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Get Your Pitchforks. Woke CEOs Are Way Overpaid. · The Matt Walsh Show

• 0:00
  Speaker 1: If you're like most Americans, you probably feel the pinch
• 0:03
  Speaker 1: of higher prices. Energy is rising, food is rising, housing
• 0:06
  Speaker 1: is rising. By all accounts, the cost of living will
• 0:08
  Speaker 1: prove to be the decisive factor in the upcoming elections,
• 0:11
  Speaker 1: as it was in 24 and 2022, and has been
• 0:14
  Speaker 1: in basically every national election in the world, certainly since
• 0:18
  Speaker 1: the pandemic. Inflation and a declining quality of life for
• 0:21
  Speaker 1: many Americans has been the defining.
• 0:23
  Speaker 2: Issues of the decade. Today, we're going to talk about.
• 0:27
  Speaker 1: One group of people who is not feeling the pinch,
• 0:30
  Speaker 1: at least financially, and that is America's CEOs. Together, they've
• 0:35
  Speaker 1: managed to weather the storm quite well. And today, I'm
• 0:38
  Speaker 1: going to ask something that you don't often hear from
• 0:40
  Speaker 1: commentators on the right, which is, are these CEOs really
• 0:44
  Speaker 1: worth $ 50.
• 0:45
  Speaker 2: Million a year? Is that possible?
• 0:49
  Speaker 1: Now, let's consider the case of one of them. This
• 0:52
  Speaker 1: is United Airlines CEO Scott Kirby. Here's a photo of
• 0:56
  Speaker 1: this guy. Kirby is in many ways the perfect embodiment
• 1:00
  Speaker 1: of America's CEO class. He took a company in decline
• 1:04
  Speaker 1: in an industry notorious for degradation and somehow made the
• 1:07
  Speaker 1: experience worse. Last June, the company went viral when a
• 1:11
  Speaker 1: passenger posted this picture of a meal in business class
• 1:15
  Speaker 1: on a flight from Barcelona to Chicago. So take a
• 1:18
  Speaker 1: look at this gourmet fare. And if you, too, want
• 1:22
  Speaker 1: to try the rubber chicken, United is serving in business class,
• 1:27
  Speaker 1: but you can book a ticket on that route now
• 1:29
  Speaker 1: for about $ 5, 000. Since taking the reins at United, Kirby
• 1:33
  Speaker 1: has turned their in-flight experience into an ordeal that would,
• 1:37
  Speaker 1: in a perfect world, be prohibited by the Geneva Convention.
• 1:41
  Speaker 1: But making the airline worse isn't Kirby's only accomplishment as CEO.
• 1:46
  Speaker 1: One year after taking his position, he announced a new
• 1:49
  Speaker 1: United Airlines flight school saying, quote, our plan is for
• 1:52
  Speaker 1: half of them to be women and people of color.
• 1:56
  Speaker 1: So for Kirby, it's not enough to make you suffer
• 1:57
  Speaker 1: on board. He wants to train unqualified pilots hired exclusively
• 2:02
  Speaker 1: because of their sex or color so that eventually he
• 2:05
  Speaker 1: can kill his customers also in fiery crashes. Now, this,
• 2:09
  Speaker 1: of course, is a quota system that precisely zero people,
• 2:12
  Speaker 1: United Airlines passengers have ever demanded or requested or desired
• 2:17
  Speaker 1: in any way, presumably because they value their lives. Even
• 2:21
  Speaker 1: after years of relentless DEI brainwashing, still every passenger on
• 2:25
  Speaker 1: every plane in America instinctively feels a wave of relief
• 2:30
  Speaker 1: when they see that their pilot is a white guy
• 2:32
  Speaker 1: in his 50s with a mustache.
• 2:34
  Speaker 2: We all do. Don't pretend you don't.
• 2:36
  Speaker 1: Now, some people, not me, might then feel ashamed for
• 2:39
  Speaker 1: having felt that relief, but we all feel it. And
• 2:43
  Speaker 1: one of the other big problems with United is that
• 2:45
  Speaker 1: they have a lot of delays that Kirby.
• 2:47
  Speaker 2: Has done nothing to improve.
• 2:49
  Speaker 1: Although, to be fair, a large part of the issue
• 2:50
  Speaker 1: is that they have a hub at Newark, which is
• 2:53
  Speaker 1: an airport that has the look and smell and general
• 2:55
  Speaker 1: unpleasantness of a giant football stadium-sized port-a-potty. Now, granted, it's
• 2:59
  Speaker 1: in New Jersey, which is the port-a-potty of states, but still.
• 3:02
  Speaker 2: In any case, through.
• 3:03
  Speaker 1: It all, how much is this drag-dressing, comically incompetent moron
• 3:10
  Speaker 1: who has done nothing at all to help his company
• 3:12
  Speaker 1: improve any of its services, actually worth? Well, his total
• 3:17
  Speaker 1: compensation last year was $ 32. 3 million, which comes out to.
• 3:25
  Speaker 2: $ 124, 230 per workday.
• 3:28
  Speaker 1: Now, if Scott Kirby were a self-respecting person, he would
• 3:32
  Speaker 1: quit his job in humiliation and shame. He'd go into
• 3:34
  Speaker 1: retirement or hiding in a cabin in the woods somewhere,
• 3:37
  Speaker 1: never to return to corporate America. But Scott Kirby is
• 3:39
  Speaker 1: not doing that. Instead, he's finding ways to bring even
• 3:42
  Speaker 1: more shame on the name of his company, United Airlines.
• 3:46
  Speaker 2: Seems kind of unthinkable.
• 3:47
  Speaker 1: You know, it should be impossible to do anything that
• 3:49
  Speaker 1: makes United Airlines look worse than it already does. It's
• 3:53
  Speaker 1: like doing something to further ruin the reputation of Osama
• 3:56
  Speaker 1: bin Laden or Headlice or Canada.
• 4:01
  Speaker 2: How can it possibly be done? But he found a way.
• 4:04
  Speaker 1: Recently, he started doing interviews, issuing the usual meaningless platitudes
• 4:09
  Speaker 1: and rolling up the ladder for everybody else. This is
• 4:11
  Speaker 1: courtesy of Fox Business. Quote, United Airlines CEO Scott Kirby
• 4:15
  Speaker 1: is calling for a national wealth tax and inheritance taxes
• 4:18
  Speaker 1: approaching 100 percent for certain estates, arguing that growing wealth,
• 4:23
  Speaker 1: wealth inequality poses a threat to American society. Kirby took
• 4:26
  Speaker 1: home about thirty two point three million dollars in total
• 4:28
  Speaker 1: compensation in fiscal year twenty twenty five. made the remarks
• 4:31
  Speaker 1: when asked about declining public trust in corporate executives. Wealth
• 4:35
  Speaker 1: inequality has become a danger to our society, and we
• 4:38
  Speaker 1: need to address that. Kirby said the airline executive argued
• 4:41
  Speaker 1: that a wealth tax would need to be implemented nationwide
• 4:44
  Speaker 1: rather than at the state level to prevent wealthy Americans
• 4:47
  Speaker 1: from relocating to avoid paying it. Now, the thing about
• 4:51
  Speaker 1: Scott Kirby is that he didn't actually build anything. He
• 4:54
  Speaker 1: started his career as a budget analyst for the Pentagon,
• 4:57
  Speaker 1: which notably has never passed an audit.
• 5:00
  Speaker 2: And has an annual.
• 5:01
  Speaker 1: Budget of something like, I don't know, $ 1, 000 trillion, give
• 5:04
  Speaker 1: or take, and yet always needs more money. He rose
• 5:07
  Speaker 1: quickly by jumping from failing airline to failing airline, like
• 5:11
  Speaker 1: a plague of locusts, before finally failing up to his
• 5:14
  Speaker 1: current job at United, where somehow he's worth per year
• 5:18
  Speaker 1: about 30 times more than the average American will make
• 5:22
  Speaker 1: in a lifetime. Now, remarkably, one of the things he's
• 5:25
  Speaker 1: focused on in the last year is pulling coach seats
• 5:28
  Speaker 1: from his aeroplanes and expanding the premium cabins. So Scott
• 5:34
  Speaker 1: Kirby has no problem at all making it harder for
• 5:36
  Speaker 1: middle-class families to afford flying, even as he pretends to
• 5:39
  Speaker 1: care about them. I mean, one thing he could do
• 5:41
  Speaker 1: is try to make the coach seats more comfortable, give
• 5:46
  Speaker 1: a little more space to coach to the people who
• 5:49
  Speaker 1: cannot afford to pay thousands of dollars to fly, but
• 5:53
  Speaker 1: he's not doing that. And if you wanna know why
• 5:56
  Speaker 1: socialism is on the rise in America, look no further
• 6:00
  Speaker 1: than Scott Kirby. And that's why he's on TV promoting
• 6:03
  Speaker 1: hypothetical taxes and voicing the same banalities and platitudes that
• 6:07
  Speaker 1: he hopes will keep him safe when the pitchforks come.
• 6:11
  Speaker 1: And we know, by the way, that it's nothing but
• 6:14
  Speaker 1: platitudes because the Treasury website includes a link where you
• 6:18
  Speaker 1: can voluntarily give the government money in addition to what
• 6:22
  Speaker 1: you owe in taxes. So if Scott Kirby means what
• 6:25
  Speaker 1: he says, surely he'll go there right now and donate.
• 6:29
  Speaker 1: I mean, why wouldn't he donate $ 30 million? I mean, Scott,
• 6:32
  Speaker 1: you don't need more than $ 2 million a year, do you?
• 6:36
  Speaker 1: Aren't you worried about wealth inequality? But of course, Scott Kirby,
• 6:39
  Speaker 1: who's built nothing, won't do that. Instead, he wants to
• 6:42
  Speaker 1: make sure that the millionaire owner of your local excavation
• 6:46
  Speaker 1: company who built everything himself can't hand anything down to
• 6:50
  Speaker 1: his kids. It's interesting how that works. Now, the reason
• 6:55
  Speaker 1: Kirby is doing this is not because he believes what
• 6:57
  Speaker 1: he's saying. Instead, what he's actually interested in doing is
• 7:00
  Speaker 1: finding some way to stave off the rampaging communist hordes
• 7:05
  Speaker 1: that are threatening to take control of the government in
• 7:07
  Speaker 1: a few years and are intent on destroying the economy.
• 7:10
  Speaker 1: He thinks that if corporate executives start talking about taxing
• 7:13
  Speaker 1: the rich, then maybe the communists will be nicer to them.
• 7:17
  Speaker 1: Maybe they won't nationalize his airline. Maybe they won't raise
• 7:20
  Speaker 1: the corporate tax rate to 100%. Maybe they won't gun
• 7:23
  Speaker 1: him down in the streets of New York and celebrate
• 7:26
  Speaker 1: his murder all over Reddit, as they did to the
• 7:28
  Speaker 1: UnitedHealthcare CEO. It's a desperation play. It's a sign of weakness.
• 7:32
  Speaker 1: And of course, if and when the communists do take control,
• 7:35
  Speaker 1: all of these gestures will mean absolutely nothing to them.
• 7:39
  Speaker 1: They will seize his airline, confiscate his wealth, and throw
• 7:43
  Speaker 1: him in prison or off a cliff and think nothing
• 7:46
  Speaker 1: of it. The best case scenario for Scott Kirby in
• 7:49
  Speaker 1: the event of a communist takeover is that he escapes
• 7:52
  Speaker 1: like Alex Kerensky, who also tried to make 11th hour
• 7:55
  Speaker 1: amends with the Bolsheviks immediately before they took over. And
• 7:58
  Speaker 1: of course, none of this would really matter for us
• 8:00
  Speaker 1: because at the end of the day, Kirby is just
• 8:02
  Speaker 1: a bureaucrat running a crappy airline in a failing industry.
• 8:06
  Speaker 1: But unfortunately, guys like Kirby making unreasonable amounts of money
• 8:11
  Speaker 1: in exchange for doing nothing, uh, does have implications for us.
• 8:16
  Speaker 1: And that's why it's important for conservatives to acknowledge that
• 8:19
  Speaker 1: while it's very important for highly productive, entrepreneurial, impressive innovators
• 8:24
  Speaker 1: to be rewarded for their work, it's also true that
• 8:28
  Speaker 1: in modern DEI-oriented corporate America, highly productive, entrepreneurial, impressive innovators
• 8:36
  Speaker 1: only become CEO if they build the company themselves. And
• 8:40
  Speaker 1: it's important to distinguish between idiots like Kirby who, should
• 8:45
  Speaker 1: he disappear tomorrow, would be replaced by a corporate drone
• 8:48
  Speaker 1: just like him and nothing at all would change at
• 8:50
  Speaker 1: the company or in the world. And, you know, between
• 8:54
  Speaker 1: them and innovators.
• 8:56
  Speaker 2: Like Elon Musk.
• 8:58
  Speaker 1: Now, when talentless corporate hacks who have achieved nothing, you know,
• 9:02
  Speaker 1: make tens of millions of dollars a year, it breeds resentment.
• 9:08
  Speaker 2: And honestly, it should.
• 9:12
  Speaker 1: Now, what's interesting about what's unfolding right now is that
• 9:14
  Speaker 1: Democrats actually seem, though, to prefer corporate shills like Kirby. Remarkably,
• 9:20
  Speaker 1: they're targeting the innovators specifically. The same day that Elon
• 9:25
  Speaker 1: Musk debuted a flying car, which is one of the
• 9:27
  Speaker 1: most impressive things we've ever seen any company do ever,
• 9:32
  Speaker 1: Bernie Sanders called for the abolition of trillionaires.
• 9:37
  Speaker 3: Really?
• 9:37
  Speaker 1: Elon Musk, the last American who's truly innovating at scale?
• 9:43
  Speaker 1: The guy making flying cars and catching rockets out of
• 9:49
  Speaker 1: the air and wants to go to Mars and will actually.
• 9:51
  Speaker 2: Do it, he's the guy we got to worry about?
• 9:55
  Speaker 1: But this in and of itself is extremely revealing. Bernie
• 9:57
  Speaker 1: Sanders and Elizabeth Warren will gush endlessly. about how horrible
• 10:01
  Speaker 1: Elon Musk is. But they'll never mention the moronic CEOs
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  Speaker 1: who are looting the carcasses of once great companies they
• 10:07
  Speaker 1: somehow control today but could never have built. And it's
• 10:11
  Speaker 1: not just Scott Kirby. I mean, this is a widespread
• 10:14
  Speaker 1: problem in corporate America. One CEO you never hear Bernie
• 10:20
  Speaker 1: Sanders talk about is General Motors' Mary Barra. She's the
• 10:24
  Speaker 1: former HR executive turned CEO. In fact, Barra has been
• 10:28
  Speaker 1: celebrated as a role model by liberals like Hillary Clinton,
• 10:31
  Speaker 1: who once claimed that Barra broke the steel ceiling by
• 10:34
  Speaker 1: becoming a CEO of a manufacturing company. So how valuable
• 10:39
  Speaker 1: is Mary Barra? Well, last year, Toyota's CEO made $ 6 million.
• 10:43
  Speaker 1: VW's CEO made $ 8 million. And Mary Barra at General Motors,
• 10:50
  Speaker 1: can you guess how much she made? $ 48 million in
• 10:55
  Speaker 1: a year.
• 10:56
  Speaker 2: Now, wait a second.
• 10:58
  Speaker 1: You might be asking, well, what did she do at
• 11:00
  Speaker 1: General Motors that made her worth eight times Toyota's CEO
• 11:06
  Speaker 1: and six times VW's CEO? After all, Toyota is a
• 11:11
  Speaker 1: much more successful company according to every objective financial, strategic,
• 11:15
  Speaker 1: operational metric you can think of. Toyota is worth three
• 11:19
  Speaker 1: times General Motors' market cap. Toyota is dramatically more profitable,
• 11:23
  Speaker 1: generating more than $ 24 billion annually compared to GM's $ 6 billion.
• 11:28
  Speaker 1: Toyota sells far more cars than GM, something like $ 4
• 11:31
  Speaker 1: million more every year. And they never needed any government bailout.
• 11:36
  Speaker 1: They never had to declare bankruptcy. So really, what has
• 11:39
  Speaker 1: Mary Barra done? Well, she oversaw a failed transition to
• 11:43
  Speaker 1: electric vehicles that cost GM more than $ 6 billion in write-offs.
• 11:48
  Speaker 1: She was overseeing the release of the 6.2 liter V8
• 11:52
  Speaker 1: engine that is breaking Tahoe's and Suburban's nationwide right now
• 11:55
  Speaker 1: and is currently the subject of a federal investigation. Industry
• 11:59
  Speaker 1: insiders describe it as a total disaster. Meanwhile, she's laid
• 12:02
  Speaker 1: off more than 20,000 workers, mostly Americans, and often during
• 12:05
  Speaker 1: the holidays. Bernie Sanders and Ro Khanna will demand that
• 12:09
  Speaker 1: Elon Musk be forced at gunpoint to sell his shares
• 12:12
  Speaker 1: in his company, which is where virtually all of his
• 12:14
  Speaker 1: wealth comes from. They'll demonize him at every opportunity. Tim
• 12:17
  Speaker 1: Walz will go on stage and celebrate when Tesla stock drops. Meanwhile,
• 12:22
  Speaker 1: Mary Barra is barely mentioned, if she's mentioned ever. You know,
• 12:28
  Speaker 1: I'm obviously about as far from a Bernie Sanders communist
• 12:30
  Speaker 1: as it is possible to get.
• 12:33
  Speaker 2: But still, the sheer.
• 12:35
  Speaker 1: Amount of money this woman is earning, given her contributions
• 12:38
  Speaker 1: to the company or total lack thereof.
• 12:42
  Speaker 2: Is baffling.
• 12:43
  Speaker 1: $ 48 million a year is nearly 700 times the average U.S. salary,
• 12:50
  Speaker 1: which means the average person in the U.S. would have
• 12:53
  Speaker 1: to work for 700 years or about eight lifetimes to
• 12:57
  Speaker 1: earn what this woman makes in one single year. Even
• 13:02
  Speaker 1: as the CEOs of other giant car companies, companies significantly
• 13:05
  Speaker 1: more successful than hers, make a fraction of what she makes.
• 13:10
  Speaker 2: Think about this.
• 13:10
  Speaker 1: Toyota's far more successful. But the CEO doesn't get anywhere
• 13:14
  Speaker 1: near as much compensation. It's very similar to the situation
• 13:17
  Speaker 1: with Boeing a few years back when the CEO got
• 13:19
  Speaker 1: a massive golden parachute worth tens of millions of dollars
• 13:21
  Speaker 1: a year, worth tens of millions of dollars after overseeing
• 13:25
  Speaker 1: the disastrous back-to-back crashes of the MAX airplanes, which were
• 13:29
  Speaker 1: totally preventable. Boeing's incompetence caused those crashes. And meanwhile, Airbus' CEO,
• 13:36
  Speaker 1: who didn't oversee any crashes, was getting about one-third of
• 13:40
  Speaker 1: the Boeing CEO's compensation. Even the most rabidly pro-free market capitalist,
• 13:47
  Speaker 1: of which I am one, cannot honestly defend what Mary
• 13:52
  Speaker 1: Barra is doing and making. And quite frankly, we shouldn't
• 13:56
  Speaker 1: have to. Conservatives should be honest to acknowledge the role
• 13:59
  Speaker 1: that people like Barra play in driving up the demand
• 14:02
  Speaker 1: for socialism. The discrepancy also reminds me of this extraordinary
• 14:06
  Speaker 1: true story from 1984 when GM and Toyota actually agreed
• 14:10
  Speaker 1: to work together on a joint venture in Fremont, California.
• 14:13
  Speaker 1: It's one of the most interesting and revealing stories in
• 14:15
  Speaker 1: automotive history that no one really talks about anymore. But
• 14:18
  Speaker 1: the joint venture was called New United Motor Manufacturing or NUMI.
• 14:23
  Speaker 1: And the basic idea was that for a brief shining moment,
• 14:25
  Speaker 1: these two arch rivals would put aside their differences and
• 14:29
  Speaker 1: work together because they both had something to learn from
• 14:31
  Speaker 1: each other. And for GM, they wanted to learn how
• 14:34
  Speaker 1: to run an auto plant.
• 14:35
  Speaker 2: You know, they had a.
• 14:35
  Speaker 1: Really bad dysfunctional assembly plant in Fremont that they had
• 14:38
  Speaker 1: to close a couple of years earlier because the employees,
• 14:41
  Speaker 1: many of whom were diverse, never actually showed up to work.
• 14:44
  Speaker 1: And if they did show up, they were drunk or high.
• 14:47
  Speaker 1: The unions were destroying the place. They were making garbage cars.
• 14:50
  Speaker 1: In fact, in some cases, the employees were sabotaging the
• 14:52
  Speaker 1: cars on purpose for the fun of it. They would
• 14:55
  Speaker 1: do things like seal Coke bottles inside the doors just
• 14:58
  Speaker 1: to mess with the customers. So GM shut the Fremont
• 15:01
  Speaker 1: plant down. They fired all the workers and they were
• 15:03
  Speaker 1: desperate for Toyota to fly in and show them how
• 15:05
  Speaker 1: to run an auto plant and manufacture a car in
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  Speaker 1: The upside of the deal was that they could learn
• 17:39
  Speaker 1: on a day-to-day basis how to deal with American labor unions.
• 17:42
  Speaker 1: They wanted to learn the rules and regulations, the expectations,
• 17:45
  Speaker 1: and so on. So as part of this arrangement, Toyota
• 17:47
  Speaker 1: transported the recently fired GM Fremont workers to Japan for
• 17:51
  Speaker 1: two weeks to build cars in the Toyota factories. And
• 17:54
  Speaker 1: right away, they were taught a very different method for
• 17:57
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• 18:00
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• 18:03
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• 18:05
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• 18:07
  Speaker 1: get patched up in the repair yards at some point.
• 18:11
  Speaker 1: But in Japan, the GM workers were taught a different routine.
• 18:13
  Speaker 1: They were given something called an and-on cord on the
• 18:17
  Speaker 1: assembly line, and they were told to pull the cord
• 18:19
  Speaker 1: if they spotted any issues during production at all. And
• 18:21
  Speaker 1: once they did so, the line would stop. The problem,
• 18:24
  Speaker 1: as well as its root cause, would be addressed immediately.
• 18:26
  Speaker 1: It was a really kind of mind-blowing experience for these
• 18:28
  Speaker 1: employees to be around managers who actually cared about the
• 18:31
  Speaker 1: finished product. And the workers also received much more general training.
• 18:36
  Speaker 4: Watch.
• 18:38
  Speaker 3: All new hires went through a four-day orientation. And then
• 18:42
  Speaker 3: 450 team leaders and group leaders were then sent to
• 18:45
  Speaker 3: Japan for a three-week classroom and on-the-job training program. Numi
• 18:51
  Speaker 3: adopted the Japanese spirit of heavy training. New production workers
• 18:55
  Speaker 3: received over 250 hours of training in their first six
• 18:58
  Speaker 3: months on the job and 50 more hours of training
• 19:01
  Speaker 3: each year thereafter. Typical American workers were lucky to receive
• 19:05
  Speaker 3: 40 hours in their first six months and 20 hours
• 19:08
  Speaker 3: annually thereafter. In the old GM system, management held all
• 19:14
  Speaker 3: the power, no matter how competent they actually were. Toyota,
• 19:18
  Speaker 3: on the other hand, diffused certain responsibilities out into the
• 19:21
  Speaker 3: hands of the workers. So rather than like a traditional
• 19:24
  Speaker 3: military hierarchy, you had these small special forces units of
• 19:28
  Speaker 3: four to six workers. These were all cross-trained in each
• 19:32
  Speaker 3: other's tasks, ergo all the aforementioned training time.
• 19:36
  Speaker 1: Now, after this brief experiment, most of the problems were
• 19:39
  Speaker 1: resolved to the Fremont plan. All of a sudden, they
• 19:41
  Speaker 1: were producing good cars, and pretty much everyone had a
• 19:43
  Speaker 1: job again. Because as part of the deal, Toyota had
• 19:46
  Speaker 1: agreed to rehire 85% of the workers that GM had fired,
• 19:49
  Speaker 1: including some of the union bosses that had caused so
• 19:51
  Speaker 1: many of the problems. And again, that's how this all
• 19:54
  Speaker 1: worked out. And this is from the channel Asianometry, which
• 19:57
  Speaker 1: kind of tells the rest of the story.
• 19:58
  Speaker 5: Watch.
• 20:00
  Speaker 3: By 1986, the number of hours it took for Numi
• 20:02
  Speaker 3: to produce a car, adjusted for weld number, automation, car size,
• 20:06
  Speaker 3: and other factors, far exceeded that of the old GM plant.
• 20:11
  Speaker 3: It also exceeded that of a similar plant, GM Framingham,
• 20:15
  Speaker 3: and nearly matched Toyota's core Corolla plant in Takaoka. Absenteeism
• 20:20
  Speaker 3: fell from 20-25% to just 3-4%. GM Fremont closed with
• 20:25
  Speaker 3: over 2,000 grievances outstanding. Numi had just 700 grievances its
• 20:31
  Speaker 3: entire first eight years. 90% of employees at the factory
• 20:35
  Speaker 3: described themselves as being either satisfied or very satisfied with
• 20:40
  Speaker 3: their work.
• 20:43
  Speaker 1: Now, the experiment isn't perfect, mainly because it's possible that
• 20:45
  Speaker 1: some of the other factors were involved in the workers' improvement.
• 20:48
  Speaker 1: In particular, many of these employees had just been fired.
• 20:51
  Speaker 1: You know, they had been unemployed for a while. Stands
• 20:53
  Speaker 1: to reason that for some of them, they got a
• 20:54
  Speaker 1: wake-up call and they were motivated when.
• 20:56
  Speaker 2: They came back.
• 20:56
  Speaker 1: But for the most part, it looks a lot like
• 20:58
  Speaker 1: Toyota simply had a much better company. They had a
• 21:00
  Speaker 1: better system for dealing with problems on the line, which
• 21:03
  Speaker 1: is to say they actually had a system at all
• 21:06
  Speaker 1: for dealing with them. They didn't have a diverse workforce.
• 21:09
  Speaker 1: They had less bureaucracy, and the result was that they
• 21:11
  Speaker 1: produced a better product. Now, the really funny part of
• 21:14
  Speaker 1: that story, though, is that GM didn't apply the Toyota
• 21:17
  Speaker 1: model to all of its plants. The other union bosses
• 21:20
  Speaker 1: all over the country were not interested in slowing down
• 21:23
  Speaker 1: production or adopting a quality over quantity model. The experiment
• 21:27
  Speaker 1: fizzled out, and evidently, no lessons were learned. To this day,
• 21:30
  Speaker 1: Toyota is a more successful company. Toyota, again, outperforms General
• 21:35
  Speaker 1: Motors across virtually every operational, financial, and strategic metric. And meanwhile,
• 21:40
  Speaker 1: their CEO is making dramatically less money than the girl boss,
• 21:45
  Speaker 1: Mary Barra at GM, who has no idea what she's doing.
• 21:49
  Speaker 1: But Mary Barra gets to keep her job anyway because
• 21:53
  Speaker 1: she's the product of a corporate environment that rewards gender
• 21:58
  Speaker 1: more than competence. It cannot be stressed enough. And this
• 22:03
  Speaker 1: is one of the problems with the standard right-wing conservative
• 22:06
  Speaker 1: response to some of the economic talking points on the left.
• 22:11
  Speaker 1: You hear conservatives say, well, but these CEOs are all there,
• 22:14
  Speaker 1: the builders and innovators.
• 22:15
  Speaker 2: And yeah, some of them are. Elon Musk is.
• 22:20
  Speaker 1: Mary Barra and all the CEOs like her are not builders.
• 22:25
  Speaker 1: She has not built anything ever. She's not an entrepreneur.
• 22:29
  Speaker 1: She's not a shrewd businesswoman. She has no skills. She's
• 22:32
  Speaker 1: done nothing. She has achieved nothing. She was put in
• 22:36
  Speaker 1: charge of a massive multi-billion dollar company. She didn't grow
• 22:40
  Speaker 1: it to that point. She didn't have anything to do
• 22:43
  Speaker 1: with growing it.
• 22:44
  Speaker 2: And all that has.
• 22:45
  Speaker 1: Happened under her regime is the company has become worse
• 22:47
  Speaker 1: at everything in every way. You could put literally anyone
• 22:51
  Speaker 1: in her job and they could do what she does,
• 22:54
  Speaker 1: which is really nothing except the company becomes a little
• 22:58
  Speaker 1: worse while you're there. I mean, anyone could just sit
• 23:00
  Speaker 1: there behind the desk and get paid $ 50 million to
• 23:04
  Speaker 1: make the company worse.
• 23:06
  Speaker 2: I'll do it. I'll do it for $ 10 million. I'll
• 23:09
  Speaker 2: take a massive pay cut compared to Mary Barra.
• 23:13
  Speaker 1: And for $ 10 million, I will be the CEO and
• 23:15
  Speaker 1: just not do anything and make everything worse.
• 23:18
  Speaker 2: I'll happily do it. I'll do it for $ 5 million.
• 23:21
  Speaker 2: That's as low as I'll go.
• 23:24
  Speaker 1: Now, the criticisms that the left makes against millionaire CEOs, again,
• 23:28
  Speaker 1: actually apply to somebody like Mary Barra. And she, in fact,
• 23:32
  Speaker 1: does not remotely deserve the salary she's getting paid. She is,
• 23:37
  Speaker 1: in effect, a kind of welfare case. That doesn't mean
• 23:41
  Speaker 1: the government should come in and take the money, redistribute.
• 23:45
  Speaker 1: I'm not saying that at all. That's not at all
• 23:47
  Speaker 1: what I think. In fact, we started this by talking
• 23:50
  Speaker 1: about why these wealth taxes are retarded. And that's what
• 23:52
  Speaker 1: I believe. But Still, the fact remains. I mean, this
• 23:55
  Speaker 1: is just the fact. And yet she is precisely the
• 23:59
  Speaker 1: kind of CEO the left will not single out. Instead,
• 24:01
  Speaker 1: they single out Elon Musk, who is in every conceivable
• 24:04
  Speaker 1: sense the exact opposite of Mary Barra. He is an
• 24:07
  Speaker 1: actual builder and innovator. Mary Barra wouldn't have a job
• 24:12
  Speaker 1: if she were a man and everyone knows it. The
• 24:15
  Speaker 1: company became completely woke when it was popular to do it.
• 24:17
  Speaker 1: They're falling apart. but the woman in charge is rewarded
• 24:21
  Speaker 1: with glowing profiles from various left-wing outlets while GM's employees
• 24:25
  Speaker 1: lose everything. That's not to single out GM. I mean,
• 24:28
  Speaker 1: pretty much every recognizable major corporation is like this, or.
• 24:33
  Speaker 2: Many of them are.
• 24:34
  Speaker 1: When Chrysler announced the Jeep Grand Cherokee in 1992, the
• 24:38
  Speaker 1: highly politically incorrect president Bob Lutz drove the SUV straight
• 24:41
  Speaker 1: through a glass window at the North American International Auto Show.
• 24:45
  Speaker 1: Whatever American spirit was evident there is now gone, at
• 24:50
  Speaker 1: least in corporate America. Even Apple, one of the biggest
• 24:53
  Speaker 1: companies on the planet, has spent the last decade doing nothing.
• 24:58
  Speaker 1: They invented a pregnant man emoji, and that's about it.
• 25:01
  Speaker 1: Every new product from Apple is just the iPhone again,
• 25:05
  Speaker 1: but in a slightly different form. Here's the iPhone attached
• 25:08
  Speaker 1: to your wrist. Here's the iPhone on a little stand
• 25:11
  Speaker 1: on the kitchen counter. Here's the iPhone you can wear
• 25:13
  Speaker 1: on your face. Meanwhile, this is the McDonald's CEO famously
• 25:19
  Speaker 1: trying to sell his company's latest burger, which he describes
• 25:23
  Speaker 1: not as a burger, but as a product with all
• 25:25
  Speaker 1: the enthusiasm of a prisoner of war being forced to
• 25:28
  Speaker 1: eat the banana rice in Somalia. You've probably seen this,
• 25:31
  Speaker 1: but let's enjoy it again.
• 25:35
  Speaker 6: We've got two quarter pound patties, a delicious big arch sauce.
• 25:41
  Speaker 6: and of course some lettuce. So, oh, there's so much
• 25:43
  Speaker 6: going on with this. First of all, let's try to
• 25:46
  Speaker 6: get this thing. I don't even know how to attack it.
• 25:49
  Speaker 6: Got so much to it. Oh, there's also some crispy
• 25:52
  Speaker 6: onions on here as well. I see those kind of
• 25:54
  Speaker 6: coming out. All right, the moment of truth. That is
• 26:02
  Speaker 6: so good. That's a big bite for a big arch.
• 26:05
  Speaker 6: It's distinctively McDonald's. Only McDonald's could do this type of burger.
• 26:10
  Speaker 6: but it also is unlike anything else on our menu.
• 26:13
  Speaker 6: It's a delicious product. You know, you've got sort of
• 26:15
  Speaker 6: the cheeses and the gooeyness, but those crispy onions as
• 26:19
  Speaker 6: well gives a nice texture.
• 26:20
  Speaker 2: And of course we've got the pickles, so.
• 26:25
  Speaker 1: Just nothing but bread in that bite. The smallest possible
• 26:28
  Speaker 1: bite you could have taken. And even that one little
• 26:31
  Speaker 1: bite of the big arch sandwich almost, you know, makes
• 26:34
  Speaker 1: them want to puke. And that's not even the worst part.
• 26:36
  Speaker 1: The worst part is how obviously robotic and inauthentic the
• 26:39
  Speaker 1: whole scene was. It's like ChatGPT is talking about eating
• 26:43
  Speaker 1: a hamburger. And somehow this guy wasn't fired over this,
• 26:47
  Speaker 1: even though he went on camera and made it abundantly
• 26:49
  Speaker 1: clear that he hates the product his company is selling.
• 26:51
  Speaker 1: He's viscerally disgusted by McDonald's food, but McDonald's is still
• 26:54
  Speaker 1: happy to pay him $ 20 million a year, which I
• 26:57
  Speaker 1: guess is fitting because it's $ 1 million for each percentage
• 27:00
  Speaker 1: point the stock has declined in the past year. Now,
• 27:03
  Speaker 1: people see this happening at every major corporation and they think, well,
• 27:07
  Speaker 1: it doesn't make any sense.
• 27:08
  Speaker 2: That's not fair.
• 27:09
  Speaker 1: Now, the primary reason that America never became communist or
• 27:14
  Speaker 1: socialist is that for most of its history, the rich people,
• 27:20
  Speaker 1: what was corporate America, what back then were actual builders
• 27:24
  Speaker 1: and innovators, they felt something called noblesse oblige. They cared
• 27:29
  Speaker 1: about the well-being of the country and the people in it.
• 27:32
  Speaker 1: They voluntarily made an effort to improve the country since
• 27:35
  Speaker 1: the country made it possible for them to get rich
• 27:37
  Speaker 1: in the first place. The most famous example of this
• 27:39
  Speaker 1: is the steel baron, Andrew Carnegie. We're a long way
• 27:43
  Speaker 1: from Andrew Carnegie these days with these people. But he
• 27:47
  Speaker 1: voluntarily gave away 90% of his fortune, funding more than 2,500
• 27:51
  Speaker 1: libraries across the United States, along with the Carnegie Hall
• 27:54
  Speaker 1: in New York, the Carnegie Institute of Technology, which became
• 27:56
  Speaker 1: Carnegie Mellon, He created a fund for civilians.
• 27:59
  Speaker 2: Who saved other people's lives.
• 28:00
  Speaker 1: He created endowments and foundations to promote teaching and scientific
• 28:03
  Speaker 1: research and peace. He even paid for more than 7,000
• 28:07
  Speaker 1: church organs, because why not? He wrote a book called
• 28:10
  Speaker 1: The Gospel of Wealth, in which he wrote, quote, the
• 28:13
  Speaker 1: best means of benefiting the community is to place within
• 28:15
  Speaker 1: its reach the ladder upon which the aspiring can rise.
• 28:19
  Speaker 1: He believed that the proper administration of wealth would bind
• 28:23
  Speaker 1: together the rich and poor in harmonious relationships. Now, around
• 28:27
  Speaker 1: the turn of the 20th century, these views were actually
• 28:29
  Speaker 1: popular in America. After the Civil War, the banker George
• 28:33
  Speaker 1: Peabody built schools.
• 28:35
  Speaker 2: Throughout the American South. John D.
• 28:36
  Speaker 1: Rockefeller was responsible for eliminating hookworm. Julius Rosenwald of Sears
• 28:42
  Speaker 1: Corporation built 5,000 schools for black children in the South.
• 28:45
  Speaker 1: Henry Ford wasn't laying off workers and building defective vehicles
• 28:48
  Speaker 1: like Henry Barra. He was paying line workers enough that
• 28:51
  Speaker 1: they could afford the cars they were making. And he
• 28:53
  Speaker 1: was the first to do that. The small mill town
• 28:57
  Speaker 1: of Rumford, Maine, perfectly embodies how this used to work.
• 29:01
  Speaker 1: It has a Carnegie library across the street from Straith
• 29:04
  Speaker 1: Glass Park, which is full of high-end company housing for
• 29:07
  Speaker 1: workers from the local paper mill. The mill owner, Hugh Chisholm,
• 29:12
  Speaker 1: took so much pride in what he was doing and
• 29:15
  Speaker 1: what he was building that he hired an architect to
• 29:17
  Speaker 1: build the company housing, but not just any architect. He
• 29:21
  Speaker 1: hired the same guy who designed the Supreme Court, and
• 29:24
  Speaker 1: it's still there today.
• 29:25
  Speaker 2: You can go look at it.
• 29:26
  Speaker 1: Just blocks away as a four-story mechanics institute, also conceived
• 29:30
  Speaker 1: by Chisholm and paid for by the local mill, so
• 29:33
  Speaker 1: that there would be a space for working people to
• 29:35
  Speaker 1: improve themselves mentally, morally, socially, and physically for a low cost.
• 29:40
  Speaker 1: So that was corporate America roughly a century ago, back
• 29:43
  Speaker 1: when the elites actually cared about the country. These were
• 29:47
  Speaker 1: the attitudes and practices that prevented a socialist revolution in America.
• 29:53
  Speaker 1: I save time by making ordinary decisions quickly. Most tasks
• 29:57
  Speaker 1: do not require extensive research, a committee meeting, three days
• 30:01
  Speaker 1: of reflection. Order the parts, schedule the appointment, reel in
• 30:04
  Speaker 1: the fish, move on with your life. That's what I
• 30:07
  Speaker 1: always say. We all have our own time-saving hacks for
• 30:10
  Speaker 1: everyday life, but if you're a business owner, how can
• 30:12
  Speaker 1: you save time hiring?
• 30:14
  Speaker 2: Well, you can do it with ZipRecruiter.
• 30:15
  Speaker 1: ZipRecruiter has a new feature that quickly lets you see
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• 30:28
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• 30:35
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• 30:39
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• 30:42
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• 30:44
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• 30:44
  Speaker 1: See for yourself at ZipRecruiter.com slash Walsh. That's ZipRecruiter.com slash Walsh.
• 30:50
  Speaker 1: Meet your match on ZipRecruiter. Between work, errands, and family,
• 30:55
  Speaker 1: we're all busy. And with elections around the corner, it
• 30:57
  Speaker 1: can be hard to find time to vote. Waiting until
• 30:59
  Speaker 1: election day, though, is a risk. A flat tire or
• 31:02
  Speaker 1: a sick child could mean you miss out on making
• 31:04
  Speaker 1: your voice heard.
• 31:05
  Speaker 2: That's why I.
• 31:06
  Speaker 1: Need you to vote early. Go to gopvotes.org, find your
• 31:09
  Speaker 1: polling place, and bank your vote today. If you live
• 31:12
  Speaker 1: in the critical Senate battleground states of Alaska, Michigan, Maine, Ohio, Iowa,
• 31:17
  Speaker 1: or Texas, early voting is already underway today. This week,
• 31:21
  Speaker 1: the radical left has won Democrat primaries across the country
• 31:24
  Speaker 1: and their turnout machine is ready to swarm the polls
• 31:27
  Speaker 1: this fall. That's why you need a plan to vote too.
• 31:31
  Speaker 1: President Trump is counting on you. Our movement is counting
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  Speaker 1: on you. I'm counting on you. Don't wait, head to gopvotes.org.
• 31:38
  Speaker 1: Make your plan to vote early today, paid for by
• 31:41
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• 31:46
  Speaker 1: Imagine if Mary Barra, rather than taking a nearly $ 50
• 31:48
  Speaker 1: million in compensation, built a community center and a library
• 31:52
  Speaker 1: and hired a talented architect to build housing for her workers.
• 31:56
  Speaker 1: But of course, she's not doing that. She's not a
• 31:59
  Speaker 1: visionary when it comes to the product or how to
• 32:02
  Speaker 1: manage people.
• 32:04
  Speaker 2: She is stupid.
• 32:06
  Speaker 1: And so she's just laying them off and replacing them
• 32:08
  Speaker 1: with AI. Good luck to her when the revolution comes.
• 32:14
  Speaker 1: To the extent America's rich or generous, they're giving to
• 32:16
  Speaker 1: awful causes. The conservative hedge fund manager, Ken Griffin, for example,
• 32:20
  Speaker 1: just donated $ 3 billion to Carnegie Mellon for reasons that
• 32:24
  Speaker 1: aren't remotely clear.
• 32:25
  Speaker 2: Now, he's decided.
• 32:26
  Speaker 1: To fund the university system that's destroying the country, apparently
• 32:29
  Speaker 1: because he holds a very misguided belief that he can
• 32:34
  Speaker 1: fix the institution. Now, Carnegie himself, of course, endowed Carnegie Mellon.
• 32:40
  Speaker 1: So I'm not attacking the idea of funding schools. But
• 32:43
  Speaker 1: Carnegie had no idea what higher education would become. It
• 32:47
  Speaker 1: wasn't that back when he endowed the school, but now
• 32:51
  Speaker 1: it is. And if you look at these institutions today
• 32:54
  Speaker 1: without exception, or with very few exceptions, they're rife with censorship, propaganda,
• 33:00
  Speaker 1: moral panics, like the deranged behavior that's currently underway at Cornell.
• 33:05
  Speaker 1: So no, we shouldn't be funding institutions that despise this country. Instead,
• 33:09
  Speaker 1: we should be allowing as many Americans as possible to
• 33:12
  Speaker 1: invest in the companies that are actually trying to build
• 33:16
  Speaker 1: new technology and create more jobs. Last week, an inebriated
• 33:21
  Speaker 1: Indiana Democrat named Jamie West, who we spent some time
• 33:26
  Speaker 1: on talking about over the weekend, and a lot of
• 33:29
  Speaker 1: fun to laugh at her, and we should, but she
• 33:31
  Speaker 1: drunkenly made a point, one good point, about how tech
• 33:35
  Speaker 1: companies should have to invest in the communities that they
• 33:40
  Speaker 1: want to put their data centers in. And that's totally correct.
• 33:46
  Speaker 2: Why not?
• 33:48
  Speaker 1: That's the kind of thing Republicans would be insane for opposing,
• 33:52
  Speaker 1: but many of them do. Why shouldn't a company worth
• 33:56
  Speaker 1: a zillion dollars be required to meaningfully invest in a
• 34:01
  Speaker 1: community where they want to build their infrastructure? That's not socialism.
• 34:05
  Speaker 1: That's just common sense. That's rational. That's like, that's America first.
• 34:13
  Speaker 1: That's caring about American communities. And if you're a town
• 34:16
  Speaker 1: manager or a county bureaucrat, you watch that video, before
• 34:22
  Speaker 1: you agree to let wind turbines or solar panels or
• 34:26
  Speaker 1: data centers especially come to your town, why shouldn't you
• 34:29
  Speaker 1: get every cent you can out of these companies to
• 34:33
  Speaker 1: build yourself a mechanics institute, hire an award-winning architect to
• 34:37
  Speaker 1: do it?
• 34:39
  Speaker 2: Why not?
• 34:41
  Speaker 1: Though most people don't realize it, America is richer today
• 34:44
  Speaker 1: than it was a century ago, so there's no reason
• 34:47
  Speaker 1: they can't do that. Somewhere at the top is somebody
• 34:51
  Speaker 1: like Mary Barra or Scott Kirby. Surely they can afford it.
• 34:56
  Speaker 1: Ten years ago, the corporate class was much more interested
• 34:59
  Speaker 1: in social governance scores and donating to the vast black
• 35:04
  Speaker 1: hole of inner city nonprofits.
• 35:06
  Speaker 2: And today they're not even interested in that.
• 35:09
  Speaker 1: What we're seeing now from our AI overlords, including Sam
• 35:12
  Speaker 1: Altman and people like him, is this idea that in
• 35:15
  Speaker 1: the future, nobody will have a job. And so instead,
• 35:18
  Speaker 1: we'll all be completely dependent on big tech. And some
• 35:22
  Speaker 1: people are excited about this. This is a representative post
• 35:24
  Speaker 1: from somebody calling himself a futurist, for example. And there's
• 35:28
  Speaker 1: a lot of this on social media right now. It says, quote,
• 35:33
  Speaker 1: two years from now, you will not work and you
• 35:37
  Speaker 1: will not worry about money. you will get your cash
• 35:40
  Speaker 1: payments from all the major AI labs. Think of it
• 35:43
  Speaker 1: like three to five companies giving you a thousand dollars
• 35:47
  Speaker 1: check every week.
• 35:50
  Speaker 2: And this is the idea you hear a lot now.
• 35:52
  Speaker 1: So the AI companies in the near future, supposedly, this
• 35:55
  Speaker 1: is the idea, will give us all stipends and we
• 35:59
  Speaker 1: will become dependents of Sam Altman. This is supposed to
• 36:05
  Speaker 1: be an optimistic vision of the future. Actually, it's deeply horrifying.
• 36:10
  Speaker 1: And it's not what we mean, at least it's not
• 36:13
  Speaker 1: what I mean, when I say that these CEOs should
• 36:15
  Speaker 1: be contributing to their community and to their country. This
• 36:20
  Speaker 1: sounds like a dystopian nightmare. I don't want to live
• 36:23
  Speaker 1: off of handouts from my big tech overlords. The fact
• 36:26
  Speaker 1: that anyone sees that as some heavenly vision of the
• 36:29
  Speaker 1: future is extremely depressing. Living as serfs with our hands
• 36:33
  Speaker 1: out Going to big tech, can I have my stipend
• 36:37
  Speaker 1: this week, please? Lord Sam, can you give me my stipend?
• 36:43
  Speaker 1: You know, this is not the kind of a future
• 36:45
  Speaker 1: we should be trying to build for ourselves and our children.
• 36:50
  Speaker 2: And there is another way.
• 36:51
  Speaker 1: It involves providing the right incentives and giving people a
• 36:55
  Speaker 1: clear sense of the stakes that are involved, which is
• 36:58
  Speaker 1: what Toyota did with those GM employees. And if you
• 37:02
  Speaker 1: do that, support for socialism plummets. We can't do anything
• 37:06
  Speaker 1: to change the minds of the Somalis and the other
• 37:08
  Speaker 1: foreign scammers who have come here to plunder our treasury.
• 37:11
  Speaker 1: All we can do with them or about them is deport.
• 37:14
  Speaker 2: Them, and we should.
• 37:15
  Speaker 1: But we can reverse the trend we're seeing among native-born
• 37:19
  Speaker 1: Americans who are now entertaining the single most destructive ideology
• 37:24
  Speaker 1: the West has ever seen in record numbers.
• 37:28
  Speaker 2: We can.
• 37:29
  Speaker 1: Take a cue from the guy who's building flying cars
• 37:33
  Speaker 1: and catching rockets in midair instead of the 85-year-old whiny
• 37:37
  Speaker 1: socialist from Vermont. We can return to the sense of
• 37:41
  Speaker 1: genuine excitement for the future, which was so dominant in
• 37:44
  Speaker 1: this country in the middle of the 20th century when
• 37:46
  Speaker 1: people were thrilled by everything from moon landings.
• 37:49
  Speaker 2: To shopping malls.
• 37:52
  Speaker 1: That is objectively a much better place for the United
• 37:54
  Speaker 1: States to be. And in the long run, it's also
• 37:58
  Speaker 1: a much better outcome for even the most useless CEOs,
• 38:01
  Speaker 1: the Scott Kirby's and Mary Barra's of the world. Under
• 38:05
  Speaker 1: their system, the system that they're advocating for, that Kirby
• 38:12
  Speaker 1: is advocating for, the CEOs get sent to the gallows.
• 38:17
  Speaker 1: Under the other system, the CEOs invest a fraction of
• 38:20
  Speaker 1: their company's vast wealth to help create a country with
• 38:24
  Speaker 1: many more Elon Musks. and as few Scott Kirby's and
• 38:28
  Speaker 1: Mary Barra's as possible. That's the best way to prevent
• 38:33
  Speaker 1: a Bolshevik takeover in this country. You know, voluntarily end
• 38:38
  Speaker 1: the comically absurd pay packages and give Americans a stake
• 38:41
  Speaker 1: in the success of the American economy. Elon Musk has
• 38:46
  Speaker 1: started this campaign. Now every CEO who wants their company
• 38:49
  Speaker 1: to exist in 20 years and who doesn't want their
• 38:52
  Speaker 1: children to live under Bolshevik rule for the next century
• 38:56
  Speaker 1: should follow suit. As it turns out, Elon Musk, America's
• 39:00
  Speaker 1: innovator in chief, apparently understands that this is.
• 39:04
  Speaker 2: What we urgently need.
• 39:05
  Speaker 1: And we need the noblesse oblige to make a comeback.
• 39:09
  Speaker 1: That's an idea which has long since fallen out of favor.
• 39:12
  Speaker 1: That again, the nobility, that is the rich and powerful,
• 39:15
  Speaker 1: have a basic responsibility to act honorably and generously and
• 39:19
  Speaker 1: to care about and meaningfully invest in the future of
• 39:22
  Speaker 1: their nation. It's not a government policy. not something that
• 39:26
  Speaker 1: can be achieved through taxation. It's just a basic expectation
• 39:30
  Speaker 1: of honorable behavior. An expectation that of course should fall
• 39:34
  Speaker 1: on everybody of any income bracket in one form or another.
• 39:38
  Speaker 1: And the point is not that the richest Americans, the
• 39:41
  Speaker 1: ones with an enormous amount of equity in the largest
• 39:43
  Speaker 1: companies on the planet should give handouts.
• 39:46
  Speaker 2: They shouldn't.
• 39:47
  Speaker 1: Instead, they should actually invest in a meaningful way in
• 39:50
  Speaker 1: the future of the country. Not because the government forces
• 39:53
  Speaker 1: them to do it, but because they actually care about
• 39:57
  Speaker 1: the future of the country. It's not like they need
• 39:58
  Speaker 1: to be driven by pure virtue and charity to care.
• 40:02
  Speaker 1: If the country has no future, neither do the companies.
• 40:06
  Speaker 1: So this is just a matter of rational long-term planning.
• 40:11
  Speaker 1: And Elon just announced his own plan to do exactly this.
• 40:15
  Speaker 2: Watch.
• 40:17
  Speaker 5: Meanwhile, Elon Musk vows a giveaway of one share of
• 40:20
  Speaker 5: SpaceX to every child in the United States. In a
• 40:23
  Speaker 5: social media post, Musk says this gift will be the
• 40:25
  Speaker 5: very first.
• 40:26
  Speaker 2: Of many to come.
• 40:27
  Speaker 5: This news comes a day after AI giant Anthropic committed
• 40:31
  Speaker 5: 5% of its shares to a public benefit fund. Live
• 40:34
  Speaker 5: now to CBS News senior business and tech correspondent, Jolene Kent. Okay,
• 40:38
  Speaker 5: so Jolene, first of all, good to see you, my friend.
• 40:40
  Speaker 5: Second of all, what's the why, especially for Musk here?
• 40:44
  Speaker 2: Well, he was.
• 40:44
  Speaker 4: Responding essentially to Anthropic, saying that they are going to
• 40:47
  Speaker 4: have this public benefit fund. He responds to the announcement
• 40:51
  Speaker 4: on X, which of course he owns, and says, wouldn't
• 40:53
  Speaker 4: it be better to give money directly to the public?
• 40:57
  Speaker 4: And so he proposes this idea of giving shares of
• 41:00
  Speaker 4: SpaceX to individual kids. And if you do the math,
• 41:04
  Speaker 4: it's basically 72, 73 million kids, people under the age
• 41:08
  Speaker 4: of 18 in the United States of America. Right now,
• 41:11
  Speaker 4: we have SpaceX stock at about I'm just looking at
• 41:14
  Speaker 4: the ticker here. It's about one hundred and forty eight
• 41:17
  Speaker 4: dollars a share. So you do the math and that's
• 41:20
  Speaker 4: a pretty significant.
• 41:21
  Speaker 1: Now, as it stands today, a share of SpaceX isn't
• 41:26
  Speaker 1: worth much, only around one hundred fifty dollars. But if
• 41:29
  Speaker 1: you give a child a share of SpaceX today, it'll
• 41:31
  Speaker 1: almost certainly be worth much, much more by the time
• 41:33
  Speaker 1: he's 18 and certainly by the time he retires. By
• 41:36
  Speaker 1: Musk's estimates, which are admittedly optimistic, that share could be
• 41:39
  Speaker 1: worth more than $ 7, 000 within the next decade. And the
• 41:43
  Speaker 1: moral of the story is that it's very important for
• 41:46
  Speaker 1: builders and creators like Elon to do what they do
• 41:50
  Speaker 1: and get rich doing it. That's how the system is
• 41:52
  Speaker 1: supposed to work. Those are CEOs who took on extraordinary risk,
• 41:56
  Speaker 1: built massive corporations from the ground up. Elon just unveiled
• 42:00
  Speaker 1: a flying car, which we're supposed to be angry about.
• 42:04
  Speaker 1: Bernie Sanders has never created a single job in his life,
• 42:07
  Speaker 1: never had an original thought in his life, never done
• 42:10
  Speaker 1: anything remotely interesting or inspiring, but he wants to destroy
• 42:13
  Speaker 1: what Elon built because if people see Elon doing amazing things,
• 42:17
  Speaker 1: they might realize that the government is wasting their money
• 42:19
  Speaker 1: and then the whole scam falls apart. There are also
• 42:23
  Speaker 1: corporate suits who are getting very rich and don't deserve to.
• 42:27
  Speaker 1: In the cases of the vast majority of established companies,
• 42:30
  Speaker 1: CEO compensation is totally detached from reality. There's no universe
• 42:35
  Speaker 1: where Mary Barra is worth $ 48 million a year, which
• 42:39
  Speaker 1: comes out to around $ 184, 000 per workday, which is nearly
• 42:43
  Speaker 1: triple the annual salary of an American worker, triple the
• 42:48
  Speaker 1: average American salary in one day.
• 42:51
  Speaker 2: It's obscene.
• 42:52
  Speaker 1: And what makes it obscene is not the amount. Elon
• 42:56
  Speaker 1: Musk is worth astronomically more than her. Mary Barra is
• 43:00
  Speaker 1: closer to being below the poverty line than she is
• 43:03
  Speaker 1: to being anywhere near Elon Musk's net worth.
• 43:06
  Speaker 2: But again, he's a builder. He's an innovator, a great
• 43:09
  Speaker 2: man of history. Guys like him should be rich. They
• 43:12
  Speaker 2: should be rewarded.
• 43:14
  Speaker 1: Barra is a talentless, non-achieving HR manager who floated her
• 43:18
  Speaker 1: way to the top on the wings of DEI. She
• 43:21
  Speaker 1: doesn't inspire anyone. She does the opposite. And if she's
• 43:25
  Speaker 1: ever fired, everyone knows she'll get a massive payout, just
• 43:28
  Speaker 1: like the CEO of every other failed company. So the
• 43:32
  Speaker 1: incentive structure doesn't make sense to most people because it's
• 43:34
  Speaker 1: a ridiculous system. And therefore, in increasing numbers, young Americans,
• 43:41
  Speaker 1: not just foreigners, are thinking that socialism is the answer,
• 43:45
  Speaker 1: which it isn't.
• 43:47
  Speaker 2: Now, that's not a rational conclusion. It's not smart.
• 43:52
  Speaker 1: It's a disaster for the country and the entire human race.
• 43:55
  Speaker 1: Socialism is one of the most evil systems ever devised
• 44:01
  Speaker 1: by mankind, but that's what they're doing. Now, Elon has
• 44:07
  Speaker 1: earned his money because he's actually creating meaningful new products,
• 44:10
  Speaker 1: including self-driving technology that people can use on a day-to-day basis.
• 44:15
  Speaker 1: No question that his net worth is earned. which, by
• 44:20
  Speaker 1: the way, is not stored in some bank vault. It's
• 44:22
  Speaker 1: not in his checking account. His net worth comes from
• 44:25
  Speaker 1: his stock in Tesla and SpaceX. And if any American
• 44:30
  Speaker 1: wants a share in that wealth and to see the
• 44:32
  Speaker 1: same gains and losses that Elon sees, to a smaller degree, obviously,
• 44:38
  Speaker 1: they can buy the stock as well. They're publicly traded.
• 44:40
  Speaker 1: That's how it's supposed to work. And ultimately, the goal
• 44:45
  Speaker 1: is to create a lot more Elons and no more
• 44:50
  Speaker 1: Mary Baras. We need to be a country that facilitates
• 44:54
  Speaker 1: and rewards builders and innovators again. That is the best
• 44:59
  Speaker 1: way to prevent the coming socialist revolution. And in fact,
• 45:04
  Speaker 1: it turns out it's the only way.
• 45:08
  Speaker 2: That'll do the show today. Thanks for watching. Thanks for listening.
• 45:10
  Speaker 2: Talk to you tomorrow. Have a great day. Godspeed.
• 45:52
  Speaker 3: Professor. Let me out!
• 46:01
  Speaker 6: You will remember your duty.
• 46:02
  Speaker 2: This isn't heroism! You useless sot. You sit there and
• 46:07
  Speaker 2: shake because you're dependent on drink.
• 46:08
  Speaker 6: You're sick as all over you.
• 46:12
  Speaker 5: Have you ever seen a child starve to death, Professor? No.