Pivot - Trump’s Alive, China Flaunts BFFs, and Scott’s Back!

Episode Date: September 5, 2025

Brace yourselves, Scott has returned! He and Kara discuss the rumors about President Trump’s health, China's push to form a new world order, and the latest plans for National Guard deployment. Plus, Google's antitrust win, and Newsmax files a lawsuit against Fox. Watch this episode on the ⁠⁠Pivot YouTube channel⁠⁠. Follow us on Instagram and Threads at ⁠⁠@pivotpodcastofficial⁠⁠. Follow us on Bluesky at ⁠⁠@pivotpod.bsky.social⁠⁠. Follow us on TikTok at ⁠⁠@pivotpodcast⁠⁠. Send us your questions by calling us at 855-51-PIVOT, or at ⁠⁠nymag.com/pivot⁠⁠. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Learn more at OnePassword.com slash podcast offer. That's OnePassword.com slash podcast offer, all lowercase. Hi, everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher. And we're going to get right to it because there's been endless speculation in recent days, questions swirling about his whereabouts and many people believing the worst. But Scott Galloway is not dead. He's here now with non-bruised hands and shapely ankles. Welcome back, Scott Galloway. Thanks, Kara. Look, there's a lot going on. And I don't like to talk about myself. I don't want to make a big deal out. of this. Oh no. That's right, ladies. That's right.

You've been so good in August. You've been deprived. I know it's going to help. A little bit of Scott. Ruh. You're thinking, how do I resist fascism? The key is not to resist is to surrender to the dog. What are we going to do?

What are we going to do, ladies? that's right we're doing a field trip down to where Kara hangs out we're going to this big white house and we're screaming bring out your dead bring out your dead

and then we're going to party with RFK Junior as I like to call them the marvelous Mrs. Measel by the way by the way I'm like your Xanax and your HBO Plus

you don't need me but you want me last thing Kara did you know Oh, no. Birds have mating rituals, and it goes a little bit like this. Hello, hello. That's right.

That's right. Lindsay, maintain eye contact and relax the throat. I'm having another stroke of Donald Trump's stroke. I can't hear anything. You're welcome. Next up, Rachel Maddow. Put your earphones on, Scott. Put them on.

Oh, my God. Put on your earphones. Are you hot? Can't hear. Can't hear. I like doing a podcast this way. I can't hear. I can tell you one thing. Rachel Maddo didn't take her shirt off. Oh, my God. I've been working out so hard this summer. I see that. I even brought my testosterone. Did you?

Yeah. Thanks for showing us. Don't me to do it live on TV? No. Oh, no. Okay. All right. All right. Do you do this every day? No, once a week. Okay. All right. Well, so glad it's today. Oh, my God, Kara. One inch, two inches. Two and a quarter. Two and a quarter. Two and a quarter. Bring back Gavin Newsom. That guy's had a glow up. I know.

Talk about a glow up. While I was gone, he glowed up. He glowed up. Oh, my God. He said he wasn't going to do a lifting contest against you because he probably were out working out all summer. That's what happened. It's not easy looking this way when you're 78.

Tell me about your time away. We had a terrific time here at that day without you. Yeah, we really missed. I noticed that. And not like that, I noticed our downloads went up. Yeah, they did. And all the comments are like, can we have a Scott Free 25? Yes, I know. Not every day. A lot of people missed you. They did. Those are anonymous accounts that I pay on Albanian troll farm to manage my brand.

We had a good time. Let me, I'll go through. We had a really good series of guests. I have to say, there wasn't a loser in the bunch. But they were all great. And of course, it ended with Gavin Newsome at exactly the right time. Because he's, as you say, he's had a glow up. But Matt, I was great. All of them, West Morris. All of them, Scaramucci, Tim Miller, I'm going to miss someone, Abby Phillip, Mel Robbins. Let them, let them. Yeah, sorry, Mel, that shit don't work. Try that with kids. I'm sorry.

I love her. No, because she has let me is the second thing, which is let me smack them back to last Sunday. Oh, David Remnick, he was really good. He brought the smarts. He was excellent. And the mooch, obviously, we kicked it off the mooch. But we did miss you. Thank you.

We did miss you. So tell me what you did. People want to know. People know what I did. I was here hosting and improving our downloads. What were you doing? I continued my world arrested adolescence douchebag tour. I was in Colorado, I was in Bitha, and I was in Dan Tucket.

And actually, and then I was in Brazil for a speaking gig. I saw that. Yeah, still a total fucking horror of money. What happened? What are the highlights of your vacation? Oh, you know, Kara, it's just a chance for me to reconnect with nature and my children. New York, you know what the best thing about this past month has been the last week in New York. is amazing. I was trying to think. What is it about? One, it's like model country safari because it's about to be

fashion week. But two, all the douchebag dudes are gone because all the spiritual motherfuckers into crypto are a burning man. The guys left in New York right now are just awesome. I've been connecting with a bunch of friends. Actually, I felt a little bit like you. I was anxious to get back to work. You probably sensed it. I started tweeting and texting it everybody. Oh, I did. You kept commenting as if you were still on pivot. Yes. You were like, my thoughts on this. three parts and triplicate. Everybody deserves to know what I think about this. We saw that. We saw the thirstiness.

It was coming in. Like around August 15th, I'd say. That's when you, you know, halfway through the summer, you're like, oh, wait a minute. Yeah. Did you know, I mean, there is. There's a lot of news. In addition to being really good at not working and trying to spend more time, I don't know, just reconnecting and doing cool shit because I can and I'm going to be dead soon.

In Germany, every, well, not every corporate board, but best practice is among boards, as they say to the CEO, you need to take at least four to six weeks off consecutively. Ah, yes, consecutively. And if the company falters, it's a negative on you. And I mean, to a certain extent, you always want to make sure that nothing's too dependent upon you. And unfortunately, you guys did that a little too well, a little too well. But no, I had a great summer.

I'm sorry to inform you that Rachel Madder will now be co-hosting Pivot. Go ahead. She's, yeah, she's a genius. I think we had a thing, don't you think? We had a thing. Well, you look like, you look like brothers. That's correct. It's like, we're like the Kelsey brothers of lesbians in a weird way.

No, you guys, you guys need to find. What's the, go ahead. You can talk about Rachel. Well, no, you both need to font one of your, I don't know how all that shit works, but create a super army of Wokistan army to take over everything. We're waiting. We had a lot of insights. You actually, guys, you remind me of each other.

You're both very hard working. Mm-hmm. Yeah. What, it was your favorite part of your vacation? Name one moment. Was it with George Hahn when you were cuddling on the same? No, I've started, I remember before being serious. I've started working out, there's this cool gym in Nantucket that's outdoors.

It's like a prison yard. And I've started working out with my son. And it's like that saying, your kids are the only people you want to be more successful than you. And my son has gotten fitter than me just in the last six months, faster than me. And I can already tell he's not as strong as me yet, but he's getting there. But it was just fond. I mean, you saw with Alex. Alex looks like a fucking superhero.

He is. But watching your son get strong, and not only that, I think about trying to figure out what I call slopa, and that is slow dopamine, and that is showing your kids at small efforts and acts of discipline every day add up to something really wonderful. And he's starting to feel that. He's like me. He's just super tall and super skinny. But we're lifting weights and we're eating a lot. And it was just kind of fun to see that progress over the course of the summer. And it was very bonding for us.

You should work out with Alex sometime. I'd like to see that now. Because remember you worked out with him when he was like a teen and he was little. Oh, that's right. No, that guy looks like the rock, if the rock had Irish parents. Yeah, yeah. He's in really good shape. We had a lovely, I did take a few days off.

I mean, I did podcasts from Vermont, but all four kids were in Vermont, and we had a really wonderful time. Jesus, you went to Vermont? Yeah, I went to Vermont. Or did you take your Subaru and your German Shepherds? Could you be more any cliché? Guess who bought a Subaru? Oh, no.

Who bought a Subaru? Louis Swisher. Louis bought a Subaru. Yeah, we got him for, you know, it's our last little gift to him. We got him a Subaru Forrester, and that's what he picked. He had a choice of, you know, in that range, whatever he wanted, and that's what he put in a lesbianist car. So is that a graduation gift? Yeah.

Oh, that's nice. Yeah, and that's it. Now he has to make his own money. Why does he need a car in New York? He's actually living, not living in New York. He's living up in Western Mass for now with his girlfriend. So anyway, he's got a lesbian car now. He's a lesbian car now.

Peru. He's so pleased. I can oddly see that, actually. Yeah, yeah, except for the mustache. You could be a very attractive lesbian. So, the mustache, what's happening with the mustache? Honestly, or as I like to call it, my second taste. It's like a cat. Go ahead. I was in Brazil last week for a speaking gig, and I went into this barbershop, and granted, his English was better than my Portuguese, but I basically said take it all off, and I ended up with this, Bert Reynolds, if he was Jewish and ugly look. This was an accident. Seriously, this is an accident. Yeah, wasn't supposed to be like this.

Yeah, I'm not sure I love it. I don't love it on Louie either, but I tell him this. It doesn't look good on me. I don't know. I look like literally like a canter at the second biggest temple in Cleveland who's having a midlife crisis. That's good. What else could I do? I'm trying to think of, oh, according to the New York Post, I'm in Devil Wars Prada, too.

That's the New York Post. I think I saw pictures of you filming. Maybe. No? No, no, no. No, literally, that's what the creative community. was streaming out for is the devil where it's probably i mean we are really reaching no it's going be so good are you kidding me no it's the same that is such a good movie so marl streep is looking for

a bigger brownstone no i'm just telling you that was a great movie go back and watch it again and it will be a great sequel you know i wouldn't say when it's a huge hit who has been right about hunting wives carers swisher i'm always right about these coaches two two close runs you and justin thoreau are both in it so i'm going to see it yeah but quite frankly the world just wasn't asking for the devil where's Prada, too. But they are. But it is. There's an AI theme in it, I bet. That's what I've read. I don't know they tell me anything. Raise minimum wage to $25 an hour, mandatory national service, and no sequels for three years. No sequels for three years, and the creative community will

bloom. It's a great film. I mean, no one does anything original anymore. Except for sinners. This is a big summer actually for those. Sinners and what was the spring? Um, weapons. What was it? Have you seen these things? I don't know. I'm so No, they're both. I saw sinners because I did. What did you think of it? I liked it very much. It wasn't as scary as I thought because I mean, I heard vampires. And the other one is, weapons. What is it? Weapons. What is it? Weapons. And that's supposed to be, everyone who's seen it said it's the scariest movie they've ever seen. And it's a different kind of scary. This guy is apparently like a very gifted maker of things. But I can't see it. I can't see it.

I'm just waiting for Wicked, too. Well, thanks for doing all the hard work. I almost started to feel almost started. to feel bad, that this is your happy place. Yeah, I liked it. I enjoyed it. I enjoyed talking about. You just want to work and buy more Subaru's. Yes, that's correct.

Now that Louis has a Subaru. But we've got a lot to get to today. We've got a lot. We're going to go through it. A lot happened while you were gone. Like, a lot. Every time something happened, I'm like, I wonder what Scott would think. I did the whole summer.

I did. I appreciate that. Obviously, Dellen Trump is still alive. He offered proof of life at a press conference Tuesday after going six days without a major public appearance or saying something, which I think we're not used to because he's such a fucking diarrhea mouth. The internet went wild over Labor Day weekend with rumors about Trump's health and speculation that he died. All these conspiracy theorists had, they were trying to put it together like they were detective essentially Clousseau. The hashtags were, uh, whereas Trump and

Trump is dead were trending on X. People were sharing their all kinds of conspiracy theories on Reddit and TikTok. One of them, I actually said that's the way the White House website is always and people got mad at me because I was like, sorry, this is not right. And same thing with closing of Walter Reed, I was like, it's not closed. I just drove by it. It's not closed. But people had all these different theories. He claimed at his Tuesday press, not to have heard of the rumors, even though he posted, he never felt better in his life. Of course, he heard them. What I was kind of irritated about, because you and I have been really tough on Biden, you was particularly at the beginning of it. And it turned out to be true. And if they had they

listened to many people, not just us, things might have been different right now. But I don't See, one of the things that bothered me, besides the exaggeration and conspiracy theories on social media, was you didn't see a story in any of the newspapers talking about this as a phenomena and then actually doing digging and what's going on with his health because something is going on with his health, right, with the hands. There's actually visible things, his ankles. You know, he looks not well. He misses a lot of things. How do you look at this? And I'm amazed at reporter. I'd like a good reporter to tell me, what's happening, actually. Well, okay, so sometimes the obvious explanation is the right one. He's suffering from a condition that's only going to get worse, and it's called 79. And I listened to Sanjay Gupta yesterday on CNN, and I think Sanjay, or Dr. Gupta, an actual expert who's done the word, you know, his explanation was very reasonable, and that there are reasonable explanations.

And in this instance, in a rare instance of the truth, as doctors have let out information, He has that condition where if you bleed, it comes right through your skin, it's just thin-skinned, I think. That sounded very logical to me. The vascular condition that older people get where their ankles swell, that sounded very logical to me. But if you try to figure out, or if you look at an actuarial table and say, what is the likelihood from insurance companies,

which, by the way, have been, you know, they predicted the L.A. fires. If you want to talk about people who can predict the futures, talk to people in the actuarial. Because they're trying to figure out. Yeah. Because they're trying to figure out what can we afford, how much do we be charging for certain outcomes around health and death? And if you go into an LLM or you go to an actuarial table and you say you have a 79-year-old who is obese under a lot of pressure, but access to the best medical care in the world, what is the likelihood in the next three and a half years? They either die or become incapacitated, couldn't work.

It's towards 50%. So I don't think there's any big conspiracy here. I just think we're dealing with someone who's 79. Yeah, I'm not saying that. It's just that it was interesting to see they continue not to. I think they should, look, imagine like Roosevelt or Wilson. It's not just them or Kennedy had a number of health issues, right, that were including drug use that was probably should have been reported on on some way. I just, I find it really interesting that especially the people who were like all in on Biden being like how dare they hide it.

why don't we know more about the health of all our leaders, right? Like, you know, Jerry Nadler just stepped down from Congress because he obviously is old. Like, that's kind of stuff. I just wish we had more of an insight so we could assess. I get it about privacy, but not for these people. I feel like we should know quite a bit more and not rely on like Ronnie Jackson, who really needs to sit down as a doctor, really independent assessments of our leaders. So we have some sense, maybe. I'm wrong. Well, there's two things going on here. The first is applies to everybody, and the second is more mendacious and unique.

And the first is that ageism is still an ism. And we as progressives or thoughtful people or media are seen as agist or worried about being agist if we reference that biology doesn't give a shit about how politically correct you are. I mean, we essentially Democrats potentially lost control of Congress and weren't able to block shit because we were unable to be honest and say to the five members who died in Congress, you are no longer capable of serving in this important role. And we've decided we decided to ignore it with Biden and we're ignoring it again with Trump. People this old shouldn't be asked to get on planes to go to Singapore to negotiate trade agreements

or have to get up at three in the morning and decide whether or not they're going to strike a terrorist cell and start calling. They just don't, presidents should probably be in their 40s and 50s just because of the physical and mental it demands. And we have decided that it is politically incorrect to be agist. And biology says, hold my beer. And this happens across both parties. The second thing is more mendacious. And that is Trump has deafly, meticulously, and bluntly taken a page out of the autocrats handbook and said, anything you say negative about other people, that's First Amendment, have at it. Anything you say negative about me, you better get ready to lawyer up. And it'll be thrown out of court, but I'll sue you. I'll try and ruin your reputation. And it's working. There are people in the

media, the biggest media companies in the world. I mean, you can point to so many examples, not only of it sending out a chill, but him actually extracting payments and barter from law firms that technically should be the least scared of this guy. So he's put a chill. And it's like do we really want to be the media company that Leeds was saying something is wrong here and it looks like congestive heart failure because if it's not, they're going to have to, you know, in two or three years potentially settle with the guy. And he's not afraid to weaponize the DOJ and raid homes and have the head of the FBI who wrote a fairy tale kids book about a king that was wrongly prosecuted going and, you know, dunking the basketball after.

or someone's houses rated without even saying how they got the indictment. I mean, he's weaponized institutions. We never thought were capable or would be weaponized. So, yeah, people are, it's working. He has put a chill on any real criticism. Yeah, he's energetic. That's for sure. He's energetic.

He's very robust. Robust. Well, robust, he looks sickly, but energetic. It's a really weird combination. And I think some of it is cognitive decline. That's very clear. I mean, again, let me put someone on the left, Eleanor Holmes Norton, who's supposed to be the representative of D.C. while not having a vote or is certainly involved has just been out of it because she's old and she might be running again, which is just like... Insane.

Insane. All these people. Like, there should be a number. I come more and more around to your feeling on this. Did you, what did you think of the death rumors? Because they kept coming back. They left and came back and left and came back. This is like no way around a country. That's what I kept thinking. I mean, in a weird way, I don't think they're trying to suppress it because, one, it keeps Epstein out of the news. And two, they know he's not dying or he's not imminently dying. And then let's show him in five or six days. Fine.

Oh, the media's talking about it. Fine. They're not talking about Epstein? Let them continue to talk about it. I'm fine. But it doesn't, all this is done so far because it looks as if the obvious explanation is the right one. And these are not life-threatening conditions. These are just the average, you know, ailments.

of a really old man, and it's anything to keep Epstein out of the news cycle. That's all they want. He might disappear again for five days and create rumors. Yeah, that's true or something else. You're right. Actually, that's really smart. Okay, let's go on a quick break. When we come back, Trump sets his sights on New Orleans for the next crackdown.

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You can spend $250 on your first campaign on LinkedIn ads and get a free $250 credit for the next one. No strings attached. Just go to LinkedIn.com slash scot. That's LinkedIn.com slash scot. Terms and conditions apply. Scott, we're back. Trump is floating the idea of sending National Guard troops to a lot of cities, but now it's New Orleans, the latest target in his crime crackdown.

He's also still fixated on Chicago and Baltimore calling both cities hellholes this weekend asking the governors of those states to invite him to deploy troops, which they are not doing. Illinois governor J.B. Pritzker fired back. I refuse to play a reality game show with Donald Trump. Trump did hit a legal setback this week. A federal judge ruled his use of troops in Los Angeles was illegal. What a surprise. The judge warned that Trump appears intent on creating a national police force with the president as its chief.

Newsom himself said the problem with the troops in Los Angeles is they had to waste their resources protecting them from citizens, which was, I think, probably accurate. Talk a little bit. By the way, we'll get to the foreign stuff in a second, but how do you look at what's happening? I mean, they're trying to obviously push back in San Francisco, in Chicago, Baltimore. I think he must have gotten news that people were mad about that there wasn't a red state that got looked at because most of the murdered statistics are in eight of ten red states are more murderous than blue states. Talk a little bit about what was it like from afar because we haven't really talked about this increasing militarization.

It falls into the basic pattern of all politics now or actions. at a political level. And that is one, Democrats either ignore a problem or aren't honest about it or let it go too far. In my opinion, they let the DEI apparatus go too far on campuses. They sweep in with an overcorrection and under a false flag of anti-Semitism, try and pull funding and ensure that our populist stay is uneducated because educated people have an annoying tendency to ask why. They overcorrect. We do something really stupid. We let a 6-5 swimmer, born as a male, show up to a woman's national NC2A competition, sweep every medal, taking medals away from women who've been training their whole lives, have bike competitions or a transgender woman crosses the finish line five minutes early and all Democrats kind of look at each other, you know, not knowing what to say and say it's inspiring. And then they sweep them with an overcorrection and start demonizing transgender people and kicking them out of the military, people who have saved bravely and consistently making us less safe. Democrats have ignored. or not addressed what are very real lifestyle issues,

quality of life issues in cities. Yes, Newsom talked about this. Yeah, Newsom talked. And so what do they do? I know let's sweep in with an overcorrection under the false flag of trying to reduce crimes such that we can normalize military in cities in case I decide to deploy the military if it looks like I'm going to lose the election. First off, it's just wrong.

The military is not right, is not there. They're not there to protect people. They're there to accomplish missions that oftentimes mean killing people. Actually, in D.C., they're there to pick up the trash, but just so you know. Yeah, but they're trained in combat, not crime or law. They have the wrong attitude about civilians, the wrong complexion of civilians. Cops are taught to protect. The military sees people as potential threats.

That's what they're trained to do. And they're untrained in collecting evidence and building a case that will hold up in court. Even if they're able to arrest or prevent crime, they won't be able to put criminals behind bars. But I feel like as Democrats, we get the right idea. We take it too fucking far. We decide there's a narrative. We have a knee-jerk reaction to everything. We are not as focused as we should be.

We prioritize social virtue or trying to achieve social virtue and ignore the actual material and psychological well-being of Americans. And then the Trump administration sees that hole and runs right through it with a fucking bullet train of mendacious, awful behavior to accomplish something else that's unrelated. Also an overreaction. 100%. With other sticky problems with it.

So what would you do? Do you think the governors are responding correctly in the mayors? Well, look, I said, and I'm patting myself, I said six months ago, who I thought would be the Democratic nominee in 28, and I said, the most likely person is TBD. We didn't know who Barack Obama or Bill Clinton were at this time. The democratic process when we let it run its course is like Navy SEALs training, and that as few people get through it, but the people who get through it are fucking deadly. They're very good. If the people who can survive all those fairs in Iowa and get on debate stages and stand up to podcasters like you, they just get battle tested and they just get very good. And so it's probably we don't know.

That's probably the leader right now. I said if I had to bet on anybody, people consistently underestimate Governor Newsom. He survived a recall effort. If you look at California since he's been governor, it's passed Japan to become the fourth largest economy. The technology and companies literally driving the SMP and global markets are back stronger than ever. And by the way, where are they? Oh, they're in that unlivable state called California. People are moving back.

Supposedly on the ground there, you said, and I have friends in L.A., the fires were bad, but people are saying in some of the cities on the West Coast now, they've gotten a memo, and they are saying, okay, maybe calling people the unhoused versus the homeless isn't going to solve the fucking problem. and we're going to have to move in and make some uncomfortable decisions and start all day of life. I just interject very quickly. I have to say, San Francisco is excitement with the AI companies of all different kinds.

There's new, everywhere you go, there's new stuff. Now, I had said this was going to happen because this is the way San Francisco goes, right? But everybody is back. Everybody is back. And it has a real energy to it that had been missing for a little while during COVID, particularly.

And there was no, I think, you know, I was talking to a bunch of, AI people. And there was sort of like there's no better place to do it than here. Like with Stanford and Berkeley, I was both at Stanford. I was at Berkeley. I spent some time with Steve Jobs' son, Reid, who was doing a bunch of stuff in biotech with AI involved in it. It's just the place to be, if that makes sense. And Newsom feels very muscular. And I think he used that word, right? It feels very muscular, California right now for some reason. Is this a good thing for people like him and Pritzker and Westmore to show off muscularity around these Trump

attacks on cities? Look, this has been the August of Newsom. His pushback by mocking and holding up a mirror to how ridiculous Donald Trump's communication style is has been hilarious and really effective, and that is it just basically says, okay, look how fucking ridiculous this is, the way, you know, the all caps pushing back. that way, he was kind of the leader we wanted, right? We wanted someone to push back. The next part of the program needs to move to ideas. J.B. Pritzker is giving off really nice dad energy and being thoughtful. But the reality is Trump hasn't done anything illegal and they're somewhat hamstrung around Trump. I believe what Trump is doing. It may be stupid. It may be a false flag. It may be disingenuous. It may be a poor use of our military. But it's not, as I understand it, it's not illegal. Well, the polls, people don't like it. People don't like it. Like all the polls. are pretty clear, including the Republicans. No one loves a troop in a city.

Nobody, even if they're picking up garbage, it's weird. It's not, you know, it's not something you see except when you go visit other countries that are under autocratic rule, right? A couple of things are going on. One is good, one is bad. And I can speak to this in fairly knowledgeable detail because I'm in New York right now.

I spend a lot of time here. I don't care what anyone says. We're in 2030, you know, history is as much clearer and harsher in hindsight. People are going to look back on New York in 2025. and say, that was a fucking golden age. Walk around, so, there's lines to get in stores. There's a new amazing members club opening literally every two weeks.

The art scene, the fashion scene, the food scene, this through COVID, this city shed its skin, there's new places, there's a sense of energy, it's fucking amazing. The downside to all of this is the following. Inflation is out of control in these hubs where these epicenters that are the track basically three types of people. Someone in tech who's highly educated and can afford a $5,500 one bedroom in Manhattan, finance bros who make a very good living, or somebody whose parents are putting them through New York or San Francisco. So that young person who wants to come and try and make it in a non-finance or non-tech industry and add, they just can't afford this city. Every young

person I meet to, you know, they're making really good, what used to be really good money, they can't, they just, they're, they can't afford to go out. And I always go to, you know, we're in a sex recession, we're in a mating recession. Young people can't afford to go out. They, they can't afford to go to a place and demonstrate excellence to each other and smell each other's pheromones and make friends and find mentors and find mates. So it's become, it's become a playground. It's never been better to be in the top 1%. America's becoming more like itself every day as evidenced by how amazing New York, and I imagine San Francisco and L.A. right now. But quite frankly, there might as well be a velvet rope around these cities for anyone under the age of 40 that's not making $150,000 a

year. So unless we get rid of nimbism, unless we put more money in their pockets, tax holiday, 8 million new homes construction, manufactured homes on sites that cost 50% less, and really make an effort to put more money in the pockets of young people, all of this, all of the amazing cities in America are basically going to be sequestered to a small number of very fortunate, over-educated people with rich parents. Yeah, you're absolutely right. I think homes are beginning to really focus in on homes. You talk a lot about other issues, but, you know,

even homelessness, a lot of homeless people have mental issues. A lot of it is solved by homes, like that you get people out of a high, one of the things in this documentary I'm doing is high stress situations lead to cognitive, like mental problems, cognitive science. And there's no higher stress than not having a home or not having somewhere to go or having to figure out where you're going to eat and drink or something like that.

And it seems like if we could get more people housed in affordable housing and then create a city that has all kinds of people, not just the rich people, as you point out, I mean, where you live is a particular place, right? It's like... Yeah, people don't have a birthright to be in Manhattan. Or not Soho in particular.

Yeah, 100%. That's a circus. there, really. I love it, but it's a circus. But I think homes should be, whoever's running should focus in on homes. After we get over the Trump thing, like, I think Newsom's smart in attacking Trump until the 2026 elections, and then we should act like rear voo fucking mirror. If they win the house, like, what are we going to do for you? And homes should be at the very top of that list. Also restoring vaccines, but that's another issue. I mean, let's be really bold here. The next part of the Democratic program, if we're going to flip the house and win back the White House,

we've got to go, okay, we were flat-footed, now we're resisting, now we need to move to ideas. And around housing, you zeroed in on what I think is one of the biggest issues, because the reality is if you can't afford a house, you feel shame, you have trouble making a step towards mating, and also a house because people have a tendency to pay their mortgage, rather than be embarrassed and have it foreclosed on, it ends up being a great way to build wealth over the long term. It gives you a sense of place, motivation. There's a lot of wonderful things about homeownership. In Singapore, let's be bold, one bold thing. Eight million houses in 10 years. Do away federal legislation that takes down nimbiasm, what they did in Minneapolis,

what they did in Austin. They said, no, you can, we're not, we're going to take off the height limits. We're going to, we're going to take certain areas and we're going to do, let's do, if you took big swast of land and unincorporated them near the center of cities and had manufactured homes and then government-backed, government-backed mortgages and said, okay, we're just going to flood the market with a bunch of new housing that is inexpensive. Or you could go even deeper and go really innovative and bold and do what Singapore does. Singapore gives houses to people and says, and then graduates until they're finally paying market rate and mortgage. And you know what it ends up being? It ends up being their retirement. They only not only get a home, but they say to them, we want you

to build wealth. We want you to build a family. We want you to have kids and we want you to build wealth. So if you're a good citizen and we'll look at your finances, we've got to do one or two things and the answer is both. We either got to raise incomes of young people, put more money in their pockets, restore, get rid of fucking capital gains tax deduction. Everyone pays one tax rate. Do what Portugal does, tax holiday for people under the age of 30, which wouldn't cost us

that much because they don't make that much money. Or we've got to lower the price of housing. I mean, there's only, there's only two things we can do, and the answer is we should do both. It would be a great thing for, like, what are we going to do for you today? Eight million houses in 10 years. Yeah, yeah. So one of the things I'm going to switch, I think Trump is more on the ropes, even though he seems like a complete menace today with all the vaccine things and everything he's doing, the attacks, the attacks, the attacks. This one really stuck out for me, the U.S. being excluded from the group chat, Indian Prime Minister Modi entered the summit in China.

this week holding hands with Russian President Putin before the two formerly formed a friendly circle with Chinese President Xi. Meanwhile, President Trump who had a message for Xi Putin and North Korean leader Kim Jong-un as they appeared together for China's largest military parade, which he wishes he had because it was a pretty good military parade, writing on true social. May President Xi and the wonderful people of China have a great and lasting day of celebration. Please give my warmest regards to Vladimir Putin and Kim Jong-un as you conspire against the United States of America. These are people. he cozied up to, like cozy, like scary cozy. And fun fact, was interesting. Xi and Putin were talking on a hot mic about the possibility becoming immortal via organ transplant, which was pretty funny, given what I'm working on. But this to me was like, how did we drive these players together? In the decades, this hasn't happened. We've been managed to keep them apart, to be close with India. It's been a struggle over the many years for various issues, but it's a country

we should be close with. But here we are shoving them into the hands of Putin and literally in the hands of Putin. And the same thing was Xi. That picture really gave me the chills, I have to say. And then he goes conspiring together. That's right, Donald Trump. They are fucking conspiring against the United States of America. And that's why we should have been in there and not allowed this to happen. You're exactly right. Bush W. said that the axis of evil was North Korea, Iran, and Iraq. They had some energy combined, a willingness to sacrifice, you know, they're crazy, some decent science, some decent science and scientists, actually formal scientists in Iran, and about a GDP of about a trillion dollars. India, that image,

the image of 2024 was Trump pumping his fist in the air. The image of 2025, in retrospect, will be that image you just described, but the three of them looking like their little brothers ganging up against Laughlin. It's like the siblings of the Murdoch saying, we're sick of this shit. We can collectively, we're strong and we can push back on our big fucking crazy asshole brother.

They have a combined GDP of $20 trillion. They have unbelievable energy. They have unbelievable technology and capital out of China. They have the largest emerging consumer population in the world, India. Those three nations together are a formidable frightening.

With a side order of- a lot. And to your point, I mean, there's some weird stuff protecting Taiwan. One of the things that's protecting Taiwan is China has had to divide and deploy a great deal of military resources to its northern border on what's called the Amur River because China and Russia have always had territorial disputes. We take for granted the fact that if we in Canada were having territorial disputes up around Montreal, Toronto, it would cost us about $100 billion to fortify that border another 25 to billion a year. And China and Russia were spending a lot of money on fortifying their borders in the north across the Amor River. There was zero bridges 10 years ago. Now there

are three bridges, and there's a quarter of a trillion dollars in trade. So all of a sudden, they're getting along and liking each other. And the biggest own goal, the biggest own goal, was that the new swing votes geopolitically, that we're kind of playing both sides, but emerging economies who are incredibly important, similar to that soccer mom in Madison that might decide the next presidency, the two swing votes were the Kingdom of Saudi Arabia and India. And we have a fantastic relationship with India. Have had. Not now. I'm getting there. You're sealing my thunder. It's a democracy. And in addition to that,

and I can speak to this firsthand, we have this connective tissue with India amongst tech companies. In addition, if you walk down the hall of NYU Stern and you want to find someone fucking amazing at research that could be making tens of millions of dollars being the chairman of millennium or some other great quant trading firm but instead decided to teach, that's someone most likely with a multisyllabic last name who came out of, you know, came out of Delhi and somehow managed to get to IIT and is one of the smartest people in the world. And what are the smartest people in India do or a lot of them? They come teach at our elite universities. And look at the way we are treating academics, universities, and foreign PhD students, many of which

come from India. We had this amazing vehicle for goodwill. We have torn it up, and we have done the absolute stupidest thing possible, and that is we have taken three enemies or three people who didn't get along very well, and we've said, no, nothing rallies your enemies like being the bigger dick enemy. That photo of the three of them, what do they have? They have massive amounts of energy. They have massive amounts of technology, technology, and capital. In addition, Russia and China have something that the EU and the U.S. don't have. They have a willingness to kill their own people. Russia has been willing. I don't care if it's good or bad or wrong or right. It just is. They are willing to kill and or injure a million of their own people. Europe is

being invaded, and the EU will not put any of their young men and women on the boots on the ground. I mean, to a certain extent, the most intimidating people in your class and who get a disproportionate amount of power are not only the people with the biggest fits, but the people are willing to actually throw blows. Right, throw hands. I mean, one of the things, I was talking to a guy like a Dimitri Alperov, he started crowd, card stripe, he was saying the enthusiasm, he was talking about Ukraine, he's very big support of Ukraine, he's like, the enthusiasm of Russian troops still putting hundreds of thousands of people. They need the jobs, right? Because the economy is more trouble than it was before for a variety of reasons. But he's like, you know,

it's hard because Ukrainians have either no more people to give or they're just exhausted or they don't want to do it anymore. And the Russians just keep throwing bodies after bodies. Like, and they just let them die like the way they treat them. But some of these people need the money. So they just continue to just toss people into the void in Ukraine, for example. I think you're 100% right. But we're so instead of stupid tweets, They're performative and look like, oh, that tweet started out. He's trying to be presidential. Oh, Wade, his friend showed up with ketamine, and now what the fuck is he talking about?

Right. They should be doing, he and Rubio and Hexeth, behind the scenes of the joint chiefs should be doing the following. The Ukrainians have come up with a flamingo missile that can go deep into Russian territory. And there's one number that matters. 17. 17% of Russia's energy infrastructure has been damaged. if 50% of their economy is energy-based, and you start, if you get that number to 18, then to 19, then to 20, then to 30, Russia's out of business, and Russia has to come to the table. F-15 pilots and planes, fantastic on, you know, anti-aircraft, fantastic radar systems, and then help them with those, that new Flamingo missile. If that 17 number goes to 27 and maybe 30, Putin shows up with a different attitude, because this is an economy. He's still playing Donald Trump, too.

It's basically a gas station posing as an economy. He shouldn't be sending out tweets. He should be figuring out a way to help the Ukrainian army with their unbelievable technology and brave army figure out a way to take that 17 number up a half a percent every week for the next six months. And then all of a sudden, Putin's going to change his tune. 100%. But more to the point, we've got to move on. But how would you like an organ transplant for eternity?

You know what? I forget that name of the Mexican artist that Salma Hayek played. Frida Kahlo? Yeah, I love what she said. I want my death to be glorious and I don't want to come back. I'm not one of these people that wants to live forever.

I don't, do you? After doing this, no. No, no. Actually, I want to be healthier. That's one thing. Health span, not life span. Literally, I've been running a couple miles four times a week now.

Oh, good for you. That's great. You know, stuff and eating things, having a little more. I'm not, you know, the protein loading is a little much. I think they're gone overboard. speaking of going overboard.

But some of the practices I'm paying a lot more. Like, I want to be healthier. That's for sure. Yeah, but you have what is the key to longevity. I mean, everybody is. Small children. That's exactly right. It's being social and having a lot of friends.

There's studies that show right now. If you had a choice between having no friends and not smoking and having friends and smoking a pack a day, you'd live longer if you had friends and smoked a pack a day. Taking caregivers live longer than anyone in the world. If you want to die, home, stop being social, and stop having mental interest, and stop talking to your friends. You know, every study with this documentary, that is the nut, everyone's like, what is it that saves

you? I'm like, people. It's relationships. I was like, honestly, that's what it is. Like, it's going to be an interesting journey. There's other things, cool things happening. And money. Money, absolutely. The life expectancy for us, and you're doing a show on this, and I'm curious to see it, the life expectancy for people in the top desile is 12 to 15 years greater now than people in the lowest Decile. Yep. Even in countries like Denmark, which have very long, have longevity, the people who die are the poor people. It's really, money is absolute number one. Indicator number two is people. And if you solve the cancers and everything else, it'll, anyway, it's interesting. Let's go on a quick break. We come back. We'll talk about Google, getting off easy. As a founder, you're moving fast towards product market fit. Your next. round or your first big enterprise deal. But with AI accelerating how quickly startups build and ship, security expectations are also coming in faster, and those expectations are higher than ever.

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gaming resources, see dkng.c.c.c.com slash audio. Scott, we're back with more news. Google will not be forced to sell off Chrome or Android. We thought they might. That's the ruling in an antitrust case, which determined the company was operating in a legal online search monopoly, which was determined. The company will, however, have to make certain search data available to competitors,

sharing, essentially. Not necessarily the algorithm itself, but. search data itself and let people use it, and they'll be barred from having exclusive contracts related to distribution of products. They still can pay a lot to have placement, etc. Google said in a statement that it had concerns about the data sharing could affect the privacy of users, they should shut the fuck up and do a little dance in Mountain View. The company can now appeal the finding that it is an illegal monopoly. They should just hush and move along. Google shares are up 12% in the last five days' time of taping. I know you were a big Google fan.

I think you thought this verdict would be more harsh. I wasn't sure because things have moved on. And one of the things that Judge did, Judge Meta, I think is very smart, talked about AI sort of is changing everything. So they should send a big basket of flowers to open AI, which was interesting, which was interesting to me. I don't know. I'd love to hear your thoughts on this. Well, every year we pick or I pick a big tech stock pick. And this year I've picked Alphabet because it was trading at 17 times BE until a few weeks ago.

The S&P trades at 24. So let me get this. Take the average S&P company, Dow or Procter & Gamble. Google is still growing like crazy. They still get 96 times the traffic of a chat GPT, largest streaming service in the world, YouTube, three other businesses that do over 30 billion in annual revenue, five products that have at least two billion users. And then the number one in what is probably the most interesting application of AI, and that is autonomous. striving. And they're trading for less than the average S&P company. Why? Because of this

overhang of this cloud of uncertainty around antitrust and AI. Yeah, AI is going to create a lot of value, it's going to be a formidable competitor, but they also have very strong AI offerings. Maybe not in an LLM similar to chat GPT, but they'll find other ways to leverage their amazing IP and their interface and their custody of the consumer. And what this was, with this overhang has now been solved. And let's talk a little bit about the case. You know, I, the, the FDC and the DOJ always break my heart. Finally, it's been rendered a monopoly, finally.

But this is what happened. This is like your kid comes home and he, he went out high on meth and started killing dogs and knocking off 7-Elevens, and you come home and say, that's it. You've been found guilty. We're going to punish you. we're not letting you go on snap for 30 minutes. There's two things, finding them guilty, and then there's the remedy. We found them guilty, you've been taking meth, and holding up convenience stores, you're guilty.

Oh, you've got to wear an ankle monitor for 10 minutes. What would he have done, though? I mean, putting it off is sort of looking backwards, right? There is this push from AI. Like, things have changed. Now, I think Google's going to dominate here, by the way, FYI. I don't think they're going to move their search monopoly into it. AI monopoly. Most people feel that Google's the one to beat, ultimately. Open AI will see if they

can make it, because given they're the only independent one, relatively independent one. But I feel like what is he going to do? How can you look backwards at remedies? That's the problem, right? Yeah, but they've always faced these existential problems where they should have done it sooner is what you're saying. Let's go back. Let's reverse engineer to big ideas to the Democratic Party. One of those big ideas needs to say, I'm this great, environmentally concerned Republican called Teddy Roosevelt. I love Republican, traditional Republican ideals of which there's none left in Congress. And one of those traditional ideals was trust busting to bring down costs for everybody.

The big four, they should be 11 different companies. I'm going to turn the three biggest pharmaceutical companies into nine. I'm going to break up cable. I'm going to break up big chicken. I'm going to break up big ag. And we are going to see a decline in inflation. over the next 10 years consistently, because we're gonna create the greatest

sucking sound downward of prices in history, and that is competition. Google, if YouTube was spun forced to spin from Google, within three months, YouTube would announce their own search engine, and Google would announce their own video platform, immediately overnight creating a competitor that would lower the costs on the greatest toll booth

in histories in the history, that is Amazon, Meta, and Alphabet. There should be, there needs to be a candidate that says, I'm fucking Teddy Roosevelt. I am going to break up so many big companies. Look at what's happened to the price of chicken. Look at what's happened to the price. We charge four to eight times for medications, then you can get it for in Dubai, despite the fact that it's the same, or we invented it. I'm going to go through all of these industries. I'm going to get Jonathan Cantor and a bunch of economists. And we are going to break up.

lower cost. It goes to affordability. Consumers don't like these companies. And by the way, these products are going to get better and shareholders are going to get richer as they have in every breakup. What has happened to the price of long distance phone calls? I remember when I was- Remember how much it costs? I spent summers with my father, right, when my mom and dad were divorced. And when I wanted, once a week, we lived in Glennell in Chicago. My dad worked for Vigero after he got laid off from Owen Scott's selling shit for a different company, literally fertilizer. He had an office in downtown Chicago. We would take the train in on Sunday when he wasn't working into Chicago, go to his office so I could call my mom on the Watts line

because calling from our house was like a dollar 10 a minute to call California. So we would travel on a train for an hour so I could use the Watts line at his phone. What has happened to the cost of telco? Because they broke up fucking AT&T into seven baby bills. And by the way, within 10 years, each of those companies was worth more than the original AT&T. Because we found out lying fallow at Bell Labs was sell technology, analytics, fiber, things they didn't want to release because they were going to compete. And now Internet, right? I mean, because, like, Louie was just in Europe. He called me on FaceTime.

It cost nothing. Cost nothing. You would see, you would unlock shareholder value, create greater employment, greater tax revenue. But the problem is these guys got, these guys love control. They all want to sit on the Iron Throne of all seven realms, so they create dual-class shareholder companies so these companies can't be broken up unless Sergey or Mark decide it's okay to break them up. There's very few of these companies. One of the reasons, one of the things holding up Warner Brothers stock, one of the few things is it's one class of stock, which means someone could

come in and actually break it up if it ever looks like a viable business where the parts are greater than the whole. But it's all reverse engineers. Affordability will again be the issue. James Carville is right. It's the economy stupid. It's specific. specifically, it's affordability, and a really solid thing. I just say, Mandani, same thing. I think that's why he won. I think that's why he came ahead. He talked about prices.

He actually had a very similar campaign to Trump, but that's another talk show. But a key theme for Democrats should be a really thoughtful response. I am a trust buster. I'm going to bring down your pharmaceutical costs, the cost to advertise. I'm going to bring down the cost you incur as parents on your children, getting into relationships with character AIs because these companies. companies don't have any sort of competition or regulatory protection such that a 14-year-old can establish a relationship with a character AI that confirms their suicidal ideation. Fuck that. There are all sorts of rents that have been incrementally going up. We're like a frog in boiling water and we wake up and we're like, our kids are at threat. Our prices are out of fucking control. Do you realize the biggest corporate tax cut in history would be one if China and the U.S. made up and they leveraged their manufacturing. We leveraged our. IP to get along again. But the second biggest tax cut in history would be the breakup of

Amazon, meta, and alphabet. So he didn't do that. So when I mean, when I read his thing, it made sense, it's like AI has already taken care of this. The market has already sort of taken care of this. What, what, what, it's not happening now. That's the end of it. I mean, like, look, these, these companies. A huge victory. They're all at the White House today, by the way, all these tech people, except for Elon. But they, this took years in the making. and this is where it ends. This is where, and they're even thinking of appealing it. Like, it's not.

They don't have to do anything. They want to do anything. I mean, they're saying, they're basically the slap on the wrist is, okay, you can't have that $24 billion unilateral agreement. But there's probably a way around that. And again, the market, which tends to be an unemotional arbiter driven on, you know, simply fear and greed, or it's not politicized, that takes some millions of points of lights, sent alphabet and Apple for two of their biggest, share, you know, day share gains in the last? Leaving our market

far to align to tech companies, but that's another, we'll get to that next week. Anyway, I was speaking of monopolies, by the way, Newsmax has filed a lawsuit accusing Fox News acting. What is going on there? Do you know what's going on there? Suppressing, I mean, it's, it looks like

they had detectives following Chris Rudy or whatever his name is. A monopoly is suppressing right-wing competitors. The lawsuit alleges Fox News coerces distributors into exclusionary agreements and it used intimidation tactics to hurt newsmax including hiring private detective firms to investigate newsmac executives. I mean, this is a rooting for the bullets here, Scott situation, but I don't know how you win this law.

This is insane. So they were a sharp elbowed competitor. Oh, you're kidding. It's Fox News. What? I mean, so they sent detectives too bad. Like, it's Rupert fucking Murdoch. What do you think he's going to do? He's going to find out that you, like, are dating a goat. That's what's going to happen here. And he's going to use it or use it in some things. And I just, I don't know. And then pushing coercing distributors into not distributing it. I don't know. I mean, people want to have Fox News on their programs.

I don't know. OAN just got on YouTube. So, I mean, to me, that's the end of this case. OAN just got on YouTube. You know more about this than I do. I don't see any legal merit in this. To me, it seems like a play by Newsmax just to be in the news cycle and get PR. I don't think this case is going to go anywhere.

But what is happening here is really dramatic. I mean, Fox News, viewership down 30 percent, MSNBC down 27 percent, CNN down 42 percent. Do you know what happens when your business is down year-on-year, 42 percent? You literally can't fire people fast enough. That's a meltdown, what your business has been cut in half, in a third-to-half year costs or fixed costs, meaning all of a sudden you have literally no money, and you know who's doing this, Kara. You know who the culprit is? I don't know.

It's not me and Rachel Maddox. We're great. But go ahead. It's Kara Swisher. Okay, hold on. Let's just do the math. The 25 to 54 demo, that's the core demo. They're the only demo that matters to advertisers because people younger than that are either

in college or their parents make their purchase decisions. People older than that get smart and start spending money on health care and saving money for their kids. People 25 to 54 are still in their mating ears. which leads to irrational decisions, which leads to margin. They buy expensive coffee, Brunello Coutinelli, Range Rovers, because they're still in their mating ears and still trying to impress other people and signal. That is all they care about.

Generously, generously, a third of MSNBC viewers are in the core demo. No, CNN. Let's do CNN. The average CNN show gets 92,000 viewers. That's down 55 percent times point three. It's probably less than that. There are only 27,000 people, on average, watching CNN shows that advertisers care about. Let's go to Pivot. We get 400,000 downloads every episode, 400,000.

70% of our listeners are in the core demo. We're getting 10 times the core demo as the average CNN show. So what is happening? Our revenues are up 40% this year, because everyone's figured out that the average MSNBC viewer is a 70-year. old white woman who's already decided who she's voting for and is done buying Sephora products. She's just like, no, I'm just going to let things go. Or catheters. Or catheters. And meanwhile, the average podcast listener is a 34-year-old male who makes $150 grand a year. That is the great white rhino for advertisers. You know, there's stuff they could do. I always,

like, everyone's like, oh, they're over. I'm like, why? You're romantic. No, I'm not. No, because if you make a great product, people will come. I'm sorry, you could do a lot with it. There's a lot assets there. And I don't think it's going, you know, I just did a long interview, John Malone, which was a kicker. You know, he likes to trust. And it's really great, actually. He's so complex a thinker. He, you know, he's a self-described autistic. One of the smartest people in the history of media. He really is, I have to say. He's also a crotchety old, fantastically amusing guy. You know, I read him one thing where someone said, John's been out on the plains and the mountains too long, and his mind has gone crazy. And he laughed and laughed. He's got a good sense

of humor. And that aside, I think you, I think his, we had an argument. I was like, I was like, making it centrist is not the answer. It's making it interesting for people, right? There is, if you make an interesting product with talented reporting, and I think he is right about this, he said, people really like news. And if you deliver it right, it's correct. He goes, I get thought of as I want it centrist. I don't want it centrist. You know, he let's fox off the hook quite a bit. Like, he's like, well, they're entertainment mostly. of it, right? They're not news, they're entertainment, so that's a different thing. I think that's a canard. But I think if you figure out a way to make it entertaining and you bring

costs into line, there's no reason a great brand like that couldn't do well, that they started by the great Ted Turner, by the way. I just feel like it's just not, you know, a lot of these companies, not just CNN, have sort of not understood what their, what the assignment is. And then they have way too many costs, as you and I know. But some things are popular. Some things, like, oddly enough, let me tell you a quick story. Last night, I brought Louis's friend Ben Berman, who I love, is one of his friends from high school, because he really loves Caitlin Collins' show, and he watches it all the time.

He thinks it's great. He knows what's going on there. And he couldn't, he was like, I was like, I've just brought down the demo for your show right now by bringing him here. I brought him in to CNN, and he was thrilled. So there is interest, you know, and this guy is a pretty good consumer of all kinds of things, not just CNN. And he's, I don't think he's a unicorn. I think if you give people something they like and latch onto, any media property can be good. That's my argument. Okay, there's two things. When you have still very profitable but declining businesses, which pretty accurately describes cable news or the cable TV world, there's a way to make money and add shareholder value, but it's to stop injecting Botox and a grandma such as she It's freakish. It's to make her comfortable and consolidate. There isn't a reason for CBS, ABC, and NBC to have three different newsrooms. They're just not that different. They're reporting the same fucking thing, starching it, trying to make it interesting, and then showing some guy who's

raising dogs in Alaska alone and some inspiring stories, so we're not just totally depressed about it. It's the same fucking thing over and over. And whoever's more attractive, you tune into that person. The back end can be consolidated. It's very easy. I told you one of my best investments ever was a Yellow Pages Company. And we knew the business was going away, but we just went around and bought every Yellow Pages Company, held on to the best salespeople. And as long as you cut costs faster than the revenue declines, you can have a good business. This business is not coming back. And the reason why is the following. You're right. A great product always works. But what you're, the three key words here are means of production. The means of production for the Colbert

show costs $100 million. They make $60 million, which means they lose $4.00. million. Stephen Colbert is an amazing talent. It'll be an amazing product on podcasts. And of the 200 people to work on that organization, eight will make it onto the podcast arc. They will do 20 million in top line revenue instead of 60, but he will continue to make 10 million. But unfortunately, the 194 people that don't make it onto the arc are going to be getting the real estate licenses. The means of production at CNN and traditional media are just unsustainable. So this is what's going happen. All that amazing talent, and they do have amazing talent, amazing brands, is going to be arb down. What are podcasts? Podcasts are now TV shows with a strong audio overlay. This is what

you're going to have. You're going to have on with Kara Swisher. Mark Thompson is going to call Kara Swisher and say, we're going to run on with Kara Swisher. I want you to do the following things. We're very talented. We're going to make this a little bit more TV friendly. We're going to reduce it to 21 minutes so we can pelt nine minutes of ads. We're going to run it. And here's the thing. They don't need to get as many viewers because you can prove we're going to do 10 million bucks in revenue this year. What do we have, eight people? That's one and a quarter million dollars per professional. Cable News is averaging two to four hundred thousand dollars per professional. The means of production, it's a cost issue. And a lot of these companies may not be able to

transition their means of production without some sort of radical restriction. You could. You could. There is glimmers of interests, including Fox News. Let me just say they could. They could. If it's done right, they, well, yeah. Well, hold on. Just let me give you an example. In return, Megan Kelly is getting bigger audiences than she did on Fox with six people.

Well, that's what she's doing. Six people. Yes, she's a very entrepreneurial person, Losen, but entrepreneurial. Quite frankly, this is very self-absorbed. I've decided, unless it's someone I'm friends with, like Stephanie or Anderson or Michael's, you know, I'm name-dropping right now, I don't. the juice isn't worth to squeeze. Yeah, I know. I told her that.

Look at the viewership. And not only that, in order to get ratings, they have fucking food fights like, whatever that show is with Abby Phillip. It's like no longer news. Everyone's becoming foxy. Unless you're on The View or Morning Joe, if you have your own platforms,

the juice isn't worth to squeeze. There's some prestige to being seen on MSNBC. You do it every once in a while. I used to go on once or twice a week. I don't go on anymore. Yeah, I know. You know, juice is not worth the squeeze. All right, Scott, one more quick break.

We'll be back for predictions. Wait, I didn't get charged for my donut. It was free with this Tim's rewards points. I think I just stole it. I'm a donut stealer. Oof. Earn points so fast, it'll seem too good to be true. Plus, join Tim's rewards today and get enough points for a free donut, drink, or timbits.

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Okay, Scott, let's hear a prediction. do a short one? Of course. Right now, as we record, Trump is set to host a big tech leaders, including Tim Cook, Mark Zuckerberg,

and Sam Altman in the Rose Garden Club, as he's calling it. I think he's paved it over and put up a parking lot. Interestingly, Elon was not on the invite list. And Trump had just recently given an interview

with Scott Jennings, speaking of Food Fight, who's on that Abby Phillips show. And he wasn't on the list, which was somewhat interesting, but Trump said that Elon has to come back into the fold. He has to.

And I thought, does he? Does he have to? Anyway, I just was interested to see what would happen. I'm not so sure he'll come back in the phone. He may back J.V.D. Vance. He may back someone else. He may stay in the Republican fold

because the Democrats won't be having him anymore. But it was just interesting to me that Elon wasn't there. And I'm not so sure he's going to be as cooperative as they think he is. He's not a cooperative person. That's my prediction. I think he's got bigger fris to fry right now.

I think he's on the verge. I think he's on the verge of losing, 60, 80% of his net worth. I was in Brazil last week. Every time I got in an Uber, it was like this nice, clean little Tesla-like car called the B-YD. Do you know the BYD sunny that goes for $8,000? I mean, what they are doing, the CCP has asked automobile manufacturers to stop lowering their prices. You can get a decent brand-new car in China. They're cool.

They have all these cool features. $8,000. Yeah, and they're cool. average, the average price of a car in the U.S., new car, is $50,000. The average price in China, $21,000. You want to make things more affordable for young people, partner with the Chinese and adopt these types of dark, you know, dark factory manufacturing technique, a competition. Anyways, he's got bigger fish to fry.

By the way, Elon said that 80% of Tesla's value will eventually be optimist, the humanoid robots, the company's been developing. I don't know if you saw Mark Benny have put one up and it couldn't get him a Coke, which Mark, stop it. I don't want to talk about my core business because it's about to, it's imploding. So I'm going to create a bunch of the Reboven. That was my favorite of van.

Oh, remember that? The Reboven? Yeah. What happened? The Reboven. Robots. All right. What's your prediction?

Mine is boring, but it's the boring stuff that moves the needle. So the appellate court basically said that these tariffs are illegal. That Trump illegally enacted the kind of emergency powers act when this wasn't really an emergency. Bush did it after the 9-11 attacks, where you can actually take exceptional action around pricing under the auspices of some sort of national security threat. And the appellate court is basically that no, you really, this doesn't justify the emergency such that you can do unilateral tariffs without congressional approval. If it goes to the Supreme Court, now a lot of people have said that he has workarounds. There's other ways he could implement tariffs.

if the administration were to decide to try and figure out a way to declare victory and leave and walk back these tariffs and say, oh, we never intended to keep them. It was a means of negotiating. We have all these great new deals and frameworks and agreements. And if Uruguay decides to implement, you know, more a different trade agreement, and these are all frameworks, not agreements, fine, they're allowed to do that. But if they decided, or the Supreme Court upholds this, and the Trump administration figures out a way to spin this and walk back the tariffs, which have gone from an average of 3% to 17%.

And what do we see? On average, for every 1% increase in tariffs, we see a 10 basis point decrease in GDP. So our GDP growth, right, was supposed to be around 2.8. It's been cut in half to 1.4. That may not sound like a lot, but that's the difference between doubling the economy every 30 years, versus doubling the economy every 50 years. If the Supreme Court upholds that this is, in fact, these tariffs were illegal,

and the Trump administration decides to try and figure out a way to use this as cloud cover to walk the tariffs back, declare victory and leave off a fucking disastrous policy from one of the two most dangerous people in the world right now, Peter Navarro, second only to RFK Jr., you are going to see one of the biggest weeks in debt in NASDAQ history. Because all of a sudden, they're going to go, okay, we're going to add another one or one and a half percent GDP growth when we back away and we pull our heads out of our

asses. Let's go, Brandon. If the Supreme Court upholds that these tariffs are illegal and the Trump administration decides not to double down and walk these things back, a step back from the wrong direction is a step in the right direction. If those two things happen, you're going to see the biggest day in the markets of the last few years. Because the underlying economy has been surprisingly robust. Jobs are starting to get tightened up. But go ahead. Yeah, but if we take away, if we take away this nonsense of the tariffs and say, okay, just kidding, we're declaring victory and leave. We've got these great deals, but we're going to pull them back to where they were. overnight, we accrete 1.5% GDP growth. So that decision, I mean, this was a big decision.

What if the opposite happens? Well, I think the bottom line is what you're seeing is, again, the tariffs are yet another transfer of wealth from the 493 old economy companies in the S&P to the seven new economy companies. Because Broadcom, to a certain extent, Envidia, with this, this Vig they've got, give, which is just socialism. But in general, the companies that have been hamstrung in terms of their ability to plan or actually see their costs go up and shareholder value go down are exactly the wrong companies we want to hamstring right now. It's the 40-9, it's caterpillar. It's P&G. Whereas the big guys who now represent 40% of the market have been totally unfettered. So you're helping- They're in the Rose Garden right now. You're helping seven companies when you punish 493. So all that's happened here is a transfer of wealth from old economy companies that actually needed the help more than anyone to the new guys who are the last companies that needed it. So I think

you would see a really healthy rise in the S&P 493, if you will, if they do away with these tariffs. Because META doesn't care about tariffs. It really doesn't affect them. No, it doesn't affect them. They're not making anything. But this is going to be, this will be the biggest market moving decision in a while if this happens. This is a big deal. It's giving them. It's giving them, I almost see it as an opportunity for the Trump administration to declare victory and leave and say, well, I never, I'm a gamesman. I'm an incredible dealmaker. I threaten these things.

We got amazing deals, but now the market's getting a little yippy. He'll say something. So we're walking them back. But this was a huge victory for us. I forced them to get, you know, come to the table and do all these great economic deals. But anyways, my prediction, if the Supreme Court holds it up and the Trump administration signals they're going to roll some of these ridiculous tariffs back and we're going to accrete over. overnight, one to one and a half percent additional GDP growth, watch the market screen. All right, I love it.

I love it. On our next show, we will be talking about RFK Jr. What a fucking murderer that guy is. He's a murderer, 100%. Anyway, the Florida vaccine thing, God, I was a little concerned about you. O'Leo. I had 14, I think, what, 17 or 14 vaccines by the time I was 12? Well, that's the problem.

Fluoride? I know. I mean, that guy who's the Florida doctor in charge is a fucking idiot. Like, that guy is like so stupid and arrogant. I've never seen such a performance. That's DeSantis announcing that he still believes he can be president and wants to be the inheritor to MAGA 22A. Agreed. It was funny.

There was a picture of two women who had so much Botox in him and says, don't let anyone tell you to put in your body. We don't want to put substances. I was like, yeah, no, you don't need any more on that. You regulate that all the time. And now you'll be preserved. They'll find you hundreds of years from now. and a crypt, and they'll be like, oh, look, they're still here. Anyway, we'll talk about him.

Yeah, it's been a great summer for Rubella and measles. Yeah, yeah. They're about to do... Marvelous Mrs. Measles, like you said. They're about to do a reuniting tour. By the way, I saw Oasis. I couldn't be any wider. I went to that Taylor Swift concert, and I saw every white, 15-year-old girl.

This is where their parents go. They go to the Oasis concert. Yeah, how was it? Many people have spoken of it. Tim Miller loved it. I thought it was fantastic. I like Oasis. I didn't love them.

I went to the concert. It was amazing, but I loved the backstory. It's two brothers. Yeah, they hated each other. And they hated each other. And I love money solves all problems. A promoter came to them. That's why we're together again.

That tour on a much bigger level. Supposing that tour is going to generate a billion dollars. I went to MetLife. The stadium was packed and people were rocking out. They've done a good job. They've done a good job. The two brothers said, I hate you, I hate me, but I like $50 million more than I hate you. They have decided to put their differences aside.

I hear they're bringing it. I hear they bring in it. It is fantastic. I've seen videos of that I'm like, you need to stop concerting, David Lee Roth. Oh, and I saw Lady Gaga. Oh, that was supposed to be a great concert, too. So different. It was in such a contrast between old rock and roll.

Oasis is just a couple of white guys who grew up playing the guitar with great voices. They're just rock and rollers. Lady Gaga is Broadway meets cinema, meets opera, meets ballet. It is a real performance. I heard that. I heard that. I heard that. Both are outstanding for different reasons.

Do you want to go see Dolly Parton at Las Vegas? I would love to see Dolly Parton. $3,000 tickets. Is that what? She deserves every penny. You know what? That would be fantastic. You and I should go.

Anyway, we'll be traveling a lot this fall. Anyway, we want to hear from you. Send us your question about business tech or whatever is on your mind. Go to nymag.com slash pivot. It's a question for a show or call 85551 Pivot. Scott, as I said, I'm thrilled your back. Thank you, Karen. I'm glad to have you back here home.

Thank you for saying that. The kids missed you. Okay, that's the show. Thanks for listening to Pivot. Be sure to like and subscribe to our YouTube channel. We'll be back next week. Scott, read us out. Today's show is produced by Lara Neiman,

Zoe Marcus, Taylor Griffin, and Kate Gallagher. Bernie Intchat engineered this episode, Jim McElt, edited this video. Thanks also to Dubros, Ms. Rivera, and Dan Chalon. Nishak Kurow's Vox Media's executive producer podcast. Make sure to follow Pivot on your favorite podcast platform.

Thank you for listening to Pivot from New York Magazine and Box Media. You can subscribe to the magazine at NYMag.com slash pod. We'll be back next week for another breakdown of all things, tech and business.

Kara, Zoe, Taylor, Lara, Kate. Thank you so much for giving me this much time and doing such a great job. It's very generous of everybody. Anyways, just very grateful for the time off.

Drew. Well, Drew knows it. Drew's here right now. Okay. Anyways, I'm rubbing my fingers to his hair as we speak off camera. Anyways, thank you, everybody, and it's great to be back.

Thank you.