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- [00:00]
Tom Steyer
Limu Imu and Doug Here we have the Limu Emu in its natural habitat, helping people customize their car insurance and save hundreds with Liberty Mutual. Fascinating. It's accompanied by his natural ally, Doug. Uh, Limu is that guy with the binoculars watching us. Cut the camera. They see us. Only pay for what you need@libertymutual.com Liberty Liberty Liberty Liberty Savings vary unwritten by Liberty Mutual Insurance Company and affiliates excludes Massachusetts.
- [00:32]
Ben
The world moves fast your workday even faster pitching products, drafting reports, analyzing data. Microsoft 365 Copilot is your AI assistant for work built into Word, Excel, PowerPoint, and other Microsoft 365 apps you use, helping you quickly write, analyze, create and summarize so you can cut through clutter and clear a path to your best work. Learn more@Microsoft.com M365 Copilot Today we're going.
- [01:01]
Tom Steyer
To talk about deep breathing, something we all need to do more of, especially when you're getting ready to call your health plan and deal with one of those automated phone trees. You know how it feels to get into an endless phone loop when you just have a simple question that could take two minutes or less, and then pretty soon you've lost your Zen. Shouldn't your health plan help you reduce stress? That's why you'll talk to a real person when you choose Pacific Source Health Plan Tranquil Tranquility what's going on?
- [01:31]
Ben
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- [02:14]
Tom Steyer
A KFC Tale in the pursuit of flavor the holidays were tricky for the Colonel. He loved people, but he also loved peace and quiet. So he cooked up KFC's 499 chicken pot pie. Warm, flaky, with savory sauce and vegetables. It's A tender, chicken filled excuse to get some time to yourself and step away from decking the halls, whatever that means. The colonel lived so we could. Chicken. KFC's chicken pot pie. The best $4.99 you'll spend this season. Prices and participation may vary. While supplies last. Taxes, tips and fees extra.
- [02:44]
Ben
Relax. We're exactly on the trajectory where we want to be. That's what MAGA Mike Johnson is saying. When he was asked a question about affordability and the struggles of the American people, Melanie Zenona asked him, so what do you make of the concerns of people who are struggling, living paycheck to paycheck right now? People feeling psychologically tortured under this Trump regime? What's going to happen? He goes, just wait until next year. The budget bill is going to kick in. The direct quote was relaxed. We are exactly on the trajectory where we've always planned to be. Stay at the wheel, everybody. It's gonna be fine. Our best days are ahead of us. Melanie Zenona then asked whether Johnson agrees with Donald Trump's assessment that affordability concerns are a hoax or a con job. To which Magamike goes, affordability is a real concern. But you see Republicans, we're the ones that are dialed in like a laser with a laser focus on the cost of living and affordability. What he's referring to as a hoax is that the Democrats are trying to pretend as if it's a Republican problem. Oh, okay. Well, let's see what Donald Trump actually said in the Oval Office. MAGA Mike, let's play it.
- [04:00]
Tom Steyer
It's a conjunct. I think affordability is the greatest conjunct. They look at you and they say affordability. They don't say anything else. Everyone says, oh, their prices were so low. No, they had the worst inflation.
- [04:14]
Ben
Really. I mean, because you seem to be bringing the inflation up and you seem to also be having a jobless rate that looks like the Great Recession right now. And seems that all of the people in your regime are focused on some of the strangest things in the world. Regression, bringing us back to times when there weren't safety standards. And like you have, Sean Duffy, the Transportation Secretary, says, you know, the real issue is people don't say please and thank you enough when they go on airplanes. And he goes, what we need to do is bring back the station wagon of the 1970s. Now, who right now, while you're struggling, is saying, you know what we really need right now? That 1970 station wagon. That's what I'm missing in my life. Let's Play this clip.
- [04:57]
Tom Steyer
And also, I think if you're building a car, developing a car that Joe Biden or Pete Buttigieg wanted you to build, that's different than market demand. I want the market to decide what kind of EV I should offer, what kind of what. What kind of vehicles do the American consumers want to buy? This rule will actually allow you to bring back the 1970s station wagon, maybe a little wood paneling on the side. Phil, we can bring back toys to consumers.
- [05:21]
Ben
Okay? And then Sean Duffy says, make sure you say please and thank you when you're in the airport. No more pajamas. Everybody here, play this clip of Duffy.
- [05:30]
Tom Steyer
We've asked Americans to bring their better selves to bring stability back to travel, to say, listen, let's say please and thank you. And if you have someone's pregnant on your flight and you're as strong as Pete is, we'll pick up the bag and help Cumber put it in the overhead. Let's be nice to each other is what we've asked. Maybe not wear pajamas or slippers on the airplane. And I think it's been received fairly well. And I think we can all have a better travel experience when we do that.
- [05:55]
Ben
Let's be nice to each other. Donald Trump's out there calling people the R word. Donald Trump's out there attacking the Somalian people and saying that they're garbage human beings. How about you look in a freaking mirror and then you've got MAGA Republicans bragging about how they want to do stock trading and how important is for them to buy and sell stocks, because otherwise, how could you get good Congress members if you can't sell stocks? Here, play this clip.
- [06:19]
Tom Steyer
Take a look at it. Because right now, from a financial standpoint, it's not easy being being up in Congress. And I think that we can't limit the ability for people to do business and operate their lives. So I want to take a look at that, but I want to be careful we don't squeeze it too hard.
- [06:36]
Ben
To where nobody wants to come up. Don't squeeze it too hard. All right, I want to bring in Tom Steyer, Democratic candidate for governor of California. Tom, it's great to see you. But, Tom, you're a billionaire. That's not something that, you know, I think you hide or people. People will know that about you. And I'm thinking to myself right now, candidly, I said, do we need another billionaire hedge fund successful story running the state after we're seeing what's going on? And you're saying, look, tax me more.
- [07:09]
I hear your claims of affordability. So talk to us, Tom, about your campaign. Can a billionaire right now understand what the American people are going through?
- [07:18]
Tom Steyer
Look, the issue in California is affordability. I don't care what Donald Trump says. The working people of this state who have built this state and make this state run are getting run over by costs, starting with ranked. What I'm talking. The question is not who knows that problem. Everybody knows that problem except Donald Trump. The question is who can get results for the California people? And yeah, I am a business person who started a very successful business and walked away from it 15 years ago so I could give back to the state of California which has given me so much. And what have I done? I have gotten results. I have taken on the oil companies in a proposition when everyone said no one beats the oil companies and I beat them. I took on the tobacco companies when no one was willing to take on the tobacco companies and beat them. And I took on huge out of state companies that were gaming their California state income tax and beat them, too. Why was I willing to do that? Because I don't care. I understand that special interests are ripping off Californian citizens. And so the question is, who's gotten results? I've put billions of dollars into California education and healthcare every single year through those propositions without charging California citizens a dime. And do I believe I can continue to? I know I can. One of the things I'm saying I'll do is I will close the corporate real estate tax loophole in California. It's been on the books for 50 years and no one wants to take it on. No one's been able to pass it, which is true of all the other props I did. What does that look like? It looks like 10 to 15 billion dollars a year closing a loophole that makes no sense. That has no justification. And that's money that can go to education. That's money that can go to health care. Californian citizens are challenged by rent. They're challenged by the highest, second highest electricity costs in the United States. They're charged by insurance costs. California citizens are struggling in a state that's incredibly rich. We're not short of money, Ben. The way the money gets distributed, the way the revenues gets distributed has to change. And the easiest way to do it that I can do is to take on the special interests and close the loopholes they're using to rip off California families. That's what I'm going to do. And that's why I'm different, because I Don't owe those people one darn thing. I can attack the corporate real estate loophole because real estate developers have never given me a nickel and I don't care. I don't owe them anything. I can absolutely do what's right for the California people. Just the way I didn't know the tobacco companies anything or the oil companies. I'm willing to take on the entrenched interest in Sacramento to shake it up so that in fact, this can be the state where all of the success of the state that I love is shared with everybody across the state.
- [10:23]
Ben
You know, my friend and a very strong leader in the House of Representatives, Ro Khanna, gave you an endorsement and a shout out. Here's what he said about you. He said Tom Steyer is for taxing billionaires like himself for getting corporate money out of California, for passing single payer like Medicare for all and Calcare, for holding big polluters accountable and safeguarding California's against extreme weather. Let's talk about the health care plan, especially right now as the Affordable Care act subsidies are set to expire December 31st. By and large, you know, people prefer Obamacare to what they had before, but that doesn't mean that they love it. And it clearly is already too expensive without the subsidies. I mean, I think we saw that the exchange purchases right now of Affordable Care act plans down like 33% right now or potentially even more. So what would be your plan to fix it? And does it look like a Medicare for all plan here or a single pay?
- [11:27]
Tom Steyer
Ben, in the short run? Look, we're a revenue challenged state and Donald Trump's bill is a direct attack on working Californians. He's talking about throwing 1 to 3 million Californians off the Medicaid rolls. Of course, the ACA premiums are going up really dramatically, which is why the participation is down so much. He's also talking about taking away food benefits from hundreds of thousands of Californians. In the short run, we've got to meet that revenue challenge, which is why I'm proposing to go after that corporate real estate loophole and close it and direct that money to the localities in terms of education and health. Longer term, what Ro's referring to is, look, we're getting run over by the increasing costs of healthcare.
- [12:19]
As an investor, I always knew, compounding is magic, that when things grow and keep growing, it compounds and it gets to a place which if it's an investment, it's really good. Our problem is that's what's happening in terms of our healthcare Costs, they are escalating every single year. Much faster than the economy and much faster than working people can afford and much faster than this government can afford. And that means we have to bring in a different system and we've got to drive out all the, we've got to drive those costs down so we can still deliver health care, but we can do it in a much affordable fashion, much more affordable fashion. And the only way that I can see is a single pay is to bring in the government to force down those costs. And can we do that in the first year? No. That's why I'm talking about bringing revenue to deal with the short term problem. But long term, can we keep going on this healthcare system that we have, which is clued together over the last 80 years, we really need to change it. And that's going to be something we're going to have to start with in California. But really we have to break this cycle of increasing costs at a level so that we can continue to deliver care. And single payer is the way to go.
- [13:33]
Ben
Now, Tom, is that an evolution of your thinking, though? I mean, what do you say to critics who say, I remember when Tom ran for president and he was running ads against Bernie and saying that I don't support the Bernie Medicare for all system and now I don't support single payer or. Because I've seen that pushback before and I'm sure you have as well. So has there been an evolution of the thinking or what do you make of that?
- [13:59]
Tom Steyer
I think.
- [14:01]
I believed incorrectly that in fact bringing new information technology and business to the healthcare system could make that curve go down, could stop the inflation of healthcare costs, could let us deliver it more efficiently. Didn't happen. The truth is I was wrong. And when I look at the data and see I'm wrong, it's like, okay, I change. And so I give Bernie Sanders a ton of credit for being right. And it's like, okay, 20 years ago I didn't realize that climate change was a real problem. But when I looked at the data and visited and heard it and understood it, I was like, okay, gotta deal with it. Same thing with healthcare. I was wrong. I've changed. We're gonna have to solve it. And we're going to have to solve it by getting into the details and understanding it. And that's something. Look, we can see that this administration and Donald Trump are never going to be willing to do their homework and understanding health care. And I can tell you I'm a results oriented person who is Data driven. And that's why I changed. I looked at the data. We need to bring this under control. We're on an unsustainable path. That means structural change. I am willing to do structural change. We have the second highest electricity costs in the country. We also have. It's delivered through enforceable, legal monopolies. We have to introduce competition into that system because monopolies always produce the worst service at the highest cost because they're a monopoly. And if you don't like it, you don't have a choice. I am willing to make the structural changes that are necessary. I'm willing to attack the special interests who are ripping off Californians. I don't think they're bad. I don't think the people who work at utilities are bad people. I think structurally, they're doing the job they think they're hired to do, which is deliver returns to their shareholders. Okay. My job is to stand up for work in Californian families at every single instance. And that's my only job. And that means I'm going to change things that need to be changed at a structural level. As someone who's an outsider and who succeeded in changing things from the outside as governor, I will do that every single day.
- [16:20]
Ben
You know, one of the things that a governor of California is going to have to do is it's going to have to stand up to Trump and these MAGA Republicans, who I think Governor Newsom rightfully diagnosed the problem of California Derangement Syndrome, that despite California being the fourth largest economy in world, if it was a country, it's constantly under attack and being used as the heel or the foil and everything that MAGA says to the rest of the country. So one of the ways we're seeing. Then we'll just get into this. One of the ways we're seeing that is Trump sending ICE Gestapo Border Patrol agents to. To terrorize the communities here. As the governor, how would you handle what Trump's been doing to places like Los Angeles and elsewhere? Sending National Guard in and sending ICE agents into harass and terrorize people. Would you do things differently than Governor Newsom? Would you. Do you like his approach? How would you handle it?
- [17:14]
Tom Steyer
Look, I give Gavin Newsom a lot of credit for standing up to Trump and to going online and to dealing with them every day and to trying to protect Californians. I started the need to impeach program in 2017. We collected 8 million signatures to oppose an illegal criminal administration, including a million in California. I have been standing up and organizing against Donald Trump. For a long time. That's why I piled on to Prop 50 because we need, we cannot let him use the means of democracy to destroy our democracy. And so of course I will stand up every single day as aggressively as I possibly can legally and also in the attention economy to expose him for what he is, which is someone who's trying to invade his own country. Okay, but there's something else going on here that I think is really important, Ben. He has stupid policies. The kinds of things that he's talking about that you were talking about today we want to have 1950s cars. That's our answer in the 21st century. We're depending on the oil business to lead the United States of America. Incredibly stupid. And I think it's really important as the governor of California, yes, to play three dimensional chess really aggressively to oppose him when he does all the things to attack California. But more than that, we have to be willing to go toe to toe on the numbers because this is a failed president. He is somebody who runs his mouth but knows virtually nothing about the real economy. When he says that affordability is a scam, that means he's completely out of touch with the people. But he's also completely out of touch with the way business works and how his economy works. And we need somebody who's not really understands business and the economy and how to put people to work and how do things work for working families to take him on to show there's a better way. We need to deal with our affordability crisis for darn sure and make sure that working families are taken care of. But we need to also make the point we have a different system. We have a system that includes everybody. And we have a system that's succeeding and competing on a world level. And that's something he can't show, that he can't understand. We need to have somebody who, and let me just make a quick point here, Ben, just as an example, okay? He thinks drill baby, drill, okay? That's his plan. Oil in West Texas is under $60 a barrel. The United States produces 13 and a half million barrels a day, which is a combination of Saudi Arabia and Russia combined. Our lifting cost for oil is over $60 a barrel. So when he talks about this is our big chance to build an economy. Actually the Saudis listing cost is probably 12 bucks. We're the high cost producer in a commodity that's challenged. That is not the future of the United States. When we look around the world about what the 21st century looks like, it doesn't look one bit like a 1950s gas guzzling station wagon. It looks an awful lot like really inexpensive, really fantastic software, enables electric vehicles. That's where the world is going. That's where the competition is. And as he lives in this delusional world of returning to the 1950s, the United States and California have to lead the way in terms of what's changing, in terms of leading that change, because that's what produces great jobs. That's what produces the kind of companies that come here to grow and explode here and drive our economy forward. So as governor of California, it's not just enough to say where he's wrong. We have to start talking about where we're right. We have to be shown that in fact, he is an out of touch and delusional old man.
- [21:17]
Ben
You know, and that kind of brings me to, I want to just before we go talk about your business background here and contrast it with Trump's, because, you know, Trump tries to say that he's this great negotiator, but it seems that he's just announcing a bunch of fake deals that actually aren't signed agreements by anyone. And specifically, we see him getting outmaneuvered by China at every which way. Whether they're holding back their rare earth elements, whether they are hanging over the head of Trump, the fact that they'll just stop buying soybeans and produce from our farmers. By the way, these are things that China has threatened past presidencies. It's not unique, just past presidents and past leaders have used their negotiating power of the United States from positions of strength to push back. And it seems every time China pushes on these levers, Trump immediately folds without actually playing the cards that the United States of America has. So much so that we wouldn't even let the president of Taiwan use American airspace because Xi Jinping says, I don't want you to do that. So I just wonder from your perspective as a business person who arose out of the hedge fund space, as you see Trump's approach to that, you must have strong opinions.
- [22:38]
Tom Steyer
Well, before I go into Donald Trump specifically, let me say what the Chinese call Donald Trump. They call him the nation builder. And the nation they're referring to is their own. They view him as the weakest possible opponent, the person who is letting them move to the front of the pack in the world. And look what we've seen with Donald Trump is exactly what you see with every bully in the world. They only respond to force, to power, to strength. And the Chinese are showing strength, and he folds and that's exactly if you're nice to bullies, if you appease bullies, they think you're soft, they think you're weak and they take more. The only thing that they respond to is strength because at their core, they're weak and scared. So there's no question here. California is the fourth biggest economy in the world. We lead the world and we compete successfully around the world. We need to stand up for ourselves every single day as strongly as we possibly can. He is a failed business person. He's a guy who inherited all peck the money. He is also a very talented communicator. Let's give the devil his due. He is very good at talking in the attention economy. He is very good. Unfortunately, he's completely divorced from the real economy. And it's critical for California, for the citizens of California, for the working families of California, that we have a governor who lives in the real economy and delivers results the way I've delivered results over the last 15 years. I left my business to give back to California.
- [24:31]
I've done that for 15 years. The real question here is, do you understand deeply the numbers? Because there's a real thing going on here. We don't have enough optimism and hope around this country and in this state. And people think that hope is something that descends from on high. It is not. The reason I'm optimistic is I'm willing to get into the details and study them and figure out how to get to a good place. And hope is something that is forged, that is built through work and struggle and attention to detail. And that's why I'm so optimistic about California.
- [25:16]
Meeting this affordability challenge, solving this affordability challenge. But more than that, creating a new model for success in the United States. We are this state that creates the future. But that future has to include everybody. It has to include every working person, every family here, not just millionaires, billionaires and trillionaires. This is a state that succeeds, but we succeed together. And we are data driven, we are hardworking, we pay attention to detail and we succeed. That's why I want to be governor.
- [25:50]
Ben
Tom, where can people learn more about the campaign and anything else you want to say before we head out?
- [25:56]
Tom Steyer
Look, I would love people go to tomstyer.com I would love people to.
- [26:04]
Try and understand where I'm really coming from and who look to me, I have a love affair with California because I love California people. That's the truth. That's why I'm running for governor. I think we're in a crisis where California citizens are not being well treated by their government. That's the truth. I want people to understand who I am, how passionate I am to win that fight for them. But I'm also passionate to represent what we do as a state and how successful we are, how competitive we are, and a story of a different vision of how we go Forward into the 21st century. I think it's absolutely critical that that happen. I want to do it, I'm determined to do it, and I'm passionate about doing that job.
- [26:51]
Ben
Tom Steyer, Democratic candidate for governor of California. Thanks so much for joining us. Tom Ben, thank you very much for having me, everybody. Hit subscribe let's get to 6 million subscribers. Want to stay plugged in? Become a subscriber to our substack@midasplus. You'll get daily recaps from Ron Filipkowski ad free episodes of our podcast and more exclusive content Only available@midasplus.com.
- [27:18]
Tom Steyer
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