Weekly Review With Clay and Buck H1 - Biden's Bank "Bailout"

Biden says taxpayers won't pay for bank collapse, deposits safe. But fees will eventually be felt by consumers. Yellen says it's not a bailout, but it is. The Fed's original sin was artificially low interest rates and printing trillions of dollars. NY Gov. Hochul on gov't takeover of a NY-based bank. The timeline of the SVB run and collapse. The corporate obsession with diversity and inclusion causes disasters. Letting regional banks fail could lead to a depression. Shark Tank's Kevin O'Leary says Democrat states are "uninvestable."

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Episode Transcript

Speaker 1 (00:00):
Welcome to today's edition of The Clay Travis and Buck
Sexton Show podcast. Welcome everybody to the Monday edition of
The Clay Travis and Buck Sexton Show. This is Buck.
I'm gonna be solo this week. Clay is on vacation Italy,
having a great time with the family, and boy, oh boy,
do we have a lot to talk about. The second

(00:23):
largest bank failure in US history occurred on Friday. We
got a lot of banks right now getting crushed in
terms of their stock price. The contagion has spread a bit.
Biden saying that your money will be there when you needed.
Emergency actions taken by the federal government here all to
prevent the domino effect of banking collapse that could lead

(00:46):
to not just a recession, but even a depression. We
are not out of the woods, and I think many
people are just beginning to understand what the implications of
this really are. A lot of fingerpointing going on, Oh,
it's Trump's fault because of deregulation. They say, well, that's interesting.
Biden's been president for two years. Why didn't he address

(01:08):
the regulations that Trump deregulated. A lot of people also
pointing to the wokeness and the obvious left wing Democrat
positioning of the Silicon Valley Bank and the people that
run it. And so there's quite a bit of schadenfreude
right now as they have blown up their balance sheet.

(01:32):
Their bank is well, it is caput, but it has
been given a second life now by the federal government.
We will discuss all of this. Spent much of the
weekend looking into everything happening here and want to talk
about where this is likely all going. Basically, are we

(01:54):
in the beginning of a massive financial crisis instead of
a contained, don't worry about it moment? Is this just
the beginning? Is this the first domino to fall? We'll
discuss this. You also have a massive immigrant hoarde storming

(02:14):
a checkpoint in al Paso, Texas, about a thousand of
them just making a run for it across the border
and a big push. People are starting to say, wait,
maybe they're not really asylum seekers. Maybe something else is
going on here. Yeah, you don't say. And over the
weekend a video went very viral of a Fifth Circuit judge,

(02:37):
Federal Judge Duncan, who was at Stanford University Law School,
and the Stanford students and a diversity dean, because that's
apparently a job that you have to have it all
these schools. In fact, many many people have that job
to be the enforcers of d EI, to be the

(02:58):
commissars of wokeness. She lectured him and effectively was part
of an ambush, a verbal ambush of this federal judge
at Stanford University Law School as well. We'll discuss that
coming up later on in the program. All right, we've
got to start with where we are with the banks plural.
You'll notice, because you've had a lot of banks that

(03:22):
are having big problems with their stock price right now.
You've had temporary trading halts in dozens of banks, some
of them had shares falling fifty sixty, even up to
seventy five percent when the markets opened at nine to
thirty am Eastern today. Now Joe Biden is out there
telling everybody that your money is safe, don't worry about it,

(03:46):
It's all going to be fine. This is clip three,
Joe Biden telling everybody the government is covering deposits. Play three.
All customers who had deposits in these banks can rest assured.
I'm gonna rest assured they'll be protected. They have access
to their money as of today. That includes small businesses
across the country that bank there and need to make payroll,

(04:08):
pay their bills, and stay open for business. No losses
will be and I'm like this is an important point.
No losses will be borne by the taxpayers. I mean
to repeat that, no losses will be borne by the taxpayers. Instead,
the money will come from the fees at banks, payings
of the deposit Insurance Fund. Okay, let's just start with

(04:30):
basic facts here. This is a bailout. They're saying it
is not a bailout, but this is a bailout. They're
just trying to structure it in a way that it
seems less like the downside. Here. First, Silicon Valley Bank
is being socialized. Right. The upside is all capitalism. We're geniuses,

(04:51):
we get to pay ourselves huge bonuses. The downside, the
losses are socialized. It's whoa, This is society's loss. And
it's interesting because Silicon Valley Bank had been a lobbying
for years that it was not necessary for it to
have the same stringent balance sheet requirements and risk management

(05:12):
requirements because it wasn't a systemically important bank SIB that
it was a bank that should be able to operate
a little more on the edge. Well now it has
fallen off the edge, and we are told that there
has to be the government swooping in. Janet Yellen says
there will be no bailout, but that's not really true.

(05:33):
Play clip one. Let me be clear that during the
financial crisis there were investors and owners of systemic large
banks that were built out and we're certainly not looking
and the reforms that have been put in place means
that we're not going to do that again. But they're

(05:56):
kind of doing something similar. Here's here's what's happen, and
it's complicated, and I know that there are there are
a lot of competing narratives, a lot of things you're
hearing out there. First of all, over the weekend, the
big debate was should you just let the bank fail
and should the depositors have to deal with the fact
that they now have effectively an IOU beyond the guaranteed

(06:20):
two hundred and fifty thousand dollars per account that the
FDIC ensures that they would have an IOU when the
bank assets would be sold or what they have been sold.
They were selling them at auction effectively, because once you
understand what really happened here, it becomes more clear how

(06:42):
how it is that this could happen first of all
at other banks, and also I think everyone understands the
politics that are at work, but effectively, you had the
IOUs that they would have instead of So if you
have a million dollars in the bank, right, seven hundred
and fifty thousand of that is wait, am I getting
that right? Yes? Seven hund fifty thousand of that is insured,

(07:06):
not insured, rather not in shurt. So you have two
hundred fifty thousand dollars that are in sure but the
FDIC and seven fifty k you're on your own. You'd
have some share that the bank's assets. A Silicon Valley
bank would supposedly pay back to you at some point.
You'd recoup the money at some point in time. And
that's not good enough because for a lot of small
businesses out there that we're banking with them, just parking

(07:29):
their money with them, they got to make payroll, so
that's not going to work. So they need the money now.
So what is the FED doing? The FED is taking
onto its balance sheet the treasuries, particularly that Silicon Valley
bank bought in order to make more yield on the
money that it was given, and they're buying it at

(07:51):
this point in time, taking onto the FED balance sheet.
So really the government is and if in effect here
stepping in in some capacity, and it is a bailout.
I mean, they're gonna all at all these different things.
But if it was left to its own devices, you
would have to have a liquidation of the bank and
all the rest, and that would be a problem for
a whole lot of people. Right now, with two hundred
plus billion dollars of assets, there's a lot of money

(08:12):
here that is at stake for people, right so now
you have the well why is it that we have
a two hundred and fifty thousand dollars People are asking
this question over the weekend. There's a lot of questions here,
by the way, and this is fascinating and I haven't
even gotten into is just going to get a whole
lot worse And even if it doesn't get catastrophically worse immediately,
what are banks going to do? In response to this,

(08:34):
everyone says, oh, they need tighter regulations. You know what
it's going to happen less lending. Well, gee, that means
less credit. What do we think less credit does to
the economy. That's the thing that's gonna be a fun one.
The original sin of all of this, the original sin
was creating artificially low interest rates, which effectively destroyed the

(08:57):
bond market through the machinations of the FED and the
federal government and the printing trillions of dollars. That's the
basis for all of this. That's how we even got
into the mess in the first place. Now, some people
are gonna say, puck the Zekoll Island in the beginning
of the Federal Reserve. Okay, but I mean the recent
the recent basis for all of this. The bill is

(09:20):
coming due for that. That's what you're seeing right now.
It turns out that if you manipulate the market as
a function of government policy, so you have artificially low
interest rates because you're trying to keep stimulating the economy
with more and more money, and you're printing, you're putting
more money into the economy, and people can't actually get
any yield for the money that they're putting into well

(09:42):
banks but also bonds because those interest rates are so low.
You create economic dislocations, You create a market that is
inefficient and that can have both bubbles and collapses, bubbles
and collapses. Doesn't that seem like something we should all
pay very close attention to right now? So over the

(10:05):
weekend there people are arguing, this is just a bunch
of Democrat fat cat donors who run Silicon Valley Bank.
They should bear all of the consequences on their own.
And if you're a depositor, too bad. Well. The problem
of that is what kind of valley banks? Not the
only one that it seems, got on the wrong side
of investing in treasuries, taking these long term investments that

(10:30):
allow them to get some yield there on the money
that is deposited with them. So they're on the wrong
side of this, like other banks are on the wrong
side of this. There's a very rapid run on the bank,
forty billion dollars in one day, people saying we want
our money out, we want our money out. If this
happens at other places, then you've got not just a

(10:52):
financial crisis in the making, you have a financial catastrophe
because you're gonna have people that aren't going to have
access to pay bills and pay staff and employees right now.
And maybe it gets unwound in the next six months
or they figure it out down the line. But what
happens in the meantime job loss is economic destruction, bad

(11:15):
things on the other side of this. There are people
who keep pointing out though, so the way this system
seems to work is we say that your accounts are
FDIC backed up to two hundred and fifty thousand dollars,
But really the banking system is such now that you're

(11:36):
unlimited in your as long as there's a politically potent
narrative behind it. You're unlimited in what the government will
backstop for you, right, So why even have the two
hundred and fifty thousand dollar limit for FDIC also kind
of an arbitrary number, isn't it. What's that really all about?
When you start to look at this, you see the

(11:57):
banking system a lot of it is based on, you know,
operating as a big black box. People don't really understand.
There are people who are arguing, well, you should lose
all of the money that you invested in Silicon Valley
Bank because they didn't do meaning the depositors didn't do
the due diligence to know what the bank is really doing. Okay,

(12:20):
does anybody do the due diligence before they invest in
a bank that is capitalized, an FDIC, back in, etc.
I mean, we got to really think about this. Does
anyone do that? Does anyone even know how to do that?
I mean, if you told me I had to do
due diligence on JP Morgan Chase or Bank of America
or you know what Covy or what is massive banks?

(12:41):
Where do you start? You kind of assume, and this
is the bottom line truth of it all. You kind
of assume that there are adults in charge and people
more or less know what's going on, and that will
all be okay. The whole system is based on trust.
That's the whole banking system. Really. Ultimately, it's trust. Otherwise
it's numbers on a computer screen. We're not even really

(13:03):
trading in hard currencies. You're not even really going to
the bank teller anymore. When was the last time even
went to a bank, not an ATM machine, a bank
and did anything else? You'll say, oh, well, a month
ago or six months ago, Okay, some people might say
that a few years. So how much due diligence can
you really do with all of this? So you know,
there's there's many layers of this. There's what is it

(13:25):
going to do to the economy? Big piece? Right? What
is the Biden administration doing about all of this? And
there are a bunch of incompetent buffoons. We know that
who is going to pay, who is getting bailed out?
How much worse can this get? These are all questions
that are still being answered. And one thing that keeps

(13:48):
a thought that keeps bouncing around my head on all
of this is if you were looking for the match
that could start the conflagration of a major recession, a
two thousand and eight style recession, a series of bank failures.

(14:08):
By the way, it's not just SVB that has failed.
There are three of them, I believe now that have
officially failed in the last few days, and a whole
lot of other banks under tremendous pressure right now in
terms of their stock price because people are worried about them.
Wouldn't this be if you were if you were war
gaming as an economist or somebody who just wants to

(14:30):
know where the country's going. If you're going to war game,
how things get really ugly economically really fast, and how
you could have massive spikes in unemployment and a huge
depression in real estate prices, and just just go down
the list all the things, all the reset mechanisms in

(14:51):
an economy that has been overheated and just full of bubbles.
If you were getting ready for that, or if you
thought that was coming, wouldn't a series of bank failures
be one of the most likely ways that it would begin.
That's a thought that keeps sponsor gram My head. I
hope it is not true. I hope that this is

(15:13):
relatively contained, and it may be, but no matter what,
it's a reminder of how fragile this whole system is.
Jim Kramer was on TV a month ago telling people,
you know the guy on TV. He's like, hey, buy this,
buy that. You know, Hong Kong, and he's like playing
the noises and the bull noise and everything else. He
was telling people to buy SVB a month ago. This

(15:34):
is a problem with reliance on experts and adults in
the room. People are greedy, people are fearful. People do
not want to be held accountable when they make mistakes.
We'll get into all this, by the way, if you
happen to work in the banking industry and you have
some particular insight on this one you've dealt with, SVB
would love to hear from you eight hundred two two

(15:56):
eight two on the phone lines. We'll get back to
it in a moment. The daylight savings change throw you
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(17:03):
You will get thirty five percent discount. Clay Travis at
buck Sexton making sense in an insane world. Ark State
Department of Financial Services took possession of a New York
chartered bank known as Signature last night. While that sounds extraordinary,
that is what happens in terms of the transition from

(17:25):
a temporary hold by the state and it's neatly turned
over to the FDIC. Our view was to make sure
that the entire banking community here in New York was stable,
that we can project calm, that this is a time
when we could manage a certain narrow situation, and to
make sure that that did not get any worse. Yeah,

(17:45):
that's right. The Governor of New York, Kathy Hokell, talking
about why a New York based bank there was also
taken over by the government. And Kathey Hokell is an imbecile,
So is there any reason to believe that she has
any what the heck should be done here? Just putting
that out there, We'll come back to more or the
banking crisis situation in just a second. A couple of

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and Buck, and we're talking about the banking crisis that
perhaps is averted. We shall see in the days ahead.

(19:10):
It definitely hit harder this morning when trading opened and
opened than I think certainly the Biden administration expected, or
was willing to let people think they expected, not quite
the same thing. They're trying to stop a full blown
financial crisis. One thing that I do believe is very

(19:33):
interesting about what happened here in Silicon Valley Bank is
that it had invested in right and this is where
we all go back to the banking one oh one stuff,
But it had invested in pretty secure stuff. And that's
actually what's that issue here. Treasury bonds. I think it
was ten year treasuries they were in, but because of

(19:55):
all the Fed interest rate swings, they got on the
wrong side. So their bonds, their ten year bonds were
worth less. They went below par because of the raise
and rates right, rates go up, bond value goes down.
So that was an issue that was a problem for them.
And then what happened is word got out when they

(20:18):
were trying to raise Silicon Valley Bank was trying to
raise two billion dollars of capital, so that when people
are going they're taking out you know, ten grand or
one hundred grand, or if they're running a business, you know,
payroll or maybe a million dollars for the month, whatever
it is, that the capital would be in the bank
to give to the people who were depositors and not

(20:41):
force the bank to sell the treasuries, the billions and
billions of dollars of treasuries that had invested in for
a loss right because because they had to take them,
if they had to take them out early instead of
getting a nice whatever it is, you know, four or
five percent, they were going to be selling them at

(21:02):
at at a loss, and so there wasn't the money
or there wasn't going to be the money for people
to take out once the word got out about the
two billion dollars. And this is another part of it
that's spread like wildfire. And Peter Teal, who I threw
a friend tried to reach out to to see if

(21:23):
he'd come on to talk to us about exactly all
this stuff. And if Peter's listening, please do call in.
We'd love to talk to you. He told his investment
fund last week, I think it was on Thursday night.
This bank is unsteady, on the brink of collapse. Take
out your money. Well, this word can spread very fast.
You've got social media, now you've got Twitter, You've got

(21:43):
people are able to figure out really quickly. And so
there were lines of people to take out money from
the bank right away on Friday. And now now you
got into the debate over the weekend, right so any
that's that's how this whole thing happened. You had a
flash run on Silicon Valley Bank as a result of
getting on the wrong side of its treasury investments and

(22:07):
the result of trying to raise two billion dollars to
keep enough cash flow in the bank that people could
take out the money that they had put into the bank.
Then all of a sudden, you have a run, right,
a bank run. As everyone shows up says I want
my money, the bank says, well, we don't have the
money to give all of you. We have money to
give you over a period of time at a rate

(22:28):
that we expect, but we don't actually have. And this
is where you're get into fractional fractional reserve banking and
some of the some of the problems of the fractures
in the fractional reserve approach. And so now this morning
we wake up and you've got you know, first Republic
Bank stock getting crushed. You've got a lot of these

(22:52):
different banks, regional banks that are under tremendous pressure in
terms of their stock price. So the government says, well,
the depositors are are all secure that there's a backstop.
They say it's coming from fees, But fees that the
banks pay into a fund will just turn into fees
that people investing in the or giving money to the

(23:14):
banks will end up paying. The costs will be borne
by the people. I mean, that's the bottom line of this,
whether it's a FED balance sheet trick or it's banks
paying into an FDIC fund to make sure that there's
an effectively insurance on the you know, additional insurance on
the insurance, if you will. Whatever whatever games are going

(23:36):
to play on the balance sheet, at the end of
the day, this will be an expense that is passed
well beyond Silicon Valley Bank and some of these other banks.
And that upsets people. That upsets main street folks. That
upsets people that are sitting here saying, okay, so I'm
having trouble paying my mortgage. I'm going into credit card
debt to buy groceries from my family. The people running

(23:58):
Silicon Valley Bank not only pay themselves. I'm talking now
about the executives, right, not only pay themselves the exorbitant
fees in particular for doing risky or stuff. Right, these
are there's the venture. They do a lot of business
with venture capitalists. There's a venture as in like adventure
component to the way that this bank was operating. So

(24:22):
the upside for their geniuses when they're making all this money, right, Oh,
we deserve our you know, our ten million dollar bonus
or whatever it is, right, I deserve and I think
it's a lot more than that for many of them.
But we deserve the money we're making because we're so smart.
And then when they're idiots and they destroyed their whole bank, it's, oh,
my gosh, you better bail us all out or else
all the banks are going to go under. Two We'll

(24:44):
hold on a second. There has to be accountability, and
I think that's where for people, and a lot of
folks are paying attention to this because you're talk in
regional banks, Domino's falling, depositors being left out in the cold.
Everyone's paying attention to this. This matters. We're talking about
someone's money, their life savings, their ability to pay the rent,
buy gas and groceries. People pay attention. Where's the accountability?

(25:10):
You know? Yeah? Is there ridiculous stuff out there about
how SVB was focused on diversity and inclusion stuff and
some of the people in risk management at the top
of the bank. Are you out of the woke academy
for lunatics? Yeah, of course that's there too, And is
that an indicator I think of why this diversity and

(25:34):
inclusion obsession at major institutions, it's gonna cause problems, whether
it's you know, for how we hire airline pilots or
who's doing air traffic control or who's in charge of
train safety. Just talk to the folks if he's Palestine
about that one. Or now the banking industry, when you

(25:55):
elevate for reasons other than basic competency in the field,
bad things happen. So that's a part of this. But
there's another another layer here is well, how do you
punish the bank, the banksters, if you will, the people
running it who are supposed to be preventing this kind
of a thing. How do they get fund we're selling

(26:16):
their stock. By the way, millions of dollars of stocks
sold by bank insiders at Silicon Valley Bank in just
the last thirty days. Oh gosh, I wonder if they
realized they had a problem. Yeah, how is that legal,
by the way, is it that's another question? But assuming
it is, how would that be legal? Think about that? Oh, yeah, no,

(26:37):
we'll take your money. We'll take your money. I run
the bank and I'm selling my shares in it. But
give us your money. It's fine. There's both a selfishness
and an arrogance there, because they must know at some
level that they will be bailed out. And they're right.
But the problem for the people who are saying, oh,
but you know the FDIC insurance, and you know whether

(26:58):
it's insurance for you know, per deposit or so if
it's a husband and wife in the account, it might
be more. Whatever it is, like, it doesn't covered. FDIC
obviously doesn't cover the range of the two hundred billion
dollars in assets. That much, we certainly know. And people
are saying, well, you know, too bad, you didn't do
your homework. Your depositor, figure it out. Yeah, you'll get

(27:21):
back something. Maybe it's sixty cents on the dollar. Okay,
but do people really when they give money to a bank,
do they think that their capital is being deployed in
a fashion that is so reckless that now there are
times in the past where that's happened, and we go
back the Great Depression, and we go back to the

(27:41):
various stock market booms and busts. But we have all
these regulations, right, we have government backstopping that's not supposed
to happen. And if you were to say, let the
regional bank this is work, it gets more complicated. I know,
the people that are shouting this is actually a difficult issue.
There's a lot of things happening here. It's not a
straightforward it's just you know, oh well there's this one issue.

(28:01):
There's a lot of issues because if you start letting
regional banks fail, not only do you probably set yourself
up for a depression, I mean a straight up depression.
You know, unemployment gets up today you ten fifteen percent
of the you know, the blink of an I mean,
if you start letting regional banks because you think you
think Silicon Valley Bank is the only one that got
on the wrong side of the interest rates and could
be subject to a run like this. Clearly not or

(28:24):
at least clearly the market perception is that that's not
the case. But what what do you do? Then? Okay,
well you then just pile all the money. Everyone's gonna
want to move all their money into the systemically important banks,
the two big two fail banks. You all know what
they are, you know, Bank of America and if you Morgan, etc.

(28:45):
You go, I'm doing the list of the biggest banks
in the country. So is that is that better? So
then we pull all of our money into these mega
banks that are engaged in all kinds of ESG and
other stuff. It's not exactly a solution either, is it. Well,
you know, it would have been a better idea all
along to allow the market to function as it functions

(29:08):
and for and not allow politics to determine artificially low
interest rates and trillions of dollars of printing so politicians
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(30:54):
and Buck app in your app store and make it
part of your day. Welcome back, Clay and Buck. This
is Buck n We're gonna be talking in the next
hour about this professor out at Stanford. I'm sorry, federal
judge out at Stanford and the diversity and inclusion dean is,
Like I've said, that is a job that is at

(31:15):
all the colleges. Now you need someone who walks around
telling everybody that they are racist unless they abide by
the agenda of the left. They're sexist unless they abide
by the agenda of the left. It was a real,
a real moment though, to see at remember this is
Stanford Law School. These aren't even you know, eighteen year

(31:37):
olds who just woke up from a hangover after a
late night at the Frat party. And these are people
that are supposedly training for careers in the law who
are at least twenty three some as old and was
a lot older, but you know, they think the average
age in law schools like twenty six, twenty five, twenty seven,
something like that. So they're older and they act like

(31:59):
total lunatic cry babies. I mean, it was appalling, appalling,
but it's important that you see it because this is
by those rankings that we're not supposed to talk about anymore.
Stanford is top three, some would even say number two
in terms of difficulty to get into law school in
the country. Yale is famously the most difficult by the

(32:20):
numbers to get into law school. And I can tell
you I have met a lot of woke morons who
graduated from Yale Law School. I've met them personally, I've
come across them. They are not very smart, they are
not impressive. They have terrible judgment, and you wonder how'd
you get in here? Oh right, okay, finding a lot
more of that these days. And that's the situation. That's

(32:45):
what's being shown by everybody or to everybody who saw
what happened over at Stanford University. So I thought it
was worth talking about. Also, Gretchen Whitmer. Gretchen Whitmer, among
the worst governors the COVID COVID seasoned seasons, has now
kind of admitted, Oh, yeah, you know, some of the

(33:06):
stuff we did, it was just kind of you know, arbitrary.
Oh you don't say, you don't say it just was
made up idiocy. Yeah, because some of the things she
did are so dumb that it is honestly impossible to defend.
And now that she's safely the governor again because unfortunately
a lot of single, college educated women in Michigan were

(33:29):
terrified they wouldn't be able to abort a baby for
all nine months of her pregnancy, so they had to
make sure they rallied for Whitmer, and honestly, the most incompetent,
low IQ governor I think you could you could find
in the entire United States Gretchen Whitmer the governor of Michigan,
and people voted for her, and they feel good about that.

(33:50):
I will tell you, though, there's on the on the
bright side, because I love looking for the bright side.
I'm a happy guy, happy warrior over here on the
bright side of things. So much of the Democrat ideological
edifice is crumbling right now. It's pieces here and there,
but you're seeing it. It's crumbling on issues of crime,

(34:10):
on COVID, on gender ideology stuff and transgender stuff for
kids and all this. They're losing. That doesn't mean they'll
admit it, doesn't mean they'll change their ways necessarily, but
they're losing. It's really it's really happening. So you know,
this is this is why I like to keep pushing

(34:34):
because I do think the momentum is on the side
of the scene at this point in time, and as
people see more of the results of the policies they
get from the Democrat left, they want to go in
another direction. I mean, here, I thought this is really interesting.
N Kevin O'Leary went on, this is from CNNA about

(34:54):
a ten days ago, but I wanted you to hear it.
He was talking about what's going on with the different
states like New York and California, and how he's a
guy who invested in a lot of companies. He's mister
Wonderful from Shark Tank. You no doubt I've seeing some
Shark Tank. It's always on at the gym when I'm
at the gym, which I think is interesting. It's like, really, anyway,
here is Kevin O'Leary saying that these Democrats states are

(35:18):
now uninvestable. Play clibate. Where did Amazon take their jobs?
They tuck him away from her. She threatened to sue
them if they created jobs. I mean, this is a reality.
There's a reality that there's a little more to it.
But let's not really that sorry, just signing the truth.
He's saying what a lot of people are saying, especially
what happened with that Amazon thing here in New York.
Just real quickly the conversation. But what was Elizabeth Warren's

(35:39):
response when you said that to her? Look, I have
a lot of respect for her, because it's okay to
have a debate about politics, but not policy. When you
have punitive policy, you're making a mistake. And I want
to just put up my hand and say I don't agree,
Senator with your policy. I respect you as a politician.

(35:59):
A very success for one, you know, she's very successful.
And that's the state where I grew my kids. I mean,
our family grew up in Boston, Massachusetts. We left there
to move to Florida like everybody else is because it's
such a tough place to you know, this is a
tough message. People really are critical about this, but somebody
has to call it out because this is a competition
of states now, and we don't put money there anymore.

(36:21):
We put it in other places and jobs are created elsewhere.
Over time, this is going to diminish New Jersey, diminish
New York, diminish Massachusetts, and California out of business, out
of business at Morte, no business there. You can't do
business there. I don't know what that's. The place is
going to turn into maybe a tourist zone, but no business.
Match In San Francisco, you can't even walk at night

(36:42):
out and street. A competition of states, You'll notice something.
The states that are losing the most, the bluest. The
states that are gaining the most, the reddest. We are winning,
my friends, don't forget that.