AI transcript
0:00:03 Support for Prop G comes from Crescent Family Office.
0:00:05 As an entrepreneur, you spend a lot of time
0:00:06 in energy building your business.
0:00:08 And chances are, you’ve been so busy,
0:00:09 there hasn’t been a ton of time to think about preparing
0:00:13 for an exit, tax strategies, and wealth management.
0:00:14 Crescent is here to help wealth creators
0:00:17 and families like yours streamline complexity
0:00:18 and invest for the future.
0:00:19 Crescent was built by entrepreneurs,
0:00:22 for entrepreneurs with financial advisory teams
0:00:23 who embrace the fiduciary duty
0:00:26 to place the client’s interests first.
0:00:28 You can learn how to optimize your life
0:00:29 by scheduling a call with a Crescent founder
0:00:32 at CresitCapital.com.
0:00:33 We are not clients of Crescent.
0:00:34 There are no material conflicts
0:00:36 other than this paid endorsement.
0:00:39 All investing involves risk, including loss of principle.
0:00:41 (upbeat music)
0:00:45 – Hey, what you doing?
0:00:48 – Programming our thermostat to 17 degrees
0:00:50 when we’re out at work or asleep.
0:00:51 We’re taking control of our energy
0:00:54 this winter with some easy energy saving tips
0:00:55 I got from Fortis, BC.
0:00:58 – Ooh, conserve energy and save money?
0:01:00 – Maybe to buy those matching winter jackets?
0:01:02 – Uh, no, we’re also getting
0:01:04 that whole matching outfit thing under control.
0:01:07 – Discover low and no cost energy saving tips
0:01:11 at fortisbc.com/energysavingtips.
0:01:12 – Matching track suits?
0:01:13 – Please no.
0:01:17 – It’s Donald Trump’s first week in office again,
0:01:19 and it sure feels like it.
0:01:21 – There is a great deal of, as Heather said,
0:01:23 a great deal of anger about oligarchs,
0:01:25 about rich people controlling everything.
0:01:27 – I’m Preet Bharara,
0:01:29 and this week I’m joined by Kara Swisher,
0:01:32 Astead Herndon, and Heather Cox Richardson
0:01:34 for a special inauguration week episode
0:01:36 of Stay Tuned with Preet.
0:01:38 The episode is out now.
0:01:40 Search and follow Stay Tuned with Preet
0:01:41 wherever you get your podcasts.
0:01:47 – I’m Scott Galloway,
0:01:49 and this is No Mercy, No Malice.
0:01:54 America has put out a for sale sign,
0:01:57 America for Sale, as read by George Hahn.
0:02:08 – Speculation, a phone call that could happen.
0:02:12 Scene, a top secret communications room in the White House.
0:02:14 Time, next week.
0:02:18 National Security Communications Officer.
0:02:20 – Secure satellite phone connection
0:02:22 via Starlink established and confirmed.
0:02:23 Sir, the next voice you hear
0:02:25 will be that of President Putin.
0:02:27 Go ahead, please, Moscow.
0:02:29 – Donald.
0:02:33 – Vlad, it’s great, really great to hear from you.
0:02:35 – Same here, and may I congratulate you
0:02:37 for your total and complete victory.
0:02:42 Your digital coin, very interesting development.
0:02:45 – Vladimir, nobody’s ever seen anything like it.
0:02:48 The most successful coin in history may be ever.
0:02:51 People are saying it’s tremendous.
0:02:54 We have interest in large purchase.
0:02:56 Very large, but don’t know.
0:03:00 Situation with NATO, it complicates things.
0:03:03 – Horrible organization, NATO.
0:03:06 Horrible, they’re not paying their fair share, never have.
0:03:10 These European countries, they’re laughing at us.
0:03:12 – If you publicly question Article 5,
0:03:16 perhaps we discuss bigger coin purchase, much bigger.
0:03:18 – The biggest, and you know what?
0:03:21 NATO’s obsolete always has been.
0:03:22 We’re looking at all our options,
0:03:25 and people are gonna be very happy
0:03:28 with what we do, very happy.
0:03:29 – Good, Donald.
0:03:31 We start with 50 million coins,
0:03:34 maybe more after NATO’s statement.
0:03:36 – Beautiful, just beautiful.
0:03:38 You’re gonna love these coins,
0:03:40 everybody loves these coins.
0:03:43 – You have to give it to the President.
0:03:46 This is 3D grandmaster chess corruption
0:03:50 versus the checkers corruption Democrats have been playing.
0:03:55 More speculation, a call that could have happened.
0:04:00 Scene, phone conversation at 1236 Longworth, HOB.
0:04:05 The office of Speaker of the House Emerita, Nancy Pelosi.
0:04:08 Time, last week.
0:04:09 Nancy Pelosi.
0:04:12 – Paul, that firm you mentioned last week,
0:04:15 the healthcare AI one, what was the name?
0:04:17 – Paul Pelosi.
0:04:20 – There’s a few, the one that’s received the most press
0:04:23 is Tempus AI.
0:04:25 I was in a Medicare briefing today,
0:04:28 and they are planning on pouring substantial resources
0:04:31 into AI-driven diagnostics and care management.
0:04:35 I believe Tempus was on their list.
0:04:37 Understood, I’m on it.
0:04:43 It was disclosed on Tuesday, January 21,
0:04:46 that Representative Pelosi and/or related parties
0:04:51 had purchased between $50,000 and $100,000
0:04:55 of call options on Tempus AI Inc.
0:05:00 That day, the stock registered the biggest one day gain
0:05:03 in its history, surging 35%.
0:05:07 These are each their own flavor of corruption.
0:05:10 I respect the Trump grift more than the plain vanilla
0:05:13 trading on material non-public information.
0:05:16 It’s more creative, and if you’re gonna abuse
0:05:18 the public trust, you should do it
0:05:20 for billions versus millions.
0:05:25 America has just put out a for sale sign,
0:05:28 and every corrupt government and company
0:05:32 around the world has taken notice.
0:05:34 Instead of Russia offering Trump cash
0:05:38 for abandoning Ukraine, it might be one side
0:05:41 in Sudan’s civil war, which, though you don’t hear
0:05:44 about it much here in the US, is the bloodiest
0:05:47 ongoing conflict in the world.
0:05:49 Or maybe one of the makers of Red Die #3,
0:05:52 recently banned for use in food by the FDA
0:05:55 after it was found that high exposures
0:05:58 caused cancer in rats, will offer to put some money
0:06:02 into Trump coin if the president finds his veto pen.
0:06:07 During his first term, Trump owned a hotel in DC
0:06:08 that was patronized by rich people,
0:06:11 governments, and businesses who wanted something
0:06:13 from the federal government.
0:06:18 Trump coin is more elegant, a vehicle that gives parties
0:06:23 a discreet, easy way to pay off the president of the US.
0:06:27 Think of the coin as a price discovery tool for bribery,
0:06:31 a mixture of eBay and PayPal for corruption.
0:06:35 Trump coin and Melania coin are such obvious grifts,
0:06:38 they embarrass one of the most shameless communities
0:06:40 in our economy.
0:06:44 The crypto bros who backed his candidacy.
0:06:48 CNBC host, Rand Neuner, accused the presidential family
0:06:53 of “grifting at the expense of the entire crypto community.”
0:06:55 Unquote.
0:06:58 It’s likely that as the grift dust settles
0:07:01 into a category five hurricane of indefensible losses,
0:07:06 like Melania coin shed two thirds of its value in five days,
0:07:09 Congress will be less amenable to the legislation
0:07:12 the community has been advocating for.
0:07:15 Just as my generation has pulled future generations
0:07:19 prosperity forward for our benefit via deficit spending,
0:07:23 Trump is borrowing massively against the increasing
0:07:26 credibility of the asset class to enrich himself
0:07:29 and light the sector on fire.
0:07:32 We shouldn’t be surprised.
0:07:35 The US has been on this road since the Supreme Court’s
0:07:37 2010 decision on Citizens United,
0:07:40 which took limits off campaign spending
0:07:42 by corporations and other groups.
0:07:45 The court held that existing restrictions violated
0:07:48 the First Amendment, equating the ability to spend money
0:07:52 on campaigns with the right to free speech.
0:07:56 The result has been a deluge of corporate cash
0:07:59 into our elections.
0:08:03 Any small inhibitions or shame politicians may have felt
0:08:08 about selling themselves to the highest bidder disappeared.
0:08:12 Trump is doing loudly what other politicians do quietly.
0:08:16 Now that he’s being reelected, he’s not even pretending.
0:08:21 The Washington Post claims that democracy dies in darkness.
0:08:25 Maybe what’s more apparent is that capitalism,
0:08:28 competition, rule of fair play, trusted markets,
0:08:32 dies in the full light of day.
0:08:37 As Dylan sang, money doesn’t talk, it swears.
0:08:40 Right now, it’s telling the American public
0:08:42 to go fuck itself.
0:08:48 Last year, Trump decided to ignore the real national
0:08:52 security concerns that had been voiced about TikTok.
0:08:54 TikTok became politically useful to him,
0:08:57 and Jeffrey Yass, one of the biggest shareholders
0:08:59 of its Chinese parent company, Bite Dance,
0:09:03 gave $100 million to GOP groups.
0:09:07 TikTok now has about two billion global users
0:09:11 and about 170 million in the U.S.
0:09:15 Bite Dance is required by law to turn user data over
0:09:19 to China’s Ministry of State security on demand.
0:09:23 According to Pew Research, about 40% of young Americans
0:09:26 now get their news from TikTok.
0:09:29 The app is a neural jack, connecting Beijing
0:09:31 with the wet matter of America’s youth.
0:09:35 A 14-year-old American spends approximately
0:09:39 14 hours a week on the platform.
0:09:40 Think about this.
0:09:45 A full day every week on a platform influenced by the CCP.
0:09:51 Would we have let the Kremlin own CBS, ABC, or NBC
0:09:52 in the ’60s?
0:09:58 When Trump’s efforts to make Bite Dance sell
0:10:01 during his first term failed,
0:10:04 he signed an executive order banning TikTok,
0:10:07 which was later overturned in court.
0:10:09 He needed a law.
0:10:14 Last year then, Congress debated and overwhelmingly approved
0:10:18 and President Biden signed the Protecting Americans
0:10:22 from Foreign Adversary Controlled Applications Act,
0:10:27 which gave Bite Dance until January 19th of this year
0:10:30 to sell to a non-Chinese buyer.
0:10:35 Bite Dance fought the law in court and lost.
0:10:39 On January 17th, the Supreme Court ruled 9-0
0:10:41 that the law was constitutional.
0:10:47 Then January 19 came and TikTok shut down in the U.S.
0:10:49 for a few hours.
0:10:53 TikTok returned from the dead almost immediately
0:10:56 as ardent TikTokers with the aid and encouragement
0:10:59 of Bite Dance posted and protested
0:11:03 that a ban would deprive them of their free speech rights
0:11:05 and/or their livelihoods.
0:11:09 This is ground zero for why we should ban it.
0:11:14 A social media app used by half of Americans
0:11:17 and controlled by an aggressive foreign rival
0:11:21 just confirmed it can spin up millions of citizens,
0:11:23 particularly young people,
0:11:27 to influence important government policy.
0:11:32 TikTok, i.e. the CCP, will do this again.
0:11:36 If China invades Taiwan, TikTok is the propaganda tool
0:11:38 Radio America never dreamed of.
0:11:42 It’s much easier to fool Americans
0:11:44 than to convince them they’ve been fooled.
0:11:48 On his first day back in office,
0:11:50 Trump signed an executive order
0:11:53 delaying the ban for 75 days,
0:11:54 saying he wanted to engineer a deal
0:11:57 that would give the U.S. half ownership of the app.
0:12:01 Quote, “If I don’t do the deal, it’s worth nothing,”
0:12:05 he said, “If I do the deal, it’s worth a trillion dollars.”
0:12:09 This is not a new concept.
0:12:11 There’s even a word for it.
0:12:12 Socialism.
0:12:17 Socialism is when the state controls
0:12:19 the means of production.
0:12:23 America has proven in spades
0:12:25 that the full-body contact of competition
0:12:27 creates more economic growth
0:12:31 than the government cosplaying a business.
0:12:34 Whether it’s the UK investing in DeLorean
0:12:37 or Obama propping up Cylindra,
0:12:39 it usually doesn’t end well.
0:12:44 One of my favorite moments in succession
0:12:47 was when Logan Roy told his children,
0:12:49 “You are not serious people.
0:12:52 “He knew his kids were expectant
0:12:55 “and lacked the real-world skills and backbone
0:12:58 “to make good on their threats.
0:13:01 “We risk our allies, adversaries, and trade partners
0:13:04 “sensing that we, too,
0:13:07 “are not a serious people.”
0:13:12 I’m not entirely sure how we got here,
0:13:13 but I think it has something to do
0:13:17 with the way money and business success
0:13:19 have become so venerated in our culture.
0:13:23 More money used to mean a better meal on a plane.
0:13:28 Now, it’s a much better life.
0:13:32 Just as we always find uses for additional bandwidth
0:13:35 and energy, our consumer economy
0:13:39 never runs out of incentives to amass more money.
0:13:42 I’m taking my son on the EuroStar,
0:13:45 which has three ticket classes,
0:13:48 to see a Paris Saint-Germain FC game,
0:13:52 where there are the seats we bought, 220 pounds,
0:13:55 plus 11 higher categories,
0:13:58 including ones with access to an indoor restaurant,
0:14:03 heated seats, and a player meet and greet before the game.
0:14:06 That’s 3,500 pounds.
0:14:11 My first real date with Maureen Burke
0:14:13 was in the 11th grade.
0:14:17 I took her to see Springsteen at the Great Western Forum.
0:14:19 Nosebleed seats were $12,
0:14:24 and seats in the front five rows on the floor were $48.
0:14:26 We sat in the $12 seats.
0:14:31 One, I had no money, and two, I thought it was super cool.
0:14:32 Look how high up we are.
0:14:36 More recently for Taylor Swift’s Aeros Tour
0:14:39 at SoFi Stadium in Los Angeles,
0:14:42 the It’s Been a Long Time Coming VIP package
0:14:46 would set you back $899.
0:14:50 However, it did include a VIP parking pass,
0:14:54 merchandise, and a dedicated entrance.
0:14:58 For perspective, on an inflation-adjusted basis,
0:15:02 premium tickets to Swift cost five times
0:15:05 what Springsteen did 42 years ago.
0:15:08 This is all to say that not only is our government
0:15:13 increasingly corrupt, but also being a teen in 1982 was better.
0:15:17 But that’s another post.
0:15:21 The most disappointing thing about our elected officials
0:15:25 is not that they’re whores, but what cheap whores they are.
0:15:30 For his $250 million investment in Trump,
0:15:32 the wealthiest man in the world
0:15:37 was able to increase his purse by $140 billion.
0:15:42 $506,000 ROI.
0:15:47 The increase in wealth had nothing to do
0:15:49 with the performance of his businesses,
0:15:53 but the market’s belief that we are now in a kleptocracy,
0:15:56 and the distinction between winners and losers
0:16:01 is no longer about innovation, but proximity to power.
0:16:05 The polar vortex of corruption is here.
0:16:08 As greater incentives, fewer guardrails,
0:16:13 and the sense that character is no longer valued in America
0:16:16 have cast a chill across capitalism.
0:16:21 Money has not washed over just our government,
0:16:23 but also what has traditionally been
0:16:27 a power check on corruption, the media.
0:16:33 ABC’s Bob Iger sold out and settled,
0:16:35 rather than fight a lawsuit Trump brought
0:16:38 over George Stephanopoulos’ on-air remark
0:16:42 that Trump had been, quote, “found liable for rape,”
0:16:47 unquote, a suit that looked very winnable for ABC.
0:16:49 Jesus, Bob, really?
0:16:55 FYI, the judge in the case also used the R word.
0:16:57 Many are now afraid of confronting Trump
0:16:59 and First Lady Ilania,
0:17:01 but not because they think they might wrong them,
0:17:04 but because they are worried about the aggravation
0:17:06 and expense of being sued.
0:17:09 In the end, the media and the citizenry
0:17:11 are making a money choice
0:17:15 when what is called for is a moral choice.
0:17:17 See above, Bob Iger.
0:17:21 For people who are not economically secure,
0:17:24 it’s upsetting, but understandable.
0:17:29 For Bob Iger, it’s shareholder value colliding with cowardice.
0:17:35 Last year, the Disney CEO made $41 million,
0:17:39 but I’d argue he is increasingly impoverished.
0:17:43 The latest race to the bottom is blanket pardons.
0:17:47 After Biden preemptively pardoned his family,
0:17:50 Trump granted, quote,
0:17:55 a full, complete, and unconditional pardon, unquote,
0:17:58 to all January 6th defendants,
0:18:00 including Enrique Tarrio,
0:18:03 the former national leader of the Proud Boys,
0:18:07 who was convicted and sentenced to 22 years in prison
0:18:10 for seditious conspiracy,
0:18:12 and Julian Cotter,
0:18:14 who pleaded guilty to pepper spraying
0:18:18 Capitol Police Officer Brian Sicknick in the face.
0:18:20 Sicknick suffered several strokes
0:18:23 and died the day after the attack.
0:18:28 There’s a rumor on Reddit
0:18:32 that I’m running for president in 2028.
0:18:34 That fits, I do possess the key attributes,
0:18:37 wealth, narcissism, outdoor plumbing.
0:18:40 Should I be victorious,
0:18:44 I pledge to the American people the following,
0:18:46 a full and unconditional pardon
0:18:50 to all UCLA alumni, great Dane breeders,
0:18:54 and owners of damn the torpedoes on vinyl.
0:18:59 Together we will make America Tom Petty again.
0:19:05 Life is so rich.
0:19:07 (gentle music)
0:19:10 (gentle music)
0:19:12 (gentle music)
0:19:15 (gentle music)
0:00:05 As an entrepreneur, you spend a lot of time
0:00:06 in energy building your business.
0:00:08 And chances are, you’ve been so busy,
0:00:09 there hasn’t been a ton of time to think about preparing
0:00:13 for an exit, tax strategies, and wealth management.
0:00:14 Crescent is here to help wealth creators
0:00:17 and families like yours streamline complexity
0:00:18 and invest for the future.
0:00:19 Crescent was built by entrepreneurs,
0:00:22 for entrepreneurs with financial advisory teams
0:00:23 who embrace the fiduciary duty
0:00:26 to place the client’s interests first.
0:00:28 You can learn how to optimize your life
0:00:29 by scheduling a call with a Crescent founder
0:00:32 at CresitCapital.com.
0:00:33 We are not clients of Crescent.
0:00:34 There are no material conflicts
0:00:36 other than this paid endorsement.
0:00:39 All investing involves risk, including loss of principle.
0:00:41 (upbeat music)
0:00:45 – Hey, what you doing?
0:00:48 – Programming our thermostat to 17 degrees
0:00:50 when we’re out at work or asleep.
0:00:51 We’re taking control of our energy
0:00:54 this winter with some easy energy saving tips
0:00:55 I got from Fortis, BC.
0:00:58 – Ooh, conserve energy and save money?
0:01:00 – Maybe to buy those matching winter jackets?
0:01:02 – Uh, no, we’re also getting
0:01:04 that whole matching outfit thing under control.
0:01:07 – Discover low and no cost energy saving tips
0:01:11 at fortisbc.com/energysavingtips.
0:01:12 – Matching track suits?
0:01:13 – Please no.
0:01:17 – It’s Donald Trump’s first week in office again,
0:01:19 and it sure feels like it.
0:01:21 – There is a great deal of, as Heather said,
0:01:23 a great deal of anger about oligarchs,
0:01:25 about rich people controlling everything.
0:01:27 – I’m Preet Bharara,
0:01:29 and this week I’m joined by Kara Swisher,
0:01:32 Astead Herndon, and Heather Cox Richardson
0:01:34 for a special inauguration week episode
0:01:36 of Stay Tuned with Preet.
0:01:38 The episode is out now.
0:01:40 Search and follow Stay Tuned with Preet
0:01:41 wherever you get your podcasts.
0:01:47 – I’m Scott Galloway,
0:01:49 and this is No Mercy, No Malice.
0:01:54 America has put out a for sale sign,
0:01:57 America for Sale, as read by George Hahn.
0:02:08 – Speculation, a phone call that could happen.
0:02:12 Scene, a top secret communications room in the White House.
0:02:14 Time, next week.
0:02:18 National Security Communications Officer.
0:02:20 – Secure satellite phone connection
0:02:22 via Starlink established and confirmed.
0:02:23 Sir, the next voice you hear
0:02:25 will be that of President Putin.
0:02:27 Go ahead, please, Moscow.
0:02:29 – Donald.
0:02:33 – Vlad, it’s great, really great to hear from you.
0:02:35 – Same here, and may I congratulate you
0:02:37 for your total and complete victory.
0:02:42 Your digital coin, very interesting development.
0:02:45 – Vladimir, nobody’s ever seen anything like it.
0:02:48 The most successful coin in history may be ever.
0:02:51 People are saying it’s tremendous.
0:02:54 We have interest in large purchase.
0:02:56 Very large, but don’t know.
0:03:00 Situation with NATO, it complicates things.
0:03:03 – Horrible organization, NATO.
0:03:06 Horrible, they’re not paying their fair share, never have.
0:03:10 These European countries, they’re laughing at us.
0:03:12 – If you publicly question Article 5,
0:03:16 perhaps we discuss bigger coin purchase, much bigger.
0:03:18 – The biggest, and you know what?
0:03:21 NATO’s obsolete always has been.
0:03:22 We’re looking at all our options,
0:03:25 and people are gonna be very happy
0:03:28 with what we do, very happy.
0:03:29 – Good, Donald.
0:03:31 We start with 50 million coins,
0:03:34 maybe more after NATO’s statement.
0:03:36 – Beautiful, just beautiful.
0:03:38 You’re gonna love these coins,
0:03:40 everybody loves these coins.
0:03:43 – You have to give it to the President.
0:03:46 This is 3D grandmaster chess corruption
0:03:50 versus the checkers corruption Democrats have been playing.
0:03:55 More speculation, a call that could have happened.
0:04:00 Scene, phone conversation at 1236 Longworth, HOB.
0:04:05 The office of Speaker of the House Emerita, Nancy Pelosi.
0:04:08 Time, last week.
0:04:09 Nancy Pelosi.
0:04:12 – Paul, that firm you mentioned last week,
0:04:15 the healthcare AI one, what was the name?
0:04:17 – Paul Pelosi.
0:04:20 – There’s a few, the one that’s received the most press
0:04:23 is Tempus AI.
0:04:25 I was in a Medicare briefing today,
0:04:28 and they are planning on pouring substantial resources
0:04:31 into AI-driven diagnostics and care management.
0:04:35 I believe Tempus was on their list.
0:04:37 Understood, I’m on it.
0:04:43 It was disclosed on Tuesday, January 21,
0:04:46 that Representative Pelosi and/or related parties
0:04:51 had purchased between $50,000 and $100,000
0:04:55 of call options on Tempus AI Inc.
0:05:00 That day, the stock registered the biggest one day gain
0:05:03 in its history, surging 35%.
0:05:07 These are each their own flavor of corruption.
0:05:10 I respect the Trump grift more than the plain vanilla
0:05:13 trading on material non-public information.
0:05:16 It’s more creative, and if you’re gonna abuse
0:05:18 the public trust, you should do it
0:05:20 for billions versus millions.
0:05:25 America has just put out a for sale sign,
0:05:28 and every corrupt government and company
0:05:32 around the world has taken notice.
0:05:34 Instead of Russia offering Trump cash
0:05:38 for abandoning Ukraine, it might be one side
0:05:41 in Sudan’s civil war, which, though you don’t hear
0:05:44 about it much here in the US, is the bloodiest
0:05:47 ongoing conflict in the world.
0:05:49 Or maybe one of the makers of Red Die #3,
0:05:52 recently banned for use in food by the FDA
0:05:55 after it was found that high exposures
0:05:58 caused cancer in rats, will offer to put some money
0:06:02 into Trump coin if the president finds his veto pen.
0:06:07 During his first term, Trump owned a hotel in DC
0:06:08 that was patronized by rich people,
0:06:11 governments, and businesses who wanted something
0:06:13 from the federal government.
0:06:18 Trump coin is more elegant, a vehicle that gives parties
0:06:23 a discreet, easy way to pay off the president of the US.
0:06:27 Think of the coin as a price discovery tool for bribery,
0:06:31 a mixture of eBay and PayPal for corruption.
0:06:35 Trump coin and Melania coin are such obvious grifts,
0:06:38 they embarrass one of the most shameless communities
0:06:40 in our economy.
0:06:44 The crypto bros who backed his candidacy.
0:06:48 CNBC host, Rand Neuner, accused the presidential family
0:06:53 of “grifting at the expense of the entire crypto community.”
0:06:55 Unquote.
0:06:58 It’s likely that as the grift dust settles
0:07:01 into a category five hurricane of indefensible losses,
0:07:06 like Melania coin shed two thirds of its value in five days,
0:07:09 Congress will be less amenable to the legislation
0:07:12 the community has been advocating for.
0:07:15 Just as my generation has pulled future generations
0:07:19 prosperity forward for our benefit via deficit spending,
0:07:23 Trump is borrowing massively against the increasing
0:07:26 credibility of the asset class to enrich himself
0:07:29 and light the sector on fire.
0:07:32 We shouldn’t be surprised.
0:07:35 The US has been on this road since the Supreme Court’s
0:07:37 2010 decision on Citizens United,
0:07:40 which took limits off campaign spending
0:07:42 by corporations and other groups.
0:07:45 The court held that existing restrictions violated
0:07:48 the First Amendment, equating the ability to spend money
0:07:52 on campaigns with the right to free speech.
0:07:56 The result has been a deluge of corporate cash
0:07:59 into our elections.
0:08:03 Any small inhibitions or shame politicians may have felt
0:08:08 about selling themselves to the highest bidder disappeared.
0:08:12 Trump is doing loudly what other politicians do quietly.
0:08:16 Now that he’s being reelected, he’s not even pretending.
0:08:21 The Washington Post claims that democracy dies in darkness.
0:08:25 Maybe what’s more apparent is that capitalism,
0:08:28 competition, rule of fair play, trusted markets,
0:08:32 dies in the full light of day.
0:08:37 As Dylan sang, money doesn’t talk, it swears.
0:08:40 Right now, it’s telling the American public
0:08:42 to go fuck itself.
0:08:48 Last year, Trump decided to ignore the real national
0:08:52 security concerns that had been voiced about TikTok.
0:08:54 TikTok became politically useful to him,
0:08:57 and Jeffrey Yass, one of the biggest shareholders
0:08:59 of its Chinese parent company, Bite Dance,
0:09:03 gave $100 million to GOP groups.
0:09:07 TikTok now has about two billion global users
0:09:11 and about 170 million in the U.S.
0:09:15 Bite Dance is required by law to turn user data over
0:09:19 to China’s Ministry of State security on demand.
0:09:23 According to Pew Research, about 40% of young Americans
0:09:26 now get their news from TikTok.
0:09:29 The app is a neural jack, connecting Beijing
0:09:31 with the wet matter of America’s youth.
0:09:35 A 14-year-old American spends approximately
0:09:39 14 hours a week on the platform.
0:09:40 Think about this.
0:09:45 A full day every week on a platform influenced by the CCP.
0:09:51 Would we have let the Kremlin own CBS, ABC, or NBC
0:09:52 in the ’60s?
0:09:58 When Trump’s efforts to make Bite Dance sell
0:10:01 during his first term failed,
0:10:04 he signed an executive order banning TikTok,
0:10:07 which was later overturned in court.
0:10:09 He needed a law.
0:10:14 Last year then, Congress debated and overwhelmingly approved
0:10:18 and President Biden signed the Protecting Americans
0:10:22 from Foreign Adversary Controlled Applications Act,
0:10:27 which gave Bite Dance until January 19th of this year
0:10:30 to sell to a non-Chinese buyer.
0:10:35 Bite Dance fought the law in court and lost.
0:10:39 On January 17th, the Supreme Court ruled 9-0
0:10:41 that the law was constitutional.
0:10:47 Then January 19 came and TikTok shut down in the U.S.
0:10:49 for a few hours.
0:10:53 TikTok returned from the dead almost immediately
0:10:56 as ardent TikTokers with the aid and encouragement
0:10:59 of Bite Dance posted and protested
0:11:03 that a ban would deprive them of their free speech rights
0:11:05 and/or their livelihoods.
0:11:09 This is ground zero for why we should ban it.
0:11:14 A social media app used by half of Americans
0:11:17 and controlled by an aggressive foreign rival
0:11:21 just confirmed it can spin up millions of citizens,
0:11:23 particularly young people,
0:11:27 to influence important government policy.
0:11:32 TikTok, i.e. the CCP, will do this again.
0:11:36 If China invades Taiwan, TikTok is the propaganda tool
0:11:38 Radio America never dreamed of.
0:11:42 It’s much easier to fool Americans
0:11:44 than to convince them they’ve been fooled.
0:11:48 On his first day back in office,
0:11:50 Trump signed an executive order
0:11:53 delaying the ban for 75 days,
0:11:54 saying he wanted to engineer a deal
0:11:57 that would give the U.S. half ownership of the app.
0:12:01 Quote, “If I don’t do the deal, it’s worth nothing,”
0:12:05 he said, “If I do the deal, it’s worth a trillion dollars.”
0:12:09 This is not a new concept.
0:12:11 There’s even a word for it.
0:12:12 Socialism.
0:12:17 Socialism is when the state controls
0:12:19 the means of production.
0:12:23 America has proven in spades
0:12:25 that the full-body contact of competition
0:12:27 creates more economic growth
0:12:31 than the government cosplaying a business.
0:12:34 Whether it’s the UK investing in DeLorean
0:12:37 or Obama propping up Cylindra,
0:12:39 it usually doesn’t end well.
0:12:44 One of my favorite moments in succession
0:12:47 was when Logan Roy told his children,
0:12:49 “You are not serious people.
0:12:52 “He knew his kids were expectant
0:12:55 “and lacked the real-world skills and backbone
0:12:58 “to make good on their threats.
0:13:01 “We risk our allies, adversaries, and trade partners
0:13:04 “sensing that we, too,
0:13:07 “are not a serious people.”
0:13:12 I’m not entirely sure how we got here,
0:13:13 but I think it has something to do
0:13:17 with the way money and business success
0:13:19 have become so venerated in our culture.
0:13:23 More money used to mean a better meal on a plane.
0:13:28 Now, it’s a much better life.
0:13:32 Just as we always find uses for additional bandwidth
0:13:35 and energy, our consumer economy
0:13:39 never runs out of incentives to amass more money.
0:13:42 I’m taking my son on the EuroStar,
0:13:45 which has three ticket classes,
0:13:48 to see a Paris Saint-Germain FC game,
0:13:52 where there are the seats we bought, 220 pounds,
0:13:55 plus 11 higher categories,
0:13:58 including ones with access to an indoor restaurant,
0:14:03 heated seats, and a player meet and greet before the game.
0:14:06 That’s 3,500 pounds.
0:14:11 My first real date with Maureen Burke
0:14:13 was in the 11th grade.
0:14:17 I took her to see Springsteen at the Great Western Forum.
0:14:19 Nosebleed seats were $12,
0:14:24 and seats in the front five rows on the floor were $48.
0:14:26 We sat in the $12 seats.
0:14:31 One, I had no money, and two, I thought it was super cool.
0:14:32 Look how high up we are.
0:14:36 More recently for Taylor Swift’s Aeros Tour
0:14:39 at SoFi Stadium in Los Angeles,
0:14:42 the It’s Been a Long Time Coming VIP package
0:14:46 would set you back $899.
0:14:50 However, it did include a VIP parking pass,
0:14:54 merchandise, and a dedicated entrance.
0:14:58 For perspective, on an inflation-adjusted basis,
0:15:02 premium tickets to Swift cost five times
0:15:05 what Springsteen did 42 years ago.
0:15:08 This is all to say that not only is our government
0:15:13 increasingly corrupt, but also being a teen in 1982 was better.
0:15:17 But that’s another post.
0:15:21 The most disappointing thing about our elected officials
0:15:25 is not that they’re whores, but what cheap whores they are.
0:15:30 For his $250 million investment in Trump,
0:15:32 the wealthiest man in the world
0:15:37 was able to increase his purse by $140 billion.
0:15:42 $506,000 ROI.
0:15:47 The increase in wealth had nothing to do
0:15:49 with the performance of his businesses,
0:15:53 but the market’s belief that we are now in a kleptocracy,
0:15:56 and the distinction between winners and losers
0:16:01 is no longer about innovation, but proximity to power.
0:16:05 The polar vortex of corruption is here.
0:16:08 As greater incentives, fewer guardrails,
0:16:13 and the sense that character is no longer valued in America
0:16:16 have cast a chill across capitalism.
0:16:21 Money has not washed over just our government,
0:16:23 but also what has traditionally been
0:16:27 a power check on corruption, the media.
0:16:33 ABC’s Bob Iger sold out and settled,
0:16:35 rather than fight a lawsuit Trump brought
0:16:38 over George Stephanopoulos’ on-air remark
0:16:42 that Trump had been, quote, “found liable for rape,”
0:16:47 unquote, a suit that looked very winnable for ABC.
0:16:49 Jesus, Bob, really?
0:16:55 FYI, the judge in the case also used the R word.
0:16:57 Many are now afraid of confronting Trump
0:16:59 and First Lady Ilania,
0:17:01 but not because they think they might wrong them,
0:17:04 but because they are worried about the aggravation
0:17:06 and expense of being sued.
0:17:09 In the end, the media and the citizenry
0:17:11 are making a money choice
0:17:15 when what is called for is a moral choice.
0:17:17 See above, Bob Iger.
0:17:21 For people who are not economically secure,
0:17:24 it’s upsetting, but understandable.
0:17:29 For Bob Iger, it’s shareholder value colliding with cowardice.
0:17:35 Last year, the Disney CEO made $41 million,
0:17:39 but I’d argue he is increasingly impoverished.
0:17:43 The latest race to the bottom is blanket pardons.
0:17:47 After Biden preemptively pardoned his family,
0:17:50 Trump granted, quote,
0:17:55 a full, complete, and unconditional pardon, unquote,
0:17:58 to all January 6th defendants,
0:18:00 including Enrique Tarrio,
0:18:03 the former national leader of the Proud Boys,
0:18:07 who was convicted and sentenced to 22 years in prison
0:18:10 for seditious conspiracy,
0:18:12 and Julian Cotter,
0:18:14 who pleaded guilty to pepper spraying
0:18:18 Capitol Police Officer Brian Sicknick in the face.
0:18:20 Sicknick suffered several strokes
0:18:23 and died the day after the attack.
0:18:28 There’s a rumor on Reddit
0:18:32 that I’m running for president in 2028.
0:18:34 That fits, I do possess the key attributes,
0:18:37 wealth, narcissism, outdoor plumbing.
0:18:40 Should I be victorious,
0:18:44 I pledge to the American people the following,
0:18:46 a full and unconditional pardon
0:18:50 to all UCLA alumni, great Dane breeders,
0:18:54 and owners of damn the torpedoes on vinyl.
0:18:59 Together we will make America Tom Petty again.
0:19:05 Life is so rich.
0:19:07 (gentle music)
0:19:10 (gentle music)
0:19:12 (gentle music)
0:19:15 (gentle music)
As read by George Hahn.
America For Sale
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