Fixing the American Dream with Andrew Schulz

23:29And that's where the tariff was born, right? It's people domestically in America don't pay any taxes on the things that they do. And instead, if you'd like to sell into the United States, you pay a reasonable tax. So this is the true summary here. So it's 126 years from 1776 to 1861. Then we paused it for a few years because of the Civil War. We restarted again in 1872. And you notice when it stopped, when it stopped was right around World War I where this entire war machine broke out and we've never looked back. So I don't know, I think that one way to think about this is we're probably gonna go back and explore.

24:07Isn't it better if we have this incredibly vibrant in rich country of 330 million people with a ton of purchasing power. What happens if we put the burden not on them to fund the American infrastructure and social programs in safety net. But if we put the burden on all the companies in the other 7 .7 billion people in the world and the 185 plus countries that want access to these folks, should there be exceptions? probably. Should there be waivers in very specific and narrow cases? Absolutely. But I think that that's where these guys are going. And I think that you heard this by the way yesterday from Howard Lutnik.

24:48I don't know if you guys saw this, but he said the Trump tax plan is going to cut federal income taxes to zero for anybody making 150K or less. It's crazy. What would the vulnerability in that B like putting the burden on all of these expenses that we would incur on other countries. What would that vulnerability for us B? There are two. If we keep the expenses. That's the key. If we keep the tariffs, if we charge them to come into the market, we charge them in extra 25%. We talked about this last week. If you cut the budget, then it can be net neutral. That's part of what they said. But he's saying what is the strategic vulnerability?

25:28I think the strategic vulnerability is too. The thing with tariffs is, and you're pointing out this, let's just say today you say there's a tariff, and then tomorrow you say, oh, we've found an agreement and we're going to take it off the table. One piece of logic would say, wow, that's great. We're able to change our mind on a dime. The problem for countries and companies is that they can't think in 24 hour blocks of time, they're making decisions in five and 10 year blocks of time. It's like, I'm going to go and borrow a billion dollars, I'm going to go and build a data center. I'm going to borrow $10 billion, I'm going to build tanks.

26:04Once you start that, you can't just stop it and then restart it. So that's one strategic problem, which is that if you are not careful, some of these markets that are really crucial, I'll give you one which we talked about last week. Right now, 95 % of all of the energy we generate in America is from renewables. Whether you like make it or not, that's just what it is. The reason why that's possible is because America has a very sophisticated market where all these people come from all corners of the world, insurance companies, life insurance companies, banks, and they fund all of it. And the reason is they can take a tax credit, they can lower their effective tax rate, they get a higher rate of return.

26:46It's all super complicated, but the point is these incentives exist. If all of a sudden you play around with that market, half that energy would go away. Electricity prices would rise. Inflation goes up. And then if we have to go and compete against China for AI and a bunch of other stuff, where is the energy going to come from? You're going to brown out people. You're going to just turn their energy off so that you can fund a data center so that the TikTok algorithm is better. That's literally what we would have to decide. So that's one way. And then the second way is if you're providing a critical service or a good to American people for which there is no alternative, that becomes really problematic because that person can then pull that product and say, I can't afford to make it.

27:33The obvious example is if you make pharmaceutical drugs for rare diseases, what do you do? And again, those are all things that are like multi -decade long decisions. You'd love to make them and unchange them at every 24 hours, but it's just not possible because like you just make these decisions and you're stuck with them for a long time. That's where the tear of thing becomes problematic if you change them often enough. If you implement them and you're like, this is what it's going to be, the world can adapt and people can figure it out. I mean, the other problem is just the communication of this has been terrible.

28:05We were on the program last week or two weeks ago, Joe Lonsdale's like, this is about fentanyl. So is it about fentanyl? Is it about getting rid of income tax at the federal level? Is it about supply chain resiliency? These guys get like a D in my grade book for communication. It's terrible communication. And this idea that you can't take Trump too seriously about his claims, like, well, he said he was going to overturn Roe v. Wade. He did it. He said he was going to close the border and send people home. He did that, you know. He said he'd do a Muslim ban. He actually did that. So for every time he says something and you're like, that's cap.

28:41No way he's gonna do that. I actually think people are starting to realize he's gonna do something here with these tariffs They're not just a negotiating position and the other problem I think a lot of people have what this is it centralizes power Anybody can go to Trump now and say I want an exception. I'm you know a car company. I want an exception I'm a solar company. I you know I need an exemption and then now you've got everybody going tomorrow Mar -a -Lago to kiss the ring to give him a donation to bow down and it centralizes more power with them as opposed to having rules Yes, and we need to have rules in this country that apply to everybody not just people who give a million dollars like bezos and Tim Cook and everybody and Zop the weather Vane gave them we don't want to live in that world where you're just bribing Trump To get your tariff and that's how people feel that's how the business community feels That's the reality right now people are bribing Trump giving him a million dollars to inauguration to get close to him to go to Mar -a -Lago and it looks really bad.

29:36He'd have a clear strategy here for what the rules of the game are and he's changed in the rules. You have to go to him and he loves that. That's actually what he's trying to do is get everybody to go through him. It's a really clever hack, I think. Yeah, and perception is reality. So you have to react to people's perception. We can throw data points all we want at people and we can throw research and all this other stuff. But if people aren't meeting you there, then you're not going to be communicating with them effectively. And I think that that's something that like, you know, especially you guys need to know, you guys have proof of the information that the average American probably is not.

30:10And we can bitch and complain about how they don't read or how they're not looking up, you know, what happened in 1913 to change the course of American history and how we started to, or we can go, okay, we need to find a way to disseminate this information so that they can make these decisions. And I guess we'll feel comfortable with the results of these decisions. Do you think America would be okay with this idea of taxing outsiders and then relying on it versus income tax paid by its own citizens? I think that the second half is really all that would matter. I think that people are I think the majority people are thinking about the next week.

30:46So if you say that I don't have to pay taxes like And I think this is what Republicans are doing way better than Democrats right now is like Democrats don't have build the wall They don't have slogans. They don't have things that immediately tap into like core emotional feeling. Regardless if you're going to do it or not. We want Greenland. Okay, that's cool. Democrats need eggs or a dollar. Democrats need things that like echo their sentiments and how they want to like take care of people and provide for the disenfranchised, but it has to be done in a way where it's digestible. You can chew on it.

31:16If you want to make housing more affordable, then you say, yeah, we're seizing public land, we're building 10 ,000 units. Like you have to tap into what Americans need, which is a feeling of not just comfort. Every American thinks they're gonna be a millionaire. That's what this country drives off of, right? It's every poor American. That hope, yeah. And the second they stop thinking they will be, they can be or they can be the balls of the car. And then some healthcare CEO gets shot and people celebrate. They're celebrating because they no longer feel the hope that they could be in that position.

31:50Yeah. They feel so disenfranchised. is they, and this is what like, I'm telling you, like, the you guys of the world need to pay close attention to because there's going to be no empathy if anything bad happens. All the stock market is down. No Americans are invested in the stock market. That's all you guys. I've been saying it. No, no, no, no, I've been saying this from the country and I've been saying it from months. Nobody cares about the stock market nor should we. And the reason is because we, people who own these assets have overly benefited more than we've deserved for the last 15 years.

32:23Ever since the great financial crisis in the United States, people who, as Jason said, could cozy up, and by the way, Jason, I think the claim that you made, which is severely true for how, from 2007 up until now, has played out. Because if you look under all the programs, if you could have lobbied Obama in those critical years of the GFC. Oh my God, the amount of money that was... No, because we took interest rates literally to zero. Anybody like us who could have gone and gotten levered up and gone into the stock market was richly rewarded. And the problem is we left everybody else behind. And I think the great thing about Trump is he is going to reset that.

33:10He is going to take a lot of wealth away from asset holders. You're seeing it every day, 500 billion, and 500 billion, there is no sympathy. I think it's fantastic. I, that's great to, it's great to hear you even saying that because I feel like a lot of people that are in maybe your guy's position don't understand that disconnect. And that is important to understand. There is like even what happened in the palisades in like in LA with like the fire. The second people heard it was like rich people's houses. There was no empathy for it. They didn't, they don't. $4 million house. Do you? Yeah. And it is.

33:47I don't even have a house. I can't find a house. You burned your house down and you went back, went to your vacation house. Now, oh, I'm sorry, you're living at your ski house. That's a tragedy. Like literally, you're right. It probably explains why we don't hear anything in the news anymore, but anything that's happening with respect to reconstruction or any of the discussion that's happening. It's a rich person problem. People, it's a rich person. And I think putting together what you just said, and you, Tremoth, Trump is a master at connecting with people and listening to them. I thought one of the greatest things he did during this last election is when he said no tax on tips.

34:22When he said no tax on tips, he was going right for Nevada. He was going right for that swing state, you know, to get those folks who live off tips. But what he was also doing is saying, I know that there's a bunch of y 'all that sometimes get cash tips you put in your pocket. It's the gray market. I get it. I run a whole, I got caddies who get a Hyundai from whatever, taken somebody out on the course. We're just going to make it official. You don't get tax on tips because we know that you're the bottom third of the country in terms of your economic power. Those kind of statements really do connect with people.

34:54Trump has just mastered this. This party is, Trump is the Democratic Party that we grew up with. It's kind of crazy. It's kind of crazy, right? And then the Democrats became the soleetus group that seemed to be in the pocket of business interest. I don't know what bizarre world we're living. Well, I think you tapped into it right there. It's like, I think that they could usually win the next election if they made it a class war, but they don't because it feels like they're in the pockets of these billion dollar corporations. So they can't really, I mean, Bernie did it really effectively, right?

35:25Like this random juke that lives in Maine or something like that is like, yeah, we got to get some money from these rich people We'll give it back to the poor and all of a sudden, all of America turned them into our surrogate grandfather. Then he got shipped by Hillary and the machine. What did they say about his fans? They went very specifically. He has the Bernie Bros have a sexism and bigotry problem. They made him radioactive. Now you killed the working class. The working class is no longer supporting the Democratic Party. Who do they have left? They have the identity politics groups. So they can't piss off the identity politics groups because they're like that's all we got left They did the same shit with us during the election right they're like the podcast bros have a sexism and bigotry part They they try to make people radioactive and it's like that card's been played so many times that people are dissent I think there's one big shoe left to drop I think we've started the process of really really taking a bunch of heat out of the asset markets like equities So we've taken trillions and trillions of dollars of wealth away I think we're going to take trillions more.

36:32But the next big market, and this is actually where, Andrew to your point, we reestablish some hope. I think for a lot of people is we are going to walk the housing market. It's just going to happen. And let me just say something about that. How is that going to happen, Jim? I'll explain it because there are 7 million homes that we still need to build to service just current demand. How does that actually happen with the supply demand problem in your mind? There are a bunch of mechanisms that have to get cleaned up right now. One mechanism is that there are a whole host of mortgages that are basically being propped up.

37:07It was a program that really got out of control under the Biden administration. Nick, you can find this article in the Wall Street Journal. We are going to figure out how to get these two government -related agencies, Fannie Mae and Freddie Mac out of what's called conservatorship. And these are the folks that are responsible for essentially wrapping guarantees around mortgages so that the mortgage market can function. The details don't particularly matter that much. But the point is that what we are doing is we are unwittingly propping up with American taxpayer dollars, the US housing market.

37:44Why is that bad? It is locking an inordinate number of people from that first critical step that actually makes them feel like they are winning and they're on their way to achieving their dreams Which is can I make a deposit on a home and then can I live this out? And you have these artificially inflated prices all around the country as a result of this So I think this next wave is deeply beneficial to the middle class Which is there is no reason like you guys see it when you read the Wall Street Journal know, I think it is the dumbest in the world when I see an article, which is like, this house just is $65 million on point four acres in some rando place in my mouth.

38:27Yeah. I was thinking Malibu, but yeah. But what is this? This makes no sense. And so when you re -rationalize a bunch of equity values and you re -rationalize the cost of a home, I think what you're going to do is you're going to allow a lot more people to find a more reasonable way to enter the housing market. And I do think that that's a really big step in allowing them to feel like they're part of the dream. So, you lower asset prices, you can own some stocks, maybe you own a 401k or if you've never had a 401k but your employer offers it, for the first time it may actually make financial sense to put a small amount of it in there.

39:05You've never been able to own a home, all of a sudden home prices are at 30 or 40%, you're able to do that. Because of how Trump goes after the budget, when his rate of borrowing for the US government goes down, your mortgage rate goes down. Now all of a sudden you can enter in because home prices are less and you can actually get a mortgage. They may all seem very random, but they can come together in giving 50, 60 million people a shot that they have been screaming since the great financial crisis they don't have. This is so huge because on like a core emotional level, you want as many Americans as possible invested in American success and excellence.

39:44Totally. And the greater the delta between them and their first home or their first investment at SOC, the greater that distance, the more disillusioned they become in American general. When they feel like you said earlier, like at the way that you guys got into the market when you could basically take our loans for nothing and then you saw these incredible gains, they feel left behind. The second they feel like they're in on it, they own apartment, they own shares of Tesla. That's why crypto is so popular because they're like, it's their only access. I got, yeah, it's like comedy in some ways.

40:15Like all I need is a microphone or music. Like there's a path for me. And crypto obviously is a giant scam. It's a scam, sure, but I can get a piece of this. I can get a piece of this, this American dream. And I would rather that they were invested in the, you know, with Vanguard account or something like that. I would rather they're invested in the entire market. I mean, there's this, this idea, and I'm sure you poke holes and tons of holes into it And but this idea like every American born gets a thousand bucks put into Yeah, so friend of ours Brad Gerson with this invest America is the concept and regardless if the concept is good or not The emotional connectivity to the success of American industry is really important when you know a 22 That you could get this thing that's been compounding for 22 years you could pay off college loans You could put something down on a house you could pay for trade school whatever it is I think you have a different energy towards America and its success and then you have a lot less of these kids who are just like America's this horrible plays in capitalism is bad.

41:11Yeah, capitalism is bad when you're left behind when you're invested in capitalism Great, baby. Absolutely. We're on the express train. Let me give you guys I Did an analysis I wasn't sure if I should put it out, but I'll tell you guys the numbers The US social security program is meant to be kind of the retirement program for folks that don't have access to private retirement accounts. Okay. And this program was set up in the 1930s after the Great Depression. And there's a trust fund, the OA SDI, which is the fund that they invest the capital. So every year we all put money in with our social security taxes out of our paychecks, goes in there, and it gets invested.

41:53You know what it gets invested in? Hmm. It gets invested in one thing, US Treasuries, which have averaged about 4 .8 % return since the beginning of the program per year. Meanwhile, if you put it into the market, meanwhile, the S &P has been averaging 11%. So here's the map. If in 1971, which was the year that we went off the gold standard in the United States, if we invested the Social Security Trust Fund in the S &P, the balance of the Social Security Trust Fund today would be $15 trillion. dollars. They would be roughly one -third of the value of the total S &P 500, which would be jointly owned by all Americans who took their capital.

42:32Now here's what's up. What's up is that the middle -class people who had access to private retirement accounts benefited by buying the S &P 500 and the wealthy were able to access it. So all of the equity value that accrued from American enterprise and the prosperity of the American system accrued to the people that had access to the private accounts, meanwhile the people that only had access to the public accounts, got stuck, owning treasuries. Today, the Social Security Trust Fund has $2 .7 trillion balance and based on the outflows and inflows, it's going to go bankrupt in 2032. That means Social Security is either going to get cut or the Fed is going to print a ton of money to keep Social Security benefits.

43:08Retirement age goes up a little bit. Yes, a lot of levers. Yeah. Wow. So I did the math. If you assume that the S &P 500 continues to grow a 10 and a half percent a year on average, there's ups and downs, and sure there could be basically draw downs and all these other sorts of things. But here's an important point. We could put about $500 billion in the trust fund today and it will not go bankrupt again. And it will continue to grow every year. And then all Americans have participation in American enterprise. And importantly, this becomes the world's largest sovereign wealth fund ever. You don't need a separate sovereign wealth fund.

43:40We already have one. It's called the Social Security Trust Fund. And what we've done is we've totally mismanaged it. And I went back to trying to understand why this is the case. Why have we only ever bought treasuries? Early on, the US needed someone to loan money. So they basically forced the citizens to loan the government money in the form of treasuries. But today, the Social Security Trust Fund owns only less than 10 % about 8 % of the total treasury bonds outstanding, the rest are owned by the Fed and foreign investors and private investors and others that want to own it. So why are we forcing all the American citizens to prop it up for no reason?

44:13And we're discouraging access. So basically we've created through the social security system. We've created the deep inequity we see in this country. If instead we had allowed the social security system to invest in the S &P 500 to buy American enterprises to fund American businesses, then every American would be wealthy and that middle class that uniquely participated by basically arbitraging the market where they forced the Treasury bond yields on the poor, and they got to take access to the equity yields would have not happened. Yeah, they had 401Ks right they had felt a device. They had a device and they were able to participate by with brokerage accounts and by going to make it what we can do right now is we can fix it and here's important point people will then argue oh well what if there's a down year two down years in a row you know what we're already going to be printing money to make up the whole in social security we're not going to let social security go bankrupt we're not going to let it dry out so we're already going to print money to make the social security whole so if that's the case we can create a backstop for social security.

45:11We're gonna have to do it either way, but we might as well take on the show. We might as well take on the show. It's a go. No, no, no, you're gonna say something. The reason why we didn't do it goes back to what you said before, which is we have a bunch of, we had a bunch of very quote unquote well educated Ivy League trained people running these institutions. And the feedback, I don't even know what it said, but I can tell you what the memo said. There's too much risk. We've sensitized this model. It doesn't make sense. This is the safest thing to do. So it goes back to just like we need a little bit more practical thinking.

45:47Like at the end of the day, why the S &P 500 exists is of all the thousands and thousands and thousands of companies in the world. You know how many companies in the world make more than a billion dollars a year? More than 20 ,000. And of that 20 ,000, the S &P 500 is just the 500 best. It's the best of the best of the best. So to your point, Freeberg, it didn't take a PhD from Harvard to figure out that if you just owned an index of the absolute 500 best things happening at any given point in time, it would have gone up. Also since when do Americans, since when are Americans risk intolerant? Like there's something baked into the DNA of the people that decide to lead their families and move here.

46:31Totally. Immigrant country. And to your point, imagine logging in like like we've all had, I'm assuming a 401K account and I remember how exciting it is to log in and see the count. And shelts, I want to say something that's really important like you talk about us people like you know early on commentary, which is something I hear a lot. My first job was making $4 .25 an hour cleaning toilets in a pool hall in upstate New York. Jamaf has similar stories. J. Cal has similar stories like any of us that that participate. 55 Canadian working at Burger King. Yeah. And I had like and then well, the worst part about my job in the pool hall was that then the manager made me go play poker at his house and he took all the money back.

47:07I stole I stole the chicken fingers at night. The bring them on a moment, but my mom would whip them up. But it was so exciting in my career in my life to be able to like go from that moment to the moment where I had a 401k and I could log in. and I could see the businesses that I owned and I understood that and I saw the value go up and I got to participate in that. Imagine if every American, when you get your social security statement today, all it tells you is a dollar amount and how much you're gonna get in the future, imagine if you logged in and you got to see all the businesses you own a piece of.

47:36And you got to participate. You feel connected every single day. You're gonna be lighting a Tesla on fire. And we can fix this and by the way, we can solve both the sovereign wealth fund question and the social security trust fund question, every dollar that's going into these sovereign wealth fund ideas or if they come to fruition or in my opinion, and obviously I haven't spoken to much about this, but the crypto fund and all this other sort of stuff, every dollar that should go into the Social Security Trust Fund. And that Social Security Trust Fund should be for the benefit of all Americans, and it should be equities.

48:03It should be ownership. It should be participation in what the American dream and naval forcefully enabled. The American dream enabled us all to succeed, and it should enable everyone else to participate in shares and equity in American enterprise. It can come to market. So it's not about a thousand bucks on your board, It's about an ongoing participation, putting your money in and having that money allocated in a way that America that's smart and wealthy Americans get to allocate it, which is into owning shares and businesses. That's it. Yeah, Chelsea. Yeah. No, I think it's great. And hopefully you guys don't feel like I'm like discrediting you by saying you guys, but I'm just trying to give you guys a great.

48:36It's an important framing because it's like you're 100 % right, but like we see comments on YouTube like oh you guys and I'm like dude I remember like it feels like yesterday when I was in friggin dead I graduated college with a bunch of dead and I went and like found a job and worked my ass off and I was working 20 hour days and never slept it like you know it wasn't easy I mean I feel like very emotional about this right now sorry hang on um it was hard yeah it was hard it wasn't easy bro it was in give -in -two None of us inherited, none of us inherited. We came to American and to see the joy, to see what we all benefited from, I'm getting emotional about this, but it's like, well, that was good.

49:18The American dreams broken. We gotta fix it again. We need to have to have that. Come on, people talk about it as if being successful and getting there is a crime. It means that that's the person you know it's dreaming. It's a dream, Chelsea got it. I think the framing, this is very important. Like my mom is also an immigrant, right? She came here from Scotland. She has no education. They stopped going to school like 14 or something like that. Comes to America and she's this massive success here in terms of like where she came from where she got to, right? And what she was able to buy she was able to buy a home in the East Village of New York City.

49:52She would have bought a beach house like just off of like grind and hard work. Yeah, and what she saw here, which I'm sure a lot of you guys also saw is opportunity. She had ambition and opportunity. And I think that that's what, I think a lot of times, that's what immigrants see when they come here because they probably come from places where they feel absolutely no opportunity. So the second they feel like there's a little of it and if they work those 20 hours a week, I mean, I saw my parents grind. My work ethic just comes from watching them. You know, I mean, just watching them just kill it every single day.

50:23So what I think that you guys are speaking to, which is really important, and I think it's important that people know your story as well because it becomes more accessible. When they see you guys and they know what you came from, they know you're working a burger king and now you guys are worth billions of dollars, it's very important that Americans that's possible for them. Maybe not to hit a billion, but maybe to hit a million. Maybe hit 300 ,000. Maybe to buy a house that's $100 ,000 that they're really proud of. And phone it out right. And on the other hand, and the fact that this is accessible, like what you just said to me is just hope and abundance.

50:55Like that's the messaging of what you just said. You said something that made it seem very simple to me. We put this money here. Everybody is now invested in the success of the American economy. And now when we see the stock market ticker look green, which is all the average person sees green or red. We don't really know anything. But when we see green, we get excited. We go, we'll wait. Yeah. And now we start, and we start rooting. Come on. It feels that way too. Yeah. Well, but think about it. You're getting excited right now. You're saying it. But what's going to stop crying? Oh, wait, it's green tonight.

51:24It's been right for a week. But think about like like CEOs, right? Like these people have become villainized, right? And it's because we're not attached to the success of their companies. That's right. If you're big as holding, is Tesla? But it doesn't, please believe, you're not upset. I think people think that their success now works against your best interests. Yes. And the systems rigged. And the systems rigged and you can't be part of it and you're being ground down. This is, I think, really good proposal, freeberg. And if you look at housing, that's the other one. When I run for president, you know what my position is going to be, Chelsea?

51:59What's that? I'm going to build five cities with 3 million homes in each. And you can only buy them if you make under X amount per year. It's not going to be like the projects or like, you know, subsidized housing in New York. You're talking about. It's not going to be stifers in town. Okay. Okay. It's going to be like nice house. That's pretty good if you can get it. Yeah. Stifers not bad. But not like projects. I'm talking about like proper homes like built. We are the most innovative country society ever created. I mean, since the Greeks, they were pretty great too, but we could build five new cities.

52:30Why can't we build five new cities with three million homes in it? Let's do some Manhattan project for housing and then healthcare. How the hell do we not have good healthcare for everybody in this country, with the richest country in the world, greatest economy, whatever, we should be able to solve those problems. And that's why people don't feel like they're part of this, is because basic housing, basic healthcare, and your retirement. It's not like it's rigged against you. This sounds crazy, but for young people, I think they would forgive healthcare if they were invested in the market. And I think that being invested in the market is just so daunting.

53:04But the feeling that everybody else is getting rich when you're not is the reason why I bought crypto, not knowing anything about it. It's a reason why everybody else bought it. It's this feeling that the train is running away and you're not going to be part of it. So how do we get them to feel part of that success? I think really importantly, you know today just to give you guys some other statistics 60 % of a middle -class households network is in their home Only 10 10 % of their network is in owning the S &P 500 in in index funds or whatever in their retirement accounts And so by creating this American dream around housing and allowing the federal government to provide loans on housing We've increased the cost of housing and we've created a very destructive housing bubble in the sense that it has reduced people's exposure to participation in productive value creation.

53:52And that's through the ownership of businesses. Instead, we've stored our net worth in a house. And in order to keep the economy and the social structure stable, we've created policies that allow the continuation of the growth in the value of houses. So people feel like they're not worth this incrementing. And that's a hundred percent right. And that's a hundred percent. They restricted making new housing, which makes it worse with the restrictions. Have you guys heard of Warren Buffett's most public failure? No. Warren Buffett's most public failure was when he was brought on as an advisor to Arnold Schwarzenegger.

54:25When Schwarzenegger was running for governor. And Buffett kind of looked at the laws in California and there's a long California when you own a home that when you pass on you can pass it off to your kids and you can basically keep the cost that you paid in terms of setting the real estate taxes. And it's had an enormously negative effect in unlocking turnover of homes. And that's a large driver of why homes are so expensive in California. So Buffett looked at this and there was a lot of fanfare short -secures like here's my economic genius. And the first thing he said was guys, I think we should repeal this law.

55:04He was gone two days later. Wow. It's not popular. And by the way, there's a lot of other policies like this. Two things later, yet to resign. If you do the true kind of macro analysis as an investor, you should probably have about 20 % of your net worth in the US in real estate, not 60%. And so we need to give people the ability and we need to think about all the follow on a trickle effect of creating a set of laws, a set of policies that basically incentivize almost all of your network to go into a single asset your home. And what that then means in the fact that we have to keep pumping up the value of that home.

55:38And we have to have a system in order for people to feel like they're getting ahead, keep inflating. And eventually people can't afford homes. And that's where we are today. When did you guys first started start your education in the markets? Like at what age did you feel like you sought out? I thought my first stock in the company I was working for, oh, the parent company, the company when I was working for in 1989 when I was 18 years old. So 18, what about you Dave? I bought $300 in stock. I signed up for an e -trade account in college because I saw that TV show called Bull. Do you remember that TV show was about investment banking during the dot com bubble?

56:15It was such a, no one knows that show. And I was like, man, Wall Street is so cool. I want to learn about stocks because I was an astrophysics major. I didn't, like, I didn't know what I was gonna do after I was gonna go to graduate school or whatever. And then I got caught up in the dot com bubble and I started reading the Wall Street Journal every day. I would take it down to the freaking plaza and I would read the journal at school during lunch. And I tried to learn about tech and business and markets because I always been a tech guy and I'm like, man, there's all these startups and this is how the markets work.

56:41So I set up an E -TRADE account. I put some money in it and I started and I bought some stocks. And I read the investor business daily on what stocks to buy. They had a rating and I bought those stocks and they went up. And I'm like, man, this is awesome. I'm like, I love voting stocks. And that kind of kicked me off. And then I got an investment banking job after college and it totally changed my career trajectory. I was like, I want to go work in the tech industry and work in business. What about you, Chema? And I shifted it up. I'm going to buy you first, definitely. But by the way, that, I, sorry, let me just say one thing, what you asked is a really important question.

57:09I just realized this, because my, my interest in that stock market thing at that time actually changed my career trajectory and it really reset what I was going to do with my life to get involved in business and go work in the tech industry as opposed was to work in science as a researcher. And that was a really big shift for me. So it gave me that kind of a feeling of like, oh, I got to learn more. And then that kind of changed my career. Sorry, go ahead, Shema. I was 14 or 15 years old. And there was a, this is when Rodney King had the sh** kicked out of him and almost died. Well, all these race riots in LA and nothing changed actually in America, but where I was growing up in Canada.

57:49The provincial government created a program that said, that if you're a minority and you're on welfare, we'll pay for you to get a job. I was a minority on welfare. So I got a job and it was at a startup that was just going parabolic and their stock was going nuclear and I lived in this deep part of town and I would see the controller of that company drive past me every day while I was waiting for the bus. And one day he stopped And I went with this guy, Sam Legg, he drove me that whole summer and he taught me what does the company do? Why is the founder a billionaire? What the hell does this even mean?

58:31He unpacked and so I saw firsthand What it meant to work not for a salary but to get a stake in the thing that you're working for I bought a couple of shares It went up and it was great But then I really fell in love with this idea that I could understand something and own a piece of it and then It really accelerated when I've graduated from college because I was like freeberg I was in debt and I was like how the fuck do I get out of debt and I traded stocks on behalf of my boss This guy Mike Fisher who I thanked to this day and I made so much money right before the doc comm crash He gave me the money to pay off my student ones Wow.

59:11Wow. And then ever since then I was hooked. I was like, okay, I can learn this and I can deal with the vicissitudes of this. Look, the markets are brutal. There are moments where you just wake up and it looks like everything's working. And then there are moments and this is what everybody needs to understand though. If some of these programs work where it literally looks like the bottom is falling out. And I cannot describe to people the pressure you will feel on behalf of you and your family when it looks like you're taking a 30 or 40 or 50 percent negative downturn to your net worth. It inflicts a level of psychological damage that I cannot describe to you.

59:50And the bigger the numbers get, by the way, I told this story on Tucker, there was a period where I would wake up and I could just tweet and the markets would go up. They were like, what's you going to say next? And then it all stopped. And then there's a two and a half year period where I gave it all back and then some. That's frustrating. The minus touch goes away. It's beyond frustrating. It shakes you to your core. So if we do these programs, I think the Friedberg idea is just beautiful. It's lovely. What about you, Sean? When did you make it for us? Just to finish, if we do it, we have to try to teach people how to deal with the drawdowns because that's where if you don't teach them how to deal with the wall, the volatility of losing money.

1:00:32It's great when everything's green. But those are red days, man. How you comport yourself, how you act, how you treat other people in the red days are the only days that matter. Yeah, that's the growing experience. What about you, Chelsea? When did you buy your first equity? I was probably 35. Oh, 15 years. So my, I mean, my parents, how old are you? I'm 41. So I would maybe even a little bit later. Now I might have like owned stuff without even realizing it, type of thing where like I had like a business manager who set up some retirement fund or so like that, but not me actively choosing a stock combined.

1:01:11My wife's father -in -law is a very successful businessman and he's he's he's I don't want to say like predicted the markets really well, but he has. He was in Nvidia like super early early early and a bunch of others and We're like sitting down like Aspen somewhere and he like said hey listen. What do you mean you don't own anything? He goes hey, can you take a you know? I don't know if he said 10 grand or a hundred grand or something like that He goes can you just put it in these different stocks? I go okay? Sure, I open up this like eat trade account or whatever the fuck it was But it interesting the thing right there is like you guys were so young was 18 22 14 and And to me, I think like the education of this is really important.

1:01:53Like my parents did really well, but they're financially illiterate. Like there was no passing on this like knowledge of like investing when what it means to invest. Like they made their money by like working every single day for it, not like you guys don't but like they were teaching dance lessons. So I was like, this is how much the dance lesson costs and you pay me and maybe I'll have 40 people in the class. Okay, more people are paying. And now other teachers can also teach. But it was intimidating to them. It was intimidating to me. It still is intimidating to me. Well, this is the, I think the upside of crypto in some ways.

1:02:23Also the upside of price picks or gambling poker. It's the upside of Robin Hood and Coinbase and all these things being available. This generation, generation bet, like they love to gamble these young kids. This is my concern. And they're learning. No, but they're learning. They're learning how to take the down drafts. I think they are learning. I think they are learning. So maybe like the period of entry is less. But my concern is that they're treating it more like gambling than investing and I think that we've almost like Tricked the American public into thinking that investing is gambling. That's right And the way that you guys are describing is it's not it's like investing in the S &P and then leaving it there and taking those downturns You have to come back up.

1:03:02Yeah, but here's the thing you have to learn these lessons at the poker table You cannot play poker without real money or else you're not gonna get the bar You're not gonna stay up at night. How do we how do we so that's what these kids are doing there? How do we educate them? It's not every kid, right? It's the education comes from doing and if you let these kids trade They will figure it out over time and then what happens is like you they get married They want to get a house and then they say you know what I'm gonna I'm gonna stop buying meme coins. I'm gonna start buying Bitcoin. I'm gonna stop buying Bitcoin I'm gonna buy Nvidia and things to the real Just get addicted to gambling all the time.

1:03:34I think yeah, I agree with you. I don't think that I think you're being super reductive They're like, oh, they'll get on the, all of a sudden understand Dave Swenson's Yale endowment asset allocation model. Bullshit. I've seen, they were, I have seen thousands and thousands and thousands of guys over time who deeply steeped in this business, wash out. Yeah. And each to a one, the more sophisticated they get, they all fall to the same pressures, which is they don't know how to simplify and they don't know how to be patient. These are things that every human being needs to learn. And I don't think time in the market actually solves those two traits.

1:04:16Those are psychological traits that you have to go and figure out in a different way. You look inside yourself and you have to figure those out. Okay, fair enough. But between the choice of, hey, we're going to grow up blue collar. We have no access to these markets. We have no way to trade in them. We have no way to learn. And then today, I think the system we have today is better. Can people go off the, you know, jump the fence and lose all their money? Of course they can, but they could go to Vegas and do that. Prior to that, they could work with a bookie. They could do football sheets. I think they're learning.

1:04:47And when you use some of these modern apps and you look at the strategies and you see people on Reddit working on these stocks and their thesis, I think it's trending in the right way. They can always be more educational, but this is. Let's hope. Let's hope. Don't bet on the jets, right? Before. I think the average American doesn't even know what compound interest is. I agree with you. In fact, I'll tell you a great story. Work to do. I, one of the best things that happened when I invested in the goals of stay warriors, I bought 10 % of the team in 2011 or something. I got to meet all of them.

1:05:18And I got to meet a lot of my heroes. And I remember one meeting where I sat with a goady -like player. Let's just put it down. We'll believe it out. We'll believe it out. No, I don't want to say something. Okay. Farron. And he asked me the most incredible question. He's like, Jamal, can you explain compound interest? And shultz, I can tell you, I still have this spreadsheet. I just showed him a compound interest table. And he had no idea how 8 % versus 10 % is like gargantuan over, but the years over 20 years. Yeah. And to your point, it was illuminating that you're right unless you go and you jump into it and you live it And Jason, I agree with you like there's nothing like Look stand, ruckabillars says the same thing invest then investigate like there's nothing like putting the risk on Okay, there's nothing like playing a hand in poker There's nothing like taking a shot at a different strategy in blackjack winner lose you get feedback But my point is most people don't get better and so that's what you have to solve is like How can you make it interesting fun?

1:06:29How can you talk about the losses? Like this is a thing that I had in men's trouble with. I still do today. I think I've gotten better with it is to be able to talk about the losses. How do you talk about getting whacked for $4 billion? I can do it now, but it's brutal. Yeah. It's done for a while. And how is she, but you saw me? You're a better person since I go through it. How ashamed was I for the two years that I had to unline that? It was hard for you. Yeah. It was hard. I mean, you're imagining your whole identity is built into, to you being successful in these markets. And you measure it the wrong way.

1:07:01Like you point to the number in the bank account. Not the way your wife treats you, not the way your kids treat you, not the way your friends treat you. And then you're like, okay, well, 30, 40, 50, 60, 70, 80 % poor. So I'm just that much less of a human being. Yeah. But that's a good reality check to lean into family and those things that matter. So my point is like, if we can get people more into the market, I think it's a name incredible thing. but you have to wrap it in these guard rules that have nothing to do with the market. And everything to do with who you are is a person. And I think like the first step is showing, like what is the most simplistic version of the benefit of the market?

1:07:39And I think it's compound interest. I really think that that is if we start there, like remove the stock market. Don't even talk about it. Just like what happens if I left it in a savings account that's getting 4%. And I don't touch it right? And you know the rule of 72, that was the one that What was that? What was that? My brain up. So the rule of 72 is whatever the percentage you grow per month divided into 72. So let's say you were growing 7 .2 % in the market per year, divide that. It takes 10 years to double your money. So it's a time to double your money. If you were growing 7 % a month, you know, on whatever your investments are, let's say you got a great business that's growing like Facebook or something like that.

1:08:17That means you double the number of users who are revenue every 7 .2 months. Once you understand that, you can do it quickly. Just like in poker, you know, the number of outs each card represents roughly 2 % chance because it's 50 of them, right? So each count for about 2%. Then you can start doing this stuff in the back of your head. I had this idea. I think I talked about it here on the program of doing the Kids Investment Club. And I bought the Domain Kids Investment Club. I actually need to do this. I kind of prioritize this and find a CEO for it. Or do it as a nonprofit or something. Just kids need to learn this early.

1:08:48Robinhood or somebody should make an app where they can invest like a shadow, but it's, you know, like with their parents, maybe they can make the trade, the parent approves it something like that. There's something where we should be learning all this in high school. They should be like, what's more important than this? Remove the fear. Remove the fear. And the reason it's important is what we were saying earlier, get the American people invested in American success. And you will find so much more patriotism. You will not find us picking on all these little things that a lot of us may be go, why is this such a big deal like the the the bathroom like most of us are unaffected.

1:09:23I cannot begin to explain how quickly we'll forget about the bathrooms when the S &P is up 15 % and you're looking at your portfolio and you're like I you could take a sh - wherever you want okay. Absolutely. I had you know something else to focus on. Absolutely. Look at this. Hey freeberg. Here's your time machine check it out. There's your favorite show. I don't want to make you more emotional. But your guy Stanley only Tucci from Bull, I think it only made it one season. One season, but Tucci gang in full effect. I was such a tech nerd growing up, but I never thought about the business of technology and then the startup boom happened and you got this bull show on TV and I'm like, man, this is so much more exciting than sitting in a friggin lab doing mathematical modeling where I was like pulling my friggin hair out.

1:10:08I'm like, I want to get after that and the rest is history, you know. Have you guys watched Stanley Tucci on HBO where he tours Italy and he does these little so great? and I've seen it cook on TikTok. He's like today. Is it rolling? It's rolling today. I'm going to make your fruit for the demand. It's about the, but I'm doing it in the Kapatya base and what I'm going to put and I'm like, I just can this guy do ASMR or put me to bed at night and this guy, he is, I'm gonna man crush on Tucci. Tucci is a must. I mean, he is. I would like to roll with Tucci. In You imagine if we went to Italy and just had like a just roll with Tucci through Italy.

1:10:48I love that guy. Any dream is possible, Jake. You could pull it out. I know. We're all dreaming here. We're all dreaming here. We're still dreamers, by the way. Really important. Everyone should know that. I think like there's no, the thing that the thing that a lot of people assume, this is the true about humans in general, there's an end to the rainbow, but there isn't. You ride the rainbow till you die. That's it. And there's always hope, there's always dreams, there's always more and it doesn't stop. So it makes it fun. Are you taking the ketamine in Austin or something? What happened? You just got all full of sleep.

1:11:19I'm a little hungover today. I started drinking a ton. I'm just gonna... We went to the mothership last night. Oh, I was. And we hung out with a couple of your boys. Like, dang. We hung out. Tony. Well, Tony. Of Tony. Of Tony. Of Tony. He was drinking ice and... So, what do you know? Shane Gillis was there. Shane Gillis was there, but he was big time. He was big time. There was a mob around when he get to meet him. The guy Bert who take I didn't recognize. Yeah, he had a shirt on. So I didn't recognize. Yeah. I was like, but then I saw the body shape and I was like, yeah, that's probably him. When did you start in comedy?

1:11:54I was, I think it's almost been like 18 years or something like that. She started in your early 20s in New York going with the funny bone or what? How do you get you're like, how do you pay for your life before you make it? Like what? Like is it that you have a normal day job? I lived with my parents for like a very long time. Like my parents lived in these village. So I was walking distance from like multiple comedy clubs. It was, you know, incredibly. I mean, I worked like with my parents for a little bit. Then I managed restaurants and I like just mansion. You manage restaurants in Manhattan?

1:12:27Yeah, I did. I started in Santa Barbara when I was going to college. That's where I did my first comedy gig. And then I managed to restaurant out in Brooklyn and not really but I know it was a biscuit barbecue. It was in Park Slope, Brooklyn. And then then I started to make a little money in standup. It was a good enough to like buy them the moons full off. I like had like a five to ten. I had a five to ten dollar a day budget. And I like I could eat cereal for breakfast. And then I just and I saved somebody because I was going to school. Well, when I was going to school, I was working at that restaurant and I saved some money.

1:13:01and like I had a little pipe dream voping up a bar with a friend of mine in New York. And then I was like, you know what? I'm just gonna spend this money trying to be a comedian. And I hope by the time I get rid of the money, I'm making money a comedy. And it came down to like $700 my bag of cat. I was like renting out the room where I slept in and I would sleep in a closet in my apartment. And it just, and it worked out. It just worked out. I started making a couple of money, do a couple gigs, start touring, got on a TV show. The reason it's history. And then it kind of worked out. Was there a moment that where, because when you, you know, when the cancel culture was alive and well, that's when I first encountered you, it was initially on TikTok, actually.

1:13:40Sure. And you were on fire because you were saying stuff nobody else was saying. And I thought, how does he even dare to pull this off? And it was a moment that where you broke or you tipped or no? So you kind of like, it's interesting. You kind of break and then you go away. So I broke on some MTV shows and I was doing all these things in MTV, I had my own shows and all that kind of stuff. And then I kind of, the MTV thing kind of dried up. And then I kind of went away. But I was luckily doing this podcast with Charlemagne. And the podcast was very popular. And that was like providing for me.

1:14:10And then I was doing some shows on the road. And people would come out from the podcast. But then I really couldn't get any traction in stand -up world. So when I was doing comedy stuff with MTV, it wasn't really in the stand -up world. and this because my standup maybe wasn't of the ilk of what was like popular at the time. And I have a lot of empathy by the way for like the people who are just working at a network that are producing these shows like they're kids in private school. I want to tell a crazy joke about women or gays or whatever the f*** it is. And they're like, I'm not trying to get fired.

1:14:43And like, I'm just trying my kids in private school. We just got them into Dalton. I don't want to rock the boat. You know, you're reasonable. You understand? Like, I don't think that they're out. Self -preservation. Exactly. So, but I didn't want to change my comedy. So I was like, okay, where can I put it out and Luckily, we're putting the podcast out on YouTube and it was successful and I just started putting things out on YouTube and I started doing these shows and these shows start selling out. It was like really weird Like the first thing I put out I sold out the next weekend and I was never going to see how many seats We're like 300 seat clubs and you do maybe four or five shows a weekend And you get a 50 bucks a seat 20 bucks a seat You get a flat rate, you get too grand to do the weekend or something like that.

1:15:25A lot of these times, the comedy clubs would just call people and say, hey, do you want to see this guy and give away the tickets for free? It was really the old model was basically, it's like a bar. So you just get the people in and they sell the drinks. So the weekend would sell out. And another one would sell out and I was like, holy shit, maybe there's something, there's a conversion rate that I didn't see. And I kept putting stuff out on YouTube, I would do a new clip every week for a year on YouTube. And I put these special on YouTube instead. And then I learned very quickly that there was this huge like white space in the market like the comedy on TV was corny and people didn't really like it and Nobody was putting out like the quote unquote like real comedy.

1:16:01There's different versions of comedy, but I'm being very simplistic and The more edgy stuff I put on YouTube and it just exploded and Yeah, my career kind of really took off from there and then COVID came around and there was I was able to be a little bit more honest because I wasn't tied to a network and worried about maybe losing my job at the network. Yeah. And then it just, I think we just go we reward bravery. Yeah. You just signed a Netflix deal, right? I mean, you did this show. Yeah. We're actually doing the show and often tonight where we're going to talk with some folks about this general concept where you start out as kind of an independent, say whatever you want.

1:16:41You're totally free. It's your own platform. It's your own voice. Yeah. And then you go sign a deal with another platform. Like, are you now, you know, do you find it hard to trade the money for whatever might come along with that? There's restrictions. There's two ways to look at it, right? It's like there's one like, I think that I don't want to give myself too much credit here. But like, I think that what we did is created another marketplace for comedy that the streaming networks had to now compete with. So they were losing comics to YouTube because it was more advantageous to put your comedy up on YouTube and build a following and then go take it's on the road whereas before the only way you could like really make a big chunk of money on your commas if you got one of these fancy specials.

1:17:22Now people are like, I don't even want to do this special because if I put it on YouTube, I can tour for years and really build a fan base. So they have this autonomy. The Netflix thing is interesting because like Netflix is the second biggest, I guess, streaming service on the plan. It's like YouTube and Netflix. So if I already have this huge imprint on YouTube, it would It'd only be smart for me to now tap into the second biggest and see if there's some people there that aren't consuming my content on you. So back to the guy who's got the kid adult in now, when you go and negotiate a deal with Netflix, are they basically silent or do they have not a single note?

1:17:58Yeah, so you do whatever you want and it is what it is letter -written. Now my last special was supposed to be with Amazon, so it was with Amazon and they had some notes and I bought it back from them and I put it out myself. Wow, really? Wow. Yeah, and I sold it myself and it was actually one of the coolest things ever because I think I'm maybe one of the only comics that actually knows what they're worth Yeah, you don't really know what you're well walk us through that so you do it and what do the notes say that? Yeah, there's two jokes and like I get it. They make money selling toilet paper like why are they gonna have this huge?

1:18:31You know You made fun of the toilet paper industry. I got it Yeah, big toilet paper, big tape, very powerful lobby. You know what's funny is like culture has changed. And I feel like a lot of times the streamers are like downriver from culture. So like I bet now I would be able to put it out on Amazon and be totally fine. But at that time, it was maybe very edgy and evolved until time culturally. So I was able to put it out. You know, but you had the choice, right? You could have taken the jokes out and kept it. But then instead you took the harder path, which is I'm just going to buy it back.

1:19:01Yeah. And I take the risk and I'll figure it out later. Yeah, I'm not risk of versatile. I actually enjoy risk. It kind of excites me But what excites me more is like putting out the piece exactly how I want to put it out And I can't like scream about censorship and Commitions should do the jokes we want to do and then the second somebody gives me a big check I go whoa, we don't have to do it like I have to be at least consistent on that and Culture continue to change and you got to give Netflix credit to like they took a lot of that they took a lot of hits for putting out comedy that some people thought was maybe a little bit too offensive.

1:19:35The ship hell stuff. The ship hell stuff is really. I put them in the crosshairs. Exactly. They said strong, right? Absolutely. They said strong. And like seeing that gave me a lot of confidence. I was like, okay. And they literally, we just made the whole thing and they just gave us money. So like they were not involved at all in like the creation, so to say, they were involved and give it as money for it. and then they're involved in the marketing, obviously, and they're algorithm and getting out of the game. That's all Sarandos. He believes in comedy. Yeah, but he's a huge comedy fan from back in the days.

1:20:07I think people don't realize that about him. You need somebody who actually loves the art and is not just looking at it as a thing that they can monetize. The term is guy use it. You have to find somebody spiritually aligned with you. And that's not mumble jumbo. They truly understand the intention of comedy. So things aren't as hurtful or painful to them because they understand what you intend to do. So, and then I got interesting too. They tried to cancel you. What was the joke? Who? The moms. Because they went after Tony Hingecliff twice. Oh yeah. And each time he went 10x, they came after Chimoff on this program.

1:20:41It was the first level up. We got three times the audience after we tried to cancel Chimoff. Yeah. The White House released the statement. It doesn't, it doesn't, it doesn't really work when you have like core fans that believe in you. And I feel like you guys have probably built that, you know, the relationships you've built with your fans. There's probably people very grateful of the information that you give them. And so when they try to paint you in a certain light, you actually have like a hundred hours of time with those people. They know you'd be more than that one statement that you've said.

1:21:10So now they're not as concerned about that thing you said, that maybe is taking out a context or people are going to find about. I think the biggest thing that people miss about who a medium is like, you're allowed to be offended by the joke that I say. Like you're allowed to react however if you want to react about it. You had your life. You went through some crazy Maybe you're maybe you were bully this because a kid like you don't want other people to potentially have those feelings So you see a joke that could elicit that and you're like I want to protect that from that protect them from that That's kind of noble.

1:21:38I'm like I'm cool with that If you yourself tell me you don't like me teasing you I'm not gonna tease you personally ever again. I want you to feel good But it doesn't mean that I won't continue to make those jokes somewhere else And I think my shows, like I got the most diverse audience in comedy history. Yeah. So it's like, you come out to one of my shows. You can't tell me that people don't like these jokes. And I try very hard to like, like if I'm curious about your culture, you'll know it through the jokes. It's not some little bullshit. Like I'll try to dive deep and even surprise you about something that I might know.

1:22:12And I think in that way, people start to feel seen and they don't feel bullied, they actually feel like represented and they're like excited about it. Look, you said something at the beginning, which I thought was really interesting, which is you're like a, you have to, great comedians are great observers of culture. So can you, can you just tell us like just observe the cultural moment? What we talked a lot about it, but I just want you to be maybe like, put a point on it. Where are we? Where's America? What the hell is going on? Like what's happened? What's happening? However, you feel that question.

1:22:41Like what the hell is going on? All -time low confidence in institutions, low confidence in information. There's an obsession with conspiracy because there's, I mean, that's twofold. One, like it's the easiest way for dumb people to feel smart. Like when you know something, no one else knows and you get to share with people, like there's that dopamine hit, like that you didn't know this happened, you know. Yeah, but those thrive in times where there's not real transparency. So I think everybody's looking for answers and nothing is exactly how it seems. And the only way to reinstill that confidence is I think like brutal transparency.

1:23:21Like you got to just be like really honest with the people. This is what it is. And we're Americans. We're proud people, you know, so we can get through whatever you say. But you got to tell it to us as it is. And I think we're just assessing relationships right now. And I think like when the economy is rough, like you're seeing all the Jewish stuff right now, right? Like obviously it's a conference. Well, this is the thing you gotta stand like. Most people have never met a Jewish person. Like most Americans have no clue what a Jewish person is, outside of curbing or whatever. Yeah, as a sign felt.

1:23:49They don't know what it is. They think Jews are upper east side New Yorkers. Like they, yeah, the like sign felt or they think it's like a sedum. Like it's just like one or the other. Exactly. They don't even know what like a Sephardic Jews. They don't know what an African Jew is or a Moroccan Jew. They have no clue what that is. And they shouldn't. They're like, how many Jews are there? They're like more people from Louse than our Jews, right? Like it's like a very small population. So I think there's like a little bit of a disconnect. And you know, when you don't know a people, and I think this is probably true, and I could be up.

1:24:24But I think there's like an ambient feeling towards Jews from people who don't know Jews. It's an ambient light. And the stereotypes are probably not like the best. They're not exactly negative as long as the economy's good, right? They're like, oh, they're successful. They kind of stick together. They own businesses, they, whatever. And as long as the economy's good, everybody's cool. And then eggs get expensive and you're behind on your rent and you don't feel hope and you don't, and then you start going, why do they got all that? What the fuck? What are they about? Why are they separatists?

1:24:58You know, like, I'm here prostitutes and I'm trying to get everybody to go to heaven and they just got at their own thing What and it's very easy for them to become this like other group And then you extrapolate that with what's happening like Palestine and in Israel You get people to start like assessing like the relationship between America and other country like you saw America become very Uninterested in Ukraine quickly Like we we the second economy goes down we start going Well, what do they do for us? Why are we giving them like, and they're starting to ask similar questions about Israel and there's a lot of anti -Semites that are jumping on it and they're mudding the whole thing.

1:25:40They're going, ah, this is what they control the government. They do all the every conspiracy. We told you so many times. By the way, you're speaking a profound secret that many administrations in government have known for a long time. And I think this is where some of the mistrust comes from. I talked about this like maybe it was like a couple months ago, but the most incredible stock market was actually under Biden. The most amount of money printed was under Biden. The most cumulative total budget deficits was under Biden. The most amount of short -term refinancing of debt was under Biden. And part of what you can explain is that if you keep the signals that everything is healthy or up, you're allowed to propagate all of these other things that would get very quickly recapitulate.

1:26:30And when you take the gas out of the market and you take the gas out of all these other markets and all of a sudden the price of energy is up and the price of this is up and the price of that is up, then you start to question, hold on a second, why are all of these things as important? You know, above the line below the line conversation that we have tried to have several times on this pot, Jesus. And we have to like meet people, you have to meet people where they feel in order to communicate with them, right? Like, they could, like, when people right now are like assessing like America's relationship with Israel, like it's, it's, and they, you hear these like sound bites.

1:27:01Like that's our closest ally. And then they go, well, what does that mean? It's like, well, let's explain to them what that means. Like, let's explain the importance of that relationship and how it's beneficial to Americans. Because if you don't explain it and you just go, uh, just be quiet, whatever, then they start to look at these lunatics on Twitter and start to go, when is that, is that true? Yeah. And then they're down to conspiracy hall. Exactly. Like you have to explain like I don't know what the mineral deal was about, but I know for with with you Crame By no for a second there was some Americans who go, oh, we're gonna get some minerals out of that.

1:27:32All right minerals sound good Like it's gonna pass. Yeah, it's that it's that simplistic right so it's like I think I think that kind of communication is important and It will actually help understand these relationships, which I imagine are very important I'm not privy to all the geopolitical decisions that are going on there. Who knows intelligence from Israel could have thwarted 29 -11? Yeah, maybe you can't say that because you exposed the intelligence operatives you have in the field. But it would, I think, be helpful to understand the value of that for the everyday American. So, when you choose something crazy on Twitter, you can go, okay, you're just an anti -Semite and you're looking for a justification for your hate.

1:28:11I mean, this is your point about Trump. Sometimes he has these... Take care for C .O. later, bro. Take care, David. This is like, I think the point is going to be a conspiracy theory about that right now. I just want to let you know. Yeah, you just talk about the show. That is real and he's like, yeah, I'm having a year. One Jewish guy left. Right ago. Way to go, Chelsea. This is how it starts, David. Absolutely. This is how it starts. You drove up. Well, thanks a lot. You drove up. You drove up, right? Chelsea, when you said, you know, Trump's a masterful kind of communicator here, Biden gave all these weapons to Ukraine under the auspices of what's called a lonely sea.

1:28:44They have to pay them back. But why didn't never communicate it that well? And then Trump comes out and he said, you know what, we gave them 180 million, 180 billion, they're gonna give us 500 billion back. We're making a 40, he basically described a 42 % compounded return. Sounds good. So yeah, better than anything that's ever happened. I mean, he's out there in terms of his ability to communicate it. Shamaat, as we wrap here, any final thoughts. What do you think about Trump? and what he's doing and what he's doing so far. And what do you think about Elon and Doge? Okay, so Trump and what he's doing so far, I don't know, in other words, I don't know if I can assess it right away.

1:29:28Maybe I'm giving him a little bit longer landing strip or whatever than other people because I have a little bit more hope or optimism. I get if you don't like the guy, you're going to see how horrible this is immediately, but I'm going to give him a little bit more leeway to see. If it doesn't work out and it's really horrible, I'll be the first person to call it out. Like, I've eased in power. We should definitely check the people in power. But I'm hoping that these actions in the short term are beneficial in the long term. Is everyone going to work out? No. Doge is like, I'm so depressed about not depressed a stupid.

1:30:01But like I'm bummed about because I don't think there's any American that is grow, waste, inefficiency, and bloat. This should be a bipartisan issue like all Americans should be coming together going. Oh my god the DMV is gonna get better This sounds awesome And I think you know, I have a lot of respect for Elon But I think sometimes on Twitter He's like twisting the knife a little bit and it's like you don't need to twist the knife like we all want this This is something we can come together With as a country and support this sounds great. Don't twist it just kind of let it be show your wins when you do something wrong we can acknowledge the things that we did are wrong and we'll respect that it bums me that this has become so partisan and I do understand there are a lot of people on the left that are making this partisan as well and they're weaponized there was this crazy clip between Rogan and Elon where Rogan was like how does all this go down actually and he's like well I can't really speak about the corruption because I'm afraid it would get me assassinated He's like, actually, if I tell you what I know, it was the weirdest like two -minute clip.

1:31:09And then they just kind of left it and moved on. And my brain was like, what are they talking about? What must be going on? I mean, there's a lot of money going out the door. Yeah, but who's killing E. Like, if we are going to have World War III, don't you want the guy that has the rockets that go to Mars on your side? Yeah, you kind of want the super genius on your side. For sure. And another thing that's like really interesting to me is like, people keep going, people people keep doing this things like what is Elon's play? Like what is he doing here? Like is he actually going to take over? And it's like Elon has been dealing with like local government for so long trying to push through.

1:31:44Like he is not an American citizen, he cannot be present. He is at the highest position he will ever be in his lifetime in America. You can't get higher than being the right hand man of the president since you're not from America. You can never be present. So I think he's going to behave really well because now he's in the most powerful position he will ever be in. If you want to talk about like power plays, you got to watch out for JD. That guy's a high emotional intelligence. That's somebody that I would be keeping my eyes on if I'm Trump. But Elon, he's going to be a good, he's going to be your best friend because it's only downhill if he pisses Trump off.

1:32:25Interesting. Interesting. Little Manchurian candidate for JD. I don't know no no I'm not saying that he's gonna do anything bad, but he is like right Don't trick don't treat him like like we got this Sleep on JD New Yorkers. We do this all time We hear someone with like a southern accent. We think they're a goofball and it's like right that guy went from like a broken home To Yale Appalachia to Yale and then the VP and 40 he's your age. He's like 40. He called Trump Hitler or something and he ended up as his He said I'm a never Trump guy. He's so to say that he's not emotionally intelligent, does he say he doesn't know how to manage to be or whatever that term is?

1:33:00He's happy. I will, hey, keep an eye on him. Keep an eye on him for sure. All right, listen, Andrew Schultz is playing at the funny bone on April 16th, 17th, he'll be at Chuckles on the 20th. Don't drink minimum. Don't drink minimum by the VL. You know where to find them. Incredible, incredible. Netflix special. What do you think? Who do you wait last question? Who do you think is the funniest if you had to just take a wild stab at who the fun is? Can I pick your phone? No, me, Jason or free. Oh, oh, I'm not. Between the preview. OK, so you can say me. Jason. So Jason is the most like naturally inclined to be funny.

1:33:39He's probably just the most funny being around. Charmoth will probably get the biggest laughs when he says something funny because he's like, he's not asking for much. Like he'll just say something that's like a dart. and it will kind of like hit you and you'll be like, oh, I got it. And then I think David will like structure something really funny. And you're like, ooh, that was a clever, I see how you did that right there. I am, I was actually when I was an extra physicist, Chelsea. I am. So that would be my self. I think some are stuck. I think I take like I think if we're off the pod, I think Chama says some like wild shit, everybody goes, what the fuck?

1:34:14I think you say that the most. That's what I would say. There you go. All right. Andy, Chelsea picks me. They have a mom I would like to clip that and yeah All right continued success come back anytime I like the way sholts pronounces But I may go to chama I like that. Chama Chama. Yeah, Chama this to it's too you exactly we should go to a different pronunciation I love chameth chameth is just so Tough with the it's tough with that is for longer, but it's tough with the names from over there like Mike Bikes go hose a cauch right? I love how she's a coach now. I all his name is spelled with two a's a's So it's like a caught you if it's got two a's next to each other.

1:34:52Yeah, you want to go there. Yeah, you go there Yeah, but it's a gosh, so it is tricky But he said like his parents specifically picked a name. He thought that Americans would be able to pronounce They yeah, how could you do that and like they were trolling him? I think that's like a I think that's a really beautiful thing for a kid like you got brother. How much is already could have called it? They could have named them John. Steve. They had to keep it real though. They still had to keep it real. They were keeping it real. I was in a hurry. When I could read and write English well, eight, okay, because it was my second language.

1:35:24And when I saw my name written out, I was like, what the fuck did they do to me here? What is this? They picked the name. The whole, the whole. It's like 15 other letters. My name. A name that has math in it. Like they knew what they wanted. Yes. They were like, if you can pronounce it, you can solve the attack theory. So true. This is hard. The sun is going to be an engineer. Oh, he's gone too far. He's gone too far. He's going to figure it out. You'll get us to him. He's going to get us to him. How's your question, Andrew? Is it racist if I do an Indian impersonation? Because I know I can do Italian and Irish, but can I do Indian?

1:36:01No, it's funny, bro. I don't think so. But I think it's like, is it the intent? I'm just, I don't think it's the intent. I think if you like if you say certain things like if you say bitter Right like if you say that like that's like my love like you know If you say little things that are more than just the sound But if you got it into the culture like to let them know hey I didn't learn this from the substance and I learned it from my buddy's family Then I think you'll see people who are like Indians for long in they'll be like oh, oh, oh, he got he's got friends I'm gonna go ahead and until I make my move to the meeting, I'm not gonna do it.

1:36:42I'm gonna save it to when I get my Tony, Kilt Tony set. What's your Korean accent? Can you do that? Can we go through? I can't go Korean because my wife's Korean and her dad. I'll tell you what, I can because my dad, my father -in -law, I went to China. He's an industrialist. He's there. And I said, hey, listen, I'd like to marry your daughter. And he said, okay. Okay, two, two conditions. And I said, okay, and he said, do it fast. And poke me in true, so hard, like a reinforced poke with his finger. Yeah, yeah, yeah. On my shoulder get a bruise. I'm like, oh, yeah. And then he goes, and I said, what's the second thing he says?

1:37:23No, he's nuts. He says it just like that. And I was like, okay, okay. I'm a married daughter. No, we're your buds. Do it fast. And then literally had to marry her within a year because he knew he was was like, listen, I got, he had four daughters. And he was like, I got a move inventory. I love it. And I was the first, I married the oldest daughter. None of the other daughters can get married until I married my wife, which was the greatest thing I ever did. Three beautiful kids, you know, it is. And listen, good luck. You can have a second and third, she'll tell you that some ass. I hope so, man.

1:37:53Go do it. Three is the right number. If you want to go, if you want to do a half Elon, you can go with Chimaltz plan. He's on six or seven. I'm on five. I'm on five. Take it. Well, I mean, anything's possible. the ball and then freeberg's on forearm on three. I think three star right now. I'm gonna catch up boys. I'm gonna catch up. All right, listen, let's keep it going. Success, thanks for doing this. Thank you so much for having us. Cheers, thanks. Well, let your winners ride. Brain man David Sack. And it said we open source it to the fans and they've just gone crazy with it. Lumby West, I squeen up.

1:38:26Can't walk. I'm going on a leash. Why? What? What are winners riding? Besties are gone, go thrifty. That's my dog taking a wish to drive away. Sit down. Oh man, my ham is the actual meat. We should all just get a room and just have one big hug or two. Because they're all just like this like sexual tension. But we just need to release some of them. What, you're the beef. What, you're the beer of beef. Beef, what? We need to get merchies aren't there. I'm doing all it

1:39:06I'm doing all it