Trump Loses Mail Voting Ruling as Judge Blocks Midterm Scheme

0:00I can't believe Labor Day is almost here. I'm not ready to let summer go. We've got the picnic plan, friends are coming over, and by one stop before everyone arrives is always total wine and more. I'll grab wine, cocktails, and hard sellsters. That's why I keep coming back to total wine. The selection is incredible, and with the lowest prices, it's easy to prep for the long weekend. This Labor Day, shop, total wine, and more. Spirits are not sold in Virginia and North Carolina. Drink responsibly, B-21. This message is brought to you by Apple Card. Shaved eyes by the beach. A trip to the state fair. And a throwback flick at the local driving. There are more than just items to check off the summer bucket list. There are also opportunities to earn 2% daily cash back when you use your Apple Card with Apple Pay. Apply for Apple Card now and use in minutes with Apple Pay. Subject to credit approval. Apple Card is issued by Goldman Sachs Bank USA Salt Lake City Branch, terms and more at Applecard.com. We have this breaking legal news. This is in the biggest legal midterm issue that we've been tracking.

1:03This is the big one. And you know this Friday news, Dums, we've heard about that. And sometimes the courts are just keeping up with it. This is a big loss for the Trump administration on the midterm ballot clash. I'm holding the ruling. We've just been going through it. I got guests standing by. So we're going to get you what you need to know about this. I've got some other politics and midterm coverage coming later in the hour. But the top story right now is the breaking news. The federal judge here granting relief to the states that were fighting Trump. This is a win for the states and a loss for the Trump administration and its plot to try to use or abuse the mail system, the postal service to interfere with the midterms. There have been many developments in this case. The Supreme Court at one point weighed in. But this is the big new one because this is the direct court proceeding. The judge that was overseeing whether this Trump rule, this new rule they just hatched could actually take effect. And late today the judge says, no, it can't. I want to bring in our guests on this breaking news, New York Times, Molly John Fass and

2:07Michelle Goldberg and New York Times columnists, both analysts for us. Michelle, what I'm going to do because it's a breaking story is read a couple of the points here from the ruling and then get both of your reactions. I'll tell folks because again, we just got this moments ago. The judge says this will be an injunction. It prohibits the postal service quote from implementing mandatory sections of that final Trump rule, which was technically called the ballot mail for federal elections rule by the Trump administration. The court notes something that is basic. This is not complex law school stuff here. I'll just read it straight up. Congress has always respected the Constitution's reservation of power to the states for elections. It explicitly permits the states and quote, not federal agencies to legislate on these matters. Michelle, this is pretty straightforward. It's a big loss for Trump. It reiterates what we already knew, which is that states and localities do elections in

3:07this country, not the president and certainly not the postal service. Right. I mean, as you said, this was something that we already knew. This was a sort of quite a shocking thing that Trump was trying to do, particularly because mail and ballots have already gone out, at least in North Carolina. They're about to go out in several other states. I mean, it's astonishing that we're already this close to the midterms, but this is, you know, it would have been absolute chaos if they tried to actually put this executive order into effect, although I am not sure. And like you said, this is a breaking story. I think that we will still need some assurance that the post office, that the Trump lackeys in the post office are going to fault a lot and ensure that the ballots are delivered. Yeah. I think that's a great point. There's been a whistleblower complaint and reporting from the new section of your paper

4:07and other outlets about allegations that they were already efforts to sort of build this secret plot system in case they got cleared or illegally. And so we're talking about the whole enchilada, Molly. I want to read further into the ruling here. This is from page 45. Again, we just got this where the court says that implementing the final Trump rule, quote, less than 70 days before the election threatens dissent in franchisement of millions of citizens who would vote by mail. That sort of, when courts do what's called a balancing test or a, hey, how do we balance the issues? They're saying very much directly, but citing against Trump and with the states that this could disenfranchise millions. So obviously the rule falls. The rule is according to the court, illegal and wrong, Molly. Yeah, I mean, you know, about a third of all Americans vote by mail, including Donald Trump. So the idea that it would disenfranchise a ton of people right before an election, look,

5:10this was Trump's Hail Mary Pass, right? First he tried redistricting, then he took, you know, this is sort of him trying to make it harder to vote because he can see the polls. And so it, this may end up going back to Supreme Court, I think, but, you know, the, and Katangi Brown-Jackson wrote about this in her, in her opinion, was she said, you know, that this has become, you know, a, I think she said it was like, you know, a kind, it would be, you know, that they should have just turned it down right away, that they made it into a kind of, you know, nightmare of law of going to judges and going to courts. One, in fact, it's very clear that the states administer elections. Right. And you refer into the fact that the Supreme Court has been challenged by a lot of Trump tactics, ploys, DOJ, deceit, things, Michelle, that, that were a problem in the first term, but didn't come this, this fast and furious, so to speak.

6:12And I'm curious building on the point you raised earlier, Michelle, it's going to be incumbent on states and society at large to hold the light on this and to enforce it and to be ready if there are individuals inside the government who are trying to do a slow rolling sort of illegal coup, midterm meddling from inside the postal service or where else, that has to be pursued. And of course, whether or not you have a fair election also goes to whether or not they'll be oversight after November, because anyone inside the government within the sound of our voices or following the news and the law, they have an oath to uphold the Constitution. If they violate it, believe it or not, they still can get in trouble. Michelle. Well, I mean, I think that the good news, besides that there are still courts that are independent and, you know, kind of committed to enforcing the law, is that the Democrats, I think, are trying to see every angle. They're, you know, I know that there have been war

7:13games where they try to game out every single thing that Trump and his allies and his minions could do to disrupt the vote. And when I've spoken to Norm Eisen, who I'm sure you've spoken to as well, he says that he feels pretty confident that they are not going to be six, that, you know, they're going to try to throw everything they can at this election, but ultimately they're not going to be successful. Yeah. And describing this as sort of a Hail Mary, you know, Molly, the sitting president supported a violent insurrection and freed and helped people who attacked violently police and federal officials. So that's where he stands. We know that. Whether everyone else, whether that is the powers that be in Congress, the courts we've just mentioned, which of course today are dealing Trump this loss for reviewers who might be joining us, the culverts and the broadcast, the breaking news is Trump losing that big midterm ballot case. But, but Molly, we had a guest on this week, Ty Cobb, who served in the Trump White

8:18House has become a real critic, but he warned, you know, there might be pressure by Trump on Mike Johnson to say, oh, well, can you play gimmicks and not see new newly elected officials, right? All of that stuff eventually gets back to the Hail Mary of Trump to manning things as he didn't lead up to Jan 6th. And what does everyone else do? Yeah, I mean, I think there's a real likelihood that he tries that. And again, what is, what has been good about this moment? And I've also talked to a ton of different nonpartisan organizations have been ready to write, you know, to bring things back to the court immediately. And there are a bunch of different kinds of war games for what if he does this, what if he does that? There definitely is a lot of anxiety that he might try to bully Mike Johnson into not seeding, you know, people, if Democrats flip the house. And I think that there are some contingency plans for that. I also think that, you know, if that, if it gets that, then people are going to have to peacefully protest the way they have with the No Kings rally. And in fact, you know,

9:23I interviewed the No Kings people for my podcast just recently. And they were talking about how, you know, they have different activations ready for different scenarios of peaceful protest. And that may be what it comes to. I mean, you'll remember on January 6th, until, you know, Trump had to get phone calls from his, you know, his people to tell him to, you know, make sure that this, to tell people to go home. So there is, I mean, I think Trump won't may very well push this as far as he can. But the good news, I think for all of us is that the law is on the side of free and fair elections. Right. And we're seeing these, these developments, some people understand, they're getting ready for a long weekend. It's official end of summer. But it is also a sign of how things work that the courts, they didn't blow this off or look at this as some mild thing. They'll revisit next week. They obviously moved with all the liberty haste to write this 40-plus page ruling. Again, for folks joining us, I'll just read again. This is new breaking in the last few moments, the federal judge issuing a preliminary junction that, quote, prohibits the

10:26U.S. Postal Service under Trump from its efforts to implement those mandatory sections of the final rule ballot mail for federal elections, translation. Trump's midterm plot is now paused as illegal, dead on arrival in the courts. We will follow whether they appeal it up to the Supreme Court. This makes it much harder to do. That is the big news, breaking news around here on Friday. As I mentioned, our guests are saying with me, and we turn from the securing of the midterm elections to how the midterms might go. Trump's job approval crashing 32. And that is not the only problem. The disapproval, that's the people who are angry, the revolt against him and his Republican party up to 64%, 68 when you look at the Iran war gas prices up. And that's why we've had an August that was tough in a lot of ways for the economy with the affordability crisis and people hurting. The economy is robbing me blind every step of the way. The cost of living is absolutely insane. Seating your kids should not feel this expensive. Gas went up one a whole dollar.

11:32Gas prices fitting to go up. So you'll need to work on your astral projections so you can just tell your boss you all I'm here at work, but in spirit. America is struggling because of two words. Donald Trump. Trump also on the wrong side of public opinion on big tech. We've been covering this story from a number of different angles. You look at the cost of data centers to communities, the concern about job losses, one Republican pollster saying the instant voter reaction to data centers is hell no. They are the physical manifestation billionaires build them. It feeds into big tech skepticism, symbolic of everyone's AI issues. That's another pollster talking to the times and you can see the backlash. This is a beautiful city of Naysville. Oh, sorry, could you not hear me? That might just be the two pre-existing data centers right behind me. Georgia Power is expecting all of the tax citizens and the landowners here to subsidize their project. Go look into China and

12:35their data centers. They are using like windmills and not using water. 18 to the east air by spending here and they want to put for you in one place of this. From the beginning of the summer to the end, this is an issue that has completely caught fire. It's flipped around and it's put heat on Donald Trump and his billionaire tech buddies. Will it also change the outcome of these midterms? Well, as promised, now that we've covered the ballot protection of the midterms, we're going to talk big picture midterms with our guests after this break. Stop and look at your walls. Does anything there actually inspire you? Original art has the power to transform not only how a space looks, but how it feels. And that's why for the past 16 years, Sachi Art has helped people find art that reflects who they are. Join buyers from around the world who have found art they love living with. Shop Sachi Art's anniversary sale through September 8th and get up to 15% off original art. That's SachiArt.com, S-A-A-T-C-H-I-Art.com. Trying to lose weight on a GLP1,

13:43getting the nutrients you need doesn't have to be complicated. That's where Grooons comes in. One convenient daily pack gives you greens plus 20 plus vitamins and minerals in a low-carb gummy that's easy to take wherever you go. No guesswork, no hassle, just a little bear that tastes great. Save up to 52% off with code podcast at groons.co. That's code podcast at gruns.co. I can't believe Labor Day is almost here. I'm not ready to let summer go. We've got the picnic plan, friends are coming over, and my one stop before everyone arrives is always total wine and more. I'll grab wine, cocktails, and hard celtars. That's why I keep coming back to total wine. The selection is incredible, and with the lowest prices, it's easy to prep for the long weekend. This Labor Day shop, total wine, and more. Spirits are not sold in Virginia and North Carolina. Drink responsibly, B-21. We're back with Molly and Michelle. Michelle, I went through just some of what is dragging down the

14:46GOP in these midterms. We'll come back from this holiday, and it's the official home stretch. What is your basic midterm outlook? I think that the administration has very little to run on. Things in this country are going wrong, and frankly, falling apart on a whole number of metrics. I know that the administration Republicans are quite happy about today's job report, but even in the job report, which is kind of good and more robust than people are expecting, it still shows that wage growth has slowed, and wage growth is now less than. Let me put it up and then let you build on it, because that's you brought it up, though. I'll just remind folks, these are the new numbers, over 160K, unemployment around 4.1. The time's calling that a stability that contrasts with the other problems like inflation. Then we were on the same page as you, because if you look at wages

15:48versus corporate profits over the years and recent inflation, you can see why people aren't necessarily feeling this little blip improvement, which most economists say is better than the alternative. Great to have jobs up a bit. Go ahead. The floor is yours. We wanted to show people what you were talking about. Yeah. I mean, wage growth has slowed. I believe it's like kind of up 3.1%, which again is lower than the rate of inflation. People are going to feel like they're real wages, which they've already feel extremely stretched. They're going to feel even more so. I mean, nothing is getting better, or nothing is at least been on track to get better in the next two months. The war in Iran, which is driven up gas prices, and it's also contributing to inflation. There's no end in sight to that, although I guess the best case scenario is that Donald Trump could just declare victory and leave, although whether or not that opens up the straight of four moves, I think we simply don't know. Look, the first Trump administration ended in complete disaster.

16:59There was never any question that Donald Trump was going to be able to run the country well. The first Trump administration, and by the end of the first Trump administration, Donald Trump had kind of scared away or fired or driven out all of the people who kind of had some sense of professionalism and had some interest in restraining him. And we saw what that looked like in January 6 in the reaction to COVID. Now we're getting four years of that. And Americans maybe had some amnesia when they put Trump back in office, but now they are remembering what it's like. Yeah, it's so funny when you say that, Michelle, because you're so right on the political amnesia. We have debates in this country about the size of government tax rates, but we didn't have a debate at the end of 2020. There was a rejection of Trump on wide in places like Georgia and elsewhere. I showed tonight disapproval of over 60% worse than where he was then. Molly, as Michelle says,

18:02once people see the product that reminded what they forgot, which is they dislike this product, and it doesn't help them. And that's happened on the right as well. For Molly's reaction, take a look at from the war to Epstein, just how loud the criticism has been lately. What would your message be to him about the economy right now about prices about day-to-day life? I would tell him, you promised us you would lower prices. Bring back what it used to be. How do you get out of this? And then what does the exit look like? Do we have troops over there forever now? I don't trust a word President Trump says about this anymore. What American is this helping? He's told us 31 times that the Iran war is over. I'll only to then tweet about how we're going to bomb them into oblivion. It doesn't make sense. That's what our president's up to, and it's baffling. And it's sick, and it feels like he's just been compromised. How come you redact some people and you don't redact other people? Like, what is this? This is not good. No, no, this is good for this administration. It looks

19:07terrible. It's the way they've handled the scandal has been so bad. Completely agree. This is self-inflicted. Current DOJ under Pambondi is covering up crimes. Very serious crimes. It looks terrible. It looks terrible for Trump when he was saying that none of this was real. This is all hoax. This is not a hoax. There is something there. And it's being covered up and the president blessed it. The system is rigged. Kids feel like there are no options other than to burn it down. Nolly. You have no historical precedent for a president polling under 40% as low as 32%, who has run on. He said he was going to end foreign wars. He said he was going to make things cheaper. He has done more than seven foreign adventures. He can't, you know, we're six months into this war with Iran. We never were given any explanation as to why the closest we got was Marco Rubio saying that maybe this Netanyahu had wanted it. I mean, it's just completely, you know,

20:12that they're trying to end nukes, but there were no nukes. I mean, it's just nonsensical. And then you have gas prices and inflation. And I think the thing that I think is really the worst for Republicans right now, though, is that Donald Trump really wants them to stay tied to him into the midterm. And if you look back historically Biden and Bill Clinton and Obama all said, when you're running in the midterms, you can run against me because I know that a lot of times midterms, right, are referendum on the incumbent. And here you have Trump saying no, if you want any of this $400 million plus dollars from MAGA Inc, you have to run in, you know, hand in hand with a wildly unpopular president. And I think it's a disaster for them. Yeah. As you say, even the Republicans talk about, oh, the incumbents are hurting. That's why we usually lose kind of doing expectations management, but not able to deal with what

21:12Carl Rove called the narcissist in chief because they can't deal with the fact that he wants to be about everything, even if it hurts everyone. That's sort of the bind there in. And that comes with our sort of midterm summary here that I promise viewers, as well as that breaking news tonight, the midterm ballot case, a win for states, a loss for Trump. Again, my thanks to Molly and Michelle across those stories. We have a lot more in the program, including Byron Allen. As part of our summit series tonight, we're going to get into civil rights and what he said is important for building black power in America and that other issue I mentioned, the AI bubble, the business inequality, special guests coming up. There are new warning signs that the US stock market and these data centers could be gearing up for an AI bubble. Tech is a big part of the economy, which now means that your retirement funds are automatically in it and these AI companies, whether you like it or not. Now, we have Goldman

22:15Sachs veteran Lloyd Blanken find who knows all about both bubbles and how to survive them, given their experience in the 08 financial crisis. He has no idea how bad it is out there. He has no idea. Their stirrens today leading the tumble on Wall Street, the stock plunging 45 percent. Lehman Brothers is going bankrupt. The news from Wall Street has shaken the American people's faith in our economy. Meltdown, the American financial system is rock to its foundation. History in the making the Dow plummets more than 777 points. It's biggest one day point drop. You know that Kramer was Harvard College, Harvard Law and Goldman Sachs, just like me. Yeah. Yeah. How do you like that? You like that? And we go to the same barber. What was the day you remember appreciating that the risk was rising? Because it was clearly before the crash based on Goldman Sachs. Oh, way before the crash. And one of the things, look,

23:18you know, I don't want you to think I'm overly humble. I think we did very well in red in it registering. We saw signs of it early. Why do we see signs of it early? We mark our balance sheet. We mark our assets. What does that mean? Everything we own every day. We try to, we figure out what the price of that is worth and record that. And so we do that every day. And we're very, very, very rigorous about that. Not everybody was as rigorous as we were. And we put out, you know, the word in the organization. And when I say that's not casual, we instructed people, let's get closer to home. So in other words, everybody has a lot of different parts of our firm. In New York, in Japan, Singapore, China, everywhere else in different assets in stock market, bond markets, commodity markets, we trade everything. And we trade everything all over the world. Do your business, stay close to your customers, but try to keep your risks closer to home. If you're going, if you're being asked by your clients to take an extraordinary risk in something,

24:20try to hedge it quickly. So you get closer to even closer to neutral as much as you can. And that's how we try to run ourselves. There's two macro big stories here. Two big narratives. One is the financial data and results that show you led a firm that handled this better than most other competitors came out ahead. That was good for anyone who'd invested in you. That's kind of your job, landed with Warren Buffett money, that kind of outcome. And there was positives for that. And also became seen as what's wrong with Wall Street and associated with a lot of the critiques. And not just Wall Street, us in particular. The line find is an incredibly smart and very politic guy. The line find has a charitable side. Records show the foundation he runs with his wife donated $11 million to Harvard. One of the most important people to financial firm is specifically and the business world in general, the CEO and chairman of Goldman Sachs, Lloyd Blifine,

25:23on a quiver role and by praise of Lloyd. I think he did a terrific job and bringing the company through a crisis. So you have that associated with those results. And then you have a lot of other people who represent individuals who have been chosen for leadership and power, their constituents, and they're saying some of this. A dangerous and growing inequality and lack of upward mobility that has jeopardized middle class America's basic market. The Justice Deploment on Monday announced a $5 billion settlement with Goldman Sachs. Because concentrated money and concentrated power are corrupting our democracy. The most powerful group of institutions in our country is engaged in fraudulent activity. Goldman Sachs now has enough people in the White House to open a branch office. Yeah, who's right? Well, you know, the world was like, listen, I'll tell you it's this,

26:27let me summarize it for you. It was almost like in time down. It started out as how did you do it? You know, magnificent. You hedged and by the way, if every bank had done this, nobody would have you wouldn't have been a bank crisis. We might have had a recession, but it wouldn't have been a banking crisis. It was a kind of, how did you do it? And then it became how did you do it? Let me go to lightning round. Some news items. Sure. And some fun. Oh, fun. I'm sort of in demand. Fun deficit. The first rule of investing is stay within your capacity to lose money. Don't go beyond it. The most underrated risk right now is people investing in a liquid, in a liquid assets and assets that can't be easily sold. Stocks are bonds always for me over the long term stocks. Your response in a sentence to these even very good. Yes, thank you. To these maxims. Pass performance does not indicate future results.

27:30Always true. Time in the market beats timing the market. Impossible to predict when things that you think will happen will happen. So stay in, don't get out. It's hard to get back by the dip. Usually true as long as you have a high time, a long time horizon. Never outsourced your risk management. Never outsource your risk management and spend more time on it than you think you should. There's no price that can guarantee something is under or overvalued. Values in the eye of the beholder and the best indication you have is the price at which it clears at that moment. What if the price is zero? If the price is zero, what your pricing will not be allocated efficiently and chances are there'll be a lot of waste. That makes sense.

28:32It's not that anything can happen. It's that given enough time, everything will happen. Right. And so therefore, you should always believe that events that you think are no probability or a higher probability than you think. Too many people know the price of everything in the value of nothing. That's more sociology than market. That's a psychology than market. If you want to grow in an organization, you need the support of your subordinates, not their grudging cooperation. You will advance when the people under you are not just responding to you reluctantly and narrowly, but have thrown in with you and really want you to succeed. The people that's much more important than getting the support of the people above you. If you're good, the people in the above you will want to use you. You know who said that? Yes. A very wise philosopher. Yes. In your book. Finish this sentence. Back then, I wish I knew.

29:37I wish I knew how senior and important I was going to be because I would have been a lot nicer to people on the way up and I wouldn't have had to spend so much time apologizing to them later. Honest, when it feels like you can party, like it's 1999, you should go back to the question on risk management and spend more time going over what you have on your balance sheet to make sure you've you've audited everything and that you've narrowed down and been very conservative about your risks. So even at the high, that's the time to double check. Especially at the highs. You should, when you're feeling good and everybody's popping champagne quarks, you should say excuse me for one moment and go back and look at what's going to go wrong. The best thing about money is that you don't have to worry about money. The worst thing about money is that it robs you of your motivation. The best advice you've gotten. The best advice I've gotten is

30:46don't accept commitments just because they're far off on your calendar because eventually they'll roll around and you'll regret having agreed to do them. When people tell me something is impossible, I try to get help. We're fun. I like to. I like to read and I like to learn things that I don't know very much about. Final three. Failure means. Failure means I now have the opportunity to prove my resilience, which is the most important characteristic to have. Success means. Success means that you have to have higher objectives. Reaching the summit means. Reaching the summit means that it's easy to get used to and you better work harder to sustain your tenure at the summit.

31:54Lloyd Blankfine, thank you for your time. Stop and look at your walls. Does anything there actually inspire you? Original art has the power to transform not only how a space looks but how it feels. And that's why for the past 16 years, Sachi Art has helped people find art that reflects who they are. Join buyers from around the world who have found art they love living with. Shop Sachi Art's anniversary sale through September 8th and get up to 15% off original art. That's SachiArt.com. S-A-A-T-C-H-I-Art.com. Trying to lose weight on a GLP1, getting the nutrients you need doesn't have to be complicated. That's where Groons comes in. One convenient daily pack gives you greens plus 20 plus vitamins and minerals in a low carb gummy that's easy to take wherever you go. No guesswork, no hassle. Just a little bear that tastes great. Save up to 52% off with code podcast at Groons.co. That's code podcast at GRUNS.co. I can't believe Labor Day is almost here. I'm not ready to let summer go.

33:02We've got the picnic plan, friends are coming over, and my one stop before everyone arrives is always total wine and more. I'll grab wine, cocktails, and hard celtars. That's why I keep coming back to total wine. The selection is incredible, and with the lowest prices, it's easy to prep for the long weekend. This Labor Day, shop, total wine, and more. Spirits are not sold in Virginia and North Carolina. Drink responsibly, B-21. We are in a very rapidly shifting media landscape with the streamers battling it out, the media mergers drawing tons of attention, and a huge figure in all of this is a media mogul who is involved in much of the media you consume, whether you've seen him or not, Byron Allen actually began as a teenage comic making it big. His Alan Media Group owns dozens of well-known brands, and he's our beat debut guest in a special conversation here. He's run the Weather Channel and now just acquired BuzzFeed. The Hollywood reporter says he's on path to a global domination. Byron Allen.

34:09Where are we? So this is our studio where we shoot our sitcoms and our game shows and our court shows. You're always bidding on something Byron. So you're in the market to purchase an NFL team. Alan made waves this year when he acquired the Weather Channel for $300 million. You're buying everything. You bought BuzzFeed. His career is rooted in black ownership, media power, and controlling the narrative from the boardroom, not just the camera. Byron Allen joins the beat as part of our summit series. Byron Allen, thanks for being here. Are you kidding me? First of all, I watch you all the time. I just want to say, Ari, I am totally flattered that you shade for this interview. We're a clean shaving today. I watch you show I go, did he just come back from camping? But no, today you shaved for me. I have to tell you, I am dishonored. So we're going to get to all

35:12the reasons you've been in the news, including the way you're building business and media, which is really interesting at a time of great shifts. But with where you started, you started out onstage as what they call the talent. How did that inform how you built your own business to become an owner? I quickly learned that it's business show, not show business. You don't want to be out here and people deciding what you're good for, not good for, you're good enough, not good enough. And I just always appreciated the business side as much as the show side. And I knew that if I learned the business side, I can do as many shows as I wanted. And I was fortunate enough to start when I was 18, 19 years old. That put me on the path to where I am today. Yeah, you mentioned that age really young. We pulled it. Let's take a look at you. 1979 tonight show. Favorite class is algebra. See, because I have a real hip teacher, gives us problems we can relate to.

36:14It's like if Bob has a hundred hostess Twinkies, eats 87 of them. How many joints did he smoke? Betty Thomas Jefferson and guy wrote the Declaration of Independence is like, oh, I'm in a created equum. Why was Ryan? Yeah, three slaves in the background going, yes, I'm, uh-huh, that's why. Tell us about the confidence with today. They sometimes call the slagger to just be out there that young on that kind of intimidating stage. And what do you know that that young guy might not have? Oh, wow. You know, I was 18 at the time. It was something I started doing stand-up when I was 14. And I never stopped doing stand-up. It's just something I said, I'll do this for free for the rest of my life. And so when I got on that show with Johnny Carson, it was a dream come true. I'll never forget standing behind the curtain waiting to walk out there. And he stuck his head behind

37:15the curtain and said, kid, don't worry, you're going to be great. And the two guys who opened the curtain for you said, we've been opening this curtain for him for years. And we've never seen him get up from his chair and say anything to anybody. And I said, wow. I'm part of what you've emphasized both in walking the walk, but also explaining what you're doing, what you're building is challenging what has been a very white dominant market and capitalist system inside the United States. You've been very direct about that. You recently told the breakfast club, I saw you think it's important to quote black people are in the publicly traded markets. That's where you create great wealth. And that the greatest trade deficit is actually between what you call white corporate America and black America. That's what it go ahead. What does that mean to you? What are you doing through your own work on that? Well, thank you for asking me that question. Martin Luther King was assassinated in April of 68. I was seven years old.

38:19And it was devastating for the nation quite frankly, the world. And I've never seen my mom and my grandmother being such emotional pain. And it was a mark in my life that will always remain. And I made it a point to get to know Coretta Scott King, Martin's widow. And to look at Martin through her eyes as only she could share. And I learned so much by getting to know her. And she said to me, you know, Byron, as black people in America, we've had four major challenges. Number one, end slavery. Number two, end gem crow. Number three, achieve civil rights, which I was born without. And number four, and she choked up and she said the real reason they killed my Martin, achieve economic inclusion. She said, Byron, they didn't kill my Martin over the I have a dream speech or civil rights. They killed him over the speech he gave in February of 68

39:24at Stanford University, the other America. And in that speech, the other America, he said there are two Americas. One America has access to opportunity, economic inclusion, and education. And the other America does not to emerge in some way. I'm going to jump in and show a little bit of that for your exposition. Since you say you watched the V, you know, we try to do our homework and I know that address interests you. So let's take a look at the exact MLK speech that Byron's mentioning. That's a great deal. Let the Negro must do and can do to a mass political and economic power. But it is a cruel yes to say to a bootless man that he ought to lift himself by his own bootstress. And that is a great deal that the society can and must do. If the Negro is to gain the economic security that he needs. It's become very common these days in certain circles to say, things are a lot better, or we're basically past that. We'll just let the numbers show and you'll respond. Forbes

40:29looked at the 400 richest Americans. There's only floor black people on that list, 12% of the country, but on that list that's not 5% it's not 1%, it's 0.01%. Byron. Yeah, I mean, it's not, you know, the Forbes 400 list, I mean, that's one indicator, but you can just look at the average household income for black America versus white America. You know, there's a huge gap, especially in the education gap. And we have to close that gap first. We have to make sure, and I've always said, look, you know, black America, you know, they're killing us in the school room by making sure we don't get a proper education. They're killing us in the boardroom by making sure we don't have real economic inclusion. They're killing us in the hospital room by making sure we don't have real access to good healthcare. And they're killing us in the courtroom by making sure we don't have equal justice

41:33long before they kill us in the streets. Well, I brought you some bars, okay, on the point of black equity. This is some hovels. You know how yes, this is from what's free. And his point is to draw the link that I think you've drawn between the original civil rights struggle and actually having black ownership and success today. He says in the land of the free where the blacks enslaved, three fifths of a man, I believe, is the phrase. And then he talks about what he's owned. I'm 50% of do say in his debt free, a hundred percent of ace of space worth half of B. Rock Nation half of that. That's my piece, a hundred percent of title to bust it up with my jeez. And then he has this lament. Most of us won't ever work together. You run a checkup, but they never give you leverage. And he says, we started without food in our mouth. They gave us pork and pig intestines. What you discarded, we ingested, made the project a wave. You came back reinvested and gentrified it, took our sense of pride,

42:34how's that free, all the people that stole the soul and hit artists with 360s. I ain't got a billion streams. I got a billion dollars. What does that mean to you? And what's the leadership of building up ownership? So you don't have to ask someone to come meet with you or do whatever, because you're you're now in a different position. Yeah, you know, I love Jay Z. And that is your genius the way he expressed it. And that's why I love him so much. And it's perfectly stated. You know, that's the difference in ownership. I'm going to turn to our lightning round. You should be good at this because you've been in media your whole life. Politician struggle with it, but this will be in a word or a sentence. BuzzFeed. Brilliant. Johnny Carson. The greatest. Stephen Colbert. Magnificent. Finish this sentence. And this is where people want to learn from you.

43:36The most important thing in negotiating is balance. Being broke means temporary mindset. Success means pursuing your dreams with 1000% of your passion. And reaching the summit means never reaching it and always setting new goals and going higher. From business tips to equity to of course, the shaving tips appreciate you spend time with us tonight. Thank you, Byron. I already keep shaving. Keep shaving, man. It is the longest and most profound of all revolutions. Do we love each other enough to fight it? We end tonight honoring feminist icon trailblazer writer activist glorious dynam. Tributes have

44:43continued to pour in. She died at 92 this week, many remembering her activism, her passion, and her efficacy over the years. We have got here a revolution. This inhuman system of exploitation will change, but only if we force it to change. Stand here not only for the equal rights amendment, but in the names of all the women in this country who struggle with two jobs when men have one. Do we understand that this is a revolution we will live for, not die for? Now thanks to the spirit of equality in the air and to the worth of many of my more core cited sisters. I no longer accept society's judgment. This is a revolution that cannot fail. It has just begun. It is alive all over the world and we cannot lose.

45:44Miss Steinem gets the final thought tonight. I wish you a great holiday weekend. Thanks for spending time with us. Snoring, gasping for air during sleep, daytime sleepiness, I'm Shikil O'Neill and this shouldn't be anybody's experience. Asher, doctor about Zepbound, her Zepa time. The first and only FDA approved prescription medicine for moderate to severe obstructive sleep apnea and adults with obesity. Zepbound is a prescription medicine used with a reduced calorie diet and increased physical activity to help adults with moderate to severe obstructive sleep apnea, OSA, and obesity to improve their OSA. Zepbound is approved as a 2.5, 7.5, 10, 12.5, or 15 milligram injection. Zepbound contains chisepatide and should not be used with other chisepatide containing products or any GLP1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children. Don't share needles or pens or reuse needles. Don't take a fallurgic to it or if you or someone in your family had medjolary thyroid cancer or if you've had multiple endocrine neoplasia syndrome type 2. Tell your doctor if you get a lump

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