Trump’s Art of No Deals

Summary

Raging Moderates with Scott Galloway and Jessica Tarlov – Episode Summary: "Trump’s Art of No Deals"

Release Date: July 9, 2025

In this engaging episode of "Raging Moderates," host Scott Galloway and political strategist Jessica Tarlov dissect the latest developments in American politics through a centrist lens. The conversation primarily revolves around former President Donald Trump's renewed aggressive trade policies, the GOP's newly passed legislative package, and Elon Musk's controversial attempt to launch a third political party. The hosts provide insightful analysis, backed by data and personal anecdotes, offering listeners a comprehensive understanding of these pivotal moments in contemporary politics.

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1. Trump's Escalation in the Trade War

The episode kicks off with a deep dive into Trump's strategy in the global trade arena. After a 90-day tariff pause that yielded minimal agreements, Trump signals his intention to intensify the trade war, targeting 14 countries with new tariffs ranging from 25% to 40%.

• Scott Galloway remarks at [05:04]:

  "Trump owes his chickens out. That is literal."

• Jessica Tarlov critiques the effectiveness of Trump's approach at [08:02]:

  "It's the same as usual in that it just feels deeply unserious."

The hosts discuss how Trump's tactics have inadvertently encouraged other nations to strengthen their trade relationships outside of the U.S., leading to a reshuffling of global supply chains.

2. Market Reactions and Economic Implications

Transitioning to the economic fallout, Galloway provides an analysis of market responses to the renewed tariffs.

• At [10:38], Scott Galloway states:

  "The markets don't believe the tariffs are going to change that much."

Despite expectations of market turmoil, the reaction has been surprisingly muted. The conversation highlights how the threat of tariffs has prompted countries to negotiate amongst themselves rather than directly with the U.S., mitigating potential economic disruptions.

3. The GOP's "Big Beautiful Bill" and Public Perception

The discussion shifts to the GOP's newly enacted legislative package, a sweeping bill aimed at slashing federal spending, extending tax cuts, and overhauling safety net programs like Medicaid.

• Jessica Tarlov at [26:42] emphasizes the public's disapproval:

  "The American public knows that tariffs are attacks on them because they're people that go out and buy things."

• Scott Galloway critiques the moral bankruptcy of the bill at [31:01]:

  "Overall it's a signal that this is a morally bankrupt party."

Polls indicate that a significant majority of Americans either dislike or are unaware of the bill's specifics, with disapproval ratings soaring to 54%. The hosts discuss the challenges the GOP faces in selling this bill to a skeptical electorate, especially ahead of the midterm elections.

4. Democratic Strategies and the Need for Internal Reform

Tarlov and Galloway delve into the Democratic Party's strategies to counter the GOP's legislative gains. They stress the importance of connecting with moderate voters and addressing the tangible impacts of the GOP's policies.

• At [42:29], Jessica Tarlov states:

  "A culture that invites the best and brightest to help people build businesses and leverage that capital. All that is under attack."

They advocate for an internal revolution within the Democratic Party to make it more responsive and inspiring to the American populace, emphasizing the need for relatable narratives and credible alternatives.

5. Elon Musk's Attempt to Launch a Third Political Party

A significant portion of the episode is dedicated to analyzing Elon Musk's announcement to form the "America Party," aiming to disrupt the entrenched two-party system.

• Scott Galloway at [51:54] dismisses the viability of Musk's endeavor:

  "This third party nonsense is over before it begins."

• Jessica Tarlov concurs, highlighting past instances where third parties acted as spoilers rather than viable alternatives:

  "In America, we have a two-party system because of gerrymandering, because of a winner-take-all environment."

The hosts conclude that while Musk's intentions may stem from genuine frustration, the structural barriers of the American political system make the success of a third party highly unlikely.

6. Reflections on American Values and Policy Impact

In the latter part of the episode, Galloway shares a poignant personal narrative underscoring the importance of policies like affordable education and healthcare.

• At [37:28], Scott Galloway recounts his own upbringing and the role of government assistance:

  "If my mom had been forced to carry a child, an unwanted pregnancy to terminate... I would have not gone to UCLA."

This segment highlights the human impact of legislative decisions, reinforcing the necessity for policies that support upward mobility and protect vulnerable populations.

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Notable Quotes with Timestamps

• Jessica Tarlov [08:02]:

  "It's the same as usual in that it just feels deeply unserious."

• Scott Galloway [10:38]:

  "The markets don't believe the tariffs are going to change that much."

• Jessica Tarlov [19:28]:

  "It's a reflection on our values."

• Scott Galloway [31:01]:

  "Overall it's a signal that this is a morally bankrupt party."

• Scott Galloway [56:17]:

  "Elon Musk isn't worried about the deficit. He's just looking for revenge."

• Jessica Tarlov [60:56]:

  "A friend of mine who's a great Democratic strategist was talking about it, and he said, essentially, we're on trend for 2017 when they tried to do the ACA repeal."

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Conclusion

In "Trump’s Art of No Deals," Scott Galloway and Jessica Tarlov offer a critical examination of current political maneuvers and their broader implications for American society. From the resurgence of Trump's trade tactics to the GOP's ambitious yet controversial legislative endeavors, the episode underscores the fragility of bipartisan cooperation and the urgent need for both parties to reevaluate their strategies. Amidst this, the fleeting and likely futile attempt by Elon Musk to introduce a third political force further illustrates the challenges within the polarized landscape. Ultimately, the hosts call for a more inclusive and empathetic approach to governance, one that genuinely addresses the needs and aspirations of the American middle ground.

Transcript

[Scott Galloway]

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[Scott Galloway]

The UPS Store Be unstoppable welcome to Raging Moderates. I'm Scott Galloway.

[Jessica Tarlev]

And I'm Jessica Tarlev.

[Scott Galloway]

Jess, have you missed me? Have you missed me?

[Jessica Tarlev]

Yeah, and I don't want to say it again, but like I texted you and you just didn't respond and it was interesting. It was in response to your no mercy, no malice column with extra data for you to be able to use in your shows.

[Scott Galloway]

Oh, really?

[Jessica Tarlev]

It's okay. I know you have a scarcity clause in our contract or whatever or in your contract with everybody.

[Scott Galloway]

Yeah, I don't. I would like a new gestalt in our society that when you don't respond to emails or texts, it means I agree. What a great email. Drop the mic. I don't need to respond.

[Jessica Tarlev]

That's what the thumbs up was created for.100%. It's not enough for most women, I will say, but at least it means that you are alive, that you recognize that this happened and that you aren't upset about something because that's where the estrogen takes you. Like I think, oh my God, is. Is Scott and Ibiza upset about something? But no, you were probably just drinking and hanging.

[Scott Galloway]

Oh, see, I think women are more secure. I think guys are actually, have you met women more insecure and women, because women have so much practice ghosting men, I think they respect the slow fade. I think they respect the like the polite I'm winding down this dialogue. Whereas men, especially powerful men, are used to everyone responding back and, you know, licking them up and down. And I'm. I find. And I'm virtue signaling. But it's true. The more important the person, the less likely I am to respond, because I have spent my entire career, Jess, responding to powerful people, whether it's writing their speeches, doing their presentations for boards, or telling them what decisions to make or whatever it is. And now I am done. I am done renting my brain to rich white dudes. I'm done.

[Jessica Tarlev]

Oh.

[Scott Galloway]

Anyways, probably more than you were bargaining.

[Jessica Tarlev]

For a little bit.

[Scott Galloway]

Back to you. How are your children?

[Jessica Tarlev]

Oh, so nice of you to ask. They are great. I got some cute photos from last week. I won't send them to you because it won't matter. Probably, but don't care. They're really good. Were getting very comfortable in the pool, which is important. The water safety skills. Oh, God, it's so scary when you're around water, which I'm a city kid and we don't have a pool, obviously here, but it's the scariest thing in the world to think that they could just fall in when you turn your head or you're not. You know, they get out of the house somehow, so.

[Scott Galloway]

Oh, your instincts there are correct and common sense. I have personal experience with this. I saw my job as a father of young children to do two things, Bring home the bacon, and two, keep the kids away from any body of water. And when we first moved to Florida, I was out and back, and my son, who was. He was like three or four, and we were out in the back, he was playing in the pool. And he went to the deep end and jumped in and started flailing around. And I was there so I could jump in and fish him out. And I thought if I had just gone in for some water, if I had just taken a call and wandered around the side of the house. Anyways, you're right to be paranoid about that. And then one summer, I forget where we were, we even got bought those devices that you put on their shirts. And when the device senses water, an alarm goes off. And the alarm went off on a Sunday, and we're all, like, running around the house looking for a kid and a body of water, and someone put the shirt in the laundry. I don't know how I got here. Jess, did I tell you I'm in Ibiza?

[Jessica Tarlev]

You did, but now you're telling everybody it looks nice or looks fine, but.

[Scott Galloway]

I'm in Ibiza, where There are a ton of young men who have not earned their wealth and are spending their father's money and have some intricate story about their. The real job they supposedly have. And it's obvious within about 10 seconds they're just, they've got a rich dad and they bring a bunch of women, you know, looking to be sponsored by the Sun. There's so many sexist, classist things I just made in that statement, but I'm holding by it. But I do love it here.

[Jessica Tarlev]

They're also all true about it. There I went once. I was 30 and I was the only person who wasn't on Molly when we went out. And it's something to behold watching people on Molly dancing for five hours straight. Like we had just started getting step counters, you know, like people were paying attention to the number of steps. And then you see that someone did like 40,000 steps overnight.

[Scott Galloway]

Yeah.

[Jessica Tarlev]

And you know they had a good night.

[Scott Galloway]

Yeah. I'm not going to say whether or not I take Molly, but a couple nights ago, the black coffee DJ said, I found I really like me. I really felt good about me all of a sudden. All right, Jess. Today we're talking about the new phase of Trump's trade war that was a segue. The GOP trying to sell their new bill and Elon Musk's new third party. Jesus Christ. You fucking attention monster. Could you be more addicted to ketamine or attention, you fucking weirdo? All right, let's get into it. Now that the White House has pushed its big legislative package across the finish line, it's turning its attention back to the global trade war with a fresh dose of confusion, deadlines and diplomatic drama. After a 90 day tariff pause that produced only a few shaky deals. That is generous to describe what has happened with the U.K. by the way, let's just talk about this U.K. deal. A reduction in tariffs on Aston Martin engines and Rolls Royce engines. Wow. That's gonna change the economy. After a 90 day tariff pause that produced only a few of these deals with the uk, Vietnam and China, although I wouldn't even call them deals. I'm still pretty angry about this. They're agreements or structures to talk about a deal. Trump says the US Is ready to turn up the pressure. Oh, God. Hold my beer, bitch. That is liter. The world is saying to this guy right now, starting August 1, steep import duties, some as high as 70%, are set to kick in. Yeah, sure they are. Sure they are. Mr. Trump owe his chickens out. That process began in earnest Monday when President Trump fired off tariff letters to the leaders of 14 countries, including Japan, South Korea, Malaysia and South Africa. These letters spell out new country specific tariffs, I guess from some intern that has a ChatGPT account ranging from 25% to 40% and warned that rates could even go higher if those countries retaliate. At the same time, Trump signed an executive action pushing back the deadline for most reciprocal tariffs with oh pushed back the deadline. My red lines are kind of a beige invisible line, said Trump over and over. With the exception of China to August 1. The move buys more time for negotiations. In other words, I'm folding yet again, said Donald Trump to the world, but not by much. Now businesses are bracing for impact, markets are jittery and major questions remain. Will Canada's July 21 deadline hold? What happens when the China truce expires Aug. 12? And is this strategy or just more bullshit jazz hands, false empty threats? Jess, what do you make of this new phase of, let's call it the tariff limbo?

[Jessica Tarlev]

It's the same as usual in that it just feels deeply unserious. And this has an exclamation point after unserious or a crescendo because these letters that he sent to foreign leaders were just like truth social posts on letterhead. It was like written by a 14 year old boy. He's capitalizing random words, his grammar makes no sense, he's misgendering. Certain leaders, they fixed that, though Her Excellency became a dear Mr. President within a few hours. But there's always been an opportunity for the Trump administration to take the layup on this trade war because when they buy themselves more time, they could just back out and no one would really say anything because they'd just be quietly relieved. Like everyone over at CNBC would be like, oh, thank God, right? We can just get back to being normal. And you could talk about tariffs on China, which everyone broadly agrees with, and the Biden administration did as well. They even jacked up Trump's tariffs on China threefold and just focus on people that are actually at war with us in some way or another. But these blanket tariffs, these violations of, by the way, free trade agreements, which creates larger questions around what Donald Trump thinks Congress actually does or if he values it at all, which I mean, he doesn't, as we've seen time and time again. But like on South Korea, we have a free trade agreement. It's not up to you what you do with them. I just, I don't want to see Scott Bessant anymore. Like this guy who was supposed to Be the adult in the room making the rounds on the Sunday shows. Then he's all over CNBC on Monday and he's so smug and he's telling us to not believe our lion eyes about what's going on. You know, we had 90 deals in 90 days. That's over. Peter Navarro says, oh, I'm very happy with where we are. I don't know how that's physically possible if you said we're getting 90 deals in 90 days and then we had Trump in April. I'm telling you, these countries are calling up, they're kissing my ass. They're dying to make a deal. Please, please, sir, make a deal. I'll do anything, sir. And when he talks like that, you, you know that it's hyperbole. But now Bessant has admitted as much that a lot of those countries didn't even call us. And people understand that you just kind of sit back and wait to see what happens. Because even if you were to make a plan that goes along with what they want for you to be doing, right, that they want you to build a factory or whatever, they're not giving you enough time to do it to any execution whatsoever. Because in 10 days it just changes. So if I were these other countries, I would just sit back and wait and see what happens and hope that he gets distracted by something and just keep buying yourself more and more time. What do you think?

[Scott Galloway]

Yeah. So the entity which has become sort of a better predictor engine than political pundits or CNN or Fox is the markets. And basically the markets don't believe the tariffs are going to change that much. I mean, to be clear, and I'm a bit of a catastrophist, I thought this is really going to hurt the markets. And the markets have basically said the tariffs are going to look remarkably similar to the way they did before. The markets aren't worried about this nonsense. And I did some analysis because I was very excited about coming back to raging moderates. And I'm fairly certain that by dollar volume there have been more deals struck since the President announced his new tariff policy, or what I'll call threats between countries that are non us and that is the threats of tariffs have actually inspired a great deal of deal making, just not between the US and the people we've threatened. What it's done is it's sent a message to non US countries that they can't count on this incredible trade relationship they used to have with the United States, which has inspired them to begin speaking to each Other and rerouting their supply chain, including dialogue and agreements around the US So a few of those, Vietnam and South Korea have announced $150 billion more balanced and sustainable trade relationship as they swear cooperation following Trump's tariffs. EU has struck more deals with China, with Canada, with India, the EU and Mercosur. A bunch of the Southeast Asian nations are talking for the first time. Japan, South Korea and China. We tend to, as Americans, you know, we're fairly narcissistic. We just go, oh, Asia. And we think they're all the same. Japan, South Korea and China are not in love with each other. They do not like each other. And they are talking for the first time about closer ties. Why? Because their attitude is these people we can't count on this great trading or preexisting trading relationship. So let's start discussing. So, in sum, Trump did inspire a great deal of deal making, just not among us, between nations. He's threatened between them and each other.

[Jessica Tarlev]

Sounds like what goes on on foreign policy as well. You know, he did admittedly have a good NATO summit, and maybe he's going to get the 5% commitment in terms of defense spending from some nations. But we know with the position that the US has taken on Ukraine, for instance, that the EU gets together with Ukraine without us on a pretty regular basis. You know, it's a go it alone strategy that we've taken and we're seeing the repercussions of it. The question will be what happens at home in terms of how the American public feels about this. And we know that Trump's disapproval on trade has skyrocketed. From January it was 40%. Now it's up to 54%. I saw one survey that actually had a 65% disapproval. The American public knows that tariffs are attacks on them because they're people that go out and buy things. A lot of them small business owners who have no idea how to make a plan for their future or that they think that they can even stay in business for the next six months. What I saw that feels like a bit of a watershed moment. And I didn't realize that this transition hadn't happened yet. But in the last month, Trump voters have started saying that this is Trump's economy. So essentially this feels like a reset moment for the administration. So he's been in for six months, but if you consider that it's only like in the last few weeks, actually, that people who went out and voted for him in November are saying that he owns this economy, it's a bit of a blank slate. And so this new set of tariffs and whatever is to come going forward in terms of the economy is actually going to be what Democrats need to be paying attention to and what we're going to have to work for for the midterm. So that's like 18 months versus 24 months of actual Runway there. And I was surprised to see it. I know that everyone, you know, you have your horses and because you like this guy, you say, oh, it's not his fault. And all presidents do that. Right. They say, you know, I'm cleaning up the mess of the last guy. It's not true all the time when they say it, but they certainly do. But I think that's a very different perspective that we're going into this now where people are saying Donald Trump is fully in control of the United States of America now. And what does that look like? It looks like the one beautiful bill which we're going to talk about. And it looks like perhaps a series of trade wars that are really going to hurt the American economy. I do think it's interesting about the market. I, you know, the ticker is always running on Fox. And I while I'm in hair and makeup for an hour because it takes a long time to attach those fake eyelashes and bring my hair closer to God. You know, I'm always watching the direction of things. And there were certainly a lot of very positive green days. But yesterday, as these letters were trickling in, you see it go into the red. And I'm watching Liz Clayman, who we both love on Fox Business and talking to her guests about what's going on in their companies and how they're planning and they're saying something very similar to what you said, which is they're making plans for it, but they're not thinking that it's the be all and end all. And I really wish that more CEOs of companies like the CEO of Ford sat down with Lara Trump and actually told her why you need to get some of these parts from other countries and how unfeasible is it? Unfeasible or infeasible?

[Scott Galloway]

Yes.

[Jessica Tarlev]

How it is not feasible to totally produce these cars on American soil is what you have to do. You have to do it with the kid gloves. You have to do it as nicely as possible, but you have to show up and you have to look these people in the eye and just say, it's not possible.

[Scott Galloway]

Yeah. If they were really serious. Well, okay, so the F150, I think, goes across the Canadian or Mexican border back and forth or components of it like 12 times. It's not even clear how you would even force these tariffs. And two, if we were really interested in more domestic manufacturing around the automobile industry, we wouldn't have cut those subsidies to EVs because the most vertical automobile manufacturer is Tesla because it has dramatically fewer parts that can be manufactured and milled domestically. And while I'm loathe to give any credit to Elon Musk Musk companies EVs, if you were really interested about having more domestic production and dramatically simplifying the supply chain, you wouldn't be halting the EV tax credits. What I did find interesting recently was that Chairman Powell at an economic conference basically came out and said if it wasn't for the tariffs and the insecurity that the tariffs are creating around the possibility of inflation, if he actually follows through on his threats, which looks less and less likely every day as he continues to threaten fold, threatening fold, threaten c above fold, that he said, we would have lowered interest rates already. And so effectively the entire economy is paying a tax of somewhere between, call it 25 and 100 basis points on your credit cards, your student loan payments, your mortgage payments. Because we would be in a rate cutting cycle right now had it not been for someone who is a lot smarter than anyone on the administration's current economic team. Had he not said we have to wait and see if these tariffs go through and the inflationary impact they have before we start cutting interest rates. Because if all of a sudden everything gets more expensive and we cut interest rates and people get horny about borrowing money and buying more shit and there's more money chasing fewer things and we start this upward doom loop of price where people start panic buying because they think things are going to get more and more expensive and you know, upward inflationary cycles, unless they are cauterized early, can spin out of control. And that's how nations fail. Be clear. Inflation is how nations go out of business. And so the adult in the room, Chairman Powell said he just came right on the set it and said the threat of the tariffs is why I have not already cut rates and why we are kind of sitting and waiting. So be clear, these tariffs have yet to take hold in terms of consumer prices or inflation because no one is taking them seriously because of the track record of the President folding. But it's already costing us a great deal of incremental capital because interest rates are probably 25 to 100bps higher than they would be had we had a responsible economic Policy such that the chairman having beaten back Covid, having beaten back inflation from the supply chain shocks of COVID and of Russia's invasion of Ukraine, we'd be in a rate cutting cycle and we're not. Because Chairman Powell correctly is waiting to see if these head up your ass economic policies actually get traction and register an impact on the economy.

[Jessica Tarlev]

There's also a mental health and paralysis impact of this as well. I understand it's not as easy to quantify that, but you have millions of Americans that essentially are stuck wondering what tomorrow, a month from now, six months from now are going to look like. And that's everyone who just needs to buy food for dinner to someone who has to run a business. Yeah, businesses big and small. Walmart has said that they can't even do, you know, Q3, Q4 planning because they don't know what it's going to look like. And bringing your country, the engine of the most powerful country in the world, to a halt because you want to send strange letters to heads of state, state or you have a bee in your bonnet about something that most economists worth their salt is telling you is not the way to be running our country and certainly not the way to get the kinds of results that you are after is an incredible amount of ego or hubris. I don't even know what the right term for it is. But you know, he was elected by all of these people that were laser focused on lowering prices. That was it. Right. They showed up, are obviously immigration voters. About an eighth of his voters said that was the number one reason. But in general, people wanted lower prices. After a Biden term, he brought down inflation, but it was a hugely inflationary period for us and for the rest of the world. And you look at all of the actions that he's taken and they're diametrically opposed to the goal of lowering prices. And Chairman Powell, just, Man of steel, right? This guy just gets up there and he says exactly what he wants to say. He doesn't sugarcoat any of it. There's the predictable response that Trump gets on this social media and interview, whatever it is, and says Powell's gotta go, you know, he's bad for America, etc, But I really admire someone who is so fearless in saying what's true. There are a lot of people who I feel like are trying to play some sort of game about how they treat Trump right. They're either nicer to him for this or they want to get this kind of reaction. So they do, you know, zigzagging around with it. And Powell's just such a straight shooter about it. You know, he says, if you do this one thing differently, then I'm going to be able to give you the thing that you want. And there's so little directness, I feel like in society right now that I really, I really love it when I see it. And it's easy for someone as an analyst to be able to glom onto that because you say this is a serious person who knows what they're saying and is not treating Trump special, like he's not playing the game with him. He's just saying what's true.

[Scott Galloway]

Yeah, it's. He's. This guy will be one of the most deserving Medal of Freedom recipients in history. And that'll absolutely happen as soon as there's a Democratic administration in place. He really did. He pulled us back from COVID He basically stuck up the middle finger and said, hold my beer. To senators on the far left who were, you know, crying for people whose credit card but that he needed to lower interest rates. And also on the far right, he just didn't care. He was very steadfast. The largest acceleration in interest rates over a 15 month period in history. And it was a medicine we needed to take. A zero interest rate environment created some real externalities and he immediately course corrected. And our inflation under the Biden administration was the lowest of the G7, while our growth was the strongest. The affordability thing is really interesting. And even if you look at Mamdani's win in New York of the Democratic primary, it was arguably very similar to Trump. It was a focus on affordability and weaponizing new mediums. I mean, coming at it from a much different lens, but basically Trump ran on affordability and so did Mom Dame. But if you were really serious about affordability, you would have a sane immigration policy that said, okay, if you're going to church and picking crops and part of our healthcare system and lowering the bills at grocery stores and in our health services community, all right, we'll figure out a path to citizenship. We want to bring in the most talented immigrants to start new companies. We want to ensure there's a ton of competition amongst. We're going to break up monopolies. We would never have tariffs. We would get together with some of our partners and figure out a way to lower tariffs. I mean, literally everything. We would figure out a tax policy that doesn't borrow money, massive amounts of money, such that interest rates go down because of the money or the premium that we have to offer people on T bills doesn't continue to increase as our own balance sheet looks increasingly risky. What you said is exactly right. I mean this isn't the big beautiful bill is the big inflation bill. I mean you could assign a lot of words to this inflation depraved, the anti Robin Hood bill, whatever you would want to call it. But it does appear that he is dead set on illuminating or incenting or detonating inflation again. All right, with that, let's take a quick break. Stay with us.

[Jessica Tarlev]

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[Scott Galloway]

It's Kenny Beachum. The 2024, 2025 NBA season is over. But all that means for us is that the 2025, 2026 season is already beginning. On Small Ball, we'll be talking about breaking news, major trades, and all the exciting developments the offseason has in store. Which teams are tearing it down, who is retooling to make a championship push, and what teams are leaving me dumbfounded by their lack of direction. Don't miss Small Ball with Kenny beach of new episodes Drop every Friday. Available on YouTube and wherever you get your podcasts. Welcome back. Republicans finally muscled their big, beautiful bill through Congress. A sweeping legislative victory for Trump that slashes 1.7 trillion in federal spending, extends his signature tax cuts and enacts major changes to safety net programs, including Medicaid. But now comes the harder part. Selling it. Polls show most Americans either dislike the bill or don't know what's in it. And with midterms looming GOP lawmakers are sprinting to define the law before Democrats do it for them. Jess Republicans are touting the bill's populist pieces like eliminating taxes on tips and but how are they planning to explain the projected 12 million Americans who are likely going to lose their Medicaid coverage?

[Jessica Tarlev]

Well, they're going to have an election before you lose your Medicaid coverage. So that's how they're going to do it. You know, they were very specific about the timing of everything. Like no tax on tips actually expires in 2028, tax cuts for the wealthiest that lives forever. But if you're going to get no tax on tips, which by the way only goes up to the first $25,000 that you make in tips. So that's a very low cut cap anyway, that'll be around for the midterms. But you won't know if your Medicaid is going away until after you cast your vote. I still expect that the Democrats will do well in the midterms because historically that's what happens. But they were very, very crafty in the timing about all of this. They also told this monster lie about what would happen if we didn't pass the one big beautiful bill. They would say your tax cuts would explain expire from the 2017 Trump plan. But that's not true. It's not like you would wake up the next day and suddenly you wouldn't have a tax cut anymore. Congress would actually have six months to deal with this and they could work out something in a bipartisan fashion. And they've done this before. So that was the pressure that people felt. And they thought, the average American, that you were going again to wake up on July 5th or whatever day we were going to say it is and that suddenly you were going to have an enormous income tax bill or a huge bill for your small business. So that was one pervasive lie. And then you have the stuff about the work requirements for Medicaid. Scott Bess and again, very smug, talking about able bodied Americans that just don't want to work. They always go back to, quote, unquote, welfare queens about all of this. We know that only 8% of people who receive Medicaid would even fall into that category. You're not going to pay for the trillions that you're putting into the deficit with those 8%. And they just don't want to tell you the truth about what's going on in these kinds of bills. They don't want to tell you about who's Getting the kickbacks. Steve Ratner created a beautiful chart of all of the evaluations and all the nonpartisan ones, all the partisan ones and even right wing partisan organizations have talked about this ballooning the deficit and that people will lose their healthcare tax foundation Cato and the only group of economic advisors or economic panel that says that it's going to be a boon for the American economy overall comes right out of the White House. And they obviously have a vested interest in saying that, but I, it just feels very much like beating a dead horse. The American public hates this bill. Net Favorables range from negative 19 to negative. 29, 49% say the bill is going to hurt their family. 23% only say that it's going to help. So you start out with a baseline that the American public knows that this is a bad thing. But then you get into the issue of like, well, what are you going to do about it? How are you going to talk about a thing that may not affect people tomorrow? Like, I, and I know that people have made this case, but I don't think it's been made strongly enough and I want to hear it all the time that a tax and spend bill, more so than probably anything else that the government does, is a moral document. It is a statement of your values and your priorities. And the GOP is very clearly saying our priorities are the rich. Our priorities are deporting millions of people who are here. I mean the ICE funding and I want to get your take on that more than the IDF now that's how much we're funding. These guys wearing masks that are driving around in unmarked vans picking people up and this not anti law enforcement. I'm thrilled that we have zero border crossings. Now. I think that that's a very good thing and something that the country needed and desperately wanted, which is why a lot of people held their nose and voted for Donald Trump because they didn't think the Democrats were serious about immigration. But when you look at these priorities, and I'm sure you know there are bits in there cutting red tape for small businesses, some seniors will get a 6K deduction. Those are good things. You know, I'm not saying that there's nothing in the bill that's decent, but overall it's a signal that this is a morally bankrupt party. And they all said as much on the record and then just went ahead and voted for it anyway.

[Scott Galloway]

Yeah, a lot there. So let's go from the small to the profound. First off, this populist bullshit around no taxes on tips. What Percentage of the working population. Would you guess, get tips?

[Jessica Tarlev]

I'm gonna make a bad guess.

[Scott Galloway]

It's 2%.

[Jessica Tarlev]

What?

[Scott Galloway]

Yeah. 2% of Americans make money on tips.

[Jessica Tarlev]

Oh.

[Scott Galloway]

And it just never made any sense to me. I was a waiter. I was growing up, I was both a dishwasher and a waiter. So when I was a dishwasher, I wouldn't get a tax cut, but when I was a waiter, I got a tax cut. And then first off, anyone who's getting tips, especially with a $25,000 limit on it, it means they're not paying a lot of federal income tax to begin with. This is populist bullshit that has no impact on people or the economy. And what I find more upsetting. I'm all down for blaming the Republicans on this. I think this is both cruel and stupid, which adds up to depraved. And I think you can lay the majority of the blame at the feet of the administration and the Republicans who are scared of being and pretend to give a good goddamn and say, I would never cut Medicaid and then grab their ankles when push comes to shove or decide to sell out the lower 48 to protect their folks. Senator Murkowski, this is absolutely. The majority of the blame lies with them. But what's more frightening, Jess, is to your point, this isn't fiscal policy. It's a reflection on our values. And I think in America, there's a dangerous trend that my dad used to say, America is a terrible place to be stupid. And that was sort of an unkind way of saying it's a terrible place to be vulnerable. And essentially, I think America, not just Republicans, but America, has decided that we believe in a Hunger Games like economy, that the bottom 90% are effectively nutrition for the top 10%, because people are willing to put up with that depravity because they're hoping at some point they'll be in that top 10%. And they're also conflating some of these really ugly ICE raids and knees on heads and 14 year olds crying as their mother is carted away and hearing about a kid who is a paraplegic not being able to afford his medication or his physical therapy. They sort of begrudgingly say, well, thoughts and prayers, but they see that as leadership. They see that as, in a weird way, masculinity and toughness. I think this goes beyond something much deeper and more upsetting about America. And to your point, let's be hopeful it's that Americans haven't been, or Democrats haven't done a Good job connecting this to people, because the majority of people who will probably be thrown off Medicaid, maybe a lot of us don't come in contact with or we don't know that our neighbor's on Medicaid. So I never like to miss an opportunity to talk about myself. I'll go through just how these cuts would literally pull up the ladder behind me. I'm sitting here in this out of control, over the top explosion in wealth in Ibiza. And you know, the bad thing about getting older, and you'll realize this, I think you're further along in sort of self awareness than I was at your age. But up until the point when I was your age, I credited my grit and my character for all my success. It was about me being a baller and me being talented and me taking risks and overcoming some hardship. And then as you get older, you realize a lot of your success is not your fault. And what I've come to recognize, and I can attach many of these things to what's under attack right now, starting When I was nine years old, I got assisted lunch. My mom made $800 a month as a secretary, and so we qualified for assisted lunch. And one of the things I remember about that, and I didn't find out, I was nine, so I didn't know what was going on. One of the things I found out a few years later, and it just shows so much dignity and so much grace on the part of California taxpayers and our government, was they purposely sent the coupons to my house and every kid had the same coupon. So no one would know that I was on assisted lunch because they wanted to avoid the stigma. And I thought that was the most graceful thing and one of the, like, the most American things. When I was in high school, when I was 17, and I've talked openly about this, my mom, who passed 20 years ago, I don't think would have a problem with this. My mom became pregnant at 47 and was able to access safe, affordable family planning. Had we lived in this era in a red state, you know, we weren't very sophisticated. We didn't have a lot of money. If my mom had been forced to carry a child, an unwanted pregnancy to terminate, I was installing shelving, making decent money at the time, I would have not gone to ucla. I would not have had the opportunity to start this upward spiral, courtesy of the regents of the University of California. That, quite frankly, and I'm bragging now, has produced tens of millions of dollars in tax revenue and thousands of jobs I just would have. I would have never had the opportunity to go to college had it been my mom and a newborn. And then when I got to ucla, I got Pell grants. That's the only way I could afford to be at ucla. And a third of Pell grant recipients under this big beautiful bill are either going to have their grants reduced or eliminated. When I got out of college, I was able to raise a shit ton of money. Why? Because foreign investors loved investing in US startups. Because they saw rule of law. Because they saw all types of technology that had been funded by the US government, which didn't have to pay a trillion dollars in interest payments so they could invest in these crazy things called GPS and the Internet. All of my companies were built on the backbone of technologies financed with these extraordinary irrational investments from the US government because they had the capital to make these forward leaning investments. Literally, my company has been built on the back of immigrants and in America, that said, if you are really fucking talented and want to work hard, come here and we will put you to work. You. I mean all of these things that have built this life and this prosperity and these millions in tax revenue, every one of them is under attack. And it is so disappointing that more people, with my blessings of my generation can't do the math and reverse engineer this to one thing. And that is we are torching. We are burning the ships behind us, we are pulling up the ladders. It's so disappointing. Beyond the moral argument, it's like you don't want your kids to have the same opportunities we had. And I'll even go more meta than this and be more dramatic and more hysterical.

[Jessica Tarlev]

Oh good.

[Scott Galloway]

My mom was a four year old Jew sleeping in the tube stations at night because her house had been bombed during the Blitzkrieg and America was so alarmed they decided to convert factories from producing Buicks to producing tanks. And they decided that 400,000 households should have a gold star in the window and lose their sons because it was worth it to push back on fascism. They were not pushing back on antisemitism, they were pushing back on fascism. And what's fascism? Demonization of immigrants, a refusal to condemn violence against your political enemies, and extreme nationalism. Sound familiar? And had America not had a gag reflex on emerging fascism in Europe, my mom's life would ended with a train ride. I wouldn't even be here. So all of these things, a gag reflects on fascism. Providing opportunities for young people, safe, affordable family planning and rights for women. Deep pools of capital such that people could start business A culture that invites the best and brightest to help people build businesses and leverage that capital. All that shit is under attack. It's literally under attack. I find it so deeply rattling and disturbing, and I'm pissed off. The Democrats just scream and get angry and talk about Medicare. I get it. Medicare. That's one part of the story. But show me anybody of my generation who has made their wealth not inherited, but made their wealth in about two fucking minutes, I can show you why this bill is attacking the reason that you are in Ibiza or in the Hamptons or in Aspen and that you have decided, no, no one else gets to come here except my kids. Speech over.

[Jessica Tarlev]

I'm overwhelmed by it and moved. It's a great American story. And it's not often that people are telling it in such honest terms. The details are what matter and what create connective tissue amongst Americans. And right now we talk about this a lot, that Americans feel completely disconnected from one another. You live in your bubbles. And I wish more people would speak up like that and would be telling those kinds of stories. And I know that it is difficult if you also have a business to protect. And there are a lot of people, even immigrants, that are heads of these big companies that feel like they can't do it, that they have to show up at inauguration and they have to kiss the ring because they have to make sure that they continue to make their bottom line. But it does feel like the very fabric of America is being torn apart. And I think that's important to emphasize. But I also put on a strategist cap, and I think about how much we talked about January 6th or the death of democracy and fascism is coming. And. And people didn't want to vote for that. They wanted to vote for better grocery prices. Right. Or they wanted to vote for a closed border. And so you have to be really strategic and smart about how you do this. You know, the reality is that nearly half of Americans haven't heard anything about the big, beautiful bill. So those who have heard about it have a very negative view of it. Only 8% have said that the Medicaid cuts are a detail of a bill that they know about. That's going to come for a lot of these people after the midterms, like I said. So it's emotional to think about this and to think about the impact on the young people, like you said, of pulling up the ladder. You know, what's gonna happen with your student loans, for instance. I mean, people just are not gonna be able to go to graduate school. Or college, for that matter. It's just not gonna be happening anymore. We're going to become less educated. We're also gonna be able to import less educated people, because why would you want to come here? I don't know what America looks like when this is over, but I do know that millions of Americans were not happy with the way that it's going. And Democrats have got to thread that needle better. And I don't want to. I don't want to turn every session into, like, a shitting on Democrat session. Like, there's not a lot that you can do when you don't have the numbers. But people don't feel inspired and they don't feel like they have a good alternative to this. A friend of mine who's a great Democratic strategist was talking about it, and he said, essentially, we're on trend for 2017 when they tried to do the ACA repeal. And we had a very good midterms there in 2018. But it's gonna take a lot of work over the next 18 months to impress upon people just exactly what has happened to the country. And we know that it's not that effective to be telling people like, well, this is what your lived reality is, right? This is what your experience is. People know what their experiences are. And if we don't seem like a decent alternative, then maybe they sit at home, maybe they don't care. But more so, maybe they just become completely or even further disenchanted with the American project.

[Scott Galloway]

What Democrats do you think are doing a decent job of attaching this bill to real life? Who you think that is actually showing some of that fire and ability to connect this to everyday Americans who other Democrats can model?

[Jessica Tarlev]

I mean, all of the swing Democrats, I think, do a great job of this because sometimes they're not as good on social or whatever. We don't pay a lot of attention to it. But like the Jared Goldins of the world, Pat Ryan, you know, when you win races like that, you know something about how to talk to people and how to make those connections. If you look at Mallory McMaro, who we're gonna have on the podcast running for Senate and Michigan outraised her primary opponent, who has a lot more institutional support because she's talking about this like a normal person. And she's also saying to the mom, Donnie question, like, business as usual is not working for us.

[Scott Galloway]

Yeah, it's over.

[Jessica Tarlev]

I mean, people, they want change. If they're not going to get. And we're going to talk about the third party thing with Elon, if these are going to be your options, you have to find a way to turn into an outsider party while still being on the inside. And one of my colleagues at Fox, I think it was Kellyanne, said that Donald Trump reformed the Republican Party from within. He essentially created a third party from within the Republican infrastructure. And Democrats need some of that. They need an internal revolution at this point to inspire people and to make you think that the status quo is not good enough for any of us. And I wanted to ask you this because it's been weighing on me like, I love my job, but I don't love my job. And I can't imagine loving a job enough that I would vote for something that I admitted would strip healthcare from hundreds of thousands of people that I represent. What is the point of staying in office if you can't help the people that you allegedly signed up to improve the lives of?

[Scott Galloway]

It's such a profound question. And I ask myself the same question all the time, that at what point, if, I mean, literally, if the president said we have to stop all funding for premature birth wards, would they do it at this point? Where would they draw the line? Where would they say we won't do it? Because the only people who didn't vote for this thing were people who basically said, I'm not running again, especially in the Senate. So I struggle with this, too. And I don't have a good answer other than they're too fucking old. And they literally think if I leave here, I'm just going to go home and start to die and I lose all relevance and all importance. Do you have any additional thoughts on why these folks just refuse to be kind of the leaders we ask them to be?

[Jessica Tarlev]

Power corrupts.

[Scott Galloway]

Yeah.

[Jessica Tarlev]

These are very important jobs, and we treat them like many kings and queens to some degree. Right. Especially with the way the media apparatus works now. But I can't. I can't come up with what the line would be, except for the very few that actually did find their line, whether it was the deficit or Medicaid cuts for Thom Tillis. But, you know, the ball is rolling. There's already a rural hospital in Nebraska that's closed, and they said that this is because of the bill, that they're not going to be able to stay in business moving forward as a result. And you're going to see a lot of that in people getting asked tough questions. And I think the answer is going to be, you know, what caliber of candidate on the Democratic side is going to show up to run races against these vulnerable Republicans because the map, there are already a lot of them on it, and they just put even bigger targets on their back. You know, there are gonna be some very interesting races, hard fought races in all of this. And we gotta find the way to be inspirational and different and revolutionary within the system that we're working in. Because people look at Washington and they just say, I don't see anything for me.

[Scott Galloway]

Yeah. And one of the bright spots about Mom Dahmey's win is, and I want to be clear, I would not have voted for the guy. A lot of his positions are very troubling to me and a lot of his current, his public policy ideas make no fucking sense to me. Like sponsored breadlines in the form of state sponsored or state controlled grocery stores. But having said that, along the lines of what you're saying, we need a revolution within the Democratic Party to remake the party. And it's got to start with young people who understand these new technologies, these new mediums, are unafraid new ideas and are willing to just sort of step up and say, all right, it is time to shed a new layer of skin. Any ideas? Who do you think, if looking at the positive side of Donald Trump, who was sort of the, you know, the William Wallace of that revolution, if you had to bet on one or two or three people who you think could be that, that William Wallace of reshaping the Democratic Party, do you see any likely candidates or is it still kind of.

[Jessica Tarlev]

I mean, it's a little tbd, but I think on the more centrist, you know, moderate Dem side of things, I think Elisa Slotkin is offering people a lot. And she was the one who came out there and said, you know, this is my plan. Right. This is what I think the future of the Democratic Party looks like. You know, she does the cursing in the right places. She has the resume to back all of it up. I just think that there's so much that we can learn from people that have won these difficult races and that oftentimes we just go back to the folks who have the loudest voices or who give the best interviews, et cetera. But they, they obviously don't know the same things as the folks that went out there and connected with people that have supported Republicans their whole life or who split ticket for Donald Trump. And for them, you know, it's happening all over the country and there are people out there that are worth your time, even if their politics aren't exactly aligned with ours. Like we had Greg Kassar From Texas on the podcast, he's way to the left of where I am. But, you know, you have a lot of people in the middle who are saying that they like AOC the best because AOC seems like she's got the fight in her and that she's on the right side of history, unafraid, you know?

[Scott Galloway]

Agreed.

[Jessica Tarlev]

Yeah.

[Scott Galloway]

The problem I have with the far left, and I think they're as guilty or more guilty of this than the far right, and I've been subject to it, is if you're a moderate and occasionally see merit in Republican ideas, you're treated like an apostate.

[Jessica Tarlev]

Yeah.

[Scott Galloway]

Like, you know, the right calls me a libtard. They just write me off, but they'll bring me on Fox. And they're actually quite polite to me, as I think they're mostly polite to you and appreciate you on the far left. I can't tell you how many mean, angry emails I got from people I know and like and consider me a friend, and I consider them a friend when I started saying biden's too fucking old. It's like, you either sign up for the cult and the narrative, or you are the enemy and the far left is as guilty of it as anybody. And the Democratic Party needs to do a better job of embracing imperfect allies. And when I'm at conferences and I see people, Democrats, playing identity politics and talking about the patriarchy, and if you don't sign up for every right word for the orthodoxy, you're the problem. And it's like, just as the settlers figured out a way to get Native Americans fighting amongst each other. Kill each other first, and then we'll come in for cleanup. The Democrats are just. The level of interesting warfare is so unproductive. It's like, I absolutely think AOC's policies, many of them, don't make any fucking sense. I will give money to her. I think she's wonderful. I retweet her shit. I think she's fantastic. But what I find on the left is if you don't sign up for the right narrative, basically, people attack you and say, okay, maybe we're allies, but you're holding the gun wrong. This is. This is the narrative.

[Jessica Tarlev]

This demand for ideological consistency is so ridiculous. No actual human being is totally in lockstep with a party platform. And that's what Trump did for the right. It works and it connects.

[Scott Galloway]

Yeah. And, I mean, we're going to need a bigger boat. But I also think the identity politics of the left has gotten out of control. It doesn't do us any good to begin assigning values and identifying or immediately prescribing validity or a lack thereof based on who's saying it as opposed to what they're saying. And I feel like the Democrats don't even to want recognize how biased they are against statements solely based on who's saying it. And I feel that the Democrats are actually probably more guilty of this than Republicans. That okay, if you're an old white dude, I have to take everything you say with a grain of salt and I am ready to weigh in and get my guardians of Gotcha pen. I am going so far off script here, Jess. Let's bring it home. Our producer is trying to reign me in. Let's take a quick break. Stay with us. We're going to talk about this guy who's in technology who's actually from South Africa. His name is Elon Musk.

[Jessica Tarlev]

Ooh, haven't heard of him.

[Scott Galloway]

Yeah, Ryan Reynolds here from Mint Mobile. With the price of just about everything going up, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a thing Mint Mobile unlimited premium wireless get 30, 30 get 30. Better get 20, 20, 20. Better get 20, 20 better get 15, 15, 15, 15. Just 15 bucks a month. Sold.

[Jessica Tarlev]

Give it a [e-mail] Switch upfront payment.

[Scott Galloway]

Of $45 for three month plan equivalent to 15 per month.

[Jessica Tarlev]

Required new customer offer for first three months only. Speed slower. 35 gigabytes of networks busy taxes and fees extra.

[Scott Galloway]

Cmno.com the Supreme Court has just held that federal judges can't block even unconstitutional executive orders throughout the country. So what now? I'm Preet Bharara and this week Supreme Court experts Trevor Morrison, Melissa Murray and Jack Goldsmith join me on my podcast, Stay Tuned with Preet to discuss the biggest implications of the court's term. The episode is out now. Search and follow Stay Tuned with Preet wherever you get your podcasts. Welcome back. Before we go, Elon Musk says he's launching a third political party. Oh God, Jess, save me. Literally, save me. Called the America Party. Okay. Yeah. A South African immigrant who went to school in Canada who disowns his daughter on Joe Rogan's podcast and is being sued concurrently by two women for sole custody of their child because he spends no time with them. Yeah, that's the guy. To start a third party. He says it's meant to challenge what he calls a one party system that's driving the country into debt. And he timed the Announcement just days after Trump signed his massive domestic policy bill into law. A bill Musk once backed, then blasted, and now calls the final straw. He's had it, Jess. He's had it. Anyways. Musk insists the new party will focus on a handful of swing districts in the midterms. But Trump allies warn it could fracture the ride at a time when margins are razor thin. That's fair. And then there's the Epstein factor. After months of teasing bombshell revelations, the Justice Department just announced there isn't a client list, isn't a cover up, and no more new documents are coming. Well, that's a 180. That hasn't stopped Musk from fanning the flames or from accusing Trump of being part of some kind of COVID up. Jess, what's going on here? What's he trying to accomplish? A third party isn't exactly, I don't know, we've been to this movie before. How much trouble do you think he can actually cause for Trump and the gop?

[Jessica Tarlev]

Not very much. Like on the fringes, it's possible to have an effect with a third party candidate. Like actually in an Ohio district, Marcy Kaptor, who's the Democrat there, I think this 22nd term, been there a long time. The Democrats funneled money into a libertarian candidates campaign, I think about 400k to shave off support from the Republican candidate that was challenging her and she ended up winning her race. So those are ways that you can use third parties to, to play around and make a difference. But in terms of what's going to happen at the presidential level, it makes no difference. And if want to have a government that's more representative to the public, then you need to have proportional representation. And we can't have winner take all anymore. And there are a lot of people that would get on board with that, but would obviously never be able to pass and get through. So, you know, Musk is throwing his toys out of the proverbial stroller. He's pissed off. This happened before and he essentially came back groveling to Trump. And I imagine that that's what's going to happen because, you know, money matters of and being the richest man on the planet is a very big deal. But Donald Trump has shown himself to be more powerful than Musk. And I think even the way that he's treating him on social media about this, you know, talking down to him, it's very paternalistic actually how he's dealing with him. Like baby Elon is mad. Give him his space and you know, they toss around stuff like, I'm going to look into your immigration status or whatever. But in general, I feel like he's going to get over it and he has to get back to Tesla and, you know, try managing that. And I think, you know, he's mad about the debt, but he's mostly mad about the EV credits. Right. That's what this is. Everyone is always just actually concerned with themselves and their personal bottom line. So I think it's going to end up being a big nothing burger.

[Scott Galloway]

Yeah, the. I mean, there's a few things here. There's the motivation for doing it and the effectiveness. The motivation is all of a sudden he's decided the President is a pedophile and that this bill is fiscally irresponsible. There is no new information from when he loved the President.

[Jessica Tarlev]

Correct.

[Scott Galloway]

There are no new revelations about Trump and Epstein. The end of the EV subsidies, the massive increase in the deficit were all present when he was showing up to the White House in a Hot Topic uniform high on ketamine. This is about Elon Musk being angry. He's no longer the first friend. So that is not the basis or the substance to the heft to start a third political party. And then the question is, will a third political party, does it have any viability? And it doesn't. In America, we have a two party system because of gerrymandering, because of a winner take all environment. When we have proportional representation in places like Sweden and Germany, a third, a fourth and a fifth party can have a lot of influence because they get proportionate representative based on if they get 18% of the vote, they get 18% of the representatives. What a third party ends up being is spoilers. Right. So Ross Perot got 18%. Ross Perot is the reason Bill Clinton won presidency. George Herbert Walker Bush was the first incumbent to lose an election when there wasn't a recession. Because Perot took 18%. About 11% was drawn from Bush's voter base, 7 from Clinton. So a swing of 4%, which swung it from being a landslide for Bush to a decided victory for Clinton. The same thing happened to Gore because of Nader. Jill Stein played a role. So these third parties are not viable. The last time a third party won a state was Wallace, I think in 68. But they can be spoilers. I think this is over before it starts. I think it's going to get no traction. What he can have is enormous influence because there's a decent argument that he's the guy that got Trump elected with a Quarter of a billion dollars and a huge platform in seven swing states and a small number of counties in those seven swing states. You can make an argument that in two or three of those states, Musk may have sworn the election for Trump. If he is able to focus on four or six senatorial and 12 or 15 House races, he could have a huge impact because those people are very loyal to whoever puts him in office. One thing that Peter Thiel will never hear from J.D. vance is the word no. Because Peter Thiel put J.D. vance in office so he could have enormous influence. But this third party nonsense is over before it begins. And be clear, folks. Elon Musk isn't worried about the deficit. He isn't worried about America's future. He's just, quite frankly, he's really butthurt and he's angry and he's looking for revenge. Your thoughts?

[Jessica Tarlev]

I agree. And you saw also how quickly Elon Musk faded from favor of the Republican Party once he started opposing the bill. He was Persona non grata. I understand that the this coincided with him also leaving the White House, but he's not walking around with Trump and Dana White anymore. So no one really cares that much. You're right about the money, like the example I was giving in Ohio. But he is on to something that's really important. You know, we have the highest number of Americans that identify as a political independent. That doesn't mean that they don't have right or left leanings, but it means that they don't want to be part of, of this two party system that pushes you into boxes where you don't feel like you belong. And there was a massive study of almost 20,000 people that looked at how independents feel about the major parties. 64% have an unfavorable opinion of the Democratic Party and 71% have an unfavorable opinion of the Republican Party. We need to do better. We need parties that look more like America, that are more responsive to America and their concerns. And it's a huge branding challenge. You know, something that you're great at assessing. But when Musk says we need another option, we need an alternative, almost everybody says that's objectively true. We just need to find a way to make that feasible or possible for folks or to at least give them some inkling that we understand how badly they want things to change.

[Scott Galloway]

So just before we wrap up here, Jess, I need you to get under the President's skin again. We popped to the fourth biggest news podcast in the world last week solely.

[Jessica Tarlev]

Because you didn't text me about that. I didn't know that.

[Scott Galloway]

Solely because the president is pissed off at you and name checked you. So I need you to continue to get under his skin because daddy wants to come back to Ibiza. He wants to come back to Ibiza. The people are so young.

[Jessica Tarlev]

It'll be my great pleasure.

[Scott Galloway]

It's so hot here and it is so expensive. It all reverse engineers to the president getting angry at you. Can you do that for me?

[Jessica Tarlev]

I will do my best.

[Scott Galloway]

I'll say it again. I can't say it enough. I am so proud of you. I think that is so impressive. You literally wanna tell your grandkids. You wanna be like, yeah, remember that fascist back at the beginning of the 21st century that we literally vomited out? Yeah. He went after me publicly. I think that is gonna be. I think you're gonna have that on your tombstone as a point of pride.

[Jessica Tarlev]

A long truth social for a tombstone.

[Scott Galloway]

All right, Jess, that's all for this episode. Thank you for listening to Raging Moderates. Our producers are David Toledo and Eric Gennikis. Our technical director is Drew Burroughs. Going forward, you'll find Raging Moderates every Wednesday and Friday. That's right, every Wednesday and Friday. Subscribe to Raging Moderates on its own feed to hear exclusive interviews with sharp political minds. This week, Jess is speaking with Congressman Seth Moulton. Make sure to follow us wherever you get your podcast so you don't miss an episode. Just have a great rest of the week. It's so good to see you.

[Jessica Tarlev]

Great to see you.