00:00:00.000A couple of years ago, leaked internal documents from APEC showed that the single largest donor to the organization, the American Israel Public Affairs Committee, number one donor, was a man called Leonid Rydvinsky.
00:00:13.900Rydvinsky was a Ukrainian-born pornographer.
00:00:17.200He was the owner of OnlyFans, one of the largest porn sites and human exploitation sites in the world, the site that has effectively turned thousands upon thousands of American women into prostitutes.
00:00:29.220And according to these documents, Radvinsky and his wife had pledged $11 million to AIPAC.
00:00:36.580Huh. He later denied that, but the documents remain. And you had to ask yourself, and many
00:00:42.300people did ask themselves at the time, why would someone who runs a pornography site
00:00:47.100donate this much money to a pro-war organization, a neocon organization like AIPAC? What's the
00:00:53.660connection between the two. Huh. Then, of course, it was that same year, 2024, that Miriam Adelson
00:01:02.240became one of the biggest donors to the Trump campaign, hundreds of millions of dollars. Now,
00:01:06.640Miriam Adelson is not in the pornography business that we know of, but very much the beneficiary of
00:01:11.740the gambling business. Her late husband was one of the largest proprietors of casinos in the world,
00:01:17.300Sheldon Adelson. And she became one of the biggest donors and partly because of those
00:01:23.660donations became one of the driving forces behind our war with Iran and also immensely powerful
00:01:28.920within this administration. In fact, literally one of the people who picked employees of the
00:01:36.460Department of Justice, Miriam Adelson, calling up PPO, Presidential Personnel Office at the White
00:01:40.660House. I want this person at DOJ. Bam, that person gets a job at DOJ. That happened.
00:01:48.020But again, you have to ask, what is the connection between pornography, in that case,
00:01:54.680gambling, and neocon politics? You wouldn't have thought there was one, but the connection
00:02:00.360keeps showing up. Here, for example, is a pretty amazing and telling clip
00:02:04.840from Ben Shapiro's recent podcast. Watch this.
00:02:07.980In my opinion, as I said at the time, I thought the MOU was counterproductive, that it signaled weakness, that it actually gave credibility to the Iranian regime.
00:02:16.060Well, now things are starting to reverse.
00:02:18.160You have Operation Economic Outcast led by Secretary of the Treasury Scott Bessent.0.82
00:02:21.960The goal is to economically strangle the Islamic Republic.
00:02:24.500So the odds have been steadily going down about when we will actually have full traffic in the Strait of Hormuz, according to our friends and sponsors over at Kalshi.0.98
00:02:32.160But they are rising, actually, rather sharply recently before April 1st, 2027 is now up to 42 percent before July 1st of 2027 is up to 53 percent.
00:02:45.100Honestly, I think we'll probably get there before that.
00:13:18.020So even, you know, imagine if you could drink out of your phone when you were an alcoholic.
00:13:21.500That's the equivalent of what we're looking at.
00:13:23.460This is the most omnipresent environment for gambling in modern history.
00:13:29.280And just, again, to put some color on the numbers, I have some of my notes in front of me.
00:13:32.820There's been $500 billion wagered since 2018.
00:13:36.320In 2025 alone, $166 billion on sports, more than movies, recorded music, live music, books, museums combined of a normal $70 billion.
00:13:45.060So it's double the amount of revenue for all of those associated other types of entertainment, which I would argue have a lot more of a social net positive. Now, what we see is that there is a 25 to 30 percent increase in states which legalize online gambling. One dollar bet leads to two dollars of less savings. Ten percent point in domestic violence after an NFL upset losses. And that's just the top line.
00:14:08.920And in terms of how much this is pervading everything, these companies spend billions
00:14:13.520of dollars a year on the most expensive advertising real estate in the world.
00:21:57.200Everything from sports to our flights to in some places, people are betting on the temperature
00:22:05.140at an airport there was a case recently where people are betting on weather markets and the
00:22:11.780way that the weather market was decided was off of a single sensor which was at an airport so a man
00:22:18.080took a bet for an out shot of the how much weather like how the temperature would be
00:22:23.440on that specific day he went to the sensor and held a hair dryer next to it to cause the sensor
00:22:29.600to rise so that that would then resolve in his favor i mean these are extreme examples but this
00:22:35.060is the extent to which people will start to manipulate literal reality just to make money
00:22:39.720this is the free market capitalism this is the free market capitalism that they've promised us
00:22:43.900and and makes it so you can't trust anything there was recently a case where uh caroline
00:22:48.640levitt was holding a press conference one of her press briefings and there was a market that it
00:22:53.780would go over x amount of time i forget exactly how much time that she would spend at the podium1.00
00:22:58.500and she happened to end it seconds before that the majority position was so you could have bet1.00
00:23:04.460the under on how long that press conference was going to take place. And you could have paid out,
00:23:09.220I'd forget the exact dollar, maybe 20 to one. There's also all these insider trading things.
00:23:14.160So I gave the obvious example that you and I talked about this specific one. I'll give you
00:23:18.360another one which relates to a vice is marijuana. I don't think like this, but I could have. I'll
00:23:23.640give you an example. I got a call because this is my job. I do reporting. Somebody called me
00:23:29.960and said, Trump's going to reschedule marijuana. I was like, wow. So I start working the phones.
00:23:34.940I start seeing what I can find out about this. I email the White House. At that time, I could
00:23:39.640have got a 1% chance on either prediction markets, or I could have purchased marijuana stocks
00:23:45.940because I had inside information. And I actually watched as I started doing my reporting that it
00:23:52.260started to leak out in broader Washington. And I can see the stock start to rise. I see rumors
00:23:56.900begin to come out, then the official announcement eventually breaks from some establishment media
00:24:01.460outlet. The price goes sky high. I personally could have profited literally millions of dollars
00:24:06.360if I had wanted to. I would never do such a thing. I think that's literally blood money and scumbag
00:24:11.200behavior. But there's no law that prevents me from doing that. I was doing my job in a routine0.97
00:24:16.660basis. I could have made myself extraordinary sums of money. You probably could have done the
00:24:21.640same thing with all kinds of various things that you've been doing in your line of work. Is it
00:24:26.500technically insider trading no we're not never even of these exactly because that's our character
00:24:32.560but how many is character really the constraint through which we should offer the integrity of
00:24:39.060our financial markets and even worse i see these viral social media claims people will say i'm
00:24:45.920getting rich betting on what donald trump is going to say you can get various odds of whether trump
00:24:51.560will say the words low IQ this week of whether Trump will say, which pretty much a lock, I think,
00:24:57.940if you hold that one, whether he would criticize you, you know, this week. And so, you know,
00:25:03.360people in the White House, they have relatives, they could call them, the relatives could call
00:25:07.360another relative, they could easily make a lot of money doing this. I mean, this is about our
00:25:12.480government. This is about sports. It's about entertainment. But my bigger picture, this is bad
00:25:17.400for society. There was a recent poll that came out. Go ahead. Well, isn't the reason that sports
00:25:22.420betting was banned in the first place 100 years ago because it corrupted sports? Exactly. And
00:25:26.900people started throwing games. Exactly. And, you know, the Major League Baseball itself,
00:25:30.920the National League and others, were formed specifically to stop the corrosive effects
00:25:36.000of the game of gambling because they knew that it was a problem. And for over 80 years,
00:25:41.420these companies held the line. Paul Tagliabue, the NFL commissioner, testified before the U.S.
00:25:46.700Senate against gambling. David Stern, I think is his name, the NBA commissioner, also testified
00:25:51.640against gambling. But what ended up happening, this is a very tragic story, is that the English0.99
00:25:56.260Premier League, when Britain legalized gambling, and specifically has had long sports gambling
00:26:00.640for quite some time, their valuations began to skyrocket. And so the capitalist greed of the NBA
00:26:07.740owners and of the NFL owners and the commissioners, they look across the pond, and they think,
00:26:12.960how can I accelerate my valuation and the amount of dollars that I can pluck out of America just
00:26:19.060like they did? Now, you and I, as social critics would say, in what way would we want to emulate
00:26:23.940the British working class for our working class who have been immiserated and who currently have
00:26:29.180a GDP, which is less than the state of, GDP is not everything, but less than the state of
00:26:35.000Mississippi. I could look at Brazil, another horrific example, really ground zero of sports
00:26:40.460betting, where, you know, in Brazil, they have those cash transfer programs for poor
00:26:45.060Brazilians, which previously was held up as a major social welfare benefit.
00:26:49.760Well, more recent data has come out from Brazil.
00:26:52.600The vast majority of that money is being cycled right back into sports gambling.
00:26:56.440And so people are getting their cash transfer of the government.
00:26:58.700They're handing it right over to the gambling companies.
00:27:01.020They are massively addicted to soccer betting down there specifically.
00:27:04.900So our NFL commissioner, our MLB commissioner, they looked abroad to the Premier League all at the same time while Chris Christie is advancing his case for New Jersey to have sports betting.
00:27:16.160All of this came from the Great Recession. Atlantic City was really having a hard time with their revenue in the aftermath of the Great Recession.
00:27:25.720Chris Christie becomes the governor. Christie decides that he's going to try and have a workaround to allow sports betting in New Jersey specifically.
00:27:33.820And so I won't take everyone through all the complicated legal minutia. The basics of it are they passed several laws. They took it through various circuit courts, went all the way up to the Supreme Court, five conservative justices, one liberal justice, rules on behalf of the state of New Jersey.
00:27:48.660And they say that what Congress did by restricting sports betting, specifically only allowing a loophole where Nevada could have it, but nobody else could have it, was unfair to states' rights.
00:28:00.200This comes at a time, too, when states are revenue-hungry.
00:28:07.200The vast majority of these states, I think 42 states now, have legalized sports betting.
00:28:11.400And what they did is they not only allowed legalized sports betting in the casino, like Nevada always had, is they quickly realized that there were these apps like DraftKings and FanDuel, which had the infrastructure laid out already, which allows you to normalize and create online sports books specifically.
00:28:30.420And so that's how I gave you that number, 500 billion, half a trillion dollars wagered in this nation since 2018. And it just dispels all of this notion of how, oh, well, I mean, the classic libertarian argument, well, people are always going to sports bet.
00:28:46.040That's actually BS, in my opinion, because if we look to the current types of bets that
00:28:51.460people place today, they place the types of bets, which I've talked about, which no bookie
00:29:00.000They're talking about offering you, when I open the app, the single game parlay, it would
00:29:04.720say it's not just whether you win or lose, and it's not even just the spread, plus three
00:29:10.060and a half, minus three and a half.0.98
00:29:11.680It's the spread combined with the quarterback throwing for 200 yards combined with the receiver scoring two touchdowns and they offer you a price bet $10 to win 750 the idiot brain combined with alcohol or marijuana for a lot of these guys sitting on their couches.0.98
00:29:29.880let's do it, $10. What they don't realize is that the contingent odds that they just placed0.98
00:29:36.000lose money so regularly that the companies can project their revenue based off of that type of
00:29:42.540bet, the single game parlay bet, so much so that they can project their earnings out into the
00:29:47.120future. 60% of their revenue comes specifically from that type of bet. So when people tell me
00:29:53.080America's always been a nation of sports gamblers, that's totally wrong. The type of bets that they
00:29:58.000were making were usually illegal, you know, backroom types of bets, plus or minus on the spread to the
00:30:05.080extent that they were ever able to even get these types of parlay bets. It was in person in a Vegas
00:30:10.000casino, and they would never take the amount of dollars that they're wagering currently at a lot
00:30:15.820of these places. And one thing I beg for a lot of the listeners, and I've tried to explain this,
00:30:21.200if you're a younger guy out there and you're doing this for the thrill, I just want you to know,
00:30:25.120especially with the parlay bets, you will not win. You will not win. It's a mathematical fact
00:30:31.680if you do this over time. And this brings me to the worst part of the industry. If you do win,
00:30:37.100they'll ban you. And so I'm sure you know this with blackjack, for example, everybody famously
00:30:42.220lionizes the people who can count cards. What they don't tell you, if you walk into a Las Vegas
00:30:47.260casino and you start counting cards, you will be asked to leave the blackjack table within
00:30:53.700probably 30 minutes to an hour, unless you're really good at it and you're working with a team.
00:30:59.520How is that legal? You might ask. They have the right to refuse service. And it's because even
00:31:05.020with the small house edge of blackjack, if you are an advantage player in blackjack, and especially
00:31:10.520if they allow those advantage players to have unlimited bet size, and they get that 1%, really,
00:31:15.860that's all it is, counting cards gives you a 1% or so edge, you will eventually beat the house.
00:31:20.300it's the perfect game is that you can addict people you can effectively legalize theft and
00:31:26.880if you happen to despite all of this you're able to win money they will simply ask you to not no
00:31:33.340longer play with them or if they don't ask you to no longer play with them they will limit your bet
00:31:37.940size so where previously you might have been able to put one thousand two thousand three thousand
00:31:42.360dollars on a game they'll say sir you're only allowed to bet up to three dollars uh on this on
00:31:47.940this game. It's an easy way. So you addict the losers and you look for the whales. The vast
00:31:54.840majority of the profit for these gambling companies comes from a very small group of
00:31:58.560users, roughly three to 5% of the people make up almost 50% of the revenue. So these are absolute
00:32:04.520gambling addicts who by law shouldn't even be gambling in the first place. The winners, if
00:32:09.040you're able to even win in this game, they will ban you. In fact, their algorithms are so
00:32:14.900sophisticated that if you place the type of bets which look like a winner, a potential winner,
00:32:21.240before you even win, they will limit your bet size. They will say, we don't want your business
00:32:25.280or you're only capped to $10 down on a game. So they've created a system where they can addict
00:32:31.660young men. They can find the potential whales out there, those 3% who are just full-blown addicts.
00:32:38.700They can shower them with gifts. They call them incessantly. Hey, where have you been? Haven't
00:32:43.800heard from you. Do you want tickets to the next Patriots game? Do you want free whiskey? Let me
00:32:48.680fly you out on a private jet from here to here. They shower them with more benefits than you can
00:32:52.900even believe. Now they think it's for free, but they're paying for it, obviously, with their
00:32:57.400losses. They do all of this while if you're actually a winner, they'll ban you. And so for
00:33:02.240the casual better who is doing three to five to eight percent, I just want those people or eight
00:33:06.780dollars. I want those people to know that is only enabled by these people getting crushed by
00:33:13.160gambling addiction, throwing their futures away, their lives, their marriages. Home ownership has
00:33:19.180always been at the center of the American dream. It is an actual asset, a place people work their
00:33:24.120entire lives to build, a place of stability and security and real value. Right now, though,
00:33:30.220too many homeowners are stuck swiping credit cards to cover groceries. There's basically a
00:33:34.580survival tax of 20 percent interest or more. So why keep handing your money to the banks when you
00:33:40.200could keep it for your family. Interest is what kills you. Our friends at American Financing have
00:33:44.800a better way. They're helping homeowners use their hard-earned equity, and they're supporting
00:33:48.580Americans looking to fulfill the dream of owning a home with mortgage rates currently in the fives.
00:33:54.140American Financing saves its customers an average of $800 a month. That's about $10,000 a year.
00:33:59.820It's not just a loan. It's a true financial reset. We recommend American Financing. They're
00:34:05.340called America's home for home loans for a reason.
00:40:26.980So in California, it was the Indian tribal casinos that didn't want nationwide or statewide gambling, and they successfully defeated it at a statewide ballot initiative in Texas.0.94
00:40:38.900Right, to preserve their own monopoly.
00:40:39.720I'm not saying it's a good thing, but they still – look, the voters there decided not to legalize it.
00:40:44.160I get it, but you're not describing any organized force acting on behalf of the public.
00:40:48.660No, there's maybe the evangelicals in Texas.
00:40:51.620They're the only reason that we didn't have statewide betting from my own home state.
00:40:56.900Not that Miss Adelson isn't working overtime to make sure that that's been repealed.1.00
00:41:03.540I mean, one of the reasons she bought the Dallas Mavericks and their whole vision for that, as I understand it, was to create kind of this super entertainment gambling complex.
00:41:13.500Mark Cuban himself even said that before he sold it to her, that the valuation of his franchise doubled because of legalized gambling. So I don't think it takes a genius to see that was part of the long term Adelson plan for my home state of Texas to legalize gambling and to try and to make it part of the fabric of the state, which, to their credit, was one of the last actually willing to stand up with a substantial population.
00:41:36.520However, of course, Trump has now made prediction markets legalized in the nation.
00:46:03.380There's actually a teenage specific affliction where if they smoke too much high-potency marijuana, they end up vomiting for days and it gets stored in their fat sales.
00:46:14.600They literally had to create an entire new term for that type of affliction because it's spread across ERs.
00:49:41.060And say when we talk about the gambling,
00:49:43.640Like, how can you argue with a straight face that normalizing, because even if we take
00:49:48.140Calci and Polymarket, which are these, again, they're on Wall Street, these people are the
00:49:52.040darling of Wall Street, everybody loves them in New York, in New York City, they're offering
00:49:57.600all kinds of liquidity for trading on Federal Reserve, on the Federal Reserve, and whether
00:50:02.640they're going to hike rates on the futures of Bitcoin, on all of these complicated derivatives,
00:50:07.160which you and I will never understand until there's another financial crash.
00:50:10.720So they're the darlings of the hedge fund, Wall Street, and all these other industries.
00:50:14.740But how could you say that when 80% of the volume is sports, and most of it is people who are customers, who by their own admission, 25% or so, are the ones who are taking profit, how can you say it's a good thing?
00:50:26.320Why would you want to encourage the daily participation, weekly even, participation of placing wagers on events which were primarily known and wanted to be known as non-gambling entertainment?
00:50:42.520Maybe because it's not so different from the equities markets.
00:50:52.380But, you know, to zoom out from that, and this is where I get frustrated because Calci's argument wants to make the argument that if they were to say things are corrupt, they would say the equities markets are just as corrupt.
00:51:01.060I would say, yes, but, all right, the average American can still largely just put their money in the S&P 500 and get an 8% to 10% return over the long run.
00:51:10.840They're much better off doing that than they are trading on Calci.
00:51:13.600Oh, I forgot one thing with the Trump administration.
00:51:42.520I didn't think Trump's election results in more gambling, drugs, and pornography.
00:51:47.060feed. That kind of wasn't on the menu that I remember. It certainly was. It was on the donor
00:51:50.280menu, though. And every one of the donors, especially marijuana, I can link that directly
00:51:55.960back to Mar-a-Lago and to Florida. With the CFTC, it's largely venture capital and a lot of the
00:52:01.400other, and it's libertarians. I should be fair. There are a lot of libertarians and other things
00:52:05.200that support these on their face, the wisdom of crowds and how great they are at predicting
00:52:10.260various types of events. Isn't that lynching? Right, exactly. Especially, and come on.
00:52:16.480they shut up at a certain point like it's just too stupid i can't feel with it it's foolish in0.99
00:52:20.740the sense of what social utility again what social utility do we have on gambling on everything0.99
00:52:27.560there is none it would be funny to have you know there were all those horrifying pictures of
00:52:32.960lynching in the south and i know it was more complicated than the images suggest right
00:52:36.680some of the people really were rapists and i get it but we still have to oppose lynching like you
00:52:41.220need a justice system right okay so yeah but these kind of wild-eyed crazy people and the
00:52:45.980guy swinging from the tree and then underneath it says the wisdom of crowds or the bolshevik
00:52:50.300mobs exactly we can find all kinds of cross ideological examples yeah i mean wow okay
00:52:57.840has this received coverage very little and you know why because the news organizations are in
00:53:03.400bed with these same companies cnn has a deal with calci they use calci odds on their network um
00:53:09.280there are multiple major news organizations which have incorporate their actual odds into their
00:53:15.220coverage. And a famous example of more recently was Harry Enten, the stats guy over at CNN,
00:53:21.960covering the Calci odds of a specific race. Francesca Hong, I believe, he said she had a
00:53:26.66095% chance to win. She lost the election. But the coverage was not just polls. And by the way,
00:53:34.400a sophisticated news consumer, even a casual news consumer, has a general feeling polls are wrong
00:53:39.480all the time. We've just lived through too much to know that. But an event market, a prediction
00:53:44.480market well those they were right in 2024 right they predicted donald trump would win so a 95
00:53:50.540chance of that that's a sure thing well it wasn't a sure thing because she lost and there have been
00:53:55.420multiple of these primaries okay so that's what kept me away from the predictions markets at you
00:53:59.680know as a sponsor for this show i didn't even get the gambling part of it because i'm obviously too
00:54:05.020stupid to see the whole picture but i do understand like my little slice of the world and i thought
00:54:09.360this seems like an intel inflected thing like it it feel it felt to me on the base of no evidence0.99
00:54:15.900at all but just my instinct told me these are companies that are not simply reflecting back
00:54:21.720the public's opinion but trying to shape the public's opinion oh well i mean you're making
00:54:25.800a great argument in that point i just feel that well because in that case let's say well actually
00:54:30.300we recently had a case where i believe it was in california a polling company put out a poll which
00:54:35.620I think I forget which candidate it said was leading by 12 points. It comes out months later.
00:54:41.660It was the polling company admits, quote, it was a social experiment to see how much our poll
00:54:47.820would get coverage. Well, exactly. And so now how much did that one poll have influence
00:54:52.920on Calci or the prediction market? Probably very little. But in the aggregate, all of these
00:54:58.440polling companies, their error to the extent there's an error, which you again, you and I know
00:55:02.600that, there's no money riding on it, but we have a feeling many of these polls often understate or
00:55:06.980overstate the way things are going, they then get extrapolated to the nth degree and financialized
00:55:13.220in these prediction markets, where the liquidity trading in these can be hundreds of thousands,
00:55:17.360millions of dollars, depending on the race, hundreds of millions in the case of the presidency.
00:55:21.860So in these cases, the actions of certain polls, let's say the Seltzer poll, we famously remember
00:55:26.520that before the Donald Trump election, which was so dramatically off despite her reputation,
00:55:31.460is it so outside the bounds of possibility to say was that an event meant to manipulate a market
00:55:38.400now i don't think that actually to be the case but there isn't a lot of law that would prevent0.98
00:55:42.780her necessarily from doing that as long as uh things are covered or you know their ass is1.00
00:55:47.360covered in a certain way and then take it even deeper with foreign governments or others that
00:55:52.500may want to influence a certain type of event here in the united states who might buy a large
00:55:57.600position on one of these prediction markets to, again, generate the news coverage that it deserves
00:56:02.680because these aren't taken as fact when they are not fact at all. Again, to be fair to Calci,
00:56:08.180they recently did a meta study. They sent me their data where they said when there's a 5%
00:56:13.240chance of happening, it usually happens 5%. If there's a 90% chance of happening,
00:56:17.160there usually is 90%. They're trying to prove that they are predictive. My problem with that
00:56:22.160is their sample size, especially it's taken elections. You and I know the vast majority
00:56:26.780of primaries are not contested. And the winner is clear. The data would only be useful to me
00:56:32.040in an actual contested primary. And in many of these contested primaries, totally wrong.
00:56:37.080They were wrong with Angie Nixon. They were wrong with Francesca Hong. They were wrong with
00:56:41.060Abdel Syed. They had Abdel Syed winning dramatically more than he actually ended up0.86
00:56:45.520winning his election by. Francesca Hong, they had her 95% chance. She lost. Angie Nixon,
00:56:50.780who beat her opponent by like 10 points or something, they had as a dramatic underdog.
00:56:55.280And so when it actually mattered, again, in this case, where you had an event where you would have looked to these prediction markets for information that you wouldn't be able to gleam from polls or from other open source material, it didn't end up mattering.
00:57:09.680And so that in the contested primary, and these things haven't even been around that
00:57:14.180long, what's their actual track record?
00:57:16.080Because right now it just seems like a casual election better goes on the RCP average, sees
01:08:47.380They were being left with a population who was deracinated, who was drunk, who was beating them, very much like the domestic violence case that I just pointed out.
01:08:56.120I mean, imagine being in a position where you're such a slave to your addiction that you're losing your home and you're selling your children's Christmas gifts, which has happened in that case.
01:09:05.700Another more recent case in Philadelphia, very similar circumstances.
01:09:09.780I have somewhat of a connection to this one where what happened is, is he, I believe he
01:09:14.920took two mortgages out on his home, gambled away tens of millions of dollars, uh, ended
01:09:20.140up, it appears was a, what happened is, is that he was gambling with FanDuel.
01:09:26.600FanDuel actually got him a personalized video from Bryce Harper, who is a player for the
01:09:33.500And in that video, Bryce, in a video with the FanDuel logo on it, tells him, hey man, I just wanted to reach out and say, happy Thanksgiving. Your host from FanDuel just wanted me to make this video for you. It turns out she went on Cameo and purchased that video for her client here over at FanDuel.
01:09:56.140he denies that he knew that it was for gambling purposes and even though he says your host from
01:10:01.700FanDuel is involved he makes hundreds of millions of dollars by the way and as a Mormon uh actually
01:10:06.220uh and so it's one of those where look I mean maybe I believe him that he didn't know that
01:10:11.560it was involved even though it said the word FanDuel uh in the script that he was read and he
01:10:16.380did read on camera nobody just blink nobody who's worth hundreds of millions just says
01:10:22.020I'm not going to do this one. I'm not going to do this video. But those are the lengths to which
01:10:26.340they'll keep you gambling. And by the way, he lost everything. He lost his house, second mortgage,
01:10:29.960et cetera, tens of millions of dollars. I think he can gamble to $18 million.
01:16:14.960I don't want to be allowed on any of your properties,
01:16:17.180they will exclude you and they won't take your action.
01:16:19.460But obviously there's still workarounds.
01:16:21.640You can go to other properties, et cetera.
01:16:23.180But Congress, the government, they're happy to work on behalf of the prediction market companies.
01:16:28.800Nobody looks out for the consumer for trying to at least marginally protect potential gambling addicts, which we all know will massively increase as a result of this epidemic, which is now sweeping the nation.
01:16:42.020It might be worse, honestly, because opioids at least takes you down very, very quickly.
01:16:46.140The insidiousness of this, it's compounding on every day.
01:16:50.920but already in the data we know tens of thousands more people will likely commit suicide as a result
01:16:57.160of this epidemic. Tens of millions will have lost money, or hundreds of millions will have lost
01:17:02.340money. Tens of millions, potentially millions, will go broke, completely broke, or on the verge
01:17:07.140of bankruptcy. And it's all voluntary on behalf of the people who run our country.
01:17:11.480So obviously there's going to be a revolution of some kind. I hope it's peaceful.
01:17:15.580What's it going to look like politically as a result of this and all the trends you described?
01:17:19.780Yeah, I think the lack of institutional trust is very similar to what we saw. I hope it's peaceful, too. I'm hoping we look to our cousins in the United Kingdom for an aristocratic elite. I'm not talking about in the current moment, at their time of mass social change, where they voluntarily, yes, kicking and screaming, ended up giving up power, giving more of the vote to the people to avoid violent revolution.
01:17:46.240They had an aristocracy and a bourgeoisie, which fundamentally understood that they had to address the actual, the concerns of the people and of the driving social change, that they would have to voluntarily give up some of their power, some of their wealth, their hold over the establishment, in order to keep what they really wanted to protect, which was their monarchy and their social status.
01:18:07.480And it worked, to their credit. Well, we'll look across the continent to all of the other monarchies, which didn't survive the First World War and many of the other revolutions, which ended up sweeping them. I don't think we're there, but if we were to look at what I laid out, mass institutional distrust, a period now of multiple presidents, Trump being one of the most egregious, but of multiple presidents saying one thing and doing the opposite whenever they come into office.
01:18:36.600I'm going to end the war. How many times have I heard that one? Only to end up right now where we
01:18:41.700are. Now you have Trump, who is effectively sacrificing the might and the prestige of the
01:18:46.540American empire for his foolhardy decision to go and to attack Iran. I heard about economic D-Day
01:18:51.960today. I could only wish that it had the level of seriousness and intellect behind the original0.98
01:18:57.220planning of D-Day, who were real men. You could say a lot about them, but they were real men.
01:19:01.320They thought about things. They didn't just throw out terms like economic D-Day in the most
01:19:06.200sophisticated financial campaign are sanctions of all time. When are we really going to do
01:19:11.120secondary sanctions on China and blow up our relationship with the largest, second largest
01:19:15.760economy on earth? Xi Jinping is flying to our country. I don't think so. And if we do, it would
01:19:19.860be even more extremely foolhardy. It's foolhardy in both cases. You have sanction-proofed economies.
01:19:24.880But so you have this disastrous war, very much like the First World War, which can ignite more
01:19:29.760social change and revolution. We're obviously not there yet. Tens of millions of people are not
01:19:33.560dying. But every American who is consuming anything remotely about this war is watching,
01:19:39.300again, the destruction of our bases, of the inability to feed, clothe, and keep sane the
01:19:46.280people on the USS Abraham Lincoln, where stories have to come out of them literally jumping off
01:19:51.460the ship from their distraught relatives for us to even actually do anything about it. We're
01:19:56.800watching our ships have to be resupplied from Diego Garcia, except for the region, because our
01:20:02.580bases were destroyed. I didn't even think that could happen. I'm one of the ultimate pessimists
01:20:06.560about the American empire before going into this war. If you had told me Iran's ballistic missiles
01:20:10.780and drones will kill 18, I believe, Americans, injure, I believe the latest number is over 700,
01:20:18.500that we will be driven like dogs from the region, have to resupply our carriers from 2,400 kilometers
01:20:26.140away, I would not have believed. If you told me that we were going to expend the vast majority
01:20:31.940of our THAAD interceptors and our Patriot missiles,
01:20:35.160which are the technologically advanced spear
01:21:33.780There was a great episode that you guys did.
01:21:35.920But what it comes down to is we can't enrich you.
01:21:39.740We can't make you richer, so we have to oppress you.0.98
01:21:42.440And we also have to take your money and spend it on even more foolish adventure.
01:21:46.680All of the ingredients are there, if you want to look,
01:21:49.600for everything ranging from a minor revolution to a major revolution.
01:21:55.180You and I know many people think, despite what the Soviets said,
01:21:58.600a working class revolution. It was a bourgeoisie revolution. I mean, it always is. Take a look at
01:22:04.640our, our elites versus elites, right? Elites, elites versus elites is the classic story of
01:22:09.680every revolution. Our current elite is either literally morally bankrupt, trying to extract
01:22:17.020people through gambling and marijuana, pornography, everything I just discussed here, or there are
01:22:22.740people who have been failed by the institutional promises of the 2000s, saddled with student debt,
01:22:29.580put into a situation where they can't get married and have a child, can't buy a house,
01:22:34.040have no upward mobility, total lack of distrust and failure by the system, which was never
01:22:40.840necessarily going to deliver for the bottom quintile, but was at the very least supposed
01:22:44.800to make life decent or better for the 50th to the 90th percentile. Right now in the U.S.,
01:22:49.920If you're in the 50th to 75th, your quality of life has gone down as a result, not just of Donald Trump's war, not just because of gambling, but because of all of the institutional measure used to oppress you.
01:23:04.540And so that is the group I pay the most attention to.
01:23:07.440And that group is angrier than they've ever been, dramatically liberal.
01:23:11.860They're behind a lot of these DSA wins that have been sweeping the nation in terms of the Democratic Party.
01:23:17.680and you can see highly educated people who are downwardly mobile are the two ingredients along
01:23:24.920with mass institutional distrust exactly are the exact ingredients oh and a unpopular foreign war
01:23:30.480which is bankrupting the empire world war one does anybody want to pick up a history book and i hope
01:23:36.760it doesn't get there i i desperately know but unemployed non-profit executives are the most
01:23:40.940dangerous people underemployed lawyers people like that white college educated people whose
01:23:45.580dreams have been shattered man those are scary people yeah and smart motivated angry resentful
01:23:51.380they've been betrayed yeah yes i mean that those are the backbone of the russian revolution the
01:23:57.280backbone of the german revolution yeah i mean and that's exactly what led to the outcomes in
01:24:01.740those two countries or to the destruction or rewriting of the general rules of society
01:24:06.700i was recently the french revolution i just read a fascinating book uh several series of books
01:24:11.660there on the French Revolution and the extent to which there's something inspiring and terrifying.
01:24:16.000And this is kind of what I think we're going to begin to see in the United States
01:24:18.880is at the beginning of the French Revolution, there was just a sense of why should we do it
01:24:23.340that way at all? The old way. Let's just do something brand new, inspiring. And you can
01:24:29.220actually see how easily that message could catch on in a society like ours. But what they didn't
01:24:34.560realize is that by doing the brand new of opening Pandora's box is it would lead to the terrors to
01:24:40.720napoleon to the destruction beheading nuns beheadings of nuns of the persecution of every
01:24:46.100institution in all of your society that's what it leads to and it has happened now so many times
01:24:52.440over the course of the last several hundred years that i could see a very similar situation i could
01:24:57.900too and it's interesting we spend so much time thinking about you know stalin's crimes hitler's
01:25:04.120crimes robespierre's crimes and so little time thinking about the predicate like how'd they get
01:25:09.700there. How did a society like, you know, 18th century France was pretty sophisticated, pretty
01:25:14.560rich country with all the liberal society. That's the thing that strikes you. This was not an
01:25:18.580oppressive regime, not to cape for the French monarchy, but it was not one of the most, you
01:25:25.960know, authoritarian and oppressive societies. And in fact, one of the critiques that later on many
01:25:32.020of the other monarchies of Europe took away was we need to be much more oppressive because the
01:25:36.620libertine french allowed this modicum of speech of pamphleteers of openness in their society and
01:25:43.000look what it got louis the 16th no it's totally it's totally right nicholas ii was not you know
01:25:49.400he was like pretty liberal pro-western right spoke french at home guy yeah exactly and i mean he was
01:25:55.480a fool in oh of course but yeah it does it seems like those are the periods worth studying the
01:26:02.120pre-revolutionary period i totally agree and you can't find a good book on weimar i've never been0.83
01:26:06.460able to find a single i heard there's a good one coming out but there should be a hundred of them
01:26:10.180like okay we spent your entire childhood learning about the nazis it's the only thing that ever
01:26:15.040happened in history along with the civil rights movement okay i'm totally anti-nazi i get it
01:26:18.640how'd they get the nazis in an election no one wants to talk about that what is the answer i'm
01:26:24.440not even sure i understand the answer and then they reduce it down to just the depression which
01:26:28.180is ridiculous it's not just the depression it's like you know there's all these social forces
01:26:33.140both from actually Weimar, very similar to what I talked about, the French Revolution idea of we
01:26:38.040could try anything. So you saw that the sexual absolute insanity, very similar to how things
01:26:43.540were happening in France, in pre-revolutionary France, the same. It's fascinating how you could
01:26:47.540always see the same types of things that are happening, similar in some ways to a lot of the
01:26:52.340gender dynamics currently here in the United States. And I don't want to take it too far.
01:26:56.660We don't have brown shirts currently on our streets. We're not in a Great Depression. You0.98
01:27:00.900mentioned the russian revolution so my historical parallel would be okay it's not 1917 what if it's
01:27:06.1201904 what if it's the russo-japanese war what if it is the war that previously broke
01:27:11.920institutional trust and showed the brittleness and created the crackdown it's smart 10 years later
01:27:19.220it explodes they were so shocked to lose that war they were stunned the world was i know i know by
01:27:24.780that and that that is our equivalent i think of what we have watched here people try to extrapolate
01:27:29.240too much of the most extreme, Suez or that. But you have to pick some of these side wars,
01:27:33.900which at the time were monumental in their understanding of geopolitics.
01:27:38.880It's totally right. So what happens in the midterms more imminently?
01:27:43.500Right. Well, if we were to believe the polls, actually, let's take the polls aside. Let's
01:27:47.380just look at structure. The incumbent president almost always loses ground in the midterm
01:27:53.280elections. America is a nation of the median voter who loves a Republican president and a
01:27:58.480democratic senate for some reason that's or vice versa this is baked into our political consciousness
01:28:03.620so normally you would always expect to see some sort of a backlash against the trump administration
01:28:09.180as they actually enact what they wanted to similar happened in 2018 okay so that's normal times we are
01:28:16.200not living in normal times we're living in times of four dollar gasoline for the last six months
01:28:20.980uh by the way nobody's paying attention to diesel open call everybody please pay attention
01:28:42.880It turns out it literally runs all of our industrial machinery, our grocery prices, everything has diesel price baked into it.
01:28:50.040So we've had six months of, and I'm sure you know working people like I do, who run, let's say, work in trucking, and I've spoken with a few.
01:29:05.120On inflation generally, we have seen that the Trump administration, specifically foolhardy actions in Iran, have bled into some of the more inflationary data.
01:29:14.040We have seen mortgage rates, which, again, are impacted by this foolhardy decision in Iran.
01:29:19.880I believe they're hovering around 6.7%, something like that, for the average American, if they were to try and get a normal 30-year fixed-rate mortgage.0.99
01:29:27.860If they were to do so, they would be entering a home market where if you were to look at the median wage and what it's required to be able to save for a down payment of 20% to avoid PMI or any of these other things that set people back, you would need to save for literally like a decade just to be able to get just the down payment and the ability to sustain the income on two-parent household if you were to actually be able to afford it.
01:29:57.320so extraordinarily expensive housing market. You're met also with, let's see, in terms of
01:30:03.700the midterms, the way that the Trump administration acted even before all of what happened with Iran
01:30:10.860was in such a manner where they didn't really act as if they needed to convince the public
01:30:16.500of anything, of anything that they did. They did a decent job enough in the campaign
01:30:21.300of getting a popular vote of their victory, but they turned around, and to the extent they did
01:30:26.680anything for their, quote, voters or their promises. They did it in such a fashion as to
01:30:31.780ignite major public debate, which is fine in a campaign. But when it comes to policy, if you
01:30:36.900don't do it exactly correctly, you will get torn apart with the press, which is a lot of what
01:30:41.700happened. But that was side by side with some of the most corrupt actions that we've ever seen
01:30:45.920from a White House. And we're not just talking about Trump personally enriching himself to the
01:30:51.040tune of billions, but nobody even knows from his own financial disclosure. We're talking about the
01:30:56.800basic sale of pardons, right, that have happened, where all of these pardons for the Trump issues
01:31:02.880to these corrupt Ponzi schemers and others who then go on to victimize other people, all of it
01:31:08.860basically done for his either for donor pressure or largely just because he likes feeling powerful
01:31:14.980by letting people, specifically rich people, off the hook.
01:31:18.140And then Israel hovers over all of that0.61
01:31:21.520because a proud nation cannot serve another nation.0.94
01:37:37.820I don't think there's anything wrong with that at all.
01:37:39.500And they're not for radical social change.
01:37:41.260they think that there are two genders and each has a distinct role and like it's not good to
01:37:46.780sexualize children and drugs are bad and kind of want law and order i mean these are not crazy
01:37:51.800right-wing goals no that's what we would call the socially roughly speaking socially conservative0.97
01:37:56.160view and that's the majority view around the freaking world yes everyone feels that way yes
01:38:02.380so why can't we have a party that feels that way well i mean that's where we have to say
01:38:06.480we have to just be honest here with the dsa like at the very least they're not willing to have that
01:38:10.300conversation they're not they are because it's run by rich girls is that why i mean part of it
01:38:14.460is that but part of it is deeply look they are a they were a small movement with very little
01:38:19.800backing as of eight years ago and they are now a major force within the democratic party they're
01:38:25.420not in the dominant yet because the establishment of the democratic party hates them largely over
01:38:30.440israel but over all kinds of other uh campaign issues that the health care let's be fair over
01:38:35.720one of them but they are a very they are the prototype prototype of the upwardly mobile
01:38:42.000white or downwardly mobile highly educated largely white female or male yeah that's what they are
01:38:49.240yeah and you and i having spent a lot of time around these people these people are largely
01:38:53.500delusional whenever it comes to the actual social views of the vast majority of the public
01:38:58.040their theory of change is that trump is so bad and has so destroyed the credibility of working
01:39:04.820class messaging, that we will emphasize what we have here in our America First platform whenever
01:39:10.500it comes to Israel, healthcare for all, which is their belief. We're going to not talk about
01:39:15.680our radical social views, but they still have them. El Syed is on tape saying that Medicare
01:39:20.560for all should pay for gender affirming surgery. Okay. He's on tape for saying that. So I don't0.65
01:39:25.020want to sit here and claim he is a conservative or just like sensible. I mean, I don't know if
01:39:31.320But if you're telling me abortion is awesome, you're a freak.0.99
01:39:35.240You're a freak if you think it's awesome.0.91
01:39:37.300Maybe you think it should be legal in some cases or whatever,1.00
01:39:39.460but if you're celebrating abortion, you're evil.
01:39:43.540Can't we just have a normal person run for some office at some point?0.96
01:39:46.900I agree, and that's why I do want to be –
01:39:48.720and there are some within the DSA who actually very, very much disagree
01:39:52.460with some of the tactics of the woke 1.0, like AOC herself.
01:39:57.600Many of them saw her as a much weaker person.
01:39:59.680I mean, look, you can see Zoran Mamdani. I have a lot of disagreements with Zoran, especially going in to the campaign. But you can't deny that the guy has kind of embodied their vision. The current DSA, at least the people I speak to, Crystal specifically and Ryan, their vision, I know for that is like the sewer socialist model, which is very much how Zoran is trying to govern the city of New York is he does. He uses extraordinary popularity and charisma.
01:40:27.280he focuses heavily on quality of life issues he does use his political capital on social issues
01:40:34.360which he feels are very important to him let's say like transgender day of visibility but he
01:40:38.460doesn't make it the main component of his overall governance on law and order he capitulated
01:40:44.320completely he reappointed jessica tish there has been at the very least now currently no actual
01:40:50.820defunding of the police he's largely worked he apologized to nypd for saying he should defund
01:40:55.680the police so he retreated dramatically he's a pragmatist ultimately whenever it came to that
01:40:59.800at least rhetorically and from what we've seen how's the crime rate in new and so well actually
01:41:03.440i mean let's be fair new york has one of the lower actual crime rates in major american cities
01:41:08.460if you were to pick one of new york or san francisco i'm choosing new york every single day
01:41:13.360yeah and he's also focused let's say on new garbage containers in neighborhoods to make sure that
01:41:18.880there's not trash on the street he put a video out this morning about uh rebuilding the bqe which
01:41:24.880is a disaster if you and i have been on i'll say you know again as a guy who has deep deep
01:41:30.880disagreements with a lot of their vision it's pretty attractive to see somebody who says i'm
01:41:35.680going to fix the infrastructure and actually i'm going to do it as opposed to seeing donald trump
01:41:39.920who is multiple times now run on rebuilding america and now whenever it does come to rebuilding
01:41:45.420his most recent tactic is to go to bat for the data center companies and for ai more weed more
01:41:51.000porn more gambling at a regulatory level he's done that but then even to the extent that they're
01:41:55.580if you were to look at like what projects do they support building their main saving grace
01:42:00.720for their presidency has been ai ai is the only reason we're not in an economic depression
01:42:05.160ai capital expenditure specifically with data center is the major driving of any gdp growth
01:42:11.300that we have left it is the only thing holding up our capital markets whenever it comes to
01:42:16.380the s&p 500 they need ai to keep working and so they are going to bat at a regulatory level at
01:42:24.060a rhetorical level to make sure that this industry becomes the multi-trillion dollar promise but why
01:42:30.240not protect the public from mass surveillance in the process right why doesn't how about a bill in
01:42:35.120congress that trump could call for saying you want your data centers okay but we're not going to turn
01:42:41.380this into right east germany yeah it was we are going to every data center i mean he claims like
01:42:46.960he says right executive orders they have to pay for their own power but it hasn't necessarily or
01:42:51.460they have to build their own power whenever they build it i support that but that needs to be
01:42:54.740codified into law we need to make sure that they are not bribing local officials like that case
01:43:00.340in utah with kevin o'leary in the data center project that he spearheaded we need to make sure
01:43:05.680look many of the water use claims are overblown but at the very least they are a somewhat of a
01:43:10.760concern. And then power, power generation is ultimate. The amount of power, Virginia, where
01:43:15.700I live, 40% of the power goes to data centers, 40%. It's the largest in the nation. 40% of power
01:43:22.640generation goes to a data center. In the entire Commonwealth of Virginia? In the entire Commonwealth
01:43:26.020of Virginia. In Oregon, it's 30%. And some of these, it depends on various different states.
01:43:31.180Virginia is the worst because all the data centers are largely powered for the government,
01:43:35.760for Amazon, for, we have the best fiber optic cable for, because of the defense contracting.
01:43:40.280industry. So it's an extreme example, but I'm giving one where you can see that power generation
01:43:47.080itself is becoming a zero-sum game, which is a nightmare, especially when you're competing
01:43:51.100against one of the fastest growing industries in the world, which is the most power-hungry,
01:43:55.660especially with these hyperscale data centers. If we had abundant, cheap power, none of this
01:44:00.740would really be as much of a conversation. But it is actually living in a world where the
01:44:05.000administration is coming to the back of these data center companies and in many cases is
01:44:09.760attacking Republican governors, who, again, in my opinion, are just trying to do some very
01:44:14.500sensible stuff. Greg Abbott, who, let's not pretend he's doing this out of the goodness
01:44:19.500of his own heart. He dragged kicking and screaming to the data center. He's about to lose that
01:44:23.780election. It's very, very well may. But he signed a data center moratorium. And in it, all he says
01:44:29.960is, look, we're doing a moratorium. We have to figure out rural land use and water, noise
01:44:35.580generation. We need to make sure that you don't get certain tax breaks. We just need to make
01:44:40.240things normal so that when the local community allows the data center to be built, that they
01:44:47.620reap some of the benefits. And Trump comes out and is like, I think it's a mistake, right? He said
01:44:52.780that whenever about Greg Abbott. And he said that about Kathy Hochul. He said there's all these
01:44:57.360governors. Josh Shapiro, similarly, also just announced another data center moratorium. The
01:45:02.660proponents of the data centers will attack you for speaking this way. They'll say, you know better
01:45:06.600than the water use or any of that not being true. In some of these cases, we've been able to lower
01:45:10.960property tax. West Virginia data centers, they're looking at potentially trying to remove their own
01:45:16.420income tax. And if the actual benefits of all of that work out, I would be happy. However, and this
01:45:22.260is what you're talking about with mass surveillance, with data, with privacy, is that we cannot use
01:45:27.260just the promise of riches to offset what could potentially be an industry which by their own
01:45:33.440admission they say will be the most radical social change economic change since the industrial
01:45:38.520revolution some of their own ceos say that they will make it so that none of us are even necessary
01:45:43.940in their future world i know that privately they want that because they want to be gods they see
01:45:49.400themselves as gods literally uh as transhumanists like their goal is to infuse the human in the
01:45:54.480machine and that they will personally be part of a rarefied elite, which is transnational above
01:46:01.560governments and so powerful that governments are ultimately answerable to them. That's where Flock
01:46:06.000comes in. You and Glenn did such a great job of talking about that, about mass surveillance. And
01:46:10.820it was amazing to me, you know, with Flock, for example, everybody talks about the crime. I
01:46:15.600totally get it. It is very useful in many cases. But, but the internal mechanisms and controls are
01:46:22.520not governed by any real federal privacy laws a lot of it is up to these corrupt local sheriffs
01:46:28.060we have all these cases of police officers stalking their ex-girlfriends or their wives while using
01:46:33.340the technology only in response to that do they put some safeguards in they claim they delete some
01:46:39.180of the new their new customers data will be deleted after seven days not 30 days it raises
01:46:44.500the biggest question about warrantless surveillance and privacy in your own nation to be able to move
01:46:49.240about daily lives people say solving crimes is is worth that i say let's at least have a real
01:46:54.840debate and guardrails and not leave it entirely up to the companies themselves well they haven't
01:46:59.700ended crime that's for sure of course not yeah right i mean i i think harris county texas has
01:47:05.520the highest or one of the highest penetrations of flat cameras a lot of crime there in houston
01:47:09.160so like but i don't see let me just ask you a question that i actually have been talking to
01:47:15.820someone involved in AI about it this morning. We just interviewed a guy called Nate Soros,
01:47:21.720who's the guy who was an early developer of AI. He's been sounding the alarm that it's
01:47:28.720out of control and superintelligence is a threat to humanity. And I know you're very familiar with
01:47:33.200the argument. So he's written a new book on this. He doesn't have a counterpart on the other side.
01:47:39.940That's what strikes me. There's not one person I'm aware of who can explain the tangible benefits
01:53:02.160which ultimately is to their profit is that the more time i spend on chat gpt the more ads they
01:53:09.000can serve me on the free version the more of my data that they can suck up the more that they
01:53:14.220could potentially there's no restrictions really on any of that data they could do anything they
01:53:17.600want uh you know how many people have there have been cases lawyers have used chat gpt and they end
01:53:21.980up saying that's not privileged and so they're able to subpoena some of your privileged information
01:53:26.500nobody knew that nobody even thought about it whenever they were using it for that purposes
01:53:30.480And so the amount of our personal lives that we give over to these things, and then we allow it to make decisions for ourselves.
01:53:38.700I think one of the real lessons I've learned as an adult is that friction itself is learning and that there is deep joy on the other side of it.
01:53:47.540But you have to, in this modern world, you have to intentionally put yourself in a situation because it is too easy to outsource your thinking just to AI.
01:54:01.740It's too easy to just outsource your entertainment necessarily to gamble what everybody else and all of that are doing.
01:54:08.400It seems an easy way to get rich, but the system, everything is designed to be extractive from you.
01:54:14.820And so what do I want from our leaders?
01:54:16.820I want them to end that. I want them to create a society where everybody at home is not a slave
01:54:24.180to their phone or to gambling or to any other extractive means to be able to spend time with
01:54:30.080their families, to be able to do it on a modest budget. We're not saying it's for free, but on a
01:54:35.460modest budget to be able to take a vacation or two. And then the most important thing that your
01:54:39.740child will grow up and have a better life than you do, which has been broken of the social contract
01:54:43.980since my generation, the millennial generation.