Squawk Pod – March 27, 2026

Episode Theme:
This episode of Squawk Pod dives into three major topics: the latest developments in U.S. Senate funding for the Department of Homeland Security (DHS) and its political fallout; the volatile debut of the Fundrise Innovation Fund (VCX) and the democratization of private market investing, with CEO Ben Miller responding to recent short-seller scrutiny; and a discussion with Dave Evans, co-founder of the Stanford Life Design Lab, on what it truly means to live a meaningful life.

Table of Contents

1. Senate DHS Funding Deal & Political Fallout
2. New York Wealth Tax Debates
3. Fundrise Innovation Fund—Democratizing Private Investment (with Ben Miller)
4. How to Lead a Meaningful Life (with Dave Evans)
5. Notable Quotes & Memorable Moments

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1. Senate DHS Funding Deal & Political Fallout

Main Points:

• Senate passed a late-night deal funding most of DHS, but without desired immigration reforms or extra money for ICE.
• TSA agents, Coast Guard, and others have felt the brunt of an extended shutdown, with over 500 TSA staff reportedly quitting due to pay and working conditions.
• Political infighting continues, with both parties leveraging these workers for negotiating power.

In-Depth Discussion:

• The deal must still clear the House and be signed by President Trump, with delays likely in restoring normalcy at U.S. airports ([02:31]-[03:51]).
• Joe Kernan expresses frustration at political posturing:

  “If I had been in one of those lines and this was the end result, I’d be furious because this was all about them…” ([03:51])

• Andrew Ross Sorkin highlights the human cost:

  “TSA agents… lost more than 500 of them who quit, who can’t handle this anymore…” ([04:02])

• Both hosts discuss the lack of consequences for lawmakers and the repetitive nature of these brinkmanship tactics ([04:35]-[06:13]).
• Discussion touches on ongoing ideological battles about ICE, masks, and holding critical funding hostage, with calls for systemic reform ([06:13]-[07:54]).

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2. New York Wealth Tax Debates

Main Points:

• New York is embroiled in proposals to raise taxes on the wealthy, with major rallies planned and pressure mounting before the April 1 budget deadline.
• Proposed tax hikes include increased surcharges on high earners, a mansion tax, and new corporate levies ([10:09]-[11:29]).
• Governor Hochul opposes further tax hikes, concerned about New York's dwindling tax base as high earners migrate to Florida and Texas ([11:29]-[12:15]).

Memorable Exchange:

• Discussion around “patriotic millionaires” and voluntary overpayment of taxes:

  “What she said is, okay, write me the checks. You can always send more to the government.” – Robert Frank ([12:15]-[12:39])

• Revenue, not tax collection, is cited as New York’s real challenge; hosts discuss political sustainability of the “tax the rich” narrative.

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3. Fundrise Innovation Fund—Democratizing Private Investment

Segment Start: [15:12]
Guest: Ben Miller, CEO & Co-Founder of Fundrise

Overview:

• The Fundrise Innovation Fund (VCX), which gives retail investors access to tech unicorns like OpenAI and Anthropic, saw its stock price skyrocket over 1500% in its debut week before tumbling due to a negative short-seller report from Citron.

Key Discussion Points:

• Democratizing Venture Capital:

  “The idea of democratization—when I first started it, people told me this was crazy. Now it’s novel... Validates the strategy of democratizing access, bridging this gap between public and private, and doing it in a low-cost regulated wrapper.” – Ben Miller ([19:32])

• Public Market Reception:

  • Fundrise listed after building a large, diverse investor base (100,000+ people, average investment ~$5,000, $700M deployed).
  • Short-term price mania shocked even company insiders, with net asset value at ~$19 versus trading highs over $500 ([20:34]-[21:17]).

• Challenges of Public Listing:

  • Ben Miller notes fear of trading at a discount pre-listing, then rapidly needing to address trading at a premium post-launch ([21:09]-[21:54]).
  • Citron’s comparison to Destiny Tech 100 and historic pattern of retail mania collapsing discussed ([21:54]-[22:46]).
  • Importance of staying focused on long-term wealth creation for average investors, not day-to-day stock volatility ([23:09]).

• Short-Seller PR Campaigns and SEC History:

  • Miller defends against Citron’s allegations of overhype and issues with the SEC, calling them outdated and politically motivated:

    “That is literally totally irrelevant… He’s trying to talk the stock down to hurt our investors.” ([24:17]-[24:48])

  • Miller claims the company agreed to settle a minor SEC issue years ago to move past regulatory hostility, not due to wrongdoing ([24:48]-[25:35]).
  • Asked if he regrets going public:

    “It’s just a whole new level of stress, of pressure…” ([25:38])

• Vision:

  “Most people are being excluded from this wealth creation and the creation of AI… If these companies don’t go public this year… if we hit AGI next year… this problem is going to compound like we’ve never seen before.” ([25:49]-[26:43])

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4. How to Lead a Meaningful Life (with Dave Evans)

Segment Start: [26:48]
Guest: Dave Evans, Co-founder, Stanford Life Design Lab

Key Ideas & Insights:

• Challenging Maslow’s Pyramid:

  • Evans questions the practicality of achieving “self-actualization” as defined in Maslow’s hierarchy, arguing that humans are “incredibly capacious” and can’t experience everything their potential allows ([29:27]-[30:22]).
  • Calls for a mindset shift from “FOMO” (fear of missing out) to “JOMO” (joy of missing out):

    “There’s more than one of you in there… You contain far more aliveness than one lifetime permits you to live out.” ([30:22]-[31:07])

  • The abundance of experiences not lived is a sign of richness, not lack.

• Radical Acceptance & Agency:

  • Emphasizes choosing to love what’s in front of you and practicing availability and agency, not chasing unattainable completeness ([31:07]-[32:24], [35:46]).
  • Cites personal stories, including the last words of his late wife:

    “Oh, it’s so interesting.” ([32:24])

• About Meetings & Attitude Adjustments:

  • Suggests moving from “I’ve got to go to a meeting” to “I get to go to a meeting,” reframing obligations as opportunities ([35:24]-[35:59]).

• AI, Consciousness, and Human Uniqueness:

  • Evans and Kernan debate whether AI will ever be conscious; Evans distinguishes consciousness from intelligence, putting his faith in the uniqueness of human experience ([33:14]-[34:20]):

    “Intelligence is not the entirety of the human psyche and human person.” – Dave Evans ([34:20])

  • Near-death experiences and the mysteries of human consciousness are explored, with references to emerging research and personal belief ([34:20]-[34:39]).

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5. Notable Quotes & Memorable Moments

• On Political Gridlock:

  “These workers who are coming in, trying to do their best, protect the country and protect us should not be the ones who are bearing the brunt of this—ever.”
  – Andrew Ross Sorkin ([06:02])

• On Wealth Taxes:

  “New York doesn’t have a revenue problem. Revenues are coming in $2 billion more than expected… We don’t have a revenue problem.”
  – Robert Frank ([13:01])

• On Fundrise’s Mission:

  “Democratizing access, bridging this gap between public and private… doing it in a low cost, regulated wrapper.”
  – Ben Miller ([19:32]) “My job is to execute… deploying the capital into the best tech companies. I don’t know where it’s going to trade.”
  – Ben Miller ([21:54])

• On the Modern Human Experience:

  “You contain far more aliveness than one lifetime permits you to live out.”
  – Dave Evans ([30:22]) “We move from FOMO to JOMO, from the fear of missing out to the joy of missing out.”
  – Dave Evans ([31:10]) “Consciousness is not something available to a large language model… Intelligence is not the entirety of the human psyche and human person.”
  – Dave Evans ([34:20])

Timestamps of Key Segments

• [02:31]–[07:54]: DHS funding deal, TSA/ICE debate, and political analysis
• [10:09]–[14:19]: Wealth tax battle in New York, Governor Hochul’s response, revenue vs. spending issues
• [15:12]–[26:46]: Fundrise Innovation Fund, stock debut, short seller controversy, CEO Ben Miller’s vision
• [26:48]–[37:09]: Dave Evans on designing a meaningful life, Maslow, FOMO/JOMO, radical acceptance, AI & consciousness

Recap

This episode provides a multifaceted look at the week’s news and timeless questions: the impact of political gridlock on everyday workers, the ongoing U.S. debate around wealth taxes, the promise and pitfalls of democratizing access to high-growth tech startups, and the philosophical challenge of finding meaning in a complex world. With expert guests and lively debate, the hosts mix policy, markets, and life wisdom—delivered with CNBC’s signature blend of candor and wit.