Trump Says $8 Gas WORTH IT For Iran War

0:00 So meanwhile, obviously the impact at the pump

0:03 is uh looms large for Americans here.

0:05 Oil prices are down somewhat from their peak

0:07 over these idea of maybe there's talks

0:10 going on, maybe there's some sort of an end to this war in sight, etc.

0:13 But Trump says, "Hey, even if oil were to go up to $200 a barrel,

0:18 which would equate to what at the gas pump soccer, do you think 200?

0:21 It's about $78.

0:23 It would be about $9 a gallon in California."

0:25 Yeah.

0:25 So there you go.

0:26 Um, so he says that that even that if that were to happen,

0:29 which is still very much possibility on the table, it would be worth it.

0:32 Let's take a listen to that.

0:34 20% and we're up.

0:35 The stock market's higher now than when we started this war.

0:39 And I thought oil prices would go to $200, $250.

0:43 It's at $100 now.

0:45 And I think you're surprised and I'm surprised.

0:47 But even if it went to 200, uh, it would have been worth it.

0:51 It would be worth it.

0:52 even if it went to $200 a barrel.

0:55 I have a feeling that most Americans do not agree with that given the fact

0:58 that polling has shown from the beginning of this war opposition to this war.

1:02 It is.

1:03 You know, the market thing though, that's the part that bugs me the most.

1:06 I mean, look, I'm not happy that the market hasn't crashed for personal reasons,

1:10 but for everybody's reasons, because obviously that would lead to like mass

1:14 layoffs uh if if it were to happen.

1:17 But it is crazy how much AI has saved this man.

1:21 It's nuts.

1:21 It's like the only reason that the market is continuing to rip

1:25 the way that it is is because AMD and Intel and Micron

1:30 and SanDisk and you know companies like this are just ripping like

1:33 and they're the ones that are just powering the S&P 500 uh forward.

1:38 But for me like the disconnect between consumer sentiment

1:41 and for where things are today like with the stock

1:44 market it's just I don't know I I think

1:46 politicians need to delete it from their brain entirely.

1:49 Like the truth is is yes, many Americans have 401k.

1:52 Most aren't being able to tap it unless they're old.

1:54 And in the immediate term, shit's too expensive.

1:56 Just period.

1:57 End of story.

1:58 But for some reason,

1:59 people still worship the market as if it's some sign of the economy.

2:03 It just couldn't be more couldn't be farther

2:04 from the truth at this at this point.

2:06 Absolutely the case.

2:07 And then to show you also the lengths they

2:09 have to go to like the torturing of logic and

2:13 and rationality that they have to go to at this point

2:16 to justify this war as any sort of positive.

2:19 Let's take a listen to Secretary of State Marco Rubio yesterday

2:23 in his comments about how much worse things could have been.

2:27 Everybody needs to think about it this way.

2:28 If Iran had a nuclear weapon and they decided to close the straits

2:31 and make our gas prices like $9 a gallon or $8 a gallon,

2:35 we wouldn't be able to do anything about it because

2:36 they have a nuclear weapon and and a nuclear armed Iran

2:40 could do whatever the hell they want with the straits

2:42 and there's nothing anyone would be able to do about it.

2:44 Um and and that's one of the many reasons apart from like the massive

2:48 loss of life in a nuclear strike why Iran can never have a nuclear weapon.

2:51 To state the obvious here, Sager,

2:53 they don't have a nuclear weapon and they still were able to close

2:57 the straight of four moves and there was nothing we could do about it.

2:59 So, oops.

3:00 Yeah, a little bit of a problem.

3:01 I mean, this is uh this is classic Iraq war Iraq war ideology.

3:06 We don't want the smoking gun to be a mushroom cloud, right?

3:09 Like, oh, we don't want this hypothetical bad thing to happen,

3:12 so we have to do this really, really awful thing in the immediate future.

3:16 It's just ridiculous.

3:17 And, you know, at this point, like, what have we really proven?

3:20 Yes, they were able to close the Straits of Armuse not only with no nukes,

3:24 but with $20,000 drones and a bunch of speedboats

3:28 because they studied our military and they said,

3:31 "These are the various holes that they have in them, and when the time comes,

3:34 this is what we're going to do." But this is again the tortured

3:38 logic that you have to twist yourselves into knots to trying to justify this.

3:42 This will hit with absolutely nobody.

3:45 $9 a gas would be worth it if they had a nuclear weapon.

3:49 Well, we're already at 450 or something like that.

3:51 And the only reason that it won't that it would go lower in any way has

3:56 nothing to do with whether Iran gives up a new or whether we cry uncle and say,

3:59 "Okay, let's go ahead and resign some sort of fake JCPOA agreement." That's it.

4:03 That's the only reason gas will go down.

4:05 Well, it turns out they did have a nuclear weapon.

4:06 It was called the straight of Hormuse and it's a very effective deterrent.

4:10 Economic.

4:10 No, don't give them more talking points because they're going to use that.

4:12 The economic nuke.

4:13 Actually, I'm pretty sure they have said it.

4:15 I You're probably right.

4:16 But it's true.

4:17 I mean in terms of acting as an effective deterrent it it is yes

4:23 that is I mean and that's effectively what you know nuclear weapons so long

4:26 as they aren't used that's what they serve as they serve as a deterrent

4:29 that's what North Korea is up to and why that government still exists

4:33 and we don't even talk about going in and really messing with them.

4:35 So um so they they have that now they've demonstrated that they have that tool

4:40 in their toolkit and that is really fundamentally

4:43 what has changed all of the dynamics here.

4:45 You know, we're also learning a lot, I think,

4:47 as a country about the oil markets and how this all works.

4:50 We can put B3 up on the screen because there is one

4:53 group here in the US that is very much benefiting from this.

4:57 Actually, there's a few groups,

4:58 but one of them is the um the oil companies, oil executives.

5:02 They are seeing record sales at a premium price.

5:06 This is all oil that is flow.

5:08 We are now a net exporter of oil.

5:11 Um, and if you are, you know,

5:13 a major shareholder in, let's say, Exon Mobile, that's great news for you.

5:17 Uh, if you're a regular American who's paying the price at the pump,

5:21 not such great news.

5:22 And this is why this rhetoric from Trump about how, oh,

5:26 we have plenty of oil, so this we don't even need the straight of Hormuz.

5:29 This is for other people who use the straight of Hormuz.

5:32 why this has always been a fantasy

5:34 and really belies the reality of a global commodities

5:38 market where you know our oil here is

5:41 going to chase the highest price around the world.

5:44 So as the Asian economies suffer because they do pull more

5:48 more of their oil from the Middle East well guess what

5:50 they bid up prices and our oil is going to flow

5:53 to them and that's going to increase our prices as well.

5:56 That is the way a global market works.

5:59 So no, we are not protected from the oil shock of this war.

6:03 Not at all.

6:03 In fact, there have been analyses that second to Asia,

6:06 our increase in gas prices has been the most in the entire world.

6:09 And that's exactly why is because our inventories are going way down.

6:13 You know, and that's something I really learned from Rory.

6:15 And this is such an indictment of the Trump administr

6:18 honestly not even them of everybody who's talked about energy independence

6:22 over the last 25 years cuz how often have you

6:24 and I heard that line or we are an energy net exporter.

6:28 What I didn't understand though is

6:30 that our own infrastructure is set up for said

6:33 global market is that we have many

6:35 refineries which can't even refine our own oil.

6:37 is that a lot of it is set to refine other people's oil or the let's

6:41 say the refineries in Asia or others you know refineries it's not like oil is

6:45 one thing there's all these different types of oil again I've had to learn heavy

6:48 crude sweet crude light sweet crude whatever so

6:51 all of these different things have different refineries

6:53 which are set up to refine them well it turns out you know here

6:56 in the United States that this whole idea of just pumping oil out of the ground

7:00 and we can just refine it easily no we haven't built a new oil refiner

7:03 in these countries since the 1970s literally they're

7:06 piece They're piece of aging technology compared to China.

7:11 Those Chinese are called like the teapot refineries have been looking into them.

7:15 Fascinating in terms of the way that they've been

7:17 able to prop up this entire new different thing.

7:19 They're much more flexible.

7:21 Uh they're actually built in order to evade also US sanctions.

7:24 Those are the companies which they told just ignore US sanctions,

7:28 you know, for the first time in their own history.

7:29 But the point is is that we never actually planned for a Russia style scenario.

7:34 Even though it was easily scen easily foreseeable where

7:38 when Russia got cut off from the global market,

7:40 everybody including me, I was like, they're dead.

7:42 They're dead.

7:43 Guess what?

7:44 They are booming in terms of their ability to refine oil.

7:48 Now, to the extent that it's been hit,

7:50 it's because the Ukrainians are putting drones in it.

7:52 But it's not because they were cut off by the rest of the world.

7:55 Same in terms of their defense industrial base.

7:58 They're able to manufacture bullets and guns.

8:00 If you can do bullets, guns, and oils,

8:01 then you're good in this world at the end of the day.

8:04 It's like a fail safe, but we just don't learn.

8:06 And this is actually a very interesting clip that uh played,

8:10 I think it was at the Milin um Institute conference, which is like, you know,

8:14 one of those Davos light organizations which is happening right now.

8:18 And in it, uh, what you have is a analyst, Jeff Cury, who is an, uh,

8:23 from Carlile actually talking about oil storage tanks and how he

8:27 believes that they're going to run empty right around July 4th.

8:30 Let's take a listen.

8:31 When do storage tanks run empty?

8:33 Um, you're parts of the world like Australia, Philippines,

8:37 Thailand, you are, but the question is when and where?

8:40 Um, you know, I I still say that with you, you know, it's going to be, you know,

8:44 sometime in the month of May that you're

8:45 going to end up with um Europe hitting um

8:48 um tank bottoms and in the US it's somewhere

8:51 in that July 4th time period, if not sooner.

8:54 By the way, the inventories number coming out of the US,

8:56 the ones we got last night, the ones last week,

8:59 I've never seen anything like that before.

9:01 And I think that it's important to remember that these inventory numbers,

9:05 um you let's define terms, a deficit versus a shortage.

9:10 We have a deficit today,

9:12 meaning that demand is above supply and we're drawing inventories.

9:16 It's not a shortage yet.

9:17 So, to answer your question, you have the shortages in places like um you know,

9:22 Asia and it's not that bad yet um because you're not completely at tank bottoms.

9:26 Um but in places like Europe and the United States,

9:29 you're in a deficit and you don't hit the shortages until you hit tank bottoms,

9:34 right?

9:34 Right.

9:34 So, I think that's a very insightful point

9:36 is that we had all these storage tanks,

9:38 but over the last two months, we've been shipping it all to Asia,

9:41 Mexico, wherever, like every every buyer in the world.

9:44 So, they're bidding up the price, but when the tanks run out,

9:47 then you have a physical shortage because you don't have any you

9:52 don't have a steady supply to be able to feed into the market.

9:55 So, you whatever you pump, you're going to, you know, immediately ship out.

9:59 that means that the price I mean that's why you

10:01 know when you were talking about 200 a barrel it's like

10:03 is there even a price if you just can't have gas

10:05 like it's not a price if you don't have gas right

10:07 and that's I think that's like not a completely out

10:11 of the question scenario let's say I'm not saying like in New

10:15 York City or some major population area I'm talking about like

10:18 Alaska or Hawaii like something like that that's where it would first

10:22 show up the really hard to reach places but that you

10:24 know that's where it starts and then starts to creep

10:26 in and then you have $8 gas $9 gas and you

10:29 know maybe this sounds crazy but these are energy analysts who are

10:32 looking at this and they're like look the inventory number Rory

10:35 as well who we keep having on the show they are

10:38 laser focused on these inventory numbers because they know what he's

10:42 saying about shortages and the impact that that will have on price.

10:46 So what we're paying right now is nothing

10:48 compared to what it looks like when you actually

10:50 run dry and then your production has to keep

10:53 up with exactly what you're consuming in the moment.

10:55 It makes sense for any business is you always want to have flex storage.

10:58 You know, the entire oil market has been predicated on this storage ability.

11:03 That's why these tanks exist in the first place.

11:06 And then the the also the prediction I was literally just

11:09 looking this morning at satellite images coming out of Car Island.

11:12 Remember how they said the storage facilities weren't going to fill up?

11:14 You can actually see the storage tanks where the lid is low

11:19 in the ground and it should be high in the ground if it's full.

11:22 Lo and behold, you've got low tanks all over Car.

11:25 So, they haven't run out of oil storage,

11:28 even though they told us that was going to happen two weeks ago.

11:30 Meanwhile, this guy who can read a spreadsheet

11:33 released by the US government is like, "Yeah,

11:35 July 4th." Anyone want to tell me if July 4th is an important time to drive?

11:38 Do people drive around then?

11:40 I I haven't checked recently here.

11:42 And can you imagine barbecue season?

11:44 You can't drive anywhere.

11:45 People going to lose it.

11:46 Well, and I let's put uh this is uh B4

11:49 up on the screen from um the New York Times.

11:52 This is Tomman Joseph Smith who does

11:54 very good reporting over there on economics.

11:56 Shout out to him.

11:57 Uh higher gas prices are hitting lower income Americans hardest.

12:00 I mean, that's obvious, but he goes into some of the details here.

12:04 And um lower-income households already spent much more on gas than usual,

12:08 but cut back on the amount of gasoline

12:10 they bought by driving less or potentially

12:12 by carpooling or substituting to public transit

12:14 where available according to a new report.

12:16 Rich people haven't changed their consumption habits at all.

12:19 But already consumption patterns have changed.

12:22 This is demand destruction already happening among workingclass Americans.

12:27 I really encourage you guys if you didn't watch yesterday's show,

12:30 listen to the woman that called into Emily's show.

12:34 And she said, "I am a triple Trump voter.

12:37 I will never already today,

12:40 I will never vote for Republican again." That's what she said.

12:43 Okay, she is so representative of so many people because, you know,

12:47 people here in DC like Trump and all his, you know,

12:50 billionaire cronies and all these people, they are so disconnected.

12:53 They don't understand that for regular people,

12:56 they don't have a cushion where it's like, "Oh, I just ride this out.

12:59 Yeah, gas price a little bit high higher now,

13:00 but it'll go down maybe by the midterms, maybe by next year.

13:03 It'll be fine." No.

13:05 This means they aren't making it today.

13:09 That is already not working for them today.

13:11 Especially with this so much of our economy being gig work and being like,

13:14 you know, Uber drivers and they are getting, can you imagine those guys

13:18 completely screwed?

13:18 Truckers are getting screwed.

13:20 Uber drivers are getting screwed.

13:21 like anyone who has a significant commute,

13:24 which by the way is a lot of Americans

13:26 because they have to live somewhere where they can afford

13:28 the rent and then commute into a major city outside

13:32 of New York City or public transit is complete trash.

13:35 So, it's like impossible in most places to even like take a bus

13:38 or a train or whatever to be able to get to work,

13:41 avail yourself of some sort of public transit option.

13:43 So people already today are getting so screwed

13:48 and they are not going to forget and there

13:50 is no there is no buffer between Trump's

13:53 decision and what they're paying at the pumps.

13:55 I mean this is a point you made before like at least with the Ukraine

13:57 war was Russia that didn't invade and then we had to deal with the fallout.

14:00 No, this was all us.

14:02 The tariffs were all us.

14:04 This is all us.

14:05 The entire economic landscape is completely authored

14:09 by Trump himself and people know that.

14:12 I continue to read about air airfare jet fuel.

14:15 So it's up 30%.

14:16 So jet fuel accounts for just 30% roughly of airfare.

14:21 Now right now, literally just right now, as of a few days ago,

14:24 the average domestic roundtrip flight was up to $358, which is 20%.

14:30 That was before Spirit went bankrupt.

14:33 International airline was also up significantly in terms of the numbers.

14:37 Now, anecdotally, I just saw somebody today saying that they

14:41 paid $3,800 for a summer flight to London in econ, not premium economy, economy,

14:48 roundtrip ticket from the United States to London, which is great.

14:51 I mean, it's what is that a six-hour flight uh from the East Coast.

14:54 Like, that's really insane.

14:57 That's that should be I mean, in my head, that's a premium economy fair.

15:00 That's like a premium fair, not a basic economy fair.

15:03 Then what you also have, what I was reading a little bit about

15:06 here is that in addition to raising ticket prices,

15:09 Alaska, American, Delta, JetBlue, Southwest,

15:12 and United have all increased bag fees.

15:15 So to also offset the ticket price.

15:18 So what that means also you get to bet that that bag fee ever comes down again.

15:22 Oh, of course.

15:23 Yeah.

15:23 Right.

15:23 So So the bag fee went up, but when jet fuel goes by half, oh,

15:27 I'm sure we'll still I don't actually don't even know what the bag fee is.

15:30 Oh my god.

15:31 Delta is $50 a bag.

15:34 I mean, I never check a bag, but $50 a bag is wild.

15:39 First and sec I can't even believe it.

15:42 Like, that is so insane.

15:44 First bag 45 bucks.

15:45 Second bag 55.

15:46 Third bag is 200.

15:48 This is on Delta.

15:49 Southwest Airlines also hiked its check bag fees from 35 to 45.

15:53 And the second one goes from 45 to 55.

15:55 And then United, American, and all of these other

15:58 attacks on women because we just require a lot more when we

16:02 the shoes, the haird dryer, the makeup, it takes up a lot of space.

16:06 I know.

16:07 This is the pro one of the biggest fights in my marriage.

16:09 Whatever.

16:10 Uh I I will for 12 years I didn't check a bag at all.

16:13 And now, well, I guess with the baby, you just give up and you have Oh, yeah.

16:16 There's no choice there.

16:17 For me, it's that there's a scene in Up in the Air.

16:19 I'm sorry for the tangent.

16:20 This is something I'm very passionate about.

16:21 uh is there's a up in the air scene where

16:24 he lectures that one Anna Kendrick I think it is

16:27 George Clooney and he's like do you know how much

16:28 time it takes to check a bag and he's like 35

16:31 minutes on average and he's like at my level that's

16:34 a week and I has lived in my head since 2009

16:37 about the amount of time that you will lose in bag

16:39 check but I guess you just have to give up

16:41 yeah well especially you travel less frequently any so it doesn't add up

16:44 to a week so it's not as big of a deal it is what it is

16:47 um one more thing here what was I going to go to Um,

16:51 oh, we have to talk about this B7.

16:55 So, to add uh criminal insult to injury here, more insider trading, right?

17:01 As you know, this Axios report hits that, oh, a deal is imminent.

17:06 It's, you know, the end of the war.

17:08 Oh, lo and behold, you got someone who to the tune

17:11 of $920 million shorted the oil market and was able to profit wildly.

17:20 So, um, this is the Kobe letter lays it out here.

17:23 According to our analysis, about $920 million worth of crude oil

17:26 shorts were taken 70 minutes before an AXIS

17:29 report claimed the US and Iran were near a 14-point deal to end the war.

17:32 At 3:40 a.m., nearly 10,000 contracts worth of crude

17:37 oil shorts were taken without any major news occurring.

17:39 That's equivalent to $920 million in notional value.

17:42 Unusually large trade for 340 a.m.

17:44 At 4:50 a.m., just 70 minutes later,

17:47 Axios publishes their report that the US is close

17:50 to a memo of understanding to end the Iran war.

17:52 By 7 a.m., oil prices had fallen over 12%

17:56 with these crude oil shorts gaining approximately $125 million.

18:03 Minutes later, Iran launched the Persian Gulf Straight

18:06 Authority and oil prices then surged another 8%,

18:08 but still plenty of money made here uh before oil surged and didn't

18:12 go back to the highs that it were at was at before.

18:15 So, I mean, this is like clockwork.

18:17 You know, if it was one time, you might say, "Oh, well,

18:19 maybe they just anticipated and they know the news

18:22 usually comes out on Monday and they just got lucky,

18:24 right?" This happens every time.

18:27 Whether it's tariff announcements,

18:29 whether it's developments with the Iran war announcements,

18:32 every single time, like clockwork,

18:34 you look and you see that there is someone who is

18:37 front running the trade to the tune of millions of dollars.

18:40 Could be someone in Trump's family, could be someone in the administration,

18:44 could be someone in Axios who has access to this reporting before they,

18:48 you know, press publish on their report.

18:50 But this needs to be looked into because how disgusting,

18:56 how criminal is it that while people are suffering because of this war

19:00 and unable to make it in terms of their economic lives,

19:04 unable to pay rent, unable to pay the price at the pump,

19:07 to make it to their jobs, unable to really keep it together.

19:12 You have whoever these people are on the inside

19:15 who are profiting to the tune of millions of dollars.

19:18 It is hard to think of something more disgusting.

19:19 Yeah.

19:19 Actually, it's so bad even the DOJ today,

19:22 let's put this up there on the screen in post.

19:24 I sent it to our chat, is now probing oil insider trades, 2.6 billion.

19:30 And they actually summarize it in a way which is crazy.

19:32 March 23rd, 15 minutes before Trump announced he would delay threatened attacks,

19:37 traders bet 500 million.

19:38 We covered that at the time, that oil prices would fall.

19:41 April 7, hours ahead of a temporary ceasefire,

19:44 traders bet 960 million that oil prices would fall.

19:49 April 17, 20 minutes before Iran's foreign minister

19:52 posted that the straight of Hormuz was open,

19:54 traders bet 760 million that oil would fall.

19:57 April 21st, 4 days later,

19:59 15 minutes before Trump announces he will extend the ceasefire,

20:02 traders placed a bets 430 million that oil prices would fall.

20:06 And to be clear, I'm not accusing anyone at Axios of wrongdoing.

20:09 However, you're Barack Ravid.

20:11 You know, his I was up whenever he put his story out.

20:14 It was like 5:00 in the morning and I was like, "Okay,

20:17 and so you're the overnight editor at Axios.

20:19 What do you think that guy makes?" Or girl, 35,000, 40.

20:23 All right.

20:23 All right.

20:24 So, you're the overnight editor.

20:25 You're probably like 23 years old.

20:27 You read a lot of stories about insider trading or any of these other really.

20:30 It's not It's not a little tempting uh to to be thinking,

20:33 "Yeah, you're like all these other people playing this game."

20:34 And look, maybe they didn't even or maybe

20:36 and this happens in journalism all the time.

20:38 When you have a big scoop, you brag about it, right, to all of your friends.

20:41 I have, you know, I I have friends all the time.

20:44 Hey, off the record, man.

20:45 This is coming.

20:46 Can't wait to see you guys cover it on the show.

20:48 It literally happens like twice a week.

20:50 Okay.

20:51 Well, what stops me from insider trading?

20:53 My only my own ethics, but there's no regulatory body,

20:56 which is going to come and define me.

20:58 Also, yeah, to be clear, I've literally never done.

21:00 In fact, I remember thinking when I had a big

21:02 scoop on the marijuana thing that it was coming,

21:05 that I spent all the time trying to confirm the story.

21:08 And meanwhile afterward it came out I went back and looked at the charts

21:11 and the same news that had leaked to me had leaked to a bunch

21:13 of other people but they bought all the stock and they made like

21:16 a killing like through like I think it was like 33,000% or something.

21:20 Some sort of shock shocking number that they were able to make on the trade.

21:24 Meanwhile, I'm some idiot here being like let me confirm the story.

21:28 But yeah, just to show you how my brain works.

21:30 But that I mean I I can just see this level of you know it can leak out.

21:36 you have a somebody who brags to a friend or something and they

21:38 know a trader in Singapore or some desk in I don't know in London.

21:43 Not that hard.

21:44 No, you make a good point too though because

21:45 that shows the cycle of moral degradation because if you are,

21:49 you know, the person who got that leak and you see everybody else, right,

21:53 who is profiting off of it next time you're going to be like,

21:55 I'm not going to be the sucker here, you know?

21:57 I mean, that's how it happens.

21:58 It's like everybody's doing it.

21:59 I guess this is just what is done.

22:01 And that's the way that you have like

22:02 a massive cultural societal breakdown of any sort of ethics.

22:07 So the same person makes a much shadier decision in the future,

22:12 not because they've changed personally

22:14 or their their morals have like, you know,

22:16 their baseline has changed, but because of where society has moved,

22:18 they now see it as like I guess this is just what we do.

22:21 Exactly.

22:21 And and like I said, I'm just speculating,

22:23 but there was this was beaten into me at the very beginning of my career.

22:27 It's like we don't do that, right?

22:28 That's other people.

22:29 And so I it doesn't cross my mind,

22:32 but I could see how if you're 20some years old

22:35 and you're living here in this cesspool with Poly Market

22:38 and Khi and I mean everybody in this town knows

22:42 somebody who's made some money on Poly Market or Khi.

22:45 Not necessarily in a nefarious way.

22:46 Usually somebody being like,

22:48 I can't believe some idiot thinks that X is going to win uh in this race.

22:52 I have some insider knowledge.

22:54 I'm generally familiar with the situation.

22:56 I'll throw some money on.

22:57 This has been happening for years with predict it

22:59 and a few other things but especially pronounced now it's

23:02 like like you just said that puts a moral

23:03 rot into a system where generally people didn't do that.

23:06 Now, there's always been the, you know,

23:08 the members of Congress and others, but at the staff and other level,

23:12 I don't really think it crossed a lot

23:13 of people's minds at at like a cultural phenomenon.

23:16 But when you turn the news on every day and CNN is

23:20 broadcasting couch ads and who else

23:22 somebody else has partnered with Poly Market, I mean, even in the journal,

23:25 like I'm talking about the Wall Street Journal,

23:27 you can read and and you're looking at some of this stuff in there,

23:30 you're like, I I I don't know.

23:32 It just, you know, you normalize it

23:33 and it becomes something where you can't trust anything.

23:35 uh which is obviously bad.

23:37 So, all right, let's move on to dad.

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