Squawk Pod Podcast Summary

Episode: Internet Blackout in Iran & Protests in Minneapolis
Date: January 9, 2026
Hosts: Joe Kernen, Becky Quick, Andrew Ross Sorkin
Key Guests: Senator Bill Haggerty (R-TN), San Jose Mayor Matt Mahan

Episode Overview

This episode of Squawk Pod examines three major issues shaping U.S. and global headlines:

1. Mass protests in Iran and an ensuing government-imposed internet blackout, with U.S. political responses in focus.
2. Protests in Minneapolis following the fatal ICE shooting of U.S. citizen Renee Good, and a debate over U.S. immigration enforcement.
3. The proposed California state wealth tax, with major pushback from Silicon Valley leaders, featuring an in-depth interview with San Jose Mayor Matt Mahan.

The panel blends on-the-ground reporting, live policy analysis, and spirited debate, drawing out political, economic, and social ramifications.

Key Discussion Points & Insights

1. Iranian Protests and Internet Blackout

[01:29 – 05:21]

• Backdrop: Iranian authorities have blocked internet and phone access across over 100 cities amid widespread anti-government protests, violent crackdowns, and mounting casualties.
• International Response: President Trump publicly threatens U.S. intervention if crackdowns worsen.
• Backdrop of Propaganda: Iranian authorities blame foreign interference, echoing past "Great Satan" narratives against the U.S.
• Causes: Sparked by extreme inflation and a severe crash in Iran’s currency against the U.S. dollar.

Notable Quote:

• "The only cameras on the street are from the government, but there are casualties... reportedly as many as 47 people." – Andrew Ross Sorkin (04:09)

• "This is the playbook. Not recognizing the desperation..." – Becky Quick (05:21)

• "It's their business, but I think it'd be good for the world, and for the Iranian people." – Andrew Ross Sorkin (05:23)

2. Protests and Immigration Enforcement in Minneapolis

[01:02, 10:37 – 24:29]

ICE Shooting in Minneapolis

• Incident: ICE agent fatally shoots Renee Good, a U.S. citizen, triggering a wave of protests.
• Political Fallout: Debate arises over immigration enforcement, public safety, and the optics of ICE’s tactics.

Senator Bill Haggerty Interview

[10:37 – 25:01]

• Elections & Midterm Politics

  • Congress is in a tense “game of back and forth.” Procedural votes see Republicans crossing sides, e.g., on Venezuelan policy and Obamacare subsidy extensions.
  • “Not unusual” for lawmakers to break ranks ahead of midterms, often for local political reasons.
  • Haggerty does not believe President Trump’s influence over Republicans is waning.

  Quote:

  • "The support for President Trump is as strong as you'd have ever seen." – Senator Bill Haggerty (14:50)

• Obamacare Subsidy Fraud

  • Haggerty claims “tremendous” fraud in zero-premium plans.
  • Suggests introducing even minimal monthly payments ($5) to ensure people know they’re enrolled, alleging brokers enroll unaware individuals for commission.
  • Example: “Rate of escalation of insurance premiums under Obamacare since 2014: 260% increase” (13:40).

  Quote:

  • "We're trying to eliminate the fraud. The program is clearly broken." – Senator Bill Haggerty (09:06, 13:07)

• ICE Tactics & Public Backlash

  • Sorkin presses on public discomfort with masked, unmarked ICE agents. Haggerty supports measures necessary for enforcement and agent safety.
  • Heated discussion about doxxing and safety: “I support whatever it takes to get these people that shouldn't be here out of our country, period, full stop.” (18:36)
  • Haggerty: “The greater tragedy... is when elected leaders and crime encourage non-cooperation with federal authorities.” (16:39)
  • The panel agrees the unprecedented visuals of ICE actions have fueled protests.

• Accusations of Political Motive

  • Haggerty suggests a political strategy to “backfill” U.S. population counts with undocumented immigrants, benefiting blue state representation.
  • Sorkin acknowledges the significant volume of new arrivals under Biden and the resulting tension in existing systems.

  Quote:

  • "It's a backfill. It's the biggest backfill ever to basically count these people and give disproportionate voting power to states like California, states like New York." – Senator Bill Haggerty (21:18)

3. California Wealth Tax Debate

[02:05, 25:06 – 36:58]

Interview with San Jose Mayor Matt Mahan

[27:43 – 36:58]

• Innovation & Economic Migration:

  • Mayor Mahan warns that a new wealth tax could backfire, hastening billionaire departures (“capital flight”) and ultimately harming middle-class taxpayers and the state’s innovation ecosystem.
  • Notes recent high-profile departures (e.g., Larry Page).
  • "I'm worried that the unintended consequences of this proposed wealth tax could be devastating for our innovation economy here in Silicon Valley." – Matt Mahan (25:22, 27:43)

• Policy Alternatives:

  • Advocates for closing loopholes and tackling government waste/fraud before raising taxes further.
  • Points out that the richest 1% already provide 40% of California’s income tax revenue.

  Quote:

  • "I think we ought to ask government to do better before we ask taxpayers to pay more." – Matt Mahan (30:46)

• Broader Socio-Economic Issues:

  • Mahan stresses that economic pain and cost-of-living worries are driving calls for steep taxes, not "billionaire envy."
  • Recommends targeting issues like housing and infrastructure, not disincentivizing job and wealth creators.

• Technical Concerns:

  • Questions around potential retroactivity of the tax for those who already left the state (Peter Thiel, Larry Page).
  • Mahan: The uncertainty alone has triggered a preemptive exodus.

  Quote:

  • "That very kind of uncertainty is destructive already." – Matt Mahan (33:59)

• Closing Loopholes:

  • Panel discusses tax avoidance via loans against stock and the need for federal solutions.
  • Mahan supports closing loopholes that let billionaires avoid ever realizing taxable gains.

  Quote:

  • "You shouldn't be able to indefinitely borrow against your unrealized gains as a way of avoiding ever paying taxes." – Matt Mahan (35:55)

Memorable Quotes & Moments with Timestamps

• On Iran’s crackdown and foreign perceptions:

  • "It's all about, you know, the Great Satan. And the Great Satan is involved..." – Joe Kernan (04:09)

• On the divisive ICE tactics:

  • Andrew: "Do you believe that agents that are oftentimes unmarked, wearing masks... that's something that you support?"
  • Haggerty: "I support whatever it takes to get these people that shouldn't be here out of our country." (18:18–18:36)

• On the wealth tax’s local consequences:

  • "The top 1% of income earners generate 40% of the income tax revenue in California already." – Matt Mahan (30:46)

• On billionaire departures and public envy:

  • Andrew Ross Sorkin: "I think billionaire envy is misplaced and stupid... If there was any group... to help with wealth inequality, it's job creators..." (31:18–32:21)

• On fraud and inefficiency in government:

  • "Credible sources estimate we've had 20 to 30 billion dollars in fraudulent unemployment claims." – Matt Mahan (30:29)

• On federal versus state approaches to closing loopholes:

  • "I think it has to be closed at a federal level. And I encourage Congressman Khanna to focus on that..." – Matt Mahan (35:55)

Important Timestamps

• 01:02 — Minneapolis ICE shooting & protests intro
• 01:29–05:32 — Iran: protests, blackout, international reaction
• 10:37–25:01 — Extended interview: Senator Bill Haggerty on Congress, immigration, ICE, politics
• 27:43–36:58 — Extended interview: Mayor Matt Mahan on California’s proposed wealth tax

Summary Table: Major Themes

| Segment | Topic | Key Points | |--------------------------|----------------------------------------------|---------------------------------------------------------------------------------------| | [01:02, 10:37–25:01] | Minneapolis, ICE, Immigration Policy | ICE shooting fallout, enforcement debate, fraud concerns, political implications | | [01:29–05:32] | Iran Protests & Internet Blackout | Widespread unrest, government crackdown, US warning, currency collapse | | [27:43–36:58] | California Wealth Tax Debate | Tech exodus, innovation risk, policy alternatives, tax loopholes, government waste |

Conclusion

This episode delivers a high-energy, multi-pronged discussion of pressing news at the intersection of U.S. domestic politics, social justice, and global affairs:

• The Iranian protest movement and global responses underscore the complexity of foreign policy and media control.
• Minneapolis’s protests and ICE enforcement reveal deep divides on immigration, policing, and public trust in authority.
• The California wealth tax debate highlights fault lines between progressive policy and concerns about economic competitiveness.

The hosts and guests maintain a lively, sometimes heated tone, continuously probing for policy nuance and real-world impacts—with memorable moments, sharp questioning, and an acute awareness of the 2026 election year climate.