Pivot · · Transcript & summary by WhipScribe
It is a one-night snapshot of how Hillary Clinton and Scott Galloway each read the midterms, the AI money boom and the young-male vote, with live audience questions.
Tap a chapter to open that moment in the transcript; the link to it is copied for you.
“I would argue it's a lease, not a mortgage, dating, not a relationship.” Scott Galloway · at 8:54 — open in the transcript →
“Data centers are the latest vessel for income inequality.” Scott Galloway · at 42:17 — open in the transcript →
Recorded in front of an audience at New York's Beacon Theater the night before the 2026 midterms, this live episode centres on a political forecast from Hillary Clinton, who co-hosts Kara Swisher's other podcast. Clinton expects Democrats to take both chambers, arguing that voters now connect rising health, fuel and grocery costs with officials enriching themselves. She sketches what a Democratic Congress should do first: an affordability package, anti-corruption rules that give the emoluments clause teeth, and investigations into what data DOGE took. She waves off Haley Stevens's Michigan endorsement of Mike Rogers as a sideshow and argues a presidential pardon would not shield Elon Musk from a subpoena.
The business half belongs to Scott Galloway. He reads the $6.3 billion Binance theft, which the FBI attributes to North Korea, as a 20 percent boost to a tiny economy, and makes a cautious bull case for AI stocks on earnings multiples while flagging circular financing between NVIDIA, Meta and the model labs. He also mocks OpenAI's plan to call data centers compute campuses and argues, against Swisher's pushback, that local moratoriums only hand jobs and tax revenue to Republican states.
The closing stretch turns personal and persuasive. Clinton describes how her mother, abandoned as a child, taught her to get up after every defeat. Galloway calls Elon Musk a traitor to the West through a Charles Lindbergh comparison, then pitches young voters with job, growth and deficit averages by party since 1980. Audience questions bring The Daily's Michael Barbaro asking about the risk of over-investigating Trump, and a 15-year-old asking how to build a club for young men.
Former U.S. Secretary of State and presidential candidate who co-hosts the podcast High Stakes with Kara Swisher; introduced on stage as a Grammy winner.
Speaking at a live Pivot taping in New York the night before the vote, Hillary Clinton said she expected to wake up to a Democratic House and a Democratic Senate. Her reasoning was that voters feel rising costs directly and now link them to corruption: officials getting rich while ordinary people struggle to pay rent or fill a tank. She pointed to Hungary, where she said the opposition beat Viktor Orban by making that same connection.
Hillary Clinton listed three priorities. First, an affordability package covering health care costs, faster housing starts and shifting fossil fuel costs from consumers to oil and gas companies. Second, an anti-corruption package that closes loopholes, since she argues the emoluments clause has not stopped a president reporting $1.2 billion in income from crypto and other deals. Third, investigations into what Elon Musk's DOGE did with Social Security, Medicare and tax data, aimed at repairing damage rather than scoring points.
Yes. After Trump said he was considering pardoning Elon Musk and close aides, Hillary Clinton said a pardon does not remove the obligation to answer a congressional subpoena. She added that some legal experts argue a pardoned person loses Fifth Amendment protection, because there is no longer any legal jeopardy. Her conclusion: let Trump pardon Musk, then call him in to testify.
Haley Stevens, the Democrat who lost Michigan's Senate primary to Abdul El-Sayed, endorsed Republican Mike Rogers. Scott Galloway said he disagrees with El-Sayed on a lot but would still back him, because Rogers is an election denier and you cannot have a democratic debate with one. Hillary Clinton called the endorsement a sideshow: El-Sayed won the primary, and the priority is reining in Trump by defeating as many Republicans as possible.
Binance lost $6.3 billion in what was described as the biggest crypto theft ever, which the FBI attributed to North Korea, and later said it had recovered about 95%. Scott Galloway's point was scale: $6 billion against a roughly $30 billion economy is a 20% gain in a week, while Binance lost only about 2% of the assets it holds. He argued hacking and AI have become North Korea's core competence and that theft has long been a growth strategy, citing America's own copying of European manufacturing in the 19th century.
Scott Galloway said he does not know when AI stocks will correct, but argued Alphabet and NVIDIA trade at lower price-to-earnings ratios than the average S&P 500 company despite fast profit growth, so they do not look like Cisco or pets.com in the dot-com bubble. His worry is circular financing, such as NVIDIA lending to Meta, which buys NVIDIA chips, and model labs relying on competitors for compute. He noted Apple beat the rest of the MAG-7 by staying out of the AI arms race.
Scott Galloway called local moratoriums, including Governor Kathy Hochul's, populist posturing and a bad move for Democrats. He argued data centers pay property taxes and use few public services, and that blocking them pushes the jobs and tax base into Republican states. Good officials, he said, should set conditions instead, such as no electricity rate rises and closed-loop water. Kara Swisher pushed back that residents, not politicians, drive the opposition, angered by secrecy, NDAs and a sense of corruption.
Scott Galloway averaged results across administrations since 1980, which he treats as the turn from a manufacturing to a service and tech economy. He said Republican administrations added about 1 million jobs a year and 2.1% GDP growth, while Democratic administrations added about 2 million jobs and 4.1% growth. Deficits, he said, grew 2.8% of GDP on average under Republicans versus 2.1% under Democrats. He pitched this to young men, who he says vote mainly on economics, urging them to ignore virtue signaling and vote for their wallets.
Our own transcript of the public episode, with a timestamp about every 90 seconds. Tap a timestamp or the link button on a paragraph to copy a link that opens this page there.
0:00What will you Canva today? What will you brainstorm, collaborate on, present today? What will you resize, post, edit, imagine? What will you research, test, switch, and finally have the courage to pitch? You got this! What will you visualize, design, brand, animate, create, generate? What will you translate, pour your heart into, or have a laugh doing? Whatever you want to make, it's possible. So what will you Canva today? Support for the show comes from Corweave. Everywhere you look, AI is expanding what we thought was possible. And at the center of it all is Corweave. Medical research and diagnosis, education, complex visual effects for movies, science and technology breakthroughs. Corweave powers AI pioneers around the world with purpose-built tech,
0:47building what's never been built before. CoreWeave is the essential cloud for AI. Ready for anything, ready for AI. To learn more about how CoreWeave powers the world's best AI, go to coreweave.com slash ready for anything. Support for this show comes from the Pondering AI podcast from SAS. Thank you. Host Kimberly Neville sits down with innovators, researchers and data scientists to challenge assumptions and explore what comes after the AI breakthroughs and headlines. If you're curious or concerned about AI, find Pondering AI wherever you get your podcasts. Let's be a small cell on the hand that bitch slaps this corruption and this depravity. Don't vote. Hi, everyone. Live from the Beacon Theater in New York City's Upper West Side, this is Pivot from New York
1:54Magazine and the Vox Media Podcast Network. I'm Kara Swisher. And I'm Scott Galloway. Well done. Nice. That was good. We're in Toronto tomorrow. I want to hear it a little bit louder because the Canadians fucking rock. Let's go. Okay. Before we start, I want to send a big thank you to our title sponsor, Beehive, the platform for building an audience and a business around your point of view. From newsletters and websites to podcasts and communities, Beehive brings content all together in one place. Thanks also to our official sponsors, Tanium and Odoo. Thank you so much for sponsoring this. We are taping this show for audio and YouTube distribution because kids love YouTube. So you'll be able to hear it or watch it on Tuesday, November 3rd, Election Day, which is tomorrow, everybody.
3:05Which is probably why we're going to be in Canada in case it goes bad. Okay. As we tour the country this week, we'll be sending out three special editions of our new newsletter filled with photos and behind-the-scenes content. Go to pivotshow.com to sign up. We're going to start on a high note by someone I've been cheating on Scott with in a podcast point of view to talk about the election that's coming up. We're trying to find out who would be really great to do this. And so our special guest tonight is co-host of High Stakes, my other podcast. She's also a Grammy-winning former Secretary of State and a Scorpio. Please welcome Hillary Clinton. Hey. Looking good with those glasses. Yeah, I picked them up from somebody.
3:47Wow. Yeah, what do you think? They look good on you. Yeah, well, before you were born, I used to wear glasses like this. And it brings back a lot of memories. Good. Well, it works for you, I got to say. Don't you think, Scott? Yeah. Scott's looking at us like, oh, shit, this is too bad. We're also going to be announcing our 2028 presidential bid again because, you know. So let's get to it. We're going to start asking questions about stuff. We've been doing a lot of this on High Stakes, which is our new podcast. And one of the things that was great, I was at dinner where Hillary was at, and she was laying down so many truth bombs and they were so smart. I was like, I wonder at dinner where Hillary was at, and she was laying down so many truth bombs, and they were so smart.
4:26I was like, I wonder if this woman was like valedictorian of something. And I wanted to create a podcast that was the world's greatest civics lesson. And she has been everywhere. And so we're going to ask her some questions, obviously, about the election. So let's start. Tallarico, El-Sayed, AOC, Newsom, Klobuchar, you've met all of them. Who in that group is the real deal for the next 10 years and who's peaking too early? Oh, my gosh. We have an election tomorrow, which is called the midterms. Right. Remember that? Yes. I thought I taught you about that. We'll put that at the end. Yeah. And so we're leaping ahead beyond even that election. We have no idea. We have no idea. I think, you know, having run for president, you don't know until people actually get on the field and they start competing.
5:16Who's going to rise? Who's going to believe that we're going to have a dozen really good Democrats running to compete, starting, you know, probably after the first of the year. Which is a good thing for the Democratic Party to have. It's a good thing. It's a very good thing. And, you know, we're going to have a bunch of governors. We're going to have people with a lot of experience. They're going to be out there, as we say, testing the waters. I think it's going to be not just good for the Democratic Party. I think it's going to be good for the country because we haven't really had politics. We've had a cult in charge of our country over the last years. And I think we need to get back to having like real debates where people are exchanging views and audiences like this here at the theater get to
6:07make up their own minds. So I'm looking forward to it. Yeah. So what are we going to wake up to on November 4th? Yeah, I think we're going to wake up to a Democratic House and a Democratic Senate. And why? Why? Give your case. Do a Hillary Clinton case. First of all, I think that the issues that people are responding to are real to them. They are living them. They are seeing the results. So when we started talking about the affordability issue, that was something that most Americans could say, hey, you know what? I can relate to that. My health care costs are going up. Why is that happening? Well, maybe because this administration and this Congress have cut back on health care subsidies for the Affordable Care Act. Oh, my gosh, my gas prices, if I use
7:04diesel, my diesel prices, they're all going up. Why is that? Well, most dramatically and recently because of the war in Iran, or maybe also because of tariffs, which get passed on. They are not some kind of deus ex machina that can be put out there with no consequences for consumers. So you go down the list and all of the efforts to distract attention, to make up other reasons why things were hard, to try to claim, as we keep hearing from the president, that, you know, we're living in a great time, and people are saying, it's not so great for me. It's not so great for my kids. Well, it is good for the Trump family. It's very, very good for the Trump family. And one of the smartest moves that was made in this campaign was to link affordability and corruption.
7:53And I want to thank not just Democrats, but you go back and look at the election in Hungary. And this is a bit of an aside. But think about what happened in Hungary. Orban had been in power for, what, 10 years. And the opposition had tried to defeat him before. They're taking advantage of being in government to make themselves and their families rich. And it's costing you money. And now I think you're finding in polls and research and focus groups, when voters are asked, what do you think about corruption? They say it's costing me money. Somebody else is making a lot of money and I can hardly make my rent. I can hardly pay to fill up my gas tank. It's the linkage. Scott? So assuming, let's count our chickens and assume we take the House and the Senate and it's none of them but the fourth.
8:54I would argue it's a lease, not a mortgage, dating, not a relationship. I think that it'll be a function of not them loving Democrats, but hating us less. What do you think the Democratic Party needs to do or Democratic leadership? it'll be a function of not them loving Democrats, but hating us less. What do you think the Democratic Party needs to do or Democratic leadership? What are two or three things you think they need to do immediately such that we can turn this into something enduring going into 28 instead of just them flipping back in 24 months? You're absolutely right, Scott. If the Democrats don't go in with an agenda and have the discipline to enact that agenda, then they're going to lose the kind of support that they're
9:32going to gain in this election. Number one, they ought to look at the affordability agenda. What's going to be in that? I think there are several things, one of which is health care costs. But there also can be even more fast tracking of housing starts, taking a hard look at how we can shift the burden on fossil fuel costs from consumers to the oil and gas companies, which have recorded record profits. So I think that there's a lot of good work being done right now to put together an affordability package. Secondly, an anti-corruption package. You know, people have to feel that this issue of corruption is going to be front and center because it has been costing money. People have been benefiting at the expense of, you know, everyday Americans, consumers,
10:28people who get up every day and, you know, try to, you know, make a living. And so what's that going to look like? Well, I think that has to be linked with closing loopholes. I thought the emoluments clause in the Constitution meant something. I thought it meant that you could not be the president of the United States and report a $1.2 billion, you know, income from making deals through crypto and other things while you were in the Oval Office. I'm amazed that we can't enforce the Constitution. And so we need legislation to close these loopholes to make it very clear. And finally, they're going to have to loopholes to make it very clear. And finally, they're going to have to do some investigations to get to the bottom.
11:08And, you know, when Kara and I were on a couple of programs earlier today, The View and CNN with Anderson Cooper, you know, she was making the point. We still don't even know the damage that Elon Musk did through Doge. We don't know what data was illegally taken, your Social Security data, your Medicare data, whatever data, tax data. Where is it? What's it being used for? We need to get to the bottom of this, not for the sake of investigating just to kind of hold hearings and look like we were, you know, pointing fingers and scoring points. But let's find out what damage has been done so we can begin to repair it. So let's get to the simple test. There's a lot of races that are, you had been worried in a couple
11:55of our things because you're always like, Texas, we'll see, even though Tallarico is clearly popular, right? And Ken Paxton is pretty loathsome as a candidate. But there's a couple of races. One, obviously, the Michigan Senate race, which is taking up a lot is pretty loathsome as a candidate. But there's a couple of races. One, obviously, the Michigan Senate race, which is taking up a lot of time. And Scott has a point of view on this, too. Democrat Haley Stevens, who lost the Michigan Senate primary to Abdul El Syed, flipped and endorsed Republican Mike Rogers over the weekend. I know, I know, I know, I know. So, yeah, that's, I was going to say, is she a traitor? is just saying out loud with some moderates really think about where the party's going?
12:28Do you think it helps or hurts? I'll say Scott does have a point of view on this. So why don't you go first? And then we're interviewing me. Yeah, I'm going to you. You had a point of view. Let's see what the professor thinks. OK, I have a lot of disagreements with Al-Sayed, but at the end of the day, we get to have a discussion with Al-Sayed, whereas Rodgers, you don't get to have a discussion because he's an election denier. So we don't even have a democracy. I would vote for another Democrat. But given the situation, I'm a supporter of this. I mean, the most important objective has to be to rein in Trump and to defeat as many Republicans as possible in this election tomorrow. And El-Sayed won the primary.
13:18I don't know what's going through the congresswoman's head about her feelings or her opinions, whatever it might be. But it is a sideshow because it has nothing to do with what's really at stake in the election. I'm sorry that people's feelings get hurt. I've won elections and I've lost elections. And I have also lost elections where I got more votes than the person that allegedly won. So, you know, I think I think I know a lot about this. And my attitude is we need to win these elections. And I am pulling for all of our Democratic nominees. So is there any election you're most worried about? I suppose Texas is the one that you see. You're always like you never know with Texas. Look, I think I think Tallarico is a fabulous candidate.
14:11And I love. I also think Gina Hinojosa is a fabulous candidate, the woman running for the governor of Texas. They are polling really well. They have a lot of energy. They are great both in so-called real life and online. They communicate effectively. Texas is just huge. And there is so much infrastructure that the Republicans have built over so many years that they are, I'm telling you, as we are meeting here tonight, working overtime to turn out every Republican voter and their sister and their brother and their cousins. And, you know, they're going to do everything they can to flood the zone tomorrow, as well as what they have, you know, done up till now. I I just have a really hopeful, good feeling that, you know, Tallarico is going to pull it off because I think
15:06that there are enough Republicans and independents in Texas who will not be able to vote for Paxton, who is the poster child of corruption in Texas. And so I think that we've got a very good chance to win in Texas. To win in Texas. So you remember when all the CEOs lined up to kiss Trump's ring? That was yesterday. Mostly tech CEOs. The donations, the investment pledges, the ballroom donations from Apple and NVIDIA. A couple of things. I have a couple of things. If Democrats win the House, how far should they go with investigations and subpoenas of these people? And by the way, Trump said he'd preemptively pardon Elon and also close aides. Now, is that something you think is going to happen? And how do you look at tech CEOs right now?
15:56Well, I'm disappointed in a lot of them. You know, so much more both of you do about them than I do. But they made their bets on Trump and they have all different rationalizations, but most of them wanted contracts. Most of them wanted some kind of monetary reward for supporting him. So, you know, they've contributed and they've, you know, kept their, you know, their mouths shut and haven't criticized him. I think that will begin to change if we win the Congress, because all of a sudden, you know, we get back closer to, you know, politics where, guess what, you got to find common ground. You have to, you know, understand the other's point of view. When it comes to what Trump said today, which was he was thinking about
16:47pardoning Musk and pardoning other people, he may well do that. But that doesn't mean they can't be called and forced to testify. Because just because they're pardoned for something, unclear what, does not remove the obligation to respond to a subpoena in the Congress. And in fact, some legal experts argue that if you're pardoned, then you have no protection. You cannot take the Fifth Amendment because you have no jeopardy. So let him pardon Elon, and then let's call him in and figure out what he has to say. A few more things. We'll do the next question. A New York Times analysis of a decade of Trump's speeches finds he's getting cruder, more extreme and harder to follow. I think they're talking
17:37about dementia, but they weren't quite going to say it. Let me bring up something you said in 2016, because you're like Cassandra. you were right about quite a few things. A man you can bait with a tweet is not a man we can trust with the nuclear codes. Democrats got destroyed over Biden's age. And why isn't Trump paying the same price? Because we had talked about that you were dying. Yeah. Oh, I died many times. Yeah. Well, you are looking at a reincarnation. You're looking good. I don't know all the reasons why he has been consistently held to an easier standard than anybody else in politics. I mean, his word salads are legendary. And if you try to follow, it's really complicated and difficult to make
18:35sense. But it hasn't until recently been covered particularly as indicative of his inability to really think clearly about very important issues. So I can't explain that, but I think we're catching up to it. It bothers me a lot that he goes in and out of what I consider to be coherence. I don't know whether he's distracted. I don't know if it's medical. I'm not going to speculate on that. But, you know, when you're making like he's about, I believe, to make another decision as to whether or not to renew active attacks on Iran. The consequences of that are so serious and they need to be thought through carefully. And I don't think we have a commander in chief who is either interested in or willing to have that level of careful deliberation before making a decision. And so this is not just that he stands up there and he
19:46goes on and on and makes lots of non sequitur comments about all kinds of things. This is what happens inside the situation room. And I am worried that post this election, if we do get back both the House and the Senate, it's going to even further short circuit his thinking. It's all going to be, here's what I believe. Here's my, you know, impulsive take on this situation. You're going to do what I tell you to do. And I worry about that. But I hope that maybe with Congress in Democratic hands and the threat of investigations, you know, the people around him will be able to rein him in. Oh, yeah. That Stephen Miller's a real rainer in our. Well, he is obviously one of the main provocateurs. But there are other people who I hope will exercise some restraint.
20:44Pete Hegseth, that's going to go. I'm just aware. At this point, I'm rooting for Kristi Noem. I mean, really. Well, you'll notice that he only gets rid of women. Yeah, I did notice that. So that's another thing. But they're also incompetent. So I don't know how I feel about that. But even, you know, I think, you know, outgoing Congressman Massey has already introduced articles of impeachment against Hegseth. And it couldn't happen soon enough because he is really a danger to our country. Yeah. Scott, last question. We talk a lot about young men and young people. And a big belief of mine is that your success is a function of your willingness to mourn and move on. What can you tell or say to young people or anybody else who faces
21:32disappointment around how you get back on your feet? What gives you strength? How do you repair? How do you mourn and move on? What did you do? Because I don't know you, but I sort of know you. And my sense is you're doing just fine. What? And honestly, I know a lot of people that hit a fraction of that disappointment and just get stuck for the rest of their lives. What advice do you have for people that face that type of disappointment? Well, there's so many different kinds of disappointment in life. Everybody's faced disappointment. And, you know, I feel very much grateful to my parents because my mother had a really miserable life and was literally on her own by the age of 13. But she found it in herself to keep going. And part of what she really taught me by
22:39example and by advising was that everybody gets knocked down in life. You know, it's not always on a big stage where everybody can see you get knocked down. It's often in the most private, personal, difficult moments of your life when it happens to you, whether it's death, relationships, you know, work disappointment, whatever it might be. And, you know, what she said to me over and over again, and I took it really seriously because I saw and understood how she'd been treated, how she'd been, you know, basically given up by her mother and father, abandoned, how she'd been mistreated by her grandmother, kicked out of the house when she was 13, how she'd gone to work in somebody else's house, taking care of their kids, how she had hoped that her mother would love her at some point. And her mother
23:30asked her to come back to Chicago because she'd been sent to California when she was like eight years old. And she came back thinking she could maybe have a relationship. And her mother was, you know, basically just wanted her to work for her. I mean, just disappointment and abandonment and despair. But she found it in herself to get back up every day and to keep going. And that's really what she conveyed to me. It was, look, everybody gets knocked down. Everybody gets disappointed in life and love and work, whatever it might be. And you got to make a decision every single day. Are you going to lie down there and give up on yourself and let people walk all over you? Or are you going to get up and, you know, start a new day and make a new path for yourself?
24:19It's a great piece of advice. That's how I was raised and that's how I've tried to live. Yes, you're a game gal, as my grandmother would say. We really appreciate it. I went out and got that present you asked me to get for Donald Trump. He's been talking about men's asses a lot. I heard that. It's very strange. But I think I found the perfect present for January when he leaves office because it's super cold. Okay. So if you could give this to him, it says, so gay for you. Well, you know, you and I had a conversation about this earlier. Yeah. You think one thing. I think something else. Yeah. But I will certainly try to deliver it. Okay. 2028. Hillary Clinton, Secretary of State. Anyway, thanks again to Secretary Clinton.
25:15And please listen to High Stakes. It's really good. She just, she's amazing. She's like zealot. She's been everywhere and has great advice like that. I thought that was really lovely. Okay, we need to take a quick break. And when we come back, we'll get to some news. Kate holds the key to every brand asset your business has ever made. She's the only person who knows the difference between teal, turquoise, and the correct company blue. But she's going on vacation. Luckily, before the company falls into design disarray, you realize you can put Kate into Canva. Save every color, font, and logo to a brand kit everyone can access. And Kate can vacation happily in the knowledge that no one will ever use Comic Sans.
26:01What will you Canva today? Support for the show comes from Upwork. When you're a boss, one of the best skills to have is knowing how to delegate. What will you Canva today? without committing to full-time headcount. From software development and AI implementation to marketing design and business operations, you can browse profiles and review past work so you can hire with confidence and get started quickly. And with Business+, you can access the top 1% of talent on Upwork. AI-powered shortlisting delivers a curated shortlist of top freelancers matched to your goals in under six hours. No endless searching required. Upwork also cuts down operational hassle by handling things including contracts and payments in one place.
26:46It's free to sign up and posting a job is easy. Visit Upwork.com right now and post your job for free. That's Upwork.com to connect with top talent ready to help your business grow. That's U-P-W-O-R-K.com. Upwork.com. Support for this show comes from the Pondering AI podcast from SAS. Thank you. need to be asked. Host Kimberly Neville sits down with innovators, researchers, and data scientists to challenge assumptions and explore what comes after the AI breakthroughs and headlines. If you're curious or concerned about AI, find Pondering AI wherever you get your podcasts. Scott, we're back. So we're going to get, that was great on foreign policy and politics. And let's hope, everybody just get on vote tomorrow.
27:56That's all we have to say about that. Binance says it's restored roughly 95% of the assets stolen in last week's $6.3 billion hack, the biggest crypto heist in history. The FBI has confirmed that North Korea was behind the attack. The hack fueled a crypto sell-off that combined with the tech stock plunge had some social media calling it Bloody Friday. Binance customers pulled $3.64 billion from exchanges over the weekend when withdrawals were unfrozen. Crypto has gone mainstream. Trump has really unleashed that in recent years, especially with his backing. How much of a setback? Where are we with that? And I think tech stocks. So what's actually interesting about it. So first off, just on a macro level, theft is hands down the best way to grow an economy.
28:43We did it in the 19th century. We went up and down. We actually kidnapped artisans. We copied manufacturing technology, and we put factories all along the Eastern seaboard. We basically engaged in massive IP theft of European manufacturing. We scaled a better industrial revolution. The Chinese core competence in China is IP theft. They basically will steal. People think spy versus spy or espionage is some handsome guy killing a bad person in a bomb lair in some hill in New Zealand. It's not. Probably about 89% espionage is a very nondescript assistant uploading thumb drives from Monsanto and finding the dyes and the colors to usually China in which they sell back the products for 40 to 60 cents
29:34on the dollar. The scale of this theft, it's the scale that's interesting because as it relates to Binance, they've only lost about 2% of their asset under management. So it doesn't look like it's actually been that big a deal for Binance. Now, having said that, $6 billion on a $30 billion economy means they grew their economy this week by 20%. Imagine that the equivalent theft, if we were able to pull off that type of IP theft in the United States, that means we would be able in 48 hours to capture about $6 trillion. They essentially, relative to their government, a failed nation state that this type, every kid is gonna be taught hacking and AI. That is now their core competence. The people who figured this out in North Korea
30:39grew their economy 20% this year. And the scale on the other end about just how successful our economy is, is that a company can lose $6 billion and the next day it only loses 2% of its assets. What about the tech sell-off? Because it's really starting... I know we talk about this idea that before the big crash in 2000, everyone thought it was going to crash for a couple of years. And then there was up, up, up, and then not up. But it took a while. How do you look right now? Because you see these cracks, whether it's data distribution. Elon just said that Grok's too expensive, you think. And at the same time, he said, we're all going to have abundance, whatever. But how do you look at where tech stocks are?
31:22Because as we've talked about, it's everything in this economy right now. It's nothing else matters but tech stocks. Well, I mean, I'm about to engage in a word salad, but let me skip to the end. I don't know. Just don't have an utterance like, I don't know. I'll make the bold case. AI is transformative. The railroads are transformative. Electricity was transformative, right? The internet was transformative. All of those involved bankruptcies along the way. What I'm fairly certain of, I don't know what's gonna happen to these stocks. I know at some point they'll correct. I don't know how severe the V will be. What might be happening right now is there's a bit of a soft landing. These stocks are down, right?
32:02And that might be a good thing as opposed to a crash that scares people. What's most interesting is among the big tech firms, the firm that has outperformed every other of the MAG-7 this year is the one that has purposely stayed out of the AI arms race. Apple has vastly outperformed all of the other MAG-7 because it has refused to engage in this multi-trillion dollar arms race. They've just said, you guys go play in traffic and we'll see how it settles out. The same way they avoided the search wars. So what could go right? Can I just note, Apple just announced earnings right before our taping. The first since CEO John Ternes took over from Tim Cook. Revenue rose 12% from a year earlier, slightly ahead of expectations.
32:46Gains were driven by those price hikes a few months ago, plus demand for the new iPhone 18 Pro lineup. iPad sales were down as well as sales in China coming in below estimates. The iPhone Duo, the Apple's new foldable phone, wasn't on sale during the quarter, so we'll have to wait to see its impact. So keep going with Apple. quarter, so we'll have to wait to see its impact. So keep going with Apple. Well, so Apple's flat, a beat on the top and bottom line, 12%. But anytime we've had more than 2% of GDP allocated towards the technology in this short a period, there's a fairly severe crash along the way, which we have not registered yet. At the same time, to make the bull case, I was like, I struggle with anger and oppression.
33:26I'm a glass half empty kind of guy. And so I constantly have to ask myself, because one of my biggest flaws as an investor is I'm constantly thinking everything's going to get cheaper and it's going to crash. And if you look every day, if you look at the markets, the optimists have kicked the crap out of the pessimists. If you were to be honest about the markets, the way you would calibrate it or describe it is that every day it gets a little bit better and you'd be stupid not to keep your money in the market and be diversified. The bull case is the following. If you look at the price to earnings ratio of an Alphabet right now or an NVIDIA, they're trading at a lower PE ratio than the average S&P
34:07company. And would you rather have YouTube and search and cloud and the most sophisticated chips in history growing 40% a year, growing its profits 60%, or would you rather own P&G or Caterpillar? So now the E is the hard part because we're worried that these things are so out over their skis that we have a circular financing. For example, NVIDIA is financing, it's a mine, right? It's financing the picks, it's financing the shovels, it owns the banks, it is loaning money to the mines, that the demand signal might not be organic. But when you look at these companies' cashflow generation and you look at their valuations, Cisco is trading at a PE of 299. NVIDIA is trading at 16 or 17. So the bull case is they don't look expensive right now.
34:53But you just brought up that idea of X and X is NVIDIA just invested in Meta in their fund. So Meta is looking for money, too. Everyone's looking for money, essentially, because they have to pay for these data centers. Well, that's the fear is the infrastructure build-out feels like the railroads, and it's just too much, and the R will never catch up to the ROI, right? But when you have a company like Anthropic, I'll go to the bull case again, growing 14x, if it just goes 3 to 5x a year for two years, it'll look reasonably priced. But can there be a lot of them? When you say there'll be a lot of them. A lot of, like, Anthropic, OpenAI, et cetera, et cetera. Well, the fear is, I mean, it gets very complicated very fast
35:31because Anthropic and OpenAI are, I mean, this is so weird. You have NVIDIA loaning money to Meta and Meta is using some of that money to buy NVIDIA chips. So that's a circular financing. And when that unwinds, it unwinds really fast. And also you have NVIDIA and OpenAI borrowing money from their competitors. In other words, the people offering compute, whether it's Broadcom, Nscale, Google, Amazon, to the front end LLMs, are also their competitors. So they're probably going to have to even spend more money and go vertical such that they're not dependent upon their, for financing and for compute from their competitors. This all feels just very incestuous and very strange and very dangerous.
36:24And it smells like, you know, it smells like teen spirit. It smells like 99 again. This all feels just very incestuous and very strange and very dangerous. And it smells like teen spirit. It smells like 99 again. But then when you actually look at the cash flow generation of these companies, to call it a Cisco or to call it a pets.com is just not accurate. Will you buy into the Anthropic is going to be going out in November? You would buy into this? When? Pre-IPO? Anytime. What difference? Pre-IPO, IPO. Oh, yeah. And I would trade out on the first trade. First trade. Yeah, I would trade out on the first. People will get so excited about it. Goldman and JP Morgan. The IPO market is rigged, folks. And that is they'll use AI and they'll do all sorts of demand scenarios to make sure it gets
37:03a 20 or 30 percent pop on its first trade. And they give the insiders, it's institutional clients that create fees for them and investment banking fees, they give them access. And they say to the company, it's worth taking additional dilution for the 20 to 30% pop because you'll be on the front page of every newspaper saying that you got a 20 to 30% pop, which is a once in a lifetime branding event. It's totally rigged. And the people in this audience get to 20 to 30% pop, which is a once in a lifetime branding event. It's totally rigged. And the people in this audience get to buy it after that pop when it hits its natural pricing level. So if you're fortunate enough to get in pre-IPO or on from Goldman or JP Morgan,
37:38you buy it and then I would just sell it on the first trade. Wow, that's a real, you know, wow. You really love that company. Okay, a couple more things. OpenAI wants to rebrand AI data centers as compute campuses. Fucking hate these people. They're not, I mean, they're not even good at English. It's just like, oh, come on. In an effort to improve public perception. Maybe if they weren't such assholes, it might... Anyway, a spokesman says the name better described the scale and role of infrastructure the company is... I can't believe I'm reading this. The move comes as the company prepares for a potentially tougher regulatory environment after the election, you think? Sam Altman? Oh, well. Too many lunches at Trump, at the White House, I guess.
38:37Mr. Branding, does the name change? I think they should just call it, I don't know, Train Daddy or something. I don't know. Something that's appealing. Compute campuses. Thoughts, Mr. Brander? Well, it depends. If it's a merger and you have an opportunity, Morgan Stanley acquired, or Dean Witter kind of acquired Morgan Stanley. Morgan Stanley is the better brand. Then you absorb Morgan Stanley as the brand. Wells Fargo, Norwest, a boring mortgage company out of Minneapolis, acquired Wells Fargo. Wells Fargo is a great brand, so they absorbed the Wells Fargo brand. But generally, when you make a name change, it doesn't work, whether it's ValueJet to Transair or like, oh, I'll definitely go to work for Altria, not Philip Morris.
39:11I mean, it doesn't really work. You know, it's like, okay, there's such good people at Meta. It's not Facebook. Um, so generally speaking, it's a negative forward-looking indicator when you think our, the, the general perception of us, of us is so negative that we're not going to change it. I had a brand strategy firm and we actually did work for Exxon. I know, hate me. Um, but they were thinking about a name change. And we said the global recognition, the association with the tiger, investors still love this company. Fossil fuels are huge. You're a global brand. No, you're not going to escape this ecological disaster by changing your name. Yeah. Remember, BP was beyond petroleum. So I have some knowledge here. I teach at a campus and your electricity rates aren't going
39:56to go up in my campus. Yeah. Yeah. So not a good idea. It almost never works. Yeah. And then with the regulatory environment, what do they need to do? As I make a joke, do people like Mark Zuckerberg have to call themselves they-them going forward? What has to happen? It will happen. I just got invited to a meta party so that you know things are turning. But go ahead. We'd love to have you, Kara. I'm like, what? Anyway. Oh, I'm going. But just because I like the weight and dangerous routers, this is obviously a very progressive audience. I personally think the kerfuffle over data centers is misplaced. And I think it's a bad move for Democrats. The moratoriums that Governor Hochul, who I'm a fan of, I think it's populist bullshit.
40:49Well, Greg Abbott, too. This is an argument as old as time. Nobody wants the chicken processing plant or the nuclear power plant or the Ford factory down the block from them. It's up to elected officials to figure out a way such that it's a win for the local community and assuage their concerns, whether it's them producing their own electricity. But the reality is this is what, in my view, is going to happen and bums me out as a Democrat. in for the local community and assuage their concerns, whether it's them producing their own electricity. But the reality is, this is what, in my view, is going to happen and bums me out as a Democrat, is that the Republican states are going to get all of those data centers that pay property taxes, and they will raise the rates in the money that they have to provide to the local
41:18community, which will benefit the red states that say, come on in. Good local officials should be able to figure out a way to say, you cannot raise the electricity rates. It has to be in an area. It has to be closed loop water. But all this populist bullshit is going to do what we always do. We'd rather be indignant than pay for our fucking food stamps. Well, at the same time, let me be clear. I'm going to push back on that because I've talked to lots of mayors. It's the citizens. It's not the politicians are just reacting, but it's the citizens because they feel. It's a populist movement. It's not, the politicians are just reacting, but it's the citizens because they feel- The populist movement.
41:46It's not just that. They feel like, as Hillary was talking about, accountability, corruption. Do you know what state has the most data centers? Virginia. Virginia. Right. Exactly. And they're good citizens. They don't call the fire department. They don't call the cops. There's no ICE raids. They pay property taxes. They have to do it right. But it does reflect voter sentiment. And you should pay attention to that if you're a politician. You should not. Oh, I agree. It's a populist movement. But in my view, it is not leadership. It is posture. Well, when it feels like there's some reigning of these people in, people might feel better about that kind of stuff. Data centers are the latest vessel for income inequality.
42:21People are angry. All they hear about is people becoming trillionaires and being ungrateful and not acquitting themselves well. And so their anger, they find a vessel for their anger. And I feel like the vessel right now, unfortunately, and I think it's a mistake, the vessel for their anger is rallying against data centers. I think it's a bad move. And ultimately, we need growth. We need money to pay for wonderful social services and to have tax credits for housing and better schools. And you have to have an eye on growth. And we are pushing all the growth into red states. As long as they feel like the money's going to them. I think that's part of it. I'm sorry, repeat that? They feel like it's corruption.
43:02They feel like it's not. It's quiet. It's NDAs. It's like all the NDAs in the world are really irritating to average citizens, and they're articulating it through that. In any case, speaking of tech people, my good friend Larry Ellison, who is the owner now of CNN. Wait, I'm sorry. Wait, I'm getting it. I literally have no idea what's going on right now. Send the courier in. Ms. Swisher, Ms. Swisher, I need you to sign this. How are you? Hi, John Lemon. Hi, everybody. Hi, Ms. Swisher. How you doing? These are your exit papers from CNN, and you have to sign them now. Who gives a fuck? Go already. Jesus Christ, the person who's at the party. Well, I'm leaving. They're still here a half an hour later.
43:57I got something better to do. No, you don't, bitch. Jesus Christ. She makes about 200 times what you make at CNN with this bullshit? Yeah. Yeah, that's... But she just signed her papers. Sacrifice. She's not going to be preaching to 69-year-olds with an oxygen tank waiting for Ari Melber to come on so they can masturbate. In any case... Let me tell you, I'm very proud of you. Don Lemon said, you better not not quit. And I didn't. So I just want to say, Scott, I'm not leaving. I left. You left. All right. Thanks, everyone. I love you. Yeah. Sometimes you just have to say no over and over. Well, I'm never going to leave you. Just remember that. Anyway, we need to take another quick break, everyone. We'll be right back for wins and fails. to bridge the gap between existing financial systems and the future of finance. You can have it all.
45:05Legacy, stability, and digital innovation. Systems that work with your other systems. Because with the right partner, the question isn't crypto or traditional finance. The question is simply, why choose? A new standard of modern finance. It's happening with Ripple. For informational purposes only. Availability of products can vary and may be provided by different Ripple entities. powering some of the biggest names in AI. As the essential cloud for AI, CoreWeave provides an AI platform that combines next-generation infrastructure, intelligent tools, and expert support. It's powering the world's most complex AI workloads faster and more efficiently, from medical research and diagnosis to education, from complex visual effects from movies to
45:57breakthroughs in science and technology. If it's AI, CoreWeave is uniquely ready to power it with purpose-built tech. The big ideas, the wild visions, and what-ifs and why-nots. CoreWeave is uniquely ready to power it with purpose-built tech. The big ideas, the wild visions, and what ifs and why nots. CoreWeave is working to build what's never been built before. CoreWeave is the essential cloud for AI. Ready for anything, ready for AI. To learn more about how CoreWeave powers the world's best AI, go to coreweave.com slash ready for anything. Thank you. so teams can launch and keep improving their sites in one place. It helps creators, teams, and businesses ship production-ready sites faster than ever
46:47while getting every detail right. You're able to prompt, inspect, edit, and publish in one place at a whole new pace. On Framer, agents and humans work in tandem. Agents bring speed and scale, while people bring taste, judgment, and control. And that all takes place in the same workspace where the real site is designed, managed, reviewed, and published. Those ideas land on the canvas, stay editable, and can be published when the team is ready. Framer is an enterprise-level solution. Thousands of businesses, from early-stage startups to Fortune 500s, are choosing to build their websites in Framer, where changes take minutes instead of days. Learn how you can get more out of your site from a Framer specialist or get started building for free today at framer.com slash pivot for 30% off a Framer Pro annual plan.
47:30That's framer.com slash pivot. Rules and restrictions may apply. Scott, we're back and it's time for wins and fails. I'm going to go first, okay? Please. You'd think I would say the Valkyries winning in San Francisco. Amazing. That was fantastic. That was amazing. But I have a couple of little ones I'm going to do for my wins. I'm not going to have any fails today because I don't feel like it. It's a great day for the Valkyries winning. The Gilded Age returns with Train Daddy and Carrie Coon who did the sexiest picture ever and a blink and you'll miss a cameo from David Letterman and Matt Damon which is fantastic. I also win is I have two of my friends from high school, earlier middle school, Trevi Williams and Carla Rubin.
48:26They're here, and it's Trebi's birthday, so everybody wish her a happy birthday when you see her. And lastly, I invited some friends who used to run 60 Minutes, Bill Owens and Tanya Simon. They're here today, and they did an amazing job. And they're on onto really interesting stuff. Okay, those are my wins. Those are all my wins. I don't have any fails. You don't have a fail? I don't have one fail today. Okay, so I'll go fail first. I think the idolatry of innovators has gotten so out of control. I was talking with the secretary before this. If you go up and down the West Coast, you're going to see literally companies. The West Coast is littered with multi-trillion dollar companies. And you get to the Canadian border, it stops.
49:13You get to the Mexican border, it stops. And yet these individuals are quick to credit their grit and their character for their success and blame the government for their failures. And what is so disappointing, that's not my fail, because if you tell a 35 year old male who's Jesus Christ, he's inclined to believe you. The fail is that we have begun believing through this ridiculous, unhealthy, and dangerous idolatry of innovators that they get to live by an entirely different standard. Elon Musk is a traitor to the West. If in the 30s, we had this incredible hero, Charles Lindbergh, an innovator, and he felt that we should be on the side of Germany. And a lot of people felt that way. We had spent tremendous capital, a lot of loss of human life of young men
50:06in World War I. And we thought, you can understand, we don't want to go back, right? And his view was we should partner with Germany and Hitler. And this could have very easily happened. He was a hero. What if he'd raised the capital to buy Boeing? He probably could have done it. And then when we lent B-17s to run bombing runs over Germany to the RAF, what if he had figured out a guidance to our flight system? And then mid-1940, before we were involved in the war, decided to throttle back those guidance systems. And the Blitzkrieg in London got worse. And more homes and more civilians were destroyed and killed respectively. What would we have done to Charles Lindbergh? But it's uncomfortable and weird because
50:52we've decided someone who's a trillionaire and makes a great EV and can land a rocket on scissors is held to a different standard. We lined up the Rosenbergs against a wall. This is a traitor to the West, and you should be held to the same standards as every other traitor in the West. Anyways. You know, Scott, he will now be challenging you to a sword duel like he did with me. And by the way, I've said much worse things about him. He attacks me. He says I don't have a clue. He says you're stupid, pretty much. And then Kara says something much less incendiary, and he's threatening to put her in prison. Like, what's the difference? Anyways, my fail is I don't even blame them. The failure is ours.
51:42This, for some reason, we have decided. I just don't get it. If the CEO of Northrop Grumman was turning off Ohio-class submarines out in the South Asian seas, he'd have a lot of explaining to do. It's time for him to do some explaining. My win is the swingiest swing voters in every election are actually young men. And that is young men are more inclined. What's very interesting about this election is essentially the largest political party is now independents, which means more people than ever are up for grabs. And the swingers, if you think about what's happened in the U.S., where five states have effectively become the ones that decide the presidential election, within that now, or the people are going to start deciding more and more elections, will be the ones that can go, quite frankly, either way.
52:37No one changes, goes hard or blue from red more consistently or inconsistently than young men. Trump won them by 14 points in 2024. They are now polling 16 points towards blue. And young men essentially vote based on economics. They're not, young women vote more on social issues, young men vote more on economic issues. They basically want to know who's going to put money in their pockets so they can be prosperous, start families. And what the Republican Party has been amazing at is creating a brand that has an association with economic growth. And it's just not true. And my message, this is coming out tomorrow during election day, to young men who are thinking about it and want to vote vote but haven't thought through, and most people aren't like us, don't spend as much time thinking about these issues.
53:33I went back to 1980, which a lot of people would consider the pivot point when we evolved from a manufacturing economy to a service and a tech economy. Since then, we've had almost 12 presidential administrations, right? We're kind of at six and a half into Republican administration. We've had five Democratic administrations. I went back and I added up all of the GDP growth, all of the job growth, and all of the deficit growth. And then I averaged it across Republican administrations and Democratic administrations. And these are the findings. During Republican administrations, America has added, on average, a million jobs a year. During Democratic administrations, we have averaged an additional two million jobs per year. In terms of GDP growth, economic growth,
54:21during Republican administrations, we have averaged 2.1 percent economic growth. During Republican administrations, we have averaged 2.1% economic growth. During Democratic administrations, we have averaged 4.1% GDP growth. And then the retort, the retort might be, well, typical Democrats tax and spend. However, deficits have grown on average 2.1% of GDP under Democratic administrations. They have grown 2.8% on average during Republican administrations. So across a sample set of 12 data points, what you have is the following. With Democratic policies of a progressive tax structure on corporations and the wealthy and a reinvestment in the middle class and a stronger social and safety net and thoughtful regulation that helps scale companies, what you get is more
55:10jobs, more growth, and lower deficits. So if you are a young man like I was, and quite frankly, not interested in saving the whales, what I would ask of you is ignore our bullshit virtue signaling and identity politics and indignance over shit, I find obnoxious and ask yourself do you want more money in your pocket and if the answer is yes tomorrow November 3rd vote blue Wow You are constantly surprising me. And I want to say I support Mike Rogers. No, I don't, that fucking asshole. No. Anyway, we need... That was great, Scott. That really was. I'm very touched. That was lovely. Okay, we need to take another break. And when we come back, we'll take some questions from the audience. Support for the show comes from Harvey AI.
56:13It starts with a handshake to people find common ground and shake on it. A word becomes an agreement. An agreement becomes a contract. A contract becomes bound by law. For centuries, law has made our promises durable. Agreements are how we live side by side, settle our differences, build businesses, and move forward together. Today, Harvey, the AI platform designed specifically for legal work, is writing the next chapter of that legacy, helping lawyers handle those agreements more effectively and bring their expertise to more people. Harvey is trusted by more than 3,000 customers across 70 countries, more than 200,000 lawyers, 80% of the AMLO 100, and 20% of the Fortune 500 are all building with Harvey. Their Thank you. more at harvey.ai. Harvey does not provide legal advice. Users should always independently review
57:05and verify any output from Harvey. help it reach for it again and again as the weather gets cooler. If you don't have one yet, there's probably one on Quince's website with your name on it. Quince makes elevated everyday essentials using premium materials like Mongolian cashmere, organic cotton, and premium stretch denim. The designs are timeless, thoughtfully crafted, and made to be worn again and again. The 100% Mongolian cashmere sweaters start at just $50, giving you the softness and quality you'd expect from a luxury brand without the luxury price tag. I am about to get a ton of Quince items because I'm going to be wearing them on the upcoming Pivot Tour. But right now I am actually using my cardigan because it's
57:54which I love from Quince. It's very comfortable. It's so soft and the weather's starting to get cooler. I also have an amazing blazer. I use a black blazer that is just, it looks rich. It isn't expensive at all. So find the fall pieces you reach for most at Quince. Download the Quince app for app exclusive offers or go to quince.com. Get free shipping on your order and 365 day returns now available in Canada and the UK too. And when Quince asks you where you heard about them, let them know it was Pivot. It's the best way to support the show. you manage your website, track subscriber growth, dig down into your analytics, and build a community. And when you're ready to get revenue flowing, Beehive lets you offer paid subscriptions,
58:49connect with advertisers through the ad network, manage direct sponsorships, or sell digital products. You don't need a huge audience or a fully formed media company to begin. Start with your expertise, curiosity, or a subject you think deserves better coverage. Beehive gives you both a place to publish and tools to find your next readers. All you need to bring is your unique perspective. I'm excited because I am about to start a PivotPost Beehive newsletter with Scott Galloway for Pivot. I really like the platform for a lot of reasons, especially because it focuses in on the creator more than anything else. And I really appreciate that about them. I'm very excited to start up Pivot Post on Beehive,
59:27and it's the only place I would do it. Visit beehive.com slash pivot. That's B-E-E-H-I-I-V dot com slash pivot and start building your newsletter today. Scott, we're back recording live from New York City at the lovely Beacon Theater in New York City. We're going to now do audience questions, and we're excited to answer them, but please be considerate and keep them very short so we can get to as many people as possible. Line up here. Who is this young man? Is this thing on? Yeah. Hi. Who is this young man? Is this thing on? Yeah. Hi. Who is this? I'm a little nervous. Okay. My name is Michael Barbaro. And I host a small podcast called The Daily. Yeah. I have heard of this podcast. Long time, first time.
1:00:26Wait, I got to do this. I'm just going to interrupt you a bunch of times and go, huh, huh, huh, really? Hmm, hmm, hmm. This is not a plant at all. Go ahead. Okay, it's better than showing off your belly. Oh, well done. That's right. Well done. Okay, so I have a serious question. Okay. And a less serious question. And yes, I'm a plant. The first question carries for you and Secretary Clinton, if you would bring it to her and you can answer it yourself. Let's say that the Democrats flip control of both chambers of Congress tomorrow. On your show with the secretary, you all have discussed what I would regard as an enthusiasm for investigating the president, the cabinet, the administration. Have you fully contemplated the downsides of those investigations?
1:01:18The president was impeached twice in the first term. Right. Arguably, that in combination with prosecutions fueled his political movement thereafter. So that's the first serious journalistic question. The second one is that the daily is turning 10. Congratulations. Thank you. And frankly, the reason I'm here is to steal the wisdom of your live events mojo and absorb how you do things. And I wonder if you have any advice for us as we embark on a of your live events mojo and absorb how you do things. And I wonder if you have any advice for us as we embark on a series of live events to celebrate us turning 10, knowing that we are more buttoned up, less profane, less bare belly forward. Thank you very much.
1:02:00All right. Thank you, Michael Barbero. I'll answer the first one very quickly, Michael. I think I think Secretary Clinton did say this on the podcast. She doesn't believe Trump should be impeached. It's a waste of time. He's immune and it'll just suck up oxygen. or people because it creates a feeling that you pay for your crimes, essentially, or whatever you pay for your actions. And so I think I would tend to agree with that as much as it might tickle our fancy to do that. It doesn't matter. It doesn't matter to do that with Trump. As to advice, Scott, why don't you start for Michael on? Just bring your voice, brother. I love the Daily. I think they do a great job. I find the New York Times journalists incredibly, I think they brighten up a room by leaving it. So I go right
1:02:47to the news. I don't like the banter up front, but dude, bring that, bring that dreamy voice. Like, I mean, he told me about the daily backstage live events that, that, that just works. You know, that's going to work. They're going to have every liberal like, you're my dream. Can I set you up with my daughter, Michael? Anyways, that's a win. You don't need our help. All right. I have some advice. Actually, I think you have to get the times to be less buttoned up. I think it's really important. You know I've talked about this, that it's got to feel like people, the reason The Daily is so successful is not just because of the journalism of which it's an important part. It's because of you and your co-hosts and everything else.
1:03:27And it's really important that you really broke through as a voice that people trust. And I think in this age, I don't think every journalist deserves that kind of attention, but you're bringing a lot of great information. So bring it, make it real, do a lot of stuff with your fans and talk to them. Bring really great guests like Hillary Clinton and really just start to know you can borrow her. But you really I think if you really have to lean into it, and I'm honestly surprised that you haven't done it sooner. I wish you had and I'm glad you didn't. And the Times did this with Andrew Ross Sorkin's event, which is a version of what we had done at Code many years ago. But I think you just bring you.
1:04:10I think you and your co-hosts, they're there to see you and to be with each other and provide lots of community stuff for them. Also, a dick joke or two wouldn't hurt, Michael. I'll be honest with you. All right, question. What? Oh, stop. Don't tell me not to do dick jokes. It's not going to happen. All right. Question. What? Oh, stop. Don't tell me not to do jokes. It's not going to happen. Let's start here, young man. Go ahead. Hi, guys. My name is Jack. I'm 15 years old. Woo! And at my high school, I started a club for young men. Yeah. And inspired by you, Scott. And I was just wondering, like, if you have any advice for me, like building community with young men in my high school. Yeah.
1:04:57Good question. What a generous question. Well, first off, Kara, people ask me what I admire about Kara, and I admire her professionally, but I admire what a great mother she is. Do you want to? No, you go for it. Look, a few things. I think there's natural, a hormone will come over you naturally. You're, not that. Scott, don't go there. As you're getting to the point where leaving the pack, leaving your family and going to work or going to college is starting to become a reality. And it's so painful that mammals have a hormone that releases that makes it easier for you to leave. And you start thinking your parents are idiots. And then you realize when you're in college and that they're imperfect, but they're probably the best allies you're ever going to have.
1:05:47And so what I would suggest at the age of 15 is skip to the point where you recognize your parents are your allies. To the key to yes, if you want to be influential, if you want to make a lot of money, if you want to... All I wanted when I was your age was to be awesome. And to be awesome was to be rich and have a girlfriend that was much hotter than me. Those were my two objectives. And I've achieved both those things. And the way I've done it was when I was your age, I ran for sophomore class president and I lost I ran for junior class president and I lost I ran for senior class president and I lost and based on my track record I decided to run for student body president where I went on to wait for it lose but I was never afraid to try and
1:06:42do things where I might fail I asked six girls to the prom I didn't afraid to try and do things where I might fail. I asked six girls to the prom. I didn't go to my prom. But the reason I have some economic security, the reason I get to do amazing things, the reason I get to hang out with someone much higher character than me and have children is because when I was your age, I learned how to endure no. Yep. than me and have children is because when I was your age, I learned how to endure no. Yep. And also finally, I had, when I was your age, I had jobs. I would try and get a job. I think learning capitalism and getting a little bit of money is a wonderful thing. You learn about the economy and capitalism.
1:07:23I think every man, and this is gonna sound sexist, but I think every man needs to have an economic plan. You're going to be disproportionately evaluated based on your economic viability. It's not the way the world should be. It's the way the world is. Start making money now and learning to get a taste of the flesh for money. And I used to have the nicest people. I was a box boy. I cleaned beer taps. I used to carry a woman down, a woman named Lillian Hellman, an author. I used to carry her down and take her to dinner. I had all these weird jobs. And I always had these, I always had these occasionally nice people. And this one nice man, or he used to carry groceries to his car, would do this to me.
1:08:03He'd always go, he'd look at me and he'd be like, what gun? He'd go, and he'd wink. And he'd give me 20 bucks, which in my day was like $3 million. Anyways, I'm going to give you some money and I want you to take your parents out to dinner. All right. Okay. No, he's going to give you money. The only thing I would say to a young man is love your mama. That's how I train my boys. Real quick, let's get through them. We can get them as many as possible. We've got a few minutes. Hi, Scott. Please accept the affirmation of this stranger. My name is Dan Hank. I'm a moderately successful film producer. Love your work. I had the privilege of a state university education, much like yourself. My question for you is you're so successful in the unscripted world of things where we spend a lot of money to buy tickets, listen to your podcasts, buy your books, all that stuff.
1:08:54It's all terrific. It's all real. You have such a great voice. You were developing some stuff in the scripted world, which I work in. I don't remember seeing it happen. And you talk about success and failure all the time. Did you get a setback? And if you did, pick it up and carry forward because we'd buy tickets to it. You're being very generous. I fly into Los Angeles airspace and I turn into the most unsuccessful person in history. By the way, I've had five TV shows. Most of them have been canceled before they started. I had a Bloomberg TV show. We sold $3 million in advertising. And I went into my garage to film some promos. And I did the village people construction guy without my shirt. And I said, my favorite one night stand was the Nut and
1:09:42Bolt. And supposedly Bloomberg freaked out. Look it up. Canceled my show. My Vice show got canceled. I've just had so many shows. CNN Plus. CNN Plus canceled. Yeah. I had a show on CNN. It was very successful. Original. Original scripted series on big tech you know this amazing showrunner rosamund pike was the lead netflix bought in the room 90 million dollar budget what happened to it whole thing fell apart i've just but here's i think by the way i would encourage anyone to be in your industry i think it's amazing after you've made a shit ton of money. If I had to make my living in your industry, I would be a chocolate mess. I have never seen anything so disconnected from talent or grits. It just strikes me as so incredibly random
1:10:41what the fuck is going on there. He's not bitter. But I- I live in New York. Our chocolate doesn't melt so fast. Can I just add they did buy the Rights to Burn book and it's now a lesbian murder mystery. I think it's going to be a huge hit. That'll be coming soon. I solved the murder. Every one of my books has been an option for a movie. The most recent one, Notes on Being a Man, has been an option for an R-rated Wonder Years. It will not happen. Yeah. But I appreciate your comments, and I respect how incredibly resilient and secure you must be to be in that industry and make a living, because I have not figured it out. Okay, we've got to get to these fast. So actually, I didn't know anything
1:11:19about this. My mom was in London and gave me the tickets. Well, thanks. Thanks, Mom. Was Billy Christer sold out? Yeah. about this my mom was in London and gave me the ticket so well thanks mom was Billy Crystal sold out yeah yeah um but yeah I don't know who Billy Crystal is yeah I'm not really in the like this space that's going on here and I'm just like I don't know um I do like how you relate to kind of men my age because right now I'm pretty lost. Like I'm going to stay in a blue state that I feel like I have no reason to vote, honestly, because it's just going to go the way that it is. And like I've done some exploring like around the world and stuff and seen like some crazy stuff that's like seems way worse that like no one's focusing on. And it's just like, I don't know. I don't have much.
1:12:08Do you have like an argument for why or why not I should be like interested in this space of politics? I'm 23. I'm not really political. Like, I have two sons. People get triggered by stuff all the time. Yeah, I have two sons who are 24 and 21. So I've heard this from them. Although lately they've become more concerned and interested. One son is in Michigan. He's at University of Michigan. And I would say he's more conservative than the other one who is a lesbian in San Francisco. He really is. I mean, he's straight, but you know. Anyway, but one of the things I, here's one thing I say to them, they have to vote. As a parent, I was like, listen, it's a privilege and an honor to be able to vote.
1:12:52People across the world can't. And I make it. I know that your mom, you know, but that's like you want some money for college. You need to vote. Like, I'm sorry, this is important to me. And I think it's important. I the world is not aimed at you. As Scott always says, older people suck up all the fucking oxygen in the room and it's not fair to young people, the deficits, everything else. We're giving you a less good world as opposed to we got better worlds as we go ahead. And it's not fair. But there's moments of change that are happening right now and young people across the world are leading these things. And what I always say to people who are older, including my mom, who's 92, when she goes off on something, I go, look at me.
1:13:32You're going to be dead. It's not going to matter to you. It's going to matter to people like you. And so you've got to think about the mistakes you want to make, the things you did wrong. But you're going to have to run this world someday. So you need to be part of it. I can't make you do it, but if you don't, you can't complain about the way it is. That's all. But you should vote. Do you have anything else to add? Yeah, just, you can do it for the right reasons and the civic reasons. Do it for selfish reasons. We're going to spend more money on ICE than we're going to spend on children because children don't vote. Seniors get 40% of entitlements. It's going to 50%. Our democracy right now is a bunch of old people voting, older people into office who vote old
1:14:16people more money. Since 2022, people over the age of 75 have gotten 34% wealthier. People under the age of 25, you have gotten 23% less wealthy. If under the age of 25, you, have gotten 23% less wealthy. If you want a progressive Social Security tax that basically stops every piece of legislation the last 40 years, it's simple. It is taking money out of your pocket and put it in ours. And if you want it to stop, for God's sakes, start voting. It's that simple. All right, cool. Okay, one more thing before we go. Last week on the show, we announced Pivot Post, our newsletters where you can write in with, and by the way, my lovely wife, Amanda, who is here, who's astonishing and has let me go away this week,
1:14:59named it the Pivot Post, our newsletters where you can write it all in with your questions about tech, business, and life. Anyway, you can catch selected shows from this tour on YouTube and in our podcast feed. That's all we've got time for today. Thank you for staying late. Scott, read us out. Special thanks to the MSG Entertainment and the Beacon Theater. Today's show was produced by Lara Naiman, Zoe Marcos, Taylor Griffin, and Madeline LaPlante-Dube. Ernie and her tight introduced this episode. Ronnie Politaro edited the video. Thanks also to Dubros, Ms. Severo, Dan Chalon, and Kate Gallagher. Let's be a small cell on the hand that bitch slaps this corruption and this depravity. Vote tomorrow. Thank you, New York. Thank you, New York. Thank you so much.
1:15:55Kate holds the key to every brand asset your business has ever made. She's the only person who knows the difference between teal, turquoise, and the correct company blue. But she's going on vacation. Luckily, before the company falls into design disarray, you realize you can put Kate into Canva. Save every color, font, and logo to a brand kit everyone can access. And Kate can vacation happily in the knowledge that no one will ever use Comic Sans. What will you Canva today. Support for this show comes from the Pondering AI podcast from SAS. What does it mean to be human in the age of AI? How will it affect our jobs, our lives, and society as a whole? The Pondering AI podcast from SAS tackles the questions that don't have easy answers but need
1:16:37to be asked. Host Kimberly Nevela sits down with innovators, researchers, and data scientists to challenge assumptions and explore what comes after the AI breakthroughs and headlines. If you're curious or concerned about AI, find Pondering AI wherever you get your podcasts. Support for the show comes from Constellation. Constellation is the largest private sector energy producer in the world and the nation's largest producer of reliable clean energy, serving more than 2.5 million customer accounts across 48 states and Washington, D.C., and 80% of Fortune 100 companies. Constellation powers critical American infrastructure, including healthcare, manufacturing, and data. Operating coast-to-coast, Constellation's fleet combines 26 nuclear reactors with solar,