Biden steps in to prevent a bank run after the collapse of Silicon Valley Bank and Republicans blame the failure on woke culture. Senator Cory Booker stops by to talk politics and LA’s best vegan fast food. Lovett talks to the transgender teenager who stumped Virginia Governor Glenn Youngkin at last week’s CNN town hall. And later, Jon, Jon, and Tommy run through the week’s top stories in another round of One Line With Cocaine Bear.
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today show Biden steps into prevent a bank run after the collapse of silicon valley. Bank republicans blame the failure on woke culture.
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I keep the vine and ministration took emergency steps over the weekend to prevent a broader run in the banks that began with the rapid collapse of silicon valley bank, the second largest bank failure in? U S, history that was then followed by the collapse of new york signature bank, which became the third largest bank failure in? U S, history. On friday, the FDA sea, which is the government's bank regulator to control of s viii bees assets by sunday. There was widespread fear that the thousands of start ups and small businesses that had money in s view
wouldn't be able to access their deposits for a long time and might never get all their money back, which led customer
of small and medium sized banks across the country to wonder if they should take their money out of those banks. I was out,
the silicon valley bank, with her with a shotgun
wheelbarrow over the weekend at work
And we want to find a branch of a bank what is apparent to us? I know how to bank. I know how to bank anyway,
Stop all this from happening. To stop a larger background from happening. The federal government announced that every silicon valley, bank, customer and signature bank customer would have access
all their money right away. Here's present
I'd and on Monday
Customers who had deposits of these banks can rest assured to rest assured they'll be protected,
I'll have access to their money as of today
for small businesses across the country, that bank there and need
a payroll pay their bills and stay open for business.
No losses will mean I'm on this is important, for no losses will be borne by the taxpayers, and we repeat that
losses will be borne by the taxpayers instead
The money will come from the fees banks pay into the deposit insurance fund,
because of the actions of that.
because of the actions that are regular is already taken. Every american should feel confident. Deposits
be there if and when they need them. Alright, let's start with this tommy whitehead silicon valley bank fail so silicon valley bank. They are as vb as we'll call them going forward here too much to say they built a big business for last forty years around catering to tech startups and for a long time as a great business and what you guys to think back to twenty twenty one. A couple of years ago, aka stock markets making record highs, companies are appealing venture capital, business is booming. Interest rates are close to zero. It was very easy for new companies startups to raise money and many of them. I think majority of them actually deposited that money at svb, so Svb tripled their deposits from the end of twenty nineteen to the end of twenty twenty one. They then did what all banks do with deposits, which is try to use some portion of them to make more money. They can make loans- or, in this case, as Phoebe, bought something they put something like half of their deposits into long term bonds like treasury,
Gets you a yield or slightly higher interest rate, but the challenges you don't get the money put in back until the bond matures or you saw the, but so that is where they made a huge mistake. These the fed, as we now know by november of twenty one, I believe, started raising interest rates to manage inflation that reduce the value of all these long term bonds that as he be purchased and at the same time the fed interest rate increase cooled down the economy, a harder for start ups raise money, so they got less deposited as Phoebe. So what happens? Is more company start pulling out their funds? They deposited in silicon valley, bank, to pay bills, pay staff etc. In two
fewer new company start depositing money. It s, Phoebe that create a crisis recipe, be depositors want their money back, but they had bought these long term bonds did mature for awhile and had gone down a dahlias who asked me be a decision
twenty one billion dollars worth of bonds at a nine percent loss, and then they very stupidly said hey. This has happened now. We're gonna creates a new stock and sell it to close the gap and- and everyone said
What are you talking about? Hey we're short on some cash, everybody, everybody! Everybody be cool about this speech about as any we'll get where we are good for it. Yeah everyday chill out or in a tough spot right now, but I just want all of our customers to know
it made me go my favorite about this. Is there was like a silicon valley? Tighten group chat apparently, were ass, are to talk.
was happening, and then people like peter teal, venture capitalists all said to their portfolio companies that they'd invested in get your money, the hell out of s viii b, and do it right now, which led to a bank run, and now the sixteenth largest bank in the country does not exist and know that this is different than the crisis in the financial crisis.
And to those seventy thousand eight in part, because this is in a situation where all this, and as he p let her go. No like hey. This thing we thought was worth five billion dollars is worth nothing right. If this were overturned, that visa derivatives are fake decision, were they the money
was not accessible to them. Or do you have a big access at a huge loss? Yet will what
when interest rates go up, the prices of bonds go down. So
they basically have these long term bonds, these long term bonds, so they had to sell the bonds that were on the books to be able to give the depositors the money they wanted. The two thousand the financial crisis was a credit crisis. You add these.
mortgage backed securities where a bunch of shitty mortgages where people are paying and they were going bust, bundled up and sold as if they are aaa rated bonds? And obviously that was not the case in those stopped being able to be used as collateral for loans were getting a little walk ear, but this is very different as you just like they bought long dated.
HANS and they needed money in the short term right. One! We're wrinkle here, pundit eating
Vegan food that occur throughout pandit, pandit, no hay and food, good girl or, as part of the two thousand and eight dodd frank reform wall street reform and banks are supposed to have a certain level of capital and liquidity, and then there are supposed to be periodic stress tests, which is the government looking at the banks' balance sheets to make sure they're, okay, well in twenty eighteen, a bunch of republicans in congress, along with a good number of Democrats too many democrats and decided that they wanted to exempt a lot of banks. Small medium sized banks, though a date. Silicon valley bank, they tried to say, was a small bank, which is the sixteenth largest bank in the
it was not, but anyway they all got exempted from these requirements. Now would if, if they were still getting stressed as if they still had certain capital and liquidity requirements, would this have happened? We don't know we don't, and we don't know in part, because what caused this is not some fundamental fact about how stable they were. As a bank there was bankrupt, there was a bunch of people who got themselves all pretty fuckin spooked in a group text with a bunch of elon, musk friends, literally a group of people, and it like it like it's not like two hundred people, like twenty people, could have caused this yeah look. I am no bank regularly,
I'm no Dodd frank, neither guy either. I nor frank here francs, not frank anymore, either, since he was on the board of signature, billy and picking on them and picking up after a joke. We had to cut made it so yeah, maybe John, to your point that they raise the threshold for the tougher stress tests from fifty billion to two hundred and fifty billy
one of those threatened. Has it one of the stress tests with asking banks to look at the undergo a like a look at what would happen if there was a big spike in interest rates seems like that would have been useful and end, and you said two to fifty billion guess whatsoever. Who can valley bank had two hundred
It's just just missed the cut off or something ironic about all. This too, though, is that one of the reasons even these banks pushed to be exempted is so they'd have the freedom to make more money and make more profits up. Part of the claim being there
it is risky or chemically risky, as the bank s bank of america or the or them or the giant banks. This country there just regional banks, but the second. This regional bank was threatened any
and you have a huge amount of money in air and the banks themselves started claiming. Oh, my god, where were you know there? This is systemic, is so dangerous. All caps, twitter, freak out from every venture capital and then by the way, was a pretty good like a lot of these people that had a ton of money locked up in
in silicon valley bank, basically spending the weekend wish casting.
Monday there'd, be a larger bank run across the country so that they could claim how needed it was for them to be built at noon which, by the way, would probably have precipitated a bank react to separate, because that this whole thing is built.
confidence and we should take great gritty media, hello, cash and credit cards. Yet our credit cards narrowing aircars work, but we had about like
is interesting because you know that people are these visas made all these portfolio. Companies do, and that is true, but there were forty thousand customers, thirty thousand customers, it s, he be all across the country. It wasn't just like tech start ups and vizier like we. It
we are. We use that bank just because it was vague as well go. The pair credibility of any economic and I could go to work now- can give them such as a music, not on the cards
those are corporate massages. Those are good for the business about is how will the David sacks tributary there any
Hey everything's, fine! Now, but love it. Some people want the money back yeah. I think so. I didn't check this. Are we good okay, some people, some people,
of argued love it out most of us he bees customers would eventually get most of their deposits back once the government sold all the banks assets. So even if, if the government had never stepped in people, saying that we should just let the process go usually when a bank fails eventually there's a process with the FDA sea and the depositors over two ineffective, fifty thousand dollars, which in this case were mostly businesses and start ups, get would get their money back and eventually. So why did the government step in to do with it? So so two things. First of all that was an open question over the weekend right. How much? How much would they be able to actually returned to people what they just started, selling off all these assets
but part of the issue is that a lot of know this people? So this there's so like there's a bunch people who ask for the money, the banks like. I don't have your money right now and then the takes he takes it over and this process would be the fda selling off all of the assets of the bank. Wiping out,
all the it all the investors, wiping out the board. Looking at how much money they do.
looking at wherever else they invested in selling them all and then using that money to pay back out of the back people kind of relatively fairly, as opposed to what would have otherwise happened, which is just the people who got there. First got their money out and then everything's chaos and then right. People who get one hundred per cent of people get zero per cent of so
I'm goin over the weekend the what what people were? What people thought my
I bin is starting on Monday. Basically, half of the money might have been returned and then over the next few months the rest of the assets would be sold off and people will slowly be made as whole as possible.
I think. First of all, there was a lot of fears that, ah, that would cause a bunch of businesses to go under right. There's a lot of companies that rely on lines of credit from this bank there's lot of companies that rely on the money they had in this bank just to function, companies going from having the ability to pay six
months or a year of perrault had having two months three months or not or maybe not an hour at all or zero. And again a lot of people were saying. Well, you know the than the vc should help the their portfolio companies. Yet if you're a company that has a venture capital,
they can help you out, but again there's a lot of companies there that didn't have that now and look like yeah. So right, there's a lot of comments that didn't have that and then look if, if, if, if there's a, if what you're talking about a situation where a really strong and good business
suddenly finds that all their money is either half gone or locked up in some way and they're going to have to shudder. They may go to their investors or some some big backer and say, hey, find some way to help. Get me through this period. Gimme a low interest rate loan to cover my payroll, get put more money into into this business. Just because you believe in the company and don't don't let this whole. Don't let this moment cause the company to evaporate that might have saved some, but I think the the the issue there is, first of all, you'd have seen regional banks across the country. Have people pull their money out and put them into the big banks that are backed basically by the federal government and you would have seen a ton of people losing their jobs and because it does seem as though the assets that this bank has over time are enough to make people whole. If this bank is then sold to some other bank and those deposits are in some way guaranteed. Basically, none of that has to happen and it doesn't cost the taxpayers anything because the assets are there they're, just locked up. That's my understanding
it does. It is worth noting that as Phoebe provided financing to over half of the companies that do residential solar energy, so it s me beaches, collapses. A bunch of these companies wooden had away to pay the men and women who go on your roof and install solar panels in those companies could have just failed
you know in or like the custodian who cleans the office it I'd right? I think that's where that's the connection. People have to understand that this was in just the vc companies that venture capital is making investments. It wasn't as the ceos it would have harmed all the workers at these company. Again, fifteen hundred companies that were customers of ass, we be, or climate and renewable energy
start ups. So it's a huge amount of companies there and they were companies like like at sea. Roadblocks, like there are just there was a there, was a big breadth of companies there and again like if, if it had happened to it, if they hadn't stepped in like cricket, we would have been fine, but there's a lot of companies that just wouldn't have been able to make the payroll in the time that they had to wait to be
it made whole again, it'd be a it'd, be a it'd, be a matter it'd be a scramble for businesses that might have a a real path to being successful. Having this moment where they would just disappear and those jobs will be gone, I will say like that, doesn't make this any less fucking galling like. It is absolutely true that, like that, the reason that this bank wasn't held to higher standards, because because the the leaders of these
institutions. Their executive campaigned against stricter regulation. It is galling that a lot of these vc people- that's meant the weekend. Bed.
in demanding that the government save them are the very people that decry regulation and plain that the government is ever reaching in claiming that that that some of them specifically told their portfolio companies get their money out. They precipitate out a bank ices any than wind all weekend on twitter about getting made hole in hard because they were just late on the list they were, they were. They were too late in the order of tranquil trying to get their money at, as were we write? Well, yes, sir. The wreck
we'd. We try to get our money and on friday we know dummies, because we saw it happened on twitter, like oh, my god. Oh peter teal, swedish, I think if it had just been the jobs lost in the business of shuddered, the government may not have stepped in. I think why they finally stepped in was this risk that you brought on a comes out, the systemic risk about the a run on all small and medium sized banks, because if the government just made all these start, ups and small businesses wait months to get their money back and they
down as a result, if you're a fear, another small business whose a customer at another bank that's s, phoebe size or smaller. You probably said yourself like. Why would I keep my money in this bank anymore? If there is a real,
that I lose it all iraqis pink shuts down. Why not move it to a big bank that is heavily regulated like J, p, morgan or bank of america
so then, basically, what you would have had is a move to all looked for huge banks in
in all these small and medium sized banks were to shut down and then have been here and at least were at risk of shutting down. That's with an you know. These big banks have gone bigger by dint of their size, their basely like closet, governmental, and that their failure would be so cataclysmic. It can't be allowed to happen that gives people implicit promise at their money will be,
safer there than at regional banks and all the sun there's no more regional banks, which I do many germans may clients jp morgan,
and bank of america have what I have gotten over the weekend in hand and take them all its other things. They can't again, but it's also just important point out that the bank itself was not saved. If you ask me be as a publicly traded company on the stock market, if you own stock in us, be it is now worth zero dollars all the employees. I think they have forty five days,
it's to get paid to finish out sort of the the orderly I taking down the company basically and then they're all fire. The acids are getting stripped they're getting sold that the bank is gone.
There was a very funny. I will say that there was something basically there's this insipid debate about whether or not this counts as a bailout, and I did think it was funny that someone
it's only a taxpayer bail out of its from the hiv region of manhattan
but it was silenced. Get into that. So people are you.
on twitter about whether or not the action actually constitutes a bail out Nicky Haley's campaign put out a statement with the headline: Nicky Hayley, slams Biden, bail out her
this is one flavour of of criticism share by some on the left as well,
Meanwhile, the mega wing of the republican party is actually blaming woke culture for espy bees failure. Here's rhonda, santas readjust appears to me. I mean this bank there
concern with D I in politics and all kinds of stuff,
that really diverted from them focusing on their core mission. What do you think of the maga position that the svb collapse, because it had too much diversity, so
and valley bank changed their fuckin pronouns. That's the problem. These these liberal, woke bank banks did the board. The board was twelve people, ten or white, its majority mail, the average age of sixty three,
I don't know they spend a ton of time. This was verse. We are, we all know. Only only only people of color and eligibility q americans invest in long term bonds
and that's why, if you really like- and if you unpack what they're saying it's like- I'm sorry, people of color women don't understand like the most basic premise of banking in risk that gimme a break. Although here here's the thing as we be didn't, have a chief risk officer for eight months last year, from April of two thousand two thousand
two january of twenty twenty three that might have been a bigger problem than
couple hours a quarter. The ceo was spending on de irish silken. I bank, through the first briquettes stolen
there? This was from the wall street journal, one of their own opinion. Hunches said this as we be notes that besides ninety one percent, thereby
the independent forty five percent women. They also have the innocent. This is the correct one: black one l, gb, tiki plus and two veterans, I'm not
ain't. Twelve white men would have avoided this mess, but the company may have been distracted by diversity demands
Well, you know we never used to have financial panics when it was. I
right was always looking. I don't like. I want endlessly heavy. I just
every I have every confidence that the vat they gave.
in their referencing, was an absolute cut. Throat fattened, preferably let's just did you know I like ice first saw this work. Bank line of attack
from Charlie Kirk little baby faced teepee, usa, fascist and I thought
like you can always count on charlie to make the kind of dumbest most racist argument in every instance, then he hopped
junior than the contagion spread terrain dissent as in it so stooped.
it should be disqualifying. Of course, we live in a world where the dumbest argument gets the most time on fox news or anywhere else, but I issue. It is incredible that these guys settled on this.
I refuse to engage with me he seldom if we can bring it up.
so stay tuned. For that, I hope all that I hope all the all the tech bros and all the finance bros who have fallen in love with run to scientists, because you know they, they don't think it's it's appropriate to say that they like trump right, but they still want the free market conservatism. Part of the republican party, so they're all run to santa's fans,
and then they were all screaming over the weekend, hoping that there'd be that the government should step in well you're republican heroes like rhonda, santas and and Nicky Hayley. All think it was a bad idea to step in and run assent is saying that the bank failed.
It was too fuckin what right! So. Just remember that when you go out, you know when you said supporting ronda, centers, Nikki haley and the rest of david sacks this or they will. I'm sure they'll be very, very, very humble, very humble they're. All saying this. This ballot is different and there's no moral hazard here yet, but david sacks, this or right wing tech investor goober, who came up with peter teal, I think, has signed up to maybe be finance chair for rhonda santas or at least to raise money for endless come out in support of him. So yes, I I duly noted
well it's a lifecycle of this argument that this was just a government bail out for big banks and rich venture capitalists has mostly ger. Certainly like the bank itself was not saved S. Phoebe was not saved right, so that's not accurate. It is true that if the government had not come in protected depositors, I'm sure a lot of rich
your capitalist would have gotten screwed, as maybe was unique in that ninety three percent of its deposits were not ensured by the efficacy, meaning that the vast majority of its posits were overturned. Fifty thousand dollars the normal bank has about half of its deposits. The FDA I see insured, but but he is an eye ass majority of those deposits
Your deposits were not from individuals, they were from companies. Companies start up small bits, as bb does a lot of stuff. They. They have a lot of companies there that he private wealth management. They do 'em in a business like it's a weird big, sprawling bank, but I do think that so if the government hadn't come in yes, a lot of rich venture capitalists would have gotten screwed, but so would it, as we talked about earlier tens of thousands of employees who just work at these companies like the people installing the solar, etc. Then there was the broader contagion problem where, if you have people yanking your money out of svb and then other-
small and medium sized banks. Those felt like that's where it becomes a systemic, broad problem. Yeah I mean guaranteeing the uninsured deposits of of businesses have huge numbers of of their customers with far more than two hundred
thousand, it is a way of protecting the jobs of of regular people who had nothing to do with this crisis.
It is also a way of protecting those wealthy people, and it is a way of protecting the other regional banks that were at risk of failure. So, like yes, this the this is a it's actually a much less ghastly version of what happened in two thousand eighty seven, which is. Ah you know. Basically, these giant corporations at the risk of failure basically say be help rescue us or a lot of people that aren't responsible, get hurt and by the way, you'll help us too, with the other. You know the administration is saying that it is not a bailout and it's also not going to be borne by the taxpayers and there's been some disagreement there. Here's what's going on with that argument, so, first they will sell off all the assets to the bank, and then they will try to make the depositors whole re and if they can't make the depositors whole based on just selling off the assets, they will dip into. What's called the deposit insurance fund, which is run by the f D, I c
and that fund is a private insurance provider that is funded exclusively by the banks. They have a fee on the banks that goes into the deposit insurance fund and then, if they need it, it will go to make depositors hole. In fact, that is the fund that helps make people home.
under two hundred fifty thousand dollars right now. That is a fund that is backed by the treasury in the event that it suddenly runs out of money, but the fund
currently has more than one hundred billion dollars. They don't expect it. They don't expect to use much of it at all,
In fact, we do not need any of it if they just sell enough assets right, but if it does run out and treasury has to step in treasury is then repaid by charging the banks, even higher fees, so that I dont like yes, it is backed by the taxpayers, but taxpayers are not going to be paying for this that the us I'd instead, the textiles and clothing for this, but it is basically taking the the the risk that this bank incur to make more profits and distributing the cost of it across a huge part of the economy rather than making it.
borne by the people who had money in that bag? It is just distributing the like. Look at the term bail out. Who cares I like whether you want to call it a bail out to take up your political question? It's you know what words one person's terrorism of the person's freedom fighter, but
but yet like went winsome relays happens. Basically, we are saying,
they do. No silicon valley banks had to its customers heads you win tales, you win
and on aid. In the event of tales, we will make sure that a bunch of people out that had nothing to do with this help back and protect you. I think that's right, but also that's kind of lichen conceptually how the FDA icy always work.
Frank, you know that this or that the risk is borne out by laughing at its. But not did you fifty under its under two fifty we're still socialize losses, but that to deal with all the main,
That's what you understand right these people either John you're right busily! Isn't it you can't buy fire insurance after house burns down, there's a bunch of people whose houses
are on fire and they're, saying if you don't ensure me, I will burn down their entire neighborhood. No, no! No! No! No, it's not their house. It's the the banks svb his house, the depositors are the ones getting help out.
right into doesn't eight the barriers which screwed up everything I'm kept their job. I d minorities, the bank's continue. I like my associate listener and really work the banks that those bankers kept getting bonuses, the rest of economies getting crushed right in all these banks. It got huge the capital injections right as we be no longer exists, the people who work there will be fired, the people getting amateur deposits,
there's not customers know that that's better, but the positives aren't buying. You know ice thinks
I don't hear, or I don't want to focus on your now. Do you understand me? I think it's a little bit too does not claim that a law just thing like when. Yes, of course, I think it's like it's not
this is not a depositors on a homeowner. They're are people that are renting space there, sure fine, but it still anyway. I look. There are some policymakers, including some very progressive policymakers, there's a look. The solution here is that that the cap, the fd ic cap of two hundred thousand dollars is too low and that it should be higher rate. It is a change in the rules like that is fair, but I think the moral case here and the reason why it's referred to as an aid is in two thousand and eight it was you know: people were making risky bets and mortgage backed securities of like that. This is like, if you are a depositor, if you are just accustomed,
I have a bank, you cannot be expected to go round and look at the books of every single bank around the country and be like well I'm going to put my money in this bank, but of it. If the bank goes down, I'm going to lose it. You know, I think it's a of course. I mean look at this as a number of years. I'm saying there's a lot of argument out there about this. I'm just yeah, I'm not arguing with you, I'm not claiming that
or who are having their who are at risk of losing the money they put in their bank are really at fault here, like it isn't it did the and I'm not saying that the bank, I'm not I'm not taking the sight of
I am not saying they are a couple of ways than a bank or some people are right, but but I will say that this is a situation where people you know put their money in a place. It turns out, it wasn't a safe as they had hoped and they are trying to be ensured for after the fact
right. That is what this is when you ensure something after the fact, your basely just saying to everyone hey chip in, I would
I too have had insurance this whole time and I didn't yeah. Well, I think this I mean this goes to the. What some of the questions that are going to be asked now, which is what else? Can the bind administration democrats in congress do to prevent this from happening again? Make it clear they're not on the side of big banks? I mean the questions that we're just debating right now raise the it raises the issue like if there are a lot of these banks that could, if their failure, a failure of a large bank right, maybe not as big as one of the big big banks but his largest silicon valley bank. If a failure like that could spark around the banks and sort of jeopardize the entire banking system, then like should we ensure more than two hundred fifty thousand dollars for people, it may cause individuals or one thing like some rich person, that has ten million dollars in the bank who cares, but if, like businesses, are all over the place and they're putting their money in banks like yeah, maybe yeah, there's there's a
and there's like a lot to figure out put some of it. Is that right like? Should it be? Should there be better liquidity crunch should, should they basically do the reforms? Elizabeth Warren wants and will and undo the repeal that they did in two thousand and eighteen should more? Should that should the cap be raised seems like a good idea based on based on what some these experts are saying? Fine, but there is a another problem here, which is this: is a bank run that really may have been set off by twitter by twitter, but but not even just by but ok twitter by assholes on twitter, sorry, but like for before they even got to twitter five people? Yes, ten people, twelve people on a chat. Now that's a very specific thing about this bank, but the fact
but, like that conversation and a sudden run on this bank could have possibly triggered a larger run on a bunch of other regional banks like that that, though the speed of it and the ability of these people too.
Communicate and try to get their money out all at once is very scary. It is very dangerous.
I would say to those people acted greedily, but not irrationally
You know they saw this systemic problem of these long dated illiquid bonds and the near term problem of people wanted the deposits back and they're like, oh god, something bad is going to happen and they were right, but they also precipitated that bad thing having every single bank on the planet is kind of a confidence game like that yeah yeah, right by every bank is susceptible to this kind of event happening like the higher capital requirements. Distressed heads they're all put in place to to prevent that, but, like that ironic erase that they don't prevent it because if the run were to happen, it would prevent the run from doing damage. They try to prevent it by giving people enough confidence to believe their money is safe, so the run doesn't take place. The run could kill any bank absolutely while and that's ultimately the the purpose of the action that the the administrator.
was to shore up confidence in the system, because this whole thing is built on confidence and if there's a baker audits are already, you know that's and to be clear. I want our money back, but the the most important thing, the fed and had adorned me the most important thing that
did I was set up this emergency running programmed to make sure that all
other banks out there not svb are able to get the liquidity they need us to meet
other needs peace? I assume look if these bank risk compliance officers didn't see that zero interest rates weren't gonna last forever and bought a bunch of like thirty year treasuries to get point to like twenty five.
basis points of extra heal, their morons, but it does seem like a lot of other banks for me that problem too, and they need to have away where they're not writing down huge losses on these bonds. That people will then see and
withdraw their money. Bees fearing another espy, be happening, so
that is like war. He thing they did, and that is important because that's there are certain factors that made silicon valley, bank or specific problem here, but is a problem with other banks to its knees.
Instant, svb problem yeah, I mean silicon valley bank. You know, I think they served half of venture backed companies in forty four percent of venture backed tech and healthcare companies that I appealed last year, so they were very, very tied to the tech industry, which was also very very tied to low interest rates. I
our ability to fund raise because people couldn't get yield anywhere else. Yet it is also a do think it also black. It's why it after the fact you look back on you like that is obviously an inherently risky propositioned have an entire industry, as it is a famous he risky up. Industry
concentrated in one bank, and I can- and I mean I imagine over this weekend- there were people that we're trying to figure out if they could be a business on monday, calling
actors who also have their money tied up in this bank, trying to figure out what they are
Did you come on the morning? Yeah and Inez Phoebe was known, providing withheld venture debt to companies, which is just another way of getting financing, and I read that some start ups had to keep their money at s phoebe because they borrowed venture debt for messy, be so they're kind of stock in this system is very risky. Comes for supper.
that you waiting system while it am, I wonder how many like what the binding ministration do in its own, because I would bet that the chance of legislation to solve this from all the republicans were yelling about the this bank. Bail out, dont think they'll, be don't think, you'll be on board with regulations to make sure this isn't happening again and it's gonna be on
ad and the f d I c and the vitamin in the treasury. It is just like another reminder to it's like man, you have this crisis that plays out over the weekend. That reveals a bunch of like really serious policy questions that we need congress to.
dress and these fuckin dummies or like eyes woke capitalism. They spent others
I'm always serious spent so answers you have ted crews, but really against Biden for it fray
completely non mandatory rule on just if a fuckin comp, if if, if a for a farm, a retirement, fun one
to invest in environmentally friendly or socially responsible investments. They ve, they should be able to do it
call it fucking communism into an attack at it. Meanwhile, this is a real problem, but we won't be able to do anything about it. It's actually worse than that, the intercept reported that two of Kevin Mccarthy's top aides were among the lobbyists who helped Svb get rid of those higher capital requirements, so got us into this mess in the first place. Their ceo was that was, was lobbying congress the whole time- and I you know, Elizabeth Warren was talking about trying to claw back okay, great we're gonna wipe out this bank we're in a wipe out
people that the bank, what who put the people but what we ve done, that way about them wherever it. Why bout that, whether people that we're trying to profit off of all this? But these there is huge, huge paths to their top executives for all the profits they were earning on this risky scheme receiving clauses back
last week's cnn's jake tapir hosted a town hall with virginia governor glennie young kin about the quote. War on education and close the town
started with a transgender teen asking governor young can about us, anti trance, bathroom and locker and policies governor young and your trenchant. A model policy is required that students play on the sports
and use the restrooms at correspond with their sex assigned at birth. Look at me.
I'm a transgender man? Do you really think that the girls in my high school would feel comfortable, sharing a restroom with me joining us now
is that very student nikko welcome to the pod things around
eggs were being here. First of all, in asking that question you weren't officially out,
right now I mean I transition.
In sophomore like bright before sophomore year by my freshman year there was totally online, so you know some people lose on people didn't and
was definitely like doing that. I realize, like, oh god, like you
Not only does. Is it like you
people around the country around the world finding out, but like people in my school are finding out analyses
a decision I made it I'm living with, and it's better cancer
is it ok, as responsible,
I mean, on my end in person. I've got nothing but positive. You no feedback so hopefully that it stays that way, but I've got nothing from but love. You know in my personal life, so so one minute so striking about you asking that question is it's rare to see republican politician confronted face to face by a person who had experienced the harm
of what they are trying to pass of the policies there supporting. Why did you want to talk to him directly and what did you think of his answer? Will I think that a lot of politicians, especially public in poland,
since, as they are, the ones that are really pushing these kinds of bills see couldn't go transgender ism as a key
concept, a movement,
an ideology whatever and because they're not often faced by these people, these these kids, these adults, whatever face to face they don't see them is p.
and so I think that being able to really stand. There
look in the eyes and ears? Who I am you know this? Is a person you're affecting helps?
Not only that, but you know people understand that this has a real consequence. It as a personal consequence that these policies are personal right
and I mean I won't lie his his answer was not really an answer. I yeah.
He never addressed my question and
He clearly had something rehearsed that he wanted to say, and he found a way to say that right and- and one thing that struck me about his answer- is that that's just not what his policy is right? He was talking about how we need to get more gender neutral bathrooms. You know that makes everyone feel safe, and that is
not something he's pushing in virginia it's actually, nothing is putting funding towards what he is trying to do is force kids to transcend our kids, to use the bathroom that, along with their set aside at birth,
and he clearly didn't have any answer, whether that was something that I should be doing, but he's not pushing a policy that would force me to do that.
right that that was what it is striking because you like have an what would it? What are you? What are you trying to
like where you, where do you want me? A human being should go where it. Why
That you want me to go into a room that doesn't match by gender why's that good
anyway. Why is that? What you want any really couldn't answer? He really couldn't answer the question at all, and it does seem
The question is on some level like: do you want it to be safe? For someone like me to go to the bathroom yeah, I mean generous. The bathrooms are awesome,
There are- and it is not something that I need, but for a lot of people. That is something that they want and that will be awesome, but if not, every bathroom is gender neutral right. If every mat bathroom was gender neutral,
they'll, be one thing, but the sort of like we're makes some whatever ends up with a situation of that could be no forced out of trans people in public at school at work, whatever
and in many ways you know this might be an a statement to make, but would usually proposing is separate but equal solution right which
we know is not. Ok, so are good.
Can we really trying to be nice to he was trying to be
Buddy buddy. Well, did you talk to him?
After did he wanted. Did he did he try to continue his of evil policies, but but nice to your face,
energy. So, during the commercial break, before I asked my question,
he no came round, use shaking hands at people. You know he came said I mean my dad. He didn't.
reach out again. During a later you, no commercial break or
show, and I wasn't gonna.
come down and try and have a conversation with him. So there is here
your cordial and then I asked the question and then we went our separate ways so speech.
Well you're, u holder you, I'm going to college! Your junior have replied to college, yet
What are you doing what's happening to you? Where do you go from here on in life yeah in life? How? Now,
I, it was kind of real. Actually I you know, without the town hall on thursday,
saturday morning I took my as eighty o
that was this, that was all this week. Usually, as it is this week, I dont be, as it is less than forty eight hours after doing that, yeah
are you are you do you feel bad about them
as part of the english part, I find it
this part easier for sure. But yet
I thought I did. Ok. Animal section technocrats were okay, alright aren't, aren't
nick. I beg you so much for being here. Thanks for her, I be willing to em face off with one young kenya yeah.
and thank you so much for having me in letting me use my voice,
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Joining us in studio is a senator from new jersey and all around friend of the pond,
welcome back centre booker. It is good to see you. It is good to be at you're you're here
able here I don't know, this is no pathos.
enable or or or or when, the harum and so are sitting, I also were sitting like- and I like Kim Basinger and Michael Keaton in the batman movie, where they sat very far apart, but it's okay, we're gonna, get through it. So a sinner booker has graciously agreed to sit down for an interview, but as we do it, we do have a bunch of vegan food options, because you are a a a world
if world famous vague- and I don't know about that, but I am deftly vision for many years now vegetarian since ninety two ninety, ninety two! Yes since since bill Clinton was on the hustings I have passed since the question is whether you jerry
brown can make a comeback been of a vegetarian we're gonna rate several begin.
And work. This. This is a dynamic priest, stoked right now,
we're trying to monitor, as you too
The thing is there there really cool vegan options now like that that are
innovative and delicious, and and so we're going to we're going as we discuss a range of topics, we are going to take a sample, a few vegan sandwiches and burgers. We are going to rate them from one to ten. Yes, with one being will sustain life.
And ten being good enough to trick of middle age Republican who think sushi is for queers out, which could I just say something:
There are two things to point out that there are important to this. I feel I am, I think it will be one is. This is vague and junk food here and you're gonna meant that I guess you could be a very unhealthy begin and I have been that person before when I first became. I was better it's. Ninety two became a beacon two thousand fourteen when I gave it to begin to. Fourteen people are sending me, you know cupcakes in vegas, pancake mixed
and I just I ballooned, it became a lot heavier and was not healthy. So I I want to say net net there. These
bullshit is a better diet or where there are. There are definite things we.
About health and, well being that said, the carbon footprint, if you're
concerned about, and we are, climate change and issues like that. The number one reason for deforestation in this in this in there
in our world. Right now is animal agriculture to clearing lands for grazing
there are a lot of effects if you're, just a climate activist and you're not talking about the food system, then you're not talking about one of the top causes of global climate change. So so I can see that this is vegan junk food, but you want to try this. This is called guess what chicken, but guess, what
chicken, but this looks amazes has really get into this. I'm into this now
the last time. I will as you and ask her a question until you seem to be done chewing.
I was born on island. That's unrelated, I'm just trying to give it time and local violence like the new jersey of new york. Now
innovate, that's true! That's just the reality of the situation. When is the last time you had a chicken sandwich that was chicken, so this is going to freak you out, lucid freaked me out. I'm sorry! This is not gonna freak. You out of freaked me out. My freak ma'am today was the first day to day the first day,
I ever eight chicken thirty something years, but the reason why I went to a company
does lab grown meat, AL gore, and so I was kind of freaked out. I wasn't your own
they take a cell biopsy and they grow it, and so I finally grew to try it hell yeah,
and I was blown away unex, I'm so excited about. We gotta Ivan we gotta figure at the branding we gotta
the name. People can want lab grown means that the word biopsy should not be anyone we're sandwich, but I am so into being,
here's the thing you know at first, it's like ok, I'm, but what's reiterate this,
in sandwich, I will let you re remember: one is just sustains human life. Ten is fool, a republican who doesn't believe in sushi where it. How delicious is this? So I'm gonna tell you right now: chicken nuggets and fries
I can say what you cannot tell the deer can't tell the difference. You can tell the difference. It's like if you wanted, like cut your there's, no cholesterol in a in in plant based anything. So if you have some issues eat the you can't tell the difference you get
great. I think, waiting around ten a resigned on things tat. We think it's attack. It would somebody in either on these tricks before with my friends, fooling them, but I am so.
cited about the lab grown meat because I think a lot of like being a vegetarian. As you know, there are theirs. I don't you feel about this, but sometimes there is vague in a vegetarian food that tries to recreate and an assumption that just try to be its own thing in its own version of delicious. But the thing about the lab grown
is here's my dream. Here's what I think about here's, my here's, my norstar filet, mignon stakes, the size of pizza boxes,
come in opera conveyor belt possible. It is, but you know we we when we hear some lab, grow, meet biopsies
it roast out in him, but if you saw the way factory farming works in america, no, I'm would literally. If you just said, I'm gonna go out and look at how my pork, my bacon, you would be. I would use the word for some americans who
vowed mediators that I would never want to try to shift, but you'll be true,
my that seeing what happens these vienna
compared to how our grandparents raised livestock. We cram.
These animals in, on top of each other, that the majority
The of the antibiotics we
in this country
majority are used, prophylactically, preventative lee injected in animals
and what that creating his antibiotic, resist
strains that are killing americans. Now we are now up to tens of thousands.
Works are dying every single year because of anti bardic resistant strains, and so I was one of the people fighting against the wet markets in other countries that that allow these things to just aden,
potentially lead to pandemics. But the way we are raising our culture, such a perversion, of what our grandparents and recurrent parents did its crew
eating a petri dish to cultivate antibiotic resistant strains that threaten. Could britain human exist
so this is such an apparition of the way we raise livestock for millennia that that we're
creating again another threat to human health and to this country. Let's talk about another topic, you have silicon valley bank,
thursday and friday everything gets shut down over the weekend. You have a bunch of venture capital people
saying it's gonna, be everywhere: it's gonna ruin everything has come and after all the banks, you have to do something you have to do some of the same
industry leaders that were railing against the kind of regulations you were trying to do
who railing against regulations at the trump ministration repeal the twenty team, what you opposed. We are
today. What did you think of the Biden announcement this morning? What's your response to what happen to this bank Sorkin first was not shocking. What happened in two thousand and eighteen lifted, the stress
testing and the transparency that could have allowed people to
realized. There was a crisis before the people who are incense.
wise to hide the crisis were doing the bad behaviour and so
This is to me a logical outcome of when you and by the way
all regulation and weak
regulations as if it's all one thing in this case it was
prevent what we saw during the global financial crisis
and- and this is a natural almost expected, especially when things are supercharged. Now-
by social media yeah and online banking,
the regulations in the region,
genes that were in place until that law by was signed by trump. If those were in place with this have not have,
so everything that I'm seeing is the answer. That is that this would have been a a preventative safeguard that could have exposed the vulnerabilities of this bank at the time
and that's everything I'm seeing and I'm moving to hopefully get support on both sides of the aisle to reinstate
those with worn and others of us that fought hardest against what the trump administration did to reinstate those two thousand eighteen safeguards to prevent this from happening again, because what you can of see now is that remember this too big to fail yeah all these aren't the big banks. These are regional banks that are showing that they to possess contagion if they are able to spread. I think the by demonstration did the right thing to step up
he's not costing taxpayer dollars the steps that are taken. But if we don't learn from this year, then we are setting ourselves up. Tat were crises in the future. It is a strange situation because it this isn't like two thousand and seven
in eight, because this is in a situation where all the sudden, this bank had much less had much less
I had much. I I had much less in assets than it did two days before three days before it wasn't. They were sitting on top of the sort of complicated, poorly
understood derivatives they have. The money was just they were not able to access it right because it
and bonds, and it was any sort of longer term investments and all of a sudden peter teal and a few vc guy
or telling everyone that has money, the bank go, get your money go, get your money. They just can't get out in time. Is that right, wolters? Well, that's what I mean by we're living in a different.
Were social media
its rumour and misinformation, but also fear
So this is a new part of the combustible atmosphere we live in, but I I don't think you're we're drawing conclusions about the culpability of the people that ran this bank. You have interest rates and the fed moving interest rates up. That does affect the balance sheets of these banks, where the banks should be taking responsible action. Seeing that interest rates are
hang up? So I again, I don't want to create any conclusion right, but there's enough evidence to see that that that to suspect, perhaps at these
Folks, who should be soaked. Shareholders should be accountable
all the board members
that the people were running this institution should
I have had enough information again. This is what we're, what what it's pointing to to to prevent this from happening, but again add to that. The fact that fear was injected into this concerns were legitimate. Concerns were injected into this that created this process in this problem that then spread to people's concerns about a about first
public law about signature, bank and others, and so again we have to learn from this and that's why I get very bothered by And- and I was with somebody recently- a simplistic conclusions like oh, we need less government regulation or we need more government regulation. We need to be smart. We live in an interwoven, interconnected society in which the job that somebody might have for a company is directly affected to to banking systems or actions taken on on on on law by the fed.
Is it all former interrelated system that we need taxpayers deserve? Americans deserve safeguards on this system, so irresponsible behavior by bank shareholders in California is not affecting the job prospects for people in new jersey. Now into this very
Ok, can I just interrupt you for these animals? It is shameful, but I want you to take this one in particular, because I know
that is you, it looks like it either. Oreo shake roger
cookies and cream chick. I know this is as it looks,
very vanilla ask, but I want you to push
strawn there, my friend could have you
add a vague in shape before yeah I've, I've, I've
full life. You know I didn't handshake outside you're, not one of these kind of aunt, I know I am based
nothing I ever. I have an x, I ever what would be the word ivan expire and I love
food, yes and always kind. Ok, I love your cross roads, but I like it. I like a snake. You know I eat it all I live. I ate high. Eight high and a low ends: ok cheesecake factory.
I have to was their restaurant, where the chef was abusive in finland or something Noma I'll eat there, but I haven't.
You know one of those michelin places you are right, but
we'll benihana tibet. I tell you that I will wood and have high respect that please just
give people the same ranking I was alive
My friends again don't understand how good that is. Alright, this is a some vague and oreo shake.
if you don't give the brand awaited cookies and cream cookies out, ok, yeah, right cookies and create the yes side,
behind rocks. We will now, but orioles are very vague, and I should tell you
there. We can re yes, yes and very good, and those in there
the coming up with new area some I've. I want them believable, I walked into a supermarket and I just saw wall of every imaginable tax of oreo from red velvet cake to like you know. I think they were so
lady gaga orioles, or something like that, I'm an essay. I wanna get this nine, I'm in here
the nine I live. I think I think it's great, but you know I won't be able to. I wouldn't be,
if the coward gotten involved. You wouldn't be sad about that calgon anvil. I just think it might have improved. I'm just being honest and saying it's a nine out of ten you are, I know I know your heart. All jokes aside, you are a man of empathy passion, so if this cow
all was a free range grazing cow regenerative farm- that's great, but if you knew that this or the darker side of the industry that they don't want, consumers to know,
you would be concerned about factory. I know I know, but we all know- and yet we all continue-
isn't that the reality,
the reality that a lot of
people know and continue, that's part of it too. You know that I think you know it's, for you know that we owe a lot of people know how bad it has. A lot of people will see food ink and it will go to me-
on the way home rice. We know that that's going
so there is a there, isn't a bill.
We have to put this problem
of our minds, myself included. So I I'm a big believer that debt empathy is
is the most necessary agent ingredient in change that that you have to get people to know first to confront the moral urgency. This was the brilliance of this
rights movement. You had them saying, there's no way. Birmingham alabama will never get rid of segregation and
creative artists of activism. In one like day really two days of demonstration in front of bull connor brought the national spotlight to people, understand this and all of a sudden, twelve days later, saturation felt. So I believe that is the case. The challenge we have is trying to expose to all of us. Like you, don't know,
I made that t shirt. You have no knowledge whether that was fast fashion with child labor, or was it whip made in a way that resonates more with your values? So I can go back to silicon valley bank for a second
I'm so sorry, I know I know I had no way of field and I'm glad you did, but it is about. It is related right because they think I'm one of
allegations. Now is that silicon valley bank, the reason it failed as that it was too woke. You have rhonda santa saying it's it might be in part because of de I
You a quote from the wall street journal them the minds of the wall street journal sb notes that, besides the biggest ruby make these are,
This is there at a total editorial designer news. I visited eyes it and seeing as it as an reader of their new side. I one of yes, yes by one of their opinion writers, as we be notes that, besides any one per cent of their boarding independent forty five percent women, they also have one black one: algae, bt, q plus and two veterans. I'm not saying twelve white men would have avoided this mess, but the company may have been distracted by diversity. Is demand centre. Booker. Do you think quote one black may have been responsible for this crisis or
It has been one lesbian. I mean he's repaired to decide or you tell us now if you believe this was caused by a black person or lesbian because of the absurd
one person by the absurdity that is having a blacklist. The absurdity as plain
and you and I can can sit here and and continually- and I I get I get rankled and I have we went in. I turned on just to hear governor santas is a speech that he won the election, pretty sizeable town and then it and then- and I expect it to be what executives need to do, which is remind people of our. We just come out of a partisan election, remind people of our common cause, our common mission, and I was surprised-
see how hard he went against this idea. But I still don't fully understand of what we means to be woke, yeah and and but I'm warning us cause. I imagine you and I or members of the same
the whole party. I worry us that if we spend our time again my father's tongue on this kid is two ways go through life at the monitor or thermostat. If we spend our time as a thermometer just reacting to them,
and not working hard on being a thermostat and setting the temperature on we. We perpetuate the dynamic that is dividing our country, so I
I think, what I'm interested in on this topic. Jokes aside, I hear you right. We need to do. We need to fight on the ground.
we think where we can do the most good as an and bring the most people long and persuade most people. I agree with that, but what we see now as there is an effort to santas, is part of it, which is to paint basically anything they disagree with as or anything that involves changes woke that involves going.
Your schools, teachers, parents in trans guess at him
was going after disney, yes bother with that's where words hurt, we have a suicide rate amongst l, gb teach you the kids, that that is
result of creating environments of which there are not safe so, but but here's what the reason
bring it up. Is I hear you what we should we? I hear it
saying about not getting dragged and not being defensive, but we need to have an argument when, when, when republicans try to take on the mantle of going after corporations, which is laughable right when they say we're going to we're going to hold these big when they do that kind of right wing populism,
what do you find before we before you say? I'd rather be talking about the child tax credit. I'd rather be talking about baby bonds, I'd rather be talking about gun control, whatever may be before you get there. What do you find is the most effective way to fight back to win rather than change the subject, but you win the argument when it comes to republicans claiming, ah when it comes to republicans launching these sort of myriad attacks on basic freedoms, bodily autonomy, the the right of parents to raise their kids doctors to prescribe medicine right. So, first of all, I just want to say that one of the best pieces of advice for well being is that you do not have to attend.
Every argument you're invited to to me it's very important that you are strategic, that you don't let people own your emotional state any and you fight and apply your energy to things that will advance good for people. That's really gotta, be the bottom line and I'll give you a great example of my frustration. I am not telling you that I'm some zen master, but I will tell you that that it, let's take washington d c and there
tommy their ability to to access what is a fundamental ideal in america, representative government, one of the instigators war
a revolution. You might know about yeah call. The american revolution was ideas like taxation without representation. Okay, we have a body of population in the continental, united states of america,
It is a larger population in at least two states commensurate with three or four states that pays more intact, federal taxes
then I think any state if I had my data right, that has a that serves in the federal military hit at some of the highest rates in the country. This is
group, washington, d c, is a city of it
immunity of some large size, but they have no ability or or or or or to escape, the ability of congress to to tell them what to do so last week and over the law. It really was a two week build up. They finish a sixteen plus year process to
overhaul their criminal code that wasn't done by politicians. It was done by an advisory board and a commission the commission had had you know, prosecutors had a lot of criminal justice and they came back
manifestly the commission unanimously and they send it
the city council, which was unanimous. Endorsing this very smart politicians, not policy people exploited bet there
criminal code changed to say that their lowering their lowering
and penalties moroccan. Thank you. Thank you very much.
Maybe I'm I'm I'm emotional about, as it was one of my lower points in the union
it says, to watch all this happened and
it- and by the way when I read those headlines, I was like you know, I live
I live in a city that we battle cry for a long time. Why would they be lowering penalties and car jacking again date? They they their report.
Thence presented this in a way that would excite people on both sides of the eyes were concerned about
safety and say saying this is some kind of woke far left
radical undoing of crime, yet it so mighty looks pino god forbid ray
the actual legislation and I'm stunned this legit
asian, didn't just increase penalties for significant numbers of crimes, it double tripled in quadruple penalties for certain crimes, a creed
new criminal penalties. It didn't exist before to protect vulnerable people, victims of child exploitation
that they closed the loophole that every state has close, now etc, south carolina to make to criminalize choke
in domestic violence. They actually put things in two new crimes to protect police officers. From
rasmussen, and then they did actually lower penalties for car jacking and a number of other crimes. But
brought them in line with other states. I do not.
Stan. How the democratic party that we can be on the defensive about crime
Within the last congress, we
more money to support local police officers than any
single administration, going back to bill Clinton. I'm ready now to try to fight to head off what the republicans are trying to do on a police reform bill and and yet again for the second time in thirty years. Have the c have their their elected representatives be overrun by people that don't have?
Any body representing Washington dc in there in their body center, but a very let you go people's right- that shake on a scale of one to ten
Why you gotta do what you like yeah, I feel like anything you put enough. Sugar is pretty good. It's already got in is going to be a good shake, but what are they? I I
it's like eleven eleven. Nobody in eleven nobody's going to turn this down. It's no good with a business what we have to get in front of people. I know this is what's going to change hearts in
I I don't again if we
Kids could say bees,
values. This is where our food system is: let's try to together bring our values together. That's elevate farmers who are.
We got a business at alarming rate of suicide rates around three times higher than us. Let's help empower farmers elite on climate change. It sent a vice cover crops. Let's take our farm workers in food workers. If we can just create a foodstuff.
that reflects our values. Everybody would win from rule america to the kids in the bodega would have better choices and better access to healthy food, new york strip steaks, the size of pink
That is possible. That's a world that we can live in senator booker. Thank you so much. You are a prisoner of hope and I appreciate that we'll need to have such a high. Yes, absolutely! Thank you so much. Thank you. Always the parts of america is brought to you by ziprecruiter these days. Job seekers want
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zipper, critter, dot com, slash see our o o k e zipper greater is the smartest way to higher.
The world is getting warmer, but there's still time to put out the fire. If you're looking for inspiration during the climate crisis check out outrage and optimism, podcast featuring former- u n, chief christiana vigorous each week, she in her co host, take you through the inner.
of politics and climate change, covering everything from the annual you and climate change conference to everyday, green, washing and hopefully, spark you to take action along the way find outrage optimism wherever yet your pockets
alright before we go, we thought we'd cover the week's other top stories in another round of one line with cocaine. Bear here's how it works. The producers compile the list of news stories that are all written down on slips of paper in this bare head in front of me. Please watch us on youtube. If you can't, this is just listening
and we will draw the the pieces of paper out one at a time and offer a quick reaction time. You want to kick us off share and I I do promise we will turn the bears head over. So it looks more like a bear. Drumroll please
mike pence at gridiron d
So I during a speech at the gridiron dinner on Saturday former vice president mike pence, addressed donald trump, saying quote: history will hold donald trump accountable for january sixth. Make no mistake about it. What happened that day was a disgrace,
in a box decency to portray it in any other way. President trumpet wrong is reckless words endangered, my family in everyone at the capital that day might
and this is like thanks for stating the obvious like pence. Why would you do this at the gridiron dinner which fur
for everyone back home. He doesn't know it's the most
haha, this back home did exist. This white tie tale
super stuffy establishment, a media.
Event. Reporters like literally, do skits and seeing each other fuckin songs and things and of all the people you need to convince them.
endangered everyone on January six, like everyone,
A room knows so,
It does it in a room with no video. There is no video of this thing while so the there is, of course, a politico story like inside mike pence decision to attack donald trump, and they have this line. His team also believed it would help. Hence went over his most
skeptical audience these days. Washington, insiders and journalism have given him short shrift in that early twenty twenty four premier, I remember I we are trying to hang him. I got capital on an idea. Yes, yes, as this about the we have, we've got a joke
it was in the middle of a second. Are you two year sentence? No, no, no! It's! Okay! It's okay! Now I want you to do it.
is your table. We haven't you got up on big food over here. You got it. You got it you're, a bare god
santos in iowa.
the governor Rhonda santa's visit. I will last week for his book to are prompting the neuro times had lent a glimpse of dissent us in iowa awkward, but still
in the crowd. There's a paragraph that's worth reading from this article and god the interaction underscored both the promise and the potential pitfall of a resonable bid for dissent as his preference for palace
you have a personality, can make him seem awkward and arrogant or otherwise astonishing in person, depending on the voter and the success or failure of his one on one exchanges, many republicans use style as an antidote to the character, attacks and volatility that have underscored republicans
text during the trump era. I love this because it is the most. I would say that it is the most generous description of a person who has the charisma of an old hat. I loved the bit of color in this piece where he was doing an event with iowa governor Kim Reynolds. She was supposed to be asking him a bunch of questions. He went out on stage,
and before he could sit down with her. He spoke for thirty minutes and then finally, at the end she said she put on her hands and said: come over here to come, sit and talk and do question
but it must is like a road show. They ve been doing. She was also at his forded, unlike he should know better
insult, the republican governor of iowa, when you're going to run for president, then she asked him a question about his family and he responded by talking about policy. So I you know who knows some of the stuff
It may not matter the metal may not matter, but it's a it's a thing. Alright see what we got here, manhattan da close to indicting trump. Okay, here we go. The new york times has reported that the manhattan district attorney's office has signaled to Donald trump's lawyers that he could soon face criminal charges for his role in the payment of hush money to stormy Daniels, and they gave him one last chance to test
if I, which she has declined but trump's former fixer Michael Cohen, testified in the case on Monday and said that to said to reporters before the trial, that trump quote needs to be held accountable for his dirty deeds, and we got
I got em we got em, it does sound like he. He really is going to get indicted here. Yeah now, they're gonna do a fine couple committed gimme a stick or pick up some trash on the side of the road. Be president, no time I'll, tell you every time
I read these stories, though they say it would be.
novel legal untested and untested legal farrier novel illegal theory. There's something about falsified records.
and the other charges. He had two knowingly break election law, which is by you know by shutting up story,
and yet it would be an in you have to prove it. It's an income contribution to his campaign by by you know preventing the bad press that would come from the stormy, Daniel story atlas in line we our
on taxes I gotta have you want go for it have at it. If it works great, if it doesn't but may not about hoping for it, I'm not expecting it
if it doesn't, we get a bunch of other diamonds deduce from, but I always I do her from the m.
from the john Edwards days that there is this thing when you try to
hey someone off for sleeping with it, sort of a damned. If you do damned, if you dont situation, if you do it from your personal, funded in kind contribution, if you do it from the campaign, it seems kind of illegal too. I feel like theirs.
Good way around. It does not transvaal gets com. Just say in every word you: where can I pay, there's no david's illegal? They pay. If I want to shoot someone up, we're
you're gonna, get you can't give her a hundred thousand dollars your personal bundy can't do it from your campaign. Funds go to iraq in europe, as we could give you a little butter. Add as the descent say we got here,
Randy Mcnally on go okay, so tennessee republican, lieutenant governor randy mc now,
a real name is confirmed that for a little while the quote he's been liking, weaving comments and social media photos of an openly gay tennessee man who often poses near
we make it. I just want to say
I don't really do this. One justice, you gotta, look at a guy, got to see the pics cause. There's there and intensely naked it's.
there. They are like you you're, not my room. It's it's hyper sexual photo of a basically
naked young
queer man and the be anti gay. Anti transit got lieutenant governor of tennessee response
the look on all your future endeavours
get your rainbow in sunshine. To me,
and from his from his official official, I am a little blue check next and in the individual who posted the photos said that they had also dm. But I want to keep those private yeah I do, which is interesting, that
lieutenant governor connally calls him fin, but
is not a name he uses publicly, which means it's from their private relationship. They, though the
He says they never met lovers. Randy! That's ten easy mistake to know
I love you get now so glad you got this one. It says here are Warren apologize harris. Last month, Elizabeth war,
went on a local boston, radio show and avoided endorsing vice president harrison the bite and twenty twenty four ticket saying. I really want to defer to what makes biting comfortable on his team. She
Immediately called vp harris you apologize, but cnn reports that harris to other returned her call cnn reports that democratic leaders are urging folks
stop the harris pylon and unite for the campaign ahead on. Where are you
I want to do that, just like the rainy season. Excuse me how fucking
I heard your met. I want you know that that is retribution, because I interrupted is little Gloria border, Joe Hurley. Aren't you don't be a coconut square? He finds it does not reduce it. I'm really excited. I give up that general good, good, undeserved. Look, I think, of it
it is a very sensitive topic, which is why I'm gonna focus on congratulating everything everywhere, all at once. He would make me it's academy awards what a success. I I don't like it that there are not talking. I think they should talk it out. I think you should go, get a branch sorted out I've. I totally believe it like war and says it was a mistake and she with which he was trying to say
I don't want to tell Joe Biden what to do. It was a mistake like I don't think I do not think that was intent. I think there's a situation where are where are we mad at by a rumor or metals, is wearing a ring out of the situation enough? You know, I think Warren just said she kind of like garbled her words and made a mistake and immediately called to try and fix it. I don't think she was trying to start a new vp news cycle new, take on calling this whole story sexist. I wonder what boston
Show us not how I was no not erika fits you cheated does right. Her mistake was entered. The pledges that goes on
Then she got out of eta. You get out everything. Muslim, aren't that's all the new
let all the news, fake unicorn
for stopping by. Thank you to me for joining
and giving it to that. Glenn, young man, it's not good young man- and I will talk to later this week by everyone
pod, save america is a crooked media production. The executive producer is Michael Martinez. Our senior producer is Andy. Gardener Bernstein
producers are hayley muse and olivia martinez, its mixed in edited by andrew chadwick, kyle,
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Phoebe Bradford, my welcome and Amelia monday. Our episodes are uploaded is videos at you to dot com. Such pod, save america.
Transcript generated on 2023-05-13.