E90: Twitter subpoenas, market overview, Pelosi's Taiwan visit & more

00:00:00.000 | just a couple questions before we kick off okay look that's what i told you before it's bad

00:00:04.160 | o'clock okay it's thick 30. i've been through a lot sax right now but i'm still flirty okay

00:00:10.240 | is everybody back up in the building sax it's been a minute tell me how you're healing

00:00:14.400 | because i'm about to get into my feelings how you feeling sax how you feel right now

00:00:18.400 | what language are you speaking right now

00:00:25.200 | you're right remember when you had at your 50th oh yeah when you had and she sang

00:00:31.680 | and she sang and your was dancing to beep delete that delete that let's start executing

00:00:43.840 | the insta strike with jake why insta strike when he says something that we just insta strikes we

00:00:48.560 | don't have to edit it later just insta strike it's because um i am uh taking back my power i was in

00:00:54.800 | therapy

00:00:55.120 | the other day and they told me i need to take back my power insta strike but he apparently

00:00:58.560 | reads the comments section because he knew friedberg that you won the episode last week

00:01:02.800 | oh big time which i agree with i thought you did i agree too it was big friedberg energy

00:01:07.680 | finally i honestly do not like the competitive nature of the show i think it makes us all hate

00:01:12.880 | each other and it's not a good dynamic we should just do the show with each other

00:01:17.280 | i know but the point is your performance after i threatened to fire off the show has gone up

00:01:22.640 | you know who also doesn't like the competitive nature jacob because

00:01:24.720 | he's losing yeah totally the fact that i'm even still here is winning i love how jacob thinks he

00:01:32.080 | can threaten to fire freeburg it's like the janitor at staples center think he's gonna fire

00:01:36.400 | lebron because he played poorly in a game this is a motivational technique i got the best out of him

00:01:41.920 | i'm like michael jordan he's my dennis rodney you're like the hot dog dealer okay pal he's

00:01:46.480 | like lebron james you're the hot dog i do not insta strike these comments

00:01:49.680 | don't let your winners ride

00:01:54.000 | all right everybody uh welcome to the all in pod uh with us again uh david freeburg took a break

00:02:14.000 | from playing his stray video cat game uh sax is here in his deposition apparently

00:02:19.440 | chamomile do you guys want to see this look at this

00:02:23.600 | size of this jcal's apparently playing no comment today on the comments so i will open the show i

00:02:30.240 | will open the show by asking david sacks would you like to tell us about what you're holding in your

00:02:33.920 | hand yeah okay so i got this subpoena from twitter this is a non-party subpoena for didn't twitter

00:02:40.960 | subpoena your tweets yes let me get into that this is subpoena i thought they're public they are

00:02:48.320 | these nitwits have walked out lifted and billing them with probably two thousand and twenty-five dollars.

00:02:53.200 | thousand dollars an hour to subpoena tweets that are public i mean brilliant brilliant strategy

00:02:57.920 | but this is called a subpoena for production of business records in an action pending outside

00:03:02.720 | california so i'm not a party to the laws at least they're not suing me because i have no

00:03:06.960 | involvement in this thing but they sent me the broadest ever subpoena it's like 30 pages of

00:03:13.680 | requests and now i gotta hire a lawyer to go quash this thing because they basically want any of my

00:03:19.840 | communications with any of my friends over the last six months and they're like i'm gonna go to the

00:03:23.040 | court in the next two months it's insane sax can you just explain to the audience and to us like is

00:03:27.760 | this is a court sanctioned subpoena the court is basically allowing the lawyers to demand that you

00:03:34.320 | hand over these communications is that right yeah but i haven't had a chance to fight it yet so now

00:03:39.520 | at my own expense i gotta hire a lawyer and go send them to fight it because this is a ridiculous

00:03:44.800 | overbroad subpoena and by the way i'm not even involved in this thing i'm just a commenter on

00:03:48.960 | twitter um i don't have any let me just save

00:03:52.640 | walk tell lipton a lot of time right now i'm not in possession of non-public information about this

00:03:58.160 | and you know the craziest thing is yeah like you mentioned they cite my tweets as a as an exhibit

00:04:07.120 | here and they say they want all documents and communications concerning your statement in a tweet

00:04:14.240 | dated april 16th that the quote new twitter ceo checklist includes eliminate all bots and fire

00:04:20.240 | useless employees 50 percent of the time they're not going to be able to get the job done and they're

00:04:22.480 | going to be able to get the job done and they're going to be able to get the job done and they're

00:04:22.980 | going to be able to get the job done and they're not going to be able to get the job done and they're

00:04:23.520 | going to be able to get the job done and they're not going to be able to get the job done and they're

00:04:23.920 | so obviously they didn't like that uh your statement in a tweet dated april 25th crazy

00:04:29.520 | thought what if jack masterminded this whole thing your statement in a tweet dated july 18th

00:04:34.800 | that quote randomly sampling 100 accounts a day is not a serious effort uh and or your statements

00:04:41.920 | in any other tweet concerning the merger blah blah let me just save them time right now i don't have

00:04:47.200 | documents and communications concerning my tweets now i know to a lawyer at walktel lipton that

00:04:53.600 | looking at my tweets and how brilliant they are you may think that i have extensive documentation

00:05:00.560 | and source material for them but let me tell you what happened i went to go take a and

00:05:05.360 | i basically tweeted off the cuff and that's how that tweet ended up in the public record there

00:05:10.880 | are no documents and communications concerning my tweets and this idea that somehow i guess what

00:05:16.320 | they're trying to get at is that they're not going to get the job done and they're not going to get

00:05:17.040 | a job done and they're not going to get the job done and they're not going to get the job done and

00:05:17.120 | is that somehow i was tweeting on behalf of someone or at someone's behest not true go look

00:05:23.680 | well before this year at my public tweets and blogs about the topic of free speech i've been

00:05:30.240 | a critic of twitter's for a long time on the issue of free speech i've written a um a content

00:05:37.200 | moderation policy i've written about what i think a content moderation policy for a social network

00:05:41.760 | that cares about free speech should be you know i've written all these posts on medium going back

00:05:46.880 | years now you know i was a critic of twitter throwing donald trump off the platform so these

00:05:51.760 | views that i've publicly stated are the reason i've stated them is they're just my views and

00:05:56.240 | there's just nothing more nefarious or something behind them other than that and they're just i

00:06:02.000 | think they're just trying to chase a there that's there is no there there right so let me just say

00:06:07.200 | everyone a lot of time you and i can talk because our our friends have no comment on this matter

00:06:12.240 | yeah one question i have a follow-up question during this movement that you had and you composed

00:06:16.480 | the tweet is there any documentation of the movement no but uh you know next time that i

00:06:22.560 | compose a tweet on the can i will document it thoroughly and i will send the lawyers that

00:06:26.480 | walked out lipton what happens if you don't respond in 20 days i don't know i mean i gotta

00:06:33.120 | i mean now i've hired a lawyer but by the way just so people understand you may think that

00:06:36.800 | because of my position in business or something that these things happen all the time they don't

00:06:41.120 | i've been maybe subpoenaed like three times in my entire career and the and i've never been

00:06:46.320 | subpoenaed in my capacity as an individual it's always been in connection with a company and i

00:06:51.760 | don't think i've gotten one of these in over five years so this just does not happen that often

00:06:56.400 | these guys are totally chasing at straws and it leads me to believe they're they're wasting my

00:07:01.600 | time and twitter's money and they're trying to somebody at twitter should just rein in

00:07:05.840 | their lawyers because they're i'm sure racking up a fortune in legal fees it sounds like

00:07:10.240 | um sax the case is that they're trying to make that elon used his network of friends

00:07:16.160 | to help wash away the deal because he didn't like the price anymore and had his friends you know kind

00:07:22.160 | of tweet about bots and other stuff to support his case for killing the deal because he didn't like

00:07:27.520 | the price and they're trying to see if there's any communications that he specifically said he

00:07:31.120 | didn't like the price yeah i mean look they all in addition to my tweets they want all my documents

00:07:35.840 | and correspondence related to my appearance on megan kelly my appearance on the will kane podcast

00:07:40.560 | and you know other media appearances i've done look you know i had no coordination with you

00:07:46.000 | elon before appearing on any of those shows i just went on those shows and said what i think i mean

00:07:50.560 | look it's not like i'm a guy who doesn't have hot takes every single week on various issues you know

00:07:56.720 | we do that we've been doing this podcast for years i've been tweeting for years i'm just a commentator

00:08:02.800 | on this i have i've never been in possession of non-public information and i've tweeted my takes

00:08:08.000 | based on the public information that's been available about this dispute now you know after i

00:08:15.840 | heard for example on will kane i remember elon tweeted in support of my appearance but there was

00:08:21.200 | no coordination before i appeared or after for that matter he just liked the appearance yeah so

00:08:26.720 | it's just me spouting off doing what i've been doing on this pod and tweeting for years now i can

00:08:32.400 | understand if maybe they're trying to read something into it they're on a fishing expedition

00:08:36.640 | but i've just told you i just think the truth is the whole thing is just such an enormous waste of

00:08:41.040 | time just get into court adjudicate the thing and move on

00:08:46.160 | i was reading um yesterday this guy who follows the delaware courts pretty closely he had a bunch

00:08:50.800 | of commentary and it he mimicked some of the stuff or the judge apparently on the case said some

00:08:58.080 | stuff about preserving the integrity of the court meaning that the interpretation people are making

00:09:03.440 | is that ultimately they don't want to the court is unlikely to try and force the merger because if

00:09:09.440 | the merger then doesn't get consummated it damages the reputation of the court's ability uh to make

00:09:15.040 | it happen and then it's just a matter of time before it gets done i just think that's the way it is

00:09:18.560 | and i think it's a very important point i think i think it's a very important point and i think it's

00:09:22.000 | important for the court to make a decision about what they want to do it's not a matter of time

00:09:25.920 | because it's a matter of time before it gets done i think the court is a very important point and i

00:09:29.280 | think it's important for the court to make a decision about what they want to do and it's not

00:09:32.640 | about the court's ability to make a decision about what they want to do it's not about the court's

00:09:34.960 | ability to make a decision about what they want to do it's not about the court's ability to make a

00:09:37.920 | decision about what they want to do it's not about the court's ability to make a decision about what

00:09:40.000 | they want to do it's not about the court's ability to make a decision about what they want to do it's not

00:09:40.800 | anything to deserve it or prompt this I wasn't part of the transaction I just wasn't um and I've

00:09:46.500 | never I've never and I've never said anything in regards to the transaction that should lead

00:09:51.720 | anyone to believe that I'm in possession of non-public information yeah so this is harassment

00:09:56.700 | as punitive and the fact that they're citing my tweets in which I criticize Twitter's management

00:10:01.620 | it's just petty and vindictive yeah I agree I mean look at your legalIs reimbursed probably good luck

00:10:10.500 | no five or six years ago I approached Twitter about what I would have called a friendly activist

00:10:18.240 | myself in a and another large fund and the reality is there's a lot of data that sits uh in the

00:10:27.120 | public domain that you can use to get a very clear view of Twitter's advantages and disadvantages

00:10:33.600 | and so you know all of these issues that Twitter is dealing with has been known for a long time

00:10:40.200 | to people that spent any time analyzing the stock comparing it to other social media stocks so I just

00:10:46.740 | don't understand what all of this is about at the end of the day a person that had a point of view

00:10:54.300 | has changed their mind get to the bottom of what that person thinks but going on these

00:11:00.120 | broad fishing Expedition I think is just really stupid and then what was Joe Lonsdale subpoenaed

00:11:05.340 | for I mean he just appeared for being at the all-in Summit for being a guest at the all-in

00:11:09.900 | Summit so so that that just shows you how silly this is too because Elon we did an interview the

00:11:16.080 | four of us interviewed Elon at the all-in Summit uh in Miami back in was it May is when did we do

00:11:22.200 | that yeah in any event um so Elon appeared but he dialed in by Zoom it's not like he was walking

00:11:29.280 | around the hallways bumping into people and talking like there was he did not communicate

00:11:33.240 | with anybody else at the Summit yeah he was a guest by Zoom so if you want to know the

00:11:39.600 | communications that we had just go watch that public recording of us interviewing Elon there's

00:11:45.120 | just again this there's no need for this fishing Expedition guys this is the this is the record

00:11:50.880 | for the longest amount of time in his life J Cal has not spoken so I want to I want to

00:11:56.460 | acknowledge this moment and we can move forward um Saks did you do any prep work for the interview

00:12:03.420 | with Elon while you were wow good question in the commode no in the commode there's no prep work I

00:12:08.940 | showed up

00:12:09.300 | um barely I barely showed up barely you guys remember yeah oh my gosh see and you guys don't

00:12:17.160 | want to do all in Summit 2022 come on 23 come on we're good we're good yeah exactly why do I need

00:12:22.740 | another one of these I actually want to have Friedberg stands create an event honoring him

00:12:29.160 | and I'm going to appear there as the keynote speaker absolutely Sultan of science Con actually

00:12:33.720 | I should really thank you J Cal yeah it's totally for throwing the Summit thanks Jake

00:12:39.000 | first I blame Twitter's executives then I blame you I think you could put listen if we do another

00:12:44.760 | all in Summit maybe it's profitable and can we just say legal bills can I just say like as a

00:12:51.180 | user just as a user okay commentary the the bot issue is really real like how many accounts are

00:12:59.520 | there which have like 20 or 30 followers that just spew vitriol either positive or negative

00:13:06.000 | constantly every time you tweet anything it makes

00:13:08.700 | tweeting impossible I used to be an ardent user of Twitter and I think in the last year it has

00:13:15.000 | become exceptionally unusable well and so they should just fix they should fix that product

00:13:21.960 | quality problem in fairness to Saks he did pay ten dollars per account to have those created

00:13:27.120 | and to control your replies but it is true if you I always screenshot it I look at who's like

00:13:31.920 | trolling me in replies and inevitably it is uh a six month old account with that's following

00:13:38.400 | 100 people and has no followers or five followers and has like some you know large but I mean it's

00:13:45.480 | like it's like numbers at the end of the name every time you say something every time I say

00:13:49.440 | something it's like every other comment is about a stock it's about a crypto thing that they want

00:13:54.480 | you to click on and so you know this last month I've started to experiment with turning comments

00:13:59.280 | off and it's been the best because I can still communicate out it gets the same reach millions

00:14:05.580 | of people will see what I have to say but I don't have to deal

00:14:08.100 | with all of the bullshit that comes with it now yeah but you can also pick you should there's a

00:14:17.340 | real problem on that platform that needs to get fixed here's the thing it's easily fixable

00:14:23.460 | because if you go to LinkedIn or Facebook or Instagram you don't see this so if it if the

00:14:29.700 | other platforms can figure it out across many different companies it's not like

00:14:32.940 | there's some secret sauce here you just have to put up you know a couple of reasonable Gates

00:14:37.800 | and have some reasonable reporting and you take a little friction out and people will not be able

00:14:42.840 | to create bots on mass yeah I noticed that problem you know in the early days of the Ukraine war when

00:14:48.060 | I would tweet out my opinion my non con my contrarian opinions my non-consensus opinions

00:14:53.340 | on the Ukraine war you get attacked I saw I remember you were getting attacked it was

00:14:56.520 | ruthless and those are not real people those are not real people those are algorithms yeah when

00:15:01.860 | you would go click on those accounts you would see that they were accounts created that month with zero followers

00:15:07.500 | zero following and uh they're brand new accounts without any history and they were all tweeting the

00:15:14.760 | same thing accusing me of being Neville Chamberlain it was all just you know Putin talking points or

00:15:19.560 | whatever so there you know I think particularly when you speak out against the current thing

00:15:24.360 | there's yeah you know an organized effort to try and drown you out and but look the Washington Post

00:15:30.420 | had a story about this that Ukraine was really good at what they called strategic communications

00:15:37.200 | propaganda but in any event yeah I mean look there's absolutely a problem it's now a playbook

00:15:42.060 | um if you I don't know if you guys saw the Zack Snyder uh recut of Justice League supposedly there

00:15:48.300 | were bot armies that put the pressure on Warner Brothers to release his cut of that movie

00:15:53.460 | and that he might have in some way been involved was the insinuation and it actually drove Commerce

00:15:59.640 | they gave him the whatever 30 40 million dollars to recut the film uh all right let's talk about

00:16:04.200 | markets since that's what everybody um really comes here for

00:16:06.900 | uh looks like inflation is uh finally maybe uh getting a little pushback gas and oil is way down

00:16:14.040 | a big win for Americans and obviously the administration there clearly is an upper

00:16:18.300 | bound to how much people will pay for a gallon of gasoline consumption is actually going down which

00:16:22.380 | is interesting humans pretty adaptable there uh jobs and we've talked about this every month as we

00:16:29.460 | watch it uh finally dipped under 11 million as sacks predicted you know we're gonna shed 300

00:16:35.400 | 400 000 jobs

00:16:36.600 | uh it seems every month uh which should take this uh you know 10 11 million number over the next year

00:16:42.120 | down to maybe five or six which would still be uh an unbelievable number still put us up very robust

00:16:48.180 | full employment which has been a big question so there's a number of of open job the the number of

00:16:54.780 | job wrecks it went down by something like half a million in one month yeah and it's been going down

00:16:58.800 | three or four hundred so it's it's kind of been pretty consistent but there's clearly something

00:17:03.540 | going on here and

00:17:06.300 | um the stock market interestingly um we've started to see a little bump here even crypto

00:17:12.840 | um which the most speculative of all assets I guess Bitcoin bounced as well you know hitting 22 23 now so

00:17:21.000 | what do you think Chamath about markets we you you may have called the bottom uh here on the program

00:17:29.760 | a couple of months ago and uh I started J trading three weeks ago based on our discussions here thinking

00:17:35.400 | that we're bouncing along the bottom is it a head fake right now I think at the time initially I

00:17:40.680 | think I said you know it rallies to around 4 000. I was a little off rally what rallies to 4 000.

00:17:48.960 | the S P yeah probably gets to 4 200 4 300. look it's always important from my perspective

00:17:59.220 | today just so people know yeah it's always important from my perspective to just take the

00:18:03.540 | other side and just

00:18:04.740 | intellectually debate with oneself why the other side could be right so in at this point right now

00:18:11.100 | what people would say is okay the Fed's going to capitulate at the beginning part of 2023

00:18:16.620 | we have a pretty clear forecast for all the rate increases that have to happen

00:18:20.760 | everybody's doing the work that's necessary either raising prices cutting costs or doing

00:18:27.180 | both letting people go Etc Etc so maybe we're we're there okay so what's the other side of that

00:18:34.620 | well I think again as I've stated before the other side starts with energy and the reason why I

00:18:43.140 | think it's important is that it really is the conflation of an economic system and a political

00:18:48.780 | system using an instrument and if you look inside of what's happening in Europe there's a lot of

00:18:54.960 | complexities here that I think need to get unpacked so for example a couple days ago the

00:19:01.020 | French government basically said that they're going to start producing less nuclear energy

00:19:04.920 | and you'd say well why would they do that well it turns out because you know the temperatures

00:19:10.860 | are so high you cannot use the water to cool these nuclear reactors because the the exiting

00:19:17.940 | water is then so hot that would actually destroy the ecosystem of the lakes and rivers that they

00:19:23.100 | use to feed natural fresh water in to cool the nuclear reactor second because it's so hot

00:19:30.360 | that all the rivers are below their natural level barges that carry coal and that gas are getting

00:19:37.560 | stuck on the Danube the Po which is the longest River in Italy that feeds all the fields actually

00:19:43.980 | can't is below the level where it can actually off you know offload the water so farmers can't

00:19:49.140 | basically do what they need to do to produce a food supply so if you play all of that out

00:19:54.300 | you start to see an issue where by you know

00:19:59.700 | October November of this year we're back into the same complexity where energy is the tip of

00:20:05.160 | the spear around which everybody starts to debate all of the national security issues that we have

00:20:10.380 | to deal with the Ukraine war Etc Etc so I don't know I mean you know you've made a lot of money

00:20:17.280 | this year by basically doing the following which is the exact opposite of everybody else when

00:20:22.080 | everybody else was freaking out had you bought you would have made a ton of money now everybody's like

00:20:27.720 | it's over and you can tell that by looking at the numbers and the numbers and the numbers and the

00:20:29.040 | you can tell that by looking at the VIX which is the volatility index we're about to get into the

00:20:33.900 | high teens you have systematically it has been true that when the VIX is in the teens you tend

00:20:42.720 | to basically buy volatility which is essentially you get short stocks and when the VIX is in the

00:20:48.540 | 30s you tend to basically sell volatility and you buy equities because we've hit the bottom if you've

00:20:53.460 | been doing that for the last year you've made a ton of money so there you have it I really don't

00:20:57.840 | know what's going to happen from here but I'm going to give you a little bit of time to think about that and then we'll talk about it in a minute.

00:20:58.380 | happen from here but I tend to think things still have to get a lot worse to flush everything through

00:21:02.880 | the system and for people who don't know the VIX is the ticker symbol that you can look up yourself

00:21:06.840 | for the CBOE's volatility index which measures the stock market's expectation of volatility

00:21:13.800 | based on the S&P index's options trading if you look at oil sacks we are now down to 87 bucks for

00:21:23.640 | a barrel haven't been here since uh gosh looks like a lot of people are going to be buying stocks

00:21:27.720 | looks like yeah February maybe and so and gas prices plummeting something going well in this

00:21:37.140 | regard what are your thoughts yeah I mean it's uh that particular Commodity is coming down I

00:21:43.260 | still think we have a big inflation problem um why do you think it's going down I guess production

00:21:47.940 | stepping up I mean in response to higher prices uh people increase production and um the price

00:21:52.920 | comes down no no no no no there's less demand the the the crazy sad thing about this whole thing with

00:21:58.320 | Biden was that OPEC came back and they basically said we can increase like 600 000 barrels a day

00:22:03.060 | but the only two countries that are able to do it were I think Kuwait and Saudi and the total number

00:22:09.060 | of barrels is about a hundred thousand so with all the bluster and all of this you're right actually

00:22:13.080 | it's because the interest rate increases are actually having an effect correct you know

00:22:17.580 | these rate increases are like chemotherapy you know it's um on the economy the gas is going to be a lot of money

00:22:22.020 | the gas demand is lower than the summer of 2020 in the middle of the pandemic yeah yeah you're right

00:22:28.560 | so the the Commodity prices are reflecting expectations that the economy is slowing down

00:22:33.420 | and and you know maybe in a recession so supply supply modestly up demand massively down equals

00:22:40.020 | hey we want to get people to buy this Commodity it will lower the prices lo and behold the same thing

00:22:45.360 | is happening a little bit with groceries uh and we'll see what happens with travel homes also

00:22:50.160 | spectacularly falling down in price

00:22:51.120 | and the inventory spiking as well so what's your your take here you unpack the 75 basis point

00:22:59.280 | increase in the chemotherapy that you were going down that road well let me just speak to this this

00:23:02.760 | um this rally in the market for a second because I think there was a really interesting chart that

00:23:06.900 | Philippe Lafon showed at that kotu Summit that we talked about on the spot a few months ago and I'll

00:23:12.540 | just put it on the screen I put in the chat uh what it basically shows is that uh is that during you

00:23:20.040 | know protracted bear markets you can still get substantial bear market rallies and so during the

00:23:25.560 | 2000 2001.com crash you had these plus 32 plus 41 plus 45 rallies but even while the market as a

00:23:38.340 | whole was going down and so they ended up being sort of sucker rallies now I don't know if that

00:23:44.580 | is what's happening here but it is a possibility um one interpretation facts of this could be that

00:23:49.140 | the prospects of this could be people are picking the winning stocks while the losers continue to

00:23:54.000 | lose and that's what's causing this you know jagged Edge or the the dead count bounce dead

00:23:58.620 | cat bouncing as they say which is what we're seeing in a lot of these public companies right

00:24:03.060 | I don't know if you're watching but Uber you know obviously I'm still a big shareholder had a massive

00:24:06.960 | print and other companies have been doing equally as well Apple included I think two things happened

00:24:12.300 | last week one is there were a number of companies that reported uh good earnings and I think even

00:24:17.580 | more importantly has strong

00:24:18.960 | forecasts so that helped and I think it was just there was so much pessimism and negativity that

00:24:24.480 | just companies reporting decreases that weren't as bad as people were expecting created some room to

00:24:31.380 | move up but the other thing that that drove the rally is that the Fed made these comments on the

00:24:36.180 | heels of that 75 basis point rate increase that we were close to neutral and so the market seemed to

00:24:42.840 | get really optimistic that we wouldn't get much more in the in the way of rate increases maybe

00:24:48.900 | there would be a 50 basis point rate increase towards the end of the year which would bring the

00:24:54.240 | Fed funds rate up to about the two-year bond rate so the idea was we're close to neutral and markets

00:25:00.300 | really reacted to that the thing about that is though that I think what the what Powell and what

00:25:06.180 | the Fed says today about rates is way less important than what the inflation data will

00:25:12.720 | actually show in a few months if we still have nine percent inflation three months from now

00:25:18.480 | then I don't think the rate increases are done so at the end of the day I think that the data here is

00:25:24.900 | going to be a lot more important than what the Fed says because certainly the Fed has said a lot of

00:25:29.160 | things over the past couple years that turned out not to be true you would agree they seem to be

00:25:33.420 | doing something correct here with the 75 Bips you know and taking it a little more seriously it's

00:25:39.660 | having an impact I'll say it again I've said it now five pods in a row we've never seen a moment

00:25:44.700 | in history in American history where when CPI

00:25:48.300 | has printed successively above five percent that it got under five percent without Fed funds getting

00:25:54.780 | to that same number so we should all hope that this is the exception that proves the rule but

00:26:01.680 | there's an enormous amount of data that would tell you that we have to take rates to double

00:26:08.640 | what the equilibrium rate is thought to be right now there was no print in August they take the

00:26:14.700 | month of August off they could do an emergency print and then they're expecting 50 or 75

00:26:18.240 | Bips in September if they do that Sachs Chamath 50 I think 50 is the expectation for September but

00:26:24.720 | look I think it's appropriate now after all the rate increase they've done to take a pause they're

00:26:29.160 | going to get two full months now of inflation data before the September Fed meeting I think

00:26:34.440 | it's appropriate to let the economy digest these rate increases and see where we're at and let's

00:26:40.260 | see where the next two months inflation print is and then that'll determine what happens next

00:26:44.640 | freeberg based on all this uh what's your Outlook for

00:26:48.180 | the economy I think there's more we all try and be predictive based on the current set of conditions

00:26:56.340 | in the world and there are a number of conditions in the world that the switch could flip very

00:27:05.400 | quickly and there's enough of those triggering events right now that um the probability of any

00:27:13.560 | one or any set of them happening in the next couple of months is probably pretty high

00:27:17.580 | uh you know I kind of talked about it on the show a few weeks ago that it's like a bunch of

00:27:21.840 | tortoises sticking their head out of the shell and you know there's a few that might pop out here

00:27:27.840 | there's obviously a massive problem with getting gas to Western Europe for this winter

00:27:34.740 | there's an emerging problem with food insecurity in Africa South Asia around the world

00:27:42.240 | there is obviously continuing escalating conflict

00:27:47.520 | in Eastern Europe this NATO situation may or may not help the Taiwan visit may or may not help is

00:27:54.240 | it escalating yeah I mean I think you know Sweden and and whatnot joining NATO is okay it's going to

00:28:02.280 | be viewed as provocatory and you know it it could not make things cooler and calmer over there but

00:28:10.440 | make them more tense I mean we view it as a security issue but it really is a conflict

00:28:15.000 | escalation issue and um and then I think that there are emerging markets problems you know

00:28:20.820 | Argentina is facing 60 inflation Brazil has a criminal as their president right now and he has

00:28:27.960 | said publicly in the last couple of days that he will not leave office if he loses the election

00:28:32.520 | because the election is fraudulent and if that happens then you could see massive civil unrest

00:28:37.260 | he's been encouraging the population in Brazil to go to the streets and fight back and there

00:28:42.120 | are a number of these flashpoints and by the way that's a massive

00:28:44.580 | uh you know a food supplier as well as a massive holding in EM credit portfolios around the world

00:28:53.700 | U.S consumer credit is a problem you know we just had the largest number of new credit card accounts

00:28:59.880 | open since 2008 in Q2 from the New York Fed report yesterday all of these things I'm painting as

00:29:07.200 | pictures of potential flash points for what could quickly become wildfires or brush fires that spread

00:29:14.280 | very quickly in markets and could escalate some of the considerations so I don't feel like I look

00:29:19.260 | around and say everything is good we're in a good place there are some indications that some of the

00:29:24.660 | stagflationary considerations and concerns we may have had in the way that markets are behaving

00:29:29.160 | right now gives us a pause gives us a respite makes us feel okay but there are also a lot of

00:29:34.920 | things that could go wrong and any one of those things could be a triggering point so I always

00:29:39.840 | think in terms of probabilities there's a whole bunch of low probability things but when you have

00:29:43.920 | enough low probability things the probability that something in the set is triggered becomes

00:29:48.900 | high that's where I kind of say look the probability of something being a flashpoint

00:29:53.280 | for us this year is high I also still think that globally we are very primed for conflict right now

00:29:59.340 | and we feel like and are hoping that the Russia Ukraine thing resolves but there are other points

00:30:04.500 | of escalation look at what's happening with Pelosi visiting Taiwan everyone that's you

00:30:09.600 | know even well informed is scratching their head saying what the heck is going on here there is

00:30:13.560 | currently

00:30:13.860 | an indulgence in conflict and I think that that indulgence will um you know cause more harm than

00:30:19.200 | good uh particularly for these financial markets that we're commenting on right now in the months

00:30:24.720 | ahead so um look I you know like I've always said I'm not going to be one to time markets it's like

00:30:31.020 | trying to time social behavior like who's going to say some word first I don't know the answer in

00:30:36.300 | a population of people you know you can kind of guess how people are going to behave but markets

00:30:39.780 | are the output the manifestation of social behavior and so timing

00:30:43.800 | markets is very difficult I think you can do a good job analyzing businesses and the quality

00:30:47.940 | of businesses and how they will perform over time I don't think that anyone over time can do a good

00:30:52.440 | job timing markets and I think that there's a lot of these things that could really shift anyone's

00:30:57.120 | perspective on what you believe right now very rapidly in another direction based on any one of

00:31:02.460 | these uh things happening trim off do you feel the world is uh as Dr doom here is you know setting it

00:31:08.940 | up I'm not by the way I'm not being negative I'm just pointing out that there are a set of things

00:31:12.420 | that could flip things the other way right absolutely I'm being slightly facetious here

00:31:15.480 | but you paint a pretty stark picture of hey there's all these tipping points around the

00:31:19.500 | world chamath do you feel like this is how the world works there's always a bunch of potential

00:31:24.480 | tipping points there's always going to be wars sadly and there's always going to be countries

00:31:28.380 | uh that are dealing with dictators or insolvency especially in frontier markets and emerging

00:31:34.620 | markets or is this chaos you know really acute and and people should be uh you know

00:31:42.360 | anxious and in a panic I think both of you guys are right like there's always stuff going on in

00:31:48.180 | markets and markets represent the collective sum of our wishes and expectations and also the realities

00:31:55.200 | this is why I think for me at least the way that I process this information is not trying to have an

00:32:00.480 | opinion on any one of those things because I just I find it too hard and I don't have enough depth

00:32:06.960 | of understanding of any of those things for me I'd rather go back to the historical Trends because

00:32:11.340 | I find a little bit easier to parse and whether any of those things are true and can they turn that

00:32:22.620 | radio down Jason we're we're just talking something oh okay no problem I it's just a little we can't

00:32:29.460 | hear you sorry I'm gonna no problem the second helicopter is replacing the first helicopter

00:32:33.840 | because swapping out yeah no that's a big helicopters are switching on the helicopter I

00:32:39.180 | mean it takes a team to part this

00:32:41.160 | so the the real problem is that like if I go back to the historical artifacts have there been issues

00:32:53.580 | in the past the way that you know um freeberg described absolutely so this is why I think you

00:33:00.420 | can look at the fact that whenever there's inflation and whenever it's spiked this what

00:33:04.380 | has had to happen by the Fed is you have to take rates above that key five percent threshold when

00:33:10.980 | the CPI is above five percent to break enough demand so that the economy's reset

00:33:16.860 | and I think that's where we are so instead of trying to figure out whether you know I mean the

00:33:21.900 | the Brazil thing as an example that that freeberg said is crazy like he's basically you know he said

00:33:26.940 | publicly in a press release the army is on my side and it's ready to help me you know keep and stay

00:33:32.880 | in just the craziest thing so what are you supposed to do the fighters need to take to the streets

00:33:37.560 | so what are you so what are you supposed to do in my opinion I'm like you know what a version of

00:33:42.180 | Brazil has happened before I don't know enough history quite honest you know the specifics of

00:33:47.700 | what happened then and how that could translate to now and I don't want to spend the time

00:33:50.640 | understanding what's going to happen in Brazil right now I'd rather just say there are 20 or

00:33:54.900 | 30 things that could very much complicate the world economy I think the reality is that

00:34:00.900 | governments need to flush all this excess money out of the system so that we can really find out

00:34:07.500 | what equilibrium demand is and get back to normal there's also by the way a really important trend

00:34:13.020 | chamath unlike that I think is playing out and will play out for the next decade on deglobalization

00:34:19.620 | so as the U.S tries to build its own semiconductor manufacturing capacity as China loses key trade

00:34:27.840 | partners as all of these markets stop trading with each other and start to build redundancy

00:34:33.300 | there is a massive longer range economic effect of

00:34:37.200 | deglobalization globalization enables efficient pricing it enables labor and energy and everything

00:34:44.100 | to be done you know to go to the cheapest source that's the way globalization has benefited us

00:34:49.140 | we've been able to get cheap energy and cheap labor in overseas markets to do work for us and

00:34:54.720 | as a result we've gotten access to cheap products so when you deglobalize you end up having to pay

00:34:59.640 | more for labor more for energy you have to build infrastructure and the price for everything goes

00:35:04.380 | up we've said this on the pod for two years now

00:35:07.140 | that era of cheaper faster better is over and what comes with that is better National Security

00:35:15.720 | but the cost of that better National Security is higher prices higher prices less growth and

00:35:21.840 | there's nothing that we can do to avoid that I'm not sure I agree with the less growth I actually

00:35:25.560 | think that there's enough excess slack to be absorbed by all of this free money that I think

00:35:30.720 | you can still have sustained growth but it will come with higher interest rates and higher inflation

00:35:36.120 | and higher input

00:35:37.020 | costs everybody will have to do their part to absorb some of this but that's what's going to

00:35:42.660 | happen and I think we should just deal with the medicine as quickly as possible this is why the

00:35:46.740 | people that actually think that the fed should just be very aggressive and get this over with

00:35:50.700 | quickly I suspect on the margins are right the problem is they don't want to look at the historical

00:35:54.780 | artifact because they sort of artifact would say wait I need to raise interest rates by another 250

00:35:59.520 | basis points that's just way too disruptive for what the world is ready to to hear right now so

00:36:04.200 | we're going to incrementally plot along

00:36:06.960 | and I think what freebrook says is right which is that there's going to be a whack-a-mole that emerges

00:36:10.980 | that's going to tilt the markets then the consumer credit thing will implode that's going to tilt the

00:36:15.420 | markets then Jair bolsonaro will try to take over Brazil that'll tilt the markets and we'll go back

00:36:20.820 | to this you know inflationary fragmented de-globalized view of the world that just

00:36:26.880 | frankly takes higher interest rates to normalize all right and sax I'll bring you on this I mean

00:36:31.380 | counter to freebrook's point the the counter obviously would be hey we will have less

00:36:36.780 | dependency on dictators like Putin Xi Jinping MBS Etc and that would be great for humanity and

00:36:43.980 | we'd have resiliency in our supply chain uh and you know the West now becoming unified

00:36:50.040 | say what you will about the NATO membership and the timing of it it's probably a great thing that

00:36:56.100 | the West is saying hey we're going to get together as a group I think you would agree and stand

00:37:01.380 | against dictators invading other countries and if everybody pays their fair share to be part of NATO

00:37:06.720 | that's not that's not what they said that's not what it is well I mean no that is not but look be

00:37:11.760 | intellectually honest every day we all said the first part and just nobody talked about that

00:37:17.580 | second part and the only person who you know which is Josh Holly who's you know not exactly my

00:37:22.680 | favorite person in the world but maybe sax wants to comment was the only one that actually said

00:37:27.060 | which is probably the fair thing with Jason you are saying is part of the deal it is not part of

00:37:30.780 | the deal no no should be part of the deal I'm saying it should be part of the deal and for

00:37:33.960 | people who missed what we said there United States spends three and a half percent of our

00:37:37.440 | GDP on uh military other places in NATO might be spending one or two percent and we're trying to

00:37:42.840 | get them all to two percent to be a little closer to us and then this obviously trip to Taiwan

00:37:49.080 | strengthening our relationship with that country but at what cost and why are we doing it now uh

00:37:54.120 | all come into play here so do you actually think that this trip to Taiwan actually strengthened our

00:37:58.740 | relationship with Taiwan did we come out with a deal for chips did it see all of a sudden say

00:38:03.900 | in what way I'm curious well because they are I mean did you not see their statements and giving

00:38:10.920 | Pelosi Awards and they Taiwan very much wants to strengthen their relationship with the West that

00:38:15.960 | that is their goal they want to strengthen the West they want the protection of the West so yes

00:38:20.040 | it's trying to get this was a coordinated hold on let me finish it does strengthen our relationship

00:38:24.240 | with Taiwan the question is does it provoke China and was it necessary at this point in time in

00:38:29.460 | history when the world does feel like uh it's a little bit of a powder keg no but so so six

00:38:33.840 | months from now when all the fruits and vegetables that have been embargoed and not sent to Taiwan and

00:38:38.400 | then the sand that allows them to make chips continues to not flow do you think that they'll

00:38:41.880 | still be positive about the trip we'll see I mean I I let's go to Sax he likes to comment on these

00:38:47.580 | things so all right well I want to dismantle everything you just said I know that's why I

00:38:52.140 | set you up for it so I'm Pelosi I mean look once it came out that Pelosi was going to Taiwan and

00:38:58.020 | China threatened her and the U.S saying you can't go obviously we couldn't back down from

00:39:03.780 | that because we can't let China dictate which of our officials can go to Taiwan so at that point we

00:39:10.440 | had to back her play and you saw that everybody from Fox News to 25 Republican senators got on

00:39:16.320 | board okay but here's the issue the real issue is should she even have been going I think this

00:39:22.320 | trip was self-indulgent it was reckless she was told by the Biden administration don't go this

00:39:28.800 | is not the right time this is a sensitive time the uh the CCP's

00:39:33.720 | got their party conference in the next couple of months there was no reason to basically provoke

00:39:39.120 | this showdown right now and she just dismissed what the administration with Biden and what the

00:39:45.420 | Pentagon told her to do because she wanted to make some sort of valedictory tour to Taiwan

00:39:50.880 | so look Nancy Pelosi does not deserve any credit for this trip did we have to defend her once

00:39:58.260 | you know once China threatened her yes of course we had to like I said back her play but

00:40:03.660 | this was reckless and it was self-indulgent and it didn't need to happen and you know it

00:40:08.640 | really makes you wonder who is calling the shots in this administration when Pelosi won't even

00:40:13.740 | respect the wishes of a president in her own party and what is she doing going over there

00:40:19.440 | she's not the secretary of state I had the same president had the same questions like why why now

00:40:24.060 | why not Thomas Freeman had well because it's all about her making this valedictory tour

00:40:29.460 | before she's going to hand over the gavel look the Democrats are going to lose the

00:40:33.600 | house in November once she passes the gavel to a new Republican speaker of the house I think she'll

00:40:39.060 | be announcing her retirement shortly after that so this is all part of her farewell tour

00:40:43.740 | but it didn't need to happen and the fact that she did it in violation of the wishes of a president

00:40:51.180 | of her own party makes you wonder who's calling the shots over there and it kind of reminded me

00:40:56.760 | you know a few weeks ago Gavin Newsom was over at the White House when Biden was over in Europe and

00:41:03.000 | everyone was

00:41:03.540 | translating what's he doing over there is he measuring in drapes yeah he's measuring the drapes

00:41:07.680 | so you know it just goes to show this does this administration have control over anything over

00:41:13.200 | the members of their own party over 60 of Democrats say they want someone different to run in 24. so

00:41:19.920 | yes there was a surface level of consensus and backing of Pelosi but if you scratch beneath the

00:41:26.880 | surface you see that the trip was unnecessary and reveals a president who doesn't seem completely in

00:41:32.760 | control of our foreign policy

00:41:33.480 | so in a statement um almost universally uh the leadership of the Republican Party said for

00:41:38.820 | decades members of the U.S United States Congress including previous speakers of the house have

00:41:43.200 | traveled to Taiwan this travel is consistent with the United States one China policy to which we are

00:41:48.180 | committed we are also committed now more than ever to all elements of the Taiwan relations act so one

00:41:55.680 | China if you don't know is that Taiwan and China are all part of one uh unified uh entity so we're

00:42:02.220 | the Republicans seem to be supporting this in a cynical way you're saying or it is consistent that

00:42:07.560 | uh other members of the United States Congress have gone including other speakers of the house

00:42:12.060 | I think there is bipartisan support now to defend Taiwan I actually think that that is in the cards I

00:42:17.340 | think there's a very high probability that we actually end up in a war with China really this

00:42:24.780 | century oh yeah I don't think so I think so much flashpoint in the world uh I would agree with that

00:42:30.480 | but explain why you think there's going to be a war because I think a lot of people think there's way

00:42:34.380 | too much at stake here for there to be a war so there is going to be some sort of negotiated

00:42:38.520 | settlement in the South China Sea so why would you think you think the majority cases there's

00:42:42.540 | going to be a war really you you have to look at it first of all from the Chinese point of view

00:42:47.220 | they view Taiwan as sacred territory and for decades now they have said in every single

00:42:53.400 | meeting diplomatic meeting with the U.S Taiwan is always their number one issue they are hell bent on

00:42:58.980 | recent history unification

00:43:00.420 | of mainland China with Taiwan and they would like to do it peacefully through coercion if they can

00:43:07.500 | but I think they will do it militarily if they must and the only question is when they feel that

00:43:12.780 | they will be strong enough to basically take the island by force so that's I think the Chinese

00:43:17.700 | point of view and I think America is increasingly committed to the defense of Taiwan so you know we

00:43:25.260 | have contradictory statements on this though the one China policy says that

00:43:29.460 | we respect that there's one China but on the other hand the Taiwan Relations Act commits us to help in

00:43:36.720 | the defense of Taiwan so we have a contradictory policy on this but if you really want to understand

00:43:43.440 | as does Saks you would agree China has flip-flopped on this and it's only the last hundred years that

00:43:47.940 | they've really considered Taiwan strategic they didn't care about it two or three hundred years

00:43:51.300 | ago they were kind of like this is worthless you guys do what you want Taiwan was part of

00:43:55.800 | China until 1895 when Japan took it from them yeah yeah yeah yeah yeah yeah yeah yeah yeah yeah yeah

00:43:59.400 | they didn't want it at that time that's that's the other thing they were like this is worthless

00:44:03.480 | real estate we don't care it's only true well Taiwan Taiwan is extremely important strategically

00:44:09.480 | and if you want to understand why I think you need to look at this map yes no I read up on that I think

00:44:15.120 | it's really interesting pull that up actually yeah it's a really interesting discussion because 200

00:44:18.540 | years ago they didn't care and then all of a sudden they're like wait a second if we're going

00:44:21.060 | to be in wars with the West and Japan's going to be a democracy we do actually have something at

00:44:25.560 | stake here we'd like that island back the island chain strategy was originally created

00:44:29.340 | by John Foster Dulles this one of the Secretary of State I think under Eisenhower who was one of

00:44:37.140 | the initial architects of our containment policy against the Soviet Union but also came with this

00:44:40.980 | idea of how we would contain China in East Asia and the basic idea is that China is surrounded

00:44:48.060 | by a series of island chains the first island chain goes down from the southern tip of Japan

00:44:53.220 | to Okinawa to Taiwan to I think there's some islands of the South China Sea the Spratly

00:44:59.280 | Islands uh it's got the Northwest tip of the Philippines that's the first Island chain second

00:45:04.800 | Island chain goes out to Vietnam Eastern part of the Philippines no Vietnam's all the way down and

00:45:11.280 | I think it's second Island chain includes you know it goes down to Indonesia and then I think there's

00:45:18.720 | even a third Island chain that includes Guam although Guam actually might be in the second

00:45:22.860 | somewhere it's somewhere around there it's a heavily fortified American base so the idea is if

00:45:27.540 | you want to bottle up and contain China

00:45:29.220 | you do it by controlling these island chains and Taiwan is really the central one it sort of divides

00:45:37.080 | this East China Sea uh where you've got South Korea and Japan from the South China Sea where

00:45:42.480 | you've got Vietnam and Malaysia between Vietnam and Japan it's literally if you were to draw a

00:45:48.780 | center line of China's coastal access that is it yeah so so the bottom line is this if you want to

00:45:54.120 | pursue a policy of containment against China you really want to control these island chains

00:45:59.160 | another way to think about it is that these islands are unsinkable aircraft carriers

00:46:04.860 | they allow America to project power 6 000 miles away into the Pacific that's how we saw it during

00:46:12.300 | World War II is we had all these island hopping battles and as we took these islands they would

00:46:16.980 | then become a runway for the next stage of to project American power to get all the way to

00:46:22.140 | to Japan so you know if you believe that we're headed for or we already are in Cold War II

00:46:28.500 | with China and I think we are I think China is really I think we'd all be a political threat not

00:46:35.400 | Russia the way that you would contain China and keep them bottled up is to have these uh islands

00:46:41.400 | in the American alliance it's gonna be very hard for China which is now building a huge blue water

00:46:46.620 | Navy has actually more ships in the United States it's gonna be very hard for them to project their

00:46:50.520 | power all over the world if they are contained a bottle up and have to watch their own back one

00:46:55.800 | put on the number of ships though in East Asia is you know they they have a lot of small ships the

00:47:00.720 | tonnage wise we have much more tonnage and if you were to look you know even uh the the perfect

00:47:06.540 | setup as you explained through these islands is very similar to NATO and the um what's happening

00:47:11.100 | with Russia you know we have Korea we have Japan uh we have Vietnam the Philippines we have an

00:47:17.820 | incredible Alliance in this area and that's a great thing for America and Taiwan obviously is a

00:47:24.420 | jump ball here uh

00:47:25.680 | um but this is a setup for China you know having Jason what do you think about the repercussions of

00:47:31.740 | her visit so CATL which is Tesla's biggest battery supplier basically you know delayed the announcement

00:47:38.460 | of a of a factory it's not clear whether they're going to put it into the United States they may

00:47:42.960 | actually pick a city in Mexico but what the decision that was supposed to happen now has

00:47:47.700 | now been delayed until September or October there's a bunch of you know there's all of

00:47:52.020 | these crazy military drills that happened was it all worth it I mean

00:47:55.500 | that is the question and I I'm asking you now was it worth it we don't have enough information I

00:48:01.140 | think to know what why this was done now it was it a freelance he asked me a question let me finish

00:48:06.600 | is is it a freelance and Nancy Pelosi is completely freelance or is there a bigger strategy here is

00:48:12.540 | the question is China weak now are we trying to send a message to them and one could equally take

00:48:19.620 | the side of the argument that the United States supporting Finland uh supporting Sweden supporting

00:48:25.080 | NATO you know supporting the Ukraine and supporting the Pacific is actually the right move here to

00:48:31.440 | contain the dictators I agree but we have a I agree but we have two people to do that it's the

00:48:35.940 | president and the secretary of state well that would be a much bigger provocation I think is the

00:48:40.680 | issue so if you sent the president that would be a very big provocation the Thomas Friedman article

00:48:45.120 | that Sachs mentions yeah it was pretty explicit that you know Blinken and Biden both told her

00:48:50.820 | please stand down yeah the NSC and the

00:48:54.900 | joint chief said please stand down you are way over your ski tips here and she's great I agree

00:49:00.240 | I I I've been very public what is the point of doing this now is the question and we don't have

00:49:05.400 | information once China tried to dictate to Pelosi that she couldn't go of course we had to back her

00:49:11.760 | play but you have to be kind of a fool to fall for this in the first place this was self-indulgent by

00:49:17.040 | Pelosi she didn't need to pick this battle the administration asked her not to and look let me

00:49:21.540 | give Biden some credit here Biden has the right policy on Taiwan

00:49:24.840 | which was stated this way he says that we support the status quo and we are against unilateral changes

00:49:31.500 | to the status quo we want the United States to be a status quo power with respect to Taiwan and force

00:49:36.900 | China to be the revisionist power and we need to be very careful that we do not come across as the

00:49:41.940 | revisionist power that would give China an excuse so we want to just maintain the status quo that

00:49:48.180 | should be our policy all right everybody we'll see you next time on the all-in pod bye-bye

00:49:51.780 | foreign

00:49:54.720 | foreign

00:49:57.660 | foreign

00:50:00.660 | foreign

00:50:04.660 | foreign

00:50:08.660 | foreign

00:50:12.660 | foreign

00:50:14.660 | foreign

00:50:16.660 | foreign

00:50:18.660 | foreign

00:50:20.660 | foreign

00:50:22.660 | We'll meet in the as-is

00:50:23.800 | We should all just get a room

00:50:24.940 | And just have one big huge orgy

00:50:26.540 | Cause they're all just useless

00:50:27.480 | It's like this sexual tension

00:50:29.180 | That we just need to release somehow

00:50:30.620 | Wet your feet

00:50:33.000 | Wet your feet

00:50:34.740 | Wet your feet

00:50:35.400 | We need to get merch

00:50:38.160 | I'm doing all in

00:50:40.380 | I'm doing all in

00:50:48.400 | you

00:50:48.900 | you

00:50:49.240 | you

E90: Twitter subpoenas, market overview, Pelosi's Taiwan visit & more

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