AI transcript
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0:00:37 Support for Where Should We Begin
0:00:41 comes from Solare’s supplements.
0:00:43 Dealing with invisible discomfort,
0:00:45 confusing health issues, wondering, is it just me?
0:00:49 Let’s talk menstruation, perimenopause, menopause,
0:00:52 and postmenopause.
0:00:53 And let’s talk about them proudly.
0:00:55 They’re the normal life phases we move through as women.
0:00:58 And Solare delivers support every step of the way
0:01:00 with her life stages.
0:01:02 This first-of-its-kind comprehensive new supplement line
0:01:05 made for women by women
0:01:07 offers doctor-formulated solutions at each stage,
0:01:10 along with libido support across phases.
0:01:13 Find the product for your stage
0:01:14 and find one complete, easy-to-take solution
0:01:17 you can count on for your most common concerns.
0:01:20 The supplements feature clinically studied ingredients
0:01:23 and no soy or hormones.
0:01:25 Now is the time to exceed your goals.
0:01:27 Defy expectations.
0:01:29 Be an unapologetically powerful woman.
0:01:32 Own the stage.
0:01:34 Visit solare.com/astare and use code HERLIFE20
0:01:38 to save 20% on any stages formula.
0:01:42 These statements have not been evaluated by the FDA.
0:01:44 This product is not intended to diagnose, treat, cure,
0:01:47 or prevent any disease.
0:01:49 – Episode 304304 is here.
0:01:56 America, belonging to West Virginia, in 1904,
0:01:58 the first subway line opened in New York City,
0:02:01 my favorite fast-food restaurant, True Story.
0:02:03 I found out that my penis is not as big as a subway sandwich.
0:02:08 Also, I’ve been banned from subway.
0:02:11 Go, go, go!
0:02:23 – Welcome to the 304th episode of the Prop G-Pod.
0:02:26 304?
0:02:27 I don’t remember any of this.
0:02:29 Like, I have a sensation, I have a feeling around this,
0:02:31 but I don’t, if someone said, “What happened in episode 285?”
0:02:34 I’d be like, “Geez, I just don’t know.”
0:02:37 In today’s episode, we speak with Kyla Scanlon,
0:02:40 a writer, video creator, and podcaster who focuses
0:02:42 on educating our audience about the economy
0:02:45 and the financial markets.
0:02:46 We hear all about Kyla’s new book in this economy,
0:02:49 “How Money and Markets Really Work.”
0:02:51 I love this conversation.
0:02:52 Kyla brings a refreshing perspective
0:02:53 that we think you’ll enjoy.
0:02:55 I’m also just inspired by these influencers
0:02:59 under the word of thought leaders that weaponize
0:03:01 or leverage new mediums, and one of the wonderful things
0:03:04 about these new mediums, including TikTok,
0:03:07 which is the ultimate propaganda tool
0:03:09 and should be divested, but having said that,
0:03:11 you do discover a lot of fascinating people,
0:03:14 and Kyla bubbled up in my feed.
0:03:16 TikTok, what bubbles up in my feed?
0:03:20 Great Danes, chiropractors aggressively adjusting
0:03:24 out of people.
0:03:25 Who do I be fascinated by that?
0:03:26 I didn’t know.
0:03:27 And then people talking about social justice issues
0:03:29 who also happen to be ridiculously hot.
0:03:31 I knew that one.
0:03:33 I knew that one.
0:03:34 Okay, what’s happening?
0:03:35 Back in London, but I’m headed to Cannes this weekend,
0:03:38 or Cannes, whatever it’s called, Nice.
0:03:41 So Cannes Lions is the creativity festival.
0:03:43 It’s where the less cool people,
0:03:44 but semi-cool sort of aspirational cool people go.
0:03:48 The true ballers go to the Cannes Film Festival.
0:03:50 That intimidates me.
0:03:51 I could never go to that.
0:03:52 I’m not dialed in.
0:03:53 I don’t love movies.
0:03:55 I just wouldn’t, I would not know what to do
0:03:57 at the Cannes Film Festival.
0:03:58 So fortunately, no one has invited me.
0:04:01 So the world, the world is at peace with these decisions.
0:04:04 Anyways, Cannes Lions used to be
0:04:07 where ad executives would go,
0:04:08 collect awards and then find other jobs.
0:04:11 And then the entire economy,
0:04:13 their entire ad world shifted to Google and Metta
0:04:18 and all the new guys.
0:04:19 And slowly, but surely they took over the beach
0:04:21 or the Quassats and you get these amazing parties.
0:04:25 The best parties are at Spotify.
0:04:26 I don’t get invited to the Metta parties.
0:04:28 Go figure, go figure.
0:04:30 I mean, I’m hoping I can go and see Sheryl Sandberg
0:04:34 figure out a way to at scale
0:04:36 depress tens of millions of teenage girls.
0:04:39 I think that would be a great event on the beach.
0:04:42 Maybe they could do that with like a barbecue or something.
0:04:45 Anyway, shocker, they don’t invite me.
0:04:46 Although I will say this, I will say this.
0:04:48 I stay at one of my favorite hotels in the world,
0:04:50 the Hotel Ducat, which has $34 lattes.
0:04:53 And I feel very European
0:04:54 and I put on a big black pair of sunglasses
0:04:57 and I go to that slim errands like beach or the pool.
0:05:00 And I put in an unlit cigarette in my mouth
0:05:02 and I put on a speedo, not true,
0:05:03 but anyways, I dream of putting on a speedo.
0:05:05 And anytime a woman walks by me, I go,
0:05:07 I take down my glasses and I’m like,
0:05:09 Jackie, marry me.
0:05:11 I make you very happy woman.
0:05:12 That’s my impression of Aristotle and Asos.
0:05:15 Ask your parents.
0:05:16 Anyways, what I also do for a total baller moment
0:05:19 is I Google Zodiac or boat rental
0:05:22 and I find some French guy who speaks modest English
0:05:25 and for like a hundred or 200 euros,
0:05:26 which is a lot of money, but it’s worth it.
0:05:28 He comes in some Zodiac,
0:05:30 usually almost always smoking a cigarette,
0:05:32 picks me up at the Hotel Ducat
0:05:33 and then bombs me in to the croissettes
0:05:37 and I always ask him to dump me at the pier
0:05:40 at or at the jetty, if you will,
0:05:42 of either Google or Metta Beach.
0:05:46 I am not invited to either of those places.
0:05:47 They know who I am and they don’t like me,
0:05:49 but I roll in like I’m fucking James Bond
0:05:51 in a tuxedo about to, I don’t know, crash a party
0:05:55 and kill some, I don’t know, nemesis uninvited.
0:05:58 That is how you roll at Cannes Lions.
0:06:00 By the way, if you’re at Cannes Lions
0:06:01 and you see me, please come up and say hi.
0:06:03 I’m desperate for other people’s affirmation.
0:06:06 I’m actually quite friendly, but I need to warn you,
0:06:07 I’m much less impressive in person.
0:06:09 On this show, you’re not really meeting me on this show.
0:06:12 You’re meeting a representative of me
0:06:15 that’s much more charming, interesting, smart,
0:06:17 and funny than I am in real life.
0:06:18 But if you’re looking to meet someone
0:06:20 who’s mildly depressed and angry and quite intense
0:06:22 and actually quite quiet, please come up and say hi.
0:06:24 Unfortunately, I will not be with my dog.
0:06:26 I used to take Leia almost everywhere
0:06:28 and now it is getting just too much
0:06:29 to kind of cart a great dane around continental Europe.
0:06:33 So the dog is staying here
0:06:34 and the big dog is headed to Cannes Lions.
0:06:37 So stop by and say hi.
0:06:39 Okay, moving on to some news.
0:06:41 Apple AI is finally here, but don’t call it AI.
0:06:44 No, no, no, no, no, no.
0:06:46 Call it Apple Intelligence,
0:06:48 which will be integrated throughout Apple’s ecosystem.
0:06:50 Devices, software, apps to do everything
0:06:53 that AI has promised, maybe not everything,
0:06:56 make our lives easier and more efficient.
0:06:58 Apple is even partnering with ChatGPT to answer
0:07:01 user queries that Siri can’t deliver.
0:07:03 By the way, if Apple doesn’t wanna call it Apple AI,
0:07:06 and we have to call it Apple Intelligence,
0:07:08 then I’m not calling ChatGPT, ChatGPT anymore.
0:07:10 I’m calling it what it really is, Microsoft AI.
0:07:13 Much of Apple’s forthcoming features are fairly basic
0:07:17 when you think about the grand scheme of AI,
0:07:19 sorting through notifications, generating images,
0:07:22 writing tools, assisting with personal tasks,
0:07:24 meeting schedules, et cetera.
0:07:26 And as per usual, Apple is playing up its commitment
0:07:29 to privacy.
0:07:30 So let me share my thoughts.
0:07:32 Let me share my thoughts.
0:07:33 The, I like this, it took me a while to get here,
0:07:36 but I’ve been processing here and I like this.
0:07:38 I think this is the exact opposite.
0:07:39 This is the zag to the zig of the mixed reality headset,
0:07:43 which was a bunch of jazz hands.
0:07:44 It’s gonna change the world.
0:07:45 Ooh, you’re gonna see a train set in 3D.
0:07:48 Who the fuck cares?
0:07:49 Ooh, a movie, a movie.
0:07:50 Wow, it’s a 3D movie.
0:07:52 Well, okay, do you really wanna put on a headset
0:07:54 to watch a movie and feel nauseous?
0:07:55 I just don’t get the whole headset thing.
0:07:57 At what point does someone ring a bell
0:07:59 and tell me I was right,
0:08:00 that these headsets are ridiculously stupid
0:08:03 and nothing but consensual hallucination
0:08:05 between the market and Mark Zuckerberg,
0:08:07 that he knew what the fuck he was doing
0:08:08 and he was a true visionary around hardware.
0:08:10 And in order to, in order to have a call option
0:08:12 in case he was right,
0:08:13 Tim Cook Greenlit, probably a billion dollars in spending
0:08:16 for the mixed reality headset,
0:08:17 they will let it die his slow death,
0:08:18 similar to the Hermes Apple Watch.
0:08:20 Isn’t that cute?
0:08:22 Isn’t that cute?
0:08:22 Makes no fucking sense.
0:08:24 Big press release.
0:08:25 And then we just kinda let it go away.
0:08:27 We let it go away.
0:08:28 And here’s the bottom line.
0:08:30 It’s the boring shit that moves shareholder value.
0:08:33 And I’m trying to coin a term, not generative AI,
0:08:35 but integrative AI.
0:08:37 What do I mean by that?
0:08:38 You have a lot of data on your phone.
0:08:40 You have a lot of contacts.
0:08:42 A lot of utility.
0:08:43 A lot of information that could be integrated into an LLM,
0:08:47 not to enhance your media experience
0:08:49 or answer every question,
0:08:50 but just do the following.
0:08:52 Make your life easier.
0:08:53 On Sunday, I was sending my dad a video
0:08:55 and I wanted to find this great picture of me
0:08:58 and his grandsons at the UEFA finals.
0:09:02 And I couldn’t find the goddamn thing.
0:09:03 And one of the things that Apple Intelligence is promising
0:09:06 is to make searching your photos much easier
0:09:09 and also to have a huge upgrade
0:09:11 to what is the front end of an LLM or AI
0:09:15 or in this case, Apple Intelligence.
0:09:16 See above Microsoft AI, not chat GBT,
0:09:19 is to make it much easier
0:09:22 and to integrate a billion people’s data
0:09:25 per their permission, right?
0:09:27 That’s a key consideration here.
0:09:30 I mean, they’ve done so much right here
0:09:31 as I think about it.
0:09:32 First off, they’ve said, okay,
0:09:34 the AI brand has gotten weird and dangerous
0:09:38 and oh, it’s gonna kill us.
0:09:39 Oh, it’s gonna save us.
0:09:40 Oh, it doesn’t know what it’s doing.
0:09:41 Oh, these answers make no goddamn sense.
0:09:44 Oh, wait, Scarlett, there’s just so much weird shit
0:09:46 surrounding AI.
0:09:48 Oh, this person who supposedly knows AI says
0:09:50 it’s gonna kill us.
0:09:51 It just feels kind of, oh, how am I using it?
0:09:53 I don’t know, I’m not using it,
0:09:55 but I’ll buy more Nvidia.
0:09:56 The whole space is getting,
0:09:57 I don’t know, it feels like you read too much about AI.
0:10:00 You kind of wanna shower or kill yourself
0:10:02 or find a time machine and go back in time
0:10:05 such that you can find yourself, kill yourself
0:10:06 and then do sort of like a murder suicide.
0:10:09 Is that dark?
0:10:09 That’s pretty fucking dark, isn’t it?
0:10:11 Anyway, anyway, how do I use AI?
0:10:14 I use it to plan weekends with my 13-year-old son.
0:10:17 Well, I said, what are we doing this weekend?
0:10:18 And we type in this crazy prompt
0:10:20 to try and find something fun to do in London.
0:10:22 And I gotta be honest, I think it does an amazing job.
0:10:24 I also love Adobe Firefly,
0:10:27 the AI that has taken a different approach
0:10:29 and this is smart.
0:10:30 They have licensed all of the content
0:10:32 or it’s their own content
0:10:33 so they don’t have to worry about what happened at,
0:10:36 I think it was, I don’t know if it was Google or Llama
0:10:38 or Joey Bagadon, it’s AI where they typed in a prompt
0:10:41 and it literally brought a verbatim of Forbes article
0:10:44 and it’s like, well, okay, are you paying Forbes?
0:10:46 No, they’re not.
0:10:47 They’re not.
0:10:48 So they’ve said, we need to get away from this brand,
0:10:50 make it more about privacy, make it more about utility,
0:10:53 make it more about incremental change,
0:10:55 make it friendlier, upgrade Siri,
0:10:57 which is arguably one of the worst brands in tech
0:10:59 from Apple or more sub-brands, if you will,
0:11:02 and make it more, I don’t know, make it more UTEL,
0:11:05 so to speak.
0:11:06 Of course, Elon Musk had to weigh in
0:11:07 and say that he’s not gonna use it, who knows.
0:11:10 It was down 2% and then it was up 5% today,
0:11:13 so I don’t know exactly what that means.
0:11:15 I think people are starting to figure out
0:11:18 that the second mouse here
0:11:19 or the biggest second mouse in history is Apple,
0:11:21 what do I mean by that?
0:11:23 Innovation is actually a terrible shareholder strategy.
0:11:26 That’s right, that’s right, you heard it here.
0:11:29 My colleague at NYU is now at Dartmouth
0:11:31 at the Tuck School, did breakthrough research
0:11:33 that would just open my eyes,
0:11:34 that it’s not the innovator that makes money,
0:11:36 it’s the second or the third company that comes in
0:11:38 and lets them spend a ton of money and waste a ton,
0:11:40 and then says, oh, okay, you spent a ton of money
0:11:42 trying to come up with an MP3 player,
0:11:44 we’ll now come in and make it easier to use.
0:11:45 Oh, graphic, user interface, Xerox PARC,
0:11:48 thanks very much, this works great,
0:11:50 you don’t know how to use it, we’ll commercialize
0:11:51 and make a shit ton of money.
0:11:53 So that, I think, is what Apple’s trying to do here.
0:11:55 They’ve been thoughtful, they’ve been kind of laying
0:11:56 in the reeds and I said, okay, we’re ready,
0:11:58 this is what’s good about AI,
0:11:59 this is what’s bad about AI,
0:12:01 and they come in and said, okay, what’s bad about it
0:12:03 is the brand, what’s bad about it is promising
0:12:06 or over-promising and under-delivering,
0:12:07 we’re gonna start small and go incremental,
0:12:09 the absolute opposite of the mixed reality headset.
0:12:12 I like this, I think it makes sense, keep in mind,
0:12:15 keep in mind, it’s the boring stuff that makes you money,
0:12:18 it’s the mundane stuff that moves shareholder value.
0:12:21 We’ll be right back for our conversation
0:12:25 with Kyla Scanlon.
0:12:26 Support for PropG comes from Atlassian.
0:12:32 Atlassian software, including Jira Confluence and Trello,
0:12:36 help power the collaboration for teams
0:12:37 to accomplish what would otherwise be impossible alone
0:12:40 because individually we’re great,
0:12:41 but together we’re so much better.
0:12:44 That’s why millions of teams around the world,
0:12:45 including 75% of the Fortune 500,
0:12:48 trust Atlassian software for everything
0:12:50 from space exploration and green energy
0:12:52 to delivering pizzas and podcasts.
0:12:54 Whether you’re a team of two, 200 or two million,
0:12:56 or whether your team is around the corner
0:12:58 or on another continent altogether,
0:13:00 Atlassian software is built to help keep you
0:13:02 all on the same page from start to finish.
0:13:04 That way, every one of your teams from engineering and IT
0:13:07 to marketing, HR and legal,
0:13:08 can stay connected and moving together
0:13:10 as one towards shared company-wide goals.
0:13:13 Learn how to unleash the potential of your team
0:13:15 at Atlassian.com, that’s A-T-L-A-S-I-A-N dot com.
0:13:20 Atlassian.
0:13:22 (upbeat music)
0:13:28 (gentle music)
0:13:31 Support for Where Should We Begin
0:13:33 comes from Solare’s supplements.
0:13:36 Dealing with invisible discomfort, confusing health issues,
0:13:39 wondering, is it just me?
0:13:41 Let’s talk menstruation, para-menopause, menopause,
0:13:44 and post-menopause.
0:13:46 And let’s talk about them proudly.
0:13:47 They’re the normal life phases we move through as women.
0:13:50 And Solare delivers support every step of the way
0:13:53 with her life stages.
0:13:55 This first-of-its-kind, comprehensive new supplement line
0:13:58 made for women by women,
0:14:00 offers doctor-formulated solutions at each stage,
0:14:02 along with libido support across phases.
0:14:06 Find the product for your stage
0:14:07 and find one complete, easy-to-take solution
0:14:10 you can count on for your most common concerns.
0:14:13 The supplements feature clinically studied ingredients
0:14:15 and no soy or hormones.
0:14:18 Now is the time to exceed your goals, defy expectations,
0:14:22 be an unapologetically powerful woman.
0:14:25 Own the stage.
0:14:27 Visit solare.com/astare and use code HERLIFE20
0:14:31 to save 20% on any stage’s formula.
0:14:34 These statements have not been evaluated by the FDA.
0:14:37 This product is not intended to diagnose, treat, cure,
0:14:40 or prevent any disease.
0:14:41 – Support for Prop G comes from Fiverr.
0:14:50 If you’re looking for top tier talent
0:14:51 that can work flexibly and deliver results quickly,
0:14:53 you might wanna check out Fiverr Pro.
0:14:55 Fiverr’s latest offering that matches you
0:14:56 with top freelancers in just a few clicks.
0:14:59 If you’re a business owner, then I don’t have to tell you
0:15:01 the struggle of sorting through endless resumes and profiles
0:15:04 trying to get the right hire.
0:15:05 Fiverr Pro ensures that you’re connected
0:15:07 with the best talent efficiently and effectively
0:15:09 so you can focus on what matters most growing your business.
0:15:13 But it doesn’t stop there.
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0:15:15 Fiverr Pro’s management team can handle logistics seamlessly
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0:15:37 Visit pro.fiverr.com to sign up and use code Prop G
0:15:41 for 15% off any service.
0:15:43 Pro.Fiverr, that’s F-I-V-E-R-R.com and use code Prop G.
0:15:48 (upbeat music)
0:15:51 – Welcome back.
0:16:06 Here’s our conversation with Kyla Scanlon,
0:16:07 a writer, video creator, podcaster, and author of,
0:16:10 In This Economy, How Money and Markets Really Work.
0:16:14 Kyla, where does this podcast find you?
0:16:16 – I’m in New York City right now.
0:16:18 – And you’re at a WeWork with a fan in the background.
0:16:21 Where’s Adam Newman?
0:16:22 – Yeah, oh, he’s not involved anymore.
0:16:24 He’s focused on real estate now, right?
0:16:26 – Yeah, I’ve heard he’s doing flow
0:16:28 or something right about this.
0:16:29 Okay, so we’re making an effort
0:16:31 to bring in young influencers.
0:16:33 I have a tendency to find people my age,
0:16:35 boomers who are on CNBC,
0:16:36 and so you’re one of our first outreach
0:16:40 to someone we found.
0:16:40 I think we found you on TikTok.
0:16:42 Anyways, your new book, In This Economy,
0:16:45 explores how money and markets really work.
0:16:47 Walk us through what you believe
0:16:48 are the biggest misconceptions about the U.S. economy.
0:16:51 – Yeah, I mean, I think that’s the issue
0:16:53 is that a lot of everything’s kind of
0:16:55 misconception right now.
0:16:57 I think a lot of people have a frustration
0:16:59 with how the economy is functioning,
0:17:01 like the labor market, inflation, et cetera.
0:17:03 A lot of people think that inflation going down
0:17:05 means that prices should go down,
0:17:07 but we’ve been dealing with a pressure
0:17:08 to curb inflation, so everybody wants prices to go down.
0:17:11 There’s rolling recessions in tech and finance,
0:17:13 so people extrapolate that
0:17:15 to the broader labor market as well.
0:17:17 So I think there’s a lot of misconceptions,
0:17:20 and the goal of the book is just to be a toolbox
0:17:22 to understand the economy.
0:17:24 Everything that you need to know about inflation, GDP,
0:17:27 all the terminology and how it applies to you
0:17:29 without all the theory that goes into it.
0:17:33 – What do most people get wrong
0:17:34 about money and the markets?
0:17:35 – One of my favorite charts is the chart
0:17:37 from the Federal Reserve.
0:17:38 It’s called the Distribution of Financial Assets,
0:17:40 and it shows that the bottom 50% have all of their wealth
0:17:43 inside of real estate,
0:17:44 and the top 10% have their wealth
0:17:45 inside of stocks and business ownership.
0:17:50 And so I think a lot of people think
0:17:52 that homeownership is sort of the path to wealth,
0:17:54 and I think historically, it could have been,
0:17:57 but we kind of need to rethink what homeownership means,
0:18:01 right?
0:18:02 It’s very confusing, though,
0:18:02 how to be both a speculative investment
0:18:05 and then also a place that you need to live.
0:18:07 And so I think that’s kind of,
0:18:08 it’s not necessarily what people get wrong
0:18:10 about the economy,
0:18:11 but I think it’s the thing that is most harmful
0:18:14 is we view housing as the way to wealth
0:18:17 when maybe it really shouldn’t be.
0:18:20 – But it’s an housing to a certain extent.
0:18:21 I’ve been thinking a lot about how to build wealth.
0:18:24 And one of the features of observations I would have
0:18:27 is that it is very difficult for people to build wealth
0:18:30 with anything they can get their hands on.
0:18:32 What do I mean by that?
0:18:34 99% of people, I believe,
0:18:36 will spend everything within their grasp.
0:18:38 And that’s why these four savings programs
0:18:41 or options where you get one big lumpy hit
0:18:44 or you sell a company,
0:18:45 the big hits you weren’t expecting
0:18:47 ’cause regular cash in your hand is very hard to hold onto
0:18:50 given all the temptations that’s offered
0:18:52 by in a capitalist society to a certain extent
0:18:54 isn’t housing sort of forced savings
0:18:57 ’cause people don’t want to be evicted.
0:18:58 So it forces them to make that kind of investment,
0:19:01 some of which goes into equity in the home.
0:19:03 – Yeah, yeah.
0:19:04 I mean, I think housing is definitely one path to that.
0:19:06 I think if you look at that chart, though,
0:19:07 like the clear answer to how to build wealth,
0:19:10 if you just are following the path
0:19:11 of what rich people have already done
0:19:13 is some form of stock ownership
0:19:15 and some form of building a business,
0:19:17 whether that be in place or option programs
0:19:19 or just actually building your own business.
0:19:21 So I think housing is great
0:19:23 in terms of the forced savings aspect, as you’ve mentioned.
0:19:27 But we have this expectation
0:19:28 that house prices always go up,
0:19:30 but from 1860 to 1960,
0:19:32 home prices went up by 0.06%.
0:19:35 And so I think we just kind of have a messy conception
0:19:39 and then it creates a lot of economic foreboding
0:19:42 when people feel like they can’t achieve
0:19:44 quote unquote American dream
0:19:45 because it’s the only way that they know how to build wealth.
0:19:48 – I think that’s a great point.
0:19:49 Actually, Philip Schiller of the K. Schiller index says
0:19:51 if you take into account maintenance
0:19:54 that the housing market has not been nearly the asset class
0:19:57 that the people claim it is.
0:19:59 In the book, you write people are not static entities
0:20:01 but dynamic beings with evolving needs and aspirations
0:20:04 and growing economy should reflect that.
0:20:07 When you look at our economy,
0:20:08 what areas do you think need the most attention right now?
0:20:11 – I mean, I think that we’ve done a really, really good job
0:20:13 at focusing on manufacturing,
0:20:15 the Chips Act, the IRA, the IAJA,
0:20:18 all of those have really invested in American manufacturing
0:20:20 and have enabled like, you know, fab factories
0:20:24 to be built in Arizona.
0:20:25 But I think like the big thing,
0:20:27 and you’ve done a very good job talking about this
0:20:29 is like sort of putting young people in a path.
0:20:32 I think that a lot of people feel stuck in their jobs
0:20:34 or feel like they’re not able to pursue
0:20:37 as you would say they’re telling.
0:20:38 But I think that’s kind of where we need help
0:20:41 is that we have a whole generation of people
0:20:43 that are stuck and the labor market is sort of funny.
0:20:47 Like there are these ruling recessions in tech and finance.
0:20:50 And so I think it’s just,
0:20:52 it’s a reallocation of capital
0:20:54 that will enable new jobs to come out.
0:20:57 I think that’s what needs to be done.
0:21:00 Yeah.
0:21:01 – You coined this great term, vibe session.
0:21:04 What is it and are we experiencing it?
0:21:06 – A vibe session is a disconnect between consumer sentiment
0:21:09 and economic data.
0:21:11 And I wrote this piece back in July, 2022
0:21:14 and it turned into a New York Times opinion piece.
0:21:16 And everybody kind of latched onto it
0:21:18 because, you know, the economic data was really good
0:21:21 during that time, like GDP was improving,
0:21:23 labor market was strong, inflation was going down,
0:21:26 but people were still feeling really bad
0:21:28 if you looked at sentiment metrics.
0:21:29 And so that term is meant to capture that idea.
0:21:34 And then since then it’s evolved to recognize
0:21:36 like structural affordability issues.
0:21:37 Like we have a housing crisis.
0:21:39 Child care costs have gone up like 32% since 2019
0:21:43 or something like that.
0:21:44 Elder care is $10,000 a month.
0:21:46 Education costs are sky high.
0:21:48 And so like there are reasons that people feel bad,
0:21:51 but then there’s this poll that came out
0:21:54 sort of detailing, you know, that 55% of people
0:21:56 think that we’re in our session,
0:21:58 49% of people think that the stock market
0:22:00 is at all time lows or is down on the year
0:22:03 and that 49% also think that unemployment
0:22:06 is at all time lows.
0:22:07 And so like there’s this aspect of the vibe session
0:22:09 where, okay, yes, there is an actual disconnect
0:22:11 between consumer sentiment and economic data
0:22:14 and some of that can be explained
0:22:15 by structural affordability.
0:22:16 And then I think another component of it
0:22:18 is explained by a lack of media literacy.
0:22:21 Like the stock market is up 12% on the year.
0:22:22 Unemployment is at a record low.
0:22:25 We’re not in our session.
0:22:26 I do think we are in a vibe session
0:22:29 just because it’s a rather tense time.
0:22:31 There’s a lot of uncertainty.
0:22:32 We’re going into an election.
0:22:33 Like it’s really hard to have quote unquote good vibes
0:22:36 during that.
0:22:36 I think another thing that I’ve been sort of thinking about
0:22:39 is like there’s this gap between online discourse
0:22:41 and then offline discourse.
0:22:43 So like air travel hit an all-time high
0:22:45 over Memorial Day weekend.
0:22:46 Like everybody’s flying everywhere.
0:22:47 People are out there spending money.
0:22:49 You can see it in the consumer spending metrics.
0:22:51 But if you go online, the discourse is negative.
0:22:53 People are feeling very bad.
0:22:55 And that’s kind of the other thing too.
0:22:56 It’s like there’s this bifurcation
0:22:58 between actual reality and then perceived reality
0:23:01 through the online sphere.
0:23:03 – There really is a disconnect.
0:23:04 And then I look at people of shitposting America.
0:23:07 You know, lowest inflation, biggest growth.
0:23:10 The factors are starting to growth.
0:23:12 And some of the factors that you talked about,
0:23:14 do you think our discourse has become more coarse?
0:23:17 Or do you think as someone who just understands
0:23:21 of your generation, what do you think is causing this?
0:23:25 Is it a move to online where we have bots, trolls,
0:23:28 a lack of civility?
0:23:30 Do you think kids are more prone to,
0:23:34 I don’t know, being depressed or anxious
0:23:35 ’cause of helicopter parenting and social media?
0:23:39 But what has created a situation
0:23:41 where 55% of people my age feel very proud to be American,
0:23:44 but it’s only 18% of people under the age of 25?
0:23:48 – It’s really sad.
0:23:49 And I think that poll,
0:23:51 and of course you always take all surveys
0:23:52 with a grain of salt,
0:23:53 but that poll where, you know,
0:23:54 people think we’re in our session, we’re not.
0:23:56 They think it’s not going to sound and it’s not.
0:23:58 They think unemployment is really high, but it’s not.
0:24:00 It’s just like what’s happening.
0:24:02 And so I think a big part of it
0:24:04 is the media that people consume.
0:24:06 So younger people get a lot of their news from TikTok.
0:24:08 There’s a lot of surveys pointing that out,
0:24:10 all of data sources.
0:24:11 And like TikTok, the algorithm totally incentivizes you
0:24:15 to post negative things.
0:24:17 Like if you are saying that the world is ending,
0:24:19 you’re much more likely to get a million views
0:24:20 and if you’re like, everything’s perfect and good
0:24:22 and you should be fine.
0:24:24 I also think there’s a pressure to be anxious.
0:24:28 And I think like anxiousness is very normal.
0:24:31 Like we do have a lot of information below,
0:24:33 but if you’re not freaking out,
0:24:36 it means that you don’t care, right?
0:24:38 And so like there’s almost this performative anxiety
0:24:40 that comes up and that’s a loaded term.
0:24:43 But I do think that’s what it is,
0:24:44 is like, ’cause I get yelled at in my comments too
0:24:47 for not caring about the state of affairs,
0:24:49 but like there’s an element of truth
0:24:51 that you have to recognize when you talk about the economy.
0:24:53 Like you can’t say the stock market is down and it’s not.
0:24:56 But if you’re saying that things are good,
0:24:57 people are like, well, you just don’t care about anything.
0:24:59 Like you’re just lying to us.
0:25:01 And it really creates this strange environment.
0:25:04 So I think it’s media,
0:25:05 the consumption of certain types of media,
0:25:08 and then how you have to be perceived
0:25:11 in the online world is in a state of anxiety.
0:25:16 – Well, you’re talking about,
0:25:17 I’m naturally fits me like a glove
0:25:19 ’cause I’m a glass half empty kind of guy
0:25:20 and serve from anger and depression.
0:25:22 So I feed right into this, guys.
0:25:24 But whenever I talk about,
0:25:26 just the exceptional performance of a stock
0:25:29 or the markets touching all-time highs,
0:25:30 I was like, well, typical boomer who,
0:25:33 most the real economy,
0:25:35 most of us got don’t get to invest in stocks.
0:25:37 It’s like, you get shamed
0:25:40 and you’re sort of perceived as non empathetic
0:25:43 if you’re not catastrophizing all the time
0:25:45 and talking about the worst possible outcome for everybody.
0:25:48 Speaking of this type of,
0:25:49 I don’t know, looking through the world
0:25:50 with gray color glasses,
0:25:51 talk a little bit about dollar doomerism.
0:25:55 – Yeah, I mean, a lot of people think
0:25:56 that the U.S. dollar is no longer going
0:25:58 to be the reserve currency.
0:26:00 That discourse hasn’t been as popular
0:26:02 over the past few months,
0:26:03 it’s the U.S. is kind of the interaction
0:26:05 and many back turning in,
0:26:07 has been able to pass legislation finally.
0:26:09 But yeah, people are kind of like betting
0:26:12 on the downfall of the U.S.
0:26:13 by saying that the U.S. dollar
0:26:14 would be reserve currency more.
0:26:16 So you saw a lot of that kind of like post COVID,
0:26:19 the first few years after the pandemic,
0:26:22 there was a paper from the IMF that refuted that.
0:26:24 It was like, no, it’s not gonna switch over
0:26:27 to China or Russia as being the reserve currency
0:26:29 of the world, it’s probably just gonna be,
0:26:30 if anything, a basket of mixed currencies.
0:26:33 But yeah, I mean, it’s sort of going back
0:26:34 to like what you asked about
0:26:36 with like why do young people feel so bad
0:26:38 about like why are they not proud to be American?
0:26:40 Like you can kind of see that through people
0:26:42 being like the dollar is not gonna be the reserve currency.
0:26:44 Like that’s a bet against the United States.
0:26:47 – You brought up something
0:26:48 or you’re aware of something that we talk a lot about here
0:26:50 and that is inflation and a lack of prosperity.
0:26:54 We believe can be reverse engineered partially
0:26:57 to concentration and the sort of oligopolization
0:27:00 of our economy.
0:27:01 Four companies control 85% of the US beef market,
0:27:04 four companies control 80% of the soy market,
0:27:06 three companies, 70% of pasta,
0:27:09 three companies, 72% of the cereal market.
0:27:12 I mean, there’s more of a comment than a question.
0:27:13 I think you agree.
0:27:15 But it appears that people aren’t focusing enough on this.
0:27:17 How else should we be thinking about this
0:27:19 as it relates to inflation?
0:27:21 – Yeah, I mean, as a doctor,
0:27:22 Isabella Weber has written a really great research paper
0:27:25 on this, sort of like how companies
0:27:28 may be passing costs off to consumers through higher prices.
0:27:32 And monopolies are like the key way to do that, right?
0:27:35 Like if you don’t have any competition,
0:27:36 it’s much easier to push prices through.
0:27:39 And I think like to counter that example,
0:27:42 we’re kind of seeing that, you know,
0:27:44 McDonald’s is lowering the prices on their food.
0:27:47 Like they’re finally offering a $5 meal
0:27:48 because companies like Domino’s have had reward programs
0:27:51 that people have been flocking to.
0:27:53 And so that shows that if you do have competition
0:27:56 within the corporate space,
0:27:57 like companies are going to respond
0:27:58 and therefore lower their prices.
0:28:00 But I think a lot of the pain of the consumer
0:28:02 has been through companies like Kraft Heinz raising prices,
0:28:06 just putting a lot of Nestle raising prices
0:28:08 because they’re able to.
0:28:10 People have to buy the things that Nestle and Kraft
0:28:13 will more or less have to buy P&G.
0:28:15 They have to buy like paper towels and toothpaste.
0:28:18 And so those companies, I do think are responsible
0:28:21 for some elements of inflation that we’re experiencing.
0:28:23 And then I think they’re also responsible
0:28:25 for the quote unquote bad vibes.
0:28:27 Like when you, like I go to the grocery store
0:28:28 and I’m like, whoa, okay.
0:28:30 Like that was an expensive trip.
0:28:32 And I don’t feel great about that and it sucks.
0:28:35 And that like the grocery bill that you get
0:28:37 and then the gas price that you pay
0:28:39 are the two main ways that consumers interact
0:28:42 with the economy.
0:28:43 And so if corporations are able to raise prices
0:28:46 and do it without any thought other than profit,
0:28:49 it can be very harmful to the consumer.
0:28:52 – I’m just, I love, just as we wrap up here,
0:28:54 we’re trying to be, we’re purposefully,
0:28:56 or I would say I’m personally trying to be
0:28:58 a little bit more optimistic.
0:29:00 And I write a lot about the challenges facing young people
0:29:02 and how it warrants more attention and more investment,
0:29:05 but also believe that as kids come out of commencement
0:29:09 that they do have agency.
0:29:12 And I want to bring on more people like yourself
0:29:14 that have demonstrated that type of agency.
0:29:15 When I was getting out of college,
0:29:17 I knew I was interested in finance and economics.
0:29:19 You could either go to an investment bank
0:29:21 and get into an analyst program,
0:29:23 which is exceptionally competitive.
0:29:25 You could become a stockbroker.
0:29:27 I got my series seven and basically being a stockbroker
0:29:29 was calling all of your friends’ parents
0:29:31 and asking them to buy stocks through your ridiculous fees.
0:29:34 Or you could go back to graduate school
0:29:35 and try and become an economist.
0:29:36 I mean, there really weren’t that many on-ramps
0:29:39 to having influence in the markets.
0:29:41 Can you talk a little bit about how you,
0:29:43 you kind of your path and how you found agency
0:29:46 and became, I hate to use the word influencer,
0:29:49 became someone who is a strong voice in this
0:29:51 and appears to be making a nice living
0:29:53 and has developed a rewarding career.
0:29:55 Talk about your backstory and your path
0:29:57 to how you got where you are now.
0:30:00 – Yeah, I grew up in Kentucky
0:30:03 and I thought I’d be stuck in Kentucky forever.
0:30:06 And it’s not a bad place to be.
0:30:07 It just, you know, there wasn’t the opportunities
0:30:09 that I wanted there.
0:30:10 And so I went to school in Kentucky
0:30:13 for the scholarship program that I was on
0:30:15 and all throughout college, you know,
0:30:17 tutored in economics and had a blog
0:30:19 talking about my options trading.
0:30:21 And so I’d always been sort of in the online sphere.
0:30:25 And then I went out to a capital group in Los Angeles
0:30:27 and worked on the buy side for about a year and a half.
0:30:31 But six months after I graduated, COVID happened.
0:30:33 And so like the way that I thought about work
0:30:35 was it changed quite a bit.
0:30:37 ‘Cause, you know, all of a sudden you’re faced with death
0:30:39 and you’re like, oh, well, what do I really want
0:30:41 to be doing?
0:30:42 And for me, it was education,
0:30:44 specifically economics education.
0:30:47 And so I started making videos around game shop.
0:30:50 And, you know, a lot of things sort of influence
0:30:53 like why I wanted to focus on economics education.
0:30:56 Number one is because I don’t think
0:30:57 we get people a fair shake at all
0:30:59 when it comes to understanding the economy.
0:31:01 Like it’s something that we all exist in.
0:31:02 Like, you know, I bought a coffee this morning,
0:31:04 like that’s an economic transaction.
0:31:06 The jobs that we have are economic, you know, interfaces.
0:31:09 Everything that we do is tied to the economy somehow,
0:31:11 but we pretend that we don’t need to understand it.
0:31:13 We pretend that we don’t need to know what the Fed does
0:31:15 and how it influences interest rates.
0:31:17 And we don’t need to know the depth of it,
0:31:19 but we need to at least understand how it could impact us.
0:31:22 I think that it creates a lot of confusion
0:31:24 and a lot of anger when people live in a system
0:31:26 that they don’t understand.
0:31:27 And so I kind of set off, you know, partly because I felt
0:31:31 like I wanted younger Kailas have access to the stuff.
0:31:35 And, you know, if there’s a younger Kaila out there
0:31:37 I want to help her.
0:31:38 But then I just think it’s really important
0:31:40 that we understand how the economy works and functions.
0:31:42 And that’s why I wrote the book and make the videos
0:31:45 is because I think it’s just, I think it’s super important.
0:31:50 – So what advice would you have for someone
0:31:51 whether it’s an economics or another domain,
0:31:53 they want to get kind of this five wheel going
0:31:55 that you have books, videos.
0:31:57 What has surprised you to the upside?
0:31:59 If you were advising yourself two or three years ago,
0:32:01 you leave the capital group, you’re not working
0:32:02 for a corporation, trying to build your own brand,
0:32:04 your own small media company, if you will.
0:32:07 What advice hacks would you give to somebody who says,
0:32:10 “All right, I really want to get into,
0:32:12 “I want to be an influencer or make money in child psychology.”
0:32:17 And what, what hacks, what advice can you give to people?
0:32:21 – I mean, I think the biggest hack is caring a lot.
0:32:24 That sounds so silly, but like you have to, you have to care.
0:32:28 I actually get stopped by my friends
0:32:29 if I talk about the economy too much
0:32:31 because it’s like, it’s something
0:32:32 that I’m really passionate about.
0:32:33 And so like, if we’re out to dinner,
0:32:34 I’ll just be like, “Did you all see the bed today?”
0:32:36 And they’re like, “Not right now.”
0:32:38 And so I do think you have to have like a deep care
0:32:41 for what you’re talking about.
0:32:42 And you have to really want it.
0:32:45 Like, you know, it’s really bumpy
0:32:46 starting your own business and it’s really scary.
0:32:48 Like if this didn’t work out for me,
0:32:50 there, you know, I would have failed
0:32:52 and like there was nowhere to go.
0:32:54 And so I think there’s an element of drive
0:32:56 that you have to have.
0:32:57 And you have, yeah, yeah, yeah, here’s a big part of it.
0:33:01 I was scared, I was scared silly.
0:33:03 I mean, it’s like funny now looking back on it
0:33:05 ’cause everything worked out,
0:33:06 but I can think of exact moments where I could have quit
0:33:10 and like could have stopped and could have given up
0:33:12 and you just have to push through that.
0:33:14 And I would say that that would be the biggest advice
0:33:17 is like caring a lot and working through fear
0:33:21 the best you can.
0:33:22 – What about tactically?
0:33:23 What platforms have made money for you?
0:33:25 Where have you gotten the greatest return on investment
0:33:27 in terms of raising awareness?
0:33:29 Which platforms have had the lowest ROI?
0:33:33 – Previous Twitter before the new owner came in
0:33:36 was where I got a lot of traction
0:33:38 because there’s a lot of amazing finance
0:33:39 and economics people on there.
0:33:41 And Instagram has been very good with Reels and Discovery.
0:33:45 I’m really known for TikToks,
0:33:47 but I actually don’t have that big of a platform on TikTok.
0:33:50 And I think that TikTok is dying.
0:33:53 And then I have a newsletter as well.
0:33:54 – You think TikTok is dying?
0:33:56 – Yeah, I think it’s kind of good.
0:33:58 Oh, I think it’s just gonna be legislated away.
0:34:01 I think somebody’s gonna buy it maybe,
0:34:03 but I think that we’re slapping tariffs on China.
0:34:06 There’s no way they’re gonna let that app
0:34:08 continue to exist.
0:34:10 I think it’ll be a post-election thing,
0:34:12 like spending on who gets elected.
0:34:13 But yeah, yeah, I think that that’s gonna go away.
0:34:16 – So I’m off at Twitter, just ’cause I don’t,
0:34:18 I don’t wanna paint that guy’s fence.
0:34:20 What has happened for you at Twitter?
0:34:23 – It’s been sad.
0:34:24 I really loved Twitter and I still learn a lot on there,
0:34:26 but I work more than I post now.
0:34:29 They’re still like really amazing economists
0:34:31 and like really great thinkers,
0:34:32 but you can see the influence of Elon on the platform
0:34:37 and the algorithmic incentives are toward doomerism
0:34:41 and like the bad kind where people are questioning reality
0:34:45 and painting all sorts of colors on stuff
0:34:49 that maybe shouldn’t be painted, whatever.
0:34:51 But yeah, I think that’s a,
0:34:53 it’s been sad to watch the decay of a platform,
0:34:56 but it makes sense.
0:34:57 – And the internet age, everything turns over so quickly
0:35:00 that good times can only last for so long
0:35:02 in certain places.
0:35:04 – It’s interesting, I tell people,
0:35:06 I would have naturally gone to TikTok as a place
0:35:09 to over-invest and it’s interesting to hear your perspective.
0:35:12 If someone was gonna pick one platform
0:35:14 to over-invest in right now
0:35:15 to try and build a big brand footprint,
0:35:18 what platform would you suggest?
0:35:20 – I mean, I think TikTok still has discoverability,
0:35:22 but Reels is now trying to compete with TikTok
0:35:24 in a really big way
0:35:25 and I think their discoverability
0:35:27 has improved tremendously.
0:35:28 So I think Instagram actually has become
0:35:31 a very good app to build a following one.
0:35:34 – What about YouTube?
0:35:35 – YouTube’s hard.
0:35:37 I haven’t even really figured out YouTube actually.
0:35:39 I think that you have to kind of play
0:35:41 to the rules of the algorithm.
0:35:43 MrBeast is like very good at this
0:35:45 and which is why he has such a big platform,
0:35:47 but you have to have like the right titles
0:35:49 and the right thumbnail.
0:35:50 And I think that long form is just very hard
0:35:54 to capture people within.
0:35:55 And they are investing a lot in YouTube shorts
0:35:58 and you can post shorts and I think do pretty well.
0:36:01 But yeah, I think long form is just hard
0:36:03 to get discovered going.
0:36:04 – So Kyla, you know why we invited you on this podcast?
0:36:07 – Why was that?
0:36:08 – ‘Cause you’re very impressive.
0:36:10 (Kyla laughs)
0:36:12 – Oh, thanks.
0:36:13 – I’ve thought to myself,
0:36:14 we have all these financial experts on
0:36:16 and they all are the same goddamn person.
0:36:18 They’re all old guys on CMBC.
0:36:21 And I think it’s great
0:36:22 that you’ve managed to establish this following.
0:36:24 And when I hear you speak,
0:36:25 I’m like, “Gas, this person just gets it.”
0:36:27 So we’re hoping that you’re gonna come back on
0:36:30 and be a regular guest.
0:36:31 But you really are,
0:36:32 I was really inspired when I saw your content.
0:36:34 I just thought it was so puncturing
0:36:35 and I don’t know, down to earth and relatable.
0:36:38 So well done.
0:36:39 – Thank you.
0:36:40 Yeah, that’s the whole goal is to make accessible content.
0:36:42 Like that was the goal of the book.
0:36:43 Like there’s 60 illustrations in there.
0:36:46 Like it doesn’t need to be as complicated as we make it.
0:36:48 And I think that makes it so scary
0:36:50 is like we make it so scary.
0:36:52 And it is really just like nice, I think,
0:36:56 to have somebody talking at you, I guess,
0:36:58 about like the economy.
0:37:00 There isn’t a lot of that
0:37:01 because there’s a lot of gatekeeping as you know.
0:37:03 And yeah, I’m glad that it is helping people.
0:37:07 – Well, I think it is.
0:37:08 Kyla Scanlon is a writer,
0:37:10 video creator and podcaster who focuses
0:37:12 on educating her audience about the economy
0:37:14 and the financial markets.
0:37:15 Her debut book in this economy,
0:37:18 “How Money and Markets Really Work” is out now.
0:37:20 She joins us from a WeWork in,
0:37:23 are you in New York or in Brooklyn?
0:37:25 Where are you?
0:37:25 – No, I’m in New York City, Manhattan.
0:37:27 – Oh, nice.
0:37:28 Well, it’s great to be here.
0:37:29 And thanks for your good work, Kyla.
0:37:30 – Yeah, thank you so much.
0:37:31 – We’ll be right back.
0:37:33 Support for this show comes from Funrise.
0:37:42 For decades, venture capital has been one
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0:38:41 Our screens can only hold so much information
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0:39:45 (upbeat music)
0:39:47 – I’m Claire Parker.
0:39:51 – And I’m Ashley Hamilton.
0:39:52 – And this is Celebrity Memoir Book Club.
0:39:56 – A podcast that says what if your must read book list
0:40:00 and your absolutely must not read book list got married?
0:40:03 If you’ve ever seen a celebrity memoir and thought,
0:40:05 what could they possibly write about?
0:40:07 – The answer a lot of times is nothing.
0:40:08 So we have to make up the jokes to fill in the blanks.
0:40:10 – Yeah, so if you want to know what’s in there,
0:40:12 but you don’t want to waste your eyeballs strength,
0:40:15 we’re going to tell you what’s in it.
0:40:17 So hop along for the ride.
0:40:18 – Who are we?
0:40:19 We are two best friends and two comedians
0:40:21 who had enough time to read a full book a week.
0:40:23 – We live in New York,
0:40:24 so we think we know everything about everything
0:40:26 and we’re going to tell you what’s what.
0:40:28 – And if we’re wrong, that’s part of the fun.
0:40:31 – So if you are interested in celebrities,
0:40:33 in literature, in a good time with your pals,
0:40:38 tune into Celebrity Memoir Book Club.
0:40:40 – The podcast where we read the book
0:40:41 so that you don’t have to.
0:40:43 – You can listen to Celebrity Memoir Book Club
0:40:45 wherever you get your podcasts.
0:40:47 – I mean, can’t wait to hang.
0:40:48 (upbeat music)
0:40:51 – Algebra of happiness, kissing.
0:41:01 I grew up in a household that had very little affection.
0:41:05 Occasionally my mom literally couldn’t help herself
0:41:08 and she would hug me and occasionally kiss me,
0:41:11 but they were both raised with an absence of affection.
0:41:14 They’re European and there just wasn’t a lot of that
0:41:15 in my household and my dad who was out of the house
0:41:19 and gone when I was eight after my parents split up.
0:41:21 He was never very affectionate.
0:41:22 Occasionally when he felt good about me,
0:41:24 he’d mess up my hair which was his way of being affectionate
0:41:28 and I don’t resent him for it
0:41:31 ’cause I think he grew up in a household
0:41:32 with actually not only a lack of affection,
0:41:33 his sister told me later in life
0:41:36 that he was actually physically abused by his father
0:41:38 pretty severely and I thought to myself,
0:41:40 Jesus Christ, he never brought it up to me.
0:41:42 Can you imagine the person you’re supposed to trust the most
0:41:45 is supposed to be your protector, it abuses you?
0:41:48 Anyway, back to kissing.
0:41:50 I kiss my boys, I try to kiss my boys every day.
0:41:53 My youngest still lets me, my oldest does not,
0:41:55 that’s fine, he’s going through puberty,
0:41:57 doesn’t want his dad kissing him,
0:41:59 but there’s so many benefits to kissing.
0:42:01 The active kissing inspires the body to produce endorphins
0:42:05 which is kind of the happiness hormone,
0:42:07 meaning that both the kisser and the kiss
0:42:11 feel happy and relaxed.
0:42:12 Kissing also helps to reduce the body’s cortisol levels,
0:42:16 thus indirectly reducing stress.
0:42:19 And they’re even saying now there’s evidence showing
0:42:23 that married couples who kiss each other
0:42:26 whenever they see each other and say goodbye
0:42:28 are much less likely to get divorced
0:42:30 or much more likely to stay together.
0:42:32 Now whether it’s correlation or causation,
0:42:33 who knows maybe that people want to kiss each other,
0:42:35 stay together longer, but.
0:42:37 I’m trying to lean into that.
0:42:38 I’ve actually been kissing some of my male friends,
0:42:40 I kiss them on the cheek and they’re a little taken aback,
0:42:42 but I think they understand the gesture
0:42:45 and then I’m just trying to say I really like you.
0:42:48 So anyways, kiss your children as long as you can,
0:42:51 kiss your partner as often as you can,
0:42:53 but I’m gonna take back affection.
0:42:55 Men aren’t supposed to kiss, what bullshit?
0:42:57 It’s good for you, it’s good for them.
0:42:59 It says I love you, it says I care about you.
0:43:02 It says I want to express affection
0:43:05 in regard that you’re singular,
0:43:06 I don’t kiss a lot of people, but I choose you.
0:43:09 I choose to kiss you.
0:43:10 (upbeat music)
0:43:13 This episode was produced by Caroline Shagren.
0:43:15 Jennifer Sanchez is our associate producer
0:43:17 and Drew Burroughs is our technical director.
0:43:19 Thank you for listening to the Prop G Pod
0:43:21 from the Vox Media Podcast Network.
0:43:23 We will catch you on Saturday
0:43:24 for No Mercy, No Malice as read by George Hahn
0:43:27 and please follow our Prop G Markets Pod
0:43:30 wherever you get your pods for new episodes
0:43:32 every Monday and Thursday.
0:43:34 Please, if you can right now and you enjoyed the show,
0:43:37 go to Prop G Markets and subscribe.
0:43:40 [BLANK_AUDIO]
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0:01:49 – Episode 304304 is here.
0:01:56 America, belonging to West Virginia, in 1904,
0:01:58 the first subway line opened in New York City,
0:02:01 my favorite fast-food restaurant, True Story.
0:02:03 I found out that my penis is not as big as a subway sandwich.
0:02:08 Also, I’ve been banned from subway.
0:02:11 Go, go, go!
0:02:23 – Welcome to the 304th episode of the Prop G-Pod.
0:02:26 304?
0:02:27 I don’t remember any of this.
0:02:29 Like, I have a sensation, I have a feeling around this,
0:02:31 but I don’t, if someone said, “What happened in episode 285?”
0:02:34 I’d be like, “Geez, I just don’t know.”
0:02:37 In today’s episode, we speak with Kyla Scanlon,
0:02:40 a writer, video creator, and podcaster who focuses
0:02:42 on educating our audience about the economy
0:02:45 and the financial markets.
0:02:46 We hear all about Kyla’s new book in this economy,
0:02:49 “How Money and Markets Really Work.”
0:02:51 I love this conversation.
0:02:52 Kyla brings a refreshing perspective
0:02:53 that we think you’ll enjoy.
0:02:55 I’m also just inspired by these influencers
0:02:59 under the word of thought leaders that weaponize
0:03:01 or leverage new mediums, and one of the wonderful things
0:03:04 about these new mediums, including TikTok,
0:03:07 which is the ultimate propaganda tool
0:03:09 and should be divested, but having said that,
0:03:11 you do discover a lot of fascinating people,
0:03:14 and Kyla bubbled up in my feed.
0:03:16 TikTok, what bubbles up in my feed?
0:03:20 Great Danes, chiropractors aggressively adjusting
0:03:24 out of people.
0:03:25 Who do I be fascinated by that?
0:03:26 I didn’t know.
0:03:27 And then people talking about social justice issues
0:03:29 who also happen to be ridiculously hot.
0:03:31 I knew that one.
0:03:33 I knew that one.
0:03:34 Okay, what’s happening?
0:03:35 Back in London, but I’m headed to Cannes this weekend,
0:03:38 or Cannes, whatever it’s called, Nice.
0:03:41 So Cannes Lions is the creativity festival.
0:03:43 It’s where the less cool people,
0:03:44 but semi-cool sort of aspirational cool people go.
0:03:48 The true ballers go to the Cannes Film Festival.
0:03:50 That intimidates me.
0:03:51 I could never go to that.
0:03:52 I’m not dialed in.
0:03:53 I don’t love movies.
0:03:55 I just wouldn’t, I would not know what to do
0:03:57 at the Cannes Film Festival.
0:03:58 So fortunately, no one has invited me.
0:04:01 So the world, the world is at peace with these decisions.
0:04:04 Anyways, Cannes Lions used to be
0:04:07 where ad executives would go,
0:04:08 collect awards and then find other jobs.
0:04:11 And then the entire economy,
0:04:13 their entire ad world shifted to Google and Metta
0:04:18 and all the new guys.
0:04:19 And slowly, but surely they took over the beach
0:04:21 or the Quassats and you get these amazing parties.
0:04:25 The best parties are at Spotify.
0:04:26 I don’t get invited to the Metta parties.
0:04:28 Go figure, go figure.
0:04:30 I mean, I’m hoping I can go and see Sheryl Sandberg
0:04:34 figure out a way to at scale
0:04:36 depress tens of millions of teenage girls.
0:04:39 I think that would be a great event on the beach.
0:04:42 Maybe they could do that with like a barbecue or something.
0:04:45 Anyway, shocker, they don’t invite me.
0:04:46 Although I will say this, I will say this.
0:04:48 I stay at one of my favorite hotels in the world,
0:04:50 the Hotel Ducat, which has $34 lattes.
0:04:53 And I feel very European
0:04:54 and I put on a big black pair of sunglasses
0:04:57 and I go to that slim errands like beach or the pool.
0:05:00 And I put in an unlit cigarette in my mouth
0:05:02 and I put on a speedo, not true,
0:05:03 but anyways, I dream of putting on a speedo.
0:05:05 And anytime a woman walks by me, I go,
0:05:07 I take down my glasses and I’m like,
0:05:09 Jackie, marry me.
0:05:11 I make you very happy woman.
0:05:12 That’s my impression of Aristotle and Asos.
0:05:15 Ask your parents.
0:05:16 Anyways, what I also do for a total baller moment
0:05:19 is I Google Zodiac or boat rental
0:05:22 and I find some French guy who speaks modest English
0:05:25 and for like a hundred or 200 euros,
0:05:26 which is a lot of money, but it’s worth it.
0:05:28 He comes in some Zodiac,
0:05:30 usually almost always smoking a cigarette,
0:05:32 picks me up at the Hotel Ducat
0:05:33 and then bombs me in to the croissettes
0:05:37 and I always ask him to dump me at the pier
0:05:40 at or at the jetty, if you will,
0:05:42 of either Google or Metta Beach.
0:05:46 I am not invited to either of those places.
0:05:47 They know who I am and they don’t like me,
0:05:49 but I roll in like I’m fucking James Bond
0:05:51 in a tuxedo about to, I don’t know, crash a party
0:05:55 and kill some, I don’t know, nemesis uninvited.
0:05:58 That is how you roll at Cannes Lions.
0:06:00 By the way, if you’re at Cannes Lions
0:06:01 and you see me, please come up and say hi.
0:06:03 I’m desperate for other people’s affirmation.
0:06:06 I’m actually quite friendly, but I need to warn you,
0:06:07 I’m much less impressive in person.
0:06:09 On this show, you’re not really meeting me on this show.
0:06:12 You’re meeting a representative of me
0:06:15 that’s much more charming, interesting, smart,
0:06:17 and funny than I am in real life.
0:06:18 But if you’re looking to meet someone
0:06:20 who’s mildly depressed and angry and quite intense
0:06:22 and actually quite quiet, please come up and say hi.
0:06:24 Unfortunately, I will not be with my dog.
0:06:26 I used to take Leia almost everywhere
0:06:28 and now it is getting just too much
0:06:29 to kind of cart a great dane around continental Europe.
0:06:33 So the dog is staying here
0:06:34 and the big dog is headed to Cannes Lions.
0:06:37 So stop by and say hi.
0:06:39 Okay, moving on to some news.
0:06:41 Apple AI is finally here, but don’t call it AI.
0:06:44 No, no, no, no, no, no.
0:06:46 Call it Apple Intelligence,
0:06:48 which will be integrated throughout Apple’s ecosystem.
0:06:50 Devices, software, apps to do everything
0:06:53 that AI has promised, maybe not everything,
0:06:56 make our lives easier and more efficient.
0:06:58 Apple is even partnering with ChatGPT to answer
0:07:01 user queries that Siri can’t deliver.
0:07:03 By the way, if Apple doesn’t wanna call it Apple AI,
0:07:06 and we have to call it Apple Intelligence,
0:07:08 then I’m not calling ChatGPT, ChatGPT anymore.
0:07:10 I’m calling it what it really is, Microsoft AI.
0:07:13 Much of Apple’s forthcoming features are fairly basic
0:07:17 when you think about the grand scheme of AI,
0:07:19 sorting through notifications, generating images,
0:07:22 writing tools, assisting with personal tasks,
0:07:24 meeting schedules, et cetera.
0:07:26 And as per usual, Apple is playing up its commitment
0:07:29 to privacy.
0:07:30 So let me share my thoughts.
0:07:32 Let me share my thoughts.
0:07:33 The, I like this, it took me a while to get here,
0:07:36 but I’ve been processing here and I like this.
0:07:38 I think this is the exact opposite.
0:07:39 This is the zag to the zig of the mixed reality headset,
0:07:43 which was a bunch of jazz hands.
0:07:44 It’s gonna change the world.
0:07:45 Ooh, you’re gonna see a train set in 3D.
0:07:48 Who the fuck cares?
0:07:49 Ooh, a movie, a movie.
0:07:50 Wow, it’s a 3D movie.
0:07:52 Well, okay, do you really wanna put on a headset
0:07:54 to watch a movie and feel nauseous?
0:07:55 I just don’t get the whole headset thing.
0:07:57 At what point does someone ring a bell
0:07:59 and tell me I was right,
0:08:00 that these headsets are ridiculously stupid
0:08:03 and nothing but consensual hallucination
0:08:05 between the market and Mark Zuckerberg,
0:08:07 that he knew what the fuck he was doing
0:08:08 and he was a true visionary around hardware.
0:08:10 And in order to, in order to have a call option
0:08:12 in case he was right,
0:08:13 Tim Cook Greenlit, probably a billion dollars in spending
0:08:16 for the mixed reality headset,
0:08:17 they will let it die his slow death,
0:08:18 similar to the Hermes Apple Watch.
0:08:20 Isn’t that cute?
0:08:22 Isn’t that cute?
0:08:22 Makes no fucking sense.
0:08:24 Big press release.
0:08:25 And then we just kinda let it go away.
0:08:27 We let it go away.
0:08:28 And here’s the bottom line.
0:08:30 It’s the boring shit that moves shareholder value.
0:08:33 And I’m trying to coin a term, not generative AI,
0:08:35 but integrative AI.
0:08:37 What do I mean by that?
0:08:38 You have a lot of data on your phone.
0:08:40 You have a lot of contacts.
0:08:42 A lot of utility.
0:08:43 A lot of information that could be integrated into an LLM,
0:08:47 not to enhance your media experience
0:08:49 or answer every question,
0:08:50 but just do the following.
0:08:52 Make your life easier.
0:08:53 On Sunday, I was sending my dad a video
0:08:55 and I wanted to find this great picture of me
0:08:58 and his grandsons at the UEFA finals.
0:09:02 And I couldn’t find the goddamn thing.
0:09:03 And one of the things that Apple Intelligence is promising
0:09:06 is to make searching your photos much easier
0:09:09 and also to have a huge upgrade
0:09:11 to what is the front end of an LLM or AI
0:09:15 or in this case, Apple Intelligence.
0:09:16 See above Microsoft AI, not chat GBT,
0:09:19 is to make it much easier
0:09:22 and to integrate a billion people’s data
0:09:25 per their permission, right?
0:09:27 That’s a key consideration here.
0:09:30 I mean, they’ve done so much right here
0:09:31 as I think about it.
0:09:32 First off, they’ve said, okay,
0:09:34 the AI brand has gotten weird and dangerous
0:09:38 and oh, it’s gonna kill us.
0:09:39 Oh, it’s gonna save us.
0:09:40 Oh, it doesn’t know what it’s doing.
0:09:41 Oh, these answers make no goddamn sense.
0:09:44 Oh, wait, Scarlett, there’s just so much weird shit
0:09:46 surrounding AI.
0:09:48 Oh, this person who supposedly knows AI says
0:09:50 it’s gonna kill us.
0:09:51 It just feels kind of, oh, how am I using it?
0:09:53 I don’t know, I’m not using it,
0:09:55 but I’ll buy more Nvidia.
0:09:56 The whole space is getting,
0:09:57 I don’t know, it feels like you read too much about AI.
0:10:00 You kind of wanna shower or kill yourself
0:10:02 or find a time machine and go back in time
0:10:05 such that you can find yourself, kill yourself
0:10:06 and then do sort of like a murder suicide.
0:10:09 Is that dark?
0:10:09 That’s pretty fucking dark, isn’t it?
0:10:11 Anyway, anyway, how do I use AI?
0:10:14 I use it to plan weekends with my 13-year-old son.
0:10:17 Well, I said, what are we doing this weekend?
0:10:18 And we type in this crazy prompt
0:10:20 to try and find something fun to do in London.
0:10:22 And I gotta be honest, I think it does an amazing job.
0:10:24 I also love Adobe Firefly,
0:10:27 the AI that has taken a different approach
0:10:29 and this is smart.
0:10:30 They have licensed all of the content
0:10:32 or it’s their own content
0:10:33 so they don’t have to worry about what happened at,
0:10:36 I think it was, I don’t know if it was Google or Llama
0:10:38 or Joey Bagadon, it’s AI where they typed in a prompt
0:10:41 and it literally brought a verbatim of Forbes article
0:10:44 and it’s like, well, okay, are you paying Forbes?
0:10:46 No, they’re not.
0:10:47 They’re not.
0:10:48 So they’ve said, we need to get away from this brand,
0:10:50 make it more about privacy, make it more about utility,
0:10:53 make it more about incremental change,
0:10:55 make it friendlier, upgrade Siri,
0:10:57 which is arguably one of the worst brands in tech
0:10:59 from Apple or more sub-brands, if you will,
0:11:02 and make it more, I don’t know, make it more UTEL,
0:11:05 so to speak.
0:11:06 Of course, Elon Musk had to weigh in
0:11:07 and say that he’s not gonna use it, who knows.
0:11:10 It was down 2% and then it was up 5% today,
0:11:13 so I don’t know exactly what that means.
0:11:15 I think people are starting to figure out
0:11:18 that the second mouse here
0:11:19 or the biggest second mouse in history is Apple,
0:11:21 what do I mean by that?
0:11:23 Innovation is actually a terrible shareholder strategy.
0:11:26 That’s right, that’s right, you heard it here.
0:11:29 My colleague at NYU is now at Dartmouth
0:11:31 at the Tuck School, did breakthrough research
0:11:33 that would just open my eyes,
0:11:34 that it’s not the innovator that makes money,
0:11:36 it’s the second or the third company that comes in
0:11:38 and lets them spend a ton of money and waste a ton,
0:11:40 and then says, oh, okay, you spent a ton of money
0:11:42 trying to come up with an MP3 player,
0:11:44 we’ll now come in and make it easier to use.
0:11:45 Oh, graphic, user interface, Xerox PARC,
0:11:48 thanks very much, this works great,
0:11:50 you don’t know how to use it, we’ll commercialize
0:11:51 and make a shit ton of money.
0:11:53 So that, I think, is what Apple’s trying to do here.
0:11:55 They’ve been thoughtful, they’ve been kind of laying
0:11:56 in the reeds and I said, okay, we’re ready,
0:11:58 this is what’s good about AI,
0:11:59 this is what’s bad about AI,
0:12:01 and they come in and said, okay, what’s bad about it
0:12:03 is the brand, what’s bad about it is promising
0:12:06 or over-promising and under-delivering,
0:12:07 we’re gonna start small and go incremental,
0:12:09 the absolute opposite of the mixed reality headset.
0:12:12 I like this, I think it makes sense, keep in mind,
0:12:15 keep in mind, it’s the boring stuff that makes you money,
0:12:18 it’s the mundane stuff that moves shareholder value.
0:12:21 We’ll be right back for our conversation
0:12:25 with Kyla Scanlon.
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0:14:37 This product is not intended to diagnose, treat, cure,
0:14:40 or prevent any disease.
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0:15:48 (upbeat music)
0:15:51 – Welcome back.
0:16:06 Here’s our conversation with Kyla Scanlon,
0:16:07 a writer, video creator, podcaster, and author of,
0:16:10 In This Economy, How Money and Markets Really Work.
0:16:14 Kyla, where does this podcast find you?
0:16:16 – I’m in New York City right now.
0:16:18 – And you’re at a WeWork with a fan in the background.
0:16:21 Where’s Adam Newman?
0:16:22 – Yeah, oh, he’s not involved anymore.
0:16:24 He’s focused on real estate now, right?
0:16:26 – Yeah, I’ve heard he’s doing flow
0:16:28 or something right about this.
0:16:29 Okay, so we’re making an effort
0:16:31 to bring in young influencers.
0:16:33 I have a tendency to find people my age,
0:16:35 boomers who are on CNBC,
0:16:36 and so you’re one of our first outreach
0:16:40 to someone we found.
0:16:40 I think we found you on TikTok.
0:16:42 Anyways, your new book, In This Economy,
0:16:45 explores how money and markets really work.
0:16:47 Walk us through what you believe
0:16:48 are the biggest misconceptions about the U.S. economy.
0:16:51 – Yeah, I mean, I think that’s the issue
0:16:53 is that a lot of everything’s kind of
0:16:55 misconception right now.
0:16:57 I think a lot of people have a frustration
0:16:59 with how the economy is functioning,
0:17:01 like the labor market, inflation, et cetera.
0:17:03 A lot of people think that inflation going down
0:17:05 means that prices should go down,
0:17:07 but we’ve been dealing with a pressure
0:17:08 to curb inflation, so everybody wants prices to go down.
0:17:11 There’s rolling recessions in tech and finance,
0:17:13 so people extrapolate that
0:17:15 to the broader labor market as well.
0:17:17 So I think there’s a lot of misconceptions,
0:17:20 and the goal of the book is just to be a toolbox
0:17:22 to understand the economy.
0:17:24 Everything that you need to know about inflation, GDP,
0:17:27 all the terminology and how it applies to you
0:17:29 without all the theory that goes into it.
0:17:33 – What do most people get wrong
0:17:34 about money and the markets?
0:17:35 – One of my favorite charts is the chart
0:17:37 from the Federal Reserve.
0:17:38 It’s called the Distribution of Financial Assets,
0:17:40 and it shows that the bottom 50% have all of their wealth
0:17:43 inside of real estate,
0:17:44 and the top 10% have their wealth
0:17:45 inside of stocks and business ownership.
0:17:50 And so I think a lot of people think
0:17:52 that homeownership is sort of the path to wealth,
0:17:54 and I think historically, it could have been,
0:17:57 but we kind of need to rethink what homeownership means,
0:18:01 right?
0:18:02 It’s very confusing, though,
0:18:02 how to be both a speculative investment
0:18:05 and then also a place that you need to live.
0:18:07 And so I think that’s kind of,
0:18:08 it’s not necessarily what people get wrong
0:18:10 about the economy,
0:18:11 but I think it’s the thing that is most harmful
0:18:14 is we view housing as the way to wealth
0:18:17 when maybe it really shouldn’t be.
0:18:20 – But it’s an housing to a certain extent.
0:18:21 I’ve been thinking a lot about how to build wealth.
0:18:24 And one of the features of observations I would have
0:18:27 is that it is very difficult for people to build wealth
0:18:30 with anything they can get their hands on.
0:18:32 What do I mean by that?
0:18:34 99% of people, I believe,
0:18:36 will spend everything within their grasp.
0:18:38 And that’s why these four savings programs
0:18:41 or options where you get one big lumpy hit
0:18:44 or you sell a company,
0:18:45 the big hits you weren’t expecting
0:18:47 ’cause regular cash in your hand is very hard to hold onto
0:18:50 given all the temptations that’s offered
0:18:52 by in a capitalist society to a certain extent
0:18:54 isn’t housing sort of forced savings
0:18:57 ’cause people don’t want to be evicted.
0:18:58 So it forces them to make that kind of investment,
0:19:01 some of which goes into equity in the home.
0:19:03 – Yeah, yeah.
0:19:04 I mean, I think housing is definitely one path to that.
0:19:06 I think if you look at that chart, though,
0:19:07 like the clear answer to how to build wealth,
0:19:10 if you just are following the path
0:19:11 of what rich people have already done
0:19:13 is some form of stock ownership
0:19:15 and some form of building a business,
0:19:17 whether that be in place or option programs
0:19:19 or just actually building your own business.
0:19:21 So I think housing is great
0:19:23 in terms of the forced savings aspect, as you’ve mentioned.
0:19:27 But we have this expectation
0:19:28 that house prices always go up,
0:19:30 but from 1860 to 1960,
0:19:32 home prices went up by 0.06%.
0:19:35 And so I think we just kind of have a messy conception
0:19:39 and then it creates a lot of economic foreboding
0:19:42 when people feel like they can’t achieve
0:19:44 quote unquote American dream
0:19:45 because it’s the only way that they know how to build wealth.
0:19:48 – I think that’s a great point.
0:19:49 Actually, Philip Schiller of the K. Schiller index says
0:19:51 if you take into account maintenance
0:19:54 that the housing market has not been nearly the asset class
0:19:57 that the people claim it is.
0:19:59 In the book, you write people are not static entities
0:20:01 but dynamic beings with evolving needs and aspirations
0:20:04 and growing economy should reflect that.
0:20:07 When you look at our economy,
0:20:08 what areas do you think need the most attention right now?
0:20:11 – I mean, I think that we’ve done a really, really good job
0:20:13 at focusing on manufacturing,
0:20:15 the Chips Act, the IRA, the IAJA,
0:20:18 all of those have really invested in American manufacturing
0:20:20 and have enabled like, you know, fab factories
0:20:24 to be built in Arizona.
0:20:25 But I think like the big thing,
0:20:27 and you’ve done a very good job talking about this
0:20:29 is like sort of putting young people in a path.
0:20:32 I think that a lot of people feel stuck in their jobs
0:20:34 or feel like they’re not able to pursue
0:20:37 as you would say they’re telling.
0:20:38 But I think that’s kind of where we need help
0:20:41 is that we have a whole generation of people
0:20:43 that are stuck and the labor market is sort of funny.
0:20:47 Like there are these ruling recessions in tech and finance.
0:20:50 And so I think it’s just,
0:20:52 it’s a reallocation of capital
0:20:54 that will enable new jobs to come out.
0:20:57 I think that’s what needs to be done.
0:21:00 Yeah.
0:21:01 – You coined this great term, vibe session.
0:21:04 What is it and are we experiencing it?
0:21:06 – A vibe session is a disconnect between consumer sentiment
0:21:09 and economic data.
0:21:11 And I wrote this piece back in July, 2022
0:21:14 and it turned into a New York Times opinion piece.
0:21:16 And everybody kind of latched onto it
0:21:18 because, you know, the economic data was really good
0:21:21 during that time, like GDP was improving,
0:21:23 labor market was strong, inflation was going down,
0:21:26 but people were still feeling really bad
0:21:28 if you looked at sentiment metrics.
0:21:29 And so that term is meant to capture that idea.
0:21:34 And then since then it’s evolved to recognize
0:21:36 like structural affordability issues.
0:21:37 Like we have a housing crisis.
0:21:39 Child care costs have gone up like 32% since 2019
0:21:43 or something like that.
0:21:44 Elder care is $10,000 a month.
0:21:46 Education costs are sky high.
0:21:48 And so like there are reasons that people feel bad,
0:21:51 but then there’s this poll that came out
0:21:54 sort of detailing, you know, that 55% of people
0:21:56 think that we’re in our session,
0:21:58 49% of people think that the stock market
0:22:00 is at all time lows or is down on the year
0:22:03 and that 49% also think that unemployment
0:22:06 is at all time lows.
0:22:07 And so like there’s this aspect of the vibe session
0:22:09 where, okay, yes, there is an actual disconnect
0:22:11 between consumer sentiment and economic data
0:22:14 and some of that can be explained
0:22:15 by structural affordability.
0:22:16 And then I think another component of it
0:22:18 is explained by a lack of media literacy.
0:22:21 Like the stock market is up 12% on the year.
0:22:22 Unemployment is at a record low.
0:22:25 We’re not in our session.
0:22:26 I do think we are in a vibe session
0:22:29 just because it’s a rather tense time.
0:22:31 There’s a lot of uncertainty.
0:22:32 We’re going into an election.
0:22:33 Like it’s really hard to have quote unquote good vibes
0:22:36 during that.
0:22:36 I think another thing that I’ve been sort of thinking about
0:22:39 is like there’s this gap between online discourse
0:22:41 and then offline discourse.
0:22:43 So like air travel hit an all-time high
0:22:45 over Memorial Day weekend.
0:22:46 Like everybody’s flying everywhere.
0:22:47 People are out there spending money.
0:22:49 You can see it in the consumer spending metrics.
0:22:51 But if you go online, the discourse is negative.
0:22:53 People are feeling very bad.
0:22:55 And that’s kind of the other thing too.
0:22:56 It’s like there’s this bifurcation
0:22:58 between actual reality and then perceived reality
0:23:01 through the online sphere.
0:23:03 – There really is a disconnect.
0:23:04 And then I look at people of shitposting America.
0:23:07 You know, lowest inflation, biggest growth.
0:23:10 The factors are starting to growth.
0:23:12 And some of the factors that you talked about,
0:23:14 do you think our discourse has become more coarse?
0:23:17 Or do you think as someone who just understands
0:23:21 of your generation, what do you think is causing this?
0:23:25 Is it a move to online where we have bots, trolls,
0:23:28 a lack of civility?
0:23:30 Do you think kids are more prone to,
0:23:34 I don’t know, being depressed or anxious
0:23:35 ’cause of helicopter parenting and social media?
0:23:39 But what has created a situation
0:23:41 where 55% of people my age feel very proud to be American,
0:23:44 but it’s only 18% of people under the age of 25?
0:23:48 – It’s really sad.
0:23:49 And I think that poll,
0:23:51 and of course you always take all surveys
0:23:52 with a grain of salt,
0:23:53 but that poll where, you know,
0:23:54 people think we’re in our session, we’re not.
0:23:56 They think it’s not going to sound and it’s not.
0:23:58 They think unemployment is really high, but it’s not.
0:24:00 It’s just like what’s happening.
0:24:02 And so I think a big part of it
0:24:04 is the media that people consume.
0:24:06 So younger people get a lot of their news from TikTok.
0:24:08 There’s a lot of surveys pointing that out,
0:24:10 all of data sources.
0:24:11 And like TikTok, the algorithm totally incentivizes you
0:24:15 to post negative things.
0:24:17 Like if you are saying that the world is ending,
0:24:19 you’re much more likely to get a million views
0:24:20 and if you’re like, everything’s perfect and good
0:24:22 and you should be fine.
0:24:24 I also think there’s a pressure to be anxious.
0:24:28 And I think like anxiousness is very normal.
0:24:31 Like we do have a lot of information below,
0:24:33 but if you’re not freaking out,
0:24:36 it means that you don’t care, right?
0:24:38 And so like there’s almost this performative anxiety
0:24:40 that comes up and that’s a loaded term.
0:24:43 But I do think that’s what it is,
0:24:44 is like, ’cause I get yelled at in my comments too
0:24:47 for not caring about the state of affairs,
0:24:49 but like there’s an element of truth
0:24:51 that you have to recognize when you talk about the economy.
0:24:53 Like you can’t say the stock market is down and it’s not.
0:24:56 But if you’re saying that things are good,
0:24:57 people are like, well, you just don’t care about anything.
0:24:59 Like you’re just lying to us.
0:25:01 And it really creates this strange environment.
0:25:04 So I think it’s media,
0:25:05 the consumption of certain types of media,
0:25:08 and then how you have to be perceived
0:25:11 in the online world is in a state of anxiety.
0:25:16 – Well, you’re talking about,
0:25:17 I’m naturally fits me like a glove
0:25:19 ’cause I’m a glass half empty kind of guy
0:25:20 and serve from anger and depression.
0:25:22 So I feed right into this, guys.
0:25:24 But whenever I talk about,
0:25:26 just the exceptional performance of a stock
0:25:29 or the markets touching all-time highs,
0:25:30 I was like, well, typical boomer who,
0:25:33 most the real economy,
0:25:35 most of us got don’t get to invest in stocks.
0:25:37 It’s like, you get shamed
0:25:40 and you’re sort of perceived as non empathetic
0:25:43 if you’re not catastrophizing all the time
0:25:45 and talking about the worst possible outcome for everybody.
0:25:48 Speaking of this type of,
0:25:49 I don’t know, looking through the world
0:25:50 with gray color glasses,
0:25:51 talk a little bit about dollar doomerism.
0:25:55 – Yeah, I mean, a lot of people think
0:25:56 that the U.S. dollar is no longer going
0:25:58 to be the reserve currency.
0:26:00 That discourse hasn’t been as popular
0:26:02 over the past few months,
0:26:03 it’s the U.S. is kind of the interaction
0:26:05 and many back turning in,
0:26:07 has been able to pass legislation finally.
0:26:09 But yeah, people are kind of like betting
0:26:12 on the downfall of the U.S.
0:26:13 by saying that the U.S. dollar
0:26:14 would be reserve currency more.
0:26:16 So you saw a lot of that kind of like post COVID,
0:26:19 the first few years after the pandemic,
0:26:22 there was a paper from the IMF that refuted that.
0:26:24 It was like, no, it’s not gonna switch over
0:26:27 to China or Russia as being the reserve currency
0:26:29 of the world, it’s probably just gonna be,
0:26:30 if anything, a basket of mixed currencies.
0:26:33 But yeah, I mean, it’s sort of going back
0:26:34 to like what you asked about
0:26:36 with like why do young people feel so bad
0:26:38 about like why are they not proud to be American?
0:26:40 Like you can kind of see that through people
0:26:42 being like the dollar is not gonna be the reserve currency.
0:26:44 Like that’s a bet against the United States.
0:26:47 – You brought up something
0:26:48 or you’re aware of something that we talk a lot about here
0:26:50 and that is inflation and a lack of prosperity.
0:26:54 We believe can be reverse engineered partially
0:26:57 to concentration and the sort of oligopolization
0:27:00 of our economy.
0:27:01 Four companies control 85% of the US beef market,
0:27:04 four companies control 80% of the soy market,
0:27:06 three companies, 70% of pasta,
0:27:09 three companies, 72% of the cereal market.
0:27:12 I mean, there’s more of a comment than a question.
0:27:13 I think you agree.
0:27:15 But it appears that people aren’t focusing enough on this.
0:27:17 How else should we be thinking about this
0:27:19 as it relates to inflation?
0:27:21 – Yeah, I mean, as a doctor,
0:27:22 Isabella Weber has written a really great research paper
0:27:25 on this, sort of like how companies
0:27:28 may be passing costs off to consumers through higher prices.
0:27:32 And monopolies are like the key way to do that, right?
0:27:35 Like if you don’t have any competition,
0:27:36 it’s much easier to push prices through.
0:27:39 And I think like to counter that example,
0:27:42 we’re kind of seeing that, you know,
0:27:44 McDonald’s is lowering the prices on their food.
0:27:47 Like they’re finally offering a $5 meal
0:27:48 because companies like Domino’s have had reward programs
0:27:51 that people have been flocking to.
0:27:53 And so that shows that if you do have competition
0:27:56 within the corporate space,
0:27:57 like companies are going to respond
0:27:58 and therefore lower their prices.
0:28:00 But I think a lot of the pain of the consumer
0:28:02 has been through companies like Kraft Heinz raising prices,
0:28:06 just putting a lot of Nestle raising prices
0:28:08 because they’re able to.
0:28:10 People have to buy the things that Nestle and Kraft
0:28:13 will more or less have to buy P&G.
0:28:15 They have to buy like paper towels and toothpaste.
0:28:18 And so those companies, I do think are responsible
0:28:21 for some elements of inflation that we’re experiencing.
0:28:23 And then I think they’re also responsible
0:28:25 for the quote unquote bad vibes.
0:28:27 Like when you, like I go to the grocery store
0:28:28 and I’m like, whoa, okay.
0:28:30 Like that was an expensive trip.
0:28:32 And I don’t feel great about that and it sucks.
0:28:35 And that like the grocery bill that you get
0:28:37 and then the gas price that you pay
0:28:39 are the two main ways that consumers interact
0:28:42 with the economy.
0:28:43 And so if corporations are able to raise prices
0:28:46 and do it without any thought other than profit,
0:28:49 it can be very harmful to the consumer.
0:28:52 – I’m just, I love, just as we wrap up here,
0:28:54 we’re trying to be, we’re purposefully,
0:28:56 or I would say I’m personally trying to be
0:28:58 a little bit more optimistic.
0:29:00 And I write a lot about the challenges facing young people
0:29:02 and how it warrants more attention and more investment,
0:29:05 but also believe that as kids come out of commencement
0:29:09 that they do have agency.
0:29:12 And I want to bring on more people like yourself
0:29:14 that have demonstrated that type of agency.
0:29:15 When I was getting out of college,
0:29:17 I knew I was interested in finance and economics.
0:29:19 You could either go to an investment bank
0:29:21 and get into an analyst program,
0:29:23 which is exceptionally competitive.
0:29:25 You could become a stockbroker.
0:29:27 I got my series seven and basically being a stockbroker
0:29:29 was calling all of your friends’ parents
0:29:31 and asking them to buy stocks through your ridiculous fees.
0:29:34 Or you could go back to graduate school
0:29:35 and try and become an economist.
0:29:36 I mean, there really weren’t that many on-ramps
0:29:39 to having influence in the markets.
0:29:41 Can you talk a little bit about how you,
0:29:43 you kind of your path and how you found agency
0:29:46 and became, I hate to use the word influencer,
0:29:49 became someone who is a strong voice in this
0:29:51 and appears to be making a nice living
0:29:53 and has developed a rewarding career.
0:29:55 Talk about your backstory and your path
0:29:57 to how you got where you are now.
0:30:00 – Yeah, I grew up in Kentucky
0:30:03 and I thought I’d be stuck in Kentucky forever.
0:30:06 And it’s not a bad place to be.
0:30:07 It just, you know, there wasn’t the opportunities
0:30:09 that I wanted there.
0:30:10 And so I went to school in Kentucky
0:30:13 for the scholarship program that I was on
0:30:15 and all throughout college, you know,
0:30:17 tutored in economics and had a blog
0:30:19 talking about my options trading.
0:30:21 And so I’d always been sort of in the online sphere.
0:30:25 And then I went out to a capital group in Los Angeles
0:30:27 and worked on the buy side for about a year and a half.
0:30:31 But six months after I graduated, COVID happened.
0:30:33 And so like the way that I thought about work
0:30:35 was it changed quite a bit.
0:30:37 ‘Cause, you know, all of a sudden you’re faced with death
0:30:39 and you’re like, oh, well, what do I really want
0:30:41 to be doing?
0:30:42 And for me, it was education,
0:30:44 specifically economics education.
0:30:47 And so I started making videos around game shop.
0:30:50 And, you know, a lot of things sort of influence
0:30:53 like why I wanted to focus on economics education.
0:30:56 Number one is because I don’t think
0:30:57 we get people a fair shake at all
0:30:59 when it comes to understanding the economy.
0:31:01 Like it’s something that we all exist in.
0:31:02 Like, you know, I bought a coffee this morning,
0:31:04 like that’s an economic transaction.
0:31:06 The jobs that we have are economic, you know, interfaces.
0:31:09 Everything that we do is tied to the economy somehow,
0:31:11 but we pretend that we don’t need to understand it.
0:31:13 We pretend that we don’t need to know what the Fed does
0:31:15 and how it influences interest rates.
0:31:17 And we don’t need to know the depth of it,
0:31:19 but we need to at least understand how it could impact us.
0:31:22 I think that it creates a lot of confusion
0:31:24 and a lot of anger when people live in a system
0:31:26 that they don’t understand.
0:31:27 And so I kind of set off, you know, partly because I felt
0:31:31 like I wanted younger Kailas have access to the stuff.
0:31:35 And, you know, if there’s a younger Kaila out there
0:31:37 I want to help her.
0:31:38 But then I just think it’s really important
0:31:40 that we understand how the economy works and functions.
0:31:42 And that’s why I wrote the book and make the videos
0:31:45 is because I think it’s just, I think it’s super important.
0:31:50 – So what advice would you have for someone
0:31:51 whether it’s an economics or another domain,
0:31:53 they want to get kind of this five wheel going
0:31:55 that you have books, videos.
0:31:57 What has surprised you to the upside?
0:31:59 If you were advising yourself two or three years ago,
0:32:01 you leave the capital group, you’re not working
0:32:02 for a corporation, trying to build your own brand,
0:32:04 your own small media company, if you will.
0:32:07 What advice hacks would you give to somebody who says,
0:32:10 “All right, I really want to get into,
0:32:12 “I want to be an influencer or make money in child psychology.”
0:32:17 And what, what hacks, what advice can you give to people?
0:32:21 – I mean, I think the biggest hack is caring a lot.
0:32:24 That sounds so silly, but like you have to, you have to care.
0:32:28 I actually get stopped by my friends
0:32:29 if I talk about the economy too much
0:32:31 because it’s like, it’s something
0:32:32 that I’m really passionate about.
0:32:33 And so like, if we’re out to dinner,
0:32:34 I’ll just be like, “Did you all see the bed today?”
0:32:36 And they’re like, “Not right now.”
0:32:38 And so I do think you have to have like a deep care
0:32:41 for what you’re talking about.
0:32:42 And you have to really want it.
0:32:45 Like, you know, it’s really bumpy
0:32:46 starting your own business and it’s really scary.
0:32:48 Like if this didn’t work out for me,
0:32:50 there, you know, I would have failed
0:32:52 and like there was nowhere to go.
0:32:54 And so I think there’s an element of drive
0:32:56 that you have to have.
0:32:57 And you have, yeah, yeah, yeah, here’s a big part of it.
0:33:01 I was scared, I was scared silly.
0:33:03 I mean, it’s like funny now looking back on it
0:33:05 ’cause everything worked out,
0:33:06 but I can think of exact moments where I could have quit
0:33:10 and like could have stopped and could have given up
0:33:12 and you just have to push through that.
0:33:14 And I would say that that would be the biggest advice
0:33:17 is like caring a lot and working through fear
0:33:21 the best you can.
0:33:22 – What about tactically?
0:33:23 What platforms have made money for you?
0:33:25 Where have you gotten the greatest return on investment
0:33:27 in terms of raising awareness?
0:33:29 Which platforms have had the lowest ROI?
0:33:33 – Previous Twitter before the new owner came in
0:33:36 was where I got a lot of traction
0:33:38 because there’s a lot of amazing finance
0:33:39 and economics people on there.
0:33:41 And Instagram has been very good with Reels and Discovery.
0:33:45 I’m really known for TikToks,
0:33:47 but I actually don’t have that big of a platform on TikTok.
0:33:50 And I think that TikTok is dying.
0:33:53 And then I have a newsletter as well.
0:33:54 – You think TikTok is dying?
0:33:56 – Yeah, I think it’s kind of good.
0:33:58 Oh, I think it’s just gonna be legislated away.
0:34:01 I think somebody’s gonna buy it maybe,
0:34:03 but I think that we’re slapping tariffs on China.
0:34:06 There’s no way they’re gonna let that app
0:34:08 continue to exist.
0:34:10 I think it’ll be a post-election thing,
0:34:12 like spending on who gets elected.
0:34:13 But yeah, yeah, I think that that’s gonna go away.
0:34:16 – So I’m off at Twitter, just ’cause I don’t,
0:34:18 I don’t wanna paint that guy’s fence.
0:34:20 What has happened for you at Twitter?
0:34:23 – It’s been sad.
0:34:24 I really loved Twitter and I still learn a lot on there,
0:34:26 but I work more than I post now.
0:34:29 They’re still like really amazing economists
0:34:31 and like really great thinkers,
0:34:32 but you can see the influence of Elon on the platform
0:34:37 and the algorithmic incentives are toward doomerism
0:34:41 and like the bad kind where people are questioning reality
0:34:45 and painting all sorts of colors on stuff
0:34:49 that maybe shouldn’t be painted, whatever.
0:34:51 But yeah, I think that’s a,
0:34:53 it’s been sad to watch the decay of a platform,
0:34:56 but it makes sense.
0:34:57 – And the internet age, everything turns over so quickly
0:35:00 that good times can only last for so long
0:35:02 in certain places.
0:35:04 – It’s interesting, I tell people,
0:35:06 I would have naturally gone to TikTok as a place
0:35:09 to over-invest and it’s interesting to hear your perspective.
0:35:12 If someone was gonna pick one platform
0:35:14 to over-invest in right now
0:35:15 to try and build a big brand footprint,
0:35:18 what platform would you suggest?
0:35:20 – I mean, I think TikTok still has discoverability,
0:35:22 but Reels is now trying to compete with TikTok
0:35:24 in a really big way
0:35:25 and I think their discoverability
0:35:27 has improved tremendously.
0:35:28 So I think Instagram actually has become
0:35:31 a very good app to build a following one.
0:35:34 – What about YouTube?
0:35:35 – YouTube’s hard.
0:35:37 I haven’t even really figured out YouTube actually.
0:35:39 I think that you have to kind of play
0:35:41 to the rules of the algorithm.
0:35:43 MrBeast is like very good at this
0:35:45 and which is why he has such a big platform,
0:35:47 but you have to have like the right titles
0:35:49 and the right thumbnail.
0:35:50 And I think that long form is just very hard
0:35:54 to capture people within.
0:35:55 And they are investing a lot in YouTube shorts
0:35:58 and you can post shorts and I think do pretty well.
0:36:01 But yeah, I think long form is just hard
0:36:03 to get discovered going.
0:36:04 – So Kyla, you know why we invited you on this podcast?
0:36:07 – Why was that?
0:36:08 – ‘Cause you’re very impressive.
0:36:10 (Kyla laughs)
0:36:12 – Oh, thanks.
0:36:13 – I’ve thought to myself,
0:36:14 we have all these financial experts on
0:36:16 and they all are the same goddamn person.
0:36:18 They’re all old guys on CMBC.
0:36:21 And I think it’s great
0:36:22 that you’ve managed to establish this following.
0:36:24 And when I hear you speak,
0:36:25 I’m like, “Gas, this person just gets it.”
0:36:27 So we’re hoping that you’re gonna come back on
0:36:30 and be a regular guest.
0:36:31 But you really are,
0:36:32 I was really inspired when I saw your content.
0:36:34 I just thought it was so puncturing
0:36:35 and I don’t know, down to earth and relatable.
0:36:38 So well done.
0:36:39 – Thank you.
0:36:40 Yeah, that’s the whole goal is to make accessible content.
0:36:42 Like that was the goal of the book.
0:36:43 Like there’s 60 illustrations in there.
0:36:46 Like it doesn’t need to be as complicated as we make it.
0:36:48 And I think that makes it so scary
0:36:50 is like we make it so scary.
0:36:52 And it is really just like nice, I think,
0:36:56 to have somebody talking at you, I guess,
0:36:58 about like the economy.
0:37:00 There isn’t a lot of that
0:37:01 because there’s a lot of gatekeeping as you know.
0:37:03 And yeah, I’m glad that it is helping people.
0:37:07 – Well, I think it is.
0:37:08 Kyla Scanlon is a writer,
0:37:10 video creator and podcaster who focuses
0:37:12 on educating her audience about the economy
0:37:14 and the financial markets.
0:37:15 Her debut book in this economy,
0:37:18 “How Money and Markets Really Work” is out now.
0:37:20 She joins us from a WeWork in,
0:37:23 are you in New York or in Brooklyn?
0:37:25 Where are you?
0:37:25 – No, I’m in New York City, Manhattan.
0:37:27 – Oh, nice.
0:37:28 Well, it’s great to be here.
0:37:29 And thanks for your good work, Kyla.
0:37:30 – Yeah, thank you so much.
0:37:31 – We’ll be right back.
0:37:33 Support for this show comes from Funrise.
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0:39:45 (upbeat music)
0:39:47 – I’m Claire Parker.
0:39:51 – And I’m Ashley Hamilton.
0:39:52 – And this is Celebrity Memoir Book Club.
0:39:56 – A podcast that says what if your must read book list
0:40:00 and your absolutely must not read book list got married?
0:40:03 If you’ve ever seen a celebrity memoir and thought,
0:40:05 what could they possibly write about?
0:40:07 – The answer a lot of times is nothing.
0:40:08 So we have to make up the jokes to fill in the blanks.
0:40:10 – Yeah, so if you want to know what’s in there,
0:40:12 but you don’t want to waste your eyeballs strength,
0:40:15 we’re going to tell you what’s in it.
0:40:17 So hop along for the ride.
0:40:18 – Who are we?
0:40:19 We are two best friends and two comedians
0:40:21 who had enough time to read a full book a week.
0:40:23 – We live in New York,
0:40:24 so we think we know everything about everything
0:40:26 and we’re going to tell you what’s what.
0:40:28 – And if we’re wrong, that’s part of the fun.
0:40:31 – So if you are interested in celebrities,
0:40:33 in literature, in a good time with your pals,
0:40:38 tune into Celebrity Memoir Book Club.
0:40:40 – The podcast where we read the book
0:40:41 so that you don’t have to.
0:40:43 – You can listen to Celebrity Memoir Book Club
0:40:45 wherever you get your podcasts.
0:40:47 – I mean, can’t wait to hang.
0:40:48 (upbeat music)
0:40:51 – Algebra of happiness, kissing.
0:41:01 I grew up in a household that had very little affection.
0:41:05 Occasionally my mom literally couldn’t help herself
0:41:08 and she would hug me and occasionally kiss me,
0:41:11 but they were both raised with an absence of affection.
0:41:14 They’re European and there just wasn’t a lot of that
0:41:15 in my household and my dad who was out of the house
0:41:19 and gone when I was eight after my parents split up.
0:41:21 He was never very affectionate.
0:41:22 Occasionally when he felt good about me,
0:41:24 he’d mess up my hair which was his way of being affectionate
0:41:28 and I don’t resent him for it
0:41:31 ’cause I think he grew up in a household
0:41:32 with actually not only a lack of affection,
0:41:33 his sister told me later in life
0:41:36 that he was actually physically abused by his father
0:41:38 pretty severely and I thought to myself,
0:41:40 Jesus Christ, he never brought it up to me.
0:41:42 Can you imagine the person you’re supposed to trust the most
0:41:45 is supposed to be your protector, it abuses you?
0:41:48 Anyway, back to kissing.
0:41:50 I kiss my boys, I try to kiss my boys every day.
0:41:53 My youngest still lets me, my oldest does not,
0:41:55 that’s fine, he’s going through puberty,
0:41:57 doesn’t want his dad kissing him,
0:41:59 but there’s so many benefits to kissing.
0:42:01 The active kissing inspires the body to produce endorphins
0:42:05 which is kind of the happiness hormone,
0:42:07 meaning that both the kisser and the kiss
0:42:11 feel happy and relaxed.
0:42:12 Kissing also helps to reduce the body’s cortisol levels,
0:42:16 thus indirectly reducing stress.
0:42:19 And they’re even saying now there’s evidence showing
0:42:23 that married couples who kiss each other
0:42:26 whenever they see each other and say goodbye
0:42:28 are much less likely to get divorced
0:42:30 or much more likely to stay together.
0:42:32 Now whether it’s correlation or causation,
0:42:33 who knows maybe that people want to kiss each other,
0:42:35 stay together longer, but.
0:42:37 I’m trying to lean into that.
0:42:38 I’ve actually been kissing some of my male friends,
0:42:40 I kiss them on the cheek and they’re a little taken aback,
0:42:42 but I think they understand the gesture
0:42:45 and then I’m just trying to say I really like you.
0:42:48 So anyways, kiss your children as long as you can,
0:42:51 kiss your partner as often as you can,
0:42:53 but I’m gonna take back affection.
0:42:55 Men aren’t supposed to kiss, what bullshit?
0:42:57 It’s good for you, it’s good for them.
0:42:59 It says I love you, it says I care about you.
0:43:02 It says I want to express affection
0:43:05 in regard that you’re singular,
0:43:06 I don’t kiss a lot of people, but I choose you.
0:43:09 I choose to kiss you.
0:43:10 (upbeat music)
0:43:13 This episode was produced by Caroline Shagren.
0:43:15 Jennifer Sanchez is our associate producer
0:43:17 and Drew Burroughs is our technical director.
0:43:19 Thank you for listening to the Prop G Pod
0:43:21 from the Vox Media Podcast Network.
0:43:23 We will catch you on Saturday
0:43:24 for No Mercy, No Malice as read by George Hahn
0:43:27 and please follow our Prop G Markets Pod
0:43:30 wherever you get your pods for new episodes
0:43:32 every Monday and Thursday.
0:43:34 Please, if you can right now and you enjoyed the show,
0:43:37 go to Prop G Markets and subscribe.
0:43:40 [BLANK_AUDIO]
Kyla Scanlon, a writer, video creator, and podcaster, joins Scott to discuss her debut book, “In This Economy? How Money & Markets Really Work.” We hear about the term she coined, dollar doomerism, and why there is such a disconnect between what’s really happening and consumer sentiment.
Scott opens with his thoughts on Apple Intelligence.
Algebra of Happiness: take affection back.
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