WEBVTT 00:00:00.010 --> 00:00:08.330 Hello there we go you sound wonderful mr bow let's see if the streaming starts up properly what's. 00:00:08.330 --> 00:00:09.010 Up with the headphones. 00:00:09.010 --> 00:00:15.370 Oh battery was almost dead and i didn't discover it until like a few seconds 00:00:15.370 --> 00:00:23.310 ago so i used a wired pair that i have okay lying around explicitly to be a backup up when needed. 00:00:24.730 --> 00:00:27.210 Okay. That's up. Make sure. 00:00:29.470 --> 00:00:30.030 Okay. 00:00:33.390 --> 00:00:38.730 And then this a fi boom. Okie doke. 00:00:39.610 --> 00:00:42.030 Shall we just jump in as usual? 00:00:42.730 --> 00:00:43.030 Uh huh. 00:00:43.950 --> 00:00:46.170 You sound awesome. Okay. Here we go. 00:01:09.770 --> 00:01:16.350 Welcome to Curmudgeon's Corner for Saturday, April 5th, 2025. 00:01:17.150 --> 00:01:20.470 It is just after 2 UTC as we're starting to record. I am Sam Minter, 00:01:20.630 --> 00:01:23.990 and Yvonne Bowe is back, the real Yvonne Bowe. Hello, Yvonne. 00:01:24.710 --> 00:01:27.410 Hi. Has anything happened while I've been gone? 00:01:29.270 --> 00:01:30.070 I talked. 00:01:30.210 --> 00:01:36.090 I mean, if I went in a coma, like, for just two weeks, I don't even have to do two years. 00:01:36.570 --> 00:01:41.350 If I went in a coma for two weeks and I woke up today, I'm in the hospital, 00:01:41.350 --> 00:01:46.010 I was in a bad accident, I woke up today, what would be the mood of the people 00:01:46.010 --> 00:01:50.890 that are coming to me to talk to me today? Like, you know, say my brother's coming over, right? 00:01:51.770 --> 00:01:53.290 He's like going to be, hey, hi. 00:01:53.830 --> 00:01:59.310 He's going to be thrilled. He's going to be happy. We had liberation day. 00:01:59.550 --> 00:02:01.450 Everything is good. Everything is wonderful. 00:02:02.690 --> 00:02:05.510 We had liberation day. Wow. Wow. 00:02:06.560 --> 00:02:07.000 It's good. 00:02:07.160 --> 00:02:07.240 Yeah. 00:02:07.460 --> 00:02:09.780 Wow. Oh God. Yeah. It's great. 00:02:10.000 --> 00:02:14.960 So our agenda, as usual, we'll start with our, but first I'll talk about a movie. 00:02:15.180 --> 00:02:19.120 Yvonne will talk about whatever, and then we'll talk about newsy stuff after that. 00:02:19.260 --> 00:02:24.200 I am sure one of our topics will be liberation day and what followed. 00:02:24.500 --> 00:02:28.800 I, I, I, it's going to, it would be surprising if we skipped that. 00:02:29.180 --> 00:02:36.220 I mean, yeah, yes. Yeah. Well, I mean. 00:02:37.020 --> 00:02:44.040 i'm just you're stunned i don't know you you seem okay there is the thing i 00:02:44.040 --> 00:02:50.500 am i have i hurt my neck shoulder area oh. 00:02:50.500 --> 00:02:51.120 That's not good. 00:02:51.120 --> 00:02:54.060 About three weeks ago i 00:02:54.060 --> 00:03:00.800 started physical therapy on this yesterday um it it hurt really really really 00:03:00.800 --> 00:03:08.280 bad this sunday and monday it was just very very intense how did you hurt sleeping 00:03:08.280 --> 00:03:12.180 wrong well that's definitely got a kind of injury someone. 00:03:12.180 --> 00:03:13.220 In their 50s gets. 00:03:13.220 --> 00:03:20.920 Well but you know and listen i i have also no drawn no no no problems but listen 00:03:20.920 --> 00:03:25.900 i remember the first time i did this and i was like 11 or 12 okay i was and 00:03:25.900 --> 00:03:28.680 i remember that i woke up what what were you doing sleeping. 00:03:28.680 --> 00:03:30.180 Upside down on your head or something. 00:03:30.180 --> 00:03:36.440 No i just kind of like, I, I, I didn't either put my head on the, on the pillow, right. 00:03:36.780 --> 00:03:41.500 I maybe put an extra pillow. So my neck was like twisted in a strange way for 00:03:41.500 --> 00:03:43.300 a long, long, long, long time. 00:03:43.460 --> 00:03:46.760 And so when I woke up, it was an excruciating pain. 00:03:48.240 --> 00:03:51.520 So I mean, that's, that's what I did this time. And that's what I did. 00:03:51.660 --> 00:03:56.260 Like the first time when I was little, I remember that I was like 11 or 12 and 00:03:56.260 --> 00:03:58.340 I woke up and I couldn't even go to school. 00:03:58.540 --> 00:04:05.020 I was like, Mom, I actually went to, well, you know, this is where we're living in Coruscant. 00:04:05.100 --> 00:04:08.080 I didn't have a physical therapist, but somebody that was like, 00:04:08.180 --> 00:04:10.780 I don't know. She used some... 00:04:11.820 --> 00:04:15.360 lotions of some kind to try 00:04:15.360 --> 00:04:19.300 to alleviate the pain okay and massage 00:04:19.300 --> 00:04:25.160 it and whatever i still remember this and they were look this look like you've 00:04:25.160 --> 00:04:30.520 seen these movies where you go to these like these tropical islands and they 00:04:30.520 --> 00:04:36.520 have these like local like witch doctors or something yes The movies with. 00:04:36.520 --> 00:04:37.960 The racial stereotypes, yes. 00:04:38.180 --> 00:04:42.840 Well, listen, I'm sorry, but I showed up to a place like that. 00:04:43.560 --> 00:04:47.460 You went to the local witch doctor and they fixed you all up. 00:04:47.460 --> 00:04:53.900 Listen, it's not that much of a stereotype. Listen, we had an entire section 00:04:53.900 --> 00:04:59.380 in our pharmacy that was, you know, all this weird stuff. 00:04:59.380 --> 00:05:00.360 Local folk remedy stuff. 00:05:00.360 --> 00:05:05.620 Oh, my God. It was just an entire section of like, I don't know, 00:05:05.900 --> 00:05:11.340 like bears, nails, shark teeth. I don't know. 00:05:11.740 --> 00:05:20.640 Oh, oh, oh, oh, the one of the best shark oil, a shark oil, which. 00:05:20.740 --> 00:05:27.220 By the way, just to be clear, like like 95 percent of random folk remedies from 00:05:27.220 --> 00:05:33.560 across the world are bullshit. But every once in a while, there are 5% that works. 00:05:33.800 --> 00:05:39.300 And the problem is just that they haven't been validated properly scientifically 00:05:39.300 --> 00:05:43.200 to separate out the ones that are bullshit from the ones that work. 00:05:43.360 --> 00:05:52.020 But I showed up at this shack, okay, all right, off a dirt road where some lady 00:05:52.020 --> 00:05:56.700 just applied all these things to my neck to make it feel better. 00:05:56.940 --> 00:05:57.500 Okay. 00:05:57.500 --> 00:05:58.840 I'm not sure, 00:05:59.710 --> 00:06:04.610 If just time helped, I know at the moment it did give me some relief. 00:06:04.850 --> 00:06:09.530 But I will tell you that time and the placebo effect are often significant. 00:06:09.650 --> 00:06:11.490 But, you know, every once in a while, there's something. 00:06:11.650 --> 00:06:15.390 Listen, we had these things called santeros. OK, this is listen, 00:06:15.590 --> 00:06:18.870 these are I will say this is not an exaggerated stereotype. 00:06:19.070 --> 00:06:21.510 We had a lot of these are called the santeros. 00:06:22.210 --> 00:06:27.370 OK, these were the witch doctors. OK, they would do these things in order to 00:06:27.370 --> 00:06:30.550 get rid of the bad juju, whatever. 00:06:30.750 --> 00:06:33.650 You know, it was just it's these people. 00:06:33.870 --> 00:06:43.350 They had all these different things they burned and rituals and shit or whatever. It's like, really? 00:06:43.550 --> 00:06:46.570 You know, so so that's not, you know, 00:06:46.810 --> 00:06:49.830 now to say that that's how we treat everything. Well, that's not true. 00:06:49.970 --> 00:06:53.110 But we did have a lot of those. it's not it's 00:06:53.110 --> 00:06:55.810 not a total exaggeration that those are a lot of 00:06:55.810 --> 00:06:58.690 them and that we sell did sell a lot of shit to 00:06:58.690 --> 00:07:02.510 those people we had an entire section to pharmacy dedicated 00:07:02.510 --> 00:07:05.690 for all of this shit okay 00:07:05.690 --> 00:07:08.770 that they used so so yeah and but 00:07:08.770 --> 00:07:11.550 i will say that that started dying down really a lot 00:07:11.550 --> 00:07:15.030 like in the 90s you know when i was little the 00:07:15.030 --> 00:07:19.370 70s and 80s that was like really big by the 90s people weren't buying as much 00:07:19.370 --> 00:07:23.710 of that stuff so uh but yeah so so i that was the first time i got relief this 00:07:23.710 --> 00:07:30.070 time i don't know i've used taken medications whatever i i kind of fucked it 00:07:30.070 --> 00:07:33.330 up worse on on on on sunday. 00:07:34.730 --> 00:07:38.210 It's better again now i went to the doctor i've been the physical therapist 00:07:38.210 --> 00:07:42.730 i'm taking pills and then i don't know if it's but i have a cold or my allergies 00:07:42.730 --> 00:07:50.250 but you sound congested as well yeah and then I got that going too and so I'm just you know, 00:07:51.240 --> 00:07:57.440 Not great. You know, and I slept also, it didn't help like during those two weeks. 00:07:57.560 --> 00:08:02.400 I slept like, I spent like, what, 12 days in a hotel? 00:08:04.540 --> 00:08:08.520 Right. Because you, you, you missed two weeks of this show. 00:08:08.640 --> 00:08:11.460 The first week you were doing work stuff and traveling for that. 00:08:11.560 --> 00:08:13.460 And the second week you were doing stuff with your family. 00:08:13.920 --> 00:08:14.140 Right. 00:08:14.340 --> 00:08:14.500 Yeah. 00:08:14.580 --> 00:08:19.460 And so, and so I slept like 12, I spent 12 days in a hotel and, 00:08:19.520 --> 00:08:22.940 you know, in two weeks. And I don't think that sleeping at the hotels helped 00:08:22.940 --> 00:08:27.820 for my neck because it started right at the beginning of my business trip. 00:08:27.980 --> 00:08:33.000 And then it just really got bad when I was at the hotel we were on for my son's 00:08:33.000 --> 00:08:37.220 spring break, which by the way, we did the mistake. We haven't done it in a long time. 00:08:37.880 --> 00:08:41.380 But we did the mistake that we didn't look at the calendar properly. 00:08:42.680 --> 00:08:43.080 Okay. 00:08:43.280 --> 00:08:47.420 And we came back on Sunday and we got ready to take them and we took them to 00:08:47.420 --> 00:08:49.380 school on Monday and there was no school on Monday. 00:08:49.700 --> 00:08:50.400 Oh, nice. 00:08:50.540 --> 00:08:50.800 Tuesday. 00:08:51.020 --> 00:08:51.340 Yeah. 00:08:51.880 --> 00:08:57.100 And I hadn't done that in a long time, but we wound up, yeah, 00:08:57.300 --> 00:09:00.980 we wound up waking him up. He was like, whatever. 00:09:01.180 --> 00:09:04.080 No, no, no. Come on. We gotta go. Whatever. We gotta, you know. 00:09:04.880 --> 00:09:09.480 And we get him to school and there's still school. 00:09:10.180 --> 00:09:11.960 That's fun. Very fun. 00:09:12.480 --> 00:09:16.420 I mean, I gotta say, I've only done that like a couple of times. 00:09:17.520 --> 00:09:22.000 I don't understand. Listen, it I don't understand this thing. 00:09:22.080 --> 00:09:25.820 Why the hell do you have a whole week of spring break and then you don't come back on Monday? 00:09:26.240 --> 00:09:28.780 The fuck does that? What the fuck is that shit? 00:09:29.260 --> 00:09:31.840 Breaks should always line up with weeks, right? 00:09:32.360 --> 00:09:37.220 Yeah. I mean, if you're going to go spring break week, what the hell is it that, 00:09:37.400 --> 00:09:39.460 you know, Monday there's, you 00:09:39.460 --> 00:09:42.460 know, you come back and there's nothing on Monday. Doesn't make any sense. 00:09:42.940 --> 00:09:47.340 Yeah. I think that that's fairly common here too. Like after breaks, they start on Tuesdays. 00:09:48.460 --> 00:09:49.800 Well, we didn't. 00:09:49.940 --> 00:09:55.760 I mean. I guess I'm happy if that's an extra day, right? Like if I'm the, if I'm the kid or what? 00:09:55.760 --> 00:09:58.580 Well, yeah, sure. I mean, you know, but, but, you know, we went, 00:09:58.700 --> 00:10:02.820 I mean, we went through the whole rigmarole and getting up and doing, 00:10:02.820 --> 00:10:06.260 and I mean, I, I wasn't going to stay an extra day. 00:10:06.580 --> 00:10:11.780 I mean, even I, I, I was like, I tried to get, you know, the six days of hotel 00:10:11.780 --> 00:10:15.760 and that was like, I was like, I was going to use whatever the hell the points I got. 00:10:16.220 --> 00:10:19.980 That's it. So I wasn't going to, and that was like that amount of time. 00:10:19.980 --> 00:10:23.040 and it lined up that it was like tuesday through sunday 00:10:23.040 --> 00:10:27.020 ideally i i didn't want a tuesday through sunday but that's the days that were 00:10:27.020 --> 00:10:31.540 available and so i was like no i i'm like i don't want to i don't want to pay 00:10:31.540 --> 00:10:34.940 it if i got the point i want to use the points i don't want to do it with money 00:10:34.940 --> 00:10:42.600 i don't want to use money i want to do with fucking points right so so so did that and you know so uh, 00:10:43.930 --> 00:10:46.270 I mean, shit's been happening, Sam. 00:10:47.070 --> 00:10:47.230 Yeah. 00:10:47.350 --> 00:10:53.010 I mean, this is, you know, one of the things about what's going on, 00:10:53.030 --> 00:10:56.270 like, right now, I'm not going to talk about specifics later. 00:10:56.430 --> 00:10:59.470 You're going to talk about your feelings about the issue now. 00:10:59.470 --> 00:11:00.830 It's not about my feelings. 00:11:00.870 --> 00:11:07.390 It's more about, it's that this now has, you know, we talk about here. 00:11:07.390 --> 00:11:12.110 When they fire people at an agency or whatever, most people, 00:11:12.290 --> 00:11:15.890 they're not following the news closely. They don't know. Okay. 00:11:16.850 --> 00:11:22.910 But you crash the market like this and you hear that prices are soaring. 00:11:23.730 --> 00:11:27.290 This gets everybody's attention. You want to get everybody's attention? 00:11:27.670 --> 00:11:32.950 Well, you fucking got it now because nobody can talk about anything else other than this. 00:11:33.750 --> 00:11:36.890 Now he's completely, yes, he wanted to change the conversation. that 00:11:36.890 --> 00:11:40.450 that's one that i mean it i mean 00:11:40.450 --> 00:11:43.930 it just did this i think i 00:11:43.930 --> 00:11:47.410 kept talking all the time well what could cut through the bullshit right 00:11:47.410 --> 00:11:53.770 what could get you know through hey you know this is as simple as it gets and 00:11:53.770 --> 00:11:57.690 everybody's talking about it because i mean it's hard to ignore you know you 00:11:57.690 --> 00:12:04.550 got 70 million people 80 million you know 70 million households i think it is 00:12:04.550 --> 00:12:05.970 that have money in the stock market, 00:12:06.190 --> 00:12:08.890 even though the majority is with some higher net worth. 00:12:09.510 --> 00:12:12.210 So many people have money in our stock market. 00:12:13.610 --> 00:12:15.330 Through 401ks, if nothing else. 00:12:15.830 --> 00:12:20.650 Through 401ks, through whatever. IRAs, whatever the hell it is. 00:12:21.290 --> 00:12:26.450 Robinhood. People playing around with that. Because the barrier in entry is 00:12:26.450 --> 00:12:27.430 much less than it used to be. 00:12:27.790 --> 00:12:31.750 Exactly. A barrier to entry right now just doesn't exist. It used to be this was complicated. 00:12:32.030 --> 00:12:38.010 It used to be like, you know, So way back in the day, you had to have a pretty high level, 00:12:38.410 --> 00:12:41.710 balance to open any mortgage or mortgage any 00:12:41.710 --> 00:12:46.350 any brokerage account and there were significant fees associated with every 00:12:46.350 --> 00:12:50.550 trade and all this kind of stuff yeah now you can like open a robin hood account 00:12:50.550 --> 00:12:53.810 with like 50 or 100 bucks or something maybe even less i don't even know what 00:12:53.810 --> 00:12:58.070 the minimum is yeah probably and you can do whatever and you can do fractional 00:12:58.070 --> 00:13:00.470 trading with no fees you can do fractional. 00:13:00.470 --> 00:13:04.290 Trading which is one thing that is so novel that you know yeah i mean you can. 00:13:04.290 --> 00:13:07.830 Buy so you You can buy, you know, pieces of shares. 00:13:08.130 --> 00:13:13.410 I can buy, I can go in there and say, I want $1 of this stock. 00:13:13.610 --> 00:13:15.350 Right. And boom, you got it. 00:13:15.530 --> 00:13:17.510 And you got it. With no fees. 00:13:17.910 --> 00:13:18.470 With no fees. 00:13:18.490 --> 00:13:21.810 Because they're making money off selling your information and stuff like that 00:13:21.810 --> 00:13:24.190 and the float and all kinds of other stuff. 00:13:24.190 --> 00:13:28.770 Also, like the float services, other stuff. I mean, they've got an entire ecosystem 00:13:28.770 --> 00:13:31.410 of shit that goes around this. 00:13:31.530 --> 00:13:36.270 I mean, you know, other traders will borrow your stock Yes, they got that, too. Whatever. 00:13:37.110 --> 00:13:39.990 You know, they got a whole bunch of shit going on. But, yeah. 00:13:40.450 --> 00:13:47.270 But this is... I've been trying to see what the fuck it is that's going to cut through the bullshit. 00:13:47.710 --> 00:13:53.450 And not even... I think that a lot of people did pay attention to Cory Booker talking for a while. 00:13:53.590 --> 00:13:56.470 That did get some attention. But then that got wiped right off. 00:13:56.910 --> 00:14:03.550 But nothing compares to this spectacle, which everybody... 00:14:03.550 --> 00:14:09.890 I mean... Well, I mean, my high school, my high school chat groups, my brother, 00:14:10.390 --> 00:14:14.670 you know, my, my, my boss, I mentioned to him, like, you know, 00:14:14.730 --> 00:14:18.970 I mean, you know, I talked to a couple of my bosses, holy shit, the losses. 00:14:19.410 --> 00:14:24.090 I mean, you know, you know, it's just, you know, it's just, just nuts. Okay. 00:14:25.070 --> 00:14:28.970 You know, sports figures, you know, sport people, you know, like one of the 00:14:28.970 --> 00:14:32.550 guys talking about it was like the guy from Barstool Sports, for example. 00:14:32.550 --> 00:14:38.130 you know he mentioned yesterday for example that yesterday one day which kind of like gave away i 00:14:38.450 --> 00:14:41.630 kind of like how much money he's got in the market invested because 00:14:41.630 --> 00:14:45.110 he said how much he lost you know he said i kind of like made a made a quick 00:14:45.110 --> 00:14:50.110 math so dave portnoy said dude i lost seven million dollars in one fucking day 00:14:50.110 --> 00:14:54.050 right so i figure he's got about 100 million which i actually it's been reported 00:14:54.050 --> 00:14:57.670 that he sold barstool for 100 million or something so that that tracks he's 00:14:57.670 --> 00:14:58.870 got about $100 million invested. 00:14:59.070 --> 00:15:01.050 So he lost $7 million in one fucking day. 00:15:01.510 --> 00:15:04.910 I didn't lose $7 million in one fucking day. I mean, honestly, 00:15:05.110 --> 00:15:09.130 you know, if I had that kind of money, I mean, we would be at the Carmudge's 00:15:09.130 --> 00:15:10.310 Corner headquarters right now. 00:15:10.850 --> 00:15:17.230 But working from there. But, you know, but it's just one of these things that. 00:15:18.350 --> 00:15:25.650 And actually Richard, who's on our Slack, he texted me, said, shit, I made a mistake. 00:15:25.730 --> 00:15:29.890 And look at it. I log it in and looking at my investment accounts today. 00:15:30.170 --> 00:15:34.270 She was like, you know, was my wife. Listen, my wife. 00:15:34.450 --> 00:15:37.850 Okay. Who doesn't pay? All of a sudden I hear this scream from the other side 00:15:37.850 --> 00:15:41.170 because, you know, one of the accounts has a lot of money is in her name. 00:15:41.290 --> 00:15:47.150 So she logged into it. She said, I lost how much fucking money today? i was like. 00:15:47.150 --> 00:15:48.410 Yeah yeah. 00:15:48.410 --> 00:15:51.770 Yeah well i don't well honey that's not all the money we lost, 00:15:54.850 --> 00:16:00.150 you know yeah that's not all of it so this is. 00:16:00.150 --> 00:16:05.110 Well you know we we we said during the campaign and during everything else it's 00:16:05.110 --> 00:16:08.930 sort of like no matter all the other issues people kept coming back to i mean 00:16:08.930 --> 00:16:14.130 you know yes the trans issue yes some other things but people kept coming back to The economy. 00:16:14.330 --> 00:16:20.170 The economy, Donald Trump was going to be, he's strong, he's strong on the economy. 00:16:20.430 --> 00:16:21.970 He's, you know, he's, he's going to be. 00:16:22.110 --> 00:16:25.370 You know. The thing, the thing is though, what you were saying about cutting 00:16:25.370 --> 00:16:30.650 through the attention, because there's so many people who the bottom line is 00:16:30.650 --> 00:16:33.810 if it doesn't affect them personally, it doesn't exist. 00:16:34.210 --> 00:16:35.190 Correct. Yes. 00:16:35.330 --> 00:16:37.170 Well, and, and, and so this. 00:16:37.330 --> 00:16:40.070 Or if it doesn't elicit, or if it doesn't elicit hate. 00:16:40.630 --> 00:16:41.590 Yeah. Yes. Okay. 00:16:41.590 --> 00:16:45.870 These are the two things. Seriously. I mean, either you elicit, 00:16:45.890 --> 00:16:50.730 you know, their bigotry or it affects them personally. 00:16:51.540 --> 00:16:55.820 Yeah. And so this is, this is the case where like during the campaign and everything, 00:16:55.820 --> 00:16:59.340 it was like, oh my God, groceries are expensive. Gas is expensive. 00:16:59.780 --> 00:17:02.920 Rent is expensive, whatever it is. And everybody. 00:17:03.080 --> 00:17:06.340 It wasn't as expensive when Donald was, was here, you know? 00:17:06.560 --> 00:17:06.780 Yes. 00:17:07.160 --> 00:17:08.280 It was all Biden's fault. 00:17:08.740 --> 00:17:12.820 Yes. And it was all, it was all about that. Cause those were things that were 00:17:12.820 --> 00:17:15.140 visible in your face to everybody. 00:17:15.800 --> 00:17:20.280 You would notice, hey, it costs more when I go to the grocery store. 00:17:20.960 --> 00:17:24.480 and all of these other more abstract issues like. 00:17:24.480 --> 00:17:27.320 Democracy you know 00:17:27.320 --> 00:17:29.960 yeah they couldn't give a shit about that and you know 00:17:29.960 --> 00:17:34.200 the other thing is that look like when the ukraine one of the biggest drivers 00:17:34.200 --> 00:17:40.920 of inflation during the biden administration was that we had a surge again with 00:17:40.920 --> 00:17:46.540 a war in ukraine yeah you know pandemic plus war yeah but but that thing is 00:17:46.540 --> 00:17:47.760 it had been coming Between those two. 00:17:47.800 --> 00:17:48.400 It's almost everything. 00:17:48.440 --> 00:17:51.600 The inflation had been coming down. And then it went back up again after the day. Yeah. 00:17:52.200 --> 00:17:57.040 The invasion, you know, caused a big surge in inflation. Okay? 00:17:57.640 --> 00:18:03.620 And so, and part of it, you know, I was of the thought myself, 00:18:03.620 --> 00:18:06.840 I'm like, look, I mean, Ukraine is against Russia. 00:18:07.140 --> 00:18:08.980 I mean, fortunately, we got to suck this up. 00:18:09.620 --> 00:18:13.040 Well, nobody wanted to suck it up. But now we're getting, you know, 00:18:13.120 --> 00:18:15.980 now we're getting told we got to suck it up for 00:18:15.980 --> 00:18:18.660 the better in the country that the fact that you know 00:18:18.660 --> 00:18:21.520 this was like a little bit of inflation sam we're talking 00:18:21.520 --> 00:18:24.540 about back then right it was like a few you know relatively 00:18:24.540 --> 00:18:27.500 speaking we're talking about you know 00:18:27.500 --> 00:18:30.380 in in in the grand scheme 00:18:30.380 --> 00:18:33.400 of things it was like five percent ten percent 00:18:33.400 --> 00:18:36.420 here you know you had most items were 00:18:36.420 --> 00:18:39.860 something like that whatever um okay you 00:18:39.860 --> 00:18:44.920 know it happened over a couple of years you know we're talking you know we're 00:18:44.920 --> 00:18:53.060 talking crazy shit numbers right now we're talking insanity so this now this 00:18:53.060 --> 00:18:58.600 is what everybody can talk about and it's causing me to cough so. 00:18:58.600 --> 00:19:02.260 Okay i would like to make a motion in this. 00:19:02.260 --> 00:19:04.720 Meeting okay that. 00:19:04.720 --> 00:19:09.960 Given how we've started here Let's just continue to dive right into. 00:19:09.960 --> 00:19:10.460 This topic. 00:19:10.640 --> 00:19:14.840 I will skip my movie. We will talk about my movie some other time. 00:19:15.300 --> 00:19:18.480 Well, I mean, I will say that this week is one of those weeks where— Because you've. 00:19:18.480 --> 00:19:22.720 Jumped straight from, like, light and fluffy, but first stuff into a real topic. 00:19:22.860 --> 00:19:28.960 Well, because it wound up being that this is one of those things that it wound up transcending—, 00:19:29.550 --> 00:19:33.290 I mean, I couldn't talk to anybody about anything other than this. 00:19:33.490 --> 00:19:37.850 Well, and this is what your main point was. Like, when it's this kind of stuff, 00:19:37.850 --> 00:19:39.790 it affects many people directly. 00:19:40.030 --> 00:19:44.470 Yeah. Like, we got the stock market crash affecting lots of people's 401ks and stuff. 00:19:44.610 --> 00:19:50.070 And on the tariffs themselves, maybe people aren't seeing the prices yet, 00:19:50.070 --> 00:19:54.690 but everybody's talking about how the prices are going to go up any moment now because of this. 00:19:54.970 --> 00:19:57.990 Listen, you go to, like, I, I, I, what, I, I. 00:19:57.990 --> 00:20:00.850 copy so this on one of 00:20:00.850 --> 00:20:04.170 the on one of the websites where i went like i 00:20:04.170 --> 00:20:07.690 went to i want to see what car dealers were doing about this okay 00:20:07.690 --> 00:20:10.670 and i went to a website and they already 00:20:10.670 --> 00:20:13.430 it had hey the cars in 00:20:13.430 --> 00:20:16.150 stock right now will not be affected by the 00:20:16.150 --> 00:20:19.010 tariff i mean this is all right i mean it's this is 00:20:19.010 --> 00:20:22.430 what i'm talking about it's permeating every fucking discussion hell 00:20:22.430 --> 00:20:27.510 you can't even pre-order nintendo switch twos yeah they were they were about 00:20:27.510 --> 00:20:32.170 to order and then nintendo said listen we can't we can't put them on sale we 00:20:32.170 --> 00:20:39.010 don't know how much we got to charge right um okay let's back up you want to 00:20:39.010 --> 00:20:41.150 talk about liberation day yeah. 00:20:41.150 --> 00:20:46.290 Let's because we we started with sort of the effects of it but let's go back 00:20:46.290 --> 00:20:50.150 what actually happened yvonne like you know shall you. 00:20:50.150 --> 00:20:54.310 Tell the story or shall i Listen, we knew for months, you know, 00:20:54.410 --> 00:20:58.970 ever since Trump had come in, he had first started with these saber rattling 00:20:58.970 --> 00:21:02.030 of tariffs to different countries. 00:21:02.510 --> 00:21:08.170 He had imposed tariffs on Canada and Mexico, then backed away from those at the last minute. 00:21:08.430 --> 00:21:13.010 And then, you know, we had some shit with Colombia where he backed away on those 00:21:13.010 --> 00:21:15.950 at the last minute. Then he had him post some on China. 00:21:18.350 --> 00:21:20.470 And those stayed... 00:21:22.880 --> 00:21:28.900 So we had those, but then he was going to end the loophole for Timu and Shine, 00:21:29.240 --> 00:21:30.920 but then he backed away from that. 00:21:31.180 --> 00:21:35.860 Basically, the loophole was like— Under $800 coming in internationally, 00:21:35.860 --> 00:21:37.620 those are not subject to tariff. 00:21:37.800 --> 00:21:41.520 It's called the minimus loophole. But we had had all of this, 00:21:41.560 --> 00:21:45.480 and then he started talking about all this shit about the reciprocal tariffs. 00:21:45.480 --> 00:21:49.440 And so he said that he's going to go and do this whole thing about the reciprocal 00:21:49.440 --> 00:21:53.900 tariffs, and we're going to go and do this and whatever, blah, blah, blah, blah, blah. 00:21:54.420 --> 00:22:03.800 And one thing is that reciprocal tariffs to anybody who has done international trade means one thing. 00:22:04.220 --> 00:22:12.460 It means if they put a tariff on you of like 10%, then you put a tariff on them of 10%. Right, exactly. 00:22:13.300 --> 00:22:17.740 Maybe an equivalent product or something. Hey, if you sell me flower, 00:22:17.900 --> 00:22:21.520 you're Columbia, you sell us flowers at 10% and we export tractor, 00:22:21.760 --> 00:22:26.940 you know, I'm going to tariff your flowers and they tariff your tractors. 00:22:27.360 --> 00:22:27.800 Right. 00:22:27.920 --> 00:22:31.500 For example, caterpillar tractors, say something, you know, something that we 00:22:31.500 --> 00:22:34.220 would export to Columbia for bringing up an example. 00:22:34.540 --> 00:22:39.660 So, so that's, that would be reciprocal. Okay. So that's what everybody was kind of like looking at. 00:22:39.660 --> 00:22:45.440 So you look at the tariffs and you look at, you know, what tariffs are around 00:22:45.440 --> 00:22:49.520 the world and you're thinking, for example, to give a good example, 00:22:49.700 --> 00:22:52.420 say Israel. I'll give a great example. Israel. 00:22:53.200 --> 00:23:01.380 Two weeks before the tariff announcement, Netanyahu trying to suck up Maximus to Trump. 00:23:01.780 --> 00:23:02.680 And killed Israel's tariffs. 00:23:03.760 --> 00:23:08.420 Eliminated all tariffs on U.S. products to Israel. All of that. 00:23:09.000 --> 00:23:12.300 set him to zero set him to zero and he 00:23:12.300 --> 00:23:16.240 still slammed israel with tariffs yes okay well 00:23:16.240 --> 00:23:20.460 even though it set him all to zero okay so do we want to discuss no no no yeah 00:23:20.460 --> 00:23:25.440 so but this is the thing so all of a sudden well this is what happens he starts 00:23:25.440 --> 00:23:29.460 he spent the 30 minutes of meandering bullshit i heard a couple of minutes i 00:23:29.460 --> 00:23:34.360 was just like i can't listen to this shit i had to turn the sound back off. 00:23:34.620 --> 00:23:37.680 So I just let it, and I was like looking at the TV. 00:23:37.980 --> 00:23:42.880 And he's got everybody over there, and he brings out some guy who wasn't even UAW. 00:23:43.120 --> 00:23:48.280 It was like some union guy, auto workers for Trump, blah, blah, 00:23:48.340 --> 00:23:53.480 blah, some idiot dressed up, you know, their idiot MAGA garb, whatever. 00:23:54.000 --> 00:23:59.080 So they go through all of that. Then finally, he brings out these charts on the tariffs. 00:23:59.760 --> 00:24:03.980 And these are these two big charts, I start looking at the numbers, 00:24:04.140 --> 00:24:06.760 and then he says that, okay, so... 00:24:08.040 --> 00:24:11.340 Switzerland has us at a 67 percent 00:24:11.340 --> 00:24:14.540 tariff and i'm like switzerland has a 67 percent tariff 00:24:14.540 --> 00:24:17.700 on the u.s i'm like what the fuck is he talking about 00:24:17.700 --> 00:24:24.520 yeah i'm like you know switzerland has actually almost no tariffs so as i'm 00:24:24.520 --> 00:24:27.960 looking at this and i'm like and then he had a list of countries boom one after 00:24:27.960 --> 00:24:37.420 the other vietnam like huge tariffs also madagascar madagascar shit china japan, 00:24:38.060 --> 00:24:42.180 Well, Japan has tariffs, but all these numbers were just completely, 00:24:42.380 --> 00:24:45.920 completely, completely unrelated to reality of what's going on with tariffs. 00:24:45.940 --> 00:24:46.580 Unrelated to any reality. 00:24:46.940 --> 00:24:51.560 And then he says that he's calculated that that's the tariff. 00:24:51.700 --> 00:24:56.980 So he was going to do a 50% cut on, okay, so they're tariffing us. 00:24:57.080 --> 00:25:01.920 So my great deal is that we're going to impose a tariff that is 50% of that. 00:25:02.160 --> 00:25:05.120 Well, of course, the number you're looking at the first column looked completely nuts. 00:25:05.120 --> 00:25:12.360 Well, and just to be clear, they also said that it wasn't just their tariff 00:25:12.360 --> 00:25:13.300 rate of those countries. 00:25:13.480 --> 00:25:20.780 But it was adjusted for currency manipulation and something else, 00:25:20.940 --> 00:25:21.920 whatever. I can't remember. 00:25:22.120 --> 00:25:24.420 But, you know, he said that it was basically unfair. 00:25:24.420 --> 00:25:30.360 Trade practices of various sorts. We would adjust by factors for that. 00:25:30.740 --> 00:25:31.900 Yeah. So. 00:25:32.200 --> 00:25:33.940 But is that what they actually did, Yvonne? 00:25:35.600 --> 00:25:39.200 No no sam no apparently because 00:25:39.200 --> 00:25:42.820 you know we can't afford anybody that 00:25:42.820 --> 00:25:45.900 is an expert well no no i'm going to take that back trump 00:25:45.900 --> 00:25:50.920 just wanted to just i'm sure that what happened is they probably asked some 00:25:50.920 --> 00:25:55.240 people that were pretty smart to go do tariffs because we i heard that there 00:25:55.240 --> 00:26:00.880 was a lot of fights over these tariffs leading up to the announcement and probably 00:26:00.880 --> 00:26:03.800 what i'm pretty sure is a lot of people that are pretty smart got asked, 00:26:03.960 --> 00:26:05.420 well, you know, calculate these. 00:26:05.760 --> 00:26:08.960 They were all saying, you're out of your mind. Those numbers are nuts. 00:26:09.500 --> 00:26:17.640 So I'm sure that even the most, you know, stalwart, well, they're all just looking at this is insanity. 00:26:17.880 --> 00:26:22.060 So what they did, they revealed all of a sudden this formula. 00:26:22.500 --> 00:26:22.980 Yes. 00:26:23.560 --> 00:26:29.720 And the formula basically took what they exported to us, 00:26:29.940 --> 00:26:33.120 what we exported to them, calculated the 00:26:33.120 --> 00:26:36.500 difference and then they divided it 00:26:36.500 --> 00:26:41.780 by two you know they took that factor so they came up a percentage so hey you 00:26:41.780 --> 00:26:48.080 know i i export 700 you know a hundred billion but but i've got a deficit with 00:26:48.080 --> 00:26:54.400 you of because i only sell you 30 so the deficit is 70 okay and. 00:26:55.020 --> 00:26:58.940 Well, let me interrupt the detailed explanation. 00:26:59.240 --> 00:27:07.140 It was so in the end, the formula was the basically the trade. 00:27:07.220 --> 00:27:12.920 If I listen, the trade deficit between Sam and I, I bought Sam over my life 00:27:12.920 --> 00:27:15.780 a lot more food than he's ever bought me. Yeah. 00:27:15.980 --> 00:27:25.460 So, so since there's a 80, 90% gap there, I would tariff anything that Sam was 00:27:25.460 --> 00:27:28.880 going to give me 90%, but I'm going to be nice. 00:27:28.880 --> 00:27:31.100 And then I'm going to divide it by two, going to be 45. 00:27:31.980 --> 00:27:38.700 Yes. So look, so it's what, it's the, the trade deficit as a percentage of the 00:27:38.700 --> 00:27:41.240 exports to that country, right? That was how it ended up. 00:27:41.640 --> 00:27:44.240 Now the, the, the formula is okay. 00:27:44.400 --> 00:27:46.640 Let's be clear, which is complete nonsense. 00:27:47.000 --> 00:27:51.960 Well, wait a second. There's more than that. The formula that they showed had 00:27:51.960 --> 00:27:55.560 that plus two other factors that were supposed to- But they never. 00:27:55.740 --> 00:27:58.220 But they never, yeah, but they never came up with- No. 00:27:58.280 --> 00:28:03.520 No. What they did, the two factors were set such that when multiplied together. 00:28:03.740 --> 00:28:08.080 They were one. Well, then you didn't know anything. 00:28:09.180 --> 00:28:14.800 And like in theory, those two factors could be different for every country in 00:28:14.800 --> 00:28:16.740 the world and you could adjust them. But they did. 00:28:17.000 --> 00:28:21.760 But if you, like I said, if you wind up with something that equals one that 00:28:21.760 --> 00:28:23.180 is the divisor, then you. 00:28:23.600 --> 00:28:24.120 Right, right. 00:28:24.140 --> 00:28:25.260 You've divided by one! 00:28:25.480 --> 00:28:29.520 Well, right. But if they actually had calculated those numbers for every country, 00:28:29.700 --> 00:28:31.780 they wouldn't have multiplied to one. 00:28:31.880 --> 00:28:37.860 Okay, Sam, but let's be clear about this. Okay, nobody with a brain sat to do this. 00:28:38.060 --> 00:28:38.720 Yes, well. 00:28:38.720 --> 00:28:41.000 Somebody went to chat GPT. 00:28:41.160 --> 00:28:41.280 Yes. 00:28:41.280 --> 00:28:43.780 Because nobody with a—listen, nobody. 00:28:43.860 --> 00:28:44.900 I was going to break that up back. 00:28:44.900 --> 00:28:48.980 This is what I was saying. I'm sure they went to a whole bunch of people. 00:28:49.260 --> 00:28:53.580 They asked them to do this. They all looked at them. are you out of your fucking mind. 00:28:53.580 --> 00:29:00.120 Well and so they probably they probably at some point in the process some real 00:29:00.120 --> 00:29:04.080 economists weighed in with some real reciprocal tariffs and they didn't yes and they looked at. 00:29:04.080 --> 00:29:06.900 Them and that's what i said the numbers were too low. 00:29:06.900 --> 00:29:08.300 Yes because. 00:29:08.300 --> 00:29:11.740 Trump's saying that's that's that's it's too low so that's what i'm saying so 00:29:11.740 --> 00:29:16.260 then they went and they did with this calculation they asked chat gpt to do 00:29:16.260 --> 00:29:19.560 it and they asked for a list of countries to assess this too. 00:29:19.560 --> 00:29:22.700 So so wait and then you wind up two things here there are two things here that 00:29:22.700 --> 00:29:28.960 are important one somebody on the internet did an experiment where they asked 00:29:28.960 --> 00:29:34.240 every major llm chat bot model out to. 00:29:34.240 --> 00:29:35.100 To try to see. 00:29:35.100 --> 00:29:37.300 To basically say okay yeah. 00:29:37.300 --> 00:29:38.220 Give me give me this. 00:29:38.220 --> 00:29:43.440 Yeah give me give me a way an easy way to calculate the tariffs i would want 00:29:43.440 --> 00:29:47.220 to do if i wanted to do reciprocal tariffs across the entire world. 00:29:48.020 --> 00:29:54.280 And every single one of the models came up with the same wrong answer. 00:29:54.340 --> 00:29:56.000 Same wrong answer. Yes. 00:29:56.160 --> 00:30:03.260 Yes. This is not an answer that any actual expert in economics or trade or anything 00:30:03.260 --> 00:30:04.480 else would have come up with. 00:30:04.620 --> 00:30:09.600 This is a bullshit made up hallucination type answer. 00:30:09.600 --> 00:30:12.380 and but they all came up with the same thing 00:30:12.380 --> 00:30:15.600 so we don't know if they went to chat gpt or 00:30:15.600 --> 00:30:19.660 claude or something or or or whatever it 00:30:19.660 --> 00:30:24.880 was probably elon's model like x whatever brock whatever they call it whatever 00:30:24.880 --> 00:30:30.720 no fuck they probably used elon's but it doesn't matter but we know that it 00:30:30.720 --> 00:30:37.080 had to be an ai answer because no legitimate person would ever have brought 00:30:37.080 --> 00:30:39.100 up this formula for this purpose, 00:30:39.660 --> 00:30:41.780 Because it doesn't make sense for this. 00:30:41.900 --> 00:30:49.060 I mean, that's why everybody who had ever done this was looking at it, 00:30:49.080 --> 00:30:51.160 and they were like, this is nuts. 00:30:51.360 --> 00:30:56.600 And so we'll talk about the list of countries itself in just a second. 00:30:56.720 --> 00:31:01.700 But also, you brought up me and you as an example, but let's do an actual country 00:31:01.700 --> 00:31:05.660 example that I've heard a lot. People have brought up Madagascar, 00:31:05.760 --> 00:31:10.100 which I mentioned earlier, and another poor African country. I forget which one. 00:31:10.240 --> 00:31:15.840 But let's talk Madagascar for a second because I remember the actual examples. 00:31:16.760 --> 00:31:19.220 Madagascar's major export is vanilla. 00:31:19.600 --> 00:31:20.680 Okay? Okay. 00:31:21.420 --> 00:31:24.660 So Madagascar produces a lot of vanilla. 00:31:24.980 --> 00:31:28.220 It's exported all over the world, including the United States, 00:31:28.340 --> 00:31:30.040 which, by the way, the U.S. 00:31:30.180 --> 00:31:33.740 does not have a good climate for growing large amounts of vanilla. 00:31:34.180 --> 00:31:36.260 Or coffee. Or a whole bunch of other things. 00:31:36.400 --> 00:31:40.160 Or a whole bunch of other things. But specifically in this example, we're talking vanilla. 00:31:40.420 --> 00:31:46.680 So the U.S. does not make a lot of vanilla. But we buy lots of vanilla from Madagascar. 00:31:48.400 --> 00:31:54.400 Meanwhile, Madagascar is not exactly a wealthy country. They are not importing 00:31:54.400 --> 00:32:00.480 a lot of American goods because American goods are expensive. 00:32:01.000 --> 00:32:01.600 Yes. 00:32:01.820 --> 00:32:04.920 And so you have a major trade deficit 00:32:04.920 --> 00:32:11.300 where we buy a lot more stuff from Madagascar than they buy from us. 00:32:11.400 --> 00:32:16.140 And so therefore they get like slammed with high tariffs. But like, 00:32:16.260 --> 00:32:22.080 this is not because Madagascar is instituting super high tariffs on American goods. 00:32:22.100 --> 00:32:28.400 This is not because Madagascar is doing like trade practices that are drastically unfair. 00:32:28.400 --> 00:32:29.300 It's because it's the only fucking place we can get vanilla. 00:32:29.820 --> 00:32:30.280 Yeah. 00:32:30.340 --> 00:32:31.340 The only fucking place. 00:32:31.560 --> 00:32:34.580 And they're poor enough not to buy a lot of our stuff. 00:32:34.780 --> 00:32:39.900 It's like, look, it's like you getting, you know, arguing about the trade deficit 00:32:39.900 --> 00:32:41.680 you have with your supermarket. 00:32:42.160 --> 00:32:42.720 Right. 00:32:45.400 --> 00:32:49.460 You know, I buy a lot more from my supermarket than they buy from me. 00:32:49.620 --> 00:32:50.220 That's right. 00:32:50.360 --> 00:32:52.000 I'm just saying. Yeah. 00:32:52.700 --> 00:32:57.420 You know, and here's the other thing that this doesn't consider. Services. 00:32:58.480 --> 00:32:59.880 They didn't count those at all. 00:33:00.080 --> 00:33:04.760 They don't, they're like, they're acting like this is 19, the 1800s. 00:33:05.640 --> 00:33:11.920 It's all goods, no services. And the United States runs a huge services surplus. Okay. Okay. 00:33:12.910 --> 00:33:15.310 And so that didn't even go into consideration. 00:33:17.370 --> 00:33:19.110 Look, the main thing about this 00:33:19.110 --> 00:33:23.670 is Trump must have looked at what some economists did that made sense. 00:33:24.110 --> 00:33:27.030 And from what I can see, said the numbers are too low. 00:33:27.310 --> 00:33:31.090 That's bullshit. We're getting screwed a lot more. And then wanted something 00:33:31.090 --> 00:33:32.410 to give them bigger numbers. 00:33:32.950 --> 00:33:37.170 And somebody went and asked the LLM to do the calculation. They got that. 00:33:37.410 --> 00:33:38.310 Make the list of countries. 00:33:38.790 --> 00:33:42.290 And so this is why we're tariffing penguins and other things. 00:33:42.290 --> 00:33:48.090 And let's talk about that. The list of countries that the LLM came up with is 00:33:48.090 --> 00:33:50.270 the list of internet top level domains. 00:33:50.530 --> 00:33:51.050 Right. 00:33:51.130 --> 00:33:54.490 So we've got uninhabited islands that only have penguins on them. 00:33:54.590 --> 00:33:57.770 We've got islands that only have American military bases. 00:33:58.030 --> 00:34:03.250 We've got we've got territories of countries that are also on the list as their 00:34:03.250 --> 00:34:05.470 own countries. So there's overlap. app. 00:34:06.170 --> 00:34:09.670 Oh, and it's like nobody actually fact-checked this in any way. 00:34:09.910 --> 00:34:14.270 Yeah. And oh, we should add, we should add, there was a 10% minimum as well. So like, well, yes. 00:34:14.410 --> 00:34:15.470 They didn't go with a 10% minimum. 00:34:15.470 --> 00:34:19.270 Even for the countries that actually have surpluses with us, 00:34:19.330 --> 00:34:23.790 and there are some, they still got hit with 10% because that was the absolute 00:34:23.790 --> 00:34:24.750 minimum, no matter what. 00:34:25.270 --> 00:34:29.010 Which is nuts. I mean, it's just, the whole thing is nuts. 00:34:29.390 --> 00:34:35.810 The entire thing is just, And, you know, there was a chart I shared about where 00:34:35.810 --> 00:34:42.310 our tariffs sit vis-a-vis the average tariff in the world, like with this proposal right now. 00:34:42.770 --> 00:34:50.670 It is off the charts. There is no country in the world, let alone one of the 00:34:50.670 --> 00:34:56.690 top, you know, OECD countries, you know, the top 20 that has this kind of level of tariffs. Yeah. 00:34:57.920 --> 00:34:59.120 It's bonkers. 00:35:00.580 --> 00:35:03.880 So let me ask a question. Yes, yeah, go ahead. 00:35:05.160 --> 00:35:06.840 How did the markets take it? 00:35:07.400 --> 00:35:12.160 Wait, wait, we will get to that. I want one thing first. People have been trying 00:35:12.160 --> 00:35:18.060 to play the game of understanding, like, okay, 00:35:18.820 --> 00:35:24.280 option one, Donald Trump just has no idea. 00:35:24.280 --> 00:35:31.820 But I mean, but but pretend for a second that there's some sort of actual logic 00:35:31.820 --> 00:35:36.900 or rationale behind trying to do this or something like this. 00:35:36.980 --> 00:35:41.100 Listen, OK, the logic that I can think of, OK, is because remember, 00:35:41.380 --> 00:35:47.280 he has right now, 60 days into his new presidency. 00:35:47.500 --> 00:35:48.980 I think it's like 72 or something. 00:35:49.240 --> 00:35:51.200 70, whatever. Yeah. So it's OK. Yeah. 00:35:51.660 --> 00:35:52.500 73, 74. 00:35:52.500 --> 00:35:58.880 He has decided that the U.S. has, he has decided that he does not need or want any allies. 00:35:59.420 --> 00:35:59.980 Mm-hmm. 00:36:00.440 --> 00:36:03.620 No country. We need no allies. 00:36:04.100 --> 00:36:11.860 And so, when you start off from that premise, you've got no friends. I want no friends. 00:36:12.900 --> 00:36:18.460 Basically, what he did is kick everybody in the teeth and demand tribute. 00:36:19.540 --> 00:36:24.260 Well, did he even? Because there's been some back and forth on whether or not, 00:36:24.440 --> 00:36:29.400 like, on the one hand, some of his staff were given talking points and went 00:36:29.400 --> 00:36:32.280 out to the media saying, this is not a negotiation. 00:36:32.900 --> 00:36:35.940 This is staying no matter what they do. We don't care what they do. 00:36:36.160 --> 00:36:39.460 Then Donald Trump himself said, we're making deals. 00:36:39.880 --> 00:36:44.640 But bullshit. Come to us with a good deal. And then he reversed himself again. 00:36:45.160 --> 00:36:49.880 And just a few hours ago, posted on Truth Social something about how these are 00:36:49.880 --> 00:36:50.900 permanent no matter what. 00:36:51.870 --> 00:37:00.990 I do think that his main thing is that he's looking for deals. 00:37:01.930 --> 00:37:08.130 So he's looking for one-on-one, whichever country comes and grovels and offers 00:37:08.130 --> 00:37:12.770 all kinds of stuff. And if they do, he'll offer him a little bit of a discount 00:37:12.770 --> 00:37:16.330 on the tariff rate or something like that. He wants to do that. 00:37:17.810 --> 00:37:23.430 Obviously, he likes to think that way. He likes to force things into that transactional mode. 00:37:23.770 --> 00:37:29.870 But at the same time, they keep also talking about how, hey, 00:37:29.930 --> 00:37:35.570 look, yes, the goal here is to fundamentally, from the ground up, 00:37:36.110 --> 00:37:37.970 change the international order. 00:37:38.530 --> 00:37:42.450 I think, listen, they don't like free trade. They don't want free trade. 00:37:42.610 --> 00:37:45.230 They want everybody to be insular in their own country. 00:37:45.470 --> 00:37:50.390 I mean, how they could go a step further and just make importing things illegal. 00:37:51.090 --> 00:37:54.050 I mean, I don't know how we will live as a country. 00:37:54.650 --> 00:38:00.450 There are many things that we rely on solely imported. This is the whole problem 00:38:00.450 --> 00:38:01.630 with this whole damn thing. 00:38:03.830 --> 00:38:12.290 I do think that this is, he wants to use this as some kind of negotiating cruddle 00:38:12.290 --> 00:38:18.230 because he always wants, he always talks about how he's such a great deal maker. That's his shtick. 00:38:18.230 --> 00:38:21.010 And he's talking about who has the cards and things like that. 00:38:21.010 --> 00:38:28.290 Who has the cards! That's always his shtick. So, and I do think that he's, like, right now... 00:38:29.550 --> 00:38:30.070 I... 00:38:31.110 --> 00:38:37.410 I do think here, I will say that I do think he's going to start negotiating with some countries. 00:38:37.750 --> 00:38:42.210 I do think that he doesn't want to back off on a big chunk of this, 00:38:42.230 --> 00:38:50.410 but I will tell you that the reality is that if he doesn't remove a big chunk of this, we're fucked. 00:38:50.970 --> 00:38:57.730 Well, I've heard a lot of people. Yes. I've heard a lot of people say essentially we're fucked anyway. 00:38:58.170 --> 00:39:01.030 Because there's levels of fucked. Okay. 00:39:02.690 --> 00:39:07.430 There are different levels. The point these people had is even if he takes them 00:39:07.430 --> 00:39:11.390 off, given the history, how does anybody know he doesn't just change his mind 00:39:11.390 --> 00:39:12.550 tomorrow and put them back? 00:39:12.730 --> 00:39:13.890 No, no, no. I get that. 00:39:14.490 --> 00:39:21.330 But yes, keeping them on forever is worth. Well, there is the other thing. 00:39:21.730 --> 00:39:25.990 I just want to say one thing to our audience. I have decided at this point, 00:39:26.370 --> 00:39:32.690 like 40 some minutes into our recording, that I am not going to attempt to edit out Yvonne coughing. 00:39:34.150 --> 00:39:38.330 Like the automated system will either remove what it does or not remove what 00:39:38.330 --> 00:39:41.590 it does. Like he's coughing on average once a minute. 00:39:41.850 --> 00:39:42.630 I'm sorry. 00:39:42.890 --> 00:39:44.010 I'm like, screw it. 00:39:44.030 --> 00:39:48.550 What am I going to do? Let me cancel again for another week. I was at whatever now. 00:39:48.670 --> 00:39:52.190 No, no, I know. So I'm just saying, so if you've been hearing Yvonne cough in 00:39:52.190 --> 00:39:54.290 this whole time, I apologize. 00:39:54.470 --> 00:39:57.910 I just do not have time to deal with that when I edit this time around. 00:39:58.090 --> 00:40:02.970 If you are not hearing it, thank the wonders of my post-processing, 00:40:03.130 --> 00:40:05.550 like recognizing that it's a noise and getting rid of it. 00:40:05.710 --> 00:40:09.010 But either way, it's not me. So, okay, go ahead. 00:40:09.790 --> 00:40:13.550 Well, it's not me removing the coughing, if anything is removed. 00:40:13.670 --> 00:40:16.750 And if it's there, sorry, Yvonne's sick. What can I say? 00:40:17.790 --> 00:40:25.610 It's just well there is one thing that can there are that can stop this more 00:40:25.610 --> 00:40:32.630 decisively in terms of the tariffs yeah which is congress can act okay congress 00:40:32.630 --> 00:40:35.930 could and the reality is that at some point, 00:40:36.580 --> 00:40:38.620 Look, this is so recessionary. 00:40:38.660 --> 00:40:47.060 I have seen more nervous looking Republicans in the last few days than I have in years. 00:40:47.340 --> 00:40:47.740 In years. 00:40:48.220 --> 00:40:59.740 This is so recessionary. The last time even close to this was the Access Hollywood tape in 2016. 00:41:00.260 --> 00:41:04.000 Like when you had a whole bunch of Republicans go like, oh crap, 00:41:04.400 --> 00:41:06.960 maybe this isn't going to work. We have to ditch this guy. 00:41:07.140 --> 00:41:12.680 Now, they're not saying that quite that openly right now, but this is but you 00:41:12.680 --> 00:41:15.700 see them in the halls where people are asking him the questions and they're 00:41:15.700 --> 00:41:17.980 running away scared and not answering the question. 00:41:18.300 --> 00:41:19.400 They don't have any. 00:41:19.660 --> 00:41:26.280 And there are there are a handful. There was a bill related to this that passed 00:41:26.280 --> 00:41:31.340 in the Senate with all the Democrats plus four Republicans. 00:41:31.760 --> 00:41:35.220 Right. You know, that was probably that was before this shit show. 00:41:35.660 --> 00:41:36.920 They got four Republicans. 00:41:37.400 --> 00:41:37.940 Yes. 00:41:38.060 --> 00:41:43.340 Okay. And I can see how quickly, look, with what the market is happening. 00:41:43.700 --> 00:41:50.360 I think it's useful. It was Rand Paul, Mitch McConnell, and the two women. 00:41:50.680 --> 00:41:53.040 Oh, Murkowski and Collins. 00:41:53.300 --> 00:41:57.340 And Murkowski and Collins. That was the four. And it's sort of like if you had 00:41:57.340 --> 00:42:00.020 to predict four on this issue, that's who you would have predicted. 00:42:00.020 --> 00:42:08.220 But the fact that you could even do that, like it got to, they actually voted on it and it passed. 00:42:08.400 --> 00:42:14.740 It's like, whoa, who would, you know, and you see, you know, 00:42:15.180 --> 00:42:19.180 you see this hesitancy, you see people sort of in panic mode. 00:42:19.180 --> 00:42:25.400 And you can see, again, this is the kind of thing where, as we started this 00:42:25.400 --> 00:42:30.800 show, this gets people's attention in a way that nothing else does. 00:42:32.380 --> 00:42:38.700 You already had Republicans afraid of going to town halls because people were showing up. 00:42:38.780 --> 00:42:42.800 Can you imagine going to a town hall like in a month with all these tariffs 00:42:42.800 --> 00:42:44.560 in place? They're going to the supermarket. 00:42:44.740 --> 00:42:47.540 They're going everywhere. Prices are through the roof. They can't buy a fucking 00:42:47.540 --> 00:42:50.740 car. They can't, you know, they're shopping at cars. 00:42:50.920 --> 00:42:54.320 All the car prices go on, you know, because by the way, this is also driving 00:42:54.320 --> 00:42:56.120 up used car prices. Okay. 00:42:56.540 --> 00:43:00.800 It's not even just new car prices. Okay. It's driving all car prices up. Okay. 00:43:01.400 --> 00:43:04.760 you know how many people are going to show up basically you know burning these 00:43:04.760 --> 00:43:07.080 people in effigy like right now over this. 00:43:07.080 --> 00:43:10.460 Well and and this is the thing that like it's not 00:43:10.460 --> 00:43:14.000 it's not just the democrats showing 00:43:14.000 --> 00:43:19.060 up for these things they're mad at this it's there it's it's it's die hard mega 00:43:19.060 --> 00:43:27.960 folks who are getting upset because this is not what they wanted now again if 00:43:27.960 --> 00:43:32.400 they paid freaking attention and actually believed what Donald Trump said, 00:43:33.320 --> 00:43:35.020 it should have been what they expected. 00:43:36.000 --> 00:43:41.500 No, because listen, I still can't forget this guy who was at the airport, 00:43:41.760 --> 00:43:47.780 who was some MAGA guy that worked a ramp at the airport. He was talking about 00:43:47.780 --> 00:43:50.560 how he's bringing in this genius. 00:43:50.820 --> 00:43:53.420 They're going to go through everything, and he's going to make the economy. 00:43:53.580 --> 00:43:56.540 He's going to cut our taxes, and we're going to be richer, blah, blah, blah. 00:43:56.660 --> 00:44:01.680 I'm like, what What kind of delusional bastard are you? 00:44:01.900 --> 00:44:06.800 I mean, they're all, I mean, they all, I, here's, you've got this one group 00:44:06.800 --> 00:44:08.320 in Wall Street, one group in 00:44:08.320 --> 00:44:11.280 Wall Street that was like, ah, he's going to deregulate and cut our taxes. 00:44:12.260 --> 00:44:16.060 And, you know, the tariffs left time, eh, they weren't so bad, 00:44:16.260 --> 00:44:18.400 whatever. He just got in a trade war with China. It's no big deal, 00:44:18.520 --> 00:44:19.600 whatever. Ah, we can deal with this. 00:44:20.200 --> 00:44:25.700 But if we get our tax cuts and deregulation, we're good to go. And then, 00:44:26.630 --> 00:44:30.250 You know, that's not what happened. I mean, this guy is an idiot. 00:44:30.730 --> 00:44:37.910 This guy is a fucking idiot. You know, this entire fantasy where he thinks, 00:44:38.090 --> 00:44:40.790 you know, they're saying that somehow, magically, what? 00:44:41.050 --> 00:44:44.570 In a year or two, we're going to get all this manufacturing back. No! 00:44:45.230 --> 00:44:51.430 No! No, by the way, it's never all coming back. You can get some, but not a lot. 00:44:51.570 --> 00:44:55.510 Well, and people also point out, this is important too, people also point out. 00:44:55.510 --> 00:45:00.530 I mean, the Biden administration got some manufacturing to come back to the U.S. 00:45:00.850 --> 00:45:03.490 Well, they were doing it in a way that makes sense. 00:45:03.690 --> 00:45:07.470 Well, because the key component is- Because it takes time. Well, it takes time. 00:45:07.550 --> 00:45:11.610 But also the thing that's completely missing that Biden did is like, 00:45:12.150 --> 00:45:16.250 okay, you also offer incentives- Incentives. 00:45:16.530 --> 00:45:19.510 For the manufacturing to be done. 00:45:20.090 --> 00:45:22.170 Right. You make it- Because it takes a big investment. 00:45:22.390 --> 00:45:26.710 It takes a big investment. So you offer commitments and incentives and you're 00:45:26.710 --> 00:45:30.830 going to get tax breaks and we're going to subsidize and you'll get a loan at 00:45:30.830 --> 00:45:33.650 a good rate, whatever you or, you know. 00:45:33.770 --> 00:45:38.110 And there is no program for that. As a matter of fact, this administration has been killing. 00:45:38.470 --> 00:45:38.830 Yes. 00:45:39.010 --> 00:45:42.790 I mean, the shit that Biden had done, which is helping to bring some manufacturer 00:45:42.790 --> 00:45:43.870 back. He's killing that. 00:45:44.110 --> 00:45:46.870 That was a big part of both of 00:45:46.870 --> 00:45:51.830 those two big initiatives, the Inflation Reduction Act and the CHIPS Act. 00:45:52.010 --> 00:45:52.310 Right. 00:45:52.310 --> 00:46:00.470 Both had significant components about encouraging manufacturing in the United States. 00:46:00.650 --> 00:46:04.410 And a lot of plants had been built, being built, and shit was moving and happening. 00:46:04.610 --> 00:46:08.250 Now, a lot of the Republicans didn't like it because a lot of it was tied to, 00:46:08.250 --> 00:46:10.790 like, clean energy stuff instead of fossil fuels. 00:46:10.850 --> 00:46:14.670 But they were bringing fucking jobs. But here's the thing. You know, 00:46:14.930 --> 00:46:17.850 what are, what the fuck are we going to bring back? Making t-shirts? 00:46:18.770 --> 00:46:23.730 Is that what we're going to fucking bring back? What? Are we going to pay $100 for a t-shirt now? 00:46:24.050 --> 00:46:26.270 They want to bring everything back, Yvonne. Everything. 00:46:26.670 --> 00:46:31.470 I mean, you know, what are we doing? You know? 00:46:31.710 --> 00:46:36.550 Well, that's key to this, too, and why it ties to inflation as well is because, 00:46:37.490 --> 00:46:44.110 yeah, like, even if you brought the stuff back, it's going to be a lot more expensive. 00:46:45.170 --> 00:46:49.290 Listen manufacturing employment in the united states had 00:46:49.290 --> 00:46:53.530 dropped steadily since the 1960s okay 00:46:53.530 --> 00:47:00.690 this isn't the new thing it started flattening out somewhat you know but it 00:47:00.690 --> 00:47:06.230 had been it had been going down one part of the reason is it's not because automation 00:47:06.230 --> 00:47:11.070 okay that we you don't need that many people to manufacture a whole bunch of 00:47:11.070 --> 00:47:12.890 stuff like we used to okay yeah Yeah. 00:47:13.050 --> 00:47:17.110 It's like even if you bring back the manufacturing, it doesn't mean bringing back all the jobs. 00:47:17.670 --> 00:47:23.230 Right. Same thing was with, you know, I hear people grieving for small farm 00:47:23.230 --> 00:47:25.110 towns. Well, here's the problem, too. 00:47:25.750 --> 00:47:29.570 You know, farming doesn't require as many people as it used to either. 00:47:30.150 --> 00:47:35.170 We have more farming output than we've ever had with a lot less people working 00:47:35.170 --> 00:47:37.850 the farms. And a lot of those people moved cities. 00:47:38.450 --> 00:47:42.470 That's why the small towns died because people decided that they didn't want 00:47:42.470 --> 00:47:46.470 to live in the, you know, out in farm country. 00:47:46.690 --> 00:47:50.050 They prefer to live in the city because that's also where there were jobs because 00:47:50.050 --> 00:47:53.690 we didn't need that many people to farm because technology changed. 00:47:53.690 --> 00:48:01.750 and so you know technology changed but you know it's like you want to bring it's like yvonne steel. 00:48:01.750 --> 00:48:03.710 Is coming back to pittsburgh any day now. 00:48:03.710 --> 00:48:10.810 You know what that steel output has been flat in the u.s for the last 30 40 00:48:10.810 --> 00:48:14.130 years but employment is down like a ton okay, 00:48:14.990 --> 00:48:18.170 again technology same shit whatever and people 00:48:18.170 --> 00:48:21.310 keep forgetting it's just the whole damn thing oh 00:48:21.310 --> 00:48:24.110 they're taking advantage of us or whatever we were much better after 00:48:24.110 --> 00:48:27.270 in the 1950s and 60s in terms of manufacturing employment yes 00:48:27.270 --> 00:48:33.410 you know why because japan was decimated the uk was decimated europe was decimated 00:48:33.410 --> 00:48:37.770 all their fucking factories are fucking flattened by fucking wars okay china 00:48:37.770 --> 00:48:45.390 didn't exist it was communist russia too you know none of those existed None of it. 00:48:45.990 --> 00:48:56.370 We, the United States, benefited outlandishly from the absence of that infrastructure post-World War II. 00:48:56.810 --> 00:49:00.510 That is how all of a sudden we became so dominant. 00:49:00.650 --> 00:49:06.030 But the reality is that those countries couldn't stay down like that for the rest of their life. 00:49:06.550 --> 00:49:10.250 What? Korea was going to stay poor? Japan as well? 00:49:11.070 --> 00:49:17.610 China? What? I mean, this is part of the economic development of the world. 00:49:17.730 --> 00:49:20.870 And the reality is, yes, it had an impact in the U.S., but at the same time, 00:49:21.130 --> 00:49:24.570 the problem in the United States hasn't been that during that time, 00:49:24.670 --> 00:49:27.410 there hasn't been economic growth and there hasn't been jobs because a lot of 00:49:27.410 --> 00:49:29.770 jobs have been generated over that time. The jobs are different. 00:49:30.110 --> 00:49:36.010 But the reality is that a lot of people without the skill sets that this new economy needed, 00:49:36.030 --> 00:49:38.870 well you know they didn't 00:49:38.870 --> 00:49:41.570 the republic especially you know the republicans didn't give a 00:49:41.570 --> 00:49:44.470 shit about helping any of these people okay let's be clear about 00:49:44.470 --> 00:49:47.370 this yeah they i mean i mean 00:49:47.370 --> 00:49:50.310 reagan couldn't give two flying fucks about these people he fired you 00:49:50.310 --> 00:49:53.090 know it's like the air traffic controllers like he fired them for 00:49:53.090 --> 00:49:55.910 example and like all these people mourning in america 00:49:55.910 --> 00:49:58.630 blah blah blah look the 1980s was was one of 00:49:58.630 --> 00:50:02.090 the worst eras for union unionized employees 00:50:02.090 --> 00:50:04.950 in america factories kept shutting down one after 00:50:04.950 --> 00:50:09.230 the other and it's not like i mean you know you had that documentary by what's 00:50:09.230 --> 00:50:13.450 his name roger and me for example uh the suffering of all the gm employees and 00:50:13.450 --> 00:50:18.070 the downsizing of gm and factories and how work was gone and the reality is 00:50:18.070 --> 00:50:22.610 that the gop didn't give these people anything what do you got tax cuts. 00:50:23.480 --> 00:50:29.380 We got more fucking tax cuts, okay? And, you know, it's just one of these things 00:50:29.380 --> 00:50:33.680 where our problem isn't about that the country doesn't have enough wealth. 00:50:34.020 --> 00:50:42.120 Our problem has been since the 1970s that wealth has started to be more unequally 00:50:42.120 --> 00:50:44.000 distributed than it's ever been. 00:50:44.320 --> 00:50:48.480 You know, in about 100 years, that's the fucking problem. It's got nothing to 00:50:48.480 --> 00:50:49.600 do about us having the money. 00:50:50.060 --> 00:50:54.920 Yeah, I mean, you also mentioned the fact that, like, they pretend like services don't exist. 00:50:55.620 --> 00:50:59.580 Oh, yeah, they pretend like fucking, and that's the thing, because all the fucking jobs were created. 00:50:59.820 --> 00:51:03.680 You know, yeah, we don't make the fucking iPhones, but you have all the people 00:51:03.680 --> 00:51:08.000 that design them, that do the marketing, that do, you know, set up the sales structure. 00:51:08.220 --> 00:51:11.360 You know, a company like Apple, most of the, you know, the majority of their 00:51:11.360 --> 00:51:17.720 employees are in the U.S., but 60% of their sales happen outside the U.S., okay? 00:51:18.300 --> 00:51:22.620 I remember when I was at HB, same thing. HB, you know, we had like more than 00:51:22.620 --> 00:51:24.280 50% of employees in the United States. 00:51:24.420 --> 00:51:28.980 Only like 25% of sales came from the United States. 00:51:29.100 --> 00:51:35.480 And you look at that across the, you look at the top 10 companies in the Fortune, 00:51:35.940 --> 00:51:38.860 Global Fortune 1000. Nine of them are American. 00:51:39.340 --> 00:51:41.060 Nine. Nine out of 10. 00:51:41.800 --> 00:51:49.640 Nine out of 10. And all of those make so much profit. It's insane. 00:51:50.420 --> 00:51:55.500 And that, yes, so we don't get, you know, yeah, we look at this merchandise 00:51:55.500 --> 00:51:58.160 deficit. But fuck, man, the capital. 00:51:59.260 --> 00:52:04.060 We're taking the fucking capital from everybody in the fucking world. 00:52:04.720 --> 00:52:08.560 Everybody invests here. That's where they, well, they used to. 00:52:08.840 --> 00:52:10.140 Yeah, I was about to say. 00:52:10.820 --> 00:52:14.760 Everybody came here to fucking invest and put their damn money and put in American 00:52:14.760 --> 00:52:17.360 companies because they were the ones that, and oh, by the way, 00:52:17.480 --> 00:52:20.360 because putting their money in the U.S. was more secure than being anywhere else. 00:52:20.920 --> 00:52:26.860 Well, this asshole thinks that all of that is bullshit. Then we need to go back to making T-shirts. 00:52:27.500 --> 00:52:29.700 Yep. And furniture. 00:52:30.740 --> 00:52:33.200 T-shirts and furniture. And pay people $6, $7 an hour. 00:52:33.760 --> 00:52:34.160 Yes. 00:52:34.420 --> 00:52:37.440 No machinery. It's all manual. We'll just, you know, we'll just build a factory 00:52:37.440 --> 00:52:43.220 with a thousand fucking people paying $6, $7 an hour. Build sweatshops of people working 20 hours a week. 00:52:44.010 --> 00:52:47.930 That will, that will satisfy people. That will make people, that will make America 00:52:47.930 --> 00:52:50.370 great again. And what the fuck is wrong with these people? 00:52:51.770 --> 00:52:56.110 Exactly. With that, why don't we take a break and let's pivot. 00:52:56.270 --> 00:53:00.290 Chat GPT Ivan cannot get angry like that. I noticed. 00:53:00.470 --> 00:53:02.690 No, no. Yvonne GPT. 00:53:02.690 --> 00:53:07.150 He was very, very, he was very, very acquiescing of you. 00:53:07.370 --> 00:53:11.610 He would go and he would like go and you would say, he would pick a topic and 00:53:11.610 --> 00:53:14.010 then it would say, Sam, what do you think about this topic? 00:53:14.230 --> 00:53:17.730 And then you would say it, and then he would very pleasantly just agree with 00:53:17.730 --> 00:53:21.650 you, summarize everything you said in a very agreeable tone. 00:53:22.430 --> 00:53:27.270 Absolutely. You know, Yvonne GPT knew who was right, you know? 00:53:27.390 --> 00:53:27.750 Yes! 00:53:29.890 --> 00:53:30.410 Totally! 00:53:31.730 --> 00:53:38.270 Yeah, so I think that they have a little bit more work to do to properly simulate you, Yvonne. 00:53:39.670 --> 00:53:43.510 I will admit that At the end, the jokes he cracked were pretty good. 00:53:44.870 --> 00:53:47.050 I was impressed with the jokes. 00:53:47.610 --> 00:53:53.390 Okay. Okay. Laughing about the camel or whatever. Yes. Skydiving camel. 00:53:53.750 --> 00:53:56.170 Yes. That was good. That was pretty good. 00:53:57.530 --> 00:54:04.910 Okay. So let's take a break and let's pivot from sort of what Donald Trump did 00:54:04.910 --> 00:54:10.610 and what he was trying to accomplish, which is obviously failing, to the reaction. 00:54:10.610 --> 00:54:14.310 Wait, wait, wait. He doesn't think it's failing. He doesn't think it's failing. 00:54:14.510 --> 00:54:17.490 By the way, he's out fucking playing golf. 00:54:17.730 --> 00:54:21.190 I said, which is obviously failing, not that he realizes is failing, 00:54:21.210 --> 00:54:24.070 but let's pivot to all the consequences. 00:54:24.490 --> 00:54:31.910 That motherfucker was out playing fucking golf as the stock market had its two worst days. 00:54:33.070 --> 00:54:38.710 I don't know, two worst consecutive days in the last hundred plus years? 00:54:39.470 --> 00:54:43.130 Was it that? I thought there were some that were in early 2020 that were. 00:54:43.290 --> 00:54:45.270 The two worst consecutive days. 00:54:45.650 --> 00:54:46.250 Oh, consecutive. Okay. 00:54:46.850 --> 00:54:49.790 Okay. Those were the two worst consecutive days. 00:54:49.810 --> 00:54:54.350 Well, it would have had to been since 89 or whatever. Because that was a 25% drop in one day. 00:54:54.370 --> 00:54:58.710 The two others, the only two that were worse was 1929 and 1988. 00:54:59.310 --> 00:55:02.230 That's it. Yeah. Black Monday in 89. 00:55:03.350 --> 00:55:04.490 I was a year off. 00:55:04.750 --> 00:55:05.730 It was Black Monday, 88. 00:55:06.010 --> 00:55:10.370 Yeah. Yeah. Okay. We'll take a break. We will be back and then we'll talk all 00:55:10.370 --> 00:55:12.890 the consequences. We'll talk more about the political consequences. 00:55:13.090 --> 00:55:15.910 We'll talk about the stock market. We'll talk about in general, 00:55:16.070 --> 00:55:18.190 the economy, inflation, all this stuff. 00:55:18.310 --> 00:55:22.890 We touched on those, but we'll, we'll, we'll hit, we'll pivot more to that. 00:55:23.490 --> 00:55:25.130 Sound good. Sound good. 00:55:25.910 --> 00:55:30.090 Okay. We are one, two, three, four, five, six, seven, eight break. 00:55:30.290 --> 00:55:31.510 Number eight. Here we go. 00:56:07.960 --> 00:56:09.140 You know, so wait. 00:56:09.220 --> 00:56:10.220 Wait, I just want to wait. 00:56:10.260 --> 00:56:10.920 Wait, wait, wait, wait. 00:56:11.020 --> 00:56:11.640 Okay, go ahead. 00:56:11.940 --> 00:56:15.740 There was a joke that I was remembering that this whole thing reminded me of. 00:56:16.320 --> 00:56:18.420 There's this part in Good Morning Vietnam. 00:56:19.060 --> 00:56:19.360 Okay. 00:56:19.480 --> 00:56:22.240 We're in a movie. Good Morning Vietnam. Robin Williams gets suspended, 00:56:22.620 --> 00:56:24.080 you know, for a joke that he made on the air. 00:56:24.140 --> 00:56:25.880 I'm sure it's on my list. I'll add it. 00:56:26.020 --> 00:56:26.700 For God's sake. 00:56:26.720 --> 00:56:27.140 I'll make sure. 00:56:27.480 --> 00:56:33.700 There is a scene where, where Robin Williams gets suspended from the radio station. His, his boss. Okay. 00:56:34.280 --> 00:56:38.140 Goes and takes over his show. Now, his show was hilarious, comedic. 00:56:38.580 --> 00:56:44.800 And this guy, his boss decides that he's going to do a comedy show instead in his style of comedy. 00:56:45.100 --> 00:56:52.080 And this was just the worst, the worst, just not funny, just ridiculously bad show. 00:56:52.340 --> 00:56:57.440 Okay, all right? And everybody that's producing him and whatever are looking at him doing this. 00:56:57.580 --> 00:57:00.700 And everybody is just aghast. just just you see 00:57:00.700 --> 00:57:03.400 people standing around the radios around yitnam or 00:57:03.400 --> 00:57:06.440 whatever listening to this just just just ridiculous thing 00:57:06.440 --> 00:57:11.240 and they're just like what the fuck and and they get to a commercial they get 00:57:11.240 --> 00:57:14.360 to a break you know they do little ads public service ads or whatever because 00:57:14.360 --> 00:57:18.480 it's armed force armed forces radio television service and the guys look at 00:57:18.480 --> 00:57:23.580 them are you planning on continuing with this show and that's what i'm i'm expecting 00:57:23.580 --> 00:57:25.860 isn't somebody you know somebody at some point, 00:57:26.020 --> 00:57:31.040 you know, she's going to show up in the Oval Office and as the stock market 00:57:31.040 --> 00:57:34.360 will drop again on Monday, probably, unfortunately. Okay, all right? 00:57:35.200 --> 00:57:38.180 I'm going to wind up with a fucking ulcer at this rate, okay? 00:57:38.540 --> 00:57:42.580 And I'm like, they're going to have that on there, and I'm like, 00:57:43.440 --> 00:57:50.620 Are we going to just keep doing this until we just crash into the ground? Is that your plan? 00:57:51.180 --> 00:57:57.940 Yeah. So the one thing I was going to say, because the break was about a video channel, 00:57:58.220 --> 00:58:03.980 was that the one immediate consequence that has been reported of the tariffs 00:58:03.980 --> 00:58:09.460 is that apparently China was about to make the deal on TikTok, 00:58:10.040 --> 00:58:15.100 but then the tariffs came off and they backed out of the deal and Trump extended 00:58:15.100 --> 00:58:20.240 it another 75 days even though he's got no legal right to do so and so you know 00:58:20.240 --> 00:58:26.300 the tariffs saved TikTok sort of kind of well I don't really saved. 00:58:26.300 --> 00:58:28.720 It but not I mean I don't know if they're gonna make a deal I mean. 00:58:28.720 --> 00:58:32.340 They were gonna make a deal and then they didn't make a deal but then it was. 00:58:32.340 --> 00:58:33.200 Not like it wasn't gonna. 00:58:33.200 --> 00:58:35.160 And of course Donald Trump was 00:58:35.160 --> 00:58:38.800 saying that they were about to make a deal doesn't really mean they were. 00:58:40.120 --> 00:58:45.660 But anyway, yeah, no. So let's let you started with the market reaction. 00:58:45.960 --> 00:58:52.400 Let's the market obviously is tanked. As you said, the worst two consecutive days in like forever. 00:58:54.020 --> 00:58:59.920 So what are we seeing with like, let's answer the question that you just said, 00:58:59.920 --> 00:59:01.540 how long can this continue? 00:59:01.680 --> 00:59:06.920 Like if Donald Trump doubles down and says, no, I did fucking mean it. 00:59:06.920 --> 00:59:11.500 Yes, it's going to be painful, but all of these tariffs stay. 00:59:12.080 --> 00:59:16.720 Even if the countries come and grovel, it doesn't matter. They all stay. 00:59:17.020 --> 00:59:20.200 I'm not negotiating. This isn't part of making a deal. 00:59:20.400 --> 00:59:26.640 I just think this is the way the world should be, and leaves it this way. How does that play out? 00:59:28.060 --> 00:59:34.660 I, you know, we're on, we're on uncharted territory here, you know, 00:59:34.740 --> 00:59:41.340 because this is, I mean, this is self-inflicted. All right. 00:59:41.800 --> 00:59:49.500 You know, we've had other times when I still remember, like during the 2008, 00:59:50.360 --> 00:59:57.880 right, where the stock market would accelerate down because basically the policy 00:59:57.880 --> 01:00:02.080 prescriptions that they were saying just weren't going to do anything. 01:00:02.080 --> 01:00:04.000 But they were dealing with a crisis. 01:00:04.200 --> 01:00:06.980 OK, already. All right. I mean, there was a crisis. 01:00:08.310 --> 01:00:10.710 Remind us what was going on in 2008. 01:00:10.970 --> 01:00:17.810 Well, in 2008, this was a moment that all of a sudden we started realizing that 01:00:17.810 --> 01:00:23.430 a lot of the big banks and investment banks were insolvent. Okay? 01:00:23.590 --> 01:00:23.850 Right. 01:00:24.010 --> 01:00:27.330 They were insolvent because they had been... 01:00:27.330 --> 01:00:29.290 Overextending on bad loans, basically. 01:00:29.530 --> 01:00:33.170 Well, not exactly. 01:00:33.170 --> 01:00:36.310 What happened was that they had, 01:00:36.570 --> 01:00:44.490 in the early 2000s, had passed a rule that basically said that there was no 01:00:44.490 --> 01:00:50.210 limitation in how much leverage an investment bank needed to hold. 01:00:50.950 --> 01:00:55.370 So what that motivated you to do is take lots of risks. 01:00:56.330 --> 01:00:58.890 Well, it's not just take lots of risk. It was like almost like, 01:00:59.170 --> 01:01:02.990 you know, you're instead of like, say, you know, you buy a house. 01:01:03.310 --> 01:01:07.670 They were most of these were on collateralized mortgage bonds. 01:01:08.070 --> 01:01:11.410 OK, you know, they were doing the CMBS. 01:01:11.570 --> 01:01:16.370 These were these were packaged bonds that packaged mortgages. 01:01:16.810 --> 01:01:22.670 So they were looking at them like the same way as the mortgage on your house, 01:01:22.670 --> 01:01:27.490 where we would go up to 95 percent in large part, because that's your primary 01:01:27.490 --> 01:01:29.050 home. We do underwriting. 01:01:29.730 --> 01:01:33.690 We're pretty confident. Most people don't walk away from their primary home. 01:01:33.810 --> 01:01:35.070 But back then, we were writing. 01:01:35.550 --> 01:01:39.370 A lot of it were writing shit. And they were saying that all of these were AAA rated. 01:01:39.610 --> 01:01:43.550 So, okay, they're AAA rated. So I can write as many of these as I want. 01:01:43.690 --> 01:01:45.330 And because of that, I can borrow. 01:01:46.710 --> 01:01:50.950 99, you know, because what I'll do is, instead of like before, 01:01:51.110 --> 01:01:54.850 where maybe we do a few billion here, a few billion there, fuck this. 01:01:55.430 --> 01:02:01.990 We'll carry a trillion dollars. Okay. And we'll borrow 980 billion. 01:02:02.450 --> 01:02:04.050 Okay. All right. 01:02:04.390 --> 01:02:04.810 Yeah. 01:02:04.970 --> 01:02:10.210 Well, okay. Now the thing is that at that level, you're going to be making a 01:02:10.210 --> 01:02:14.330 lot more profits supposedly because these things are like rock solid AAA. 01:02:14.790 --> 01:02:17.630 And instead of like just buying 10 billion, you're, you're doing a, 01:02:17.830 --> 01:02:20.650 you know, you're doing all of that volume. So you're, you know, 01:02:20.710 --> 01:02:25.690 you're, you're doing volume basically and taking the maximum risk because it's AAA rated. 01:02:26.050 --> 01:02:31.810 The problem is that people started digging through them and they weren't AAA rated. 01:02:32.110 --> 01:02:35.110 And so when all of a sudden you realize they weren't AAA rated, 01:02:35.390 --> 01:02:42.850 all you needed was those fucking, you know, securities to drop in value by 5% 01:02:42.850 --> 01:02:46.050 and they would wipe out a Wall Street firm. 01:02:46.290 --> 01:02:51.150 The losses would be so large that they did not have sufficient equity to cover them. 01:02:51.950 --> 01:02:56.530 And so that was happening... repeatedly, over and over. 01:02:56.870 --> 01:03:03.330 We had these... And then you had... The other thing was that some were selling... 01:03:04.120 --> 01:03:07.400 these default swaps okay basically 01:03:07.400 --> 01:03:10.740 it was like insurance you sold insurance on 01:03:10.740 --> 01:03:13.360 the default and well it's all 01:03:13.360 --> 01:03:17.900 triple a rated we'll never have to pay out on these so we'll write and we'll 01:03:17.900 --> 01:03:22.640 sell a hundred billion of this shit and the notional value behind it is a couple 01:03:22.640 --> 01:03:28.800 of trillion okay well guess what they started going bad so they started calling 01:03:28.800 --> 01:03:31.640 these and so all of a sudden AIG also got, 01:03:31.960 --> 01:03:35.140 AIG, GE had some of these on their books. 01:03:35.720 --> 01:03:38.400 I mean, so many of the bottom line. 01:03:38.620 --> 01:03:43.280 Bottom line, I want to get us back. We were, we were, there was a bottom line is that this was. 01:03:43.400 --> 01:03:49.620 This was a real crisis because you had a significant number of the banking and 01:03:49.620 --> 01:03:51.160 financial institutions that were, 01:03:51.300 --> 01:03:54.180 that were there with basically that their, 01:03:54.320 --> 01:03:57.040 their equity was going to be completely wiped out they would 01:03:57.040 --> 01:04:00.160 be completely insolvent okay and that's 01:04:00.160 --> 01:04:03.020 what started precipitating the crisis because all of a sudden people started hitting 01:04:03.020 --> 01:04:05.980 the exits let's try to sell this shit and we started hitting 01:04:05.980 --> 01:04:08.640 the exits well guess what you think everybody wanted to buy those at 01:04:08.640 --> 01:04:13.160 100 100 cents on the dollar no what started happening they started getting quotes 01:04:13.160 --> 01:04:20.240 90 cents 80 cents 70 cents 60 cents 50 cents it it just bankrupted you know 01:04:20.240 --> 01:04:25.380 all of that so that's how that crisis started it It was deregulation under the 01:04:25.380 --> 01:04:26.840 Bush administration that started that. 01:04:27.060 --> 01:04:31.720 A lot of people blame supposedly low-income housing. 01:04:31.980 --> 01:04:35.460 That was very little of that. For the most part, the biggest problem was just, 01:04:36.020 --> 01:04:39.920 you had so many people that were going and borrowing 20, 30, 01:04:40.990 --> 01:04:44.890 you know, they were taken out. They were like mortgage moguls because the banks 01:04:44.890 --> 01:04:47.290 weren't even they weren't even underwriting the loans. 01:04:47.390 --> 01:04:49.630 They were just like, look, if you're you know, they said if you could fog a 01:04:49.630 --> 01:04:50.810 mirror, you borrow money. 01:04:51.110 --> 01:04:54.450 Literally, I heard this said if you showed up and you could fog a mirror, 01:04:54.630 --> 01:04:56.550 you'd get you know, you'd get a loan. That's it. 01:04:56.990 --> 01:05:00.590 That's all. That's the only requirement. And I'm sure they also load money to that people. 01:05:00.710 --> 01:05:02.330 So now, of course. 01:05:02.750 --> 01:05:07.930 But but that was, you know, but but so so there was a crisis. 01:05:08.130 --> 01:05:10.730 It was a complex crisis that required a lot of, 01:05:12.930 --> 01:05:16.670 it required a lot of maneuvering in order to to get through that and you have 01:05:16.670 --> 01:05:18.730 to come up with a few different solutions but there. 01:05:18.730 --> 01:05:21.610 Was a crisis that started and it still hurt quite a lot 01:05:21.610 --> 01:05:28.590 but they managed to sort of make it so that it was just bad instead of existential 01:05:28.590 --> 01:05:32.590 like people were worried that correct people were worried that if it didn't 01:05:32.590 --> 01:05:37.270 if it got completely out of control we'd be at something worse than the great 01:05:37.270 --> 01:05:40.410 depression in the 1920s and 30s yes um 01:05:40.730 --> 01:05:44.490 But instead, we got the Great Recession, or whatever. 01:05:44.650 --> 01:05:45.410 It was bad. 01:05:45.790 --> 01:05:49.810 That was still bad. Just not as bad as it could have been. 01:05:50.010 --> 01:05:51.090 Not as bad as it could have been, yeah. 01:05:51.130 --> 01:05:54.150 And that whole tangent was because you were saying, well, that time there was 01:05:54.150 --> 01:05:57.370 a real crisis. This time, we were doing fine. 01:05:58.110 --> 01:06:04.930 Listen, I had shared the cover of The Economist, October 2024. 01:06:05.790 --> 01:06:06.270 Yes. 01:06:06.410 --> 01:06:12.770 The cover said, the U.S. economy, the envy of the world. The envy of the world. 01:06:13.050 --> 01:06:18.750 OK, seven months later, you know, the cover now is that basically, 01:06:18.930 --> 01:06:21.090 you know what? We just fucking like we fucked ourselves. 01:06:21.570 --> 01:06:24.690 This is the big I mean, Trump did this. 01:06:25.270 --> 01:06:34.530 Trump 100 percent without any reason perpetrated this on the American people, period. Period. 01:06:35.300 --> 01:06:39.460 There was no reason for this. This bastard, and I was hoping maybe, 01:06:39.540 --> 01:06:43.680 you know, he would do this, could just come in, just coast. 01:06:44.300 --> 01:06:47.260 You know, he likes Air Force One, and he was looking at trying to get into it. 01:06:47.420 --> 01:06:51.560 I know he was looking at the Qatari VIP 7478. He's getting pissed off. 01:06:51.680 --> 01:06:55.180 He wants to be on the 7478. He wants to make it more golden or whatever. 01:06:55.440 --> 01:07:00.300 I figured he'd be out playing golf and just doing this shit. No. No. No. 01:07:01.920 --> 01:07:10.060 Let's, let's, on purpose, start, a major crisis for no good reason whatsoever. 01:07:11.180 --> 01:07:16.080 So let me ask a fundamental question here. Do you think, 01:07:16.380 --> 01:07:22.760 and it's hard to even try to get inside this guy's head, but do you think in 01:07:22.760 --> 01:07:26.340 his head, he really and truly believes, 01:07:27.100 --> 01:07:31.920 the tariffs will have an overwhelmingly good effect, even if there's a short-term minor thing? 01:07:31.920 --> 01:07:33.720 He thinks he's smarter than everybody else, yes. yeah. 01:07:33.720 --> 01:07:39.900 Like like i do you think like he's not we don't think he's actually waking up 01:07:39.900 --> 01:07:44.520 and saying i'm gonna crash the economy today or do we like. 01:07:44.520 --> 01:07:47.260 Because he actually shared he shared a 01:07:47.260 --> 01:07:50.060 video today yes where basically he 01:07:50.060 --> 01:07:53.380 was saying but basically said that yes that 01:07:53.380 --> 01:07:56.180 he was on purpose crashing the economy i mean 01:07:56.180 --> 01:07:59.360 yes now i i 01:07:59.360 --> 01:08:02.520 i think that maybe maybe he 01:08:02.520 --> 01:08:06.120 was delusional and he thought that everybody just would say that this is fantastic 01:08:06.120 --> 01:08:11.120 and the stock market would soar maybe he was delusional on that now he's now 01:08:11.120 --> 01:08:14.960 he's obviously because he's always like attack attack attack and now he's switching 01:08:14.960 --> 01:08:20.460 tactics now he's thinking well if you've seen treasury rates. 01:08:21.500 --> 01:08:26.300 The 10-year treasuries finally started dropping, and the reason it started dropping 01:08:26.300 --> 01:08:32.420 is because, look, you got $5 trillion of money out of the stock market. 01:08:32.420 --> 01:08:33.500 It's got to go somewhere. 01:08:33.920 --> 01:08:36.180 So people have been buying treasuries, okay? 01:08:36.620 --> 01:08:40.060 People have been buying treasuries and actually moving it offshore. 01:08:40.100 --> 01:08:42.940 A lot of money has been leaving the U.S. 01:08:43.100 --> 01:08:45.420 right now, and the dollar went down. 01:08:45.800 --> 01:08:51.420 So maybe he was, like, all of a sudden today demanding that Powell lower rate. 01:08:52.300 --> 01:08:55.100 so so maybe he's thinking this is the way to get 01:08:55.100 --> 01:08:58.160 rates to to be lowered to force 01:08:58.160 --> 01:09:05.020 powell to lower rates but here's but you've got this is the worst of every world 01:09:05.020 --> 01:09:11.240 because you've got inflation that is these tariffs are inflationary the dollar 01:09:11.240 --> 01:09:16.140 dropping is inflationary you'll make them worse and just so if i put a 25 tariff 01:09:16.140 --> 01:09:17.660 and the dollar drops just. 01:09:17.660 --> 01:09:24.100 To be clear given the amount we import if all of these tariffs stay in place 01:09:24.100 --> 01:09:28.380 without adjustment, we're not just talking a little bit of inflation. 01:09:28.840 --> 01:09:30.960 This is a big fucking deal. 01:09:31.220 --> 01:09:37.240 This is an insane, insane, insane amount of inflation. 01:09:37.600 --> 01:09:44.440 I've also seen it characterized as the biggest tax increase ever in the history of the world. 01:09:44.640 --> 01:09:47.160 Of the world. Yeah, I was going to say the United States, but yeah. 01:09:47.200 --> 01:09:49.220 No, but I'm going to say probably the history of the world. 01:09:49.220 --> 01:09:55.120 Yeah, and like, what happened to Republicans being anti-tax? I mean, this is... 01:09:55.120 --> 01:09:58.940 Fuck, didn't you see today that they were actually right now, 01:09:58.940 --> 01:10:06.420 because they know that their stupid tax plan is so bad on the fucking deficit 01:10:06.420 --> 01:10:10.060 that they were considering raising the tax rate on the top earners again? 01:10:10.520 --> 01:10:11.360 I did see that before. 01:10:11.360 --> 01:10:13.380 The Republicans were actually... You didn't see that? 01:10:13.600 --> 01:10:14.840 No, I did see that. 01:10:15.060 --> 01:10:18.600 It was... I mean, I'm like, what the fuck is going on now? 01:10:19.300 --> 01:10:24.400 Which I'm like, okay, I am all for that, but this is where the Republicans are. 01:10:24.600 --> 01:10:29.780 Not only do they want to pass the most regressive tax increase on Americans ever. 01:10:30.200 --> 01:10:35.780 Well, and just to be absolutely clear, because the tariffs effectively act as a sales tax, 01:10:36.080 --> 01:10:45.960 where the percentage of your income that you spend on stuff is highest the lower your income is. 01:10:46.360 --> 01:10:52.340 Right. So these kinds of taxes, tariff kinds of taxes- Are super regressive. 01:10:53.160 --> 01:10:55.960 Super regressive. And some people are 01:10:55.960 --> 01:10:58.780 confused by the words regressive and progressive when it comes to taxes. 01:10:58.940 --> 01:11:03.240 But what it fundamentally means is the less money you make. 01:11:03.240 --> 01:11:08.100 The more these- I think our audience is not confused by this term. 01:11:08.120 --> 01:11:08.920 Yeah, probably, probably. 01:11:09.200 --> 01:11:09.940 Okay, all right. 01:11:10.060 --> 01:11:16.740 Then the, so, you know, your Elons of the world- I don't have Lauren Boebert listening to this. 01:11:16.940 --> 01:11:23.380 Asking whether we, you know, what the hell do you confirm or negate? 01:11:23.740 --> 01:11:25.320 Negate? Negate? 01:11:27.020 --> 01:11:30.000 I'm like, I want the fucking... 01:11:30.390 --> 01:11:31.850 Go to Congress and punch her. 01:11:32.230 --> 01:11:34.670 Which person was that again? Bobert. 01:11:34.770 --> 01:11:35.130 Bobert. 01:11:35.450 --> 01:11:45.030 Yeah, okay. Yeah. So, yeah, like, biggest tax increase ever under a Republican president. 01:11:45.290 --> 01:11:49.450 And now, like, yeah, they're... 01:11:49.450 --> 01:11:57.630 Worst stock market ever by any president being handed. the listen there there 01:11:57.630 --> 01:12:03.030 has been no president ever handed an economy like this that has managed to ever tank it like this. 01:12:03.030 --> 01:12:08.530 Ever i i was looking at comparing to herbert hoover from you know the crash 01:12:08.530 --> 01:12:14.810 in 29 in 2029 just to see because i was like well how's donald doing relative 01:12:14.810 --> 01:12:20.590 to him and actually for like the first six months of the herbert hoover presidency the stock market was, 01:12:21.330 --> 01:12:24.250 not only fine it was going great i mean it was a bubble 01:12:24.250 --> 01:12:27.430 and that's what popped well that's what popped yeah but you 01:12:27.430 --> 01:12:32.810 know but yeah he's he's it's just come right in and like destruction but like 01:12:32.810 --> 01:12:38.250 and a few like a few weeks back maybe a month or two back i i asked you like 01:12:38.250 --> 01:12:44.730 because some people were speculating that of course they want to you know tank 01:12:44.730 --> 01:12:47.230 the economy tank the stock market etc et cetera, 01:12:47.870 --> 01:12:54.430 because the oligarch class, the Elon Musks and all of these folks- You know 01:12:54.430 --> 01:12:56.270 what the problem is with that bullshit argument? 01:12:56.270 --> 01:13:00.790 Let me just say it and then you can react to it again because last time you 01:13:00.790 --> 01:13:02.470 said, eh, that's plausible. 01:13:02.730 --> 01:13:09.250 But basically the idea was that everything gets cheap, they're rich enough so 01:13:09.250 --> 01:13:13.710 that they can survive no problem and buy everything up at pennies on the dollar 01:13:13.710 --> 01:13:15.230 for when the recovery happens. 01:13:15.370 --> 01:13:20.270 Well, let me tell you something, okay? There's a chart today that went and crystallized 01:13:20.270 --> 01:13:25.670 this, showing the top 10 billionaires and how they've fared so far this year. 01:13:26.490 --> 01:13:30.870 A number of these have been either pro-Trump, like Elon Musk, 01:13:31.030 --> 01:13:34.310 or cozying or trying to ingratiate themselves with us. 01:13:34.710 --> 01:13:38.690 All except one. And that guy is the only guy that's made money. 01:13:39.030 --> 01:13:43.090 And the guy that actually basically called out and said that this guy is a fucking 01:13:43.090 --> 01:13:47.790 moron, a fraud, and that nobody should vote for him. And that was Warren Buffett. 01:13:48.390 --> 01:13:48.490 Right. 01:13:48.710 --> 01:13:53.350 And my whole point about this argument that those guys that say that are never 01:13:53.350 --> 01:14:00.210 that smart to go and, like, do that because they think that everybody else is the sucker. 01:14:00.510 --> 01:14:03.770 And, you know, and I'm not going to lose. But you know what? 01:14:03.770 --> 01:14:06.650 It's like Elon Musk and what he's been doing with Tesla. Okay. 01:14:07.390 --> 01:14:13.710 Listen, that, that, that, that finally it's looking like that horse is breaking. 01:14:14.510 --> 01:14:22.290 That thing is going to go so much down because, yep, he decided it. 01:14:22.410 --> 01:14:26.510 I'm the smartest guy and I just, Hey, you know, what do I care about the, 01:14:26.790 --> 01:14:30.490 you know, me going out there and being political and basically destroying my 01:14:30.490 --> 01:14:33.450 brand to everybody that really buys my fucking cars. 01:14:34.510 --> 01:14:40.770 and he's now he's going into a world of pain so I, 01:14:41.730 --> 01:14:46.130 you know none of those people that say that are ever prepared enough, 01:14:46.770 --> 01:14:52.190 to have the money to do that the vast majority of time it's very rare, 01:14:52.790 --> 01:14:56.090 you know two guys that I've seen that are very good at it is Warren Buffett 01:14:56.090 --> 01:15:00.170 but Warren Buffett was actually advocating actively for not to get this clown 01:15:00.170 --> 01:15:03.730 to be president because he thought thought it was going to be terrible for everybody. 01:15:04.070 --> 01:15:07.890 But he went very actively on the defense and he decided, I'm like, 01:15:08.030 --> 01:15:10.490 well, I'm going to hold the most cash ever. 01:15:10.930 --> 01:15:17.010 So we've said before, Donald Trump is solely motivated by personal benefit to himself. 01:15:17.230 --> 01:15:20.750 What do we think the personal benefit to himself is out of these actions? 01:15:21.170 --> 01:15:26.930 Or is he really just so obsessed of like the tariffs of the late 1800s and early 01:15:26.930 --> 01:15:29.530 1900s were awesome and that's what we want. 01:15:29.750 --> 01:15:38.110 Look, right now, he is in a position that I'm sure that he feels of unchallenged power. 01:15:38.490 --> 01:15:44.150 And I think that to him is more important than anything else. 01:15:44.290 --> 01:15:47.090 The second thing is that, look, 01:15:48.160 --> 01:15:52.840 He's he's got to be making money off of this shit somehow. I mean, he was. 01:15:52.920 --> 01:15:57.360 Yeah, we've said here in Miami. We've said before, if nothing else, 01:15:58.080 --> 01:16:00.880 insider trading on the advanced knowledge that you're going. 01:16:00.980 --> 01:16:04.420 Oh, fuck. Yeah. I mean, Jesus, come on. 01:16:04.840 --> 01:16:09.000 And look, he was down here as the markets are imploding. 01:16:09.520 --> 01:16:14.660 He came down yesterday, flew down to Miami to go to that fucking like golf tournament at his place. 01:16:14.820 --> 01:16:18.580 The Saudis are paying him off for. listen the 01:16:18.580 --> 01:16:21.440 money gravy train of money coming into 01:16:21.440 --> 01:16:24.220 him for x y and z has got 01:16:24.220 --> 01:16:27.740 to be right now at at full tilt how 01:16:27.740 --> 01:16:33.140 many memberships how many expenses how many phantom hotel rooms how many every 01:16:33.140 --> 01:16:38.200 fucking way that they can line his pockets is happening as we speak yeah so 01:16:38.200 --> 01:16:42.360 right now to him in terms of him and money he is not a guy that's made money 01:16:42.360 --> 01:16:46.200 on being invested in the stock market He is a guy that has made his money. 01:16:46.700 --> 01:16:49.280 Well, what the hell? He's never made any money. What am I talking about? 01:16:49.360 --> 01:16:50.980 The only way that he made his money was on his name. 01:16:51.540 --> 01:16:53.740 Yes. His TV show. 01:16:53.980 --> 01:16:54.800 And that's what he's doing right now. 01:16:55.260 --> 01:16:55.660 Yes. 01:16:56.360 --> 01:17:00.580 That's what he's doing right now. This is his best time. 01:17:01.280 --> 01:17:07.720 It's my name. Who gives a shit? I'm going to get paid. I mean, Sam, the pardoning. 01:17:08.040 --> 01:17:14.060 Listen, as all of this is going on, as we've got RFK Jr. basically decimating, 01:17:14.060 --> 01:17:20.440 you know, the health institutions on one side, as we've got Elon running rampant all over the place. 01:17:20.520 --> 01:17:25.560 But it seems like finally his his time finally may be up. So that's probably 01:17:25.560 --> 01:17:28.420 going to trail off because he's in a world of problems. 01:17:28.460 --> 01:17:31.220 OK, which, you know, the one thing that I that I expected. 01:17:31.420 --> 01:17:34.580 So that's probably going to trail off to some extent at this point. 01:17:34.700 --> 01:17:39.680 But as all of this was happening, Donald Trump is pardoning criminals left and right for shit. 01:17:40.280 --> 01:17:43.980 I mean, all of a sudden, oh, this criminal for this, oh, it's pardon. 01:17:44.280 --> 01:17:48.960 You think there wasn't any, he didn't get any money from pardoning these fucking guys. Come on, man. 01:17:49.160 --> 01:17:53.600 In some of the cases, it's been almost explicit. Like, they're not even hiding it. 01:17:53.880 --> 01:18:01.480 Right. I mean, he's literally just selling pardons left and right to fucking 01:18:01.480 --> 01:18:02.460 grifters and criminals. 01:18:03.560 --> 01:18:08.040 Every fucking week there's another pardon of some fucking criminal that was 01:18:08.040 --> 01:18:10.940 a fraudster that's unconscionable and he's like, oh, well, I'll just give him a pardon. 01:18:11.910 --> 01:18:15.970 And right now, with so much other noise, we're not even noticing that. 01:18:16.750 --> 01:18:22.630 No. Yeah. I mean, I noted in passing a couple of those, but I didn't even bother 01:18:22.630 --> 01:18:26.250 sharing them on our Commissions Corner Slack or anything. I was just like, 01:18:26.310 --> 01:18:27.090 oh, there's another one. 01:18:27.830 --> 01:18:34.290 Yeah. There's another. Oh, another guy that stole millions and billions. 01:18:34.310 --> 01:18:35.590 Oh, well, he's getting pardoned. 01:18:36.350 --> 01:18:36.510 Yeah. 01:18:37.030 --> 01:18:37.550 I mean. 01:18:37.830 --> 01:18:41.970 So I want to return to a question I asked you before. I want to understand the 01:18:41.970 --> 01:18:45.430 worst case scenario, because then once we know the worst case scenario, 01:18:45.770 --> 01:18:52.350 then the next question becomes, at what point do even diehard Republicans decide 01:18:52.350 --> 01:18:54.090 it's time to do something about it? 01:18:54.190 --> 01:18:57.430 So what really is the worst case scenario here? 01:18:57.510 --> 01:19:01.370 I know you said it was uncharted territory, but everything that was announced 01:19:01.370 --> 01:19:03.050 this week stays and stays permanently. 01:19:03.390 --> 01:19:05.190 What happens to the economy? 01:19:05.350 --> 01:19:08.390 What happens to the market? It keeps going down. 01:19:08.390 --> 01:19:17.410 Look, it doesn't, it's not going to take long for the layoffs to start piling 01:19:17.410 --> 01:19:20.590 up for the recession to really kick into high gear. 01:19:20.710 --> 01:19:23.070 I mean, some have already been announced in the last 24 hours. 01:19:23.070 --> 01:19:27.630 But you know what i was reading more specifically about how 01:19:27.630 --> 01:19:31.190 many small companies that depend on on 01:19:31.190 --> 01:19:34.090 imported products for them to manufacture stuff or 01:19:34.090 --> 01:19:38.010 whatever and all of a sudden they're getting hit by these 01:19:38.010 --> 01:19:41.710 massive increases that are costs okay just 01:19:41.710 --> 01:19:45.010 just just ridiculous here's one mark cuban shared 01:19:45.010 --> 01:19:49.250 this is a guy there's a guy a small company called days 01:19:49.250 --> 01:19:52.110 owl whatever you know the matter is the post 01:19:52.110 --> 01:19:55.090 on linkedin yesterday days old duties and 01:19:55.090 --> 01:19:59.790 tariffs were 17.6 today they are 63.6 the 01:19:59.790 --> 01:20:02.810 word from our government is that these tariffs are our liberation but in reality 01:20:02.810 --> 01:20:06.230 they are deeply damaging to regular working people tended to punish small business 01:20:06.230 --> 01:20:09.810 owners for not producing in the united states as if that somehow makes us less 01:20:09.810 --> 01:20:13.270 american i love my country and i recognize the profound privilege i have to 01:20:13.270 --> 01:20:18.650 be able to own a small business at all let alone here the reality is that making our goods in the U.S. 01:20:18.710 --> 01:20:22.930 has been prohibitively expensive for a long time, making our bag prices unattainable for regular folks. 01:20:23.070 --> 01:20:26.230 As of today, making them abroad is now also prohibitively expensive, 01:20:26.450 --> 01:20:30.330 which, not for nothing, is going to deeply damage the economies of our allies as well. 01:20:30.590 --> 01:20:34.390 I have one friend who has, I can't remember what kind of government loan for 01:20:34.390 --> 01:20:36.950 the government, but the tariffs, also by the government, are crippling. 01:20:37.150 --> 01:20:41.090 Does he owe the government money back if the tariffs are instituted to affect Crash's business? 01:20:41.350 --> 01:20:43.910 It's going to put me, my friend, and countless others out of business. 01:20:44.150 --> 01:20:46.370 If you're a small business in this situation like mine, 01:20:46.430 --> 01:20:51.210 or my friend's message me or comment below but this is what small businesses 01:20:51.210 --> 01:20:57.250 that hey you import say furniture for example the other day talking about furniture is a big. 01:20:58.010 --> 01:21:02.670 Restoration Hardware, which isn't a huge company, but the other day, 01:21:02.830 --> 01:21:05.010 I mean, they import all their furniture from Asia. 01:21:05.230 --> 01:21:10.230 I mean, in their call, when they set the tires on Vietnam, because so much of 01:21:10.230 --> 01:21:16.350 the furniture comes from down there, their stock to crash 25% in one hour. 25% in one hour. 01:21:16.910 --> 01:21:17.070 Yeah. 01:21:17.850 --> 01:21:21.970 Okay. The CEO was on the call. He heard about the tariffs. He was trying to do an earnings call. 01:21:22.210 --> 01:21:24.170 You know, one of those things where you schedule an earnings call. 01:21:24.250 --> 01:21:27.630 I'm sure he probably wanted to find out what was going on but you scheduled 01:21:27.630 --> 01:21:30.610 this so far in advance you can't really do much about it. 01:21:30.890 --> 01:21:35.390 He was on the call and they asked him and he was like just the guy almost just 01:21:35.390 --> 01:21:37.930 choked on the phone. I mean he was just like shit. 01:21:38.770 --> 01:21:40.550 He literally said oh shit. 01:21:40.950 --> 01:21:44.270 He literally said oh shit. Yeah. He literally said oh shit. 01:21:46.170 --> 01:21:51.970 And a lot of businesses are going to get hit like this. I remember when I was 01:21:51.970 --> 01:21:54.130 in Kodak a few years back. 01:21:54.610 --> 01:22:00.790 And he, you know, he started with this shit with the aluminum tariffs and it hurt bad. 01:22:01.330 --> 01:22:06.110 It really hurt really, really bad. There was no other place where we could source 01:22:06.110 --> 01:22:08.910 that aluminum that we, that, that, that we needed. That wasn't from China. 01:22:09.510 --> 01:22:14.030 And he put a tariff on it and we had asked for an exemption and he refused to grant it. 01:22:14.650 --> 01:22:21.770 It was a specific type, just nowhere else nobody else had it and you know nope 01:22:21.770 --> 01:22:26.990 no exceptions so i so like i mean we're. 01:22:26.990 --> 01:22:29.590 Seeing the stock market crash already like. 01:22:29.590 --> 01:22:32.650 Look let me tell you something the ones that's getting auto dealers are going 01:22:32.650 --> 01:22:38.950 to get murdered auto dealers are going to get completely completely, 01:22:40.090 --> 01:22:47.730 completely obliterated okay car sales are going to tank like crazy okay there's 01:22:47.730 --> 01:22:49.930 just no getting around because in. 01:22:49.930 --> 01:22:54.790 Addition to the national tariffs there's an additional like 25 on cars specific. 01:22:54.790 --> 01:22:59.350 There's a 25 car tariff but the one thing is that and it's difficult to avoid 01:22:59.350 --> 01:23:04.930 because it remember you know cars you know even if they're assembled in the u.s yeah exactly the. 01:23:04.930 --> 01:23:09.550 Parts are from everywhere the and usually like things are assembled in units 01:23:09.550 --> 01:23:11.470 and then brought together and blah blah blah so. 01:23:11.470 --> 01:23:12.470 There is no. 01:23:12.470 --> 01:23:18.170 Such thing maybe except some ultra luxury like custom car stuff. 01:23:18.170 --> 01:23:20.470 No there's no such thing as a car that's. 01:23:20.470 --> 01:23:21.570 Made in a single country. 01:23:21.570 --> 01:23:25.130 There's no such no none of them hell it's 01:23:25.130 --> 01:23:28.590 totally the opposite of those ultra luxury custom cars because you know hey 01:23:28.590 --> 01:23:31.270 where are you going to get the you're not going to make specific electronics 01:23:31.270 --> 01:23:35.490 for them or yeah or a transmission or shit like that you're gonna you're gonna 01:23:35.490 --> 01:23:39.750 you know you gotta you'll make the engine and a whole bunch of the the seats 01:23:39.750 --> 01:23:43.970 and that kind of stuff but those components you gotta source them from somewhere the. 01:23:43.970 --> 01:23:50.630 Only car that is truly made in only one country is if i like go cut trees in 01:23:50.630 --> 01:23:52.630 my yard and make one out of wood myself. 01:23:52.630 --> 01:23:53.970 Basically yes, 01:23:55.320 --> 01:24:02.920 You know, the biggest problem with this entire fucking thing is how Trump is 01:24:02.920 --> 01:24:06.440 so dumb that, as I mentioned before, 01:24:06.680 --> 01:24:13.480 that the United States has been the number one beneficiary from this global 01:24:13.480 --> 01:24:18.120 trade that that he is trying to append now. 01:24:18.120 --> 01:24:21.180 Now, this country has been the number one beneficiary. 01:24:22.260 --> 01:24:26.900 And, you know, the thing, the issue with, you know, 01:24:27.080 --> 01:24:33.620 blue collar workers that have been hit by free trade and globalization has to 01:24:33.620 --> 01:24:37.700 do more with the fact that even though our wealth has been increasing, 01:24:37.720 --> 01:24:43.400 we didn't address how to make those people whole because the country as a whole 01:24:43.400 --> 01:24:45.180 was benefiting a lot. Right. 01:24:45.480 --> 01:24:51.720 And instead of doing something where, you know, we actually intentionally redistributed 01:24:51.720 --> 01:24:54.400 wealth and help out the people who were hurt and blah, blah, 01:24:54.480 --> 01:24:56.660 blah. Instead of that, we're just like. 01:24:56.800 --> 01:25:01.760 No, you guys are lazy idiots. Fuck you. 01:25:02.320 --> 01:25:04.540 Yeah, you're damn sure. 01:25:04.540 --> 01:25:10.440 And now his fix is to try to bring those jobs, which, by the way, 01:25:10.840 --> 01:25:14.720 technology and a whole bunch of shit has made of that, they're not, 01:25:15.480 --> 01:25:17.380 you can't really bring them back. 01:25:17.500 --> 01:25:20.660 And again, it keeps bringing up the question, like, 01:25:21.570 --> 01:25:26.950 You know, is he really dumb or is this on purpose? Is this what he's trying to do? 01:25:27.210 --> 01:25:31.270 And as you said, he posted something today saying, yeah, it's what I'm trying to do. 01:25:32.010 --> 01:25:36.030 Now, he it was it was a repost of a video by somebody else. You guys know how 01:25:36.030 --> 01:25:37.250 that worked. It wasn't still. 01:25:37.410 --> 01:25:40.730 But anyway, look, I got here. I found this. I wanted to see. 01:25:41.150 --> 01:25:44.850 I bought a couple of years ago a Volvo S60. 01:25:45.390 --> 01:25:50.490 And the final assembly for this car was in South Carolina because Volvo put 01:25:50.490 --> 01:25:52.750 a plant in the United States for final assembly. 01:25:53.230 --> 01:25:53.310 Right. 01:25:53.570 --> 01:25:59.430 But car finished in the U.S. U.S.-Canadian parts content, 10%. 01:25:59.430 --> 01:26:05.610 Major sources of foreign parts content, Belgium, 20%. Sweden, 15%. 01:26:06.870 --> 01:26:12.410 You know, country of origin engine parts, Sweden, transmission parts, Japan. 01:26:13.110 --> 01:26:16.790 This is a car that was built in the U.S. 01:26:17.190 --> 01:26:17.530 Right. 01:26:18.170 --> 01:26:23.950 Okay. And basically the U.S. Canadian parts content, 10%. 01:26:25.450 --> 01:26:29.570 So let me ask you the question I was starting to ask a little while ago. 01:26:29.710 --> 01:26:34.490 We keep going in different directions, but the stock market is crashing immediately. 01:26:35.590 --> 01:26:41.410 How long before I, as a normal consumer, going about my daily business, 01:26:41.410 --> 01:26:45.030 not a big purchase like a car, but going about my daily business, 01:26:45.030 --> 01:26:47.590 is how long before I notice, 01:26:48.070 --> 01:26:50.950 oh shit, this costs more than it did a few weeks ago? 01:26:51.450 --> 01:26:54.690 It's going to be the next 30 days. It's not going to take that long. 01:26:55.130 --> 01:26:57.470 It's not going to take that long. It's going to be the next 30 days. 01:26:57.550 --> 01:26:58.910 Assuming everything stays in place. 01:26:59.110 --> 01:27:02.730 Yes. It's going to be the next 30 days. It doesn't take that long. 01:27:02.950 --> 01:27:06.270 I mean, yeah. No, it's not going to take that long. 01:27:07.110 --> 01:27:14.470 And just to size it, compared to the inflation that everybody complained about during COVID. 01:27:15.470 --> 01:27:19.270 Size was this is the thing is that this is going to be no this is going to be 01:27:19.270 --> 01:27:22.390 big and this is going to be noticeable it's going to be noticeable right away 01:27:22.390 --> 01:27:26.030 you're going to be going and then all of a sudden because the one thing is that 01:27:26.030 --> 01:27:29.870 we had certain items that would go up in price and not others or whatever you're 01:27:29.870 --> 01:27:33.790 going to be seeing almost everything going up in price just everything, 01:27:35.470 --> 01:27:38.830 everything everything doesn't matter what the fuck you're buying it's everything, 01:27:39.630 --> 01:27:42.190 yeah it's really nuts it's everything. 01:27:44.870 --> 01:27:49.490 So what do we think? That whole scenario is based on the assumption that everything 01:27:49.490 --> 01:27:51.450 stays in place. What do we think really happens? 01:27:51.630 --> 01:27:56.070 Do you think there's an amount of pain where Donald Trump backs off on his own? 01:27:56.190 --> 01:27:59.110 Or do you think there's an amount of pain where, as you said, 01:27:59.490 --> 01:28:02.830 the Republicans in Congress actually act to constrain him? 01:28:02.830 --> 01:28:07.150 Because the only reason he's doing, by the way, just to clarify on the law, 01:28:07.390 --> 01:28:14.430 the law says that Congress determines tariffs generally, but under certain emergency 01:28:14.430 --> 01:28:18.330 situations, the president can make changes. 01:28:18.990 --> 01:28:24.030 And President Trump declared an emergency that, frankly, is somewhat bogus. 01:28:24.150 --> 01:28:26.630 I forget even what the excuse was for the emergency. 01:28:26.630 --> 01:28:29.410 I'm wondering if somebody could just go challenge this in court and get it struck down. 01:28:29.570 --> 01:28:34.710 I'm sure they can. And the question is how, you know, you know how long the courts take. 01:28:34.930 --> 01:28:37.830 You know, I think that because of the scope. 01:28:37.850 --> 01:28:41.250 The emergency, it could move pretty quickly. Yeah. So like, yeah. 01:28:41.390 --> 01:28:42.350 So here are the scenarios. 01:28:42.530 --> 01:28:48.030 Scenario one, this just stays in place and we spiral down the hell hole. 01:28:48.770 --> 01:28:53.210 Scenario two, at some point it gets bad enough. Trump backs off himself. 01:28:53.550 --> 01:28:58.930 Scenario three, the courts do something. Scenario four, Congress does something. 01:28:58.930 --> 01:29:03.190 Well, one thing is that at some point, at some point, well, 01:29:03.430 --> 01:29:09.190 the number one scenario that I, I, I always have to go back to is the classic 01:29:09.190 --> 01:29:14.850 Trump scenario, which is that he somehow figures out how to claim a victory. 01:29:15.330 --> 01:29:20.970 Right. Like, and then just, you know, random country makes some random concession 01:29:20.970 --> 01:29:23.170 and he's like, oh, beautiful. 01:29:23.530 --> 01:29:27.550 You're back to normal. And then, and then a whole bunch of other countries do the same thing. 01:29:27.770 --> 01:29:28.170 I mean, that, that. 01:29:28.210 --> 01:29:33.890 And it can be. It can be a meaningless little gesture that he uses to claim victory. 01:29:34.610 --> 01:29:37.890 But now, even then, like, I guess that's the way out of them. 01:29:38.070 --> 01:29:42.030 I mean, that's, that's, that's, that's, that's one, I mean, that's one possible 01:29:42.030 --> 01:29:46.470 scenario because, and I say that one because, you know, it's happened before. 01:29:46.810 --> 01:29:49.810 Well, and you said earlier, there's different levels of fucked. 01:29:49.810 --> 01:29:53.030 That's the way to get out of the immediate level of fuckitude. 01:29:53.030 --> 01:30:00.310 But even then, you still have the issue that you've just destroyed the confidence in the whole system. 01:30:00.770 --> 01:30:04.250 You know, it's not like you're going to pop instantly back to where we were. 01:30:04.910 --> 01:30:08.790 Well, we're going to get tax cuts and we're going to get deregulation. 01:30:10.110 --> 01:30:14.190 I mean, this ties to like, I mean, he's been destroying foreign policy as well, 01:30:14.370 --> 01:30:18.790 right? I mean, and we've already had the situation of Europe basically deciding, 01:30:19.070 --> 01:30:23.510 hell, we have to figure out how to go it alone, assuming that the U.S. isn't on our side. 01:30:25.890 --> 01:30:30.170 And so essentially you end up with the same situation economically that every 01:30:30.170 --> 01:30:33.750 place in the world has to figure out what do they do with the actual U.S. 01:30:33.750 --> 01:30:35.330 Listen, here's a reality. We're fucked. 01:30:36.450 --> 01:30:40.350 I mean, I'm not going to say fuck forever, but I'm going to tell you that right 01:30:40.350 --> 01:30:42.730 now. This next decade is a disaster. 01:30:42.990 --> 01:30:50.730 Okay, look, this is, I wrote this on March 30th. It's the new dark world order that Trump wants. 01:30:51.150 --> 01:30:54.050 No allies. You just bully everybody. 01:30:54.690 --> 01:30:58.850 Criminals can pay to wipe their crimes. His cronies will enrich themselves while 01:30:58.850 --> 01:31:00.570 inflation, unemployment, and poverty rise. 01:31:01.150 --> 01:31:05.890 He wants the old spheres of influence. Okay, back from like the 1800s, 01:31:05.890 --> 01:31:13.130 early 1900s pax americana is over yeah it's it's over it's over it's it's done it's over, 01:31:13.930 --> 01:31:19.970 that's the reality that we are in right now sam and by the way what i said now as a counter true. 01:31:19.970 --> 01:31:27.370 This is true even like donald trump resigns tomorrow and and and vance undoes 01:31:27.370 --> 01:31:33.530 everything trump did which he probably wouldn't but let's say that happened it does not undo this. 01:31:33.530 --> 01:31:36.610 I would things have changed look trump dies 01:31:36.610 --> 01:31:43.430 tomorrow okay i was going with a reside but okay yes trump dies tomorrow i mean 01:31:43.430 --> 01:31:48.370 it limits the damage sam it does limit the damage but i don't know i'm not saying 01:31:48.370 --> 01:31:54.190 the reason why i'm saying the reason why i'm saying that well donald trump if. 01:31:54.190 --> 01:31:58.550 He if he's alive will continue to do more and more damage what i what i'm saying 01:31:58.550 --> 01:32:04.430 is yes it limits the damage if if if vance comes in tomorrow and everybody immediately 01:32:04.430 --> 01:32:08.170 thinks he's a little bit more rational he undoes some stuff you undo some of 01:32:08.170 --> 01:32:10.590 the damage all i'm saying is you're not doing undoing all of. 01:32:10.590 --> 01:32:18.370 It well you're not undoing all of it but but you know yeah there is stuff that 01:32:18.370 --> 01:32:22.910 you're you're it's not coming back like right right trump broke certain things 01:32:22.910 --> 01:32:27.150 for good I mean this entire thing, 01:32:28.630 --> 01:32:33.350 in terms of the security relationship that, 01:32:34.130 --> 01:32:40.430 Europe had with the United States is over I mean the Europeans can't trust the 01:32:40.430 --> 01:32:45.230 United States anymore on that no matter who comes in no matter who comes in 01:32:45.230 --> 01:32:46.750 because they can't trust. 01:32:46.750 --> 01:32:49.590 That will remain for whoever's next after that. 01:32:49.590 --> 01:32:53.570 Exactly so that's over and it makes it that it's 01:32:53.770 --> 01:33:01.150 A much more unstable world in a certain extent, because the reason is because 01:33:01.150 --> 01:33:06.470 you've got a lot more countries that are going to arm themselves to the teeth. 01:33:07.350 --> 01:33:12.050 And like the same thing is, you know, having more guns on the streets doesn't make the streets safer. 01:33:12.870 --> 01:33:17.310 So, so having a lot more countries, you know, even if they are countries that 01:33:17.310 --> 01:33:22.550 I aligned with and agree with just so many armed isn't, isn't, 01:33:22.590 --> 01:33:24.730 isn't great. I will say this. 01:33:24.790 --> 01:33:28.390 That I was thinking about the same kind of thing economically as well. 01:33:28.510 --> 01:33:33.250 Like it's not going to be helpful to the world overall if every country decides 01:33:33.250 --> 01:33:39.650 they have to figure out how to maximize how well they'll do if they can't trade 01:33:39.650 --> 01:33:41.870 freely internationally. Yeah. 01:33:41.870 --> 01:33:46.030 I was also going to say that the Democrats need their own project. 01:33:46.550 --> 01:33:54.450 Well, I said 2026 and Bob said 2025 Q20 should be like right now. 01:33:54.750 --> 01:33:56.750 But but in terms of. 01:33:56.910 --> 01:34:02.670 Well, I just want to say that here is one thing like I was I was saying like 01:34:02.670 --> 01:34:10.370 in 2021 that the Democrats desperately needed to do shock and awe themselves 01:34:10.370 --> 01:34:11.750 then while they had a chance. 01:34:11.870 --> 01:34:14.650 and of course they did not have. 01:34:14.650 --> 01:34:17.510 The right senate to do that joe. 01:34:17.510 --> 01:34:20.930 Biden wasn't in the mood for it but i mean my god in. 01:34:20.930 --> 01:34:22.870 2021 listen they should have. 01:34:22.870 --> 01:34:26.890 Reformed the supreme court they should have added states they should have done voter. 01:34:26.890 --> 01:34:32.410 Legislation listen listen okay monday okay but monday morning quarterback right it's not monday. 01:34:32.410 --> 01:34:34.210 Morning when i was saying it back then. 01:34:34.210 --> 01:34:37.490 Yeah yeah yeah but but look i 01:34:37.490 --> 01:34:42.930 i think that a lot of people including myself you know i was like look you gotta 01:34:42.930 --> 01:34:50.470 let biden you know do it his way and you know his way was hey maybe instead 01:34:50.470 --> 01:34:54.490 of continuing to antagonize we try to do something that works for everybody 01:34:54.490 --> 01:34:57.470 and we try to get this country back that way. 01:34:57.470 --> 01:34:58.630 Than anybody expected. 01:34:58.630 --> 01:35:01.430 Exactly and it just you know 01:35:01.430 --> 01:35:04.770 and and let's be clear he got older people 01:35:04.770 --> 01:35:10.190 like you know what happened politically is what happened politically and the 01:35:10.190 --> 01:35:16.190 democrats weren't good at countering the messages and so and the economy was 01:35:16.190 --> 01:35:20.770 the economy and they want and and you know so it didn't matter that the economy 01:35:20.770 --> 01:35:24.530 was so what everybody just saw what's. 01:35:24.530 --> 01:35:26.430 Your democratic project 2020. 01:35:26.430 --> 01:35:30.550 No my my thing is that i think it needs to start right now i'll tell you I'll 01:35:30.550 --> 01:35:32.310 tell you where things need to start. 01:35:33.010 --> 01:35:38.410 I think that, like right now, Richard had suggested that, and I thought at first, 01:35:38.690 --> 01:35:43.150 that's too early for that, but he's not wrong, that the Democrats need to figure 01:35:43.150 --> 01:35:47.150 out who the fuck their leader is and to create a shadow cabinet. 01:35:47.470 --> 01:35:52.470 And that is not a crazy idea. And I will tell you why that is not a crazy idea, 01:35:52.470 --> 01:36:00.270 because beside that shadow cabinet, you need to work with a number of NGOs and rich donors. 01:36:01.080 --> 01:36:04.120 To create structures okay like 01:36:04.120 --> 01:36:07.140 right now to cover for the shit that 01:36:07.140 --> 01:36:10.540 trump is destroying in government in terms of health care education 01:36:10.540 --> 01:36:13.480 and other shit to provide that guidance and to 01:36:13.480 --> 01:36:16.920 counter the stupid messaging that they are doing and to 01:36:16.920 --> 01:36:19.640 be able to provide resources to oh oh they took 01:36:19.640 --> 01:36:22.740 away your resources no here they are okay yeah and 01:36:22.740 --> 01:36:25.460 that needs to happen both at at a u.s level and at 01:36:25.460 --> 01:36:28.280 a global level and so but what you need is 01:36:28.280 --> 01:36:30.920 the democrats need to pick okay i don't know maybe they're not the 01:36:30.920 --> 01:36:33.580 president but somebody that needs to be the leader of this we need 01:36:33.580 --> 01:36:37.020 to have these people that who the fuck is our person who shadows 01:36:37.020 --> 01:36:40.460 rfk jr who shadows the treasury secretary who 01:36:40.460 --> 01:36:43.560 shadows these people and it's like okay rfk jr 01:36:43.560 --> 01:36:46.860 goes today and says well this is bad more like no fuck 01:36:46.860 --> 01:36:50.840 you this is our commission where all of that shit he said is wrong this is the 01:36:50.840 --> 01:36:55.460 way this should be and it's gotta be you have to be basically tit for tot every 01:36:55.460 --> 01:37:00.900 fucking minute every fucking thing they say you're up there on on a bully pulpit 01:37:00.900 --> 01:37:05.360 and you're fucking countering every single piece of no i i absolutely i. 01:37:05.360 --> 01:37:10.260 Absolutely agree i mean i think the i don't know that the democrats are organized 01:37:10.260 --> 01:37:14.320 or unified enough to actually pull it off but i think you're absolutely right they should. 01:37:14.320 --> 01:37:15.840 They should be and. 01:37:15.840 --> 01:37:22.600 And i i remember saying you know right after the election, you know. 01:37:22.680 --> 01:37:25.000 Hell, I saw Kamala and Obama come out of the woods. 01:37:25.060 --> 01:37:25.660 Yes, yes. 01:37:25.780 --> 01:37:27.820 What the fuck? I'm like, hey, Kamala. 01:37:27.840 --> 01:37:32.500 No, I mean, that's what we need. Look, I was like, look, there is no need to 01:37:32.500 --> 01:37:33.760 wait for after midterms. 01:37:33.980 --> 01:37:37.800 The 2028 presidential election should be going right now. 01:37:38.020 --> 01:37:38.540 Fuck that. 01:37:39.280 --> 01:37:44.940 And I don't care. Like, they don't have to obviously actually pick the candidate 01:37:44.940 --> 01:37:50.660 it quite yet, but you need strong Democrats out there. 01:37:51.380 --> 01:37:56.620 Yes. With the visibility of running for president and making their case right 01:37:56.620 --> 01:37:58.760 now, right now, don't wait. 01:37:59.140 --> 01:37:59.640 Don't wait. 01:38:00.080 --> 01:38:03.060 If, if Harris, you know, I know you're thinking about running for governor, 01:38:03.200 --> 01:38:07.180 but if you, if you have any thoughts whatsoever running for president again, start right now. 01:38:07.820 --> 01:38:13.080 AOC start right now, you know, right now. Buttigieg, start right now. 01:38:13.180 --> 01:38:13.460 Right now. 01:38:13.760 --> 01:38:18.180 What's his name? The guy who just did the filibuster thing? Right. 01:38:18.740 --> 01:38:20.820 Booker. Booker. Start right now. 01:38:21.540 --> 01:38:25.260 Hell, even the stupid guy in California who I don't like. If you're serious 01:38:25.260 --> 01:38:26.400 about it, start right now. 01:38:26.820 --> 01:38:30.600 All of you people, start and use that to make noise. 01:38:33.390 --> 01:38:37.810 And it's really tempting to make it all about how bad Trump is, 01:38:37.930 --> 01:38:42.570 but it really has to be your vision too. It has to be your counter. 01:38:42.770 --> 01:38:48.050 And that's my point by having the cabinet, which is where you're having these 01:38:48.050 --> 01:38:50.610 people that know this is the vision that we should have. 01:38:50.610 --> 01:38:53.690 And who know deeply about the specific areas. 01:38:53.990 --> 01:38:58.970 This is what we do in healthcare. this is what the you know you need to have 01:38:58.970 --> 01:39:02.590 that this is the plan and this is what we're doing this is how we're fixing 01:39:02.590 --> 01:39:04.990 shit as soon as possible and. 01:39:04.990 --> 01:39:10.250 Like you said even on simple things like okay the cdc isn't gonna put out updates 01:39:10.250 --> 01:39:12.110 on xyz anymore because they. 01:39:12.110 --> 01:39:15.950 Fired everybody we're collecting the data we're gonna set up the website we're 01:39:15.950 --> 01:39:19.170 gonna call the data we're hiring those people we're getting you know we're getting 01:39:19.170 --> 01:39:21.990 donations we're gonna hire these people are gonna bring over here and we're 01:39:21.990 --> 01:39:25.330 fucking you know we're we're covering what the government is doing we. 01:39:25.330 --> 01:39:29.430 We can't necessarily make up for everything that gets, you know, 01:39:29.510 --> 01:39:30.510 because the budgets are just. 01:39:30.510 --> 01:39:31.610 We can make up for a lot. 01:39:31.790 --> 01:39:37.510 But we can make up for a lot. I mean, during COVID CDC was not the best source of COVID data. 01:39:37.830 --> 01:39:38.750 No, it wasn't. 01:39:38.890 --> 01:39:42.570 You know, there were volunteer efforts who had more up to date, 01:39:42.830 --> 01:39:47.550 real time data that they collected from all sorts of places and brought together, 01:39:47.550 --> 01:39:51.550 you know, and those kinds of efforts could work in a whole bunch of different areas. 01:39:51.630 --> 01:39:56.490 But I think you're absolutely right. The messaging, the real time counter messaging 01:39:56.490 --> 01:39:59.650 has to be there and has to be strong. 01:39:59.650 --> 01:40:04.550 And it has to be none of this like, oh, we're going to wait a week and then 01:40:04.550 --> 01:40:06.890 we're going to do like Medicare day. 01:40:07.210 --> 01:40:11.930 No, no, no, no, no, no, no. This needs to be, we need to be out there. 01:40:12.070 --> 01:40:13.010 They need to be battling. 01:40:13.270 --> 01:40:16.830 And you know what Cory Booker did was the right approach. Fuck this shit. 01:40:17.030 --> 01:40:20.310 We need to do that every fucking week. The hell with this shit. 01:40:20.310 --> 01:40:26.850 Now my one criticism like is is i i think absolutely got a bunch of attention and got a, 01:40:28.580 --> 01:40:34.400 energized who weren't before. But at the same time, it didn't actually block any business. 01:40:34.760 --> 01:40:39.860 Right after he was done, they fucking confirmed Dr. Oz. 01:40:40.440 --> 01:40:45.020 Like, could you have like maybe delayed Dr. Oz instead? 01:40:45.400 --> 01:40:50.200 Like there's another senator, I think it was Schiff, who's announced that he's doing that. 01:40:50.420 --> 01:40:54.880 You remember that one Republican senator who held up the promotion of generals for like months. 01:40:55.100 --> 01:40:56.020 Right. Right. 01:40:56.180 --> 01:41:00.800 Because it was one guy blocking it. Freaking do that for everybody. 01:41:01.200 --> 01:41:02.340 They need to be for everybody. Yeah. 01:41:02.460 --> 01:41:07.540 Pick a senator for every nominee. Who's willing to block that. 01:41:07.780 --> 01:41:10.180 Nah, we're blocking that. Nah, we're blocking this. 01:41:10.680 --> 01:41:11.180 Exactly. 01:41:11.500 --> 01:41:15.440 This needs to be, we need to stop acquiescing to anything. 01:41:15.940 --> 01:41:16.380 Right. 01:41:16.620 --> 01:41:16.960 Anything. 01:41:18.800 --> 01:41:24.600 Yeah. I mean, I can somewhat understand the argument of, okay, 01:41:25.140 --> 01:41:26.820 shutting down the government would have been worse. 01:41:26.940 --> 01:41:30.580 Let that go. But like for things like nominating Dr. 01:41:30.760 --> 01:41:34.020 Oz and letting him take office as whatever the hell he's doing. 01:41:34.200 --> 01:41:37.120 No, there's no reason to allow that to go through. 01:41:39.680 --> 01:41:42.800 you know and and yes do you 01:41:42.800 --> 01:41:46.460 can he like do some temporary appointment 01:41:46.460 --> 01:41:49.660 in the meantime and still do damage of course he can but don't 01:41:49.660 --> 01:41:52.580 let dr oz in block it the senate rules 01:41:52.580 --> 01:41:57.140 are set up you the minority the one person can't block something forever but 01:41:57.140 --> 01:42:01.720 they can delay it they can stretch it out they can they can make a show of it 01:42:01.720 --> 01:42:08.980 they can do that stuff and and you know i i think Cory Booker was a good move 01:42:08.980 --> 01:42:11.160 in that direction. We need more. 01:42:11.620 --> 01:42:16.980 Another thing that's been brought up, apparently this weekend there's protests 01:42:16.980 --> 01:42:19.920 all over the country that aren't getting a lot of attention, 01:42:19.920 --> 01:42:23.380 but they're building up momentum and steam. 01:42:24.940 --> 01:42:28.340 I don't know if I can actually make the one tomorrow, so I feel like a hypocrite 01:42:28.340 --> 01:42:30.660 saying this, but, you know, start doing this. 01:42:30.700 --> 01:42:34.640 The only reason, we were going to go tomorrow to one here, but the thing is 01:42:34.640 --> 01:42:39.480 that I'm still, listen, my wife's Achilles is still an issue, okay? 01:42:39.880 --> 01:42:41.840 And you're coughing all over everybody. 01:42:41.940 --> 01:42:45.300 And I'm coughing all over everybody, so I'm not, I don't know. 01:42:47.080 --> 01:42:51.280 But even the little things matter. And people have pointed out, 01:42:51.380 --> 01:42:56.780 by the way, that the administration has actually backed off on a few things 01:42:56.780 --> 01:42:58.820 that have gotten a lot of negative attention. 01:42:59.400 --> 01:43:02.400 And maybe they'll end up backing off on some of the tariff stuff. 01:43:02.560 --> 01:43:07.740 But like they they have indeed on certain areas, certain limited areas, 01:43:07.960 --> 01:43:12.460 but where one particular thing or another has gotten a lot of attention and 01:43:12.460 --> 01:43:14.420 people have been mocking them over it. 01:43:14.820 --> 01:43:17.620 They've backed off. And so I mean. 01:43:17.740 --> 01:43:25.880 The negative attention does matter. I saw that fucking idiot, the total idiot, RFK Jr. 01:43:26.240 --> 01:43:31.320 Oh, we fired the people that were doing, you know, saving people from getting 01:43:31.320 --> 01:43:32.460 poisoned with lead pipes. 01:43:32.640 --> 01:43:36.960 Oh, yeah, we need to bring those back. I'm so sick and tired of hearing these 01:43:36.960 --> 01:43:39.140 assholes say this over and over. 01:43:39.140 --> 01:43:44.020 I think RFK Jr. specifically said that probably 20% of the people we fired, we shouldn't have. 01:43:45.060 --> 01:43:48.580 What kind of a fucking jerk off does this? 01:43:49.020 --> 01:43:57.800 I mean, I, I, I, it's, he's fucking, if I, I, I better not bump into these people 01:43:57.800 --> 01:43:59.420 in person. I'm going to get arrested, Sam. 01:44:02.140 --> 01:44:04.900 If I fucking see RFK Jr., I'm going to fucking punch him. 01:44:04.920 --> 01:44:08.820 Hey, hey, Yvonne, just to be clear, you would not just be arrested. 01:44:09.160 --> 01:44:14.040 You would be arrested, shoved in a dark plane and sent to a prison in El Salvador. 01:44:14.900 --> 01:44:15.380 Fuck. 01:44:16.800 --> 01:44:20.820 Let's be clear on that. The fact that you are a citizen does not matter. 01:44:21.160 --> 01:44:22.180 Hey, hey, hey. 01:44:22.500 --> 01:44:25.120 Like, your point, that doesn't really count anyway. You know. 01:44:25.120 --> 01:44:29.600 Well, listen, I do have some very high-powered attorneys on call that are connected. 01:44:29.600 --> 01:44:34.500 I'd probably be able to get some pull. 01:44:35.040 --> 01:44:38.600 They won't even find you. You'll be disappeared. You'll be gone. 01:44:39.260 --> 01:44:42.060 Well, you know, I'm a squirrely little guy. 01:44:42.220 --> 01:44:46.560 I can, you know, look, look, if it happens like near here, I know where the 01:44:46.560 --> 01:44:49.860 NetJets place is. I'm fucking taking the, putting the Amex, my, 01:44:49.860 --> 01:44:54.360 my, my Amex, I, I can, I can charge a private plane on my fucking Amex. 01:44:54.460 --> 01:44:58.460 I'm like, fuck this shit. I'm like, you know, all of a sudden I'm, you know, Sam. Yeah. 01:44:59.780 --> 01:45:04.480 I'm on, I'm on, I'm on a jet on the way to, I'm not sure where yet. 01:45:04.480 --> 01:45:07.060 I got to talk to the pilot where there's no extradition treaty. 01:45:11.160 --> 01:45:12.880 Ah, yes. Yes. 01:45:13.040 --> 01:45:14.480 So it'll be something like that. 01:45:15.140 --> 01:45:17.980 On that note we should probably close it up Yvonne. 01:45:20.170 --> 01:45:30.490 God the fuck why why you know you know america you fucking morons why why. 01:45:30.490 --> 01:45:33.570 Why ivan it's clear 01:45:33.570 --> 01:45:37.410 it's because kamala kamala 01:45:37.410 --> 01:45:40.570 sorry kamala would not 01:45:40.570 --> 01:45:44.190 make pro-palestinian statements and 01:45:44.190 --> 01:45:47.310 was too supportive as his assholes and so 01:45:47.310 --> 01:45:50.810 you know oh and and eggs and 01:45:50.810 --> 01:45:56.310 the price of eggs oh and oh yeah we we don't want those trans people playing 01:45:56.310 --> 01:46:03.730 college sports yeah yeah and yeah that that kind of stuff that's that's it and 01:46:03.730 --> 01:46:08.390 you know and we don't want a black woman because that would be definitely. 01:46:08.390 --> 01:46:13.530 Don't want a black woman definitely don't want don't want one of those that's for fucking sure. 01:46:13.530 --> 01:46:17.990 Obviously not our actual opinions just to be clear well. 01:46:17.990 --> 01:46:22.510 I mean you married one you know probably one of the smartest things you did. 01:46:22.510 --> 01:46:27.770 So um i mean okay weird i dated. 01:46:27.770 --> 01:46:30.830 I dated a couple i can get married to one. 01:46:30.830 --> 01:46:34.110 Yeah there you go i. 01:46:34.110 --> 01:46:38.510 Mean women are fucking smart but our country hates them. 01:46:39.860 --> 01:46:44.380 Yeah. You know, I, I've heard the argument stated usually as a joke, 01:46:44.580 --> 01:46:49.320 but like, I'm not so sure I'd be upset by this saying, you know, 01:46:49.460 --> 01:46:53.940 basically men got to run the hunt, the country for 250 years or whatnot. 01:46:55.200 --> 01:47:00.960 You know, why don't we just outlaw men in politics for the next hundred to even it up a little? 01:47:01.440 --> 01:47:06.440 I'd be good with that. You know, I'm, I'm, I'm, I'm, I'm down for that. 01:47:06.440 --> 01:47:10.420 You know, I remember saying when we were in the run up for 2020 and we did end 01:47:10.420 --> 01:47:15.140 up with Joe Biden, but like the thing that I kept saying is how about we just 01:47:15.140 --> 01:47:17.720 have a rule straight up, no straight white men, 01:47:18.240 --> 01:47:22.880 like whoever we pick, no straight white men, they've enough, 01:47:23.360 --> 01:47:26.060 you know, and I am one, but I don't care. 01:47:26.180 --> 01:47:28.280 We've had enough of those. Let's do something different. 01:47:28.820 --> 01:47:30.780 Exactly. Enough of you fucking guys. 01:47:33.340 --> 01:47:33.780 Seriously. 01:47:34.720 --> 01:47:39.160 Okay. Hey, everybody. you know, the deal curmudgeons hyphen corner.com. 01:47:39.700 --> 01:47:44.080 You'll find out all our transcripts, all the way to, all the ways to contact 01:47:44.080 --> 01:47:48.160 us, our archives, going back to the beginning, all that fun stuff. 01:47:48.300 --> 01:47:52.860 Uh, no link to Tik TOK yet. I mean, they've kicked it off another 75 days. 01:47:53.000 --> 01:47:57.160 Maybe I'll add the link in the next 75 days, but you know, the second I add 01:47:57.160 --> 01:47:58.400 the link, it'll be banned forever. 01:47:58.840 --> 01:48:01.280 That's just how it would work, you know? 01:48:02.060 --> 01:48:06.340 Um, but yeah. And of course a link to our Patreon. So you can give us money. 01:48:07.240 --> 01:48:11.180 and at various levels we will mention you on the show we will ring a bell we 01:48:11.180 --> 01:48:15.060 will send you a postcard we will send you a mug i still owe stuff to pete greg 01:48:15.060 --> 01:48:17.680 and egg egg not not egg pete. 01:48:17.680 --> 01:48:18.940 Greg and egg egg. 01:48:18.940 --> 01:48:25.100 Pete greg and ed i will make sure to send your stuff by the end of the month let's not, 01:48:26.240 --> 01:48:28.960 things are still crazy for me for at least 01:48:28.960 --> 01:48:35.040 another week but after that i'll be in seattle in july and ivan will be in seattle 01:48:35.040 --> 01:48:43.300 in july well assuming that you know the infrastructure still works to allow 01:48:43.300 --> 01:48:47.660 intercontinental travel or intra-continental travel. 01:48:47.660 --> 01:48:49.140 I should say yeah you. 01:48:49.140 --> 01:48:55.320 Know like yeah you by the time we get to july ivan the only way to get to seattle 01:48:55.320 --> 01:49:01.420 might be to walk with a machete battling all of the people between here and there well. 01:49:01.420 --> 01:49:06.900 You know for for what it's worth. I have done the, you know, 01:49:07.020 --> 01:49:13.140 in Puerto Rico, I've had to go through, like, the whips, using a machete. So I've done that. 01:49:13.440 --> 01:49:14.420 So you're prepared. 01:49:15.080 --> 01:49:20.000 I am prepared for that kind of, it's a long time, so I've done this, 01:49:20.060 --> 01:49:22.380 but I have some preparation for this. 01:49:22.520 --> 01:49:26.260 So you are prepared, you will do the journey. 01:49:27.880 --> 01:49:29.900 From Miami to Seattle. 01:49:29.900 --> 01:49:32.040 With a machete walking. 01:49:32.840 --> 01:49:37.920 I'm sure that won't draw any attention. Make sure I get a very big, rusty machete. 01:49:38.180 --> 01:49:41.300 Oh, yeah. That won't get you to a pompadour. 01:49:41.600 --> 01:49:41.700 Yeah. 01:49:44.240 --> 01:49:49.740 Okay. Yeah. Anyway, at $2 a month or more, or if you just ask, 01:49:49.900 --> 01:49:52.180 we'll add you to the Commudgeons Corner Slack, 01:49:52.400 --> 01:49:57.520 where Yvonne and I are chatting throughout the week about all kinds of wondrous 01:49:57.520 --> 01:50:01.060 stuff that would make you want to join us, 01:50:02.260 --> 01:50:03.920 and chat with us. 01:50:04.060 --> 01:50:07.320 And you're missing out if you're not there. Now, I'll be honest. 01:50:07.820 --> 01:50:12.260 Most of the talk in the last 48 hours has been about the exact same thing we've 01:50:12.260 --> 01:50:13.580 been talking about on the show. 01:50:13.980 --> 01:50:17.480 The tariffs and the impending economic disaster. 01:50:17.720 --> 01:50:22.480 But do you have something that's not that you want to highlight for them to come up? Yes. 01:50:22.500 --> 01:50:25.660 On April Fool's Day, I fell for one. 01:50:25.900 --> 01:50:27.380 You fell for one. Yes. 01:50:27.380 --> 01:50:31.080 And i shared it on on on 01:50:31.080 --> 01:50:34.760 on on our random channel where okay 01:50:34.760 --> 01:50:37.780 i get this notification from flight radar 01:50:37.780 --> 01:50:46.320 24 that fucking concord is flying from lhr to jfk and i'm like what the fuck 01:50:46.320 --> 01:50:55.000 and i i go and i open it and they've got this fucking they're tracking a concord from lhr to JFK. 01:50:55.180 --> 01:51:00.320 Now, the thing is, the reason why I didn't immediately just think it was April 01:51:00.320 --> 01:51:05.700 Fool's was because there had been a couple of people that had been trying to, 01:51:06.920 --> 01:51:17.400 actively get one of the BA Concords, the one that was more closer to being flyable to fly again. 01:51:18.100 --> 01:51:21.100 So I had read a couple of times that there were a couple of people that were 01:51:21.100 --> 01:51:24.960 obsessed, look, just go to get one of these to fly again. Okay. 01:51:26.170 --> 01:51:33.530 But then I, I go and I, I look at it and I realize I'm like, wait now. 01:51:34.030 --> 01:51:36.850 Oh, fucking April fools. You fucking bastards. 01:51:37.270 --> 01:51:38.970 Now I really, I. 01:51:39.030 --> 01:51:42.030 I, I really, I really wanted that to be true. 01:51:42.230 --> 01:51:46.870 I only realized just now that you were actually fooled. I thought you were sharing 01:51:46.870 --> 01:51:48.570 it just like, Oh, cool. April fools. 01:51:48.750 --> 01:51:52.090 I didn't realize you were actually fooled. I got fooled for a little bit. 01:51:52.090 --> 01:51:55.470 I went and I'm like, they had not done. 01:51:55.910 --> 01:51:59.630 I look, I've had flight radar 24 for, I don't know how long they never, 01:51:59.770 --> 01:52:01.790 I don't recall them ever having done this before. 01:52:02.490 --> 01:52:09.130 So, I mean, I just get, you know, they always have this thing about unique flights to track. Okay. 01:52:09.490 --> 01:52:14.370 So they'll pop up, Hey, this airplane, uh, you know, the first eight, 01:52:14.470 --> 01:52:18.290 three 51,000, you know, when that happened is making its maiden flight from, 01:52:18.410 --> 01:52:22.010 uh, whatever it's so, so, and so forth, you know, Hey, a seven, eight, seven. 01:52:22.090 --> 01:52:24.750 is making its final test flight you know 01:52:24.750 --> 01:52:27.590 stuff like that so you get a notification so so getting 01:52:27.590 --> 01:52:30.730 a notification like this of some unique flight you know 01:52:30.730 --> 01:52:33.850 isn't uncommon and so all of a sudden i see 01:52:33.850 --> 01:52:42.970 i mean you know concord is flying to lhr gfk i'm like wait what and then yeah 01:52:42.970 --> 01:52:48.970 it took me a minute or two and then i realized oh fuck you you assholes you 01:52:48.970 --> 01:52:51.950 fucking assholes i really wanted that to be true. 01:52:52.610 --> 01:53:00.890 And I believe that the tail number that they used yeah they used a real tail number from a Concord. 01:53:01.750 --> 01:53:04.870 And it's the one that I have a picture of in my son's room. 01:53:05.290 --> 01:53:05.730 Okay. 01:53:07.190 --> 01:53:12.510 So, you know, because it's not like they fucking even used a real tail number 01:53:12.510 --> 01:53:15.010 for a fucking Concord that I know exists. 01:53:15.470 --> 01:53:18.950 So I'm like, what the fuck? So, yeah, but no. 01:53:20.180 --> 01:53:25.240 Concord. You know, I don't think any April Fool's jokes got me this year. 01:53:25.460 --> 01:53:31.520 And I think, look, the other thing is, I think there was sort of a golden era 01:53:31.520 --> 01:53:37.820 in like the early 2000s where all kinds of internet websites made April Fool's jokes. 01:53:37.940 --> 01:53:40.680 And a lot of them were actually funny and they were amusing. 01:53:41.040 --> 01:53:45.940 And, you know, the one people always talk about is Think Geek making the Tauntaun 01:53:45.940 --> 01:53:47.720 sleeping bag from Star Wars. 01:53:48.960 --> 01:53:54.640 And so many people liked it that they ended up actually making it and selling it a few months later. 01:53:55.360 --> 01:53:59.740 But there were all kinds of others, and it was funny. And then all the brands 01:53:59.740 --> 01:54:03.900 started getting in and trying to do something, and then it got really overplayed. 01:54:04.060 --> 01:54:10.820 It got overplayed, it got dumb, and it wasn't enjoyable anymore. 01:54:11.040 --> 01:54:14.160 Well, this one isn't an April Fool's joke, but it kind of is 01:54:14.160 --> 01:54:17.240 okay okay newsmax at this something else 01:54:17.240 --> 01:54:20.420 that i shared on the slack newsback had its 01:54:20.420 --> 01:54:23.680 ipo and its ipo was on april 1st okay 01:54:23.680 --> 01:54:26.800 right away all right so but this was not a fool's this 01:54:26.800 --> 01:54:30.240 this was not an april fool's joke the initial 01:54:30.240 --> 01:54:33.380 price just these were priced at what 01:54:33.380 --> 01:54:36.500 i think it was seven dollars a share or 01:54:36.500 --> 01:54:39.340 something that was the initial price this the 01:54:39.340 --> 01:54:42.160 stock hit a high of 01:54:42.160 --> 01:54:46.380 272 dollars wow and 01:54:46.380 --> 01:54:54.760 then and then and then proceeded to collapse to 45 dollars and 30 cents now 01:54:54.760 --> 01:55:03.520 it it just look so yeah so we had that going on during this week too where we had the only other other. 01:55:04.740 --> 01:55:08.560 The only other April Fool's thing I want to mention to sort of tie into the 01:55:08.560 --> 01:55:15.220 theme of the show is that for several weeks prior to Liberation Day for the 01:55:15.220 --> 01:55:16.260 big tariff announcements, 01:55:16.860 --> 01:55:22.080 Donald Trump repeatedly said over and over that he actually wanted to have them 01:55:22.080 --> 01:55:27.380 take, wanted to have the announcement on April 1st, but he couldn't because of April Fool's Day. 01:55:28.240 --> 01:55:30.440 And so he pushed it to April 2nd instead. 01:55:31.200 --> 01:55:32.340 Nice. Well. 01:55:33.180 --> 01:55:34.240 Okay but yeah. 01:55:34.240 --> 01:55:38.240 So you don't think you're not gonna buying any newsmax stock i take it i. 01:55:38.240 --> 01:55:38.800 Mean it started. 01:55:38.800 --> 01:55:40.240 It opened yeah it's like. 01:55:40.240 --> 01:55:46.500 Okay let me ask because right after like in our i think it was our prediction 01:55:46.500 --> 01:55:50.960 show in december one of the things we or maybe it was some other show but we 01:55:50.960 --> 01:55:55.540 talked about what were the right investment vehicles for a donald trump presidency 01:55:55.540 --> 01:55:58.420 and we said well obviously DJT. 01:55:58.920 --> 01:56:01.860 How's it doing? Everything else is crashing. How's DJT? 01:56:02.340 --> 01:56:06.680 Let me, okay. It's a great question. Let's, let's check this out. Hold on. 01:56:07.180 --> 01:56:10.520 Hold on. Uh, where are you? Where'd you go? Where'd you go? 01:56:11.620 --> 01:56:15.500 Okay. All right. Let's go back to DJT. 01:56:16.800 --> 01:56:20.020 DJT, DJT. Okay, here we go. 01:56:20.460 --> 01:56:27.400 DJT is at, it's down to 17 bucks. So. 01:56:27.720 --> 01:56:29.600 How's that compared to its high? 01:56:29.680 --> 01:56:38.220 Yeah, I don't know. The peak of DJT, it opened, let's see. 01:56:38.220 --> 01:56:46.300 uh it had been at 62 dollars was its peak when. 01:56:46.300 --> 01:56:47.220 When was the peak. 01:56:47.220 --> 01:56:52.820 This was about you know this is not supposed to be a hard question a year ago 01:56:52.820 --> 01:57:00.260 it was a year ago okay i'm just and so it it had it had collapsed to 13 dollars 01:57:00.260 --> 01:57:05.600 right before his inauguration it soared back up to right. 01:57:05.600 --> 01:57:06.720 Before the election it looked. 01:57:06.720 --> 01:57:12.080 Yeah right it's short back up to 40 something dollars and now it's back to 17 01:57:12.080 --> 01:57:19.420 it's worth 3.8 billion dollars okay it's worth 3.8 billion dollars it has earnings per share of, 01:57:20.040 --> 01:57:27.100 total revenue of 3.6 million dollars and it has an ebitda okay is that an ebitda 01:57:27.100 --> 01:57:30.700 of negative 183 million dollars but. 01:57:30.700 --> 01:57:35.020 By the way i did also see news this week that some of donald trump's lockups 01:57:35.020 --> 01:57:38.880 expired this week as well so he's now free to sell a bunch of this stuff if he wants to. 01:57:38.880 --> 01:57:43.760 Uh yeah well i'm sure that at some point he's uh he's gonna cash out some of 01:57:43.760 --> 01:57:46.300 this shit but yeah right now it's worth 3.7. 01:57:46.300 --> 01:57:54.020 I heard speculation that now that twitter has merged with xai they will buy djt well. 01:57:54.020 --> 01:57:54.960 I mean elon. 01:57:54.960 --> 01:58:00.340 Not not for any monetary value of the actual stock but just you know to as you 01:58:00.340 --> 01:58:03.860 have said all of this stuff is vehicles to bribe donald trump up. 01:58:04.380 --> 01:58:05.240 I mean, it makes sense. 01:58:06.320 --> 01:58:12.140 I mean, look, that we had that. I mean, that was something that just happened this week to the X. 01:58:12.240 --> 01:58:15.140 Yes, that happened. I mean, you have the X, XAI. 01:58:15.340 --> 01:58:16.580 The week before, I think, actually. 01:58:16.740 --> 01:58:19.840 But yeah, it was like, yeah, I was like, it was like while you were gone. 01:58:19.980 --> 01:58:20.780 While you were gone. 01:58:20.940 --> 01:58:25.340 It was a week ago at most. We did the X, XAI merger. 01:58:26.120 --> 01:58:30.260 And again, number one thing. OK, and I double check this. 01:58:30.260 --> 01:58:37.680 OK, the the the price at which he did the the the the the deal that he basically 01:58:37.680 --> 01:58:44.740 gave shares to his other investors basically gave him a 25 percent haircut. 01:58:45.260 --> 01:58:50.440 OK, at that exchange. But but it was better than where they were before. 01:58:50.860 --> 01:58:57.900 It was seven days ago. Exactly. So, yeah. So so they got the 25 percent haircut. But here's the reality. 01:58:58.620 --> 01:59:04.980 Elon paid with his own money $33 billion for it, using XAI shares to buy X shares. 01:59:05.260 --> 01:59:10.440 But he had stuffed X with a whole bunch of XAI shares anyway. 01:59:10.740 --> 01:59:19.000 So the reality is that by diluting his partners 25%, he gets to own more of 01:59:19.000 --> 01:59:21.380 those XAI shares than they did. 01:59:21.380 --> 01:59:26.200 So he wound up fucking, you know, as usual, fucking his partners again. 01:59:26.540 --> 01:59:29.960 There you go. Okay, now we're going to say goodbye for real, Yvonne. 01:59:30.260 --> 01:59:30.520 All right. 01:59:31.120 --> 01:59:36.040 We are done. Everybody, have a great week. Have fun, but not too much fun. 01:59:36.240 --> 01:59:38.360 Stay safe, et cetera, et cetera, et cetera. 01:59:38.960 --> 01:59:43.440 Try not, you know, don't look too much at the markets. 01:59:43.680 --> 01:59:49.260 Don't jump out of any windows, you know, and we'll be here to talk again next 01:59:49.260 --> 01:59:53.140 week, hopefully, if all goes well. Goodbye. 01:59:53.740 --> 01:59:55.320 Bye. Thank you. 02:00:24.220 --> 02:00:28.840 Thank you. Okay, here we go. hitting stop. Take care of yourself. Get better. 02:00:30.620 --> 02:00:31.580 Working on it. 02:00:33.000 --> 02:00:33.520 Later.