Scott Galloway · 48:22
Design. Ben Silverman was... Is also a design guy. So I'm thinking... I mean, I'm just thinking about my own in terms of the curriculum at NYU Stern and from my own online ed things, section four. I'm thinking about what is the next wave of skills? And I think I think design is actually going to be, you're gonna see much... Many more people with a background, a hardcore background in design in the c suite. I don't know where his head is But I think that
Kara Swisher · 48:47
No. Sure. That's gonna be He's definitely a more a copacetic, CEO than others.
Scott Galloway · 48:52
Serious about trying to do something around this.
Kara Swisher · 48:54
He thinks about it for sure, and I think he is influenced. I... It's really important people don't think these people have parents and stuff like that. I think in his case, he's very influenced by his parents and his upbringing. And so it's gonna be... It's interesting. And I think he's at least aware of it, and let's see if he puts lip service to it or actually
Scott Galloway · 49:10
does it again. It's so dangerous. It's so dangerous to just wait for the innovators and the billionaires to save us, right? We need regulation. We need to recognize that as a percentage of GDP, as a percentage of GDP, wages have never been lower. Wages have been And look where that's gotten us. It's gotten us to a point where we have to spend trillions of dollars on stimulus because 40% of America doesn't have $400 and has absolutely no protective wear when a crisis hits. It's like you pay now or you pay later, and when you pay later, you pay more. We just need to make more forward leaning investments.
Kara Swisher · 49:44
Agree. This is... Could be a very great opportunity for labor at this point to to really jump back from this. And I think they could. They really could. I think it really is a good example of people. I I think a politician who really does focus in on labor like Bernie Sanders and others, I think is really, there's a there's a big way. I... It was interesting. I don't know if you saw AOC on, she was on Twitch. Like, she immediately attracted hundreds of thousands of views. Yeah. Absolutely. Political star, among among us, the the game they're playing. I I... She... Her language, I think, is gonna be very powerful going forward, things like that. And... Because it's combined with sort of a regular gal kind of thing going on. Like, here I am playing Twitch. Here I am doing this.
Scott Galloway · 50:27
Like, AOC is like... She pulled at Disney. She's thinking about distribution. And the medium is the message, and she's so smart. She went on Twitch, gets a half a million people, and immediately signals, I mean, only an incredible venue, but she immediately signals to the rest of the world. It seems like such a basic Yeah. Initiative, and it's so smart. And you know what? No one else thought of it. She gets a half a million people, and what does it say? You see all this press, AOC, Twitch. AOC plus Twitch means she gets it. She would never start Quibi. She would never start Quibi.
Kara Swisher · 51:01
Pretty sure
Scott Galloway · 51:01
she's not an investor
Kara Swisher · 51:02
in time of prediction, Scott. So we'll we'll do one more quick break. We'll be back for predictions. Chronic migraine, 15 or more headache days a month, each lasting four hours or more, can make me feel like a spectator in my own life.
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Kara Swisher · 52:06
Why wait? Ask your doctor, visit botoxchronicmigraine.com, or call 18044 to learn more.
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Kara Swisher · 52:41
Okay, Scott. We're recording on a Thursday, so we'll have to talk about the debate next week with one of our guests we're gonna have. But do you think the candidates have learned anything from the last, shitshow essentially? And I want your real prediction too.
Scott Galloway · 52:55
I have no idea. I'm I'm I'm less nervous. I was I was I I've been very nervous about these debates going in. I thought I I thought Biden just has so much momentum. I worry there's some sort of some sort of surprise coming. I think when you back There's
Kara Swisher · 53:12
been a lot of surprises. They just haven't stuck.
Scott Galloway · 53:14
When have a when you back an animal into a corner, and I think the president is facing jail time if he doesn't get reelected. I think he's going to he's not listening to advisors, so I think the opportunities or the willingness or the likelihood that something he tries something crazy are going And up and whether that tonight is a venue for Crazy Town, we'll see. But
Kara Swisher · 53:38
I'll definitely tune joke more. They said he's gonna joke more.
Scott Galloway · 53:42
He's gonna be more likable? Yeah.
Kara Swisher · 53:43
That's Likeable. Not I don't think his jokes work on everyone. His, like, stupid jokes about about love made
Scott Galloway · 53:50
then saying, you don't find the president likable and funny? That's a shocker.
Kara Swisher · 53:54
You know you know the expression about Hillary Clinton? You're likable enough. He's not likable enough. He's not even that. He's not even that... It wasn't a joke. That wasn't a cool thing that Barack Obama did. In any case... And Barack Obama, by the way, in his speech
Scott Galloway · 54:05
He's on fire.
Kara Swisher · 54:06
Oh, wow.
Scott Galloway · 54:07
It was really good.
Kara Swisher · 54:07
I missed him. I was like, oh, look. Yeah. Know that. It was so much energy.
Scott Galloway · 54:11
They've brought in the marines. The marines usually land first on the beach.
Kara Swisher · 54:14
And he's, like, poked at Trump, and he's so... And he's now like, I'm just gonna go for it. Forget forget being the dignified Barack Obama. We were all waiting.
— Predictions segment begins —
Scott Galloway · 54:22
We all knew he was gonna show up. All knew he was gonna show Well, he needs to show up the next He's like Guns N' Roses that comes out at eleven p. M. For a concert at eight You know, it's supposed to start at eight. He just built a lot of creative tension. So predictions.
Kara Swisher · 54:35
Prediction.
Scott Galloway · 54:36
So I think between now and the end of the year, we're going to see two or three of the most volatile days in the history of the markets. There are just so many canaries in the coal mine, the least of which is or not the least of which is these ridiculous SPACs, where we've had four times the amount of capital raised Agreed. Year to date in these where they're basically betting on people's reputation. And all a SPAC is and the NYSE the head of NYSE wants to say it's different they always want to say it's different this time. I would say okay, so 50% of my friends who don't live in Florida are thinking about moving down, and I'm not exaggerating, 20% to 30% of my friends are either involved in or raising a SPAC right now.
Kara Swisher · 55:21
Oh, wow.
Scott Galloway · 55:22
And this has gotten totally out of hand the markets are so horny and so frothy that they're willing to fund management teams without the benefit of a business idea. And the markets say, the market's incredible at supplying ideas management team and things to buy when the capital is there. And there's too much capital and it's reaching too far into the trough here to try and find shares to buy. And I think it's an indicator. If you look at SPACs over the last fifteen years, they're down on average. Only one in three is above where it went public at. And on average, I think they've returned negative 35% versus the traditional IPO, which is up 35%. So this is just the canary here is coughing, and a big one is these SPACs. Addition, you look at the fact we're in a global pandemic, you look at the markets are at all time highs, you look at the concentration of power, you look at Robinhood, the fact that this ridiculous these story stocks fueled by kids in their basements with a stimulus. There are just so many if the market goes down 10 or 12% of the day, we're going to say, well, of course it did. So anyways, my prediction, we're going to see volatility the likes of which we haven't seen before sometime between now and the end of the year.
Kara Swisher · 56:48
Alright. Well, and plus, remember, Trump will still be president even he loses for quite a long time, enough of a time, and he will
Scott Galloway · 56:56
be never
Kara Swisher · 56:57
he quits.
Scott Galloway · 56:57
The thing about crises is they never come from where you're expecting. What if all of a sudden people say, Oh, oh, Biden is going to eliminate capital gains tax, he wins, and all of sudden everyone starts selling their stock to lock in the 22.8% versus the 40%? I mean, don't know what triggers it here, right? But it's like you don't know what triggers a fire, but when you have a climate that keeps getting hotter, you have a forest that hasn't been burned in a while, you know a fire is about to the air is so dry right now, it's just gonna take a lightning strike somewhere to really... To have a forest fire in the
Kara Swisher · 57:34
markets Very right interesting metaphor, lightning strike. There's still California fires, by the way, speaking of which Yeah. Going on. I think that is a very good prediction. I think that is a very good prediction. And I'm gonna make a short one Yes. If you don't mind.
Scott Galloway · 57:48
Yes. I can't
Kara Swisher · 57:49
wait for this. I hear that try
Scott Galloway · 57:50
to I hear that tone in your voice. I'm sorry. Go ahead.
Kara Swisher · 57:52
Here's the deal. They're about to shove through Amy Coney Barrett through the
Scott Galloway · 57:57
Yeah. That's happening.
Kara Swisher · 57:58
Through... For... You know, the senate is shoving her through to become a Supreme Court justice. She will be the worst Supreme Court justice we've ever had.
Scott Galloway · 58:05
Well, the good news is she'll only be around for fifty years.
Kara Swisher · 58:08
Yeah. Exactly. Let me just say that the story that that AP just, I think it was AP just put out about her her affiliation on the board for three years of a school that kept out not only gay kids, but kids whose parents were gay and gay teachers, and she was on the board of a school that did this. She's a shameful, shameful selection. This is shameful over all these years, especially with two other justices talking about during a... Now this is a personal thing, but it's shameful that this... She didn't talk about it. She didn't have to answer questions about this, that she avoided questions. She's a shameful person for not... At least if she has these terrible views, she should have said about
Scott Galloway · 58:48
two feet. Yeah.
Kara Swisher · 58:49
Just say what you are, and that she didn't because she's a very... She's not like, you know, Clarence Thomas who really couldn't is just not even close to her in terms of intellect, that she couldn't just honestly say what she believed is is shameful. And and and and the the shoving them through... Throwing her through with this kind of information, which they, of course, they had, is just she will be the worst Supreme Court justice in history, and I hope I am proven wrong. Thank you. Thank you. That was great.
Scott Galloway · 59:17
Well, what was, I thought one of the most telling moments of the hearings was, they said, do you believe, I forget what it was, do you believe in a
Kara Swisher · 59:23
Oh, sexual preference.
Scott Galloway · 59:24
Yeah. She talked they presented with two kind of scientific things, and they said, do you believe that climate change is man made? And she said, well, you've given me two examples of clear where there's a clear correlation, but I'm not going to take the bait and talk about something where there's a lot of political controversy. And I'm like, there's not know, if you ask 99 of 100 climate scientists, this isn't a controversy. This is science. We have thermometers stuck in the ocean all over the world that are registering a heating of the planet. I am not an environmentalist. I think, you know, I'm one of these guys that thinks after our species goes out of business, the earth is going to belch for ten years and then it's going return to normal. I've been shocked how fast our water and our air has returned to some sense of normalcy after a lack of commuting. So by any stretch of the imagination, I'm not an environmentalist. But if you can't deny, or if you try to deny, or you think that that's somehow controversial, climate change, it it goes... It all feeds into this. And everyone has avoided everyone has avoided the following. She has said repeatedly that her work, her legal work
Kara Swisher · 1:00:34
Mhmm.
Scott Galloway · 1:00:34
All is in service of the kingdom of God. Yeah. And that scares the shit out of me because maybe your God isn't my God. And I I just... It really... To to use that as to to openly acknowledge that that is what drives you. It's like, oh, no. You're serving the constitution and the con... Anyway, I I agree with you. She she is frightening. Is frightening. And she's gonna be around
Kara Swisher · 1:00:57
for Say who you 50 are so we know. That's not to me.
Scott Galloway · 1:01:01
Stand on And your
Kara Swisher · 1:01:03
what you are is is a is is obviously homophobic. If you served on a board like that, you are an obvious homophobe, and that is just... I'm... Just say it. Just say what you are so I can see you. And that's that's what I feel about her. You know? It's on lots of issues. But the one that really struck home, you know, my son was like, okay. So, you know, my son's a straight kid. He's... As far as I can tell, he's a straight kid. And he's like, that means I couldn't go to the school. I'm like, yeah. That's right. This is this is why elections count. So, anyway, there
— Predictions segment ends —
Scott Galloway · 1:01:32
you doing this week, Karab?
Kara Swisher · 1:01:34
This week, I'm interviewing a whole bunch of people for Sway, and, I am gonna watch the debates tonight and then work on some other stuff. Right? I'm busy all the time. Have a very angry, column about Amy Coney Barrett coming. I'll tell you that.
Scott Galloway · 1:01:49
I can't wait.
Kara Swisher · 1:01:49
Alright. Before we go, you know the drill. Email us with questions about companies and trends in tech and business at pivot@VoxMedia.com. It can be anything we've talked about or anything else.
Scott Galloway · 1:01:59
Today's show was produced by Rebecca Sinanis. Fernando Finite engineered this episode. Erica Anderson is Pivot's executive producer. Thanks also to Hannah Rosen and 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 podcasts. If you like the show, please recommend it to a friend. Thanks for listening to Pivot from New York Magazine and Vox Media. We'll be back next week for a breakdown of all things tech and business. Go vote.
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