The economy is doing really well, but is it the end of the world? Are we all going to die? According to the media, President Trump announces his fake newsies and everyone is agog. Plus, the worst form of art you have ever seen that you have never seen. It s really horrifying, and we ll talk about it on today s Ben Shapiro Show. From the president speaking at the March for Life, to the president tweeting out nonsense about his own policies that makes no sense, which is a bad thing, lots of good Trump, bad Trump today. We may have to break out the old theme later on in the show, but first, we want to say thank you to our sponsors over at Birch Gold Group. They have a long-standing track record of continued success, with countless 5-star reviews and an A+ rating with the Better Business Bureau. Contact them now! They'd be fools to put this headquarters in L.A. And right now there is an open competition among cities around the United States to get the new HQ in Austin, Texas. I get to say that, for lack of a better term, I live in a bleephole country. I live here, and I m in a bloophole country, so I m not sure where they'd be better to put a HQ in. . Thanks to our sponsor, Birch Gold, for sponsoring the show today! Ben Shapiro - The Daily Mail - Ben Shapiro - The Weekly Standard - The Wall Street Journal - The Financial Times - The New York Times - In this week's edition of Money Magazine - The Hill - This week's episode of Money magazine - The Money Report - The Hedge Fund Report - On The Hustler - The Independent - The Real Life Podcast - The Cut - The Hustle? And so on and so on, and so much more! - So much so that you can t get a chance to know Ben Shapiro's full report on it on it better than that on the rest of it on that's not even a review on it's story on it... Thank you, Ben s thoughts on it, right here on that s not even better, right he s got it, so maybe you can do it better, and more like it's not that s more than that, right sieeeeeeeeeeeayeee, so it s more like that, you can go like that on it? ...
00:00:23.000From the president speaking at the March for Life, which is a good thing, to the president tweeting out absolute nonsense about his own policies that makes no sense, which is a bad thing.
00:00:32.000We may have to break out the old theme a little bit later on in the show.
00:00:35.000But first, we want to say thank you to our sponsors over at Birch Gold.
00:00:38.000So, even though the economy is doing really well right now, even though the stock market is doing really well right now,
00:00:43.000There are a lot of people who are looking to hedge their bets, which is why, of course, there are currencies like Bitcoin that are doing so well.
00:00:48.000Well, the original Bitcoin is gold, right?
00:01:03.000You should certainly have some of your money in stocks and some of your money in, well, I don't really believe in bonds, but you should believe in stocks.
00:01:08.000But you should also have some of your money in actual precious metals, because it's just a safe haven.
00:01:14.000That's where my friends over at Birch Gold Group come in.
00:01:16.000They have a long-standing track record of continued success, thousands of satisfied clients, countless five-star reviews, an A-plus rating with the Better Business Bureau.
00:01:49.000We were told that all human life would be ended.
00:01:52.000It would be like deep impact, except if crisis had not been averted by the tax cut, right?
00:01:56.000The tax cut was going to end all human life on Earth.
00:01:59.000And that obviously has been happening.
00:02:01.000The latest evidence that millions will die because of the Trump tax cuts comes courtesy of Apple.
00:02:07.000Run by Tim Cook, a lefty, who said that they would now pay a one-time tax of $38 billion on their overseas cash holdings and ramp up spending in the United States as they seek to emphasize their contributions to the American economy after years of taking criticism for outsourcing manufacturing to China.
00:03:01.000Okay, the total includes a new campus and $10 billion toward data centers across the country.
00:03:05.000It also will expand from $1 billion to $5 billion, a fund it established last year for investing in advanced manufacturing in the United States.
00:03:12.000Now, one of the reasons that I think that this is good that Apple is announcing this is, as I've been saying for months, there's a difference between the government giving a company-specific giveaway
00:03:20.000To places like Apple and making broad-scale policy changes that have a good impact on Apple.
00:03:25.000It's useful for companies to sound off publicly and say, here are the policies that benefit my business, so long as those policies are not specifically geared toward paying you off.
00:03:34.000That's not what this policy was designed to do.
00:03:36.000Apple's $38 billion tax commitment, according to the Wall Street Journal, is the largest such sum announced in response to the major overhaul of the U.S.
00:03:42.000tax code President Trump signed into law late last year.
00:03:46.000That law included an incentive for U.S.
00:03:48.000companies to bring home offshore holdings, with companies required to pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets.
00:03:56.000Instead of them having to keep all of that money overseas, instead, they get to now bring that money home and invest it here in the United States.
00:04:05.000Obviously, not the end of all life on Earth.
00:04:07.000So Tim Cook, who is the post-Steve Jobs head of Apple, was asked about all this.
00:04:12.000He said some of this was planned already, but some of it wasn't, and the Trump tax cuts had something to do with it.
00:04:16.000No, there are clearly, let me be clear, there are large parts of this that are a result of the tax reform, and there's large parts of this that we would have done in any situation.
00:04:26.000So it sounds like President Trump's tax bill has been a huge windfall for Apple.
00:04:31.000Well, there are two parts of tax bill, right?
00:04:34.000There's a corporate piece and an individual piece.
00:04:36.000I do believe the corporate tax side will result in job creation and a faster-growing economy.
00:04:45.000Okay, so again, all of the talk about how this is the end of the economy, everything is going to go terribly, it's nonsense.
00:04:49.000The stock market has gained 1,000 points in the last eight days.
00:04:52.000Consumer confidence is high, as well it should be.
00:04:55.000Again, confidence in the economy is less based on the actual policy that the economy is currently sustaining.
00:05:08.000One of the things that makes it very difficult to do business in the state of California is you don't know from day to day what exactly the state legislature in California is going to do.
00:05:15.000That means that we have to think twice before we hire someone.
00:05:17.000Do we want to hire somebody simply to fire them?
00:05:19.000Or do we want to hire somebody simply to have our profit margins cut arbitrarily by the state through tax regulation?
00:05:25.000The same thing holds true in all areas of the marketplace.
00:05:29.000That is why, I think it's George Gilder who talks about the idea that the economy
00:05:33.000A well-run economy should basically be like the static on a phone line.
00:05:37.000The job of the government is to make sure that that static is as low as possible.
00:05:41.000If there's a certain predictability to whatever hum is in the background, the worst thing that can happen on a phone is not that there's static, but there's intermittent static.
00:05:48.000You actually would prefer a low level of consistent static on a phone call to every so often you just lose the call for five to ten seconds.
00:05:55.000Because then you can't understand what anybody is saying.
00:05:57.000It's the predictability of the economy that matters even more
00:06:00.000Then the level of static in the economy, so long as the level of static in the economy isn't at some enormous rate where nothing can get done and it totally stagnates the economy.
00:06:07.000Now, what's amazing about all of this is, again, the economy is doing really well.
00:06:10.000The jobless claims are at their lowest level now since something like 1973.
00:06:15.000So there's still problems in the economy in terms of people reintegrating into the economy after years of spending time out of the economy.
00:06:21.000We're still paying too much in terms of people who are on unemployment insurance, but the economy continues to do really well.
00:06:28.000And the Democrats are very upset about this.
00:06:30.000People on the left are very upset about this, which goes to show, you know, when people like me said we wanted Obama to fail, I said, I think that Rush Limbaugh was right.
00:06:38.000The reason I wanted Obama to fail was not because I wanted something bad for the country, but because I thought I wanted his policies to fail.
00:06:44.000I didn't want him, as president, to fail.
00:06:46.000I would prefer that he embrace all of the policies that I like, do all those things, and the country succeeds.
00:06:50.000The reason I wanted Obama to fail is because he disagreed with all of my policies, and he helped stagnate the economy.
00:06:55.000The difference is that people on the left are actually not happy when the economy does well.
00:06:59.000When the economy did well under President Obama, or did mediocre under President Obama, I urged caution because I thought that his regulatory policy was really bad.
00:07:08.000But I was quite happy that the economy was doing well.
00:07:30.000And Chris Matthews starts talking about how maybe it is a bad thing if the economy grows.
00:07:34.000Maybe it's bad for America if the economy grows because Trump or something.
00:07:38.000I get the sense that one of the reasons that Dow Jones is going up
00:07:44.000It's generally good news, but in this case, I wonder if it is, because what it means is all the stuff that we rooted for for the last 40 or 50 years, the Clean Water Act, the Clean Air Act, all the things that good legislators like Ed Muskie got through are being termited to death, are being killed by administrators who want the government to fail in its mission.
00:08:39.000People talk about Trump Derangement Syndrome.
00:08:41.000I mean, this is full-on Trump Derangement Syndrome.
00:08:43.000I hope that the economy goes to hell so we can blame Trump for regulatory policy.
00:08:49.000This comes from the same school of thought, where people are very angry that in places like Seattle, there are companies that now will say, here is what your bottle of soda would cost, here is what it costs with the soda tax, and it doubles the price.
00:08:58.000And they're very angry that people would make this clear.
00:09:01.000Or businesses that say, here's what I'd be charging you if I didn't have to pay my employees minimum wage.
00:10:53.000And use that slash Ben so that they know that we sent you.
00:10:56.000By the way, they have other products too, like the Helix Mattress Protector, the machine washable and dryer safe and completely waterproof.
00:11:03.000That's particularly good for ordering for kids.
00:11:06.000HelixSleep.com, slash Ben, use the slash Ben so they know that we sent you.
00:11:10.000Okay, so, last night was the much awaited, much ballyhooed fake newsies.
00:11:15.000Now, I was hoping, look, if there's one thing that we could expect from this president, one thing I think would be fair to expect from this president, it is that if you're gonna do a reality TV show, at least be good at it.
00:11:25.000I mean, my goodness, The Apprentice is actually an entertaining show from like the one episode, or half an episode I ever saw of it before turning out.
00:12:08.000Then he just didn't really do it properly.
00:12:10.000He tweeted out a link to the GOP.com website.
00:12:13.000And the GOP.com website was basically like an article that you'd find at Daily Wire or Washington Examiner or The Federalist that listed like 10 of the worst
00:12:23.000Fake news stories of the year, of 2017.
00:14:22.000But beyond that, it wasn't the Washington Post that reported it.
00:14:24.000Again, it was a Washington Post reporter who then walked that back within, I think, an hour of tweeting it out.
00:14:29.000And then I mentioned the CNN video about the feeding of the fish.
00:14:33.000CNN falsely reporting about Anthony Scaramucci's meeting with the Russian and then retracting it due to a significant breakdown in process.
00:15:05.000Their theory is that Trump would be forced to resign, and then Pence would be forced to resign, and then Paul Ryan would assume the presidency, and name as his vice president Hillary Clinton, and then Paul Ryan would resign.
00:15:15.000That's the actual argument Newsweek is making.
00:15:18.000OK, by that standard, I could be president, except that I'm not 35.
00:15:22.000Your dog could be president by that standard.
00:15:23.000Paul Ryan could grab Gene Simmons, the front man from Kiss, and make him president by that standard.
00:15:30.000But when we talk about the media being insane, and then Trump saying fake news a lot, this is why Trump says fake news a lot, is because there is indeed a lot of fake news, and also because
00:15:39.000Let's be real about the narrative here.
00:15:40.000The fake news narrative arose originally because the media needed an explanation for why Hillary Clinton had lost and because they felt that they had not been successful in elevating her to the presidency.
00:15:51.000So if the media felt they'd been overcome, what could have overcome them?
00:15:54.000Well, it couldn't have been that people just didn't believe them.
00:15:56.000It couldn't have been that people didn't believe their narrative.
00:15:59.000It had to be that there was some nefarious fake news out there that people were paying attention to.
00:16:04.000Now, there's a difference between narratives that are false or legit fake news, like Pizzagate, and then stuff that the media believe is fake news, like people talking about Uranium One.
00:16:12.000Okay, Uranium One is actually questionable.
00:16:15.000Like, there was a guy who was indicted the other day for stuff that had to do with Uranium One.
00:16:20.000So the idea that everything that the media disagree with on a narrative level is fake news, it is mirrored now by the Trump administration saying everything they disagree with on a narrative level is fake news.
00:16:30.000Then, let's see what else is on the list.
00:16:32.000CNN reporting that former FBI Director Comey would dispute Trump's claim he was told he is not under investigation.
00:16:38.000The New York Times falsely claiming on the front page that the Trump administration had a climate report.
00:16:42.000That was indeed a bad moment for the New York Times.
00:16:46.000So, the New York Times got two of these ten.
00:16:49.000CNN got four, so CNN definitely, I mean, it's like going with the wind.
00:18:03.000You should have actually just sent people to an actual video of Rick Astley singing Never Gonna Give You Up, which would have been also amazing.
00:18:09.000But instead, we sort of got the second-rate Oscars.
00:18:11.000I mean, it's like those years when they weren't using Billy Crystal, and they also weren't using Johnny Carson, and so they just had, like, this bunch of randos in the middle.
00:18:19.000There's just a bunch of people who you never heard of hosting the Oscars, and it was really like, why am I watching this?
00:18:24.000That was kind of what the fake newsies turned out to be.
00:18:27.000But what's hilarious about this is that there's this image that's being promulgated by the left.
00:18:31.000And this one is, I would say, if not fake news, fake narrative.
00:18:35.000That Trump is the most dangerous president ever.
00:18:39.000And this is being helped along by people like Jeff Flake, the senator from Arizona.
00:18:42.000I agree with a lot of Flake's critiques of Trump's language on the press.
00:18:45.000But the idea that Trump is a legitimate danger to the press?
00:18:48.000The guy's not a legitimate danger to a—I mean, the only thing he's a legitimate danger to is a Big Mac.
00:18:52.000I mean, the President of the United States is not capable of taking down the press.
00:18:56.000If the last—look at MSNBC's ratings.
00:18:58.000The idea that President Trump is doing severe damage to the institution of the press—he's prosecuted fewer people in the press by a long shot than the Obama administration did.
00:19:06.000He's been far more transparent, actually, with the press than the Obama administration was.
00:19:10.000This is not to compliment his handling of the press.
00:19:12.000I think it's really dumb three-quarters of the time.
00:19:15.000There's this idea that he's some crazy authoritarian who's about to shut down the press.
00:19:19.000Now listen, his language with regard to the press, it does give impetus to people who feel like he's not going to call out anti-press activity in foreign countries.
00:19:26.000That's an actual danger to foreign press.
00:19:28.000But in the United States, the idea that the New York Times is on the verge of shutting down, that they're the failing New York Times because he says failing New York Times, is just a figment of their imagination.
00:19:36.000So Jeff Flake, who wants to run for president in 2020 and primary Trump, and then force everybody into this awkward primary situation.
00:19:43.000Flake gave a speech yesterday on the floor of the Senate.
00:19:45.000Now, I'll be honest, I kind of like speeches on the floor of the Senate that have to do with broad topics, because this is what the Senate is for.
00:19:56.000Except for the press, which made a huge deal out of it.
00:19:58.000Here is Flake talking about the authoritarian impulse.
00:20:00.000Mr. President, it is a testament to the condition of our democracy that our own president uses words infamously spoken by Joseph Stalin to describe his enemies.
00:20:11.000It bears noting that so fraught with malice was the phrase, enemy of the people, that even Nikita Khrushchev forbade its use, telling the Soviet Communist Party that the phrase had been introduced by Stalin for the purpose of, quote, annihilating such individuals, unquote, who disagreed with the Supreme Leader.
00:20:31.000This alone should be the source of great shame for us in this body, especially for those of us in the President's party, for they are shameful, repulsive statements.
00:20:41.000This feedback loop is disgraceful, Mr. President.
00:20:44.000OK, so I agree with the idea that a lot of what Trump says on these topics is really ridiculous.
00:20:48.000But the idea that the authoritarian impulse is what's animating America, that we've reached the end of America, that fascism is upon us.
00:20:55.000Listen, I'm very much afraid of tribalism.
00:20:56.000I'm afraid that we are getting close, or to that point, under President Trump.
00:21:02.000But the idea that we are really threatened by the fake newsies,
00:21:06.000The president is not—you've got to make a choice, Democrats.
00:21:08.000Is the president ineffectual, or is the president a true danger to Western civilization?
00:21:14.000And I think that, as I've said since the beginning, there's a strong case to be made that the president of the United States—you ought to attribute to incompetence rather than malice most of the stuff that he does that you don't like, because that just seems more honest to me.
00:21:26.000Okay, so in just one second, we are going to talk about, let's talk about this immigration fallout for just a second.
00:21:32.000So, the latest from the Hill is that the President, speaking of ineffectual, the President of the United States just undermined everything that his own party is doing.
00:21:39.000So right now, there's a big debate happening over government funding.
00:21:42.000So, the government has to get funded, I believe, by Friday, or we enter government shutdown territory.
00:21:46.000Now, I'm a person who doesn't care about government shutdowns.
00:21:48.000You're probably a person who doesn't care about government shutdowns.
00:21:50.000If you think you care about government shutdowns, it's because you don't know what a government shutdown is.
00:21:53.000Mandatory government services continue.
00:21:55.000You're still going to get your social security checks.
00:21:57.000You're still going to be—you're still going to be—the military will continue to be funded.
00:22:07.000This is why, when there was a big government shutdown in 2013, the Obama administration had a manufacture crisis.
00:22:14.000They had to shut down open-air monuments.
00:22:17.000Things where there wasn't any guard there.
00:22:18.000They just shut them down to show you that if the government isn't operating, you can't visit this rock in this park here.
00:22:23.000So the idea that government shutdowns end the world is silly.
00:22:25.000But everyone wants to avoid it because it's a press-manufactured crisis, and politicians believe it because they think they're the most important people on planet Earth.
00:22:33.000So the way this is operating is that Republicans are saying, here's what we want.
00:22:35.000We want a short-term continuing resolution.
00:22:37.000It'll continue to fund the government for 30 days.
00:22:39.000It won't be a brand new budget or anything.
00:22:41.000And in order to get this passed, we are not going to include anything with regard to DACA.
00:22:46.000So we are not going to solve the issue of the Dreamers.
00:22:48.000We're not going to say that they can stay.
00:22:50.000We're not going to renew their quasi-green cards.
00:22:57.000And in order to sweeten the deal and get Democrats on board, we are going to sign into law a six-year extension of the Children's Health Insurance Program.
00:23:04.000Now, the Children's Health Insurance Program is a federal program by which the federal government basically subsidizes states to take care of underage minors who don't have sufficient health insurance.
00:23:12.000It's basically an expansion of Medicaid on the federal level.
00:23:16.000I actually have some problems with CHIP, not because I think the government doesn't necessarily have a role here, but because I think the federal government doesn't necessarily have a role here.
00:23:23.000If states are going to shoulder the burden, or local communities are going to shoulder the burden of what to do with children who are underinsured, that makes a lot more sense.
00:23:32.000I don't know where the federal government finds the authority in the Constitution to spend billions upon billions of dollars on any of these social programs, and that includes even ones that I think are doing good things, like CHIP, for example.
00:24:16.000This would be the House Freedom Caucus.
00:24:18.000We need something in return for continued funding of the government.
00:24:22.000And so that is leaving Republicans a little bit short of a majority, and no Democrats are jumping on board because they want the government to shut down because they think that Trump will be blamed for a government shutdown.
00:24:31.000The reality is that it's a little more complex than that.
00:24:33.000Democrats could sign up for this continuing resolution and fund CHIP, but they're not going to do that.
00:24:38.000So the Democrats are very frustrated by this tactic, even though this is the same tactic they've been using for years.
00:24:42.000It's one of the reasons, by the way, I oppose omnibus budgets and omnibus packages, because it basically allows you to take a
00:24:49.000A sweet meat, you know, put something good in a sandwich that's a crap sandwich and then say, if you don't vote for this crap sandwich, you're voting against the children.
00:24:56.000And if you don't like this continuing resolution, you're voting against the children.
00:24:59.000This is why I don't like these omnibus packages.
00:25:01.000I do think that everything should be voted on individually and funded individually.
00:25:04.000You shouldn't be able to pass a bill that isn't funded and everything that you fund should be passed on an individual level so we can determine whether it's something that is good or something that is bad.
00:26:04.000The Democrats are saying that they want Chip to be part of a long-term budget deal, not part of the continuing resolution, because they're trying to extract concessions from Trump and team.
00:26:13.000So Senator John Cornyn actually had to tweet out at the president exactly what they were doing, trying to explain to him via Twitter how this works.
00:26:19.000And by the way, it is 100% true that the president is coached more by Twitter and by Fox News than he is by people who are inside the White House.
00:26:27.000OK, it is 100% true that the most powerful Steve in America was never Steve Bannon.
00:26:32.000Fox & Friends, which is, you know, I think a good informative show, there's no question that the President of the United States watches Fox & Friends and then makes decisions.
00:26:41.000I mean, you can see how he live tweets Fox & Friends.
00:26:48.000But it is demonstrative of the fact that if you're going to pose Trump as some sort of nefarious, evil, Dr. Evil figure, he doesn't know what the hell's going on, guys.
00:26:56.000I mean, let's be real about this in policy terms.
00:26:58.000In the last three weeks, he has done this three times.
00:27:03.000Remember, he did this in the meeting with Democrats.
00:27:05.000He started saying that Dianne Feinstein's idea of taking DACA off the table, of solving DACA, and then doing comprehensive immigration reform, he said, yeah, let's do that.
00:28:05.000As soon as we figure out what he is for, then I would be convinced that we were not just spinning our wheels going to this issue on the floor, but actually dealing with a bill that has a chance to become law and therefore solve the problem.
00:28:20.000So there's McConnell saying, I don't know.
00:28:24.000I mean, it's not great for the policy of the United States when the president's own party is scratching their head going, with a majority in Congress, going,
00:29:17.000So, in a second, I want to talk about my hypothesis with regard to President Trump and porn stars.
00:29:23.000Oh yes, if that's not a sexy tease, nothing is.
00:29:25.000So, you'll have to check that out by going over to Daily Wire and subscribing.
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00:29:42.000I mean, it'll be beautiful to listen to.
00:29:46.000So you get all of that, plus, if you can get the annual subscription for $99 a year, you get all of those wonderful things, all of those wonders and glories.
00:29:53.000And this, the Leftist Tears Hot or Cold mug, it is currently filled with Cory Booker's tears.
00:29:58.000It has been filled with those for the last couple of days, at least.
00:30:02.000And there'll be plenty more where that came from because—not because
00:30:05.000You know, even bad thing is happening to Democrats just because they can't stop crying.
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00:30:27.000All right, so I'll get back to immigration a little bit, but first, I wanna talk about the Me Too movement and Trump and porn stars and all sorts of good stuff.
00:30:37.000So, let's start with Trump and porn stars.
00:30:40.000So, as I mentioned yesterday, there's a 5,500 word interview that's about to break from a woman named, what is her name now, Daniels?
00:30:48.000Her name is Stormy Daniels, which is always a great way to come up with a porn name, right?
00:30:53.000Just come up with a weather condition followed by a first name.
00:31:05.000That one you're probably not going to get hired with.
00:31:08.000But in any case, this porn star is supposed to give an interview in which he fully describes the president in the boudoir, which, I mean, frankly, this is the first time Trump has ever not wanted that to happen.
00:31:18.000Back in the 1980s, Trump used to pose as a guy named John Miller.
00:31:20.000He'd get on the phone with reporters and be like, hey guys, this is John Miller.
00:31:23.000And they'd be like, is this Donald Trump?
00:32:07.000She has sex for money on camera, so obviously of high quality.
00:32:12.000And the president has a particular taste in women overall.
00:32:16.000And so she is supposed to give a 5,500-word interview in which she also describes, I guess the 2011 interview they're now releasing, in which she describes the president's genitals, which is just
00:32:24.000The only person in America excited about this is Marco Rubio to find out whether his theories about hand size were in fact correct.
00:32:30.000But all of this is happening and no one cares.
00:32:35.000So I'm old enough, like this week was the 20th anniversary of the Lewinsky scandal, in which the President of the United States had a consensual affair with a 21-year-old intern.
00:32:47.000Everyone thought, what an immoral piece of garbage this Bill Clinton is.
00:32:50.000Now we have a president of the United States who is supported by 80% of evangelical Christians and has sex with porn stars while he is married to another woman who he was having sex with while he was married to another woman who he was having sex with while he was married to another woman.
00:33:03.000He can follow this inception-like sex life.
00:33:06.000By the time you get to the original level of the dream, all that is, you're an old man waiting in pain and despair.
00:33:41.000This is the Efficient Market Hypothesis.
00:33:42.000The reason being, there are literally millions of people who spend their day analyzing every bit of information that is coming out from every single company, and then that is priced in, right?
00:33:53.000And so stock market shocks usually happen when there's a change in government policy or when there's a downturn in government policy and new information is added to the system.
00:34:00.000That's why the market goes up and down.
00:34:02.000But the idea that you can beat the market because you know the market better than anybody else is just not true.
00:34:07.000The evidence for the efficient market hypothesis is that if you take the people who are the top hedge fund managers at any given point, if you take the people who are the top stock pickers at any given firm in one year, by the next year the chances are that they are actually the lowest on the totem pole.
00:34:22.000The chances that somebody remains the best stock picker 10 years in a row is almost nil.
00:34:25.000People tend to bounce around a lot, so they'll have one great year, and if they're lucky, that great year is where they spent the most money and bought the most stock or sold the most stock.
00:34:32.000And then they'll have five really crappy years, because there'll be regression to the mean.
00:35:43.000There's the strong efficient market hypothesis, which suggests legitimately you cannot beat the market.
00:35:47.000And then there is the semi-strong version of the efficient market hypothesis, which suggests that publicly available information, you can't beat the market.
00:35:53.000But insider information, you could beat the market.
00:35:56.000The strong efficient market hypothesis says even insider information is priced in because there are people who
00:36:01.000That's actually the case against having insider trading laws.
00:36:08.000There are a bunch of libertarians who believe insider trading laws are actually negative because they prevent, like, if I know Daily Wire is going down the tubes, I'm going to sell my stock.
00:36:16.000That's a hint to everybody else that they should sell their stock, too.
00:36:19.000Whereas if I were prevented from using my knowledge about Daily Wire, then that would prevent the market from knowing the knowledge.
00:36:25.000So there's the strong, the semi-strong, and the weak.
00:36:27.000The weak basically says that you might be able to defeat the market on an occasional basis, but you're not going to be able to do it very often, essentially.
00:36:49.000Anything in the world could happen that President Trump could do, or it could be said about him, or there could be a report about him, and nothing could change people's views of the President of the United States.
00:36:58.000Because it's all baked into the cake now.
00:36:59.000And this is actually his strength, and it's also his weakness, right?
00:37:02.000His weakness is that it's very hard to convince people that you're somebody that you're not when everybody has a strong opinion on you.
00:37:07.000The strength is that when you're hit by Pornstar was paid off to the tune of $130,000 in 2016, everybody goes,
00:37:39.000Then there's the secondary version, which is, yeah, I know the guy's a bit of a douchebag, but at least he's trying to stop abortion, right?
00:37:44.000I mean, he's going to speak this week in Good Trump News.
00:37:47.000He's going to speak this week at the March for Life, or he's going to go to the Rose Garden and give an address and then appear on the big screens at the March for Life.
00:37:53.000The guy's defending my priorities, so even if he's sticking his wing-wing in places I wouldn't, then so what, right?
00:38:01.000So there was a whole, after I issued this efficient market hypothesis theory yesterday online, there were a whole group of people trying to debunk it.
00:38:07.000Jonathan Lastover at the Weekly Standard was saying, is there anything Trump can do?
00:38:10.000Like, for example, what if he selected some bad liberal judges?
00:38:13.000And what I said is, no, that's already priced into the market.
00:38:16.000All that will happen is his supporters will say, listen, he wanted to appoint a conservative, but the Republicans just are too weak-kneed in their support for him.
00:38:24.000He had to find a way to compromise and move to the middle so he can win re-election.
00:38:27.000They'll make an excuse, in other words.
00:38:46.000We all know who he is, is the efficient market hypothesis.
00:38:48.000The problem is that if this is true in politics, if my theory is correct, that there is a strong efficient market hypothesis that applies to characters like Trump, but doesn't apply to cleaner characters, it's a serious problem for our politics.
00:39:01.000If you cannot change your view of a man based on new evidence, if your judgment of his character is so set in stone that nothing can change it,
00:39:11.000People like me who think that he's deficient in character.
00:39:14.000If Trump made an open confession of all of his sins and decided to turn over a new leaf and started talking like a statesman, could I change my position on his character?
00:39:24.000If the answer is no, then I'm so set in my ways it's a problem.
00:40:04.000Suddenly, it's a new piece of information in the market, and you start ping-ponging around in the polls.
00:40:08.000And so there's something to be said for the idea that Trump is stable, not because he's a stable genius, but because everybody has essentially made up their mind about him and nothing is going to change.
00:40:18.000OK, which brings us to the Me Too, the latest on Me Too.
00:40:22.000So there's a tweet that went out in the continuing collapse of Me Too.
00:40:30.000And apparently a nice person from people who know her.
00:40:33.000She was talking about this case that was reported by Babe.
00:40:36.000We've been talking about it for three days now.
00:40:38.000This insane piece reported by Babe in which a woman had sex with Aziz Ansari or oral sex a couple of times with Aziz Ansari and then suggested that she had a bad time and that this was somehow sexual abuse or sexual assault.
00:40:50.000She was ripped by Ashley Banfield on CNN, on HLN.
00:40:54.000Here's Ashley Banfield going after Ansari's accuser saying, like, listen, you gotta have some standard for what counts for sexual abuse here, or we're just talking about nothing.
00:41:04.000And now here is where I am going to claim victim.
00:41:07.000You have chiseled away at a movement that I, along with all of my sisters in the workplace, have been dreaming of for decades.
00:41:17.000A movement that has finally changed an oversexed professional environment that I too have struggled through at times over the last 30 years in broadcasting.
00:41:26.000If you're lucky, there's a really good chance that you're not going to experience the toxic work environment that the rest of us have endured, and that is because of the remarkable progress being made against the Harvey Weinsteins and the Kevin Spaceys of the world.
00:41:38.000The Me Too movement has righted a lot of wrongs, and it has made your career path much smoother.
00:41:46.000And here's where I'm guessing it's going to be a long career path.
00:41:52.000Okay, so she's talking about the reporter who reported all of this, and she's saying, listen, you're basically destroying the MeToo movement.
00:42:16.000Why didn't she just come out and talk about it?
00:42:18.000Like, the problem here is not that people are siding with rapists like Harvey Weinstein or sexual abusers like Kevin Spacey or any of these people.
00:42:25.000The problem is that this lady's story about as he's unsorry did not wash, right?
00:43:22.000I hope the 500 retweets on the single news write-up made that burgundy lipstick bad highlight second-wave feminist have-been feel really relevant for a while.
00:43:30.000And I hope when she has more distance from the moment she has enough of a conscience left to feel remotely ashamed, doubted, but still.
00:43:36.000Must be nice to piggyback off of the fact that another woman was brave enough to speak up and add another dimension to this societal conversation about sexual assault.
00:43:42.000Grace wouldn't know how that feels because she never struck out into this alone because she's the bravest person I've ever met.
00:44:06.000The feminist movement doing itself all sorts of favors by ripping other women who are in favor of Me Too as burgundy, lipstick, bad, highlighted, second-wave feminist has-beens.
00:45:59.000OK, so yes, that is a bad moment for her, because this is obviously true.
00:46:02.000Every political conversation I've ever had about these subjects is always, why should what you want to say trump my right to not hear you say it?
00:46:08.000It's like, because that's the definition of freedom of speech.
00:46:10.000And we can't have a conversation unless I'm actually telling you what I think.
00:46:14.000But this is how dumb the left is, that they actually think that I'm supposed to manufacture what I believe and think in order to please particular people, which is the opposite of an honest political conversation.
00:47:44.000I mean, this is just, it's an astonishing statement about what people feel when they're under pressure.
00:47:48.000And it's one of the reasons why religion is necessary, is to remind you on a daily basis, you're going to die.
00:47:53.000Okay, like, not to be too dark about this, but there will be a time for you.
00:47:57.000And at that time, you might think back on your life and think, you know, if I spent hours a day in front of a computer looking at images of women who are acting for my benefit, rather than, you know, doing meaningful things, then that would be good.
00:48:09.000But we have a unique capacity as human beings to put that out of our minds that we can waste hours a day online looking at naked people doing things to each other.
00:48:28.000I've hated the definition of art this way, because if art is everything, then art is nothing.
00:48:32.000One of my favorite stories about this is there was a modern art museum, I believe it was in San Francisco, where some guy went into the modern art museum, took off his glasses, put them on the floor, and then stood there and started taking pictures of it.
00:48:41.000And within minutes, a crowd of people had gathered around to take pictures of this guy's glasses on the floor, because they thought that it was an exhibit.
00:49:03.000Now they have digitally charted female orgasm, and they have made art projects out of this, which is a really weird thing to hang around your house.
00:49:13.000I mean, like, your kids are walking around, and you're like, Mommy, what's that?
00:49:26.000I hope to God that we don't get hit by a nuclear missile, and this is what I die talking about, because really, that would just be terrible.
00:49:33.000This vibrator turns your orgasm into art, is what this video says.
00:49:36.000The women-led team at Lioness created a new vibrator with special sensors.
00:49:42.000I grew up in a conservative family from the Midwest, and we never talked about sex.
00:49:53.000I wanted to create a vibrator that could empower women to learn more about their own bodies.
00:50:01.000I like that people think they invented orgasm like now, like it hasn't existed for the last several hundreds of thousands of years.
00:50:07.000Is there a taboo about female orgasm in the West?
00:50:24.000I suppose that for men, the next invention will be fart art.
00:50:30.000They'll actually be able to chart your physical responses in real time to passing gas, and that will now be considered a high form of art.
00:50:38.000Again, I'm not sure this is any worse than Karen Finley getting naked and smearing chocolate on her body, or people who have done enema art, which has been a thing in art schools for literally years.
00:50:45.000But it does demonstrate that we may be in the decadent phase of capitalism.
00:50:48.000We may be in the decline and fall of the Roman Empire here, when we are literally starting companies to sell vibrators so that you can be solipsistic enough to look at a digital imaging of your orgasm.