The Majority Report with Sam Seder - 3667 - Trump vs Netanyahu, AI Brokenomics; USPS Union Contract Fight w/ Ed Zitron, Tyler Vasseur

Episode Date: June 16, 2026

It's news day Tuesday on The Majority Report On today's program: Donald Trump has harsh words for the over-the-top violence Israel is waging in Lebanon (and Palestine, though Trump is not concerned about that). History tells us that Trump's words are exactly that, just words, and it's almost guaranteed that the U.S. will continue to fund, arm, and support Israel's genocidal colonial ambitions. Ed Zitron, publisher of the Where's Your Ed At? newsletter and host of the Better Offline podcast, joins the program to discuss the potential SpaceX IPO, OpenAI's massive losses last year, and the AI bubble. Tyler Vasseur, shop steward with the National Association of Letter Carriers Branch 9 in Minnesota and a member of the coordinating committee of Build a Fighting NALC, joins to provide insight and updates on the NALC's contract negotiations with USPS. In the Fun Half: JD Vance is summoned to be the face of the humiliating memorandum of understanding between Iran and the U.S. Reports show that the U.S. allowed Qatar to pay Iran for use of the Strait of Hormuz, meaning that all this war accomplished was enriching the government of Iran. The only people who suffered were the innocent civilians that Trump used as a justification for starting the war. Pod Save America posts a compilation showing all of the Trump-linked sponsors of the cage fights on the White House lawn. CBS News reports on Trump's financial disclosure that shows he made over 3,600 stock trades in the first three months of the year. Most of the president's trades involved companies that he has publicly promoted. Fox News reports from the freshly renovated pool telling its viewers that it's 'American flag blue" when it's clearly green with filth and algae. The FBI is intimidating voting rights activists in Ohio. The GOP is scared of these midterms, and they are working on voter interference in swing states. All that and more. To connect and organize with your local ICE rapid response team visit ICERRT.com The Congress switchboard number is [phone]. You can use this number to connect with either the U.S. Senate or the House of Representatives. Follow us on TikTok here: https://www.tiktok.com/@majorityreportfm Check us out on Twitch here: https://www.twitch.tv/themajorityreport Find our Rumble stream here: https://rumble.com/user/majorityreport Check out our alt YouTube channel here: https://www.youtube.com/majorityreportlive Gift a Majority Report subscription here: https://fans.fm/majority/gift Subscribe to the AM Quickie newsletter here: https://am-quickie.ghost.io/ Join the Majority Report Discord! https://majoritydiscord.com/ Get all your MR merch at our store: https://shop.majorityreportradio.com/ Get the free Majority Report App!: https://majority.fm/app Go to https://JustCoffee.coop and use coupon code majority to get 10% off your purchase Check out today's sponsors: ZOCDOC: Go to Zocdoc.com/MAJORITY and download the Zocdoc app to sign-up for FREE and book a top-rated doctor. SUNSET LAKE CBD: Use coupon code "Left Is Best" (all one word) for 20% off of your entire order at SunsetLakeCBD.com Follow the Majority Report crew on Twitter: @SamSeder @EmmaVigeland @MattLech On Instagram: @MrBryanVokey Check out Matt's show, Left Reckoning, on YouTube, and subscribe on Patreon! https://www.patreon.com/leftreckoning Check out Matt Binder's YouTube channel: https://www.youtube.com/mattbinder Subscribe to Brandon's show The Discourse on Patreon! https://www.patreon.com/ExpandTheDiscourse Check out Ava Raiza's music here! https://avaraiza.bandcamp.  

Majority Report with Sam Cedar. The destiny of America is always safer in the hands of the people than in the conference rooms of any elite. Sam Cedar. They are unanimous in their hate for me, and I welcome their hatred. We must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The majority report with Sam Cedar. Have I get the feeling you've been cheated? It is Tuesday, June 16th, 2006.

My name is Sam Cedar. This is the five-time award-winning majority report. We are broadcasting live steps from the industrially ravaged Gowanus Canal in the heartland of America, downtown Brooklyn, USA. On the program today, Ed Zittron, publisher of the Where's Your Ed at newsletter, host of the Better Offline Podcast and all the AI IPOs

as well as SpaceX. Also on the program today, Tyler Basser, Shop Steward with the National Association of Letter Carriers, Branch 9 in Minnesota, member of the coordinating committee to build a fighting NLAC as they are in the midst

of their negotiations with the U.S. Postal Service. Meanwhile, Trump claims memorandum of understanding signed. Final signing Friday with Iran unclear exactly when Israel plans to attempt to scuttle the deal. Ron, meanwhile, says the Strait of Hormuz won't have tolls after this signing. They will instead call them fees. FBI arrests some people who allegedly. were planning to attack the UFC spectacle.

Meanwhile, the UFC head apologizes for his employee's attack on Michelle Obama on this special day of America. DOJ team assigned to review the Paramount Warner Brothers merger was closing in on challenging the deal and then the political staff at the DOJ declared they were closing the end. investigation. Senate moving to confirm

Jay Clayton is head of the director of national intel as soon as Thursday. New report, 401Ks had a record number of hardship withdrawals last year. RFK is now quarantining a potential hunter virus patient against her wishes and CDC recommendations. Wait, what?

It's Soviets. Yes. Not personally, although he's personally ordered it. Get in the cage. It will put the lotion in the bucket. After $15 million, Trump's fixes of the reflecting pool at the Lincoln Memorial turns it into an algae-filled swamp within a day. That's a little on the nose. Instead of draining the swamp, we're creating.

it. Installing it. We're not draining the swamp. We're painting it blue. All this and more on today's majority report.

Welcome, ladies and gentlemen, it is Newsday Tuesday. As Emma Vigland. Oh, yeah, go. Yeah, no, I just have to say that that's actually kind of an incredible metaphor.

They said they were draining the swamp. Now they've created, they've engendered said swamp. And instead of doing anything about it, they're just going to put a fresh coat of paint over it. Right. There you go.

Honestly. Next stop, blue algae, blue dye in the algae. Yum. We will be sure to cover that. What's really funny is Fox News attempting to blue wash, I guess, the reflecting pool. I saw they were pouring chlorine into it this morning, it looked like. Of course. Just the perfect method.

metaphor for the insanity that's going on now. The Memorandum of Understanding in ending our assault on Iran has been signed. The formal signing will take place Friday for the final language of the deal. We will be unable to compare what the Memorandum of Understanding says in the final language of the deal because none of it's being released. all that's happening is JD Vance is being sent around to right wing outlets and some cable news outlets

to explain that it's a great deal, of course, so great, we don't want to show it to you because people will get so bold over by how great it is. Yes, we want to cause a health emergency for all these women fainting how beautiful this Iran deal is. Exactly. And again, you know,

Two things can be true. One, the U.S. failing to achieve its stated policy goals by the president and the vice president and the neocons and whomever involved in this incredible, costly, tragic in many ways, folly. It can be a good thing that we're not getting those things necessarily. But it also, on their own terms, they have completely lost everything. And they are beginning to take attacks from the sort of, I guess, the blob, as it were, the neocon agenda. The administration is under attack because of this deal, because it is completely lais bear what a total waste this whole thing has been in so many different ways. Here's Donald Trump, however, at the G7 International Summit in Evian, France, basically

begging the Israelis not to destroy this peace deal. Are you frustrated with Netanyahu? No. We have a great relationship. We're talking about... Some end details. I didn't like that he did an attack based on a, you know, there's a very minor Little thing with some drones that were released and he ends up doing a very I saw that attack I saw where that bomb went did you see what that that was not that was a vicious that was too much

You know you can do too much also But we've had a very effective relationship without us without the enough without the enough United States, there would be no Israel. True. Without me, there would be no Israel because no other president was willing to do what I did. I've had a great relationship with Bibi, but now Bibi has to be more responsible with respect to Lebanon. Lebanon used to be a great country. It was a country where you had professors, doctors, lawyers. The great intellect was in Lebanon. Now it's just, it's terrible. I would say of all countries,

treated the worst and they can't defend themselves and they have Hezbollah which is a problem for them so no i'm not happy with the way Israel has handled themselves with Lebanon and with Hezbollah they should have been able to do the japh acid it just goes on forever and when that happens it throws a negative light on the big deal and that's the deal with the rent so So when you ask me about maybe an unbelievable relationship, but Israel would have been blown up a long time ago and I had not gotten involved. Okay. I mean, but this is, first of all, most lucid he sounded in a while and he said a lot of things that are true. Yes.

And I'm sure everyone's upset about it. One, the collapse of Lebanon. Have they been treated immensely badly? Yes. Why is Lebanon a failed state? Why is Hezbollah a militia that basically? runs the military operations within the borders of Lebanon as Israel continues to take more and more land. Huh. It's because Israel for decades has been like illegally both occupying Lebanon, but also in the

since the civil war, that's how Hezbollah came to be. And Israel has deliberately weakened the Lebanese state so that they cannot have a, an army that can fight against them. And they would rather fight against Hezbollah a little bit that does obviously have, you know, connections and validity within the Shia community in Lebanon, which is a sizable chunk. But this is Trump basically admitting that Iran has been able to successfully fold Lebanon and Israel's both occupation of Lebanon and bombing of Lebanon into the negotiations. We'll see what the final text says, but that's an unequivocal win for Iran. And I have to say, like, it also shows the incredible desperation that Trump has to lose this war quickly as possible.

Like, he has lost the war. He lost the war really a month or two ago when it became quite clear that Iran was, their entire plan, was completely a pipe dream. And now he's just desperate to take his losses and go home. And Israel is basically saying, no, you're going to put more chips in the kitty. And he's saying, no, we're not. And if Trump is right that Israel would not exist but for him, I am in favor of perhaps we create a new state there called Trumpistan, where each person living there gets one vote and has equal rights. Exactly.

Regardless of your religion. Exactly. I mean, folks would have to deal with the name Trumpistan, but a small price to pay. Whatever. Yeah, he would love that. Yeah. Put a big sign with your name on it. Honestly, you might be talking some sense here, Sam.

Unfortunately, though, everyone around him is much smarter than him and Jared Kushner's all in on ethno state resort town time. Exactly. Should we play two just to see him continue on with this criticism and then we'll get to J.D. Yeah. I mean, this whole press conference was kind of remarkable for the reasons we just laid out. Here he is.

Again, Trump is there with the Emir of Qatar at that point. This is also going to be relevant with some other reporting that we've seen. but let's play this clip first. One second. Brian's pulling it up as he does. Just to point out here, he's going to mention Syria. We know that Syria now currently has a leader that after the toppling of Bashar al-Assad, which was aligned with Russia and Iran, that is much more friendly to the United States.

So just to give a backdrop to that as well as he references Syria as it relates to Lebanon. What are the expectations for Israel? Can this deal survive? Israel attacks Lebanon. It can. And, you know, I consider that the minor war, Iran's a big one, but we have that little pinprick out there that constantly rears its head. And that's hesble.

And, you know, I was very responsible for Syria, and the man that's running Syria now is a person that I put there, along with President Erdogan and some others. He's done an amazing job of pulling it together. He's not a Boy Scout, but he's done an amazing job of pulling it together. And he is very good with Hezbollah, does not like them. And I'll tell you what, Israel is fighting Hezbollah too long

and too many people are being killed. And you don't have to knock down an apartment house every time you're looking for somebody because there are a lot of people in those apartment houses, and they're not all Hezbollah. that I can tell you. And I suggested to Israel to let Syria take care of Hezbollah. Because to be honest with you, I think they'd do a better job of doing it.

And I didn't like Syria. I didn't like where, two hours before we're signing the agreement, that there was an attack in Lebanon, in Beirut. It wasn't like in the southern side, you know, was in very much. I did not like that. I let them know that. I didn't like it, not at all. But I think that Syria, you know, he's pulled that country together amazingly quickly. He's very capable. And he's been very good for me. He's protected everything that I've asked for. He's done. And if Israel can't do the job without killing everyone else, he'll do the job. Syria will do the job.

Well, no. First off, Syria has already said we're not interested in that job. Yeah. Although I will say, like, you know, the acknowledgement that Israel is killing. Yes. So many civilians and leveling parts of Lebanon in, you know, a Gaza-style scorched earth campaign, that acknowledgement is at least, you know, something. It's astonishing.

But it's also like when that's the, when we've talked about this before, There are instances where Trump says exactly what we know to be true. And it sounds like a lot of the more factual analysis from our experts here on the show about the reality of the geopolitical situation there. And he just says what you're not supposed to say. And acknowledging that Israel is the one that's holding up this peace deal is enormous. And him calling, but he like the very end there where he says, if Israel, you know, can't. finish the job or forget the exact phrasing and he goes then syria should do it no no no you you cut off arms until they do what you say this is the same like issue with biden welcome back instead

of leaking to barak ravid here trump maybe just says it but it doesn't mean that his actions are going to change just like with biden you have to judge our relationship with israel by actions not by public scolding whether it's in axios whether it's in front of the microphone which biding would have just leaked it to Axios, right? Like, that's how we need to view these words without actions. They mean very little. But it's still remarkable to see. Yeah.

Again, I think it's a reflection of just how desperate Trump is to get out of this war. He must be looking at the polls and also realizing, like, there's only so much voter suppression that we can handle come the midterms. we'll play the JD Vance stuff later in the program because it is there's new reporting and I haven't seen any major outlets yet and we will get to it later in the program

but that is something to the effect of like when Donald Trump said the other day we had a secret plan to get the oil out everyone assumed the plan was secret from Iran but in fact it turns turns out the reporting that I've seen now is that the Trump administration allowed Qatar to pay Iran to get Qatari oil ships out of the Gulf. So the only person, the only, it was kept secret from everybody except for Iran and Qatar. And so it would explain on some level why oil prices have not spiked in the way that we thought because of the secret

a deal, side deal, as Chuck Schumer would say, to get Katari oil out of the Gulf. But we'll look into that later in the program. In a moment, we're going to be talking to Ed Zittron, who is going to explain to us why Elon Musk is a trillionaire and how much we will all pay. for that in the future in some fashion or another. And then we'll be talking to Tyler Vassar, a member of the National Association of Letter Carriers, as they negotiate with the U.S. Postal Office.

He is a member of a local branch 9 in Minnesota and a member of the Coordinating Committee of Build a Fighting NLAC. But first a word for our sponsors. And I should say, well, cut back to me after this, because I just want to remind people. But yeah, let's just do this right now.

Today is June 16th. And people may remember this day as Brian Vokie's one-year anniversary on the show. Yeah. Julie texting me this movie. Thanks. Celebrating it with a little bit of a tech issue. Well, yes, exactly. I think that everyone can agree.

Brian has been a phenomenal addition to the show. He's made everybody funnier by just like lifting the tide of funniness. He's so embarrassed right now. I'm honestly torturing you with my sincerity. I do. I do. You going to cry? Am I making you cry?

I'm not in the way that I want you to be crying. But we love you, Brian. We love you very, very much. We love your contributions to the show. I mean, the fact that like you laugh at my jokes. on occasion. It's like a badge of honor. And so I can't thank Brian enough.

There are some, let's be fair, there are some folks on Instagram that have a problem of Brian. I mean, just for a full, just to make Brian feel comfortable. Thank you. I appreciate that. Who are the folks on Instagram that have a problem with Brian? We don't have examples, but I guarantee you they're out there.

Oh yeah. No, I run into them all the time. When you post from your burners. Exactly. Happy. Exactly. It's me. in a sock puppet accounts. Happy anniversary, Brian. Thank you.

Very happy year here. All right. We just ruined his day. I know. I know. Can we get to these horrible Elon Musk like pillaging the economy? Yeah. All right.

Let me read this thing from our sponsor. Folks are very a lot of DIMs about Brian. But before we get there, oh, and Brian, this is actually good for you because, as you know, Brian, life can feel like a big puzzle. You're constantly trying to fit all the pieces together, right? You're trying to keep it together. You're trying to keep it together. Your career, your passion, your relationships, your finances, and of course, your health care. That's a lot.

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Therapy, even. You can easily search by specialty or you can or even your symptom and build the care team that's right for you. And you're putting off these doctors appointments because like, ah, I don't want to have to call, find out, do they take my insurance? When are you available? I don't know. When are you available? Well, what about on Wednesday? No, I can't do Wednesday.

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love today. That's Z OCDOC.com slash majority. Z OCDOC, Zoc, Dock. Doc, dot com slash majority. Thanks, Zock, doc, for sponsoring this message. We'll put the information in the podcast and YouTube descriptions. A quick break. We come back, Ed Zittron. We are back. Sam Cedar. Emma Viglin on the majority report. Pleasure to welcome to the program, Ed Zittron. He is the publisher of Where's Your Ed at?

which is newsletter and the host of the Better Offline Podcast, Ed, welcome back to the program. Thanks for having me. Let's start with, we've got some big IPO news, obviously, and let's start with SpaceX. I guess the biggest IPO in history and also involved sort of like, there's a little bit of like arm twisting happening on a regulatory side. And then sort of, I don't know. I don't know of any IPO in the past where people that I know, and I don't know billionaires, were like, I may have access to this IPO. And I'm like, what?

So tell us about all that's involved there. So Elon Musk is doing exit liquidity. So SpaceX is actually several different companies stapled together. You've got X the Everything app, which is, of course, the social network which features a CSAM generator and non-consensual porn. You've also loses tons of money and makes AI services under GROC lost, I think, four billion dollars last year or last quarter even. It loses billions of dollars on the AI side.

Then there's Starlink, which is a satellite internet company that actually makes money. And then there is, of course, SpaceX, the boring rocket company that makes rockets that also explode and sometimes go up in the sky too. And yeah, it is now worth more than Amazon because, The regulators don't really care. Multiple indices like the Russell 1,000, which is just a thousand companies of a certain size. They greenlit adding SpaceX and any other company within five days of listing and also waive the profitability requirement because SpaceX loses billions of dollars of water.

And so, yeah, crony capitalism won on this one for now. I fear an Enron situation. Not I think that they're doing any dodgy accounting, I hope not at least. but you've got regular people like you mentioned being buying into this IPO. Now it's popping again well. Now everyone's going to buy into it. And I fear that the underlying economics do not make SpaceX work. And he's going to try and merge Tesla into it.

He's going to try and merge a company called cursor into it. This is just Elon Musk's attempt to escape the kind of collapse of Tesla. Tesla selling less cars every year. Their largest purchaser of cyber trucks is SpaceX. It's all part of the big, giant Elon Musk circular financing jerkoff session. I'm deeply tired of watching. I don't think the public should be witness to this. It's horrible.

But yeah, regulatory authorities, I don't know. I thought they were meant to stop garbage IPOs, but I guess inflating them is what this administration does. Well, I mean, the value of SpaceX, too, you mentioned those three planks. You have the private Twitter, Twitter being. folded into this slash X, which you had a lot of wealthy people take private, including Andresen Horowitz, including, I believe, a Saudi prince, among others, including one of- MGX as well, who's the, I think they were involved, yeah. They, they, you mentioned in the first part that that, that Twitter and Grock and that whole,

it's losing money hand over fist. So those, uh, investors, those really important investors that took Twitter private need to make their money back. So Elon, is folded Twitter into SpaceX and that's why this IPO was such a behemoth. But what's also alarming and on the regulatory side, if you could talk about this, Ed, how

right now one of the major indexes, I'm forgetting if it's S&P or I have it written down here actually. It's the rest of 1,000. Okay, gotcha. One of the major indexes is saying that they're indicating that they're going to loosen their rules to allow

SpaceX to be a part of the index, which would really harm if it is to pop the retirement funds of so many people who invest in indexes, which are supposed to be a very safe vehicle for your investment. Can you talk about that part of it? Yeah, that's kind of what I was previously mentioning with the Russell 1000. So they already agreed to that. I think they did in the NASDAG. The S&P 500 did not waive their requirements, thankfully. But yeah, exactly.

what is meant to be a really boring, stable investment in like the Russell 1000 and what have you, he's now going to be plagued with whatever meme stock SpaceX becomes. And I worry for the future of this company. They're going to do a bunch of financial engineering to keep it inflated. But Elon Musk attached an unprofitable an AI company to two others. And if he composed with Tesla, three others, I guess. And I think they were losing a billion dollars a month or something. maybe more. Now they're renting out that capacity to Anthropic, but it isn't clear how long

they'll go on for. It's just a complete mess. And retail investors are going to be the ones that are harmed if it all goes wrong. Is it fair to describe this as sort of a Ponzi scheme? I mean, it seems like by putting all of these companies together, they just will keep shifting where the losses are happening and funding one company from the other as it just sort of like a spirals around? I think Ponzi scheme is a little bit far because technically this is all legal. It's all under generally accepted accounting principles. So it's technically legal, but it is a lot of moving money around and moving documents around

in a way that we should have, I don't know, and some sort of securities commission that could potentially look into. But because of how this administration is, but quite frankly, I don't know if the Democrats would have done much either because everyone. Everyone's kind of drinking the neoliberal juice at the moment and they think that growth is always good, even if it's not real growth. Because SpaceX itself loses billions of dollars, but number go up on stocks, so everyone clap. I just don't know how this works long term. Well, that's the point, I think, right?

Well, first, and we should also say that SpaceX, the lines going up is also because of a ton of money from taxpayers. I mean, SpaceX takes all of these government contracts, which is subsidizing this largest, ever public offering. But the fact that tech has nothing new to innovate, I think is really important here. It's one important to understand capitalism and the myth of endless growth, that at a certain

point, a company just can't offer more. And we're getting iPhones 16, 17, 18, whatever. The smartphone's a thing. They have these computer chips. Yes, they're innovating on that front, but that's that's a whole separate

thing. It's not going to be what they're promising in terms of AI being this transformational technology, but they have to sell it as such because tech has gotten so large that how else can they grow from this point when everybody on the planet is using social media, everybody on the planet has a

smartphone, what's the next thing to justify endless growth? And there isn't. It's a theory of a year's called the Rockcom bubble, which is the reason we're doing AI, this thing where trillions of dollars, over a trillion that's been invested in data centers, and AI companies so far, and they want to spend another trillion dollars next year in

Cappex between four companies, Amazon, Meta, Google, and Microsoft. But they're doing this because they don't have another thing. There are no big ideas. We're out of hypergrowth ideas. We haven't had a new iPhone. We haven't had a new cloud computing or app store or anything like that. In 10, 15 years, we haven't really had any new innovation that will be the next big Google search or Facebook ads or what have you.

And that's because, I don't think it's because of it. an innovation problem per se. It's there are only so many ideas. Now, management consultants have also chased out pretty much all value in Silicon Valley, the majority of Silicon Valley investments. Silicon Valley sells itself as this thing where venture capitalists invest in the future. Actually, what venture capitalists do is they predominantly invest in the middle and late stage. They let other people take the risk and the companies that survive are usually ones that trend chase and that are popular on Twitter. As a result, Silicon Valley is not innovating. anymore. They're making different versions of the same thing. And in big tech, they don't have any new

big ideas because they've been growth-oriented for years. So I think everyone is hysterically and desperately saying that AI is the biggest thing ever, because to say it's not, naturally begs the question, what is, what is next? And no one has that. It's not quantum, it's not robotics. It's not anything. And if they admit that and they're willing to spend trillions of dollars do not admit it. They have to admit that maybe techs growth era is over, or at least for a bit. And it seems to me that the other part that's driving this, or maybe just, you know, hand in hand, is you have such wealth disparity.

So you have so many, so few people sitting on so much money, like hoarders. And they want to get it out of the house and there's this compulsion that, that, that, that was sort of born out of the past 20 years where you invest, you know, getting 2x on your investment is substandard. You need to get 10, 100x, a thousand X, whatever it is. And so you have these people with money that it is completely irrelevant to them if it is put into an investment outside of the pursuit of growth. And it's driving this sort of, I guess, what Greenspan would have called 22 years ago in the real estate market, an irrational exuberance about these tech plays.

With that said, OpenAI apparently is also planning an IPO this year. I noticed they move from not-profit to profit, which just as a side note, I was contacted by a reporter from the Atlantic some time ago saying that this show has been scrubbed about 11,000 episodes of our show. It's been scrubbed by a series of not-profit AI institutes, which they do to avoid having to theoretically have any like monetary compensation responsibility. then they get all the information they want out of our show and others, obviously, and then they use that on their as they convert to a for-profit enterprise. Right. I mean, with that, that is just the nature of their BS training.

They just steal from everyone. And what's funny is, well, I don't know if I'd call it funny for you, I guess, is it's still not enough. They still don't have enough, even if they took every show on the, internet, every document on the internet, everything. They don't have enough because there's no proof that there's actually enough data. They fed basically the entire internet into these things, and they still kind of suck. They still hallucinate because hallucination, so authoritatively stating something that isn't true or just doing something different than what they were asked,

those are mathematically certain now. Open AI themselves said it. So it's this kind of losing game where they just burn as much money as possible in the hopes that something will change. change, but nothing changes, which makes them burn even more money. It's like a classic degenerate gambler situation. You've gotten your hand on, I guess, a financial audit of OpenAI. There was a couple of things where you wrote, like, I'm just going to leave this here and allow others to make, give us an overview as to what you found that others, might look askance upon. So last year, OpenAI spent about $34 billion to make about $13 million.

And they ended the year with about $22 billion in cash. They lost about $21 billion. Now, they do some accounting below the line, hocus, to move numbers around to try and pretend it's not that bad, but that's how much they lost. And what's crazy about this is they spent $5.73 billion just on sales and marketing. which is complete lunacy. They spent $19.18 billion on research and development costs, which is also crazy.

But what's funny about that is these numbers do not neatly line up with what's being reported about how many people work there. So I can't speak to it. I truly do not know the documents I've seen did not state, but they could be putting engineer salaries in research and development. I've seen companies do that before. Back to the matter is, Open AI lost $21 billion in 2025. $21 billion. That's an insane amount of money. This company is continually losing more money every year. It is going to get worse than 20 to 26. And if they make it to 2027, it's going to be even worse there. They plan to burn over $852 billion by the end of 2030. And if they cannot raise or make the money to pay that, they do not have the cash flow. They could kill Oracle.

Like they could actually, they account for $300 billion of Oracle's upcoming revenue. And Larry Ellison has leveraged a lot of his stock on this. But this could be a tofer. This could be a multifer at this point because Open AI is a load-bearing fail son. They account for a quarter of a trillion dollars of Microsoft's upcoming revenue. They account for $300 billion, like I mentioned with Oracle, $138 billion of Amazon's revenue, $22 billion of core waves. They have all of these people they promise money to.

And yet, I don't know where the money's going to come from other than funds. but these companies can't raise funding forever. They raise... From the federal government, maybe. From the federal government. I mean, that's why Altman's... Even then, even then, the federal government cannot plug this whole. The great financial...

So when people say too big to fail, they are wrong here, categorically wrong. Too big to fail did not refer to the TARP program. It didn't refer to the... What was it? Several hundred billion dollars the government offered. It referred to the government repo window. There was basically a fire hose of money. that plugged into the asses and mouths of every banker that was giving like hundreds of billions

of dollars a week to keep the bank system going because the loans that underpinned everything at the time, I'm not going to go into vast amounts of detail there. Like the loan industry kind of collapsed, and so the banks just had to be fed taxpayer money at a massive scale. No such system exists for a private company. Open AI is not a financial institute. You could nationalize this, but the only part of the government that's, allowed to lose $21 billion constantly is the military.

Unless they plug them directly into that. And even then, the government is, even a right-wing government, is still not going to be accepting of bailing out Open AI or indeed, I don't know, plugging them into government systems and keeping them alive that way. And even then, putting all of that aside, putting all of that aside, if Open AI dies, the semiconductor rally dies. everything, every stock, every stock that's AI related is still going to crash because the whole point of Open AI is it's symbolic. It's symbolic of the idea that we need more data centers

everywhere, always forever, that we need more data centers we've ever had because Open AI is one of the largest consumers of AI compute. There's no one else big enough other than Anthropic who also loses billions of dollars. So there is, you can try and plug various gaps here, but nothing is going the change the fact that the stock market is what the what everyone thinks is the AI bubble because the actual companies themselves, their actual economics suck and the actual products do not do the kind of transformative things that they are promising they will do. And so what like I mean the the idea in the past is that we're going to continue to lose money. However, we're seeing things on the revenue side or we're seeing things on the, uh,

customer acquisition side that those those trajectories are going up so even though we're losing money now we can project into the future that we're going to be profitable are those things like has open AI is they on a customer acquisition that goes up is there like any signs that revenue is increasing despite the you know obviously uh profits aren't uh but they're not making any money but is there any sort of like are there green shoots for the future or is this just sort of a a a a ghost ship so they technically increased revenue from 3.7 billion to 13 billion that is the number that went up their costs also increased eight times by a little under eight times 800 percent so yeah, they're seeing revenue growth, but it just came out about a month ago that ChatGPT's

growth has stalled. There are discussions between an OpenAI and Anthropica, actually, both discussing doing price cuts, which suggests that things are not looking so good. And indeed, there's a whole thing around the actual cost of AI that I could go into, but nevertheless, the only thing that seems to be rapidly increasing here is their costs. Because look, open AI is synonymous with large language models and AI and everything we see. They are the most prominent brand and name brand. For them to be making $13 billion is kind of expected. Like you expect that from this company.

The amount of losses suggest, however, that their revenues, well, sorry, their costs increase linearly above their revenues. So the more they make, the more they lose. And there is no bringing that down. It's only ever increasing. And the thing is, no one has an answer for this. No one has a smart-ass little answer other than they could just stop training. Now, when you hear about AI training, they want you to think it's a mind-melt thing.

They want you to think, oh, that's an R&D thing that will go away. You have to constantly train AI models, otherwise they drift. Because think of it like this, this is very standard in all machine learning. When you have a machine learning model, it only exists in its own little bubble. You have to keep updating it. otherwise when a user input something, it won't know what the real world is like. So you have to pre-train these models, feeding them stuff. Then you have to post-train them.

So you go, I like this output. I dislike this output. Here is a special situation. How would you respond? No, don't do that. Do this. Problem is, large language models are probabilistic. They're big math machines.

So you can't guarantee they're ever going to consistently respond anyway. The point of making is you have to constantly train them. You cannot stop training them. They spent $19.18.18 billion in R&D in 2025. That's going to only get more expensive over the years. And it's just a worrying state for any company that I've never seen anything like this. There is no company in history that's lost anywhere near this much. No comparison.

Amazon Web Services, its entire life, I think, was around $50, $60 billion over the course of over 10 years, and they were profitable. Uber burned $32 billion. dollars. Open AI, $32 billion, burn it in, in 2026 comfortably. It's just, it's a sign that the tech industry has captured the business and tech media and has fully, like the stench of neoliberalism is in everything, that a company like this can exist in such horrifying condition. And everyone just goes, well, you know, you need to lose money to make money.

No, you need to lose money to lose money. That's the Open AI story. What is the systemic, just to recap, the systemic danger here. I mean, if Open AI drops, you have four of these other big tech companies, like you said, meta, Amazon, the other two escape me, Microsoft have, are relying on contracts with AI. So their revenue takes a big hit. Outside of like the stock market and then the sort of like implications that, we have a K-shaped economy. If the rich people all lose their money simultaneously and it just evaporates essentially,

give us a sense of the systemic risk. So let's start really simple. So OpenAI pays to rent compute from companies. So the stock market is relevant here. Open AI pays Microsoft, Google technically, Amazon, Corweave. Don't need to remember all the names, but all of the companies I've mentioned need Open AI to pay them because if they don't, they have told their investors, hey, we're going to make all this money, and now they won't be making all that money.

Then there's the other problem, which is Open AI is one of the largest consumers of AI compute, which means that they are basically the largest buyer of AI, data centers, like they are the ones that rent them from companies. Open AI dying will mean that a chunk of the revenue of the entire AI compute industry, and thus the justification for buying Nvidia GPUs, dies. It's gone. If that happens, it makes it much harder to support companies like Nvidia and justify their valuations, same with Marvel and Kings, Sandisk and all of the various storage and RAM companies. They will also take a hit. TSM. the company in Taiwan that builds basically every chip.

Nvidia has bought a bunch of capacity with them, expecting to continue to sell AI GPUs. If that doesn't happen, that means that Nvidia has to pay a bunch of money for capacity it don't need. That will also be bad for Nvidia. What's crazy, though, is as far as economic effects from AI outside of data centers, there are not that many because no one can prove the actual ROI of AI. No one can prove there's productivity benefits.

Pretty much all the economic activity is buying and building AI data centers, renting that compute to like two companies, and big businesses run by people that don't do anything, spending way too much on AI tokens, which they're already talking about pulling back. The thing is, this entire situation is symbolic. It's K-FAPE. It's people pretending that they understand,

or cynical people pretending, that this is the future, jumping around and play acting and saying, ooh, AI is so scary, AI's so powerful. But when you look at the underlying things that these models do and the actual outcomes, are not there, not present, not present in any productivity data because they don't really improve productivity. So this whole thing, I genuinely think that there is an authority crisis coming after this, because so many people fell for this.

And I think it's because so much of our economy is run by people, who just trust the last smart-sounding person they talk to. And so just to follow up on that, and just that, so from a system-wide perspective, as opposed to the 2008 crash and crisis, we don't have the same sort of like systemic dangers. It'll be there in, it'll be there for your pension. It'll be there for those people not in the know

who dabbled in the stock market, it'll be there as the sort of knock-on impacts of people losing a lot of money in the stock market, but we don't have, we're not so tied in to these companies that we're going to have some type of like broad systemic failure or no. There's one thing.

There's one thing. I don't know. I can hear this. Yeah. So remember when I mentioned that after the great financial crisis, they had to plug a thing into the banks, Yes. That was because the commercial paper market fell apart. It was basically company issued loans that they would, a way for them to raise money short term to cover their bills. That market fell apart. What replaced it was private credit. Oh, geez. Okay. Yep, yep. You see him where this goes. So private credit is a lot, basically a large unregulated loan industry. They basically are allowed to do what they want. They value their loans based on however they feel. They don't release those marks. They're is widespread concern that a lot of the marks of software companies go on half an hour about this. Point is, private credit is funded by people's pensions and insurance annuities, because after the

great financial crisis, interest rates went to zero. So insurance companies and retirement companies had to find a new way to get yield, which just means thing that makes them an ongoing payout. So like a 8% or what have you. What's replaced? that is the private credit system, which means private credit funds are funded by state pensions, teachers' pensions, cop's pensions, retirement, various kinds of retirement funds, public pensions for all sorts of things in all sorts of countries, insurance annuities. I think a sixth of all insurance payments are funded into private credit. And you'll never guess what private credit's investing in. That's right, AI data centers. Yay. So if those go tits,

up, we don't know how large, I may be, I may be happy to say that there's not that big a deal. I also cannot confirm that. And I know Blackstone, BlackRock, Carlisle, and a bunch of others are deeply, Apollo as well, are deeply invested in AI data centers, AI data centers that are being sold, their computers being sold to unprofitable AI companies. It feels like, once ago. Right. And that it just, it just, it just, it just, it just, it just, it just, it just, it just, it just travels right back through that system.

It feels like six months ago, people were very worried for whatever reason about the private credit market, but again, it's such a black hole that you don't know what the problem's going to be until the problem has already happened. Yeah. And the other problem is, is that

so between 2018 and 22, private credit and private equity funded by private credit went nuts bananas, investing in and buying software companies during the single largest period of overvaluation in history. And they gave them a bunch of loans. I think it was like 30 to 40% of all leveraged buyouts were software companies.

All those deals are falling apart now. Medalia died, plural site fell apart, more to come there. So private credit has a giant hole in the side of it already caused by software. if they are heavily leveraged, well, they already heavily leveraged, if they're heavily invested in AI data centers and those fall apart, which I believe they will, they could be in real material, like, harm's way. Because these companies also, these private equity funds or private credit funds run by asset managers,

they're not required to have reserves. They're not banks. Right. They do things that banks do. There's no capital requirements. There's no capital requirements. So, yeah, all of that's to say, if I'm wrong on a few things it's bad,

but even one of these things being true is extremely dangerous. And it's extremely, if the private credit bubble bursts and it's as violent as I fear, I don't know how retirement funds and pensions find their yield going forward. I don't know how they keep growing. And if they don't grow, people's retirements don't grow.

And they're attached to AI data centers. I sound a bit alarmist, but that's because this stuff's alarming. Right. Well, Ed, great talking to you. Always good for a cherry shack. Yes, but we always love your updates because it's sometimes hard to parse, at least on my end. Everyone should check out your newsletter. Ed Zittron, the newsletter is where's your Ed at?

And the podcast is better offline. We will link to both of those. Majority.fm and our podcast and YouTube description. Ed, thank you so much. Really appreciate it. Thanks for having me. Thank you, Ed. All right, folks, we're going to take quick break. When we come back, Tyler Vassar, shop steward with the National Association of Letter Carriers, Branch 9 in Minnesota, and a member of the Coordinating Committee of Build a Fighting NLAC on the negotiations that are going on right now with the NLAC and the Post Office. We'll be right back. We are back. Sam Cedar, Emma Vigland, on The Majority Report. It's a pleasure to welcome back to the program, Tyler Vassar, Shop Steward with the National Association of Letter Carriers Branch 9 in Minnesota and a member of the Coordinating Committee of Build of Fighting NLAC. And Tyler, it's good to have you back now. We should say just to start off. There are two different postal unions, one that deals with urban carriers and one that deals with rural carriers. Tell us about,

the NLAC. So yeah, there's two different, there's four different total unions. There's two different carriers unions. There's city carriers, which is the National Association of Letter Carriers, over 200,000 active members. And then there's the Rural Letter Carriers Association, which has, I can remember 60 or 80,000 members, and they represent rural carriers. It's been like that since the beginning, and hopefully one day we'll have one big

postal union, but that's what we've got right now. And so it's the NLAC that is in negotiations with. the U.S. Postal Service, and we're in the middle, like literally, I think, of a two-month period where there's some form of mediation, and then if that doesn't work, we go into arbitration. Give us a sense of what the issues are for the NLAC members. Yeah, that's right. So we're in the 60-day mediation period, and it's possible they come with a contract that we could vote on, but they could also move it right to binding arbitration, which we would not have a vote on.

And they could just decide the terms of the contract, which is what happened last year. I think it was here about on the show about maybe a year ago talking about all of this. In the current contract negotiations, there's lots of little, you know, minutia that I think just to spare you and the listeners. I'm not going to go into every single different proposal

or proposed change. But the most important things, I think, for NELC members and for your listeners and for the audience to know is the question of pay or raises. and then two very concerning proposals that we've heard come out that we thought were rumors, but then it turns out our actual potentially real proposals, which are the question of a four-day work week for 10-hour days,

and using AI to set routes on a daily basis. And I'll get into that if you want to hear about it. Please. The four-day work week sounds good. A long-time goal of the labor movement was a four-day-32-hour work week with no loss in pay. That was a big demand that was brought up, especially during the Great Depression, to say, share the workout among the unemployed, also to lower the amount of working hours that

working people need to work. That's a great idea, right? What we're being currently proposed is a four-day work week for 10 hours a day. This is bad for many reasons. It quite laterally, first of all, goes against what our union was founded on. The National Association of Letter Carriers, NELC, is an old union that was founded in 1889, and the impetus for the unionization came out of the movement for the eight-hour workday in the 1880s. I mean, we all familiar with the Haymarket Affair and made international workers.

They made first. It comes out of the eight-hour movement, which was an international phenomenon and it was a big movement here in the United States. And so this quite literally goes, if we were to set a standard of 10-hour workdays, even if it was four days a week, that goes against what our union was founded on. But it's bad for other reasons as well. there's no overtime pay. There would be no overtime pay until after 10 hours. Not only you're working 10 hours a day. You're not getting overtime until after 10. That would mean a pay cut for thousands of NELC members who rely on overtime. Most NELC members, most letter carriers work overtime, whether they wanted or not. A lot of them need it to make up for the awful pay that we have and the rising

inflation that we've been dealing with for the last, you know, five, six years. The Postmaster has very explicitly said he's looking for cost cutting measures. I know people that are much smarter than me are doing the math to figure out they're not going to be proposing this if they don't think they could cut routes or they could cut, you know, save some money with this. And so inevitably it would probably mean some routes would be cut. And in general, I think the impact would be bad on the public because it would mean loss in routes. It would be more delays.

It would mean poorer service. And so the four-day, 10-hour work week, BFN, Bill the Funding, and ELC, the Reform Caucus that I'm a part of absolutely as opposed to it. I know we're going to talk about the convention maybe in a little bit, but the Washington state association of letter care's state convention just a week or two ago actually passed a resolution in opposition to the 410 proposal so that's going to be fought out on the convention floor at national in august which is very good and instead bfn proposes yeah we should have a four-day work week but it should be 32 hours with no loss in pay um and so that's the first big thing that's

kind of the main thing that's galvanized a lot of opposition um proposals that we're hearing about that could be in this contract uh and the AI routes um What's the concern there outside of we just spent 25 minutes talking about how AI is largely a mirage in many respects, at least as a business, I imagine it would be problematic if even assuming the whole thing worked, it would be highly problematic if it only lasted for a year or two and then all of a sudden it's destroyed. but what is the biggest concern regarding it? Yeah, currently the way things are set up is I have a route. I have a route. I know my route every day. Of course, some days the volume is higher.

Some days the volume are lower, but I have a set route. I deliver to the same businesses, the same houses, the same apartments every day. The proposal that we've heard, again, nothing's in writing yet. So we don't know exactly, but these have been floated. They have a collective bargaining conference where they actually openly said, yep, we're proposing these things or we're in support of these things. The union leadership did. The AI proposal would be, rather than having the same route every day, it would be probably in the same geographic area, but then based on mail volume, it would cut up a route for you that would be slightly different every day.

And the problem for, this is how Amazon does it. If you've seen Amazon drivers, you know, you see your same mail carrier every day or, you know, every so often, Amazon drivers are all over the place. So it would just create a little more chaos for letter carriers, less stability. That's kind of a small thing in comparison to the bigger thing is that I think it would increase harassment for management. because they would be able to say AI said that you were going to be done in X amount of time and you went over, which there's lots of variables at play that mean that you could, the route could take a little bit longer here or there. There's construction.

There was a car crash. There was, you know, something that happened. And so if they had AI routes, they would be able to say, the numbers say that you need to be done in this amount of time. And if they went over, it would create all this opening for them to harass carriers even more than they already do. And not to mention any proposal, I think. given the context and the political climate around AI and data centers and opposition to it,

any proposal that with AI in it, especially around route adjustments, I think would be met with widespread skepticism and opposition by NLC members. I have to imagine, too, that particularly in terms of actually getting that piece of mail into the mailbox, and particularly for urban areas where you're dealing with a lot of apartment buildings, you'll have a lot of idiosyncrasies in the building that you go to. I know at this building I got to jiggle the key this way because the super doesn't fix the building door and whatnot, and that's when I got to put it in the, you know,

eight mailboxes that are in there. AI is not accounting for that. And so if it's saying that you should be done with your route at 542 p.m., and you've got, you're really, basically reinventing the wheel as you find your new route for that day, unlikely you're going to measure up to what a machine thinks you should be able to do. That's right. I think this is a part of the process of the deskilling of labor and them trying to control every possible aspect of work that you're doing. I mean, I've heard rumor. I don't

know if it's actually true, but I can imagine it is. In Amazon, some of the newer Amazon vehicles, they will actually, they have monitors on you to control, you know, to see if you're facing the road or if you turn to, I don't know, blue your nose or something. And like, of course you should be looking at the road when you're driving, but the point is that they're taking away any little bit of autonomy and sort of skill that worker can bring to the job. It really means that we can make it our own,

and we can use the pushback against some of the alienation of work. But this is a part of a process of deskilling our labor and trying to control every possible second that we're at work. And on top of all the other ways that it would be used against workers to worsen working conditions. I think that these two, the 4-10 proposal and the AI route adjustment proposal. If they're down on paper, that tentative agreement, no matter what else is in it,

it needs to be voted down, it needs to be fought against, and these are bad proposals. Not to mention we ever heard anything about real substantive things about raises, about pay raises. And that's kind of the number one thing that people are thinking about, really. What is your perspective on the NLAC leadership in terms of representing what your perception of what the carriers want? I think that the current president, the national president, Brian Renfro,

he's kind of in a fight for his life in terms of the national leadership elections are actually happening this fall. I think it's November, if I remember correctly, so just a few months after our convention in August. And given the widespread sort of disappointment, to put it lightly, with his leadership, especially around the last contract,

which we talked about at length last year and even the year before it went on for so long. I think that he's kind of in a fight for his life. I was pretty shocked when I first heard the 410 proposal and the AI route adjustment proposal. We heard them sort of floated and we figured out that's a management proposal and it's not going to go anywhere. But to hear from the collective bargaining conference that happened at the beginning of the month that President Renfro was actually pushing for those proposals. To be honest, I'm a bit shocked. And I lost for words because if he wants any chance of keeping his job as president, he'll need to secure a pretty strong contract this time around.

And all signs are pointing towards this not being a strong contract, especially around the postal finances and things that are coming out. Rather than coming, you know, management comes out and postmaster comes out and says, we have no money, don't expect anything, times are tough, yada, yada, yada, as they always do. You would expect your union leadership to come out and say to fight back, to put forward counter proposals. Okay, well, these are the ways that we can increase revenue or, you know, figure it out your management.

My job is to fight for my members. We didn't get any of that. Instead, we've had fear-mongering, buying into the arguments for management from our union leadership as well. And so I think that there's a reckoning is coming within the NELC. It's been building up for years. And I think this contract, this national convention and this national leadership elections, there is going to be change one way or another.

And I think that we're going to be fighting for. us in BFN absolutely would be fighting for a new direction and the rank and file sort of approach within the union. And BFN is Bill DeFiting NLAC. That is a caucus within, I guess you could call it within the union that is looking to reform, perhaps change leadership and get more aggressive.

What can, obviously, if you're a urban postal worker, you should be checking out, build a fighting in LAC. What can the public do at this point? And is there any room for Congress to intercede? Not as if we have a Congress that I would want to intercede at this moment, but perhaps we'd have a better one in the fall, or I should say at the beginning of the new year.

But what can the public do? I mean, the biggest thing is any time, and there will be one coming up, I'm sure. Anytime that there is a, you know, like National Day of Action that the union puts on, which we've been able to successfully push on, BFN came out of a fight for open bargaining to push for our contract campaign. It's still inadequate, but we push the union and we push the leadership to take up a much more fighting approach. We had contract rallies in February. I don't blame people for not turning out in mass. I live in Minneapolis, Reno-Souragers to Cold Winters.

But any time that there is next time that we have mass rallies, whether it's to fight against any further attempts at privatization or fighting for a strong contract or whatever the case. may be. I really encourage the public to come out and to join those. We're a public sector union. We serve every house, every day, every business, every day. And having the public on our side really gives us a lot of leverage to put pressure on management, to put pressure on the government, if they're trying to privatize or whatever, you know, whatever it is. In the meantime, I mean, just be vigilant. And if you see attacks coming against the postal service or against the postal unions, be ready to get mobilized into the streets to defend the unions and defend the public Postal Service. That's all I can really say for now.

There's not a whole lot else you can do at this exact moment. Tyler Vassar, Shop Steward with the National Association of Letter Carriers, and I've been told I said NLAC as opposed to NALC in Minnesota, member of the Coordinating Committee of Build a Fighting NALC. We will really appreciate the update, and good luck, and hopefully we'll have some good news in a month or two. That's right. Thanks, Sam. Thanks, Emma. Thanks for having me. Thank you.

All right. So long, Tyler. Thanks. All right, folks. That's going to be it for us on the free show today. We're going to head into the fun half of the program. Where we'll have fun. You can, I am the show. We'll take phone calls today. Brian, get ready to turn that machine on. All right.

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five minutes worth a reading in your mailbox at 9am, AM, AMQquicky.com. It's free three days a week, so check it out. And of course, why not join the Discord, majority Discord. We got over, like 20,000 people in there now. I think so it's a 20,000. Yep, there you go. Do we know happening in the Matt Leck media universe even though he's out of town? Yeah, it looks like just today there was a video put up on the Jackman show

where Matt and David are discussing Bernie Sanders' plans to make AI public utility and a further conversation about making more of the economy under public ownership. I like that idea. Let's make more public utilities, actually.

Let's actually have the utility companies become public utilities. But more on that later in the program or in the future. Quick break. Fun half.