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Chapter 1: What is discussed at the start of this section?
Adam, what's your point?
The future looks bright. My handshake is better than anything I ever signed, right here.
You are a one-on-one?
My son's right there.
I don't think I've ever said this before.
Okay, sounds good. Gang, we have to change it up today because my oldest son graduated eighth grade, so I have to go in there and sneak out to come here and be with you guys. We have a special guest today. You know, when they were on last time, it was a great conversation. We should almost create a show, the Luke and Richard Show. I don't know if it's the last name or it should be the first name.
We'll figure it out. But we have brilliant minds in the house, including Tom. A lot happened last night. I don't know what direction to go with you. One is the big race with Thomas Massie, with Galrein, which was massive. It's the biggest primary race we've had with the money being spent, $32 to $34 million.
Trump, the biggest data that you see, which was shocking to everybody who thought Trump's endorsement no longer meant anything. The guy won 39-0 in the middle of a war. How do you do that? Everyone was upset, the guy that won 39-0. You can say anything, economy, affordability, Iran, oil, gas prices, and he went 39-0 with his endorsement.
It is such a... Can you imagine if you were him, Brian, going to sleep last night saying, I told you so, you should never go against me, and all the other guys that did kind of lost. It was so bad that remember Bill Cassidy who was the fellow, I think, in Louisiana, Tom, if I'm not, is Cassidy out of Louisiana, Rob?
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Chapter 2: What are the implications of Thomas Massie's primary loss?
Which, by the way, his family is probably happy, okay? His Asian wife that has a lot of business over there is probably happy. They can now just kind of relax and enjoy themselves, spend time with the grandkids. And I don't know if he's got great grandkids. Maybe he does. And at this point, you just don't want your grandfather to suffer what he's going through.
Just relax and enjoy the last few years you have with your kids. NATO ships. NATO turns around and says, hey, we may just support the president now. Oh, now you want to do it? Now that you realize the guy may decide not to send money your way anymore, now you want to go support it? Then there was another $1.8 billion slush fund.
Attorney quits hours after $1.8 billion slush fund to pay MAGA allies and J6 rioters. Sparks backlash. Big story. At the same time, there's an IRS investigation, Rob, on page nine. I think that's an addendum story that came out. Very weird how this thing ended, by the way, where it says, what page is that on, Rob? I'm trying to see what page.
You told me earlier, so I screwed up with the number I wrote here.
Yeah, that would be addendum nine.
Addendum 9. New settlement. Oh, there it is. New settlement bars IRS from investigating Trump, his family, for past tax issues. That comes out. San Diego shooter, we have to talk about that. I mean, we'll go through that. Another devastating, very weird what happened here. But we'll talk about on the business front, which is on the business side, maybe the biggest story yesterday.
You got OpenAI and Anthropic who are both competing, right? OpenAI, Anthropic. On the night when all this stuff is taking place, and you know the lawsuit with Elon Musk because, hey, Elon lost because he filed too late, et cetera, et cetera. So it's kind of like, well, Sam Altman is winning. On that night, his co-founder of OpenAI decides to leave and go join Anthropic. Wait, what? Yes.
He decides to leave and go join Anthropic, and you have to hear the reasons why he wants to do that, why he wants to leave. We'll talk about that as well. Facebook layoffs, they're doing something very weird. I think they're doing it today, if I'm not mistaken, Tom. Today, Facebook did something weird where they're...
They're laying people off, but the way they're doing it, they told all their employees, don't come to work today. What do you mean? Just don't come to work today. It's either because they're so worried it's going to be nasty, or two, they want to sweep the entire place for people not to put shifts in conversation and recording and cameras, all this stuff that they're doing.
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Chapter 3: How is the AI competition between OpenAI and Anthropic shaping up?
And this is the guy who's taught like the first, there's an interesting stat, Pat. He gets permission to teach this course on neural networks at Stanford. And he got his PhD at Stanford. The first time he teaches it, they rounded up like 150 curious students. You ready for this? Two years later, there's a waiting list.
And every time the course was offered, there's 750 students who want to get into it. So this guy has been seen at Stanford and in Silicon Valley as this neural network genius. And now he is on the eve of IPO season. He is now at Anthropic with Dario Mady.
This is a big deal. Luke, what do you think about this story?
It's really interesting you bring up his point about safety. I didn't know that Karpathy was aligned that way because Karpathy put out on X three, four months ago a study that he had conducted that looked at the risk to existing U.S. jobs by sector. I think there's 192 job classifications or something in the Bureau of Labor Statistics. And he went by jobs category across the entire U.S.
economy and rated each individual job category with the risk of job loss from AI over the next several years. And what he found was shocking, which was that roughly 26 million jobs in America are at between very high or extremely high risk of being disintermediated by AI. He put this out. It's a fascinating chart because it just shows each area as a square and then green as very low risk.
So there it is right there. That's part of it there, right? So you can see the areas. Red is bad, green is good. Red is bad, green is good. And you can see it there. And so this genius, this guy that's worried about And safety, which to your point, Pat, I think is really interesting going from to the more safety or the however you want to term it, focused AI model.
This is something he put out three months ago, which is, I mean, look at it.
accountants gone lawyers gone market researchers gone software developers gone general office clerks gone i mean it is 26 i mean but but if you keep going some of these jobs you just said stuff that maybe we would say okay that makes sense though luke those are going to be gone bookkeeping okay gone receptionist okay yep and then but you go on the right side software developers gone gone
Computer, what does that say on the bottom? Computer, I can't see the additional. Let's just say computer science. Lawyers, lawyers is in the red. Lawyers, lawyers, gone. Wow, project managers, human resources, accountants, purchasing. Which ones are green? Let's focus on the greening side.
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Chapter 4: What are the implications of Trump's endorsement for Paxton?
Paxton got an endorsement yesterday from who? The president. So there's a lot of moving parts. So for me, like, you know, to say, well, the neocons are back in power again and they're the ones in charge and we're going back to the Republican Party being a war party and all this other stuff.
That messaging, you better believe it's going to be there in the 27, 28, when the, what do you call it, presidential election comes around, as well as the midterms. I think that is going to come up. I do think the president's going to take yesterday as a victory. But this Iran thing with the Senate Iran war power resolution, that kind of puts him a little bit in the gridlock.
It's an interesting dichotomy, right? Because, yeah, 37-0 and at the same time taking powers away on the same day.
I like that, but you know what I like about that? That's how it's supposed to work a little bit, right? That's why I love America. That's why I love America. You know, it's kind of like a, you know, it gives you the safety protection where it's like, well, listen, you may have won here, but you lost here. You may have lost here, but you win here, so it's okay.
Trump may have lost 2020, but he's flipped three Supreme Court seats. If he doesn't flip those three Supreme Court seats, what happens when he was gone 2020? A lot of things could have changed. So as much as people are worried about what's going on, what I'm watching for is more the sport of politics. And I'll come to you. What I'm watching for is what will be the main three to five issues
in 2028 when people run for president? And I'm so curious to see what's going to resonate with who. Richard?
I think it is the issue that Trump, as you mentioned earlier, won on, which is no foreign wars. And where he flipped, it seems. And I think, you know, I'm really with Luke on this. I think, you know, this was at the background, of course, of this primary with Massey and others. And this Senate vote is really, I mean, that's a process. It's not a final result. It's not passed.
But even if it was passed, it would just require to get a Congress vote, but presently, You know, would Congress actually turn down this proposal to make it a proper official war?
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Chapter 5: How does the Iran war impact U.S. politics?
You know, a lot of them are receiving funding. Massey was one of the few who was not receiving funding from Israel and AIPAC, you know, so... Actually, does that really make such a big difference?
But I think the voter is watching this, and I think quite a lot have been disappointed by Trump flipping on one of his fundamental messages that they loved, tackling the establishment, the warmongers, the military-industrial complex, and stopping this use of tax money for these foreign wars that don't really benefit the U.S. I think this is going to come back.
Yeah, and again, it's going to be, do you worry more about AIPAC and Israel and Bibi's really running Trump, or do you worry more about Iran having a nuclear weapon controlling the Strait of Hormuz, controlling the cables that go through the Strait of Hormuz? You have to make a decision for yourself. Who's going to be selling the story better? But I do think...
There's going to be winners and losers, and America's going to say that was not really an issue that we really cared a lot about. Like I had Wes Moore on the other day, and he's still sticking to the transgender position for Democrats. I think that's going to be a position that's going to hurt them long term.
If you're still a Democrat saying, no, transgender is still, we should allow them to have puberty blockers, that's going to hurt you. So we'll see. Maybe Thomas Massey wins 2028, and the audience that is saying is right is right. Maybe he lost... Kentucky, but he's going to win long-term.
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Chapter 6: What are the economic consequences of rising interest rates?
Maybe there's more people. Or maybe the Republicans view Trump as the president. Everybody else is just a mouthpiece with opinions that they have, and it's going to filter itself out. We'll see what happened there. Next one I want to get to is the following. Apparently, Trump, when he's having a conversation with Xi, Xi apparently told Trump, and Trump and I did,
that Putin regrets the war with, what do you call it, with Ukraine. But when asked about it, this is what the president had to say.
Go ahead.
Yeah, so now while that's going on, the Financial Times reported that Xi during last week's summit with Trump in Beijing said Putin might end up regretting invading Ukraine, citing unnamed people familiar with the U.S. assessment of the discussions. The outlet said that the comments were made during the wide-range talks that touched on the war in Ukraine.
Putin and Xi are set to meet in China for their own summit. with the Russian leader eager to tap Beijing's help on a major gas pipeline project. Russia's heavily sanctioned economy is strongly dependent on China. Tom, thoughts on this story?
Well... The Financial Times is not the Daily Mail. The Financial Times is not the National Enquirer. The Financial Times has a source, and they're talking about this. And by the way, I give it the sniff test.
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Chapter 7: How does the Fed's monetary policy affect inflation?
350,000 casualties allegedly is the estimate that we've seen that Russia has encountered. And remember, whose Nord Stream pipeline was that? Who lost the revenue going into Germany? 51% Russia. Correct. So guess what? Who's really hurting here? Who's the only guy that's not getting aid from the outside?
Ukraine was getting aid from everybody, insultingly bringing a flag into our Congress and getting a big check from Nancy Pelosi. So Ukraine's been getting help from everybody. Who's Russia been getting help from? kind of, sort of?
She.
She, right? Oh, yeah. But is he backing up the truck? No, I don't think so. And Russia's lost revenue on energy trade. And so I look at that and say, could Putin be saying, you know, I regret this, Probably not. But would he be saying, boy, this has gone longer than I thought, and I'm sure not having fun? I think that very much could have happened.
But when the Financial Times comes out with a source like that, Pat, I really lean into that and I go, wow, you know what? That sounds... If I'm over Putin, what do you think he's saying right now? Everybody helped Ukraine. It stalled you. And then you lost key energy trading on embargoes on a blown up pipeline. You know, Putin's not sitting back there saying, yeah, just wait till the 15th round.
I'm going to knock this guy out.
I think it may also have been a slight translation error by the interpreter, because we do know that Putin has said this on the record, and it's similar but slightly different, that he's regretful concerning this war. And that's very natural because the Ukrainian people and the Russian people are very closely related. Many Ukrainians have Russian as their first language.
You know, President Zelensky, his mother tongue is Russian, not Ukrainian. And of course, the other thing is these languages are actually very similar, but that's another point. But, you know, even considering the differences, you know, actually Zelensky was a Russian speaker originally and so on. So it's clear the Russians didn't really want to make war on Ukrainians.
I know Russians, I know Ukrainians, and really most feel we're like brothers, we're the same people, or we're brothers and, you know, sisters. Many Ukrainians have fled to Russia. And of course there are these clear ethnic Ukrainians as well. So the reason why it started, as we know, is really what happened in 2014.
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