Iran is just an unmitigated disaster and it's going to kill his presidency. There is strong consensus that that was the biggest mistake he could possibly have made. He cannot get out of it reasonably and he lost Tucker, Megan Kelly, Steve Bannon, everybody in his group because of it. Yeah.
Hey everybody, a few notes before the pod today. I taped yesterday afternoon with Jason Calacanis because I'm about to hit a plane to my father's retirement party which we're excited about. For the newbies, Jason is a little bit of a departure from our usual material here on the Bullworth podcast. He has a podcast of his own called the All-In podcast. And his colleagues, two of them were very active Donald Trump supporters. One of them, David Balsac, ended up going into the administration. And then another one is kind of a was Trump curious. Jason was the most middle of the road of the crew. And we did our first interview, God, a couple years ago now, before the 2024 election. And we've done a check-in every 6 to 12 months. So we did one of those check-ins today. We talked a bunch about the stuff that he really knows about, which is Silicon Valley and VC World, and then talked about what the vibe shift is looking like on Trump. It's not shifting as much as we would like. A little spoiler alert. So that's what's on this podcast. We also have the Next Level podcast. It's already out. It's out earlier than usual. So if you're looking for just a politics fix, you can just pop on over to the Next Level feed, me, Sarah, and JBL as we do every Tuesday. So go give that a listen. Download it if you're not subscribed to the Next Level Feed. And I guess one more thing before we get to this show. Jason's a big Knicks fan, so we discussed the potential of a Trump curse, and he was worried about a Trump curse. It turned out that he was right. Trump showed up to the game, made it a massive hassle for everybody in Midtown New York, salted the vibes, fell asleep. Trump actually fell asleep for a little while. He rested his eyes. A lengthy rest, about a 22 second eye rest during the third quarter and then he left early. So as a result the next 13 game winning streak is over. Don't know who else to point to on that except for Donald Trump. Would really be something if the whole series, the whole vibe of New York, the whole trajectory of society shifts because Donald Trump decided he was a 12-year-old and wanted to do what J. Mark is calling it the Make-A-Wish presidency. The Big Presidency. You guys remember the movie Big? The Big Presidency where he gets to be a little boy that does fun stuff with all the grown-ups. So that's what happened last night. I'm a little, I'm enjoying it. I know I've got some buddies who are listeners who are Knicks fans. I'm sorry that that Trump hexed you, but hard not to enjoy it. So anyway, stick around for me and Jal. It gets a little hot in the second half. So hopefully that'll give you something to get your dander up and if not go check us out on the next level and we'll be back tomorrow with our regularly scheduled programming. Appreciate you.
Hello and welcome to the Bullwork Podcast. I'm your host Tim Miller. Happy to welcome back to the show a journalist and entrepreneur turned angel investor. He's the co-host of the All-In podcast. He's the best of the four. Not really a competitive category. He just hosted the liquidity summit, a private investor summit for LPs, fund managers, and elite entrepreneurs. That's fancy. It's Jason Calacanis. What's up, man?
How you doing, brother? Big fan of the show. Nice to be here for my second appearance. After five, you get the blazer. I understand.
Yeah. Isn't it third? I think it's third.
I don't know. I think you should make it five.
It is third. No, it's your third appearance.
It is my third? Okay, sure.
You know, I'm a big fan. I went back and checked the archive. Your last appearance was at the six month mark of Trump's term and we did a little check-in now like a year and six months almost. Hasn't been quite a year. So we'll do a little update. We'll get to that. But first, just for so people know, we're taping this Monday afternoon and so this will be Tuesday's show. So we don't know if the Knicks have won game three tonight. I'm surprised to see you at your home studio because I've seen you not quite courtside like row two, row three, semi courtside. I had courtside for the wrap-up game in Atlanta, the massacre.
Yeah, and I flew there with my brother. I went to Philly with Ben Stiller, my friend. We were courtside for the Philly game. They tried to block us.
I was at two of the MSG games, but like you said, third row because even with my incredible micro celebrity, you understand micro podcast celebrity, you just...
You leverage it a little better than me. Your shamelessness I have to give you. You're out there on X just being like give me a get, who has courtside for me? I don't have the power.
I mean, I pay for them to be honest. But even so,
Yeah, but I do use the power. I mean, what's the point of having a million followers on Twitter if you can't just use it for customer support?
Yeah. Like if something's not right. And then Cleveland, they blocked us from getting courtside. So I had third row and I went to the Spurs both games. I am going to predict tonight the Knicks are going to win and I think they're going to demolish them by 15 points.
Well, tomorrow why are you not going? You're scared of Donald Trump. You don't want to deal with the hassle. You're worried he's hexing your squad.
There was some bad juju here with Trump going.
It's bad juju. He should not have done this. You should not make the fans show up 3 hours early. And he got rid of the watch party which has become this huge tradition. So listen, he's the president. He can do what he wants, but I would have preferred he didn't do it. I was going to come in for it, but I've decided I'll just come in for game four. And it's kind of a dick move. Yeah. I mean, and is he even a fan? Like, do you think he can name anyone from the 1999 team? I mean, I guess you...
He used to go to games, but I don't know if he went to the games primarily because he was friends with JD or if he went because it was a celebrity thing to do. But he has not been going since. So I don't put him in the Timothy Chalamet, Spike Lee. He's not part of our group and I put myself into that group just based on fandom, not celebrity to be clear.
Well, based on your strong prediction on the Knicks, I'm going to fade you based on some of the predictions you've made that we're going to get into from the Trump.
I'm fading you. I'm betting on the...
What's your team, by the way? Were you a Pelicans?
I'm Nuggets. I'm Nuggets. I'm Nuggets.
Oh, Denver Nuggets. Yeah. And rough playoffs for us, but I'll bet on the Spurs tonight. Modest wager on DraftKings and we'll see. The listeners will know who's right. Before we get to Trump, because who knows how that'll go. I want to get into your main area of expertise first. Want to talk about what's happened in Silicon Valley world AI. I feel like I don't know if you'll take this as a compliment or an insult, but I feel like you're a fair arbiter of conventional wisdom on where the valley investor class is on things, how things are going. And so rather than putting on your Jason hat, I just want to start there like where is the valley right now on both where the economy broadly and also the AI stuff in particular.
Yeah. So let's start with AI. AI is like every previous technology wave put together and then times 10 in terms of the impact, the opportunity, and just the capabilities of what's happening. The last time I was on the show, or maybe it was two times ago, we had a clip go viral where I said, 'Listen, Amazon is going to be lights out in their factories. It's all going to be robotics and they have Zoox, so they're going to be delivering packages. And the idea that a human would touch a package between you clicking order on Amazon and it showing up at your doorstep will be insane or farcical in three, four, five years.' That went crazy. Shortly after that, Andy Jassy wrote a memo saying, 'Hey, we're going to be going all in on AI. We're going to have a different staffing level.' He laid off a bunch of people. And then this secret memo got leaked that they weren't going to hire 600,000 jobs. And the PR team is like, 'How do we deal with the fact that we're not going to be hiring humans anymore? Maybe we should give money to Toys for Tots.' I don't know if you saw this.
Not Cars for Kids, notably given some of their baggage.
There it could be. Yeah, so essentially and then if you watched, there was the Figure robotic company also doing humanoid robots had like a telethon where they had one of their robots sort packages.
And so this timeline is increasing. So it is a huge opportunity and the tokens which equal intelligence are so compelling for people to use that people are spending too much money on them. They're going crazy using them and you've had to rein in employees. For every story you hear that this technology is going to change everything, you'll have people who don't know how to apply it. But we use two terms in the industry: AGI and then super intelligence. To keep it super simple, AGI means the artificial intelligence is as smart as the smartest human being. Super intelligence means it's smarter than all collective human intelligence for all time and it will solve problems we can't even think about, we can't even conceive of. The race is really for super intelligence. AGI is a little waypoint along the way and that waypoint prints money. It prints money and we have this grand debate on All-In all the time. We have it publicly about job displacement, job destruction, universal basic income and people in our industry have delusions of grandeur because we've done big things right. So you do have this god complex amongst the Anthropic people or Sam Altman, Elon, all the whole group really has done some things that have changed the world dramatically and then some of them are drama queens.
And both, and some are both.
Okay. So, I was listening to one of your debates maybe from two weeks ago on the show where you were more concerned about job displacement than some of your co-panelists, I guess. And I was talking a little bit with Derek Thompson last week. Smart.
Yeah. Really smart. And he was basically saying is like I don't know. He's like I know that's not what I'm supposed to do because I'm supposed to do an explainer podcast. And he's like, I hear compelling arguments for the fact that AI is going to actually create so many efficiencies and so many potential opportunities that there'll be job growth. And he's like, I see the apocalyptic version as well, where there's huge displacement. Obviously, there'll be displacement in certain types of industries no matter what, but the question is how is it on balance?
I like it. I find it interesting that there was a lot of conversation about this over the last year. There continues to be, but feeling like it was imminent and I don't know. I sense a little bit of a vibe shift where maybe this stuff isn't happening as imminently as people thought. What do you make of that?
Yeah. So, multiple things can be occurring like a storm, right? You could have multiple components of this weather pattern and some people it's going to flood their neighborhood and other people it's going to extend the weather in San Francisco might be more like Los Angeles eventually, right? And LA might turn into a hellscape and be far too hot. So the weather system is very complex. And so Derek's right, hard to predict. So what do we know? What are CEOs of companies and what's their behavior? It's always helpful to just look from first principles like a game on the field. You had Jack at Square/Block just cut the team in half. Now in technology, we always bloated these companies. Why? There were two reasons. One of them strategic, one of them sinister. The strategic reason was let's hire people because we're continuing to grow for a year or two from now. If we hire ahead, then we'll be able to move faster. Okay, that's strategic. Every company's been doing it for 30 years. The sinister one is what Google did early in the days, and I literally had this conversation with the principles there, Sergey and Larry, many times. They would hire people based on intelligence, pedigree, Stanford, Harvard, MIT, and they would hoard them. They would hoard talent. But it was not just so they could use it. It was so those people didn't create a competitive company to Google.
So it was a blocker strategy in addition to hey we have this natural resource. Pretty sinister. Now with AI you can get rid of middle management. What is the job of middle management? It's to set up meetings, keep people on track, provide TPS reports, project updates. All that stuff is being done perfectly and better and more consistently by AI. The number of notetakers that pop off when you start a meeting on Zoom now, Notion has one, Zoom has one, Granola, it's like how many versions of this meeting do we have to have records of. So that whole job slice is going to be gone. Then you take self-driving, that's going to be gone. Truck driving, that's going to be gone. Factory workers, that's going to be gone. Simple food production, making bowls, slop bowls at whatever bowl place you like to order from, that's going to be all robotic. The writing is on the wall.
So Starbucks has come back. Starbucks has kind of a countervailing story to that narrative because they got...
There is going to be what makes us uniquely human. We might drive more human experiences. So that would be the addition.
So hey this thing is so profitable maybe we should add some services or add some people.
There's nothing more compelling to a chief operating officer, a VP of ops than the ability to replace humans with technology. They love it. They love it. How do I know this? Because for the past 10 years, I have invested in and been pitched on companies explicitly. Explicitly, Tim, our company gives you the ability to get rid of all cashiers at your quickserve restaurant. Our technology allows you to get rid of the person making French fries at your restaurant over and over again. That's been the pitch in Silicon Valley for decades and it has increased massively. So when technology people say it's not happening or they say all jobs are going away, they're talking about two different things. One is trying to protect Donald Trump from supporting AI relentlessly and that job displacement happening which liberals and America first people are not buying for good reason and on the other side it's unrealistic to think that an AI first employee can't get a job. If you're an AI first employee and you know how to deploy these tools you will get many jobs. So long term I think we'll be okay. Short term you could see a lot of blue collar jobs, a lot of middle management jobs get retired and that's going to cause chaos.
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Okay, my last thing is the other thing that people worry about is the new jobs like new out of college. I know that you have a big internship program. I was just talking to some interns here about this question. It was funny. I saw this Bill Maher clip. I kind of hate to hand it to Bill Maher because he's had some misses lately, particularly in the war, but he had this funny bit about what's happening at colleges right now, which is that college papers have just become a circle jerk.
It's like a computer circle jerk. The circle jerk of nonsense where they're like the AI is writing the paper and then AI is grading the paper. So, it's like two computers talking to each other. No one's actually learning anything. No one's getting real feedback. It's a very dystopian concept. You made the joke. I asked a couple recent college grads about it and they were like, 'Yeah, oh yeah, that's exactly what's happening.' And this is why they're booing at commencement speeches when you evoke AI. This is the first generation that hacked their way through school and felt like they didn't learn anything because they were just using AI tools and they felt their teachers were using the same AI tools to teach their lesson plans. And so they're like, 'Yeah, my whole college experience was AI slop.' They got a reason to boo. And if you're running a company right now, the concept of training somebody for 2 years to be productive or a year to be productive eventually when you could train an AI to do that. Toby from Shopify who's a good friend said anytime anybody wants to do a hire and they put in a request, they have to prove that they haven't tried to do that job with AI first. Very logical approach for a company but devastating for those first two or three rungs of the ladder. That's why this feels a lot different than minimum wage debates which we can get into. This feels a lot different than immigration and people working illegally because elite people who racked up 150 to 250k in debt now can't get the first rung of the ladder. That's going to cause a whole different level of hand wringing here.
Yeah. Their parents are going to be mad. Talk about who do you know who votes? The 55-year-old parent of a 22-year-old who just spent $150,000 on college and their kid can't get a job. That is a person that votes and donates and who is vocal. Yeah. So anyway, that'll be interesting to see that all play out. I guess one more thing on this on the politics. Speaking of the vocal push back, the other area is the data centers. Where do you fall down on this on the great data center debate?
Just so people understand my politics, my contemporaries on the podcast like to paint me as a libtard.
And it's kind of this last time you were a Trump...
I never said who I voted for because I'm trying to remain independent.
You strongly alluded to the fact that you were interested. You're Trump curious. So you're the lib on the pod and you're Trump curious in...
A moderate and have always been an independent moderate. I voted 60% Democrat and 40% Republican in my career. I just vote for the best person.
If you were to tell me I could vote for...
Who was the private equity Republican that everybody hated for so long?
Robbie? I would vote for Romney in a heartbeat right now to have a centrist.
I might even vote for Pence to have a right-wing conservative but who's normal.
I would vote for normal. That's what I would like to have. So just so people understand my politics coming into this, I'm an independent and I pick people generally that way. But your question is...
Just on the data center, I'm just curious, you know, there's been a lot of obviously the big tech people make very passionate arguments about all these data centers are needed. They're needed to fund all that compute that you were talking about earlier. There's high demand for these tokens. You know, they are creating jobs in the communities. There's just been a lot of push back about environmental concerns, displacement, electrical costs, etc., etc. I'm just wondering where you think that's headed.
It's a great debate filled with a lot of FUD, fear, uncertainty, and doubt by one side and then, it is essential for our industry to get these things up and running and to get them up quick because it turns out when you put a lot of this hardware on a problem, it can in fact solve it. So sometimes the brute force of it does work and the demand is off the charts for access to more tokens and to lower the price of tokens. As you know, everybody talks about Jevons paradox which basically means if you make something cheaper, people use it more. If you want an example of that, you expand the 405 freeway by two lanes, all of a sudden traffic moves quicker for like two months and then people move a little further out and it induces more traffic. On the data center side, my politics are very much in favor of state rights and local rights. I like the fact that if people in Maine or New Hampshire have a problem with this, the folks in Pennsylvania might seize that opportunity or Texas. Texas wants every data center you can build. We have the largest install base of solar and wind outside of China. I mean, this place loves energy. And they don't care where it comes from. Oil, natural gas, they're indifferent. Solar as long as it makes a buck. That's all they care about is this is unit economic positive. The thing about water is a fake news story. The thing about energy and impacting the grid is a real story in some cases. So you have to kind of parse that. The water thing is fake because all these systems use closed loop which basically means the water goes in a pipe and it evaporates a little bit but it uses much less than the almonds or golf courses in the country.
The almonds. That one's fake.
The almonds. They're taking almonds. If you're out there drinking almond milk anyway. I go pistachio all day. I mean, eating all these...
Oh, cashews are incredible. You put a cashew with a date, you're in good shape. But anyway, so the water is a fake issue. I like the fact that people are competing for these. Let the states and the people who don't want it ban it. Let the states that do want it benefit from it. That's one of the great reasons why the United States is so successful is because we have an A/B testing process. We can multivariate test something. And what they're doing now is the data center folks are chasing power and they're chasing power that doesn't impact locals. So if you go to the Permian Basin and you get some natural gas there and some solar and battery, you're not harming anybody. And great, you can build it till the cows come home and putting them in space is the next thing. The third one you haven't heard about, but that you will, is people are going to start giving free batteries and solar to people's homes. And then in the rack where the batteries are, they're going to put 10 of these Nvidia servers. So, imagine I offered you for your home, 'Hey, would you like solar and would you like battery and would you like a free electricity bill?' And you'd be like, 'Yeah, what's the catch?' And it's like, 'The catch is we're putting a mini data center on the side of your house. It's the same size as your existing HVAC water cooler, and that's going to be a real thing.' And I think that'll be the bridge between now and space.
So, it's kind of a non-issue.
It's an interesting flag. It's a little dystopian. And I think it's, I understand that we're used to it as an issue. I don't think it's going to be a big political issue locally, but to be continued.
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I want to do Elon stuff and then into Trump. We've had a lot of, you're an Elon buddy. Or relatively buddy, just in this year transparency.
Yeah, friends for over, very close friends for a very long period of time.
So there's been a lot of critiques here at the Bullwork over the manner in which the SpaceX IPO is going to happen. In part because of the fast tracking of the NASDAQ breaking the traditional rules of how a new IPO gets into the NASDAQ. Also I mean Cara, your friend Cara Swisser was on that a couple weeks ago.
She hates me. Cara Swisser is very angry. She is so angry. And I think on this case she was right about the valuation of the company being kind of absurd. There's really one good company which is the satellite business and then you have two not that profitable companies, one of them actually a ship company kind of tied onto the satellite business and it's sort of absurd what the valuation is like.
What's the case for the Elon route?
Case one is never bet against Elon because he...
Well, manifest things betting against him on the process of cutting government funding through the DOGE process because he totally failed at that.
And has inspired another round of it that looks like it's going to be quite successful and Ro Khanna is doing it in his state as well and it's become...
I don't think Elon can get credit for all of government cuts everywhere. His program that he was in charge of...
He did inspire it and put it in front of a, so did it work perfectly? But I think he inspired people.
We were talking about this 30 years ago so I don't know.
And did they make any progress I guess is the question. But now you have people taking it up realizing it's an important issue to Americans anyway. Let's put that aside. Your question is about SpaceX. There's an incredible business in Starlink. Starlink has over 10 million people subscribing. That will wind up being the largest subscription business in the history of humanity, probably double what you see from Netflix. Why? Because they're going to go directly to your phone eventually. If you've seen the Starlink Mini, if you've seen the progress, they're putting it on boats. Most people are putting it on their houses who can afford to as a backup to their cable modem. Like, if you're a broadcaster from home, you might have Starlink as your backup. I assume you do.
I don't, but I've been considering it reluctantly.
Well, think about this. For $1,000 or less, you can have a backup and you make 20, 30, $40,000 per podcast, how could you not have it as a backup? And you can get this router from UniFi that just automatically switches over. It would be very wise for you to get a battery pack and I'll send you a link to the router that does the hot swapping.
Thanks. Do you have a promo code Jason where I get a big?
I don't for that, but I have one for Roku if you want a GLP-1 if I can interest you in a GLP-1. Yes. Here's the good news. That business alone will support the valuation.
Will support the $2 trillion valuation.
States has all of these very important goals and whether or not you can say a word without being criticized is really not that important. I think it was more symbolism of the overreach of cancel culture, how they would say it is word policing. I think it's just an overall debate about the Overton window, like are we allowed to talk about certain topics or not?
I'm with you on that, but wasn't your instinct? I mean, I look at the 2020 Jason, and I don't know, you're showing empathy like other someone.
I do have a life as is feeling pain and you don't want them to feel pain. Don't you think that's a good instinct? Isn't it bad that now we've gone to a place where people are like, 'Oh, it's cucked if you care about somebody else's pain. It's based to just make fun of people and be a dick as much as possible.' Like, that's bad, right?
Yeah. I can hold these conflicting thoughts in my mind, which is one, I'm not responsible for the Overton window opening and closing. And if people want to say that's gay to mean that's dumb or they want to say that's retarded, that's out of my control, Tim. I don't have the ability you say is in your control.
It is in my control. And I think if the public vernacular is we can separate the intent of the word retarded and say that means you're not thinking in a crisp way and people say it in a jovial way, I think we can separate that from the use of it like I would like to make fun of this person with Down syndrome and make them feel as bad as possible. But yeah, it's...
Well, speaking of the r-word, let's get to Donald Trump's management of the economy and the country lately. When you were on with your six-month assessment, when we were on last, actually I want to play this. What prompted our last visit just to set the parameters of the conversation was there was a video that had been posted on X that was of your colleague on the All-In podcast, David Friedberg, talking positively about the Trump administration to date, and you kind of jing him a little bit, giving him a little trouble. Then you posted the link to that video by saying, 'We're six months in and your assessment is that he's been pretty solid, he still has work to do.' I want to listen to the original video just so we can have a baseline. Let's listen to it.
Okay, here we go. Baseline it.
What better team has ever been put together? It is a cabinet of CEOs. It is a cabinet of managers and a cabinet of people who know how to get things done. And every time I go there, I'm impressed by this cabinet. I pull my hair out when I admit that you're pro-Trump.
I support my president. I support the president.
Okay. So, you voted for him. You voted for him. And you love Trump.
Okay. Your colleague loves what he's doing. You said he's in the administration now. He's in that science group that Sax is running. I forgot the name. He said, 'I love what Trump's doing.' You said at the time he was pretty solid. You both agreed that the cabinet was strong. Sure. How do you feel a year later?
There are a series of things that are complete unmitigated disasters and there is consensus I think from all Americans when you look at his historically low popularity that none of us wanted to get into an endless war in the Middle East. That was like top of the reasons to vote for Trump and now that has made...
If you wanted to be duped by him. Yeah, sure. I have to say, he made a pretty convincing argument because he didn't start any wars in his first term because you had people who were hawks on both sides who very much wanted to engage in maybe being a little more active in Ukraine and a lot more active in the Middle East on both sides, right? Whether it was Nikki Haley or Hillary Clinton, they wanted to go hardcore into Iran. So, he actually made a very convincing argument. Now, why did he switch his position completely? I think Marco Rubio said it the first time and the first time was the correct take. They got dragged into it by Israel because they said they're going to go anyway and he decided to do it. Huge mistake. Terrible, terrible decision. I think the ICE stuff was incomprehensibly cruel and poorly executed. And you heard me give J.D. Vance when he was a candidate a hard time about that at one of our events. I said, 'How are you possibly...' and you can put that clip in post if you want to, but I said to him, 'Hey, you can't drag 20 million hardworking Americans who just happen to not be legal yet out of this country. People are going to take their phones up and record you dragging their nanny, their handyman, their dishwasher. Americans are not going to go for that.' And I was exactly right about that one. He plummeted in his approval rating because of those two things. The tariff stuff was poorly executed, but the right idea. We should rebalance trade like that. He just did it in his normal YOLO nature. So, if I were to put together the biggest disasters since we've last spoken, Iran is just an unmitigated disaster and it's going to kill his presidency. I think there's consensus about that, right? I'm not in politics all day long, but there is strong consensus that that was the biggest mistake he could possibly have made. He cannot get out of it reasonably and he lost Tucker, Megan Kelly, Steve Bannon, everybody in his group because of it. Yeah.
Yeah. Yeah. Yeah, I mean I guess I do wonder what, to me the risk of Trump and this was why and this is something we spent a lot of time on last time is like what I never understood about why CEOs got behind him in the first place and why any smart people would get behind him is that it's just the risk. He was erratic. His whole career has been erratic. He bankrupted casinos. He bankrupted an airline. He's posting late into the night. If I think what we did last time we were on is I was like if you were doing a VC vet of a CEO, you would never invest in a company that had this person as a CEO because he's just a total erratic shitshow.
But it's a binary choice and if the choice was Kamala after what Biden did to the economy and after what Biden did to M&A, if you talk to any CEO, they need to have low taxes and high M&A and they are pragmatists. They represent their shareholders, their employees, etc. And they looked at the option of Kamala versus...
They do risk analysis though as well, right? They're aware of risk analysis.
One of the risks I think people would say I was ridiculous if they came on and I was like, 'I don't know, Trump could get us into a nuclear war. Kamala is not.' And here we are. We're not on the cusp of a nuclear war but we're on the cusp of a total unpredictable disaster that is way worse than what... I mean Kamala would never have done anything this stupid. We would have just started the war for sure.
With Iran? You think Kamala would have gone to war?
Absolutely, 100%. Nikki Haley, Kamala, all of them. The same. Nikki Haley's a neocon hawk Republican.
They both are very pro... I think you think the Harris-Walz administration was going to do a war of choice in Iran.
I mean, Joe Biden didn't go to war in Iran. Barack Obama didn't go to war in Iran. Bill Clinton didn't. Why would Kamala Harris have?
I think because the timing was there and Israel was going to do it anyway, which is what they said, the reason they did it. I think if Israel was going to do it, they would have followed them. That's just my gut.
I asked Phil Gordon on this spot. I asked them that exact thing and then they all said, 'I just don't know why you wouldn't take them at their word.' I don't... back to your question about CEOs though, and why would they pick this person?
If their main goal was to do commerce, do they have access to this administration? Yes. Do they have lower taxes? Yes. Are their stocks at record highs? Yes. So, in their minds, as hard as it is for you to believe, this has worked out perfectly on those three things. M&A is back on the menu after years, IPOs are going to be happening, lower tax, lower regulation, and the stock market's at an all-time high and employment is at an all-time low for our lifetime. So, they're looking at that business game on the field. They're not thinking about ICE. They're not thinking about...
You say their taxes are down, but most of those companies, not all of them, some of them are being tariffed. Some of them Donald Trump stole from. He stole from them. How is that more inconsequential than their personal tax rate? They already were treating the tax corporate and personal and...
The corporate tax rate went down a couple points.
It's all... you ask me how why they would make this decision.
