The Prof G Pod with Scott Galloway
00:00:01 · S0, S1
[00:00:01] S0: Support for the show comes from USA Facts. Income inequality, entitlements, housing costs. Wanna really see what the government is up to, what it costs, and who's benefiting? Check out a debate on the American dream between yours truly and conservative Ben Shapiro. It's not your typical sound bites from boring politicians reading talking points. The debate is framed by an informative set of government facts from USA Facts, and then Ben and I get into it. There are sharp differences, some common ground, and data and facts that leave you knowing more. Check out the full debate now on The USA Facts YouTube channel. [00:00:34] S1: Life is too short for bad audio quality. Luckily, there is Sonos. Sonos is a full sound system that you can customize to fit your life. The new Sonos Beam Ultra soundbar brings theater quality audio to your home. Sonos Ace Ultra headphones connect to your system, so you can listen when and how you want. And Sonos Play speakers can move with you throughout your day. Every Sonos product syncs and can be controlled from your phone, so whatever you're listening to can follow you room to room, moment to moment. Visit sonos.com and build your system. Sonos. Love the sound. Feel the system.
00:00:34 · S1, S2, George Hahn, Scott Galloway
[00:00:34] S1: Life is too short for bad audio quality. Luckily, there is Sonos. Sonos is a full sound system that you can customize to fit your life. The new Sonos Beam Ultra soundbar brings theater quality audio to your home. Sonos Ace Ultra headphones connect to your system, so you can listen when and how you want. And Sonos Play speakers can move with you throughout your day. Every Sonos product syncs and can be controlled from your phone, so whatever you're listening to can follow you room to room, moment to moment. Visit sonos.com and build your system. Sonos. Love the sound. Feel the system. [00:01:18] S2: This episode is brought to you by Indeed. You're ready to level up your business, but the pressure to find the right person to make that happen is intense. Indeed Sponsored Jobs can help carry the load. It boosts your job post to help it reach quality talent fast. Cut through the chaos with Indeed sponsored jobs. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply. Hiring now? Then this is a job for Indeed sponsored jobs. [00:01:48] S3: Welcome to the week from Prof G Media, where we break down what mattered and what it all means. I'm George Hahn, [00:01:55] S4: and it's
00:01:55 · Scott Galloway, George Hahn
[00:01:55] S4: and it's [00:01:55] S3: Friday, October 30. Today, Heather Cox Richardson on what history can tell us about the midterm elections on Tuesday. Then, why buying a home in America is so hard. And finally, the biggest IPO in history and the investors who aren't buying it. Let's get into it. The midterms are Tuesday. Nearly 30,000,000 Americans have already voted. Historian Heather Cox Richardson, author of the newsletter, Letters From An American, joined Scott for a live conversation on Substack this week. It aired Thursday on the Prof G Pod. She told him the Republican Party, as it was, no longer exists.
00:02:49 · Heather Cox Richardson
[00:02:49] S5: It seems to me this is the kind of moment where exactly as you say, there is plenty of room for a new Republican Party, which really is kind of an old Republican Party, and we can talk more about that. But I'm actually really interested on who's left. If MAGA has jumped off a cliff, who's left? And what you're seeing in this election is a number of Republicans who went along with Trump until very recently suddenly jumping ship. And you're seeing that, of course, over the Amy Acton ad, for example. But you're also seeing it in South Carolina where a Republican governor... Former governor just came out and endorsed the, the Darlene Graham's opponent because he said we just can't go this way. You're starting to see that split. Again, very much like the eighteen fifties, which we can talk about. But what you have left standing then on the people who haven't jumped off the cliff is a a a... An entire constituency, a huge constituency that doesn't necessarily know what it stands for yet. And we have as well the injection of a whole bunch of new issues, like data centers, like climate change, like AI, like all these things that people actually don't have a position on necessarily, and they are willing to make common cause in ways that they haven't before. Again, very much like the eighteen fifties. So I'm interested in what's happening with who's left on the table because it looks again to me like, I'm so sorry to say it again, the eighteen fifties where you had a whole bunch of people jumping into the same swimming pool together and saying, listen. We don't agree on immigration. We don't agree on finances. We don't agree on internal improvements. But by God, we can agree that we don't want the elite enslavers to take over our country and turn the rest of into sir... The rest of us into serfs. And when that happened, you got the Republican Party rising, and then, of course, you also got the, the Democratic Party reforming in the the North and coming up with a new approach to a bunch of older problems. And then, of course, we went forward with that system for a long time. And I think we did the same thing in the eighteen nineties and again in the nineteen twenties, nineteen thirties.
00:04:59 · George Hahn
[00:04:59] S3: These midterms are now the most expensive political advertising cycle on record. Ad spending has topped $11,200,000,000, according to The New York Times, more than the entire twenty twenty four presidential election. On Monday, Scott and Jessica Tarlov taped raging moderates live from the University of Virginia Center for Politics. Scott was watching the money.
00:05:26 · Scott Galloway
[00:05:26] S6: If you look at what's happening in Texas, first off, we're spending more money. We're spending, I think, 11,000,000,000 versus 10,000,000,000 in this midterm. This is a midterm after a presidential election and spending has gone up. This is the full local television station employment act, The amount of money that's being poured into this election. And I this is have, I think this is gonna be the biggest knock on effect coming out of this election. And what do I mean by that? They're gonna spend $850,000,000 on a Texas Senate race. I believe they're spending almost a billion dollars to tell people in Waco what they already know. I think this is gonna be the election where the ROI on money drops off the face of a cliff. Where you just for the first time, and we all talk about, and I agree Citizens United is terrible, we need to do away with it. But if you can't buy a senator in deep red Texas for $850,000,000 And I think this is a wonderful thing. I think the ROI on money is about to hit an absolute record low in this race. And the broader picture is, I think we've spent the last forty years trying to determine, talking a lot about how to build wealth. I think we're gonna spend the next ten years or the next few election cycles talking about what are the responsibilities of wealth. And when you have one person, I think it's he said 300,000,000 so far at the midterms, these numbers are hard to wrap your head around. So let me help wrap our heads around that. Say you're worth a million dollars, and you're worried about potentially having your business go away, getting hauled in front of Congress. I mean, you have a real vested interest in keeping one party in power. If you had a million dollars, what would you think of putting, and you had a real interest in getting Republicans elected, would you put $300 into a campaign? That is the equivalent of what it means for Elon Musk to put $300,000,000 into politics when he's worth a trillion dollars. And whereas before, why I've become much more progressive on tax structure, I generally think that the biggest threat, we talk about Citizens United, the biggest threat to democracy is that power corrupts, and absolute power absolutely corrupts.