Nick
Appearances
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You go to New York much? Never. I close my house. I basically, I trick my wife. You know how your wife always wants to renovate your house? No idea. No idea what that's like. My wife always wants to renovate my house, right? Every minute I've been alive, my wife has wanted to renovate parts of my house. So we moved out once a year and a half ago.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And I went to learn how he picked the judges, right? And the Supreme Court and why it didn't. And I'm just very detailed. And so I started studying what transition is, right? And I started studying it. and I started studying tariffs. because he wanted to talk about tariffs. And he's always thought the trade deficit was wrong and basically a rip-off of America.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And I started studying everything about it. And so he and I would talk about it. And we knew everything about it. And then he picked me to run Transition.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'll give you an example. So there's a book called The Gatekeepers that was written. And people gave me, oh, you should read this book. And it's about chiefs of staff. And basically, there's another way to call it. It's called the jerks, right? Because what they do, imagine you're the gatekeeper. You're the gatekeeper of what? Of the man who was elected president of the United States of America?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
He needs the gates kept from him? And if you listen to Nixon tapes, You hear him scheming to try to learn anything. Because what happens is the chief of staff, everybody reports to the chief of staff and the chief of staff reports to you. So you can't get on Air Force One without asking the chief of staff. You can't get a document unless you have the chief of staff.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Like literally the rubber chicken. So sort of every night you go out. And so the boss of my company, Bernie Cantor, he got tired of going. So he didn't want to go. So he would send me with his wife. And I would be her walker. I'm the 30-year-old CEO of the company. And I'd take her to the party. And after the party, I'd put her in a limo. And she'd go home. And DJT would say, well, let's go out.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No one can come see you unless you have the chief of staff. And if they take your phone away, you know what you are? You're imprisoned. And that's the gatekeepers. So I said to Donald Trump, I said, look, You fired Reince Priebus, who was your chief of staff. Then you fired John Kelly, who was the chief of staff. Then you fired Mick Mulvaney as the chief of staff.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Then you would have fired Meadows, but you didn't get a chance because of the next election. So I said, why don't you fire the job? What you need is a chief of staff who's actually a chief of staff, not who's the gatekeeper. Right. Right. And so that was an example of how I changed it. And so Susie Wiles is perfect for Donald Trump. You know why? She lets him be him.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
John Kelly took away his phone. So he couldn't communicate with anyone. Whereas Susie embraces who he is, helped him get elected, ran a great campaign. She's perfect for him. in this role. And so that's what I brought. So I brought like an understanding of him. Right. And an understanding of the role. Right. And that's why I convinced your friend, David Sachs. Every time he said, I can't do it.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I would call him and say, it's an emergency. It's emergency. I need to see you. He'd fly and go, what is it? I go, you need to join the administration. He goes, that's what the emergency was. I go,
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Okay, so Doge comes, it's October of, before the election.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Early October. October 2024. October 2024. Yeah. Like the beginning of October 2024. And I called the president and I said, I need to spend an hour with you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
i have my big ideas yeah right so he gives me he says look i'm not sure what to do october 7th right why don't we figure out what i should be doing october 7th so we decided we're going to go out to the oh hell which is uh uh a super religious uh hasidic jewish um messiah you know the people who wear black hats think he's the messiah and they have a crypt for him where you write a note and you put a note in all right and so
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
We agreed we'd go out to that grave site and we'd probably win 60,000 of those kind of voters, which is pretty cool for a day. And then we drove there and back together, the two of us. So I had an hour and a half, just he and me talking. And I said, I want to balance the budget in the United States of America. And this is the way we're gonna do it.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No one's ever checked the just under $4 trillion of entitlements. Every politician thinks what you have to do is you have to take the retirement age from 65 and make it a 70. And you have to do this and this and this and this because they never think about the money. But people like us would say, what's the first thing you do? What's the value I'm getting from my money? Right?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And what you find is if nobody ever, like as in ever, like I could say the word ever 12 times, has looked at where the money goes. And so there's not even a process to get it back when you send it to the wrong person. You just send another one out. Like, think about it. You just, well, I sent it accidentally. Accidentally. Notice how it's accidental.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
It's always accidentally sent to the wrong person. Really, you wouldn't ever say the 5.9 million people who work for the government, there could be some crooks in there. No, no, no. It's all accidental. What a load of nonsense this is. There's some percentage of this. But you would say... And you would say. No, just zero base it and let's figure out where. It's got to be 25%.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
We'd all say if it's never been checked, how could it not be 25%? Right. How could it not be?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And the answer is that's a trillion dollars a year.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Okay. So I said, I think we're going to cut a trillion dollars a year in expense. And then I think we can, through tariffs and other means, we're going to get revenues of a trillion dollars.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Incremental revenue. And we're going to balance the budget.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
There is zero basis. Zero basis. Where I was yesterday and where I am tomorrow, I get, oh, it's a tax cut. No, it's not. It's the exact same thing as yesterday as today. To say continuing yesterday, tomorrow, He's like, silly.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No, we'll talk about tariffs. Let's just finish. Let's just finish Doge. So I'm in the car with him, right? And I said, we're going to balance the budget. And I said, but I have one favor to ask of you. If we can balance the budget for you, will you agree to waive all income tax for every person who makes less than $150,000 a year for the United States of America.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And so we'd go out. It wasn't planned. But he was at the party. He was 45. I'm at the party 30. And we chased the same girls. It worked out fine. And by the way, Here's the thing about Donald Trump. He was the most famous, the most fun, the most interesting person 30 years ago, 33 years ago. I mean, here's the best thing. He's been on the cover of Time magazine 59 times. No way.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Which, by the way, is about 85% of America. And the reason you want to work for Donald Trump is he looks at me and goes, sure. You realize the President of the United States said, if you balance the budget, sure. And he's not lying. He's not kidding. He's like, yeah, that seems like a great idea. Right? And so... And then I tell him, okay, I'm gonna go recruit Elon. Because Elon's all in, right?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
He's already said he's all in. He's already said he's going to Pennsylvania, right? So I call Elon and I don't know Elon. I don't know, but he's perfect for this. So I use my superpower, which is I call everybody else I know who knows him and they arrange and I'm texting with him and he agrees to meet me on October 14th. So I fly down to Brownsville, Texas. He's gonna catch the rocket.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
on October 14th. So he invites me down for the rocket catch. He's not inviting me for the rocket catch. He's just inviting me down that that's a good day for me to meet him. So I fly down, I see the rocket catch, which is awesome. Awesome, awesome, awesome, awesome. And then I expect to meet him.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Okay, so I flew down to see Elon and with with my with my son and So we watched the rocket right and then they said, okay He's gonna go hang out with his engineers and party with them Seems reasonable. It's like our hour and a half and then he just goes dark and
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm just sitting there waiting. And then they take me and I go to like the equivalent of a Margaritaville, you know, where you have like a basket and you can get quesadillas. And you get a Diet Coke and a red sort of plastic thing that's about this tall. I got 4,000 ounces of Diet Coke in it that comes in this big. Love that.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
But now, to his credit, he sends me all the executives from SpaceX are hanging with me. But he's dark. And what happened is he took a nap. He was up all night doing the engineering and he went to sleep. So then when he finally wakes up, so I'm just sitting there like, you know, doing the, like, I don't know him really. So I'm just doing the thumb twiddle.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm going, okay, you know, this guy's- You had a couple cases of years.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So then he wakes up, he says, come to my house. right i'll see you in my house so his house is 1200 square feet it's got the furniture in it that i had when i graduated from college yeah right okay i'm not kidding i'm not kidding it's 1200 square feet and it's got the furniture plastic chairs and okay so i say um we're gonna balance the budget i need to cut a trillion he's like i'm in
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
He says, I think we should cut 80% of the federal government because the essential employees, if the government shut down, essential employees are 450,000. And there's 5.9 million people who work for the government. How can 450,000 be essential and there's 5.9 million? So he says, like Twitter, I think we should cut 80%. And I say, I know how to cut 50%. And he says, I want to cut 80.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I said, I know how to do 50. He goes, are you with me or against me? I go, I know how to legally do it. What do you have? And my son says it was like two alpha dogs just like fighting with each other for the first half hour. And then, so then X comes in, right? And then he's got to walk X. He's got to walk his son X out. So he walks his son X out. And I'm thinking maybe the meeting's over.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Because we've been together a half hour, 40 minutes, and maybe it's over. Because he got up and he walked out and he comes back and he sits down and he goes, Howard, this meeting is... That's what it says. And we sit down and we map out the plan. I tell them what a gratis vendor is. Because I designed, because I was not going to go into the government. I was doing transition.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
What is a gratis vendor? A gratis vendor is an approved vendor for the United States of America that gives product to the government. It doesn't sell it. So therefore, I don't have to go through the whole process of becoming a proper vendor because you're giving it to us. And then if you give it to Article 2, which is the president's stuff, then the president can accept it. Right?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Because it's give. Sorry, what's an example of this? I write some software.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I write some software for the Commerce Department to do a better job of X, Y, Z. You just give it to me. and then I do QA on it, and I can take it. If you sell it to me for $1, we go into government hell. Right, the whole rigmarole. Right, but if you give it to me, right, and then I set up, you know, so I said, I'm calling it Doge, and I registered the name Doge.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And were you familiar with Dogecoin? Of course, it's Elon. So what happens is, in the Defense Production Act in World War II, Yes. In order to get all the great executives of America to help with production, they named everything after jazz singers or everything. Of the people who were on the committee, that it would make them laugh and smile.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And then he leans over to me and he goes, and 20 were good. Like, but who can take that? I mean, who could take it? Like other people, when you have a bad cover of Time Magazine, you'd crumple, right, and be sand on the floor. Instead, he's like, bring it.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Right? So I picked a doge so he would laugh and smile. And he said, get the F out of here. Like when I said, we're going to name it Doge, the Department of Government Efficiency, which I didn't think of. It was on the internet sort of floating around in June.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Right? But I literally registered it. Right. As the Department of Government Efficiency, like make it a real thing as a gratis vendor. And I said, this is how I've done it for me. Yes. So that I can run Canada Fitzgerald. You can run SpaceX. Right. You're not you don't have to sign the conflict form and all this stuff because you're not working for the government. You just
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
giving stuff to the government. You are literally giving of yourself. But you're not looking for anything. You're not taking any money. You're not owning anything. You're not doing anything. You're not on that side of the wall. You're on this side. You're outside. And so we had fun. We talked for two hours.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And then on my Twitter feed, I took a picture of me and Elon outside, and I put up, welcome to Doge. We are going to rip the waste out of our $6.5 trillion government and balance the budget. We must elect Donald J. Trump president. And I posted that with my, I probably at the time had 25,000 viewers, and I got 45 million views. Wow. Right. So it was me and Eli.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And that was the beginning of Doge. Yeah. Right. Then I ran transition, which is so for the transition, I had a room in Mar-a-Lago. Big conference table in the middle. Four 85-inch screens on one side and a mirror of four 85-inch screens on the other side so that you and I could talk to each other. So the president sat across from me. Elon sat.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Oh, and then I'll tell you one other story about Elon. So he wins the election. President wins the election. He accepts it like Wednesday at 2 o'clock in the morning. Elon's not on stage. If you see, I'm on stage. Elon's way in the back of the room. There's 1,000 people in the room, 2,000 people. He's way in the back. He goes home. Thursday afternoon, I call.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm doing a dry run of the launch of my transition, right? And the president is superstitious. He's never had one conversation with me about transition. He totally trusts me. He wins the election. Now he's got a... You know, I'd sit on Jesse Waters already.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No, about one job, about one thing.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Because he's superstitious. He's superstitious. Like, don't waste your time. Don't jinx it. Right? Just go win. You gotta go win. So what happens is he... So I'm doing a dry run. So I call Elon. And I say, where are you? He goes, what do you mean? I'm in Austin, Texas. Whatever. I go, what are you doing? I mean, what is the point?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
of you spending three weeks living in Pennsylvania helping the guy get elected if you're not gonna help him pick the cabinet? Like come on, right? Because the way President Trump works, he makes decisions by orchestra. He likes lots of views and opinions. He likes them. And anybody who says, oh, the last person who sees him gets him, that's because they don't know him at all.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
The answer is, it's an orchestra. And I would say, OK, I'm the first violin. At the time, I would describe myself as second violin. So this is an orchestra. So the president's not going to make a decision with me and him alone. No, no, he's gonna have, so it went like this. President sitting across from me, right? At the conference table, Elon to his left, Susie to his right, right?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
JD to my left, Lyndon McMahon, who was my co-chair, right? But she wrote all those EOs that he did. That was, she was responsible for, and I was responsible for personnel, but she was with me for personnel. So she's sitting to my right, JD sitting to my left, Don Jr., right, Stephen Miller, and he, there was always 12 people in the room.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
They were never like me and him hushed in the corner doing this or that, never. And what we would do is I would put eight candidates on one screen, right? And then big candidate on each screen. Most beautiful AI picture of you you've ever seen. And people would walk in and go, where'd you get that photo? I'm like, what do you think I did? I took three of your photos.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Everybody's on the room.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So what happened is a big picture of the person. They're key highlights of the resume, not boring. With their education.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Right? And then you would click a button and you'd see him speaking. 20 seconds at a time, four of them. Right? So it was about 80 seconds. And you're not speaking about the job. Right. Just like, how do you present?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And what you can see is his whole cabinet. can talk. All of them. Because he picked them knowing I need you to be able to talk, to be able to present our ideas and our concepts out there. And that's key to him. And the way I would joke to people is, how do you do it? I go, watch. Pitch. So you'd throw him a curveball. He wouldn't swing. You'd throw him a fastball, he wouldn't swing.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
adds energy to him. So everybody else's energy, what they don't understand is people bring negative energy to Donald Trump and they're just charging his battery. Your energy around him comes to him. So when I come at him with a lot of energy, he comes back with a lot of energy. It doesn't matter. He never steps back. He just sort of takes it like the centrifuge and then hurls it back at you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You'd throw him a slider, he hits the ball, hits it to my glove, I go, here you go. You go, well, how do you know that? I go, because I know the guy for 33 years. I know what he wants. And he loved the process. And you know what happened? You saw what happened, right? First day, eight candidates, 12 jobs, national security. Okay, he says, what do you want? I go, eight to four.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I put up eight candidates. I recruited everybody. I had 150 of the best Republicans in the United States of America. They each gave me five people, who then gave me 10 people. I had thousands of people to pick from. The whole government was set up to pick from. And then we picked candidates. I had eight for every job. Eight, eight, eight, eight. Eight to four, that's Friday.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Sunday comes in, four to two. In the morning, I fly everybody in for the two. I prep them. We go in and meet them, two to one, final interview, give them the job. Bang, bang, bang, bang, bang. Monday, we're done with national security. Okay, now we're rolling on and it just pounds out. Why? Because he had every candidate. Everybody knew it. Everybody was prepped. Everybody was aware.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Everybody was done. You know, that's why I had to beat the heck out of David Sachs because I needed David Sachs to be in the government. I recruited David. I pounded on David. You can ask David, right? I beat him and beat him and beat him until he finally said, okay, I'm going to do it. And I did that for everybody. And I made sure he had the greatest choices.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And then every once in a while he would call me at night and say, throw this guy in, throw this guy in, throw this guy in. We did a vet on everybody, but I didn't take out anything negative. I am not a negative person, you can tell. I'm positive. So why would I discuss anything negative about any candidate? Until they get picked.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
He was tortured by his attorney general in the first term. And we were not going to have that ever again. So we needed strong backbone, strong capacity, of which Matt Gaetz has it. And I know Matt Gaetz, and he has it. But we did not know what that vet was gonna say from that report from Congress. So here was the idea. We fight for him. Thank you. Thank you. Thank you. Thank you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And he's been that way always. So this is not new.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
We moved out for a year and a half, about six years ago. And she only did half the house. And she still rues the day that she only did half the house.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
This is who he is. So those other people who attack him, they think they're attacking him. They're charging his battery. They're literally charging his battery. So he comes back bigger, stronger, bigger, stronger. And once you understand the man, the most intuitive person that you've ever met. And people say, well, okay, so people who know me, I don't suffer fools.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And they have all these derogatory, all my left liberal friends, all these derogatory statements about the guy. And they know me really well. And they'd say, well, how can you work for him? I'd say, how can I work for him? The most intuitive person, he senses it, he knows it. He calls me up and he says, Panama Canal. That's racist, because Panama Canal, it just feels wrong.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And then he sends me on the quest to go, I didn't do anything, I just start the quest to go look at it. The mouth that's east is a deep-water port by the Chinese. The mouth that's west is a deep-water port by the Chinese. They're building bridges over it, so our ships and our military ships should go under In our hemisphere, a Chinese bridge. So then I said, okay, let's go prove it.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
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All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
a trillion of waste, fraud, and abuse out, and then make a trillion from having other people and resetting global trade. And once you understand global trade and how it makes sense and where it came from.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm going to give you a sad example. And so help us understand, are people going to lose their jobs? I'm going to give you a sad example. We all remember during the COVID, there was the PPP money. Remember that? Yeah, totally. So it was proven that $200 billion of the $1.2 trillion was going to Chinese fraud gangs.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Is that proven? You just make up a company, you know, Joe's Deli. You make it up, Joe's Deli, right? Say you're in trouble, file, and they sent you money. So why wouldn't Chinese gangs do that? Come on. So we show, not we, but people showed the government, those people, that money. And instead of stopping, they said, yeah, but we can't stop because there are real people who need the money.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And so what happens is because no one's ever been fired, ever, for sending money to the wrong place, people send it on purpose. I'm not saying everybody sends it on purpose. I'm saying there are some people who send it on purpose, some people who are complete morons, and an enormous number of people who work for the government who are awesome. I mean, amazing people, right? But what percentage?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So I have a friend of mine, he owns a big shipping company. I said, take two iPhones, put them on a stand, and just go through the Panama Canal. The Panama Canal, they sort of drag ships through like this. And I said, just go video both ways. Just video both ways. 70% of every letter is Chinese. Then I'm talking like the size of container ships, the stores, like I'm not talking like. The signage.
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Howard Lutnick | All-In in DC!
There's 5.9 million people who work for the government. You're like, Wow, that's like so many and we're paying them all and how many do you really need?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I mean if the answer is two million Wow, and we could talk about how We understand it and how we're going to retrain society for the AI Industrial Revolution is coming which is going to create the greatest set of jobs and greatest set of growth ever ever okay, but that but then we could talk about that but the key is
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
stop sending money to the wrong place so we can make sure we can always defend sending money to the right place. I would Never allow, if I can stand it, to not pay somebody who retired at 65 their benefits.
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Howard Lutnick | All-In in DC!
I find it disgusting when we're the richest country in the world and some politician says, in order to save Social Security, rather than getting rid of the waste, fraud, and abuse, we should move it to 70. How about no? How about we're rich enough to give people the benefit of the bargain of being a great American. But let's put great people in charge. That's really well said.
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Howard Lutnick | All-In in DC!
So I remind people that On the Earth, there was the Dark Ages. So the Dark Ages meant that the world knew how to read. And then because of religious and other actions, they burned all the books. And literally, the Earth stopped learning how to read for 500 years or 400 years. We didn't know how to read. And we knew how to read before. So how could you forget?
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Howard Lutnick | All-In in DC!
So America was built on tariffs with no income tax. No income tax till 1913. None. Greatest, richest country in the world. So when Donald Trump says, make America great again. What he's talking about is from 1880 to 1913, when the country had so much money that we had blue ribbon commissions, which you guys would have been on, to try to figure out how to spend the money. And no income tax.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Yeah. So that was the deal. What I did is I bought a house in Washington. I said, do you want to renovate the house? She said, yeah. I said, great. We hired a contractor. Wait, you bought Brett Baker's house, no?
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Howard Lutnick | All-In in DC!
Then we put in the income tax in 1913. Why? Because we're entering World War I. And don't we all need to contribute to protect democracy and to protect our way of life? Then what happens is the world goes into chaos. We come out of chaos, right? And then we're starting to think of, well, what do we do? What do we do? And then 1929, the stock market crashes, right?
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Howard Lutnick | All-In in DC!
1933, we start to say, oh, God, we forgot. We need to do tariffs. 1933, how can you do tariffs when the markets crash, the world's going into depression, and you're going to do tariffs in 1933? You can't charge the rest of the world money unless the rest of the world's okay. That's right. So it was... Too little, too late. So then we come out of World War II. It's 1945.
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Howard Lutnick | All-In in DC!
We need to rebuild the world. So we decide we're gonna take our tariffs down. And we'll let them, here's the key, we'll let them have tariffs be up. And we will export the power. of our economy to let them rebuild. And we let them rebuild. And that's what happens. So 1945, we have the Marshall Plan, right? And we do it in Japan, of course, because they need to be rebuilt.
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Howard Lutnick | All-In in DC!
What's the difference, right? So they need to be rebuilt. And then what happens? We have the 50s and we have the Korean War. So we let them rebuild, which means low tariffs here, high tariffs there. Low tariffs here, high tariffs there. Then we have the Vietnam War, right? So now all of a sudden we have all of Southeast Asia. Low tariffs here, high tariffs there.
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Howard Lutnick | All-In in DC!
You know what the best example I can give you to make it crystal clear? Kuwait. We spend almost $100 billion freeing Kuwait, right? You know who has the highest tariffs against the United States of America? The number one country with the highest tariffs against the United States of America? Kuwait. And you think, What? That's insane. But here's what it is.
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Howard Lutnick | All-In in DC!
Just random signage like you're riding on a road. It's all Chinese. And then I do the research and I call him back and I say the magic words between me and him. I have your path. which is I've done it, I've done the legal work, I've done everything, right? So when you start talking about it, you have a foundation. It's not just you talking. So people think he's just talking.
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Howard Lutnick | All-In in DC!
If you go back to this understanding the way America thinks, you need to be rebuilt. You were just destroyed, right? All their oils were, you remember red, the guy's name was red something. And he was the guy who capped all the, there were fires in all the oil wells and he capped them all. And it was amazing. So we let them put up high tariffs. But you know what the problem is? then we forget.
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Howard Lutnick | All-In in DC!
And we let it go. So Donald Trump comes in and says, it's gotta stop.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So Donald Trump gets elected 2016. Who understands this? Okay? Let me give you a hint. Donald J. Trump. Who else? Nobody.
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Howard Lutnick | All-In in DC!
Right? You'd say, wow, he understands. And how long has he been talking about it? 40 years. Why? Because in the 80s, he's saying, what are you doing?
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Howard Lutnick | All-In in DC!
Okay. India, has a 50% tariff on average, 50. We have on average four, okay? I would say to the person who said that, can I ask you a question? What are you talking about? They're 50 and four. Here's what you're talking about. When we're all equal, And everything is free and fair. If you raise tariffs and they raise tariffs, isn't it bad for society? The answer is, of course it is.
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Howard Lutnick | All-In in DC!
But there's two differences. Number one, let's do human beings first. Before we go to the math, let's go to human beings. Once upon a time, we had an auto industry in Detroit and in Ohio.
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Howard Lutnick | All-In in DC!
But Detroit then some genius named Bill Clinton signs the North American free trade agreement or Corporations you can screw Americans and go get cheap labor in Mexico and break the unions by going to Canada now if you were a General Motors I'd say It's like my birthday. Yeah, but if you're a worker and who comes from Michigan or Ohio, they just signed, you know what they signed?
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Howard Lutnick | All-In in DC!
He's never just talking. He has people behind him who bring him his foundational structural outcome. And then what does he do? He went and played golf that afternoon. He called me at seven in the morning. He said, what do you got? We talked from seven to eight. He went and played golf. And that afternoon, there's the American flag in the middle of the Panama Canal in some truth he puts out.
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Howard Lutnick | All-In in DC!
Worst statistic I'm gonna tell you today, average life expectancy. of high school educated workforce. So by the way, United States of America, two thirds is high school educated, one third is college educated. The difference today of average life expectancy between those two categories is seven years. Seven year average life expectancy.
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Howard Lutnick | All-In in DC!
It's not the air, it's not the food, it's not the medicine, it's despair. My grandfather worked in the auto factory. My father worked in the auto factory. I have a good life. I'm going to do Friday Night Lights and football. I mean, it's going to be a good life. I have a good middle-class life. I'm a member of the United Auto Workers. Life is going to be good. The factory moves to Mexico.
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Howard Lutnick | All-In in DC!
And I am just screwed because the government of the United States of America didn't care about industrial policy and didn't protect me at all and let cheap labor in Mexico. I'm sure the Mexican people went from $4 an hour to $5 an hour and they're kicking it. But I destroyed you.
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Howard Lutnick | All-In in DC!
And that is incredible failure of industrial policy, which nobody wants to talk about, but you talk about it as average life expectancy, and you're talking about it, about reshoring and building the life for the people who are America. That's why you elect Donald Trump president. You elect him because I didn't spend one minute doing politics. until he asked me to help him.
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Howard Lutnick | All-In in DC!
But when he asked me to help him, I started spending time with him. When did I learn this? And who taught me this? The President of the United States. This is not me teaching him. You understand, this is him teaching me, and you can see him talking about it in the 80s. Right? He's been talking about this for a while. And what it does is it means resource.
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Howard Lutnick | All-In in DC!
So number one, we have to care about human beings. That's a globalist view. Yes. If I take my production and move it to Mexico, it's better for me, Mr. Corporation. Okay? But it's not better for me, Mr. U.S. citizen of the United States of America who's working at a car plant. That's bad news for him. Okay? And that's number one. And now let's go to number two. which is the math of it all.
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Howard Lutnick | All-In in DC!
If we say free and fair trade, I want to remind you, there ain't no such thing. There is no country in this world that is free trade, zero. And we are the lowest and the dumbest because everybody else is higher and more protective. So they protect their farmers. Here, I'm sitting at the dinner. Modi comes to town. And I say to him, when Donald Trump, we have dinner.
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Howard Lutnick | All-In in DC!
And after the niceties, Donald said, go ahead, Howard. And I said, you have 1.4 billion people. And you brag to us how amazing your economy is. Why won't you buy a bushel of our corn? We'll buy a bushel of our corn. So our farmers can't go to him, but his, of course, can come at us. Right? Why is that okay?
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You know, and we can go into all the stuff that, oh, I mean, I don't even want to go into it because if I had another hour, I could regale you with stories that are fun with that.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Inflation comes from... Printing more money. Okay, let's say the United States of America had 1 trillion dollars. That's all we had. That's it. No more okay, and I Want to buy a bottle of water and you want to buy a bottle of water one came from America and the other one came from Fiji Right then and I tariff Fiji then that water is a dollar and a quarter and this water is a dollar and
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Howard Lutnick | All-In in DC!
And that's the fun part. So you work for the most intuitive guy, unbelievably smart, unbelievably thoughtful, who knows what he's doing. And it's so fun for me.
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Howard Lutnick | All-In in DC!
That's not inflation. That means that one's more expensive. But I can choose to buy this one. Okay, so you're right. This toy might be more expensive and that toy's not. I get it, but that's not inflation. Here's inflation. Snap my fingers, now we have two trillion. That water's $1.50, that water's $1.25, everything's more expensive. That's inflation.
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Howard Lutnick | All-In in DC!
So inflation without tariffs is everything's $1.25. Inflation with tariffs is $1.25 and $1.50. And so you have to understand inflation doesn't come from tariffs. Certain products, if I put a tariff on a mango, We can't grow mangoes in America. You just can't grow a mango. If you put a tariff on a mango, the mango would be more expensive.
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Howard Lutnick | All-In in DC!
But if the president chose to put a tariff on a mango, then the mango is more expensive. That just becomes a consumption tax. It's like a sales tax. Right? It's a sales tax. It's a consumption tax. If I want to buy a mango, it costs more money.
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Howard Lutnick | All-In in DC!
So then that's just like another version of income tax. How do you think about- Okay, so the idea is to not do that.
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Howard Lutnick | All-In in DC!
That's the idea. The idea is to choose things that are going to reassure. Come here. This is so important. Hire my people. Bring it home.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Someone will say- $2 trillion so far. I mean, he's been in office, right? Like seven weeks, eight weeks? Yeah. $2 trillion of committed domestic production coming back because of his tariffs, right? TMC saying, I'll build semiconductor wafers. Yeah. In Arizona. Everything we do, they're going to build it here. That word is never coming.
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Howard Lutnick | All-In in DC!
Unless the tariffs. So what happens is you bring it here, you create the jobs here, and then they avoid the tariff.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
The beauty of putting Donald Trump in the White House is it's giant three-dimensional chess. So we all have Stockholm Syndrome for the Internal Revenue Service. We think we like the Internal Revenue Service. We don't say it, but when we say we're going to charge a tariff And other countries who lean on us, who rely on us, who bleed on us, who can't live without the oxygen that is our economy.
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Howard Lutnick | All-In in DC!
Because remember, the thing about our economy is while we have a $29 trillion GDP, we are the consumer economy. of 20 trillion. And this is the key thing. We buy everybody's stuff. So who's more important? Let's say they have an economy that produces stuff and we have an economy that buys stuff. The customer's always right. We all know the customer's always right because
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Howard Lutnick | All-In in DC!
If no one buys it, they can't produce it. So everybody needs our economy. When? Now. I mean, to the fact that China consumes less than 10 trillion and primarily tries to figure out how to sell it to itself. So they don't buy anybody else's stuff. So we are the world's consumer. We're the world's customer. So that's point number one. So we want them to come here, and if they can't come here,
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Howard Lutnick | All-In in DC!
What if you pass? Okay, now let's say there was a 20% tariff. And in order to sell his goods, he knows he can raise the price 10%, but he can't really raise it 20. So he eats 10 and the price goes up 10. Let's just say. That 20 goes into the conference of the United States of America from the president of the United States who said, we're going to balance the budget.
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Howard Lutnick | All-In in DC!
And then his goal is to drive down income tax in the United States of America, including a waiving tax. So what has he said so far? With that in his pocket, knowing that this is what we're going to try to do, what does he announce? No tax on tips, no tax on overtime, no tax on social security. Why is he saying those things?
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Howard Lutnick | All-In in DC!
Right, because he knows that he's got, Elon's gonna cut, and Howard's gonna raise, and he's gonna have the tools to deliver on his promise. Literally the money. More money for folks to spend. And they'll have more money to spend, right? So if you actually get the external revenue service, right, which of course I named, you know I named it, but you know what the funny part is?
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Howard Lutnick | All-In in DC!
I came up with the name. I wrote a truth, right? And I sent it to DJT and I wrote, this is my huge idea, you know, with one of those things that goes like this. You know, like this is my huge idea. Right? And because it's the external revenue service. But it only matters because I work for him. Because if I worked for Joe Biden or anybody else, they wouldn't care at all.
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Howard Lutnick | All-In in DC!
So the fact that he loves a great idea, the minute you say it, and it becomes his idea, my idea is useless. A good idea in his hands is all the value in the world. So the external revenue service, if we went back to Make America Great Again, which is pre-1913, which is let them pay, you don't pay.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
That's a beautiful house. I can talk about whatever you want, by the way. I'm happy to talk about serious things, casual things.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And what that means is let them pay, try to balance the budget, try to waive tax on everybody who makes less than $150,000. And look what you did for America. Holy moly, look what you did. And by the way, labor costs come smashing down. Because it's tax-free. So if their earnings are tax-free, then they're happy to work because they get the money.
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Howard Lutnick | All-In in DC!
So what happens is cost of labor comes down because we're run correctly as a government.
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Howard Lutnick | All-In in DC!
John Paulson had a call with Donald Trump and was talking to Donald Trump and was kicking around the idea of we should sell, right? Why do we give away visas? We should sell them. And they're talking about it. Donald Trump calls me, gets me on the phone, right? We all talk about it, right? And then we go from there. And then my job is to figure out, like I always figure out, how to do it.
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Howard Lutnick | All-In in DC!
Well, no, I wasn't the finance chair. I was the transition chair. Transition chair. Okay, so I ran transition, which we'll talk about. But so let's go through. So I'm friends with him, right? But I'm building my business, young guy building my business. And then 9-11 happens. Yeah. So, I'm friends with the guy. I'm just friends with the guy. But then 9-11 happens.
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Howard Lutnick | All-In in DC!
What's the path? Let's go figure it out. Of course, about two weeks from today, it goes... Elon's building me the software right now. And then out it goes. And by the way, yesterday I sold 1,000. Oh, you did?
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Howard Lutnick | All-In in DC!
So if you're a US citizen, you pay global tax. Yeah. So you're not going to bring in outsiders going to come in to pay global tax. So if you have a green card, which used to be a green card, now gold card, you're a permanent resident of America. You can be a citizen, but you don't have to be. And none of them are going to choose to be.
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Howard Lutnick | All-In in DC!
What they're going to do is they're going to have the right to be in America. They'll be $5 million, and they have the right to be in America. They have the right to be in America. As long as they're good people. And they're vetted. And they're vetted. And they can't break the law. We can always take it away if they're like evil or mean or bad or something.
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Howard Lutnick | All-In in DC!
Not mean, but you know, if they do something horrible, you can take it away, right? But the idea is if I was not American and I lived in any other country, I would buy six. One for me, one for my wife and my four kids because God forbid something happens Want to be able to go to America and I want to have the right to go to the airport to go to America and then to Say hello, mr. Letnick.
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Howard Lutnick | All-In in DC!
Hello, mr. Lennox and the letnick family. Welcome home, right? That's what I want to hear I don't want to hear I can't come here when there's a you know, a horrible war a horrible whatever right? I want to be able to go home right and once I'm home and meh, might as well build a business. So you have the most productive people in the world gonna start spending time here.
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Howard Lutnick | All-In in DC!
They're gonna have a family office. They're gonna hire some people. And you're not gonna tax their external worldwide income. They only tax the money they make in America, which is what we do now. But their global income stays out.
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Howard Lutnick | All-In in DC!
There are 37 million people in the world who are capable of buying the card.
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Howard Lutnick | All-In in DC!
Now, I'm not saying they will, but they're capable of buying. How many do you think you'll sell? the president thinks we can sell a million.
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Howard Lutnick | All-In in DC!
So the idea is, and it's going to go fast, meaning you apply. Right? We take your money and the way computers work now, they have these cool things, like these computer things.
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Howard Lutnick | All-In in DC!
You put stuff in and they actually check everything. It's fantastic. You don't even have to plug them in anymore. It's amazing. They get the information through the air. I mean, you could do a better vet than anybody in government has ever done it before in one second. Better than they've ever done it before.
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Howard Lutnick | All-In in DC!
Kind, sweet, calls me all the time. Just good human being. Nice, warm, caring, good human being. But then I'm knocked out. So, what do I do next? I try to rebuild my company, take care of the families of 9-11. I lost 658 people who worked for me. And we had a policy. We want to work with people that we like. So when we had an opening, we didn't use headhunters.
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Howard Lutnick | All-In in DC!
Do you know why? There's always a reason. And the reason is, it's a great reason, which is that in the mid-70s, we changed the way government accounts for software. We took a 10-year contract, and you have to take the contract upfront. So if I'm signing a contract with you for 10 years, a million a year, I have to take it against my budget for 10 million, so I'm not doing it.
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Howard Lutnick | All-In in DC!
Where? Everywhere. Why? Because it's illogical. Now, what I'm doing is I'm saying, okay, I gotta collect tariffs. Right? So I go to one of the great software companies of the earth and I say, I want you to give me You're gonna build for me for America. You're gonna build the greatest customs processing ever. We're gonna take a photograph. It's gonna know what it is. It's gonna go through AI.
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Howard Lutnick | All-In in DC!
It's gonna know what it is. It's gonna know what the tariff is. It's gonna determine the percentage. It's gonna know the weight. So when you weigh the thing plus the package, you'll know what it weighs. You don't even have to open it. It'll weigh exactly the right amount and you'll do this and that. And these are all things that I know and all things I could figure out.
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Howard Lutnick | All-In in DC!
Because you know the way gold works? A gold bar is about 40 pounds. You know the way I know that gold bars, they weigh it, and they weigh it out 13 digits of decimals. So basically, if you touch the thing, it's not going to be 13 digits of decimals. So you have a perfect scale, and you weigh it, and that's like the code.
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Howard Lutnick | All-In in DC!
Right? Because you can't touch it. If you touch it, you'll change the, and you can't get it right out 13 digits. It's just not possible. So that's what we do with stuff. You know what it weighs, right? Three t-shirts on it. If you're sending the same three t-shirts, they always wear the same But what's incredible is you're convincing?
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Howard Lutnick | All-In in DC!
I say build it for me for free Yeah, I put it in for free. I Don't what other countries in the world you think gonna buy now? Right. If it works for us. Well, remember, you have to connect to me.
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Howard Lutnick | All-In in DC!
So every country is going to buy.
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Howard Lutnick | All-In in DC!
And it's a great business model. Right. If the greatest customer in the world says they'll take it.
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Howard Lutnick | All-In in DC!
Right? And you got a guy like me there.
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Howard Lutnick | All-In in DC!
I mean... It's not that hard when you say it's free. You know, free is like not that hard. I mean, yes, it is... And then what I do is I get the head of that technology company, because then I use my superpower, which is my friendship with Donald Trump, and then I go in the Oval Office and we call them together. And we call the CEO together and make him promise the president.
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Howard Lutnick | All-In in DC!
Because promising Howard, he's like really nice. Promising DJT, that's something else entirely. So I get these guys to promise Donald Trump that they'll build it. Now let's see him renege. Yeah, that ain't gonna happen. So when you get Elon to say, I'm gonna build it for you, And he says in front of the president, like, how great is that?
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Howard Lutnick | All-In in DC!
You got like the greatest technologist, the richest guy in the world, he says, I'll build it for you. You're like, thank God, right? And then I get, you know, I go to the heads of Google and Microsoft and Amazon, they're all,
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Howard Lutnick | All-In in DC!
for america building for us right for free right to make america better because they are great american companies and in exchange for that we're going to help them through all sorts of things that are towards fairness just towards fair because i you can't get me to do something outside the world of fairness but i tell you what if it's unfair
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
We would say to everybody at the firm, does anybody know anybody who'd do this job? And so, you know, young lady works for me says, you know, my best friend is an HR person. They have to have capacity, but once they have capacity, imagine we hire that person. Now what happens is it's not one big happy family, but people really, really care about the company.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'll be on your side as hard and as positive as I possibly can be.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
All right. So I'll give you an example that's sort of live right now. Yeah. Right? So we have DeepSeq. We have Quinn. We have Dobao. Yeah. Right? And I don't think We should be having apps in America. And I don't think we should have their website in America because they all go back home.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
But it's open source, and I want our American companies, including college students, to be able to download it and build on it. But I want to make sure that there's no part of it that says, send it home to Dada, or store now and analyze later. So I need that out. So what I want to do is I'm going to embrace what you guys know. You guys are used to product evaluations.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So let's do a security vow.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Right? And say your industry, and you can't let it get overrun by Chinese. Because what happens is if there's a policy, right, all of a sudden 100,000 people from China come in and they say they're John Smith and Todd Peterson, right, but they're not. And then you think the vote is this way.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And it's easily manipulated. So we have to be very careful. But my... First instinct is to lean on, and that's why I see it's important to have David Sachs as my partner, right? Someone who knows it and someone who can live and breathe the industry, right? And so what we're gonna have is we're gonna have security evaluation.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
and say if the security evaluation model says that this is a good model, then people can download it. But it's got to go through the industry. And I want it to feel and smell like what we're good at. I don't want to create like, oh, this is what government's doing. I don't want the government to do it. I want us to do it, but I've got to figure out the right way to do that.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And that's important for America.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And compete. The only thing I think I really need to do, and that's with regulatory, is post-quantum cryptography. Okay, I think that is vital to us. That's right. Yeah. Right? Yeah.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No, I'm gonna put it out because, you know, we all have passwords, right? For those who are watching who don't know this, our password's called asymmetric, right? Yours is different than mine. Right. That's the key. and cryptography is just the computing. So asymmetric key cryptography, you have your password, I have mine, and they're the key. Obviously the central hub has our key, duh.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
A quantum computer we know can break all of them in a nanosecond. Like all of them in the whole world, including the CIA, all of them, RSA 2048, all of them can get broken in a nanosecond by a quantum computer. So the defense of it is called post-quantum cryptography. Right? We know how to do it. And we'll come out with a rule that says America's got to protect itself.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And by the way, there are- Because every once in a while, you need to have a new standard that says it's coming. We know what it is. Please, God, go put it in because we need to have it in. We need America to live.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And that's our company that's on the top. five floors of the World Trade Center on 9-11 when the plane hits it. Kills everybody at the office. My brother Gary, he dies at 36. My best friend Doug, he dies at 39. I had just turned 40 that summer. I had a party. 65 couples.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
The greatest customer in the world. The United States government. The most powerful, the greatest customer. Buys stuff. We walk in. We're going to buy... Here's an example I like to use. We're going to buy 2 billion COVID vaccines. When we buy it, Pfizer and Moderna stocks are going to triple. They're going to triple. Because then we say, everyone's going to have this vaccine. If I were...
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
After Jared Kushner negotiated the best deal he could, if Howard Letnick walked in the room, Howard Letnick would say, what do you think? 20% warrants? 20% warrants? Right. Right? What? So we'd make $50 billion off of who? Nobody. We didn't take from anybody. We didn't do it. Okay. The shareholders of Pfizer, who we've just tripled them with our order. Right.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Now, how many of my customers in my life have required that from me? All of them? All of them. Lucky. This isn't like, oh, Howard, this is the greatest new idea ever. This is just proper. So I don't view risk of the sovereign wealth fund. I view the first couple of years of the sovereign wealth fund or Scott Besant and I making money Monday, Tuesday, Wednesday, Thursday, and Friday.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Say, well, but you can't invest and lose. Don't you lose money? No. Why? Well, if I have big daddy of the United States of America behind me, And I'll give you an example. We buy missiles episodically. Launch a missile, buy a missile. Launch a missile, buy some missiles. The people who sell us missiles have bad quarterly earnings or good quarterly earnings, but they're episodic. Here we go.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I will sign a contract with you. 10-year contract, cancel it at the end of five years to buy X amount of missiles, and I'll pay you quarterly. then they can take that contract, they can go finance it. Their financing costs go . Their earnings are steady, and their multiple improves, and their stock doubles. And I say, in exchange for that reasonable thought, how about a little warrants?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
But don't give me some stock. Just give me the upside. If I help your stock go up, I get to share it, and you know what I do with that money? Wet my beak a little bit. And then I take the money, for the United States of America, and I put it into the social security system of the United States of America. And then all of a sudden, so the social security system says it's $4 trillion in the hole.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
If we cut the waste, fraud, and abuse out, it becomes $1.5 trillion. And by the way, Frank Bisognano, the greatest executive, the greatest payments executive ever to join the US government is about to get confirmed and take over the social security system. Okay, Frank ran Fiserv, $120 billion public payments company. And when Donald Trump asked him in his interview, can you handle social security?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
40th birthday, yeah. Right? 27 people at my party get killed.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
It's 1.3 trillion a year. He goes, well, let's say I handle 500 billion a day, so Wednesday. Thank you. Thank you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
These are my friends. These are my friends. So I'm driven to take care of the families of the people who died. And I commit 25% of all of our profits. But the company is destroyed. So we go from making a million a day. I was a rich guy, right? What's the definition of a rich guy? No personal debt, no corporate debt. Ken Fitzgerald, no debt. So how do you survive 9-11?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You don't owe anybody any money. The only money you're losing is your money is your money so we survive and we take care of our friends families And then we build the company back up. So you could see like I'm a special guest on the Celebrity Apprentice, the first season of Celebrity Apprentice when Piers Morgan wins. Did he fire you? No, no, I wasn't a contestant.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Thank you. Thank you. Thank you.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm a little beyond being a contestant. I was a special guest. I'd come in like, if you see during the auction, I'm standing next to him at the auction, you know, and I'm helping him. Like I'm just his friend sort of as an extra all along the way, you know, every once in a while.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a P a
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
We're friends all the way, but I'm rebuilding my company. Yeah. And then, so I'm not interested in politics. Okay? I don't do anything in politics because I got my head down. We had the financial crisis. Candidate for Children was great in the financial crisis.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Raise your hand. And the other thing is, do me a favor, color inside the lines, okay? In high school, if she says this guy is orange, the answer to the test is orange. When you get to college, you can argue with the professor all you want. High school, color inside the lines, give the teacher what she wants, make sure she loves you, and you're getting a good grade. That's the rules of life.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Yeah, New York candidates. Think about it. You're in New York. You try to pick social liberals, fiscal conservatives, if that even exists anymore. But if you're in New York, you have to pick. Look, I grew up in New York, so I'm socially liberal. What else could I possibly be?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And my wife beat that into my children so that they would have it in their souls, in their moral character of someone who's fighting for you needs to have your love and respect back. You take them for granted. If you treat them badly, if you treat them like, oh, aren't I so great, then you deserve what you get. And my wife has taught that moral fiber into my children and it resides in them.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And the other thing my kids have is they have empathy. which is a very unusual thing for young people. And it's because they were raised with their father crying every day. I cried every day until October 21st, 2004. every day because I thought of someone I hadn't thought of, you know, or someone would say 650 people died. And I just, there was, you can't process all of that death without crying.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And the only reason I remember is because as I fell asleep, I told my wife that I didn't cry today and she wrote it down. That's the only reason I remember. So my kids are fantastic. They've been incredibly supportive. And my wife's the best. And she lives with me in Washington. We bought Bret Baier's house. So I have a nice house, big enough for my ego to expand. Very important.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So my husband found one that big yet.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You're an incredible American. Thank you very much for everything. This was really fun in coming to talk.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
They are so capable. Each of them is so capable, so thoughtful. I mean, I am honored to be on this cabinet with them. But we all get to work for Donald Trump, who can intuitively tell you, go fix eggs. And then Brooke goes fix eggs and eggs are down like 40% and Brooke fixes eggs. I mean, how awesome is that? And gas is down 40 cents. Right, and he's only just begun.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
If we get the Constitution Pipeline in New York passed, and I sat with him while Donald Trump lectured Governor Hochul on the unbelievable oil and fracking that they have in New York and the wealth that New York could have if they unleashed it, but they refused to unleash it.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So he's gonna force the Constitution Pipeline, which by the way, will drop gas on the east coast of the United States of America in half. I mean, this is, and that's, you know, then you got, that's Chris Wright. That's Doug Burgum. You got Brooke Rollins. I mean, you could just go, you know, Scott Besson, you know, so thoughtful and elegant. I mean, he just step by step by step.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You know, so early when Chuck Schumer was young before he became what the president now calls a Palestinian, you know, you know, he, you know, I raised him, you know, I raised the money and gave money. Donald Trump gave him money. Same. Right. I did, too. Yeah. I mean, because he was he was that's what he said he was. He was social liberal, fiscal conservative.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And you have really the most fun cabinet working for the most intuitive, smartest guy to ever sit behind the resolute desk. And we're going to make America great again, not as a slogan, but we're going to balance the budget. We're going to change America.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And and so, you know, we all give to those kind of candidates, but mostly, you giving to get along and to be able to ask him a question if you needed to ask him a question. But there was really no, I had no drive in that. Like I said, the first four nights I slept in Washington in the last 20 years were when Donald Trump was elected. I had never slept there. I'd come down, visit a little, go home.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
What am I staying here for? So he calls me at the end of October 23. Okay.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
No, no, I was, so I gave him money and I gave Hillary money. You gave Hillary money in the first term. Yeah, because Hillary was incredibly helpful to me post 9-11. Remember, she was a senator. Right. And New York needed help. Right. And Hillary was incredibly helpful. And I was driving the team to help New York rebuild because I had relationships with a whole bunch of congressmen.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And they were going to do nice things. Like Bill Young ran house appropriations. Right. Bill Young was my friend.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Through a whole variety of things that had to do with... I used to go to Bethesda Naval Hospital and I used to walk around and I would bring music there for the men who got hurt from the military who were in Bethesda Naval Hospital. And we would walk around. I'd go with my wife and then I would engage the young man with music. I'd give him music and ask him what CDs he wanted.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
This is when CDs were there and I'd bring up a Walkman. And my wife would pull the family outside. And she'd pay a year of their mortgage and all their expenses. Because what people don't realize is your son loses his leg. Right? Dad and mom come flying in and they're gonna stay by his bedside. What job do these people have that allows them to be at their son's world?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And their world is falling apart because their son lost his leg. So their world is falling apart. But at home, their world is falling apart. And so my wife would just try to figure out how much money it was and just give him a check. And no form, no nothing, just give him the money.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
and and help him so i would bump into bill young and his wife who they were just they ran then defense appropriations and they were there just being good human beings and so we became friends and he said to me once he said is there anything i could ever do to help you I'm like, look, you're like a congressman from Florida who does defense appropriations.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And I'm like a Jewish guy from New York who's in finance. If there ever were two SKUs that we're never going to meet, this is two ships going, right? We got nothing. So I said to him, look, we're just going to be friends, right? We're never going to do anything. And then he runs house appropriations. And so when New York needs money to rebuild after 9-11,
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
They go see Bill Young to try to get a bill passed. And he said, how can you come see me without Howard? This is post 9-11. So I'm running New York, and Hillary does a really nice job for New York. And I told DJT, I call him DJT because I've known him for always. I said, I told him that I can't forget. I'm just not the person who's going to forget. Of course I gave him money. Right?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
And by the way, he still tortures me for it. You know what the best part is? As a good friend does. Right. You know what the point is? See, other people would sort of curl back.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
Right? So here, right after he gets elected, okay, here's a story for you. So right after he gets elected, he has a dinner in New York. Right? So he invites me to the dinner in New York because I'm his friend. And then while he's giving his talk to his first dinner in New York, he goes, wait, wait. Hillary's supporter. And he points at me. Right? So I stand up. I go, hey, everyone. And I sit down.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
You know, he's just sassing me. OK? Because I gave him tons of dough. He knows I love him. And it's fine. OK, so we're 2023. So we're 2023. And he calls me. And he says, will you help me? And I had not thought politics. Now, I gave him money in 2020 reelection. Probably gave him 10 million bucks. I raised him 15 million bucks. So I was, you know, once, I'm on his side the whole way through.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
I'm raising him money in 17, 18, 19, 20. While he's president, I'm totally on his side. But I'm just his friend. I'm not engaged. Okay, because I'm still rebuilding my life. Okay, and then 2023 calls me, says, will you help me?
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
and i actually thought about it like and that was the first time i really thought politics and then i said yes and i gave him 10 million bucks right then and there and then i started talking to him i started going on the campaign trail i started doing research i started doing knowledge i wanted i talked about everything i talked to him all the time about everything did you love it
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So I've known the president since I was 30 years old. So I used to go on the, we call it the charity circuit in New York. So there's basically a charity party every night when you live in New York.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
There's nothing not to love. As Donald Trump says, this is 1,000 Super Bowls for him. And for me, it's only 100 Super Bowls. If you're dedicated to America and you're willing to wear America's clothing and to stop worrying about yourself and only care about America and have no objective post. The president hates when these people have, like they raise money post from people they met in here.
All-In with Chamath, Jason, Sacks & Friedberg
Howard Lutnick | All-In in DC!
So I'm never going to work again. I'm never going to work. This is all I care about. I'm just going to help America. So he asked me to help him. And I start thinking about it. I start studying everything. And I read everything. And I read everything about the White House. I read everything about everything I can possibly read, because I'm just that way. And then I start helping them, right?
All-In with Chamath, Jason, Sacks & Friedberg
The AI Cold War, Signalgate, CoreWeave IPO, Tariff Endgames, El Salvador Deportations
Mm-hmm.
All-In with Chamath, Jason, Sacks & Friedberg
The AI Cold War, Signalgate, CoreWeave IPO, Tariff Endgames, El Salvador Deportations
Look at how he sits. He's so cute.
All-In with Chamath, Jason, Sacks & Friedberg
White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue
Oh, okay.
All-In with Chamath, Jason, Sacks & Friedberg
White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue
What I'm doing is I'm saying, okay, I got to collect tariffs, right? So I go to one of the great software companies of the earth, and I say, I want you to give me You're going to build for me for America. You're going to build the greatest customs processing ever.
All-In with Chamath, Jason, Sacks & Friedberg
White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue
I put it in for free. I don't know. What other countries in the world do you think are going to buy now? Right. If it works for us. Well, remember, you have to connect to me.
All-In with Chamath, Jason, Sacks & Friedberg
White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue
So every country's going to lie.
All-In with Chamath, Jason, Sacks & Friedberg
White House BTS, Google buys Wiz, Treasury vs Fed, Space Rescue
This is awesome.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
I don't think that someone's genetics should determine race. whether or not they go to a school. And I think that their socioeconomic background, experience set, values, successes, failures are the things that they could have affected or that I think probably better define whether we want to take a moral stance on giving other people opportunity.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
So I think that that's a kind of good and reasonable place for us to end up.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
What do you guys think about... creating a leg up for people that came from a disadvantaged socioeconomic background. So put race aside.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
but an individual that grew up in a difficult circumstance that didn't have the privilege of going to a good school or having a good education, worked hard, tried, but didn't end up with the best test scores or didn't end up with the best GPA because of the conditions they were born into.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Do you think it's appropriate to give those individuals a leg up in the application process, putting race aside, but just call it socioeconomic disadvantages?
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
And they went to school in Atherton.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Or a rural district with no education. Appalachia. Appalachia. Both are kind of equivalently disadvantaged or differently, but both disadvantaged. Yep.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Totally. I 100% agree. And I feel like we've used race as a heuristic for that conditional background.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
And that's what makes it hard because race is not necessarily, it's certainly there's a correlation, but it's not necessarily indicative of the socioeconomic disadvantage that someone may have faced and had to overcome in order to perform and succeed at the level that they could have given their conditions.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
And so I certainly think that the incorporation of one's socioeconomic background should be a critical part of the application process. And it's certainly in the same in the job setting, ultimately.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Well, I think that would go a long way. Because we do still have a college application process, Chamath. So there are still going to be a set of criteria used to determine whether or not our kids end up getting into a specific school if we and they all kind of say, hey, it makes sense.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Well, in my work cohort, North Carolina State's a great school. We hire a ton of people from there. So that's a great school, actually.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
I think the structural... Monopoly is that they then get and have the most capital, which they can then use to build facilities and support staff that can come and do core research. And so you then get all these research staff, particularly in technical fields, in science and medical fields and so on, that want to come and be on campus.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
And that then creates the network effect of undergrads getting a better education because they're getting exposed to the best talent.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
I think you're the only Ivy Leaguer here.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
But did you get exposed to it? I mean, I know when I went to Berkeley, I worked at Lawrence Berkeley Labs. I got to be exposed to Nobel laureates. It was actually like... I think particularly in my field, like I majored in astrophysics and physics, like that was a great school to get exposure and you actually had that opportunity. I think that's part of the challenge.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Schools with really great graduate programs and research that goes on on campus actually can give a better educational experience to the undergrads. It's almost like you're getting these internships and these fellowships and these TAs and professors.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
Yeah, that's right.
All-In with Chamath, Jason, Sacks & Friedberg
Massive jobs revision, Kamala's wealth tax, polls vs prediction markets, end of race-based admissions
I think that that's a lie we tell ourselves. I'm talking about applied work too much. So I'm talking about you go up to Lawrence Berkeley Lab and you work in an actual lab that does really interesting research. Okay, so my point is, if we both agree that these fundamental sciences is the key. Definitely, yeah, yeah. That's what I'm pointing out, yeah.
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Well, I do think in a digital era, core education has commoditized. And I think most people can get most of the way there without necessarily paying 60 to $80,000 a year, and then being partnered in some way with that on the ground internship or integrated kind of program where you get actual hands on experience.
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So I don't know, like, I mean, the university model, maybe does not make sense for most fields. J. Cal, what do you think?
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Where did you go to school, Jake?
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I will say, I feel like my experience in the workplace is that One's college or university is completely decoupled from one's performance or ability to succeed in the workplace in an meritocratic workplace. And when I say meritocratic, I mean excluding nepotistic workplace settings and excluding demographically biased workplace settings. 100%.
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And if you exclude those two, it honestly does not matter what school someone went to. They could be brilliant. They could be hardworking. They could be passionate. They could be a leader. The school doesn't matter.
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And in fact, perhaps the corollary is true, which is the people that went to the schools that determine success generally have a very hard time succeeding in the workplace because anytime they face failure, it is a challenging circumstance for them that they are unable to overcome.
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And that's particularly true in entrepreneurship, that's been my experience, perhaps in the broader workplace setting, they could work well, where they're told all the time, if you do this, then you get that they do this, they get that they feel good, they succeed in that model. But in the in the real world, that's not the model.
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And I think that that's a really important fact that's colored my point of view on how the higher education system actually does perform with respect to improving the quality of our workforce in the US. Separate of that, I will say that in technical fields, the research environment on certain college campuses can be incredibly, to Chamath's point,
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opportunistic for getting exposure to hands-on work that you might not otherwise get in technical field.
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That's what I mean by like the basic, the base education has been commoditized. You know, it's the hands-on experience that one gets that makes a huge difference.
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Well, I think you and we keep... Everyone keeps trying to reduce this down to some deterministic binary system, which is like it works or it doesn't. And the truth is... that the conditions of the world are changing all the time. The news is changing all the time. People are taking action all the time. There's a shift in current events all the time.
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As a result, the forecast is changing all the time. And so what a betting market or a poll does is provide a probabilistic forecast of the future. There is a probability of something happening. It is not trying to say I as a poll or I as a market am right 100% of the time or not. It is saying here's the estimated distribution of outcomes in the future.
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So there is a 20% chance or an 80% chance of Shapiro, 20% chance of him not being the case. Turns out that that 20% is where Harris ended up going based on some meeting she had in some room with some group of people that we aren't privy to and that the market in that case was not privy to. What Nate Silver does, and I think people need to understand this a little bit,
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When you gather polling data, that poll has some predictive power based on how the pollsters conduct their poll, who they call, how they screen candidates for the poll, et cetera, et cetera. So different polling companies, it turns out, are better or worse at making that directional probability bet than others.
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And what Nate's models do is they account for the historical performance of different pollsters and weight them differently to create a basically a multipole prediction. And so that's what his system is set up to do. And remember, he similarly doesn't give you one outcome. He gives you a distribution of outcomes.
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I think his simulation model has probably a thousand or 10,000 simulations that come out of it. And those simulations, he says, look, there's a 29% chance of this happening, 70%. He's not trying to say, here's what's going to happen. He's trying to give everyone a point of view on the distribution of things happening in the future, just like weather forecasting is not perfectly predictable.
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It's very predictable for tomorrow. It's less predictable for three days from now. And it's very unpredictable 12 days from now. And that's how these polls also work out. And that's also how these massive mega models of polls and it's also how prediction markets work.
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So basically, when I read those polls... or I read the summary of the polls, I have a bias based on my interest in the outcome that says that thing is BS, that thing is right. Oh, look at this. And everyone points to this stuff for confirmation bias of their opinion and to denounce the other side. And so it all gets caught up as kind of a media angle when people use polling data.
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And also fundamentally when people kind of get involved in polls and create polls, there's also the risk of bias. And part of what Nate Silver and others try and do is figure out, does that bias come out in the polling performance historically?
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And that's how they kind of weight whether or not this poll is gonna be a better or worse indicator than other polls of the distribution of things that might happen in the future.
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So I think it's actually a step a little bit deeper than that. Kamala Harris and Tim Walz have only ever worked for government. Trump and Vance have worked in private industry. It's not just their perspective being colored by the lack of participation in the private economy, but the lack of employment in the private economy. They've never worked for a private business.
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They've never been employees of a private business. They've never built a private business. I'm not trying to be disparaging, but I do think, I'm just trying to underline the point here, Chamath, which is the voters' choice is, do you want candidates that are not typically government operatives? Or do you want candidates that have spent their whole career as government operatives?
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And that is effectively what the voters are going to be voting for. And they're going to make a decision, they may want to have someone that's going to lead the biggest government in history, because they've spent their whole careers in government. Or they're going to say, you know what, the biggest government in history needs to be significantly altered.
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And we want to bring someone in from the outside that's worked in private industry. And that is the voter's choice. That's one way to view the voter's choice here.
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That could be because he's never, it could be because he's never, it's because he's never, maybe it's because he's never had a private sector job.
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It might be a feature to their ticket. And I think that there's a perception of experience in government that is deemed to make a government leader more appropriately suited to be a government leader. A career politician. Well, not even a politician, just career experience, either being employed by or working within a government, local, state, or federal.
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And remember, Kamala started her career at the DA's office in Alameda County before moving over to San Francisco DA's office. And then she was DA of San Francisco and then attorney general and so on and so forth.
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And how the free market incentivizes the creation of improved productivity, which over time translates into improved prosperity for the society within which that is taking place. That is so critical. And we saw that happen even in China in the last 30 years when the government allowed entrepreneurship to flourish in certain parts of the country.
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As a result, there were significant productivity gains and they brought a billion people out of poverty.
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Three, two. I just had to take a leak. I just, I go outside my office and then I come back. Oh, you like a nature pee? You're a nature pee guy? Me too. I love a great nature. Well, I have this great office at home, which is like a building outside of my house.
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Yeah, so just to give a little more detail to it, J. Cal, and you can actually see it, I think, Nick, if you want to pull up the page 8283. in the document. So the wealth tax is 25% of your unrealized capital gains if your net worth is above 100 million. And the first time this happens, you can split up the payments over nine years.
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You have nine years to kind of pay down the assets or sell the assets or borrow the money you need to make those tax payments. After that, you can actually make those payments over five years. Those payments are ultimately treated as prepayments on taxes that will be due when you realize the capital gains.
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Every year you have to report to the IRS, separated by asset class, the cost basis and the estimated value of every asset you have. You then have to determine your tax that you owe because of the difference from last year. You start out with tradable assets of stocks. Those are just valued at the end of year. Illiquid assets like private companies or real estate.
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You don't have to get a valuation. If there was a financing event or some other sort of major revaluation, you have to use that value. And if there isn't, the number goes up every year by some nominal rate that will be set by the treasury. So the treasury is basically gonna tell you what they think the value of your company has gone up on an annual basis. And that's the determination evaluation.
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You can file an appeal. So for all the entrepreneurs and startup people listening, There's a process that they're proposing that is basically the government saying, if you didn't get a new financing round done, the price goes up. And if you disagree with the price going up, you go back and you appeal it.
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So they've addressed this and that's the final provision. And what they said is that if a taxpayer is treated as what they're calling illiquid, meaning that their tradable assets, the stocks that they own or the cash that they have is less than 20% of their total wealth, then they may elect to include only the unrealized gain in their tradable assets to determine their tax liability.
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However, if you do this, you will actually have a deferral charge, which means you'll ultimately pay a higher tax on the capital gains on your illiquid asset when you do have a realized capital gain on it. So they're trying to cover the fact that people might have all their assets tied up in real estate or all their assets tied up in private company stock.
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And again, I feel like we're kind of shouting into an abyss here because this is only going to affect such a small number of people. But they've really tried to write this in a way that ultimately covers the kind of pushback that you're highlighting. I'll say one other piece of pushback that's been received and tested in the Supreme Court.
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A lot of people have said that the 16th Amendment prohibits this taxation. A ruling from the Supreme Court was published June of this year. And in that particular case, there was a repatriation tax for folks that left the country. It's the Moore versus United States tax case.
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And when people left the country, the government under the Tax and Jobs Act, which was passed under the Trump administration, the government had a right to go after people's assets and tax them on their unrealized gains, even after they give up their US citizenry. This was challenged to the Supreme Court, and there was a number of amicus briefs filed
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on this case that said the government does not have the authority and Congress doesn't have the authority to actually tax on unrealized capital gains. And at the end of the day, the Supreme Court agreed to hear the case. And they did not overturn on the position that the government actually did not overstep their authority to be able to tax unrealized capital gains.
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So there is some Supreme Court case precedents here that indicates that this will not get thrown out on an unconstitutional ground basis. So there is a lot of conversation that this might actually become a real case. I'll pause there. And I actually have a theory I want to talk about in a minute, but it's a little bit of an extension from this point. But that's a summary.
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Okay, I've got a theory.
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I was trying to figure out why we seem to be like embracing socialist principles and why I keep seeing more of this stuff become mainstream and almost become normalized. And I was looking at the total GDP of the United States is $25 trillion. The federal budget for next year is proposed to be 7.2 trillion. And state and local budgets combined is about 4 trillion.
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So if you look at government spending, it's about half of GDP now, state, local and federal, which roughly equates to about half of people in the United States are employed directly by government, or indirectly, because the government is the primary revenue source of their business.
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And I think that that's why this set of policies, and I'm not talking about the tax on the centimillionaires as much as a simple disregard for the fact that the United States over time, the prosperity that we've realized has been driven by a free market economy. by enterprising individuals going out and saying, there are people that are asking for things.
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I'm gonna figure out a way to build those things and make it for them and sell it to them. People will pay for it. They will work hard to do it. And the incentive structure in a free market has enabled productivity improvements and enabled ultimately prosperity. but we've reached a tipping point.
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And the tipping point is when half or more of the population begins to be employed by the government, at which point that concept is lost because now it is the government that is the employer, not one's own individual liberties and ability to go out and be enterprising. And so I think that the budget of government tipping to 50% of GDP is the reason why these policies become mainstream.
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That's my theory. And so it's a relationship of government spending as a percent of total GDP, which translates into employment. Very reasonable.
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I wouldn't use the term taker sacks because there are hardworking people that work for the government. And so it's not necessarily about just taking a free check or there's certainly an aspect of that to some degree. But it is about the government becoming the primary supporter of individuals in this country through employment or through subsidies or through checks or through what have you.
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Or private company workers that just happen to have the government as their only customer.
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What's the political affiliation of like, has there ever been surveys done of employees at the federal level and what their political affiliations are?
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Do you support the Trump tariffs as a solution there, Sachs? Because those are fundamentally going to be inflationary, which is going to make the costs go up for everyone. Well, I don't know.
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Sachs, let me ask you one more question. Do you think that the Biden administration's bills, the Inflation Reduction Act and the CHIPS Act, both of which were meant to revitalize that middle class kind of industrial economy through government funding of developing new facilities in the US to onshore manufacturing, is that not a good, reasonable solution to that problem?
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It should have been renamed the Inflation Maximization Act, the IRA.
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What about the chipsack?
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you know, they can't manufacture.
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Buenos Aires is a beautiful, beautiful city.
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No, this is great. Sitting while urinating aids in muscle relaxation, benefiting men with tight pelvic floor muscles, or symptoms of an enlarged prostate. Sitting to pee enhances stability, reduces the risk of falls, and minimizes messiness, especially for him.
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I mean, I think the Fed target is 4%, which is kind of where we're at. I think we're at 4.2 or 4.3 now. And so the Fed tries to balance inflation, unemployment and rates. That's kind of the three things that they're looking at. So they make adjustments to rates. Obviously, if you take rates too low, too fast, you have an increase in inflation. So they're targeting inflation's 2%.
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They're targeting unemployment's 4%. So if you take rates too high, you can certainly reduce inflation, but then the economy can contract or slow down and job cuts start to come through. So now...
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With inflation kind of supposedly approaching 2% and unemployment over 4%, the market, if you look at the trading markets, they are now estimating a 100% chance of a three-quarter of a percent rate cut by the end of 2024 and a 70% chance of a one-point rate cut by the end of 2024. So the question is, are they going to do three quarter point cuts by the end of the year?
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Are they going to do a 50 basis point cut and then a 25 or a 50 and a 50? The next couple of weeks will determine which direction. And then obviously, Chairman Powell has his big speech happening on Friday.
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50 or 75% chance of a quarter point cut, 20% chance of a 50 basis point cut. and then 6% chance of no cut, which is kind of strange because the trading markets, this is obviously a prediction market, but the trading markets are showing effectively 100% chance of a three-quarter point cut by the end of 24.
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Like, do they hold you?
All-In with Chamath, Jason, Sacks & Friedberg
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I don't think they'll be seeing me pulling tits on the dairy farm anytime soon. That's colloquial for milking, by the way.
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Okay, perfect. So now do you want me to add that to my bet for this one?
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One and done is absolutely the way to go about this. Here we go. First part we've got to do here is pick out a dealer.
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These definitely are real dealers. They're certainly Eastern European as far as I know. I don't know what their quality of life is like. I imagine they're warehoused somewhere and put on the tools. Now, I went with a young lassie today and she rolled bold and asked for me. So I'm going back to the boats because they've been good to me.
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Yeah, it's gone from 15,000 to 1.3 million in this entire journey. So, yeah, a little bit nonsensical, but... Okay, this looks like a good... He looks like a hot worker.
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He's going to work for us. You're going to cop the insult live as I do it. All righty. It is day 15, going to Blackjack and betting $1.73 I've got. We have a $14,000 bet going on the line for me personally, but I actually have some absolute legends with me today. I'm betting for the besties from the All In podcast as well.
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They're going to bring the luck, having been rolled, bowled, and arsed by a young lassie yesterday. So $34,000 goes on the line. Oh, no, no, you guys want $10,000, right? Not $20,000? Jeez, I better not take it.
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did. 24,000 is going on the line. Aldela looks like the kind of bloke who stops at red lights playing GTA. We won't hold that again. I will not, if you will. I need to see good cards. Jackets! Jackets!
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Gentlemen, that has really just happened. You've just turned 10 into 25. Holy. Holy cow.
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Mate, I'm actually breaking my own rules for you guys. I filmed today's hand, day 14, but I'm going to film tomorrow's hand for you guys right now. It'll roll out.
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We just keep rolling every week.
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I wouldn't have to run anything if I could just play one hand of blackjack with you guys and I'd land jack ace every week. That is unbelievable.
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How about I go first class to the Orland Summit? Now there's a guy.
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Correct. Yep. Kiwi living in Calgary. Been here since September 2022. The missus and I.
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From Taranaki, so West Coast, North Island, certainly not somewhere, it's not a holiday destination for certain if you're going there. It's like dairy farming country. It's beautiful, but it's off the beaten path. So, yeah.
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Gentlemen, what an absolute pleasure to walk amongst some goddamn greats. Let me see if I can put a bit of pep in your step with a one-time blackjack hand to kickstart one of the greatest podcasts on earth. It is, I can't confirm this is not AI. You did this? We're going to rock and roll proper today.
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Do you know what? We holidayed here, my fiance and I, May 2022. And we thought it was just going to be a holiday then back to the farm.
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Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser
But I guess we had that COVID cabin fever like the rest of the world and loved our time here so much that we just decided before we even finished the holiday that we cracked on to getting our visas and got back, sold up my livestock and leased the farm back to my parents. And and made the move. And we haven't looked back.
Armchair Expert with Dax Shepard
Best of Friday 2024
It's funny. About five minutes ago, I was in my daughter's bedroom, which is a little smaller and probably better for the sound. And our neighbor across the street is doing a construction project and just whipped up their drywall mixer. Do you live across the street from me? Yeah. In the last five minutes, I've been frantic.
Armchair Expert with Dax Shepard
Best of Friday 2024
I have been. I was working in the wine industry for almost 20 years.
Armchair Expert with Dax Shepard
Best of Friday 2024
What were you? I worked in marketing, social media.
Armchair Expert with Dax Shepard
Best of Friday 2024
So now I work at our regional food bank called the Redwood Empire Food Bank. And I do grant writing and corporate partnerships. Busy time of year?
Armchair Expert with Dax Shepard
Best of Friday 2024
We do. This takes place in a little town called Windsor, just north of Santa Rosa. That's the home of Charles Schultz. That's right.
Armchair Expert with Dax Shepard
Best of Friday 2024
It's January 2000. I'm 18 years old. In between my semesters at my freshman year of college, I was going to the junior college here in town. Most of my friends had already left to go back to their schools. Some post-holiday blues, post-Y2K excitement.
Armchair Expert with Dax Shepard
Best of Friday 2024
So I was just kind of moping around the house and my sister lived at home. She was a little bit older than me and she loved going to the gym. So she dragged me to the gym one day. Put on, you know, new pair of warm-up pants that I had, a big hooded sweatshirt. Exactly what I thought someone who would go to the gym would wear, you know, but not at all. Ooh.
Armchair Expert with Dax Shepard
Best of Friday 2024
it's not a very big gym it was the first time i'd ever been to a public gym they kind of had the check area and the machines kind of in the front and then tucked in the back were a few treadmills and all the free weights so we went in hopped up on a couple of the treadmills to do a little warm-up we were jogging for a few minutes and my sister she'd hopped off and went to go do like her routine whatever she was going to do and i decided to stay on the treadmill i did a little running in high school so
Armchair Expert with Dax Shepard
Best of Friday 2024
Started building my confidence a little bit, putting up the speed, trying to get familiar with, you know, being on a treadmill. You know, probably five minutes go by and I'm going pretty fast and feeling good. Of course, I've got lined sweatpants on and a big hooded sweatshirt. So I'm getting hot. I'm way overdressed. Decided I need to take my sweatshirt off.
Armchair Expert with Dax Shepard
Best of Friday 2024
The thought does not even cross my mind to like stop the treadmill, take my sweatshirt off and start up again. I'm going to just go ahead and try and take my sweatshirt off while I'm on the trip.
Armchair Expert with Dax Shepard
Best of Friday 2024
Yeah, you know that move in the car where you're driving and they take a sweatshirt off or something and you can kind of do it real quick.
Armchair Expert with Dax Shepard
Best of Friday 2024
No, if anything, I wanted to be anonymous. I was a pretty shy kid. Luckily, it wasn't very busy. I was kind of off on my own. You know, got one arm out of the sweatshirt, pulled the sweatshirt over my head. And that was when I lost sight for the first time. Oh, wow. And immediately stopped feet. I fly off the back of the truck. Oh, no. And I wish it would have ended there.
Armchair Expert with Dax Shepard
Best of Friday 2024
And that would have been fine. I probably would have been okay. But the way this gym was set up was that, you know, it was 2000. It was pre-flat screen TVs. So the TVs were hanging on the ceiling. And they were the big tube TVs. And they were down the middle of the gym. So the treadmills were turned to face the middle of the gym, backed against a wall. Oh, no. Okay, okay, okay.
Armchair Expert with Dax Shepard
Best of Friday 2024
Bounced off the wall, landed back on the treadmill. Back on the wall. Wait, what?
Armchair Expert with Dax Shepard
Best of Friday 2024
So I'm basically like in a dryer and a tumble cycle is kind of what it felt like. Are you still blinded by the sweatshirt? Completely blinded. Sweatshirt completely halfway over my head. Can't see anything. I'm just kind of bouncing back and forth between the treadmill and the wall over and over again.
Armchair Expert with Dax Shepard
Best of Friday 2024
So, you know, eventually I hear my sister screaming, not really helping, but she's screaming from the other side of the room, you know, somebody help. All this is happening so fast. It was probably only 30 seconds, but it feels like 10 minutes that I'm just bouncing back and forth between treadmill and wall. Eventually somebody came and stopped the treadmill.
Armchair Expert with Dax Shepard
Best of Friday 2024
I took inventory outside of my torn warm-up pants. No, this is so sad.
Armchair Expert with Dax Shepard
Best of Friday 2024
I mean, I feel fortunate that it wasn't too busy. There wasn't that many people there. I pretty much left immediately after that. I was like, I'll wait in the car while you finish your workout. I'm not hanging out anymore. I'm done with the workout. I'm never ever going to exercise again.
Armchair Expert with Dax Shepard
Best of Friday 2024
I have a feeling that people who work there probably had that on security footage and probably got a real charge.
Armchair Expert with Dax Shepard
Best of Friday 2024
I was pretty sore the next day. Burnt up knees a little bit, but more bruised ego than anything.
Armchair Expert with Dax Shepard
Best of Friday 2024
Call 911! I called her last night to kind of corroborate the story. And she was like, what I remember is I was working out and all of a sudden I hear this big thud. And then I turn around and I see her arms flailing around on the treadmill.
Armchair Expert with Dax Shepard
Best of Friday 2024
I have. Stayed outside for my running for a while.
Armchair Expert with Dax Shepard
Best of Friday 2024
I wouldn't say I'm the most graceful person either, so I've been known to trip just on the sidewalk.
Armchair Expert with Dax Shepard
Best of Friday 2024
You just start telling people, you know who I look like. Shout out to my daughter, Grace, and my son, Sam. I let them listen to a very choice few of these.
Armchair Expert with Dax Shepard
Best of Friday 2024
Oh, God. I'll wait until they're a little older for that one.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
Wow.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
Hi, Michelle and Craig. My name is Nick and I'm 38 years old and I live in Miami, Florida. I have an elderly mother who's recently been admitted to an assisted living community due to her Alzheimer's disease progressing beyond our family's care. But the road to getting there was tough. For several years, my dad and I were her primary caregivers.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
Well, my dad was her primary caregiver, taking care of the house, cleaning, cooking. And then I was my dad's caregiver. I'd grocery shop for him, make sure he was eating properly, come over to watch the game. But that often meant I was leaving my own wife and young son at home a few nights a week. Now my relationship with my wife is suffering.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
She's very understanding of my situation, but we lack any real time together outside of going to work, taking care of our house, making sure our son has everything he needs. And then recently, in one of our weekly visits to see my mom in her new care facility, she introduced us to her new boyfriend that she met there.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
The only problem is, my dad is very much in love with her and dedicated to her still. We know in our heads that this is the disease taking its effect. but were having a difficult time watching my mom turn into someone that sees me and my father as, quote, the assholes out to ruin her relationship with the love of her life.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
And now I'm left wondering, after all these years of strain, what will the emotional fallout of all of this be? My dad's sense of himself without my mom and his heartbreak at what's happening at the end. I'll continue to be there for him, but my own home life has suffered so much for so long, and I know my wife and son deserve so much more.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
In the midst of it all, I haven't even begun to try to come to terms with the fact that my mom is no longer the same person that raised me and supported me through the best and worst moments of my life, and soon that she won't be here with us at all.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
How do we even begin to come together again as a family when we're all exhausted, already devastated, and have no real time to take care of ourselves? How do we move forward, each of us, successfully from here? Thanks for your thoughts. Nick. Ooh, Nick.
IMO with Michelle Obama and Craig Robinson
Caretakers Need to Care for Themselves with Seth and Lauren Rogen
She's great.
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Nick, we have to just light it without engaging it.
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Get ready to dodge! I don't know how else to say this, but whale!
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Tomorrow. Tomorrow I will start. Tomorrow I will, Pingas! Tomorrow I will slam on the cooler.
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Derek, that is such a fucking move. Oh, but there's a sail. Well, of course you know that they would keep the canvas here.
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Near. Your. We found something. We found something for you. Well, what is it? Look at this! And we have this horrific bone effigy.
Legends of Avantris
Icebound | Ep. 24 | Passage of Rime
Would you enjoy some calming burning alive? A calming cup of being burned alive.
Mind Pump: Raw Fitness Truth
2541: This Strength Building Technique Activates More Muscle Fibers... & You're Probably Not Using It (Listener Live Coaching)
Yeah, exactly. He's super pale like Justin. He has the same last name, too, basically. He's a Scottish guy. Is he Andrew's? Andrew. A couple of albino buddies, huh?
Serialously with Annie Elise
247: Exposing The Truth About Belle Gibson & Netflix’s ‘Apple Cider Vinegar’
I don't like that hate word, but sometimes I feel like turning around to her and saying, Belle, I hate you.
Serialously with Annie Elise
247: Exposing The Truth About Belle Gibson & Netflix’s ‘Apple Cider Vinegar’
She's stuffed it up real bad. I've had to go through counselling myself. I don't like to be in public. I've had people come up to me and ask me questions and they think I'm like her when I'm nothing like her. But I really hope she does watch this and see how much I am hurting.
Serialously with Annie Elise
247: Exposing The Truth About Belle Gibson & Netflix’s ‘Apple Cider Vinegar’
I am. My kids see me hurting as well. I don't have autism at all, no. Even when I was a kid, she used to call me retard.
Serialously with Annie Elise
247: Exposing The Truth About Belle Gibson & Netflix’s ‘Apple Cider Vinegar’
I hated myself and I didn't want to be around. I was shy, placid and I didn't like to be out in the public just because things she said.
Serialously with Annie Elise
247: Exposing The Truth About Belle Gibson & Netflix’s ‘Apple Cider Vinegar’
That's correct. Like, I talk to a lot of people. I do have trouble with reading or writing, but that's, you know, always been the case. She knows what she's done and said is completely wrong. Like, it's... it's embarrassing.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Hey, how you doing? Doing good. Thanks for having me on your show.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
My wife is a longtime listener and I just became a, started to listen to you guys. And I wanted to ask a couple of questions in regards to I co-signed on a loan for my friend seven years ago now with a verbal agreement that in a few years he's going to refinance and get me off.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And, you know, COVID hit and he had a COVID assist program where they stopped paying on the loan, but obviously the interest rates were continuing to add up. And then life happened. So he had surgery. So he went through a couple of rough times. I mean, the good thing is he's still paying on the loan. The only bad thing was the original loan was for 367.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And now because of the COVID program, it went up to 376. So after I just got married with my wife and we want to start our life and buy our first home. And I reached out to him in regards to options of getting off the loan. Excuse me. And we tried to do a loan assumption, but his debt ratio was not where it needed to be because of the surgeries and everything.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And then I approached him in regards to, hey, let's refinance. Even though it's going to be at a higher rate, it's going to be on you only. It's not on me anymore. I did my part as a friend of helping you get this house. And what did he say?
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
um no obviously he said no because of the rates not being low enough and um he so my question for you would be uh obviously we've been going back and forth with him about it um and i want to know what would should be my next step i mean the relationship can't be too good after all this is it So no, so the relationship has definitely suffered.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Hey Dave, I'm doing good. How are you guys doing?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So I'm in a little predicament here. Uh, I've been running my business. I started about eight years ago. Um, it's a party and event rental company. We're located in South Florida. And I have just recently, probably within the last six months, kind of been listening to a lot of your videos and watching you guys consistently starting the baby steps.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I've had about a little over $70,000 in debt between a vehicle or two, as well as just mainly credit card debt. Within the last six months, I've paid off over half of that. I have about $30,000 in debt remaining with $22,000 of that being one of my vehicles and then about $8,000 left in credit cards.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And now with it being December, I've got Christmas bonuses that need to be going out that I'm normally paying every year and that I've got about 10 employees total and Uh, I'd say four or five of them have been with me for a few years now and are used to, you know, that Christmas bonus.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Um, this year I've just been, you know, I've been tightening everything up and I'm just in a predicament right now and wondering, you know, if, if I should pay those Christmas bonuses or if I should have a, you know, a conversation with my employees about, you know, I've got the money. Yeah. I, you know, I've, I definitely have the money to pay them for sure right now.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Not a lot. I would say over the 10 employees, they're all going to be small bonuses, maybe totaling up to $3,000. Okay.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I mean, right now, just liquid in the bank between my personal accounts and my business accounts, I'd say approximately maybe $35,000.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Right. That's my why. How do you think they're going to react to that?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Definitely some disappointment for sure. I'm sure they're kind of counting on it. It's later in the month than I would have normally paid it to them because I'm just, you know what I mean?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I haven't, unfortunately, no.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Yeah. So you would just instead of investing it because I'm able to, you'd say just save it in a high yield and then just put it to the next.
The Ramsey Show
Your Debt Should Make You Uncomfortable
I only have one more. So three more semesters total next semester and then senior year.
The Ramsey Show
Your Debt Should Make You Uncomfortable
The way to go. And then would you also recommend me taking that out of that investment and then putting it back or just leave it there and from here on out just save the money?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Okay. Thank you so much. That provides a lot of clarity.
The Ramsey Show
Your Debt Should Make You Uncomfortable
My question is, I'm 21. I'm in college. I paid for my education with my dad and I've got baby steps one done and I have no debt. I need to pay $3,000 per semester so that I don't go out of college with student loan debt. And would it be more beneficial for me to any additional money that I don't make? So putting into step three, I don't feel like I can be gazelle intense with that.
The Ramsey Show
Your Debt Should Make You Uncomfortable
Or would it be more beneficial to take 15% of my income and put it into mutual funds for something further down the line?
The Ramsey Show
Your Debt Should Make You Uncomfortable
Mainly to, I won't, me and my dad have got it covered. I just need $3,000. Should I put it towards the three to six month emergency fund, which is baby step three? Or should I just put it to a mutual fund and be able to
The Russell Brunson Show
Introducing The Side Hustle Show
Whether you're looking for ways to make extra money in your spare time or build a side hustle to replace your income, The Side Hustle Show is helping thousands of listeners just like you reach their goals. Make about $1,000 a day. We have a net profit of three grand.
The Russell Brunson Show
Introducing The Side Hustle Show
It was doubling my income from my nine to five job. And I said, I got to quit. Since 2013, I've been studying the best legit side hustle ideas and learning what works and what doesn't from real side hustle entrepreneurs, not the high ticket gurus. Success leaves clues. At some point, they all made the decision to start something, something that changed their lives for the better.
The Russell Brunson Show
Introducing The Side Hustle Show
Even if you have no idea what side hustle you should start, The Side Hustle Show shares tons of different options so you can find the ones that work for you. Here are three recommendations. A great episode to start with is number 603 that shares 17 side hustles you can start even if you have, quote unquote, no skills. Would an extra $100 a day change your life?
The Russell Brunson Show
Introducing The Side Hustle Show
Check out the $100 a day challenge in episode 594. And if you can't be bothered with low paying side hustles, check out our top 10 most profitable side hustles in episode 624. We've collected more than 1200 five star reviews and would love to earn one from you as well. So follow the side hustle show and your favorite podcast app today, or get your own free personalized playlist at hustle.show.
This Past Weekend w/ Theo Von
E561 Ari Shaffir
Yeah, wake up in the morning and just piss myself off by reading all the comments.
This Past Weekend w/ Theo Von
E561 Ari Shaffir
But even this headline is like, oh, they decided to boost their contribution to the lawsuit even though they killed hundreds of thousands of people.
This Past Weekend w/ Theo Von
E561 Ari Shaffir
We had a female long-haul trucker, a mortician, lunch lady.