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Anthony Scaramucci: Trump’s Red Card Reversal “Poisoned” the World Cup | Pivot

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Anthony Scaramucci: Trump’s Red Card Reversal “Poisoned” the World Cup | Pivot

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1670 segments

0:00

What organization in the world is more

0:03

corrupt than the Donald Trump White

0:05

House? The answer is boing, FIFA.

0:14

Hi everyone, this is Pivot from New York

0:15

Magazine and the Vox Media Podcast

0:17

Network. I'm Carara Swisser. Scott is

0:20

off today, so I brought in the one and

0:22

only Anthony Scaramucci, the mooch,

0:25

podcaster, founder of Skybridge Capital,

0:27

and author of the upcoming book, which

0:28

is getting a lot of kudos, All the Wrong

0:31

Moves. And I think I gave you a blurb,

0:34

Anthony, didn't

0:34

>> I got a blurb out of Hey, listen.

0:36

>> I never give blurbs. You know that.

0:37

>> I got to I got to, you know, I had to

0:39

use the crowbar, ladies and gentlemen,

0:41

to get the I pivoted on pivot. I had to

0:44

use the crowbar to get the blurb out of

0:46

her, but it worked.

0:46

>> All right, but so be honest with me. You

0:48

were at Taylor Swift wedding, were you?

0:50

>> Well, I'll be really honest with you and

0:51

tell you I would have liked to have been

0:53

invited to Taylor Swift's wedding

0:54

because when you look up in the

0:56

dictionary named dropping and

0:57

starfucking, there's a picture of me.

0:59

>> But alas, I was not invited to her

1:01

wedding. It

1:02

>> it made no sense the invitations. I

1:04

mean, I got the dancers and everybody

1:06

else like her all her friends and her

1:08

cousins and everything, but the

1:09

celebrities were just odd. It was so

1:12

they were some of them were obvious like

1:14

you know Bradley Cooper and those kind

1:16

of people but an you know like Adam

1:18

Sandler being the the the officient was

1:21

interesting. It was such a it was such a

1:23

dog's breakfast of celebrities. It was

1:25

fascinating. What do you think?

1:27

>> Well, what I love about it is it was

1:29

original and it was true to whatever

1:31

they wanted to do. You know, at the end

1:32

of the day, it's your wedding. Have at

1:34

it.

1:35

>> Yeah.

1:35

>> And they they went crazy. I mean, I one

1:38

time got married with a lot of fanfare

1:40

in a Roman Catholic church. The second

1:43

time I got married, dear and I got

1:44

married in our living room. So, I mean,

1:45

you know, you it's a it's a time in

1:47

their lives. They're both first time

1:49

married. I wish them nothing but great

1:51

success with their their marriage. But,

1:53

you know what? If you don't mind, I'm

1:55

going to give them a shout out because

1:56

they did list 20 charities and I'm on

1:59

the board of City Harvest, which is one

2:02

of the largest food banks in the

2:03

country, if not the largest, and they

2:05

gave a million dollars to City Harvest.

2:07

So, uh, God bless them for doing that

2:09

because we have a lot of food insecure

2:11

people in our great city car.

2:12

>> Yeah. Yeah. They gave a bunch Dolly

2:14

Parton. They gave a bunch to all these

2:15

like amazing They gave $26 million,

2:17

which is 13 times too, if you're a

2:19

Taylor Swift person. Um, which is her

2:22

favorite number. But it was really

2:23

interesting that it what was interesting

2:25

is how they handled it. I was going to

2:27

compare it to the Bezos wedding. I

2:28

wanted to be fair, but for some reason

2:30

that one felt awful and this one cracked

2:33

me up. And I don't know why the

2:35

difference because it was obviously an

2:36

over-the-top wedding. Um it was directly

2:38

in the middle of New York City which I

2:40

loved. And of course they did it to

2:41

protect them at Matt You've been to

2:42

Madison Square Garden a hundred times,

2:44

right? Presumably.

2:45

>> Yeah, I know. Madison I consider Madison

2:47

Square Garden one of my homes. I'm a

2:48

Nick and a Ranger fan. But I I think I

2:50

think the difference was the the Bezos

2:53

wedding was trying to be the Venice Film

2:55

Festival but for the Bezos family. And

2:58

this was like, hey, we're corny people

3:01

and we're going to have a little bit of

3:02

a cornball situation go on and we're

3:04

going to do whatever we want, but oh, by

3:06

the way, we're good people. We're going

3:07

to write some big checks to charity. So,

3:09

hey, listen, you know, I'm I'm a c I'm

3:10

all about if Jeff Bezos and his wife

3:14

Laura Buren Bezos, if they want to spend

3:16

money like that, God bless. I have no

3:18

problem with I know other people get

3:19

very upset with it. My attitude is, you

3:22

know, you make the money, spend the

3:23

money, no problem. And people forget how

3:26

many jobs are tied to events like this.

3:29

You know, you've got porters and waiters

3:31

and you've got people in the hotels and

3:33

and to me I like people spending their

3:36

money because it goes into the system

3:39

and it takes care of a lot of

3:40

>> experience right now. What's really it

3:42

was to me was interesting is one is

3:44

theirs was rather private even though it

3:46

was in the middle of New York City. one

3:48

there weren't you haven't seen pictures

3:50

very many you've seen very few pictures

3:52

come out and the ones that are out are

3:54

just people hey I'm going to this

3:55

wedding and sort of bragging about which

3:57

I'm fine with um the Bezos one was so

4:00

performative like waving from the docks

4:02

and the outfits and everything else and

4:04

I think that was one of the differences

4:06

I I suspect there's going to be a movie

4:08

of the wedding I sus I suspect that's

4:10

coming for all of us

4:11

>> let me ask Carara Swisser a question

4:13

though would you have promoted that you

4:15

were going to the wedding

4:16

>> would you have had like a selfie a

4:18

swisher like selfie.

4:19

>> I had would have to cuz it was strange.

4:22

>> I'm totally shameless. I would have been

4:24

promoting it. I would have had I maybe

4:26

even gotten a drone for myself like

4:28

follow me walking cuz I'm a revoling

4:31

person.

4:31

>> Yeah, I think they wanted that. I think

4:32

they wanted that. And I did like that

4:34

the even the celebrities were like

4:35

showing off, right? Like I was there.

4:37

Oh, by the way, I was there. And showing

4:40

off their dresses and it was a little

4:41

bit like the Met Gala. What was

4:43

fascinating is very little leaked and it

4:46

seemed adorable. It just seemed I you

4:48

know I like everything Taylor Swift and

4:50

Scott doesn't but I felt like now I'm

4:52

thrilled for you here for you can

4:54

because you probably like her but but I

4:55

do think that charitable giving

4:57

>> not to like I mean let me again I like

4:59

success stories you know God bless her.

5:01

What's not to like? All the girl every

5:03

kid likes her. God bless you know.

5:04

>> And by the way he's won you know how

5:06

many Super Bowls did the kid win? He won

5:08

two Super Bowl. Three. Three. Okay there

5:10

you go. Come on. I know they're a very

5:12

handsome guy.

5:12

>> Although I will say this about him and

5:14

he can respond to me. Uh he can direct

5:16

message me on Twitter, probably be mad

5:18

at me. He has the thinnest arms and the

5:21

least amount of biceps of any tight end.

5:24

>> He's a hunk.

5:26

>> Take a look at his arms. Okay, I'm just

5:27

tell this kid is very slender for a

5:31

tight end, which made him, in my

5:33

opinion, faster, quicker, and a better

5:35

receiver. I don't see him as a blocking

5:37

tight end. Okay. He's almost like a

5:39

third receiver for Mahomes, which was

5:42

part of the part of the warfare there

5:43

and part of the offensive success story.

5:46

>> Yeah, I guess I don't know what you're

5:47

talking about. He looks handsome to me

5:49

and I'm a lesbian. I think he's hot. Um

5:51

uh I think

5:52

>> Am I allowed to say that I'm also a

5:53

lesbian or you may say that if you'd

5:55

like, but um anyway, I was happy for New

5:58

York to do it and it actually was in

5:59

juxtaposition of something happening

6:01

down in Washington which was just a

6:03

disaster. But first, let let me start

6:05

first since we're talking about sports.

6:06

President Trump's officially inserted

6:08

himself into the World Cup. This is

6:10

really bad. I even I know this is bad.

6:12

US soccer star Foleran Balagan is set to

6:14

play against Belgium after FIFA

6:17

overturned his one match suspension from

6:19

a controversial red card. Trump

6:22

personally called a FIFA President Giani

6:24

Infantino to push uh for a review of the

6:27

decision Trump posted on True Social

6:29

saying thank you for doing what was

6:31

right and reversing a great injustice.

6:33

As we tape on Monday, Belgium has been

6:35

granted the right to appeal the ruling.

6:36

So things may have changed by the time

6:38

you listen to this. I mean, why did he

6:41

do this? It seems like it's it's just

6:43

sort of Sully's thoughts. If you're ever

6:46

on Jeopardy, they don't answer the they

6:48

don't ask the questions like this, but

6:49

they say, "What organization in the

6:52

world is more corrupt than the Donald

6:55

Trump White House?" The answer is boing

6:58

FIFA.

6:59

>> Boing. Yes.

7:00

>> That that's the answer. So, so I mean,

7:01

so you know, it's like the two of them

7:03

got married and did something very

7:05

corruptive and delicious to the world's

7:07

most favorite sport. But, but to me, cuz

7:11

I want to channel Trump for you. So, get

7:13

the barf bags out, guys, cuz I want to

7:14

tell you exactly how he thinks. I am the

7:17

man. Everything is about me. Let's

7:20

insert ourselves. Where's the attention

7:23

this week? Oh my god, there's billions

7:25

of people watching the World Cup. I got

7:26

to get myself inserted into that.

7:28

>> Right. And Taylor, he tried to insert

7:30

himself into the Taylor Swift wedding.

7:31

You saw that we tried to do that.

7:33

>> He tried to do that cuz she hates him.

7:35

He hates her. Blah blah. But let let's

7:37

just roll. But hello, Buttlick. Howard.

7:40

Howard. Howard, are you there? Butlick.

7:42

Okay. Get some evidence together. Okay.

7:45

And then he calls Infantino, who we're

7:47

calling sick sickopantino.

7:50

>> And he says, "This is what I want done."

7:52

And he basically does it. and and

7:54

everyone's looking around scratching

7:55

their heads and saying, "Wow, this is

7:57

low for America, you know, because it

7:59

just makes us look crash." But to Trump,

8:03

he's patting himself on the back. You

8:04

know what he's saying? Nobody could have

8:06

done this other than me. This is like

8:08

another war that I solved. I need

8:10

another FIFA peace.

8:12

>> Look, FIFA is very corrupt. And I did a

8:15

whole show on this about the corruption

8:16

and the ticket sales and everything

8:17

else, but the games seem to be going

8:19

well, right? people seem to be enjoying

8:21

the people here from other countries.

8:24

You know, you had Cape Verde, you had

8:26

Mexico last night. Even I I'm paying

8:28

attention to this a little bit. Um but

8:30

but this sort of it creates does it

8:33

create a problem here if this guy gets

8:36

By the way, just for people who don't

8:37

know, this soccer star was was born in

8:40

the United States. His parents are from

8:42

London. So he's what he's the kind of

8:44

the birthright citizenship that Trump

8:46

rails against at the same time which I

8:48

think is kind of of course ironic. It's

8:50

not ironic. It's typical.

8:51

>> Well, yeah. I mean that's that's Trump.

8:53

You know, he doesn't even probably not

8:54

even aware of that. And so that's

8:57

another big irony of the whole thing.

8:58

But but just just remember it has to be

9:02

about him. Uh enough of me talking about

9:04

me. What do you think of me? And how can

9:07

I get myself inserted into every

9:09

situation? Even if it's controversial,

9:11

it sort of sullies the U US win if there

9:14

is one.

9:14

>> Yeah. You see that? Okay. So, now that's

9:16

the FIFA's position. They're like,

9:17

"Okay, the Americans are going to win

9:19

anyway. It'll mean more ratings." Uh,

9:22

but somebody somebody Look, that was

9:24

supposed to be done on the QT. And then

9:26

Trump can't help himself. He's got these

9:28

AI generated truth socials which are

9:31

incredibly revolting where the guy's

9:33

pulling out the Trump card on the ref

9:35

saying, "Yeah, you're trying to throw me

9:36

out, but I've got the Donald Trump Trump

9:39

card, so I'm back in." And so, you know

9:42

what what happens is it's just a turnoff

9:44

to people. And and I got to say this to

9:46

you, Karen, and I'd love to hear your

9:48

opinion on this. I thought the games

9:49

were going great for America. I thought

9:51

people were coming in very thought the

9:53

place was so hospitable. And I'd be

9:55

like, "All right, well, America's

9:57

finally getting a a slap on the back

9:59

from

9:59

>> That's cuz he was out of it. He wasn't

10:01

near it. That's why."

10:02

>> Exactly.

10:03

>> You know, and speaking of being near, I

10:05

mean, I think it'll just You're right.

10:06

If the Americans don't win, it hardly

10:08

matters, but which is probably what they

10:10

what Infantino was thinking. Um, he also

10:13

marked America's 250th birthday, which

10:15

is kind of a a dud by giving a speech.

10:17

It was essentially a MAGA rally on the

10:19

National Mall after storms delayed the

10:21

event. He honored veterans and

10:23

astronauts while also touting his own

10:24

record and pushing for the Save America

10:26

Act. He also focused on his latest

10:28

obsession, communism, saying commun

10:30

communism is a loser and it will always

10:32

be. The night before at Mount Rushmore,

10:34

where there was hail, a lot of weather

10:36

his way, which was interesting. He

10:37

called communist menace a greater threat

10:40

than Pearl Harbor and 9/11 argued

10:42

American identity under renewed attack.

10:44

I I thought communists were losing. And

10:47

speaking of threats to American

10:48

identity, hundreds of mass members of

10:50

the white nationalist group Patriot

10:51

Front marched through DC on the 4th

10:53

carrying Confederate flags and chanting

10:55

reclaim America. Those photos were kind

10:57

of bizarre to look at. They were on the

10:59

subway. talk a little bit about what was

11:01

happening and also you know that you

11:03

couldn't see the fireworks because there

11:04

were too many of them and too much smoke

11:06

and there's smoke all we all have been

11:08

advised to stay inside over the next day

11:10

or two in DC because of the heat and the

11:12

the particullet from the from the

11:14

fireworks which nobody could see very

11:16

easily. Um talk a little bit about this

11:19

communism thing. This is I hadn't heard

11:21

communism from him. So thoughts on

11:23

what's happening here?

11:24

>> Well, it's Mandani related. This is all

11:27

related to the electoral success that

11:30

the Democratic Socialists have had

11:31

recently. And this is also related to uh

11:35

the speech that uh the mayor of New York

11:38

gave from George Washington's desk,

11:40

which uh obviously was very polarizing

11:43

to some people. Uh my arch nemesis,

11:45

Steve Bannon, somebody I can't stand,

11:48

actually nailed it in my opinion. He

11:50

said, "Hey, you better pay attention to

11:51

Zora Mandani because yeah, he's a great

11:53

communicator. He's got a vision for

11:55

things. He understands

11:58

where people are and how upset they are

12:00

and especially

12:00

>> young people.

12:02

>> Exactly. And Trump's response is to

12:03

label everything with a broad bush that

12:06

it's communism, Carl. And I think that's

12:09

a that's a big danger because when you

12:11

when you do that, you're missing the

12:13

elements of what's got people upset. And

12:17

uh this isn't communism. He if you

12:19

listen to his speech I sort of felt like

12:21

it was Scandinavianism you know it was

12:24

it was northern Europe it wasn't

12:25

communism

12:27

>> you know and Trump's trying to label as

12:28

something that it isn't and he does that

12:30

very successfully a lot of

12:32

>> who is this successful I haven't thought

12:34

about communist since like the cold war

12:36

essentially

12:37

>> yeah so I don't I don't think it's going

12:39

to be successful because you remember

12:40

Zoron Mandani is not flatfooted you know

12:43

when you're calling Hillary Clinton

12:45

crooked or Joe Biden sleepy or Jeb Bush,

12:48

low energy. They're more like standard

12:51

politicians and they're a little

12:52

flatfooted. You know, this guy, in my

12:55

opinion, has made one mistake. I won't

12:57

name the billionaire, but when he docks

12:59

a billionaire in New York City with

13:01

social media, I thought that was bad. I

13:03

mean,

13:03

>> I agree. I said so.

13:04

>> You don't want to put people in harm's

13:06

way. You want to put a peer to tear tax

13:08

in and people can pay it, no problem.

13:10

But don't name the people because you're

13:12

going to get you're going to make

13:13

people, you know, in a dangerous

13:15

position. But to me, this kid has only

13:17

made one gaff and I'm I wasn't a

13:20

supporter of his. I think the city is a

13:22

lot cleaner. The city looks very safe to

13:24

me.

13:25

>> Taylor Swift got married there.

13:27

>> You said to me last week that New York

13:30

is back. New York is flourishing. Is

13:32

that not true?

13:32

>> Yeah, absolutely. When you go there,

13:34

it's it's hard to walk the streets. It's

13:36

so full and vibrant and exciting and

13:38

along with the Knicks, the Taylor Swift

13:40

thing, just there's a lot happening

13:42

there. But what what is the you know

13:44

having the the no white nationalists

13:46

show up again was sort of my I was like

13:48

oh my god them again in that in those

13:50

weird outfits they wear the blue shirts

13:52

and the khakis with the weird white mask

13:54

that they have to hide themselves cuz

13:56

they're not proud of who they are

13:58

presumably.

13:59

>> Yeah. Okay. But you see see what's going

14:00

on. Elon Musk said that this was a uh

14:04

false flag operation. This is hard left

14:07

people that are sending out these white

14:09

supremacists. and there was a photo of a

14:11

young African-American woman on the bus

14:13

with them and people saying, "Okay, that

14:15

photo was contrived." Okay, I don't

14:17

believe I don't believe any of that, by

14:19

the way. But I'm just I'm just saying to

14:21

me, they're doing that for publicity.

14:24

They're doing that for the shock and awe

14:26

effect. And unfortunately for this

14:29

country and perhaps most countries, we

14:31

do have racist [ __ ] in this country

14:33

and we do have white supremacists in

14:35

this country. Uh but unfortunately we

14:37

have somebody in the White House that

14:39

sort of blows a dog whistle for these

14:41

people as opposed to denouncing these

14:43

people or ignoring these people. He's

14:46

like, "Oh, that sounds like a lot of

14:47

fun. Can you guys bring the matches over

14:49

here? Let's light the door flame log for

14:51

the white supremacist bonfire." You

14:53

know, that's the stuff that I I really

14:54

can't see.

14:55

>> It's all around the Save America Act,

14:57

though. I mean, that's really the focus.

14:58

There's, you know, story after story of

15:00

him the desperation of either passing

15:02

this or pulling some emergency powers,

15:05

you know, declaring a national security

15:07

emergency around voting and everything

15:09

else. To me, that's where everything

15:11

funnels down to is this fear of

15:14

November.

15:14

>> Yeah. I mean, listen, I mean, that's the

15:16

goal, right? We got to get black and

15:17

brown people not to vote. And so, we're

15:20

going to get ICE agents out. We're going

15:21

to scare you. Uh, I've got to get this

15:24

uh legislation passed, the Save America

15:27

Act. Uh, and if we get that passed as

15:29

well, you know, hopefully you'll stay in

15:32

your house and we can organize as much

15:34

of the white vote as we possibly can to

15:38

win these elections. And so Trump said

15:40

something people should really listen

15:41

to. If I can get this thing passed, we

15:44

won't lose an election for the next 100

15:47

years. Did you hear him say that?

15:48

>> He said that. Pay attention. So now

15:51

thankfully Thun is American enough still

15:54

where he's blocking Trump and he's

15:56

stopping him. Uh but you know listen you

15:59

know what what comes next is the answer

16:02

car because I think I think we got

16:04

Trump. Uh I think the courts have

16:06

knocked him to the ground a notch. I

16:08

think he's age is getting him. I think

16:11

some of the podcasters have broken from

16:13

him. Some of the traditional Republicans

16:15

are just waiting him out. Okay. So I

16:17

think we got Trump. I'm worried about

16:19

the next lunatic that shows up with the

16:21

same message, you know.

16:23

>> Any thoughts on who that would be?

16:25

>> None of the current lunatics. You know,

16:26

they they don't they don't have the Riz

16:28

Carisser. It would have to be a young

16:30

lunatic that we don't know right now,

16:33

but when I look at

16:33

>> Tucker Carlson, I've never asked you

16:35

about Tucker Carlson.

16:37

>> How do you look at him?

16:39

>> You know, Tuck Tucker is a typical dweeb

16:42

in the high school. Like, I wasn't a

16:44

click guy in high school. My uncle owned

16:46

a motorcycle shop, so I did have a

16:47

leather jacket, but I was also the

16:50

captain of the football team. So, I was

16:51

like not into the whole click thing. But

16:54

Tucker would have been that kid that was

16:57

like a sneaky bully. And so, a sneaky

16:59

bully is no one's looking. I'm going to

17:01

poke Cara in the eye. Okay, no one's

17:04

looking. I'm going to do something

17:05

devious or pranksterish to somebody

17:07

that's weaker than me due to my

17:09

insecurities. Right? So Tucker wasn't

17:11

the outand-out bully because I mean you

17:13

saw that guy, you just walk off to him,

17:14

punch him in the face, and make him go

17:16

away. And so what Tucker does, he's like

17:18

a dodgeball bully. Okay, so hear me out.

17:21

You remember when you were in elementary

17:22

school, you were probably the you were

17:24

probably the smart kid in the back

17:26

lurking with the ball.

17:27

>> I was too small to hit. I was always the

17:29

last kid before to get hit.

17:32

>> And you were always waiting for the big

17:33

jock to hit the other jock and then you

17:35

snuck up and hit the big jock and you

17:36

weren't.

17:37

>> Correct. Thank you.

17:38

>> Okay. But Tucker is a dodgeball bully,

17:41

okay? He's been sneaking around bullying

17:44

and terrorizing people, okay, for his

17:48

adult life. And now he's got a very big

17:50

broad podcast that he can do this on. My

17:54

buddy Chris Cuomo, people should go look

17:56

at the tape. He took a karate chop to

17:58

Tucker's Adams appall as as he was

18:01

spousing his BS about Russia, okay? And

18:05

you know, and and Chris doesn't give a

18:06

[ __ ] just took him to the ground. And

18:08

so I say to myself, number one, is he on

18:10

the take from Russia? I don't know. So

18:12

I'm not going to say yes or no. But he

18:14

he uses Russian talking points when he

18:16

talks. He

18:16

>> does. Yeah.

18:17

>> No. Number two, what, you know, he's all

18:19

of a sudden anti-Israel. And we can

18:21

debate that. I'm not saying Israel's got

18:22

a great brand right now. I think they've

18:24

had a lot of mishaps. But you went from

18:26

pro-Israel hanging out with Huckabe to

18:30

now you're anti-Israel. And I'm like,

18:32

guy, what are you doing exactly? And you

18:34

know what he's doing? He's feeding the

18:37

ducks of his audience. Okay. So, he's a

18:39

dodgeball bully who feeds the ducks of

18:42

his audience. I I think the guy

18:44

>> give him a chance or not.

18:46

>> No. No, he's got no chance. And I think

18:48

he's a complete tool. Also,

18:51

if Trump is alive when he announces his

18:53

candidacy, Trump is going to send like

18:56

orange maned cruise missiles up to Maine

19:00

and and blow blow Trump, you know, blow

19:02

blow Tucker out of the water because One

19:05

thing about Trump, he knows the Achilles

19:08

heel of people like Tucker. So, so and

19:11

and and I predict Tucker won't run

19:14

>> because listen, that is that is a big

19:16

boy sport as you know. It's not

19:18

podcasting. He's not hanging around

19:21

>> waiting for your next massage. It's

19:23

like, okay, we got to get on the road.

19:25

And you can hate Donald Trump, but

19:26

Donald Trump is a grinder. I watched

19:27

him,

19:28

>> you know, 8 in the morning till

19:30

midnight. Let's grind this thing out.

19:32

Tucker doesn't strike me as that.

19:34

>> I see. Pass me the nail file. I'm about

19:36

to get a Manny Petty, Tucker Carlson,

19:39

the dodgeball.

19:40

>> Can I ask you one last question on this?

19:42

Um, so what's Trump's move? We got July,

19:44

August, everything's quiet. What does he

19:46

have? He doesn't have much time till the

19:48

midterms besides trying to stop the

19:50

election itself. What What does he do

19:53

now? How does he get attention? What is

19:55

What is he going to do?

19:56

>> We have more revulsion coming. And so on

19:58

July 19th, he'll be in the Meadowlands.

20:00

He'll be at the New Jersey New York

20:03

stadium handing the trophy to somebody

20:05

who has won the World Cup because

20:07

Infantino Sikafantino is going to let

20:09

him do that. So that's going to be a big

20:11

day for him. Lots of attention on him.

20:12

You'll have billions of people watching

20:14

him. He'll be very happy about that.

20:15

Right. Exactly. And he's he's announced

20:18

his griff to the public. Okay. So if you

20:21

ever thought that he hasn't learned from

20:22

the KGB, he has actually because what

20:25

does the KGB do? They spy out in the

20:27

open, right? Remember John Lar would

20:29

explain to you that the person shows up,

20:31

they look like a KGB spy, they act like

20:33

a KGB spy, so you don't think they're a

20:35

KGB spy, but guess what? They are one.

20:37

And so Trump is like, "Let me announce

20:39

to you my grift." Okay? And so here's

20:42

all the different things I'm doing. He

20:44

even put the $15,000

20:46

of Infantino tickets that were given to

20:49

him on his financial disclosure, the

20:51

FIFA tickets that were given to him. So

20:52

So what he's going to do is he knows he

20:56

doesn't give a [ __ ] about his party. He

20:57

doesn't care who wins the election as

20:59

long as he's not overly investigated.

21:01

He's going to pardon himself and his

21:02

family. He's going to try to make $10

21:05

billion

21:07

over the next two years.

21:08

>> All right. Well, that'll get us into So,

21:09

that's what he's working on.

21:11

>> That's what he's going to do. Yeah. He

21:12

He's about glory, self angerandisement,

21:15

and moola. Those are that's the holy

21:18

trinity inside his brain.

21:20

>> Okay. Well, we'll talk about that

21:21

because we're going to talk about

21:22

something that you know a lot about,

21:23

which is cryptocurrency. Okay, Anthony,

21:25

let's go on a quick break. We come back.

21:27

Millions of investors lost billions on

21:29

Trump's memecoin.

21:31

>> This is advertiser content from Harvey

21:33

AI. We have a choice over who we work

21:35

with and who we don't. Specifically, who

21:37

we allow to advertise and who we don't.

21:38

And for those of you who watch my

21:40

content, I am not an AI catastrophist.

21:42

I'm an AI optimist. I think it's going

21:43

to create more jobs than it destroys.

21:46

And I think our job as professionals is

21:48

to figure out how to leverage these

21:50

these tools. AI uh more than almost

21:52

anything I do in terms of what I could

21:54

point to for real economic leverage and

21:56

savings is 100% in the legal fields.

21:59

Harvey is the AI designed specifically

22:01

for legal work trusted by leading law

22:03

firms and enterprise legal teams. All

22:06

right, so now I'm looking at their demo.

22:10

It plugs into tools that lawyers already

22:12

work with Lexus, Nexus, Microsoft, and

22:15

this is a key and I do this internally

22:16

with my LLMs with permissions. It lets

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you look at the firm's own files and

22:23

databases.

22:25

So here it's answering a question, reads

22:27

the complaint, pulls the relevant terms,

22:30

checks the web, weighs the evidence, and

22:32

drafts a response. But it also can do

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this in a shared workspace between the

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firm and the client. So they both have

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visibility into the work being done and

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can both add value to it. I I think this

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space is clearly sort of handinand glove

22:47

for AI, right? There's no doubt about

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it. This, I think, is uh going to be

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super helpful not only for law firms

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themselves, but internally for general

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counsels at companies. Harvey is AI

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tailored for law. You can learn more at

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harvey.ai.

23:08

Anthony, we're back. Nearly 1 million

23:10

people who bought President Trump's

23:11

memecoin have lost a combined 3.8

23:13

billion. Guess where it went. At the

23:15

same time, Trump disclosed earnings of

23:17

$636 million from the memecoin. In 2025,

23:20

Trump profited whether the coin uh price

23:23

rose or fell, collecting fees every time

23:25

the token was traded, which he which is

23:27

called a vig, which he often uh prompted

23:30

his followers on True Social to do.

23:32

Meanwhile, Michael Sailor's strategy has

23:34

abandoned its famous never sell Bitcoin,

23:37

wasn't a holder anymore, um mantra. The

23:40

company is launching a $1.25 25 billion

23:42

monetization program to raise capital

23:44

with Bitcoin sales already has sold 216

23:47

million. Trump's disclosure, by the way,

23:49

showed active trading of strategy

23:51

shares. Um, where, you know, for people

23:53

who don't understand what was happening,

23:54

we talked about this last week, he made

23:56

several billion dollars largely related

23:59

to crypto, very small amount in real

24:01

estate, similar similar to what he

24:03

always makes in real estate essentially.

24:05

uh nothing more or less but there's a

24:06

lot of you know and of course the kids

24:08

have their own griffs going on and Jared

24:10

and Ivanka have their own grift so talk

24:13

about how we should be thinking about

24:14

crypto now and what happened here with

24:17

Trump

24:18

>> well I mean it's important to people to

24:20

understand how dramatic this griff was

24:23

he needs an academy award or a FIFA

24:25

World Cup trophy maybe FIFA will give

24:27

him the grifter prize of the you know we

24:30

gave you the the FIFA peace prize but

24:33

the griing has been so Good. Here's the

24:35

FIFA Grifter Prize because this is

24:38

unbelievable. Just to put it into

24:39

context for everybody, all of the

24:41

publicly traded crypto companies

24:43

combined made less than Donald Trump did

24:46

in crypto. Just so everybody knows, he

24:49

made more money than Coinbase, Kraken.

24:50

Put them all together. Kraken's not

24:52

public, but you get get my point. They

24:53

do disclose their financials. Uh, and

24:56

remember this, okay? Trump's disclosure

24:58

was 927

25:00

pages. Barack Obama, his ex his his was

25:04

eight pages. Okay. So, this guy filed a

25:07

phone book. He didn't file disclosure,

25:10

but but the crypto stuff is so bad. It

25:13

is so egregious. So many people lost

25:15

money and the differential of 3.8

25:19

billion losing and him making 800 is

25:22

just to me insidious. But I'm I'm going

25:24

to say this to you and I know you get

25:25

this. The Emirati royal family bought

25:28

$500 million stake in his company before

25:33

the inauguration. Right.

25:35

>> Okay. So, I don't know. You tell me. Uh,

25:37

that was just a Hey, that's a nice

25:39

gesture.

25:40

>> Hey, Cara, how you doing? You know,

25:42

there's a Cara Swisser. It looks like

25:44

it's from your longevity documentary

25:47

behind you. I'd like to buy that from

25:48

you for $500 million just because, you

25:51

know, you're a nice person, Cara. Is

25:53

that how the Emirati royal family

25:55

treated that situation?

25:56

>> Right.

25:57

>> So, so to me, it's again, I'm taking the

26:01

money. And by the way, you stupid crypto

26:03

bros, what did you think was going to

26:05

happen? Oh, you thought I was supporting

26:07

you? No, no, no. This Clarity Act, which

26:10

everybody would like to get passed, that

26:12

can't happen because my opposition

26:14

uh hates me and they're going to vote

26:16

against it to spite me. And oh, by the

26:18

way, that spits you. But haha, guess

26:20

what? I didn't care about you, right? I

26:23

didn't care about you.

26:24

>> What happens to the the cryp what what

26:26

is happening like what Sailor has done?

26:28

Obviously, he's been super aggressive

26:30

and you've been deep into crypto and

26:32

Bitcoin particularly where does this

26:35

hurt the Bitcoin business because it was

26:38

actually improving allegedly under Trump

26:41

with all these you know the regula

26:43

Gensler was gone everything else. Where

26:46

does this leave crypto now? Because it

26:47

then has this taint as as as the world

26:51

the World Cup has of Trump's finger

26:54

dirty fingers all over it.

26:55

>> Yeah. So, nobody likes me in the crypto

26:57

community for saying this, but I'm going

26:59

to continue to say this. Gary Gensler

27:01

was a pain in the ass to the industry.

27:03

But you know what Gary Gensler did? He

27:05

blocked a lot of the low lives and a lot

27:08

of the people, a lot of the scammers out

27:10

of the industry. Trump has opened up the

27:12

floodgates and became the scammer and

27:14

chief in the industry. So people said,

27:16

"Oh, this is going to be great for the

27:17

industry." It's not great for the

27:18

industry. You you would want the mama

27:20

bear. You would want propitious and

27:23

ordinary transparent crypto regulation

27:27

with a defense system against

27:29

scumbaggery. We didn't get that. So when

27:32

Trump announced that memecoin, Cara, I

27:34

was at the World Economic Forum with

27:36

Brian Armstrong on a panel and I said,

27:39

"This is going to be very bad for the

27:40

industry because this makes us look

27:44

terrible." And his opposition, there are

27:47

young Democrats that would probably

27:48

support the cryptocurrency industry that

27:51

are looking around saying, "I can't do

27:52

it now because of what Trump has done."

27:54

Uh, and so so to me, I think it's a I

27:57

think it's a big issue. You mentioned

27:59

sailor, so we might as well bring him

28:00

up. You know, Michael's got to be

28:02

careful because he's an absolutist and

28:05

he's an extremist. So, he said at a one

28:07

side of his mouth, I'm never selling my

28:09

Bitcoin. You should sell one of your

28:11

kidneys to buy and hold Bitcoin, but

28:14

he's got pressure on him and he's got a

28:16

in he's got a cash imbalance. And so,

28:19

guess what he's doing? He's starting to

28:20

sell his Bitcoin. Like, Michael's not

28:22

going to take advice from me. And I like

28:23

Michael, but I would say Michael, you

28:25

become part of the story. you go on your

28:27

yacht, sail off into Sicily somewhere,

28:30

stop tweeting about Bitcoin, get out of

28:33

the story making business. Because what

28:36

happens in a situation like this is like

28:38

a fighter squadron. Let's say we got

28:40

B17s about to strafe Berlin and one has

28:44

engine trouble and is lagging behind the

28:46

others in the squadron. Uh, what are the

28:48

meersmiths going to take out first?

28:50

They're going to take out that one and

28:51

this is Michael right now. So get out of

28:54

the story. I wouldn't sell any more

28:56

Bitcoin, by the way. Your job is to have

28:59

Bitcoin go back up, and you getting out

29:01

of the story will probably help that.

29:04

I'm long-term bullish on Bitcoin. I

29:06

think we're in the typical four-year

29:08

cycle where we've corrected 50%. We

29:11

could correct more, but I think the

29:13

long-term bias for Bitcoin is up. And uh

29:16

I think if you hold it for 5 years,

29:18

you're going to be well well situated.

29:20

>> Here you have Trump sort of dirtying up

29:21

the the industry in a ways. what needs

29:24

to happen from a bipartisan, how can it

29:27

return to a way where you don't have,

29:29

you know, too much regulation and at the

29:32

same time you zero out all the all the

29:35

scammers.

29:36

>> So I I I think there's only one thing

29:38

and that is time and demography. So I

29:42

think if you're above the age of 60 and

29:44

you're in the Democratic party, you hate

29:46

crypto. I think if you're below the age,

29:48

if you're in the 50 to 60, you're crypto

29:51

by curious, but you're like

29:53

cryptokeepic. If you're below the age of

29:56

50, you're generally like, okay, I get

29:58

this, and there should be an ecosystem

30:01

allowing us for tokenization and for

30:04

general improvements of the financial

30:05

services/fintech

30:07

community. And so I think he set the

30:11

industry back. I think it'll be three,

30:13

four, five years before we see the right

30:15

type of regulation. I want to be wrong.

30:17

You know, Cynthia Lumis, Tim Scott are

30:20

saying that the Clarity Act is going to

30:22

get passed if you go to the poly

30:23

markets.

30:24

>> Explain what the Clarity Act is.

30:26

>> Okay, so the Clarity Act in the most

30:28

simple elevator pitch is exactly that.

30:31

We're going to offer you clarity on

30:35

regulation associated with crypto. Where

30:38

is Bitcoin going to be regulated at the

30:40

CFTC or the SEC? Where are these other

30:43

coins going to be regulated? What's

30:44

going to be allowed in the industry? How

30:47

are we going to deal with stable coins?

30:48

Are they going to be able to pay

30:49

interest on their um the balances that

30:52

you put at a stable coin company? Uh

30:54

what will the banks be able to do? Will

30:56

will we charge the banks on their

30:58

balance sheet, which they would do right

31:00

now if I held my Bitcoin? I can't hold

31:02

it at JP Morgan, but if I was able to,

31:04

they they they hit them with an

31:06

overcharge on their capital account. But

31:08

let's say they could segment it out.

31:10

Will the money center banks eventually

31:12

be able to custodian

31:15

Bitcoin? And so why are we calling it

31:17

clarity? Because the pendulum has been

31:19

swinging back and forth between the

31:21

administrations. You get hard

31:23

left-leaning regulation from the SEC and

31:25

it swings back to hard right leaning

31:28

regulation. We were having regulation by

31:31

enforcement under Gensler. Now we're

31:32

having light touch regulation. This

31:35

would this would provide a clear signal

31:39

to Democrats and Republicans. Here are

31:41

the laws as legislated by the Congress

31:45

signed by the president. And so this is

31:48

the interpretation bandwidth you have

31:50

now as opposed to this, you know, this

31:52

bit this wider bandwidth.

31:53

>> It feels like grift again. That's what

31:55

it it has more of a nervousness around

31:57

it because the Trumps are around. Well,

31:59

well, well, it Let me explain why it

32:01

does, though. Because all Gillibrand and

32:03

these people are asking for is, okay, we

32:06

don't want the president's family to

32:09

steal another couple billion dollars of

32:10

of crypto. So, can we at least legislate

32:14

or create a rules-based system that's

32:17

ethically guided? And the White House

32:20

said, uh, no. Uh, we like when the

32:24

president steals. Scott Bent said that

32:26

the 2.4 four billion that he took is a

32:29

sign of US innovation is what he said in

32:32

an interview. This guy I mean you know I

32:34

mean you got to be kidding me. I mean

32:35

this is this is literally unbelievable.

32:38

>> This guy

32:39

>> it's like I mean but it's you know you

32:40

know what it is it's like a sock puppet

32:42

at this point. It's like that used to be

32:44

a person you know like Prince formerly

32:46

known as Prince that used to be a person

32:48

formerly known as Scott Bent. He's now a

32:51

sock puppet for Caroline Levid and

32:54

Donald Trump. Okay. And you're saying

32:56

that with a straight face in an

32:58

interview, guy. I mean, come on.

32:59

>> I know. I agree. So, uh, last small

33:02

thing. Uh, July 4th officially marked

33:03

the end of the Department of Government

33:05

Efficiency, better known as Doge. In a

33:06

post on X, the agency said, "While the

33:08

formal mission of Doge has come to an

33:09

end, the mission to eliminate waste,

33:11

fraud, and abuse will continue. Good

33:13

stewardship of taxpayer dollars and

33:14

accountable government are not temporary

33:16

initiatives." Researchers estimate

33:18

Doge's cuts to US aid and humanitarian

33:20

aid contribute to hundreds of thousands

33:22

of deaths worldwide. Jo claims it saved

33:25

taxpayers about $215 billion through

33:27

spending cuts. The original goal was 2

33:29

trillion. Many people feel it cost the

33:32

United States. Actually, one thing we

33:33

won't be getting is a final assessment

33:35

of what actually accomplished. Uh budget

33:37

director Russell Vote recently told

33:39

Congress, "We have no plans to publish a

33:41

closing Doge report." Of course not,

33:43

because if they did a good job, they

33:45

would tell you. Uh I think this was just

33:47

as it turned out as I said it would it

33:49

was a nothing burger of of massive

33:51

proportions and actually led to death of

33:54

people around the globe especially

33:56

children. So uh any final thoughts on

33:59

Doge? Just another waste of time.

34:01

>> Again there there was a Doge. Uh it was

34:04

it was the Clinton Gore reinventing

34:06

government. That's right. Yeah,

34:07

>> I just want to remind everybody, we took

34:09

426,000

34:11

jobs and we eliminated them over eight

34:14

years through attrition and buyouts and

34:17

process redesign. Uh, and what I don't

34:20

never can understand for the life of me

34:22

is I think I'm a reasonably smart guy,

34:24

but I know I'm stupid in a lot of areas.

34:26

But if I had a B next to my name, you

34:30

have to explain this to me car because

34:31

you hang out with these people more than

34:32

I do. So, I've got billionaires that

34:35

troll me on Twitter cuz they're smarter

34:38

than me and they know more about

34:40

everything than I could possibly know.

34:43

>> But, and I understand that. Yes, you

34:44

know more about neurology than

34:46

neurologists and more about the military

34:48

than the military. Yes, you have a

34:49

billion dollars. You're the smartest. I

34:51

understand that. But why wouldn't you

34:53

have gone to 25-year veterans of the

34:58

GAO, the government administration

35:00

office, and said, "Okay, where are the

35:02

worms in the system? How can I plug a

35:04

few holes? I'm not going to save a

35:06

trillion dollars or $2 trillion, but you

35:09

know, from an engineering perspective,

35:11

the structural design and the embedded

35:14

cost of the government, what could we do

35:16

to stop some of the

35:17

>> They didn't want to do that.

35:18

>> And how could we do that gradually?"

35:21

They didn't. And

35:21

>> they didn't want to do that because

35:22

what?

35:23

>> Because they wanted to please Elon and

35:24

let him jump all over the place with

35:27

I don't know. I I think he just was to

35:29

please Elon. I think Elon felt like this

35:31

was important. And that's where they had

35:33

the falling out over the tax bill when

35:35

he started to show what he really was

35:37

made of, which was spending more

35:39

government money. Um, and I just think

35:41

it was just all a act. They thought it

35:43

was all nonsense and idiotic and

35:46

possibly gave Elon and his minions uh

35:50

access to lots of secure government

35:52

data. I always thought it was about the

35:54

data, but that's just me.

35:56

>> Well, it was definitely it was

35:57

definitely a missed opportunity because

36:00

we could have gone back to payo

36:02

legislation

36:03

uh that got us to the budget surplus

36:05

during the Clinton era.

36:07

>> We could have gone with a Clintes a

36:10

dozelike system that was bipartisan. Uh

36:13

we could have said to our fellow

36:14

Americans, "Hey, we're not going to fix

36:16

the problem in 10 years." But you know

36:18

what? Over a 20-year period of time, we

36:21

could get the debt, we could get the

36:22

spend in line with where the GDP is.

36:26

>> Uh and we didn't do that. And you know

36:28

what's going to happen? And you know

36:29

this, and I know this, my buddy Ray

36:31

Dallio knows this. You're going to have

36:33

an American president in 2036, 2040

36:37

dealing with a $55 trillion budget

36:40

deficit. Mhm.

36:41

>> And they're going to be sitting there

36:43

saying, "Okay,

36:44

the money's not worth anything anymore

36:47

because the only way we can pay for

36:48

this, guys, remember

36:50

>> unfunded tax liability is what a deficit

36:53

is." That's what Milton Friedman said.

36:55

All deficit spending, unfunded tax

36:58

liability. And guess how we're paying

37:00

for it? We're using the most pernitious

37:02

and most regressive form of taxation

37:05

because we're cowards. We're using

37:07

inflation. And so we're going to we're

37:09

going to blow out your bank account. You

37:11

think you got $1,000 in your account. It

37:13

only has $750 worth of purchasing power

37:17

cuz that's our way of monetizing our

37:19

debt. And that's a problem. And that's

37:22

one of the reasons why I am long gold

37:24

and one of the reasons why I'm long

37:25

Bitcoin because I do think that these

37:27

will be part of the as we reinvent

37:30

ourselves once again, they will be part

37:32

of the answer uh to the way the monetary

37:36

system works in the future. This was a

37:38

missed opportunity and it was all

37:39

performative. Performative. Anyway,

37:41

let's go on a quick break. We come back,

37:43

the pros and cons of Trump accounts.

37:46

>> Support for the show comes from

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38:50

Anthony, we're back. Speaking of trying

38:52

to make money for American citizens,

38:53

Trump accounts, which I hope will the

38:55

name will be changed after he leaves,

38:56

and new investment accounts for children

38:58

have officially launched. Trump marked

39:00

the occasion by ringing the bell to open

39:01

the markets from the Oval Office on

39:03

Monday morning. 6 million Trump accounts

39:05

have already been open for children

39:06

under 18, according to Treasury

39:08

Department. A fraction of eligible kids.

39:11

That's a small amount, actually. Babies

39:12

born during Trump's term between 2025

39:15

and 2028 will receive a $1,000 deposit

39:18

of seed money in these accounts. The

39:20

Social Security Administration is

39:21

introducing a process uh for parents to

39:23

enroll their babies uh in these Trump

39:26

accounts at the hospital. They register

39:28

as they register for social security

39:29

numbers. We've seen a number of

39:30

individual and corporate donors to these

39:32

accounts, including Michael Dell and as

39:34

you mentioned, Ray Dallio. The latest is

39:36

SpaceX President Gwyn Shotwell, who just

39:38

announced she's donating company stock.

39:40

Um, what do you think about these

39:42

accounts? I'm not necessarily against

39:44

them. I don't I think it's I I just I

39:47

feel like grift will happen because

39:49

Trump's involved with it. Um, and at the

39:52

same time, I feel like maybe we should

39:54

just have, you know, child care. Maybe

39:56

we should just have healthcare. maybe

39:58

she would just have these kind of things

40:00

that are that cost people. I don't mind

40:02

forced savings which essentially this is

40:05

and I have accounts for my own kids for

40:07

college and things like that but and

40:09

everyone should be able to avail

40:11

themselves to them in a tax-free basis.

40:13

So, and at the same time relying on the

40:16

stock market's problematic from my

40:18

perspective. But go ahead. Let's hear.

40:20

>> Oh, I want to listen. You know, I I have

40:23

to say this one straight. For me as a

40:25

Wall Street person, I like this because

40:29

I even if it's going to be 6 million

40:31

people, that's what it looks like right

40:33

now. Uh getting these people

40:35

autoenrolled in the stock market and the

40:37

idea that they have some investment,

40:39

which means they're technically invested

40:41

in something. Uh, and it if it could

40:44

spark some aspiration, if it could spark

40:46

some interest in long-term thinking and

40:49

saving and investing, I like those

40:51

things. You know, I you know, listen,

40:54

Michael Dell, I think, gave 6 and a4

40:56

billion. I know he's a very wealthy man,

40:57

but I think it's a very generous

40:59

statement that he's trying to make. I I

41:02

don't like the Trump name on it, but of

41:04

course, anything that Trump does, he's

41:06

going to have to put his name on it.

41:07

He's trying to get his signature on your

41:09

money. He's trying to get his face and

41:11

your passport. he cannot help himself.

41:13

So, but but here's the thing I would say

41:15

about this and people should really be

41:16

concerned about this number. 40% of the

41:19

Americans own nothing in a retirement

41:21

account,

41:22

>> right?

41:22

>> And I want you to think of the pressure

41:24

on that. And so that also, we do know

41:26

this and we don't teach it in school and

41:28

perhaps we should. We know we have a lot

41:29

of financially illiterate people in the

41:32

country. And if you're listening to this

41:34

podcast and you're financially literate,

41:37

don't look down on those people. figure

41:39

out a way to educate those people

41:40

because more educated people and more

41:43

financially literate people will mean

41:45

there'll be more self- sustaining

41:47

people, okay? And there'll be people

41:49

seeking their aspirations. So, I do like

41:51

this one. Uh Trump is taking more credit

41:53

for it than than he deserves. This was

41:55

an idea that was proposed 10 years ago.

41:58

Uh lots of people blocked it. I think I

42:01

think believe it or not uh uh Vice

42:04

President Harris if she was president

42:05

would have accepted this at this point

42:07

in our culture. You're making a

42:09

different point though and I would just

42:11

say not to conjoin those. The point that

42:13

you're making which I agree with. We

42:15

need a platform of good food in the

42:17

school so the kid doesn't go to school

42:19

unhealthy or hungry. We need some

42:22

sustainable educational ideas and we

42:24

need some health care for these kids.

42:26

That's more important than putting

42:28

$1,000 in their savings. I I accept

42:30

that. But I would just say to you, Cara,

42:32

and people listening in, you got to deal

42:33

with the world the way it is, not the

42:36

way it should be and not the way we want

42:38

it to be. And so this one I like and I

42:41

would like I would like to see more

42:43

billionaires. I'd like to see more

42:45

people do this

42:46

>> giving money. So is this like although

42:48

some people feel like open AI doing it

42:50

as a way to get a bailout at some point

42:53

or you give you give him the money and

42:55

he takes credit for it and then you get

42:59

some sort of break of something else

43:01

that giving money these things gives you

43:03

something else.

43:04

>> Well, that's been the case with Donald

43:05

Trump. I we've learned that you you give

43:07

him money, you buy a documentary from

43:09

his family, you get more rocket

43:11

contracts, you you u you line up behind

43:14

him, he takes care of you. uh you know,

43:17

you've got people that have given him

43:19

money or given money to his pack and uh

43:21

Howard Butlick has written them out of

43:23

certain tariffs and has gotten them an

43:25

exemption on certain things. So, yes, we

43:28

know that there's a pay per place system

43:31

going on. And so, yeah, there's people

43:33

thinking, you know what, I'm going to

43:34

give this I'm going to get the tax cut

43:36

and Trump's got two and a half years

43:38

left. I may need a favor from him and

43:40

he's a guy that pays for play and I I

43:42

can get in there and ask for that favor

43:45

and probably will get it done. You know,

43:47

there's there's a queue of people and

43:49

I'd be very interested. I'm not an

43:51

investigative uh reporter, but I would

43:53

love somebody to work on this. There's a

43:55

queue of people that are lined up for

43:57

pardons and I know it's in the tens of

44:00

millions of dollars is being paid to get

44:04

these pardons. They're hiring lobbyists.

44:05

They're hiring attorneys. They're

44:08

they're buying I don't know fragrances

44:10

from the family or they're buying

44:11

>> all of Kelly and Conways.

44:13

>> Yeah, they're buying meme coins. I don't

44:15

know what the hell they're doing, but

44:16

I'm I'm sure there's a legion of people.

44:18

They're like, "Hey, we got a 2 and 1/2

44:20

year window. We broke a lot of laws, but

44:23

this guy could pardon my ass."

44:25

>> And and this is Trump's personality.

44:27

Rather than using the norms in the

44:29

system, he breaks the norms and then he

44:32

brags about it. And only I only I could

44:34

have gotten our player back on the

44:37

field. only I could take in billions of

44:39

dollars for myself. These other

44:41

presidents were stupid. They could have

44:43

made billions of dollars for themselves.

44:45

I'm the genius. You see what I mean? And

44:47

it it's very corruptive. And let me tell

44:49

you what it does, which pisses me off

44:51

the most, if you don't mind, because we

44:52

grew up similarly.

44:54

>> When I was a kid growing up, maybe

44:55

Richard Nixon was corrupt, but he wasn't

44:58

so corrupt that I thought the system was

45:00

broken and unfair. I looked up at the

45:02

system. I said, "All right, the guy's

45:03

probably corrupt, but you know what? If

45:05

I go to a good school and work my ass

45:06

off, I can move classes in this country.

45:09

This guy is putting a suppression on

45:13

middle and lower income people, they're

45:15

they're like, "Holy [ __ ] there's a

45:17

two-tier justice system. You're either

45:19

one of the president's crony friends or

45:21

you're not. And if you're not, you're

45:23

not going to make it, and I'm going to

45:25

do way less economically than my parents

45:29

did. And I don't have any hope, and I

45:31

don't have any chance." That's what the

45:33

corruption does in a society and that's

45:36

what pisses me off the most.

45:37

>> Yep. I would agree. I would agree. So,

45:39

we're both sort of for these things, but

45:40

it just seems like I'd love to get the

45:42

Trump name off of it. I almost signed up

45:44

for one. I almost did, but then I was

45:45

like, I have an up stock holdings. So,

45:47

last thing very briefly. Um, so Mark

45:49

Zuckerberg told Meta employees the

45:51

company's AI agents aren't advancing as

45:53

quickly as expected. Like a lot of

45:55

corporate people, Zuckerberg said Meta's

45:57

AI reorganization hasn't delivered the

45:59

results the company had hoped for,

46:00

though he expects progress over the next

46:02

3 to 6 months. In May, Meta laid off

46:04

around 8,000 employees and reassigned

46:06

about 7,000 AI focused teams. Zuckerberg

46:09

uh said this move is not as clean as it

46:11

should have been. Meta is expected to

46:13

spend as much as $145 billion on AI

46:16

infrastructure this year. Um,

46:18

everybody's a little worried about even

46:20

uh Palanteer the Palunteer even though

46:22

he said it in a crazy way was making a

46:24

lot of sense around uh the the high

46:27

price of tokens, the effectiveness, the

46:29

safety of your data, whether you want to

46:32

hand it over to these things, all signs

46:34

of possible highs of these of this

46:37

spending. Do you think how much impact

46:40

how much patience do investors have if

46:42

companies keep saying progress is slower

46:44

than hoped, including the center

46:46

companies in this?

46:46

>> Yeah. Well, I mean, you you know the

46:48

answer to that. I know the answer to

46:50

that. They have patience until bam, they

46:53

don't have patience. And this is very

46:55

reminiscent of global crossing and very

46:58

reminiscent of Cisco. And you and I are

47:00

old enough to remember web one where we

47:02

were building the infrastructure. We're

47:04

putting all the switches in. We have all

47:06

these transatlantic, transpacific

47:08

cables. We got cables coming down the uh

47:11

Persian Gulf all the way into the

47:13

straight of Hermuz. and we are going to

47:15

electrify and globalize everything and

47:18

they overspent uh and they had too much

47:20

leverage in the system as a result of wi

47:22

which like a like a real estate

47:24

speculation

47:26

uh the system got built but it collapsed

47:28

and the people that were owning the

47:29

equity and were buying the opium at that

47:32

time actually got crushed and so what

47:34

I'm fearful is also the way this stuff

47:37

is booked right because if you're you're

47:39

you're you're you're spending on the R&D

47:41

and then someone else is booking a

47:43

profit it at the same time. You know, to

47:46

me, you've artificially stimulated some

47:49

people's earnings, okay? Particularly

47:51

the data centers and things like that.

47:53

And so, I'm worried about that because

47:55

that's exactly what happened in web one.

47:57

And you and I are old enough to remember

47:59

that movie

48:00

>> and that movie ended in tears. Yeah.

48:01

That wasn't a happy Hollywood ending.

48:03

That movie,

48:03

>> then there was Google, then there was

48:04

Meta, then there was, you know.

48:06

>> Well, yeah. Well, yeah. Well, well,

48:07

that's the bet. So, now you've got your

48:08

cards. You're playing this hand. You

48:11

gota hopefully you can close your

48:12

position out before the thing blows up

48:14

and then you wait for whatever replaces

48:18

it. Right know you know listen

48:20

alista

48:22

>> ask ask jeies.

48:24

>> Yeah I

48:25

>> okay we could you you remember the

48:27

search capital group Scott and I were

48:29

reminiscing about that. remember

48:31

Internet Capital Group. Remember the

48:32

boom in Internet Capital? They named the

48:34

They named the Pat I knew it was over

48:36

when they named the Patriots Stadium the

48:38

Internet Capital Group Stadium or

48:40

whatever the holding company was. And

48:42

so, so to me, what I'm worried about

48:44

here and I think it's fair to be worried

48:48

about this is this is a great

48:51

technology. I think it'll add to

48:54

productivity. It'll boost things. The

48:56

internet certainly did that. But as we

48:59

invest, there were pockets in the

49:01

railroad industry that blew up, pockets

49:02

in telecom that blew up. And there's

49:05

going to be pockets here that blow up.

49:08

>> Do you expect to blow up? Because a lot

49:09

of economists are suddenly sounding

49:12

alarms now. It took a years before that

49:14

happened in the one you were taught,

49:16

global crossing, and everything else. It

49:17

took several years before it broke

49:20

essentially.

49:20

>> Well, you got to tell me where rates are

49:22

going. you you tell me where the rates

49:23

are going and I'll tell you where the

49:25

fuse is because if we manage to stave

49:28

off despite the economic data and the

49:30

spectre of current inflation

49:32

uh and remember we we had 100 basis

49:34

point differential on rate expectation.

49:37

So if you and I were doing this podcast

49:39

January 1, Anthony, what are you

49:41

expecting? Three 25 basis cuts this

49:44

year. What is it now? We flipped it over

49:46

to one 25 basis point hike. So that did

49:50

affect a large part of the markets. It

49:51

did affect crypto and obviously gold

49:54

also sold off as a result of that. But

49:56

if you're telling me we have a 50 basis

49:58

point 75 basis point rate increase due

50:01

to the quagmire in Iran all the

50:03

assortment of different things you're

50:06

going to you're going to shorten that

50:07

flu fuse. Somebody could say hey I'm

50:09

going to miss a bomb payment here.

50:11

Sorry. Uh I think it's very telling Cara

50:14

that Facebook which mints money and

50:18

Google that mints money I think they

50:20

combined went out to raise in bond

50:22

market activity something like $140

50:25

billion in the last 6 weeks. And so

50:28

that's telling you something.

50:30

>> They're like, "Holy [ __ ] we're spending

50:31

so much money. we better get another

50:34

hundred or so billion dollars in reserve

50:36

here to protect ourselves uh and to

50:39

create a a layer of protection on the

50:41

interest rates that we're going to be

50:42

paying.

50:43

>> We're going to be paying. So, we'll see

50:44

where that goes. Anyway, uh one more

50:46

quick break. We'll be back for wins and

50:48

fails.

50:50

>> Support for the show comes from Vanta.

50:53

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50:55

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52:57

>> Okay, Anthony, let's hear some wins and

52:58

fails. You go first.

53:00

>> Well, listen. I mean, we talked about

53:01

it. I think the win of the week is the

53:03

Trump accounts. Actually, I I don't like

53:05

to call them that, but I want Americans

53:07

to get into the saving and the investing

53:09

mindset. And certainly, if you can get

53:11

children into the saving investing

53:13

mindset, it could be a lifecher. So, I

53:15

think that's the clearest win for me.

53:18

Uh, the second clearest win, uh, which

53:21

is obscure to people, but I I I think

53:23

it's a it's meaningful is is the

53:26

birthright citizenship. And we talked a

53:28

little bit about that last week on my

53:30

show. I think that is the big message.

53:33

is sorry. You know, you pushed and

53:35

shoved us around. We are afraid of you

53:37

here at the court, but you know what? It

53:39

was a 6-3 decision and we're going to

53:42

stick with the Constitution

53:44

over the Orange Maniac. And I and I

53:47

think those are two big wins. All right.

53:48

So, losses for me are FIFA

53:51

and Sick of Fentino. I think this is a

53:53

big loss for him. And I think and I

53:55

think weirdly, you know, and sadly, uh I

53:59

think he's uh I think he's hurt the

54:01

game. And I and I think it sucks because

54:03

the World Cup to me is about

54:06

togetherness. You know, when you want to

54:07

love people and you want to love the

54:09

world. I think of the World Cup. I'm

54:11

like, "All right, look at all these

54:12

people." You know, the happiness and the

54:14

sadness is based on a sporting event.

54:16

It's not based on a war. I love the

54:18

whole environment. I love the whole

54:20

carnival of it. And I just think the

54:22

notion that this guy poisoned that, too.

54:25

It's like he won't stop at anything. So,

54:28

so, so those are the those are the wins

54:29

and those are the losses. That sort of

54:31

goes into my fail is the continued

54:34

sucking up of people like Be Bessant and

54:37

others about like yes there's plenty of

54:39

people behind me. The the the cultism is

54:42

so strange and it's so at some point

54:45

when are you going to say the emperor

54:46

has no clothes that's that kind which I

54:48

don't want to see Donald Trump naked

54:50

necessarily but um this

54:52

>> Have you ever thought about it though?

54:54

Is it ever like you're an imaginative

54:56

person? Has it ever just gone into the

54:58

brain? I have a a sense it's like an

55:00

open spam can like you just opened a

55:03

spam can and there he is. Have you

55:06

thought of it?

55:06

>> Open spam can with a penis which a bent

55:09

penis.

55:09

>> Well, you don't know it. Yeah, we

55:11

haven't confirmed or denied that. It

55:12

just could be an open spam.

55:13

>> I believe this I believe porn stars is

55:15

what I do. Um but uh I the sycopency is

55:19

just astonishing and Douglas Bergam in

55:22

particular like with the whole thing

55:23

around the reflecting pool. I mean,

55:25

first of all, everything like that fair.

55:27

Nobody was there and they were

55:29

pretending they were there. That was

55:30

hysterical. But he was going on and on

55:32

about these cuts and without any proof.

55:34

And then when the why are you meeting

55:36

people, why don't you just accept this?

55:38

And they're like cuz you're a liar, Doug

55:40

Bergam. Like to me, he seemed to be a

55:43

even though he's an obvious suckup.

55:45

Obvious suckup, but that the level of

55:47

suckupery is really and I'm like, you're

55:50

not stupid and you're sucking up. And

55:51

that to me was um really a a a fail. I

55:56

thought that I just can't believe it's

55:58

going to continue. I just don't know

55:59

when it's going to stop. And I'm sort of

56:00

waiting for the moment where somebody

56:02

points to him and says, "You're naked."

56:04

essentially. Um my win um uh is uh is ah

56:09

this is going to seem strange. So over

56:11

the holiday I went to see Supergirl

56:12

because everyone didn't want to see it,

56:14

right? Because it's you know it's this

56:15

big disaster for Warner um and people

56:18

aren't going to see it. And I have to

56:19

tell you it's a pretty good movie. This

56:21

is a pretty good movie. Uh I know it's

56:23

not going to win. I see the numbers. Uh

56:25

you I could see why it would be hard to

56:27

get a man to go to it. Um it's pretty um

56:30

woman focused. There's there's a sex

56:32

trafficking um thematic. It's dark. Um

56:35

but I do think this actor who's in it,

56:38

Millie uh I think it's Alco uh is

56:40

amazing. Was amazing. And I think it's a

56:42

lovely I think it's a good it's a really

56:44

solid it wouldn't there's been some bad

56:47

uh movies in this genre in the superhero

56:49

genre and lots of bad ones. This is not

56:52

one of them and I'm sorry it's not doing

56:53

better. I bet it has a life outside of

56:56

this time. Later it'll become a cult

56:58

favorite I think cuz it's really

57:00

interesting and strange.

57:02

>> I'll definitely go see. Look, I'm a big

57:04

Superman afficionado and I love

57:05

>> Yeah, she's really interesting. It's

57:07

dark. It's but it's dark and I can see

57:08

why people wouldn't necessarily go to

57:10

it. So I get it. I get it. I get it.

57:12

Anyway, and of course, the biggest win

57:13

of the week is Taylor Swift.

57:15

Congratulations with you and Travis

57:17

getting married. It's just

57:18

>> it's nice. I mean,

57:19

>> two crazy kids. You two crazy kids. I

57:21

hope for the best. I hope you can make

57:23

it both of you.

57:23

>> It's great. But, you know, if guys, I

57:26

would like to if you're probably not

57:27

going to have another wedding, but if

57:28

there's an anniversary party, Cara and I

57:30

would like to be invited because

57:32

>> we will see.

57:33

>> You may have invited me to this, but I

57:35

may have just missed it in the mail, but

57:36

I you know, I would like to be

57:38

>> agree. We will be there for you. Anyway,

57:40

uh Anthony, I really appreciate it. We

57:42

just for people know we want to hear

57:43

from you. Send us your questions about

57:45

business tech or whatever's on your

57:46

mind. Go to nymag.com/pivot.

57:48

Submit a question for the show or call

57:50

85551 pivot. Okay, that is the show.

57:53

Thank you, Anthony. As always, people

57:54

can check out your book, All the Wrong

57:56

Moves this Fall. It's a it's a it's a

57:59

really terrific book. Thank you for

58:00

listening to Pivot. Be sure to like and

58:02

subscribe to our YouTube channel. We'll

58:04

be back on Friday again. Anthony, thank

58:05

you so much.

58:07

>> It's always great to be on with you,

58:08

Cara. Thank you, guys.

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