Scott Galloway

We had a 10% decline in the Dow in March at the outset of the war, and it's ripped back.

And I think what's happening is the cycle time between fear and uncertainty around a war and the opportunity to buy is compressing.

And now people are like, let's move to the part of the program where we make money.

I also think there's a bit of a, in my view, overly optimistic viewpoint that the war is going to settle down and the straits are going to be...

unblocked, if you will.

But mostly what I think this is about is that the markets have disassociated from the majority of people's wellbeing and their prosperity.

I buy all of that, but I see it just again as a symptom of income inequality.

Does it really matter to you?

I mean, you may not feel rich, but you are relative to your peer group.

You're already in the top two, if not 1% in terms of income earner.

Do you give a shit that gas is at $6 a gallon?

No.

The people driving the Dow are unaffected by oil prices.

And, you know, again, everything gets outsourced in our country.

Basically, we're becoming a country where the whole, the bottom 99% are, we optimize the bottom 99% and treat them as nutrition for the top 1%.

And the reason the bottom 99 put up with it is that in America, the bottom 99 all thinks at some point they'll be in the top 1%.

So, but all of this pain is outsourced to lower middle-income households.

Lower-income households spend 22% of their income on energy costs.

So this really, I mean, this really whacks them, right?

So, but the people responsible for 50% of consumer spending, the top 10%, AI, like what the fuck does AI care unless they start bombing the data centers in the Gulf, but they have redundant resources.