New York’s Spending Crisis, Housing Unaffordability, & Conspiracy Corner: 9/11, Epstein, TV Producer Of Tehran Woes | Tom Bilyeu Show Live

Welcome back to Impact Theory with Tom Bilyeu! In today’s episode, Tom and co-host Drew dive deep into some of the most pressing and controversial issues shaping our world right now—from New York City’s fiscal chaos and skyrocketing housing prices to the unexpected ripple effects of government spending and regulation. Together, they break down the math behind budget increases, expose the realities of property tax hikes, and critique the tough choices involving pensions and social services. But the conversation doesn’t stop there. Tom and Drew unpack the social and cultural shifts driving young people toward socialism, explore the global consequences of weak leadership and “suicidal empathy,” and even examine headline-grabbing stories like the casting controversy around Joan of Arc and the shadowy mysteries of the Epstein files. Expect hard-hitting insights, candid opinions, and plenty of humor as they question the status quo, challenge mainstream narratives, and urge listeners to stay informed and seek accountability. Tune in for a raw, thought-provoking journey into economics, politics, culture, and technology—plus, find out why Tom thinks Japan’s approach to storytelling might just be the secret ingredient Hollywood needs. If you care about the future of society and want to hear bold perspectives on everything from AI safety to government transparency, this is an episode you won’t want to miss. What's up, everybody? It's Tom Bilyeu here: If you want my help... STARTING a business:join me here at ZERO TO FOUNDER https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show: https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show https://tombilyeu.com/zero-to-founder?utm_campaign=Podcast%20Offer&utm_source=podca[%E2%80%A6]d%20end%20of%20show&utm_content=podcast%20ad%20end%20of%20show SCALING a business:see if you qualify here. https://tombilyeu.com/call: https://tombilyeu.com/call Get my battle-tested strategies and insights delivered weekly to your inbox:sign up here. https://tombilyeu.com/: https://tombilyeu.com/ ********************************************************************** If you're serious about leveling up your life, I urge you to check out my new podcast,Tom Bilyeu’s Mindset Playbook https://open.spotify.com/show/47VE90Cittmo6TGGFqg2xf —a goldmine of my most impactful episodes on mindset, business, and health. Trust me, your future self will thank you. ********************************************************************** FOLLOW TOM: Instagram:https://www.instagram.com/tombilyeu/ Tik Tok:https://www.tiktok.com/@tombilyeu?lang=en Twitter:https://twitter.com/tombilyeu YouTube:https://www.youtube.com/@TomBilyeu Quince: Free shipping and 365-day returns at https://quince.com/impactpodShopify: Sign up for your one-dollar-per-month trial period at https://shopify.com/impactKetone IQ: Visit https://ketone.com/IMPACT for 30% OFF your subscription orderIncogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impactBlocktrust IRA: Get up to $2,500 funding bonus to kickstart your account at https://tomcryptoira.comAquaTru: 20% off your purifier with code IMPACT https://aquatru.com Netsuite: Right now, get our free business guide, Demystifying AI, at https://NetSuite.com/Theory https://netsuite.com/TheoryPique: 20% off at https://piquelife.com/impact Cape: 33% off your first 6 months with code IMPACT at https://cape.co/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tom New York City budget, property tax hike, rent freeze, pension costs, social services spending, Democratic socialism, taxation, millionaire exodus, population growth, government spending, housing affordability, home prices, mortgage rates, real estate regulation, zoning restrictions, supply and demand, regulatory costs, Federal Reserve, deficit spending, AI safety, government regulation, authoritarianism, Palantir, Anthropic, Epstein files, impeachment, 9/11 conspiracy, voter ID, Japanese culture, race-swapping in movies, Joan of Arc Learn more about your ad choices. Visit megaphone.fm/adchoices https://megaphone.fm/adchoices See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Tom Bilyeu?

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• 0:45Tom Bilyeu?

  Their dashboard tracks what comes next based on what your business actually needs. So EIN number, registered agent, licenses and permits, bookkeeping, business banking. I tell every founder the same thing. Just make it official. Click the link in the show notes to check out Taylor Brands and get started on your business today. This is a paid advertisement. Good morning, everybody. Welcome to another Tom Dooley Show Live. We are all gathered here today because the world continues to be in a very strange place.

• 1:18Speaker 01

  Mamdani had a rude awakening over in NYC.

• 1:21Tom Bilyeu?

  It took Zorin Mamdani exactly 47 days to propose a tax increase on the very people he promised to protect. Forty-seven days from "freeze the rent" as a chant to a 9.5% property tax hike on 3 million homes. Now, to understand just how absurd this is, you've got to understand the specifics. New York City's budget in the year 2000, okay, this is just 26 years ago. In the year 2000, New York City's budget was $36.5 billion. Okay, it's a lot of money, but... Understandable. That covered all 8 million people living in the city at the

• 2:03Tom Bilyeu?

  time. That's roughly $4,500 per person. Yesterday, Mamdani unveiled a $127 billion preliminary budget for all of the people that now live in New York. And how many extra people have they added in the last 26 years? Did it go up by the same roughly 3.5X that the budget went up by? No. There are currently roughly 8.5 million people living in New York. That's an increase of roughly half a million people, which is a population

• 2:39Tom Bilyeu?

  growth of only about 6.5%. The budget, however, grew by a staggering 248%. That is a ludicrous $14,941 per person. Spending per person didn't keep pace with inflation. It tripled. So, everything must be three times better, right? In 2017, 51% of New Yorkers rated their quality of life as excellent or good. Today, that number is 34%. Only 12% think the city spends its money wisely. Only 22% feel safe

• 3:21Tom Bilyeu?

  on the subway at night. And felony assaults hit a 24-year-high in 2024. The city spends over $40,000 per student just on education, which is the highest in the country. And yet, more than half of New York City kids can't read at grade level. Their own school's chancellor admitted that that's true. They tripled the spending, and everything got worse. To put this in perspective, Houston only spends $2,900 per person versus $14,000 and change in New York. And Houston, they don't have state income tax, nor do they

• 4:01Tom Bilyeu?

  have city income tax. And their population is growing. New York spends five times more, and 66% of residents say life is getting worse.

• 4:14Tom Bilyeu?

  So where did the extra money go? Pension costs are up 115%. Outsource contracts ballooned by $7 billion. A brand new $5 billion asylum seeker expense materialized out of thin air. It literally didn't exist just three years ago. Social services spending has doubled. The city employs over 300,000 people and the debt keeps ballooning. Now, none of that is Mam Donnie's fault. Let's be very clear. He wasn't in office. But it does show that more money is not going to solve the problem. But apparently Mam Donnie is not getting that message. He does not look at all of this and say, we need to spend our money more wisely.

• 4:59Tom Bilyeu?

  Instead, he looks at that cavalcade of failures and he says, we need to spend more and tax more. He laid out his plan to close what is currently a $5.4 billion budget gap. Now, he said, to be consistent with his campaigning, his preferred method is to get a 2% income tax hike on anyone making over $1 million. That would push the combined state and city rate to roughly 16.8%, which would be the highest in the entire United States by a lot. California, the other catastrophe, their top rate at least tops out at 13.3%, which is already ridiculous.

• 5:43Tom Bilyeu?

  Add federal taxes on top and you're looking at over 53 cents of every dollar going to the government. And that's before sales tax and stuff like that. Now Governor Hochul has repeatedly said to Mam Donnie and anybody else who would listen, she's not going to do an income tax hike. She won't sign it. She's up for reelection. Okay, there's no way she's got an appetite for more taxes. So what is Mam Donnie's backup plan? It's a 9.5% property tax increase. It's the first one since 2003. It's going to hit over 3 million residential units and 100,000 commercial buildings. And this is the same guy who won the election by promising to freeze rents. It was his signature campaign promise.

• 6:26Tom Bilyeu?

  The thing he chanted at rallies, freeze, duh, rent, remember? And now, listen, two months into office, the very first major fiscal lever that he reaches for is one that will almost certainly raise rents for the majority of New York City's renters. Now, because roughly 56% of apartments aren't rent stabilized and those landlords will pass the cost straight through to tenants, this is going to be a problem. For the 44% that are stabilized, landlords obviously can't raise rent, so they'll cut maintenance, delay repairs, and let buildings just deteriorate. I did a deep dive on this. If you look at what happened to New York in the 70s and 80s, it was insane. It inspired movies like Escape from New York.

• 7:11Tom Bilyeu?

  In the Bronx, there was some ungodly number of buildings that were burned down because they realized that it was cheaper to burn the building and collect the insurance money than it was to try to upkeep the building. You do not want to put people in that situation. First of all, they become real slum lords because they don't have the money for the repairs. Now, the small property owners of New York said it very plainly. Raising property taxes while freezing rents would be crushing, driving small owners into foreclosure and bankruptcy. I know everybody thinks that all of these buildings are owned by mega corps, but they're not. Mumdani himself admitted that this problem is real. He said this would effectively be a tax on working and middle-class New Yorkers. Those are his own words.

• 7:53Tom Bilyeu?

  The man who ran in affordability is now proposing a regressive tax that his own comptroller called, uh, something that's going to hit communities of color harder than wealthy neighborhoods. And he's doing that instead of what? Instead of making budget cuts.

• 8:10Tom Bilyeu?

  All right, there's an even deeper problem. His supporters are going to chant stuff like tax the rich at rallies, but the top 1% of filers already pay 40% of the city's income taxes, and they're leaving now. New York City's share of the nation's millionaires has dropped. They used to be, what, 6.5%? They're now 4.2%? That's a drop of 35%, just over a decade. More than 125,000 New Yorkers have fled to Florida in the last few years, taking nearly $14 billion in income with them. These people have accountants, boys and girls, they have options, they've got Florida. You know who can't leave though? Normal people. People that own a house. People that own a small business. They are stuck, left there to deal with more taxes.

• 8:55Speaker 01

  Nobody owns houses and businesses, Tom.

• 8:57Tom Bilyeu?

  Drew, if, actually, if that were true, that would be a catastrophe. But alas, they do.

• 9:04Speaker 01

  None of my, that needs orders.

• 9:05Tom Bilyeu?

  This is fundamental math that ultimately democratic socialists are gonna have to deal with. So Margaret Thatcher said it best when she said, "The problem with socialism is that you eventually run out of people, other people's money." So we'll see how this plays out. But when you've got Mumdani's entire agenda, free buses at 800 million a year, city-owned grocery stores, universal childcare, a four-year rent freeze, all of it was predicated on his ability to tax the rich to pay for it. But the rich are leaving. The governor won't authorize the tax. And the budget, still, by law, has to be balanced. So who pays? The middle class, the working class, the exact people that he promised to protect. This is the game of socialism, boys and girls. So you can call it democratic socialism if you want. It is the same idea. New York does not have a revenue problem. It has a spending problem.

• 9:51Tom Bilyeu?

  And until some mayor, somewhere, has the courage to say that out loud, to actually cut the waste, reform pensions, renegotiate contracts, and stop treating taxpayers like they're an infinite ATM, no amount of taxing will ever be enough. This is why the federal government has deficits of trillions of dollars. There's no point at which your spending can be out of control and you're able to tax people enough. It just doesn't work. You first have to get your spending under control. You have to cut things. And I get that people don't want to do it, but it is the only way forward. You will forever run into the realities of math.

• 10:30Speaker 01

  This is a tough one, because the largest driver of the budget is pensions, healthcare costs.

• 10:37Tom Bilyeu?

  Yep, guess what you have to cut?

• 10:38Speaker 01

  Pensions and healthcare.

• 10:39Tom Bilyeu?

  There you go.

• 10:40Speaker 01

  Man, so you wrote that to the city, but sorry, the city can't afford you anymore. Good luck, goodbye and good luck.

• 10:45Tom Bilyeu?

  Yes, people have got to understand, you cannot make everything free. You can't. There are gonna be some places that are expensive to live. It just is the way that it is. And if you want a cheaper life, you have to go. Go to a cheaper place. And if then that place finds, uh oh, like we're losing people, then they will stop doing moronic policies. And if they really want workers, like if you're a really wealthy person in New York and you are like, whoa, what do I do? There's nobody here to help me do my laundry, walk my dog, whatever your thing is. Well, then you better build more housing. But they're not doing that. They're taking this ridiculous, completely moronic approach, and they're paying the consequences. So people have done it. There are physics to this stuff. Like you may want to, let's say that you you make race cars

• 11:30Tom Bilyeu?

  and you're trying to win and you may want a particular design that looks cool to be the fastest, but aerodynamics are real and you have to adhere to the realities of physics. Your tires have to be a certain way because road conditions are a certain way. Aerodynamics work a certain way. Drivers work a certain way. And if you want to build against a theory, that theory is going to make contact with reality at some point. And that's why I say all of this stuff comes back to having a Federal Reserve. When people can print money, when they can do things at a deficit, they don't have to be responsible. At some point, we have to admit you cannot pay for everything. And so if you're gonna do a new thing, great. Like I actually don't, if if New York says,

• 12:12Tom Bilyeu?

  we want to offer free housing to everybody who makes less than $75,000. I don't have a philosophical problem with it. Just show me what you're not gonna do to pay for that. And if taxpayers are like, yeah, I'm cool with that. Great. What the fuck is the problem? You're saying, hey, my tax base doesn't mind this, so they're happy to fork over. They're not leaving. Cool. This is a thing we all agree as New Yorkers, we want to spend our taxpayer dollars on. Great. It's when you want to do something that is not popular with the people that pay 40% of your tax base. And this is not a communist country. We're not under a dictatorship. So people can and will leave. And by the way, the states compete for population through tax policies. And I do, are they just blind to that?

• 12:57Tom Bilyeu?

  So it's like you basically compete on weather, safety, education, and tax. And that's as a state, you're like, hey, we want to be friendly to business. Cool. Hey, we want to be the best place for education so we attract parents. Hey, we want lower taxes, whatever. But like you're competing on something that people really care about. And it's a very small number of things that people care about enough to pick up their whole family and move.

• 13:23Tom Bilyeu?

  We're hitting pause for a moment, but there's plenty more ahead, so don't go anywhere.

• 13:28Tom Bilyeu?

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• 14:12Tom Bilyeu?

  So upgrade your stuff to things you'll actually wear. Find your next fall favorites at Quince. Download the Quince app for app-exclusive offers or go to quince.com. Get free shipping on your order and 365-day returns, now available in Canada and the UK, too. And when Quince asks where you heard about them, let them know it was Impact Theory. It's the best way to support the show. Let's talk about something that genuinely keeps me awake at night. My team at Impact Theory gets hit with phishing scams from bad actors pretending to be me all the time. And they keep getting more sophisticated attacks with details specific enough to look legit. AI has made a lot of things possible, including scams like this.

• 14:56Tom Bilyeu?

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• 15:37Tom Bilyeu?

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• 15:50Tom Bilyeu?

  Thanks for sticking around. Let's get right back into the action.

• 15:54Speaker 01

  It seems like this is a common theme with politicians where they get into office promising cuts and benefits for the little guy and the little guy ends up getting screwed out of the transaction. To your point, rich people could just get up and leave and go somewhere else, or they get tax cuts if you're part of the big beautiful bill. But with New York specifically, if somebody did pay into a pension and pension costs are ballooning to then say, "Sorry, we have to cut pensions," that is a slap in the face of the person that paid into it voluntarily. They didn't have it. Same thing with social security. "You guys took it out of my check this entire time. You told me I'll get it later," and now the later comes and you're saying, "Sorry, we don't got it no more."

• 16:31Tom Bilyeu?

  Yes. And that makes you a... unless you're just the one cleaning up the mess, you're a dick. Like, you're the asshole that voted for this stuff that either was economically illiterate and you thusly had no business whatsoever voting for this shit. Get out of office. Train these people. We talk about like, how do we not teach kids about self-esteem and balancing a checkbook and all that stuff in grade school? And yet, we let our lawmakers be economically retarded. It is so crazy, man. It is so crazy. If you want me to vote for you, explain economics to me. If you cannot explain economics, get the fuck out. It is so wild, man. It is so wild. We do not hold people to the same account that I

• 17:16Tom Bilyeu?

  get held to in a fucking deep dive on YouTube. Like, people will come at me for not understanding an economic principle. "Hey, God bless you, each and every one. Make me sharper. Hold me to a higher standard." But you'll fucking elect a democratic socialist who is so economically illiterate. It is the version of somebody... this is a real fucking thing that happened. There was a guy who wanted to invent what is now a parachute. And he was like, "Hey, I've invented this thing. It works. And I'm gonna go up on the Eiffel Tower and I'm gonna jump off and I'm gonna show you that it works." And so he goes up and he's got his like fucking sort of wingy suit parachutey thing. He jumps off and fucking dies when he hits the ground. Okay, that's what these guys do, but they're not the ones that hit the fucking ground.

• 18:02Tom Bilyeu?

  They're the ones going, "Hey, New Yorkers," as I live in a lavish palace with guards and fucking fences and shit. Uh, I've got a cool idea. I'm gonna put you up on the Eiffel Tower, or up on the Empire State Building, since we're in New York. Don't worry, it'll catch you on the way down. Jump! And they just fucking die, one after another, one after another, one after another. And nobody wants to go, "Hey, dipshit, it doesn't work. There are physics." And I just, it is, it is absolutely maddening that we cannot get people to go, "I need to sit down, I need to map out these physics." Because there's like a real thing at play here. But they don't. They are politically minded people. And they are, and listen, I made a big mistake when I got into game development.

• 18:45Tom Bilyeu?

  And I said, "I'm going to deliver a AAA game, and I'm gonna do it in pieces, so that the community can be with me. And I'm gonna be this genius marketer, who uses the building of his game as a way to get players invested in this thing, so by the time it's ready, it's gonna be amazing." And what are all these fools doing that like go underground for seven years, and then fingers crossed, hope and pray? And then I was met with the physics of game development. And I realized, "Oh, the art is the most expensive part of the game. Uh, a lot of your ideas are gonna be terrible, and you won't know that until you put them in the game. So you actually want to do the exact opposite of what I'm doing. You want to wireframe shit, make it ugly, just get it in, lightweight, see if it's actually fun to play,

• 19:29Tom Bilyeu?

  and then, you can make things pretty at the very end." Physics. So I encountered the raw reality of how many pixels can be pushed by a designer, how many pixels can be rendered by a GPU, and I had to adjust. These guys don't fucking adjust! They have so much history, looking back to say, "This doesn't work." And yet they do it anyway. It's maddening.

• 19:56Speaker 01

  Um, a lot of people are saying that the reason why the young people are swinging to socialism, I joked around about it earlier, is they think that it's othering of a economy. "I don't care that you're taxing billionaires, I'm not a billionaire, it's not gonna impact me." "I don't care that you're increasing property taxes, I rent, that's not gonna affect me at all." So there's this othering of the economy, and Kalashi just announced that the US housing market has reached this most unaffordable level in history, ever.

• 20:21Tom Bilyeu?

  Yeah, so on the othering of the economy, people really have to watch how things are playing out in New York right now. Watch how they've played out historically. It doesn't work because the people are mobile, or you just disincentivize them. And I don't think people are being honest about what it takes to get the smartest and best among us to build things, to innovate, to create things that actually drive GDP forward. If you want just like the most shocking history lesson, look at China. Finally, after decades and decades of murdering his own people, starving them to death, Mao finally died. And then Deng Xiaoping takes over. And what was

• 20:59Tom Bilyeu?

  his solution? Literally, let people get rich. And I quote, Deng Xiaoping, the successor to Mao, said, "To get rich is glorious." So the way out of this stuff is to understand that humans have a drive to get better. They have a drive to get ahead. They have a drive to compete and to win. And for a lot of the brightest minds in the world, the competition is in the realm of business. And the way that you make the most money in business is to create something that people want. So you innovate, you build something that's better, cheaper, faster. And it works out well when you have light touch regulation to avoid things like monopolies and regulatory capture is very important to avoid. But when you do that well, like China did, you pull hundreds

• 21:42Tom Bilyeu?

  of millions of people out of poverty. I mean, and rapidly. So it's absolutely extraordinary. However, once you stop understanding that mechanism that you're allowing those people to get rich precisely so they will pull everybody up with them, but you want those workhorses, the people that are excited, they're smart, they're driven, they just want to win. And you get to harness that as a society, but you have to let them run. You have to let them get as far ahead as they're able to get. You have to do it. And as soon as you start disincentivizing them, you get less rich. Now, you have to protect the middle class. Hopefully, you guys know that is like the core of my focus, is making sure that the middle class can thrive. But you're

• 22:24Tom Bilyeu?

  never going to have a middle class if you don't have that top whatever 0.01% that is just psychotic Entire life to build something extraordinary. So let us all be thankful that they exist, but you have to let them run. And so when you're just like, fuck those kids and you want to tax them into oblivion, they just stop being incentivized. And then, as I've said many times, you start clamping down on them, putting restrictions, and then they can't, even if they want to. And then you run into Russia, China, uh,

• 22:56Tom Bilyeu?

  where else? Vietnam, Cambodia, all the places that have run these experiments, and none of them become heavy hitters in the world of progress. So be careful what you wish for. Now, speaking on home prices and what's going on there, to Drew's point, home prices are completely out of control and it is damaging this country massively. In the 1990s, the median American home cost about three times the median household income. Today, today it costs five times. Okay, that is the highest ratio in recorded American history. It's higher than the peak of the 2006 housing bubble,

• 23:39Tom Bilyeu?

  which I hope we can all agree was a catastrophe. But unlike 2006, nobody's calling this a bubble. They're calling it normal. They're, they're not thinking about it. They're, ah, everything's okay. It's not normal. Home prices are going up like 60% just since 2019. The median home now costs $417,000. To qualify for a mortgage on that, you need to earn roughly $127,000 a year. And the bad news is the median household only makes $83,000, which means the average American family is now mathematically locked out of the average American home. It's so simple.

• 24:23Tom Bilyeu?

  You can see it in the math. When you can see it in a spreadsheet, make more homes. A study tracking 95 major housing markets, which they did, across eight countries for 21 years, just published its latest findings. For the first time in the study's history, not a single market was rated as affordable. Not one. Zero. And we are now short just under 5 million homes in the US alone, which is an all-time high, according to Zillow. 8.1 million families are doubling up and sharing homes with people they're not related to, not because they want roommates, but because they can't afford a place of their own.

• 25:06Tom Bilyeu?

  Now, I hope you guys are all asking, how on earth did we get here? And the honest answer is that our policies are designed to make housing go up, not come down, in a world where deficit spending is eroding. The value of every dollar you save, people have piled into real estate as a hedge. You have to. You have to go into some asset. And real estate is the one that people actually understand intuitively. Homeowners right now sit on $35.8 trillion in aggregate equity. They are a massive political constituency. And no politician wants to tell their whole group, the biggest asset that they own, is going to lose value. Trump has said out loud that that's the case.

• 25:51Tom Bilyeu?

  In December, he admitted the two goals are in conflict. In fact, we have a clip. Let the man say it for himself.

• 25:59Speaker 02

  Housing, you talked in your address last night about housing. Are you still considering a national emergency over housing?

• 26:05Speaker 03

  I'm looking at it.

• 26:06Speaker 02

  What would that look like?

• 26:07Speaker 03

  You know, I have two, there's two thoughts on housing. You have a lot of people have housing that because we have such a strong time and such a strong market there, houses are very valuable. It's a big part of their

• 26:20Tom Bilyeu?

  It's called inflation.

• 26:21Speaker 03

  Net worth, their house. I don't want to knock those numbers down because

• 26:25Tom Bilyeu?

  Because they'll stop moving.

• 26:26Speaker 03

  I want them to continue to have a big value for their house. At the same time, I want to make it possible for young people out there and other people to buy housing. In a way, they're at conflict.

• 26:40Tom Bilyeu?

  In a way.

• 26:41Speaker 03

  You create a lot of housing all of a sudden and it drives the housing prices down.

• 26:45Tom Bilyeu?

  Crazy.

• 26:45Speaker 03

  So I want to take care of the people that have houses that have a value to, you know, to their house that they never thought possible, that have sort of made them wealthy and happy and, you know, especially in their later years.

• 26:58Tom Bilyeu?

  Listen, man, there are weird ways you might be able to get both, but the reality is that you've just got to give up on trying to balance these two things and just say, uh, we're going to focus on housing affordability. So his promise to make housing affordable and his promise to protect home values can't be true at the same time. He told his cabinet, I don't want to drive housing prices down. I want to drive housing prices up for people to own them. Don't we all? I get it. But the solution has been to focus on lowering mortgage rates. He directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds. But here's the math. Even if rates drop to an impossibly low 1%, the typical monthly payment would still

• 27:43Tom Bilyeu?

  be higher than it was in 2019. Okay, let that one sit with you for a minute. Rates are not the problem. Supply, supply, that's the problem. And the biggest obstacle to supply is, you guessed it, regulation. The National Association of Home Builders found that regulatory costs, this one made me sick to my stomach, regulatory costs, permits, impact fees, zoning delays, code mandates, they account for nearly 25% of the price of every new single family home and over 40% of the cost of a typical apartment. That's $93,870 per house.

• 28:28Tom Bilyeu?

  Complying with regulations adds an average of six and a half months to every project. And Goldman Sachs found that 60% of residential land in the 240 largest US metro areas is capped at two or three stories by height restrictions alone.

• 28:46Tom Bilyeu?

  This is the part that should drive people nuts. Goldman modeled what happens if you reduce land use regulations in major metros to match the 25% of cities with the fewest restrictions? The result is 2.5 million additional homes in the next decade, eliminating half of the shortage, a little more. We don't need a miracle. We need to get out of the way. Let the market do its thing. Trump's National Economic Council Director Kevin Hassett hinted at this, saying that the administration could reward states that make it easier for people to build. That would be good, but it needs to be way more than a hint. It needs to be the centerpiece of their policy around housing.

• 29:27Tom Bilyeu?

  Because what everybody is dancing around but not saying is you can't make housing affordable without housing prices coming down. It's just supply and demand. Or at least like flattening the increase for long enough for wages to catch up. You're not going to get there by protecting the bubble while tinkering around the edges with interest rates. You get there by flooding the market with supply. You deregulate, cut the permitting timelines, you kill the zoning restrictions that exist for no reason other than to protect incumbents from competition. And you let builders build. Yes, some houses, they are going to flatten out, they may even lose value. That's not a crisis. You're just correcting things, you're getting back to where they should be, the historical norm.

• 30:11Tom Bilyeu?

  The alternative, which is we've already locked an entire generation out, you're working on your second, that is far worse. Housing should not be the core speculation vehicle for those who got in early. It should be a place to live. Houses are a place to live. Let people build. Let people build. And then what happens in the market, happens in the market.

• 30:36Speaker 01

  Yeah, only generation that wants people under them to do worse. It's just boomers took the ladder up.

• 30:43Tom Bilyeu?

  It's interesting, man. I never know how much of that is culture, because I don't know that they even think about it. I think people are very myopic and they don't understand the economy and they just say, "Uh, I did what I was told. I bought a house. This is like my retirement fund and for me to retire, I need this to go up in value." And then they get together in neighborhood groups and they're like, "What will help us go up in value? We've got to keep apartments out, this, that, or the other." Uh, and so they go and lobby because they're old enough and they have a thing to protect. And so they've got an agenda and they go and they lobby. I don't think they're thinking, fuck my kids. I don't want to see my kids do well. I don't think that's what they're thinking at all.

• 31:20Speaker 01

  Yeah, they're telling their kids, stop eating avocado toast so then they'll be able to afford houses.

• 31:23Tom Bilyeu?

  That, I'm sure. And the bad news is they probably mean it. Like even I think about how much my thinking of the economy has changed.

• 31:33Tom Bilyeu?

  It's dramatic. And I've put a ton of time into actually researching and understanding the data and all of that. If you're the average person trying to make ends meet and just please God, let my house go up enough that I can retire by 65, you're just not thinking about it. And that's why we need a government class that does the right thing and not just the expedient thing. Taking a short break, but there's more Impact Theory after. Stay tuned. You're probably paying two salespeople to do one salesperson's job. That's where today's sponsor, Pipe Drive, comes in. An intelligent AI-powered sales CRM loved by growing sales teams. Pipe Drive just launched meeting intelligence built right into the CRM.

• 32:18Tom Bilyeu?

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• 33:05Speaker 04

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• 33:33Tom Bilyeu?

  Thanks for staying tuned. Now, let's get back to it.

• 33:37Speaker 01

  There was a tweet, I didn't pull it up, but it was something along the lines of, everybody, nobody's trying to address the problems that are happening in America. Everybody's just trying to get rich enough so that way the problems don't impact them anymore.

• 33:47Tom Bilyeu?

  Ooh, that's good. That's really good.

• 33:50Speaker 01

  And I feel like that's where we are as a society right now.

• 33:52Tom Bilyeu?

  That's human nature.

• 33:53Speaker 01

  Yeah, I just gotta...

• 33:54Tom Bilyeu?

  Unless you're Japan. Japan really does like, they fuck with honor and things like that. But that's, and that's tough to bake into a culture.

• 34:01Speaker 01

  Yeah.

• 34:02Tom Bilyeu?

  And it apparently also has some weird quirks of its own that that creates. The Japanese are bizarre. I love them. I am a Japanophile.

• 34:11Speaker 01

  I was gonna say, I have mixed feelings, because how you describe the Japanese is different than like the anime Pikachu like fantasy I have in my head right now, like...

• 34:19Tom Bilyeu?

  Which, which is more jarring to you?

• 34:22Speaker 01

  Your depiction, because I go out there and I feel like it's gonna be like, uh, that, um, that movie with, um, the funny white dude, um...

• 34:31Tom Bilyeu?

  I'm so curious to know who this is.

• 34:33Speaker 01

  Who's in Japan with, um, Maya, not Maya Rudolph.

• 34:35Tom Bilyeu?

  Oh, uh, yep, so Lost in Translation, Bill Murray.

• 34:39Speaker 01

  Bill Murray, thank you.

• 34:40Tom Bilyeu?

  The funny white guy, okay.

• 34:41Speaker 01

  You know exactly, he's the funniest.

• 34:43Tom Bilyeu?

  Yep.

• 34:43Speaker 01

  Uh, it's like him and Steve Martin. I feel like they, if you said funny white dude, those are the two you would pop up.

• 34:48Tom Bilyeu?

  Not Seth Rogen.

• 34:50Speaker 01

  He's a stoner, like, white dude.

• 34:52Tom Bilyeu?

  Okay, alright, categories matter, I guess.

• 34:56Speaker 01

  Uh, okay, so it's one of these things where locally, I think America is having an economic problem. Where we are looking at policies and trying to swing the pendulum one way or the another. And then we get into like this Germany story, and it seems like

• 35:11Tom Bilyeu?

  This is wild.

• 35:12Speaker 01

  there's other problems just in, in bigger context. So, I don't know if this is something that can go culture, I don't know if you can set us up, but just reading the headline is just like, I have to be missing something, like, right? Like, this can't be...

• 35:23Tom Bilyeu?

  You wish you were missing something. In Germany, they have literally decided that they are not going to pursue criminals if they look like they might escalate. So, this all started on a train when, the way that Germany works, they've been a high-trust society for so long, post-World War II. As you can imagine, their culture had a major shakeup post- Hitler, where you had, you want to talk truth and reconciliation. So on the other side of that, they become this ultra high trust society with a real skeptical eye looking back at themselves. So they settle down immediately, they get into industry, they turn all of that negative energy into building something wonderful and they end up becoming Europe's strongest economy. It's an absolutely incredible turnaround story.

• 36:05Tom Bilyeu?

  Now, however, they are also caught up in immigration madness and they have this sense that, um, obviously we have a lot of sins to atone for. Our culture's not necessarily better than anybody else's and so we're gonna let anybody come in that wants to come in. And the way that their train system used to work is, for the most part, you didn't even really have to buy a ticket. You'd get caught if somebody came by and said, "Let me check your ticket," but you didn't like put it anywhere. So if you wanted to lie, you could get on the train. But Germans didn't lie for the most part. And so this was like a really, uh, simple thing. Now, it's become a way bigger deal because you get people coming from other countries where they don't act like that. That's not part of their culture. And so there was an immigrant on the train and forgive me, I do not remember where the immigrant was from.

• 36:50Tom Bilyeu?

  Uh, I don't remember. So that immigrant ends up beating the train conductor to death for asking for his ticket. Now, instead of going, "Oh, we obviously can't have that, we've gotta like hammer these people into shape so that everybody knows this is the law and you're gonna follow it." They said to train instructors, "If they look like they're going to escalate, then don't engage them." Think that through. Take that two or three, uh, leaps of cause and effect down the road and what ends up happening? You get grandma who is gonna buy her ticket, uh, and if she doesn't, she's gonna get in

• 37:34Tom Bilyeu?

  trouble because the conductor's gonna go straight to her and say, "Show me your ticket." She doesn't have it, cool, we're gonna press charges, we're gonna file something against her. But if you've got a guy in his twenties who looks like he might throw a punch, you're gonna leave him be, which means you're just gonna let him go, you're not gonna file a report, there's not gonna be any sense that an incident even happened. So what you are saying is, "I'm going to punish the people that are, uh, the most..." Weak and I'm gonna go af- or I'm gonna leave alone the strongest. That is, that is how a society falls. Because now, there's no consequence to the bully. And so what are they gonna do? They're going to make sure that they act threatening, that they look like the kind of person that's going to escalate. Or just actually escalate.

• 38:19Tom Bilyeu?

  Because there aren't consequences for those people. This, this is a level of stupidity that I find intolerable. So here's where I'm just like, weakness is not a virtue, boys and girls. Weakness is not a virtue. Jordan Peterson said something, it's an interpretation of the Bible that I cannot tell you if it's true, but I love this interpretation because it is accurate to the world.

• 38:43Tom Bilyeu?

  If Jordan is right, and the real ancient Greek interpretation of meek was somebody who is an absolute

• 38:53Tom Bilyeu?

  monster with their sword, but keeps their sword sheathed, that is the person who inherits the earth. Because they have the skills to defend themselves. They are capable of great violence. But they become capable of all that precisely so they don't have to use it. So that they don't have to be nervous aggressive. So they don't have to bluff or posture. They can just be calm in a situation because they know if it escalates, they're gonna be able to handle themselves.

• 39:25Tom Bilyeu?

  When you do the reverse, and you say, weak people were coming for you, and strong people, don't worry, we're gonna leave you alone, you create tyrannical monsters. So you have a problem, Germany, and anybody that follows down this path, if you are not prepared to be strong yourself, to eschew weakness yourself, to say, these are the rules. They apply equally to everybody. Germany has a culture. It isn't Nazism. It's whatever we're gonna define it as today. We have laws. We have rules. If you violate those, regardless of your country of origin, including Germany,

• 40:10Tom Bilyeu?

  there will be consequences. Those consequences will be meted out equally. If you don't do that, your society will tear itself apart. History is ripe with examples.

• 40:24Speaker 01

  Yeah, um, suicidal empathy, man. Gad's had a banger when he came up with that theory, man.

• 40:29Tom Bilyeu?

  Suicidal empathy is definitely part of this chain, that's for sure. But that's not what's happening at the level of the train conductor getting beaten to death. That's fear. That's weakness. That's people who are afraid to stand up for what they believe in. They're afraid to say, this is right and this is wrong. I don't give a shit if you were raised in poverty. I don't give a shit if you're dumb as a box of rocks. I don't even care if you're mentally ill. Hard pass. These are the laws and you get thrown in the back of a squad car like everybody else. Whether you're mentally ill or not, whether you're a foreigner or not, it doesn't matter. And seeing some of the stuff coming out of the UK where it's like,

• 41:10Tom Bilyeu?

  people that call out a rapist on social media end up getting longer sentences. This is real, look it up. Get longer sentences than the rapist. That, that is the level of absurdity that I cannot tolerate. Where you have judges that say, well, listen, yes, he raped, but he was stressed out and drinking alcohol because he's an immigrant and you know, it's hard to make that adjustment. I don't give a fuck. Like, that's crazy. That's crazy shit I've ever heard in my life. So those people have to be put away and it's sad that people find themselves in a hard position. It's sad that some people feel pushed to drink. It's sad that some people felt that they had to flee their country. I don't give a shit. These are the rules and you abide by them. Period.

• 41:54Speaker 01

  Um, yeah, crazy. It's a fact though to that. Um, all right. And other things that is making the internet mad, um, let's talk about Joan of Arc.

• 42:05Tom Bilyeu?

  Yeah.

• 42:06Speaker 01

  Um, this is hilarious to me. Um, this is full outrage at a hundred, but I'll let you go first.

• 42:12Tom Bilyeu?

  All right. So zoom in. I don't know her name well. Um, so there was a recent announcement made about an upcoming movie about Joan of Arc. And Mandipa Kabana, who's a young African American woman, or she may be British, I don't know.

• 42:25Speaker 01

  I don't think she's American.

• 42:26Tom Bilyeu?

  Uh, so a young black woman is cast as Joan of Arc. And it's, to be honest, I've never had like beef with race swapping, but I am admittedly, when you're talking about a historical figure, so like James Bond, when I first heard that it might be Idris Elba, I was excited. He's fucking cool as shit. I buy him as somebody that is tough and can fight and yet is good with women. Like, I'm all for that. But when it's a historical figure, being accurate is probably a good idea. But my real beef with this is what are they thinking? Like that moment from a, it will make people come watch your movie, that moment is dead. I'm not even sure it ever existed, but it is as dead as disco now.

• 43:11Tom Bilyeu?

  And I don't know how people did not learn their lesson after Snow White and the Seven Dwarves. That's like the wildest shit ever. So I actually believe in representation. Like I dig that. I remember, so our comic book Neon Future, one of the lead characters is Egyptian. And this woman brought her mixed race daughter up and she was like, oh my God, my daughter sees herself in this character. This is so cool. Thank you so much. And legitimately, the little girl was standing there and she was so excited. I was like, fuck, that's dope. I didn't even think about that when we made the character. It was just dope. So I get why people want to see themselves reflected back. However, when you focus on anything other than just telling an awesome story,

• 43:54Tom Bilyeu?

  when the agenda ends up eclipsing the narrative that hopefully you're trying to tell, like not to make everything about One Piece, but if you watch One Piece, my favorite character is, and I mean, listen, he's very light skinned. I'll be the first to admit, but is Usopp, who is black. I don't give a shit that he doesn't share my skin color. That is whatever to me. It's what does that character represent? What is the moral of the story? What is the emotional journey that they take me on? And so the film industry is in so much trouble right now. I do not know what they're thinking doing something like this. At this point, they're just trying to like intentionally poke the bear. I don't know. I'm not sure what the game plan is.

• 44:34Speaker 01

  Let's start in 1956. The Ten Commandments was played by Charlton Heston. No disrespect to Charlton Heston, amazing actor. Nobody in this room can tell me that this guy's from Egypt.

• 44:50Speaker 01

  Recently, in 2014, Exodus, Gods and Kings. I love Christian Bale, best Batman, fight me in the comments. Nobody can tell me this guy is Egyptian. And I'll go even further back, our Lord and Savior, Jesus Christ. Nobody can tell me that guy was born in Jerusalem. And everybody knows the picture, I'm not bringing it up because I'm not going to perpetuate that stereotype.

• 45:11Tom Bilyeu?

  Wait, which one? I don't understand this drama.

• 45:12Speaker 01

  The Jesus type, the Jesus picture is made after Caesar Borgia and not actually Jesus.

• 45:18Tom Bilyeu?

  Oh, oh, oh. People think that the classic depiction of him almost blonde.

• 45:21Speaker 01

  People think that this blonde, blue haired guy was born in Jerusalem. I don't think that, I don't think that's true either. So it seems that, that's one thing. We've been race switching since the beginning of time.

• 45:33Tom Bilyeu?

  Right.

• 45:33Speaker 01

  Literally the beginning of time, since 00, we've been race switching as soon as we can. Um, now it's a problem. But I think that this is something that's even more interesting is the juxtaposition of historical figures. Everybody loves Martin Luther King now, but when Martin Luther King was around, the CIA killed him. Or was it FBI? I don't know, either way, the government took him out.

• 45:50Tom Bilyeu?

  FBI.

• 45:51Speaker 01

  Um, the people that are revolutionaries in this time wouldn't look like what we think they would look like. A great example I would put, right, I have this real, really weird script idea. That if I were to reboot Batman, I would make, um, like Batman Beyond, like high school version of Batman. And I would make Joker a school shooter. Because that is the worst type of criminal that would impact us in a way that would make us uncomfortable. Those are the type.

• 46:16Tom Bilyeu?

  You're gonna make the Joker trans?

• 46:17Speaker 01

  Uh, you're trolling. I would make him Jaden Smith, I feel like he would be a perfect Joker.

• 46:21Tom Bilyeu?

  Interesting.

• 46:22Speaker 01

  Yes.

• 46:23Tom Bilyeu?

  Feels like a story there, but.

• 46:24Speaker 01

  Yes, like with green hair and everything, like I feel like that would be what he would look like and he would be a school shooter. That's uncomfortable, that's a bad guy, that's somebody that we can't get along with. For some reason, we want these revolutionary figures, if they were to be reimagined today. Joan of Arc wouldn't be a literally white, white woman because literally white, white women can do what they want in American society naturally. It would have to be somebody that is from a different culture to make that juxtaposition that what Joan of Arc had back then was. Now, back then, there was, uh, what Peter Zeihan was talking about, there was the Italians versus the Germans versus the British. So that she was the, uh, marginalized figure in that society.

• 46:59Speaker 01

  Society, even though all their skin colors were the same. But now if we were to reboot it and use this new Western lens of racism and things like that, it would have to be somebody that's a bit different.

• 47:08Tom Bilyeu?

  That's actually, I, that is very insightful. I like that a lot. The, where you get into trouble is when you call her Joan of Arc. If you were making like a spiritual successor and you were showing that, listen, the reason that worked is women were so outside of this, that for her to come into this was like pure madness and that's why it worked. We want to capture that. We want something that a modern audience, ah, the much despised phrase. But we want something that a modern audience would look at this and feel the same kind of discomfort of like, whoa, what is that person trying to do getting into this group? That's really interesting. Telling it as a historical tale, I think you're begging for pain and suffering.

• 47:50Speaker 01

  Yeah, but of course, people just, uh, what is it, black fatigues? Every time somebody sees something and they just need an excuse to be mad, they just take it. So, God bless you. You, you're right, Elon, don't cast her, don't watch the movie. It's gonna tank probably because Hollywood's running out of ideas anyway. So it's one of those things, but yeah, that's, that's all, that's how I feel about Joan of Arc.

• 48:09Tom Bilyeu?

  That was good. That's actually really insightful about what she would have meant as an archetype. The very thing that made her sticky isn't going to be on the surface, not going to be the same thing today. It's interesting. Um, nonetheless, my advice, dear Hollywood, is uh, get rid of the agenda. Take a note from the Japanese playbook. If you want to understand how to tell stories well, pay attention to what the Japanese are doing. It is absolutely extraordinary. It's all about a glimpse into the human condition. The reason that, what I like about Drew's pitch is it's getting to the insight that made her sticky in the first place. Somebody who was probably schizophrenic, but they were called by God

• 48:46Tom Bilyeu?

  and were willing to step so far outside of the normal um, setup of society as to be remembered. And then I don't know the story super well, but she must have done something well enough to get people to allow her to do that. And so talking about that, like what does it mean to uh, To all of us as humans, what is the moral that you want us to take away from? Not like the surface bullshit. The Japanese are extraordinarily good at that. Um, I just had a tweet blow up on X where I said, uh, that One Piece is, I'm 400 episodes into One Piece and it is extraordinary, on par with Harry Potter. If you have kids of appropriate age, this is a must.

• 49:30Tom Bilyeu?

  And it blew up. And that's because the storytelling is unbelievably good. All of the characters represent an archetype that will remind you of an element of yourself. You will see yourself in like all these different, um, moments and beats, things that you want to make sure you never do, things that you aspire to be. It's really, really incredible. Um, but the message is like this really timeless sense of, if my child were going to simply adopt all of the morality in this story, would they be better for it? Would society be better for it? And right now, certainly with One Piece, the answer is yes. There are plenty of stories like that. Harry Potter is another one, which is why I drew the parallel.

• 50:14Tom Bilyeu?

  Um, another one where I'm like, yeah, you can just look at how complex those kids are. They don't always get things right. Um, but in terms of what the story venerates, it is things that you would want your kids to imbue. So, yeah, check it out. The Japanese are like S tier.

• 50:32Speaker 01

  Somebody said, uh, it should be Joan of Arc, Kansas, like Arkansas, but Arc, Kansas.

• 50:37Tom Bilyeu?

  Nice.

• 50:38Speaker 01

  Did y'all see that, uh, video, uh, why is this not Arc, Kansas? The immigrant lady who was looking at the map? Oh, it's so funny. I'll put it up.

• 50:44Tom Bilyeu?

  That's real?

• 50:45Speaker 01

  I'll bring it up for Friday.

• 50:46Tom Bilyeu?

  That's hilarious.

• 50:47Speaker 01

  I'll bring it up for Friday. It was good. Um, okay, um, tinfoil hats, everybody.

• 50:50Tom Bilyeu?

  Let's go. Put them on.

• 50:51Speaker 01

  It's my favorite time. Okay. So we're gonna go baby stepping in. You know, we're gonna talk about the files, but I want to start somewhere else. Uh, cause we talked about this story on Monday and it's been gaining steam ever since. Um, 13 workers left Palantir and issued this statement. Palantir is increasingly complicit, normalizing authoritarianism under the guise of a revolution led by oligarchs. We must resist this trend. And this is on the back of Anthropic being labeled as a Security threat because they wouldn't let um they were complaining that Palantir wanted to use their um tech to do everything and they wanted some safety guards there.

• 51:26Tom Bilyeu?

  Yeah, and they didn't. So basically, you have Anthropic saying, there are some things I don't want you to weaponize using our tech. And then the Pentagon saying, no, no, no, we don't want limits on this.

• 51:37Speaker 01

  Yeah.

• 51:38Tom Bilyeu?

  So and in fact, the Department of War.

• 51:41Speaker 01

  Yeah.

• 51:41Tom Bilyeu?

  Going to these companies and saying, we want more control. Yeah, that one made me nervous.

• 51:45Speaker 01

  No, but there's a very specific language that they're using. They're trying to call it a supply chain risk, which would tank the company because then any other government contractor wouldn't be able to have a contract with Claude.

• 51:56Tom Bilyeu?

  Do you see how smooth like these guys are?

• 51:59Speaker 01

  It's crazy.

• 52:00Tom Bilyeu?

  Bro, there are really smart people in power that will come up with the most clever insane stuff. If ever I want to be tempted to lose hope, I think about how smart and evil some people are and they'll find a way to shut almost anything down. It it is crazy. When people were like, um, Trump might run for a third term, we've got our lawyers on it. I was like, wait, the Constitution says very clearly, and they're like, but what do they mean by term? And you're like, hold the fucking phone. Like, at some point, we've got to admit the words have meaning. That there is a shared sense of what it means to say they can only serve two fucking terms. I don't care what kind of weird twist it. No, hard pass.

• 52:46Tom Bilyeu?

  So, yeah, you got really smart people. God bless them. I am very glad that they are on our side. And at the same time, man, ooh, do they need checks and balances? Remember, I'm the guy who's glad that there are checks and balances on me. I'm the guy who, at a company, where I could be just a psychotic dictator, I'm like, hey, I want people to tell me what I'm doing wrong. Like, don't climb up, don't be afraid. I want to know, please tell me, because I know I'm blind to something and I don't know what it is. I'm blind to it. So I need other people to tell me, okay? So I put my money where my mouth is on this one. And when you get people who are so convinced of their rightness, their intelligence, all that, that they don't want a check and balance on them.

• 53:28Tom Bilyeu?

  Now, remember, the thing I know is that I will, I need a check and balance when I'm at my most convinced. When I'm like, no, this is right. This is just.

• 53:41Tom Bilyeu?

  I'm glad I exist in a system with checks and balances because man, history is replete with people who are just so sure they were right and they drove their entire nation off a cliff. So yeah, even though like take voter ID.

• 53:59Tom Bilyeu?

  It is self evident to me that we need voter ID in a way that makes me want to jump up, bang tables, yell, scream, and maybe I'll do all of that. But what I won't do is say, get rid of the filibuster. Because not only do I not want the other side to have checks against them, I want to make sure I have checks against me. So if I can't win people over with the argumentation, we have a problem. So yeah, people are, they are not thinking clearly. If they think they actually see the world as it is, they do not.

• 54:29Speaker 01

  And if you want to hear Tom's take about voter ID, please check out the deep dive that came out on Tuesday.

• 54:32Tom Bilyeu?

  Yes, for it is good.

• 54:35Speaker 01

  Uh, okay, but I know age of abundance, Peter Diamantis is going to give everybody a million dollars and we're all going to be happy. But AI does have safety implications and we do have to have an honest conversation on the government, man. Like I don't, we don't trust the government with our money. We don't trust the government with regulations. I don't really want to trust the government with AI.

• 54:56Tom Bilyeu?

  Yep, too bad you have to.

• 54:58Speaker 01

  Too bad.

• 54:59Tom Bilyeu?

  I mean, not that you have to trust the government because they're going to try to fuck it up.

• 55:01Speaker 01

  But think about like Anthropic, if you're Dario, like in this situation, it's a shitty situation to be in and it sucks that you have to have this conversation, but there is like a no government, you shouldn't have this versus let me bend the knee because at least it's America.

• 55:14Tom Bilyeu?

  Yeah, they'll also find the one that's going to let them do it. So this is why I don't want to go down that road because the realities are always different than the ideology. And so, listen, would we respect Dario and then immediately forget him if he refused to bend the knee? And then his company poof, doesn't exist anymore? We'd all be like, yo, that guy like, you know, people don't talk about Dario enough, but he be gone, company be gone, all the money be lost and they would just move on to the next person that's going to do it. And I don't want to be in that position. So I'll stay well the hell away from all of that. But yeah, the, here's the reality.

• 55:52Tom Bilyeu?

  Dear boys and girls, remember you're mad at God and for whatever reason, God has seen fit to make game theory real. And game theory says, any technology that promises an advantage will get developed. Even if we believe that we're going to ignite the entire atmosphere and kill everything on earth. We've already proven it. We did it. We knew that there was a non-zero chance that we lit the entire atmosphere on fire and killed every living thing, plants, everything, when we did the first atomic bomb test. But we still did it. And so that's one where I'm just not going to waste any energy on saying, we need to stop or slow down. It won't work. Because if you tell me that you're the country that's

• 56:34Tom Bilyeu?

  slowing down, then I become the country that speeds up. Because that's how I'm going to get an advantage. That's how I'm going to pull past you. And so it doesn't need to be China. It could be North Korea, right? And there's somebody out there that's very smart and evil, or just a sociopath. And so they don't care about anybody else. And North Korea is promising them, you know, a billion dollars or whatever, or all the sex slaves that they can enjoy if they come to North Korea and help them develop a bomb, and someone will do it. So, in this case, obviously, I'm talking about AI, not bombs. But they already have bombs. So, that just is what it is. And so now, it's like, okay, how do we put guardrails around this stuff? How do we try to make it as safe as possible

• 57:18Tom Bilyeu?

  without slowing ourselves down? That's the only play. And I know I'm super defeatist on that. And there are people in my life that hate that that's how I parse the world. But remember, I'm trying to make contact with reality, and spend as little time as possible wasting time on something that just isn't, it's not real. It's not in alignment with the way the human mind works. That's one of them. We need safeguards. But if your attempt to put safeguards is just to slow us down, it won't work. Because my slows down here in the US.

• 57:48Speaker 01

  Yeah, but other countries will keep going.

• 57:49Tom Bilyeu?

  Because keep in mind, right now, China, Russia are sending boats to Iran and saying, hey, we want to be a player on the international field. We want to also patrol the seas. And so we're going to do things our way. These are not countries that are like, oh, we're perfectly happy for America to be in pole position. They hear, oh, America's going to regulate themselves like the dumbasses in Europe. Say less, fam, we got you. And they just go ham.

• 58:19Speaker 01

  Yeah, um, all right, next, um, so remember that was the tinfoil hat. Now I got like a tinfoil scully like the, I got one of those like a shysties.

• 58:30Speaker 01

  Israeli producer Dana Eden was found dead on Monday, February 16th in her hotel room in Athens.

• 58:35Tom Bilyeu?

  I've taken my tinfoil hat off.

• 58:38Speaker 01

  It's off right now?

• 58:39Tom Bilyeu?

  It's off. The second I read this, I was like, oh, Iran had her killed.

• 58:44Tom Bilyeu?

  I was like, I don't have to be convinced.

• 58:45Speaker 01

  I don't need a tinfoil hat for this.

• 58:46Tom Bilyeu?

  I don't need a tinfoil hat for this one. I was like, oh, yeah, like damn, going to Greece was not the play. So, yep, that's wild.

• 58:55Speaker 01

  Sheesh.

• 58:56Tom Bilyeu?

  Now, obviously, I don't know that I'm right, but on this one, my mental model updated instantly. I was like, Iran got her. Got her.

• 59:04Speaker 01

  Yeah, I, I feel like it's one of those things that just kinda, I'm looking around like, uh, yeah.

• 59:11Speaker 01

  Yeah.

• 59:11Tom Bilyeu?

  Dude, international countries, they, they just kill. America kills. We kill. China kills. Iran kills.

• 59:19Speaker 01

  We just do it over there. We don't do it here.

• 59:22Tom Bilyeu?

  Oh shit.

• 59:22Speaker 01

  And since she was over there.

• 59:23Tom Bilyeu?

  Didn't you just say the FBI killed Martin Luther King?

• 59:27Speaker 01

  Yeah.

• 59:27Tom Bilyeu?

  We kill everywhere.

• 59:28Speaker 01

  Yeah, we do kill.

• 59:29Tom Bilyeu?

  So, bad news for everybody. Bad news. So, yeah, I'm not saying I want this to happen. It's terrible. Terrible. But will I be surprised if that one comes true? No. This is, seeing this was how I felt when it came out that, um, George Michael was gay. I was like, people thought he was straight? I was so like, I was like, what? I had no idea he was closeted legitimately. So when it comes out, news story, oh my God, uh, George Michael's gay. I was like, obviously, I literally had no idea it was meant to be a secret. So, this is how I feel about, did Iran do it? Yes. Yes. Now.

• 1:00:12Speaker 01

  Obviously.

• 1:00:12Tom Bilyeu?

  Obviously.

• 1:00:13Speaker 01

  Obviously.

• 1:00:14Tom Bilyeu?

  You can't do a show called Tehran about Iran being bad. Can't do it. Sorry. I mean, you, if it, if it tanks in the ratings, maybe.

• 1:00:21Speaker 01

  I'm, I'm, no, you can just make sure you stay in Israel when you do it.

• 1:00:27Speaker 01

  All right, next. New Mexico unanimously approves a comprehensive probe of Epstein's Zorro Ranch. They start tomorrow morning with a budget of $2 million. The truth will come out. I like this, but the announcement makes me feel very iffy because like a magician, I feel like they're like, hey, everybody tomorrow, $2 million, we're going to spend it. And it's going to take two weeks of approvals and government green tape. And there's going to be a whole bunch of mismatch colored grass in the backyard. Um, when they get finally get there, so.

• 1:00:59Tom Bilyeu?

  Yeah. Well, so there's a lot of problems with this because they didn't investigate it immediately, which means they've had a ton of time to see all the pressure building up. And if you know that there are, um, literal bones buried, you start going, we got to get rid of this. Now, if you're really smart, you do something like you go, you, uh, get rid of all the evidence. You then bring in cadaver dogs and you have them go around and see if they alert anywhere. And then the only remaining thing would be, can you, using this technology, see that I dug a given area up? And then what do I have to do to like blend that into the rest? Like you'd have to go like pretty ham, but if you've been burying kids, you're going to go pretty far.

• 1:01:44Tom Bilyeu?

  If you're like this ultra evil wealthy cabal, bro, you spare no expense. So keep in mind that a Hollywood studio can make something look worn. Like these are not like, you're not going to roll up and be like, well, it's freshly done. So obviously we have a problem. You could make it look like it's been there forever. So, yeah, that one, I would say, uh, I'll keep my tinfoil hat on because it's one of those where I don't know now if you could show me any data that I would believe that, oh, I guess there really nothing happened. You could show me data that made me go, there's nothing there now, but I'm building a mental model that's just like, uh, Epstein was?

• 1:02:27Tom Bilyeu?

  And then it's like a Mad Lib, no matter what you fill in that blank, I'm like, yup. Polly, Polly. So, yeah, I just, I don't know what you would say at this point.

• 1:02:36Speaker 01

  Uh, shout out to Yellow Night Nine. I missed this when we were talking about the, uh, Tehran producer. He says she should have stayed in Tel Aviv and played Fortnite with Epstein.

• 1:02:45Tom Bilyeu?

  Damn.

• 1:02:46Speaker 01

  Um, she would have been safer. Well done, Yellow Night. Well done.

• 1:02:51Speaker 01

  Uh, okay. Um, this one is how you felt about Tehran is how I feel about this next one. Um, I missed it. I missed it. Here we go. Um.

• 1:03:01Tom Bilyeu?

  Really?

• 1:03:02Speaker 01

  It's just a complete coincidence that I got all the files from 95 to 99. None of the files until 2001 and then all the files by the end of two, like 22 to like 05.

• 1:03:14Tom Bilyeu?

  This, this one is.

• 1:03:16Speaker 01

  It's a convenient gap.

• 1:03:18Tom Bilyeu?

  The number of times I've seen something like this where you can tell a story that seems very damning. And then you get into the details and it's not, but I will say. When you see building seven fall, you're like, why'd that one fall? I don't get it. Like it was already weird that the towers fell, but okay. Like, I mean, you really like the tops are gonna be pretty damn heavy and so, fine. I accept that, but why did seven fall again? Now, listen, there might be people that know structure and they're like, oh God, these idiots. Like, how many times do I have to explain this? This is like so self-evident. But that one was never hit by a plane. It was never hit by a plane.

• 1:03:59Tom Bilyeu?

  And then, um, just to yesterday, today or yesterday, Brett, oh, there we go. There it is. Boys and girls, this is crazy. So, look at your screens.

• 1:04:08Speaker 01

  What we are witnessing is the wearing off of the blue pill. The matrix is becoming visible. It will soon be common knowledge, the default assumption. Unfortunately, that alone does not destroy its control. We will have to do that. Welcome to the Nebuchadnezzar.

• 1:04:20Tom Bilyeu?

  Oh man, I hope people get that reference. Okay. And then he put out another tweet that basically said, okay. Um, let's lay out a hypothesis here. That, and he obviously doesn't know this to be true. Oh, literally. Here we go.

• 1:04:34Speaker 01

  Hypothesis, World Trade Center seven was supposed to be hit by UA Flight 93.

• 1:04:39Tom Bilyeu?

  The one that was taken over by people on the plane and they then crashed it into a field.

• 1:04:44Speaker 01

  And its collapse was intended to destroy evidence of many elite crimes, including 9/11 itself. The destruction of Flight 93 instead rendered the collapse of World Trade Center seven, the smoking gun of 9/11.

• 1:04:56Tom Bilyeu?

  Now. Brett is very careful when he uses the word hypothesis. He's the one that taught me the difference between a hypothesis and a thesis. So a hypothesis is your best guess. You don't know that it's true. You haven't scrutinized it enough. Um, and so that is, I think, he, he uses those words extremely intentionally. So he is saying, this is a guess. I don't know that this is true, um, but there's something here worth exploring.

• 1:05:24Speaker 01

  U A ninety three was the one where the passengers revolted and ended up crashing in the field, right? Okay.

• 1:05:28Tom Bilyeu?

  Such a cool story. I remember dude, for at least a year after nine 11, I refused to sleep on planes. And when I say, I was like, I, I'll die, obviously, if people have hijacked the plane, but I'm going to die with a fist full of eyeballs. Like, there's no way I'm going quietly. I will come scratch fucking faces, gauze out eyes, rip your nuts, literally whatever. And I just sat on planes like constantly like, who's the motherfucker on this plane?

• 1:05:58Speaker 01

  You're patting down everybody? Hey, hey, hey, did you go through the scanner? I don't know.

• 1:06:01Tom Bilyeu?

  I was like.

• 1:06:02Speaker 01

  Excuse me, sir, tortoise.

• 1:06:03Tom Bilyeu?

  You can, you can double screen me. You can empty my bag. I don't give a fuck. Like I, I am here to get somebody on this plane. I was a literal psychopath. Nobody was above reproach. You're a 92 year old woman. Ah, doesn't matter. I'm on you. Like I was waiting for somebody to make a move because I was so inspired by these guys. Now, obviously give me exactly zero credit for tough talk in my own mind, but these guys really did it.

• 1:06:32Speaker 01

  Yeah.

• 1:06:32Tom Bilyeu?

  That is like, when you hear, hey, other planes have crashed in and you know, okay, that's what's going on and they have the fucking balls to walk up and take those guys on. That's my kind of person. I aspire to be that kind of person who's like, yeah, I'm not going quietly. Fuck.

• 1:06:49Speaker 01

  So where was World Trade Center seven in New York too?

• 1:06:51Tom Bilyeu?

  Yeah, it's right by. I mean, they're very close.

• 1:06:53Speaker 01

  Got it, got it, got it, got it.

• 1:06:55Tom Bilyeu?

  It's far enough that when you look on a map, you're like, what? Like if somebody were just telling you, hey, this building was hit by a plane. This building was hit by a plane. Which buildings collapsed? You wouldn't go, well, that one's probably at the highest risk. You'd never say that.

• 1:07:10Speaker 01

  Uh.

• 1:07:11Tom Bilyeu?

  So, or at least not a layperson. Again, somebody who knows structures and all that stuff may have been like, no, no, no, that really because this thing hit it, whatever. But it's always seemed super weird. But honestly, I just couldn't allow myself to believe. That people planted bombs inside of the World Trade? Like, it just seemed like, no, no, no, there's no way. The government can't coordinate like that. I don't buy it. So, we'll see, man. It's worth exploring.

• 1:07:39Speaker 01

  Thank you for everybody who participated in the poll we did. Are you surprised that AI is being used to normalize authoritarianism? Eighty-six percent said no, fourteen percent said yes. So, thank you to the naive fourteen percent. It's people like you, we need that, still believe in sunshine and rainbows.

• 1:07:54Speaker 01

  Next poll. Was it an inside job? Allegedly. And I don't know what it is. I'm talking about the clown that lives in the sewer. I'm not suicidal.

• 1:08:06Tom Bilyeu?

  Yeah.

• 1:08:07Speaker 01

  I have a daughter, please, guys.

• 1:08:08Tom Bilyeu?

  Man, it'll be interesting to see if we ever get anything, like even twenty years from now, if we get like, real insights into nine eleven. The, the thing that I think about that should cause criminals to lose sleep is AI is gonna be able to like, sort through things and find patterns that have just been able to evade people for so long, because it's just so much data. And it's not so much data for AI. So, they're gonna be able to put that stuff together.

• 1:08:36Speaker 01

  Hey, man, AI already didn't let you look through the Epstein files. I think they're already a nine eleven filter they done put on that thing.

• 1:08:42Tom Bilyeu?

  Yes, however, I think if you give it another like, six months, I think some of the stuff that's gonna come out, right now, there is a kid deep in autism who is just combing through those files, using AI, writing scripts, all that stuff. You've got the people that are making it so that you can see through the redactions. I didn't know if I wanted to talk about this, but if, there was a guy who posted saying, if you change the file extension from PDF to MP4, that you can see like, all these crazy videos that got released. So, I think you're gonna see more and more and more of that as people draw webs of connections.

• 1:09:19Speaker 01

  Yeah, there was one that was ridiculous. When I tell you, it's literally the worst of the worst.

• 1:09:26Tom Bilyeu?

  Videos?

• 1:09:27Speaker 01

  Yes.

• 1:09:27Tom Bilyeu?

  I can't see, that's why I didn't wanna watch it.

• 1:09:29Speaker 01

  It was like, it was a screenshot and they redacted it, but... It was bad. It was bad. And that's why I was just like, okay, I'm gonna get mad all over again.

• 1:09:38Tom Bilyeu?

  There are some things you can't unsee. So, hard pass.

• 1:09:41Speaker 01

  Yeah. I'm putting this in conspiracies corner, because it's all alleged. And again, I don't have Tom money, so I can't fight the US government. So allegedly, allegedly, allegedly. But Ted Lieu is starting his impeachment campaign, saying that they did implicate Trump on, through the Epstein files.

• 1:10:01Speaker 05

  So why are Republicans so interested in Bill Hillary Clinton? It's because they're trying to distract from the fact that Donald Trump is in the Epstein files thousands and thousands of times. In those files, there's highly disturbing allegations of Donald Trump raping children, of Donald Trump threatening to kill children. So I encourage your press to go look at these allegations. And I'm highly disturbed that Deputy Attorney General Todd Blanch just got the law wrong. Yesterday, he said, essentially, that it is not a crime to party with Jeffrey Epstein.

• 1:10:41Speaker 05

  Well, that's actually not correct. If Jeffrey Epstein was human trafficking minors for these sex parties, and you show up and patronize the establishment at that party, yes, you're guilty, because patronizing is part of the law of the federal.

• 1:11:02Tom Bilyeu?

  Here's what I want to know. How are the, how is the Trump administration and the DOJ gonna get around the fact that Congress passed a law, and they either have or have not lived up to the letter of the law? And the way that they're acting is like, it wasn't Congress that passed the law. This wasn't an executive order, man. This was Congress passed a law. So I don't know what they're thinking. I'll be surprised if they don't, if Congress doesn't like continue to press this. I mean, I guess it's up to all of us. Like, we've got to be sweating the lawmakers enough that they're like, oh shit, this really isn't going away. Because, bro, if we've, okay, so first of all, people are saying, bro, it's not 6 million files,

• 1:11:46Tom Bilyeu?

  it's 100 million files. 6 million was already like, now, these are claims, so who knows? But it's like, 6 million was already a ridiculous redaction. 3.5 is slap in the face. So it's like, ah, what? Like, if that's really true, lawmakers should be losing their minds. Because if this is some small fraction, like if this is really less than 10 or 20% of the files. Ooh, buddy. Ooh, buddy.

• 1:12:17Speaker 01

  Yeah, Marjorie Taylor Greene, who is co-opting all of us, that's a psy-op. She was the one that kind of banged the drum that was like, patriots were mad that we were getting 3% tax on our taxes and we revolted, we held our parties accountable, we took down our leaders. We need to do the same thing. Again, it's not a left or a right thing, it's an accountability thing. And we need to start realizing that our vote is important, our our participation in society is important. Everybody's calling us consumers because they just think we're just this assumed bug that's going to just eat the thing that they throw on the floor. But there is individual rights, there is individual sovereignty, we do have rights. And we haven't had our amendments taken away yet. So we do need to realize that we need to hold all of our leaders accountable.

• 1:13:00Speaker 01

  So if Trump is free, then cool. What about Howard Luttnick? Maybe somebody needs to be held accountable on the administration, people that were there. Again, we're seeing it internationally, we're seeing it in the private sector where people are stepping down left and right. And eventually, like, somebody in the Senate is going to have to step down, somebody in the House of Representatives is going to have to step down, somebody in the White House is going to have to step down, cabinet or not. So.

• 1:13:22Tom Bilyeu?

  Yeah, yeah, it's. So I think what you're seeing is some math equation between how connected you are and how obvious your, like, problem in the Epstein files is. So if you have low connection and high, like, visibility in the Epstein files where you said, like, a thing that can be taken like a really bad way, you're toast.

• 1:13:44Speaker 01

  Uncle Jeff?

• 1:13:45Tom Bilyeu?

  So Uncle Jeff, that's a good one. So very, very high. Plus, she, like, was, I think, in the Epstein files as one of the highest individuals, like, in terms of just raw count. Hopefully, I'm not misremembering that. But so somebody like Peter Attia, where he's like.

• 1:14:03Tom Bilyeu?

  I will be surprised if it comes out that he's like hobnobbing at all the parties and stuff like that, but the things that are in the emails are, they just sound god awful. They sound so incriminating. And I imagine he's not as connected as some of these politicians. So low connection and then your emails just sound fucking terrible. Toast. The woman, I forget her name, the one that you're referencing, who was at, what's she called Goldman Sachs? Thank you. Very connected. She was Obama's like top lawyer when he was in office. So in Goldman Sachs, obviously super connected. But ooh buddy, if you're going to be the number one person in

• 1:14:43Tom Bilyeu?

  the Epstein files and you're calling him uncle, ah, like, okay, now you've got a law firm that's just like, bro, maybe you're going to be fine in a few years, just lay low, but right now, today, you gotta go. Like you're bringing way too much heat. And so there's going to be some equation like that because is Howard Luttnick going anywhere?

• 1:15:02Tom Bilyeu?

  I doubt it, man. I doubt it.

• 1:15:05Speaker 01

  He had a senate hearing. He sat in front. He answered the questions, said it was lunch. It was his neighbor. That's how they met. He went to the Epstein island one time, but it was with his wife and his kids and it was PG. Luttnick goes to Epstein.

• 1:15:18Tom Bilyeu?

  Maybe, maybe that's really true. But he's so connected that it almost doesn't matter. Right? It's like, uh, that one's gonna be tough. Trump, you have a question mark on him. If he's out of power and they decide that they're going to go after him because they think he's still influential in the Republican Party, then yes, he might just because there's going to be so much aggression. Like that's the thing that scares me is the presidency is existential for him.

• 1:15:48Tom Bilyeu?

  If a Republican doesn't win in 2028,

• 1:15:53Tom Bilyeu?

  his only hope is that it's like, well, he's gone now. And so we'll leave well enough alone.

• 1:16:00Tom Bilyeu?

  But I don't know, man. I have a feeling people are going to gun for him. So it's like now you're backing somebody into a corner where it's like, he needs the protection. He needs to be inside. And so people backed into a corner tend to do dicey stuff.

• 1:16:13Speaker 01

  Very, very true. Like excavating a New Mexico property before they get there. Um, thank you for everybody who answered the poll. Was it the clown movie, an inside job? 81% says yes. Stay away from the sewers, everybody.

• 1:16:27Tom Bilyeu?

  Wow. So hold on a second. Everybody knew the spirit of that was was nine eleven an inside job and eighty one percent say yes. That is crazy.

• 1:16:36Speaker 01

  I'm talking about a clown.

• 1:16:37Tom Bilyeu?

  I I'm talking about nine eleven. So come after me and leave poor Drew alone. But I am, uh, I'm shocked by that. Wow. Okay, I didn't expect that. I'm gonna be honest.

• 1:16:48Speaker 01

  The conspiracy, uh, the tinfoil hats. We need to make a merch line for that. It's starting to catch on. It's starting to catch on.

• 1:16:54Tom Bilyeu?

  Wow, that's wild. I'm really shocked by that. And maybe because I'm like, you would have been pretty young during nine eleven despite being fifty three now. Whereas I was like smack bang in my mid twenties when that happened. So this is like, I remember this well. And for everybody to now flip over to this as an inside job. There was a brief moment when it happened where it there was like this thing called pocket change. So look it up really fast. It's, um, it was a very interesting like micro documentary in the early days of YouTube. And I remember watching it going, whoa.

• 1:17:31Speaker 01

  Loose change?

• 1:17:32Tom Bilyeu?

  Uh, loose change, yeah. And, um, it, I was like, holy cow, like this is crazy. But then I was like, there's no way. And so I just sort of let go of it. But, um, it makes a very compelling case that it was not at all what we thought. So anyway.

• 1:17:50Speaker 01

  I know we talked about this earlier. Um, if you don't mind, Mason, if we could drop one, the Discord chat, um, get in the Discord, drop some links, drop some memes. Um, we're building out that finance channel. Thank you, guys. There's been like an active community giving us quotes and stuff. So thank you for doing that. And then on the other hand, um, zero to founder. AI is eating the world and people need to get on it. So.

• 1:18:09Tom Bilyeu?

  Yeah, for real. So, uh, we're putting a ton of eggs into the basket of helping upstart entrepreneurs. Again, moving our assets away from dealing with high end businesses, despite how lucrative it is in terms of the impact that I want to have on the world. Uh, I think this generation is going to be really, really big. Uh, I know a lot of you listening are going to fall into this camp where either you have job insecurity. Uh, you know that the company you're at is going to reduce workforce at some point. So either being the last one standing. Your company will be able to help you with that or just outright wanting to start your own company, even if it's just to do the job you're already doing. But as a solopreneur, make sure you sign up for Zero to Founder. We'll drop the link in the chat. I really think it's,

• 1:18:52Tom Bilyeu?

  it's become something pretty extraordinary. So we will help you on that journey. All right, everybody. That's it for today. We will see you again on Friday. Until next time, my friends, be legendary. Take care. Peace. Let's talk about a pattern that is guaranteed to be killing your progress. You know what you need to do. You need consistent nutrition. We all do. You need vitamins, probiotics, greens. We all know that we should be doing more of it. When your morning gets chaotic, you skip it. When you travel, you skip it. When your routine breaks, everything tends to break and that inconsistency compounds against you every single day. AG1 is designed to solve the execution problem. One scoop, eight ounces of water, and you're done. You're getting 75 plus

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