No Mercy / No Malice: Resist and Unsubscribe

0:00Avoiding your unfinished home projects because you're not sure where to start? Thumbtack knows homes, so you don't have to. Don't know the difference between matte paint finish and satin? Or what that clunking sound from your dryer is? With Thumbtack, you don't have to be a home pro. You just have to hire one. You can hire top-rated pros, see price estimates, and read reviews all on the app. Download today. This is a Monday.com ad. The same Monday.com designed for every team. TheSameMonday.com with built-in AI, scaling your work from day one. TheSameMonday.com with an easy and intuitive setup.

0:37Go to Monday.com and try it for free. When you use the trusted investing and savings app Betterment to help grow your money automatically, you have more time for new niche hobbies, like collecting miniatures. The joy that brings helps you sleep better at night and even motivates you to always use your PM moisturizer. Now you've got a dewy glow and a sense of balance to match. Not worrying where your money is growing. That's the Betterment Effect. Get started today at betterment.com. Investing involves risk, performance not guaranteed. I'm Scott Galloway, and this is No Mercy, No Malice. The deaths of two Americans in Minnesota has sparked outrage across the country.

1:20However, this administration doesn't respond to protests. It doesn't respond to citizenry. It doesn't respond to Congress or the Supreme Court. It responds to markets. A national economic strike for the month of February is the best weapon we have to counter the government's occupation of our cities and its assault on our values. Resist and unsubscribe, as read by George Hahn.

1:54George Hahn:Don Lemon, the former CNN anchor, was arrested today. Targeting journalists is not about enforcing the law, but shaping reality. History reflects a brutal truth. When you begin arresting journalists, your nation becomes angrier and poorer. After the killings of Alex Preddy and Renee Good, many people feel powerless. Praised by tech CEOs, surrounded by sycophants, emboldened by multi-million dollar settlements, and enriched by his return to the White House, Trump marches on unchecked. Americans, however, have overlooked a potent weapon of resistance. First, we should recognize that the president is unfazed by outrage and unmoved by protests.

2:48George Hahn:What does he care about? A. The markets. The best strategy is to opt out. We're asking you to join a month-long national economic strike, a coordinated campaign that targets tech and AI companies and inflicts maximum damage with minimum impact on consumers. Protesters are playing a critical role in challenging Trump's war on the enemy within and documenting the activities of his masked, heavily armed, and poorly trained paramilitary force. But until the Republicans lose their grip on Washington and the president's acolytes can be held accountable and, in some cases, put on trial, the opposition needs bold new methods.

3:41George Hahn:We're not talking about a labor strike. It's easy for me to tell other people to stop working and take the risk of getting fired. That kind of walkout would only hurt small businesses and probably lead to more job losses. We're also not urging local businesses to sacrifice sales and close their doors for a day, a symbolic but ultimately ineffective tool. We're proposing something quieter and less cinematic than a protest that will run all day on cable TV, but much more disturbing to the Trump administration. A one-day slowdown is irritating. A one-month slump is terrifying. With support for abolishing ICE growing and a bipartisan backlash prompting Trump to at least feign a more conciliatory approach in Minnesota, this is the moment to exert pressure.

4:38George Hahn:If you need inspiration before joining the movement, look at photos from the September meeting at which tech industry CEOs, including OpenAI's Sam Altman and Apple's Tim Cook, took turns fawning over the president. These are the leaders who have his ear. A modest reduction in their company's growth could have a substantial impact on valuations priced to perfection. Small changes in consumer behavior, starting on the first day of February, could have an enormous ripple effect, one that extends all the way to the White House. We need to get tactical. If consumers cut back on cosmetics, reducing L 'Oreal's revenue by 2%, it's not going to make a difference.

5:30George Hahn:If OpenAI's revenue falls by 2%, it will. America's economy is one giant bet on AI, with seven tech companies representing more than a third of the S &P 500. That means the best way to ignite positive change without hurting consumers is to carry out an economic strike that tech CEOs can't ignore.

6:00George Hahn:Unsubscribing to OpenAI's ChatGPT and Anthropics Claude are among the first steps. Although only 5 % of ChatGPT's more than 800 million users last year paid for a subscription, a pullback could sting. If enough people cut spending on AI, it could spill over to other companies, including NVIDIA and Microsoft. You could also unsubscribe from a range of other tech offerings, Amazon, Apple, Disney, Google, Microsoft, Netflix, and Uber, and hold off on buying your next iPhone or Mac. While tech and AI are the main focus, the strike could expand to target companies enabling ICE, including AT &T, Dell, and FedEx, which have contracts with the agency.

6:49George Hahn:See all the options on the Resist and Unsubscribe website at resistandunsubscribe.com. Then, document your decisions on Instagram. We'd target this platform too, but we need some way to spread the message nationwide. Talk to your friends and outline what you're not buying, adding cancellation screenshots and unsubscribed selfies. articulate the objectives, forcing the president to end the occupation of cities by masked agents, respect the rule of law, and uphold American values. And yes, I'm participating.

7:34George Hahn:If wealthy households reduce spending by 10 % and middle and lower income households pull back by about 5 % in a targeted economic strike, it will curb U.S. GDP virtually overnight, amplifying the impact while mitigating the harm to average American consumers and business owners. And just as dry January offers an opportunity to scale back on alcohol, a February freeze on subscriptions and other purchases provides a chance for people to reset their consumption patterns. Use the month to review your subscriptions and drop the ones you don't use. You may decide this isn't for you, or conclude it would hurt innocent people.

8:20George Hahn:I get it. Punishing America's economy isn't an act we propose lightly. But pain for some U.S. tech businesses in the short term could inspire real change, a small price for restoring our democracy. Consumers, whose spending accounts for more than two-thirds of the economy, wield enormous power. Few things worry leaders more than a decrease in their purchases. Consumer spending fell 3.4 % during the Great Recession, at the time the most severe year-over-year decline since World War II, and 9.8 % during the second quarter of 2020 in the depths of the pandemic. Those events sparked two of the fastest political movements in history, with the U.S.

9:16George Hahn:spending huge sums to escape each crisis. In the case of COVID, economic data, not the death toll, was the main driver. Americans in the top 10 % income bracket, who account for about half of all consumer spending, play an especially important role. In outlining this idea in October, I estimated that those consumers could achieve a 1 % decline in GDP with a 3 % cut to their spending, setting aside multiplier effects, import leakages, and substitutions. If we want to know how Trump might respond, consider recent history. After the president unveiled his Liberation Day tariffs last April, the ensuing turmoil in the bond market prompted the administration to pause most of its planned tariffs for 90 days.

10:14George Hahn:Bond investors were getting yippy, as the president explained. Wall Street soon had a term for this phenomenon, the taco trade for Trump always chickens out. Earlier this month, Trump threatened to punish European nations if they didn't cave to his demands to give him Greenland. Then the markets threw up, and the president reversed course, announcing he'd reached the framework of a future deal for Greenland and the Arctic. Stocks surged on the news. Fortune 500 CEOs need to organize to resist the president as he bulldozes the values that make America great. Understandably, nobody wants to go first or be alone on this, but it's the right thing to do.

11:07George Hahn:It also presents an opportunity to reap reputational and commercial gains. I feel for businesses in Minnesota, victims of the administration's cruel and reckless immigration policies, and collective action is the way to go. But the letter signed by 60 CEOs of companies based in the state, including Best Buy, Target, and UnitedHealth, calling for state, local, and federal officials to work together to find real solutions, while positive, isn't going to move the needle. Republicans could stop Trump if they had a spine. The CEOs of America's largest corporations could also show up, but don't hold your breath.

11:52George Hahn:If you're waiting for these leaders to overcome their fear and share price idolatry in the face of threats from the president, you're going to suffocate. Trump put everyone on notice last week with his lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, over allegations that the company stopped providing banking services to Trump and his businesses for political reasons after he left office in 2021. Bosses of big corporations know that won't be the last battle the president wages, so rather than antagonizing him, they flatter Trump and keep their heads down. Without real pushback, things are likely to get worse.

12:38George Hahn:You'd think that the death of Preddy, a 37-year-old intensive care nurse Trump officials accused of being a domestic terrorist, would have been a tipping point for business leaders. Yet, on Saturday, hours after federal agents killed Freddie as he attempted to help a woman who'd been pushed to the ground and pepper sprayed, CEOs, including Cook and Amazon's Andy Jassy, attended a private White House screening to celebrate the Amazon MGM Studios' produced documentary, Melania. The courage is coming from the rank and file. Following Preddy's death, more than 450 tech workers from Amazon, Google, Meta, OpenAI, Salesforce, and other companies signed a letter urging their CEOs to contact the White House, demand that ICE leave American cities, and cancel all company contracts with the enforcement agency.

13:41George Hahn:A senior executive at OpenAI, James Dyett, wrote on X that there was more outrage from tech executives over California's proposed wealth tax than masked ICE agents terrorizing communities and executing civilians in the streets. Exactly. As Heather Cox Richardson and other historians note, there are many ways to make a difference in dark times. She points out that Minnesotans are doing their part, patrolling the streets, donating food, helping with legal services, and looking out for one another, while organizations at the national level speak up. Voters in the midterm elections in November, meanwhile, will have a chance to dilute Trump's power.

14:33George Hahn:Until then, the best tool we have to push CEOs to take on the president and prevent further erosion of the American brand is in our pockets. An economic strike that builds on calls for Apple boycotts that are already starting to emerge. Real change always comes from the American people, not from our political parties. But power doesn't fear protests nearly as much as economic withdrawals. Getting off your couch, taking to the streets, and building community is important. But the most radical act in a capitalist society isn't marching. It's not spending. Life is so rich.

15:52Way less than new. Guaranteed by the Backmarket promise. 30-day free returns and one-year warranty on every purchase. I am breaking up with you to be with Backmarket. Backmarket, where the world shops refurbish tech. Akamai Cloud. GPUs for agentic AI. Bring AI inferencing closer to users everywhere. Get started at akamai.com slash GPU. Prince knows that greatness takes time. But so does laundry. So Rinse will take your laundry and hand-deliver it to your door, expertly cleaned. And you can take the time pursuing your passions. Time once spent sorting and waiting, folding and queuing, now spent challenging and innovating and pushing your way to greatness.

16:37So pick up the Irish flute or those calligraphy pens or that daunting Beef Wellington recipe card and leave the laundry to us. Rinse. It's time to be great.