Meta's AI Spending and Challenges

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Listen now Fourth of July savings are happening now at the Home Depot with select appliances starting at three hundred and ninety eight dollars Plus, get free delivery on appliance purchases of three hundred and ninety eight dollars or more, no membership required Upgrade your kitchen with a modern and sleek GE profile refrigerator featuring hands free auto fill for the perfect pour every time. And make laundry day easier with two in one washer dryer combo innovation that completes laundry in about ninety minutes. Shop top brand appliances now at the Home Depot. offer about june seventeenth to j Juieth US onlyn Se Store onnline for details I don't want to see Donal Trump naked necessarily. but have you ever thought about it, though? Is it ever like gone into the brain Hi everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network I'm Cara Swisher. Scott is off today, so I brought in the one and only Anthony Scaramooci the Mooch, podcaster, founder of Skybridge Capital, and author of the upcoming book, which is getting a lot of kudos, All the Wrong Moves. And I think I gave you a blur Th did got a blurb at it. Hey listen never give blurbs. you know that. I got got You know, I had to use the crowbar, ladies and gentlemen, to get the I pivoted on pivot. I had to use the crowbar to get the blurb out of her. but it No,s it's a big deal when I give a blurb. I gave one to you. I'd given one to Ary Emmanuel. Those are the only two. But I used his to insult him. So yeah, I'm looking forward to his book actually. I That's good. I feel I feel like you're going to learn lot about Hollywood in that book. Actually you learn a lot about him Okay better yet, than if I'm learning more about him than better yet. Its It's got a sadness to it actually. It's interest It's got a depth to it. How about a depth to it? likeike struggles that he had. and he never shows that I think I think what you and I love about people 's authenticity and honesty and it sounds like we're going to be getting that from Aurri, so I look forward to the book. Yeah But be honest with me, you were at Taylor Swiss' wedding, were't you? Well, I'll be really honest with you and tell you I would have liked to have been invited to Taylor Swiss wedding because when you look up in the dictionary, name dropping and starfucking, there's a picture of me But alas, I was not invited to her wedding. It made no sense the invitations. I mean, I got the dancers and everybody else, like her all her friends and her cousins and everything. But the celebrities were just odd. It was so someome of them were obvious like, you know, Bradley Cooper and those kind of people. But, you know, like Adam Sandler being the The officient was interesting. It was such a It was such a dog's breakfast of celebrities, It was fascinating. What do you think? Well what I love about it is it was original and it was true to whatever they wanted to do. You know, at the end of the day, it's your wedding. haveave at it. Oh, I liked it. And they went crazy. I mean, I one time got married with a lot of fanfare in a Roman Catholic church The second time I got married J and I got married in our living room. So you know you 's It's a time in their lives. They're both first time married. I wish them nothing but great success with their theirir marriage, but you know what If you don't mind, I'm gonna give them a shout out because they did list twenty charities. and I'm on the board of City Harvest, which is one of the largest food banks in the country if not the largest and they gave a million dollars to City Arm. So God bless them for doing that because we have a lot of food insecure people in our great city car. Yeah, they gave a bunch to Dolly Parton. They gave a bunch to all these like amazing, They gave twenty six million dollars, which is thirteen times too if you're a Taylor Swift person, which is her favorite number. But it was really interesting it was interesting is how they handled it. I was going to compare it to the Bezos wedding. I wanted to be fair For some reason, that one felt awful and this one cracked me up. And I don't know why the difference because it was obviously an over the top wedding. It was directly in the middle of New York City, which I loved. And of course, they did it to protect them you've been to Madison Square garden a hundred times, right? presumably? Yeah no I consider Madison Spurg Garden one of my homes. I'm a nick and a Ranger fan, but I I think the difference was the Bezos wedding was trying to be the Venice Film festival, but for the Bezos family. and this was like, hey, we're corny people We're going to have a little bit of a cornball situation go on and we're going to do whatever we want. But oh, by the way, we're good people, We're going to write some big checks to charity. So hey listen, you know'm a I'm all about if Jeff Bezos and his wife Lauren Bezos, if they want to spend money like that, God bless. I have no problem with I know other people get very upset with it My attitude is, you know You know, you make the money, spend the money, no problem. and people forget how many jobs are tied to events like this, you know, you've got porters and waiters and you've got people in the hotels and to me, I like people spending their money. Because it goes into the system and it takes care of a lot of people O an experience, right? Now what's really it was to me, what was interesting is one is there was rather private, even though it was in the middle of New York City. One, there weren't you haven't seen pictures very many. You've seen very few pictures come out and the ones that are out are just people, Hey, I'm going to this wedding and sort of bragging about, which I'm fine with The Bezos one was so performative, like waving from the docks and the outfits and everything else. I think that was one of the differences. I suspect there's going be a movie of the wedding. I spect that's coming for all. Let me ask Cara Swisher a question, though, wouldould you have promoted that you were going to the wedding? Would you have had like a selfie, a switisher like selfie? I kind of had would have to because it was have strange totally shameless. I would have been promoting it. Yeah had I may I may even gotten a drone for myself. Yes. you kind of want Yeah following I'm a revolting person. Yeah, I think they wanted that. I think they wanted that. And I did like that even the celebrities were like showing off, right? Like I was there. Oh, by the way, I was there And showing off their dresses. and it was all like the met gala, but what was fascinating me is very little leaked and it seemed adorable. It just seemed, you know, I like everything Taylor Siff and Scott doesn't, but I felt like now I'm thrilled for you here for you can because you probably like her. what's not to like? I mean, let me, I like success stories, you know, God bless her. what's not to like? All the girl every kid likes her, God bless, you know By the way, he's won, you know, how many Super Bowls does the kid win? He two Superowl threeree, threeree. Okay, there you go. comeome on. I know. they're very handsful. Although I will say this about him and he can respond to me, he can direct message to me on Twitter probably met at me He has the thinnest arms And the least amount of biceps of any tight end. It's a hunk Lets take a look at his orp.. Im just saying this kid created very slender. for a tight end Which made him, in my opinion, faster, quicker and a better receiver. I don't see him as a blocking tight end He's almost like a third receiver from a home, which It's part part of the warfare there and part of the offensive success story. Yeah, I guess, I don't know what you're talking about. He looks handsome to me and And I'm a lesbian. I think's. Am I allowed to say that I'm also a lesbian? or probably it's not a pro. Yes, you may say that, if you like. That's my pronou. Anyway, I was happy for New York to do it. and it actually was in juxtaposition of something happening down in Washington, which was just a disaster But first let me start first. since we're talking about sports, President Trump has officially inserted himself into the World Cup. This Reallyad even I know this is bad. US soccer star Folaran Balligan is set to play against Belgium after FIFA overturned his one match suspension from a controversial red card. Trump personally called FFIFA President Gianni Infantino to push for a review of the decision Trump posted on Tr' Social saying, than you for doing What was right in reversing a great injustice. As we tape on Monday, Belgium has been granted the right to appeal the ruling, so things may have changed by the time you listen to this. I mean, why did he do this? It seems like it's just sort of suullies. And by the way, reminder, Trump was awarded the inaugural FIFA Peace Prize in December tals Well, I mean, I think we if you're ever on jeopardy, they don't answer the they don't ask the questions like this, but they say, what organization in the world is more corrupt cororrupt the Donald Trump White House. The answer is Boing Fifu yes That's the answer. I mean, so, you know, it's like the two of them got married and did something very corruptive and delicious to the world's most favorite ort but to me because I want to channel Trump for you. So get the barf bags out guys because I want to tell exactly how he thinks I am the man. Ething is about me. Let's insert ourselves. Where's the attention this week? Oh my God, there's billions of people watching the World Cup. Well I got to get myself inserted into that. Right and Taylor he tried to insert himself into the Taylor Swift wedding. You saw that. We tried to do He tried to do that because she hates him. He hates her, butah But let's just roll it. Hello, butlick Howard Howard, Howard are you there, Butlick? Okay, get some evidence together. okay. And then he calls Infantino who we're calling sick sickafantino And he says, this is what I want done And it basically does it and everyone's looking around scratching their heads and saying, why this is low for America, you know, because it just makes us look ress, but to Trump He's patting himself on the back. you know Nobody could have done this other than me. This is like another war that I solved. I need another FIFA peace prize. Look, FIFA is very corrupt. and I did a whole show on this about the corruption and the ticket sales and everything else. But the game seem to be going well, right? People seem to be enjoying the people here from other countries You know, you had Cape Verde, you had Mexico last night. evenven I am paying attention to this a little bit. But this sort of it creates does it create a problem here if this guy gets, by the way, just for people who don't know, this soccer star was born in the United States. His parents are from London U so he's what he's the kind of the birthright citizenship that Trump rails against at the same time, which I think is kind of Of course, ironic. It's not ironic Well, yeah, I mean that's that's Trp. You know, he doesn't probably not even aware of that. And so that's another big irony of the whole thing. But Just remember it has to be about him Enough of me talking about me, what do you think of me? And how can I get myself inserted into every situation Even if it's controversial, it sort of suullies the U.S. win if there is one. Yeah, you see that Okay. So now' as the FIF' position. They're like, okay, the Americasans are going to win anyway. It'll mean more ratings But somebody somebody look, that was supposed to be done on the QT. And then Trump can't help himself. He's got these AI generated truth socials which are incredibly revolting where the guy' pulling out the Trump card on the ref saying, yeah, he're trying to throw me out, but I've got the Donald Trump Trump card. so I'm back in And so, you know, what happens is it's just a turn offff to people And I gott to say this to you, Karen, and I'd love to hear your opinion on this. I thought the games were going great for America. Yeah. I thought people were coming in very thought the place was so hospitable and I like All right, where America's finally getting a slap on the back from because he was out of it. He wasn't near it. That's why Exactly. You know. And speaking of being near, I mean, I think it'll just be right if the Americans don't win, it hardly matters, but which is probably what Infantino was thinking. He also marked America's two hundred fiftieth birthday, which was kind of a dud by giving a speech. It was essentially a MAGA rally on the national Mall after storms delayed the event. He honored veterans and astronauts while also touting his own record and pushing for The Save America Act He also focused on his latest obsession communism, saying Cunism is a loser and it will always be The night before at Mount Rushmore where there was hail, lot weather his way, which was interesting. He called communist menace a greater threat than Pearl Harbor and nine hundred eleven argued American identity is under renewed attack. I thought communists were losing And speaking of threats to American identity, hundreds of mass members of the white Nationalist Group Patriot Front marched through DC on the fourth, carrying Confederate flags and chanting Reclaim America. Those photos were kind of bizarre to look at. They were on the subway. Talk a little bit about what was happening and also that you couldn't see the fireworks because there were too many of them and too much smoke. and there's smoke We all have been advised to stay inside over the next day or two in DC because of the heat and the ulets from the fireworks, which nobody could see very easily Talk a little bit about this communism thing. This is I hadn't heard communism from him thoughts on what's happening here? Well, it's Mandani related. This is all related to the electoral success that the Democratic socialists have had recently And this is also related to the speech that the mayor of New York gave from George Washington's desk, which Obviously it was very polarizing to some people. My arch nemesist, Steve Bannon, somebody I can't stand. actually nailed it in my opinion. He said, Hey, you better pay attention to Zora Mandani because ye he's a great communicator. He's got a vision for things. he understands where people are and how upset they are and especially young people Exactly. And Trump's response is to label everything with a broad busush. That it's communism, Carl And I think that's a that's a big danger because when you when you do that, you're missing the elements of what's got people upset And this isn't communism. if you listen to his speech, I sort of felt like it was Scandinavianism. you know, R. It was Northern Europe. It wasn't communism, you know Yeah. And Trump's trying to label it something that it isn't and he does that very successfully at a lot of people. Who's thinking of this? Who is this successful? Be everyone's like communists. I haven't thought about communists since like the Cold War essentially. Yeah. So don I don't think it's going to be successful because you remember, Zoron Mandani is not flat footed calling Hillary Clinton crooked or Joe Biden sleepy or Jeb Bush low energy They're more like standard politicians and they're a little flat footed You know, this guy in my opinion has made one mistake. I won't name the billionaire, but when he docks a billionaire in New York City with social media, I thought that was bad. I mean, because You don't want to put people in harm's way. If you want to put a peer to tear tax in and people can pay it, no problem, but don't name the people because you're going to get agree. You're going to make people, you know in a dangerous position. But to me, this kid has only made one gaff And I wasn't a supporter of his. I think the city's a lot cleaner. The city looks very safe to me. You said to me last week that New York is back, New York is flourishing. Is that not true? Yeah, absolutely. When you go there, it's hard to walk the street. It's so full and vibrant and exciting. And it along with the Nicks, the Taylor Swift thing It's just there's a lot happening there. But what is the you know, having the white nationalists show up again was sort of my I was like, oh my God, them again. that in those weird outfits they wear the blue shirts and the khakis with the weird white mask that they have to hide themselves because they're not proud of who they are, presumably. No, Okaykay, but see what's going on. Elon Musk said that this was a false flag operation. This is hard left people that are sending out these white supremacies and there was a photo of a young African American woman on the bus with them and people saying, okay, that photo was contrived. Okay, I don't believe I don't believe any of that, by the way, but I'm just I'm just saying to me, They're doing that for publicity. They're doing that for the shock and aw effect And unfortunately for this country and perhaps most countries We do have racist assholes in this country and we do have white supremacists in this country. But unfortunately we have somebody in the White House That sort of blows the dog whistle for these people as opposed to denouncing these people or ignoring these people. He's like, oh, that sounds like a lot of fun. Can you guys bring the matches over here?ight Looks like the doorflame log for the white supremacist bonfire? That's the stuff that I really can't stand. BeCcauseuse it's all around the Save America act though. I mean, that's really the focus. There's, you know, story after story of him the desperation of either passing this orre pulling some emergency powers, you know, declaring a national security emergency around voting and everything else. To me, that's where everything funnels down to is this fear the point November. Yeah. I mean, listen, I mean, that's the goal, right? We got to get black and brown people not to vote And so we're going to get Iice agents out. We're going to scare you. I've got to get this legislation passed, the Save America Act. And if we get that passed as well, You know, hopefully you'll stay in your house and we can organize as much of the white vote as we possibly can to win these elections. And so Trump said something people should really listen to. if I can get this thing passed We won't lose an election for the next one hundred years. Did you he say that? Yeah. He said that. pay attention So now thankfully Thun is American enough still where he's blocking Trump and he's stopping him Uh, but, you know, listen, you know, What comes next is the answer, Car? because I think I think we got Trump I think the courts have knocked him to the ground a notch. I think he's age is getting him I think some of the podcasters have broken from him. someome of the traditional Republicans are just waiting him out Okay, so I think we got Trump. I'm worried about the next lunatic that shows up with the same message, you know? Yeah. An thoughts on who that would be? None of the current lunatics. you know, they don't they don't have the Riz, Karis Wisher. It would have to be a young lunatic that we don't know right now. Not Tucker Carlson. I've never asked you about Tucker Carlson. How do you look at him? You know, Tuck Tucker is a typical dwb in the high school. guy in high school. My uncle owned a motorcycle shop, so I did have a leather jacket, but I was also captain of the football team. So I was like not into the whole click thing ucker would have been that kid. that was like a sneaky bully. And so a sneaky bully is no one's looking, I'm going to poke Kar in the eye, okay? No one's looking, I'm going do something devious or pranks to ris to somebody that's weaker than me due to my insecurities, right? So Tucker wasn't the out and out bully because when you saw that guy, you just walk off to him punch him in the face and make him go away. And so what Tucker does, he's like a dodgeball bully. Okay so, hear me out to say. remember when you were in elementary school, you were probably the I was you were probably the smart kid in the back lurking with the but. I was too small to hit. I was always the last kid before to get head of And you were always waiting for the back jock to hit the other jock and then you snuck to hit the big jock and you cororrect. Thank. Okay. But Tucker is a dodgeball bully. Okaykay. He's been sneaking around Bullying terrorizing people. Okay for his adult life. And now he's got a very big broad podcast that he can do this on buddy Chris Cuomo, people should go look at the tape. He took a karate shop to Tucker' Adams atall as he was spouting his BS about Russia Okay and, you know, and Chris doesn't give a sh. just took them to the ground And so I say to myself, number one, is he on a take from Russia? I don't know. So I'm not going to say yes or no, but he uses Russian talking points when he talks. Yeah. number two, what you know, he's all of a sudden anti Israel And we can debate that. I'm not saying Israel's got a great brand right now. I think they've had a lot of mishaps You went from pro Israel hanging out with Huckabee to now you're anti Israel And I'm like guy, what are you doing exactly? And you know what he's doing He's feeding the ducks of his audience Okay, so he's a dodgeball bully who feeds the ducks of his audience. Does that give him a chance or not No, he's got no chance. And I think he's a complete tool alsoso If Trump is alive when he announces his candidacy is going to send like, orange manained cruise missiles up to Maine and below Tuck out of the water because One thing about Trump He knows the Achilles heel of people like Tucker. So and I predict Tucker won't run. Be listen, that is that is a big boys sport as you know. Yeah. It's not podcasting. It's not hanging around waiting for your next massage. It's like, okay, we got to get on the road and you can hate Donald Trump, but Donald Trump is a grinder. I watch them You know, eight in the morning till Midnight, let's grind this thing out Tucker doesn't strike me as it. I. pass me the nail file. I'm about to get a Manny Petty, Tucker Carlson, the die.an canan I ask you one last question on this So what's Trump's move? We got July, August, everything's quiet. What does he have he doesn't have much time till the midterms besides trying to stop the election itself? What What does he do now? How does he get attention? What is What is he going to do? Well, we have more revulsion coming. And so on july nineteenth, he'll be in the Madallands. He'll be at the New Jersey New York Stadium handing the trophy to somebody has won a World Cup because infantino sick Ffantino is going to let him do that. So that's going to be a big day for him. Lots of attention on him. He'll have billions of people watching' be very happy to have that U rightight, exactly. And he's he's announced his Giff to the public. Okaykay. so If you ever thought that he hasn't learned from the KGB, he has actually. because what do the KGB do? They spy out in the open. Right? Remember John Leakar would explain to you that the person shows up, they look like a KGB spy, they act like a KGB spy. So you don't think they're a KGB spy, but guess what? they are one. And so Trump is like Let me announce to you my grift Okay. And so here's all the different things that I'm doing. He even put the fifteen thousand dollars of infantino tickets that were given to him. on his financial disclosure, the feIa tickets that were given to him. so So what he's going to do is he knows he doesn't give a shit about his party. He doesn't care who wins the election as long as he's not overly investigated, he's going to pardon himself and his family He's going to try to make ten billion dollars over the next two years. All right, well, that'll get us into So that's what he's working on. That's what's going gonna do. Yeah. he is about glory, self angrandizement, and Mulah. Th That's the holy Trinity inside his brain. All right. Okay, well, we'll talk about that because we're gonna talk about something that you know a lot about, which is cryptocurrency Okay, Anthony, let's go on a quick break. we come back. millions of investors lost billions on Trump's meme coin. Support for the show comes from Vanta. 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Ai slash Kevin Anthony, we're back nearly one million people who bought President Trump's meme coin have lost a combined three point eight billion do. guuess where it went. At the same time, Trump disclosed earnings of six hundred thirty six million dollars from the meme coin in twenty twenty five. Trump profited whether the coin price rose or fell, collecting fees every time the token was traded, which he which is called a vig, prompted his followers on true social to do. Meanwhile, Michael Saylor's strategy has abandoned its famous never sell Bitcoin. wasasn't a holder anymore, Mantra. The company is launching a one point two five billion dollars monetization program to raise capital with Bitcoin sales already sold two hundred sixteen million. Trump's disclosure, by the way, showed active trading of strategy shares know For people who don't understand what's happening, we talked about this last week. he made several billion dollars largely related to crypto, very small amount in real estate,ilar similar to what he always makes in real estate, essentially. Nothing more or less. But there's a lot of know, and of course, the kids have their own grifs going on and Jared and Ivanka have their own grift. about how we should be thinking about crypto now and what happened here with Well, I mean it's important to people understand how dramatic this Giff was. I mean he needs an Academy award or a FIFA World Cup trophy. Maybe FIFA will give him the Gifter, you know, prize of the you know we gave you the FIFA peeace prize the grifting has been good. Here's the FIFA Grifter prize because This is unbelievable J just to put it into context for everybody. All of the publicly traded crypto companies combined made less than Donald Trump did in crypto. Just everybody knows, he made more money than coin based kraken, put them all together. Kken iss not public, but you get my point. They do disclose their financials. And remember this, o, Trump's disclosure was nine hundred and twenty seven pages Barack Obama his was eight pages. Okaykay? so This guy filed a phone book, he didn't file disclosure is so bad It is so egregious. so many people lost money and the differential of three point eight billion losing and him making eight hundred It's just to me insidious, but I'm going to say this to you and I know you get this The Emmerati royal family bought five hundred million dollars steak in his company before the inauguration. Okay. so I don't know. you tell me that was just that hey, that's a nice gesture Cara, how you doing? You know, there's a Cara switcher. It looks like it's from your longevity documentary behind you. I'd like to buy that from you for five hundred million dollars just because, you know, you're a nice person, Cara. Is that how the Emirati rooyal family treated that situation? Right. So so to me, it's again I'm taking the money And by the way, you stupid crypto bros, what did you think was going to happen? Oh, you thought I was supporting you? No, no, no Clarity act which everybody would like to get passed, that can't happen because my opposition hates me and they're going to vote against it despite me. And oh, by the way, that spites you, but haaha Guess what? I didn't care about you I didn't care about your industry. Right. So what happens to the crypto What is happening like what Silor has done? Obviously, he's been super aggressive. and you've been deep into crypto and Bitcoin, particularly. Wh does this hurt the Bitcoin business becausecause it was actually improving allegedly under Trump with all these You know, the regul Gensler was gone, everything else. Where does this leave crypto now? Because it then has this taint as the World Cup has, of Trump's finger, dirty fingers all over it. Yeah, so nobody likes me in the crypto community for saying this, but I'm going to continue to say this Gary Gensler was a pain in the ass to the industry, but you know what Gary Genszler did blocked a lot of the lowles and a lot of the people a lot of the scammers out of the industry Trump has opened up the floodgates and became the scammer in chief in the industry. So people said, o, this is going to be great For the indjury iss not great for the industry. You would want the mama bear You would want propitious and ordinary transparent crypto regulation with a defense system against Gumbaggery. We didn't get that. So When Trump announced that meme coin carara, I was at the World Economic Forum with Brian Armstrong panel And I said, this is going to be very bad for the industry. because this makes us look terrible. And his opposition, there are young Democrats that would probably support the cryptocurrency industry that are looking around saying, I can't do it now because of what Trump has done U And so so to me, I think it's a, I think it's a big issue. You mentioned sailors, we might as well bring them up You know, Michael's got to be careful because he's an absolutist and he's an extremist. So he said at of one side of his mouth, I'm never selling my Bitcoin You should sell one of your kidneys to buy and hold Bitcoin But he's got pressure on him and he's got a in he's got a cash imbalance So so guess what he's doing? He's starting to sell his Bitcoin. Like Michel's not going to take advice for me and I like Michael, but I would say Michael You become part of the story. Go on your yacht Sle off into Sicily somewhere, stop tweeting about Bitcoin, get out of the story making business Because what happens in a situation like this is like a fighter squadron Let's say we got B seventeen about to Strafe Berlin and one has engine trouble and is lagging behind the others in the squadron What are the mester Smiths going to take out first? They're going to take out that one And this is Michael right now. So get out of the Story. I wouldn't sell any moreore Bitcoin by the way, your job is to have Bitcoin go back up and you getting out of the story will probably help that. I'm long term bullish on Bitcoin. I think we're in the typical four year cycle where we've corrected fifty percent. We could correct more. But I think the long term bias for Bitcoin is up And I think if you hold it for five years, you're going to be well what here you have Trump sort of dirtying up the industry in a wayays. What needs to happen from a bipartisan? How can it return to a way where you don't have T much regulation at the same time, you zero out all the all the scammers. So I think there's only one thing and that is time and demography. So I think if you're above the age of sixty and you're in the Democratic party, you hate crypto I think if you're below the age, if you're in the fifty to sixty, your crypto M curious, but you're like crypto skeptic. If you're below the age of fifty, you're generally like, okay, I get this and there should be an ecosystem allowing us for tokenization and for general improvements of the financial services slash FintTech community And so I think he set the industry back. I think it'll be three, four, five years. before we see the right type of regulation. I want to be wrong. You know, Cynthia Loomis, Tim Scott are saying that the Clarity Act is going to get passed. If you go to the polymarkets Explain what the Clarity Act is Okay, so the clarity act in the most simple elevator pitch is Exactly that. We're going to offer you clarity on regulation associated with crypto Where is Bitcoin going to be regulated at the CFTC or the SEC? Where are these other coins going to be regulated? What's going to be allowed in the industry How are we going to deal with stablecoins? Are they going to be able to pay interest on the balances that you put at a stablecoin company? What will the banks be able to do? Will we charge the banks on their balance sheet, which they would do right now. If I held my Bitcoin, I can't hold it at JP Morgan, but if I was able to they hit them with an overcharge on their capital account. but let's say they could segment it out Will the money center banks eventually be able to custodian And so why are we calling a clarity? Because the pendulum has been swinging back and forth between the administrations. You get hard left leaning regulation from the SEC, then it swings back to hard right leaning regulation We were having regulation by enforcement under Gensler. now we're having light touch regulation. would this would provide a clear signal to Democrats and Republicans, hereere are the laws as legislated by the Congress signed by the president And so this is the interpretation bandwidth you have now as opposed to this. you know, this wider bandwidth. It feels like Grift again. That's what it has more of a nervousness around it becausecause the Trump are. Well, well, well let me explain why it does, though, because all Gillib Bran and these people are asking for is okay, we don't want the president's family to steal another couple billion dollars of crypto So can we at least legislate or create a rules based system that's ethically guided And the White House said uh, no, we like when the president steals. Bcent said that the two point four billion that he took is a sign of U. S. innovation as we said in an interview. this guy. I mean, you know, I mean, you got to be kidding me. I mean, this is it's just literally unbelievable. This guy It's like I mean, but it's, you know, you know what it is? It's like a sock puppet at this point. It's like that used to be a person, you know, like Prince, formerly known as Prince. That used to be a person formerly known as Scott Ascent He's now a sock puppet Caroline Levitt and Donald Trump. Okay. And you're saying that with a straight face and an interview guy. I mean, come on. Yeah, I know, I agree. So small thing, july fourth officially marked the end of the Department of Government efficency, better known as Doge. and a post onX, the agency said, Well, the formal mission of Doge has come to an end. The mission to eliminit waste fraud and abuse will continue good stewardship taxpayer dollars and accountable government are not temporary initiatives. Researchers estimate Doge's cuts to U.S. AID and humanitarian aid contribute to hundreds of thousands of deaths worldwide. Doge claims it saved taxpayers about two hundred fifteen billion dollars through spending cuts. The original goal was two trillion. Many people feel it costs the United States actually. One thing we won't be getting is a final assessment what actually accomplished budget director, Russell Vote recently told Congress, We have no plans to publish a closing Dos report. Of course not, because if they did a good job, they would tell you. I think this was just as it turned out, as I said it would, it was a nothing burger of massive proportions and actually led to death of people around the globe, especially children Any final thoughts on Doge? another waste of time. I mean, again, there was a doge. It was it was the Clinton Cps reinventing government. That's right. Yeah. I just want to remind everybody, we took four hundred twenty six thousand jobs And we eliminated them over eight years through attrition and buyouts and process redesign And what I don't never can understand for the life of me is I think I'm a reasonably smart guy, but I know I'm stupid in a lot of areas. But if I had a be, next to my name You have to explain this to me char because you hang out with these people more than I do. I've got billionaires that troll me on Twitter because they're smarter than me and they know more about everything than I could possibly know And I understand that, yes, you know more about neurology than neurologists and more about the military than the military. Yes, if you have a billion dollars. She's the smartest. I understand that But why wouldn't you have gone to twenty five year veterans of the GAO the goovernment administration office and said, okay, where are the worms in the system? How can I plug a few holes? I'm not going to save a trillion dollars or two trillion dollars, but you know From an engineering perspective, the structural design and the embedded costs of the government What could we do to stop some of the bleeding And how could we do that gradually And they didn't want to do that because why? Because they wanted to please Elon and let him jump all over the place I don't know. I think he just was to please Elon. I think Elon felt like this was important. and That's where they had the falling out over the tax bill when he started to show what he really was made of, which was spending more government money. And I just think it was just all an act. I thought it was all nonsense and idiotic and possibly gave Elon and his minions access to lots of secure government data I always thought it was about the data, but that's just me. Well defitely it was definitely a missed opportunity because we could have gone back to pays ago legislation. that got us to the budget surplus during the Clinton was Yeah. We could have gone. we could have gone with a Clinton askad doge like system that was bipartisan. We could have said to our fellow Americans, Hey, we're not going to fix the problem in ten years But you know what? over a twenty year period of time, we need to We could get the debt we could get the spend in line with where the GDP is And we didn't do that. And you know what's going to happen? and you know this and I know this. my buddy Ray Dalio knows this You're going to have an American president in twenty thirty six, twenty forty dealing with a fifty five trillion dollars budget deficit. And they're going to be sitting there saying, okay, the money's not worth anything anymore because the only way we can pay for this guys remember Unfunded Tax liability is what a deficit is. That's what Milton Freedban said. All deficit spending unfunded tax liability. and guess how we're paying for it. We're using the most pernicious and most reggressive form of taxation because we're cowards. We're using inflation And so we're going we're going to blow out your bank account. You think you got one thousand dollars in your account. It only has seven hundred and fifty dollars worth of purchasing power because that's our way of monetizing our debt And that's a problem. And that's one of the reasons why I am long gold and one of the reasons why I'm long Bitcoin because I do think that these will be part of the As we reinvent ourselves once again They will be part of the answer to the way the monetary system works in the future. Yeah, this was a missed opportunity and it was all performative, performative. Anyway. Let's go on a quick break. We come back the pros and cons of Trump accounts Support for the show comes from NPR. Is social media bad for your mental health? 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Visit streeteasy dot com to buy or rent in NYC. Street Easy is an assumed name of Zillow Inc, which has licenses in all fifty states Anthony, we're back speaking of trying to make money for American citizens. Trump accounts, which I hope will the name will be changed after he leaves, the new investment accounts for children have officially launched. Trump marked the occasion by ringing the bell to open the markets from the Oval Office on Monday morning. Six million Trump accounts have already been opened for children under eighteen, according to the Treasury Department, a fraction of eligible kids. That's a small amount, actually. babies born during Trump's term between twenty twenty five and twenty twenty twenty we willll receive a thousand dollars depositive seed money in these accounts. The Social Security administration is interesting process for parents to enroll their babies in these Trump accounts at the hospital as they register for social seecurity numbers. We've seen a number of individual and corporate donors to these accounts, including Michael Dallen, as you mentioned, Ray Dallio, the latest is SpaceX president Gwenn Shotwell who just announced she's donating company stock What do you think about these accounts? I'm not necessarily against them. don' I think' just I feel like grift will happen because Trump's involved with it And at the same time, I feel like maybe we should just have, you know, childcare Maybe we should just have healthcare. Maybe should just have these kind of things that cost people. I don't mind forced savings, which essentially this is. And I have accounts for my own kids for college and things like that. and everyone should be able to avail themselves to them on a tax free basis. So And at the same time, relying on the stock market is problematic fromom my perspective, but Go ahead. let's hear. Well, I want to listen, you know, I have to say this one's straight for me as a Wall Street person I like this because I even if it's going to be six million people, that's what it looks like right now gettinget these people auto enrolled in the stock market and the idea that they have some investment, which means they're technically invested in something U and if it could spark some aspiration, if it could spark some interesterested in long term thinking and saving and investing I like those things You know, I you know, listen, Michel Dell, I think gave six and a quarter billion dollars. I know he's a very wealthy man, but I think it's a very generous statement that he's trying to make like the Trump name on it. But of course anything that Trump does, is's going to have to put his name on it. He's trying to get his signature on your money. He's trying to get his face and your passport. He cannot help himself. But here's the thing I would say about this and people should really be concerned about this number Fty percent of the Americans own nothing in a retirement account. And I want you to think of the pressure on that. And so that also We do know this and we don't teach it in school and perhaps we should. We know we have a lot of financially illiterate people tree And if you're listening to the podcast and you're financially literate, donon't look down on those people. figure out a way to educate those people because More educated people and more financially literate people will mean there'll be more self sustaining people. Okay, and there'll be people taking their aspiration. So I do like this one Trump is taking more credit for it than he deserves. This was an idea that was proposed ten years ago. lotots of people blocked it. I think I think, believe it or not, Vice President Harris, if she was president, would have accepted this at this point sureure You're making a different point though And I would just say not to conjoin those. The point that you're making, which I agree with We need a platform of good food in the school so the kid doesn't go to school unhealthy or hungry. We need some sustainable educational ideas and we need some healthcare for these kids. That's more important than putting one thousand dollars in their savings. I accept that But I would just say to you, Car and people listening in, you got to deal with the world the way it is the way it should be and not the way we want it to be. And so this one I like And I would I would like to see more billionaires. I'd like to see more do this Giving money. So is this like, although some people feel like open AI doing it is a way to get a bailout at some point or you give you give him the money and he takes credit for it and then You get some sort of break of something else, that giving money these things gives you something else. Well, that's been the case with Donald Trump. I we've learned that. you give him money, you buy documentaries from his family, you get more rocket contracts, you line up behind him. He takes care of you Uh, you know, you've got people that have given him money or given money to his pack And Howard Butlick has written them out of certain tariffs and has gotten them an exemption on certain things. So yes, we know that there's a pay per place system going on And so yeah, there's people thinking, you know what? I'm going to give this. I going to get the tax cut And Trump's got two and a half years left. I may need a favor from him and he's a guy that pays for play and I can get in there and ask for that favor and probably will'll get it done. You know, there's There's a queue of people. And I'd be very interested. I'm not an investigative reporter, but I would love somebody to work on this. There's a queue of people that are lined up for pardons. And I know it's in the tens of millions of dollars is being paid. get these pardons. they're hiring lobbyists, they're hiring attorneys, they're They're buying I don't know, fragrances from the family or they' all manner of Kellyanne Conwayays. Yeah They're buying meme coins. I don't what the hell they're doing. Right. But I'm sure there's a legion of people. They're like, Hey, we got a two and a half year window broke a lot of laws This guy could pardon my ass. And and this is Trump's personality rather than using the norms in the system. breaks the norms and then he brags about it and only I, only I could have gotten our player back on the field. Only I could takakingen billions of dollars for myself. These other presidents were stupid. They could have made billions of dollars for themselves. I'm the genius You see what I mean And it's very corruptive. and let me tell you what it does, which pisses me off the most if you don't mind because we grew up similarly. When I was a kid growing up, maybe Richard Nixon was corrupt, but he wasn't so corrupt that I thought the system was broken and unfair. R. I looked up at the system. I said, all right, the guy's Bobby corrupt You know what? if I go to a good school and work my ass off, I can move classes in this country guy is putting a suppression on middle and lower income people. they're like, holy shit. There's a two tier justice system. You're either one of the president's crony friends or you're not And if you're not, you're not going to make it And I'm going to do way less economically than my parents did And I don't have any hope and I don't have any chance. That's what the corruption does in a society. And that's's what pisses me off the most. Yeah, I would agree. I would agree. So we're both sort of for these things, but it just seems like I'd love to get the Trump name off of it. I almost signed up for one. I almost did. But then I was like, I have enough stock holdings. So last thing, very briefly. So Mark Zuckerberg told Meta employees the companany's AI agents aren't advancing as quickly as expected. Like a lot of corporate people Zuckerberg said Meta's AI organization hasn't delivered the results the company had hoped for, though he expects progress over the next to six months in May, Meta laid off around eight thousand employees and reassigned about seven thousand AI focus team, Zuckerberg, said this move is not as clean as it should have been. Meta is expected to spend as much as one hundred forty five billion dollars on AI infrastructure this year Everybody's a little worried about it. even Paler, the Palentier, even though you said it in a crazy way, was making a lot of sense around the high price of tokens, the effectiveness, the safety of your data, whether you want to hand it over to these things. All signs of possible highs of this spending think impact patience to investors have if companies keep saying progress is slower than hope, including the center companies in this. Yeah. Well, I mean, you know the answer to that. I know the answer to that they have patience until bam, they don't have patience. and this is veryery reminiscent of Global crossing and very reminiscent of Cisco. you and I are old enough to remember Web one where we were building the infrastructure. We're putting all the switches in. We have all these transatlantic, transpacific cables. We got cables coming down the Persian Glf. all the way into the Strait of Hermuz, and we are going to electrify and globalize everything and they overspent. h and they had too much leverage in the system as a result of which which like like a real estate speculation the system got built, but it collapsed and the people that were owning the equity and were buying the Hium at that time actually got crushed. And so what I'm fearful is also the way this stuff is booked, right? Because if you're You're're you're spending on the R and D and then someone else is booking a profit at the same time, too me, you've artificially stimulated some people's earnings Okay, particularly the data centers and things like that. And so I'm worried about that becausecause that's exactly what happened in Web one and you and I are old enough to remember that movie And that movie ended in tears. Yeah, that wasn a happy Hollywood end. Th then there was Googled and there was meta, and there was, you know Yeahah, well, well well that's the bet. So now you've got your cards, you're playing this hand You got to hopefully you can close your position out before the thing blows up and then you wait for whatever replaces it, right? No, you know, listen, the Vista Ask As Jeeves. Yeah. I Okay we could you remember the search engines Rember Internet Capital Group? Scott and I were reminisccenting about that. Remember Internet Capital Group? Remember the booming, Internetital Theyed the they named the page I knew it was over when they named the Patriot stadium, the Internet Capital Group stadium or whatever a holding company was. so To me, what I'm worried about here and I think It's fair to be worried about this is this is a great technology. I think it'll add to productivity. It'll boost things The interternet certainly did that, but as we invest, there were pockets in the railroad industry that blew up pockets in telecom blew up And there's going to be pockets here that blow up. Do you expect to blow up? Be a lot of economists are suddenly sounding alarms. Now it took years before that happened and the one you were talked, Global crossing and everything else. took several years before Well you gott to tell me where rates are going. You tell me where the rates are going and I'll tell you where the fuse is because if we managed to stave off despite the economic data and the specter of current inflation And remember, we had one hundred basis point differential on rate expectation So if you and I were doing this podcast january one, Anthony, what are you expecting three twenty five basis cuts this year What is it now? We flipped it over to one twenty five basis point hike So that did affect a large part of the markets. it did affect and obviously gold also sold off as a result of that But if you're telling me, we have a fifty basis point, seventy five basis point rate increase due to the quagmire and Iran, all these assortment of different things You're going to you're going to shorten that flu fuse. someomebody could say, hey, I'm going to miss a bomnd payment here. sorry Oh I think it's very telling Car that Facebook, which means money Google that Ms money. I think they combined went out to raise in bond market activity something like one hundred forty billion dollars dollars in the last six weeks. And so that's telling you something They're like, holy shit, we're spending so much money. We better get another hundred or so billion dollars in reserve here to protect ourselves And to create a layer of protection on the interest rates that we're going to be paying. We're going be paying so we'll see where that goes. Anyway. One more quick break. We'll be back for wins and fails Chronic migraine is fifteen or more headache days a month, each lasting four hours or more Plbox, on Abacha linum toxin A prevents headaches in adults with chronic migraine before they start. It's not for those with fourteen or fewer headache days a month. It prevents on average eight to nine headache days a month versus six to seven for placebo Prescription Botox is injected by your doctor. 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Okay, Anthony, let's hear some wins and fails. You go first. Well, listen, I mean, we talked about it I think the win of the week is the Trump accounts actually. I don't like to call them that But I want Americans to get into saving and the investing mindset. and certainly if you can get children into the saving investing mindset, it could be a life changer. So I think that's the clearest win for me the second clearest win which is obscure to people, but I think it's it's meaningful is the birthright citizenship. And we talked a little bit about that last week on my show. I think that is the big message. I sorry You know, you pushed and shoved us around. We are afraid of you here at the court. But you know what? It was a six three decision And we're going to stick with the Constitution over the orange maniac. and I think those are two big wins. Okay, so losses for me or FIFA and sick of Fentino. I think this is a big loss for him. And I think and I think weirdly, you know, and sadly, I think he's I think he's hurt the game. and I think it sucks because the World Cup to me is about togetherness. and when you want to love people and you want to love the world I think of the World Cup. I'm like, all, little these people you know, the happiness and the sadness is based on a sporting event. It's not based on a war. I love the whole environment. I love the whole Cnvale of it And I just think the notion that this guy poisoned that too