Valuetainment - Alarming Predictions Made About China & US Economy

00:00:00.000 30 seconds did you ever think you would make it i feel i'm so close i could take sweet victory

00:00:07.200 i know this life meant for me yeah why would you bet on goliath when we got bet david

00:00:14.140 value taming giving values contagious this world of entrepreneurs we get no value to haters how

00:00:19.300 they run homie look what i've become i'm the i'm the one i'm patrick bedevio host of item and today

00:00:24.060 i'm sitting down with daniel de martino boot this is our second interview together and this time

00:00:27.700 we're talking about alarming predictions made about china and the u.s economy daniel thank you

00:00:33.220 for being back on value taming and we've got a special surprise for everybody today yes we have

00:00:37.360 a special surprise at the end so a long drum roll but okay cannot wait to do that at the end so

00:00:42.020 opening question from the last time we met to today april 7th to three and a half months later

00:00:49.540 what's changed both what you feel optimistic about and what are you more pessimistic about in the last

00:00:56.540 three and a half months so optimism pessimism um we have seen in the past few months i think

00:01:05.500 the best that america can be i believe that in the aftermath of the great depression we saw

00:01:13.200 the country come together and we've seen that on so many levels over the past few months we've seen

00:01:20.240 people's hearts open up we've seen people's wallets open up it's just it's been tremendous

00:01:27.040 you know it for for a time there and we're still at risk of this you know patriotism was a four-letter

00:01:33.300 word and i i think that having the country come into a crisis of this magnitude has helped bring out

00:01:44.400 the best in americans and along the way we're discovering our innovative inner selves there

00:01:53.520 are going to be generations of new types of companies that come out of this and the the trend

00:02:01.800 towards how we receive services in this country is accelerated exponentially and i think that that's

00:02:08.680 fabulous for the next generation of entrepreneurs they've got massive opportunity that's what you're

00:02:15.720 optimistic about what are you pessimistic about what got worse in the last everything else 100 days

00:02:20.620 everything else what's the biggest one out of everything um the lack of coordination okay the lack

00:02:29.380 of coordination is going to cost this country countless small businesses and that's where my focus is

00:02:38.440 my focus is on the backbone of the country okay and the small business owners who wanted to hold on

00:02:47.720 for dear life for a successful coordinated thoughtful well-led reopening who are having to reclose again

00:02:59.100 and that's it they're calling it a day now a successful person cannot be stopped by one failure

00:03:07.380 these people will come back but it's going to be a huge setback that it wasn't necessary it would it

00:03:14.200 didn't have to be the way it is right now because we're we're going from having optimism about a v-shaped

00:03:22.200 recovery to knowing full well that we're going into a w and there's no way to stop it not even though

00:03:27.580 you're going to w we're going into a w shape there's absolutely no doubt about it absolutely no doubt so

00:03:33.240 what wasn't done what what could have been done better in the way of handling the original no mask

00:03:41.840 mask hoax no hoax coronavirus slowdown what could have been done better the president told us today

00:03:47.880 the president is on the wires today he has a mask on he has said he's tweeted it out himself with a

00:03:57.480 picture of a mask it has come to my attention that if there's not an opportunity to social distance

00:04:03.620 if that's just not there then wearing a mask is the next best thing so i'm the biggest patriot in

00:04:10.560 the world i'm putting on my mask you do too he tweeted it out today that should have been tweeted

00:04:17.180 out on day one that should have been where it started it should have never been on day one what is day

00:04:24.220 one well unfortunately medicine and science don't behave the way we want them to if his closest medical

00:04:33.740 advisors scientific advisors flip the switch for whatever reason they felt like pp was available

00:04:40.240 in abundance for whatever reason if the people because you have to rely on experts you're not

00:04:44.400 you're president you're not god so you you're allowed to rely on the people you put around you

00:04:49.880 but the day that it was decided that maybe masks are better we're looking at other countries and we're

00:04:56.340 seeing their example they're having an easier time closing down they're having a much easier time much

00:05:00.740 more importantly reopening masks are better the science was still on both sides but on that day had he gone

00:05:11.760 with his closest advisors there would be millions of people who would be able to keep their jobs

00:05:18.840 and it's as simple as that how much of that is on him how much of that is on fauci well again

00:05:24.980 he's fauci did terrible damage to to the cause of masks in the 60 minutes interview coming flat out

00:05:33.960 and saying that they were not necessary um when it was decided that that was a mistake it needs to have

00:05:41.020 been sung from the hills this was a huge mistake on mark on my part mia culpa but please trump or fauci fauci

00:05:51.160 okay but please in all humility yeah please listen now please listen to me now and you know what listen to

00:06:00.020 my equivalence around the world listen to my equivalence in other countries look at the examples of other countries

00:06:08.020 countries that are going to reopen much better than we have germany take to take but one example

00:06:13.220 don't listen to me if you don't if you've lost confidence in me listen to them look at their

00:06:18.440 example and then make the decision to not have it be a patchwork approach from one state to the next

00:06:26.540 look this is still a baby virus we are living under the assumption that it is agnostic to heat

00:06:32.600 well i am sorry but it is 96 degrees and they just raised the level in brownsville texas to a level

00:06:39.500 four because their hospitals are overwhelmed this virus doesn't give a damn about the heat

00:06:44.660 maybe it's even angrier when you get to the cold we don't know until we get to the fall but it's still

00:06:50.660 a baby virus but it's raged through much of the country and i don't look at this from a scientific

00:06:58.420 perspective and that is what gets oh i don't know 99 of my twitter followers so angry as i don't i won't

00:07:04.600 look at this from a scientific perspective because i'm not a medical doctor i'm not an epidemiologist

00:07:10.200 and i never will be what i know is that the media is a source of dissension in america and divisiveness

00:07:18.660 the mainstream media so every single time i cite a source i go to this website called media bias

00:07:27.720 fact check and they have a spectrum the wall street journal is right of center leaning cnn's

00:07:34.620 probably way on the left i don't know i don't ever cite cnn per se but gallup polls which has been

00:07:40.620 around since 1935 is smack dab in the middle not biased period end and i find it to be a great

00:07:48.000 resource especially as we get closer to elections because a lot of polling is biased so late april

00:07:55.540 gallup did a poll and they queried americans based on their age based on their political affiliation

00:08:03.820 based on their educational level what do you feel is the efficacy of masks yay or nay well 41 percent

00:08:12.140 of college graduates believed in masks so i then because analysis is about connecting the dots

00:08:20.580 not looking at different sightings in vacuums so i connect that 41 percent or 46 percent of post

00:08:28.360 degree holders and i look and see what they make what their what their incomes are these two cohorts

00:08:35.460 go into the top fourth and fifth quintiles of income earners in america 80th to 100 percent 60 to

00:08:43.900 80 percent top 20 percent of america just 40 percent of america top 40 percent of america top 40 percent

00:08:49.720 of american earners okay they are responsible for 61 percent of consumption

00:08:55.620 us gdp is 75 percent consumption put differently the people who believe in masks forget the science

00:09:06.820 the people who believe in masks are responsible for 42 percent of u.s gdp

00:09:11.120 fear and i know you i know you know about fear and i know you cannot stand fear fear is powerful

00:09:19.940 if i'm joe q american with the greatest spending power and i'm afraid to come out of the door

00:09:27.220 the economy is going to stop and you know what the economy has stopped because they're afraid to come out

00:09:34.340 now there were certain places in germany if you decided to go out and in a public place without a

00:09:40.860 mask on that's fine you need to get get out your wallet and pay a 10 000 euro fine you make up your

00:09:45.920 own mind their restaurants are open their restaurants are open 20 percent over 2019 at this time right

00:09:53.080 now fine wonderful people are like 10 000 euros oh wear the mask but the country's economy is open

00:10:01.640 and you've got your spenders out there spending we don't have that in the united states of america

00:10:07.400 and that means that small business owners who are in neighborhoods of wealthy people

00:10:14.120 have disproportionately gone out of business say that one more time dry cleaners restaurants in the

00:10:20.780 highest zip codes in america small businesses and highest uh wealth of america they've gone out of

00:10:26.640 business disproportionately why because the people who they serve are afraid to leave their homes

00:10:33.000 so okay by the way the way you process that was very logical i mean it's just a pure way of

00:10:40.100 reasoning and brown university have come together because real-time data is very hard to come by so

00:10:45.080 they've created a national repository that is free and you can follow all of the data based on

00:10:51.640 highest middle and lowest zip codes lowest income earning zip codes in the lowest income earning zip

00:10:58.080 codes the recipients of the 600 extra per week that's 15 billion dollars a week of fiscal stimulus

00:11:05.760 in this one 600 extra a week in unemployment insurance that's part of the cares act in the lowest

00:11:12.400 income zip codes the bottom third spending through july the 11th was down 1.8 percent since january

00:11:21.620 not even really a blip right that's not even a recession no it's not okay in the highest zip codes

00:11:27.600 spending was down 11.8 percent that's a recession i see what you're saying so what you're saying is

00:11:32.760 the the top 40 percent educated these are folks that maybe have a degree they're they're making

00:11:37.800 decent income uh and they're doing a little bit more research than maybe the bottom would and they

00:11:42.540 can work from home and they can work from home they're spending less the 11.8 versus the 1.8 which is

00:11:48.060 pretty much 10x that give or take it's i think it is 10x that to be exact as 10x that that's a pretty

00:11:53.380 scary number right there uh uh 10 point is about seven times six times it's a big number let me go

00:11:59.620 back to what you said with fauci and trump okay because this is something that comes up a lot

00:12:03.120 so fauci says masks are not effective okay and even you see fauci when he uses the mask when he was

00:12:09.220 uh being grilled i think by uh ran paul and ran paul saying who are you to tell us where kids

00:12:14.500 shouldn't go back to school and he's touching his mask putting it down picking it up putting it back

00:12:18.380 up putting it up putting going back and forth right here's a guy that we're supposed to listen

00:12:22.040 to that's not good mass protocol that's not a good mass protocol and we're supposed to follow your

00:12:25.420 example why do you think trump doesn't trust fauci well i think maybe he is looking for consistency

00:12:34.760 in analysis and that's that's okay but trump is one man he is in washington dc within three hours

00:12:46.860 of him he has some of the best scientists in the world whether you're talking about mit or down in

00:12:54.660 new york at corner he has he has access to all sorts of people who have continued to do the studies

00:13:02.260 the wall street journal front page today says well you know what they have finally figured it out

00:13:07.240 masks are more efficacious than not and by the way if you want to reopen the economy to the maximum that

00:13:14.640 you can just i'm just talking about money wear masks and this economy i don't mean to be insensitive to

00:13:24.800 the horror of this virus this virus is agnostic the economy only revolves around money

00:13:34.400 okay fair enough let me take it a different angle for you here on this topic so we've had a lot of

00:13:44.860 pandemics in the past before i mean i went and pulled them up and i kind of looked at the numbers

00:13:48.880 because when the pandemic happened i was in la on my board meeting and de la jolla and everybody

00:13:53.460 you know said oh we're not going to come to the board folks from greenish didn't fly in

00:13:56.740 i said we're coming back so we came back to dallas i pulled up i said let me see what the pandemics

00:14:01.700 have done in the past top 10 and see what kind of returns they've had i pulled up aids uh pneumonic

00:14:07.320 plague sars avion flu all these fever swine cholera mers ebola and i looked at everything to see how the

00:14:13.340 market will do six to 12 months later how fast does it recover right every one of them recovers six to

00:14:19.540 12 months later except for one of them which is aids aids is the only one that was minus 16 and a

00:14:25.080 half 12 months later you look at nasdaq nasdaq is now what nasdaq is now at uh give or take uh you

00:14:31.700 know shy of 11 000 right it's it's up it's doing good for itself so for some that are wondering

00:14:38.100 sitting there saying danielle you make a very good point here's my question for you how come we've never

00:14:43.220 shut down in the past and we've had different pandemics why have we not shut down why are we

00:14:48.260 shutting down this time what is the difference so there are two things going on first of all

00:14:54.340 the stock market is completely divorced from from the economy right now there are few who would dispute

00:15:00.760 that it is it is not reflective of the economy or the economy's prospects it's reflective of the

00:15:07.920 federal reserve printing more money than they ever have and rescuing junk rated issuers you had

00:15:15.260 record bankrupt bankruptcies in june you had record junk bond issuance in june these things don't tend

00:15:22.760 to happen together unless there's this artificial force in fact today a republican on the hill

00:15:29.740 suggested that there be an inquiry into the fed pumping so much money into the financial system

00:15:36.420 when as best as we can tell the markets are doing just fine so i'll i'll be coming to the hill myself

00:15:43.160 i'll testify if they need me so that's one thing but you're asking a much deeper question

00:15:50.820 it takes us back to the first time that we visited um in fact i spoke to my friend leland miller about

00:15:58.000 this a few days ago if you're flying blind in a twitter age in a world of social media when you've got

00:16:09.060 when you've got people up in the middle of the night looking at satellite imagery over wuhan and

00:16:15.560 tweeting it out the next day saying look at this it's got to be the crematoriums going at night

00:16:21.400 it can't be anything else from the sky well how would we know one way or the other what it was what we

00:16:29.000 do know about instilling fear and inciting fear is nobody believes the chinese data nobody now if you're

00:16:42.060 john or jang q world leader and the only thing that you know about this virus is that it's really

00:16:53.500 contagious and that that's all you can say about it because the chinese didn't let the world health

00:17:00.940 organization in no data came out so you are a scientific community flying blind into the eye

00:17:08.640 of a storm and you can't even say how big the storm is or isn't you just know that it's something that

00:17:14.700 was a massive cover-up because there was enough social media that got in and got out and enough

00:17:20.420 imagery to scare the hell out of you of people bodies lying dead here and there that you're like

00:17:25.640 oh hell this is really bad can you quantify it no china held back with the data so we didn't know what

00:17:32.360 the fatality rate was from day one we just knew to be really really really afraid of it and if you look

00:17:39.740 at places like baja california where 50 of people who walk through the hospital don't walk out with

00:17:46.940 covid in countries where there are no health health care systems to speak of because you know

00:17:52.040 what we've gotten to be much better at treating this thing much much better march new york city

00:17:59.220 you enter the icu with covid 60 chance you're dead today nationwide 42 chance we've learned how to treat

00:18:10.240 this thing much better and we're going at it and we're going at it fast but we had to learn without

00:18:15.840 the benefit of the origin of this damn thing because data were never released from china so it's very

00:18:23.860 possible that unlike in the past prior to the social media age when all information was disseminated

00:18:29.500 immediately it's possible that there wouldn't have been this big of a reaction we just don't know

00:18:36.860 okay so now i got a follow-up for you on that fair so you're saying we did the right thing

00:18:43.280 shutting down that's what you're saying i'm saying that it's pretty consistent with what you're saying

00:18:49.160 i'm saying that we did the right thing shutting down i'm saying that italy did the right thing

00:18:52.960 shutting down germany did the right thing shutting down uk did the wrong thing shutting down too late

00:18:58.900 herd immunity boris johnson that's what he wanted to do until he got coronavirus

00:19:02.520 And Tim Selfen landed in the ICU.

00:19:04.520 They have probably the highest developed world death rate out there.

00:19:09.620 But closing down and closing down violently and then requiring masks and reopening, that's a different blueprint.

00:19:18.280 I'm okay with that.

00:19:20.240 Because, again, restaurants in Germany are up 20% year over year, reservations.

00:19:25.400 But to manage what you're saying here, you are saying shutting down is the right choice here.

00:19:31.540 It was the right choice here.

00:19:33.440 It was the right choice here.

00:19:34.480 It was, yes.

00:19:35.180 Okay, so now here's my follow-up.

00:19:36.740 Okay, so is it fair to say there will most likely be future SARS, Ebola, coronavirus, other forms of it?

00:19:47.700 Yes.

00:19:48.180 Is it fair to say that when this does happen, there's still going to be a 12 to an 18-month period where we can't figure out a vaccine?

00:19:55.960 Probably.

00:19:56.380 Okay, so what you're saying to me is 90% in the future when another pandemic happens, we're going to have more shutdowns over the next decade or two.

00:20:08.860 It depends on the virus.

00:20:11.240 But how do you know if you don't know anything about the virus?

00:20:13.600 What you do know about the virus is we don't know what the true fatality rate is, and we won't know for a while.

00:20:20.400 We won't.

00:20:20.880 Not until it gets cold again.

00:20:22.020 Not until we go past the risk of a second wave.

00:20:24.380 But we do know what the contagiousness is.

00:20:26.760 We do know that much.

00:20:28.040 And not every virus in the world is as contagious as this thing.

00:20:32.280 That much we know.

00:20:33.100 There are many other viruses that there are not scores very high, and they still didn't shut down.

00:20:36.720 The shutting down part is agreed, but again, in countries that didn't – let me put it differently.

00:20:45.460 Are we going to be scarred by this as a nation by shutting down?

00:20:51.220 Are you asking me?

00:20:52.220 I'm asking you.

00:20:52.920 I'm asking you my questions for a complete – you're about to get a curveball when I ask you what direction I'm going with this.

00:20:58.500 But to ask me the question, are we going to be scarred by shutting down?

00:21:01.180 Absolutely, we are.

00:21:03.060 Well, so are lots of countries that got whacked by viruses that we didn't get whacked by in Asia.

00:21:11.600 And when this happened, they treated it much differently.

00:21:14.320 But what you're saying is it's a new way of handling this issue, is what you're saying.

00:21:17.460 Yes.

00:21:17.960 South Korea never closed its restaurants.

00:21:20.040 Okay, fine.

00:21:20.720 So again, so to go back to it –

00:21:22.860 So we don't have to close down in the future.

00:21:24.680 President, John Doe in the future.

00:21:28.600 President, whoever in the future who runs.

00:21:31.140 Could have been a Jane Doe.

00:21:32.520 Jane Doe or John Doe, yes, or Mary Doe.

00:21:35.040 Whoever that runs and becomes president, it's fair to say that they're going to have a lot of pressure if there's a pandemic,

00:21:40.920 that they're going to have to shut down because they're going to say, back in 2020.

00:21:44.160 Not necessarily.

00:21:45.080 Why not?

00:21:45.460 No, because we're going to be scarred as a nation.

00:21:48.140 We're going to say we're never going to go back to shutting down again.

00:21:50.860 Do you know the risk of that president not shutting down?

00:21:52.960 No, I don't because nothing happened to the president in South Korea.

00:21:58.580 They didn't shut down.

00:21:59.720 Now, they emptied out their restaurants of half the tables.

00:22:03.460 They went to 50% capacity overnight.

00:22:06.620 Everybody put masks on and everybody social distance, but nothing closed down.

00:22:11.040 Okay, so what you're saying is it's fair to say we have another virus.

00:22:15.440 The likelihood of us shutting down 50%, going down to 50% restaurant, we're not going to be at 100% or 75%.

00:22:21.240 We're going to go to 50% and shutting down gyms, all this other stuff.

00:22:24.940 That stuff is pretty much going to be protocol moving forward.

00:22:29.080 Modified behavior, yes.

00:22:30.600 Yes, that's a big modified behavior, though.

00:22:32.680 But it's not a shutdown.

00:22:33.840 Fine, but it's still a big modified behavior.

00:22:36.240 I agree with that.

00:22:37.460 But think about the generation of pharmaceuticals.

00:22:46.380 Think about the mass manufacturer outside of Dallas who, in the aftermath of SARS, was promised a government contract but didn't get one.

00:22:56.380 Think about the next generation of pharmaceuticals and personal protective equipment that's coming to our country, coming soon to a country near you.

00:23:06.100 It's your own damn supply chain.

00:23:09.780 Never to be relied upon the kindness of the people in China again.

00:23:14.220 I'm with you there.

00:23:14.960 But we can have our response mechanism can be fast.

00:23:20.140 But what I'm thinking when I'm asking with this is, so in the future, when another pandemic happens, if we look at these, the timeline on these are AIDS 81, pneumonic plague 94, SARS 03, avion flu 2003, the next fever 06, swine flu 09, cholera 2010, MERS 2013, Ebola 20.

00:23:44.100 I mean, it's not like it's once a decade.

00:23:46.260 Nope.

00:23:46.780 It's every two, three years that we have something like this that's coming up.

00:23:50.040 Okay.

00:23:50.660 So every two or three years, we should be prepared to potentially shut down or lower ourselves from 100% to 75% to 50%.

00:23:59.860 And are you also saying because it is the whole quantitative easing and sending $600 per week to people to be able to save us from going through that ought to be the new norm?

00:24:10.220 No, absolutely not.

00:24:11.280 Okay, so you're not saying that part.

00:24:12.380 No.

00:24:13.060 Uh-uh.

00:24:13.440 Okay.

00:24:13.660 No, I'm, we're in Dallas.

00:24:17.320 This is where the one Ebola person came to the whole country.

00:24:20.580 In fact, my pulmonologist is the guy who, Gary Weinstein, that's my doctor.

00:24:24.720 He saved my lungs years ago for nine months.

00:24:27.660 I was really sick.

00:24:28.680 So I can't jack with this COVID thing personally.

00:24:31.620 But he treated the one Ebola person who came to the United States here in Dallas.

00:24:35.420 So Ebola was kind of a good thing because it stayed away from us.

00:24:39.360 We don't know what future viruses are going to behave like.

00:24:42.780 But we do know that future leaders can be prepared.

00:24:46.260 And modifying our behavior is not shutting down the economy.

00:24:51.160 You cannot equate the two.

00:24:52.760 And this has been so devastating that I hope it never happens.

00:24:57.220 And the greatest fear is that we turn to some form of socialism.

00:25:01.900 Because other countries will cook our goose, period, end.

00:25:06.920 It seems like that's what's being proposed by a lot of people today in politics.

00:25:12.280 But again, so my last question on this topic.

00:25:14.160 I hope, I hope, I hope that, look, the stimulus bill has not been passed.

00:25:18.080 And as far as I know, the GOP is pushing back hard against the 600.

00:25:21.820 So we both know what industries have taken a biggest hit.

00:25:25.540 I'll just read off some of the stats so we know, because I know you know this like the

00:25:28.440 back of your hand.

00:25:29.620 Okay, I got stats for industries, unemployment by industry.

00:25:32.720 I got it in May.

00:25:33.720 I have it in June.

00:25:34.860 I'll read both of them to you.

00:25:36.000 In May, leisure and hospitality, unemployment, 36%.

00:25:41.820 Then you had wholesale and retail took a hit.

00:25:44.680 Transportation took a hit, 14.2%.

00:25:46.940 And you had construction, manufacturing, 11.6%.

00:25:49.500 And you had a few other industries that took a hit.

00:25:51.140 Okay, that's May.

00:25:52.600 June, leisure and hospitality, 29%.

00:25:55.480 Came down a little bit.

00:25:56.580 People got some jobs.

00:25:57.980 Mining, coring, and oil and gas extraction, 17.8%.

00:26:02.860 Transportation and utilities, 12.9%.

00:26:04.960 Information, 12%.

00:26:06.060 Okay, so that's industries.

00:26:08.500 Car sales, stats.

00:26:11.780 Number one, Nisa Centra, Q2, 2020.

00:26:15.960 In sales to Q2, 2019 sales.

00:26:19.700 62.5% fewer Nissan Centras have sold.

00:26:23.740 This Q2 over last Q2.

00:26:25.680 2019, they sold 53,000 Nissan Centras.

00:26:29.380 This year's 19,907.

00:26:31.500 Then it's Nissan Altima.

00:26:33.000 Then it's Ford Fusion.

00:26:34.460 And you have a bunch of other cars.

00:26:35.580 Even Tesla Model 3 is down 32.5%.

00:26:38.640 Well, if you're receiving an unemployment check,

00:26:41.540 just because you're not missing your rent payment

00:26:43.700 does not mean you can go out and buy a new Nissan Centra.

00:26:47.080 And the cars that were hit the most

00:26:49.160 are the 25 million Americans receiving that extra $600 a week.

00:26:53.880 Just because they're not being evicted

00:26:56.100 and just because they're not working

00:26:57.520 doesn't mean that they can go qualify to buy a new car

00:27:00.040 using financing.

00:27:02.000 I mean, it's just, it's the fact of life.

00:27:04.220 No doubt about it.

00:27:05.160 I'm asking this question because if today

00:27:08.260 you're in your mid-20s,

00:27:09.840 you graduated college,

00:27:11.460 I'm 22, 25, 30, and I'm watching this.

00:27:14.560 Danielle, I got a question for you, Danielle.

00:27:16.220 What is it?

00:27:17.340 We just talked about that they ought to shut down

00:27:19.720 and use the formula that Germany used

00:27:22.100 or maybe South Korea used.

00:27:23.560 And if Fauci and Trump were on the same page, fine.

00:27:26.480 If Fauci wouldn't have said 60 minutes

00:27:28.280 and been irresponsible with the way he handles his mask

00:27:30.380 with the Rand Paul, fair.

00:27:31.720 Okay, if they were on the same page

00:27:32.860 and with the shutdown, you know,

00:27:33.840 we would have gone to masks sooner.

00:27:35.300 Maybe we wouldn't have the problem that we have today,

00:27:37.120 but we're getting better.

00:27:38.000 ICU in New York from, you know,

00:27:40.340 March was at 60%.

00:27:41.660 Today it's 42%.

00:27:42.780 We've improved 18%.

00:27:43.860 Fine, we're making some progress.

00:27:45.600 But you said in the future,

00:27:46.700 if there's another pandemic,

00:27:47.820 we will most likely go the same direction again

00:27:50.120 that we may have to wear masks.

00:27:52.340 We may have to go down from 100% to 75% to 50%.

00:27:55.020 Possibly.

00:27:55.680 Possibly.

00:27:56.140 And some industries like gyms may have to shut down.

00:27:58.200 If you're 22, 25, 30 years old today,

00:28:02.000 and you know everything you know,

00:28:04.040 what industries wouldn't you go into as a courier

00:28:07.260 and what industries would you get into as a courier?

00:28:11.040 So I think we've learned that a lot of industries,

00:28:15.160 I mean, there are a lot of companies that are like,

00:28:17.400 you know what?

00:28:18.480 Let's make it to the end of 2021.

00:28:20.120 You can all telecommute to the end of 2021.

00:28:22.680 Lo and behold, we've discovered

00:28:23.720 that our productivity has not taken a hit.

00:28:25.440 And it is the industries of tomorrow.

00:28:31.580 It is the innovative bent of the future.

00:28:35.040 It is not industries that require a lot of touching.

00:28:39.560 And people don't ever think of the United States

00:28:42.920 as being a low labor cost country.

00:28:46.240 It's the last thing you think of.

00:28:47.500 You think of all these generations of outsourcing

00:28:49.300 to China and Vietnam.

00:28:50.840 However, we've had a huge chunk of Americans

00:28:55.700 who've been very underpaid for a generation.

00:28:58.780 And that's how small businesses

00:29:00.120 have been able to grow in this environment.

00:29:02.420 They've been able to grow by virtue of the fact

00:29:04.360 that they can bring labor in cheap.

00:29:06.660 Now small businesses are going to automate.

00:29:09.340 Now small businesses are going to find a way

00:29:10.880 of doing hands-free transactions

00:29:12.800 with their future customers.

00:29:15.820 Chipotle has put in all these drive-thrus

00:29:18.720 so that they can try and keep up top-line revenues

00:29:21.620 without having people come into the restaurants.

00:29:24.640 There will be whoever is the youngest, smartest,

00:29:28.860 graduating from medical school right now

00:29:31.560 who is starting a nationwide telemedicine network

00:29:36.060 is going to be the next billionaire out there.

00:29:39.360 And frankly, as a mother, it's a little bit too late

00:29:41.660 because I've gone to one too many pediatricians' appointments

00:29:43.840 and waited in one too many doctor's offices

00:29:46.080 when apparently I'm coming to find out because of COVID

00:29:49.040 it could have all been delivered to my home

00:29:50.880 this whole damn time.

00:29:52.600 So who knew?

00:29:53.580 But there's going to be a whole new generation

00:29:55.780 that makes our life a lot easier.

00:29:58.880 And bring it.

00:30:00.200 Bring it.

00:30:00.780 That means that mom and dad can be more productive.

00:30:03.380 You're not taking time off from work

00:30:04.700 to go sit in an office.

00:30:07.420 Life's going to be more streamlined in the future.

00:30:09.600 And that's great.

00:30:10.640 Look, there are the next generations

00:30:14.720 of manufacturing capability in the world

00:30:18.160 happens to be in China.

00:30:19.660 You know what?

00:30:20.320 Let's bring it home.

00:30:22.020 Let's us be the next generation of manufacturers.

00:30:24.860 Industrial production in this country

00:30:26.080 has not declined since 1980.

00:30:28.300 Industrial production in the United States

00:30:29.540 has gone up since 1980.

00:30:32.480 Employment in the manufacturing sector

00:30:34.560 has come down as we have automated.

00:30:37.340 But what we haven't done

00:30:38.560 is we haven't taken it to the next step

00:30:40.560 to where we can get beyond China

00:30:44.380 and actually start to employ more people

00:30:46.680 because we're making things better than they do.

00:30:50.620 That requires making sure

00:30:52.700 that our kids get well-educated.

00:30:55.860 That's hopefully something

00:30:56.840 that has come out of this disaster

00:30:59.000 is that you can't ignore

00:31:00.920 the inequality divide anymore in this country.

00:31:02.940 You can't.

00:31:03.840 Period.

00:31:04.200 End.

00:31:04.980 You can't be like,

00:31:05.680 oh, that's nice.

00:31:06.540 I'll give to charity,

00:31:07.280 but I better live in the right zip code

00:31:08.660 so I can send my kids to public school.

00:31:11.020 And the heck with the rest of them.

00:31:12.360 No more.

00:31:13.540 The inequality divide

00:31:14.720 has officially cost this country.

00:31:16.860 And if we don't know

00:31:18.440 that it's time to educate our children,

00:31:19.940 if this wake-up moment

00:31:22.360 does not wake us up

00:31:24.040 about the need to make sure

00:31:26.620 that our kids are the future scientists

00:31:28.420 and engineers of the world,

00:31:30.140 there's something really wrong with us.

00:31:32.040 I'm sitting here looking at George Washington.

00:31:33.680 He's spinning in his grave

00:31:34.880 if we don't figure this out.

00:31:37.100 You still haven't answered my question.

00:31:38.620 About?

00:31:39.080 What industry would you get into?

00:31:40.860 I don't know what industry I would get into.

00:31:42.980 Whatever the next...

00:31:43.540 I'm not an engineer.

00:31:44.720 I didn't go to engineering school.

00:31:46.260 Today, today,

00:31:47.120 what if you were...

00:31:47.900 If Danielle,

00:31:49.020 that thinks the way you do,

00:31:49.920 you have access to all the information,

00:31:51.360 what industries would you look into?

00:31:53.260 Computer engineering.

00:31:54.940 Computer engineering.

00:31:55.820 Sure.

00:31:56.800 Why?

00:31:58.140 Well,

00:31:58.900 one of my dear friends

00:32:00.040 is one of four.

00:32:02.120 She has three brothers.

00:32:04.380 Her three brothers' parents told them,

00:32:07.840 and she's 40 years old,

00:32:09.840 her three brothers' parents told them,

00:32:11.800 you can do anything.

00:32:12.960 You will pay for any graduate degree

00:32:14.480 that you want.

00:32:16.100 We don't care if you want to go do

00:32:17.720 underwater basket reading

00:32:19.620 and get a PhD in it.

00:32:21.340 We won't pay for anything

00:32:22.700 unless your undergraduate degree

00:32:24.180 is in some form of engineering.

00:32:25.980 One of them is a chemical engineer.

00:32:30.320 One of them is a structural.

00:32:31.440 One of them is a mechanical.

00:32:33.360 One of them went off to get his MBA.

00:32:35.100 One of them went off to be a doctor.

00:32:36.960 They're all really successful,

00:32:38.560 and they have that backbone.

00:32:40.440 They have that backbone to fall back on

00:32:42.360 of an engineering undergrad.

00:32:44.040 When I was getting my MBA,

00:32:45.660 those engineers would come in,

00:32:47.980 hungover,

00:32:50.720 broken up from playing rugby

00:32:52.060 late into the night,

00:32:54.100 barely wake up,

00:32:54.920 take the test,

00:32:56.640 totally trash the curve,

00:32:58.700 blow everybody out,

00:33:00.020 go have a beer afterwards

00:33:01.380 while you're sitting there

00:33:02.400 worried about what you made on the test

00:33:03.900 and how the damn engineer

00:33:04.960 blew you away again.

00:33:07.460 It's discipline.

00:33:11.300 I would get into

00:33:12.560 anything that requires

00:33:14.420 getting out of my comfort zone

00:33:16.200 and having to learn the math

00:33:18.080 and the science

00:33:18.680 that you don't want to learn.

00:33:20.140 Would any of the way

00:33:21.340 the coronavirus was handled

00:33:22.960 or potentially a future pandemic

00:33:24.800 could change a lot of industries

00:33:26.700 and put them out,

00:33:27.280 would you avoid any industries?

00:33:28.920 Maybe let me ask the question that way.

00:33:30.600 Would you avoid giving advice

00:33:32.720 to somebody saying,

00:33:33.580 if there's anything I can tell you,

00:33:35.140 I would avoid getting involved

00:33:36.600 in this industry,

00:33:37.200 I would avoid getting into this industry

00:33:38.740 and this one?

00:33:39.220 Well, I mean,

00:33:41.900 it's easy enough to say

00:33:42.900 I don't have great aspirations

00:33:45.200 for my kids to grow up

00:33:46.180 and become waitresses

00:33:46.940 or the lady who does my mani-pedi,

00:33:49.940 which involves human contact.

00:33:52.060 Here's a different way.

00:33:52.780 But I will tell you this much.

00:33:55.140 I will answer the question

00:33:56.240 in a different way.

00:33:58.320 A lot of the consulting firms

00:34:03.300 of the world right now

00:34:05.020 are realizing

00:34:06.960 because their clients are truly,

00:34:10.140 it's not like a minor industrial recession

00:34:12.260 like we had in 2015 and 2016.

00:34:14.620 This is like a really big kid recession.

00:34:17.540 It really is.

00:34:18.360 It's a pull up your underwear.

00:34:19.620 This is serious stuff.

00:34:20.960 A lot of consultants

00:34:24.740 are going to be

00:34:27.260 a little bit redundant going forward

00:34:29.220 when companies have to be

00:34:31.380 a lot meaner and a lot leaner

00:34:33.900 than they are today.

00:34:35.980 I think business travel

00:34:37.460 is going to take a generation

00:34:38.720 to come back.

00:34:40.080 A generation to come back.

00:34:41.040 A generation to come back.

00:34:43.340 People are going to study

00:34:44.580 how much money they used to spend

00:34:46.120 on travel and expenses

00:34:47.120 and realize that they were able

00:34:49.060 to bring together

00:34:49.960 in the heat of the crisis.

00:34:52.360 People from coast to coast

00:34:53.660 and by the way, Joe,

00:34:54.720 you know, whoever's in Korea,

00:34:56.560 he can come on in too

00:34:57.760 because we don't have to fly

00:34:59.540 in business class

00:35:00.300 to come to this meeting in New York

00:35:02.180 that's going to cost the company

00:35:03.620 God knows how much money.

00:35:05.080 We're all getting together

00:35:06.440 because Zoom is yesterday.

00:35:08.080 We've got the next generation of Zoom.

00:35:10.680 We can smell that the other guy

00:35:11.680 across the world

00:35:12.120 has got bad breath.

00:35:12.780 At this point,

00:35:13.760 the technology is coming

00:35:15.280 and companies are going to save

00:35:17.300 a lot of money

00:35:18.060 and they're going to realize

00:35:19.100 that they can save

00:35:19.740 a lot of money

00:35:20.280 without,

00:35:21.160 I'm not naming names,

00:35:22.360 but without having McKinsey

00:35:23.360 or Bain or Deloitte

00:35:24.260 have to come in and say,

00:35:25.500 this is how you should

00:35:26.500 approach this problem.

00:35:28.040 You give an executive

00:35:29.660 who's going to come out

00:35:30.460 on the other end

00:35:31.040 who's still an executive

00:35:31.820 of a company,

00:35:33.340 they're going to realize

00:35:34.820 that there was a lot of fat

00:35:35.740 in between

00:35:36.320 that they had been sold

00:35:37.300 by corporate America.

00:35:38.240 So the $165 starting salary

00:35:43.420 at McKinsey

00:35:44.000 with a $35,000 signing bonus

00:35:45.880 is gone.

00:35:46.420 That damn engineer

00:35:47.300 who got it

00:35:47.860 and bought a 9-11

00:35:48.820 the day of graduation.

00:35:51.240 I'm telling you,

00:35:52.060 he did.

00:35:53.360 This is changing the game,

00:35:54.800 by the way.

00:35:55.180 So, okay,

00:35:55.580 let me ask you

00:35:56.080 a different way.

00:35:56.780 Here's a different way.

00:35:58.000 You're an advisor.

00:35:59.760 We have a bunch

00:36:00.640 of entrepreneurs.

00:36:01.920 They have millions

00:36:02.660 of dollars

00:36:03.240 to buy businesses.

00:36:05.240 So they're not going

00:36:06.540 to be a waiter

00:36:07.040 or a waitress,

00:36:08.280 but they may buy

00:36:09.360 a restaurant

00:36:10.060 with a good chef.

00:36:11.240 They may buy

00:36:12.040 into real estate.

00:36:13.700 They may buy

00:36:14.360 into technologies.

00:36:15.540 They may buy

00:36:16.080 into different things.

00:36:17.460 If I'm somebody

00:36:18.500 that's not necessarily

00:36:19.560 the guy that just wants

00:36:20.420 to invest and be passive,

00:36:22.200 I want to put my money

00:36:23.380 into a business

00:36:23.940 and start a company.

00:36:24.980 What industries

00:36:25.660 would you look at?

00:36:27.040 Business,

00:36:27.680 not a job or career.

00:36:29.960 The businesses

00:36:30.800 that I would look into

00:36:31.780 would be healthcare

00:36:32.780 number one.

00:36:34.040 Healthcare number one.

00:36:35.240 Healthcare number one.

00:36:36.300 Why is that?

00:36:36.900 We're trying to kill

00:36:37.640 the baby boomers,

00:36:38.380 but we're not going

00:36:38.880 to succeed.

00:36:39.720 There's going to be

00:36:40.380 some left.

00:36:42.180 And the way

00:36:43.500 that they're delivered

00:36:44.100 medicine,

00:36:44.640 the future of medicine

00:36:46.760 and my generation's

00:36:48.540 not getting any younger.

00:36:51.400 So I think that the,

00:36:53.180 I think,

00:36:53.720 and there's no reason

00:36:55.520 that there should be

00:36:56.080 a 10x differential

00:36:56.920 between what you spend

00:36:58.140 on a mask in China

00:36:58.960 and what you spend

00:36:59.500 on a mask in the United States.

00:37:01.160 Somebody's going to figure out

00:37:02.000 how to make this stuff cheaper.

00:37:03.080 So you're talking

00:37:05.020 about really tight minds

00:37:08.100 that know how to

00:37:10.500 not just innovate,

00:37:11.960 but innovate smartly.

00:37:14.580 One-up them.

00:37:15.800 But I think telecom is one.

00:37:17.720 I think that there will be

00:37:19.700 a different way

00:37:20.640 that we,

00:37:21.560 we're not going to stop

00:37:22.440 going on vacation.

00:37:25.060 We're in a big pause period

00:37:27.020 right now.

00:37:27.700 We don't want to go

00:37:28.540 into high-rises anymore,

00:37:29.960 up and down elevators necessarily.

00:37:32.260 We're kind of leery

00:37:33.280 and weary of

00:37:34.280 air conditioning systems,

00:37:35.380 but you know what?

00:37:37.140 The flight that I took out

00:37:38.500 to Los Angeles recently,

00:37:39.720 what I was told?

00:37:41.640 I was told

00:37:42.560 that the pilots

00:37:44.580 and the co-pilots

00:37:45.680 sitting up in the front

00:37:46.960 of the plane

00:37:47.860 have always had

00:37:49.500 the clean air systems.

00:37:51.660 Can't have them getting sick.

00:37:53.400 Rest of the plane?

00:37:54.220 Screw them.

00:37:54.900 But can't have the guys

00:37:55.880 in the front getting sick.

00:37:57.080 It was just a matter

00:37:57.960 of expensing,

00:37:59.380 spending the money

00:38:00.300 to deploying it.

00:38:02.360 There are going to be,

00:38:03.380 there are going to be

00:38:04.260 young entrepreneurs

00:38:05.540 in America

00:38:06.200 who come in and say,

00:38:08.320 your office building?

00:38:09.380 I'm converting it.

00:38:10.400 There's going to be

00:38:11.000 UV rays everywhere.

00:38:13.140 If a germ wants to even

00:38:14.640 make itself present,

00:38:16.460 uh-uh.

00:38:17.080 No, I've got technology

00:38:18.740 that's going to

00:38:20.520 zap everything quietly.

00:38:22.080 There's no chemicals involved.

00:38:23.740 Nada.

00:38:25.620 Flying is going to be safe.

00:38:27.720 Going to the office

00:38:28.580 is going to be safe.

00:38:29.580 Going to a hotel

00:38:30.380 is going to be safe.

00:38:31.320 There you go.

00:38:31.960 I mean, when I stayed

00:38:32.600 in a hotel recently,

00:38:33.580 they removed the stationary.

00:38:35.520 I mean, it was like

00:38:36.080 walking into a prison cell,

00:38:37.140 a very expensive one,

00:38:38.080 because they had to remove

00:38:38.960 everything that could have

00:38:40.540 germs on it possibly.

00:38:42.200 No, there's a technology

00:38:43.260 out there for that,

00:38:44.260 and it's going to be

00:38:45.180 applied everywhere

00:38:46.820 until we were like,

00:38:49.600 fine, whatever.

00:38:50.580 So there's a new virus.

00:38:52.280 I'll put my mask on

00:38:53.500 when I go to the grocery store.

00:38:55.080 If I don't have it,

00:38:55.960 I had my Sam's Club

00:38:56.760 delivered today.

00:38:57.400 Thank you very much.

00:38:58.340 Gave the person a nice tip.

00:38:59.820 We all tip nicer these days,

00:39:01.480 don't we?

00:39:01.860 We all tip nicer,

00:39:02.940 and we should,

00:39:03.920 because we're like,

00:39:05.200 they're on the front lines.

00:39:06.260 They're the ones out there

00:39:07.320 doing the things

00:39:08.200 that we don't want to do.

00:39:09.300 Therefore, you tip higher.

00:39:11.200 But I had all my Sam's Club

00:39:12.220 delivered today.

00:39:13.140 But if the time,

00:39:14.200 you know,

00:39:14.600 for the next pandemic,

00:39:16.340 and we know it's coming,

00:39:17.300 because this puppy

00:39:19.700 is some kind of gradation

00:39:21.220 of coronavirus and HIV.

00:39:25.360 In younger people,

00:39:26.640 it attacks the organs

00:39:28.360 like HIV attack the organs.

00:39:30.420 So God knows

00:39:31.300 what the next generation

00:39:32.280 of virus is going to look like,

00:39:33.600 but there will be people

00:39:36.040 who come out

00:39:36.680 and invest in business lines

00:39:38.120 that make the world

00:39:39.620 a safer place,

00:39:40.620 such that the gravity

00:39:42.680 of the shutdown

00:39:43.320 will never have to be

00:39:44.480 reality again.

00:39:46.580 And somebody's going

00:39:47.120 to make millions off of that,

00:39:48.240 billions off of that.

00:39:50.580 Yeah, I was at Four Seasons

00:39:51.700 in Dallas,

00:39:52.520 and the floors

00:39:54.320 to go up the elevator,

00:39:55.540 they say you can't stay

00:39:56.060 in those rooms.

00:39:56.540 The only ones that are available

00:39:57.380 is the bungalows.

00:39:58.260 So the whole thing

00:39:59.020 with going through elevators,

00:40:00.200 they were uncomfortable

00:40:00.760 doing that.

00:40:01.620 But at West Palm,

00:40:02.500 at Breakers yesterday,

00:40:03.800 they had no problem.

00:40:04.620 They kept the elevators open

00:40:05.580 if you think about that.

00:40:06.680 Four people max.

00:40:07.460 Yeah, but four people max

00:40:08.880 is what they kept it,

00:40:09.640 and there was masks

00:40:11.640 everywhere, sanitas.

00:40:13.240 So they had a system

00:40:13.840 for doing that,

00:40:14.340 but you know,

00:40:14.920 we're talking about industries.

00:40:15.460 Yeah, but I'd rather

00:40:15.980 zap the air.

00:40:17.140 Yeah, I mean,

00:40:17.740 that would be the ultimate

00:40:19.120 is if we can do that.

00:40:20.780 Here's a question for you.

00:40:21.720 You're in the business.

00:40:22.500 I'm in the financial industry.

00:40:24.020 Financial industry

00:40:24.760 is the lowest

00:40:25.420 for having taken a hit.

00:40:27.460 Why is that?

00:40:28.540 Why is unemployment

00:40:29.240 the lowest

00:40:29.620 in financial and insurance?

00:40:31.420 Well, the Fed

00:40:32.460 has been very kind.

00:40:34.000 Tell me more.

00:40:36.520 So the beauty

00:40:38.540 of Jay Powell

00:40:40.940 pulling out the bazooka

00:40:42.140 and quantitative easing

00:40:43.580 the likes of which he's done

00:40:44.500 and making sure

00:40:46.000 that companies,

00:40:47.140 because you have to

00:40:47.920 understand the math, okay?

00:40:48.840 This is pretty simple.

00:40:50.380 Non-financial businesses.

00:40:51.900 That just means

00:40:52.540 all businesses in America

00:40:53.820 except for banks.

00:40:54.540 So non-financial debt

00:40:56.540 as a percentage of GDP

00:40:58.280 on December the 31st, 2019

00:41:00.720 was 74%.

00:41:01.900 That is a record

00:41:03.720 in U.S. history.

00:41:05.620 Normally,

00:41:06.620 again,

00:41:07.220 very simple math,

00:41:08.000 normally

00:41:08.780 your non-financial debt

00:41:10.200 to GDP

00:41:10.760 peaks out

00:41:11.840 during a recession,

00:41:13.420 right?

00:41:13.900 Because your GDP

00:41:14.480 goes down,

00:41:15.240 your denominator

00:41:15.680 goes down.

00:41:16.440 So as a percentage

00:41:17.320 of GDP,

00:41:18.040 it peaks out.

00:41:19.060 Prior to going

00:41:20.140 into recession

00:41:20.920 at the end of 2019,

00:41:22.940 74% record high,

00:41:25.020 including any

00:41:25.820 and all U.S. recessions.

00:41:27.500 Awful.

00:41:28.380 We were ready

00:41:29.160 for not a black swan,

00:41:31.580 not the coronavirus.

00:41:32.760 We were ready

00:41:33.160 for a sneeze

00:41:33.920 because we had

00:41:35.140 over-leveraged ourselves

00:41:36.220 so much.

00:41:38.440 So since then,

00:41:40.280 and the Fed knew it,

00:41:42.800 so since then,

00:41:45.240 from January the 1st

00:41:47.360 until June the 30th,

00:41:48.940 non-financial debt

00:41:49.880 in the United States

00:41:50.960 has grown

00:41:51.540 $2.5 trillion.

00:41:54.820 Why?

00:41:56.400 Because the Fed

00:41:57.500 forced open the markets

00:41:59.580 by saying,

00:42:00.720 we will buy junk bond.

00:42:02.980 This is moral hazard.

00:42:04.180 The risk return,

00:42:06.680 that math is gone.

00:42:08.660 You can take the risk.

00:42:09.640 We'll handle the return.

00:42:10.600 Don't worry.

00:42:11.200 We've got you covered.

00:42:12.360 To quote J-PAL,

00:42:13.500 we'll make you whole.

00:42:15.900 So what happens

00:42:17.000 when a company

00:42:17.620 that should have

00:42:18.400 gone bankrupt,

00:42:19.980 like a casino operator

00:42:21.860 or a really indebted

00:42:24.420 cruise line

00:42:25.400 or a hotel chain

00:42:27.140 that was up to

00:42:27.860 their eyeballs in debt,

00:42:29.580 when you say,

00:42:31.100 you know what,

00:42:31.380 instead of restructuring

00:42:32.540 because your balance sheet

00:42:34.640 is terrible

00:42:35.260 and you should go

00:42:36.300 into restructuring

00:42:36.960 and your creditors

00:42:38.240 should lose

00:42:38.640 and your shareholders

00:42:39.220 should,

00:42:39.660 instead of that,

00:42:40.700 let's instead

00:42:41.240 give you more debt.

00:42:43.040 Fine.

00:42:44.080 What does that do

00:42:44.540 for American banks?

00:42:45.460 What does that do

00:42:45.860 for the financial industry?

00:42:48.040 $45 billion

00:42:49.260 in fee and trading income

00:42:51.780 in the second quarter

00:42:53.000 alone

00:42:53.780 to the five largest banks

00:42:55.820 in America,

00:42:56.600 a little gift

00:42:57.660 from J-PAL.

00:43:00.300 That helps them

00:43:01.400 offset the $25 billion

00:43:02.800 that they had to set aside

00:43:04.360 for future loan losses.

00:43:07.100 Good business

00:43:07.780 if you can get into it.

00:43:10.420 Not American,

00:43:11.720 but it's a damn good business.

00:43:14.200 What would you have done?

00:43:16.280 I would have let

00:43:17.040 the bad companies go.

00:43:18.160 It's kind of,

00:43:19.040 it's capitalism.

00:43:20.360 It's how it works.

00:43:21.660 Yeah, we talked about

00:43:22.240 this last time.

00:43:22.740 We did.

00:43:23.500 But you know what's

00:43:24.080 different between now and then?

00:43:25.400 $2.5 trillion.

00:43:26.000 And do you know

00:43:26.900 what that means

00:43:27.360 when these companies

00:43:27.920 do eventually go bankrupt?

00:43:29.260 That means that people

00:43:30.200 lose their jobs

00:43:30.880 because there's much less value

00:43:32.360 to be carved out

00:43:33.500 of a restructuring process

00:43:35.120 because you put

00:43:35.760 that much more debt

00:43:36.480 back on the balance sheet.

00:43:37.520 So you're not talking

00:43:38.340 about the future

00:43:39.040 bankruptcies of America

00:43:40.060 because these are

00:43:40.640 insolvent,

00:43:41.240 badly run companies.

00:43:42.080 You're talking

00:43:42.620 about a liquidation.

00:43:44.680 And that really upsets me.

00:43:48.580 Yeah, it makes you think

00:43:49.800 when you're looking at this

00:43:50.980 because, you know,

00:43:52.400 do you think

00:43:52.860 there's another element

00:43:53.640 where the financial industry

00:43:54.900 is also doing well

00:43:55.920 because they've learned

00:43:56.680 how to adjust

00:43:57.240 to sell through Zoom

00:43:58.180 and no longer have

00:43:58.880 to do the face-to-face?

00:43:59.840 Do you think

00:44:00.180 that was already

00:44:00.760 going on prior to it?

00:44:03.380 I mean, that's part of it.

00:44:04.940 But if the stock market

00:44:07.200 wasn't at all-time highs,

00:44:08.340 how would the financial industry

00:44:09.360 be doing?

00:44:11.360 It's kind of...

00:44:14.180 Jay Powell still can't

00:44:15.380 let the stock market go.

00:44:16.660 The stakes are higher

00:44:17.340 than they've ever been.

00:44:18.100 So you don't have

00:44:20.040 to be a financial...

00:44:20.940 There's not much advice

00:44:21.960 to give.

00:44:23.000 Own the stock market.

00:44:24.620 Dot, dot, dot.

00:44:25.420 Don't do anything else.

00:44:26.380 Just own this.

00:44:26.940 By the way,

00:44:27.460 gold has done very well.

00:44:28.520 I wonder why that is.

00:44:30.120 But that's not what

00:44:31.020 a financial advisor

00:44:31.760 is going to tell you about

00:44:32.620 because they're not

00:44:33.040 going to make money

00:44:33.640 if you own gold.

00:44:35.160 They're going to make money

00:44:35.960 if you're long

00:44:36.440 the stock market.

00:44:37.600 And so what they've had

00:44:38.720 to tell their clients

00:44:39.480 has not changed

00:44:40.420 over the last several months.

00:44:42.880 Even with the price

00:44:43.760 of $18, $17 as of today,

00:44:46.620 do you still recommend

00:44:47.200 buying gold?

00:44:48.100 I still recommend

00:44:52.140 having a large portion

00:44:53.280 of your portfolio in gold.

00:44:54.580 What does large mean?

00:44:55.520 Define large.

00:44:57.220 I think 10% is too low.

00:44:59.280 Oh, 10% is too low.

00:45:01.060 I think so.

00:45:02.500 You know,

00:45:02.800 the number's typically

00:45:03.600 been 5%,

00:45:04.800 not even 10%.

00:45:05.480 Well, I know.

00:45:05.500 I understand that.

00:45:06.520 But if we're going

00:45:07.360 into a different kind

00:45:08.580 of economic regime,

00:45:10.160 I mean,

00:45:10.480 we had a falling

00:45:11.280 interest rate environment

00:45:12.200 for 38 years.

00:45:13.900 These trends tend

00:45:15.000 to take a while.

00:45:16.760 If, let's say,

00:45:17.860 we end up with socialism

00:45:19.180 in America

00:45:19.860 or some variant of it,

00:45:22.600 I think inflation's

00:45:23.900 going to rear

00:45:24.240 its ugly head

00:45:24.980 if we keep

00:45:25.700 the printing presses going.

00:45:28.040 The socialists say

00:45:29.020 we can go forever

00:45:29.920 and ever and ever.

00:45:31.600 We can't.

00:45:34.040 Foreigners own 36%

00:45:35.320 of outstanding

00:45:36.680 U.S. treasuries.

00:45:38.320 We still kind of need them

00:45:39.520 to come to our auctions.

00:45:41.040 Now, what if they start

00:45:41.740 demanding a higher price

00:45:42.960 to own our paper?

00:45:43.740 A little different dynamic.

00:45:46.920 Kind of makes you wonder

00:45:47.660 where that gold and silver

00:45:48.520 in your portfolio is.

00:45:51.320 What do you think could go?

00:45:52.600 What do you think

00:45:53.300 that number could go to?

00:45:54.320 Oh, that you're asking

00:45:55.780 the wrong person.

00:45:57.120 That I'm no technician.

00:45:59.100 I'm no chartist.

00:45:59.960 I just know that I sleep

00:46:00.880 better at night

00:46:01.460 because a good friend

00:46:02.760 of mine who is

00:46:03.860 one of the best investors

00:46:04.820 I know

00:46:05.280 said to me,

00:46:06.860 Danielle,

00:46:07.980 it's not,

00:46:08.980 he said,

00:46:09.340 a hedge is not 5%

00:46:10.380 of a portfolio.

00:46:11.840 He said,

00:46:12.220 how much of a hedge

00:46:13.180 is 5% going to be

00:46:14.540 if your other 95% melts?

00:46:17.180 It's like,

00:46:17.520 how much do you want

00:46:18.540 that 5% to carry?

00:46:20.540 So what did he say

00:46:21.220 is hedge?

00:46:21.740 What did he recommend?

00:46:22.280 He is 25%.

00:46:23.280 Okay, it's 25%.

00:46:24.340 Okay, now,

00:46:24.900 is it fair to say

00:46:25.720 he's a very conservative guy?

00:46:28.620 It's fair to say

00:46:29.240 he's a very smart guy.

00:46:31.780 He's not a sheep.

00:46:33.380 He's anything but a sheep.

00:46:35.460 And he's certainly

00:46:36.060 not short the stock market either.

00:46:37.520 He's not that stupid.

00:46:38.540 He doesn't short

00:46:39.240 the stock market.

00:46:39.900 Look,

00:46:40.760 one of the things

00:46:41.400 on Twitter

00:46:41.880 that is so irritating

00:46:43.020 is if you say

00:46:44.280 that stocks are overvalued,

00:46:46.060 you get these

00:46:47.300 tweebs

00:46:48.180 come back at you

00:46:49.460 saying,

00:46:49.760 you're just bitter

00:46:50.640 because you're short

00:46:51.560 the stock market.

00:46:52.260 I'm like,

00:46:52.920 I don't know how you

00:46:53.680 equate one with the other,

00:46:54.760 buddy.

00:46:55.600 But there are

00:46:56.720 many other ways

00:46:57.720 to make money

00:46:58.200 in this world

00:46:58.740 than shorting

00:47:00.160 the stock market

00:47:00.820 or being long

00:47:01.520 the stock market.

00:47:02.200 Did you see what

00:47:02.740 Elon Musk did

00:47:03.540 with the shorts he sold

00:47:04.580 to all the people

00:47:05.800 that shorted Tesla?

00:47:06.960 And he said,

00:47:07.340 here's Tesla shorts.

00:47:08.580 Did you see that?

00:47:09.900 I heard about that.

00:47:11.420 Yes,

00:47:11.640 he's one wealthy man,

00:47:12.660 isn't he?

00:47:13.100 Yes,

00:47:13.380 he is.

00:47:14.340 What do you think about him?

00:47:16.600 I cried

00:47:17.940 when the SpaceX thing

00:47:19.020 went up.

00:47:20.800 So you're a fan.

00:47:21.580 You're supportive

00:47:22.080 of what he's doing.

00:47:22.620 You like seeing

00:47:24.140 an entrepreneur

00:47:24.600 like that keep innovating.

00:47:26.280 But does it concern

00:47:27.020 you a little bit?

00:47:27.600 I worry about

00:47:28.860 his shareholders.

00:47:30.760 Are you one?

00:47:32.620 Hell no.

00:47:34.140 Why not?

00:47:35.480 Because it's not worth

00:47:37.580 more than,

00:47:38.760 I think it's

00:47:39.640 United Kingdom,

00:47:41.120 Germany,

00:47:41.660 and I think

00:47:43.140 Tesla stock

00:47:43.760 is worth

00:47:44.540 several countries

00:47:45.380 right now.

00:47:46.220 You don't think

00:47:46.860 it's worth

00:47:47.160 more than Toyota?

00:47:48.220 It just passed Toyota?

00:47:50.060 I'm thinking no.

00:47:51.880 Why is that?

00:47:53.300 Maybe in the future

00:47:54.260 it is,

00:47:54.840 but that was

00:47:55.380 the type of valuation

00:47:56.500 that we were discussing

00:47:57.840 in 1999.

00:47:59.860 Well,

00:48:00.440 if you just look

00:48:01.040 far enough out

00:48:02.240 at the potential

00:48:03.000 for SpaceX,

00:48:04.240 possibly.

00:48:04.720 But China has

00:48:07.540 plenty of electric

00:48:08.400 vehicle makers

00:48:09.360 right now

00:48:09.900 that are

00:48:11.760 in a very bad way.

00:48:14.860 More importantly,

00:48:16.020 India is not ready yet.

00:48:18.380 If there was

00:48:19.880 a country

00:48:20.540 with China

00:48:21.540 at a 30-year

00:48:22.960 low growth rate,

00:48:24.500 if India was ready

00:48:26.040 to take the baton

00:48:26.920 right now,

00:48:28.160 if they had,

00:48:28.840 oh,

00:48:29.000 I don't know,

00:48:29.480 infrastructure,

00:48:30.320 a highway system,

00:48:31.800 the ability

00:48:32.580 for that 1.6 billion

00:48:34.340 to be even

00:48:35.360 on a minor

00:48:36.560 growth trajectory

00:48:37.680 to get enough

00:48:38.660 income to afford

00:48:39.740 a lot of little

00:48:40.740 electric vehicles,

00:48:41.760 much less have the roads

00:48:42.520 to drive them on,

00:48:43.780 I would say

00:48:44.520 that the future

00:48:44.980 looked different.

00:48:46.220 But that's not

00:48:47.660 the case.

00:48:48.840 So you have

00:48:49.900 to have enough

00:48:50.440 humans to put

00:48:51.300 in these vehicles.

00:48:54.400 Or you have

00:48:55.100 to have enough

00:48:55.520 roads to put

00:48:56.240 the vehicles on.

00:48:57.200 In the case of India,

00:48:58.380 which is the next

00:48:59.280 demographic

00:49:00.320 growth country,

00:49:01.940 or the Middle East

00:49:03.080 is another

00:49:03.680 very good

00:49:04.800 demographic

00:49:05.800 backdrop as well.

00:49:09.340 You have to find

00:49:09.960 countries.

00:49:11.000 But it might have

00:49:11.980 been South America,

00:49:13.340 maybe.

00:49:14.640 But what COVID

00:49:15.400 has done to South

00:49:16.100 America,

00:49:18.180 it's taking,

00:49:19.760 I've written extensively

00:49:20.640 over the past few

00:49:21.400 months,

00:49:21.900 I have friends

00:49:22.700 in Colombia,

00:49:24.080 I have friends,

00:49:24.760 Medellin was the

00:49:25.820 Silicon Valley

00:49:26.800 of South America.

00:49:28.500 what's happening

00:49:29.620 in those countries

00:49:31.020 is just beyond

00:49:32.800 devastating.

00:49:33.920 It's going to take

00:49:34.520 them back 50 years,

00:49:36.120 what's happening

00:49:36.600 with COVID.

00:49:38.900 It's just,

00:49:40.400 there's,

00:49:40.980 and there's,

00:49:42.380 you know,

00:49:42.840 I was talking to my

00:49:43.640 friend about this,

00:49:44.280 there's,

00:49:44.680 China's not going to

00:49:45.340 buy all the copper

00:49:45.920 in the world anymore,

00:49:46.720 and all the iron ore

00:49:47.860 in the world anymore.

00:49:49.340 And that propped up

00:49:51.020 so much of South

00:49:52.220 America.

00:49:53.440 We have to think

00:49:54.080 about these things.

00:49:54.920 You don't think

00:49:55.280 that opens up

00:49:56.060 an opportunity

00:49:56.840 for India

00:49:57.400 to compete with China

00:49:58.260 or no?

00:49:59.120 You think India

00:49:59.700 is decades away?

00:50:01.960 I think that,

00:50:02.820 I think that

00:50:03.580 there are already

00:50:04.800 companies that are,

00:50:06.100 that are making

00:50:07.400 great inroads

00:50:08.720 with India.

00:50:09.920 The corruption

00:50:10.640 is difficult

00:50:11.440 to get past.

00:50:12.980 Worse than China?

00:50:14.500 Especially their

00:50:15.260 land laws.

00:50:16.520 And you kind of need

00:50:17.300 strong land laws

00:50:18.200 to lay down

00:50:19.380 road.

00:50:20.820 So,

00:50:21.380 that's been

00:50:22.100 one of the hindrances

00:50:22.900 to making inroads

00:50:23.860 with India.

00:50:24.300 because the potential

00:50:25.600 is there.

00:50:26.600 I have a friend

00:50:27.120 who's got factories

00:50:28.060 in India.

00:50:28.560 The potential

00:50:29.200 is right there.

00:50:31.740 It is.

00:50:32.700 But again,

00:50:33.800 it's,

00:50:34.620 right now,

00:50:35.240 you're at a different

00:50:35.980 stage of their growth.

00:50:37.740 Not one that Elon Musk

00:50:38.940 can take advantage

00:50:39.560 of tomorrow.

00:50:40.740 You know,

00:50:41.400 we were talking about

00:50:42.200 when I asked you

00:50:42.720 industry,

00:50:43.260 you said if you had

00:50:44.100 to do it all over

00:50:44.840 again today,

00:50:45.560 the industry

00:50:46.040 would consider

00:50:46.640 it as healthcare.

00:50:47.460 That's what you said,

00:50:48.220 right?

00:50:48.520 You said,

00:50:48.980 Today.

00:50:49.480 If I was starting

00:50:50.300 all over today.

00:50:51.080 Post-COVID,

00:50:51.820 you would consider

00:50:52.320 healthcare,

00:50:52.780 right?

00:50:52.980 This is just

00:50:54.720 for my own,

00:50:55.360 you know.

00:50:55.660 And healthcare

00:50:55.940 is getting decimated,

00:50:56.860 but yes.

00:50:57.080 Yeah,

00:50:57.320 so this is for myself.

00:50:58.460 So,

00:50:58.600 I looked at unemployment

00:50:59.280 by age,

00:51:00.240 okay?

00:51:01.100 May 2019

00:51:02.080 versus May 2020

00:51:03.140 by age.

00:51:04.960 16 to 19,

00:51:06.960 unemployment went

00:51:08.020 from 12.6

00:51:08.940 to 29.9,

00:51:09.920 which is not that bad.

00:51:10.740 It's 2.37 times worse.

00:51:13.260 20 to 24

00:51:14.160 is 3.31 times worse.

00:51:16.640 25 to 34

00:51:17.660 is 3.82 times worse.

00:51:19.980 35 to 44

00:51:20.980 is also about

00:51:21.520 3.78.

00:51:23.160 45 to 54

00:51:24.360 unemployment went

00:51:25.220 from 2.6

00:51:26.000 to 2.7,

00:51:27.300 but 55 and over,

00:51:28.840 it went from 2.7

00:51:30.220 to 11.8.

00:51:32.240 It's the worst

00:51:32.980 out of all of them.

00:51:33.760 Why do you think

00:51:34.520 boomers are taking

00:51:35.580 the biggest,

00:51:36.120 and not even boomers,

00:51:36.880 55 and up,

00:51:38.360 are getting let go

00:51:39.520 and fired

00:51:39.960 more than the rest?

00:51:42.380 There's a good reason

00:51:43.260 for this.

00:51:44.580 And that age cohort

00:51:46.300 has just been decimated,

00:51:48.500 and these will be

00:51:48.980 permanent job losses.

00:51:50.200 If you think about

00:51:51.000 boomers who

00:51:52.340 lost their shirt

00:51:54.200 in 2008 and 2009,

00:51:56.780 and lo and behold,

00:51:58.680 the portfolio that I have,

00:52:00.000 the IRA that I have,

00:52:00.960 the 401k that I want,

00:52:02.320 it will,

00:52:03.400 unless I die quick,

00:52:05.420 unless I put dying

00:52:06.520 on my calendar

00:52:07.300 in the next few years,

00:52:08.980 then I need to go back

00:52:10.940 to work.

00:52:12.060 And so what do they do?

00:52:12.880 They're greeters

00:52:14.040 at Walmart.

00:52:15.800 They're checkout people

00:52:17.240 at Home Depot.

00:52:19.020 They're gate agents

00:52:20.420 for Southwest.

00:52:22.400 They're hand-to-hand.

00:52:24.600 They're tactile people.

00:52:26.880 They're in industries

00:52:27.800 where they're the face

00:52:29.460 you want to see.

00:52:31.720 But that's no longer

00:52:32.920 the case.

00:52:33.600 Now we're trying

00:52:34.320 to reduce the number

00:52:35.680 of people.

00:52:38.660 Yeah, but if they

00:52:40.200 take the hit

00:52:40.840 and they can't find

00:52:41.540 an income,

00:52:41.940 that's a bigger cost

00:52:42.920 on America

00:52:43.460 because somebody

00:52:44.740 has to take care

00:52:45.520 of them, right?

00:52:46.360 Look, you have seen,

00:52:47.700 if you thought

00:52:48.660 that the Italian-style

00:52:50.760 doubling and tripling

00:52:51.780 up multiple generations

00:52:53.420 under one roof

00:52:54.280 pre-COVID was bad,

00:52:56.760 you're going to see,

00:52:58.300 I mean,

00:52:58.820 people are asking me

00:52:59.760 all the time,

00:53:00.120 I'm an expert on housing.

00:53:01.820 People ask me

00:53:02.400 all the time,

00:53:02.960 what is the future

00:53:03.620 of housing?

00:53:04.000 And I'm like,

00:53:04.600 three generations,

00:53:05.460 one roof.

00:53:05.820 baby boomers

00:53:08.280 not going to be able

00:53:09.540 to get back

00:53:09.880 into the workforce.

00:53:10.740 And the fastest,

00:53:12.660 well,

00:53:13.040 I said that wrong,

00:53:14.880 the most consistently

00:53:15.940 growing age cohort

00:53:17.620 for the past 12 years

00:53:19.120 has been those 55

00:53:19.980 and older.

00:53:21.500 Month in and month out,

00:53:22.700 you've seen them

00:53:23.220 add to the ranks

00:53:24.080 of the workforce.

00:53:27.360 They own homes.

00:53:29.480 They own a lot of homes.

00:53:31.620 But,

00:53:32.080 so what's to become

00:53:33.020 of them?

00:53:34.720 And the millennials

00:53:35.340 have also lost

00:53:36.240 quite a bit of work.

00:53:37.880 But I think that

00:53:38.940 in the years to come,

00:53:39.940 you're going to have

00:53:40.660 multiple generations

00:53:41.620 like you see in Italy

00:53:42.800 under one roof.

00:53:44.200 And that's going to resolve

00:53:45.600 the baby boomers

00:53:46.420 having,

00:53:47.160 being way too high

00:53:48.540 on real estate.

00:53:50.520 What generation

00:53:51.040 took the biggest hit?

00:53:52.100 Would you say boomers?

00:53:54.860 To be determined

00:53:55.740 because the stock market

00:53:56.860 is at an all-time high.

00:53:57.560 Once we go through

00:54:04.660 what we're going through,

00:54:05.920 what we're starting

00:54:06.500 to go through,

00:54:07.120 which is the beginning

00:54:08.120 of the W,

00:54:10.220 we're seeing activity

00:54:13.180 in the past two weeks.

00:54:14.200 We're seeing hotel

00:54:14.860 occupancy rates.

00:54:15.760 We're seeing daily rates

00:54:16.560 at hotels come back down.

00:54:17.640 We're seeing TSA throughput

00:54:21.040 come down

00:54:21.600 since July the 4th.

00:54:22.780 We're seeing a lot

00:54:23.740 of activity

00:54:24.140 get pulled back

00:54:25.080 as vacations

00:54:26.660 get canceled

00:54:27.220 business trips

00:54:28.140 get canceled.

00:54:28.860 People are like

00:54:29.360 finally venturing out

00:54:30.520 and they're like,

00:54:30.920 hell,

00:54:31.100 I got to bring it back in.

00:54:32.400 Once we get through

00:54:33.160 this next wave,

00:54:34.140 I think,

00:54:35.340 and we have seen

00:54:37.040 initial jobless claims

00:54:38.920 stop improving.

00:54:40.500 We saw that last week

00:54:41.560 for the very first time.

00:54:42.740 That improvement's gone.

00:54:44.820 So once we see joblessness

00:54:46.040 start to creep back up

00:54:48.380 and I think the stock market

00:54:51.180 will get the memo,

00:54:52.940 then you ask me

00:54:54.220 which generation's

00:54:55.240 been hurt the most

00:54:56.140 because

00:54:57.160 Too early to tell.

00:54:59.360 Baby boomers,

00:55:00.060 but they've got a lot

00:55:00.860 of home

00:55:01.240 and they're relying

00:55:02.760 on their portfolios

00:55:03.520 and not much age

00:55:05.460 in front of them

00:55:06.720 to resolve it.

00:55:08.780 Makes sense.

00:55:10.280 Makes sense.

00:55:12.280 Are you buying

00:55:13.340 these polls

00:55:14.040 saying that Biden's

00:55:15.140 going to beat Trump?

00:55:15.860 Yeah.

00:55:16.240 Let me tell you

00:55:21.600 about where I live.

00:55:25.160 Where I live,

00:55:26.840 four years ago,

00:55:29.540 there were signs

00:55:32.520 in front of everybody's houses.

00:55:35.140 One way or the other.

00:55:36.620 Mm-hmm.

00:55:38.020 More Trump,

00:55:38.960 for sure,

00:55:39.820 than there were

00:55:40.980 for Clinton.

00:55:41.760 You drive

00:55:44.200 through my neighborhood

00:55:44.740 today,

00:55:45.340 you'd never know

00:55:46.400 that an election

00:55:46.880 was taking place.

00:55:49.860 No signs

00:55:51.080 anywhere.

00:55:53.100 Nobody saying

00:55:53.880 anything

00:55:54.480 in private company

00:55:56.220 doesn't even come up

00:55:58.280 as a subject.

00:56:00.460 Three political action

00:56:01.840 committees

00:56:02.260 with Republican money

00:56:04.340 behind them

00:56:04.900 to elect Biden.

00:56:06.660 so

00:56:09.200 I don't know

00:56:12.240 what the silence means.

00:56:13.920 I don't put much

00:56:14.900 in polling

00:56:17.340 because the polls

00:56:18.740 were completely wrong

00:56:19.940 and Trump

00:56:22.020 rode into office

00:56:23.320 showing us

00:56:24.600 that the polls

00:56:25.240 were wrong.

00:56:26.720 The polls

00:56:27.280 were saying

00:56:28.060 that Brexit

00:56:28.540 wasn't going to happen

00:56:29.200 and it did.

00:56:30.800 So

00:56:31.120 until they come up

00:56:32.800 with a better methodology

00:56:33.640 for polling,

00:56:34.640 I'm not going to put

00:56:35.500 too much stock in it.

00:56:36.660 But I can tell you

00:56:37.860 that the drive-by,

00:56:39.960 the way that Warren Buffett

00:56:40.940 used to assess companies,

00:56:42.120 if I can kick them

00:56:42.780 in the tires

00:56:43.260 and I can figure out

00:56:43.960 what they are,

00:56:44.400 then I'll buy them.

00:56:45.240 Fine.

00:56:46.080 I can't kick this election

00:56:47.360 in the tire

00:56:47.860 because nobody's saying

00:56:49.640 what they're doing.

00:56:50.620 I don't even see

00:56:51.280 bumper stickers.

00:56:52.460 Nothing.

00:56:53.560 It's quiet.

00:56:56.940 That tells me

00:56:58.080 that Biden

00:56:58.400 will probably win,

00:56:59.860 but I don't know.

00:57:02.340 That tells you

00:57:03.080 Biden will probably win?

00:57:04.300 Who are you

00:57:04.700 more comfortable with?

00:57:06.660 I don't know.

00:57:07.420 Tell me who his

00:57:07.880 vice presidential

00:57:08.380 candidate is going to be.

00:57:10.420 Okay.

00:57:11.060 Which vice presidential

00:57:12.240 candidate would make

00:57:13.340 you feel more comfortable

00:57:14.100 with him?

00:57:19.440 I've always liked

00:57:20.240 Mike Pence.

00:57:20.960 I'll tell you that much.

00:57:25.520 So I'm not going

00:57:26.220 to answer your question.

00:57:27.120 You just did.

00:57:28.540 You just did.

00:57:29.460 Well,

00:57:29.860 Biden's not going

00:57:30.340 to choose Trump.

00:57:31.060 I mean,

00:57:31.260 Biden's not going

00:57:31.920 to choose Pence.

00:57:32.720 That's the point.

00:57:33.400 So I understand.

00:57:36.020 Look,

00:57:36.300 remember,

00:57:36.600 I'm sending two

00:57:37.160 of my boys

00:57:37.960 off to Culver

00:57:38.520 Military Academy,

00:57:40.040 which is on,

00:57:41.000 you know,

00:57:41.440 it's half a mile

00:57:43.540 from where

00:57:44.340 Pence's family lives.

00:57:45.980 Pence,

00:57:46.940 pre-Trump,

00:57:49.900 I'm walking

00:57:50.520 through the

00:57:50.960 Indianapolis airport.

00:57:52.300 I've been writing

00:57:52.920 about unfunded

00:57:53.880 pensions for my

00:57:54.880 entire career,

00:57:55.860 and I'm walking

00:57:56.960 through the

00:57:57.480 Indianapolis airport,

00:57:58.380 which is a great

00:57:58.820 airport,

00:57:59.160 by the way,

00:57:59.700 very clean,

00:58:00.200 and I'm reading

00:58:01.440 this billboard

00:58:02.080 that says,

00:58:03.060 are pensions

00:58:04.620 the most funded

00:58:05.360 in America?

00:58:05.800 And I'm like,

00:58:06.980 my hero,

00:58:08.140 who is this person?

00:58:09.580 So I stop,

00:58:10.260 I Google,

00:58:10.720 I stop,

00:58:11.100 boys,

00:58:11.340 Google it,

00:58:12.240 governor,

00:58:12.820 state of Indiana.

00:58:13.880 This is June of 2016.

00:58:15.720 I've never heard

00:58:16.240 of Mike Pence.

00:58:17.980 What a way

00:58:18.720 to look at it.

00:58:19.640 Well,

00:58:19.960 I'm a fiscally

00:58:20.580 conservative person.

00:58:21.800 I believe

00:58:22.460 in balancing

00:58:23.680 the budget.

00:58:24.340 I believe

00:58:24.840 in bringing

00:58:25.540 down the growth

00:58:26.580 of debt

00:58:28.060 in America,

00:58:28.740 and he is

00:58:29.860 a fiscally

00:58:30.400 conservative

00:58:31.080 proven person.

00:58:34.140 I don't think

00:58:34.820 that Biden

00:58:36.960 will be

00:58:37.460 that way.

00:58:38.420 He's already

00:58:39.020 said he won't

00:58:39.580 be.

00:58:40.400 It's a matter

00:58:40.800 of public

00:58:41.080 record.

00:58:42.140 Yeah,

00:58:42.300 he said he's

00:58:42.760 going to raise

00:58:43.100 taxes and

00:58:43.660 they clap

00:58:44.080 forward.

00:58:46.940 Who else

00:58:48.360 in the marketplace,

00:58:49.380 if they ran,

00:58:50.140 you'd get behind

00:58:50.780 them?

00:58:51.200 If there was

00:58:51.760 another person

00:58:52.300 running,

00:58:52.680 running,

00:58:52.920 you'd get behind

00:58:53.800 them or her?

00:58:55.840 Well,

00:58:56.160 I've always found

00:58:56.800 Mark Cuban's

00:58:57.460 approach to the

00:58:58.140 COVID pandemic

00:58:59.400 to be very

00:58:59.960 rational.

00:59:00.860 I've listened

00:59:01.340 to him closely.

00:59:03.080 My mother

00:59:03.660 likes him.

00:59:04.720 I mean,

00:59:04.900 look,

00:59:05.080 anybody who

00:59:05.480 my mom

00:59:05.820 likes,

00:59:06.280 I have to

00:59:06.700 like.

00:59:07.460 Well,

00:59:07.740 I mean,

00:59:07.940 it's dangerous

00:59:08.300 if you don't,

00:59:08.800 but she's,

00:59:09.380 oh,

00:59:09.580 honey,

00:59:09.820 have you heard

00:59:10.260 him?

00:59:10.460 He's on TV.

00:59:11.980 So if Cuba

00:59:12.900 ran today,

00:59:13.400 you'd be excited

00:59:15.000 about him?

00:59:16.160 Well,

00:59:16.660 I'm a Mavericks

00:59:17.220 fan,

00:59:17.560 too.

00:59:18.200 That helps.

00:59:19.040 But yes,

00:59:19.420 but he did say

00:59:20.140 if you want

00:59:20.980 to address

00:59:21.460 what's wrong

00:59:22.160 with small

00:59:23.600 business in

00:59:24.080 America,

00:59:25.940 push a pause

00:59:27.260 button.

00:59:28.140 Just provide

00:59:29.500 for overdraft

00:59:30.100 protection for

00:59:30.800 those small

00:59:31.220 business owners

00:59:31.800 until we get

00:59:32.360 past the worst

00:59:32.860 of this.

00:59:35.120 Don't,

00:59:35.400 don't,

00:59:36.400 don't even

00:59:36.840 take it to

00:59:37.500 Congress.

00:59:37.960 Don't even,

00:59:38.720 don't go there.

00:59:40.080 Don't go down

00:59:40.820 there with them.

00:59:42.400 Push a pause

00:59:42.920 button.

00:59:44.300 Keep all the

00:59:44.780 small businesses

00:59:45.520 in America open.

00:59:46.360 They'd still be

00:59:46.860 open today if we'd

00:59:47.780 taken that.

00:59:48.720 I know sometimes

00:59:49.500 keep it simple

00:59:50.060 stupid is the

00:59:50.720 wrong,

00:59:51.080 it does not

00:59:51.820 belong in

00:59:52.260 Washington,

00:59:52.720 D.C.,

00:59:53.400 but we need

00:59:55.880 a different

00:59:56.340 way of doing

00:59:58.000 politics in

00:59:59.360 America today

01:00:00.220 and there are

01:00:00.860 a lot more

01:00:01.660 people who are

01:00:02.740 coming out and

01:00:03.420 talking openly

01:00:04.640 about it.

01:00:05.880 This is a

01:00:07.040 magnificent

01:00:07.540 opportunity.

01:00:08.460 A friend of

01:00:08.840 mine asked me a

01:00:09.280 few days ago,

01:00:09.720 Danielle,

01:00:10.760 who would win

01:00:12.480 the election

01:00:12.960 if it was one

01:00:14.400 year out,

01:00:15.980 considering how

01:00:16.660 many people

01:00:17.220 would be able

01:00:17.660 to run

01:00:18.060 instead?

01:00:18.700 What'd you

01:00:21.280 say?

01:00:22.700 I said Mark

01:00:23.200 Cuban.

01:00:25.500 You know,

01:00:26.360 here's a question

01:00:27.060 for you.

01:00:27.560 And I'm not

01:00:27.980 some Mark

01:00:28.340 Cuban huge

01:00:29.120 fan or

01:00:29.480 anything.

01:00:29.860 He's just

01:00:30.260 one person

01:00:30.740 I've listened

01:00:31.240 to talk

01:00:32.120 about

01:00:32.460 economically

01:00:33.540 the pandemic

01:00:34.640 in a rational,

01:00:35.780 logical manner

01:00:36.600 that doesn't

01:00:37.580 hurt my

01:00:38.680 wallet.

01:00:39.340 Yeah.

01:00:39.820 You know

01:00:40.260 how people

01:00:42.360 say they

01:00:43.800 look at your

01:00:44.520 relationship or

01:00:45.580 your marriage

01:00:46.100 or your way

01:00:47.340 of handling any

01:00:48.020 situation and

01:00:48.680 they'll say,

01:00:49.040 you know what,

01:00:49.320 if I were her,

01:00:50.240 I wouldn't have

01:00:50.800 done that.

01:00:51.460 You know,

01:00:51.700 if I were him,

01:00:52.520 I wouldn't have

01:00:52.980 done that.

01:00:53.000 If I were,

01:00:54.180 if I were,

01:00:55.520 if I were,

01:00:56.220 and we all do it,

01:00:56.980 right?

01:00:57.140 Everybody does,

01:00:57.820 if I were.

01:00:58.280 It's a fun game

01:00:59.020 to play,

01:00:59.480 if I were,

01:01:00.120 right?

01:01:00.440 I hate to do

01:01:01.080 it,

01:01:01.240 but okay.

01:01:01.740 But,

01:01:02.320 you know,

01:01:02.880 and if I were

01:01:04.360 a game,

01:01:05.140 we always are

01:01:06.660 the wiser one.

01:01:08.040 The person saying

01:01:08.820 it is always

01:01:09.300 a wiser one,

01:01:09.980 smarter one,

01:01:10.600 it's more

01:01:10.880 sophisticated because

01:01:11.480 we sound better

01:01:12.240 saying,

01:01:13.400 if I were,

01:01:13.800 we don't have

01:01:14.200 access to

01:01:14.640 the whole

01:01:14.860 situation.

01:01:16.020 You know,

01:01:16.240 I wonder how

01:01:16.920 much of these,

01:01:17.500 if I were

01:01:18.140 president,

01:01:18.760 I would have

01:01:19.140 done dot,

01:01:19.660 dot,

01:01:19.900 dot.

01:01:20.760 They actually

01:01:21.280 would have

01:01:21.640 done because

01:01:22.080 everybody sounds

01:01:23.100 like more of

01:01:23.980 a presidential

01:01:24.520 president before

01:01:25.600 they become a

01:01:26.280 president and

01:01:26.820 then they become

01:01:27.340 a president and

01:01:28.160 90% of them

01:01:29.720 don't do what

01:01:30.340 they said they

01:01:30.820 were going to

01:01:31.320 do.

01:01:31.620 So,

01:01:32.120 you find somebody

01:01:33.000 who says what

01:01:33.860 he's going to

01:01:34.320 and you don't

01:01:34.740 like it,

01:01:35.200 he gets president,

01:01:35.860 he becomes a

01:01:36.340 president and he

01:01:36.880 does what he

01:01:37.340 said you didn't

01:01:37.820 like he was

01:01:38.340 going to do.

01:01:38.780 At least you

01:01:39.060 got to respect

01:01:39.480 the fact that

01:01:39.980 he said he was

01:01:41.240 going to do

01:01:41.520 what he was

01:01:41.840 going to do.

01:01:42.100 I just wonder

01:01:42.560 how many of

01:01:42.960 these guys

01:01:43.280 actually will

01:01:44.360 do what they

01:01:45.340 say they're

01:01:45.840 going to do.

01:01:46.520 But I don't

01:01:47.100 think it's

01:01:47.480 one person.

01:01:48.680 I think it's

01:01:49.860 a country.

01:01:52.320 I think it's

01:01:53.080 the middle.

01:01:55.600 Think about

01:01:56.260 the United

01:01:57.400 States population

01:01:58.140 today as a

01:01:59.120 barbell.

01:02:00.260 You got the

01:02:00.920 people over

01:02:01.320 here whose

01:02:03.060 backsides are

01:02:03.880 covered by

01:02:04.540 fiscal stimulus.

01:02:07.400 Make sure

01:02:07.920 they don't get

01:02:08.260 evicted,

01:02:08.760 make sure blah,

01:02:09.260 blah,

01:02:09.360 blah,

01:02:09.480 blah,

01:02:09.600 blah.

01:02:11.240 $600 extra

01:02:12.120 a week.

01:02:12.680 They're

01:02:12.960 covered.

01:02:13.980 Their

01:02:14.200 spending's

01:02:14.620 barely down.

01:02:15.720 Think of

01:02:15.980 the people

01:02:16.300 over here

01:02:16.820 who were

01:02:17.320 like,

01:02:18.140 hell,

01:02:18.360 if they

01:02:18.700 raise taxes

01:02:19.200 that much,

01:02:19.720 I'll move

01:02:19.980 to New

01:02:20.220 Zealand.

01:02:21.300 I'll just

01:02:21.700 leave the

01:02:22.000 country.

01:02:23.120 I'll go.

01:02:24.460 Think about

01:02:25.120 the people

01:02:25.460 in the middle

01:02:25.940 who've closed

01:02:27.080 their small

01:02:27.420 businesses,

01:02:28.500 who've worked

01:02:29.120 hard their

01:02:29.460 whole lives,

01:02:30.420 who tried

01:02:31.120 their best to

01:02:31.600 keep their

01:02:31.880 payrolls going,

01:02:33.080 who are

01:02:33.440 suffering not

01:02:34.720 by any fault

01:02:35.520 of their own,

01:02:38.980 whose economy

01:02:39.900 is closed down

01:02:40.520 again,

01:02:41.240 putting the

01:02:42.560 nail in the

01:02:43.180 coffin of

01:02:43.960 their future

01:02:44.580 for a while.

01:02:46.580 I want this

01:02:47.960 portion of

01:02:48.960 America to

01:02:49.820 come together

01:02:50.340 and not get

01:02:51.100 behind one

01:02:51.680 man or one

01:02:52.400 woman,

01:02:52.640 but a whole

01:02:53.580 different way.

01:02:54.400 I believe in

01:02:55.300 long cycles,

01:02:56.400 but it takes a

01:02:57.300 lot to trigger

01:02:58.680 the rise of a

01:03:00.600 third party in

01:03:01.220 America,

01:03:01.680 but if this,

01:03:02.880 again,

01:03:03.300 isn't sufficient,

01:03:04.600 what is?

01:03:05.440 my oldest is

01:03:07.940 16 years old.

01:03:09.000 He's voting in

01:03:09.800 the midterm

01:03:10.160 elections.

01:03:10.920 I hope that the

01:03:11.520 midterm elections

01:03:12.260 are going to be a

01:03:13.120 pivotal turning

01:03:13.800 point in this

01:03:14.320 country.

01:03:15.160 I hope that we

01:03:16.000 see that it's not

01:03:16.740 one man or the

01:03:17.400 other that's going

01:03:17.900 to fix the

01:03:18.380 situation,

01:03:18.880 because it's

01:03:19.380 not.

01:03:19.880 It's bigger

01:03:20.540 than one

01:03:20.920 person.

01:03:22.400 You have to

01:03:22.780 get,

01:03:23.780 I'm not,

01:03:24.260 drain the

01:03:24.900 swamp,

01:03:25.220 I don't even

01:03:25.440 want to say

01:03:25.800 it,

01:03:26.160 but you have

01:03:26.740 to come to

01:03:27.280 a whole

01:03:27.740 different way

01:03:28.340 of approaching

01:03:29.020 politics in

01:03:30.120 America that

01:03:30.760 gets rid of

01:03:31.200 all this red

01:03:31.820 tape,

01:03:32.020 all this

01:03:32.740 bureaucracy to

01:03:33.920 where you

01:03:34.200 can get

01:03:34.920 enough people

01:03:36.100 in office who

01:03:36.660 are rational

01:03:37.380 to get

01:03:38.340 something done.

01:03:39.660 And you

01:03:40.020 can't just

01:03:40.500 say that

01:03:41.020 because there's

01:03:41.480 no term

01:03:41.880 limits,

01:03:42.200 fine,

01:03:42.960 we have a

01:03:43.260 constitution,

01:03:44.380 bring a

01:03:44.760 referendum

01:03:45.080 around.

01:03:46.680 If there are

01:03:47.420 enough people

01:03:48.300 in the middle

01:03:49.100 who still love

01:03:50.220 this country,

01:03:51.840 then we can

01:03:52.440 change the

01:03:52.960 constitution,

01:03:53.780 we can impose

01:03:54.560 term limits.

01:03:55.460 These are

01:03:55.780 things we can

01:03:56.360 do,

01:03:57.580 and we should

01:03:58.240 do them,

01:03:59.100 but no,

01:03:59.640 you're right,

01:04:00.040 it's not one

01:04:00.480 person.

01:04:01.040 It's not one

01:04:01.620 person.

01:04:02.240 Because how

01:04:02.900 many have

01:04:03.280 gone off to

01:04:03.820 Washington with

01:04:04.860 all the hopes

01:04:05.640 and dreams and

01:04:06.340 aspirations and

01:04:07.500 I'm going to

01:04:08.020 stay clean,

01:04:09.040 and then why

01:04:09.540 need four more

01:04:10.280 years?

01:04:11.460 I just need

01:04:12.200 one more term.

01:04:13.120 I'll get it

01:04:13.580 done then.

01:04:14.980 And they

01:04:15.420 become part of

01:04:15.980 the system.

01:04:16.980 That's why you

01:04:17.540 don't need one

01:04:18.200 or two great

01:04:18.960 leaders.

01:04:19.780 You need a

01:04:21.280 huge,

01:04:22.360 a wide swath

01:04:23.800 of them.

01:04:24.700 Somebody needs

01:04:25.320 to be the

01:04:25.620 voice though.

01:04:26.760 Someone needs

01:04:27.240 to be the

01:04:27.520 voice to

01:04:27.840 represent that.

01:04:28.500 So you're

01:04:28.820 saying a third

01:04:29.360 party?

01:04:30.080 You think we're

01:04:30.600 ready for a

01:04:31.120 third party?

01:04:31.440 I think we're

01:04:32.540 beyond ready

01:04:33.160 for a third

01:04:33.680 party.

01:04:34.040 What do you

01:04:34.300 call that

01:04:34.640 third party?

01:04:35.100 Independent,

01:04:35.600 libertarian,

01:04:36.120 or a new

01:04:36.460 party?

01:04:36.820 I could care

01:04:37.220 less.

01:04:37.500 It needs a

01:04:37.920 whole new

01:04:38.440 name.

01:04:40.360 Not independent

01:04:41.020 or libertarian?

01:04:41.820 A whole new

01:04:42.240 name?

01:04:43.540 Libertarians have

01:04:43.960 been trying at it

01:04:44.620 for how long?

01:04:45.320 Well, they have

01:04:45.760 boring candidates.

01:04:47.040 Thank you.

01:04:47.620 Gosh, they have

01:04:48.660 boring candidates.

01:04:49.200 I had to text

01:04:50.000 somebody a few

01:04:50.440 days ago and

01:04:50.900 say, who's this

01:04:51.440 person?

01:04:51.700 I mean, we

01:04:52.020 talked about it

01:04:52.660 in the podcast.

01:04:53.440 I said, please

01:04:53.960 stop with these

01:04:54.680 videos.

01:04:55.140 They're just

01:04:55.460 nice person.

01:04:56.660 She seems

01:04:57.060 sweet, but

01:04:57.540 come on.

01:04:58.400 You need a

01:04:58.940 person that's

01:04:59.840 going to get

01:05:00.180 out there and

01:05:00.480 be a little

01:05:00.780 bit bolder.

01:05:01.720 Bold?

01:05:02.380 Yeah.

01:05:02.680 So is it

01:05:03.080 more individual

01:05:04.120 or is it

01:05:04.780 more party?

01:05:06.060 Because there's

01:05:06.680 got to be

01:05:07.100 somebody you

01:05:07.840 get behind.

01:05:08.760 You need

01:05:09.360 someone to be

01:05:10.320 the voice.

01:05:11.720 You do, but

01:05:12.220 you need

01:05:12.680 somebody and

01:05:13.500 a bunch of

01:05:14.200 people behind

01:05:15.000 them also

01:05:15.680 running for a

01:05:16.500 bunch of

01:05:17.020 important Senate

01:05:18.260 and House

01:05:18.800 seats at the

01:05:19.340 same time.

01:05:21.500 You're not

01:05:22.880 looking at an

01:05:23.360 eight-year run,

01:05:23.920 though.

01:05:24.420 You're not

01:05:24.740 making changes

01:05:25.240 in eight-year,

01:05:25.740 though.

01:05:27.200 I'm not dead

01:05:27.940 yet.

01:05:28.460 No, I know

01:05:28.880 that, but what

01:05:29.360 I'm saying is

01:05:29.820 And they say

01:05:30.160 that this

01:05:30.460 Generation Z is

01:05:31.380 on fire.

01:05:32.420 Yeah.

01:05:32.740 They say Gen

01:05:33.400 Z is ready

01:05:34.580 to rock and

01:05:35.140 roll, ready to

01:05:35.840 work hard.

01:05:37.320 I mean, if we

01:05:38.140 need a change

01:05:38.660 agent, apparently

01:05:39.200 we've got them.

01:05:40.320 Have you ever

01:05:40.760 talked to Trump's

01:05:41.980 camp or no?

01:05:42.840 No.

01:05:43.420 You ever

01:05:43.720 spoken to a

01:05:44.260 pants camp?

01:05:45.580 No.

01:05:46.120 Never have?

01:05:47.080 I speak with a

01:05:47.820 secret service

01:05:48.580 contingency when

01:05:49.300 I'm driving

01:05:49.660 around Culver

01:05:50.240 when he's got

01:05:50.660 his family

01:05:51.020 reunion there,

01:05:51.620 but that's

01:05:51.940 as close as

01:05:52.360 I've come.

01:05:53.220 What are

01:05:53.540 your aspirations

01:05:54.160 with politics?

01:05:55.020 You sound

01:05:55.380 like you could

01:05:57.360 really inspire

01:05:58.920 some people.

01:05:59.700 I am happy

01:06:00.040 to back any

01:06:00.840 movement that's

01:06:01.560 rational.

01:06:02.220 I really am.

01:06:03.220 I have a

01:06:03.720 voice.

01:06:04.920 Clearly, I'm

01:06:05.560 not quiet.

01:06:06.340 I'm ready to

01:06:06.920 use my voice to

01:06:07.800 bring about

01:06:08.180 change in this

01:06:08.780 country because I

01:06:09.700 love my children

01:06:10.440 and I want their

01:06:11.280 future to be

01:06:11.820 different.

01:06:12.100 Do you have

01:06:12.780 plans of running?

01:06:13.760 No.

01:06:14.260 At all?

01:06:15.060 No.

01:06:15.400 Why not?

01:06:17.240 It could be

01:06:18.040 past my time.

01:06:20.420 I think we need

01:06:21.320 somebody young.

01:06:22.580 We need a...

01:06:22.980 What are you

01:06:24.100 talking about?

01:06:24.400 It's past your

01:06:25.140 time.

01:06:25.700 We need a

01:06:26.240 candidate, but

01:06:26.900 not his

01:06:27.200 politics.

01:06:27.940 But we need

01:06:28.660 somebody who is

01:06:29.580 young and

01:06:30.600 charismatic and

01:06:31.680 can pull the

01:06:32.260 whole country

01:06:32.940 together.

01:06:33.360 Yeah, but you're

01:06:34.980 saying it's not

01:06:35.680 just presidency.

01:06:36.600 You're saying

01:06:37.020 other positions.

01:06:37.920 Other positions.

01:06:38.640 But here's the

01:06:39.300 problem.

01:06:39.900 You ready?

01:06:41.260 People who are

01:06:42.440 smart like you

01:06:43.480 who have great

01:06:44.500 lives...

01:06:45.040 Don't want to

01:06:45.440 run.

01:06:45.700 Don't want to

01:06:46.260 run.

01:06:47.900 What do you

01:06:49.280 want to do?

01:06:49.720 God, I knew

01:06:50.200 it was coming.

01:06:50.860 I mean, you want

01:06:52.180 to fix it, but you

01:06:52.960 don't want to run.

01:06:53.740 Maybe I'd be like

01:06:55.240 the person who

01:06:56.080 finds people.

01:06:57.040 No, you'd be the

01:06:58.100 recruiter.

01:06:58.740 You'd be like the

01:06:59.280 recruiter.

01:06:59.460 I'll go recruit

01:07:00.220 people.

01:07:00.800 I will.

01:07:03.020 There's a long

01:07:03.780 time between now

01:07:04.960 and 2022.

01:07:06.600 But see, that's

01:07:07.080 the challenge.

01:07:07.380 We've got a

01:07:07.620 runway.

01:07:08.040 And in a world

01:07:08.840 of social media,

01:07:09.940 the runway's

01:07:10.500 compressed.

01:07:11.240 Yeah.

01:07:11.640 You can get the

01:07:12.200 information out

01:07:12.780 there quicker than

01:07:13.300 you used to be

01:07:13.880 able to.

01:07:14.320 We're not in the

01:07:14.780 dark anymore.

01:07:15.520 Well, I mean, I

01:07:16.000 don't know if you

01:07:16.360 know or not.

01:07:16.840 The interview we

01:07:17.440 did, your videos

01:07:18.080 were picked up by

01:07:18.820 Saudi Arabia, and

01:07:19.880 it got like 5, 6

01:07:20.780 million views, and

01:07:22.100 it was all over the

01:07:22.780 place.

01:07:23.080 And nowadays, with

01:07:23.700 social media, you're

01:07:24.500 being heard all

01:07:25.200 over the world.

01:07:25.800 It's no longer a

01:07:26.920 message that you're

01:07:29.460 saying, just a

01:07:29.860 question for you.

01:07:30.620 Did you see what

01:07:31.840 Ted Cruz and Mark

01:07:32.880 Cuban had going on

01:07:33.600 today?

01:07:34.120 No, I did not.

01:07:34.840 Okay, so let me

01:07:35.300 read it to you and

01:07:35.800 see what you think

01:07:36.380 about it.

01:07:36.640 So a guy named

01:07:37.120 Mark Davis sends a

01:07:39.020 tweet at Cuban.

01:07:40.560 I'm so ready to be

01:07:41.620 on this year's

01:07:42.380 Maverick home

01:07:42.920 stretch.

01:07:43.340 So much promise,

01:07:44.040 so much personality,

01:07:45.220 but the minute one

01:07:46.280 player kneels during

01:07:47.320 the anthem, I'm out.

01:07:49.260 Surely Mark Cuban,

01:07:50.300 I think he says,

01:07:50.900 surely Mark Cuban,

01:07:52.340 he continues to say

01:07:53.640 some words about

01:07:54.240 what Mark Cuban

01:07:55.500 would do.

01:07:56.440 Mark Cuban turns

01:07:57.160 around and says,

01:07:58.280 bye.

01:07:58.920 Okay?

01:07:59.160 To the guy.

01:08:00.120 He just says,

01:08:00.560 bye.

01:08:01.280 Meaning don't

01:08:01.780 come.

01:08:02.140 Now, this gets

01:08:02.960 100,000 likes and

01:08:04.760 a bunch of

01:08:05.120 retweets.

01:08:05.880 Okay?

01:08:06.700 Then right

01:08:07.320 afterwards, Ted

01:08:08.100 Cruz says,

01:08:08.640 really?

01:08:09.040 NBA is telling

01:08:09.640 everyone who

01:08:10.160 stands for the

01:08:10.760 flag who honors

01:08:11.480 our cops and

01:08:12.700 our veterans to

01:08:13.360 piss off?

01:08:13.900 In Texas, no

01:08:14.920 less.

01:08:15.280 Good luck with

01:08:15.820 that.

01:08:16.400 Mark Cuban comes

01:08:17.200 back and says,

01:08:17.840 have some balls for

01:08:18.740 once, Ted Cruz.

01:08:19.880 Speak to me.

01:08:20.920 It's my tweet.

01:08:22.320 Ted Cruz comes

01:08:23.060 back and says,

01:08:23.760 speaking of balls,

01:08:24.800 tell us what you

01:08:25.480 think about China.

01:08:27.160 I'll wait.

01:08:28.060 This is all

01:08:28.820 happening today in

01:08:29.560 the last four or five

01:08:30.200 hours.

01:08:30.220 I did not know

01:08:30.680 this.

01:08:31.160 So then it

01:08:31.620 continues and says,

01:08:32.520 I think I won't

01:08:33.260 criticize, if you

01:08:35.240 think I won't

01:08:35.660 criticize China on

01:08:36.520 what they do as

01:08:37.060 concerns American

01:08:37.700 citizens, watch his

01:08:38.520 video, et cetera,

01:08:39.080 et cetera.

01:08:39.700 Anyways, they go

01:08:40.260 back and forth and

01:08:40.940 then he says,

01:08:41.400 why is it, Ted Cruz,

01:08:42.400 that you take such

01:08:43.040 pride in standing up

01:08:44.640 to and speaking truth

01:08:45.400 to the Chinese but you

01:08:46.360 have no ability to

01:08:47.280 stand up and speak the

01:08:48.200 truth to President

01:08:49.400 Trump?

01:08:49.880 So the concern with

01:08:51.740 Cuban as a candidate

01:08:52.740 is his position to

01:08:53.980 China and obviously

01:08:56.100 for obvious reasons

01:08:57.340 because...

01:08:58.020 Well, first of all,

01:08:59.240 stop for a minute

01:09:00.300 because there is no

01:09:02.380 kneeling for my flag.

01:09:04.820 I stand for my flag.

01:09:06.120 Zero for you.

01:09:07.480 Zero tolerance.

01:09:08.500 You're a Mavs fan.

01:09:09.300 If they start being

01:09:10.020 okay with kneeling,

01:09:10.760 what do you do?

01:09:11.520 I'm no longer a Mavs fan.

01:09:13.020 You're being serious

01:09:13.740 about this.

01:09:15.160 I think that the

01:09:16.240 missing link in

01:09:17.120 America today is that

01:09:19.000 patriotism is some

01:09:20.560 kind of conditionality.

01:09:22.260 There's no conditionality

01:09:23.540 about being an

01:09:24.160 American.

01:09:24.820 You either are or

01:09:25.440 you're not.

01:09:26.180 You either stand for

01:09:26.880 the flag or you

01:09:27.360 don't.

01:09:28.220 There are people who

01:09:28.900 died for that flag.

01:09:30.660 I don't think...

01:09:31.260 There's no wiggle room

01:09:32.140 around it.

01:09:32.540 I'm sorry.

01:09:34.740 But you should be

01:09:36.640 proud to be a patriot

01:09:37.760 and you should be

01:09:38.360 proud of this flag.

01:09:39.700 And you should be

01:09:40.380 proud of making the

01:09:41.480 next generation proud

01:09:42.880 to also not kneel.

01:09:44.240 If you don't like

01:09:44.920 what's happening in

01:09:45.500 this country, do

01:09:46.360 something about it.

01:09:47.320 But don't disparage

01:09:48.400 those who've died for

01:09:49.200 you.

01:09:49.740 Ever.

01:09:50.340 And by the way,

01:09:50.800 Ted Cruz, put a

01:09:51.640 mask on.

01:09:55.280 And this is coming

01:09:56.020 from somebody that

01:09:56.780 actually is a fan of

01:09:57.740 Mark Cuban.

01:09:58.420 It's not like you're

01:09:59.060 against Mark Cuban.

01:10:00.000 But your position is

01:10:00.660 strong with military

01:10:01.280 and I respect that a

01:10:02.080 lot.

01:10:04.040 Going to what Ted

01:10:05.220 Cruz said about

01:10:05.740 China and Mark Cuban

01:10:06.580 China, why do you

01:10:07.860 think so many people

01:10:08.700 in America, business

01:10:09.520 people, are so

01:10:10.100 protective of China?

01:10:11.300 Business people are

01:10:11.920 not protective of

01:10:12.900 China.

01:10:13.160 You don't think so?

01:10:13.780 I think there's a

01:10:14.460 movement against

01:10:15.420 You think so?

01:10:16.420 Oh.

01:10:16.780 I can name many, many

01:10:18.100 billionaires that are

01:10:19.160 Fine, whatever.

01:10:19.980 Are there hedge fund

01:10:20.620 guys who want to play

01:10:21.480 the system?

01:10:22.500 Yeah.

01:10:22.940 There are a lot of

01:10:24.120 big businesses who

01:10:25.100 realize that China's

01:10:26.260 been stringing them

01:10:27.080 along for a generation

01:10:28.120 saying, we're going to

01:10:29.340 open the country, we're

01:10:30.360 going to give you an

01:10:30.800 opportunity to have

01:10:31.580 great operations.

01:10:32.220 Come on, Daniel.

01:10:33.160 They're lying to them.

01:10:35.020 There was a great

01:10:35.940 article recently, I can't

01:10:37.020 remember where I read it,

01:10:37.680 but there was a great

01:10:38.280 article recently where

01:10:39.400 American companies have

01:10:40.560 finally woken up to the

01:10:41.720 fact that they're not

01:10:43.620 going to make major

01:10:44.400 inroads on the

01:10:45.400 mainland.

01:10:47.960 Okay.

01:10:48.680 That there's not going

01:10:49.340 to be the next

01:10:49.920 generation of electronic

01:10:51.340 payments.

01:10:53.100 Alibaba's already there.

01:10:54.880 It's finished.

01:10:56.880 China invites in

01:10:58.320 American companies

01:10:59.320 after it's completely

01:11:00.380 finished saturating its

01:11:01.520 own market.

01:11:02.540 It's an insult.

01:11:04.000 I agree.

01:11:05.320 A complete insult.

01:11:06.520 And it's better known

01:11:07.800 than it's ever been

01:11:08.660 because all of a sudden

01:11:11.140 in boardrooms across

01:11:12.180 America, CEOs, CFOs,

01:11:16.180 boards are being said,

01:11:18.440 a trade war is one

01:11:19.760 thing.

01:11:20.460 Killing Americans is

01:11:21.500 another.

01:11:22.300 Figure out a new supply

01:11:23.340 chain and figure it out

01:11:24.620 now.

01:11:25.480 This is not a trade war.

01:11:27.620 This is not optionality

01:11:29.240 anymore.

01:11:30.260 Figure out a new supply

01:11:31.340 chain.

01:11:31.800 Do you think the left

01:11:32.420 and the right is all on

01:11:33.100 the same page with that?

01:11:33.940 I don't think that

01:11:35.300 Biden, I don't, I don't

01:11:37.020 think that Karl Marx

01:11:38.940 could pull back what

01:11:40.260 we've learned about

01:11:40.940 China.

01:11:41.760 I think if there's one

01:11:42.820 service, if there's one

01:11:44.200 service that's been done,

01:11:45.720 it is a greater

01:11:47.220 recognition of the fact

01:11:48.380 that it's not about

01:11:49.000 soybeans and it's not

01:11:50.180 about corn.

01:11:51.020 It's about 5G.

01:11:54.200 And other countries are

01:11:56.160 figuring this out.

01:11:57.800 Look at what, look at

01:11:58.500 what China's trying to do

01:11:59.200 to Australia.

01:12:00.560 Look at what China's

01:12:01.580 trying to do to its

01:12:02.240 other, to countries

01:12:03.940 that have benefited

01:12:04.960 from Chinese policies

01:12:06.600 for years and years.

01:12:08.360 For these countries

01:12:09.140 to stand up to China

01:12:11.300 and say, had you

01:12:12.500 released the data

01:12:13.280 on the pandemic,

01:12:14.580 maybe we, Australia,

01:12:16.020 would not have shut down

01:12:17.100 and we wouldn't be going

01:12:19.200 into the first recession

01:12:20.080 in 40 years.

01:12:21.660 But Australia led

01:12:23.680 the independent inquiry

01:12:24.860 at the World Health

01:12:25.780 Organization to look

01:12:27.480 into the origin of the

01:12:28.380 virus and was backed

01:12:29.200 by 116 countries.

01:12:32.400 116 countries.

01:12:33.780 And Australia benefits

01:12:35.040 arguably more than any

01:12:36.560 other country in the world

01:12:37.400 with their natural

01:12:38.340 resources exports.

01:12:39.960 And they still stood up

01:12:40.960 to China.

01:12:41.560 I think that there will

01:12:42.540 be a change.

01:12:43.320 And we don't need the

01:12:44.080 change in our farm,

01:12:45.300 in our farmland.

01:12:46.620 And lies from China about

01:12:48.440 how much they can or will

01:12:49.620 buy.

01:12:50.240 I'm happy that they're

01:12:51.200 buying American,

01:12:51.940 American soybeans.

01:12:53.480 That's fantastic.

01:12:54.640 But don't come into

01:12:55.520 my 5G network.

01:12:56.820 And other countries

01:12:57.560 are figuring it out.

01:12:58.520 And it can't just be

01:12:59.440 one country.

01:13:00.800 Because it's the next,

01:13:02.800 it's the next,

01:13:03.920 China's artificial

01:13:05.680 intelligence,

01:13:06.660 their robotics,

01:13:07.780 their 5G.

01:13:08.860 These are the things

01:13:09.740 that Americans need

01:13:10.800 to be doing.

01:13:11.640 You're asking me

01:13:12.180 about 20 to 25 year olds?

01:13:14.740 One up China at what

01:13:15.940 they're doing.

01:13:16.940 And make sure that

01:13:18.080 they can never have

01:13:19.420 espionage become a part

01:13:20.720 of taking us down again.

01:13:22.000 And yes,

01:13:24.160 a lot of countries

01:13:24.760 and companies,

01:13:26.220 companies both

01:13:26.960 are figuring it out.

01:13:28.280 I agree with worldwide.

01:13:29.620 I agree with a lot of

01:13:30.420 countries are turning

01:13:31.060 their backs on China.

01:13:32.520 But companies in the

01:13:33.340 United States are as well.

01:13:34.680 I don't think the NBA is

01:13:35.880 and I do not think

01:13:36.620 Hollywood is.

01:13:37.200 I think those two

01:13:37.760 industries are so reliant

01:13:40.260 on the need to have

01:13:41.620 China play NBA games

01:13:43.600 and China play

01:13:44.520 Hollywood movies

01:13:45.340 that they're so

01:13:46.260 frightened of saying

01:13:47.400 anything about

01:13:48.340 one GM from Houston

01:13:50.440 says stand up.

01:13:52.000 to Hong Kong

01:13:52.700 and what's going on.

01:13:53.540 He gets hollered

01:13:54.840 and LeBron,

01:13:56.060 you're out of line

01:13:57.100 and he wasn't prepared

01:13:58.080 what he said.

01:13:58.920 And nothing against China.

01:14:00.900 They'll say anything

01:14:01.780 against anybody

01:14:02.760 but they protect China.

01:14:04.420 Anything against anybody

01:14:05.880 except for China.

01:14:06.980 They'll call out

01:14:07.580 the president.

01:14:08.500 They'll call out

01:14:09.200 the businesses.

01:14:10.500 They'll call out

01:14:11.080 any other place

01:14:11.780 that they will not

01:14:12.580 touch China.

01:14:14.360 Have you been following

01:14:15.160 this with the NBA

01:14:16.040 and Hollywood?

01:14:16.960 I have tangentially.

01:14:18.400 I don't follow

01:14:18.980 Hollywood very closely

01:14:19.800 because I don't listen

01:14:20.440 to too many people

01:14:21.080 in Hollywood

01:14:21.440 very closely.

01:14:23.280 I think you were

01:14:24.260 like Ricky Gervais.

01:14:25.100 I don't know

01:14:25.360 if you saw Ricky Gervais'

01:14:26.320 speech or not.

01:14:27.280 Yes.

01:14:28.420 He's one person

01:14:29.240 you ought to follow.

01:14:29.680 Can you say

01:14:29.980 barking like a seal?

01:14:31.280 Yes, that was me.

01:14:33.440 But to your point

01:14:35.000 about the NBA,

01:14:36.400 to your point

01:14:36.840 about kowtowing

01:14:37.440 going to China

01:14:37.900 for any reason,

01:14:40.920 if that is a requirement

01:14:45.200 that we bend

01:14:46.440 for commerce,

01:14:49.240 then the future

01:14:51.860 of this country

01:14:52.500 as I described

01:14:53.140 the barbell

01:14:53.720 of the paying people

01:14:55.280 not to work

01:14:55.920 and being filthy rich

01:14:56.980 and there being

01:14:57.900 nothing in the middle,

01:14:59.560 no middle class,

01:15:00.440 no middle income earners,

01:15:01.320 no entrepreneurs,

01:15:02.080 no small business owners.

01:15:03.260 If that's our future,

01:15:04.540 then we bend forever.

01:15:05.420 Or, you know,

01:15:09.400 will the real American

01:15:10.200 raise their hand

01:15:11.140 and not let this happen?

01:15:16.400 We spoke on April 7th.

01:15:17.920 You said something

01:15:18.500 about China

01:15:19.080 that was picked up

01:15:20.380 all over the place

01:15:21.220 on how the way

01:15:22.880 they signed the contract

01:15:23.900 and the agreement

01:15:24.660 is right on the dates,

01:15:25.900 et cetera, et cetera,

01:15:26.620 that if they do,

01:15:27.300 they're protecting themselves.

01:15:28.600 Fine.

01:15:30.560 How bad do you think

01:15:32.420 China is going to pay

01:15:33.640 a price for what they did?

01:15:35.420 At this point,

01:15:36.120 this is July,

01:15:37.040 what are we today?

01:15:37.680 July what?

01:15:38.600 20th.

01:15:39.340 20th.

01:15:39.740 July 20th.

01:15:40.440 That was April 7th

01:15:41.380 when we spoke.

01:15:41.920 How bad is China

01:15:42.860 going to pay a price

01:15:43.520 for what they did?

01:15:46.520 Well, what China

01:15:47.360 is not going to do

01:15:48.060 is crash.

01:15:50.660 They can manage

01:15:51.740 their decline.

01:15:52.420 They've been

01:15:53.200 carefully

01:15:54.340 and methodically

01:15:55.680 managing their decline

01:15:57.760 for years.

01:16:00.200 Fake data.

01:16:00.860 they can continue

01:16:04.040 to manage

01:16:04.480 that decline

01:16:05.180 but they're not

01:16:07.420 in the position

01:16:08.420 of strength

01:16:09.420 that they would have

01:16:10.480 the rest of the world

01:16:11.740 believe

01:16:12.520 and what this

01:16:14.240 virus has done

01:16:15.440 has weakened

01:16:16.420 that position

01:16:17.160 further.

01:16:18.740 That's why they've

01:16:19.920 signed

01:16:20.260 a 25-year

01:16:21.700 secret agreement

01:16:22.540 with Iran

01:16:23.380 for security purposes.

01:16:25.840 It's not like

01:16:26.640 it was on the

01:16:27.180 front page

01:16:27.680 of the Wall Street Journal.

01:16:29.460 It was hush-hush.

01:16:29.620 It was some places

01:16:30.320 but it wasn't Wall Street.

01:16:31.900 Right.

01:16:32.340 No, I'm with you

01:16:32.960 100%.

01:16:33.700 They are definitely

01:16:34.940 trying to

01:16:35.540 $45 billion,

01:16:36.280 $46 billion.

01:16:37.340 To build alliances

01:16:38.140 and you wouldn't

01:16:40.080 be building alliances

01:16:41.100 if you didn't feel

01:16:41.920 like you had to.

01:16:43.320 They've got

01:16:43.940 very little goodwill

01:16:45.160 left on the entire

01:16:46.500 continent of Africa.

01:16:48.260 Very little.

01:16:50.160 They're not going

01:16:50.880 to have much goodwill

01:16:51.600 left in South America

01:16:52.640 because of what

01:16:53.040 we were talking about.

01:16:53.760 They're not going

01:16:54.100 to buy all the

01:16:54.820 copper and all

01:16:55.680 the iron ore

01:16:56.160 from those countries

01:16:57.220 at a time

01:16:57.860 when those countries'

01:16:58.620 economies are devastated

01:17:00.020 and they've shown

01:17:04.840 their true stripes

01:17:05.740 to countries

01:17:06.920 that they're

01:17:07.280 supposedly friends

01:17:08.160 with.

01:17:09.360 So China

01:17:10.680 is not going

01:17:11.780 to crash

01:17:12.280 and everybody

01:17:13.100 wants that

01:17:13.700 to be the case.

01:17:14.760 But if you

01:17:15.740 can print money

01:17:16.480 and then tell

01:17:17.520 bankers at gunpoint

01:17:18.940 to put it

01:17:19.680 into the economy

01:17:20.320 which we cannot do,

01:17:22.060 you can manage

01:17:23.020 the decline.

01:17:23.580 But how strong

01:17:26.100 they are going

01:17:26.700 forward is a

01:17:27.420 different story.

01:17:29.100 So to think

01:17:29.880 that there is

01:17:30.660 this narrative

01:17:31.420 that the United

01:17:33.060 States is in

01:17:34.060 a position

01:17:34.460 of weakness

01:17:35.320 vis-a-vis

01:17:36.240 China

01:17:36.660 is wrong.

01:17:38.620 Absolutely

01:17:39.180 wrong.

01:17:40.800 And this

01:17:41.180 pandemic

01:17:41.600 has been

01:17:43.520 beneficial

01:17:44.120 if you're

01:17:44.920 looking at

01:17:45.440 war games,

01:17:46.100 so to speak,

01:17:47.240 to us,

01:17:48.320 to the United

01:17:48.640 States.

01:17:50.820 Who else

01:17:51.480 do you think

01:17:51.760 China is getting

01:17:52.320 close to?

01:17:52.900 Do you think

01:17:53.720 Russia and Putin

01:17:54.520 trust China

01:17:55.160 right now?

01:17:56.100 I don't think

01:17:56.560 Russia trusts

01:17:57.360 anybody.

01:17:58.740 But Russia

01:17:59.260 likes to be

01:18:00.720 there.

01:18:02.080 Russia just

01:18:03.000 likes to have

01:18:03.620 an invitation

01:18:04.040 to the party.

01:18:05.160 They just want

01:18:05.600 to be sure

01:18:05.940 that everybody

01:18:06.440 knows that

01:18:06.940 they've got

01:18:07.260 tanks and

01:18:08.220 they've got

01:18:08.500 oil.

01:18:08.940 But they

01:18:09.120 don't have

01:18:09.360 much else

01:18:09.880 other than

01:18:10.920 that.

01:18:11.160 But they

01:18:11.360 do have

01:18:11.640 a really

01:18:12.300 long border

01:18:13.140 with China.

01:18:14.120 And that

01:18:14.980 alliance is

01:18:15.800 pretty good.

01:18:17.440 Saudi Arabia?

01:18:18.520 Possibly.

01:18:21.100 Russia's like

01:18:21.760 the brother

01:18:22.760 who keeps

01:18:23.200 in contact

01:18:23.640 with your

01:18:24.000 ex.

01:18:25.040 That's a

01:18:25.420 really good

01:18:25.720 way to put

01:18:26.060 it.

01:18:26.480 Very weird.

01:18:27.360 What are

01:18:27.620 you doing

01:18:27.800 with my

01:18:28.020 ex?

01:18:28.600 Yeah.

01:18:29.300 Like,

01:18:29.620 let it go.

01:18:30.460 You know,

01:18:30.700 we broke

01:18:31.080 up.

01:18:31.360 You're

01:18:31.520 supposed to

01:18:31.960 be on

01:18:32.240 this side.

01:18:32.700 But it's

01:18:32.940 very weird

01:18:33.400 what Russia

01:18:34.100 does.

01:18:34.960 They have

01:18:35.160 an interesting

01:18:35.580 way of doing

01:18:36.080 things.

01:18:36.760 Russia likes

01:18:37.220 to...

01:18:38.540 Russia's like

01:18:39.780 that itch

01:18:40.600 you can't

01:18:40.980 scratch.

01:18:41.840 Yeah.

01:18:42.560 They like

01:18:43.200 to make

01:18:44.080 trouble.

01:18:44.900 It's what

01:18:45.180 Russia does.

01:18:46.080 Yeah.

01:18:46.400 Because they're

01:18:46.780 not dominant.

01:18:47.840 And they never

01:18:48.420 will be again.

01:18:49.120 But they can...

01:18:49.820 But that's

01:18:50.260 not to say

01:18:50.840 that China

01:18:52.080 can't build

01:18:52.620 alliances.

01:18:53.720 Last question

01:18:54.680 here for you.

01:18:55.420 So I have

01:18:56.020 my thoughts.

01:18:56.560 I'm curious

01:18:56.860 to know

01:18:57.040 what you

01:18:57.280 think.

01:18:57.600 I mean,

01:18:57.760 you saw

01:18:58.020 how bad

01:18:58.300 the protests

01:18:58.780 got at

01:18:59.120 one point.

01:18:59.980 And it

01:19:00.440 was pretty

01:19:00.760 ugly going

01:19:01.340 back and

01:19:01.760 forth.

01:19:02.900 Do you

01:19:03.240 think since

01:19:04.840 we're in

01:19:05.260 July right now,

01:19:05.880 you got July,

01:19:06.580 August,

01:19:06.900 September,

01:19:07.360 October,

01:19:07.820 November,

01:19:08.380 okay?

01:19:08.700 Goldman Sachs

01:19:09.280 said the

01:19:10.180 election this

01:19:10.660 year is going

01:19:10.940 to be very

01:19:11.240 similar to

01:19:11.700 the one

01:19:11.900 with Gore

01:19:12.260 and Bush.

01:19:12.660 The fact

01:19:12.920 that they're

01:19:13.200 not going

01:19:13.480 to finally...

01:19:14.460 They're not

01:19:14.820 going to

01:19:15.020 know who

01:19:15.460 wins for

01:19:16.040 another three

01:19:16.720 weeks.

01:19:17.200 And Gore

01:19:17.940 and Bush

01:19:18.260 was 35

01:19:18.800 days.

01:19:19.200 They feel

01:19:19.560 this one's

01:19:19.940 going to

01:19:20.100 be the

01:19:20.340 same way

01:19:20.620 that we're

01:19:20.900 not going

01:19:21.180 to know

01:19:21.380 the news

01:19:21.780 right off

01:19:22.200 the bat

01:19:22.480 and they're

01:19:22.760 going to

01:19:22.880 have to

01:19:23.140 recount,

01:19:23.680 et cetera,

01:19:23.980 et cetera.

01:19:24.460 Okay?

01:19:25.100 Fine.

01:19:25.920 No problem.

01:19:28.020 What are

01:19:28.360 your opinion

01:19:29.620 about how

01:19:31.100 ugly things

01:19:31.900 are going

01:19:32.180 to get

01:19:32.580 in the next

01:19:33.120 few months?

01:19:34.120 Could we

01:19:34.500 potentially have

01:19:35.460 something close

01:19:36.620 to civil war?

01:19:37.380 Or do you

01:19:37.800 think things

01:19:38.180 are going

01:19:38.400 to get

01:19:38.600 pretty peaceful

01:19:39.200 the next

01:19:39.560 four months

01:19:40.000 with the

01:19:40.280 election?

01:19:41.300 I think

01:19:41.780 that politics

01:19:44.040 in America

01:19:44.720 today is

01:19:45.660 about money.

01:19:48.040 And I

01:19:48.700 think that

01:19:49.140 people with

01:19:49.620 money are

01:19:51.400 aware of

01:19:51.920 the risks

01:19:52.240 that you

01:19:52.440 described.

01:19:56.400 And if

01:19:58.800 you can

01:20:01.020 buy elections,

01:20:02.080 which you

01:20:02.580 can in

01:20:03.400 this country,

01:20:04.660 then you

01:20:06.260 can get rid

01:20:06.660 of that gray

01:20:07.080 area.

01:20:07.680 If you

01:20:08.200 want to

01:20:08.420 put enough

01:20:08.700 money towards

01:20:09.540 it.

01:20:12.520 I speak

01:20:13.240 code, but

01:20:14.300 can you

01:20:14.680 unpack the

01:20:15.320 code you

01:20:15.820 just shared?

01:20:16.520 Like, by

01:20:17.140 what election?

01:20:17.900 So if I

01:20:18.220 can buy the

01:20:19.460 Biden election,

01:20:20.240 if I can win

01:20:20.820 that, and

01:20:21.380 then I'm

01:20:21.740 going to

01:20:21.980 eliminate a

01:20:22.520 lot of the

01:20:22.860 headaches.

01:20:23.780 If there's a

01:20:24.500 landslide,

01:20:25.120 everything you're

01:20:25.520 talking about

01:20:26.020 goes away.

01:20:27.760 I don't

01:20:28.120 think it's

01:20:28.360 going to

01:20:28.520 happen.

01:20:31.700 We'll

01:20:32.100 find out.

01:20:32.720 But remember,

01:20:33.580 there aren't

01:20:34.440 any political

01:20:34.940 signs in my

01:20:36.140 neighborhood.

01:20:36.460 When you

01:20:36.880 drive home

01:20:37.280 tonight, look

01:20:38.180 in your

01:20:38.440 neighborhood, and

01:20:39.420 you get back

01:20:39.920 to me and

01:20:40.300 tell me if you

01:20:40.900 see political

01:20:41.420 signs.

01:20:41.620 It's very

01:20:42.120 quiet out

01:20:42.580 there.

01:20:42.860 There's one.

01:20:43.680 And the last

01:20:44.100 four years ago,

01:20:44.720 there was like

01:20:45.100 50.

01:20:46.000 There was only

01:20:46.380 one.

01:20:46.700 When you said

01:20:47.160 I went straight

01:20:47.600 to my

01:20:47.820 community, and I

01:20:48.300 thought about

01:20:48.680 the drive I

01:20:49.640 make to go see

01:20:50.280 where the

01:20:50.540 signs are to

01:20:51.020 see which

01:20:51.340 neighbor is

01:20:51.700 what, we

01:20:52.160 have none

01:20:52.440 of it right

01:20:52.780 now.

01:20:52.920 It's just

01:20:53.180 one.

01:20:53.400 now, when I

01:20:54.620 was in

01:20:54.900 Florida

01:20:55.120 yesterday, we

01:20:56.300 went to

01:20:56.600 Hillsboro.

01:20:59.840 We were

01:21:00.380 looking at

01:21:00.780 homes all

01:21:01.260 over Fort

01:21:01.660 Lauderdale,

01:21:02.200 Hillsboro, and

01:21:03.240 Boccan, all

01:21:04.020 these places,

01:21:05.360 Rio Vista, and

01:21:06.620 you saw

01:21:07.300 boats.

01:21:07.860 I've never

01:21:08.800 seen this

01:21:10.320 many boats

01:21:11.200 with Trump

01:21:12.080 flags.

01:21:13.520 I tell you,

01:21:14.040 Mario, did

01:21:14.460 you see one

01:21:15.080 with Biden?

01:21:16.100 No.

01:21:17.180 Well, I

01:21:17.600 haven't seen

01:21:17.900 any Biden,

01:21:18.700 anything.

01:21:19.160 I couldn't

01:21:19.860 believe it.

01:21:20.280 It was just

01:21:20.920 Trump, Trump,

01:21:21.580 Trump, Trump,

01:21:22.100 Trump, Trump,

01:21:23.180 and my

01:21:23.620 realtor, Jack.

01:21:24.220 It's kind of

01:21:24.580 his backyard,

01:21:25.340 isn't it,

01:21:26.060 Mar-a-Lago?

01:21:26.620 No, it is,

01:21:27.200 but our

01:21:28.120 driver, our

01:21:28.680 bus driver,

01:21:29.220 was like,

01:21:29.660 oh, we

01:21:30.220 hate him

01:21:30.660 here.

01:21:31.760 We were

01:21:32.000 driving past

01:21:32.780 Mar-a-Lago.

01:21:33.180 I said, tell

01:21:33.400 me, who

01:21:33.820 hates him

01:21:34.240 here?

01:21:34.420 Oh, everybody

01:21:35.020 hates him.

01:21:35.580 Why?

01:21:36.340 And I

01:21:36.620 thought she

01:21:36.840 was going

01:21:37.080 to give a

01:21:37.360 political

01:21:37.640 answer.

01:21:38.000 She said,

01:21:38.480 because every

01:21:39.440 time he

01:21:39.900 comes to

01:21:40.500 visit his

01:21:40.920 family, do

01:21:41.500 you know he

01:21:41.900 shuts down

01:21:42.520 the road

01:21:49.040 hate, you

01:21:49.860 know what

01:21:50.200 he said?

01:21:50.640 All she

01:21:50.940 thought about

01:21:51.340 is traffic,

01:21:52.080 so that's

01:21:52.380 what we

01:21:52.720 hate to

01:21:53.180 God.

01:21:53.300 You know

01:21:53.660 what?

01:21:54.160 I can

01:21:54.720 respect that.

01:21:55.560 It's one

01:21:55.960 that affects

01:21:56.360 you.

01:21:56.380 Think about

01:21:56.640 it.

01:21:57.060 The top

01:21:57.460 1%, they

01:21:58.440 own those

01:21:58.860 boats, and

01:21:59.360 they've done

01:21:59.760 very well

01:22:00.320 under Trump.

01:22:01.260 Yes, they

01:22:01.880 have.

01:22:02.100 I think

01:22:02.300 that is

01:22:02.620 true.

01:22:02.860 So,

01:22:03.020 Danielle, why

01:22:03.360 don't we

01:22:03.540 tell everybody

01:22:03.960 what we're

01:22:04.260 doing?

01:22:05.520 Why don't

01:22:05.940 we?

01:22:06.220 Let's

01:22:06.460 tell them.

01:22:06.820 Let's

01:22:07.000 tell them.

01:22:07.320 I'm

01:22:07.480 excited,

01:22:07.900 because the

01:22:08.300 last time

01:22:09.060 when we

01:22:11.140 sat there and

01:22:11.600 we spoke,

01:22:12.980 afterwards, I

01:22:14.640 sat there and

01:22:15.060 talked to

01:22:15.360 Mara, I'm

01:22:15.580 like, you

01:22:15.820 know what?

01:22:16.200 I think she

01:22:17.440 has so much

01:22:18.060 to offer.

01:22:18.840 I think she

01:22:19.340 needs a

01:22:19.920 platform for

01:22:20.600 her to

01:22:20.880 constantly share

01:22:22.340 her thoughts

01:22:22.780 because the

01:22:23.320 audience wants

01:22:24.100 to know so

01:22:24.620 much.

01:22:24.960 And that's

01:22:25.200 when I

01:22:25.420 reached out.

01:22:25.920 I said,

01:22:26.080 let's get on

01:22:26.440 the phone.

01:22:26.740 You and I

01:22:26.980 got together

01:22:27.420 and I

01:22:27.620 said,

01:22:28.400 Danielle,

01:22:28.760 how about

01:22:29.080 you become

01:22:29.660 a host on

01:22:30.200 Valuetainment?

01:22:31.280 And then we

01:22:31.880 went back and

01:22:32.520 forth and you

01:22:33.240 said, yes,

01:22:34.640 let's do it.

01:22:35.400 And I'm

01:22:35.680 excited to

01:22:36.360 announce to

01:22:36.820 all of you

01:22:37.500 that you

01:22:38.540 are looking at

01:22:39.700 one of the

01:22:40.540 latest hosts

01:22:41.220 on Valuetainment.

01:22:42.180 She'll be

01:22:42.460 doing interviews

01:22:43.280 and some

01:22:43.660 other kind

01:22:44.060 of content.

01:22:45.420 Danielle, I'm

01:22:46.420 very excited to

01:22:47.380 have you as a

01:22:48.160 host on

01:22:48.780 Valuetainment.

01:22:49.200 Valuetainment

01:22:49.700 Economics, here

01:22:50.380 we come.

01:22:50.620 It's going to

01:22:51.140 be exciting.

01:22:51.720 So having said

01:22:52.600 that, this was

01:22:54.000 a wonderful

01:22:54.380 conversation.

01:22:55.240 Thank you for

01:22:55.620 your time.

01:22:56.080 Looking forward

01:22:56.460 to what the

01:22:56.820 future has to

01:22:57.460 hope for all

01:22:57.840 of us.

01:22:58.140 Likewise.

01:22:58.720 Thank you.

01:22:59.380 Thanks everybody

01:22:59.940 for listening.

01:23:00.620 And by the way,

01:23:01.040 if you haven't

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01:23:08.660 questions for

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01:23:14.100 Just search

01:23:14.520 my name,

01:23:14.980 PatrickBitDavid.

01:23:16.020 And I actually

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01:23:20.840 With that being

01:23:21.300 said, have a

01:23:21.800 great day today.

01:23:22.640 Take care

01:23:22.900 everybody.

01:23:23.400 Bye-bye.

Valuetainment - August 26, 2020

Alarming Predictions Made About China & US Economy

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