Iran War: Trump's Endgame, Economic Fallout, and Polymarket Profiteering

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Investing in Valkyrie's performance is not guaranteed.

I should parent everybody.

I think you kind of do.

Hi, everyone.

This is Pivot from New York Magazine in the Valkyrie podcast network.

I'm Cara Swisher.

And I'm Scott Callaway.

So I just flew in from San Francisco and boi are my arms tired.

I've heard that track before.

I know.

I don't know why I keep doing the night flights things.

I just keep.

I think I'm getting too old for it.

But I had, as you can hear, everybody.

I have a cold and I actually was there to interview Gavin Newsom

for his book Young Man in a Hurry, which is now, I guess, Old Man in a Hurry.

And so I went in to do that.

And it was actually a fantastic interview.

We'll talk about it.

That's got a lot of news.

Yeah.

I did.

I made a lot.

I'm a news maker, my friend.

And I just just be clear to give you insight into our relationship.

He there was someone put out of things saying that he was in support of,

he changes tone or he's in support of regime change.

And I wrote smart and you berated me.

So why don't you give us.

Not publicly.

We're going to talk about it.

We're going to work.

Let's we'll get into it.

I didn't berate you.

It just was inaccurately depicting the interview I had just done.

Because I wrote, because I wrote the word smart.

No, because you were tweeting an inaccurate report.

That's all.

What was it?

What about the inaccurate report?

I don't know.

It just was weird.

It was weird because it was so not what he said.

And so it just annoys me, it just annoys me.

I mean, I definitely definitely made a lot of news in that interview.

By the way, we talked, we talked a lot about his book, which was interesting.

But he's definitely not running for president,

because no president ever puts out a book

to further around the world.

I know.

Well, no, he kept saying that he wasn't sure.

It was really funny.

And then right afterwards, it's actually,

I like the book.

It's gotten some kind of reviews.

But I think they've just decided who we is.

And are reviewing it based on sort of that

anxious, jody slick image versus a lot of stuff that he's done that's

bright.

He's a very complex person like yourself.

God, Galloway.

I think it's actually pretty authentic.

Yeah, let me just characterize this discussion.

The book I really like.

I have to say.

And I think I found out a lot of things about him

that he didn't know his about his mother.

I knew a little bit about his mother's assisted suicide,

but it was really interesting to talk about a lot about his own struggles.

And not it wasn't a dyslexia part.

We didn't talk a lot about that.

But about I didn't know his wife had had a miscarriage, for example.

They have his four kids.

He almost had five.

It was there's a lot in there.

There was a lot in there.

One of the things that struck me, which brings me back to you,

which I know how you like that is he was the wife.

He was the son of a single mom who was not wealthy.

And he has a lot of resonances to your with your mom.

You know what I mean?

Like your story with your single mom who was struggling,

father who was distant.

And who he desperately wanted to be with.

It was really it reminded me a lot of you actually.

I think people underestimate

do some and I think they underestimate DeSantis and Rubio.

But I think right now, you know, I think governor knew some hands down

is the is the leading candidate on the democratic side.

And not only that, I think I know a little bit about his personal story.

And I actually think it's quite compelling.

And a lot of his personal failings I think will come across as a bit of a

authentic people know about them.

And also, I think California is going to begin not to peak,

but to recover just the right moment for him.

Yeah, I suspect anyway, it was really interesting because I did feel like

I was having the same discussion you and I have had about single moms.

No, like we're the same person except you

is much more talented and handsome and higher character than me.

Other than that, we're the same guy.

That's what he suffers from.

That's what everybody is sensitive to you and not to him.

He definitely played into it.

We talked about that.

It was a very personal thing, but we did get a lot of news in too.

Yeah, I'm reading about it everywhere.

I know.

I literally see Gavin Newsome in this 11-year-old boy on stage.

I'm going over.

And my voice is so, for those listening to what I apologize,

this is a good version of my voice.

I was absolutely dead horse three hours before and I thought I'd have to cancel,

but I did all manner of things to my voice to allow it to work.

And he got to open.

I said, you're lucky today.

I've never had a man overtalk me.

So you're going to get some chance to do that today, which was funny.

And he does talk a lot.

Let me just say.

So let's get right into it.

President Trump says the US military intends to continue its assault on Iran

for four to five weeks if necessary.

He keeps changing his tune.

We'll get to that in a second.

The US and Israel began strikes on Saturday killing Iran's supreme leader,

the Ayatollah, as well as several senior officials.

Iran is retaliating all over the place with missiles and drones,

targeting Israel, the US bases, and Gulf countries,

Dubai, all manner of places.

Four American service members have been killed.

And Trump says there will likely be more, but quote, that's the way it is.

Kind of a callous way to put it.

Three US jets were also shot down in a friendly fire incident

over Kuwait.

The crew members got out safely.

Thank goodness.

These are $90 million jets.

So that's $170 million.

Trump has justified the attack on Iran,

which did not receive congressional approval by citing quote,

imminent threats that we had not provided evidence.

It looks like he doesn't have any.

That said, a lot of people are celebrating the death of the Ayatollah.

Defense Secretary Pete Hegs says held a presser a little while ago.

He said this is not so-called regime change war,

but a regime-shurgeoned change.

Not clear of either of them is true,

because Trump has talked about regime change,

and it doesn't appear as the regime has changed.

Hegs' sex was also asked about the timeline.

Let's listen to what he said if we can hear him directly.

To the media outlets and political left screaming endless wars,

stop.

This is not a rack.

This is not endless.

I was there for both.

Our generation knows better, and so does this president.

He called the last 20 years of nation-building wars dumb,

and he's right.

This is the opposite.

Well, it's nice to hear from us.

It's both model.

It doesn't know what he's talking about,

but I also want to note about this interview I did with

California Governor Gavin Newsom of the weekend for the latest episode

on with Cara Spischer.

It's really interesting, because one of the issues was all the misinformation online.

It was really quite, it wasn't just something you treated,

but it was all over the place,

misreporting where he stands on all this.

Let's listen to what he told me,

and this was just a small piece of it,

because he went on for a while,

decrying Donald Trump's action.

Let's go.

And that's Donald Trump, the chaos president,

this wrecking ball president across the board.

Destruction is not strength.

And once again, we've seen

and destroyed not our, not only our allies

in relationship to the rest of the world,

but we're seeing him destroy any capacity

to explain fundamentally what the core American interest is

at this moment,

to declare war, to go to war with a regime.

And all of this is playing out in real time.

News and post on S over the weekend,

the corrupt and impressive Iranian regime

must never have nuclear weapons,

leadership of Iran must go,

but that doesn't justify the president

United States engaging in a legal dangerous war.

Very similar to what Senator Warner said.

All the senators pretty much said this guy deserved to die

and at the same time,

this seems like a chaotic mess.

Let's talk a little bit about it,

and especially the economic impact

that the fighting has effectively shut down

the street of Hormuz,

which carries one fifth of the world's oil supply

as this recording oil prices are up

about 7% gas futures jumped as much as 9%.

Spike in energy places supply chain strain

brought a ripple effects across the global economy,

especially because of the uncertainty.

And the last thing I would note

is that, and it's interesting as Trump does respond to this,

is that there's much reporting,

including in the Washington Post,

about how he was convinced to do it

through, oh,

Mohamed bin Salman and Benjamin Netanyahu

and even JD Vance in general,

Kane did not want to do this.

But here we are.

So what do we talk a little bit about

where it's going to go from here and your thoughts?

Well, the, the honest answer is I have no idea.

Or I, I have a, a vision for where you hope it goes.

But I'm sympathetic to Governor's Newsom

and Senator Warner, the notion that

we're going to end up

after Trump has gone,

we have to be thoughtful about how we

improve the tensile strength of our democracy

by stopping the slow but steady leak

of power from Congress,

which is the people to the president

under the auspices are cold,

confident that they will stick to certain norms.

Because effectively,

a president should not be able,

military action, you can maybe justify,

but this is war.

He used the word war.

I know this is war.

That it is war.

And I'm sympathetic to the notion

that the reason we have

535 members of Congress

representing, you know,

to, to per state in the Senate

and one for every 750,000 people

is the American people are supposed to have to say.

But Democrats, it's 7 percent

are actually in favor of this.

So there's going to need to be,

the best thing we could do coming out

or one of the best things I think coming out

of the Trump administration

in this highlights that

is to have structural reform around

gerrymandering,

citizens united,

and that Congress has to be involved or briefed

or that we have to go back to this notion

where only Congress can decide

if in fact we go to, we go to war.

Now, where could this go?

As you know,

I'm in favor,

loosely speaking around this action

because I always like to my,

I like to ask myself what could go right.

Iran is 90 million people,

sits on the second largest natural gas reserves,

the third largest well reserves,

incredible science,

incredible universities,

incredible entrepreneurial spirit,

actually quite a non-secular

It was, that's for sure.

A non-secular, well, I would argue,

anyways, not fairly non-secular.

A lot less anti-west

than people have been led to believe by

what I think is one of the most oppressive

brutal regimes in history.

So what could go right?

You could have one of the largest economies

in the Middle East become more pro-west.

It's been punching below its weight class

for 20 or 30 years now

because of poor technology and sanctions.

You could immediately see it come up

and be an economic power that is pro-west,

pro-trading, pro-capitalist.

What effectively might be the low,

one of the biggest tax cuts in history,

if you didn't,

if you saw more consistent flows of oil

and technology and a great trading partner,

I actually think Europe would be the biggest beneficiary.

And turn what has been the primary agent of chaos and terror

in an unstable region into something resembling,

I don't even call it pro-west,

but neutral west.

So I think there's a lot that could go right here

and I think the risk assessment provided

to the president, in my view,

had a lot of asymmetric upside.

Now having said that,

what they missed here was part of the pal doctrine

and that is you have to have clearly

articulated objectives.

Or plans for next.

Beyond the law.

Well, they haven't,

and to your point,

they just haven't been able to articulate

in the last 24 hours.

What is the off-ramp in the objective here

is it regime change?

Is it a more friendly regime?

Is it, I mean, what exactly,

and all of that, you're not going to get this notion

that all of a sudden we're going to provide air cover

and the Iranian people are going to rise up

and overtake 150,000 members of the RGC

who are deeply integrated into.

They have outside plans.

There's some great reporting on this,

by the way,

by my legitimate news organizations.

They have contingency plans in place

for what happens if the Itolla dies

and they're carrying them out.

But okay, but in Syria, Libya,

Iraq, these were autocracies

with the central figurehead.

The RGC is very deeply embedded

into the economy.

So when you're mortgaging your salaries

being paid by the RGC,

it's not like, okay,

the top guy Assad has gone and boom,

it's a new administration.

So there's a lot about the ground game.

There's a lot about intelligence assets.

And if they had said we are going to,

for example, a potential off-ramp,

we're going to neuter their navy,

we're going to diminish their air defense capabilities,

we're going to make sure for sure

there is absolutely no ability to create

or enrich nuclear stockpiles.

And then we're going to leave it up to the Iranian people.

That's technically an off-ramp.

But I have seen in the last 24 hours

them talk about regime change.

No, this isn't regime change.

So they haven't been able to articulate

what is next.

Well, I don't believe they thought about it.

And I mean, one of the things

that a lot of people are pointing out

is the involvement of Netanyahu

and the head of Saudi Arabia,

who publicly had said he was against this,

but privately was quite foreign and pressing for it.

The linkage between the corruption

with the Trump family

and this coin-operated presidency

that I talk about all the time

is really very clear.

Because most, I would say,

trying to come up with a story after the fact,

oh, it hasn't worked.

It isn't an endless war,

although it feels kind of like an endless war.

It feels very bushy in, right?

You definitely had echoes of that.

I think he thought it was going to be, like,

Venezuela, right?

That it was like, just take that guy out.

And by the way, he's in business

with the Maduro administration.

He didn't regime change that place at all,

like speaking of regime change.

This is much more complicated.

I agree, but I think he thought it was like that, right?

No, I'm agreeing with you.

This is not take out Maduro

and this is much more.

He just has cowed the regime into it,

but it's the same regime.

In this case, it's really fascinating how they have

put themselves into this economy in a way

that's very hard to get them out, right?

You know, of course, this is their point

of these very corrupt and, I would say, evil,

molas in Iran.

But one of the things that's fascinating to me

is one, the continued corruption of Trump's family

and Trump with in this region.

And second of all, that he keeps calling,

have you noticed he's calling all,

I'm waiting for a call from him myself,

like he called Jake Tapper.

He called the, you know, a bunch of John Carl.

He's called all the regular old media people,

essentially, or the people he decries all the time.

And it seems like he's workshopping different reasons.

Like it's, that's so disturbing.

Yeah, he's trying to figure out what people want.

But there is, again, what could go right here?

The most powerful instinct is survival.

And what we pulled off here, and when I say we,

I actually think it was more than most other than us,

we effectively, and I don't think people really

register how profound this was.

Within about two hours, we took out the equivalent

of the president, the secretary of defense,

and it had other joint chiefs.

Right, they were all in the same place, but yes.

And then, and what has got to be the strategic mistake of,

I would say the last five years, other than the decision

by Hamas to go into Israel,

geopolitically, they started attacking civilian targets

within the Gulf.

Not a good idea. Farid Zakaria noted that this is a mistake.

I mean, that's just, okay, you want to isolate yourself

from your, from who should naturally be sympathetic to you.

Now, the going back to this notion of survival instinct,

at some point, you got to think the next level down.

And I don't know if it's 1,000 or 10,000 or 100,000 or 150,000 RGC say,

okay, we too, really like our families in this thing called life,

maybe we need to come to some sort of accommodation

with, with the US and the West.

So that would require as, you know, boots on the ground.

And Trump didn't even roll that out again.

Like, this, like, here's what really drives me crazy.

This idea, they're like, it's not endless work.

The other presidents were just dumb.

It's the same thing.

You, you know, they're, they're just trying very hard,

just been it. And by the way, you know,

that a poll that half American supported,

it's actually not the case.

Many of the polls are showing 25%.

Usually, I didn't say 55% of Republicans,

and it's about 30%, very different.

Now, amongst Democrats, it's 7%.

And I'm, I'm, I'm amongst the 7% of Democrats who support this.

But it's a little bit different because, okay,

what they're hoping for, and maybe it's, it's a hallucination,

that it's not boots on the ground,

that it's, that it's sandals and sneakers and slippers

that the Iranian people based on the problems,

the 30,000 people that have been mowed down

with the front lines, they were the Marines,

they were the shock troops who were willing to risk their lives.

So the reality is kind of what the off-ramp will be,

or how this plays out,

probably plays out in the next week

in terms of the Iranian populace's ability

to foam and change on the ground,

because the American public does not have any appetite

for boots on the ground.

But what I talked to a Senator this morning,

I'm like, isn't a reasonable off-ramp

that you would say, okay, we're going to diminish their ability

to wreak havoc to a point, you know, 0.1.

We're going to control the skies.

We're going to diminish their navy.

We're not going to, we're going to clear out their minesweepers

from the Straits of Hormuz.

We're going to absolutely ensure there is

zero capability nuclear.

And then we're going to declare.

Which he said was obliterated in June.

Just let's point that out.

Fair point.

Why did, again, more inconsistency?

Why did we need to go back in to diminish their nuclear capacity

when you said it was done seven months ago?

So there is inconsistent messaging.

But I think the, in my opinion,

the opportunities here to diminish the capacity to continue

to levy this depravity and oppression

amongst its populace and potentially liberate

one of the great cultures and civilizations history

that sits on unbelievable economic potential,

economic prosperity.

There is a real potential upside here.

You know, where else there's a potential of upside

is Ukraine, same thing like this.

Agreed.

So what's really interesting here is he yells at Europe

for not pulling their fair share in defense fine.

I can see that argument, even though he makes it

in the crude and repulsive way.

Why isn't, why isn't Saudi Arabia

and Israel paying for this?

We're doing their cop duty.

And we happen to have a corrupt cop on the beat.

Oh, Israel's sacrifice.

I'm talking about, you don't hear the same language, right?

Saudi Arabia wanted this to happen.

They should pay for it.

Like if that's really the thing,

why do I have to pay as an American taxpayer?

$270 million for three planes.

Like that kind of stuff.

And so, and why isn't this money deployed

elsewhere that I think isn't our,

not me, I'm not running this show.

But like why isn't Ukraine the same thing?

Like that's what's really interesting is

there's a country that is full of like economic,

talk about economic opportunities.

Same thing.

Let me focus you on the toll on the US economy

because all these, a free,

well, first of all, every attempt at regime change

in the Middle East has failed almost miserably

for the United States or a version of regime change.

Afghanistan everywhere, everywhere we go.

Well, I did, to be fair, I did work in the Balkans.

We have had successful interventions.

In Kuwait, we successfully repelled the different

Sarah's we did it multilaterally, which that's right.

He's stupid to do here.

Already Britain, our closest ally is humming and hawing

about letting us use their airfields.

He wants to go it alone, which is stupid.

Anyway, I need to wrap to do.

Talk about the economics here.

So I want to know about the effect in the US economy

because one of the things,

because these, when people start a war,

it tends to be in the 60s period, right?

It's 25.

And I get that the Democrats don't like it.

But in a 25 is a bad place to start

when you're doing a war, which if you remember,

remember the studs, scud, and everyone being vaguely excited

when they were doing, I mean, even myself,

which is grotesque, because I now have children.

I'm like, oh, no, no, no.

But they talk about the toll in the economy

because every, and the mega people,

green, Carlson, even more heinous people

are talking about this is not what we voted for, right?

This is not, and they're trying very desperately

to pretend it's not an endless war.

It's whatever word they're going to use,

is not going to work with these people.

They, he's already struck seven country, seven events,

like he's done more war.

Like it was interesting because Hillary Clinton

was so pressy and about exactly what he would do here.

He seems to like and have an appetite for military action

because everything's going so badly for him.

So talk about the effect on the use of economy,

oil prices, right?

Inflation, more danger for the US

in terms of attacks on our own soil from the Iranians,

the credit.

I mean, if you back these Iranians into a corner,

they may do something really dire here in this country.

What is the toll in the US economy?

And let me add in that people were using this word

of cash in on online betting markets, which was repulsive.

If a cashier reportedly saw $36 million in bet volume

related to whether or not there'll be a regime change

in Iran on polymarket 529 million was traded on contracts tied

to the timing of the strikes.

And some of them seem rather suspect polymarket defended

a decision to allow betting on the start of war

saying it's invaluable source of news and answers.

It feels like profiteering to me.

But talk a little bit of the impact on the economy.

What's next, if under think of three

and two scenarios, what's next for the economy?

Well, just to go on reverse order,

I actually would argue that we have diminished.

I mean, you have what is, what was the superpower

in the region with their proxies,

Hezbollah Hamas, the Houthis wreaking havoc economically

and in terms of oppression of different people in the region.

And their organizing principle was death to Israel

and death to America.

And I would argue that even if we don't have the regime change

or a quote unquote liberated capitalist West friendly Iran,

that their ability to strike at us

and our proxies overseas in our basis

has actually been diminished that they're not now

we need to be more worried.

I think we need to actually be less worried.

There are two scenarios here.

One scenario is we end up in another forever war

that explodes our deficits and we keep incrementally

making excuses for trying to impose democracy

which is an oxymoron.

And oil prices, the straight of horn moves gets blocked off

and oil prices skyrocket.

Now, to a certain extent, if you wanted to be really

Macabellian, that doesn't hurt us that much

because we are energy independent

who this really is hurting,

both Venezuela and Iran is China.

80% of Iran's oil was going to China,

the same with Venezuela.

So we can survive an oil shock,

but you could have, you could have an increase in deficits

of a forever war, disruption in supply chain,

straining our relationships with the allies.

I personally think there's more asymmetric upside

where we unlock stronger oil flows, better technology,

a potential trading partner for Europe,

for Europe in the US.

And I would argue I would bet that I believe in six months

that oil prices will be lower than they are today.

Now to your point about cost and economics,

I am sympathetic to the left's view,

many people on the left,

that these forever wars and foreign intervention

and imperialists imposing our own values

on other cultures and other nations is not only wrong,

it is just really fucking expensive.

I'm sympathetic to that.

What I'm not sympathetic to.

Can I make a correction?

It's, it's Charlie Kirk talked about this.

The right, this has been an animating issue.

It's just about to get their care.

The right has a very strong isolationist bent.

What is inconsistent for me?

It is consistent to say, let's focus on,

let's focus on our problems domestically,

let's spend money domestically,

let's not run up deficits with tax cuts

and forever wars in a macho military.

And let's stay out of other people's knitting,

recognizing that we respect the right,

their right to do it, to govern themselves

and shape their own future.

What is totally inconsistent is the far right

or the right's isolationist rhetoric

while approving a $1.1 trillion military budget.

Because my view is the only rationale

for having a $1.1 trillion military budget

is quite frankly as if on a regular basis,

you're going to go on your toes.

Because if we don't want to get involved

in this kind of foreign adventures or misadventures,

whatever you want to characterize it,

there's no risk of Canada invading us.

So let's take our military budget down to 300 billion

and pay off our deficit.

So I've never understood the right's fascination

with ridiculous military spending

and then this isolationist complexion.

I personally think the upside over the medium

and the long term here economically

with a peaceful Middle East

once its primary sponsor of terror is neutered here.

I think actually I think this over the medium

and the long term could be really good for Europe

and if we could figure out a way to end the war in Ukraine,

figure out a way to have a neutral West Iran.

I think you're going to see the largest tax cut in history

because I think the flows of oil will cut oil probably

in half and you'll have an incredible trading partner

with what is one of the most productive capitalists

in many ways societies in history

and that's the Persian people.

Yeah, that is true, I understand.

One of the things that troubles me is the one is

that he really doesn't seem to have a plan

and he's the president, right?

And that people within his administration.

They'll call you and ask for your plan

in half an hour.

My plan is for you to step down

but then I would get JD Vance

but that's my suggestion

and you should go off and spend all the money

you've stolen from the American people.

But one of the things that I think about a lot

is that this is done in such a half as a way

without the involvement of Congress, right?

That really is troublesome

and that these Republicans who are against these things

immediately get in line.

Now look, Lizzie Graham, that Southern Bell

has always been wanting to do this, right?

I mean, now he wants to go from, he is Southern Bell.

And he's wanted to do this, he wants to do Cuba next,

let's do Cuba next, right?

That's the whole thing.

This is all, he just, in his mistake in...

Cuba isn't blinding with women.

It's not hanging teenage girls

and then saying, but he said Cuba, he did.

And I'm saying that makes, in my opinion,

as much as a war hawk as I am,

I see no logical reason to invade Cuba.

Well, I think that's next.

It seems like they're just gonna get bored over here

and come over here.

But this is something Lindsey Graham has wanted

forever in his endless and sad attempt

to be more masculine in some fashion.

So fine, fine Lindsey, that's fine.

But one of the things that really drives me crazy

is these people are so, they shift.

These people say one thing one week

and then shift it the next week.

Like, look, I know you like to attack them,

but they're sticking to their guns

on these kind of things.

They're still...

I'm sorry I like to attack, what?

Oh, the left a lot.

But the right just shifts it.

Like, it's like we're against it,

we're against it, Charlie Kirk said,

let's not be dragged into this by,

so and so it's, let's focus here.

Okay, then let's cut our military budget

to 300 billion.

I get it, I get it, but I just don't see why they don't,

they shift this way.

It's really, it's sad because I like when there's argument

over what we should do here in a way that everybody gets to.

And it's meant to be a discourse in the Congress.

I agree with that.

Barry Goldwater, Barry Goldwater called us in the 70s.

He said that we have become dangerously used

to a slow leak of power from the co-equal branches

of government and Congress to the president.

And what kept that mostly in check was a series of norms

where the president would go and inform the Senate Intelligence

Committee or the defense, the people on the defense committee

that he would give them a heads up.

He'd invite them to the White House and say,

this is what we're thinking.

What do you think?

Those norms are gone.

And so there's got to be,

unless there is structural reform around what it means

to have co-equal brown,

Republicans are resigning from Congress

because they're like, why the fuck am I here?

Yeah, yeah.

Well, I'm not even good.

The Speaker of the House is not Mike Johnson.

He's the Speaker of the White House.

He's there to run roughshod over people in the minority party

are used to getting fucked over.

They're used to having no power.

But Republicans are like, let me get this.

I stuck around to be in the majority.

So I said, I could represent my people

and get policies through.

And I'm not even being consulted on this yet.

No, and on the on the Democratic,

I'd say, centrist conservative.

I have never seen Senator Warner

who I consider pretty, pretty like moderate,

more than, I mean, I think he's often,

we often disagree on a lot of stuff.

He was incandescent, you know,

because he sees these things.

He knows he has so much experience

and senate intelligence, et cetera, et cetera.

And to watch people who had said the very opposite shift

was really something because at the very bottom of this,

it puts people's lives at risk unnecessarily.

And not just American troops, which is terrible.

It's people on the ground there,

Iranian citizens, which American troops,

and I worry about Americans, you know,

people attacking here.

And it just creates a situation

that when you, there's just a, this guy,

this guy's got to have a better reason

than to call someone and have a different reason

every minute.

And we'll see its effect on the stock market.

It's not loving this at all.

But we'll see, we'll see where it goes.

So you brought up Calci,

and what's fascinating about these things

is they tend to be right,

that those are well wisdom of the crowds.

And when you have a Senator Warner

who has just had a lot,

this is not his first rodeo.

He has had a ton of presidents

and joint chiefs come before him

and explain their plans.

And when you have Senator Mark Kelly,

who's actually flown these missions,

if you don't take advantage of the benefit of their insight,

even if they don't agree with you,

you're not taking advantage of the greatest depth,

the greatest IP depth of knowledge

and experience in military history.

And that's amongst quite frankly,

many of our members of Congress.

If you're not bringing Senator,

Representative Seth Molten in and saying,

hey, when you are on the ground in Iraq,

I mean, instead we're,

we're consulting with a Senator from Florida,

a former Fox TV host,

and a reality game show host,

they're making these decisions.

And the FBI is being run by a guy who likes to party

in the middle of a possible terrorist action

in this country.

So they're just going to make,

and this is I was like to try and reverse engineer

to a personal learning here.

One of my biggest flaws,

biggest flaws as a man,

is I thought that masculinity and leadership

was making a quick survey of the situation

and then making a decision,

and then it was my job to talk everyone into my decision.

No, it's not.

Leadership is listening,

and occasionally going,

oh, fuck, I got it wrong.

We need to switch course.

I don't make now.

I didn't learn this until I was literally 50.

I don't make a big decision personally, financially,

professionally,

without talking to three or four really fucking smart people

because you can't read the label from inside of the bottle.

And the US Congress is full of some

of the most impressive experience,

smartest people in the world.

And beyond that, there's people all around.

And also they have this incredible task

of representing their constituency to not check in with them.

I think Senator Warner is apoplectic

because he's like, for God's sakes,

we can save you from yourself.

That's right, that's right.

He wasn't out of ego.

I just, I've never seen him do that.

It was really interesting.

Anyway, we have to move on.

This is a developing story.

We'll see what happens.

It seems like a very, as Gavin Newsom said, chaotic white house,

it might be trying to get us away

from the Epstein files or other issues at home.

We didn't even talk about the distraction,

but we're going to quick break.

We come back,

Trump targets anthropic,

another incredible tech company

in what former Trump official calls attempted corporate murder.

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Scott, we're back, President Trump ordered federal agencies

to stop using Anthropic after it did not come to a deal

with the Pentagon and safety.

The Defense Department will phase out

the use of Anthropic products of the next six months,

which will, I will tell you, hurt national security.

Anthropic plans to challenge a supply chain designation

in court, good for them when it comes to the App Store.

Anthropic is winning.

Claude is the number one spot in the apples free apps

as we take.

Anthropic also faced a major outage on Monday

with the company saying it's been dealing

with quote, unprecedented demand.

Meanwhile, open AI, of course,

Sam, ever the opportunist open AI,

Sam Altman, reached an agreement with the Pentagon,

the company claims it's not a way to ensure its technologies

would adhere to its safety principles

by installing technical card rolls.

Whoever, when Sam Altman was asked on S weather,

he worried about there'd be future disputes

with the Pentagon of what's legal.

He responded, yes, I am.

Oh my God, Sam, I gotta tell you,

you need to stop talking.

The former Trump official called

Anthropic Order Attempted Corporate Murderer.

It's a backdrop of open AI raising 110 billion.

It's latest funding around,

including $50 billion from Amazon and $30 billion

from both Nvidia and Soft Bank

and these continued round tripping kind of deals.

I read a lot this weekend about this

and one of the people involved was a guy named Emil Michael,

who used to be an executive at Uber,

who was possibly one of the most bullying

and awful executives.

Full of all manner of bad behaviors.

When there, he left the company.

We wrote some stories, the thing he was involved in

that was just so not a good behavior, I would say.

I have spent time with him.

He was the one that was negotiating this,

not a surprise.

He kept calling Daru a Modi from Anthropic.

Godlike, God, he thinks he's God or whatever.

I've never met anyone who thinks he's God more than Emil Michael

and he's usually a totty to more powerful people.

In this case, Pete Hegg Seth.

Anyway, it seems a ridiculous overreach

on the behalf of government,

probably Anthropic will win.

I think it probably will benefit from this

as you've noted many times.

Any more thoughts on this?

I don't think we're any safer as a people

for having done this.

I think what people miss is that

over the last 12 months at a 23 markets

were the 21st best performing or the 3rd worst.

Yep.

And what has changed?

We've had incredible.

The Dow is up 50,000.

Hi.

We've had, we still have incredible innovation.

We dominate the most tectonic shift in technology.

The thing that's changing is I believe

we're experiencing a rotation out of US stocks

and a compression of multiples.

And the reason why is the following,

they underpinnings of why so much capital flows

into the US from every other market in the world

is our incredible IP developed mostly

through funding of research at universities

and incredibly risk aggressive culture

based on immigrants who take huge risks to get here.

And also, I think more than anything,

probably it or chicken and egg,

it attracts the deepest pulls of capital in history.

There's $5 million in venture capital

for every startup in the US.

There's only one million for every startup in Europe

and Thropic started six years ago.

If it was in Europe, it'd be one of the most valuable companies.

But when government starts selectively punishing

and rewarding companies based on political favoritism,

that capital gets scared and starts withdrawing.

Because why do you invest in open AI or Anthropic

if you don't know who you're waking up next to

in terms of its ability to raise capital

based on the blood sugar level of whoever's president?

So this is not only the wrong thing to do

when it makes this feel less safe and it's probably illegal,

it's gonna hit your 401K folks.

And even in places like the Gulf that are run by autocracies,

they have a real respect for systemic laws in the market

because they recognize the moment they start

fucking with companies based on their own

who's in or out of political favor,

which has no stock market

because nobody wants to invest

and then find out the CEO got a call

from the wrong person or got on the wrong list

and as all of a sudden, how to business?

So even in China, people, I think they learn

their lesson a little bit with DD

where they got angry at DD and basically crushed DD,

they're now, they have a lot of respect

for essentially regulatory bodies,

consistent application of rule of law,

trying not to play favorites.

So this will, the immediate reaction will be okay,

they're wrong, this is illegal, fine.

And also from a commercial standpoint,

I've been saying for the last year

that someone has an incredible commercial opportunity

to say enough, we're the good guys,

we do not buy into this,

if this costs us money in the short term, fine,

but the very American values that gave us

so much opportunity or under attack

and we're just not down with it.

And I don't know if you remember me saying this,

I said six months ago, the biggest opportunity

for Nike, which is trading at a 10 year low

was to run a bunch of ads saying,

we're about American values

and what's going on here is wrong.

What's interesting is the corporate American

needed a hero and it looks like it's Dario.

I know, it's interesting.

What's really interesting here is I think

in its finally happening,

they're shaping up to be Joe Frazier and Muhammad Ali here.

And I think that Dario is being very smart

and I think it's up to us in the media

and progressive and I'm obviously stitching this

into the RSS and unsubscribe thinking.

I think it's time to start figuring out

if there's a way to be more commercially supportive

of anthropic and less supportive of open AI.

Basically, open AI has decided to enable and be complicit

in the Trump administration's efforts in Dario

and anthropic have said, no, we're not going along here,

we're not going to be intimidated.

This is quite frankly, Cara,

I have been waiting for this match up for a year.

I know, yeah, I know you have.

Let me say, I don't know Dario Amote,

I don't actually, and he might be arrogant,

which is in line with most people in tech.

That may be true, but I do know a male Michael

who has been, who did negotiators

and I do know David Sacks

and both of them are Aryan operators,

ceaseless bullies and anxious totes to the powerful

in my experience of covering them.

CM Altman is a little more complex,

but he's a gifted opportunist,

which doesn't make him that different

from anybody in Silicon Valley.

And has made his choice here, right?

That's he wants to business.

And so it's a really, knowing the character's involved here

and then on the top of it, you have an idiot,

like a moron, like Pete Hegg said,

who doesn't know what's happening,

communicating to someone who's even more moronic

on these issues, which is Donald Trump.

I think just, I suspect Sacks is whispering in his ear

and male Michael's whispering in Hegg's ear.

And this is all a Silicon Valley beef, right,

between and among these people.

A meal was, was like, was had to leave Uber

under very, not great circumstances was pushed out.

I think all these people is payback for other people.

It's just, there's a lot of Silicon Valley drama happening here.

And I don't know Daru, I don't, I don't, I really don't.

It's unusual that I don't and I've asked for interviews

he has not agreed to do an interview with me.

Thanks Chris Nelty.

But I do, and he did a very good interview

with CBS News actually, which I thought was interesting.

He handled himself really well.

He handled himself really well.

He starched his hat wide in that interview.

Yeah, it was a good interview.

But one of the things that I know is the people

on the other side of him are very,

people I covered for years who are just not good.

How can I say this nicely?

They're the worst of the people I had to cover

over the many years.

I have to say they're literally the worst.

And to see them in these positions of power

is making these decisions and hurting a company

that just doesn't want to do business with them.

And actually Michael tweeted out against a Modi weeks ago.

You know, it's so unprofessional as a government.

Like it's so, it's such based in beefs

that were happening elsewhere.

And I mean, I'm really, I had ended up having drinks

with them after he was sort of drummed out of Uber.

And he sets something to me.

It was so strange.

He goes, well, I'm so glad we can be friends.

And I remember saying to him, we're not friends.

I think what you did there is terrible.

I don't know where you operate,

but let him just do what he wants

and don't bring your stupid insecure beefs out on the thing.

And it will benefit anthropic.

It will, I think he's handling himself.

And he may be arrogant.

He may have a God comes.

I don't know, I don't know.

But he's certainly not like these people.

And in that case, the bar is low.

I've had my say.

I think it's a big opportunity.

I think Americans and consumers

are so ready to vote with their pocketbooks.

And Sam, I don't think Sam has acquitted himself well.

I'm not going to have advertising.

We would never do porn.

Well, I need to raise money, never mind.

And the largest customer in the world,

which is the US government needs to have a series

of systemic laws that don't,

these are the rules you get to play by and full stop.

Everyone is entitled to and obligated

to the same set of rules,

not who you like or who you don't like,

in which kind of leads into our next story,

which is Netflix and Paramount.

Right, Netflix.

Speaking of that, Scott, let's take a quick break.

When we come back, Netflix emerges as a winner

after losing the Warner Brothers battle.

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This is what President Trump had to say

about why the United States is at war with Iran.

We sought repeatedly to make a deal.

We tried.

They wanted to do it.

They didn't want to do it.

Again, they wanted to do it.

They didn't want to do it.

They didn't know what was happening.

Not the best explanation for a war of choice, sir.

I'm personally a, do my own research kind of guy,

but let's ask AIY, we're at war with Iran.

Chat?

The United States attacked Iran in 2026

because it claimed Iran posed an imminent threat,

particularly due to Iran's advancing

nuclear program and missile capabilities,

and aimed to reduce Iran's ability

to project power in the region.

Wow, that was a better explanation.

Thanks, Chat.

Fitting that AI was more clear than the President

of the United States, because it turns out

the United States is using AI to fight the war in Iran.

The future of war is AI, and that future is now here.

You can find out whether or not you should be freaking out

over in the today's explain feed.

Scott, we're back.

Netflix may have lost the battle for Warner Brothers,

but it's looking like a winner.

Boy, this is incredible.

The company stock searched 14% of it,

formally exited the bidding war.

It also now has $2.8 billion in the bank

after Paramount paid the Warner Brothers breakup fee.

When I have to plan all along with the saddle Paramount

with debt, drive up the price and walk away with more money,

Ted Cerando said there are easier ways

to make $2.8 billion very funny.

He's also trashing it so beautifully.

I have to say, what a pro the way it's ridiculously expensive.

He's dropped in all sorts of bone mows

in that Bloomberg interview he did.

I'm hoping to do it with him relatively soon.

He noted that Paramount deals dependent on cost-cutting,

leading to less production, less people working.

He's 100% right.

On the Paramount front CEO, David Ellison,

who got strafed by Barry Deller as a stunt pilot

in the speech, another thing,

just announced that Paramount plus in HBO Max

will be combining to one streaming service.

He also said there would be a lot of cuts,

$6 billion in cuts that he can quickly

deleverge at nobody believes him

or thinks he's capable of doing it.

Cerando said, talked more about $16 billion.

Let me just tell you, Hollywood, look out below.

This is, look, I don't think Ellison

means to be incorrect, but he is incorrect

about what's about to happen here

because the pressures on this much debt of height

talked to, as you know, Bill Cohen

went because you weren't around last weekend.

But this much debt is enormous amounts of debt.

It's like crazy.

They don't have enough income.

They have barely enough income, so they can't grow.

They have to cut.

There's going to be, there's obvious duplication

that they will cut, but even more than that.

Anything they say at this point is just absolutely untrue.

It's just, and again, I don't think they mean it that way.

I think they believe it that they can, you know,

turn shed into a chicken, shed into chicken salad,

but most smart math people don't think they can do it,

especially with competitors like Netflix,

breathing down the, and YouTube,

playing down their neck.

Your thoughts?

Well, I think I've been consistent on this.

The biggest losers are the creative community.

They don't realize it.

I don't know, half a million of them just got lined up and shot.

I mean, they're, they're the amount of AI slop

we're going to see come out of paramount and water,

trying to pass for, you know, great breakthrough content.

It's just going to be, like I said,

you know, in space, no one can hear you scream,

oh, trust me, you're going to hear a lot of people scream.

And the biggest winner hands down, and I told Ted this,

I said, if you walk from this, you realize your stocks

are going to go up 10%, I was wrong.

In the last five days, the stocks up 30%.

Yeah, back to other levels, yeah.

Okay, so let's look at it this way.

They quit and quit technically,

save $120 billion by not acquiring it.

And their stocks up 100 billion.

Kara, they could go by Disney right now

for walking from Warner Brothers.

So, and if I were them and I was Ted and I'd be pissed off,

I'd be firing up my lobbyists and my lawyers

and be like, delay an obvious hit,

make it create so much havoc for this deal to close.

And by the way, every studio, every crib,

they're all going to want to go to work for one place.

Okay, do I want, if I'm pitching,

I just had my latest book option for a series

and for documentary, which means absolutely nothing

I've figured out in Hollywood.

Your man notes on big and man.

Yeah, for an original scripted series

and a documentary, anyways.

Think of it as an R rated wonder years,

I'm pitching it.

Who's playing me?

Irvave Village.

Great funny.

Irvave Village is in a little tiny studio with a puppy

German shepherd.

No, she'll make it work.

He looks like a teenage boy too.

Anyways.

She'll make it.

So these guys, the amount of money, let me first

way, say, say you're in the creative community

and you have the hottest scripts

or you're the hottest actor.

And you have offers from the Paramount Studio,

from Warner or for Netflix.

Who are you absolutely going to pick?

Netflix.

Oh my God, they're going to every day of the week

and twice a week.

HBO, they look like heroes.

You all hated Netflix.

Now you're going to love them.

It's really.

And by the way, when the Democrats come into power,

that's going to be good for them too.

HBO just lost 30% of his time because HBO's asset

was it always was able to punch above its way class.

It did two billion in content relative to Netflix

is 18 billion.

But if there was a show people were talking about

around the water cooler, whether it was girls

or euphoria or game of thrones or succession,

it usually was HBO because HBO's culture and ability

when I'm talking a lot about me, my favorite subject.

But when we pitched my big tech series,

everybody, all the creatives and all the stars,

they all wanted to go with HBO.

They love Netflix.

But if we had our choice, we would have gone with HBO.

Guess what?

That just changed overnight.

Completely.

I wouldn't do a thing with them.

I have to say, I've got some shows.

I don't have no interest in them.

What so they can figure out how to produce it

for a third of the budget using an AI?

Yeah, fuck you.

And also, one of the things that's interesting

is that there is an interesting movement.

And also, I mean, I think the CNN part of it

is a smaller part of it.

It still is going to be a lot of news, right?

It's still because it's CNN, the merger.

And they've already made a mess of CBS.

But they're going to make a bigger mess of CNN.

I have heard from so many HBO people that are like fuck.

Like fuck was everything in every, like a dozen HBO people.

CNN is losing its ever-loving mind, right?

As they should.

And they're like, to like, what do we do, Kara?

And I'm like, I don't know.

I'm not going to be here.

So it's not like, I was like, I don't know what to tell you.

But you know, I wouldn't work for those hacks.

But one of the things that's interesting

is the idea that Netflix takes a little bit of this money

and hires like Andersen Cooper and the best of them

and creates a little new service.

Like I, they should.

Like a really good one.

I talk to the mooner on his content and Netflix,

and I said, I have an idea.

Ballot?

Ballot.

Yeah.

Start something called the hour and hire

the two thirds of the people from 60 minutes.

They would like to leave right now.

And have a show, weekly show called the hour,

or 59 minutes.

I offer, I'm like, I'll tell you who's good and who's not.

I like I don't think all of those people

are looking for a way to get off the, get on the last helicopter

out of Saigon right now.

Yeah.

And a lot of them want to be entrepreneurial.

It's really interesting.

They do see the need to change out.

I mean, obviously the economics of a lot of broadcast

and cable television is out of whack with the revenues clearly

all through the industry, by the way.

Netflix is up 30% Netflix.

Netflix.

That has decided that Netflix is worth a hundred billion

dollars more without Warner Brothers.

They could spend a very little amount of money

putting together a really interesting news offering.

At the same time, you know, as obviously CBS is going to,

is going right in a really weak sauce way.

It's really kind of wimpy right and stupid right.

But I mean, if you're going to be right,

go all the way to Fox.

That's my feeling.

Like, and it's, it's an ever dying audience, by the way.

And I mean, my mom's was an average listener, essentially.

She's 92.

But one of the things that I think will help with.

The boxes don't really well.

Yeah, that's right.

You're not going to get, you're not catching fox.

Here's a crazy stat, supposedly more moderate

to watch Fox and CNN right now.

Well, I'm not surprised.

It's anyway, one of the, because the news part is,

I mean, Jennifer, and there's several people

who are quite good over there.

But there's a lot of great people in CNN.

Let me be clear.

There's a lot of great reporters throughout that organization

and they do a great job.

People tend to focus on Scott Jennings at night

when there's lots of people.

But, I mean, I feel stupider with Abby Phillips.

Okay, stop, stop, Scott Jennings is the problem over there.

So, no.

CNN is a problem for putting him on having crossed fire.

That, that show is a, but I'm saying,

there's a lot more CNN than that show.

So it gets a lot of attention.

But one of the things that I think is interesting

is really opens up an opportunity for MS now,

because they're by themselves over there on the left.

Like, it's a great business, right?

Like, it's just, it's sort of like the fox of the left.

And so, they have a huge opportunity.

It seems to me in the office.

Do you or in love with your, I'm not, I'm fine with traditional media.

This is who it's an opportunity for.

It's an opportunity.

A small opportunity for Bill Cohen and, and, and Ben Thompson

and Cara Swisher.

I know that.

You're about to see a massive diffusion of power

from these industrial brands.

It's already happened.

But the means of production is way too expensive

to all these little media company startups and stub stacks

and podcasts and newsletters and this, all this hand wringing

that, oh, no, the Washington Post can't go away.

Doesn't fucking matter, folks.

Those people are going to find their own little,

little niche media companies and they're going to punch

above their way of class.

And I can be saddled by the blood sugar

level of a guy in human growth hormone and same part.

I get it.

I just think MS now, by itself being,

I think CNN should have been independent,

would have given an opportunity to be innovative.

They have an opportunity to be innovative.

They do, they absolutely do.

And so that's a good thing for them,

because they're, they're all by themselves over there on.

This is the best use of CNN.

We have an iconic popular Gavin Newsom

and he stacks his cabinet with CNN anchors.

Dana Bash has made a great vice president.

Yeah, yes.

Dana does a great job.

There's a lot of really great.

There's amazing people.

Michael's more honest.

I think he could be Secretary of Defense.

There's a lot.

Anderson, I think, does a good job every single.

Caitlin Collins, I have so much admiration for her.

She can be ambassador to the EU.

Okay.

I can pull together, I can pull together a cabinet

that looks like the fucking Kennedy administration

from CNN anchors.

Well, and it would be so much higher

than D-Degs set on CNN.

Well, think about it.

Jeanine Piro, that's, I mean,

look who are competing.

I'm down, I am down for networks as cabinets at this point.

I think the CNN people are so impressive,

but they're all about, and they've been doing this

last two years.

I'm thinking about starting a podcast,

because they're having the uncomfortable conversation right.

I used to make seven million a year

and they've offered me two.

Have you had every conversation with all of them?

Not just CNN.

It's throughout the...

Oh, it's everywhere.

It's everywhere.

It's all the media people.

I could have a business.

People anchor off the most money they've ever made

and think that's what I'm worth.

No one ever thinks of themselves,

wow, I'm overpaid right now.

I can prove you statistically at any moment in time,

there's a 50% chance you are overpaid right now.

Yeah.

Relative to the market.

I'm not favoring media.

I just think it's, I always see it as an opportunity.

I always see it as an, like, you can still do well.

It's a good business.

It makes a lot of profits.

You could do well here.

And it could give you an opportunity for MS now

to have a lane all to itself.

And I think that's always a good thing.

Always a good thing.

Who's MS now star as a ritual?

Is she's only one day a week out?

Rachel, there's a whole bunch of there.

But let me say Rebecca Cutler is Stephanie.

There's a whole bunch of people over there that are very talented.

And they're hiring a lot of great reporters.

And Rebecca Cutler, who you know about, is amazing.

Like she's, she's, she's seen it.

She heard me at CNN plus.

She did at the blue.

And you know, I think there's lots of opportunity.

I think that the, the, the, the, the Ellison's will bollocks it.

And coming to you soon, a Karoswisher, a docuseries,

Karoswisher wants to live forever on CNN.

Now I'm kidding.

I just hope it closes before then,

so I can see a photo with you and Larry Ellison.

No, it's not.

Listen, it's gonna be soon.

I will be at, I'll be.

I'll have removed my, my things from the closet

long, long, long.

I'm just so curious who they're gonna ask,

who they're gonna ask to run, you know?

Let me just tell you everybody, Scott Galloway is in the second episode, and he's looking

fine.

And he looks, it's an adorable, and Scott moment.

That'll save him.

That's their answer.

It's actually a really good show.

I have to say.

I'm very happy.

You have to say your show is really good.

You're going to love this.

I did a podcast today, and they asked me, what was my favorite moment with Kara Swisher?

And I said, when you and your wife came down for the weekend, and I let you speak

to pick the streaming media thing we were going to watch, pick fucking mistake.

You pick some like art heists from PBS, they're like, the history of great museum dasts

or something.

Oh, fuck.

Oh, that's a good show.

And we're sitting there, and we're all eating, and over comes white LeBron.

You're a 14 year old monster, and he sits down, and I'm not exaggerating.

We all pop eight inches into the air.

He's bigger than ever.

And also the next day, you were, you were scolding him like a mother does, and you were

literally your necklace craning so hard up with him.

It was like watching Billy, it was like watching Billy Barty lecture, Shaquille O'Neal.

Yeah, well, I said to my son, I'm like, look at this.

Look at this.

Look what's going on over there.

Yeah.

Anyways, that's my favorite moment.

Yeah, that's right.

I should, I should parent everybody.

I think you kind of do.

Anyway, let's go on a quick break when we come back.

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Okay, Scott, let's hear some wins and fails.

I can go first.

Go first.

I have to say, I, we talked, I talked too much about Heathil Robbins, but I thought Connor's

story did a great job on SNL this week.

I usually-

Oh my god, that's my win.

What?

That's my win.

You take it.

You take it.

Let's discuss it.

I feel that SNL thread, my win was SNL.

I thought they thread the needle perfectly.

This week, yeah, not every week, yeah.

They, they honored the women's team, but at the same time, I think it's bullshit.

All the shit the men have taken.

Yeah.

I think for them to, wouldn't have been great if you listened to the video.

This was President Trump taking everyone back to the 50s and mocking women.

That is not what we need.

We need a more evolved sense of masculinity that celebrates great athletic performance.

By the way, eight of 12 medals from the women, the goal, the overtime goal, in my opinion,

one of the great moments in sports history of the women's hockey team, they threaded the

needle perfectly because I do think the men got more shit than they deserved.

Well, they got, they got invaded by cash patrol.

Let's win cash patrol.

That's exactly right, but that's right.

What are they going to do?

What are they going to do?

I agree.

I agree.

Anyways, and if you listen to the tape when, when Trump made those wildly sexist remarks,

there were one or two men's hockey players saying, two for two.

They were trying to acknowledge that both the men's and the women's team and SNL did

it perfectly.

They did.

They didn't virtue signal and say, yeah, women and, oh, that bulls that.

They made some jokes.

They had the women make the jokes and the men were there to take it.

Take it.

And they were fine with it.

They thread the needle perfectly.

And it was critical that Connor's story was standing in between them.

I have to say he's such a likable person and such a talented physical comedian.

Like, his stripper who got in a car accident was so fucking funny.

Like, I don't believe they pulled that one off.

I have to say he is such a delightful.

He's very talented.

He's a delightful figure.

Both of them are.

And Tonya season two, like scorching hot rivalry with the women's hockey team.

Yeah, that is here for him.

Yes, yes.

And I thought the women handled it well.

So well done.

The writers at SNL are geniuses.

And you know who sucks cash fucking Patel.

Why are you invading these guys when, like, as if you reflected fucking glory, you tubby

loser, like, forget it, like, how dare you?

Now I focus the only on cash Patel.

I really am.

I think he's just the worst.

So my fail is, I think this situation with anthropic, I think it has to be, we are not

the same person today.

We're literally the same person.

Okay.

I think they are, they are bullies.

I think they use Twitter as a way to attack people in a way that's really unprofessional.

You can have differences.

And everyone's always grabbing for power and grabbing for money.

I get it.

It's gone on since the beginning of time.

But the way you're doing this is all about your insecure childhood traumas that are being

writ large on the rest of us.

This is not professional.

You do not have to, like, do this.

And they do it as, like, keyboard warriors on Twitter.

I got a text from someone I could say who was, who said, you got, the world is happening

on Twitter.

You got to be back here.

And I was like, I'm not going back to that Nazi porn bar that enjoys making children

sexual.

I was like, the world is not happening on Twitter.

The world is happening in the world, you guys, like, you need to fucking get out of your

own fucking way.

You are, you are, you have to understand that what you're doing is damaging to most people.

And that we don't want to hear about all your beefs and all your traumas and everything

else.

If Anthropic doesn't want to do business with you, just let's move along.

Let's just move along.

And I'm sorry you're not as successful as Daru Amote or Smart and the Almighty, but you're

going to have to live with it as being an anxious toady to the powerful.

Stop it.

Like, that to me is the loss.

You go ahead.

Mine's exactly the same, but I'll look at it through a shareholder lens.

I'm looking at a company called Mercado Libre, which is the Amazon of Argentina.

And one of the reasons I'm looking at it is that effectively, when the bricks were

invoked, you know, the price earnings multiple of certain Latin American markets was about

20.

And it went down to eight because all the flows went into US tech stocks, which meant you

could, you could increase your earnings two and a half fold over 10 years and your stock

was flat.

You can't outrun multiple contraction in a market as a stock and it's all into the

same auspices and market dynamics, Trump, individual performance.

At the same time, it's almost impossible to be wrong when you have multiple expansion.

It has been American investors, you know, we all think we're geniuses right now in our

foreign case.

We have had multiple expansions since 2008 and we're about to experience multiple contraction

and we're already experiencing it.

We were 21 out of 23 markets last year on a dollar adjusted basis.

Everyone else outperformed us.

And one of the reasons people don't realize we have just lost trillions of dollars when

the Pentagon starts picking winners and losers.

If on the road, which makes weapons decides that, yeah, we are going to figure out, we're

going to use Silicon Valley ethos to help the defense department kill people and people

freak out.

Well, guess what?

They're allowed to do that.

It's not illegal.

They're allowed to do that.

When Palantir says we're going to work with the government of Israel to track down terrorists

and kill them in their homes, that you may find that this stays full.

It's legal.

They're allowed to do it.

And anthropic when they decide we don't want to provide our services or data for what

we feel is the surveilling the illegal surveillance of U.S. citizens, they too are allowed to do

that.

And when governments start playing political favorites in markets, the rule of law is

no longer applied and your multiple on companies, your price earnings multiple, begins to

contract.

Freedoms and systemic laws and a separation between government and business results in higher

price earnings multiples and greater increases in 401k's and your ability to retire earlier.

And this bullshit pentagon stationary war on anthropic is going to cost U.S. investors

trillions of dollars as people decide to go where they know who they're waking up next

to that they can invest in a company.

And they do the assessment based on the laws at hand.

Is this company succeeding or failing based on the current laws?

And they don't have to try and guess what the one-off individual laws will be in a few

months.

So I have the same win and same fail.

But I look at it as an investor.

I'm now looking at markets.

People get angry at that talker season in China or in the Gulf.

They have a huge respect for the domain or the sovereignty of investors and having uniform

laws that apply to everyone equally.

And we are now becoming that nation where we decide which companies win and lose and all

that means is our PE we're about to experience multiple contraction which you cannot outrun.

Not for long.

Let me just say you feel it.

Tent you feel it.

And speaking of feeling it.

It's got this has been a great discussion.

I have to say I was a little worried this morning.

I was also tired but this has been a really great discussion about these things and disagreeing

in a really civil way.

But let me say it's going to continue because we're going where are we going, Scott Galloway

on Sunday.

Resist and unsubscribe.

Big announcement full-time resources and by the way Sam it's not going to be a good

night for you.

Now it's not going to be.

And guess which Sam we're talking about.

48 hours.

Yeah.

You put Kara Swisher on an invite and 48 hours we sold out the appendages a thousand

weeks.

Hold it out.

And we want to thank Tane Danger for doing an amazing job for us in Minneapolis.

In my favorite porn star.

He's your favorite porn star and he's an amazing and our staff who's working really hard.

We sold out right away.

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And we will talk about the next move Scott will Scott who's the president of resistant unsubscribe.

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Go to nmymag.com slash pivot to submit a question for the show or call 85551 pivot.

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That's the show.

Thanks for listening to pivot.

Be sure to like and subscribe to our YouTube channel.

We'll be back on Friday.

Today's show was produced by Larry Neymann, Zoe Marcus, Taylor Griffin and Kate Gallagher.

I'm going to introduce how to enter you this episode Jim Mackle edited the video.

Thanks also to Debrose, Miss Rivera, and Dan Shalon, the shark who has VoxMedia's

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