Inflated GDP?, Google earnings, How the media lost trust, Rogan/Trump search controversy, Election!

the unrealized losses on banks' balance sheets today is higher than it was in 2008

there is a huge credit crisis looming amongst some of these large charter holding banks because of this exact issue

a lot of the debt on those buildings, it's all owned by the commercial banks that you're talking about, the regional banks.

if those licenses were up for grabs, what would happen is a bunch of private equity people would get behind Rogan, a bunch of private equity people would get behind us, and we would all bid, and the outcome would be better

But does this model still make sense? No. I mean, it's completely obsolete.

The legacy media companies have effectively become a mode of content companies in order to drive clicks, drive views, sell ads.

Again, I'm not saying that it should happen, but it will happen.

It's a toss-up. That's what everybody's saying. It looks like Trump's got a slight lead. So I think it's going to be a toss-up.

So it is looking good for Trump. And if you look at the numbers that Elon's group, that America PAC put out, it looks like the early voting in Pennsylvania is trending 500,000 votes better for Republicans in the early voting than four years ago.

I think what the early voting data shows is something that you haven't seen in the past, which is that there are a lot of Republican people that are voting early.

So I think that if you normalize on that view of the world, I think the cuts that Elon will affect will be meaningful and necessary.

So, I tend to think that the real economy will perform better with a smaller government.

The market is saying we are expecting higher rates for longer.

And what we're seeing is that the long rates are not going back down.

Cloud had a blowout quarter. Google Cloud, I see that all the time now. 11.4 billion in revenue on 35 percent annual growth with 1.9 billion in operating profit. I mean, it's printing money.

And by the way, this is across the board. It wasn't just CPG companies, but Dropbox, as an example, same sort of thing.

I think you've got to, at this point, have your head buried really deep in the sand, not to think that Google is incredibly biased in this election against Trump.

it may not necessarily have been kind of overt action by Google, but just the way that the system is set up, that anyone can flag and if enough people flag, you get the sort of trigger.

Yeah, it's not the search engine. It's just the corpus of media that's being indexed.

that actually maps to a lot of this intuition that I have had over the last few months when I've said I think we're in a low-key recession

I mean, clearly YouTube would be one of the great companies right now.

if you're a shareholder of the company, you actually silently probably want them broken up because you'll get individual shares that will be worth more

If you do break these businesses up, what you do lose is the ability for an American juggernaut to be able

we have this real issue where as the Fed is cutting short rates, long rates are not going down. And I think that is because of the government deficit and the government debt

You cannot have a nonprofit entity representing the plurality of the economic activity of a country and expect the capital markets to function properly.

this becomes the compounding problem when your debt to GDP reaches a certain level and you don't reduce federal spending fast enough, it becomes a compounding problem you cannot get away from

I do think that that's one big turnaround that's happened in the last 90 days, which is really, I think, a big surprise to a lot of folks is just how robust things are

So just to be clear about what's happening, 85% of this quarter's GDP was induced by the government.

I think the only path is you have to cut spending, which is recessionary, government spending, which is recessionary. So you're going to trigger an economic recession.

I agree we have to cut government spending. I personally don't think it's recessionary. I think it helps the private sector when government gets cut.