I got a counter to the other another billion dollars. I lost. I’ve lost two

Two billion dollars in the last two days. Are you guys recording? Please record this looks like

Looks like we need a poker game tomorrow

Imagine how tilted your mouth is gonna go. Yeah

He’s gonna buy it for two million just to try and get even

Rain man David

I

Hey everybody, hey everybody, welcome to another episode of the all-in podcast. We took a week off and boy that was

Sad, I missed you guys. I missed my best

We should tell we should tell people we had a we had a small medical procedure for one of the besties and but everything’s good

And it was planned so, you know, nothing nothing out of the ordinary, but we just needed to take a week off

So that’s why we missed a week and that’s what we’re back. Yes, and one of the besties

God, I got so many jokes. I’m not gonna tell all the jokes that came into my mind right now would get you canceled

Based on the amount of money that I’ve lost in the last two days, I’m ready to get canceled. So it’s fun

I’m just gonna fucking let him rip. All right, everybody David Sachs. The rain man is here calling in from an undisclosed

compound my bird

The queen of quinoa back in action and the dictator himself licking his wounds

Check a billion dollars for a billion a day

Checking the apple stock app hitting refresh and going thank god these companies have fundamentals

Because I haven’t seen this much blood since game of thrones jason, honestly at the at this run rate. I can lose a trillion dollars

Tomorrow how do you feel today?

I’m sad

How does today feel compared to last march when the same thing was happening, you know, every day the market was down 10

Well, this is what’s important

We made a joke. It was like it could only go down 10 so many days in a row march march

Uh 31st you you guys have to remember that march 31st of 2020 the headlines

All over the press and you can you know, go to the wayback machine and look at these things, but the dow was down

20 some odd percent the s&p was down 20

And it looked like the world was going to end and then we had our first big stimulus bill

um

and things started to look at china started to reopen slowly and things started to look better and

What’s interesting is you have this rotational?

Sort of deleveraging that’s happening right now. People are repricing in inflation. People are moving into sort of these

You know overlooked stories getting out of growth a little bit and it’s a bloodbath

but I would just I would just encourage us all to remember that

We were in some pretty dark days in march of last year as well

And you know when you looked at it by the end of the year, it looked amazing

So I would just add to that the markets are looking pretty grim for tech stocks right now

But this all started because of a really great jobs report showing that the economy is roaring back. So we added

379 000 jobs in february which beat expectations by 200 000. They also revised the january gains up

166 000. So now the unemployment rate is down to 6.2 percent. Remember it was at like 15

You know last summer during the the lockdowns for covid

So, I mean all of this is fundamentally due to I think really great news in the economy because covid is ending

and which kind of begs the question of why we need another 1.9 trillion dollar stimulus bill, but

but I think that

Ultimately, there’s a lot of good news in the real economy and what investors are doing is figuring out how to now price or reprice

All these different stocks in light of the economy roaring back

So just a little just a little math lesson to build on what you’re saying, you know, everybody has a risk-free rate

And all stocks are priced according to that risk-free rate

And when you know for the many for the last sort of year particularly when risk-free rates were essentially zero to negative

Meaning, you know, that’s that’s the riskless money where you that you get from the government

It was hard to do anything except belong growth stocks in a big big way

But david to your point if we get two or three more quarters of these kinds of jobs numbers

You’re going to have a you know

low single digit unemployment number and what that means is wages will have to go up for businesses to compete and

that’s the kind of traditional form of inflation that actually reprices things because

Then you lever up rates to kind of control inflation

When you lever up rates and you you know, all of a sudden they’re not zero, but they’re two three four five six percent

This is sort of what brought the tech bubble to a halt in 2000, which is that you know

You had six percent real rates. And so you can’t own businesses that are projecting revenues let alone profits in 2026

When you can invest your money in a bond and make six percent six percent and that’s what I like

So just for folks that don’t know this week started with this big bond sell-off

And what that means is bonds that used to yield zero percent when you sell them

They’re now yielding 10-year treasuries. I think are at one and a half points, right?

And so as an investor if I can make one and a half percent with no risk by owning u.s

Treasuries over the next 10 years that may feel like a better bet than owning some risky asset

um some speculative company now

The other thing that that it has done and chamath correct me if i’m off on this

But what i’m hearing is that that higher rate because bonds sold down because people are expecting inflation to come back up

The interest rates to borrow money are going up

And so if you’re a hedge fund or a institutional money manager over the last year or so

You’ve been able to borrow money for zero percent

You can lever up your portfolio and and and buy as many stocks as you want without paying any interest on it

And now that rates are creeping back up people are de-levering they’re they’re taking risk off

And that’s causing a sell-off in both bonds and stocks

and especially on the speculative end of the market where you know, there’s been

um

Obviously unchecked kind of investment capital. No, you’re you’re you’re absolutely right

Like look at the at the end of the day the cost of borrowing for a company goes up

What that’s really saying is the investor that’s lending them the money

um

You know has other alternatives

And so then they’re willing to charge you more and more for this for this capital and as that happens

you’ll see some companies get into

Potentially some real trouble because you know

They’re going to be borrowing money at rates where they can’t necessarily generate the cash flows in the future to pay those things back

at the same time as you said if you look at sort of like

You know the SPAC market

Has taken a real beating

What are what are SPACs really well, you know in many ways SPACs are synthetic bonds

right, and and the reason is because

You know if you go and buy a if you go and buy a SPAC one share of any SPAC

You have the ability to redeem that

If you don’t like the deal that it does and get back your coupon

So, you know your notional rather so if you were to buy a government, you know German bond at negative one percent

Or buy any SPAC where you can put that same, you know, ten dollars to work and get back ten dollars

Well, you do that versus getting back nine dollars and ninety cents

So in many ways like, you know

The SPAC market benefited from rates at zero

Because you could synthetically be long SPACs as almost a way of being synthetically long fixed income

Now as rates go up, that’s not true. So what that leaves in the SPAC market are actually people who

Want to own long-term equity

And if you combine that with what we just said

Which is the cost of capital going up and the discount rate going up now

All of a sudden companies need to be really real and you’re seeing that because if you look at the companies that have just announced

SPAC deals just in the last few days

Their stocks have gotten absolutely obliterated and they’re right on the knife’s edge going into the redemption period

So if you have one or two more months of this where all of a sudden bonds look better

And you know some of these SPACs post announcement, but pre-de-SPACing

Go through, you know, ten bucks a share people just redeem for ten dollars

And you’ll have you’ll have a bunch of busted IPOs or mergers

By the way, another thing we’re seeing sorry Jason

But another thing I think we’re seeing right now is in the near term is a feedback loop

So as selling takes place

What happens is market participants are jumping in and short selling and participating in the trend of that stock

And so there are these these kind of experiences that are underway where it’s not just about a sell-off of owners

But it’s also about a momentum trade that a lot of people are playing into

And so there is a very short-term extremely compounded effect

Of the de-levering that’s happening and the cycling that’s happening in these markets

All right, so it’s super volatile and probably will be for a little bit of of time here, right?

I think so. I think we need to figure out whether there’s really um

Whether there’s a real inflation

Risk drag in cooking someplace if if there if there really is inflation like again

You have to think like the trillions of dollars we put into the economy

Eventually has to come out in productive goods and services

and

All of that excess capital will probably inflate prices

Now it begs a different question, which is we maybe we’ve just actually been missing inflation all along because if you ask

Somebody who lives in a city, you know

What the cost of rent has been that that thing has been inflating by feels like 20 a year for years

So, you know and education costs and health care

Yeah, so maybe we’ve just done a really terrible job in the last few years of actually measuring inflation the way it should be

You know, it’s calling this whole basket of you know, you know cpi x energy like I mean, it’s kind of nutty

Maybe the whole thing just made no sense a few years ago

To david’s point and david gave me just a huge bag of red pills while we were off this week

So i’ve been just i’ve been on a bender on these red pills

But if you look at those three categories, what do they have in common education health care and housing?

massive regulation

And then if you look at the things that have gone down consumer goods electronics

Food etc or have stayed flat in terms of inflation

Those are things that the free market participates the government’s not involved and it’s not just the fact there’s a lot of government

Regulation in things like health care and education. It’s also that the government pays for a significant portion of it

And so there’s no reason for the people, you know who are billing the government to keep costs down

I mean, this is why the price of education of a college degree keeps going up is because the government’s paying for a lot of it

I I I I david you probably I think you you may have seen this but when you know when we announced um

Our merger with clover for ipoc. One of the first slides I put up there was the only place in the market

Since 2010 where you would have made more money

Than being long facebook and google and apple and amazon was being long united health care

Cigna wellspring and the reason is because health care was this incredible thing post obamacare

Nobody wants to talk about it on the left because it makes it look terrible, but we created

Massive price inflation and united health care was a 30 billion dollar company narrative violation

Be careful right before right before obamacare passed today. It’s a 330 billion dollar company

and the level of growth that

They and etna and you know, cigna and wellspring these companies have have seen

Is astounding so these highly regulated, you know systems of societal infrastructure

Oh, that’s where all the gains have been regulatory capture writ large, right?

Well as soon as the government is paying for it all the suppliers know they can increase their prices

Why wouldn’t they so it’s what happens is the government tries to make something free for people and all they end up doing is making

It really expensive

Well, they make it they make it now they make they make it expensive in this very in this very convoluted way

which is hard to track right because it’s like

You know, uh who’s actually paying well, you know, the insurance companies want to just book more revenue

Even if they’re you know, even if their gross aggregate profit grows much much more slowly

They’d rather make the same amount of profit on a billion dollars versus a hundred million dollars

So what do they do their incentive is to just jack prices up who are paying those prices?

Companies pay those prices who bears those costs all of this stuff is really not clear because ultimately downstream

Somebody has to pay for this stuff taxpayers and it’s all obscurified. I mean, look, I mean look at the

Tent story that we were sharing on our group group thread

$61,000 for san francisco to put people into tents with a no big contract

one question I have for for you all, um is

If we look back the last time we were at six percent unemployment

July 2014. We look at the unemployment graph. It’s spiked up to as we discussed 15

And it has plummeted back down now to uh, the six percent rate

if we look back on this moment in time and how quickly the

Economy is recovering from this disaster that we’ve never experienced before. It looks like this recession

is going to be recovered and

We’re gonna we’re already back in business in such a short period of time compared to

What happened in the great recession and the dotcom boom?

So is america and the u.s dollar and the economy anti-fragile now to use a taleb term?

What how do we look at what happened with the economy?

Did trump do everything right with the stimulus? This is a this is a complete outlier in the following way in a typical recession

What what has to happen is so you have a contraction in the economy

But you don’t know when the bottom is right?

The bottom is some number of months in the future and government policy is basically trying to create a soft landing

where all of a sudden the cost of capital is low enough now where people say

Uh on the margin now this incremental dollar I would rather borrow and invest which drives growth which then gets the economy growing

And so, you know, how does the government deal with that?

They are looking at economic data and saying, okay, you know what? Let me cut rates. I’ll cut rates again

I’ll cut rates again

And that’s really the one tool that they have in their toolbox because they’re trying to predict in the future

How many rate cuts do I need to get or have rather? How big do they need to be?

Um until I get to that place where you bottom out

The pandemic was the exact opposite because in many ways we actually hit the bottom in month one because we said everything go to zero

Right now, right when you shut everything down, you technically can’t have less economic

Activity than zero. Yeah, and so and so in many ways you price the bottom on day one boom and in hindsight, you know

the the real

Insight would have been to to see that and say i’m buying this moment because it only gets better from here

so

In in one ways like all of the tools

Are are actually now we need to think about them in opposite and I don’t think we have

That training to do that well, so we’re still going back to the same toolbox, which is why what david said is so true

You know, we’re thinking about incremental stimulus

As a as like a way to get to a soft landing, but we’ve already actually taken the hard medicine a year ago

Let’s let’s tackle that sacks. Should we and let’s let’s take virtue signaling and populism out of this discussion just on an economic basis

Is it necessary to send every american another six hundred thousand two thousand knowing what we know today?

With the unemployment rate going down. We would be read or we’d be better off taking that capital and deploying it in

education

Right unemployment or something else. Well, first of all, it’s 1.9 trillion that we don’t have we’re borrowing it

I mean, I would extend unemployment for people in those hard-hit sectors haven’t come back yet

But most of this money is going for blue state bailouts of cities that are totally mismanaged

This is not going to help states like california or cities like san francisco get their house in order

Because this is going to bail them out and defer that day of reckoning from their chronic mismanagement

So we’re borrowing money. We don’t have to bail out people

cities and states that don’t really deserve it, um, I do think we should help the people who’ve been impacted but

um, but it doesn’t require two trillion and

Look, here’s the thing. We’re already down to six percent unemployment

We’re gonna be down to i’d say probably three or four percent in two quarters

I mean the economy is coming roaring back and the reason it’s coming roaring back is because covet is ending

Right. So the biggest announcement recently and I think this is playing into what’s happening in the stock market as well

Is that biden?

Announced that every american who’s over the age of 16 who wants a vaccine will be able to get one by the end of may

By the end of may I mean we’re gonna have yeah

Yeah, right well he was

Just yeah when he came in office in january, he’s saying the worst is not over blah

I mean that was clearly sandbagging the worst was over

and we’re gonna have 300 million doses by end of may and the only reason why everybody won’t be able to get one is because

of states that are

You know creating these ridiculous hoops to get through confiscating them

Yeah, exactly

like california right now has three million doses sitting on a shelf because of all the crazy hoops that

Gavin newsom has everyone going through because he wants to score

Browning points on equity, right? Um

So if the government would just get out of the way let everyone who wants to get a vaccine get one without

Worrying about making sure the exact right person in the exact right line gets one first

This thing will be over by memorial day over now

Look, there’ll still be a case here or there for sure

There’ll be i’m not saying there’ll be zero cases of covid but there’ll be zero pandemic understood as such

By the way, i’ll also say one other. Um

You know important point about the stimulus, uh one that sacks made yesterday

The cbo put out a a projection. Uh, this is the um, the budget office, uh, I think congress and they said that the um,

U.s. National debt is likely to reach 202

of gdp

by 2051

So the amount of debt that the u.s. Government will own

Um is 2x the amount of all the revenue generated by all of the industries in the u.s. Um

Oh in about 30 years, that’s an insane statistic and the reason that people look at you know

Gdp or debt to gdp

Is because you have to pay your debt down at some points you owe some interest on that debt

You have to pay it down and every year you have to generate revenue to pay the bond holders

And how do you how does the federal government generate revenue it either issues more debt or taxes?

And in order to meet a 202 percent level of debt relative to gdp you end up raising taxes

so significantly as a percent of gdp to cover the uh,

The uh, the interest payments and the and the principal payments every year that you end up stalling out the economy cutting important services, etc

And so we’re in a circumstance now where the the benefit we’re going to get from taking on this additional debt relative to economic growth

and stimulus

um doesn’t actually

Outweigh the cost of that debt and we’re facing a fiscal crunch at some point in the next decade or two

And there is this this big question mark outstanding right now

On a global stage is the dollar really the safest place?

Um to be does everyone really want to be dollar denominated if this is the circumstance that the u.s

Federal government is going to be facing

Here’s a uh question for chamath that i’m curious about if the government is buying all this debt

Shouldn’t they be buying some amount of equity as well so they can profit from the government’s issuing debt jason

No, I know but isn’t the government also going into the market and buying up corporate debt through all of this

Shouldn’t they have profits coming from that?

So there there was a risk last year where you know corporates may not have been able to fund their obligations

and so

the government basically said we’re going to be the buyer of the last resort and step in and it’s like effectively what they did was

they

They they essentially froze the credit markets because if you were going to then

Bet on some of these companies not being able to raise capital

You would have gone to the worst part of the you know

The stack or you would have bet actually that there was going to be the state transition

so meaning debt is very tightly scripted as you know, triple a plus, you know, double a a minus

And these transitions from these tiers of like investment grade to junk to whatever are huge events

And basically the government said nope

Uh, everybody take your chips and go home because we are going to backstop companies like ford or whoever folks that were teetering

And so they effectively said this is going to be you know, until I tell you otherwise a rigged game

I’m going to make sure I backstop these things. These companies will always be able to have money

So my question though chamath is if the government is going to do that and take that risk

Shouldn’t they get some warrants or some upside in the company’s future success?

To then create a virtuous cycle here that if they did backstop it

Maybe they had warrants for five percent of the company

Like you would give if you were doing a debt instrument

They could probably do it if they were a direct lender and they they had that chance

And they didn’t really do it in 2008 when they did it

And I mean, maybe they could have done it in a better way here when you enter the open market

There’s no such contract and so you can’t negotiate that look

I I want to sort of talk about something slightly related to this which is

If you actually looked at that 1.9 trillion dollar stimulus bill

The thing that makes the most sense and I think nobody would complain about was saying let’s give a means-based test

Where the poorest americans get the most money call it five or six thousand and the richest americans get nothing

And I think nobody would disagree with that

And if you added up all of that money, it’s probably on the order of 500 or 700 billion dollars

If you did it if you did a really expansive package and and I think people would

I mean all of us would raise our hands and say we shouldn’t get a fucking dime

And I mean, you know people other people should be getting many multiples of 1400

Why should anybody who wasn’t impacted sax get anything like if you were not impacted, yeah, of course, you didn’t lose your job

You’re staying home. You’re not spending money

Why should you get anything because I think that’s all the money going into nfts

And making bets on game stop and doing all this, of course, you know shenanigans with bitcoin, of course

Look, this is rama manual 2.0. Remember rama manual back in the 2008

2009 financial crisis said never let a crisis go to waste this is now never let a crisis reach its end

Right, they don’t want it to be over because this crisis is a justification

Yeah, this crisis is the justification

For this piggy bank of spending that this this wish list that they wanted to pass for a long time

Very little of it actually has to do with helping the very little very little

In fact, if you actually look at the the breakdown of this 1.9 trillion dollar bill, it’s every typical bill

It has a better title, but ultimately it’s a bunch of pork barrels, by the way

There’s a bunch of insanity in there like covid testing

I mean, guess what? We don’t need to test anyone for covid in about 30 to 60 days

Test away. We needed them a couple billion dollars. We could say, you know, and the list goes on but I think the point is

Uh, what sax is making is totally true

We’re continuing to latch on to the covid pandemic crisis as a means to an end

And we’re not really solving any problems that are outstanding as the covid pandemic

And the risks remember let’s just go back a year

If you guys remember the reason we shut down the economy was to flatten the curve

There was no assumption. We were going to end covid

The idea was let’s make sure that the health care system doesn’t get overwhelmed with people dying

We can’t handle as many people in icu beds

And now we’re in a situation where we’re saying you still can’t go outside. I see you beds are largely open

You still have to do x and y and z we still need to be testing everyone

And all of those risks and considerations should be coming off the table

As more people have had covid and more people have gotten vaccinated

And instead we’re using the fear that’s been embedded in us over the past year

As a mechanism to drive spending in a way that is clearly economically unsustainable

um ultimately counterproductive

And unfortunately is being you know used as a mechanism for keeping folks in office and paying back their friends and all this other sort

Of nonsense. It’s freeberg. You had a you had a breakdown of uh, it by the way

Because it’s not just the the federal stimulus bill, you know, the the california breakdown of what they spent sane

Do you have that? Do you have that?

Can you fill it out?

What i’m going to do is i’m going to send the link because it was a through a foyer request

They were forced to list it. So california had an emergency declaration joke a total fucking joke

Through that emergency declaration

It gave the governor the power and the ability to enter into no-bid contracts to meet the the demands of the quote-unquote emergency

And the contracts that were entered into are all publicly listed and available in a link that I will share with you guys

Um, and it’ll be available online

I don’t think a reporter has done what needs to be done

Which is to go through those contracts and identify how much money was spent

On what and where that and why that money was spent and who ended up benefiting from it some of these contracts including for example

1.9 billion dollars to perkin elmer to provide nasal swabs and other, you know

Reactive chemistry needed to run covet tests with an overflow capacity of their lab of 4 000 tests a day

Which by the way costs a few thousand dollars

Um for 1.9 billion dollars and ultimately california didn’t really do any of the testing it was done by private labs

Where did that 1.9 billion dollars go? There was another amount of money

There was 100 million dollars spent on accenture to build the vaccination website

No bid contract 100 million dollars for a freaking three-page website in a weekend

There was the carbon health guy did there was another um separately for his own vaccination program that he was running which you know

Obviously highlights just how inept this whole process is there was another

um

incredible multi-hundred million dollar contract entered into

For a guy and then I looked up his address on google maps and I looked at his home in his office

It’s in like a strip mall next to a donut shop

And this guy is the guy he’s a he’s technically a doctor

But not really a practicing doctor who would who got paid hundreds of millions of dollars to source overflow?

um hospital and doctor capacity for prisons in the in california insane the shit that’s in there and so um,

You know the the total kind of um, I think mismanagement of capital

And obviously inability to kind of manage through a crisis get taken advantage of yeah

By the way, I think I think the covid the fiscal the federal covid stimulus looks very similar

In terms of the the pork and other nonsense that’s going on in there

It makes yeah, hey mainstream media instead of fucking grinding me about you know

A couple hundred million dollars of share sales so that I can allocate it to fucking climate change

Why don’t you do your goddamn job and fucking tell this story?

Yeah, no, because this would take work. You don’t get virtual signaling. What’s a joke? I’ll post the link now more

I need more red pills. What a joke get me those red pills from miami

So there’s one there’s one article like you’re right chamath like they there’s so many scandals

By the way, there was one just reported in the san francisco chronicle about how the city of san francisco paid 16 million dollars

to uh

To pay for something like 260 tents or something like that

Tents for homeless people. It was the entire budget of burning man

You just it was

$61,000 per tent you could build an adu for that guys

I have an entire gaggle of reporters sweating every single fucking share that I buy or sell and these people

No, no, I don’t this is it’s fucking stupid and and and there’s true. There’s trillions of dollars just swashing around like

Whoa, are we some third world fucking banana republic?

Kind of go ahead san francisco is that all all this money all this money all this money was dished out according to no bid

Uh contract so so basically there was not a competitive bidding process because it was a covet emergency

And so yeah, look, I mean all of uh, newsome’s big backers in the healthcare industry got these giant no bid contracts

These you know, the homeless industrial complex service providers in san francisco got these giant contracts. None of it was bid out

Uh, and the politicians would love to be able to keep this going because they’ve never had more power

They’ve never had more degrees of freedom to reward their political supporters

So, you know, I think there was one really good article. I just want to bring up here

Uh that was by jonathan chait. Oh, this is the intelligence here in the new yorker

Yeah, the new york new york magazine and why in new york magazine

So yeah, his article is called zero covid risk is the wrong standard and he defines a term called zeroism

What what chait writes is he describes zeroism as the following?

He says zeroism is an inability to conceive of public health measures in cost benefit terms

The pandemic becomes an enemy that must be destroyed at all costs

And any compromise could lead to death and is therefore unacceptable

So in other words if like one person might die, then we need to continue all these emergency measures

Um, it’s and and and this is the thing is that look covid as a pandemic is going to be over by june

Okay, but there will always be cases of covid

It’s going to return as a seasonal illness

And the question is are we going to allow zeroism to be the policy every year?

We basically give these politicians unlimited power to do lockdown shutdowns

No big contracts and on and on and on you already see with the teachers unions, right?

The education unions are refusing to go back to work even after their members are vaccinated

Yeah saying that there must be 14 days of no meaning zero community spread before they can safely return

So the teachers unions or the education users are saying is we’re not going to go back to work

We want paid vacation until there’s zero cases. Well, this is not realistic. I mean I I um

I went to get uh

My daughter’s passport updated at usps

They’re working while I was driving there. I saw all kinds of infrastructure. It was happening

We pay into a system

That’s supposed to guarantee in return

Some level of commitment by individuals that buy into that same system teachers are part of that

Yes, you can’t you can’t have a get out of jail free card whenever you want to just say no

We’re going to change the rules

And it but it applies to everybody else the firefighters have to show up

The cops have to show up the ambulance people have to show up the nurses show up, you know, the usps drivers bart

Everybody doctor shows up going to work, but these people fucking teachers the teachers should

Parents should take their kids out of school. That’s what they should do. And then do what jason?

How how how are most you basically?

Well, if you have six parents people work, yeah, no, no

But if you got five or six parents together and they don’t have time for that jason

What are you talking about? This is like a fucking normal my sentence five or six parents get together and if they had

If they had um, what do you call it? When you give parents a little bit of money for school? Uh,

Voucher voucher systems the voucher system would then create the competition if six or seven families could get five 10k each

And then run their own little bubble school their micro school. This could actually put pressure

Well, it’s not gonna it’s not gonna happen, but you actually have a pretty good point

What what newsom should do is he should go to these unions and say listen

If you’re not going to go back and you’re not going to teach no problem

We’re going to take the money that we give to your schools and give them out as vouchers

And let the parents do what they want. In other words, we’re going to break your union

That is what he needs to do. It’s time to break the union newsom

The problem with newsom is that his biggest contributor

The single biggest contributor is the education union, right?

And so look he has publicly said that yes i’m in favor of schools reopening

But it’s not enough for you to espouse the opinion that schools should go back

I mean, you’re the governor you need to go make that happen. You need to go tell the teachers unions

You must go back right now because there is no incremental covid risk to the teachers

They’ve seen this now that states which have open schools have not seen an increase in covid

There is no science to support this

He needs to tell him go back right now or we’re going to break your union

He will not do that because he’s an employee of those unions

And by the way, I have an update. I have an update on the on the recall if you guys want it

No, wait, let’s let’s get to it in one second because I do want to I do want to just say

Um, well, first off I want to make an observation that we are um turning into the rational rush limbaugh

We’re all kind of yelling

violent

It’s kind of a little bit silly, um, but uh, I am just observing the tone here a little bit

Um, I will say like if you guys remember we talked about this like last year

Which is you know

What will life be like post covid post the pandemic and if you guys remember I said this

And I still firmly believe in I think we’re now seeing it play out

Which is that the fear that gets created by the actual crisis

Will persist in terms of the subconscious behavior of the population for a long period of time

That’s what happened after 9 11, you know

The insanity that went on with the tsa and security checking and racism against brown people and everything that arose post 9 11

Persisted for a very long time as a result of the shock that we all experienced

And I don’t think people were very cognizant of it occurring. It was just like oh well

This is now the normal way of life

Everyone is so fearful of catching covid and they’ve been so kind of trained and told that they’re going to die from covid

That we’re finding ourselves in a circumstance

Where anything can then be rationalized and those of folks that then have power and the ability can magnify

The circumstances into something that it seems kind of shocking and absurd if you put on kind of a rational hat

But this is just one manifestation of what I think will be the case. We were um

We we all know people that have been vaccinated that are more than two weeks since their second shot of vaccination

Who are still scared of doing things like being around other people or going into grocery stores?

Because quote unquote there may be a chance that there may be a variant that may not work on the vaccine that I may get

That may end up killing me and if you actually do the math on it, you think about it rationally

You’re not going to get covid and you’re not going to die, but there’s a chance therefore

I’m going to change my behavior and that’s part of what I think we’re seeing

Manifest at a very large scale is this like trained fear mind that we all have at this point

um and policy and everything and by the yeah, no, by the way, the 1.9 trillion dollar stimulus is in part kind of

Empowered by this fear. Well, we all I I I I I disagree slightly. So look, is there going to be some ptsd from covid?

Yeah, i’m sure there will be but I think people are ready to to get out and

um with a vengeance and I think people want and and the problem

Is not that people are are afraid but that the people doing the health establishment doing the messaging

Is not out there telling us the right things

I mean you’ve got fauci out there telling people that even after they’re vaccinated

They cannot take off their masks until 2022 that they’re not gonna be able to die. No, seriously

They’re not gonna be able to dine indoors

They can’t go to a movie a concert or a sporting event and they can’t socialize indoors except with other also vaccinated people

This is what fauci is saying. I mean so

No wonder you’ve got so many people out there saying that they’re gonna wait and see whether the vaccine works or not. Well

Because effectively fauci in the health establishment they’re being so cautious in their guidance are effectively giving anti-vax messaging

They’re basically saying that the vaccines don’t work very well, which is just stupid

I mean, I mean they should be going out saying nobody has died who has been gotten a shot

Nobody has gone to the icu who’s gotten vaccinated to say nobody’s been on a ventilator who’s been vaccinated

Am I correct with those three statements? Yes. Yes. They need to say if you know that’s no icu no

Ventilator if you have the shot

What we need to be saying is very simple

Which is if you’ve been vaccinated you will not die

If you’ve been vaccinated you will not die put that on a billboard and everyone’s going to want to get vaccinated

You know only 55 in the population right now

Uh says that they’re going to get vaccinated as soon as they can

I’m, i’m ordering a billboard right now from the besties. I think that just says if you’re vaccinated you won’t die the besties

I think it’s pretty reasonable that individuals would still be afraid

You know because I think we learned over the last year that we can’t trust

The institutions that are supposed to tell us

In an objective way meaning you can’t trust the who you can’t trust nih. You can’t trust the cdc

You can’t necessarily trust the surgeon general. You couldn’t trust the president

Very complicated, right? So I think it’s reasonable that people are skeptical

What I think is unreasonable is when you know sort of like organized

um

Unions or organizations or corporations who have a responsibility to run the infrastructure of this country

basically say um

All these rules apply to everybody else but me

Um, that’s where I think uh, we have to really just kind of question ourselves and fix that that’s not cool

It’s just fundamentally not reasonable

So we have biden saying that everyone who wants a vaccine will be able to get one by the end of may we have gavin

Newsom saying that most of the state but not all of it will reopen in august. Well, wait a second, you know

May june july august why is there like a three-month gap here?

It’s because of of the zeroism. I mean, I think newsom has embraced the zeroism if not zeroism

What’s the number we have 8 000 people die a day in america?

Uh on average historically as soon as everyone if it’s under 500 deaths a day, should we be going back?

That’s not even the question. That’s not even the question once everyone can get a vaccine

It’s over if you choose not to get the vaccine

Like sorry, it’s on you. We’re moving on. It’s like dude, we’re gonna ask

By the way

The equivalent of zeroism would be no one’s allowed to drive a car because people die

Dyes it dying cars all the time cars have to be 35 miles an hour or they or you or yeah

Or no one’s allowed to drink alcohol because alcohol has some adverse effect or increase its chance of of cancer or whatever or whatever

At some point like do you end up you just triggered chamath? No, sorry

No wine nice bordeaux and burgundy doesn’t give you cancer what’s going on with the wine budget post spackocalypse

I mean, it’s gonna it’s gonna take a lot of it’s gonna take a lot of more billions before I stop drinking my wine

um

Question. Um, I want to throw this into the scrum

Um, what do you guys think about?

Uh, by the way, I mean also we’re all just so punchy because we didn’t talk last week. So

We’re all so agitated

All of our wives have been telling us what to do

We had nobody to vent with and now we’re just going crazy. It’s like a bunch of 12 year old boys who are on timeout

It’s like it’s like it’s like we’ve been in a two-week time

We need to get our bikes and go for a bike ride

No, no guys, honestly, honestly

Like have you guys like I have not gotten a word in edgewise with matt for two weeks

And I was so looking forward to talking to you guys. I’m like, I want to talk

um, no, but listen, uh, no guys, what do you guys think about the uh, the the biological patriot act thing, you know

There’s these vaccination passports that people are talking about. I just want to get a sense of

where you guys think this is going and

This is the slippery slope that I think ends all slippery slopes with respect to privacy, right?

So I think it was proposed in the eu

That you would need to get a you know

A digitally verified kind of passport stamp that shows that you have been vaccinated in order to travel freely amongst other eu nations

And so if you think about the implications of this

Now the government or governments have the ability to demand that in order for you to move around freely

You need to represent something digitally or represent something about some health care procedure that you may or may not want to kind of

Uh, you know take on so that sound everyone kind of nods their head and says that seems totally reasonable and rational

It’s covet. We’re all at risk. We should protect ourselves

I want to yada yada, but where does this go next right because then it becomes well

Have you had your measles vaccine or you know?

Hey, you know, do you have um herpes and therefore you can’t you have to show someone your herpes passport if you want to have

sex with them or you know end up kind of going to a point where

We we really don’t have a barrier between what’s private and what’s nationalized

Um, or even super nationalized in the context of the eu

Um, and you know, is there kind of a slippery slope that emerges by allowing this amount of invasiveness of personal decision-making and personal data?

And making it available to government agencies in order to have access to the liberties that you you know

Believe may be endowed to you as an individual citizen

Of the world. So what do you do? What do we do?

Well, I I just think proposals like this are I think they’re going to fade away very quickly once covet is over

and and the real issue we have right now is that not enough the population wants to get vaccinated because

Again, the health authorities are being much too conservative in their guidance

So I you know

there’s some polling numbers on this that

So only 15 of the public are actually opposed to getting the vaccine like you kind of call them anti-vax

But there’s another 20 to 30 that are taking this wait and see approach

and you know

they’re going to make sure that like other people go first and

Don’t sprout tails or antlers or something before you know, they’re going to be willing to get it

but but the reason why they’re all waiting and seeing is because

You’ve got you know, falchi and others saying that we’re not gonna have normalcy

Until christmas or maybe even 2022

So if if that’s the case if things aren’t going to be normal till next year

Why wouldn’t you wait, you know?

And I think what we need to be saying is look go get the vaccine

Where everyone who wants us to be able to get it in the next two months and covid is over it’s over guys

But sax if there is a digital passport requirement in the eu, where do you think that goes?

Like if you have to show proof of a vaccination in order to enter the eu without quarantine

Yeah, it’s it’s it’s it’s it’s it’s not a great precedent

But I but I I don’t know that it’s going to be necessary because I just think that covid’s going to end

There is a so so quickly

It’s it’s a this I like sax’s point of view

Which is if you decide you’re not going to do this, then you’ve put yourself at risk

But if nobody else can die from it, why do we need to check it?

I understand like maybe in this bridge period

Spring to summer if you go to a warriors game or a nix game where you want to go to burning man or the edc

You know electronic daisy carnival, whatever

Uh freeberg goes to you know, uh when he goes to his raves

I mean freeberg at a rave is kind of the video we need to see I think

But

Why would that’s fine with me in the short term, but in the long term, I don’t want to give them that power

Look what happened with the patriot act and then them monitoring our data forever and the government being able to put

You know

What snow didn’t found out like they were able to put on the at&t backbone the ability to sniff all data. I mean

It’s overreaching

last january, uh or february, I think jason it was one of our first pods where

I kind of put this marker out there on this biological patriarch and I said it’s coming i’m going to put another

marker out there, um

By the way, because like, you know

There may be something like this in new york. I think most cities will have to have them

I think places jason exactly as you say for sporting events for concerts. It’ll be very hard

um

As the number of strains increase as the severity ebbs and flows over time

For us to not end up in this place and I think it will be because

Certain people will feel a paternalistic

um

Desire to sort of you know, it’ll come from a good place

Like I want to help everybody but they’ll pass a law and that law will just get perturbed and and it’ll create all kinds of

Crazy consequences, but I want to put another shit out there

Which is you know, there was a really important civil rights case called masterpiece cake shop versus colorado

uh civil rights commission

Who went to the supreme court and it was basically a a guy who owned um

A bakery and he refused I think it was to make a cake for a same-sex couple

um

And ultimately, you know, the decision was yeah

He’s allowed the supreme court gave a very narrow ruling that he was allowed to withhold service

And I asked this question which is well, what is the difference?

Um, frankly between withholding service from a same-sex couple or withholding service from somebody that isn’t vaccinated

um

Because you know in the eyes of the business person

You know assuming apparently you’re allowed to make these kinds of you know judgments

Because you’re a private business the implications I think are really vast. Um, and so i’m just going to put it out there that I think that

Uh, it’s actually david i’ll take the other side

So I think that there’s going to be these biological patriot acts, unfortunately

And then the second thing that i’ll say is that I do think that it will get litigated to the supreme court

And I think that narrowly

What will come down is that businesses will be able to decide and I think this is actually what will put the vaccination

or anti-vaccination movement

to the forefront because I think in this complex global world

where

We don’t know where diseases

come from

Except we know that they are more communicable

They can be more deadly and they’re more pervasive and they spread faster just because of the nature in which the world is set up

There’s gonna there’s probably going to be less and less tolerance for anti-vaccination

Now that may slow down

the actual process of getting vaccines to market

um, because we’ll want to make it even safer if we’re going to do forced vaccinations of certain things, but

I’m, just going to put a put a check out there that I think that that’s well

I don’t know that we need to force people to get vaccinated

But I think that we need to recognize that once people have the option of getting vaccinated. There’s no need to

Have the same public policy response, right?

So so look if biden’s correct that we’re gonna have 300 million doses by end of may and I think he must be correct

Because he’s been very conservative in his guidance

Then we should declare a date certain for the end of covid. I’m not saying that the virus won’t exist

I’m not saying there won’t be a smattering of cases. I’m saying from a public policy perspective

There’s no longer a panic a raging pandemic to justify these incredible new powers that the government has asserted

I mean, what would you do that based on the number of shots in arms or the number of deaths per day?

No, it’s look once

Once everyone can get the vaccine and then I think that will be so

Availability so I mean look what we should and it will be available as long as you know

Governors like newsom get out of the way and stop restricting the administration of it

But I think we need to declare a date certain where we say listen on june 1st

There is no more justification for government having these extraordinary powers to lock us down to require us

I I don’t think we even need to wear masks beyond june 1st

And by the way, I was pro mass. I was in favor of a mass mandate a year ago as you guys know

But there’s no need for it after june 1st. There’s no need to have these. Um,

Crazy, not if you’re vaccinated, right freeberg like I mean

It doesn’t matter. I I it doesn’t matter. I I just um, you know, I think it’s uh,

It’s a good point that sax is making it’s easy for people

to say let’s wear a mask and protect ourselves, but

If you don’t care about wearing a mask, but there are plenty of people who do and I I think the question is at

What point do we allow liberty to kind of play a role here?

And it’s it’s not just about you know

What one person’s point of view which by the way turned out to be wrong multiple times over the last year

Um is uh in terms of what they think that other people should do and you know

What what is what does it mean to actually have freedom of choice and liberty?

Um, I mean it’s a really it’s a really fundamental question. Yeah

Well, I mean if you look at states

That is a key we have texas has opened up and said no mass mandate

One of the things that hurt us in this was we didn’t have a centralized government dictating everything

And now we see like hey, maybe okay, so by the way, by the way, I don’t know if that’s necessarily true

I’ll say something about this that I think is important

It may be true that masks stop community spread of the virus

But it doesn’t necessarily mean that we stop the spread of the virus

The virus still spread we still had a lot of viral cases in the united states

We had a lot of deaths that arose and whatever restrictions we put in place

People still made the choice to go into other people’s homes take their mask off

Enjoy free air enjoy drinks and give each other the virus and that’s where so much of the spread occurred. I think you guys are not

Confronting this really obvious thing. I think like this masterpiece cake shop thing is a really important concept

Like what happens i’m just going to use an extreme example if it goes to the supreme court you mean

No, let’s just say that you know, google’s engineers unionize and they decide that you know

They want everybody else at google to be vaccinated

And then google says yeah, you’re right

If you want to work at google, you need to be vaccinated not just private company private not just for covet

It’s a private company

By the way, that is a rule at schools, right?

I mean, I think my my uh, my preschool where my kid goes here in san francisco requires

proof of vaccination for the kids in order for them to go traveling seems to be different and see traveling in some places is

On wait, just public infrastructure some on private infrastructure. I know but just just just focus on this issue

What happens if private organizations pass a decision?

Yeah that you have to be vaccinated. It’ll go to the supreme court. And if you look at masterpiece

they

They’ll win they will be they will they will come out with the right to say that

Which is fine

You can go work somewhere. Why is that? Why is that a problem? Exactly? Yeah, i’m just curious

I think we’re all in agreement if only half the population of america

Well, maybe they’ll lose good engineers and the free market will resolve itself where google will end up saying you know

What we’re not going to pass this mandate because all the good engineers are going to leave

So let’s just leave it, you know, leave it be

Um, i’m i’m more worried about the politicians trying to hold the government trying to hold on to the power

That it’s asserted over us over the past year even after covid. So that’s my concern

I don’t want them having a database of my medical records. No, right

And so this is why look I think we need to declare a date servant

Certain that covid as a pandemic is over. My date is memorial day

It’s very clear to me that once everyone has the vaccine, it’s over. Just make it when you can walk up

This is when yeah, this is what so I actually think that the newsome recall which will be in will be going on this summer

Uh, this is what that election is going to turn into in my opinion is so so by the way quick

Can I give a quick update on yes, please? Okay, so

I talked to the recall, uh people this morning. They’re up to 1.95

Million signatures he’s done. So 50 000 votes short of 2 million

They will be at or over 2 million in two weeks, which is the end of the signature period

Their validation rate is about 84

So I think this is clearly going to pass there will be a recall election

It will be around august now fast forward newsome has said the state won’t reopen until august

But I think that by may june july you will see just about every other state reopen

Obviously texas already completely reopened but even blue states like connecticut have now lifted lockdowns

They still have a mask mandate for the time being

But I think what you could see by this summer is that california will look like a laggard

You will see that politicians like newsome are holding on to the zeroist philosophy

They’re being too restrictive

They look ridiculous compared to other states and he still probably won’t have an agreement with the teachers unions

To go back to school

And I think this could become the big issue in the in the recall. You want to make an announcement sax?

You want to make an announcement now? We have a special announcement

You know might be taking a hiatus from work given where the markets are

I mean, I thought I thought this governor thing would be value destructive. It looks like actually I would have saved money

Fuck it i’m doing it. I’m doing it. I’m doing it again. I’m back in

I mean, oh my god to be cynical. But if you I am losing so much money down. Wow

In your state sax, they can’t collect signatures at the supermarket or at restaurants or disneyland

so maybe

Maybe newsome shut everything down so that you know

Well, it’s interesting because they actually found that direct mail was a very effective way of getting signatures

So they’ve gotten around that but so gavin newsome is cutting the budget of the u.s. Postal service

No, look newsome is definitely there’s going to be a recall election

I think it’ll be around august and now there’s uh recall efforts underway for uh, chase a boudin the killer da

the killer da of san francisco

Oh

As well as gasco in la and the san francisco school board, but we’ve got to talk

You know, we got to talk about how boudin responded to our last pod, right?

Oh my lord david, I I have three comments to say before we talk about boudin number one

I’ve never seen you more energetic. Did you get yeah, where are you?

Did you download a fourth emotion did you download a fourth emotion in palm beach?

He’s been at the massage parlor every morning. Oh, it’s just feeling energized. You’re right

It’s like a build-up over the last two weeks. It’s like a you know, uh, yeah big release too much too much

How much energy I mean how how little have you spoken in the last two weeks has jacqueline spoken the entire two weeks?

I know what that feels like

I need uh, I need the bestie therapy. I didn’t realize I needed this

Jake alfredberg you guys you don’t know this but saxxy and I called each other on friday and we spoke for half an hour

and like

We were so lonely he did he actually conference called all four of us I picked up and we spoke for half an hour

It felt like a mini pod. It was so wonderful. Oh my god

Oh my god

You know what men are too proud to uh men are too proud to go to therapy

So they start podcasts telling a friend of mine

I was I was telling I was telling a friend like this podcast was kind of one of the surprising joys of my life

Over the last year. It really felt like a great. Wait a second. You got the joy. Oh, we had your joy

We did a download a joy. Yeah, I acknowledge joy now

Okay, he’s they’re both smiling. Wow. It’s incredible. Okay sax go tell us about buddhi

Okay, so, uh, yeah, let me find the the tweet

So basically, you know remember in the last pod two weeks ago, we chaser was supposed to be on our pod

He canceled and so then in response to that jason hold the chicken noises for a couple of minutes here. Hold on

So, uh, I responded to chase saying listen, you don’t have to come on our pod, but i’ll challenge you to debate

Let’s do a debate whatever format you want

And we posted it on on twitter so he didn’t respond but by the way, it got like 180 000 views

So a lot of people watched the challenge and so but the crazy thing is instead of responding directly chaser had a high school friend

and campaign worker

Post a blog responding to me which and jason got mentioned too, but it was crazy

It was like why don’t you just respond directly? Anyway, he had this

this, uh shill

respond and what he basically said was uh in this response was he cited all these

Charging statistics and he tried to claim

That chaser has charged just as many cases as the previous da

The problem with that is charging doesn’t really mean anything because you can charge someone and then plead the charges down

From a felony to a misdemeanor. It doesn’t mean that the person was actually punished

It doesn’t mean that you locked anybody up

It doesn’t mean that you actually got a conviction to a serious crime or protected the public from anything

The real question is not chargings but dispositions

Of cases and that’s the real that’s the data that we need

And I know there’s a bunch of reporters who are trying to get that data

And chase’s office won’t give it to him. And so, you know, I would I would challenge this. Um,

this little, uh chase a volunteer, you know, go find out, you know, what what is the real data

On, you know, how many felony charges have been pleaded down to misdemeanors, right?

How many felonies have actually been prosecuted? How many felony convictions? It’s interesting

It’s interesting you bring this up if you do a search for go fund me chess abuden the number one result should be

the the um

The go fund me page I started it now has 455 donors and

54 000 in funding

And so I am withdrawing the fifty four thousand dollars and I have a meeting with the woman from the marina times

Uh, who’s done great coverage of this and i’m also looking for some data scientists

And i’m going to give the money minus some insurance for when chessa sues me

And some errors and omissions insurance and i’m going to be giving the fifty thousand dollars to a journalist or a data scientist

Or they can spend it. However, they want to to attack this very issue, which is just put more sunlight on it

And so chess abuden is not happy with me. He’s not happy with sax

Uh, but we are going to put the spotlight on him and it will be through journalism and it will be through constant pressure

And you can help if you want to donate a hundred dollars go just donate it to that. I’m not taking any money

Obviously, this is a really interesting civics experiment

I think for the rest of the country and I I want to say that I

I don’t know enough of these details. I go up to san francisco every now and then I don’t i’ve not liked what i’ve scary

It’s scary. Um, and it’s great that you guys are standing up for your city

The the thing is I wonder how much of these recall movements now will pick up steam not just here

But wherever else they’re allowable all around the country

I mean, you know the san francisco board of education spent all this time and money, you know

Basically navel gazing on the renaming of schools

And then finally just because they were just so utterly embarrassed

Basically had to bag that could you imagine that in the most technically advanced and most progressive?

City in the world basically with the kinds of companies and people that we have here that that’s what people were thinking about

During the middle of a pandemic when children were at home. Okay

You have this da who’s going to get basically recalled in los angeles

You have a da that’s going to get recalled in california. You have an entire

You know governor of the state that’s going to get recalled

So what are we learning?

We’re learning that people can actually small numbers of people can be extremely effective at getting change done

And that they represent us and that the distance between what the public clearly wants

And what some of these bought and paid for?

radically insane people both on the left and the right

That needs to stop and if people are you know going to

Not listen to their constituents we need to stop them people want people want centrism

They want simple centric hundred percent reason people want reason

Yeah, the silliness is that the san francisco board of education people

are elected

When have any of you or any of the people that I know in san francisco ever actually looked up?

Who’s the person on the board of education?

It’s not really a topic that people have paid much attention to

And I think that um this experience when you don’t pay attention from a civic perspective on who your elected officials are and take an

Action in electing them you wake up when a crisis like this occurs and you’re like, oh shit

Maybe I should pay attention the next time there’s an election

And maybe I should be more active and be more thoughtful or maybe we should end up in a situation where you allow

the mayor or the board of supervisors to appoint the board

And have an approval process where there’s a little bit more kind of not just anyone that wants to get elected puts themselves on

The ballot gets elected. No one really pays attention to who’s getting elected and then you wake up to this crisis

Isn’t it true that like in the board of education there was this the whole thing came to a head

Because they were trying to like staff a committee again to waste time on some bullshit

Yeah, and some guy some guy raised his hand

And you know, he happened to be this, you know gay

person, uh in a mixed cultural

marriage, I think and he wanted to be a part of this committee and he had been kind of like a

Really good thoughtful participant and they said no because he wasn’t diverse enough or something. Yes

That’s exactly that’s exactly what happened. There was a school board meeting. It started at 4 p.m

Okay, 4 p.m

And this was the first issue they discussed is whether that like you said this this gay white man was diverse enough

To be on a committee. It was a committee where he was volunteering his time time

He’s good. Everybody thought that he’d be additive. I mean, you know, everybody liked him

But they spent several hours debating whether they should put him on for diversity reasons because he wasn’t he wasn’t woke enough

Right, exactly

Then they spent their time talking about renaming schools and taking abraham lincoln’s names off schools and even renaming schools

They didn’t even know

What why certain names were what they got the people wrong?

They got the people wrong and then basically they didn’t even get to the issue of school reopening until midnight

So eight hours later and then everyone basically had gone to bed and the meeting ended

I mean literally this is what happened. So the the parents it’s like an snl skit. It’s like insane

It’s it’s insane

and so

You know the parents are up in arms and this is triggering a recall movement because the parents just want the schools reopened

And you keep getting these um responses from the school board where where they keep saying oh

We’re listening to your concerns or whatever. They keep trying to process them, but they’re not doing anything about it

You know and then and then they say well in order for us to reopen

We need to establish our testing infrastructure and we’re putting an rfp out for that and blah blah blah

And it’s like what are you talking about private schools have reopened just reopen, you know, just reopen

What do you guys think about um, joe biden’s first sort of 60 days in office?

Executing at a high level with the vaccine

I mean opening up all those fema sites and getting to 2 million shots a day on average is undeniably great

the fact that he used the war powers act to force merc and to to do the

Uh, jay johnson and johnson, uh, and to work with johnson johnson to increase production

undeniable

um, i’m not ha and i’m not happy about you know, um

the teachers and him kowtowing to the teachers and i’m not happy about

Just the hint that he wants to start the war machine up again. So, you know, yeah bombing syria

Who wants who here wants to bomb syria? It’s like a right of passage. I don’t want to I don’t want to

Where where where the fuck is syria? Does anybody know?

I mean, why what what what what are we doing? I mean

That’s those are the key issues for me. There’s the teachers and the bombings. I don’t want that

I I say I I give him an eight out of ten

Uh jason because I think the pandemic has been so well handled by him in science and that team

I think they’ve done a very good job

But those two things those two things are huge black marks for me like he and and bloomberg ripped him one

You know and mike bloomberg was on tv and he was just like that is a joke

The teachers unions are jokes and you need to basically tear these people to the ground

You have to they and you cannot allow these folks to hold

An entire generation of kids hostage. Okay, but then and then the day I think it was the same day or the day after

Unfortunately biden kind of capitulated to the teachers union not cool. And then this the bombing of syria was kind of like

Why?

Yeah

Let’s use sanctions. Let’s use money. I mean that the the legacy of trump I think not starting wars

Was the one thing and then him, you know, just backing up the brinks truck for the light speed

Those are the two best things he did and those are two things that we should say. You know what?

He got those things, right? Let’s carry those forward. We have to crack the teachers unions

Uh, the teachers union the voucher system is the only way to do it and it’s very reasonable to say parents who are paying

Shit tons of taxes should be able to take that money and educate their kids

However, they damn please and if we’re going to spend fifteen twenty thousand dollars per student on public education

As a parent whether you’re in brooklyn or boise, idaho, you should have access that 15k

And you should pick where it goes and you should take control of it. That’s the way to stop this mishigana

jacob, I had the I had the

This crazy realization as you were saying this which is like if you said if I said to you

You know electricians union I would say thumbs up

auto workers union thumbs up

seiu generally thumbs up

Um nurses unions thumbs up

But if I say teachers union, I just have this incredibly negative connotation now of an incredibly political class of people

Who are going completely out of their way?

To basically just like have exceptions and asterix’s that apply to them and them only

It’s I don’t I don’t am I the only one that feels that way?

It just seems like it’s trending to where like teachers unions almost becoming a four-letter word

Yeah, I don’t think they care about teachers. Yeah, they don’t care about students these unions

But unions in general do a very important job

All the students yeah, but I think unions in general do a really important job

And I think that you know, like all these other unions

I have a very positive thought about what they’re meant to be

You can be pro-union or pro-organized labor, but be against this specific union. That’s what i’m saying just like you can be

Uh pro-reforming criminal justice and the unfairness of it while still being against chess abudin’s insanity

That people should be able to be murdered and killed and beaten in the streets unity with impunity

well, like this is these this is not an even

This is a completely logical position to have I want to not put people in jail for cannabis sales

and I want to remove people from non-violent for non-violent offenders from the

The incarceration you can believe that while believing you should incarcerate somebody who murders somebody

This is not a hard logic to understand

Right, totally. No, you’re right. I mean the the the it’s it’s a combination of ideology and special interests

um working against common sense and what the average citizen wants, you know, right and

It’s not republican or it’s not republican or democrat david you and I agree on this and

We just want common sense government that functions for

The people as opposed to special interests or these radical ideologies

I want to have a couple of pops at the battery and go walk to another bar without having to fear that somebody’s going to

Stab me for my goddamn iphone

You know or or some poor kid’s gonna get attacked by somebody deranged out of their mind on fentanyl

Look, this is why nuisance gonna get recalled is because crime and education are just fundamental issues

We do not feel safe in our cities crime is out of control

And we’re going crazy that we can’t send our kids to schools

These are issues that affect cities and suburbs everyone’s on the same page

And I think you’re right that the teachers unions have overplayed their hand and exposed themselves as not caring about the kids

Just looking out for their own benefits. They want to be on paid vacation forever effectively. And do you see there was a great

Example where in oakley which is a town in the east bay the whole uh, they were caught on uh recorded on zoom

The hot mic. Yeah, the hot there’s a hot mic where the entire school board was forced to resign because they got caught

Mocking parents for for quote wanting their babysitters back so they could smoke pot

I mean the cynicism here is unbelievable

I mean these these people are supposed to care about teaching young people and they and they view themselves as just babysitters

Yeah, you know and they view parents as stoners

Yeah, I mean

We we gotta shake up this system and then and the problem is competition

We need competition and look the problem is that that the people that when you have unions running the schools

There’s no reward for excellence

The bad the bad people don’t get fired and the good people don’t get rewarded. So they you know

if you’re

Pro if you’re anti-competition, you are a moron

everything in this world

Gets better when people compete

On the playing field in the arena to build better products and services and in health care

and in education and in housing the government and dare I say it the far left is

Stopping people from competing

We should look at ourselves as customers and that’s what’s happening right now

People are saying we’re the customer gavin newsom and chesa booton

We don’t want that product that products get the hell get the hell out of here with that product and give us something reasonable

No person who’s republican no person who’s democratic doesn’t want safety and

Doesn’t want competition education. The only people who don’t who want to stop competition education are special interests period

Amen, man. You’ve been sorry. These red pills are fucking great, man

peter teal

God man, I thought adderall was good, but

God these miami

Keith reboy peter teal

Stanford red pills got me lit. I’m ready to go. All right. Anybody give a shit about nfts

Non-fungible tokens. I mean, I think it’s kind of brilliant. But by the way, don’t we only have two minutes two minutes?

And if I think we should wrap I think we should wrap around the red pills

I mean that you can’t beat that that was can’t beat some red pills. That was hot

When are we gonna see each other? I I can’t take it anymore. I’m like a caged animal

I need to get out of here. I need to get on one of your planes. I’m doing a

You’re playing get me. I’m doing a home and away poker game on wednesday and thursday wednesday in la thursday up here

But it’s five hundred and a thousand. Jason. Oh

Oh

And you gotta play both days. You gotta play both days. So you can’t play one or the other

You gotta play both days. Oh boy. Chamath is trying to make his billions back

I don’t know if I want to be in a 500

1k game. No, i’m gonna go any different than the normal game. I mean like

In fact, in fact, I just you know, you can’t limp in which races they just you’re gonna get demolished get four callers that yeah

Yeah, rick solomon will jump the fence with the seven eight and bust

And laugh and laugh and laugh. You gotta edit all this out. No, you don’t

The matcha king of malibu the malibu

Matcha king exactly malibu. Tell him i’ll take a matcha with extra. All right, everybody for the queen of quinoa

for rain man david sacks and for

The demolished dictator

Will rebuild I believe in you chamath. You can rebuild it. You can rebuild that chip in a chair. Come on

Let’s get back in the game chip in a chair. Give us another ipo g h whatever

Let’s go everybody and we’ll see you next time. Love you guys. Thanks to our sponsors. Bye guys that don’t exist

Ditto

I love you besties

We’ll let your winners ride

Rain man david

And it said we open source it to the fans and they’ve just gone crazy with it love you queen of quinoa

I’m going

We should all just get a room and just have one big huge orgy because they’re all just useless

It’s like this like sexual tension, but they just need to release somehow

We need to get mercies

You