The Pomp Podcast - Recession Odds, Bitcoin's Future & NYC Mayor Election | Anthony & John Pompliano

Episode Date: November 4, 2025

Anthony and John Pompliano break down today’s markets — from Scott Bessent’s U.S. outlook and Tom Lee’s bullish call to Jordi Visser’s take on Bitcoin’s “IPO moment.” They also cover job growth, mega themes, the New York City mayoral race, and Anthony’s latest thoughts on bitcoin and stocks.======================Check out my NEW show for daily bite-sized breakdowns of the biggest stories in finance, technology, and politics: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://pompdesk.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠======================Bitwise is one of the largest and fastest-growing crypto asset managers, with more than $15 billion in client assets across an expanding suite of investment solutions—including the world’s largest crypto index fund—plus products spanning Bitcoin, Ethereum, DeFi, and crypto equities. In addition to managing assets, Bitwise helps investors stay informed about the fast-moving crypto market. Every week, CIO Matt Hougan breaks down what’s happening in crypto in five minutes or less. Read the latest at https://experts.bitwiseinvestments.com/cio-memos. Certain Bitwise investment products may be subject to the extreme risks associated with investing in crypto assets. Visit https://bitwiseinvestments.com/disclosures to learn more.======================In this episode, Pomp spotlights easyBitcoin.app—the app that pays you 1% extra on recurring buys, 2% annual bitcoin rewards, and 4.5% APY on USD. Download it now for iOS or Android at https://easybitcoin.onelink.me/F1zP/klc4v1p8 and start earning today. Your capital is at risk. Crypto markets are highly volatile. This content is informational and not financial advice.======================Timestamps: 0:00 – Intro1:17 – Are we in a recession?5:16 – Powell vs Bessent: interest rate politics8:29 – The case for an economic boom12:45 – Tom Lee’s $200K Bitcoin prediction15:20 – Jordi Visser and Bitcoin’s “IPO moment”19:01 – AI, data centers, and compute as the new commodity24:40 – New York City mayoral election discussion

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Get deep insights on real-time market topics that may impact your investment portfolio. Listen to Fidelity Connects on Spotify today and power your next move tomorrow. What's up, everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn.

So it would mean the world to me if you would subscribe to the show on your favorite audio platform, watch episodes on YouTube, and tell your friends and family about the podcast. My goal is to help millions learn from the world's most interesting people. So let's get into today's episode. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement

to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. What's going on, guys? Today, we've got a great episode with John Pompliano. We cover everything. What Scott Besson thinks about the US economy, why Tom Lee is so bullish, how Jordy Visser thinks the Bitcoin market is going through an IPO moment. And then we even talk about job creation, mega AI deals, what's going on with the New York City mayor race, which is happening today. And of course, I give you all my thoughts on Bitcoin stocks and much more. Here's my latest conversation with John Pompliano. All right, John, what's the first

topic? Are we in a recession? Bessett been all over the news. He's talking about certain sectors of the economy are in a recession. Do you believe we're in a recession? What's going on? Anyone who believes we're in a recession is an idiot. Point blank period. If you look at all of the data, How are you in a recession if the companies are growing 20, 30% year over year and they're multi-billion, hundreds of billions, trillion dollar companies? How is it possible that you're in a recession? People say, oh, well, sometimes they grow so fast right before the big crash. First of all, that was a good lyrical rhyme. Second of all, is if you actually think about what's happening in the economy right now, we are going through a boom. What's a recession?

two consecutive quarters of negative GDP growth. Anybody out there? I'll take all bets. You think GDP is going to be negative in Q3 or Q4? Let's go. There is zero chance that we are going to see a negative two consecutive quarters of negative GDP growth in 2025, which if you go back, I've been saying the same thing since April, since February, whenever I was freaking out about all the tariffs and stuff, y'all are ridiculous. We are only going to continue to grow because we on the precipice of an economic boom that is driven by technology innovation, artificial intelligence,

Bitcoin and robotics are going to save the American economy and all the haters are going to cry about it, but that don't change the future. That's what's going to happen. Do you think some sectors, so it's possible that some sectors are in a recession, but ultimately the United States is not entering?

There's a lot of sectors that are in a recession, but they ain't the ones that people want to talk about. How about the entire woke industrial complex? They're in a multi-year decline. they just got smacked how about all of the dei nonsense they got smacked they're in a multi-year decline and so if you look at yeah sure there are certain sectors 100 by the way it's not just that type of stuff right there are definitely sectors that are going to at times be in a decline and other sectors are going to be in some sort of boom but on a net basis the u.s economy is strong

it is growing, it is innovating, and it is headed in the right direction. And that's the most important thing. And so now what I think is a much better conversation is what are we going to do as ChatGPT and automation and all this stuff starts to create a decline in the number of jobs? Remember, the reason why the Federal Reserve is cutting interest rates is because they ain't worried about inflation. They're worried about the labor market. The labor market is weakening. The labor market has been weakening since ChatGPT launched at the end of 2022, and so now people got to try to figure out what is going on, and we got to figure out how are we going to get these people jobs, where are they going to go, what are they going to do, how do we create more jobs? That's the focus. But notice, the definition of a recession, even though the fake nonprofit organization that claims they got a monopoly on saying it's a recession, for those of you who don't remember, if you go back, I think it was in 2024.

in the first two quarters of the year, there was two negative quarters of GDP growth and they just said, it's not a recession. And we said, well, anytime in the history of humans, two negative quarters of GDP growth is a recession. Why is it not now? And they literally said, because we said so. It's the craziest shit I ever heard.

It's a nonprofit. They claim that they have a monopoly on actually declaring recession or not. But the definition of a recession is two consecutive quarters, negative GDP growth. We are not going to get that. So we are not in a recession. Jobs ain't a part of that. Nobody says if you have job decline for six months or job decline for a year, job decline for two months, then it's a recession. It's a different thing, but it's still something we need to pay attention to.

And ultimately, I think that maybe we'll talk about it later. New York City mayor raised many things that are happening in the economy are driven by this decreasing of not only jobs, like actual jobs, but also the prospect of jobs. People are losing hope. They feel like they can't find a job they feel like there's not opportunity out there and so they start to look around for something else to kind of hold on to let's see what happens we're definitely going to talk about the mayor race so um but one more thing i want to say are with uh the recession argument is the fed obviously cut interest rates by 25 basis points going into december do you think they should have another cut uh powell seems to be kind of flip-flopping he doesn't really know he's kind

of leaning towards maybe not cutting now what do you think they should do and what do you think they're going to do. Powell is allergic to Donald Trump. That's what I think has actually happened is Jerome Powell will be cut and raised to 1% if Trump said to raise them. That's straight up. That's what I think, right? Is I think that it is super political. It's always been political. It's not a Powell thing. It's not a Trump thing. I think that Powell was being political when Biden was in office. I think that other people were being political before him is always been political. Now, with that said, another really interesting thing is that people don't talk enough about the Federal Reserve and the Treasury. Scott Besson, we were talking about him. He went on television.

That man, he goes on TV. What did Trump say? He soothes the market. Mr. Soothe the market, right? He goes on, he's slick, right? Got his hair perfect. He's got the glasses on and he starts just talking. He's like, hey man, that guy's in charge. I feel good about it. But what happens when the Treasury and the Fed are working against each other? Jerome Powell versus Scott Besson, because that's happening at times. Scott Besson thinks that interest rates should be lower. Scott Besson thinks that the government is going to continue to contract spending. Scott Besson thinks that the economy is strong. Scott Besson thinks that inflation is not coming back. So that's what Scott Besson, the treasury secretary, one of the most

important people in the administration believes. What the heck is Jerome Powell doing? Jerome Powell has got, you know what he has on? You ever seen him wear his glasses? I think that he's got drunk goggles on. You know how you put the glasses on and makes things look like you're drunk? That's what I think Jerome Powell is doing. I think he's got drunk goggles on because he wants to see a world of inflation. He wants to see a world where he doesn't have to cut interest rates. But all he keeps seeing when he looks at the data is, I should probably cut rates. The problem is that that means that the president of the United States gets his way, and Powell don't want to do that. And so that's where you get the gridlock, is it's Jerome Powell, who's allergic to Donald

Trump. And if Donald Trump literally came out and said, let's raise rates, Powell would cut them faster. Now, 25 basis points, of course, keep cutting. Why? I think we should be somewhere right now around two and a half to maybe three percent interest rates. And I think that that's on the decline. The economy needs cheap money. People will say, oh, well, isn't that bad for the debt? Isn't that bad? Yes, of course. There's long term tradeoffs. But short term, if you're going to have a human driven monetary policy system where we're going to intervene in the market, then I think interest rates right now should be somewhere between two and a half to three percent. OK, well, if we're at three point seven five to four percent, that means we got a

whole hundred basis points to cut. So he can do it 25% at a time, like he's scared he's going to break something in the market, or he can just go ahead and rip the bandaid off and cut. And sure, is there going to be a readjustment? Of course. But at least get it there faster so that, I don't know, American citizens could actually afford a home, help people actually be able to invest in research and development in their businesses, help the stock market go up so that pensioners and other people can actually get back to fully funded status. All of these things are simply driven by what is the cost of capital in market right now it's too damn high to quote a great new yorker and if they don't get it down then it's just going to take us longer to get there so get

it down let the innovators innovate and let the economic boom take over and life will be good but we are in an economic boom right now right the market's been up six months in a row and that's only happened six times since 1928 we all know what happened in the 1930s obviously we had black monday and then preceding a terrible decade well you know what's funny is uh there's a lot of like things that you could say to a man and really offend him. You know, you could use the F word, the D word, the S word. It's probably words I don't even know, right? That you could say, really kind of just like get at somebody. But then there's words that they just cut through and they just, there's no recovering. And one of those words is silly. If you call a grown man

silly, like, man, he's just like, damn, I don't got to come back, right? The people who think we're not in an economic boom, they're silly. Think about what's going on now. I think the S&P is up something like 16%. NASDAQ's up 23% year to date. We've got a plethora of profits. There are companies growing like gangbusters. We have a private sector that is going innovating. We got a man who's launching reasonable rockets into the sky. We're the only people in the world who could do that. We got literally Anduril and all these private tech defense companies that have literally taken cameras and put it in the eyeballs of soldiers, put them on the battlefield and said, Now you got night vision, you got heat vision,

and you are going to be undefeated. Then you go and you look at drones, you look at biotech, you just go through. We have somebody who is literally making it rain. How are you telling me that we are not in an economic boom? We got people who are trying to create energy from the sky, from the wind, from the earth, from water, trying to do nuclear, all this stuff.

Everyone calm down, look around you. The single greatest time to be alive would be tomorrow. The next best time is today. Every single human in the history of humanity would love to live right now. You have a supercomputer in your pocket where you can just type on a piece of glass and send messages to millions of people in seconds.

You can do anything with this. All of human knowledge is stored in this device. If you go in New York City to 38th Street, there's the J.P. Morgan Library. The richest man in the world has a three or four story library, excuse me, 36th Street. And when you go into that library, you look, it was the largest collection of knowledge at the time for a private individual. Hey, JP, I'm smarter than you now because I got this thing. And so is the person watching this, and so are you, and so is everybody

else. And so when you look at that, you say technology is a net positive. It's helping. We're in an economic boom. Stock prices are only going to go higher. And all the people who are praying. I mean, how much of a just intellectual coward do you have to be to be praying for the U.S. economy to tank, to be cheering for the demise of companies, to be cheering for the financial destruction of American citizens? I've taken the other side, man. Let's go up. I want people to be prosperous. I want people to be happy. I want companies to create jobs. I want innovation to occur. I want the cost of certain technology to come down. When I was a kid, it was $1,000 for a TV. Now you can go on Amazon, buy things for 50 bucks. That's a net

positive for the world. There's many, many, many stories of that. You know what products don't go down in price? Things the government are involved in. So get the government out of healthcare, get the government out of education, get the government out of all this nonsense. And those prices will go down too. It is only through the intervention of the market by a government that you actually get higher prices. If you allow free market forces to operate, if you allow innovation to operate, then you will get lower prices. That's the beauty of innovation. That's the beauty of capitalism. And so let that stuff happen. Economic boom is the only conclusion. Hi, I'm Matt Hogan, CIO of crypto asset manager Bitwise. Look, crypto can be confusing. There's

so much noise and the space changes so quickly. That's why every week I write a five minute memo on the biggest stories impacting crypto in plain English. Why is Bitcoin up or down? What are people missing? Where should investors look next? Get the lowdown every week. Sign up to get the weekly CIO memo delivered straight to your inbox. Go to bitwiseinvestments.com slash CIO memo. That's bitwiseinvestments.com slash CIO memo. Carefully consider the extreme risks associated with crypto before investing. All right, so sticking on economic boom, one person who thinks we're about to have an economic boom in crypto is Tom Lee. So he went on CNBC talking about 200K Bitcoin, $7,000 Ethereum price.

What's going on? Is it possible? Well, you know what? When Tom Lee gets up there, you know, like you ever seen the video of Babe Ruth calling a shot from home plate? You ever remember, you know, LeBron James, he takes the powder in his hands and he throws it up in the air, right? Before he shoots a three? Yeah, he points to the floor. You know, Michael Jordan, you see that tongue hanging out, right?

You see Kobe, right? All of a sudden, you just see him give a little shimmy and he's got the turnaround jumper with the fadeaway, right? you just like that person was made to do that that's tom lee when tom lee walks onto the cnbc set it is like a great taking his seat doing great things being bullish is what tom lee does and guess what he don't just show up and just be like i think everything's going up he shows up with data and what he described is he says okay all the times where we've been up in the stock market for six months it's happened six times since like 1928 we keep going higher great you know who else says that ryan dietrich you know who else is pretty bullish is adam kobisi you know who else

as bullish as Charlie Bulello. All these people who are independent minded, they all seem to come to the same conclusion. You know, the people who are not coming to that conclusion is people who are perma bears. I mean, Peter Schiff, I love that man to death, but that man has been predicting nine of the last four recessions. And so he's wrong. And then you go and you take a look at a bunch of these other people and they just follow the crowd. All of a sudden their stock broker calls and says, hey, you know what? I read this article. I think that maybe you should sell some here you know why they're telling you to sell because they get paid when you transact they got no clue where the stock market is going because they're going to call you in three days

like hey i read this article i think you should buy now and just go and keep trading back and forth and handing over all your money to them so i think tom lee does a great job uh he's very bullish 200k bitcoin hey from his lips to god's ears i hope that happens but uh that'd be awesome um i'm gonna take the under on that but uh you know tom hey maybe by tom saying 200k 200k will happen. Is it a chicken or egg type situation? But yeah, man, look, I don't think he's alone in being bullish, but he's got a very unique way of communicating, which resonates with a lot of people. And as these things go, he's been right a lot. And if you're right a lot, people start paying attention. And he could be directionally correct, just not price correct. 2021, everyone's

calling for 100K Bitcoin, got to what, 72,000, something like that? 69,000, excuse me. Nice. um so you can be directionally correct maybe it runs maybe it doesn't but uh tom lee is definitely bullish there jordy visser someone who came on your podcast excellent i mean somebody who came on he comes on every saturday sorry he comes on every saturday that episode's flying by the way i saw on your youtube channel um he's saying that bitcoin is in this i want to know who's responsible for data and analytics around here he's saying that uh bitcoin's in this ipo era what's this bitcoin ipo what's going on he's just look basically there's a distribution happening right and uh if you look at um there's a bunch of large pools of capital who previously were not

able to buy bitcoin now they can and in order for people to buy bitcoin think about it this way if bitcoin drops to fifty thousand dollars you selling your bitcoin no okay i'm not selling either there's a lot of bitcoiners who aren't selling at 50k would you sell at 60k nope okay neither would i 100k no right 110k what there's some number where eventually like yeah it's kind of a high number up there maybe i'll give you a couple coins right so if you think about it from that perspective is the way to think about the market price is basically the market price is a clearing mechanism when it hits certain areas all of a sudden there's people who were holding who were unwilling to sell who are now willing to sell and the reason why a price stops going up

is because now we've reached a point where there's enough people willing to sell to enough people who want to buy. If there's more buyers than sellers, the price goes up. There's more sellers than buyers, the price goes down. Welcome to math. Welcome to finance. So as we have seen is as the price has gone up, we've now hit this point somewhere between $105,000, $125,000. And the reason why we're oscillating between in that range is that there's lots of Bitcoin trading hands back and forth between the people who have been holding for a long time, especially people who have been holding for more than four or five years with the people who are now showing up and saying, I want to buy this Bitcoin. But every time Bitcoin drops below 100K, that thing gets bid

right back up. And there's this really, really persistent, strong demand going into Bitcoin. Now, Bitcoin did this one time before in recent history. It did it right around $8,000 to $10,000. It kept kind of oscillating in that range. There was this trading of hands. And then all of a sudden, bam, we went up a lot. I don't know if that's going to happen this time or not. It does look like in the market, there's kind of more of this grind up, more than these parabolic like blow off tops. But what I do think is that it is very hard to be bearish long-term on Bitcoin. And in the medium term, when you have this many institutions pouring capital into the market, I think it's very hard to be bearish there too. And so if you're somebody who's worried about

what's Bitcoin's price tomorrow, I can't help you. What do they say? God bless you, right? Just give them their right and say, hey, you're on your own on that one. But if you're somebody who's medium to long-term interested in Bitcoin, you're not going to sell, you're thinking long term. Chill out. What do you care? Does it matter if it's 109, 111, 108 or 112 today? No, stop looking. Just wait. The price is going to be fine. It's going to be good. That's the problem is that now everyone, remember I told you that we all got these supercomputers? Guess what these supercomputers have? They got a freaking ticker on it that just blinks in our face all day long. So people all freak out, right? Just everyone chill out. It's going to be fine.

I noticed a trend when people get into Bitcoin, they immediately start checking the price more and more. And then the longer they're in it, the less they check the price. You know what I used to tell people all the time? I used to say, you know, get off zero. And they'd say, what do you mean? I said, look, I don't care if you put $5 in. Just get off zero, but buy some Bitcoin. And they say, why?

I said, because the second you own even $5, you're going to check it all the time. You're going to pay attention. You're going to see what's happening in the industry, right? The problem is that, you know, some people, they're like, well, I'm not going to pull 1% of my network. Then they put 90%. And then they're checking that shit while they're sleeping, right? They're sleeping with a box strapped to their face. Got the block ticker on their nightstand.

yeah mark zuckerberg's beaming the bitcoin price into their brain while they're sleeping via his new ar glasses or whatever uh let's stay on tech microsoft ceo recently said that uh they got nvidia chips chips uh gpu sitting on the shelves right they're saying that it's a it's not a supply problem it's a energy demand or energy problem uh do you do you agree do you see the same thing so they uh everyone well not everyone many people thought that the chips were going to be the big bottleneck right is could nvidia create enough uh gpus could other people step in tsmc etc right all throughout the supply chain uh this is gonna be the big limiting factor now what becomes interesting is uh not everyone believed that but a lot of people believe that and every time that

somebody said they're making a big investment in ai all of a sudden nvidia stock would run you know all these companies would run now everyone's like hey actually uh like i know no, Jensen, I can just call him up and he just sends me more GPUs. Like, that's not a problem. It doesn't mean that some people still don't struggle or that NVIDIA is not going to continue to go up, but it does mean that, okay, what is the new bottleneck? Well, the new bottleneck is powered data centers, right?

You need space, you need power. Those are the two things. Well, if you need space and power, guess what you need? You need land. If you have land and you need space and power, guess what you need? You need energy infrastructure. Where's the substation? Where is the transmission lines?

How do you actually get the data center in place? What is the racks? Who's going to operate it? Is it liquid cooled or air cooled? All these things go into it, right? People forget the way that I got into Bitcoin and cryptocurrencies was in 2016. I bought some GPUs and I sent them to somebody in Washington state. And I said, plug these bad boys in.

I had a little dashboard and I was mining Ethereum, Ether at $5, $6, something like that. Pretty good. Now, started to learn a little bit. Okay. How's the GPU? How's the graphics card work? Right? Okay. How does the power get there? What exactly is going on? Do you have backup power? What happens when it goes down? How do you fix this stuff? How do you cool it? Where the fans place? What's pushing the air? What's sucking the air? All this kind of stuff. Then I got real ambitious. Me and Jason Williams, this parabolic guy, right? Him and I, at the time, he was helping a company where they were taking used car tires and they were turning it into energy. They were turning into oil. They were turning it into a bunch of commodities. They're basically taking

the car tires. They're burning them in this self-contained unit and they're breaking it down into its parts. Well, one of the outputs was it created energy. So we had the genius idea, well, why don't we just use this energy, which is off-grid, self-contained, self-reliant system, where it's just dependent on the stock feed of the car tires and mine Bitcoins. Guess what we did? we went and, or I'm sorry, we were still doing ether at the time. And so we went, we got the graphics cards, we started setting it all up, right? Then all of a sudden we had this little room and it was a cinder block room. And we said, oh shit, it's going to get hot in here. It was burning in there. Burning. You walk in, it's like a sauna. Okay, well, we got to get

some air in here. So then we went and we started getting air and how to get the airflow in. So like we were in the weeds on how to do this stuff, right? And by the way, it wasn't exactly the most pretty operation, but it worked. And so as you start to understand this stuff, you realize that power is a huge thing land is a huge thing what is the actual facility type right if you go into a traditional data center that shit's nice you know sock two uh tier three data centers in reston virginia you eat off the floor it got cool and coming out of the floor out of the walls amazing you walk into like a bitcoin miner in five or ten years ago it's not so nice it's you know we're trying to keep the thing running like forget about eating off the floor you know you

might not even walk without your shoes on the floor right so uh as you start to understand this stuff you realize that compute is the most valuable commodity in the world people used to ask me well bitcoin is not backed by anything i said what's the most valuable commodity in the world they would say oil or you know whatever nonsense i said no it's compute it's compute and bitcoin is backed by compute so bitcoin is backed by the strongest best computer or um uh by strongest computer network in the world and the best commodity in the world okay great how do you get compute. You got to build. This is real world economy stuff. You got to do construction. You got to get power. You got to do all this stuff. So you go back to Satya. Satya, all of a sudden,

him and all of his peers are like, oh, we got chips, but we don't got data centers. We got chips, but we don't have power. Where do we go? And now there's an entire industry of people who are showing up. Now, what's interesting is that a lot of them are coming from the Bitcoin mining space. Iron, Cypher, CoreWe, all these guys, right? They're all figuring out, hey, let's service these guys. These guys got a lot of money. They got a lot of demand. There's a supply-demand imbalance. Let's go over here. I think that that's just started. You're going to see a lot more people start to do this. And I think you're going to see some very interesting players enter the space that are going to try to get this done. And there may be some

non-traditional players that'll start building these data centers and empowering the AI revolution. Today's episode is brought to you by EasyBitcoin.app. They offer a simple, rewarding bitcoin investment experience with easy bitcoin every recurring buy automatically earns you one percent extra in bitcoin and the sats don't stop there hold your stack in the app and you'll collect a two percent annual reward plus 4.5 apy on any us dollars you park in the usd interest account you can even opt in to have your interest auto converted to bitcoin it's a simple set it and forget it way to grow your bitcoin easy bitcoin is live right now on ios and android Hit pause, click the link in the description, download the app, and start earning while your Bitcoin stash grows.

Your capital is at risk, crypto markets are highly volatile, and this content is informational and not financial advice. All right, let's talk about something a little more fun. The New York City mayor race. Right now, it's between Mamdani, Andrew Cuomo, and Curtis Siwa. Listen, Curtis, hey, man, I respect. Do you see the SNL skit of them? No, I didn't. So they had, it was hilarious, man.

They had Mamdani, they had Cuomo, and they had Curtis up there. And every time that they would ask a question in the skit, Curtis would be like, in 1984, I was hung from the Verrazano Bridge by my toenails, and that's why I could be a good mayor, right? He's always got some crazy story, whatever. I love that guy.

He's hilarious. I don't think he's gonna be the mayor. Now, today is election day. I have been saying for a while now that I thought that Cuomo's odds were much higher. It's tight. But I think that people do not appreciate. Communism was fought by this country.

We kicked their ass and we said no. Socialism goes with communism. Socialism does not work. So if this country wants to continue to be successful, we need americans to go to the voting booth and to say i want democracy and i want capitalism those are the systems that work people who like socialism are the people who want to take from other folks and give it to somebody else that is a violation of what america stands for the whole idea of America is that you have life, liberty, and the pursuit of happiness. How can you have

liberty if somebody can show up and take your stuff to give to somebody else? And that is their stated political belief, is that we should take from the people who are creating jobs, who are creating solutions to problems. Remember, they always want to yell and scream about billionaires. You want to know when they don't want to talk about billionaires? The SNAP program is ending. Guess who is funding all of the people who need food? There is a plethora of billionaires across New York City that are all stepping up, donating millions of dollars personally.

I think that Mike Moritz in California donated like eight or nine million dollars out of his foundation. Bill Ackman, Mike Novogratz, all these guys are all participating. I don't hear a single person attacking them then. So what it is is a two-sided coin. You want to villainize the people who are successful. Most people in America did not inherit their wealth.

That is a trope that is put out there by people who are intellectually lazy. Instead, most of the wealth that is generated in America is by solving a problem. Do you want to know one of the top five professions in America to become a millionaire? A teacher. You know why? Because teachers live within their means.

You've never seen a teacher show up with a Ferrari. You've never seen a teacher show up with a Rolex. Teachers go to work every single year. They work hard and they simply live within their means. You don't have to make millions of dollars to become wealthy. What you are watching is that people, there's two sides. What do you make? What do you spend?

So bring it back to politics. I have a hard time believing that there are enough people who can get tricked by a charismatic generational communicator in Mamdani that is wrapping all of that charisma in some of the most insane, stupid, ridiculous policies I've ever heard. you want to make the buses free you want to provide free child care to everyone in new york how are you going to pay for that what are you talking about the city is broke so you want to take the things that generate some revenue now and you want to take that away it's like having a business that's failing and say you know what i'm going to do i have a restaurant the restaurant is in the red we may go out of business unless we could raise more money i'm just going to give away the food for free. Have you lost your mind? And here's the crazy part. There are some people in New York City who are going to vote. There's a lot of people who are going to vote for this guy.

But I actually think if you go talk to them, because I've talked to some of them, and you know what they tell me? I don't like all the policies. I think it's a little crazy. This is a big risk, but it's better than the existing system. And you know what I say to those people? I don't blame them, right? If you feel like you can't get ahead, if you feel like you can't afford a home or you can't afford rent or all this stuff. If you feel the system is not working for you, first of all, it's a financial education problem. If we educate people financially in terms of what to do, they realize that being an asset owner versus a salaried worker, all of a sudden now they're going to actually be able to keep up with that system. But the second thing is

I can understand and appreciate the plight and the pain and recognize and say, you're not wrong about your personal experience. So every single one of the Mamdani voter who's voting because they think it's unaffordable or they think there's some sort of issue. 100% they're right. But the path to the solution is not for more free things. It's not for freezing rent. It's not for all these things. Instead, what you have to do is you have to deregulate. You have to actually use free market forces. You have to use capitalism and economic incentives. If you want rent prices to go down in New York, if you want home prices to go down in New York, build more supply. But That's not very popular as a political thing.

Why? Because people want to be told that someone is coming to save them. And the truth is, no one's coming to save them. So you have to educate yourself and you have to act. Now, we do a horrific job of educating people in this country. It's something like 20% of Americans

can't read past the third grade level. It's crazy. Like the education system has completely failed people. But with the intervention of the internet, Now, all of a sudden, anyone can open up that smartphone or that computer and they can go and they can learn. So you bring it back. This rise of socialism is actually the cause of people having way too much time. Because you know who's voting for him? If you go and you look at all the data in the primary, you know who voted for him? Wealthier people, educated people. The people who

the policies are targeted at actually helping him did not vote for him. They're not dumb. They say, you're going to give me free buses? That ain't going to help me. You're going to freeze rents? That ain't going to help me. So the people that the policies are targeted at didn't vote for them in the primary. It was the wealthier and the educated people who did.

You know why? Because they view it as charity. They view it as, oh, let's help these other people. So who's right? The people who the policies are targeting or the people who are voting because they think something is good for somebody else? incentives. If you vote for what you think is best for you and not worry about what's best for

somebody else, maybe people make better decisions because that person probably knows what's better for them than you. But that's not how the system works, man. It's all about, you know, put out a nice video, smile a lot, right? You know, put the little filter on the video, say some nice platitudes and get the young kids rallied up. All right. That's all I got for you. Yeah. You don't want comment uh my one comment would be you can't fix a broken arm with a band-aid oh that's a good one yeah that is true actually all right guys that's it for today see you guys next week