1 00:00:04,003 --> 00:00:07,974 ♪ ♪ 2 00:00:08,041 --> 00:00:17,584 ♪ ♪ 3 00:00:17,650 --> 00:00:23,390 ♪ ♪ 4 00:00:23,456 --> 00:00:26,359 ♪ ♪ 5 00:00:26,426 --> 00:00:32,465 [CHEERS AND APPLAUSE] 6 00:00:32,532 --> 00:00:33,433 >> John: WELCOME, WELCOME, 7 00:00:33,500 --> 00:00:35,068 WELCOME TO "LAST WEEK TONIGHT." 8 00:00:35,135 --> 00:00:37,937 I'M JOHN OLIVER. 9 00:00:38,004 --> 00:00:42,308 THANKS SO MUCH FOR JOINING US. 10 00:00:42,375 --> 00:00:43,243 WE'RE BACK, AND NO TIME TO RECAP 11 00:00:43,309 --> 00:00:43,943 EVERYTHING WE'VE MISSED IN THE 12 00:00:44,010 --> 00:00:44,577 LAST MONTH, INCLUDING MULTIPLE 13 00:00:44,644 --> 00:00:45,812 WORLD LEADERS LOSING THEIR 14 00:00:45,879 --> 00:00:47,080 JOBS -- SOMETIMES AFTER MASS 15 00:00:47,147 --> 00:00:48,381 PROTEST, LIKE IN SRI LANKA, AND 16 00:00:48,448 --> 00:00:49,883 SOMETIMES AFTER MASS GOVERNMENT 17 00:00:49,949 --> 00:00:51,985 RESIGNATIONS, LIKE IN THE UK, 18 00:00:52,051 --> 00:00:53,186 WHERE BORIS JOHNSON FINALLY 19 00:00:53,253 --> 00:00:54,554 STEPPED DOWN IN DISGRACE, 20 00:00:54,621 --> 00:00:55,822 PROMPTING THIS MAGNIFICENT 21 00:00:55,889 --> 00:00:58,057 MAN-ON-THE-STREET INTERVIEW: 22 00:00:58,124 --> 00:00:58,925 >> EXCUSE ME, SIR, SORRY TO 23 00:00:58,992 --> 00:01:00,427 DISTURB. 24 00:01:00,493 --> 00:01:01,661 I'M FROM "BBC NEWSNIGHT," JUST 25 00:01:01,728 --> 00:01:02,695 WONDERING WHAT YOU THINK OF 26 00:01:02,762 --> 00:01:04,397 BORIS JOHNSON RESIGNING TODAY. 27 00:01:04,464 --> 00:01:05,832 >> I WANT HIM TO GO. 28 00:01:05,899 --> 00:01:09,068 HE'S A PAIN IN THE ASS. 29 00:01:09,135 --> 00:01:09,335 [LAUGHTER] 30 00:01:09,402 --> 00:01:10,537 >> John: EXCELLENT. 31 00:01:10,603 --> 00:01:11,371 I MEAN, DIRTBAG ENGLISH 32 00:01:11,438 --> 00:01:12,906 STANLEY TUCCI IS PERFECT. 33 00:01:12,972 --> 00:01:14,007 FROM NOW ON THAT MAN SHOULD BE 34 00:01:14,073 --> 00:01:15,141 ASKED FOR COMMENT ON EVERY MAJOR 35 00:01:15,208 --> 00:01:16,242 NEWS EVENT. 36 00:01:16,309 --> 00:01:17,343 IN FACT, PUT HIM ON 37 00:01:17,410 --> 00:01:19,112 "LOVE ISLAND" RIGHT NOW. 38 00:01:19,179 --> 00:01:19,946 I'M SO FUCKING SERIOUS ABOUT 39 00:01:20,013 --> 00:01:22,582 THIS. 40 00:01:22,649 --> 00:01:23,316 [APPLAUSE] 41 00:01:23,383 --> 00:01:24,150 A NEW BOMBSHELL HAS ENTERED THE 42 00:01:24,217 --> 00:01:25,151 VILLA. 43 00:01:25,218 --> 00:01:26,386 [LAUGHTER] 44 00:01:26,453 --> 00:01:27,687 MEANWHILE, HERE IN THE U.S., THE 45 00:01:27,754 --> 00:01:28,521 JANUARY 6th COMMITTEE HEARINGS 46 00:01:28,588 --> 00:01:29,823 HAVE BEEN CONTINUING, WITH THE 47 00:01:29,889 --> 00:01:31,558 LATEST TAKING PLACE ON THURSDAY, 48 00:01:31,624 --> 00:01:32,792 FEATURING SOME INTERESTING 49 00:01:32,859 --> 00:01:33,993 FOOTAGE OF JOSH HAWLEY, WHO YOU 50 00:01:34,060 --> 00:01:35,495 MAY REMEMBER RILED UP THE CROWD 51 00:01:35,562 --> 00:01:37,630 EARLIER IN THE DAY WITH A FIST 52 00:01:37,697 --> 00:01:38,932 OF SOLIDARITY, BUT WHO WE NOW 53 00:01:38,998 --> 00:01:40,967 KNOW WAS SEEN RUNNING FOR SAFETY 54 00:01:41,034 --> 00:01:43,169 AFTER THEY STORMED THE CAPITOL. 55 00:01:43,236 --> 00:01:43,837 [LAUGHTER] 56 00:01:43,903 --> 00:01:45,805 THAT IS PAINFULLY EMBARRASSING. 57 00:01:45,872 --> 00:01:47,340 THAT IS THE GAIT OF A MAN WHO'S 58 00:01:47,407 --> 00:01:48,308 EITHER JUST GASSED UP AN 59 00:01:48,374 --> 00:01:49,776 INSURRECTION THAT'S NOW BEARING 60 00:01:49,843 --> 00:01:51,144 DOWN ON TOP OF HIM, OR JUST 61 00:01:51,211 --> 00:01:52,545 DRANK A LARGE ICED COFFEE 62 00:01:52,612 --> 00:01:54,280 45 MINUTES AGO. 63 00:01:54,347 --> 00:01:56,616 EITHER WAY, THOSE LEGS SCREAM 64 00:01:56,683 --> 00:01:59,219 "I'VE MADE A HUGE MISTAKE." 65 00:01:59,285 --> 00:02:00,286 [LAUGHTER] 66 00:02:00,353 --> 00:02:01,688 BUT MAYBE THE BEST RESPONSE TO 67 00:02:01,754 --> 00:02:02,655 THAT CLIP CAME FROM FORMER DC 68 00:02:02,722 --> 00:02:04,057 POLICE OFFICER MICHAEL FANONE, 69 00:02:04,123 --> 00:02:04,791 WHO WAS INJURED IN THE RIOT, AND 70 00:02:04,858 --> 00:02:05,725 OFFERED THIS COMMENTARY OUTSIDE 71 00:02:05,792 --> 00:02:07,327 THE HEARING. 72 00:02:07,393 --> 00:02:09,429 >> THE FIRST THOUGHTS THAT 73 00:02:09,496 --> 00:02:10,163 POPPED INTO MY MIND WAS, JOSH 74 00:02:10,230 --> 00:02:12,332 HAWLEY IS A [BLEEP]. 75 00:02:12,398 --> 00:02:15,602 AND HE RAN LIKE A [BLEEP]. 76 00:02:15,668 --> 00:02:16,369 >> John: NOW, I WOULDN'T 77 00:02:16,436 --> 00:02:17,670 PERSONALLY SAY THAT. 78 00:02:17,737 --> 00:02:19,272 I'D SAY JOSH HAWLEY IS A BITCH 79 00:02:19,339 --> 00:02:20,607 WHO RAN LIKE A CHIHUAHUA 80 00:02:20,673 --> 00:02:21,608 DESPERATELY TRYING TO KEEP UP 81 00:02:21,674 --> 00:02:29,115 WITH ITS OWNER ON A CASUAL WALK. 82 00:02:29,182 --> 00:02:30,116 BUT YOU KNOW, TO EACH THEIR OWN. 83 00:02:30,183 --> 00:02:31,317 I'M SURE THERE'LL BE MORE TO SAY 84 00:02:31,384 --> 00:02:31,985 ABOUT THIS WHEN THE HEARINGS 85 00:02:32,051 --> 00:02:32,685 RESUME IN SEPTEMBER, BUT FOR 86 00:02:32,752 --> 00:02:33,520 NOW, WE'RE GOING TO DIVE 87 00:02:33,586 --> 00:02:34,621 STRAIGHT IN WITH OUR MAIN STORY 88 00:02:34,687 --> 00:02:35,388 THIS WEEK, AS IT CONCERNS A 89 00:02:35,455 --> 00:02:35,889 TOPIC THAT'S BEEN AT THE 90 00:02:35,955 --> 00:02:36,789 FOREFRONT OF THE NEWS OVER THE 91 00:02:36,856 --> 00:02:37,524 PAST YEAR. 92 00:02:37,590 --> 00:02:38,892 >> TONIGHT, INFLATION NATION. 93 00:02:38,958 --> 00:02:40,527 INFLATION'S GRIP ON AMERICAN 94 00:02:40,593 --> 00:02:43,062 CONSUMERS NOT LETTING UP. 95 00:02:43,129 --> 00:02:44,697 >> IT'S CALLED LUNCH-FLATION. 96 00:02:44,764 --> 00:02:45,999 >> BOOZE-FLATION. 97 00:02:46,065 --> 00:02:47,800 >> MILK-FLATION. 98 00:02:47,867 --> 00:02:48,768 >> MEAT-FLATION IS ROCKING THE 99 00:02:48,835 --> 00:02:50,136 NATION. 100 00:02:50,203 --> 00:02:53,139 >> John: OKAY, FIRST: A BIG, 101 00:02:53,206 --> 00:02:54,407 ENTHUSIASTIC "NO" TO THE WORD 102 00:02:54,474 --> 00:02:55,608 "MEAT-FLATION," WHICH SOUNDS 103 00:02:55,675 --> 00:02:56,609 LESS LIKE AN ECONOMIC PHENOMENON 104 00:02:56,676 --> 00:02:57,277 AND MORE LIKE A SLANG TERM FOR A 105 00:02:57,343 --> 00:02:59,345 BONER. 106 00:02:59,412 --> 00:03:00,480 [LAUGHTER] 107 00:03:00,547 --> 00:03:01,714 IT'S HONESTLY HARD TO THINK OF A 108 00:03:01,781 --> 00:03:04,317 MORE UNPLEASANT PORTMANTEAU THAN 109 00:03:04,384 --> 00:03:04,918 MEATFLATION, ASIDE FROM "SNART," 110 00:03:04,984 --> 00:03:05,652 WHICH COMBINES THE WORDS 111 00:03:05,718 --> 00:03:06,986 "SNEEZE" AND "FART." 112 00:03:07,053 --> 00:03:07,921 OR "RONZO," WHICH WOULD 113 00:03:07,987 --> 00:03:12,825 OBVIOUSLY BE THE CELEBRITY 114 00:03:12,892 --> 00:03:14,761 COUPLE NAME IF RON HOWARD EVER 115 00:03:14,827 --> 00:03:16,262 FUCKED GONZO THE MUPPET. 116 00:03:16,329 --> 00:03:17,196 AS YOU UNDOUBTEDLY KNOW, THE 117 00:03:17,263 --> 00:03:21,668 U.S. IS EXPERIENCING THE HIGHEST 118 00:03:21,734 --> 00:03:22,635 INFLATION OF THE PAST 40 YEARS. 119 00:03:22,702 --> 00:03:23,303 AND DESPITE INITIAL HOPES IT'D 120 00:03:23,369 --> 00:03:23,937 BE TEMPORARY, PRICES ARE STILL 121 00:03:24,003 --> 00:03:25,271 GOING UP. 122 00:03:25,338 --> 00:03:33,079 OVER THE PAST YEAR, FOOD IS UP 123 00:03:33,146 --> 00:03:36,182 10.4%, AND GASOLINE IS UP 59.9%. 124 00:03:36,249 --> 00:03:37,050 SO, TO BE HONEST, IT'S PROBABLY 125 00:03:37,116 --> 00:03:37,784 A GOOD IDEA TO START MAKING YOUR 126 00:03:37,850 --> 00:03:38,685 GASOLINE AT HOME IN THE MORNING 127 00:03:38,751 --> 00:03:41,487 INSTEAD OF GETTING AN EXPENSIVE 128 00:03:41,554 --> 00:03:42,288 CUP OF IT ON YOUR WAY TO WORK. 129 00:03:42,355 --> 00:03:43,156 AND IN SOME CASES, COMPANIES 130 00:03:43,222 --> 00:03:44,591 HAVE TRIED TO HIDE INFLATION BY 131 00:03:44,657 --> 00:03:45,224 KEEPING THEIR PRICES THE SAME, 132 00:03:45,291 --> 00:03:45,925 BUT REDUCING THE SIZE OF THEIR 133 00:03:45,992 --> 00:03:47,093 PRODUCTS. 134 00:03:47,160 --> 00:03:48,294 IT'S CALLED "SHRINK-FLATION," 135 00:03:48,361 --> 00:03:50,630 AND NEWS OUTLETS LOVE TO COVER 136 00:03:50,697 --> 00:03:52,332 THIS, USUALLY WITH THE HELP OF 137 00:03:52,398 --> 00:03:52,932 WHAT SEEMS TO BE THE ONE GO-TO 138 00:03:52,999 --> 00:03:54,801 EXPERT ON THE TOPIC. 139 00:03:54,867 --> 00:03:57,704 >> THERE'S ALMOST NO CATEGORY OF 140 00:03:57,770 --> 00:03:59,005 PRODUCT EXCEPT EGGS, MAYBE, THAT 141 00:03:59,072 --> 00:04:00,773 HASN'T BEEN DOWNSIZED OVER THE 142 00:04:00,840 --> 00:04:04,544 PAST YEARS. 143 00:04:04,611 --> 00:04:08,281 >> CONSUMER ADVOCATE IS 144 00:04:08,348 --> 00:04:13,086 PUBLISHER OF MousePrint.org. 145 00:04:13,152 --> 00:04:13,886 >> CREST 3-D WHITE WENT FROM 146 00:04:13,953 --> 00:04:14,821 4.1 OUNCES TO 3.8 OUNCES. 147 00:04:14,887 --> 00:04:15,688 APPLE CINNAMON CHEERIOS WENT 148 00:04:15,755 --> 00:04:17,256 FROM 20.1 OUNCES TO 19 OUNCES. 149 00:04:17,323 --> 00:04:18,324 IT'S STILL CALLED FAMILY SIZE. 150 00:04:18,391 --> 00:04:19,125 THE FAMILY MUST'VE GOTTEN 151 00:04:19,192 --> 00:04:22,161 SMALLER. 152 00:04:22,228 --> 00:04:24,230 >> HERE YOU'VE GOT TWO BOTTLES 153 00:04:24,297 --> 00:04:25,098 OF GATORADE AND THESE HAVE JUST 154 00:04:25,164 --> 00:04:27,467 CHANGED IN THE PAST FEW MONTHS. 155 00:04:27,533 --> 00:04:28,434 THIS ONE IS THE OLD 32-OUNCE 156 00:04:28,501 --> 00:04:31,504 ONE. 157 00:04:31,571 --> 00:04:32,805 THIS ONE IS FOUR OUNCES LESS. 158 00:04:32,872 --> 00:04:34,207 THEY SAID THEY MADE IT EASIER TO 159 00:04:34,273 --> 00:04:35,308 GRIP, YOU KNOW. 160 00:04:35,375 --> 00:04:38,077 GIVE ME A BREAK. 161 00:04:38,144 --> 00:04:41,047 [LAUGHTER] 162 00:04:41,114 --> 00:04:41,848 >> John: YEAH, YOU TELL 'EM, ED! 163 00:04:41,914 --> 00:04:42,849 I LOVE EVERYTHING ABOUT THAT 164 00:04:42,915 --> 00:04:44,150 MAN, FROM HIS WEBSITE, 165 00:04:44,217 --> 00:04:45,318 MousePrint.org -- WHICH IS 166 00:04:45,385 --> 00:04:46,386 SOMEHOW NOT AN ONLINE LITERARY 167 00:04:46,452 --> 00:04:47,887 JOURNAL FOR WRITERS WHO HAPPEN 168 00:04:47,954 --> 00:04:49,422 TO BE RODENTS -- TO HIS 169 00:04:49,489 --> 00:04:51,724 ELECTRIFYING DELIVERY OF THE 170 00:04:51,791 --> 00:04:53,292 WORD "EGGS," TO HIS UTTER 171 00:04:53,359 --> 00:04:54,927 REFUSAL TO TOLERATE EVEN THE 172 00:04:54,994 --> 00:04:55,495 SLIGHTEST AMOUNT OF BULLSHIT 173 00:04:55,561 --> 00:04:57,964 FROM GATORADE. 174 00:04:58,031 --> 00:04:58,998 [LAUGHTER] 175 00:04:59,065 --> 00:04:59,966 BUT WHETHER IT'S INFLATION, 176 00:05:00,033 --> 00:05:01,768 SHRINK-FLATION OR MEAT-FLATION, 177 00:05:01,834 --> 00:05:02,368 RISING PRICES ARE CLEARLY A 178 00:05:02,435 --> 00:05:03,770 PROBLEM. 179 00:05:03,836 --> 00:05:06,339 ALTHOUGH HOURLY EARNINGS WERE UP 180 00:05:06,406 --> 00:05:09,609 5.1% OVER THE PAST YEAR, OVERALL 181 00:05:09,676 --> 00:05:11,611 WAGES FELL BY 3.6% WHEN ADJUSTED 182 00:05:11,678 --> 00:05:13,446 FOR INFLATION. 183 00:05:13,513 --> 00:05:14,714 AND FOR THOSE ON FIXED INCOMES 184 00:05:14,781 --> 00:05:16,215 OR TIGHT BUDGETS, LIKE STUDENTS 185 00:05:16,282 --> 00:05:17,650 AND RETIREES, INFLATION IS 186 00:05:17,717 --> 00:05:18,985 ESPECIALLY DIFFICULT TO HANDLE, 187 00:05:19,052 --> 00:05:19,686 AND CAN AMOUNT TO A LIFE 188 00:05:19,752 --> 00:05:22,121 OVERHAUL. 189 00:05:22,188 --> 00:05:23,823 >> PATTI BYTHER JUST UN-RETIRED 190 00:05:23,890 --> 00:05:25,091 AND GOT READY FOR HER NEW 191 00:05:25,158 --> 00:05:26,826 PART-TIME JOB. 192 00:05:26,893 --> 00:05:28,194 >> I THOUGHT I WAS DONE. 193 00:05:28,261 --> 00:05:28,995 I HAD WORKED IT ALL OUT 194 00:05:29,062 --> 00:05:29,595 FINANCIALLY THAT, YOU KNOW, I 195 00:05:29,662 --> 00:05:31,497 COULD AFFORD IT. 196 00:05:31,564 --> 00:05:33,466 >> WITH PRICES SOARING, HER 197 00:05:33,533 --> 00:05:34,934 RETIREMENT LASTED 10 MONTHS. 198 00:05:35,001 --> 00:05:36,903 >> THESE ARE MY FUEL BILLS. 199 00:05:36,969 --> 00:05:37,770 >> IN 13 MONTHS, IT WENT UP 200 00:05:37,837 --> 00:05:39,105 $150. 201 00:05:39,172 --> 00:05:40,873 >> CORRECT. 202 00:05:40,940 --> 00:05:42,375 MY SAFETY NET IS JUST GONE. 203 00:05:42,442 --> 00:05:43,443 >> WHEN DO YOU SEE YOURSELF 204 00:05:43,509 --> 00:05:45,144 RETIRING FOR REAL? 205 00:05:45,211 --> 00:05:46,279 >> I DON'T REALLY SEE A TIME 206 00:05:46,345 --> 00:05:48,481 WHEN I'LL BE ABLE TO RETIRE 207 00:05:48,548 --> 00:05:50,249 AGAIN, OR ENTIRELY AGAIN, WHICH 208 00:05:50,316 --> 00:05:54,887 IS SORT OF ANNOYING AND SAD. 209 00:05:54,954 --> 00:05:56,489 >> John: THAT IS PUTTING IT 210 00:05:56,556 --> 00:05:57,457 LIGHTLY. 211 00:05:57,523 --> 00:05:58,624 IT MUST BE SO FRUSTRATING TO 212 00:05:58,691 --> 00:05:59,258 RETIRE, THINK YOU'RE DONE, AND 213 00:05:59,325 --> 00:06:01,027 THEN HAVE TO GO BACK TO WORK. 214 00:06:01,094 --> 00:06:02,628 THAT'S THE ABSOLUTE WORST CASE 215 00:06:02,695 --> 00:06:03,496 SCENARIO OF RETIREMENT -- OTHER 216 00:06:03,563 --> 00:06:04,330 THAN, OF COURSE, MOVING TO 217 00:06:04,397 --> 00:06:06,666 FLORIDA. 218 00:06:06,733 --> 00:06:07,767 [LAUGHTER] 219 00:06:07,834 --> 00:06:08,835 SO GIVEN THAT IT'S HURTING SO 220 00:06:08,901 --> 00:06:10,703 MANY PEOPLE RIGHT NOW, TONIGHT, 221 00:06:10,770 --> 00:06:11,971 LET'S EXAMINE INFLATION: WHAT 222 00:06:12,038 --> 00:06:13,473 CAUSED IT, WHAT WE'VE DONE TO 223 00:06:13,539 --> 00:06:14,440 ADDRESS IT SO FAR, AND WHAT 224 00:06:14,507 --> 00:06:16,175 COULD HAPPEN NEXT. 225 00:06:16,242 --> 00:06:16,876 AND LET'S START WITH HOW EXACTLY 226 00:06:16,943 --> 00:06:18,478 WE GOT HERE. 227 00:06:18,544 --> 00:06:19,746 BECAUSE YOU'VE PROBABLY HEARD A 228 00:06:19,812 --> 00:06:20,279 LOT OF EXPLANATIONS FLYING 229 00:06:20,346 --> 00:06:22,281 AROUND. 230 00:06:22,348 --> 00:06:23,850 >> THIS IS BIDEN-FLATION, A 231 00:06:23,916 --> 00:06:24,584 39-YEAR HIGH CREATED BY JOE 232 00:06:24,650 --> 00:06:25,752 BIDEN. 233 00:06:25,818 --> 00:06:27,086 >> MAKE NO MISTAKE. 234 00:06:27,153 --> 00:06:27,687 INFLATION IS LARGELY THE FAULT 235 00:06:27,754 --> 00:06:32,058 OF PUTIN. 236 00:06:32,125 --> 00:06:33,793 >> THE SUPPLY CHAIN IS THE 237 00:06:33,860 --> 00:06:34,994 CATALYST AT THE END OF THE DAY. 238 00:06:35,061 --> 00:06:35,928 >> INFLATION IS NOT CAUSED BY 239 00:06:35,995 --> 00:06:36,596 THE BUILD BACK BETTER OR THE 240 00:06:36,662 --> 00:06:37,497 BIPARTISAN BILL. 241 00:06:37,563 --> 00:06:39,265 IT'S CAUSED BY CORPORATE GREED. 242 00:06:39,332 --> 00:06:39,999 >> John: YEAH, THERE'S BEEN A 243 00:06:40,066 --> 00:06:41,100 FLURRY OF FINGER-POINTING. 244 00:06:41,167 --> 00:06:42,168 WITH MANY TENDING TO PLACE THE 245 00:06:42,235 --> 00:06:43,369 BLAME ON WHATEVER THEY WERE 246 00:06:43,436 --> 00:06:44,403 ALREADY MAD AT, WITH SOME 247 00:06:44,470 --> 00:06:45,838 DEMOCRATS BLAMING CORPORATE 248 00:06:45,905 --> 00:06:48,241 GREED, REPUBLICANS BLAMING JOE 249 00:06:48,307 --> 00:06:49,942 BIDEN, BIDEN BLAMING PUTIN, AND 250 00:06:50,009 --> 00:06:50,943 YOUR DOG PRESUMABLY BLAMING THE 251 00:06:51,010 --> 00:06:53,379 VACUUM CLEANER. 252 00:06:53,446 --> 00:06:54,547 [LAUGHTER] 253 00:06:54,614 --> 00:06:55,748 AND HERE'S THE INTERESTING 254 00:06:55,815 --> 00:06:56,783 THING: ASIDE FROM THE DOG, 255 00:06:56,849 --> 00:06:58,050 THEY'RE PROBABLY ALL AT LEAST A 256 00:06:58,117 --> 00:06:59,452 LITTLE BIT RIGHT, BECAUSE THE 257 00:06:59,519 --> 00:07:00,653 TRUTH IS: THERE IS NO ONE CAUSE 258 00:07:00,720 --> 00:07:02,555 OF INFLATION. 259 00:07:02,622 --> 00:07:04,891 AT THE BEST OF TIMES IT INVOLVES 260 00:07:04,957 --> 00:07:06,492 A MULTITUDE OF FACTORS, AND THE 261 00:07:06,559 --> 00:07:07,660 SITUATION WE'RE IN RIGHT NOW HAS 262 00:07:07,727 --> 00:07:08,261 BEEN AN UNPRECEDENTED PERFECT 263 00:07:08,327 --> 00:07:10,830 STORM. 264 00:07:10,897 --> 00:07:12,231 AND TO UNDERSTAND THAT STORM, IT 265 00:07:12,298 --> 00:07:13,633 MIGHT HELP TO PAUSE FOR A MOMENT 266 00:07:13,699 --> 00:07:14,567 TO TALK ABOUT THE MECHANICS OF 267 00:07:14,634 --> 00:07:17,270 INFLATION. 268 00:07:17,336 --> 00:07:18,871 VERY BASICALLY, IT HAPPENS 269 00:07:18,938 --> 00:07:19,505 WHENEVER THERE'S TOO MUCH DEMAND 270 00:07:19,572 --> 00:07:21,707 FOR TOO LITTLE SUPPLY. 271 00:07:21,774 --> 00:07:22,909 IF PEOPLE HAVE LOTS OF MONEY TO 272 00:07:22,975 --> 00:07:23,543 SPEND, THEY USUALLY WANT TO BUY 273 00:07:23,609 --> 00:07:24,944 MORE STUFF. 274 00:07:25,011 --> 00:07:26,379 BUT IF THERE'S NOT ENOUGH STUFF 275 00:07:26,445 --> 00:07:27,613 TO GO AROUND, THEN THE PRICE OF 276 00:07:27,680 --> 00:07:29,448 THAT STUFF GOES UP. 277 00:07:29,515 --> 00:07:31,350 I'LL GIVE YOU AN EXAMPLE: LET'S 278 00:07:31,417 --> 00:07:32,185 SAY THAT EVERY SINGLE PERSON IN 279 00:07:32,251 --> 00:07:33,486 AMERICA SUDDENLY WINS THE 280 00:07:33,553 --> 00:07:39,725 LOTTERY, AND EVERYONE NOW HAS 281 00:07:39,792 --> 00:07:41,160 $40 MILLION TO SPEND. 282 00:07:41,227 --> 00:07:42,128 WHAT ARE THEY GOING TO DO? 283 00:07:42,195 --> 00:07:43,062 WELL, I'D ASSUME THEY'D DO WHAT 284 00:07:43,129 --> 00:07:45,765 I WOULD, WHICH IS IMMEDIATELY 285 00:07:45,832 --> 00:07:46,599 BUY THIS $1,500 EMERALD PATINA 286 00:07:46,666 --> 00:07:47,667 FOUNTAIN STATUE OF A FROG 287 00:07:47,733 --> 00:07:48,768 SPREADING ITS UNNATURALLY LONG 288 00:07:48,835 --> 00:07:49,735 LEGS IN A MANNER THAT SEEMS 289 00:07:49,802 --> 00:07:50,770 OFFENSIVE, BUT I'M NOT EXACTLY 290 00:07:50,837 --> 00:07:52,939 SURE TO WHO. 291 00:07:53,005 --> 00:07:53,539 [LAUGHTER] 292 00:07:53,606 --> 00:07:55,074 BY THE WAY, THE FROG COMES IN 293 00:07:55,141 --> 00:07:57,677 TWO SIZES, LARGE AND GIANT. 294 00:07:57,743 --> 00:07:58,711 [LAUGHTER] 295 00:07:58,778 --> 00:07:59,846 NOW, OBVIOUSLY, IF YOU WIN THE 296 00:07:59,912 --> 00:08:00,446 LOTTERY, YOU'RE SPRINGING FOR 297 00:08:00,513 --> 00:08:01,514 THE GIANT ONE. 298 00:08:01,581 --> 00:08:02,381 BUT HERE'S THE PROBLEM: THERE 299 00:08:02,448 --> 00:08:03,316 ARE CURRENTLY ONLY THREE OF THEM 300 00:08:03,382 --> 00:08:04,450 LEFT IN STOCK. 301 00:08:04,517 --> 00:08:05,818 SO THE STATUES ARE LIKELY TO GET 302 00:08:05,885 --> 00:08:07,753 MORE EXPENSIVE, BECAUSE EVERYONE 303 00:08:07,820 --> 00:08:09,488 SUDDENLY WANTS ONE, AS THEY ALL 304 00:08:09,555 --> 00:08:10,756 HAVE MORE MONEY TO SPEND, BUT 305 00:08:10,823 --> 00:08:17,063 THERE ARE ONLY THREE LEFT. 306 00:08:17,129 --> 00:08:20,132 BASICALLY, HIGH DEMAND, NOT 307 00:08:20,199 --> 00:08:22,168 ENOUGH SUPPLY, AND THAT'S HOW WE 308 00:08:22,235 --> 00:08:23,369 GET FROG-FLATION. 309 00:08:23,436 --> 00:08:24,237 SO, TOO MUCH MONEY CHASING A 310 00:08:24,303 --> 00:08:25,204 LIMITED SUPPLY OF GOODS CAN LEAD 311 00:08:25,271 --> 00:08:26,138 TO INFLATION. 312 00:08:26,205 --> 00:08:27,473 AND SOME ON THE RIGHT HAVE 313 00:08:27,540 --> 00:08:28,374 SEIZED ON THE "TOO MUCH MONEY" 314 00:08:28,441 --> 00:08:29,308 PART OF THAT IDEA TO SUGGEST 315 00:08:29,375 --> 00:08:30,076 THAT INFLATION IS REALLY JUST 316 00:08:30,142 --> 00:08:31,510 DOWN TO ONE THING: 317 00:08:31,577 --> 00:08:32,745 >> WHEN YOU PUT $6 TRILLION OF 318 00:08:32,812 --> 00:08:34,180 FISCAL STIMULUS INTO THE ECONOMY 319 00:08:34,247 --> 00:08:35,681 AS PRESIDENT BIDEN AND DEMOCRATS 320 00:08:35,748 --> 00:08:36,983 DID LAST YEAR, YOU'RE GOING TO 321 00:08:37,049 --> 00:08:39,018 END UP WITH BIG TIME INFLATION. 322 00:08:39,085 --> 00:08:40,219 >> THE MARCH STIMULUS PACKAGE 323 00:08:40,286 --> 00:08:40,820 LITERALLY MANUFACTURED 324 00:08:40,887 --> 00:08:42,722 INFLATION. 325 00:08:42,788 --> 00:08:43,522 >> THIS INFLATION IS CAUSED BY 326 00:08:43,589 --> 00:08:44,857 DEMOCRAT POLICIES. 327 00:08:44,924 --> 00:08:46,692 IT DIDN'T JUST HAPPEN. 328 00:08:46,759 --> 00:08:47,560 THIS IS THE DEMOCRAT TAX ON THE 329 00:08:47,627 --> 00:08:48,527 MIDDLE CLASS. 330 00:08:48,594 --> 00:08:51,397 >> John: WOW. 331 00:08:51,464 --> 00:08:52,431 THAT'S SOME PRETTY HEAVY FIRE. 332 00:08:52,498 --> 00:08:54,500 CALLING SOMETHING A "TAX ON THE 333 00:08:54,567 --> 00:08:56,302 MIDDLE CLASS" IS ONE OF THE BEST 334 00:08:56,369 --> 00:08:57,870 WAYS TO MAKE IT LOOK BAD, JUST 335 00:08:57,937 --> 00:08:58,938 AFTER CALLING IT "A CLOSE 336 00:08:59,005 --> 00:09:01,674 ASSOCIATE OF PRINCE ANDREW." 337 00:09:01,741 --> 00:09:02,942 [LAUGHTER] 338 00:09:03,009 --> 00:09:03,943 BLAMING BIDEN'S STIMULUS PACKAGE 339 00:09:04,010 --> 00:09:04,744 HAS BECOME A COMMON REFRAIN ON 340 00:09:04,810 --> 00:09:05,645 THE RIGHT WHEN DISCUSSING 341 00:09:05,711 --> 00:09:07,013 INFLATION. 342 00:09:07,079 --> 00:09:09,582 AND THE REALITY IS, THERE IS A 343 00:09:09,649 --> 00:09:11,284 KERNEL OF TRUTH TO IT: THANKS TO 344 00:09:11,350 --> 00:09:12,418 THE PANDEMIC-ERA STIMULUS BILLS, 345 00:09:12,485 --> 00:09:13,185 PEOPLE DID HAVE MORE CASH ON 346 00:09:13,252 --> 00:09:16,555 HAND. 347 00:09:16,622 --> 00:09:17,757 BUT THAT IS NOT THE ONLY REASON. 348 00:09:17,823 --> 00:09:18,991 AS STRANGE AS IT SOUNDS, MANY 349 00:09:19,058 --> 00:09:19,992 PEOPLE SAVED MONEY DURING THE 350 00:09:20,059 --> 00:09:21,427 EARLY DAYS OF THE PANDEMIC, 351 00:09:21,494 --> 00:09:22,295 SIMPLY BECAUSE WE WERE ALL STUCK 352 00:09:22,361 --> 00:09:23,763 AT HOME. 353 00:09:23,829 --> 00:09:25,932 BY ONE ESTIMATE, HOUSEHOLDS 354 00:09:25,998 --> 00:09:27,333 ACTUALLY ACCUMULATED $2.5 355 00:09:27,400 --> 00:09:28,334 TRILLION IN EXCESS SAVINGS 356 00:09:28,401 --> 00:09:30,736 DURING THE PANDEMIC. 357 00:09:30,803 --> 00:09:32,204 AND TO THE EXTENT PEOPLE WERE 358 00:09:32,271 --> 00:09:33,406 SPENDING MONEY, IT MOSTLY WASN'T 359 00:09:33,472 --> 00:09:34,340 ON SERVICES LIKE FLIGHTS OR 360 00:09:34,407 --> 00:09:36,542 HOTELS OR RESTAURANTS. 361 00:09:36,609 --> 00:09:39,779 INSTEAD, IT WENT TO GOODS LIKE 362 00:09:39,845 --> 00:09:40,880 FURNITURE, APPLIANCES, OR -- I 363 00:09:40,947 --> 00:09:41,814 DON'T KNOW -- SOME STEAMY 364 00:09:41,881 --> 00:09:44,283 WATERCOLOR RAT EROTICA. 365 00:09:44,350 --> 00:09:44,951 [LAUGHTER] 366 00:09:45,017 --> 00:09:46,285 I'M JUST DESCRIBING WHAT MOST 367 00:09:46,352 --> 00:09:48,387 PEOPLE DID IN 2020. 368 00:09:48,454 --> 00:09:49,822 AND WHAT'S MORE, THE NOTION THAT 369 00:09:49,889 --> 00:09:52,158 OUR ECONOMY WOULD BE FINE IF NOT 370 00:09:52,224 --> 00:09:53,359 FOR BIDEN'S STIMULUS COMPLETELY 371 00:09:53,426 --> 00:09:54,026 IGNORES WHAT IT WOULD'VE LOOKED 372 00:09:54,093 --> 00:09:56,128 LIKE WITHOUT IT. 373 00:09:56,195 --> 00:09:57,563 BECAUSE IT NOT ONLY PROTECTED 374 00:09:57,630 --> 00:09:59,165 LOW INCOME WORKERS, WHO WERE IN 375 00:09:59,231 --> 00:10:04,537 REAL TROUBLE, IT ALSO 376 00:10:04,603 --> 00:10:05,438 HELPED US AVOIDED A 377 00:10:05,504 --> 00:10:06,872 COVID-INDUCED FINANCIAL CRISIS. 378 00:10:06,939 --> 00:10:07,840 AND WHILE, WITH HINDSIGHT, MOST 379 00:10:07,907 --> 00:10:08,774 ECONOMISTS WOULD SAY THAT WE 380 00:10:08,841 --> 00:10:10,810 COULD HAVE MADE IT MORE TARGETED 381 00:10:10,876 --> 00:10:12,011 AND PRECISE SO THAT WE DIDN'T 382 00:10:12,078 --> 00:10:12,845 INCREASE THE MONEY SUPPLY ANY 383 00:10:12,912 --> 00:10:15,648 MORE THAN WE ABSOLUTELY HAD TO, 384 00:10:15,715 --> 00:10:16,682 IT IS VERY IMPORTANT TO NOTE 385 00:10:16,749 --> 00:10:17,583 THAT, ACCORDING TO ONE ESTIMATE, 386 00:10:17,650 --> 00:10:18,417 WITHOUT THE AMERICAN RESCUE 387 00:10:18,484 --> 00:10:19,352 PLAN, THE ECONOMY WOULD HAVE 388 00:10:19,418 --> 00:10:20,853 COME CLOSE TO SUFFERING A 389 00:10:20,920 --> 00:10:21,921 DOUBLE-DIGIT RECESSION IN THE 390 00:10:21,988 --> 00:10:24,123 SPRING OF 2021. 391 00:10:24,190 --> 00:10:26,058 SO TWO THINGS ARE LIKELY TRUE 392 00:10:26,125 --> 00:10:28,394 HERE: THE GOVERNMENT STIMULUS 393 00:10:28,461 --> 00:10:30,296 DID CONTRIBUTE TO INFLATION, BUT 394 00:10:30,363 --> 00:10:31,831 IT WAS ALSO A NECESSARY 395 00:10:31,897 --> 00:10:33,466 INTERVENTION. 396 00:10:33,532 --> 00:10:35,801 AND THE MUCH BIGGER POINT IS, 397 00:10:35,868 --> 00:10:37,403 INFLATION CLEARLY ISN'T JUST 398 00:10:37,470 --> 00:10:39,305 ABOUT THE STIMULUS AT ALL. 399 00:10:39,372 --> 00:10:40,439 AFTER ALL, IT'S NOT JUST A 400 00:10:40,506 --> 00:10:41,841 PROBLEM HERE IN THE U.S. 401 00:10:41,907 --> 00:10:43,809 BRITAIN AND GERMANY HAVE SEEN 402 00:10:43,876 --> 00:10:45,444 INFLATION RATES HIT FOUR-DECADE 403 00:10:45,511 --> 00:10:47,213 HIGHS, AND IN SEVEN EASTERN 404 00:10:47,279 --> 00:10:48,147 EUROPEAN NATIONS, IT'S NOW 405 00:10:48,214 --> 00:10:48,814 EXPECTED TO SURGE PAST DOUBLE 406 00:10:48,881 --> 00:10:50,516 DIGITS. 407 00:10:50,583 --> 00:10:51,684 AND IN JAPAN, IT'S HAD 408 00:10:51,751 --> 00:10:52,551 PARTICULARLY DRAMATIC 409 00:10:52,618 --> 00:10:55,021 CONSEQUENCES. 410 00:10:55,087 --> 00:10:55,888 >> WE'RE AT AN AQUARIUM IN 411 00:10:55,955 --> 00:10:57,390 HAKONE. 412 00:10:57,456 --> 00:10:58,357 THE EFFECTS OF INFLATION CAN BE 413 00:10:58,424 --> 00:11:00,659 FELT HERE, TOO. 414 00:11:00,726 --> 00:11:02,361 >> WITH THE RISING PRICE OF 415 00:11:02,428 --> 00:11:03,195 FEED, THEY'VE CHOSEN TO USE THE 416 00:11:03,262 --> 00:11:05,731 CHEAPER MACKEREL. 417 00:11:05,798 --> 00:11:06,699 >> HOW ARE THE PENGUINS REACTING 418 00:11:06,766 --> 00:11:10,736 TO THE NEW FEED? 419 00:11:10,803 --> 00:11:19,345 [LAUGHTER] 420 00:11:19,412 --> 00:11:26,352 >> SHE TRIES TO COAX IT TO EAT. 421 00:11:26,419 --> 00:11:27,720 >> THE PENGUIN DOESN'T LIKE IT. 422 00:11:27,787 --> 00:11:31,824 >> John: NO, IT DOES NOT. 423 00:11:31,891 --> 00:11:34,660 AND I DO NOT BLAME IT. 424 00:11:34,727 --> 00:11:35,227 I LOVE ABSOLUTELY EVERYTHING 425 00:11:35,294 --> 00:11:35,795 ABOUT THAT. 426 00:11:35,861 --> 00:11:36,395 MY NEW FAVORITE GENRE OF NEWS 427 00:11:36,462 --> 00:11:37,196 SEGMENT IS NOW "FOOTAGE OF WHAT 428 00:11:37,263 --> 00:11:37,897 APPEARS TO BE A LARGE, 429 00:11:37,963 --> 00:11:38,697 FLIGHTLESS BIRD BEING A MASSIVE 430 00:11:38,764 --> 00:11:39,565 BITCH." 431 00:11:39,632 --> 00:11:40,666 WHICH, NOW THAT I SAY IT OUT 432 00:11:40,733 --> 00:11:41,300 LOUD, WOULD BE A PRETTY ACCURATE 433 00:11:41,367 --> 00:11:43,636 TITLE FOR THIS SHOW. 434 00:11:43,702 --> 00:11:44,970 [LAUGHTER] 435 00:11:45,037 --> 00:11:45,871 BUT ALSO, REMEMBER: DEMAND IS 436 00:11:45,938 --> 00:11:48,007 ONLY ONE SIDE OF THIS EQUATION. 437 00:11:48,074 --> 00:11:49,075 THE OTHER SIDE IS SUPPLY. 438 00:11:49,141 --> 00:11:51,110 AND TO QUOTE MY THERAPIST, 439 00:11:51,177 --> 00:11:52,311 "LET'S COME BACK TO THAT FROG 440 00:11:52,378 --> 00:11:54,713 SPREADING ITS LEGS STATUE." 441 00:11:54,780 --> 00:11:55,748 [LAUGHTER] 442 00:11:55,815 --> 00:11:56,982 BECAUSE IN THAT SCENARIO WHERE 443 00:11:57,049 --> 00:11:58,150 EVERYONE WON THE LOTTERY, IF 444 00:11:58,217 --> 00:11:59,085 THERE HAPPENED TO BE ENOUGH FROG 445 00:11:59,151 --> 00:12:00,519 STATUES FOR EVERYONE TO BUY, 446 00:12:00,586 --> 00:12:01,387 THEN THERE WOULDN'T BE ANY 447 00:12:01,454 --> 00:12:01,954 IMBALANCE BETWEEN SUPPLY AND 448 00:12:02,021 --> 00:12:03,656 DEMAND. 449 00:12:03,722 --> 00:12:09,128 AND PRICES WOULD BE STABLE. 450 00:12:09,195 --> 00:12:11,464 BUT REMEMBER, THERE ARE ONLY 451 00:12:11,530 --> 00:12:12,031 THREE GIANT STATUES LEFT IN 452 00:12:12,098 --> 00:12:12,898 STOCK. 453 00:12:12,965 --> 00:12:13,732 AND IF FOR WHATEVER REASON, THEY 454 00:12:13,799 --> 00:12:14,700 CAN'T MAKE ANY MORE, THE PRICE 455 00:12:14,767 --> 00:12:15,668 OF THE REMAINING STATUES WILL 456 00:12:15,734 --> 00:12:16,635 THEN GO UP. 457 00:12:16,702 --> 00:12:17,403 ESPECIALLY BECAUSE THERE AREN'T 458 00:12:17,470 --> 00:12:18,003 ACTUALLY THREE OF THEM LEFT 459 00:12:18,070 --> 00:12:18,838 ANYMORE. 460 00:12:18,904 --> 00:12:20,439 BECAUSE I HAVE ONE, AND IT'S 461 00:12:20,506 --> 00:12:23,109 RIGHT OVER HERE! 462 00:12:23,175 --> 00:12:23,976 [CHEERS AND APPLAUSE] 463 00:12:24,043 --> 00:12:30,316 LOOK AT IT! 464 00:12:30,382 --> 00:12:30,850 LOOK AT MY BEAUTIFUL FROG 465 00:12:30,916 --> 00:12:31,684 STATUE! 466 00:12:31,750 --> 00:12:32,351 AND CRUCIALLY, WHAT THAT MEANS 467 00:12:32,418 --> 00:12:33,018 IS, THERE ARE NOW ONLY TWO OF 468 00:12:33,085 --> 00:12:34,353 THE FROG STATUES LEFT. 469 00:12:34,420 --> 00:12:35,087 EXCEPT, TO BE HONEST, THERE 470 00:12:35,154 --> 00:12:35,855 AREN'T TWO, BECAUSE I HAVE 471 00:12:35,921 --> 00:12:36,689 ANOTHER ONE AS WELL, AND IT'S 472 00:12:36,755 --> 00:12:39,058 RIGHT OVER THERE! 473 00:12:39,125 --> 00:12:40,426 [CHEERS AND APPLAUSE] 474 00:12:40,493 --> 00:12:45,998 LOOK AT MY SECOND FROG STATUE! 475 00:12:46,065 --> 00:12:47,466 WHAT AN ABSOLUTELY PERFECT PAIR! 476 00:12:47,533 --> 00:12:48,100 AND WHAT THAT MEANS IS THAT THE 477 00:12:48,167 --> 00:12:48,701 LAST REMAINING FROG STATUE IS 478 00:12:48,767 --> 00:12:49,768 GONNA BE WORTH AN ABSOLUTE 479 00:12:49,835 --> 00:12:50,669 FORTUNE, WHICH TO BE HONEST, IS 480 00:12:50,736 --> 00:12:54,240 VERY GOOD NEWS FOR ME, BECAUSE I 481 00:12:54,306 --> 00:12:55,608 DID GET THAT ONE AS WELL. 482 00:12:55,674 --> 00:12:59,078 HERE IT IS! 483 00:12:59,145 --> 00:12:59,778 [APPLAUSE] 484 00:12:59,845 --> 00:13:00,880 I'M RICH! 485 00:13:00,946 --> 00:13:01,547 I'VE GOT ALL THE FROGS! 486 00:13:01,614 --> 00:13:02,248 I'VE CORNERED THE FROG STATUE 487 00:13:02,314 --> 00:13:03,282 MARKET! 488 00:13:03,349 --> 00:13:07,987 I'M GOOD AT BUSINESS! 489 00:13:08,053 --> 00:13:08,988 BUT LOOK, THE LARGER 490 00:13:09,054 --> 00:13:09,822 MACROECONOMIC POINT 491 00:13:09,889 --> 00:13:10,723 I'M MAKING IS, DEMAND IS 492 00:13:10,789 --> 00:13:11,557 CERTAINLY A FACTOR, BUT A 493 00:13:11,624 --> 00:13:12,124 SMALLER SUPPLY ALSO LEADS TO 494 00:13:12,191 --> 00:13:13,726 INFLATION. 495 00:13:13,792 --> 00:13:14,994 AND GENERALLY SPEAKING, WE'VE 496 00:13:15,060 --> 00:13:16,295 HAD DIMINISHED AND DISRUPTED 497 00:13:16,362 --> 00:13:17,763 SUPPLIES OF A LOT OF CONSUMER 498 00:13:17,830 --> 00:13:19,265 GOODS, PRIMARILY BECAUSE, THANKS 499 00:13:19,331 --> 00:13:21,033 TO COVID, FACTORIES OVERSEAS 500 00:13:21,100 --> 00:13:21,634 HAVE BEEN SHUT OR HAVE SLOWED 501 00:13:21,700 --> 00:13:23,202 DOWN CONSIDERABLY. 502 00:13:23,269 --> 00:13:24,970 TAKE, FOR INSTANCE, BICYCLES. 503 00:13:25,037 --> 00:13:26,772 THERE'S BEEN A MASSIVE BIKE 504 00:13:26,839 --> 00:13:27,907 SHORTAGE OVER THE LAST COUPLE OF 505 00:13:27,973 --> 00:13:29,175 YEARS THANKS IN LARGE PART TO 506 00:13:29,241 --> 00:13:30,809 LOCKDOWNS AND SLOWDOWNS 507 00:13:30,876 --> 00:13:33,345 DISRUPTING BIKE PRODUCTION IN 508 00:13:33,412 --> 00:13:37,917 CHINA, WHERE ROUGHLY 90% OF ALL 509 00:13:37,983 --> 00:13:38,684 BIKES SOLD IN THE U.S. ARE 510 00:13:38,751 --> 00:13:39,685 PRODUCED. 511 00:13:39,752 --> 00:13:40,953 MEANWHILE, DEMAND FOR BIKES 512 00:13:41,020 --> 00:13:41,620 SOARED AS SHOPPERS TRIED TO STAY 513 00:13:41,687 --> 00:13:42,655 ACTIVE DURING LOCKDOWNS. 514 00:13:42,721 --> 00:13:43,889 MEANING THAT JUST A FEW MONTHS 515 00:13:43,956 --> 00:13:47,459 INTO THE PANDEMIC, WE WERE 516 00:13:47,526 --> 00:13:48,194 ALREADY SEEING STORIES LIKE 517 00:13:48,260 --> 00:13:49,161 THIS. 518 00:13:49,228 --> 00:13:50,296 >> BIKE SHOPS ACROSS THE COUNTRY 519 00:13:50,362 --> 00:13:51,063 NOW SEEING SKYROCKETING DEMAND 520 00:13:51,130 --> 00:13:54,099 AND SUPPLIES DWINDLING. 521 00:13:54,166 --> 00:13:55,301 IN ALBUQUERQUE, NEW MEXICO. 522 00:13:55,367 --> 00:13:56,101 >> THIS IS ACTUALLY THE ONLY ONE 523 00:13:56,168 --> 00:13:57,336 WE HAVE RIGHT AT THE MOMENT. 524 00:13:57,403 --> 00:13:58,470 >> AND IN NEW YORK CITY. 525 00:13:58,537 --> 00:13:59,438 >> HAVE YOU EVER SEEN A BIKE 526 00:13:59,505 --> 00:14:00,372 SHORTAGE LIKE THIS BEFORE? 527 00:14:00,439 --> 00:14:04,543 >> NO, NEVER. 528 00:14:04,610 --> 00:14:06,946 >> I'M SELLING WAY MORE PINK AND 529 00:14:07,012 --> 00:14:10,683 PURPLE TO GUYS BECAUSE THEY ARE 530 00:14:10,749 --> 00:14:12,618 JUST LIKE, WHATEVER, DOESN'T 531 00:14:12,685 --> 00:14:13,619 MATTER WHAT COLOR IT IS. 532 00:14:13,686 --> 00:14:16,922 IT IS WHAT IT IS, IT'S A BIKE. 533 00:14:16,989 --> 00:14:17,756 >> John: YEAH, THE BIKE SHORTAGE 534 00:14:17,823 --> 00:14:18,324 EVEN BROKE DOWN GENDER 535 00:14:18,390 --> 00:14:20,626 STEREOTYPES! 536 00:14:20,693 --> 00:14:21,560 [APPLAUSE] 537 00:14:21,627 --> 00:14:22,528 BUT INTERESTINGLY, WHILE PINK 538 00:14:22,595 --> 00:14:23,362 AND PURPLE BIKES ATTRACTED A NEW 539 00:14:23,429 --> 00:14:24,496 MALE DEMOGRAPHIC, PENNY FARTHING 540 00:14:24,563 --> 00:14:25,364 BIKES MAINTAINED THEIR 541 00:14:25,431 --> 00:14:26,165 TRADITIONAL CUSTOMER BASE: FANCY 542 00:14:26,232 --> 00:14:28,434 MUSTACHIOED PERVERTS. 543 00:14:28,500 --> 00:14:29,368 [LAUGHTER] 544 00:14:29,435 --> 00:14:33,973 ALL OF WHICH HELPS EXPLAIN WHY, 545 00:14:34,039 --> 00:14:34,840 LAST YEAR, THE AVERAGE 546 00:14:34,907 --> 00:14:43,015 RETAIL PRICE OF BIKE PRODUCTS 547 00:14:43,082 --> 00:14:43,749 WAS UP 43% COMPARED TO 2019. 548 00:14:43,816 --> 00:14:44,550 WHICH MEANS ESSENTIALLY ONE 549 00:14:44,617 --> 00:14:45,618 THING: IF YOU'RE THE SORT OF 550 00:14:45,684 --> 00:14:46,452 PERSON WHO STAYED ACTIVE AND 551 00:14:46,518 --> 00:14:47,419 EXERCISED DURING LOCKDOWN, 552 00:14:47,486 --> 00:14:48,621 INFLATION IS YOUR FAULT, AND 553 00:14:48,687 --> 00:14:50,923 YOU'RE A TERRIBLE PERSON. 554 00:14:50,990 --> 00:14:51,991 [LAUGHTER] 555 00:14:52,057 --> 00:14:53,058 THE POINT IS, INFLATION TRULY 556 00:14:53,125 --> 00:14:53,759 WAS A PERFECT STORM GOING INTO 557 00:14:53,826 --> 00:14:54,760 THE YEAR, AND IT SEEMS LIKE 558 00:14:54,827 --> 00:14:55,527 EVERYTHING THAT'S HAPPENED SINCE 559 00:14:55,594 --> 00:14:56,762 HAS ONLY MADE IT WORSE. 560 00:14:56,829 --> 00:14:58,364 WHEN BIDEN SAID "INFLATION IS 561 00:14:58,430 --> 00:15:00,266 LARGELY THE FAULT OF PUTIN," 562 00:15:00,332 --> 00:15:01,433 THAT IS CLEARLY NOT TRUE. 563 00:15:01,500 --> 00:15:02,668 INFLATION WAS HAPPENING BEFORE 564 00:15:02,735 --> 00:15:04,737 PUTIN EVEN INVADED UKRAINE, SO 565 00:15:04,803 --> 00:15:07,239 THAT'S JUST NOT HOW TIME WORKS. 566 00:15:07,306 --> 00:15:08,707 WHAT IS TRUE, THOUGH, IS THAT 567 00:15:08,774 --> 00:15:09,341 PUTIN DEFINITELY EXACERBATED THE 568 00:15:09,408 --> 00:15:11,377 PROBLEM. 569 00:15:11,443 --> 00:15:13,012 THE INVASION OF UKRAINE GREATLY 570 00:15:13,078 --> 00:15:14,580 IMPACTED FOOD AND FUEL PRICES, 571 00:15:14,647 --> 00:15:16,749 AS THE WORLD CUT OFF ITS OIL 572 00:15:16,815 --> 00:15:17,816 PURCHASES FROM RUSSIA, DRIVING 573 00:15:17,883 --> 00:15:19,451 GAS PRICES -- WHICH WERE ALREADY 574 00:15:19,518 --> 00:15:21,220 RISING -- UP TO OUTRAGEOUS 575 00:15:21,287 --> 00:15:21,920 LEVELS, PERHAPS BEST SUMMED UP 576 00:15:21,987 --> 00:15:26,525 BY THIS GUY: 577 00:15:26,592 --> 00:15:27,660 >> BRUH, I JUST GOT A BRAND-NEW 578 00:15:27,726 --> 00:15:28,527 -- I JUST GOT A NEW CAR. 579 00:15:28,594 --> 00:15:29,428 MY FIRST CAR. 580 00:15:29,495 --> 00:15:31,230 NOW I SEE WHAT YOU MOTHERFUCKERS 581 00:15:31,297 --> 00:15:31,864 ARE TALKING ABOUT WITH THESE GAS 582 00:15:31,930 --> 00:15:33,599 PRICES. 583 00:15:33,666 --> 00:15:34,600 [LAUGHTER] 584 00:15:34,667 --> 00:15:36,368 MY SHIT WAS ON EMPTY. 585 00:15:36,435 --> 00:15:37,469 I PUT 20 BUCKS IN THE FUCKING -- 586 00:15:37,536 --> 00:15:38,370 IN THE FUCKING TANK. 587 00:15:38,437 --> 00:15:41,307 LOOK AT THIS SHIT! 588 00:15:41,373 --> 00:15:42,374 [LAUGHTER] 589 00:15:42,441 --> 00:15:43,809 WHAT THE FUCK? 590 00:15:43,876 --> 00:15:44,910 THIS IS WHAT 20 FUCKING DOLLARS 591 00:15:44,977 --> 00:15:46,145 GETS ME? 592 00:15:46,211 --> 00:15:51,317 ARE YOU FUCKING KIDDING ME? 593 00:15:51,383 --> 00:15:51,583 [LAUGHTER] 594 00:15:51,650 --> 00:15:53,018 [APPLAUSE] 595 00:15:53,085 --> 00:15:54,320 >> John: YEAH, IF I HAD TO BET, 596 00:15:54,386 --> 00:15:55,321 I'D SAY 80% OF A GAS STATION 597 00:15:55,387 --> 00:15:56,088 EMPLOYEE'S JOB RIGHT NOW IS TO 598 00:15:56,155 --> 00:15:57,156 TALK PEOPLE DOWN FROM EXACTLY 599 00:15:57,222 --> 00:15:58,090 THIS SITUATION. 600 00:15:58,157 --> 00:15:59,325 THE OTHER 20% IS, AS ALWAYS, 601 00:15:59,391 --> 00:16:00,292 TRACKING DOWN SOME OF THE 602 00:16:00,359 --> 00:16:00,959 BLUE-EST DRINKS YOU'VE EVER 603 00:16:01,026 --> 00:16:02,895 SEEN. 604 00:16:02,961 --> 00:16:04,363 IS IT A GOOD IDEA TO SELL THOSE 605 00:16:04,430 --> 00:16:05,064 IN THE SAME STORE WHERE YOU SELL 606 00:16:05,130 --> 00:16:06,332 ANTIFREEZE? 607 00:16:06,398 --> 00:16:08,867 NOT FOR ME TO SAY. 608 00:16:08,934 --> 00:16:10,202 [LAUGHTER] 609 00:16:10,269 --> 00:16:11,403 SO PUTIN INVADING UKRAINE DIDN'T 610 00:16:11,470 --> 00:16:12,137 START THIS INFLATIONARY CYCLE, 611 00:16:12,204 --> 00:16:13,806 BUT IT IS MAKING IT WORSE. 612 00:16:13,872 --> 00:16:14,840 AND THE SAME CAN BE SAID OF 613 00:16:14,907 --> 00:16:18,010 CORPORATE GREED. 614 00:16:18,077 --> 00:16:19,178 IT IS ABSOLUTELY TRUE THAT SOME 615 00:16:19,244 --> 00:16:20,312 COMPANIES ARE TAKING ADVANTAGE 616 00:16:20,379 --> 00:16:22,514 OF THIS ENVIRONMENT TO DRIVE UP 617 00:16:22,581 --> 00:16:23,282 PRICES, AND GETTING RECORD 618 00:16:23,349 --> 00:16:25,918 PROFITS IN RETURN. 619 00:16:25,984 --> 00:16:27,453 AND THAT IS INFURIATING. 620 00:16:27,519 --> 00:16:28,821 BUT MOST ECONOMISTS WILL TELL 621 00:16:28,887 --> 00:16:31,523 YOU THAT'S NOT WHAT CAUSED 622 00:16:31,590 --> 00:16:32,124 INFLATION IN THE FIRST PLACE. 623 00:16:32,191 --> 00:16:33,025 AFTER ALL, IT'S NOT LIKE 624 00:16:33,092 --> 00:16:34,426 CORPORATIONS ONLY JUST GOT 625 00:16:34,493 --> 00:16:37,329 GREEDY IN THE LAST TWO YEARS. 626 00:16:37,396 --> 00:16:38,364 [LAUGHTER] 627 00:16:38,430 --> 00:16:39,965 COMPANIES WILL SHAMELESSLY 628 00:16:40,032 --> 00:16:40,866 PROFITEER THE SAME WAY THAT A 629 00:16:40,933 --> 00:16:43,502 DOG WILL MAKE AN ABSOLUTE MEAL 630 00:16:43,569 --> 00:16:45,003 OUT OF ITS OWN BALL SACK: IF 631 00:16:45,070 --> 00:16:46,905 LEFT TO ITS OWN DEVICES, THAT'S 632 00:16:46,972 --> 00:16:47,773 UNFORTUNATELY JUST WHAT IT'S 633 00:16:47,840 --> 00:16:49,108 GOING TO DO. 634 00:16:49,174 --> 00:16:51,810 SO, TO RECAP: RISING PRICES ARE 635 00:16:51,877 --> 00:16:53,145 DUE TO A TON OF FACTORS: A 636 00:16:53,212 --> 00:16:53,979 PANDEMIC, A STIMULUS, CHANGED 637 00:16:54,046 --> 00:16:55,581 SPENDING PATTERNS, SUPPLY CHAIN 638 00:16:55,647 --> 00:16:56,682 ISSUES, THE WAR IN UKRAINE, TO 639 00:16:56,749 --> 00:16:58,517 NAME JUST A FEW. 640 00:16:58,584 --> 00:17:00,185 AND ANYONE LOUDLY SAYING THAT 641 00:17:00,252 --> 00:17:01,987 ONE THING IS THE CAUSE OF 642 00:17:02,054 --> 00:17:06,191 INFLATION IS EITHER LYING OR HAS 643 00:17:06,258 --> 00:17:08,460 ABSOLUTELY NO IDEA WHAT THEY'RE 644 00:17:08,527 --> 00:17:09,628 TALKING ABOUT. 645 00:17:09,695 --> 00:17:10,796 AND THE FACT IS, WHICHEVER 646 00:17:10,863 --> 00:17:11,630 COMBINATION OF THINGS GOT US 647 00:17:11,697 --> 00:17:12,431 INTO THIS MESS, THE ENTITY MANY 648 00:17:12,498 --> 00:17:14,700 ARE LOOKING TO TO GET US OUT OF 649 00:17:14,767 --> 00:17:16,268 IT IS THE FEDERAL RESERVE. 650 00:17:16,335 --> 00:17:17,803 ONE OF ITS KEY DUTIES IS TO KEEP 651 00:17:17,870 --> 00:17:18,871 AN EYE OUT FOR THINGS THAT CAN 652 00:17:18,937 --> 00:17:19,938 DESTABILIZE THE ECONOMY, LIKE 653 00:17:20,005 --> 00:17:21,540 INFLATION, AND CONTROL IT BY 654 00:17:21,607 --> 00:17:22,274 RAISING AND LOWERING INTEREST 655 00:17:22,341 --> 00:17:24,910 RATES. 656 00:17:24,977 --> 00:17:26,178 VERY BASICALLY, THE FED CAN 657 00:17:26,245 --> 00:17:28,280 INCREASE HOW MUCH IT COSTS FOR 658 00:17:28,347 --> 00:17:29,815 BANKS TO BORROW MONEY, A COST 659 00:17:29,882 --> 00:17:30,849 THEY THEN PASS ALONG TO 660 00:17:30,916 --> 00:17:32,418 BUSINESSES AND CONSUMERS, 661 00:17:32,484 --> 00:17:33,519 THROUGH HIGHER RATES ON THINGS 662 00:17:33,585 --> 00:17:35,354 LIKE MORTGAGES AND CREDIT CARDS. 663 00:17:35,421 --> 00:17:36,455 AND THE HIGHER THE INTEREST 664 00:17:36,522 --> 00:17:37,689 RATES, THE LESS INCLINED PEOPLE 665 00:17:37,756 --> 00:17:39,124 AND BUSINESSES WILL BE TO 666 00:17:39,191 --> 00:17:39,892 BORROW, AND THE MORE INCLINED 667 00:17:39,958 --> 00:17:41,794 THEY'LL BE TO SAVE. 668 00:17:41,860 --> 00:17:43,061 ESSENTIALLY, THE FED CAN 669 00:17:43,128 --> 00:17:44,229 INDIRECTLY INFLUENCE HOW MUCH 670 00:17:44,296 --> 00:17:47,266 PEOPLE ARE SPENDING. 671 00:17:47,332 --> 00:17:48,667 SO WHEN IT COMES TO THE DEMAND 672 00:17:48,734 --> 00:17:49,701 SIDE OF THE ECONOMY, THEY HAVE 673 00:17:49,768 --> 00:17:51,336 SOME REAL POWER HERE. 674 00:17:51,403 --> 00:17:53,238 AND THE FACT IS, IN THIS CURRENT 675 00:17:53,305 --> 00:17:54,740 CRISIS, IT DID ARGUABLY TAKE TOO 676 00:17:54,807 --> 00:17:55,574 LONG FOR THE FED TO RAISE 677 00:17:55,641 --> 00:17:58,277 INTEREST RATES. 678 00:17:58,343 --> 00:17:59,144 THAT'S SOMETHING ITS CHAIRMAN, 679 00:17:59,211 --> 00:18:00,245 JEROME POWELL, BASICALLY 680 00:18:00,312 --> 00:18:01,213 ADMITTED AT A CONGRESSIONAL 681 00:18:01,280 --> 00:18:02,448 HEARING IN MARCH. 682 00:18:02,514 --> 00:18:04,349 JUST LISTEN TO HIM EXPLAIN THAT 683 00:18:04,416 --> 00:18:05,784 THE FED INITIALLY SAW EARLY 684 00:18:05,851 --> 00:18:07,519 SIGNS OF INFLATION AS BEING DUE 685 00:18:07,586 --> 00:18:10,556 TO A TEMPORARY SUPPLY SHOCK THAT 686 00:18:10,622 --> 00:18:11,990 WOULD SIMPLY RESOLVE ITSELF. 687 00:18:12,057 --> 00:18:13,625 >> WHAT THE TEXTBOOK SAYS IS THE 688 00:18:13,692 --> 00:18:14,259 SHOCK'S GOING TO COME AND IT'S 689 00:18:14,326 --> 00:18:15,227 GOING TO GO, AND YOU SHOULDN'T 690 00:18:15,294 --> 00:18:16,295 REACT TO IT. 691 00:18:16,361 --> 00:18:18,330 HINDSIGHT SAYS WE SHOULD HAVE 692 00:18:18,397 --> 00:18:19,298 MOVED EARLIER AND THAT TURNED 693 00:18:19,364 --> 00:18:20,499 OUT TO BE WRONG. 694 00:18:20,566 --> 00:18:21,633 NOT MAYBE CONCEPTUALLY WRONG, 695 00:18:21,700 --> 00:18:23,335 BUT IT'S JUST TAKING SO MUCH 696 00:18:23,402 --> 00:18:24,570 LONGER FOR THE SUPPLY SIDE TO 697 00:18:24,636 --> 00:18:25,604 HEAL THAN WE THOUGHT. 698 00:18:25,671 --> 00:18:27,339 >> John: YEAH, HE'S RIGHT. 699 00:18:27,406 --> 00:18:28,607 THE STANDARD TEXTBOOK OF 700 00:18:28,674 --> 00:18:31,109 ECONOMICS SAYS THAT IF THERE'S A 701 00:18:31,176 --> 00:18:32,044 SUPPLY SHOCK, YOU LET IT RESOLVE 702 00:18:32,110 --> 00:18:33,078 ITSELF ORGANICALLY. 703 00:18:33,145 --> 00:18:34,646 UNFORTUNATELY -- AND IN FAIRNESS 704 00:18:34,713 --> 00:18:36,815 TO THE FED -- THE PANDEMIC WAS 705 00:18:36,882 --> 00:18:41,019 TOTALLY UNPRECEDENTED, SO THE 706 00:18:41,086 --> 00:18:41,620 STANDARD TEXTBOOK JUST DIDN'T 707 00:18:41,687 --> 00:18:42,421 APPLY. 708 00:18:42,488 --> 00:18:43,655 IN FACT, THE ONLY TEXTBOOK 709 00:18:43,722 --> 00:18:44,890 APPLICABLE TO THIS SITUATION 710 00:18:44,957 --> 00:18:45,691 WAS, "OH FUCK FUCK FUCK 711 00:18:45,757 --> 00:18:46,658 THE WHOLE WORLD SHUT DOWN 712 00:18:46,725 --> 00:18:47,893 WHAT DO WE DO OH GOD OH FUCK 713 00:18:47,960 --> 00:18:50,062 FUCK FUCK!" 714 00:18:50,128 --> 00:18:50,762 [LAUGHTER] 715 00:18:50,829 --> 00:18:52,531 AND IT'S NOT LIKE THE FED WAS 716 00:18:52,598 --> 00:18:53,799 ALONE IN CALLING IT WRONG. 717 00:18:53,866 --> 00:18:54,366 MOST ECONOMISTS THOUGHT 718 00:18:54,433 --> 00:18:55,434 INFLATION WOULD GO AWAY ON ITS 719 00:18:55,501 --> 00:18:56,668 OWN. 720 00:18:56,735 --> 00:18:57,803 AND SOME OF THE LOUDEST VOICES 721 00:18:57,870 --> 00:18:59,037 ON WALL STREET WERE ARGUING 722 00:18:59,104 --> 00:19:00,072 AGAINST THE FED RAISING INTEREST 723 00:19:00,138 --> 00:19:01,340 RATES, BECAUSE THEY, TOO, 724 00:19:01,406 --> 00:19:01,907 THOUGHT INFLATION WOULD BE 725 00:19:01,974 --> 00:19:04,977 TRANSITORY. 726 00:19:05,043 --> 00:19:05,811 FOR INSTANCE, HERE IS 727 00:19:05,878 --> 00:19:07,145 JIM CRAMER -- THE ANSWER TO THE 728 00:19:07,212 --> 00:19:07,913 QUESTION, "WHAT IF A GARBAGE CAN 729 00:19:07,980 --> 00:19:08,947 FULL OF COCAINE AND BUSINESS 730 00:19:09,014 --> 00:19:10,015 SCHOOL PAMPHLETS WISHED TO BE A 731 00:19:10,082 --> 00:19:11,650 REAL BOY?" -- MAKING THAT VERY 732 00:19:11,717 --> 00:19:12,417 ARGUMENT IN NOVEMBER OF LAST 733 00:19:12,484 --> 00:19:14,019 YEAR. 734 00:19:14,086 --> 00:19:15,654 >> THE BOTTOM LINE, I DON'T 735 00:19:15,721 --> 00:19:16,421 THINK POWELL NEEDS TO SLAM THE 736 00:19:16,488 --> 00:19:17,656 BRAKES ON THE ECONOMY. 737 00:19:17,723 --> 00:19:18,857 DESPITE WHAT YOU HEAR FROM THE 738 00:19:18,924 --> 00:19:20,993 "INFLATIONISTAS" IN THE MEDIA, 739 00:19:21,059 --> 00:19:23,662 THE WEIGHT OF THE EVIDENCE IS 740 00:19:23,729 --> 00:19:26,698 FINALLY GOING POWELL'S WAY, TEAM 741 00:19:26,765 --> 00:19:28,400 TRANSITORY IS GOING TO WIN! 742 00:19:28,467 --> 00:19:29,768 I SAY STOP FREAKING ABOUT 743 00:19:29,835 --> 00:19:30,769 INFLATION! 744 00:19:30,836 --> 00:19:31,970 >> John: OKAY. 745 00:19:32,037 --> 00:19:33,205 SETTING ASIDE THE FACT THAT HE'S 746 00:19:33,272 --> 00:19:33,872 SPEAKING WITH AN INTENSITY LEVEL 747 00:19:33,939 --> 00:19:35,007 BEST DESCRIBED AS "PATTI LUPONE 748 00:19:35,073 --> 00:19:36,408 ADMONISHING A RUDE AUDIENCE 749 00:19:36,475 --> 00:19:38,076 MEMBER," IT'S PRETTY CLEAR THAT 750 00:19:38,143 --> 00:19:40,579 THIS CLIP, MUCH LIKE JIM CRAMER 751 00:19:40,646 --> 00:19:42,281 HIMSELF, HAS NOT AGED VERY WELL. 752 00:19:42,347 --> 00:19:47,953 BECAUSE HERE HE WAS JUST SIX 753 00:19:48,020 --> 00:19:49,054 MONTHS LATER DOING A FULL 180 754 00:19:49,121 --> 00:19:49,888 WITH A VERY DIFFERENT TONE. 755 00:19:49,955 --> 00:19:50,822 >> I THINK THAT POWELL MAY NOT 756 00:19:50,889 --> 00:19:51,690 UNDERSTAND. 757 00:19:51,757 --> 00:19:53,091 WE GOT TO BREAK THIS, WE'VE GOT 758 00:19:53,158 --> 00:19:53,926 TO BREAK IT NOW, BECAUSE THIS 759 00:19:53,992 --> 00:19:57,129 WAS THE WEEK WE REALIZED THAT IT 760 00:19:57,195 --> 00:19:57,763 IS JUST INFLAMED, AND IT IS NOT 761 00:19:57,829 --> 00:19:59,498 GOING AWAY. 762 00:19:59,565 --> 00:20:02,067 AND I WAS -- I WAS JUST KIND 763 00:20:02,134 --> 00:20:03,402 OF -- JUST, I -- I -- LOOK, I 764 00:20:03,468 --> 00:20:05,437 WAS SHOCKED. 765 00:20:05,504 --> 00:20:06,338 [LAUGHTER] 766 00:20:06,405 --> 00:20:07,539 I JUST DIDN'T KNOW THAT IT WAS 767 00:20:07,606 --> 00:20:08,740 AS BAD AS IT IS. 768 00:20:08,807 --> 00:20:10,475 IT'S IN EVERY AISLE. 769 00:20:10,542 --> 00:20:11,810 THE INFLATION'S IN EVERY AISLE. 770 00:20:11,877 --> 00:20:12,444 >> John: WOW, THAT WAS A PRETTY 771 00:20:12,511 --> 00:20:13,912 DRAMATIC TURNAROUND. 772 00:20:13,979 --> 00:20:15,213 HE WENT FROM LOUDLY UNCONCERNED 773 00:20:15,280 --> 00:20:16,548 ABOUT RISING PRICES TO 774 00:20:16,615 --> 00:20:17,182 FULL-BLOWN "INFLATIONISTA" IN A 775 00:20:17,249 --> 00:20:18,383 MATTER OF MONTHS. 776 00:20:18,450 --> 00:20:19,651 AND QUICK QUESTION: WHAT EXACTLY 777 00:20:19,718 --> 00:20:20,619 IS GOING ON WITH THIS EXPRESSION 778 00:20:20,686 --> 00:20:23,021 RIGHT HERE? 779 00:20:23,088 --> 00:20:27,292 [LAUGHTER] 780 00:20:27,359 --> 00:20:28,093 THAT IS NOT THE FACE YOU MAKE 781 00:20:28,160 --> 00:20:28,660 WHEN YOU'RE CONCERNED ABOUT 782 00:20:28,727 --> 00:20:29,661 INFLATION. 783 00:20:29,728 --> 00:20:30,562 THAT'S THE FACE YOU MAKE WHEN 784 00:20:30,629 --> 00:20:31,463 YOU'RE WATCHING A GIRAFFE GIVE 785 00:20:31,530 --> 00:20:32,764 BIRTH. 786 00:20:32,831 --> 00:20:33,632 THE FACT IS, A LOT OF SMART 787 00:20:33,699 --> 00:20:35,367 PEOPLE, AND JIM CRAMER, READ THE 788 00:20:35,434 --> 00:20:36,168 SITUATION WRONG. 789 00:20:36,234 --> 00:20:37,235 AND THERE ISN'T REALLY A ROAD 790 00:20:37,302 --> 00:20:41,773 MAP FOR WHAT TO DO NEXT. 791 00:20:41,840 --> 00:20:42,874 AS ONE "WALL STREET JOURNAL" 792 00:20:42,941 --> 00:20:43,942 COLUMNIST HAS SAID, "ECONOMIC 793 00:20:44,009 --> 00:20:45,077 MODELS THAT WORKED FOR DECADES 794 00:20:45,143 --> 00:20:45,744 BROKE DOWN DURING THE PANDEMIC, 795 00:20:45,811 --> 00:20:46,812 AND ALTERNATIVES HAVE YET TO 796 00:20:46,878 --> 00:20:47,746 EMERGE." 797 00:20:47,813 --> 00:20:49,147 NOW, ONE THING THAT WOULD REALLY 798 00:20:49,214 --> 00:20:49,915 HELP IS IF WE KNEW THE EXTENT TO 799 00:20:49,982 --> 00:20:50,916 WHICH THIS IS A SUPPLY OR A 800 00:20:50,983 --> 00:20:52,150 DEMAND PROBLEM. 801 00:20:52,217 --> 00:20:53,619 IF IT'S MORE ABOUT "TOO MUCH 802 00:20:53,685 --> 00:20:57,222 MONEY" OR "NOT ENOUGH STUFF." 803 00:20:57,289 --> 00:20:58,323 BECAUSE IF IT IS TOO MUCH MONEY, 804 00:20:58,390 --> 00:20:59,291 THE FED CAN IMPACT THAT PRETTY 805 00:20:59,358 --> 00:21:00,158 EASILY. 806 00:21:00,225 --> 00:21:01,426 WHAT THEY'D WANT TO DO IS RAISE 807 00:21:01,493 --> 00:21:02,561 INTEREST RATES SIGNIFICANTLY 808 00:21:02,628 --> 00:21:04,730 ENOUGH TO CURB SPENDING AND SLOW 809 00:21:04,796 --> 00:21:06,064 GROWTH, BUT NOT SO AGGRESSIVELY 810 00:21:06,131 --> 00:21:07,165 THAT IT WOULD THEN TRIGGER A 811 00:21:07,232 --> 00:21:09,067 PAINFUL RECESSION. 812 00:21:09,134 --> 00:21:11,136 BUT IF IT'S ABOUT "NOT ENOUGH 813 00:21:11,203 --> 00:21:12,604 STUFF" INSTEAD -- IF THE MAJOR 814 00:21:12,671 --> 00:21:13,939 ISSUES ARE THINGS LIKE SUPPLY 815 00:21:14,006 --> 00:21:15,507 CHAIN DISRUPTIONS -- THE EFFECT 816 00:21:15,574 --> 00:21:16,642 THE FED CAN HAVE IS DRASTICALLY 817 00:21:16,708 --> 00:21:17,709 REDUCED. 818 00:21:17,776 --> 00:21:19,378 BECAUSE THE FED CAN'T STOP THE 819 00:21:19,444 --> 00:21:21,246 WAR IN UKRAINE, OR OPEN 820 00:21:21,313 --> 00:21:22,014 FACTORIES IN CHINA THAT ARE 821 00:21:22,080 --> 00:21:23,382 CLOSED DUE TO COVID. 822 00:21:23,448 --> 00:21:25,350 I SUPPOSE JEROME POWELL COULD 823 00:21:25,417 --> 00:21:27,252 LEAD AN ARMY OF ECONOMISTS INTO 824 00:21:27,319 --> 00:21:29,454 LUHANSK, BUT I'M NOT SURE ANYONE 825 00:21:29,521 --> 00:21:30,422 WANTS TO SEE THAT, AND 826 00:21:30,489 --> 00:21:31,223 HISTORICALLY, THAT HASN'T BEEN 827 00:21:31,289 --> 00:21:34,459 THE FED'S ROLE. 828 00:21:34,526 --> 00:21:35,160 [LAUGHTER] 829 00:21:35,227 --> 00:21:36,461 SO THE QUESTION OF WHETHER 830 00:21:36,528 --> 00:21:37,429 INFLATION IS CAUSED MORE BY 831 00:21:37,496 --> 00:21:38,597 SUPPLY OR DEMAND BASICALLY 832 00:21:38,664 --> 00:21:39,998 DETERMINES HOW MUCH INFLUENCE 833 00:21:40,065 --> 00:21:41,867 THE FED HAS TO IMPROVE THINGS. 834 00:21:41,933 --> 00:21:43,402 UNFORTUNATELY, EVEN ECONOMISTS 835 00:21:43,468 --> 00:21:44,903 DON'T REALLY AGREE ON WHICH IS 836 00:21:44,970 --> 00:21:47,105 THE BIGGER DRIVER. 837 00:21:47,172 --> 00:21:48,640 MEANING THE TRUTH IS, INFLATION 838 00:21:48,707 --> 00:21:52,177 MAY NOT BE FULLY WITHIN OUR 839 00:21:52,244 --> 00:21:53,612 CONTROL RIGHT NOW. 840 00:21:53,679 --> 00:21:54,980 WHICH ISN'T TO SAY THAT 841 00:21:55,047 --> 00:21:56,081 BIDEN HASN'T BEEN OUT THERE 842 00:21:56,148 --> 00:21:57,082 PROMISING TO COMBAT IT AND 843 00:21:57,149 --> 00:21:58,050 SHOWING EMPATHY FOR AMERICANS 844 00:21:58,116 --> 00:21:58,950 WHO ARE STRUGGLING, SOMETIMES IN 845 00:21:59,017 --> 00:22:00,886 THE WEIRDEST WAY POSSIBLE. 846 00:22:00,952 --> 00:22:04,156 >> I WANT EVERY AMERICAN TO KNOW 847 00:22:04,222 --> 00:22:05,424 THAT I'M TAKING INFLATION VERY 848 00:22:05,490 --> 00:22:06,491 SERIOUSLY, AND IT'S MY TOP 849 00:22:06,558 --> 00:22:10,495 DOMESTIC PRIORITY. 850 00:22:10,562 --> 00:22:12,130 I KNOW YOU GOT TO BE FRUSTRATED. 851 00:22:12,197 --> 00:22:13,365 I KNOW. 852 00:22:13,432 --> 00:22:15,867 I CAN TASTE IT. 853 00:22:15,934 --> 00:22:17,335 [LAUGHTER] 854 00:22:17,402 --> 00:22:19,204 >> John: NO! 855 00:22:19,271 --> 00:22:21,306 NO, NO, NO, NO, NO! 856 00:22:21,373 --> 00:22:22,974 NEVER SAY THAT AGAIN! 857 00:22:23,041 --> 00:22:23,909 THAT MAY HAVE BEEN THE SINGLE 858 00:22:23,975 --> 00:22:24,710 GROSSEST THING I'VE EVER HEARD 859 00:22:24,776 --> 00:22:25,644 COME OUT OF JOE BIDEN'S MOUTH. 860 00:22:25,711 --> 00:22:31,683 AND THAT'S SAYING A LOT, BECAUSE 861 00:22:31,750 --> 00:22:34,720 I'VE HEARD THE STUFF HE USED TO 862 00:22:34,786 --> 00:22:36,121 SAY IN THE '70s. 863 00:22:36,188 --> 00:22:37,022 BUT TO BE FAIR, I GET WHY 864 00:22:37,089 --> 00:22:37,756 BIDEN'S TAKING THIS APPROACH. 865 00:22:37,823 --> 00:22:38,623 AMERICANS VIEW INFLATION AS THE 866 00:22:38,690 --> 00:22:39,658 TOP PROBLEM FACING THE U.S. 867 00:22:39,725 --> 00:22:40,792 AHEAD OF THE MIDTERM ELECTIONS, 868 00:22:40,859 --> 00:22:42,160 AHEAD OF EVERY OTHER CALAMITY 869 00:22:42,227 --> 00:22:43,028 FACING THE COUNTRY, INCLUDING 870 00:22:43,095 --> 00:22:45,464 EZRA MILLER. 871 00:22:45,530 --> 00:22:46,531 [LAUGHTER] 872 00:22:46,598 --> 00:22:47,365 AND THERE IS AN ARGUMENT FOR 873 00:22:47,432 --> 00:22:48,667 TRYING TO RAISE PUBLIC 874 00:22:48,734 --> 00:22:49,501 CONFIDENCE. 875 00:22:49,568 --> 00:22:50,602 ONCE AN INFLATIONARY CYCLE 876 00:22:50,669 --> 00:22:52,070 STARTS, SIMPLY THE EXPECTATION 877 00:22:52,137 --> 00:22:53,805 OF IT CAN KEEP INFLATION GOING. 878 00:22:53,872 --> 00:22:55,006 FOR INSTANCE, AS THE COST OF 879 00:22:55,073 --> 00:22:56,141 LIVING RISES, WORKERS MIGHT 880 00:22:56,208 --> 00:22:57,442 DEMAND HIGHER WAGES TO COVER 881 00:22:57,509 --> 00:23:00,178 THAT, WHICH IN TURN, RAISES THE 882 00:23:00,245 --> 00:23:01,613 COST OF LABOR, LEADING 883 00:23:01,680 --> 00:23:02,547 BUSINESSES TO CHARGE HIGHER 884 00:23:02,614 --> 00:23:03,148 PRICES, LEADING TO STILL MORE 885 00:23:03,215 --> 00:23:05,917 INFLATION. 886 00:23:05,984 --> 00:23:07,452 IT'S BASICALLY A VICIOUS CYCLE. 887 00:23:07,519 --> 00:23:09,054 THAT IS WHY THE WORSE OUR 888 00:23:09,121 --> 00:23:09,988 INFLATION EXPECTATIONS ARE, THE 889 00:23:10,055 --> 00:23:11,189 WORSE IT CAN GET. 890 00:23:11,256 --> 00:23:13,325 AND THAT MAY HELP EXPLAIN WHY 891 00:23:13,391 --> 00:23:14,693 THE FED -- ALBEIT LATE -- IS NOW 892 00:23:14,760 --> 00:23:16,461 TAKING SOME BIG STEPS. 893 00:23:16,528 --> 00:23:17,963 IT RECENTLY ENACTED THE BIGGEST 894 00:23:18,029 --> 00:23:18,697 INCREASE TO INTEREST RATES SINCE 895 00:23:18,764 --> 00:23:20,665 1994. 896 00:23:20,732 --> 00:23:25,170 AND IT'S ALL BUT CERTAIN THAT 897 00:23:25,237 --> 00:23:25,771 IT WILL RAISE THEM AGAIN NEXT 898 00:23:25,837 --> 00:23:26,705 WEEK. 899 00:23:26,772 --> 00:23:27,672 MEANWHILE, JEROME POWELL HAS 900 00:23:27,739 --> 00:23:28,540 BEEN TRYING TO REASSURE PEOPLE 901 00:23:28,607 --> 00:23:29,674 THAT THE FED HAS THINGS UNDER 902 00:23:29,741 --> 00:23:30,542 CONTROL. 903 00:23:30,609 --> 00:23:31,676 ALTHOUGH HE'S ALSO NOTABLY GONE 904 00:23:31,743 --> 00:23:32,844 FROM TALKING ABOUT TRYING TO 905 00:23:32,911 --> 00:23:33,545 ENGINEER A "SOFT LANDING" FOR 906 00:23:33,612 --> 00:23:34,546 THE ECONOMY, TO SOMETHING 907 00:23:34,613 --> 00:23:36,481 SLIGHTLY DIFFERENT. 908 00:23:36,548 --> 00:23:37,549 >> SO, I WOULD SAY THERE'S A -- 909 00:23:37,616 --> 00:23:39,184 THERE'S A, YOU KNOW -- THERE ARE 910 00:23:39,251 --> 00:23:45,457 A NUMBER OF PLAUSIBLE PATHS TO 911 00:23:45,524 --> 00:23:46,825 HAVING A SOFT, OR AS I'VE SAID, 912 00:23:46,892 --> 00:23:47,759 SOFT-ISH LANDING. 913 00:23:47,826 --> 00:23:48,794 >> John: OH! 914 00:23:48,860 --> 00:23:50,262 SO WE'RE AIMING FOR A "SOFT-ISH" 915 00:23:50,328 --> 00:23:51,396 LANDING NOW, ARE WE? 916 00:23:51,463 --> 00:23:52,330 THE THING IS, "ISH" ISN'T 917 00:23:52,397 --> 00:23:53,198 EXACTLY THE MOST REASSURING 918 00:23:53,265 --> 00:23:54,266 SUFFIX TO HEAR WHEN YOU'RE 919 00:23:54,332 --> 00:23:56,835 DISCUSSING SOMETHING SO SERIOUS. 920 00:23:56,902 --> 00:23:58,670 THERE IS A HUGE DIFFERENCE 921 00:23:58,737 --> 00:23:59,871 BETWEEN A SURGEON TELLING YOU, 922 00:23:59,938 --> 00:24:01,273 "THE SURGERY WENT WELL" AND 923 00:24:01,339 --> 00:24:03,642 "IT WENT WELL...ISH." 924 00:24:03,708 --> 00:24:06,778 [LAUGHTER] 925 00:24:06,845 --> 00:24:07,546 LOOK, I DON'T KNOW WHERE THINGS 926 00:24:07,612 --> 00:24:08,713 ARE GOING TO GO, EXACTLY. 927 00:24:08,780 --> 00:24:09,447 I'M NOT A MONETARY POLICY WONK, 928 00:24:09,514 --> 00:24:10,615 EVEN THOUGH MY CLOTHING, 929 00:24:10,682 --> 00:24:11,516 GLASSES, HAIRCUT, AND GENERAL 930 00:24:11,583 --> 00:24:12,584 VIBE WOULD STRONGLY BEG TO 931 00:24:12,651 --> 00:24:15,020 DIFFER. 932 00:24:15,086 --> 00:24:15,887 [LAUGHTER] 933 00:24:15,954 --> 00:24:17,322 ALTHOUGH FOR WHAT IT'S WORTH, 934 00:24:17,389 --> 00:24:17,956 THERE HAVE BEEN SOME SMALL 935 00:24:18,023 --> 00:24:18,723 ENCOURAGING DEVELOPMENTS 936 00:24:18,790 --> 00:24:19,791 RECENTLY. 937 00:24:19,858 --> 00:24:21,126 AMONG OTHER THINGS, GAS PRICES 938 00:24:21,193 --> 00:24:22,027 HAVE BEEN DROPPING, AND 939 00:24:22,093 --> 00:24:23,261 LONG-TERM INFLATION EXPECTATIONS 940 00:24:23,328 --> 00:24:24,262 RECENTLY TICKED DOWN AFTER THE 941 00:24:24,329 --> 00:24:25,864 FED'S INTERVENTION. 942 00:24:25,931 --> 00:24:28,166 MOST ECONOMISTS NOW EXPECT THIS 943 00:24:28,233 --> 00:24:33,638 WAVE OF INFLATION TO PASS IN A 944 00:24:33,705 --> 00:24:36,641 YEAR OR 18 MONTHS, ALTHOUGH 945 00:24:36,708 --> 00:24:39,244 THAT'S BY NO MEANS CERTAIN, AND 946 00:24:39,311 --> 00:24:40,345 IMPORTANTLY: THAT'S AN 947 00:24:40,412 --> 00:24:41,079 INCREDIBLY LONG TIME FOR 948 00:24:41,146 --> 00:24:42,147 THOSE SUFFERING THE MOST. 949 00:24:42,214 --> 00:24:43,281 BECAUSE FOR ALL OUR DISCUSSION 950 00:24:43,348 --> 00:24:44,115 OF SUPPLY AND DEMAND CURVES, 951 00:24:44,182 --> 00:24:44,950 IT'S IMPORTANT TO REMEMBER THAT 952 00:24:45,016 --> 00:24:45,650 INFLATION'S EFFECTS ARE ANYTHING 953 00:24:45,717 --> 00:24:46,585 BUT ABSTRACT FOR THOSE IT'S 954 00:24:46,651 --> 00:24:47,619 HITTING THE HARDEST, LIKE THIS 955 00:24:47,686 --> 00:24:48,486 WOMAN, DESCRIBING SHOPPING WITH 956 00:24:48,553 --> 00:24:50,989 HER KIDS. 957 00:24:51,056 --> 00:24:56,862 >> THEY SEE IT, YOU KNOW, LIKE 958 00:24:56,928 --> 00:24:57,562 WHEN I'M IN LINE AND I'M LIKE, 959 00:24:57,629 --> 00:25:00,198 YOU KNOW, CALCULATING IN MY HEAD 960 00:25:00,265 --> 00:25:00,765 AND LOOKING AT MY GROCERIES, 961 00:25:00,832 --> 00:25:01,266 RIGHT. 962 00:25:01,333 --> 00:25:02,400 LIKE, LITERALLY, I HAVE MY 963 00:25:02,467 --> 00:25:03,668 CALCULATOR OUT, LIKE, DOING THE 964 00:25:03,735 --> 00:25:05,270 TAX AND, LIKE, WHAT IS THIS 965 00:25:05,337 --> 00:25:06,137 GOING TO COME TO? 966 00:25:06,204 --> 00:25:06,938 OR I'M PUTTING THINGS BACK AS WE 967 00:25:07,005 --> 00:25:07,873 GET CLOSER IN LINE, YOU KNOW. 968 00:25:07,939 --> 00:25:08,940 AND MY OLDEST DAUGHTER IS, LIKE, 969 00:25:09,007 --> 00:25:10,141 LOOKING AT ME AND THEN, LIKE, 970 00:25:10,208 --> 00:25:14,613 SHE'S PUTTING SOMETHING BACK. 971 00:25:14,679 --> 00:25:15,714 IT JUST, YOU KNOW, BREAKS YOUR 972 00:25:15,780 --> 00:25:16,648 HEART A LITTLE BIT. 973 00:25:16,715 --> 00:25:17,515 >> John: YEAH. 974 00:25:17,582 --> 00:25:18,583 KIDS SHOULDN'T HAVE TO WORRY 975 00:25:18,650 --> 00:25:23,521 ABOUT PUTTING FOOD BACK ON THE 976 00:25:23,588 --> 00:25:24,489 SHELVES BECAUSE YOU CAN'T AFFORD 977 00:25:24,556 --> 00:25:25,223 IT. 978 00:25:25,290 --> 00:25:26,157 KIDS SHOULD DO WHAT THEY'RE 979 00:25:26,224 --> 00:25:27,292 MEANT TO AT THE GROCERY STORE: 980 00:25:27,359 --> 00:25:28,126 GO OVER TO THE BIG BIN OF RUBBER 981 00:25:28,193 --> 00:25:29,427 BALLS THAT ARE INEXPLICABLY SOLD 982 00:25:29,494 --> 00:25:30,262 THERE AND CAUSE ABSOLUTE 983 00:25:30,328 --> 00:25:33,198 MAYHEM. 984 00:25:33,265 --> 00:25:33,765 [LAUGHTER] 985 00:25:33,832 --> 00:25:35,667 SO THE NEXT YEAR IS LIKELY TO BE 986 00:25:35,734 --> 00:25:36,401 VERY HARD FOR A LOT OF PEOPLE, 987 00:25:36,468 --> 00:25:37,202 WHICH IS WHY WHAT WE SHOULD 988 00:25:37,269 --> 00:25:41,339 DEFINITELY BE DOING IS HELPING 989 00:25:41,406 --> 00:25:42,240 THEM. 990 00:25:42,307 --> 00:25:43,408 ONE OF THE BEST WAYS TO HELP LOW 991 00:25:43,475 --> 00:25:44,075 INCOME FAMILIES WOULD BE TO PASS 992 00:25:44,142 --> 00:25:44,910 A REFUNDABLE CHILD TAX CREDIT 993 00:25:44,976 --> 00:25:48,647 FOR THOSE WHO NEED IT. 994 00:25:48,713 --> 00:25:49,347 AND I KNOW THAT MAY BE HARD IN 995 00:25:49,414 --> 00:25:49,881 AN ATMOSPHERE WHERE 996 00:25:49,948 --> 00:25:51,116 GOVERNMENT SPENDING IS BEING 997 00:25:51,182 --> 00:25:51,716 BLAMED FOR FUELING INFLATION. 998 00:25:51,783 --> 00:25:52,450 BUT IT COULD BE NARROWLY 999 00:25:52,517 --> 00:25:53,852 TARGETED, WHILE ALSO FULLY 1000 00:25:53,919 --> 00:25:54,686 OFFSET, WITH HIGHER TAXES ON 1001 00:25:54,753 --> 00:25:55,487 HIGHER EARNERS. 1002 00:25:55,553 --> 00:25:56,688 WE COULD ALSO EXPAND RENTAL 1003 00:25:56,755 --> 00:25:57,555 ASSISTANCE, SOMETHING ECONOMISTS 1004 00:25:57,622 --> 00:25:58,523 SAY WOULD HAVE A MINIMAL IMPACT 1005 00:25:58,590 --> 00:25:59,357 ON DRIVING INFLATION FURTHER UP, 1006 00:25:59,424 --> 00:26:00,158 WHILE ALSO KEEPING PEOPLE IN 1007 00:26:00,225 --> 00:26:04,663 THEIR HOMES. 1008 00:26:04,729 --> 00:26:07,032 LOOK, THINGS ARE OBVIOUSLY 1009 00:26:07,098 --> 00:26:08,033 PRETTY BAD RIGHT NOW. 1010 00:26:08,099 --> 00:26:09,100 FAMILIES ARE STRUGGLING, 1011 00:26:09,167 --> 00:26:10,902 PENGUINS ARE PISSED, AND JIM 1012 00:26:10,969 --> 00:26:14,472 CRAMER LOOKS LIKE HE JUST SHIT 1013 00:26:14,539 --> 00:26:16,908 HIMSELF. 1014 00:26:16,975 --> 00:26:17,575 [LAUGHTER] 1015 00:26:17,642 --> 00:26:18,476 AND THERE IS STILL A LOT OF 1016 00:26:18,543 --> 00:26:19,511 UNCERTAINTY HERE. 1017 00:26:19,577 --> 00:26:20,545 BUT THERE ARE ALSO TWO THINGS WE 1018 00:26:20,612 --> 00:26:21,680 KNOW FOR SURE: ONE, IT'S GOING 1019 00:26:21,746 --> 00:26:22,314 TO TAKE A DIFFICULT COMBINATION 1020 00:26:22,380 --> 00:26:23,181 OF MONETARY POLICY, SUPPLY CHAIN 1021 00:26:23,248 --> 00:26:24,149 RECOVERY, AND TIME TO BRING 1022 00:26:24,215 --> 00:26:24,883 SUPPLY AND DEMAND BACK INTO 1023 00:26:24,950 --> 00:26:25,817 ALIGNMENT. 1024 00:26:25,884 --> 00:26:27,085 AND TWO, THAT IF EVERYONE DOES 1025 00:26:27,152 --> 00:26:28,687 WIN THE LOTTERY IN THE FUTURE, 1026 00:26:28,753 --> 00:26:29,487 AND SUDDENLY WANTS FROG STATUES, 1027 00:26:29,554 --> 00:26:32,190 I JUST MADE THE SMARTEST 1028 00:26:32,257 --> 00:26:35,026 INVESTMENT OF ALL TIME! 1029 00:26:35,093 --> 00:26:36,127 [CHEERS AND APPLAUSE] 1030 00:26:36,194 --> 00:26:36,795 I'M THE WARREN BUFFETT OF FROGS! 1031 00:26:36,861 --> 00:26:42,567 AND NOW, THIS. 1032 00:26:42,634 --> 00:26:43,735 >> Announcer: AND NOW LOCAL 1033 00:26:43,802 --> 00:26:46,004 NEWS REACTS TO THE CONSEQUENCES 1034 00:26:46,071 --> 00:26:50,108 OF GLOBAL WARMING EXACTLY HOW 1035 00:26:50,175 --> 00:26:50,375 EXPECTED. 1036 00:26:50,442 --> 00:26:53,445 >> AS HIP-HOP SENSATION NELLY 1037 00:26:53,511 --> 00:26:55,547 ONCE SAID, IT'S HOT, SO HOT IN 1038 00:26:55,613 --> 00:26:55,981 HERE. 1039 00:26:56,047 --> 00:26:59,384 JUST HOW HOT IS IT, ELIZABETH? 1040 00:26:59,451 --> 00:27:00,986 >> IT SO HARD IN HERE, HOW HOT 1041 00:27:01,052 --> 00:27:02,454 IS IT? 1042 00:27:02,520 --> 00:27:06,891 >> IT SO HOT I'D BROUGHT A LOAF 1043 00:27:06,958 --> 00:27:08,560 OF BREAD AND IT WAS TOAST. 1044 00:27:08,626 --> 00:27:09,861 >> IT SO HARD I SAW A DOG 1045 00:27:09,928 --> 00:27:12,464 CHASING A CAT AND THEY WERE BOTH 1046 00:27:12,530 --> 00:27:12,697 WALKING. 1047 00:27:12,764 --> 00:27:14,366 >> IT IS SO HOT I SAW A DEVIL BY 1048 00:27:14,432 --> 00:27:17,168 THE AC. 1049 00:27:17,235 --> 00:27:18,803 >> HOW HOT IS IT? 1050 00:27:18,870 --> 00:27:19,904 >> I ALMOST CALLED MY 1051 00:27:19,971 --> 00:27:22,407 EX-GIRLFRIEND JUST SO I COULD BE 1052 00:27:22,474 --> 00:27:23,508 AROUND SOMETHING SHADY. 1053 00:27:23,575 --> 00:27:25,877 >> IT IS SO HOT I THINK I SAW A 1054 00:27:25,944 --> 00:27:26,544 CHICKEN LIGHT AND OMELETTE. 1055 00:27:26,611 --> 00:27:28,613 >> ADAM AND EVE ARE GOING TO 1056 00:27:28,680 --> 00:27:31,483 TRADE THEIR FIG LEAVES FOR ICE 1057 00:27:31,549 --> 00:27:31,683 CUBES. 1058 00:27:31,750 --> 00:27:34,552 >> LONDON IS SO HOT -- 1059 00:27:34,619 --> 00:27:35,987 >> HOW HOT IS IT? 1060 00:27:36,054 --> 00:27:37,756 >> THEY ARE CANCELING FLIGHTS 1061 00:27:37,822 --> 00:27:38,656 AND THEY'RE DOING BETTER THAN 1062 00:27:38,723 --> 00:27:41,192 SPAIN, WHERE IT WAS 90 1063 00:27:41,259 --> 00:27:41,693 YESTERDAY. 1064 00:27:41,760 --> 00:27:43,094 HUMIDITY AROUND 100%. 1065 00:27:43,161 --> 00:27:44,562 ♪ ♪ 1066 00:27:44,629 --> 00:27:46,664 [APPLAUSE] 1067 00:27:46,731 --> 00:27:47,599 >> John: MOVING ON. 1068 00:27:47,665 --> 00:27:48,867 BEFORE WE GO, A QUICK UPDATE ON 1069 00:27:48,933 --> 00:27:49,467 SOMETHING WE MENTIONED DURING 1070 00:27:49,534 --> 00:27:50,168 THE BREAK. 1071 00:27:50,235 --> 00:27:51,036 SPECIFICALLY, DOLLS. 1072 00:27:51,102 --> 00:27:52,070 THE SINGLE WEIRDEST THING TO 1073 00:27:52,137 --> 00:27:53,638 BRING TO A JOB INTERVIEW. 1074 00:27:53,705 --> 00:27:54,572 "I WENT TO UNC, BUT LILIANA WENT 1075 00:27:54,639 --> 00:27:56,608 TO TULANE." 1076 00:27:56,674 --> 00:28:00,045 [LAUGHTER] 1077 00:28:00,111 --> 00:28:01,446 OVER THE JULY 4th WEEKEND WE 1078 00:28:01,513 --> 00:28:02,280 RELEASED A WEB PIECE ABOUT THE 1079 00:28:02,347 --> 00:28:03,081 FACT DOLLS HAVE BEEN WASHING UP 1080 00:28:03,148 --> 00:28:03,982 ON A PARTICULAR STRETCH OF BEACH 1081 00:28:04,049 --> 00:28:04,749 IN TEXAS. 1082 00:28:04,816 --> 00:28:05,817 AND EACH ONE IS A LEGITIMATE 1083 00:28:05,884 --> 00:28:07,886 HORROR SHOW -- FROM 1084 00:28:07,952 --> 00:28:09,154 "GREEN PIRATE BABY," TO 1085 00:28:09,220 --> 00:28:10,922 "NIGHTMARE GHOUL BABY," TO 1086 00:28:10,989 --> 00:28:12,323 "BARNACLE BABY" ONE, TWO, AND 1087 00:28:12,390 --> 00:28:13,992 THREE. 1088 00:28:14,059 --> 00:28:15,160 HONESTLY, I NOW SEE THESE DEMONS 1089 00:28:15,226 --> 00:28:16,227 EVERYWHERE. 1090 00:28:16,294 --> 00:28:17,529 IN THE MIRROR? 1091 00:28:17,595 --> 00:28:20,031 SUDDENLY THERE'S A DOLL. 1092 00:28:20,098 --> 00:28:29,407 IN THE STUNNING, HUMBLING 1093 00:28:29,474 --> 00:28:29,941 IMAGES FROM THE JAMES WEBB 1094 00:28:30,008 --> 00:28:30,842 SPACE TELESCOPE? 1095 00:28:30,909 --> 00:28:33,845 ANOTHER DOLL. 1096 00:28:33,912 --> 00:28:34,913 LOOK, I'M 45-YEARS-OLD. 1097 00:28:34,979 --> 00:28:35,547 I'VE ENCOUNTERED A WIDE BREADTH 1098 00:28:35,613 --> 00:28:36,247 OF EMOTIONS. 1099 00:28:36,314 --> 00:28:37,048 BUT NOT UNTIL I SAW THESE THINGS 1100 00:28:37,115 --> 00:28:37,816 DID I EXPERIENCE THE FEELING OF 1101 00:28:37,882 --> 00:28:38,383 BEING HUNTED. 1102 00:28:38,450 --> 00:28:39,584 AND I WILL SAY: IT SEEMS LIKE 1103 00:28:39,651 --> 00:28:40,185 THE LOCAL NEWS IN TEXAS 1104 00:28:40,251 --> 00:28:41,119 APPRECIATED US GIVING THEIR 1105 00:28:41,186 --> 00:28:41,719 PLIGHT SOME ATTENTION. 1106 00:28:41,786 --> 00:28:43,021 >> THIS IS A LITTLE CREEPY. 1107 00:28:43,088 --> 00:28:43,655 IT'S HAPPENING ALONG THE BEACHES 1108 00:28:43,721 --> 00:28:45,557 IN SOUTH TEXAS. 1109 00:28:45,623 --> 00:28:47,559 AND WHILE, YOU KNOW, ANYTHING 1110 00:28:47,625 --> 00:28:49,561 CAN WASH UP ON SHORE, THESE 1111 00:28:49,627 --> 00:28:52,230 DOLLS ARE REALLY TURNING HEADS. 1112 00:28:52,297 --> 00:28:53,631 RECENTLY, THE TREND CAUGHT 1113 00:28:53,698 --> 00:28:55,200 THE EYE OF HBO'S JOHN OLIVER WHO 1114 00:28:55,266 --> 00:28:57,168 OFFERED UP HIS OWN SOLUTION FOR 1115 00:28:57,235 --> 00:28:59,804 WHAT HE CALLS "THE DEMON DOLLS." 1116 00:28:59,871 --> 00:29:01,406 [LAUGHTER] 1117 00:29:01,473 --> 00:29:03,241 >> BURN THEM! 1118 00:29:03,308 --> 00:29:04,008 BURN THEM NOW! 1119 00:29:04,075 --> 00:29:07,612 >> John: YEAH. 1120 00:29:07,679 --> 00:29:08,646 I SAID THAT. 1121 00:29:08,713 --> 00:29:09,514 AND YOU KNOW WHAT? 1122 00:29:09,581 --> 00:29:10,782 I STAND BY THAT SENTIMENT. 1123 00:29:10,849 --> 00:29:11,583 ALTHOUGH OUR IDEA WASN'T JUST 1124 00:29:11,649 --> 00:29:12,550 THAT THE DOLLS SHOULD BE BURNED. 1125 00:29:12,617 --> 00:29:13,618 IT'S THAT THE COASTAL RESERVE 1126 00:29:13,685 --> 00:29:14,219 THAT KEEPS FINDING THEM SHOULD 1127 00:29:14,285 --> 00:29:15,320 SELL THEM TO US, AND ALLOW US TO 1128 00:29:15,386 --> 00:29:16,154 FIND AN APPROPRIATE WAY TO 1129 00:29:16,221 --> 00:29:20,558 DISPOSE OF THEM. 1130 00:29:20,625 --> 00:29:23,061 SO WE OFFERED $10,000 TO THEIR 1131 00:29:23,128 --> 00:29:25,363 TURTLE HOSPITAL IF THEY SENT AS 1132 00:29:25,430 --> 00:29:26,631 EVERY REMAINING PLASTIC BEAST 1133 00:29:26,698 --> 00:29:27,365 THEY HAD. 1134 00:29:27,432 --> 00:29:28,133 AND APPARENTLY THEY GOT THE 1135 00:29:28,199 --> 00:29:29,033 MESSAGE. 1136 00:29:29,100 --> 00:29:29,968 >> HE SAID THAT THEY WERE GONNA 1137 00:29:30,034 --> 00:29:31,369 DONATE, YOU KNOW, IF I SENT HIM 1138 00:29:31,436 --> 00:29:32,237 ALL THE DOLLS THAT I HAVE, THEY 1139 00:29:32,303 --> 00:29:32,837 WERE GONNA DONATE $10,000, AND 1140 00:29:32,904 --> 00:29:33,872 THEN THEY WERE GONNA DESTROY ALL 1141 00:29:33,938 --> 00:29:36,274 THE DOLLS. 1142 00:29:36,341 --> 00:29:37,408 [LAUGHS] 1143 00:29:37,475 --> 00:29:38,443 AND I THOUGHT, THAT SOUNDS 1144 00:29:38,510 --> 00:29:39,811 REALLY GOOD TO ME, 'CAUSE, YOU 1145 00:29:39,878 --> 00:29:40,845 KNOW, THE AMOS REHABILITATION 1146 00:29:40,912 --> 00:29:42,280 KEEP THAT REHABS THE SEA 1147 00:29:42,347 --> 00:29:43,748 TURTLES, THEY'RE PRETTY MUCH RUN 1148 00:29:43,815 --> 00:29:45,650 ON DONATIONS FROM THE COMMUNITY, 1149 00:29:45,717 --> 00:29:47,519 SO $10,000 CAN GO A LONG WAY AND 1150 00:29:47,585 --> 00:29:48,219 SAVE HUNDREDS OF SEA TURTLES, SO 1151 00:29:48,286 --> 00:29:55,093 I'M ALL ABOUT THAT. 1152 00:29:55,160 --> 00:29:56,027 >> John: OH, YEAH, YEAH, ME TOO. 1153 00:29:56,094 --> 00:29:56,995 I LIKE SEA TURTLES. 1154 00:29:57,061 --> 00:29:58,096 I THINK THEY'RE FUN, ROUND 1155 00:29:58,163 --> 00:29:59,497 LITTLE GUYS. 1156 00:29:59,564 --> 00:30:04,769 BUT WAS THAT MY MAIN OBJECTIVE? 1157 00:30:04,836 --> 00:30:05,904 NO, OF COURSE FUCKING NOT. 1158 00:30:05,970 --> 00:30:06,938 THIS WAS MAINLY ABOUT SAVING THE 1159 00:30:07,005 --> 00:30:07,972 PLANET FROM THE HEINOUS SCOURGE 1160 00:30:08,039 --> 00:30:08,907 OF THESE PLASTIC BEACH DEMONS. 1161 00:30:08,973 --> 00:30:09,707 ANYWAY, WE BEGAN A 1162 00:30:09,774 --> 00:30:10,975 CORRESPONDENCE WITH THAT MAN, 1163 00:30:11,042 --> 00:30:12,110 INCLUDING, AT ONE POINT, HIM 1164 00:30:12,177 --> 00:30:12,744 SENDING US THIS PHOTO OF THE 1165 00:30:12,810 --> 00:30:13,545 AVAILABLE DOLLS. 1166 00:30:13,611 --> 00:30:14,812 WHICH IS REALLY BAD. 1167 00:30:14,879 --> 00:30:17,482 A REALLY BAD WAY TO DO THINGS. 1168 00:30:17,549 --> 00:30:20,051 A BUCKET IS THE SINGLE WORST 1169 00:30:20,118 --> 00:30:21,786 PLACE TO KEEP THEM, OTHER THAN 1170 00:30:21,853 --> 00:30:22,453 AT A HOSPITAL IN BASSINETS RIGHT 1171 00:30:22,520 --> 00:30:24,822 NEXT TO REAL BABIES. 1172 00:30:24,889 --> 00:30:27,959 [LAUGHTER] 1173 00:30:28,026 --> 00:30:29,127 BUT WE KEPT UP OUR END OF THE 1174 00:30:29,194 --> 00:30:31,329 DEAL. 1175 00:30:31,396 --> 00:30:32,564 WE SENT THE TURTLE REHAB THE 1176 00:30:32,630 --> 00:30:33,264 MONEY, AND IN RETURN, THEY SENT 1177 00:30:33,331 --> 00:30:33,798 US THE DOLLS. 1178 00:30:33,865 --> 00:30:34,966 NOW, WE WERE ACTUALLY ON BREAK 1179 00:30:35,033 --> 00:30:35,733 WHEN THAT HAPPENED, SO ONE OF 1180 00:30:35,800 --> 00:30:36,701 OUR STAFF MEMBERS HAD THEM 1181 00:30:36,768 --> 00:30:40,038 SHIPPED DIRECTLY TO HER HOME, 1182 00:30:40,104 --> 00:30:42,473 MEANING SHE HAD IN THE PLACE 1183 00:30:42,540 --> 00:30:43,408 WHERE SHE LIVES THIS BOX. 1184 00:30:43,474 --> 00:30:44,042 AND YOU KNOW WHAT? 1185 00:30:44,108 --> 00:30:45,243 I TAKE IT BACK. 1186 00:30:45,310 --> 00:30:46,044 THE BUCKET WAS FINE. 1187 00:30:46,110 --> 00:30:47,178 THIS BOX IS A MUCH WORSE PLACE 1188 00:30:47,245 --> 00:30:47,879 TO KEEP THEM. 1189 00:30:47,946 --> 00:30:48,980 BUT THE FACT IS: WE ARE NOW IN 1190 00:30:49,047 --> 00:30:51,449 POSSESSION OF THIS LARGE BUCKET 1191 00:30:51,516 --> 00:30:54,152 FULL OF MY WORST NIGHTMARES. 1192 00:30:54,219 --> 00:30:55,653 [APPLAUSE] 1193 00:30:55,720 --> 00:30:56,821 THIS MAY BE THE SINGLE CREEPIEST 1194 00:30:56,888 --> 00:30:58,289 THING THAT'S EVER BEEN INSIDE OF 1195 00:30:58,356 --> 00:30:59,457 THIS BUILDING, WHICH IS SAYING 1196 00:30:59,524 --> 00:31:00,291 SOMETHING BECAUSE CHARLIE ROSE 1197 00:31:00,358 --> 00:31:02,393 USED TO WORK DOWN THE HALL. 1198 00:31:02,460 --> 00:31:03,628 [LAUGHTER] 1199 00:31:03,695 --> 00:31:04,896 BUT BEFORE WE GET INTO WHAT 1200 00:31:04,963 --> 00:31:06,331 WE'RE GOING TO DO WITH THEM, WE 1201 00:31:06,397 --> 00:31:07,365 ACTUALLY HAVE A SECOND QUICK 1202 00:31:07,432 --> 00:31:09,334 UPDATE FOR YOU. 1203 00:31:09,400 --> 00:31:10,568 BECAUSE YOU MAY REMEMBER WE HAVE 1204 00:31:10,635 --> 00:31:11,502 ANOTHER OUTSTANDING OFFER ON THE 1205 00:31:11,569 --> 00:31:13,071 TABLE. 1206 00:31:13,137 --> 00:31:14,672 BACK IN JUNE, WE DISCUSSED 1207 00:31:14,739 --> 00:31:16,241 THIS GIANT AUSTRALIAN BANANA, 1208 00:31:16,307 --> 00:31:17,775 WHICH WAS INSTALLED IN THE CITY 1209 00:31:17,842 --> 00:31:19,477 OF YARRA, IN MELBOURNE, AS PART 1210 00:31:19,544 --> 00:31:21,646 OF A CITY COUNCIL PROJECT TO 1211 00:31:21,713 --> 00:31:22,513 SLOW DOWN TRAFFIC. 1212 00:31:22,580 --> 00:31:23,681 BUT IT WAS SADLY REMOVED AFTER 1213 00:31:23,748 --> 00:31:24,616 SOMEONE VANDALIZED IT WITH A 1214 00:31:24,682 --> 00:31:25,783 SAW. 1215 00:31:25,850 --> 00:31:27,018 NOW, THERE WAS SOME CONTROVERSY 1216 00:31:27,085 --> 00:31:32,323 OVER THE BANANA, ESPECIALLY 1217 00:31:32,390 --> 00:31:35,226 BECAUSE YARRA APPARENTLY SPENT 1218 00:31:35,293 --> 00:31:36,461 $22,000 ON IT. 1219 00:31:36,527 --> 00:31:37,996 SO WE OFFERED TO BUY IT FOR $10, 1220 00:31:38,062 --> 00:31:40,331 PLUS A $10,000 DONATION TO THEIR 1221 00:31:40,398 --> 00:31:41,499 LOCAL FOOD BANK, AND A $5,000 1222 00:31:41,566 --> 00:31:42,267 DONATION TO THE JOHN OLIVER 1223 00:31:42,333 --> 00:31:44,769 KOALA CHLAMYDIA WARD. 1224 00:31:44,836 --> 00:31:46,237 [LAUGHTER] 1225 00:31:46,304 --> 00:31:48,740 BUT THAT'S NOT ALL. 1226 00:31:48,806 --> 00:31:49,774 WE ALSO OFFERED OUR "GIANT 1227 00:31:49,841 --> 00:31:50,341 ALLIGATOR GIVING THE FINGER" 1228 00:31:50,408 --> 00:31:51,276 STATUE AS A REPLACEMENT FOR 1229 00:31:51,342 --> 00:31:52,110 THEM. 1230 00:31:52,176 --> 00:31:53,244 IT WAS A PRETTY GOOD DEAL. 1231 00:31:53,311 --> 00:31:54,145 AND YOU SHOULD KNOW WE ACTUALLY 1232 00:31:54,212 --> 00:31:55,880 JUST HEARD BACK FROM YARRA. 1233 00:31:55,947 --> 00:31:56,914 >> HI, JOHN, I'M SOPHIE WAY, THE 1234 00:31:56,981 --> 00:31:57,815 MAYOR OF THE CITY OF YARRA, IN 1235 00:31:57,882 --> 00:31:58,883 MELBOURNE. 1236 00:31:58,950 --> 00:32:00,385 WE WERE THRILLED TO RECEIVE YOUR 1237 00:32:00,451 --> 00:32:01,552 OFFER TO PROVIDE A HOME FOR OUR 1238 00:32:01,619 --> 00:32:02,220 BELOVED YET BELEAGUERED BANANA 1239 00:32:02,287 --> 00:32:03,321 STATUE. 1240 00:32:03,388 --> 00:32:05,056 AFTER MUCH CONSIDERATION 1241 00:32:05,123 --> 00:32:05,757 HOWEVER, WE MUST DECLINE YOUR 1242 00:32:05,823 --> 00:32:07,025 OFFER. 1243 00:32:07,091 --> 00:32:08,693 PUBLIC ART IS AN INVESTMENT IN 1244 00:32:08,760 --> 00:32:09,861 LOCAL ARTISTS, THE COMMUNITY, 1245 00:32:09,927 --> 00:32:11,696 AND THE VIBRANCY OF OUR STREETS, 1246 00:32:11,763 --> 00:32:12,930 SO IT SHOULDN'T BE PRIVATIZED 1247 00:32:12,997 --> 00:32:15,133 AND KEPT IN AN OFFICE. 1248 00:32:15,199 --> 00:32:16,834 >> John: OKAY, FIRST, I WOULDN'T 1249 00:32:16,901 --> 00:32:17,869 CALL THIS "PUBLIC ART" SO MUCH 1250 00:32:17,935 --> 00:32:20,204 AS I'D CALL IT "THE FINAL BOSS 1251 00:32:20,271 --> 00:32:21,172 IN DONKEY KONG," BUT AGREE TO 1252 00:32:21,239 --> 00:32:22,974 DISAGREE THERE. 1253 00:32:23,041 --> 00:32:23,741 [LAUGHTER] 1254 00:32:23,808 --> 00:32:26,978 BUT SECOND, THAT WAS OBVIOUSLY 1255 00:32:27,045 --> 00:32:28,046 DISAPPOINTING FOR ME TO HEAR. 1256 00:32:28,112 --> 00:32:29,147 ALTHOUGH SHE DID HAVE A FOLLOWUP 1257 00:32:29,213 --> 00:32:29,947 SUGGESTION. 1258 00:32:30,014 --> 00:32:31,149 >> WE WOULD LOVE TO OFFER YOUR 1259 00:32:31,215 --> 00:32:31,916 BELLIGERENT ALLIGATOR A NEW HOME 1260 00:32:31,983 --> 00:32:32,884 HERE IN MELBOURNE. 1261 00:32:32,950 --> 00:32:33,584 WE KNOW YOU'LL BE DISAPPOINTED 1262 00:32:33,651 --> 00:32:34,419 ABOUT THE BANANA. 1263 00:32:34,485 --> 00:32:35,853 WHO WOULDN'T BE? 1264 00:32:35,920 --> 00:32:37,588 SO AS COMPENSATION, WE WILL NAME 1265 00:32:37,655 --> 00:32:38,523 OUR POLYSTYRENE RECYCLING 1266 00:32:38,589 --> 00:32:41,025 MACHINE AFTER YOU. 1267 00:32:41,092 --> 00:32:42,060 [LAUGHTER] 1268 00:32:42,126 --> 00:32:43,227 IT TURNS TRASH INTO TREASURE, 1269 00:32:43,294 --> 00:32:44,562 MAKES A LOT OF NOISE, AND NERDS 1270 00:32:44,629 --> 00:32:45,296 LOVE IT. 1271 00:32:45,363 --> 00:32:46,264 SO IT SEEMS FITTING. 1272 00:32:46,331 --> 00:32:53,671 WE HOPE OUR COUNTEROFFER IS 1273 00:32:53,738 --> 00:32:55,640 A-PEELING. 1274 00:32:55,707 --> 00:32:56,808 >> John: OKAY, FIRST: SOLID 1275 00:32:56,874 --> 00:32:57,608 BURN. 1276 00:32:57,675 --> 00:32:58,876 DON'T PARTICULARLY CARE FOR THE 1277 00:32:58,943 --> 00:33:00,111 PUN. 1278 00:33:00,178 --> 00:33:01,279 AND THIRD, NOW WE'RE TALKING! 1279 00:33:01,346 --> 00:33:02,013 BECAUSE BEFORE WATCHING THAT 1280 00:33:02,080 --> 00:33:03,014 VIDEO, I DIDN'T REALIZE I WANTED 1281 00:33:03,081 --> 00:33:03,881 MY NAME ATTACHED TO A MACHINE 1282 00:33:03,948 --> 00:33:04,882 THAT VIGOROUSLY CHURNS OUT A 1283 00:33:04,949 --> 00:33:05,583 SUBSTANCE THAT LOOKS LIKE 1284 00:33:05,650 --> 00:33:06,551 SOMEONE STUFFED SNOOPY THROUGH A 1285 00:33:06,617 --> 00:33:07,618 SAUSAGE MAKER. 1286 00:33:07,685 --> 00:33:08,653 BUT IT TURNS OUT, I WANT IT VERY 1287 00:33:08,720 --> 00:33:09,287 BADLY. 1288 00:33:09,354 --> 00:33:10,221 IN FACT, I NOW HAVE A COUNTER TO 1289 00:33:10,288 --> 00:33:11,389 YOUR COUNTEROFFER. 1290 00:33:11,456 --> 00:33:12,323 BECAUSE, TO BE CLEAR, I AM NOT 1291 00:33:12,390 --> 00:33:13,624 OFFERING YOU MY ALLIGATOR STATUE 1292 00:33:13,691 --> 00:33:14,125 ANYMORE. 1293 00:33:14,192 --> 00:33:14,959 THAT WENT OFF THE TABLE AS SOON 1294 00:33:15,026 --> 00:33:16,828 AS YOU DENIED ME THE BANANA. 1295 00:33:16,894 --> 00:33:18,963 NO BANANA, NO ALLIGATOR. 1296 00:33:19,030 --> 00:33:20,698 [LAUGHTER] 1297 00:33:20,765 --> 00:33:22,934 BUT I AM STILL WILLING TO SEND 1298 00:33:23,000 --> 00:33:24,969 $10,000 TO YOUR FOOD BANK AND 1299 00:33:25,036 --> 00:33:26,804 $5,000 TO THE KOALA CHLAMYDIA 1300 00:33:26,871 --> 00:33:29,273 WARD IF YOU NAME THAT RECYCLING 1301 00:33:29,340 --> 00:33:31,409 MACHINE AFTER ME AND -- AND THIS 1302 00:33:31,476 --> 00:33:33,878 IS NON-NEGOTIABLE -- YOU TAKE 1303 00:33:33,945 --> 00:33:35,747 THIS BUCKET OF HELLISH DOLLS AND 1304 00:33:35,813 --> 00:33:36,781 RUN THEM THROUGH YOUR MACHINE TO 1305 00:33:36,848 --> 00:33:38,783 DESTROY THEM FOREVER. 1306 00:33:38,850 --> 00:33:40,284 [CHEERS AND APPLAUSE] 1307 00:33:40,351 --> 00:33:41,219 I CAN THINK OF NO BETTER WAY TO 1308 00:33:41,285 --> 00:33:45,123 RID THE WORLD OF THIS MENACE. 1309 00:33:45,189 --> 00:33:45,857 AND IF YOU ARE SAD YOU'RE NOT 1310 00:33:45,923 --> 00:33:49,994 GETTING THE ALLIGATOR, DON'T 1311 00:33:50,061 --> 00:33:50,828 WORRY, I ALSO HAVE A CONSOLATION 1312 00:33:50,895 --> 00:33:51,863 PRIZE. 1313 00:33:51,929 --> 00:33:53,097 BECAUSE I'LL ALSO THROW IN 1314 00:33:53,164 --> 00:33:53,765 THESE THREE GLORIOUS FROG 1315 00:33:53,831 --> 00:33:54,766 STATUES, WHICH WILL ONLY 1316 00:33:54,832 --> 00:33:55,633 APPRECIATE IN VALUE. 1317 00:33:55,700 --> 00:33:56,768 YOU HAVE EXACTLY ONE WEEK TO GET 1318 00:33:56,834 --> 00:34:02,473 BACK TO US. 1319 00:34:02,540 --> 00:34:03,141 I AWAIT YOUR RESPONSE WITH 1320 00:34:03,207 --> 00:34:04,308 INTEREST, YARRA! 1321 00:34:04,375 --> 00:34:05,042 THAT'S OUR SHOW, THANK YOU SO 1322 00:34:05,109 --> 00:34:06,077 MUCH FOR WATCHING, WE'LL SEE YOU 1323 00:34:06,144 --> 00:34:09,447 NEXT WEEK, GOODNIGHT! 1324 00:34:09,514 --> 00:34:13,184 [APPLAUSE] 1325 00:34:13,251 --> 00:34:20,491 ♪ ♪ 1326 00:34:20,558 --> 00:34:22,493 [APPLAUSE] 1327 00:34:22,560 --> 00:34:29,434 ♪ ♪ 1328 00:34:29,500 --> 00:34:31,936 [FROG CROAKING]