Kara Swisher · 51:32
But but a lot of the lies continue to proliferate. A majority of Americans believe another attack like January 6 is likely in the next few years according to an Axios poll. And also, the people worry about the the the threat to these elections because of disinformation and everything else. Do you share that belief, and do you think prosecuting the rioters is enough?
Guest · 51:51
My predominant concern is not another attack on the building, not another attack on the capital. It's certainly possible, But my greater concern, frankly, is insurrection by other means, that they have taken this big lie and used it to usher in a series of laws around the country in different states that undermine the authority of independent elections officials and give their duties to partisans. They have been running these local technocratic elections officials out of town literally with death threats. That to me is the more pointed danger to our country. Also, the the the broad acceptance among an increasing number of Americans of this idea of political violence. It's not just members of congress who are threatened. It's school board members, city council members, and others. So this is is my paramount concern. And, you know, in terms of is there a way to break through, and and why is it that so many people continue to believe in this big lie, the former president, when he doesn't have his Twitter account? You know, I think a big part of responsibility is that one of the major cable stations, Fox, in its prime time prime time most viewed hours pedals the big light constantly, that Rupert Murdoch and others at Fox have decided they would rather have the money their network makes than than a country that is whole and accepts the truth about something as important as our own elections. And now there are imitators, the Newsmaxes, the OANs that pedal even bigger lies. And people live in that ecosystem. They don't get exposed to other sources of information, and when they do, they shut it out. And this is a a huge challenge I think facing the country. It's not just the social media phenomenon, but also the growth of this right wing ecosystem that allows people to live in an alternate world.
Scott Galloway · 54:01
There's this sort of conventional wisdom that when you're in a foxhole and you're being fired on, that you're not red or blue, you're just American. And we take comfort in that. And that the military has been a fantastic vehicle for creating connective tissue. Those images of our leaders huddled in the rafters of the chamber, it just felt like you were in foxholes under fire. And yet it doesn't appear as if there's been any sort of connective tissue that the partisanship among you and your colleagues hasn't gotten any better. Do I have that wrong?
Guest · 54:36
Look, there are some, I think, reasons for optimism.
Kara Swisher · 54:43
Yes, leave us with optimism. Leave us with
Scott Galloway · 54:45
Yeah, please.
Guest · 54:46
In the work of Liz Cheney and Adam Kinzinger and a handful of others, you see people of courage stepping up in the Republican Party to try to reclaim their party. The the work of our January 6 select committee is the most nonpartisan work going on in Congress. And that's that's, I think, a tribute to our our members and to that that spirit that you mentioned, being in the foxhole together. But but it is a terrible tragedy that so many of my Republican colleagues after seeing the destruction January 6 continue to embrace that big lie. What we've learned in the last several years is that while courage is contagious, so is cowardice. And there's been a contagion of cowardice among the GOP leadership and membership that still marches in lockstep step with the big lie and the big liar, Donald Trump. And, you know, what what ultimately gives me confidence that we're gonna get through this, and we will, is that the millions and millions of Americans who love and cherish our democracy vastly outnumber those who are trying to tear it down right now, and they are the ones who will see us through this.
Kara Swisher · 55:59
Alright. On that note, it's sort of hopeful, kind of. Thank you so much, representative Schiff. I really appreciate it, and keep keep up your work.
Scott Galloway · 56:06
Thank you, representative. Thank you.
Kara Swisher · 56:09
Well, Scott, that was depressing, don't you think?
Scott Galloway · 56:11
Yeah. You feel two emotions. You feel grateful that there's thoughtful people like representative Schiff that are kind of at it. I mean, this can't be easy work. I imagine it's a lot of long hours and a lot of... It's gotta be just stressful and constant adjective from the other side. But I find it incredibly depressing and disheartening that...
Kara Swisher · 56:31
Yes. I have to say, he gets wildly attacked online as a liar, on the Russia stuff that he over prosecuted.
Scott Galloway · 56:38
Well, that this that this just happened.
Kara Swisher · 56:40
No. I'm talking about the Russia stuff. Yeah. It's lot in the impeachment, Shifty Shift. One of the... You know, he's got all those nicknames. But what's most disturbing is something I tweeted yesterday, is that all these people who denied the election and who tried to overturn it are running for election offices around the country in critical states.
Scott Galloway · 56:57
Yeah. As if that's qualification.
Kara Swisher · 56:59
It was only like three people who stopped it in all these three qualified election officials who stopped a lot of this stuff. Yeah. That's what's really disturbing to me. Anyway, thank you, Adam Schiff.
Scott Galloway · 57:11
Yep.
— Predictions segment begins —
Kara Swisher · 57:11
Alright, Scott. One more quick break. We'll be back for predictions. Okay, Scott. Predictions. Give us yours, please.
Scott Galloway · 57:27
Well, I did my predictions event a couple weeks ago, I just wanna check-in. I said that Francis Haugen would be Time's person of the year, so right out of the gates, twenty four hours later, I got my first one wrong. But I also said that Open Seas would skyrocket in value. I think NFTs are actually more enduring than cryptocurrency because the new way you meet people is going to be online or even more so. One or two relationships are going be online and our means of signaling similar to Chanel handbags or Ferraris are going be NFTs. And Open Seas, I've gotten that looks like that's headed in the right way. Just announced a rounded evaluation of 13,300,000,000, which is 33% greater than they raised, I think, four months ago. I said that meme stocks, specifically AMC and GameStop, were about to the bubble, if you will, was about to pop. I pulled up. I did some research. Here are Google's top 10 global news searches for 2021. I think this was really interesting. Number one was Afghanistan. Number two was AMC stock. Three, COVID vaccine. Four, Dogecoin. Five, GameStop or GameStop stock. Six, stimulus checks. Seven, Georgia center rates. Eight, Hurricane Ida. Nine, COVID. 10 Ethereum price. So GameStop and AMC are challenged and shitty companies respectively, trading at valuations that would imply that they're amazing companies with amazing prospects. And companies trade for three reasons fundamentals, their earnings or their growth, or technicals, there's a short squeeze. Or and this new third one is that somehow they represent a movement. And a lot of the companies, I believe this is the year where the movement trade unwinds. And if you read the prospectus for Rivian or Lucid, they claim that they're changing the world and emboldening a new generation and all this yoga babble bullshit. Yeah. And then AMC and GameStop, this notion that it's a movement, this mythical this mythical young man
Kara Swisher · 59:27
have a CEO embraced it? What a cynic. Like, I got it. It's gotta
Scott Galloway · 59:30
be Oh my god. You wanna talk about the most overpaid person in the world. But but they're taking cryptocurrency if you wanna go see the Avengers. Yeah. That... Anyways, this notion, this mythical person of a 24 year old whose parents lost their house in 2008, and this... If you buy GameStop, you're you're investing in young people's future, and you're sticking it to the man. I think that myth is coming to a fast end, and you are about to see... And it's already happening. Did you see... What stock did I say was gonna get crushed and represented What? Everything bad about SPAC three months ago? You don't remember? You said, well, what SPAC's gonna get hit hard?
Kara Swisher · 1:00:02
Alright. I'm gonna give you one name. I don't know.
Scott Galloway · 1:00:04
Virgin Galactic.
Kara Swisher · 1:00:05
Oh, yes. You've been going on.
Scott Galloway · 1:00:07
Virgin Galactic's fifty two week high was 60. Mhmm. 90 ago, it was 32. Do you know what it is today?
Kara Swisher · 1:00:13
I don't know. Three?
Scott Galloway · 1:00:14
It's twelve. Oh. It's twelve.
Kara Swisher · 1:00:16
Where is it going next?
Scott Galloway · 1:00:18
I think Virgin Galactic is what I call... You know, it's a Mach three train wreck. I've never seen a company more supply constrained. Yep. That would be perfectly
Kara Swisher · 1:00:26
train wreck? There's not a Mach three. It's flat Mach three plane wreck.
Scott Galloway · 1:00:29
Well, a train wreck, and I'm using the analogy of fast.
Kara Swisher · 1:00:32
Oh, okay. So you're mixing plane wreck.
Scott Galloway · 1:00:33
I'm a pioneer in mixed metaphors.
Kara Swisher · 1:00:35
I'm assuming. Anyways. I would like some
Scott Galloway · 1:00:38
I think it's think I me put it another way. I think it's a shitty company. Okay. Good. Got in public. And it's being used by an ATM by a guy who's trying to pull out... To trying to bail out his airlines and cruise ships. I I think this is literally just Mhmm. This is the ultimate pump and dump vehicle, the ultimate market
Kara Swisher · 1:00:54
pull to into the sky in a cool suit. He did.
Scott Galloway · 1:00:58
AMC and GameStop stock are not gonna be the most searched stories this year. And if they are, it's gonna be for all the wrong reasons. In addition Oh. In addition Okay. You're gonna see, and I'm doubling down here, the the automobile market. Toyota just became the best selling car in America. They did.
Kara Swisher · 1:01:13
They did.
Scott Galloway · 1:01:13
It's the best run automobile company in the world. Yes. And Honda gets $10,000 in market cap per car they produce. BMW, an amazing company, gets $30,000 Toyota, which investors love. The market gives them $120,000 in market capitalization for every car they produce. But wait, what do they give Rivian? $1,900,000 per car. Tesla, 2,300,000 per car.
Kara Swisher · 1:01:36
That's a lot.
Scott Galloway · 1:01:37
You want to talk about a stock that's going to get kicked in the electric nuts over and over the next six to twelve months?
Kara Swisher · 1:01:42
Investors love them. Keep trying to resist the love of Elon Musk by his fans, but go ahead.
Scott Galloway · 1:01:47
Lucid has a market capitalization equivalent to $5,000,000 per car ordered right now versus Toyota.
Kara Swisher · 1:01:54
On the future. Betting on the future, Scott.
Scott Galloway · 1:01:56
So, Luce, it's getting 40 times the market cap per car. Mean, okay. You're Betting on future. Anyways, my prediction, meme stocks, movement stocks, whatever you wanna call this, companies claiming to be solving climate change so they can cash out. Alright. The the reckoning is here in 2022.
Kara Swisher · 1:02:14
The reckoning by Scott Galloway. Okay. Alright. Okay. I I like that. I like that prediction.
Scott Galloway · 1:02:20
Do you have any?
Kara Swisher · 1:02:20
I predict. Well, you know, it's interesting. I have all these anti streamers on my ass because they're like, see, Spider Man. I'm like, but all the rest didn't do well. Like, there's gonna be a bunch of tent poles that are gonna hold up theatrical. And I don't dislike theatrical. I went to see Spider Man in theater. But for mid level movies, as Ted as Ted Sarando said at code are finished except online. It's And really gonna be these people are like, it's not good for this. It's not good for that. See, it's not working. It doesn't matter. Years ago, as I said, when I wrote that mobile was gonna take over everything, and everyone was like, no, phones are home. You know, this and that. It's a trend that is so... Everyone will be watching at
Scott Galloway · 1:03:02
home. Sorry.
Kara Swisher · 1:03:04
I I get it, and it's not good for artists right
Scott Galloway · 1:03:06
now. Percent.
Kara Swisher · 1:03:07
It's not as... It's great for consumers. And anytime something's... You know, Steve Jobs said something. You start with what the consumer wants and go backwards. You don't start with the technology and go forwards. And consumers like it. They also like going to theaters for tent poles. They do for for one or two of them, and it will sustain and hold, especially as they raise prices as they should if the experience is better. Nonetheless, most movies will be streamed. Thank you.
Scott Galloway · 1:03:33
We talked a lot about Dune. I mean, it's just... That's a per... I think it's
Kara Swisher · 1:03:36
Well, they are saying because they released the day and date. That messed it all up, and the and the week... A second weekend drop off. It's it's bullshit. I mean, it... For a while, it will sustain. You can't force consumers into a behavior. You can't.
Scott Galloway · 1:03:48
It was it was... First off, one of the great books of of... I think it was the eighties, Frank Herbert. A fantastic book that brought together politics and science fiction. The movie? Okay. Maybe even good. Not great. Not enough to get people to go into the movie theaters. If they had taken most of the edits and strung it out into eight forty minute episodes, it would have been the talk of the water cooler or the virtual water cooler for eight weeks running, either how bad it was or how good it was. This format does not work. Work. You wanna get a group of people in denial together, have a dinner party with people who own office space and movie theaters. They are both
Kara Swisher · 1:04:23
They just go crazy at me. They're like, you're wrong. I'm like, oh my god. I'm talking about a a secular trend
Scott Galloway · 1:04:28
Over.
Kara Swisher · 1:04:29
Shift. The same thing with work and home when I was saying that, like, years ago. They were like, no, it's not. I was like, oh, it is. That's where it's headed. And now, of course, you're... You and Adam Newman are co investing in apartment buildings, which is very exciting, you two.
Scott Galloway · 1:04:42
Me and Adam.
Kara Swisher · 1:04:42
I'm glad you're together because, know. Yeah. Because as my mom says, aren't you gay? What?
Scott Galloway · 1:04:47
There we go. I interviewed him on stage. He is very handsome.
Kara Swisher · 1:04:50
I never know. Would like his hair.
Scott Galloway · 1:04:52
Few beers. Few beers.
Kara Swisher · 1:04:54
His hair. He could stroke his locks.
Scott Galloway · 1:04:56
He's a beautiful man. He is. I interviewed him on stage at JP Morgan. Oh. And he wasn't wearing any shoes.
Kara Swisher · 1:05:04
In any case, movie people, I'm right. And eventually, will see
Scott Galloway · 1:05:07
what he to movies. Back to
Kara Swisher · 1:05:08
movies. That's... We'll see. We'll see. I'm I'm now arguing with 20 people on it. It's not good for artists. I'm like, it didn't say it was. Didn't
Scott Galloway · 1:05:14
say Well, it you know what, Kara? You know why you're in all these unproductive arguments? It's your phrasing. Boom. That's the kind of humor people come here for.
Kara Swisher · 1:05:22
You're the one that got in trouble for Holmes, and I'm the one that developed an incredible discussion about the issue. A 100 year old media. Mad at both of us, you know, for that.
Scott Galloway · 1:05:32
Who's mad at us?
Kara Swisher · 1:05:32
Stephanie was like,. Yeah. Anyway, she doesn't believe that's the case. She thinks she's just guilty. Well, Stephanie, she is, and she's maybe going to jail. Okay, Scott. That is the show. We'll be back. This is a very lively show, and also depressing with Adam Schiff, but
— Predictions segment ends —
Scott Galloway · 1:05:47
we'll see how
Kara Swisher · 1:05:48
that goes. We'll be back on Tuesday for more. Please read us out.
Scott Galloway · 1:05:52
Today's show was produced by Lara Naaman, Evan Engel, and Taylor Griffin. Ernie and Juttaud engineered this episode. Thanks to Drew Burrows. Make sure you subscribe to the show on Apple Podcast, Spotify, frankly, wherever you listen to podcasts. Thanks for listening to Pivot from New York Magazine and Vox Media. We'll be back next week for another breakdown of all things tech and business. So let's not forget that the greatest deliberative body in history, our representatives, us, were forced to hide in the rafters. Let's hold people accountable. Yep. Let's make sure that America continues to be the greatest experiment in history, a terrible one year birthday. Have a good rest of the week here.
