00:21:44 · Jordi Hays, John Coogan
[00:21:44] S1: little be a good use case for AI if we can make a separate show that's just the show, but an agent in real time With [00:21:52] S0: the soundboard. [00:21:53] S1: The sound effect and just has a normal show, no sound. [00:21:56] S0: Sure. Sure. So you can choose whether you want the soundboard version of the show or the not or or the [00:22:03] S1: Tyler says don't be sorry. That's why I'm here. Tyler's just here for the soundboard. So after I'm not the one. Unfortunately, there's people that are here that don't like the soundboard. There's people that are here only because of the soundboard. Exactly. We are trying to find the middle ground, and we don't always get it right. [00:22:15] S0: It's sort of [00:22:15] S1: We don't always get it right, but we're trying to.
00:22:15 · Jordi Hays, John Coogan, John McElhone
[00:22:15] S1: We don't always get it right, but we're trying to. [00:22:18] S0: Sort of a cold war between the pro soundboard and the anti soundboard constituents in the audience. So we we we'll do our best. But Yeah. Today is a soundboard episode, so there's gonna be a couple. But I think the team did dial back the soundboard a little bit. So not too bad now. Okay. Well, revenge of the East Coast. The East Coast is trying to is trying to make a comeback. Jeremy Gaffan says the West Coast is eating the East Coast, but the East Coast is trying to make a comeback across all of these big banks. Did you hear about this? They're going after the debit card rails. They're going after Visa. This is news today. JPMorgan, Bank of America, Wells Fargo, PNC, and other big banks are reportedly exploring a deal to buy a Fiserv debit card network that would let them own more of the payment rails that the customer's debit cards run on. So the basic idea is that post I think it was post financial crisis, there were limits on how much banks could make on debit card transactions. This is the Durbin Amendment. [00:23:26] S5: Durbin?
00:23:27 · John Coogan
[00:23:27] S0: The Durbin Amendment. I think Dick Durbin. And they want a way to turn debit back into a more valuable business. So Fiserv owns major debit networks, including Star and Excel, which I don't run into that often. I usually see Visa, Mastercard, AmEx. I mean, AmEx doesn't debit network. But Star and Excel already connect to millions of cardholders and thousands of financial institutions. So this is like a it's a real rail with an existing bank and merchant connectivity. And so this is like when Capital One bought Discover. They own the issuer, then they also own the network, and then they can move their own volume onto their own rails and capture more of the economics. So who loses if this goes through? Who should be upset about this? It's probably the merchants, Visa, and Mastercard. So merchants would probably see higher effective debit costs if banks find a way to route more volume through bank owned networks, while Visa and Mastercard would lose some leverage over US debit. But the bigger story is that payments are getting vertically rebundled. Banks want the account, the card, the network, the wallet, the fraud layer, and eventually the AI agent checkout surface. So, it's all very I don't even think there's a real bid for the for Fiserv's debit networks just yet, but it's it's, like, starting to Screw it. Out that they're doing it. And I was interested to know, like, is this is this bullish for a ramp because they sit on top of of networks? And I think it is generally positive and and because of the layer of abstraction they operate on. And I was wondering, is this an attack on Stripe? Is this a is this an attack on any particular West Coast tech startup that we know? And it seems like it's much more of an attack on Visa and Mastercard in particular, who have been driving up debit fees for them. Anyway, let me tell you about Console. Console builds AI agents that automate 70% of IT, HR, and finance support, giving employees instant resolution for access requests and password resets. While
00:25:32 · John McElhone, John Coogan, Jordi Hays
[00:25:32] S5: Canter in the chat said to warm up [00:25:34] S0: the Gong. He gotta warm up. [00:25:37] S1: So I to warm it [00:25:37] S5: up for him. [00:25:38] S0: Okay. Well, the gong is warmed up. Maybe we need a couple more huge huge hits to fully warm it up. Did you wanna talk more about Fiat's next US car? You mentioned it when we were talking to Baiji from Cowboy Space Company yesterday, the Topolino. It's coming to America, tiny two seat electric micro car, they're calling it. It starts at $14,000, almost half the price of the other electric golf cart that we talked about last what was that? Last Thursday we talked? [00:26:12] S1: Two Yeah. Two in. You can fit a lot more people in the Amble. [00:26:15] S0: The Amble. Yes. [00:26:17] S1: That's right. I like this move from I like this move from Fiat. [00:26:22] S0: You like it. [00:26:23] S1: I think that their cars are generally unserious. [00:26:27] S0: Yes. [00:26:27] S1: And so I think it's good to just lean into lean into that. And [00:26:31] S0: Okay. Okay. [00:26:32] S1: And I think they're trying to price this so that when people are thinking, hey, I need a new car. [00:26:38] S0: Yeah. [00:26:39] S1: Because should I go out and buy like a crossover SUV or [00:26:42] S0: There is no way anyone can consider this for their main car. [00:26:47] S1: It's impossible. No. But you can if you typically roll around with a handful of people and instead instead of buying one car [00:26:54] S0: Oh, you buy a [00:26:55] S1: bunch of them? For $60 You'll need a
00:26:55 · Jordi Hays, John Coogan, Tyler, Alex Hormozi
[00:26:55] S1: bunch of them? For $60 You'll need a [00:26:56] S0: train of them. Of these. You know how you know the range on this thing? 46 miles. 46 miles. I mean, I guess if you have a 10 mile commute, [00:27:05] S2: you can definitely commute here. [00:27:07] S1: They launch an EV with 46 miles of range. [00:27:10] S0: It's nothing. [00:27:11] S2: It And they [00:27:12] S3: should have called it they should have called it the [00:27:13] S2: Fiat it's less than 10 miles. [00:27:15] S0: Less than 10 miles. [00:27:15] S3: They should [00:27:16] S1: have called it the Fiat dice because every time you leave the house Yeah. You're rolling the dice. [00:27:20] S0: It's a thousand pounds. So you can deadlift it with another friend. It's [00:27:24] S1: there's are you serious? [00:27:25] S0: Thousand pounds. Yeah. This thing's tiny. It's it's really truly, like, so so small. [00:27:29] S1: They're saying it's the cutest car ever made? [00:27:32] S0: Look at the speed. The top [00:27:34] S1: speed 25 miles an hour. [00:27:36] S0: That's with a street legal low speed vehicle kit. By default, it only goes 19 miles an hour. So how long would it take you to get here? 19 miles an hour? Thirty minutes? [00:27:48] S2: Yeah. Thirty minutes. Wow. [00:27:50] S0: That's not too bad. That's not [00:27:51] S1: too bad. [00:27:52] S0: Maybe maybe you gotta do it. Okay. [00:27:54] S1: You guys are laughing, but you won't be laughing when when I pull up to the office with A fleet of these? With with five of these. [00:28:02] S0: And you need a support car, like a sideboard truck behind you.
00:28:02 · John Coogan, Jordi Hays, Alex Hormozi, John McElhone
[00:28:02] S0: And you need a support car, like a sideboard truck behind you. [00:28:06] S1: Yeah. No. No. The the Topo the Topolino is the support. You just have you have a series of you just go train mode. [00:28:13] S0: Well, our next guest is the owner of a Hummer EV or at least was. We can talk to him about that. We can bring him on down whenever we want. You ready? Let me tell you about public first. Investing for those who take it seriously. They got stocks, options, bonds, crypto, treasuries, and more with great customer service. Alright. Here. Grab that seat. Sit down for us. Do you still own a Hummer EV? [00:28:39] S3: Yeah. We do, actually. [00:28:40] S0: You do? Yeah. Well, give us your review. We were just talking about the Fiat Topolino. I don't think you're gonna be in the market for that. Neck and neck. Neck neck. It's a thousand pounds. [00:28:50] S3: So I [00:28:50] S1: think what [00:28:50] S3: we could do is, like, if you just lined up, like, 10 of the Fiat, like, my chariot. [00:28:54] S1: Like Damn. That's what I'm saying. Yeah. That's what I'm saying. The Hummer. [00:28:57] S3: We could watch Yeah. Like, it'd be my chariot. [00:28:59] S0: I think the Hummer's [00:28:59] S1: Imagine imagine if the Hummer's Literally nine of of these. The Hummer's kind of the front of the the train and then you have, like, you see the Hummer coming at you and then and then a bunch of the Topolinos kind of [00:29:09] S3: pull out in like a v shape. That's infurious though. [00:29:11] S1: That would [00:29:12] S5: be that would [00:29:12] S1: be badass.