaker 1 (04:09):
Yeah, the S and P.
Speaker 3 (04:10):
Is still up by ten percent year to date, even
though we had a massive, you know, Iran war, horrific
situation in the last year. It's up by twenty one percent.
We're a full boom bowl market and it's like five
years and the S and P is up seventy two percent, right,
So that's insanity. So everybody's in you know, it's just
like the good times. But I was reading a little
bit about dot com several I think it was a
(04:32):
year or two ago, and I did not realize, you know,
if you would invest it at the top of dot com,
the market did not reach that high again until like
twenty thirteen. So thirteen years of a black hole. You're like,
oh my god. So, I mean America has not been
through anything like that. Basically we had that and then
eight and eight. You know, even in terms of the recovery,
(04:52):
it's not the recovery I think that we wanted. So
the fear here Ryan is I think what they talk
about on the back end, it's not about the AI
companies going bust. It's that everybody. All the GDP spend
is AI. The data center built out is AI. A
lot of the you know, big tech companies which compromise
all of the S and P five hundreds to everybody's
retirement accounts is all in Nvidia and Google, in Meta
(05:15):
and all of these other companies whose entire bet is
on AI. I mean, Tesla is now trying to do AI.
SpaceX is an AI company. It's not a rocket company, right,
you know, their biggest driver right now is like selling
Compute to Anthropic, and then Anthropic and Open AI alone
are both going to be two trillion dollars collectively when
they go I PO. So all of that is just
(05:36):
going to make up such a huge part of the
economy where you're exposed no matter what, like, no matter
what you do, no matter what business you're in. And
then that kind of capital crunch which will come in
if there's a downturn, it will have serious, serious problems
for everybody.
Speaker 5 (05:49):
Yeah, and AI is here to stay. AI is gonna sure,
like you, for better or for worse. But the idea
that there won't be some pullback right at minutes, that's
like what I would rather hear from a Treasury secretary
is like, yes, when when we have these massive shifts
(06:10):
in our economy, there is always and that Zuckerberg has
said this himself, like he's like, yes, there will be
some multi hundred billion dollar investments that will be a.
Speaker 4 (06:20):
Mistake and that will vanish.
Speaker 1 (06:22):
Yeah, he literally said that.
Speaker 5 (06:23):
It's like, okay, fine, at least you're at least you're
clear headed about how in saying this is uh, you
you want to hear if it's whether it's a railroad
boom or you know, the internet one that you're planning
for the pullback and here, okay, there's going to be
a pullback, and here's how we're going to make sure
(06:44):
we get a soft landing US for the entire global economy.
You don't want to hear. Actually, it's going to be fine.
The number is just going to keep going up and
up and up.
Speaker 1 (06:54):
Yeah, exactly.
Speaker 4 (06:54):
That's hird because everyone else.
Speaker 5 (06:55):
It was like, why would that be the why would
be the first time in history?
Speaker 4 (07:00):
Yeah, that that is going to happen.
Speaker 3 (07:02):
Right, I was reading I don't I'm not a trader.
I don't know the exact you know, the exact details,
but I was reading about this new financial product which
cal She offers, which is like a highly leveraged liquid
options market, which offers more leverage than a traditional Wall
Street bang, and I.
Speaker 4 (07:20):
Was like, oh, what could go wrong?
Speaker 3 (07:21):
And they were like this is the biggest growth center
of our company sports betting.
Speaker 4 (07:24):
And I was like, uh, seems bad.
Speaker 1 (07:27):
You know.
Speaker 4 (07:27):
I was like, isn't that illegal? Nothing's illegal now we're
just the sec on like, it's.
Speaker 3 (07:33):
Not regulated by that, it's regulated by CFTC. So it's
like it's so different, you know, financial product, but this
is the same thing.
Speaker 1 (07:38):
I mean, you know, we it just like is it.
Speaker 4 (07:39):
Regulated by the CFTC or they just doing.
Speaker 3 (07:41):
Cal She's regulator? Well yeah, right, exactly technically regulated. But
if you go back to six, nobody knew what a
credit to fault swap was. Nobody everybody found out in
nine when they're like how did this happen? Right, So
there's all kinds of these products which are swimming out
there and commoditized car loans and all this debt and
who even knows the leverage that exists behind AI?
Speaker 1 (08:01):
We have no idea.
Speaker 3 (08:02):
I mean, if the Iran War had not happened, the
number one economic story actually would have been all of
these private credit markets. There were all of these private
lines of credit which were being called in by the
big banks. Nobody even knew what was going on. I
believe it's still happening as of today. By the way,
what's also interesting about this is the tone shift in
the AI CEO.
Speaker 1 (08:21):
So let's put this one up here on the screen.
Speaker 3 (08:23):
This is C three guys, And what they talk about
here is that big Tech, after public opinion on AI
has dramatically downshifted, is that the tech CEOs Sam Altman
and Dario and Zuckerberg and Jensen are all suddenly not
saying the quiet part out loud anymore. Now it's no
(08:43):
longer AI jobs, Well, AI is going to wipe out
all of your jobs. It's about how AI is going
to grow your job. So quote a year ago, the
message from many business leaders was that AI was going
to wipe out jobs. For the past month or so,
tech CEOs have been striking a more optimistic tone.
Speaker 4 (08:59):
In late May, Sam Altman.
Speaker 3 (09:01):
Who has previously predicted seismic shift in the workforce, has
now said we've been roughly right on technological predictions and
pretty wrong on the social and economic implications. Soon after,
he told CNBC, our industry underestimated how much we're going
to be able to keep people at the center of everything.
Very big difference, I think Kier and now you also
(09:22):
have here. They say Dario, who in May of twenty
twenty five had said that there will be more who
had made twenty twenty five that AI was going to
eliminate half of all jobs a year later, now says
that companies quote can do the same thing with less resources,
and that leads to things like layoffs, or they can
do more with the same amount of resources, but that
requires creativity. In a June essay, the executive now writes
(09:44):
that in giving warning's job displacement, he had wanted policymakers
to have the best chance at adapting. He was not
trying to be a quote profit of doom and did not,
and also wrote the possibility of enduring job loss remained,
so softening the fall if this were to come.
Speaker 5 (09:59):
On Friday, we talked about Alex Karp's what people call
the meltdown. That's just an Alex Carp Monologue's not a meltdown.
It's just that's how he talks on CNBC.
Speaker 1 (10:09):
It's called autism.
Speaker 4 (10:10):
There's a clear.
Speaker 5 (10:11):
Moment though in it that is so revealing where he's
so angry at Sam Altman and these others who he
calls these profits of doom, saying you're going to get
us a wealth tax, and that's what all of this
is about. They feel like they have been too honest
about what the implications of their technology are going to
be for, particularly the white collar public, which still has
(10:34):
some political purchase in this country, and they're going to
use that remaining power that they have to implement.
Speaker 4 (10:41):
A wealth tax exactly.
Speaker 5 (10:43):
And he's like, guys, stop talking about how we're going
to make everybody unemployed, because that's making them upset.
Speaker 4 (10:51):
And they're going to come for us now. Stop.
Speaker 5 (10:54):
So now they're going to lie to you and be like, actually,
this is just a little agent that's going to help
you out in your there's gonna be more jobs.
Speaker 4 (11:01):
Don't tax our wealth.
Speaker 1 (11:02):
Don't worry about it.
Speaker 5 (11:03):
And in the UK, you know they are they may
they may move.
Speaker 4 (11:09):
On a wealth tax. We'll see.
Speaker 5 (11:11):
And you know the UK was the first to move
on a progressive income tax one hundred plus years more
than a hundred years ago, and then that kicked it
off around the rest of the world. And these oligarchs
have very long memories. They hated the income tax when
it came in hit the wealthy, and they are desperately
trying to avoid this wealth tax. I can't get my
head around why somebody like Alice Carr, what's he worth?
Speaker 4 (11:34):
I don't even one hundred billion? Who God only knows.
Speaker 3 (11:36):
Seven I think probably seven billion. Let's see, like, why
does he care about a wealth.
Speaker 1 (11:41):
Twelve between twelve and sixteen bill.
Speaker 5 (11:43):
Okay, twelve and sixteen billion dollars? What's he care a
couple of billion? I mean a couple two percent pay
it back? I mean, look, you're I'm not defending there's
nothing he wants in this world that he can't buy
unless he has some demented.
Speaker 3 (12:00):
Well, that's here's the populist argument. What's that is it Steinback?
It was it Steinback who said the problem with America
is that every person sees themselves something something about like
a dispossessed millionaire, something like that. He said, America will
never have socialism because every American thinks that they're just
a millionaire who hasn't made it.
Speaker 1 (12:20):
I've butchered the quote.
Speaker 3 (12:21):
I'm sorry, but I believe that was a seinback quote
from some time in the Great Depression. So there is
an element of it where, I mean, remember what's the
book Thomas Frank what's the matter with Kansas? I mean,
there is a genuine element of it where people are like, hey,
that's not fair. These are titans of industry, these are
titans of you know whatever, they've done all this.
Speaker 1 (12:37):
Great stuff for society.
Speaker 3 (12:39):
I think that might have been true even you know,
in the industrialist stage, where you could make an argument
and Carnegie and all those people were building all these
temples to their own ego with the libraries. But these guys,
they don't even pretend like it's all just like we're
going to take your job and we're gonna get filthy rich.
Speaker 4 (12:55):
And they need to maybe do a lot.
Speaker 1 (12:58):
Right, So for them, they're like, hey, cool it.
Speaker 3 (13:01):
But they're Their best argument that they have is like, well,
it was a billion and now it's fifty million. Soon
it'll be one million or something like that, right, and
so the average guy could be worth a million. And generally,
I mean, the most conservative people in the country are
actually small business owners, right, because they're the ones who
actually manage all of their own taxes.
Speaker 1 (13:18):
I get it. It's a literal nightmare having to do
all of it.
Speaker 3 (13:21):
But part of the reason is that that block is
usually because they're the most tax people in the country.
Because of the way that they make money, these are
some of the least tax people in the country.
Speaker 4 (13:30):
Generally.
Speaker 3 (13:31):
The way that they try to weaponize it is about innovation, etc.
But I think if you look at the polling for
how the people feel about the wealth tax, what it
comes down to is they're like, look, we get it,
maybe it's unfair to tax unrealized gains, but at the
end of the day, we don't give a shit. You
guys are super wealthy. We don't care anymore, right, Like
we need to punish you, and I mean when they're
(13:52):
affecting society in the way that we are. Like, sometimes
the problem is they argue with wealth tax in terms
of like fiscal you know, oh, it wouldn't even be
going to anything for everybody else. They're like, it's purely punitive,
and we're fine with that, right They're like they're like,
we don't care. They're like, we don't care.
Speaker 4 (14:09):
Again, you're wasted. We don't like you.
Speaker 3 (14:11):
Like that's what they don't understand is people hate them.
And here's here's a good example.
Speaker 4 (14:16):
Let's put uh what Steinbeck? I think the quote you
were thinking.
Speaker 5 (14:21):
Yeah, he called Americans temporarily embarrassed capitalists.
Speaker 1 (14:24):
That's it, That's what it was. It was something like that.
Speaker 5 (14:27):
They're like, they're like capitalists, they just don't have any
capital yet.
Speaker 3 (14:30):
Yeah, it was like that. He said something. It was
in the Great Depression. I remember he said something.
Speaker 5 (14:34):
It's like his essay on the thirties. There, that's the
saga Endorstairs.
Speaker 4 (14:40):
I mean, good should go read.
Speaker 3 (14:41):
He was a genuinely insightful guy. Let's put see four
up here on the screen. So this griffin found this
one perfect example. Like where are you going to do
stuff like this? You got the Nashville Zoo. It is
now a battleground in the data center race, so let's
talk about it. So before the sun has risen, they say,
a club leopard, no law, no bigger than her hands,
wiggle impatiently, wedding to be fed by the Nashville Zoo's
(15:03):
animal health director.
Speaker 1 (15:04):
The newborn sucks eagerly. It's tiny pause, paddling the air
with every gulp.
Speaker 3 (15:09):
But now zoo officials say that a planned data center
just beyond the perimeter quote, could introduce constant noise, light,
and industrial activity that may disrupt the environmental conditions critical
not only for the leopard breeding program, but for the
more than three thousand animals that call the zoo home. Now,
this is a classic nit style debate. Yeah, you're gonna
(15:32):
ruin the leopards. You're gonna introduce all of.
Speaker 1 (15:34):
This noise, and you.
Speaker 3 (15:36):
Can know what's the what's the argument for it? We'll
talk with This is about the technological innovation. It's a zoo,
it's an animal. Ultimately, it's for our kids entertainment.
Speaker 4 (15:44):
Right.
Speaker 3 (15:44):
But this is the problem that the AI CEOs have
never gotten to data center for what what are you
doing for me? Right? If you're really wealthy, my stock
is going up, Okay, that's great, right, But for everybody else,
you're like, uh, you say you're gonna replace my job.
I get a bunch of AI slop of kittens turning
into dancing monkeys on my phone.
Speaker 4 (16:04):
That's it?
Speaker 1 (16:04):
Like, what am I getting out of this? Right? And
that's fundamentally the problem.
Speaker 4 (16:09):
I think what you're getting out of it is your
job getting taken.
Speaker 3 (16:11):
Yeah, right, Well, according to them, previously except not now.
Oh we've changed our outlook. You actually flagged this. That
guy you had on William Lawrence just has some polling.
Let's put C six up here on the screen. This
is a new favorability that they found. Do you have
a favorable or unfavorable.
Speaker 1 (16:28):
Opinion of data centers?
Speaker 3 (16:30):
And in his poll he found nineteen percent favorable seventy
four percent unfavorable.
Speaker 4 (16:36):
Yeah.
Speaker 5 (16:36):
Man, He's in a three way Democratic primary for in
a swing district which is currently represented by a Republican's
got Tom Barrett Michigan. The other two candidates are kind
of these corporate Democrats who are afraid to say anything
about the data centers.
Speaker 4 (16:51):
You know, they're express concerns.
Speaker 5 (16:54):
He's like, no, shut down the data centers, data center moratorium, right.
And as a result, according to what looks like you know,
his analysis of his own polling, and I think we
can all agree that it's pretty fair analysis, is that
his opposition to data centers is the thing that is
elevating him in the primary. He's probably going to win
(17:14):
the primary even though he's the kind of most left
wing candidate in a swing district. And it's because people
are like I don't care if you call him a
socialist or he's a co founder of Sunrise movement. I
don't care if you call him an ecosocialist. He's against
these data centers. I'm against these data centers. And if
you're a Republican too, that same poll showed that independence
(17:37):
preferred him by nineteen points over the Republican, which that's
ballgame in a swing district if he wins the nomination,
and if they don't, you know, pummel him with whatever.
And it's all about the data centers. So independentshy like,
I don't care if you call him a socialist. And
they also pulled your attitudes on the Democrats, democratic socialism,
(18:00):
and a bunch of other things. The least unpopular was
democratic socialism, for it was still a negative.
Speaker 3 (18:06):
Well, I mean, take a look at Utah and this
whole Kevin O'Leary situation.
Speaker 1 (18:10):
Well, what just happened?
Speaker 3 (18:11):
Mean the Fox News had to apologize he smeared these
people they're worried about getting as Chinese communist.
Speaker 1 (18:16):
Activists or whatever.
Speaker 3 (18:18):
And it's like, really, Utah is full of a bunch
of Chinese communist liberals. Utah one of the most conservative
states in the country, and this is rural. You tak
too about what we're talking about, Like are you joking, dude, Like, no,
that's not what this is about. And so look, I mean,
I just think for them, you know, you're talking about
the wealth tax AI and all of that. Everybody can
see the number go up, But number go up doesn't
apply as much, right.
Speaker 1 (18:38):
It applies when you're worth twelve billion. Twelve to sixteen
is a lot.
Speaker 3 (18:41):
It doesn't apply so much when you're you know, let's
say you what is it, fifty something percent of people.
Speaker 1 (18:46):
Don't even retirement account.
Speaker 3 (18:47):
So the only number that matters to them that should
go up as wages, which guess what hasn't gone up,
you know, And.
Speaker 4 (18:52):
The only number you see gown up is gas. That's
the key point.
Speaker 5 (18:55):
Western economies for the last twenty years or so have
been growing at about one percent percent. The richest top
point one percent have seen their wealth grow by way
more than one percent. That means we don't have a
whole lot more wealth to spread around, so as they
gobble it up, there's less for everybody else. That is
(19:18):
just unless we can figure out a way to start
growing the economy at ten percent.
Speaker 4 (19:23):
The wealth.
Speaker 5 (19:24):
The wealthy growing their wealth at ten percent gobbles our wealth.
Speaker 4 (19:28):
It's actually more than more than percent. I just gave
you twenty percent and so.
Speaker 5 (19:33):
And as they get richer and richer and richer, they
have to do something with that money. And what they
do is they invested in assets, stock market houses, like commodities.
So they're buying up everything, and the power of exponential
of exponential growth means they will own everything at some point,
not to in the not too distant future unless we're
(19:55):
on unless we tax their wealth.
Speaker 3 (19:57):
All right, let's get to Caroline Leavitt turning down to
Caroline love with the White House Press secretary. So she
was enjoying the Fourth of July festivities with Jesse Waters,
Ryan's old friend who is not even wearing a suit. Yeah,
I mean it is outrighteous. Zaaramam not even wear a
suit when he's swimming in a pool. What the fuck
are you doing? Right, But let's put that to the side.
(20:18):
So Jesse Water is sitting down, they're shooting the shit.
We're here with Caroline Lovett, and in that Caroline drops
this nugget on gen Z, her fellow gen Z, how
they're lazy with silver spoons. In their mouth.
Speaker 6 (20:31):
Let's take a listening to come here right now.
Speaker 7 (20:33):
Some of these kids, and I call them kids because
they're in their twenties and they've never had real jobs,
and they're complaining things are expensive. Yes, things are expensive
when you don't have a real job. Do you think
that's getting traction complaining?
Speaker 6 (20:46):
Unfortunately I do because this generation, my generation, I hate
to say it, gen Z and those younger than me,
have been raised with just silver spoons in their mouths,
just getting everything handed to them. That's not the values
this country was built on. It was built on meritocracy
and hard work, pulling up your sleeves, pulling yourself up
from your bootstraps, and achieving the American dream. And we
(21:07):
need to protect it with all.
Speaker 7 (21:08):
These laziness a little bit. It is it because the
professors said, countries corrupt, it's evil and we just need
to shake them down and tend money out.
Speaker 6 (21:18):
It's laziness, and it's the liberal indoctrination. You bring up
a great point about our education system. However, I will
say silver lining. So many parents that I talk to
across the country are homeschooling, are turning to private education,
are turning towards Christian schools across the country because they
don't want their children being taught these communists and liberal
ideas slam down their throats. Why President Trump and our
(21:39):
in the White House has advocated so strongly for school
choice across the country. We want kids to be taught
to love our country.
Speaker 4 (21:46):
They should.
Speaker 6 (21:46):
It is the greatest country in the history of the world.
Speaker 7 (21:48):
All right, isay? You know, if they misbehave, just make
all these young kids join the army, right, shape them up.
Speaker 4 (21:54):
I almost have to send.
Speaker 6 (21:57):
Ran they don't want to come back. That's a good point.
Speaker 4 (21:59):
Okay.
Speaker 3 (21:59):
So if you're a gen z, you're mad about house prices,
you're mad about gas prices, you're mad about McDonald's prices,
drink price whatever.
Speaker 4 (22:06):
Whatever it.
Speaker 3 (22:07):
Weed prices, probably that you people are mad about. That's
one I'm not going to fight for you on. But
you're mad, you're mad, it's because you're lazy and you've
got a silver spoon in your mouth. Now let's put
her clarification up here. She says, I am seeing a
lot of bad faith actors take my comments from this
interview out of context. So here's the full interview. Let
(22:28):
me expound. The interview is about the rise of communism
on the left. I was asked by Jesse Waters why
so many young people are buying the false premise of
free stuff being sold by communist politicians. I answer a
combination of laziness, yes, and the liberal and doctrination that
has been taking a place in our education system for
far too long. These far left educators are public students
as of garbage, convincing that hard work and sacrifice won't
(22:50):
pay off down the road because they want them totally
reliant on the government instead. I went on to say
President Trump is a huge advocate for school choice, blah
blah blah. I care enough about our country to tell
comfortable truths. It's an undeniable fact a growing number of
young people in our country are falling for the lives
of socialism communism sold to them by anti American politicians
who never built anything, offer no real solutions, or intent
on tearing everything down that makes this country great. At
(23:12):
the same time, it is true that many Gen Z
Americans are hard working, entrepreneurial, deeply patriotic, and it's why
do we protect the.
Speaker 1 (23:18):
American dream for them.
Speaker 3 (23:19):
That's why I'm honored to work for President Trump and
on behalf of an administration that is implementing the right
policies to lower taxes, less regulations, stopping Wall Street from
purchasing single family homes. Trump accounts the deportation of illegal
aliens who are taking our housing and jobs. There is
more work to do, which is why Trump and our
entire administration won't stop fighting to make life better and
more affordable for young people. So here's why I think
(23:42):
that's going to fall very very deaf. She explicitly said
that they're lazy with silver spoons because they're a bitching
about affordability.
Speaker 1 (23:51):
And that's a look. Really, I actually.
Speaker 3 (23:54):
Think it all comes down to housing, and the more
I meditate on it, the more I talk to people about.
Speaker 4 (23:58):
It, the more radical I get.
Speaker 3 (23:59):
Actually whenever it comes to housing and housing solutions. And
this is where they just it's funny because they talked
about it endlessly on the campaign. Inflation, inflation, inflation, inflation, right,
and inflation because that was remember, it was the bedrock
of the affordability conversation, which eventually, you know, leads to
people like Zormumdanni, which is very effectively. Remember his early
(24:21):
ads about the halal carts making it eight dollars again
like those that is exactly what people care about the most,
and it's genuinely what just sucks all the money out
of any of your disposable income. Because people keep pointing
to well, people make more money, it's like, well, things
cost a lot more, right, And then the wage to
income ratio where the wage to price ratio of housing
(24:42):
compare it to two thousand, nineteen eighty nineteen seven. I mean,
it's exponential compared to where things were before. So for
people who have either student debt or let's say you
didn't go to college and you're looking at your upward mobility,
you do not see the same path that your parents.
That's why so many people live at home with their parents.
(25:03):
Now that's not the American dream. It might be financially prudent,
it's not the dream. No, I don't think anybody wants
to wake up at age twenty nine saying, yeah, I
live at home, you.
Speaker 4 (25:11):
Know, with mom or dad.
Speaker 1 (25:12):
I have no ability upward mobility.
Speaker 3 (25:14):
I have no ability to even foresee being able to
buy a home to achieve any sort of independence. And
then they complain about people saying, you know, falling for
free stuff or whatever, it's like, well, in some cases,
part of the reason why you may go in that
more radical direction is because the middle path, which was
always told that was going to be achievable for you,
(25:34):
you know for a fact, is not financially attainable in
this moment in time, especially if you live in a
medium the high cost of living area.
Speaker 5 (25:42):
It's incredible to think that Jesse Waters is the lead
primetime host of the biggest kind of right wing news outlet,
and Levitt is the spokesperson for the president, the president
of the United States. So these are effectively the two
leadings spokespeople for what was sold to the American public
(26:04):
as a populist movement.
Speaker 3 (26:06):
And not just sold, I mean they it actually worked,
Like people under one hundred thousand dollars voted for trying right.
Speaker 4 (26:12):
Absolutely.
Speaker 1 (26:12):
That has never happened before with the Republican ever.
Speaker 5 (26:15):
Right, So they successfully sold that to people, and if
you listen to them now, it is the most bankrupt
reactionary Like it's just like Midmos just yelling at people
for being lazy, like are you like, what even is this?
Speaker 4 (26:31):
And also just so like like watching those two intellectual.
Speaker 5 (26:35):
Heavy weights go back and forth like batting around these
like these high ideas is just kind of uh, well.
Speaker 1 (26:42):
Did you notice that if they complain that we're going
to send them.
Speaker 4 (26:44):
To Cuba, to Cuban irun Like, come.
Speaker 3 (26:47):
On, that's like Czarist Russia. You know, I could take confescency,
you send them to the front line or or actually
even the Communist did it, Stalin did it too.
Speaker 1 (26:56):
It's like, oh, you complain, We're going to send you
on to the I.
Speaker 5 (26:59):
Meant also a little late on a run. We already
lost that war. Yeah, right, so where how are you
gonna say?
Speaker 3 (27:04):
I mean, I do think that this is important because
you know, this actually triggered a big right wing meltdown
at least like with.
Speaker 5 (27:09):
A lot of the influencer because they're not who I
noticed they ripped Levitt personally, yes, because like you married
some like super rich guy like that Okay, so okay,
great advice. Everyone go out and marry some super rich
guy thirty years older than you, like congratulations.
Speaker 4 (27:24):
Like that's like nobody was. I mean, she's very talented
worker and like blah.
Speaker 1 (27:28):
Blah blah, nobody is judged. Nobody previously to that had
been making a whole thing about her personal life.
Speaker 3 (27:34):
But you can't be standing on the shoulders of married
wealth whenever and talk to people and say you're late,
and that's you know, come on, let's let's all be
honest here. Like you can google the Press secretary salary
pretty sure it's one hundred and seventy five grand, which
here in Washington is just not that a lot of
money anymore. And I think that's actually what gets to
it is that even the people who work very, very hard,
(27:55):
they and make a lot of money, like objectively make
a lot of money in terms of the American economy,
even they are struggling, and it's all because of housing.
Speaker 1 (28:04):
And yet Trump I miss this.
Speaker 3 (28:06):
I try to be completely offline, and yet so many
people sent me this that it was one of the
few things I actually saw while I was off here.
It is Trump says he wants to drive housing prices up,
not down.
Speaker 1 (28:17):
Let's take a listen.
Speaker 6 (28:18):
There's so much talk about, oh, we're going to drive
housing prices down.
Speaker 4 (28:21):
I don't want to drive housing prices down. I want
to drive housing prices up. Yeah.
Speaker 3 (28:25):
Great, let's just bail the boomers out even more. You
know they don't have enough money. You know, we've got
a pilot more on top of them. Let's just cut
their property taxes. Let's make it even more unattainable.
Speaker 5 (28:33):
Yeah, Like, people will be sad if their housing prices
go down.
Speaker 3 (28:37):
I saw a chart going housing prices going down is
indicative of a healthy condition because and again I get it,
if you bought your house, it sucks, Okay, but sorry,
we have a literal national crisis.
Speaker 1 (28:48):
Okay, right now, Yeah, you have a house.
Speaker 3 (28:50):
Whereas if you look at Austin, if you look at
any of the other metro areas where they permit a
significant amount of housing, they were able to drop overall
rents by a lot like thirteen fourteen percent. I'll give
you a You know one of my friends, she lives
in New York City. She was posting apartment listing for
her old apartment in twenty twenty one, which is now
three times the price today for rent for the same place.
(29:13):
Nothing else has been done. She's like, I paid X
and this is what it's now listing for.
Speaker 1 (29:17):
That's insanity.
Speaker 3 (29:18):
And this is the one which is actually app beyond
nuts and relates to AI. Let's put D four up
here on the screen in San Francisco. This was alluding
to even one hundred and eighty grand tech salaries are
no longer enough.
Speaker 1 (29:33):
If you go and this this blew me away.
Speaker 4 (29:37):
The median home.
Speaker 1 (29:38):
Price in San Francisco, what do you think it is?
Speaker 3 (29:40):
Right?
Speaker 4 (29:40):
Oh god?
Speaker 3 (29:40):
The media is just how's it? San Francisco's median home.
Speaker 4 (29:45):
Press for rent one point five million.
Speaker 3 (29:47):
One point seven million is the median home one point
seven half of houses. A million dollars is the median
home price, the national median four hundred and fifty thousand.
And if you go and you take a look, what
they see is that the average apartment rent is now
(30:08):
surpassed New York City, reaching thirty eight hundred a month.
Speaker 4 (30:11):
And that's not a nice apartment.
Speaker 3 (30:13):
So we're talking about the average apartment rent is thirty
eight hundred a month with the median price at one
point seven million dollars.
Speaker 1 (30:21):
They specifically point to the AI boom.
Speaker 3 (30:24):
They're like, look, Uber made a lot of people wealthy,
but this thing is going to make people like.
Speaker 1 (30:30):
Orders of magnitude more wealthy.
Speaker 3 (30:32):
There will be ten thousand new millionaire multimillionaires, ten deca millionaires,
not to mention, you know, not just trillionaires, like hundreds
of billionaires like Dario and Sam Altman and all these
other people, all the you know, even even a junior
level executive off of these IPOs is going to net
fifteen to twenty million. So you're talking about insane amounts
(30:53):
of wealth in this one tiny little city, which is
Nimbi to hell.
Speaker 4 (30:56):
This is what happens now.
Speaker 3 (30:58):
San Francisco is a very extreme example, but it is
also the rest of the nation. If you take a
look at the places which build the least housing, of
course you see massive increases in home values. And at
the same time you have the boomers who live in
those homes. Their only lobbying is to make sure that
they have to pay less in property tax.
Speaker 1 (31:19):
They don't care.
Speaker 3 (31:20):
In fact, most of them lobby against building any new housing.
Speaker 4 (31:24):
And I am not one.
Speaker 3 (31:25):
Of these yimbie insane people who's like, oh, we should
just build ugly glass apartments everywhere, Like I don't think
that's family friendly or any of It's great if you're
twenty two years old, but if you're thirty two, like,
what are we doing here? But you know, where's the
fifteen hundred square foot single family rancher home.
Speaker 1 (31:42):
They don't even exist.
Speaker 3 (31:43):
Nobody builds these. But there's no federal government program. There's
no state program. If you try to build it in
a dense neighborhood, God help you.
Speaker 1 (31:51):
The boomers.
Speaker 3 (31:51):
They will do everything to try into torpedo. You know,
you be about, oh, what about the schools or any
of that, It's like, shut up, likely you don't even
care about schools. I just read a great story in
the Wall Street Journal yesterday boomers who are bragging about
living in schools that they grew up in. So they're
taking schools which have been decommissioned because the fertility rate
has gone down, and now converting the school into luxury apartments.
(32:15):
And this woman who's like sixty five years old, So
I grew up here. It's so nice to live here.
I'm like, yeah, it must be nice for you, all right,
it's nice for you literally went there.
Speaker 4 (32:22):
She literally went to school there.
Speaker 3 (32:23):
And now it's a luxury apartment for boomers because the
fertility rate's gone down and because no families can afford
to live there anymore. That's sick or it's sickness. And
guess why, I bet you should be lobbying for to
drop property text not just you.
Speaker 1 (32:35):
Know that one particular one enraged me.
Speaker 4 (32:37):
Your property taxes go down if you're home value.
Speaker 3 (32:39):
Yeah, yeah, yeah, exactly, there you got that you could
think about that. I don't know, I mean just it
genuinely enrages me because you know, we you know, we
meet a lot of people who do this, you know,
who watch the show and all of a sudden and
this is the number one thing we'll always talk about
every lockdown.
Speaker 1 (32:54):
Everybody is locked out. They're like, man, how's it?
Speaker 3 (32:56):
And you know, you know when people pull in, they
you know, they profile people in the story who are
making like four hundred thousand dollars in San Francisco and
they're like, can't afford it, literally can't afford it. They're like,
they applied for a five thousand dollars a month apartment
and there were thirty eight people will apply to the
same day.
Speaker 1 (33:11):
Yeah, five thout sixty thousand a year in rent. Can't
afford it.
Speaker 3 (33:15):
I mean, Mike, they're like, oh, well, maybe I need
to move or we got to do long distance. I mean,
ruins your life. And especially with now you've got in
person work mandates which are ratcheting up in tech, especially
who are all lucky to have a job in the
middle of AI. So they have no negotiating or bargaining
power whenever it comes to a worker. So yeah, I
(33:35):
have become extremely radical on the housing issue and watching
things like that when people are either drowning in student
loan debt, credit card debt, with no you know, upward
mobility whenever it comes to wages and a median home
price of four hundred and fifty k, and if you
look at the median home price ratio to income compared
again to twenty years ago, like, you've got no business
(33:56):
telling anybody that they're lazy with the silver spoon.
Speaker 5 (33:58):
Well, this is a huge crisis. Is actually a good
transition to our next segment. Let's see how the political
system is responding to this existential crisis that so many
people are facing. And let's let's get to with the
former Senate majority leader is doing. We haven't heard much
(34:18):
about Senator Mitch McConnell lately.
Speaker 4 (34:20):
Let's throw this up here.
Speaker 5 (34:22):
According to the Associated Press, he's continuing his recovery, but
details are scarce after a lengthy hospital stay. Sager, I
think the word recovery there is doing an awful lot
of work because, as you and I and probably our
viewers understand, the word recovery. It suggests that matter some
(34:46):
physical therapy going on. There's there's you're you're working toward
recovering your health or some some version of it. That
does not seem to remotely be the case. It's put
up a two here. So what happen is that Mitch
McConnell suffered a heart attack at home on June fourteenth,
(35:07):
when when paramedics finally got there, they immediately began performing CPR.
CPR was you know, they continue to perform CPR on
his way in. If you have a heart attack and
you're at home at McConnell's age, and by the time
(35:29):
ems gets there and they find you unresponsive and begin CPR,
your brain by that point has been without oxygen for
so long that the likelihood of you kind of recovering
consciousness is just vanishingly low.
Speaker 1 (35:47):
He's eighty four years old.
Speaker 4 (35:49):
Eighty four years old.
Speaker 5 (35:50):
There's no evidence that he has regained consciousness at any
point since since then.
Speaker 3 (35:56):
Here's what his spokesperson says. Senator McConnell is still worse
closely with staff on Senate business and Kentucky matters as
he continues his recovery. However, he will not be voting
this week. That was his spokesperson, David pop And that
was actually given on July first, so that was six
days ago. As of what you said now, the more
recent one is that he is continuing his recovery. They
(36:17):
offered no explanation of his conditions. Really well, look, I
mean part in the old days, maybe you could take
that to the bank in a post Dianne Feinstein world.
Come on, all right, we all saw it, We watched it.
Who was it who leaned over and was like, just
vote yes. I couldn't believe that. And she looked, look
at the way that she looked, and she died a
(36:39):
week later. It was disgraceful that they did that to her,
that her staff sat around and dealt with, I mean
all of it like it was outrageous. And the circumstances
of this are nuts because this is the United States Senator,
an extremely powerful person who you know, if he's incapacitated,
then his people should say so, maybe even his wife.
Speaker 1 (37:00):
And yet let's put this next one up here on
the screen.
Speaker 3 (37:03):
She is in China meeting with senior members of the
CCP after his hospitalization. Three days after he received CPR,
Elaine Choo is now currently in Beijing and met with
the Chinese Vice president days after hospitalization. Chinese media shows
(37:23):
Chow sitting across from Jiang on June seventeenth, discussing efforts
to strengthen China US relations. Remember, you'll recall if you've
been watching the show for a long time, Elaine Choo
is the daughter of some Taiwanese shipping billionaire who is
extremely close to the Chinese Chinese Communist Party. The entire
(37:43):
thing has always been objectively bonkers whenever it comes to
his wealth or his power and her extraordinary wealth and
ties to a foreign government. But I mean, who does that?
Like your your husband's in the hospital and you're in China.
What's going on there? No nation like the point about this.
You know, we're just talking about the housing thing. They
(38:04):
just feel it's our business. You have, You have no
right to question it.
Speaker 1 (38:09):
Did you see?
Speaker 3 (38:09):
Remember we talked about that congressman who is missing for
like three months and nobody said where he was, his
staff and jersey.
Speaker 1 (38:17):
He said, I had depression.
Speaker 4 (38:19):
You can't take three.
Speaker 3 (38:20):
Months of work, bro, Just tell us that, Just say
I'm deeply depressed. I couldn't work. I mean to be
honest with you, Like that's outrageous. I mean, how many
blue collar guys do you think are depressed and they
don't want to they don't get three months off. I
couldn't take three months off. You know that I had
a baby. I took one month off. Right, that's a
much more. That's that's reasonable. And you know, I get know,
(38:41):
we own the company. I guess I could do whatever
I want.
Speaker 4 (38:43):
I wouldn't do that, but it was day right.
Speaker 3 (38:47):
I mean, he's depressed, he's too depressed to work. I mean,
that's okay if it's true, but you know, I don't know.
I mean, is that should that really be tolerable? Like
maybe you should resign? Should the people of your district
just have three months of no representation? And you know
that's a crazy case, But in this particular case, it's like,
(39:07):
so the wife offers no update, the senator offers no update,
the staff for apparently just thinks that we can all
live in limbo for twenty one days and just say, yeah,
he's recovering, and we have no idea whether any of
that is true. There's no proof, proof of any path
to recovery. And so look, there's all kinds of rumors
that are circulating out there. Thomas Massey, let's put his
tweet up here on the screen. He says, is America
(39:29):
ready for my term limit legislation titled three strokes and
You're out? I'm with you, Thomas. I am totally like
stroke you know, a modest proposal, just three strokes, you know,
just not one, not two, but three.
Speaker 1 (39:45):
You have three strikes and you're out. It's crazy. The entitlement.
Speaker 3 (39:48):
He's an eighty four year old man, literally went on camera,
can't speak.
Speaker 1 (39:53):
What are his children doing?
Speaker 3 (39:54):
You know, you don't say anything, Your wife, your family,
Nobody says like, hey, you got to hang it up.
I remember saying this was I go, does anybody love
this man? If you really love somebody, how could you
let them do that? You know, out in public, it's
just again the gerontocracy. They're clinging to power. They're narcissism.
How the office serves them, they are never about serving you.
Speaker 1 (40:15):
It's all on display in now.
Speaker 5 (40:17):
If McConnell is incapacitated or does die, then under Kentucky law,
there would have to be a special election.
Speaker 4 (40:25):
They change their rules back in I think.
Speaker 5 (40:28):
Twenty twenty four to strip the governor right, because they
had a democratic governor. So they said, if there's a vacancy,
there has to be a special election, no gubernatorial appointments
and so. And this was when McConnell's health was failing
then too. This was understood to be about McConnell. So
if he is incapacitator dead, there have to be a
(40:50):
special election. And that's where Thomas Massey comes back in
because he would be able to mount a short term
kind of independent campaign. You know, it's you know, everybody
running in the same field, and that could draw votes
away from the Republican and elected Democrat. You could even
plausibly see the world in which Massy won. Now he'd
only be in office for a couple of months. McConnell
(41:12):
is not running for reelection. His term is up at
the end of twenty twenty six to early twenty twenty seven.
But if McConnell is kind of on some sort of
life support and being kept alive to keep Massy out
of office or out from running, that is exactly what
Mitch McConnell would want, oh absolutely, So that is that
is it is the dying wishes to make some petty
(41:36):
partisan move with his ailing body.
Speaker 3 (41:39):
His dying wishes are to I don't know, like fund
Ukraine for un till the end of time, and to
block Massy from look again. You know, I don't want
to be smirch an eighty four year old man who
is you know, in bad health. But that's why you
should have left a long time ago, right. You made
it our business man. You are the person who made
(42:00):
all of this our business. You could have left with dignity.
Speaker 4 (42:02):
It ran for re elections. You ran for reelection you.
Speaker 1 (42:04):
Were seventy eight years old.
Speaker 3 (42:06):
That is disgraceful, especially whenever you were already having lingering
health problems and you had multiple health incidents on camera
and still stayed in office.
Speaker 1 (42:15):
It's crazy.
Speaker 4 (42:16):
So don't you want to do anything else with your life?
Speaker 3 (42:18):
I kept thinking about that in main with Susan Collins,
because how old is she now?
Speaker 1 (42:22):
She's like seventy something.
Speaker 3 (42:24):
She had previously pledged. What if she had pledged only
two terms. I'm telling you god, this is.
Speaker 4 (42:29):
It's just seventy three, seventy three, this is one six
more years.
Speaker 1 (42:32):
One of the most gorgeous.
Speaker 3 (42:33):
Places in the world in my opinion, just my opinion,
And I'm like and she she's a multimillionaire. I have
to assume because they all retire. She gets crazy out
of yourself.
Speaker 1 (42:43):
Some lobster, you know, some oysters. What else do you need?
Speaker 3 (42:48):
It's like you got sunshine. It's like you're in the
middle of the was going to hike every single day.
Speaker 4 (42:53):
Go see the world. Not on a codel. Yeah, go
see the world.
Speaker 1 (42:56):
You can even fly first class.
Speaker 4 (42:57):
You don't even fly com she can fly.
Speaker 1 (43:00):
He's so rich, she could fly.
Speaker 4 (43:00):
Prom it.
Speaker 1 (43:01):
She could see the world at vacation every summer in Maine.
Speaker 4 (43:04):
But that needs to be a lockstep. That's the psychology. Yeah, right,
and be very concerned about all what is the.
Speaker 1 (43:10):
Psychology of these people? But that's it. They're marching.
Speaker 5 (43:14):
Narcissist Tom Harkin, who I actually I would have on
the show soon.
Speaker 1 (43:17):
Who's Iowa?
Speaker 4 (43:18):
All right? Yeah? Iowa senator?
Speaker 1 (43:20):
Yeah? Who is the leader?
Speaker 4 (43:22):
American hero? Well he ran for president? Was he ever leader?
I don't know, I don't know. He was very lion
of the Senate.
Speaker 5 (43:28):
And in twenty fourteen he's like, you know what, I
want to retire and my wife and I are going
to sail around the world. And it cost Democrats to see.
But you know, good for Tom lock.
Speaker 4 (43:39):
In retrospect, heroic.
Speaker 5 (43:41):
Honestly, Joni Arns is only senator because of that decision.
Speaker 1 (43:45):
Was that's right, that's right, because it was in the
tea party time. Okay, interesting, all.
Speaker 3 (43:48):
Right, good Bro show. Ryan, the people will have another
bro show tomorrow, so we will see you all. Then
we're about to go do our Ama.
Speaker 4 (43:54):
So there we go, Bo to puish
Hey guys, Saga and Crystal here.
Speaker 2 (00:01):
Independent media just played a truly massive role in this election,
and we are so excited about what that means for
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Speaker 3 (00:08):
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Speaker 3 (00:25):
We need your help to build the future of independent
news media and we hope to see you at Breakingpoints
dot Com. Turning now to AI, let's go and put
this one up here on the screen. Very interesting story
here from notice an internal Treasury Department warning is warning
about the dangers of AI. So there's a draft report
(00:46):
that allegedly exists inside of the Treasury Department. It is
set to warn the risk posed by an artificial intelligence
market it liking key aspects of it to dot com
that upended the US economy in the early two thousands.
The document, the existence contents of which have not been
previously reported, is actually a huge departure from the public
tone of the administration, which is part of why it's
(01:07):
actually important.
Speaker 1 (01:08):
So here's what they write.
Speaker 3 (01:09):
Career Treasury analysts found that AI firms are more deeply
entrenched in the US economy than their dot com predecessors
and pose significant risk to the entire system if financial
conditions change, productivity goals are missed, or various choke motes,
choke points steymi growth, a downturn in the AI market
would send shockwaves throughout the entire economic ecosystem. The report
(01:33):
concludes an AI bubble popping would lead to less of
an immediate crash than the US economy experience in the
early two thousands, but that the companies would cut back,
investors would lose confidence, and the economy would likely grow
more slowly should the industry falter quote stock markets, private
credit markets, companies financing data center buildouts, cloud providers, chip manufacturers,
(01:54):
and utilities would.
Speaker 1 (01:55):
All feel the effects.
Speaker 3 (01:57):
Trump administration officials have never voiced similar unease in public,
and a Treasury Department spokesperson dismissed the findings as quote,
unvetted and not representative of the agency's policy or views.
Quote the official position of the Secretary and the US
Treasury is that artificial intelligence will be a key driver
of America's.
Speaker 1 (02:16):
New Golden age.
Speaker 4 (02:17):
So they're betting the farm.
Speaker 3 (02:20):
This is basically who's who's president dot Com? Was it
Clinton or Bush?
Speaker 4 (02:24):
Well? Probably?
Speaker 3 (02:25):
Oh it was Clinton, right, So when I think about it,
so it is Clinton. I guess it's a different because
he was completely on.
Speaker 4 (02:29):
The way different crashes.
Speaker 5 (02:30):
Yeah, in March two thousand is really when it starts
the down.
Speaker 4 (02:33):
Yeah.
Speaker 3 (02:34):
But if Clinton, I guess Clinton had a future or
al Gore or somebody would be like, the future of
our economy may probably does mean it.
Speaker 4 (02:40):
Was right, the future the econ. It's interesting.
Speaker 5 (02:42):
The future of the economy was the internet, right, but
in twenty fourteen, and just like the railroads later, the
future was the railroad. Yeah, but twenty years later the canals. Uh,
the railroads kind of eclipsed the canals.
Speaker 3 (02:53):
What I think is interesting is basically just the because
it's we've all been saying this, everybody knows it to
be true.
Speaker 1 (02:59):
Doesn't take a genius to figure it out.
Speaker 3 (03:01):
However, having an internal report here which warns about this
against your public positioning. This is the type of stuff
which can come back to bite you. In the ass, right,
Because it's kind of like, if I'm thinking back to
remember the bin Laden in two thousand and one, how
Bush received that briefing in August two thousand and one,
it was like bin Laden determined to attack the United States.
It was totally dismissed at the time, routine part of
(03:23):
the CIA briefing. But then the nine eleven COMMISSI happens
to people were like, hey, oh my god, how could
you have done this? Or let's say in two thousand
and eight, nobody, I can guarantee you. At the time
of what was a glass Stegal repeal, nobody said a word,
right nobody noway's paying attention. They were like, yeah, whatever,
rubber stamp, it is what it is. After eight, everybody's like,
how did this happen? So I think that this is
(03:45):
an example I think of what the future will look like.
And you know, having a draft report like this which
you dismissed, I mean it's a scandal, right because you're saying, Wow,
you guys knew that this was a problem.
Speaker 1 (03:55):
You didn't do anything to cap any the problems.
Speaker 3 (03:58):
You had these career analysts who were warning you this,
this and this right now, it's all gravy.
Speaker 1 (04:03):
I mean, let me check.
Speaker 3 (04:04):
You know, where are we at today, AGEAH S and
P futures and this is pretty high.
Speaker 1 (04:09):
Yeah, the S and P.
Speaker 3 (04:10):
Is still up by ten percent year to date, even
though we had a massive, you know, Iran war, horrific
situation in the last year. It's up by twenty one percent.
We're a full boom bowl market and it's like five
years and the S and P is up seventy two percent, right,
So that's insanity. So everybody's in you know, it's just
like the good times. But I was reading a little
bit about dot com several I think it was a
(04:32):
year or two ago, and I did not realize, you know,
if you would invest it at the top of dot com,
the market did not reach that high again until like
twenty thirteen. So thirteen years of a black hole. You're like,
oh my god. So, I mean America has not been
through anything like that. Basically we had that and then
eight and eight. You know, even in terms of the recovery,
(04:52):
it's not the recovery I think that we wanted. So
the fear here Ryan is I think what they talk
about on the back end, it's not about the AI
companies going bust. It's that everybody. All the GDP spend
is AI. The data center built out is AI. A
lot of the you know, big tech companies which compromise
all of the S and P five hundreds to everybody's
retirement accounts is all in Nvidia and Google, in Meta
(05:15):
and all of these other companies whose entire bet is
on AI. I mean, Tesla is now trying to do AI.
SpaceX is an AI company. It's not a rocket company, right,
you know, their biggest driver right now is like selling
Compute to Anthropic, and then Anthropic and Open AI alone
are both going to be two trillion dollars collectively when
they go I PO. So all of that is just
(05:36):
going to make up such a huge part of the
economy where you're exposed no matter what, like, no matter
what you do, no matter what business you're in. And
then that kind of capital crunch which will come in
if there's a downturn, it will have serious, serious problems
for everybody.
Speaker 5 (05:49):
Yeah, and AI is here to stay. AI is gonna sure,
like you, for better or for worse. But the idea
that there won't be some pullback right at minutes, that's
like what I would rather hear from a Treasury secretary
is like, yes, when when we have these massive shifts
(06:10):
in our economy, there is always and that Zuckerberg has
said this himself, like he's like, yes, there will be
some multi hundred billion dollar investments that will be a.
Speaker 4 (06:20):
Mistake and that will vanish.
Speaker 1 (06:22):
Yeah, he literally said that.
Speaker 5 (06:23):
It's like, okay, fine, at least you're at least you're
clear headed about how in saying this is uh, you
you want to hear if it's whether it's a railroad
boom or you know, the internet one that you're planning
for the pullback and here, okay, there's going to be
a pullback, and here's how we're going to make sure
(06:44):
we get a soft landing US for the entire global economy.
You don't want to hear. Actually, it's going to be fine.
The number is just going to keep going up and
up and up.
Speaker 1 (06:54):
Yeah, exactly.
Speaker 4 (06:54):
That's hird because everyone else.
Speaker 5 (06:55):
It was like, why would that be the why would
be the first time in history?
Speaker 4 (07:00):
Yeah, that that is going to happen.
Speaker 3 (07:02):
Right, I was reading I don't I'm not a trader.
I don't know the exact you know, the exact details,
but I was reading about this new financial product which
cal She offers, which is like a highly leveraged liquid
options market, which offers more leverage than a traditional Wall
Street bang, and I.
Speaker 4 (07:20):
Was like, oh, what could go wrong?
Speaker 3 (07:21):
And they were like this is the biggest growth center
of our company sports betting.
Speaker 4 (07:24):
And I was like, uh, seems bad.
Speaker 1 (07:27):
You know.
Speaker 4 (07:27):
I was like, isn't that illegal? Nothing's illegal now we're
just the sec on like, it's.
Speaker 3 (07:33):
Not regulated by that, it's regulated by CFTC. So it's
like it's so different, you know, financial product, but this
is the same thing.
Speaker 1 (07:38):
I mean, you know, we it just like is it.
Speaker 4 (07:39):
Regulated by the CFTC or they just doing.
Speaker 3 (07:41):
Cal She's regulator? Well yeah, right, exactly technically regulated. But
if you go back to six, nobody knew what a
credit to fault swap was. Nobody everybody found out in
nine when they're like how did this happen? Right, So
there's all kinds of these products which are swimming out
there and commoditized car loans and all this debt and
who even knows the leverage that exists behind AI?
Speaker 1 (08:01):
We have no idea.
Speaker 3 (08:02):
I mean, if the Iran War had not happened, the
number one economic story actually would have been all of
these private credit markets. There were all of these private
lines of credit which were being called in by the
big banks. Nobody even knew what was going on. I
believe it's still happening as of today. By the way,
what's also interesting about this is the tone shift in
the AI CEO.
Speaker 1 (08:21):
So let's put this one up here on the screen.
Speaker 3 (08:23):
This is C three guys, And what they talk about
here is that big Tech, after public opinion on AI
has dramatically downshifted, is that the tech CEOs Sam Altman
and Dario and Zuckerberg and Jensen are all suddenly not
saying the quiet part out loud anymore. Now it's no
(08:43):
longer AI jobs, Well, AI is going to wipe out
all of your jobs. It's about how AI is going
to grow your job. So quote a year ago, the
message from many business leaders was that AI was going
to wipe out jobs. For the past month or so,
tech CEOs have been striking a more optimistic tone.
Speaker 4 (08:59):
In late May, Sam Altman.
Speaker 3 (09:01):
Who has previously predicted seismic shift in the workforce, has
now said we've been roughly right on technological predictions and
pretty wrong on the social and economic implications. Soon after,
he told CNBC, our industry underestimated how much we're going
to be able to keep people at the center of everything.
Very big difference, I think Kier and now you also
(09:22):
have here. They say Dario, who in May of twenty
twenty five had said that there will be more who
had made twenty twenty five that AI was going to
eliminate half of all jobs a year later, now says
that companies quote can do the same thing with less resources,
and that leads to things like layoffs, or they can
do more with the same amount of resources, but that
requires creativity. In a June essay, the executive now writes
(09:44):
that in giving warning's job displacement, he had wanted policymakers
to have the best chance at adapting. He was not
trying to be a quote profit of doom and did not,
and also wrote the possibility of enduring job loss remained,
so softening the fall if this were to come.
Speaker 5 (09:59):
On Friday, we talked about Alex Karp's what people call
the meltdown. That's just an Alex Carp Monologue's not a meltdown.
It's just that's how he talks on CNBC.
Speaker 1 (10:09):
It's called autism.
Speaker 4 (10:10):
There's a clear.
Speaker 5 (10:11):
Moment though in it that is so revealing where he's
so angry at Sam Altman and these others who he
calls these profits of doom, saying you're going to get
us a wealth tax, and that's what all of this
is about. They feel like they have been too honest
about what the implications of their technology are going to
be for, particularly the white collar public, which still has
(10:34):
some political purchase in this country, and they're going to
use that remaining power that they have to implement.
Speaker 4 (10:41):
A wealth tax exactly.
Speaker 5 (10:43):
And he's like, guys, stop talking about how we're going
to make everybody unemployed, because that's making them upset.
Speaker 4 (10:51):
And they're going to come for us now. Stop.
Speaker 5 (10:54):
So now they're going to lie to you and be like, actually,
this is just a little agent that's going to help
you out in your there's gonna be more jobs.
Speaker 4 (11:01):
Don't tax our wealth.
Speaker 1 (11:02):
Don't worry about it.
Speaker 5 (11:03):
And in the UK, you know they are they may
they may move.
Speaker 4 (11:09):
On a wealth tax. We'll see.
Speaker 5 (11:11):
And you know the UK was the first to move
on a progressive income tax one hundred plus years more
than a hundred years ago, and then that kicked it
off around the rest of the world. And these oligarchs
have very long memories. They hated the income tax when
it came in hit the wealthy, and they are desperately
trying to avoid this wealth tax. I can't get my
head around why somebody like Alice Carr, what's he worth?
Speaker 4 (11:34):
I don't even one hundred billion? Who God only knows.
Speaker 3 (11:36):
Seven I think probably seven billion. Let's see, like, why
does he care about a wealth.
Speaker 1 (11:41):
Twelve between twelve and sixteen bill.
Speaker 5 (11:43):
Okay, twelve and sixteen billion dollars? What's he care a
couple of billion? I mean a couple two percent pay
it back? I mean, look, you're I'm not defending there's
nothing he wants in this world that he can't buy
unless he has some demented.
Speaker 3 (12:00):
Well, that's here's the populist argument. What's that is it Steinback?
It was it Steinback who said the problem with America
is that every person sees themselves something something about like
a dispossessed millionaire, something like that. He said, America will
never have socialism because every American thinks that they're just
a millionaire who hasn't made it.
Speaker 1 (12:20):
I've butchered the quote.
Speaker 3 (12:21):
I'm sorry, but I believe that was a seinback quote
from some time in the Great Depression. So there is
an element of it where, I mean, remember what's the
book Thomas Frank what's the matter with Kansas? I mean,
there is a genuine element of it where people are like, hey,
that's not fair. These are titans of industry, these are
titans of you know whatever, they've done all this.
Speaker 1 (12:37):
Great stuff for society.
Speaker 3 (12:39):
I think that might have been true even you know,
in the industrialist stage, where you could make an argument
and Carnegie and all those people were building all these
temples to their own ego with the libraries. But these guys,
they don't even pretend like it's all just like we're
going to take your job and we're gonna get filthy rich.
Speaker 4 (12:55):
And they need to maybe do a lot.
Speaker 1 (12:58):
Right, So for them, they're like, hey, cool it.
Speaker 3 (13:01):
But they're Their best argument that they have is like, well,
it was a billion and now it's fifty million. Soon
it'll be one million or something like that, right, and
so the average guy could be worth a million. And generally,
I mean, the most conservative people in the country are
actually small business owners, right, because they're the ones who
actually manage all of their own taxes.
Speaker 1 (13:18):
I get it. It's a literal nightmare having to do
all of it.
Speaker 3 (13:21):
But part of the reason is that that block is
usually because they're the most tax people in the country.
Because of the way that they make money, these are
some of the least tax people in the country.
Speaker 4 (13:30):
Generally.
Speaker 3 (13:31):
The way that they try to weaponize it is about innovation, etc.
But I think if you look at the polling for
how the people feel about the wealth tax, what it
comes down to is they're like, look, we get it,
maybe it's unfair to tax unrealized gains, but at the
end of the day, we don't give a shit. You
guys are super wealthy. We don't care anymore, right, Like
we need to punish you, and I mean when they're
(13:52):
affecting society in the way that we are. Like, sometimes
the problem is they argue with wealth tax in terms
of like fiscal you know, oh, it wouldn't even be
going to anything for everybody else. They're like, it's purely punitive,
and we're fine with that, right They're like they're like,
we don't care. They're like, we don't care.
Speaker 4 (14:09):
Again, you're wasted. We don't like you.
Speaker 3 (14:11):
Like that's what they don't understand is people hate them.
And here's here's a good example.
Speaker 4 (14:16):
Let's put uh what Steinbeck? I think the quote you
were thinking.
Speaker 5 (14:21):
Yeah, he called Americans temporarily embarrassed capitalists.
Speaker 1 (14:24):
That's it, That's what it was. It was something like that.
Speaker 5 (14:27):
They're like, they're like capitalists, they just don't have any
capital yet.
Speaker 3 (14:30):
Yeah, it was like that. He said something. It was
in the Great Depression. I remember he said something.
Speaker 5 (14:34):
It's like his essay on the thirties. There, that's the
saga Endorstairs.
Speaker 4 (14:40):
I mean, good should go read.
Speaker 3 (14:41):
He was a genuinely insightful guy. Let's put see four
up here on the screen. So this griffin found this
one perfect example. Like where are you going to do
stuff like this? You got the Nashville Zoo. It is
now a battleground in the data center race, so let's
talk about it. So before the sun has risen, they say,
a club leopard, no law, no bigger than her hands,
wiggle impatiently, wedding to be fed by the Nashville Zoo's
(15:03):
animal health director.
Speaker 1 (15:04):
The newborn sucks eagerly. It's tiny pause, paddling the air
with every gulp.
Speaker 3 (15:09):
But now zoo officials say that a planned data center
just beyond the perimeter quote, could introduce constant noise, light,
and industrial activity that may disrupt the environmental conditions critical
not only for the leopard breeding program, but for the
more than three thousand animals that call the zoo home. Now,
this is a classic nit style debate. Yeah, you're gonna
(15:32):
ruin the leopards. You're gonna introduce all of.
Speaker 1 (15:34):
This noise, and you.
Speaker 3 (15:36):
Can know what's the what's the argument for it? We'll
talk with This is about the technological innovation. It's a zoo,
it's an animal. Ultimately, it's for our kids entertainment.
Speaker 4 (15:44):
Right.
Speaker 3 (15:44):
But this is the problem that the AI CEOs have
never gotten to data center for what what are you
doing for me? Right? If you're really wealthy, my stock
is going up, Okay, that's great, right, But for everybody else,
you're like, uh, you say you're gonna replace my job.
I get a bunch of AI slop of kittens turning
into dancing monkeys on my phone.
Speaker 4 (16:04):
That's it?
Speaker 1 (16:04):
Like, what am I getting out of this? Right? And
that's fundamentally the problem.
Speaker 4 (16:09):
I think what you're getting out of it is your
job getting taken.
Speaker 3 (16:11):
Yeah, right, Well, according to them, previously except not now.
Oh we've changed our outlook. You actually flagged this. That
guy you had on William Lawrence just has some polling.
Let's put C six up here on the screen. This
is a new favorability that they found. Do you have
a favorable or unfavorable.
Speaker 1 (16:28):
Opinion of data centers?
Speaker 3 (16:30):
And in his poll he found nineteen percent favorable seventy
four percent unfavorable.
Speaker 4 (16:36):
Yeah.
Speaker 5 (16:36):
Man, He's in a three way Democratic primary for in
a swing district which is currently represented by a Republican's
got Tom Barrett Michigan. The other two candidates are kind
of these corporate Democrats who are afraid to say anything
about the data centers.
Speaker 4 (16:51):
You know, they're express concerns.
Speaker 5 (16:54):
He's like, no, shut down the data centers, data center moratorium, right.
And as a result, according to what looks like you know,
his analysis of his own polling, and I think we
can all agree that it's pretty fair analysis, is that
his opposition to data centers is the thing that is
elevating him in the primary. He's probably going to win
(17:14):
the primary even though he's the kind of most left
wing candidate in a swing district. And it's because people
are like I don't care if you call him a
socialist or he's a co founder of Sunrise movement. I
don't care if you call him an ecosocialist. He's against
these data centers. I'm against these data centers. And if
you're a Republican too, that same poll showed that independence
(17:37):
preferred him by nineteen points over the Republican, which that's
ballgame in a swing district if he wins the nomination,
and if they don't, you know, pummel him with whatever.
And it's all about the data centers. So independentshy like,
I don't care if you call him a socialist. And
they also pulled your attitudes on the Democrats, democratic socialism,
(18:00):
and a bunch of other things. The least unpopular was
democratic socialism, for it was still a negative.
Speaker 3 (18:06):
Well, I mean, take a look at Utah and this
whole Kevin O'Leary situation.
Speaker 1 (18:10):
Well, what just happened?
Speaker 3 (18:11):
Mean the Fox News had to apologize he smeared these
people they're worried about getting as Chinese communist.
Speaker 1 (18:16):
Activists or whatever.
Speaker 3 (18:18):
And it's like, really, Utah is full of a bunch
of Chinese communist liberals. Utah one of the most conservative
states in the country, and this is rural. You tak
too about what we're talking about, Like are you joking, dude, Like, no,
that's not what this is about. And so look, I mean,
I just think for them, you know, you're talking about
the wealth tax AI and all of that. Everybody can
see the number go up, But number go up doesn't
apply as much, right.
Speaker 1 (18:38):
It applies when you're worth twelve billion. Twelve to sixteen
is a lot.
Speaker 3 (18:41):
It doesn't apply so much when you're you know, let's
say you what is it, fifty something percent of people.
Speaker 1 (18:46):
Don't even retirement account.
Speaker 3 (18:47):
So the only number that matters to them that should
go up as wages, which guess what hasn't gone up,
you know, And.
Speaker 4 (18:52):
The only number you see gown up is gas. That's
the key point.
Speaker 5 (18:55):
Western economies for the last twenty years or so have
been growing at about one percent percent. The richest top
point one percent have seen their wealth grow by way
more than one percent. That means we don't have a
whole lot more wealth to spread around, so as they
gobble it up, there's less for everybody else. That is
(19:18):
just unless we can figure out a way to start
growing the economy at ten percent.
Speaker 4 (19:23):
The wealth.
Speaker 5 (19:24):
The wealthy growing their wealth at ten percent gobbles our wealth.
Speaker 4 (19:28):
It's actually more than more than percent. I just gave
you twenty percent and so.
Speaker 5 (19:33):
And as they get richer and richer and richer, they
have to do something with that money. And what they
do is they invested in assets, stock market houses, like commodities.
So they're buying up everything, and the power of exponential
of exponential growth means they will own everything at some point,
not to in the not too distant future unless we're
(19:55):
on unless we tax their wealth.
Speaker 3 (19:57):
All right, let's get to Caroline Leavitt turning down to
Caroline love with the White House Press secretary. So she
was enjoying the Fourth of July festivities with Jesse Waters,
Ryan's old friend who is not even wearing a suit. Yeah,
I mean it is outrighteous. Zaaramam not even wear a
suit when he's swimming in a pool. What the fuck
are you doing? Right, But let's put that to the side.
(20:18):
So Jesse Water is sitting down, they're shooting the shit.
We're here with Caroline Lovett, and in that Caroline drops
this nugget on gen Z, her fellow gen Z, how
they're lazy with silver spoons. In their mouth.
Speaker 6 (20:31):
Let's take a listening to come here right now.
Speaker 7 (20:33):
Some of these kids, and I call them kids because
they're in their twenties and they've never had real jobs,
and they're complaining things are expensive. Yes, things are expensive
when you don't have a real job. Do you think
that's getting traction complaining?
Speaker 6 (20:46):
Unfortunately I do because this generation, my generation, I hate
to say it, gen Z and those younger than me,
have been raised with just silver spoons in their mouths,
just getting everything handed to them. That's not the values
this country was built on. It was built on meritocracy
and hard work, pulling up your sleeves, pulling yourself up
from your bootstraps, and achieving the American dream. And we
(21:07):
need to protect it with all.
Speaker 7 (21:08):
These laziness a little bit. It is it because the
professors said, countries corrupt, it's evil and we just need
to shake them down and tend money out.
Speaker 6 (21:18):
It's laziness, and it's the liberal indoctrination. You bring up
a great point about our education system. However, I will
say silver lining. So many parents that I talk to
across the country are homeschooling, are turning to private education,
are turning towards Christian schools across the country because they
don't want their children being taught these communists and liberal
ideas slam down their throats. Why President Trump and our
(21:39):
in the White House has advocated so strongly for school
choice across the country. We want kids to be taught
to love our country.
Speaker 4 (21:46):
They should.
Speaker 6 (21:46):
It is the greatest country in the history of the world.
Speaker 7 (21:48):
All right, isay? You know, if they misbehave, just make
all these young kids join the army, right, shape them up.
Speaker 4 (21:54):
I almost have to send.
Speaker 6 (21:57):
Ran they don't want to come back. That's a good point.
Speaker 4 (21:59):
Okay.
Speaker 3 (21:59):
So if you're a gen z, you're mad about house prices,
you're mad about gas prices, you're mad about McDonald's prices,
drink price whatever.
Speaker 4 (22:06):
Whatever it.
Speaker 3 (22:07):
Weed prices, probably that you people are mad about. That's
one I'm not going to fight for you on. But
you're mad, you're mad, it's because you're lazy and you've
got a silver spoon in your mouth. Now let's put
her clarification up here. She says, I am seeing a
lot of bad faith actors take my comments from this
interview out of context. So here's the full interview. Let
(22:28):
me expound. The interview is about the rise of communism
on the left. I was asked by Jesse Waters why
so many young people are buying the false premise of
free stuff being sold by communist politicians. I answer a
combination of laziness, yes, and the liberal and doctrination that
has been taking a place in our education system for
far too long. These far left educators are public students
as of garbage, convincing that hard work and sacrifice won't
(22:50):
pay off down the road because they want them totally
reliant on the government instead. I went on to say
President Trump is a huge advocate for school choice, blah
blah blah. I care enough about our country to tell
comfortable truths. It's an undeniable fact a growing number of
young people in our country are falling for the lives
of socialism communism sold to them by anti American politicians
who never built anything, offer no real solutions, or intent
on tearing everything down that makes this country great. At
(23:12):
the same time, it is true that many Gen Z
Americans are hard working, entrepreneurial, deeply patriotic, and it's why
do we protect the.
Speaker 1 (23:18):
American dream for them.
Speaker 3 (23:19):
That's why I'm honored to work for President Trump and
on behalf of an administration that is implementing the right
policies to lower taxes, less regulations, stopping Wall Street from
purchasing single family homes. Trump accounts the deportation of illegal
aliens who are taking our housing and jobs. There is
more work to do, which is why Trump and our
entire administration won't stop fighting to make life better and
more affordable for young people. So here's why I think
(23:42):
that's going to fall very very deaf. She explicitly said
that they're lazy with silver spoons because they're a bitching
about affordability.
Speaker 1 (23:51):
And that's a look. Really, I actually.
Speaker 3 (23:54):
Think it all comes down to housing, and the more
I meditate on it, the more I talk to people about.
Speaker 4 (23:58):
It, the more radical I get.
Speaker 3 (23:59):
Actually whenever it comes to housing and housing solutions. And
this is where they just it's funny because they talked
about it endlessly on the campaign. Inflation, inflation, inflation, inflation, right,
and inflation because that was remember, it was the bedrock
of the affordability conversation, which eventually, you know, leads to
people like Zormumdanni, which is very effectively. Remember his early
(24:21):
ads about the halal carts making it eight dollars again
like those that is exactly what people care about the most,
and it's genuinely what just sucks all the money out
of any of your disposable income. Because people keep pointing
to well, people make more money, it's like, well, things
cost a lot more, right, And then the wage to
income ratio where the wage to price ratio of housing
(24:42):
compare it to two thousand, nineteen eighty nineteen seven. I mean,
it's exponential compared to where things were before. So for
people who have either student debt or let's say you
didn't go to college and you're looking at your upward mobility,
you do not see the same path that your parents.
That's why so many people live at home with their parents.
(25:03):
Now that's not the American dream. It might be financially prudent,
it's not the dream. No, I don't think anybody wants
to wake up at age twenty nine saying, yeah, I
live at home, you.
Speaker 4 (25:11):
Know, with mom or dad.
Speaker 1 (25:12):
I have no ability upward mobility.
Speaker 3 (25:14):
I have no ability to even foresee being able to
buy a home to achieve any sort of independence. And
then they complain about people saying, you know, falling for
free stuff or whatever, it's like, well, in some cases,
part of the reason why you may go in that
more radical direction is because the middle path, which was
always told that was going to be achievable for you,
(25:34):
you know for a fact, is not financially attainable in
this moment in time, especially if you live in a
medium the high cost of living area.
Speaker 5 (25:42):
It's incredible to think that Jesse Waters is the lead
primetime host of the biggest kind of right wing news outlet,
and Levitt is the spokesperson for the president, the president
of the United States. So these are effectively the two
leadings spokespeople for what was sold to the American public
(26:04):
as a populist movement.
Speaker 3 (26:06):
And not just sold, I mean they it actually worked,
Like people under one hundred thousand dollars voted for trying right.
Speaker 4 (26:12):
Absolutely.
Speaker 1 (26:12):
That has never happened before with the Republican ever.
Speaker 5 (26:15):
Right, So they successfully sold that to people, and if
you listen to them now, it is the most bankrupt
reactionary Like it's just like Midmos just yelling at people
for being lazy, like are you like, what even is this?
Speaker 4 (26:31):
And also just so like like watching those two intellectual.
Speaker 5 (26:35):
Heavy weights go back and forth like batting around these
like these high ideas is just kind of uh, well.
Speaker 1 (26:42):
Did you notice that if they complain that we're going
to send them.
Speaker 4 (26:44):
To Cuba, to Cuban irun Like, come.
Speaker 3 (26:47):
On, that's like Czarist Russia. You know, I could take confescency,
you send them to the front line or or actually
even the Communist did it, Stalin did it too.
Speaker 1 (26:56):
It's like, oh, you complain, We're going to send you
on to the I.
Speaker 5 (26:59):
Meant also a little late on a run. We already
lost that war. Yeah, right, so where how are you
gonna say?
Speaker 3 (27:04):
I mean, I do think that this is important because
you know, this actually triggered a big right wing meltdown
at least like with.
Speaker 5 (27:09):
A lot of the influencer because they're not who I
noticed they ripped Levitt personally, yes, because like you married
some like super rich guy like that Okay, so okay,
great advice. Everyone go out and marry some super rich
guy thirty years older than you, like congratulations.
Speaker 4 (27:24):
Like that's like nobody was. I mean, she's very talented
worker and like blah.
Speaker 1 (27:28):
Blah blah, nobody is judged. Nobody previously to that had
been making a whole thing about her personal life.
Speaker 3 (27:34):
But you can't be standing on the shoulders of married
wealth whenever and talk to people and say you're late,
and that's you know, come on, let's let's all be
honest here. Like you can google the Press secretary salary
pretty sure it's one hundred and seventy five grand, which
here in Washington is just not that a lot of
money anymore. And I think that's actually what gets to
it is that even the people who work very, very hard,
(27:55):
they and make a lot of money, like objectively make
a lot of money in terms of the American economy,
even they are struggling, and it's all because of housing.
Speaker 1 (28:04):
And yet Trump I miss this.
Speaker 3 (28:06):
I try to be completely offline, and yet so many
people sent me this that it was one of the
few things I actually saw while I was off here.
It is Trump says he wants to drive housing prices up,
not down.
Speaker 1 (28:17):
Let's take a listen.
Speaker 6 (28:18):
There's so much talk about, oh, we're going to drive
housing prices down.
Speaker 4 (28:21):
I don't want to drive housing prices down. I want
to drive housing prices up. Yeah.
Speaker 3 (28:25):
Great, let's just bail the boomers out even more. You
know they don't have enough money. You know, we've got
a pilot more on top of them. Let's just cut
their property taxes. Let's make it even more unattainable.
Speaker 5 (28:33):
Yeah, Like, people will be sad if their housing prices
go down.
Speaker 3 (28:37):
I saw a chart going housing prices going down is
indicative of a healthy condition because and again I get it,
if you bought your house, it sucks, Okay, but sorry,
we have a literal national crisis.
Speaker 1 (28:48):
Okay, right now, Yeah, you have a house.
Speaker 3 (28:50):
Whereas if you look at Austin, if you look at
any of the other metro areas where they permit a
significant amount of housing, they were able to drop overall
rents by a lot like thirteen fourteen percent. I'll give
you a You know one of my friends, she lives
in New York City. She was posting apartment listing for
her old apartment in twenty twenty one, which is now
three times the price today for rent for the same place.
(29:13):
Nothing else has been done. She's like, I paid X
and this is what it's now listing for.
Speaker 1 (29:17):
That's insanity.
Speaker 3 (29:18):
And this is the one which is actually app beyond
nuts and relates to AI. Let's put D four up
here on the screen in San Francisco. This was alluding
to even one hundred and eighty grand tech salaries are
no longer enough.
Speaker 1 (29:33):
If you go and this this blew me away.
Speaker 4 (29:37):
The median home.
Speaker 1 (29:38):
Price in San Francisco, what do you think it is?
Speaker 3 (29:40):
Right?
Speaker 4 (29:40):
Oh god?
Speaker 3 (29:40):
The media is just how's it? San Francisco's median home.
Speaker 4 (29:45):
Press for rent one point five million.
Speaker 3 (29:47):
One point seven million is the median home one point
seven half of houses. A million dollars is the median
home price, the national median four hundred and fifty thousand.
And if you go and you take a look, what
they see is that the average apartment rent is now
(30:08):
surpassed New York City, reaching thirty eight hundred a month.
Speaker 4 (30:11):
And that's not a nice apartment.
Speaker 3 (30:13):
So we're talking about the average apartment rent is thirty
eight hundred a month with the median price at one
point seven million dollars.
Speaker 1 (30:21):
They specifically point to the AI boom.
Speaker 3 (30:24):
They're like, look, Uber made a lot of people wealthy,
but this thing is going to make people like.
Speaker 1 (30:30):
Orders of magnitude more wealthy.
Speaker 3 (30:32):
There will be ten thousand new millionaire multimillionaires, ten deca millionaires,
not to mention, you know, not just trillionaires, like hundreds
of billionaires like Dario and Sam Altman and all these
other people, all the you know, even even a junior
level executive off of these IPOs is going to net
fifteen to twenty million. So you're talking about insane amounts
(30:53):
of wealth in this one tiny little city, which is
Nimbi to hell.
Speaker 4 (30:56):
This is what happens now.
Speaker 3 (30:58):
San Francisco is a very extreme example, but it is
also the rest of the nation. If you take a
look at the places which build the least housing, of
course you see massive increases in home values. And at
the same time you have the boomers who live in
those homes. Their only lobbying is to make sure that
they have to pay less in property tax.
Speaker 1 (31:19):
They don't care.
Speaker 3 (31:20):
In fact, most of them lobby against building any new housing.
Speaker 4 (31:24):
And I am not one.
Speaker 3 (31:25):
Of these yimbie insane people who's like, oh, we should
just build ugly glass apartments everywhere, Like I don't think
that's family friendly or any of It's great if you're
twenty two years old, but if you're thirty two, like,
what are we doing here? But you know, where's the
fifteen hundred square foot single family rancher home.
Speaker 1 (31:42):
They don't even exist.
Speaker 3 (31:43):
Nobody builds these. But there's no federal government program. There's
no state program. If you try to build it in
a dense neighborhood, God help you.
Speaker 1 (31:51):
The boomers.
Speaker 3 (31:51):
They will do everything to try into torpedo. You know,
you be about, oh, what about the schools or any
of that, It's like, shut up, likely you don't even
care about schools. I just read a great story in
the Wall Street Journal yesterday boomers who are bragging about
living in schools that they grew up in. So they're
taking schools which have been decommissioned because the fertility rate
has gone down, and now converting the school into luxury apartments.
(32:15):
And this woman who's like sixty five years old, So
I grew up here. It's so nice to live here.
I'm like, yeah, it must be nice for you, all right,
it's nice for you literally went there.
Speaker 4 (32:22):
She literally went to school there.
Speaker 3 (32:23):
And now it's a luxury apartment for boomers because the
fertility rate's gone down and because no families can afford
to live there anymore. That's sick or it's sickness. And
guess why, I bet you should be lobbying for to
drop property text not just you.
Speaker 1 (32:35):
Know that one particular one enraged me.
Speaker 4 (32:37):
Your property taxes go down if you're home value.
Speaker 3 (32:39):
Yeah, yeah, yeah, exactly, there you got that you could
think about that. I don't know, I mean just it
genuinely enrages me because you know, we you know, we
meet a lot of people who do this, you know,
who watch the show and all of a sudden and
this is the number one thing we'll always talk about
every lockdown.
Speaker 1 (32:54):
Everybody is locked out. They're like, man, how's it?
Speaker 3 (32:56):
And you know, you know when people pull in, they
you know, they profile people in the story who are
making like four hundred thousand dollars in San Francisco and
they're like, can't afford it, literally can't afford it. They're like,
they applied for a five thousand dollars a month apartment
and there were thirty eight people will apply to the
same day.
Speaker 1 (33:11):
Yeah, five thout sixty thousand a year in rent. Can't
afford it.
Speaker 3 (33:15):
I mean, Mike, they're like, oh, well, maybe I need
to move or we got to do long distance. I mean,
ruins your life. And especially with now you've got in
person work mandates which are ratcheting up in tech, especially
who are all lucky to have a job in the
middle of AI. So they have no negotiating or bargaining
power whenever it comes to a worker. So yeah, I
(33:35):
have become extremely radical on the housing issue and watching
things like that when people are either drowning in student
loan debt, credit card debt, with no you know, upward
mobility whenever it comes to wages and a median home
price of four hundred and fifty k, and if you
look at the median home price ratio to income compared
again to twenty years ago, like, you've got no business
(33:56):
telling anybody that they're lazy with the silver spoon.
Speaker 5 (33:58):
Well, this is a huge crisis. Is actually a good
transition to our next segment. Let's see how the political
system is responding to this existential crisis that so many
people are facing. And let's let's get to with the
former Senate majority leader is doing. We haven't heard much
(34:18):
about Senator Mitch McConnell lately.
Speaker 4 (34:20):
Let's throw this up here.
Speaker 5 (34:22):
According to the Associated Press, he's continuing his recovery, but
details are scarce after a lengthy hospital stay. Sager, I
think the word recovery there is doing an awful lot
of work because, as you and I and probably our
viewers understand, the word recovery. It suggests that matter some
(34:46):
physical therapy going on. There's there's you're you're working toward
recovering your health or some some version of it. That
does not seem to remotely be the case. It's put
up a two here. So what happen is that Mitch
McConnell suffered a heart attack at home on June fourteenth,
(35:07):
when when paramedics finally got there, they immediately began performing CPR.
CPR was you know, they continue to perform CPR on
his way in. If you have a heart attack and
you're at home at McConnell's age, and by the time
(35:29):
ems gets there and they find you unresponsive and begin CPR,
your brain by that point has been without oxygen for
so long that the likelihood of you kind of recovering
consciousness is just vanishingly low.
Speaker 1 (35:47):
He's eighty four years old.
Speaker 4 (35:49):
Eighty four years old.
Speaker 5 (35:50):
There's no evidence that he has regained consciousness at any
point since since then.
Speaker 3 (35:56):
Here's what his spokesperson says. Senator McConnell is still worse
closely with staff on Senate business and Kentucky matters as
he continues his recovery. However, he will not be voting
this week. That was his spokesperson, David pop And that
was actually given on July first, so that was six
days ago. As of what you said now, the more
recent one is that he is continuing his recovery. They
(36:17):
offered no explanation of his conditions. Really well, look, I
mean part in the old days, maybe you could take
that to the bank in a post Dianne Feinstein world.
Come on, all right, we all saw it, We watched it.
Who was it who leaned over and was like, just
vote yes. I couldn't believe that. And she looked, look
at the way that she looked, and she died a
(36:39):
week later. It was disgraceful that they did that to her,
that her staff sat around and dealt with, I mean
all of it like it was outrageous. And the circumstances
of this are nuts because this is the United States Senator,
an extremely powerful person who you know, if he's incapacitated,
then his people should say so, maybe even his wife.
Speaker 1 (37:00):
And yet let's put this next one up here on
the screen.
Speaker 3 (37:03):
She is in China meeting with senior members of the
CCP after his hospitalization. Three days after he received CPR,
Elaine Choo is now currently in Beijing and met with
the Chinese Vice president days after hospitalization. Chinese media shows
(37:23):
Chow sitting across from Jiang on June seventeenth, discussing efforts
to strengthen China US relations. Remember, you'll recall if you've
been watching the show for a long time, Elaine Choo
is the daughter of some Taiwanese shipping billionaire who is
extremely close to the Chinese Chinese Communist Party. The entire
(37:43):
thing has always been objectively bonkers whenever it comes to
his wealth or his power and her extraordinary wealth and
ties to a foreign government. But I mean, who does that?
Like your your husband's in the hospital and you're in China.
What's going on there? No nation like the point about this.
You know, we're just talking about the housing thing. They
(38:04):
just feel it's our business. You have, You have no
right to question it.
Speaker 1 (38:09):
Did you see?
Speaker 3 (38:09):
Remember we talked about that congressman who is missing for
like three months and nobody said where he was, his
staff and jersey.
Speaker 1 (38:17):
He said, I had depression.
Speaker 4 (38:19):
You can't take three.
Speaker 3 (38:20):
Months of work, bro, Just tell us that, Just say
I'm deeply depressed. I couldn't work. I mean to be
honest with you, Like that's outrageous. I mean, how many
blue collar guys do you think are depressed and they
don't want to they don't get three months off. I
couldn't take three months off. You know that I had
a baby. I took one month off. Right, that's a
much more. That's that's reasonable. And you know, I get know,
(38:41):
we own the company. I guess I could do whatever
I want.
Speaker 4 (38:43):
I wouldn't do that, but it was day right.
Speaker 3 (38:47):
I mean, he's depressed, he's too depressed to work. I mean,
that's okay if it's true, but you know, I don't know.
I mean, is that should that really be tolerable? Like
maybe you should resign? Should the people of your district
just have three months of no representation? And you know
that's a crazy case, But in this particular case, it's like,
(39:07):
so the wife offers no update, the senator offers no update,
the staff for apparently just thinks that we can all
live in limbo for twenty one days and just say, yeah,
he's recovering, and we have no idea whether any of
that is true. There's no proof, proof of any path
to recovery. And so look, there's all kinds of rumors
that are circulating out there. Thomas Massey, let's put his
tweet up here on the screen. He says, is America
(39:29):
ready for my term limit legislation titled three strokes and
You're out? I'm with you, Thomas. I am totally like
stroke you know, a modest proposal, just three strokes, you know,
just not one, not two, but three.
Speaker 1 (39:45):
You have three strikes and you're out. It's crazy. The entitlement.
Speaker 3 (39:48):
He's an eighty four year old man, literally went on camera,
can't speak.
Speaker 1 (39:53):
What are his children doing?
Speaker 3 (39:54):
You know, you don't say anything, Your wife, your family,
Nobody says like, hey, you got to hang it up.
I remember saying this was I go, does anybody love
this man? If you really love somebody, how could you
let them do that? You know, out in public, it's
just again the gerontocracy. They're clinging to power. They're narcissism.
How the office serves them, they are never about serving you.
Speaker 1 (40:15):
It's all on display in now.
Speaker 5 (40:17):
If McConnell is incapacitated or does die, then under Kentucky law,
there would have to be a special election.
Speaker 4 (40:25):
They change their rules back in I think.
Speaker 5 (40:28):
Twenty twenty four to strip the governor right, because they
had a democratic governor. So they said, if there's a vacancy,
there has to be a special election, no gubernatorial appointments
and so. And this was when McConnell's health was failing
then too. This was understood to be about McConnell. So
if he is incapacitator dead, there have to be a
(40:50):
special election. And that's where Thomas Massey comes back in
because he would be able to mount a short term
kind of independent campaign. You know, it's you know, everybody
running in the same field, and that could draw votes
away from the Republican and elected Democrat. You could even
plausibly see the world in which Massy won. Now he'd
only be in office for a couple of months. McConnell
(41:12):
is not running for reelection. His term is up at
the end of twenty twenty six to early twenty twenty seven.
But if McConnell is kind of on some sort of
life support and being kept alive to keep Massy out
of office or out from running, that is exactly what
Mitch McConnell would want, oh absolutely, So that is that
is it is the dying wishes to make some petty
(41:36):
partisan move with his ailing body.
Speaker 3 (41:39):
His dying wishes are to I don't know, like fund
Ukraine for un till the end of time, and to
block Massy from look again. You know, I don't want
to be smirch an eighty four year old man who
is you know, in bad health. But that's why you
should have left a long time ago, right. You made
it our business man. You are the person who made
(42:00):
all of this our business. You could have left with dignity.
Speaker 4 (42:02):
It ran for re elections. You ran for reelection you.
Speaker 1 (42:04):
Were seventy eight years old.
Speaker 3 (42:06):
That is disgraceful, especially whenever you were already having lingering
health problems and you had multiple health incidents on camera
and still stayed in office.
Speaker 1 (42:15):
It's crazy.
Speaker 4 (42:16):
So don't you want to do anything else with your life?
Speaker 3 (42:18):
I kept thinking about that in main with Susan Collins,
because how old is she now?
Speaker 1 (42:22):
She's like seventy something.
Speaker 3 (42:24):
She had previously pledged. What if she had pledged only
two terms. I'm telling you god, this is.
Speaker 4 (42:29):
It's just seventy three, seventy three, this is one six
more years.
Speaker 1 (42:32):
One of the most gorgeous.
Speaker 3 (42:33):
Places in the world in my opinion, just my opinion,
And I'm like and she she's a multimillionaire. I have
to assume because they all retire. She gets crazy out
of yourself.
Speaker 1 (42:43):
Some lobster, you know, some oysters. What else do you need?
Speaker 3 (42:48):
It's like you got sunshine. It's like you're in the
middle of the was going to hike every single day.
Speaker 4 (42:53):
Go see the world. Not on a codel. Yeah, go
see the world.
Speaker 1 (42:56):
You can even fly first class.
Speaker 4 (42:57):
You don't even fly com she can fly.
Speaker 1 (43:00):
He's so rich, she could fly.
Speaker 4 (43:00):
Prom it.
Speaker 1 (43:01):
She could see the world at vacation every summer in Maine.
Speaker 4 (43:04):
But that needs to be a lockstep. That's the psychology. Yeah, right,
and be very concerned about all what is the.
Speaker 1 (43:10):
Psychology of these people? But that's it. They're marching.
Speaker 5 (43:14):
Narcissist Tom Harkin, who I actually I would have on
the show soon.
Speaker 1 (43:17):
Who's Iowa?
Speaker 4 (43:18):
All right? Yeah? Iowa senator?
Speaker 1 (43:20):
Yeah? Who is the leader?
Speaker 4 (43:22):
American hero? Well he ran for president? Was he ever leader?
I don't know, I don't know. He was very lion
of the Senate.
Speaker 5 (43:28):
And in twenty fourteen he's like, you know what, I
want to retire and my wife and I are going
to sail around the world. And it cost Democrats to see.
But you know, good for Tom lock.
Speaker 4 (43:39):
In retrospect, heroic.
Speaker 5 (43:41):
Honestly, Joni Arns is only senator because of that decision.
Speaker 1 (43:45):
Was that's right, that's right, because it was in the
tea party time. Okay, interesting, all.
Speaker 3 (43:48):
Right, good Bro show. Ryan, the people will have another
bro show tomorrow, so we will see you all. Then
we're about to go do our Ama.
Speaker 4 (43:54):
So there we go, Bo to puish
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