PBD Podcast Ep. 698
Title: Trump’s “Sh#thole” Countries, Paramount’s HOSTILE TAKEOVER + Dems Affordability HOAX?
Date: [Transcript says January 1, 1970, clearly in error, likely aired June 2024]
Host: Patrick Bet-David (“PBD”)
Guests: Dan Peña, Tom, Adam, Brandon, (plus Home Team)
Episode Overview
This episode delivers a fiery, wide-ranging conversation centered on economic anxiety—especially “affordability”—and political messaging, as well as breaking news in business (Paramount/Warner/Netflix takeover drama), Trump’s campaign messaging, waves of immigration, and social/market trends in the U.S. and globally. Legendary business coach and entrepreneur Dan Peña joins for candid commentary, bringing generational contrast and some sharp-tongued wisdom.
Main Themes and Purposes
- Affordability as a top 2024 political issue: Is it a real crisis or messaging “hoax”?
- Generational rifts: Boomers vs. Millennials/Gen Z on work ethic and starting out.
- Political messaging & campaign strategy: How Trump, Biden, and others are addressing economics and immigration.
- Paramount/Warner/Netflix Merger Battle: Behind-the-scenes on a major hostile takeover and Saudi investment.
- Trends in housing, employment, and wealth-building.
- Immigration, culture, and “Shithole countries” comments.
- Influence, image, and “pretty privilege” in business.
- Investment strategies for the average American.
Key Discussion Points and Insights
1. Affordability Crisis: Political Football or Reality?
[08:18 – 18:00]
- Poll Data: Trump’s net approval among 18–29-year-olds plummeted by 56 points in 10 months (from +10 to –46), with affordability cited as the lead cause.
- Quote:
“This is a shift on the net approval of 56 points in the wrong direction since February. …You rarely, rarely ever see swings this big this quickly.” - Tom reporting on Harry Enton, CNN [09:00]
- Quote:
- Discussion:
- Young grads—even STEM—struggling to find jobs; rising living costs (especially rent, car insurance), and lack of entry-level housing is driving disillusionment.
- Democrats branding affordability as a GOP-created crisis, calling it a “scam”—Trump’s messaging counters but sometimes misses the mark with younger voters.
- Dan Peña’s contrarian view:
“The elitists of that generation… are lazy. …We don’t have an affordability problem, in my opinion. …Affordability is a matter of choice.” [11:43] - Brandon pushes back, grounding the issue in facts:
“It took two years of an average salary to buy an average priced house in the 70s. Today it takes like nine years… It is a fact that it takes more than half of an average salary to pay for the basic essentials to live. And that’s not a good situation.” [15:43]
- Big Takeaway: There is a real generational mismatch—in both perception and practical economics—with Peña advocating grit and hustle while younger panelists urge acknowledgment of new, steeper obstacles.
2. Solutions: Real or Rhetoric?
[20:44 – 29:06]
- Trump Audio Clip:
- “Affordability is a con job by the Democrats...The word ‘affordability’ is a Democrat scam.” – Trump [20:56]
- Panel Debate: What would you actually do to make life more affordable?
- Tom: Deregulate and incentivize smaller housing; open up city-owned land; cut insurance barriers.
“The city has to take active engagement…with entrepreneurs building affordable housing.” [24:52] - Dan Peña: Even with deregulation, zoning reform is a 3-5 year fix—not fast enough.
- Adam: “Stop looking to the Oval Office—fix your own life! If you can’t afford a city, move!” [19:07] — but sidesteps the macro problem.
- Tom: Deregulate and incentivize smaller housing; open up city-owned land; cut insurance barriers.
- Broader Point: Policy action lags the pace of crisis; there’s a disconnect between Washington messaging and practical, local realities.
3. Tiny Cars, Big Regulatory Barriers
[34:00 – 41:00]
- Trump’s push for “tiny cars” as an affordability solution: Panel dissects why these haven’t caught on in the U.S.
- Peña’s serious safety concern:
“You had a less than 50% chance of surviving a head-on accident in these little things.” [37:18] - Adam gets blunt:
“Average American dude does not want a tiny car… If you’re in America and your name’s Rick, you want a Ford F-150.” [44:17] - Brandon: The common problem is regulation; high compliance costs for both cars and homes.
- Takeaway: Proposal is DOA without regulatory overhaul and cultural change—plus safety is a real concern.
- Peña’s serious safety concern:
4. Immigration & “Shithole Countries”
[46:45 – 54:00]
- Trump’s Comments:
- “We only take people from shithole countries, right? Why can’t we have some people from Norway, Sweden…?” [47:10]
- “But we always take people from Somalia… Filthy, dirty, disgusting, ridden with crime.”
- Panel Reaction:
- Peña: People from Scandinavia/Northern Europe “don’t have a lot of the problems…because from the time you’re born you’re part of the system… Nobody’s starving to death. So why would they leave? They don’t want to come here. They like their homeland.” [48:25]
- Adam: Culture clash is real. “Not all immigrants are exactly the same… if your country runs on Sharia law, it’s not going to work in America.” [51:36]
- Tom: Supports legal immigration for opportunity, but worries about refugee policies.
5. Paramount’s Hostile Takeover Bid for Warner
[64:52 – 74:00]
- Bid War: Ellison/Skydance mounts a hostile $30/share offer, backed by $24 billion from Saudi, Qatar, and Abu Dhabi—twice the Ellison family’s own capital.
- Netflix stymied: Facing higher bids and regulatory/FCC antitrust scrutiny.
- Quote:
- “Now you’ve got people saying, do you have the ability to do this at $31/share and more…This is what the hostile does.” – Tom [68:54]
- “Saudi, Qatar, and Abu Dhabi are going to put up $24 billion… Have some influence? Who you calling if you’re Netflix?” – PBD [68:54]
- Influence or Investment?
- Dan Peña: “They’re not concerned about what happens the next 50 years… they’re concerned about the next hundred years. …US investors, they're concerned about the next quarter.” [77:30]
6. Oil, Energy, & Geopolitics
[37:50 – 43:42]
- Dan Peña’s industry knowledge:
- “If you knew… how many barrels of oil reserves were really in the world… oil would be 5 cents a barrel.” [39:11]
- “The big money—guys like you—they’re investing in water.” [42:38]
- Saudi/State Influence:
- “The future is coming from the Middle East… they’re 50, 100 year planners…” [75:39]
7. Money & Investing for the Average Person
[90:40 – 96:09]
- Peña’s Advice:
- “Unless you’re going to be a full-time investor…look at the five best funds… invest monthly… 10-20 years later… Assuming the country doesn’t bust, with a big gob of money.” [91:08]
- “Most traders at the end of their career, save two or three, don’t make any money.”
- 401ks are (secretly) making millionaires:
- “There were 654,401k millionaires at just [Fidelity]… doubling since the end of 2022. …Just dollar cost average.” [93:23]
- Bitcoin: Peña still not a fan; “I’m in cash,” and “I’d rather have 1% of all the farmland in the United States.” [97:04]
8. “Pretty Privilege” and Career
[106:25 – 112:50]
- Does being good looking help?
- Peña: “Absolutely.” [108:09]
- Executive assistants to Gates, Jobs, Musk = all attractive.
- For men, not as much; his “Hall of Fame has not one six-pack.”
- Adam: “Outer beauty gets you in the door, but inner beauty will keep you in the job.” [109:27]
- Tom: “If you come in looking sharp… You just need to be sharp and put together. …If you’re incredibly overweight, there is a perception…” [111:13]
- PBD's Practical Tips: Hygiene, groom yourself, dress smart, get feedback—confidence follows.
9. Home Listings and Market Trends
[123:23 – 128:00]
- Delisting Surge:
- Sellers can’t get their asking price; markets peak.
- Shift to “refuge markets” (Grand Rapids, St. Louis, et al.) as buyers seek affordability.
- “When prices peak, delistings happen. …Current point may be upon us.” – Tom [125:05]
- Homeownership: Sacred cow or overrated?
- Brandon: “We’ve got to stop acting like owning a home is the number one asset for somebody…” [128:37]
- Adam: Best investment is yourself, business, stock market, housing. Homeownership as “lifestyle,” not an investment.
Notable Quotes & Memorable Moments
-
Dan Peña, on generational grit:
“In my opinion, we don’t have an affordability problem. …The kids don’t want another job. They expect out of school to make crazy money…and have no experience.” [11:43] -
Brandon (on housing economics):
“It’s just an objective fact that it’s a much different generation. …It took like two years of an average salary to buy a house in the 70s. Today it takes nine years. …That’s when you risk socialism.” [15:43] -
Trump clip:
“Affordability is a con job by Democrats. …The word ‘affordability’ is a Democrat scam.” [20:57] -
Dan Peña, on oil abundance:
“If you knew…how much oil reserves were really in the world…oil would be 5 cents a barrel.” [39:11] -
Panel riff, Tiny Cars:
- “You wouldn’t want your wife driving that car. Maybe you would…” – Peña [39:45]
- “Do not get a car like this if you actually want to get laid.” – Adam [45:40]
-
PBD (on home listings):
“The Realtor comes and says let’s take it off because it shows that it’s been for sale 328 days and let’s start over again.” [123:10] -
Peña, on taking offense:
“Men are willing to engage in self-deprecation and women aren’t.” [121:16]
Key Timestamps
- 08:18: Poll data on Trump’s young voter approval collapse.
- 11:43: Dan Peña on Gen Z work ethic and “no affordability problem.”
- 15:43: Brandon corrects with housing/income stats and socialism warning.
- 20:56: Trump clip on “affordability scam.”
- 24:52: Tom’s practical housing/insurance solutions for affordability.
- 37:18: Peña on safety issues with tiny cars.
- 46:45: Trump replays “shithole countries” comment.
- 64:52: Paramount/WB/Netflix hostile takeover explained.
- 77:30: Peña on Middle East long-term investment influence.
- 90:40: What should the average worker do with $80K–250K income? Peña’s practical investing advice.
- 108:09: “Is being hot now a job requirement?”
- 123:23: Housing market delistings—peak or pullback?
Closing Advice & Final Thoughts
- Dan Peña’s advice:
“Unless you’re going to be a full-time investor…pick top funds, invest monthly, dollar cost average, don’t trade around.” [91:08] - On feedback and improvement:
“You have two times to make a first impression—when you walk in the door, and when you open your big mouth.” – Peña [116:33] - On housing:
“If it’s your home, just ride out the market. If investment, wait—it could go lower.” [127:24] - On beauty/image:
“Pretty privilege” exists but “inner beauty keeps you there.” Take care of hygiene, dress, health, self-presentation.
Episode Tone & Style
Candid, brash, and high-energy. Peña’s old-school bravado clashes (and sometimes harmonizes) with millennial/Gen Z pragmatism and data. The hosts spar and joke but consistently return to real-world advice: Take personal agency, know the numbers, and don’t buy the hype—on either side.
For Further Info
- Guest: Dan Peña’s resources are free at dampena.co.uk
- Podcast site: Valuetainment
- Upcoming: Exclusive interview dropping tomorrow with cult deprogrammer Rick Allen Ross.