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Chapter 1: What are Congressman Swalwell's views on political lawsuits?
Congressman Swalwell, thank you for joining us. You put out a statement shortly after this, after this was made public, saying, of course, I will not end my lawsuit against him. You also your statement seemed defiant. You are resolute on that. You are not afraid. You have no fear. And I know earlier this year you noted that you knew you could be a target.
Now that this is out there and it's been out for a couple of hours, just take us inside your strategy going forward, sir. And have you actually heard from the Justice Department?
Well, first, of course, these allegations are false, just like the allegations against Adam Schiff are false and Letitia James are false and Lisa Cook are false. And a spoiler alert for you, there will be allegations next week against somebody that will be false. No, the Justice Department has not said anything just through leaked media reporting.
But this is really about Donald Trump going after his political enemies. And no one has been a more vocal critic than me. And as you mentioned, I have one of the only remaining lawsuits against Donald Trump for his role on January 6th. I don't wake up every day going to work to fight Donald Trump. I fight for Californians. He just happens to get in the way.
All he had to do was smash the oligarchy. He's become the oligarchy. And all Trump has done this week is basically shill for the government and for big business.
Let me tell you something, baby. If somebody used to work for me, get a podcast, and they let people get on there and bash the hell out of me, talk about an oligarch and whatnot, I would have a problem. But Steve Bannon sat there and didn't say anything because he agrees with what his guest was saying.
If you remember, earlier in the administration, it seems like eons ago, but remember when Elon Musk said, we got to support the H1B1? The H1B1. What is it? The H-1B visa program, because we do need to bring in that talent. And Steve Bannon took Elon Musk to task and the president to task and said, the president, you're walking away from what you said you wanted to do for us. What are you saying?
Donald Trump saying we don't got the talent? Sounds un-American, sounds unpatriotic. Why does he hate America? Why does the president hate Americans?
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Chapter 2: How does Congressman Swalwell view the allegations against political figures?
I need the president to speak up. Mr. President, why do you hate hardworking Americans in this country? Folks from where I'm from, the Midwest, what's going on?
President Trump has been briefed on military options for inside Venezuela. That's on top of strikes against what the administration says are boats carrying drugs in the region. Additionally, the Defense Department is using very specific language while talking about this action, which is raising a lot of eyebrows. Put up our full screen on what the H-1B visa program actually is.
The top applicants come from India and China. It was established in the 90s to encourage talented people from around the world to come here to the United States. You can see the number of new visas, 65,000 each year, 20,000 additional visas available for workers with master's degree or higher.
He has cross pressures now, Vaughn, which is, yes, he has the nativist wing of his party, but he also has all the tech bros who are saying, hey, I need these workers.
We're learning that President Trump just this week was briefed on a range of military options that, as you mentioned, include conducting military strikes inside Venezuela itself. Now, obviously, if the president decides to move forward with an option that includes military strikes inside Venezuela, that would be a dramatic escalation of the ongoing military campaign in Latin America.
Our understanding is at this stage, Donald Trump has not made a decision, though, how he intends to proceed. We also know that in the past he has voiced some reservations about conducting strikes with the intention of ousting Venezuelan leader Nicolas Maduro.
At the same time, the Trump administration has gone to great lengths to try to connect Maduro to drug trafficking and drug traffickers that they have since declared to be enemy combatants and terrorists, and those have been the targets
of these 20 strikes these 20 military strikes that we've seen in international waters today and those strikes continue even as trump is mulling military options potentially for venezuela itself and we're also learning that behind closed doors the pentagon and military officials are really going to great lengths to try to connect these drug traffickers to this theory that they are effectively the same as terrorists and thus can be summarily killed without legal review
In a recent classified briefing, they were using phrases like enemy KIA to describe the some 80 individuals who have been killed in these strikes. And as you mentioned, that's really raising some eyebrows with lawmakers who remember that phrase being used repeatedly in the war on terror to describe those individuals and terrorists killed in airstrikes in Afghanistan and Pakistan.
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Chapter 3: What is the significance of the H-1B visa program in the current political climate?
and bartenders and people who get tips, but it refers to podcasters, social influencers, these newfangled jobs that have been created. They are not going to be paying tax on their tips effectively. Additionally, overtime, you talk about a re-industrial manufacturing boom. Why are we taxing that extra marginal dollar that people want to work for overtime?
So when you add this all up, there are many private sector estimates that say we could have upwards of $200 billion in refunds. Because the people who are going to benefit from this clearly have ā they didn't know the guidelines. They weren't sure of the rules. But now that it's in place, they're going to get a big refund when they file their taxes next year.
Then they'll change their withholding. But we're talking potentially seven-tenths of GDP just from this one policy alone. And again, Steve, as you know, it's money that goes directly into these hardworking Americans' pocketbooks.
The supply-side tax cut on the capital expensing that drives investment in plant and equipment to return us to be a manufacturing superpower with all those high-value-added jobs, good-paying jobs that then drive in communities all the services, the coffee shop, the dress shop, the store where you get the gifts for the children, sporting goods, all of it, the real estate prices.
Then in addition, you have your ā The commercial relationships in which President Trump is redoing all the commercial relationships around the world to make sure that people have an option. You can either move your manufacturing here to the United States, which we saw last Friday when we had the secretary on in Sumter, South Carolina, at the magnets plant with the rare earths.
Or you can pay a fee. You can pay a tolling fee. Now, the Supreme Court is going to have something to say about that. But do you believe right now, because you're seeing the beginning of the capital expenditure in the big, beautiful bill. Are you concomitantly seeing that at least the factories come back from this international investment? I see a lot of headlines about international investment.
But is Treasury confident that that's happening and happening at the pace that eventually we'll have some sort of positive political impact, sir?
Yes, Steve, we're confident. It's starting to happen. On the CapEx side, it's important because it's not everybody thinks it's just AI. It's not. Transit equipment, business equipment, industrial equipment, this transcends this incipient CapEx boom, transcends the AI story. So that's already occurred. The factory building will occur.
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Chapter 4: How is the Trump administration addressing military options in Venezuela?
And coming back to the affordability issue, the fact that we've secured our borders and removed the legal immigration Illegal immigrants will help affordability in two profound ways, Steve. Number one, market wages will not be substandard. They will not be below market because there's artificial depressant on the wage rate. So wages will also rise because of that. That will help affordability.
But also, because there was self-deporting and illegal immigrants removed because the president secured the border, you are getting rents. Rents are collapsing in price. So shelter costs next year will come down. You take the tariffs, which are in place, and we believe that the Supreme Court rule in our favor, you are going to get all of that capital to come in.
It's going to take some time because these trade deals were just written, but everything is informed to make it work in a holistic, robust way. And 26 should be a very strong year for growth.
Joe, thank you for coming on. As I tell people, affordability is key. You've got to focus on it. But one of the ways you focus on affordability is you continue to focus on growth and particularly growth in jobs and growth in wages. I know this is one of the top priorities for Scott Besson, Secretary of the Treasury. Joe, social media, where do people track you?
At Livornianomics. And the secretary could be found at Sec Scott Besson and, of course, at U.S. Treasury. Thank you again, Steve.
Thank you, brother. Appreciate you. Always like starting off Friday with something very serious. We have two of our best are going to follow. We got Roger Kimball. We got Raheem Kassam.
And look, I'm very proud over the last couple of days that we've had people like Richard Barris and people like Mark Mitchell and others that are on here saying, hey, something looks like we're a little off track here. This is the platform for the leadership of the MAGA movement. This is a platform for the grassroots.
This is a platform for the vanguard of this populist, nationalist, traditionalist revolution. That's why people listen. That's why people take action because we allow the folks that drive this. And quite frankly, you can't sugarcoat it. It's easily correctable. Number one is just messaging. Some of the hardest work has been done. It's just not talked about.
It's lost in some of the, you know, maybe some of the foreign issues, some of where the focus has been, et cetera. But we've made some bets here, folks, and these bets cannot be unwound. Now, they're working. You've got to show people how they're working. not promote them, but show them how they're working.
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Chapter 5: What are the implications of the supply-side tax cuts for American workers?
They don't want to be turfed out of their private clubs. They don't want to be not accepted to the literary societies they belong to. They don't want the kids to be kicked out of the whiff and poofs at Yale. It's all of it, sir.
Yes. Yeah, well, I think a little more highly of Ted Cruz than you do, but we'll leave that to one side. And Marco, Marco's been, you know, he has surprised me. I think he's been a good spokesman for Donald Trump.
All I'm saying about Ted Cruz, whether you think Ted Cruz is great, because listen, the constitutional conservative guys are going to get it. Ted Cruz is not MAGA. Ted Cruz never lifted a finger on the president. and the invasion of the Southern border.
All my point is he's a classic Republican, but he's already started his 28 campaign because they know that, hey, once Trump's gone, you know, the Raheem Kassams and the Roger Kimballs and the Steve Bannons, this is all, this is all, this all floats them and jets them.
Yeah, yeah.
Go ahead, sir.
Yeah, I was talking to someone else recently. I don't think that's going to happen myself, Ted Cruz in 28, but I think it's going to be J.D. Vance or possibly Marco. Myself, I would prefer J.D., but we'll see. Harold Wilson said a week is a long time in politics, and three years is an eternity. So a lot can change between now and then.
Hold it. About 28. First off, we have to get by 26, which Raheem's going to get on us. Yes, absolutely. So any talk of 28. But however, I will tell anybody in that administration, J.D., Marcoā If you're not blowing the tech bros, right now they're owned by the tech bros. They're owned by the Brolicarks and owned by David Sachs and this crowd.
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Chapter 6: How does the current administration plan to boost manufacturing jobs?
The big fight coming for MAGA is not really conservative because they're not as powerful as they were. But the tech bros are ā they believe they're dominant. They believe they're taking over the Maha movement. They're taking over the MAGA movement. They got guys, this guy, Isaacman, whoever at the White House, and I know who you are, they got Isaacman back in his head at NASA, right?
Who's just going to give contracts to Elon. That whole game of the tech bros is going to come to crashing down in an end. OK, it's going to be brutal, but it's got to be done. We cannot allow these guys who are all progressive Democrats. They're all progressive Democrats hiding. They're the wolves in sheep's clothing.
So if you're in the White House not standing up to it, then you're part of the problem. And that's all going to get exposed. But do you do agree that the conservative ink that you talk about, it's a long way from dead. They just they just think we're passing summer storm.
That's right. Well, they are hoping to wait Trump out, but three and a half years or a little less than that now, that's a long time. And I think everyone is, even I was astonished at the alacrity with which Trump has moved. I mean, he's been a positive whirlwind of activity. And he's gotten a lot done. There's a lot more to do. People are very impatient.
Why hasn't this person been indicted or why hasn't this promise been fulfilled? But Trump has actually fulfilled a lot of promises. And people say, well, if you get 70 percent of what you want, you should be happy. I think we're batting a little higher than that. And one of the things I worry about, frankly, is internecine squabbling.
I think that for us to continue to win, we need, as far as possible, to be able to stick together. We're not going to agree on every issue. But, you know, we need each other and those people who are on our side. And I think we want to have a pretty big tent as far as we can. And I'm... I'm cautiously optimistic, but it wasn't just heritage, by the way.
A very similar event happened at the Intercollegiate Studies Institute a couple of days ago, when their chairman of the board and I think president, or some other board member, suddenly resigned, saying, this is terrible, they've let in all of these post-liberal people, people like Steve Bannon. They're listening to Curtis Yarvin. That's terrible.
We have to kick the current president out and start over again. I wondered, was that an accident that had happened just days after the heritage? blow up? Or was it somehow coordinated? I don't know. Was it the invisible hand of the zeitgeist moving so that the people who are on the board at the Intercollegiate Studies Institute somehow felt moved to make these objections?
I don't know the answer to that, but I think it's kind of a bad sign. I think we should insofar as it's possible, you know, stick together, and we're going to have a lot of battles in front of us to maintain, let's not even call it the Trump agenda, you know, let's make America great again agenda.
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