The Trillionaire Mindset - 62: Why Stocks RALLIED this Week

Episode Date: December 2, 2022

Become an exclusive member to get ad-free and bonus episodes at https://tmgstudios.tv The Market bounces back! This week Fed comments led to a stock market resurgence, Emil breaks down the case for railroad workers rights, and we take a look at the highlights of the biggest SBF interviews in the last week. Go to https://hellofresh.com/trill70 and use code trill70 for 70% off plus free shipping! HelloFresh tagline: America’s #1 Meal Kit To get 15% off your next gift, go to https://uncommongoods.com/trill Head to https://piavpn.com/trill and get an 82% discount! Get 20% off + free shipping sitewide with our exclusive link https://vincerocollective.com/trill If you listen on Apple Podcasts, go to: https://apple.co/trillionaire SUBSCRIBE to Trillionaire Mindset at https://www.youtube.com/trillionairemindset Trillionaire Highlights Channel: https://www.youtube.com/TrillionaireMindsetHighlights Trillionaire IG: https://www.instagram.com/trillionairepod Trillionaire Twitter: https://twitter.com/trillionairepod TMG Studios YouTube: https://www.youtube.com/tinymeatgang BEN https://www.instagram.com/bencahn/ https://twitter.com/Buncahn EMIL https://www.instagram.com/emilderosa/ https://twitter.com/emilderosa *DISCLOSURE: THE OPINIONS EXPRESSED IN THIS VIDEO ARE SOLELY THOSE OF THE PARTICIPANTS INVOLVED. THESE OPINIONS DO NOT REFLECT THE OPINIONS OF ANYONE ELSE. THIS IS NOT INVESTMENT ADVICE. THE VIEWER OF THE VIDEO IS RESPONSIBLE FOR CONSIDERING ANY INFORMATION CAREFULLY AND MAKING THEIR OWN DECISIONS TO BUY OR SELL OR HOLD ANY INVESTMENT. SOME OF THE CONTENT OF THIS VIDEO IS CONSIDERED TO BE SATIRE AND MAY NOT BE CONSIDERED FACTUAL AND SHOULD BE TAKEN IN SUCH LIGHT. THE COMMENTS MADE IN THIS VIDEO ARE FOR ENTERTAINMENT PURPOSES ONLY AND ARE NOT MEANT TO BE TAKEN LITERALLY.*

Well folks, it's it's happened again. I don't know how this keeps happening. Every time we book a big guest on this show, Ben somehow gets stuck in just the worst Los Angeles traffic we've ever seen. I know he's going to be really bummed that he missed this one, but with everything going on, we had to proceed with the interview. He's only got a little bit of time. Today we have a friend of the show, back on. Lever King is here to do, to discuss the recent controversy. Let's bring him out here.

Lever King, could you come out out? Lever King here. How are you doing? I'm great, I'm great. It's really good to see you. Thanks for coming back. I see you've been hitting the gym. You know always.

He's good. Always, thank you, sir. Thank you. You look, we made a little fart sound. We did make a little very private. There. That's primal when you make your hands fart. Oh, all kinds of any kind of human sound. Like when you have sex with your wife in your chest bump and it makes a fart sound. That's primal. It's primal. So thank you for having me. Hey, thanks for coming. I know it's a sensitive Sense of time for you. Yeah, it is a very sensitive time and I gotta say I respect you not a lot of people would be hiding right now, right sure The king doesn't hide a liver king

Confronts he faces his problems. Yes, so so recently there's been some leaked emails. Yes. Because your big thing has been that liver king is all natty. Yes. Right? Correct. But some leaked emails have come out that you might be spending up to $10,000 a month on steroids. Listen.

I'm listening. Email. No. I'm a meal. A meal. Yeah., email's got leaked. I have to correct you. It was actually $12,000 a month. Okay.

That I was using all kinds of different hormones and listen. So you're spending even more money. Even more money. Yes, I figured that the best thing to do is just get out in front of the thing and own it and apologize move on and Say that I'm sorry to everyone because I definitely liver king

liver king made a mistake Wow I have a lot of liver remorse And hurt my liver heart. Yeah. And my liver liver. Sure. To have upset so many of my fans. And if it's okay with you, I actually,

I thought that it would be appropriate for me to put these complex emotions into the form of a poem. I love that. So more than okay with me. May I read it? Please. I'm gonna need So more than okay with me. May I read it? Please. I'm going to need my glasses because even though our ancestors didn't use eyewear, there

are benefits of modern technology that enable me to, well, you know, do things like read emails. Sure. So, so you're no longer going natty on the eyes? No. Listen, this is a whole rebranding for me, but any who you look good in the glass. Thank you So the title of this poem is liver sorry

Roses are red liver is king, okay, but it looks like it's time to tell you something. I was a big liar, my pants were on fire, my muscles were huge because of the steroids I used. Yes, my bank account grew bigger as my balls shrunk in size, but there is no steroid to take back the lies. I let down my family, my friends, and of course, chef Lionel. I guess it all along, it was me who subprime. Inside this liver man, it's just a little liver boy.

Standing in front of a boy, asking him to love her. Was that last part not in hell? I, I must have been watching it last night. And as I was falling asleep, finishing the poem, I think I took Julie Roberts's line and added it as the final stands up. Okay. Well, everything else was great. Thank you. I just think for an apology poem, you want to keep it original, because you are, you know.

That's true. Well, listen, so I know I've got to get out of here soon, but because in light of this new controversy, obviously my credibility has been in the shitter, and I can no longer sell my liver king pills, and beef liver products. So I actually, no more supplements, No more supplements, but I do, because I am an entrepreneur and I am primal.

I am pivoting and I am going back to my roots. You may not guess it from looking at me, but I'm a big candy guy. I love it. I love it, yes. So much and I thought, why not combine the things that I love most in this world, protein and candy.

Okay. So I'm coming out with this world, protein and candy. Okay. So I'm coming out with liver king, protein branded gummy worms. I love that. Do you have them here? Liver king, liver king, branded gummy worms. Wow. There you go. And these are made with real cow liver.

And they're packed with protein. They're jam packed with protein, gelatin, and a little bit of sugar. Are you not the candy king? I am the worm king. The worm king. Yes, that is my new moniker. I am the worm king.

I love that. Yeah, go ahead, take a bite. Let me know how you feel. You go first. No, I can't. Therefore, you okay. I'm worried that my beard hair is gonna get it. Sure, sure.

So anyway, I hear a liver wife calling me. I better go. Okay, I'll eat them well. Yeah, these are for you. Oh, thank you. You can go to, these are for you. Oh, thank you. You can go to, uh, what was it? Wormking.com slash liver. And get yourself some, some worms.

Some protein worms. Wormking out. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy.

I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. I'm not a bad guy. No. He quit all this. He quit 100, They were delicious. I had oh I had my fill So I can't have any of this but Wow good. Well, you know, he's a really nice guy. Yeah, he seems nice. He seems a more Emotional than I would have imagined. I think it's because he's no longer on oh emotional than I would have imagined. I think it's because he's no longer on the hormones.

The body's going through. Yeah, he's trying to, he's going through, as David Bowie would say, ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch-ch Hey, everybody, check out the disclaimer in the description box. You know how to do it, Steve Sletz. So sorry, I'm late. Oh, it's okay. Jesus. God. I, uh, you know what? I'm kind of glad I was just one of us. It felt like he really had the space to, to breathe and get his apology out and everything.

And I'm glad we could be the platform. He could get that out on. How did he look? Jacked. Yeah. I mean, good. He good for him. If he's natural now, I mean, it's really amazing body.

Yeah, yeah. Did he look tan? Yes. Yeah. Yeah, those sunshine walks, he must be still doing because it's, yeah, tan. Okay, really, really good. Did his shoulders look good?

Everything about him. Yeah. His pecs looked all right. That his shoulders look good. Everything about him. Yeah. His pecs looked all right. Huge, honestly. Okay. Very like, like, but not too big and still tone. Yeah. Which was nice.

You could tell that he's been going to the gym and eating well. What, I mean, yeah. 100%. It's like he only eats the worms. Yeah. Tsk. Tsk.

Tsk. Well, he is the worm king. Well, here we are everybody. Oh, one more update. We had so much fun going live. Mm-hmm. We're doing it again. We are doing it again.

And live. We fixed all the problems. All right, we're tired of your fucking bullshit. Yeah, everybody gaslighting us saying that the audio was bad. It wasn't bad. I think it was just don't hear it. No, there was a little bit of a problem, but we fixed it. Yeah, everybody gaslighting us saying that the audio was bad. It wasn't bad. I think it was just don't you're in No, there was a little bit of a problem, but we fixed it. Yeah, okay. Yeah, so it's gonna be really fun We're gonna have the date for you and just as soon as we figure it out. Yes

We are also still on the hunt to the 50,000 subscriber count is gonna come down to the wire. We might have to do a oh today is December 1st Yeah, what about it? 30 more days. 30 more days. There's 30 more days. You got just enough time to, I don't know, tell people or whatever the fuck you wanna do.

I don't know how many of this work. Great more YouTube accounts. But also, we might have a subscriber, what do they call that? A race subscriber, a thon. A subscriber thon? Subscribe a thon. Yeah, what do they call it?

Suba thon. Suba thon. Suba thon. Thank you, Lucas. Suba thon was, that's what we call the, the kink meetup I go to with in San Francisco. That's funny. That's what I've done.

A, also if you still want merch head over to the store, the pink shirts with the notes are coming soon to you. Pink shirt buyers post yours when you get it. Share the love. Oh, no, no. Yeah, post the note. Yeah, post the note me and Ben, it took us about 16 hours. Yeah. We weren't allowed to leave. They wouldn't feed us. Also to the Benzel army, I see you. I salute you, but I have bad news. What for the Benzels? I your leader, your fearless leader will no longer be wearing glasses after this week. This is the final show of me wearing glasses as I am getting lacy, lacer ice surgery.

For those of you who don't know, um, we were talking about Ben heads in a meal heads last of me wearing glasses as I am getting laser eye surgery. For those of you who don't know, we were talking about Ben heads and a meal heads last week. Yes. The Ben heads have taken to them, to calling themselves Ben cells. Did they or did you name them that? I didn't do it.

You didn't? They go to the comments and the, we don't need to, I believe you. They were, people were like posting the salute emoji and proud Benzel. Okay. All right. I'm a proud Ben head. And then in parentheses, I've never had a girlfriend.

Okay, I don't know what that's supposed to do with me, buddy. I've had a girlfriend. It is funny because we've been talking about doing a live show, not a live stream, a live in-person show. Right. Now it kind of makes me... I'm gonna be like the bride and groom side. There's gonna be a bunch of hot women and then a bunch of guys who look like me. Just nervous guys and glasses.

Yeah. I don't know if we can put those two groups together. Sure we could. It'll be like oil and water, but with oil and water, even if you mix it around enough, eventually you gotta, it forces it to mix together. Also, I've been getting so many messages. You guys keep asking me, and I keep giving you the same answer, and I'm sorry, I'm sorry, it's not my fault, but the treehouse is about to go live.

It's almost there. It's going to be great. So that's it. And my program is live, the one where we talk about being kind of jacked and I can do like vegetarian stuff and you know eating right. It's live. What's it called? I find it.

That's a minus the traitor tree house. Yours is like Emile's bunker. No, it's not a bunker. Emile's 9 not a bunker. Emiles 9-11 bunkers. Yeah. And mine's either Hermit Cave. Half the price or double the price. Interesting.

I haven't figured it out yet. So as you guys have probably, let's get right into the show. We got headlines, baby. Well, Liverpool King was on steroids to the surprise of no one. I mean, this is not related to finance, but he did have. It is kind of related because his whole business was based on being natty. Yeah. Right? Like if you take these, the end of the pro tennis, you know, yeah, if you take these

pills, if you do these weird things, you'll be just like me. If you buy my products, blah, blah. Yeah. And I think much like a lot of American business ventures. It turned out to be a fraud. It turned out to be smoking mirrors. When do you ever see smoking mirrors together? Oh, what, like, like,

like, cigarette in the bathroom? Every magic show, that's the whole point. Really? I've never seen, I've been to magic show and I've never seen a bunch of smoking mirrors. That, that's the whole, I don't think you're supposed to see it. I don't know.

The obscuring or embellishment of the truth of a situation with misleading or irrelevant information. All right. Well, we're going to the Magic Castle, thanks weak. We are going to the Magic Castle. Also, I'm curious who these people are that thought he was actually natural. I don't think that there were any. I natural. I don't think that there were any.

I do. I legitimately I don't think that there were. Okay, well, because going online everyone's like scandal and it's like no. We knew. Well, it's because everybody's, there was no way this 45 year old man looked like that naturally. Yeah. His poor wife, liver wife. I wonder if she's made her legally change her name.

Did he really? Liver wife. No way. I'm joking. Oh God. I mean, I wouldn't be surprised. He did make his kids change their name to liver and liver boy or whatever. That's bad.

I wasted all the use on that first bit. Big, big, big new, well, not big news. I guess the house passed this bill to avert a real strike, moving to impose a labor agreement. It could potentially be big news. We don't know what's going to happen just yet. But I mean, you might remember in September we were talking about this, basically rail workers were gearing up for a strike because of working conditions. If you haven't seen that episode, there was, and it's a long time ago, but they're know, they're tired of the way they're treated.

You know, it wasn't just low pay, a big part of what was working conditions, you know, since the 80s, they've cut their workforce by like, you know, they used to have 500,000 rail workers now where it's something like 120,000. And even since like, I think 2015, they've, they've cut it by a huge percentage. And not only that, they're working on much longer train cars.

The whole point is this thing called PSR, precision scheduled railroading. It's the financialization of railroading. It's to make it as efficient as possible. Mathens maximized. Yeah, maximized. Have to need the smallest workforce possible, and that leads to horrible conditions for the railroad workers. Right. So they were gearing up for a strike. It works weirdly with the railroad industry because of how important they are to the American

economy. It's the Railway Labor Act. Government can step in and stop a strike. So the Biden administration, they stepped in and negotiated a deal between the railroad unions and the railroad owners, and then it went to a vote with rank and file. So that was back in September, and now the votes are coming in. It's 12 unions, okay? Four of them voted it down. So, but those four unions are the largest. Represents about 55% of the railroad workers.

Okay. Again, Biden does not want a railroad strike right now. That's really. When, you know, I'm not sure if people really understand what it means for, you know, how much of our economy runs on it. You're talking about, I think it's gonna cost the economy two billion dollars a day or something like that.

And so yeah, he's trying to get Congress to act, to step in and force them to take the deal that they negotiated. The problem is a lot of people are gonna see the deal and go, why aren't they taking it? You know, cause there is a pretty decent wage increase, but the thing that's not in there is the, they had no sick leave, right?

And so they were like, we need sick leave, we need to be able to take day off. Just none at all. Yeah, and zero sick leave. So if you're sick, you just don't get paid. Yeah, there are pretty severe examples of, you know, people. So last June, one middle aged union engineer post-poned a doctor's visit for work, then died of a heart attack on the job weeks later. Awesome. A conductor

who spoke with the times began feeling run down last year, but declined to see a doctor for fear of being disciplined for taking an unexplained, an unplanned day off in steady weighted months for the next doctor's appointment that aligned with a scheduled day off. He then learned he'd been suffering from an infection that could have been treated with medication weeks earlier, but would now require surgery. So they're tired of their lives being like this. Not only that, but because of the way precision scheduled railroading works, they end up constantly being on call and they never have any control over

their schedules. So the house just passed a bill forcing them to, that would force them to take the deal. They wouldn't be allowed to strike if they wanted to. But what also passed was another bill that would add an amendment to the contract that would include seven days of sick leave. Seven days. Yeah, but now it feels like a lot. You get sick maybe seven days out of the year.

But now it has to go to the Senate and they have to approve it. This is all going to be happening within the next week because I think December 9th is when a deal would have to be reached. Is that this Republicans have a chance to really fuck the Democrats with? Oh, yeah. I mean, so, so like they're kind of in a beautiful situation, right? Because the Republicans, because they all get to go like so, you know, Republicans are going, taking to like Twitter and putting on statements, pretending like they're these pro labor people. You know, Marco Rubio, the railways and workers

should go back and negotiate a deal that the workers, not just the union bosses will accept, but if Congress is forced to do it, I will not vote to impose a deal. Impose a deal that doesn't have the support of the rail workers and Newt Gingrich is joining in. And you know, for him, it's like, if Marco Rubio doesn't vote for it,

and it doesn't go through, there's gonna be huge implications for the economy and Joe Biden, right? And he also gets to be like, and I stood up for labor, you know what I mean? And this is all Joe Biden likes to pretend he's the, what does he call himself the most pro labor? What is Marco Rubio, what is their beef? What I don't understand what their, what

is problem is? What do you mean? What is? Well, so now it has to get approved in the Senate, right? Right. But how did he sell out, how did they sell out the real workers? Because rather than, rather than letting, um, rather than letting union workers and the unions use their leverage, which is saying, Hey, we're not okay with these contracts. You have us under. We're going to strike unless you give us what we want. And what they want is sick leave, which is not that crazy. The Biden administration stepped in and is taking that leverage away from them.

Gotcha. Gotcha. Right? Enforcing them to a deal. That includes seven days. Well, it's unclear if it'll include the seven days. Aye, aye, aye. Can't they all just sit around have some protein worms and just get along? I mean what cannot be solved over a plate of protein gummy worms? Probably this. Yeah, also there's a I do want to there's a video

I put in there of, yeah. So it's like a minute long and it's just a compilation of how the media has been covering this. And it's really unfortunate because they seem to be putting this on the rail workers of like, do you really wanna do this?

Mm. A rail strike is one of the most disruptive and expensive things that can happen to an economy. A rail shutdown or strike would disrupt supply chains. A strike means food prices could skyrocket. Many experts are saying would be an economic catastrophe. That could mean a big shortage and massive price hikes. Even gas prices could increase.

They're not blaming the workers. Just wait. Just wait. That would cripple the economy. I'm not setting aside the concerns of your members, but are you and your members willing to stop the rails in effect and accept those costs to the US economy? Do you believe a strike is worth it

if it cripples the US economy and costs up to $2 billion a day? More than $2 billion per day. Is it worth it? And on top of all of that, the holidays are right around the corner. So a little less than a month right before Christmas here. Especially with the holidays. It was a bad warning. If that happened, it would devastate the economy if we had a strike like that.

So joining me now to talk about this and a lot more is Bank of America. It's a crime one in the country. You're the one who's biggest banks in the world. So it's just, it's insane. Like, that's funny. I was not expecting that. No one's asking these fucking CNN anchors if they would continue to come to work

if they never got a day off. They weren't allowed to take, you know, sick leave. If they still to come in, if they were facing risk of a heart attack. Yeah. It's fucking insane. Why don't you ask, you know, Warren Buffett, who owns one of these huge railroads,

why he won't just give in Sure and give them some fucking sick leave. Yeah, well cuz and some control of their schedule You got a chase ever ever better Profit margins and ever higher revenues and well that is the reason right because they can't give up this chase for PSR And you know and it's it's odd right you see it in there you go well They're so willing to give this this big pay increase It's odd, right? You see it in the, you go, well, they're so willing to give this, this big pay increase. Why can't they just compromise on some of this? Because if they have, if the workers have some control of their schedule,

they can't keep doing that, right? They can't keep chasing that PSR. Yeah. Also, why is it? Jesus Christ. Every other industry just, just fine with structures in place that make it normal. Why does the rail, do they have so few rail workers that... They do and that's, so not only is it less, not only have they been reducing the size of the...

Firing people. Yeah, yeah. They've also been doing longer trains, right? So some of these, some of these trains will be three miles long. Cool. And you'll have two people on either end of the train. Damn. And so if something goes wrong, goes train.

No, you'll have to get off the train and walk like a mile and a half to go fix something. Dang, man. Yeah, they got to get, you know what they should do? What should they do? They should hire the hobos who ride on the trains for free. They're already riding the trains, just pay them. Pay them. Hey, you want to hop on the train? We'll give you already riding the trains, just pay them. Pay them.

Hey, you want to hop on the train? We'll give you a ride across country, you friendly little hobo, but you just got to do one thing. Two things, don't piss and shit on the train. No, they don't want more people, they don't want more workers. Yeah, but give the hobo a can of beans.

That's why the wage increases aren't a big deal to them, right, because they're like, we're gonna fire more people anyway. Sure. You just gotta find a bunch of Jack Kerawak types. A bunch of 20-year-olds who just went red on the road and give them unpaid train internships. I'm not gonna endorse this, but that's another... I've been on endorse this idea.

I don't really. I'm just messing around. But let's see. What are the... Yeah, we're gonna see what happens within the next week. Hopefully your quiz moves won't get canceled. This little Jew will be laughing all the way to the Chinese restaurant.

Goal. Oh boy, so in other news, Elon Musk, yeah, and he's out there, he's doing stuff. He's always gonna do something always gonna do something But he's been going to he recently this week tweeted against Apple saying that Apple He's accurate saying that they they charge like 30% fees on the app store and like 30% fees on the App Store, and he was saying that both Apple and Google have a dangerous hold on markets because they have this monopolistic control over the App Store and the Google

Play Store, which is accurate, I think, but he also accused Apple of threatening to block Twitter from the App Store without saying why. And he noted that they stopped advertising on Twitter. Yeah, but did you see this morning? He made up with Tim Cook. Yeah, he, they took a, well, he, all he posted was a two second video of a fountain. I know.

And he said, Thank you so much for Tim Cook for showing me around the Apple campaign. But then he was like, we're all good. Weird, I wonder if Tim Cook threatened him. It's so weird. I like, he didn't say anything that they talked about. He was, and then he kind of took away, you know, took away all the stuff he-

Did he delete his tweets? Yes, he did. He deleted the tweets about- What? Yeah, what in it? It's so cool. Just five seconds of the Apple campus. He did.

So, I'm sure you can find screenshots everywhere, but- It's conversation. Elon was posting that meme where the guys turning off the exit real quick. And one was like paying Apple 30% and the other one was like going to war. Yeah, yeah. Wait, what was his tweet? What did he say? The the the the follow? He said good conversation among other things. We resolved the misunderstanding about Twitter potentially being removed from the app store.

Tim was clear that Apple never considered doing so. Oh, so this is his way of... All right, I will give him... Nancy, I'll give him a Nancy Pelosi clap for... For what? Throwing a Hissy fit like a child and then just going like, oh, my mistake. There was a misunderstanding.

Turns out that was wrong. You know what? I'd like to revoke that. I'm taking it back because... Turns out I was wrong. The misunderstanding about Twitter I'd like to revoke that. I'm taking it back because hands out, I was wrong. The misunderstanding about Twitter is a chicken shit way of saying, yeah, I was totally wrong about that. Also, I mean, he was wrong about the advertising, I guess, but he isn't really wrong about the 30% thing.

I mean, no. They totally have a stranglehold on that. You know, I don't know if you, so you, me, we talked about how Spotify added audio books to their platform. Yes. I don't know if you, so you and me. We talked about how Spotify added audio books to their platform. Yes. I don't know if you ever clicked on one and tried to buy one. What does it do? You can't buy one on the app.

Really? Because it's the same thing Audible does. Amazon does with Audible. They don't let you buy them through the app, which is very fucking annoying. Because if they did, Apple would take 30% of those sales. And they're like, there's no reason for us to give Apple 30% of every book we sell. So how do you buy a book from Sputable? With Audible, I think you have to go on to the Amazon website and you buy the Audible

thing and then it shows up in your Audible app. Audible app. And then, same thing must be the case with Spotify. You do it with Spotify did come. I think they send you an email. So look, audiobooks, I got a hate email. They're recommending where the crowd is with Spotify. You do it with Spotify. Did it come? I think they send you an email. So look, audio books. I got a hate email. They're recommending where the crawdad's saying, let's do it.

And see how it's got a little lock on it? Yeah. It says, wanna listen? You can't buy audio books in the app. We know it's not ideal. And then yeah, you get it a little. Well, so apparently Elon Musk is kind of living in denial. It ain't just a river and down in Egypt.

Did you just balk your phone on your thing? What did you, what did that happen? I balked on my God thing. Because it turns out that having a very lax moderation policy just isn't good for it. Not only not good for advertisers, but it's not good for governments. The EU warned Elon that Twitter would face a ban over a content moderation. Yeah, they have a new digital services act in the EU.

It's new? I think the I think in the past couple months. Wow. And they're basically giving Elon a chance. They're like, you're gonna have to comply with this thing. I can imagine him saying, I'll do it myself. I've got such a big brain. I think a million thoughts a minute. I can handle myself. I've got such a big brain. I think a million thoughts a minute.

I can handle it. I've got some hardcore coders. Yeah. They're searching for woods that they will ban, and that should be enough. Yeah, but this is what they're looking for. But like it's Twitter will have to implement transparent user policies, significantly reinforce content moderation and protect freedom of speech, tackle this information with resolve and limit targeted advertising.

All of this requires sufficient AI and human resources, both in volumes and skills. I look forward to progress in all these areas and we will come to assess Twitter's readiness on site. Just need a breath. I'm just tired of hearing free speech. I'm just tired of hearing that word. Dude, that phrase. Okay.

These guys just won't cut up. Dude, that phrase. Okay. These guys just won't just cut off. I was supposed to do it. He posted the, I don't know if we could find it, that tweet about free speech and how it's like, if we can't protect it on Twitter, we're gonna slide into totalitarianism and everything. Totally. And it's like just fucking relax.

Mm-hmm. It's Twitter. Yeah, it's Twitter. You know, he's just, we've been telling you people, and then other people are learning the hard way. So for example, his boring company, which is such a fun clever pun, is ghosting cities across America. Who'd have thought?

Well, that's it. Okay, so there's also, click that. I'm sure people have, I'm sure people have seen the little clip from TikTok. It was, I don't know if it went viral on TikTok, but it went viral on Twitter. The guy who was like roasting us. Oh, yeah. Oh, man. clip from TikTok, it was, I don't know if it went viral on TikTok, but it went viral on Twitter. The guy who was like roasting us. Oh, yeah.

Oh, man. Which is fun. Like what the guy who, I guess people are roasting him now, which is funny. Oh, it's so great. I don't even think we said anything about it, but these dudes who are just obsessed with him and like can't understand why there's any pushback on this guy's ventures, right? They just, they can't, they only see genius only. And his man is, you know, he's changing the world,

he's gonna take us to Mars, you guys are just haters for no reason. But then stuff like this comes out where it's like, this guy does things that have a real substantial impact on your life and make your life worse? Let's cook this boring link. I don't think you'll be able to see it because it's in... Oh, it's behind a paywall.

In the Wall Street Journal. Oh, God, this Wall Street Journal, man. I give all my logins to God damn them for some reason. I just... Basically what happens is that, you know, cities are like, we would love to do a public transportation project and They take bids on who's gonna do that for them right there like who can build our Tram from Chicago here to downtown Chicago Elon Musk they get a bunch of bids and they're like this looks good This looks good and then Elon Musk comes in and he goes I'll do it

For $10 billion cheaper and they're like holy shit Elon Musk smartest richest man in the world says he can do it for $10 billion cheaper. And they're like, holy shit, Elon Musk. Smartest richest man in the world says he can do it for cheaper and more efficiently. Gee, wow, sounds like a great deal. And they go, okay, we'll do that. And so they say no to all the other proposals. And then Elon Musk is nowhere to be found. Does he get the money?

No. So what the fuck? He just like comes up and says shit. And then nothing comes through. He just can't sell other projects. Well, you know, he did the Las Vegas one and a half mile loop. Awesome. So cool.

One thing just to back up a sec about the guy who did the tick talk about us. One of his points of evidence that Elon Musk is a super genius is he says he has kind of a first of all this guy's got a cute little thing where he says his L's as W's The scientists from Yale are people from Yale. No, he did. Yes, he did. Harvard, Yale. Dada, dada, dada. And he says, they say with their words on camera that he's the smartest man in the world, that the smartest man that they've ever seen.

Whoa, whoa, there it is. The fact that they set it on camera? Right. Holy shit, nobody lies on camera. Nobody's ever been bamboozled by a genius before. SBF, Elizabeth Holmes, Elon Musk, as we've continued to see. But yeah, it is amusing that they can't consider the fact. I mean, to be fair, there are some people who make a good point that even if he is a huckster like we say that does take a certain amount of brains

And I'll give him that sure it does it takes it but at least call it what it is You know he's a great con man sure man. Yeah fucking carnival Barker. Oh, we got it Yeah, and there were moments where Tesla was Minutes not minutes, but man days away from having to declare bankruptcy and through clever uses of tweets, vaporware, government spending, and really shady accounting practices, he not only avoided that, but then used that because the market was so convinced that Tesla was about to fail, there were so many people who were short the stock and then that just made a short squeeze into high heaven and there was just there's all sorts of shit I have the feeling that in years from now it'll come out that there were certain people who were helping to financially engineer those

short squeezes and gamma squeezes when they were just buying hundreds of millions of dollars worth of call options at just the right time Just it was really something to behold really really crazy shit It's I can't I keep trying to remember now what the guy sounds like and now I just picture him talking like a baby Iwam Musk. Iwam Musk Is a genius Musk, he won't musk. Is a genius. He, anyway, speaking of ripping.

Yeah, I don't want to give him more than 15 fucking minutes. I, we got, we got, as the title of this episode, well, hopefully the title says reflects this, but Jerome Powell, our boy, Jerome Powell, Jerome Powell made some comments at the Brookings Institute. Nobody knows what that is I'm not gonna bother to look it up. It's a think tank. Yeah, it's like so they put them in a big thing of water and say no Don't come out of there until you give us some good ideas No, they like try to come up with ideas for like what the Democratic party should do to be more like it's a Democrat thing. I'm pretty sure it's a liberal thing. Isn't Jay Powell a Republican. I don't think they like never talk to each other. Yeah. Interesting. Well, so the market absolutely ripped everybody's assholes and rallied the the S&P rallied just over

3.15%. I think the S&P was up from bottom to top over 100 points. The spy was up like 10 points in kind. But he said a bunch of shit. He said a bunch of shit, basically leading up to this other Fed governors. I believe three of them. I can't remember the names. It was Brainerd and someone and someone had been making comments that were incredibly hawkish, which is like negative. Hawkish is the same thing as bearish when it's coming from policy makers. They were just kind of reiterating the same shit that they've been reiterating that,

hey, everybody calm down, we might not pivot after all and we might have to continue being incredibly, what do they call it, not restrictive, but we might have to continue tightening into 2024. We might have to be tightening higher than we anticipated, just really giving a bunch of negative shit, right? So what did that do? That kind of set the floor for anything that your own Powell said that is less hawkish

than that was going to be good news, right? I mean, that's my guess. That's my interpretation of what happened. And so what did he say? He said, one of the biggest things is Powell said that he thinks that there is a path. He now thinks that there is a path to a soft, slash soft dish landing with the without a severe recession. And he says that the path to that is pretty clear, that labor market softens goods and housing inflation decline, and that this scenario is plausible, but he would not give odds on the likelihood.

I have to say, he says this like every other week. That's what's frustrating, is it's like, I'm bad, just wakes up and they're in bed with a reporter, and they're just like, hmm. It's the same fucking thing every time. That quote could have been pulled from August. Yeah, but I mean, he did say some other things. He said, this is a big one.

He said that the Fed is in a position where it can get inflation under control with unemployment still low. That's huge. To hear him say that, kind of more or less definitively is a big deal. He said, quote, no one expected rates to rise this much or inflation have spread so we're at broadly. I think that there were a lot of people there, Jay Powell, who actually expected rates to rise and inflation to spread.

There were a lot of people. I wasn't one of them, but on my Twitter feed, there were plenty of people who were disagreeing with, well, it wasn't all the feds fault, but he said that he doesn't want to over-tighten. So that's another thing that flies in the face of what the other governor said. He doesn't want to over-tighten, which is why they're slowing down and cutting rates also, though, isn't something that they wanted to do too soon. He said that the Fed has been, quote, pretty aggressive, but doesn't feel that it's appropriate to crash the economy and clean up afterwards.

Huge quote right there. Yeah. And so what did the market do? But again, that feels so weird that that's a huge quote. Like, it doesn't feel appropriate to crash the economy. Well, because yeah, everybody was saying that they have no choice. They've got a jack rates up to at or higher than the level of inflation.

And that in doing so, it is a necessary evil that they would have to tank the economy and cause a severe recession and cause unemployment rates to spike. But now he's saying, hey, maybe we might not have to do that. Maybe it might not get to that point. Unemployment is still at record lows and we might be able to have a soft landing after all.

And that's just enough. It's really smart of him actually, I think, because that kind of comment is just enough of a breadcrum for the market to kind of recover. And if the market recovers, stocks obviously do well enough. Everybody's, as long as a stock is performing well, you're not necessarily having as much pressure to fire people and to do all the shit that would need to be done to salvage the price of a stock, right?

Yeah. And if that happens, I don't know, it's all the janky economic. I think Fed governors are having fun. They're like we have so much control right now Oh, yeah, and okay, so what's odd is that They seem to just like put out stories and then tame the story so it was already widely accepted Probably in October that by December they would be slowing down, right? There was the big article They're doing a pivot. They're gonna do 50 base points and, um, In December. Yeah.

And it was widely accepted. And then you have some Fed governors being like, No, it's really bad. We're gonna go even higher. Don't listen to the pivot. And then Jerome Powell comes up and is just like, actually, it's exactly what we said it was. Yeah. Okay, guys. It's, yeah, you have to wonder if they're getting together

and sitting around, sipping hot chocolate at a sleep over at J.Pow's mansion, just going, okay, what can we do to like, really fuck with everybody? Who do you like and you can't say no one? Yeah, I love Jake Tapper. I love who's the other, not Jake Tapper. Fuck.

Damn it. I wish I, oh yeah, oh no, I love, no, cause we gotta talk finance people, finance meeting people. Fuck. Damn it. I wish I had... Oh, yeah. Oh, no, I love, no, because we gotta talk finance people. Finance meeting people. I love Josh Brown. Oh my God. He's so big. I just wanted to like club me over the head and drag me back into his cave.

Oh, no, no, you're so bad. Is that Jerome Powell? No, that's, uh, brainer'd. Who's Jerome Powell? A crush on him. Jerome Powell has a crush on, oh Maria Bartolomo. Bartolomo, because she's a Trumpi. Yeah, I love her lips.

I wish she would give me some sugar, my little tiny butthole mouth. His little butthole. He did say something interesting. He said that he thinks the job shortage will spur a labor replacement technology. So like robots and shit. Oh, that's good.

I mean, are we already seeing that? I haven't been to a McDonald's in ages, but now don't you just order on a touchscreen? Did you see San Francisco just passed and they said that robots could now use lethal force on, like police robots. They said, San Francisco approves use of remote controlled robots to kill suspects.

Robots can be armed with explosives to quote, contact and capacitate or disorient violent armed or dangerous suspects in extreme circumstances. Okay, extreme circumstances. I will say there's like famous example where I think it was Houston, there was a sniper and they basically sent one in with explosives and detonated it near the guy because they couldn't get in. That's cool. So there's like obviously a extreme circumstance where yeah 2016. But it's definitely a terrifying headline. Yeah, it is. You know, it's always a okay, well now it's less extreme circumstance you can use it. Yeah, and look at this robot. It's got your terror. For the audio listener, it's just a miniature tank

with a gun on it. It's so scary. Like several other gun-looking things. I don't know if they're cameras or what, but anyway, fuck them. So. Either way, I'm excited to get mowed down by a robot. Yeah, me too.

I've been training for this. No, no tarot card reader, because I've ever predicted this. The clown card or whatever. Who would have thought this is bad? This is bad. It's the clown card. It is there even a clown tarot card?

Where are tarot cards invented in the 70s? You ask me these questions like a meal knows. My dude. Everybody knows that a guy who has hair past his ears. No, it's a little bit about tarot cards. I actually don't know anything. Oh wow, okay Wow, okay any who let's go back to the reading. Yeah, um have you have I what got a tarot card reading? Yeah, yes Anything about robot killing you. No nothing nothing There is this guy on tiktok who has these two two metal rods

There is this guy on TikTok who has these two, two metal rods. And when they turn in to each other, that means yes. And when they go outward, that means no. And he just sits there and he goes, will there be a major event in the next 10 years in the rods? Just kind of go, yes, thank you. And it's incredibly silly. The earliest references to tarot all date to the 1440s and 1450s.

Well, I guess I was wrong. That's rare that I'm wrong. Huh. There must be something wrong in the matrix. So what there was one more thing. So basically, yeah, the market rallied and I made out like a bandit which was nice. And I did not make as much as I wish I could.

How much were we talking? Ah, that's a nice one. Five figures. Pretty cool, pretty cool. But I was down significantly leading up to that. So it was a nice little respite. And so did it even out? No, it went up.

So, but so many, I'm curious to watch a lot of stocks that have been beaten up that were former darlings like Twilio, Fassley, not Carvana, because Carvana, I feel like is pretty fucked, but basically, what are we going to do with all the car vending machines? What are we going to do with them? Giant candy bars, dude. Giant gummy. I'm not thinking that's something to do with all the gummy protein gummies in there. But there is, there is something, it's like a, not an urban myth kind of thing. It's like a myth on Wall Street. It's called the January effect. And it is when stocks that have been beaten up during the year tend to just tank continuously into the end of the year

as traders and investors and whatnot, sell those stocks to book the loss so that it can offset whatever gains that they've got on the year. It's called tax loss harvesting, where you go, all right, you know, I made 100 grand this year, but I'm down 20 grand on this one. I might as well sell it so that I'm only taxed on 80,000 instead of 100,000, and I'll just

re-buy it in January. And a lot of sometimes you can see stocks that have been beaten up in January just have a fucking change of pace. So that's personally what I'm going to be looking up for. And also, I saw an interesting stat that from Thanksgiving to the last day of the year, the S&P is up 71% of the time. So perhaps we are sending up for an end of year rally. Oh, and one more thing. I saw that some, did you see this? It kind of was all over Twitter. You want me to feed you? Well, did you see that? Barping in your mouth. There was a trader that is making a $35 million bet.

They, it came across the wires that some, some enterprising trader is betting, like 35 million bucks at the S&P is gonna rally to at least 41.75 by the end of the year. So who knows, that person's either gonna have a Merry Christmas or a not very Merry Christmas or a Not very Merry Christmas. Wait by the end of the year by the end of the year. Yeah, that's only like I think as of yesterday It's only like a hundred points Maybe I'll get that action. Yeah, maybe well wait also word whatever what like with talking about the Fed and Powell and everything and

We have some stuff in there about, you know, consumer sentiment reaching all time low for the last four months. But if you look at, it's crazy. People are still spending, like there's no tomorrow. Black Friday and Cyber Monday, both all time highs, all time high, like number of shoppers. You can still spend money, but feel bad about it True I always feel like I'm a him too buddy boy. I know I'm getting lay sick I'm like that's not something to feel bad about. No, it's not but it's thousands of dollars like forty six hundred bucks

You know how I felt really good what I saw this Sweater online that I wanted and and it was kind of expensive. And I bought it, and I just felt bad about it the whole time. But I was kind of excited about it, I was like, I liked it. And then I got it, opened the box, put it on, I was like, this fits like shit. Stuffed it right back in the box, sent it back. Hell yeah.

You know what's good? You know what's a good tactic? If you're ever feeling like you're going a little crazy with online shopping, just fill up the shopping cart and then leave it. Oh yeah, leave it. Yeah, you can put your coffee if you want. But leave it and then come back to it a few days later and you won't care anymore. Not me. I don't know. I tend to just think about it. Well, let's get into crypto corner, B-Poopie. B-Poopie.

B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie.

B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie.

B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. B-Poopie. don't understand why his lawyers aren't going, stop fucking talking. It's probably smart because the more he gets into a thing, the more the lawyers are gonna be needed. So they're just gonna, Oh, they're like, let him, yeah. No, keep going Sam, no, you're doing great Sam.

Sammy, you're doing a great job. He needs them either way. I think he's just making their job very difficult at this point. So, should we play this? Everyone's been talking about how, for some reason he was booked on the New York Times panel that happened yesterday. Yeah, two days ago for you guys. He talked about, I think they talked for like an hour and a half. He talked to Andrew

Sorkin from the New York Times. Yeah. And then he also, don't you mean Andrew Ross Sorkin? And then he also don't you mean Andrew Ross Sorkin? Aaron Sorkin is the filmmaker. I said Andrew Sorkin. Oh, I messed up her to Aaron. Sorry. It's because they're so close. It's right. They're the same person. I should have said Ross I guess but I'm pretty sure as an Andrew go on. But in my head. I did go. Is it Aaron or Andrew? Yeah And that's why I feel like I said Andrew because I stopped to say don't say Aaron and because you didn't say Ross I was like did he say Aaron Man dude these edibles do be hitting Well now I forget what I was saying you did the interview. Oh, yeah

Yeah, he did the and he also did an interview with is a good morning America if I can George Stephanopoulos This one I honestly found Funnier because you guys got to see, so we're gonna, there's a couple of moments where SBF fully has to reboot a system after he gets asked the question and I've never seen anything.

I have thoughts. Let's play this, there's a couple clips here. ABC News reached out to Carolyn Ellison for comment, but has not heard back. One of the reasons FX went bankrupt is because FTX deposits were used to pay Alameda's creditors. Carolyn Ellison said, you knew about that, is that true?

You know, best I can tell, Alameda did have a big position open on FTX. That position, I think, was very over-cladderalized a year ago. There is a total market collapse, and specifically, large, quarterly collapse in its assets over the last month. And to some extent, over the last year, that I threatened that position quite a bit. And I think that's you know as best I Instagrammed a lot of what happened there. Okay, pause. I had no cryptocurrency So he basically was just saying that Alameda had some over collateralized

Aka they borrowed too much money. They were on margin on credit They had these positions that were too big and then when the market collapsed those positions went belly up but that was not his question. Right. That was not the question. For no finance exit, but I don't think you answered my question. I always ask, did you know that FTX deposits were used to pay off Alameda creditors? Okay. Wait.

I don't know of FTX deposits being used to pay off Alameda creditors. Posit, please. Are you? I believe him, actually. I think that he had, this kid was in over his head in such a way that it's astounding he was given the amount of trust that he was given. He was overseeing so many billions of dollars across so many different accounts. And when his little girlfriend called him up and said, I need money. He just without thinking sent it to her, not knowing that it was explicitly being used

to pay back their creditors. He probably thought, oh, she needs some, she needs some funds for a margin call that she's, you know, maybe gonna get it. But why is he being so careful? Why does he do a full? Also, it is very funny how they turned up this mic sensitivity so you could hear his dumb little mouth sound. My man is talking to himself. You have to, by the way, his voice.

If you didn't do what he, say, no, I didn't know. And then explain that. Well, he is. He was saying I didn't know that they were that. Well he is. He is. He was saying I didn't know that they were being used for paying back the creditors. Continue. But he's hiding something. Which creditors are you referring to?

Carolyn Ellison said that you all knew that these funds were used were put into Alameda. They were the funds. Carolyn set your rent. Oh, everybody knew. Yeah, you fucker. I can't speak for who knew what. A lot of the customers on FTX did have, you know, borrowers either, you know, in dollars or Bitcoin or Euros.

But as you know, the FTX terms of service, tell the people who signed up, none of the digital assets in your account are the property of where shall be or may be loaned to FTX trading. But you're saying that happened. My understanding is a few things happen. The first is there is a margin trading facility on FTX by which users can lend out funds

by which other users borrow funds. And so there are explicit cases where there is margin send where there is borrow lending. If Alameda is borrowing the money that belongs to FTX depositors, that's a bright red line, isn't it? There are a lot of cases where that's actually explicitly part of the program. George comes with receipts that are happening here.

He says that the digital assets may not be loaned to FTX trading. They didn't. They got loaned to Alameda. the digital assets may not be loaned to FTX trading. They didn't, they got loaned to Alameda. Yeah, be loaned. I can't be loaned. Oh, just forget it. There existed a borrow lending facility on FTX.

And I think that's probably covered. I don't remember exactly where, but somewhere else in the terms of service. But they'd have to approve of that. They're saying they didn't approve of it here. They're saying you approved of service. But they'd have to approve of that. They're saying they didn't approve of it here. They're saying you approved of it. If you rewind to the beginning of FTX, where... This may need some water.

Some customers were. Also, wires, lawyers, not running and going, we're done here. We're actually all good. I think basically the terms of service say that the funds cannot be used for FTX trading. So his clever little loophole was, well yeah, I'm gonna loan it out to my girlfriend at Alameda, which is. But then, George is saying that it also says

without their approval. Uh-huh, so, okay. And I guess SBF was the only one who was approving it. By the way, San Bankman freed his look and his voice. This guy's either got a massive hog or a little winky that looks just like him. Why? Because that's the way it works with guys who look and sound like that. He's either got a forearm penis. So I'm guessing you've seen a lot of guys who look like this as penises.

That's not what I... That's just the implication of that. That is true. I see what I've done with myself here. I see. I've seen a lot of penis. I don't think that I've seen that many penises, but I just am going off of just a gut instinct

by looking at him. I know, but you didn't answer my question. It was, how do you know that that's what those penises look like? Again, I don't really know. It's just our guess. So the terms of service at the gym say that other people could be looking at your naked body. So with their approval, you can look at their penises in the locker room. Right. Yes. Next question. What other parts from this? We got to get the fucking Mark Cuban one.

I knew that legal was involved. I knew that other groups at the company were involved, that there were agreements drafted up. But you're ultimately responsible. And ultimately, absolutely. Like, look, I should have been on top of, and I feel really, really bad and rightful that I wasn't in a lot of people got hurt. And that's on me.

Here's when Mark Cuban has to say about that. Yep. He said, if I were him, I'd be afraid of going to jail for a long time. At the end of the day, it's not my call what happens, and the world will judge me as it will. Are you worried about going to jail? Please don't raise a lot of things that are worrying me right now.

And, you know, as best as possible, I'm trying to focus on what I can do going forward to be helpful. And, you know, let whatever regulatory legal processes are happening, play out. Yeah, yeah, yeah. Bob Boo. But just just finally on this, this is really a yes or no question. Carolyn Allison says, you knew that FDX funds were being funneled to Alameda.

Did you know that? I knew that there is an open margin position there, and that that involved it. I know, but that's all I'm asking. But she's in court and you're in court, and she's under oath and you're under oath. Yes. And you're asked, did you know that these funds

were being funneled to Alameda? What is your answer? One of my answer. One of my answer. I did not know that there is any improper use of customer funds. He's like, what am I gonna say in court? Am I gonna lie or tell the truth in court? I, even if he is fully guilty and all that stuff,

I just feel bad. I feel bad for anybody going through it. Oh, it's like, you know, when you're awful, I put myself in the shoes and it's just, God. You know when someone does something and you're like, I'm gonna confront them, that was fucked up. And then you do and they start crying and you're like,

this sucks, this not. Yeah, that happens to me when they catch me looking at their penis and they're like, why are you looking at my penis in the gym and I start crying and I'm like, I didn't the terms of service. It was a gym. Right.

Okay, I'm sorry, That was a bad bit. Yeah, it was okay. It's kind of like we, trying to call back. Sure, sure. That's the thing that just happened. I gotta say, I appreciate the interviewer asking questions like that.

I would love to see them, you know, because I think they feel like they can go after the crypto stuff, because it's all such a joke. And, you know, it doesn't matter. I'd love to see mainstream journalists actually ask bankers, politicians, and the donors,

cried bifurs, questions like that. You know, don't let them off the hook. I mean, that was insane. He asked the same question, three, he's like, I want the fucking answer. Yeah. And he came with receipts, speaking of crying,

cried baby Bill Ackman thinks he's telling the truth. I know. I saw. He said, call me crazy, but I think SBF is telling the truth. And then, you know, who else is getting in on the mix? Oh, our big, our huge friend of the show, Kevin O'Leary, said, he said, I thought that this was sarcastic. I could not, I truly was perplexed Kevin O'Leary the guy from Shark Tank the dick guy the the dickhead guy Said I lost millions as an investor in FTX and got sand blasted as a paid spokesperson for the firm But after listening to that interview. I'm in the Bill Ackman camp about the kid He thinks that he's telling the truth to and I kind of feel like it to him

I think that he was more clueless than he was, I think he was clueless and negligent. And whether that was criminally negligent, we'll be up for a court to decide. That'll be for the courts. You think he had no idea what was going on with the... I think that he had an idea, but I don't think that he truly had a grasp

on the extent of the damage that had been done. And just, I mean, it was kind of a Ponzi scheme where they created their token and they had so much shit tied up in their own shit. And when one thing collapses, that's all it takes to just the whole thing collapse. Their whole thing was such a mess. I mean, they asked them about the, because did you see the story came about, about he bought his parents some huge Bahamas house?

No. They asked him about it in the New York Times thing, and he was like, ah, I don't know. I don't think it was always going to be my parents, but it's just that they, he like had no fucking idea what, yes, embankment freed said parents 16.4 billion, million Bahamas how 16.4 million dollars, Bahamas house was meant for FTX staff.

Man, this I mean, oh man, they yeah, look at that face. He's got a huge hug. He had no idea where anything was coming or going. He, um, Aaron Ross, no, Andrew Ross, Sorkin. Change your fucking name, man. Yeah, dude, come on. Aaron Sorkin's got a whole lot of assorkin, confusing me. But he asked him about, because it had come out, he was not only donating to Democratic

causes, he was donating to a bunch of Republicans as well. Why? I don't get it. Why would he do that? Why does every bank do that? Why does every? I guess because whoever gets in, you want to influence policy to fit your business. Yeah. And he says, where did the money come from? And he just went profits. When did the crowd laugh at him? There's one one final clip. Let's put it here a lot of times crowd laughs at Sim being me from profits Wait, wait, he was what's the context here? Sort of think about Myself in my own future, but I don't think this is it like

right now, I mean look I've had a bad month this is not happening oh that's not what matters here like can he hear them I don't think millions of customers what matters here is all the stakeholders and FTX who who got hurt and and trying to do everything I can and to help them out? I hope he doesn't like jump off a bridge or something right that I mean I don't want to be a kid but because like I've had I've had The I've been in holes financially before and it is I've been in holes before yeah What's it what was his name?

It was some guy at the gym. I was trying to convince that you know, you actually are allowed to look if you look at that Man, but it is I've been the biggest hole I was in was like a hundred and twenty thousand dollars that I had to get out of first before I could then go back to being profitable and trading and It was soul crushing and I woke up every I stopped waking up early for the market because I was I didn't want to look at The screen anymore and that's that's when you know you're in real big trouble and when my risk manager would call I'm like a fuck. I don't want to fucking talk to this guy because he's a dick. And I'm partly in this mess because of him being a shithead neither here nor there. But I cannot imagine having that big a number looming overhead on a daily basis.

Not only that, but- You're describing student loans for most Americans. Yeah. Me being one of them, it's a, it's not fun. Well, and then to have billionaires and politicians and interviewers and random people on Twitter and everybody constantly giving you shit and asking you questions and you're just a fidgety little big dick nerd. Just like cat, which I can just... So fucking big.

I wish I could just go back to a month ago when I could just crank off and go gamble. I don't think he was cranking off at all. Not in that polycure. He never does anything himself. Yeah, you're right. Yeah, you're right. In turn, some in turn come.

Fucking Caroline Ellis. She's fucking loose links. Lo loose lips, sink ships, man. What's going on over there? She, someone's got a talk to her. Yeah, she, she's singing like a canary. Yeah, she's, she seems like a special one. I, I, I, I, I wonder if the molecule is pissed. And she, she talked to one,

I'll fuck about it though. One Bahamian investigator and she was like here's what happened SPF knew everything I did okay That's so fucked that that's why I think the fact that she said that tells me a lot I think that she's trying to Pass off the responsibility onto His shoulders because ultimately it was his responsibility,

but for her to say, oh, everyone knew. No, I don't think because there was that clip from months ago where she's saying, like, remember that nervous clip, they're like, have you ever, you know, gambled with or done an idiot? Like, and she was like, well, some people want it. It sounds like it was out of her control.

She was like, some people wanted to do things that were a little, and she kind of like laughs it off. I don't think she, I mean, whatever, we'll find out. Do we have Tom, do we have Tom? Do we have Tom? It's Tom here. Luke is Tom here. Do we have time to talk about the nightclubs?

Sorry, I just couldn't help. We should push it back. I like that. We'll talk about the Miami nightclubs and the absence of high-roading on trepid nerds. We also got a bunch of shit others that shit to talk about in the after-how.

Okay, Ben just next to it, so we're not gonna- No, no, we'll talk about it. We'll talk about that too. The same again. Oh, yeah, we also got, oh man, we got fucking, oh, cocaine bears. Our shit got cut off last time, so we're going extra long this time.

We're gonna do an hour and a half we will give you those We're going long sbf dick style Or some guy bends cornice to locker room Hey, I could see your face. I know what it's like take your towel off. I want I want to confirm I do think that that is my useless superpower that I can tell what a man's penis looks like by their face in their hands Can you tell it mind looks like sure, but you've seen it true. All right regardless We're gonna we're gonna do our hot takes that come up that got cut off. We're going an hour and a half That's it. See you there.

Love you, bye. This week on After Hours. Holy shit. Why don't we just say exactly what we said that got cut off? I'm going to. I've always been more tied. Yes, he's being. Oh my god, yes. Okay, this is the worst voice memo I have ever sent. Sign up on TMGStudios.tv to watch the full bonus episode. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha