The Philip DeFranco Show - PDS 8.5 MrBeast Scandal & Accusations Got Worse, But They’re Blaming Others, UK Riots, Market Crash, & More

Episode Date: August 5, 2024

Start your free trial today: https://www.Squarespace.com/Phil & enter offer code “Phil” to get 10% off your first purchase!  25-35% OFF on https://BeautifulBastard.com homepage for now! So grab yourself some amazing tees and tanks! -- ✩ TODAY’S STORIES ✩ – 00:00 - Contestants on MrBeast’s Amazon Show Claim It's a Nightmare 09:20 - Sponsored by Squarespace 10:15 - Imane Khelif Asks For Bullying to End As She Advances in the Olympics 13:47 - Hundreds Arrested in Far-Right Protests in the U.K. 17:51 - Bangladesh Prime Minister Resigns & Flees Country 20:56 - Up to 35% Off at Beautiful Bastard 21:32 - Asian & International Markets Crash Amid Concerns of U.S. Recession Rosanna Pansino’s Beast Games Allegations: https://youtu.be/VApF6na4m-4?si=xBzwxDxaKR7TfWGH https://youtu.be/Wa-udC49GyE?si=2-ZVXcHYMg65uJpG https://youtu.be/OFcNF65jcC0?si=ALdWAi45s0Vwns0U https://youtu.be/TpnCuCvm2zU?si=7nzjAEp0MG_uD9Fv NYT Report: https://www.nytimes.com/2024/08/02/style/mrbeast-beast-games-competition-show.html  ——————————   Produced by: Cory Ray Edited by: James Girardier, Maxwell Enright, Julie Goldberg, Christian Meeks, Matthew Henry Art Department: William Crespo Writing/Research: Philip DeFranco, Brian Espinoza, Lili Stenn, Maddie Crichton, Chris Tolve, Star Pralle, Jared Paolino Associate Producer on MrBeast: Star Pralle ———————————— #DeFranco #MrBeast #LoganPaul ———————————— Learn more about your ad choices. Visit megaphone.fm/adchoices

Sup, you beautiful bastards. Welcome back to the Philip DeFranco Show, your daily dive into the news. And we've got a lot to talk about today. The news just keeps on newsin'. So, hey, you buckle up, you hit that like button to let YouTube know you like these big daily dives into the news, and let's just jump into it.

This is a news show. Are you willing to die for Mr. Beast? That is the question that many are now asking, including major outlets like the New York Times, as his Beast game show is getting hit with controversy after controversy from seemingly every direction. It's like we talked about when it was announced.

His reality competition is an Amazon show where a thousand contestants are competing to win $5 million. I mean, we're talking about the biggest competition series ever with the largest prize pot ever. But despite how little we officially know about the competition,

it's getting a massive spotlight right now in the wake of that whole Ava Chris Tyson controversy. You know, that was when you had YouTuber Rosanna Pansino posting a series of videos saying people involved on the show had reached out to her about safety concerns on the set of the first round in Las Vegas. So the messages that I have received

from contestants on the show are pretty much all telling a similar story. And I find them to be very disturbing. These people are genuinely upset about how things are going. They're scared for not only their own safety, but the safety of their friends who are still competing. They aren't doing this out of spite. They're doing this because they are afraid for themselves

and for their friends. And in that video, she goes on to read a statement from someone who she says is a confirmed contestant of the Beast Games. And that person claiming that there were people who didn't receive their required medication during filming. Saying some even had seizures because of it. With that statement going on to say

that the contestants weren't given nearly enough food. Claiming that they were given roughly 400 calorie meals every 12 hours. Saying that water was also scarce and often ran out. With them going on to tell Roseanna that they sat in a bloody pad for two days before getting new underwear and supplies, also claiming that contestants were only allowed to sleep for three to four hours on cheap sleeping bags on the stadium floor. The statement also went on to claim that the games themselves were rigged

in the favor of young athletic men over women and elderly contestants. And that's because they said all the games were very physical, requiring speed and strength to get ahead. They also then went on to say that during a game involving jerseys, the men started tackling and hitting the women, and that even when two girls were passed out on the field, they were dragged off and filming kept going on. This person also saying that people walked out of there with broken bones and eating stitches,

and most of those people were women. They then went on to claim that the eliminated contestants were offered $1,000 to sign away their rights to a class action lawsuit, with it also being said that when the story started gaining attention, they were offered another $1,000. Now in her follow-up videos,

Rosanna reads other statements as well from people she said were verified contestants with similar stories. Stories about lack of food, water, people getting trampled, the game skewed towards strong and fast men. But then we also heard that this first round of filming is allegedly for Mr. B's YouTube channel rather than the actual show.

You'll have 2000 contestants being narrowed down to the 1000 on YouTube and the actual show will You'll have 2,000 contestants being narrowed down to the 1,000 on YouTube, and the actual show will be the 1,000 contestants that Amazon advertises. In these statements, they share that this production was incredibly disorganized, with everyone being told different things and no one really knowing what was going on.

But they're also going on to claim that the disorganization continued after the game, saying that many people were left stranded without flights or hotels, some even having family drive to Nevada to come pick them up. Rosanna also saying with all this that she reached out to IATSE, the union representing behind the scenes workers in entertainment, and claimed that Jimmy was avoiding union workers. They said that Jimmy and his team

specifically requested that Beast Games be non-union. This is for a few reasons, mainly so Jimmy wouldn't have to pay the crew benefits, but also these unions require very strict safety guidelines. From what I'm hearing as well, Mr. B's team was in charge of hiring the crew and they couldn't find enough non-union people to hire, so they were forced to hire union members. The Mr. B's team still said they would not pay anyone's benefits.

And I do wanna know, like what I'm doing here, I'm just trying to hit the highlights. Rosanna reads these statements in full and she says that she's spoken to over a hundred people involved in the show. If you want to check out those videos, I'll link to them down below. But also this is a very big thing.

Just in the last few days, this story has become more than just, hey, you got to take Rosanna's word on it. With the New York Times now jumping into this picture with them reportedly talking to over a dozen contestants from the Beast Games. And there we also see a lot of the same allegations pop up. Several contestants telling the Times

that they hadn't been told how little they would be fed, both in quantity and frequency. With one saying she went over 20 hours without getting anything to eat. Also one meal that multiple contestants described was a small portion of cold oatmeal, one hard boiled egg, and a few raw vegetable pieces. The Times also reporting that participants estimated

they were fed these small portions twice a day on a sporadic basis. And then those with dietary restrictions had even more issues. Saying despite filling out a form detailing their food needs before the competition, several contestants said that they were served food that they were allergic to with no alternatives available. And with that, one contestant saying, we signed up for the show, but we didn't sign up for not being fed or watered or treated like human beings. Also, in seeking out medical care or help with food or hygiene issues, some participants reported that the staff were disorganized and often unhelpful.

According to one participant, some staff members even yelled and screamed at contestants. And that medication issue was also brought up and somehow made worse. But according to the Times, several contestants didn't receive the required medication on time despite production's assurances. And that includes one contestant who needs insulin.

Also several participants had to wait hours or even days to get their clean underwear. One woman telling the Times that she was on her period and asked for underwear more quickly, with the staff then telling her that it wasn't a medical emergency. We also, with the New York Times, saw the jersey game being brought back up,

with the crowd pushing and shoving each other and almost trampling people. And then as far as that $1,000 payoff, the Times reported that it was a consolation prize, with one participant even saying that she was filmed, accepting the stack of cash, but had to give it back, with producers then promising that she would receive her real payment later,

but as when the Times published their article, she hadn't gotten it done. Now with all this, I also wanna know that we had a contestant actually reach out to us to talk about their experience on this set on the condition of staying anonymous. With them initially reaching out because they said they wanted to clear some stuff up

because they said that a number of things were being heavily exaggerated. With them going on to claim that things weren't as bad as everyone was making it out to be, saying they expected the show to be hard because the prize is $5 million and others should have as well. Saying, quote, it honestly wasn't that bad and a lot of the people I spoke to

agreed that this was not that bad. People are trying to make this seem like it was some classist issue of Mr. Beast looking at the peasants fight for money, but isn't that like every single game show on television slash streaming services? But then going on to say the only people who I think have a genuine right to complain about the games

are the people who needed medication because that stuff should have been sorted way before. They also then corroborated the meals that were offered, the small thing of oatmeal, veggies, and a single hard-boiled egg. They said that they were offered three meals a day totaling roughly 1,200 calories. Also claiming that those with health concerns like diabetes were offered extra food and that there were vegetarian and halal options available. With the madding there that they saw the very small portions as part of the endurance aspect of the game. But they also said that while the food routine at first was unpredictable, they said that it got better as filming continued.

They're saying that there were roughly eight hours between breakfast and lunch, and then saying the staff tried feeding the contestants before and after the game. They also added that while it wasn't constantly readily accessible within the first 12 hours, water was always available if someone asked staff. Blaming that after the initial 12 hours, water was always easily accessible, and during the game, staff would walk around

asking if people needed it. Saying that production also offered electrolyte options like Gatorade or Liquid IV as well, which was in very short supply at the beginning, but according to this contestant, was readily accessible after the first day. They also confirmed the sleeping situation was rough, right, a cheap sleeping bag on the stadium floor,

but they added that there was a lot of downtime for people to catch up on sleep. Saying that it was bright and loud, but there was between eight and 12 hours of downtime during the day that they personally used to nap. And then, as far as the trampling in the games, this contestant said it did happen, that people got aggressive and staff didn't intervene. But then they also claimed the production sent out an email after filming was done, saying that they would review the footage and anyone who was aggressive would be eliminated.

And this contestant adding that there were roughly 100 staff members for the 2,000 participants. But then also really stressing multiple times on a call with us that staff didn't have much information. They were doing their best with what they had. With them also telling us, quote, "'I spoke to one of the people who got a seizure "'and he was talking about how they scanned him or whatever "'and saw that his body was, let's just say, not good.

"'And he should not have been on the show "'in the first place.'" Importantly, this contestant also confirmed that those who were eliminated had to sign away their rights to a class action lawsuit in order to receive the $1,000 consolation prize, and also claiming production reached out after filming the first round to offer another $1,000,

something that this contestant called apology money. Now, with all that said, over the weekend, after we talked with this contestant, more and more mainstream outlets began reporting on the situation, with it even getting to the point that the Mr. Beast camp has now responded, saying that the shoot was, quote,

"'Unfortunately complicated by the CrowdStrike incident, extreme weather and other unexpected logistical and communications issues. But I'm also adding that Jimmy has started a formal review and taken steps to ensure that we learn from this experience. But also with that said, after that, it seems like this backlash is still only continuing to grow. For example, Rosanna even claiming yesterday, Jimmy's production team took every contestant's underwear and medicine from them for some weird reason.

They were told they would be given back each night to change, but were not. Multiple female contestants messaged me saying that Beast Games still has her underwear. Disgusting. And so with that, we actually checked back in with our contestant to see if they could back this up. What they claimed is that production asked contestants

to pack five days worth of underwear in Ziploc bags. With them adding, quote, so when we got to the arena, we had no underwear except the ones we were wearing. With them then saying that the wait for underwear could be long for some because production was handing out the bags in alphabetical order. But what I will say, the max you'd probably go without your underwear as you waited in line was like one, one and a half days. I got mine probably around 36

hours, maybe 48 under the challenge. However, I do know some people had their underwear lost in the shuffle and were unable to receive them at the stadium. And some people were unable to receive them at all because it got lost. I think though, that was only a small handful of people. And then also claiming they heard that the eliminated contestants had to wait till the challenge was over to get their underwear back. But for now, that is where we are with this. And we're gonna have to wait to see

how this continues to play out, if more information comes out. But in the meantime, I gotta pass the question off to you. What are your thoughts with this whole mess? And then, now for those of you looking to kickstart a business, showcase homemade crafts, start a personal blog, or maybe even sell merch, I got an amazing solution for you.

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she is guaranteed to at least get bronze as she moves to the next stage of competition. But this also as the fallout from the whole gender controversy is still ongoing, which if you missed that, right, a little refresher, things really heated up after Khalif defeated Angela Karini last week, with people quick to call Khalif's gender into question,

accusing her of being trans. And this, even though there's no indication that she identifies as trans or intersex, but at the Women's World Boxing Championships last year, she was disqualified after failing an unspecified gender eligibility test, with her chromosomes reportedly making her ineligible. You also had Lin-Yu Ting of Taiwan

disqualified from that event over the same test, so her Olympic status is now being dragged into this as well. Though as far as where things stand now, the IOC is continuing to stand by both athletes, with its president, Thomas Bach, telling reporters on Saturday that they were both, quote, "'born as women' and there was never any doubt

about them being a woman." Adding, what we see now is that some want to own the definition of who is a woman. And allow me to say that what is going on in this context in the social media with all this hate speech, with this aggression and abuse fueled by this agenda is totally unacceptable. With the IOC also calling the tests that resulted

in people questioning their genders flawed. And there we saw Bach not being the only one who called for the outcry and the attacks to end. With Khalif herself saying during an interview this weekend, "'I send a message to all the people of the world "'to uphold the Olympic principles and the Olympic charter "'to refrain from bullying all athletes "'because this has effects, massive effects.

"'It can destroy people. "'It can kill people's thoughts, spirit, and mind. "'It can divide people.'" And then after she won her match this weekend, she said, "'I want to tell the entire world that I am a female "'and I will remain a female.'" You also had other women in the sports seemingly supporting Kalief's right to fight.

For example, the Hungarian boxer that Kalief defeated over the weekend saying, "'I cannot say a single bad word about my opponent. "'The last few days have been difficult for everyone. "'I have respect for her. "'I don't have a bad thought for her. "'This situation is not her fault. "'We both put up a fight.

"'That's the way it is now. "'It could be different in the future. "'The situation has not ruined my Olympics at all. Though also, notably before the match, she did share posts questioning Khalif's gender and suggesting the fight would be unfair. You also ended up having Angela Carini speaking out and apologizing for how all this played out, telling an Italian newspaper, all this controversy certainly made me sad and I also felt sorry for my opponent. She had nothing to do with it and like me was only here to fight. It was not intentional. In fact, I apologized to her and to everyone.

I was angry because my games had already gone up in smoke. I have nothing against Khalif. And on the contrary, if I happened to meet her again, I would give her a hug." You know, with all of this, there's just been this mixed bag of other responses across the board. For example, you had big creators in the space

like Logan Paul, who previously called Khalif a man and referred to her match against Karini as evil. Since admitting that he quote, "'might be guilty of spreading, since admitting that he, quote, might be guilty of spreading misinformation, something that he described as an oopsies, but also adding, although she's been previously disqualified for failing a, quote, gender test and has XY chromosomes,

some sources say Iman Khalif was born a biological woman. I stand by my sentiment that biological men should not compete against biological women in any sport, and if you disagree, you're a sick fuck. Meanwhile, you're the International Boxing Association, which ran the test questioning Khalif's gender, but has nothing to do with the Olympics, seeming to stand its ground. With them even offering to reward Karini $50,000, as well as other cash prizes to her coach and Italy's Boxing Federation. You know, with that, this whole situation has also put a spotlight on the scandals within the International Boxing

Association, because it has faced corruption allegations and the IOC doesn't recognize it. And in fact, USA Boxing also previously cut ties to it. And then of course, another aspect of the situation is that you do have a lot of people still upset that Khalif is advancing on and is gonna get a medal. Though also according to AP reports, the crowd that watched Khalif's latest win applauded her. And so this is still a big divisive story

depending on where you go on the internet, massively different reactions, but a situation that will end soon. It's just a matter of where Khalif is gonna medal. And then also based on that, where the conversation changes or goes. And then we have got to talk about what is happening in the UK right now, because the scenes that we saw last

week in Southport, right? Far right extremists targeting mosques, setting fires and clashing with police officers. Well, we're now seeing that across the country. And so much of this goes back to the misinformation that came out around that horrible mass stabbing that happened in Southport on July 29th. Because that's when a knife-wielding teenager

killed three children and injured several others at a Taylor Swift-themed dance and yoga workshop. But the authorities there pretty quickly confirming that that 17-year-old suspect was born and raised in Britain. But despite that, online rumors had already begun swirling that the killer was actually an undocumented immigrant, with several far-right figures falsely claiming the suspect was a Muslim man

who had arrived in the UK illegally. And so then with that, you had far right, anti-immigrant extremist groups urging their followers to take to the streets and they listened. For just a day after the stabbings, while over a thousand people showed up for a peaceful vigil for the victims, a group of these extremists showed up at a nearby mosque.

And by the end of that, reportedly five people were arrested, 53 police officers were injured, and a town already reeling from violence was shaken even further. But the reason we're talking about this again is it did not end there. These types of protests, they've come to more than a dozen cities across England

and the rest of the UK. On Saturday, for example, 35 were arrested in what's been described as a day of staggering violence in the city of Middlesborough. And then yesterday, rioters in a town called Rotherham assaulted a hotel that's been used for housing asylum seekers,

with that incident leading to at least six arrests, as well as 12 officers being injured. And then with all that, police have reportedly arrested more than 420 people across the country so far. Dozens appearing in court today, some already pleading guilty. You've also got British Prime Minister Keir Starmer saying in a statement yesterday

that those who have participated in this violence will face the full force of the law. And notably he's saying they would regret taking part, quote, weather directly or those whipping up this action online and then running away themselves. And then with all this, finally saying, we've seen what's better than a well-marbled ribeye sizzling on the barbecue, a well-marbled ribeye sizzling on the barbecue that was carefully selected by an Instacart shopper and delivered to your door. A well-marbled ribeye you ordered without even leaving the kiddie pool.

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Attacks on mosques. Other minority communities singled out. Nazi salutes in the street. Attacks on the police. Wanton violence alongside racist rhetoric. So no, I won't shy away from calling it what it is. Far-right thuggery. And notably, we also had the guy whose job he took, right? Former PM Rishi Sunak saying the unrest had nothing to do with the tragedy in Southport. And adding there that the police, he said, have our full support to deal with these criminals swiftly. And so with that, you also had the government there announcing that after an emergency meeting today, police will have access to a quote, standing army of specialist officers to deal with the riots. Adding to an announcement made yesterday that mosques in the country would be offered

greater protection with new emergency security in light of recent attacks. But then also with all this, you had a lot of people saying this is something the UK should have been ready for. This is including people like Julia Ebner, the leader of the violent extremism lab at Oxford, telling the Guardian,

it feels like it was only a matter of time before we saw something like this in the UK. They're specifically there talking about how an alternative information ecosystem has been created on apps like Telegram and Gab. But they're specifically there talking about how an alternative information ecosystem has been created on apps like Telegram and Gab. But they're also going on to describe how these apps have proven to be breeding grounds for the types of far-right conspiracy

and extremist ideologies that drove the violence over the past few days. With her then saying, and then from these alternative outlets, it's carried on to X or onto the mainstream social media platforms. And at that point, you had Joel Mulhall, the director of one charity

campaigning against racism and fascism, claiming that X has become a central space for the spreading of dangerous disinformation and the promotion of the protests. Saying a number of the most important figures spreading disinformation and exacerbating tensions had previously been deplatformed on X, but had been given their accounts back

since Elon Musk took control of the platform. And saying this has resulted in far-right extremists once again being able to reach millions of people with their dangerous and divisive propaganda. And then actually with that, we saw Musk getting more directly tied up in this UK stuff himself. With for example, yesterday,

he shared a video showing footage of rioting, claiming that it was the result of migration and open borders, with him writing, civil war is inevitable. And that actually got a response from the UK government, with one spokesperson saying, there's no justification for comments like that. And adding, anyone who stokes this violence,

whether on the internet or in person, can be prosecuted and face prison. But as we wait to see how all this develops online and in real life, and also just, I mean, legally, of course, one, I'd love to know everyone's thoughts here, but also two, if you live in the UK, I definitely would love to hear from you in those comments down below.

And then, y'all, in huge and consequential international news, we gotta talk about what's happening in Bangladesh. Right, starting with the fact that the country's leader, Prime Minister Sheikh Hasina, has resigned and actually fled the country after peaceful demonstrations by students morphed into violent protests and demands

for her to leave office. And I mean, we saw a huge shift from, I mean, we talked about the protests a few weeks ago when they really started escalating, which if you didn't see, or you just need a reminder, like I'll give you a top level TLDR. The demonstrations, they started over coveted government jobs as the country,

which is one of the most populous in the world, continues to reel from an ongoing employment crisis. With protesters specifically angry about the revival of the government's old quota system that reserved nearly one in every three government jobs for family members of people who fought in the country's 1971 War of Independence. You know, with demonstrators arguing

that the quotas favored the ruling party and that the job should be allocated based on merit. Those initially peaceful protests, they escalated after the government deployed paramilitary forces to crack down on the students, prompting ongoing and increasingly violent clashes between demonstrators, pro-government supporters, and authorities that have reportedly resulted

in an estimated 300 deaths and 11,000 arrests, as well as the imposing of a curfew, communications blackouts, and other restrictions. So what we ended up seeing is that because of the extreme government response, which started as student-led protests over quotas, it became this sweeping movement to oust Hasina, who has ruled over 20 of the last 30 years

and has become increasingly authoritarian since she took office for a second stint in 2009. But I mean, among other things, she's been accused of manipulating the country's elections to hold on to power, including by jailing political opponents, as well as her cracking down on press freedoms and engaging in human rights abuses.

And after we saw a cooling down a little bit, the protests were fully revived at full force over the weekend, with demonstrators defying a nationwide curfew and fighting authorities all over the country in violent clashes that reportedly killed nearly a hundred people just on Sunday alone. With that, the protesters showed no signs of backing down.

And the next day, thousands of people in the capital city of Dhaka stormed Hasina's residence and other buildings associated with her party and family, with them setting fires, looting, and generally causing chaos while calling for her to resign. And in fact, according to local media reports, the prime minister escaped her residence

just minutes before it was stormed, fleeing to India on a helicopter. With then later in the day, protesters still crowding streets in cities across the country, and the army chief delivering a televised statement, announcing their, Hasina's resignation, and saying that an interim government would be formed

with the guidance of the country's figurehead president. And then urging people to trust the military, calling for peace and promising justice in a full investigation. Right now, I will say it is unclear if that's actually gonna calm all the turmoil, especially as you have outlets like the Washington Post reporting

that protest leaders have asserted that they intend to form their own government and will reject martial law. So as far as whatever this new government's gonna look like, that remains largely unknown. Currently, you have experts saying it is unlikely that the military will try to do a full-blown takeover, opting instead to just aid this transitionary period.

Many also noting there that while they do have a history of launching coups and counter coups, it's taken a much more behind the scenes approach in the last few decades. And really any attempt to take control of the government through force would have serious international consequences. But at the same time, at the very least,

even though the military has tried to distance itself from the crackdown on protesters by police and other authorities, they will likely have to intervene if the chaos and the violence that we've seen continues. But again, this is a rapidly developing messy situation. And for, we're gonna just have to keep our eyes on it. But then, we'll get right back to the news in a second, but first, I'm gonna sponsor myself just for a few seconds to let you know, right now over at beautifulbastard.com, everything on that homepage is 25 to 35% off. So you can snag yourself the emotionally exhausted flower gear, as well as the

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it's an upgrade for us in the past few months. Yeah, grab what you want while you can over at beautifulbastard.com. And then, yo, as an American, it can be very easy to forget or not even realize just how important and impactful our economy is. But I mean, we are now seeing just that jobs report that came out on Friday.

It's now led to just headline after headline saying it was the reason for this worldwide stock market crash we're seeing. Because the report indicated that the US economy only gained 120,000 non-farm jobs in July, which is far below the 200,000 job expectation. And that also coincided with America's unemployment rate rising to 4.3%, right?

A 0.2% increase, which is the highest since 2021. With that then leading to the markets opening this morning and things starting off rough with the Dow dropping a thousand points as of recording this. As for the tech giants, they lost a combined $1 trillion in market value this morning, though some of that

has been regained as of recording. You also saw markets around the world reacting in a similar fashion, with many fearing that it's a sign that we're headed to a recession. With one of the biggest things being Japan's Nikkei market falling a ridiculous 12.4%, which made it the single worst day for the index since 1987. And with that, we've seen similar drops across Asia,

with Taiwanese and South Korean stocks dropping around 8%. India's markets were also concerned about the news that our job market wasn't as hot, though it fared better than the others in the region. So with all that, there are two big questions. One, is the economy really doing that badly? And two, the reaction that we're seeing, does it line up? Because as places like Axios have noted, there is no reason that a 0.2 percentage point rise in the U.S. unemployment rate should trigger a 12% collapse in the price of Japanese stocks. But what I will say regarding the U.S. economy, like this wasn't entirely

unforeseen and it is likely the consequences of multiple administr stocks. But what I will say regarding the U.S. economy, like this wasn't entirely unforeseen and it is likely the consequences of multiple administrations. But as you likely remember, the U.S. economy was in a rough spot during COVID. So to stimulate growth and to encourage spending, the Federal Reserve tanked the prime interest rate to zero. And then when it did increase it, it barely did so,

which meant it was almost free to borrow money, which sparked an economic boom. And as we've seen over the last year or so, this has caught up with us. It's introducing a ton of cash into the economy, helping spark inflation and drastically rising prices. And so then we saw the government drastically raise the interest rates.

On the one hand, this helps reduce inflation, but on the other hand, it discourages investment and some economic activity like home buying. Like, I mean, just look at how much a mortgage on a $350,000 home costs when your interest rate is 2.65% versus the current seven-ish percent level. And so some experts think that the Fed has just kept these interest rates too high for too long.

Though I will say that's not a universal opinion. It's kind of like you end up in a situation where you either have to worry about inflation and prices continuing to rise or an economy slowing down, which you know could also directly impact people's wallets as they lose work and income. Also, I should note that while our jobs report certainly impacted markets across the globe,

it's not the only reason many of them crashed. With many kind of just seeing it as the straw that broke the camel's back. Japan, for example, many feel that today's market reports aren't a crash and instead a correction for an overinflated economy that was caused by a weak currency. And that weak currency was because they used to have

a negative inflation rate for a while to help boost exports, but it hurt locals. And they undid that to try and strengthen the currency to help Japanese citizens. Also, this news hasn't been all bad news for world economies. You saw Euro get a boost after the jobs report, likely because it's seen as another stable currency to help Japanese citizens. Also, this news hasn't been all bad news for world economies. You saw Euro get a boost after the jobs report, likely because it's seen as another stable currency to park cash in.

But then also, just finally, to be clear, all of this isn't supposed to be doom and gloom. Right, despite the jobs report, the US economy is still growing. It's just not growing as fast as predicted. And with that, you have economists at major players like Goldman Sachs saying they still don't see the chances of a recession being very high

because the data looks fine overall. Saying it's just that the Federal Reserve needs to thread the needle of keeping interest rates at a level that doesn't kill the economy in either direction. But yeah, for now, we'll have to wait and see and hope for the best. And if it does not go well,

well, it might finally be time for me to drop that OnlyFans. I'm only like 45% kidding. But that, my friends, brings us to the end of your Monday evening, Tuesday morning dive into the news. Also, don't worry about missing my big stupid face for too long, because I can already tell tomorrow is gonna be a big show.

So yeah, I love your faces, and I'll see you then.