Bill O’Reilly and Jon Stewart Reunite, Scott Galloway on Boomers Hoarding Wealth | Guest Spotlight

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What I got tonight? Here is the host of the O'Reilly Updates and he is the author of the forthcoming book Confronting the Presidents. Please welcome back to the program, bell O'Reilly, sir, come on out, take the time. Thanks for having me to appreciated William Yes, sir, you our country we are in such a dangerous moment. You've written books on almost every assassination, as you have a whole line of the Killing, the Killing, Killing, the children's series.

Yeah, it's not unique, but the social media and the corporate media heighten everything.

So you're saying Lincoln's tweets were not a part of He.

Had to like get a pigeon and throw them out, d and limited. But the assassins all have one thing in common. They were all mentally ill, all of them, and most of them did their terrible deeds because they were in a rage and you're going to find out that this guy in Pennsylvania fits both of those categories that has been human nature since they do.

You believe then that the political rhetoric, I mean, John Wilsbooth was clearly a political actor, No, but he was also mentally ill.

Well, John Wilkes Booth was a fanatical conservative and racist who hated Lincoln.

Good thing that's gone out of the country.

Well, that's what I'm saying.

No, I know I was saying it too.

I'm saying that's why we were both saying it.

We're obviously sharing that opinion where simpatico, Yes, exactly, exactly, don't so Latin.

I'm sorry.

So it's not new, but where now in a society where hatred is rewarded.

It's incentivized, it's monetized.

That's right, And I'm on a The hate brigade is now pulling back a little bit because they have to, but they're going to be back in two weeks because they get paid to do this.

They're so untalented.

And you, oh boy, oh boy. I want to make this point because Stuart and I have a history.

All right, we'll go back. But if you watch, if you google all right do it, and.

Ship's passing it at night.

It's really.

We are able to disagree without hating each other. Now I truly hate him, but I don't I don't show it.

You hold it, I don't put it. But but now that's not rewarded.

That kind of deaton where two people look at life differently.

Isn't rewarded.

The haters get the big money, and so that's what you have.

And I think all Americans start.

To hold the corporations accountable. You can't do anything about the guys and the basement that are chucking this stuff out and you just had it on these conspiratorial nuts. Can't do anything about that, but you can say to corporations, you better knock this stuff off, you better stop calling people racist and na season this and that. Now your question, and thank you for letting me take question.

I don't remember. Thank you for letting me. While you were.

Talking, I was watching a different program.

I'm watching it.

I'm watching South Park reruns right now. I don't even know what you're talking about.

But this one is better. So listen to me.

I'm gonna listen to it. But then I have a fall up to this, which I think is important.

Okay, So your question is then what can people do about this?

All right? Reject it, don't celebrate it.

So this kid twenty years old in Pennsylvania, and no, we don't know what caused him to do that.

We knew he was a miserable kid who was bullied.

All of this stuff, right right, we all know that, but we don't get into always a Republican. That's the first thing they said on the View, the first thing they said on Monday on the.

Editor Republican stop it. That does nobody any good? All right, but.

Bill, let me push back a Look, you and I are both somewhat fossilized practitioners of the rhetorical arts that are confrontational at times, provocative at times, and we made a really spectacular living pushing those envelopes. It seems now to say, hey, these other people should stop he look well, it's like it's like it's like, uh, spach, but don't you believe let me let me put this wet it. We keep saying like, we don't know why these people

Okay?

So Biden made a good point last night in the Lester Hold interview when he said, what am I supposed to do?

Not criticize Trump?

Because I think feels it is at towards the third Reich?

You know, Okay, you know he didn't say that.

But no, but he was thinking it, Stewart, he was thinking, and I can read it.

Stop monetizing your anger.

So anyway, stop.

I don't like it.

I don't like it one day.

But he made a point yes where I got to criticize the guy because I don't believe he's good for America and I believe he's x Y and say, Okay, criticism is good, Robust debate is good. I like coming on here in front of all of your friends out here and the audience. You know, I have no friends here. Okay, my friend will not just here.

Well, I'm giving him that one, all right. Okay, So.

We have made a nice living confronting other people, sometimes making fun of them, sometimes serious debate I'm going to do your podcast tomorrow direct and now I'm going to kick your butt, of course, But we don't want to see them, at least I don't destroyed, right, that's the difference. The fanatics on the left and the right want to see their opposition destroyed.

They want to hurt them.

But I've heard a lot about and even from you, not to arguing that point, are you. I'm not arguing that point. I think that's a more measured point than you've probably been making, and that I've been hearing come on. Most of your points from what I've been following, is that the left has to take it down a notch. You've mentioned MSNBC.

I ran a montage on the No Spin News last night. So I'm Bill O'Reilly dot com. By the way, four million.

By the way, happy log on. It is hard to get on there, it is.

It's not hard for the four million people that watch me all the weekend, four four million.

Was hard for them. A lot of chimes, thank you, all right?

So I ran a montage of haters on the left and the right. I just and I didn't have to, but well he's terrible. I just let their words speak for themselves on.

The right, and I don't know if you would argue this. There is a feeling that they haven't been doing that and that it is the purview.

Of the life.

Okay, there's been a lot of that.

People believe what they want to believe.

But those of us who are sane and fact based, right, and that might not be you. We know what reality is because we can see and hear it, but.

We're no longer agreeing. How can we have a conversation about rhetoric if we can't even agree if there are delusions of it's really only them. I mean when I watch the guy from the Heritage Foundation say the revolution will be bloodless if the left, you know, allows that right, and you're just like, what are we doing here? You know, some of the fears of people are justified. Tens of millions of women lost access to reproductive choice based on

How do we talk.

About those in a way that so that you're able to express it?

It's not difficult to talk about it, and you don't.

It seems like it is.

See the mistake that you made, one of the many you're trying to get the fringe people in to be reasonable.

Your marriage foundation that lead is not the fringe.

And when I want no, no, no, it is that people don't know what that is. Most Americans I put the number seventy percent are good people. Don't doubt that want acrimony, they don't want violence.

I don't care.

Those are the people you play to, not the fringe.

People who are just out there wanting to, as I said, destroy the other party.

Your your candidate.

Why no, I don't have a candidate. Oh right, okay, independent. So that's what this guy did. And this is what you did.

I really didn't take look at this Cornell westfellow.

If you guys watched the air conditioned litatorium, he did the same thing.

Listen to me, Nick Romney, listen, you are fossil.

Listen to me.

Listen the candidate who represents many of your kinfolk. He said the election was stolen and rigged and drove people to this madness on January sixth. How are we to deal with that?

Truly?

You know, what is the hallmark of a democracy, peaceful transfer? That put that in jeopardy.

That has haunted him every day since.

Oh, he's paid a terrible price he has.

Can I explain the truce.

He's going to go back to the White House and if you have to fix the damage of.

Him paint that wall.

If Trump hadn't done that on January sixth, he'd be ahead of Biden by twenty five points in the poll. I mean, that's how bad Biden has been for the country.

Well, I disagree with that, but that's all the fuss you do. But that's okay, Well, I understand, I can back it up. Do you want me to? Okay, I'm going to ruin your day. I'm going to ruin your days through.

You brought a handkerchief, all right.

I was prepared for this.

Food price is under Biden up twenty percent, Gas price is thirty eight Mortgage rates.

One hundred and sixty percent.

Yeah, prices are gone.

Drug ODE's up thirty six percent. Okay, car insurance one hundred and twenty five percent.

These are folks. They have to spend that month.

There's no question that post pandemic, this country and the world have suffered.

Trump had two years of post pandemic.

Right, But Trump ran an eight trillion dollar deficit. He spent one point seven trillion on tax cuts he deregulated. Inflation was cut.

One point five percent when he walked out.

But look at it in relation to the world, I respectfully say, yes, inflation was too high and that hurts American consumer. You want this, So what did Biden do to create that?

Though? I don't know, and that's what I would ask.

So, baby, you wrote down a piece of paper, but you didn't look up the answer. I'm not going to need to.

I want to ask Biden about that. Okay, So you're saying why did Biden do it?

I'm not going to hear.

In mind, that was a very poor impression of how I've been saying.

It's like.

That's nothing. Okay, all right, So my job as a journalist is to say, when.

Did you get that job?

Then you really make it too easy.

We're gonna talk tomorrow.

We gotta go. This is too long.

Thank you for being here. Confroning the Presidents comes out September tenth, available for pre order. Bill Rather.

Daily Show.

My guest Tonight is an y U professor, entrepreneur, and best selling author whose book is called The Algebra Wealth, A Simple Formula Level Financial Security. Please welcome Scott Galloway.

Thanks for joining me, professor, thanks for having me.

Algebra wealth? What is the algebra wealth?

So it's a retrospective and all the mistakes.

I mean, what is the how? What is that? How do you make money? Yet?

Now I wanted to insert me into the story. Right, So it's a the algebra. The first is focus. Try and find your talent, not your passion. Anyone who tells you to pursue your passion is already rich. Find something you're good at in an industry that has an employment rate above ninety percent. Side hustles mean your main hustle isn't work, and go all in on something. Then you want to talk about stoicism. Control the things you can't control you can control.

Hey, this is that complicate?

How do I Why?

How are we doing so far?

Why are people poor? And who should we blame? That is? Whose fault is it that everyone is poor? Is it baby boomers? Is it foreigners? Is it bitcoin? Is it the government? Whose fault? Is it?

Yes?

That we are poor?

Well, I think that every essentially every fiscal policy in America of the last twenty or thirty years has been nothing but an elegant transfer of wealth from the young to the old. We transfer one and a half trillion dollars from young people to the wealthiest generation and history seniors can's it?

Boomas say, yeah, the two biggest.

Sax deductions, capital gains and mortgage interests. Who owns homes and stocks? People my age? Who makes their money from earnings?

And rent? People their age.

So I think everything we do is nothing but an elegant transfer a wealth from young to old. People call them entitled. I think they're actually entitled to be enraged.

This is okay.

I love how I love how you. I love how you.

You came in here. You're like, yeah, it's my fault that I'm rich and your poor, but you you can't do anything about this. But what can people do about it? I mean football, I mean kudos to you. Know, you're the first Boomer I've heard in the last decade to give young people some props, you know, to be like, hey, it's not because all I've heard for the last decades is boomer is yelling at millennials of being lazy and eating avocado. So like a refreshing voice.

Here, Look, the average seven year old is seventy two percent wealthy than they were forty years ago, the average person under the age of forty is twenty four percent less wealthy. The child tax Credit gets stripped out of the Infrastructure Act forty billion dollars, but one hundred and twenty billion dollar increase annual increase in cost living Adjustment for seniors flies right through.

Okay, anytime I want to say boomers, I'll just link to this.

Part of the one hundred percent.

Just what this guy said. So, I mean, I'd love to continue making a case against boomas, but I also like to figure out, like, so, what can we do about what can we do about it?

What can Here's a arriety of things.

One, lower taxes on put more money in. That put more money in the pockets of young people. Education kind up four cold. That was that was pretty popular. Housing's kind of four x. Education's gone up two x. Meanwhile, minimum wage, if it had just kept productivity up with productivia in plation, would be in twenty three bucks an hour, but it's seven twenty five. We need a series of policies that make it easier for people to get ahead of Sixty percent of people age thirty to thirty four

So wait, you're doing so well there with praising the young people, and you took a hot turn. I just wasn't ready for I'm sorry, Well, are we good or not? I was all fault or not. But it's okay. But like, besides being civically engaged and caring about the world, what can a young person do to make money?

Well, again, I think it's I think it's nobody.

Got that one buses because what you're describing as policies, right, And I think a lot of young people feel disenfranchised voting and so agency.

Everyone needs to have a sense of agency. You do have agency. One recognize how fast time is going to go. If between the ages of twenty and thirty, if you just save three to six percent of your salary, you're going to end up wealthy by the time you're my age, Recognize the time is going to go faster then you think. Diversify and also recognize recognize that your twenties is about workshopping.

I'm kind of horrified looking from me right now.

Yeah, you just made my wife your best friend. This is essentially start start early and so you can save, you can control, control your spending, spend less than you make, develop a savings muscle, and then really lean into your strengths and become great at something and pick a non vanity industry that has greater than the ninety plus percent employment rate.

Okay, so your advice young people is that the boomers are screwing you over. Try to vote people in who can hopefully reverse that a little bit.

Elected officials are a cross between the Golden Girls and the walking dead the average age.

But that is true.

That is true.

But and I'm asking you as a post have more experience than me and much more well read on this. Do you feel like this is kind of like the last death grasp of the boomers trying to hold on and if we just can wait them out in theother five years, we can regain control and balance things out. Hopefully.

I think that's hopeful. But the average age is now the oldest elected populace of any democratic institution. What happens in a democracy if you're not forward leaning like our ancestors and investmental class. Old people have figured out they can vote themselves more money. Does a person Speaker of the House when she had her first child Castro had declared just declared marshal law and Cuba two thirds of

Man, you just said that done when his boomers just won't die. They just won't die, keep going on making decisions. I feel like entrenched in decision making positions. They are alluding the capital gains tax on network essentially compounds.

Yes see, you got it.

There's an incumbency rate of ninety five percent or between ninety two and ninety five percent. In addition, because of jerry mandering, we essentially send to Washington hard right crazies and hard left crazies who have one thing in common, and that is they're really old. They keep voting themselves more money. If we don't start investing in the future, democracy is literally going to collapse on itself when we get to these levels of income inequality. They owe its

Okay, so we'll be fine, is what you're saying.

Is that's right?

So the solution is find people who speak this language and volte them in. Right.

That sounds like what We absolutely need a younger electric but we also need physical policies that do what our previous generations you to invest, invest in the future, and investment in the middle class technologies.

But as someone who speaks I'm sorry to cut you off by someone someone who speaks boomer. Yeah, when you talk to your fellow boomers and you tell them like you're a kind of taking away the things that you benefit it from, right, can we put them back in? How do you convince these old people to do that?

What I mean like the key to progress or there's Fdr Teddy Roosevelt is having a series of class traders. If you own make these forward leaning investments. The reality is people, you have your world of work, you have your old, the friends, you have your old the kids. When something comes off the track with one of your kids, the whole world shrinks to that kid. So the question is are we willing to make the same sort of forward leaning investments that your father and our grandparents made

As a young person, thank you, Thank you. Try to look after the next generation. I appreciate that more old people can be like you.

I appreciate that now Jabron Wealth is available.

Now start Galloway. Explore more shows from the Daily Show podcast universe by searching The Daily Show wherever you get your podcasts.

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