3601 - Private Equity's Favorite Democrat w/ David Dayen

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3:1460% off your first order plus free shipping when you head to Smalls.com slash majority not time for the show it is Monday March 16, 2026 my name is Sam Cedar this is the five-time award-winning majority report we are broadcasting live steps from the industrially ravaged Gawanas Canal in the heartland of America downtown Brooklyn USA on the program today David Dane executive editor of the American prospect co-host of the podcast organized money will be here to talk about the housing bill that just passed the Senate some of the

4:14anti-tax sentiment brewing in the Democratic Party yeah live nation and maybe the meat packing bill all that and more also on the program today Trump threatens NATO if they fail to help with his disastrous Iran war this as oil now over $100 a barrel again FCC threatens broadcast licenses over Iran war coverage that's always a good sign that things are going well $100 a billion supplemental bill now being now being floated as war is costing almost two billion dollars a day Senate supposedly to take up the save act tomorrow meanwhile Israel kills 12 in Gaza including two children and a pregnant woman

5:16kills four of six family members going on a picnic in the West Bank this in between bombing the hell out of Lebanon and displacing almost a million internal refugees there in this country NIH NIH research grants plummet nearly down to zero almost effectively speaking of poor health outcomes the Kennedy Center to vote today on closing for Trump renovations and an Afghan refugee who helped the U.S. during the Afghan war helped the special forces dies in ice custody now making close to 20 who have died in ice custody all this and more oh and I should say also 3,800 workers set to strike that the

6:18largest meat packing plant in the nation all this and more on today's majority report welcome ladies and gentlemen it is fun day Monday and I would be remiss if I did not start by saying congratulations to Saul cedar mm-hmm on his bar mitz for this weekend it was wonderful he he killed it he did very well would it be too far for me to say that his speech restored my faith in humanity I was boner I was so sad I cried like an inappropriate amount and I was looking around at all the actual family there and no one was crying as hard as me I didn't have a tissue or anything so it was you may have a better sense of how well rough the future is that may have been maybe maybe but he was so well it was cornerly it was sweet to hear you know all of his egalitarian sentiments in his speech it's clear he's your son he was very very articulate and

7:20smart and I heard any of that stuff before yes and I know he was a little you know nervous about it but he killed it he was amazing he did very well he did very well so very proud of Saul cedar and now I can start to ride him even harder about things like homework and others well now he's a man exactly yeah as I said during the I think a toast it was Saturday night it was a Havdalla bar mitzvah he he became a man and then on Monday back to seventh grade as you do yep exactly all right let's get into this stuff and thank you for the well wishes folks we got on Friday the the latest is that a Donald Trump now is seeking help from other countries to support ships going through the

8:20Straits of Hormuz because it really I mean and you really need to almost to hear like it explicitly you almost need to listen to sort of like CNN international or the BBC like there is increasingly people are saying as it stands now we're going to suffer a severe oil shock as this works through the system all these different plans that we hear floated about well we're gonna release strategic reserves we're gonna ask everybody to release their strategic reserves well you know Saudi Arabia can read a divert some of its fuel to the Dead Sea some people actually floating the use of limited nuclear weapons to build a canal through Saudi Arabia very interesting proposal which is and of course you know the were we were did we were if we had not had

9:27a president and a series of presidents frankly who have ignored the a problem of a man-made climate change and really just also our involvement in the Middle East because of of our necessity to protect the oil the world's oil supplies both as a function of our own use in the prices but also maybe to maintain the petro dollar we would be a much better position to deal with this the world would be because we would have EV cars all over the place and we'd have charging stations and our EV cars would would go five 600 miles on a charge and etc etc etc we would be solar would be power more of our our grid wind maybe water but we don't so we have Pete Hegseth explaining like of course we plan for this you have said that the US military is essentially a real

10:32superiority naval superiority over Iran yet we're not escorting ships to the straighter for me why how did you not plan for this we plan for it we recognize it because ultimately we want to do it sequentially in a way that makes the most sense for what we want to achieve and ensure that we're sending the right signals to the world when we do so so when Chris Wright speaks or we speak it's based on a full assessment of what we're what we're up against what we want to say to the world how would we want them to see and understand the conflict it's like this whole idea of the war widening that's what the press wants to make it look like like it's widening and chaos and so we know we're actually closing in on grabbing hold of and controlling what what objectives we want to achieve and how we want to achieve them it's called shaping operations and setting the conditions you don't always tell I mean foolish political leaders and foolish military leaders at the past hang an exact deadline on it or here's exactly when we'll do what we're gonna do or here's how long it's

11:32gonna take us and then if you meet that maybe you meet it but if you don't you fail and if you're far beyond we know exactly what we're shaping and why we're sending those signals working across the interagency the straight-of-horn moves is something we've paid attention to from the beginning and the American people can rest assured we will ensure that our interests are advanced no doubt oh in other words it was always our plan to have well go to a hundred barrel because president trump had just invested probably in in the in some oil thing I mean this is the kind of answer you get from from people when they clearly clearly realized they have stepped in shit and they have no response for it but that's what it is and he's getting very uptight oh incidentally a reminder I had line this the FCC has a problem with the war coverage frankly I don't know if I've seen less war coverage when we've been

12:34engaged in a full-on war like this then in I mean even Iraq you would get mostly embedded reporters who are coming from there but there would be some independent stuff but the amount of control they have exerted over Twitter in TikTok and CBS and then just sort of the built-in bias of a lot of these networks to want to promote war I mean even CNN has that built-in bias but you can almost tell because there is like hedging that's happening whether it's you see Wolf Blitzer and Jake Tapper going over the top right now in anticipation of the Ellison takeover of the network and so I I think their it networks like CNN are being extra careful because they want to appease the Zionist potential new owners without a doubt I think that's absolutely true here is Hexath explaining to all you ding-gangs out there you foolish past a

13:35military and political leaders straight or Moses in fine shape is just like literally one tiny complication Alexander Ingersol one-America news can you tell us a little bit more about the straight-of-formos and when it might be fully operational again and how do we ensure our objective of denying Iran and nuclear weapon if they continue to align with our adversaries so I'll pause it for one second I do have any questions also coming from one-America Iran is aligning with our adversaries regarding nuclear weapons like who like what what who is even referring to the Soviets could have given Iran a nuclear weapon theoretically well decades ago I mean who is it that she like who is he even like they're just creating this whole thing like well now it's I mean now it's a

14:36whole they're aligning with our I mean does she mean that they're still doing business with China because that's not gonna stop this is just gonna keep accelerating if that's the case again one note Iran said will allow ships to go through if they start buying their oil in the on instead of the petrol dollars so okay we plan for that there he has check we did okay exactly as we thought and how do we ensure our objective of denying Iran and nuclear weapon if they continue to align with our adversaries so I'll take it and chime in Mr. Chairman if you'd like at all I want to emphasize what the chairman said about that the only thing prohibiting transit in the streets right now is Iran shooting at shipping it is open for transit should Iran not do that now there's a reason why we chose as one of our primary objectives destroy the Navy we understood the ability to interdict shipping is something Iran has done for four years I'm sorry can you pause it just we don't need to hear anymore but

15:39because he's also not even being accurate about the types of warfare that is often used to police the straight they are primarily doing this like there's a lot of coverage about the minds that they're being laid but they do this through drone drones as well the the Iranians and they're able to do it quite cheaply their Navy when it comes to these things are like literally many power boats and that just go and and drop the minds is he talking about where the United States torpedoed an Iranian vessel that was coming back from a joint training operation and killed dozens of people and left them to drown so the Sri Lankan Navy had to go and help them from drowning which is something that not even the Nazis did because I don't wouldn't say that classifies as destroying their Navy well maybe get rid of their entire Navy it's you know it and then he'll just be except for the minds yeah there's no problem we couldn't stop the hoothies you norps don't get it here is Caroline levit now

16:42and interesting we're starting to see a certain amount of like there's a desperation in this tone where you start to see like huh all of my friends seem to be walking away from me I wonder what that's about as my nose is bleeding because these other countries are benefiting greatly from the United States military taking out the threat of Iran the rogue Iranian regime has long not just posed a threat to the United States of America but of course to our Gulf and Arab partners in the region as you see I believe Iran has struck more than 300 civilian targets in our Gulf in the Gulf region if you think about Europe their ballistic missile capability that the United States military is

17:43currently wiping out was a direct and imminent threat to our European allies as well as our bases in the region which is why President Trump took this action in the first place so these countries are absolutely benefiting from ensuring that Iran can never obtain a nuclear weapon this is something not just the United States but the entire Western world has agreed with for many many years so I think the president is absolutely right to call on these countries to do more to help the United States to reopen the straight up her moves so that we can stop this terrorist regime from restricting the free flow of energy and the fact that they are doing so just underscores why President Trump needed to take this action in the first place. That last part is my favorite so we'll start there look at they have shown their true cells by responding to our massive attack on them by attacking back using their leverage exactly how dare they exercise their sovereignty over the the straight-of-war moves are over their own resources which is by the way what this is all about they are where

18:45like the administration is upset that Iran is outside of the American capitalist sphere of influence and that's why we are destroying bombing the hell out of them right now and the bottom line is obviously our allies don't realize how much we're helping them I'm doing this for you guys you got you don't see this is you're getting help so much so much that is how could you not see it this is going so great and it's so good for you you know what you need to do is put your ships there and get blown up even though we are so tactically dominant it's now time for everybody to enjoy the fun I'm not getting upset about this at all here I am on my airplane just coming out of the bathroom again to talk about how great this is going I think it's a good thing for other countries to now it would have been nice as I said to the prime minister of the UK so it was

19:48reluctant to put his two aircraft carriers into barks way that would be two weeks ago and as soon as we demolished essentially pretty much demolished them not over yet but really much we're in great shape that way everybody knows you said we'd like to send our aircraft carriers I said I don't want them after we went before I wanted before we start new work so whether it's whether we get support or not but I can say this and I send it to them we will remember okay great well so and so now he's threatening NATO countries if they don't help but he's also doing it because he cares so much about NATO that's the thing yeah he wants them to share in the glory too exactly I don't want to do this all by myself and hog all the glory I want it to be spread around so you all can feel great about yourselves to put some of the benchwriters in they call it the Walter White theory I'm doing this all for you all of this drug dealing just kidding not uh not until the end does he admit that it was all for him

20:52but um also why is uh how is Trump able to make this case when the United States isn't even deploying our own navy to protect the shipping because it's way too dangerous and we're putting American troops in harm's way so he's literally saying like all these European countries why don't you go first you you you put your people in harm's way and then we'll see how it goes oh I'm sorry if I don't want to hog all the glory I don't like being the only one who's incredibly successful I want everybody we're having so much fun oh dozens of people killed on our side and hundreds on the other side don't you guys want to tap in don't you want to die for Jeffrey Epstein to uh speaking of US casualties in this war it is fascinating how the loss of lives of US servicemen can change depending on the context um here is Nancy Mace with the uh

21:57essentially the republican line here is that uh really there's not going to be there's no number of US uh casualties that really will have an impact on this now and let's assume that we're getting the straight numbers from this administration for the sake of argument and let's uh for just the sake of this clip ignore the fact that we have killed hundreds upon hundreds of uh uh iranian civilians the ones that were at one point we were liberating now that seems to be sort of secondary to just making sure that they uh allow oil to pass through and stop acting so petulant about being uh bombarded but here's uh Nancy Mace explaining her perspective on uh the supposed price of US casualties how no uh congresswoman that all six crew members aboard that refueling aircraft uh that went down in a rock have been killed bringing the total number of US service

22:58members killed in this war to 13 what's your message to their families and to others with troops overseas right now who are obviously and understandably worried a similar fate got for a bit could happen to their loved ones well america's sons and daughters have signed up to give the ultimate sacrifice to fight for our country our people our allies and freedom and democracy around the world so as a the daughter of an army veteran my heart goes out to these families these families serve just as hard as the soldiers who are deployed overseas they sacrifice everything uh for their families in their country and so i want to say that my prayers are with them as they walk uh a very long walk that's going to change our lives forever but america we support them we love them and we send our blessings to all of these folks across the country and i hope that we have no more deaths of american soldiers and i want to say we'll fly i'm here talking and discussing this conflict with you i don't want to see american troops on the ground i know that one of our senators said the other day he was going back to southeastern okay and now let's uh so uh she knows that they

24:03signed up for this to protect american freedom and this and that and um and and she knows how difficult it is and we send our our prayers um i'm 13 is an interesting number because uh it does not seem like we're going to dwell on the 13 that uh have died in this um in this conflict as the conflict moves forward and undoubtedly we're going to lose more american military personnel but it's okay because they signed up for it and we're uh getting peace and she doesn't want boots on the ground that's really important yeah because we don't want to expose more military personnel to the chance of being uh killed um here is the republican report on the end of the afghanistan um war and the withdrawal as the committee's report on the Biden Harris administration deadly withdrawal from afghanistan here it is um this report represents

25:09the findings of the committee's majority investigation into the Biden Harris's administration withdrawal from afghanistan of 2021 the withdrawal culminated and the abigate terrorist attack on august 26th which killed 13 us service members see this is their their deaths were uh in vain because that's not giving the ultimate sacrifice as nancy mace would say the more worthy sacrifice if you're not like at the beginning of the war it's at the you out it's worth it's a worthy sacrifice if you're on the offensive side of things but if people die during a kind of withdrawal of a multi-decade war then that is a spit in the face of the purpose of the service which is to die in service of capitalist interest and imperial interests and israel that is what it is all about baby like she's basically saying to us service members you guys dying was kind of a part of the deal okay and if it's in service of an offensive action you're good you're good stop complaining

26:12yes yes that would draw because it meant that the boondoggle of permanent occupation of afghanistan was over if you die in service of future deaths it's much more uh in valuable we'll have more to say about this war later in a moment we're going to be talking to david danie's executive editor of the american prospect and co-host of the big money podcast uh first a couple of words from our sponsors um guys if your hair isn't playing like it did in your 20s it might be time for a real comeback not another workaround because throwing on a hat is no strategy neutral fall supports healthier hair from within it's physician formulated clinically tested and recommended by dermatologist giving you a clear legitimate plan so you can stop covering up and stop showing up with confidence i've been taking on neutral fall for a couple of years and it's been uh uh

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29:19r ten also uh and we'll put uh a link in the podcast and youtube subscription and also sponsoring the program today is uh wild crane and uh i literally 24 hours ago um maybe a little maybe 26 hours ago um after uh my son's bar mitzvah on saturday uh we had some family who had come in for the weekend uh and we're heading out sunday afternoon so uh we had a uh little brunch at my place and when everybody came in to the uh apartment they smelled uh croissant uh fresh baked croissant uh biscuits um these ham and cheese like croissant things i don't know but like a pumpkin biscuit i had regular biscuits and everybody is blown away like saying how are you baking

30:19like aren't you exhausted from the uh bar mitzvah you know what are you gonna do just uh wing something i whipped together um wild grain is the first bake from frozen subscription box for our seasonal breads seasonal pastries and fresh pastas and unlike many store bought options wild grain uses simple ingredients you can pronounce a slow fermentation process that can be easier on your belly and richer in nutrients and antioxidants there's no preservatives there's no shortcuts plus all items conveniently bake in 25 minutes or less no thawing required you set your oven see the 350 or 375 depending on which it is put these things on a baking sheet i got a little parchment paper you drop it in the oven 22 minutes 20 minutes 18 minutes 25 minutes depending on what the uh uh the thing you're baking is and it is amazing incredibly delicious um i served all of it

31:21it was you know we got a couple of bagels as well uh not from wild grain but everybody went for the fresh baked stuff because why wouldn't you it's steaming hot it's fantastic um so it beat out bagels i mean destroy it wow imagine having fresh bakery quality bread pastries and pasta at home without any trips to the store and don't take my word for it they have over 40,000 five star reviews and have been voted the best food subscription box by us a today for three years in a row not surprised for limited time wild grain is offering you 30 dollars off your first box plus free croissants for life when you go to wild grain dot com slash majority to start your subscription today that's 30 dollars off your first box and free croissants for life when you visit wild grain dot com slash majority or you can use the promo code majority and check out check out the podcast or youtube description and we'll put the links in there uh folks quick break when we come back

32:22David dayin

33:22We are back Sam. We are back Sam Cedar, Emma Vigland on the majority of the report. It is a pleasure to welcome back to the program says, always David Dane, the executive editor of the American prospect and also the co-host, the big money podcast, which deals with big money. It's called organized money, organized money, dot F M. All right. Well, it changed the name and organized money. I like your work on Jim's burgers. Sam. Oh.

34:23Thank you. All right. T. Shea. I mean, come on. Yeah. Well, I listen. People say the minority report all the time. All the time. Yeah. Oh my god. That was a great, great film. Yeah. I enjoyed your work in that as well. Thank you. Thank you very much. I was keeping that on the down low. David, let's start with. We saw a bipartisan bill passed the other day, which actually seems to be a positive bill, which I don't know how often A, we see bipartisan things. But to the extent that we do, it's very rare that it's good. It's usually like, oh, this has got to be the one of the, oh, we've, oh, I know why it's bipartisan because we just added $400 million to our annual or $400 billion to our annual military budget or something like that. But this was a good one. Yeah.

35:23And not only bipartisan, but 89 votes in the Senate with this bill and support from the White House. So, I mean, this is a rare bird in Donald Trump's Washington, no doubt. It's a housing bill that was put together by Elizabeth Warren and brought to the floor with Elizabeth Warren and Tim Scott. Which is just interesting because it was like two months ago or so. Remember Warren did this video calling out Trump because he had said he wanted to do something about housing and private equity and she's like, let's have a conversation and it looks like they did. Yeah. We're talking about the genesis of the, and what the bill is and then we'll get to why there was a Democrat who had a real problem with it. Yeah, absolutely. For about a year now, Warren and Scott, Scott is the chair of the Senate Banking Committee. Warren is a ranking member, had been trying to put something together on housing that kind

36:24of merges some yin-b concerns with also some concerns about funding. It really is kind of a kumbaya, bring everybody together, give everybody a little something kind of bill. And that's been going on for actually quite a while. It almost got into, I believe it was the defense bill. This package almost got into the defense bill. And at the last minute, House Republicans said, no, we don't want that, they kicked it out. And so they brought it forward as a standalone. And among the things it does, it changes a certain definition that would promote manufactured housing. So prefabricated housing, we get a boost in this bill. It increases a number of funding opportunities, including through the community development block grant to fund affordable housing. And then it also attempts to sort of challenge the states to do better on land use and zoning

37:28things by sweetening the pot with more money if they move forward with some different grants and things. We move forward with some different zoning changes. So that's the broad outline of the bill. Is there anything in there that you've seen that sort of like is a red flag for you? I mean, I don't want to get completely over my skis on it. Both things can be true. It is the biggest boost to housing in 35, 40 years and it's also pretty modest, right? Because we haven't done anything on housing in 35, 40 years. So it's not, I don't think it's revolutionary necessarily, but it does some good things that I think at the margins are going to help increase supply and also increase the ability to finance some of these projects. And then so that was sort of the bill that was happening on that track.

38:29And then separately, Donald Trump comes out of 2025 realizing he's in trouble on the economy. And he comes up with a bunch of ideas, mostly kind of robbing some populist ideas to try to build an agenda or something. And one of these is an executive order that he files to say that private equity should have no place in the single family home market. And so he puts this executive order together. And this bill doesn't have anything on that at that time. And Trump basically says, well, if you're going to get my signature on this bill and you're going to get my support for this bill, you're going to have to put in something on private equity and home buying. I think there is some controversy around this, whether this actually matters, the housing market or not.

39:30But it is certainly the case that in some concentrated areas of the country, private equity has bought up ever since the financial crisis, private equity firms have bought up single family homes for cheap and then turn them around as rentals. And there are many, many studies, including from those radicals at the Federal Reserve, who have said that the impact of private equity being a landlord means higher rents, more vacancies, more evictions, and all kinds of junk fees, some of which was legislated by the Federal Trade Commission in 2024 under Leonicon, which find invitation homes, the biggest of these single family rental firms, it's owned by Blackstone, or it was owned by Blackstone, maybe it got spun out. But it finds them a significant sum of money, hundreds of millions of dollars, for routinely

40:34adding junk fees, fees on trash services, fees on security deposits, fees on how you can pay your rent. And also, you know, jacking up rents and doing illegal evictions and things like that. So clearly single family rentals are a problem to a certain extent in the housing market. Trump's vision of it is that they're blocking people from buying homes because they're okay, and it's more attractive to the seller. There's some of that, there's some truth to that. I don't think it's the biggest issue in housing right now, but there's definitely some truth to that. And, but the point is that Trump said, you got to put this in the bill, or I'm not going to sign the bill, and I'm not going to support the bill. So what happened after that is there was a negotiation between the White House, Tim Scott,

41:34and Elizabeth Warren, and it arrived at this solution that went into the bill. Whenever that solution was there, Trump and the White House were sending out statements of administration policy that said, we don't support this bill, or we're concerned that there's nothing around private equity in housing in it. After this provision got in, they sent a separate statement of administration policy that said, we love this bill, we highlight the private equity housing piece, and we would sign this bill, and we strongly support it. So it's very clear that that was the price paid to get the bill passed. There's no question about that. And it wasn't really a particularly heavy price, the idea that private equity, it only applies to private equity that owns over 350 individual homes. So these big players, and it says that you can only, you are banned from purchasing it unless you sell after seven years of collecting rent, and you sell it, which should essentially

42:40like, I mean, I don't know, I just, just be clear, let's explain exactly what it is. So private equity is banned from currently buying any, any homes, under this provision of the bill. There's a, there's a particular technique that they have turned to, now that there aren't as many foreclosures on the market, there aren't as many discounted homes out there. They've started to do this thing called build to rent. So they build the homes, build single family homes, specifically to rent them out. This is not a big part of the market. I think it's been growing in recent years, but it's still only about a per year average of maybe 40,000 homes total that are done through build to rent. We have 100 million housing units in the United States, does not a big number, but it's become a small asset class for private equity. And the restriction in the bill is that if you're doing build to rent, if you're building

43:45homes in order to sell them, or in order to rent them on the market, that's what you can hold for seven years. You can hold those build to rent homes for seven years. And if the tenant wants to stay in the home, you can hold it for another three years. So it's really ten years of collecting rent. And then you get fair market value for the house. That seems revenue positive to me. That still seems like something that works out from private equity's perspective or any institutional investors perspective. But those firms and some of their allies in Congress have had a problem with this particular piece of the bill. Well, I want to turn to the who has a problem with it because it's infuriating. But how does this impact home prices, though, more broadly like I know that we'll have to see down the line. But Trump has been insisting and almost saying the quiet part out loud like, I don't want

44:47your, if you have had your home for 30 years and it's gone up 300%, 400% value, I don't want you to lose value on that home when you sell it. So he doesn't seem to be able to address his desire to keep his consistency of over 55 year olds happy and also address housing in a meaningful way. Yeah. Definitely attention there between his general desire, you know, in the abstract to make things cheaper and his specific desire to increase home values for existing incumbent homeowners. That is a hard circle to square practice really for anybody, especially for Donald Trump who doesn't sweat the details. I mean, he's also come out and said to the House, to House Speaker Mike Johnson reportedly that, and I quote, I don't give a shit about housing. So clearly, this is not a big deal for him. What is a big deal for him is to get his executive orders codified into law.

45:51And it doesn't matter what they are, but he just wants to make sure that his decrees become the law. And that's kind of what's at work in the political dynamic around this provision of the bill. Is this going to lower home prices? I mean, you know, I mean, I think on the margins, there are some good things in here that are going to lead to more construction. And if you believe that supply and demand is the major or primary factor in housing, then that would lead to lower prices. I think there's going to be more competition if, for example, all cash deals are less of a thing, then there's a possibility that it would be more competition for particular housing units and that could lead to a better circumstance and the ability for individual for home buyers and things like that to be able to get home. So I think there are a lot of factors to this, but I think generally, I think even people

46:52who are these sudden detractors of the bill would say that it's a broadly positive bill. Okay. So that said, a broadly positive bill, but somebody really took issue with this provision, which as you say is in the great scheme of things, not terribly, at least in a material way, not terribly, the stakes are not terribly high from material perspective, although it could be marginally positive, but as a political matter, very, very consequential. But somebody came out and said, we can't have this called it positively Soviet, and this is a guy who's like, he's been doing this for a while. It's chess. So let's say who it is. Yeah. His name is Brian Schatz. He's a senator from Hawaii. And if you didn't know, he is the heir apparent to Chuck Schumer as a Senate Democratic leader.

47:52He has locked up the votes to become the next Democratic whip when Dick Durbin retires at the end of this year. And he has all the votes for that. He's very, very likely to become the number two. And then whatever happens to Chuck Schumer, whether it's in 2028 or beyond, he would be the next in line to be the Democratic leader in the Senate. And so many people, so many Democratic senators look in the mirror and see a president, and this guy looks in the mirror and sees a Democratic leader of the Senate. And I think therein lies the issue is that there's no real competition for this. So he is probably going to be this leader. And yes, he came out, I believe it was last Wednesday, decides to do a floor speech for the bill, opposing the bill. He voted against it.

48:53And he said his entire reason for voting against it was this provision on bill to rent, which he said, making people sell properties after whatever period of time, as Emma said as positively Soviet, that this would ruin the housing market, it would stop people from building, would end this asset class, build a rent, and, you know, caps and darts living together in Manchester. So he made this speech, it was like a five minute speech. And that's kind of the sum total of what he did. He did not file an amendment to change this. He said in his speech, this would, this is a two line fix to fix this bill. He called it a drafting error. He said, it's a two line fix to fix this, but I was told that the bill was closed. Well, the bill wasn't closed. There were opportunities for amendments all the way up to the day that he made this speech,

49:54but he never filed amendment, according to Senate AIDS that I talked to, he never filed an amendment to change the bill. He did not change anybody's vote, before he made this speech, there were 88 votes for the bill. After he made the speech, there were 89, because Cory Booker flipped the yes, this is the guy who's going to be the minority whip in the Senate, and he's not very good at whipping votes on this particular thing. So the question is, why did he do this? He's not trying to change the bill, at least by the normal processes. He's not trying to change votes, he's not trying to change minds. But this is something that's very important to the private equity industry. And here we have someone who's a very ambitious politician who wants to be a leader in the Senate. And you know, loudly giving a speech on the floor for five minutes, talking about an issue important to the private equity industry, kind of signals that you're with them on whatever

50:58they care about. Well, why are you so dismissive of the asset class and the harm that will come to the asset? Like it's unbelievable. Well, is this, how did the abundance bros react to this? How did the financing behind that kind of so-called movement react to this? Someone like Reid Hoffman, I'm curious about that. Right. Well, clearly they're very cheap dates because all these bros said, go, Brian Schatz, fix this bill. They don't care if he's not actually trying to fix the bill, but they were very excited that he was talking about it in public. And so apparently that's all it's needed from these allegedly savvy people who know how politics work, much more than us wild hybridical progressives. They seem to have not understood whatsoever how you change a bill, A, B, how things work

52:00in terms of a negotiation that was carefully crafted, and that the choices really kind of are this bill or nothing, they aren't looking at the trade-offs involved of, you know, you keep this provision in place, and you lose the stuff on manufactured housing, you lose the stuff on financing, you lose the stuff on encouraging states to have better zoning roles. So it seems to me that they were just as comfortable with just signaling the private equity as Brian Schatz was. So if that's the case, I mean, Schatz has been in the Senate since 2012 or so. And for the most part, like I found him at least rhetorically to be pretty good, but the one thing that sort of did stick in my bonnet as it were was Schatz voting with a half

53:02a dozen Democrats, about a year ago, I guess it was a year ago, maybe it was 10 Senate Democrats who voted to keep the government open when, because Chuck Schumer was like, the way to handle this is just wait until September when all the Republicans are going to abandon Donald Trump. We heard for the maybe, I don't know, hundreds of times since 2008 that the Republicans fever was going to break in some fashion. And of course, it didn't. But what was that part of that too is he like signaling, who is he signaling to and what is he signaling and how worried should we be about this guy getting into a leadership position? I think we should very worried. I think what you're talking about is him being a loyal foot soldier for the leadership. I mean, this was Schumer's idea and he's second in command and he's just sort of going along with Schumer.

54:03I will give you a different example. And this was a few years ago when Democrats were trying to pass a bill that would regulate big tech platforms. And they had a compromise going, it was Amy Klobuchar and Chuck Rassley and they put together this bill. And one of the trickiest, 2022 and one of the trickiest parts of it was this thing around content moderation. Now, there was some controversy over whether this bill would prevent certain types of content moderation. People who actually drafted the bill said, no, that's not true. But there was this agitation from people who really care about this stuff who said, you know, this is going to destroy content moderation. Shots signed a letter with a bunch of other Democrats saying, this bill as written would ruin content moderation. I point you to this section of the bill. And then later on, he said, I got an assurance from Amy Klobuchar that this bill will not

55:09stop content moderation in any way. Well, the point of him saying that out loud was to get Republicans to hear it so that they would break from the bill. Because content moderation, obviously, to Republicans means we're going to censor Republicans. And if that's in a bill, they're not going to be for it. And it was a very sneaky kind of clever way of Shats trying to undermine this bill while he looked to be supporting it. So I got a quote from a former Hill staffer, and I just want to read the quote. In some circles, to Shats something is starting to be used as a verb, by which I mean undermining bills that take on corporate power, pretending to be motivated by progressive concerns, when it is transparent to everyone involved that he is just trying to build shits with powerful

56:11industries. And that's the through line between the big tech bill and this thing on housing and private equity. That seems to be what connects those two things together. And it's, you know, I mean, look, with Chuck Schumer, I think even you would agree, Sam, that you know what you're getting. We know exactly what's going on when you have Chuck Schumer as the leader. With Brian Shats, he puts together a sort of progressive posture on a lot of things, but he occasionally does these kinds of things that I think are in some ways, even though they're more subtle, they can be more dangerous. Right. Because there's a certain amount of like we can't see behind the veil once you're in leadership on some level. And Schumer, it's pretty predictable. I mean, he goes out and he, you know, he announces his interest more often than not.

57:12So what can we do about it? I mean, is it really just, I mean, honestly, like, I mean, if he's already secured the votes to be whip, how, like, we need that fight club with Warren in it to start to actually take this fight public, who else is a leader in the Senate? I mean, that is the problem. I mean, if you name some of these people who could potentially take over the Democratic Caucus in the Senate, they all sort of are at least flirting with being a presidential candidate. You're talking about Chris Murphy. You're talking about Chris Van Hollen, you know, those kind of guys, they're looking at the presidential campaign in 2028. Shats is not. He's looking to be the Democratic leader in the Senate and Shats and Murphy are apparently also very good friends. So I don't see that kind of contest happening. So I, it's early days, but I think the awareness of kind of where, how this thing is playing

58:17out and, and what the concerns are from someone like a, like a Brian Shats are, is important. It's an important thing for people to know as these decisions get made over the next several years, because, you know, I mean, obviously, Chuck Schumer is going to be Democratic leader in all likelihood next year. You know, there are new people coming into the Senate that can change the calculus. You got a grand platener in there. You got to, you know, other people share Brown, somebody else, maybe that, maybe the calculus changes. So, you know, we are coming years to play this out. You really think that Schumer is going to retain his leadership if they get them, they somehow get the majority back with some of these races. You really think so. Well, what are, what are the other options? I mean, tell me what the other options would be. I mean, I, I don't know what the other I'm on. It's a scheme issue. It's the same issue with, you know, you're, you're trying to play out Shats in 28 and what

59:18might happen then it's the same dynamic, but then, but then what's this eight person fight club? And they're leaking to the times. I haven't heard anything about this for three months with Murphy, with Warren, with Bernie that's supposedly taking on this leadership structure. Is that just nothing? Do they not have the votes they need? I mean, the thing about Chuck Schumer that we know is that every or practically every member of the Senate Democratic caucus owes their position in some way or another, at least monetarily, if not hand picking to Chuck Schumer, right? I mean, you go down the line, this is, you know, that, that's why actually the platinum race is very interesting and, and could be, could signal a real change because he would be someone who would not be hand picked by Chuck Schumer, who could potentially get in to the Senate. But that's one person. I mean, you're talking about right now a four to seven member coffee.

1:00:21If somebody wins in Michigan, there is also a significant chance that that person will not have been picked by Schumer Schumer's candidates, Hayley, Stevens and absolutely Sam. But, you know, I mean, that's, that's two out of 47, right? Dan Osborne, there we have three, I'm already, I'm already building this. But yes, I mean, I think it's most likely, I think, what we would see is Chuck Schumer promise everybody he's going to retire in 2028. Right. Like this is my last year. This is my last. Come on guys. Right. Let me finish this. Because otherwise I might have to run again. I don't understand why I'm expecting base political competence from the Democrats, but it is actually astounding when you look at his favorables. He's like one of the most unpopular politicians in the country and the positions he supports. Read the social media. He's, you know, for Israel is like as toxic as anything within the party that he supposedly is the leader of like, there's nothing keeping him there except the awful institutionalism

1:01:23of the Senate that I know you're well aware of, David. I don't know. I'm at the spirit of it. Yeah. All he has to do is say, like, look at Mitch McConnell. He the base hated him and he was the most accomplished Senate majority leader ever. Maybe that'll happen with me. I mean, even, even to this day, Schumer says, like, I am the most successful Democratic leader in the history of the Senate. It's nice to have confidence in yourself. Yeah. So, you know, I mean, it's these, I think these dynamics were much stronger earlier in the year or last year, as it said. I think at this point, you know, and some of it is the person who would step up and defy Chuck Schumer and have that leadership is probably someone who's going to run for President in 2020. That's, I think, the big issue. It's what's the alternative? All right. I want to briefly just talk about a couple of other bills or developments.

1:02:24You mentioned the presidential election. We're starting to see some of the, the would be presidential candidates, Van Hollen others. Booker, I think, may jump back in because why not? He's trying to save humanity from all suffering. He's trying to save humanity from all suffering and be being president, be a good position for him to do that from. There is a burgeoning sort of like, like anti-tax sentiment. I mean, look, we're seeing this like with Kathy Hoekle in this state right now. New York City is in a hole because of the Eric Adams has spent too much time in Turkey or wherever it was that he was visiting. And we're in a hole here. And of course, Mamdani got elected with and now appears to have about as much of a mandate as I've ever seen a New York City mayor have for providing more services, needs more tax

1:03:28dollars. Hoekle has been reluctant. Even our state assembly is signaling they want to raise taxes and Hoekle would be the, the Andrew Cuomo in this scenario, if you will, harkening back to an old dynamic that existed in New York. But there's also some of that in the Democratic Party and it's coming out either in the form of like, let's have no, you know, like a significant portion of people pay no taxes and it bleeds into other areas like property taxes too. Talk about that. Yeah, I would argue that what we're seeing with this trend is almost worse than what we're seeing with Hoekle because I mean, to go it's like, we're not going to tax the rich. I mean, that's, that's what she, her red line is, right? As I understand it, when you're talking, although there is a property tax thing with Hoekle, right? But what I am shaking now, we covered that last week, but yeah, okay. So my understanding of, you know, these new proposals that we've seen in the last

1:04:29week or two, you know, this is about cutting taxes in a big way, allegedly for the middle class, but because of the way it's being done, depending on the plan that you're looking at, for example, the book or plan, most of the benefits go to people from the 40th to the 90th percentile because what he's doing is he's raising significantly the standard deduction. And he's not capping it at any kind of income levels. And the standard deduction is what you take, we're in tax season, it's what you take, you know, right now it's, I think, $16,000 and it says, you know, you get the standard deduction or you can itemize. And both Van Hollen and Booker want to raise that significantly up to something like, I think for Van Hollen, it's $46,000 for individuals, the standard deduction will be in $92,000 for households.

1:05:31And with Booker, it's something like $75,000 for households. Now Van Hollen at least caps it so that when you start to make a lot of money, you don't actually get that benefit because everybody can take the standard deduction, right? So, but with Booker, people at very high incomes will benefit from this attempt to do a middle class tax cut. And you know, both of them say, also we're going to raise taxes on the rich, we're just trying to make the tax cut more progressive. But then the question becomes a question of priorities. So if you think about what a Democrat is going to face in 2029, they're going to need to reverse the cuts to Medicaid, the cuts to food stamps, the cuts to the ACA subsidies that Trump put in. That's probably a couple trillion dollars to reverse those cuts. Then they're maybe going to want to do something to reverse the tariffs. That's another trillion dollars or a couple trillion dollars.

1:06:33That's before you get to any affirmative agenda, right? So if you're going to, and because we know that, you know, maybe Joe Manchin isn't there, but there's always somebody on the Democratic side that says everything has to be paid for. You know that at some level it's going to be hard to not offset a significant portion if not all of this spending and that it's going to be hard to get tax cuts on the wealthy fruit, even though everybody says they want to, because everybody has an objection. You're selling an anti-tax agenda as a, as the Democrats when, like, this is the second part. Yeah, yeah, yeah, let me finish this in a, but this is the second part. But if you think about it, you got four trillion dollars. That's before you get to your affirmative agenda, child care, you know, new expanding Medicare, anything else, you got trillions of dollars that you need to, it's in some way offset. Why would you take some of that money and give it to a middle class tax cut when we're

1:07:35a low tax country to begin with? And the idea is that yes, if you're, if you want quality services, you need broad base taxes to pay for them. So that's kind of the idea. And then what Emma says, you're trying to out-republic in the Republicans. Right. You're saying, I can give a, because a lot of this is in reaction to Trump doing no tax on tips and no tax on car loans or whatever, all that stuff. There is a sort of strategy brain in the Democratic Party that says, we can't let Donald Trump get to the other side of us on tax cuts for working Americans. We have to react to this. We have to respond to this. And we have to give a better tax cut for the middle class than Trump is given. And you get into this game and you're inside your head thinking about how can I do a better middle class tax cut? And suddenly it's like, what's the difference between you and the party you're supposed

1:08:38to be opposing? It's a really troubling scenario. I think, too, it's not just a question, I don't think it's just a question of dollars doing this and saying, how do we, I think there's also sort of like a fear. There's essentially two broad categories of how you can position yourself in terms of giving benefits to the American public. One is through tax cuts. We're going to clear the, we're going to get government out of the way. We're going to let you keep more of your money and we're going to trust the market to deal with it. Or you can say that government can provide benefits in a more efficient way, both in terms of like volume, you know, because it provides services on a volume level, but also in a way of saying, look, all governments, pick winners and choosers, all governments redistribute money. The question is to whom are we going to redistribute that, those are like the, that's almost

1:09:42like the most foundational, like ideological perspective on American politics. And these guys purposely or there are, are lining up on the, the Bill Clinton, we're going to, you know, we're going to make a leaner, meaner government and we're not going to get in the way, Ronald Reagan will Clinton all over again. Now, I'll try to be fair because I did talk to Senator Van Holland about this and I put these arguments to him and he did say, look, this is not the end all be all. This is not the only thing that I want to do. I want to, I support the wealth tax. I support changing the step up in basis, which is when you die, all your assets get revalued to the current level rather than, and all those capital gains that you didn't cash in on your securities, they, they go away.

1:10:43He, you know, I, I think, I think in his perfect world, he would have done an entire rewrite of the tax code, but, you know, I guess I got too complicated for him. So, you know, you can see what he did, which is, you know, he does this change in the standard deduction, but he also has a huge millionaire surtax in his bill. To say, look, Americans pay payroll taxes, they pay state taxes, those are very flat. We need to make the federal tax income tax code more progressive to balance out the flattening that comes from, you know, everybody pays the same payroll tax, everybody pays the same. And actually, the federal payroll tax is regressive because it stops at $160,000 in income. So, you know, that, I think, you know, just to give him his argument, and we do it in the piece we, we talked to both sides, that, that is kind of the argument that he's making. Now, I would tend to say that, you know, and one really interesting point that was brought

1:11:49up by Alex Jackes, who's with the Groundwork Collaborative in the story, is that, you know, it used to be Democrats believed in sort of a common good and the idea that we all pay in and we all get something out of it. That's how Social Security works, right? So, you know, if you're, you're kind of saying, no, these people don't get to be taxed. Then where does it end? I mean, Katie Porter out here running here in California for governor said the first $100,000 dollars of income shouldn't be taxes. That's like 70% of the tax base that you're eliminating. And here's the thing, if you want to make the tax code more progressive, there, you can do it not by getting rid of taxes on one end, but by increasing taxes for even wealthier people, right? It's, progressiveness is a dynamic. But that's the cowardliness of this is like it's, it's avoiding the very central question and the one that's existential when we're seeing how concentrated wealth is destroying our democracy and way of life, which is that we need to use the tax code to break these

1:12:54billionaires and redistribute wealth. And so, like, just from a overall messaging perspective, when you see mom Donnie trying to restore people's faith in government and saying like, this can work for you. We have these programs that are going to assist you to have Democrats on the other end, even Van Holland, if he's well intentioned on the federal level, making anti-tax arguments. But there's no, like, this is where the big tent becomes, like, makes the party completely inscrutable to people. There have to be some core fundamental principles. And I think it actually has been interesting to see you have really across the ideological spectrum. Like, I'm not here to be nice to the abundance dudes, but they're actually against us too. It's probably for different reasons, but, but, you know, I think I've seen across ideological kind of pushback on this idea that is more coming from the political side of the spectrum with the sort of assumption that is untested that middle-class tax cuts are the way to get

1:13:57back in the power. I mean, think about this right now, Donald Trump, yes, but think about this, Donald Trump really thought that he was going to be saved by all of this no tax on tips, all of the Trump tax cuts coming into play right now, because people are getting their refund checks right now, and their refund checks are supposed to be larger because of no tax on tips, no tax on overtime, no tax on whatever. And is that happening or is Donald Trump now getting, is Donald Trump suddenly getting higher approval ratings because he did a middle-class tax cut or what he thinks to be a middle-class tax cut? No. I think it's, we have to test that assumption that everyone loves tax cuts, and you have to play to, you know, it's kind of like a popularist theory, like everyone, tax cuts are popular, so you better do these tax cuts. But I think, I don't know that it's a high intensity issue, and there are other issues

1:14:59regarding like affordability, like you talked about, Emma, other issues in the economy that I think are more important to people than whether or not they get another $500 in their refund checks. Which is not to say that $500 isn't significant for a lot of people, but the idea of a one-time I got $500 back in April, returned to me, or I paid out $500 less, versus the idea of like, I'm getting ongoing childcare, or I get paid sick leave, or whatever it is. All right. Well, listen, I wanted to get into live nation, but we're going to have to hold that for another day, and maybe, you know, perhaps it's just one more, essentially, live nation was left off the hook. I don't know. Quick, quick two-minute thing. States are in court today. States are in court today. They restarted the trial after the Department of Justice settled.

1:16:01Some states went along with the Department of Justice. Others didn't. On a bipartisan basis, Texas, Tennessee, they're still in the case. There were these text messages that came out last week from live nation executives saying, Robin and Blind, baby, that's how we do it. That's verbatim, by the way. And, you know, I think at some point the states thought, yeah, this is going to be a heavy lift. The Justice Department was really running this case. But if these kind of text messages are out there, doesn't this case litigate itself? So they are pissed too. They're in court today. Kidrock might be called to the stand. And very, very possible, he's on the witness list. And I think there's, you know, still a good shot. What's interesting is live nation stocks soared when the settlement was announced by the end of last week, it was lower than it was at the beginning of last week. So the market has judged that live nation was still in some trouble here.

1:17:04And this is a jury trial, by the way. This is not about a judge who's like, squeamish about breaking up a company. This is a jury trial. And I think that works to the side of the state attorney's general, it's an important case. Increasingly, Rob Bonta, a very important person in the country regarding a whole host of cases that he should be operating on, Rob Bonta, of course, the AG of California, David Dan, always illuminating and a pleasure, if only just to see what you're, what sure you're wearing that day. Thank you. That was not the one I had suspected. I'm not here in the desert, I'm not trying to look at it. You're looking very much like, like you're just about to hit the pool. So I appreciate it. I, I, I likely am, go ahead, yeah, David Dan always a pleasure. We will link to organize money, the podcast that you co-host with Matt Stolar and, of course,

1:18:09the episode out today is about ticket master and live nation. So if you want to learn more about that case, go to organizemoney.fm today. Can't recommend it enough. I am a regular listener and also a regular reader of the American prospect, which we will also link to at prospect.org. David Dan always a pleasure. Thanks a lot. Thanks David. Thanks David. All right, folks. We went longer. We got to, we got to figure something out, we got to cut back on all of it. It's not that late. We want like, you know, 15 minutes over. It's really 20. Pretty a typical David Dan. Yeah. I know. We should have started in a mirror earlier, maybe. Folks, it's your support that makes this show possible. You can become a member and join the majority report.com. When you do, you know, you get the free show free of commercials. You also get the fun half. And you can make it less agitating for me personally when we go long, because I have too

1:19:10many people say like, well, what's the point of enjoying the show if you're going to do an hour and a half up front every day? Join the majority report.com also just coffee dot co up fair trade coffee hot chocolate. Use the coupon code majority. Get 10% off all sorts of great coffee there. Matt, what's happening in the Matt Leckian media? Yeah. Two plugs. First one abolished the Senate. Second one, patreon.com slash left reckoning, where we talked with Jeff Shurkey about his book, No Neutrals There about the history of US labor and Zionism, which is an interesting history to look at. So check that out patreon.com slash left reckoning. Oh, I went to a talk the other day, Molly Krabapple has a book coming out. We're going to interview her on this about the Bund, which is a, a leftist sort of like movement of Jews who were a very, very anti-Zionist that came from like the late 1800s.

1:20:14I think first in Vilnius, Poland, and then we're around to really as late as like, you know, post-World War II, but they were adamant that Zionism was for sure. Fascistic and problematic, but we're going to have her on to talk about that book. It's a, I'm sorry to read the book now, and we'll do, I think we may do some kind of promotion about it, but more on that later. See you in the fun half. Yeah, you can't just say whatever you want about people just cause you're rich. I have an absolute right to mock them on YouTube. He's up there buggy whipping like he's the boss. I am not your employer, you know, I'm tired of the negativity.

1:21:16I'm sorry, I didn't mean to upset you, you're nervous, you're a little bit upset, you're friled up. Yeah, maybe you should rethink your defense of that, you're fucking idiots. We're just going to get rid of you. All right, but dude, dude, dude, dude, dude, dude, uh, you want to smoke this joint? Yes. Do you feel like you are a dinosaur? That's a good shit, exactly. I'm happy now. The win, win, it's a win, win, win, uh, hallia. Now listen to me, 2, 3, 4, 5 times, 8, 4, 7, 906, 501, 4, 5, 7, 2, 38, 56, 27, 1 half, 5, 8, 3.9 billion. Wow. He's the ultimate math nerd, don't you see? Why don't you get a real job instead of doing the drill and V3, your left wing will in ball. Everybody's taking their dumb juice today. Come on, Sammy. Dance, dance, dance. I had my first host coilo seat with a woman.

1:22:25I'm hoping that more moves to my repertoire. All I have is the dip in the swirl. Fine, we can double dip. Yes, this is a perfect moment. No. Wait, what? You make under a million dollars a year, your scum, you're nothing. Excuse me, fuck you, are you fucking a little elite? I think you belong in jail. Thank you for saying that Sam you're a horrible to stickable person. All right, gonna take quick break I'll take a moment to talk to some of the libertarians out there Take whatever vehicle you want To drive to the library What you're talking about is jibberjabts classic feeling more chill already Donald Trump can kiss all of our houses Hey Sam hey andy you guys ready to do some evil Hitler was such an idiot I can't agree no Death to America Do Yes

1:23:25Wow Wow, that's weird No way Unbelievable This guy's got a really good hook Your head Wow Sam I gotta get off I want to just flush this out a little bit. I mean look it takes free speech issue if you don't like me Thank you for calling into the majority report Sam will be with you shortly