Why Not All Billionaires Are Created Equal with Dylan Ratigan

27:43But anyway. But he's successful. He's successful in extracting, right? He's a hedge fund guy. That's what they do. They extract. They don't produce anything. What has Bill Ackman made? What are any, what have any of these guys? Ken Griffin. I mean, again, you could say, okay, like. Like they've created hedge funds. Platform monopoly on high-frequency trading, right? Right. I mean – but anyway, I'm sorry I keep interrupting you. No, no. You're not interrupting. You're making the point, which is that there is a difference in – Not all billionaires are created equal. I said I wouldn't interrupt you and then I immediately interrupted you.

28:14Anyway, not all billionaires are created equal. Some create value, but that's the whole – that's why your whole thing, this is lazy. Because then from the right, they're like, there should be no rules. Don't even talk about the billionaires, the billionaires. That's the American dream. So then the conservatives basically allow these extractionist sort of platform monopolists, political cartel allies to make a fortune while pretending to be someone like Jeff Bezos. The people that are most insulted by the extractionist billionaires, there should really be two lists on the Forbes list. maybe newsweek one year will do a new list where it's like the extraction of billionaires you know one to 50 and the and the creation billionaires and and basically like one is a wall of shame for the people that have extracted the most money and it's you know boo boo boo and then the and then one is a wall of fame for the people that have created the most value for society to your point you know and bezos is much closer to somebody who's created value in society for sure than somebody who has extracted value.

29:27I'm trying to think of who are some of the others because most of them, in my mind, are extractionists, especially these tech guys, right? That's the issue, right? Is that a lot – and the easiest way to make a lot of money, I mean a lot of money, like billions of dollars, is for sure to have – I mean Peter Thiel wrote this in his book at one point in time. He said, say what you will, having a monopoly is the best business in the world. Yep. Yeah, I read that book. And he's absolutely right. And we all agree, like, who doesn't want to own a monopoly, right? And one of the most scalable, impenetrable, insurmountable monopolies in the history of the world, just like the railroads were for the Rockefellers, is these tech monopolies.

30:12Whether it's the search monopoly at Google, whether it's the iPhone app monopoly at the iPhone store. If you and I make an app and we've got to pay whatever it is, a 30 % or a 35 % VIG to Apple in order to get distribution for our app. I mean, they are all exploiting these little monopoly gateways and have been for years. And by the way, capitalism, which is intended to be a discovery engine, an innovation engine, a dissolve and create things that you take a risk, you dissolve. Now, this is a known fact in the history of America. It's the reason we have the Sherman Antitrust Act and antitrust law.

30:48And it's the reason one of the most celebrated presidents in the history of the United States is Teddy Roosevelt. And he was known as the trust buster because everybody's like, thank God, Teddy Roosevelt brought capitalism back by breaking up Standard Oil, by breaking up the railroads, by breaking up J.P. Morgan. and returning the world to a competitive environment where money was breaking and spinning and moving around. And so the fact that we've now transitioned to this world where we're like, oh, well, these guys who have the – and so the monopoly extractionist billionaires are pretending to be creationist billionaires because they're terrified that the correct political climate will come into play where someone will enforce the existing antitrust law, not to steal a line from Spencer Pratt.

31:41But Spencer Pratt's not saying, he's like, I can use the laws that exist right now to change everything. I don't need a single change in legislation to clean up Los Angeles. We don't need a single change in legislation to end these extractionist platform monopolies. We need to identify who are the extractionist billionaires and what are their monopolies. Like that's a real piece of journalism that could be done. That's real work. And then these are the creationist billionaires and elevate. And these people create billions of dollars. These people are creators and these people are extractors. And then target the extractors with the Sherman anti-truck, with existing law, which is intended to preserve capitalism.

32:24So that's why the other benefit of the whole anti-government thing, it's like, oh, well, the government's coming to break up Microsoft or break up Facebook or break up Google or, you know, to limit the fees. at the hedge funds. And they're like, oh, that's the government, that's AOC and the Bernie Sanders. Bullshit. That's the correct use of the government enforcing the rules of capitalism. It's like going to the Knicks game and saying, we don't want any refs. The government is the referee for capitalism and the ref's job is to prevent stealing, which is what's happening with a lot of these billionaires who are then hiding inside pretending to be bezos type billionaires which they are not but so then you have okay so you have the democrats you know when biden was in power they tried to do a version of this with the airlines i guess with spirit right and then they blocked that merger with jet blue and now what two three years later spirit just went out of business so how but again the biden there is a it takes a a brilliant and charismatic it takes teddy roosevelt the reason Spencer Pratt works is because he's doing the same story over and over.

33:36He's doing a great job. The reason Zora Mamdani worked and works. Different story, but extremely effective. And I like what he does, basically. I admire the quality of his communication. He's focused. And I agree with many of his ideas. I don't necessarily, again, I believe he has correctly diagnosed the problem. And I'm interested to hear his solutions. But for instance, his tax on millionaire second homes everybody's like oh that's an outrage i think it's a great of course that that's a good idea yeah like what are you talking about there was even a uh there was a a real estate billionaire who wrote in the wall street journal this weekend do it that's a great idea why shouldn't why these people who are just basically arbitraging where they live so that they can still get everything you know all the great things about new york city without having to pay for them those people absolutely they should pay up right i mean that was a billionaire making that mayor when we were i mean one of my his favorite line one of my favorite lines from he's like new york city is a luxury new york city the place yes a luxury item yep if you want to consume it you're going to pay more whether it's the obvious things the rents and but for sure you should pay more if you're some dilettante interloper running a empty five million dollar house on fifth avenue But my point is, the reason the Biden administration was not able to address the platform, the tech, the issue is not the airlines.

35:06The issue is the technology platform monopolies, full stop. That is the plague upon America. And it's going to come to a crossroads immediately because of artificial intelligence. Because if you think that the Facebook monopoly or the Google search monopoly or the Apple app monopoly was a stranglehold on life, wait until you get a handle on the AGI monopoly. No, it's true. It's true, right? It's like regulating the – trust busting the failing low-cost carrier airlines is like – yeah, it's like ****ing your pants and changing your shirt, right? Political theater. It's all political theater for – Right.

35:46It's all bullshit. So let's talk a little bit about AI because I completely agree with you. And you can see these companies all jockeying to be there. To be the monopoly. To be there to create this permanent monopoly so they can set the terms of debate. So you have the Uber COO saying just today, just before we recorded this, that he's actually not seeing the productivity gains from all of the AI costs that they're implementing. I thought that was pretty interesting. I feel like you start to hear more of that. The market might start to waver a little bit on all of this assumption. Can we stop on that topic for a second?

36:21Please. What he says makes sense, first of all. The institutions that will have the greatest advantage of artificial intelligence, in my opinion, over the first period of adoption, one, two, three years, are startups and tiny companies. because mature companies with high headcounts have to go through the process of figuring out which jobs AI can do. And then they've got to fire people. And then they're going to fire the wrong people. And then they're going to have to hire them back and they don't know what they're doing. And so at a medium or large business, artificial intelligence is going to be much slower to add value in terms of reducing labor costs and job displacement because it's unclear what the job does.

37:08But if you and I have a startup, I have one startup. I have multiple businesses in my life, one of which is a startup with two people. AI is way more valuable for that business than for another business that I have that's in the hotel business that's got lots of people. Right. So you don't have to hire a software engineer. Well, the first people we interview for every job is AI. Yeah. Right? So AI is really good for small businesses and startups that want to grow because they don't have to restructure anything. But the larger businesses, as they even entertain integrating artificial intelligence, it is much slower to add value because it implies a restructuring of either a modest or sometimes a major scale.

37:52I mean, imagine McKinsey. I mean, there's a world at McKinsey where they could fire 97 % of their employees. Right. And the only reason they don't is because nobody's going to pay them a million dollars for a 60 slide deck written by Claude in four and a half minutes based on a voice note from the CEO. Right. So then he's got to do the four and a half minute voice note to Claude to make the 60 slide deck and then send it to a bunch of his overpaid million dollar consultants and have them run an edit on it so that he can then send it over to Coca-Cola and charge him a million dollars. And pretty quickly, the CEO of Coca-Cola is just going to have his McKinsey bot on his Claude on his iPhone and he won't even have to pay McKinsey anything.

38:33He's just going to ask the McKinsey robot on his iPhone what he would do. Well, so this gets to something I wanted to bring up because I'm thinking of, I mean, as much as I despise the sort of consultant class that runs so much of the white collar economy, those are good jobs. They're high-paying jobs. They're jobs that a lot of people go to school for to study and to get degrees in. Have you caught some of these commencement speakers this season? Yeah, I have. Oh, my God. This is my favorite thing of the spring. Oh, my God. These these. Yes. Schmidt, this guy. Yeah, that was the best one. Brachetta, the record executive.

39:12He was another one. There's been a few of them now. Yeah. And they are just getting booed out of Dodge. But I mean, it's just the way these people are so smug and they are so out of touch with the reality that the rest of us live in, that they think that they can come up on these stages and tell these students who are about to graduate into an economy that makes no sense whatsoever, where the market's hitting highs, but there's no entry level jobs basically anywhere in the white collar economy. And a piece of cheddar cheese costs$44. Right, right. And these guys are saying, well, you, AI is the next industrial revolution and you need to, you know, figure out how to leverage this.

39:48And hearing them get booed on that and then not only just getting booed, but then having no idea what, what, why are, why are these plebs? Why are these college students – how dare they? I'm Eric Schmidt. I'm the former CEO of Google. Don't they know what I'm telling them? I'm imparting this advice to these people, and they don't even appreciate it. It's like incredible. There's a question in there. The level of – I mean I believe – so if you go back to the financial crisis in 2008, 2009, we resolved the financial crisis by flushing the system with cash and basically papering it over. We didn't really reform the system.

40:20We never clawed back the compensation paid to the CEOs and the board members. The whole thing was basically a cover-up and a perpetuation of the system, and then everybody blamed the borrower, right? Yep. That was a risk transfer from where it should have been, which is with the bank CEOs and boards who are the risk managers of credit. Their job is to determine the amount of credit the financial system can endure. The borrower in Riverside, California, doesn't have the responsibility to decide how much credit should exist in the economy. The person who decides how much credit should exist in the economy is the CEO and the board members of the largest financial institutions in the world.

41:00It's why they get paid$100 million each a year. And the nurse in Riverside doesn't because our economy says if you're the CEO of the bank in New York, you're responsible for managing the overall risk of all the money in the economy. and because you are so good at it and because it's such an important function, you're allowed to collect these huge paychecks. That's the implicit social contract with those compensations. And when the financial crisis happened, what proved was not only can they not do it, but they were doing it in a way that was catastrophically abusive, distorting the price of everything, making everybody else's life worse while they're paying themselves obscene amounts of money.

41:43And instead of addressing that issue, which was apparent, even if they couldn't articulate it the way that I do or someone else who understands it might, they innately understand what happened was f***ing up in terms of the moral outrage. And so because they understand that and it wasn't dealt with, that risk then transferred into the U.S. dollar, which has been basically in decline ever since. And it's, I believe, not just in its relative value relative to the euro or the yen, but its value relative to the cost of buying a cup of coffee or buying a piece of tea. Yeah, your purchasing power is shut.

42:19The inflation is a function of the fact that we've destroyed the U.S. dollar to cover up the financial crisis. It's not because Joe Biden is senile or it's not because Donald Trump is a lunatic. It's because we completely corrupted the currency going back to 2009 and it's been rotting ever since. And that then transferred the risk to political extremism. Where do you think Bernie Sanders came from? Where do you think Donald Trump came from? My point is, if you think that not acknowledging AI and the political consequences of the job losses from AI is not going to create the fuel for stunning levels of political extremism, you got another thing coming.

42:59And these commencement backlashes are just the tip of the iceberg. It's just the tip. The amount of political backlash that is brewing out there. And if there's going to be room for a charismatic politician to be like, the tech monopolist billionaires took your life. The road, an anti-robot politician will emerge. Yeah. And will great. And I think that there's a way to do that without coming off as a Luddite. Right. I mean one of the things – I wrote it at length. I wrote basically a commencement speech for the newsletter that I would have given based off of what these guys said. And my point was basically like you guys – I'm going to apologize to you, class of 2026, because you guys got screwed.

43:40You did everything that we told you to do. You studied engineering and finance and law and you learned to code. And now these guys are coming out and they're telling you actually your services will not be needed in this new economy. Thank you so much for playing. Well, no, but if you look at that, the point is that there's a way to be against the robots in a way that is not primitive and violent. Right. Well, going back to what we were talking about with just sort of like how everyone is so out of touch now with how the actual world works. So we've got the S &P at an all-time high or close to it.

44:18Because of our intellectual intelligence. Yes, right, of course, because of all this CapEx. Yes, like seven stocks, right? Not even, that are driving all of this. Either the minerals and power, it's either linear AI or AI derivative, one standard deviation, right? Power generation, energy services. Right. So, okay, that's good. Great. Like, I have a 401K. Like, it's nice to see it go up, even though it seems like it's all funny money, but I'm not going to complain about that. Right. Better than down. Yeah, right. Exactly. Up is better than down. This is what you get from two former CNBC employees here.

44:55Up good, down bad. But so consumer sentiment, all-time low, right? So again, Dylan, as somebody who has spent your career covering this, have you ever seen a bifurcation like that before? Has that ever happened? Never. No, it's a terrifying moment. And I can tell you, even in the hotel business, room rates for five-star hotels continue to go up. and in some cases are going up exponentially, but room rates for three and four star hotels are going down. So what does that tell you? Same thing. There's unlimited money at the top. The rich people have more money than ever and they're making more money than ever and that everybody else is either losing their job or having the income from the job that they have rot away because of inflation, which is most manifest in the grocery store.

45:45Right. um when a bag of groceries for the week was used to be 50 bucks and now it's 220 dollars yeah i spent 300 yesterday at the grocery store and i have a family of three people and how long would that last you a week maybe maybe like it's um yeah i mean this is this is i i said this during my fake commencement speech this is the stuff that revolutions are made out of If you're not paying attention to this, you are going to be holding the bag. I don't know how it's going to happen. And if somebody doesn't get a handle on the one, the difference between a creative billionaire and an extractive billionaire.

46:23So get out of billionaires good and billionaires bad and get out of taxes good and taxes bad. And understand we have a specific plague in America, which is extractive billionaires primarily in the tech monopoly space. And they are about to establish the largest, most powerful, most strangle, the most capable of economic strangulation platform monopoly in the history of the world, which is AGI. And if we do not either break up or manage that monopoly, we are doomed. And the only way to do that is to have a reliable government that you trust to do that, which is what Teddy Roosevelt was able to establish, which is what Spencer Pratt is trying to establish in Los Angeles, which is what Zoram Mamdani is trying to establish in New York.

47:09And unfortunately for the United States, we have not had a reliable federal government that we can trust, certainly for the last two or three or four or five, six. I mean, George W. Bush, not a lot of trust. Barack Obama, not a lot of trust. Trump won, very little trust. Biden won, not a lot of trust. That's at least five. Yeah. And so now exactly 2028, America must come into a president who they trust. And that president's main job needs to be the referee for the tech platform monopolies in a way that the America people can trust that leader. No, I was just going to say, I mean, I agree. But who is that person?

47:53That person doesn't exist in public right now. But Spencer Pratt didn't exist until a month ago. No, it's true. And Obama didn't. I mean, not that Obama is. No, no, but Obama, not that it was not a good or bad, but he emerged, you know. He emerged out of nowhere, kind of, yes. I mean, he was a senator, but he was not on the tip of anybody's tongue. He was not a relevant name, you know. Right. And you don't even know, maybe, you know, maybe Marco Rubio or Ron DeSantis or Gavin Newsom or, you know, whatever, Andy Beshear, the Kentucky guy. Maybe one of the existing people will see the light. Unlikely.

48:30unlikely that's like saying maybe karen bass or or andrew cuomo would see the light unlikely unlikely right it takes a zora mamdani it takes a a spencer pratt but there is no question that the stakes the future of the country is now on the line and the future is entirely uh will be determined by whether the federal government of the united states can address the tech platform monopoly that is artificial intelligence. Full stop. There is no other issue. No, I mean, I'm increasingly of the belief that this is going to be the issue. It's going to make all of our, all of the Trump stuff look pale in comparison.

49:08And I don't think... It's also so easy to solve, because again, let's say you're like, okay, you can't break up a tech platform monopoly because the platform is the value. The reason that it has value for everybody that uses it is because of its scale. A small Facebook user. That the network effect is – okay. But that doesn't mean that one or two or some small group of shareholders should own the network in perpetuity. Right. Right? Or that the people whose lives it's going – right. Or the people whose lives this network is going to most disrupt don't have a seat at the table. Right? And they're the ones graduating college just be like, yeah, I don't know.

49:49I mean we told you to learn to code. Maybe have you tried, I don't know, getting into the trades maybe? Yeah, right. Well, the clip that I want to show is just about this point that we were making about how out of touch everybody is. This is Kevin Hassett, the director of the National Economic Council on Fox with our former colleague, your former co-host, Maria Bartiromo the other day. And so the consumer is really, really firing on all cylinders, just like the corporate sector you're seeing in the earnings reports. And they're doing that because they have so much more money in their pockets. In fact, I had the head of one of the big five banks in my office yesterday going through the credit card data.

50:30And just as Secretary Besant said, credit card spending is through the roof. They're spending more on gasoline, but they're spending more on everything else, too. The credit card spending is through the roof. That's a good thing, I'm told. I mean, credit card defaults are at a 15-year high. On what planet and which economist looks at the dashboard of all of the available data and loads it into his own personal Claude AI, the world's greatest economic forecaster and analyst, and comes out with the analysis that the spike in credit card spending, which the spike in the highest cost loan, like, vulture.

51:22The APR is 25%. The spike in loan sharking loans is evidence of economic prosperity. Right. You're putting your grocery bill on your credit card because you literally cannot afford milk and eggs for your children. That's a good sign, Maria. Everything's going great. Look like things are cooking out there, really cranked up. Oh, man. I don't have anything left to say. I just wanted to – it's just – I'm glad that you – because I don't even know, man. I couldn't help myself. I do want to talk a little bit about the bond market, which will probably make a lot – this is not necessarily an economics podcast.

51:58I'm not an economist. But we do have one thing in common of covering this stuff in our past lives. The bond market is the price of money globally. It's worth something. And it is – it's important. And we're seeing this revolt in the bond market against stuff you've talked about, right? Debt, inflation, these permanent deficits. Axios put it this way today. The bond market is telling us the free lunch era is over. The 30-year Treasury bond yielded over 5 percent as of Friday. I think it's a little bit lower now. It was up from 4.63 percent at the end of February. 30-year fixed mortgage is approaching 7 percent.

52:34Again, I am never going to be able to buy a house. I don't know what I'm going to do about that. Come to Spain. You live on the beach with me. Bring your kids. Yeah. Seriously. You're on to something, man. The new Fed chair, this new guy, this other Kevin who they just put in there, he's going to – he may have to actually raise rates when the whole point of putting him in there was to lower them. So in the near term, this means that it's just basically more expensive to borrow money everywhere. Or what is a government interest rate, whether it's the government of America, Italy, England, Japan.

53:08It's just the world's perception of the perceived risk of that country. OK. Expand on that. So just think, what is that number? It's a score, right? For Greece, it's like whatever, 8%, 10%, Italy, whatever. The Italians will never pay it. They don't even work. forget the spanish radigan's over there he doesn't even do anything he'll never pay you right and so the american government bond was at like three percent because the americans are hard working they got the military they got carlo on the top of the world trade center working like a dog to make sure everybody gets paid and now for this is the point of having aircraft carriers because we enforce this.

53:54Yes. We collect. Right. And now the world is saying we believe America is a riskier bet to loan money to than they have been since 2008 when the financial crisis happened. That's what the... So forget the story, oh, this is economics. Like the headline, the Newsweek headline is the bond market... Forget the bond market. The headline is, it's risky. The world thinks America is a riskier bet than any time since the financial crisis in 2008. Think about that. What does that mean in the medium term? What does that mean? That means three things. One, economic activity is going to slow for anybody who's not super rich.

54:49Between the AI job losses and the fact that mortgages are 7%, slowing economic activity. The value of the dollar will be defended. The good thing for the dollar is you get more interest by owning dollars because now if you own a dollar, you get 5 % instead of 3%. But why is it 5 %? Because they're worried about the loss of the value of the dollar. And Trump, who has taken to the U.S. deficit to$39 trillion with a T, who personally is responsible for one third of the total government deficit has been created by either Trump one or Trump two. You think that's something the Democrats could work with, by the way?

55:28Just that. Just that. And now we've got to pay 5 % interest on$39 trillion. I'm exaggerating because some of the financing in the past is at lower prices. But all new borrowing now kicks off at 5%. And as we refinance past borrowing, it will kick at 5%. So basically, it's a blowtorch of cost to the Bezos point about revenue. Well, the cost of operating the U.S. government is at an all-time high because the interest the government has to pay to have money to do anything is at an all-time high. So in order to borrow money for the political cartel to route through the Pentagon to pay off the naval contractor in San Diego so that everybody can buy a house in La Jolla, which for a Navy we don't need.

56:13We're now borrowing more money than ever. I mean, America needs a revolutionary president who's creative and dynamic, not violent and hostile. And it starts with the tech monopolies and AI. And the real answer is you tax the robots. And you do a robot tax at 90%. And none of the money - You have like a compute tax. None of the money goes to the government. None. You have a website, taxtherobots.gov.gov. You tax the robots. All the money goes to a transparent account. You can look at it. You're like, oh, there's$377 billion in there this month of robot taxes. And then you divide the number of citizens into that number, and it gets paid out as a dividend.

57:02And now there's no government corruption. The government never touches it. Give them a service fee, 1%, to give to their children. Isn't this essentially UBI in the age of AI? This would be a version of UBI, yeah. But it doesn't solve the problem of if the AI is going to do it. It doesn't solve purpose. It doesn't solve taste. It doesn't solve creation. I mean, this is the whole problem with UBI, or even Elon Musk talks about universal high income. Like it's a terrible solution. And that's why the, you know, that, I mean, again, you talk about the commencement booing. I have a nephew who is in the process.

57:40He's a senior at MIT, just completed finals week. He's going to do, I think, one more semester. MIT arguably the best university in the world arguably the best university for technology and information in the world he is an AI major at MIT job pal and any whatever you want kid you want to work at Goldman you want to work at Palantir you want to work for the Pentagon you want to work for the NSA you want to work for Mossad CIA whatever you're into him and his friends they're the most pessimistic of anybody that i know they're like they're like i am going to become a firefighter and a musician and their parents are like you went to the best schools we did all you got into mit four years ago and now graduating mit with honors and now you're sitting across from your grandmother in the suburbs in upstate new york and your plan is to become a musician and a firefighter right but how can you even blame them the kids are like there's nothing what else am i gonna do right it's like if you're lucky you get into a shop like that and where what they eventually they train the ai on your brain and you get but also just morally like these are young men and women yeah all this like forget like i say you're like oh well if you're lucky enough you get the big paycheck from whenever you're on the you're on the winning side of the ledger in this little ai roulette that we're all playing right as if as if you're better than me or i'm better than you because I happen to be, it's an accident of history.

59:10Is it the lawyer's fault? Is it the consultant's fault? Is it the marketing people's fault? Is it the doc? But those are the jobs that are going away. Those are the jobs, right? But is it their fault? No. No, right? But then the kids look at it and they're like, because the real question a lot of human beings ask, and especially young men and women is, what is the meaning of life and what is the purpose of life? They've got 80 years in front of them. even if they have money. Like, what am I going to do? Like, groups of people want to work together on creative projects to try to do things. Group-based problem solving is fundamental to human nature, people and purpose.

59:52Ideally, with some economic commercial engine that's associated with it, which is what we sort of have been hopefully, you know, producing on some level around the world in different ways for a long time. but as this robot thing kicks in it's no joke i just think about what an unbelievable failure societal and national political failure it is that a that a kid who's about to graduate from mit with a degree in ai is pessimistic about his future the most of anyone i know yeah he feels over informed palantir's on campus at mit goldman's on campus at mit google's on campus at mit he's right he's beak first and the whole thing all the llms all of it and he's like no no dude he's like it's so much worse than you think oh god well i don't want to get an interview at goldman you want to get an interview at palantir you want to work you want to talk to carlo at newsweek yeah he's like no i want to be a firefighter he's like at least i know if i'm a firefighter it's something useful yeah in the a i mean who knows maybe the ai will be able to do that but no i drone the drone firefighter right no i mean i keep thinking about like i wish i got into like hvac like people are still gonna you know people are gonna need their home seated and air conditioned if you assume ai is the new boss of the world and every all humans now work for ai what does ai need energy resources right basic materials and minerals kazakhstan's booming because it's a...

1:01:30Everything's Kazakhstan. It's Borat. Kazakhstan is a gleaming glass city. Piles of money. But it's minerals and oil. That's AI. And then energy efficiency. So to your HVAC point, like a higher efficiency air conditioning. Like the two things that are necessary to support artificial intelligence as it takes over one way or the other, which is going to be... Things that are in the physical world. Right. But it's also like it needs – in order for it to scale, it relies on basic materials, minerals, and energy and energy-efficient systems so that it gets more from the energy that it's using. Dylan, I feel like you're mildly alarmed.

1:02:11We went all over. No, I'm not – well, I'm always alarmed. I think my MIT story, I feel like I got through. It did a little bit. I just – I'm scared, man. I'm scared about this stuff. And what scares me is – and just what scares me is the people who are in charge right now, I have less than zero faith in their ability to navigate this. They're looting the store. They're actively looting the store. I mean who was the guy who said like I would pick somebody out? I would rather pick somebody out of the Manhattan phone book to be president, whoever the president was. I feel like I would rather pick somebody off Fulton Street downstairs to be in charge of this because at the very least they probably wouldn't be as deeply corrupt as the people who are now who are just looking to pad their pockets on the way out the door.

1:03:03They're eluding the store by the bill. All right, Dylan. We're going to bring you back on one of those. It was finished. I think that their opinion is America's done. There's not going to be a heroic president. Yeah, let me get mine. I'm just going to clean it out before this thing goes up in flames. Right. Would you like a Trump-branded piece of shit Chinese phone for$500? I mean, right? I've got enough idiot boomer cons who will watch a commercial for that on Fox News and buy it. So why not? Why not sell that to them? Okay. Yeah, it's made in China. Who cares? They're not going to read the package.

1:03:37But then the deal gets better. Send me the$100. And by the way, no phone. Right. At least in your deal, you have to make a shitty phone in China. That's why you're not as good as Trump. Trump just had to do the commercial for the phone made in China, collect$100 deposits, and then never make the phone. Just take the bank account. To his credit, I'm told that they are shipping those phones now or some version of them. I'm staying corrected. That's a Newsweek correction. That's a 1600 broadcast correction. Yeah. Dylan, I'll let you get back to doing whatever it is you're doing in Barcelona right now.

1:04:19Living the good life. I hope to get you back on. You'll be in New York soon. Maybe we'll get you back on and talk in person. I'll ping you. I'd love to come see you in person in June. And remember, music and firefighter, according to the class of 26 at MIT, rock and roll and firefighting is the two hot jobs for the kids right now. Oh, God. God help these kids, man. All right, everybody. Dylan Radigan, you can find him on Substack. We'll link to it in the description. Dylan, always a pleasure, man. Great talking to you. All right. Thanks so much.