00:02:20 · Ed Elson, Scott Galloway
[00:02:20] S4: How are you doing? I see you're wearing your Virginia shirt. [00:02:23] S0: I am. I went to the football game last weekend. Parents weekend, I think we talked about it. I'm super excited. My son's thriving and it's like a huge source of joy for me. You always worry, there's always like this non zero probability your kid's gonna head off to college and like not like it, and then the whole house freaks out. [00:02:42] S4: Is he about the frat life? Is that is that is that calling him or no? I think he's pretty social, but I [00:02:48] S0: don't know if he's what I'd call a big partier, but he likes, you know, he likes being social, and he's not like his dad who's trying to, like, fill a hole that can never be filled in in wallpaper over his depression and anger with substances. [00:03:04] S4: Well, that's good. [00:03:05] S0: That's great. Speaking of which, Halloween. How's your Halloween going? [00:03:09] S4: This will be out just after Halloween, but, it's gonna be good. [00:03:12] S0: Let's hope I'm still around. This is... We are one night into Halloween, and I am already hurting. [00:03:18] S4: Yeah. Wow. I've actually... I've got five friends from London who are who are visiting for the weekend, so I've gotta go take them out, have a good time. [00:03:26] S0: Oh, wow. What are gonna do with them?
00:03:26 · Scott Galloway, Ed Elson, S1
[00:03:26] S0: Oh, wow. What are gonna do with them? [00:03:27] S4: We're gonna go... We're gonna have dinner, and then we're gonna go to off... To one of my friends whose party is having a big Halloween party. It's gonna go all night. So we'll do that. And then I think they wanna do, like, a pub crawl on Saturday, which I'm probably not gonna join them for because it sounds terrible. And and then I'm heading off to London to join the Mooch and Katty Kay for midterm elections for the... For their livestream for the rest of the politics. So I leave on Saturday night, which is a shame. [00:03:58] S0: I'm still stuck on the notion that you have five friends. I kind of had this sneaky suspicion that you're the Vivek Ramaswamy of whatever high school you went to. Like, super smart, and everyone hates you. Is that not right? Is that not accurate? [00:04:11] S4: That's terrible. [00:04:13] S0: Wow. Is that not accurate? [00:04:15] S1: I don't think so. Is that unfair? [00:04:16] S4: Maybe we'll take a poll, see what they think. [00:04:18] S0: That's gonna be great. You're gonna show them a great time. [00:04:20] S4: I hope so. I think we're gonna have a good time. More importantly, what are you going as? It's always it's always an important question. [00:04:26] S0: Oh god. I had real trouble with the costume last night. Uh-oh. I got a great costume, Larry David. It looked impeccable. It was hilarious. [00:04:33] S4: Do you have, like, the hair? Are you doing something with hair or no?
00:04:33 · Ed Elson, Scott Galloway
[00:04:33] S4: Do you have, like, the hair? Are you doing something with hair or no? [00:04:36] S0: Yeah. I had the wig. I had the glasses. I had the khakis. I looked exactly like Larry David. It was genius, and I'm like, I just can't do this. It makes me even more unfuckable than I am anyways. I just can't do this. I'm just too vain. And so then I put on Darth Vader, and it was like this blousy thing, and I looked like Delta Burke from Designing Women. I just looked ridiculous. And then, oh, I I I was really excited about this amazing Spider Man outfit, and I've been working out. I wanna show off my body. And that thing was too tight. I guess I've been gaining weight. And not only that, I'm like, anyway, so zippers were flying and buttons were flying. [00:05:20] S4: Sounds quite stressful. [00:05:21] S0: I'm glad you recognize that. So I did what I always did. I... That I've done the last... That I did last Halloween. I put on my I put on my Deadpool outfit. Huge crowd pleaser, except young people keep saying, oh my god. I love Iron Man, and I wanna choke them. I'm like, I am not Iron Man. God. Anyways [00:05:41] S4: So you're gonna go with Deadpool then. That's the plan? [00:05:43] S0: I did last night. I might try the Larry David again tonight if I'm a little bit more secure and in touch with my, like... Just decide. It's like
00:05:43 · Scott Galloway, Ed Elson
[00:05:43] S0: I did last night. I might try the Larry David again tonight if I'm a little bit more secure and in touch with my, like... Just decide. It's like [00:05:49] S4: That's gonna be a hit. And then you can take it off at some point in the night, but you start out crowd pleaser. You're the funniest guy in the room. Everyone loves it. And then you can sort of take it off and be like, okay. I'm normal now. [00:06:00] S0: The key, I think, if I'm wearing the Larry David outfit is to do what I did last weekend at UVA when somehow I ended up renting a white minivan. And that is as you're driving, you just gotta go, I like me. I like me. I feel good about me. By the way, minivan, they're incredible. I totally see why they sell so well. They're incredible. They're so easy to get in and out of, and they got that out of my door thing and a ton of luggage. I don't know. I'm I'm thinking about a minivan. [00:06:28] S4: I'm gonna be Tony Montana. [00:06:29] S0: Really? I like it. Is your is your girlfriend going against Michelle Pfeiffer? [00:06:33] S4: Correct. [00:06:33] S0: Wow. That's a good one. [00:06:34] S4: That'll be good. That'll be good. Sounds like a wig. I need to get myself, like, a cigar or something. I tried to order, like, a toy gun. [00:06:41] S0: No. No. No toy guns. [00:06:42] S4: I guess it's illegal. Amazon Yeah. Amazon is not happy with that. So we won't do that. But, yeah, we'll see. I'll send you a photo. [00:06:53] S0: Right. Should we bass into the show?
00:06:53 · Scott Galloway, Ed Elson, S1
[00:06:53] S0: Right. Should we bass into the show? [00:06:55] S4: Let's do it. And by the way, if you like the show, please be sure to hit follow wherever you're listening or subscribe to us on YouTube and hit the bell icon to get all of our latest episodes. Thank you very much. [00:07:06] S1: Is the time to buy. I hope you have plenty of the wherewithal. [00:07:12] S4: September's personal consumption expenditures report showed inflation continuing to climb. Both headline and core PCE hit their highest annual rates since May with headline inflation rising 3.6% year over year. That data came in just a day after the Fed decided to hold rates steady. Nonetheless, two officials dissented in favor of a quarter point hike. Chair Warsh also noted that financial and credit conditions have tightened for some businesses and households. So inflation remains a persistent problem, and the Trump administration has faced plenty of blame for the state of the economy. But at the midterms tomorrow, we will get a better sense of how Americans really feel about this administration and how they have handled things. So, Scott, inflation keeps going up. Not really any surprises. PCE rose to 3.6%. Gas prices continue to go up. Diesel prices are up 77% year over year. Real wages fell point 7% in September. That was the sixth straight month of declining earnings. Not great. And on Tuesday, I think it's gonna be a referendum on those numbers, how how upset people really are. What are your expectations, going into Tuesday?
00:08:32 · Scott Galloway
[00:08:32] S0: Well, that's the correct question, but what... What's weird is it feels like the mother of all bad things and all the moons are lining up against Republicans and four Democrats. And that is according to the Washington Post, six in 10 families can't afford the basic costs of living in the Battleground District. So the place that the president is... Or the current policies seem to be having the most damage are in swing states that are in play. The share of households that could not cover the basics rose by 2.1 percentage points in Republican held districts and 1.7 in Democratic held ones. In the past three years, rents in Republican held battlegrounds have risen 9% compared to 4% in Democratic held ones. So it it just feels as if inflation is not only peaking at the exact wrong moment, or not inflation is peaking, but the the the people feeling of the impact or the negative sentiment on inflation, but it's especially bad in close races or in toss-up districts. Kalshi puts the odds of a blue wave as defined by Democrats win at least 218 house seats and at least 49 senate seats in the November midterms at 82%. What was even interesting is there's now a technical term for tsunami, and that is Democrats get both the House and the Senate, and that's at about somewhere between, I saw in Kalshi, between now 6567%. So there's a two and three chance now that there's a, quote, unquote, tsunami for Democrats. And then they have a new category called super tsunami where they get 54 seats in the Senate and a massive pickup in in the House. I had on Prof G Nate Silver, and he pointed that when Democrats last got a bunch of seats mid cycle twenty eighteen, it was d plus seven. Now d is polling plus nine. Typically, as you get closer, whoever's down closes. In other words, it tightens. What's unusual, it's so far... And the polls might be off. So far, it looks like it's not tightening. It's actually the Democrats are expanding, their lead. And let's talk about voters in rural parts of America. Six in 10 rural voters disapprove of how Trump is handling the economy. The average Republican constituent drives 26% more miles than a Democratic constituent, so they're feeling the pain of higher gas prices. So this is just... It's just... It's like the the sum of all fears for the Republican Party. I don't see any I don't see any sort of bright spots right now.