Pivot · Jul 31, 2021

Instagram's new privacy settings, Big Tech's record profits, and the Capitol insurrection hearing.

Automatic transcript of the end of the episode, from 36:09. Speakers are labeled by software and may contain errors. Highlighted passages are Scott’s predictions.

Scott Galloway · 36:09 Comments. They're cleaning up the comment section on these media platforms. Kara Swisher · 36:12 Immunity. I like it. Scott Galloway · 36:14 Or I call it... It's... Or or if I want a virtue signal, you call it a citizen strategy. But there is money to be made in Public hearing from them. Yeah. In companies that say to these companies with terrible externalities, there's opportunity for someone else to come in and carve out a market. And then the categories, think, where you wanna allocate your human capital a young person are around fintech, education, ed tech, and then health tech. I think those three categories are gonna just go and incur so much disruption and new new creation of stakeholder value that it's a great place to invest your own human capital and your capital if you have access to good private companies, which most people don't. Kara Swisher · 36:54 Fantastic. That's very good. I don't know. I don't I don't pay attention to these things. I hand it over to investment lady at Bernstein, and she takes care Scott Galloway · 37:03 of it Kara Swisher · 37:04 for me. That's how I Scott Galloway · 37:04 do That's smart. That's also you know, I have Kara Swisher · 37:07 old woman staff with... In in my investment lawyer, accountant, everything. All women. Scott Galloway · 37:13 All women. And they all practice judo. Yes. That's that's the prerequisite. Kara Swisher · 37:18 Ever love an ass. Anyway. Alright, Scott. One more quick break. We'll be back for predictions. [Ad break] — Predictions segment begins — Kara Swisher · 38:55 Okay, Scott. You need to give us a week's prediction, but it's gotta last a month. So you need to do something really good. This better be a good prediction. But I don't want you to half ass it here as per usual. Scott Galloway · 39:05 Pass it. Kara Swisher · 39:05 Pass it. Scott Galloway · 39:06 Well, know, didn't talk about Robinhood's going public today. Kara Swisher · 39:09 Oh, right. Scott Galloway · 39:10 Yeah. 40% of the revenue from selling order flow on options, 20% from crypto, 30% of their crypto revenue comes from Dogecoin. And it really isn't a trading app, it's a gambling app. I mean, is hardcore gambling, what's going on here. But anyways, that's not my prediction. Kara Swisher · 39:24 Okay. Scott Galloway · 39:25 I have someone very close in my life who had a great few weeks planned, dropping her kids off in camp and had to pull both of them out of camp. Kara Swisher · 39:34 Right. Because of COVID. Scott Galloway · 39:35 Because one of them had a breakthrough infection. And it just struck me that, I think all of the nation is dealing with the, pain and unnecessary sacrifice being levied on this nation because people have conflated an absence of oppression being an absence of responsibility. And in the sixties, we asked young men to go to Southeast Asia and fight a war to protect against this theory called the domino theory of communism, and a lot of them rightfully said, I don't wanna go, and we either force them to flee to Canada or we put them in jail. If you live in San Francisco or New York and you work your ass off and your partner works their ass off and you make really good money, the government shows up and takes more than half of it in the form of taxes. And if you say no, I wanna opt out of this responsibility, we fine you. And if you still opt out, we put your ass in jail. And the notion that we are asking people if and when they go into public places, if they go to the movies, if they go to schools, if they get on a plane, if they work for the government. I mean, fuck's sake, Kara, have you heard that forty percent of hospital employees are not vaccinated? Forty percent of hospital employees are not vaccinated. The nation has had enough. It is time for our leaders, and I Kara Swisher · 40:47 That's do think astonishing. That's astonishing, I think, don't you? Like 40%. Scott Galloway · 40:51 I swallowed my tongue. I'm like, you're dealing with sick people and you're not vaccinated? I mean... And kudos to NYU. I got an email today saying, Scott, you need to show proof of vaccination if you wanna come on campus. I'm like, Kara Swisher · 41:06 word my sisters. This if you want employment, not if you wanna come in the building, if you want employment. Scott Galloway · 41:11 Yeah. They're starting they're starting... The Department of Veteran Affairs is starting to say, if you wanna work for the Department of Veteran Affairs, you have to be vaccinated. Mhmm. So this notion that we are... I I... This is my prediction. I think that our elected leaders, I think their backbone is stiffening, and I think the data is so overwhelming that there has never been in the history of our modern economy Mhmm. A product that offers so much benefit at so little risk and so little cost. Yeah. This is this is a blessing. And for the government to decide on this one, similar to the decisions they've made elsewhere that this is good for the nation and you have to do this, it's time. And it's gonna happen. Kara Swisher · 41:52 Think this this will will solidify. I was fascinated with the Washington Post. I know that some news news organizations that may... We may be affiliated, are worried about the unions and things like that, and and figuring if they are allowed to force it. But I was fascinated that the post said is a condition of employment if you want to work here in Scott Galloway · 42:12 New yet another way the unions are going to continue to shoot themselves in the foot. If you look at union membership across 45 countries, in every country, they've lost somewhere between 1060% of their membership over the last thirty years. And unions, unions should be organizing to get this done and protect their workers and protect their communities. So the notion that they're sitting there with their arms crossed saying, Kara Swisher · 42:34 why would know it? Let me just say, I mean, that's one of the things they're worried about. Scott Galloway · 42:37 You Well, teachers' unions are. They should be organizing. They should be helping this fight. Anyway, I I think we are about Firmness to see Kara Swisher · 42:44 is what? You're you're gonna you're best firmness. Scott Galloway · 42:46 I think we're about to see overdue leadership from our elected leaders who go, look, government is a connective tissue of our of our society. Occasionally, we ask for a sacrifice. You don't get to decide if that decision was right or wrong. You get to you get to once every four years when you elect people or two years, but it is time. Vaccine passports, mandatory proof of vaccination, public transportation to work for the government. I hope that a lot of companies and a lot are are starting to mandate vaccination. It is time to put... We have the white walker here. We have a threat to our entire society here. We have a monster, and we have been blessed because we have discovered dragonglass, and that Dragon Glass is a vaccine. And it is time to put this Dragon Glass in the fucking heart of this monster and to sit around and go, well, you know, I'm worried I might get a blister from the Dragon Glass. I'm gonna wait and see. Fuck that. It is time that Americans started acting more American. Kara Swisher · 43:46 Well, now, of course, there's a big argument just in the House of Representatives about reimposing the mask mandates places there. Everyone's arguing about everything, about that too. But, look, the mask mandate stuff, you can argue back and forth, although please stop. The vaccine one, you're absolutely right. We're gonna see... This fight is never gonna stop and that for some reason, one side has decided it's about liberty, the other side is... It'll just... It's a very difficult situation. But when it comes to vaccine, it should be a zero tolerance policy, I think. Unless you can prove like there's some health issues, like, just like with other things we do when we require. Scott Galloway · 44:22 And this is the thing, it's just so weird. The Republican Party, it's going to be these pockets, these vaccine deserts that are gonna get decimated and they're almost all red districts. Kara Swisher · 44:32 Yeah. It's interesting. I think that the arguments will continue and it's getting conflated with the mask stuff, which people throw back. Scott Galloway · 44:39 Here's the thing about mask, people have had it. Also empathize with like, I think p... I don't think we're going back into lockdown. I mean, they will call for lockdowns. I think you're gonna see really poor compliance. I think people are just like, look. — Predictions segment ends — Kara Swisher · 44:52 No. I agree. Scott Galloway · 44:52 I'm done. Kara Swisher · 44:53 Listen. You can argue... Problem with the people who are continuing to be assholes about the mask thing, Look. You know, there was one back and forth among some people I know, some... A VC who's been obsessive with the mask thing and to the point of being an asshole. And I think the issue is I almost tweeted at him because I know him really well. It was like, and then someone else whose uncle died said this is really rude that you keep doing this. And I find... I almost was... Almost tweeted, listen. You can have any opinion you want about this mask thing, but the problem is you're a persistent and obsessive asshole. And that's really the problem, which you've got to be cured of by any vaccine. Like, that's what it is. It's like Scott Galloway · 45:26 You and judo on his ass. Kara Swisher · 45:28 I know it too. It was... I didn't. I didn't do it because I thought I'm just not gonna contribute to this... I actually liked and I don't anymore. And and Scott Galloway · 45:36 That's called social media. Kara Swisher · 45:37 Yeah. That happens when you follow anybody on social media. Can have whatever opinion you want, but boy, are you an asshole and you can't be cured of that. And so, that's what... That's really what is the disappointment here. And I agree with you. There are definitely tensions and things like that. But when it comes to vaccines, I'm sorry, people. You're gonna have to take your medicine. Take your medicine to make them be... Have a better tomorrow, I guess. You know? But, anyway, we'll see what happens. We'll... It'll be a real struggle. It'll continue to be struggling. Republicans are making it an issue they shouldn't. Anyway, this is our last moments together for a month. Scott, you're gonna be gone for August. Explain people why you're doing this and abrogating our responsibility and our work today. Scott Galloway · 46:14 Well, you know why I take August off. No. Because I can, Kara. Okay. Because I can. Kara Swisher · 46:19 Okay. All right. And? Scott Galloway · 46:21 And? I've decided I'm gonna take August off for the rest of my life. Kara Swisher · 46:25 Oh, okay. All right. Fine. Well, I'm gonna get guest hosts as many as I can. And of course, I'm bringing back Andrew Ross Sorkin. Scott Galloway · 46:30 The Canadian. Kara Swisher · 46:31 Yes. The Canadian. I'm bringing in Ben Smith from, The New York Times. He's the media writer. I have Baratunde Thurston. Scott Galloway · 46:39 Baratunde. Kara Swisher · 46:40 I've got Stephanie. I'm on Scott Galloway · 46:41 this podcast this week. I've got Stephanie. World ruler. Kara Swisher · 46:45 I've got I'm gonna call Scott Galloway · 46:46 her and just just just get all over for anything she says on the podcast. Kara Swisher · 46:50 Yeah. And then, I have, Katie Couric coming. Katie. Yes. I do. Yes. Indeed. Scott Galloway · 46:55 Katie Couric. Kara Swisher · 46:55 Yes. Don't make fun of Katie Couric. She'll rip your face off. No. I like She looks nice. Katie. But she's very nice. Alright. I got a lot of Scott Galloway · 47:02 people By the way, she's made the same deal with the devil to Tom Cruise. She looked 30 when she was 20. Now she looks 30, and she's older than that now. I'm just... Something's going on there. That's a deal with the devil. That woman doesn't hide it. Kara Swisher · 47:12 You know what? For her her serum Scott Galloway · 47:14 Can find out what face cream she uses? Kara Swisher · 47:15 No. Will not. All I asked. Can't afford it. You can't afford it. Anyway, and then lastly, I'm gonna have to give you the news. I have Freak coming on Freak coming on. Scott Galloway · 47:25 That's a joke. Right? Kara Swisher · 47:26 No. Freak's gonna Scott Galloway · 47:27 do That's a joke. Kara Swisher · 47:28 No, I gotta do a legal thing. He's a legal guy. I gotta do a legal show. There's a lot of legal things happening. Scott Galloway · 47:34 Why would you abuse our friendship like that? Just Is this you lashing out? This you is this you acting out? Kara Swisher · 47:41 No. It's not me acting out. He's part of the Vox Media Podcast Network. We have to, like, be pushing our shows here. You know what I mean? Scott Galloway · 47:47 What does Preet think? Preet, what do you think? I I just can't wait to see what a brown nose girl on Preet. Oh, that was so smart. Oh, you're right. I haven't thought of it Kara Swisher · 47:54 that I will straighten I haven't Scott Galloway · 47:56 thought of it that way. Kara Swisher · 47:57 In the same way. We're gonna talk about legal things. There's all kinds of cases happening. There's all these... Like, there's lots of legal stuff that needs to be discussed. Scott Galloway · 48:04 Kara, I'm just gonna say things in a breathy Ivy League voice, and I won't really say anything, but you'll be impressed. Kara Swisher · 48:10 Yes. And there's some others that are coming up that are gonna be fun. You... It'll be... Yes. It's gonna be good. We haven't gotten all the confirmations yet, but it looks pretty good. We... I think Kathy Griffin is coming on, which should You're kidding me. Should keep up with you. Scott Galloway · 48:23 Kathy Griffin? Kara Swisher · 48:24 Yeah. She's a friend of mine. Yeah. Really? [Ad break] Kara Swisher · 48:26 a lot of famous friends in case you're interested. Scott Galloway · 48:28 Yeah. I like Kathy Griffin. Kara Swisher · 48:30 In any case, they are... But none of them together take the place of you, Scott Galloway. I'm just saying that. Scott Galloway · 48:35 Go on. You're gonna miss me. I feel pretty good right now. Kara Swisher · 48:38 I am. I do. You know, when you came back last year, you were like, I really missed you. You said... Remember? You were, like, raring to go. You were raring Scott Galloway · 48:44 to go. So here's the these every Kara Swisher · 48:46 Whatever you're doing to yourself in Ibiza or wherever the hell you're going, be on the refrigerator, do as much as you want. When you come back, you need to be smart. You need to be sharp. You need to be on the news. School is in session in September, and I need you back stronger than ever. Scott Galloway · 49:00 Thank So come back rested and curious. That's what I tell my students. Kara Swisher · 49:03 That's what I say. Rested and and and off drugs. That would be particularly good. And and I want... I wish you a great time. I will miss you. Thank you, Carol. And when you get back again, be ready because I I I will be in shape. I'll linguolo shape with all these great guests. Door. Yeah. Scott Galloway · 49:20 He's a German shepherd roaming the property, looking for work like a Belgian Malinois. Kara Swisher · 49:25 Alright then. Okay. Don't forget if there's a story in the news and, and you're curious about and wanna hear our opinion on, go to nymag.com/pivot and submit a question for the show. Scott, read us out. Scott Galloway · 49:37 Today's show was produced by Lara Naaman, Camila Salazar, and Evan Ingle. Ernie Entratot engineered this episode. Thanks also to Drew Burrows. Make sure you subscribe to the show on Apple Podcasts, or if you're an Android user, check us out on Spotify or, frankly, wherever you listen to podcast. Thank you for listening to Pivot from Vox Media. We'll be back next week for another breakdown of all things tech and business. Katie Kirk is filling in for Scott Galloway. Never hear that. You never hear that. [Ad break] Scott Galloway · 50:52 custom flex temp drawer switches from fridge to freezer. With more than [Ad break] Scott Galloway · 50:55 gonna [Ad break] Scott Galloway · 51:08 See you [Ad break]