Scott Galloway · 50:26
Job gone. They've disappeared. So where do these kids go? Mostly men, but also some women who are hardworking, have skills, want to have a good life, want to get married, want to be good citizens, want to pay taxes, and are told by America, If you don't go to Dartmouth and end up at Google, you and your parents have failed. And I got to be honest, University of California granted pretty much everyone nods in a room when you show up with $20,000,000, but they're taking it seriously and they're going to try and implement programs. And my vision here, hope at some point, and I'm going to call a lot of your friends Kara, I don't want an admissions department. You show up, you're in. That doesn't mean you get the certification, but if you show up, the whole point of America is to give the least fortunate opportunities, not to try and weed out everyone who's not freakishly remarkable at 18. You can't predict greatness at 18. But anyways, I do think at the University of California, I have some real issues with. When I applied to UCLA, the admissions rate was 76. I was one of the twenty four percent that didn't get in. I applied again. I got in. Changed my life. It's the reason I'm here with Kara Swisher.
Kara Swisher · 51:33
Yeah.
Scott Galloway · 51:33
Now it's nine percent. That's a problem. But their heart's in the right place. They're trying to do the right thing. And when I approached them and said, I have some capital. I have an idea. They said, let's get on it. And they're working with me to try and to try and offer... To try and start a program. So
Kara Swisher · 51:49
So I think this woman is making the point. Is that if you find alternative ways to teach people and get them a step up is what you're talking about. It is. It it is a really interesting... It's either too expensive for people. Right? These schools have put people... Put themselves into eternal debt who can't afford them but can get in, or it's or it's that the exclusivity is really over the top of qualified people. I I... I'm still mad about Stanford, you know, some forty years later. Right? I'm still like Stanford?
Scott Galloway · 52:18
Kids can't... The safety school... When I when I applied, UC Boulder was the safety school. UC Boulder will will reject hundreds of four point o's this year. And here's the real shame, and that is the majority of schools, for the majority of people, if you go the full four years, even taking out a lot of debt, it pays out over your lifetime. But this is what happens. A lot of kids in their first or second year realize college isn't for them. The family has struggled. They borrow $50,100, $200, and the kid drops out, and then the kid has to face his family and say, I have put us all in debt, and I have nothing to show for it. And guess what? That debt, unlike any other debt in America, is not dischargeable in bankruptcy. So you don't think you don't think America is about fucking young people? Look at the fact that student loan debt can't be discharged in bankruptcy. That is so immoral. So there are literally hundreds of thousands of kids every year that have to go home and say, mom, dad, I know you saved for college your entire lifetime for me. I know I got into college, and I went, but I have failed. And now all we're left with is massive debt. And guess what? The school gets paid. The school gets paid.
Kara Swisher · 53:38
I get it. Yesterday, the Biden administration approved debt release for additional 125,000 student borrowers totaling, according to CNN, $9,000,000,000 in forgiveness because the federal student loan payments started after the the three year pause. As you know, the Supreme Court had struck down the forgiveness program, so he's been canceling debt. It's just going to continue, but you're right.
Scott Galloway · 54:01
But here's the thing. The cancer here is until we should have taken that money in my view.
Kara Swisher · 54:10
I
Scott Galloway · 54:11
have a problem with student loan forgiveness. I think it sucks to be a grown up. It lets the schools off the hook. You have to put the schools on the hook for bad debt, and we should take our public universities and fund technology and infrastructure investments in exchange for two promises. One, they're going to reduce tuition 2% a year, and they're going to increase their enrollment 6% a year. And in ten years on an inflation adjusted basis, college is half the price with double the freshman seats. Let's take education back to the eighties when you don't have to be fucking remarkable to get into UCLA or UC San Diego, and guess what? It doesn't break the bank. You know what I did? I showed up to UCLA with $60 and a $19.78 Opal Manta, and I got through school borrowing $5,000 I got jobs, Pell grants, and guess what? I could do whatever I wanted after I got my degree from UCLA. And then with a 2.27 GPA, I love this guy, can just talk about me, you know what Berkeley did? They let me into graduate school. Can you imagine Berkeley letting anyone to graduate school?
Kara Swisher · 55:12
Two point... Did you get a 2.27 GPA at UCLA?
Scott Galloway · 55:16
2.27. But you know what? I could make What? I could I could make a bong out of any household item by the time I graduated from UCLA.
Kara Swisher · 55:23
Wait. You got 2.27 once you got in?
Scott Galloway · 55:25
Good story, 2.27 GPA from UCLA and Berkeley let me into business school.
Kara Swisher · 55:30
Oh, good God, Scott. You could try harder.
Scott Galloway · 55:32
And here's the thing, no school, no organization, no person can predict greatness at 18 or 22. And guess what? See above 20,000,000? It's paid off for everyone.
Kara Swisher · 55:42
That's true.
Scott Galloway · 55:43
The whole point of these schools is to take as many bets on as many kids as possible.
Kara Swisher · 55:48
Well, Scott is the poster child for failing upward. Anyway, 2.27.
Scott Galloway · 55:55
I could also recite every line in planet of the apes. God, I watch that a lot.
Kara Swisher · 55:59
Me too. We could we could watch that together. You damn dirty ape. If you've cut in a question of your own that you'd like answered, send it our way. That was a great question, whoever you are, and I'm glad you secretly agree with Scott. Go to nymag.com/pivot to submit a question for the show or call 85551 Alright, Scott. One more quick break. We'll be back for predictions.
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— Predictions segment begins —
Kara Swisher · 57:24
Okay, Scott. This is an action packed show. Let's hear a prediction. You were right about Kevin McCarthy. Linda's going to visit the bankers. Linda Yaccarino. I don't know. Who... What do you wanna predict about? Give me a prediction.
Scott Galloway · 57:35
I'm just doubling down. I think that the the industrial food complex, the snack food industry, I think some of the big box retailers, kind of the... What I'll call the industrial obesity complex, you know, like hospital systems, knee... Companies that make knee and hip replacements. I think you're gonna see these companies hemorrhage market capitalization over the next twelve months.
Kara Swisher · 57:57
Yeah. That's a good prediction.
Scott Galloway · 57:59
When when all of a sudden a hundred million people are eating and drinking less and all of the ramifications, whether it's diabetes, hip replacements, knee replacements, depression therapy, I think there's going to be less therapy. You're just going to have You're to have more sports. I mean, there'll be a lot of winners too that we can't even project. Everyone's talking about AI and it's going to grab the most headlines, but over the next five years, the greatest shifts in market capitalization are going to happen because of the Ozempic economy or whatever you want to call it, the obesity economy that's about to be disrupted. People just don't even recognize how much of our economy is driven by obesity. And when that when that goes away, you're gonna see a... You're gonna see trillions of dollars of market capitalization reallocated and reshuffled.
Kara Swisher · 58:51
I like that. I like that. That's a really good one. I'm gonna make a short prediction. I think Jim Jordan will be the next speaker of the house.
Scott Galloway · 58:58
Oh, no. Don't say that. Really?
Kara Swisher · 59:00
Sorry to tell you. Yeah. He's backed by McCarthy. Maybe that's not a good thing. I just feel like he's much more compelling than... And I think people are worried about Scalise's illness a little bit. And they think he's too much of an institutionalist incredibly because he's not. And I think Nancy Pelosi is quietly chuckling in her non office. Like, okay, fine. So I think that's who's gonna win it. That's my feeling. Alright. I'm gonna just say that. Wow. Alright. You think it's gonna be
— Predictions segment ends —
Scott Galloway · 59:31
Jim Jordan, representative Jim Jordan?
Kara Swisher · 59:32
Well, we'll know by Tuesday, I guess, at two... Wednesday.
Scott Galloway · 59:35
Has he ever passed a single piece of legislation?
Kara Swisher · 59:38
I'm super looking forward to George Clooney's documentary about his time as a as a wrestling coach. That's gonna be a good one.
Scott Galloway · 59:44
Oh, he's talking about
Kara Swisher · 59:45
When he let that guy go by, let the let the... Speaking of real pedophiles, when... Let that guy bother those kids and didn't do anything about it. He denies it, but many people say that's what happened.
Scott Galloway · 1:00:00
Just to be fair, I do not like the man. Was he ever directly implicated and do they really have any evidence that he ignored?
Kara Swisher · 1:00:07
There's been a lot of... Well, I'm interested in looking at this documentaries and a lot of reporting from the people, the kids at the time who say that. I think it's not illegal, but this has happened time and again in these instances. Remember whatever that coach at Penn State got in trouble.
Scott Galloway · 1:00:27
What's his name? Paterno.
Kara Swisher · 1:00:28
Paterno. Yeah, that was a really bad show what he did there. I don't know. We'll see. Innocent till proven guilty, but I've seen a lot of testimony. We'll see.
Scott Galloway · 1:00:38
That felt pretty damning.
Kara Swisher · 1:00:40
I don't know.
Scott Galloway · 1:00:40
You know what? Because you are pure evil, Chaoswitcher. You're pure evil.
Kara Swisher · 1:00:44
Pure evil. I'm seething with hatred. Seething with hatred. Whatever.
Scott Galloway · 1:00:51
What are you doing this weekend, Kara?
Kara Swisher · 1:00:53
This weekend? Oh, lots. Oh my. It was Clara's birthday. By the way, my prediction is Clara is now four and will be five next year. I had my wedding anniversary. We went to a beautiful dinner. That was our third wedding anniversary, Claire's fourth birthday. So this weekend, we're having a kid party with a bunch of power ladies of Washington. Nice. Bringing all the kids over, and they're gonna drink. I don't drink that much, but they're gonna have Bloody Marys and watch the kids rip the house apart. And then we're going apple picking. We're going apple picking, and I'm getting I'm getting to test a Ford, Lightning, the truck. So I'll be driving Lightning to apple picking
Scott Galloway · 1:01:33
Jesus Christ.
Kara Swisher · 1:01:34
Filling my cab.
Scott Galloway · 1:01:36
You're such a lesbian.
Kara Swisher · 1:01:37
Oh, wait. Did I just say that? That's my weekend. I'm finishing my last parts of my book in acknowledgments. I have to write the acknowledgments in the last chapter. Do you think I'll acknowledge you?
Scott Galloway · 1:01:45
Who kind of, like, reinvigorate... Let's be honest. Your career was sort of really struggling. Let's let's be honest.
Kara Swisher · 1:01:52
Who should I who should I not acknowledge?
Scott Galloway · 1:01:55
Who should I?
Kara Swisher · 1:01:56
I'm gonna acknowledge you a little bit.
Scott Galloway · 1:01:58
Just to touch. Acknowledge ish.
Kara Swisher · 1:02:00
Just to touch. Just to scooch.
Scott Galloway · 1:02:02
Ask me what I'm doing this weekend.
Kara Swisher · 1:02:03
What are you doing this weekend? Oh, you wanna tell me. That's why you asked me. Go ahead.
Scott Galloway · 1:02:06
Yeah. Why That's I
Kara Swisher · 1:02:06
asked you.
Scott Galloway · 1:02:07
I'm not interested in you. I'm interested in a prompt to talk more about me.
Kara Swisher · 1:02:10
Alright. I'm going apple picking with my Ford
Scott Galloway · 1:02:12
Viking truck. Am... Have an amazing weekend planned. You're gonna love this. I'm doing CrossFit with my son on Saturday, and then it's my... I'm spending... I like spending... As I get older, I'm trying to spend more time with them individually. And this weekend, it's me and Alec, and we're we're doing a big workout Saturday morning. We're going to this cool brunch with some friends. And then Saturday night, we're going to see Michael Berbiglias last night of his one man show.
Kara Swisher · 1:02:39
Oh, great. I was in London. Great.
Scott Galloway · 1:02:41
And then on Sunday night at 05:30, seventeen thirty Greenwich Mean Time, we're gonna go Arsenal play Man City at Emirates Stadium, which I'm really excited about.
Kara Swisher · 1:02:49
Wow. You've got an action packed sun weekend. That's nice. Oh, those are all really fun. You'll love that show. It's the... It's Old Man in the Pool. Right?
Scott Galloway · 1:02:57
His one man show. I I I mean, he...
Kara Swisher · 1:02:59
Just... Call Old Man in the Pool. You'll love it. It's such a Scott Galloway show. If if you... I did a great interview with him about that show. I love him. He's amazing. He's an amazing fellow.
Scott Galloway · 1:03:08
Yeah. I'm excited.
Kara Swisher · 1:03:09
And you'll love it. You... I think it'll have a lot of resonance with you, Scott Galloway. I think you'll cry.
Scott Galloway · 1:03:14
Really? I cry in everything.
Kara Swisher · 1:03:15
Yeah. No. I think you'll...
Scott Galloway · 1:03:17
I cry in Modern Family every week.
Kara Swisher · 1:03:19
Let me just say this show has a lot of resonance for Scott Galloway. You'll see. I wanna hear about it when you come back. Oh, that sounds like a lovely weekend. I'll be picking apples with the massive truck, and you will be doing sensitive man things with with your son. That's really nice. Super nice. About it. Anyway
Scott Galloway · 1:03:35
Well, good. Well, listen. Have a great weekend, Kara.
Kara Swisher · 1:03:38
You too. That's the show. We'll be back next week with more pivot. Please read us out.
Scott Galloway · 1:03:43
Today's show was produced by Lara Naaman, Tony Marcus, and Taylor Griffin. Ernie Intertot engineered this episode. Thanks also to Jubaros, Mia Silberio, and Gaddie McBain. Make sure you subscribe to the show wherever you listen to podcasts. Thanks for listening to pivot from New York Magazine and Vox Media. We'll be back week for another breakdown of all things tech ambient. Yo. Pure evil. He came to me with bourbon on his breath and fornication on his mind, and I liked it. I liked it. Oh, evil.
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Scott Galloway · 1:05:25
fall
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