Resist and Unsubscribe with Gov. Tim Walz

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That's a word we need to reestablish as a good word to use. They use it in Britain. You live there, right? Don't they call you that all the time? Yeah, that's one of those words that I should never ever say under any circumstance.

Swisher. And I'm Scott Galloway. And welcome to the first Resist and Unsubscribe live event at the Pantages Theater in Minneapolis. YEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Whoa, man. Uh thank you for showing up tonight and helping us support the immigrant law center of Minnesota. We're recording tonight's show and we'll run it on the pivot podcast audio feed and on our YouTube channel.

We're gonna do a lot tonight. We'll talk about some headlines, just like we do on a pivot show. And Scott will give us an update on the massive impact of resist and unsubscribe. People have questions and Scott's gonna answer them and and how much it's made. It really has. And I'm glad to be here to support it with for him. But first, we have a special guest we're gonna chat with tonight. We always have special guests you don't know about. Please give a round of applause to Governor Tim Walls.

Thank you. Wow. Wow. Maybe you should tell Klobuchar you changed your mind. Well I No, this is what happens when you don't run, I guess. I don't know. So Oh, suddenly you're popular. Okay.

All right. Um I think we're gonna start. We're gonna ask him a bunch of questions. We've done this on all the tours that we've had and we've had a great time and had a m we had lots of governors and various things, but first things first, what was your immediate reaction to Christy Gnomes um departure? Self deportation.

I'm not a petty person and then I checked myself and I said, In this case I'm petty as hell. So well So it was And I was saying this that I I knew Christie Nome as a member of Congress and I d when they get in the orbit of Donald Trump, because we I think you would have considered us friends at one time, we authored some legislation around water quality and things like that.

And then all of a sudden it it it turns into this. And um but I think for me, uh what happened here in in Minneapolis was so far beyond the pale that the sense of uh The sense of anger I had towards her that Whatever happens isn't enough. Um that's kind of the feeling I'm had, whatever she has coming yet. Um so with justice, but

You said last week that Secretary Num should probably get used to spending more time in Minnesota because we've got we've got to get accountability. How are you planning on getting that? Well look there's uh and and I would make my pitch to to the US Congress, um, and especially with uh with her I guess replacement in Mark Wayne, who I know too, um One name. We're all getting that. Um, I know he's having a problem the the the border between names. Yeah. Well they can't uh that's they can't um

They can't do they can't fund these people and they can't give them without putting guardrails back around. And I've been I'm I I think Minnesotans are demanding before they do anything confirming someone else. We need to make sure they give us the investigations we need here, bringing those people back and and holding accountability. Um the The both physical and moral injury that's happened to this state demands that justice be carried out. So look, whether it's you know

Whether it's county attorney with Mary Moriarty or Keith Elson, both have talked about it, both are incredibly talented, and both of them will get justice. And um it's of course with with Renee and Alex, but this people in Minnesota know There are literally hundreds, if not thousands, of things that were done to Minnesotans, both physically, mentally, economically, somebody has to pay.

Somebody has to pay a price. We all know in history saying you followed orders didn't get you out of anything. Just following orders didn't get you out of anything. And somebody issued those orders and she was more than happy to uh to tell us she was in charge as Uh, she rode her horse around telling us that. So so yes, I I think, you know, when you're in elected office and you can make mistakes or whatever, but this was not mistakes. This was a blatant

violation of human constitutional rights of Minnesotans. And she she spoke to that. And I was I was in Congress last week too and m mine went a little better I I think than hers went. Yeah. But But she claimed that everyone knew on this. And but I I will say this, that yes, I think that we need to find out there there certainly needs to be investigations and if those lead to indictments, trials, and imprisonment for the people who did these crimes, that that needs to happen. But um

Can I get a one? But I would just leave with this. It all goes back to the top. This is Donald Trump's started this. Donald Trump did this. Let me uh ask one question and uh Scott Scott will have one is um They're trying to equate her what they're call the right I've noticed to say the fraud around this ridiculous commercials, the two hundred million dollars given to a friend of hers in some fashion, or Corley Ludowski's, um

It wh they're trying to equate it to what happened here, fraud that happened here. Like if we go for fraud there, we gotta go for fraud with Christie. There's a big difference between fraud and corruption. Um people stole from the people of Minnesota and those people are in jail. We'll continue to do that. Uh ironically, the amount that we know with our feeding our future scandal is exactly what she spent on the

riding the horse scandal or whatever it was. But this goes a lot deeper where people in government directing money towards their clients, these were criminals that stole from Minnesota and Minnesotans caught them and put them in jail. So It was on the pretense of this and there's folks that need to be accountable. I s I said to all the Minnesotans over the next ten months, my job is to make sure again

I am not going to apologize that Minnesota has incredible social service programs that lift people up, feed hungry kids, put people in. I will. I will tell you it is my responsibility to make sure those programs are as secure as possible and that's what we're doing. So they're not interested in any of that.

That's they were they'd go to Louisiana, but that's another issue. Straight up corruption, um of people taking money and uh, you know, they the false sense of they come here, they you know, right wing social media. Uh Here in Minnesota, there are folks that invited those people here. There are people here in elected office who will not condemn what happened to Alex and Renee or Liam or anyone else. And

Their accountability will come in November, but there still needs to be other other avenues to make sure that justice is served. Scott.

If a mayor calls you and says we have word or suspicion that ICE is about to have an equivalent prev uh presence to what happened in Minneapolis. What advice would you have specifically? What do you think you got right? And given, you know, you were in sort of uncharted territories. What did you get wrong? What would you do more of, what would you do less of if you were advising a mayor about to finish the case? Well just to be clear or Governor, excuse me.

What happened right and why they left was because of the people on the streets. It wasn't the elected officials. They left because of that. And Parent teacher organizations that turned into food banks and you know, soccer uh and basketball carpools that turned into protecting children and parents surrounding schools.

Um what I would tell them and and I don't know if you can you can't replicate it immediately, but that old adage that all politics and all action is local, uh Minnesotans take that to local to your house and the house next to you and the house next to you. So my take is make sure as elected leaders that you're watching where the organic leadership is coming from. Make sure you're not doing anything to interfere with that. And we were getting a lot of feedback uh from from folks on the streets.

and and to be prepared and make sure that that you are ready to make these decisions that need to be made without any coordination. Like i everybody in this room knows, and everybody Minnesota knows, we always work with the federal government and the FBI, sex trafficking, you know, drug trafficking, things like that.

They came in here and tried to make the case that we don't cooperate with them. And I'm telling you this, at the end of the day, when Donald Trump and Tom Holman stand up and say, Well You know, Minnesota finally cooperated. That's why we're leaving. We didn't change one damn thing we were doing before because

Our job is not immigration reform. We are not going to spend our resources going after people who are trying to follow the path towards citizenship and get here. So my my advice to them is stay in your lane. There's nothing you're going to do like all of a sudden we would say, Oh, sure, we're gonna start giving you names or something like that. They w uh I I the the thought of that these states that are saying'cause when the president called me he said, Well, we didn't have this problem.

in New Orleans or or, you know, somewhere else. And I said And I said and he asked, What's wrong with the people of Minnesota? And this was on the call. I said, Not one damn thing is wrong with the people of Minnesota. So it's It's being organized, it's being ready as elected officials, and I think what we learned in Minnesota, the coordination between different levels of government, because I think it was within a matter of minutes of of Renee's murder.

that Mayor Fry called right away and things were starting to be put in place. But just to be very clear, uh were following the leads of the organic leadership on the streets and watching what did that. And that's the advice I would give. So that's what I'd give. So it it's one of the most important parts of this and I think most of the country got a lot of inspiration from it.

Um, but Minnesota and and and the cooperation with the federal government w w didn't seem at that point cooperative, at least with Greg Bovino, may he Whatever in Pete I know, it's an easy one. He'll be on dancing with the Nazis someday. Um but um and with Cash Patel, as it turns out, if you'd give him a surly beer, he would have been fine. Um He likes beer. What? Like a like a freshman in college. That's how it chugs. Like a like you're like, oh you're a bad chugger.

You know, here's my take on this for what it's worth. I was telling them backstage, they said, Well we gotta be afraid. I said, I don't care, I can say whatever I want right now. Here's something we have to bring back. Shame has to be something. These people don't feel shame. You have to be ashamed of yourself. I think the problem is you're dealing with people who are shameless and I say that about the tech people.

Uh so if they don't have shame they are they they're shameless. So Minnesota residents, as you just noted, in activist groups say that arrests are reportedly still happening every day, particularly in the suburbs. But talk about what local authorities are doing about it and then White House borders our Tom Homan promised Minnesota would be down to one hundred and fifty ICE agents by last week. Has he has he kept that promise?

No, I don't believe so. Um and this is the other thing. It's very difficult for us to confirm that. Um and one of the things is I I again, whether there is six hundred and fifty here or not. the threat of them being here and the mental stress that puts on, especially our immigrant community. Um, it doesn't really matter whether they're here or not. It's interfering with their life, it's causing trauma. It's doing all of the same damage. And so I

No, I don't believe they probably have. They they s look, all of us here know. She did not get fired because of what happened here. She got fired because of those ads. They left Minneapolis not because they did some they thought they did something wrong. They left because it became politically damaged to them. I believe if they get an opportunity again, they will do the same thing somewhere else. And that's why

Minnesotans, I tell you this, I was in Idaho last night for the Idaho Democratic Party. By the way, twelve hundred people, largest it's ever been, eight hundred waiting to get there. Idaho, Idaho. Every single every single one of their They ha they're outnumbered 102 to 13 in their legislature, the Democrats are, but they have candidates in every single district. But when we got we got to town, the Minnesota flag was unfurled on buildings as a sign of resistance.

So I wanna talk about uh the Democratic Party on a more meta level. You went from almost being vice president to facing um impeachment articles in your home state. And a lot of Good luck with that. And a lot of people would argue that as bad as the Republican Party is, what makes a lot of progressives angry is that Democrats don't seem to quite frankly have their act together. That um we We wanna join a resistance, but quite frankly we wanna we wanna join a more competent, aggressive resistance.

As someone who was on the front lines, right? You're the helm of the bobsled, what observations and what advice would you offer to democratic leaders? Around building a resistance that people are just quite frankly more excited to join and have a more full more full throated response.

To being a part of. No, I agree. Well look, I've said it here and and I might be the wrong person to say this because I s you know, I accept my responsibility because we would not be in this crap show if we had uh if we had won. But what I think The Democratic Party is is one is were prisoners to kind of Norms, mores that are out there. We're prisoners to our institutions. And I will give you this, and I the tech.

folks drive me as crazy as they do you. The one thing they possess, and I I will tell you I don't do this. I'm more of a rule follower, this idea of totally breaking something. Now, I would usually think if you break it you have a better plan to go forward.

Um Democrats tend to be, you know, we gotta listen to the system. We have to send a strongly worded letter. Um people are sick of strongly worded letters. And I made this case I made this case in In twenty two, I said if we're gonna ask Minnesotans to vote for us and give us a trifecta, and this was with Melissa Hortman and Kerry Dietzick and the leadership there, I said there, yeah. And those two women knew it. The Democratic Party Scott, I think in the past has been

People want to see a direct connection to what they voted for and what they worked for, to an improvement in their life and the things they asked for. And I remember after that legislative session in twenty three where we did paid family and medical lead, fed our kids, you know, did

uh child tax credit, twenty forty, all that whole list of things, new flag, all of those things. Um, I had a young staffer who worked on my reelection campaign on that and and we did cannabis and everything and he looks at me and he said, Well, this wasn't that hard. We got all this stuff done. And I'm like, God dang, we've been at this for twenty years. But it was a real telling moment on this is if you want to get people excited, you want to have them believe.

Then actually do something. And here's what I say. I'm not going to give Donald Trump credit for anything, but what I have learned from what they did. If they can break every institution to try and go into people's houses or to kill people on the streets or go into wars that are illegal, then we should be able to break all the norms to give universal health care. Break'em off.

To to protect things that we want. Um So who do who do you imagine best represents that right now in the Democratic Party? Here's my take on this and I said I think right at this point and I think it's healthy, I I think we should all agree

We need as broad as possible as we go past the uh a broad as possible people out there as we move to twenty eight. I don't know if that person's out there yet, but what I started last January, I was doing town halls in West Virginia and Ohio, where I was saying, by the way, Everybody's telling you, you know, uh the road to the you know, your The road to totalitarianism, I said, is littered with people telling you overreacting. And I said, We're not overreacting.

I was encouraging everybody to enter the fray and fill their lane because I find great joy every day I read Gavin Newsom's stuff that he's doing. There's joy in hitting him at that. There's there's JB Pritzkers out there. I see people like Gretchen Whitman. There's there's a lot of people out there.

I don't know who's doing it, but here's what I learned. Donald Trump can suck up so much oxygen. There isn't one single person that is kind of the counterweight to that. But what we saw in Minneapolis is. Strength in numbers, strength in unity, and I want a bunch of folks out there. All right, we just have uh two more questions for you. What does that mean for your political future? Well, I'm

I have ten months to continue to build uh what we've done in Minnesota. Right, month eleven. So Yeah. Um I I think I still have a voice to go out there and and make the case to to get young people involved again, to get like in in Idaho that

It's pretty encouraging to be in there with twelve hundred people in Idaho who are sick as hell of what's going on. And they were there to, you know, what can we do about it? How do we get organized? So I think for me, taking that message, getting out there, I want to get uh uh out on the road after this and do some more and to help and and my goal is just to make sure And Scott, your point was there.

is not only to elect a Democrat, I wanna make sure that that person we elect, we hold them accountable to passing the things we know we need to get done. How long have we fought on this healthcare thing? The days of arguing that are over. Whoever wins in twenty eight.

in early twenty nine better fix the healthcare system in a way for people. Better strengthen the middle class. I want to be part of that. Are are you interested in that? Would New Hampshire be a place you might stop? Are you interested in running? I just interviewed Gavin and

He lied. No, I am not, but I am interested in being a part of it and um in the ambassadorship to the Bahamas if that's available. So all right. I have one last question. Herschel Walker, by the way, is the ambassador to the Bahamas, just so you know. So so one the last question is the Republicans using the scandal to it was partially one of the reasons you left, I think.

Or maybe it was and you can correct me. But Republicans say the scandal proves Minnesota's social safety net is broken and Democrats say it proves we need better oversight, not fewer programs. What has concretely changed? since these stories broke and these uh and every state. Well they broke five years ago. Right. And folks were on it. And I I remind people that we told the Department of Agriculture and they didn't do anything. But I I'll own this.

What's changed is is we have pre approvals, we have things in place. But again, as you see this, they are not interested in stopping the fraud. They're interested in taking away meals from kids. They're interested in taking away Medicaid from kids. And this is why

This is not a victimless crime and it's why I'm so angry about this, because it weakens people's trust in the institutions that are absolutely needed. What I would uh assure them is there's numerous things. I will fix this. They won't. They've got corruption. But what I can tell you, um

We are not gonna move one inch. We have the most generous social service programs and there's a reason that we rank at the top on our category. So my job is to clean those programs up, make them more secure, but um I totally reject where they're at and and To be lectured by

people who spend a quarter billion on horses, to be lectured by the crypto brows with Don Junior or whatever, to to watch the the Trump family make money. And I remind people on this. I was the guy who authored the c members of Congress shouldn't be able to trade stocks or own stocks and I thought it was I'll just leave you with this. That difference between

Fraud and corruption. I really thought it was a flex when the Wall Street Journal did a big breaking story when I got onto the ticket and said, We believe in our analysis that Tim Walls is the poorest person to ever run for vice president. Well You didn't elect me to get rich, you elected me to do the job and so I I'm not gonna I'll I'll take my beating, but we're not gonna do

Last question. You've had a rough year or you've had a stressful year. What advice would you have for young people who have this incredible ascent in their professional life, which you have had, and then you face disappointment and you face a tremendous amount of stress? I wish we were talking backstage and I said

Incorrectly, I always feel like I know what to do, which is dangerous. And I remember when I saw the situation here, I remember put trying to put myself in the shoes of a government leader. I just would have been so flat footed. I just wouldn't have known what to do. I can't imagine the stress and quite frankly the disappointment you have likely registered personally the last twelve months.

How do you deal with that? What is your own process for managing stress and disappointment? And what advice would you have for young people who have mostly just known success and then face real stress and disappointment? Well, I think By the way, you do look good. Yeah, you look great. Thank you. Um have you considered running for governor of California? Yeah, there you go. Um

No, look, I I approached this job. I was forty, a school teacher in Mankato. I had no political experience, no money, and and

No connections. I approached it as an opportunity that if I had a skill set that could help. And it's the same way I told the vice president. I said, You pick the person who gets you elected. If you want me to go to Omaha and get a point, I'll do that. You just tell me what to do. So I always approached it as it's public service. This isn't my My concern this year and especially around making the decision to run again, um

My number one concern was we needed to hold the seat. Not for me to set in the seat, but for us to hold the seat. And now Republicans are totally screwed because they're not gonna win any elections in Minnesota. And so I Here's my advice to young people. And I've told my team this in these jobs and the decisions you have to make or whether it's at four AM to know your best friend had been killed or to watch George Floyd or or those things, you you elected me.

to make those decisions to the best of my ability surround my see people who could make good decisions. But I say the way you manage the stress on this is is I know we make every decision in the best interest of Minnesotans. We try and do it as ethically and as uh obviously following the law as possible.

That's the way you sleep at night, knowing you did the best you possibly can in it. Cause I've asked, I don't know how some of these people sleep, and it might be what you said. They're shameless. They don't have uh a conscience. But I would tell young people, and it's what we need, um They've got horrible role models right now in many cases, but there are public servants out there serving. And there's numerous ways you can do this, whether it was to be on those streets.

whether it was to be in those food banks, whether it was to be standing at the bus stops helping kids, whether it was to be writing letters, whether it was be donating to the immigrant law center who's doing incredible work. Find a way to find a way to contribute because I think what what Donald Trump did and what social media in a modern world has done.

Why we should be more connected, we feel more isolated. And I always said this as a coach, I knew this, that people it wasn't about the X's and O's, it was about being part of something bigger. And I know that sports gets overblown the analogy, but Trump you get a pass, but go ahead.

Trump figured it out. Make people go to those rallies because it's a place they want to go. He even gave them a uniform and the red hats and he made them feel like they were part of something. Um, what you saw in Minneapolis was Community is still real. It is still there. There are still places you can go, places you can contribute. Find your community.

contribute to it, make a difference because I think all of us know every research does this. It's it's far better to give and to help. And Minnesotans, by the way, none of this surprised the people in this room because it's all a correlation to

Highest voter turnout, highest volunteer rates, highest donations to charity. Very very last question. Are they still weird? If I had to do it again, I think I would have used harsher language, but um Don't norm uh yes, they are. Cash Patel, look that little dude jumping around, I I but what's your new word?

We have to and and again, there's something about it, that belonging, whatever, and and I don't wanna say it like flippantly or whatever, but people wanna be part of an organization that they're proud of, that things are happening. Um

We have the capacity to do that. And one of the things that's more challenging for us, they set a small parameter and you either conform or you're out of the cult. With us, we're proud of our broad big tent. Um But that also means um we're gonna have to figure out ways to make people feel more

more a part of it. And so I think there's there's somebody out there. Look, there's a lot of exciting people out there. Which and again, I s I swore this Scott that I would never Beto Award's one of my dearest friends. And after the last time Beto ran, I said, I'm not putting another penny in Texas, damn it, it's taken money. Now we got James Tellerico. I said, okay, I'm putting a penny in there. So anyway, I want everybody to thank uh Governor Wald. Thank you, Governor.

Yes, great. Thank you. Thank you. That was great. We really appreciate it. I liked his socks, his Minnesota socks. Did you see them? You wanna see mine? A little different. Says one hundred percent that bitch. I'm not running anything but my mouth tonight. Anyway. All right. Well we need we need to take a quick break and when we come back we'll get to some of the latest headlines.

Hey Kara Swisher here. I want to let you know that Vox Media is returning to South by Southwest in Austin for live tapings of your favorite podcast. Join us from March 13th. the 15th for live tapings of Today Explained, Teffy Talks, Prof. Markets, and of course, your two favorite podcasts, Pivot and On with Kara Swisher. Stage will also feature sessions from Brene Brown and Adam Grant, Marquez Brownlee. Vivian II and Robin.

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Scott, we're back recording live from the Pantages Theater in Minneapolis.

Let's get to some news starting with Target. Target. Um, it's one of the biggest employers here. I know. Mm, I know, I know. It's one of the biggest employers here in Minnesota. It's been getting heat for not pushing back. on ICE and the Trump administration. Two Minnesota target employees who are U.S. citizens were detained by federal agents back in January fueling protests and boycotts.

Target's new CEO gave an interview to the AP uh this week. He said the company is working to quote win back trust and the employee and guest safety is their quote North Star. I have never heard such fucking nonsense in my life. Like and I I interview a lot of people and I knew Brian Cornell, who used to run it for a long time'cause I covered retail.

And I thought that opportunity was the that interview was the worst interview I've seen in a while. It said nothing, it was all talking points, it went out on no limbs. It was not brave. It wasn't genuine. Um, and people have a great emotional relationship with Target. They have over the years. I mean, there's other issues they have, but. Um, I thought it was a real missed opportunity for a CEO not to have a fresh start. Um Brian had been tarnished.

Uh and rightly so for dumping gay flags, as if that's the biggest deal in the fucking world. Um and and it was an opportunity it missed. Um, obviously there's secular issues happening around retail, but Target for a while was really on a on a tear. Your thoughts? Yeah, last century. Um Target Target's a great company. They carved out a great position. The last twenty years they've returned about seven percent a year. S P's up sixteen percent. Walmart's up twenty three.

Uh so the bottom line is target is vastly underperformed the market. And that's what's such a shame. I look at this through a shareholder lens. That was a big opportunity because I think the biggest commercial opportunity, I've been saying this for six months. is for someone to elegantly in a non-personal way basically to say no and demonstrate that we have stronger fidelity to our stakeholders and the constitution without being personally vindictive around the Trump administration.

This is a huge opportunity and it looks like Dario Emote is taking it in the last week when he's kind of refused. to comply with certain Trump administration. He's since backpedaled a little bit, but the uh annual occurring revenue uh of anthropic has gone from fourteen to nineteen billion.

So the opportunity for someone to push back was enormous. And quite frankly, the CO Target missed an enormous opportunity because right now what this city deserves is spine, not spin. And the This was just such a lost opportunity and I'm I'm gonna name drop'cause I'm desperate for affirmation, but

I've worked with probably 150 of the Fortune 500 CEOs at some point in my career. And whenever they put out a press release, I know exactly what happened here. This was a press release that was gangbanged by about a dozen$800 an hour communications consultants. That we're worried about. Different interpretations. I used to write CEO's press releases in their IR and I'm like, no more than two people can work on this because it'll get diluted into nothingness.

And also what I like to remind COs of is when they get stressed out about saying something or potentially offending shareholders, I'm like, dude, you're already rich and you're gonna be dead soon. So why wouldn't you say something? This was such an enormous opportunity to say to basically stand up for employees. He would have been a national hero. So many people would have said, you know what I think I'm gonna shop at Target this week.

This was the mother of all missed opportunities for shareholders. So why do you you again besides the um I like that. Spine knot spin. You spent all day thinking that one up, didn't you? I like it. I did. I'm gonna steal it. Um but when you have that, when when when they didn't do that,'cause again, there are secular issues around retail, we all know and we all are aware of, and that ev even Walmart, which was the juggernaut, is only up twenty three percent.

But what would you this person had worked has worked there most of his career, right? He's a career person. How difficult right now is it for CEOs to do things like that?'Cause you don't you keep saying there's gonna be more and more of them. And Dario did backpedal a little bit. Like he said uh he's called Trump a dictator, which is

Technically accurate. He's still suing the govern suing the government for the behavior. But we've talked about this. Look, what's needed is the following. There's a lack of leadership amongst

So I I'm friends with a guy named Jeffrey Sollenfeld who runs the leadership course at Yale, who brings together the largest convocation of CEOs in the country. And I've been having a dialogue with Jeff and I said, Jeff, you're the hero we need because the reality is you have to be empathetic.

to it's very hard to go first right now. In that is if you go first and you say, I'm the president's enemy, the largest customer in the world is the US government. And it also has the ability to basically neuter your company and you do have a responsibility to employees and shareholders. So what's needed is collective action. And that is somebody has to get 10, 50, 100 of the Fortune 500 CEOs to basically put out.

you know, a real letter saying this has just gone too far. And there are certain constitutional uh and democratic and civil rights that have made these companies the m best performing companies in the best performing organization in history is the mil US military. The second best performing organization in the world is US Corporation.

And one of the reasons it's performed so well is basic separation of government and business, uniform systemic laws that you get to oblige by, you're you're compliant to, but also you have the same treatment. And they could just put out a fairly a letter that says, We're just not down with what's going on and it needs to be fifty of them'cause right now what they all say, and I've heard from probably about twenty percent of the

Companies we're asking you to um resist and unsubscribe from. And they all make a big point. They're like, it's really hard to go first. So there's a lack of leadership or there's an opening for someone to organize a group of them to push back. But the fact that effectively in the last week, I think anthropic has become more valuable than open AI. You're going to see more no's. All of a sudden, a bunch of CEOs are going to reach down and find these spherical things and decide to speak up.

Well um speaking of which, uh let's go over anthropic. The Pentagon has officially labeled it as a supply chain risk. But the company says it won't impact business partners as much as Pete Hegsess implies, and the ban will only apply directly to contracts with the Department of the United States.

I'm gonna call them Department of Defense'cause I feel'cause it's like the Gulf of America. Um Dario Amoti is also apologizing, as I said, for a memo. He basically said the White House punished Anthropic for not offering, quote, dictator style praise. Um what is happening here? There's a person as I've talked about a guy named Emile Michael who was a a tech person who got uh who got who had to leave Uber under very bad circumstances, including reporting by a organization I ran.

Um, really a a bullying toady is how I would describe him. Um, but Heg said, let's use him, pretend he knows what's happening. Um, do you think he's they're gonna try to go harder on anthropic now? And what is the price?'Cause he did pull back some. What do you think went into that from a I think they're distracted and the only way the only thing I'm fairly certain of

is that again I'll go back to my consulting days. There's actually a wonderful kid, uh Ari who's here who used to work with me. Um kid, he's now three kids, lives in Minnesota. Um That means you're old, but go ahead. But uh I always used to say before we'd go in to talk to a board or management, who's in the room that's not in the room?

And that is there's always a context or atmospherics in a room. Companies are highly politically charged places with leaders who have a disproportionate amount of influence even when they're not in the room. I'm like, we're going in and we're talking about e commerce or shareholder value, but who's in the room that's not in the room?

And I believe almost every decision being made by this administration is to people who are in the room but not in the room. And that is whenever you see anyone dealing with the press or a congressional testimony, Roy Cohn is in the room. And if you look at Roy Cohn's Roy Cohn was Donald Trump's mentor. Attack, attack, attack, insult, lie, deny, never acknowledge, attack, attack, deny, insult.

And basically i the one of the greatest brand erosions of the US government is there used to be a certain decorum and civility when you testified in front of Congress. We weren't that nation that broke into fistica.

or start throwing water at each other. That's gone because Roy Cohn is in the room. The second person that is present in every room right now around every every decision is Jeffrey Epstein. And I believe and I've said this over and over that there are two very there are three very smart people Armed with every LLM monitoring the temperature of the proximity between Trump and Epstein's name in the news. And when it goes above a certain temperature, they then ask the LLM.

For what action would create the most controversy, no matter how ridiculous it is, we're taking tariffs of fifty percent on Spain. We're gonna invade Cuba. Start calling someone racist names that will push the temperature down again. I think that the Roy Cohn and Epstein are literally in every room. So who is in Pete Hegste room besides Jack Daniels? No really it's his friend from high school. And probably grammar school looking at him.

Yeah, I I I think that Dario's gonna get let off the hook because my prediction is in the next two to four weeks, other CEOs are gonna step into the void, the vacuum.

of leadership here. So he'll get some help. I think he'll get some cloud cover from other firms. It'll start saying that. Any prediction of what firm that would be? It's not going to be Jeff Bezos. I don't know. I really don't know. Feels I feel like it might be Ted Cerrandos, someone like that.'Cause he doesn't give a fuck now. Yeah, Ted Ted is in a position to do it now. Um

I mean in fact uh we're going on diversion here, but walking away. It's so funny. If you wrote a book called The Worst Acquisitions in History, you just might as well call it Warner Brothers. And by the way, I wrote that book. You did not read it because you're no investor. Yeah, I wrote two. Yeah. It was called There Must Be a Pony in Here Somewhere. Um and the English beads.

But effectively they walked away from a hundred and twenty billion dollar deal. So they have one hundred and twenty billion dollars. Their stocks up twenty four percent since walking away from a deal another sixty billion. So my suggestion to Ted is, you know what, you've just saved one hundred and eighty two billion. You know what's worth a hundred and seventy eight? Disney, which has the most defensible business in all of entertainment, which is the park. The reason I bring that up is

Again, Warner Brothers is about to be the worst acquisition in history. Yeah. There's absolutely there's basic there's a basic rule. Sherry Redstone, Edgar Bronfman Jr., now David Ellison. The wonderful thing about income inequality, unfortunately, because of our tax structure, we create dynasties, but when we had a more sane tax structure where we taxed estates because we didn't believe in dynasties, it had we had didn't have such out of control income inequality. Because here's the thing.

The kids of rich people are usually fucking idiots. And they usually spend they usually spend all of their dad's money'cause they're under the impression that being rich makes them smart and they start making really stupid decisions. That's been my experience. Um

I always say uh to one of them, I th m I can't remember who it was, one of these kids, I said, You were you know, it's that you were born on those paying these prices in media are their children of rich. No, they are, but I mean their idea is they were born on third base and they think they've hit a home run.

Um and they haven't and it will be a disaster. You're right. Speaking of Unusual people, some Elon Musk news. He was in a courtroom this week. Investors are suing him, claiming his 2022 tweets about pausing the Twitter deal tanked the stock price and cost them a ton of money. Elon's defense, he says he put the deal on hold because he genuinely had concerns about bots and fake accounts.

If the jury doesn't buy it, he could be on the hook for close to a billion dollars in damages. He's managed to to uncuzz his way out of so many lawsuits. The petto lawsuit, the other one where he said four twenty, um

What do you think about this one? He really misbehaved in this case. He literally fits the SEC definition of insider trading and market manipulation. Yep. If I had said If I was on the if I was on the board of a public company and said made an announcement, tweeted that the we had just um that I was buying the company for four hundred and twenty dollars a share at a sixty percent premium and the funding was secured. And that wasn't true.

I would never be on a public board again, much less be an officer, and most likely I'd end up in jail. We have sent people to jail for much less than this. And this is the problem with this level of massive income inequality. And that is generally speaking, the one way AI might help is AI might actually be a means of enforcing the law unilaterally, which it is not now.

Because the reality is the top one percent are protected by the law but they're not bound by it and the bottom ninety nine are bound by the law but not protected by it. And Elon Musk represents that in spades. And so what? Because most of the most of the penalties from the law are civil penalties. And there is no penalty big enough to get Meta to stop putting out content and convince his teenage girls to to stop cutting themselves. And there's no penalty large enough, no fine large enough.

For must to stop lying and committing the types of SEC violations that the rest of us have to play by. So what's gonna happen here to him? Because he'll say he was concerned about butts. He he had an ironclad deal with no due diligence that he agreed to. At some point the laws, the penalties have to be a percentage of your wealth or the market cap of the company. Because he might be fined as much as a billion dollars.

If you have the average household wealth of a family in America,$120,000, that's the equivalent of a five hundred and fifty dollar fine. Yeah. And he's gonna be a trillionaire with the space. So who cares? He doesn't care and he just throws money and lawyers at it. So do you think he'll win this case?'Cause he's n he's won them all. I don't know enough about it. What do you think?

I think he might win it again. I think he he always manages to squeeze out of things and he says, Oh, we just didn't mean to say it and he had real concerns and you know, we talked about this at the time. We're like he's gonna have to buy it. I don't we don't care what he says. Oh the court the the Delaware court was not impressed with him. He did not want he tried to do everything. He realized in a manic state ketamine.

He would that Twitter was worth forty four billion dollars. And then when he sobered up, he's like, uh oh. And he did everything to try and get out of it. And the Delaware Chancellor said, I'm just not that impressed by you. These agreements into the board, the board of Twitter's like,

If this we don't care if this guy's really fucking high. If he wants to pay us this much money, just send an agreement that they are tight. And they did that and they wouldn't let him out of it because they knew that he they was buying a

eighteen billion dollar company for forty four billion. Yeah, but he of course sailed out of that because the banks didn't foreclose on him. They did they because they wanted the next deal. And to be fair, the company has performed better than it's AI and he moved it into you don't know how it's performed. Well Twitter most of the metrics. Are lower. But my understanding is advertisers have returned. That's not your understanding. And and the numbers are down and threads owned by

Huge inroads. It's now bigger. Bigger than Twitter. But still, I mean, people do still there's a lot of politicians on it, which uh and press that continue to stay on it.

Scott and I left a long time ago despite enormous audiences there. I I I mean this sincerely. I mean I talk about this a lot. I struggle with anger and depression and I try and go through a series of things that will be an unlock uh that and I try to keep track of what causes when I go dark.

And one of the things I realized about Forth is that twenty to twenty five I'm very analytical, twenty to twenty five percent of the time when I went dark was fucking something that happened on Twitter. Yep. You used to get upset. So I stopped using Twitter about Three and a half, three years ago, last World Cup. My suggestion is Uh, one of the most secretive things you can do for your mental health is not be on Twitter. Yeah, I would agree.

I would agree. I have not missed it one bit. Um I had s I I continually have tech bros saying, You're really missing out and what's there and I'm like, Oh, someone not calling me a cunt fifty times a day. I'm I'm good. I'm real good with that. Why does that make me happy?

That's a word we need to re establish as a good word to use. They use it in Britain. You live there, right? Don't they call you that all the time? Yeah, that's one of those words that I should never ever say under any circumstance. Don't even do see you next Tuesday. You're not allowed to do any of that. Anyway. I can and I use it quite a bit.

Um anyway, um all right, the next story. More than fifteen hundred transgender people in Kansas woke up this week to find their driver's licenses are now legally invalid, all thanks to a new state law forcing them to get new ideas that reflect the gender they were assigned at birth. The law ha also has what critics are calling a bounty provision where anyone who encounters a trans person in a public bathroom and feels aggrieved can actually sue for damages.

Courts are already pushing back with legal filing calling the law something designed to quote dis discriminate against and dehumanize. transgender people, you think? Um these anti trans laws are popping up across the country again. Well pushing back on this be a winning or losing strategy for Democrats, obviously s the sports stuff did stick, but as we get closer to midterms, this this particular thing seems the most dehumanizing thing.

and sickening thing. It's trying to you need your license to vote. people are immediately without a l a license, a real idea to fly and everything else and Um it's really um I think it's one of the cruelest things that I've heard to do to transgender people uh y as yet, among the many cruel things people do. Uh any thoughts about how to deal with a story like this? Be careful, Scott.

So uh uh something David Frum said kinda summarized how I feel about the Democratic Party right now, and that is If progressives won't enforce the border, fascists will. And we stick out our chin and we lose our fucking minds when we try to pass legislation that demands corporations have third bathrooms.

Or when we let a trans woman and I realize this is the wrong crowd for this, but I wanna speak as I would anywhere else. Or we decide that a trans woman can compete in a woman's N C two A meet and all progressives look around cautiously and then applaud and call it inspiring. So you're telling me er all metals Endorsement contracts, professional contracts, all money, college scholarships are ultimately gonna go just to people born with penises.

We lost our fucking minds. And then they move in and see an opportunity to demonize a community and just quite frankly cover it and respond with hate. So I think where the democratic and I'm torn on this. So I think what the democratic community community needs to be thoughtful is like, look, we have We have civil rights. This is a community that deserves the same dignity as every other community. But no, we're not gonna make it our front and center issue. These this should be settled law.

E move on. But it's not settled law. They took away their licenses. This is this is where it goes. That see this is what the but the law, in my opinion, my read of the law is there's no legal justification for taking away their licenses. But don't make it the platform for the pr whoever's running for president. I just think uh these these I think a lot about uh you know I think a lot about masculinity. And I hadn't noticed though.

And loosely speaking, I think of it as acquiring skills and strength uh in the service and protection of others. You don't ha you might disagree with the trans community. You might not believe in a gender affirmation, whatever your beliefs are. But if you think of yourself as a man, right, and you see this kind of demonization. It doesn't matter your political views, you move to protection. This is just straight victimization. So

Wh where I land where I land is this should be settled law. Of course you don't take their driver's license away. That's just stupid. But don't make it don't make it the lead and opening debate for the presidential election because This is a community that I this is I get it. This is a really tough one, but we really screwed up on this one. And there are a lot of Americans that have a different viewpoint on this.

But in my view, this is something where we say, All right, let's be reasonable. We're gonna afford this community the same rights and dignity as every other community. But it's not gonna be a part of our platform that we lead to. I think I I do think they're trying to d definitely trying to get us to stick our chin out. That same time this I think it actually is very helpful. when they do this bounty provision thing, it just seems fucking mean. Like I think

Just like everywhere. North Dakota passed a law for no uh uh Free play law, whatever it's called, so no trans athletes in high school. And then when they were asked to find a trans athlete in any high school, they couldn't find one. Yes, that's correct. There's six of them. Anyway, um it'll be an interesting thing going forward, but it's it's astonishingly cruel and I think it will it it will hit back at them, especially these bounties. I think there's a real trend.

that I think you and I talked about was a lot of people have immigration issues, a lot of people have this. And there a lot of people who were sort of pro Trump or voted for Trump to me has said, but not this way, right? And I think there's a great deal of political strength to be saying, Okay, you can have that view. But do you really wanna do this to people? Do you really wanna do that? And I think Minnesota was sort of the absolute place where people were like

Are you fucking kidding me? Like that kind of thing. And I think it does have resonance and especially when the citizens fight back in a way that is has a lot of dignity and grace and and suffering also at the same time. So uh last one, this one is for you and it's our friends uh at the Minnesota Star Tribune, which we love. Um Minneapolis now leads the Midwest in OnlyFans subscriptions according to new data.

From OnlyGuider. I didn't even know there was like a data for only fans, but out of a hundred and sixty-seven cities, Minneapolis ranks fifth in the country per capita and sixth in the world. Minnes Minneapolis residents spent more than$14 million on OnlyFans in 2025.

First of all, what the fuck is going on with all of you? And Scott, will you be staying a little longer in Minneapolis? So I I'm fascinated with OnlyFans, not for the reasons you think. It's just it it reflects a lot of things about our society and economics. It's so eighty four percent of the creators are women. of the revenue I'm sorry, eighty percent of the creators are women, eighty four percent of the revenue comes from men. Uh

It's the highest per employee revenue company in the world right now. It's a bigger business than the New York Times, it's seven billion. And uh the number of registered users is greater than the population of the United States. It's effectively a transfer of it's basically we've monetized healthcare in the United States, we've monetized rage with social media, and now we're monetizing male loneliness. And I think it's a symptom of something much more insidious and frightening and that is

Uh, young people aren't having enough sex. And a lot of it is'cause young men are not leveling up and taking as much they're taking way too much risk online and they're not taking a risk enough risk offline. And uh I offend people when I say this, uh but I hold to it. I think we need to Here he goes. I think we need to celebrate young men's horniness. Um

But we need to celebrate it offline. And What I would say is that the killers of masculinity are uh the indoors, a lack of exercise, blaming immigrants, blaming women, and porn, I think are killers of masculinity. And I like I'm very good at doing I'm gonna bring this story back to myself. When I was about twenty-four years ago, I was at the Raleigh Hotel at the pool on Sundays they have a DJ day, and there was just this scorching hot woman. And I may I said to myself

Before I leave, I promised myself I was gonna speak to her. I'm like, I'm gonna speak to her, I'm gonna make the approach. I promise I'm gonna do it. And without the benefit of alcohol I chickened out'cause I'm just not that interesting without alcohol. And so I went to get my car and I had the valet ticket and I thought, oh fuck. And I ran back in and I went up to her and I showed her the valet ticket and I said, I promised myself I was gonna say hi to you.

And uh I almost left. Anyways, uh eighteen months later we gave birth to a son whose middle name is Raleigh. And let me let me be less aspirational here. I wasn't looking at or thinking I want lower rates on auto insurance. Um, I think embracing your horniness and wanting to have sex is a wonderful thing.

It encourages you to level up. It encourages you to shower. It encourages you to have a plan. It encourages you to develop a kindness practice. It encourages you to work out. It encourages you to get girl friends who can teach you how to behave around women and when they see you're a decent dude, maybe introduce you to some of their friends.

Men need to level up and the motivation for leveling up, quite frankly, is being so horny you're willing to take risks. Oh well that's your next book then. And when And when you're quite frankly jerking off twice a day to porn, which unfortunately through AI is getting more and more lifelike and more and more seductive. It's gonna reduce your ability to do one of the most wonderful things in the world, and that is make your own bad porn. And let me just let me just finish with that.

Let me just finish with this. I hate The incel movement. So there you face so many obstacles that you've just given up and you wear like a badge of honor. Well, guess what? Ninety nine percent of men through ninety-nine percent of history have been involuntarily celibate. I was involuntarily celibate for the first nineteen years of my life. And this is what men do. They level up such that they can be voluntarily incelibate.

So the fact that okay, work welcome to the fucking work week, dudes. Level up. Women are leveling up. That means you've got to raise. You've got to you've got to level up, right? Develop the attributes. I have I coach young men. I call it the the rule of threes. If you work out at least three times a week, and I have data on this, if you spend at least thirty hours a week working outside of the house.

And three times a month you put yourself in the company of strangers in the agency of something bigger than you, church group, writing class, nonprofit. Whatever it is. And you're willing to talk to people and endure rejection and express friendship, express romantic interest. Every father has an obligation to teach his son how to express romantic interest while making that woman or that man feel safe.

That is an obligation you have you have to forty five percent of men, eighteen to twenty two, have never asked a woman out in person. And there are not enough men leveling up and realizing at some point if you do those three things, you win the top five percent of men.

And what I tell these young men is that if you're in the top five percent of young men for long enough, you will be, I tr trust me, voluntarily incelibate. And the most okay. The most wonderful the most wonderful thing in life, the most wonderful thing in life. is building a life with a partner. And guess where it starts?

When dudes are really fucking horny, embrace their horniness. Alright, the theory of horny from Scott Galloway. Um It's why we put a man on the moon and have vaccines. It was guys who wanted to get laid. In any case, you know, Minneapolis, we're gonna let you off the hook'cause it's super cold here. But now that the weather is lovely like today, you better get out there and fuck. Apparently. According that's according to Scott Galloway. I of course have never had a problem attracting people.

It's not gonna happen for you tonight. I'm going back to his house tonight, but I'm not it's never happening. No, I'm kidding. Wouldn't that be gross? I don't. I have no interest in you whatsoever. I mean it's like you're You're the reason I became a lesbian. Anyway. We'll take one more quick break and we'll be back with Scott's update on the impact of resist and unsubscribe. Support for the show comes from BMC.

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Scott, we're back recording live from Minneapolis. And the reason we're here is that back in February you started telling people how to resist and unsubscribe on our show. Now, uh, tell us how well it worked. Scott, let me tell you, you're in for a treat, Scott doing a press. He's He used to be a very good professor and he's gonna show you why in a second. That's how I met him. Okay. So the agenda. Why why we did this, the weapon that's hiding in plain sight, what we build, what's next?

Okay, so what we uh don't recognize is we have a weapon hiding in a plain side and that is the most radical act in capitalism is non participation. If you go all the way back to COVID, which is the most, quite frankly, crispest, biggest government action in history, it wasn't because tens of thousands of people were dying. It was because GDP crashed thirty one percent.

The only time the Trump administration responds is when the markets crash. So I started thinking, how can we send a signal to CEOs and to the president about uh our objection, what's taking place here? We want to rewire the incentives. Right now the incentive for all CEOs in tech is to just comply, is just to be obsequious to the president. We need to figure out a way.

Such that when CEOs, instead of complying, instead of providing data for surveillance, whatever it might be, they think there's a damn potential downside to this. And then also just personally, I have found that um action absorbs anxiety. This is the first time in my life I've had t I've had trouble disassociating from what's going on politically.

And also I think there's way too much courage behind a mic and behind a keyboard and more of us sort of need to have our off mic and our off keyboard actions foot to some of the virtue we claim to have when we get in front of a fucking keyboard. So in a capitalist society All right, consumer spending, two thirds. We are a consumer driven economy. And also uh the wealthiest among us are controlling more and more. So if you want to hit the wealthiest, you go after stock prices.

And then effectively, again, what we saw was the greatest political response in history was when GDP crashed. Wanna rewire the incentives, I apologize I'm being um redundant here. So what's the weapon hiding in plain sight? Um economic strikes. It really is a powerful lever. And this is a brief history of economic strikes.

And the one I always point to is the Montgomery bus strike. And there was a very cinematic moment where a courageous woman refused to give up her seat. But actually what moved the needle, it was a thirteen month economic strike. where approximately 300 cars a day, organized by a young Reverend named Martin Luther King, gave people carpools such that they didn't have to take the bus.

And essentially the municipal system started losing a quarter of a million dollars a month and then after thirteen months they gave in and they desegregated the bus line. So it needs to be sustained and essentially our president does not seem to be moved by outrage. Not as much by protest, not as much by the Supreme Court, not as much by even his own Republican Party. He seems to be moved, quite frankly, by markets.

And when he has withdrawn from discussions of annex in Greenland or of crazy tariff ideas, it has been when one thing has happened. It's been when the market has crashed. So how do we send a signal to him? What I think is the soft tissue of the market right now is it's too concentrated and that is somewhere between a third and forty percent of the stock market of the S P is just a handful of companies.

So that's the soft tissue. We go after these companies, and then we go after the soft tissue of the soft tissue, and that is um subscriptions. And again, these companies. Make up most of the market. So when Netflix just announces that for the first time they've lost subscriptions versus gained them, they lose fifty eight billion dollars in market cap. More reasonab

Recently, Team Mobile was supposed to do add five hundred and six thousand. This is from Internews call a couple weeks ago. They only added four hundred and ninety-five thousand. So just an eleven thousand Delta in subscriptions, they lost thirty billion dollars in market cash. So the amount of power we have when we strike the artery of these companies, the organs of our corpus and government with a blow around subscriptions.

It really is the most impactful thing we can do relative to the amount of consumer disruption. Okay. What you're gonna find when you go to resist and unsubscribe like me is you might even save some money. I found out that I had four ATT contracts that uh for blackberries and iPads that would have been in landfills for ten years.

So these companies are smart and they make it very hard to unsubscribe. So basically the site is just meant to navigate you to a link such you can unsubscribe really easily. And what we have found is that of the people who go there, approximately five percent actually unsubscribe versus four percent at an e commerce site. And we have driven approximately uh one and a half million, we're coming up actually on two million unique site visits without Thank you.

But the most exciting thing is we haven't spent a single dollar because neither Alphabet nor Meta would take my money because it was quote unquote political in nature. Yeah. Anyway. So how did we drive traffic? The thing that drove the most traffic was an article po posted at npr.org. I was not expecting that. We've also built a calculator where if you go on and type in who you're unsubscribing from and the size of your social media footprint, it will give you a sense for the economic impact.

So I'll give you an example. If you have uh if you and your family or you have a decent sized social network and you unsubscribe from ChatGPT, two hundred forty dollars. Based on the size of your social network, if it's decent, you get another three people. So four people unsubscribing, that's$960 in lost revenue. Because this company is trading at 40 times revenues, that is essentially about a$38,000 or$40,000 hit.

to their market cap just with you unsubscribing and then posting it on social media. Again, this needs to be a sustained effort of small actions adding up over 13 months. So Instagram. Uh we had huge views and pickup because we had some celebrities talk about it and then tried to the cloud cover. Actually I did I'm doing a bunch of research on protests is media coverage. Uh we pelted you with this before. I've been a total whore. I'm going on everything right now.

It but media coverage is important because if you look at when A ABC acquiesced and put Kimmel back on the air, it was actually when unsubscribes were going way down, but the media coverage had picked up because it hurts morale internally. So what's next?

So what I'm trying to do is figure out a way to sustain this movement and I'm gonna be hiring someone full time and recognizing that it we had some good momentum and we don't wanna give it up after a month. and try and add some innovation to it and continue to drive traffic to the site. Uh also, where is our kind of red line, right? Like what is your you know w what was your sort of

Last straw moment. And for me, um, quite frankly, it was uh it happened here. When we had a member of the cabinet describe a nurse taking care of veterans as a domestic terrorist. I just can't I I want you to know, and I I'm fairly confident of this, I don't have research. I think there are tens of millions of Americans that just feel your fucking rage right now.

So we have a lot of companies. We're gonna spend uh a few weeks focusing on one, specifically Chat GPT and an unsubscribed movement around ChatGPT. Also, I think there's um essentially we get poor if we don't have systemic laws that affect all companies when we start punishing some companies and rewarding others. with one of the reasons that America trades are to the highest P multiple. In other words, if you create a dollar a target.

the shareholders, the the stakeholders get twenty seven dollars, whereas retailers in Japan get much less and in Germany. And one of the reas reasons, great research universities, incredible risk aggressiveness, deepest pools of capital.

But the reason we have the deepest pools of capital is because of those things but also rule of law, where they believe that if they invest in a company, they know what the company is gonna get to do or it'd be enabled to or be restricted to because the laws are supposed to be applied equally. So when we have these one off punitive efforts, the result in CEOs

bending a knee to the president, it not only is embarrassing, it not only denies us of our civil rights and our civil liberties, it's going to make us poor over the long term. And we don't realize how good we've had it for so long. Effectively, if you think of it,

We have five million dollars for every startup in this nation. Europe has one million. We have t five times the amount of risk capital here, and I think it's in large part because until recently we had a set of consistent systemic laws that applied to everybody in terms of If if Palantir or Andorell want to make weapons or provide the government with information to surveil citizens,

If it's legal, they're allowed to do it. But at the same time, if a company doesn't want to work with the Department of Defense, they're allowed to do that as well. And the big myth over the last year is that the markets have performed well. If you look at the crash in the dollar, we're twenty one out of twenty three right now. We have underperformed every market except for New Zealand and Denmark since President Trump uh was inaugurated.

What I would say is one of my role models around this is Heather Cox Richardson. I think it's really easy to be bereft. I got about two minutes here and I'll wrap up. Uh I think it's really easy to be resigned or bereft to the notion that we're in uniquely dark times, that this is the worst it's ever been. That just isn't true.

This nation has survived plagues, civil wars, world wars, unbelievable economic disasters. We were interning families because they were Japanese in what was effectively concentration camps. not that long ago, and many of those families had sons serving in the European theater. But what happened in each of those instances is that Americans were equal to the moment and our democracy came back stronger. And effectively that's the question now. Are we equal to this moment?

And my fear is that people such as myself that effectively I would describe my economic history as unprecedented typhoon like winds in my sales while paying the lowest taxes in history. Never asked to serve in the military, never really asked to volunteer, incredibly low tax rate. free education, UCLA in Berkeley, unbelievable technology paid by middle class investors, DARPA. I got assisted lunch. I got Pell Grant.

And I've paid I think my average tax rate, and I talk openly about this, has been about twenty percent for the last ten years. So in sum, and I think there's a lot of you like me in this room, we have a debt. Our objectives are to send a signal to consumers that they have a weapon hiding in plain sight and to create a series of incentives among CEOs that there's a downside to enabling this depraved behavior.

The weapon hiding in plain sight is economic strikes. Most radical act in a capitalist society is non participation. I talked a little bit about what we built and we're gonna continue to innovate around it and continue to try and drive traffic to it. I'm gonna hire full time resources and probably focus in on a narrower set of companies to send a stronger signal. And what I would ask each of us and I think we've been inspired by some of the sacrifice that many of you have demonstrated.

Uh what I'm asking uh of a lot of people, especially my generation, is do you have a debt? You know, are we equal to this moment?

Thank you. All right. Thank you, Scott. So, um, we again one of the things you can go to Scott's site, resist and unsubscribe. Unsubscribe from one thing that you don't fucking need and you don't need it all. That's all. And it does build There is a one of the great things about Minneapolis was there's a stone soup quality to all this. We all can contribute. There's

Uh talking to your uh legislators, it's talking to people at work, talking to your community, organizing community groups, things like that. And the most important thing the absolute most important tool in your in your entire kit, besides your wallet and everything else, is to vote. Voting is the most critical and important tool in this to do.

Scott always surprises me with things like this and I think it's really important. And you can ask a million questions of why it won't work, but as Scott says, what could go right? And so that's how you should think about it. People of Minnesota, thank you so much from the rest of us in the country. Thank you, Minnesota. When history is written, this will be the one of the main stories of this era, and I'm telling you.

It's changed everybody's it it has. You don't think it has? It the the sacrifice has been worth it, even if it seems like an incredibly steep price to pay. It has inspired people in a way that is I think gonna change things. Rather significantly. But it's not over. Just remember there's still

These sons of bitches keep coming. Anyone who's in in any marginalized group like A's, they keep coming. So you gotta keep vigilant against what they're doing and don't assume they're ever gonna go away. And so it's i well, that's true. That too. Um so so keep going, Minnesota. We have got your back. We really appreciate And we're so thrilled to have done this here. Be back this year. And you can catch tonight's show on YouTube and in your podcast feeds. That's all the time.

for today. Thank you, Minneapolis. Thank you, Minneapolis.