Please welcome your hosts Ed Elson and

Scott Galloway.

>> How we doing?

>> Pretty good. Pretty good. It's great to

be here. How you doing, Scott?

>> I'm doing really well, Ed. How are you?

>> I'm doing very well. So,

>> and I don't know if you know this, but

do you know who a Florida resident is?

>> I think I have an idea. I think it might

be you. Do you know whose sister went to

the University of Florida?

>> I think that might be Scott Galloway.

>> Do you know who kids went to school in

Delray Beach? Do you know whose father

moved to Ocala, Florida and his fourth

marriage? Ed, do you know

Do you know who got an apartment in the

continuum in South Beach and bought an

electric blue Maserati in 2003 thinking

it would get him laid? It didn't, Ed. It

didn't. And do you know who met the

mother of his sons at the Raleigh Hotel

and whose middle and then 18 months

later had a son whose middle name is

Raleigh.

>> That's right. Give it up. Give it up for

for Scott's kids.

>> Great to see you guys.

>> Thank you for coming. It's great to see

you all.

With that, Scott, could you begin our

show?

>> Sure. Today's number, $3.5 billion.

That's the cost of the Blue Origin New

Glenn rocket that blew up on the

launchpad two days ago. Ed.

Ed, what do you call a gay man on the

moon?

>> I call a gay man on the moon. I'm not

sure. I'm an astronaut, you [ __ ]

homophobe.

>> It's actually pretty good.

Usually it's shocking and terrible and

that one is Yeah, it's good.

>> Who wants a dirty joke?

>> That's why we're here. So, you know,

>> he's going to ruin everything.

>> I'm in Miami, a little stressed. So, I

decided to bring my boyfriend with me

and he's super into choking and asked me

to choke him. So, I reluctantly agreed,

but I don't think he's into it. For the

last 7 hours, he's been he's been still

in giving me the silence treatment.

>> I love it. Okay, we got our team.

>> An astronaut. You homophobe.

>> So, it's great to be here in Miami. You

know, we talk a lot on this podcast

about the death of drinking, which I

know you very feel very strongly about,

the death of partying, the fact that

young Americans increasingly today are

not going out. They're not socializing.

They're not going to clubs, partying.

They're doing none of this. Which is why

I'm so grateful and so excited to be

here in Miami, which is one of the only

cities in America which is actually

bucking that trend. I want to give you a

couple of pieces of data here that I

found related to Miami. So the first

number that I have is $2 and a half

billion dollars. That is how much the

nightife industry here made in 2025.

And the other number is 13%. That is how

much night life here has grown as an

industry since co which is four times

the national average. So, let me just

give it up to Miami

for keeping the party alive.

You guys are crushing it. What do you

What do you make of those stats, Scott?

>> So, the drinking the drinks industry, if

you will, the the stocks of Pernode,

Ricard, and Dagio are literally at

20-year lows. Drinking has has in fact

fallen off the face of the map. For the

first time in recorded history, uh

people under the age of 30, more of them

than not don't drink. And uh you know,

I've I've said and I've gotten a lot of

push back for this, but my advice to

young people is to go out and drink more

and make a series of bad decisions that

might pay off. And I reverse engineer

everything to sort of a business

analogy. And the fastest zero to a

billion dollar companies in history

typically go 80% of the leader for 50%

of the price. And there's kind of a

powerful accent and I I think the same

thing is true

with respect to um alcohol, drugs, uh

and that is I think you want to optimize

your life and I'm being serious now to

about 80%.

And that is if there's science actually

shows that about 95% of the health

benefits, 95% of the nutrition benefits,

95% of the sleep benefits top out at

about 80%

of what the maximum would be. I've been

working out four times a week for 40

years. Why? So I could drink a [ __ ] ton.

And

show me a guy who tracks his sleep

obsessively. I'm going to show you a guy

that doesn't track the emotional

well-being of the person sleeping next

to him. This is,

you know, for God's sakes, eat

>> just offended the crowd. Yeah.

>> Yeah. That that didn't go over well with

most of the male audience. I mean, for

God's sakes, eat well. Focus on your

sleep, but occasionally order dessert.

Occasionally drink too much. It's not

about Sure, it's about lifespan and it's

about health span, but it's about fun

span. That's that for God's sakes.

That's why that's why we're here. So,

uh, anyways, it simply put, you were

talking about Nath. I think we got to

spend more time, if you will, quote

unquote, in the club.

This is our special effect part of the

show.

That's what our creative team came up

with last night. What' you come up with?

>> There we go. This is what it's all

about.

>> Welcome to Miami, Scott.

>> Thanks.

>> All right.

>> That's perfect. Thank you. Thank you.

>> Beautiful. Wow.

>> Miami,

this is for you. Cheers.

>> Thanks for having me in a moment.

>> Thanks for having us.

Cheers.

>> Cheers.

>> So, in a moment, we're going to have

everyone

>> We were told some alcohol

>> uh run through the crowd here. And so,

if you want to drink with us, please

please indulge. Before we uh get into

our show though, I I want to play a

little game. And that is every time

Scott says what we what we call a

Scottism, and I think you all kind of

know what what I'm talking about.

something that he says at least like 10

times a podcast. Every time that he says

one of those things, what we're all

going to do is we're just going to take

a drink together. So, I promise I I will

be taking a shot of this Don Julio here

in the spirit of nightife every time

Scott says Scott is. How do you feel

about that game, Scott Galler?

>> I feel good. Yeah, but like I said, I

don't know if he's gay, but he gives

great head.

>> Cheers, everyone.

All right.

Feeling a bit of the buzz. Feels good.

We should um probably get into our first

story.

>> What do you think about that?

>> Go for it. Just trust your instincts.

>> Here we go.

>> Is this getting old yet?

So Scott,

Florida has long lured people in with

its beaches, its sunshine, its

nightclubs, and also its extremely low

taxes. The state has no income tax, no

estate tax, no capital gains tax, and as

a result, it has increasingly become the

new home for America's wealthiest. In

the past two decades, the number of

billionaires living in the Sunshine

State has grown 20fold.

>> Yeah.

>> And with the California wealth tax

proposal looming over Silicon Valley,

many more tech magnates are moving in

from Sergey Brin to Larry Page to Mark

Zuckerberg who just bought a house

nearby. So with Florida's newfound

reputation as the billionaire bunker,

that's what some people are calling it.

The question for Flidians is, is this a

good thing for the economy? Is it a good

thing for the state or is it a bad

thing? What do you think, Scott?

>> So, I think a lot about brand. I I teach

a brand strategy course for the last 25

years, and I think about what are some

of the best brand moves, some of the

worst brand moves. By the way, worst

brand move of the last 72 hours is

having tech literally [ __ ] up one of the

best brands in the world, Ferrari. That

is just the stupidest tech product since

the Cyber Truck.

Um, but an amazing brand move last year.

I think the American Pope is going to be

great for the American brand. I think

cutting us a probably the worst brand

move for the United States in a long

time. Believing that this state is low

tax is one of the most elegant brand

moves. And there was a lot of applause.

But let me let me just be clear. It's

total [ __ ] [ __ ] that you're a low

tax state. What you are is you have

figured out a way to elegantly brand a

transfer of wealth from young people who

earn their money through work to old

people like me who make money through

selling and buying stocks. So you may

think this is a low tax state. It's not.

It's a transfer of wealth from earners

and lower and middle inome households to

wealthy owners. For example, you have a

fairly healthy state sales tax, which

taxes consumption at 6%.

Someone making $10 million a year maybe

consumes onetenth of their income, so

they're effectively paying a6% sales

tax. Someone who makes $50,000 a year

uses all of their money on consumption,

they're paying the full 6%. You have

some of the highest property taxes in

the nation. If you're very wealthy,

yeah, maybe you have a house, you pay a

lot of tax, but as a proportion of your

income, you're probably paying 10% of

your income on housing. Whereas someone

who makes $50,000 a year is probably

paying 30% of their income on housing

and paying a higher tax rate. You think,

well, they're probably renting. Be

clear, high real estate taxes affect

renters just as much as owners. So in

some state sales tax for people like me

is 1 to 2%. State sales taxes and

consumption taxes are between 10 and 13%

for lower and middle inome households in

Florida. Or put another way, the

democracy,

the D in democracy in Florida is working

really well because old people vote and

there's a lot of old people down here.

And effectively what has happened is

they have figured out a tax code to

transfer wealth from low and middle

inome earners, which is most people you

meet in Miami, to highincome old people

who own a lot of [ __ ] So be clear,

Florida is a proxy for what has happened

in America in the last 30 or 40 years

and that is nothing but an elegant

transfer of wealth from lower and

middle- inome households to the wealthy.

So the argument the argument for it

which I actually think is quite a

compelling one and we should note it was

compelling enough for you to come and

buy a house here which is that the lower

taxes as you mentioned lower capital

gain tax, no capital gains tax, no

estate tax. It does attract a lot of

very high highly productive individuals,

very wealthy individuals and as a result

you do find that in low tax states or no

tax states you have higher GDP growth

among those states and you also have

more business formation. You actually

have more business applications on

average. So that seems to be kind of the

argument for it. And I think sort of

case in point I mean we incorporated our

business in Florida if I get if I had

that correct. So that's a great thing.

At the same time though to your point

there is this other thing that to

balance out which is it's bringing in a

lot of people but it's specifically

bringing in a lot of rich people. And as

a result housing prices have exploded in

Miami. We can look at the price the

average price of housing in Miami. It's

up 80% in the past 6 years. The average

is $675,000.

It's the median price of a home in Miami

today. 6 years ago it was 370,000. Rents

have risen more than 50% which is

actually the fastest in the nation. And

this is part of the problem with being

the sexy hot place where you don't pay

taxes is suddenly all these people come

in. Suddenly the demand goes way up.

There isn't enough supply to keep up

with that demand. And it ultimately does

seem to start pushing regular Americans

out. And we are seeing that many more

Flidians today are struggling with the

cost of living crisis and they're saying

that it's a reason why I might actually

just leave the state and just call it

quits. So how do you think I mean wealth

taxes this is the debate today. What are

we doing about taxes? Should they go up?

Should they go down? How should we think

about this? What do you think are some

of the takeaways from Florida? because

there are a lot of good arguments as to

how this has been a great thing for the

state and to your point a lot of

arguments as to why it hasn't been very

good.

>> So just to be fair, states need to

compete and the fact that people are

leaving New York where I teach and

coming to Florida, I think that's a good

thing because what it says to New York

is if you continue to have a wasteful

and competent government, people are

going to leave. That's important. It's

important to say to California leaders

that if you keep layers of bureaucracy

and spend $75,000 per homeless person as

the homeless population increases that

people are going to leave and you need

to get your act together. And to be

fair, Florida government spends on

average 10 to 15% less per capita than

the rest of the nation. And I would

argue that Florida, as someone who lives

here, has pretty decent schools and

decent state services. The only thing I

would push back a little bit, and I'll

get to your question around tax policy,

is that so Jeff Bezos just moved here to

spend more time with his father. What a

guy.

And so this goes to tax policy. What

people are doing is they're leveraging

the incredible infrastructure, schools,

and culture of a place like California

or Washington State where they build

wealth and then piecing out in time to

recognize a capital gain in a low tax

state. Now, I get that that's their

right, but that's not being competitive.

That's not paying it forward or paying

it back to the culture and to the

schools that built that wealth. So, in

terms of tax policy, just a couple

things I think would help. One, you

should be taxed on the income you make

based on the state where you made it. If

you made a lot of money leveraging the

incredible University of California and

the ecosystem in the Bay Area, then

whenever you begin to recognize that

capital gain, you should be charged on

it. you shouldn't be able to peace out

and then move to Florida and not pay

taxes back to the state of California.

And I personally think that what we have

in the US, we're spending $7 trillion a

year on $5 trillion in receipts. That is

the biggest tax increase in history

because what that means is at some point

you're going to have to pay that back.

Whether it's through higher interest

rates or an inability to invest in

education and infrastructure, you're

just going to be all of your taxes are

going to go to interest rates.

So for me, there's just a couple basic

solves here. And the incumbents like to

create this illusion of complexity that

these are unfixable problems. You could

fairly easily fix our our deficit and

our tax problem with a more equitable

tax code with the following. One, an

alternative minimum tax. If you're

making over $10 million a year, I think

we should go back to the 60s7s and 80s

of Reagan and you should pay an

alternative minimum tax of 40 or 50 60%.

because effectively you get no

incremental happiness above a certain

amount of money. What you want is taxes

that are the least taxing possible. And

there's a lot of research showing once

you get to a certain level of wealth,

you get no incremental happiness. So I'm

all for Elon Musk making a trillion

dollars. I just think he should give

half of it back because if he only makes

500 billion, not a trillion, he's not

any less or more happier. But five

million households that have child tax

credits, health care, that makes those

households, those 5 million households

much happier. And then the real sol for

our deficit and to give you the same

type of opportunities I had is we need

to move away from this dynastic society

we're building. We're building dynasties

dynasties with Nepo wealth. I'm I joined

every members club. I'm at that age

where I'm finally trying to spend money.

I spent 30 years trying to do nothing

but make money. Now I just want to spend

it.

>> I think I'm going to take a shot on

members clubs. That's

>> There you go.

>> That that does it for me. Yeah.

>> But I've lived in I've lived in New York

or had a place there for a long time.

What I noticed is there's only three

types of people in New York. And Miami

is increasingly coming this way. You're

either in tech or finance or your

parents are putting you through New

York. And what we need to do is the

following. One of the wonderful things

about America is we don't believe in

dynasties.

And in the US, we now have a $30 million

tax exemption for inherited wealth. And

that actually can grow to billions if

you put the money in. It's valued. It

qualifies for that $30 million exemption

when you put in say $10 million in

private stock. And even if it grows to a

billion, your kids get it. And again, I

think your kid I think Jeff Bezos Jr.

inheriting 7 billion instead of um 9

billion loses no happiness. But we have

supposedly about $110 trillion in wealth

that's going to be bequeathed or

inherited over the next 50 years. It's

pretty simple. Just do away with the

estate tax exemption. Maybe making a

million bucks, you want to make sure

your kids can have a home, fine. But

really, really wealthy people, one of

the wonderful things about America is

you come here to get [ __ ] done on your

own, to make it. And by the way, I don't

I not only don't think rich nepo babies

lose from not being really wealthy, I

think they might even be a little bit

happier. I don't know a lot of really

wealthy kids and think, "Oh, they're so

much happier having inherited all that

money." Do you realize how much [ __ ]

is inserted into the tax code to benefit

me? I sold my last company in 2017. The

first $10 million was tax-free with

something called 1202. It was like a

surprise. Oh, your first $10 million is

taxfree. And they say, well, it's

because we want to make sure the most

productive people reinvest in companies.

No entrepreneur starts a company because

of the tax code. So,

>> they read the tax code before they start

their business and they just exploit it.

>> In some there there are some basic

solves to make sure our children and

young people have the same opportunities

we had. And unfortunately, because of

Citizens United, the tax code has been

weaponized by the 1%. What we started to

call it on the podcast and on the show

is this idea of the inheritocracy

where you have a third of billionaires

today who are becoming billionaires not

because they created a company or

because they did something for society

but because their parents died because

they inherited the wealth. And it's

interesting looking at Florida as sort

of a ground zero for this because it is

becoming this magnet for this

extraordinary wealth the likes of which

we've we've literally never seen on a

relative basis in America. And you know,

I'd like to just bring up the idea of

the gated community, which is kind of a

new concept, but it's really it's really

found its home here in Florida. One in

10 homes in this state are in a gated

community, which is more than double the

national average. So, this has really

become a thing here. And you mentioned

members clubs. This is sort of members

club central. There is a there is a club

I I was just seeing in in some research

today. There is a club here in Florida.

The initiation fee is a million dollars.

That is totally out of control. And it

does seem that that if we're talking

about this issue of the Kshape that we

talk a lot about this increasing

divergence between those at the bottom

or even those in the middle versus those

at the very top. It does seem that

Florida in a in a lot of ways is

starting to reflect that in the form of

gated communities, private islands,

private members clubs with crazy

initiation fees, private security guards

in which in this state it is the highest

per capita rate of private security

guards, one of the highest in the entire

nation. This is sort of ground zero for

where that's happening. I guess the

question becomes where does this all go?

like if we continue on this trajectory

and we just assume, okay, we're just

going to keep doing this while the other

line goes like this and one line goes

like this,

what ends up happening? Is there a

breaking point in Florida, in Miami, but

really in the United States?

>> So, I I think your analogy of a gated

community is the correct one for all of

America. I think America is becoming one

giant gated community and it's very

unhealthy.

So

there a third of all giving to the

government is from billionaires. There's

900 billionaires in the United States.

Probably only 300 give money and that's

a third of all political giving. Huge

influence. And it's probably has more

influence than a third because they can

be very strategic about where they put

their money. And the problem is is that

the 0.1% are no longer living in

America. They're living in a reasonable

faximile of this euphoria where the

bottom 99.9% have been optimized for an

extraordinary life. And the problem is

that they're no longer invested in

America because they no longer really

live in America. So do you care if you

go to Teter Burough and then fly into

Opaloka on your on your own plane, do

you care that TSA lines are two hours

because of government dysfunction? If

40% of third graders can't read or

write, do you care if you're sending

your kids to Guliver, where they spend

$75,000 on average per student, the

average American kid has 15,000 spent on

their school, so by the time they

graduate from high school, a rich kid

has had 900,000 in resources invested in

that kid? Do they care about policing or

crime when they live in areas with

dormant and cameras everywhere? Do they

care about the fact that we spend

$13,000 a year to die sooner and be more

obese and anxious? Do they care about

the state of American health care when

they have their own concierge healthcare

services? So, when I was growing up, my

dad's boss had a bigger house, but they

lived in the same neighborhood. And it

was sort of the same. You know, business

class was a wider seat, but it wasn't a

different life. And the fear is that the

0.1% who have a disproportionate amount

of control over the tax policies and

policies generally speaking the laws in

our country no longer really live in

America and aren't invested in the

success of America. Don't really

understand like don't know what they

don't know in terms of what it's like

out there because they're living they

have no contact with what it means to be

in America anymore. So and remember the

TSA crisis? I thought this could be over

in 24 hours if you grand every tail

number that's a private jet.

They you watch the whole crisis would

have been done in 24 hours. But the

people who have a disproportionate

amount of influence in our government,

they weren't waiting in line at Miami

International. So I don't Do you have

any thoughts or ideas on how we help

the.1%

be more invested in the success of

America?

I think another thing that we talk a lot

about is the idea of implementing some

sort of a borrowing tax. What we know

about how the wealthiest fund their

lifestyles is they never sell because if

you sell that's a taxable event.

Instead, you just borrow against your

assets in perpetuity and you get a very

low interest rate because they have so

many assets to begin with. So, you're

good. You're fine. So if we could figure

out a way to tax that moment, then if

you made that a taxable event, if that

was a realized gain in some way, then

you might start to get at the problem.

But it's interesting you say this

because you know when TSA was grounded

and I remember watching an interview

with uh Treasury Secretary Scott Besson

and he said something they were talking

about housing prices and he said

something along the lines of if your if

your family is buying your fifth or your

sixth home dot dot dot at which point

everyone goes what is he talking about

and there's suddenly this moment where

you realize the guy who's in charge of

the economy in a lot of ways really has

no understanding understanding of how

the average American is actually living.

And I I have to tell you while while

we're here, it reminds me a lot of what

happened to London and what happened to

the UK where I was born, where I'm

originally from, where the UK was an

incredible economic force. They were the

empire. They were the man, the British

Empire. Everyone loved the UK.

Incredible productivity. Suddenly, the

empire starts to die down. And then the

UK asked itself, okay, what are we going

to do about our economy at this point?

How do we solve the problem? And they

decided to become, and we had Oliver

Bullahan who who wrote a book about

this, what what he calls a butler to the

world. They essentially decided, you

know what, we're going to loosen

regulations as much as possible. We're

going to become the hub for financial

services specifically. We're going to

make it a lot easier to avoid taxes. You

can do that through Jersey or through

some of our little principalities and

islands here and there. We're going to

make it a lot easier to launder money to

to engage in tax evasion. And it

essentially became the stomping grounds

of the global elite, which in a lot of

ways was good for some reasons. It did

increase productivity, a lot of nice

restaurants in London, but at the same

time, it's kind of a shell of what it

once was. And you've talked about this.

You walk through London today, you walk

through Nightsbridge, you look at these

gigantic, beautiful apartment complexes,

most of them are empty.

>> Yeah.

>> Most of them people aren't actually

living there because it's a Russian

oligarch or a Saudi shake or an Emirati

billionaire who just decided to buy this

thing cuz he had to park his money

somewhere. Maybe his son or his grandson

lives there from time to time for a

month or two months. But ultimately you

lose the sense of the community that

makes what England was what made it

great because it has become something of

a shell company. And I do wonder if

America is at risk of those same

problems too and specifically Florida. I

don't think it's anywhere close to

London, but it certainly seems to have

some analogous characteristics.

>> Go to the surf club in the summer and

see how many people how many lights are

actually on in that building.

>> Right. Um, and just going back to brand,

I've been thinking, I I wrote a thing on

Friday and I wanted to bring it up and I

generally don't know how this crowd's

going to react to this, but we were

talking a lot about the US brand and

trying to draw people.

And one of a really outstanding brand

attribute is we can deliver violence to

anywhere in the world like no one else's

business. And we're able to sort of

enforce our will and protect our

interests. I actually think that's

important. We have 12 carrier strike

force groups. No one else has more than

one. But the flip side of that coin, the

the peanut butter to the chocolate in

the peanut butter.

>> Peanut butter and chocolate. I'm

drinking that.

>> Is in addition to being a violent

people, we're also a very generous

people. And that is after World War II,

we went in and said, "These are our

enemies. Let's learn from World War I.

And in in exchange for you doing

terrible things to us in in committing

acts of crime against humanity, Germany,

we're going to rebuild you, Japan. We're

going to tax American households and

we're going to rebuild you. And the

result was arguably the most innovative

act of the 20th century. And that is we

turn these two incredible cultures that

we knew would rebuild. Within 30 years,

Japan was making the best cars in the

world, and so was Germany.

And now they're our allies. They're our

friends. and it helps create a greater

operating system and security around

democracy around the world. I worry that

America has held on to the ability to

deliver violence but has lost its sense

of magnuminity and generosity. And the

reason I bring it up at this with this

audience tonight is that the United

States is affixiating a nation that's 90

mi south of here. And it feels to me

that it's time to move to the magnanmity

part of the program where we say, "Look,

if if

you want to invade Cuba, the way you do

it is by making them love Americans, not

them fear them. I think the cheapest,

easiest, most elegant way to make Cuba

an ally for the next hundred years is to

essentially go in and say, "We're going

to turn the lights back on. You're

you're our neighbors. We have a lot of

wonderful Cubans in the United States.

No one should die in a hospital because

they don't have power." But these

threats of violence and military

intervention without that also that

generosity, it doesn't pay off. And it

isn't getting nearly the coverage it

should. It would be fairly easy for

America right now to turn back to turn

the lights back on in Cuba.

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So, we're here in Miami, the place

widely known as the crypto capital of

the world. And it is a very interesting

time for crypto. After years of what

crypto companies consider to be harsh

regulation, President Trump has made it

his mission to embrace the industry. In

addition to launching his own

cryptocurrencies,

he also installed pro- crypto advocates

to chair the SEC and also the CFTC, the

two main agencies in charge of

regulating this stuff. Meanwhile, the

Clarity Act, crypto's first

comprehensive federal framework, is

currently making its way through

Congress as we speak. And just this

week, the CFTC cleared the way for

perpetual futures, highly risky

derivative assets. They're very popular

right now to be traded on crypto

exchanges. In some crypto is finally

getting the regulation that it wanted.

However, it isn't getting the returns

that it wanted. Since Trump took office,

Bitcoin has fallen roughly 30%. And

Ethereum has declined more than 40%. So

despite the government's embrace of

digital assets, the industry's future

remains very uncertain. Scott, we're

going to get into crypto, but before we

do that, I just want to play a clip that

went viral literally yesterday. It was

an interview with Jamie Diamond, the CEO

of JP of JP Morgan on Fox Business, and

they were asking him for his thoughts on

the Clarity Act and his thoughts on

Trump and the administration's approach

to crypto regulation. Uh, and also the

fact that Coinbase uh is very happy

about what's happening. Let's just play

that clip and let's get your reaction.

>> Are you happy with the way the clar act

is turning out?

>> Oh, no. Because it it it it allows them

to effectively pay interest on deposits,

stable coins, something like that

without the protection that they should

have and doesn't do anything for any set

and it's almost no legal protections.

So, no, the banks will not accept it

that way.

>> Well, the lockup is high. I mean, what

are you going to do with that?

>> It is. We'll fight it. If we lose, we

lose and we'll lose.

>> Okay.

>> But it will be fought. this will not be

that no one's going to bow down to this

guy, okay, or that company and but he's

the only one and he's spending hundreds

of millions of dollars on Washington.

>> He said he's he's representing the whole

of [ __ ]

>> So this the CEO of JP Morgan is now down

to say he's full of [ __ ] on camera about

Brian Armstrong. That's who he's talking

about, who's the CEO of Coinbase. we

have kind of the clash of traditional

finance and crypto finance and now

they're throwing shots at each other and

insulting them, calling each other

names. Um, I guess what do you make of

the fact that that is now happening in

business?

>> Well, I want to take the aer back cuz I

want to ask you a question. So, I'm one

of those guys. I'm a no coiner. I just

to be blunt, I think I understand more

about the markets than your average bear

in investments. I literally don't

understand Bitcoin. I never have. I

don't get it. What I think

>> and

everyone in agreement.

>> I want to be in I want to be

transparent. I think some of that is

built up resentment because I think I'm

the only person that hasn't made money

in crypto. You know, I kept saying this

is going to zero when it was at $60 and

now what it's at 60,000.

So my my thesis and I'll put it back to

you is that when the federal government

back to the notion that rich people

control the government

when CO happens we go in and we flush $7

trillion into the economy because a

million people dying from CO would be

bad but if my generation got less

wealthy that's tragic. So we we flush

the market with money such that stocks

stay high and real estate stays high.

Exogenous events, war, plagues,

recessions are essentially a key part of

the cycle. So when 08 came along, we

bailed out the banks, but we didn't bail

out the economy. And as I was coming

into prime my prime income earning

years, because of the disruption where

we allowed stocks to fall and crash, I

got to buy Apple, Netflix, and Amazon

for 8, 10, and 12 bucks a share. That's

why I am an economically secure right

now because when young people have an

opportunity to buy things for pennies on

the dollar, that's a natural part of the

cycle where you transfer money back from

the capital owners to the earners, young

people. That's a key healthy part of the

of society. Disruption that takes money

away from the owners and gives younger

people. When you bail out the baby

boomer owner of a restaurant, you're

just robbing opportunity from the recent

graduate of the Miami Miami Culinary

Academy that wants to come in and buy a

restaurant for 20 cents on the dollar.

So, we've now gotten to a point where we

just always bail out my generation. And

I think crypto is a manifestation or a

derivative of that. And that is I think

young people say, "Okay, if Apple's at

300 bucks a share and it's worth5

trillion dollars, is it really going to

go to 10 or 20?" Like, where do I find

value? If Brooklyn real estates at 2500

bucks a square foot if you were coming

into your earning years in Florida and

'08, you had a chance to buy a condo in

South Beach for pretty for like a decent

not a lot of money. So I think what

crypto is,

and this is a question, not a comment.

I'm genuine. I want to learn here from

someone much younger than me. I think

it's young people saying, "Fuck this.

I'm going to invent my own asset

classes. You keep propping up your own

asset classes and I can't. It's too late

for me. I can't get into real estate. I

can't buy a shitty home. I'm not gonna

buy a shitty home for $2 million. I'm

not going to buy Apple at 300 bucks. So,

I'm going to create my own investments

in my own asset classes. Because if you

find people my age, we're saying, "We

don't get it. It's bullshit." Because

we've already made our money, right? Do

you think this is a response to young

people trying to create their own asset

classes so they can create their own

economic value?

>> I think that's exactly what's happening.

And the trouble though is that

cryptocurrencies

are addressing the problem. They know

what the problem is. They're asking the

right questions, but they haven't found

the right answer. It is true that for

young people today, it's far more

difficult to build wealth in a

substantive and meaningful way. Housing

prices is the perfect example, ground

zero for the problem where the average h

price of a house is seven times average

annual income today. And you go back to

my parents' generation, my grandparents

generation, it was four times and three

times. The cost of college is another

one for young people that is now a huge

problem. 42% of of annual income. And

you go back to my parents generation, it

was 13%. And I think stocks is another

great example. I mean, we look at the

price of the stock market today, the

Schill PE is at 40 times earnings today.

Go back 30 20 30 years, it was around 25

times. So everything is incredibly

expensive and it relates I would add to

our previous story. So then there is a

question of okay what do I do then? How

am I actually supposed to build wealth?

And I think what we're seeing among

young people is we're turning to what I

would call casino assets. One of them

would be simply gambling, sports

betting, prediction markets. You can say

maybe that's investing but it's really

gambling. Another is options trading

especially zero day options trading.

young people specifically. More than a

third of us who are invested in the

market, more than a third of us are

trading options every day. That's higher

than any other generation by far. And

the third one is of course crypto.

One in five of us only own crypto.

That's the only asset class that we own.

So we were we were very excited about

crypto. This was supposed to be the

ticket out for a lot of young people. My

concern though is the fact that when you

look at actually the data on how we're

doing as a generation invested in

crypto, almost 90% of us are losing

money on crypto. We're getting obsessed

with the trading. We're getting super

into it. We're often taking on huge

amounts of leverage. And I would add

something that was in our intro here is

that we're now legalizing the these

perpetual futures, which are essentially

these options contracts that never have

an expiration date. So you can either

keep making money into infinity or you

can keep losing money into infinity. And

the great new innovation of perpetual

futures which the government has decided

to now legalize is that there's almost

unlimited leverage on Coinbase. You can

leverage up 100 times. On other

platforms you can lever up a thousand

times which is means that you are

essentially a thousandxing your risk.

And increasingly we are seeing many

stories of young people who are getting

usually brought into some sort of

pyramidlike scheme group chat that they

see online. Some Andrew Tate equivalent

convinces them that this is the way

you're going to escape the matrix. This

is how you're going to make your money.

They get drawn into this stuff and a lot

of them lose money. But those are the

stories that we don't hear because all

we're hearing about is all the people

who are making all the money and their

Lamborghinis and and the fact that

they're posting on Instagram and posting

on Tik Tok with their mansions and their

handbags and their $100,000 trips to

Mkos. We're not hearing about the nearly

90% of young people who are losing money

on this stuff. So I think to your point,

we got the problem. We know what the

problem is. We know what questions to

ask, but we found a solution that really

doesn't work for most of us. And I worry

that it might even make young people

even angrier. And I guess at that point

then I wonder where do things go from

there. That's the part that I'm feeling

anxious about at least.

>> Well, earlier in the program you asked

where does this all go? um the fact that

so many gated communities so income

inequality I mean we have a lot of

problems but income inequality is right

up there because so there's something

called the genie coefficient it's it's a

measure of inequality by an Italian

economist zero means everyone has

exactly the same amount that's the dream

of communism right one is one person

owns every asset in the world the French

began separating people from their heads

when the genie coefficient was at 83 in

America it's 085 right

So, I think we have a series of small

revolutions taking place in America. I

think when people go to a data center

and get angry, uh, that's a form of

revolution. I think the Me Too and Black

Lives Matters moments were righteous

movements with very valid concerns, but

they weren't going after the owner of a

taco truck and accusing him of sexual

harassment. They were going after rich

people. I think people have literally

had it. They've just when you see Jeff

Bezos on CNBC, I don't think he said

anything that offensive. Everyone

attacks the guy. People have just had

it. They just feel as if and where

revolutions start, people make the

mistake of thinking that revolutions

start because of unemployment and that

people are bored. And I've often said

the most dangerous person in the world

is a broken, lonely young man. That's

the most dangerous person. But

revolutions in societies fail not when

people aren't working, but when they're

working two jobs and they're still

hungry. And if you look at what's

happened over the last 40 years, there's

basically three kind of constituents in

our economy. There's the consumer,

there's the laborer, and then there's

the shareholder or the owner. And

effectively what we've done over the

last 40 years is we have consistently,

slowly but surely transferred wealth and

power from consumers. Your prices have

gone up through mergers and acquisitions

and consolidation. There's three big

chicken processors right now and chicken

is more expensive. My industry

sequesters artificially freshman seats

at university such that we can quadruple

the price of tuition even though prices

have just doubled. Right? So we've

transferred money from consumers through

inflation. We've transferred money from

laborers and earners. The minimum wage

is $7.25. It hasn't gone up in 15 years

despite the NASDAQ tripling. Meanwhile,

as a percentage of GDP, the S&P is

higher than it's ever been. So, we've

made a concerted decision to allow a

transfer of wealth from earners, people

who work, and consumers, people who pay

prices, to shareholders. So, it's

awesome to be a shareholder. And if you

got in and you own a lot of shares,

you've done really well. But if you've

never been able to make the jump to

light speed because you work because

things are so expensive, you just can't

save money, much less invest, you're

kind of trapped. You've been you've been

left behind. So where I think this goes

is a form of revolution. And what scares

me is that I think we're in a form of

revolution right now. And that is we've

decided we want extremism. We want

chaos. People are upset and angry. So

they want chaos. The manifestation is

chaos is an embrace of extremism.

I want the far right or I want the far

left. And I find that whenever the far

right or the far left meet on something,

it's a really [ __ ] dangerous idea.

The far left and the far right, they

meet on anti-semitism and antivaccines.

They're both alignment. Whenever the far

right or the far left agree on anything,

it's usually a really bad idea. And I

worry, and I'm a progressive, and I'm

going to work hard to try and put more

Democrats in office the next um two and

a half years, but I also think that

Okay.

Now, let me Now, let me bum you out. I

think

I think fascism can come from the far

left as easily as it can come from the

far right.

So,

unless we figure out a way to transfer

more money back to young people in the

middle class again, we're going to have

extremism.

And I I essentially think that income

inequality creates extremism. I mean, if

you look at if you look at what happened

in the 2024

election, whether you like Trump or not,

the reason he was elected was three

groups pivoted hardcore from blue to

red. And those three groups were Latinos

pivoted hardest from blue to red. Now, I

don't even think we should continue

tracking Latinos as a group because

Mexican-Americans in Southern California

are much different than Cubanameans in

Florida. I think it's a useless group to

track. It's just like stop stop grouping

them into one group. That's just not

there's no way to do that. The second

group was young people. They're fed up.

The average person under the age of 40

is 24% less wealthy than they were 40

years ago. The average person who's 70

is 72% wealthier than they were 40 years

ago. So what do you know? Young people

are pissed off. And when you're pissed

off, you don't have a critical you don't

you're not thoughtful. You just want

change. And then the most interesting

thing is that the second biggest pivot

cohort was women aed 45 to 64.

And my thesis is that's the mothers of

young men who are failing. I think a lot

about young men and how they're

struggling. And if your son is in the

basement playing video games and vaping

and just talking about crypto all day

long and is one of the 90% of young men

who's lost money on crypto, which taps

into an immature prefrontal cortex that

likes the rush of gambling, which quite

frankly a lot of the benefit of crypto

is quite frankly a rush of up or down

and volatility. It's fun to watch and

the young male brain is more susceptible

than that. You don't give a [ __ ] about

territorial sovereignty in Ukraine or

transgender rights. You just want chaos.

And unfortunately, I think we are

creating an ecosystem in a society

through income inequality and

dissatisfaction among young people such

that effectively all they want is chaos.

And when you want chaos, someone will

prop up and offer you chaos and offer

you violence. And I think that is really

destabilizing the extremism. And then

and I'll I'll wrap up here, but also

social media rewards extremism.

>> If you go online and say mRNA vaccines

all to your DNA, that content gets

elevated because it's really incendiary.

And so it's creating a coarseness in our

discourse and a level of of extremism

and novelty and misinformation

where the truth is just going to social

media to die.

>> So So here's a question then. While

we're on the topic of crypto and

and agree,

so we're talking about crypto here.

Trump, our president, has he's the pro-

crypto president and he's pro-

innovation, all these things. Okay, fair

enough. Sounds good.

I also know that as soon as he became

president, he launched Trumpcoin and

then his wife launched Melaniacoin.

I know that as soon as that happened, we

saw huge buying uh immediately when he

launched the coin. But while that was

happening, and of course because he's

got a big fandom and he's got a big

social media presence, while that was

happening, many of the largest accounts

were selling very very uh heavily on

those accounts. Uh the insiders of

Trumpcoin made a billion dollars off of

that coin. We don't know who the

insiders are. We just know that there

are a handful of wallets who are

connected to the token itself. They made

a billion dollars. The retail investors

who bought Trumpcoin and then lost about

I think it's down 85% since its launch.

They lost cumulatively around $4

billion.

Trump and his family have made $800

million personally off of their own

cryptocurrencies.

I look at that and I say, "Okay, this is

flatout corruption. It's the worst we've

ever seen. This is insider trading gone

wild, gone crazy to to levels we

couldn't even fathom." I look at what

he's done to the SEC where the chair of

the SEC is a former crypto lobbyist. I

look at the who is put in charge of the

CFTC who is a former pro-

cryptocorporate lawyer and also a pro-

prediction markets corporate lawyer. I

look at what they have done at the SEC

where they have reduced the headcount

and the amount of prosecutions have

fallen by 30%. At the CFTC the

prosecutions have fallen by 80%. So as

much as they create a framework for

crypto what we know that is they're not

going to prosecute anyone. They're not

going to do anything about it. That to

me it's right there. Okay, now we know

what the problem is. Now we know where

the corruption lies. However, I saw a

really interesting poll this week. They

did a poll of Trump voters and they

asked him if they believe that Trump has

personally profited financially off of

the presidency. Half of his supporters

think that he hasn't profited at all

at that point. What do what where is the

conversation? If we can't have a real

conversation about what's actually going

on here, if we can't look at the numbers

anymore and no one can agree, then I'm

not sure how we can ever even reach a

discussion where we can even address

these problems. And I hate to say this

because I feel like we've been kind of

Debbie Downers this podcast,

but what are we supposed to do about

that?

>> Um,

drink more. Uh,

>> we're supposed to drink, I heard. Yeah.

>> Look,

>> that's right.

>> So, ju just to be fair, uh, the S&P is

up 200% in the last 10 years. Bergkshire

Hathway is up 300%.

Speaker Pelosy's portfolio is up 700%.

Corruption is rife on both sides of the

political aisle. I think Trump came in

and said, "Okay, Speaker Pelosi,

Marjorie Taylor Green, you're making

millions. That's small ball. I'm going

to make billions.

Hold my beer.

>> Nancy Pelosi. Yeah. So, I don't I I

think we need to address corruption on

both sides. Agreed.

>> My idea of corruption at a federal level

is I I would adopt the Singapore model.

I think

>> I think our Congress people and our

senators I deal a lot with them. I say

that cuz I'm desperate for your

affirmation. Uh and I think it's makes

me sound important. But the I think

they're important people. They do

important things and I actually every

time I spend time with them I'm

impressed with how many of them are

really good people. I'm kind of sick of

[ __ ] posting government. Um the the

implementation of the policy is I would

adopt a Singapore model. I think every

congressperson should make a million

dollars a year. I think every senator 2

million. I think the president should

make 10 million a year. And then abso

fuckingutely no conflict of interest, no

stock trading. You can't go to work for

a lobbyist. You can't

because

just a zero tolerance policy. I also

think we need a reckoning in this

country. I hope that the next president

in coordination with states AGS goes

after the sons of people who are trading

American diplomacy for crypto

investments out of the Gulf. I just

don't I think there needs to be a

reckoning. I think that we need to say

restore to America that if you you have

a shot even if you don't know powerful

people who trade off American security

and American interests that's just not

we're just not going to tolerate that

anymore and where it's the stuff you

don't see that really impacts you. I had

chills go down my spine and this got no

coverage. I believe we're going to have

a soft invasion of Taiwan in the next

couple years through economic sanctions

and a blockade by China, mainland China.

Why? I think Trump has basically figured

out the perfect economic vehicle,

crypto, uh, to become the wealthiest man

in the world. And if I were she, I would

have done the following. In a private

meeting with Trump at their summit a few

weeks ago, I would have said to Trump,

"I can make you the wealthiest man in

the world. I'm super interested in the

Trump coin. I think it's a great idea.

We love it here. And here's my

mathematician. And I figured out that

with with just $7 billion in a fund,

which is super easy for me. I'm I'm an

autocrat. And timed purchases done

through several shell companies. I think

I can make you the wealthiest man in the

world, and you can elegantly start to

sell it, and you're going to become the

wealthiest man in the world. And by the

way, I would just really like to see

your your Ohio class nuclear submarines

vacate from the South China Sea.

That's what I would do if I were she.

And you don't believe this guy will do

that?

And then on the plane ride back, he's

asked about would we support Taiwan if

they were invaded? And he's the first

president who said the following. He's

like, I don't know. I'm going to keep

that to myself. So I think a soft

invasion of Taiwan has already happened

because we have a corrupt government and

a corrupt president and now we have the

ultimate vehicle for hiding that

corruption in Bitcoin. Now I might be

paranoid but it doesn't mean I'm wrong.

>> Yeah, it seems that it's ultimately I

mean it's always all been about money

but it almost seems like in 2026 it's

more about money than ever before.

That's really all that matters. You can

essentially pay your way to access, you

can pay your way to policy, you can pay

your way into anything. I really want to

drive home the point especially for the

young people um who have we've really

become addicted to this stuff. We become

addicted to the crypto. We become

addicted to uh the the sports betting.

Half of young men today have a a an

online sports book. Again, this is

because we have pushed it through

through deregulation. And then also just

these these these advertising budgets

are exploding. You you can't you can't

walk around without seeing an advert for

DraftKings or for FanDuel or any of

these uh gambling companies. But I would

just point out your odds of making money

gambling are lower than your odds of

getting bit by a dog. That is our

statistic just like it's not really

going to work. But the thing that I also

learned recently is that the average

return trading on prediction markets is

actually lower than the average return

gambling. It's negative 7% when you're

trading these events contracts. So, I

just think that we need to have a more

of a discussion. I mean, and and as you

know, and we both agree, I'm I'm pro

gambling. I'm pro uh you know, having

fun and getting out there, but we need

to be a lot more

clear about what the risks are with this

stuff. And it seems like we're making an

intentional effort, especially from the

top down from government to say, "No,

everything's fine. It's all innovation.

Don't worry about it. Don't don't we're

going to have no rules whatsoever

because any kind of rules will stifle

innovation." But ultimately, I think

that a lot of people actually are

getting hurt financially as a result of

this and I think it just deserves a lot

more conversation. One of my

intellectual role models is a guy named

Jimmy Carr and he has this great rap and

I agree with I'm very pro gambling and

what I would say to young men is gamble

but take risks. Take good risks and that

is most risks taken on a screen are bad

risks. Most risks taken off a screen are

good risks. Find someone much hotter

than you and take a risk and ask them

out on a date. Find

>> I'm drinking it. And yeah,

>> find fi find a job you're not qualified

for and show up in the lobby. Find

something you're super passionate about

and feel really strongly about and risk

risk your time in your career. Take take

more risks offline and take fewer risks

uh online. Don't [ __ ] post people or

criticize them on your keyboard. That's

just [ __ ] weak and stupid. That means

you have issues.

But at the same time, and it's very hard

for men, especially young men, cuz to

compliment somebody exposes you. There's

this weird, and I suffered from this

when I was your age, if I complimented

somebody else, I expressed affection. I

expressed romantic interest. I told

another man that I thought he was

impressive. Somehow that it took from my

masculinity, I was risking something.

And just going back to where I started

earlier when I was at the Raleigh Hotel

and it was the middle of the day and

with son and without the benefit of

alcohol and I saw someone to I saw

someone I was quite frankly just really

attracted to. I wasn't thinking I want

lower rates on auto insurance. I was

thinking I would really like to have sex

with this woman to be blunt. And I

thought, I promise myself before I leave

this hotel pool, I'm going to speak to

her.

And it's just not easy, right? Middle of

the day, no alcohol. She was with

another woman and a guy. So I went out

to get my electric blue Maserati

with my

>> That helps.

>> With with my valet ticket and I was

sitting there, this is a true story. And

I thought, "Oh, fuck." And I'm like, you

know, I'm such a wimp. I like hated

myself. So I said, "I'll be back in a

minute." And I rolled up to them and I

said, "Where are you guys from?" And

like I said, 18 months later, we had a

kid.

Anyway, my my advice to young men is

just take a [ __ ] ton of risks as long as

they don't involve a screen and an

algorithm. Gamble. A gamble. Gamble

smartly.

>> Cheers to that.

>> Cheers.

>> More risks in 2026.

It is time for our Q&A. So, we've been

collecting your questions backstage. I

have them uh on this iPad here. The

first question is from Hans, who is in

seat G116.

Um, and oh, there he is. Awesome.

>> Oh my god, Arsenal fans, we won the

Prem. Hello. Enough of this Inter Miami

[ __ ] Go Bukaya Saka Mel Artetta.

>> Anyway, sorry. Go ahead.

>> They're a little upset because they just

lost the Champions League final today.

But it's okay. You'll get him next time.

>> I expose myself. I expose myself to you

when you jab. You jab.

>> All right. Hans has a question about

Peter Teal. Hans, how's it going? Good

to see you.

>> It's going amazing. Great to be here.

Love you guys content. Thank you so much

for coming from Miami. Uh coming to

Miami. So my question is allegedly Peter

Field just moved his family to

Argentina. What does that tell you about

the American society, the economics, and

how they feel about where America's

going? Where are they catching

investigations?

>> I'm sorry. Tele moved to Argentina. Is

that what the question?

>> Apparently. allegedly moved to

Argentina. We see we see a lot of

billionaires moving uh I guess or just

going to other places. So that's

question.

>> I saw that story. It came out just

today, maybe yesterday. And the reason

he's doing it is because he says that

socialism is on the rise in the US and

we're becoming like a communist nation

of some sort. And so Argentina is the

place to be because Argentina is

embracing libertarianism. My question is

like when does it become, oh, I don't

like how things are happening on Earth.

I'm going to take a spaceship out to

another planet. We're getting weirdly

close to that. I feel What do you think

of this, Scott?

>> I think Peter Teal moving to Argentina

says more about him than it does about

America. I I

look like

I'm um I'm coaching a bunch of

Democratic nominees for president and

they they'll say what's what's the one

policy you'd want to implement if you

could implement anyone policy? Hands

down it' be mandatory national service

because one thing young people get

wrong,

one thing they get wrong, they do not

realize how incredibly [ __ ] lucky

they are to be born in America. As bad

as things are,

talk to someone who lived in Argentina

and came here and see how [ __ ]

awesome it is in Argentina.

You still have amazing rights. I have

been literally molesting the earth for

the last 30 years. I spent 180 days a

year on the road. I have spent at least

30 days in Argentina and name any other

40 or 50 countries. This is how I would

reduce

my reductive analysis of the world.

America is the best place to make money.

Europe is the best place to spend it.

If you're young and you're looking and

you're looking for opportunity, you're

looking for protection, you're looking

for rights, you're looking for people

who will risk uh capital on you, you're

looking for rule of law, you're looking

for, you know, an opportunity not to be

persecuted or not be disadvantaged

because of who you are or who you want

to love or the gender or the race you

were born. This is still in my view the

best place in the world. And what

mandatory national service would do is

it would get kids off this hate America

technology called social media and show

them just how wonderful other Americans

are. We need the the best thing to raise

up America would be for Americans to get

out of their homes and touch and feel

more Americans from different sexual

orientations, different income groups,

different states. We need mandatory

national service.

We have a question from Alex Gordio

Gordillo in PTE110

and Alex uh has a question about

building wealth. So my 20-year-old

nephew lives tomorrow for the US Army

and I've been trying to like show you

show your content for the last two years

and is this is like the first time she

actually agrees to to read to come or to

you know participate. So my question is

like for a young Colombian immigrant

entering the military service with a

clean slate, what specific wealth

framework will benefit him the most

right now? And how can I get kept him

engaged with your content?

>> Dude, I'm like AOL in the '9s. You stick

your hand into a cereal box, you're

going to pull me out. I'm

I think most people are asking, "How the

[ __ ] do I get away from this guy?" I

mean, I don't It's not going to be hard

to stay in touch. Young man, can you

stand up?

>> Just going back to the notion I do some

one thing I do take I think we do take

for granted is that the best performing

organization in the history of the

planet is the US military. Hands down.

It is

what the US military consistently is

able to pull off. The level of

professionalism, the level of

discipline, the level of empathy,

leveling up. It's been such an

incredible equalizer in our society. And

that is when you're in a foxhole with

someone else and you have to handle

heavy dangerous equipment and your life

depends on it, you don't give a flying

[ __ ] what their sexual orientation is or

how rich their father is. It is the

ultimate equalizer in terms of character

and skills and it's it's so encouraging

and important that like you know these

these stacks of awesome continue to

decide uh to go into what is the best

performing organization in the world and

I was trying to do something um I don't

know if you've heard like this there's

this notion of what is your love

language your you know acts of service

affection gifts. My love language is

money. So, I'm just going to give you

all the money I have right now.

>> Just so just so we're clear, this is not

a bit. He actually is giving you money

right now.

Can we get someone

now? He's going to listen to the

podcast. When

>> this is how we get fans, we just pay

them.

>> When you're when you're when you're on

leave in the Philippines at a key

moment, think of me.

>> Or go to go to the Fena tonight and have

like three drinks. I gave you 600 bucks,

so maybe four drinks.

>> By the way, thank you to Fina Rose for

being here tonight. Pablo Doritos is a

good friend for 20 years. opinion.

>> Yeah, f my favorite hotel in the world.

Anyway, sorry. Go ahead. But thank

seriously before congratulations.

This this really builds outstanding men

and women. Thank you for Thank you for

committing to that. I think it's it's

one of those things where

for the rest of your life, you're going

to I mean it really I think it'll really

shape who you are. I we have tremendous

we have a wonderful program at Stern

where we bring in kids uh from the

service and they're hands down just the

most impressive honorable disciplined

kids. So anyways, well done.

>> We have a question from Jose Rodriguez

in seat X113.

>> Longtime listener, first time uh caller.

So thank you.

>> Let's go. welcome to the show.

>> Um, so my question had to do with um I

guess like the titans now, right, of

industry. Why is it that they all seem

to be kind of psychopath sociopath?

Why do we seem to be rewarding

antisocial behavior? Oh, and by the way,

I I am a psychologist and a professor

also. So,

where do you where do you teach?

>> I'm at Florida International University

right here in Miami.

>> Nice. Well done. If I you

>> what do you take this? Why are they so

weird?

>> Well, antisocial really is the issue,

right?

>> That's right. That's right. I mean, the

first thing that comes to mind when you

ask that question relates to Peter Teal.

I watched this I don't know if you saw

this interview recently that he did with

the New York Times. The interviewer

asked him, he was like, "Do you believe

that the existence and continuation of

the human race is a good thing?"

>> And goes, He paused.

>> Well,

I swear to God, he took it took maybe 45

or 60 seconds to answer the question. It

was I and then he didn't even say yes,

which was insane to me.

Um, on this point, I think

from a regulatory perspective,

it's very clear to me that we have

decided to let these tech giants run a

muck. And Scott has talked about big

tech regulation for the longest time.

This was his first book. I don't know if

you guys remember his first book, The

Four, but it was about this

monopolization effect that we see where

we we refuse to get our act together in

terms of antitrust. And we allowed these

big tech companies to get larger and

larger and larger and to establish these

monopolies where Meta is controlling 70%

of the social media market, Amazon's

controlling almost 80% of the e-commerce

market. I mean, these are tried and

trueue monopolies that have happened

here. One thing that I thought was going

to happen was that we were all going to

get our act together and decide

basically as a country that that was a

problem. That monopolization leads to uh

extortion. it leads to pricing power. Um

that that this wasn't something that

should continue. And I thought that that

there was agreement on both sides about

this. And then there was an antitrust

case against Google and they found that

Google was indeed a monopoly. They

actually convicted Google of running a

monopoly. They said, "You have done so

for a decade." And I was like, "Wow." I

remember we covered it on the podcast. I

was like, "Oh my god, this is the big

moment. antitrust is actually gonna get

in there and figure out what to do about

this. And then it came to what to do

about it. It came to the remedies. And

this was a few years ago and the judge

said, you know, I would break them up.

And I know that's the recommendation

from the DOJ, but there's this new thing

called chat GBT and it's really powerful

and if we break them up, then we're

doing something really unfair to Google

because AI is about to destroy this

business as we know it. Google, yes, it

has 90% of the search market, but Chat

GBT is going to destroy that and it's

gonna it's going to ruin that monopoly

as we know it. That's what he said. Fast

forward two years later, Google

continues to have a 90% market share of

search. Their search revenues have

actually grown since Chat GBT. In

addition, they simply launched their own

competitor. It's called Gemini, and it's

hot on the tail of Chat GBT, set to take

over uh if if it tracks in in the next

few years. And so essentially what you

had was everyone thought that AI was

going to destroy the big tech monopoly,

the oligopoly. It only enabled it. And

actually when you look at Google's

stock, Google is the AI winner of the AI

boom. The stock has almost tripled since

that happened. So I think what we have a

problem here is we we pretend like it's

a problem and we all kind of say that

it's a problem and that we should do

something about it. And what is very

frustrating to me is that when it

actually comes time to break them up, as

you've been calling for for years, we

still refuse to do it. I think these

billionaires that run these tech

companies, they're just so out of touch

and they know that they're almost

invincible because that's exactly what

we're telling them.

>> I don't think they got laid enough in

high school.

>> Look, I look, professor, you're going to

forget more about this and I don't know.

I I do think we have a tendency to

demonize our leaders, but the incentive

system to to achieve that level of

economic success and power. And this is

the problem with the people who

ultimately end up running for president,

you have to be so moninocular and in

terms of your focus and so ambitious

that you don't perhaps develop skills in

other parts of your life and maybe you

lack a certain amount of empathy. Maybe

your priorities are a little unusual. I

think you just have to be so focused on

economics and power that it attracts a

certain type of person. And I think

sometimes I think quite frankly we

sometimes get the leaders we deserve.

What I think a lot about is that I worry

that anyone under the age of 25,

we we in our nation, we have an idolatry

of the dollar. Um because church

attendance is at an all-time low and

because our brain is big enough to ask

really big important questions, we're

not big enough to answer them. We

invented gods. And because of science

and a lack of church attendance, which

is at an all-time low, we no longer

believe in God as much as we used to.

So, we fill the void with tech

innovators because the closest thing to

mysticism and magic is technology. like

I don't understand how my phone works.

So you take the combination of what

feels magical technology and our

idolatry of dollar of the dollar and we

end up with G the new Jesus Christ was

Steve Jobs.

He's our idol. Uh this is a man who

denied his blood under oath to avoid

child support payments when he was worth

a quarter of a billion dollars. So

unfortunately I just think we've picked

the wrong idols in this country. And

something that really worries me is that

if you're under the age of 25,

especially as a man,

we've just given them really shitty role

models. The the most natural role models

for young people are going to be the

president of the United States. That

should be any young person's role model.

And in a capitalist society, the

wealthiest person in the world is going

to be a role model. And so the two role

models now for young people and

especially young men are people who

punch down

people who cut off aid to HIV positive

mothers in Africa,

people who've made our discourse much

more coarse, and people who are being

sued concurrently by two women for sole

custody of their child because they

haven't seen that child. The reality is

we just need different role models. You

know, our president answered a question

to a female reporter with quiet piggy.

What the [ __ ]

That's what our young men and women are

seeing is is who should be the natural

leader. So maybe I'll put it back to

you, professor.

Why what went wrong here? Why are these

people like this? How much time he has

got? No. Are you familiar with the work

of Robert Sutton?

>> Yeah. Yeah. So the no [ __ ] rule,

right? He wrote this book called

literally the no [ __ ] rule. And who's

an [ __ ] Somebody who punches down,

right? somebody who's uses their

position of power and maybe we need to

consider that when we're considering our

politicians and who we want to idolize.

But I also want to get a shout out to

your book um notes on being a man. Uh

that was a really good read, man.

>> Thank you.

>> Thank you for that. That was fantastic.

I think that right there is, you know,

setting the stage for what you've been

talking about like the role model, like

what to be, what to do.

>> I appreciate that. Thank you for saying

that. That was it. I'll I'll accept my

check later.

>> All right. All right, our last question.

>> Last question. We got a question from

Stan.

>> Hey, Scott. I'm 19, currently fostering

new relationships in and out of school.

And you've often said that relationships

have been a key aspect of your life

professionally.

>> Yeah.

>> Which relationships would you say have

generated the most from time invested in

your life professionally?

>> It's a really thoughtful question. Look,

the most important relationship and the

most important decision in your life

will be who you decide to have kids

with, who you partner with. I have

friends who are

very successful on exterior metrics, but

they don't really have a real

partnership with their spouse, and I

think it fills their life with anxiety

and disappointment.

Um,

and then I have other friends who aren't

as successful, but they have a real

partner, and everything in their life

burns brighter. So the most important