S2 Ep1022: Stephanie Ruhle: Only Trump Is Happy

Speaker 2 We, the people, in order to form a more perfect union.

Speaker 4 These words are more than just the opening of the Constitution.

Speaker 7 They're a reminder of who this country belongs to and what we can be at our best.

Speaker 9 They're also the cornerstone of MS Now.

Speaker 16 Whether it's breaking news, exclusive reporting, election coverage, or in-depth analysis, MS Now keeps the people at the heart of everything they do.

Speaker 26 Home to the Rachel Maddow Show, Morning Joe, the briefing with Jen Saki, and more voices you know and trust, MS Now is your source for news, opinion, and the world.

Speaker 33 Their name is new, but you'll find the same commitment to justice, progress, and the truth you've relied on for decades.

Speaker 38 They'll continue to cover the day's news, ask the tough questions, and explain how it impacts you.

Speaker 41 Same mission, new name, MS Now.

Speaker 44 Learn more at MS.now.

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Speaker 48 Hello, and welcome to the Bulwark podcast.

Speaker 15 I'm your host, Tim Miller.

Speaker 26 Quick scheduling note: We're digging digging in again on the economy and Wall Street's fuck around and find out moment on this pod today.

Speaker 52 Tomorrow we're pivoting to legal issues in Ukraine.

Speaker 13 If you're looking for fascism, watch and a little politics talk, it's Wednesday.

Speaker 16 So Sarah JVL and I break that threat assessment down on the next level podcast.

Speaker 8 Go subscribe to that.

Speaker 54 But on today's show, she's already making me giggle. She's the host of the 11th Hour on MSNBC.

Speaker 49 She also is senior business correspondent for NBC News. She was formerly managing director at Deutsche Bank.

Speaker 11 and she's doing I Dream of Genie dance moves right now.

Speaker 50 It's Stephanie Ruhl.

Speaker 8 What is up, girl?

Speaker 47 Hey, hey, hey.

Speaker 58 Yeah, all of those things are right, but today I'm just psyched to be here with you.

Speaker 6 Mia Wallace, Pulp Fiction, or I Dream of Genie? What was the dance move there?

Speaker 58 Just a little bit of me this morning. Just find enjoy wherever we can.

Speaker 11 Steph was...

Speaker 61 She has the show, as I mentioned, the 11th hour, which is on 11 p.m. to midnight, which is a struggle for me.

Speaker 62 It's on Central Time, but she's doing it on Eastern Time.

Speaker 58 And then she was on the today show what were you doing giving people uh i was talking about summer ahead summer travel tips and you know it's so funny even in sort of like the most basic safe place that you're talking people are looking at the tariff situation they're looking at the uh the international situation and they're worried and they should be i saw an article right now that 900 000 fewer canadians came across the border in in march than of march last year so i don't know maybe for some people that'll mean more hotel rooms open in in hot canadian travel spots like the UP and Michigan.

Speaker 69 But I don't know if that's great for the local.

Speaker 58 What's happening on a global scale, as soon as you see people just stopping travel,

Speaker 58 it's just another window into what I think is the biggest problem here.

Speaker 58 And it's this crisis of confidence and what we've spent decades and decades and decades building our relationship and our trust around the world, right?

Speaker 58 Globalization, while it was really tough for parts of this country, for parts of our economy, globalization is also why, in large part, we as a globe have prospered.

Speaker 58 And the fact that we're seeing bits of it and chunks of it break down, that's the most worrisome thing.

Speaker 66 It is, we're going to break it all down. And she's going to be a little punchy.

Speaker 61 We're on like four hours of sleep, maybe, for stuff.

Speaker 54 So, I want to start here, which is how much difference a fiscal quarter makes.

Speaker 68 Because I re-listened this morning to the podcast we did together where you were bucking me up. I was in a dark place.

Speaker 49 It was, I think, like two days after the inauguration, maybe three.

Speaker 71 It's funny to listen to it because it's like the environment is so different from now.

Speaker 72 Like, we were mostly talking about like this vibe shift among the business world and how they were getting on board with Trump.

Speaker 11 And they're like, yeah, we have our doubts, but at least we can say pussy again.

Speaker 56 And we're going to get our tax cuts and our regulation cuts and our stock number is going to go up.

Speaker 53 And we were kind of, you know, navigating that and why that was and why it happened.

Speaker 52 And here we are, three months later.

Speaker 54 We have a total reversed vibe shift.

Speaker 50 They have fucked around. They found out quicker than anybody, maybe, in human history.

Speaker 63 And I'm wondering, you know, what you're hearing with your people.

Speaker 58 The absurdity about the vibe shift is this.

Speaker 58 Wall Street, investors' core responsibility is to assess risk. That's what you do in finance.
You figure out what is the risk ahead and how do I place a bet? How do I make an investment based on that?

Speaker 58 And what we saw after the inauguration was this enthusiasm around a vibe that we're going to get no regulation, that we're going to get tax cuts, and yeah, you know, DEI and all that nonsense that was strangling our productivity and profitability.

Speaker 58 We're going to rip through that. Well, that's what they made the priority, and they ignored the promises and pledges and point of view that Donald Trump has had for decades and decades.

Speaker 58 And now we're seeing it play out.

Speaker 58 The funniest thing I think we're seeing right now is just this longing, this missing of a Steve Mnuchin, a Gary Cohn, a Jared Kushner, who in the first administration held Donald Trump in.

Speaker 58 And the thing that concerns me so much right now, Tim, I can tell you, I speak to investors here, abroad, business leaders here and abroad.

Speaker 58 Right now, I cannot find one single smart, serious person, voice of influence.

Speaker 58 Even those who like the general idea of Trump's tariffs, not one single person who is on board or happy with the execution and the rollout of what has happened over the last two weeks, save two groups.

Speaker 58 There are two people that are okay with it.

Speaker 58 And those are people that are deep in Trump's inner circle, who are convincing themselves if they keep French braiding his hair and telling him he's the greatest master super leader ever, then they'll be able to gently push back on him.

Speaker 58 They're fancying themselves a Gary Cohn, a Steve Mnuchin, a Jared.

Speaker 7 Are the two people, Howard Luttnick and Scott Bessinger?

Speaker 74 Those are the two people.

Speaker 58 Put that over there.

Speaker 58 And then the other group of people who are business people who are specifically on the take, who are getting some sort of carve-outs, whether it's because of an exemption, whether they own a private prison, whether they're in crypto, where they're in a space where they are making so much money because of what Trump's doing, they're willing to ignore all the rest that he's doing.

Speaker 58 And that is when you say, oh, that when people talk about American oligarchy, that's right there.

Speaker 58 So those two categories of people on the inner circle who believe they can convince him otherwise, or those who are personally banking so much money, they're just going to build a moat around their castle and say, damn, the rest of us.

Speaker 1 You know, it's kind of funny is, again, back in January, when we were talking, we had these masters of the universe that were all around him.

Speaker 52 Sundar was there and Elon and Tim Cook and Zuckerberg.

Speaker 50 And they were all thinking they were going to get theirs.

Speaker 9 And, you know, and they're all still fine, but all of their industries, there's some shaky stuff happening.

Speaker 16 I love how you're like the hot industries now, the people that are feeling good are private prisons and crypto.

Speaker 1 That's, that's a first world economy.

Speaker 78 That's really what you want to base a first world economy on.

Speaker 5 Imprisoning people and fake money.

Speaker 58 Yes, a hundred percent.

Speaker 58 And when you, when you think about what over the weekend, when, when, when we thought, you know, suddenly Apple and these other tech businesses are going to get the exemption, when I talk to other business people, immediately they're like, damn, who are our lobbyists?

Speaker 58 How do we we get to Mar-a-Lago? And as confusing as Trump's messaging has been, he said one consistent message, Tim.

Speaker 58 I've got my views, but I'm flexible. Come on down to Mar-a-Lago, and maybe we can make a deal.
And that's what it is, right? We even have talked about this before.

Speaker 58 The $5 million one-on-one meeting you can have with him, the one-on-one

Speaker 58 candlelight dinner you can go to at Mar-a-Lago. And each of those people in the tech universe are buying to stay closer and closer to him.

Speaker 58 You know, people have said, like, why does Jeff Bezos even want to own the Washington Post? He's not interested in it.

Speaker 58 Jeff Bezos owning the Washington Post is the most valuable thing he can do to stay close to Trump.

Speaker 58 Because as much as Trump likes lining his pockets with money, which tons of people are willing to do for him, he cares so, so much about the press.

Speaker 58 He cares so, so much about what the Washington Post has to say about him. And Jeff Bezos having any ability or an outsized ability to influence that media outlet, that's a huge value to Trump.

Speaker 58 And we see Trump is about what is in it. How does this advantage him? And that's how he makes decisions.

Speaker 20 That is 100% true about Trump.

Speaker 63 The thing that is also true about Trump, though, is that he can't trust any of the deals, right?

Speaker 64 I mean, like Zuckerberg, for example, prime example, I think, thought he was getting in on the inside.

Speaker 37 And he put Dana White on his board.

Speaker 77 They're hanging out at MMA together.

Speaker 11 He's in the front row.

Speaker 14 He's ahead of Marco and the inauguration seating chart.

Speaker 49 And like, again, three months later, JD Vance is like, and no, we're still into the, you know, antitrust stuff.

Speaker 59 And you thought you got rid of Lena Kahn, but we're going to start looking into this stuff.

Speaker 55 All that's moving forward.

Speaker 39 And so, again, I just wonder these guys, like, these guys, you know what, though, Tim?

Speaker 58 Shame on them. Totally.
Especially Wall Street guys. They knew him.
So anybody, when we've had to watch Howard Luttnick say, let Trump be the business guy that he is, art of the deal.

Speaker 58 Yeah, that's what he's doing. And any person who works at any investment bank in New York knows exactly the business guy that he was, right?

Speaker 60 So he's

Speaker 60 in business.

Speaker 58 When he was in business, Jimmy Morgan didn't do business with him. Goldman Sachs didn't do business with him.
Morgan Stanley didn't.

Speaker 58 My bank, Deutsche Bank, compared to those banks is like the dog track of banks. They were willing.

Speaker 58 to do business with him and and find a contractor find a counterparty he never stood up to his deals right never I remember years ago talking to a hedge fund manager who he did some kind of deal with Trump.

Speaker 58 I don't remember what it was. And the day after the deal closed, I remember telling me the story.
Trump said to, let's say this guy was making $50 million and Trump was making $10.

Speaker 58 Trump said, can we reverse those numbers for the New York Post? And the guy's like, what? All Trump cared about was the headline. And the other guy was like,

Speaker 58 yeah, as long as I'm getting the money, as long as you're getting diluted.

Speaker 58 And most of the companies that Trump ran, at the end of the day, he was diluted down to only owning 2% and having his name on the door, but he didn't actually own any of them.

Speaker 58 It was all about bluster and show. And so now here you have a person, the leader of the free world, you know, negotiating these deals.

Speaker 58 Just yesterday, he said, like, we want China to make a deal with us. If you're the person with the strong hand, why are you begging the other one to come to the table?

Speaker 58 And this is what has people so worried. Can they trust what he's saying?

Speaker 60 For Wall Street,

Speaker 58 you can actually make a ton of money in volatile markets, right? You can buy and sell, no sweat. In a recession, you can bet against the market.

Speaker 58 But, Tim, if you ran any sort of business, how on earth would you plan? Today, United Airlines put forward guidance, two separate lanes. Here's what guidance would look like if we face the tariffs.

Speaker 58 Here's what it would look like if we won't. Because under what Trump is doing, we actually have a strong, stable economy.

Speaker 58 It's why things have moved so much because they're like, if only he would just get back in the ring, we could be okay.

Speaker 58 but there's no sign of him doing that do you remember what the difference is in the united thing because i think that's another thing that people who do not like watch the finance news it hasn't sunk in like we're coming up on earnings right and so like a lot of big businesses are gonna have to do something like that right and and i think that the like the outlook is gonna get really kind of dire here in the next month companies are either pulling guidance entirely because they don't know what's ahead or now we're seeing like united that they're they're giving two outlooks but think about the last week.

Speaker 58 Jamie Dimon said, you know, we got a rocky road ahead. Larry Fink said we may already be in a recession.
Goldman has adjusted their GDP outlook to basically zero for 2025.

Speaker 58 And all of that falls squarely on Donald Trump. And something I would connect this to, you talk about young voters all the time.

Speaker 58 Think about all the support Donald Trump had, especially from young men. We've seen that support plummet.
And you know why?

Speaker 58 Because yeah, they wanted to end wokeness and they wanted to be the men that they were again until they realized, oh no, the most important thing is the economy.

Speaker 58 And suddenly, with rates where they are, if I got to, if I need almost 500 grand for my first home, I don't have money like that.

Speaker 58 If suddenly all the businesses I want to work at, the graduate degree I want to get, the research job I want to get is gone, suddenly they don't care so much about Trump ending wokeness, half of which wasn't even true, because you're actually seeing our concrete economy, our place in the world as a a superpower, start to be in question.

Speaker 66 Yeah, it's funny you say that, right, young man, because I was looking at a poll just kind of just clicked as you said that yesterday for the Gen Z show, FY Pod. Everybody go check that out.

Speaker 56 And it was like the 18 to 21-year-old boys are still solid, you know, and like the 22 to 28-year-old boys, you've seen the number plummet, right, since January.

Speaker 57 And I was kind of trying to think about like why that is.

Speaker 20 And the economy is maybe not the entire element of it, but it is a big part of it.

Speaker 71 And part of it is like what is trendy in this, like, you know, they do the kind of barstool day trading stuff and the crypto stuff.

Speaker 11 And they expected like big returns, right, to happen.

Speaker 28 They, they bought the con, let's just be honest, of Trump and like thought it was all going to hit.

Speaker 58 Because the idea was no rules, let's let it rip.

Speaker 60 Right.

Speaker 58 But we're getting the opposite because tariffs, especially in the way that he's rolling them out, are the most restrictive rules.

Speaker 58 And when you've got a White House that does not have a unified unified message, I mean, let's just be honest. You've got Scott Besant saying something different from Howard Luttnick.

Speaker 58 You've got Trump saying on Sunday, right, when everybody was like, couldn't wait to go buy tech stocks and they're like, oh my goodness, the exemption parade is coming.

Speaker 58 Howard Luttnick goes on television and says, oh, those tech exemptions, they're probably going to only last a month. When that happened, my phone was ringing off the hook from guys like,

Speaker 58 Luttnick's going to get fired, right? He's off the rails. He's not on message.
And then two hours later, Trump's like, nobody's off the hook. And so this has people with their heads just spinning.

Speaker 58 Like, pick a lane, bro, and go with it.

Speaker 3 We the people, in order to form a more perfect union, these words are more than just the opening of the Constitution.

Speaker 6 They're a reminder of who this country belongs to.

Speaker 7 and what we can be at our best.

Speaker 9 They're also the cornerstone of MS Now.

Speaker 16 Whether it's breaking news, exclusive reporting, election coverage, or in-depth analysis, MS Now keeps the people at the heart of everything they do.

Speaker 26 Home to the Rachel Maddow Show, Morning Joe, the briefing with with Jen Saki, and more voices you know and trust, MS Now is your source for news, opinion, and the world.

Speaker 33 Their name is new, but you'll find the same commitment to justice, progress, and the truth you've relied on for decades.

Speaker 38 They'll continue to cover the day's news, ask the tough questions, and explain how it impacts you.

Speaker 41 Same mission, new name, MS Now.

Speaker 44 Learn more at MS.now.

Speaker 88 Amazon Black Friday week deals are here with everything for everyone on your list. Like your Uncle Ricky, who ruined every single one of your wedding photos because his fly was open.

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Speaker 89 And Ricky, wear them, please.

Speaker 49 I mean, with all these people that are calling you, is there any self-reflection that maybe they made a bad bet on this one?

Speaker 53 Maybe it was safer to go with the black lady, or are we not quite, we need a little more pain before we get there?

Speaker 58 So, I will say, I don't have those conversations by design, right? If I'm speaking to sources, I want to learn everything I can. And me saying, well, didn't you learn your lesson is a waste of time.

Speaker 58 Something that I've actually heard in the last two days was something I hadn't thought about, but I'm hearing more and more guys talk about, is Trump's leaning toward authoritarianism.

Speaker 58 A huge investor called me just yesterday just based on these rumors that the White House has denied about them potentially having a military parade.

Speaker 58 You know, if we were to have a military parade in honor of our president, if that were to happen,

Speaker 58 that should rock us to our core because that's what Kim Jong-un does, right? That's what we see in dictatorships. Pair that with ignoring a Supreme Court ruling, right?

Speaker 58 Lots of folks out there would say, you know, oh my goodness, like just get rid of those illegal immigrants. They're all criminals.

Speaker 58 If we make a few mistakes, so be it. I'm glad with what Trump is doing.
There's a group of people who say that.

Speaker 58 But there is a group of surprising people in the investor class who are paying super close attention to this Maryland man who has been detained, who's in an El Salvador prison.

Speaker 58 And the reason they're so concerned about it is because Trump is openly and brazenly ignoring a Supreme Court ruling.

Speaker 58 And one of the main reasons that people invest in America and believe in America, a core tenant of American exceptionalism, is that we follow the rule of law.

Speaker 58 We have three separate but equal branches of government. Congress does their job.

Speaker 90 We follow the rule of law.

Speaker 58 We invest in science. We back our universities.
When we don't do that, That breaks down the foundation of American exceptionalism.

Speaker 58 So it was interesting to me, calls that I was surprised to get from investors who were so focused on this idea, could we have a military parade?

Speaker 58 And is Trump going to continue to ignore a Supreme Court ruling and hide behind this sort of, well, I'd bring him home if it wasn't for the president of El Salvador.

Speaker 58 Explain to me, on one hand, you're the strongest of the strong men, right? Who thinks you rule the world, but now you're going to hide behind the president of El Salvador? No one believes that.

Speaker 58 And it's interesting to me that that has so many in the investor community concerned.

Speaker 76 That is, it's interesting to me, too. My dad mentioned, who's in the investor community, mentioned to me the Vrego Garcia thing last night, too.

Speaker 87 And he's just like, why not just bring him back? Like, what is the deal?

Speaker 66 You know, just not

Speaker 43 just being aware of.

Speaker 62 like what the potential systemic like risk is of all this like this just feels like over one guy like a not worthwhile to fight to like these rational like finance type people and it is interesting because there was this poll yesterday that came out about some of the immigration stuff and like if you actually look at the details on it, like Trump is still like barely over water, depends on what poll you look at on his overall immigration policy.

Speaker 50 But deport undocumented immigrants who have not broken laws in the U.S.

Speaker 70 except for immigration laws.

Speaker 77 Like, I would have thought that was maybe a positive.

Speaker 13 I don't, you know,

Speaker 69 not having looked at it.

Speaker 82 It's minus 18.

Speaker 87 Like a significant majority of Americans don't think we should deport people who have not committed other crimes besides crossing the border.

Speaker 58 Because a significant portion of Americans understand the contributions these immigrants make to our country, right? Let's go to the state of Florida, Donald Trump's adopted home state.

Speaker 58 So we're going to mass deport the people who pick our fruits and vegetables, okay? The people responsible for the produce at your grocery store and in your kitchen.

Speaker 58 And what are we doing to counter that? Well, we're lowering the regulations in Florida so children to the age of 14 can now work, I think, until 9 p.m. at night.
Okay.

Speaker 58 So, again, we're talking about denting American exceptionalism. We're going to remove immigrants who came here for a better life, who are willing to take those low-wage, intensely laborious jobs.

Speaker 58 So, what? Our kids can do those jobs? And this goes right back to if Donald Trump wanted to say.

Speaker 69 Dee Tasselin is back, baby.

Speaker 77 We're going to be, that's for my Iowa people.

Speaker 58 If Donald Trump wanted to say China is a bad actor in terms of trade, and they are, and if we wanted to get together with our allies, which we wanted to do at the end of the Obama administration, with the Trans-Pacific Partnership, and take them on, have at it.

Speaker 58 Or if he wanted to say, we're really going to tariff them, but this idea that Howard Luttnick did push, and we're going to start making iPhones here. We don't want that for our kids.

Speaker 58 We want to invest in education. We want to improve education so our kids can have higher skilled jobs.
So they're designing the next iPhone. So they're designing the next car.

Speaker 58 Not so they're assembling every piece of it. It just makes absolutely no sense.

Speaker 69 Well, I mean, there's some Scott also carve out farm workers and then bail out the farmers.

Speaker 65 So it's just a great policy, a great coherent policy.

Speaker 58 So we're going to bail out the farmers. We know when Donald Trump first announced the tariffs and wasn't mentioning bailing out any farmers, he said this is going to be great for farmers.

Speaker 58 Have fun, guys. Never realizing that we as a country produce more food than we could ever consume, right? They need to export.

Speaker 58 So now we're going to write these giant checks to farmers because we want to save the American farmer. Aren't we supposed to care about debt and deficits?

Speaker 58 Aren't we supposed to care about government spending? So on the left hand, you have Doge taking

Speaker 58 a rhinestone-bedazzled chainsaw. to vital parts of the government.

Speaker 58 And now on the other side, we have to write a check to American farmers to make sure they can stay in business because of the tariffs we've imposed.

Speaker 58 The problem is there's no logical strategy behind any of this.

Speaker 3 We the people, in order to form a more perfect union, these words are more than just the opening of the Constitution.

Speaker 7 They're a reminder of who this country belongs to and what we can be at our best.

Speaker 9 They're also the cornerstone of MS Now.

Speaker 16 Whether it's breaking news, exclusive reporting, election coverage, or in-depth analysis, MS Now keeps the people at the heart of everything they do.

Speaker 26 Home to the Rachel Maddow Show, Morning Joe, the briefing with Jen Saki, and more voices you know and trust, MS Now is your source for news, opinion, and the world.

Speaker 33 Their name is new, but you'll find the same commitment to justice, progress, and the truth you've relied on for decades.

Speaker 38 They'll continue to cover the day's news, ask the tough questions, and explain how it impacts you.

Speaker 41 Same mission, new name, MS Now.

Speaker 44 Learn more at ms.now.

Speaker 88 Amazon Black Friday Week deals are here with everything for everyone on your list, like your uncle Ricky, who ruined every single one of your wedding photos because his fly was open.

Speaker 88 Get Get him a three-pack of new underpants.

Speaker 88 And right now, with Amazon Black Friday week deals, you can save up to 40% on the gifts everyone wants, like the latest toys and housewares, and the gifts they need, like underpants.

Speaker 89 And Ricky, wear them, please.

Speaker 26 I want to do a couple of other economic things with you, just on some of the details, because you mentioned this in passing, but I think it's worth kind of digging in on.

Speaker 26 Right now, 30-year mortgages cost 7.5% again.

Speaker 69 It's pretty high.

Speaker 17 I bet like probably 95% of the listeners here have a lower mortgage rate than that.

Speaker 82 So getting a new house or refinancing is going to be very hard.

Speaker 42 Pressure on PAL is coming.

Speaker 48 But like, there's a lot of signs that that might not even work for the longer-term mortgages.

Speaker 70 So I just want to hear your take on that.

Speaker 58 So here's why this matters. And people like to...
like gaze off when you talk about bonds, but I'm just going to, I'm going to, I'm going to lay it out just for a second.

Speaker 58 Normally, when the stock market goes down, people rush to bonds. And when we say, what are bonds? That's U.S.
treasuries.

Speaker 58 And, you know, a few weeks ago, early tariff talk, when the stock market started to go down, we saw the likes of Scott Bessett and others say, well, this is good because we are going to see rates go down and this will help us because we have a huge amount of government debt that is coming due, $6 trillion in June that has to get refinanced.

Speaker 58 So they had this idea, well, the stock market will go down and we are going to see people rush to buy treasuries.

Speaker 58 So if people rush to buy treasuries, that means the price goes up and the yield goes down. But what's happening, in my opinion, is the scariest thing.

Speaker 58 Normally stocks go down and you see people rush to buy treasuries. They're not.
They're not rushing to buy treasuries because they're not trusting the U.S. dollar.

Speaker 5 They're not trusting. Rushing to buy gold.

Speaker 58 Exactly. They're going for the gold, not Olympic style.
They're going for the gold because it's the only trusted asset.

Speaker 58 So for people who aren't even invested in the markets already, you're hazing over. You're right.

Speaker 58 When those rates go up, that means your credit card is going to cost more to pay. That's your mortgage, any sort of loan.
So tariffs are going to make everything cost more.

Speaker 58 And now what it costs you to borrow is going up as well. And that's a perfect storm.
And the question will be, will Jay Powell and the Fed have to step in and buy bonds? Which is crazy.

Speaker 58 That they should do that when the economy is so strong.

Speaker 13 Oh, so that's the solution because like lowering the rate wouldn't actually help the 30 year, but buying bonds might.

Speaker 58 No, it's will the Fed come in and start buying up treasuries?

Speaker 58 Because as long as we're talking trade war, and I promise I won't get that nerdy, one of the problems is some of the largest holders, the people who own the most treasuries, are other countries.

Speaker 58 China is one of the biggest holders of U.S. Treasuries.
And if they decide to dump them, or not show up for our next treasury auction, that's what a nasty trade war looks like.

Speaker 58 And they have the ability to do that. They have been quietly buying up and publicly buying up U.S.
Treasuries for years and years and years. And they've got us by the bond balls.

Speaker 66 Another area that I wanted to focus on is the manufacturing.

Speaker 66 Your man Joe Weisenthal posted this yesterday.

Speaker 61 It was a chart that had the new orders for the New York Fed regional manufacturers, and they hit the lowest level in the history of the survey.

Speaker 67 investment in manufacturing is way down.

Speaker 81 That seems to be the opposite of what the stated goal was of the program, but I don't know.

Speaker 86 What do you make of it?

Speaker 58 In part, because it's ignoring the fact that even if you are in manufacturing, we have a global supply chain. Okay, so take autos for a second.
It's not that we don't build cars here, we do.

Speaker 58 We efficiently build cars here.

Speaker 58 Parts of it we build here, parts of it we build in Mexico, some parts of it we build in Canada, or even if you wanted to build a whole new plant, the pieces you need, the parts you need, come from abroad.

Speaker 58 So this notion of this manufacturing renaissance that's coming back was completely ill-conceived because there was no strategic planning around it.

Speaker 58 And that's why you're seeing, yes, even manufacturing get hurt.

Speaker 20 So I guess the point I was trying to make here is we have, you know, interest rates for everybody way up.

Speaker 65 Like inflation is persistent.

Speaker 66 Manufacturing down, stocks down, crypto down.

Speaker 73 Like,

Speaker 81 who is even,

Speaker 81 have they done anything to help anybody? Like, that's like the craziest thing about all of this.

Speaker 66 Like, not only has it been chaos, not only has there been some authoritarian, light authoritarianism, but they're not even keeping the trains running on time.

Speaker 66 They're not even serving their own people.

Speaker 20 Like, is it who's happy?

Speaker 58 Well, I would say Donald Trump is most definitely happy. The Trump family is happy.
Donald Trump is wealthier than he's ever been.

Speaker 58 When he was actually a businessman in real estate, he inherited a huge New York real estate portfolio where he lost an enormous amount of money.

Speaker 58 But finally, as president of the United States in 2025, he and his family are wealthier beyond their wildest dreams. And where has he made money?

Speaker 58 In businesses that many people believe are Ponzi-like.

Speaker 58 Crypto, in his massive crypto exchange, and Truth Social, which is a social media platform that doesn't actually make any significant money, but trades at a huge, huge multiple.

Speaker 58 Because whether it's Trump's meme coin or his crypto exchange or Truth Social, the greatest way you can get something from Trump and curry a favor is to give him money.

Speaker 58 If you ask me what business has been spending the most amount of time down at Mar-a-Lago, it's crypto guys.

Speaker 74 Right?

Speaker 58 Right? You're seeing Justin's son, who is being investigated by the government and his company. This is the guy who bought a piece of art.

Speaker 58 It was a banana duct tape for $6.5 million.

Speaker 58 He put $75 million into Trump's business and that investigation into him, poof, it went away.

Speaker 58 Last week, the Department of Justice announced they are going to end prosecuting and investigating crypto as an industry.

Speaker 58 They are only going to look at it if the crypto is being spent on terrorism or trafficking or real, real bad crimes. So Donald Trump himself is making a killing, right?

Speaker 58 While everybody was spinning, panicked over what to do with tariffs, he was at Mar-a-Lago for the Live Golf Tournament, making an enormous amount of money.

Speaker 58 And so I would compare where we are to Russia in the 1990s as they were breaking down their government and their economy to the studs and privatizing it. That's where we're headed.

Speaker 61 Yeah, you hit all of my crypto points.

Speaker 76 I'm obsessed with the crypto stuff.

Speaker 66 I'm like the guy from Always Sunday in Philadelphia with the yarn on the wall when it comes to Justin's son and all these guys.

Speaker 66 But the only one you didn't mention that I wanted to just bring up really quick was this the Binance story.

Speaker 20 These guys,

Speaker 83 their billionaire CEO, Zhao, I'm not even going to try to pronounce his first name, is also seeking a pardon.

Speaker 50 He had a guilty plea on anti-money laundering laws.

Speaker 16 And so the DOJ is like, we're not going to investigate any of this stuff.

Speaker 9 Binance is now going in and saying, also, could you not investigate money laundering?

Speaker 59 And in exchange, they're talking with the Trump family about a, like, I guess, taking a stake in Binance. This is a Wall Street Journal story from earlier in the week.

Speaker 1 And that is like, wow.

Speaker 74 Like, how is that real?

Speaker 58 That makes me think about Eric Trump, who has repeatedly said, I'm a private businessman. I have nothing to do with the government.
What are you kidding me?

Speaker 58 This is a person who just weeks ago said, you know, buy crypto. It looks cheap when there was a dip.

Speaker 58 And then just a couple of days later, the White House announces, oh, we may be putting together a crypto reserve.

Speaker 58 And when I talk to some of the biggest names in finance, something that is just making their heads spin, just think about this. The government is defunding science to buy crypto, right?

Speaker 58 If that doesn't warn you, if that doesn't concern you and put you in a panic, it should. And this is a business that has no transparency.

Speaker 58 I remember Eric Trump saying, you know, we learned about crypto. We got involved in crypto after January 6th when no one would do business with us.
Red flag.

Speaker 58 If no one will do business with you, but crypto has its arms open wide and ready to embrace you, then there's something up with crypto.

Speaker 58 And I actually know some really smart, sophisticated crypto investors who hate what Trump is doing in the crypto space because even though in the short term it's great for them, it delegitimizes it.

Speaker 58 Because if you believe in the legitimacy of crypto, what he's doing right now just makes it look like, you know, crimes that they've legalized.

Speaker 83 The science versus for crypto trade brought to mind one of my favorite quotes that I have bookmarked for the Trump era, which is Mark Andreessen.

Speaker 91 One of these guys, really smart guy, invented the web browser.

Speaker 81 Like very well read.

Speaker 91 But sometimes smart people can be very unsavvy.

Speaker 49 He got fully in with Trump and he put this, I think this was a day or two after the election.

Speaker 1 America is an economic coiled spring.

Speaker 66 We should be growing at at least 4% annually, and ideally, 6.8% growth has been brutally suppressed since before I was born.

Speaker 8 It's like, here are these guys that thought Trump was going to be the springboard for them to like massive economic prosperity.

Speaker 20 And what they're doing is slashing all the things that made America, you know, economically unique and powerful and great and like investing in scams.

Speaker 49 And they like they've turned it us into like the mattress on the floor of a crack house in three months.

Speaker 70 It's like unbelievable.

Speaker 58 That spring, we're now, you know, the Statue of Liberty is now wrapped and tangled into that into that spring. And that goes right back to what he's doing with Harvard.

Speaker 58 Donald Trump and Stephen Miller love this fight with Harvard because they want to present this as their war against sort of liberalism and universities.

Speaker 58 But where it's so misguided and where the American people should understand it, this is not about anti-Semitism and just the notion that like they are taking money from the likes of Harvard and they want you to close your eyes and think that there's a professor somewhere smoking a pipe who's panicked that they're going to lose their tenure and they're not going to be able to go on a reading tour this summer.

Speaker 58 No,

Speaker 58 if you looked at the humanities budget, at Harvard or Yale or any of these schools, it's a rounding error.

Speaker 58 When Donald Trump pulls $2 billion from Harvard and threatens their tax-exempt status, the only thing I want you to think about is Harvard's medical research, the work that they do for decades and decades.

Speaker 58 I'm going to get choked up thinking about it, and the millions of lives that it saves, right?

Speaker 58 Our medical research, the kind of research that the government funds is the research that private industry won't because there's not going to be a vaccine right away and they can't turn it around and make money off of it.

Speaker 58 But we've got people that are plagued with terminal diseases and illnesses that you've got are best in class, world-renowned medical centers researching and studying scientists who devote their lives to it, who could work in private industry, but they don't.

Speaker 58 And so this idea that we're pulling from Harvard, it's such an attack on us and so much misinformation that people don't understand that like these aren't people at the harvard club or people like you know suddenly you know at skull and bones at yale like they'll be sol no

Speaker 68 these are career researchers who are trying to save lives and they're going to be missing out and by them missing out we're going to miss out yeah i'm glad you bring it up because i always think in this situation about my friend is a kid that has this very rare disease that like three people have a year it's like three kids three kids have it a year so it's like the pharma companies are not investing in finding a solution to something like that you know, because it's just there's no scale, right?

Speaker 84 There's not, there's no business interest in it there, you know, and really even the big charitable foundations aren't, right?

Speaker 30 Because they want money from people that, you know what I mean?

Speaker 31 And it's like, this is the only way to do it.

Speaker 58 Yeah, they want wins. I get it.
Or, or charitable foundations are going to give money where there's scale, where there's lots and lots of people suffering. Yeah.

Speaker 58 But for your friend and his or her daughter or son, that's who I fear for.

Speaker 8 Yeah.

Speaker 2 We the people, in order to to form a more perfect union.

Speaker 4 These words are more than just the opening of the Constitution.

Speaker 7 They're a reminder of who this country belongs to and what we can be at our best.

Speaker 9 They're also the cornerstone of MS Now.

Speaker 16 Whether it's breaking news, exclusive reporting, election coverage, or in-depth analysis, MS Now keeps the people at the heart of everything they do.

Speaker 26 Home to the Rachel Maddow Show, Morning Joe, the briefing with Jen Saki, and more voices you know and trust, MS Now is your source for news, opinion, and the world.

Speaker 33 Their name is new, but you'll find the same commitment to justice, progress, and the truth you've relied on for decades.

Speaker 38 They'll continue to cover the day's news, ask the tough questions, and explain how it impacts you.

Speaker 41 Same mission, new name, MS Now.

Speaker 44 Learn more at MS.now.

Speaker 88 Amazon Black Friday Week deals are here with everything for everyone on your list, like your Uncle Ricky, who ruined every single one of your wedding photos because his fly was open.

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Speaker 61 I was going to bring it to a silly topic next, but I can't do it.

Speaker 47 So we'll do one more.

Speaker 58 I'm sorry for that.

Speaker 20 Okay, one more.

Speaker 66 We'll do a transition to the silly topic.

Speaker 16 I just wanted to, I was watching your show last night, so I want to do,

Speaker 61 it was tax day yesterday.

Speaker 58 You can't, I'll tell you, on a silly topic, every time I keep talking about Harvard and their endowment, I have guests, I had a guest last night who said well endowed, and then of course, like, I fell off my chair because then I can't pay attention anymore.

Speaker 58 You know, that's like,

Speaker 58 and I'm like, and I'm like, why, why? Like, didn't you know I was the host? Couldn't you just say big endowment? Like, why'd you have to say well-endowed? Now I've lost the whole segment.

Speaker 90 Girthy endowment. Okay, fine.
We're going to silly talk.

Speaker 8 We'll end taxes.

Speaker 16 Speaking of not well-endowed, the shadow president.

Speaker 48 I don't know if you saw the Wall Street Journal story about Elon Musk and how he wants to have a legion of children.

Speaker 34 I would recommend people read the whole story, but a couple of highlights.

Speaker 16 Multiple sources believe the number of children he has is much higher than 14.

Speaker 59 He has been DMing random ladies on X asking to use their wombs for his children,

Speaker 69 according to and all including one on the record source.

Speaker 82 He's tried to create a Mormon polyamorous compound in Austin, but only one of the baby mamas lives there so far.

Speaker 55 He's cutting alimony to the moms not participating.

Speaker 50 He cut Twitter engagement to one of the women that wouldn't let him impregnate them.

Speaker 58 Okay, here's my take.

Speaker 58 My take on

Speaker 58 Elon Musk, and remember, I mean, his father has many, many, many, many children. I think his last two are with his stepdaughter.

Speaker 58 When I hear about Elon Musk, when I read about Elon Musk, when I watch him in his paternity spats on Twitter with his most recent mother of his child, you know what I actually think about

Speaker 58 Democrats. And here's why.

Speaker 58 Because they're fertile. If Democrats cannot successfully peel any

Speaker 58 family values voters, okay? And I thought of this because a couple of weeks ago, I was speaking to Art Collin from Iowa. And I was asking, what would it take for Iowa to not be a deep red state?

Speaker 58 And he said, nothing. Democrats have lost us forever.
You know, we're a family values state, blah, blah, blah. And I've been thinking, you've got a current president.

Speaker 58 who has been married four times, who blah, blah, blah. We know how he talks about women, all of that.
We have a shadow president with at least 13 children.

Speaker 58 And the story that you just laid out sites on a legion of children by many, many, many women. How is it that Democrats can't take this reality

Speaker 58 and make some sort of inroads with family values voters when the idea of family is inclusion?

Speaker 58 is to love thy neighbor, is to accept people for exactly who they are and take them in and love them forever.

Speaker 58 If Democrats cannot successfully peel any portion of family values voters away from a Donald Trump and a shadow Elon Musk and his legion of offspring, then I don't know what to tell you, Democrats.

Speaker 58 You need some new strategy. What do you think about that?

Speaker 34 Yeah, I do think the Democrats should make a more concerted effort.

Speaker 68 And I've talked about this before, like of just trying to peel off some minor percentage of Christian evangelical daily church going or weekly church going voters, just in the same way, like almost in a shameless way, in the same way that Trump did with black voters, right?

Speaker 50 Because, like, because you're my initial reaction from people, which I think is right, and I don't know, I'm kind of overdue to have Russell Moore back on the pod.

Speaker 78 We could, we could kind of talk about this.

Speaker 26 It's like, man, there's actually some problems in the church.

Speaker 67 And, you know, I was just looking at this tweet from this Republican Congressman Riley Moore, who's like doing this snuff selfie from the El Salvador prison.

Speaker 71 And it's like, it's like the least Christian thing you could possibly do.

Speaker 66 Some Christian can, but obviously it has an appeal among these voters.

Speaker 77 And so some Democrats, when they hear your rant, will say, this is broken.

Speaker 66 The church is broken. These people aren't gettable.

Speaker 67 And like, there's some deep fundamental sickness that's going to take a generation to change.

Speaker 5 And there may be some truth to that.

Speaker 47 But like, you could peel off some.

Speaker 74 That's what I mean.

Speaker 1 The black voters.

Speaker 59 So that's why, to me, it's more analogous to the black voters.

Speaker 91 Did Trump win 50% of black voters? No.

Speaker 59 But did he increase by 8%

Speaker 9 by doing some gimmicks and some lies, let's be honest?

Speaker 63 but actually trying, by trying, by trying,

Speaker 62 he peeled off some black voters that was meaningful.

Speaker 73 And Democrats could learn from that.

Speaker 37 They could just try.

Speaker 58 Lots of people were offended and aghast when Trump, first time, I believe, went to a black church in Chicago or Michigan and said,

Speaker 58 vote for me. What do you have to lose? Look at your situation, right? And people were offended.
But there were some people who said, like, yeah, my situation isn't getting any better.

Speaker 58 Democrats can do the same thing with family values voters. They could do the same thing.
Donald Trump, look how well he's done with Latino voters.

Speaker 58 Given what's happening in terms of illegal deportations, can't Democrats take that one on as well? Not everybody, but how about some?

Speaker 20 Yeah, I agree.

Speaker 68 I think that there's a way to peel off some, but it's going to take a really concerted effort to do it.

Speaker 84 And it's recognizing that you're, you know, it's still in the aggregate a losing battle.

Speaker 53 Like, you're probably not going to win the Iowa governor race next time.

Speaker 80 Could you win two of the congressional districts? Maybe. Could you win one?

Speaker 13 Definitely. You know what I mean?

Speaker 47 And it's like, that's what you're talking about.

Speaker 8 Yeah,

Speaker 64 it's worth trying.

Speaker 57 It was interesting. I'll put it in the show notes.

Speaker 66 People should watch it.

Speaker 20 It was like, it's kind of hard to hear.

Speaker 54 I was thinking about playing a clip from it on the show, but since you brought it up, there is a Grassley town hall yesterday.

Speaker 58 Oh my God. I'm so glad you brought this up.

Speaker 58 I'm so glad you brought this up.

Speaker 1 He is like getting really railed.

Speaker 66 And to be fair, it's like hard to know based on a video.

Speaker 69 You know, maybe those, maybe it's the 15 libs in the town that are in the thing that are asking these questions.

Speaker 24 questions, but they're framing the questions in the right way.

Speaker 20 Their questions to Grassley are very like, what happened to love your neighbor?

Speaker 84 Like, what happened to feed and home, you know, clothe the stranger?

Speaker 20 What happened to the Declaration of Independence?

Speaker 78 Right.

Speaker 76 Like the questions to him were framed from a very kind of traditionalist American Christian perspective rather than

Speaker 58 you know, like what you might imagine like somebody from Brooklyn shouting at him, you know when I first saw that I had to listen to it three times First of all, because I give Chuck Grassley credit for being a 91-year-old who actually is standing up and having a town hall.

Speaker 58 But I was like, hold on a minute. This is the question he's being asked at an Iowa town hall.

Speaker 58 I was surprised by it, but it is also a reminder that Iowa has a huge immigrant population because of all the meat processing plants.

Speaker 16 Yes, no, and this was an issue with Nunes, remember?

Speaker 63 Because Nunes had that farm up in Northwest Iowa that had

Speaker 5 undocumented immigrant workers.

Speaker 20 And then there was like, there was that whole community.

Speaker 66 I'm blanking on the name of that town in Northwest Iowa that just had a lot of immigrants because they needed it for the farm work.

Speaker 49 And they went to church and

Speaker 26 they're an ingrained part of the community.

Speaker 58 Storm Lake has a huge amount of immigrants. And I remember Art Cullen saying to me once, and I was like, why?

Speaker 58 And he said, because if the last place you were living, was a Somalian refugee camp, then you don't mind coming here and sweeping pig blood and cutting the hind off a pig every day.

Speaker 54 Where a lot of people come from rural, like back when I was in Oakland, I did this like a volunteer thing for asylas coming from Guatemala.

Speaker 6 Most of them came from rural Guatemala, right?

Speaker 3 Because it was like that's where they were fleeing, right?

Speaker 84 Like there was no money, and like the gangs

Speaker 35 that were, you know, doing the drug trade were kind of taking over these communities.

Speaker 13 Yeah, yeah, right.

Speaker 21 And so it makes sense that they would go to a farm part of America, right?

Speaker 58 So just the idea that those are ungettable voters, I I don't believe that's true. I agree.

Speaker 6 Not ungettable.

Speaker 86 Winning the whole state of Iowa, it's a long, but you never know.

Speaker 73 You got to be on the field to win, I guess, is

Speaker 27 the first piece of evidence for it.

Speaker 58 Let Donald Trump be every person with political aspirations model. Did anyone on planet Earth think he was going to be president once, actually twice? No.

Speaker 58 No, but so, like, this idea, it's not worth it, don't try. Every vote counts.
Try.

Speaker 19 I agree with that.

Speaker 3 We, the people, in order to form a more perfect union, these words are more than just the opening of the Constitution.

Speaker 7 They're a reminder of who this country belongs to and what we can be at our best.

Speaker 9 They're also the cornerstone of MS Now.

Speaker 16 Whether it's breaking news, exclusive reporting, election coverage, or in-depth analysis, MS Now keeps the people at the heart of everything they do.

Speaker 26 Home to the Rachel Maddow Show, Morning Joe, the briefing with Jen Saki, and more voices you know and trust, MS Now is your source for news, opinion, and the world.

Speaker 33 Their name is new, but you'll find the same commitment to justice, progress, and the truth you've relied on for decades.

Speaker 38 They'll continue to cover the day's news, ask the tough questions, and explain how it impacts you.

Speaker 41 Same mission, new name, MS Now.

Speaker 44 Learn more at MS.now.

Speaker 88 Amazon has everything for everyone on your list.

Speaker 58 Like your mom, who treats every bouquet like it's headed straight to the Smithsonian. She'll point to dried stems and say, Those are from your sister's graduation.

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Speaker 61 All right, let's get back to taxing and just close on that because I was interested in your conversation about it last night.

Speaker 76 And, you know, everybody's got it on their mind right now listening to this, having been stressed doing their, you know, tax, you know, filling out their PDFs last night.

Speaker 50 But I was interested in your conversation because like the gutting of the IRS that Doge has done is crazy.

Speaker 58 Because if we're talking about, we're sitting here saying, we're going to bring money in this country through tariffs. We're going to get rid of all these workers.

Speaker 58 That's how we're going to improve things. No.
If we just collected our taxes, right, we leave so much money on the floor. And the way we won't do that is if we have employed tax professionals.

Speaker 58 but instead we're gutting the IRS. We're having thousands of people opt in for the, you know, the layoffs, the early retirement, which is crazy.

Speaker 58 Because if people aren't working at the IRS, they're not going to collect their taxes. And the people they're not going to collect their taxes from are from the wealthiest people

Speaker 58 who aren't just making a regular paycheck. You know, the people who can put trusts here, there, and everywhere, they can avoid paying taxes.

Speaker 58 And if you really wanted to improve the IRS or improve our tax system, what I would love to see is the great minds of Doge, those great tech leaders that surrounded Donald Trump at the inauguration.

Speaker 58 I would love for them to come into the government, volunteer their brain power and their effort, and improve our system. Okay? The computer system that the IRS works on is called COBOL.

Speaker 58 It is so old that when there are kinks and problems with it, there aren't even humans alive who know that system to fix it.

Speaker 58 So you've got the IRS, the most important agency in the government that brings in the tax dollars that we need to service this country, working with one hand tied behind their back.

Speaker 58 And now 20 plus percent of them are potentially out the door. This, to me, is such a grave mistake and oversight.

Speaker 58 And it shows that is the government, is this administration really looking to tighten up the screws and bring things in? That's not the case, given how they're treating the IRS right now.

Speaker 19 Yeah.

Speaker 66 It's funny how out of vogue that has come in like 20, like the Obama administration, that's was something they tried to do and this didn't really take that well, like bringing these tech, like in technocratic folks to update the way the government does things.

Speaker 54 And it's just like, that isn't even in the discussion with all these guys.

Speaker 13 Like you have all these Silicon Dallas guys coming.

Speaker 60 It's so absurd. I know.

Speaker 58 That's what's so absurd with what we now have in this bro-wokeness of like Trump wins and it's like electric cars, forget them. Big Coal, bring it on back.

Speaker 74 Like,

Speaker 58 who is Big Coal going to help? Like, you want to help West Virginia? Let's bring industry there. Let's bring new jobs there.
Nobody should be looking to bring back the black lung.

Speaker 69 All right. I lied.

Speaker 62 I have one last time because it's too funny not to mention.

Speaker 66 I was on Blue Sky. Mark Cuban bullied me into getting on Blue Sky.

Speaker 7 And here we go.

Speaker 61 I got my payoff.

Speaker 26 This guy, John Keegan.

Speaker 55 Have you noticed those ornate gold medallions that are now up in the Oval Office?

Speaker 7 They're kind of the gaudy Trump tower type things.

Speaker 58 I've also noticed some members in the administration are wearing these gold buttons that are Trump's face.

Speaker 77 That's classy.

Speaker 55 Well, John Keegan found those medallions on Alibaba.

Speaker 51 They're high-density home decoration, polyurethane, appliques, ornament, PU foam, veneer accessories from a seller in Guangzhou.

Speaker 69 So it's lucky they got them in before the terrorists.

Speaker 58 Listen, that's the forever reminder that every product Donald Trump has ever made has been produced overseas.

Speaker 58 And this idea, right, if you and I wanted wanted to end this podcast and go walk through the garment district of New York or take a deep look at clothing and home design and furniture manufacturing in the United States, we have some furniture manufacturing, but apparel, home decor, we don't do that here.

Speaker 58 And so it's absurd. And the thing is, Trump knows that.
His families know that. Go to any of his homes.
Go to Mar-a-Lago.

Speaker 58 Like if people wanted, if they truly wanted to buy from Made in the USA, we would be there. But our president, along with the American people, made a decision years ago that wasn't a priority for us.

Speaker 58 And that's why the gold medallions in the White House and probably the ones in yours are made overseas.

Speaker 66 Thanks to the maker of in Guangzhou, though, for

Speaker 20 fancying up our White House.

Speaker 13 Steph Ruhl, thank you for your passion.

Speaker 22 Thanks for coming back on.

Speaker 69 We'll do it again soon. I'll see you on the 11th hour.

Speaker 13 I don't know, next week or in a week or two.

Speaker 58 Welcome back from Coachella.

Speaker 86 Oh,

Speaker 64 it's so great. I'm finally at 100.

Speaker 61 I had some comments from people that said I was not looking that good the last two days.

Speaker 86 And you know, people, I don't need that. All right.

Speaker 79 You think I don't know that I was looking a little worn out, but I was here.

Speaker 48 I was grinding. I was podcasting.

Speaker 74 And that's just part of the deal.

Speaker 58 When people rail on what I look like, especially like when I go on podcasts, who does she look like? And I'm like, you know what?

Speaker 58 I was unaware that this was, that you and I were here competing for Mr. and Miss Universe, but I saw you getting your party on at Coachella.
And I just thought, I mean, I just thought it was amazing.

Speaker 58 Who is your favorite performer? I'm guessing Gaga.

Speaker 75 Gaga is obviously my favorite. Of the

Speaker 43 sub-performers that maybe people haven't heard of, Amare was my favorite.

Speaker 61 And she is like a Ganon RB,

Speaker 53 like a little EDM, kind of a little rock.

Speaker 78 It's just, it's a, it's, it's very, it's very, very good.

Speaker 75 Uh, we'll play some Amare on the way out for everybody.

Speaker 21 Well, there you go.

Speaker 58 Well, welcome home.

Speaker 47 All right.

Speaker 40 Thank you, Steph.

Speaker 13 We'll see you soon.

Speaker 18 We'll see you back here tomorrow.

Speaker 58 Peace. See ya.
Bye.

Speaker 58 Purple like the colors of the moon.

Speaker 58 Left you in my garden in the nude.

Speaker 58 Big you take a bite into the fruit.

Speaker 58 I said pussy dropped it for a noose.

Speaker 58 Go ahead and face it, just make it a taste test.

Speaker 58 You don't gotta tell nobody, we could just fake it. This party is facing, runs on the wait list.

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Speaker 58 Don't even think about it. Touch, touch, touch, touch, touch, touch, touch, touch, touch, touch, touch, touch.

Speaker 58 Purple like the colors of the moon.

Speaker 58 Left you in my garden in the nude.

Speaker 58 Think you take a bite into the fruit.

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Fuck my body cold.

Speaker 58 Okay, ready. Touch, touch, touch, touch, touch, touch, touch,

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