JD Vance

You know, Bobby Kennedy has talked about this a lot, and I think he puts it better than I ever could, but that, you know, you go back even 30 years ago, and approximately 80% of the counties that represent, sorry, 80% of the wealth in American counties went in places that voted Republican and about 20% of the wealth went to places that voted Democrat.

You know, Bobby Kennedy has talked about this a lot, and I think he puts it better than I ever could, but that, you know, you go back even 30 years ago, and approximately 80% of the counties that represent, sorry, 80% of the wealth in American counties went in places that voted Republican and about 20% of the wealth went to places that voted Democrat.

Now it's 70% of the wealth goes for Democrats and about 30% of the wealth goes for Republicans. And you saw this in a big way. I mean, just one illustration is I believe that in 2012, Wall Street, which I think Wall Street fundamentally has been the main beneficiary of globalization of a lot of the policies that I pushed back against and criticized over the last 30 years.

Now it's 70% of the wealth goes for Democrats and about 30% of the wealth goes for Republicans. And you saw this in a big way. I mean, just one illustration is I believe that in 2012, Wall Street, which I think Wall Street fundamentally has been the main beneficiary of globalization of a lot of the policies that I pushed back against and criticized over the last 30 years.

Wall Street went three to one for Romney over Obama in 2012. I believe they went four to one for Trump for Clinton over Trump in 2016, and then like nine to one for Biden over Trump in 2020. So there was a massive shift in who makes up these parties. Wealthy people direct their money to Democrats as well.

Wall Street went three to one for Romney over Obama in 2012. I believe they went four to one for Trump for Clinton over Trump in 2016, and then like nine to one for Biden over Trump in 2020. So there was a massive shift in who makes up these parties. Wealthy people direct their money to Democrats as well.

Increasingly, wealthy people direct their money to Democrats, working and middle-class people direct their money to Republicans.

Increasingly, wealthy people direct their money to Democrats, working and middle-class people direct their money to Republicans.

Again, because I think their policies have benefited, look, the Uniparty, the Kamala Harris's and Dick Cheney's, their parties have benefited a certain group of people. Those people are increasingly Democrats. Donald Trump has been pushing back against that consensus in his party, in his policies, I think benefit the majority of the country.

Again, because I think their policies have benefited, look, the Uniparty, the Kamala Harris's and Dick Cheney's, their parties have benefited a certain group of people. Those people are increasingly Democrats. Donald Trump has been pushing back against that consensus in his party, in his policies, I think benefit the majority of the country.

So increasingly, I think the working middle class heart of the country is going for Republicans. Like another spin on this, because I know we're, you know, focused on tech in this conference is big tech has become increasingly pro-Democrat, little tech has become increasingly pro-Republican, right? So if you're an upstart, if you're in crypto, if you're

So increasingly, I think the working middle class heart of the country is going for Republicans. Like another spin on this, because I know we're, you know, focused on tech in this conference is big tech has become increasingly pro-Democrat, little tech has become increasingly pro-Republican, right? So if you're an upstart, if you're in crypto, if you're

If you're like a small AI company, I think you're much more likely to be pro-Republican. If you're a monopolist in big tech, I mean, look at Facebook, Google, how they're putting their resources. It's much, much more pro-Democrat. So there are a lot of different spins on it. But fundamentally, I think the people who've benefited from the American decline are becoming Democrats.

If you're like a small AI company, I think you're much more likely to be pro-Republican. If you're a monopolist in big tech, I mean, look at Facebook, Google, how they're putting their resources. It's much, much more pro-Democrat. So there are a lot of different spins on it. But fundamentally, I think the people who've benefited from the American decline are becoming Democrats.

The people who have suffered from it and are pushing back against it are Republicans.

The people who have suffered from it and are pushing back against it are Republicans.

Yeah, so this is obviously very complicated. Jason, you probably understand this better than I do. But as somebody, by the way, who's defended Lena Kahn against some of her critics from the right, I think what Lena Kahn fundamentally gets correct is that big tech really is a threat. It's a threat to free speech. It's increasingly oligarchic. It controls too much of what we're allowed to say.

Yeah, so this is obviously very complicated. Jason, you probably understand this better than I do. But as somebody, by the way, who's defended Lena Kahn against some of her critics from the right, I think what Lena Kahn fundamentally gets correct is that big tech really is a threat. It's a threat to free speech. It's increasingly oligarchic. It controls too much of what we're allowed to say.

And also, it controls a lot of the ways in which capital gets invested in these various ecosystems. But But where I think Lena Kahn goes wrong is that you're exactly right. You need the singles and doubles. You need sometimes a medium-sized company to buy a smaller company for $300 million. That liquidates founders. That gives the venture fund some money to go back into the system.

And also, it controls a lot of the ways in which capital gets invested in these various ecosystems. But But where I think Lena Kahn goes wrong is that you're exactly right. You need the singles and doubles. You need sometimes a medium-sized company to buy a smaller company for $300 million. That liquidates founders. That gives the venture fund some money to go back into the system.