Why Trump’s Corruption Matters — ft. Hillary Clinton & Anthony Scaramucci

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only business software you'll ever need. It's an all-in-one fully integrated platform that makes your work easier. CRM accounting inventory e-commerce and more. And the best part, ODU replaces multiple expensive platforms for a fraction of the cost. That's my over thousands

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Café in its best form. With Cuba we'll have a café at Knopfdruck for a genus moment. Then with the new Cuba-Wan Capsule Machine from Chivo, you'll have a different café from special equipment. Full-Mondical Aromas, thanks to innovative press brutality, and over 17-seater café for every smart.

Aléba Premium Café is already at 29 euros. And that's now the Cuba-Capsule Machine in Dainachivo Fiala and of Chivo De E. Today's number 1.3 square miles. That's the land mass of Central Park greater than the nation state of Monaco. Ed, you guys may not know this, but Ed actually went to Princeton and Princeton is credited with more sex research in any university in the world. I went to UCLA. Ed Princeton the invented sex. I UCLA, we introduced it to

women. That's pretty good. Yeah, this corner likes it. Some people up there don't like it. And my Princeton buddies in the crowd, they don't like it either. All right, it wants a dick joke. So the mooch is here and he and I were at the year and only looks over and he's like circumstances. And I'm like, nope, that's just the wear and tear.

Well, it's great to be here. Finally in New York City, the final stop on the tour.

You know, at each city that we've been doing this show, we like to sort of begin the show with a little bit of data about the city, usually some economic data. So, you know, in Los Angeles, we were talking about Hollywood and in Miami, we were talking about crypto. So I would like to share some New York City specific data of my own before we get into the show. So my first number to give you

“today's Scott is 27. 27, that's how many years have passed since the New York next last meet at to the NBA finals.”

Today's the number is 53. That's how many years have passed since the New York NYX last won an NBA championship. I heard a lot of beers there. I can't tell why that's happening. But oh, I can tell you Scott. I have three words. Let's go next. That's right. Scott, will you be tuning in? Beyond the map. Does it look like Johnson is going to

bust through? And I'm going to be a 650 first make a wish. Seriously, look at me right now. Look at this.

You look good. Now, this is what you call birth control. Well, okay, now that we have our pandering to the audience out of the way, now that we've gotten on your side, I hope I'm going to launch us into our first story. Great, okay. It's been 94 days since the U.S. first launch strikes on Iran and the path ahead is still unclear. Iran is reportedly still reviewing the latest draft of a potential agreement with the U.S.

and has yet to issue a response. Trump also posted on truth social that talks were quote going on. However, rhetoric from Tehran continues to harden a senior Iranian military official said Tuesday

that renewed hostilities with the U.S. appear inevitable, adding that the Iranian nation will never

surrender meanwhile the straight of Hormuz remains effectively closed, continuing to disrupt one of the world's most important energy corridors. So Scott, week 13 of the war, we talked about inflation,

make of these recent developments in Iran and where do you see this all heading? Well, the justification

for doing this to begin with was so sad Iran would never have access. Oh my god, you do not know

what you're talking about. Who's that? Also, your dick joke is old, just so you know, this is the voice of God talking to you, Scott Galaway. I think I recognize that voice. First of all, you cheat on me with a younger man and I happen to be in New York. So hey, everybody. Hey. Hey. Hey, okay, sorry. The other man, the other man. So I'm actually not the surprise guest in my ongoing, that was an old one. Yeah, by the way, that was, and just you know,

he's a better kisser. So, but this is just likely, you criticize, but you don't come up with,

“you're not, that's not that helpful. Who would you have to talk about? Who would I have? Well,”

anybody but you for first? Okay. Because, you know, you're frequently wrong, but never in doubt.

But, but I, you know, I wanted to bring you a special surprise just to show, as always, I am the top and you are the bottom. And so I programmed your very special guest. And I thought, "Who, who, who could I bring? Who knows something about Iran and about Ukraine and about the entire world?" So I would like to introduce the author of Project 2029, I hope. The most badass woman I know, someone who probably should have been president, Secretary Hillary Clinton.

(applause) All right. All right, everybody? We, we, we will now, we will now hear actually what's happening Iran and my work is done. I maintain the hegemony over Scott Galloway. Have a great day, George Slusha. (applause)

Whoa, wow, she asked me to meet her here. (laughter) Oh, that, Kara, you know all about that. Well, this is shocking, exciting. I can't really believe it, and we're so glad to have you here. Thank you for joining us.

Scott, I'm going to let you bust into our first question here and then we'll get into our conversation.

Thank you so much for being with us, Secretary. Absolutely. Glad to be with you. Yeah, welcome. So, you have a lot of experience in the region.

“Set to table, what do you think is going on in the quote unquote war room right now?”

And do you think we're close to some sort of agreement? Well, I think number one, this was so ill-conceived and even more poorly executed in terms of any outcome that is going to restrain Iran, enhance our security and our other interests, particularly or economic interests. You know, I was stunned when reporting started coming out about conversations in the White House because in, you know, the years I was on the Senate Armed Services Committee

and I was Secretary of State any time we talked about Iran, any kind of war game scenario that we discussed among the very first questions was what if they closed the straight of Formus? What do we do? And then from the reporting, it sounded as though that just hadn't been really discussed or at least not brought to the highest levels of the administration.

“And I think now sadly and I really do say this with a lot of regret because this should be”

an American, you know, issue that we have to deal with together, not a partisan issue. I think we are in a weakened position. I think Iran is in a stronger position than it was before we did this. I actually approved of the strikes on the nuclear facilities back in June a year ago.

all that they claimed, but they did accomplish enough to argue that the nuclear weapons program

“was set back. But now I think the Iranians are really playing a stronger hand vis-a-vis Trump.”

And he's kind of flummix. He doesn't know what to do. I mean, on his truth socially talks about how he doesn't find it interesting for suing these peace negotiations. He's bored by it. And, you know, when you think about the hard work of both waging war and everything that it entails and then trying to extricate yourself from a conflict with some sort of advantage, that's really hard work and that's not being done. So I can't tell at this point

what where we're going to be in a week or two or three. But if we end up number one where

the Iranians control the straight oformous and are actually, you know, exacting tolls from commercial shipping, if we don't get any kind of realistic agreement, certainly not one better than the one I worked on when I worked with President Obama and started the negotiations that led to the agreement. And if we don't really have evidence that we have

“seriously damaged their ballistic missile and other drone capability, then what have we gained?”

And it just will further weaken us. And if you're sitting in Moscow or you're sitting in Beijing

and you're following this, you are, you know, just, first of all, probably dumps trucks that

any American president would do this because I know for my own experience, we were often urged to do it, but did not for all kinds of reasons. And I really worry about not just what it means for the relationship in the region and specifically what Iran can continue to do, but what messages it sends to everybody else. So I guess my bottom line would be that and I don't think this would happen. It would be extremely reassuring if we had a real team of

negotiators who knew enough about what needed to happen with Iran and they had the patients and the discipline and could drive a very strong argument as to why Iran would suffer consequences if they didn't reach an agreement. But Iran is not only on the ground stronger, but they're playing a really effective social media game. I don't know if you've seen their Mr. Explosive, the Explosive Lego characters that they are using that is all over social media and it is just

mocking us and it's not just mocking our current president, it's mocking our country. So I would like to see a serious dedicated effort to try to actually get as much out of this unfortunate situation that we could right now. But you'd have to create if there's a deal to be had, you need leverage. Yes. How would you, what would be your strategy for coordinating with allies or economic sanctions? Let's assume that someone were to call you and say, okay, we broke it,

can you help us fix it? How does America gain the type of leverage it needs to in some way declare victory and leave if you will? Well, I can give you an analogy from my own experience. When I started the secret negotiations that tested whether we couldn't negotiate with Iran, I did it through the good offices of the Omani government to then Sultan of Oman. And Omani, as you know, was on the other side of the straight. We have leverage with Oman,

we have unfortunately misused it, but we have leverage. And the other argument I made, which ended up getting a national, a UN Security Council resolution imposing universal sanctions, was to make the case particularly to China and to India that there will be a price to pay if you don't help us rain in Iran. Our goal is to prevent them from ever getting a nuclear weapon arsenal.

“So you have to demonstrate, you know, real allegiance to that idea, because if we launch a nuclear”

arms race in the Middle East, that is not good for any of us. And I think that kind of tough diplomacy, none of which I heard coming out of the recent meeting that Trump had with Xi Jinping, would lead to putting together a coalition of, you know, diplomatic support for exercising leverage

but if we could rebuild it to basically say, you know, we want to get back to free navigable waters

“in the straight. That's in your interest. You're the one who's buying most of that oil. You've got”

away in. You could, you could look at this and see all the different players who have their own individual leverage and then aggregate that and begin to put it together. It doesn't happen overnight. It would be painstaking diplomacy, but it could be done if we had the right approach. Something that doesn't seem to get a lot of media coverage, but you could argue is really a wonderful thing for the West is that it feels as if in the last eight or 12 weeks,

Ukraine has gone from playing defense to offense. Can you talk a little bit about the war there

and what it means for the West? Look, I think it means the difference between a peaceful, secure Europe and what that means for a peaceful, secure United States and a further opening of a door to Russian aggression. If we are not on Ukraine side, it is one of the great tragedies of modern history that we have a president who doesn't support the Ukrainian people. But the Ukrainian people have demonstrated through their own sacrifice, how worthy they are of everybody's support.

And what they have done in building up their own military industrial complex in the midst of a war

“is short, nothing short of remarkable. The only thing I can think of Scott that is even comparable”

is when the blitz started against Great Britain. When the Luftwaffe planes were bombing the heck out of London and other sites, Britain was not prepared, they didn't have the kind of air force to fight back. But boy, did they put it on a fast burner and pretty soon, you know, within months, they were sending up fleets of, you know, airplanes to do battle with the German aircraft.

Well, what the Ukrainians have done is certainly the help that they got since they were first

invaded in February of 2022, they put to very good use. But then they quickly realized that they had to be as self-reliant as possible. So what they have pioneered with drone technology in particular is the new form of warfare. And we all should be learning, in fact, you know, Zelensky went to the Middle East. He went to the Gulf States. He went to Saudi Arabia and the UAE and others to give them support when they were all of a sudden being attacked by the same kind of drones

that Iran had sold to Russia. And those drones were being used against Ukraine. Now they were being used by Iran against the Gulf States. So we all should be expressing a great debt to Ukraine for number one, holding out and number two, demonstrating what modern warfare is going to evolve toward, whether people are ready for it or not. But number three and most importantly, they have held the Russians at bay. Now, if you're running a country the way Putin is and you could care less,

how many of your, you know, young men are killed in battle and he doesn't care and he's empty the jails and he's, you know, dragooned people off the streets and he's, you know, given bonuses to people and, you know, men in Africa to come fight who didn't know what they were doing and he's taken North Korean troops. He has thrown everything he knows to throw against the Ukrainians. And the Ukrainians have held the line and, you know, it's like a back and forth almost world war one situation

where it's a, you know, couple of feet here, couple of feet there. But now because of Ukraine's own development of weapons, particularly missiles and more advanced drones, they are starting to hit

“sites within Russia and not just border sites, but, you know, much further. So I think that”

now is a time and I'm glad to see, you know, Europe is stepping up. I think that Ukraine, partly because of what they offered and delivered to the Gulf States, including trainers to show them how to use these drones, how to defend against the Iranian drones. I think that Ukraine can withstand this barrage, you know, this constant nightly aiming at civilian targets, again, like the blitz. These are not military targets. These are civilian targets. And Russia and Putin need to be defeated

and Ukraine is on the front line of doing that and we all should do everything we can to help them succeed. We'll be right back. Support for the show comes from Odu. Running a business is hard enough, so why make it

a separate one for accounting, before you know it, you are drowning in software instead of

“growing your business. This is where Odu comes in. Odu is the only business software you'll ever”

need. It's an all-in-one fully integrated platform that handles everything. CRM, accounting, inventory, e-commerce, HR and more. No more app overload, no more juggling logins, just one seamless system that makes work easier. And the best part, Odu replaces multiple expensive platforms for a fraction of the cost. It's built to grow with your business, whether you're just starting out or already scaling up, plus it is easy to use, customizable, and designed to streamline every process.

So you can focus on what really matters. Running your business. Thousands of businesses have made

the switch so why not you? Try Odu for free at Odu.com. That's Odu.com. Support for the show comes from Odu. Running a business is hard enough. So why make it harder with it doesn't different apps that don't talk to each other? Introducing Odu. It's the only business software you'll ever need. It's an all-in-one fully integrated platform that makes your work easier. CRM, accounting, inventory, e-commerce, and more. And the best part,

“Odu replaces multiple expensive platforms for a fraction of the cost. That's why over”

thousands of businesses have made the switch. So why not you? Try Odu for free at Odu.com. That's Odu.com. Who is actually winning the war between Russia and Ukraine? Right now it's clear that Ukraine is much more confident. Time now looks increasingly in Ukraine's side and there's no obvious reasons for them to negotiate a ceasefire on the near-term because the United States or somebody else wants it. I'm John Finer, and I'm Jake Sullivan, and we're the hosts of the Long Game,

a weekly national security podcast. This week, we discussed the war in Ukraine with Michael Kaufman, one of the leading analysts of the conflict who recently returned from the front lines. The episodes out now search for and follow the Long Game wherever you get your podcasts. We're back with Prophecy Markets. We are here in New York, which is the center of capitalism, the center of Wall Street, and yet we also just elected a mayor who describes himself as a

democratic socialist. And what we've seen among young people, among Gen Z, my generation, is that interest in socialism, belief in socialism, alternatives to capitalism, that is on the rise in America right now. I just love to get your views on, what do you make of Mamdoni's election? And do you think it says something about the future of the democratic party on the future of

progressivism in the United States? Well, first of all, I think he is a brilliant politician,

and I think he ran an absolutely superb modern campaign and caught the imagination of voters as you say add particularly young voters. The day after the election, I didn't endorse anybody, I didn't get involved, you know, I certainly congratulated him and wished him well because I love New York, and I really, really want him to succeed. I don't care what label he puts on his politics or

“himself, as long as he proves that his brand of politics works. That's what I'm interested in.”

And I, you know, look, I am a very pragmatic person. I can look at somebody and say, prove to me, you know, show me that what you think will work to better people's lives to, you know, create the investments we need to prosper together, to keep us secure, to give us opportunity to inspire young people, everything you want from good political leadership. I want to see that, and I see some of it, and the jury is out. I want to see what he can actually produce. You know, Mario Cuomo,

famously said, you campaign in poetry and you govern in prose. The campaign is fun. It's exciting. It's a roller coaster ride, having done a few myself. It's incredibly exhilarating, and either works or it doesn't, but nevertheless. And so then the hard work starts. I mean, you just work 24/7 to get yourself elected, and it's like, you know, the dog that catches the car, and all of a sudden, you're like, okay, how am I going to actually govern? And I see some good things,

a lot is still unclear, but I really hope for the sake of, you know, the city that I love, and

of democracy. For if he wants to promote his policies, prove them. Let's have proof of concept.

You know, call yourself whatever you want, but let's show that what you are standing for, and implementing is actually going to work. And I am like that with, you know, people across the political lines. You know, if you have a good idea, I want to hear it, and I don't really care, you know, where it comes from. But I do think there's a cautionary lesson, you know, don't govern to your base. Trump has governed to his base, and he's driving, you know,

you know, a stake through the heart of American democracy. He's undermining the, you know,

the incredible engine of the American economy, in my opinion, but he's satisfying the 35% of the

people who are still with him, not others. And that doesn't work. It doesn't work in America. And so, broaden your aperture. Yes. Get a broader base of people, because these are the people whose policies you are implementing are going to be affected by. My final question, we talk about a lot of economic issues on the show. Some of our biggest themes are wealth inequality, housing prices, housing policy, mental health, social media, loneliness. When you look at the

“United States in 2026, what are the issues in our nation that you are most concerned about today?”

And what kinds of policies would you want to implement to start to resolve those issues? Everything you just said, I mean, obviously, and I would add our international position, because I think it has an impact. And then I would also, you know, mention, you know, what I consider to be the two overriding themes of affordability and accountability. How do you make life affordable for particularly young people? Because it does seem to me that, you know, we've given

them a really tough deal in terms of what they can expect and whether they can feel that their future is going to be, you know, better than their present. And certainly, is it going to be better than their parents or their grandparents? In terms of not just aspiration, but actual

“reality. But I honestly think that you got to look again to the cities and the states, right?”

Now, the federal government is broken. And a lot of what Trump has done has rendered it dysfunctional, you know, cleaning out experts who knew anything. This Ebola epidemic, boy, I hope it doesn't get as bad as some of the folks whose opinions I respect say that it could in terms of its spread, but, you know, we got rid of our surveillance. We got rid of the infrastructure we have built over decades to be alerted to these kinds of things and act on them. So it's both international

and national, but focusing just here at home, I want to see states and cities do a lot more. And let's see what a good housing policy in New York looks like. Let's see what a good, you know, economic mobility plan for Illinois looks like. I know you guys are in Chicago with my friend, J.B. Pritzker last night. Let's see what the states do to govern AI because the federal

“government isn't doing it. So let's turn back to laboratories of democracy, you know?”

So Democrats are feeling really good about the midterms, but I would never underestimate our

ability to snatch defeat from the jaws of victory. I know something about that, too. What advice would you have for the Democratic Party around messaging and do you see any what do you optimistic about and what do you worried about in terms of the midterms? Well, before the tsunami of redistricting started at Trump's demand to Texas, I was extremely optimistic. I saw all of the ingredients for a big midterm win for Democrats. Obviously,

what the states themselves did and then what Democratic states responded with and then what the Supreme Court did and what I view as a truly disgraceful decision throwing out the guts of the voting rights act means that it will be harder, but I am still very optimistic. And the reason I'm very optimistic is, number one, if you look at the elections that have been held over the last year, Democrats have done really well. And not just, you know, the governor of New Jersey, the governor of,

you know, Virginia, the redistricting votes in places like California, but I mean public service commissioners in Georgia and preserving Supreme Court justices in Pennsylvania and getting really

underlying conditions are still very favorable, but I also think that you've got to stress

these two big overriding themes, affordability and accountability. And I mentioned them both together

“because on affordability, I think a lot of people who voted for Trump actually thought that he cared”

enough about them to do something about affordability. And low and behold, that was not the case. And so their disappointment or their feeling that, wait a minute, that's, you're doing stuff I didn't vote for and you're not paying attention to what I need. And now you're starting a war that has already raised gas prices. And by the time we get done with fertilizer and supply chain disruption

and everything else is going to cost all of us more. So I think that on the affordability issue,

the Democrats have a, you know, a pretty wide open door. And I think again, what you say and how you say it may differ from district to district and state to state. And it's not a national campaign exactly, although you need a national umbrella message like a presidential campaign is. So when you're running to defeat a Republican incumbent in a purple swing district, you're not going to say the same thing that somebody who is running in a deep blue district is going to say. And you just have to

accept that. That's the way politics works when you're running for the midterms. You've got to make your case in language that your voters will agree with. And then on the accountability

“issue, I just want to say a quick word about the Hungarian election because I think there's a real”

lesson to be learned. So other opposition parties and leaders tried to, you know, defeat or run over a couple of election cycles and we're unsuccessful. So what made it different this time was not only a charismatic, effective, really hardworking candidate with Magiar, who was a truly dedicated opposition figure having come out of Orban's party. But he was able to tie the corruption of the Orban government to the lives of the Hungarian people. I mean, when you look at the

explosion of corruption in this administration, you know, I know some people have a tendency to say, ah, you know, they're all politicians, whatever, and that's not true, but I can understand why people might think that. But with Trump, it's corruption that is hurting people. You know, because while war is being waged in Iran, members of his family are making money from some of the very same interest and parties involved in this war, while you have the very clear economic disparities and

the wealth inequality exploding because of the big beautiful bill that they passed. You know, all of a sudden, people are feeling like, wait a minute, what is happening to me and my family

“compared to, you know, the top one, 10th of 1%. So I think that there is a lot of correlation”

between the corruption and the accountability that needs to be expected, not in a partisan way, not in a using prosecution to settle personal grievance way, but in a rule of law way. If we do not restore the rule of law, and I was so encouraged to see that the pushback on this terrible grievance fund that they were setting up to reward people like the January 6th Instigator. And so there is, there is a, finally, a kind of recognition that the corruption

personally benefits the president and his family rewards people who committed crimes and really, went after our democracy as well as all the other, you know, things that they did, that is encouraging. And so I really think the messaging needs to be focused on what we're going to do to actually help people and solve some of these problems and what we're going to do to restore the

rule of law. And so I am optimistic as long as people turn out in vote. That's always the big question.

So there are several people with earpieces who look like they were ready and willing to kill me. That said, you have 20 minutes and you gotta end your next game. But before we let you go,

I've only gone door to door for one person. Oh, wow. That's me and every other Democrat

and we'll still raise. So all eight of us, we're knocking on doors, trying to get people to show up. Oh, thank you. Thank you. Wow. So it is, you know, my wish for the nation is the character and confidence makes it come back. Really appreciate your service, Secretary Clinton. Thank you. Thank you so much, God appreciate both of you. It's like the Tyler Hillary Clinton. Stay with us. Have we underestimated the damage Trump has done? It's easy, perhaps, to chuckle at a Donald Trump.

“There are times when he sort of can't be. I think there are things that he does, you know,”

is his little dance and some of the other kinds of things to come across as a rascal. But I think we

have to look under those things at the real harm he has done to American institutions and the rule of law. I'm Pete Barara, and this week former U.S. Attorney Barbara McQuade joins me to discuss this administration's mob style of governance and corruption. The episode is out now. Search and follow stay tuned with Pete wherever you get your podcasts. We're back with property markets. So this is a show as you all know about the markets,

which sit at the center of almost every part of our lives. We created this show. It's getting on close to four years now, which is crazy with a simple goal to help people better understand how markets work. But it is getting harder to do that at a time when faith in the system itself is starting to erode. Only 54% of Americans today say that they have a positive view of capitalism, which is the system that runs markets and it's increasingly not hard to understand why.

Over the past few months, we have seen repeated evidence that markets may not be truly fair and transparent.

President Trump recently disclosed more than 3700 trades in American companies during the first

“quarter, most of which were made before he revealed these key developments related to the companies.”

Millions of dollars of unusually well-timed trades were also made right before he made major announcements related to Iran, related to Venezuela, related to the tariffs and liberation day, much, much more in some as Secretary Clinton pointed out, inside a trading in this administration, at least, is alive and well. So tonight, we wanted to speak with someone who is uniquely qualified to answer the questions many are asking right now. Why should ordinary investors believe in the

markets when it feels as if they're rigged? As the founder and managing partner of Skybridge Capital, he spent decades now getting markets and helping investors make sense to them. He famously served in the Trump administration, and since become one of the president's most outspoken credits. Ladies and gentlemen, please welcome to the stage our very good friend, Anthony Skara-Mucci.

It's wearing the hat. You love it. I hope I get a chance to keep it. That's fair.

“That's okay. I got Nixon five. That's my bet. Nixon five. That's good. How you doing, Mitch?”

I'm doing great. I mean, I thought, Secretary was on point. She's running, Scott, if she's running, I'll knock on doors with you. How about that? Go out there. Have done that once or twice before. I find that pretty much anyone who agrees to come on my podcast is running for president. Really is when are you running up? I'm really, yeah, when are you running for reelection and my marriage? I'm running for president anyway. All right. Good.

I mean, I, and by the way, I run, I'd be term-limited in marrying. I'd be careful. It's a constant campaign. I'll put that head in there. You don't have to worry about that. Scott and I have added that experience for a very early voting is pretty ugly. The polls for a rate a few years ago. Let's face it, but I got it. So, Mitch, I want to just review some of the corruption that we've talked about these 3700 trades.

You and I talked about this on a show a few weeks ago, but I just want to make sure that we're all on the same page and that we're not in belief that I don't know, that I have some sort of Trump

last few months. So, Trump made 3700 trades in the first quarter. He bought Oracle right before he finalized the deal for Oracle to buy TikTok. He bought Nvidia right before he approved

Nvidia to sell chips to China. He bought Dell right before Dell signed a $10 billion contract

with the Pentagon. Dell stock is ripping right now. His sons invested in these drone companies right before they also signed contracts with the Pentagon and right before we went to war. He made almost a billion dollars selling crypto. His family has made an estimated $2.5 billion since he took office. Do you think it would be fair to call this the most corrupt administration we've seen? And if so, what does it mean for investors? I mean, listen, there's there's a lot there.

So, obviously, it's a very corrupt thing that they're doing. You could go back through our history, the teapot dome scandal was very similar, also very corrupt. And what they're doing and Trump said this. I don't know if anybody caught this, but he was outside in a press gaggle as he was going to the helicopter. And somebody called him out on a net almost similar to what you were saying, but what you're doing is unfair. He looked at the people said, well, first of all, I have the right

to do it. It's a question of whether he does or not, but there is a seam there which I can share

with you. And then the second he said is, it's peanuts. He always says that. Like it's not that

“much money, a one or two billion dollars. But that's what he said. Okay, and then the third thing”

that he said, which is scary, everybody in the room, and it has to get you awake, and you have to get motivated on this. He said, and I quote, and people don't care. Okay, and what they're doing in Washington is they're using our collective apathy as permission to do certain things. So, if Hexeth is going to fire John Fallen as an example, he goes to Fallen and says, hey, I want to build these ships. We've got to build them super fast, Trump wants to build them super fast. And Fallen says,

well, the law requires me to put the bit out, the three or four vendors and get the low cost bit. And then Hexeth says, no, no, no, I want you to put it out to one bitter, because that's going to expedite the process. And probably there is a little bit of a big going to Trump and his family members in that bid. And Fallen says, no, and then Fallen gets fired. You see, see what I'm saying? And again, general apathy about the whole thing. So, yes, it's very, very corrupt. But if the people in this

room don't get motivated and people around the country do not get motivated and say, we've had enough,

“it's sort of like networks. Got an iron old enough to remember network. Remember, I'm mad as hell.”

I'm not talking about. I'm mad as hell. I'm not going to take it anymore. That's the messaging. OK, but I want to talk about something people should understand 60 minutes is in the news right now. In 2011, 15 short years ago, 60 minutes that is special on congressional insider trading. And Peter Schweitzer had actually wrote a book about this whole thing. And they voted to negate congressional insider trading. And there was an eight-month period of time where the Congress

could not participate in insider trading. And you know what they did, guys? They went by voice vote. So they would be off of C-span and they did a voice vote into the telephones and they voted it back in. Yeah. OK, and so people don't remember this because again, they did it on the slide. And I'm going to tell you the silver lining that all this Trump has been so wildly egregious that maybe this will now be the opportunity where people will take everything that he's doing

and say, OK, he broke every norm and standard. So now let's codify the country to the

“protect the next person that takes that job. And that's what you got to hope, whether it's honestly,”

you got to hope that whether it's Secretary Clinton, if C-be comes president in 2028, Pritzker, Gavin, picked the person that becomes president. You got to hope and pray that that person is a transformational and in some ways postpartisan leader, where they say, OK, it's not going to be left to write. It's going to be what's right or wrong for the country. And these were norms and standards that were adhered to from George Washington up until Barack Obama and then for a

four year period of time Joe Biden. And he came in with like an orange wrecking ball and smashed these. OK, and so we're going to repair them first before we do anything else. I think that's necessary. And and recognize and recognize that it's happening on both sides. And you and I have talked about this. I mean, the Pelosi index has been absolutely crushing in recent years,

perhaps the only index doing better is the Trump index. And I got a couple billion under management.

I can't beat Nancy Pelosi. I got I got buddies that got 70 billion under management,

Small investing mind. I just want to point out one statistic. You point out how the American

people Trump says the American people don't care. This was a some survey day to the sites in Miami. They just really struck me. They did a poll. They they asked Trump voters about this issue. Half of Trump voters think that Trump hasn't profited in this presidency whatsoever. They genuinely believe this that he hasn't made a dime. And you know, I've gone through the data. You can either say that the data is fake news. You can say it's it's a lie. Whatever you want to

“think. I mean, I guess my question to you, is it a problem of we're not talking about it enough?”

Or people don't want to hear it? Or I guess those Trump says himself. People just don't really care.

It's all those things. But again, it's, you know, you've got your under your crowd. This audience here

us. I would say we're high information voters. We're consuming the information. We're looking for the information. The average American is not doing that. On the fourth of November, 2024, the evening of the election, November 50 in the election, the most searchable term was did Joe Biden drop out. And so I just want you to think about that. The average American coming home tired, made blue collar worker. Okay. I'm going to go vote tomorrow. My union needs me to go vote.

Who the hell's running? Biden's the president, right? Oh, wait a minute. Who's the Joe Biden drop out? Okay. So I just want to give you a sense for where the country is. Right. Okay. And by the way,

“you can like or dislike Donald Trump. We've got to talk honestly. He went into those territories of”

the country. He went in there with his maga hats. He went in there with his YMCA song and all the

different things that he did. And so we left about it. But they show up for it. Okay. And I will tell you that the Democratic Party that I grew up with here in the city of New York, you know, Secretary Clinton mentioned Mario Cuomo. Obviously, my family knew his family, Lyndon Johnson, Jack Kennedy, Bobby Kennedy. They were focused on those people. They went into those towns and said, we're going to make your lives better. And we're going to do that. And, you know,

people are not going to like this. But I want to share this with you because I want to leave this with you. Do you only remember one thing I say tonight? Remember this and it doesn't reflect well on me. When I was with Donald Trump, I went to New Mexico with him in May of 2016. And I went into the Albuquerque Civic Center and he had secret service with him. And so we had to wear these day pins. And I said to the Secret Service guy, what is this service? Well,

if the shooting starts, we know you're with us. We won't shoot at you. I'm like, like this with the pin. I took the pin off. I crossed the security perimeter and I went into the crowd. And I started asking people why they were there. And one young gentleman said to me, well, you know, my father was at a factory for 30 years. I was working there for 12. They closed the factory. Anthony, you think you're in New Mexico? Well, no, new New Mexico? That would be Mexico.

Because that's where the factory went to. I'm out of a job. I'm working at Lowe's, the Home Improvement Center, delivering pizza at night. And I got hit in the head with a rock because I grew up. My dad was a crane operator. My mom was a makeup artist. I'm a Mac five. That's my color scheme. Anybody wants to get me a Christmas gift? Okay. Okay. Scott's a little lighter than me in case you know, okay, 36. All right. But anyway, I looked at that young man. And I said, so what should we do?

So I don't know. But we were once blue collar economically aspirational. And today we are now blue collar economically aspirational. And guys, I missed it. Okay. Because I went to Tufts and Harvard, I grew up on a blue collar family. But I started to pick up the collective biases of the people that I was hanging out with. So I went to Goldman Sachs. And I was in the Salons of the wealthy. And I built a hedge fund. And I missed what was going on in a very large portion of America.

And I just insisted that everybody think about this. And wherever the presidential candidates are here,

“she, you've got to go and meet these people. And you have to accept these people and embrace these”

people and try to bring them back into the system. I think it's very, very important for us to do that. And I'll just tell you, I missed it. And when you go to those places, you'll be sad. You'll be like, okay, you know, people feel a sense of economic desperation. You know, but the secretary didn't mention

of schools. We're right after the midterms they did it. Think about the pathology of that and the

“pre-meditation. The snap benefits. You know, I work alongside the civil hardest. Maybe you guys have”

heard of it. It's one of the largest food banks in the country. We have over a million people.

It's it's out in Brooklyn. My wife and I were there on Friday talking about the organizational structure and how we can raise more money. You have 1.2 million people in this city. Think about this city and the glory of this city. We have 1.2 million people in this city that are food and secure over half of them are children. Okay, we also know when we go into the schools, we go into public schools and you say to the kid, why are you doing well? And you know, the kids say, I'm hungry.

I'm starving. You know, I can't think about the lesson because I got to the school hungry and we're slashing all those food programs. Now, again, in New York, we're not

“hulco held the line on that. Mondoni held the line on that. You were talking about the popularity of”

socialism for a second. If we don't figure out ways to create a bigger platform of equal opportunity in the country, you're going to lose the capitalism because, you know, I'm okay with the unequal outcomes, but you better get some sense of fairness going no matter who's born into whose family and what the zip codes are because if we don't do that, you're going to lose the structure that is made the country so prosperous. Let's double click on that because you have kids,

I have kids and there's a lot of times when my boys think something and I literally just want to grab them by the lapels and shake them and go, just trust me, you don't understand how stupid you're being. I need to have you to come over to my house, I need some help with that, I'm basically a pussy as a parent, but go, go ahead, keep going. Well, you realize that doesn't work and I feel that way whenever I hear someone his age talking about socialism.

And it's like, do you have any sense of history of how superior capitalism is a system in terms of

generosity, creating tax revenue, leveraging the most powerful aspect of our species and that

of self-interest such that we can create the revenue to help the poor and lift them up. What, I mean, how do we, how do we get Gen Z and Millennials? What is the messaging around, okay, you know, capitalism is, what's going on now is not capitalism, it's cronism.

“Yeah, we both know that. How would you communicate to someone that's younger than us?”

I'm Gen X, you're a baby bummer, you're much older than me. But I actually am older than him, okay? Yes. And he doesn't have any here, but I'm dying my hair, okay, okay. So this is Latin American dictator Brown, if you go to the colors, you're like, is that, look at this hair, I was serious, look at that hair, I was like, you know, I was using Maduro black until we got arrested. I think I've been enlightening it up a little bit.

Okay, keep going, Scott. Go ahead. Yeah. Yeah, you, you, what do you think the message just young people around, around capitalism being the worst system of its kind, except for all the rest is Churchill said? Okay, so I, I would say a couple of things we got to teach them are history. And one of the great books about this is H. W. Brands is book The Trader to his class. And it's about the greater risk of craft Franklin Delano Roosevelt, who looked at the structure

of the capitalism, some other colonialism that was going on, the rigging of the markets, guys. You know, Joe Kennedy made a fortune rigging the markets, lots of insider trading, and he said, okay, what we need to do is we got to make it fairer. So if we regulate it, if we end the corruption, the Trump like corruption, people think it's fairer, number one, number two, if we provide some baseline help, social security,

lots of the work projects that went on in the, in the, in the 1930s, and one of the greatest inventions for middle class aspiration in the history of the world, the GI Bill, which was an accidental thing, guys, okay. And so these GI's you had, uh, uh, Jews from East New York, Italians from Brooklyn, you had Irish guys from Hell's Kitchen, they came back to New York.

Their parents never went to college. And they now had this opportunity to go to college and they

went from blue collar jobs and laboring oriented jobs to white collar jobs. And so the message

there to be capitalism. We agree on that, but there has to be a regulated capitalism because

greed and a society always overcomes wisdom. And what we find when you get an oligarchive like

figure, they'll create a funnel at the top and they'll all sit around and they'll spin the dial and they'll, they'll create wealth for themselves and they'll leave everybody else behind. And so one of the great things about the structure of the government was its decentralization. You know, this is a Madisonian Jeffersonian structure to protect every citizen and to endow you with your individual liberty, which gives you the right to execute the capitalism. But when you are in a

structure that is damaged like this, it needs to be reset. And I would go out to all these guys and talk about Roosevelt, talk about the candidates, talk about these civil rights, reformation in the 1960s, and I say we're at our best when there is a harmony with the government, where the government's helping the public schools, the government's helping to feed people, balance the system, and check the super greedy so that every person in the room can seek

their aspiration. And so again, I'm for unequal outcomes. You guys have done an amazing job with your

“podcast, all your great businesses. You should certainly have economic rent associated with that. These”

entrepreneurs should always benefit from that. But the flip side is I didn't pick the place that I was

born. I don't think you guys did either. This is a rich enough society, and this is a very generous culture. If you look at the philanthropy in the United States, we have to set the culture up so no matter where you were born, you get a package of services, some food, and some health care, and some basic education so that you can get to the starting block so that you can go up against people that have their family names and doubt on libraries and stuff like that around the country.

So speaking, it's a history lesson in there as well as economics. Speaking of starting block, I want to move on from something more important than the future of our country. I want to talk about upcoming tech IPOs. Just curious, you're a markets guy. Here's to get your take on and $150 billion raised, fortunately in our valuation, SpaceX, anthropic, open AI. Just curious to get your thoughts about those IPOs and respective valuations.

Okay, well, I've listened to, I listen to Prop Gs. I don't want to over be redundant to what you guys said about the S1 for SpaceX, but obviously that business is not worth that kind of money, but let me say something as a market participant for 40 years. Elon Musk is a human meme. And if you understand what I mean by that, he is Gamestock or he is a meme.

And so for whatever reason, there's always a beast swarm of retail activity around the stuff that

he's doing. And now we could agree with that or disagree with that. Certainly Cara who left the stage a few minutes ago doesn't agree with it. But if you got allocations in the IPO at 1.8 trillion,

“would you buy in? Yes, I probably would because I believe that he has a lot of”

execution gifts. And I said this actually, I think I sub for you on pivot. When the S1 was announced and I said, listen, I fully disclose I own some SpaceX. I bought it a few years ago. It's obviously up a lot in valuation. And so yes, I would probably participate in the IPO because I think he is an execution oriented guy that would figure it out. And fropex is a totally different beast. Yeah, there's a difference in execution and raw raw and figuring out a way to create a meme stock

out of something going out at 100 times revenues. But you think there's execution that can backfill that kind of valuation. Well, he did it once before in Tesla. And I watched the hedge fund manager buddies of mine get their faces ripped off in Tesla. And if we were sitting up here 10 years ago, and we went through that S1, it actually looked worse on a comparative basis to space

“tech. So I guess what I would say to you, the paradigm is shifted in the markets. And you have to sort”

of see that, John Mader Kane said something way better than me, so I'll paraphrase it. And John Mader came as a brilliant stock market speculator. And he said, you know, I'm one of the judges at a beauty contest, but it's not for me to judge beauty. It's for me to think about what the other judges think are beautiful. Yes. And once I figure out what that is, that's where I'm going to make my selection. And it's a way to think about the markets. And so I may not agree with the beauty of SpaceX, but when

I talk to my hedge fund manager friends, my institutional investors, my former, I used to work at Goldman investment bankers at Goldman pricing the deal. I'm like, OK, this will have some buoyancy to

I've seen people really get hurt, shorting assets like that, even though they look fundamentally

inferior. Along those lines, it's really interesting. You bring up the Keynesian beauty contest,

“which I also love. But that also seems to be a little bit of a signal of a bubble. What's that?”

What was it? I just said Princeton, I don't know. Princeton. That seems to be a little bit of a signal of a bubble, the idea that it's not that you find the product or the company beautiful, but everyone else does. And if everyone else does, then maybe I should too. And I think the other thing that people are probably getting worried about when it comes to these IPOs, I mean, you don't have to buy SpaceX if you don't want to, if you think the fundamentals aren't in shape.

And so, you know, I'm not going to buy it. But they are changing the rules for the index funds,

specifically the NASDAQ. So that SpaceX automatically does go into these passive index funds.

So what they're going to do is they're going to, they're calling it fast entry rules for these mega-cap companies. Essentially, rewriting the rules of passive investing so that you can invest immediately in SpaceX, in Anthropic, in OpenAI. And that gets to a point where now we actually don't have a choice. Whether I think it's a good company or not, if I own the NASDAQ and even the S&P is considering rewriting that profitability rules in order to include SpaceX, you have to own it anyway.

That seems to be a concern. And it goes back again to this idea where we talk about the market seem to be, the rules of the game seem to be rigged. We seem to be kind of shifting the rules around what Trump wants or around what Elon wants. He's the one who pushed for this with the NASDAQ. Are you concerned about that at all from a passive level? Okay, so this is, first of all, it's graded analysis, but let me provide some historical concepts. These are important. We had

“something called Sharbanes Oxley. I think you guys would remember that. It was extra regulatory”

process. It created a tremendous burden on private companies if they were to go public. And we had the global financial crisis added another layer. And ladies and gentlemen, if you go back,

something like SpaceX would have gone public with a $300 billion market cap or 150 billion

dollar market cap under a different regulatory rubric. But what happened is, because it was so difficult to go public under the current regulations, the retail participants, unfortunately, were left out of it. Okay, and I think there was an unfairness to that. And if I were, I thought I would ever be the SHC chairman, but I would say to people, we're going to be very careful to over regulate, because we want to make sure that the retail investors have an opportunity to

participate in these things. So all of these things from a 40-year perspective of the markets, as long as I've been in the markets, they're coming public too late. And they're coming public with these very high valuations, which is unfair to the retail investor. So now, think about it this way, the company's already a trillion dollar company. Okay, and so what should have happened, it should have been public at 150. The rules would have applied. It got itself to a trillion,

and then it entered. You see what I'm saying? 100%. So I'm just saying to you, I see both sides of it. I would have argued against it. I would have said, no, the rules have to stay, and they have to not be in, they can't get fast tracked into the S&P. But Ed, and ladies and gentlemen, Ed just proved my point why I want to be a part of it. Because let me tell you what happens in our society. If it goes in the S&P, all the institutions, all the 401(k)s, all the people that buy the S&P

guess what happens, they buy it. And you'll be stepping in front of a freight train. You'll be trying to pick up a penny in front of a steamroller. So I can't live in a society the way I want it. I've accepted that. You know, I tell my kids, hey, you want to curse, we're cursors, I'm at Italian, from Long Island. Okay, but there are two works. You know, and I got fired from the White House for fucking cursing. Can you believe that? In the Trump White House. Can you

fucking believe that? I mean, come on. I somehow forgot about that. All right, but I didn't even remember. Yeah, fire for other reasons. But I actually, I actually did get fired for way more other reasons, but you know, you guys don't have the time for all those reasons, and you know, I tell my therapist that shit. But anyway, let me go ahead. But I just want to make this point, okay. And I want you guys to think about this. The two words that are the worst words

are should and ought. I tell my kids, you start with that stuff. I'm going to cut you right down. You know, the world should be a certain way. I ought to have gotten a 36 on the ACT and I've

“ought to have gotten into Princeton. You know what? The world does not work that way. Life is unfair.”

You have to deal with the world the way it is and not play the victim. These rules suck. I think

I got to worry about. And I have to look at the world the way it is. Now, I can try to reform it.

“I can try to speak out against it. I can try to give money to politicians or knock on doors”

for politicians that will try to make the world better. But you got to be very, very careful in this

world as an investor and never use the words ought and should because you're going to get yourself

in a lot of trouble because we do not live in a normalized world. We live in a real world. So, just as we wrap up there. Sorry. It deserves to be booed by the way. But by the way, when you boo all here is mooch, by the way. That's all I hear. That's all I hear. Just as we wrap up there, I have to do it. Do I get to keep the hat or the other side? That's yours. Fantastic. I have to wrap here. I'd be fucking sure. I'd grud down in here. Just as we wrap up here, we talk a lot about

I'm part of this Reddit group in the Zoom group where we talk about brands that accelerate or decelerate. Papacy, way up in Brand Equity for our way down with that abomination. The tech is now infected. That was great. But we talk about people who's brands have gone up and gone down. And I argue, or I was making a point that I think you have registered from a few years ago at the greatest brand accretion of almost any individual I know. Thank you. Because you were

couldn't have gone any fucking lower than I was, actually. Who the fucking basement of the town hall, by the way, that's fine. All right, go ahead. But the lesson I want you to or what you want to talk about for people who are quite frankly find themselves in a position where the brand just isn't very strong. Can you share kind of that moment and any lessons for how to come back? Because I'm

very, very serious. So I'm in a skyrocketed. Well, first of all, it's very sweet and you've

gotten, you know, I love you. And if I had your height, the world would have been a way better place. But for let me just tell you something, for all you sure people have there like me, we have more

“oxygen down here. Just remember that. Two thin the oxygen. But see how much of your hair and I think”

I'd be pulling number two behind new stuff. Well, I'm going to, I'm going to set the scene for you. I know we have to go. But I want to take you to one of the worst days of my life. Okay, you ready? It was Monday, July 31st, 2017. Do you guys want to know how I knew I got fired? People want to know? They issue you a White House bat phone. This isn't in, you know, when

pregnantated, codified phone, you, you can't get spyware into the phone. You're supposed to only

contact cabinet members and other White House staff with that phone. Of course, Pete Hexest didn't get the message you was using WhatsApp. I got the phone. And on that Monday, when I turned the phone on, it wasn't working. They had cut my air supply at 6am. So I knew I was getting fired. I got fired at 9.30. But I want to set the day for you. I'm fired from the White House after 11 days. You can say nine hundred and fifty four thousand seconds. Sometimes that makes

me feel better. My wife is sore at me. My wife hates Donald Trump almost as much as Malania hates him. And it's like some Eastern European ancestral motherfucking hatred. You know what I'm talking about? Okay. So my wife hates him. She filed for divorce on me. I'm not making this up. Okay. Guys, on the 24th of July, I missed the birth of my son. Okay. That's a true story. I was in West Virginia with the president. Dear John, I were fighting, but I was scheduled to be at

the birth. He was due on August 8th, maybe the stress of the whole situation. She gave birth early. There's a 60 mile no fly zone around Air Force 1. I was 70 miles out in the woods at the Boy Scouts summer camp where Trump was making a speech. There's Scott. There was no way back to New York. Okay. Guys, everything was going badly. And if you ever need to pick me up and it's not cancer, call me. Okay. Because I was having a really shitty day compared to what could happen to you.

So I'm now fired. I've got to repair my marriage. I've got to heal the situation by missing the birth of my son. I've got to face the music from the late night comedians.

“I mean, you know, Colbert called me a Jersey Shore cast member. I think I think,”

I mean, it's fucking funny. You can laugh at it. Okay. I thought it was funny. Very good. Bill Moore, a show you and I have been on many times. He said, I think he said it was Tony soprano on the Potomac. I mean, he was getting hit. I was getting hit every witch way. And I think, you know, they were, they were really lighting me up on Saturday at live. Somebody called me human cocaine. It was like, I'm really bad with anyway. Anyway, now I

just says to me, the guy just says, look, man, this is terrible. You got some dough. You go by and

“fill it in Italy. We'll see in five years. I mean, you're never going to recover from this.”

Come back to the country in 2022. Okay. And I want to leave you with a couple of flaws. Okay. I went right on the Colbert show. Okay. I went out to Bill Moore. I faced the music

of Saturday and I went back on television. I met Scott Galaway and Ed Ellson. And I faced the

music and I can take you through the mistakes I made. And it's nine years later. My son has

“turned nine on the fourth of July 24. My marriage is still intact. Name of the father son”

on the Holy Ghost. I've, you know, thank God. Okay. And we're probably stronger than ever because

we were able to not make our relationship disposable. So if you're going through something and

you're in this audience and you've got some angst going on, stay in it. Don't walk away from it. Care less about what other people think. Get focused on the things that really matter

“and that firing is hard. Is it was on me? It may be more psychologically minded. It”

made me more empathetic. And I, you probably wouldn't even know who the hell I was. Okay. If that didn't happen. And I, and I certainly wouldn't have these two great friends of mine, which I'm very grateful for. And I'll leave you with that. All right. This episode was produced by Prophecy Media and Vox Media. Thank you for joining us live in New York. If you like what you heard,

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