We Can Do Hard Things with Glennon Doyle - Inside a WTF Week: Stock Market Nosedives, Dept of Ed Decimated & the Elon Circus with Jessica Yellin
Episode Date: March 13, 2025393. Inside a WTF Week: Stock Market Nosedives, Dept of Ed Decimated & the Elon Circus with Jessica Yellin Jessica Yellin and Amanda are together again to discuss the biggest news stories in what J...essica calls a “WTF week.” -How the latest tariffs will affect consumers, companies, and our electricity in the US -The facts behind the potential government shutdown -The Elon Musk circus and the recent infomercial-esque promotion of Tesla by Trump -The cuts to the Department of Education and what Project 2025 conservatives really want Jessica Yellin is the founder of News Not Noise, a pioneering Webby award-winning independent news brand -- dedicated to helping you manage your “information overload.” She is the former chief White House correspondent for CNN and an Emmy, Peabody and Gracie Award-winning political correspondent. You can follow her on Instagram at Jessica Yellin. And also, to get real time, clear and brilliant reporting, go to substack.com and search for her page newsnotnoise and subscribe there. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices
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["We Can Do Hard Things"]
Welcome back to We Can Do Hard Things.
This is Amanda. I am here with Jessica Yalen.
Jessica Yalen is the founder of News Not Noise, a pioneering Webby Award-winning independent news brand
dedicated to helping you manage your information overload.
What do we need now more than independent news brands and help with our information overload?
She is the former chief White House correspondent for CNN and an Emmy, Peabody, and Gracie award-winning political correspondent.
You can follow her on Instagram at Jessica Yelin.
And also to get her real-time, clear, and brilliant reporting, please do this. Go to substack.com and search for her page,
News Not Noise, and subscribe to it there.
It's so good, you will not regret it.
Jessica, hello.
Hello, how are you?
Well, I contain multitudes, Jessica.
I feel like the how are you question is a real doozy these days
because it is very best of times, worst of times kind of a scenario around here.
It doesn't really meet the moment. It's sort of like, how are you at this very second?
Right. In this 22nd period, what is the state of your nervous system? I am in New York City right now in a hotel room talking to you because we were up here
to launch the new We Can Do Hard Things book and tour.
Glennon was on the Today Show yesterday talking about it.
And I'm just so amazed and touched by this community, the way that they have just already rallied
around the book and half the tour is already sold out.
It's just amazing and I'm really excited to, in this moment, get IRL in real life with
the people.
I think we need it.
It's so good.
I mean, first of all, the Today Show hit was awesome.
It was good.
And you sound as you're talking about it, so enthusiastic.
And I woke up this morning to an email from Barnes & Noble
because I guess I'm part of the membership deal or what?
I don't even.
And it says, we can do hard things.
Are you ready for the next 20 questions to answer,
get the answers into your life?
I was like, yes.
Are you serious?
I didn't know they were doing that.
That's very cool.
Isn't that cool?
I am also ready.
I feel like my only complaint
is I have way more than 20 questions.
I know this is my main thing.
How did you limit it to 20?
Oh my gosh.
We were trying to get to like,
think of all of the things
that everyone struggles with every day
and then get the layer deeper than that.
If you're struggling in your marriage,
or you're struggling with your kids,
or you're struggling with what the hell am I supposed to do right now?
Like, what is the question under the question?
And then what's the question under that?
And so we're trying to figure out what,
when you distill down all the things we're trying to get in life,
like what is the essential question under that?
Yeah.
That's cool.
So it's very cool.
I love it.
So is it like window or aisle basically?
Yes, exactly.
It's window or aisle.
It's like cream or sugar.
Just like the real stuff you need to get through the day.
Good, good.
That's what I was assuming.
By the way, I'm definitely in an aisle.
I feel very much like I need to be in control.
I need to get up when I want to get up.
I can't have the anxiety of,
am I going to disturb these people?
What are you?
I feel so seen.
I am so aisle that it's like a compulsion.
Like I can't fly if I'm not in the aisle.
I'm going to have an anxiety attack.
It's, yeah.
I have seated control over my entire existence
when I am window.
S-E-A-T-E-D.
Seated.
Yes.
Yes.
Exactly. One. Exactly.
One quick question, was it so fun to be on the morning show?
Like to be in the green room and backstage and all the things?
I mean, it's so fun.
Yeah, today is great.
God bless Glennon.
She does the hard, heavy lifting.
I stand there and have a panic attack for her
and then she just goes up there and does it.
And I'm like, oh, that was,
I don't know who that was harder for.
I think it was, I think it was definitely me. But it's such a machine. Like the today show works so well.
Right. It just feels like a system that functions. Yes. It's like, here we go. This 20 seconds is
this now moving on to the five seconds of this. And of course I, there was all these famous people
there and I know none of them do being interviewed. And I'm like, huh, I wonder who that person is.
No idea. You're not a pop culture person. Oh, I am not.
But I am a political culture person.
So Jessica, I need to tell you between launching the book and the tour and all of the things,
I couldn't help but notice that this week we've had a few developments.
This has been a, let's see, just on the top level, we had a US stock market plummet.
We had, apparently we're facing an imminent government shutdown.
We are apparently having televised Tesla commercials on the lawn of the White House.
What in the actual hell is happening?
I mean, this is a well-timed podcast.
We call it calm news to try and keep people calm.
Sort of hard given the news, but we have so much to discuss.
I think that it's just a roller coaster of information
right now.
I don't even know where to begin.
Are we allowed to curse on this podcast?
Oh, fucking yes, Jessica.
So it's been a what the fuck week,
is the easiest way to say it.
I woke up on Monday morning, because I'm in Los Angeles, so it's a little bit behind
where I think quote news starts on the East Coast.
And it seemed that the market was already in freefall.
Because over the weekend, Trump gave an interview in which he refused to rule out a recession.
And it's just like a thing presidents do, which is rule out recessions. Even if
you're looking at the cliff and we're about to fall over it, they're like, no, no, no,
there's no cliff because their job is to like talk the market, the economy into good condition
because so much of economic wellbeing is just a confidence game.
Right. Yes. It's like a parent with your kid and you're like, it's all going to be fine.
I know it's going to be fine. I have a plan. And then you go parent with your kid and you're like, it's all gonna be fine. I know it's gonna be fine. I have a plan.
And then you go back into your room
and you're like in the fetal position
because you don't have a plan.
Yes, it's like this.
But you tell everybody it's all good, it's all good
so that everything feels lubricated
to have the best possible outcome.
He is, okay, I'm not gonna follow through
with that language, but he...
But you know what I'm thinking. Yes, I do know what I'm thinking.
Yes, I do know what you're thinking.
He didn't make it easy for anybody.
And he said, yeah, you know, there could be,
I'm not gonna rule it out.
I don't wanna talk about that.
Markets woke up on Monday and everything started to tink.
There was a big sell-off.
It has to do with Trump's tariffs, right?
And the tariff thing went so nuts
that the market got total anxiety Monday, massive plummet.
Everybody thought he'd wake up Tuesday and say, you know what, that was a bad day.
And I'm going to, I've rethought this tariffs thing I'm backing off, but he didn't do that.
He didn't, he doubled down and he's doubled down again today as we record.
And so we're in this crazy period of market gyration, which we can talk
about why this is all happening and the anxiety around it. But basically the business community
and the investment community is like, whoa, Nellie, I'm not getting on board in the stock market.
And this is, it was the greatest fall that the stock market has had, had its worst day
that the stock market has had its worst day since 2022 on Monday. So it dropped, and then Tuesday was even worse than that.
I think it dropped like 900 points Monday and another 800 some odd Tuesday.
It's gone back to a recent low, but it's not pre-pandemic lows.
So there's a little bit of wiggle room where the market's like,
if it keeps going like this, it's in very bad territory. Right now, I guess they call it a
correction. But the bottom line is his economic policies are causing enormous instability,
unpredictability, and anxiety for businesses, investors, sort of the class of, you know,
person that you think Trump usually tries to cater to.
Used to be that he looked to the market as his measure of how well he's doing, more than
polls, like is the market happy?
The fact that he's not caring about that as much is causing concern and confusion.
So that's something to talk about.
Okay, you said, so he doesn't rule out a recession,
but there's also a bunch of tariff,
toll mitt happening.
So can you walk us through what that was?
Like, was it the tariff stuff,
in addition to him saying that,
yeah, maybe we're gonna have recession?
I wanna slow us down for two seconds and just say,
what we're about to talk about seems stressful,
but it's really about understanding some of the choices
that are happening right now
so that people can make decisions in their own lives.
And all your worst fears have not come true, right?
It's not like the bad case scenario
is inevitably playing out.
Okay.
So can we do a breath quickly?
I think that's a good idea.
Okay.
So I think we should do an inhale.
Hold.
Exhale slowly.
I'm always surprised by how much that's helpful.
It really is.
And it's, I'm double surprised that I don't do it more because every time I'm surprised
how helpful it is.
I know.
It's like when you know that going to the gym will make you feel better, but you don't.
Yeah.
I do know that.
So okay, we're going to talk about a couple of things.
The stock market tariffs, the possible government shutdown, and then some of
the stuff that's also happening in the administration apart from this, including Ukraine and the
Department of Education. So people have a big picture what we're talking about today. Does that
sound like a reasonable agenda? Thanks for the roadmap. I appreciate that. Okay. So back to your
question, which is why tariffs? Yeah. Yes. So, tariffs are an added tax on imported goods.
A lot of our cars are made with steel or aluminum out of Canada.
And Trump is adding today a 25% tariff on all aluminum and steel that comes into the
US.
That extra 25% on top of the cost
is paid by the American company
that buys the steel or aluminum.
And so presumably, and economists say throughout history,
gets passed on to the consumer in the form of higher prices.
Okay, can I pause right there
because this is something that was not at all
made clear in messaging during the election, which is this idea from Trump
that it's like, whoa, the other country,
I'm gonna tariff them,
and as if they're gonna eat that cost,
when actually the US government
is charging the companies more,
therefore the end consumer, who is us,
is going to be paying for that increased price.
Like that is what happens with tariffs. But people think, yes, stick it to them, China.
And it's us. It's our iPhones. It's our whatever that is going to cost more.
Yes. And the reason all that, the reason Trump can say it hurts the other country and we can say,
no, no, the consumer here
in America is paying is because both are true.
It depends at which point of the chain you're stopping to pay attention.
So the first point of pain is the tariff is paid by the company buying this metal.
Then that pain is passed on to the consumer because they raise prices. If you wait, you know, four months and you continue this behavior for months and
months and months, eventually what happens consumers stop buying as much of that
stuff, right? You're not going to get the new car because they're saying it could
cost $12,000 more for the same car because of tariffs.
You're not going to shop as much. So what happens? The economy slows down. You stop
buying those foreign goods. And so down the line, that car company suffers because next time you
want to buy a new car, you're like, I'm going to wait and stick with my car. Right. And that's why
all of that ecosystem equals recession. Right. And it's why Trump can say,
well, it does hurt the other country
because you're not buying their car
in eight months or a year.
But okay, in the meantime,
for the eight months until then,
you're just not shopping much
and everything's costing you more
because of these tariffs.
And other countries retaliate
by putting tariffs on American goods that are shipped to their countries.
And so if you're an exporter whose business relies
on selling your goods to other countries,
American goods are taxed at that very high rate
in other countries and business slows down in that way.
All of this adds up to an economic slowdown in America
and it's a game of chicken.
Like who can endure the most
pain before they say enough? Yeah. How much recession pain can we experience or slow down
pain? I don't want to say it's necessarily a recession. And how much are they willing to
suck up before both sides say enough? Okay. And then as part of all of that, then the companies
are freaking out because they
don't know how to plan and they don't know there's a tariff announced on Friday, but
then maybe we get it, then maybe it goes away by Monday. They can't plan. So the market
goes down. And that's why we're all seeing if you have 401k and you look at it, that
it has gone down so much because it's a reflection of all of this uncertainty and all of this fear that what will unfold is exactly what you
just described.
Yes.
In short, yes.
Okay.
So there's nothing investors and businesses like more than certainty and clarity about
the future.
You should think of the stock market as a bet on the near future of the economy.
Okay.
It's not a measure of how we're doing at this minute.
It's a measure of, are we gonna be cool in three months,
six months, eight months, et cetera?
When the market is falling, it's investors saying,
I'm not so sure about what's coming
and if I feel good about it, I'm pulling out.
Okay.
So there's a lot of like,
hey, we were willing to give Trump the benefit of the doubt.
The market boomed right after his election,
all this enthusiasm, he's gonna invest, he he's going to drill, he's going to lower taxes,
it's going to be frothy and all these things.
And then everyone's in the investment world seeing, we don't know what he's going to do.
We can't predict.
Uh-uh, uh-uh.
I'm getting out.
I'm going to be safe.
And so up down.
So then the question is, so why the F is he doing this?
Yes.
And he states the reason as, especially with China,
Canada and Mexico, it's because too much fentanyl
is coming in over the borders, foreign immigrants
are coming in like illegally, blah, blah, blah.
But in each case, that's just, look at the numbers,
it's not, it doesn't add up,
right? Less than 1% of the fentanyl into America is coming from Canada. And yet he uses that as the
claim for why he's doing these tariffs that while they'll be very hard on us,
we'll truly decimate Canada's economy, like devastate them. So why is he doing this?
There are a couple of theories, which is like, what's the real reason behind the stated reason.
One is that he's just trying to find revenue and he believes that this is an
added tax, right?
So we are actually paying 25% more to the government and that's added revenue to
the government.
Why would he want that for his tax cuts for his millionaires that he has promised the whole time? And by the way, when want that? For his tax cuts, for his millionaires that he has
promised the whole time. And by the way, when he says, I want tax cuts, everyone's like, yay,
tax cuts. He wants tax cuts for the millionaires and billionaires. That is the only people getting
tax cuts under his plan. I wouldn't say the only people, but it is a disproportionate share of the
tax cut is going to the people who ostensibly need it the least,
right? The wealthiest and to corporations. And he's doing this. And one of the challenges he faces
is that within the Republican Party in Congress, our members of Congress, Republicans who say,
I'm not going to approve these tax cuts at the scale unless you find ways to make up for some of the lost
revenue. We need more dollars in the coffer because the deficit's too high. We can't live
this way. So they do have people that they call quote fiscal conservatives in the Republican
Party who are saying you got to pay for some of this. Now it's a misnomer to say they're
fiscal conservatives because they're approving wild spending that they howl when Democrats do any facsimile of that.
But he does have to come up with what they call, quote, pay for or make goods.
And one way is through tariffs.
The other theory is that he wants to negotiate.
He just wants negotiations.
That's what he thinks he's good at. And he wants to quote, get better deals
out of other countries, whether it's for trade
or he wants access to rare earth minerals
or things like that.
And how do you do that?
He wants to change the terms of the discussion,
just like remake the playing field.
Right, he's trying to get leverage.
He's trying to make threats and he's like,
if I threaten this catastrophic thing,
you will give me what I want.
But how did that play out with the Canada situation?
Because they had some threats in their pocket
that they came right back to on us.
So what's happened is he's actually getting
some of that leverage that he's asked for.
For example, with Canada, on Tuesday, we said that the market plunged Monday.
Everybody expected he's going to back off tariffs to stabilize the market.
Instead, wake up Tuesday and what does he do?
He says that he is going to—we talked about those 25 percent tariffs on steel and aluminum—he's
going to make them 50% for Canada because Canada had
threatened to retaliate for tariffs. And he's like, uh-uh, you do that, I'm going to make
tariffs worse for you. So what does Canada do? They say, we're going to put a 25% surcharge on
the electricity we sell to the U.S. And three U.S. states get some electricity from Canada.
It's New York, Michigan, and Minnesota.
Canada said, we're gonna make your electricity
so expensive.
And then Trump escalated his threat against Canada,
and Canada threatened to turn off the electricity
altogether to the states.
And they're like in he-man, you know, chest thumping,
no-mans, like never, how do you get out of this?
Until it looks like we'd be an electricity emergency.
And then finally somebody put the premier
of one of the provinces in Canada
on the phone with our commerce secretary
and they agreed to back down.
And what are they gonna do?
They're going to start renegotiating
part of a trade agreement that the US has with Canada.
And Trump must want some better quote better terms in that trade agreement.
Ironically, that trade agreement was negotiated by Trump in his first term.
So he made the deal and then he's saying that's a bad deal. So he's going to sacrifice our 401k's
on the stock market to get a better
deal that he should have gotten originally.
Yes, you understand the situation perfectly.
Okay, great.
And yes, he's getting his way. We'll see how that deal shakes out. And I'm curious to see
what else he wants from Canada. You know, he keeps saying Canada should be our 51st
state. He does not back off of that no matter how many people laugh in his face, tell him not to. Even the King of England is apparently offended because Canada is not,
you know, has a relationship with England, not with us. So I'm sort of intrigued to know what
he wants from Canada. And my suspicion, or I just put this out there to pay attention to and we can
see, is Canada has one of the world's greatest repositories of rare
earth minerals and they also have enormous energy reserves. Both things are required to power our
AI future. Trump has said he wants the US to be the AI leader of the world and all the tech
oligarchs around him are in a sort of
competition for AI dominance. So I'm intrigued to see if what he's really
trying to negotiate in the end is to sweep more of the resources the US needs
to power AI out of Canada and into the US. We'll see. Well that would be in
keeping with the theme of the exact same threat scenario that he took with Ukraine
to get those rare earth minerals.
So that's fascinating.
And as we're talking, Trump has slapped 25% tariffs
on steel and aluminum imported from the entire world,
like world tariffs.
Two more theories I'm gonna put out there there quick.
One is he got annoyed that when the stock market boomed on his election, people said
you're benefiting from the Biden economy.
And so a theory here is that he's actually trying to create turmoil so that when he wipes
away all tariffs, the stock market booms again, it'll be called the Trump rally.
And then the person I've spoken with who knows him best and is in the world of finance and
economics says, you're giving him too much credit for having a theory and a goal.
He's doing it because he can.
I don't know.
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With the Fizz loyalty program, you get rewarded just for having a mobile plan. You know, for
texting and stuff. And if you're not getting rewards like extra data and dollars off with The thing to know, and I just want to make this clear, is that the sort of silver lining
is as things have gone bad, he's pulled back.
So if you go back to the first weeks of the administration, a lot of the anxiety around
behavior from this administration was that he seems to be acting in ways that are disconnected
from reality, that there's no adjustment when he gets pushback or finds out that this is catastrophic.
And we're seeing that as there are deeply negative consequences, the administration
is adjusting.
I'm not saying we're in salad days.
I'm just saying at least there's a sign that they're in touch with reality and making adjustments. Right. And that it will be noted and he will feel some of the pushback whatsoever. Like
even Fox News this week had something to say to him. Like what did they say in that press
conference?
Yeah. So in one of the White House briefings, the White House correspondent for Fox News
kind of really
went hard at the press secretary and said, you're asking all these federal workers to
take a buyout.
How do you think they're going to do that when basically, I'm paraphrasing, your policies
are taking their 401 case?
That was from Fox News.
And they had on their couch in the morning show,
somebody who was really going hard about how Trump's tariff policy is tanking people's
401ks. So that's an expression of deep discontent within the Republican Party.
They're doing that to pressure the White House because members of Congress in the
Republican Party, the business community wants Trump to back off some of this.
business community wants Trump to back off some of this. Okay, so we'll see whether he is,
there's been some suggestion of a minimum level
of adapting to people being like,
WTF, this is unacceptable.
And we'll see if that is something that they continue to do
or if he continues to chest-thump just because he can,
because he wants to quote unquote-unquote, win, even
if it means we are the ones that are losing.
Sort of.
I mean, okay.
Not a bad analysis, correct?
I mean, here we are.
Speaking of a bad analysis, can you tell me what the hell is going on with the potential
government shutdown?
So one thing is we're recording this before the Senate has voted.
We face a shutdown on Friday because Congress has failed to pass a budget.
Now let me just pause and say that's weird because Republicans control the House, Republicans
control the Senate and the White House and they're one party.
They should just agree and pass their thing. That's what's normal. But of course, nothing's normal. So it hasn't happened.
They've had all these go rounds about what the budget bill should be. They
couldn't come to an agreement. House wants one thing, Senate another.
So instead of writing a bill, they're like, hey, guys, why don't we just agree to extend
the current budget in this like, very congressy thing, which is kicking the can
down the road by saying, we're going to talk about this in nine months again, but let's
just keep going where we are with some small changes.
It's called a continuing resolution is the actual structure.
It's not a real budget bill.
It's just an extension of current funding.
And a lot of people hate that in Congress. So what happened is the House passed this thing that I just described.
And now we're waiting to see if the Senate passes it in order for the Senate
to pass it, it needs seven or eight Democrats to support it.
And for what I think are very obvious reasons, a lot of Democrats are like,
no effing way I'm supporting your rando budget save thing.
So I don't know if it's going to pass. If it doesn't pass, government shuts down Friday.
The debate and dilemma for Democrats is this. Obviously, most Senate Democrats don't want to
give the White House any kind of a win. They don't want to bail them out, right? The Republicans failed to come up with a budget bill. This is a big like saving them from the
shutdown. And there are components of the bill that are really against
democratic priorities. It increases defense spending while decreasing
spending on important domestic priorities, and basically gives the White
House lots of money and says, spend it how you want.
So it's giving them even more power to do the things they're doing,
which is steamrolling Congress on spending.
So this is important because one of the fundamental ways
that the checks and balances of our three branches of government works
are that Congress has the power of the purse,
that they get to decide of the purse, that they get
to decide where the money goes.
So in this bill, it is seeding part of that decision making on where the money goes to
the executive branch to Trump.
Yeah.
And Musk, in theory.
And Musk, right. And when I say Trump,
I am always meaning Musk.
And lots of Project 2025 guys, yeah.
But this is a catch-22, right?
Because if the Democrats say like,
we're not going to let this U.S. ship go down,
so we're going to sign on to your stupid-ass thing
just because we want to save the government
from shutting down
and the pain that that will cause American people, they have to sign on to this horseshit
bill. Whereas if they say, oh, you wanted to govern? Let's see you govern. And you can't
govern with this horseshit bill. Then the government shuts down.
And then it's like, well, you know, the cat's away, the mouse will play.
Like, then we're leaving Musk in charge with no one watching.
Very few people watching.
Right.
Sorry.
A very few people, whoever less people than are watching now while he's destroying things
by himself to do God knows what to
the government while it's shut down.
Yeah, it's a real dilemma. Exactly. And, you know, there's a clear belief that Elon Musk
would like the government to shut down because, you know, you have only essential employees
at the agencies then they can run amok. There's been a lot of whispers that there's been a strategy
to shut the government down among a portion
of that world of people.
So this might, it's like you could see it playing
into the hands of the most extreme elements
of Trump world either way.
Okay, you have brought us to the Elon circus,
which it seems all roads lead to over the last few months.
What the hell was happening when we had an infomercial for Tesla on the White House lawn
where literally your commander in chief is walking around with notes in his hand that have the
prices of Tesla and he's going into the Teslas that are parked there, coming out of them
and saying, wow, really love that car.
I'm going to buy one and everyone else should too.
I mean, even if you know nothing about the government and the rules and the ethics and
the things that are supposed to stop that from happening, you know that that is not
right.
What you saw is not right.
So what the hell was happening?
I mean, it was wild.
They had an infomercial on the White House South Lawn.
Elon Musk brought five Teslas there and Donald Trump basically hawked them to the American
people. I will tell you that on Twitter Sean Hannity also announced that
he is buying a Tesla and detailed the specs of the Tesla. Somebody made a post
where it would look like it was the White House saying use our 25% off code
to get a Tesla. I was like is this real? It was a parody but it was so close.
But it's not far. It's like we are watching the onion unfold before our eyes, except it's
not the onion.
Sometimes when I, you know, I do a lot of posts on Instagram about the news. I just
write not the onion reality. This happened. You know, it's like just this is real, not
the onion. Okay. So why is this happening first? So we just talked about stock market volatility.
Guess who's seen among the most volatility is Musk's stock at Tesla.
Tesla has fallen 50, five zero percent since mid December.
And that's in an interview, Musk sat down with somebody from Fox Business.
He was asked, how are you running your businesses while you're
basically dismantling government? And he got very tongue-tied and started blinking and looking
awkward and then finally muttered with great difficulty. It was one of the most sort of like
seeming vulnerable, revealed moments of Elon Musk seeming slightly weak and off his game that I've seen in, well, maybe ever.
So Tesla is suffering because, in theory,
because their CEO is distracted,
but also because of the mass protests taking place
against Muscle around the world,
because Teslas are being tagged and marked with graffiti.
And so in protest of Musk. And because think about it,
his car was marketed to environmentally conscious liberals.
These are the very people he's enraged with his far right
and government destructive behavior.
So he's cannibalizing his own market.
Can we stop for the poetic justice of this situation and the complete mind explosion
of irony about this?
So Elon Musk, the man who is dismantling government because he thinks it's inefficient and full
of freeloaders and giveaways, started his entire Tesla business subsidized by the government.
He was able to build that because of government subsidies.
And now he's coming in and destroying government, which is meaning that the people that he marketed
to, which care about the earth, are now no longer in support of his government.
It's like an amazing circle.
It's like some kind of Shakespearean shit
that's happening here.
It's wild.
And then the other irony of all of this
is that when he starts to feel a modicum of consequence.
So Elon feels a modicum of consequence
because the richest man in the world is losing some money. Trump's like, well we can't abide by that
and has a full-ass commercial for him on the lawn. Meanwhile, all of us are
checking our 401k's and are like, how about a little help over here?
And nothing. And I want to just point out what you're saying and what's so
instructive about it. Two things.
One is we're both entrepreneurs.
There is nothing harder in the world of entrepreneurship than getting that starting money to build
your business.
What we could both do if somebody would give us the little bit of funding it takes to start.
So that's how people say winners and losers are chosen.
Do you think that there are many people
who could have started an electric vehicle business? Yes. What is Elon Musk great at? He doesn't
create these companies. He buys them and then almost beats them into submission to hypercharged
productivity. And he's very good at getting government funding investment. So part of the
way he wins is because he's able
to lock down that early funding, which he keeps getting from the government. And I want to point
out that as we're talking about all this in the coming weeks and months, he is trying to get more
contracts from the government for all his businesses, for Starlink, for Tesla and SpaceX.
And this is obviously very worrying for a million reasons,
but it also means that he is entirely dependent
on the American people and the American taxpayers
to stay the richest man in the world.
And one lever that the American people have
is to organize to demand those subsidies go away.
And just saying that makes me feel nervous
because that's the thing he fears most,
but it's also the point of leverage
the American people have in this scenario.
And it's also further evidence,
like this whole circus is further evidence
of what we're seeing the pattern
of the Trump administration operating
on a quid pro quo basis.
You've given me this, I give you that.
And like, it's not a coincidence
that during the same 48 hour period
in which Trump does the infomercial,
Elon says he's going to give $100 million
to Trump's political fund.
I mean, this is the man who gave $300 million
for Trump to be elected, who then coincidentally
is inserted as the person who's going to then go in to the government and look at the contracts.
It's an undeniable cycle that we're seeing and conflict.
And the difference is, is during the election, he gave money to PACs that he supported.
And after Trump did the infomercial, he says, I'm going to give money directly into Trump's
Trump-run PACs or his organization-run PACs.
Trump also announced at this event that people, protesters who graffiti Teslas, those acts
will be prosecuted as acts of domestic terrorism.
I mean, that is so absurd as to be laughable,
but also not at all funny.
You're using the machine like we decide
if you are anti us, you are a terrorist.
And that is a terrifying, go down that slope for a minute.
Let's see how it plays out.
Let's see.
Yeah, but even saying that, I'm not saying that that's the case.
Even saying that, it always starts as a seed, right?
Like, that is not something that is appropriate to say.
We should also note that Musk has had his wings clipped in the last week.
And so, he was doing all his rampaging around the agencies through Doge.
And in the last week, the administration said, it's not up to you, Elon, to decide who leaves
and gets fired from these agencies.
It's going to be up to my cabinet secretaries.
And each of you decides in your own agency who gets cut and Musk and Doge can make recommendations.
He did this in a very publicly shaming way. He had a cabinet meeting where Marco Rubio and Musk
got into a fight in the meeting.
Reportedly, Rubio said things like,
"'Oh, you want me to rehire the people we fired
"'so that you can announce that you fired them?'
So it became quite tense.
Those things don't happen unless they're sort of condoned.
So that is one thing.
The other is Musk went to Congress,
met with members of Congress,
and they said, Republican members of the Senate said to him,
all those cuts you're making,
we're gonna have to approve them formally in legislation.
You don't get to just do that.
We have to pass that through Congress.
So in two different ways there,
he has sort of been reigned in a bit.
And he's had this stock plummet that's gotten worse because
of the market stuff we mentioned.
So he's feeling some consequence of his behavior.
And it'll be interesting to see what adjustments take place
as a result of that, if any. The Trump cuts and their impact leads to what feels like a very tragic, scary moment with
respect to the Department of Education.
So can you tell us what is happening?
Just what happened with the Department of Education really yesterday, right?
Well, it's been happening since Project 2025, but at Tuesday there was big events.
On Tuesday, it was announced that the department
of education will be cutting 50%, 5-0% of its workforce.
That is on top of the probationary employees
that were let go and in addition to people
who accepted buyouts.
So of the remaining employees, 50% will go.
And I have been told by multiple sources in my audience that among the places hardest hit
is the Office of Civil Rights within the Department of Education, OCR. It is not shutting down,
but lots of the offices are being eliminated around the country.
And this is the part of the Department of Education that ensures equal access to a public
education, regardless of income level, gender, race, ethnicity, religion, disability, ability,
all those things.
The Department of Education was established to ensure and grant, protect equal access to
public education.
So that goes at the heart of the very essence of its mission.
I have a lot of people in my audience too who are educators and I know full well we
both do how brutal this is and to parents.
We don't know exactly beyond what I've just said who is going to be laid off as we're recording this.
So I think that's sort of getting announced Thursday. So we can talk more in detail once we know that.
But, you know, the behind the why behind the real reason, the folks in the Project 2025 world come from lots of different strains of activism throughout our last 40 years in
American culture.
And this part of our political world has been very much against the Department of Education
because they want, they say education be returned to the states.
Education is already run by the states and localities.
What many in this sort of movement want is to move to vouchers so that you can have more
sort of specific forms of education, religious education, education that focuses on certain
kids so that you don't have to have classes that have equal access.
They actually don't want equity.
They don't want all kids to have the same access
to education.
I know there are plenty of people who say
they don't want anyone to have education.
I don't actually believe that because
you do need a moderately educated workforce
to have productivity.
You know, you could argue with AI, that'll change,
but I think it's just that people want flexibility
to sort of do schools the way they want schools
to be done in their community and privatize a lot of it.
It's privatization, right?
Like the way that you get around integrated schools
in terms of every understanding of that,
whether you have special needs kids
integrated in within the classroom. The way you do that is you privatize, right? That
is the way you do it. And I think that in addition to all of these cuts, you know, the
secretary of education was asked point blank, is this the first step in eliminating the Department of Education.
And she said point blank, yes it is.
My mandate from President Trump is
that the Department of Education will close.
I know that they can't do that until Congress says it,
but she with her mouth said that that is her clear mandate.
They have said this, I mean,
this is one of the most frequently repeated talking points
Trump has said on the stump since he's started campaigning for this race.
It's not a surprise.
They want to shut down the Department of Education.
They say it out loud.
I don't know why people didn't believe it.
So many school teachers who voted for Trump said, I don't, this isn't real.
It is real.
That's their goal.
Congress can shut down the Department of Education,
the administration can't, but they can strip it
of so much staffing and resources
that it's functionally useless or not very effective.
The other important thing is that the Department of Education
is a clearinghouse for funds.
It's where the Fulbright Scholarships go through there,
it's where student loans are managed.
All this federal money that goes into education
flows through the DOE and they help get it dispersed.
So there's gonna be a big question,
where's that pot of money?
Who's gonna get control of that pot of money?
Is it gonna go to treasury?
They've said student loans should go to treasury.
Which is, there's a lot of theories about
they want to move student loans, which is a lot of dollars to Treasury. Which is there's a lot of theories about they want to move student loans, which is a lot
of dollars, to Treasury.
And one of the theories there is because they want to privatize that whole student loan
function.
So it's very unclear sort of how all this will function as they downsize.
I want to say it is important that anybody who's concerned about this and paying attention does understand
what the other side is saying and hearing that's different from what we're saying and
hearing.
And there is a very sort of sincere concern among conservatives that our education system
is failing students.
And I think there's evidence that that's true, that kids are graduating without the reading and writing skills in many cases that they need to
really excel in society. And there are arguments that kids should be able to pursue vocational
training if they want to rather than have all the funding pressure them into an arts education or humanities education.
And there should be more ability for schools to try creative ways to do better.
And that is a sort of, I think, reasonable argument and a fair discussion to have.
And so if you're sitting down with somebody who disagrees with you on the Department of
Education, it's worth understanding that they might come to the table
thinking, hey, things are not working.
We need to try some changes.
At least this is a way to try changes.
The problem is, it's like, again,
going at something with a hatchet
instead of a scalpel, obviously.
I just want to let people keep in mind, like,
the charitable understanding of why people might have believed there was something redeeming in Trump's theories about education is because they want positive reforms.
I think you have a much more generous interpretation of the prevailing thoughts about education on the other side than I do. My observation is that the other side
of this education argument is that people are being told
that the federal government is mandating
what your children learn,
is indoctrinating your kids into woke culture,
is forcing them to fill in the blank
and adopt that as their understanding of the world.
And that is not the case.
What I want people to hear is that what they're saying is,
the part of education needs to be shut down
because these things need to be returned to
the states. Do you remember when they said that about abortion? Do you remember when they said
that about civil rights? Okay, this needs to be returned to the states. That is already true.
Okay, 90% of anything involving your kids' schools,
the state and local school districts
already make their own decisions.
They make their own decisions about reading lists,
about curricula, about teacher pay,
about testing policies,
about student discipline practices, about all of it.
90% of that is already happening
at the state and local level.
Only 10% of any funding for public schools
flows through the federal government. Why do they care about that 10% of any funding for public schools flows through the federal government.
Why do they care about that 10%? Because that 10% is directed at low income and special
needs students. That 10% is the one that is funding the anti-discrimination efforts. And
that is what, when they talk about shutting down the Office for
Civil Rights, the Office for Civil Rights is the office that ensures equal access
to education that you go to with a complaint of anti-discrimination. They are
the office that enforces Section 504 of the Rehabilitation Act, which does that sound familiar?
If your kid has a 504 plan, that is the act.
If your kid has any special accommodation within the school system that allows them
to learn and have equal access to education as their peers without disabilities, I have
a kid with one, that is the office that enforces that. So when they're saying,
let the state and local leaders decide
what happens in the schools,
that is bullshit.
They already do.
Which is why we need to know that information
and it's the good news and the bad news, right?
We need to fight against this thing
that they're trying to do
and we need to demand equal access to news, right? We need to fight against this thing that they're trying to do,
and we need to demand equal access to education.
And we also need to immediately, if we are not already,
become involved at the state and local level.
Because the good news about this is they already have control.
And the bad news is, if your local and state authorities
start to follow this federal model,
we have zero control anymore.
So I think that the answer to this absurdity
is that we need to get involved
in our local school system governance,
because that's where all the decisions are being made.
Yeah, and people can go to your school board meetings.
One thing people can do right away
is research who's on your local school board.
Get knowledgeable, find out when the next election is.
You elect those people.
That's the part of the ballot most people go,
oh, I don't know these names,
I'm gonna fill in the name that I like the best,
just randomly.
Don't do that, get informed.
Do the research and make sure that you know
when the next school board election is,
make sure your friends know,
have a ballot party where you all get together and talk about it,
and go and vote in the school board meeting, in the school board election.
And actually, if folks want to learn more about the attack on Section 504,
we wrote about it in my most recent newsletter.
You can find that newsletter by going to Substack and searching News Not Noise or search my name and look for the newsletter titled, Is RFK Getting His Way?
There's a breakdown in that newsletter into what's going on with Section 504 and you can
get into it there.
And there's one theme that's consistent through everything we've spoken about today, which
is as much as a lot of this sounds like an abuse of our policies
and radical changes that Americans didn't think they were voting for in many cases,
every step that they're taking is a step that gives taxpayers and voters even more power over
them. So when the federal government under Trump says we're going to create more state control. Well, guess what? If they try to
do that, that means that you as a citizen have the power to get organized and go to
your school board and either run for school board or back a movement to have the voices
you care about on the school board. I don't want us to forget our agency and opportunity.
If Elon Musk is dependent on all these subsidies,
those subsidies could be taken away.
There's a lot that is still possible in this picture.
And it's sort of an opportunity for everyone listening
to think about what interests me to get involved
to participate in a movement around.
Amen.
Amen, Jessica.
Whoo! Okay.
Our cup runneth over with opportunities
to intersect in the things that we care about,
the things we want to push forward,
the things we want to resist.
So please just find out today who represents
your community on the school board
and figure out a way to
support those people who reflect what you want to see in your community.
Woo, that was a dozer.
It's never a dull moment, Jessica.
Thank you for helping us navigate what the heck is going on, for giving us clarity within
this chaos and for equipping us to actually be able to see through what is being said to
what is actually being done.
And I just thank you very much for being so generous with all of your knowledge and inside
scoop.
We have talked about a lot of hard things, but the good news is that I really want everyone to understand that your government was at work this week, okay?
On Monday, you'll be happy that one of Trump's executive orders went into effect.
It was titled, The Executive Order Ending Procurement and Forced Use of Paper straws. So I want you to know that as of Monday, the power of the
United States of America's government made sure that no longer would there be
the procurement or forced use of paper straws. So America's back, baby. Plastic
straws everywhere and you don't have to ever see another paper straw in your life.
Bless them. We can now be drinking plastic straws in our red Teslas all day long.
Oh God, y'all. Okay, we will see you next week if we're still here.
I'm still breathing.
Okay, one deep breath and then we go on. We find out what's going on at our local level.
Ready? In. Hold at the top. Blow through your plastic straw.
I'm not trying to make light of plastic straws. I know that's a disaster. We will come back with
information about the EPA next week and how they're shutting down
the Environmental Justice Department.
Don't worry, we're not making fun of plastic straws.
It's a deep concern.
TBD on EPA.
Okay, we can do hard things.
We'll see you back next week.
Yeah.
Yeah.
Yeah.
Yeah.
Yeah.
Yeah.
Yeah.
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