00:02:55.000And yes, if it flies, that would also be very cool.
00:02:58.000I mean, as long as they're just requesting things.
00:02:59.000But according to Yahoo Finance, Tesla finally showed off the next generation roadster Thursday night at a SpaceX test site in McGregor, Texas.
00:03:07.000That's nearly a decade after the 2017 prototype.
00:03:47.000Here's Elon explaining the goal was to take SpaceX tech and put it in the car.
00:03:52.000You're going to see the results of what happens when you have a collaboration with the world's best. Car company and the world's best rocket company.
00:04:05.000And this is the culmination of incredible work by Tesla and SpaceX engineers working closely together to make something that you haven't seen in any movie, better than any James Bond car, better than, well, I don't know, I've never seen anything like this.
00:04:28.000So, you know, when I suggested this to the team, I thought, Am I crazy?
00:05:56.000Free available pools of capital in a deregulated economy.
00:06:00.000That's what distinguishes American markets from Europe.
00:06:04.000Those enormous ready pools of capital.
00:06:06.000Elon is using those pools of capital to do awesome and cool things.
00:06:10.000And it's not evil materialism that robs your soul to say that this is cool.
00:06:14.000I've noticed many of the same people who are out there saying that capitalism is somehow emptying of the human soul are out there celebrating the coolness of this.
00:07:49.000If you have large scale pools of capital in a deregulated economy, you end up with massive innovation like you just saw with Tesla.
00:07:58.000There's a reason that Tesla is an American company.
00:08:01.000Kevin Warsh, who's the Fed chair, he was at the IMF, the International Monetary Fund, and he talked about the AI benefits of a global economy, meaning how capitalism helps to develop cool new things.
00:08:13.000The advent of this new technology is probably the most consequential change to the U.S. and the global economy in my lifetime to this point.
00:08:23.000So I take it seriously, but as a central banker, also soberly, responsibly.
00:08:30.000I'd say it's going to do several things.
00:08:32.000First, it's obviously hitting the demand side of the economy before it's going to hit the supply side of the economy.
00:08:39.000So, if you're a central banker and you're in the business of trying to ensure stable prices and full employment, you've got to recognize this as a shock.
00:08:47.000But it's a positive supply shock in the medium term.
00:09:37.000Okay, so take it from the car industry to other countries.
00:09:41.000So, the other kind of economic system that can generate pretty nice cars is something called state capitalism.
00:09:49.000State capitalism or mercantilism would be the kind of thing that you currently see in China.
00:09:53.000So, China has basically run up its debt in order to subsidize development in particular areas.
00:09:58.000You saw us in Hitler's Germany also, economically speaking.0.51
00:10:01.000Hitler's Germany could produce nice cars because if you take a bunch of money and you pour it into one particular area, Then you can end up with some pretty nice cars.
00:10:08.000So, China has a competitive automotive company.0.88
00:10:13.000The Free Press's Michael Dunn reviewed BYD a few months back and pointed out that BYD is on track to sell 5 million vehicles, about three times more than Tesla.
00:10:21.000They dominate the lower end of the electric vehicle market.
00:10:25.000Half of the cars are priced under 25 grand.
00:10:29.000Now, he points out that Tesla's full self driving package is way the hell better than BYD, right?
00:10:34.000Again, capitalism, because here's the thing if Tesla fails, there's another company right on its tail that is going to make moves.
00:10:46.000So China will just keep pouring money into BYD.
00:10:48.000This is the problem with state capitalism, which, again, there are so many Americans who seem to want a sort of economic fascism, China like economic fascism.
00:10:55.000The left wants it, the right wants it.
00:10:58.000It also ignores the fact that China, again, has to rack up these enormous debts in order to pick and choose winners and losers in its own economic development.
00:11:06.000So we talk about the debt to GDP ratio in the United States, which is above 100% now.
00:11:11.000There's some independent analyses by groups like Capital Economics that indicate that China's total debt to GDP ratio across the public and private non financial sectors is over 300% of GDP.0.84
00:11:21.000China just lies about it because, in the end, what they will do is just cram it down on their citizens.
00:11:26.000In the United States, if we spend too much money, then we will end up blowing away our bondholders.
00:11:31.000China tends to fund its debts internally by making its own citizens suffer and they don't care because they're a fascistic economy and a fascistic country.0.69
00:11:39.000The likely outcome for China is state stagnation over time.
00:11:42.000But again, if we are sort of ranking, In various economic systems, what you would say is at the very top of the heap, free market capitalism.
00:11:51.000And third would be the heavily regulated economy, like deeply heavily regulated, where you allow there to be some private industry, but you regulate it so heavily that effectively speaking, the government just runs it.
00:12:15.000Quote, we are driven by a clear ambition to successfully transform our automotive industry while upholding our climate goals and our production in Europe.
00:12:22.000Our course remains unchanged to drastically reduce carbon emissions and produce future electric vehicles in France and Europe.
00:12:28.000That is what European preference means.
00:12:30.000We hope this Franco-German dynamic can swiftly lead to an agreement with our partners for our jobs and our industry.
00:12:36.000We must be a continent that innovates, invests and produces while protecting the climate and safeguarding our jobs.
00:12:43.000Emmanuel Macron earlier this week in an electric vehicle from Citroën.
00:12:48.000Um, this does not look like a Tesla.0.96
00:12:51.000This looks like a piece of junk is what this looks like.1.00
00:12:53.000Right here, like a hideous piece of crap.1.00
00:12:56.000This looks like there he is in a ridiculous car that has a string of light bulbs inside it, and even Macron looks distinctly unimpressed.1.00
00:13:15.000And finally, finally, you have communism.
00:13:18.000So, communism, which so many in America are also calling for, left wing economics, where the government just nationalizes the means of production.
00:13:26.000It turns out that communism sucks and government ownership of the means of production sucks, which is why, as N Wokeness on X put it, California has built zero miles of functional track for their high-speed rail project after 18 years and $95 billion over budget.0.88
00:13:42.000And meanwhile, Elon is making flying cars and gigantic re-landing rockets.0.96
00:13:48.000By the way, communist countries have tried to develop cars before.
00:13:51.000There was a state-subsidized car in Yugoslavia, which is now Serbia, called the Yugo, and it became a punchline.
00:13:58.000It was imported to the United States in 1985 as the cheapest car on the market, about $4,000.0.97
00:14:03.000And it turns out that it was a piece of junk.
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00:17:46.000And you look at his plaque that was in the sort of Rockefeller Center, and he talks about how he's just a custodian of the money and he really will be judged by his public impact.
00:17:56.000And you don't have today's founders creating libraries and universities.
00:18:02.000I mean, they're trying for their own immortality.
00:18:15.000It turns out that, you know, it helps people in Lordstown, Ohio, innovation, economic growth, new and better products and services for cheaper, the stuff capitalism does.0.81
00:18:25.000And you know, you know what we don't need?
00:18:26.000Actually, Again, one of the great lies that sometimes even capitalists tell themselves is that the thing that's great about capitalism is the sort of noblesse oblige.
00:18:34.000This idea that if you go out and you build a successful company, the best thing that you're going to do with that is to give the charity.
00:19:12.000There are always these stories that are attempting to undermine innovation by suggesting, for example, oh, a full self drive went wrong somewhere.
00:19:32.000And, um, My dad, when he was in a car crash, after he was in a car crash, which destroyed his traditional vehicle, I urged him strongly, because he's 70, to get a full self driving Tesla because its reaction times and judgment, particularly at night, are going to be better than his own.
00:19:49.000And by the way, if everybody were on full self drive, we would be saving something like 50,000 lives a year in the United States.0.84
00:19:55.000But naturally, have complete useless people like Senator Elizabeth Warren, who, by the way, is very wealthy because she owns a bunch of rental properties in Oklahoma.1.00
00:20:01.000She's out there suggesting that the only reason Elon is wealthy is because the economy is rigged.0.76
00:20:06.000Well, maybe he's wealthy because he has founded several extraordinarily successful companies.
00:20:28.000Donald Trump's big, beautiful bill cut health care for millions of Americans to give guys like Elon bigger tax breaks.
00:20:38.000No, that's actually not what happened.
00:20:40.000But in any case, this is all just a case that is being made by like the Elizabeth Warrens and the Rokanas and the AOCs for gigantic wealth seizures.0.91
00:20:47.000With the idea that the government's going to do a better job with that money than anybody else, which is a lie.0.83
00:21:38.000And, uh, it turns out that not only have the French tried it before and it failed because all the wealthy people ran away from France, but the economists who are currently pushing it, Emmanuel Saez at University of California, Berkeley, and Gabriel Zuckman, Both French.
00:21:53.000So now they are taking French economics and applying it to America.
00:21:56.000So if you like Emmanuel Macron in his own version of the Yugo over in France, you can have it.
00:22:00.000All you have to do is imitate California.
00:22:02.000And then, of course, they'll turn around and blame capitalism.
00:22:05.000I was amused as the New York City Housing Authority Director, Melanie D'Arrigo, put out a statement, quote, the U.S. is $40 trillion in debt with capitalism.
00:22:14.000No, lady, that's not how governments rack up debt.0.95
00:22:29.000Again, the premise for all these people is that somehow wealth confiscated from the people who create and innovate is better in the hands of the government.
00:23:10.000Well, because Democrats put heavy regulations on buying and selling and building.
00:23:15.000Whereas in other principalities and municipalities, it turns out that if you make it easy to build, then when the prices are hot, people build to meet the demand.
00:23:25.000And then when the demand drops off, the prices go down.
00:24:01.000Well, what they're actually doing is they're putting affordable housing in all the districts that Zoran Mom Dying didn't win.0.86
00:24:07.000So basically, All the people who didn't want Momdaniism are now going to have it forcibly imposed on them by Momdani.
00:24:15.000He is going to start building gigantic affordable housing tracts with taxpayer money to import a bunch of people who will vote for Zoran Momdani in the places he didn't win in Queens and Manhattan and Staten Island.
00:24:27.000Now, that's not going to lower the prices.
00:24:31.000According to Matt Miller over at the Free Press, there are about 50,000 rent stabilized apartments that are permanently vacant and off the market across New York City right now.
00:24:39.000About 50% of all rental housing in New York City is subject to some form of rent regulation.
00:24:46.000According to the New York City Rent Guidelines Board, already about 11% of rent stabilized buildings built before 1974 operate at costs that exceed gross rental income, and it's before mortgage.
00:24:58.000So they just have basically decided it costs more money to actually upkeep the apartments and keep people in them than to leave them empty.
00:25:05.000New York City remains the most expensive place on earth for construction.
00:25:08.000So it turns out that simply backfilling failures of government with more failures of government. Is not a great idea.
00:25:15.000There are a bunch of stupid New York City laws that make it nearly impossible to build there, by the way, including, for example, something called the scaffold law that makes contractors and property owners 100% liable for gravity related injuries.0.90
00:25:28.000So if your worker gets drunk and then falls off a scaffold, you still owe the money.0.99
00:25:35.000So it turns out it makes it very hard to build.
00:25:38.000Government involvement makes things more expensive, it makes them worse.
00:25:42.000That is the great battle that is happening economically.
00:25:45.000It's kind of ridiculous that some of the left wing economics has bled over to the horseshoe right, but it remains true that the backbone of America's success is free market economics, gigantically available pools of capital.
00:26:01.000And this is just one reason, among many, why the Republicans must hold the Senate.
00:26:05.000Very important for the Republicans to hold the Senate.
00:26:07.000Now, Democrats, by the way, are deeply worried about Minnesota, according to the New York Times.
00:26:11.000The awkwardness for Democrats was evident in separate interviews this week with Peggy Flanagan, who is the nutty lieutenant governor of Minnesota.
00:26:20.000Flanagan, who's had a rocky relationship with Tim Walz since his turn as Democratic nominee for vice president in 2024, would not say whether the governor's standing, he's unpopular, was hurting her campaign.
00:26:29.000People have been used to Walls Flanagan, she said in an interview on Monday.
00:26:33.000This campaign has been about Peggy Flanagan and my name on the door.
00:26:35.000That's what I've tried to focus on.0.69
00:26:36.000Well, Michelle Tefoy is within margin of error in Minnesota.
00:26:40.000And meanwhile, Peggy Flanagan is out there being as lib as she possibly can be.
00:26:43.000She put out a tweet a couple of days ago My Ojibwe name is, I'm going to try and pronounce this, I'm going to fail.
00:27:03.000Meanwhile, Michelle Tafoya is running on bread and butter issues, like, you know, not getting shot.
00:27:06.000So there was a shooting at a homecoming game in Eden Prairie that left an 18 year old man and a 17 year old boy with non life threatening injuries.
00:27:17.000And it turns out that the person charged in that shooting is now back out on the street.
00:27:21.000And this is the kind of stuff happening under Democrat governance.
00:27:25.000It is insane that the Eden Prairie shooter has already been let out of jail.
00:27:31.000As senator, I will partner with our U.S. attorney and make sure repeat gang offenders are prosecuted in federal court using RICO or federal gun laws and end up in federal prison.
00:27:44.000Again, one of these people sounds sane, and one of these people sounds insane, which is why Michelle Tafoya is now cutting ads, getting Democrats to say, hey, I'm not voting for Flanagan.0.99
00:28:17.000Michelle Tafoya will be an independent leader who will work for all of us.
00:28:21.000I'm Michelle Tafoya, and I approve this message.
00:28:26.000Again, the reason why Republicans are still in shooting distance in the Senate, despite the president's low approval ratings, is because Democrats keep running nut jobs.
00:28:33.000What an amazing video you just watched!
00:28:36.000Well, you know, if you think so, head on over to dailywire.comslash subscribe to watch the full show ad free or check out this crazy story here.
00:29:16.000Professor let me out You sit there and shake because you're dependent on drink.