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PBD Podcast Episode 216. In this episode, Patrick Bet-David is joined by Tom Ellsworth, Adam Sosnick and Vincent Oshana.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
0:00 - Starts
7:00- Reaction to Fed’s raising interest rate to the highest in 15 years
18:50 - Is 2023 the year of investigations?
44:05- Reaction to Household wealth dropped by 13.5 trillion
50:46- Economy could lose 2 million jobs in 2023
1:00:53- Elon Musk’s Six rules to work for him
1:14:40- FTX spent 256 million on Bahamas real estate
1:19:16- Kevin O’Leary explains the downfall of FTX
1:39:20 - Reaction To Joe Biden Trading Russian War Criminal For Brittney Griner
1:51:22 - Reaction To Legislation Banning Tiktok In The US
1:57:21- Reaction to polls between Donald Trump and Ron DeSantis
2:04:06 - Was Joe Rogan The Most Influential In News Media 2022?
Why would you bet on Goliath when we got bet taved?
Value payment, giving values contagious.
This world of entrepreneurs, we get no value to hated outdy running, homie.
Look what I become.
I'm the one.
Oh.
Oh, my God.
Okay, episode 216 with Home Team.
We got a lot of stories to cover.
My voice today is sponsored by a root canal.
I got yesterday.
Congratulations.
Swelling on the right.
It's my first one ever.
I got to tell you.
Shout out to the folks at Craig Spodak and Dr. Let me give a shout out to him as well.
David Prusakovsky.
I'm sitting there getting the root canal with the assistant to the right.
We're watching the game Morocco against France.
And in the middle of the root canal, they score a goal.
I'm not moving.
I want to jump.
But they did a great job and I'm in a lot of pain.
I got my ass handed to me.
You okay though?
Right today.
Listen, I'm not going to miss this podcast today.
I was looking forward to this.
That's right, Pat.
Future looks bright.
Future looks bright.
And tomorrow we got BPW.
Tomorrow we got business payments.
We're all day long.
And tonight you're going to a nice party that's going to be fun.
So stories.
By the way, this entire podcast, if you want to get a root canal down here in South Florida, join us.
We're looking for the best root canal.
Oh, my God.
Anyways, Vinny's got to get one himself as well.
So a couple of stories we've got to get into.
Elon Musk boot off stage during Dave Chappelle's comedy show.
Eric, if you guys check in back on Vinny's voice.
Anyways, Elon Musk boot off stage from Dave Chappelle's comedy show yesterday.
Elon Musk offers solution to users being shadow banned after second Twitter file exposes company bias.
We're going to respond to that.
Some people are extremely concerned about the fact that Elon Musk is no longer the richest person in the world.
I'm sure we're going to start a GoFundMe today for Elon.
So just hang tied when we talk about that.
Musk removes 1.5 billion Twitter accounts, announces new feature for user tweets.
Got to love all these bots getting off.
I'm sure a lot of propaganda folks do not like that.
If you're thinking about working with Musk, there are six rules you need to know before you decide to work with them.
Would you survive working under Musk?
We're going to talk about that.
Biden's deal for Brittany Griner, Tom, not Grinder, but Brittany Griner.
He's going to tell us Grinder story later on here in a minute.
But was that a good deal?
Was that a bad deal?
Obviously, we'll talk about maybe she should have read that one book.
What's the guy's, he wrote a book called The Real Estate Guy wrote a book called The Art of the Deal.
Oh, that's right.
Yeah, you should have read that book.
Ever happened to that guy?
Well, we'll talk about that as well.
Fed raises interest rates half a point to highest level in 15 years.
Five reasons we could be going into a recession.
This is a story according to Bank of America.
Brace for recession in 2023 has job losses top 2 million city says.
Household wealth.
Ready for this?
Lost $13.5 trillion from January to September 2nd.
Worst destruction on record.
FTX, $256 million of Bahamas real estate.
Now the islands government wants it back.
Tom's got a story about that community.
Very funny story.
Meta staff are hitting out of a at Mark Zuckerberg in blind reviews because they think it's his metaverse obsession will single-handedly kill the company.
And we're talking Facebook, by the way.
People who skipped, you ready for this one?
Those who skipped COVID vaccine, you got to be concerned about this.
A story by Fortune and Yahoo.
If you skipped your COVID vaccine, you are at a higher risk of traffic accidents.
What?
According to a new study.
Literally, this is a study.
No joke.
We will cover that.
Elon Musk will predict the pandemic.
By the way, he says Prosecute Fauci.
Bunch of things going on with TikTok.
We'll talk about that.
DeSantis, a grand jury investigation of COVID-19 vaccine.
That's a scary thought for a guy named Anthony.
And then DeSantis clobbers Trump approval by 32 points with Florida Republicans.
This is a story by Mediate.
And we got a bunch of other stories.
Maybe a Kanye story and maybe a little bit of World Cup.
And we have a list here of the top 75 most influential media personalities.
We will definitely cover this as well.
But before we get into it, let me give a quick shout out to our sponsor, Gold Co.
So a couple of things you need to know.
I would say, Aaron sitting right here, myself, we've talked to a lot of different gold companies for the last three years for me to team up with them.
A friend of mine who was a very well-known guy in the gold market in L.A., I called him, I called around.
I said, hey, give me reputation on different people.
Who delivers on their promises?
Who's somebody that's real when you're dealing with them?
And a guy that used to work at Goldco before, he says, Pat, here's all you need to know.
Even though I'm not with them anymore, these guys deliver, they do their part.
So if you're watching this podcast, you're a hard worker.
You're here because you are building a business.
You want to learn how business works, hear from industry leaders.
Basically, you want to better yourself.
While you're going out there making your money, the last thing you want to do is see your money shrink due to inflation, which, by the way, keeps going and keeps going and keeps going.
Every time Powell comes out there, people are concerned or see it sync with the stock market.
That doesn't sit well with me.
So I want you to learn how to protect your money with gold and silver.
Give our partner Goldco call today to learn more about protecting your savings.
And as a value tame and viewer, you could get up to $10,000 in free silver.
That's right.
$10,000 in free silver.
So when it comes down to buying precious metals, reputation matters.
That's why I partnered with Goldco.
Give them a call at 855-594-2758.
Once again, 855-594-2758 or click the link below to hear more.
You can also go to the website, goldco.com forward slash PBD.
Once again, goldco.com forward slash PBD.
Let's make sure we put the link to everything below.
And Tom, do not touch the mic like that again.
Please.
Let's get right into it.
All right.
So how you got to do it?
Shout out to Aaron.
I'm scared now because I have.
Tom's on fire.
Yeah, I have to get a root canal.
And now after your story, I'm going to pull the tooth out.
Well, if you're going to do it, you got to do it with these guys.
They'll entertain you.
They'll tell good jokes.
So, all right, what story do we want to get into, Tom?
Let's get right into the economy.
So yesterday, you know, I was sitting there.
We're having a meeting because we're looking at hiring a CFO.
And we had two interviews back to back.
A couple of guys we liked a lot, both fluent, both were studs.
While we're talking to him, the market was up.
400 points.
All of a sudden, I'm like, what the hell happened?
Why is the market down?
And then it says, Fed raises interest rates half a point to a highest level in 15 years.
And now it makes sense why the market goes on.
So Federal Reserve on Wednesday raised its benchmark interest rates to its highest level in 15 years, indicating that the fight against inflation is not over yet.
Despite some promising signs lately, keeping with expectations, the rate-setting Federal Open Market Committee voted to boost the overnight borrowing rate half a percentage point, taking it to a targeted range between four and a quarter to four and a half.
The interest broke a string of four straight quarters, three-quarter hikes, three-quarter point hikes.
The most aggressive policy moves ever since 1980, along with increase, came an indication that officials expect to keep rates higher through next year and no reductions until 2024.
That's not good news for those involved in real estate and loans.
The expected terminal rate or point where officials expect to end the rate hikes was put at 5.1.
Tom, thoughts on this rate hike and any other data you have on what's going on in the market?
Well, we could start right now with the rate.
And so when everybody's hearing about inflation, oh, wow, you know, 7.1 instead of 7.3.
That doesn't mean prices are falling.
They're just not rising as quickly as they were a minute ago.
So there's still pressure on the American consumer.
But yesterday, let's talk about the stock market first.
So the consumer, you see CPI, consumer price index.
There was some positive news on that, and it created a market rally.
And by the way, there were programmatic trades that were going on.
Did you see this, Pat?
Yep.
That minutes before the CPI data came out, somebody knew, and they were putting out programmatic trades.
The market had a rally based on some positive news on consumer pricing.
But then Powell goes to the microphone and says, well, it's a half point now.
And there's going to be another half point at least in February.
And we're going to keep doing this until we can get inflation down to 2%.
And then that was a downer, right?
So the cop showed up at the keg party and now the market came down.
So that's what the market was reacting to.
But what was interesting that I saw about the whole thing on inflation was right now, gas is really the thing that was driving inflation calculation.
And a lot of people were critical of Biden open the strategic petroleum reserve.
So what he did, he put more supply out, cheap supply.
And so the price of gas is going down.
Now, it's a negative thing that he's using the strategic reserve to do that, but it's a positive thing right now for people that are commuting to work or paying less for gas.
So it's a positive thing.
But there's nothing else on there that was really going down.
As a matter of fact, services, including public transportation, are now up 25% year to date, which was pretty heavy.
So that's what was the market reaction yesterday.
But underneath it, Pat, inflation is still tough on Americans.
By the way, this story, Fox News, says five reasons why the U.S. could lead into head into recession in March.
According to Bank of America, number one, the yield curve is the most inverted since October of 81.
Okay, they're talking about the 10-year U.S. Treasury yield currently about 80 basis points below the yield of the two-year U.S. Treasury.
So they're concerned about that.
Number two, oil is down 40% in six months, despite various bullish supply factors, including China reopening its economy, the Russian oil price cap, an empty U.S. strategic petroleum reserve, and OPIC remaining supply constraint.
Number three, bank stocks are down 10% in just four days.
That's concerning.
ISM manufacturing new orders are down three straight months during the current period of high innovations.
Altogether, this serves as a potential signal that businesses are anticipating or already experiencing a slowdown in customer orders.
And last but not least, the U.S. home sales index is down 37% year over euro, while home prices in Sweden, New Zealand, Canada, and Sydney, Australia are down 13%, 11%, 10%, 5%, respectively.
Overall, the housing market, both in the U.S. and abroad, is slowing down, and that can have a negative wealth effect and hurt consumer spending.
Adam.
Moira, I have a question for you, Pat, to kind of circle back to what we just talked about with the raising of the interest rates.
I think when it comes to politics, I think we're all very focused on who the president is, who's the vice president, who's like in the Senate.
But is there anybody more influential than the chairman of the Fed?
Like, is Jerome Powell the most influential person in America today, right?
Like, if you go down the list, whether it's Jerome Powell, go down the list.
And who was before that?
Janet Yellen, then you had Bernanke, then you had Greenspan, you had Volcker.
Like, these are not household names to most people.
I guarantee you, if you go around to most Americans and be like, who's this?
Picture of Jerome Powell.
They'll be like, I don't know that dude.
Picture of Janet yelling, like, my grandma looks like my grandma.
Like, nah, nah.
These are not household names, but these are the actual people who are running the country.
These are the people, but behind the scenes, these are the people that affect your actual money, your savings rates, your debt, how much you're paying on interest rates, credit cards, college loans, all that kind of stuff.
So, you know, it's crazy you're saying this.
This is why, for me, I went and I was talking about, I tweeted this out the other day.
The last time I listened to the radio was 2002.
I haven't listened to the radio since 2002.
You know this because my music stops at 2002.
I know nothing after all.
You know, until about like Ja Rule and Nelly, and then it falls off that leaf happened and I'm going to tell you literally this weekend.
We were playing spades at what do you call it, one of the events parties.
Tom, I don't know where we were at.
We're at the Manashina Sappala's place in Fort Lauderdale.
I'm playing Spades against Swazzo from New Orleans.
Whooped his ass when he was teamed up with Memphis.
But until Jamie Musgrove showed up, was like, she really knew how to do it.
She never made a mistake.
But anyways, two Armenians whooped on a bunch of guys from New Orleans, Chicago, Memphis.
It was awesome.
But they were playing hip-hop.
They're playing all this stuff.
And I'm talking to the guy.
I said, so tell me, who are the top five best rappers right now?
And this guy says, well, Little Baby, number one.
And I'm like, and he plays Little Baby.
I'm like, dude, I'm not.
I'm not.
You don't know about the Bob?
You don't know about Bob?
Good.
That's Dub Baby.
There's a little baby and Dub Baby.
In 2002, I stopped listening to the radio.
But then what happened was I realized the, I'm not going to follow anything with politics.
I'm not going to follow anything with the economy.
I'm just going to mind my own business, read my books.
That worked out because my mindset got tighter.
But then as you get bigger and bigger with your business, it is very, very important to follow what's going on in the news.
Now, here's a problem.
A lot of people will say, well, dude, I don't know.
Who do I follow?
I don't trust CNN.
I don't trust Fox.
You know, all these people that say they don't trust this.
I will tell you, if there is, and Tom, you know, I think you would vouch for this as well.
If there is someone, you ought to subscribe.
This is not a sponsorship.
We're not making money off of this.
They don't send us nothing.
Go subscribe to Wall Street Journal and read it every day.
Okay.
I think the Wall Street Journal, if there's anything they do, they're the most fairest ones that will call out shit on the left and the right and the middle.
I think they're straight up.
So my suggestion is do follow a publication that you do trust.
And I would say I put Wall Street Journal on the first one.
I completely agree with you.
And to go back to Adam's point, the president sets policy in a general sense.
And he is very, very instrumental in a lot of the programs that come out.
But you're correct about the Fed operating independent of the president.
He can't really control him.
But there's really two people that control the economy.
One is the chairman of the Fed, and the other is the U.S. Secretary of Treasury, because that's where all the tax planning comes.
So the president very much controls tax and treasury.
Goes to Treasury and he says, listen, this is what we're going to do on taxes.
We're going to do, we're going to cut taxes.
We're going to raise taxes.
We're going to do tariffs.
And so the Secretary of Treasury on the left and then Jerome Powell on the right and the president in the middle, those are the three that will impact the economy.
But you're right.
The Fed very much has a mind of its own.
Whereas on the other side, the president has control of tax through the Secretary of the Commission.
With that being said, I might need to recant my statement of Jerome Powell being the most influential, powerful person in America.
Maybe it is Janet Yellen because she's had both positions in the last few years.
She was the chairman of the Fed for years, and now she is the Secretary of the Treasury.
So is Janet Yellen the most powerful person in America?
Not on the cover of Vogue anytime soon, but she's going to be on the cover of Time magazine and other things because she swings a lot of, she's got a lot of weight.
You're saying she's not hot enough?
Is that why she's not going to be on the cover of Vogue?
Damn, dude.
I don't know, Tom.
How would you just say that?
I know a lot of friends from the Army who are into that.
She looks like she's going to be the new Harry Potter movie.
No, no, take a look at that.
Take a look at that.
Is that Buddy Hackett?
Tom, nobody knows who Buddy Hackett is.
We appreciate that joke.
But here's the question.
I actually want to go do that.
Do you know who Buddy Hackett is?
No, none of it.
What?
I do.
No, stop it.
No.
Buddy Hackett?
Stop it.
Stop it.
You know that guy.
Tom's telling jokes from 1960, and he's like, come on, guys, it's good, right?
No, no, no, nobody knows Buddy Hackett.
Take off the glasses.
It's pretty similar.
Get him on without the glasses.
But here's my question.
We're having this debate over whether Janet Yellen or Jerome Powell, who's the most influential, to the average American, like they don't know who that lady like, swear to God, be true.
Vinny, did you know who that lady was?
I'm going to be dead serious.
I knew she had something to do with finance, but I don't memorize her.
Like, if I showed you a picture of her, would you know who she is?
Be real.
I wouldn't know she's in government, but I didn't know.
I didn't know.
Oh, like the Powell guy?
I know he's a weird guy with glasses, right?
No, that's Fauci.
They're all weird.
But yeah, but this is my point, is that we get so obsessed with fucking Trump.
Biden is an idiot.
Trump's like, these are the people that are actually affecting your money.
Yeah.
Right?
Yeah.
And it'd probably be good to just know their name.
But here's my question from the average Joe point of view.
I keep hearing this, you know, this is going up.
Bank of America is warning us of the recession.
Everything's coming.
I thought we already were in a recession.
Why is everybody keeping?
That's not the definition.
Well, the White House changes it every two seconds.
But what I'm saying is like everybody knows that we're already there.
Inflation's insane.
We are technically in a recession.
So what is all this?
It's coming.
Get ready for it.
I thought it's already here.
What is it?
Two quarters of GDP.
Well, how many times have we had that?
What is the fourth quarter bill?
But you got to realize it's a very good point that Vinny makes.
So think about this, how strategic this was.
One, you know, we tap into oil reserves.
Gas prices go down right before the election.
Okay.
You got all the stuff with Sam Bankman freed.
The investigation comes after the election.
You got the, what do you call it?
Going back to the other issue that we're talking about.
You got a bunch of things that happened right after the election.
Twitter files right after the election.
Everything, timing-wise, you have to give it to the Democrats.
They time it so perfectly well for midterms.
Hunter Biden right after the election.
Everything was right after the election.
Credit, as a strategist, as a strategist.
Forget about dirty and all this other stuff.
As a strategist, the credit goes to the timing of credit goes to the left.
I will tell you this, though.
You know how every year there's a year of something?
Like we're calling 2023 the year of building character in the insurance company, PHP.
So we're calling the year of building character.
Every year, you ought to have a name for that year.
Like when I go to give a talk, every talk I give, I have one word that I think about.
And I have my entire talk be revolved around that one word.
If I'm speaking to an audience, if I'm talking to my kids, if I'm having any kind of a conversation, it's one word.
2023 is going to be the year of investigations all year long.
FTX, Sam Bankman, Fried, investigation.
A lot of people are going to be tied to it.
You got Trump investigations.
You got Fauci investigation.
You got Biden investigation.
Hunter Brighton investigations.
It's going to be all about investigations in 2023.
And here's my concern.
And so what they're doing is both sides have to kind of sit there and realize, dude, if you guys want to play this investigation, impeachment stuff, ain't nobody going to get nothing done.
We're going to be constantly in this mode.
And we will lose six, eight, 10 years just constantly investigating each other.
Now, here's the other part.
To the voter, the voters sitting there saying, Pat, I don't care if we keep investigating for five years.
I want to know what the hell happened to COVID.
By the way, did you guys watch this documentary?
He died suddenly or no?
You told me to watch it.
Did you watch it or no?
It bothered me so much, Pat, that my cousin Ronson, who came here to visit, he goes, Vinny, is there any way to take vitamins or something to get the vaccine?
He was so scared of it.
He took it.
Because he was forced to go.
Did you watch the documentary?
I watched it.
Did you watch the whole thing?
That stuff that was coming out of it.
Tom, did you watch it or no?
No, not yet.
Adam, have you seen that?
Have anyone you guys watch it or no?
Have you seen it?
So last night, I watched this thing and I'm like, yeah, fine.
I'll watch it.
I take a look at it.
I'm like, oh, my God, you got to be.
And by the way, the way everybody was passing out and dropping and dying.
Comedians, every I just thought it was just weird.
Now, here's the thing.
You know, if you're in the financial industry and you're in this business, you're paid to be a skeptic.
If you're 100% too confident, you're not going to have a long career because you're like, oh, yeah, guaranteed.
You don't know, right?
So everything's like, I don't know.
I'm a skeptic.
I may be wrong.
You got to constantly be in that skeptic, paranoid phase of what you think is going to be happening.
When I watched this, I sat there and I said, dude, I got a lot of questions, man.
I want to know what the hell is this all about?
Either these doctors are lying about all the stuff that they're finding, which is very abnormal.
Embalmer.
Embalmers.
Yeah, they're taking the blood out of that line.
Dude, it is like.
By the way, if you watch it, it's an hour and eight minutes, very disturbing to watch.
So I watch it.
And he says, look at the search.
He says, just go on Google and type in the word just died suddenly.
Died suddenly.
Just go Google the word died suddenly.
And he says, you will see so many stories of people that just died suddenly.
Why did Hillary just died suddenly?
22-year-old just died suddenly.
Soccer players, people died suddenly.
And then you're saying, so, oh, it's because of a stroke.
It's because of a this.
It's because of a dad.
Then in India, if you go on YouTube and you type in, if you go on YouTube and type in died suddenly, in India, there's all of a sudden a massive surge of heart attacks of people dying suddenly.
If you go on YouTube and just type in died suddenly, you'll see a video that'll come up about India.
Don't click on it.
I'm just showing India today just died suddenly.
That people are just dying suddenly.
And we have to hear all these other stories.
Here's all I'm saying.
I don't know if it's true or not.
All I'm saying is we ought to investigate that to learn more about it.
100%.
Did something happen with Biden at this point?
Everybody knows he was involved in something.
So guess what?
We have to investigate that.
I was watching MSNBC the other day, and they're like, yes, here's what's going on with the files.
And it is true that there were certain things going on with Hunter Biden and this is Ukraine and all this stuff.
And I'm watching this lady from MSNBC with the two different people sitting there.
For a second, I'm like, this sounds like Fox News.
Why are you doing this now?
Two reasons.
One, they don't want Biden to run at all.
They want to get this guy to step aside so they can get a newsome or somebody else to run.
Hillary Clinton is salivating, thinking this is her last chance.
This is why she's going around doing what she's doing.
But you're going to see how quickly they're going to flip on Biden.
They're going to force him to retire the same way they forced Elizabeth Warren, the same way they forced Bernie Sanders, Amy.
They forced them to retire from that election.
Even though Bernie was whooping on everybody, they forced him to retire, right?
They cheated.
And they're going to force Biden to retire after all these stories.
These guys are very, very strategic and methodical in the way they work.
So although I'm not a fan of constantly being in investigations, I am a fan of wanting to know the truth.
So I think 2023 will be the year of investigations, and it will be a rough year for the Bidens.
It'll be a rough year for the Fauci's.
It'll be a rough year for anybody that they don't want to be in office.
It's going to be constant investigation all year long.
It's going to be a problem with Trump as well.
Yeah, no, for sure.
He's on that list as well.
Here's my question to you.
Do you think anything will come about?
Because I'm personally sick into everyday Hunter Biden laptop.
You've heard the Biden, the Hunter laptop so many times.
I mean, you know what was going on.
He was a bad man for his father.
The big guy, Tom, was Joe Biden.
He did all this stuff.
God knows what about the drugs and the underage shit he has on the computer.
Nothing's going to happen.
Fauci, if you want to see somebody that's going to be under investigation that looks like he's untouchable, Fauci, nothing's going to happen to him.
So, what's going to happen?
You think he's going to go to jail?
Let me ask you a question.
Did you grow up in a household where people were smoking cigarettes?
My father smoked cigarettes all the time.
Did you or no?
You did not, right?
Did you?
Did you grow up in a house?
No, no, no.
Did you guys, did you smoke?
No.
Did anybody in the house smoke cigarettes in the house?
My dad.
How about yourself?
Anybody?
So, my house, both my mom and my dad would smoke cigarettes.
Oh, really?
Both of them.
I'm talking about two packs a day.
So the entire house was sick.
So both of them.
Mom and dad were both smokers, cigarettes, right?
And it was very normal.
Well, then, what happened all of a sudden?
A lot of people stopped smoking cigarettes.
I don't even understand people who smoke cigarettes today.
It's weird.
Like, I walk around.
I'm like, let me see if any of our employees smoke cigarettes.
I think we got one that smokes cigarettes, and I catch him and he always hides that he's smoking cigarettes, right?
But I just, I don't like the smell.
I don't like anything about smoking cigarettes.
But guess what happened?
A movie came out called Thank You for not smoking.
No, do you remember that movie or no?
Do I know the movie?
Oh my gosh, it's wonderful.
It was written Thank You for Smoking.
No, it's Thank You for Smoking.
Not smoking.
Thank you for smoking.
William F. Buckley's son, Christopher Buckley, wrote the book that became this movie.
Yeah.
And by the way, if you've never seen the movie, Aaron Eckhart watched the movie.
Here's what I'm convinced is going to happen.
Here's what I'm convinced is going to happen.
If the movie people are truly into making an impact, and it's a crusade and it's a cause and it's all this other stuff, someone has to go out there and make a movie saying thank you for taking a vaccine.
Like Michael Moore.
Yeah.
No, but a movie.
A movie with big actors, okay, similar thing like this and going after big pharma, okay?
Straight up going after big pharma.
Because if they did something like this, I'm convinced they're eventually going to be held accountable.
I don't know if Fauci is going to be alive for that.
Because I think Fauci right now is 80 years old, whatever age he is.
He's young.
So he's a young 80-year-old.
He's not an old 80-year-old.
And let's not forget, he was the sexiest man alive at one point.
He's 81 years old, by the way.
Good-looking 81-year-old guy, if you think about it, okay?
Because he probably didn't take the vaccine, if you think about it.
But the point here is, no, he did not.
The point here is, the point here is, I want to know what happened, and I think eventually we will.
I just don't know if that eventually is going to be sooner or later.
They were asking Elon Musk a question about, hey, so Elon, do you think they're going to come and target you?
The government's going to do this.
He says, absolutely, they're going to come after me.
He says, but the good news about that is the government always moves very slow.
So it's going to take a while before they come after me.
So it's going to take a while before they get down to Fauci.
Go ahead.
Were you going to say something or no?
Were you going to everybody to, because this is your time where you jump in and you say, this message is sponsored by Pfizer or by Moderna, Johnson Johnson to take your fifth booster and all this other stuff?
Are we talking about COVID vaccine?
Is that what we're talking about?
No, I'm just talking about it.
It's going to be your investigations.
I sent our friend Rob actually what the word of the year were.
I thought it was gaslighting.
It was gaslighting.
2021 is gaslighting.
It kind of makes sense.
And there's also, I think a bunch of different dictionaries have different words.
Also, woman was the word of the year in 2022.
But I guess I'll ask this.
We've seen the politicization of science and public health with COVID.
We've seen that.
There wasn't, and rightfully so.
I mean, the data shows that if you're in a red state, you're less likely to take the vaccine.
If you're in a blue state, you're way more likely to take the vaccine.
I'm wondering what the trickle-down effect of this will be.
Meaning, if you wanted to get the flu shot for years, that wasn't a controversial thing.
If you've got kids, like to getting the measles, mumps, rubella thing, that's not a major controversial topic.
So clearly the COVID vaccine has been very controversial.
I'm not even weighing in on my opinion on it.
I'm just, I think we're all aware of the fact that it's been controversial.
I'm wondering what the slippery slope effects will be with other vaccines that have helped, you know, whether it's polio or measles, mumps, flu.
I'm wondering what the side effects of that will be.
Are people less people going to be inclined to take?
Dude, I don't care what it is.
Here's what I want to know.
I just want to know what the side effects are.
I want to know if it's good or not.
That's all I want to do.
I think I'm the only one in the room who actually took the vaccine.
We took close shots so I could travel internationally.
The first one, after the first shot, I had shortness of breath for like two months.
After the second one, I gained 15 pounds and I had a lot of swelling in it.
You did?
Yeah.
I haven't been the same thing.
Well, look, here's all I'll say.
I'm about give me the study.
That's all I care about.
Like, you know, when you want to invest into a mutual fund, what do you ask?
Okay, can I see the prospectus?
What has it done the last 10 years, 20 years, 30 years?
You want research.
Of course.
That's all you want.
I think the American people asking for research, there's nothing wrong with that.
And by the way, the more we learn, the better we get.
At one point, people are like, cigarettes are not bad for you.
Well, guess what?
They are.
We just want more research and data, and then we will collectively make an educated decision to say, yeah, I'll take the shot or no, I won't take the shot.
I think that's all people are asking.
Because when it comes to flu and meat, like, come on, Adam, those are how long are those around?
They're saying, well, this has been around for a year.
And the push of the government, the Blasio New York, was live saying we're going to give you guys a free cheeseburger, shove this needle inside you, and put some experimental drug.
All I'm saying is, like Pat said, when they're like, trust the science, I need at least 10 years of research and let them fix it and upgrade it.
And people were just stepping up because they were all, all these people in cahoots were like, get it, get it, get it, get it.
How much money did all the Pfizer and all the big pharmacists?
A trillion dollars?
Did you see what percentage of the world has taken the vaccine?
What?
No, I haven't.
That was on the documentary.
No, I haven't.
What percentage of the world do you think has taken the vaccine?
Do you know the number?
Half?
What do you think the number is?
Half is a lot.
What do you think the number is?
Percentage of the majority.
What percentage of the world do you think has taken the vaccine?
A third?
68%.
Holy shit.
What?
Does that not kind of a...
I was going to say how.
I don't know, man.
That 68% is pretty wild.
And by the way, you know, a couple of things that came out in the documentary, they showed a paper that I want to say Kissinger.
Yeah, 68.6%.
There you go.
That's insane to me.
And how much money are they making?
How much money are you making?
Dude, that's a lot of money.
Oh, my God.
And the other day, Fauci just came out last week saying, you know, vaccine is officially approved for people under the age of six months or whatever on what they're doing with the vaccine.
Look, all I'm saying is the following.
While you're watching the documentary, they talked about what Kissinger wrote back in the days.
I don't know if you, you know, Henry Kissinger.
Henry Kissinger in December 10th of 1974 wrote a paper called Implications of Worldwide Population Growth, where he said preferential treatment and allocation of funds and manpower should be given to cost-effective programs to reduce population growth, including both family planning activities and supportive activities in other sectors.
And then Ted Turner talked about the population growth saying, we're too many people.
This is why we're having global warming.
That was Ted Turner's word.
So this is like, listen, I just want to know, man.
I want to know what's going on here with this part.
I want to know what the motive is.
I want to know what the fear is.
I want to know who's behind it.
And I simply, like the same way, you know, John F.K. assassination, JFK assassination, one person died.
Yep.
Really, it's multiple people died.
But in that situation, we're talking about the president died.
This isn't one person died.
This is a lot of people that died and took something blindly with only less than nine months of research, not even nine months of research.
You don't have a lot of research on the vaccine.
So I don't know, man.
Previously, I think it's, Rob, you can look this up.
I think that the fastest zero to approval on a vaccine was mumps, and it was done like in three years, a little less than three years.
And that was a previous record.
And so, oh, this is mRNA.
And then we've got all these other ways that we do modeling.
Listen, the reason you do clinical trials and the reason the FDA requires clinical trials is because humans are different.
I'm allergic to coconut.
You're not.
You are asthmatic.
I'm not.
You have all these things that have to happen.
And yet they run this thing through.
And then on top of it, Adam, remember what the pharmaceutical guys went and got from the U.S. government?
Amnesty.
Amnesty against future lawsuits.
Now, why would you know what year it was?
76.
Mumps?
No, no, the lawsuit that you can't do anything to them to like 2076.
This can't be investigated.
And any amnesty was 50 years, whatever year it was.
But can I say one thing, though?
I don't, I just five years, I think.
I disagree that people weren't just blindly taking it.
They were coerced.
And if you think about, think about everything else happening.
They were told it was a war against the unvaccinated.
Number one, right?
You couldn't travel.
People were losing jobs.
Jobs are like, you have to put this experimental drug in you or you're done.
If you want to talk about a company like that, like all the big pharma forcing you to take their product, like think about it.
Coca-Cola doesn't say, hey, if you don't drink Coca-Cola, you can't come to work today.
You know what I mean?
Like for a company that's like, and has the government behind them, bro, what a gangster movie.
Here's some three weeks and a headline.
Here's the crazy thing to think about.
Exactly.
By the way, straight up people close to us.
Jose Gaitana has been living in LA for 43 years, 44 years, 45 years.
He just moved his family to Houston because he was uncomfortable with raising his family in L.A. George Pallai has living in LA for 35 years.
He just moved his family to Austin this week.
Okay.
Matt Anchina Sopala lived in Chicago 48 years.
Okay, Matt, 47 years.
He just moved his family to Dallas.
Like people are literally moving to go to places that they're being left alone because they're like, dude, let me just choose what I want to do.
So here's all I'm saying.
You know, we're not saying, you know, there is or there isn't.
All I'm saying is if there is an area I want to see a lot of investigation in, I definitely want to see a lot of investigation.
By the way, for me, I am more concerned about the COVID investigation, Fauci investigation than Hunter Biden, to be honest with you.
And no joke, I know that Hunter Biden, all this stuff, we're not naive to know that there was something there.
Nobody's a dummy.
They'll get to it.
Something will happen.
He'll go to a nice jail.
Fantastic.
Who cares?
What I truly care about, I truly care about what happened with this thing.
Because if this doesn't set a precedence, you just best believe it's going to happen again the next 5, 10, 15, 20 years, because this will be the playbook on what they'll do to our kids and our grandkids.
I'm not cool with that.
I agree 100%.
I can add one thing.
If we're going to talk about accountability here, let's start at the top.
What the happened in this Wuhan lab?
How the fuck do we not figure out this information?
This bat, this wet market.
Like, let's start at the top.
Yep.
Let's figure out that and then let's hold people accountable.
That's number one.
Number two, if there's anything that has become crystal clear to me in the last couple of years, it's the option of personal choice and versus mandates.
Oh, you have to do this.
You must do this.
This is something that's so un-American.
It's so not American.
So, like, again, I'm not even, I'm not even going Democrat.
I'm just saying in general, we all would like to just live the lives that we want.
If you want to get the vags, go for it.
If you don't, you don't have to, right?
These mandates are the problem.
And now you see this story right now about the House passes a massive $858 billion defense bill that would scrap military COVID vaccine mandates.
Weird.
Feeing.
So it's, listen, we've heard with like the abortions of my body, my choice.
Like, well, which one is it?
Yeah.
Is it, do you have a choice?
Do you not have a choice?
Is it a mandate?
Do you have to have an abortion?
Could you not have an abortion?
Do you have to take the vaccine?
What we stand for in America is like, it's your life.
You have your choice.
Nobody should tell you you have to do something.
I just want to know.
That's all I want to know.
I just want to know.
I want to get research from both sides.
And like one of the doctors, he was trying to show and say, look, I send this report to CDC.
He sent it to this lady in this documentary died suddenly.
He goes in front of her house.
He says, all I want you to do is consider reading this study.
She calls the cops on and says, dude, I don't know any other way.
I've sent this to CDC so many times.
Why don't you guys want to just see an opposing argument to this?
No, not at all.
We trust the signs.
So I want, look, when you think about vitamin, what does vitamin stand for?
Actually, think about what vitamin stands for, okay?
You got capitalism and entrepreneurship.
You got value, entertainment.
You got debate is one of them.
One of our biggest things, like my, you know what my dentist yesterday was saying, correct?
He says, you know, you know who I like?
I like it when you and Adam get into it.
He says, I like it when there's some kind of debate because that's when it's like I'm sitting there saying, you know, you go and you say this.
What are you talking about, Adam?
Make your point.
I said, he said, he said, how can you ask a question that you can't even answer yourself?
The point is, and then he says, what's funny is me and my friends are like that and people think we're fighting and we walk away and we go have a drink together.
Of course.
I said, that's a part of the DNA at VT.
We like debate because that's how everybody gets closer to the truth.
A couple shout outs to Super Chats.
Can I real quick just say, I know that we have these debates.
I don't know if there's ever been a negative comment about me in the comment chats.
I've never seen that.
No, they loved it, too.
They loved when I weigh in on stuff.
So I appreciate all the positive, amazing comments I get when I laugh.
Scott Rodriguez just said, my company couldn't work or go on any production here in Hollywood unless my guys were vaccinated from 2020 bill to 2020 till now.
They just lifted those restrictions.
Jesse Jimenez just said, please remember that if you don't take the vaccine, you were punished by your health insurance from your job.
And we're all about the green.
And then anyway, so that's if you could keep your job, though.
I worked for one of the major media companies in the United States working for a radio show from home.
I lived in my house in Florida and the radio station was in Harrisburg, Pennsylvania.
And the company, Cumulus, which Dan Bongino worked for and was threatened by Cumulus to not talk about the COVID vaccine and not taking it, they actually forced me working from home to take it, as well as my wife's medical company, who she also worked from home.
And the biggest thing was you weren't allowed to talk about being forced to take it.
If you talked about the COVID vaccine on the air for these radio stations, they would fire you.
Or if you didn't get the vaccine, they would fire you as well.
So they made you choose between feeding your family or getting the vaccine.
And Rob, great point.
And the fact that people don't realize what, how?
Tell me they're not in cahoots where the government and big pharma teamed up and they said, listen, scare the shit out of them.
Make sure they all take it.
And they're ready for this.
No, the truth is coming out.
It's already too late.
Tom, they already made their money, bro.
And they're still making it.
I know people give them all the information.
They're still on their fit.
They're going to get their fifth booster and they're giving it to their kids.
Like, are you freaking crazy?
Again, let me wrap this up before we move on to the next thing.
Everything we're saying here, everything we're saying here is that's the top of the investigation for me.
All the other stuff is, it is what it is.
That's the top of the investigation for me.
Pfizer recorded $7.8 billion in U.S. revenue for its COVID vaccine in 2021 just from a COVID vaccine.
That's a pretty solid number.
You're making $8 billion off of one vaccine.
You know what's the crazy thing?
This whole Sam Bankman Freed guy that's like, oh, he gave $39 billion.
He gave this.
He gave that.
I'd love to know how much this guy's given to how many people, Pfizer, some of these major companies here, and who they're controlling.
Do you remember the conversation that we were having when I asked you?
This is like a year and a half ago, two years ago.
I asked, what percentage of FDA is funded by big pharma?
Do you remember what the percentage was?
Do you guys know what percentage of FDA?
I want to say the number starts with a nine in my head.
Do you know what the percentage is?
No.
Well, FDA is supposed to be a government agency, but I know that you have to pay fees to get your drugs through.
And then the pharma as an 75%.
I was going to say 90%.
One of the biggest 75%.
So I'm going to go 75%.
What does it say?
75%.
I remember 90% for some reason, but 75%.
Imagine that thumb.
Crazy.
Do you realize what you just said?
This is a government agency.
The pharma industry finances 75% of the agency's drug division through a controversial program that Congress must reauthorize.
What are we talking about here?
You're right.
What are we talking about here?
Remember the conversation we had with Zubi, where he said there's two countries in the world that allow drug commercials on TV, United States and New Zealand.
There's big money in big pharma.
There's no money in natural immunity.
It's just not a thing.
There's big money in big pharma.
I think ultimately what Rob is saying here, what you were talking about with your story, which I think was very powerful, I think part of the problem that we had was, you know, sort of the foundation of the United States is that you're innocent until proven guilty.
You don't have, there's no rush to judgment.
There might be a rush to judgment, you know, sensationalize the media.
Okay.
Are you talking concept or reality?
I'm saying concept, the concept.
But the problem was, that's exactly what I'm saying, is that there was a rush to judgment.
You have to do this.
It was a very emotional response.
Nobody knew what the hell COVID was or CR9, whatever the hell.
And then all of a sudden, it's like, we're all going to die.
All right, get the vaccine.
And the Operation Ward Speed is a very emotional situation.
But looking back at it, I think we can all agree that we probably did not handle it that well.
We didn't need to print $5 trillion.
We could have said, all right, old people, sick people, people with problems, you stay in the house, you take the vaccine, you go nowhere.
Young, healthy people, keep working.
But there was this like, you know, broad stroke to everyone has to do this, which was not correct.
Yeah, we could go on and on on this and covering up the comorbidities for the first six months.
They didn't even talk about the correlation.
Oh, the guy was smoking and he was morbidly obese.
Really, if he got the flu that year in 2015, he could have died.
You know, so that all of that swept up.
And then counting it, what's a COVID death?
It's a COVID death.
And there's car accident victims that were positive that, oh, you had a car accident.
You had an industrial accident, but you're positive for COVID.
It would get coded.
We were giving hospitals money for treating COVID.
So the federal government was giving hospitals the equivalent of a capitation or a stipend to treat COVID patients.
And so the hospitals started coding deaths as COVID.
If the person had a massive heart attack, but was positive COVID, that's a COVID death.
Oh, federal government, here's your $1,700.
And so there was a moral hazard that was end-to-end on this thing.
The 6 million that died, that's not the number.
A lot of people died, but it's not 6 million.
Last point for me: follow the money.
Okay.
The bottom line is Billions and billions and billions of dollars were made of this, right?
It's like, where did that all funnel to?
That's all right.
So let's go to the go to the next folks.
If you are able to get to the bottom of this, please let us know.
Please, especially in China.
Yeah.
Next.
All right, next.
So household wealth drops.
Ready?
$13.5 trillion from January to September.
Second worst destruction on record.
This is a market watch story, page eight.
American household lost about $6.8 trillion in wealth in the first three quarters of 2022.
The stock market shed more than 25% of its value.
The Federal Reserve reported Friday, nominal net worth fell 4.6% to $143 trillion as a market value of assets fell by $6 trillion and liabilities rose by $900 billion.
Household balance sheet, assets minus liabilities were popped up by a 10% increase in home equity, which is the greatest source of wealth for most American families.
But the loss in real wealth from January through September was about twice as large as the nominal loss, $13.5 trillion in current dollars after accounting for rapid inflation experienced this year.
Inflation makes both debts and liabilities worth less in terms of purchasing power.
Notice what it says here: that most people's wealth is tied to what?
Home equity, right?
Home equity.
That's going to disappear in 2023 for a lot of people.
Let me say that one more time.
That's going to disappear for a lot of people in 2023, that equity.
I know people don't want to talk about it.
Here's the thing.
You know, if you're living in a house and you're like, what do I do?
$300,000.
You know, I have equity in the house.
Do I sell it?
Do I not sell it?
Are you planning on living in this place for 10 years?
Yes.
Don't worry about it.
Don't worry.
It's meaningless.
It's pointless.
Okay, got it.
Hey, what do I do?
I got $300,000 in equity.
How long do you plan on living in this house?
Probably another year and a half max.
Okay.
Worry about it.
Okay.
Because you got to figure out a way to do something with that part there.
So it depends on what situation you're in.
You know, we were looking at the rates of a house because my guy fluent Goldman Sachs again, we're sitting there having a conversation with our quarterly meeting.
And he was telling me, you know what we locked in your rates at?
And he's showing, he says, you know what it would have been today?
Meaning people that are buying today, the rate, the difference in payment is not a small, it's astronomically different in payment is what you're saying.
You know, my guy was paying six grand a month.
This could be St. Plin could be a nine, $12,000 payment for.
Same exact value of a loan, by the way.
So you cannot tell me, oh, homes are going to keep the values.
They're not.
2023 is going to be rough for a lot of realtors and loan officers.
And I don't think it's going to slow down.
So 2024 will be the first year of relief for them.
So what you're saying is basically, I bought a house for $400,000, right?
I made upgrades.
I did whatever.
It's worth $500,000 now.
Now, because what you guys are saying is now the value of houses is dropping.
So you got to get rid of this.
Only because rates are skyrocketing.
So people, remember, rule of thumb.
We've talked about this many times.
Rule of thumb.
People don't buy a house based on the loan amount or the interest rate.
People buy a house based on the payment.
No one goes to the bank and says, give me a $600,000 loan.
They go and say, I can't afford $5,000 a month.
What size loan does that qualify for?
No one goes and says, I want a million-dollar loan.
They solve for payment.
So the payment just doubled, give or take.
So the average person's like, hey, I can't afford an $8,000 payment, $6,000 payment.
Okay, good luck.
You went from an $800,000 home to now $600,000 loan.
What are you talking about?
I can't get nothing for $600,000.
Totally get it.
But that's what just happened.
But reality is going to sink in in 2023.
There's something else below the surface here to step on this.
Is that Americans?
We already talked about over the past month, we've talked a couple times about how Americans' credit card balances are right back up.
Remember, they went down when all that money came from the government and now they've popped right back up.
Well, why are they been popping up?
Because inflation, they've been using credit cards for things.
And it shows here in all the discussion about the $13.5 trillion in wealth from houses and stuff, there was $900 billion in real liabilities by the U.S. consumer.
That is on credit cards.
They don't have short-term loans.
They don't have signature loans.
You know, it's a few people have home equity loans, but the majority of the rank and file of America is $900 billion.
And interest rates are going up, so they're paying more interest on that.
So the talk about the real recession next year isn't just because, oh, the narrative's off the election, the midterm election, so it's safe to talk about it.
It's that this is what's coming.
Americans now have as much or more debt as they had before COVID, as much or more before all of the bailouts.
Point one, interest rates are higher.
So what they're paying the interest on that is higher.
Inflation has made basic goods and services, gasoline down.
I said it.
Yes, it's a good thing.
But everything else is still up and still growing.
So I can't afford my life.
I'm more in debt.
And interest rates are up.
I'm going to be paying.
So the spending is going to go down.
Consumer spending is going to be dropping.
And that's what's going to drop us into recession when the engine of the economy, the consumer, can't afford to buy things because they're more in debt.
The interest rates and the debt is up.
You see how that all comes together?
It's a simple little puzzle.
And that's where it's going.
The other interesting thing is right now, before COVID, the average inventory of vehicles on lots was around 3 million cars in any given week would be available on lots.
Total.
Total.
Any given week, there'd be about 3 million finished cars available for sale.
Right now, there's about a million cars available for sale, which is up significantly.
Because remember, in the middle of COVID, we all learned that when chips are expensive or you can't get chips, you could build the whole car, but then you needed like the five chips that go into the dashboard system.
And they had to wait for those.
Well, now some of that supply has come back.
There's a million cars available out there, but we're still almost at an all-time high.
And the car loans are now up at 8%.
So guess what?
The million cars are sitting there.
Consumers have a lot of debt.
They can't afford to do it.
So all of these things are going to represent what the real recession is coming.
And I believe the numbers that we're seeing on job losses, that there's about 2 million jobs are going to be lost by mid-year.
2 million jobs are going to be lost by mid-year.
So that's a real, you're saying real recession?
Because right now, this is like the kind of like, man, recession.
Well, we're going for like, you're talking about like Armageddon.
I'm saying would not Armageddon.
Would you bet?
Not Armageddon.
No, no, no.
Would you bet on the consumer the next six months pumping up the spending to help the economy?
I don't think so.
I don't think so.
Yeah.
They can't.
By the way, here's a story that Tom's talking about race for a recession in 2023.
As job losses top 2 million, Citi says, this is a Fox business story.
The U.S. will likely tumble into a mild recession next year and sees unemployment top 5%, according to a new report from Citi Global Wealth Investments.
The group said in its latest Outlook report published this week that the economy could lose an estimated 2 million jobs in 2023 as the jobless rate climbs to 5.25%.
We believe that the Fed rate hikes and shrinking bond portfolio have been stringent enough to cause an economic contraction within 2023.
And if the Fed does not pause rate hikes until it sees contraction, a deeper recession may ensue.
The Federal Reserve has been raising interest rates at the most aggressive pace since 1980s in a bid to fight inflation.
So this is coming.
Unemployment is coming next.
Even Jerome Powell yesterday when he was giving a speech, I don't know if you guys watch his speech or not.
He was even talking about how they're expecting to see unemployment crack 4.6% next year.
At the Goldman Sachs event, when I asked David Solomon, their number they're looking at is 4.3, 4.4.
I think it's going to be about 5%.
I think it's going to be about 5% in 2023.
Meaning, if you like your job and you're doing good at your job and you want to keep your job, step up.
Yes, step it up, everybody.
Stepping out.
Can I tell you something?
I know you won't hear me saying this.
You remember when last year, like, hey, I don't care.
Go take the bigger race elsewhere, all this other stuff?
Here's what I will say.
If you, during COVID, during all this mess, you were loyal to your employer, you can go ask for a raise.
If you were loyal, you didn't play gamesmanship, you didn't bully the employer, you kept your head down, you did your part, you've earned the right to go ask because that is something that companies value a lot.
And by the way, companies, if you now, obviously, you can't go out there and say, give me a freaking, you know, whatever percent raise.
I'm not talking about that.
Don't go, say, I think I deserve this raise, but you've earned the right to ask for a raise.
And if companies who bitched about the fact that people were bullying you by shopping the salary, if you don't take care of your employees who were loyal to you, you're just as guilty as those who were bullying others.
Because this season is the season to reward loyalty because there were a lot of people that were loyal.
This is the time to reward loyalty.
And I'm talking, I'm talking, if people were with you from the beginning of 2020 to today, no bitching, and they saw people going and going back and forth, all this stuff.
Those people deserve a raise, every single one of them, that went above and beyond.
I'm talking about guys that are doing their part.
Everybody deserves a 3% raise or whatever that is that people are getting, but I'm talking guys that truly went above and beyond while everybody else was shopping left and right.
Those guys deserve some kind of a raise.
So that's also the difference behind it, right?
Employers can't just sit there and say, well, you know, the grass is not green on.
You're right.
It's not because the grass is only greener on where you water the grass.
The grass isn't green on.
We don't water it.
That doesn't matter if it's a relationship, gym, finance, business, career, all that stuff.
But loyalty.
And by the way, did you see what Goldman Sachs announced?
David Solomon announced this week.
The biggest bonus reduction in the history of Goldman Sachs.
They're paying the least amount of bonus.
Can you zoom in?
If you tap in David Solomon and bonuses, David Solomon, chief executive of Goldman Sachs in New York on Tuesday, December 6th, one year after Goldman Sachs paid out the largest bonus on Wall Street, the investment banking giant is considering slashing banker bonuses by run 40%, the largest cut to payouts since 2008.
Good for him.
He's doing the right thing.
Well, he doesn't have the profits to do it.
Yeah.
What he's saying is...
Hey, you were going to get, let's say you were going to get a 30% bonus on your salary.
So in him saying he's slicing it by 40%, that means you're only going to get an 18% bonus because it's tied to the profit of the company.
So 40% of 30 would be 12%.
12 goes away.
So I still get a bonus.
I'm getting 18% bonus, not 40%, because the profitability of the company wasn't there.
He's making a straight-up move.
You mean 18%, not 30%?
That's what I'm saying.
Yeah, I get 18%, not 30, because 40% goes away.
Add to what you were saying.
I think it's so important what you're saying about loyalty and stick-to-it-ness.
Like you might be like the last couple of years have been very difficult, whether you're an employee or an employer.
Okay.
And you use the relationship analogy.
I did a segment on my show, the SOSCAS yesterday, about how a lot of men and women, but in this particular case, women, are developing shiny object syndrome because of social media.
And basically, you know how the famous phrase, comparison is the thief of joy.
What happens is this woman gave the analogy.
She's like, I have this guy.
He checks all my boxes.
He's amazing.
But then I go onto social media and I see so many other options out there.
And oh, maybe this guy, oh, maybe that guy.
To use an analogy with your job, it's like, okay, maybe you like your job.
Maybe you're, you know, whether it's a job or relationship, there's not all good days and there's not all bad days.
We all know that.
But to use the relationship analogy, she was like, I don't know, maybe there's a different guy out there.
But she just said this guy checked off.
He's like, you're an ideal guy, but you're still sort of sifting through social media to see what else is out there.
Guys are, you know, guilty of this too.
But it's to your credit.
If you stayed loyal in your job, in your relationship, and you went through it, now here's the word, reward mechanism.
Don't get me wrong.
There's a lot of abusive environments.
There's a lot of environments that's just purely abuse.
And this, this, in military, I had the time of my life in my unit.
I see positive in almost everything wherever I work.
Like I loved Hagen Dazz.
I love Bob's big boy Burger.
I love my jobs because I love people.
I love people getting to know people's stories.
And yesterday I learned we had a F-15 pilot here yesterday, right?
From the Air Force who runs a consulting form.
I heard him speak 17 years ago.
So we're having a conversation together.
He was here yesterday and he's talking to Vinny and they're talking and then Vinny's telling him who he is.
And then the fighter pilot, did you know he was the airman of the year for the entire Air Force?
I said, wait, what?
He says, Vinny's like, yeah, I was the airman of the year.
I said, how big of a deal?
Vinny was?
Vinny was the airman of the year for the entire Air Force.
What?
And then this guy was.
No, don't touch that, Tom.
When you do that, it's making static.
Like, move it like this.
Okay.
You're touching it like with the, with the, yeah, move it like that.
You're moving it with the wire.
So Vinny was the airman of the year is what he was.
Think about it.
Out of how many total soldiers in the Air Force?
Shit.
I have no idea, but this is just for enlistment, mind you.
And this is an F-19 soldier from the Army.
And mind you, this guy, Pat, what was the guy's name?
That guy was awesome.
Yeah, he's a beast.
We have a meeting with him tonight.
92,000.
Bro, that's Vinny.
Look at me.
The airman of the year.
He was the air, man.
Change of the year.
Change the picture, Rob.
Here's the point.
You know what the point I'm, you know what the point?
Tom, get it off.
You know what?
What the point I'm trying to make here is here's the point.
Some environments are bad.
Fair enough.
But you can have any job and you can have a positive attitude.
You're going to do good in no matter whatever environment you're in, right?
But those that are going above and beyond and you're working for a company that's got a real vision, that's working to developing themselves, you can have a career there.
Listen, man, be patient.
Eventually good things are going to happen to you.
It's just what's happened here.
Very simple.
One of the best things I love doing, one of the best things I love doing, I love paying bonuses.
Yesterday, one of our guys, Luis Perez, he just won a contest that we were running.
He came to the home office yesterday.
He comes to the home office.
We gave him a kilo of gold.
Shout out to Goldco, by the way.
Goldco?
We literally gave him a kilo of gold.
You know what a kilo of gold is right now?
He got a kilo of gold yesterday.
It's like 50 grand?
I don't know how much a kilo of gold is, right?
I want to say 58K right now.
What is a kilo of gold?
What is it?
58,485.
Holy.
He got a kilo of gold for bonus yesterday.
There's no feeling like bonusing people that go above and beyond.
It's a beautiful feeling when you do that to the guys.
I remember when Alexis got equity for the first time or Mario or Moral or Tikrun.
I remember when they experienced the exit and they got a check.
The tears in those eyes.
I remember we're in Monaco.
We're sitting there.
Tom, you remember this?
We're in my suite.
Tom has gone.
No joke.
Tom was the MVP of the entire event that took place.
I put him as number one of the entire.
Marcelino was number two.
Both of them worked very hard, but Tom was the MVP.
When we announced to Moral and my suite in Monaco what event just took place, Moral cried for 30 minutes.
Would you agree?
Wow.
She cried for 30 minutes.
You know how awesome that feeling is?
That's a freaking awesome feeling because she's busted her ass for us, for the company, for 12 years.
And I have a lot of respect for that.
I have a lot of respect for that.
There is no feeling like rewarding people that go above and beyond.
And then 10 years later, you can collectively sit there and celebrate and say, freaking hey, we built this together.
That's an incredible high.
So employers have to reward loyalty.
When I tell my son, the reason why Tico is no longer afraid of telling me the truth is because he knows if you tell the truth, you don't get in trouble.
So I said, Tico, who did this?
Oh, I did this.
Perfect.
He corners me.
I can't do anything to him because my reward is be straight up and don't be afraid.
You can't discipline the guy.
He just did what you told him to do.
You best reward him.
So employers have to reward what you told your people to do.
If they do it, reward them.
And employees can bring that up and say, remember when you said you value this?
Here's what I've done for you.
I'm asking for this.
Okay, I can't do that, but I can do this.
Maybe we can do this here.
We can talk about that later next year.
No problem.
But you got to figure out a way to reward the people that are out there.
So power to the loyal people and power to employers who value people that are doing those things.
Now, to you that you're listening to this, you may feel very confident.
Say, Pat, I feel very confident right now.
Let's see if you got what it takes to work for a guy named Elon Musk.
Okay.
Because this is what Elon has six rules to work for him.
Tom, how about we read this six rules to people who maybe are sitting there saying, I got a lot of confidence, man.
What would it take for me to work with Elon?
Here's Elon's six rules.
All right, here we go.
Number one, okay?
Elon's Musk's six rules.
Would you survive working for Elon Musk?
Forbes, no large meetings.
The first of the rules that Musk recommends is to avoid large meetings.
He says, excessive meetings are the blight of big companies and almost always get worse over time.
Please get off all large meetings unless you're certain they're providing value to the whole audience.
Number two, no long or frequent meetings.
Related to the ban on large meetings, Musk says get rid of frequent meetings unless you're dealing with an extremely urgent matter.
Meeting frequency should drop rapidly once the urgent matter is resolved.
Don't be afraid to leave.
Musk recommends that people walk out of a meeting or drop off a call as soon as it's obvious that you are no longer adding value.
It is not rude to leave.
It's rude to make someone stay and waste their time.
Number four, no acronym or jargons.
His rule about communication is don't use acronyms or nonsense words for objects, softwares, or processes.
In general, anything that requires an explanation inhibits communication.
We don't want people to have to memorize a glossary just to function.
Five, ignore the chain of command.
Musk advocates that people ignore the chain of command and that communication should be traveled via the shortest path necessary to get the job done.
Six, use common sense.
Finally, Musk says, in general, always pick common sense as your guide.
If following a company rule is obviously ridiculous in a particular situation, such that it would make for a great Dilbert cartoon, then rules, then the rules should change.
By the way, these six rules only apply if the founder is involved.
Six rules.
Don't apply if the CEO is involved because an active CEO doesn't mind it if you move chain of command and just go directly and deal with the issue.
But an inactive CEO that's working and kind of like doing his own thing, they don't want you to be going to them for everything.
So this is a very interesting perspective that he's got.
Tom, any thoughts on Elon Musk?
Oh, I love this because it points toward efficiency.
And I'm kind of curious as what's flowing in the chats right now and people's reaction to this.
I look at it and there's three things in here that jump out to me.
Actually, there's two.
And there's a third.
The one is about meetings.
Meetings have to have a purpose.
I mean, I love what Amazon does.
Jeff Bezos tells people in meetings, they have to be really short.
He has a staff meeting once a week that apparently covered all the divisions of Amazon in less than 90 minutes.
That's a freaking Amazon.
People come in there, they're really, really prepared.
And he used to say, hey, that answer starts with the number and ends with a date.
Don't tell me you send emails.
Don't tell me you make calls.
Don't tell me all this stuff.
Just tell me what's up and start with a number and end with a date.
And you've always done that, by the way.
Well, by the way, when I read that in the book, I said, that's brilliant.
And so I think this is a lot of efficiency.
And if you work for somebody that is ruthlessly putting efficiency on the table so that you can be working on solution and adding value, it's tremendous.
What's the audience saying?
No, they're agreeing with you.
By the way, if you're somebody that reports the time, you're going to become a better expert.
I've seen time this over the years over and over and over.
I don't know if I agree with all these things from Elon Musk.
I know you don't.
I don't know.
I mean, look.
Go ahead.
Give us your perspective on what you disagree with.
All right.
No large meetings.
All right.
We have a monthly entire value attainment staff meeting.
All right.
I think there's value in that.
The entire staff comes together.
I mean, I get it.
If you're at Tesla, you have how many thousand employees.
I completely appreciate that.
But I think from time to time, having a large meeting is a good thing to have the whole company together, whether that's a 10-person company, a 50-person company.
Freaking PHP does a 10,000-people meeting annual event.
So I think that's kind of in that out.
So I kind of disagree with Musk on that.
I will also say this.
There's a couple of things here that you could lose your job for doing.
Number three, don't be afraid to leave the meeting.
Okay.
Sure, Pat.
Okay.
Sure, Elon.
Hey, guys, we're all having a meeting and some guy goes, hey, Pat, listen, I guess thanks for the meeting.
I'm going to go peace out.
Where do you think you're going, buddy?
I don't know if I agree with that.
Okay.
So that's like easier said than done if you're the CEO, be like, I don't want to go to the meeting.
Like versus the guy that just started two weeks ago.
Excuse me, Mr. Musk.
I'm going to go out.
This meeting's very well for me.
I agree with you.
Okay.
Yeah.
And last thing here, ignore the chain of command.
Okay, buddy.
Sure.
Just, yeah, I know my boss told me to do this.
I'm supposed to report to you.
There's a part of that.
There's a part of that I agree with.
Really?
Let me explain to you why.
Mario, listen up.
No, no.
But there's a part, and he would agree with it.
There's a part of it I agree with.
Here's, and it's twofold.
So I'll give you a perspective, see how you process this.
Number one, sometimes managers move slow to get information up.
It drives me insane.
And I'll say, and I'll flat out tell myself, how come I don't know about it?
How come it's been three weeks since I've known about this?
Can you tell me why I don't know about it?
I'm the CEO of the company.
You haven't told me this for three weeks.
Why don't I know about this?
And then I'll go to the person that found out about it first.
And when they told the C-suite, so then I'll say the accountability isn't on the guy that reported to the C-suite.
Then I'll say, C-suite, how come you've been sitting on this for three weeks?
What is this all about?
Why have you been sitting on this for three weeks?
We could have resolved this three weeks ago, and this issue could have been a lot smaller if we resolved it three weeks.
So sometimes this makes sense depending on who the manager is.
Some managers work very quickly.
Some leaders work very quickly.
Others sit on issues.
I actually agree with the part of sometimes they sit on these types of issues.
And then the other part is in certain environments, not all, certain leaders and managers are very insecure, very insecure.
And this is what I mean by insecurity.
So let's just say, you know, he, Vinny, reports to you, okay?
And you're a guy that's a 459 guy.
You get off every day at 4.59.
You can't wait to go home.
And Fridays, you leave at 1 o'clock because you got golf, tea time, 2 o'clock, right?
And you put your nice, very high shorts shorts on and, you know, so.
This is so not me.
And in Farsi, they call those shorts Luleto Fanky.
You wear those shorts and you go out.
In Miami, we call them Daisy Duke.
Daisy.
That's what it was in Farsi.
That's what it was in Farsi.
So you go.
Vinny Friday stays till 7 o'clock, gets his project done, gets everything done, sends the email with his reports for the week.
You're golfing, right?
Some managers want to shield me from knowing how hard Vinny's working to take all the credit for themselves.
In those types of cases, I also want to know who Vinny is because Vinny may have a better career at a company than you may.
He may move up higher than you, but sometimes managers that are not giving their best, they shield their best people.
So, there's a part of that that I agree with on what he's saying.
The part about walking up, I agree with you as well.
Well, two things: number one, that's why Vinny was the airman of the year.
I mean, clearly, that's because you know, he's exceeding expectations.
But one thing I'll definitely say that I've learned from you is when it comes to communication, Bob, you talk about over-communicating, what just happened.
Yeah, I'm listening to you.
All right, what is it?
What do we got?
Yo, you're going to get the helmet.
But you like in any relationship, the key is communication.
You've heard that a million times, but you talk about over-communicate.
Like, there's always those times where it's like something happened, whatever it is.
It's like, should I tell Patch?
I tell the boss.
I don't know.
It's kind of annoying.
I'm going to kind of be in trouble.
But, like, you kind of like, ah, fuck it.
I don't want to deal with it.
And you don't send a text.
You don't send a message.
You're like, ah, let's just sweep this under the rug and just kind of do the whole ostrich, like, you know, Wiley Coyote thing and just forget it's not going to happen.
But then the boss finds out.
You're like, shit.
So, what you kind of encourage is over-communicate, get ahead of the issue.
Hey, listen, by the way, we had this issue.
Yeah.
You know, we got overcharged.
There was an issue.
There's an editing situation.
FYI.
And that way you can get ahead of it.
There is a value.
And by the way, so somebody's listening to this now saying, that's exactly my problem.
I got a boss who doesn't realize how special I am.
And that's it.
That's my problem.
Why don't you promotions?
Relax, bro.
Because the market eventually finds out if you're a badass.
I promise you.
The market's going to find that.
There is art in diplomacy.
There is a lot of value in diplomacy.
And, you know, the other day we had an event, a meeting, and I get calls.
And I get calls and people say, Let me tell you, man, Tecran showed diplomacy in a way I've never seen before.
I love that guy.
He was so diplomatic, respectful to everybody.
He protected the company.
He protected the field.
He protected the clients.
He protected the employees.
And he called out everybody at the same time in a very diplomatic way, right?
There is value in learning how to be diplomatic.
I guarantee you, if Tecran has anything to worry about, he keeps he never ever has to worry about having a job or being of value anywhere if he learns the art of being diplomatic.
I think that's the one area that some employees that want to be managers don't put a lot of emphasis in.
I think you ought to also learn how to be diplomatic, not just jumping the gun and wanting to bitch out everybody and saying, my boss is not this, throwing him under the bus.
That's also not an attractive quality because anytime somebody comes up to me bitching about their boss, I'm turned off by it.
It's just there's nothing attractive about it.
There's a way of doing that.
Pat, so I want to ask a favor.
And Adam's going to be there when we have our next staff meeting, which is at the end of the month.
Can me and you, and don't, we're just letting you know because you're the boss.
Me and Adam are going to apply all these six things.
See what Mario does.
I don't know.
I got to go.
Pat.
Pat doing it.
Pat, promise me this because I hope Mario's not listening.
I'm going to stand up and be like, I'm not cool with this large meeting shit.
Me and Adam are going to go have lunch.
Oh, my God.
Please, let's go do it.
You know what?
David Rolino will go, oh, who do we tell?
We told Deli.
So buy the chain of command and we leave.
Adam, can we please?
Pat, he's not listening.
We're doing it.
He's probably not listening.
He's working on me.
We'll just leave.
Adam, you don't got a deal.
So, Pat, Pat, you're going to get a message.
Because number six, we're using common sense.
Common sense, common sense told me.
We're out of it.
I'm going to go, what is up with this large meeting?
We're out.
Oh, Mario, you think you're better than Elon Musk?
Bye.
Read the number six, Roman.
This is hilarious.
We're doing it.
Only Marvy didn't hear it.
Let's find out.
Wife, Natalia, or some of the guys are listening to Mario.
Why is this part of the money?
Oh, guys, don't let Mario Larry talk about you.
Pat, when it comes to diplomacy, because I agree.
And for those in the audience that don't know our friend Tegren, we love Tegan.
He's your marketing director for all of PHP.
Amazing guy.
What is the correlation between being diplomatic and diplomacy with stoicism and being stoic?
Because a lot of it is like not being emotional, kind of like just being rational, answering the question, not pissing people off.
What's that correlation?
Listen, the hardest thing is to explain to both sides what the other person is doing for you.
So if the kids bitch about their mom, my job is to tell the kids, hey, you realize what you just did with your mom?
You realize, what are you doing, bro?
Do you realize what your mom does for you?
What the hell was that all about?
Are you freaking kidding me?
I don't like that at all.
That's not you.
That's not part of your character.
What was that all about?
Go talk to your mom right now and tell her how grateful you are for her.
But then also going to your mom and saying, hey, listen, what he did, I get it.
But I'm telling you, the other one started it.
So be a little bit quick to jump to conclusion with this guy because he wasn't the one that like yesterday was a big mishap at the house over one of our kids took one of the iPads and she hit it.
And you already know who I'm talking about.
She hit it in a room.
And then she recruited Dylan to go to play this one game.
And then they both get caught.
And then Melva blames Tico.
Tico uses my dad's phone to text it to me.
Wow.
It was like freaking mayhem.
I get home and I'm doing a root canal.
The last thing I want to do is hold freaking court and deal with this.
But it was on conspiracy.
It's just understanding both situations.
Like, you don't know what that guy's going through and you don't know what this guy's going through.
Try to give as much understanding as possible.
It's very hard to do because we all only think about our motives, what agenda we have, what we want to get done.
We don't think about what the other person is dealing with.
And by the way, I'm telling you this.
I'm telling you, all of us are guilty for this because it's very, very hard to do.
Starting with understanding helps you lead better with your messaging.
Like the other day, our friend Pat here, there was a situation in the sales, upstairs sales offices up there.
And we had Leo and Joel, our two sales leaders, sales managers.
And Pat goes, Adam, let me ask you a question.
You remember this?
When you look at Leo and then you look at Joel, if you're just looking at them, who do you think would be a better sales manager?
And I go, I am not stepping into this trap, Pat.
I know what you're doing right now.
I'm being diplomatic.
And I said, I think they would both be fine salesman.
And I am not picking a side.
Safe voter, man.
Safe voter.
You were a safe voter when he came in.
That's true.
But Leo's beard might give him the edge.
I don't know.
Very aggressive, but Joel is a stud as well.
You got him.
Tom, I'm going to go to the FTX story.
So FTX spent $256 million on Bahama real estate.
Now the island's government wants it back.
This is a CNBC story on page nine.
So, okay, so Bahamas lawyer said FTX executive Sam Mankman Fried and Ryan Salami, what a last name, spent $256 million to buy and maintain 35 different properties across New Providence, Bahamas.
Now Bahamas regulators are trying to claw back the property from FTX U.S. bankruptcy protection proceedings, telling a Delaware federal judge that allowing the properties to be administered in U.S. courts would be both administrative and ineffective and illegal under Bahamas laws.
Tens of millions of tens of millions were spent just at the small island development that Bankman Freak called home with FTX Holden Company buying at least 15 properties in one vacant lot for combined total of $143 million.
Two of the largest apartments at this private Albany development came in an eye-watering $30 million.
Another was purchased for just over $21.3 million.
Tom, what do you have to say about that?
Well, I don't know if anybody knows about Albany.
Albany is very popular.
You're seeing NBA players and athletes and billionaires that are looking around over at Albany.
And, Matt, Pat, I think you guys took a vacation and you were invited to go check it out as well, I think.
And you saw it?
I saw this one property we liked a lot.
So it's a pretty cool.
It's a sick, by the way.
It's a sick, sick community.
Okay, so when you're trying to sell these high-end properties, what you don't want is 15 properties to be caught up in U.S. bankruptcy court with signs out front that says auction pending.
What you want is the government wants our bankruptcy court to release them back so that two things can happen.
Number one, it doesn't affect the value of the other Albany properties.
And number two, they can sell them to the next guy.
So this is actually kind of funny with the Bahamas like, yeah, listen, this, wait, wait, wait.
This would be illegal under our law.
Hang on.
And I noticed the order they say it would be administratively ineffective.
And oh, by the way, it's illegal under our law.
So please get out of here.
Give us the property back.
Let us sell it to the next guy.
Please don't auction it off at some low number because they're just going to auction it off in the bankruptcy court.
They don't dress the thing up.
This isn't like a professional sale.
There'll be an auction over there.
It'll sell at 60 cents on the dollar.
And then that money gets used to try to go back to the fraud victims.
But it's actually kind of funny because this is a really fantastic Albany is a fantastic community over there.
It is a fantastic community.
But they don't want all this madness.
They want it over.
It's like the property we're trying to buy, the 11-acre land that we made an offer on that the individual is having issues with the court.
You know, which one I'm talking about, Tom, that, you know, is going away for 10 years to jail.
And we can't buy this property because it's held up by the, you know, it's a very complex issue.
So we, the realtors locally would like to be able to sell that property because they're going to get a nice commission because it's a big land.
But this is very unfortunate.
But also at the same time, I don't blame the folks in Bahamas for wanting to do that.
And the neighboring commercial properties over there that you're trying to buy, they don't want this thing sitting here.
The construction equipment and the chain-linked fence.
They're like, somebody please buy this.
Exactly.
It hurts yours.
It hurts your property.
Yeah, this makes me think of what we did at the vault.
You know, we had Robert Kiyosaki there.
We had a bunch of speakers there.
But what was the one gentleman from Enron that we interviewed?
What was his name?
Andy Fastow.
Andy Fastow.
Shout out to Andy Fastow, who's the CFO of Enron.
And I think it's so powerful what you do when you bring in these speakers.
You bring in these guys that tell you and give you motivation and encouragement and incitement and all that's great.
But also, let's bring in some people to tell you what not to do, right?
Whether it's the CFO of Enron, Andy Fastow, who was the CFO of the year, then he was showing off his inmate number the next year, which is pretty intense.
So you look at this Sam Bankman-Fried situation, and it's like, let's all realize that whatever thing you're doing that is shady, illegal, just downright fraud, you're going to get caught.
It might be a year, it might be five years, it might be 10 years, it might be 50 years.
But, I mean, look at Harvey Weinstein or Bill Cosby.
Did you hear what he said?
Eventually, you're going to get caught.
Did you hear what he said that, you know, why he shouldn't go to prison?
Who's that?
Bankman-Fried?
Did you hear what he said?
Did it have to do with personal responsibility?
No, he said because I'm a vegetarian.
I have ADD.
That's no problem.
That's hilarious.
It's ridiculous.
Have you been watching the hearings, by the way?
I've been watching what Kevin O'Leary said.
Did you hear what he said?
Kevin, that's exactly what I'm saying.
Did you play the clip?
Play the clip and play it from the beginning.
He calls out Binance.
Open it up.
Press pause.
Kevin Espines.
And start from the beginning.
Yeah, just I'm curious enough what your take is on this, Tom, and everybody else that's watching this.
I saw this yesterday.
This is good.
Why do you believe FTX failed?
I have an opinion.
I don't have the records.
Here it is.
These two behemoths that own the unregulated market together and grow these incredible businesses in terms of growth were at war with each other.
It's breathing hard.
And one put the other out of business intentionally.
Now, maybe there's nothing wrong with that.
Maybe there's nothing wrong with love and war, but Binance is a massive, unregulated, global monopoly now.
They put FTX out of business.
What are your thoughts on that?
I want to hear your thoughts.
Go ahead, Tom.
First of all, okay, let's say Binance did that.
Set it aside.
We just heard testimony from the acting CEO who's working, trying to work through this on behalf of the U.S. magistrate and the bankruptcy that these guys were moving customer assets from FTX to Alameda.
We have the transaction numbers.
We've seen this stuff moving.
This wasn't stuff that was moving in crypto wallets and on the blockchain that can't be tracked.
It was moving.
So I'd like to know what part of Binance was putting him out of business that led to committing fraud where you take like money that belonged to a lot of very wealthy people and it was going from pocket A to pocket B to cover losses.
Number one.
And number two, I would like to know what Mr. Leary's interest is in putting a dent in Binance.
What is that all about?
Well, first of all, do you know how much he got paid by FTX?
Do you know what the amount is?
No, I don't.
15 million.
That was his like, oh, like an influencer fee?
$15 million.
Okay, so, okay, so Kevin Orchard.
Right there.
FTX spokesman, Kevin O'Leary, says he lost $50 million payday from crypto firm.
Because he had equity.
Oh, okay.
So, in other words, he wasn't in front of Congress as an impartial financial expert.
Let's read the article.
He was a lobbyist.
Yeah, so investor Shark Tank, judge, and CMS contributor Kevin O'Leary said Thursday he's lost $50 million FTX paid him to act as a spokesperson for the now collapsed crypto exchange that some have called fraudulent O'Leary and other celebrities such as Tom Brady, Larry David were sued by FTX investors who say the exchange ambassador should have done more due diligence and exercise a great level of care before promoting the crypto empire.
So 50 million bucks.
Total deal was just under $15 million.
I put about $9.7 million into crypto.
I think that's what I lost.
I don't know.
It's all at zero.
So what are your thoughts, Adam?
Look, this is all a cleansing.
Okay.
My question is.
Cleansing.
You just went to ayahuasca?
Like, what cleansing?
So I dealt with this in my industry in the life insurance, life settlement industry in 2008.
Everyone was getting into my industry.
In 2005, 2006, 2007, people were making so much money.
Okay.
I got into the industry.
I never made any money in my life.
All of a sudden, I made $100,000.
This is amazing.
Collapse.
What had happened at that point was all the fraudulent, bad actors got exposed.
Elliot Spitzer, who's the attorney general of the New York, he was calling out people that were lawsuits, people that were doing fraudulent things.
You said you went to a meeting in Waco, Texas one time, group called Life Partners that were doing illegal shapes.
They were publicly traded.
They were publicly traded.
There were two mammoths and elephants in his headquarters.
Yeah.
I mean, it's like equivalent of like ridiculous Bahamas property.
But just, you know, so these bad actors are going to get exposed, kind of what I was just talking about.
It might take two years.
It might take five years.
It might take 10 years.
If you're doing shit the wrong way and you're doing illegal.
But I'm asking about Kevin O'Leary.
What are your thoughts on that?
But that's my point is that ultimately, when you're talking two things can be true at once: FTX can be doing fraudulent, ridiculous, illegal stuff.
And at the same time, Binance can be doing things to put people out of business.
You talk about how you trust your competitors because you know they wake up every single day and their intention is to steal your market share and put you out of business.
We understand that.
So I think at the end of the day, here, the big question is: where does the industry go from here and where does regulation happen from here?
So, to draw my analogy, is the best thing that happened for my industry, our industry, is that it became regulated.
It went from the Wild West to a regulated industry.
And now, if you take my firm for an example, we're at the top of the food chain in our industry because we played by the rules.
We never were in the headlines.
It's been regulated and everything's done the right way.
That's what I think needs to happen to crypto, some regulation.
So, is this a good look or a bad look for Kevin, the position he's taking?
I think he's protecting himself.
I think he looks like a lobbyist.
Okay.
So, okay, I don't think that's a good look.
I don't think that's a good look for Kevin.
Kevin has had his brand, what he's done, you know, where he's been, you know, tied to however many years on Shark Tank.
And by the way, I think he carries the weight on that show.
And I think everybody was one guy on Shark Tank.
You know how they say TNT, NBL, and TNT, who's the main guy that really changed that?
It's Charles Barkley, right?
And I think for that, he's the Charles Barkley of Shark Tank, okay?
Vice versa.
Yeah, huh?
Barkley is on this list.
Really?
Okay, cool.
We're going to go through that here in a minute.
But I think that was a bad look.
But let's set that aside.
Okay.
How much money is what?
How much money would you say would it take for you to say yes to a product you have zero belief in?
Like, at what point do we say no to a sponsorship?
So, for example, let's just say, hypothetically, okay, and our sponsor guy is sitting right here.
So, let's just say, how many times have I said no to you?
And you've told me about Pat, they're willing to spend XPZ money.
How many times?
Many, many, many times.
And by the way, as a person who makes money on the sponsor side, do you like that?
That probably upsets you because you just got a big commission check if I say yes to it, right?
So it doesn't help our sponsor side.
So these guys, this company that runs this keto company, right?
One of the biggest keto companies in America, if not the biggest, and they send a bunch of stuff and they're diehard fans of the podcast.
And I love that.
I got a lot of respect.
I appreciate the support.
And here's how much money they're going to give you.
Okay.
You want me to get and talk about keto?
I'm lying.
You know what I'm saying?
I would be lying if I said keto die changed my life.
I would be lying if I did that.
So there is a very interesting position.
Like, you know how some of the people are like, well, you know, this is how much money would take out.
How much money would it take for you to say yes to a product you have zero belief in to promote constantly?
How much money?
Like, let's say a price.
I can be bought, is what you're asking.
Yeah, so I can be bought.
I love keto.
Keto King.
How much did he pay me?
No, no, no.
All I do is keep keto.
But by the way, I'm actually asking a very real question.
So tell me.
Everyone's got a price.
No, I don't say that.
I don't agree with that.
I don't agree.
What would you, what is a product you'll never use?
A car.
Okay.
But what's a product you would never use?
Give me a product you would never, ever, ever use.
Never use.
For example, gambling companies.
You know how much money gambling websites have given us?
If I told you the number, you wouldn't believe it.
It's the kind of a number that's life-changing for 99.9% of people.
Ask me how many I've said yes to.
No, you've said no.
It just doesn't make any sense for me to say yes to a gambling company.
It's completely off of my brand to say yes, go to this gambling website.
Now, by the way, Barstool does gambling.
Of course they should say yes.
That's the brand.
What do you mean you shouldn't say yes to that, right?
So I think this is very tricky.
Like, you know, when we did Gold Cold, I read the thing with Goldco, right?
Okay.
I'm like, dude, there's a risk.
Any sponsor you take, there's a risk.
You don't know what's going to happen with the founder.
You don't know what's going to happen with, you know, a story comes out.
Like, for example, like five years before, what happened with the guy from Subway?
What's the guy from Subway?
Five years prior to that, hey, this podcast sponsored by, you're like, okay, cool.
You know, I like their sandwich.
But then that comes out.
Oh, now you're linked to that.
So there is a risk in sponsorships that's taking place.
A part of like a part of a good sponsor's job is to present the opportunity of the money being made, as well as here's the dirt I found on them online.
These are the lawsuits.
This is the negative review here.
Here's what I noticed here.
It's very risky because you're sitting there.
Tom Brady's sitting with his team saying, guys, how come we didn't know something like this?
Because they wanted the commission.
They're giving us this much money.
They're giving us this.
They're giving us.
So this makes talent and influencers be more protective of what they say yes to, no matter what the price tag is.
Because here's the thing.
You know how I said there's a dollar amount for everybody?
I think there's a dollar amount for, and you fully believe that, that there's a dollar amount.
I think for the majority of people, they can be bought.
Whatever the number is, whatever is the number.
There is a number for everybody.
And I will tell you this.
If that's the mindset, you will have a very, very low Q score and a very, very low loyalty from customers that will keep coming back to see what you endorse and promote.
You will lose credibility because if you become the whore that's going around, you know, sponsor, what do you call it?
The take sponsorship money from everybody, then what you're saying is your audience is sitting there saying, dude, that's like the 99th one you just sponsored.
Do you really use that?
Do you really do that?
Why are you saying that?
So it's a tough relationship.
And by the way, I'm not blaming the influencer.
You know, I can only imagine what it's like to say, hey, here's 15 million bucks.
Here's 5 million bucks.
That's got to be tempting for a person to say yes, and especially tempting for smaller, you know, what it is.
You're just going to say influencers.
It goes both ways too.
But Kevin's not small.
Kevin's got money.
Well, here's my point.
We have the luxury that this, right here, Value Taint, PBD Podcast, everything is not our main source of income.
Right.
Correct, right?
Yes.
So you have PHP.
Not even close.
Not even close.
So like we do this because we love it.
We enjoy it.
We appreciate the audience.
We're building something, but this is not our main source of revenue.
So we have the luxury to say, ah, it's not worth it because we are very selective.
I know I'm being very like, everyone has a price, but we do have these discussions like, nah, this isn't a fit for us.
And you're very selective with that, no doubt.
But let's say this is your only thing and it's your only job and you're running a podcast and you're making no money, but you're whatever the career is, whatever it is, you're doing a show, a podcast, you're a TikToker, and this is your only source of revenue.
It is very hard to be like, this guy wants to pay me $100,000 to promote a keto thing.
Dude, I haven't made $100,000 in my life.
Sign me up for keto.
Adam, you're right.
That's the problem that people are going to run into.
Sorry to cut you off there.
You're right.
But that's why so few people have the high Q scores.
So few.
And it goes the other way too.
Do you remember when Fiat hired J-Lo for their little tiny car?
I think it's the 500 or the 5,000.
It's a small car, very small car.
And she's driving around, just driving around Brooklyn, like where I grew up.
Remember when I was a small girl?
That was all, that was false.
People jumped on that and said, wait a minute, she didn't grow up there.
She didn't grow up there.
And she saw somebody comments about little small cars.
And so there's a mismatch there.
So she took the money.
She was the wrong spokesperson.
And it hurt Fiat the other way.
They pulled the campaign out and they dropped it all off.
And then you go to the other side, who's got the high Q score.
If you go back the last 15 years, one of the highest Q stores was Peyton Manning.
And he was with Nationwide Insurance.
He picked his spots.
He had a lot of them out there, but he picked his spots and he used the product and he was straight with it and he made money.
Integrity doesn't know also on the food chain, integrity doesn't care whether you are poor or rich.
If you were at a small podcast and you took the money for some your rank product, then you're putting your integrity off to the side and you're not going to have to do what you want.
I think things are changing.
Okay, so like you're basically you're calling out J-Lo right now.
She's as famous as ever.
Okay.
I think we're at a point.
I was just having a discussion with Michael Sartain.
We're at a point now where traditionally there was clearly good guys and bad guys.
You know, Reagan versus Gorbachev, right?
The Hulk versus the Iron Sheik.
There was that point where it was like, clearly this is the good person and clearly this is the bad person.
Clearly, this is the side of the right and the side of wrong.
What we're in now is it's just a how popular are you?
How many followers do you have?
How many eyeballs do you have?
Hear me out.
And like there's people like Kanye right now.
Like in back in the day, people like this, he'd be shunned.
Now he's getting more eyeballs, getting more attention.
People will gladly put him on a podcast because he will get eyeballs for them.
Alex Jones, the guy that does the fire festival, whether you're just whether you're Jake Paul, and you fuck up and now you're more famous.
That's different.
Andrew Tate, whatever.
We're at a point now in society where it's not about whether you're good or bad.
It's just whether you're famous or not.
That's different.
There's a difference between us putting Kanye on or us putting the most controversial figure on right now because it's going to get eyeballs.
There's a difference between giving that person a voice.
You're not saying you support what they stand for.
You know, I interviewed Sammy.
That doesn't mean I support what Sammy did.
That's just you have questions to get closer to truth you're trying to get.
Sponsorship and Q score.
Let me just change the Q score.
Forget about this thing called Q score.
All it's going to come down to is the following.
Your credibility score.
What is your credibility?
And by the way, when you look at some people who have 100 million followers, you got some people that got 10 million followers.
You got some people that got a million followers.
Some people's credibility score on what comes out of their mouth carries more weight than somebody else who has more followership.
There's a lot of people that have a lot of followers, but what comes out of their mouth has zero credibility.
There's some that have very few followers.
So it only means what you value.
If you value money as your number one currency, who gives a shit?
Go make your money.
But if you value carrying weight with what comes out of your mouth, where you want to protect that as much as possible, not 100%, because nobody has 100% credibility with what comes out of their mouth.
No one, not a single person in the world has ever had 100% credibility.
That's a human being.
No one's ever had that credibility score.
But some carry more value for that than others.
It's all on what you value more, period.
And I think accountability, because you nailed it too, Adam.
It was, remember the Fire Festival documentary on Netflix?
Billy McFarlane with Ja Rule.
They brought all, it was all a scam, obviously.
That's what the whole festival was, but they had all these models and influences.
Everybody came and people were trying to go after them.
And it comes down to accountability because those models and stuff are like, we didn't know.
Even, you know, they went through their managers and their agents and stuff.
And then I don't want to go back to the vaccine, but same with the vaccine.
The government used all these celebrities.
Everybody like, hey, pushed it.
You better get it.
On the view, they're like, if you don't, like, shut up and take it.
Arnold Schwarzenegger.
Like, what the good guy?
He's like, just get the shut the hell.
Like, they're using them.
I think it's accountability for you're forcing this stuff or you're trying to promote it.
You're being that person.
If it fails, just like what's happening with these guys, I want accountability.
You told people, look at all the people that did what you guys said that was the truth.
And now look what's happening with that.
A lot of people are saying, so should they give the money back?
Should they do this?
Exactly that.
Yes, they should send the money back.
Stop it.
Yeah, right.
Ain't nobody sending the money back on what they're doing.
I'll say one thing.
I think you're right, but I also think I'm right because I think that there's two things going on here.
I think that you're absolutely right.
Credibility and having honor and dignity is a major thing.
And, you know, your words matter.
And for sure, I agree with you.
But also, eyeballs matter.
And are you able to get attention?
So, for instance, someone might send me someone, hey, this guy wants to come on your podcast.
Okay.
You've dealt with this.
I'm sure all the time.
And it's a kid with 400 followers on YouTube.
And I'll go check out the YouTube.
I'm like, damn, this kid is really smart.
And he's really got something going on here.
But nobody's following him.
It's just not worth my time.
So like you've dealt with this before where like there's people with credibility that have these different things.
You're confusing two different things.
I'm not confusing two things.
I'm saying that they add up to be one.
No, they do not.
Of course they do.
No, they do not.
Of course they do.
They do not.
You have more eyeballs because you're credible and you have a lot of followers.
Okay.
That's what makes you.
Adam, don't get it twisted.
So number one, to have a guest that brings eyeballs, that's not an endorsement.
That's, I'm willing to have a conversation with you.
To say the words, if I bring in, if you bring a killer and you interview them and then you say, hey, everybody's wrong.
I know this person's killed 19 different people.
He didn't do it on purpose.
And he did, that's where you're giving credibility to say you support.
Sponsorship is my name is stamped on this product.
Interview is, this guy's going to get a lot of eyeballs and it's going to be entertaining.
Two different things.
You can't confuse those two together.
What's your worth?
Okay.
The value of the words that come out of your mouth.
That should carry weight.
By the way, I'm not even talking about sponsorship.
So I moved on from that.
No, no, but we are.
We're talking about just people in general.
No, no, but you can't do that because you're confusing the two.
We are talking about sponsorship.
We're not talking about who to have on the podcast.
For example, you think I would interview Kim Young, whatever, the North Korean guy?
You think I would interview him?
100%.
You think I would interview Zi?
100%.
You think I would interview Khamenei?
Yep.
1,000.
You think I would interview Putin?
Billion%.
Which one of these guys do I 100% agree with?
Zero.
But I'm not endorsing them.
Correct.
I'm just won't have a conversation.
Totally understand.
But do you think I'm going to go out there and say, you know, such and such coin is the one to go on because I support them.
You think I'm going to do that?
No.
Those are two different things, bro.
Correct.
One is sponsorship.
The other one is let's have a conversation.
So we're talking about two separate things.
Yes, we are.
I agree.
Yeah.
Yeah, we are.
And if you use Sammy as an example, you've done multiple content with Sam.
You never said I endorse Sammy.
There's a big difference between interviewing things.
That's why I agree.
For example, will I gladly, if I tell you right now, Casa D'Angelo, okay, do you know how many people go to Casa D'Angelo or this?
I'm only here because Patrick, I'm here.
I'm part owner of Casa.
But what I'm trying to tell you is because Angelo freaking runs the house, okay?
And Angelo, the chef in the back, freaking stunt of a guy.
He's a beast.
I trust him.
He tells me, I got something new I'm making.
I said, dude, you know what I like.
Take the lead, right?
He just brings it to me.
I trust him.
He's got credibility.
He's got credibility.
That's what I give credence to.
Okay.
So those are two different things.
Now, going into this year that we're talking about, I want to go into a couple other stories here and then we'll wrap up because, dude, we can go another Tom.
Is there any story you really want to hit up on?
Do you guys want to do that?
I want to know what's going on.
I want to know what's going on in the World Cup.
Do you want to do DeSantis Trump?
Do you want to do TikTok?
Do you want to do, we got guys, we got a lot of stories.
Do you want to do Twitter files?
Do you want to do Zuck?
Do you want to, which one do you want to?
Okay, let's do Britney Grinder.
How about we do that?
Let's do Britney Grinder, page six.
So Biden made a bad deal for Britney Griner.
This is a Bloomberg story, not Fox.
In exchange for WMA star Brittany Griner, the U.S. agreed to pardon Victor Bout, a convicted arms dealer serving a 25-year sentence in Illinois.
Bout was responsible for supplying weapons to rogues and terrorists under around the world.
Many committed to killing Americans from the Taliban to Colombians, leftists, FARC, rebels to former Libyan dictator Muhammad Gaddafi.
He's believed to have links to the Russian intelligence apparatus and to members of President Vladimir Putin's inner circle.
Given the intense public interest in Grinder's case, Biden had considerable motivation to make a deal, yet on balance, the U.S. got the worst of it.
Bout's conviction in 2011 came after years of painstaking effort by U.S. intelligence, diplomatic, and law enforcement agencies.
Exchanging such a dangerous criminal for an athlete with no discernible intelligence value to Russia is unavoidably an affront to the U.S. justice system.
Tom, yeah, on the surface, this is like a you know, a very populist move here, but there's a couple other Americans that are over there that you know are over there for very minor things that are being held.
What was really interesting to me is the White House is in the middle of a little crisis on this.
You know, they knew and they've been planning for weeks the Marriage Equality Act and the big signing ceremony and the rainbow lights are on the White House.
You saw that a day ago?
Big deal, very big deal.
You know, LBGTQ, people celebrating that and everything.
But the truth was, and this just came out, it's kind of shocking.
When Biden was getting ready to sign the Marriage Equality Act and he was negotiating with Russia, he thought he was getting Grinder back.
You're so funny.
You're so funny.
So he was getting ready for the big signing.
This is when Tom's being a comedian.
You've been spending a little too much time with Vinny.
Oh my God, that's hilarious.
But did you see what Sheila Jackson from Texas said?
She goes, let me say this.
No one that I can't remember.
She goes, but actually, no Americans were killed.
How the hell do you know?
No, no, no.
I want you to read the whole quote with the straight face, Vinny.
Okay.
Read it.
Let me say this.
No one knows the story of the weapons dealer, if you will.
And as the facts would tell them, he was sentenced to 25 years.
He served 11 to 16.
I can't remember the exact number, but in actuality, she doesn't even know the number.
His weapons might have been used to kill Americans, but he has not killed Americans.
Might have, but has not.
Yeah.
Dude, this is so stupid.
I'm not saying he's not a nasty bad guy, but I would say that I believe that Americans should know that the sovereignty of the nation will always be behind them, will never be forgotten.
Brittany Griner deserves a fight that we put forth.
So does Paul Wheeler.
So does who?
Paul Whelan, who's a Marine that's been there for another, what, five years?
But it's like, it's unbelievable.
I'm telling you right now, athletes.
Let me tell you, her re-election is going to contain soundbites from this for the next 20 years.
Oh, 100%.
And by the way, this is this is you build.
By the way, if, so let's flip this.
Okay.
Say DeSantis or Trump were president.
Yes.
Okay.
What would they have?
And how long would it have taken for Grinder to come here?
And what would they have gotten in return in the negotiations?
Well, Pat, just really fast.
Either one of them, DeSantis or Trump.
But this is, you want to talk about crazy, but funny you bring it up.
Trump, they offered him, he had a chance to take Whelan out for this, for Victor Baut, and he said, no.
That's how bad this Victor Baut is.
That Trump was like, listen, Whelan, stay in there for longer because we're not giving this guy up.
That's how, dude, the merchant of death.
Like, mind you, Pat, I have a friend that's dog's name is Pickles.
You know why?
The dog eats pickles.
What the hell do you think the merchant of death does?
He sells death.
So she's an idiot, whoever the hell she is.
But bro, you can't compare the two.
And it's like, Trump, that's how bad this guy is that Trump said to even the Wheeling family, I'm sorry.
God bless him.
He's a Marine.
God bless his service and his whatever.
I'm not giving this guy up.
I'm not giving him up.
You don't think he looks like a guy that's maybe like from just look at his face.
Look what he looks like.
What does he look like, Rob?
That mustache is legit.
He might have a gun in the mustache.
His eyes.
You know what his eyes look like?
Say something.
I have problems.
Even if you have a bad thought, good luck.
Yeah, dude.
He's like, you have problem.
That's that guy.
Dude, think about how many people he's armed from the African civil wars and all that.
Bro, that guy is, he's done, he's done enough dirt to, he has so much blood in his hands, and we just gave him back.
Imagine the party they threw for that.
And you look at how long it took to get him.
You read the story about how long they worked to isolate him and then how much evidence they had and how hard then was it to lasso him.
Oh my God.
And the effort that was spent in the international, specifically the U.S. intelligence community, to arrest this guy in the first place.
Did you see those old interviews that they were showing on social media of, I think it was like 60 minutes, or they're interviewing the intelligence, American intelligence agencies about who this guy really was.
And they're like, he is an evil, disgusting, despicable man.
We're lucky we got him.
I want to get back to Pat's question.
What do you think DeSantis or Trump or someone else would have done with enough time?
Let me tell you.
The U.S. hostages came home from Iran right after the Reagan inauguration.
Like it was quick.
And there's a simple reason for that.
They did not want to negotiate or screw with Ronald Reagan.
And you have to come from a strong place that says, listen, these are not political prisoners.
These are not spies.
These two folks are coming home and are coming home quick.
And I need you to take care of this.
Are we communicating?
And that is a position of strength behind closed doors.
Then it's like, so what do you need to kind of safe face?
What harbor do you need?
I'll help you out, but I'm not giving you your guy.
That guy's not coming home, but I will let you save face.
I will let some spin come out of this.
But my folks are coming home and you're not going to screw with me.
That is the way you have to negotiate with these folks.
You can't embarrass Putin publicly, but what you can do is you can give him an out without giving him his asset and you can get people back.
You just have to be strong enough to sit kneecap to kneecap to do it and have him believe that you are not screwing around.
Here's my question.
What is Putin?
Now he's in Russia.
Is he a free man in Russia?
I don't know what's going on.
He's a merchant of death.
That's our label.
Two questions, Pat.
What is Russia doing with him?
I don't think he's locked up.
Number one, number two, if he's not going to go to jail, do you not think he's going to go home?
He's home for work.
He's doing interviews.
He's going to go back to work.
Hey, look, they've done everything to give the guy a parade.
He's doing interviews.
He's doing all these things.
He's a star.
Did you see what the Russian TV channel said about this?
No.
You didn't see what the Russian TV, the lady who's talking about the saying, she says how the Americans are idiots for doing this.
He says Americans are such idiots because they're trying to please their liberal voters.
They exchanged him for a basketball player that hates their country.
Hates Bernie Garrett.
This is a Russian news saint.
If I can find this clip.
That's the one.
Right there.
That's the one.
How many minutes is that?
Let me see.
How long is this?
How long?
That's two minutes and 46 seconds.
Go to the last 20 seconds.
Unmute it.
Take the audio out because the music is.
Anyways, this lady, you have to watch this clip.
Whatever you do, watch this clip because she's talking about.
American voters are choosing where.
What was that, Rob?
Okay, that's the part.
It's the last 30 seconds when she says it.
Go to the last 30 seconds.
She was about Americans are choosing the obvious.
I think for us is one more piece of good news.
The first good news is that Ball has returned.
Second good news is that a nation, okay, that a nation that spits on its heroes to the extent that it considers it significantly more important to free a rightfully charged, well-known athlete, she didn't suffer because she served her motherland, but because she couldn't live for 10 hours without hash instead of freeing the person in prison for two years for serving his motherland.
Wow.
This says a lot about the state of society.
This says a lot about the state of society of these intelligence agencies.
Watch, watch this.
Wow.
And everything related to geopolitical confrontation.
Did you just powerful?
Crazy.
Can I add one thing?
Yeah.
She's right.
Wow.
Yeah, that's a very powerful statement right here.
I think regarding Britney Griner, I think the charges that she received from Russia were trumped up.
She had hash.
It's like she didn't deserve to go to jail or whatever, like in Siberia.
That's ridiculous.
You should know better to bring Britain there.
It's not trumped up.
But it had hash.
It shouldn't have had hash.
Okay, I'm just lying.
But like to go to jail for fucking some little weed.
That's not the law of that country.
You can't apply California law to cool.
That's not my point.
My point is this.
You know what I love about...
No, it wasn't, Tom.
Here's my point.
Listen for a change.
Here's my point.
Do you know what Israel does with prisoner swaps?
Do you remember the story what Israel has done with prisoner swaps?
Tell me.
There's a story.
Do you know how many for one Israeli soldier?
One Israeli soldier.
He wasn't the captain of the military.
He wasn't a general.
He was a foot soldier.
It was a soldier.
His name was Gilad Shalit.
This is back in 2011.
Do you know how many Palestinian prisoners they swapped for him?
I don't even know if that number is right.
It was about a thousand soldiers.
For the one guy.
So what they're saying in Israel is like, if you serve your country, you have a mandatory two-year time to serve.
If you serve your country, God forbid something happens to you.
We are coming to get you.
We are coming to get your ass.
And that's why.
Oh, you don't mess with the Mossad.
Exactly.
Nope.
They traded 1,000 Palestinian prisoners for one soldier.
That's when you fight for your country.
That's when you fight for your survival.
You say, God forbid something happens.
They're coming to get me.
And they're going to exchange 1,000 fucking balance.
Let me tell you.
And that's the problem that I have with this thing.
And that arms.
We got to get that soldier back.
American soldier back first and foremost.
I agree, Adam.
Adam is 100% right with this.
But you know what it does do?
So think about, like, you know how when you were in school and you got into fights with other gangs, like your crew got into a fight with another gang or whatever crew.
You would learn a lot about the level of unity of the other gang based on how they defended each other, right?
You know how sometimes you'd be talking like, well, I don't like him anyways.
I know we're part of the same side.
Well, he's a freaking idiot.
You're like, oh, shit, this guy's got no backing for his own guy.
Publicly, you always 100% defend whoever's your side.
Always.
You always defend who's on your side.
Privately, you say, I think you were a little bit off on this one, but publicly, you always defend.
You know what Russia is showing?
Motherland is number one.
Do you know what America is showing?
Politics is number one.
God damn right.
That's the one thing about Democrats.
Democratic Party is above America.
That is why the Democratic political party is losing votes.
Okay.
Because they have party over America, and a lot of people don't like that.
They want America over politics.
Anybody that's your political party over the country you represent, you got issues.
If you can, by the way, this is the one thing about TikTok that's unique that I actually like.
The whole thing that's going on with TikTok and Marco Rubio leading it.
I don't know what page the story is on.
If I can read this story, can you tell me what page this is?
Okay, there it is.
Lawmakers, page number 12.
Lawmakers unveil a bipartisan bill that aims to ban TikTok for the U.S., okay?
For government agencies, right?
Yeah, so here we go.
The new bill introduced by Senator Marco Rubio, Republican, and Representative Mike Gallagher from Wisconsin, Republican, Raja Krishna Morthy, Democrat, Illinois, would ban all transactions from any social media company in or under the influence of China, Russia, and several other foreign countries of concern.
The Anti-Social CCPT Act, which stands for averting the national threat of internet surveillance, oppressive censorship, and influence, and algorithmic learning by the Chinese Communist Party, explicitly named BikeDance and TikTok as subject to the restrictions in the bill, unless and until the date on which the president certifies to Congress that the company no longer meets any of the conditions described, such as being subject to substantial influence by a country of concern.
So we called this a while ago on the podcast.
TikTok's got a life timeline before they're going to be off.
I even made a video about TikTok that just went up.
Sick video, number one on the channel.
Tell us about that video.
Yeah, the video I just gave data.
I just broke it down.
I said, listen, the day, August 5th of this year, I made a video trashing China and the control that they want over America, all this other stuff.
From that moment, 720 views, videos later, out of 720 uploads on TikTok, only two went over 100,000 views.
And if you go back and look at 264 prior to that, how many went over 100,000 views?
On 264, 720, 96 went over, I don't know what the number was, 90, some big number, nine went over a million.
We have the data on here to show it.
And those same clips, the 720 that didn't go on TikTok, that didn't go viral, on other accounts went viral.
On other TikTok accounts went viral, but then on Instagram, went viral, but not on TikTok.
Now, here's the thing.
This is what's crazy about it.
I don't know if you saw this on it.
Go all the way to the top.
The moment the video went live yesterday, look what happened to some of the clips yesterday.
Zoom in.
Zoom in, zoom in, zoom in.
The moment I uploaded the video, 31.8,000, that wasn't the case.
22.7,000 keep going left to show 49 keep going, 13.8, 954, 164.
This hasn't happened for 720 videos.
The level of manipulation that TikTok has with what they're doing, some people said, well, I thought you were all about freedom.
You know, what is this about banning companies and all this other stuff?
I thought capitalists and Republicans and all this stuff were all about freedom.
And libertarians are all about freedom.
Yeah, except if the enemy is using a technology to divide and dummify your people, that is the enemy.
You are naive if you think.
And so all these patriot acts that we have that are spying on America, fine.
I'm more comfortable having my own country spy on us than I have with a China, our number one enemy, spying on us.
I don't want anybody spying on anybody, period.
But it's definitely not going to be the enemy of the state, number one, which is China.
And Pat, the RT, we banned when Russia went to war with Ukraine, they banned RT news.
The app is, you can't even go on it.
And what they're doing, and Adam, I think you said it too, the last podcast I was on with you guys, that it's the youth, they're brainwashing and ruining the youth.
And the algorithm that they're getting from everybody's phone from where you go, what you do, what you buy, where these young kids are going, and then giving them all these challenges, making them stupid.
In China, you can't even.
It's all educational stuff.
Andrew Schultz, you got to give him credit.
He was the one that kind of made that very popular.
He's basically saying what they show in China versus what they show here in the States.
It's no.
But for me, the thing with TikTok is this: everything comes down to risk and reward.
What's the reward with TikTok?
You get to see some dance videos.
You get to see some stuff.
All right, it's cool.
It's fun.
What's the risk?
This is a full-on national security threat.
You kind of went down the line of what they're doing.
They're tracking your phone movements.
They're tracking everything.
This is not something we want here in America.
I don't know how long TikTok is going to be here, but I'm a full advocate of getting this out of here.
Man, question.
Is it, what is it about China that from the Wuhan lab to all this shit to TikTok, we don't make no move.
I think Trump was the only anti-China tax, you know, the tariffs, the trades.
What is it?
Why don't we pull the trigger?
Just because we owe them all this money, we can't do shit to just pull the trigger.
Remember when I said a bunch of things got banned?
They waited until after midterms to do it.
There's no way you're going to do TikTok before election, midterm, because most of the people on TikTok are progressive.
Did you hear what Chenk said on tweet?
He tweeted something.
Chenki said, yeah, he said, he says, look what they're doing with TikTok, banning TikTok.
Most progressive people who are going viral are on TikTok.
And now they're taking that voice away.
Now, he's a socialist, hardcore progressive.
So he is saying the fact that TikTok was a great tool for him.
Now they're taking that down.
And he's right because TikTok was doing a lot of stuff right there.
Politics is so predictable.
TikTok has by far the most progressive content of any platform.
Both Republicans and corporate Democrats hate progressive.
So look at what they're looking to shut down now, TikTok.
So he's right.
The progressive camp, they don't want TikTok to be going down.
And so you don't do that before you do it now.
Gotcha.
It's just a matter of time.
By the way, guess who's doing backflips?
Twitter.
Twitter's doing backflips.
Yeah, the moment this thing gets down, Twitter is doing backflips.
I want to go to the media article that we have with a couple different reports that came up.
One is about DeSantis numbers.
If we can pull this up, a new poll that is showing, the article says DeSantis clobbers Trump's approval by 32 points with the Republican, Florida Republicans.
If we can go to page 14 and then we'll talk about the most influential people in the media space.
Let me see which one this is.
DeSantis holds a 14-point lead over Trump in hypothetical matchup poll.
Florida governor Ron DeSantis leads former president of Donald Trump by 14 points on hypothetical 2024 GOP primary matchup.
According to a new poll, the Wall Street Journal survey released on Wednesday found that DeSantis leads amongst likely Republicans voters 52 to 38%.
DeSantis has also had an advantage in his approval rating with 84% of Republicans surveyed having a favorable view of him.
By comparison, 71% said they have a favorable review of Trump, view of Trump.
Trump still led DeSantis by 16 points, 54 to 38 among respondents who identify as conservative, while DeSantis led by 30 points, 59 to 29 among those who identifies as somewhat conservative.
So Adam, when you see this, what do you think about these numbers here?
Yeah, I completely believe them.
This is something that we've been talking about for months.
I think that Trump is the past.
I think Ron DeSantis is the future.
Why are we re-litigating the past with Donald Trump?
I'm using the word re-litigating intentionally because that guy is buried in dozens of lawsuits still and just waits until where these lawsuits end up during his re-election bid.
I think there's such a yearning in this country.
And by the way, this isn't just a Trump thing.
I think there's a yearning in this country to do away with Trump and do away with Biden and get something new in there.
My biggest fear is that Trump runs and Biden doesn't run and we have a Gavin Newsom face-off with Trump.
And I think Gavin Newsom will beat Trump.
And that's the biggest odds, Adam?
Me and you got to take that bet as soon as possible.
So just follow the numbers on Vegas here.
I think there's such a yearning.
There was an article we just talked about about mask fatigue.
Yeah.
I think there's something along the lines of a Trump fatigue, and you're starting to see the cracks in the Trump campaign where people like Ann Coulter.
People like her that were just so completely on board with Trump have already jumped ships.
To be fair, this poll was only 267 people.
Yes.
To be fair.
Kazu has a question, Pat?
Do you think there's validity in it, though?
Forget about the poll.
Do you think there's validity that in what I'm saying is that there is a yearning for something?
I trust WSJ the most out of all the current publications.
Current.
They could change tomorrow.
I'm just saying currently.
Wall Street Journal.
WSJ is at the top.
What are they saying?
This is WSJ poll.
It holds a 14-point lead over Trump.
This is a Wall Street Journal article.
Go to the top robot.
Survey is from Wall Street Journals.
Go to the top, Rob.
There's a 14 point lead.
14-point lead over Trump and hypothetical.
Yeah, I just, listen, Biden's 80 years old.
By the time Trump runs again, he's going to be 78 years old.
We want someone new.
We want someone fresh.
We want something new.
He's making a major announcement tomorrow, by the way.
Who is Trump?
Here's my question to you guys.
That's not a major announcement he's going to make.
And by the way, breaking news, I'm going to actually run again.
Yeah, no, now I'm dead serious.
No, but here's my question to you guys.
And Tom, I want to know what all you guys think.
If you're Ron DeSantis' campaign manager, how do you get those diehard MAGA people to get away?
Like, don't get me wrong, not be offensive.
Don't play the whole left's, oh my God, collusion, all that shit, because obviously they're Republicans too.
How do you slowly take that Trump-loving MAGA, Pat, without being too aggressive to tell them, like, hey, listen, the guard's going to change.
We still have the same mentality of the Trump, but how do you get those people to come to you?
Like, how do you get those people to shift?
So I don't know.
One word.
I don't think this poll is a surprise.
I think we all know that inside the Republican Party, there's not a civil war now, but there's two camps.
There's a moderate, a moderate conservative camp, and then there's MAGA.
And you are not, the MAGA people are offended, deeply offended, and they're deeply loyal.
So until Trump is not on the ballot, they are with him.
And that is the issue.
And that is what everyone is tiptoeing around as they prepare for the presidential election.
Everybody's tiptoeing around.
Nobody wants to push Trump because that voting bloc there is offended and they are entrenched and they feel that they've been ripped off.
They have been.
Yep.
And so DeSantis isn't going to do anything to win them over by vigorously campaigning against Trump.
It's just going to be, you're going to have the two camps.
We saw it in the Democrat primary.
You had two groups of people, right?
Group one was very small.
It was basically Bernie and Elizabeth with a little bit of Amy Klobuchar because she was a more gentle, aunt Amy-looking person, but her hard socialist views lined up very much with Elizabeth Warren.
She just presented them softer.
So you had them and then you had everybody else, right?
And that was the problem that the Democrats had on stage.
It all had to shake out because you could hold 10 elections out of 10, have everybody present their things, and you're still going to have the same result until the people are off the ballot.
And then the other folks go, oh, well, well, I'm with you.
Yeah.
So, so, Tom, here's my question to you, though.
So, let's say, because it's going to look like DeSantis and Trump are going to go, they're going to debate whatever DeSantis wins.
DeSantis hadn't said that.
No, what I'm saying is, let's say they go against each other, DeSantis wins, right?
What happens to those diehard NAGA voters?
Yeah, they're voting for Ron DeSantis.
No, they're not voting for the Democrats.
That's your answer.
Do they not vote?
Do they not vote?
No, but they are voting for Ron DeSantis.
So here's the answer.
But there's one word.
There's one word that you asked, what's the thing?
Yeah, what's the one word?
The one word is win.
Here's the problem with Trump.
He won in 2016, and he gave the speech about, you're going to win so much, you're going to get sick of winning.
What has Trump won since 2016?
They lost the 2018 midterms.
He lost the 2020 election.
There was supposed to be a red wave in 2022.
They lost.
They won the senate.
They lost the Senate.
They barely won the House.
This whole concept of winning, well, Ron DeSantis wins.
He wins by landslides.
I agree.
And he's winning.
And if you actually want to win, go with the guy that's winning.
Not the guy who says he's going to win.
Now, I'm just going to be a little fair here.
Don't count Trump out.
I get it.
He's been there.
He's done that.
I just think there's a yearning in this country for something new, something fresh, something different.
We're going to see.
That's embodied by it.
This is the last thing to say.
I saw this report that just came out.
Mediaites, most influential in news media 2022.
And I'm curious to know who you think ends up being in the top five.
So if you can pull this, I want to start off with number 75 and go work our way down, okay?
Just go.
Okay, so if you can, right there.
So Ben Smith, 75.
He's the former CEO of Bloomberg Media.
Taylor Lawrence in April uncovered a woman behind a popular, vehemently anti-LGBT libs of TikTok Twitter account.
Wow.
She makes top 75.
And then you got Ben Collins, Donnie Sullivan, which is NBC News, CNN.
Chris Christie, got it.
Kate Bowled in at 71st.
She had a show with CNN Plus, and then it was done with.
Twitter video influencers.
Okay.
They're putting that as a whole, everybody in one gamut.
Then you got Josh Gerstein and Alexander Ward.
Jessica Tarlaw from Fox News.
She's a co-host of the five.
She's the Democrat.
You got it.
Oliver.
Oliver Darcy is next.
Then you go to Benjamin Hall.
Then it's Andrew Ross Sorkin, who is way too low.
He should be way up this.
I agree.
He's the one that just interviewed.
What do you call it?
Deanna Reed SPF just a week ago.
Then he got crazy smart, very neutral.
And what's he doing down there?
Then you got Dana Perino and Bill Hammer.
Okay, so they were next.
That's again America's Newsroom together on Fox from 9 to 11.
Sarah Fisher from Mr. Beast and Charity to Snapchat Trump, TikTok U.S. Movies, Chris Wallace New.
Okay, that's her.
Then you have Nicole Wallace, former White House communication director, turned to MSNBC anchor.
Dylan Byers, his reporting on CNN and his parent company, Warner Brothers.
Then you got Clay Travis from Outkick.
Then you got Laura Coates and Allison Camarota is next.
Then it's Ellie Honick.
Then it's Savannah Guthrie, Aaron Burnett.
Then you got Charles Bartlett.
Having inked a new contract with TNT in October that could pay him nearly $200 billion over 10 years.
That's Torrey.
Barkley now gets paid more money to talk about basketball than all but a handful to play basketball.
By the way, he made more money being an announcer than he was playing basketball.
It's pretty wild when you think about it.
Yeah, I'm happy for him.
Kevin Poole went.
Keith Poole is 54th.
Then it's Andy.
Andy McCarthy, new Fox legal analyst.
And then you got Alex Wagner.
Then you got Gail King, makes sense.
Then he got Cecilia Vega.
Chris Cuomo, 49, still on the list.
Martha.
Is Cuomo still on this list?
By the way, he would have been much higher if this was when he was active.
Martha McCollum.
Then he got Jim Acosta, 47th.
And then he got Jonathan Swan.
John Swan is a beast.
Geraldo Rivera.
Araldo still up on the list.
Lawrence O'Donnell, Robin Roberts, and Michael Strahan.
Interesting.
Jim Kramer, still on there.
A lot of credibility this year with what he said about FTX.
Steve Kornacki, Chris Hayes, Margaret Brennan, ABC's new chief, Kim Godwin, and CBS News co-president Nirajemlani and Wendy McMahon.
Chuck Todd, 37.
Joe Reed, Joy Reed.
Joy Reed is that high?
Joy Reid is that much above.
That's pretty weird, but she's on there.
Yeah.
You got Shimon Pro Kupex is 35th.
Harris Faulkner, then you got Ari Melbner, Bill Maher, 32nd.
Joe Maher is at 30.
That guy should be in the top 10.
I think he's top 20 at least.
Top 20.
Ari Emmanuel and Jay Sures, 31st.
Stephen A. Smith, 30th.
Makes sense.
Nice.
Laura Ingram, 29th.
Chris Wallace, 28th.
Rachel Maddow, 27.
Brett Baer, 26th.
Jonathan Carl, 25th.
Anderson Cooper, 24th.
Charlemagne the Guy.
God, 23.
23rd.
That's good for him, man.
22nd.
Megan Kelly, still on the list.
21st, Cara Swisher, 20th.
Joe Rogan.
I thought for sure Joe Rogan would have been higher than 20th.
How is Joe Rogan not very weird?
But he's on the 20th.
He gets more ratings than CNN and Fox combined.
He's influential, and we get to decide what influence is.
So 19, Peter Doocy, 18th, Rashida Jones, Cesar Condi, and Noah Oppenheim.
17th is the view.
Everybody on the view.
So Whoopee, Joey, Sonny, Sarah, Alyssa, and Anna.
Then 16, you got Jesse Waters.
15, you got Don Lemon, Caitlin, and Poppy.
Okay.
CNN morning.
14, you got Steve Doocy, Ainsley, Erdhardt.
That's Fox and Friends.
That's Fox and Friends.
Yeah.
Then you got George Stepanopoulos, 13 place.
12, Jake Tapper, 11, Ben Shapiro.
Wow.
Ben Shapiro, number 11.
Says a lot about what they're doing.
So 10th, Greg Gutfield.
That's the one that's insane to be 10th place.
Wow.
Greg Gutfield.
Okay.
That's top 10, by the way.
9, Maggie Haberman, New York Times correspondent.
And then you got Lester Holt, Nora O'Donnell, and David Muir.
That's from NBC's show.
And then you got Matt Drudge from Drudge Report.
Tom, it's interesting that he's seventh, by the way.
Very intense.
Sean Hannity, sixth.
Joe Scarborough, Mika, and Willie, fifth.
Tucker, fourth.
Chris Licht and David Zaslav, CNN new CEO.
Third, Elon Musk, second.
Wow.
Elon, number two, most influential.
You buy Twitter.
You just right from the top of the list.
You would never get first place, but first place is Suzanne Scott.
Rarely have we put someone at the top of the list who isn't a media star known to most of the country, but consider the strange hold that Fox News has held, has over the media industry.
And it's easy to say why Suzanne Scott, the CEO of Fox News, is the most influential person in all media.
Fox News will end 2020, 2022 as the most watched network in all of cable news in both daytime, primetime viewers for the seventh consecutive year in a year where viewership is down across the board.
Fox News remains a rating juggernaut.
Its audience often bigger than CNN and MSNBC combined.
Wow.
So there you go, Suzanne Scott.
Good for you.
Congratulations.
Fast forward.
Yeah.
10 years.
How much different does this look like?
This list look like meaning.
Still at the top of the list are the Foxes, the CNNs, the MSNBCs.
10 years from now, how many are going to be podcasters, independent journalists?
People that are not typical legacy mainstream media.
What do you think, PBD?
It's going to be dramatic.
And where will you be on this list, sir?
Dramatically different of this list.
This list is changing.
And they're also realizing they have to change.
Joe being that 20th spot, fine.
But Joe's got to be much higher than that.
Joe, you kidding me, in 2022, he's top 10, minimum to be in the top 10.
Yeah, that's great.
But there's going to be more names being on that list as well.
DL Saint just gave $100 super chat.
Here's the thought.
DeSantis beats Trump in a primary.
Trump runs at an independent in a national election and takes 20% of the Republican vote, and the Democrats win.
Worry y'all thoughts on this?
Keep leading from the front, gentlemen.
That's actually a good perspective.
It's the Ross Perot election.
Yep, that could actually happen.
And if there's a person who would be capable of doing that and pulling that off, it's the guy.
You think he'd be capable of wanting to see the Democrats win?
I think he knows when he does that.
Yeah, of course.
I'm thinking he's the right guy for this job.
You can't take that out of his mind.
He is an alpha of alphas.
Anyways, gang, tomorrow I'll be with a couple thousand of you at the business planning workshop.
