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[00:00]
Ari Melber
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[00:30]
Host/Interviewer
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[00:47]
Ari Melber
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[00:50]
Host/Interviewer
Today you are watching the Beat. And we begin tonight with with Donald Trump's big news. He has fired Homeland Security chief Kristi Noem. This is the first cabinet member to be ousted in this entire, sometimes chaotic Trump second term. As of today, it's a big one. Noem overseeing Trump's immigration crackdown, which proved both unpopular, ineffective and at times lethal against Americans. Her tenure was also marked by widespread reports from internal watchdogs like their inspector general within that department and and independent reporting and accounts from people who worked for her and with her of really erratic and troubled leadership there. In other words, the policy issues or whether ICE was working well, even Donald Trump clearly wants to make some visible change. And then there's the competence issues. Nicole's guests and our other colleagues have covered this throughout today's breaking news because there were a lot of problems inside that department. Criticism from Republicans today, the firing. And there's Noem's chief advisor, who was a longtime Donald Trump campaign figure, Corey Lewandowski. We're told he's also leaving DHS along with her. From this news today, Trump plans to nominate a Republican, Senator Mullen to replace her. And remember, we got here from protests. We got here from independent reporting. We got here from people risking life and limb, quite literally to make their own videos and evidence of what ICE was doing. That all escalated in Minnesota when federal agents swarmed that particular place in these sweeps. And then you saw the pushback and protests around the country. The protests worked. The pushback worked, but it did not come without problems along the way that couldn't be stopped in time. Because while the protesters said, hey, let's be careful and peaceful. It was Donald Trump's agents who killed two Americans, Renee Goode and Alex Petty. Noem also would not take accountability or apologize for falsely branding those people as, quote, domestic terrorists.
[02:55]
Commercial Voiceover
It was an act of domestic terrorism. What happened was our ICE officers were out in enforcement action. They got stuck in the snow because of the adverse weather that is in Minneapolis. They were attempting to push out their vehicle and a woman attacked them. This individual who came with weapons and ammunition to stop a law enforcement operation of federal law enforcement officers committed an act of domestic terrorism. That's the facts.
[03:20]
Host/Interviewer
Those were not facts. Those, as we've shown you in our reporting, were false claims. Stamping that, but showing you that's one of the reasons that may have contributed to her firing today. Trump's approval on immigration has been crashing. It's underwater by 13. He recently skipped over Nome at a Cabinet meeting, which was noticeable. And Republican senator, again, speaking to one piece of this that I mentioned, the outright incompetence. This Republican said her leadership was a disaster. And what we've seen is a disaster under your leadership, Ms. Noem. A disaster. What we've seen is innocent people getting detained that turn out are American citizens. I could talk about the culture that's been created here with, with Stephen Miller aiding and abetting the fact that you can't admit to a mistake which looks like under investigation. It's going to prove that Ms. Good and Mr. Petty prob should not have been shot in the face and in the back. We're an exceptional nation, and one of the reasons we're exceptional is we expect exceptional leadership. And you've demonstrated anything but that. That was a recent Republican view. Noem came to this position from a history in politics, and many viewed her efforts to do branding amidst the Homeland Security project as a kind of political effort that apparently failed, or at least failed with the public. When we talk about the numbers and with Donald Trump ultimately ousting her today, critics said some of her photo ops verged on the baroque and grotesque. This one speaks for itself. Noem also faced bipartisan criticism over the DHS ads, which cost over $200 million, featuring her.
[05:07]
Commercial Voiceover
Why do I love these wide open spaces? They remind me of why our forefathers came not just for its beauty, but for the freedom only America provides. I'm Kristi Noem. That freedom's a precious thing and we defend it vigorously. You cross the border illegally, we'll find you. But if you come here the right way, your American dream can be as big as these endless guys from President Trump and me. Welcome home.
[05:35]
Host/Interviewer
Looks a lot like a campaign ad. Noem testified under oath. Trump approved it. Trump disagrees, says it's not true. That's between them. The DC Outlet Punchbowl reports he was so angered that her future at DHS was at risk. Then, hours after that, what might have been the last straw given the many substantive problems that led to Trump firing? No, we have a lot on this story. Really. One of the biggest backlashes against Donald Trump working protests, working what started in Minnesota has Now upended Trump's DHS. And we're back on this big news in 90 seconds. President Trump firing DHS Secretary Kristi Noem today. Largest firing and the first big one of the cabinet in the Trump second term. I'm joined by Congressman Eric Solwell, who questioned Noman House hearing this week. Your reaction?
[06:34]
Congressman Eric Swalwell
Every American tonight is safer, Ari, with Kristi Noem's firing, at least for now. But on her watch, we saw good people, a lot of Californians arrested and deported, 95% of them who had never committed a violent crime. We also saw Noem spend $220 million on herself in these bizarre glamour ads. And finally, and just as bad as the top two public executions in our streets, we lost a nurse named Pretty and a mom named Good. And so it can't come fast enough. But of course, there's no confidence that the president will appoint anyone who will take the country in a better direction.
[07:17]
Host/Interviewer
Do you think Democratic opposition and criticism and street protests contributed to this? And can you say which was more important?
[07:26]
Max Boot
Yeah.
[07:26]
Congressman Eric Swalwell
Well, I want to thank your viewers because they're the ones who go to the no Kings rallies. They're the ones who have publicly protested. There's signs all over Washington, D.C. with Kristi Noem's face saying ice out. And the American people have really risen up peacefully in the streets. And my Democratic colleagues in the Senate and the House have held strong, denying the Department of Homeland Security a penny until the public executions stop. The masks come off the roving bands of end. And we've been pretty solid and consistent in that. And the message was clear. We're not going to fund this. And she's not capable of leading that department.
[08:06]
Host/Interviewer
What is the future of ICE and deportation policy now?
[08:11]
Congressman Eric Swalwell
Well, Democrats have to stick together here. And we have to continue to try and convince our Republican colleagues who they say often they want to back the blue, but this is not what the blue looks like. Good law enforcement does not go through our communities without a warrant and into your house. They don't shoot people in the public execution fashion, as we saw in Minneapolis, they don't wear masks. They don't drag women by their hair and throw them into unmarked vans. They don't chase people through the fields and factories where they work. And so if we can continue to show that that is not law enforcement, that's terror. And until you change that, we're not going to give them a penny, I don't see how ICE or Border Patrol receives any further funding.
[08:53]
Host/Interviewer
She said today that she was heartened by the quote that people sleep peacefully in their beds at night only because rough men stand ready to do violence. What did you think of that as her final thought on her tenure?
[09:10]
Congressman Eric Swalwell
Well, I mentioned to her yesterday somebody who does not sleep peacefully in his bed. His name is Miguel Lopez. He was a neighbor of mine in a city of Livermore, California, and he had been in the United States for 30 years. Ari. He went to every court proceeding he was asked to go to, raised his three kids in the United States, worked at the same winery where my wife and I were married 10 years ago, went to his court hearing in April, was put in handcuffs and sent to Mexico over a judge's objection who said he should stay here for his due process. His family told me every Sunday night there's an empty chair where Miguel is supposed to sit. He's not sleeping very peacefully. And this individual never committed any crime of violence. And his story is a story of so many in California and across our country.
[09:54]
Host/Interviewer
Understood. And Congressman Stalwell on a big news night. And you've been in this oversight process with the dhs. Thank you very much. I want to tell folks, coming up, we have a White House veteran who is warned about Donald Trump's mental acuity and lawlessness. Ty Cobb, next.
[10:13]
Max Boot
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[10:18]
Congressman Eric Swalwell
he buried my electrical wires, I knew
[10:20]
Max Boot
I could trust him to bury my
[10:20]
Host/Interviewer
sweet nibbles after his untimely end.
[10:22]
Ari Melber
This is very strange, Angie. The one you trust. Define the ones you trust.
[10:26]
Congressman Eric Swalwell
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[10:28]
Ty Cobb
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[10:32]
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[10:52]
Ty Cobb
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Congressman Eric Swalwell
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[10:57]
Tyler Redick
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[11:32]
Host/Interviewer
President Trump firing his DHS chief, Kristi Noemi. Today we're joined by Ty Cobb, the former White House attorney who served in the first Trump White House. Ty, of all the things. The outlet in D.C. punchbowl reported that under questioning, Noem repeatedly said that Trump personally approved. What was that controversial ad blitz? We showed it moments ago with her in a lead role. Some would call it state propaganda, others would call it a waste of money. Others might say it's just the usual Trump reality show. They reported angered Trump so much that her future at DHS was at risk. And then he fired her. Today, your thoughts on the story, both that seemingly minor reason on a pile of reasons and what becomes of ICE policy.
[12:16]
Ty Cobb
So I think at one level it is minor because you know, this is a mere $200 million as opposed to the $4 billion that the President is on record having enriched himself over the course of the last year. But at the same time, this was a huge mistake. When Congressman Swalwell was talking about the demonstrations and the Democratic criticisms, I don't believe that actually moved Trump at all. What happened, what moved him today was precisely what you just showed where she Trump with this corrupt, you know, ad thing that she did, you know, a $143 million contract to a business that had been incorporated for eight days, never had any experience and was associated with one of her subordinates. So that's what, that's why Trump fired her. And I think it's a good lesson for Pam Bondi as she goes up next week for the event to which she's been subpoenaed on, you know, her efforts to withhold, you know, critical documents, Trump and his alleged rape of a 13 year old, among other allegations from the Epstein disclosures that she, you know, she better not blame the president for any, any of those misdeeds. You know, she's going to have to take that bullet herself.
[13:37]
Host/Interviewer
Yeah, you're drawing that connection to multiple scandals that go to ethics propriety and promises made. Trump and Bondi made a lot of claims about what Epstein transparency would look like that they've both clearly failed. Overall, when you widen out, Nome is The person carrying out a policy that a lot of independents and moderates and some conservatives oppose, as well as obviously the left has been against it from the beginning. If you look at the number here, you have a majority against these tactics and a lot of people saying he's gone too far on immigration. Your thoughts there?
[14:15]
Ty Cobb
So obviously he's gone too far in immigration. Remember that the promise was to get rid of the violent offenders, the people that were murderers and rapists and violent criminals. Instead, what we've seen is the vast, vast majority of people are gardeners, housekeepers, cooks, dishwashers, et cetera, et cetera. And very few of the people actually deported or detained have any criminal record. So that's not what people voted for. Everybody wants the border secure from violent offenders. But I think in America, where compassion, inclusion are virtues that got us 250 years of the world's deepest affection and admiration, which we've sacrificed in the last year, I think those are the virtues that I think most Americans still hold dear now. I mean, I'm glad for certain that ICE Barbie is no longer and that she and Leandowski will not get back on the DHS Sugar Shack plane in their time. But I think you'll see Lewandowski back in some fashion in the government. Remember, he's been dismissed or fired multiple times over the tenure of Trump's first term in this term. So I don't think his influence is going to be gone forever. But I do think Secretary Noem is done. I think that's good. It could be a predicate to a couple of other terminations. I think Pam Bondi, of course, is certainly worse than Nome in the sense that the damage that she has done to the rule of law. But I think we might see some changes there. Hopefully we will. On the other hand, the replacements that are likely don't bring a lot of confidence to people, I think. Mark Wayne Mullen, zero experience in law enforcement or foreign affairs of the kind that most DHS secretary have had historically at a time where, you know, we're at Defcon 5 in terms of being at war. We've got terrorists from, you know, Iranian Hezbollah, Iranian Kurds. We've got a lot of problems that could potentially wreak havoc in the United States and elsewhere that need the kind of experience and competence that we just don't see in this cacosocracy of inept people from, you know, from Hegseth to Patel.
[16:51]
Host/Interviewer
Yeah, you're laid out there and reminding everyone DHS is especially key when you're looking at the real foreign threats which might go up in a regional war. Ty Cobb, we always appreciate your experience and wisdom. Thank you, sir.
[17:04]
Ty Cobb
Good to be with you, Ari.
[17:05]
Host/Interviewer
Yeah, appreciate it. We have a lot coming up. It's a busy night. We're going to talk with longtime Goldman Sachs veteran Lloyd Blankfein by the end of the hour on and Trump tariffs and inequality. But next we turn to the right leaning economist saying this has become a Trump war without a strategy. When we come back,
[17:27]
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[17:39]
Ari Melber
Make it quick young man.
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[17:46]
Ari Melber
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Congressman Eric Swalwell
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Ari Melber
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[18:27]
Tyler Redick
Pancetta mushroom tortellini. You could eat smart, still fit in your bikini. How old you are. Blue Apron I've been happy ever since they sent pre portioned meals. I don't make no measurements. Saute the pancetta, then I add the mushrooms. Large skillet cause you can't have too much room. Garlic pesto, tomato paste, Calabrian chili. Season to taste. Order. Blue Apron Today.
[19:02]
Host/Interviewer
I really didn't want to start the
[19:04]
Congressman Eric Swalwell
monologue by talking about the war.
[19:06]
Ari Melber
But in honor of this administration, I
[19:08]
Congressman Eric Swalwell
went into this without a plan.
[19:10]
Ari Melber
So
[19:13]
Host/Interviewer
more and more questions about what the plan is. What are we doing in Iran? Which of recent rationales are true, if any? We have a seasoned foreign policy expert, Max Boot. He's at the National Security Studies Council on Foreign Relations Fellow. He's a Washington Post columnist. He's been thinking about these issues most of his career. What's important to understand about this Iran war right now?
[19:36]
Max Boot
Well, I think what's important to understand, Ari, is that I think you're seeing kind of a split screen. On the one hand, you're seeing the incredible professionalism and effectiveness of the US Military because they're talking about all these targets that they're going after. And they've had tremendous success, beginning with the killing of Ayatollah Khamenei and so many other Iranian leaders, and now going after their arsenal, their weapons, all that other stuff. They're doing that very effectively. But then you don't see a similar level of competence, nothing that inspires faith on the side of the civilians in the administration. You see folks like Pete Hexseth or Donald Trump who are very clearly blustering and kind of making it up as you go along. And I feel like we've kind of seen this movie before because this is really the story of the last quarter century. We have tremendous US Tactical military success, but it doesn't translate into strategic long term gains. And that's the challenge in Iran, is can they somehow go from blowing a lot of things up to transforming the nature of the Iranian regime? And so far, I don't see much evidence of that happening.
[20:44]
Host/Interviewer
Right. And it's echoes of Venezuela and other things where the US can do it, it can do a lot. But what happens with the impact, and in some sense what haunts you is the greater the impact, the more then you have to, as we've learned in past Middle east excursions, the more you have to figure out, oh, wow, we really did topple that government or we really did change the region. Now what if you have these other problems that come back? I want to show you in the audience how Donald Trump so vigorously and repeatedly vowed not to do the regime change style war he's doing now.
[21:18]
Ari Melber
I will tell you, you're not going to have a war with me and you're not going to have a third
[21:22]
Host/Interviewer
world war with me. I will also restore peace strength and
[21:25]
Ari Melber
I will Prevent World War 3 from happening.
[21:29]
Host/Interviewer
These globalists want to squander all of
[21:31]
Ari Melber
America's strength, blood and treasure, chasing monsters and phantoms overseas. Our current strategy of nation building and regime change is a proven, absolute failure. I'm not going to start a war. I'm going to stop wars.
[21:51]
Max Boot
I mean, I think there's always been this tension in what Trump says because on the one hand, from the clips you're playing, this was a huge part of his appeal. This was a huge part of the reason why he was elected. Running against the Iraq war, running against the American inventions in the Middle East. But on the other hand, he's always been kind of the swaggering macho, loves the US Military, promises to torture terrorists and their families, all that kind of stuff. So it's basically a combination of isolationism and militarism. I would say, in his second term, not so much isolationism, it's all militarism. It's really militarism on steroids. Because I think my sense is that President Trump has really become enamored of the use of military force because he's had some what he views as successes. Blowing up General qassem Soleimani in 2020, blowing up Iranian nuclear installations last June, kidnapping Maduro in Venezuela in January. So now he thinks that the US Military is invincible. But this is the largest war he has started on his watch. He started a lot of wars. He's bombed eight countries, but this is the largest one. It's the biggest gamble. It's the one that involves regime change seemingly without a plan. So I think Trump is going to learn, as previous presidents have learned, the limits of US Military capability, that they can blow a lot of things up, but they can't necessarily transform countries in the Middle East.
[23:13]
Host/Interviewer
At 30 seconds, what is the best off ramp for the U.S. well, I
[23:17]
Max Boot
suspect the likeliest off ramp is that Trump is probably going to tire this war in a few weeks. You're going to see oil prices keep going up, economic turmoil threaten, you know, threatening Republican chances in the midterm elections. And he's probably going to say, we won. We've obliterated their navy, we've obliterated their nuclear forces, we've obliterated their military. They will never threaten the region again. In fact, he was saying something very similar to that already today. And then he will kind of wash his hands of it and say it's up to the Iranians what they want to do next. But, you know, we could always do this again. So I suspect he'll walk away and probably leave a wounded but still dangerous regime in power in Tehran.
[23:57]
Host/Interviewer
Max Boot, thank you. That's really good perspective on what is unfolding here. And we're just, we're all watching it happen. I want to tell folks, when you look at Trump and the high prices, the tariff problem after the SCOTUS a decision narrowed his, his powers, I should say his Fed probe. We have someone who's been at the center of these clashes, including navigating the financial crash. The former CEO of Goldman Sachs, Lloyd Blankfein, makes his beat debut tonight. Welcome to the summit series with Ari Melbourne, where we speak to leaders at the summit of their fields. Tonight's guest is a defining figure of Wall Street's success. One of the most consequential leaders during and after the 2008 crash, longtime Goldman Sachs CEO Lloyd Blankfein. The CEO has been heralded and criticized. The New York Times reported he handled the financial crisis better than all the firm's rivals and had the longest run atop the firm in half a century. The paper also reported he became a lightning rod for objections to how Wall street operates.
[25:05]
Commercial Voiceover
It's time for this morning's Mover and Shaker, and today it is Goldman Sachs CEO Lloyd Blankfein. Goldman is known on Wall street for escalating the pay. Blankfein is a supporter of setting industry standards.
[25:18]
Ari Melber
Blankfein was awarded a $68 million bonus,
[25:21]
Host/Interviewer
the most ever for a Wall Street CEO.
[25:23]
Commercial Voiceover
A dozen CEOs get ready to meet
[25:25]
Ari Melber
President Obama today to discuss the fiscal cliff.
[25:28]
Commercial Voiceover
The Goldman Sachs chief has unveiled a business plan for American revival.
[25:32]
Ari Melber
He's been a lifer at Goldman, right? As you say.
[25:35]
Host/Interviewer
He started in the 80s.
[25:36]
Commercial Voiceover
He said that Goldman Sachs, among a number of organizations, failed to sound the alarm bells throughout the crisis.
[25:43]
Host/Interviewer
Lloyd Blankfein. Newly minted billionaire Lloyd Blankfein looks at
[25:47]
Commercial Voiceover
himself as being a risk manager. Lloyd Blankfein is preparing to leave Goldman Sachs.
[25:51]
Congressman Eric Swalwell
We look at share price performance since he took over. It's clear that while behind that of JP Morgan, it's significantly better than some
[25:58]
Max Boot
of the other banks.
[25:59]
Ari Melber
After 40 years of running around the world and living in the macro markets, it's a little bit hard to. It's a little bit hard to drop it.
[26:09]
Host/Interviewer
Blankfein is out with a new book, Streetwise, Getting to and through Goldman Sachs, recounting a journey from New York public housing to Harvard to the top of Wall street, where Blankfein became as big a household name as probably any banker can be. Even portrayed in the film Too Big to Fail.
[26:28]
Ari Melber
Lloyd's a superstar. Goldman's the smartest shop on the block. And just because I used to be
[26:35]
Tyler Redick
his boss, it doesn't mean he's gonna listen to me.
[26:37]
Ari Melber
The goddamn British bankruptcy administrator froze all of Lehman's customer accounts. You didn't square this with the British before you did it? Geithner on 5. People are freaking out. They can't get their money. Not investors, clients.
[26:53]
Host/Interviewer
Lloyd Blankfein joins the Summit Series now. Welcome.
[26:56]
Ari Melber
Good to see you, Ari. Who's that guy in a suit?
[26:59]
Host/Interviewer
You're more casual these days.
[27:00]
Ari Melber
Well, I was pretty casual back Then,
[27:02]
Host/Interviewer
too, that's memory lane. I want to get into all of it.
[27:05]
Ari Melber
Sure, sure, sure.
[27:06]
Host/Interviewer
The book starts with young Lloyd in public housing. East New York, Brownsville, East New York, East New York, Brooklyn, Lynden, Linden projects. So you're in the projects. What part of that prepared you for the world you were entering? Because in the book you talk about developing your sense of self, but also having a kind of an imposter feeling.
[27:32]
Ari Melber
I would say the best thing and the first. I call the first chapter Advantages, which is kind of ironic. Some people would think that would just advance. We lived in with my. We were 1, 2. We were four generations because my grandmother lived with us and my sister's baby lived with us and my parents in a relatively small apartment. But I would say there was not any direct preparation. But I got a lot out of that experience. What I got out of that was motivation.
[28:01]
Host/Interviewer
Do you remember the rap group Tribe Called Quest?
[28:04]
Ari Melber
No.
[28:05]
Host/Interviewer
They were.
[28:06]
Ari Melber
Why don't you hum a few bars?
[28:08]
Host/Interviewer
Well, I got some for you.
[28:09]
Ari Melber
Okay.
[28:09]
Host/Interviewer
Because reading your book, they have a couple songs. One they say back in the days on the boulevard of Linden, we used to kick routines and the presence was fitting. They have another hit song where they say, linden Boulevard. Represent, represent. When the mic is in my hand, I'm never hesitant.
[28:25]
Ari Melber
Well, that was the big street, Lynden Boulevard.
[28:27]
Host/Interviewer
Lyndon lived. Yeah. So it's striking. That's in the culture. You had your road out, other people had their road out, but you were coming up in a place that was obviously diverse. And a lot of people, however much they love that neighborhood, knew that they were not necessarily reaping the benefits of America.
[28:44]
Ari Melber
I wish I had thought of it at the time, but I think I was pre rap.
[28:47]
Host/Interviewer
Yeah, well, you were. They came later than. But that neighborhood, looking at that now, you feel like, wow, I made it out. And I would have not had that motivation had I started somewhere else.
[28:59]
Ari Melber
I think that's certainly right now. That's not to say there's always probabilities and statistics. I think I'd like to say that I'm representative of what anybody could accomplish if they're properly motivated. But something. If you're properly motivated, you still have to be lucky.
[29:14]
Host/Interviewer
This is much broader than the financial sector or banks. The CEO pay across the entire economy has risen by over 1,000% from the 70s, and worker pay is up only about 26%, not keeping pace with inflation. Is that a market failure? Is that a problem?
[29:33]
Ari Melber
Yes. Inequality and distribution. Again, as I said, the economy in general has to do two things. Create the wealth and distribute it according to values. And you look at that, and in good times where everybody's being elevated, there tends to be a relaxation of concern if somebody's getting elevated more. But at times when people are just getting by, it's infuriating to see if that people are getting spectacular multiples of it, even if that's what the market is compelling. So I think it is a political problem today and a social problem. But one has to pay a lot of money for NFL quarterbacks, and people pay a lot of money for effective CEOs.
[30:16]
Host/Interviewer
Let me ask you philosophically, because it's very clear that you're bright. And all these other bright people say that you're bright. You have Harvard Law and you run this thing and now you're retired. Philosophically, is there a level of wealth that one person should hit their ceiling, whether it's a billion or 10 billion or 100 billion or an era where we hear we may have the first trillionaire? Is there some level that you see that as a philosophical matter that says it's a living?
[30:45]
Ari Melber
People are different. Look, the people who are killing themselves the most, I think the most competitive people in the moment today are these hyperscalers. What are hyperscalers in the metas of the world? The biggest companies in the world who are competing like crazy. Who's going to be the first to artificial intelligence? Who's going to be the social networks of that triumph? I'm glad these people are still competitive and still want to win and still want to make up. The only thing you can do with that money at the end of the day is give it away. And that's what they're doing. The idea of a cap, it's a phony thing. You want to continue to incentivize the best people. In different cultures, there are different incentives. People work very hard. In China, nobody makes that much money.
[31:30]
Congressman Eric Swalwell
But
[31:32]
Ari Melber
the currency that they're dealing with is fame, acclaim, status within the party. If you're a Nobel laureate, your currency is whether you get a Nobel Prize or not, you don't get fame and acclaim and you don't get a Nobel Prize. When you're wealthy and you create a business that generates jobs, generally you get hauled in front of Congress and have the heck kicked out of you. The only thing they get is the ability to endow large foundations and give away the money. I'm glad they're still incentivized, even after they made a fortune to keep on going. I'm glad Elon Musk is somehow incentivized to keep on going even though he's going to end up a trillionaire and he still keeps on going. I'm glad of that. You can't take it with you. Eventually even he probably. I can't prove this, but even his life will be over at some point and by then he will have undoubtedly given away his money. But the fact of the matter is very few people in the world, and by the way, in every era make an outsized contribution to the advancement of wealth creation and society. Again, there are different kinds of currencies, different kind of metrics for this, so I wouldn't put a cap on anything. But our culture also does a very good job of pressuring people appropriately, I think.
[32:51]
Host/Interviewer
You think the pressure on billionaires. Good.
[32:53]
Ari Melber
To give money away. Yeah, I think it is.
[32:55]
Host/Interviewer
Supreme Court limits the President's tariff powers. This is good, bad. And the market thinks what I think
[33:03]
Ari Melber
separating into two pieces. It's good that there was a limitation because I believe in the Republic and separation. I believe in the Constitution, separation of powers. To me, that's what that case was about is does the presidency, the executive, have unlimited power? No. Certain things belong to the Congress and the third branch of judiciary decides that. That's good. The other substantive question, should we have tariffs? That's a different question. And should someone wield those tariffs? The right authority wield it, I think should under most circumstances, although it shouldn't be crazy and change every day, and it should be somewhat predictable. But tariffs serve a useful purpose.
[33:41]
Host/Interviewer
The President has two Fed officials under investigation, widely reported to be baseless. This is is appropriate use of power
[33:51]
Ari Melber
or bad, bad, bad, bad, bad, bad. Anytime the Federal Reserve, we borrow money, other people are our creditors. The way the US Defaults to creditors is not by not paying. Because we print dollars. We can always pay back dollars. We have printing machines that pay back dollars. How does the US Default? Potentially by inflating the currency that the dollars we pay back aren't as worth as much. The protector of the dollar, people who keep the purchasing power, who keep inflation down, is the Fed. If you attack the Fed, the people who lend us money are either going to stop lending us money or else they're going to require a higher interest rate. So undermining the prestige and power of the Fed is just a bad thing.
[34:33]
Host/Interviewer
Lloyd Blankfein, thank you for your time. The book is Streetwise Getting to and through Goldman Sachs. Appreciate it.
[34:40]
Ari Melber
Thank you. Appreciate it very much.
[34:42]
Commercial Voiceover
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Summary7 min read

Podcast Summary: The Beat with Ari Melber

Episode: Trump Fires DHS Secretary Kristi Noem
Date: March 6, 2026
Host: Ari Melber

Overview

This episode centers on President Trump's firing of Department of Homeland Security (DHS) Secretary Kristi Noem, marking the first cabinet ouster of Trump’s second term. Ari Melber analyzes the catalyst for Noem’s dismissal—ranging from failed immigration crackdowns, lethal ICE incidents, internal dysfunction, and controversial multi-million-dollar ads—to its political implications. Conversations with Congressman Eric Swalwell, legal expert Ty Cobb, foreign policy commentator Max Boot, and Goldman Sachs veteran Lloyd Blankfein dive into the ripple effects on immigration policy, Trump’s evolving war in Iran, and economic leadership under his administration.

Key Topics & Insights

1. Kristi Noem Fired as DHS Secretary

[00:49–06:33]

Background

Noem’s tenure was turbulent, defined by a harsh, widely criticized immigration crackdown and fatal ICE enforcement actions, including the deaths of two Americans.
Watchdogs, internal reports, and protests highlighted erratic leadership and controversial tactics.

Trigger Points Leading to Firing

ICE’s lethal Minnesota sweeps sparked national protests and scrutiny. The activism, reporting, and bipartisan criticism increased pressure on the administration.
Noem’s refusal to apologize for branding victims as “domestic terrorists” and for controversial DHS ads exacerbated her problems.
Reports surfaced that Trump skipped over Noem during a key Cabinet meeting, signaling her loss of presidential confidence.

Notable Quote:
“These were not facts. Those, as we’ve shown you in our reporting, were false claims. Stamping that, but showing you that’s one of the reasons that may have contributed to her firing today.”
— Ari Melber [03:20]

Political Fallout

Trump's approval on immigration has sunk further; the crackdown’s results have deeply polarized even Republican circles.
The DHS ad campaign (over $200 million) featuring Noem blurred lines between policy and personal branding, drawing accusations of self-aggrandizement and misuse of public funds.

Notable Quote:
“Noem also faced bipartisan criticism over the DHS ads, which cost over $200 million, featuring her.”
— Ari Melber [05:07]

2. Reaction from Congressman Eric Swalwell

[06:33–09:53]

Immediate Reaction: “Every American tonight is safer, Ari, with Kristi Noem’s firing, at least for now. But on her watch, we saw good people... arrested and deported... bizarre glamour ads... and public executions in our streets.”
— Rep. Eric Swalwell [06:33]
Swalwell credits grassroots protests, Democratic resistance, and congressional refusal to fund DHS as tipping points.
- “My Democratic colleagues... have held strong, denying the Department of Homeland Security a penny until the public executions stop... And the message was clear: We're not going to fund this. And she's not capable of leading that department.” [07:26]
On ICE’s Future: Calls for Democrats to continue withholding funding until abuses end. Emphasizes that “good law enforcement does not go through our communities without a warrant and into your house. They don’t shoot people in public execution fashion... that's terror.” [08:11]
Personal Story: Shares the deportation of his long-time neighbor Miguel Lopez, illustrating the crackdown’s human toll. [09:09]

3. Ty Cobb on the Firing’s Real Cause and the Administration’s Ethics

[11:31–16:51]

Ty Cobb, ex-White House attorney, argues Trump was motivated to fire Noem not by public protests, but by a corrupt ad contract ($143 million to an inexperienced firm linked to Noem’s subordinate) that embarrassed Trump.
Connects Noem’s firing to broader Trump-world scandals (Pam Bondi, Epstein investigations), implying that public blunders and disloyalty are deal-breakers for Trump, not policy objections.
On Immigration Policy: Notes the original pledge was to target violent offenders, but actual actions swept up mostly non-criminals (“gardeners, housekeepers, cooks...”).
- “Everybody wants the border secure from violent offenders. But... compassion, inclusion are virtues that got us 250 years of the world’s deepest affection and admiration, which we’ve sacrificed in the last year.” [14:14]
Skeptical of Markwayne Mullin, Trump's nominee to replace Noem, citing lack of DHS-related experience.

Memorable Moment:
“I’m glad for certain that ICE Barbie is no longer and that she and Leandowski will not get back on the DHS Sugar Shack plane... But I think you’ll see Lewandowski back in some fashion in the government.”
— Ty Cobb [15:40]

4. The Iran War: Strategy and Risks with Max Boot

[19:01–23:57]

Boot describes US military’s operational success in Iran (notably after the assassination of Ayatollah Khamenei), but criticizes the administration’s lack of civilian leadership, planning, and strategic goals.
- “Tactical military success, but it doesn’t translate into strategic long term gains... that's the challenge in Iran: can they go from blowing a lot of things up to transforming the regime? So far, I don't see much evidence of that.” [19:36]
Highlights contradiction between Trump's earlier non-interventionist rhetoric and current military adventurism:
- “It’s basically a combination of isolationism and militarism. In his second term... militarism on steroids.” [21:51]
Predicts Trump will tire of the war, declare victory, and leave Iran wounded but still dangerous:
- “He’ll walk away and probably leave a wounded but still dangerous regime in power in Tehran.” [23:17]

5. Lloyd Blankfein on Inequality, Tariffs, and Presidential Power

[25:59–34:33]

Background:

Ari Melber interviews former Goldman Sachs CEO Lloyd Blankfein, discussing his new book, his upbringing in Brooklyn public housing, and the evolution of American wealth distribution.

Wealth Inequality

Highlights the exponential rise in CEO pay versus stagnant worker wages, naming it a social and political issue.
- “CEO pay across the entire economy has risen by over 1,000% from the 70s, and worker pay is up only about 26%...” [29:13]
- “It is a political problem today and a social problem... But one has to pay a lot of money for NFL quarterbacks, and people pay a lot of money for effective CEOs.” [29:33]
Blankfein argues against a wealth cap, supporting strong incentives for innovation and competition while acknowledging cultural pressures on billionaires to give back.
- “You can’t take it with you. Eventually even he [Elon Musk] will have given away his money...” [31:32]
- “I wouldn’t put a cap on anything. But our culture also does a good job of pressuring people appropriately.” [32:50]

Checks on Presidential Power

Welcomes the Supreme Court’s recent decision restricting unilateral tariff powers:
- “I believe in the Constitution, separation of powers. That’s what that case was about... does the presidency have unlimited power? No.” [33:02]
Criticizes Trump’s reported use of investigations against Federal Reserve officials, warning it undermines U.S. economic credibility:
- “Undermining the prestige and power of the Fed is just a bad thing.” [33:50]

Notable Quotes & Timestamps

| Speaker | Quote | Timestamp | |-----------------------------|-------------------------------------------------------------------------------------------------------------------------------------|--------------| | Ari Melber | "This is the first cabinet member to be ousted in this entire, sometimes chaotic Trump second term. As of today, it’s a big one." | 00:49 | | Rep. Eric Swalwell | "Every American tonight is safer...with Kristi Noem’s firing, at least for now.” | 06:33 | | Ari Melber | “These were not facts. Those...were false claims. Stamping that...one of the reasons that may have contributed to her firing today.”| 03:20 | | Ty Cobb | “What moved him today was...that corrupt...ad thing that she did...that’s why Trump fired her.” | 12:16 | | Ty Cobb | “I’m glad for certain that ICE Barbie is no longer and...will not get back on the DHS Sugar Shack plane...” | 15:40 | | Max Boot | “We have tremendous US Tactical military success, but it doesn’t translate into strategic long term gains...that’s the challenge.” | 19:36 | | Max Boot | “It’s basically a combination of isolationism and militarism. In his second term...militarism on steroids.” | 21:51 | | Max Boot | “He’ll walk away and probably leave a wounded but still dangerous regime in power in Tehran.” | 23:17 | | Lloyd Blankfein | “CEO pay...has risen by over 1,000% from the 70s, and worker pay is up only about 26%...” | 29:13 | | Lloyd Blankfein | “Our culture also does a very good job of pressuring people appropriately...” | 32:50 | | Lloyd Blankfein | “That’s what that case was about...does the presidency have unlimited power? No.” | 33:02 | | Lloyd Blankfein | “Undermining the prestige and power of the Fed is just a bad thing.” | 33:50 |

Important Segments & Timestamps

| Topic/Speaker | Segment Title/Content | Timestamp | |------------------------------|----------------------------------------------------------------------------------------------|------------| | Trump fires DHS Secretary | Analysis of Noem’s firing and background | 00:49–06:33| | Rep. Eric Swalwell | Congressional reaction, ICE future, personal anecdote | 06:33–09:53| | Ty Cobb | Ethics, ad contracts, Trump administration shakeup, future appointees | 11:31–16:51| | Max Boot | Iran war: strategy, Trump’s contradictions, off-ramps | 19:01–23:57| | Lloyd Blankfein | Wall Street, inequality, tariffs, Trump, Fed independence | 25:59–34:33|

Overall Tone & Style

Ari Melber’s tone is incisive, urgent, and fact-focused, with an emphasis on accountability and exposing political spin. Guests range from indignant (Swalwell) to caustically analytical (Ty Cobb) and deeply reflective (Blankfein). The episode is marked by a blend of hard political news, lived human impact stories, and broad, structural debates about governance and the economy.

Conclusion

This episode offers a critical look at a pivotal moment in Trump’s second term: the fall of an embattled DHS chief, the backlash against hardline immigration enforcement, and the uncertainty ahead for U.S. domestic and foreign policy. Through a mix of frontline reporting, expert interviews, and larger economic reflections, Ari Melber and his guests illuminate how political power, public pressure, and institutional checks shape America’s direction in fraught times.

Loading summary

Transcript114 lines

[00:00]
Ari Melber
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[00:47]
Ari Melber
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[00:50]
Host/Interviewer
Today you are watching the Beat. And we begin tonight with with Donald Trump's big news. He has fired Homeland Security chief Kristi Noem. This is the first cabinet member to be ousted in this entire, sometimes chaotic Trump second term. As of today, it's a big one. Noem overseeing Trump's immigration crackdown, which proved both unpopular, ineffective and at times lethal against Americans. Her tenure was also marked by widespread reports from internal watchdogs like their inspector general within that department and and independent reporting and accounts from people who worked for her and with her of really erratic and troubled leadership there. In other words, the policy issues or whether ICE was working well, even Donald Trump clearly wants to make some visible change. And then there's the competence issues. Nicole's guests and our other colleagues have covered this throughout today's breaking news because there were a lot of problems inside that department. Criticism from Republicans today, the firing. And there's Noem's chief advisor, who was a longtime Donald Trump campaign figure, Corey Lewandowski. We're told he's also leaving DHS along with her. From this news today, Trump plans to nominate a Republican, Senator Mullen to replace her. And remember, we got here from protests. We got here from independent reporting. We got here from people risking life and limb, quite literally to make their own videos and evidence of what ICE was doing. That all escalated in Minnesota when federal agents swarmed that particular place in these sweeps. And then you saw the pushback and protests around the country. The protests worked. The pushback worked, but it did not come without problems along the way that couldn't be stopped in time. Because while the protesters said, hey, let's be careful and peaceful. It was Donald Trump's agents who killed two Americans, Renee Goode and Alex Petty. Noem also would not take accountability or apologize for falsely branding those people as, quote, domestic terrorists.
[02:55]
Commercial Voiceover
It was an act of domestic terrorism. What happened was our ICE officers were out in enforcement action. They got stuck in the snow because of the adverse weather that is in Minneapolis. They were attempting to push out their vehicle and a woman attacked them. This individual who came with weapons and ammunition to stop a law enforcement operation of federal law enforcement officers committed an act of domestic terrorism. That's the facts.
[03:20]
Host/Interviewer
Those were not facts. Those, as we've shown you in our reporting, were false claims. Stamping that, but showing you that's one of the reasons that may have contributed to her firing today. Trump's approval on immigration has been crashing. It's underwater by 13. He recently skipped over Nome at a Cabinet meeting, which was noticeable. And Republican senator, again, speaking to one piece of this that I mentioned, the outright incompetence. This Republican said her leadership was a disaster. And what we've seen is a disaster under your leadership, Ms. Noem. A disaster. What we've seen is innocent people getting detained that turn out are American citizens. I could talk about the culture that's been created here with, with Stephen Miller aiding and abetting the fact that you can't admit to a mistake which looks like under investigation. It's going to prove that Ms. Good and Mr. Petty prob should not have been shot in the face and in the back. We're an exceptional nation, and one of the reasons we're exceptional is we expect exceptional leadership. And you've demonstrated anything but that. That was a recent Republican view. Noem came to this position from a history in politics, and many viewed her efforts to do branding amidst the Homeland Security project as a kind of political effort that apparently failed, or at least failed with the public. When we talk about the numbers and with Donald Trump ultimately ousting her today, critics said some of her photo ops verged on the baroque and grotesque. This one speaks for itself. Noem also faced bipartisan criticism over the DHS ads, which cost over $200 million, featuring her.
[05:07]
Commercial Voiceover
Why do I love these wide open spaces? They remind me of why our forefathers came not just for its beauty, but for the freedom only America provides. I'm Kristi Noem. That freedom's a precious thing and we defend it vigorously. You cross the border illegally, we'll find you. But if you come here the right way, your American dream can be as big as these endless guys from President Trump and me. Welcome home.
[05:35]
Host/Interviewer
Looks a lot like a campaign ad. Noem testified under oath. Trump approved it. Trump disagrees, says it's not true. That's between them. The DC Outlet Punchbowl reports he was so angered that her future at DHS was at risk. Then, hours after that, what might have been the last straw given the many substantive problems that led to Trump firing? No, we have a lot on this story. Really. One of the biggest backlashes against Donald Trump working protests, working what started in Minnesota has Now upended Trump's DHS. And we're back on this big news in 90 seconds. President Trump firing DHS Secretary Kristi Noem today. Largest firing and the first big one of the cabinet in the Trump second term. I'm joined by Congressman Eric Solwell, who questioned Noman House hearing this week. Your reaction?
[06:34]
Congressman Eric Swalwell
Every American tonight is safer, Ari, with Kristi Noem's firing, at least for now. But on her watch, we saw good people, a lot of Californians arrested and deported, 95% of them who had never committed a violent crime. We also saw Noem spend $220 million on herself in these bizarre glamour ads. And finally, and just as bad as the top two public executions in our streets, we lost a nurse named Pretty and a mom named Good. And so it can't come fast enough. But of course, there's no confidence that the president will appoint anyone who will take the country in a better direction.
[07:17]
Host/Interviewer
Do you think Democratic opposition and criticism and street protests contributed to this? And can you say which was more important?
[07:26]
Max Boot
Yeah.
[07:26]
Congressman Eric Swalwell
Well, I want to thank your viewers because they're the ones who go to the no Kings rallies. They're the ones who have publicly protested. There's signs all over Washington, D.C. with Kristi Noem's face saying ice out. And the American people have really risen up peacefully in the streets. And my Democratic colleagues in the Senate and the House have held strong, denying the Department of Homeland Security a penny until the public executions stop. The masks come off the roving bands of end. And we've been pretty solid and consistent in that. And the message was clear. We're not going to fund this. And she's not capable of leading that department.
[08:06]
Host/Interviewer
What is the future of ICE and deportation policy now?
[08:11]
Congressman Eric Swalwell
Well, Democrats have to stick together here. And we have to continue to try and convince our Republican colleagues who they say often they want to back the blue, but this is not what the blue looks like. Good law enforcement does not go through our communities without a warrant and into your house. They don't shoot people in the public execution fashion, as we saw in Minneapolis, they don't wear masks. They don't drag women by their hair and throw them into unmarked vans. They don't chase people through the fields and factories where they work. And so if we can continue to show that that is not law enforcement, that's terror. And until you change that, we're not going to give them a penny, I don't see how ICE or Border Patrol receives any further funding.
[08:53]
Host/Interviewer
She said today that she was heartened by the quote that people sleep peacefully in their beds at night only because rough men stand ready to do violence. What did you think of that as her final thought on her tenure?
[09:10]
Congressman Eric Swalwell
Well, I mentioned to her yesterday somebody who does not sleep peacefully in his bed. His name is Miguel Lopez. He was a neighbor of mine in a city of Livermore, California, and he had been in the United States for 30 years. Ari. He went to every court proceeding he was asked to go to, raised his three kids in the United States, worked at the same winery where my wife and I were married 10 years ago, went to his court hearing in April, was put in handcuffs and sent to Mexico over a judge's objection who said he should stay here for his due process. His family told me every Sunday night there's an empty chair where Miguel is supposed to sit. He's not sleeping very peacefully. And this individual never committed any crime of violence. And his story is a story of so many in California and across our country.
[09:54]
Host/Interviewer
Understood. And Congressman Stalwell on a big news night. And you've been in this oversight process with the dhs. Thank you very much. I want to tell folks, coming up, we have a White House veteran who is warned about Donald Trump's mental acuity and lawlessness. Ty Cobb, next.
[10:13]
Max Boot
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[10:18]
Congressman Eric Swalwell
he buried my electrical wires, I knew
[10:20]
Max Boot
I could trust him to bury my
[10:20]
Host/Interviewer
sweet nibbles after his untimely end.
[10:22]
Ari Melber
This is very strange, Angie. The one you trust. Define the ones you trust.
[10:26]
Congressman Eric Swalwell
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[10:28]
Ty Cobb
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[10:52]
Ty Cobb
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Congressman Eric Swalwell
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[10:57]
Tyler Redick
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[11:32]
Host/Interviewer
President Trump firing his DHS chief, Kristi Noemi. Today we're joined by Ty Cobb, the former White House attorney who served in the first Trump White House. Ty, of all the things. The outlet in D.C. punchbowl reported that under questioning, Noem repeatedly said that Trump personally approved. What was that controversial ad blitz? We showed it moments ago with her in a lead role. Some would call it state propaganda, others would call it a waste of money. Others might say it's just the usual Trump reality show. They reported angered Trump so much that her future at DHS was at risk. And then he fired her. Today, your thoughts on the story, both that seemingly minor reason on a pile of reasons and what becomes of ICE policy.
[12:16]
Ty Cobb
So I think at one level it is minor because you know, this is a mere $200 million as opposed to the $4 billion that the President is on record having enriched himself over the course of the last year. But at the same time, this was a huge mistake. When Congressman Swalwell was talking about the demonstrations and the Democratic criticisms, I don't believe that actually moved Trump at all. What happened, what moved him today was precisely what you just showed where she Trump with this corrupt, you know, ad thing that she did, you know, a $143 million contract to a business that had been incorporated for eight days, never had any experience and was associated with one of her subordinates. So that's what, that's why Trump fired her. And I think it's a good lesson for Pam Bondi as she goes up next week for the event to which she's been subpoenaed on, you know, her efforts to withhold, you know, critical documents, Trump and his alleged rape of a 13 year old, among other allegations from the Epstein disclosures that she, you know, she better not blame the president for any, any of those misdeeds. You know, she's going to have to take that bullet herself.
[13:37]
Host/Interviewer
Yeah, you're drawing that connection to multiple scandals that go to ethics propriety and promises made. Trump and Bondi made a lot of claims about what Epstein transparency would look like that they've both clearly failed. Overall, when you widen out, Nome is The person carrying out a policy that a lot of independents and moderates and some conservatives oppose, as well as obviously the left has been against it from the beginning. If you look at the number here, you have a majority against these tactics and a lot of people saying he's gone too far on immigration. Your thoughts there?
[14:15]
Ty Cobb
So obviously he's gone too far in immigration. Remember that the promise was to get rid of the violent offenders, the people that were murderers and rapists and violent criminals. Instead, what we've seen is the vast, vast majority of people are gardeners, housekeepers, cooks, dishwashers, et cetera, et cetera. And very few of the people actually deported or detained have any criminal record. So that's not what people voted for. Everybody wants the border secure from violent offenders. But I think in America, where compassion, inclusion are virtues that got us 250 years of the world's deepest affection and admiration, which we've sacrificed in the last year, I think those are the virtues that I think most Americans still hold dear now. I mean, I'm glad for certain that ICE Barbie is no longer and that she and Leandowski will not get back on the DHS Sugar Shack plane in their time. But I think you'll see Lewandowski back in some fashion in the government. Remember, he's been dismissed or fired multiple times over the tenure of Trump's first term in this term. So I don't think his influence is going to be gone forever. But I do think Secretary Noem is done. I think that's good. It could be a predicate to a couple of other terminations. I think Pam Bondi, of course, is certainly worse than Nome in the sense that the damage that she has done to the rule of law. But I think we might see some changes there. Hopefully we will. On the other hand, the replacements that are likely don't bring a lot of confidence to people, I think. Mark Wayne Mullen, zero experience in law enforcement or foreign affairs of the kind that most DHS secretary have had historically at a time where, you know, we're at Defcon 5 in terms of being at war. We've got terrorists from, you know, Iranian Hezbollah, Iranian Kurds. We've got a lot of problems that could potentially wreak havoc in the United States and elsewhere that need the kind of experience and competence that we just don't see in this cacosocracy of inept people from, you know, from Hegseth to Patel.
[16:51]
Host/Interviewer
Yeah, you're laid out there and reminding everyone DHS is especially key when you're looking at the real foreign threats which might go up in a regional war. Ty Cobb, we always appreciate your experience and wisdom. Thank you, sir.
[17:04]
Ty Cobb
Good to be with you, Ari.
[17:05]
Host/Interviewer
Yeah, appreciate it. We have a lot coming up. It's a busy night. We're going to talk with longtime Goldman Sachs veteran Lloyd Blankfein by the end of the hour on and Trump tariffs and inequality. But next we turn to the right leaning economist saying this has become a Trump war without a strategy. When we come back,
[17:27]
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Ari Melber
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[17:46]
Ari Melber
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Congressman Eric Swalwell
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[18:27]
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[19:02]
Host/Interviewer
I really didn't want to start the
[19:04]
Congressman Eric Swalwell
monologue by talking about the war.
[19:06]
Ari Melber
But in honor of this administration, I
[19:08]
Congressman Eric Swalwell
went into this without a plan.
[19:10]
Ari Melber
So
[19:13]
Host/Interviewer
more and more questions about what the plan is. What are we doing in Iran? Which of recent rationales are true, if any? We have a seasoned foreign policy expert, Max Boot. He's at the National Security Studies Council on Foreign Relations Fellow. He's a Washington Post columnist. He's been thinking about these issues most of his career. What's important to understand about this Iran war right now?
[19:36]
Max Boot
Well, I think what's important to understand, Ari, is that I think you're seeing kind of a split screen. On the one hand, you're seeing the incredible professionalism and effectiveness of the US Military because they're talking about all these targets that they're going after. And they've had tremendous success, beginning with the killing of Ayatollah Khamenei and so many other Iranian leaders, and now going after their arsenal, their weapons, all that other stuff. They're doing that very effectively. But then you don't see a similar level of competence, nothing that inspires faith on the side of the civilians in the administration. You see folks like Pete Hexseth or Donald Trump who are very clearly blustering and kind of making it up as you go along. And I feel like we've kind of seen this movie before because this is really the story of the last quarter century. We have tremendous US Tactical military success, but it doesn't translate into strategic long term gains. And that's the challenge in Iran, is can they somehow go from blowing a lot of things up to transforming the nature of the Iranian regime? And so far, I don't see much evidence of that happening.
[20:44]
Host/Interviewer
Right. And it's echoes of Venezuela and other things where the US can do it, it can do a lot. But what happens with the impact, and in some sense what haunts you is the greater the impact, the more then you have to, as we've learned in past Middle east excursions, the more you have to figure out, oh, wow, we really did topple that government or we really did change the region. Now what if you have these other problems that come back? I want to show you in the audience how Donald Trump so vigorously and repeatedly vowed not to do the regime change style war he's doing now.
[21:18]
Ari Melber
I will tell you, you're not going to have a war with me and you're not going to have a third
[21:22]
Host/Interviewer
world war with me. I will also restore peace strength and
[21:25]
Ari Melber
I will Prevent World War 3 from happening.
[21:29]
Host/Interviewer
These globalists want to squander all of
[21:31]
Ari Melber
America's strength, blood and treasure, chasing monsters and phantoms overseas. Our current strategy of nation building and regime change is a proven, absolute failure. I'm not going to start a war. I'm going to stop wars.
[21:51]
Max Boot
I mean, I think there's always been this tension in what Trump says because on the one hand, from the clips you're playing, this was a huge part of his appeal. This was a huge part of the reason why he was elected. Running against the Iraq war, running against the American inventions in the Middle East. But on the other hand, he's always been kind of the swaggering macho, loves the US Military, promises to torture terrorists and their families, all that kind of stuff. So it's basically a combination of isolationism and militarism. I would say, in his second term, not so much isolationism, it's all militarism. It's really militarism on steroids. Because I think my sense is that President Trump has really become enamored of the use of military force because he's had some what he views as successes. Blowing up General qassem Soleimani in 2020, blowing up Iranian nuclear installations last June, kidnapping Maduro in Venezuela in January. So now he thinks that the US Military is invincible. But this is the largest war he has started on his watch. He started a lot of wars. He's bombed eight countries, but this is the largest one. It's the biggest gamble. It's the one that involves regime change seemingly without a plan. So I think Trump is going to learn, as previous presidents have learned, the limits of US Military capability, that they can blow a lot of things up, but they can't necessarily transform countries in the Middle East.
[23:13]
Host/Interviewer
At 30 seconds, what is the best off ramp for the U.S. well, I
[23:17]
Max Boot
suspect the likeliest off ramp is that Trump is probably going to tire this war in a few weeks. You're going to see oil prices keep going up, economic turmoil threaten, you know, threatening Republican chances in the midterm elections. And he's probably going to say, we won. We've obliterated their navy, we've obliterated their nuclear forces, we've obliterated their military. They will never threaten the region again. In fact, he was saying something very similar to that already today. And then he will kind of wash his hands of it and say it's up to the Iranians what they want to do next. But, you know, we could always do this again. So I suspect he'll walk away and probably leave a wounded but still dangerous regime in power in Tehran.
[23:57]
Host/Interviewer
Max Boot, thank you. That's really good perspective on what is unfolding here. And we're just, we're all watching it happen. I want to tell folks, when you look at Trump and the high prices, the tariff problem after the SCOTUS a decision narrowed his, his powers, I should say his Fed probe. We have someone who's been at the center of these clashes, including navigating the financial crash. The former CEO of Goldman Sachs, Lloyd Blankfein, makes his beat debut tonight. Welcome to the summit series with Ari Melbourne, where we speak to leaders at the summit of their fields. Tonight's guest is a defining figure of Wall Street's success. One of the most consequential leaders during and after the 2008 crash, longtime Goldman Sachs CEO Lloyd Blankfein. The CEO has been heralded and criticized. The New York Times reported he handled the financial crisis better than all the firm's rivals and had the longest run atop the firm in half a century. The paper also reported he became a lightning rod for objections to how Wall street operates.
[25:05]
Commercial Voiceover
It's time for this morning's Mover and Shaker, and today it is Goldman Sachs CEO Lloyd Blankfein. Goldman is known on Wall street for escalating the pay. Blankfein is a supporter of setting industry standards.
[25:18]
Ari Melber
Blankfein was awarded a $68 million bonus,
[25:21]
Host/Interviewer
the most ever for a Wall Street CEO.
[25:23]
Commercial Voiceover
A dozen CEOs get ready to meet
[25:25]
Ari Melber
President Obama today to discuss the fiscal cliff.
[25:28]
Commercial Voiceover
The Goldman Sachs chief has unveiled a business plan for American revival.
[25:32]
Ari Melber
He's been a lifer at Goldman, right? As you say.
[25:35]
Host/Interviewer
He started in the 80s.
[25:36]
Commercial Voiceover
He said that Goldman Sachs, among a number of organizations, failed to sound the alarm bells throughout the crisis.
[25:43]
Host/Interviewer
Lloyd Blankfein. Newly minted billionaire Lloyd Blankfein looks at
[25:47]
Commercial Voiceover
himself as being a risk manager. Lloyd Blankfein is preparing to leave Goldman Sachs.
[25:51]
Congressman Eric Swalwell
We look at share price performance since he took over. It's clear that while behind that of JP Morgan, it's significantly better than some
[25:58]
Max Boot
of the other banks.
[25:59]
Ari Melber
After 40 years of running around the world and living in the macro markets, it's a little bit hard to. It's a little bit hard to drop it.
[26:09]
Host/Interviewer
Blankfein is out with a new book, Streetwise, Getting to and through Goldman Sachs, recounting a journey from New York public housing to Harvard to the top of Wall street, where Blankfein became as big a household name as probably any banker can be. Even portrayed in the film Too Big to Fail.
[26:28]
Ari Melber
Lloyd's a superstar. Goldman's the smartest shop on the block. And just because I used to be
[26:35]
Tyler Redick
his boss, it doesn't mean he's gonna listen to me.
[26:37]
Ari Melber
The goddamn British bankruptcy administrator froze all of Lehman's customer accounts. You didn't square this with the British before you did it? Geithner on 5. People are freaking out. They can't get their money. Not investors, clients.
[26:53]
Host/Interviewer
Lloyd Blankfein joins the Summit Series now. Welcome.
[26:56]
Ari Melber
Good to see you, Ari. Who's that guy in a suit?
[26:59]
Host/Interviewer
You're more casual these days.
[27:00]
Ari Melber
Well, I was pretty casual back Then,
[27:02]
Host/Interviewer
too, that's memory lane. I want to get into all of it.
[27:05]
Ari Melber
Sure, sure, sure.
[27:06]
Host/Interviewer
The book starts with young Lloyd in public housing. East New York, Brownsville, East New York, East New York, Brooklyn, Lynden, Linden projects. So you're in the projects. What part of that prepared you for the world you were entering? Because in the book you talk about developing your sense of self, but also having a kind of an imposter feeling.
[27:32]
Ari Melber
I would say the best thing and the first. I call the first chapter Advantages, which is kind of ironic. Some people would think that would just advance. We lived in with my. We were 1, 2. We were four generations because my grandmother lived with us and my sister's baby lived with us and my parents in a relatively small apartment. But I would say there was not any direct preparation. But I got a lot out of that experience. What I got out of that was motivation.
[28:01]
Host/Interviewer
Do you remember the rap group Tribe Called Quest?
[28:04]
Ari Melber
No.
[28:05]
Host/Interviewer
They were.
[28:06]
Ari Melber
Why don't you hum a few bars?
[28:08]
Host/Interviewer
Well, I got some for you.
[28:09]
Ari Melber
Okay.
[28:09]
Host/Interviewer
Because reading your book, they have a couple songs. One they say back in the days on the boulevard of Linden, we used to kick routines and the presence was fitting. They have another hit song where they say, linden Boulevard. Represent, represent. When the mic is in my hand, I'm never hesitant.
[28:25]
Ari Melber
Well, that was the big street, Lynden Boulevard.
[28:27]
Host/Interviewer
Lyndon lived. Yeah. So it's striking. That's in the culture. You had your road out, other people had their road out, but you were coming up in a place that was obviously diverse. And a lot of people, however much they love that neighborhood, knew that they were not necessarily reaping the benefits of America.
[28:44]
Ari Melber
I wish I had thought of it at the time, but I think I was pre rap.
[28:47]
Host/Interviewer
Yeah, well, you were. They came later than. But that neighborhood, looking at that now, you feel like, wow, I made it out. And I would have not had that motivation had I started somewhere else.
[28:59]
Ari Melber
I think that's certainly right now. That's not to say there's always probabilities and statistics. I think I'd like to say that I'm representative of what anybody could accomplish if they're properly motivated. But something. If you're properly motivated, you still have to be lucky.
[29:14]
Host/Interviewer
This is much broader than the financial sector or banks. The CEO pay across the entire economy has risen by over 1,000% from the 70s, and worker pay is up only about 26%, not keeping pace with inflation. Is that a market failure? Is that a problem?
[29:33]
Ari Melber
Yes. Inequality and distribution. Again, as I said, the economy in general has to do two things. Create the wealth and distribute it according to values. And you look at that, and in good times where everybody's being elevated, there tends to be a relaxation of concern if somebody's getting elevated more. But at times when people are just getting by, it's infuriating to see if that people are getting spectacular multiples of it, even if that's what the market is compelling. So I think it is a political problem today and a social problem. But one has to pay a lot of money for NFL quarterbacks, and people pay a lot of money for effective CEOs.
[30:16]
Host/Interviewer
Let me ask you philosophically, because it's very clear that you're bright. And all these other bright people say that you're bright. You have Harvard Law and you run this thing and now you're retired. Philosophically, is there a level of wealth that one person should hit their ceiling, whether it's a billion or 10 billion or 100 billion or an era where we hear we may have the first trillionaire? Is there some level that you see that as a philosophical matter that says it's a living?
[30:45]
Ari Melber
People are different. Look, the people who are killing themselves the most, I think the most competitive people in the moment today are these hyperscalers. What are hyperscalers in the metas of the world? The biggest companies in the world who are competing like crazy. Who's going to be the first to artificial intelligence? Who's going to be the social networks of that triumph? I'm glad these people are still competitive and still want to win and still want to make up. The only thing you can do with that money at the end of the day is give it away. And that's what they're doing. The idea of a cap, it's a phony thing. You want to continue to incentivize the best people. In different cultures, there are different incentives. People work very hard. In China, nobody makes that much money.
[31:30]
Congressman Eric Swalwell
But
[31:32]
Ari Melber
the currency that they're dealing with is fame, acclaim, status within the party. If you're a Nobel laureate, your currency is whether you get a Nobel Prize or not, you don't get fame and acclaim and you don't get a Nobel Prize. When you're wealthy and you create a business that generates jobs, generally you get hauled in front of Congress and have the heck kicked out of you. The only thing they get is the ability to endow large foundations and give away the money. I'm glad they're still incentivized, even after they made a fortune to keep on going. I'm glad Elon Musk is somehow incentivized to keep on going even though he's going to end up a trillionaire and he still keeps on going. I'm glad of that. You can't take it with you. Eventually even he probably. I can't prove this, but even his life will be over at some point and by then he will have undoubtedly given away his money. But the fact of the matter is very few people in the world, and by the way, in every era make an outsized contribution to the advancement of wealth creation and society. Again, there are different kinds of currencies, different kind of metrics for this, so I wouldn't put a cap on anything. But our culture also does a very good job of pressuring people appropriately, I think.
[32:51]
Host/Interviewer
You think the pressure on billionaires. Good.
[32:53]
Ari Melber
To give money away. Yeah, I think it is.
[32:55]
Host/Interviewer
Supreme Court limits the President's tariff powers. This is good, bad. And the market thinks what I think
[33:03]
Ari Melber
separating into two pieces. It's good that there was a limitation because I believe in the Republic and separation. I believe in the Constitution, separation of powers. To me, that's what that case was about is does the presidency, the executive, have unlimited power? No. Certain things belong to the Congress and the third branch of judiciary decides that. That's good. The other substantive question, should we have tariffs? That's a different question. And should someone wield those tariffs? The right authority wield it, I think should under most circumstances, although it shouldn't be crazy and change every day, and it should be somewhat predictable. But tariffs serve a useful purpose.
[33:41]
Host/Interviewer
The President has two Fed officials under investigation, widely reported to be baseless. This is is appropriate use of power
[33:51]
Ari Melber
or bad, bad, bad, bad, bad, bad. Anytime the Federal Reserve, we borrow money, other people are our creditors. The way the US Defaults to creditors is not by not paying. Because we print dollars. We can always pay back dollars. We have printing machines that pay back dollars. How does the US Default? Potentially by inflating the currency that the dollars we pay back aren't as worth as much. The protector of the dollar, people who keep the purchasing power, who keep inflation down, is the Fed. If you attack the Fed, the people who lend us money are either going to stop lending us money or else they're going to require a higher interest rate. So undermining the prestige and power of the Fed is just a bad thing.
[34:33]
Host/Interviewer
Lloyd Blankfein, thank you for your time. The book is Streetwise Getting to and through Goldman Sachs. Appreciate it.
[34:40]
Ari Melber
Thank you. Appreciate it very much.
[34:42]
Commercial Voiceover
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