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- [00:01]
Scott Galloway
Support for Propg comes from Crescent Family Office. As an entrepreneur, you spend a lot of time and energy building your business. And chances are you've been so busy, there hasn't been a ton of time to think about preparing for an exit. Tax strategies and wealth management. Crescent is here to help wealth creators and families like yours streamline complexity and invest for the future. Crescent was built by entrepreneurs for entrepreneurs with financial advisory teams who embrace their fiduciary duty to place the client's interests first. You can learn how to optimize your life by scheduling a call with a crescent founder@crescentcapital.com we are not clients of Crescent. There are no material conflicts other than this paid endorsement. All investing involves risks, including loss of principal.
- [00:45]
Charles Schwab
Support for the show comes from Charles Schwab. At Schwab, how you invest is your choice, not theirs. That's why when it comes to managing your wealth, Schwab gives you more choices. You can invest and trade on your own. Plus get advice and more comprehensive wealth solutions to help meet your unique needs. With award winning service, low costs and transparent advice, you can manage your wealth your way at Schwab. Visit schwab.com to learn more.
- [01:16]
Snoop Dogg
It's time to review the highlights. I'm joined by my co anchor Snoop. Hey, what up doe snoop? Number one has to be getting iPhone 16 with Apple Intelligence. AT T Mobile. Yeah, you should hustle down to T Mobile like a dog chasing a squirrel chasing a nut. Number two. AT T mobile families can switch and save 20% on plans. Plus streaming services versus the other big guys. What a deal. Y'all giving it away too fast. T Mobile, slow down. Head to T mobile.com and get iPhone 16 on them. Yeah, you can save on wireless and streaming versus the other big guys. @t mobile.com/apple intelligence requires iOS 18.1 or later.
- [01:47]
Scott Galloway
I'm Scott Galloway and this is no mercy, no malice. America has put out a for sale sign. America for sale as read by George Hahn.
- [02:05]
Snoop Dogg
Speculation a phone call that could happen. Scene A top secret communications room in the White House. Time next week. National Security Communications Officer. Secure satellite phone connection via Starlink established and confirmed, sir. The next voice you hear will be that of President Putin. Go ahead, please. Moscow. Donald.
- [02:31]
Donald Trump
Vlad, it's great, really great to hear from you.
- [02:35]
Snoop Dogg
Same here. And may I congratulate you for your total and complete victory. Your digital coin. Very interesting development, Vladimir.
- [02:45]
Donald Trump
Nobody's ever seen anything like it. The most successful coin in history, maybe ever. People are saying it's tremendous.
- [02:53]
Snoop Dogg
We have interest in large purchase Very large. But Donald, situation with NATO, it complicates things.
- [03:02]
Donald Trump
Horrible organization, NATO. Horrible. They're not paying their fair share. Never have these European countries, they're laughing at us.
- [03:12]
Snoop Dogg
If you publicly question Article 5, perhaps we discuss bigger coin purchase. Much bigger.
- [03:18]
Donald Trump
The biggest. And you know what? NATO's obsolete, always has been. We're looking at all our options and people are going to be very happy with what we do. Very happy.
- [03:30]
Snoop Dogg
Good. Donald. We start with 50 million coins, maybe more after NATO's statement.
- [03:36]
Donald Trump
Beautiful. Just beautiful. You're going to love these coins. Everybody loves these coins.
- [03:43]
Snoop Dogg
You have to give it to the President. This is 3D Grandmaster Chess. Corruption versus the checkers. Corruption. Democrats. Democrats have been playing more speculation. A call that could have happened. SCENE phone conversation at 1236 Longworth Hob. The Office of speaker of the House Emerita Nancy Pelosi time last week. Nancy Pelosi Paul, that firm you mentioned last week, the Healthcare AI one, what was the name? Paul Pelosi. There's a few. The one that's received the most press is Tempus AI. I was in a Medicare briefing today and they are planning on pouring substantial resources into AI driven diagnostics and care management. I believe Tempus was on their list. Understood. I'm on it. It was disclosed on Tuesday, January 21st that Representative Pelosi and or related parties had purchased between $50,000 and $100,000 of call options on Tempus AI Inc. That day the stock registered the biggest one day gain in its history, surging 35%. These are each their own flavor of corruption. I respect the Trump grift more than the plain vanilla trading on material non public information. It's more creative and if you're going to abuse the public trust, you should do it for billions versus millions. America has just put out a for sale sign and every corrupt government and company around the world has taken notice. Instead of Russia offering Trump cash for abandoning Ukraine, it might be one side in Sudan's civil war, which, though you don't hear about it much here in the US is the bloodiest ongoing conflict in the world. Or maybe one of the makers of red dye number three, recently banned for use in food by the FDA after it was found that high exposures caused cancer in rats, will offer to put some money into Trump Coin if the president finds his veto pen. During his first term, Trump owned a hotel in D.C. that was patronized by rich people, governments and businesses who wanted something from the federal government. Trump Coin is more elegant, a vehicle that gives parties a discreet, easy way to pay off the president of the U.S. think of the coin as a price discovery tool for bribery, a mixture of eBay and PayPal for corruption. TRUMP Coin and Melania Coin are such obvious grifts, they embarrass one of the most shameless communities in our economy, the crypto bros who backed his candidacy. CNBC host Rand Nooner accused the presidential family of, quote, grifting at the expense of the entire crypto community. It's likely that as the grift dust settles into a Category 5 hurricane of indefensible losses like Melania Coin shed two thirds of its value in five days, Congress will be less amenable to the legislation the community has been advocating for. Just as my generation has pulled future generations prosperity forward for our benefit via deficit spending, Trump is borrowing massively against the increasing credibility of the asset class to enrich himself and light the sector on fire. We shouldn't be surprised the US has been on this road since the Supreme Court's 2010 decision on citizens United, which took limits off campaign spending by corporations and other groups. The court held that existing restrictions violated the First Amendment, equating the ability to spend money on campaigns with the right to free speech. The result has been a deluge of corporate cash into our elections. Any small inhibitions or shame politicians may have felt about selling themselves to the highest bidder disappeared. Trump is doing loudly what other politicians do quietly. Now that he's been re elected, he's not even pretending. The Washington Post claims that democracy dies in darkness. Maybe what's more apparent is that capitalism, competition, rule of fair play, trusted markets dies in the full light of day. As Dylan sang money doesn't talk, it swears. Right now it's telling the American public to go fuck itself. Last year, Trump decided to ignore the real national security concerns that had been voiced about TikTok. TikTok became politically useful to him and Jeffrey Yass, one of the biggest shareholders of its Chinese parent company ByteDance, gave $100 million to GOP groups. TikTok now has about 2 billion global users and about 170 million in the U.S. byteDance is required by law to turn user data over to China's Ministry of State Security on demand. According to Pew Research, about 40% of young Americans now get their news from TikTok. The app is a neural jack connecting Beijing with the wet matter of America's youth. A 14 year old American spends approximately 14 hours a week on the platform. Think about this. A full day every week on a platform influenced by the CCP? Would we have let the Kremlin own CBS, ABC or NBC in the 60s? When Trump's efforts to make ByteDance sell during his first term failed, he signed an executive order banning TikTok, which was later overturned in court. He needed a law. Last year, then Congress debated and overwhelmingly approved, and President Biden signed the Protecting Americans from Foreign Adversary Controlled Applications act, which gave ByteDance until January 19th of this year to sell to a non Chinese buyer. ByteDance fought the law in court and lost. On January 17, the Supreme Court ruled 9, 0 that the law was constitutional. Then January 19 came and TikTok shut down in the US for a few hours. TikTok returned from the dead almost immediately as ardent TikTokers, with the aid and encouragement of ByteDance, posted and protested that a ban would deprive them of their free speech rights and or their livelihoods. This is ground zero for why we should ban it. A social media app used by half of Americans and controlled by an aggressive foreign rival just confirmed it can spin up millions of citizens, particularly young people, to influence important government policy. TikTok, that is the CCP, will do this again if China invades Taiwan. TikTok is the propaganda tool Radio America never dreamed of. It's much easier to fool Americans than to convince them they've been fooled. On his first day back in office, Trump signed an executive order delaying the ban for 75 days, saying he wanted to engineer a deal that would give the US half ownership of the app. If I don't do the deal, it's worth nothing, he said.
- [12:04]
Donald Trump
If I do the deal, it's worth a trillion dollars.
- [12:09]
Snoop Dogg
This is not a new concept. There's even a word for it, socialism. Socialism is when the state controls the means of production. America has proven in spades that the full body contact of competition creates more economic growth than the government cosplaying a business. Whether it's the UK investing in DeLorean or Obama propping up Solyndra, it usually doesn't end well. One of my favorite moments in succession was when Logan Roy told his children, you are not serious people. He knew his kids were expectant and lacked the real world skills and backbone to make good on their threats. We risk our allies, adversaries and trade partners sensing that we too are not a serious people. I'm not entirely sure how we got here, but I think it has something to do with the way money and business success have become so venerated in our culture. More money used to mean a better meal on a plane. Now It's a much better life. Just as we always find uses for additional bandwidth and energy, our consumer economy never runs out of incentives to amass more money. I'm taking my son on the Eurostar, which has three ticket classes, to see a Paris St Germain FC game where there are the seats we bought 220 pounds plus 11 higher categories, including ones with access to an indoor restaurant, heated seats and a player meet and greet before the game. That's £3,500. My first real date with Maureen Burke was in the 11th grade. I took her to see Springsteen at the Great Western Forum. Nosebleed seats were $12 and seats in the front five rows on the floor were $48. We sat in the $12 seats. 1 I had no money and 2 I thought it was super cool. Look how high up we are. More recently for Taylor Swift's eras tour at SoFi Stadium in Los Angeles, the It's Been a long time coming VIP package which set you back $899. However, it did include a VIP parking pass, merchandise and a dedicated entrance for perspective, on an inflation adjusted basis, premium tickets to Swift cost five times what Springsteen did 42 years ago. This is all to say that not only is our government increasingly corrupt, but also being a teen in 1982 was better. But that's another post. The most disappointing thing about our elected officials is not that they're whores, but what cheap whores they are. For his $250 million investment in Trump, the wealthiest man in the world was able to increase his purse by 140,056,000% ROI. The increase in wealth had nothing to do with the performance of his businesses, but the market's belief that we are now in a kleptocracy and the distinction between winners and losers is no longer about innovation, but proximity to power. The polar vortex of corruption is is here as greater incentives, fewer guardrails and the sense that character is no longer valued in America have cast a chill across capitalism. Money has not washed over just our government, but also what has traditionally been a power check on corruption. The media. ABC's Bob Iger sold out and settled rather than fight a lawsuit, Trump brought over. George Stephanopoulos on air remark that Trump had been found liable for rape, a suit that looked very winnable for abc. Jesus, Bob, really. FYI, the judge in the case also used the R word. Many are now afraid of confronting Trump and First Lady Ylania, but not because they think they might wrong them, but because they are worried about the aggravation and expense of being sued. In the end, the media and the citizenry are making a money choice when what is called for is a moral choice. See above. Bob Iger for people who are not economically secure, it's upsetting but understandable for Bob Iger, its shareholder value colliding with cowardice. Last year, the Disney CEO made $41 million, but I'd argue he is increasingly impoverished. The latest race to the bottom is blanket pardons. After Biden preemptively pardoned his family, Trump granted, quote, a full, complete and unconditional pardon to all January 6th defendants, including Enrique Tarrio, the former national leader of the Proud Boys, who was convicted and sentenced to 22 years in prison for seditious conspiracy, and Julian Cotter, who pleaded guilty to pepper spraying Capitol Police officer Brian Sicknick in the face. Sicknick suffered several strokes and died the day after the attack. There's a rumor on Reddit that I'm running for president in 2028. That fits. I do possess the key attributes wealth, narcissism, outdoor plumbing. Should I be victorious, I pledge to the American people the following a full and unconditional pardon to all UCLA alumni, Great Dane breeders and owners of Damn the Torpedoes on vinyl. Together we will make America Tom Petty again.
- [19:05]
Scott Galloway
Life is so rich.