What I want to do is not to be a student.
The master of the club's laptop is soft-handed.
It's a master's real-time. I'm saying, you can say that you're a hero. You're a master of the club, right? But you don't understand. egal!
It's a challenge for you. Do you just do it with this story? And if you then do it, you'll be able to do it. -That's right? -Safe! This story is...
Hold it, your money is back. Now, you're going to try it. In the HBO Late Night series, real-time with Bill Maul. All right, here on out, we're tired with the former White House communications director of podcast shows and offer Anthony Scaronucci.
And the former CEO, Goldman Sachs, and off-road live on street-wise, getting to and through Goldman Sachs wide-blank fire. All right. So, this is for you, Lloyd. You suggested the current moment has echoes of the run-up to the 2008 French financial crisis.
No one was more in the middle of that than you.
“What warning signs should we paying more attention to?”
I've read this about. You're talking about the private credit sector? -Yeah, just generally... -What is private assets on the balance sheets of asset managers? Things that are illiquid can't be marked to market. And so you... -Like what?
Like private credit? In some cases, like private equity, obscure securities that don't sell that get marked to what the money managers are marking them to. But since they are private, they don't transact in the market. So we're really...
You really can't ascertain the true mark to market value. And there's some suspicious, some suspicion that some of these things are overmarked. This is why this should happen. I can't even understand... I can't even understand...
Dumb down, that's what I meant. They got, I don't know, I don't know. I'm going to give... They buy shit. I could have been in Chinese.
I don't know what I mean. So, they buy shit that they can't properly... What brand of shit are we talking about? Okay, so they loan money to a business. And the business is private and no financials are disclosed.
And now they're guessing it what the valuation is. And the markets are rocking and the economy's dipping. And they probably have the position overmarked in their book. And so when they start to market down, it's going to put pressure on the banks. That didn't help.
That's right. We're seeing that opportunity. Opportunity. Try it over time. It's like any priesthood.
They have a priesthood. They have their own little language, whether they're the lawyers, or actual priests, or financial guys. We don't know what they're saying. And people buy stuff.
And it may not be worth what they say. It's worth. Right, okay, well. I mean, like houses.
“I mean, that's what it was the last time.”
Like stocks, like businesses, like businesses, like businesses. I mean, you see anything. You said the article I read quoted you was saying the... People say the world's not leveraged. But that's what they said in 2008.
And then we found out about, there was a lot of mortgage risk in Iceland. Right. That's right. Literally, there was. That's literally true.
And it's literally true that people say this now. And the thing about a bubble, the thing about people being wrong about values, is that when you're wrong, you're wrong. And everybody gets caught up in it.
And then in hindsight, which is always 2020, you find out that everybody was...
Everybody was living the same dream. That's the problem. Right. So you wonder about it. Okay.
All right. Well, that was... Here's one for three. Here's one for three. Here's one, anyone can answer for the panel.
The FBI is... My God. Is bringing in UFC fighters to train agents.
“Is there any value to this, or is it just a publicity stunt?”
UFC fighters to train agents? I don't know what to do about that. You think of what? Yeah, yeah, just Giman, Giman. Yes, at the eye agents.
Most of whom I assume... And was there any value to cash, but to all, like, shaking beer with... That's a more complex... More competition for Goldman Sachs. For Goldman Sachs and hiring interns, huh?
I... I'm certain. I mean, it's... I put this in the category of many things with Trump, which is... Like, I can't...
There's too many things. Some of you just have to let pass like a club. Look at that. I just... I just can't worry about this from that. I just can't.
Let's say... But you know what, Giman? That's... that's for the audience and one. The cash betells looking at the June UFC fight, and he's sending a little UFC balloon over to Trump at the White House.
But I could understand, maybe, maybe, seals... or somebody who's going to be involved in hand-to-hand combat... I don't think of FBI guys as needing to be... You know, this kind of UFC fighter. I mean, I'm sure they do get into some scrapy shit sometimes.
But about you, some FBI agents were tired,
just like some cops having never fired a weapon.
And having never... had used for this. So I'm not sure whether it's not just performative, I'm sure it is. You just don't take it seriously. I don't. Yeah.
Okay.
Congressman James Clyburn, just announced he will seek another term at 85 years old.
Y'all. What? Well, it's young. You got the other guy from Iowa as like 97. I think Chuck Grassley, right? He's a spring chicken.
(laughter and applause) No, that's the question. How old is Sylvain Kirk's? I guess what they're really asking is, do we make a law about it?
I think we have to. I don't know what you think, that I guess ridiculous. So what if we make a law in the next two years, AI changes the game and then 85-year-olds... You know, it's a democracy and people can vote for whoever they want,
who's anybody to say that if the Democratic population wants to vote for somebody who's a six-year-old, who's to say they're not allowed to do that. I think that's right. (applause) Why didn't they make the case?
You should have no total of this. (applause) And we should end the term limits. You got to have some guardrails in my opinion. So what you just said is true to an extent,
but then why do we have term limits for the president? Well, as I get older, I find a guardrail premise on old age.
“Can I just test on why you have to end it?”
You get too much of a consolidation of power as a result of someone spending four decades in the position. And I don't think the founders wanted that. I think we need a recirculation. (applause)
Gas prices are climbing because of the Iran situation. Do you think moments like this permanently push people toward electric vehicles or is it just a short-term reaction? I mean, I've had one for a while. I mean, once you have one, it's just seem barbaric going to a gas station.
You just never want to do that again.
Yeah. It's just a short-term reaction, my opinion. Really? Yeah. I think the problem of now, eventually technology will get better.
Battery lives will get better. But, you know, I want to get into a car, know that I could drive it 300 miles and don't have to have my fingers crossed. I can recharge it and have it take two hours if I do. Lloyd, mine goes 360.
Okay. Then I know to get away. I'll need to go 400 miles that day. (laughter and applause) All right.
This week is the sixth anniversary of COVID. Happy birthday to you.
“I mean, I remember it was this exact day.”
It was on the show where you built. You were March 6th, 2020. We were doing the show. Then we went to Craig's together. And you were the cause of that.
I was probably patient. (laughter and applause) You needed COVID because you didn't get in. You got it later. You got it later.
He should zero. Is that the last? I thought we -- today's March 13th. I thought that was the last show we did. Maybe that was the first show we were.
I was on the show before. But it was -- it was around that time when people -- We were just -- Everyone was at home shitting in their pants. We couldn't --
I didn't think about going near anybody.
And I -- I mean, I never thought it was --
What it was? Okay. I'm not saying I'm lost at Thomas. I just thought everybody overreacted. Looking back up to six years.
Any agreement there that we overreacted. Question also. We put up so much disinformation. Not only did we overreact the whole vaccine controversy made us more polarized.
So it was a disaster and a lot of different fronts. What are your thoughts on the vaccine? Well, I'm not a vaccine conspiracy theorist, but I will tell you. I know people that have had vaccine injuries,
so I think they've rushed it. I was so glad to get that vaccine. [ Applause ] Great. Thank you very much.
I've got a vaccine. I don't know. I don't know. I don't judge, but anybody who thinks otherwise is nuts. Wow.
Well, hold on a second. It's not that hard. I think it's going to work out. [ Applause ] That's going for you.
I'm glad you liked it. Yes. I didn't want to get it. And I didn't need it. So I'm not saying it didn't save millions of people's lives.
It did. I got it. If you think everybody who got it needed it, you're nuts.
“I think that there's some things that only work if people --”
You know, I mean, again, I don't want to say there's a -- There's a herd, you know, there's herd sensitivity. If look what's going on with measles today, people are electing not to get the measles vaccine. And now, something that had really gone by the boards
is now becoming epidemic. Because some people are choosing it's kind of selfish and it's anti-social because we use humans aggregate together and we pass things to each other. So it's a little bit --
That would be fine if we absolutely knew that the vaccine was safe for everybody, or that we didn't -- so some of us didn't want to choose to fight something with our own natural immune system. Now, there are one.
There are pathogens that are probably out there where I would fight you to get the vaccine. That wasn't one of them. I shouldn't have that right. No, but the thing is, is that your infection can infect me.
And so -- I know. But you're saying you want to put something in my body,
I don't want in my body.
I think that's kind of --
That's been established for a long time. People have forced inoculations on people because society requires it. Just like we all have to stop it red lights. But we all have to stop it.
Everybody got it. They told us that if you got the vaccine, you couldn't pass it and you couldn't get it. And they were both lies. I think --
I'm not saying they don't -- I'm not saying they're deliberately light about it. But they're wrong about it. You couldn't get it and you couldn't pass it.
“I think when it polarized us really badly.”
And it came out, in my opinion, with hindsight, without a lot of data, it came out very, very quickly, and it created a lot more distrust in society. Well, it needed to come out quickly.
And those vaccines actually hurt the vaccine movement that you're described. I mean, they weren't working on it for a long time. It just wasn't like COVID came along. And they were --
Oh, let's do this MRI and anything. We have a lot of data on it. They had a lot of data on the success of it? No. They still probably are going to find out things in the future.
But basically, you know, I got it, too.
I didn't want to. I just couldn't continue my life if I didn't get it. I got it. Yeah, you got it. Well, you couldn't go anywhere.
Couldn't -- I couldn't get it in the studio. I couldn't go on the road. I couldn't do anything. I mean, that's a little coercive. But again, depending on how bad the pathogen is.
And I think everybody should have to -- Should be able to make that decision. You're in the flu shot category, which is more optional. But what about measles? Do you think measles should be mandatory?
I love having the measles.
[ Laughter ] I'm not saying we should encourage it or not try to stop. But I don't have kids.
“But I remember just being home watching reruns all day,”
which was awesome. [ Laughter ] No, I mean, back in -- When I was a kid, I mean, you probably got measles, too. Yeah, I mean, they used to have measles parties.
They would -- they would actually -- Because you want to get infection when you were young. To get it at the same time. No, I'm -- look, I'm sure that there are bad things that can happen from measles.
There are just some things that we all gift -- Can give to each other where we're in a community. And look, they oversold it, obviously. Maybe they did it intentionally. Maybe they didn't know what they were doing.
Maybe it was just not even negligent. We just didn't have enough experience with the disease. But it -- it prevented it in a lot of cases. And it made the effects of it a lot milder and many, many more. Absolutely.
And so it was a good thing. But I wouldn't want to go into a room where there were a lot of people that were unvaccinated, because then despite my best efforts, I'm going to get yours. So don't go in that room.
Well, who don't know if people don't self-identify?
“I know, but, you know, if you want to lock yourself at home,”
then you do that. I just think there are some decisions that they have to make collectively. Other societies treated it differently. They -- they -- they fought for it as their debtors in New York. Other societies, but they did -- you know,
and I'm talking about, like, you know, I think Sweden did it this way more and Florida, you know, other societies. Where they -- they laser-focused on the vulnerable. And let the younger -- the people who probably were not going to get to sick from any way go on with their lives.
with their lives. "My husband didn't get it because he was below the certain category, and I'm glad he didn't get it in hindsight.." "But you know, like giving it to toddlers and masking two-year-olds, and you know, some of this was just really over the top. But let's hope there isn't another one. Thank you, I didn't go on." [applause] Hatch-only episodes of Real Time with Bill Mar every Friday night at 10, or watch a many-time on HBO on demand.
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