Does OpenAI Need a Bailout? Mamdani Wins, Socialism Rising, Filibuster Nuclear Option (youtube.com)
If there is a bailout of AI companies, will Americans then see clearly the formula of wealth transfer from their labor and savings to government and elites?
Growing signs the consumer is pulling back. Chipotle, Newell, freshpet, Papa John's. The higher end consumer is still not cutting back but the lower end consumer is.
Credit card delinquincies at 2009 levels.
Regional banks rolling over. Credit spreads blowing out a bit. Still in highly restrictive territory, Fed has market tight.
75% of companies' earnings are strong, beating expectations. 11% higher than last year. So people are looking at 2026.
Spike in student loan delinquincy.
Inflation back up to 3%. Trump sold people on ‘inflation isn’t happening' but not only is it not going down, it's going up.
Chamath said ‘I don’t think that's true.' Jcal, ‘The country does.’
His criticism was that the markets have seen huge gains, benefitting stock holders, up 20% or so percent, but not the middle class.
65% of people blame the Republicans for the government shutdown.
This recent election cycle, Republicans weren't talking about affordability, and Democrats were.
White collar jobs continue steadily up, according to Sack's chart. Although chart is missing last 2 quarters.
Because Jcal presented a confrontation ‘hard to hear’ for Sacks, Sacks really seemed to be emotional and go after him. Sounded a bit like the emotionality of those offended by things in the past.
PP still going up, Sack's said. Wages continue steadily up. He said this was real wages.
Sack's said that when Trump isn't on the ballot, Republicans don't do that well. And Democrats were exciting and got the vote, Republicans were not exciting.
Sack's clearly got mad and denounced Jcal, and Chamath joined in a bit, and finally it was said. Jcal said, ‘Once again you’re trying to diminish me by saying this is virtue signalling. What I'm trying to do is balance out the fact that you two guys are captured and are no longer objective on this podcast.' Something obvious to viewers for the past 6 or 9 months since they joined up.
The top comments were all in support of Jcal. One after another comment. That's the value of podcasts, the reason All In was originally popular.