Ferrari's EV Disaster + Mamdani's Asset Seizure

>> What you have, the future looks bright.

>> And Jake is better than anything I've recited. [MUSIC] >> All right, here we go. Business Wednesdays, a lot to talk about. Tom saw the latest model of the Ferrari that just came out for 640,000 dollars.

He's been upset for about a couple of days. >> Can't hold her. >> Her had to take two days off, but Rob Nude, Tom wasn't happy. So guess what Rob chose to do? Rob chose to wear a sweater today with the color of the Ferrari.

Just to bother, Tom and you guys will see him when we show this car.

“And people are wondering, is this a massive flop of a decision Ferrari made?”

By the way, did you guys see how the chairman, the former chairman and CEO that was the assistant to Enzo of 20 years came out on what he said about it? >> Look at him. >> We have to play that clip what he said about it. And this kind of goes with what Porsche did last year when in the first nine months of the year of 2025 versus 2024.

In 2024, their EBITDA was 4 billion, they're in 2025, they're EBITDA fell from 4 billion to 40 million dollars.

99% drop off and some blamed it on the, is it a tie can and some of the decisions that they made. Of course, there's a tear of and other things, but we'll get into that. >> Which exactly that. >> And then the other part is a guy in New York City, this guy named Zoran. Okay, he's kind of a big deal to socialists and communist comes out and is given a speech about transferring ownership of real estate from bad landlords to noble people, maybe even given it to some charities.

>> Of course, yeah, forcing them, this is what you call, not capitalism, not socialism. This is as close to communism as it gets and we'll play that clip for you, especially New Yorkers. I know how you feel about it. This guy named Al Green, remember Al Green that was not happy with Elon Musk and all this other stuff. Guess what he lost yesterday in the last couple of days and then John Coran, who was there for 40 plus years,

who had a massive lead on John Paxton. And all of a sudden, Trump endorses John, I'm sorry, Ken, John Paxton is a shooter, Ken. And Ken ends up beating John Coran by 27 points a massive blowout. And now, Ken Paxton's going to be going up against Tele Rico, if I'm not mistaken, Tele Rico is the Christian socialist that thinks about transgenders all the time.

“I think that's what it was when he said in one of the interviews.”

So that's going to be an interest one, the Pope comes out and we have a representative on behalf of the Pope here with us from Bertol. Who is going to be defending the points that the Pope made, which by the way, I'm largely, I don't even know how to disagree with anything he said.

On his opinion and thoughts on AI, this is the first time where they're coming out and giving thoughts on opinions on AI, the Pope.

I think it's worth talking about. What are you talking about? What on the Pope too much? What role? Time, you just offended 36% of our audience that's Catholic, and you talking like that, I mean, this is just inappropriate right now.

So we'll talk about that at some page 17, oil prices, Snyder's not happy. What's going on with oil prices? There's some numbers right now. We're looking at 88 dollars, but the moment time said, oil is at 88 dollars, lowest since April 17th. And March 23rd, Jeff says, I don't care.

It needs to stay there and go lower. That was specifically the words he used, maybe he'll stay more eloquent amounts. That's right. And then in Canada, this guy named Mark Carney is not happy because of folks in Alberta. Alberta is like the Texas of Canada, they want to separate.

They want to be their own country and they're kind of putting it in vote and some people are wondering, is this even possible who better do that? This can happen or not, who knows? Nobody knows, but we'll see. It is definitely a discussion and Tom's got some Canadian blood in him.

So he strongly wants to give us thoughts on this. There's some pride there for him. He won't be voting for the Canadian soccer team in the world cup. He'll be rooting for most likely U.S. and a couple other countries, but in this situation, he's not happy with it.

And in Trump and Iran, apparently yesterday there was a tax that took place. While the negotiation is going on, multiple attacks Israel to apparently South Lebanon, if I'm not mistaken, over 100 attacks that they had.

“I think 31 killed and people are wondering, why are you doing that?”

We're wondering the negotiation and in a president saying, in order to get this deal done, I need the Abram Accords to be signed by everybody and few people already have. But Pakistan said absolutely not, Saudis, not too interested in doing that, but they haven't publicly said it. There's a few others that are entertaining.

Maybe we'll talk about that. Teens the worst summer job season ever. They can't find jobs. We'll have that to talk about. And he got Ben and Jerry's founder who says,

"One of the worst decisions you can ever make is sell your company."

We know he likes to go out there and protest and get arrested. He and I did a podcast together and we actually shared the ice cream. I don't know if he got saw that closely. Did you remember this? I shared an ice cream with a socialist and we actually had a great time together.

We laughed our asses off. And I learned about the dirt cake, ice cream of Ben and Jerry's, which is ridiculous. The best. The best. And then we got a couple of the stories that we'll get into outside of that. One story I got is one of Elon's friends.

I don't know if you heard about the story or not.

Tom, one of Elon's friends decides to lend Elon a million dollars.

When Elon needs help with Tesla and SpaceX at the beginning stages of it. SpaceX is about to go public.

“You know what that million dollars turned into? Do you know the number?”

I want you to take a while guess what it turned into. About 400 million? Okay, so how about I just talk about it when we get into it? I'll show it. It's that unbelievable of a number and time. Do me favor.

Don't chat, GVT it and search it. I just want to get your reaction on the story. When we get into it. A couple other stories I want to get into is a chip soccer ball. Is it a good idea to put a chip in a soccer ball with world cupping around the corner?

Some people are saying, is this going to manipulate? Is it for data? I don't know if I want a chip in the soccer ball or not, who knows? But it is a topic of discussion. And we'll discuss that here in a minute.

Having said that, folks, if you're running a business and you're hiring people, there is nothing more annoying than when you hire people and it doesn't go your way. And often it ends up costing you a ton of money. Rob, go ahead and play this clip.

So the average bad hire small business owner makes cost to company $17,000. The worst hires could cost you $240,000. Why? It's not just losing the employee. Many times you lose them. They're sitting next to somebody.

They've already infected the negativity on them. They draw that person. And I imagine that person was with you for two years. And many times you knew this was not a good fit. You knew this wasn't going to be somebody that was going to work with you culturally.

But you'll look the other way. You didn't have a system on who to hire. You didn't have a system on who questions to ask your calibration wasn't in place.

“So one of the best things we're going to do this you have to have all conference.”

Live in front of 12,000 people. We're going to bring a few of our employees up there and show you how we calibrate quarterly on how we score people on five different metrics. And why this has helped our companies retention go higher as well as grow exponentially

in ways we've never experienced before.

And this will only happen at the vault conference that we host once a year. 12,000 people from 60 plus countries will be attending the MGM granderina in Las Vegas. August 31st through September 3rd. Going through this 296 page manual together. And if you have any ad register, click on a link above or below.

Get registered. You may want to bring your team with you. It'll be a very special event this year. Looking forward to seeing you there. There you go.

Go to vault2026.com again. Vault2026.com speaker Steven Bartlett from the Diarty CEO. He'll be their Logan Paul. We'll be there to talk about how to create a brand. Then we'll have Joe Montana and Jerry Rice simultaneously interview on how to find a running

may when you get a running may what happens to you. And last but not least, Dan Martell, author of "Buy Back Your Time," who is exit a multiple companies will discuss how to leverage AI today. Go to vault2026.com. Get registered, can I wait to see all of you guys there?

Would that be inset?

Let's get right into the first story.

Ferrari two days ago announces their latest car, Luché. And when I saw this car at first, I thought it was a spoof. I thought it was a joke. But it was real.

“Rob, if you want to play this clip here while you're playing this clip,”

I'll kind of give some thoughts on it. $640,000 to get this car. The interior design is by the former chief design officer of Apple, head of design, John I, which work with Steve Jobs. So that's a big part of the story.

$330,000 range that it goes, 0 to 60, I think 2.5 miles, 2.5 seconds, 0 to 100, I think it's 6.8 seconds top speed. Maybe $194 from remembers numbers correctly. And it's 100% EV. This is not the SF-90 that they came up with, which was a hybrid.

This is 100% EV. And a market is watching the same was, this the right move was, this the wrong move. You know, it looks like an IA. There was a bunch of criticisms. Why would I buy this instead of buying this?

I can buy 10 bit coins instead of buying this. You know, I can buy 10 Tesla's or 7 Tesla's or 8 Tesla's. Instead of buying this, I can go do something else with this. Why would I want to buy a Ferrari like this at this price point? Lots of criticism.

Tom has somebody that's own Ferrari's for decades yourself. And you've restored one of them. If I'm not mistaken back in the days, you restored one of the Ferrari's that you had. That's correct. And you currently $320?

And Tom's date daily drive right now is a Ferrari. Tom drives his Ferrari on a daily basis here. Tom, what is your opinion on this? Was this a good move or bad move? This, I don't think it was a good move at all.

I, you look back at the the record recently with Ferrari hybrids. And recently, right here at Boca and in Palm Beach, we had Cavalino.

historic Ferris and people celebrating the history of the brand. And there was a lot of talk there about the SF-90 and the 296. The SF-90 people were up there talking about cataclysmic loss of value.

That the depreciation was incredible because I couldn't get people to buy it.

And it was not because the higher end cars, you'll buy them, you'll keep them as the ones that are limited production. Say a thousand units, people keep them collect them. Well, guess what? The 296 hybrid also had a hard time and it's been discontinued.

So the Ferrari audience has spoken about these. And the people that had SF-90 or 296 suffering depreciation of the cars, it's beyond what normally the experience. And I think this was a bad idea, but I think it was already on the product plan. And Pat, you've consulted, we've consulted with companies.

You know, sometimes we ask them, why did you do that? Well, we've been planning it for three years. All the effort went into it, we just went through with it. And I said, but if you knew it was a bad idea, well, we had invested so much. We just kind of stayed with the plan and hoped.

You've heard those kind of words. Of course. Well, I think that's what happened. I think the one is on the product plan. And that's a very good point.

I want to go to this time, the former chairman of Ferrari, who was installed assistant in his 20s.

“Later on, becomes the CEO, Rob, if you want to go to the clip of the Ferrari,”

former CEO, given his comment, given his thoughts on this, they asked him a question and they said, what do you think about it? And you can tell Italians, they're not very good poker players. If they don't like you, you can tell. If they're angry, you can tell.

If they have a reaction, you can tell. This was him, on when he was asked about the Luché, go ahead, Rob. Go back to, go back to the other way, he says, this is certainly a machine that the Chinese, at least won't copy from us. They won't need to, meaning the product is such a bad product.

Now, Tom, to people that don't know who he is, how important was he to the Ferrari brand?

This is Luché Montezimolo, and Luché was absolutely critical to the brand.

He was, the return of Ferrari to F1 glory with the signing of Michael Schumacher, and then five consecutive championships. They haven't won the championships of 2007.

“He was kind of moved out by the DEI crowd, and this guy is a legend, and I think that was”

reserved. For Luché, that was a reserve reaction, because he could have just gone off. He knows what's gone on at Cavalino, he knows what the market has been saying. There's no secret here. In this guy, this guy, I put him in one of the top 20 auto executives of all time.

So, he's a heavywoods. So, in the modern era, not like him now, but let me ask a question, Tom, you're running Ferrari today, you're the board, you're the developer, you're the designer, you see him saying something like that, how is Ferrari right now in, we've been to their headquarters multiple times.

I think we just went there a few months ago, and I took a tour together in 2015, and we walked right by him and didn't know it. Kim told me later, did you know Luché walk right by you guys? Stop it, when we were there in 2015. Correct.

When you and I took a picture of Ferrari, and we had Ferrari shirts on, he walked, and Kim says, that was so good. How does Ferrari react to it? Go to their home office, how they react into this? Okay, you've got the DEI folks, you know, we have to do this, it's modern, we have

to keep going forward all the progressives, right, and then he crowd us progressives, and then you've got the di-hards who's blood is boiling.

“I think I literally believe there's like a split board, there's a traditional say, hey hybrid”

technology is here, we can do things hybrid, we can do things here, but our buyer doesn't want it. Look, yes, if I need it in cell, this didn't sell. We need to follow the customer. They're blood is boiling, you mean while on the other side, people that we're like forcing

it, and you're seeing Porsche, Ford, Honda, all back off of EV plans in a big way, billion

dollar riders, multi-billion dollars, I want to get on that point. If we see the numbers, you know what I mean, Ferrari, they make and, you know, deliver 13,000 cars they do, this all they do, this is 600,000 dollar EV, right, how many units are they going to do? But it's not at jarware level, if we're going to cut all the lines and just with the

electric one, it's an experiment. I was watching the video yesterday with her name is, oh my God, I forgot her name.

to work her. Don't I? And I really like some of the design philosophies that we're used inside the car.

“I think it's revolutionary going away from screens, having tactile functions.”

I think there's a lot of technology that's going to be inside of the car. I think the interior of the car is a work of art. I can't see much about the exterior. It looks like a Ferrari 8 and SUV, it's the ugly thing, but you know, that's some people who like it.

I think at 600,000 dollars, if they move 100 units, some people will see the cool factor on it. Maybe for the average Ferrari owners at one, you know, they want to mid-Mountain V8. It's not going to be their cup of tea, but I don't think they're going to lose money on this.

If you look at Ferrari, the mostly sell tea should tell many people actually buy a Ferrari. What do you mean? Run a poll. Run a poll. Have you ever owned a Ferrari before?

Have you ever owned a Ferrari before? Jeff, do you have any thoughts on this? No, I mean, I'm not a car guy by any means, but when I first saw that picture, I thought it was a Tesla. It really did.

Immediately. Immediately reaction was like it's a Tesla. Yeah, it's interesting. Oh, but not. Yeah.

When you, when are you talking about this, let me ask you a question here. This is an interesting one that I didn't know. When you tell me, Tom, what do you think is Ferrari's EBITDA? Percentage. I want you to think about this, and I want the audience to guess what is Ferrari's EBITDA?

I thought Ferrari's EBITDA was two times the auto average.

I thought they were up at like 16 percent, auto average was like, are you ready for this?

Ferrari's EBITDA is 35 to 40 percent. Okay. Is that clothes and licensing or just cars? Just purely EBITDA is 35 to 40 percent clothes and licensing is nothing. It's the cars that mainly brings the revenue.

39.1 percent is their EBITDA. By the way, you know who number two is? Number two historically in EBITDA, most profitable, automotive companies in the world. You know what number two is? Toyota?

Porsche. 25 to 30 percent. Number three is Lamborghini and guess who number four is? Guess who number four is? This is where it gets interesting.

Number four is Tesla. Then it's everybody else. So meaning when Ferrari like, and then when you think about Porsche, the greatest day-to-day super car ever produced is the Porsche 911 Turbo West. It's not even close.

It can drive it every day.

I will for the rest of my, as long as they don't go woke, you will always find a turbo 911

911 Turbo, so my garage for the rest of my life. Even when I'm not driving now, there's only drive once or twice a week. And for Porsche, they produce 311,000 cars, time you own a Ferrari and you want a Porsche, right? I owned an SF90 before and I've owned a few different cars, but specifically when you were talking about SF90, we went through the process together when I was trying to sell it.

“If you remember that, so to say, personally experienced when I'm talking to you and I'm saying,”

hey, what the hell is going on with the SF90? A thousand horsepower and credible car, you can go 200 miles an hour, does some feel like you're even pushing at 200, not that we would ever do such, because I always drive 65 miles an hour. You don't break the laws.

Or be not responsible. Not responsible. You have never done such a thing, so you wonder if they watched on what happened with Porsche when they went to produce certain cars that the audience simply did on one. Do you know when they, by the way, the profile of Porsche driver versus a Ferrari driver?

Here's some interesting facts. Do you know what the average Ferrari driver age is? The average Ferrari driver age, give me the age. I thought it was 55 now, 51 years old, okay? Porsche is around the same age, but the average income earner that buys a Porsche is making

370 to 500,000 dollars here.

The average Ferrari driver makes a million to 30 million dollars a year.

The average guy that buys a Ferrari, what percentage of Porsche drivers are males versus females? This one is tricky. What percentage of Porsche drivers? I would say 95%.

Okay, so Porsche is 85%, okay? What do you think it is with Ferrari? Male to female. It's a crazy number. It's not the same.

No, it's a crazy number. What do you think the percentage of male to female drivers are in Ferrari? I don't know. I saw a lot of women driving romas, let's see it there. I want to see it from time 'cause I was shell-shocked.

It's an extreme. It's one of the two extremes, so what do you think it is? Well, this is a wild gas space and just looking around, but the romas moved a lot, and I think it's like 80, 20. 98% of Ferrari buyers are men, 98% like they know their customers, like if they hired the

I person, and they say, what can we do? This is kind of like rom the hired a consultant that says, stop going after Obama so strong after Benghazi after the second debate and start talking about that.

“I mean, you look at talking about single women, and they're like, that's why he lost”

the debate. If they try to win over customers, that's not their customers. It's a big mistake. Well, I hope Ferrari stays put and gets clear on what the customers are and just stays

As Tom described and the profiles, like Ferrari's a religion, you know what I mean? Some people swear by Ferrari, they will buy cars, I know a guy, they keep just bought a car,

you know, million dollars, and he's going to put it away for posterity, like he's never

going to drive it. He's just going to put it away to save it for the future, like push, you know, shout out to the PCM, the Porsche Cup here, those guys, if you show up on any car that's not air cool, they wouldn't even talk to you.

“That's how resistant they are to change.”

But isn't that an element of progressivism thinking about this bigger, like you know, Bud Light? They brought in that consultant for Bud Light and what was his name? Dylan Mulvaney. Yeah.

We need to change our audience. There's this element of progressivism that says, we don't need to listen to our customer, because they're old, they're backwards, they're straight white males. We need to tell our customers what they need to do. That's, I think, you've seen this time and time again, and not just for our, you know,

a lot of other businesses, a practicabero, oh my god. They do. They, they, they say, they stop listening to their, their core business and say, the element of progressivism is, we need to tell people what they need to think. That is so dumb.

That is so dumb, because by the way, if a Porsche produces what's the number 311,000, they

went from $4 billion in EBITDA, the first nine months of 2024 to 40 million in 2025.

The ceiling immediately said, we're not producing 311,000 Porsche, that's what they produced per year. He dropped it down to 250, if I'm not mistaken, they lost $784 million due to tariffs and 24. That to write off a bunch of things that they bought, with AI technology chips, all this other

stuff that was a pure right off.

“They came out with a car, uh, Tycam, what was it called?”

Tycam. Tycam, which was one of the biggest flaps, first year, so 32,000, second year, so 43,000, third year dropped, 49% then it dropped another 40% or 30% and these cars, you buy 450 to $200,000 within a year to two years, you already lost 50% of valuation of the car within two years.

So I've seen these cars, they're pretty nice. They're the driving one. They don't turn. Yeah. It wasn't a Porsche anymore.

It was a sled. You put your foot down, it just went, but there was nothing to it. There was style to it, but it didn't move. It didn't turn, it was, it was almost horrible driving experience. No, you're a customer.

No, you're a customer. That is the key. No, you're a customer. This goes back in history. There's a guy named Sergio Simon, that was part of the new Coke decision.

He pulled back on it and said, we never should have done that.

We never should have talked ourselves into believing that there was another hill to climb for our customers. He wrote a book called The End of Marketing as we know it. Sergio Simon, you know, if he's still around, we should get him on. I quickly wanted to defend Porsche because this is not only their bad decisions, they had

tremendous pressure, pressure for the EU from Brussels, you know, because they have this fleet limit. So they need to have some EV cars. The funniest example of this is, as soon as Martin, I mean, all of you guys heard the story.

They made a little like a smart car to offset their CEO emissions. So that's one thing and the situation, Germany, is not good, the price of energy. And you know, you know, about this jet, the price of energy there makes any industry not profitable.

“Like $430 horsepower as Martin, go to that route, would you just add up right now?”

A minute ago. This is what regulation does, Pat, they had to make this. They made this because of regulation, because of regulations to bring down the average of the fleet. I've been, wait a minute, that car has $430 horsepower.

Oh, it's crazy. I mean, that's the suicide mission if you drive that car. That's exactly right. You hit a deer or a 40 pound dog. Let me see the photos.

Go a little bit more to the photos aside from just that. Wow, that is an ugly car. Wow. The signal, the signal, which is just for regulation, they had to have one for far and the fleet.

It is what it is. We're advertising for these guys. So let's just see if it's going to work. You guys going to go by, don't know. Let's put the next story.

So here's Moundani comes out with a story in front of people he's standing up there. And he's trying to sell that if you're a bad landlord, you know what we're going to do to you? We're going to transfer your ownership, did he just, did he say transfer ownership? He did.

Do you mean to who? Do you mean you're going to force us to sell? No, no, transfer of ownership to who? To non-prot, there's no way this has to be AI. Well, here's Moundani for you.

Go forward. Through our new citywide campaign fixed the city, we will focus on the worst landlords in New York City. [APPLAUSE] Listen, it's coming up right now.

When necessary, we will take aggressive legal action to remove negligent owners and property managers. [APPLAUSE] And four buildings that have suffered chronic neglect. Yep, we will work to transfer ownership to responsible stewards.

Wait, go back again, right? Go back ten seconds, please. Yeah, right there. And four buildings that have suffered chronic neglect, we will work to transfer ownership to responsible stewards.

[APPLAUSE] That's if you ever read Atlas Shrugs.

[APPLAUSE] Non-profits. Or even the tenants themselves. [APPLAUSE] Look at that smile.

Oh, Lenin would be so proud. Stalin would be so proud. Karl Marx would be so proud. These people would be so proud. Let me read this to you.

The planning includes a number of other lifelines to struggling landlords of affordable housing, such as making it easier to finance property improvements, secure tax exemptions, and clear their housing code variations.

The city is also launched in a $5 million-dollar loan program to landlords to help pay tenants

overdue rent and avoid evictions. So they're paying you the rent. And that's exactly the step towards communism. They're roughly 300,000 apartments financed through the city's housing agencies are potentially eligible for the rent increase.

One day are empty, along with other assistance. This is about a third of the city's overall rent stabilized housing stock, but includes a large affordable housing owners like related.

“Jeff, when you hear this message that he's given, how do you process this information?”

It's not surprising first of all, but I mean, look, it's a typical playbook, right? I mean, government policies created this mess to begin with. You're not allowed to build in New York City, so there's a housing supply shortage. There's rent control, which means you're not allowed to price anything based on market, which means that properties necessarily-- I mean, property owners necessarily have to skip

on repairs and everything. What ends up happening? You end up with a housing crisis that government then comes in and says we're magically going to fix it. We create the problem so that you can fix it and the solution ends up being collective

control, which is playbook as old as progressivism, communism, whatever you want to call.

It's all basically the same thing.

The real key here is when you give government authority who gets to decide who's a bad landlord, who's a good landlord, and what standards are we going to use, and how are those standards going to change over time, and how are they going to be used as political leverage? I mean, because that's ultimately where all these things go. This government comes in and takes over control.

The results are not positive. People not remember the push for public housing in the '50s and '60s into the 1970s, and how that actually ended up in New York City, most of all. Public housing was a nightmare in a mess. Why would this be any different?

Tom, thoughts. So I have a lot of thoughts here, and I'm going to dive down here.

“And so if you need to stop me, please stop me.”

So let me tell you how this works. Because I looked into the things he's setting up, and I looked into his words, and they

didn't hand out a PDF of their playbook, but they basically told you, they have a board

that will collect complaints, Pat, from renters. And guess what? No complaint to small. They'll build it up and say, "Oh, this bad landlord, Roberto, the terrible slum lord of Jamaica queens, he seven hundred complaints, and you'll hear words like that, Pat.

That'll be the first thing." Some of those will be, you know, they say, "Hey, we had a snowstorm, they didn't shovel the driveway soon enough, didn't shovel the front door." No complaint to small. They'll be a stack of complaints.

Number one. Number two, they will then go into seizure, and then what? That's transferring ownership to a responsible steward. Yeah, that's just code for seizure of assets, ladies and gentlemen, seizure of assets. They will seize that.

Oh, we'll give it to a responsible party or a non-profit. Non-profits will be packs, they'll be Democrat packs, but let me ask you a question. On Monday, all these people were paying the landlord rent, and the landlord couldn't afford to both pay the property tax and pay taxes to the city because he's operating commercial enterprise called renting a asset, and then also pay JP Morgan for the loan that he has

on the building. Had a hard time doing that and putting brand new granite kitchens in for a bunch of low-income people. You can't do that. So how is it that on Tuesday, Pat, when they say, "Evil Humberto had 700 complaints, and

we're now transferring it to the low-income trust of New York, how are they going to do it?" Pat, this is what happens. Now the low-income trust and the city, you're the VP of commercial real estate in New York Pat, you are now, and I'm mandami and I walk in, and I'm like, "You know those loans

you got? Ten of those loans are now under the stewardship of the state of New York, City of New York."

“Pat, you need to reduce these payments or reduce the interest rates.”

What do you mean? It says, "Or we're just going to write this down by force." Because the loan is still intact, the loan is the last survivor, and you'll have mandami and the Islamist attempting to use you know what law to say that interest charging interest, which is anti-theoretical to Islamist, they're going to put the pressure on the banks,

and mandami made comments about the banks and the Jews that run them, or mostly Jews that

So you are now going to have the loans catered. Now then, the stewards own the property and are collecting the rent, they lower the rent for people, but they no longer have the large payments pat. Now they've got tens of millions and billions of dollars, because the city is now seized it.

They suspend the taxes on it, they collect the rent on it, and then all that money gets filtered out to DSA, and they do it at Philadelphia, they do it at the next city. This is a Marxist step-by-step playbook, and what people need to pay attention to is just because you seize it, you can't pay all those things unless you kill the loan with the bank, or you force them by force to renegotiate it down.

And now you have a profitable housing money going to the Dems. Do you think that circle of life to me looks different than operating a legal day care

“and then skim off the top back to the politicians and some for yourself?”

Well, brilliant strategy. It's not. This is what's going to happen. It sounds brilliant, but the market check on it is you can't ever meet expectations. No, no, when I listen, brilliant strategy to me, this isn't a playbook we would ever do.

We're capitalists, but what a brilliant strategy to sell the folks in a back that are rooting for it. Yes, I'm going to give it to non-profits, or maybe to some of the tenants. What is that about? That's like, hey, I'm going to take from the rich and I'm going to give to the poor.

Mamdani is officially Robin Hood. What a hero.

What an incredible guy doing it to the financial capital of the world.

And number one city in America when it comes onto economy. If you can do it to that city, what other cities are able to do that to you? You can do it anywhere. You'll find Philadelphia. And there's the next one.

That's just how modern socialism looks like, right? The Jacob and magazine, one of the biggest publications on the left, everyone that is somebody on the intellectual side of the left, I'm saying left and intellectual very lightly, they're saying this market socialism, what they did with the day cares, what they're doing with rent, what they're doing with everything.

They're using this mechanism to stay in power perpetually, like their cash cows. And as Jeff said, like, this is not going to work, but they're going to milk it until it doesn't work. Or, you know what I mean? Of course.

And add an on. Very worried about it. If it works kind of well, you're going to see this in Philadelphia. You're going to see this in Minnesota. You're going to see this in New York.

New York will fund it happening in the city. Their timing is so phenomenal. If I had a chart right now to write, you know, if we had like the visit, what is that board that we use? Vibor.

“I think, Rob, in the future, let's just have the vi board here from any time we want to”

jump on on a right list, dude, I just let's make a note of that. Modern version of Glenn Beck. Yeah, yeah. If we had to, if we had the vi board, just to show it. But to show that this model of what you're doing and how to go about doing it, what

the step process becomes.

Like at first, they're going to say, well, the current economy to the, like my whole

thing with AOC having a shot at winning in 2028, I've been saying this and I get a lot of my next for people being upset, why would you say that because I think it really has a shot? Why? Because AI is going to do what it's going to do and, you know, whether some people

think they're going to take jobs or it's not going to take jobs, it's impacting the economy. So a time when I were talking about some of the podcasts, what's the best case scenario where unemployment will be in 2028? He said five to seven percent.

I said, what's the worst case? He said 10 plus percent. If that were to happen, if home prices don't come down, the average home price right now in California is $960,000.

“And Florida, I think it's $340, $350, if I'm not mistaken, I'm like that $337, you can look”

it up the average home price by state, yeah, we're at $376. Can you go the $344 central Florida? Can you type in California, the average home price in California? So if you type in California, average home price, $776, $854, story came out last week that it's $906.

How to help can the average person afford an $854 home? You can't chat Bianco yesterday was here on the podcast was running for governor. And he said, when he moved from Utah to LA, he worked construction within one year he could afford to buy house. You're not going to be able to do that today.

So all of these things are going to be used as a leverage for them to say, this is why you do need governments help. So the more you're seeing Mombani saying, Mombani is simply setting one person up. It's like that volleyball player. You know that guy from CSUN that's all over the place, the phenomenal game volleyball

player that's just very, very good at what he does. And he makes his move at the end when he's, you know, slams the ball, Mombani is simply setting him up and then AOC is coming, okay, AOC, Mombani is setting up on and look at it.

AOC is going to come and boom, hang on a second.

This is not even the one. I don't know which clip you found. But there is one that he gets set up and then he comes and crushes it. That's what's going to happen in 2028. And so my worry is for people to have enough common sense, boom, look at that guy's

a freaking stud on how he's not a stud like that. I'm just saying he's a stud the way he plays volleyball. I don't want to keep you here.

Underneath all of the mannerisms and everything he does is a phenomenal athlete. And if people think that underneath everything they see on the surface from AOC, there isn't a phenomenal politician, they're making the same mistake. Yeah, yeah. If only the paranoid survive and right now if you're not seeing what's happening, they're

doing it to the biggest city. What do you do if you want to take a gang out?

“What do you want to do if you want to scare the living crap of everybody and again?”

Could you go after first? The boss. The boss. And who's the boss of financial capital in America? New York.

That's exactly who they're going after. If they can get New York City, they can come to a city near you. Now let's go to the next story. The Pope comes out and drops a message about AI. And it's not what you think, but the Pope comes out and says issues a warning about AI

in autonomous weapons. Is this all the 13 points in this one minute and 19 seconds wrap or is this just something he's saying there? Just something he's saying there. I do have the 13 points.

Okay. Go to that and then we'll go to the 13 points. Here's the Pope. The leader of roughly what is it?

1.4 billion people in Berton, I say in the correction.

And growing. And growing one point for a they've been flat last couple years, but they've been growing the last 12 months on what they're doing, but here's the Pope. Go ahead, Rob. Official intelligence needs to be disarmed.

The word is strong, I know, but deliberately chosen because this moment needs words capable of attracting attention, awakening consciences and indicating paths forward for humanity. The church has long been working for nuclear disarmament, aware that every great technical power can affect people's lives. And so must be accompanied by adequate moral discernment and public control.

Nuclear disarmament remains a service to peace and the dignity of the human family. In a similar sense, artificial intelligence now demands to be disarmed, freed from logics to turn it into an instrument of domination, and the eye needs to be disarmed, said by one of the most powerful men in the world, the Pope.

And here's what he said, our readam, and I want to get your thoughts, comment in a comment section of what he's saying here with the points.

“I think he's making very good points, but I want to open it up, and I hope there's some disagreements here to see different angles.”

Number one, AI must serve humanity, not replace it, okay, common sense. Number two, human intelligence is unique. The Pope argued AI can process information, but cannot truly possess conscious empathy, moral judgment, wand, wonder, or a soul. Number three, Big Tech concentration is dangerous. He won't against a handful of companies controlling the future of intelligence and data. Number four, AI needs strong regulation.

He calls for democratic oversight and international guardrails, instead of self-regulation by tech companies, okay? Some people would agree, disagree with that, many would disagree with that in the tech industry. AI could destroy jobs at massive scale. He warned governments to prepare for labor disruption and protect workers displaced by automation. Six, workers must not be treated like machines.

He repeatedly connected AI to worker dignity, similar to our Pope Leo, the 13 addressed the industry of revolution in the 1890s. Number seven, AI generated misinformation, threatened democracy. He warned about deep-fakes manipulation propaganda and the collapse of trust in truth itself. Okay, we know that. Eight, AI weapons could become uncontrollable.

One of the strongest warnings about autonomous warfare and AI-directed weapon systems. Number nine, children's development must be protected.

He warned AI and screen could damage critical thinking, emotional development, attention span,

and interpersonal growth in young people. Number ten, AI must not become a new religion, number 11, algorithms are not neutral. He argued AI systems inherit the values and biases of the people who build them true. 12 human relationships matter more than efficiency and last but not least society must choose between power and dignity, the Pope framed AI as a civilizational crossroads.

Who dares to your thoughts on this? I think you make some, and it's very funny that the last Pope during a big, you know, the industrial revolution could aimlessly us well. I think he makes some very valid points. For example, the morality part to AI, you can't rely on AI for morality. You have all this San Francisco, some of them, they're not my favorite people injecting their

moral standards to AI. You know what I mean? Creating new religions, there's a few AI-based religions that have this. Some of the bigger points, I think them, you know, not having AI control weapons.

“I think human life might be on the wrong, but human life is too valuable for an algorithm”

to decide between life or death. What else is he say? AI must serve humanity. That's, I think that's the main point right here. Like we can't let AI, we can get to the point.

guys seem, there's an app with AI can hire you to do human job. We're getting to the point and we're getting very close. Now, about the oversight part, it's just so difficult. Personally, we're in an arms race with every country. So if we get moral and stop doing something, somebody else will disagree. Who disagrees? Who disagrees with the Pope? Do you disagree with him? Do you agree with him time? Can I reread one of his quotes? Yeah, of course.

Calling for Prudence rigorous evaluation and at times a slower pace than adopting the internet

does not mean opposing its progress. It is essential that the use of the internet

especially when it touches our public and our children and public goods and fundamental rights be guided by clear criteria and effective oversight. You see what I just did? I took two quotes

“and I removed AI and the use of word internet. So I think that there's some things he's saying”

that maybe have some merit and some time for consideration. But every technological leap has included this. Now, I will tell you that AI is very significant. I believe we need certain guardrails on it and we're seeing what happened and I think having the sensing technologies out there to make sure that you're not plagiarizing or you're not cheating on an exam or that those photos that you created of your political opponent are fake. I think that there's an underlying point

that the Pope is making that everybody else is making like about deep fix. Like if we think we

have enemies now pat, just wait another year for things to advance, you and me are going to be shown in pictures dating back to the 80s, saying terrible things, doing terrible things and on that day it'll be very important that the opposite technologies are out there to ensure that we can say wait a minute. That's fake. And I think the Pope is making good points about that stuff.

“But there's also a here we go again. Jeff. Yeah. By the way, before I come to you, I'm going to”

come to you Rob. I want to I want you to see this year. Pull up the two things I just sent you. One is the tweet by David Sachs, which I shared. He says how are job postings for software engineers rising rapidly despite age and automated coding. Because there's far more code to manage than

ever before, we're already seen a 14x year over a year increasing GitHub, comments and it's accelerating.

Click on that link. Make that image bigger watch this and get the big storage of a new program. The baby blue, the light blue is indeed job posting software engineers. The dark blue is overall indeed job posting. So any job then that. So you notice the number of jobs specifically for software engineers is skyrocketing back up. It went down March 25, May 25 and then all of a sudden it's like, no, we need these guys. Now it's too early to tell. It's like when they start, hey, GLP ones, you know,

three year research shows. It's so good for you. We don't have a 20 year research. We don't have a 10 year research. We don't have a 30 year research. There was a book that came out of our steroids 40, 50 years ago. It was called the steroids Bible and that edition one, two, three, four studies show that it's very good for you. Well, you need decades and decades of research to be able to see. So we don't know yet, but this highlights that it's not as bad as people think it. It's actually creating new jobs.

Having said that, Rob, go to the clip about David Sachs. What he said would have happened

“of Kamala Harris was in with data centers and AI. Go ahead. I think we're really lucky that he's”

the president who's in the White House when the say I revolution is happening. I mean, doing all history, Sachs, what would happen if Kamala Ding Dong was in right now and we'd have like no data centers? We'd have no data centers and they'd be using AI to censor us and they'd be promoting DEI values through AI. That was in the Biden executive order. President Trump just wants the country to win and be successful. And he doesn't have these like doomer neuroses about it.

That's not to say we don't support any regulation at all, but we should have specific solutions for specific problems as opposed to being cowering and fear over this and just try not to halt all progress. So that's the complete opposite. So there's a very big, there's a big argument right now between two sites on what could happen. Jeff, what are your thoughts on this? I don't know, sir. I think there's two sites to it. I think there's a ton of nuance here.

And the economic part of it. I mean, what Tom showed exactly pointed out with the internet. The internet, people were worried about the internet. I mean, people have been talking about robot takeover since the Civil War. Every new technological wave that we go through unleashes a period of almost mass hysteria. And it's understandable because the world completely changes. However, on the economic side of it, what you're seeing with the programmers is exactly what

we should expect from AI and the economics. It makes people more productive, more productive, people and businesses become the more activity we have, the more economic growth we have. That's the good side of AI. Now go on the complete opposite side, the politics side of it. You know, we've got a bunch of autonomous robots running around. How easy would it be to arm one and then have complete plausible deniability when you say go murder my neighbor? There's definitely some

guardrails as Tom said it needs to be put up here. However, there's another argument there, too.

can never be armed? I'm sorry. You can't do that. It's just in practical. So there's a whole

“ton of nuance here. It's not one side of that. And who defines that? Yeah, exactly. And then”

it's right. And once you, once you, oh, we're going to take speech and all of a sudden, right, we're, we're, we're new president. Oh, we're going to set up, we're going to set up a government award. In any more, that's hate speech. We're going to set up a government board that decides what qualifies as bad AI. And then that government board is going to be taken over by various different factions through time and the definitions are always going to change.

So I mean, there is a number of issues that need to be worked out, but they're going to be solved, not by from, not from the top down, but from the bottom up. I, I, I, I, I agree with both, like I couldn't agree more with David, David Sachs, like the thing is, can you imagine a scenario where this, this technology is emerging? It was under another administration, the level of censorship and the level of like virtual signaling that it'd be coded into AI. And this is forever because

it's generative. Like whatever seed you put in there, it just drags on forever. You know,

you can undo things there. You can always, always progress forward. And when it comes to the loss,

I don't know if you guys know the asthma loss of robotics. Yeah. But I took asthma off of about, yeah, on, on, on I robot, like a robot can never hurt a human being. I don't know if we can put guardrails in, but we should have some basic loss and understanding their, you know, like that we should agree on. Yeah, you know, you know what is crazy. Think about it this way. This is one way to describe it to the average person. So they, they don't panic panic. If you live in

the state of Florida, what percentage of people in Florida rob, uh, carry? Okay, have a license to carry. What percentage of people in Florida have a license? Matter of fact, type in the top five biggest states would license to carry. Well, right now in Florida, you need a license to carry. It's constitutional carry. Perfect. So let's, let's just look at this top five states, Florida, the clear leader with two and a half million active residents can sue weapons license

permits are valid for seven years and offer broad reciprocity. Texas, more than 1.2 million Pennsylvania, 1.28 million Georgia, 1.1 million and then you get Alabama, which by the way, we're in the state with the most people licensed to carry. How often do you go to restaurants and

you panic? Never. How often do you go to restaurants? Do you know what are the chances of a person

at a restaurant carrying a gun with them? When I'm, when I'm going to restaurant, I'm carrying

“all right. When we go, we're carrying all the time. So how worried are you? Are people emotional human beings?”

Very. People are emotional human beings. Maybe they get into an argument. Maybe they had a bad day. How come we're not that worried about the guns that people are carrying in certain states? What does that do? So then that goes to the robot part. But the difference is I'm the one that's deciding what to do with this gun, right? The conversation you just brought up with the point that if Jeff gives me the vibes of one day, one in 20 robots. Okay. So imagine Jeff comes to the podcast,

you're with 20 robots around him. Right? And that's a security, let's just say. And one of the robots, all of a sudden, has a glitch. And he whispered something to the robot and robots going around dropping in words. Okay. And he says, I didn't say it. The robot said it. And I'm like, no, no, that's your robot. No, no, that's not what I said. The robot said it. But you're the programmer. You're the brain. You're the one that's given it to think this way. Why did it hit the window?

I didn't do it. My robot did it. I didn't do it. So it's going to be very interesting when we go in that direction because it's like the conversation and the debate that we have that if a young kid does something the parents should be held liable. You know, that debate that some states, I don't know which one it was. We're one of the kids. One and killed three different kids. And then his parents were in jail. Was it Michigan? Yeah. His parents were going to just wait a

minute. What are you talking about, right? This transition period is going to be messy because we're going to have to adopt great new customs, new laws, new forms of responsibility. Because your, you know, my robot comes in and starts wrecking the place and my response will for the robot. What we need. What do you know? How do you know that? I'm telling you right in advance just be ready for it. You go back to guns. Like you're, you're personally liable for anything that comes out of your gun.

“That's why they have serial numbers. You have to register them. They're under your name.”

You can't let a friend borrow it. You can't, you know, like if you're a felon, you can't carry one. So I think we're going to get to the same level of regulation eventually, but it's going to be very much. It's just from every messy when the left gets in the regulation. You're going to see with them. So the reason why all these guys are playing offense the way they are right now because they got a two and a half year run ready to have to create a ton of wealth, you better believe if they knew

some or an AOC gets in, watch what happens with the stock market November 7th or 6th or whatever it is. 2028. The sell off that are happen once they find out if one of those guys got elected because of possibilities or regulation changing. Let me get to the next story here. Next right. I want to get to is what's going on with Iran and the president. So a report just came in from is it Kobashi letters? Is that the one that you have robbed? Kobashi letters? I keep thinking Kobashi is

like the one from the usual suspects when he's saying something at the end. So breaking this just happened a few minutes ago. Maybe an hour ago. Iranian state media announces initial details of

US military forces will withdraw from vicinity of Iran. The US Navy will lift its blockade of

state of hormones. Iran has committed to restoring the number of commercial transit ships through state of hormones. Two pre-war levels within one month. Iranian state media says military vessels are not included in this draft. The management of routing of ship traffic through the state of hormones will be handled by Iranian cooperation with Oman. If a final deal is reached within 60 days disagreement will be approved in the form of a binding UN security council

resolution US oil prices extend losses to drop below $89. You noticed one word wasn't mentioned in any one of those. And what is that one word? Iranian. That's right. I didn't see it one time there. Now that's them saying that. We've heard it from our rent on what's going to happen. Oil prices right now if you go back to that 8980 hasn't been prices like that since April 13th. I thought that was a day time. April 17th. They got down and also got down on March

23rd every other point in there. We've been 90 to 100 days. So every day we're hearing, well, it's going to be this. Well, it's going to be that. And I have the report to you of the days going back and forth on how to deal with taking place, which I'll get to that here in a minute. I got to find what page it was on, which one minute is like, yeah, we got to deal. Oh, we don't have to deal. Oh, they're doing this. Oh, they're doing that. And then while this is happening,

Israel overnight yesterday attacks Lebanon. I think South Lebanon and they killed 31 in South Lebanon as Israel expands ground operation. And this report came out Rob, if you, is this it?

“Yes, sir. Go for it. Go for it. If you want to play that. Rebel and destruction in the city”

of tire in the wake of Israeli attacks across southern Lebanon with a ceasefire supposedly in place and peace talks planned. This holds the reality on the ground. When the warning of the attack came, people panicked, because they were children and women and old people. And they all wanted

to leave their homes because they were afraid of being killed or injured. Never say it. Never

stating it. This was Army released this. Oh, keep playing that. On Tuesday, saying it struck more than 100 sites linked to Hezbollah, the militant group backed by Iran. Israeli Prime Minister Benjamin Netanyahu said, the Israeli army's offensive was deepening on the mind. The defense military. So, you see that. You see oil prices. You see every day, hey, negotiating, getting closer. And then you're seeing stories. If they don't, we're going to retaliate

and arrive. If I'm not mistaken, there was some strikes in Tehran Iran or something like that. That just happened. You want to play that, go for it. The U.S. strikes inside Iran. The Pentagon says multiple targets were hit in the southern

“part of the country. It's called the action that I've bought. Is that the one that Iran says?”

It's knocked down a U.S. drone overnight. Also, in self-defense. It's not clear what all this means for the peace talks. But in his tie-up has the latest from television and joins us now. And he has good morning. But very good morning to you. Well, after weeks of intense diplomacy between the U.S. Eddie Ron, these overnight strikes by U.S. forces really threatens this already fragile

ceasefire between Washington and Tehran, who did seem to be heading towards some kind of agreement to end the war. Now, in his statement to CBS News from Sankong, it said, and I'm quoting here, targets included missile launch sites and Iranian boats attempting to in place mines. U.S. Central Command continues to defend our forces while using restraints. Then, again, I'm given all of this and I'm going to come to you guys. Trump comes out and says,

in order for this deal to get done, we got to do the ABM records and tie to Pakistan and others. And wait a minute, they're like, we're not open to this. Pakistan flatouts that I'm not open to. So let me read this. Therefore, I am mandatory requesting that all countries immediately signed the ABM records and that if Iran signs the agreement with me as President of United States, it would be an honor to have them also be part of this unparalleled world coalition.

If he's able to pull this off, okay? If he's able to pull this up, but by the way, Pakistan already said they're not interested. If he's able to pull this off, Jeff,

“how big of a deal would this be if he pulls this off?”

All the whole thing would be huge. Maybe it would be world changing.

If he can vote, I mean, that's always been the question. The goal here has been,

this could be absolutely historic in seismic. So the question is, can he actually get there? Because think about what the Middle East would look like. Hell, think about what their entire world would look like if Iran is a functioning, democratic state, 92 million people. Huge opportunity, huge potential, not just around them, but to spill over effects across the rest of the Middle East where you don't have constant tensions

and terrorism and security issues and all that kind of stuff, you know, political scuffles in the conflicts. You take all that stuff away to everybody gets down to business. The world looks very, very different. The world looks a lot better.

if I said it from the very beginning, Trump sees the long run goal here as worth whatever

the short run pain is. And the short run pain could be pretty substantial. We're starting to see some of the evidence for that already showing up. But it would be worth it if he can pull it off. That's the issue. And he actually pulled it off. Your thoughts? I think there's a couple of things in here. What's interesting is that you have UAE and Byrain were the two that broke ranks of the Arab coalition. I think they

signed the onto the Abraham Accords, right? Or they signed letters of intent that said, "Hey, we're in." Am I correct? Those two. And it's very interesting that those two have been targeted quite a bit, right? Also because we've got things there. But if this got pulled off,

it's not just assigning the Abraham Accords. It's got to be everything that goes with it.

“And if that happens, I think this, this would be amazing because one of the key parts of the”

Abraham Accords. You recognize that Israel is a sovereign nation. That is usually the core helped me, Humberto. That's the core that the Islamic countries don't want, right? By signing the Abraham Accords, you recognize, but the majority of the ones that refuse to sign, each are refused to sign further reasons, but they'd already recognize them. They have the Camp David peace Accords. And so Egypt said, "Well, we're not signing the Abraham

Accords because they didn't want to be on the opposite side of everybody else." But I think this would be huge pat. This would be huge. And when you've got UAE and Bahrain already in there, then you've got the Saudis in the background, just waiting to step across the line. Because the Saudis want Western economic entanglements and deals. The Saudis don't want this protracted thing going on right now. Yeah, last time I heard a word entanglement, it was

Jada Pinky talking about different things in America, and we're thoughts with this. Pat, this is going to sound a very selfish, but I'm sick and tired of this. I just want to deal. Like I can keep on paying, like I drove a big ram truck. I can't pay for 25 forever at the gas pump. You know what I mean? We Trump code God voted in because it's a

deal maker. Never come to mind, I think he's going to come out swinging with a deal.

I don't know how long he's going to take, but I just want to deal. Like I literally have tuned out out of all this new cycle until we have a deal on the table and it's signed. Like that's the only-- Well, the Trump is taking the opposite approach, right? What he's saying is, I'm not going to just sign a deal. I'm only going to sign the deal that I think works long run.

“That's why both sides have kind of dug in here, and it's a game of chicken right now.”

Well, the thing is that you can undo the past, you can turn time back. If you do any deal right now, we might end up in a worse position that we started, you know what I mean? So it needs to be a deal that is better than the Obama deal. So that's a baseline. To have a deal better than the Obama deal. It needs to leave us in a position or it leaves a run outside of a position of power that they have right now at the state of her moves. So they need to dismantle that for all

supply, and they need to close a deal. So like we're between our rock and the hard place. It's not an easy deal to make, you know? No, this is by the way, let me just tell you when you're saying this. So May 23rd, Trump says deal largely negotiated. Oil goes down five and a half percent. Sunday, May 24th, not even fully negotiated yet. Oil bounces up one and a half percent. May 25th, preceding nicely, new U.S. strikes, oil spikes three percent.

Tuesday, May 26th, good deal or deal another way. Brent goes to 99.58. Now it comes under as a deal taking place. Then on top of that, when you're thinking about the Abraham Accords, UAE already signed September 2020. Bahrain already signed September 2020. So did Morocco, which I hear Morocco's got a pretty good soccer team going into the World Cup. Sudan signed January of 2021. These are golf states that were going through, right? What Abraham Accords. South

“Saudi Arabia, not signed reportedly reluctant. They're the key mediator in the Iran deal,”

reportedly reluctant and the bigger producer. That's right. Turkey, not signed. No public response. So cutter, of course. And Turkey haven't made any response. Iran's deal intermediary is cutter. And Turkey is a NATO member, Erdogan called Pakistan rejected under no impulsion. They're saying compulsion. We're not interested for nothing. Whatever you do, we're not going to deal with the Sympacist and the Army Chief in Tehran for the Iran talks. Egypt,

not signed. Already they said, we already have peace treaty with Israel since 79. A noise Cairo separate treaty and Jordan said we're not signing because we've already had a peace treaty with Israel since 1994. Same issue. So take Egypt and Jordan out. Take Turkey out. Take Turkey out. Yeah. Maybe you get cutter and Saudi. Then you got Pakistan that's saying no. I think you get cutter and Saudi because remember cutter cooperated with the US request to freeze assets.

saying okay, I'll freeze assets on a hold court. How do you get Pakistan? How do you get Pakistan? Pakistan and Turkey to maybe are the two toughest. Turkey is doesn't want to talk about Israel

“going back a million years. That's a no, I think it's a no deal for them. For Turkey,”

no deal whatsoever. They can never do that. I don't know the current current government there.

Turkey's a no go. Got it. So then you think Trump knows this? Of course he does. Okay. So is he just buying time right now? Is that what you said earlier that he's buying time? That sort of sounds like to me. He's pushing it off by saying I have a deal done but all these other countries are not going along so I can't sign the deal. I can't even tell you what it is because Pakistan is being they're not going along with the Abraham Saudi Arabia is objecting

and I haven't been on the phone with Turkey just yet so I can't say that they're by him saying that they all have to sign up. It sounds like a delayed hack. Okay, so let me let me go to this. Let me go to this while you're talking, right? So we're saying all this stuff with, you know, what's going on there? At the same time, if you go look at how to market as reacting what, you know, JP Morgan predicts negative growth shock, uh, goal B locks is leaving the building, JP Morgan predicts.

There's two stories here about the economy. I'm coming to you with Jeff. So first one is from

“JP Morgan Chase. Well, let's hit oil first. I think that's an important point. Go forward.”

Go go go. What we want to look for is, um, and from the oil market specifically but is a place to start. What we're really looking for is oil to make an aggressive move that is, that is signals that the market itself believes that this is actually happening. So it's, you know, prices have been bouncing around. If you do the math, the 10th percentile for the last two months is about 91 dollars per barrel. And the high side is 106. Right. So it's been in a pretty, it's not a tight range, but it's been

that range for the last couple months. What we're looking for is the market to get to a tipping point where you say, okay, we don't have complete information, but we're reasonably assured that this thing is going to get done. What you're going to see is oil prices go down and then stay down. They're probably going to bounce around a little bit, but once they go down below $90 per barrel, then go, you know, early 80s or low 80s. And then if they keep going into the 70s, that'll be the signal that this

thing is actually happening. So right now, it's sort of like, okay, could possibly happen the probability is not zero. 79, 78. Somewhere around there. We've been as low as 83, 80. That was, where you're talking about an April 17th. That's the closing price on April 17th. Then it bounced right back higher. Now, there's some other factors to consider, including what ends up happening after the war. How much damage has been done to oil supply, which might, you know, push oil prices

back up. But for the oil market to tell you that we believe this thing is getting done. We need to see low 80s, if not high 70s. And then not just a bounce for a day or two, and those levels. We need to see oil prices drop down and stay there. They need to stick there. So what does this mean to the economy? To the average person? It means gasoline prices. I mean, so it won't be going down anytime soon. I mean, there's going to be some, I mean, prices are sticky, especially with them when you get

down further down the supply chain. Tom, are you in the same place with them? Yeah, the pricing of the barrel of oil will move quickly. We have to remember where we were. We were between 62 and 67.

“Remember, New Year's, I think it was right around 57, 57, December was the low. Yeah, 57,”

December, and it was New Year's weekend. And then we jumped up to 62 to 67, where we stayed basically until the war started at the end of February. I think that's where we stayed.

So I agree that 79 is a key point because 79 is only 10 bucks from 67, where we were in February

before everything started. So I agree with that marker. However, it goes like this. You know, if once I sew you land so that you can feed your family, now it's going to take time to grow crops. And right now, the supplies are so low that now we got to get oil through the system to do it. Now, the good news is here in the US, you know, we've been able to do some of that, not all of it, but the commodity price of oil will come down. But then it's going to take, it's the same thing

we talked about, about June 14th. You need about, I think you need 75 days, two and a half months to start to see prices really shift, because you can get everything processed. And now cheaper diesel is being bought, it's cheaper diesel in the truck carrying apples, cheaper diesel in the truck day will diesel, that's the main thing. Yeah, I know. I mean, it gets back down to, yeah, back down to stage where we right now. Well, let me read this. Let me read this two to a time. So consumer sentiment

hits fresh record low and may as Iran war fuels inflation worries. Okay. This is a CNBC story. Index consumer sentiment fell from 44.8 from a preliminary reading of 48.2. It also well below the 49.8 levels. We saw at the end of April, consumer sentiment fell for the third straight month as supply disruption, the state of Hormuz continues to boost gasoline prices. And sentiment is now just below the previous historical trust scene in June of 2022,

like this with the consumer, okay? And where did I with the market? Trump knows this,

Trump's paying attention to numbers like this. He knows, you know, he is dealing with this, whether it's going into midterm or whatever you want to call it. If this is happening,

“report comes out yesterday, which is very interesting, Rob, if you want to play this clip,”

not this one. The one that shows how many of Trump's endorsements have won? Because this wasn't the case with midterms in 2022 when it happened. This wasn't the case earlier, but a video comes out yesterday. I don't know if it was Fox or CNN. It was one of the two that showed a 117, not this one, Rob. That one right there. Can you make that bigger watch this? Go a press play. Watch this. This is his scorecard, okay? He has endorsed eight governors.

Now, some of these races weren't were closed and have a lot of competition, but some of them did. I mean, we saw what happened in Louisiana, the primary of Bill Cassidy. We saw what happened a week ago tonight with Tom Massey and Kentucky. And now we're seeing it again tonight, okay, in Texas. Governor level, Trump endorsed eight. He won eight times. U.S. House 111. He won. Yeah, sorry. 111 endorsed in the house and he won 101. Let me put on the Peltzer right here and

show you this. U.S. Senate. He has endorsed eight candidates. And prior to tonight, he had won eight times. And now you can take the endorsement from eight to nine endorsed and from eight to nine winner. Ken Paxon was outspent nine to one. Got the endorsement from Trump, got the endorsement from Wesley Han, the congressman who got knocked out two and a half months ago. And now we got the set up in Jackson of Telerico. Many Republicans fell. If John Corning could win

tonight, that he could be an easy winner of Telerico. We'll never know that now.

A lot of us are like. One 18 endorsement, one 18 one. So this whole message that Trump doesn't have the, you know, influence he won't longer. I had, I had Ken Paxon on on the podcast what two weeks go up. It was probably two, less than two weeks ago. Last week, we're talking to the guy. He was down while we had him on. He was down to Corning nine times more spent. And in all of a sudden, the day after the podcast, he gets the endorsement from the president. He, you know,

how much he beat him by, can you pull up by how much Ken Paxon, the ageie beat Corning, who is been in the system for 40 plus years. He's been the system. He beat him by 27 points. You're talking about a land, slide victory, not something small. So, Umberto all come to you. For all these people that keep criticizing and say, well, you know, the economy and this and this and that why do his endorsement? Right there. Look at this. 62 to 37. He won by 134,000 votes, 247,000 to 341.

That was on that was early. They called that. That was 33 percent of the. That's not even

all the worse than that. Yeah. And he had a, he had a massive lead at the beginning. So Umberto, where are you out with this economy on one end? But there's still endorsement has Kerry's, uh, Kerry's weight. The, the thing is that President Trump has something really special because what sometimes you will see that he picks not the obvious candidate. So this is part of his likability and the weight he carries. But he's also very observant. He knows talent. You know what I mean? For

example, the race in in California, you know, you will think that the obvious candidate would have been, uh, Sheriff, uh, Bianco. Yeah, Sheriff Bianco. But he picked, you know, Steve Hilton. Steve Hilton, you know what I mean? So it's part, you know, he's like ability and it's part skill. Like he won't pick anybody. He will learn about them. He'd be like, but his record wasn't this good in 2022. His record

“has never been this good. He's undefeated right now. I think he's making better picks. You think it's”

because he's making better picks. I, some people would say if he would have picked corn and corn and would have won. If you mean he, if he would have a corn and corn is winning. But this was a very good pick. It said, it's a beat. It's not about it. It's not about a good pick. He picked. He said, I understand everybody picked the underdog. So to, to the people that keep criticizing him, you can say whatever you want. The market is reacting to his endorsements. The market's reacting. It's going to work.

Is he going to be enough to work in California? I don't know. I know, Al Green is out. If you know who Al Green is. I know. That's wonderful. Okay. Al Green. Very happy and lost yesterday. And a market couldn't believe that this guy and establishment guy is going to be gone. The guy that pulled up with signs got kicked out of the thing twice, right? They're supposed to go to the one above. Go to the one above. Yeah. That one right there right there. If you can play that's only

“38 seconds. Go for it. Jarring one to see, I think, just in terms of where expectations were,”

green, one for bend in a landslide in the preliminary, getting crushed by, uh, by men if you hear in his home base. And again, that's Harris County. And so our decision to be saying.

But Trump's still carrying that weight. Now, going into Canada, Tom, I'm going to come to you with

“this one here. Carnys got a little bit of an interesting thing. He's dealing with Al bird Al.”

Bird has coming out saying, Hey, we want to do a vote to see if we can do a Brexit style and Al bird Al leaves Canada. What do you mean? Yeah. We just kind of want to leave and do our own thing because, you know, we don't like the way you're governing. And Mark Carnys reacting to it, saying, wait a minute. What are you guys talking about? You know, Prime Minister Mark Carny who has warned Al bird Us push force separation from Canada is a dangerous bluff that it,

it's supporters would regret much like the UK's Brexiters who want to rejoin the EU Carny who was the Bank of England's governor during Britain's Brexit referendum in 2016 said many proponents who wanted to leave the block. Now regret the decision. I saw firsthand what happened in UK when the view was vote for this. It'll be soft and then we'll negotiate. They're still 10 years later trying to undo what people didn't think they were voting for, but what they ended up having.

Al bird Us premier Daniel Smith on Thursday, go to her's first rob if you can't before we go to

Carnys. Announce plans to hold a public vote on October 19th to decide whether to pursue a referendum for the province to separate from Canada. So if you type in Daniel Smith, Al bird Us, it'll come up. She was all over the place yesterday. It's a short video that they have. No, that's not the one go a little bit lower. Not that one. Okay, I'll find it. I'll text you if you want. That's one right there, Rob. That's one right there. Yeah, go to the top one.

Go to the top one if you can. Yeah, go for it. Have a very clear understanding of what the duty to consult really means and what it doesn't mean. And I think at the moment, there's a lack of clarity on that. And you've talked a lot about it. I'd like to respond. Is this the one zoom out a little bit? So I think we know that that that is not correct. Is that what we want to answer? What we want to answer is that we want to answer specifically.

“And we spoke about this. That's what I don't mind. Yeah, go back to Mark Carnys.”

And it will come back. I'll send you the one that I have. Go for it. Question in terms of the specifics of the question we have in obligation is the federal government. To look at the question and determine whether it's consistent with the clarity act that that is

underway. Ultimately, if there are questions around that, questions about the clarity of the

of the question, if you fall, that would be a role for parliament. I'm not saying that's the case, but I'm just we're just in the process of doing our duty. I will say I will make the following observation about the question. And it's this is an observation from experience. In the separation issues, it is often advanced that vote for this and it's a free option. Vote for this and we will strengthen your our hand in a future negotiation. That is a very dangerous bluff. That is a very dangerous

bluff. I saw first hand what happened in the United Kingdom when the view was over this. Why would Tom? What is how likely is it that this could possibly happen? Well, let me show you the

“tale of the tape in Canada. First of all, it's not likely it can happen, but why are Albertans upset?”

This is the Texas of Canada. Equalization payments. This is where they take tax dollars and they give them to the provinces who are more liberal and the provinces that do better are the ones that have to take their excess dollars and get given to everybody else. Will you please look at the Canadian provinces and the bar chart that says AB? You see that, Pat? Mm-hmm. That's Alberta. Look how high it sticks up. Alberta makes tax dollars. Look who gets the tax dollars.

Nova Scotia. New Brunswick. Quebec on Manitoba. Look at that. This is why the people of Alberta are upset. They're the equalization payments are going to the other provinces. In other words, the ones they can't carry their own weight with liberal policies and look at that. It sticks up. It's just shocking. You find that shocking, Jeff? It's great. I mean, why do you think they want to succeed? We're making money. We have, we're making with oil and agriculture and and everything we do,

we're the Texas of Canada. I look at it this way. The reason it's unlikely is because Ottawa could even if they wanted to say, okay, we'll trade you Minnesota for which is like another Quebec. But we're. We'll change you Minnesota for Alberta. I'd make that trade in a heartbeat. Take a look at this and they'd have to take the timber walls. So the take a look. This is why they're upset. It's not likely Pat, but this chart right here is why the people of Alberta are

pissed off. You see that chart? That's their tax dollars and the red is tax dollars that go to other people that can't carry their own weight. That's why Alberta's pissed. It's not going to happen because

process. And even the premier of Alberta, Ms. Smith, she's not for it either. She's saying,

“I mean, she's actually a good politician here saying, look, I'm not for independence, but I think”

we need to put it to a vote just to put this issue to rest. But it's got to go through Parliament.

It's got to go through all sorts of, it's never going to happen. But the issue goes beyond

the chart is why the Alberta's upset. That's where it starts. I know. They have a recent degree. It goes beyond that, though. It goes, it's, you know, it's like Iowa being governed by New York City. There's different values systems in Alberta. Midwest of Canada is a lot like the Midwest of the United States. There's very different values systems, very different political identities, very different political philosophies. It's almost like they're two different countries at this point.

And so the independence movement. It's like you're seeing in the place like Oregon, where parts of Oregon want us to see from the back want to be independent for a long time. You know, it's very unlikely that the college year just in Rob is 20% chance that the referendum goes through. If the referendum goes through, they will need to win by a large pad, large margin, like 60% plus. So they get taken seriously. The only have 35% support right now for this. 25 to 40%

percent. We have very clear signal, like 60% plus. So Congress takes it seriously. They need to see if it's clear enough of a signal to put it to vote. If they put it to vote, they might see it and join the United States. But we don't need to train Minnesota. I like Minnesota. You don't, you don't need to. What? Traded. Traded them for Minnesota. For Iowa. They said they don't want to join the US either. Even if they do succeed from Canada,

“they want to be a separate state. I mean, that's, it's just, I think the most important part of this”

is that it's registering the voter sentiment. Yeah, it's more than dissatisfaction. We've gone past

the satisfaction. We've gone way past apathy. Apathy's where it always starts. You go way past apathy.

Now we're into voter dissatisfaction to the point that we need to fight back. It's getting to the point where people are tired of being governed by people who don't take you seriously. In fact, it's the same thing, you know, fly over country. The, the idea of fly over people on the coast in the United States. It's not that they don't, you know, they don't necessarily agree with people in the middle of the country. They don't even like them. And it shows in a lot of policies that come

up. Same thing in Canada. Ottawa does not govern for Alberta. Ottawa governs for Ontario and Quebec and maybe, what is it British Columbia over there in the West? And 60% of the cup of Kwa are our hyperlibrals. Yes. There's not a word. Yeah. That's the residence of, no, I appreciate it. I like it. Hey, again, one more time. How do you say cup of Kwa? Cuba, I love it. Well, let's go to another possible person that would form Cuba, Cuba,

Jordan and Jerry founder who says selling your business is a shitty goal. Okay, Ben and Jerry's founder, Ben Cohen, who I've had on, which by the way, I actually liked them. I don't like his policies, but I liked them. We had a good time together. He says selling your business is a shitty goal. What does this mean? So Ben Cohen said many founders, wrongly treat selling their company as the ultimate goal, arguing businesses should instead focus on long-term purpose profitability and shared values,

Cohen spoke while promoting the free Ben and Jerry's campaign, which urge current owner, Magnum Ice Cream Company to spin off the brand to investors, willing to preserve its local mission, social mission. The campaign has gathered more than 130,000 petition signatures and stage public protests, including a boycott Magnum Demonstration outside the company's annual meeting, why activism resonated with customers. Cohen argued Ben and Jerry built unusually strong

customer loyalty because it connected with his customers through shared values, not just products. Criticized corporations focused solely on maximizing short-term profits at the expense of workers, communities, and the environment he said consumers are eager to support companies with value aligned with their own, especially during the what he described as the age of Trumpism, why Cohen opposed selling the unilever Cohen said he opposed selling Ben and Jerry to unilever.

In 2000, because he believed the company's values would not survive under ownership that did not share its mission, he now sees the ongoing dispute with unilever as proof that concern was justified he encouraged entrepreneurs to build meaningful businesses, rather than aiming to eventually sell the company to the man. Brand purpose must be ready, not trendy, so Tom, do you agree with them on this? Because they act, then they end up selling their company, Rob.

Yeah, I thought they sold the company for billion dollars if I'm not mistaken.

Yeah, they sold it for a good amount of money, or sold it for 326 million dollars.

“And it's all done, it's a good one condition, do you want to broke it and now the co-founder wants it back?”

Tom, do you agree with Ben Cohen on this? So capitalism Monday, cash a check from unilever, back to liberal on Tuesday. This guy is funny, he was here, he had the interview, eight ice cream together, you guys did, and that was really funny and it was entertaining. But really, I take issue with his position. It's like, okay, you want to buy the company back

checkback? What are you going to do? Are you going to help do that? Do you want to buy it back? Use all the money that you've got to buy it back? So I find it very ironic that on one hand, they take the check-pat and put that on the other hand, he's criticizing capitalist system and then once the brand back and things like this, look, you're not the first person that sold your company to private equity or someone and saw changes. But once you've sold the new owner has it,

you want to protect your employees, you want things to happen. But for him to come out and say,

“"Oh, I don't like this, because unilever is coming out with spinning turd swirl and I think”

that's against the values of the company. Look, it's not your company anymore and you sold it." And so I see what he's saying, but you got to remember, if you were this altruistic, why did you cast the checkway back when? Even if you say you were against it, why did you do it?

Yeah, they sold for 326, apparently Ben got 40 million, Jerry got 10 million because that

a very small percentage of it. The company said a word 1 1/2 billion to 2 1/2 billion dollars. And now you're coming back saying it wasn't a good idea to sell it. Jeff, where are you at with this? I agree with Tom here, except I think it's a little more than it's sour grapes kind of a thing. It's, I mean, in many ways unilever, especially more recently, has stifled some of the political activism that Ben and Jerry's the brand was trying to undertake. And you can understand why unilever

would do that, because I mean, smartest thing in business is not to pay off. We don't buy it in our house because of this. Exactly. And unilever says, look, we want to maximize our profits and there's nothing wrong with doing so. So we're not going to engage in political activism, and we're going

“to tamp that down. So I think, you know, some of this has just been saying, we didn't think that”

was going to be the case. And either he was either he's lying about that or he's just naive. Uh, I don't think he's the first on the list of people that regret, you know, selling their businesses,

you know, the the the founder of Instagram that's sort of 1 billion the company and what was

the evaluation. Steve Jobs went through this, you know, after you extend Apple and then coming back. And then again, there's different, there's no like the way he put it, I think there's no wrong reason to start a company, right? Uh, I think there's companies that they they have your vision and what do you want to achieve? You want to build an institution for the future? You want to build a way of thinking, a way of designing, a way of inspiring people that is pretty much what we're doing

here. But having a company and exiting, you know, having plans to exit at some point to build your dream business, you can't fault anybody. Uh, I don't know what the main reason, the the rule they broke. Uh, but it's probably the really bad ice cream collaboration. They they've done. They gave Jimmy Fallen and ice cream flavor. All right. If they do it to my company, I'm out. All right. I'm

“going to try to buy them back. Yeah. I think a part of it when you're buying a business that is God,”

this big of a social justice, the buyers knew what they were dealing with. Okay. They buyers knew what they were dealing with. They bought the company. They knew these guys are socialists. They knew these guys are hippies. They knew these guys are not the traditional, you know, operator that's selling selling the business. And by the way, I don't know how old Ben is. Rob type in Ben Cohen age, he's got to be in a 70's. Maybe late 60's early 70's. Very Garcia 75 years old and the guy is

still out there. So he's eat, you know, he has his beliefs that are core beliefs when he and I sat down and talk. When you sell your business, there are certain things that happen when you sell your business as the founder. You have the emotional touch. You build the company. The people missed a founder because there's safety with the founder. The founder did certain things that you were protected of. The new company now comes in may make certain changes that you may or may not like.

Now, typically when you buy your business, the new owner can do whatever they want to do. They literally can do whatever they want to do. Sometimes they do too much and the company collapses. Sometimes they empower people to keep running the company. And that also continues. But the founder coming back and constantly saying what went right, what went wrong constantly, needing that attention. If you're out of phase, if somebody's watching this right now, they tell

me, they're 42 years old. They're 35 years old. They're 53 years old. Man, I'm so excited about selling my company. You know, it's the first thing I ask them. What do you think is the first thing I ask them? Exactly. Yeah. What are you going to do afterwards? Same thing with retirement. Yeah.

What are you going to do afterwards? Go ahead. You sell the company. You got 60 million on a bank.

Go ahead. What are you doing now? How long do you think you can go golf every day? How long you can go? I'm going to go on a 90 day cruise with my wife. By the eighth day, you guys want to kill each other if you go on a cruise. You think you think it's going to be like every they have in a blast when you return sell your business. No. So, half the battle is, if you don't yet know what you're going to do after you sell, do not sell. Now, does timing going to it does

other, of course. We felt, Tom and I, when we sat through when we sold the business, we sold June 27th of 2022. When we were in Monaco, we felt we sold that the most perfect time. We knew what

to build a media company and a consulting firm. So, there was a transition. From the day I sold

to the day before the day after, Tom and I talked and Jennifer Tom, you'll remember this. Me, you, Jen and, we're all in tickering. We talked with sellers and guys, when we sell the business, we're going to go get a yacht and Monaco and we're going to be on it for 90 days. You know, till today, we haven't done that yet. We said a few other things. We haven't done that yet. But we're not going to talk about that one. Yeah, so, so it was, was the point. The point is

the day we sold, the next day was at the office. Same time I was the day before. There wasn't a

“difference because we already know what we're going to do next. So, I think it's playing a little”

bit politics, but I think it's also got to touch with the brand, his name's in the brand.

Yeah, but there's one last point here. I mean, he's, it's capitalism for me. Socialism for these.

Sure. That's the total hypocrite here, right? It's I'm going to get rich being a capitalist and then I'm going to argue. Well, these are criticism to them. It's, it's well, these are criticism. Now, let's go to some teenagers who may be working for Ben and Jerry's this summer. Teams worse, summer ever in getting jobs. This is according to parents. Why teams are facing the worst summer job market on record, on record. So, what does this mean? The worst job market on record.

One of the most common rights of passage of young Americans, the spending, the long summer hours, working at a camp counselor, lifeguarding, at the pool, stocking shelves, or serving of diners at regulars, but for many teams, these opportunities have been scarce in recent years and this summer may not be all different. Despite being at the overall labor market, looking a bit stronger in recent months, the employment outlook for teenagers remains challenging. Job placement agency

challenger, gray and Christmas, predicts that teams only will gain a cumulative 790,000 jobs in May, June and July, 2026 slightly down from last year's 800, 1000 jobs at the same period. If that proves true, it would be the lowest rate of summer employment among team on records, inflation and rising fuel costs are squeezing the same households and small businesses that hire teams, such as amusement parks, restaurant retailers, and summer camps when margins,

tight and summer hires will wait for demand to dictate hiring and the challenger said. Tina unemployment, which typically runs much higher than the national average, has been shoppy so far this year. As of April, the unemployment rate among Americans age 16 to 19 was

14.4 percent compared to the national average of 4.3 percent. Time of your thoughts on this story.

So to me, thank you Wall Street Journal. This is just a simple story that shows a downstream effect. And it's unfortunate. There's a lot of kids out there that want to make the extra dollars to you know, put some in the bank and have that extra money when school starts or, you know, by the by the kicks that they want versus the sneakers that the parents want to buy them. And it's very simple. We are in a spike of affordability driven by oil and the

war. And so parents are spending less on summer camps, less on vacations to amusement parks and theme parks. And so all of those extra summer jobs are not there. It's very simple. And it's tragic.

“It's not tragic. It's unfortunate. It's bad. But that's what it is. I mean, this is a downstream”

effect. You have 45 days to go to talk about it. If June 14th had been April 14th pat and then things were shifting back. Guess what? These kids are that of the summer jobs. But take a look. You're talking only about an 11,000 job difference from. That's right. From last year. Eight or one to seven. So they like to use headlines to say, so, you know, stock goes up per cent and a half in video sword today. So the headlines tend to play at the end of my question.

Tom, let me ask what this sucks. If you're that teenager and you're just trying to question for you. A thousand the summer could that be that at 801 to 790 is because the kids are creating content making money, doing Uber, doing Uber eats, using those gig apps. And that's one of the reasons why there's no those numbers don't translate to jobs. I'd love to see a deeper dive into it, because frequently the business trades take one stat connected to two other stats and then make

their their story on it. But I'd like to see everything like what about the 1099 kids that are that's right. Just doing social media or helping other people. Now, going to add something. These are very important jobs, Pat. All right. There's a few studies that they were made on summer jobs for teenagers. They reduced crime. There was a study done in Chicago. It reduces crime 18% when the kids are employed. It also prepares them. There's another study,

prepares them for their future. They have higher prospects of getting a future job, higher wages along their career. Like, you know, they become more responsible and more punctual.

“So I think it's it's in the best interest of companies to if if they can to open up jobs for”

teenagers. You know what I mean? Because it's such an important developmental stage in their career

this is not a US problem. This is a world. And I'm going to disagree with the time. This is not just headline job. This is actual data. If you go to something like jolt hiring, jolt is another BLS survey. The BLS is the Bureau of Labor Statistics. They do the payroll report as well as the

household survey, which is where the unemployment comes from. They also keep a third survey,

which is called jolt, which is job openings in labor turnover. In job openings in labor turnover,

“they also keep a hiring rate. Well, they do a hiring level, and then you have to convert it to a”

rate. The hiring rate has been falling for years. It has gotten down to the point where the hiring rate this year was about equal to where it was in late 2008. Late 2008. We are this is new job hiring rate, new hiring. So, then you add that with the quits and layoffs in discharge and then you get the return over and it matches up with the, what I've been on farm and all that. Hiring has been collapsing for year in collapsing. But again, this is not a US issue,

nor this is not a Trump thing. It's the economy after the, for the last couple years coming off the high in 2021 and 22 off the sugar high from all the government is hiring his absolutely

collapse. And in an, in an economic system where nobody's hiring, who suffers first,

youth unemployment rises. One of the key signs to a very sick economy is when youth unemployment rises a lot. Again, there's not, there's studies in Canada show youth unemployment has spike.

“In China, youth unemployment is a huge issue. Youth unemployment is at a record high in China.”

And that was after they changed the definitions of what youth unemployment was. So, what we're seeing is a worldwide phenomenon where post-2021 businesses can't afford to hire risky employees. Instead, what do they do? They stick to the, to the workers that they have because they're productive, they're known quantities. I can work with them. I don't have to take the risk of hiring some kid not knowing whether or not they're going to actually work if, what they're going to look like.

But in an economic system requires that kind of risk taking for sustained economic growth. So, this is a multi-layered, multi-year problem, multi-national issue. It's not just something that just sprung up here in 2026. This has been happening for several years now. And this also answers the question that we started with with why is Mandami running around New York City talking about stealing of housing? Because from the perspective of youth and this college graduates, college graduates

are living with their parents. Why are they living with their parents? Because they have nobody to hire them. And so, when Mandami comes along and says, "I'm going to get you a brand new apartment that you're going to own because it's going to be collectively owned," that message resonates. Nobody is hiring. Everybody who's out here at saying the economy is good, it doesn't line up with, especially younger people's, what their perceptions of how reality is, how reality is right now.

So, you'll reaction to that. So, I see what you're saying, but I'll stand by the fact that we could talk about Joel, so we could debate headlines. You can see the way the Wall Street Journal has been playing headlines. And so, this may be a seed or, you know, the iceberg above the water and the iceberg below the water is much bigger and more complex. I'll give you that and I'll agree with that.

My thought is, I really want to understand beyond the hiring, what else they're doing. So, if hiring has been in a collapse, like if you go take a look at, if we go to Fred, out of St. Louis, the Federal Reserve Economic Database. And we go take a look at second jobs and you'll look at full-time full-time, full-time, part-time, part-time, part-time, and yeah, that's a three. Then you look at those charts and you see that second jobs are up, you say,

well, either that's a sign and even up more on Gen Z, is that a sign of entrepreneurial enthusiasm, or is that a sign of, I have to have a second job to make ends meet? And so, I think you can look at it, look at it both ways, but I look at it the second way. Yeah, exactly. I agree pat with what he's saying that if you have long-term systemic issues with youth hiring, that it is a symptom that more often than not is related to economic issues. You know, I agree with that part.

I also think that anything to make this economy look not as sweet gets played up by the current business. That is absolutely true. Absolutely true, but that again, I think the problem there is that

“when ends up happening is, you have to be a very serious story. And then everybody,”

everybody gets into their partisan team, it's Biden versus Trump, and whose economy is, and it's neither. The issue is this has been happening for several years now, and it explains a hell of a lot, it's from political dissatisfaction to social disintegration, a bunch of, a bunch of issues are wound up in it. And hiring is the single biggest problem that we have across the entire global economy. Nobody wants to hire. It's going to get, it's going to change. It's not going to get any better.

I think we're going to see my, it's going to get good for the guys that are performing. Those

guys are never going to be struggling. Like I'll give you an idea. There's a Kevin O'Leary story,

I hope they work for my competitors. What do you said in this clip? If you have it, play this clip. Go for, Rob. Guys, we need audio. People that shut down their laptop at five, want that balance in life. Want to go to the soccer game. Nine to five only. They don't work for me. I can tell you that. I hope they work for my competitors. Yeah. And by the way, simple statement, right? I hope they work for my competitors. This is a guy that's worth

a half a billion dollars. Maybe in the talent of communication, he's one of the best. There's

guys that are worth 200 billion dollars that don't communicate as well as this guy does. He talks

“better than 99% of 99.9% of the guys on TV. I won't point. I think he wanted to run for Prime Minister”

Canada. If I'm not mistaken, he had some political aspirations. I think 10 years ago, five years ago, if you look it up and fact check me on that. So you'll see stories like this. In today's market, if you're somebody that's become in, did he want to or not? Well, he president or Prime Minister or something. He wanted to, in a political run. Yeah, they go 2017, 10 years ago. Yeah. So if you are somebody that at this age, without a lot of options, so Guy is sitting on one of

our mastermind's asked me a question. He said, Hey, my buddy wants to know how he can accelerate hiring better quality people for his company. I said, really, yeah, I said great. How much did he make in profits last year? He says 200,000 dollars. I said, what type of quality people does you want to get? High quality people. Great schools, great. There's great experience, great background. I said, well, listen, I would like to be the majority owner of the New York Yankees. How do I

do it? And I want to do it today. The guys like, I don't know how do you do it. I said,

“once you go look up what the Yankees are worth today. Can you pull up Yankees valuation today?”

By the way, I think the Yankees are worth somewhere between 12 to 20 billion dollars when somebody

buys them because you're not going to get a brand like this for a while. But the Yankees right now Forbes numbers eight and a half billion dollars. When I went in, I think it was 3.7 billion dollars. So we've done pretty okay with the Yankees. Yeah, pretty okay with it. So and I won two times by the way, two rounds because I bought two rounds of minority owners that were selling and I jumped on it and it's been a great investment so far. But I like to be a 51% owner today. He says, well,

you need 4.3 billion dollars. I said, I know, but I want to be that today. That's not how it works. You, you, I said, well, but I'm telling you, I want to be minority today. Now, I don't want to be in 10 years. I don't want to be in, I want to be today. You can't. What's the point? If you don't have the luxury today of being picky and choosing with your job and you see where it's going, do not be the person that's overly negotiating for their jobs. Be the guy that comes

in order to get all that comes in and goes above and beyond. I let the company ask themselves and say, dude, are we going to get somebody that's going to work like this guy? Holy freaking Molly, this guy goes above and beyond. Who is this guy? What is this guy all about? I like this guy a lot. I like what this guy is. When I worked at Bally's, I was telling the story yesterday, Brandon texted me on one of our conversations we had. I remember going to a

Bally, I started off at Bally's at Culver City. I don't know if you guys remember Bally told a fitness. Do you remember Bally told a fitness? Time did you ever train at a Bally told a fitness

when you were squatting 4 plates? No, no, I've been there a few times. I guess, but I never was okay.

So I used to work at Bally told a fitness Culver City down the street from Fox Hills Mall. And within 30 days, they put me in, and I was a terrible salesperson for a couple of weeks. Eventually Cisco says, I want you to go sell memberships at Fox Hills Mall. I said Cisco respectfully. If I can't sell memberships in the gym, while the equipment is here, how do hell am I going to sell memberships at a mall? What I have nothing to show for, there was no phone to show here. Let me give you a

virtual tour. We didn't have stuff like that. You're just kind of telling you, this is your last

“chance, because I think if you go learn how to sell there, you can sell anywhere. So I go to Fox Hills”

Mall. I'm right by the escalator. If you know which one I'm talking about, I'm right by the escalator. I'm working with this guy named Gabriel and Jaime, their brothers. And these guys were hustlers, two Mexican brother hustlers that have gone around the table, talking to everybody. Let me tell you about the corporate membership stuff that we have. And for two weeks, guess what I'm standing. I'm standing right behind the table that we have. Within two weeks, I went around this one

African American girl was walking by. I went to her. I talked to her. I brought her over. We started having a conversation. And she write their body membership, $75, $75, $75 down, $32 a month. It was a corporate discount. And she got a premier membership to all clubs. I could not believe she said, yes, I signed a contract. I'm literally sitting there saying, either this lady's crazy or I just got lucky. Next thing, you know, two weeks later, I'm the number one guy

then I became rookie the month. And then rookie the quarter and then they moved me to ballet total fitness Hollywood, which was the biggest club we had. And then from Hollywood, I moved to Chatsworth and I'm working out Chatsworth club. Now, if you guys are old enough, if you're above

known for? I don't. 80% of all porn in the world was produced in Chatsworth, California. And I was the manager of the gym where all the porn stars. It was everywhere. There everywhere. What was I canyon up there? Bel Canyon? Bel Canyon? Yes. A lot of movies will be produced by a lot of Bel Canyon, by the Blueville Canyon. Don't say anything about Bel Canyon. Joe Rocking is a little bit of Bel Canyon. We almost bought a house in Bel Canyon changed. You're thinking about the Bel Canyon

days of the nasty Bel Canyon days, Tom, because we don't want to age you here. And it made those Christmas movies. Right. We're not rotiny. You would go to, you would go to El Toritos and guess who's eating right next to you. A guy named Ron German. Ron German was not a hockey player. I've been on flights with Ron German. I can tell you plenty of stories. Again, but here's the part. This is the part I'm trying to get to to the youth that's listening to this. I was a young

guy at a choice of going back in the army or making this job work at Belies. When whatever chance I got to improve myself with any opportunities, I took it. Nobody wanted to go to

Chatsport Valley. Nobody. That was the worst club to go to. It would never hit numbers. It was

always horrible. We went there. I want to talk to this one guy named Big Oliver. They called him Big O 320 pound linebacker. He says, Hey, yo, I don't want to burst your bubble, but nobody hits numbers at Chatsport. You know what we ended up doing? Within 30 days, we broke the records at Chatsport. We had 115% Robbie Solomon comes in Cannaboli, what's taking place? Tony Wilson has surprised. JC Cabrera, Ricky Wilson, all these guys. Ricky Woods, all these guys. We blew it up.

It was a great experience. I was 21 years old. I don't have a lot of options. I don't have a

“four-year degree. I don't have a two-year degree. You know where I went and worked after Belies?”

Morgan Stanley Dean Wooder. Am I career took off on financial services? Should you never know what's going to happen? No matter where you go, contributing, give your best, stop bitch and stop whining, have a good attitude. Come early, stay late, read the books, do everything you can to

condemn that community. You will always have a job. There will always be a demand for you.

But the people that are complaining whining and always seem to bat in everything, you're always going to have prompts for the rest of your life. You pick and choose what direction you want to go to. So I fully agree with Kevin O'Leary as saying. And last story I'll come to you guys should be before we wrap up as the following. Entrepreneur magazine comes out with a story. I'll a friend don't pull it up yet, Rob. But I think you have it ready.

We're one of Elon's friends, gave him a million dollars to invest in Tesla early on and eventually

“got into the SpaceX as well. And I had a million dollars, Rob, if you want to pull it up. This is”

this is the kind of stuff that it didn't 10x. It didn't 100x. Watch this. He loaned Elon a million

dollars and that million dollars now is worth of a hundred billion dollars. Look at this, Elon Musk's

best friend. And Tony Garcia's bet early on Musk, his 7.3% SpaceX steak could soon make him one of the 50's. Oh, yes, people. They're saying he's going to be worth 150 billion dollars. By the way, if you do some math, you know what a hundred x is? You know what a hundred x return on an investment is on a million dollars. You have a hundred million dollars. A billion is a thousand x. 10 billion is 10,000 x. A hundred billion is a hundred thousand x. This guy hundred and fifty thousand x, the loan he

gave to Elon Musk for 7.3 billion dollars. Tom, your thoughts on this story. Well, it just goes to show you can be at the right place at the right time and you can be around the right people. And it also proves that I'm going to make an adjustment. There used to be an old adage that said, you know, your position in life and even your net worth will be influenced by the top five people you choose to have in your orbit as your closest association for friends. So you take all the 20 people you know

who are the five that really in their close? What are they all about? Are they racist or they cool

“people? Are they trying to grow out of their youth? Are they working hard? Are they successful?”

Wherever those top five are, it'll influence where you go. You know, the people said that a lot right now. Okay, this shows you that it only takes one. You know, he takes one that you have one guy who is was at the time was a genius microdosing EV founder who was worried that he's going to lose it and he really needed a bridge loan and you say, okay, I'll do it. I'll do it for this and who knows what he got. He got something some percent because over time, if you own a percent of

something on baritone over time they raised 50 percent in capital and round round round round round, no, you're 1 percent now as a half a percent. But it's diluted as a percent, but the total value the company is skyrocketed. So wherever this guy went it went and it goes on the heels of the story

But you know what also is your, your friend Elon Musk is just tough and he's brash. He went to the federal government to be deposed and to go through things because he sent out a tweet and he says,

“"I've got money for Tesla. Funding has been secured." Remember that? The famous tweet?”

Yep. Well, yesterday, you know, what he was using yesterday and he says, well, maybe by 2027, I'll just merge Tesla and SpaceX because we had the battery technology. We've got the satellite communications to the cars. Maybe I'll just move both of them. And now everybody today was like, "Oh my gosh, could that be a $4 trillion company?" Suddenly we're not talking about a $1.7 trillion SpaceX was suddenly talking about a $4 trillion company, which just goes to show you, Musk being Musk

and it's very good to be a friend of Musk. Mr. Snyder. Risk-taking. I mean, that's what really, well, a successful, you guys know this. I mean, it's successful people take risk. Yeah, I mean,

loaning, Elon Musk a million dollars was not necessarily a huge risk, but I mean, that's,

people will make a line do that. But I mean, that's the point is risk-taking and making good bets is what really separates people out. It's about taking calculated risks that you look at a guy like Elon Musk and say he's going to make it. So a million dollars, yeah, it may be painful

“in the short run, but this is a bet worth taking. And that's, I think that's the ultimate lesson.”

Well, I think identifying and betting on talent is it is so long that you send that. You just, you look at people and you're like, "Okay, this guy is going places." He gets it earlier. He works harder, he stays longer, he innovates, he's coming up with ideas and you're like, "All right, I'm wanting to lose a million dollars in this guy." And, you know, like, I don't know, I've been betting on talent for the last, you know, a few months and it's been paying off massively.

Yeah, and by the way, you're pretty good developer. You're pretty good manager as well. You pick him, you developing, you teach him, you have that ability. I think a part of this, I did a video Rob, if you can pull it up in a creator studio, see if he can find it, is about Musk and I said, "What's more important? The horse or the jockey?" Right? The horse or the jockey? Because, so many times, you'll sit there and you're like, "You know what? I think I'm going to bet on the

jockey. I'm going to bet on the horse. I'm going to bet on this." Here's the reality of it.

"Never bet against the guy like Elon Musk." Never do so. You know who learned the hard way?

A lot of short sellers. You know who learned the hard way? A lot of his competitors. If you've ever read his book by Walter Isaacson, which if you haven't, I highly, if you really want to understand this guy, go read that book and you'll see where this guy was and what he did. Many, many years ago, people were saying the debate was, "What's better to invest in? Is it better to invest in Tesla or Elon?" Long term. I said, "Listen, I'm betting on Elon, whatever he's

operating. I'm betting in Elon on what he can operate and drive." So you get judged. You said something about risk. You and I get judged based on our instinct and intuition and investing in certain things. I know a lot of guys that are very, very smart and brutal, but my God, they choose the wrong investments. I know a lot of guys that are so smart, brilliant, have read all the books, have all the fancy degrees. But when it comes down to investing and picking the right jockey, they're horrible at it.

They can't see the BS factor of the individual. They can't see that this guy's not a serious guy. They can't see through it. They're easily naive and they kind of will be like, "Yeah, that's a guy too. That guy, that guy to do this." And by the way, none of us are 100% everybody's going to fall for the tribe. It's not like anybody's going to make the right investments or not. It's not like,

you know, everyone's going to go out there and get it 100% at the time. There's never been a

person that's 100% of the time. Rob, were you able to find that clip or not? I can't even find my stuff. Yeah, I can't find that. It's what I did 10 years ago, nine years ago. If you're 60% of the time,

“you're above average. You are. You are, but you have to have a, you have to make a decision early”

on on your relationship with risk, like Jeff said. And then at the same time, like one very easy exercise to do is to follow in. One very easy exercise to do is to follow in. Take a sheet of paper and write down the list of people in your life that went well and didn't go well. Investments you made, people you went to business with, people you befriended, decisions you made, investments you made, and then score yourself on that. What happened there with that relationship?

And that's a failure, 3.2. Man, that's a this. And then write next to it. You know what I do on Bertol? Did I have any early signs that this wasn't going to work out? And then if I took the risk, guess what? At least I took the risk, no one there was still early signs. But then if I knew the early signs and it was a horrible sign, why did I still go with it? Why did I make that decision for it?

for the next time this comes around to see the pattern and things like there was a kid that came

“to our house with one of my kids. And from the beginning, I just didn't like the way this guy handled”

himself and I liked the way he talked to my wife. I didn't like the way he talked to my kids. And he was wanted with one of the new guys that had come in town. And I'm like, hey, I told one of my kids, this is not a guy that's going to come to our house. And all of a sudden the kid, a couple of years later gets into a massive trouble with the school he's in. What happened? There's a gut feeling, you know, women typically have this gift, you know how women can, your mother can kind of tell

somebody might that had a very good instinct with some of the friends as well. But that instinct intuition, you cannot teach it. Some people get this thing very, very wrong with their instinct and intuition. If there's a muscle in life that you want to have your kids and yourself get better at, it's instinct intuition. If you don't measure yourself and sit down and go through it, you will make a lot of wrong hires. There's this book right here that, you know, I've written

this the third time I'm going through this book, 5x. And I've listened to the audio and I'm going through it for third time. It talks about the hires you made that were good and bad. Why did you make those bad hires? Why is it we are curing? Why does this continue happening to you? This book right here. Not a lot of reviews. If you're an entrepreneur, do yourself a favor and go buy this book. I don't know the author. I know there are two private equity guys that talk about CEOs that on average got five

x plus on investment. So private equity mess a 10 million dollars in the company. The company

exists that 10 million becomes 50 million dollars. The average CEO that that five plus x. It shows you patterns. You know what the whole pattern is? The decision making, intuition, instinct, focus, be able to say no, bring in a right person in, have hiring the right person, firing the right person, not lagging on a fire, all of that stuff. So it goes down to instinct and intuition. And this guy that gave a million dollars to Elon. I just looked him up to see what else he did. He also

invested in Tesla, SpaceX, New Orleans, boring company. And he made his money early on because early on. He was hired to scale a plant, a plating manufacturing company, metal plating a manufacturing company that he grew from 10 million to $125 million dollars. So it's not like this is a

flat. He's already good. Yeah. He was already good. He founded a company called Valor equity partners

in 1995. He's also winner. And now you know, as a multi-billioner, patiently long term eventually added. So more of the hardest things for people to do is just what you just did on a self-evaluation. It's very difficult for people to do that for themselves. And I think that's one of the skills that

“a lot of people are lacking. You sit down. It is. It's a job. You should be your own worst critic.”

It's tough. And when we did the survey and the audience reacted to the podcast and saying this and that it's tough to kind of go through it and get it. But every once in a while you have to do the more often you can do it, you'll have an edge over your peers and the competition. Anyways, having said that another great podcast story. Today's story is actually exciting. Sometimes you got stories of just boring stories. Today's story is we're exciting. We're to a great job. Jeff

great to have you back on. Tom, the folks out there. If there's last thoughts I'll give you on this, do yourself a favor and recruit a better community around you. Do yourself a favor and go recruit a better community around you. The ways I did it is by going to business conferences. If you haven't read register for the wall conference, bring your husband, bring your wife, bring your kids, bring your peers, bring your co-workers like I said, there's a company from

France. I believe that's bringing 500 people with them of their salespeople. And I think this 12,000 is going to sell out the fastest we've ever had in the history of the company. See you'll

“take a turn about to sell out people are buying tickets online from around the world. If you want to”

be around a different community because my audience as people like me, strong capitalist, family, values, principles, they like kids. They want to make money. They want to create wealth. And they want to talk a little bit of politics and all the other stuff. That's the types of people that I show up to the wall conference. Go to Vault 2026. Get yourself a ticket again. Vault 2026, Rob, you said nine A.M. is tomorrow Chad Bianco. Yes, sir. Tomorrow nine A.M. Chad Bianco,

the Goobin tutorial race for California, we're trying to help either Chad Bianco and Steve Hilton. Tomorrow is going to be fiery right off the bat. Nine A.M. tomorrow morning. Take Thank you, everybody. Bye-bye. God bless.