Latest / The Clay Travis and Buck Sexton Show / Hour 3 - Treasury Secretary Scott Bessent Stops By

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Hour 3 - Treasury Secretary Scott Bessent Stops By · The Clay Travis and Buck Sexton Show

• 0:00
  Speaker 1: Welcome back in. Final hour of the program. 14 hours up.
• 0:05
  Speaker 1: We are rolling into the 15th hour now. And as
• 0:08
  Speaker 1: we often do, given that it's Friday and I know
• 0:11
  Speaker 1: we have Treasury Secretary Scott Besant scheduled, so that will
• 0:15
  Speaker 1: be a serious topic. Buck, as I do so, you
• 0:19
  Speaker 1: do not have to do it. And by you, I
• 0:22
  Speaker 1: mean everyone out there across America. I read The New
• 0:24
  Speaker 1: York Times every day. And on Thursday, in the print
• 0:29
  Speaker 1: edition of the New York Times, they decided they were
• 0:31
  Speaker 1: going to write about the fact that the Victoria's Secret
• 0:34
  Speaker 1: fashion show had aired and reflect what that actually meant
• 0:42
  Speaker 1: and what it stood for in society. And Buck, they said,
• 0:48
  Speaker 1: I'm just going to read a couple of quotes to you.
• 0:51
  Speaker 1: The headline is the return of the fantasy broth. and
• 0:55
  Speaker 1: a stereotype of sexy. Now, before I read a couple
• 0:59
  Speaker 1: of these quotes, Buck, is sexy a stereotype? Or do
• 1:04
  Speaker 1: you think most humans could in fact define what they
• 1:09
  Speaker 1: find sexy, both men and women, and it would be
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  Speaker 1: remarkably consistent in general? Like, even the premise here that
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  Speaker 1: sexy is a stereotype is, to me, very funny, and
• 1:22
  Speaker 1: you're going to hear these quotes, and... you're going to
• 1:25
  Speaker 1: roll your eyes as I do.
• 1:27
  Speaker 2: Well, I would just.
• 1:28
  Speaker 3: Point out that if you were to look at paintings
• 1:33
  Speaker 3: of what were supposed to be or considered beautiful women
• 1:37
  Speaker 3: during the Renaissance in Europe, so 500 years ago, or
• 1:43
  Speaker 3: if you were to even go further back to ancient
• 1:46
  Speaker 3: Rome and ancient Greece and you look at statues and
• 1:49
  Speaker 3: what was sort of elevated in the Western tradition as
• 1:52
  Speaker 3: ideal male and ideal female, female beauty clay very little
• 1:57
  Speaker 3: has changed it's almost like some of this stuff is
• 2:02
  Speaker 3: biologically ingrained in us even at a very deep subconscious
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  Speaker 3: level and is rooted in fact in biology and procreation
• 2:11
  Speaker 3: and not the patriarchy.
• 2:13
  Speaker 1: Yeah this is something that i there's a great book
• 2:16
  Speaker 1: called uh It's an evolutionary biology book that I would
• 2:21
  Speaker 1: encourage everybody to read. And basically it asks all of
• 2:24
  Speaker 1: these questions about why do we find what we find
• 2:29
  Speaker 1: to be attractive? The ideal hourglass shape for women, for instance, Buck,
• 2:34
  Speaker 1: is directly related to women with hourglass figures are more
• 2:39
  Speaker 1: likely to survive childbirth, which was the most dangerous thing
• 2:43
  Speaker 1: that women ever engaged in for most of human history.
• 2:47
  Speaker 3: And this also ties directly into things that are like
• 2:50
  Speaker 3: the curvature of a woman's hips and an ample bosom.
• 2:53
  Speaker 3: And these things all go to fertility and the proper
• 2:57
  Speaker 3: hormone levels to sustain fertility. By the way, on the
• 3:02
  Speaker 3: male side of things, why is it that muscles and
• 3:06
  Speaker 3: generally relatively low body fat is.
• 3:08
  Speaker 1: Why do women prefer tall men? Because you're more likely
• 3:11
  Speaker 1: to survive in a very dangerous environment with stronger, bigger...
• 3:17
  Speaker 1: tougher men. I mean, this is the reality.
• 3:19
  Speaker 3: This is, this is in fact rooted in very baseline biology.
• 3:23
  Speaker 3: I mean, at some level it's like the New York
• 3:25
  Speaker 3: times is shocked.
• 3:26
  Speaker 4: Wow.
• 3:27
  Speaker 3: When people are tired, it feels good when they sleep
• 3:29
  Speaker 3: or when people are hungry, they enjoy eating. How do
• 3:33
  Speaker 3: we change that? It's like, well, you're not going to.
• 3:36
  Speaker 1: Here's some quotes from the New York Times upset that
• 3:40
  Speaker 1: the return of the Victoria's Secret fashion show has been
• 3:45
  Speaker 1: an embrace of traditional notions of what is sexy. Listen
• 3:51
  Speaker 1: to this. By reverting to these old gender stereotypes, Victoria's
• 3:57
  Speaker 1: Secret is reverting to a time when sexy was defined
• 4:02
  Speaker 1: by the male gaze and catering to it. The company
• 4:05
  Speaker 1: may have changed its stock market ticker listing to Very
• 4:09
  Speaker 1: Sexy in June to reflect its new mission, but there's
• 4:13
  Speaker 1: nothing particularly new about this idea. Maybe what this is
• 4:18
  Speaker 1: about is nostalgia. For a time when we could pretend
• 4:22
  Speaker 1: this way of presenting women was just lighthearted fun, and
• 4:28
  Speaker 1: didn't contribute directly to a culture that enabled their objectification
• 4:34
  Speaker 1: and depersonalization, even though we know such a time is
• 4:39
  Speaker 1: as much a fantasy as the fantasy brawl. Listen to
• 4:42
  Speaker 1: this sentence, Buck. Watching the Victoria's Secret fashion show after
• 4:47
  Speaker 1: the national conversation prompted by the crisis at Cornell is
• 4:54
  Speaker 1: a bit like entering the Twilight Zone. Though it does
• 4:58
  Speaker 1: go with another national conversation, one in which men are
• 5:02
  Speaker 1: men and women are women, and you can tell by
• 5:06
  Speaker 1: the way that they dress. Tying women looking good in
• 5:10
  Speaker 1: lingerie into Cornell and saying that it was deeply troubling
• 5:15
  Speaker 1: and problematic, as she is saying here, to have this
• 5:18
  Speaker 1: fashion show come in the wake of a woman who,
• 5:22
  Speaker 1: by the way, actually supports women's empowerment, I would guarantee you,
• 5:26
  Speaker 1: more by far than the average woman does. and actually
• 5:30
  Speaker 1: said in her text messages, my body, my choice, which
• 5:34
  Speaker 1: is the language of the left in America, until people
• 5:37
  Speaker 1: judged her for what happened, and then she decided, oh,
• 5:41
  Speaker 1: wait a minute, I just got raped. This is ludicrous,
• 5:45
  Speaker 1: even by New York Times standards.
• 5:47
  Speaker 3: I also shy away from discussions of people of their appearance, right? Because, well,
• 5:56
  Speaker 3: I wouldn't want people, although you and I get attacked
• 5:59
  Speaker 3: for our appearances. I mean, it's kind of funny because
• 6:00
  Speaker 3: we're not models, so who really cares? But, you know,
• 6:03
  Speaker 3: we get attacked for our appearances, respectively, all the time.
• 6:06
  Speaker 1: I mean, I certainly do.
• 6:08
  Speaker 3: And you just sort of take it in this business
• 6:09
  Speaker 3: because you're a public figure and whatever, but I'm not
• 6:12
  Speaker 3: sitting here saying, hey, look at my abs, buy my,
• 6:15
  Speaker 3: you know, buy underwear that I'm wearing. Like, we're here
• 6:17
  Speaker 3: to talk. We're vocal athletes, as we like to point out.
• 6:19
  Speaker 3: But so I generally shy away from this, and that's
• 6:21
  Speaker 3: just a long preamble because.
• 6:24
  Speaker 3: There is something that people don't really talk about very
• 6:26
  Speaker 3: often with a lot of this feminist empowerment stuff and whatever,
• 6:30
  Speaker 3: and it's that the women who push it are ugly.
• 6:33
  Speaker 3: And the woman who wrote this article is unfortunately pretty homely.
• 6:38
  Speaker 3: And I understand that you might say that that's not fair,
• 6:41
  Speaker 3: but there is actually something to it because biology is also,
• 6:46
  Speaker 3: and these biological issues that we're discussing here of physical
• 6:51
  Speaker 3: and sexual attraction, it's competitive. There is a competitive nature
• 6:56
  Speaker 3: to this, and women, I think, very often in our
• 7:01
  Speaker 3: modern society are the first to tear down another woman
• 7:09
  Speaker 3: if they view her as sexual competition for them that
• 7:13
  Speaker 3: they really can't actually meet. Like, women are far quicker
• 7:18
  Speaker 3: to tear down Sidney Sweeney, for example, than men are.
• 7:22
  Speaker 1: Yes.
• 7:22
  Speaker 5: Right?
• 7:22
  Speaker 3: And women are far more likely to write these kinds
• 7:27
  Speaker 3: of articles about other women saying the male gaze and
• 7:31
  Speaker 3: objectification and all this stuff.
• 7:33
  Speaker 5: Yeah.
• 7:33
  Speaker 3: Sexual attraction is actually not a minor thing, Clay. We
• 7:37
  Speaker 3: need it for procreation. It is actually one of the
• 7:41
  Speaker 3: most important human urges that exists.
• 7:44
  Speaker 1: I would argue the most important because without it, none
• 7:47
  Speaker 1: of us would exist. Here's another couple of sentences, by
• 7:50
  Speaker 1: the way.
• 7:50
  Speaker 2: Oh, there's more. Oh, my gosh.
• 7:52
  Speaker 1: There's no getting away from the reality that the Victoria's
• 7:55
  Speaker 1: Secret show is perpetrating a very specific playboy girl tradition
• 8:01
  Speaker 1: of sexy. One that is about, listen to this, the
• 8:04
  Speaker 1: legs and the boobs and the bottom. It's cloaking the
• 8:08
  Speaker 1: promise of transgression in the trappings of the sheriff because
• 8:13
  Speaker 1: it's Victoria's Secret fashion angels. Then putting it on display
• 8:17
  Speaker 1: for everyone to see. And then here's the funniest part, Buck.
• 8:21
  Speaker 1: According to the company, the reason they are doing this
• 8:25
  Speaker 1: is because it's what the customer wants. Remember, they tried
• 8:30
  Speaker 1: this androgynous fat chick sell lingerie move and it tanked
• 8:36
  Speaker 1: the company. They were trying to respond to Twitter and
• 8:39
  Speaker 1: the kind of woman that writes this article. And it
• 8:42
  Speaker 1: turns out nobody wants to look like the unattractive models
• 8:47
  Speaker 1: that they were employing. And by the way, building on
• 8:49
  Speaker 1: what you said, It would be a really bad move
• 8:52
  Speaker 1: if a male underwear company said, Clay Travis is the
• 8:55
  Speaker 1: face of our underwear company now. We're going to put
• 8:58
  Speaker 1: Clay in just our underwear, and everybody's going to see
• 9:02
  Speaker 1: him on the cover of the box. No men are
• 9:05
  Speaker 1: buying Clay Travis underwear.
• 9:07
  Speaker 2: I'm sorry.
• 9:08
  Speaker 1: If I could make money selling underwear, I would. Nobody
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  Speaker 1: wants to look like me. Guys want to look like superheroes.
• 9:16
  Speaker 1: Men want to be bigger, stronger, faster than they actually are.
• 9:19
  Speaker 1: There's nothing wrong with this. I actually take, and it
• 9:22
  Speaker 1: might seem small, and it might seem insignificant, but the
• 9:26
  Speaker 1: fact that the Victoria's Secret fashion show is back to
• 9:29
  Speaker 1: mostly showing attractive women in sexy clothing is, I think,
• 9:36
  Speaker 1: a sign that sanity is returning in the United States
• 9:41
  Speaker 1: in a way that makes people like this writer at
• 9:44
  Speaker 1: the New York times angry because the entire argument she
• 9:48
  Speaker 1: makes is that I want to go back to ugly
• 9:52
  Speaker 1: people in lingerie.
• 9:54
  Speaker 2: Oh yes.
• 9:56
  Speaker 3: And, and it's not, we knew it would fail and
• 9:58
  Speaker 3: it did fail. And I might add that, at the time,
• 10:00
  Speaker 3: people were trying to say, this is what the market wants.
• 10:03
  Speaker 2: No, it's not.
• 10:04
  Speaker 3: It's what non-binary, quote, style writers for women's magazines, which
• 10:11
  Speaker 3: are overwhelmingly, I would argue, deeply anti-women. And what they
• 10:16
  Speaker 3: raise as women's empowerment is actually I think it's completely
• 10:22
  Speaker 3: degenerate and terrible for women, kind of like the Call
• 10:25
  Speaker 3: Her Daddy podcast that we talked about yesterday. I think
• 10:28
  Speaker 3: that it just makes things worse for them, and I
• 10:30
  Speaker 3: think that it degrades women. But the elevation of female
• 10:33
  Speaker 3: beauty is something that, Clay, societies have celebrated, all societies
• 10:38
  Speaker 3: around the world, for millennia, for thousands of years. Hey,
• 10:44
  Speaker 3: women being beautiful is a good thing, and we like it.
• 10:48
  Speaker 3: We are in a bizarre period in this country where
• 10:52
  Speaker 3: there's a it's certainly not a majority. It's certainly I
• 10:56
  Speaker 3: would even say is not, you know, I think it's
• 11:01
  Speaker 3: like a tent. It's like a trans. It's like the
• 11:03
  Speaker 3: trans issue. I think it's a 10 to 20 percent
• 11:05
  Speaker 3: of the country really buys into this. Like, we don't
• 11:08
  Speaker 3: we shouldn't have a hot, hot chick in Victoria's Secret underwear.
• 11:12
  Speaker 3: Let's have a 400 pound bearded tranny because like that's
• 11:15
  Speaker 3: really sexy. I think only 10 to 20 percent of
• 11:18
  Speaker 3: the country doesn't think that that's completely insane. But they're
• 11:21
  Speaker 3: very loud and they're very crazy. And they've infiltrated a
• 11:24
  Speaker 3: lot of media and cultural institutions. And that's what you
• 11:28
  Speaker 3: see here at The New York Times. So, yeah, completely.
• 11:31
  Speaker 1: But I did just think, hey, we've got a positive.
• 11:33
  Speaker 1: But the people who are gatekeepers of this pushing back aggressively,
• 11:37
  Speaker 1: I thought you should know what they're saying about all
• 11:40
  Speaker 1: of this.
• 11:40
  Speaker 3: Good ranchers, my friend. Just like how beautiful women are
• 11:43
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• 11:46
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• 11:49
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• 11:52
  Speaker 3: right to your home. Not only that, though, Clay and
• 11:55
  Speaker 3: I like to make bets. And maybe he loses most
• 11:57
  Speaker 3: of them.
• 11:57
  Speaker 2: Who knows?
• 11:58
  Speaker 3: But we like to make bets. And we make steak bets.
• 12:02
  Speaker 3: Good Ranchers has a high-stakes box that you can say
• 12:06
  Speaker 3: to your buddy, hey, whoever wins this game wins. Whoever
• 12:10
  Speaker 3: wins this bet, the loser has to send the winner
• 12:13
  Speaker 3: a high-stakes box from Good Ranchers. It's a lot of fun,
• 12:18
  Speaker 3: by the way. You're also supporting all-American-produced meat, chicken, pork.
• 12:21
  Speaker 3: It's delicious stuff. The high-stakes box from Good Ranchers. They're
• 12:24
  Speaker 3: really fun this time of year. So if I were you,
• 12:27
  Speaker 3: I would set this up with a buddy, do a
• 12:29
  Speaker 3: high-stakes box bet. But you can also have Good Ranchers
• 12:32
  Speaker 3: just delivered to your home every month, which is what
• 12:33
  Speaker 3: I have here. Clay has it at his home, too.
• 12:36
  Speaker 3: Great proteins, beef, pork, chicken, steak, all of it. Go
• 12:39
  Speaker 3: to good ranchers.com slash bet. Good ranchers.com slash bet.
• 12:44
  Speaker 2: You can have it set up there.
• 12:45
  Speaker 3: Have that high stakes box sent to your buddy or
• 12:49
  Speaker 3: sent to yourself.
• 12:50
  Speaker 2: Check it out today.
• 12:51
  Speaker 1: Common sense never sounded so good.
• 12:55
  Speaker 5: Clay and Buck owning the airwaves.
• 12:57
  Speaker 4: President Trump's policies are reaching the very people they were
• 13:01
  Speaker 4: designed to serve. He signed the largest tax cuts in
• 13:04
  Speaker 4: American history. re-ballot global trade for our great American workers,
• 13:17
  Speaker 4: reclaimed our position as the world's energy superpower. Thanks to
• 13:25
  Speaker 4: President Trump, the United States of America now produces more
• 13:30
  Speaker 4: oil and gas than Saudi Arabia and Russia combined.
• 13:37
  Speaker 5: And the president.
• 13:38
  Speaker 4: Delivered the greatest regulatory relief on record. For every regulation
• 13:44
  Speaker 4: that has gone into the Federal Register, 120 have come out.
• 13:49
  Speaker 3: Welcome back in here to Clay and Buck. Before we
• 13:52
  Speaker 3: get into the extremely important discussion here with Secretary of
• 13:56
  Speaker 3: the Treasury Besson, I want to continue talking about beauty standards, Clay,
• 14:00
  Speaker 3: and the ladies of Victoria's Secret.
• 14:02
  Speaker 2: As one does.
• 14:03
  Speaker 3: Because I watch this... The Abercrombie documentary on Netflix a
• 14:08
  Speaker 3: while ago.
• 14:08
  Speaker 2: Do you remember this one? I haven't seen it. Oh,
• 14:13
  Speaker 2: you should watch it. It was really interesting.
• 14:15
  Speaker 1: As a former Abercrombie employee back in the day. Pentagon City,
• 14:20
  Speaker 1: Northern Virginia. Abercrombie, when I was in college, I got
• 14:24
  Speaker 1: paid to work there.
• 14:26
  Speaker 3: So, Abercrombie was a brand built on kind of classic
• 14:33
  Speaker 3: Americana hotness. That was sort of the, that was the
• 14:36
  Speaker 3: idea behind it. And the documentary gets into this. And
• 14:38
  Speaker 3: there was also some stuff where later on the founder
• 14:40
  Speaker 3: was like accused of, you know, going after some of
• 14:42
  Speaker 3: the male models actually, but that's a whole, just put
• 14:45
  Speaker 3: that aside for our purposes of discussion right now. Uh,
• 14:48
  Speaker 3: that comes up in documentary too, but on the beauty
• 14:50
  Speaker 3: standard thing, they, toward the end, they started to make
• 14:53
  Speaker 3: it very clear that Abercrombie had to become more inclusive.
• 14:57
  Speaker 3: And the whole tone of the documentary is, uh, We
• 15:00
  Speaker 3: needed more inclusivity, including, of course, body type differentiation and blah, blah, blah, non-binary.
• 15:08
  Speaker 2: Blah, blah, blah. Destroyed the brand. Absolutely destroyed the brand.
• 15:12
  Speaker 3: And what we have seen, because now enough time has elapsed,
• 15:15
  Speaker 3: it was very annoying for a number of years. We
• 15:17
  Speaker 3: would say, you know, go woke, go broke. And it was,
• 15:22
  Speaker 3: this is not what the market wants. And these people
• 15:25
  Speaker 3: from these companies that were either in the head of
• 15:27
  Speaker 3: marketing or they were in some way involved in creative,
• 15:31
  Speaker 3: they inherited these great brands and businesses, Clay. And it
• 15:35
  Speaker 3: just took a while for them to melt the whole
• 15:38
  Speaker 3: iceberg with their stupidity. But enough time has passed now
• 15:41
  Speaker 3: that in the last decade we have seen, yeah, it
• 15:44
  Speaker 3: turns out if you actually try to sell lingerie with
• 15:48
  Speaker 3: a bearded tranny, that's not going to work. And we
• 15:51
  Speaker 3: told everybody and everyone should have known that it wasn't
• 15:54
  Speaker 3: going to work. And so the experiment has been run now.
• 15:56
  Speaker 3: That's what's different.
• 15:59
  Speaker 1: Yeah, look, and I actually had a conversation with a
• 16:01
  Speaker 1: top executive earlier this week. And my conversation, he was
• 16:08
  Speaker 1: asking me about how to deal with social media. And
• 16:11
  Speaker 1: I said, Not at all. Do not make any decision
• 16:15
  Speaker 1: based on what is happening on social media, because within
• 16:17
  Speaker 1: 24 hours that will have vanished if you think it's
• 16:21
  Speaker 1: a good decision overall. But I think what you saw, Buck,
• 16:25
  Speaker 1: was many of these people didn't believe in the choices
• 16:28
  Speaker 1: they were making. They were trying to protect their jobs.
• 16:31
  Speaker 1: And back in the 2020 era, you couldn't be fired
• 16:35
  Speaker 1: if you were seen as woke enough. And so they
• 16:38
  Speaker 1: did what was in their own best interest to preserve
• 16:41
  Speaker 1: their jobs, which was often in the worst interest of
• 16:44
  Speaker 1: the brands they were stewards of. And it is interesting
• 16:47
  Speaker 1: to me, this Victoria's Secret situation, you're referring to Abercrombie,
• 16:52
  Speaker 1: so many of these companies out there, Nike's now trying
• 16:54
  Speaker 1: to pretend that none of it, that all their decision
• 16:58
  Speaker 1: to go with putting overweight people in sports bras and say, hey,
• 17:03
  Speaker 1: this is super healthy, or their decision to put the
• 17:06
  Speaker 1: Dylan Mulvaney character in a women's sports bra to try
• 17:09
  Speaker 1: to sell women's gear. They're trying to pretend that whole
• 17:12
  Speaker 1: era didn't happen, even though the advertising industry embraced it.
• 17:17
  Speaker 1: And this is where I would come back and still
• 17:19
  Speaker 1: say that you have to be careful of this. The
• 17:21
  Speaker 1: wokest industry in all of America is the advertising industry.
• 17:25
  Speaker 1: And they are influencing so much of our culture and
• 17:28
  Speaker 1: protecting so much of their wokeness by the way that
• 17:32
  Speaker 1: they choose to spend dollars. It is significant in a
• 17:35
  Speaker 1: huge way. We're going to be joined by Treasury Secretary
• 17:39
  Speaker 1: Scott Besson about this. We'll ask him all about AI,
• 17:42
  Speaker 1: many other different angles associated with the current American economic
• 17:46
  Speaker 1: situation when we are joined by him here at the
• 17:52
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  Speaker 1: and a little fun thrown into Clay and Buck.
• 18:52
  Speaker 3: It's a whole vibe. All right, everybody, welcome back in
• 18:55
  Speaker 3: here to Clay and Buck. As promised, we are joined
• 18:57
  Speaker 3: now by the Secretary of the Treasury, Scott Besant.
• 19:01
  Speaker 5: Mr.
• 19:02
  Speaker 2: Secretary, appreciate you making the time for us, sir.
• 19:05
  Speaker 5: Gentlemen, good to see you.
• 19:07
  Speaker 3: So many big topics to hit with you, and we're
• 19:09
  Speaker 3: going to try to run through a bunch of them because,
• 19:11
  Speaker 3: you know, Treasury, it's a big deal, big job, it's
• 19:13
  Speaker 3: a big Treasury.
• 19:15
  Speaker 2: Homeownership.
• 19:16
  Speaker 3: This is one that I live in Florida, Mr. Secretary,
• 19:19
  Speaker 3: and it's a big thing here. I know it's a
• 19:21
  Speaker 3: big thing all across the country, though. Price of a
• 19:24
  Speaker 3: median family home is up, I think, 40, 50 percent
• 19:27
  Speaker 3: since covid. Obviously, this has put some real strain on
• 19:30
  Speaker 3: people's budgets. People's mortgage payments are high. What is the
• 19:34
  Speaker 3: Trump administration doing? Tell us about this making homeownership more
• 19:38
  Speaker 3: affordable initiative.
• 19:41
  Speaker 4: Well.
• 19:41
  Speaker 5: Buck, one of the things we've done is to try
• 19:44
  Speaker 5: to level the playing field for families who want to
• 19:49
  Speaker 5: buy We had institutional investors getting into the market and
• 19:55
  Speaker 5: everyone said to me, well, aren't you in favor of
• 19:58
  Speaker 5: free markets? And I said, I am, but free markets
• 20:00
  Speaker 5: have to be fair markets. And institutional buyers have a
• 20:04
  Speaker 5: financing advantage. They have a tax advantage with the way
• 20:08
  Speaker 5: that appreciation works. What we've done is we have pushed
• 20:13
  Speaker 5: institutional buyers out of MLS, and we are limiting institutional
• 20:18
  Speaker 5: buyers to not being able to own more than 350 homes.
• 20:22
  Speaker 5: Then what we haven't done, we are still making it
• 20:25
  Speaker 5: easy for institutional investors to build rental properties. We're trying
• 20:32
  Speaker 5: to level the playing field, create some rental supply, and
• 20:36
  Speaker 5: I think that we will see Big gains from that.
• 20:40
  Speaker 5: I'm sure you, like myself, have had lots of friends
• 20:44
  Speaker 5: who are looking at houses on Zillow or Realtor.com and
• 20:49
  Speaker 5: then it gets taken. Well, very good chance that that
• 20:52
  Speaker 5: had been an institutional buyer, someone sitting a thousand miles
• 20:57
  Speaker 5: away with a big wallet in New York.
• 21:00
  Speaker 1: I want to give you a chance to pitch to
• 21:02
  Speaker 1: all the parents and the grandparents out here. Exactly how
• 21:06
  Speaker 1: transformative Trump accounts can be for their young children just
• 21:10
  Speaker 1: based on the compound interest impact alone when you're starting young.
• 21:15
  Speaker 1: And also give you an opportunity, I'm sure you saw
• 21:17
  Speaker 1: that Elon Musk talked about the possibility of giving away
• 21:21
  Speaker 1: a share of SpaceX potentially in these Trump accounts. I
• 21:25
  Speaker 1: know there's been tons of entrepreneurs who have been working
• 21:28
  Speaker 1: hard to try to seed this idea of embracing capitalism
• 21:32
  Speaker 1: in an ownership society. Why should everybody have a Trump account?
• 21:37
  Speaker 1: What's the importance? And what do you think about the
• 21:39
  Speaker 1: growth in terms of entrepreneurs embracing this as well?
• 21:43
  Speaker 5: Yeah, Clayton, The great, great series of questions. And this
• 21:47
  Speaker 5: is something near and dear to my heart. 38% of
• 21:51
  Speaker 5: American households have no exposure to our great equity markets,
• 21:55
  Speaker 5: either through direct ownership of equities or through 401ks. But
• 22:01
  Speaker 5: Trump accounts are for everybody. So at U.S. Treasury, the
• 22:04
  Speaker 5: beginning of the month, we opened accounts for 70 million children.
• 22:09
  Speaker 5: All parents have to do to go and claim the
• 22:13
  Speaker 5: account is trumpaccounts.gov. And anyone with children 18 or under
• 22:21
  Speaker 5: can claim those accounts. Any child born during President Trump's term,
• 22:26
  Speaker 5: Treasury is going to provide $ 1, 000 seed investment. Many of
• 22:30
  Speaker 5: our great philanthropists like Susan and Michael Dell, they're putting
• 22:35
  Speaker 5: in $ 6. 25 billion to children who are not in the
• 22:37
  Speaker 5: top 20% of zip codes and are age 12 or
• 22:44
  Speaker 5: below and don't get the treasury seed. So that is
• 22:49
  Speaker 5: 25 million accounts. So there are 25 million accounts sitting
• 22:54
  Speaker 5: there waiting with $ 250 in there. But more importantly, parents
• 22:58
  Speaker 5: can add up to $ 5, 000 a year. Employers can add
• 23:00
  Speaker 5: up to $ 2, 500 a year. And children can sit, you
• 23:03
  Speaker 5: can Families can look online and see the power of
• 23:15
  Speaker 5: compounding and learn about the stock market. When I was
• 23:18
  Speaker 5: a little kid in rural South Carolina, the only thing
• 23:20
  Speaker 5: I knew about the stock market was something bad had
• 23:23
  Speaker 5: happened on Wall Street in 1929. So the other thing
• 23:27
  Speaker 5: we've done at Treasury is we have 15 learning modules
• 23:31
  Speaker 5: and families can go on because you got to remember
• 23:34
  Speaker 5: many of these parents, it's going to be the first
• 23:36
  Speaker 5: time their households have had these accounts. And aunts, uncles,
• 23:41
  Speaker 5: friends for birthdays, holidays can put money into these accounts
• 23:47
  Speaker 5: very quickly.
• 23:49
  Speaker 3: Speaking to Secretary of the Treasury Scott Bassett and Mr. Secretary,
• 23:54
  Speaker 3: as you know, we have a midterm election coming up
• 23:56
  Speaker 3: and there's just been a lot of conversation. I'm sure
• 23:58
  Speaker 3: you get asked about this all the time. A lot
• 24:00
  Speaker 3: of conversation centered around frustrations with cost of living, more
• 24:06
  Speaker 3: specifically energy. To anybody out there who is asking the question,
• 24:12
  Speaker 3: whether it's a trucker in Topeka or a nurse out
• 24:18
  Speaker 3: in Phoenix or whatever, what has the Trump administration been
• 24:23
  Speaker 3: doing and working on to help me? Help me so
• 24:26
  Speaker 3: I can pay my bills. Help me so this economy
• 24:29
  Speaker 3: works in a way that benefits me and the American
• 24:32
  Speaker 3: people more broadly.
• 24:33
  Speaker 2: What's your answer to that? What do you say?
• 24:36
  Speaker 5: Yeah, and... Buck, look, sometimes I feel like an emergency
• 24:39
  Speaker 5: room doctor. The Biden administration backed over the American public
• 24:45
  Speaker 5: with the biggest inflation in two generations, in 50 years, 21.5% inflation.
• 24:52
  Speaker 5: But more importantly than that, wages lagged by about 4%, 4.5%.
• 24:56
  Speaker 5: And for working Americans, the inflation for them was probably
• 25:01
  Speaker 5: over 30%. So they probably lost 15% of their purchasing power.
• 25:05
  Speaker 5: And affordability has many, many parts. So one of the
• 25:10
  Speaker 5: things we're doing, we've created over a million private sector
• 25:14
  Speaker 5: jobs this year. And private sector jobs, they outpace inflation.
• 25:20
  Speaker 5: We're seeing real wage growth. Wages are up about 1.5%
• 25:26
  Speaker 5: despite the energy price shock since President Trump came into office.
• 25:31
  Speaker 5: That's not our goal. But to stay In the black,
• 25:36
  Speaker 5: I think it's pretty good given the energy shock. So
• 25:41
  Speaker 5: we've created jobs. Secondly, with the president's, the working families
• 25:46
  Speaker 5: tax cuts, we're making sure that Americans keep more of
• 25:48
  Speaker 5: their wages. So no tax on tips, no tax on overtime,
• 25:52
  Speaker 5: reduced taxes on Social Security, 85% of our seniors don't
• 25:56
  Speaker 5: pay taxes on their social security, deductibility of interest if
• 26:00
  Speaker 5: you buy an American-made car. So more jobs, keeping more
• 26:05
  Speaker 5: of your wages. And then we're going to get to
• 26:08
  Speaker 5: the other side of this energy price shock, and the
• 26:12
  Speaker 5: wage growth will continue. And I think that energy prices
• 26:18
  Speaker 5: are going to be lower than they were at the
• 26:20
  Speaker 5: beginning of this year. food prices now have gone down
• 26:29
  Speaker 5: for four months in a row. We are below the
• 26:32
  Speaker 5: Fed's target on inflation and food prices. We're at 1.8%
• 26:36
  Speaker 5: for what's called food at home. You and I would
• 26:39
  Speaker 5: call it groceries. The other thing, too, we've seen the
• 26:43
  Speaker 5: biggest decrease in prescription drug prices in history, down 4.5%.
• 26:49
  Speaker 5: And guys, guess what? When 25 million illegal aliens came
• 26:55
  Speaker 5: to the country... and we didn't have any new housing stock,
• 26:58
  Speaker 5: rents went up. So now that we've got deportations, some voluntary,
• 27:04
  Speaker 5: some non-voluntary, we're seeing rents go down across the country.
• 27:09
  Speaker 1: I think this is also important building on that, Democrats
• 27:13
  Speaker 1: are the arsonists who lit all of the affordability crisis fire.
• 27:17
  Speaker 1: And now they are arguing, we're the people that are
• 27:20
  Speaker 1: best to put it out. And I'll point to one
• 27:22
  Speaker 1: policy that I bet you are fired up about, even
• 27:24
  Speaker 1: though it's a state policy. The idea of taxing billionaires
• 27:28
  Speaker 1: in California is on the ballot. And again, I know
• 27:31
  Speaker 1: that's a state tax, but every single country that has
• 27:35
  Speaker 1: ever tried to do a billionaire tax like this has
• 27:38
  Speaker 1: actually ended it because it's counterproductive. Isn't the essence of
• 27:43
  Speaker 1: all of this that Democrats, if you're fired up about
• 27:45
  Speaker 1: affordability and you're upset about it, all of their policies
• 27:49
  Speaker 1: would make it far worse?
• 27:52
  Speaker 5: Yeah. So, Clay, I was with the president last night
• 27:56
  Speaker 5: in my home state of South Carolina, up in Clemson.
• 28:00
  Speaker 5: And my point during my opening speech for the president
• 28:04
  Speaker 5: was they'll do it again. Yeah. They opened the border,
• 28:08
  Speaker 5: which caused inflation and pushed down wages. They'll do it again.
• 28:12
  Speaker 5: They blew out the budget deficit. And not my analysis,
• 28:18
  Speaker 5: MIT and Ward analysis that 50% of the inflation came
• 28:22
  Speaker 5: from the big budget deficit. They'll do it again. And inflation,
• 28:28
  Speaker 5: they will do it again because One of the reasons
• 28:31
  Speaker 5: we got the great inflation was the Democrats created a
• 28:35
  Speaker 5: demand shock with government spending. But then the regulatory state
• 28:41
  Speaker 5: and their love of the regulatory state decreased supply and
• 28:45
  Speaker 5: too much demand constricted supply. That's how you get inflation.
• 28:50
  Speaker 5: What President Trump has done, we are creating a private
• 28:53
  Speaker 5: sector demand shock in wages and we are increasing supply.
• 28:57
  Speaker 5: There's more inflation. There's more energy. We have deregulated the economy.
• 29:03
  Speaker 5: There's more credit available.
• 29:06
  Speaker 2: What is your thought, Mr.
• 29:07
  Speaker 3: Secretary, on anybody out there who is concerned that the
• 29:13
  Speaker 3: entire economy at some level, that's too broad of a statement.
• 29:17
  Speaker 2: People will say stuff like this, though.
• 29:18
  Speaker 3: A large sector of the economy has become a bet
• 29:21
  Speaker 3: on AI. And maybe even if AI does work, and
• 29:25
  Speaker 3: it clearly does in a whole bunch of ways we're
• 29:26
  Speaker 3: already seeing, we're entering a bubble and there's a little
• 29:30
  Speaker 3: bit of a sky is falling from some people out there.
• 29:34
  Speaker 2: How do you view that?
• 29:36
  Speaker 5: Yeah, I think that the economy is much better balanced
• 29:41
  Speaker 5: than people think. We are seeing a manufacturing renaissance and
• 29:47
  Speaker 5: we do not count data centers as factories. So we
• 29:51
  Speaker 5: are seeing factory structures go through the roof. We are
• 29:56
  Speaker 5: seeing a construction boom. And historically, you know, we have
• 30:01
  Speaker 5: sequencing here. One of my ever so fun hearings, one
• 30:07
  Speaker 5: of the Democrats said, well, you know, President Trump, they
• 30:11
  Speaker 5: promised a manufacturing boom and we haven't gotten it yet.
• 30:14
  Speaker 5: And it was six months into this administration. And, you know,
• 30:19
  Speaker 5: President Biden wiped out 200,000 manufacturing jobs, and now we're
• 30:23
  Speaker 5: creating them again. So what we're seeing is sequencing. You
• 30:27
  Speaker 5: get construction jobs that then turn into manufacturing jobs. My
• 30:31
  Speaker 5: hometown in Charleston, South Carolina, Boeing is doing a massive expansion,
• 30:36
  Speaker 5: doubling their Dreamliner facility. And those are several thousand construction
• 30:41
  Speaker 5: jobs that's going to turn into a thousand high-paying Boeing jobs.
• 30:47
  Speaker 1: Last question for you, Secretary Besson. You guys have got
• 30:51
  Speaker 1: a genius act that is now being implemented that was passed,
• 30:56
  Speaker 1: and it has impact on crypto, digital currencies, many different
• 30:59
  Speaker 1: assets out there. What should this audience know about that
• 31:03
  Speaker 1: bill and what its impact is going to be?
• 31:05
  Speaker 5: So the genius act is for stable coins. And I
• 31:09
  Speaker 5: think stable coins are going to be very, very important
• 31:12
  Speaker 5: for payments, for money transfers. And what everyone should know
• 31:16
  Speaker 5: is the Trump administration is committed to making the United
• 31:21
  Speaker 5: States the digital asset capital of the world. And the
• 31:26
  Speaker 5: digital assets, whether it's crypto or other digital assets, had
• 31:29
  Speaker 5: a near extinction event. nearly extinct under President Biden with
• 31:35
  Speaker 5: their very onerous policies, sending out Wells notices, cutting their
• 31:39
  Speaker 5: bank accounts, threatening both the venture capitalists and the companies themselves.
• 31:45
  Speaker 5: So what we've done is we have brought U.S. best
• 31:49
  Speaker 5: practices to the industry and we are onshoring the industry because, Clay,
• 31:54
  Speaker 5: I can tell you that the nonsense happens in crypto
• 31:59
  Speaker 5: when it's offshore. So we want to bring our regulatory
• 32:02
  Speaker 5: regime and then the rest of the world will have
• 32:04
  Speaker 5: to come to us. So I think that this is
• 32:07
  Speaker 5: going to is the first step in making the U.S.
• 32:10
  Speaker 5: the premier crypto destination in the world. And I think
• 32:14
  Speaker 5: stable coins, most of them are dollar backed. So it's
• 32:18
  Speaker 5: going to assert U.S. dollar dominance. And I think that U.S.
• 32:23
  Speaker 5: stable coins are going to be the the the benchmark
• 32:28
  Speaker 5: that everyone has to judge themselves against, including our regulatory regime.
• 32:33
  Speaker 3: Treasury Secretary Besson, thank you so much for making the time, sir.
• 32:36
  Speaker 3: We appreciate it.
• 32:38
  Speaker 5: Good to see you.
• 32:40
  Speaker 2: Thank you.
• 32:41
  Speaker 3: OK, so here we are in the homestretch of this
• 32:45
  Speaker 3: election cycle, and you might see some politicians out there
• 32:47
  Speaker 3: who are dragging a little bit. Now, if they're Democrats, good.
• 32:51
  Speaker 3: You know, I hope they're tired. But if they're Republicans,
• 32:53
  Speaker 3: you know what they could use? A little bit of chalk.
• 32:56
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• 32:59
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• 33:02
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• 33:08
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• 33:11
  Speaker 3: Clay and I know the CEO very well personally. He
• 33:15
  Speaker 3: is all in on Chalk supplements. Of course, he takes
• 33:18
  Speaker 3: them himself, but he's a true believer in how much
• 33:20
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• 33:24
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• 33:26
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• 33:29
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• 33:32
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• 33:35
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• 33:38
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• 33:42
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• 33:44
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• 33:50
  Speaker 3: Use my name, Buck, at a massive discount this fall.
• 33:53
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• 33:57
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• 34:01
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• 34:04
  Speaker 1: Clay and Buck, owning the airway. Welcome back in. Closing
• 34:08
  Speaker 1: up the shop here for 15 more hours of fun.
• 34:12
  Speaker 1: Treasury Secretary Scott Besant, outstanding there, laying out a lot
• 34:16
  Speaker 1: of different arguments on the economy. We should mention Darlene Graham.
• 34:22
  Speaker 1: A lot of different states out there. If you're in
• 34:24
  Speaker 1: South Carolina, he mentioned the rally that he was attending
• 34:27
  Speaker 1: in South Carolina. South Carolinians have gotten very used to
• 34:32
  Speaker 1: Lindsey Graham winning comfortably, even when a lot of money
• 34:35
  Speaker 1: has been spent against him. Darlene Graham, brand-new politician. People
• 34:39
  Speaker 1: need to show up for her in South Carolina. Buck,
• 34:42
  Speaker 1: what you got planned for the weekend? Any major festivities,
• 34:45
  Speaker 1: any major goings-ons for you?
• 34:48
  Speaker 3: Got an exciting little Saturday planned. I'm going to be
• 34:51
  Speaker 3: going to Home Depot again, possibly, to get the rest
• 34:55
  Speaker 3: of the soil that I need. Because I've got a
• 34:58
  Speaker 3: Clusia that, unfortunately, the root's a little thicker than anticipated.
• 35:01
  Speaker 3: And so in my rectangular planter, I need to make
• 35:05
  Speaker 3: sure that we can really pack that in properly to
• 35:07
  Speaker 3: keep that moisture where it needs to be so that
• 35:10
  Speaker 3: we get a big, healthy, happy Clusia plant on my balcony.
• 35:15
  Speaker 3: And I'm also maybe even, Clay, if I might even splurge,
• 35:17
  Speaker 3: get myself a new pair of gardening gloves. I'm not
• 35:20
  Speaker 3: even sure what color, but I'm going to get some.
• 35:22
  Speaker 3: It's going to be fun.
• 35:24
  Speaker 1: Wild. I'm going to be big noon for Fox. I
• 35:28
  Speaker 1: will be with country music superstar Luke Bryan doing an
• 35:33
  Speaker 1: interview and hanging out with him at his farm for
• 35:36
  Speaker 1: the day, raising money for PD because you're about to
• 35:38
  Speaker 1: make fun of me. For pediatric heart conditions, the Brett
• 35:43
  Speaker 1: Boyer Foundation. So it should be a cool day on Saturday.
• 35:45
  Speaker 3: Wait, I'm not going to make fun of you. Pediatric
• 35:47
  Speaker 3: heart conditions is like the best cause I've ever heard.
• 35:49
  Speaker 3: Who's going to make fun of you?
• 35:51
  Speaker 2: Oh, I can see your face.
• 35:52
  Speaker 1: I thought you were going to make fun of me
• 35:54
  Speaker 1: spending time with country music stars. I could see a
• 35:56
  Speaker 1: joke coming to your... That's like the nicest cause. I'm
• 36:00
  Speaker 1: like tearing up about your amazing cause you're raising money for.
• 36:02
  Speaker 1: I need all the karma. I need all the karma
• 36:04
  Speaker 1: I can get. That's a great foundation, Brett Boyer Foundation.
• 36:07
  Speaker 1: So we're raising, they have raised millions of dollars for
• 36:09
  Speaker 1: children's pediatric heart research. And so we are going to
• 36:14
  Speaker 1: hopefully raise millions of dollars.
• 36:15
  Speaker 3: Your weekend sounds both exciting and humanitarian and kind of,
• 36:20
  Speaker 3: you know, celeb-studded. But there are some 90-year-old grandmas right
• 36:24
  Speaker 3: now who are like, you know what? I'll be behind
• 36:27
  Speaker 3: door number two with Buck and his petunias.
• 36:30
  Speaker 2: I'm just saying.
• 36:30
  Speaker 1: There are a few of them. I hope you have
• 36:33
  Speaker 1: time for Bed Bath & Beyond, too. My fingers are
• 36:36
  Speaker 1: crossed for you.
• 36:36
  Speaker 3: I'm not sure if we have enough time. You guys
• 36:38
  Speaker 3: all have a fantastic weekend, as always. Appreciate you hanging
• 36:41
  Speaker 3: out with us. Going to be a big week next week.
• 36:43
  Speaker 3: We're going to really be dialing in more into these
• 36:45
  Speaker 3: midterms and also, you know, what's happening in the country
• 36:47
  Speaker 3: and the world.
• 36:48
  Speaker 2: Making sense of it all. Clay and Buck.