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Join the 15,000 companies using Vanta to prove trust. Go to V-A-N-T-A dot com slash calm. Hey, everyone. This is Pivot from the Vox Media Podcast Network.
I'm Kara Swisher. And I'm Scott Galloway, and you've been so bad, you've been good, and it's time for an extra episode because you've earned it, you're welcome. We met up in New York City in front of a live audience, Scott managed not to get killed by someone, to do an extra unfiltered episode, so it's very lively. I don't know.
Did you see the audience? I would call it sort of live. Okay. Let's get to it.
Live from New York, it's Kara Swisher and Scott Galloway. Boom! So Scott, we're here live in New York. We are.
It's very hot. It's very hot and stuff like that. So you've been away. I was away.
We were both on vacation, although we did a couple of pivots. Yep. But there's so much news. There is.
I'm not sure where to stop. But how is your vacation going? I left the shark zone of the Cape Cod. How are you still doing?
You mean Amityville? Yes. Look, I'm a wreck. And I want swimming a pool.
Right. I got that. I got that. But it's interesting.
You get the pool unless it's like a James Bond. By the way, James Bond is coming back for the 25th film. It was announced today. Move along.
Back to me. All right. Okay. I don't know the stats about sharks.
No. The idea. Well, the bottom line is about 30 times many people will die having a vending machine following them and crush them this year than being by a shark. But I would rather, much rather, like have a vending machine crush me than then.
So death by Twix Bar is preference. I learned a surf in the Bay Area and then a kid had a chunk of his leg taken off by a great white. And they said, don't worry. In serving lessons because what happens is the shark, the great white, mistakes you for a seal, takes you into his mouth and then realizing you're not a seal, spits you out.
I would rather die than have that experience when you just rather like have a seal come up to you with an AK-47. At some point, seals are going to have access to AK-47s and just kill you before actually having a great white clamp down on you in that moment of decision. Is this my food chain or not? Anyway, so how many people fucking sucked?
I'm glad to be back. All right. Back to you. All right.
Thank you. You know, there's some like stories. I was looking, there's a debate. Should locals deploy buoys or drones to detect sharks?
There's all kinds of things that they should get rid of the seals. What should happen? Is there a tech solution to the shark situation? Yeah.
They kill the seals in the sharks. Okay. All right. Oh, no.
In any case, Scott, there's lots of news for us to talk about. I want to talk about just briefly something I tweeted today. Yes. Got a lot of attention.
What was that? It was a photograph of a white dude not getting up for a pregnant lady on the subway and it set off a frigging firestorm on and I said, you might want to look up and see this pregnant person in front of you. And so it was really interesting because all the women had a million stories of this. Anyone who's been pregnant, including myself, of people not getting up and who got up for you and who didn't get up for you.
And so there was a lot of iron towards this man who wouldn't get up and at the same time, there's a whole parcel of men who were like, one, why didn't you just ask, why didn't, you know, why don't you just say something, like to the person we've done? The second one is, how do you like gender equality now? And I'm not sure how that has anything to do with getting up for people in distress. Yeah.
And the other one was, what was the third one? I've never seen it. Men always get up for women on buses. So just as general advice to men here, you should just, as a rule, never assume unless you see the head crowning that a woman is pregnant.
So it's just going to lead somewhere bad. Oh, it's clearly going to be a girl. And I'm like, what? Secondly, it sounds like your friend has committed the broken the rule, like what happens on the subway?
Like Vegas stays on the subway. No, no. You're the one of the few people that actually read that sign that says, if you see something, no, don't say a fucking thing. We're on the subway.
All right. And you think that's the worst thing that's happening on the subway? This is no joke. I'm on the R train six months ago when a man begins masturbating.
And that is not the most disturbing part of this disturbing story. He catches my eye and you know what he says? Scott, absorb that for a moment. Absorb what I'm thinking.
When I know the R train masturbator, and I'm like, oh shit, it's Steve from Hot Yoga. So yeah, okay. One guy doesn't get up for pregnant woman, blah, blah, blah. I know Steve the masturbator on the R train.
Thank you, Tri-Nets. All right. I'm not sure how to recover from that. He said to say, what do you think of shaming on Twitter, which people accuse me of shaming someone on Twitter?
This is about to take a turn for the much more serious. I was in Rwanda. And I'm fascinated with death and genocide. I'm like, you know, I just at night, the way I relax as I watch Netflix documentaries about the crimes against humanity that we've levied against each other.
And they have this process in Rwanda post-genocide that like, if there's any way to exact equivalent revenge, we're just never going to recover as a society. So they have this process by which people come into a village where people have killed perpetrators or genociders, I think as they call them. And they ask what can be done to forgive this person and reintegrate them and it's kind of this long process. And I think the only way we're going to get past the shaming culture where all of us do everything that's on our permanent file and there's an industry like a Tyrannosaurus rex and media is attracted towards violence and conflict and the potential to shame each other is if we also develop some sort of process, we're reintegrating and forgiving people.
Because the thing I love about being an academic, and I think there's a lesson to be taken here, is that academics, our goal, or what we're supposed to do is we're supposed to provoke and challenge people and say offensive things in the pursuit of truth. But we can't do that. My career would have been over if I didn't have the suffix of the prefix of professor because I've said some not only provocative things, I've said some stupid things that are wrong. And the wonderful thing about academia is you're given license to do that and at some point we have to provide that blanket and a process for reintegration back into society as opposed to just being gotcha all the time.
Well, here's the thing. Charlie Wordsell wrote about that today in the New York Times actually. I think it's called something justice. Does someone know who that is?
Retribution justice. Where you bring what they did is they took three people on a Reddit area on Christianity and the three, they were three people who were constant offenders and one was against gays and lesbians, one was an atheist and the other, just an asshole I think. And it didn't work with two of them. They did not get nicer.
What they did is they brought them into these groups and had them discuss the stuff. And the gay and lesbian guy was just terrible as usual and didn't care. The only one that worked was one and he said I didn't realize I was being an asshole. It turns out I was the one causing the problems.
So it's really sort of an artisanal way of getting people to stop. And when you have the internet, which is so amplified, which continues to iterate, iterate, iterate, it's really hard to be able to not do that and you see that sort of almost constantly, which I will turn to our first news story, which was this week, President Trump continued in his typically inaccurate quotes, talking about Google shifting the election. And he said millions of votes were shifted by Google based on a disputed report that was very disputed. It was based on 21 people.
And the guy who created the report was like, that's not what I meant to say. And it was simply was about Google putting a vote now button on the homepage, which they were saying that Democrats would respond to it better than Republicans, apparently, by suggesting voting. And so it was a really interesting thing that he did this. And then Hillary Clinton responded, which was interesting, saying in context this was a disputed report and it was just 21 people, which is about I think in context of about half as many people have been indicted in your administration, which I thought was genius.
She started sitting over there going, yeah, this today's the day. And so it was interesting. So I called him a liar today on Morning Joe that this is a lie. This is a thing of the many things Google manipulates in which there are many.
This is not one of them. But Trump is sort of on this. Google is treason, Google is this and stuff like that. What do you think about them?
Well, you've written about this. And we know people, all of us know people at Google and Facebook. And if you know these people and you know the priorities and you know the approach they take and they just all take a work, they don't mean left. They don't mean right.
They lean down. They're uber capitalists. They've promoted and taken ads from people hanging rubles. And they just look down to ignore it because they're uber capitalists, which some people see as a good thing.
In addition, if you go one level deeper, the genius of Google and Facebook as platforms is that they're impossible to master. Can anybody here name a company that's developed long-term sustainable advantage to the mastery of Google or Facebook? Nike developed tens of billions of dollars in advantage mastering television as a medium. We have Sonoma created billions of dollars in shareholder value, sustainable competitive advantage, mastering the medium of catalogs.
There hasn't been a single company nor political party that has mastered these platforms to their advantage. They're geniuses. They democratize the tools and best practices such that they have not become tools. They've become taxes everybody has to pay.
Everybody gets out a little bit ahead. Oh, I have a gem. I bought some Google keywords. It worked for a little while.
And the gem across the street bought them because I have a series of salespeople who share all best practices, all industry advantage to create what is the ultimate tax on our economy. And that is if you wanted the mother of all tax cuts, you would ban all advertising from Facebook and Google. So you're saying they're like arms dealers, which is what I call them. They're the digital age.
They're perfectly egalitarian platforms. It doesn't matter how good you are, right? You can't remember how Burberry was supposed to be the digital brand. Yes, Instagram.
Yeah. And guess what? Everyone caught up. So their genius isn't that they're tools that create advantage.
They're essentially a tax. You don't use this to gain advantage. You use this because they become table stakes and you have to be on Google and Facebook, which for my mind means they're no longer tools or just taxes. So they're not treasonous.
They're not what? They're treasonous. So first off, well, they're not treasonous. I'm just repeating.
Yeah, I don't. Look, at some point you'd like to think that people have enough concern for the Commonwealth that they would decide, all right, rather than letting our platform be weaponized by Russians and our platform gets perverted and we probably elect an illegitimate president and this illegitimate president appoints people to the Supreme Court who are slowly but surely eroding a woman's rights to save family planning. And then in order to put that lipstick on that cancer, we send out someone telling women to lean in. You think at some point they would connect the dots?
Oh, trust me, it's going to get worse. You think at some point someone would connect the dots and go, okay, maybe we do in fact decide that we have some regard for the Commonwealth and that this constant virtue signaling wrapped in a hypocrisy sandwich. Somebody at some point will say enough. Hasn't happened.
The FTC chairman said maybe the merging of Instagram WhatsApp may have been a tactic to keep from breaking it up, which is sort of no shit kind of thing. Well, here's the issue and this goes to a little bit to a story from the Business Roundtable today. We can wait for better angels to call on the leaders of these organizations. We can wait for consumers to wake up and decide they don't want that little black dress for $9.99, which by virtue of a little black dress being $9.99 means there's unethical supply chain behavior.
Don't hold your breath. The reason we elect officials and pay $0.23 on the dollar is we want them to prevent a tragedy of the commons and think long-term and they're supposed to regulate these companies because a better business model is for automobile manufacturers to pour mercury into the rivers. A better business model is to delay and obfuscate and continue to take ads from Russians and anyone who will pay for this business model that divides our society. The Facebook find a $5 billion?
That was almost perfect. It was missing a zero. If the FTC had fined Facebook $50 billion, the next day every media platform in this nation would have been, okay, shit, just got real, we got to figure this out. And the brightest minds in the world, be clear what to figure this out.
Instead, they were high-fiving each other because the amount of the fine was surpassed by their stock going up. We have implicitly told every one of these companies that the shareholder driven thing to do, the smart thing to do, is to break the law. If there was a parking meter in front of this building that cost $100 every 15 minutes, but the parking ticket was 25 cents, everyone in this room would break the law. Everyone in here is capitalist.
Three percent of you will build wells in Africa, will be good people. The rest of us will focus on fixing our own mass first, but we will pay $0.23 in the dollar and hope the politicians think for us long-term, which they are not doing. They are not doing. But are the business leaders doing that?
So, this week, the Business Roundtable, which is led by Jamie Diamond, pledged to uphold stakeholder values, including employees, the environment, consumers, and various and other people. This is something I interviewed Shishanha Zuboff from Harvard, who wrote a book called Surveillance Capitalism, which is all about the shift to shareholder focus in the past two decades, essentially. Milton Friedman was a big part of that. What did you think of this?
Why did they suddenly do this? Because Jamie Diamond isn't someone that strikes me as friendly to anybody, but Jamie Diamond. Well, it's self-preservation. Look, it's self-preservation because when income inequality traditionally throughout history gets to these levels, people show up with pitchforks and they start killing rich people.
And so, at some point, the wealthy people have to decide that it's in our best interests to not have this level of income inequality. And the idea of stakeholder value isn't a new one. No, it's an old one. It's...
You know, there are a lot of CEOs who have approached business this way. But here's the problem. You know, you... Okay, so the guy...
This is literally, like, arsonists talking about putting out fires, right? Oh, it's Jamie Diamond, who is going to collect $123 million in fees from WeWork to flee feces on the retail investors visiting the unicorn zoo when he takes WeWork public. Oh, oh, but we need to act more ethically. Yeah, he makes $31 million a year.
Google now has more Tamps, 121,000 than full-time employees, 102,000 of which they don't provide any benefits. Right. And they can't even go to the best cafeteria there with the finest kombucha. There's more free corporate freelance, contract workers, gig workers everywhere.
Yeah. So why do they do this? Is this just essentially bullshit? I'm feeling that that's what your mood is.
Look, words matter. And as I guys in our nation around this notion that shareholder value beyond anything, it's worth repeating that we have stakeholders, not just shareholders. So I do think there's some positive value. But at the end of the day, you have to have federally mandated $15 an hour minimum wage because no firm wants to disarm unilaterally.
When you have a capital gains tax that is half as regular income tax, we've decided that wealthy people should have more incentive to cheat than people just making money vis-a-vis salary. When you get to this point of income inequality, what you're doing is we've created all these incentives that say, as you get wealthier, the incentives to cheat become greater as opposed to lesser. Also, there's very few disincentives who went to jail from the financial crisis, who's going to go to jail from the weaponizations of the greatest experiment or the perversion of the greatest experiment in history, and that is democracy. Who's going to go to jail?
Would you put Facebook in jail? Bombas. I don't know. I'm not.
That's not. That would be appropriate for me to comment on. Why not? I don't.
You would need appropriate. You literally are close to making 17 possibly questionable remarks. I don't know if anybody's. I'm choosing my words very carefully.
I don't know if anyone's broken the law. I think the guilty party is not Mark Zuckerberg or Shelly Samberg. I think the guilty party is us who have decided not to put in place the laws that have regulated companies in the past that we haven't go up. Do you see any sign that that's going to happen, right?
Yeah, they're being broken up. I think the breakup of Big Tech has started. All right. Who's the first one to go?
Well, what do you think? I've been doing all the talking. That's our relationship. I prompt you.
I actually kind of like it. It feels like Gene Martin and Jerry Lewis, essentially. You know how that's going to end. You don't like to admit this, but our relationship is much deeper than that.
Really? Much deeper than that. No, it's not. Anyways.
I have other boyfriends, so to speak. This is getting so awkward. I know. It's true.
All right. I think they're going to pull Instagram off of Facebook. I think that's probably what I'd be. Yeah.
Or YouTube off of Google. As we talked, so what is Mark Zuckerberg trying to do? And this is literally there was a disturbance in the force a couple of weeks ago. And every marketing professor in Europe and North America had a grandma seizure when Mark Zuckerberg said that he was doing away with essentially WhatsApp and Instagram is independent brands and it was going to be WhatsApp by Facebook and Instagram by Facebook, which was literally like Boeing announcing.
I know. It's called the 777, the 777 Max, because the 737 Max is going so well. But if all of a sudden they said, I know, let's do Porsche by Volkswagen, because we own it. I mean, this was literally heresy, and what this comes down to is it's another reflection of the fact that the era of Bran, the sun has passed midday where these incredible assets called Bran that create tens of billions in shareholder value have seeded way to the monopoly era, which are worth hundreds of billions.
So you'd rather sacrifice these unbelievable brands called WhatsApp and Instagram in order to decrease the likelihood, even 1% that we get our monopoly broken up. So I think this was actually a brilliant move, but it's another reflection that Don Draper is not only been dead, he's been drawn and quartered. We have left the brand era and we are now in the monopoly era. What Mark Zuckerberg is trying to do is conjoin triplets.
It's that when the FDC and DOJ move in, he can say, wait, you're ruining American business and capitalism, because if we're going to separate these triplets, you're going to kill all of us. So he's trying to conjoin them as quickly as possible. I'm disappointed that the DOJ and the FDC didn't go on background and say, look, boss, whatever you decide to do, be clear. We can break your ass up.
Yeah. That's interesting. I think it will be probably Google and YouTube. If I had to pick right now, Google.
Yeah, it's been a YouTube. It makes a lot of sense. It's, you know, we'll see. There have been some troubles at Google lately and running it and some negative articles about their management.
So I think moving YouTube off is a smart one. Yeah, you've always saw it. And the logic is there are 93% here. Think about process.
There's some incredible research coming up about the notion of process and how we make decisions, right? Common and a bunch of other interesting behavioral economists. What's the most important process in the world? Is it when a solar flare comes off that 90 million mile diameter ball of radiation that creates all life?
Is it the moment of conception that creates so much controversy, which is obviously a wonderful thing? Or is it the moment when intention becomes action? When you go from someone who's upset about your government and you type in overthrow government into Google, is the first search return you get, a voter registration form, or is it instructions on how to build a dirty bomb? One firm controls 93% of those decisions.
And one of the keys to a healthy society is checks and balances, that we have diversity of opinions. That someone's saying, no, that's not the first search decision they should see. It's someone else. So we have outsourced 93%.
If you don't think Google is your god, as societies become more educated and wealthy, their reliance on a super being or as I like to call it, an invisible friend goes down. But our void of questions goes up. And so who do we return? Who's our new god?
Google's our god. Well, I don't know. God. I would say it's the database of human intentions is what you want to think about it, because what you type into it matters years ago, and Google doesn't do this anymore, but if you went to Google's headquarters, you would see a constant, now they put them on steps for visiting potentates.
But what they would do is they put the searches that were happening in real time, they removed the foreign ones, which were quite a bit, apparently, I've never searched those. And they would put what people were searching in real time. And you sort of sit there, I used to have to wait for, you know, Larry and Sergey to finish their pilates for the day. And it would be like horses, wrenches, calf tans, and you're like, what does that person want?
Like I would sit there and say, what do they want? What is their intention? What are they looking for? Some of them were very typical, which was news of the day.
But it was really fascinating. I used to think it literally is a database of all human intentions and what they want to do. And what the really interesting part of it was they also had this globe. I've told this story before, but it was really fascinating.
They had a globe, it was a 3D globe at the time. A 3D was not something that was around. It was really early. And what would happen is light would go off the globe, and the amount of questions that people were asking Google would be the amount of light coming off of a certain area.
It would depend on the time and day and stuff like that. But the whole world was super glowing. You know, the United States and the cities were lots of questions in Midwest. It was fascinating to see.
It was really interesting. No, it was. It was like, whoa, there's not asking questions. We talked about people who weren't asking questions and who were asking questions, which I found fascinating.
When you spun the globe around, though, because they didn't have linkages to the Internet, Africa was actually dark. Like, you did not know light except in tiny little areas, Kenya, a little bit in Kenya, a little bit down in South Africa. But they had very little light coming up. And it was really interesting because I remember sitting there and one of the two of them came over.
I'm like, this is really fascinating. And one of them, and I cannot tell them apart, was like, do you think they're not asking questions in these countries? Or is this because they can't? And it was the one time I thought, oh, my God, they're actually thoughtful.
And it was a really interesting question, but I do agree with you. It's not God, but it's a database of intent. It's 100% our God. Be clear.
Anyone who has kids has prayed. You have your world of work. You have your world of stuff. Something comes off the tracks of one of your kids.
You get religion. You start praying. Will my kid be alright? And what is a prayer?
A prayer is a query into the universe hoping for some sort of divine intervention that sees everything that gives you back an answer you can trust. And it used to be, will my kid be alright? Now, it's symptoms and treatment of croup into the Google dialogue box. If you don't think Google is your God, if you don't think Google is your God, Google knows when you're about to get engaged.
It knows when you're about to get divorced. It knows your sexual fetishes. It knows the diseases you're worried about. It knows the diseases you're worried about having exposed yourself to.
You trust Google more than any priest, rabbi, scholar, mentor, or boss. Google is our God full stop. And it's time to have more than one God. Okay.
Who's your devil then? Deep thoughts. Deep thoughts. I'm all right.
I have to stop doing so now. Alright. And then you said you're going to go. You have to separate people from their ideology.
Are we going to commit economic warfare against 49% of America? No... Yes we are. In fact we are.
In any case. Grow up. You know what... Sorry, go ahead.
You still have back fat. I do. I do. Look, I'm 54, but naked.
I'm welcome his... the situation. I welcome him talking about it. But I don't think you can have a la cart decision making on someone like Trump.
Trump. I think you can't say I don't like his. I don't like his racism. Like how hard is that to say?
Like, come on. And then I do like this. I don't like this when you get the full benefits. I find that offensive.
So I've told him that for a long time. I'm going to have him back on the podcast. We're going to talk about it. I just texted him.
Look, no one escapes that orbit of Trump not soiled and kind of ruined it. But it's interesting. He's hitting hard on Twitter and he's winning hard in the media. He's he plays that way too.
So it'll be interesting to see them go at it. Yeah. But I think these people have decided like Trump they'd rather be accused of something terrible than be out of media cycle for more than 24 hours. That's easy.
Yes, I agree. But here's the deal. The way you fund someone is to say, even if they're saying the truth, that their intentions are wrong. I don't care if you know, if George, today, George, coming called Trump vial scum or in a very witty little tweet, he did.
But it sounds terrible. It was actually very funny to be using vial scum. And what was interesting about it is that he's he's the only one that's really actually saying things that are quite firm and regular. And so you don't always get the truth teller you want necessarily.
But it's essentially when these people who are familiar with the situation do talk about it. It's interesting. I think it'll be interesting to see if it matters to anybody at all or else is just preaching to the choir. Well, back to Daniel Kahneman, a behavioral economist who's my new yoda.
He says that we don't make decisions. We make decisions about the reasons of the story around decisions. Right. So remember Gary Cohen, we're down on Wall Street.
I'm thinking about Goldman Sachs. Was he treasury secretary or chief economic governor? But he decided when Trump said there were good people on both sides that he got a lot of grief from his congregation. He's Jewish.
And he got past that crazy bigotry and racism that other than everything he says and does, I don't think Trump's a racist. But you have and then he but he decided he could survive that. But then when Trump proposed tariffs like, that's it. One man can only take so much.
And so it's like, you know, the free trader in me likes Gary Cohen, the Jew not so much. But anyways, that was ugly. All of a sudden he doesn't like he doesn't like Trump. No, he doesn't.
The only thing he has no tolerance for is being out of the media cycle. And so let's talk. Can we skip to a story versus the reality? Can we talk about this?
This is the six month anniversary of Amazon deciding they were pulling out of New York, right? Yes, we're in New York right now. We are. Here's the story.
Amazon thinks we need a second half quarters. Let's let's think about this thoughtfully. Let's think about what city wants us the most where there's the most universities where what city would among other things maybe help us provide some subsidies and let's have this contest and let's put together a team. And let's let's see let's let the best city emerge.
And then they pick New York and then New York comes in and a bunch of crazy liberals chase them out of New York and they pick up their tent and they leave. Okay, that's the story. And I think the media has largely bought into that narrative. This is how it played out.
A 54 year old man with 150 billion things. I want to roll in New York and easy. He always knew that he always knew that it was always coming here. By the way, I predicted this in January.
I'm not preaching. I just understand it with 54 year old man. Thanks. Okay.
And here's the thing with 150 billion. There's a thing. This is what happens when you get more money, you start getting some money and you start seeing the end. And both of those things have happened to me.
You become the master of no. You get to say no more often than anyone else. So does the master of no who can say no more to anything and anybody in the world decide? I know I'm going to spend 14 weeks a year rolling in Columbus, Ohio.
It's a very nice. So he was always coming to New York. He was always coming to DC. They announced New York.
The worst poker players in the world total incompetence. Mayor de Blasio who I know who should run for president said no one ever. By the way, I'm thinking I'm really hoping for an all New York ticket between Chris and Jill Brown and Mayor de Blasio. Let's call it the brighten up a room by leaving a ticket.
Okay, de Blasio and Cuomo, the worst poker players in the world give $3 billion to a guy in the mother of all midlife crises, which by the way, I think is going to go out of it about 40 or 50 years. Let's give them $3 billion. And then this is a rare victory of the grassroots against big tech. They showed up in the town that has got the greatest proportion of union members in this nation, Queens said, are you going to let the factories unionize this?
So we actively fight it. They said we'll actively fight it. And they said not hear girlfriend and they kick them out. And by the way, here's the data.
Yeah, supposedly Amazon's left. Taylor, who's here in the back who works with me at section four, ran the data on LinkedIn. Amazon in New York has 850 open job requisitions right now versus a quarter of that at Google and Apple. In the last six months, since they announced they were leaving, Amazon is hired an additional 1000 people and another 500 people in AWS.
In exchange for $3 billion, they were going to say they were going to bring 10,000 jobs over four years. They are ahead of that hiring pace right now. And we didn't have to give them a fucking red cent because we said no. So you were right.
Your prediction was right. We're moving to predictions. I like when I ran. I never let anybody talk, but this guy I enjoy.
So we've been very judgy over the last few months. And then we're going to get to the people in a second. We're going to go slightly over some winners for you. Patagoni refusing to sell this to tech rose.
That was a great prediction. Bezos medium post calling out his dick pick bullies at the National Inquire. Well done, Scott. Meghan Rapino in general.
Awesome. Awesome. I had some winners and losers. The FTC is $5 billion parking ticket, which is what I dubbed it in New York Times.
The time representative Steve King didn't know that Google doesn't make the iPhone, but he's done so much fantastic work since it's hard. You know occasionally you're going to get it wrong occasionally. You know, so all these winners and losers before we get to the questions. What do you think the most biggest winner and the biggest loser was?
I think about companies. I love Walmart and Disney because I think they're punching back. I love to see all the common companies. I know that's boring.
Punching back against Amazon. They're about to launch a streaming service. I like Walmart a lot. I think they're doing interesting things.
God, that just felt so flat. I should have something better than that. You have no other bigger winner. That's all right.
Disney. You love blah blah blah. You have a that's your latest man crush. Yeah.
Him and his cashmere ways. Yeah. Yeah, he is the cashmere. I think we should roll.
You know, I think we I take him to the last game. I may be cafe select because I think that's how me and Bobby would roll in the city. He's not going to hang out with you. I don't want to say I know where your winners.
My winners. Nobody. Nobody's winning right now. Nobody.
No, I think you know, some things that have happened in terms of I think the media pressing back starting to really wake up to the Facebook goal stuff. I'm glad they have gotten on board. You have to see the deal. Yes.
Well, okay. All right. And my loser is Congress not doing their jobs. Yeah.
I think that's pretty much they have the power to do this stuff. These agencies have the power to do this. I can blame Trump, which they should because he's hardly doing anything and especially right now I was on a show this morning with the F. F.
E. C. chairman of the Federal Election Commission, Ellen Weintraub. And she's the only one actually pushing back on some of this stuff.
And you know, I think the thing that she pressed was the legislation that Moscow Mitch is not passing around foreign influence elections is critical. And the fact that this that they can't do this and it's become partisan is really depressing. And it's really problematic of all the legislation you break up still get to and everything else. But this legislation protects us from foreign influence and with an upcoming election is disturbing, especially online.
And so therefore, I think what they should do is just ban all political advertising from online sites. Great. All right, so soon you have any you have any other winners? No, my big loser is again is back to Amazon.
I think game of find the Commonwealth, which is nothing. I mean, when you think about this process, it was nothing but an elegant transfer of wealth from municipal fire school and police districts to Amazon shareholders. And I think it just reflects a lack of character and code in the part of Japazos on his board. Right.
He looks good, though. He's jacked. Yeah. He looks good.
He looks good. Yeah. Yeah. Did you see those pictures on the boat?
I didn't see those. Oh, no, I did with David Geffen and all the other. Yeah. Yeah.
Good stuff. Yeah, no back fat there. Good stuff. He doesn't go to Equinox.
All right, Scott, we're so hilarious live. We need to do a quick breather. We'll be back to the live show after this quick break. I'm a said Herndon.
And this is America, actually. We're all talking to each other to see what we do wrong way. We do not see. I'm in Washington, DC, this week to interview Ruben Geigo.
He's a Democratic senator from Arizona. And he's been thinking openly about running for higher office. But he's recently running some hot water because of his connection to Congressman Eric Swalwell. I have to learn from this and I will learn from this.
But you know, for me, it's not a 2028 question. It's about what it means that to be a better first boss in my office and also a better center to my constituents. This week on America, actually, we asked Geigo about predatory behavior in Washington. His plans for immigration reform and more.
Kara is at time. Yes, Scott, let's go back to pivot live from New York City. All right, so we're gonna do some live questions in the audience. Instead of making predictions, we're gonna get some from you and questions.
By the way, just while we're waiting, you should never have a big event without inviting Canadians. Where are my Canadians? They're in the back from Halifax. Word, I met them at a bar last night.
By the way, just if you want to meet people who are emotionally secure, super friendly, and if they get sick, will not be bankrupted and go to a good university, the American Dream is alive. It's just alive in Canada. Welcome. Welcome Canadians.
Hello Canadians. All right, question first by the way, Andruas Sorkin is a spy for the Canadian government. Just so you know, just so you know, it's true. Oh, I love Andy Ross.
He had a good column today, chastising the power of people he enjoys talking to all the time. If you were moderating political debates, what questions would you ask that haven't come up, Scott? Oh my God, where to start? Okay.
So you want open borders. There's a billion people who want to come to the US. Does that mean we no longer have a process for legal immigration? Does that mean you're a sucker if you actually go through the process of trying to get here legally?
That'd be my first question. I know it's not cool not to endorse open borders. I think it's ridiculous that the democratic candidates would basically we shouldn't demonize undocumented workers. But at the same time, we shouldn't turn everyone coming here and saying they're here for asylum into saints.
The murder rates in Central America plummeted yet applications for asylum have gone up. There's some new, there's some nuance here. Oh, we want to get free college everybody. You know what that is?
That's a transfer of wealth from the port of the rich because 80% of kids in the wealthiest households go to college, only a third of kids in poor households go to college. You want to transfer more wealth to the rich? And yeah, make college free for everybody. What the fuck are they thinking?
At some point, democratic candidates have to double down on capitalism. We have mistaken cronyism for capitalism. That's what we have on the right. We have to embrace capitalism.
We believe in a certain level of winners and losers. But without any empathy, we can't level the playing field. So yeah, my question for democratic candidates, the following, step up to the plate and start endorsing the greatest sources of good in the history of mankind. And that is the American middle class and capitalism.
Thank you. All right. What would you ask? Thank you.
Thank you. What would you ask? If you were what I asked, I would probably ask about tech because I'm like that. Like what are they going to do?
What do I do? I would ask about tech. I'm never going to have a brought it up. They really haven't brought it up.
What they haven't brought up at all. It's not a big thing. It's not a big topic. I think if you were still care, if you were still a daily reporter, what would you be interested in covering that is it?
I was just talking to Scott about that backstage. I would like to see if I can get someone else fired, like the Uber guy. Just there's a couple companies. Who would you like to see fired right now?
I would like Mark to move to Chairman of Facebook. I'd like to put a professional CEO. What about Cheryl? Should she be fired?
I think she's hardly the point as I've written. I'm not going down this road with you because he has full control of the company just like the WeWork guys has. The WeWork guys has all these these substandard juvenile men who have complete control of companies is a problem. I think they should be telling them.
You're following in the same trap. It's the provision of high tech. Women have to navigate this hunger games to get to the C-suite in technology. Once they're there, they become a protected class.
We need more female CEOs. I said, we don't have an existential crisis every time we try to fire one. All right. Yes, because let me just say, because women really are the problem in tech.
That's how I look at it. Please give me a break. It's him. He controls everything.
I look at the person to power. He's got the big guns. He's the same one. He's Silicon Valley.
Who do you play Zuckerberg for Facebook? CEO Brad Smith. The CEO of Microsoft. Good one.
Great guy. I'm about to do big podcast. He's written a new book that's written. He's Donald Smart.
All right. Scott, with a coming recession in mind, where should I put my money? Yes, Scott. With a coming recession.
The definition of a recession is something that happens every seven to 10 years. It's not the terrible thing about recessions is they always have the terrible thing. The great thing about them is they always go away. It feels to me that in an effort to stave off what every capitalist nightmare seems to be a recession, we're pulling prosperity forward.
And that is we're issuing more debt. We're keeping interest rates artificially low. So yeah, take our medicine. It's okay.
But don't give our kids this huge debt to payback, which is only going to increase the depth of recessions they have to incur the recessions before we get this. But you asked me where to put your money? There's a boring answer. Traditionally, if you look at markets since World War II, the US outperforms Europe and South America for 10 to 15 years, and then it flips.
So if you think that America's been on a 11 year bull market, I don't like to make stock recommendations, because I believe the only stocks need to own are unregulated monopolies. I own Apple, Amazon, Facebook and Google. And by the way, it's so that's hypocritical. No, it's not.
I don't want to be some professor in tie-died barking at the moon. Daddy's flying back in Antucket tomorrow. Anyways, unregulated monopolies are the best stocks owned. But on a macro basis, rotating, I think the US is probably going to underperform.
There's always the most powerful one of the most powerful forces in the universe is regression in the main. I think Latin American Europe will probably outperform the US over the next 10 to 15 years. That's a very, very boring answer. All right, any one company?
You're not going to buy we work though, right? Oh my God. Did someone mention we what the fuck we work? I know.
Let's take a boring industry that trades at five to seven times even to. And if we mentioned the word tech 123 times in the perspective, we're a tech company. Wait, SaaS trades at a multiple of revenues. So let's call ourselves spaces of service.
Wait, companies that have a Jesus Christ like figure seem to trade at a higher multiple. So let's use the word atom 153 times. And our prospectus, well guess what? I'm going to call you Giselli.
I'm starting for the fucking patch this Sunday. I think it is. You got there. That makes sense.
I call it Giselli over and over and over and over. Bunchin. Literally that respect is literally I mean, there's one thing to wallpaper over bullshit. This is the wood paneling of Mike Brady's den from the Brady bunch.
This shit. And when the and when the paneling comes off this company and we see what's behind this bullshit, we're going to find literally a family of raccoons and a bunch of mummified drug mules. The Halcyon of inflated stocks is cheap capital. This is a test for the markets.
If we work gets public, granted Uber and lift up public stupid companies, they're being taken to the woodshed. If this shit gets public, it could literally towards the markets. You're looking at a destruction of value of this thing gets out the likes of which we probably haven't seen maybe the exception of Cisco. They got cut by 60 or 70 billion in 2000 to get another boring comment.
But we work is literally the most amazing exercise in creative writing. Read that perspective. It is fascinating. All right.
So this next time will be good. So that's a cell. Yes, that's a cell. Okay, got it.