The Ben Shapiro Show - The Downside Of Downside Risk | Ep. 1183

00:00:00.000 Wall Street gets stonked as Reddit Games the Games stop stock, San Francisco decides to crack down on schools named after Abraham Lincoln and George Washington, and John Kerry is reporting for climate duty.

00:00:11.000 I'm Ben Shapiro.

00:00:12.000 This is the Ben Shapiro Show.

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00:01:34.000 Alrighty, so the big news of the day is that essentially a bunch of memesters just took down half of Wall Street.

00:01:41.000 Okay, so a couple things just to start off.

00:01:43.000 One, It can be hilarious and also not good for society, right?

00:01:47.000 These two things can be true at once.

00:01:49.000 It is hilarious when your high school fellows TP your high school gym teacher's house.

00:01:53.000 Like, that's really, really funny.

00:01:55.000 Also, not a wonderful thing to do.

00:01:57.000 It doesn't provide a lot of social value.

00:01:59.000 So a lot of people today I'm seeing are cheering this.

00:02:01.000 Oh, look, they're taking down the hedge fund bros.

00:02:04.000 Those hedge fund bros deserve it because of what they've been doing with their short selling.

00:02:07.000 Okay, so let me first explain what is happening.

00:02:11.000 I'm going to give you the story.

00:02:12.000 Then I'm going to explain exactly how all of this works.

00:02:15.000 And I'm also going to explain what a stock market is for, because I think there is a fundamental disconnect between what people think the stock market is there to do, and therefore what people do when they trade in the stock market, and what the stock market actually accomplishes and why it provides a social good.

00:02:28.000 The underlying theme.

00:02:30.000 That a lot of people seem to be carrying forth today is that people who trade in the stock market, people who are day traders, hedge fund guys, the investment bankers, right?

00:02:39.000 All those guys are bad people.

00:02:40.000 They are bad people because they are quote-unquote speculators.

00:02:43.000 They're not adding value to the system.

00:02:45.000 This seems to be the idea that undergirds all of the animus that is leading people to cheer wildly for what all of these Reddit folks are now doing with regard to the GameStop stock.

00:02:55.000 Here's what you need to keep in mind when it comes to the stock market.

00:02:59.000 Just like any other market, people who work in a market do so to make money, but because free markets also provide social value in that transactions generally provide a value to both sides and also provide other information to the more general society.

00:03:12.000 Okay, that is what folks in the stock market are doing.

00:03:15.000 Every time you go to the supermarket and you buy an apple, a couple of things are happening.

00:03:20.000 One, you're getting an apple.

00:03:21.000 Two, the grocery store is getting the price of the apple.

00:03:24.000 And three, you are impacting the overall price of the price of apples generally.

00:03:29.000 Right?

00:03:29.000 So if a lot of people rush to the apple store or to the supermarket and they all buy apples at the same time, the price of apples is going to skyrocket.

00:03:37.000 Because you are now conveying that there's an extraordinarily high demand for the apples and there's not enough supply for the apples.

00:03:37.000 Why?

00:03:42.000 And that is a social good because that allows for proper reallocation of distribution.

00:03:46.000 It means that now everybody knows we need to grow more apples.

00:03:49.000 Now everybody knows we need to ship more apples to the grocery store.

00:03:52.000 Pricing mechanisms are not merely just a thing that happens.

00:03:55.000 Pricing mechanisms allow for proper reallocation of resources.

00:03:58.000 This is true in every business ever.

00:04:00.000 It is true at the grocery store.

00:04:01.000 It is true at the bookstore.

00:04:02.000 It is true at the furniture store.

00:04:03.000 It is true everywhere.

00:04:04.000 And it is true when it comes to the stock market as well.

00:04:06.000 So here's what the stock market exists to do, just like the grocery store.

00:04:09.000 It exists to allow you to buy a stock and then own stock in a particular company.

00:04:14.000 It exists to allow companies to sell their stock so as to raise money for the things they want to do, right?

00:04:19.000 So it provides them liquidity events.

00:04:21.000 They can sell their stock.

00:04:22.000 You get to own the stock, which is great.

00:04:24.000 They get to sell their stock and they get to take your money and then invest it in growth of the company, or if they are badly run, in bonuses for the executives that are undeserved, right?

00:04:31.000 But they get to decide that.

00:04:33.000 And then if you don't like how they are handling that money, well then, how do you reprice that?

00:04:36.000 Well, the way that people reprice that when a company is badly run is by doing something called short selling.

00:04:41.000 Because again, there's a third aspect to the market.

00:04:43.000 Just like the grocery store, there's a third aspect to the stock market.

00:04:46.000 And that is, all of the interactions in the stock market are supposed to provide information to the general public about whether a company is being well run or poorly run.

00:04:55.000 About what the proper pricing of the company is.

00:04:58.000 about what the company is worth, about what others should be paying for the stock of the particular company.

00:05:02.000 So it is not like a roulette wheel.

00:05:05.000 It is not like a casino.

00:05:06.000 People tend to think of the stock market like a casino because they buy a stock and then it goes up, or they buy a stock and then it goes down.

00:05:11.000 Okay, but that does not convey the fact that there are a bunch of actual things that are happening in the stock market that are quite good for society.

00:05:18.000 One, again, is the ability of companies to sell their stocks so they can then use that money to invest in their workers.

00:05:23.000 And if you work for a publicly traded company, The reason that they have the money to do that is because originally somebody IPO'd and then took that money and poured it into the company.

00:05:33.000 Okay, so that is purpose number one.

00:05:34.000 Purpose number two is that people like you can own a 401k.

00:05:37.000 So they can own stock in companies that they have no business running.

00:05:40.000 You don't run Coca-Cola, but you can own stock in Coca-Cola.

00:05:44.000 You don't own any of these publicly, you don't own Apple, but you can own stock in Apple and you can become an owner of Apple.

00:05:49.000 That's a really cool thing.

00:05:50.000 Okay, and then third, the stock market exists through all of these transactions.

00:05:54.000 It exists in order to provide a proper pricing mechanism.

00:05:57.000 Because if you just tabula rasa said, okay, how much is it going to cost me for one share of the hundred million shares of Apple stock that are out there?

00:06:05.000 How much is it going to cost me for that?

00:06:06.000 You have no idea.

00:06:07.000 Really, you have no idea.

00:06:08.000 In the same way that you really have no idea, if you walked into a store right now with no other information about planet Earth, and somebody offered you an Apple, you would have no idea what the Apple cost.

00:06:16.000 The way that you know what the apple costs, and the way that the grocery store knows what the apple costs, is because they are competing with other competitors in the market to sell you apples, and because all of those competitors are attempting to balance out how much it costs to bring that apple to market, and more importantly, what the demand level for the apples is.

00:06:32.000 Okay, the same thing is true of stock.

00:06:33.000 If you say, I want a share of apple stock with no other information, you have no idea what that could be worth.

00:06:37.000 I don't have any idea what that can be worth.

00:06:39.000 There are people who spend every day, all day, simply analyzing What Apple is doing internally, what the demand for Apple stock is like, what the surrounding market conditions are like, and therefore you are able to, with a certain level of certitude, buy an Apple stock knowing that it is not wildly mispriced.

00:06:55.000 Now, what the best traders will do is they will look for mispricings in the market and then they will exploit those mispricings in the market to bring themselves money.

00:07:03.000 If they see that a stock is wildly overpriced, then what they will do is they will short sell.

00:07:08.000 And now, that seems like predatory, right?

00:07:10.000 Oh my god, they're short selling a stock.

00:07:11.000 That's terrible, they're short selling a stock.

00:07:12.000 Okay, what they are doing is they're looking to make money, they're not altruists, but what that ends up doing is conveying to the market that the stock price is too high.

00:07:20.000 When you have a bunch of people who are short-selling a stock, that conveys to the market that the stock is overpriced and that too many people are invested in the stock.

00:07:28.000 And so the stock price starts to re-price, it starts to revalue to the point where it's an accurate assessment of the value.

00:07:35.000 In the same way where if you said, okay, listen, I think that six months from now, there is going to be a glut of apples on the market.

00:07:43.000 So what I'm going to do today is I'm going to buy the right to essentially buy apples today.

00:07:50.000 And I'm going to let me explain short selling.

00:07:52.000 OK, in order to do this, I sort of have to explain short selling because this is what we are talking about today in terms of GameStop.

00:07:57.000 So.

00:07:58.000 Here's what short selling is.

00:07:59.000 This is, again, a way of using a price mechanism in order to figure out what the true value of stocks is.

00:08:05.000 So here's what a short seller is.

00:08:06.000 If you want to make money off your assessment that a company is overvalued, you can participate in what is called a short sale.

00:08:13.000 What a short sale is, is you borrow a share from somebody else, and then you sell it on the market today, and you promise the person that you borrowed that you're going to give them back the stock in a month with a little bit of interest.

00:08:24.000 Okay, so let's say that I think that the GameStop stock is overvalued today.

00:08:28.000 And I know that producer Mathis has a share of GameStop stock.

00:08:33.000 So I go to Mathis and I say, listen Mathis, I'm gonna give you 10 bucks in order so that you can give me your GameStop stock.

00:08:41.000 I want you to give it to me.

00:08:42.000 In a month, I'm going to return you that GameStop stock with the $10.

00:08:45.000 For essentially just lending me your stock, I am going to give you back $10 in addition to your stock.

00:08:53.000 So Mathis goes, okay, perfect.

00:08:54.000 Sounds great.

00:08:55.000 Mathis is the brokerage in this particular example.

00:08:57.000 I then take that GameStop stock.

00:08:59.000 I look at the price of the stock.

00:09:00.000 It's now $200.

00:09:00.000 I sell it at $200.

00:09:03.000 Now I have $200 in my pocket.

00:09:04.000 And my assumption is that in a month, the GameStop stock is not going to be $200.

00:09:09.000 It is going to be $50.

00:09:10.000 And so now, I sell the stock at $200.

00:09:15.000 In a month, I go back into the market, I buy a stock, and then I take that stock and I return it to Mathis.

00:09:21.000 I spend 50 bucks on the stock a month from now.

00:09:23.000 I'd sold it at 200 a month ago.

00:09:25.000 Now I'd spend 50 bucks on the stock, I take it, I give it back to Mathis, I pocket the difference.

00:09:31.000 I make 150 bucks on the pure market transaction, 140 bucks after I pay Mathis his 10 bucks back, Mathis gets back his stock.

00:09:38.000 Now, is that me being predatory?

00:09:40.000 Or is that me looking at the market and realizing that this stock is overpriced?

00:09:44.000 And not only that, isn't it conveying to the market something that is true, which is that the stock is overpriced, right?

00:09:49.000 That the stock does cost too much money, that the company is not run as well as some people are saying that the company is run.

00:09:55.000 Okay, so that is what a short sale is.

00:09:58.000 Okay, so what happened here is that there are a bunch of people in the hedge fund industry who looked at the company GameStop, and they said, this company's overvalued.

00:10:08.000 We're short-selling the stock.

00:10:09.000 We think that right now the stock for GameStop is just excessively expensive, and so we are going to short-sell, right?

00:10:15.000 We're going to borrow a bunch of shares today, we are going to sell them on the open market, and then a month from now, we are going to buy back the GameStop stock, and then we are going to return it back to the brokerages.

00:10:25.000 So what is now happening is that a bunch of people don't like the hedge fund managers, right?

00:10:29.000 They don't like, they think the hedge funds...

00:10:32.000 For both, maybe a couple good reasons and mostly bad reasons.

00:10:35.000 There are a couple reasons why people don't like the hedge fund managers.

00:10:37.000 One is, there's a broad overall feeling that motivated both the Tea Party and Occupy Wall Street back in the early 2010s.

00:10:43.000 That feeling is, these guys bear no real risk.

00:10:46.000 That if things go bad, somebody will step in to protect them.

00:10:49.000 That if things go bad, if they make a bet and the bet goes wrong, the federal government is going to step in and pay them off.

00:10:54.000 And you don't get that and I don't get that, but they get it.

00:10:56.000 Now, I think that that is a justified rage.

00:10:58.000 I think that that is true.

00:11:00.000 Hey, there's something else that is happening, too.

00:11:01.000 People are looking at the current economy, and they're looking at the stock market, and they're saying, I don't understand why a bunch of people are making money off the stock market even though the economy is in doldrums.

00:11:10.000 And right now, they're Billion, you know, bajillion people out of work, but these hedge fund guys are just making a fortune in the stock market.

00:11:17.000 Why are they allowed to do that? 0.57

00:11:18.000 So some of this is just pure jealousy.

00:11:20.000 Some of this is, why are these guys so disconnected from the real economy?

00:11:23.000 And the answer is, they are not disconnected from the real economy.

00:11:26.000 And if they were to bear their risk, which is what they should do, if they were to bear their risk, then they are bearing the risk that the economy will downturn.

00:11:33.000 But the reason the stock market has remained high throughout this entire pandemic is because of the correct assumption that these stock traders are making, which is that eventually we are going to come out of the pandemic and the stocks are gonna be worth a lot more than they are today, because we have pumped money into the system, because people are gonna go back to work, because this is an artificial recession.

00:11:50.000 Because what we are watching right now, thanks to the lockdowns and thanks to the pandemic, is an easily foreseeable artificial recession.

00:11:56.000 And so they are pricing the future into the present value of stocks.

00:11:59.000 Okay, so if you're just angry at the hedge fund guys because they're doing a job that actually provides some social value, but also makes them rich, Then, I don't have a lot of sympathy for you.

00:12:08.000 If you're angry at the hedge fund guys because you believe they don't bear any downside risk and the government's gonna bail them out, the truth is, you shouldn't be angry at them as much as you should be angry at the government for bailing them out.

00:12:16.000 The government shouldn't be bailing anybody out.

00:12:18.000 The government should not be bailing people out when they make a bad stock pick.

00:12:21.000 And that's true of hedge fund guys, it's true of Lehman Brothers, it's true of everybody.

00:12:23.000 You make a bad investment in subprime mortgages, you should bear the risk of that.

00:12:28.000 Okay, so in a second, I'm gonna explain what the GameStop Reddit guys did.

00:12:33.000 Because again, it is both hilarious and also it cuts directly against the social value of the stock market.

00:12:38.000 Because remember, the stock market is there for three things, to provide liquidity for companies, to allow you to invest, and three, to properly price stocks, right?

00:12:45.000 That is what it is there to do.

00:12:46.000 I'm gonna explain what happened with GameStop and why it undercuts a lot of the fundamental purposes of the market, even if it happens to be really, really, really funny.

00:12:54.000 Okay, so I'm gonna get to that in just one second.

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00:14:06.000 Okay, so here's what the GameStop Reddit guys are doing, the meme makers, okay?

00:14:11.000 And again, hilarious, also not great for the markets.

00:14:15.000 And not great for people who invest in the markets, typically.

00:14:18.000 So what's happening right now?

00:14:19.000 Is there a bunch of guys who are not big institutional investors, although as we'll see, some institutional investors have jumped in on the action.

00:14:26.000 And what they are doing is they're doing what is called a short squeeze.

00:14:29.000 Okay, so go back to our short sale example.

00:14:32.000 I borrow money.

00:14:34.000 I borrow a stock from Mathis.

00:14:35.000 I borrow a GameStop stock from Mathis with the promise that in a month I'm going to repay him $10 plus the stock.

00:14:40.000 I then go out and I sell it at $200.

00:14:42.000 A month from now, I sell it.

00:14:45.000 A month from now, I buy it, another stock from GameStop for 50 bucks.

00:14:48.000 I pocket the difference.

00:14:50.000 Everybody with me?

00:14:50.000 Okay, so.

00:14:52.000 Imagine that the reverse happens.

00:14:55.000 Imagine that I make a bad decision and I actually am wrong.

00:15:00.000 The value of GameStop is higher than I thought it was going to be.

00:15:04.000 So I borrow a stock from Mathis with the promise to repay him, his stock plus 10 bucks, and then I sell it at 200 bucks.

00:15:12.000 But a month from now, the price is not $50.

00:15:15.000 The price is $300.

00:15:16.000 So what do I do?

00:15:17.000 I owe Mathis a stock.

00:15:18.000 I owe him his $10.

00:15:20.000 But the price went up, not down.

00:15:21.000 So now I have to come out of pocket, right?

00:15:23.000 Now I have to actually go and buy the stock at $300.

00:15:25.000 And I've lost $100 on the transaction.

00:15:28.000 And after I pay Mathis his brokerage fee, I've lost $110 on the transaction because I sold the stock for $200.

00:15:33.000 Now I have to buy back a stock at $300 and pay Mathis back $10.

00:15:37.000 So I've lost 110 bucks on this particular transaction.

00:15:39.000 Okay, so this is what is called a short squeeze.

00:15:42.000 Okay, sometimes it happens sort of naturally.

00:15:44.000 A short squeeze can also happen when people just decide they are going to jack the short sellers.

00:15:50.000 Now, the way that you do this is you artificially boost the price of the stock, right?

00:15:53.000 You get the price of the stock up to 300, even though the stock really should be down at 50.

00:15:56.000 And that is what is happening right now.

00:15:59.000 Okay, so as GameStop stock was rising precipitously, short sellers were forced to hedge their bets.

00:16:05.000 And then they have to buy the stock in order to make up for their losses, right?

00:16:08.000 They now have to buy the stock and they have to buy more options.

00:16:11.000 So you get a bubble, right?

00:16:12.000 They have to buy them because they know eventually this bubble is going to burst.

00:16:15.000 So here's what happened.

00:16:16.000 All of these guys on Reddit decided we are going to just F with the GameStop short sellers.

00:16:24.000 We're gonna F with the hedge funds.

00:16:25.000 And what we're gonna do is we are all going to buy GameStop stock all at once.

00:16:29.000 And this led to some actual kind of stock market hilarity in the sense that GameStop is not a particularly profitable corporation.

00:16:37.000 GameStop became one of the most expensive corporations on planet Earth.

00:16:41.000 Like, it was worth more than Tesla.

00:16:43.000 Okay?

00:16:43.000 Like, that's absurd.

00:16:45.000 It's absurd on its face.

00:16:46.000 According to the Wall Street Journal, here's how they report this.

00:16:49.000 The power dynamics are shifting on Wall Street.

00:16:51.000 Individual investors are winning big, at least for now, and relishing it.

00:16:54.000 An eye-popping rally in shares of companies that were once left for dead, including GameStop, AMC Entertainment, and BlackBerry Ltd., has upended the natural order between hedge fund investors and those trying their hand at trading from their sofas.

00:17:05.000 While individuals are rejoicing at newfound riches, the pros are reeling from their losses.

00:17:09.000 And so people are saying this is like a David versus Goliath sort of thing, although it's a little simplistic, as we'll explain in a moment.

00:17:15.000 Long-held strategies, such as evaluating company fundamentals, have gone out the window in favor of momentum, right?

00:17:20.000 This is what I was saying about this undermines the actual function of the market, which is to properly value companies.

00:17:25.000 If you just have a bunch of people who decide today they're gonna buy stock in Blockbuster, which is exactly what's happening, right?

00:17:29.000 Blockbuster stock is worth bupkis.

00:17:32.000 Because Blockbuster has not been a thing for quite a while, right?

00:17:35.000 They're not a competitive company.

00:17:36.000 And so if you decide that you're gonna randomly drive up the price of the stock, then you're not actually doing anybody a favor except yourself.

00:17:44.000 In fact, in certain circumstances, this is illegal.

00:17:48.000 If you engage in what is called a pump and dump, that's clear illegality.

00:17:52.000 So think back to the movie Wall Street.

00:17:54.000 If you ever saw the movie Wall Street with Michael Douglas, There's a scene where Bud Fox, who's played by Charlie Sheen, you'll remember this, he is calling everybody on earth that he knows, and he's saying, and he's saying, uh, Blue, what is it?

00:18:09.000 It's, uh, Blue Horseshoe loves Anacott Steel.

00:18:11.000 He's saying Blue Horseshoe loves Anacott Steel.

00:18:12.000 What he means by that is that institutional investors, they love Anacott Steel, they think Anacott Steel is really undervalued, you should all buy.

00:18:19.000 Okay, so he pumps up the price of the stock, and he gets in early.

00:18:23.000 So if you go to some, so let's say that now I want to pump up Anacostile, right?

00:18:28.000 So I buy a share in Anacostile.

00:18:29.000 Then I go to all my friends and I say, guys, let me tell you, Anacostile is a bargain.

00:18:33.000 Okay, right now it is super duper undervalued.

00:18:36.000 You need to buy it right now.

00:18:37.000 I know that it's not undervalued.

00:18:39.000 I know that actually it's properly valued.

00:18:41.000 But instead, I lie.

00:18:42.000 I say it's really, really undervalued.

00:18:44.000 And so I artificially drive up the price of the stock, because now everybody wants Anacott Steel.

00:18:48.000 And then I say, oh, well, you know what?

00:18:50.000 Time to sell!

00:18:51.000 Right?

00:18:51.000 And I sell.

00:18:52.000 So I bought Anacott Steel at a buck.

00:18:53.000 I drove up the price all the way to a hundred bucks.

00:18:55.000 And then I sold at a hundred bucks.

00:18:57.000 Hey, now, what can happen right there is you can end up with these bubbles where last one out is the rotten egg.

00:19:01.000 Right?

00:19:02.000 Because all of my friends, if they were one of the first investors and they got in at five and now it's up to a hundred, You don't wanna be the one who is left holding the bag.

00:19:08.000 Okay, now, if you falsely advertise this, if you say, Anaconda Steel is undervalued, that's why you should buy it, that's illegal.

00:19:15.000 That's illegal pump and dump. 0.99

00:19:16.000 If, however, you don't do that, and this is what the Reddit guys were doing, they weren't saying GameStop was undervalued when they did this, when they artificially drove up the price of the stock.

00:19:26.000 They didn't say GameStop is undervalued.

00:19:28.000 They said, we know that it is properly valued, we just want to screw with the hedge fund guys.

00:19:33.000 So that's not illegal.

00:19:35.000 Right, it's just a prank.

00:19:37.000 It's a very damaging prank for those hedge fund guys because now they're caught in that short squeeze I was talking about where they have to pay back stock that they don't own.

00:19:44.000 So they have to go into the market, they have to buy the stock.

00:19:46.000 The need to buy the stock continues to drive the price up.

00:19:49.000 And they're now buying stock options, right?

00:19:51.000 They're now buying options to sell later or to buy later on.

00:19:56.000 They're buying, they're short selling.

00:19:58.000 They're continuing to short sell and buy into the market at the same time.

00:20:01.000 Because they know that eventually the stock price is gonna drop again.

00:20:04.000 I'd say now they're short selling.

00:20:05.000 So the problem is that the longer you do this, the longer you do this, the more the bubble builds up, right?

00:20:11.000 So the question is, can you hold the line?

00:20:13.000 So a lot of the early investors on Reddit got out already.

00:20:16.000 A lot of the guys on Reddit who bought the game Stop Stock, they took the ride, they sold, but somebody's gonna get left holding the bag.

00:20:23.000 The people who typically are not gonna get left holding the bag are the institutional investors, right?

00:20:27.000 It's gonna be the more unsophisticated players who were buying into the hold the line, we're gonna screw the hedge fund guys.

00:20:32.000 The hedge fund guys are gonna be okay.

00:20:34.000 They're all gonna go get revolving lines of credit.

00:20:36.000 They're going to buy the stock that they need.

00:20:38.000 They're going to take a loss on this particular transaction, and they'll be okay.

00:20:42.000 It's the people who are going to buy into GameStock when it is at $300 and is actually valued at $25.

00:20:46.000 And don't get out in time, because they were told by all their friends, hey, look, we're jacking the hedge fund guys.

00:20:51.000 We're gonna lose money.

00:20:52.000 Okay, so this is, again, this is what happens when you undermine the value proposition of the stock market by completely ignoring what the stock market is supposed to do, which is properly value companies.

00:21:02.000 And all of it is based on pure animus for the hedge fund guys.

00:21:05.000 Some of it justified, as I explained, a lot of it unjustified, and simple jealousy of the fact that there are people who make money in the stock market, and maybe you are not one of them.

00:21:13.000 And so, we'll get to more of this in just one second.

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00:22:40.000 Okay, so the Wall Street Journal says, Long-held strategies such as evaluating company fundamentals have gone out the window in favor of momentum.

00:22:47.000 War has broken out between professionals losing billions and individual investors jeering at them on social media.

00:22:53.000 Meanwhile, the frenzy of activity is stirring regulatory and legal concerns, as well as the attention of the Biden administration.

00:22:59.000 Newbie investors are gathering on platforms like Reddit, Discord, Facebook, and Twitter.

00:23:02.000 They're encouraging each other to pile into stocks, bragging about their gains, and at times, intentionally banding together to intensify losses among professional traders who protest that social media hordes are conspiring to move stock prices.

00:23:13.000 I didn't realize it was this cult-like, said short-seller Andrew Left of Citron Research, who has become a particular target of some investors on social media.

00:23:19.000 It's just a get-rich-quick scheme.

00:23:22.000 GameStop, AMC, BlackBerry have received hundreds of thousands of mentions across social media since early January, have vaulted into the ranks of the most traded stocks in the U.S.

00:23:29.000 market.

00:23:31.000 The mammoth gains have forced money managers to dump bets that the stocks would fall, magnifying the rally.

00:23:36.000 Right, so that means that they have to buy the stock in order to pay back the short selling they were doing.

00:23:41.000 Bearish investors who took short positions have lost $23.6 billion this year through the close of trading Wednesday on GameStop alone, according to S3 partners, including $14.3 billion on Wednesday, when the stock price jumped 135%, that was the largest percentage increase in history, to a record of $347.51.

00:23:56.000 to $347.51.

00:23:59.000 On Wednesday, GameStop shares hit a high of $380, briefly giving the video game retailer a market value of 26.5 billion, more than that of Delta.

00:24:08.000 Sorry, so.

00:24:09.000 So...

00:24:11.000 All of this is absurd, right?

00:24:12.000 On its face, it's absurd.

00:24:14.000 The question is whether this is, you know, the people who are striking back at the bad guys, or whether they're actually just sort of gaming the market for fun and giggles and to make a little bit of extra money.

00:24:25.000 So the line that I've seen is they're just doing what the hedge fund guys are doing.

00:24:28.000 Well, first of all, if the hedge fund guys banded together to pump end up a stock, Kind of illegal.

00:24:33.000 So, not quite the same.

00:24:35.000 Now, if the hedge fund guys got together and they're like, you know what?

00:24:37.000 We're just going to tell all of our investors that the stock isn't worth what we think, what we're about to do.

00:24:42.000 We're just going to make a gamble that we can create a momentum play, and we're going to be perfectly obvious about that.

00:24:47.000 That's not illegal.

00:24:48.000 Everybody is caveat emptor buyer beware. 0.96

00:24:51.000 Okay, but the sort of enthusiasm that we're seeing for this, I think a lot of this is just a certain class-based enthusiasm, which is the hedge fund guys are jerks, and I know a lot of hedge fund guys. 0.99

00:25:00.000 Some guys are real jerks. 0.98

00:25:01.000 Some guys are not, just like every other industry. 1.00

00:25:03.000 But again, there is a lot of enthusiasm for what's going on right now because it's sort of like the little guy is screwing the big guy.

00:25:08.000 Well, some of those guys are little guys.

00:25:10.000 Some of those guys are, in fact, not little guys, and this is worth pointing out.

00:25:13.000 And the reality is that, according to Bloomberg, there are a bunch of institutional investors who are making bank off this sort of thing.

00:25:22.000 It is not just little guys who are making money off of this.

00:25:24.000 Wang Jianlin is up $773 million.

00:25:27.000 That guy's an institutional investor, as AMC Entertainment spikes.

00:25:31.000 Soaring shares have added $185 million worth to the CEO of Tootsie Roll's fortune.

00:25:36.000 People have been buying up the stock of Tootsie Roll. 0.93

00:25:39.000 Okay, so it is not merely the little guy who's making a bunch of money, and by the way, it's gonna be the little guy who gets screwed.

00:25:44.000 Yes, there are a bunch of hedge fund billionaires who are gonna get screwed, and okay, they took a risk, and then they got jacked by a bunch of people who are basically pranking them for money, but that's, you know, risk-reward calculations don't always go right.

00:25:58.000 It's not illegal what these folks are doing, and it can be kind of funny.

00:26:03.000 With that said, the people who are going to get left holding the bag in the main are going to be unsophisticated, non-institutional investors who end up holding the stock too long and then ending up eating the loss, is basically what's going to end up happening here.

00:26:15.000 Wang, the founder of closely held conglomerate, Adelian Wanda Group, now owns a stake worth about $1 billion in AMC, which climbs almost 20 bucks in New York trading the most since October of 2018.

00:26:26.000 And so there are a lot of people who are big players who are making a lot of money off of this.

00:26:30.000 Okay, but again, the underlying idea here is that the stock market is kind of bad, or that hedge fund guys are doing something deeply immoral and they short sell.

00:26:39.000 I don't buy either of those things.

00:26:41.000 I think there are people who do immoral things in every market.

00:26:44.000 I think that is true in virtually every market, but it is worth noting hedge fund guys are generally competing against one another.

00:26:50.000 If they think that somebody is undervaluing a stock, then they will go after those people.

00:26:53.000 These folks are sharks.

00:26:54.000 The hedge fund guys are sharks. 0.65

00:26:55.000 Okay, so here is CNBC guest Chamath Palihapiatya.

00:27:00.000 I'm screwing up his name.

00:27:01.000 Chamath Palihapiatya.

00:27:04.000 He's the social capital CEO, and he was going off on CNBC saying that, you know, anybody who's upset about this in the Wall Street world is basically just crapping on the little guy.

00:27:14.000 Well, no, I think that what the little guy is doing here is perfectly legal.

00:27:17.000 I don't think that it is particularly good for the broader social implications of the market, right?

00:27:21.000 It just reinforces the idea that the market is a casino, which the market is not and should not be.

00:27:25.000 But here he is defending what is going on with GameStop right now.

00:27:30.000 I'm not saying they shouldn't be able to participate.

00:27:32.000 You want to say, you're saying they should participate on your terms, on Wall Street's terms, in a way where they get the, when Wall Street can have the best of it, they can maybe participate on the side, but then when Wall Street gets the worst of it, they, their parents, their relatives, will just come and bail them out.

00:27:47.000 So if you want to fix it, I think you've got to go and ask for the same transparency, because you can't all of a sudden have your cake and eat it too.

00:27:54.000 Let's have hedge funds operate in the shadows, but let's then basically land-bast Wall Street bets because they actually have the courage to write their stuff down publicly where anybody can see it.

00:28:02.000 Okay, so his call is for the hedge fund guys to be transparent about why they are investing the way they're investing.

00:28:07.000 And honestly, I don't think that that's a bad idea.

00:28:08.000 I think that's totally fine.

00:28:10.000 But I will note that typically the market is not, I mean, this is a perfect example of a stock just being wildly overpriced, and they're now doing it stock by stock.

00:28:18.000 They're just going to every stock that is being short sold because these stocks are overvalued, because the companies are not doing well, and they're now pumping those up and then dumping them.

00:28:25.000 I mean, that's essentially what they are doing.

00:28:27.000 Okay, so the response is also bad, because everything is bad.

00:28:30.000 So the response has been to ban the Reddit WallStreetBets server for at least a little while.

00:28:36.000 Discord banned the Reddit WallStreetBets server.

00:28:39.000 The company confirmed to The Verge.

00:28:41.000 Reddit's WallStreetBets subreddit is the driver of an unprecedented rally of GameStop stock and has received a great deal of attention in the press as the stock continues to soar.

00:28:49.000 Now, Discord says it didn't ban the server for financial fraud.

00:28:51.000 Instead, it was banned because it continued to allow, quote, hateful and discriminatory content after repeated warnings. 0.94

00:28:56.000 Yeah, that's bullcrap.

00:28:57.000 That is not true. 0.91

00:28:58.000 Okay, so what happened here is that all these companies, these hedge funds, and the government probably, went to Discord and said, these people are manipulating stock prices.

00:29:06.000 I want you to take it down.

00:29:08.000 Even though it's not technically illegal, okay?

00:29:10.000 So this actually looks a lot more like what the government and what the media and what institutional players have been doing with social media, right?

00:29:17.000 Where they say, we don't like a particular point of view.

00:29:18.000 We know that it's not illegal, but we want you to take it down.

00:29:21.000 It's sort of like what all of these major institutional government players said to Amazon Web Services to have them take down Parler.

00:29:27.000 That's what this sort of looks like, right?

00:29:29.000 Is we don't like the WallStreetBets subreddit.

00:29:32.000 So take it down because it's doing us damage.

00:29:33.000 And then pretend that it's on the basis of hateful content.

00:29:36.000 That's nonsense.

00:29:36.000 It's not true.

00:29:38.000 Okay, because how about the timing?

00:29:40.000 Was there not hateful content a week ago?

00:29:41.000 Or two weeks ago?

00:29:43.000 I'm sure there was.

00:29:44.000 And so the timing is that people got upset, and then they're like, okay, we're gonna ban this thing.

00:29:47.000 Now that is a real violation of rights.

00:29:49.000 Okay, I don't have to love what the Wall Street Bets guys are doing right now.

00:29:53.000 Again, I don't.

00:29:54.000 I think that they are undercutting one of the fundamental tenets of the market, which is that you are attempting to properly price stock.

00:29:59.000 With that said, I think taking down the ability of people to talk about stock in ways that you don't like is deeply violative of basic First Amendment concepts.

00:30:09.000 That's a private company.

00:30:11.000 Again, it can do it.

00:30:12.000 But a First Amendment culture does not go along with this sort of thing, and it just demonstrates where the institutions of power truly lie.

00:30:19.000 Which is not with the people.

00:30:20.000 It is not with individuals.

00:30:21.000 And that merely reinforces the feeling that the hedge fund guys have disproportionate influence over what is happening in our financial world.

00:30:28.000 It's a really, really bad move to take down the subreddit.

00:30:31.000 That should not be a thing that happens.

00:30:33.000 It really shouldn't.

00:30:34.000 Now, with that said, if you are cheering this on mainly because you don't like hedge fund guys and because they have slick back hair and because they're rich and drive fancy cars, let me suggest to you that you actually have to find the bad thing that they have done in order to dislike them.

00:30:44.000 Otherwise, it's just pure jealousy.

00:30:46.000 If they're taking bailouts, that is a reason to dislike them.

00:30:49.000 If they are actively engaging in misinformation campaigns directed at companies, that is a reason to dislike them.

00:30:55.000 If they are gaming the market, that's a reason to dislike them.

00:30:57.000 If they are just engaging in short-selling because they believe that a company is overvalued, and if their competitors are doing the same, that's not doing something wrong.

00:31:08.000 I don't think that the Reddit guys are, I think the Reddit guys, the only thing they're doing wrong here is that I think that the motivations here are pretty much revenge and an open acknowledgement that they are not really interested in providing any service to the market other than a sort of pump and dump, me and my friends are gonna get rich and the Wall Street bros are gonna pay.

00:31:26.000 Again, can be hilarious, just like your high school teacher getting TP'd.

00:31:29.000 But that does not mean that it is providing a giant social service, or that we should all be cheering on this sort of thing as a matter of routine because the stock market is bad.

00:31:37.000 Like really, what's the alternative?

00:31:38.000 The alternative is that we have people who are wildly overvaluing stock, who are simply playing the pump and dump game.

00:31:44.000 And then, Why would anybody trade in the stock market?

00:31:46.000 Right?

00:31:47.000 Then it deprives people of liquidity.

00:31:48.000 It deprives people of solidity in their 401ks.

00:31:50.000 There are real consequences to treating the stock market like a casino.

00:31:53.000 The dirty secret of the stock market is that it is not a casino.

00:31:56.000 Okay?

00:31:56.000 And that most people who are engaged in the stock market, including institutional investors, are not playing it like a casino.

00:32:02.000 I know that the popular view of the stock market, once again, is that it is a casino, and that there are winners, and there are losers, and it's just people betting.

00:32:08.000 That is not what it is.

00:32:09.000 It is a market.

00:32:10.000 It is called the market, just like your grocery store, just like your bookstore, just like any other market, and just because people get disproportionately rich off of that does not mean that they're not providing an ancillary social value.

00:32:20.000 They are, in fact.

00:32:21.000 This does not provide ancillary social value, what is happening right now.

00:32:24.000 It doesn't.

00:32:24.000 It provides hilarity.

00:32:25.000 So if hilarity is an ancillary social value, it is really funny you have people who are now controlling the stock market who are posting memes of Aragorn telling people to hold the line.

00:32:34.000 Like that's kind of funny.

00:32:35.000 You basically have a bunch of jokesters who are now controlling wide swaths of the economy.

00:32:40.000 It's funny until it's not funny.

00:32:42.000 It's funny until it comes time for you to invest your actual salary in the stock market, and you look around and go, can I even buy into Apple knowing that these people could jack the stock tomorrow?

00:32:52.000 Like, just for the bleeps and giggles of it?

00:32:56.000 Probably, it's not good precedent.

00:32:58.000 So all the people who are cheering today, again, if you want to direct your ire against the government, please do it.

00:33:02.000 I'm with you.

00:33:02.000 None of the people on Wall Street should currently be bailed out.

00:33:05.000 Even though they're getting jacked right now, they should not be bailed out.

00:33:07.000 The government should not be intervening right now.

00:33:09.000 The government should never have intervened with regard to bailing out the stock market.

00:33:14.000 But that's ire that should be directed at the government, which is answerable to you.

00:33:18.000 The sort of punishment of private industry for engaging in what it is they do is, I think, a bad precedent.

00:33:24.000 And I know this is an unpopular view, but again, if you believe that a stock market should exist and that it provides social value, then you have to explain why what's going on today is providing consummate social value.

00:33:34.000 Okay, now, in a second, we're going to get to the continuation of the destruction of public education in the United States.

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00:34:43.000 Okay, in just a second, we'll get to the continuation of the undermining of American education and also to Joe Biden and company who are We're now sounding off on the GameStop situation. 0.99

00:34:54.000 And their response is just as stupid and hilarious as you would expect it would be. 0.96

00:34:57.000 First, DailyWire, we are fighting in the culture. 1.00

00:34:57.000 We'll get to that in a moment. 1.00

00:34:59.000 What that means is that we aren't getting involved in the entertainment industry.

00:35:02.000 We released our first film, Run, Hide, Fight, exclusively for DailyWire members.

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00:35:27.000 We're gonna make stuff that the woke don't love, but you do. 1.00

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00:35:34.000 If you're not a DailyWire member yet, use promo code RHF, run, hide, fight, to get 25% off.

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00:35:41.000 You're listening to the largest, fastest growing conservative radio show and podcast in the nation.

00:35:49.000 So quick note, final sort of referendum on the GameStop thing.

00:35:54.000 So today on Twitter, Eat the Rich is trending.

00:35:58.000 It's pretty obvious what exactly a lot of this GameStop stuff is about and the sort of populists on both sides sharing it because they don't like the stock market generally.

00:36:06.000 It's a weird take and I'm wondering exactly how you are adding social value. 0.98

00:36:10.000 Again, this is very foolish. 0.94

00:36:12.000 And again, the solution is not going to be the government. 0.98

00:36:14.000 Naturally, the Biden administration has the best possible response.

00:36:18.000 So Jen Psaki, the brand new and not very good White House press secretary for the Biden administration, was asked about GameStop. 0.97

00:36:25.000 Her response was one of the dumbest responses I've ever heard to a thing. 0.97

00:36:28.000 Here she was. 0.99

00:36:29.000 She was asked, remember, the question was, what do you guys think about the GameStop thing?

00:36:33.000 And what are you going to do about the fact that people are artificially boosting the prices of particular stocks in order to pump and dump them effectively?

00:36:38.000 What are you going to do about that?

00:36:40.000 And here was Jen Psaki's answer.

00:36:42.000 Is the White House concerned about the stock market activity we're seeing around GameStop, and now with some other stocks as well, including the subsidiary, or whatever, the company that was Blockbuster?

00:36:56.000 And have there been any conversations with the SEC about how to proceed?

00:37:01.000 Well, I'm also happy to repeat that we have the first female Treasury Secretary and a team that's surrounding her, and often questions about market we'll send to them. 0.97

00:37:11.000 Oh, well, I mean, now that we know that the Treasury Secretary has a vagina, I guess that that solves all the problems. 1.00

00:37:17.000 Well done there. 0.98

00:37:18.000 Remember, the question was, what are you gonna do about the GameStop thing?

00:37:21.000 She's like, well, our Treasury Secretary is biologically a woman. 0.73

00:37:24.000 Well, I guess problem solved then, gang.

00:37:27.000 Geniuses in charge.

00:37:28.000 This is why the government actually should not get involved.

00:37:31.000 Let it play out, let it play out.

00:37:32.000 People are gonna learn their lesson when they hold onto the stock too long, and the only people who got rich were the Reddit people who were manipulating the market at the very beginning.

00:37:39.000 Right, when the blue horseshoe buying anaconda steel guys at the very beginning.

00:37:43.000 Those are the ones who end up making all the money.

00:37:45.000 Okay, meanwhile, our education system is just in tatters.

00:37:49.000 Okay, let's just be real about this. 0.99

00:37:50.000 Our public education system sucks. 0.99

00:37:52.000 It is not good. 0.99

00:37:53.000 The latest indicator that our public education system sucks is on Tuesday night, the San Francisco School Board voted to accept the recommendations of a renaming committee.

00:38:00.000 This is according to Emily Zanotti at Daily Wire.

00:38:03.000 They voted to officially rename 44 public schools in San Francisco bearing the names of controversial historical figures.

00:38:08.000 These figures include Abraham Lincoln, George Washington, Theodore Roosevelt, Franklin Delano Roosevelt, Herbert Hoover, Paul Revere, Thomas Edison, and Senator Dianne Feinstein, who was once the mayor of San Francisco.

00:38:22.000 San Francisco commissioned the renaming committee in October of 2019.

00:38:25.000 They announced they were putting in the committee's name change recommendations to a vote in December, and they kept claiming, oh, you know, it's just a recommendation.

00:38:30.000 We're not going to do anything.

00:38:31.000 Well, Then they did it.

00:38:33.000 Then they did it.

00:38:34.000 So what is the big problem with Feinstein?

00:38:36.000 So according to a 1984 copy of Worker's Vanguard, quote-unquote, Dixie Feinstein raised a Confederate flag at San Francisco's Civic Center while she was mayor of the city and later replaced the flag after it was pulled down by protesters.

00:38:48.000 But it turns out that that was part of a historical flags display.

00:38:52.000 And it wasn't clear that Feinstein had anything to do with it.

00:38:53.000 It doesn't matter.

00:38:54.000 Her name comes off to high schools. 0.96

00:38:56.000 Abraham Lincoln ran afoul of the committee because, quote, he did not demonstrate that black lives mattered to him.

00:39:02.000 That's a hot take there, San Francisco.

00:39:05.000 Abraham Lincoln, you know, the man who was shot to death in a theater after ending the Civil War and issuing the Emancipation Proclamation?

00:39:13.000 He didn't believe that Black Lives Matter.

00:39:15.000 Solid take there, San Francisco. 0.52

00:39:17.000 Really, what they should have just gone with is that he was a homophobe.

00:39:17.000 Really well done.

00:39:20.000 And here's the thing, you could use that for, like, everyone, including Barack Obama, up to, like, 2011.

00:39:25.000 We should just rename all of the schools, every single school, In favor, we need to find the wokest person and that person all the schools will be named after.

00:39:25.000 It's good.

00:39:33.000 I'm talking about we need like a one quarter black, one quarter Native American, one quarter South American, one quarter Chinese, Little person, transgender, pansexual. 0.99

00:39:49.000 That's what we need.

00:39:49.000 We'll find that person and that person we'll name all of the high schools after.

00:39:54.000 We don't know who that is yet, but could be you.

00:39:56.000 Could be your lucky day if you are that person.

00:39:57.000 If I just described you, please send your application in to the San Francisco School Board.

00:40:02.000 According to the San Francisco Chronicle, many San Francisco parents, as well as Mayor London Breed, argued the effort was ill-timed given the pandemic.

00:40:08.000 Oh yeah, it's just the bad timing.

00:40:10.000 That's the problem.

00:40:11.000 By the way, the move is going to cost San Francisco's school district millions of bucks, because they actually have to go through and rename all of this.

00:40:16.000 But what does money matter in schooling, after all?

00:40:18.000 I mean, one thing that we definitely know When it comes to schooling, it's the teachers' unions who rule the roost. 1.00

00:40:23.000 Over in Chicago, they've got disaster on the mind.

00:40:26.000 Chicago Public Schools has now directed parents to keep their students home again on Thursday because the Chicago Teachers' Union is moving closer to a strike.

00:40:32.000 By the way, that's illegal, as far as I'm aware.

00:40:35.000 CPS said in an email to parents on Wednesday evening, quote, Chicago Teachers' Union leadership continues to direct their members who support pre-K and cluster programs to remain at home Therefore, we must ask parents to continue keeping your children home, as we are unable to guarantee adequate staffing levels to cover in-person learning.

00:40:50.000 The district will continue with remote learning tomorrow, on January 28th.

00:40:55.000 So, good news, they're just going to keep these teachers out forever.

00:40:57.000 The teachers have decided that they don't want to work anymore.

00:41:00.000 And yes, that makes you selfish.

00:41:02.000 It does.

00:41:02.000 If you decide that you want to take public pay and not work, and you are 20 years old and at very little risk of COVID, and it turns out that you're teaching kindergartners who aren't transmitting it, that makes you a bad person.

00:41:11.000 It does.

00:41:12.000 Hate to break it to you, and just because you're a teacher, if you're not teaching, you're no longer a teacher.

00:41:16.000 If you're not doing the job of teaching, I cannot call you a teacher at this point.

00:41:19.000 I can just call you a leech off the public taxpayer dollar.

00:41:22.000 Unless you are somebody who is supremely vulnerable to COVID, Again, if you're a young dance teacher who is not going in to dance away the hours of first graders because of COVID, you're just lying.

00:41:34.000 It is not about your risk.

00:41:36.000 It is about the fact that you prefer to stay home and watch old episodes on HGTV.

00:41:43.000 That's all that's going on right now.

00:41:45.000 It's absurd, and it has nothing to do with the good of students, obviously.

00:41:47.000 It is anti-science, naturally.

00:41:49.000 The Biden administration is doing nothing about it, nor are they even sounding off about it.

00:41:52.000 And you're going to start to see a parents' uprising here. 0.60

00:41:56.000 If Democrats don't create some gap between them and these god-awful teachers unions, parents are going to start saying, you know what?

00:42:01.000 I'm not going to vote for the party that's in hot to these folks.

00:42:04.000 Here, for example, is a frustrated Virginia parent saying that school board cowards were not reopening our schools.

00:42:08.000 They're hiding behind children, but they're not doing this for the kids.

00:42:10.000 They're doing this for themselves. 0.99

00:42:13.000 You're a bunch of cowards hiding behind our children as an excuse for keeping schools closed. 0.90

00:42:18.000 You think you're some sort of martyrs because of the decisions you're making when the statistics do not lie that the vast majority of the population is not at risk from this virus. 0.99

00:42:27.000 The garbage workers who pick up my freaking trash risk their lives every day more than anyone in this school system! 0.74

00:42:37.000 Hey, fact check true. 0.98

00:42:39.000 Fact check true.

00:42:40.000 Okay, meanwhile, The focus in the Biden administration is on the most important things, not opening the schools, not really even COVID stimulus, right?

00:42:48.000 What they're really, really focused in laser-like is climate change, because 100 years from now, the water level's gonna be higher.

00:42:53.000 So that's really important, important stuff.

00:42:56.000 And they're willing to sacrifice jobs in the right here and the right now, in the middle of a pandemic, with the jobs market, in the toilet, they're willing to sacrifice jobs.

00:43:03.000 So Biden's energy secretary nominee actually admitted this yesterday.

00:43:07.000 This would be the Honorable Jennifer Granholm.

00:43:11.000 Right?

00:43:11.000 And she said, Oh yeah, you know what?

00:43:13.000 We may have to, by the way, terrible governor of Michigan. 0.69

00:43:15.000 She said, you know what?

00:43:16.000 We may have to sacrifice some jobs.

00:43:18.000 That's okay.

00:43:19.000 I mean, that'll be fine.

00:43:20.000 Here she goes.

00:43:22.000 I think the president's plan of building back better, which would create more jobs in energy, clean energy, than the jobs that might be sacrificed.

00:43:34.000 But I will say this, no job, we don't want to see any jobs sacrificed.

00:43:38.000 For those states that have these jobs in abundance, this is something we're going to have to work on together to ensure that people remain employed.

00:43:49.000 Oh, okay, well, you know, they're going to, they'll lose their jobs.

00:43:51.000 But, you know, some jobs may have to be sacrificed.

00:43:54.000 And then later, the jobs will come back around through green jobs.

00:43:57.000 Ah, the dream of the ages, green jobs.

00:43:59.000 You'll remember that Van Jones was Barack Obama's green jobs are.

00:44:03.000 Here's a grand total number of the number of green jobs that Van Jones provided.

00:44:07.000 Big old zero, zero.

00:44:09.000 So yeah, I'm sure all the people who are losing their jobs in the here and now are very comforted by the fact that the measures being taken by the Biden administration to lower carbon emissions will result over the course of the next century in a minute, minute degree change to the future climate.

00:44:26.000 By the way, if we abided by the entire Paris Agreement in the here and now, the amount of climate change that we would avert in the United States, Just by the U.S.

00:44:36.000 abiding by it?

00:44:36.000 It's like 0.1 degrees Celsius over the course of the next century.

00:44:39.000 Sounds like a fantastic deal for people who are gonna lose their jobs right now and become government dependents.

00:44:43.000 Sounds awesome.

00:44:44.000 You know who is very blithe about this though?

00:44:46.000 Is the new climate czar.

00:44:47.000 Is the climate czar John Kerry!

00:44:53.000 So, you'll remember John Kerry from such things as, I ran for president in 2004 and got shellacked by George W. Bush, and I was a garbage Secretary of State during the Obama administration. 0.88

00:45:02.000 Now, he is back and starring in his greatest role, elitist, sneering at people who didn't marry wealthy. 0.65

00:45:08.000 This is his best role.

00:45:10.000 So, here is John Kerry yesterday.

00:45:12.000 He said, you know, if you lose your job in the gas industry, maybe you can marry a ketchup heiress.

00:45:20.000 Yes!

00:45:21.000 There's John Kerry.

00:45:24.000 You know, you look at the consequences of black lung for a minor, for instance, and measure that against the fastest growing job in the United States before COVID was solar power technician.

00:45:34.000 The same people can do those jobs.

00:45:36.000 But the choice of doing the solar power one now is a better choice.

00:45:40.000 So what President Biden wants to do is make sure those folks have better choices, that they have alternatives, that they can be the people who go to work to make the solar panels.

00:45:51.000 They were making them here at home.

00:45:54.000 Well, not all of us can be windsurfing heiress-marriers, John Kerry.

00:45:57.000 Truly, amazing, amazing stuff.

00:46:00.000 Okay, so let's talk a little bit about John Kerry.

00:46:02.000 So as I say, John Kerry.

00:46:04.000 There, right there, is a dude who loves him some John Kerry.

00:46:07.000 That dude is wealthy because he married rich. 0.94

00:46:11.000 So John Kerry married a catch-up heiress, he married into the Heinz fortune.

00:46:16.000 And then, he sits around and does nothing for a living.

00:46:19.000 Right, he is just a quote-unquote public servant.

00:46:22.000 He's worth a bajillion dollars.

00:46:23.000 He owns a private jet, by the way.

00:46:24.000 He still owns a private jet.

00:46:25.000 While he's telling oil and gas workers you guys are gonna be out of work?

00:46:28.000 Maybe you can learn to weld solar panels because, you know, oil and gas, solar panels, the same.

00:46:36.000 All the same.

00:46:37.000 Okay, that is not how jobs work.

00:46:42.000 The idea that you can take a 55-year-old dude who has been working in pipeline manufacturing and simply shift him over to making solar panels, which, by the way, are still some of the most overpriced garbage in the American energy market.

00:46:53.000 And then you're going to somehow create jobs?

00:46:56.000 Oh, well, we've given them more choice, like a choice to be unemployed and then to have a job they don't know how to do.

00:47:02.000 I mean, all right.

00:47:02.000 That's fine.

00:47:03.000 This is basically John Kerry just being warned.

00:47:05.000 Here's Herman Munster explaining that, you know, if they lose their jobs, it's not a big deal.

00:47:10.000 And by the way, if they do lose their jobs, it's not because of us.

00:47:13.000 It's not because we are attempting to crack down on fracking or gas and oil exploration.

00:47:18.000 No, it's other market forces.

00:47:20.000 We're behind this.

00:47:22.000 We're not.

00:47:23.000 No.

00:47:24.000 There has never been a person more consistently wrong across the scope of his entire life than John Kerry.

00:47:29.000 His record is unblemished. 0.98

00:47:30.000 Unblemished at sucking at his job. 0.93

00:47:32.000 He comes back from Vietnam, he promptly slanders all the troops in Vietnam as human rights violators, on the order of John Druskell. 0.98

00:47:39.000 Then he runs for Senate, he ends up in the Senate. 0.92

00:47:43.000 He spends the next several decades sucking at everything.

00:47:45.000 Then he ends up running in 2004 as the anti-war candidate.

00:47:50.000 He's against the surge.

00:47:52.000 Then he becomes Secretary of State where he promptly explains that no peace deal will get done in the Middle East unless Israel is forced into concessions to the Iranians and the Palestinians.

00:47:59.000 That was a lie.

00:48:00.000 And now he's back!

00:48:01.000 The beautiful thing about government is you always fail up.

00:48:03.000 You always fail up.

00:48:04.000 So here he was explaining, you know, if people lose their jobs, that's not my fault.

00:48:08.000 Those sounds emerging from his face, which is really, really looking like a mudslide in the Hollywood Hills at this point.

00:48:15.000 I think that unfortunately, workers have been fed a false narrative.

00:48:20.000 No surprise, right?

00:48:21.000 For the last few years, they've been fed the notion that somehow dealing with climate is coming at their expense.

00:48:30.000 No, it's not.

00:48:32.000 What's happening to them is happening because of other market forces already taking place.

00:48:37.000 And what the financiers, the big banks, the asset managers, private investors, venture capital are all discovering is there's a lot of money to be made in the creation of these new jobs in these sectors.

00:48:51.000 Okay, no.

00:48:52.000 What all those guys are doing is that you want to talk about corruption on Wall Street?

00:48:55.000 That's corruption on Wall Street.

00:48:56.000 You want to talk about why the hedge fund guys and the venture capitalists are all investing in green energy?

00:49:00.000 Because they know that you, John Kerry, and this silly administration are going to be dumping buttloads of money into the green energy boondoggle that is.

00:49:07.000 These energy sources are not nearly as efficient as carbon.

00:49:10.000 That is just the reality of the world.

00:49:12.000 The vast majority of emissions are not coming from the United States.

00:49:15.000 90% of all global carbon emissions are coming from outside the United States.

00:49:18.000 The United States has been lowering its carbon emissions year on year, mostly thanks to fracking.

00:49:21.000 Okay, but again, you want to talk about market manipulation?

00:49:25.000 The government incentivizing people to spend money on stuff that actually is not marketable is definitely market manipulation.

00:49:31.000 But good news, this is where the laser-like focus of the Biden administration is going to be.

00:49:36.000 On equity, meaning that we are going to look at group outcome and pervert the notion of individual justice.

00:49:42.000 And climate change, so we can use the threat of deep impact, or the day after tomorrow, in order to essentially restructure the entire world economy.

00:49:52.000 Really, really solid stuff.

00:49:55.000 My favorite is that John Kerry is just delusional.

00:49:57.000 All he does at this point is he just does PR for foreign regimes.

00:49:59.000 So while he was Secretary of State, he was PR agent for Iran.

00:50:02.000 He was going around being like, Iran, they're nice people.

00:50:05.000 Yes!

00:50:06.000 They told us that they would be nice now, and sure, they can use that money for terrorism, but I like them.

00:50:13.000 I'm friends with them.

00:50:14.000 You should be too.

00:50:16.000 So now, Kerry's like, you know who's great?

00:50:19.000 China!

00:50:20.000 China's amazing!

00:50:22.000 They signed the Paris Accords!

00:50:26.000 Talk to us, Herman.

00:50:29.000 China was not adverse to working on this with the Obama administration.

00:50:34.000 China was very key to helping to get the Paris Agreement to come together because the United States and China came together, worked together, put together an opportunity to have a working task force, and then we announced our reductions And that gave great momentum to the movement of Europe.

00:50:54.000 Okay, and then China, they're gonna help.

00:50:57.000 In 2018, China's carbon emissions were on track to grow at the fastest rate in six years.

00:51:01.000 So yeah, we should definitely trust China.

00:51:03.000 China definitely is not a competitor on the world stage, and they definitely won't take advantage of us hampering our own economy in order to just blow out their carbon emissions and take advantage of the vacuum created by our weaker markets.

00:51:13.000 No way, no way.

00:51:14.000 They're good people.

00:51:15.000 John Kerry is so, so wrong.

00:51:18.000 John Kerry also says that Joe Biden is going to make climate change central to his foreign policy planning.

00:51:23.000 Oh, goody, goody gumdrops.

00:51:26.000 Today, in the order that he will sign that Gina has described to you, he makes Climate central to foreign policy planning, to diplomacy, and to national security preparedness.

00:51:40.000 It creates new platforms to coordinate climate action across the federal agencies and departments sorely needed.

00:51:48.000 And most importantly, it commissions a national intelligence estimate on the security implications of climate change to give all of us an even deeper understanding of the challenge.

00:52:00.000 This is the first time a president has ever done that.

00:52:03.000 It's amazing.

00:52:03.000 We're going to try and spec out security implications of a warmer climate.

00:52:08.000 It's going to be super accurate.

00:52:09.000 We're great at this.

00:52:12.000 You are not great at this.

00:52:13.000 Meanwhile, the White House climate advisor says that climate is Gina McCarthy, the national climate advisor.

00:52:18.000 She says that climate change is the most significant public health challenge of our time.

00:52:25.000 OK, here she is.

00:52:28.000 This order takes historic strides to address environmental injustice.

00:52:32.000 It creates both a White House interagency task force to address environmental justice as well as an advisory council.

00:52:42.000 It directs the Department of Health and Human Services to create an Office of Climate Change and Health Equity because, after all, climate change is the most significant public health challenge of our time.

00:52:54.000 Okay, now I feel like I need some dry ramen and just a picture of a COVID virus.

00:52:59.000 That's what I'm gonna need right now.

00:53:01.000 Right?

00:53:01.000 Okay, so maybe our guys can animate this in.

00:53:03.000 Dry ramen.

00:53:04.000 COVID virus.

00:53:06.000 Behind it.

00:53:06.000 Okay, like, greatest public health challenge of our time.

00:53:09.000 Hmm.

00:53:09.000 Is it climate change?

00:53:10.000 Meaning the gradual warming of the climate over the next century, most of which is already baked into the cake.

00:53:15.000 Or is it the virus that is going to kill half a million Americans over the course of a year?

00:53:19.000 Which one?

00:53:20.000 Hmm.

00:53:21.000 Let's think.

00:53:22.000 I can't think of any other public health challenges that are on the order of the climate slightly warming year on year over the course of time.

00:53:28.000 I can't think of any.

00:53:29.000 It's amazing. 0.95

00:53:30.000 I'm so glad that we are structuring our entire government, our entire executive branch of government, around the lie that America is systemically racist and that what we ought to be pursuing is equal group outcome, and the equally stupid lie that climate change is the greatest challenge facing the United States. 0.93

00:53:44.000 It is not the greatest challenge facing the United States. 0.92

00:53:46.000 It is a problem that can be dealt with. 0.97

00:53:49.000 By adaptation over the course of time, the solutions that are currently being proposed by the Biden administration are garbage. 0.97

00:53:54.000 They do not make any sense.

00:53:56.000 People who study this issue generally believe that they don't make a lot of sense unless you have a global carbon tax, which is not something that is ever going to happen.

00:54:02.000 You are not going to radically curb carbon emissions globally.

00:54:06.000 And the idea that you can just invest in green energy and this is going to somehow make the innovation better, that if you just dump money into investments in green energy, that this is somehow going to create massively new and wonderful variations on energy production.

00:54:20.000 I'm wondering what the evidence is for that, because we've now dumped billions and billions of dollars into that.

00:54:24.000 I'm not seeing tremendous return on a lot of this stuff.

00:54:27.000 There's a real agenda here, okay?

00:54:28.000 The agenda is twofold.

00:54:29.000 One is, There are a bunch of climate change true sort of religious believers who intend on killing the fossil fuel industry utterly.

00:54:40.000 This is like Michael Mann, right?

00:54:41.000 So Michael Mann is a scientist, most famous for the so-called hockey stick grab, very controversial.

00:54:46.000 So Michael Mann, he says, the goal here is we have to stop the fossil fuel industry dead.

00:54:50.000 Now, if Biden had openly campaigned on that, we're stopping fossil fuels, like stopping it dead.

00:54:55.000 Which is what so much of his administration would like.

00:54:57.000 Would have been a problem for him in Pennsylvania.

00:54:59.000 But here is Michael Mann proposing just that.

00:55:02.000 Of course we should all do those things that we can do in our everyday lives to decrease our environmental footprint.

00:55:06.000 What we can't allow is for polluting interests, fossil fuel companies, and those promoting their agenda to somehow convince us that that alone is enough.

00:55:16.000 Because then that takes the pressure off of the need for systemic change, for policies Like those that Biden is outlining in his plan to accelerate, again, that transition away from our reliance on fossil fuels.

00:55:30.000 Okay, if you have any magical ideas on how we are going to transition the entire globe away from fossil fuels by creating an alternative energy source that is even remotely, remotely as efficient as this, love to hear them, especially from you guys in the back who keep saying that you don't want nuclear energy or fracking.

00:55:45.000 Really interested to hear how windmills are gonna solve all of our problems.

00:55:48.000 I'm gonna put a windmill on my car.

00:55:49.000 Probably the best solution.

00:55:51.000 By the way, he knows that it's a lie, that if you reduce your environmental footprint, you, personally, reduce your environmental footprint, he knows that that's a lie, that that's gonna change the climate.

00:55:57.000 It ain't.

00:55:59.000 You digging a well in your backyard ain't gonna do a damn thing.

00:56:01.000 It's not. 0.81

00:56:02.000 He knows it.

00:56:03.000 You know it.

00:56:03.000 John Kerry knows it.

00:56:04.000 They all know it.

00:56:05.000 Okay, so there's another agenda here, too, and that is the broader left-wing agenda, which is we are going to reorganize the entire American economy.

00:56:11.000 So you may have noticed that this is always the conclusion of every statement.

00:56:14.000 Climate change is a grave threat to the United States.

00:56:17.000 Therefore, let us reorganize the entire American economy.

00:56:19.000 Also, racial inequity, a grave threat to America. 0.84

00:56:23.000 Solution, let's change over the entire American economy and remold it and remake it. 0.99

00:56:28.000 You know what I noticed?

00:56:29.000 I noticed that COVID is a really bad thing.

00:56:31.000 What if we just remade the entire American economy on the back of that? 0.93

00:56:35.000 It seems like you have a goal and everything that is bad in life is then used as a means in order for you to gain that goal.

00:56:42.000 That is what it seems like.

00:56:44.000 So forgive me when I don't trust that you are being straight with the American people on this sort of stuff, members of the Biden administration, because I don't think you are.

00:56:52.000 I've been in rooms with the John Kerry wing of the Democratic Party, and behind closed doors, they acknowledge that everything that I'm saying right now is true.

00:56:59.000 That the vast majority of climate change is baked into the cake.

00:57:04.000 That it is largely too late for large-scale mitigation.

00:57:07.000 that adaptation is the proper solution, and that if you are going to actually take measures that are effective, they have to be directed toward developing technologies to, for example, suck climate out of the air or geoengineering, right?

00:57:19.000 There's all sorts of stuff that you could do, right?

00:57:21.000 Building seawalls, there's stuff you could do, but they don't wanna do that.

00:57:23.000 What they actually wanna do is remake the entire American economy in a more socialistic mold, and this is just the lever of power by which they think they're gonna be able to do it.

00:57:31.000 So if they scare the crap out of you and they keep citing Greta Thunberg saying that the world is on fire and all of that kind of stuff, then maybe you will allow them to completely remold the American economy in the image that they always wanted to remold it into.

00:57:42.000 Yeah, the answer on that one is no.

00:57:44.000 The new ruling class does not get to do that simply because they are lying to you about the nature of the climate change threat.

00:57:50.000 Again, not saying climate change isn't a problem over the course of the next century.

00:57:53.000 It is.

00:57:54.000 Is it a problem that is going to end all human life?

00:57:55.000 No.

00:57:56.000 Is it an existential threat to humanity?

00:57:58.000 No.

00:57:58.000 Is it something that we are going to be able to deal with as the world innately grows more and more prosperous, which is what's going to happen over the course of the next century, not according to me, according to William Nordhaus, who just won a Nobel Prize in Economics for his work on climate change?

00:58:10.000 That's what's going to happen.

00:58:11.000 Can we deal with it?

00:58:12.000 Yes. 1.00

00:58:12.000 Are we gonna deal with it with any of these ham-handed, stupid ideas for remolding individual freedom? 1.00

00:58:18.000 Nope. 1.00

00:58:19.000 You're just gonna reap the whirlwind.

00:58:20.000 Alrighty, we'll be back here later today with an additional hour of content.

00:58:23.000 In the meantime, go check out The Michael Moll Show.

00:58:25.000 Michael is talking about the media blaming Trump and quote-unquote white supremacy with what is happening with GameStop stock right now.

00:58:31.000 That episode is available right this moment.

00:58:33.000 I'm Ben Shapiro.

00:58:34.000 This is The Ben Shapiro Show.

00:58:35.000 The Ben Shapiro Show is produced by Colton Haas.

00:58:42.000 Executive Producer, Jeremy Boring.

00:58:44.000 Our Supervising Producers are Mathis Glover and Robert Sterling.

00:58:47.000 Production Manager, Paweł Lajdowski.

00:58:49.000 Our Associate Producers are Rebecca Doyle and Savannah Dominguez.

00:58:52.000 The show is edited by Adam Sajewicz.

00:58:54.000 Audio is mixed by Mike Coromina.

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00:58:58.000 Production Assistant, Jessica Crand.

00:59:00.000 The Ben Shapiro Show is a Daily Wire production.

00:59:05.000 Internet trolls bankrupt hedge funds for the LOLs, John Kerry tells fossil fuel workers to learn solar, and most Republicans support Trump in 2024.

The Ben Shapiro Show - January 28, 2021

The Downside Of Downside Risk | Ep. 1183

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