The Megyn Kelly Show - Dismal State of America's Economy, and Harry and Meghan's Narcissism, with Peter Schiff and Adam Carolla ｜ Ep. 450

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00:00:51.320 Welcome to The Megyn Kelly Show.

00:01:02.640 Your home for open, honest, and provocative conversations.

00:01:06.160 Hey everyone, I'm Megyn Kelly.

00:01:13.940 Welcome to The Megyn Kelly Show and happy Thursday.

00:01:17.740 Inflation in America is expected to get worse.

00:01:21.220 And we may be headed toward our worst ever recession.

00:01:25.380 Hmm.

00:01:25.520 Those are the latest warnings from economist Peter Schiff, who will be here in one minute.

00:01:30.380 Heavy stuff.

00:01:31.200 Thankfully, Adam Carolla is also here.

00:01:33.220 He's going to join us just a bit later to help brighten the mood after we bring you the tough economic news.

00:01:38.480 But first, Peter's here to discuss the nightmare that we are heading into when the new year hits.

00:01:43.580 And we really need to worry about this.

00:01:44.980 If you have a 401k, you need to worry about it.

00:01:46.660 If you have a job you're worried about, you need to pay attention to this.

00:01:49.600 If you're trying to get a job, pay attention.

00:01:51.680 If you have a house, there are all sorts of reasons why we need to be looking at this forecast.

00:01:56.920 Plus, we'll get into the latest on the SBF scandal rocking the crypto world.

00:02:01.640 Peter is the chief global strategist for Euro-Pacific Asset Management.

00:02:06.380 Peter Schiff, welcome back to the show.

00:02:08.100 Oh, thanks, Megan, for having me on again.

00:02:09.740 It's always a pleasure.

00:02:11.080 The pleasure's all mine.

00:02:12.400 So let me start with this.

00:02:13.480 Our president, Joe Biden, is feeling optimistic about the economy.

00:02:17.620 He's feeling kind of sunny.

00:02:19.480 Here's how he summed up our soon-to-be-experienced interaction with the economy.

00:02:25.880 Listen to this.

00:02:26.800 What I'm most excited about is people are starting to feel a sense of optimism as they see the impact of the achievements in their own lives.

00:02:35.460 It's going to accelerate months ahead.

00:02:38.280 And it's part of the broad story about the economy we're building that works for everyone.

00:02:42.220 So reason to feel good.

00:02:44.820 I understand you don't agree.

00:02:47.080 Well, remember, incumbent in presidents always claim that the economy is great while they're in office.

00:02:52.960 You know, if the circumstances were identical and Donald Trump was still president, Biden would be criticizing the very economy that he's now touting.

00:03:02.380 So how are we doing, though?

00:03:04.140 Because I understand.

00:03:05.940 I mean, we had some warnings, right?

00:03:07.600 Jamie Dimon, the J.P. Morgan CEO, said inflation could tip the economy into a recession next year.

00:03:15.200 You seem to think he's understating it.

00:03:17.120 Yeah, well, I think the economy is in horrible shape.

00:03:21.800 I think that's one of the reasons that President Biden is so unpopular, because I think a lot of the people who are struggling in this economy, in part, blame the president.

00:03:32.200 He's not solely responsible, but he certainly hasn't done anything to help everything he's done is actually taken a bad situation and made it worse.

00:03:41.280 But if you look objectively at the data, the savings rate is at the lowest it's been since 2007.

00:03:48.840 I think it's down to 2.3 percent.

00:03:51.620 So Americans have blown through all their stimulus money, and now they're pretty much broke.

00:03:59.120 If you look at credit card debt, it's at an all-time record high.

00:04:03.320 So Americans are struggling to put food on the table and to pay the electric bill, and so they're borrowing more money on their credit cards.

00:04:11.140 If you look at what's happening to wages, they are declining in real terms.

00:04:15.300 And I think the real decline is being masked by the fact that we are understating inflation.

00:04:22.420 I think the actual inflation rate is about double what the government will admit to, and that means that the real decline in wages is much greater, which explains why so many people are now moonlighting.

00:04:35.760 A record number of Americans have two in three jobs.

00:04:39.120 In fact, you have more Americans than ever that are working two full-time jobs.

00:04:43.620 Most people don't want multiple jobs.

00:04:46.560 They would prefer to be able to support themselves and their family on one job.

00:04:50.840 But unfortunately, in the Biden economy, that's not possible.

00:04:54.640 And that's where all these jobs that are being created are going.

00:04:57.920 They're going to people who don't want more jobs but who are forced to take them anyway because that's the only way that they can keep up with the rising cost of living.

00:05:05.540 That's amazing because the November jobs report has been touted by the administration and even some of their critics as the sign of something good to come.

00:05:16.600 The November report said the labor market looks strong.

00:05:20.880 The economy added 263,000 jobs in November, well above the 200,000 job projection.

00:05:29.200 And at the employment rate now, very flat at 3.7 percent.

00:05:34.340 And that led the president to brag about how they're creating jobs. 0.50

00:05:38.040 And you can hear him sounding very optimistic.

00:05:39.940 Those numbers on paper, they do look good.

00:05:42.460 But you're saying you have to dig a little deeper.

00:05:45.720 Yeah, they're being very disingenuous.

00:05:47.880 And that's a nice way of putting it about these numbers.

00:05:50.920 Because the implication is that, oh, 260,000 people who didn't have jobs who were unemployed, now they've got jobs.

00:06:00.800 That's not what happened.

00:06:02.360 All of those jobs went to people who were already employed.

00:06:06.240 They are part-time jobs.

00:06:08.500 That's what's happening.

00:06:09.460 And it's not a great economy where people who have jobs need to get a second job.

00:06:15.040 They would rather have the leisure.

00:06:16.980 They would rather be able to spend more time with their families.

00:06:20.100 But unfortunately, they can't afford that.

00:06:22.780 They have to go and get another job.

00:06:24.960 And that is where these jobs are coming from.

00:06:26.800 If people come out of retirement, let's say somebody was retired, they're 70 years old, they were looking forward to just playing golf and going to the beach and hanging out with their grandkids, but now they have to go take a job at Target because that's the only way to pay the grocery bill.

00:06:43.880 Do you want to brag about creating an economy where unemployed people are forced to go back into the workforce?

00:06:52.600 Well, what about the unemployment rate, right?

00:06:54.880 They're saying it's nice and low, 3.7 percent.

00:06:58.740 You know, this is some employers complain about this because they say they can't find good workers.

00:07:02.320 That suggests all the jobs are filled and, you know, people are working to the extent they want to work.

00:07:08.280 Well, the main reason that the unemployment rate is so low is so many people who aren't working are not counted as being unemployed.

00:07:15.180 We have over 100 million working age Americans who are no longer in the labor market.

00:07:21.320 The labor force participation rate.

00:07:22.860 Isn't that isn't that now the current narrative is that those people, unlike in some past, you know, low economic periods where they couldn't get jobs, people weren't whatever.

00:07:33.240 These are supposedly people who have decided, you know, post pandemic, they saw the light.

00:07:38.280 They love the couch.

00:07:39.360 They want to sit there.

00:07:40.680 They could take a job, but they've just decided to be in their happy place when it comes to workload now.

00:07:46.560 Yeah, well, I'm sure for some people that may be the case.

00:07:50.240 Maybe they have a better alternative.

00:07:52.240 Maybe they can live off of welfare and housing vouchers and SNAP, you know, benefits.

00:07:59.060 Maybe they find that a better alternative than having to actually work for a living.

00:08:03.320 But I'm sure a lot of the people there are just discouraged workers.

00:08:07.800 You know, you don't count if you've basically given up looking for a job because you don't think there's a job out there that you're qualified for at a wage that, you know, makes sense for you to take the job.

00:08:19.000 After a year, you don't count even in the U6 number, which, you know, which is not the number that you just cited.

00:08:26.200 If you look at the U6 number, which includes discouraged workers and people who are only working part time but would prefer to work full time and who are still looking for full time employment but can't find it, there the unemployment rate I think is closer to 7%.

00:08:41.200 But even that unemployment rate, once you've been discouraged for over a year, you're no longer counted in that number either.

00:08:49.900 So I think if you objectively measured the unemployment rate and included all the people who are not working but who would be working if they believe they can find a job or who have settled for a part time job when they prefer a full time job, I'm sure the actual unemployment rate is in the double digits.

00:09:11.060 Hmm. What what about you mentioned the savings and the reports I read CNBC claims that consumers have one point five trillion right now in excess savings from the pandemic stimulus stimulus programs, but that it's going to run out at some point soon.

00:09:26.900 But if if if if they've got one point five trillion still right now in excess savings, I mean, how does that compare to where we were and it doesn't support what you said, which is that money ran out?

00:09:40.040 Yeah, the savings rate again is two point three percent. That's the most recent number that was released last week by the government.

00:09:46.800 We haven't had savings that low since 2005.

00:09:50.860 But one of the reasons that Americans weren't saving in 2005 is because they had so much home equity.

00:09:57.460 They were just getting rich off the real estate. That was the peak of the real estate bubble.

00:10:03.380 But right now, Americans are losing their home equity. Real estate prices are now falling.

00:10:09.920 But what's more problematic is real wages are falling because the cost of living is going up and credit card debt has exploded.

00:10:17.020 So if Americans really had all this savings, credit card debt wouldn't be skyrocketing.

00:10:23.100 The reason credit card debt is going up so much is because people don't have savings.

00:10:27.000 They can't afford to buy things. They have to borrow the money.

00:10:29.700 But more of the money that that they're borrowing is being spent on food.

00:10:34.020 It's being spent on electricity, on gas.

00:10:37.340 I mean, look at all the big retailers that are reporting that their customers are spending more money on food and less money on everything else because food is so expensive.

00:10:49.560 The credit card situation is scary.

00:10:52.820 I have been in deep credit card debt back in my law school days when I had to put myself through school and support myself at the same time.

00:11:00.980 And it's a sickening feeling to see those cards run up.

00:11:05.040 And the people who run it up, yes, there are some who are just spendthrifts.

00:11:08.540 But the vast majority of people, I think, who have enormous credit card debt are buying things they do need.

00:11:13.960 And they'd rather not have it on credit, but they don't have the cash.

00:11:17.340 And it's it's stomach turning to see the bills run up and to see the interest rates go up and the interest rates go up and up and up.

00:11:27.260 And I can only imagine it would make people feel kind of angry at the Fed for, you know, every time they raise one of these rates, you owe more.

00:11:36.920 Yeah, you're looking at credit card rates now that are about 20 percent.

00:11:40.680 And that is a huge amount of interest to pay.

00:11:44.120 And, you know, I think a lot of people today have a lot more consumer debt than just their credit card debt,

00:11:50.040 because over the last few years, a lot of these buy now, pay later companies have come into existence.

00:11:56.820 And so people are using those companies to buy stuff without money.

00:12:01.740 But it doesn't show up in the credit card numbers because it's not credit card debt.

00:12:05.940 But it's still debt that the consumer is obligated to repay.

00:12:10.320 And I don't believe they're going to be able to do it.

00:12:13.860 Hmm. I mean, it seems insurmountable.

00:12:16.940 It's insurmountable. So as you see these credit card repayments get to these astronomical levels where people are not going to be able to pay that.

00:12:23.340 They're just not. What happens?

00:12:25.380 You know, is there some credit card default crisis that is the mirror image of the housing crisis?

00:12:31.400 You referenced 2005 and going into the 2008 collapse.

00:12:35.440 What's going to happen with all that credit card debt?

00:12:37.360 Yeah. You know, the credit card debt is non-secure.

00:12:41.880 So if you don't pay it, the credit card company, you know, they can't come after your assets.

00:12:46.760 They can't put a lien on your house or try to go after your your IRA.

00:12:52.260 So the debt is, you know, very difficult to collect if the person doesn't have any money.

00:12:58.060 And it's also dischargeable in bankruptcy.

00:13:02.680 So we haven't seen a big spike up in credit card delinquencies.

00:13:07.180 But I think that's coming in 2023.

00:13:10.580 And, you know, what also happens with credit card debt is once somebody with credit card debt recognizes that they can't pay it back and they've decided they're not going to pay it back or that they're going to file for bankruptcy.

00:13:24.840 What they will do before is max out their credit card.

00:13:29.580 They'll just borrow as much money as they can, because whatever they're buying, they're getting for free.

00:13:34.820 Right. So if you're planning on going bankrupt and you have 50,000 worth of credit card debt, but you still have another 50,000 that you can borrow.

00:13:42.600 Well, you're going to do it.

00:13:43.660 You're going to go out and spend the other 50,000 and buy as much stuff as you can, because when you go bankrupt, you don't have to return that stuff.

00:13:50.800 If you go out and you buy a bunch of clothes and some consumer electronics or take a vacation and then you file for bankruptcy, you don't have to give any of that stuff back.

00:13:59.620 And it makes sense that before you file for bankruptcy to buy as much as you can, because once you declare bankruptcy, you're not going to get any new credit cards for a while.

00:14:08.660 So you might as well buy everything you can before you go bankrupt.

00:14:12.620 So you get that moral hazard that's going to accelerate the losses for the banks that are issuing the credit.

00:14:19.160 That is a moral hazard. So I don't explain to me why there are these predictions by you, by Jamie Dimon, of others, of an impending recession when the Fed is doing everything it can to prevent that.

00:14:34.840 It's raising interest rates every week, it seems now it's up four percent now and more coming.

00:14:41.280 So that's that was supposed to combat the amount of money flowing around in the economy, chasing too few goods by saying to people who would otherwise have borrowed money or spent money.

00:14:52.440 Whoa, whoa, wait, I don't want to do that now. And we're seeing layoffs at companies.

00:14:56.540 So it seems like, OK, that's that's maybe part of the plan. So isn't it is it not going according to plan?

00:15:03.360 Well, I'm not even sure they have a plan, but I think we're already in a recession and the rate increases that you're talking about are partially responsible for that recession.

00:15:17.660 I think the recession is going to get a lot worse. Now, that doesn't mean the Fed shouldn't be raising rates.

00:15:22.300 They should be. They should already have raised them a lot more than they have.

00:15:25.620 The problem was they never should have cut them. That was the mistake. It was cutting rates.

00:15:29.860 Raising them back up is really just an acknowledgment of that mistake.

00:15:34.240 But what happens is when the Fed raises rates, it uncovers all of the problems that it created when it reduced rates, because when it slashed interest rates to zero, it inflated a bubble economy and it inflated it with inflation.

00:15:49.840 Quantitative easing was inflation. It's just another word to describe inflation.

00:15:54.700 It's just that a lot of people don't realize that it is inflation because inflation has a bad connotation to it.

00:16:01.940 And so quantitative easing doesn't sound as bad. If the Fed said our policy is to create inflation, the public would have said, wait a minute, I don't want inflation.

00:16:11.500 So if they say, well, our policy is quantitative easing, then you don't have as many people critical of the policy.

00:16:17.980 But we're now experiencing the consequences of that inflation, rising prices and prices still have a long way to go.

00:16:25.900 And that's one of the reasons I think that the recession is going to get a lot worse because more consumer income is going to be diverted to necessities like food, energy, rent, insurance, things like that.

00:16:38.760 And interest rates are going to have to keep rising. And that's also going to take a lot of purchasing power out of the economy because people have to service their debt.

00:16:49.620 And if you're spending money paying interest on the money you borrowed to buy stuff in the past, you have less money left over to buy stuff in the present and in the future.

00:16:59.780 And that's what helps bring about a more severe recession.

00:17:04.660 So what does all this do for, let's say, people for their 401ks, the stock market, because that's been all over the place?

00:17:13.160 Well, most people's stock portfolios are going to continue to fall.

00:17:17.720 Most people who own stocks, unfortunately, own the most overvalued stocks.

00:17:23.660 Big tech, for example, those are the stocks that went up the most because interest rates were zero.

00:17:28.840 And people thought that inflation would be low forever.

00:17:32.980 Well, now that interest rates are not zero and inflation is here and getting worse, those stock valuations are coming down.

00:17:39.780 I think they still have a long way to fall.

00:17:41.900 So most people will lose money in the stock market.

00:17:44.460 I think they'll fare even worse in the bond market.

00:17:47.020 Even though yields are higher now on bonds, they're not nearly high enough to offset inflation.

00:17:53.580 So people are going to lose a lot in bonds.

00:17:56.300 So they have to start thinking outside the box and look towards alternative types of investing.

00:18:02.820 You can still invest in stocks, but you can't invest in the indexes that are so dominated by overpriced tech names.

00:18:11.000 You have to be more discriminating in the stocks you buy.

00:18:17.260 You have to select the stocks based on value and dividend yield and just build your own portfolio rather than just buying these indexes.

00:18:26.040 And I think the best values are had abroad.

00:18:29.560 I think the highest dividend yields are outside the U.S.

00:18:33.220 And I think that also gives you the benefit of a hedge against what I believe is going to be a very weak U.S. dollar.

00:18:40.580 The dollar is up on the year, but it's losing those gains rapidly.

00:18:45.300 But I think over the next several years, we're going to see a very weak dollar as the markets come to terms with the reality that inflation is not only going to get higher, but it's here to stay.

00:18:55.880 It's not going back down to 2 percent and that's going to result in a run on the dollar, I think, and on U.S. dollar denominated assets, especially when the Federal Reserve actually has to go back to quantitative easing, which is creating more inflation because the economy gets so bad that it actually turns into a financial crisis.

00:19:14.740 And now the Fed is under a lot of pressure to try to stimulate the economy.

00:19:19.500 But the only way you can do that is by creating even more inflation.

00:19:23.440 Right, right.

00:19:24.040 It's not a good situation for them.

00:19:27.780 And meanwhile, we're getting reports every day of more layoffs when this is really concerning.

00:19:32.280 I mean, right before Christmas, I just the pain of getting of losing your job with these kinds of numbers and this kind of inflation has got to hurt.

00:19:40.060 These are just some examples on the subject of investment banks.

00:19:43.540 Morgan Stanley reportedly laying off 2 percent of its global staff.

00:19:48.040 That's around 2,000 of its people.

00:19:51.360 BuzzFeed, the journalistic operation, they're expected to lay off about 180 employees.

00:19:58.380 It's not just BuzzFeed.

00:19:59.200 They own HuffPo and some other networks.

00:20:01.600 Pepsi eliminating hundreds of jobs.

00:20:04.480 This is according to Forbes.com.

00:20:06.400 Gannett, parent company of USA Today, Detroit Free Press and others, has begun laying off employees.

00:20:11.780 It's estimated to affect about 6 percent of their 3,400-person media division.

00:20:17.760 They already let go of 400 folks in August.

00:20:20.540 CNN is cutting people by the day.

00:20:22.860 I've read other reports suggesting it could be hundreds of jobs.

00:20:25.440 They are lost.

00:20:26.460 Amazon planning to lay off as many as 10,000 employees.

00:20:29.900 My God.

00:20:31.020 Disney's on a hiring freeze or is about to implement one.

00:20:34.880 And Meta, Mark Zuckerberg's company, formerly known as Facebook, is going to lay off 13 percent of its workforce or 11,000 employees.

00:20:41.980 So people are losing their jobs.

00:20:44.380 Now, just in layman's term, explain to me why.

00:20:47.740 Why are we having all these layoffs?

00:20:49.180 Well, first of all, just to point to the jobs that are being lost, these are full-time jobs, high-paying jobs with benefits.

00:20:58.840 The jobs that we're creating are part-time jobs with low pay and no benefits.

00:21:03.580 So it's not, you know, I can even trade off when you look at the jobs we're losing and the jobs that are being created to replace those lost jobs.

00:21:12.820 But I think this is just early in the layoffs.

00:21:16.260 I think the layoffs are going to be very widespread.

00:21:19.280 And, in fact, some companies are going to be laying off 100 percent of their workforce because they're going to be going bankrupt.

00:21:24.360 But a lot of companies are going to be laying off a lot of workers to avoid going bankrupt because they have to start cutting their costs.

00:21:32.760 And one of the costs that they can cut is labor.

00:21:36.180 And so when you cut your labor, you have to eliminate employees.

00:21:40.140 And the reason for this is that companies' real sales are going down because their customers are broke, so they can't afford to buy as many products.

00:21:50.160 And so the companies selling those products or services don't need as many workers to help provide those goods and services.

00:21:57.360 And employers are looking at higher interest rates if they've borrowed money, which a lot of employers have borrowed money to buy capital equipment that they might need.

00:22:07.820 Their rent might be going up on their office space and their other raw material costs are rising.

00:22:15.720 And so they have to figure out how to get by because businesses need to generate a profit because that's the way the owners of the business make money off the business.

00:22:26.080 And if they don't have a profit, they have to figure out how to create one or they're going to go out of business.

00:22:30.960 And so one way would be to scale back the size of the business, and that means reducing your headcount.

00:22:38.380 And that's going to go on across the economy.

00:22:41.000 And, of course, there are a lot of companies that never should have been created in the first place, that only were created as a consequence of monetary policy, of cheap money, and the casino-like environment that the Fed created in the stock market.

00:22:55.900 You have a lot of companies that have never made any money, but they have a lot of employees.

00:23:01.540 How were they able to pay these employees if they had no money to pay them with?

00:23:05.720 Well, they were selling stocks to investors, and they were using that money to pay their workers.

00:23:10.900 But if the appetite for shares of money-losing companies is no longer there, a lot of these companies aren't going to be able to stay in business.

00:23:20.420 And to the extent that they can stay in business, it will only be if they can dramatically downsize their operations and start generating a profit.

00:23:28.840 And that probably means they have to eliminate most of their workforce.

00:23:32.200 Like what kinds of companies are you talking about?

00:23:33.700 Well, a lot of these social media-type companies or tech companies or, you know, last year I think we had a record in money-losing companies that went public.

00:23:44.420 I mean, normally you wouldn't go public until you had been able to prove the viability of your company, that you're a profitable company, and you just want to get more money so that you can scale it up.

00:23:55.020 But you had all these companies that never proved anything other than the fact that they can lose money, and they went public.

00:24:01.100 And I think a lot of these companies are going to go from IPO to bankruptcy in a relatively short period of time.

00:24:08.080 So do you think that these layoffs are, in fact, necessary?

00:24:10.460 Because I read something suggesting they don't really need to be doing this.

00:24:13.840 They're just using the downturn in the economy as an excuse to turf a lot of dead weight.

00:24:20.840 Well, I mean, they don't need excuses.

00:24:23.480 If employers are going to look at their workforce and if employees are not contributing to the company, then there's no reason to employ them.

00:24:34.000 I mean, you hire somebody because they're going to help increase your profits.

00:24:38.460 And so employers are going to, you know, objectively look at the value workers bring to the table and what it costs to employ them.

00:24:47.080 And, you know, if it's a losing proposition for the employer, then, you know, the job is going to get eliminated.

00:24:53.720 But, you know, when workers are not employed productively, it's good for the economy if those jobs are eliminated.

00:25:02.880 Because what happens is that worker is now freed up to do something else.

00:25:06.620 Because if I'm working at a job, but I'm not actually adding value to the company, I'm subtracting value, then my labor is actually being wasted.

00:25:15.380 I need my labor to be utilized more productively by another business that has a better use for it.

00:25:21.580 But the problem is with all the government regulations and taxes, it's a lot harder for labor to go to its highest and best use.

00:25:31.180 And so a lot of times people end up trapped in an unemployed situation because of government.

00:25:38.780 So I mentioned this is happening right around the holidays, which it's never a great time to get laid off.

00:25:42.960 But right before the holidays is especially painful.

00:25:45.820 So how's all of this affecting like inflation right now, affecting holiday shopping?

00:25:50.200 You know, we heard it was a record Black Friday, Cyber Monday.

00:25:53.140 That's supposed to be a great stimulant.

00:25:55.120 How does the holidays play into all this?

00:25:57.420 Well, first of all, it was only record spending because of the inflation.

00:26:02.940 And if you adjust it for inflation, it wasn't a record at all.

00:26:06.840 Spending was down because prices were up.

00:26:09.520 So if you're paying higher prices, then obviously you're spending more.

00:26:13.840 But you could be buying less.

00:26:15.740 You're just paying more for what you're buying.

00:26:17.940 And that's what happened on this Black Friday or Cyber Monday.

00:26:22.260 But I think the rest of the holiday season is going to be a dud from the point of view of the retailers.

00:26:28.280 I think people are going to spend less.

00:26:31.100 And layoffs, I think, are going to pick up quite a bit in January because I think employers are reluctant to lay people off going into the holidays.

00:26:40.440 I mean, nobody wants to be Scrooge and do that.

00:26:44.820 So I think that a lot of these decisions are postponed to January.

00:26:49.540 And I would expect a lot of people are going to be getting pink slips if they still mail those things out in January.

00:26:57.780 And they probably text them now.

00:26:59.360 They DM you your pink slip.

00:27:01.760 What about housing, Peter?

00:27:03.200 Because, you know, the housing market has held relatively steady over the past few years, even though there were some dire predictions.

00:27:09.100 But you're starting to hear reports that that's shifting.

00:27:13.100 The value of homes is going down, that sales prices are going down.

00:27:16.980 And that's something a lot of people watch very closely.

00:27:19.120 So what do you predict there?

00:27:21.080 Well, I mean, they have to go down.

00:27:23.140 You know, people buy homes.

00:27:25.200 The vast majority of Americans who buy homes use a mortgage.

00:27:29.100 They don't have the money to buy a house.

00:27:30.700 They don't even have the money for a down payment.

00:27:32.520 The average down payment has been, I think, 5 percent now.

00:27:37.100 It used to be 20 percent, but people don't have the savings to put down 20 percent.

00:27:41.280 So they're borrowing the money.

00:27:43.220 So the most important factor in home affordability isn't the price of the house, but the mortgage rate.

00:27:51.120 And mortgage rates, you know, a year ago were in the low threes.

00:27:55.580 Now they're almost seven.

00:27:57.700 You've had a doubling in the interest on a mortgage.

00:28:01.880 And that dramatically reduces how much somebody could pay for a house.

00:28:09.560 And so home prices are going to have to fall sharply because that's the only way anybody can afford to buy them.

00:28:17.060 Now, of course, you know, there won't be a lot of homes on the market for a while because people are not going to build them because it's too expensive to build them and people can't afford to buy them.

00:28:27.340 And a lot of the people who own homes don't want to leave because if they sell their house, they can't buy another one because the mortgage on the new house could be double the mortgage they have on their current house.

00:28:38.100 So they're kind of stuck.

00:28:39.640 So that's helping to mitigate the supply a bit.

00:28:43.180 But ultimately, I think the prices are going to be determined by demand and what people are able to pay.

00:28:50.200 And with higher mortgage rates, they're able to pay a lot less.

00:28:54.220 And so prices are going to come down a lot.

00:28:57.000 And that means home equity is going to vanish for a lot of people who are in their homes.

00:29:02.340 They're not going to have all that equity.

00:29:04.340 And that's going to have a big impact psychologically on their saving and their spending, on their ability to use their house as an asset for a loan or something like that.

00:29:16.140 But even though home prices are going to be coming down, the cost of home ownership is going to be going way up because even if you buy a house that's gone down 20% or 30%, based on where mortgages are, your monthly payment will still be higher than the payment would have been had you bought the house a year or two ago at a lower price but with a much lower mortgage.

00:29:42.980 But the mortgage is not the whole cost of home ownership.

00:29:47.780 You've got to pay insurance.

00:29:50.280 Insurance rates are skyrocketing.

00:29:52.760 I mean, the insurance on my own house in Connecticut in one year was up 40%.

00:29:57.020 And people have sent me copies of their homeowner's insurance that has gone up a lot more than that.

00:30:03.440 So insurance costs are skyrocketing.

00:30:06.020 Maintenance costs.

00:30:06.840 If something goes wrong with your house and you need to fix it, the cost of repairing anything,

00:30:11.760 the parts, the material, the labor, all of that has gone way up.

00:30:16.440 Property taxes are going up.

00:30:19.900 Your utility bill, the cost to heat the house, the air condition, everything is going up.

00:30:25.440 So home ownership is getting a lot more expensive.

00:30:28.340 And so fewer and fewer Americans will be able to afford to own a home, let alone buy one.

00:30:33.600 So just to put a period on the end of that, after the pandemic, like kind of during the pandemic and then in 2021,

00:30:40.480 we saw a rush to the suburbs, to more rural areas, to, you know, kinder, gentler nature riddled towns because people wanted to be outside.

00:30:52.800 And they were they've learned the hard way that it's not so great to be in a small apartment that where you can't leave.

00:30:58.020 And those those pockets, the homes went like this in value, right?

00:31:02.580 You could get so much more for your home if you were lucky enough to own one in an area like that.

00:31:08.940 So is that over, you know, that that sort of huge spike in let's say you have a property in Florida or you have a property in the mountains or at the beach or, you know, just something more suburban and country-esque?

00:31:21.560 Well, you know, there's still going to be some appeal from that perspective to have a larger home where you can work from home and you have more room for your kids.

00:31:31.680 If they're, you know, if they're homeschooled or something like that.

00:31:35.000 But I think that a lot of the people who rushed from the cities and maybe they were renters and they bought places out in the country or the suburbs,

00:31:44.040 they had no idea how expensive it really is to maintain those properties.

00:31:49.720 You know, I own some homes and I can tell you from experience, you know, they're money pits.

00:31:54.900 They cost a lot of money because stuff is constantly going wrong with your house.

00:32:00.440 And so people probably bit off a lot more than they can chew.

00:32:07.320 And if some of these people have buyer's remorse and maybe they want to sell their property,

00:32:11.840 it's going to be difficult in an environment where interest rates have doubled.

00:32:16.020 And, of course, a lot of other potential homeowners are going to be losing their jobs.

00:32:21.440 So unemployed people have a hard time making their mortgage payments.

00:32:25.600 It's very hard, honestly.

00:32:26.440 Like, we can pay our bills, but it's stressful even for us.

00:32:31.940 So I can't imagine what it's like when you're really struggling paycheck to paycheck.

00:32:35.800 I would even at our house, there was a problem with the HVAC system.

00:32:38.660 And those are expensive.

00:32:40.440 That's an expensive fix.

00:32:41.940 And my husband's looking at the bill like they're always G. 0.52

00:32:44.620 And then I just noticed that my sink in my bathroom sprung a leak and it was very leaky.

00:32:50.920 And I just chose not to tell Doug because he was already kind of mad.

00:32:54.700 But then he made the mistake of using my sink and he found out anyway.

00:32:57.260 I was like, oh, I was looking just going to stick some gum on it.

00:32:59.960 I don't we're not particularly handy.

00:33:01.460 He and I.

00:33:02.060 So I understand.

00:33:04.060 It's no laughing matter for any American.

00:33:06.520 And my heart goes out because it sounds like we're all going to be going from bad to worse.

00:33:11.180 Listen, let's pick it up after this break on.

00:33:13.060 I'm dying to talk to you about what's happening with crypto.

00:33:15.380 You know, I've talked about it before.

00:33:16.700 We haven't talked about SBF yet and what's happening with this guy.

00:33:19.500 And now he's saying he will not testify before Congress, even though he'll speak to any

00:33:23.040 slobbering love affair media person. 0.98

00:33:26.160 But he won't speak to Congress.

00:33:27.840 Why?

00:33:28.660 We'll pick that up right after this quick, quick break.

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00:33:45.860 Yeah.

00:33:46.840 When I found out my friend got a great deal on a wool coat from Winners, I started wondering,

00:33:52.100 is every fabulous item I see from Winners?

00:33:55.180 Like that woman over there with the designer jeans. 1.00

00:33:58.100 Are those from Winners?

00:33:59.240 Ooh, or those beautiful gold earrings.

00:34:02.100 Did she pay full price?

00:34:03.420 Or that leather tote?

00:34:04.440 Or that cashmere sweater?

00:34:05.640 Or those knee-high boots?

00:34:07.120 That dress?

00:34:07.900 That jacket?

00:34:08.580 Those shoes?

00:34:09.600 Is anyone paying full price for anything?

00:34:12.520 Stop wondering.

00:34:13.840 Start winning.

00:34:14.760 Winners.

00:34:15.360 Find fabulous for less.

00:34:20.240 So, Peter, crypto seems to be imploding.

00:34:22.980 And certainly we've seen this San Bankman-Fried company, FTX, implode, officially filing for

00:34:28.840 bankruptcy.

00:34:29.200 And he has now lawyered up and how.

00:34:31.980 He's hired Ghislaine Maxwell's attorney to defend him.

00:34:36.360 He's also saying, don't expect me anytime soon at your congressional hearings, which is

00:34:40.980 probably the first sensible thing he has said since getting caught in this entire mess.

00:34:46.760 And here's what's interesting to me.

00:34:48.500 I know you're not a lawyer, but as a lawyer, you know, you're an economic expert.

00:34:52.320 So it'd be a good discussion, I think, on this between the two of us.

00:34:54.800 I can see him in these interviews repeatedly trying to lay the foundation for there was no

00:35:00.900 intent.

00:35:01.820 I didn't know that this was going on.

00:35:04.480 I'm a mismanager.

00:35:05.580 I'm not a fraudulent manager.

00:35:09.160 And so that's why he made admissions like this one to George Stephanopoulos, which Stephanopoulos

00:35:13.180 was like, extraordinary.

00:35:14.820 But really, it was 100% by design.

00:35:16.920 Here's the soundbite.

00:35:18.020 You said one of your great talents in a podcast was managing risk.

00:35:21.180 That's right.

00:35:22.080 And that's obviously wrong.

00:35:23.320 Well, it's I think that there is something maybe even deeper wrong there, which was I

00:35:29.000 wasn't even trying like I wasn't spending any time or effort trying to manage risk on

00:35:37.200 FTX, trying like and that that obviously that's a pretty stunning admission.

00:35:41.480 What?

00:35:41.800 That's a pretty stunning admission.

00:35:43.820 Yeah.

00:35:44.180 I mean, I don't know what to say.

00:35:45.800 Like what happened happened.

00:35:47.500 And like if I had been if I had been spending an hour a day thinking about risk management

00:35:52.800 on FTX, I don't think that would have happened.

00:35:55.120 I think I I stopped working as hard for a bit.

00:35:58.160 You know, honestly, if I look back on myself, I think I got a little cocky.

00:36:05.660 OK, so why is he saying that?

00:36:07.280 He's saying that because he had reportedly a 32 billion dollar company that's now worth

00:36:11.720 maybe zero.

00:36:13.280 And there are billions of dollars of investor funds that are apparently missing.

00:36:17.500 And unaccounted for.

00:36:19.280 And they're now bankrupt.

00:36:20.500 And there's not only going to be civil lawsuits.

00:36:22.320 We've already seen some filed, but there's going to be SEC actions.

00:36:25.700 There's more than likely going to be criminal charges against him.

00:36:28.100 And he's really hoping that fraud, criminal fraud, which is the big kahuna charge, does 0.96

00:36:33.080 not get brought against him because he wasn't ill minded.

00:36:35.960 He was just absent minded.

00:36:38.380 Do you read it the same way?

00:36:39.800 Well, I don't blame him for not wanting to testify before Congress, because remember, if he

00:36:44.460 does that, he's going to be under oath.

00:36:45.860 And given the the number of lies he's likely telling, I don't think he wants to add perjury

00:36:52.220 to his list of crimes.

00:36:54.700 But I also think he is ultimately hurting his defense by doing so many interviews because

00:37:01.360 he's bound to contradict himself here and there.

00:37:04.060 And he's probably undermining some part of his future defense because he's putting out

00:37:10.020 so much information.

00:37:11.280 But, you know, if you're going to believe that this guy was an honest kid who was just

00:37:17.260 a completely incompetent guy who had no idea what he was doing, you know, I have a hard 0.99

00:37:23.800 time believing he was that ignorant and he was, you know, just that naive. 0.99

00:37:29.180 And and, you know, to me, it's even worse. 0.98

00:37:32.420 So if you think about all of the supposedly sophisticated guys, hedge funds, investors

00:37:39.060 that that gave him money, that entrusted him with millions, hundreds of millions of dollars, 0.98

00:37:45.000 if he really if they really entrusted their money with with with that much of a fool. 0.96

00:37:49.840 I mean, to me, that's even worse than giving it to a con man who at least lied to you and 0.96

00:37:55.100 then stole your money if he was just so incompetent and he lost it, you know, it but it just shows 0.96

00:38:01.660 you how foolish the crypto community is and how much of their money is going to be lost. 0.89

00:38:07.880 I mean, the fact that we hold that thought, I want to get to that one second, but I will 0.98

00:38:11.700 say this.

00:38:12.380 He seems to be setting up the ex-girlfriend for the fall.

00:38:15.340 Well, she's the one running who was running Alameda, the hedge fund that was like the

00:38:20.480 sister company to his company, FTX, and it was FTX's money that was reportedly used to

00:38:25.880 cover losses at Alameda.

00:38:27.800 And they were lovers, too, for a period of time.

00:38:30.140 And he seems to be getting ready to say it was all her fault.

00:38:33.980 She's the mismanager or the fraudster. 1.00

00:38:36.420 I was just this scatterbrained, you know, boy genius.

00:38:40.600 I set up the company that was working and she started funneling funds.

00:38:43.880 And that's an interesting dynamic for a lawyer, because then you're like, great.

00:38:47.940 One of these people is going to flip on the other.

00:38:49.900 So far, no one has.

00:38:51.400 So far, none is in the country.

00:38:53.280 They're all in the Bahamas or elsewhere.

00:38:55.340 She's no longer in the Bahamas, reportedly.

00:38:57.440 And so you try to get to the first one you can and get him to flip ASAP.

00:39:01.480 Yeah, like, I don't think the strategy of blaming the girlfriend is going to work.

00:39:06.180 I think it's more likely that she's going to rat him out in exchange for immunity because

00:39:11.800 he's the bigger target.

00:39:13.640 And I mean, who's going to believe that she was the mastermind of the whole thing?

00:39:17.680 And he was just this innocent guy along for the ride.

00:39:20.620 I mean, I mean, I mean, nobody is going to believe that.

00:39:22.920 Certainly, I don't think you're going to find a jury that's going to buy that.

00:39:28.320 Well, what about the thing is?

00:39:29.440 So, OK, if he doesn't get a fraud charge against him, you know, you're in this business,

00:39:34.080 not crypto, but you think the business of investing.

00:39:36.200 You are not allowed to misuse customer funds.

00:39:41.380 If I give you funds and say, please invest, you can't then just take the money and go buy

00:39:46.400 your Christmas presents with it.

00:39:47.720 That would be a misappropriation of funds.

00:39:50.720 You have a fiduciary duty as a hedge fund manager to your clients.

00:39:55.080 And there were explicit promises that the money would not be used in any way other than

00:39:59.760 it was promised, which is on the FTX exchange.

00:40:02.260 So. So the eliminating malintent as an element that could be used against you does not save

00:40:10.200 you from the criminal law.

00:40:12.000 And I would imagine that virtually everybody who's in the investment business knows that.

00:40:17.400 Yeah, well, you know, most of the losses, you know, the the mom and pops who lost money,

00:40:22.600 they weren't in a hedge fund.

00:40:23.900 They were using FTX as an exchange and they had deposited their, you know, crypto or whatever

00:40:30.600 they they held with with FTX.

00:40:34.400 Now, you know, when you put your money with a bank, right, the bank makes a loan that takes

00:40:40.800 your money and they loan it out and they could lose it.

00:40:43.560 You're a creditor of a bank.

00:40:45.380 Banks are allowed to loan out your money.

00:40:47.480 What they're not allowed to do is take your money and use it, you know, just to go out and

00:40:51.200 buy Christmas presents for the executives.

00:40:53.020 I mean, but but they are allowed to loan it out.

00:40:55.800 And so the question is, what did Sam Bankman Freed represent to his customers was going

00:41:02.060 to happen with their money or their tokens on his platform?

00:41:06.580 Because, you know, if I think that I think we know that I think the answer is he represented

00:41:10.500 to them.

00:41:11.000 It will not be moved and it will not be used.

00:41:12.780 It'll be here when you want it.

00:41:14.440 So then if that's what he did, then, yes, that's a fraud.

00:41:17.660 It's civil fraud on the customers because the customers were told one thing and what

00:41:23.280 he did, he did the opposite.

00:41:25.620 But what would be theft, embezzlement, a real crime would be if he took that money out of

00:41:31.920 those accounts and then bought, you know, a beach house in the Bahamas, right, for his

00:41:36.640 own personal use.

00:41:38.020 Right.

00:41:38.180 One of the allegations.

00:41:38.920 Or he gave it to Democratic politicians for campaign donations.

00:41:43.700 Right.

00:41:43.940 You're not you're not supposed to do that with the money.

00:41:46.540 That to me would seem to be a criminal misuse of that money if you misappropriated it right

00:41:52.280 and embezzled it.

00:41:53.040 And then you you did something with it.

00:41:55.440 Yeah.

00:41:55.920 To giving it to politicians or to the media, which is the other group he tried to buy and

00:42:01.500 and have be loyal to him.

00:42:02.980 And they are still being loyal to him.

00:42:04.500 If you look at the press coverage of this guy, it's absurd how the media has been bending

00:42:07.780 over backwards to try to make excuses for this guy.

00:42:11.200 You know, even Andrew Ross Sorkin of CNBC, who gave him a challenging interview the other

00:42:15.240 day at this New York Times summit, ended it in, you know, the Bernie Goldberg slobbering

00:42:20.340 love affair.

00:42:21.220 It was like you're saying goodbye right now to a guy who is accused of defrauding who knows

00:42:27.060 how many investors of their hard earned cash in a massive scheme that you hid from the entire

00:42:32.820 world while you represented yourself to be some altruistic guy.

00:42:36.760 Anyway, here's just as a sample.

00:42:38.340 This is the toughest interview he's had yet.

00:42:40.080 Here's how it ended.

00:42:41.580 On behalf of everybody here and on behalf of the public, I want to thank you for engaging

00:42:44.940 in it at a time in truth when I know you've been advised not to.

00:42:48.180 So thank you so very, very much.

00:42:51.580 Thank you.

00:42:55.200 Sandbank be freed, everybody.

00:42:56.220 And then applause applause that tells you what the audience thought about the tough interview.

00:43:02.020 They they say, no problem.

00:43:03.720 They're like, yes, great.

00:43:04.920 Thank you so much.

00:43:06.040 F you.

00:43:06.640 That's what they should have been saying. 1.00

00:43:07.860 Screw you. 0.98

00:43:08.780 And the fraud you wrote in on. 0.99

00:43:11.080 Obviously, the people clapping didn't have any money with FTX or they would not be be clapping

00:43:16.600 at.

00:43:17.600 Peter, can you imagine people clapping for Bernie Madoff?

00:43:20.840 Nobody would like they were ready for this for your gracious.

00:43:23.440 You don't thank him.

00:43:25.280 But if you go back and look at the way CNBC covered Bankman Freed for the last year or

00:43:30.600 two, this guy was the second coming of Jesus.

00:43:32.960 As far as they were concerned, they were they were praising him.

00:43:36.300 They were never critical of anything he did.

00:43:38.860 They never took a skeptical position, no matter how absurd some of the stuff that he was doing

00:43:45.900 and claiming to do.

00:43:47.400 And the interviews, I mean, his whole personality was a lie.

00:43:50.980 The whole thing was a con.

00:43:52.240 This idea that he was this altruist that was earning to give, that he wanted nothing for

00:43:57.280 himself, that he drove an old, beat up Toyota Corolla and lived with 10 roommates was absurd.

00:44:03.800 This guy was living the high life, you know, in a penthouse in Albany with all the luxury.

00:44:11.380 I mean, if you look at that house, I mean, it would make Donald Trump brush.

00:44:14.400 Look at some of the some of the pictures of how opulent this guy was living.

00:44:17.780 And, you know, he was not, you know, just, you know, some frugal do-gooder who, you know,

00:44:25.200 just cared about other people and, you know, wanted nothing for himself.

00:44:29.100 And that was all part of his lie.

00:44:31.240 And now, you know, the media doesn't want to acknowledge how easily they were duped by this

00:44:36.300 guy.

00:44:36.720 But the worst part about it is I'm sure we're going to end up with more government regulation

00:44:42.520 as a result of this.

00:44:44.640 And that's the last thing we need.

00:44:46.160 We don't need more government.

00:44:47.300 We need less government.

00:44:48.240 We need more personal responsibility.

00:44:51.020 Individual investors have to do their homework before they just throw their money to what is

00:44:55.900 really an obvious fraud.

00:44:57.760 This is not the government.

00:44:58.980 The government would have prevented this from happening.

00:45:01.280 Bernie Madoff was regulated by the SEC.

00:45:04.260 He was regulated by FINRA.

00:45:05.620 And he pulled off a giant Ponzi scheme right under the nose of the regulators.

00:45:10.820 You know, we didn't even have the SEC until 1934.

00:45:14.780 The New York Stock Exchange started in 1796.

00:45:19.380 So we had a New York Stock Exchange for almost 140 years without an SEC.

00:45:24.440 And I think we had a better market back then.

00:45:27.360 I think there was less fraud before the SEC than there is with it.

00:45:31.660 So he and by the way, he wouldn't have been subject to those regulations anyway because

00:45:35.800 he was based in the Bahamas.

00:45:37.120 So that that wouldn't have solved it in his case.

00:45:39.040 But yeah, so let's let's end it on a bigger discussion of crypto because his is not the

00:45:45.560 only crypto firm to go down.

00:45:48.080 You know, Bitcoin now is what, you know, one tenth of what it was a year ago.

00:45:53.780 I'm trying to do the math in my head, but they're all going down several declaring bankruptcy

00:45:57.660 folding what's happening and what's going to happen in crypto.

00:46:01.660 Well, crypto was a gigantic bubble.

00:46:05.160 It was one of the bubbles that was a consequence of the Fed's cheap money policies.

00:46:11.080 And when we spoke earlier about a lot of companies that I think are going to be going bankrupt

00:46:15.360 and laying off all their workers, that's pretty much going to be the case for almost every

00:46:20.240 company in crypto and blockchain.

00:46:22.660 These companies never should have been started and they're going to go out of business and

00:46:26.900 all their employees are going to lose their jobs.

00:46:29.120 And a lot of those employees own crypto and they're going to be selling their crypto to

00:46:34.920 pay their rent, to pay to pay their bills.

00:46:37.460 The air is coming out of this bubble.

00:46:39.400 I mean, Bitcoin on its highs earlier in the year got to almost 70,000 or up to 69,000.

00:46:47.620 Now we're below 17,000.

00:46:49.900 But we still have a long way to fall.

00:46:51.840 The market cap of all the crypto tokens was close to three trillion at its high.

00:46:59.040 Now it's just above 800 billion, although over 100 billion of that, I think, is stable coins,

00:47:04.340 which are just now tokens that supposedly are backed by the dollar like Tether.

00:47:10.180 But who knows if Tether is actually back?

00:47:12.300 That could be another crisis in the making.

00:47:14.520 But the reason a lot of these crypto exchanges went bankrupt is because they took on debt.

00:47:20.740 They used a lot of leverage.

00:47:22.580 That's how they were able to offer yield to their customers who were depositing their tokens

00:47:28.260 and they were getting paid.

00:47:29.780 They didn't realize how much risk these companies were taking in order to generate that so-called

00:47:35.980 yield.

00:47:36.420 But now that these crypto prices are imploding, the whole bubble is collapsing.

00:47:42.780 And I think there's still a lot of people that are hopeful that Bitcoin, for example,

00:47:47.000 is going to come back and it's going to make new highs and go to the moon.

00:47:51.060 But those days are over.

00:47:53.380 Bitcoin is crashing back down to Earth.

00:47:55.620 It's not crashing yet.

00:47:56.660 It's kind of slowly grinding its way lower.

00:47:59.000 But it will pick up the pace of the decline, I think, in 2023, especially when Bitcoin gets

00:48:07.760 below 10,000.

00:48:08.840 I think there's a lot more leverage that needs to come out.

00:48:12.400 I think a lot of people are going to get margin calls or people are going to have to

00:48:15.400 repay some debt.

00:48:16.720 And Bitcoin is likely to be the collateral that needs to be sold.

00:48:20.340 But I just don't see the buyers.

00:48:22.260 You know, we had a peak buying in 2021.

00:48:25.280 FTX wasn't the only crypto company to buy a Super Bowl ad.

00:48:30.220 I think there were three others.

00:48:31.880 But crypto companies were putting their names on sporting stadiums.

00:48:36.540 They were paying off pop stars and athletes to pump their tokens.

00:48:41.580 They even suckered in a whole country, El Salvador, into making it legal tender.

00:48:46.240 You had the NFT craze.

00:48:48.780 A lot of stuff happened at the peak of the bubble.

00:48:51.480 But all that has to be unwound as the air comes out.

00:48:54.560 Wow.

00:48:55.280 Well, you've been predicting this for a while.

00:48:57.260 As you predicted, Elon Musk would not buy Twitter because it would hurt his financial fortune

00:49:02.280 in a massive way.

00:49:03.460 And it wouldn't make economic sense.

00:49:04.680 I thought of you when he tweeted, how do you make a small fortune in social media?

00:49:09.200 Start out with a large one.

00:49:12.180 That's an old joke.

00:49:13.400 And, you know, I tweeted out, you know, Elon Musk replied to it with, I guess, smiley face.

00:49:18.420 Like I said, look, as a customer of Twitter, I'm glad you bought it.

00:49:21.280 I like Twitter better now that Elon Musk owns it.

00:49:25.320 But I pointed out it was not a smart business decision.

00:49:29.040 Yeah.

00:49:29.540 I think he would agree with that.

00:49:31.880 And he admitted.

00:49:32.700 But the one thing he did right is he sold a bunch of Tesla stock to raise the money.

00:49:37.880 And he he got way more for his Tesla stock.

00:49:40.800 You also predicted that's what he would have to do if he bought Twitter.

00:49:43.620 So you called that as well.

00:49:44.760 Such a pleasure.

00:49:45.620 Thank you, sir.

00:49:47.180 My pleasure, as always.

00:49:48.460 All right.

00:49:48.980 Coming up, Adam Carolla is back with us.

00:49:51.460 We'll be right back with him.

00:49:55.620 The Royal Circus has officially come to town as the much talked about Harry and Meghan documentary

00:50:01.860 finally drops.

00:50:03.580 It comes just days after the couple attended a glitzy gala in New York City to get an anti-racism

00:50:10.220 award from some members of the Kennedy family.

00:50:14.060 Joining me now to discuss it all, Adam Carolla, author of the book, Everything Reminds Me of

00:50:20.640 Something, Advice, Answers, But No Apologies, available right now at AdamCarolla.com.

00:50:27.800 He is, of course, host of the very successful The Adam Carolla Show.

00:50:32.720 Adam, great to have you back on.

00:50:33.720 How are you?

00:50:34.520 Good to have.

00:50:35.760 I was going to say good to have you, Meghan.

00:50:37.500 But thanks for having me.

00:50:39.140 All right.

00:50:39.700 Let's kick it off with these two narcissists back in the news again.

00:50:43.380 This is the day the first three episodes of their much anticipated Netflix series about

00:50:48.860 themselves will finally air and then the remaining three air a week from now.

00:50:55.880 And this we expect to be a big punch in the nose to the royal family or their best effort

00:51:02.460 yet to take them down.

00:51:03.860 That's what royal watchers anticipate.

00:51:06.420 That's what we've gleaned from the trailer.

00:51:09.740 Are you going to watch it?

00:51:11.040 What do you think?

00:51:12.280 Well, if I watch it, I'm just going to study it like game film for narcissists because I

00:51:18.820 agree with you. 0.99

00:51:19.560 I think these two are insane narcissists. 0.99

00:51:23.260 And, you know, it's weird. 1.00

00:51:26.020 They're getting an award for racism.

00:51:28.120 But I think all you have to do is sort of complain about racism.

00:51:32.160 And then you get an award these days, which I feel like that's all these people do.

00:51:37.920 I feel like that's all the Obamas do.

00:51:40.340 Now, we have all these people in positions of power and they could do so much for this

00:51:46.000 country, in this world, and they just go around and talk about racism and get awards.

00:51:53.000 And it's sad.

00:51:54.580 It's so made up.

00:51:55.700 I mean, they haven't done anything to combat racism.

00:51:57.300 It's just a lie.

00:51:58.180 They haven't really done anything at all other than promote themselves.

00:52:02.020 But Kerry Kennedy, the sister of RFK Jr., the daughter of RFK, wanted some celeb power. 0.95

00:52:08.680 That's all this is.

00:52:09.560 That's how these things work.

00:52:10.700 They wanted some stars that would make people pay reportedly up to a million dollars a

00:52:16.000 ticket. 0.99

00:52:17.300 And so they they made some shit up to get them there. 0.98

00:52:20.460 And when she announced them and how amazing they are, she took a left turn to go into how 0.99

00:52:25.620 you Megan is this mental health warrior, because when she spoke to Oprah, she said that there

00:52:32.460 was a time when she wanted to take her own life when she was living in the castle.

00:52:37.440 Listen to Kerry Kennedy here.

00:52:39.020 Stop five.

00:52:40.160 In the wake of covid, there's been a massive spike.

00:52:43.800 Twenty five percent of people around the globe have said that they have anxiety and massive

00:52:49.960 depression.

00:52:50.500 And for Megan to get out there on national television and normalize a discussion of mental 1.00

00:52:57.280 health at this point is incredibly important and very, very brave.

00:53:02.460 And the issues around racial justice, incredibly important right now.

00:53:08.400 Bull, that's not really how she feels.

00:53:10.440 She just wanted star power.

00:53:12.140 Well, look, of course, a lot of people are suffering through mental issues because of 0.94

00:53:18.580 covid, because they scared the crap out of everyone. 0.98

00:53:21.900 This was killing old people and it was killing sick people. 1.00

00:53:27.060 It wasn't killing young, thin, healthy people.

00:53:30.240 And if we push push that message out there at all, especially during the early stages of

00:53:36.600 covid, then we wouldn't have so many young, healthy women suffering from mental issues brought 1.00

00:53:43.580 on by covid.

00:53:44.700 So if you want to blame somebody, don't blame the the disease.

00:53:49.340 Blame the government who essentially lied and pushed a narrative that was untrue.

00:53:54.760 Oh, we're going to get to that for sure.

00:53:56.220 We are definitely getting to the mental of the actual mental health crisis happening right

00:54:00.080 now, in part as a result of Dr.

00:54:02.120 Anthony Fauci and his his rule.

00:54:05.280 But this thing about Meghan Markle, I mean, she let's not forget, she told Oprah that she 0.92

00:54:09.680 was so distraught while living in the castle and being served by all the queen's servants

00:54:14.060 that she went to the Palace H.

00:54:18.360 R.

00:54:19.100 Adam to try to get emergency help for her alleged suicidality, because that's where you go.

00:54:24.500 Where is the Palace H.

00:54:26.200 R.

00:54:26.820 Flack, who I will confess my darkest secrets to and try to get help in here?

00:54:31.140 Might you go to, say, your husband, a trusted resource you have back at home, try to get

00:54:38.520 a tell him whatever telemed appoint was with somebody back in California, Toronto?

00:54:43.600 No, she went to H.R.

00:54:45.060 She was allegedly shut down and then she just sat there and stewed. 1.00

00:54:48.440 I mean, I this is why Piers Morgan said, I don't believe any of this.

00:54:51.800 Yeah, I don't either.

00:54:53.640 It's this bizarre era that we're living in, which is everyone is looking for some sort

00:55:00.380 of points and used to get points through bravery, through being strong for doing things that

00:55:07.540 other people wouldn't do.

00:55:09.260 Now there's the aggrieved points and the intersectional points. 0.94

00:55:13.560 So she's half black. 0.98

00:55:15.380 So she gets some points for that. 0.94

00:55:17.180 And then she's talking about suicide.

00:55:19.140 So she gets some points for that.

00:55:21.140 And then she's a victim of racism. 1.00

00:55:22.920 So she gets some points for that.

00:55:24.460 So everyone is trying to collect points for the wrong actions.

00:55:28.360 If she was actually brave, if she actually had dignity, if she was actually willing to stand

00:55:33.740 up, then I'd be happy to give her points.

00:55:36.640 But she's just going for victim points, which is a very scary place to be in and at as a society

00:55:44.940 where you are trying to collect points for being weak and aggrieved. 0.97

00:55:50.920 And meanwhile, she's a bully. 1.00

00:55:52.760 There have been several reports of bullying that she committed while she was working inside 0.66

00:55:57.760 the royal family.

00:55:59.020 Several people quit over the past few years.

00:56:01.500 Fourteen people have quit working for her and Harry.

00:56:05.200 That's a lot.

00:56:06.740 You run a media company.

00:56:08.000 I run a media company.

00:56:09.540 You know how many people I've had quit in the past several years for me?

00:56:13.620 One.

00:56:14.860 She's had 14.

00:56:16.620 And I am not a princess.

00:56:18.480 These people probably want to work there so badly.

00:56:20.740 It's access to royalty.

00:56:22.180 You could wind up at a palace at some point.

00:56:25.200 It takes a lot, I'm sure, to leave a job like that.

00:56:28.460 And yet they continue running from her.

00:56:31.740 It's to the point now where, according to the Daily Mail, one of those bullying victims

00:56:36.660 across the pond is begging the palace to release her from her nondisclosure agreement so that

00:56:42.620 she can tell the world the truth about this woman as this Netflix documentary comes out,

00:56:47.420 undoubtedly bashing the palace.

00:56:49.060 But isn't everything these days just projection?

00:56:53.260 Like, isn't every time someone's pointing a finger at someone, you know, celebrities talking

00:57:00.640 about the environment flying privately and Governor Gavin Newsom locking people down and going

00:57:06.780 to the French laundry and her being a victim while victimizing palace employees. 0.98

00:57:12.200 Like, isn't it all just projection now?

00:57:16.300 So true.

00:57:16.860 It's such a tell.

00:57:18.100 Yes.

00:57:18.320 And by the way, on that front, Prince Harry, he lectured us at the U.N. two months ago or

00:57:22.080 so on climate change and then took a private jet with her to New York and was in a some

00:57:28.840 sort of line of three SUVs with five security guards to get them in.

00:57:32.100 So spare me.

00:57:33.060 I drive an SUV and it's awesome and I'm not sorry, but I'm not out there lecturing people

00:57:37.480 that they shouldn't do it.

00:57:38.880 But here's the real question.

00:57:41.200 There's always going to be narcissists.

00:57:43.460 Who are the enablers?

00:57:44.800 Like, who's giving them a hundred million dollars Netflix to do this?

00:57:49.620 Who's giving the Obamas all this money?

00:57:52.080 Who's giving all these crazed, aggrieved narcissists? 0.86

00:57:55.480 Who's supporting them? 0.85

00:57:57.040 Who's watching them?

00:57:58.420 Who's agreeing with them?

00:57:59.640 You know, that's the part that's kind of vexing to me.

00:58:03.880 I get that these people are out there. 0.84

00:58:06.480 They're horrible people.

00:58:08.060 They have some agenda. 0.95

00:58:09.800 The agenda is let's see how much money they can fleece from the public or the producers

00:58:16.520 or Random House or whomever.

00:58:19.780 But what always kind of confuses me is who supports these people? 0.60

00:58:24.820 You know, Gavin Newsom is a horrible governor.

00:58:27.520 He has horrible policies and then he wins in a landslide in California.

00:58:33.480 Why?

00:58:34.380 I don't blame him. 1.00

00:58:36.200 He's a horrible narcissist. 1.00

00:58:38.200 He's a sociopath. 1.00

00:58:39.460 He's going to do what he wants to do and he's trying to get elected. 0.99

00:58:42.260 I get it.

00:58:43.420 What's up with the people?

00:58:44.620 What's up with the voters?

00:58:45.860 What's up with Netflix?

00:58:46.960 It's so true. 0.84

00:58:48.640 And Netflix, meanwhile, not only are they promoting these two and giving them a hundred

00:58:51.620 million dollars, but they put out this trailer that is so riddled with misrepresentations.

00:58:57.760 It's already gotten off on a very wrong foot.

00:59:01.060 They've got every picture of the press hounding this poor couple that, Adam, you may not realize

00:59:06.040 despite their Netflix deal and their Spotify deal and their publishing deal and their interviews

00:59:10.060 to the New York magazine, The Cut and so on.

00:59:11.780 They really want privacy, but in any event, they've been so hounded by these terrible press

00:59:16.680 people, they couldn't find any pictures of the press actually hounding them.

00:59:20.920 They used a picture of the press hounding Michael Cohen, of the press hounding a model who was

00:59:26.360 on trial for a DUI, of the press hounding, yes, indeed, a Harry, Harry Potter, five years

00:59:32.940 before he even met Harry, Prince Harry even met Meghan Markle.

00:59:36.760 A picture of them hounding Prince Harry, yes, years before he met Meghan Markle when he was

00:59:42.760 with his other girlfriend, like they were unable to come up with actual evidence of hounding.

00:59:47.500 The one intrusive picture you see of Meghan and Harry and their baby Archie in the trailer

00:59:51.780 was a sanctioned shot that one of the three photographers who are part of the pool, that's

00:59:56.800 how it works, has come forward to say they blessed.

00:59:59.300 They knew we were there.

01:00:00.060 There were only three of us.

01:00:00.980 They cooperated with us.

01:00:02.100 They have to make up at every turn their injury and Netflix, because it's not a journalistic

01:00:07.260 operation, did zero fact checking.

01:00:10.180 They've embarrassed themselves already.

01:00:12.700 I agree.

01:00:13.980 And, you know, it's sort of like us making up all these racism cases in the United States.

01:00:20.940 Like we're now at the point where we have to cook this stuff in order to present a point

01:00:27.820 because it doesn't actually exist or in any real discernible numbers anymore.

01:00:35.160 So that's a good thing.

01:00:37.320 And I don't know.

01:00:38.700 I mean, you and I are probably wired the same way, but I would call them an old school word,

01:00:43.520 which would be ingrates.

01:00:44.860 And I just hate that.

01:00:46.800 These are people that are blessed.

01:00:49.540 They should be living a blessed life and they should be spreading that message.

01:00:53.960 They should be saying, look, we're having a good time.

01:00:57.860 This is a great country.

01:00:59.120 We moved to this country because it's free, because it's relatively racist free.

01:01:04.140 So join us in our quest to enjoy.

01:01:07.180 And no wonder every person is miserable.

01:01:09.820 I guarantee you that every person who watches this two-part special and buys into it is a miserable

01:01:17.260 person that you'd never want to have lunch with.

01:01:20.120 Yes.

01:01:20.360 Everything you just said is the perfect segue into Ngozi Fulani.

01:01:27.440 All right.

01:01:27.740 We have to discuss Ngozi Fulani.

01:01:29.420 Who is Ngozi Fulani?

01:01:30.820 She is the woman who got invited to the palace by the queen consort, Camilla, for an international

01:01:37.940 day to speak out against domestic abuse of women.

01:01:41.280 And this is where she had an encounter with an 83-year-old lady-in-waiting to the queen.

01:01:47.480 She worked for the queen for 60 years, refused to be paid for the position, loyal servant

01:01:53.160 to the royal family.

01:01:54.500 And at 83, may have made an insensitive remark by pushing a little too hard and asking Ngozi

01:02:02.460 Fulani where she was from.

01:02:05.400 Now, Ngozi Fulani presents to this lady-in-waiting at a day about international abuse of women.

01:02:13.540 So this woman doesn't know where Ngozi Fulani is from.

01:02:16.640 This is about problems outside of the UK as well.

01:02:19.780 And this lady-in-waiting asks her, where are you from?

01:02:22.860 No, but where's your family from?

01:02:24.100 No, but she tries to say, I'm from Great Britain.

01:02:26.120 And this woman keeps pushing. 1.00

01:02:27.900 No, but like, oh, I guess I'm going to have a hard time getting you to say where your family's

01:02:30.840 from.

01:02:31.900 Now, it turns out, speaking of being an ingrate, because then this woman goes on a press tour, 1.00

01:02:37.020 Ngozi Fulani.

01:02:37.680 I was abused. 0.99

01:02:39.320 The royal family's racist.

01:02:41.800 OK, this woman, it turns out, went on a cultural visit to Ghana in 2002 with 27 young people

01:02:50.640 on a trip that was funded by the Prince's Trust.

01:02:55.520 Prince Charles, apparently, funded that excursion.

01:03:00.600 Um, she was then reported, then she was invited to the palace to be celebrated and to draw attention

01:03:08.240 to her group, her charity at this event by Queen Camilla.

01:03:11.860 She shows up not grateful, not appreciative for the microphone and so on, but ready to

01:03:17.260 get this lady-in-waiting who she may have taped. 1.00

01:03:19.300 We're not sure, but it certainly appears from her quote transcript that she taped her.

01:03:22.940 Not only that, now the queen and king, Camilla and Charles, have invited Ngozi Fulani to return 0.89

01:03:30.120 to Buckingham Palace to have a personal meeting with them so they can bend the knee to her 1.00

01:03:34.860 to apologize for the 83-year-old who they immediately fired. 1.00

01:03:38.540 They fired this lady's ass, no questions asked. 1.00

01:03:41.000 She was out with no thank you for her 60 years of loyal service. 1.00

01:03:45.760 And apparently, Ngozi Fulani has not yet accepted or responded.

01:03:49.240 And here's the capper, Ngozi Fulani was dressed in full African wear. 0.65

01:03:55.600 She is named Ngozi Fulani, not originally.

01:03:58.860 Her actual name is reportedly Marlene Headley.

01:04:02.120 So she changed her name to sound more African.

01:04:05.540 She dressed to look more African. 0.76

01:04:07.640 She did the hair to look more consistent with those styles.

01:04:10.700 And then she's offended that when she shows up for a day about international domestic abuse, 0.99

01:04:16.100 an 83-year-old tries to press her, perhaps a little too hard, on where her family is from.

01:04:22.280 Adam, I can't.

01:04:25.320 It's all part of what we're talking about.

01:04:27.940 First, narcissism.

01:04:29.600 Secondly, it works.

01:04:31.740 I mean, look what she's got. 1.00

01:04:33.380 She got the old white bitch fired and she gets a meeting with the prince. 1.00

01:04:39.520 So, you know, mission accomplished. 1.00

01:04:42.040 I have a million things to say about this person.

01:04:44.660 First off.

01:04:45.080 I want to hear them all.

01:04:46.780 She's dressed at this event like a Nubian warrior princess.

01:04:51.700 So you are automatically going to invite people to come up and ask you about your heritage.

01:04:59.160 I'm Italian. 0.98

01:05:00.120 If I showed up to a party dressed like a goddamn gondolier, I would assume that people would come up to me 0.99

01:05:06.640 and want to know what part of Italy my family was from because I was inviting it. 0.99

01:05:11.840 I was asking for it.

01:05:13.460 Or whatever, wherever you're from, I don't know what your heritage is, Megan.

01:05:18.860 But if you dress in the garb of your ancestors and showed up to a cocktail party, I'm sure several people would ask you because you're inviting it.

01:05:29.580 It's almost rude not to if you're going to show up as a sort of billboard for your continent and your country.

01:05:38.180 So that's number one.

01:05:39.960 Number two, it is not rude or racially insensitive to ask people where they're from.

01:05:47.400 Every time I get into an Uber and the guy has a thick accent, I ask him where he's from.

01:05:53.740 And then he tells me either he's from Iraq or his parents are or they're from New Guinea or they tell me.

01:06:03.680 And then we have a nice dialogue about his heritage or her heritage and why they came here and what they think of this country.

01:06:12.120 This notion that, oh, every time you ask somebody what their heritage is or where they're from or what their accent is, that that's some sort of racial insensitivity.

01:06:22.960 Racial insensitivity is getting in the back of the Uber and ignoring the person.

01:06:28.680 Racial insensitivity is going to the party and ignoring the woman who's dressed that way. 1.00

01:06:35.640 Not asking questions that she sought you to ask only so she could twist it around and become a victim.

01:06:43.820 It's so true. 0.84

01:06:45.080 And how about the real family?

01:06:46.760 Can I add this?

01:06:47.820 Sorry.

01:06:48.060 Yeah.

01:06:48.540 Yeah, no, go ahead.

01:06:49.000 Because this one pisses me off.

01:06:51.160 Look, it's not her fault, whatever her name is, whatever her real name is.

01:06:57.060 Marlene Headley.

01:06:57.940 She's another narcissist who's been able to thrive in a system that rewards narcissists. 0.99

01:07:08.300 The people that make me angry are the people that act immediately and they're scared.

01:07:13.820 Every news story I heard about this was just, oh, boy, that old lady, she did the wrong thing. 1.00

01:07:19.200 She should have never done that.

01:07:20.380 Nobody ever really got into the nuances of it as you and I are doing here today.

01:07:25.780 And, you know, maybe the message was sent.

01:07:28.720 Maybe the message was sent when they fired the host of The Bachelor.

01:07:32.680 Maybe this message was sent when they fired Sharon Osbourne.

01:07:36.640 Maybe the message is you can't even ask questions about zero burgers that are called racist attacks now without putting your job in jeopardy.

01:07:47.620 So, once again, like Megan and Harry, it's not them.

01:07:53.900 They have personality disorders.

01:07:56.740 Our society should be doing more to police these people instead of being scared that, oh, my, something came up.

01:08:04.400 Somebody said racism.

01:08:06.280 I'm staying out of this.

01:08:08.160 I'm just going to report the version that you guys gave me so I can keep my job.

01:08:12.260 It's sad how cowardly our nation has become.

01:08:15.360 Yeah, dig a little deeper.

01:08:17.340 It's actually not that hard.

01:08:18.300 And I'm telling you, like the fact that King Charles has invited this Ngozi, Marlene, to go to the palace to meet with him personally and Queen Camilla is outrageous. 1.00

01:08:29.220 This woman called him and Camilla domestic violence perpetrators because of what Meghan Markle said in her Oprah interview.

01:08:38.700 She tweeted out that Meghan was the victim of domestic abuse at the hands of her in-laws and some other very unflattering tweets about the royal couple.

01:08:49.220 And yet, so, first of all, she never should have been invited to go to the palace at all because you're inviting a keg of dynamite in there.

01:08:53.780 You know, you are setting yourselves up to fail.

01:08:55.340 But now, once she's gone out there, she's embarrassed your lady, your lady-in-waiting, first initially claiming she didn't want to get anybody in trouble.

01:09:03.040 But she tweeted out the lady's name, even though she wanted credit for not doing that.

01:09:06.160 But she did.

01:09:07.420 And then goes on all these things saying she's been an abuse victim and this was sustained, prolonged racism she was subjected to.

01:09:13.120 You invite her back.

01:09:14.100 You reward it. 0.96

01:09:15.060 You fire the elderly woman. 1.00

01:09:16.420 And it's just it's so wrong on every level.

01:09:18.380 It doesn't bode well for the next generation over at Buckingham Palace.

01:09:23.060 That brings me to my next thing.

01:09:24.820 Not only that, but it just perpetuates this racism fever dream that we've been in in this country and in many Western civilizations for the last 10 years.

01:09:38.480 It gets into the zeitgeist.

01:09:41.160 People don't drill down on it like you're doing it.

01:09:43.880 It just gets one more check in the, see, I told you we were racist. 0.89

01:09:49.060 Stop being so naive. 0.97

01:09:50.340 It really hurts a generation of young black people if you really think about what this theme is doing. 0.97

01:09:58.520 Like she's sitting down with the prince.

01:10:01.860 Harry and Meghan are hammering checks.

01:10:03.820 But somewhere there's some 14-year-old black kid who has had this lie perpetuated that racism is all-encompassing and it engulfs that person and they can't get along because we live in a racist nation.

01:10:20.000 And it's really at their cost.

01:10:23.000 You're really hurting those people.

01:10:25.940 Yeah, you're traveling private.

01:10:28.100 You're hammering checks.

01:10:29.520 You're hanging out with Netflix executives.

01:10:31.640 But what about this super dangerous message that you're spreading and you're trying to claim the mantle of hero while spreading this very insidious, dangerous message to yet another generation of Americans or Englanders? 0.50

01:10:48.940 No, it's so true.

01:10:50.180 She, when Meghan Markle spoke in New York on Tuesday, she was talking about the oppressed, you know, how we have to fight for the oppressed as if she's one of them.

01:10:56.960 I mean, as if this woman who was raised by a loving family in California who wound up marrying a prince, becoming a multimillionaire and living in a castle first in England, then in Montecito, is somehow in any way oppressed.

01:11:09.980 She's not.

01:11:11.020 And we see right through her.

01:11:12.400 OK, now let me switch to Splash Mountain.

01:11:15.420 I don't know if you've heard about Splash Mountain at Disney.

01:11:18.520 My family was at Disney a couple of years ago.

01:11:20.580 This is like one of the best rides.

01:11:22.560 It's there's, you know, the Aerosmith ride.

01:11:24.320 That's amazing.

01:11:25.140 And then there's this one, which is spectacular.

01:11:26.960 It's like their huge log flume, but it it's next level and it's beautiful and it's super fun, but it's racist.

01:11:34.920 So it's got to go.

01:11:36.620 They are closing Splash Mountain officially in January because the Wokesters got Disney to cave. 1.00

01:11:44.900 They've been on this push for a while now.

01:11:48.460 A couple of years ago, the Wokesters tried to say that that Splash Mountain was racist and Disney refused to do anything about it.

01:11:55.480 They didn't they weren't persuaded.

01:11:57.220 Why is it racist?

01:11:58.120 You may ask.

01:11:58.900 I went on the ride.

01:12:00.040 So did millions of others.

01:12:01.200 They didn't say, oh, this is racism.

01:12:02.860 Well, you got to dig deep to find it.

01:12:05.500 Apparently, they are the source material for the ride is the 1946 film Song of the South, which supposedly portrays plantation life in a way that is insensitive.

01:12:17.840 So a few years ago, they had this argument and the Wokesters lost.

01:12:21.960 And the people who defended Splash Mountain said at the time, Splash Mountain has never included depictions of slaves or any racist elements.

01:12:28.640 And it is based solely on historical African folktales that families of all ethnicities have been enjoying for nearly a century.

01:12:37.900 And they said at the time, it's absurd to pander to a small group of Disney haters that do not understand the story.

01:12:43.860 Now, Disney has decided it a different way.

01:12:48.080 They're closing it and then they're going to reopen it.

01:12:51.340 This is the great capper.

01:12:53.340 Only the new theme will be.

01:12:55.980 Well, I don't know if it's going to be a log flume, but it's a new ride entitled Tiana's Bayou Adventure, which will carry on the legacy of the princess and the frog, which features a black heroine named Tiana.

01:13:10.060 So they've completely Wokified Splash Mountain.

01:13:14.100 And how does this change our world for the better?

01:13:18.380 It doesn't at all.

01:13:20.160 And as a matter of fact, I have a theory about all this nonsense that we do and engage in.

01:13:27.380 And I think not only does it not move the needle or help the cause or do anything to move things along, sort of like when the NFL stencils in end racism in the end zone as if it's going to do anything or stop hate on the helmets of some of the players.

01:13:46.740 I think it actually hurts the cause because, A, it puts the message out there that we are a racist nation, as previously discussed, but also it sort of satiates.

01:14:02.240 Like, maybe there are some problems and maybe we should get to those problems and maybe we should honestly look at those problems.

01:14:09.520 Like, what is hurting the black community?

01:14:12.960 It's not Disneyland.

01:14:15.140 It's the family.

01:14:16.160 They have a very bad percentage of fatherless homes.

01:14:21.420 And you can look straight down the line.

01:14:24.540 The couples that stay together by race do the best and not by race.

01:14:30.980 So white people do OK in the divorce department, but certain other groups like Asian groups do better. 0.95

01:14:38.860 There's a straight line between intact families and annual income.

01:14:46.160 And how they're doing in society.

01:14:48.200 So, for instance, the biggest problem facing the black community is the lack of dads in the community.

01:14:55.660 So you're going to focus on Meghan Markle and you're going to focus on Princess Whoever in Buckingham Palace and you're going to focus on Splash Mountain and you're never going to get to the real problem.

01:15:07.880 So, and it also satiates.

01:15:10.260 That's kind of the problem.

01:15:11.460 Like, it sort of feels like, all right, well, we did something here.

01:15:15.340 We can we can rest.

01:15:17.020 It's all a distraction.

01:15:18.880 No one wants to get to the real problem.

01:15:21.380 If you mention the real problem, they ironically call you racist.

01:15:25.020 So if you want to get their good graces, you know, you just brought up three race based situations.

01:15:32.480 You got the Splash Mountain or Pontoon Mountain or Toboggan Mountain or whatever is over there in Disneyland.

01:15:39.580 You have Meghan Markle and you have Princess What's Your Face over there in in in the palace. 0.99

01:15:47.180 All three are zeros.

01:15:50.000 All three either don't exist as it pertains to racism or don't move the needle at all.

01:15:57.700 But what would help are things like vouchers in school choice.

01:16:02.460 That would be a big deal.

01:16:04.220 I live in California.

01:16:05.780 We're all about talking about racism, but we don't like school choice, which would help that group quite a bit more than getting rid of a Disney ride.

01:16:16.260 So it's not just is it a waste of time?

01:16:20.340 It's a waste of energy.

01:16:22.160 It satiates and it actually hurts.

01:16:26.160 Hmm.

01:16:27.320 You know, I want to follow up on that one second because something happened in California, your state that they think they're fixing racism.

01:16:34.420 I would argue the opposite.

01:16:35.960 But before we go there, here's here's an example of the perniciousness of this woke ideology being approved and just rubber stamped into existence, whether it's Splash Mountain's gone.

01:16:45.560 And now we have to be honoring a black princess or this American girl.

01:16:51.160 I mean, I know you have a daughter.

01:16:54.120 My daughter loved American girl. 0.99

01:16:55.880 She loved it.

01:16:56.640 She's getting a little old for it now, but we spent a lot of hours there in New York and it's supposed to be a super fun, magical place for girls.

01:17:04.360 You can get your little American girl dolls like hair done at the hair salon inside.

01:17:10.400 You can get matching outfit between you and your doll.

01:17:14.020 You can get a little book about your doll.

01:17:15.980 Well, now now, Adam, what you can get is a book called Body Image, a smart girl's guide, which gives advice to girls as young as three on how to change their gender by asking doctors for puberty blockers.

01:17:32.580 A passage in the book advises, quoting here from the Daily Mail, if you haven't gone through puberty yet, the doctor might offer medicine to delay your body's changes.

01:17:42.500 Then it provides a list of resources for organizations the children can turn to, quote, if you don't have an adult you can trust.

01:17:50.220 And by the way, it's billed as a guide that is and is marketed to girls aged between three and 12.

01:17:56.100 That is outrageous. Can you believe that?

01:18:00.000 I love the idea that you don't have an adult you can trust when you're five.

01:18:04.760 That adult is called your mom and your dad.

01:18:07.860 That's it.

01:18:08.560 You can't trust them.

01:18:10.980 I mean, I think and I'm not really a conspiracy theorist, but I think we could safely say from a trend standpoint,

01:18:21.120 they used to have to kind of wait until the kids got to college to try to sort of poison them and indoctrinate them with all these nut job theories,

01:18:36.640 whether it was race based or gender based or had to do with the environment or whatever.

01:18:42.360 This group would have to wait until you sent your kids off to college to go then start poisoning them on all these sort of progressive subjects.

01:18:56.600 At some point, they figured out why are we waiting until the kid's 18?

01:19:01.920 You know, you don't get all of them at 18.

01:19:04.220 At 18, your brain is dried a little bit, and it's kind of hard to convert you into one of their soldiers for whatever cause they're going to need you to support,

01:19:16.320 which is going to be a lot of crazy causes in the future.

01:19:19.340 Instead of converting them at college, why don't we just get them when they're in the second grade? 1.00

01:19:25.500 Why don't we start working this stuff to Disneyland?

01:19:29.120 Why don't we start working this stuff to the American Girl Store? 1.00

01:19:32.600 Why don't we start doing drag queen story hour? 1.00

01:19:35.720 Like, why not get them when they're 10 versus waiting until they're 18?

01:19:41.920 And as you sit back and look at what's going on, I think you'd say that's kind of where we're at.

01:19:48.760 It's disturbing, like, to start that young.

01:19:51.680 We're trying to drive a wedge between the little ones and their parents.

01:19:55.340 And then the teachers take over, the school systems.

01:19:58.440 All right, a quick word on California.

01:20:00.000 Your state, they've got the solution to historic systemic racism, in particular the hangover from slavery.

01:20:08.880 And that is, this California panel appointed by what you call your sociopathic governor, Newsom,

01:20:14.780 has estimated that your state owes 569 billion dollars in reparations to black residents of California.

01:20:26.860 That this task force has been studying the long term effects of slavery and systemic racism on black residents in the state.

01:20:33.340 That's their estimate of how much it will take to make descendants of enslaved people whole.

01:20:40.380 The nine member panel concluded that black Californians whose ancestors were in the U.S.,

01:20:45.900 this is according to the New York Post, in the 19th century are due 223,200 dollars each due to housing discrimination practices utilized from 1933 to 1977.

01:20:59.960 Now, it still has to be approved by the California legislature.

01:21:05.220 The options in paying out these reparations could include something like direct cash payments or perhaps tuition grants, perhaps housing grants.

01:21:14.440 Unclear.

01:21:15.540 But what do you make of that at a time when California is strapped for cash?

01:21:20.720 569 billion dollars in reparations.

01:21:24.020 You could be cutting that check soon.

01:21:26.440 Well, I mean, as a Californian and a lifelong Californian who's getting ready to move to Texas, Nevada, Florida.

01:21:34.540 And by the way, I'll tell you a really sad thing.

01:21:36.900 When I talk to a lot of people from California, they go, I'm getting ready to move.

01:21:41.140 And I go, where are you moving?

01:21:42.340 And they go anywhere.

01:21:43.660 They used to say, they used to say Maui, you know what I mean?

01:21:48.920 Like they used to give you a location.

01:21:51.280 Now they just go, no, the point isn't to go to one of the Carolinas or go to Maui.

01:21:56.860 The point is to leave California.

01:21:59.420 That's the goal.

01:22:01.480 Which is a very sad state because I've been in this state my entire life.

01:22:07.240 It was very rare to find anyone who would leave the state.

01:22:11.900 Everyone came to California.

01:22:14.200 People didn't leave California.

01:22:16.380 There were two scenarios.

01:22:18.200 It was my job is taking me to, you know, New Jersey or something like you.

01:22:24.140 You would have to move because your company moved or you were just a little older and a little richer and you were going to Maui.

01:22:32.500 Those were the two choices.

01:22:33.900 Now it's just we're leaving to go anywhere.

01:22:37.600 California just does nothing but waste money on things that don't benefit Californians. 1.00

01:22:46.800 We had a bullet train that we spent, I don't know, $100 million on.

01:22:51.520 That's not a bullet train that goes from some part of California that no one lives in to Merced or Sacramento or Fresno.

01:22:59.400 Like we just waste money on things that the governor thinks it sounds good.

01:23:09.100 Like we want a bullet train.

01:23:10.900 We want reparations.

01:23:12.320 But you have a horrible homeless problem in California.

01:23:16.360 You have no infrastructure because it's overregulated and people can't build new housing.

01:23:22.600 We have a housing crisis.

01:23:24.380 We have failing schools.

01:23:26.300 But that's not sexy for Newsom to talk about.

01:23:29.960 And then also, again, when it comes to maybe the theme of your show today, who are you helping and what are you saying about that?

01:23:39.960 Do you know what I mean?

01:23:40.720 Like you're saying, you know, we do this thing where we in California, we go, we need universal income so people can live in dignity.

01:23:49.180 Is getting free money from the government dignity?

01:23:54.020 It never was traditionally.

01:23:57.020 Why is getting handouts enable you to live in dignity?

01:24:01.080 What's the difference between a panhandler and guys out front of a liquor store giving you change and the government giving you money?

01:24:09.400 I have no faith.

01:24:10.520 And we, by the way, we tried to hand out checks in California for COVID and three quarters, three quarters of the money went to guys who are incarcerated.

01:24:21.740 We're never going to be able to pull this off.

01:24:24.500 I can't imagine they're going to pass this, but I don't I mean, it's California.

01:24:27.180 So I guess anything is possible.

01:24:28.420 But the resentment that will follow between races within within races, I mean, imagine being a black person who's what you know, you got here.

01:24:37.340 Your ancestors got here just just past the deadline or just in front of the deadline or you couldn't exactly prove it.

01:24:43.040 Or what about my people, the Irish?

01:24:45.060 We were treated pretty badly, too.

01:24:47.200 We're not going to get anything.

01:24:48.340 It's just going to cause that kind of resentment.

01:24:51.220 This is and who's going to pay for it?

01:24:54.520 People today who had absolutely nothing to do with slavery or any of this treatment are going to be asked to pay people who actually didn't suffer at all.

01:25:03.020 Realistically, as a result of that treatment, a bunch of money also causes this weird chasm that basically says all black people were descendants of slaves and all black people were damaged by slavery.

01:25:19.480 And then de facto, all white people somehow flourished because of this or were a part of it in some way, shape or form.

01:25:31.660 My family is from Italy and they moved to South Philly in 1927.

01:25:41.520 And they're renters, man.

01:25:43.260 They didn't own anything.

01:25:44.880 I have no attachment to it.

01:25:46.740 I have nothing I have no connection to it, but sort of de facto, you have the party of slavery.

01:25:54.040 Yeah, you're paying whether you like it or not.

01:25:56.020 And what's going to happen if you try to move out of California as your bill comes due?

01:25:59.680 I don't know.

01:26:00.240 Good luck.

01:26:00.760 That's that's good.

01:26:01.440 That's between you and your governor.

01:26:02.920 All right.

01:26:03.220 Stand by.

01:26:04.340 Stand by.

01:26:05.060 We're going to squeeze in a quick break.

01:26:06.380 And there's much more to discuss, including Adam's great interview with Kirstie Alley.

01:26:11.880 Not long before she passed this week, Adam stays with us and we will be right back.

01:26:19.700 So, Adam, not long ago, you mentioned the mental health crisis in America and in particular with our young ones.

01:26:26.160 The numbers are truly horrifying.

01:26:27.820 The Washington Post had a report out on December 5th talking about the crisis of student mental health.

01:26:32.800 It being much vaster than we realize.

01:26:36.240 Just a couple of numbers.

01:26:38.120 The CDC found nearly 45 percent of high school students were so persistently sad or hopeless in 2021.

01:26:43.780 They were unable to engage in regular activities.

01:26:46.780 Nearly half, nearly half of high school students.

01:26:49.720 Almost one in five seriously considered suicide.

01:26:53.220 Nine percent of the teenagers surveyed by the CDC tried to take their lives during the previous 12 months.

01:27:02.140 The suicide rate for people aged 10 to 19 increased in 2020 compared to before the pandemic.

01:27:09.840 And then in 2021 increased again, especially for people ages 15 to 24.

01:27:16.360 Hospital emergency room visits spiked for suspected suicide attempts among girls aged 12 to 11.

01:27:23.220 According to the sea, beginning right after the pandemic started.

01:27:27.460 These are devastating effects of the pandemic, according to Surgeon General Vivek Murthy.

01:27:33.480 Murphy.

01:27:34.080 OK, Murthy.

01:27:35.400 Devastating effects of the pandemic.

01:27:37.520 But you and I both know these are not devastating effects of the pandemic.

01:27:41.820 They are devastating effects of the policies put in place as a result of the pandemic, which we must now admit not only made no sense,

01:27:51.420 but were severely harmful in particular to children, including teens, policies like school closures, which have now been ruled incredibly insensitive,

01:28:03.420 ineffective and very damaging to mental health by any authority that's taken an honest look at it outside the United States.

01:28:09.780 They've done tons of these studies.

01:28:11.780 Cue Dr. Anthony Fauci, who's retiring this month and was asked if he has any regrets or like like any do overs.

01:28:19.780 This school closures happened because of him, because of Rochelle Walensky, his whole cadre of people advising him like Randy Weingarten.

01:28:26.240 Here's what he said.

01:28:27.240 Is there a moment of your career that you wish you could do over?

01:28:31.040 You know, Yasmin, no.

01:28:41.500 And I know they're going to people are going to respond to that, who say, well, what does he think?

01:28:47.000 He's perfect.

01:28:47.720 Absolutely.

01:28:48.460 I'm the first to admit I'm far from perfect.

01:28:51.220 But when you say do over, you know, I really can't see something that I would do completely over.

01:28:57.400 Oh, what do you think?

01:28:59.620 I mean, I I look at that makes my blood boil.

01:29:02.960 Well, again, maybe it's a theme that's occurring on your show today.

01:29:07.120 I have many things to say in in the keeping with the theme.

01:29:11.820 You know what Fauci did.

01:29:14.760 Rochelle Walensky did Biden and the Biden administration.

01:29:18.540 The powers that be Gavin Newsom.

01:29:22.060 Pritzker, you know, you can just go all the way down with all the horrible.

01:29:27.400 Governors and all the horrible mayors, you know, here in Los Angeles, we have Barbara Ferrer. 1.00

01:29:32.640 She's a kooky old dingbat who's not a real doctor who's setting policy for. 1.00

01:29:38.340 So I guess what I would like to say is I don't fully blame those people for doing what they did because it's in their best interest.

01:29:51.240 And I have no more faith in Fauci or Rolinsky or the CDC or the WHO or any of these sanctioning bodies or any of these people anymore.

01:30:04.660 My real question is, is what about the people?

01:30:08.540 Why were they all in?

01:30:09.920 You know, Fauci had his horrible policies, fine.

01:30:14.820 But when I was hiking down the horse trail behind my house, why was some neighbor telling me to pull up my mask or, in my case, put on a mask because I wouldn't wear one?

01:30:25.900 What happened to the people?

01:30:27.620 How come they weren't able to suss these carpetbaggers out? 1.00

01:30:31.700 How come they weren't able to connect the dots between the Great Barrington Declaration and people who were being pulled off of Twitter and doctors that were being attacked or CNN calling ivermectin horse paste, Sanjay Gupta?

01:30:47.300 What happened to the people, Megan?

01:30:49.460 That's my question.

01:30:51.320 These shysters are going to do what they're going to do. 0.99

01:30:53.960 They're sociopaths. 0.94

01:30:55.080 They got book deals. 0.92

01:30:56.220 They like control. 1.00

01:30:57.220 Or they're lunatics, scared, or feeble-minded. 1.00

01:31:01.460 Whatever it is. 0.94

01:31:02.720 Why did the people comply?

01:31:05.560 That's my bigger question.

01:31:07.460 And when it comes to something like depression and young girls and young men and school closures, of course, they scared the crap out of these people.

01:31:20.000 They closed the schools.

01:31:21.320 The reason they closed the schools is so they could close society.

01:31:24.660 You can't tell a guy who owns a gym or a church or a bar.

01:31:30.860 You can't close down society and leave schools open.

01:31:34.880 They did the schools so they could justify closing down the rest of society. 0.57

01:31:41.020 They had the data early.

01:31:43.000 They keep saying we didn't have the data.

01:31:45.020 They had the data.

01:31:45.980 They knew it didn't affect kids. 0.51

01:31:48.040 They shut down schools to scare the crap out of the kids.

01:31:52.520 But more importantly, society.

01:31:55.920 Because you can't have a pandemic if the schools are open.

01:31:59.160 And you can't justify closing down small businesses if the schools are open.

01:32:04.320 But between systemic racism, climate change that's going to end the world in nine years and COVID, if you were 13, you don't think you're going to see your 30th birthday anyway.

01:32:19.480 Society, you know, the oceans are going to rise and carry you away. 0.97

01:32:24.300 I mean, think about the message that these asinine people are sending to the young people. 1.00

01:32:31.300 They're saying you live in a systemically racist society. 1.00

01:32:36.560 You live in a patriarchy. 1.00

01:32:38.940 You live in a place where men hate women, where whites hate blacks. 0.99

01:32:44.240 You live in a place where we're going to be, you know, we're going to ruin the ozone and society. 0.97

01:32:51.440 The environment's going to be destroyed in a few short years.

01:32:54.540 And there's all this hatred and divisiveness.

01:32:59.220 But you need to be lifted up and empowered and feel good about yourself.

01:33:05.020 Well, which is it?

01:33:06.780 Why are you scaring the crap out of the kids and then expecting that they should be strong and their voices should be heard? 0.89

01:33:13.880 You're confusing them about their sexuality. 0.84

01:33:17.020 You know, they're, you know, birthing people, men or women, women or men. 1.00

01:33:20.780 You're scrambling their brains and then you're asking them to carry on.

01:33:26.200 Dividing them from their parents, the people who presumably love them more than anyone in the world, taking faith out of the public square entirely, replacing it with their faith, which is wokeism, all of which is very damaging.

01:33:37.700 My own feeling is they are scared.

01:33:39.420 That's why they went along.

01:33:40.400 This culture of fear has taken hold amongst this group and too many on the left writ large.

01:33:45.740 And that in this whole safe spaces thing, you start in the movie, the greatest movie, safe spaces, if you haven't seen it, has really damaging effects.

01:33:55.120 It causes more fear.

01:33:56.820 It causes less risk taking.

01:33:58.740 It causes people to perceive risk in what is just normal, everyday conversation and living.

01:34:04.400 And so that's how they respond.

01:34:06.580 When an actual risk comes along, like a virus, which was potentially deadly for a lot of people, they they don't have the skills to manage that risk.

01:34:14.340 You know, I I'll give you an example.

01:34:16.800 I told my audience last year, my little guy, he's he was in second grade.

01:34:20.500 He had a Norma Ray moment one day where he went to school and he refused to put on his mask.

01:34:25.720 They were wearing masks.

01:34:26.860 It was the spring of last year.

01:34:28.400 I mean, it was well beyond where they shouldn't been where should have been wearing them.

01:34:31.420 And he was like, I won't put it on.

01:34:33.160 And the teachers like, put it on.

01:34:35.060 And he said, no.

01:34:36.220 And she said, we have to do it.

01:34:37.720 And he said, the CDC did a study of 90,000 people in Georgia and they found that masks do nothing.

01:34:43.920 And as he put it, and then she sent me to the principal's office.

01:34:47.580 And so the head of school winds up calling me.

01:34:50.100 That's like the boss's boss of the principal.

01:34:52.740 And saying, you know, we could use some help with compliance.

01:34:56.600 And I said, you know, I got to be honest, I'm proud of him.

01:34:59.540 And I said, you have to admit this is kind of a cute story.

01:35:02.880 And to his credit, he said it is.

01:35:04.500 And I said, let's be honest.

01:35:05.780 Do you really want me and the other parents here?

01:35:08.500 I know you need compliance to run a school to a large extent.

01:35:11.320 But do you really want us raising a bunch of automatons who just go along without questioning

01:35:15.540 when something doesn't make sense and they know it or they've been given real data that is meaningful?

01:35:19.800 No.

01:35:20.100 So it's in part up to the parents to raise the next generation, to take risks, smart risks, yes,

01:35:28.040 but not to run to the safe spaces.

01:35:29.780 It's all connected.

01:35:32.040 I agree.

01:35:33.560 And, you know, when we're in the thick of things here in California,

01:35:39.240 they shut down a restaurant called Tin Horn Flats, which was a family owned small business.

01:35:45.120 I went to high school with the family and now the owner was a high school classmate of mine.

01:35:52.640 And at some point, we said no more outdoor dining.

01:35:57.760 We moved everyone from indoors to out in the parking lot or out on the patio.

01:36:03.660 We did that at great expense to the small business owner.

01:36:07.480 And then at some point in California, with our infinite wisdom,

01:36:11.700 even though there was no study suggesting COVID spread outdoors, they shut down outdoor dining.

01:36:18.380 Tin Horn Flats said, we're staying open.

01:36:21.380 We're not doing this.

01:36:22.840 We've done enough and we're defying you.

01:36:25.500 I then gathered up my son and drove out to Tin Horn Flats that evening and had dinner on their patio.

01:36:34.540 It's on TMZ, if you guys want to verify it.

01:36:38.480 And all I'm saying is, and look, you're not a hero and I'm not a hero.

01:36:45.020 We didn't storm the beach at Normandy.

01:36:48.380 We weren't part of any world war.

01:36:51.560 I never dove on a grenade.

01:36:53.640 I went and took my son to Burbank, California and had a cheeseburger and pickle fries.

01:37:00.080 That doesn't make me a hero.

01:37:01.680 It's not really a calorie burner.

01:37:03.260 But the reality is, if everyone had just done the little that you, I, your son, my son, Tin Horn Flats had done, this wouldn't have happened.

01:37:16.260 We could have defied them.

01:37:17.740 They shut the beaches down in California.

01:37:20.320 They took down the nets to the beach volleyball courts.

01:37:24.200 They bulldozed sand through the skate park.

01:37:27.400 Everyone should have gone to the beach that day.

01:37:30.620 The day they said we're closing beaches is the day everyone should have taken the day off of work and grabbed their swim trunks and headed to the beach.

01:37:39.160 That's what I'm saying.

01:37:40.640 What happened to the people? 1.00

01:37:42.300 I get what Rochelle Walensky is doing, and I get what Weintraub is doing, and I get what all those idiots are doing. 1.00

01:37:50.460 They're thinking about their union. 1.00

01:37:51.940 They're thinking about power.

01:37:52.880 They're thinking about prestige.

01:37:54.240 They're thinking about their place.

01:37:56.060 What are we doing?

01:37:57.300 That's a bigger question to me.

01:37:59.620 An important one.

01:38:01.920 All right.

01:38:02.400 Well, this is the perfect note to wrap it up on, given the theme of our discussion, running to victimhood, embracing safe spaces, and the amount of damage that does in one's life and to our country.

01:38:12.320 You, I think about within two years of her unfortunate death this week, interviewed Kirstie Alley, who I absolutely loved.

01:38:23.520 I grew up watching her on Cheers, and we went through some of her resume the other day, and it was a great, great interview.

01:38:29.180 People should definitely Google it because the whole thing is entertaining.

01:38:32.480 Great, funny stories from Cheers and her life and, you know, some of the stuff they did on the set that she never could have gotten away with today.

01:38:40.260 But the greatest was her choice to not be a victim, despite having had considerable hardship and heartache in her life.

01:38:49.740 Here's a clip, and I'll give you the last word.

01:38:51.940 Sotnine.

01:38:53.640 You know, my dad and mom were hit by a drunk driver, and my mom was killed, and my dad was almost killed.

01:39:00.540 I've never once heard my dad talk about the injustice of all the drunk drivers in all the history of mankind, you know?

01:39:13.140 He was able to differentiate and keep it at, that was, that was, the consequence of that decision to drive drunk by that woman cost him his wife.

01:39:24.960 You don't have to hate people if they hate you.

01:39:27.060 You don't have to be the victim of something if you don't want to be.

01:39:30.540 I don't want to be a victim of something.

01:39:32.300 I want to be, I want to be triumphant.

01:39:35.360 Even if something bad happens to me, I want to turn it into something triumphant because it makes my life and everybody around me happier.

01:39:43.140 Adam, we need more just like her. 0.99

01:39:46.400 Yeah.

01:39:47.080 What can I say?

01:39:48.040 You know, she was, had this great combination.

01:39:51.100 She was funny, but she was also really strong, and she, you know, I had her on my podcast a couple of years ago.

01:40:01.380 I was going to interview her for an hour and then go back to the regular format for the second hour, but I got about 45 minutes in.

01:40:09.580 And I just told my producer, we're just going to keep going.

01:40:12.380 I found her that fascinating.

01:40:15.560 You know, we need more people like her. 1.00

01:40:18.560 And, you know, back to the theme, if we had more people like her during COVID, then maybe the kids wouldn't be suffering as much right now.

01:40:29.200 Now, she did something that is really rare in Hollywood, which is she spoke her mind, even if it would be detrimental to her career.

01:40:40.560 So she had an inner compass.

01:40:43.420 She followed that compass.

01:40:45.340 She said, this is right and this is wrong, and I'm not going along with stuff I disagree with, even if it means I may not be gainfully employable within the Hollywood community because they punish you the most.

01:40:59.200 If you get off the reservation, as many people like James Woods have figured out.

01:41:05.620 So, but she was, but, but she was also really funny and she was free.

01:41:11.480 Like she said what she wanted to say.

01:41:14.340 She had a sense of humor about herself.

01:41:16.380 She was very self-deprecating and she was just unencumbered.

01:41:20.780 And she should be an example to all the people that are constantly worrying about what people think of them. 0.57

01:41:27.580 Free yourself up.

01:41:28.420 Give your opinion.

01:41:29.660 Stop worrying about what other people are thinking or saying.

01:41:33.340 It's no accident that she and you and so many others who fight back against this nonsense have what you just mentioned, a healthy sense of humor.

01:41:43.640 It helps to fight these wars, to get through life, to not take yourself too seriously, and just to manage one's overall stress and well-being.

01:41:52.080 Take an example, folks.

01:41:53.560 Adam Carolla.

01:41:54.840 Oh, we don't do this often enough.

01:41:56.620 It's so great to talk to you.

01:41:58.100 Thank you.

01:41:58.620 Always great to see you.

01:42:01.860 Thanks for listening to The Megyn Kelly Show. 0.94

01:42:03.720 No BS, no agenda, and no fear.

01:42:06.500 Thank you.

01:42:07.380 Thank you.

01:42:13.560 Thank you.

01:42:15.520 Thank you.

01:42:22.880 Thank you.

The Megyn Kelly Show - December 08, 2022

Dismal State of America's Economy, and Harry and Meghan's Narcissism, with Peter Schiff and Adam Carolla ｜ Ep. 450

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