Why Trump’s Corruption Matters — ft. Hillary Clinton & Anthony Scaramucci

Summary

Prof G Markets — June 5, 2026

Hillary Clinton: Iran Has Only Gotten Stronger

Podcast: Prof G Markets
Hosts: Scott Galloway, Ed Elson (Vox Media Podcast Network)
Notable Guests: Hillary Clinton (Former Secretary of State), Anthony Scaramucci (SkyBridge Capital founder)

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Episode Overview

This live episode from New York City features a high-profile conversation with former US Secretary of State Hillary Clinton centered on the ongoing Iran crisis, parallels to global conflicts like Ukraine, and the intersection of geopolitics and markets. The hosts, Scott Galloway and Ed Elson, are joined by Anthony Scaramucci (“The Mooch”), offering an inside view on both US foreign policy and domestic political trends. The dialogue also expands to accountability in markets, the Democratic Party's prospects, rising progressivism among Gen Z, and the pervasive sense of economic unfairness in 2026 America.

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Key Segments & Discussion Points

1. Iran, the US, and Global Security

[04:24–13:32] "Iran is in a stronger position than it was before." — Hillary Clinton (08:37)

• Current State of the Iran Conflict:

  • The US-Iran standoff has reached Week 13, with the Strait of Hormuz still closed, disrupting global energy corridors.
  • Iran's rhetoric is escalating; a military official declared renewed hostilities with the US "inevitable."

• Clinton’s Critique:

  • The US strategy was "ill conceived and even more poorly executed." (08:37)
  • As Secretary of State, closing the Strait of Hormuz was always "among the very first questions" in any war game scenario.
  • Clinton is "stunned" such scenarios appear not to have been prioritized at the highest administration levels.

• Strategic Impacts:

  • The current administration’s approach has left the US "in a weakened position" and Iran comparatively "stronger."
  • “I actually approved of the strikes on nuclear facilities…They had a clear objective…But now I think the Iranians are really playing a stronger hand vis a vis Trump. And he’s kind of flummoxed.” (09:40)
  • Points to ineffective negotiation: “The hard work…is not being done.” (10:23)
  • If Iran controls the Strait and exacts tolls while suffering minimal military setbacks, “what have we gained?" (11:40)
  • Global implications: Clinton warns this sends dangerous messages to both allies and adversaries—“If you’re sitting in Moscow or Beijing...you are probably dumbstruck that any American president would do this.” (12:00)
  • Iran's social media propaganda (“Mr. Explosive” Lego character) is “mocking our country.” (13:20)

Notable Quote

"I think Iran is in a stronger position than it was before. We did this...I really worry about what message it sends...to everybody else."
— Hillary Clinton (10:16, 12:00)

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2. Diplomacy, Leverage, and What’s Next

[13:32–15:46] "It would take painstaking diplomacy." — Hillary Clinton (14:58)

• Pathways to Leverage:
  • Clinton outlines diplomatic routes, referencing her own secret negotiations through Oman, leveraging regional relationships and economic interests.
  • Emphasizes coalition-building: "You could look at this and see all the different players who have their own leverage and then aggregate that."
  • Differences from Trump administration: “I think that kind of tough diplomacy, none of which I heard coming out of the recent meeting [with Xi Jinping], would lead to putting together a coalition of diplomatic support.”
  • Advocates for “realist” objectives: restoring free navigation in the Strait, international pressure via allies, painstaking coalition-building (“It would be painstaking diplomacy, but it could be done if we had the right approach.” — 14:58).

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3. Ukraine and Lessons for Global Security

[15:46–20:04] "Ukraine has gone from playing defense to offense."

• Turning Point for Ukraine:

  • In recent weeks, Ukraine shifted to offensive operations, having built an “incredible military industrial complex in the midst of a war.”
  • Clinton compares Ukraine’s technological innovation with drones to the Blitz and British military adaptation in WWII.

• Broader Relevance:

  • Ukraine’s resistance showcases "what modern warfare is going to evolve toward.”
  • Importance for US and European security: “If we are not on Ukraine’s side...it opens the door to Russian aggression.”
  • Clinton: "We all should be expressing a great debt to Ukraine for ... holding out and ... showing what modern warfare is going to evolve toward … they have held the Russians at bay.” (18:05)

Notable Quote

“Russia and Putin need to be defeated and Ukraine is on the front line of doing that.”
— Hillary Clinton (19:31)

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4. The New York Mayoral Election & Democratic Socialism

[22:29–26:18] "You campaign in poetry and you govern in prose." — Clinton quoting Mario Cuomo (24:32)

• Rise of Progressivism:
  • Discussing the election of self-described democratic socialist Mamdani as New York’s mayor, Clinton praises his campaign brilliance and youth outreach.
  • Open-minded pragmatism: “I don’t care what label he puts on his politics...as long as he proves that his brand…works.” (23:29)
  • Cautions against governing exclusively to one's base: “That doesn’t work in America.”

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5. America’s Most Pressing Issues in 2026

[26:18–29:01] “Affordability and accountability.” — Hillary Clinton (26:58)

• Key Concerns:
  • Wealth inequality, housing and economic mobility, mental health, social media harms, US international standing.
  • Clinton emphasizes “affordability and accountability” as twin pillars for policy.
  • Federal dysfunction: urges cities and states to act as “laboratories of democracy.”

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6. Democratic Party Strategy & Messaging

[28:33–35:00] "You've got to stress these two big overriding themes, affordability and accountability." (29:25)

• Challenges:
  • Redistricting and Supreme Court decisions (“truly disgraceful”) make 2026 midterms harder for Democrats, but underlying electoral momentum remains.
  • Messaging should emphasize restoring rule of law, fighting economic corruption, and delivering real improvements in affordability.
  • Cites Hungary’s “accountability” election as a lesson: tie corruption to everyday impact on voters.

Memorable Exchanges

• “When you’re running for the midterms, you’ve got to make your case in language that your voters will agree with.” (31:55)
• "The messaging needs to be focused on what we're gonna do to actually help people and solve some of these problems. And what we're gonna do to restore the rule of law." (34:32)

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7. Market Integrity, Insider Trading, and the Erosion of Trust

[38:00–46:39] “The rules of the game seem to be rigged.” — Scott Galloway (62:00)

• Corruption Under Trump:

  • Galloway details Trump family's 3,700+ trades, insider activity preceding major policy decisions, and massive profits from policy-linked investments.
  • Scaramucci: “It’s a very corrupt thing they’re doing... Trump has been so wildly egregious that maybe this will now be the opportunity... to protect the next person that takes that job.” (44:15)
  • Congress also quietly rolled back previous limits on insider trading.

• Public Perception Gap:

  • Many Trump voters believe he hasn’t profited—“Half of Trump voters think that Trump hasn’t profited in his presidency whatsoever.” (45:51, Galloway)

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8. Economic Desperation, Populism & Policy

[46:39–57:53] "Blue collar, economically aspirational is now blue collar, economically desperational." — Scaramucci (48:44)

• Disconnect with Working America:

  • Scaramucci recounts conversations with voters feeling left behind by globalization and economic dislocation.
  • Advocates for broader Democratic engagement with economically desperate communities: “You gotta go and meet these people, embrace these people and try to bring them back into the system.” (50:00)
  • Details food insecurity in New York; over a million residents, many children, are food-insecure.

• Capitalism vs. Cronyism:

  • Rising Gen Z skepticism of capitalism; frustration with system rigging.
  • “If we don’t figure out ways to create a bigger platform of equal opportunity… you’re going to lose the capitalism.” (51:55)

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9. Communicating Capitalism’s Merits to the Next Generation

[53:43–57:53]

• Historical Lessons (Scaramucci):
  • Calls for renewed education on American history, regulated capitalism, and the legacy of programs like Social Security and the GI Bill.
  • “There’s a harmony between the government and business. I’m all about capitalism… but there has to be a regulated capitalism, because greed...always overcomes wisdom.” (54:35)
  • Emphasis on balancing outcomes so “no matter where you were born, you get a package of services...so you can get to the starting block.” (56:50)

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10. Markets, IPOs, and Unfair Rules

[57:53–66:31]

• Big Tech IPOs & Passive Investing:
  • SpaceX, Anthropic, OpenAI: valuations, market hype driven by public infatuation (“Elon Musk is a human meme.” — Scaramucci, 58:20)
  • Index fund rule changes: “They’re calling it fast entry rules for these megacap companies...now we actually don’t have a choice.” (61:19, Galloway)
  • Retail investors lose out: companies go public “too late,” at high valuations, institutionalizing the disadvantage.
  • Scaramucci warns: “You have to deal with the world the way it is and not play the victim...These rules suck...but I have to look at the world the way it is.” (65:05)

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11. Brand Rehabilitation and Resilience

[66:34–73:03] "Stay in it. Don’t walk away from it. Care less about what other people think." — Scaramucci (71:40)

• Scaramucci’s Story:
  • Shares personal account of being fired from White House (“one Scaramucci,” 11 days), missing the birth of his son, and public humiliation.
  • Key lesson: authenticity, facing mistakes directly, resilience lead to long-term brand and personal recovery.

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Select Notable Quotes with Timestamps

• Hillary Clinton:

  • “I think Iran is in a stronger position than it was before. We did this.” (10:16)
  • “If you’re sitting in Moscow or you’re sitting in Beijing...you are probably dumbstruck that any American president would do this.” (12:00)
  • “You campaign in poetry and you govern in prose.” (24:32)

• Scott Galloway:

  • "The rules of the game seem to be rigged." (62:00)

• Anthony Scaramucci:

  • "They (Trump family) are using our collective apathy as permission to do certain things." (41:55)
  • “Blue collar, economically aspirational is now blue collar, economically desperational.” (48:44)
  • “Stay in it. Don’t walk away from it. Care less about what other people think.” (71:40)

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Noteworthy Moments

• Clinton on Iran’s “Mr. Explosive” Lego social media campaign (13:20)
• Scaramucci on being fired from the White House and personal comeback (66:50–73:03)
• Discussion of food insecurity in NYC: “We have 1.2 million people in this city… Over half of them are children.” (49:50)
• Comparing the performance of Pelosi's trades and Trump Index to professional investors (45:39)

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Timestamps by Theme

• Opening & Local Humor: 01:49–04:15
• Iran Policy Discussion (Clinton): 08:23–15:46
• Ukraine & Modern Warfare: 15:46–20:05
• Gen Z and Socialism in NYC Politics: 22:29–26:18
• American Economic Challenges: 26:18–29:01
• Midterm Messaging and Democracy: 28:33–35:00
• Corruption & Market Integrity (Galloway/Scaramucci): 38:00–46:39
• Populism, Economics & Social Programs: 46:39–57:53
• IPO Hype and Passive Indexing: 57:53–66:31
• Brand Recovery (Scaramucci): 66:34–73:03

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Conclusion

This episode delivers a no-jargon, candid analysis of how global conflict, economic policy, and political messaging shape market sentiment and the nation’s trajectory. It is punctuated by Hillary Clinton’s hard-nosed realism on Iran and Ukraine, Anthony Scaramucci's insider perspective on both policy and personal reinvention, and the hosts’ clear-eyed critiques of systemic corruption and socioeconomic divides. With memorable quotes, sharp insight, and a dose of humor, this episode is essential listening for anyone seeking to understand America at the intersection of politics, policy, and markets in 2026.

Transcript

[Scott Galloway]

Support for the show comes from Odoo. Running a business takes everything you've got. And a lot of the tools out there that are supposed to make your life easier just aren't great at talking to each other. And that means you end up having to toggle between a dozen different apps and services just to keep the lights on. Enough of that. Now there is Odoo, the all in one fully integrated platform that might actually help you get it all done. Thousands of businesses have made the switch, so why not you try Odoo for [e-mail] that's O-.

[Ed Elson]

What's driving the markets this week? What's on investors minds as they look ahead? Find out on the markets podcast from Goldman Sachs. A breakdown of market moves and macro signals in 10 minutes or less. The markets podcast from Goldman Sachs. Listen now.

[Hillary Clinton]

Foreign.

[Anthony Scaramucci]

Support for this show comes from Odoo. Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo. It's the only business software you'll ever need. It's an all in one fully integrated platform that makes your work easier. CRM, accounting, inventory, E commerce, and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. That's why over thousands of businesses have made the switch. So why not you try Odoo for [e-mail] that's O D O O dot com.

[Ed Elson]

Today's number, 1.3 square miles. That's the landmass of Central park. Greater than the nation state of Monaco. Ed, you guys may not know this, but Ed actually went to Princeton. And Princeton is credited with more sex research than any university in the world. I went to UCLA at Princeton. They invented sex at ucla. We introduced it to women.

[Scott Galloway]

That's pretty good. Yeah, this corner likes it. Some people up there don't like it. My Princeton buddies in the crowd, they don't like it either.

[Ed Elson]

All right, who wants a dick joke? So the mooch is here and he and I were at the urinal and he looks over and he's like circumcised. And I'm like, nope. That's just the wear and tear.

[Scott Galloway]

Well, Scott, it's great to be here finally in New York City, the final stop on the tour. You know, at each city that we've been doing this show, we like to sort of begin the show with a little bit of data about the city, usually some economic data. So, you know, in Los Angeles, we were talking about Hollywood. And in Miami, we were talking about crypto. So I would like to share some New York City specific data of my own before we get into the show. So my first number to give you today, Scott, is 27. 27. That's how many years have passed since the New York Knicks last made it to the NBA Finals. Today's other number is 53. That's how many years have passed since the New York Knicks last won an NBA championship. I heard a lot of boos there. I can't tell why that's happening, but all I can tell you, Scott, I have three words. Let's go, Knicks. That's right, Scott, will you be tuning in?

[Ed Elson]

Be honest, does it look like John Cena's gonna bust through and I'm gonna be a 651st? Make a wish. Seriously, look at me right now. Look at this.

[Scott Galloway]

You look good.

[Ed Elson]

No, this is what you call. This is what you call birth control.

[Scott Galloway]

Well, okay, now that we have our pandering to the audience out of the way, now that we've gotten on your side, I hope I'm going to launch us into our first story.

[Anthony Scaramucci]

Great.

[Scott Galloway]

Okay. It's been 94 days since the US first launched strikes on Iran, and the path ahead is still unclear. Iran is reportedly still reviewing the latest draft of a potential agreement with the US and has yet to issue a response. Trump also posted on Truth Social that talks were, quote, going on. However, rhetoric from Tehran continues to harden. A senior Iranian military official said Tuesday that renewed hostilities with the US Appear inevitable, adding that the Iranian the nation will never surrender. Meanwhile, the Strait of Hormuz remains effectively closed, continuing to disrupt one of the world's most important energy corridors. So, Scott, week 13 of the war. We've talked about inflation, which continues to rise. The numbers do not look great. The Strait remains closed. What do you make of these recent developments in Iran, and where do you see this all heading?

[Ed Elson]

Well, the justification for doing this to begin with was such that Iran would never have access.

[Voice of God (Scott Galloway)]

Oh, my God. You do not know what you're talking about.

[Scott Galloway]

Who's that?

[Voice of God (Scott Galloway)]

Also, your dick joke is old. Just so you know, this is the voice of God talking to you, Scott Galloway.

[Scott Galloway]

I think I recognize that voice.

[Voice of God (Scott Galloway)]

First of all, you cheat on me with a younger man, and I happen to be in New York,

[Anthony Scaramucci]

so.

[Voice of God (Scott Galloway)]

Hey, everybody.

[Anthony Scaramucci]

Hey.

[Voice of God (Scott Galloway)]

Hey.

[Anthony Scaramucci]

You have to hug.

[Hillary Clinton]

It's okay.

[Voice of God (Scott Galloway)]

It's all right. The other man. The other man. So I'm actually not the surprise guest in my ongoing. That was an old shot.

[Ed Elson]

Yeah. By the way, that Was. And just so you know, he's a better kisser.

[Anthony Scaramucci]

So.

[Ed Elson]

Okay, but this is just like you. You criticize, but you don't come up with. That's not that helpful. Who would you have to talk about this?

[Voice of God (Scott Galloway)]

Well, anybody but you for first.

[Ed Elson]

Okay.

[Voice of God (Scott Galloway)]

Because, you know, you're frequently wrong, but never in doubt. But I wanted to bring you a special surprise just to show, as always, I am the top and you are the bottom. And so I programmed your very special guest. And I thought, who, who, who could I bring who knows something about Iran and about Ukraine and about the entire world? So I would like to introduce the author of Project 2029. I hope the most badass woman I know, someone who probably should have been president. Secretary Hillary Cl. All right, all right, everybody. We will now, we will now hear actually what's happening in Iran. And my work is done. I maintain the hegemony over Scott Galloway. Have a good day.

[Hillary Clinton]

Thank you.

[Scott Galloway]

Cara Swisher.

[Anthony Scaramucci]

Whoa.

[Hillary Clinton]

Yeah, she asked me to meet her here.

[Anthony Scaramucci]

Oh, that.

[Hillary Clinton]

Kara, you know all about that.

[Scott Galloway]

Well, this is shocking, exciting. I can't really believe it. And we're so glad to have you here. Thank you for joining us. Scott, I'm gonna let you bust into our first question here, and then we'll get into our conversation. Thank you so much for being with us, Secretary Clinton.

[Hillary Clinton]

Absolutely. Glad to be with you.

[Ed Elson]

Yeah. Welcome. So you have a lot of experience in the region, set the table. What do you think is going on in the quote, unquote, war room right now? And do you think we're close to some sort of agreement?

[Hillary Clinton]

Well, I think, number one, this was so ill conceived and even more poorly executed in terms of any outcome that is going to restrain Iran, enhance our security and our other interests, particularly our economic interests. You know, I was stunned when reporting started coming out about conversations in the White House because in the years I was on the Senate Armed Services Committee and I was Secretary of State, anytime we talked about Iran, any kind of war game scenario that we discussed, among the very first questions was, what if they closed the Strait of Hormuz? What do we do? And then from the reporting, it sounded as though that just hadn't been really discussed or at least not brought to the highest levels of the administration. And I think now, sadly, and I really do say this with a lot of regret because this should be an American issue that we have to deal with together, not a partisan issue. I think we are in a weakened position. I think Iran is in a stronger position than it was before. We did This I actually approved of the strikes on the nuclear facilities back in June a year ago. They had a clear objective. They were carried out effectively. They didn't accomplish all that they claimed, but they did accomplish enough to argue that the nuclear weapons program was set back. But now I think the Iranians are really playing a stronger hand vis a vis Trump. And he's kind of flummoxed. He doesn't know what to do. I mean, honest truth socially talks about how he doesn't find it interesting pursuing these peace negotiations. He's bored by it. And when you think about the hard work of both waging war and everything that it entails and then trying to extricate yourself from a conflict with some sort of advantage, that's really hard work, and that's not being done. So I can't tell at this point where we're going to be in a week or two or three. But if we end up, number one, where the Iranians control the Strait of Hormuz and are actually exacting tolls from commercial shipping, if we don't get any kind of realistic agreement, certainly not one better than the one I worked on when I worked with President Obama and started the negotiations that led to the agreement. And if we don't really have evidence that we have seriously damaged their ballistic missile and other drone capability, then what have we gained? And it just will further weaken us. And if you're sitting in Moscow or you're sitting in Beijing and you're following this, you are just, first of all, probably dumbstruck that any American president would do this, because I know from my own experience we were often urged to do it, but did not, for all kinds of reasons. And I really worry about not just what it means for the relationship in the region and specifically what Iran can continue to do, but what messages it sends to everybody else. And so I guess my bottom line would be that, and I don't think this would happen, it would be extremely reassuring if we had a real team of negotiators who knew enough about what needed to happen with Iran, and they had the patience and the discipline and could drive a very strong argument as to why Iran would suffer consequences if they didn't reach an agreement. But Iran is not only on the stronger, but they're playing a really effective social media game. I don't know if you've seen their Mr. Explosive, the explosive Lego character that they are using that is all over social media. And it is just mocking us. And it's not just mocking our current president. It's mocking our country. So I would like to see a serious, dedicated effort to try to actually get as much out of this unfortunate situation that we could right now.

[Ed Elson]

But you'd have to create. If there's a deal to be had, you need leverage.

[Hillary Clinton]

Yes.

[Ed Elson]

How would you. What would be your strategy for coordinating with allies or economic sanctions? Let's assume that someone were to call you and say, okay, we broke it. Can you help us fix it? How does America gain the type of leverage it needs to in some way declare victory and leave, if you will?

[Hillary Clinton]

Well, I can give you an analogy from my own experience. When I started the secret negotiations that tested whether we could negotiate with Iran, I did it through the good offices of the Omani government, the then Sultan of Oman. And Oman, as you know, is on the other side of the Strait. We have leverage with Oman. We have, unfortunately misused it, but we have leverage. And the other argument I made, which ended up getting a UN Security Council resolution imposing universal sanctions, was to make the case, particularly to China and to India, that there will be a price to pay if you don't help us rein in Iran. Our goal is to prevent them from ever getting a nuclear weapon arsenal. So you have to demonstrate real allegiance to that idea, because if we launch a nuclear arms race in the Middle east, that is not good for any of us. And I think that kind of tough diplomacy, none of which I heard coming out of the recent meeting that Trump had with Xi Jinping, would lead to putting together a coalition of diplomatic support for exercising leverage with the Gulf states, with China, in a way that makes it very clear. We may have given that away, but if we could rebuild it to basically say we want to get back to free navigable waters in the Strait, that's in your interest. You're the one who's buying most of that oil. You've got to weigh in. You could. You could look at this and see all the different players who have their own individual leverage and then aggregate that and begin to put it together. It doesn't happen overnight. It would be painstaking diplomacy, but it could be done if we had the right approach.

[Ed Elson]

Something that doesn't seem to get a lot of media coverage, but you could argue is really a wonderful thing for the west, is that it feels as if in the last eight or 12 weeks, Ukraine has gone from playing defense to offense. Can you talk a little bit about the war there and what it means for the West?

[Hillary Clinton]

Look, I think it means the difference between a peaceful, secure Europe and what that means for a peaceful, secure United States and a further opening of a door to Russian aggression if we are not on Ukraine's side. It is one of the great tragedies of modern history that we have a president who doesn't support the Ukrainian people. But the Ukrainian people have demonstrated through their own sacrifice how worthy they are of everybody's support. And what they have done in building up their own military industrial complex in the midst of a war is nothing short of remarkable. I mean, the only thing I can think of, Scott, that is even comparable is when the blitz started against Great Britain, you know, when the Luftwaffe planes were bombing the heck out of London and other sites, Britain was not prepared. They didn't have the kind of air force to fight back, but boy did they put it on a fast burner. And pretty soon within months, they were sending up fleets of airplanes to do battle with the German aircraft. Well, what the Ukrainians have done is certainly the help that they got since they were first invaded in February of 2022. They put to very good use. But then they quickly realized that they had to be as self reliant as possible. So what they have pioneered with drone technology in particular is the new form of warfare. And we all should be learning. In fact, you know, Zelenskyy went to the Middle east, he went to the Gulf states, he went to Saudi Arabia and the UAE and others to give them support when they were all of a sudd attacked by the same kind of drones that Iran had sold to Russia. And those drones were being used against Ukraine. Now they were being used by Iran against the Gulf states. So we all should be expressing a great debt to Ukraine for number one, holding out and number two, demonstrating what modern warfare is going to evolve toward, whether people are ready for it or not. But number three, and most importantly, they have held the Russians at bay. Now if you're running a country the way Putin is, and you could care less how many of your young men are killed in battle and he doesn't care and he's emptied the jails and he's dragooned people off the streets and he's given bonuses to people and men in Africa to come fight who didn't know what they were doing. And he's taken North Korean troops, he has thrown everything he knows to throw against the Ukrainians and the Ukrainians have held the line. And you know, it's like a back and forth almost World War I situation where it's a, you know, a couple of feet here, a couple of feet there. But now because of Ukraine's own development of weapons, particularly missiles and more advanced drones. They are starting to hit sites within Russia and not just border sites, but you know, much further. So I think that but now is the time and I'm glad to see, you know, Europe is stepping up. I think that Ukraine, partly because of what they offered and delivered to the Gulf states, including trainers, to show them how to use these drones, how to defend against the Iranian drones. I think that Ukraine can withstand this barrage, you know, this constant nightly aiming at civilian targets. Again, like the blitz. These are not military targets. These are civilian targets. And Russia and Putin need to be defeated and Ukraine is on the front line of doing that. And we all should do everything we can to help them succeed.

[Scott Galloway]

We'll be right back. Support for the show comes from Odoo. Running a business is hard enough, so why make it harder? With a dozen different apps that don't talk to each other, One for sales, another for inventory, a separate one for accounting. Before you know it, you are drowning in software. Instead of growing your business, this is where Odoo comes in. Odoo is the only business software you'll ever need. It's an all in one, fully integrated platform that handles everything CRM, accounting, inventory, E commerce, HR and more. No more app overload, no more juggling logins. Just one seamless system that makes work easier. And the best part? Odoo replaces multiple expensive platforms for a fraction of the cost. It's built to grow with your business whether you are just starting out or already scaling up. Plus, it is easy to use, customizable and designed to streamline every process so you can focus on what really matters running your business. Thousands of businesses have made the switch, so why not you try Odoo for [e-mail] that's o d o o.com.

[Hillary Clinton]

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[Scott Galloway]

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[Hillary Clinton]

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[Hillary Clinton]

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[Anthony Scaramucci]

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[Scott Galloway]

We're back with Prof. G Markets. We are here in New York, which is the center of capitalism, the center of Wall street, and yet we also just elected a mayor who describes himself as a democratic socialist. And what we've seen among young people, among Gen Z, my generation, is that interest in socialism, belief in socialism, alternatives to capitalism that is on the rise in America right now. I'd just love to get your views on what do you make of Mamdani's election? And do you think it says something about the future of the Democratic Party and the future of progressivism in the United States?

[Hillary Clinton]

Well, first of all, I think he is a brilliant politician, and I think he ran an absolutely superb modern campaign and caught the imagination of voters, as you say, and particularly young voters. The day after the election, I didn't endorse anybody. I didn't get involved. You know, I certainly congratulated him and wished him well because I love New York and I really, really want him to succeed. I don't care what label he puts on his politics or himself, as long as he proves that his brand of politics works. That's what I'm interested in. Look, I am a very pragmatic person. I can look at somebody and say, prove to me, show me that what you think will work to better people's lives, to create the investments we need to prosper together, to keep us secure, to give us opportunity to inspire young people. Everything you want from good political leadership, I want to see that and I see some of it, and the jury is out. I want to see what he can actually produce. You know, Mario Cuomo famously said, you campaign in poetry and you govern in prose. The campaign is fun. It's exciting. It's a rollercoaster ride. Having done a few myself. It's incredibly exhilarating and either works or it doesn't, but nevertheless. And so then the hard work starts. I mean, you just work 247 to get yourself elected. And it's like the dog that catches the car. And all of a sudden you're like, okay, how am I going to actually govern? And I see some good things. A lot is still unclear, but I really hope for the sake of this city that I love and that I was proud to represent for eight wonderful years, that we really can see New York Be a laboratory of democracy. For if he wants to promote his policies that prove them, let's have proof of concept. Call yourself whatever you want, but let's show that what you are standing for and implementing is actually gonna work. And I am like that with people across the political lines. If you have a good idea, I wanna hear it. And I don't really care where it comes from, but I do think there's a cautionary lesson. Don't govern to your base. Trump has governed to his base, and he's driving a stake through the heart of American democracy. He's undermining the incredible engine of the American economy, in my opinion, but he's satisfying the 35% of the people who are still with him, not others. And that doesn't work. It doesn't work in America. And so broaden your aperture. Yes, get a broader base of people, because these are the people whose policies you are implementing are gonna be affected

[Scott Galloway]

by my final question. We talk about a lot of economic issues on the show. Some of our biggest themes are wealth inequality, housing prices and housing policy, mental health, social media, loneliness. When you look at the United States in 2026, what are the issues in our nation that you are most concerned about today? And what kinds of policies would you want to implement to start to resolve those issues?

[Hillary Clinton]

Everything you just said, I mean, obviously. And I would add our international position, because I think it has an impact. And then I would also mention what I consider to be the two overriding themes, affordability and accountability. How do you make life affordable for particularly young people? Because it does seem to me that we've given them a really tough deal in terms of what they can expect and whether they can feel that their future is gonna be better than their present. And certainly is it gonna be better than their parents or their grandparents in terms of not just aspiration, but actual reality. But I honestly think that you gotta look again to the cities and the states. Right now, the federal government is broken, and a lot of what Trump has done has rendered it dysfunctional. You know, cleaning out experts who knew anything. This Ebola epidemic, boy, I hope it doesn't get as bad as some of the folks whose opinions I respect say that it could in terms of its spread. But, you know, we got rid of our surveillance, we got rid of the infrastructure we had built over decades to be alerted to these kinds of things and act on them. So it's both international and national, but focusing just here at home, I want to see states and cities do a lot more. And let's see what a good housing policy in New York looks like. So let's see what a good economic mobility plan from Illinois looks like. I know you guys were in Chicago with my friend J.B. pritzker last night. Let's see what the states do to govern AI because the federal government isn't doing it. So let's turn back to laboratories of democracy, you know.

[Ed Elson]

So Democrats are feeling really good about the midterms, but I would never underestimate our ability to snatch defeat from the jaws of victory.

[Hillary Clinton]

I know something about that, too.

[Ed Elson]

What advice would you have for the Democratic Party around messaging? And do you see any? What are you optimistic about and what are you worried about in terms of the midterms?

[Hillary Clinton]

Well, before the tsunami of redistricting started at Trump's demand to Texas, I was extremely optimistic. I saw all of the ingredients for a big midterm win for Democrats. Obviously, what the states themselves did and then what Democratic states responded with, and then what the Supreme Court did in what I view as a truly disgraceful decision. Throwing out the guts of the Voting Rights act means that it will be harder. But I am still very optimistic. And the reason I'm very optimistic is, number one, if you look at the elections that have been held over the last year, Democrats have done really well. And not just the governor of New Jersey, the governor of Virginia, the redistricting votes in places like California. But, but I mean, public service commissioners in Georgia and preserving Supreme Court justices in Pennsylvania, and getting really into the nitty gritty of who was winning and where those victories were happening. So I think that the underlying conditions are still very favorable. But I also think that you've got to stress these two big overriding themes, affordability and accountability. And I mentioned them both together because on affordability, I think a lot of people who voted for Trump actually thought that he cared enough about them to do something about affordability. And lo and behold, that was not the case. And so their disappointment or their feeling that, wait a minute, you're doing stuff I didn't vote for and you're not paying attention to what I need, and now you're starting a war that has already raised gas prices, and by the time we get done with fertilizer and supply chain disruption, everything else is gonna cost all of us more. So I think that on the affordability issue, the Democrats have a pretty wide open door. And I think, again, what you say and how you say it may differ from district to district and state to state. And it's not a national campaign. Exactly. Although you need a national umbrella message like a presidential campaign is. So when you're running to defeat a Republican incumbent in a purple swing district, you're not going to say the same thing that somebody who is running in a deep blue district is going to say. And you just have to accept that that's the way politics works. When you're running for the midterms, you've got to make your case in language that your voters will agree with. And then on the accountability issue, I just want to say a couple quick word about the Hungarian election, because I think there's a real lesson to be learned. So other opposition parties and leaders tried to defeat Orban over a couple of election cycles and were unsuccessful. So what made it different this time was not only a charismatic, effective, really hardworking candidate with Madyar, who was a truly dedicated opposition figure, having come out of Orban's party, but he was able to tie the corruption of the Orban government to the lives of the Hungarian people. I mean, when you look at the explosion of corruption in this administration, you know, I know some people have a tendency to say, ah, you know, they're all politicians, whatever, and that's not true. But I can understand why people might think that. But with Trump, it's corruption that is hurting people, you know, because while war is being waged in Iran, members of his family are making money from some of the very same interests and parties involved in this war, while you have the very clear economic disparities and the wealth inequality exploding because of the big, beautiful bill that they passed. You know, all of a sudden people are feeling like, wait a minute, what is happening to me and my family compared to the top 1/10 of 1%. So I think that there is a lot of correlation between the corruption and the accountability that needs to be expected. Not in a partisan way, not in a using prosecution to settle personal grievance way, but in a rule of law way, if we do not restore the rule of law. And I was so encouraged to see that the pushback on this terrible grievance fund that they were setting up to reward people like the January 6th instigators. And so there is a. Finally, a kind of recognition that the corruption personally benefits the president and his family, rewards people who committed crimes, and really went after our democracy, as well as all the other things that they did, that is encouraging. And so I really think the messaging needs to be focused on what we're gonna do to actually help people and solve some of these problems. And what we're gonna do to restore the rule of law. And so I am optimistic as long as I people turn out and vote. That's always the big question.

[Ed Elson]

So there were several people with earpieces who looked like they were ready and willing to kill me. That said, you have 20 minutes and you got to get into your next gig. But before we let you go, Secretary Clinton, I just want to put an image up. Do we have the image? So this is me in 2016. I've only gone door to door for one person.

[Hillary Clinton]

Oh, wow.

[Ed Elson]

That's me and every other Democrat in West El Rey. So all eight of us were knocking on doors trying to get people to show up.

[Hillary Clinton]

Oh, thank you. Thank you, thank you. Wow. Thank you.

[Ed Elson]

So it is, you know, my wish for the nation is that character and competence makes a comeback. Really appreciate your service, Secretary Clinton.

[Hillary Clinton]

Thank you. Thank you so much, Scott. Appreciate both of you.

[Scott Galloway]

Secretary Hillary Clinton, Stay with us.

[Hillary Clinton]

Tomorrow morning is knocking. Stock your fridge now. How about a creamy mocha Frappuccino drink? Or a sweet vanilla smooth caramel maybe? Or white chocolate mocha? Whichever you choose, delicious coffee awaits. Find Starbucks Frappuccino drinks wherever you buy your groceries.

[Scott Galloway]

Zootopia 2 has come home to Disney.

[Anthony Scaramucci]

Let's go get ready for a new case.

[Hillary Clinton]

We're gonna crack this case and prove we're the greatest partners of all time.

[Anthony Scaramucci]

You are Gary the Snake and your last name, the Snake.

[Ed Elson]

Dream team.

[Anthony Scaramucci]

Hindu habitats.

[Hillary Clinton]

Zootopia has a secret reptile population.

[Anthony Scaramucci]

You can watch the record breaking phenomenon at home. You're clearly working at Zootopia 2, now available on Disney. Rated PG at Ollie. We've got wellness down to a science. From PMS to pregnancy to menopause, our women's wellness line offers science backed support for every stage. No judgment, no shame, none of the stigma. Just supplements designed to meet you wherever you're at.

[Hillary Clinton]

Ollie. Choose science over shame.

[Anthony Scaramucci]

Find support at a retailer near you or on ollie.com.

[Hillary Clinton]

that's o l l y dot com.

[Scott Galloway]

We're back with Profgy Markets. So this is a show, as you all know, about the markets which sit at the center of almost every part of our lives. We created this show. It's getting on close to four years now, which is crazy. With a simple goal to help people better understand how markets work. But it is getting harder to do that at a time when faith in the system itself is starting to erode. Only 54% of Americans today say that they have a positive view of capitalism, which is the system that runs markets. And it's increasingly not hard to understand why over the past few months, we have seen repeated evidence that markets may not be truly fair and transparent. President Trump recently Disclosed More than 3,700 trades in American companies during the first quarter, most of which were made before he revealed these key developments related to the companies. Millions of dollars of unusually well timed trades were also made right before he made major announcements related to Iran, related to Venezuela, related to the tariffs and Liberation Day, Much, much more. In sum, as Secretary Clinton pointed out, insider trading, in this administration at least, is alive and well. So tonight, we wanted to speak with someone who is uniquely qualified to answer the questions many are asking right now. Why should ordinary investors believe in the markets when it feels as if they're rigged? As the founder and managing partner of SkyBridge Capital, he spent decades navigating markets and helping investors make sense of them. He famously served in the administration and has since become one of the President's most outspoken critics. Ladies and gentlemen, please welcome to the stage our very good friend, Anthony Scaramucci. He's wearing the hat. We love it.

[Anthony Scaramucci]

I hope I get a chance to keep it. That's what I want. Okay, I got Nixon 5. Okay, that's my bet.

[Scott Galloway]

Nixon 5. That's good. How you doing, Mooch?

[Anthony Scaramucci]

I'm doing great. I mean, I thought the secretary was on point. Is she running? Scott, if she's running, I'll knock on doors with you. How about that? Okay, I'll go out there. Hey, I've done that once or twice before.

[Ed Elson]

I find that pretty much anyone who agrees to come on my podcast is running for president.

[Scott Galloway]

Hey, I'm really. When are you running out there?

[Anthony Scaramucci]

I'm.

[Ed Elson]

I'm really. Yeah, when are you running?

[Anthony Scaramucci]

I'm just running for reelection of my marriage, by the way. I'm running for president. But anyway. All right, go ahead. I mean, I.

[Scott Galloway]

And by the way, I could be

[Anthony Scaramucci]

term limited in marriage. You gotta be careful, you know, It's a constant campaign. All right, but go ahead. You don't have to. You don't have to worry about that. Scott and I.

[Scott Galloway]

You don't worry about it.

[Anthony Scaramucci]

Scott and I have had that experience.

[Ed Elson]

Early voting is pretty ugly.

[Anthony Scaramucci]

The polls weren't great a few years ago, let's face it. But go ahead.

[Scott Galloway]

So, Mooch, I wanna just review some of the corruption that we've talked about. These 3700 trades. You and I talked about this on a show a few weeks ago, but I just wanna make sure that we're all on the same page and that we're not in belief That I don't know, that I have some sort of Trump derangement syndrome or something. I just wanna go through what we have actually seen in the last few months. So Trump made 3,700 trades in the first quarter. He bought Oracle right before he finalized a deal for Oracle to buy TikTok. He bought Nvidia right before he approved Nvidia to sell chips to China. He bought Dell right before Dell signed a $10 billion contract with the Pentagon. Dell stock is ripping right now. His sons invested in these drone companies right before they also signed contracts with the Pentagon. And right before we went to war, he made almost a billion dollars selling crypto. His family has made an estimated two and a half billion dollars since he took office. Do you think it would be fair to call this the most corrupt administration we've seen? And if so, what does it mean for investors?

[Anthony Scaramucci]

I mean, listen, there's a lot there. So it's obviously it's a very corrupt thing that they're doing. You could go back through our history. The Teapot Dome scandal was very similar also. Very corrupt and what they're doing. And Trump said this. I don't know if anybody caught this, but he was outside in a press gaggle as he was going to the helicopter and somebody called him out on it. Almost similar to what you were saying, but what you're doing is unfair. He looked at the people, said, well, first of all, I have the right to do it. It's questionable whether he does or not, but there is a scene there which I can share with you. And then the second thing he said is, it's peanuts. He always says that like it's not that much money, one or two billion dollars, but that's what he said, okay? And then the third thing that he said, which should scare everybody in the room and it has to get you awake and you have to get motivated on this. He said, and I quote, and people don't care, okay? And what they're doing in Washington is they're using our collective apathy as permission to do certain things. So if Hegseth is going to fire John Phelan as an example, he goes to Phelan and says, hey, I want to build these ships. We've got to build them super fast. Trump wants to build them super fast. And Fallon says, well, the law requires me to put the bid out to three or four vendors and get the low cost bid. And then Hegset says, no, no, no, I want you to put it out to one bidder because that's gonna expedite the process. And probably there is a little bit of a vig going to Trump and his family members in that bid. And Phelan says no, and then Phelan gets fired. You see? See what I'm saying? And again, general apathy about the whole thing. So, yes, it's very, very corrupt. But if the people in this room don't get motivated and people around the country do not get motivated and say we've had enough, it's sort of like network. Scott and I are old enough to member network, remember? I'm mad as hell.

[Ed Elson]

No, I know what you're talking about.

[Anthony Scaramucci]

I'm mad as hell and I'm not gonna take it anymore. That's the messaging.

[Ed Elson]

Okay?

[Anthony Scaramucci]

But I wanna talk about something people should understand. 60 Minutes is in the news right now in 2011, 15 short years ago, 60 Minutes did a special on congressional insider trading. And Peter Schweitzer had actually wrote a book about this whole thing. And they voted to negate congressional insider trading. And there was an eight month period of time where the Congress could not participate in insider trading. And you know what they did, guys? They went by voice vote so they would be off of C Span and they did a voice vote into the telephones and they voted it back in.

[Scott Galloway]

Yeah.

[Anthony Scaramucci]

Okay. And so people don't remember this because again, they did it on the sly. And, and I'm going to tell you the silver lining to all this. Trump has been so wildly egregious that maybe this will now be the opportunity where people will take everything that he's doing and say, okay, he broke every norm and standard. So now let's codify the country to protect the next person that takes that job. And that's what you gotta hope, whether it's honestly, you gotta hope that, whether it's Secretary Clinton, if she becomes president in 2028. Pritzker, Gavin News. Pick the person that becomes president. You gotta hope and pray that that person is a transformational and in some ways post partisan leader, where they say, okay, it's not gonna be left or right, it's gonna be what's right or wrong for the country. And these were norms and standards that were adhered to from George Washington up until Barack Obama. And then for a four year period of time, Joe Biden and he came in with like an orange wrecking ball and smashed these. Okay. And so we're going to repair them first before we do anything else. And I think that's necessary.

[Scott Galloway]

And recognize that it's happening on both sides and you and I have talked about this. I mean, the Pelosi index has been absolutely crushing in recent years. Perhaps the only index doing better is the Trump Index.

[Anthony Scaramucci]

Listen, I got a couple billion under management. I can't beat Nancy Pelosi. I got buddies that got 70 billion under management, 25 offices getting their asses kicked by Nancy. Okay? I mean, you gotta just, it's unbelievable.

[Scott Galloway]

Small investing mind. I just want to point out one statistic. You point out how the American people, Trump says the American people don't care. This was some survey data that I cited in Miami that just really struck me. They did a poll, they asked Trump voters about this issue. Half of Trump voters think that Trump hasn't profited in this presidency whatsoever. They genuinely believe this, that he hasn't made a dime. And you know, I've gone through the data. You can either say that the data's fake news, you can say it's a lie, whatever you want to think. I mean, I guess my question to you, is it a problem of we're not talking about it enough or people don't want to hear it, or I guess as Trump says himself, people just don't really care.

[Anthony Scaramucci]

It's all those things. But again, it's, you know, you've got, you're under your crowd. This audience here, us, I would say we're high information voters. We're consuming the information, we're looking for the information. Average American is not doing that. On the 4th of November, 2024, the evening of the election, November 5th being the election, the most searchable term was, did Joe Biden drop out? As. I just want you to think about that. The average American coming home tired, maybe blue collar worker. Okay, I'm gonna go vote tomorrow. My union needs me to go vote. Who the hell's running? Biden's the president, right? Oh, wait a minute. Who's. Did Joe Biden drop out? Okay, So I just wanna give you a sense for where the country is. Right, okay. And by the way, you can like or dislike Donald Trump, but we've gotta talk honestly. He went into those territories of the country. He went in there with his MAGA hats, he went in there with his YMCA song and all the different things that he did. And so we laugh about it, but they show up for it. Okay? And I will tell you that the Democratic Party that I grew up with here in the city of New York, you know, Secretary Clinton mentioned Mario Cuomo, obviously my family knew his family. Lyndon Johnson, Jack Kennedy, Bobby Kennedy, they were focused on those people they went into those towns and said, we're gonna make your lives better, and we're gonna do that. And people are not gonna like this. But I wanna share this with you because I wanna leave this with you. And you only remember one thing I say tonight. Remember this. And it doesn't reflect well on me. When I was with Donald Trump, I went to New Mexico with him in May of 2016, and I went into the Albuquerque Civic center, and he had Secret Service with him. And so we had to wear these day pins. And I said to the Secret Service guy, what is this, sir? He said, well, if the shooting starts, we know you're with us. We won't shoot at you. I'm, like, going like this with the pin. I took the pin off, I crossed the security perimeter, and I went into the crowd and I started asking people why they were there. And one young gentleman said to me, well, you know, my father was at a factory for 30 years. I was working there for 12. They closed the factory. Anthony, you think you're in New Mexico? Well, no, New New Mexico, that would be Mexico, because that's where the factory went to. I'm out of a job. I'm working at Lowe's, the home improvement center, delivering pizza at night. And I got hit in the head with a rock. Because I grew up, my dad was a crane operator. My mom was a makeup artist. I'm Mac 5. That's my color scheme if anybody wants to get me a Christmas gift. Okay, Scott's a little lighter than me, in case, you know. Okay, Poppy's six. All right. But anyway, I looked at that young man and I said, so what should we do? He said, well, I don't know. But we were once blue collar, economically aspirational, and today we are now blue collar, economically desperational. And, guys, I missed it, okay? Because I went to Tufts and Harvard. I grew up in a blue collar family. But I started to pick up the collective biases of the people that I was hanging out with. So I went to Goldman Sachs, and I was in the salons of the wealthy, and I built a hedge fund. And I missed what was going on in a very large portion of America. And I just insist that everybody think about this. And whoever the presidential candidates are, he or she, you gotta go and meet these people, and you have to accept these people and embrace these people and try to bring them back into the system. I think it's very, very important for us to do that. And I'll just tell you, I missed. It's that and when you go to those places, you'll be sad. You'll be like, okay. People feel a sense of economic desperation. What the secretary didn't mention, she probably didn't have enough time. We're going to take 17 million people off the health care scrolls right after the midterms. They did it. Think about the pathology of that and the premeditation, the SNAP benefits. You know, I work alongside of the city Hortiv's. Maybe you guys have heard of it. It's one of the largest food banks in the country. We have over a million people. It's out in Brooklyn. My wife and I were there on Friday talking about the organizational structure and how we can raise more money. You have 1.2 million people in this city. Think about this city and the glory of this city. We have 1.2 million people in this city that are food insecure. Over half of them are children. Okay? We also know when we go into the schools, we go into the public schools. And you say to the kid, well, why aren't you doing well? And you know what? The kids say? I'm hungry. I'm starving. I can't think about the lesson because I got to the school hungry. And we're slashing all those food programs now. Now again in New York. We're not. Hochul held the line on that. Mondani held the line on that. You were talking about the popularity of socialism for a second. If we don't figure out ways to create a bigger platform of equal opportunity in the country, you're going to lose the capitalism. Because I'm okay with the unequal outcomes. But you better get some sense of fairness going, no matter who's born into whose family and what the zip codes are. Because if we don't do that, you're going to lose the structure that has made the country so prosperous.

[Ed Elson]

Let's double click on that. Because you have kids. I have kids. And there's a lot of times when my boys think something and I literally just want to grab them by the lapels and shake them and go, just trust me. You don't understand how stupid you're being. That's.

[Anthony Scaramucci]

I need to have you to come over to my house. I need some help with that. I'm basically a pussy as a parent, but go ahead, keep going.

[Ed Elson]

Well, you realize I talk a bit game. You realize that doesn't work. And I feel that way whenever I hear someone his age talking about socialism. And it's like, do you have any sense of history, of how superior capitalism is a System in terms of generosity, creating tax revenue, leveraging the most powerful aspect of our species, and that is self interest, such that we can create the revenue to help the poor and lift them up. How do we get Gen Z and millennials? What is the messaging around? Okay, capitalism is. What's going on now is not capitalism. It's cronyism.

[Anthony Scaramucci]

Yeah, we both know that.

[Ed Elson]

How would you communicate to someone that's younger than us? I'm Gen X. You're a baby boomer. You're much older than me.

[Anthony Scaramucci]

But I actually am older than him. Okay.

[Ed Elson]

Yes.

[Anthony Scaramucci]

And he doesn't have any hair. But I'm dyeing my hair. Okay, okay. So this is Latin American dictator brown. If you go to the colorist, look

[Ed Elson]

at all this hair. Seriously, look at that hair.

[Anthony Scaramucci]

I'm just letting you know I was using Maduro black until he got arrested. I think I better lighten it up a little bit. Okay, keep going. Scott, go ahead.

[Ed Elson]

What do you think the message is to young people around. Around capitalism being the worst system of its kind, except for all the rest, as Churchill said.

[Anthony Scaramucci]

Okay, so I would say a couple things. We gotta teach them our history. And one of the great books about this is HW Brands book, the Traitor to His Class. And it's about the great aristocrat, Franklin Delano Roosevelt, who looked at the structure of the capitalism, some of the cronyism that was going on, the rigging of the markets. Guys, Joe Kennedy made a fortune rigging the markets. Lots of insider trading. And he said, okay, what we need to do is we gotta make it fairer. So if we regulate it, if we end the corruption, the Trump like corruption, people think it's fairer, number one. Number two, if we provide some baseline help, Social Security, lots of the work projects that went on in the 1930s, and one of the greatest inventions for middle class aspiration in the history of the world, the GI Bill, which was an accidental thing, guys, okay? And so these GIs, you had Jews from East New York, Italians from Brooklyn. You had Irish guys from Hell's Kitchen. They came back to New York, their parents never went to college, and they now had this opportunity to go to college. And they went from blue collar jobs and laboring oriented jobs to white collar jobs. And so the message should be there's a harmony between the government and business. I'm all about capitalism. I want there to be capitalism. We agree on that. But there has to be a regulated capitalism, because greed in a society always overcomes wisdom. And what we find when you get an oligarchy like figure, they'll create a funnel at the top and they'll all sit around and they'll spin the dial and they'll create wealth for themselves and they'll leave everybody else behind. And so one of the great things about the structure of the government was its decentralization. This is a Madisonian, Jeffersonian structure to protect every citizen and to endow you with your individual liberty, which gives you the right to execute the capitalism. But when you are in a structure that is damaged like this, it needs to be reset. And I would go out to all these guys and talk about Roosevelt, talk about the Kennedys, talk about the civil rights reformation in the 1960s. I say we're at our best when there is a harmony with the government, where the government's helping the public schools, the government's helping to feed people, balance the system, hand check the super greedy so that every person in the room can seek their aspiration. And so again, I'm for unequal outcomes. You guys have done an amazing job with your podcast, all your great businesses. You should certainly have economic rent associated with that. These entrepreneurs should always benefit from that. But the flip side is I didn't pick the place that I was born. I don't think you guys did either. This is a rich enough society and this is a very generous culture. If you look at the philanthropy in the United States, we have to set the culture up. So no matter where you were born, you get a package of services, some food and some healthcare and some basic education so that you can get to the starting block, so that you can go up against people that have their family names endowed on libraries and stuff like that around the country.

[Ed Elson]

So speaking.

[Anthony Scaramucci]

So it's a history lesson in there as well as economics.

[Ed Elson]

Speaking of starting block, I want to move on from something more important than the future of our country. I want to talk about upcoming tech IPOs. Just curious. You're a markets guy. Curious to get your take on Anthropic $150 billion raised, $4 trillion valuation. SpaceX Anthropic OpenAI Just curious to get your thoughts about those IPOs and the respective valuations.

[Anthony Scaramucci]

Okay, well I listened to Prop G, so I don't want to over be redundant to what you guys said about the S1 for SpaceX, but obviously that business is not worth that kind of money. But let me say something. As a market participant for 40 years, Elon Musk is a human meme. And if you understand what I mean by that, he is Gamestop or he is a He's a meme. And so for whatever reason, there's always a bee swarm of retail activity around the stuff that he's doing. And now we could agree with that or disagree with that. Certainly Kara, who left the stage a few minutes ago, doesn't agree with it.

[Ed Elson]

But if you got allocation the IPO 1.8 trillion, would you buy in?

[Anthony Scaramucci]

Yes, I probably would because I believe that he has a lot of execution gifts. And I said this, actually, I think I subbed for you on pivot when the S1 was announced. And I said, listen, I fully disclose I own some SpaceX, I bought it a few years ago, it's obviously up a lot in valuation. And so yes, I would probably participate in the IPO because I think he is an execution oriented guy. That would figure it out. Anthropic is a totally different beast. Hold on.

[Ed Elson]

There's a difference between execution and rah rah and figuring out a way to create a meme stock out of something going out at 100 times revenues. But you think there's execution that can backfill that kind of valuation?

[Anthony Scaramucci]

Well, he did it once before in Tesla, and I watched the hedge fund manager buddies of mine get their faces ripped off in Tesla. And if we were sitting up here 10 years ago and we went through that S1, it actually looked worse on a comparative basis to SpaceX. So I guess what I would say to you, the paradigm has shifted in the markets and you have to sort of see that John Maynard Keynes said something way better than me. So I'll paraphrase it. And John Maynard Cain was a brilliant stock market speculator. And he said, you know, I'm one of the judges at a beauty contest, but it's not for me to judge beauty, it's for me to think about what the other judges think are beautiful.

[Scott Galloway]

Yes.

[Anthony Scaramucci]

And once I figure out what that is, that's how I'm gonna make my selection. And it's a way to think about the markets. And so I may not agree with the beauty of SpaceX, but when I talk to my hedge fund manager friends, my institutional investors, my former, I used to work at Goldman, investment bankers at Goldman, pricing the deal, I'm like, okay, this will have some buoyancy to it. It'll have a leg up on others. And so I don't want to certainly wouldn't be short it, let me put it that way. I've seen people really get hurt shorting assets like that, even though they look fundamentally inferior.

[Scott Galloway]

Along those lines, it's really interesting, you Bring up the Keynesian beauty contest, which I also love. But that also seems to be a little bit of a signal of a bubble. What's that?

[Ed Elson]

What was that I just said? Princeton. I don't know what happened.

[Anthony Scaramucci]

Princeton.

[Scott Galloway]

That seems to be a little bit of a signal of a bubble. The idea that it's not that you find the product or the company beautiful, but everyone else does. And if everyone else does, then maybe I should, too. And I think the thing that people are probably getting worried about when it comes to these IPOs, I mean, you don't have to buy SpaceX if you don't want to, if you think the fundamentals aren't in shape. And so, you know, I'm not going to buy it. But they are changing the rules for the index funds, specifically the NASDAQ, so that SpaceX automatically does go into these passive index funds. So what they're going to do is they're going to. They're calling it fast entry rules for these mega cap companies, essentially rewriting the rules of passive investing so that you can invest immediately in SpaceX, in Anthropic, in OpenAI. And that gets to a point where now we actually don't have a choice whether I think it's a good company or not if I own the nasdaq. And even the S and P is considering rewriting their profitability rules in order to include SpaceX, you have to own it anyway. That seems to be a concern. And it goes back again to this idea where we talk about the markets seem to be. The rules of the game seem to be rigged. We seem to be kind of shifting the rules around what Trump wants or around what Elon wants. He's the one who pushed for this with the nasdaq. Are you concerned about that at all from a passive investment?

[Anthony Scaramucci]

Okay, so this is, first of all, it's great analysis, but let me provide some historical context. I think this is important. We had something called Sarbanes Oxley. I think you guys would remember that it was extra regulatory process. It created a tremendous burden on private companies if they were to go public. Then we had the global financial crisis added another layer. And ladies and gentlemen, if you go back, something like SpaceX would have gone public with a $300 billion market cap or $150 billion market cap under a different regulatory rubric. But what happened is, because it was so difficult to go public under the current regulations, the retail participants, unfortunately, were left out of it.

[Ed Elson]

Yes.

[Anthony Scaramucci]

Okay. And I think there was an unfairness to that. And if I Were not that I would ever be the SEC chairman, but I would say to people, we gotta be very careful to overregulate because we want to make sure that the retail investors have an opportunity to participate in these things. So all of these things from a 40 year perspective of the markets, as long as I've been in the markets, they're coming public too late. And they're coming public with these very high valuations, which is unfair to the retail investor. So now think about it this way. The company's already a trillion dollar company, okay? And so what should have happened is, should have went public at 150, the rules would have applied, it got itself to a trillion, and then it entered. You see what I'm saying? 100%. So I'm just saying to you, I see both sides of it. I would have argued against it. I would have said, no, the rules have to stay and they have to not be in. They can't get fast tracked into the S and P. But Ed and ladies and gentlemen, Ed just proved my point. Why I want to be a part of it. Because let me tell you what happens in our society if it goes in the S and P. All the institutions, all the 401 s, all the people that buy the S and P, guess what happens? They buy it. And you'll be stepping in front of a freight train. You'll be trying to pick up a penny in front of a steamroller. So I can't live in a society the way I want it. I've accepted that. You know, I tell my kids, hey, you want to curse? We're cursers. I'm an Italian from Long island, okay? But there are two words, you know, And I got fired from the White House for fucking cursing. Can you believe that? In the, in the Trump White House. Can you fucking believe that? I mean, come on.

[Scott Galloway]

I somehow forgot about that, all right?

[Ed Elson]

But I think everybody got fired for other reasons.

[Anthony Scaramucci]

But I actually did get fired for way more other reasons. But you know, you guys, you guys don't have the time for all those reasons. And you know, I tell my therapist that shit. But anyway, let me go ahead. But I just want to make this point, okay? And I want you guys to think about this. The two words that are the worst words are should and ought. I tell my kids, you start with that stuff, I'm gonna cut you right down. You know, the world should be a certain way. I ought to have gotten a 36 on the ACT and I ought to have gotten into Princeton. You know what the world does not work that way. Life is unfair. You have to deal with the world the way it is and not play the victim. These rules suck. I think it's wrong to do it. But now I'm sitting at the turret. I've got investors that I've got my own money that I got to worry about. And I have to look at the world the way it is. Now, I can try to reform it. I can try to speak out against it. I can try to give money to politicians or knock on doors for politicians that will try to make the world better. But you got to be very, very careful in this world as an investor, and never use the words ought and should because you're gonna get yourself in a lot of trouble. Because we do not live in a normalized world. We live in a real world.

[Ed Elson]

So just as we wrap up here.

[Anthony Scaramucci]

Sorry, it deserves to be booed, by the way. But by the way, when you boo, all I hear is mooch. By the way.

[Hillary Clinton]

Mooch.

[Anthony Scaramucci]

That's all I hear. That's all I hear.

[Ed Elson]

Just as we wrap up here, I have this.

[Anthony Scaramucci]

Do I get to keep the hat?

[Scott Galloway]

All right, that's yours.

[Anthony Scaramucci]

Fantastic. All right, go ahead.

[Ed Elson]

If I had it here, I'd be fucking share. I'd grow it down to here. Just as we wrap up here, we talk a lot about. I'm part of this Reddit group or in the Zoom group, where we talk about brands that accelerate or decelerate. Papacy way up in brand equity. Ferrari way down with that abomination that tech has now infected. But we talk about people whose brands have gone up and gone down. Yeah, know. And I argued, or I was making the point that I think you have registered from a few years ago, the greatest brand accretion of almost any individual I know.

[Anthony Scaramucci]

Thank you.

[Ed Elson]

Because you were.

[Anthony Scaramucci]

Couldn't have gone any fucking lower than I was, actually. Basement of the town hall, by the way. But that's fine. All right, go ahead.

[Ed Elson]

But the lesson I want you to. Or what you want to talk about for people who are, quite frankly, find themselves in a position where the brand just isn't very strong. Can you share kind of that moment and any lessons for how to come back? Because I'm very, very serious. Your brand has skyrocketed.

[Anthony Scaramucci]

Well, first of all, it's very sweet of you, Scott. You know I love you, and if I had your height, the world would have been a way better place. But let me just tell you something, for all you short people out there like me, we have more oxygen down here. Just Remember that? I guess too thin the auction.

[Ed Elson]

But see, I look at your hair and I think I'd be pulling number two behind Newsom.

[Anthony Scaramucci]

Well, I'm gonna set the scene for you. I know we have to go, but I wanna take you to one of the worst days of my life. Okay, you ready? It was Monday, July 31, 2017. Do you guys wanna know how I knew I got fired? People wanna know. They issue you a White House bat phone. This is an impregnated, codified phone. You can't get spyw phone. You're supposed to only contact cabinet members and other White House staff with that phone. Of course, Pete Hexess didn't get the message he was using WhatsApp. I got the phone and on that Monday, when I turned the phone on, it wasn't working. They had cut my air supply at 6am So I knew I was getting fired. I got fired at 9:30. But I want to set the day for you. I'm fired from the White House after 11 days. One Scaramucci, as we all know, you could say 954,000 seconds. Sometimes that makes me feel better. My wife is sore at me, okay? My wife hates Donald Trump almost as much as Melania hates him. And I'm talking that side. That is like some Eastern European ancestral motherfucking hatred, okay? You know what I'm talking about? Okay? So my wife hates him. She filed for divorce on me. I'm not making this up. Okay, guys, on the 24th of July, I missed the birth of my son, okay? That's a true story. I was in West Virginia with the President. Deirdre and I were fighting, but I was scheduled to be at the birth. He was due on August 8th. Maybe the stress of the whole situation. She gave birth early. There's a 60 mile no fly zone around Air Force One. I was 70 miles out in the woods at the Boy Scouts summer camp where Trump was making a speech. Scott, There was no way back to New York. Okay, guys, everything was going badly and if you ever need a pick me up and it's not cancer, call me, okay? Because I was having a really shitty day. Compared to what. What could happen to you. So I'm now fired. I've got to repair my marriage. I've got to heal the situation by missing the birth of my son. I've got to face the music from the Late Night Comedians. I mean, you know, Colbert called me a Jersey Shore cast member, I think. I mean, it's fucking funny. You can laugh at it, okay? I thought it was funny, pretty good. Bill Maher, a show you and I have been on many times. I think he said it was Tony. Tony Soprano on the Potomac. I mean, he was. I was getting hit. I was getting hit every which way. And I think, you know, they were really lighting me up on Saturday Night Live, and somebody called me human cocaine. It was, like, really bad. Anyway. Anyway, now I gotta repair this, okay? I go to see this, like, PR crisis management person, and, you know, the guy says to me, he says, look, man, this is terrible. You got some dough? Go buy a villa in Italy. We'll see you in five years, okay? It's not. I mean, you're never gonna recover from this. Come back to the country in 2022, okay? And I wanna leave you with a couple thoughts, okay? I went right on the Colbert show, okay? I went out to Bill Maher. I faced the music at Saturday Night Live. I went back on television. I met Scott Galloway and Ed Elson. And I face the music. And I can take you through the mistakes I made. And it's nine years later, my son is turning nine on the 4th of July 24th. My marriage is still intact. Name of the Father, Son and the Holy Ghost, you know, thank God, okay? And we're probably stronger than ever because we were able to not make our relationship disposable. So if you're going through something and you're in this audience and you've got some angst going on, stay in it. Don't walk away from it. Care less about what other people think. Get focused on the things that really matter. And that firing is hard as it was on me, it made me more psychologically minded. It made me more empathetic. And you probably wouldn't even know who the hell I was, okay? If that didn't happen. And I certainly wouldn't have these two great friends of mine, which I'm very grateful for. And I'll leave you with that.

[Scott Galloway]

All right? This episode was produced by Prof. G Media and Vox Media. Thank you for joining us live in New York. If you like what you heard, make sure you're following us on YouTube, Spotify, wherever you get your podcast. We hope to see you again soon. Good night, everyone.

[Anthony Scaramucci]

Reunion.

[Scott Galloway]

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[Anthony Scaramucci]

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[Hillary Clinton]

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