Good evening, New York.

>> Please welcome your host Ed.

>> How are we doing?

>> Oh, wow.

You know, Chicago probably had the best

energy of the first four. And this is

going to be the test. How is everyone

doing tonight?

I think that's I think that's got to be

the winner. The final night.

>> So, who here thinks Ed looks like Bernie

Maidoff's accountant?

>> I did this for you.

>> I appreciate that. I'm actually nervous.

I I'm genuine. I Whenever, for those of

you who listen to the podcast, we have a

special guest tonight. And when people

ask me who my heroes are, I was site two

people. And just spoiler alert, Muhammad

Ali is not going to be here tonight, but

someone who is the second person is is

going to be a guest. So, I'm really

really excited. But more than that,

we're back. You know where we are, Ed?

We're not in the greatest concentration

of grit, capital, density of

opportunity. The ultimate luxury item is

not a Gulfream or a home in Aspen. It's

being 28, broke, and knowing that when

you're in New York, you're one drink or

one elevator a ride from changing your

life. You never know.

>> That's right.

>> Who needs a Gulf Stream?

>> I'm not interested for now.

>> So, the US tourism is down by 8 million

people. This year, more people are going

to visit New York than at any moment in

New York's history. Like, whatever's

happening here, it's happening. Crime is

at an all-time low. Banker bonuses are

on an all-time high and there's a line

to get in Birkenstocks and Soho. If this

is if this is decline, I want to see

what prosperity is like. You never know

you're in a golden age when you're in

one. Just trust me on this. As someone

who's getting increasingly old,

the smartest thing you have done is

choosing to be here right now in New

York.

>> That's right.

>> That's right.

Well, it's great to see everyone here. I

mean, I cannot believe this is the final

night of the tour. It's been it's been a

lot of fun.

>> Yeah, it has been a lot of work. I'm a

little tired, but I've got the

adrenaline pumping. I'm excited for this

show. I'm excited to have everyone here

tonight. What do you say? Should we just

>> Should we just bust right

>> light this candle? Get on with the

podcast. Okay.

>> All right. Let's go.

>> Take a moment.

>> All right. So, I don't know if you guys

know the drill here, but this is a live

podcast, which means that we are

recording and we're kind of filming all

of you. So, you guys are part of it,

which means that anytime we say anything

insightful or funny or hilarious, you

just have to make a lot of noise.

>> We're not. You're you're a prop for

300,000 people. So,

>> so I just want to test it out one more

time before we get into this. How is

everyone doing?

>> Okay.

Okay.

I feel good about that. I feel

comfortable.

>> By the way, I [ __ ] hate the

optimization. This is how you optimize,

[ __ ] You drink red light therapy and

saunas. Uh-uh. Uh, go to 80, eat fairly

well, sleep fairly well. But you know

what? Occasionally stay up really

[ __ ] late, have way too much to

drink, and wake up and miss your first

meeting. That's optimization.

Today's number, 1.3 square miles. That's

the land mass of Central Park, greater

than the nation state of Monaco. Ed, you

guys may not know this, but Ed actually

went to Princeton. And Princeton is

credited with more sex research than any

university in the world. I went to UCLA.

At Princeton, they invented sex. At

UCLA, we introduced it to women.

That's pretty good. Yeah, this corner

likes it.

Some people up there don't like it. I

think my Princeton buddies in the crowd,

they don't like it either.

>> All right, who wants a dick joke?

So the mooch is here and

>> he and I were at the urinal and he looks

over and he's like circumcised and I'm

like nope that's just the wear and tear.

Hey, you came here by the way 500 bucks

on StubHub if you're not having a good

time.

>> They did know what they were signing up

for, so I'm not too worried about it.

>> There you go.

>> Yeah, I think that's good. Well, Scott,

it's great to be here uh finally in New

York City, the final stop on the tour.

You know, at each city that we've been

doing this show, we like to sort of

begin the show with a little bit of data

about the city, usually some economic

data. So, you know, in Los Angeles, we

were talking about Hollywood and uh in

Miami, we're talking about crypto. So, I

would like to share some New York City

specific data of my own before we get

into the show. So, uh, my first number

to give you today, uh, Scott, is 27. Uh,

27. That's how many years have passed

since the New York Knicks last made it

to the NBA Finals.

Today's the number is 53. That's how

many years have passed since the New

York Knicks last won an NBA

championship. I heard a lot of booze

there. I can't tell why that's

happening, but all I can tell you,

Scott, I have three words. Let's go,

Knicks.

That's right. Scott, will you be tuning

in?

>> Be honest with us, Matt. Does it look

like John Santa's going to bust through

and I'm going to be a 650 Make a Wish?

>> Seriously, look at me right now. Look at

us.

>> You look good.

>> No, this is what you call this is what

you call birth control.

>> Will you be tuning in tomorrow night?

Will you be watching the game? Yeah, I'm

uh I'm excited if Yeah. Yeah. Just just

thrilled. Yeah.

>> Yeah. I can I can hear about the

passion, the energy. The World Cup's

going to be a lot of fun.

>> It's gonna be great.

>> I'm going to launch us into our first

story.

>> Great.

>> It's been 94 days since the US first

launched strikes on Iran. This is

serious content, so I'm going to take

this hat off.

94 days since the US first launched

strikes on Iran, and the path ahead is

still unclear. Iran is reportedly still

reviewing the latest draft of a

potential agreement with the US and has

yet to issue a response. Trump also

posted on Truth Social that talks were

quote going on. However, rhetoric from

Thran continues to harden. A senior

Iranian military official said Tuesday

that renewed host hostilities with the

US appear inevitable, adding that the

Iranian nation will never surrender. And

meanwhile, the straight of Hormuz

remains effectively closed, continuing

to disrupt one of the world's most

important energy corridors. So, Scott,

week 13 of the war, we've talked about

inflation, which continues to rise. The

numbers do not look great. The straight

remains closed. What do you make of

these recent developments in Iran, and

where do you see this all heading? Well,

the justification for doing this to

begin with was such that Iran would

never have access.

>> Oh my god, you do not know what you're

talking about.

>> Who's that?

>> Also, your dick joke is old. Just so you

know, this is the voice of God talking

to you, Scott Galloway.

>> I think I recognize that voice.

First of all, you cheat on me with a

younger man

and I happen to be in New York.

>> So,

>> hey everybody.

Hey,

hug. It's okay. It's all right. The

other man. The other man. So, I'm

actually not the surprise guest in my

ongoing That was an old

>> Yeah, by the way, that was and just so

you know, he's a he's a better kisser.

So,

>> okay.

>> Um, but this is just likely like you you

criticize, but you don't come up with

you're not that's not that helpful. Who

would you have

>> Yeah.

>> to talk about who?

>> Well, anybody but you for first.

>> Okay.

>> Uh cuz you know, you're frequently wrong

but never in doubt. Uh but but I you

know I wanted to bring you a special

surprise just to show as always I am the

top and you are the bottom

and so I programmed your very special

guest and I thought whoh who could I

bring who knows something about Iran and

about Ukraine and about the entire

world. So, I would like to introduce the

author of Project 2029. I hope uh the

most badass woman I know, someone who

probably should have been president,

Secretary Hillary Clinton.

All right.

All right, everybody.

We we

we will now we will now hear actually

what's happening Iran and my work is

done. I maintain the hegemony over Scott

Galloway. Have a great time.

>> Whoa. Yeah, she she asked me to meet her

here.

>> Oh, that Cara, you know all about that.

>> Well, this is shocking, exciting. I

can't really believe it and we're so

glad to have you here. Thank you for

joining us. Uh Scott, I'm going to let

you bust into our first question here.

Um and then we'll get into our

conversation. Thank you so much for

being with us, Secretary Clinton.

>> Absolutely. Glad to be with you.

>> Yeah, welcome. So, uh you have a lot of

experience in the region. Uh set the

table. What do you think is going on in

the quote unquote war room right now?

And do you think we're close to some

sort of agreement?

Well, I think number one, uh, this was

so illconceived and even more poorly

executed in terms of any outcome that,

uh, is going to restrain Iran, uh,

enhance our security and our other

interests, particularly our economic

interests. I was stunned when reporting

started coming out uh about

conversations in the White House because

in you know the years I was on the

Senate Armed Services Committee and I

was Secretary of State, anytime we

talked about Iran, any kind of war game

scenario that we uh discussed, among the

very first questions was what if they

close the straight of Hormuse?

>> What do we do? And then from the

reporting, it sounded as though that

just hadn't been really discussed or at

least not brought to the highest levels

uh of the administration.

And I think now um sadly and I I really

do say this with a lot of regret because

this should be an American, you know,

issue that we have to deal with

together, not a partisan issue. I think

we are in a weakened position. I think

Iran is in a stronger position than it

was before we did this. I actually

approved of the strikes on the nuclear

facilities back in June, a year ago. Uh

they were they had a clear objective.

They were carried out effectively. They

didn't accomplish all that they claimed,

but they did accomplish enough to argue

that uh the nuclear weapons program was

set back. But now uh I think the

Iranians are really playing uh a

stronger hand uh visav uh Trump and he's

kind of flumx. He doesn't know what to

do. I mean on his truth socially talks

about how he doesn't find it interesting

pursuing these peace negotiations. He's

bored by it. And you know, when you

think about the hard work of both waging

war and everything that it entails and

then trying to extricate yourself from a

conflict with some sort of advantage, uh

that's really hard work and that's not

being done. So I can't tell at this

point uh what um where we're going to be

in a week or two or three. Um but if we

end up number one where the Iranians

control the straight of Hormuse and are

actually you know exacting tolls from

commercial uh shipping if we don't get

any kind of realistic agreement

certainly not one better than the one I

worked on when I worked uh with

President Obama and started the

negotiations that led to the agreement.

And if we don't really have evidence

that we have seriously damaged their

ballistic missile and other drone

capability, then what have we gained?

And it just will further weaken us. And

if you're sitting in Moscow or you're

sitting in Beijing and you're following

this, you are, you know, just first of

all probably dumbruck that any American

president would do this because I know

from my own experience,

we were often urged to do it but did not

for all kinds of uh reasons. And I

really worry about not just what it

means for the relationship in the region

and specifically what Iran can continue

to do, but what messages it sends to

everybody else.

>> So I guess my bottom line would be that

and I don't think this would happen. It

it would be extremely uh reassuring if

we had a real team of negotiators who

knew uh enough about uh what needed to

happen with Iran and they had the

patience and the discipline and could

drive a a very strong argument as to why

Iran would suffer consequences if they

didn't reach uh an agreement. But Iran

is not only on the ground stronger, but

they're playing a really effective

social media game. I don't know if

you've seen their

>> Mr. Explosive, the explosive Lego

character that they are using that is

all over social media. Um, and it is

just mocking us. And it's not just

mocking our current president, it's

mocking our country. So I I would like

to see a serious

dedicated effort to try to actually get

as much out of this unfortunate

situation that we could right now.

>> Yeah. But you'd have to create

if there's a deal to be had. You need

leverage. Yes.

>> How would you what would be your

strategy for coordinating with allies or

economic sanctions? Let's assume that

someone were to call you and say, "Okay,

we broke it. Can you help us fix it?"

How does America gain the type of

leverage it needs to in some way declare

victory and leave, if you will?

>> Well, I I can give you an analogy from

my own experience. When I started the

secret negotiations that tested whether

we could negotiate with Iran,

>> um I did it through the good offices of

the uh Omani government, the then Sultan

of Oman. And Oman, as you know, was on

the other side of the straight. We have

leverage with Oman. We have

unfortunately misused it but we have

leverage. And the other argument I made

which ended up getting a national a UN

security council resolution imposing

universal sanctions was to make the case

particularly to China and to India that

there will be a price to pay if you

don't help us reign in Iran. Our goal is

to prevent them from ever getting uh a

nuclear weapon arsenal. So you have to

demonstrate, you know, real allegiance

to that idea because if we launch a

nuclear arms race in the Middle East,

that is not good for any of us. And I

think that kind of tough diplomacy, none

of which I heard coming out of the

recent meeting that Trump had uh with

Xihinping, would lead to putting

together a coalition of, you know,

diplomatic support for exercising

leverage uh with uh the Gulf States,

with China in a way that makes it very

clear. We may have given that away, but

if we could rebuild it to basically say,

you know, we want to get back to free uh

navigable waters in the straight, that's

in your interest. You're the one who's

buying most of that oil. You've got a

weigh in. You could you could look at

this and see all the different players

who have their own individual leverage

and then aggregate that and begin to put

it together. It doesn't happen

overnight. It would be painstaking

diplomacy, but it could be done if we

had uh the right approach. Let's talk

about something more optimistic and that

you know

that's a pretty broad world. Um

something that doesn't seem to get a lot

of media coverage but you could argue is

really a a wonderful thing for the West

is that it feels as if in the last eight

or 12 weeks Ukraine has gone from

playing defense to offense.

>> Right.

>> Can you talk a little bit about the war

there and what it means for the West?

Look, I think it means

the difference between a peaceful

uh secure Europe and what that means for

a peaceful secure United States and a

further opening of a door to Russian

aggression if we are not uh on Ukraine's

side. It is one of the great uh

tragedies uh of modern uh history that

we have a president who doesn't support

the Ukrainian people. But the Ukrainian

people have demonstrated through their

own sacrifice how worthy they are of

everybody's support. And what they have

done in building up their own military

industrial complex in the midst of a war

is short nothing short of remarkable. I

mean the only thing I can think of Scott

that is even comparable is when the

blitz started against u Great Britain

you know when the uh Lufto planes were

you know bombing the heck out of London

and other sites you know Britain was not

prepared they didn't have the kind of uh

air force to fight back but boy did they

put it on a fast burner and pretty soon

you know within months they were you

know sending up fleets of you know

airplanes to do battle uh with the

German uh aircraft. Well, what the

Ukrainians have done is certainly the

help that they got since they were first

invaded in February of uh 2022, they put

to very good use, but then they quickly

realized that they had to be as

self-reliant as possible. So, what they

have pioneered with drone technology in

particular uh is the new form of warfare

and we all should be learning. In fact,

you know, Zalinsky went to the Middle

East. He went to the Gulf States. He

went to Saudi Arabia and the UAE and

others to give them support when they

were all of a sudden being attacked by

uh the same kind of drones that Iran had

sold to Russia. And those drones were

being used against Ukraine. Now they

were being used uh by Iran against the

Gulf States. So we all should be

expressing a great debt to Ukraine for

number one holding out and number two uh

demonstrating what modern warfare is

going to evolve toward whether people

are ready for it or not. But number

three and most importantly they have

held the Russians at bay. Now, if you're

running a country the way Putin is, and

you could care less, how many of your,

you know, young men are killed in battle

and he doesn't care and he's emptied the

jails and he's, you know, draoned people

off the streets and he's, you know,

given bonuses to people in, you know,

men in Africa to come fight who didn't

know what they were doing and he's taken

North Korean troops. He has thrown

everything he knows to throw against the

Ukrainians and the Ukrainians have held

the line and you know it's like a back

and forth almost world war one situation

where's a you know a couple of feet here

a couple of feet there but now because

of Ukraine's own development of weapons

particularly missiles and more advanced

drones they are starting to hit sites

within Russia and not just border sites

but you know much further.

So, I I think that now is a time and I'm

glad to see, you know, Europe is

stepping up. I think that Ukraine partly

because of what they offered and

delivered uh to uh the Gulf States,

including trainers to show them how to

use these drones, how to defend against

the Iranian drones. I I think that

Ukraine can withstand this barrage, you

know, this constant nightly aiming at

civilian targets. Again, like the Blitz,

these are not military targets. These

are civilian targets. And Russia and

Putin need to be defeated. And Ukraine

is on the front line of doing that. And

we all should do everything we can to

help them succeed.

>> So, I'm going to shift us to some more

local politics.

Uh we are here in New York which is the

center of capitalism uh the center of

Wall Street and yet we also just elected

a mayor who describes himself as a

democratic socialist and what we've seen

among young people among Gen Z my

generation is that interest in socialism

belief in socialism alternatives to

capitalism that is on the rise in

America right now. I'd just love to get

your views on what do you make of

Mandani's election and do you think it

says something about the future of the

Democratic party and the future of

progressivism in the United States?

Well, first of all, I think he is a

brilliant politician and I think he ran

an absolutely superb modern campaign and

caught the imagination of voters as you

say and particularly young voters. Uh,

and you know, after the day after the

election, I didn't endorse anybody. I

didn't get involved. You know, I

certainly congratulated him and wished

him well because I love New York and I

love what you said at the beginning,

Scott. Like, if you want to be in the

midst of creating the future, be in New

York. I love this city and I love

everything it stands for. And I really,

really want him to succeed. I don't care

what label he puts on his politics or

himself as long as he proves that his

brand of politics works.

>> Yeah,

>> that's what I'm interested in. I you

know look I am a very pragmatic person.

I can look at somebody and say prove to

me you know show me that what you think

will work to better people's lives to

you know create the investments we need

to prosper together to keep us secure uh

to give us opportunity to inspire young

people everything you want from good

political leadership. I want to see that

and I see some of it and the jury is

out. I want to see what he can actually

produce. You know, Mario Cuomo famously

said, "You campaign in poetry and you

govern in pros."

>> The campaign is fun. It's exciting. It's

a roller coaster ride. Having done a few

myself, it's incredibly uh exhilarating

and uh either works or it doesn't, but

nevertheless, um and so

then the hard work starts. I mean, you

just work 247 to get yourself elected

and it's like, you know, the dog that

catches the car and all of a sudden

you're like, okay, how am I going to

actually govern? And I see some good

things. A lot is still un uh clear, but

I I I really hope for the sake of, you

know, this city that I love um and that

I was proud to represent for eight

wonderful years that we really can see

New York be a laboratory of democracy

for if he wants to promote his policies,

prove them. Let's have proof of concept.

uh you know call yourself whatever you

want but let's show that what you are

standing for and implementing is

actually going to work

>> and and I am like that with you know

people across the political lines you

know if you have a good idea I want to

hear it and I don't really care you know

where it comes from but I do think

there's a cautionary lesson you know

don't govern to your base Trump has

governed to his base and he's driving

you know you know a stake through the

heart of American democra Y he's

undermining the, you know, the

incredible engine of the American

economy in my opinion, but he's

satisfying the 35%

of the people who are still with him,

not others. And that doesn't work. It

doesn't work in America. And so broaden

your aperture.

>> Yes.

>> Get a broader base of people because

these are the people whose policies you

are implementing are going to be

affected by.

>> Yeah. My final question, we we talk

about a lot of economic issues on the

show. Some of our biggest themes are

wealth inequality, housing prices and

housing policy, mental health, social

media, loneliness. When you look at the

United States in 2026, what are the

issues in our nation that you are most

concerned about today? And what kinds of

policies would you want to implement to

start to resolve those issues?

everything you just said. I mean

obviously and I would add our

international position because I think

it has an impact and then I would also

you know mention you know what I

consider to be the two overriding themes

affordability and accountability.

How do you make life affordable uh for

particularly young people? Um because it

does seem to me that you know we've

given them a a really tough deal in

terms of what they can expect and

whether they can feel that their future

is going to be you know better than

their present and certainly is it going

to be better than their parents or their

grandparents in terms of not just

aspiration but actual reality. But I I

honestly think that you got to look

again to the cities and the states right

now. The federal government is broken

and a lot of what Trump has done has

rendered it dysfunctional. You know,

cleaning out experts who knew anything.

This Ebola epidemic, boy, I hope it

doesn't get as bad as some of the folks

whose opinions I respect say that it

could in terms of its spread. But, you

know, we we got rid of our surveillance.

We got rid of the infrastructure we had

built over decades to be alerted to

these kinds of things and act on them.

So it's it's both international and

national, but focusing just here at

home, I want to see states and cities do

a lot more. And let's see what a good

housing uh policy in New York looks

like. Let's see what a a good uh you

know economic mobility plan from

Illinois looks like. I know you guys

were in Chicago with my friend JB

Pritsker uh last night. Let's see what

the states do to govern AI because the

federal government isn't doing it. So,

let's turn back to laboratories of

democracy, you know.

>> So, Democrats are feeling really good

about the midterms, but

u I would never underestimate our

ability to snatch defeat from the jaws

of victory.

>> Yeah. Um,

>> I know something about that, too.

>> What uh

what what advice would you have for the

Democratic Party around messaging? And

uh do you see any what are you

optimistic about and what are you

worried about in terms of the midterms?

>> Well, before um the uh tsunami of

redistricting started um at Trump's uh

demand to Texas, I was extremely

optimistic. I I I saw uh all of the

ingredients for a big midterm win for

Democrats. Um obviously

what the states themselves did and then

what Democratic states responded with

and then what the Supreme Court did and

what I view as a truly disgraceful

decision throwing out uh the guts of the

Voting Rights Act means that it will be

harder. But I am still very optimistic.

And and the reason I'm very optimistic

is number one, if you look at the

elections that have been held over the

last year, Democrats have done really

well. And not just, you know, the

governor of New Jersey, the governor of,

uh, you know, Virginia, uh, the

redistricting votes in places like

California, but I mean, public service

commissioners in Georgia and preserving,

uh, Supreme Court justices in

Pennsylvania and getting really into the

nitty-gritty of who was winning and

where those victories were happening.

So, I think that the underlying uh

conditions are still very favorable. Uh

but I also think that you've got to

stress these two big overriding themes,

affordability and accountability. And I

mentioned them both together because on

affordability,

I think a lot of people who voted for

Trump actually thought that he cared

enough about them to do something about

affordability. And lo and behold, that

was not the case. And so their

disappointment or their feeling that

wait a minute, that's you're doing stuff

I didn't vote for and you're not paying

attention to what I need and now you're

starting a war that has already raised

gas prices and by the time we get done

with fertilizer and supply chain

disruption and everything else, it's

going to cost all of us more. Um, so I

think that on the affordability issue,

the Democrats have a, you know, a pretty

uh, wide open door. And I think again,

what you say and how you say it may

differ from district to district and

state to state. And it's not a national

campaign exactly, although you need a

national umbrella message uh, like a

presidential campaign is. So, when

you're running to uh defeat a Republican

incumbent in a purple swing district,

you're not going to say the same thing

that somebody who is running in a deep

blue district is going to say. And you

just have to accept that. That's the way

politics works when you're running uh

for the midterms. You've got to make

your case in language that your voters

will uh agree with. And then on the

accountability issue, I just want to say

a quick word about the Hungarian

election because I think there's a real

lesson to be learned. So other

opposition

parties and and leaders tried to, you

know, defeat Orban over a couple of uh

uh election cycles and were

unsuccessful.

So what made it different this time was

not only a charismatic, effective,

really hard-working candidate uh with

Madar who was a truly dedicated uh

opposition figure having come out of

Orban's party but he was able to tie the

corruption of the Orban government to

the lives of the Hungarian people. I

mean, when you look at the explosion of

corruption in this administration, you

know, I know some people have a t

tendency to say, "Ah, you know, they're

all politicians, whatever." And that's

not true. But I can understand why

people might think that. Um, but with

Trump, it's corruption that is hurting

people. You know, because while war is

being waged in Iran, members of his

family are making money from some of the

very same interests and parties involved

in this war. While you have the uh very

clear economic disparities and the

wealth in inequality exploding because

of the big beautiful bill that they

passed. you know all of a sudden people

are feeling like wait a minute what is

happening to me and my family compared

to you know the top onetenth of 1%. So I

think that there is a lot of correlation

between the corruption and the

accountability that needs to be uh

expected not in a partisan way, not in a

using prosecution to settle personal

grievance way, but in a rule of law way.

if we do not restore the rule of law.

And I was so encouraged to see that the

push back on this terrible grievance

fund that they were setting up to reward

people like the January 6th uh

instigators.

And and so there is there is a finally a

kind of recognition that the corruption

personally benefits the president and

his family, rewards people who committed

crimes,

uh and really went after our democracy

as well as all the other, you know,

things that they did. That is

encouraging. And so I I really think the

messaging needs to be focused on what

we're going to do to actually help

people and solve some of these problems

and what we're going to do to restore

the rule of law. And so I am optimistic

as long as people turn out and vote.

That's always the big question.

So, there were several people with

earpieces who looked like they were

ready and willing to kill me that said,

"You have 20 minutes and you got to get

into your next gate." But before we let

you go, um, Secretary Clinton, I just

want to put an image up. Do we have the

image? So, this is me in 2016.

I've only gone door todo for one person.

>> Oh, wow. Oh,

>> that's me and every other Democrat in

West LA. So, all eight of us

were knocking on doors trying to get

people to show up.

>> Oh, thank you. Thank you. Thank you.

Wow. Thank you.

>> Well,

>> so it is,

you know, my wish for the nation is that

character and competence makes a

comeback. Really appreciate your

service, Secretary Clinton.

>> Thank you. Thank you so much, Scott.

Appreciate both of you. Secretary

Hillary Clinton.

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>> I'm a little bit in shock. I'm still

kind of like amazed by that experience.

Yeah, I'm still a little

>> Any any any takeaways? Any thoughts?

>> Well, I talk a lot about young men and

the lack of role models. And I think

femininity and masculinity are empty

vessels that we fill with what we want.

And I think that there's a lot of

wonderful feminine characteristics that

men can demonstrate around being

nurturing and vulnerable. Also, there's

a lot of wonderful

um attributes that women can demonstrate

around masculinity and strength,

leadership, service.

>> So, I I think the secretary is a

fantastic role model. Everybody talks

about what a great role model she is for

young women. I think she's an

outstanding role model for young men.

>> Yeah. 100%.

>> 100%.

>> And it's very nice of her to show up

here. And it's very nice of Cara Swiss

to bring her here. Cara, shout out to

Cara.

>> I love you.

>> We love you.

>> Yeah. By the way, that was just a

Bigfoot move. That was her. The key term

was I'm on top.

>> By the way, let's getting a little

serious here. Let's bring it Let's bring

the mood down a little bit. A little bit

up. Do you know what my uh safety word

is?

>> What's that?

>> Maybe.

>> Should we bring out the mooch?

>> Let's do it. Before we do that, before

we do that, I'm going to do a little

intro just we like to kind of go through

the motions with this with this show and

this podcast. So, this is a show as you

all know about the markets which sit at

the center of almost every part of our

lives. We created this show, it's

getting on close to four years now,

which is crazy, with a simple goal to

help people better understand how

markets work. But it is getting harder

to do that at a time when faith in the

system itself is starting to erode. Only

54% of Americans today say that they

have a positive view of capitalism,

which is the system that runs markets.

And it's increasingly not hard to

understand why. Over the past few

months, we have seen repeated evidence

that markets may not be truly fair and

transparent. President Trump recently

disclosed more than 3,700 trades in

American companies during the first

quarter, most of which were made before

he revealed these key developments

related to the companies. Millions of

dollars of unusually well-timed trades

were also made right before he made

major announcements related to Iran,

related to Venezuela, related to uh the

tariffs and liberation day. much much

more in some as Secretary Clinton

pointed out insider trading in this

administration at least is alive and

well. So tonight we wanted to speak with

someone who is uniquely qualified to

answer the questions many are asking

right now. Why should ordinary investors

believe in the markets when it feels as

if they're rigged? As the founder and

managing partner of Skybridge Capital,

he spent decades navigating markets and

helping investors make sense of them. He

famously served in the Trump

administration and has since become one

of the president's most outspoken

critics. Ladies and gentlemen, please

welcome to the stage our very good

friend Anthony Sarah.

>> Hope they let me keep the hat.

>> I'm hoping for it. We love it.

>> I I hope I get a chance to keep it.

That's fair. Let's Okay, I got Nix in

five. Okay, that's my bet. I will.

>> Nixon five. That's good.

>> How you doing, Mitch?

>> I'm I'm doing great. I mean, I thought

the secretary was on point. Is she

running, Scott? If she's running, I'll

knock on doors with you. How about that?

Okay, I'll go out there. Hey,

>> I've done that once or twice before.

>> I find that pretty much anyone who

agrees to come on my podcast is running

for president.

>> Hey, I'm really When are you running out

there? I'm I'm really Yeah. When are you

running?

>> I'm just running for reelection in my

marriage, by the way. I'm running for

president, but anyway. All right. Go

ahead.

>> I mean, I And by the way, I could be I

could be term limited in mar. You got to

be careful. You know, it's a constant

campaign. All right. But go ahead.

>> You don't have to You don't have to

worry about that. Scott and I have Scott

and I have had that experience.

>> Early early voting is pretty ugly. Um

>> the polls weren't great a few years ago.

Let's face it. But all right, go ahead.

So, Mooch, uh, I want to just review

some of the corruption that we've talked

about, uh, these 3,700 trades. You and I

talked about this on a show a few weeks

ago, but I just want to make sure that

we're all on the same page and that

we're not in belief that I don't know

that I have some sort of Trump

derangement syndrome or something. I

just want to go through what we have

actually seen uh, in the last few

months. So, Trump made 3,700 trades in

in the first quarter. He bought Oracle

right before he finalized a deal for

Oracle to buy Tik Tok. He bought Nvidia

right before he approved Nvidia to sell

chips to China. He bought Dell right

before Dell signed a $10 billion

contract with the Pentagon. Dell stock

is ripping right now. His sons invested

in these drone companies right before

they also signed contracts with the

Pentagon and right before we went to

war. He made almost a billion dollars

selling crypto. His family has made an

estimated $2.5 billion dollars since he

took office. Do you think it would be

fair to call this the most corrupt

administration we've seen? And if so,

what does it mean for investors?

>> I mean, listen, there's there's a lot

there. So, it's obviously it's a very

corrupt thing that they're doing. You

could go back through our history. The

Teapot Dome scandal was very similar,

also very corrupt. and what they're what

they're doing.

And Trump said this, I don't know if

anybody caught this, but he was outside

in a press gaggle as he was going to the

helicopter and somebody called him out

on it. Almost similar to what you were

saying, but much, you know, you know

what you're doing is unfair. He looked

at the people said, "Well, first of all,

I have the right to do it. It's

questionable whether he does or not, but

there is a a seam there which I can

share with you." And then the second

thing he said is, "Uh, it's peanuts." He

always says that like it's it's not that

much money, one or two billion dollars.

But but that's what he said. Okay. And

then the third thing that he said which

should scare everybody in the room and

it has to get you awake and you have to

get motivated on this. He said, and I

quote,

"And people don't care." Okay? And what

they're doing in Washington is they're

using our collective apathy as

permission to do certain things. So if

HGsth is going to fire John Failen as an

example, uh he goes to Failen and says,

"Hey, I want to build these ships. We

got to build them super fast." Trump

wants to build them super fast. And

Failen says, "Well, the law requires me

to put the bid out to three or four

vendors and get the lowcost bid." And

then Heg says says, "No, no, no. I want

you to put it out to one

bidder because that's going to expedite

the process." And probably there is a

little bit of a vig going to Trump and

his family members in that bid and

Failen says no and then Failen gets

fired. You see see what I'm saying? And

again, general apathy about the whole

thing. So yes, it's very very corrupt.

But if the people in this room don't get

motivated and people around the country

do not get motivated and say we've had

enough, it's sort of like network. Scott

and I are old enough to remember

network. Remember I'm mad as hell and

I'm not

>> what you're talking about.

I'm mad as I'm not going to take it

anymore.

>> That's the messaging. Okay. But I want

to I want to talk about something people

should understand.

>> Uh 60 60 Minutes is in the news right

now. In 2011, 15 short years ago, 60

Minutes did a special on congressional

insider trading. And Peter Schwitzer had

actually wrote a book about this whole

thing. And they voted to negate

congressional insider trading. And there

was an 8-month period of time where the

Congress could not participate in

insider trading. And you know what they

did, guys? They went by voice vote. So

they would be off of C-SPAN and they did

a voice vote into the telephones and

they voted it back in.

>> Yeah.

>> Okay. And so people don't remember this

because again they did it on the sly. Uh

and I'm going to tell you the the the

silver lining of all this. Trump has

been so wildly egregious that maybe this

will now be the opportunity where people

will take everything that he's doing and

say, "Okay, he broke every Norman and

standard. So now let's codify the

country to protect the next person that

takes that job." And that's what you got

to hope. Whether it's honestly, you got

to hope that whether it's Secretary

Clinton,

if she becomes president in 20128,

Pritsker, Gavin, pick the person that

becomes president. You got to hope and

pray that that person is a

transformational

and in some ways postpartisan leader

where they say, "Okay, it's not going to

be left or right. It's going to be

what's right or wrong for the country."

And these were norms and standards that

were adhered to from George Washington

up until Barack Obama and then for a

four-year period of time Joe Biden. And

he came in with like an orange wrecking

ball and smash these. Okay. And so we're

going to repair them first before we do

anything else. And I think that's

necessary

>> and and recognize

and recognize that it's happening on

both sides. And you and I have talked

about this. I mean, the Pelosi index has

been absolutely crushing in recent

years. Perhaps the only index doing

better is the Trump index.

>> Listen, I got I got a couple billion

under management. I can't beat Nancy

Pelosi. I got I got buddies that got 70

billion under management, 25 offices

getting their asses kicked by Nancy.

Okay? I mean, you got to just I mean,

it's unbelievable.

>> Small investing mind. I just want to

point out one statistic. You you point

out how how the American people Trump

says the American people don't care.

This was some survey data that I cited

in Miami that just really struck me.

They did a poll. They they asked Trump

voters about this issue. Half of Trump

vote v voters think that Trump hasn't

profited in this presidency whatsoever.

>> They they genuinely believe this

>> that he hasn't made a dime.

>> And you know, I've gone through the

data. You can either say that the data

is fake news. You can say it's it's a

lie. Whatever you want to think. I mean,

I guess my question to you is it a

problem of we're not talking about it

enough or people don't want to hear it

or I guess as Trump says himself, people

just don't really care.

>> Well, it's it's all those things, but

again, it's you know, you you've got to

you're under your crowd, this audience

here, us, I would say, we're high

information voters. We're consuming the

information. We're looking for the

information. Average American is not

doing that. On the 4th of November,

2024, the evening of the election,

November 50 being the election, the most

searchable term was, "Did Joe Biden drop

out?" And so, I just want you to think

about that. The average American coming

home tired, maybe blue collar worker.

Okay, I'm going to go vote tomorrow. My

union needs me to go vote. Who the

hell's running? Biden's the president,

right? Oh, wait a minute. Who's wait,

did Joe Biden drop out? Okay. So, I just

want to give you a sense for where the

country is, right?

>> Okay. And by the way, you can like or

dislike Donald Trump, but we got to talk

honestly,

he went into those territories of the

country. He went in there with his MAGA

hats. He went in there with his YMCA

song and all the different things that

he did. And uh so, we laugh about it,

but they show up for it.

>> Yeah.

>> Okay. And I will tell you that the

Democratic Party that I grew up with

here in the city of New York, you know,

Secretary Clinton mentioned Mario Cuomo.

Obviously, my family knew his family. Uh

Lyndon Johnson,

uh Jack Kennedy, Bobby Kennedy, they

were focused on those people. They went

into those towns and said, "We're going

to make your lives better. Uh and we're

going to do that." And you know, people

are not going to like this, but I want

to share this with you because I I I

want to leave this with you. you only

remember one thing I say tonight.

Remember this and it doesn't reflect

well on me. When I was with Donald

Trump, I went to New Mexico with him in

May of 2016 and I went into the

Albuquerque Civic Center and he had

Secret Service with him and so we had to

wear these day pins and I said to the

Secret Service guy, "What is this, sir?"

He said, "Well, if the shooting starts,

we know you're with us. We won't shoot

at you." I'm like going like this with

the pin. I took the pin off. I crossed

the security perimeter and I went into

the crowd and I started asking people

why they were there. And one young

gentleman said to me, "Well, you know,

uh, my father was at a factory for 30

years. I was working there for 12. They

closed the factory." Anthony, you think

you're in New Mexico? Well, no. New New

Mexico.

That would be Mexico because that's

where the factory went to. I'm out of a

job. I'm working at Lowe's, the home

improvement center, delivering pizza at

night. And I got hit in the head with a

rock because I grew up, my dad was a

crane operator. My mom was a makeup

artist. I'm I'm Mac five. That's my

color scheme if anybody wants to get me

a Christmas gift. Okay. Scott's a little

lighter than me in case you know. Okay.

Probably six. All right. But anyway, I

looked at that young man and I said,

"So, what should we do?" So I don't know

but we were once bluecollar economically

aspirational

and today we are now bluecollar

economically desperational and guys I

missed it. Okay because I went to tus

and Harvard. I grew up in a blueco

collar family but I started to pick up

the collective biases of the people that

I was hanging out with. So I went to

Goldman Sachs and I was in the salons of

the wealthy and I built a hedge fund and

I missed what was going on in a very

large portion of America. And I just

insisted everybody think about this and

whoever the presidential candidates are,

he or she, you got to go and meet these

people and you have to accept these

people and embrace these people and try

to bring them back into the system. I

think it's very very important for us to

do that. And I'll just tell you, I

missed it, Scott. And

and when you go to those places, you'll

be sad. You'll be like, "Okay, you know,

people feel a sense of economic

desperation." You know what the

secretary didn't mention because she

probably didn't have enough time. We're

going to take 17 million people off the

healthc care scrolls. Okay. Right after

the midterms, they did it. Think about

the pathology of that and the

premeditation, the SNAP benefits. You

know, I work alongside of the City

Heartiff. Many of you guys have heard of

it. It's one of the largest food banks

in the country. Uh we have over a

million people. It's it's out in

Brooklyn. My wife and I were there on

Friday talking about the organizational

structure and how we can raise more

money. You have 1.2 million people in

this city. Think about this city and the

glory of this city. We have 1.2 million

people in this city that are food

insecure. Over half of them are

children. Okay? We also know when we

when we we go into the schools, we go

into the public schools and you say to

the kid, "Well, why aren't you doing

well?" And you know what the kids say?

You know, I'm hungry. I'm starving. You

know, I can't think about the lesson

because I got to the school hungry and

we're slashing all those food programs.

Now again, in New York, we're not Hulk

held the line on that. Mandani held the

line on that. You were talking about the

popularity of socialism for a second. If

we don't figure out ways to create a

bigger platform of equal opportunity in

the country, you're going to lose the

capitalism because, you know, I'm okay

with the unequal outcomes, but you

better get some sense of fairness going

no matter who's born into whose family

and what the zip codes are. Because if

we don't do that, you're going to lose

the structure that has made the country

so prosperous.

Let's double click on that because you

have kids. I have kids. And there's a

lot of times when my boys think

something and I literally just want to

grab them by the lapels and shake them

and go, just trust me. You don't

understand

how stupid you're being.

>> That's

>> I need to have you to come over to my

house. like probably probably I need

some help with that. I'm

>> I'm basically a [ __ ] as a parent, but

go ahead. Keep going.

>> Well, you real I talk a bit again. You

realize

>> you realize that doesn't work. And I

feel that way whenever I hear someone

his age talking about socialism

and it's like do you have any sense of

history of how superior capitalism is a

system in terms of generosity creating

tax revenue leveraging the most powerful

aspect of our species and that is

self-interest such that we can create

the revenue to help the poor and lift

them up.

>> What I mean how do we how do we get Gen

Z and millennials? What is the messaging

around? Okay, you know, capitalism is

what what's going on now is not

capitalism, it's cronyism.

>> Yeah, we both know that.

>> How would you communicate to someone

that's younger than us? I'm Gen X.

You're a baby boomer. You're much older

than me.

>> Um, but

>> I actually am older than him. Okay.

>> Yes.

>> And, uh, he doesn't have any hair, but

I'm dying my hair. Okay.

>> Okay. So, this is Latin American

dictator brown. And if you go to the

colorist cuz that

>> look at that hair.

>> I was

>> seriously look at that hair.

>> I'm just letting you know.

>> I I was using Maduro black until he got

arrested. I think I better lighten it up

a little bit. Okay, keep going, Scott.

Go ahead.

>> Oh, yeah.

you

what do you think the message is to

young people around

around capitalism being the worst system

of its kind except for all the rest as

Churchill said.

>> Okay. So I I would say a couple things.

We got to teach him our history. And one

of the great books about this is HW

Brans's book, The Traitor to His Class.

And it's about the great aristocrat

Franklin Delano Roosevelt, who looked at

the structure of the capitalism, some of

the cronyism that was going on, the

rigging of the markets, guys. You know,

Joe Kennedy made a fortune rigging the

markets, lots of insider trading, and he

said, "Okay, what we need to do is we

got to make it fairer. So if we regulate

it, if we end the corruption, the

Trump-like corruption, people will think

it's fairer. Number one. Number two, if

we provide some baseline help, social

security, lots of the work projects that

went on in the in the in the 1930s and

one of the greatest inventions for

middle class aspiration in the history

of the world, the GI Bill, which was an

accidental thing, guys. Okay? And so

these GIS, you had uh uh Jews from East

New York, Italians from Brooklyn, you

had Irish guys from Hell's Kitchen. They

came back to New York. Their parents

never went to college and they now had

this opportunity to go to college and

they went from bluecollar jobs and

laboring oriented jobs to white collar

jobs. And so the message should be

there's a harmony between the government

and business. I'm all about capitalism.

I want there to be capitalism. We agree

on that. But there has to be a regulated

capitalism because greed in a society

always overcomes wisdom. And what we

find when you get an oligarch like

figure, they'll create a funnel at the

top and they'll all sit around and

they'll spin the dial and they'll

they'll create wealth for themselves and

they'll leave everybody else behind. And

so one of the great things about the

structure of the government was its

decentralization. You know, this is a

Madisonian Jeffersonian structure to

protect every citizen and to endow you

with your individual liberty, which

gives you the right to execute the

capitalism. But when you are in a

structure that is damaged like this, it

needs to be reset. And I would go out to

all these guys and talk about Roosevelt,

talk about the Kennedys, talk about the

civil rights reformation in the 1960s. I

say, "We're at our best when there is a

harmony with the government, where the

government's helping the public schools,

government's helping to feed people,

balance the system, handch the super

greedy so that every person in the room

can seek their aspiration." And so

again, I'm for unequal outcomes. uh you

guys have done an amazing job with your

podcast, all your great businesses. You

should certainly have economic rent

associated with that. These u

entrepreneurs should always benefit from

that. But the flip side is I didn't pick

the place that I was born.

>> I don't think you guys did either. This

is a rich enough society and this is a

very generous culture. If you look at

the philanthropy in the United States,

we have to set the culture up. So no

matter where you were born, you get a

package of services, some food and some

healthcare and some basic education so

that you can get to the starting block

so that you can go up against people

that have their family names endowed on

libraries and stuff like that around the

country.

>> So speaking

>> so it's a it's a history lesson in there

as well as economics.

>> Speaking of starting block, I want to

move on from something more important

than the future of our country. I want

to talk about upcoming tech IPOs.

Um, just curious, you're a markets guy,

curious to get your take on anthrop

$150 billion raised, $4 trillion

valuation, SpaceX, Anthropic, Open AAI.

Just curious to get your thoughts about

those IPOs and the respective

valuations.

>> Okay. Well, I've listened to I I

listened to Prop G, so I don't want to

over be redundant to what you guys said

about the S1 for SpaceX, but obviously

that business is not worth that kind of

money. But let me say something as a

market participant for 40 years. Elon

Musk is a human meme. And if you

understand what I mean by that, he is

Gamestock or he is a he's a meme. And so

for whatever reason, there's always a

bewarm of retail activity around the

stuff that he's doing. And now we could

agree with that or disagree with that.

Certainly car who left the stage a few

minutes ago doesn't agree with it.

>> But if you got allocation in the IPO 1.8

trillion, would you buy in?

>> Um, yes, I probably I probably would

because I I believe that he has a lot of

execution gifts. And I said this

actually I think I I subbed for you on

pivot uh when the when the S1 was

announced and I said listen I fully

disclose I own some SpaceX

u I I bought it a few years ago. It's

obviously up a lot in valuation and so

yes I would probably participate in the

in the IPO because I think he is an

executionoriented guy that would figure

it out. Anthropic is a totally different

beast. Um, I've had

>> there's a difference between execution

and rah rah

>> and figuring out a way to create a meme

stock out of something going out at 100

times revenues. But you think there's

execution that can backfill that kind of

valuation?

>> Well, he did it once before in Tesla and

I watched the hedge fund manager buddies

of mine get their faces ripped off in

Tesla. And if we were sitting up here 10

years ago and we went through that S1,

it actually looked worse on a

comparative basis to SpaceX. So

>> I I I guess what I would say to you, the

paradigm has shifted in the markets

>> and you have to sort of see that. John

Mater Kane said something way better

than me. So I'll paraphrase it. And John

Maynard Kane is a brilliant stock market

speculator. And he said, you know, I'm

one of the judges at a beauty contest,

but it's not for me to judge beauty. is

for me to think about what the other

judges think are beautiful. Yes.

>> And once I figure out what that is,

that's why I'm going to make my

selection

>> and it's a way to think about the

markets. And so I may not agree with the

beauty of SpaceX. But when I talk to my

hedge fund manager friends, my

institutional investors, my former I

used to work at Goldman investment

bankers at Goldman pricing the deal, I'm

like, "Okay, this will have some

buoyancy to it. It'll have a leg up on

others." And so I I I don't want to

certainly wouldn't be short it. Let me

put it that way. I I've seen people

really get hurt shorting assets like

that even though they look fundamentally

inferior.

Along those lines, it's really

interesting you bring up the the

Keynesian beauty contest, which I also

love, but that also seems to be a little

bit of a signal of a of a bubble. What's

that? What was it?

>> I just said Princeton. I don't know what

happened to Princeton.

>> That seems to be a little bit of a

signal of a bubble. The idea that you're

it's not that you find the product or

the company beautiful, but everyone else

does. And if everyone else does, then

maybe I should, too. And I think the

other the thing that people are probably

getting worried about when it comes to

these IPOs, I mean, you don't have to

buy SpaceX if you don't want to, if you

think the fundamentals aren't in shape.

And so, you know, I'm not going to buy

it.

>> But they're changing the rules for the

index funds, specifically the NASDAQ, so

that SpaceX automatically does go into

these passive index funds. So, what

they're going to do is they're going to

they're calling it fast entry rules for

these mega cap companies. essentially

rewriting the rules of passive investing

so that you can invest immediately in

SpaceX, in anthropic, in open AI. And

that gets to a point where now we

actually don't have a choice. Whether I

think it's a good company or not, if I

own the NASDAQ and even the S&P is

considering rewriting their

profitability rules in order to include

SpaceX, you have to own it anyway. That

seems to be a concern. And it co it goes

back again to this idea where we talk

about the markets seem to be the rules

of the game seem to be rigged. We seem

to be kind of shifting the rules around

what Trump wants or around what Elon

wants. He's the one who pushed for this

with the NASDAQ. Are you concerned about

that at all from a passive?

>> Okay, so this is this is first of all

it's great analysis but let me provide

some historical context because I think

it's important.

>> We had something called Sarbain Oxley. I

think you guys would remember that was

extra uh regulatory process. It it

created a tremendous burden on private

companies uh if they were to go public.

Then we had the global financial crisis

added another layer. And ladies and

gentlemen, if you go back something like

SpaceX would have gone public with a

$300 billion market cap or $150 billion

market cap under a different regulatory

rubric. But what happened is because it

was so difficult to go public under the

current regulations

uh the retail participants unfortunately

were left out of it. Yes.

>> Okay. And I think there was an

unfairness to that. And if I were not

that I would ever be the SCC chairman

but I would say to people we got to be

very careful to overregulate

uh because we want to make sure that the

retail investors have an opportunity to

participate in these things. So, all of

these things from a 40-year perspective

of the markets, as long as I've been in

the markets, they're coming public too

late. And they're coming public with

these very high valuations, which is

unfair to the retail investor. So now,

think about it this way. The company's

already a trillion dollar company. Okay?

And so what should have happened, it

should went public at 150. The rules

would have applied. It got itself to a

trillion, and then it entered. Do you

see? You see what I'm saying? So, so I'm

just saying to you, I see both sides of

it. I would have argued against it. I

would have said, "No, the rules have to

stay and they have to not be in. They

can't get fasttracked into the S&P." But

Ed, and ladies and gentlemen, Ed just

proved my point why I want to be a part

of it. Because let me tell you what

happens in our society. If it goes in

the S&P, all the institutions, all the

401ks, all the people that buy the S&P,

guess what happens? They buy it.

>> Y

>> and you'll be stepping in front of a

freight train. You'll be trying to pick

up a penny in front of a steamroller.

So, I can't live in a society the way I

want it. I've accepted that. You know, I

tell my kids, "Hey, you want to curse?

We're cursors. I'm an Italian from Long

Island." Okay. But there are two words,

you know, and I I I got fired from the

White House for [ __ ] cursing. Can you

believe that? In the in the in the in

the Trump White House. Can you [ __ ]

believe that? I mean, come on.

>> I I somehow forgot about that.

>> All right. But I think you're being I

think you got fired for other reasons,

but

>> but I did I actually

>> I actually did get fired for way more

other reasons, but you know, you guys

you guys don't have the time for all

those reasons, and you know, I tell my

therapist that [ __ ] But anyway, let me

go ahead. But but I I just I just want

to make this point, okay? I And I want

you guys to think about this. The two

words that are the worst words are

should and ought. I tell my kids, you

start with that stuff. I'm going to cut

you right down. You know, the world

should be a certain way. I ought to have

gotten a 36 on the ACT and I've ought to

have gotten into Princeton. You know

what? The world does not work that way.

Life is unfair. You have to deal with

the world the way it is and not play the

victim. These rules suck. I think it's

wrong to do it. But now I'm sitting at

the turret. I've got investors that I

got my own money that I got to worry

about and I have to look at the world

the way it is now. I can try to reform

it. I can try to speak out against it. I

can try to give money to politicians or

knock on doors for politicians that will

try to make the world better. But you

got to be very very careful in this

world as an investor and never use the

words ought and should because you're

going to get yourself in a lot of

trouble because we do not live in a

normalized world. We live in a real

world.

>> So just as we wrap up here,

sorry

it deserves to be booed, by the way. But

by the way, when you boo, all I hear is

mooch, by the way. Say mooch. That's all

I hear. That's all I hear.

>> Just as we wrap up here, I have this.

>> Do I get to keep the hat or go? That's

yours.

>> Fantastic. All right, go ahead.

>> Here. I'd be [ __ ] share. I'd grow it

down to here. Um,

>> just as we wrap up here, we talk a lot

about um I'm I'm part of this Reddit

group or the in the Zoom group where we

talk about brands that accelerate or

decelerate.

>> Yeah.

>> Papy way up in brand equity. Ferrari way

down with that abomination that tech is

now infected.

>> But we talk about people whose brands

have gone up and gone down.

>> Yeah. And I argued or I was making the

point that I think you have registered

from a few years ago the greatest brand

accretion of almost any individual I

know.

>> Thank you

>> because you were

>> couldn't have gone any [ __ ] lower

than I was actually in the [ __ ]

basement of the town hall by the way.

But that's fine.

>> All right. Go ahead.

>> But the lesson I want you to or what you

want to talk about for people who are

quite frankly find themselves in a

position where their brand just isn't

very strong. Can you share kind of that

moment and any lessons for how to come

back because you I'm very very serious.

Your brand has skyrocketed.

>> Well, first of all, it's very sweet of

you, Scott. You know, I love you and uh

if I had your height, the world would

have been a way better place. But but

let me just tell you something. For all

you short people out there like me, we

have more oxygen down here. Just

remember that. Too thin the oxygen. But

>> see, I look at your hair and I think I'd

be pulling number two behind Newsome.

Well, I'm going to I'm going to set the

scene for you. I know we have to go, but

I want to take you to one of the worst

days of my life. Okay, you ready? Jul

was Monday, July 31st, 2017.

Do you guys want to know how I knew I

got fired? People want to know.

They issue you a White House bat phone.

This is an, you know, impregnated

codified phone. You You can't get spyw

wear into the phone. You're supposed to

only contact cabinet members and other

White House staff with that phone. Of

course, Pete Hexes didn't get the

message. He was using WhatsApp to But I

got the phone and uh and on that Monday

when I turned the phone on, it wasn't

working. They had cut my air supply at 6

a.m. So, I knew I was getting fired. I

got I got fired at 9:30. But I want to

set the day for you. I'm fired from the

White House after 11 days. Uh uh

>> you can one scaramucci.

>> You could say you could say 954,000

seconds. Sometimes that makes me feel

better.

>> Uh my wife is sore at me. Okay. My wife

hates Donald Trump almost as much as

Melania hates him. And I'm talking

that's like

that is like some Eastern European

ancestral [ __ ] hatred. Okay?

You know what I'm talking about. Okay.

So my wife hates him. She filed for

divorce on me. I'm not making this up.

Okay, guys. On the 24th of July,

I missed the birth of my son. Okay,

that's a true story. I was in West

Virginia with the president. Uh, dear

and I were fighting, but I was scheduled

to be at the birth. He was due on August

8th. Maybe the stress of the whole

situation, she gave birth early. There's

a 60-mile nofly zone around Air Force

One. I was 70 miles out in the woods at

the Boy Scouts summer camp where Trump

was making a speech there. There Scott,

there was no way back to New York. Okay,

guys. Everything was going badly. And if

you ever need to pick me up and it's not

cancer, call me, okay? Because I was

having a really shitty day compared to

what could happen to you. So, I'm now

fired. I've got to repair my marriage.

I've got to heal the situation by

missing the birth of my son. I've got to

face the music from the late night

comedians.

I mean, you know, Co Bear called me a

Jersey Shore cast member. Uh I think u I

think uh I mean it's [ __ ] funny. You

can laugh at it. Okay. I I thought it

was funny. U Bill Maher, a show you and

I have been on many times. He said I

think he said it was Tony Soprano on the

PTOIC. I mean he was I was getting hit I

was getting hit every which way. Uh and

I think you know they were they were

really lighting me up on Saturday Night

Live. I think somebody called me human

cocaine. It was like really bad. Anyway,

anyway, now I got to repair this. Okay,

I go to see this like PR crisis

management person. And you know the guy

says to me, the guy says, "Look, man,

this is terrible.

You got some dough?

Go buy a villa in Italy. We'll see you

in 5 years." Okay, it's not I mean,

you're never going to recover from this.

Come back to the country in 2022.

Okay? And I want to leave you with a

couple of thoughts. Okay, I went right

on the Cob Bear show. Okay, I went out

to Bill Maher. I faced the music of

Saturday Night Live. I went back on

television. I met Scott Galloway and

Eden. And I face the music. And I can

take you through the mistakes I made.

And it's nine years later. My son is

turning nine on the 4th of July 24th.

My marriage is still intact. Name of the

Father, Son, and the Holy Ghost. said,

you know, thank God. Okay. And we're

probably stronger than ever because we

were able to not make our relationship

disposable. So, if you're going through

something and you're in this audience

and you've got some angst going on, stay

in it. Don't walk away from it. Care

less about what other people think. Get

focused on the things that really

matter. And that firing, as hard as it

was on me, it made me more

psychologically minded. It made me more

empathetic. And I you probably wouldn't

even know who the hell I was, okay, if

that didn't happen. I And I certainly

wouldn't have these two great friends of

mine, which I'm very grateful for. And

I'll leave you with that.

>> Anthony,

>> this episode was produced by PropG Media

and Vox Media. Thank you for joining us

live in New York.

If you like what you heard, make sure

you're following us on YouTube, Spotify,

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to see you again soon. Good night,

everyone.