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PivotHillary Clinton Warns About Trump’s Next Move After the Midterms
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EVERY SPOKEN WORD
70 min read · 13,600 words- 0:00 – 2:47
Intro: Live from New York
- SPSpeaker
These two people are two of the kindest people I know, and I think it's super important as you head into this tonight. People can be smart and sassy and sarcastic and funny, but truly the guiding principle of these two people is kindness. That they do everything they do is because they want their children, they want the next generation to have a better, smarter, more just world than the one we live in today. [audience applauds] So yes, neither are afraid to take a tech titan, a politician, or an athlete to task, or anyone for that matter. But I know that both of them do it from a tu- true place of goodness and kindness, and that's why they got me here rolling out tonight when the last place I wanna be is on a stage, and I'd rather be in a bed. So let me bring out my two dear friends, Kara Swisher, Scott Galloway. It's their show. [upbeat music] Hi, everyone. Live from the Beacon Theater in New York City's Upper West Side, this is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher.
- SGScott Galloway
And I'm Scott Galloway. [audience applauds]
- SPSpeaker
[laughs] Well done. Nice.
- SGScott Galloway
That was great.
- SPSpeaker
That was good. We're in Toronto tomorrow. I wanna hear it a little bit louder 'cause the Canadians fucking rock. Let's go. [audience applauds] Okay. [laughs] Uh, before we start, I wanna send a big thank you to our title sponsor, Beehiiv, the platform for building an audience and a business around your point of view, is, um, from newsletters and websites to podcasts and communities, Beehiiv brings content all together in one place. Thanks off- also to our official sponsors, Tanium and, uh, and Odoo. Thank you so much for-
- SGScott Galloway
Yeah
- SPSpeaker
... sponsoring this. [audience applauds] We are taping this show for audio and YouTube distribution 'cause kids love YouTube, so you'll be able to hear it or watch it on Tuesday, November 3rd, Election Day, which is tomorrow, everybody. [audience applauds] Which is probably why we're gonna be in Canada, in case it goes bad. [audience laughs] Okay. As we tour [laughs] the country this week, we'll be sending out three special editions of our new newsletter filled with photos and behind-the-scenes content. Go to pivotshow.com to sign up. We're gonna start on a high note by someone I've been, uh, cheating on Scott with in a podcast point of view to talk about the election that's coming up. We were trying to find out who would be really great to do this, and so our special guest tonight
- 2:47 – 28:17
Hillary Clinton on the Midterms
- SPSpeaker
is co-host of High Stakes, my other podcast. [audience applauds] She's also a Grammy-winning former Secretary of State and a Scorpio. Please welcome Hillary Clinton. [upbeat music] [audience applauds] All right. Are you ready to hear some real wisdom? Here, hey, looking good with those glasses.
- HCHillary Clinton
Yeah. I, uh, picked them up from somebody.
- SPSpeaker
Uh, wow.
- HCHillary Clinton
Yeah. What do you think?
- SPSpeaker
They look good on you.
- HCHillary Clinton
Yeah. Well, before you were born, I used to wear glasses like this. [laughs]
- SPSpeaker
[laughs]
- HCHillary Clinton
And, uh, it brings back a lot of memories.
- SPSpeaker
Good. Well, it works for you, I gotta say. Don't you think, Scott?
- HCHillary Clinton
Yeah.
- SGScott Galloway
Yeah.
- SPSpeaker
Scott's looking at us like, "Oh, shit."
- HCHillary Clinton
[laughs]
- SPSpeaker
"This is too bad." Um, we're also gonna be announcing our 2028 presidential bid again because, you know. [laughs] [audience applauds] Uh, so let's get to it. We're gonna start asking questions about stuff. We've been doing a lot of this on High Stakes, which is our new podcast, and one of the things that was great, I was at dinner, uh, where Hillary was at, and she was laying down so many truth bombs, and they were so smart. I was like, "I wonder if this woman was, like, valedictorian of something." And-
- HCHillary Clinton
[laughs]
- SPSpeaker
... uh, I wanted to create a podcast that was the world's greatest civics lesson, and she has been everywhere. And so we're gonna ask her some questions, obviously, about the election. So let's start. Talarico, El-Sayed, AOC, Newsom, Klobuchar, you've met all of them. Who in that group is the real deal for the next 10 years, and who's peaking too early?
- HCHillary Clinton
Oh, my gosh.
- SPSpeaker
[laughs]
- HCHillary Clinton
We have an election tomorrow, which is called the midterms.
- SPSpeaker
Right.
- HCHillary Clinton
Remember that?
- SPSpeaker
Yes, okay. All right.
- HCHillary Clinton
I think I, I thought I'd taught you about that.
- SPSpeaker
All right. We'll put that at the end.
- HCHillary Clinton
And, um-
- SPSpeaker
We'll put that at the end.
- HCHillary Clinton
Yeah, and, and so we're leaping ahead be- beyond even that election. Uh, we have no idea. We have no idea. I think, you know, having run for president-
- SPSpeaker
Yeah
- HCHillary Clinton
... uh, you don't know until people actually get on the field, and they start competing. Who's gonna rise? Who's gonna fall? Who's gonna come back? I mean, it's an actually exciting, uh, prospect for me to believe that we're gonna have a dozen, uh, really good Democrats running to compete, uh, starting, you know, probably after the first of the year.
- SPSpeaker
Which is a good thing for the Democratic Party to have that.
- 28:17 – 31:09
Binance’s Record Crypto Hack
- KSKara Swisher
Binance says it's restored roughly 95% of the assets stolen in last week's $6.3 billion hack, the biggest crypto heist in history. The FBI has confirmed that North Korea was behind the attack. The hack fueled a crypto sell-off that, combined with the tech stock plunge, had some social media calling it Bloody Friday. Binance customers pulled three-point, uh, 6.4 billion from exchanges over the weekend when withdrawals were unfrozen. Crypto has gone mainstream. Trump has, has really unleashed that in recent years, especially with his backing. How much of a setback? Where are we with that and I think tech stocks?
- SGScott Galloway
So what's actually interesting about it, so first off, just on a macro level, theft is hands down the best way to grow an economy. Uh, we did it in the 19th century. We went up and down. We stole. We actually kidnapped artisans. We copied manufacturing technology, and we put factories all along the Eastern Seaboard. We basically engaged in massive IP theft of European manufacturing. We scaled a better industrial revolution. The Chinese core competence in China is IP theft. They basically will steal. People think spy versus spy or espionage is some handsome guy, like, killing a bad person in a bomb lair in some, in some hill in New Zealand. It's not. Probably about 89% of espionage is a, you know, very nondescript assistant, uh, uploading thumb drives from Monsanto and finding the dyes and the colors, uh, to usually China, in which they sell back the products for 40 to 60 cents on the dollar. The scale of this theft, it's the scale that's interesting, 'cause as it relates to Binance, they've only lost about 2% of their asset under management, so it doesn't look like it's actually been that big a deal for Binance. Now, having said that, $6 billion on a $30 billion economy means they grew their economy this week by 20%.
- KSKara Swisher
Yeah.
- SGScott Galloway
Imagine that the equivalent theft, if we were to able to pull off that type of IP theft in the United States, that means we would be able, in 48 hours, to capture about $6 trillion. They essentially, relative to their government, paid for all government expenses for a year with this hack. So the scale of it is so extraordinary, because North Korea is, quite frankly, just such a, you know, a rogue, a failed nation state, that this type- Every kid is gonna be taught hacking and AI. That is now their core-
- KSKara Swisher
Yeah
- SGScott Galloway
... competence. The people who figured this out in North Korea grew their economy 20% this year. And the scale on the other end about just how successful our economy is, is that a company can lose $6 billion, and the next day
- 31:09 – 38:04
Tech’s Sell-Off and Apple’s Earnings
- SGScott Galloway
it only loses 2% of its assets.
- KSKara Swisher
But what is it, what about the tech sell-off? 'Cause it's really starting. It c- I know we talk about this idea that before the, the big crash in 2000, everything, everyone thought it was gonna crash for a couple of years.
- SGScott Galloway
Yeah.
- KSKara Swisher
And, and then there was up, up, up, and then not up. Uh, but it took a while. How do you look right now? 'Cause y- you see these cracks, whether it's, uh, data distribution. Elon just tw- said that Grok's too expensive, you think. Um, and at the same time, he said we're all gonna have abundance, whatever. Um, but what, how do you look at where tech stocks are? 'Cause as we've talked about, it's, it's everything in this economy right now. It's nothing else matters but tech stocks.
- SGScott Galloway
Well, the, the, uh, I mean, uh, I'm gonna about to engage in a word salad, but let me skip to the end. I don't know.
- KSKara Swisher
Just don't have an out-
- SGScott Galloway
And-
- KSKara Swisher
Just don't have an utterance like, "Ai!"
- SGScott Galloway
So-
- KSKara Swisher
Like that
- SGScott Galloway
... I'll make, I'll make the bull case. AI's transformative. The railroads were transformative. Electricity was transformative, right? The internet was transformative. All of those involved bankruptcies along the way. What I'm fairly certain of, I don't know what's gonna happen to these stocks. I'm, I know at some point they'll correct. I don't know how severe the V will be. What might be happening right now is there's a bit of a soft landing. These stocks are down, right? And that might be a good thing as opposed to a crash that scares people. What's most interesting is among the big tech firms, the firm that has outperformed every other of the Mag Seven this year is the one that has purposely stayed out of the AI arms race. Apple has vastly outperformed all of the other Mag Seven because it has refused to engage in this multi-trillion dollar arms race. They've just said, "You guys go play in traffic, and we'll see how it settles out." The same way they avoided the search wars. So what could go right? This is-
- KSKara Swisher
Can I just note, Apple just announced earnings right before our taping, the first, uh, since, uh, CEO John Ternus took over from Tim Cook. Revenue rose 12% from a year earlier, slightly ahead of expectations. Gains were driven by those price hikes a few months ago, plus demand for the new iPhone eight, uh, 18 Pro lineup. iPad sales were down, as well as sales in China, coming, uh, in below estimates. The iPhone Duo, the Apple's new foldable phone, wasn't on sale during the quarter, so we'll have to wait to see its impact. So go, keep going with Apple.
- SGScott Galloway
Well, so Apple's flat. Uh, twel- a beat on the top and bottom line 12%. But any time we've had more than 2% of GDP allocated towards a technology in this short a period, there's a fairly severe crash along the way, which we have not registered yet. At the same time, to make the bull case, I was like, I'm, uh, I struggle, I struggle with anger and depression. I'm a glass half empty kind of guy. And so I constantly have to ask myself, because one of my biggest flaws as an investor is I'm constantly thinking everything's gonna get cheaper and it's gonna crash. Every day if you look at the markets, the optimists have kicked the crap out of the pessimists. If you were to be honest about the markets, the way you would calibrate it or describe it is that every day it gets a little bit better, and you'd be stupid not to keep your money in the market and be diversified. The bull case is the following. If you look at the price to earnings ratio of an Alphabet right now or an NVIDIA, they're trading at a lower P/E ratio than the average S&P company. And would you rather have YouTube and Search and Cloud and the most sophisticated chips in history growing 40% a year, growing its profits 60%, or would you rather own P&G or Caterpillar? So now the E is the hard part because we're worried that these things are so out over their skis that we have a circular financing. For example, NVIDIA is financing... It's a mine, right? It's financing the picks. It's financing the shovels. It owns the banks. It is loaning money to the mines. That the demand signal might not be organic, but when you look at these companies' cash flow generation and you look at their valuations, Cisco was trading at a P/E of 299. NVIDIA's trading at 16 or 17.
- KSKara Swisher
But, but you just-
- SGScott Galloway
So the bull case is they don't look expensive right now.
- KSKara Swisher
But you, but you just brought up that idea of p- picks and axes. N- NVIDIA just invested in Meta, in their fi... So Meta's looking for money too. Everyone's looking for money, essentially, 'cause they have to pay for these data centers.
- SGScott Galloway
Well, that's the fear is the infrastructure build-out feels like the railroads, and it's just too much, and the R will never catch up to the ROI, right?
- KSKara Swisher
Mm-hmm.
- SGScott Galloway
But when you have a company like Anthropic, I'll go to the bull case again, growing 14X, if it just grows 3 to 5X a year for two years, it'll look che- it'll, it'll look reasonably priced.
- KSKara Swisher
But can there be a lot of them?
- SGScott Galloway
When you say there'll be a lot-
- KSKara Swisher
A lot of, like Anthropic, OpenAI, et cetera, et cetera.
- SGScott Galloway
Well, the fear is, I mean, it's, gets very complicated very fast because NVIDI- uh, excuse me, Anthropic and OpenAI are... I mean, this is so weird. You have NVIDIA loaning money to Meta, and Meta's using some of that money to buy NVIDIA chips, so that's a circular financing.
- KSKara Swisher
Yeah.
- SGScott Galloway
And when that unwinds, it unwinds, um, really fast. And also, you have NVIDIA and OpenAI, OpenAI borrowing money from their competitors. In other words, the people are, the people offering compute, whether it's Broadcom, Enscale, Google, Amazon to the front-end LLMs, are also their competitors. So they're probably gonna have to even spend more money and go vertical such that they're not dependent upon their, uh, for financing and for compute from their competitors. This all feels just very incestuous and very strange and very dangerous, and it smells like nine-- You know, it smells like Teen Spirit. It smells like '99 again.
- KSKara Swisher
Mm-hmm.
- SGScott Galloway
But then when you actually look at the cash flow generation of these companies, to call it a Cisco or to call it a Pets.com- Is just not accurate
- KSKara Swisher
So you, would you, will you buy into... The Anthropic is gonna be going out in November. You would buy into this?
- SGScott Galloway
When? Pre-IPO?
- KSKara Swisher
Anytime. What difference, pre-IPO, IPO?
- 38:04 – 43:37
OpenAI’s Data Center Rebrand
- KSKara Swisher
company. Um, okay, a couple more things. OpenAI wants to rebrand AI data centers as compute campuses. [laughs] Fucking hate these people. [laughs] I mean, they're, they're not even good at English. It's just like, oh, come on. In an effort to improve public perception, maybe if they weren't such assholes, it might... Anyway, a spokesman says the name better describe the scale and role of infrastructure the company is bui- I can't believe I'm reading this, is building. The move comes as the company prepares for potentially tougher regula- regulatory environment after the election. You'd think, Sam Altman. Oh, well. Um, uh, too many lunches at, at Trump, at the White House, I guess. Mr. Branding, does the name change [laughs] ... I think they should just call it, I don't know, Train Daddy or something. I don't know. Something that's appealing. Um, compute campuses. Thoughts, Mr. Brander?
- SGScott Galloway
Well, it depends. If it, if it's a merger and you have an opportunity, Morgan Stanley acquired, or Dean Witter kind of acquired Morgan Stanley. Morgan Stanley's the better brand, then you absorb Morgan Stanley as the brand. Wells Fargo, Norwest, a boring mortgage company out of Minneapolis, acquired Wells Fargo. Wells Fargo's a great brand, so they absorbed the Wells Fargo brand. But generally, when you make a name change, it doesn't work, whether it's ValueJet to Transair or, like, "Oh, I'll definitely go to work for Altria, not Philip Morris." I mean, it doesn't, it doesn't really work. Uh, you know, it's like, "Okay, they're such good people at Meta. It's not Facebook."
- KSKara Swisher
[laughs]
- SGScott Galloway
Um, so generally speaking, it's a negative forward-looking indicator when you think, are, the, the general perception of us, of us is so negative that we're not gonna change it. I had a brand strategy firm, and we actually did work for Exxon. I know, hate me. But they were thinking about a name change, and we said the global recognition, the association with the tiger, investors still love this company. Fossil fuels are huge. You're a global brand. No, you're not gonna escape this ecological disaster by changing your name.
- KSKara Swisher
Yeah, remember-
- SGScott Galloway
Generally speaking-
- KSKara Swisher
... BP was beyond petroleum
- SGScott Galloway
... and just so you know, they're calling them super campuses now.
- KSKara Swisher
Yeah, compute campuses.
- SGScott Galloway
So I have some knowledge here. I teach at a campus, and your electricity rates aren't gonna go up at my campus.
- KSKara Swisher
Yeah, yeah. So not a good idea.
- SGScott Galloway
They, it almost never works.
- KSKara Swisher
Yeah.
- SGScott Galloway
You know, you know?
- KSKara Swisher
And, and then with the regulatory environment, what do they need to do? Does, as I make a joke, does, do people like Mark Zuckerberg have to call themselves they, them going forward? What has to happen?
- SGScott Galloway
Well, but-
- KSKara Swisher
It will happen. I just got invited to a Meta party so that you know things are turning, but go ahead.
- SGScott Galloway
This is-
- KSKara Swisher
We'd love to have you, Kara. I'm like, "What?" Anyway, go ahead.
- SGScott Galloway
But-
- KSKara Swisher
Oh, I'm going
- SGScott Galloway
... but just 'cause I, because I like to wade in dangerous waters, this is obviously a very progressive audience. I, I personally think the, the kerfuffle over data centers is misplaced, and I think it's a bad move for, uh, Democrats. Uh, the moratoriums that Governor Hochul, who I'm a fan of, I think it's populist bullshit.
- KSKara Swisher
Well, Greg Abbott too.
- SGScott Galloway
This is an argument as old as time. Nobody wants the chicken processing plant or the nuclear power plant or the Ford factory down the block from them. It's up to elected officials to figure out a way such that it's a win for the local community and assuage their concerns, whether it's them producing their own electricity. But the reality is, this is what, in my view, is gonna happen, and bums me out as a Democrat, is that the Republican states are gonna get all of those data centers that pay property taxes, and they will raise the rates in the money that they have to provide to the local community, which will benefit the red states that say, "Come on in." Good local officials should be able to figure out a way to say, "You cannot raise the electricity rates. It has to be in an area. It has to be closed loop water." But all this populist bullshit is gonna do what we always do. We'd rather be indignant than pay for our fucking food stamps.
- KSKara Swisher
Well, at the same time, let me be clear. I'm gonna, I'm gonna push back on that because I've talked to lots of mayors. It's the citizens. It's not, the, the, the politicians are just reacting, but it's the citizens because they feel-
- SGScott Galloway
The populist movement
- KSKara Swisher
... they, it's not just that. They feel like, as Hillary was talking about, accountability, corruption. There, it, it, it-
- SGScott Galloway
You know what state has the most data centers?
- KSKara Swisher
Virginia.
- SGScott Galloway
Virginia.
- 43:37 – 48:51
Don Lemon Helps Kara Quit CNN
- KSKara Swisher
owner now of, uh, CNN, um... Wait, I'm sorry. Wait, I'm getting... Sorry, Scott, I apologize. [upbeat musical tone] Uh, send the-
- SGScott Galloway
I literally have no idea what's going on right now
- KSKara Swisher
Send the courier in. [audience laughing]
- SPSpeaker
Miss Swisher, Miss Swisher, I need you to sign this. I need you to sign this. How are you?
- KSKara Swisher
Hi, Don Lemon.
- SPSpeaker
Hi, everybody. [audience cheering]
- KSKara Swisher
Good-
- SPSpeaker
Hi, Miss Swisher. How you doing?
- KSKara Swisher
Hi. Oh. [audience cheering]
- SPSpeaker
How are you, Mr. Galloway? How are you? I have an urgent-
- KSKara Swisher
We are reenacting the scene from, uh, from Sweet Home Alabama.
- SPSpeaker
The Secret Service grabbed me, and I d- Oh, my gosh, it was crazy.
- KSKara Swisher
Yeah.
- SPSpeaker
So I need you to sign this.
- KSKara Swisher
This is where Reese Witherspoon was not, was gonna marry Patrick Dempsey, but-
- SPSpeaker
[laughs]
- KSKara Swisher
But then she didn't wanna get divorced from the handsome guy, so
- SPSpeaker
This is, these are your exit papers from CNN, and you have to sign them now. [audience cheering] Are you ready? You haven't signed it. Or s- can you sign right here? Right there. [audience cheering] I know something about signing exit papers from CNN. [audience laughing] That's why the courier service sent me over.
- KSKara Swisher
Oh, my gosh. I mean, I do like Anderson Cooper and Kaitlan Collins. [audience cheering] I really should st- No.
- SPSpeaker
No.
- KSKara Swisher
No. [audience cheering]
- SPSpeaker
Ok- Ugh, amazing. Now, right, now here, right here, different color. This one's... You have to date it. You gotta date it.
- KSKara Swisher
All right. Thank you, Don Lemon.
- SPSpeaker
Okay.
- KSKara Swisher
All right?
- SPSpeaker
Yeah. Wow. This looks familiar. They s- they crossed out my name and put your name in there.
- KSKara Swisher
Yeah. [audience laughing]
- SPSpeaker
That's amazing. Now-
- KSKara Swisher
Now
- SPSpeaker
... should we celebrate?
- 48:51 – 1:00:45
Wins and Fails
- KSKara Swisher
time for Wins and Fails. [audience cheering] I have... I'm gonna go first, okay?
- SGScott Galloway
Yes, please.
- KSKara Swisher
Uh, you'd think I would say the Valkyries winning in San Francisco, amazing. That was fantastic. That was amazing, but I have a couple of little ones I'm gonna do for my wins. I'm not gonna have any fails today because I don't feel like it. It's a great day for the Valkyries winning. The Gilded Age returns [cheering] [clapping] with Train Daddy and Carrie Coon, who are-- they did the sexiest picture ever, and a blink-and-you'll-miss-it cameo from David Letterman and Matt Damon, which is fantastic. Um, I also-- A win is I have two of my friends from, uh, from high school, earlier, middle school, Trevi Williams and Carla Rubin. They're here, and it's Trevi's birthday, so everybody wish her a happy birthday when you see her. [cheering] [clapping] . And lastly, I invited some friends, uh, who used to run 60 Minutes, Bill Owens and Tanya Simon. They're here today, and they did an amazing job. So... [clapping] And, uh, they're onto really interesting stuff. Um, okay, those are my wins. Those are all my wins. I don't have any fails.
- SGScott Galloway
You don't have a fail?
- KSKara Swisher
I don't have one fail today.
- SGScott Galloway
Okay, so I'll go fail first. Uh, [chuckles] I think the idolatry of innovators has gotten so out of control. I was talking to the secretary before this. Uh, if you go up and down the West Coast, you're gonna see literally companies-- The West Coast is littered with multi-trillion-dollar companies. When you get to the Canadian border, it stops. You get to the Mexican border, it stops. And yet these individuals are quick to credit their grit and their character for their success and blame the government for their failures. And what is so disappointing, that's not my fail, because if you tell a thirty-five-year-old male who's Jesus Christ, he's inclined to believe you. The fail is that we have begun believing through this ridiculous, unhealthy, and dangerous idolatry of innovators that they get to live by an entirely different standard. Elon Musk is a traitor to the West. [cheering] [clapping] If, if in the '30s, we had this incredible hero, Charles Lindbergh, an innovator, and he felt that we should be on the side of Germany, and a lot of people felt that way. We had spent tremendous capital, a lot of lives-- loss of human life, of young men in World War I, and we thought, you can understand, we don't wanna go back, right? And he was-- his view was we should partner with Germany and Hitler. What if... And this could have very easily happened. He was a hero. What if he'd raised the capital to buy Boeing? He probably could have done it. And then when we lent B-17s to run bombing runs over Germany to the RAF, what if he had figured out a guidance or a flight system and then mid-1940, before we were involved in the war, decided to throttle back those guidance systems and the Blitzkrieg in London got worse and more homes and more civilians were destroyed and killed, respectively? What would we have done to Charles Lindbergh? But it's uncomfortable and weird because we've decided someone who's a trillionaire and makes a great EV and can land a rocket on scissors is held to a different standard. We lined up the Rosenbergs against a wall. This is a traitor to the West, and he should be held to the same standards [clapping] as every other traitor in the West. Anyways...
- KSKara Swisher
You know, you know, Scott, he will now be challenging you to a sword duel like he did with me.
- SGScott Galloway
And by the way, I've said much worse things about him. He, he'll, he attacks me. He says I do-don't have a clue.
- KSKara Swisher
He says you're stupid, pretty much.
- SGScott Galloway
And, and then Kara says something much less incendiary, and he's threatening to put her in prison. Like, what's the di-- Anyways, now, my fail is I, I don't even blame them. The failure is ours. This, for some reason, we have decided... I, I, I just don't get it. If the CEO of Northrop Grumman was turning off Ohio-class submarines out in the South Asian seas, he'd have a lot of 'splaining to do. He-- It's time for him to do some explaining. [clapping] The-- My win, my win is the, the swingiest swing voters in every election are actually young men, and that is young men are more inclined... What's very interesting about this election is essentially the largest political party is now independents, which means more people than ever are up for grabs. And the swingers, uh, if, if, if you think about what happens in-- what's happened in the US, where five states have effectively become the, the ones that decide the presidential election, within that now, or the, the people are gonna start deciding more and more elections, will be the ones that can go, quite frankly, either way. No one changes, goes harder blue from red more consistently or inconsistently than young men. Uh, Trump won them by fourteen points in twenty, uh, twenty twenty-four. They are now polling sixteen points towards blue. And young men essentially vote based on economics. They're not-- Young women vote more on social issues. Young men vote more on economic issues. They basically wanna know who's gonna put money in their pockets so they can be prosperous, start families. And what the Republican Party has been amazing at is creating a brand that has an association with economic growth. And it's just not true. And my message, this is coming out tomorrow during election day, to young men who have-- are thinking about it and wanna vote but haven't thought through, and most people aren't like us, don't spend as much time thinking about these issues. I went back to nineteen eighty, which a lot of people would consider the pivot point when we evolved from a manufacturing economy to a service and a tech economy. Since then, we've had almost twelve presidential administrations, right? We're kind of at six and a half into Republican administration. Uh, we've had five Democratic administrations. I went back, and I added up all of the GDP growth, all of the job growth, and all of the deficit growth, and then I averaged it across Republican administrations and Democratic administrations, and these are the findings. During Republican administrations, America has added, on average, a million jobs a year. During Democratic administrations, we have averaged an additional two million jobs per year. [audience applauds] In terms of GDP growth, economic growth, during Republican administrations, we have averaged 2.1% economic growth. During Democratic administrations, we have averaged 4.1% GDP growth. [audience applauds] And then the retort, the retort might be, "Well, typical Democrats tax and spend." However, deficits have grown on average 2.1% of GDP under Democratic administrations. They have grown 2.8% on average during Republican administrations. So across a sample set of 12 data points, what you have is the following: With Democratic policies of a progressive tax structure on corporations and the wealthy, and a reinvestment in the middle class, and a stronger social safety net, and thoughtful regulation that helps scale companies, what you get is more jobs, more growth, and lower deficits. So if you are a young man like I was, and quite frankly, not interested in saving the whales, what I would ask of you is ignore our bullshit virtue signaling and identity politics and indignance over shit, which I find obnoxious, and ask yourself, "Do you want more money in your pocket?" And if the answer is yes, tomorrow, November 3rd, vote blue.
- KSKara Swisher
[audience cheers] Okay, wow. You, you are constantly surprising me. And I wanna say I support Mike Rogers. No, I don't. That fucking asshole. No. [laughs] Anyway, we need... That was great, Scott. That really was.
- SGScott Galloway
Thank you, Kara.
- KSKara Swisher
I'm very touched. That was lovely. Um, okay, we need to take another break, and when we come back, we'll take some questions from the audience. [audience cheers] [gentle music]
- SGScott Galloway
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- KSKara Swisher
[audience applauds] Scott, we're back recording live from New York City at the lovely Beacon Theatre in New York City. [audience cheers] We're gonna now do audience questions, and we're excited to answer them, but please be considerate and keep them very short so we can get to as many people
- 1:00:45 – 1:16:53
Audience Q&A
- KSKara Swisher
as possible. Line up here. Who is this young man?
- SPSpeaker
Is this thing on?
- KSKara Swisher
Yeah. Is-
- SPSpeaker
Hi.
- KSKara Swisher
Who is this?
- SPSpeaker
[clears throat] I'm a little nervous.
- KSKara Swisher
Okay.
- SPSpeaker
Um, my name is Michael Barbaro.
- KSKara Swisher
[laughs]
- SPSpeaker
And I host a small podcast called The Daily.
- KSKara Swisher
Yeah. I, I have, I have heard of this podcast.
- SPSpeaker
Long time, first time.
- SGScott Galloway
Wait, I gotta do this. I'm just gonna interrupt you a bunch of times and go, "Huh."
- SPSpeaker
Huh.
- SGScott Galloway
"Huh. Really? Hmm. Hmm. Hmm."
- KSKara Swisher
This is not a plant at all. Go ahead.
- SPSpeaker
Okay. It's better than showing off your belly.
- KSKara Swisher
[laughs] Oh. Well done
- SPSpeaker
Eh? Eh?
- KSKara Swisher
Well done.
- SPSpeaker
Okay, so I have a serious question-
- KSKara Swisher
Okay
- SPSpeaker
... and a less serious question. And yes, I'm a plant.
- SPSpeaker
[laughs]
- SPSpeaker
The first question, Kara, is for you and Secretary Clinton, if you would bring it to her.
- KSKara Swisher
Okay.
- SPSpeaker
And you can answer it yourself. Let's say that the Democrats flip control of both chambers of Congress tomorrow.
- KSKara Swisher
Mm-hmm.
- SPSpeaker
On your show with the secretary, you all have discussed what I would regard as an enthusiasm for investigating the president, the cabinet, the administration. Have you fully contemplated the downsides of those investigations? The president was impeached twice in the first term.
- KSKara Swisher
Right.
Episode duration: 1:16:54
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Transcript of episode pijDwJt93qE
