The Tucker Carlson Show

Episode: The Private Equity Veterinary Scam Making You Poorer and Killing Your Pets
Date: December 29, 2025
Guest: Joe Spector, CEO of Dutch (Pet Telemedicine)

Episode Overview

In this episode, Tucker Carlson interviews Joe Spector, founder and CEO of Dutch, a pet telemedicine company. The conversation explores the unsettling rise in veterinary costs, the monopolistic grip of private equity on veterinary practices, and the resistance to affordable, accessible telehealth for pets. Carlson and Spector delve into how these forces are pricing families out of pet care, stoking fear in veterinarians, and contributing to pet abandonment—all while serving investors’ interests over animal welfare.

Key Discussion Points & Insights

1. Veterinary Costs are Skyrocketing

• Veterinary care inflation is “2x that of regular inflation” ([01:04] Joe Spector).
• Pet owners face ever-larger bills, with some common procedures (e.g., dog teeth cleaning) going for as much as $5,000 ([05:28]).
• The rise in costs drives fear: “50% of our customers say they haven't been to a vet in three years or more” ([02:32] Spector).

2. Private Equity: Creating a Veterinary Monopoly

• “A third to a half” of all vet practices are now owned by private equity ([03:16]).
• The PE playbook: buy independent clinics, consolidate, and raise prices—without improving care ([03:53]-[03:58]).
  • Quote: "No, the care gets worse... There's really no... modernization... They just literally raise the price." ([03:58] Spector).
• Private equity’s influence extends to other small businesses: dental, HVAC, and beyond ([03:41]).

3. Profit Over Pets: Incentives to Upsell Unnecessary Services

• Vets are pressured to “sell you more stuff”—unnecessary tests and procedures ([02:03]).
  • Quote: “A third of their revenue is dependent on you getting a blood exam, getting X-ray, etc.” ([02:03] Spector).
• Emotional leverage: The industry preys on owners’ devotion to their pets when upselling ([06:45]).

4. Pet Owners Drop Out of the System

• Many simply avoid the vet, fearing both high bills and emotional blackmail ([07:16]).
• The consequence is real: tens of millions of pets go without any routine care ([07:16]).

5. Why Are Vet Prices So High?

• Explanations given for the high cost of simple services (“paying for rent, staff, upkeep”) are “baloney” and often amount to just price gouging ([08:13]).

6. Resistance to Telemedicine: Regulatory Capture

• AVMA (American Veterinary Medical Association) and state associations aggressively fight telemedicine, scaring vets with the threat of “the FBI showing up at their house” ([10:47]; [11:12]).
  • Quote: “The AVMA has basically made these vets feel that if they do telemedicine, the FBI will show up at their house.” ([10:47] Spector).
• Fearmongering around telemedicine: “Millions of dogs will die” if telemedicine becomes common, despite lack of evidence ([12:11]).
  • Quote: “They'll say, ‘If there's telemedicine, millions of dogs will die.’” ([12:11] Spector).

7. State Laws & Lobbying Entrench the Monopoly

• Telemedicine for pets is legal in only about half the states, with others blocking it through legislative or regulatory means ([23:09]).
• Legislative progress is slow and often stymied by industry lobbying ([26:10]).
• Special interest groups spend “hundreds of millions of dollars” to lobby politicians and maintain the status quo ([13:55]; [14:43]).

8. Cartels, Bottlenecks, and Suppressing Competition

• The AVMA controls vet school accreditation, restricting supply to keep prices high ([28:43]; [29:33]).
  • Quote: “The AVMA controls accreditation for veterinary colleges… They have a choke hold.” ([28:43] Spector).
• As a result, there is only “one veterinarian for every 3,000 pets,” versus 1:20 in human healthcare ([30:49]).
• This is textbook “cartel behavior” ([31:28]; [31:31]).

9. Personal Motivation Behind Dutch

• Spector shares his immigrant background and his drive to solve expensive healthcare, both human and animal ([33:43]-[38:05]).
• The origin of Dutch: Spector’s $2,000 bill over his dog eating a couple of M&Ms led him to realize the lack of affordable guidance ([39:03]).

10. How Dutch Works (Telemedicine Model)

• Dutch offers video vet consultations for “less than $100 a year, for up to five pets” ([21:06]; [18:26]).
• Most cases (90%) can be resolved virtually ([21:45]).
• Vaccines/stitches still require in-person care, but telehealth is ideal for behavior issues, anxiety, rashes, or quick questions ([17:12]; [21:44]).
• Great for behavioral cases: cheaper, less stressful on pets ([18:13]-[18:27]), and can be life-changing for aggressive dogs ([19:24]).

11. Grassroots Change and Action

• Spector encourages listeners to visit savepuppies.com to contact their legislators and support telemedicine access ([26:10]; [26:43]).

Notable Quotes & Moments

• On Private Equity Takeover:

  “No, the care gets worse...They just literally raise the price.”
  — Joe Spector ([03:58])

• On the Upsell Pressure:

  “There's a list of all the services they want to sell to you...”
  — Joe Spector ([06:14])

• Telemedicine Barriers:

  “The AVMA has basically made these vets feel that if they do telemedicine, the FBI will show up at their house.”
  — Joe Spector ([10:47])

• On Regulatory Capture:

  “Most regulation exists to preserve existing monopolies.”
  — Tucker Carlson ([15:42])

• Cartel Accusation:

  “That's cartel behavior.”
  — Tucker Carlson ([31:28])

• On Denying Telemedicine Over Bizarre Hypotheticals:

  “Are there nails on your house? Why use this crazy made-up example to deny millions of dogs...”
  — Joe Spector ([42:35])

• The Disparity in Vet vs. Human Care:

  “There's about one veterinarian for every 3,000 pets in America. For context, the ratio in human health care is 1 to 20.”
  — Joe Spector ([30:49])

Timeline of Key Segments

• [00:04] – Introduction, why Tucker is interviewing Joe Spector (transparency about advertiser relationship).
• [01:04] – Veterinary costs outpacing inflation.
• [02:32] – Fear of high bills keeps pet owners away from vets.
• [03:16]-[04:42] – Private equity’s takeover, monopolistic tactics, and no improvements for pet care.
• [05:28]-[06:45] – Upselling and emotional leverage at traditional vets.
• [07:16]-[08:13] – Owners avoiding care, cost explanations.
• [10:15]-[12:11] – AVMA’s campaign against telemedicine; regulatory intimidation tactics.
• [13:06]-[15:46] – State-level laws, lobbying, preserving the monopoly.
• [17:12]-[19:35] – Advantages of telemedicine: behavioral, anxiety, and cost cases.
• [21:06]-[23:24] – Explaining Dutch’s model and the patchwork legal situation.
• [26:10]-[26:43] – Grassroots activism: savepuppies.com.
• [28:43]-[31:06] – Cartel-like vet school bottleneck and numbers contrast.
• [33:43]-[39:13] – Spector’s immigrant story, personal reasons for tackling veterinary care.
• [41:35]-[46:05] – Misplaced priorities in veterinary regulations; real consequences for animal welfare.

Memorable, Relatable Moments

• Tucker’s blunt take on private equity:

  “I've never seen [private equity improve a business] ever in any sector.” ([04:23])

• Spector’s immigration story:

  “We fled with...$100 and a red suitcase.” ([35:39])

• On the weirdness of legal restrictions:

  “So right now it is illegal for anyone in Texas to call a vet on the phone and just get healthcare on the phone.”
  — Tucker Carlson ([24:48])

• On resilience:

  “No one's too good to take out the garbage.”
  — Joe Spector ([36:37])

Final Thoughts

Tucker wraps up the episode noting the surprising and tragic cost of veterinary care, its emotional toll, and how regulatory and financial interests now outweigh both common sense and animal welfare. Spector champions telemedicine as not just a business, but a needed challenge to a system dominated by monopolies and outdated regulations—reminding pet lovers they are not alone in their frustration and there are ways to push for change.

Useful Links

• Dutch.com – Pet Telemedicine Service
• SavePuppies.com – Pet Telemedicine Legislative Action

For Pet Owners:

• Pet care costs are high due to monopoly behavior, motivated more by profit than animal health.
• Telemedicine is a viable, affordable option, but is being blocked in many states for financial reasons—not safety.
• Grassroots action (like savepuppies.com) is needed to gain fair access to affordable veterinary telemedicine.