Bet-David Podcast | Guest: Danielle DiMartino Booth | EP 16
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The Patrick BetDavid Show Podcast Episode 16. Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N
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The BetDavid Podcast is a podcast that discusses, current events, trending topics, and politics as they relate to life and business. Stay tuned for new episodes and guest appearances.
0:00 - Start of video
1:00 - DiMartino's thoughts on the debate
31:00 - Biden-Trump debate tv TV ratings
33:00 - Harley Davidson is leaving India
35:30 - Layoffs at KPMG, All State, Goldman Sachs and Disney
40:00 - 64% of people saying the economy is worse than a year ago
1:03:30 - Pending home sales hits record high in August
1:20:00 - 30 thousand airline jobs hang in the balance
1:30:30 - Trump Tax returns
1:35:00 - Trump signing socialism into law
1:44:20 - The new Climate clock
1:48:00 - New SCOTUS pick
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Danielle DiMartino Booth: https://bit.ly/36nGzLn
Adam Sosnick: https://bit.ly/2PqllTj
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Patrick is a successful startup entrepreneur, CEO of PHP Agency, Inc., emerging author, and Creator of Valuetainment on Youtube. As a natural critical thinker, Patrick takes complex leadership, management, and entrepreneurial ideas and converts them into simple life lessons for today and tomorrow’s entrepreneurs.
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Videos live and then howdy Good morning, Rob Jolly.
Soyboy always late.
I mean, that's what they're saying.
What's going on here?
El Debos.
And then we're live.
We are officially live.
Episode number is this 16th episode that we have.
And we have our good friend Danielle DeMartino Booth here with us.
Morning.
To give us an update on what's going on with the economy, the new stimulus that they're going back in for Pelosi, Trump, all those guys.
And then we got Adam here as well.
The man, the myth, the legend, Soyboy, which I saw a shirt that was sent the other day.
I thought it was very appropriate.
Somebody wanted to send you a shirt that says Soyboy Texas.
They're tugging at each other.
I'll take it.
Okay, so I think it's fair to say today is the first day of Q4.
You kind of told us about at the beginning, which is true.
And there's a lot of things going on.
They want to change the format of the debate.
We got a lot of topics.
We got some economy topics that we're talking about.
30,000 airline jobs, maybe even 50,000 at this point, that are out there that may be lost.
You got Palantir's officially public company.
Harley Davidson is leaving India, the world's largest motorcycle market, leaving India.
Bunch of layoffs, KPMG All-State, Goldman Sachs, Disney's letting go of $28,000.
JPMorgan's $980, $20 million fine for market manipulation spoofing.
64% of people say the economy worse than it was a year ago.
China's K-shaped economy and changing in the debate format and a bunch of other topics.
We've got a lot of things to cover here, but before we get into the topics, Danielle, since we have you here, we've already responded to the debate on what took place between Biden and Trump.
I want to kind of get your thoughts here.
What did you think of that wonderful, you know, easygoing, you know, debate that took place a few days ago?
Well, see, I'm one of these geeky types.
I actually wanted to know what policies they were prescribing for the country.
Remember that 64% who think the economy is worse?
Yep.
I didn't hear much in terms of substance.
I didn't.
So I was kind of disappointed there.
I mean, you couldn't hear anything.
You didn't see substance.
You couldn't hear anything.
No.
It was a cluster-ish thing.
Cluster-ish.
Did you think one did better than the other?
Like, meaning, you know, Trump came in.
Did you think Trump did better than you thought he was going to do?
Or did you think Biden did better than you thought he was going to do?
Oh, I think the consensus is that Biden didn't mess up.
Okay.
I think that that is, there was this concern that there was going to be some major gaffe on stage.
And I mean, he kind of held his own in the boxing ring.
You think so?
I think he did.
What's your football score between the two guys?
What is the football score?
You know, right now, I think we're tied at the half.
Really?
You're just putting it a tie right now.
Oh, that's where Vegas has been pretty neck and neck.
And I go with Vegas.
Here's a question for you.
You know, they do these VP presidents.
I know you're a Pence fan.
Do you think the VP debates matter at all?
Have you seen the demographics of the presidential candidates?
Yes, they matter.
More than ever before.
Meaning, like, if there's ever been a time that it matters more, would you say more than ever before?
Well, one of them has got cholesterol issues.
The other one, who knows?
So, yes, I mean, everybody wants to know who could potentially – I think this is a more critical vice presidential debate than anything we've ever seen.
You think it's more important than ever that the debate – the VP debate?
More important than ever.
Absolutely.
Okay.
I mean, there's a greater demo.
I'm just, this is not brain surgery.
This is demographics.
Well, some of us need brain surgery because, you know, some of us, our heads have been hit too many times, whether it was military and sports.
So we need, that's what we're bringing you on here for common sense to help us out.
This is why you're here, Dan.
I didn't get the conception.
Some of our audience have also played sports.
I can tell you that's what's wrong with my middle son.
Every time I say him, I'm like, you were definitely dropped on your head.
Middle son.
He's like, thanks, mom.
Yeah, especially on National Alive.
This is very impressive for him.
So you're looking forward to the VP debate.
Are you looking more forward to the next presidential debate or the VP debate?
Where's that?
I mean, I think people are going to tune in for the next presidential debate because they need more live sports in their lives.
More brain bashing.
Well, look, they're going to come up with some new strictures, guidelines, what have you.
But I mean, look, my second master's is in journalism.
I was impressed that Chris Wallace held his cool, and you could tell that he was sweating under his collar because he was being put in such a precarious position.
Do you think he did a good job, Chris Wallace?
I think he held it together.
I really do.
But a good job or no?
I mean, he couldn't have done a worse job.
Let's put it that way.
I mean, if I was him, I'd have ripped my microphone off and walked away and said, you just duke it out.
If this is how you're going to comport, you're not here to do this.
I had the twins initially watching it, my soon-to-be 13-year-old twins initially watching the debate.
Once profanity started flying, I'm like, go to bed now.
Really?
Now.
I'm like, this is not how America operates.
This is not what we look like.
This is national embarrassment.
What was the moment you said, no, Just shut up.
No, no.
Was that profanity?
No, that wasn't.
No, there was real profanity that I'm not going to.
Two instances of it that I'm not going to do.
There's no cursing.
We've never cursed in our lives.
But please, for our audience and also.
We have to figure out what kind of switch to see now.
Did Trump drop F-bombs?
I didn't get it.
No, no, no, there wasn't an F-bomb.
I didn't say that.
Profanity, Trump, debate.
What did the letters start with?
It's darn it with a B. With a B?
Senior reporter uses profanity to script.
But you debate.
I'm trying to see what was said.
Now I'm actually curious.
It's not saying any word.
Did he actually?
I don't know.
I think Danielle just broke some breaking news over here.
That minor in journalism has really shown.
Masters.
Comedy University.
Come on.
That minor in journalism.
You're like, buddy, it's a master's.
I apologize.
There's a son of a bitch got fired.
Is that the one?
Yeah.
Pat.
With the language, Pat.
So I'm very surprised Trump would ever use profanity.
What I would like to know right now is if the second debate was moderated not by Chris Wallace at this point, but by Danielle DiMartino Booth.
What would you do differently?
A, I would have one of those shot collar things.
Shock collar.
A shot collar?
Yeah, if you say a bad word, if you're going to hit below the belt when you're supposed to be, I don't know, the leader of the world, I need to have some comportment of some type, either of them, then you get to zap them.
You're shocking Trump.
And if they go over their time, because it's 120 seconds, hopefully if you're the leader of the free world, you can gather your thoughts in 120 seconds.
That's tough to ask.
So then I would have the other button with the dunk tank.
See, now you're talking my language because now it's in the business.
He's looking for excitement.
Pat's looking for reality.
If it's supposed to be, if this is supposed to be the apprentice meets the debate, meets the boxing ring, you know, the golden girls, the golden guys.
I love that.
And you're wondering why we're watching the vice presidential debate, right?
Okay, they're golden.
Okay.
Clogged arteries.
So, yes.
They're old.
They're old.
So why don't we do this?
First of all, there was a lot of memes that were going on.
Can you show us some of the memes, Kai?
I think it's good to start with some real serious topics of the memes.
This is one of them that came out.
Can you get a long shirt?
Okay, Biden and Trump.
I don't know why Trump is shorter here, but it is what it is.
Do you have the other one?
Here's one that's very emotional.
Very emotional.
Oh, my God.
Is that Chris Wallace saving the day?
Yeah.
Nice.
Kerry and Biden.
Nice.
Heartfelt.
This one brought a tear.
Okay.
Then go to the next one.
Go to the next one, which was, you know.
Do you have the other one or no?
The one that I gave Mario.
Mario may want to send that to you.
The one I sent to Mario is pretty funny as well.
Now they're talking about changing the format of the debate.
Now the conversation is what if they can change the format of the debate?
A couple different things came out.
Is I just looked at it right now.
You were talking about it earlier.
A possibility of a mic mute, meaning muting.
If you're going over, the moderator has the ability to just press mute and nobody can hear you.
Any thoughts on that?
On being able to mute the other person from speaking?
Well, something needs to get done here.
Or do we just let children just act like children?
I mean, do we want more excitement?
We want less excitement.
We want more order.
Do we want Trump being more Trumpy?
Like, what I will say is this.
And this is being nonpartisan.
I know you're going to think, as someone who is not a fan of Donald Trump, just to watch the guy constantly interrupt.
Like, I told you, I taught second grade when I was in my early 20s.
Yeah.
He was acting like a second grader.
Like, hey, buddy, Timmy, I told you to be quiet.
We have a class to run.
You keep interrupting.
No, no, no, no.
Timmy, I've told you a few times.
Donnie, I've told you a few times.
Yeah.
How many times you got to tell someone?
Not that old man Biden was on his best behavior.
Chris Wallace had to be like, see, I think Chris Wallace needed to be talking about it.
Everyone's like, Chris Wallace, save the day, saving Private Ryan over here.
If he actually, again, nonpartisan, he needs to step in and be like, guys, we are grown men here.
What is going on here?
Like, stop it.
Just enough of this nonsense.
But he was like, excuse me, if you don't mind, perhaps, would you consider, like, shut your faces, people.
Well, I mean, he is in a position where he's supposed to be deferential.
These people have been leaders of our country.
I mean, you don't chastise the president.
You don't chastise him.
You don't chastise him, but he's allowed to chastise anyone.
Uh-uh.
No, no, no.
You're suggesting that he gets down with him.
I don't buy that.
I'm just, I'm not saying that the moderator needs to be debating someone, but if you're the moderator, the key word is moderate.
Moderation.
There was no moderation going on.
So I would take a couple of things.
What would you do?
Yes, please.
The status, there was 70 interruptions.
Okay.
70 interruptions in 90 minutes.
Okay.
I don't know if that's a lot or it's not a lot, but 70 interruptions.
It seems like a lot.
Okay, let's just say it's a big number.
Fine.
Number one, the one thing is for sure, Wallace, if things don't go well with him at Fox, he's got a job at CNN.
100%.
Possibly MSNBC.
CNN and MSNBC.
He's got a job for him.
He came from the liberal networks.
I know he did.
And Roger Ailes and Murdoch himself.
They hired him, knowing full well that he was, at least to me, I did not know, and I've watched him for years.
I've watched Fox for years.
I did not know that he was a card-carrying Democrat until right before the debates.
Because he's always, at least to me, he's always gone straight down the middle.
He's hard on people on the left and the right.
He's like David Brinkley used to be.
He would never show his politics in his job, in his position.
And that's his job.
His job is to stay straight down the middle.
But he showed it two days ago.
You're saying that he is, in fact, a Democrat.
He is.
Like he's registered as a Democrat or he's voted down.
That was in a June New York Times profile.
For me, he needs to be a registered independent.
People that are moderating debates, that's not how it works.
Cooper's going to be moderating the debate.
Anderson Cooper has a little bit different.
I mean, what's so different about these man?
That's Sanders and Cooper.
We know that he's on the left.
Like, he's not even making, you know what I mean?
I don't have a problem with that.
I don't have a problem with that.
Go ahead.
That's the third debate, then, Cooper?
Cooper's the third debate.
The next one is Scott Something.
I don't know who's.
He's got Beo.
He's got Beo.
He's a big Trump.
C-SPAN.
C-SPAN.
Yeah.
Can we bring our seats up a little bit?
Are you good?
In the bottom up here.
You good?
There you go.
Am I feeling short?
A little bit.
I want the people to know how big you are in real life.
Like, how grand you are.
All right.
So I'm not turning on.
It's the other side, buddy.
Woo!
There we go.
Okay.
So, I'm having fun with Danielle.
Be a blooper in the future.
So, seven interruptions, Wallace, jobs, CNN, left, center left, wherever he's at, you're uncomfortable with him, whether he's in the middle, you got to be in the middle.
It's different than Scott.
It's different than Cooper.
You know, here's a couple things about the debate.
The whole thing about trying to put a two-minute thing on it.
My problem is the complete opposite side.
So here's what it is.
So if you're debating somebody and debates is about being overly prepared, you know, I think yesterday Tom said something very good when we were having lunch.
He said the fact that an entrepreneur like Trump, his entire life, he's told people what to do.
People don't tell him what to do.
So he comes from the standpoint of, who are you to tell me what to do?
I mean, even Chris Christie was trying to coach this guy for debating, Trump.
And Trump's just kind of like, I'm going to go do it the way I've been doing it my entire life.
You better believe the one song that Trump has on repeat in his car, if he ever listens to any songs, it's I Did It My Way.
It's Trump.
He is a full-on I did it my way, right?
He doesn't listen to you, to his wife, to his kids, to maybe he listened to his daughter.
He doesn't listen to the media.
He doesn't listen to his advisors.
So why anybody is surprised?
I'm surprised.
That's number one.
Is that a good thing, though?
I'm not telling you it's a good thing or a bad thing.
I'm just telling you who he is.
I'm giving you his demonstration.
He doesn't listen anyway.
That's his DNA.
Here's the other part.
The other part for me is: okay, Biden kept reading his cards.
What does that mean that you're reading your cards?
It's preparation.
Maybe you didn't write it.
Trump just looked at the camera like this and he spoke.
You know where Trump stands.
You don't know where Biden stands.
You know where Biden's team stands.
But you don't know where Biden stands.
So you have two different things to go with.
One, where you know what Trump is going to do because he wears it on his sleeve.
The other one is somebody that's overly been coached that is going to say what his team's told him to say.
Those are the two things that we're looking at.
So if you're sitting there saying, we got to change the format and maybe being able to mic one of the guys if he interrupts the other person, well, that's exactly what a lot of the audience doesn't want to see.
If you're doing a debate specifically for people in the world of journalism, they got to do what they want to do.
If you're doing a debate for the average person to make up their mind, you can make up their mind after a two-minute answer, but okay, next.
Boom, okay, next.
Boom, okay, next.
You can't do that because then you don't have enough momentum for a person to be able to make up their mind.
I want to be able to, like, for example, you know, George Orgenson's camp reached out to us.
They said they'd like to do a stuff on here, right?
What do you call it?
Joe Jorgensen said they're wanting to come up and be a guest because, you know, she was not on the debate and she's the libertarian candidate.
And, you know, I said, if you want to come down here, we'll give you a couple hours and you can kind of share your thoughts, right?
Come down and share your thoughts and tell us what you think about current politics.
When you saw Sanders go on Rogan, he spoke and he kind of gave his answers.
When you saw Tulsi Gabbard going around talking, you saw answers.
When you're seeing people going around talking, today's world, the reason why these podcasts are doing very well is because a long form does well.
When she came the first time and we sat down and we spoke, it was two hours.
I don't know what it was.
It was a good two hours.
People finally got a chance to say, holy, who is what?
Who is this lady?
She's brilliant.
This is amazing.
We learn about her.
The audience then makes a decision and says, what?
Wow.
I like her.
I like her views.
I don't like her here.
I don't like her here.
But she's brilliant.
I like the way she put things up.
We were able to make a decision on her based on a couple hours, right?
Okay, now, maybe the audience is trying to say, we don't like this 90-minute format.
And we don't like this regimented two-minute crap that you guys are doing.
Maybe that's what the audience is saying.
Well, they dig at the town hall.
Yeah.
Next time, it's a much more open, casual.
I think that's what it is next time.
It's a town time.
Questions, answers.
And I tell you, I don't even think 90 minutes is a long time.
I don't think 90 minutes is a long time.
I agree.
I think it's more than that.
I don't even think two hours.
Let's go 10 hours with it.
Let's do it.
I'm thinking.
Let's get crazy.
I'm actually being very serious with you.
I'm saying three hours, take a break.
You can do three hours with 15-minute breaks, three increments.
Go one hour, 50-minute, go one hour, 50-minute, go one hour, 50 minutes.
Or go 90 minutes two times.
Take a 20-minute break.
Go just like football.
You got half times.
Do two 90 minutes and let us talk.
And it's not two minutes.
Let's see if Biden can give a 10-minute answer.
See if he can actually go through certain things.
Given what happened a few nights ago, you would have a lot of official reviews.
You would have a lot of timeouts.
What?
Fact checks or for what?
Penalties.
Penalties.
But you know what I would do?
Daniel, here's some dog callers.
Here's the other thing I would do.
Yes, sir.
This is the other thing I would do.
One time we brought a couple guys here to debate marijuana.
Okay.
If you know me, I'm not a cigarette guy.
I can't stand cigarettes.
Long story.
Anyways, I was going to go a whole different direction.
You smoke a cigar, though, every once in a while.
You smoke a cigar when I'm with Matt Sapala.
That's it.
Shout out Sopala.
I think I've got five cigars in my life.
But they came and they debated marijuana.
One of the ones was the development or director from Normal is where she came from.
And the other one was a Navy, U.S. Navy intelligence, commander of U.S. Navy intelligence.
He came over here.
You see him all the time on Fox and CNN.
He came over here.
We put the debate right behind that.
And we went 90 minutes, right?
The last 30 minutes of the format of the debate, the way I did it is they talk to each other.
I'm not involved.
Talk to each other.
I want them to talk to each other.
Go.
You did this.
Go talk.
Give them 30 minutes.
Dude, when there's a fight, let them fight.
The fight is not about the moderator.
Let them fight.
So now I understand where somebody may come back and say, well, what if it gets ugly?
Whenever it got ugly, I kind of held back.
I'm like, hey, you know, can you do this?
Let him answer.
Let her answer.
You did a little bit of that.
But let them talk.
And then this is what we did, which was very interesting.
We came back, we asked the guys, what should we do with the debate?
And we said, how about at the bottom, we write out green, he was right.
Red, you were wrong.
So we fact-checked it.
So what if we watch it on three-hour format and he says, I never said, you stupid bastards.
Fact-check?
Yes, you did.
Biden's wrong.
Boom.
I never said that.
Boom.
Yes, Trump, you're wrong.
I never said this dude.
Boom, you're right.
He did never say that.
So there's a fact checker that's being done from both sides.
So there's a Fox fact checker, there's a CNN fact checker.
In that moment, the audience is sitting there saying, oh, this is kind of cool.
I love that.
I love that idea.
Not let's wait till the next day because how many people actually go out there and do their own research to find out if he did say stupid bastard or I think that's an exciting format.
Live fact checking.
I say you go three hours.
First part is controlled by the moderator.
Guess what's the second part?
Go.
Light it up.
Talk to one another.
Face to face.
I want to sit like this.
I want Biden.
That's good.
What if they're screaming at each other?
Let them.
Because then that also tells us where they're at.
Let them.
Let them.
Let the audience kind of realize how they handle pressure.
Because in reality, Danielle, behind closed doors, when they're sitting with Schumer and Pelosi and they're screaming at each other at the White House, that's what's life going to be anyways when they're running the organization.
So scream.
Let's see how you handle meetings behind closed doors.
Let's learn about you.
Let's see who can handle composure.
Let's see who can work together.
Maybe it's not going to work in Trump's favor.
Maybe it's not going to work in Biden's favor.
But I want us to sit like this.
And the moderator says, listen, it's officially your turn.
You have a choice.
Pick a topic.
Next one is your choice.
You pick whatever topic you want.
You say, okay, I want to go through one topic.
What's that?
My topic is coronavirus, how you handled it.
Great.
Why did you do that, that, that, that?
Why did I, why did Obama?
Okay, come.
Next, 20 minutes.
Boom.
Ting, Go 20 minutes.
Next topic.
Trump, what topic you want to talk about?
I want to talk about why for 47 years, you've not done shit.
And he comes back and says, well, you know what are you talking about?
And then they go back and forth.
That's the format I want to see.
Open format.
No matter how much, when we had Jara here, Jara said something very interesting in a crash of license to carry.
She said, look, people, you know, the question was asked, what was the question when she said, if somebody, oh, somebody came with a paintball gun and started shooting up a car in the freeway.
Do you remember that story?
And you asked the question, did you ask it?
I think you asked it.
So can the person take a gun out and point it at him?
Okay.
And she said, you can, but I just want you to know in that moment, there's no way you're going to be able to fire exactly at a car because you've never been in that situation before.
So when we're sitting there yesterday, she said, oh, yesterday, you guys don't know what I arrested somebody the night before, last night at 10 o'clock.
She was telling that whole story about what happened the night before.
As tough as somebody acts, it's very different when a real fight breaks out.
As tough as you think it, when I went in the military, man, when we did our first exercise where you're supposed to low crawl over M60s firing above you and it's 11 o'clock at night and you're supposed to low crawl in mud, the biggest guy with tattoos on his back is the one that got up that couldn't handle it.
Toughest guy couldn't handle it.
I'm telling you alone, you're like, you, out of everybody, the smallest guy was the toughest guy.
So you don't know this kind of stuff.
Okay, when you go into a negotiation room, then things really get down.
The guy that's like a nice salesy guy, you think he's good, but on the negotiation, he's very nervous.
What happened there?
So this is the part.
Hey, since you've had 47 years of politics and I've been doing 50 years of business on Trump, you're Biden.
Let's see who can handle pressure the most on the spotlight.
Let's talk about topics.
No one gets involved.
That would get me to stick there.
So, oh my gosh, this was sick.
Then I can make my decision for myself.
I think that'll help the average American to say, I can see why they say nothing gets done with you behind closed doors.
Yeah, I can't vote for you.
I just saw the true colors of you.
That's how you find out about who the leaders are.
I may be wrong, but that's just my thought.
I actually 10,000% agree with you because behind closed doors, if you're in a negotiating room, you're sitting at the table, you have to be able to interact with somebody.
If somebody's, it's like, buddy, listen, can we have this conversation right here for a second?
All you're doing is yelling.
Here's what I'm going to say.
Because that's what is the problem right now with Nancy Pelosi and Steve Mnuchin.
They're behind closed doors.
They're trying to get this freaking second stimulus.
Let's see.
Exactly.
Trying to get a stimulus deal done.
Why can't this deal get done?
Now they're back to where they were square one four months ago.
Ridiculous with the Heroes Act or the Heels Act or is it the CARES Act Part II?
What's going on behind closed doors?
Basically, what you're saying is, let's open the room, let's open the vault, and let's see what actually happens behind closed doors.
You ever seen the incredible movie based on true stories, a very heartfelt movie, Couples Retreat?
You've seen Couples Retreat.
Super serious movie.
Very serious movie.
I was waiting.
I was waiting, and I'm like, gone with the wind.
Oh, my God.
Schindler's list.
Have you ever seen the part where they say, Singles Island, this is your island, Married Island?
John Favreau's asking a question.
And then they sit down and they say what the therapist.
And they say, so how are things?
Perfect.
Just perfect.
John Favreau and his wife.
How's everything?
Very good.
Oh, he's a great.
So say something good about your husband.
He's a great father.
Say something good about her.
He's a great mother.
Say something.
And then all of a sudden you saw, and she let him go.
Sometimes you got to do that.
Let him lose.
Man, like if you, Gotti fought Ward.
Gotti was fighting Ward.
It's known as one of the greatest boxing matches of all time.
Today, referees would have stopped that fight.
But it became one to griff.
If you want to go watch a fight like a real fight fight, it's Gotti Ward.
Go turn it on and watch it.
Bam.
Bam.
Gotti gets down.
His ribs, he can't breathe.
Nine seconds, gets back up.
Bam.
Bam.
Ward gets down ripped.
Gets back.
Let these people fight and let us make a decision for ourselves and step out of the way moderator.
We're putting too much value on a moderator.
Half of it moderator-driven.
The other half, get out of their way.
Let them fight.
Let's see what they do.
I think it'll be so entertaining.
Danielle, do you like that idea?
I would probably be in a different room.
You don't like cursing.
You don't like people going out and fighting.
What don't you like about Pat's idea?
Go back and Google George Washington's farewell address, September the 17th, 1896.
Danielle, I know that back and forth.
Like, come on, that's all I do is I watch stuff like that.
Me and Kai in our spare time.
Come on.
But do your history.
I mean, these are men who were at war, who were fighting, spilling blood, fighting for our country.
And when you hear, by the way, he's the only landslide times two president.
George W. George W.
Yeah.
The other one.
The other one.
The original.
The first one.
Yeah.
But when you go and you listen to his speech, you get the sense that he understood coalition building.
He knew what it was to build a team.
And he knew how important it was to unite the country.
And that if you tear it apart, then you make it weaker.
And I think that that is why you've seen in this particular administration the revolving door going as quickly as it has.
You know, you can't keep anybody in office.
And I think it's, if it's a my way or the highway, then maybe that's not the right characteristics for somebody to be president.
Because you have to build coalitions in order to get things done in Washington.
When you're behind closed doors, if you're just slinging mud and nothing is accomplished, you're not making forward progress.
You have to actually accomplish things and get things done.
And by the way, for everybody, it doesn't, so you're not just working for the people who voted for you.
You're working for the entire country.
That's your J-O-B.
And it has to be.
You have to look out for everybody in the country.
So to bring it back to Pat's point, you're saying he wants to see what actually happens behind closed doors.
You're basically saying, we kind of know what's happening behind closed doors.
There's a lot of money.
You actually speak a lot of words results.
We do, though.
I don't know if we do, though.
Here's what I mean.
We've heard that.
We're ganging up on that.
No, there have been more people who have stormed out of the Oval Office.
Oh, I don't disagree with that.
I mean, so you know what's going on.
But that's good for the people that are to see his sides because we've not seen that before.
No, no, I don't disagree with that at all.
But if nothing is accomplished, then again, they're there to do a job.
They're not there to get press.
They're not there to get memes.
They're not there to create tweets.
They are there to do a job that is a duty to the world's biggest economy.
I'll say this to you.
I'll say this to you.
Okay, very good point, but I'll say this to you.
Somebody just commented right now saying that Biden interrupted Paul Ryan 82 times in a VP debate back in 2012, which I remember because he was constantly interrupting him.
Look, I have a friend of mine, Tom.
We go to a baseball game.
Score is 2-1.
I'm half asleep.
He's saying, what a great game.
I'm like, what is great about this game?
He says, this is an ultimate pitching duel.
This is a great pitching duel.
I'm like, pitch?
I didn't come to watch a pitching duel.
I came to see what?
Home runs.
You want to see some steroid out dudes not getting out of the corner?
You want to see a pitching duel?
If you want to see what saved baseball was 98, here's the point.
Watch this.
Danielle, what I'm trying to do, I'm trying to create a format that pleases everybody.
What's great about the format I'm suggesting is the first 90 minutes, we have your attention.
The next 90 minutes, you go to sleep, but the next 90 minutes is, you know, the freaks come out at night.
The freaks are going to watch the second half of the debate.
I said the freaks come out.
I think, as I do, by the way, if you're listening to this, as disappointing as the ratings were, I think people are tuning in next time with popcorn.
So I do, because it's going to be pure entertainment.
You think so?
Let's just take it to where you want to see it.
You want to see the second half of the debate, shirts off, gloves on, Biden Trump, fighting in actually.
Who wins in a real street fight?
I think that'd be terrible.
Who wins in a real street fight, Pat?
Who'd win?
Real street fight.
Two 70-something-year-old men going at it.
Who wins?
Who would win the street fight?
Who do you guys think in the audience?
I can't see Trump throwing a punch.
I can't see Trump even throwing a punch in a fight.
No, I don't see Trump.
I see Trump as the guy that he has people that fight for.
I was about to say, no.
He can't fight for himself.
He would outsource that.
I think so.
I think so.
By the way, you know, yeah, that's not what I want to see, guys.
I'm not asking about whether, you know, I want to see that happen.
What I'm asking about is I want to see your true colors.
I want you to talk to one another.
Sit down, face each other.
You know, one of the best parts in the debate was when the last time they were asked, so Hillary, tell us, what's the one thing you respect about Trump the most?
I think Trump went first.
So Trump, what do you like about Hillary the most?
It's the fact that she never gives up.
She's a fighter.
Hillary, what do you like about Trump the most?
His kids.
You have to give him respect for his kids.
He's raises kids, you know?
Except for Eric, but whatever.
That's another topic.
He's not bad.
I mean, you and Eric would get along.
You know, you guys would definitely get along in the mind movie.
I would get along with Ibanka, probably.
Yeah.
But the point I'm trying to make to you is there's different audience.
The women won the DNA war, by the way, in that family.
Anyways.
Agreed.
It's actually a good point.
So that's all I'm saying.
I'm just saying let's see a different format.
Have you seen how tall Baron Trump is?
Oh my God.
He's 7'4.
He's not 7'4.
He's taller?
He's taller than 7's.
He's 6'7.
He is a tall dude.
By the way, where is this?
Because when he was standing next to Pence, do we have a picture of that?
Yes, Kai Krishna.
I'm standing next to Pence.
I mean. Mini Mike.
Yeah, we show that.
But you like Mike Pence.
He might need it a milk crate.
I'm a Midwest kind of a traditional conservative kind of a person.
Kai, where's the debate standing?
My first time I ever was in Indianapolis airport June 2016.
I'm walking through the Indianapolis airport.
I'm taking my boys to the military academy where they attend in Culver, where Pence Summers.
And I see this sign that says, Indiana's got the best pension in the country, you know, fiscal blah, blah, blah.
And I'm like, and I'm like, Googling, I'm like, governor, state of Indiana, who is this guy?
And a month later, he was announcing that.
So prior to that, you don't know who he was.
Prior to that, I did not know who Pence was.
That's so interesting.
Kai, press play, buddy.
Baron's out of the shot.
Yeah, you're like.
His head is out of the shot.
You're lucky to Pence.
Mike's what?
Five six?
Did Pence really stand?
Kai, where's that 35% stat?
I don't see the 35% stat.
Did you take it out?
Yeah, I fact-checked it.
There was something totally different.
Oh, okay.
So let's take a look at this.
So here's some stats for you.
Trump-Biden clash was watched by at least 73 million viewers.
13%, I thought.
So your television audience for the debate was down for the first debate between Trump and Hillary Clinton in 2016, but it was higher almost every other debate in modern history.
By almost any measure, the audience was massive.
Today's Tuesday's clash was the biggest event on American TV since Super Bowl last February.
Nielsen said an estimated 73.1 million people watched Tuesday's debate across 16 channels.
I mean, you know, it wasn't a bad showing if you think about how many people showed up to see it.
Do you think it's going to be a bigger show in the second one?
Look, they're saying that voters are more engaged across the demographic spectrum than they've been in a very long time.
I mean, if we don't see high voter turnout, I'll be shocked because of the amount of engagement.
I mean, it's what everybody, it's what school children are talking about.
I mean, this is, and this is not a bad thing, by the way.
They did a quiz every year on Constitution Day, which is my birthday.
They do a quiz.
They ask Americans if they can name the five rights in the First Amendment and if they can name the three branches of the government.
And this year was the best showing that they've had ever.
So in other words, people are really paying attention to America.
And that is awesome.
I mean, if you've got people engaged and studying our history, studying our Constitution, that is a great thing.
I mean, you know, knowledge is power, period.
And as long as we stay smart, we're going to stay the big superpower in the world, period.
You know who we have to thank for that?
George W. Trump.
George W. I think we do owe it to Trump for awakening people to say, hold on, what's going on here?
Whether you like him or don't like him, he's awoken people.
Would you agree or no?
And I would say to his credit, you disagree.
To his credit, I would say that you're never going to be able to put China, the China genie, back in the bottle.
I don't think that there will ever be less scrutiny, no matter who's in the White House.
I think that all Americans now place China in a different place in their minds, and I think that that credit goes to Donald Trump for China.
And you think that's a good thing?
Well, I do to walk around and say, oh, we know they've been stealing for years and be kind of, okay, fine, agnostic about it.
That's not okay.
And I think that that is the bright light that he has shown on this situation is to say, this is national security.
This is our identity.
These people are, they want to steal from us.
It's not acceptable.
He's bullying the bully.
China's been bullying the U.S. realistically for a long time.
Yeah.
Yeah.
So, I mean.
You got to plot them forward.
You got to plot them forward to see what's going on.
So let's talk a little bit about business.
Let's talk a little bit about business.
So Harley-Davidson's leaving India, world's largest motorcycle market.
I don't get that.
That's a little confusing.
It's a demographic dream.
They're young people coming up.
According to figures by the Society of Indian automobile manufacturers, Hardy sold the Mir 103 units in July and 176 last month.
There were rumors that Harley-Davidson was planning to partner with a local company as KTM and Triumph have done, but it has now opted out to leave the market altogether.
Maybe Indians don't like Harley.
I don't know.
What is it?
Competition.
Competition in India?
Honda, Yamaha.
Pothole social.
But Harley's got a different audience.
It's more expensive than those other brands.
It is more expensive, but it's Harley.
I don't think Harley has the same stature or stigma like the Indian that it does have it in America.
You don't think that there are rebels in India?
When's the last time you saw an Indian guy that's like, get on the back of my heart, buddy?
Come on.
Come on, buddy.
Wrong accent.
You know what they don't have in India?
Get down the back of my heart.
Come on.
Let's go, baby.
I don't see it.
It's not politically correct.
Danielle, this is not called city commercial.
But they don't.
You guys are missing something fundamental.
You've got a geeky economist in here.
What India does not have is highways.
They don't have highways.
They got potholes.
No, no, they literally, their infrastructure is in the, I mean, American companies that are there are going to make a flipping fortune because compared to China, they don't have highways.
They don't have a freeway system.
I mean, somebody's going to have to come in and invent that.
And I mean, you think about Harley's on the open road going through the Mojave Desert with the wind flying through your hair.
Man, that's not happening.
You're stuck in traffic.
I was there, and I got to tell you, they are some of the most reckless, safe drivers I've seen in my life.
And I'm going to combine it.
Reckless safe drivers.
That's like a mirror.
That's exactly a word because they drive so close to each other.
And you're thinking the entire time you're thinking you're about to crash.
Everything's okay.
It's under control.
That's like driving with a New York taxicab.
I was going to say, New York taxicab drivers.
Three times worse.
Yeah, but tell me have you ever seen an accident?
No, no.
New York taxicab driver in an accident.
No.
Same thing.
Incredible.
So reckless and safe at the same time.
Reckless and safe at the same time.
So layoffs.
Let's talk about layoffs.
KPMG, all-state and Goldman Sachs, big layoffs.
KPMG laid off 1,400 employees.
Its latest firm and professional services industry has reduced headcount because of the coronavirus pandemic.
All-state, one of the U.S. largest insurers, has says plans to lay off 3,800 employees.
The layoff represents about 8% of insurance, approximately 46,000 employees.
So 46,3,800 is going to be gone.
Of the job cuts, about 1,000 are tied to the company's pandemic-related fund to policyholders.
All-State chief executive Thomas Wilson said in an interview, Goldman Sachs, Bloomberg News, which first reported about the layoffs, said the bank was looking to cut 400 jobs, roughly 1% of its workforce, citing people familiar with the matter.
And in Disney, 28,000 people have been let go while Disney has announced it will lay off 28,000 people at their theme parks.
The layoff applies to domestic employees, of which about 67% are part-time.
So what do you think is going on there?
So the part, I mean, no insensitivity, but the part-time workers don't move the economic needle as much as the high-end workers do.
The problem that we're seeing, we got fresh layoff data this morning from Challenger Gray that they track aggregate layoff announcements throughout the country.
2.1 million layoffs announced so far this year, and that is higher than any year in U.S. history, including 2001 was the prior high.
The problem that they're seeing, the problem that I'm seeing is that layoffs are going up the income ladder.
The top two quintiles, the top 40% of earners in America account for 61% of spending.
Can you say that one more time?
The top two quintiles, the top 40% of earners in America who make the most account for 61% of consumption.
And our economy is consumption driven.
It's two-thirds consumption.
If you want to think about it differently, they account for 42% of U.S. GDP.
That's a lot of money.
So when you see white-collar layoffs, there is a trickle-down effect, but not in a good way.
Because the small businesses that rely on them, the dry cleaners, the restaurants, they're the ones who start to suffer if the biggest spenders lose their jobs.
What's your solution, Danielle?
I mean, you're an economist.
What's going on here?
What's the look?
You said more stimulus.
What is it?
Yes, on more stimulus, but for God's sake, get something out of it.
I mean, so look, at least the Chinese get something for their money.
I mean, they've got high-speed rails.
We've got potholes that would swallow a small car.
We can't even agree.
Think of all the oil field workers who are out of a job.
Their skills are transferable.
They can repair the bridges.
They can repair the tunnels.
You can put them to work immediately.
The Corps of Engineers has got trillions and trillions of dollars of repairs to do.
Do job skill training.
In Germany, they did job skill training starting after the financial crisis.
They came in and they said, you know what?
If they can't work in the old industry, then we're going to retrain them for the new industry.
Their youth unemployment is in the single digits, unlike the rest of Europe, which is a cesspool of very high youth unemployment.
Give people a way to make a living.
People don't want to have money thrown at them.
But we need a return on the investment for the money that, for the taxpayer money that's being spent.
Otherwise, you're just going to put another band-aid on it.
And business travel is not coming back anytime soon.
And yet we're going to bail the airlines out again, dot, dot, dot.
And we're going to throw money at people to not work.
That is not the way America was designed to be.
People, they have integrity in their work ethic.
So help them find a way to earn an income for their families, period.
Pay them to work, not to stay home.
Yes.
Okay.
Or train them if they don't have the adequate skills.
Fine, whatever.
What about infrastructure?
You alluded to that initiative.
No, I mean, we have, we easily have $4 trillion of infrastructure spending that we could tend to.
And think about it.
If you start repairing all the infrastructure around the country, you're shortening somebody's commute time in the future.
You're making people's way of life a lot easier in the future.
And you're also making sure that other countries like China that have built up world-class infrastructure aren't going to cook our goose one day.
So 64% of people say the economy is worse than it was a year ago.
Well, no kidding.
76% of Democrats say the economy is worse.
Only 50% of Republicans say the economy is worse.
And there's been a debate about a K-shaped recovery.
The kind of recession is characterized by the fortunes of workers that go into one or two directions.
The first segment of the population has its prospects recover from a downturn almost immediately, and another suffers much longer.
The differences between the rich and the poor.
Do you think the wealth gap is getting wider during the coronavirus?
Did this thing make it wider or not at all?
Without a doubt.
Without a doubt.
That's where Jay Powell and his happy printing press come in.
So the biggest companies have been bailed out, companies that should have gone out of business.
It's called Creative Destruction.
You get rid of the unprofitable, inefficient operators.
You make room for the new entrants.
It's the way productivity grows.
But we haven't done that.
Instead, we've kept all the businesses that are big and have access to the capital markets, access to high-yield bonds, junk bonds.
We've kept all of them in business.
He's kept the stock market at all-time highs.
So the wealth that the 55% of Americans who own stocks, they're feeling awesome.
And he's also bought up a third of mortgages.
He owns a third of the mortgage market.
That goes a long way towards giving you a 2.96% 30-year conventional mortgage rate.
So Americans who have built up record levels of equity in their homes have pulled $100 billion out in home equity in the past six months alone, ended September 30.
$100 billion of cash.
So if you own a home and if you own stocks, you're feeling awesome.
You are living the dream.
If you don't, you have a whole different perspective on life in America.
That's where they talked about this K-shaped recovery.
That's okay, right?
So initially they were talking about, oh, it's going to be a V-shaped recovery, right?
Well, for the top, it's the top of the K.
It is a V. Okay, and for the bottom, it's not.
You took the K and you put it into a V, that's good.
That's the thing.
The top of the K. Some industries do well, but the other ones don't.
Well, they were throwing it off.
But the top of the K applies to the haves.
They were also talking about a U-shaped recovery, right?
It was going to take a little bit longer than they were talking about.
Worst case scenario was an L-shaped recovery, right?
I don't know if it's a haves and haves-nots.
I think it's industry.
No, but again, 55% of Americans own stocks.
So the other 45% are not enjoying the fruits of stocks being at all.
So what's the solution?
What's the solution if the other 45% are not?
Again, we have to enable people to live the dream.
You're an entrepreneur.
Right.
You've brought lots of young employees on in your time.
Did, but 95% of them quit.
I can't do what I'm saying.
We're surrounded by young people who are saying that.
I'm not saying this on the sales side.
No, no, what I'm saying on the sales side.
So here's a challenge.
So let's talk about it.
Preto theory.
Are you familiar with the preto theory?
The preto theory is that 80% of the work is going to get done by 20% of the people.
This is not a new thing.
80-20 rule.
80-20 rule applies in sports.
Yesterday, Davis scored 34 points, and he's the guy that's scoring the most points, LeBron James' teammate ever.
28.8 points a game.
No one's ever.
Okay.
You know, 80% of points were scored by 20% of the guys, pretty much.
If you look at that number, it's not the, you know, you see the few producing the most.
So then the challenge with this concept of the rich getting rich or the poor getting poor, I have a challenge with that.
And here's my challenge with that.
If the challenge is to crucify the guys that made the right decision to invest and the guys didn't, why are we saying the guys that are making money are bad people?
They're making money because they stayed in the market.
They're not bad people, but the people who don't own stocks, surely they don't have, they're getting behind credit cards.
They don't have any money to invest.
I know what it is to be in that situation.
My dad was a cashier at a 99 cent store.
I mean, my parents got a divorce.
I was 49K and dead at 22 years old.
I get it.
I had the option to go to Vegas every other weekend and party, or I had the option to save money.
I hated saving money.
So let me ask you a question.
Do you think that the 80-20 rule applied a few generations ago?
Or do you think something has happened to the work ethic because we've given a generation of children?
You know, this sorry, soy boy.
That we've given an entire generation of children everything that they want.
Time magazine did an article six years ago titled, you know, how millennials are becoming narcissists, right?
All they care about is themselves and all this other stuff.
And you read the article, say, oh, millennials are this, millennials are that.
They want to take pictures of themselves.
They think they're so important.
They think they're this.
They think they're that.
You know how the article ended?
The article ended.
If, or, here's how it says, the article says, or if we are the ones that are making fun of millennials for only thinking about themselves, maybe we're just getting older and we forgot how we used to be.
So what I'm trying to say is that story about when I was younger, I was growing and going to school and it was snowing and it was a mountain both ways.
You know, this whole story you hear about the people.
It's so hard.
So I think times have been hard.
I think obviously it's been harder than what it is today.
Today is easier than it's ever been before.
They had their coming of age in the middle of a financial crisis.
I mean, I do think it's easier today than ever before to make money, even in sales.
Like I'll give you an example.
Instagram.
If I want to find leads today, I can send 100 DMs a day to network with people.
40 years ago, if I'm in sales, I'm doing real estate.
I have to have quarters in my car.
And if I'm driving an hour to a person so home and they don't pick up and it's raining, I got to find a local, you know, a phone booth and wait for somebody to finish their call to put a quarterback.
Yeah, I mean, it's a joke today to make money.
I've got news for you.
The generation behind the millennials, my experience, the interns we've had, they are work horses.
Gen Z. Gen Z.
Yeah, they can.
They work and work and work.
And they're serious about it.
They save money.
They have a different mindset.
And I'm not too worried about this country's future.
I'm not.
Because I know that there's an entire generation coming up that will weather and withstand, as long as they're not trading, day trading.
But there's another generation that does have a good old-fashioned work ethic, and I'm hopeful.
What's the 80-20 concept?
Predo.
Pretto theory.
P-R-E-D-O.
Preto, I think.
Is it a T or a D?
Okay, Preto, whatever.
The 80-20 rule.
That's right.
Pareto.
Theory.
80-20, right?
So here's where I'm going with this.
We all have decisions to make.
We all have 24 hours, right?
We're all going to sleep, you know, six to eight hours.
Some sleep four, some sleep eight, some sleep ten.
But what are you doing with the rest of your day?
Some people choose to spend their mornings with us on a podcast, learning, getting smarter.
Some people are reading, some people at night.
Kai reads 10 books a day.
Some people in their spare time choose to slack off, you know, smoke weed, play video games, BS.
You know, it's also about what you do with your time.
So there's, I'm sure, a correlation with the 55% who are investing in America, who are reading or watching podcasts like this, versus the person who does their nine to five.
They get off, they get their paycheck, you know, they smoke a joint, they sit at home, they do nothing, they play video games, they don't work out.
There has to be a correlation with that.
But I think the coronavirus is going to end that.
I really do.
It's going to end what?
The what?
I think the coronavirus is going to change the way work is approached.
I don't think the nine to fivers got too long of a life expectancy in the workforce.
I think that the coronavirus has expedited automation, like put it into hyperdrive.
So I mean, it's living through a true-very powerful what you just said, by the way.
Did you hear what she just said?
So you're saying the nine-to-fiver is not going to have a long lifespan.
And what coronavirus did, automation is going to expedite that process.
Look, if you're Joe Q, human resources manager, and you've got all these people working remotely right now, all you have to do is pull up a spreadsheet and you just look at their numbers and you're like, this person's productive.
Oh, I always thought this person was a slacker.
Look, they are.
And it's objective.
And you just go delete.
And that's what, but now we see, I mean, you know, if a working mother who's got three kids doing three, you know, in three different grades, doing, you know, different curriculums, and she can still produce, because who knows if she's up at two o'clock in the morning when everybody, when everything finally settles down.
But all I'm saying is that this is going to be something that separates the wheat from the chaff.
I almost said something different.
And it will be a game changer in how the workforce itself evolves into its new self.
Small businesses in America used to employ lots of people, human capital.
Now people don't want to interact as much with humans.
So even small businesses are automating.
So it is time to realize, I'm back on my China soapbox.
It is time to realize that they're inventing the next generation of technology and we need to get busy and make sure that we are in front of them.
I agree.
And I want to continue this topic, but I want to give a shout out to a couple people.
We have one guy up there.
I think his name was Boris.
He gave $5 to say Trump's going to win it by a landslide.
And we just have Razvan Ionotos gave $50, I believe.
Hi-Pat, former international arm wrestling champion from Romania.
Just so you know, I will take you down.
I'm a pretty good arm wrestler.
I will take you down, you arm wrestler, you computer science, started out, failed two-tech startups.
I want to work for Viotaine.
How do we make this happen?
Okay.
So you can send an email and we're always taking resumes.
But let me get back to this.
Let me get back to this.
So, yeah, I read a story one time.
And here's what the story was.
It's a very interesting story.
I got to tell you this.
So this king finds out that this one guy who lives in his community dated his daughter.
Okay.
And he's not happy about it.
Okay.
Because if you're going to date his daughter, you got to marry his daughter.
He's a king.
How dare you touch his daughter?
So she's a princess.
Yes.
So this guy goes and starts telling everybody, look, I know the day the king's going to die.
He starts telling everybody.
I'm telling you guys, I had a message that came from God.
And I know exactly when the king is going to die.
Everybody starts asking, when is he going to die?
When is he going to die?
He says, if you want me to tell you when the king's going to die, take me to the king.
So they take him to the king.
And the king is furious that this guy messed around with his daughter.
So they asked him, they said, I hear you know when I'm going to die.
He says, I know exactly when you're going to die.
When am I going to die?
A day after I die.
So he says, what happened?
He says, you will die the day after I die.
I got that calling from God.
Now, it's not the truth.
He's just telling this to the king.
So the king was thinking about executing this guy that messed around with his daughter.
Now he's sitting there saying, damn it, if I kill this guy, I'm dying the next day.
This guy's got to live as long as possible.
He then got a place in the palace and lived with the king.
I love it.
Now, whether this is a true story or not, it is what it is.
It's a wonderful story.
See why?
What is the moral of the story?
Here's the moral of the story.
When you were younger and you were going out partying with your friends, you always had that one friend that was a good fighter.
Maybe he wasn't the best looking guy, but he was a good fighter.
And he was maybe annoying, but you knew if a fight broke out, he's going to brawl and protect you.
If it's Friday night, you think about going to the party, you go into someone's place, you're like, shit, I don't know if I want to invite him or not.
You're like, I'm going to invite him because if something happens, I'm just glad he's on my team.
Then you had the one friend that was very good at going to the club and he would go walk to the girls at the bar and say, hey, ladies, how are you?
Look, I see you guys are here with some friends.
I got some friends here.
Can I introduce them?
Let's go.
Maybe we can have a drink.
Come on.
There was a one friend that was very good at going and like somebody like you.
Very good at going and saying, hey, come on down.
You know, let me introduce you to my friends.
The ultimate wingman.
So the ultimate wingman.
That's right.
Guess what?
And the point is, you always wanted to go out with that guy.
Then you had the one friend that had the connections at the bar and the bartender was his best friend.
He can get drinks on the house.
You always wanted to have that one person go to the club with you, right?
Party with you.
This is for the people that were in that scene.
The point is, every one of those people locked in their position for Friday night to go out.
The fighter, the connector, and the one that knew how to talk to the girls.
They're going to be invited to every party.
They're going to be invited.
I think people today have to really take a close look.
And rather than saying the rich are getting richer and this is not fair and all this other stuff, you better find a way to make yourself irreplaceable today in the marketplace.
If you don't find a way to create new skill sets, improve, get better, the next 5, 10, 15, 20 years are going to be very, very scary and hard for you and your family.
I fully agree with what you just said.
And it's going to expedite the process because the stock, Morning Brew sends an email out.
Shout out to Morning Brew.
They send an email out and they say, here's the companies that are doing good, Q3, that did good Q3.
And it showed the fact that I think Fiverr was number two.
Zoom was up 88% in their stock.
Hi, if you can't pull that up.
Zoom was up 88%.
Fiverr was on that list.
And on the bottom, who was down, you were looking at this like, ooh, these are kind of tough places to be.
Moral of the story is there's never, ever been an easier time to make money.
There's never, ever been an easier time to get in front of decision makers.
There's never, ever been an easier time to sell.
There's never, ever been an easier time to become wealthy.
There's never, ever been an easier time to create wealth for you and your family.
Yet at the same time, if you smoke weed and you party and you kick back and you relax and you don't read the books and you Netflix and chill 24-7, you go to every single party, everybody invites you.
When you come home from work, rather than reading the book, you sit there and watch a new Netflix series that you connected to on episode number 93.
I have watched every show of whatever, whatever show, and you brag about it at work the next day.
There's a reason why you're broken.
Quite frankly, I don't feel bad for you because you've been sucked in by the entertainment.
I don't wake up in the morning saying, oh my God, I had a call this morning with one of my guys.
And we had a very, very good conversation together.
Okay.
Very, very good conversation together.
And I told him, I said, look, you have to realize a couple things, man.
We have paid you a lot of money this year.
You've made a lot of money.
Your family's taken care of.
You've done great things for your life.
You've done great things for your family.
I said, but it's coming down to a point in your life right now where people need to stop motivating you.
I said, I understand at some point someone's got to motivate you.
I understand at some point someone's got to get you going.
But eventually, the motivator needs to learn to become self-motivated.
I have no problem motivating somebody, but my ultimate outcome of motivating you is to eventually no longer need to motivate you because the goal is for you to eventually be self-motivated.
So you say, I don't need this message anymore.
Now it's about direction.
First comes motivation, then comes direction, then comes execution.
If the American people had five months where stimulus income is coming your way, whatever the timeline was, you had the ability to take a masterclass, learn a skill set, goal learn negotiation.
If you had the time to improve yourself and you didn't and you're unemployed, I'm sorry.
Five months of a break was given to you to improve yourself.
You didn't, it's nobody's fault.
I don't feel bad for you.
And now we're talking about another couple trillion to throw at the same problem.
So again, the return for taxpayers is not, all you have to do is be in front of a plumber or an electrician or if your air conditioner breaks and just see what you've got to pay this guy to walk through your front door.
Okay, hi.
And he's what, 40, 50 years old?
Clearly, there are jobs to be had in the world.
There's an exodus to the exurbs and the suburbs and people are buying more homes.
This is low-hanging fruit, people.
I mean, we do need more vocational training in this country, but there are also ways that you can pull yourself up by your bootstraps and learn the skill yourself.
And if you're seeing people make money, then that means that that's a good place to be, period.
And by the way, fixing your air conditioning is not automated.
Fixing your commode is not automated.
So just think about things that are going to be recession-proof in the future.
And go there.
I talked to Pablos Holman.
Is it Holman that I see?
Pablos Holman.
I don't know if you know who Pablos Holman is.
He's one of the greatest hackers of our generation.
He's got a video on YouTube, TEDx, I think 23 million views.
And he's one of the biggest TEDx speakers when he gave the talk.
He would sit here right now.
Within five minutes, he has all your passwords on your phone, all the passwords on your phone.
That's what he does for a living.
He's that good.
He says he would go to Starbucks and sit on and just find people's passwords.
That's what he did for a living.
He's a professional hacker.
He was a number three employee at, is it Blue Origin, the first SpaceX?
Blue Origin, which is a company started by Amazon to go to the moon.
He was a number three employee, and he's directly worked with Jeff Bezos and Bill Gates.
Okay?
Look what he said.
He said something very interesting.
Here's a hacker.
Hackers are very weird.
They're very different.
You ask him a question and say, did you go to college?
And how come you didn't go to college?
He says, you don't know what hackers are?
Hackers get kicked out of college.
We don't get to go to college.
Colleges don't want us to go to college because all we do is mess with their systems.
So colleges want us out of college.
Like, don't come over here because we're so curious.
We want to get into a system and figure stuff out.
So, no, hackers don't go to college.
I said, okay.
He says, do you realize the last 200 years, how many jobs mankind has created?
Last 200 years.
It's a very interesting stat.
Last 200 years, how many jobs has man created?
For example, changing tires, it's a job.
How many people do it?
10,000 people, but it's one job, okay?
Customer service, it's a job.
How many people do it?
Tens of millions, but it's one job, right?
How many jobs do you think man has created the last 200 years?
How many professions?
How many professions?
Okay.
Jobs where you can make five bucks an hour, $10 an hour, millions of dollars per year.
How many different jobs?
My gut is telling me less than you would think.
It's actually a much bigger number.
Really?
And it's not professional because profession would be financial advisor, realtor, you know, mortgage, ex.
It's jobs.
Occupation.
Occupation.
I go move a box from here.
I'm a mover.
I'm a trash.
I'm a cleaner.
I'm just, how many jobs do you think we've created the last 200 years?
Like, look right here, okay?
Look what's happening here.
What would you say you do yourself here?
Would you say you're an editor?
What do you do yourself here?
Technical director.
Technical, Eric, what do you do yourself?
Social media guy, what do you do yourself?
Researcher, social media?
Okay, so that's four different, right?
Five, six, seven.
So there's seven research.
You got like five jobs.
You don't have one job, right?
You have a lot of jobs that you do.
But there's been many jobs.
What do you think that number's last 200 years?
God, it would have to be in the thousands.
It's a crazy number.
Do you want to guess or are you afraid?
No, I mean, 200 years.
How many years?
I mean, it's a bit of a 3 billion job.
3 billion different jobs.
3 billion occupational types of jobs.
Yes.
3 billion different ways to make money last 200 years.
I mean, they're used.
I mean, the railroads had to get built, so there were a million, you know, little occupations.
3 billion different millions of jobs.
So he's sitting here.
And by the way, just so you know, he's a team Bill Gates vaccine.
Okay.
He's a team.
100% of people in the world got to take a vaccine.
He's a team.
Trump is not the brightest guy in the world.
He's a team.
I'm just giving you the team he's a part of.
He's not the team up.
And then he still says, look, I'm telling you right now, human mankind, if it's created 3 billion jobs the last 200 years, it's going to create many more jobs.
So man, woman, we have to be creative to see how we can increase our market value.
That's what we got to do.
And you know what?
There's no borders anymore.
That's true.
There's a wall, though.
We are building a wall.
Well, I'm not going there.
Not going there.
But there are no borders anymore.
The wall is going to keep the coastal.
If you want the best editor in the world, I mean, that's another thing the coronavirus has taught us.
He's right there.
Or he might be 3,000 miles away, or he might be halfway around the world.
The same situation applies to U.S. workers.
You can be found.
I mean, there are people who've got hundreds of entire workforces in India and highly productive.
What's to say that we cannot be the next generation?
But again, workers, I think, are border-free at this point.
You can be anywhere in the world and work for anyone in the world, in the world of tomorrow.
I totally agree.
You know how I kind of learn about that?
When we started creating content, I didn't think much about it.
I'm like, let me just create content.
And I got an email from a guy in Lagos.
I'm like, huh?
I don't know anybody in Lagos.
I just want you to not follow your content.
Like, we don't have that many subscribers.
We had a couple hundred subscribers.
You watch my content.
Okay.
My mother doesn't watch my content.
You watch my content.
It's pretty impressive, right?
Then all of a sudden, we started seeing more.
Then all of a sudden, you're walking in the airport and UK guy stops you.
Then we're in Perth, Croatia, out of all the places.
And I'm having a coffee.
This husband and wife is going crazy.
I'm like, we're not that big yet, right?
Then all of a sudden we put a Vault conference together last year, a year and a half ago, whatever the time, a year and a half ago.
People show up from, I don't know what the countries was, 42 different countries.
They showed up.
42 different.
You flew all the way from Philippines.
I had no idea.
Then Philippines comes out with an article saying the top entrepreneurs in the world to follow.
Entrepreneur magazine Philippines.
I was ranked ahead of Oprah Winfrey in Philippines.
I've never been to Philippines.
Never been to Philippines.
But on that list, the market is changed fully with social media.
If you want to be able to make money, if you want to be able to change your life, if you want to be able to do any of that stuff, if there's ever been a time for you to be able to do it, it's today to do it.
We have three different stories at this table, okay?
Everybody at this table is doing okay.
You had a way to turn around your story with what you grew up to what you ended up doing.
You were going to comedian route, party route, all this other stuff.
All of a sudden, one day you're like, listen, I'm going to get serious about business.
You go into life settlement, change your business, boom.
Look where you are right now.
You get to do whatever.
You're living a dream, is what I told you yesterday.
You know, you're able to come in.
I'm here with DDB, DDB, I'm in the TV.
You know, you have your story of where you're at right now, TV.
People know the name.
You're an expert, nine years, Federal Reserve.
You've done all this other stuff.
Billionaires subscribe to your company.
I started at a community college.
How awesome is that?
So the point is, you know, you didn't even graduate from community college.
He got kicked out.
He's a hacker.
I got to tell you, I got VPN on my phone and on my laptop.
You cannot have my laptop.
Wow, that's a shout out for VPN.
That's expressed VPN.
By the way, if you're watching this and you're enjoying this, we're in the first half of the podcast here.
Put a thumbs up and share this and comment below if you're watching this.
We're going to keep going to the second half of this.
So let's talk about a little bit about home sales.
I know you briefly touched up on it.
If you don't mind going a little bit deeper into it, pending home sales hits record high in August.
Keyword, pending.
Pending home sales.
The National Association of Realtors Pending Home Sales Index serves 8.8% last month on an all-time high of 132.8, signaling the U.S. housing market rally continued into the fall.
Economists surveyed by Bloomberg expect an increase of 3.1%.
What is happening in real estate?
Well, so you have a once-in-a-lifetime situation here, right?
Think about where we were a year ago.
If you were hip, if you were a millennial, you want it to be in the urban center, you want it to be in a high-rise, you were wondering why there weren't enough grocery stores and things to serve you if you're living the life downtown.
All of these, think about the cranes throughout America, all what the cranes have been building.
Big high-rise office buildings, big high-rise apartments.
That has been flipped on its head.
So, I mean, and all over my Twitter feed are people leaving California and moving to Prosper and moving to South Lake.
And they've discovered life in Texas.
But we have a mass exodus right now.
I have friends outside of New York City in Westchester County that have been trying to sell their house for two years.
And they took it off the market when they saw how white hot how quickly housing was heating up as people were leaving New York City.
And they're like, I'm taking my house off the market.
I'm going to wait until prices get where I really want them to be.
And they were smart.
And then they got the price that they wanted.
That is the fundamental driver.
Behind that is Jay Powell and his happy printing press and the Federal Reserve buying up mortgage-backed securities, forcing 30-year conventional mortgage rates down to record lows.
So then the question McCups, is it fake or is it real?
Is this fake growth?
It is not the same growth that you think that it is because lenders are, you're starting to hear anecdotes from real estate agents.
I got the offer.
I got the buyer.
The seller accepted.
The bank turned them down.
So lending standards are coming down.
If you talk about Capital One, Synchrony, JP mortgages, credit card lines are being cut.
Because remember, right now, you have 12 months of forbearance.
Forbearance means that you do not have to pay your mortgage for 12 months through March of 2021.
So, I mean, if you're the lender, you're not happy at all.
Or if you're a landlord in America, you're not happy at all.
But from the perspective of 64% of Americans think that the economy is worse today than it was a year ago.
You look at the housing market and you're like, the housing market begs to differ.
Well, that's easy enough when 15% of FHA loans and FHA loans are the ones that you get 3.5% down payments on.
And that business is blowing up.
It's huge.
It's white hot.
But 15% of those loans are delinquent, but the banks can't foreclose.
So you've got buyers buying into a white, white, white, hot market, but a lot of it is being engineered and fabricated.
So I'm a big fan of renting, right?
So I'm that person that lives in the center of downtown Miami.
Like, I don't even have a car.
I'm not looking to move into the suburbs.
That was my life in New York.
Okay, so you understand that.
So my friends in New York, obviously, if you live in LA, you're driving all over.
I went with Pat in LA.
We're driving over every different city.
It's hard to do that in LA living in a city center.
But if you're living in downtown Chicago, downtown Boston, downtown Miami, even in Dallas over here, you know, I'm a fan of renting.
So, I mean, I actually did an episode where 44% of homeowners regret being a homeowner, and 63% of millennials regret being a homeowner.
So people are seeing these super, super, super low interest rates versus what they were 10, 20, 30 years ago when interest rates were double digits.
And people say, of course, I need to get into the housing market.
Of course, I need to refinance.
Of course, I need to do this.
The tiny box of what the payment is.
That's all they're looking at.
And you're saying that it could end ugly.
I'm saying that a lot of, especially a lot of the first-time homebuyers who are getting into the market, they don't understand that home prices have never been this high in the history of mankind.
They don't know that they're buying in at the top of the market.
Home prices have never been this high and interest rates have never been this low.
Correct.
So what's that?
That's the correlation.
When interest rates are low, home prices are high.
And yet you're hearing the National Association of Realtors say, well, pricing is becoming an issue, even with interest rates as low as they are.
Even with mortgage rates.
That's a scary thought.
That's the part when it becomes scary.
Look, you know, you're a bodybuilder.
When you no longer are growing and you're doing every single steroids and growth hormone in the body, there's a problem there.
That's kind of Paul Schriner.
That's what's going on with Jonathan.
That's kind of what's going on today.
Meaning, you're doing every single thing to get the economy and real estate going, and it's still barely hanging on.
And Powell comes out saying they're going to keep the interest rates at zero till 2023.
Forever.
Till 2023.
Well, it's a scary thought.
In his press conference, he said that they kept interest rates at zero for seven years last time and nothing bad happened.
Well, no, nothing bad happened because he came and printed more.
So look, we're talking about another $2 trillion of stimulus.
But again, if you're throwing good money after bad and you're not getting anything for it, all you're going to do is four months from now, we're going to be talking about the next stimulus package and how big it's going to be.
Can I ask you a question?
I just want, because you worked with the Dallas Fed, right?
So I kind of want to get your opinion.
We've got Jerome Powell right now running the Fed.
Prior to him, we had Janet Yellen.
Prior to that, it was Bernaki.
Prior to that, it was Alan Greenspan.
And then prior to that was my uncle Alan Greenspan, right?
So who do you think did a good job?
Who's doing a horrible job?
Who do you agree with?
Who do you disagree with?
What are your thoughts on just the Fed overall United States Fed?
You got to go back one more.
You got to go back to Paul Volcker.
Paul, my guy.
Okay, tell me why.
Because he didn't care what the stock market did.
He cared about the economy and making sure that monetary policy was designed so that the U.S. economy could be resilient.
Alan Greenspan came in and a few days into office, the stock market crashes in 1987.
He's got an obsession, a self-admitted obsession with the stock market.
So he starts to manipulate the market so that no matter what happens, prices don't fall.
But that's not life.
Life is, you take risks and there are consequences.
But you've had four people in a row, starting with Greenspan, Bernanke, Yellen, now Powell, who are trying to make sure that they just hold it together.
But how much better off would we be if one in every five U.S. companies was not what we call a zombie?
It's like Knight of the Walking Dead, one in five U.S. companies.
And they're being kept alive just based on free money being out there.
Do you want these companies to fail?
These big companies?
I do.
You know what?
And next year's innovators want these companies to fail.
Because if you don't take the bad capacity out of the system, there's no room for the new entrants.
That's how you get regenerative growth, is you get the people who are badass business workers.
I fully agree.
You have to do that.
And now we've got one in five U.S. companies who are just, they don't have, they don't make enough money to cover what they have to spend to cover their interest on the debt they have.
That's what a zombie is.
It's pretty simple.
What's a UPBD?
I totally agree with her.
I mean, it's that simple.
You have to have these big guys.
This too big to fail is typically how many companies?
Is it seven of them?
It's the five to seven names that they say.
Major banks or something.
No, no, no, no.
They make it on the too big to fail.
Like they'll say, there's these seven companies that are too big to fail.
We cannot let them fail, right?
And they'll talk about that.
And it's typically five, seven companies, and they'll say, oh, this company is officially added in the list of too big to fail companies, right?
We cannot prevent them from going out of business.
And it's worse than it was and more concentrated than it was going into OA.
Other than those top seven, as you say.
If you're just a massive company and you are a zombie company, as Danielle refers to.
If your mission is, of course you should fail.
Yeah, of course.
That's what capitalism is.
Remember, the freedom to buy, the freedom to sell, the freedom to try, the freedom to fail.
Okay?
That's the system.
That's capitalism.
Freedom to buy.
You have the freedom to buy whatever you want to buy.
You have the freedom to sell.
Sell whatever you want to sell.
You have the freedom to try.
Go for it.
Try something.
But you also should have the freedom to fail.
We've taken the fourth one out.
That's a big problem.
It's a huge problem.
You got to be able to fail.
If every single time I'm playing offense and you're not letting me fail, I'm spoiled.
Like if you have a kid, you know how you see a father bails his son out every single time.
Yeah, of course.
He bails him out at 16, then he has to bail him out at 18, then 22, then 24, then 33, then 39, then 48, then 52.
You didn't build a leader.
You build a dependent person.
These two big to fail companies are now dependent on the government to constantly bail them out.
It's not good for the economy.
That's not capitalism, by the way, just so you know that.
It's not.
That is not.
That's called crony.
That's when the people come out against capitalism, and I'm with them.
I actually agree with them because why are you letting these companies that can just go around throwing around their weight because they're needed?
What companies come to mind?
Like Bear Stearns obviously folded during 2008, right?
Bear Stearns was clearly not too big to fail.
What companies should have failed this time around?
Some cruise lines, some airline companies?
What other companies should have failed this time around?
It's not, look, I understand the whole argument that the airlines are a national need and it's a matter of national security.
I get that.
But when you spend 96% of the money that you make on share buybacks and then you have to go to the government for a handout, and when you're up late at night, throwing threats out there, we're going to fire everybody if we don't get the stimulus tomorrow, when you're putting the feet to the fire of the politicians and the taxpayers of the United States, by the way, and you paid yourself all the bonuses and you've got your vacation homes and you're not missing a meal at all.
But yet you're holding other people hostage because you didn't run your business efficiently enough to plan for a rainy day.
By the way, Delta, cleanest balance sheet in the country, they haven't had to push through with layoffs because they didn't take too much debt on.
And they're a different story.
And so why don't we reward the companies that plan to survive whether there's a bump in the economy or not, as opposed to rewarding the companies that can only survive if everything's going perfectly.
And then when the peanut butter hits the fan, then we have to go bail them out.
Everything's incentive.
Everything is incentive system.
The way you had a couple parents spend some time with me this weekend, they asked me, how do you get your kids to read?
And I said, it's very simple.
They just watched everything that happened.
So Dylan, it's his birthday.
He got 50 gifts.
Just because you got 50 gifts, you don't play with all the 50 gifts, not in the Bedevid household.
And one of the guys got him some Lego.
I didn't say anything.
Dylan came up.
Daddy, look how cool this Lego is.
I said, dude, that's sick.
He says, so how many books do I have to read for this?
I said, what do you think?
Let's negotiate.
He says it's smaller than the other one.
I said, I agree.
How about we make this one eight?
I said, I'm okay with that.
So I do eight, then we go build it together.
No problem.
Dad, can you put it up there so I can see it?
I put all the stuff I buy for them at the top so they can see it.
They can't reach it, but they can see what their toys are.
No problem.
The couple that's sitting next to me, they're like, wow.
I didn't even say anything.
He came.
We shared the excitement.
We made a negotiation.
He knew he had to earn it to play the Lego.
He came up with the number eight.
I put up the incentive as a compensation structure for him to see it.
Now he's got to go read his compensation structure.
You know, when it comes down to today's compensation structure is, hey, too big to fail.
Whether you screw up or not, don't worry about it.
Let's open a Lego right now.
What are we doing?
What are we doing?
But then he knows how to behave in the corporate world and not sit there and be like, I'm on my Facebook time.
And you're like, no, you're working.
Do you guys remember that video I did with the breaking the TV thing?
I got to give a shout out to my daughter.
This is a very special moment.
Senna, if you ever watch this, I want you to know how I handle this with you.
So you have to teach these kids that they can't break things and there's different systems on how to do it.
So we did this video.
You did show.
So I got to show you this, this video that we're going to do.
I'm supposed to tell.
Yeah, so this video that we go and we break the TV to say, hey, your next five moves, Paul.
Yeah, it's pretty, it's pretty intense video that we made.
You too.
Anyway, so you know, so I go on, they see the TV.
So, you know, this weekend, she's got family over.
And she spent our time with her, you know, peers and all this stuff.
And I see her grabbing the Xbox remote and she just tapping the TV.
I just bought this TV.
It's an 85-inch screen TV.
She's tapping the TV, tapping the TV, tapping the TV, and she's smiling.
And then all of a sudden, she has one big smile, and she really smiles.
By the way, this was a one?
This is, yeah, this is the one.
So watch this here, okay?
So she shouldn't have seen this video.
Okay.
Now that's her daddy doing it.
It's a marketing video we made.
You can pause it, Kai.
Oh, I thought that's what you did if they played too much Xbox.
Oh, no, no, this was because- You don't read eight books, This is what happens.
Thank you.
This was because Paul was watching one too many videos late at night on his phone.
Okay.
And not Netflix.
So anyways, that's a whole different story.
That's a very sweet shout out to you, Paul.
We love you, baby.
You're amazing.
Anyways, anyways, so this is obviously Josh was this is marketing idea to do something like this.
So we did this video.
And then so Senna is sitting there and he's hitting, she's hitting the TV.
I don't think anything about it because we're not watching that TV that night.
The next week, two weeks later, like just yesterday, the next day, we turn on the TV and CMX like, what is that on the TV?
I'm like, what's what?
Why is there a big circle on this TV?
I'm like, what is that circle?
I'm like, guys, who did that?
And I'm looking around to see all the kids where they are.
Tico's not moving.
Dylan's not moving.
Senna's hiding under the couch.
I'm like, Senna, what are you doing down there?
And she's hiding.
I'm like, oh, my God.
I said, come on, we got to go talk.
So she comes out, we go to the living bedroom.
I said, why'd you do that?
So you realize if you do that, and I'm not going to replace the TV for a while, because I want them to see, to complain about the fact that they don't like how it looks.
The TV is not getting replaced for some time.
It's going to sit just, I can buy, you know, go, I guess.
But it's going to sit right there for them to kind of see.
Okay, you want to break the TV next time?
Here's what happens.
Then I said, Santa, what's your favorite toy?
And this is a shout out to Tikran.
I said, what's your favorite toy?
She says, Elsa.
I said, go grab your Elsa toy.
So we took the Elsa toy and we threw it away.
Now, I grabbed it.
I put it in a bag.
When she sees this, I have it.
I'm going to give it to her in six months.
But I put it in a drawer.
I kept it.
And I said, if you show me that you can take care of the stuff that we have in our house, I'll buy you a bigger Elsa toy.
But if you can't take care of the stuff that we have in our house that we work very hard for, I'm not going to buy it for you.
And I said, how does it feel right now?
You lost the Elsa.
Not good.
I said, the same feels that we went and worked hard for this TV.
It doesn't feel good.
You have to take care of yourself.
Are you going to work on that stuff?
Yes, I am.
So now every time she watches the TV and Dylan says, why is there that hole on the TV?
Senator goes like, so funny.
But, you know, the point is, our parents did certain things like this to us for us to realize what you have to do.
I think we got to do the same thing to some of these two big to fail companies.
They got to feel a little bit of the pain.
We can't just print Mike and, hey, listen, can you give me another couple hundred billion dollars?
Can you give me $5 billion?
That's all I'm asking for.
Just give me another $5 billion.
You can't do that too often.
So since you talked about airlines, let's talk about this.
30,000 airline jobs hang in the balance as lawmakers debate.
Airlines agreed last spring not to lay off or furlong furlough any workers until October 1st as any condition, as a condition of a $25 billion infusion of federal aid now bearing a last-minute agreement on how much to spend on a pandemic relief package for the country.
Nearly 50,000 airline workers are set to be furloughed Thursday, right?
And then Pelosi goes back.
They're going back and forth.
She's asking for the $2.2 trillion.
There was a little bit of a pushback yesterday, so they came back.
Nothing was finalized.
American Airlines Group has warned that furloughs of 19,000 employees will start when existing U.S. payroll support runs out at the end of the day, Wednesday.
Oh, they announced it last night.
United Airlines Holdings said earlier this week that it was planning to cut 12,000 jobs and smaller carriers are set to make additional reductions as well.
So the layoffs could cap job losses already total $150,000 at the nation's four largest carriers based on employees who have left voluntarily or taken temporary leave.
So what's going on with the airline?
Are we recovering?
By the way, Kai, before she responds, can you pull up the TSA slide sheet to see how many people are traveling on a daily basis?
But go ahead, Danielle.
So we are not.
And I'll tell you why.
Didn't you just say Zoom was the second number two, right?
Yes.
Company in the third quarter?
First, 88%.
Okay, Zoom.
If you talk to CEOs across the country, they know how to find their Zoom.
And they know how consultants and businesses and conferences and meetings, they've already seen in their P ⁇ Ls, they've already seen in their budgets what their budgets look like without travel.
And they're like, wow, this is going straight to the bottom line.
And I've got these people on a Zoom call doing what I used to spend, put the person in first class in business class, put them up in a nice hotel for a week, and then fly them back home to the family on the weekends.
That business is not coming back for a while.
It's not coming back for a good long time.
The second element is international travels not coming back for a long time.
And I think carriers worldwide have told you that.
So can you profitably exist on leisure travel on the most cost-conscious flyers?
The answer is no.
So then why are we giving them more money?
If it's going to be a reduced footprint for some time because we are evolving to a new type of technology such that we don't have to get on an airplane to meet with somebody halfway across the country or halfway around the world, if that's the case, then companies might not ever go back to having huge travel budgets like they had before.
So, I mean, that is something that should be factored into what politicians are discussing right now.
Because in three or four months' time, when the next expiration comes and they're saying, oh, now we're going to fire them.
And you say, well, has business travel come back?
No.
So is it going to be another $25 billion?
So that's the question.
Well, let me ask you this.
Is the airline industry the next newspaper?
No, People will still want to go places.
And, you know, the next supersonic jet is the next technology, the next generation of air travel is in the works.
It is.
But it's going to be, this is like New York real estate.
Yeah.
It's going to be a long time.
What's a long time?
What's a long time?
Decades?
I don't know that it's going to be decades.
I don't know that we'll ever go back to where we were before.
Yeah.
Ever.
And I don't think that the footprint will ever need to be as big as it is.
I don't think capacity is.
The bigger layoffs we're seeing is with aircraft manufacturers.
I mean, look, 3% to 4% EBITDA.
You're not dealing with big margins.
And everybody keeps saying, oh, our flights are cheaper.
They're competing on flights, not services.
Right.
That's why I'm saying the leisure traveler is not where the margins used to be.
It was the guy in first class who was like, I'm conchares key at American Airlines.
I'm total road warrior.
I live to fly.
That's not coming back anytime soon.
I kind of don't disagree, by the way.
That's what's weird.
If you look at this here, this is daily travel, right?
This is on the TSA site on how many travelers we had on 930 versus how many travelers we had a year ago in 2019.
Look at that.
634 was yesterday.
Last year, same exact day, 2,082, right?
Let's see what's the highest number we cracked.
Did we crack a million at all?
So I see 873 right there.
Let's see if there's a number bigger than 873.
Labor Day was Labor Day was pretty.
Keep going, Lord.
935, okay, 935, 968.
That's Labor Day.
That's Labor Day.
That's right.
Keep going higher.
Keep going.
Keep going.
And then July 4th was the other peak.
Let's see what the other one is.
Go to July 4th.
So 960.
I don't see any 800s for a while.
And then July 4th, 466, 718.
Okay, so 968.
We have not cracked a million.
No, we have not cracked a million.
But here's the other part.
I really enjoyed this conversation with Pablo Solman, this hacker guy.
You know, we talked about the virus.
Okay, we talked about the virus.
We talked about a lot of things.
He has the cure.
He knows.
He says, look, I know exactly how to prevent hurricanes from happening.
I said, then how come there's no, how come we're not stopping it?
He says, because there's not a business model for it.
So what do you mean there's not a business model for it?
Wouldn't some governments give some money to be able?
He says, Pat, we know how to prevent a hurricane from happening.
I said, if you know how to prevent a hurricane from happening, do you have a way of creating hurricanes?
He starts laughing.
He said, yes, we also know how to create a hurricane.
I said, okay, how about fires?
How come we can't put the fires out?
His answer was, some of these fires we need.
It's actually good that we're having some fires.
Some of these fires might say, well, California is having way too many of them.
He says, we have the technology, but there's not a business model for it.
I said, if the smartest people live in California, how come we can't fix that?
But when we went to the vaccine, he gave a very interesting answer.
And again, remember, this guy's the guy that wants everybody to be vaccinated because he thinks that's the solution.
And he thinks people who think vaccines are bad have issues.
That's really what this guy thought.
You have issues if you don't take the vaccine.
So I'm giving you to know who he is with his positions before I tell you what he said.
He said, one of the things that we made a mistake with is modern day travel.
I said, what do you mean?
He says, we travel way too much.
He says, we travel way too much.
He says, that's one of the reasons why.
I said, what can we do to prevent the next coronavirus or next SARS or Ebola from happening?
He says, we need to minimize modern day travel, international travel.
It's way too much.
Think about this.
Think about this whole concept of what airlines are going through today.
Because when you go on a flight, like even myself, I'm on a flight a few months back.
I'm going to Palm Springs to have a meeting with NLG.
I don't know when it was.
Maybe it was February or January to go to their strategy session that they're having at Palm Desert Risk Carlton.
So we go.
And I'm sitting first class next to this guy.
He's telling me about his husband and how they've been together for 28 years, French guy.
And this is January, okay?
This is January.
So he takes out his wipe and he starts wiping the seat.
I'm like, oh my gosh, what a, well, you're one of those guys.
This guy's got a friend.
So he starts wiping his handle.
He starts wiping the middle and he says, here you go.
Wipe your seat.
I'm like, oh, I'm good.
He said, I'm just trust me, wipe your seat.
I'm like, oh, now I look like one of these guys that's wiping.
He says, I always, and he's teaching me, I always wipe the screen because you're going to touch the screen, wipe the screen, wipe this.
So he's teaching me everything to wipe.
He says, you also have to wipe this thing that you bring up, you know, first class to put your, he says, wipe this.
So he says, here's some hand sanitizer.
I'm like, at this point of the game, I'm like, this is a little too much.
Pre-corona.
Pretty corona.
So you're like, this guy's out of control.
He's giving me all this stuff.
So I'm like, I'm finally doing it.
I'm like, I'm kind of like doing it just to accommodate him.
We ended up having a three-hour straight conversation.
Incredible conversation.
We stayed in contact.
Really cool guy.
We took shots.
We joked around.
He's worked in Iran at a hotel.
We had a very good time together.
Anyways, when we get off the flight, Jen is looking at me saying, why are you guys hugging each other?
Oh, my God, this is my new friend.
We had the most ridiculous, full-blown gay 28 years married.
And we laughed the entire flight to Palm Springs, right?
Now when I get on flights, I take out the spray.
I'm throwing the spray.
I'm doing the wipe.
I'm doing everything this guy did.
Yep.
And I'm telling you, for anybody that knows me, you would have never seen me doing the wipes and all this other stuff, right?
We're like, listen, it's going to be all right.
When you see how quickly they turn trains, when you see how quickly they turn planes around, there's no way to clean them.
I agree.
But the point I'm trying to make to you is, man, how long is it going to take for us for people to travel?
Like, let's just say you were doing business in China.
You're going to take that travel?
You're going to take that flight back to China?
I don't know.
Let's just say you were running Biz Dev in China.
You're going to fly to?
You think out of the millions of people that would travel, 100% of the million people are comfortably going to be willing to travel back to China?
I don't know about that.
I think there's going to be something taking place.
Maybe not China.
Last year I went to Australia, though, and I would go back.
And there is.
Pre-COVID, though.
Yes, pre-COVID.
But there is technology out there.
There is UV technology out there.
There are entrepreneurs right now who are figuring out how to zap buildings and how to zap airplanes and make it quick and efficient.
And just there are zappers out there.
It's not so much that you have to clean surfaces with liquids.
The technology exists in UV to make the germs go away and do it efficiently.
The scale doesn't exist yet.
But it's coming.
They need to get that ASAP.
They need to get that ASAP.
But it's coming.
I promise.
I mean, I hope it's coming fast.
You know, I hope they get it very quickly because those guys, if they don't, that industry is not looking too pretty if they don't figure out a solution fairly quickly.
I really believe it's going to be problematic for the airline industry for some time.
By the way, did you have any opinions on the Trump tax returns or no?
The $750, are there anything?
You're pretty reasonable when it comes down to things like this.
You know, look, he clearly, his tax returns might have been that of any other real estate developer on steroids.
There are definitely some questionable expenses that he has taken.
And the only thing that I don't think has been established is whether or not the statute of limitations on IRS audits is paused and whether or not a standing president can be audited or whether or not that situation goes into a holding pattern as long as he's in office.
So, I mean, the biggest thing at issue is the $72.9 million refund that he got only by way of legislation that Obama signed into law that changed the tax law, that allowed him to go further back in time and claw claw forward former losses that had no value prior to that.
But I think that if there was a smoking gun, I think we would have seen it by now.
Yeah, I agree.
I agree.
And the reality of it is, no one's seen the return.
So no one really knows what's going on.
And this whole tax return thing, the first person that did the tax return, was it Nixon?
Is Nixon the first person that started showing tax returns?
Because prior to that, I think FDR did a little bit, but then when it comes to the- No, no, I think you're right.
I think you're right about that.
Nixon was the first one.
Yeah, FDR, they found the fact that he had stocks in Nazi-owned companies and all that stuff.
That's the stuff that came back during the FDR side.
He also increased the taxes, but then it was found that it was unconstitutional for him or for the president's taxes to increase.
So he was like a hypocrite in the sense that he was saying, oh, pay more taxes, but not himself.
He went to Congress and they lowered the tax return.
Who is he?
FDR?
FDR.
Yeah.
You know, so this whole, but you realize president doesn't have to show their tax return.
It's not like mandatory for them to show tax returns.
When John Kerry did his returns, he showed his full return, but his wife's the rich one in the family.
She showed partial.
Heinz catch up.
Yeah.
Well, but I mean, look, $70,000 deductions for haircuts, paying Ivanka, consulting fees.
There are definitely, let's put it this way.
It was not presidential how he treated the U.S. tax code by playing fast and loose.
But did he break a law?
I think if he had broken a law, we would know it by now.
If he wasn't president, I don't think anyone would be complaining.
If it was just Donald Trump, the real estate mogul, people would be like, you know, Donnie do what Donnie do.
He is what he is, right?
No, I mean, the real issue.
He's president.
Yeah, there are.
That's why people are questioning.
And there are reasons that the district attorney in Manhattan is going to get the returns.
And there are certain Deutsche Bank loans that are in question.
And there are entities where he didn't fully extricate himself, and yet he took advantage of laws as if he had.
There are some questionable things.
But again, I don't think that with a standing president that anything can be done.
Do you think, did he thank Obama on the debate?
It was probably with a little sarcophagus.
Well, I don't know if he did during the debate, but.
No, during the debate, he said something about thank you, Obama, because of you.
Classic.
You know?
Yeah, but he's right.
He actually should be thanking Obama.
It's the only reason he's got Obama helped get rich.
Obama helped the rich get richer.
Obama helped the rich get richer.
He really did.
Obama helped the rich get richer, and he bailed out a lot of people.
Obama's a capitalist.
Come on, guys.
Obama's good for the rich people.
Obama's a he would be falling under the crony side, though, because he helped out the bigger guys.
That's what he did.
He helped out the bigger guys.
He did.
And I think that's, you know, people think that the Democrats are for the people and the Republicans or for commerce.
Rich people, yeah.
Uh-uh.
No, no.
I mean, if you look back at Fannie and Freddie, who got bailed out by the U.S. government, the third largest political contributions were made to Obama.
So, and by the way, who ran up our debt at a really fast pace?
Quietly, quietly, while the Federal Reserve had interest rates at zero.
But he.
Speaking of debt, Danielle, because this is, you know, I'm intrigued by your mindset here.
You ever see the U.S. debt clock?
Yes, It is like with all the green and the red and the red and the green.
If you guys have not seen this U.S. debt clock, yeah, Kai, pull this up.
Go ahead and do it.
27 plus trillion.
This is scary stuff.
Almost 27 trillion.
Okay, so like one of the, I get, like, I don't play video games, but this is my definition of a video game.
I go on there and I watch all these numbers coming in, debt per person, U.S. GDP, bing, bing, bing.
So if you can go to the debt time, the debt clock time machine, right?
So, and you can top right.
There you go, Kai, you're doing great today.
And you can fast forward four years or go back four years.
So, Kai, what I want you to do is let's go back to 2008, right?
Pre-recession.
10.
10 trillion.
10 trillion, yeah?
Is that 10 trillion?
Happy holidays.
We should end the year around 30.
Okay.
So think about that.
So now go back to where it is now.
No, go to 2016.
That's what you want to do.
Wait a minute.
Let's go, dear boy, let's go to 2016.
2016.
2020.
Double.
Okay, boom.
Now we're 20.
That's my point.
It was the quietest widening of the social safety net in U.S. history since NDR was in office.
This isn't a political point going somewhere.
This is not a political point.
This is a monetary point.
Kai, keep going.
2020, now we're at 26.
So we went from 10 to 20 to 26.
Go four years from now, Kai.
Now we're at 47.
Okay, who the hell came up with 47?
That's just based on Social Security spending, Medicare spending, entitlements, the baby boomers?
It's not going to go from $27 to $47 trillion.
I mean, whoever, okay, so, all right.
Wait a minute, wait a minute, wait a minute.
Donald J. Trump signed socialism into law.
How do you put that genie back in the bottle?
I agree.
What do you mean he signed socialism into law?
That's the stimulus.
That's socialism, of course.
There was the alternative to do infrastructure social media.
I disagree with it.
You're looking at me like I wanted it.
You're saying we should have not had any stimulus package once you're here.
No, it's not that.
I'm just saying we could have spent the money of the country more smartly.
Right now, look, how many men since the CARES Act was passed?
How many since March?
So it's been six months, yeah?
Okay, so how many Americans would be at work right now had we done infrastructure spending as part of that bill?
How many?
At least 10 million, yeah?
Probably not 10 million, but a lot more would be at work right now than they are.
But when you sign up.
I'm sorry getting people back.
When you sign socialism into law, when you pay people to not work, they get used to it and they like it, which means that you get to keep, that means that 47 is conservative.
Kai, once you bring somebody else's brain.
Do you think that's a conservative clock?
If we're going to be, if what did we just talk about?
We just talked about industries not coming back, right?
So if that is accurate, even slightly accurate, the U.S. debt clock, whether it's 30 trillion or 27 trillion or 40 trillion, what does that do to America?
Well, it's something that's a lot of people.
That's a crazy amount of debt.
What does that do?
Again, whether that's off by a few trillion or not.
Most Americans have grown up with falling interest rates.
Everybody knows deflation, deflation, deflation.
The cost of my TV is just cheaper and cheaper and cheaper.
What's gotten more expensive?
Your iPhone.
But the cost of a lot of things have decreased over a factor of time.
You want to run the debt up that much?
We're going to figure out what inflation was, which is before you were born.
What do you think, Pat?
About what?
Just these numbers.
None of this stuff excites me.
I'm not for it.
In 08, we should have let the guys go out of business.
It should have been okay.
The only guy that paid back, shout out to Bob Ben-Moshe, who died in 2012, AIGCO, that came back from MetLife.
He was on his deathbed living at Dubrovnik, Croatia.
And we did business with him for many years.
We were his top IUL writing.
We would sit in the meeting.
He says, Let me tell you guys what happened.
The other day, I called my mother-in-law.
And I take my mother-in-law out to dinner all the time.
When I went to dinner, my mother-in-law, my mother-in-law said, Bob, why don't you get back with my daughter?
He says, Women, don't you understand?
I like you.
I don't like your daughter, right?
That's what the leadership meetings he did.
That's how he was.
To the mother-in-law.
Oh, my God.
He's phenomenal.
By the way, I think when he died, both his ex-wife and his girlfriend were there holding his hands when he died.
That's the way to go.
You got to respect that part right there.
When you got that kind of a, when you're able to win the left and the right, I mean, he would have been a great moderator.
So tell me, Biden.
That's a centrist, Toria.
That's a centrist for you.
So when it comes down to the guy, they got $183 billion.
I had dinner with him and his CFO one time, David Herzog.
David Herzog is a guy that went from being a CFO of, I think he was a CO CFO of American General to becoming a CFO of AIG.
They went to the government, got a $183 billion line.
They paid it back within five, six years with $21 billion of interest.
And Jim is still trying to pay back the debt.
So you got to respect what these guys did at AIG, but that's not everybody.
It's not everybody.
Everybody else kept their money.
Everybody kind of stuck around and they did their money.
A cool story about Bob Ben Moshe when AIG brought him to save him.
And they said, so Bob, we really need you and we think you're the right guy to do it.
He says, okay, well, this is my ask.
He puts the number.
They said, you want us to pay you $10 million a year?
He says, yes.
I'm like a prostitute.
I can be bought.
I'm just an expensive prostitute.
They paid him his $10 million and he saved AIG.
Bob is a unique type of guy.
Man, when he died on the night he did, it was our award ceremony.
It was a Mark Peterson, one of our friends came up, and we had a very interesting moment because, you know, I love that guy.
Bob was my kind of a guy.
So this year, if we keep giving him money out, what happens, the problem here is the fact that now the left doesn't have an argument against Trump.
Because if Trump wouldn't have done this, they would have said, if we were in-house, we would have given you the money.
So he did something.
Sorry, but when did Sanders drop out?
After the CARES Act.
I mean, it's like, okay, I what am I going to do now?
I wanted socialism.
We have socialism move on.
I know you want to go on the truck, but can we bring up one topic real quick?
What about the new stimulus deal?
I assume you're not for anything.
Are you for anything?
Where are we at with this new stimulus plan, this remake Heroes Act Part 2, the Heels Act?
Where are we at with that?
Again, you have an intractable problem because a few months ago, you had 26, 30 million Americans collecting unemployment insurance.
You've got the same thing now.
It is not productive to continually just throw money at people.
So no more stimulus.
That's the agreement.
Well, we're done.
But the problem is, because of what has not been done in terms of making productive investments as a government, is you're going to have a homeless crisis overnight.
Look what's going on in LA.
We're not going to have a homeless crisis overnight.
When you think of all the people who cannot afford to pay their bills right now.
So what do you do?
If people can't pay their bills, there's COVID going on, they're homeless, you have to do something about the problem.
You can't just be like, yo, you're too small to fail, but by the way, this is the formula if you want to go into socialism.
This is the formula.
Keep giving free money and then have a guy stop giving free money.
Then he goes from being Robin Hood to being the worst, most hated man on earth worldwide.
That's what happens to the guy.
That's what's about to happen to him if he doesn't sign the next stimulus.
He oh, talk about a story.
They're going to show homelessness and they're going to, it's called the Hegelian dialectic, which means create a problem, but don't do it.
Create a problem, okay?
Then blame somebody for it.
Then the person that created the problem comes out and say, I'm here to save you.
That's what's happening right now.
Create a problem, homelessness.
Find somebody to point a finger and blame it, which is Trump.
And then come back and say, that's why you need us.
If we were here, you wouldn't have been homeless.
Arsenist environmentalism.
It would have been amazing.
It would have been so good for you.
We are your heroes.
Oh my gosh, Newsom, we love you so much.
And then boom, all this other stuff happens.
It's a very simple formula.
It's a very formula that's been around for a long, long time that's being used today.
So do you think Mnuchin actually wants to cut a deal?
Oh, yeah, I do.
You think he does?
Look, there's something else going on here.
What's going on?
It's a little bit wonky, but what we call quantitative easing, what people think of as money printing, requires a product.
Jay Powell has to have something to buy in order to keep the stock market levitated.
He needs treasury issuance.
He needs fresh debt created so that he can buy it up and grow the Fed's balance sheet, which transmissions itself back, recycles itself back into the stock market.
And that's why as the growth of the Fed's balance sheet has been tapering off in recent weeks, we've seen a little bit of wobbliness in the markets.
The markets have gone to the moon the last 72 hours on the hopes of this stimulus because Jay Powell is going to have more product to buy.
If he's got $2 trillion more dollars of treasuries out there, then the Fed's balance sheet can go from $7 trillion to $9 trillion.
And he'll buy it all.
And that Trump knows.
And if you want to know why Pelosi doesn't want to do the stimulus and why she's pushing back as much as she is, it's because she knows that the one thing that can that the best thing to get him re-elected is that stocks are at all-time highs on November 3rd.
If they do the stimulus, stocks will be at an all-time high.
And I tell you, the second half, second half of Trump, he doesn't have to get re-elected.
Everything he wanted to do, he's going to do in the second half.
Good, bad, ugly, all of it.
Obamacare, finishing up the wall, going after the Clintons, going after everything he's going to do on his second term.
Everything.
Good, bad, ugly, because he doesn't.
And by the way, rates are going to go up.
Rates are going to go up.
The market's not going to be as high.
Market's going to take a little bit of a hit.
You're going to see all that stuff happen on the second term.
That's what I'm going to do.
Shout out to Danielle for making wonkiness.
But let's go to the real debt clock because these people know.
New York City climate change clock in New York City counts down to global deadline.
Did you guys know we only have seven years, 103 days, 15 hours, and 24 minutes left to live?
That's the climate change debt clock.
Are you worried or no?
Guys, we got to go home.
I say we go have a couple shots.
I just got a nice bottle of wine from a friend, Arten, who's got a book coming out.
$600.
I don't know what it is.
I see you told me it's a good bottle of wine.
We drink the bottle of wine.
We go party.
Maybe we go to Vegas for the last seven years that's left.
What are we doing working here?
Seriously, why am I working if we know the end of the world is coming?
Don't you worry about this stuff?
Where do you see yourself seven years from now, Pat?
I mean, frozen or burnt.
Cryogenics.
Cryogenics.
I'll show you for taking miles.
I'll freeze you.
I'm either going to be frozen or burned.
What's the song?
How's it going?
Please don't.
No, no, no.
We didn't hide together.
It went through my head.
You just offended Senna and her community.
You have her doll hidden, held high.
I just told you what happens when you hide Elsa.
Elsa's hidden.
She's going to be like, I'm going to cryogenic you, Dad.
Do you have an opinion on this, on this, on this conversation, on the climate change debt clock?
Look, have you seen the social dilemma?
No, but I've heard good things.
No, no, but my sister even sent it to me.
No.
Siegmund said that a lot of people.
Gee.
I mean, it's got the guy from Facebook who invented the like button.
He's like, it was supposed to be something that spread happiness and joy.
And all of a sudden, now it's something for teenagers and teenage girls to judge themselves by, whether they have this many likes or not.
But all insiders, all whistleblowers, all people who, their lives are set.
They've got plenty of money to live for the rest of their lives.
They had absolutely no reason to do this.
And they've all come out.
And whether it's climate change, they went through a scene in this huge documentary that is revolutionary.
I recommend everybody watching.
Just call it a gun?
The social dilemma.
And you put the link below in the comment section so people can go to it.
I watched it with my twins, and my twins were like, their mouths were open.
I mean, almost 13-year-olds, totally engaged.
They went and they did what is climate change in a Google search.
So they did it on the West Coast, in the middle of the country, and on the East Coast.
And the first thing that pulls up is different depending on where you are.
If you're on the left coast and you pull up climate change, it'll say climate change is an existential disaster.
If you're smack in the middle of Trump country, in the middle of in the Midwest, and you pull up climate change, the first thing that Google shows you, knowing where you are, is a hoax.
Climate change is a hoax.
You go over to the East Coast, again, you get back to climate change is going to destroy the planet.
But it depended, if you're in the deep south, again.
Wow.
So, but that is how, that's why things like this, I see differently, because you know that somebody with an agenda is manipulating you.
And that's why I think the onus is on enjoy social media, exploit social media, use social media to get ahead, but you got to do your own damn homework.
You do, because everybody's got an agenda, and social media is a really effective and efficient way to push your thoughts and your views, whether they're right or wrong.
And most of the time, by the way, they're not.
If there's an agenda, that means that it's not pure facts.
And this is why you're making your kids read.
Many people are saying the fact that they watch a starry Cuffy said, I watch a social dilemma on Netflix.
It's really awesome and eye-opening.
Kai, did you put the link below for people to get it?
Just put it in the comment section so they can get it.
But we're coming to the end of it.
Here, we have two topics to touch on.
We can touch up on Supreme Court nominee, Amy Coney Barrett, or we can touch up on ballot harvesting Project Veritas with Ilhan Omar.
Which one do you want to touch on?
Pickett?
Ladies, let's do SCOTUS.
Let's do SCOTUS.
Tell us about SCOTUS.
Are you confident with the nominee that Trump has chosen, Amy Coney Barrett?
I think that what he did with choosing her is brilliant because I have only read opinions from people on the left about her only.
Because you can read, you can have people validate your thinking all day and on Sundays.
So I only read pieces from people.
I read one from somebody who clerked with her when she was at the Supreme Court with Scalia.
And he basically said that another woman who's now the dean of Stanford Law School and her were the most accomplished, brilliant jurists of that class.
And he said, I don't agree with 99% of her views, but you cannot take away the brilliance of her mind and her work ethic and her understanding of the law.
And it was interesting because if you go back to Kavanaugh, to the Kavanaugh hearings, which were just a circus, people with agendas, again, and you see a speech by Susan Collins, Republican, Maine.
She gave a speech that I made my 16-year-old read the speech from the beginning to the end.
And she said, I did my job as a senator.
I went and met with him.
I went and read through his cases and his decisions.
And this whole thing, what saying he's, you know, some right-wing crack job, look at his work.
Look at his body of work.
You are wrong.
And she's saying this to the Senate.
This witch hunt is inappropriate for what we're supposed to be doing.
We're supposed to be deciding whether or not this person is a jurist and capable of being on the Supreme Court.
And so if nothing else, whether it's Trump or his advisors, somebody learned a lesson from that.
And they got somebody who is bulletproof.
What are your, do you think she'll, I mean, we're 31 days out from an election.
33, 33 days out.
Do you think that there's going to be a vote will be held?
If there are no skeletons in her closet, and it does not seem like there are, then there's no reason that there would be, that there wouldn't be an expedited vote.
Now, the risk is, the risk is the Constitution does not cap the number of justices at nine.
The cap in the Constitution is 15.
And that's why during the debate a few nights ago, you kept hearing Trump press Biden on will you stack the court?
Will you stack the court?
Why won't you give your list of potential nominees?
That's what he's talking about.
Believe it or not, he's read that particular portion of the Constitution because I don't think our president's read most of it.
But he understands that element that if the Senate is taken by the Democrats, they can come in and increase the size of the court to 15, such that the court would only be quote-unquote stacked and right-leaning for a short period of time.
When's the last time it was more than nine?
Never.
But it could go to 15.
FDR can be 10.
It's never been more than nine, but that's the.
It started off as six.
Okay.
That was back in the 1800s.
And then it shifted over to nine.
But again, the cap in the Constitution is 15.
So why has it never been over nine?
It's well, it seems like when things become habit, they become habitual.
And that was just what it was and how it stayed.
And you've always had a balance.
FDR threatened when he was in office to stack the bench and to increase the number.
Because FDR had a lot of his own agenda.
Anyways, this is a pivotal time in U.S. history.
And we should be paying very close to what happens now, but also whether or not we're going to see the Constitution itself by our politicians be used legally.
What about the whole Merrick Garland argument?
Meaning they nominate him.
It was 10 months out.
Now it's 60 days out.
They nominate Amy Comey Barrett.
Again, they're not.
This was unseemly.
It was arguably the wrong thing to do.
But that has never stopped our president.
Or McConnell.
Or McConnell.
And when the shoe was on the other foot, the votes weren't there.
So they were able to push back.
Right now they've got the votes.
They've got the ammunition so they can push it forward.
Here's a question for you.
Who does this help?
Is this helping Trump's re-election chances or is this helping Biden?
Oh, of course this helped Trump's.
Look, if this thing, you can count ballots in Wisconsin up until November the 9th.
There are more than 250 open lawsuits right now regarding the election going on throughout the country.
Biden's got his army of lawyers.
Trump's got his army of lawyers.
They're all fighting these cases.
If it's going to be Thanksgiving, possibly, or maybe into December before we have a decision, if there is a chance that the Supreme Court, as was the case with Bush, is going to decide the election, then it's really what's happening with the Supreme Court is way more important than anything else if it's going to go to the highest court in the land.
Why do you think it would help Biden in this case?
No.
You asked the question.
I'm saying, why would it?
I don't.
Why would it help?
Yeah, why would it?
Like, why'd that even is the people that are so worried about Roe versus Wade?
If there's ever a time for you to come out and show up, this is it.
You know, if you really want to fight for that, like, you have to realize, hey, the campaign on the left should be we have to win house.
We have to.
So let's just say he gets the Supreme Court.
The campaign's got to be, if we win house, if we have Senate and we have presidency, then we can increase the 9 to 11 and we can put in two new Supreme Courts.
That's exactly right.
So the campaign's got to change from that angle.
So I think this is an opening for them to campaign better and sell it better.
There's many opportunities to use this as a way to market and help themselves.
Many.
If Biden came out and started to outline who was going to be in his cabinet, he could get people's attention because everybody knows that it's not going to be just that one man.
I mean, that much is known.
Shout out to the two 2,700 people that are watching right now.
Also, Sarfina, who just gave $10, and we've had a few other people that will give $20 or $30.
Shout out to all of you guys.
By the way, since we're wrapping up here, there's a couple things I do want to do.
If you're enjoying this, put a thumbs up and subscribe and click the alert button so you're notified.
I believe next Tuesday, I believe next Tuesday, we're going to have a special guest with us as well.
You will know who that guest is.
Next Tuesday is going to be a special one.
Don't miss that one.
But I got a special gift for you.
You know, Adam and I were talking a couple weeks ago, and you were telling me that Jokic is not one of the best passers of all time.
You said Sabonis is the greatest big man passer of all time.
I said Joe Kick.
Sabonis from the Portland Tribblers.
And I went and pulled up the stats and Sabonis was averaging two assists a game.
And he's one of the greatest.
So since you're such a big fan, I got his jersey stats.
I got a Sabonis.
You better sport.
I got this for you because he is such an incredible passer as a big man.
But having said that, by the way, somebody said, Danielle, they follow you on Twitter.
They would like to have you consider opening your own Facebook fan page and being more active because these videos can go viral if you don't have one.
So some people want to see you having a, she will consider it.
And if she does, maybe on the next time she comes back as a guest on a podcast, she'll announce it.
So just write that down.
You can talk to the team.
So having said that, folks, we got two big announcements we'll be making on the next podcast on Tuesday.
Two massive announcements that I can't wait to make.
I'm hoping we'll be ready to make the announcements, but I think next Tuesday we're going to make two big announcements for you.
Again, if you haven't subscribed, do so.
Click that thumbs up button.
Sauce, good show today.
Danielle, thank you for being back and being a guest on the first podcast here together.
