Big Digital Energy

00;00;00;00 - 00;00;27;26
Unknown
Hey, everybody. Welcome to b d e. We're going to do an immediate kind of new thing. Haven't done this before. Instead of having Mark the Talking Heads set up a story, we're going to go to my man Jacob. Jacob, play the clip from, Joe Rogan because I'm pissed off. I think Mark is too. He told me that gas is $7.90 a gallon in LA right now, and that's down from what it was.

00;00;28;01 - 00;01;01;28
Unknown
I was out there March and commercial and there was up to 840 something. Here's what I don't understand. Are we getting oil from Iran? No. The notion that basically the oil and gas business has, pricing power over the price of oil is quickly negated by the fact it went to -37 in April of 2020. I don't know anybody on the planet that has purchasing power, that has the price of their product go negative.

00;01;02;01 - 00;01;39;01
Unknown
Number one. Number two, there are 100 million barrels worldwide setting the price every day. It's supply and demand to think anybody has power over that. With the outside influence of OPEC which can kind of control supply because they're about 30 ish million of those barrels, is just ludicrous and ridiculous. And yeah, when you have a supply interruption, you can't just boom, turn oil on immediately.

00;01;39;08 - 00;02;14;09
Unknown
You have to get a permit from the government. You've got to drill. You've got to then produce. And then let's not even forget the fact that not all oil barrels are the same, and it has different types of gravity that runs through refineries, which is ultimately what becomes gasoline. And it's a whole process and all that. So this is far fetched to think that the big bad oil companies have gotten together and are conspiring to make, oil prices or gasoline prices go up.

00;02;14;11 - 00;02;40;27
Unknown
Yeah. We may not get any crude oil from as refinery feedstock from Iran in any meaningful amounts. Maybe there's some we don't know about that have made it through the shadow fleet and the lightning that occurs in places like offshore of Malaysia, getting, virtually 96% of Iranian, crude export flows to China, at least pre straight impairment.

00;02;40;27 - 00;03;23;15
Unknown
But the the failure to point out how unique California is as a fuel island, relative to the other 49 states is. It just it just displays an ignorance around how this whole system works from producing it at the wellhead all the way to the, pump nozzle at your retail station. The U.S. refining complex is not designed to handle 100% of what the U.S. produces domestically.

00;03;23;18 - 00;03;59;22
Unknown
And so beyond those impediments, you know, we make up and have made up over the last decade and a half, with the, you know, the heavy, sour grades that are optimal for the Gulf Coast refiners. The loss of Venezuela was made up largely by Canada. We get crude from Mexico. And so what we produce naturally finds an export destination is exposed to global prices, where they have refinery systems that can run light, sweet crude that then has a different yield profile.

00;03;59;24 - 00;04;22;17
Unknown
But the failure to acknowledge how different California is, not to mention, I think a buck 60 or thereabouts in terms of special kind of climate related capital and vast fees that they have on top of a gallon of gasoline, in addition to the the federal fuel tax is something that I think is absolutely critical for the context here.

00;04;22;17 - 00;05;03;07
Unknown
But it you know, it's just another display of the broad ignorance about how this industry actually works. And we're seeing we're seeing the rhetoric ramp up. I've been responding to various, various of that class over the past week or so by comparing the margin performance of the largest public companies in the oil sector, namely Exxon and Chevron, to really four of the Big Five or thereabouts or the Mag seven in tech and their their best net profit margins don't even begin to approach kind of a normalized level for tech.

00;05;03;07 - 00;05;28;18
Unknown
In fact, in many cases tech is multiples of oil and gas. Yet we all and gas industry is in the crosshairs again politically for a windfall profits tax. So it is it is the broad and growing ignorance, that is on display here. Well, and let's go back to economics 101 right. If you want lower prices, what do you do?

00;05;28;19 - 00;06;00;14
Unknown
You need more of it. We've gone from 43 refineries in California in the 1980s to seven today. I mean, if you get rid of refineries while demand remained remains high. Guess what, guys? Prices are going to go up. That's just the, the fact of it. So anyway, the, California has the highest gasoline taxes in the nation, and that's part of it.

00;06;00;14 - 00;06;20;21
Unknown
As you alluded to. And so, anyway, you're not getting gouged out there by the oil companies. You're getting gouged out there by the California State government. So they're just fucking up in the air. They just know, oh, Americans know if we go to war, we can increase the gas price. So we just go along with it. Is that real or is it global?

00;06;20;21 - 00;06;43;01
Unknown
Prices went up because some of the gas can't get to where it needs to go. And so it they need to make that money. Can we show a graph of the cost of an ad on Joe Rogan's podcast over time versus the price of gasoline over time? He started down the path of.

00;06;43;04 - 00;07;11;20
Unknown
Global. And if certain flows are impaired, which they are, it affects the global pricing structure for both crude oil and refined products. So he almost got there, but then said, oh, we're going to make it up. But by screwing the American consumer at the pump. Well, I don't know about you. I wouldn't want to be filling up my Raptor in, in London right now.

00;07;11;22 - 00;07;30;15
Unknown
Well, and the thing I love is we're going to war. So let's just turn up the prices. That's our cover story. You know, Exxon at 3 million barrels a day relative to three war plus or -105 million barrels a day. That is not market power. Isn't it funny? Like, they're like, we're going to make money no matter what?

00;07;30;18 - 00;07;56;17
Unknown
Yeah. The American people are going to lose money. So we make the same amount of money, and also you need oil. My whole thing is even like when, you know, when we go to war, people are like, yeah, they're just doing it for money. It's like, how much fucking money do they need? They're all rich anyway. American gas prices are rising, mainly because crude oil has become more expensive due to the war with Iran and disruptions in global oil supply, plus normal seasons and cost factors, and refining, distribution and taxes.

00;07;56;19 - 00;08;25;10
Unknown
Biggest driver crude oil in the Iran war. But what if we got all our oil from America, which we can do? Step over this wrong answer. Trap door. As I previously stated, we cannot fill all of the U.S. refineries 100% with domestic production and have that make any sense? And we can't build new refineries in the United States at any sort of scale.

00;08;25;11 - 00;08;47;25
Unknown
Good luck getting that permit. Well, if we did that, why would oil go up? Because look, as it goes up, prices are tied to global oil market. Well, that's to start selling it. That's stupid. Yeah. You did. That's good. Yeah. Besides, they're bunch of crooks. They're a bunch of crooks. We should have a national oil company and only sell in America.

00;08;47;27 - 00;09;14;11
Unknown
Keep it in-house. That is the dumbest thing I've ever heard come out of Rogan's mouth. I think the, thing I found funny about that is name our one. Nationalize company, and anything that's cheaper. I mean, I've never seen that. That is cost efficient, that is adept with leading edge technology that has the risk appetite that the US industry has displayed to take.

00;09;14;11 - 00;09;40;13
Unknown
By the way, US production in 2006 crafted 5 million barrels, a day. We're we're knocking on the door of 14 million barrels a day. Why? Because a ton of capital and a ton of technology and a ton of risk taking in the shale revolution. Well, let's let's let's have someone go ahead and tally up the last call it 15, 20 years of what?

00;09;40;13 - 00;10;13;22
Unknown
The value creation as a result of keeping prices where they were, as opposed to where they could have gone without that 9 million barrels a day. It's one of the biggest gifts to the industrial and consuming world in the history of, industrial and in the history of the industrialized era. Yeah. No, I mean, I think look at the at the bottom line, the shale revolution basically allowed for Amazon vans to run everywhere.

00;10;13;24 - 00;10;43;15
Unknown
I mean, on a cost adjusted basis, gasoline has not kept track with inflation or any other product out there in any way, shape or form. And a momentary blip does not make up 15 to 20 years of, in effect, zero return on capital deployed, which is what the industry's basically done. You're welcome America. I will say this.

00;10;43;15 - 00;11;02;29
Unknown
I don't think Rogan ever did it, so I'm not. And I love Joe Rogan, so I'm not going to throw shade at him. But the same people today bitching about the profits in oil and gas were the same people that when we were firing, half the workers in the industry were telling us to go learn to code. How can they have that both ways?

00;11;03;01 - 00;11;24;27
Unknown
Even though the US is the world's largest oil producer, companies can sell oil on the global market to whoever pays the highest price of fucks up. High world prices still translate into high domestic gas prices. Hey, Mr. President, please fix that fucking Texan. I don't know if he can do that. They'll kill him. I mean, this this just, you know, this propagates the ignorance, which is unfortunate.

00;11;25;00 - 00;11;51;05
Unknown
We need a mainstream voice from the industry who plays well on TV or on podcasts to that has the credibility to kind of tell in very simple and translatable terms, what's up? I mean, at the end of the day, you can basically get a barrel of oil anywhere on the planet for about a buck, you know, maybe two bucks.

00;11;51;06 - 00;12;22;12
Unknown
I mean, it's not it's not that hard to do. And so to think that we're going to have isolated markets is just stupid when it comes to, oil, natural gas, a little bit of a different story because you got to turn it to hell and, but at the end of the day, it's one global market with regulation causing prices in different locales, primarily driven by different taxes on gasoline.

00;12;22;14 - 00;12;43;21
Unknown
Okay, I know we were just griping at Rogan there, but I actually like Joe Rogan a lot. I think net net, he's been good. Let a lot of voices talk. He just needs to be educated. We need to send Tobey Rice. We need to send case Van Hoff. I'm happy to go. I'm close to Austin. I can get right over there.

00;12;43;24 - 00;13;13;11
Unknown
Aubrey would have been perfect. Yeah, Aubrey. He's good at that stuff, too. They, Yeah. And I too am a Rogan fan. I, as I've referenced material and content that I've, I've picked up as a road warrior and listening to a lot of podcasts, although I will say I'm more interested lately and some of the personal, story oriented, pieces that he has up, like the John Fogerty thing was fascinating to me.

00;13;13;14 - 00;13;45;15
Unknown
Yeah, I haven't gotten a shot to, to watch that. Maybe I'll send Jacob my picture with, John Fogerty. I got to hang out with him backstage one time. Really cool story. What was the name of his guitar? Was it Black Betty? Anyway, he. So, you know, he just had it with Creedence Clearwater Revival, and they were in the studio, and he was done, and he walked out, and he gave the 14 year old intern his guitar and just walked out.

00;13;45;15 - 00;14;23;13
Unknown
And, you know, years later, and that was the guitar. He had played all the songs in the studio and played Woodstock with. And years later he wanted that guitar back, and it made its way into a, memorabilia, collector, I think, in Cincinnati, Ohio. And it was for sale. And Fogerty's wife called, and she started talking to the guy for about six months, and she would always call and talk about how much she loved Eric Clapton and how much she loved Peter Frampton, and wanted to buy all their merchandise.

00;14;23;13 - 00;14;46;20
Unknown
And she would talk to him for like 30, 45 minutes. Then she go, well, what else you got around there? Oh, you got Fogerty's guitar. Okay. That's kind of cool. And, you know, about six months into this whole thing, she finally said, well, how much is Fogerty's guitar? And it was, you know, 75,000, 100,000, something like that.

00;14;46;22 - 00;15;15;23
Unknown
And she goes, you know what I'll do? I'll just take that because she didn't want it to get beat up. So anyway, that's why she went through that long, drawn out process of doing it. So she winds up buying it and giving it to Fogerty for Christmas, and he's actually been back playing with it. And the coolest part about that is when the, Cincinnati, collector figured out that it was actually for Fogerty.

00;15;15;23 - 00;15;42;18
Unknown
He tore up the check. He just gave it back to him. So. Wow, that's cool story. Fogerty and his wife told that, told that story backstage. It was very cool. Well, one of the, one of the members of the short lived group that I produced years ago on the record, Matt Nolan, keyboardist extraordinaire and songwriter, played in his band for, I want to say, seven years.

00;15;42;21 - 00;16;01;03
Unknown
Oh, nice. Or got any good road stories? Well, the the the one other story that I have to tell because I wind up sharing too much in my life. That's one of my problems. But, Anyway, George texted me and said, hey, you want to go see Fogerty? I think we're going to go backstage and hang out with,

00;16;01;06 - 00;16;21;08
Unknown
And I said, and I said, hell yes. And then in parentheses, I said, Chuck standing here with a boner. And, and anyway, when we got back, we got backstage. Joe's like, hey, John, this is my friend Chuck, by the way. When I asked him backstage or when I texted him about coming, he said he was having a boner.

00;16;21;08 - 00;16;47;09
Unknown
Looking forward to seeing you. And John kind of put his arm on my shoulder and said, Chuck, that's just a little too much information for me. Well, he got an orientation into the awkward threshold that is uniquely yours. Thank you much. All right. Kick us off with, kick us off with climate models. Non. Iran news kicking off.

00;16;47;11 - 00;17;07;22
Unknown
I've been thinking about this for the last few days, but Burton had a podcast with Roger Pilkey yesterday that goes into a lot of detail on it. I highly recommend giving that episode a watch, but, what's not being widely reported? And maybe it's the distraction of everything else that's going on. But I think there's more at play here.

00;17;07;25 - 00;17;43;13
Unknown
Is that the worst case scenario of the IPCC and and others, what's known as RCP 8.5 representative concentration pathways. It's called something else. Now they had to come up with longer, more verbose acronyms as we move forward. It's a mid 2000 scenario. And that basically is as the world grows from forget what the population was, then we're going to peak something, at the order of 13, 14 billion people by 2100.

00;17;43;16 - 00;18;36;19
Unknown
And that's going to require a toppling of coal plants on the order of 30 to 40,000 coal plants to be built. And we've known over the years over the last call it 20 years, that that scenario has moved from the implausible to the absurd, and yet it somehow became the reference case and the really the, the, the nexus of the climate extreme movement to say, you know, as it made its way out from kind of scientific expertise through politicians and policymakers and ultimately to the media reference case, starts to sound a lot like this is the base case prediction.

00;18;36;22 - 00;19;08;23
Unknown
And only now we're hearing and a lot of these conversations look, even the sorry, I'm going to I'm going to use one of my, get out of jail free cards and say, you know, even in the IEA's case, the current policy scenarios got jettisoned between 2020 and 2024. And so, you know, really what was at play here was we have a case so extreme that we haven't moved off of it has not been really updated.

00;19;08;26 - 00;19;35;24
Unknown
Certainly not in real time or as we on a short term basis. It's why these IPCC reports come out every, what, 5 or 7 years. The problem with the models is that they're so computationally intensive, it literally takes years to run the math. And so all that's changed in that interim period. And so what's finally happened is we're going to jettison the RCP 8.5.

00;19;35;27 - 00;20;03;29
Unknown
You look at the way population and demographics have changed since the RCP 8.5. I mean, what what what's going to be peak population? There is some predictions that, you know, we're going to hit maybe nine and a half, 10 billion by mid-century and then we start to decline. I mean, you look at key developed countries around the world and the, the demographics suggest that they're going to go off a cliff in terms of their, population replacement.

00;20;04;01 - 00;20;48;13
Unknown
And so it's hung around, a ridiculously long time. This RCP 8.5. And yet along the way, we've used it as cover to implement mandates and policies that have cost untold trillions of misguided capital allocation and certainly impose costs on the average ordinary citizen. So you know what this is? I have the perfect analogy for this. So I've been going to again, I'll overshare.

00;20;48;16 - 00;21;17;09
Unknown
I've been going to the urologist since I was like mid 40s, because I had a buddy that got the fast growth prostate cancer, in his mid 40s, figured it out, and fortunately he's fine today. But it just scared me. So I went and the unpleasant point about that, and I do not want to say this too strongly, because I think women going to the gynecologist have it worse.

00;21;17;09 - 00;21;52;11
Unknown
They do. But the unpleasant point, the urologist exam every year was the digital exam. Right. And, you know, that was an important part. Okay. Well, about three years ago, it became standard practice that when you went to the urologist, they didn't do the digital anymore. They figured out that the number of false positives from that was, outweighing and the and the PSA test is just good enough that that is now the standard of care.

00;21;52;13 - 00;22;17;19
Unknown
But they didn't tell us you didn't go to the doctor. He didn't high-five you and say, dude, we don't have to do that anymore. It just kind of like stopped. And I think all of us men regularly going to the urologist probably had that first doctor's appointment where we didn't say anything, and we kind of snuck out of there and go, all right, well, maybe, they just forgot about it this time.

00;22;17;21 - 00;22;41;14
Unknown
But then you're like, well, that's the whole reason I go. And we all had to have that awkward conversation of, okay, doc, not that I'm missing it, but what's the deal on this? And then they tell you, oh, yeah, we don't do that anymore here. We're going to destroy the economy. We're going to spend all this money, and we're not even going to fess up and tell you that we're not doing it anymore.

00;22;41;16 - 00;23;15;16
Unknown
Yeah, I think it you know, I love how you took that seriously and didn't even laugh, but okay, I liked my analogy. Great analogy. Like you, I, I have my own story, but that's for another time. And a public service announcement. A different kind of PSA about PSA. But, you know, I thought, I thought one of the great points that Pilkey made in the Virgin podcast is, you know, can we, can we acknowledge that climate change is an issue?

00;23;15;19 - 00;23;49;03
Unknown
Emissions have been growing and let's get both sides at the table and have the ability now with technology and potentially with AI, you know, can we can we test all kinds of of scientific hypotheses and assumptions as opposed to, you know, he said there were, you know, from 4 to 7 agreed to reference cases. His point was, why are there only 4 to 7?

00;23;49;06 - 00;24;21;10
Unknown
Why can I independently have the ability to test my own assumptions as an expert, looking at the data? And so, you know, does this get us to a more objective and scientifically grounded, process and philosophy about tackling the problem of figuring out what path we are on because the models themselves over the past, you know, 20 plus years have been have had their limitations.

00;24;21;10 - 00;24;59;23
Unknown
I mentioned the computational intensity. You know, you can't do things like effectively model at the resolution that you need clouds and marine layers. You if you if you could. And this was a few years ago when Steve Koonin came out with unsettled and I'd heard it at Caltech. Among their climate modelers is, you know, take 100 years to run the simulation run because, the processing capacity and speed that you need to run all the calculations at that, that fine of a grid block resolution and that simulator.

00;24;59;25 - 00;25;27;01
Unknown
So, the most absurd. Point in the whole RCP 8.5 was, even until very recently, the notion that everybody didn't just look at, say, we're going to, you know, we're going to quintuple all given what's been going on with coal worldwide, that we're somehow going to find ourselves in 2100 with 30 or 40,000 additional coal plants. Is it's not implausible.

00;25;27;01 - 00;25;58;19
Unknown
It's impossible. Yeah. And the fact that technology has made its way in fits and starts and created some substitution effect and lower emissions, like the great story of the last 20 years, the US shutting down coal in favor of natural gas. Natural gas has half, literally half the CO2 profile of coal. I mean, even less than that if we're talking about the dirtiest coal, which is lignite.

00;25;58;21 - 00;26;25;11
Unknown
Yeah. At the end of the day, it's never really been about the facts or about the science or whatever. It's always been our, religion. And, you know, at the end of the day, that's faith. And those that have faith and, the altar of climate change will continue to worship there. So that's that. We'll continue to know when they're wrong.

00;26;25;18 - 00;26;49;17
Unknown
So let's talk about the, Okay. Yeah. Go to go to go to Claude Mead. Those they held back from releasing Into the Wild. Yeah. No, this is, so they, they I love Twitter and all the rumors that have, have, bounced out there. You know, the rumors are it really is too powerful. And the government said they couldn't do it.

00;26;49;17 - 00;27;23;01
Unknown
There's two powerful anthropic is not releasing it out there because they're being responsible. I've heard they don't have the compute to be able to run it anyway. So why have it get out there and be, failure. The the word around here is supposedly it really is that good. The the und the the the the thing that's not being said right now is the existing models in the right hands of certain people are really, really good too.

00;27;23;01 - 00;27;55;03
Unknown
And so they're finding all sorts of vulnerabilities and and software these days. And it's going to have fascinating ramifications for the cybersecurity insurance market. I'd love to see what the actuarial are going to do. There are prices going to go up because it turns out there are all these hidden flaws that, have been embedded in software for 15 and 20 years, or does it go down because we now find those vulnerabilities and can fix them so.

00;27;55;05 - 00;28;23;23
Unknown
Well, that's that's really the the issue with, with the limited release or the confined trusted partners group called Glass Wing. Right. It's Goldman, it's Apple, Microsoft Amazon, JP Morgan. And I saw something earlier. There are others who are not part of Glass Wing that are pissed off, that they're not part of Glass Wing. And, I would assume that there is no.

00;28;23;25 - 00;29;02;12
Unknown
Internet kind of connectivity among the the glass wing testers. If you will, because, you know, are we sure that it's air tight from maybe some rogue or bad actor within those groups that can find a way to get it out in the open? The other kind of rumor I've heard is really this was just kind of the way to, quote unquote, create a marketing buzz as well as start the discussion on, hey, these AI models are getting so good.

00;29;02;12 - 00;29;45;21
Unknown
What are the ramifications of it? Well, and not not to be outdone, Sam Altman OpenAI have announced a competitor to Glass Wine called daybreak. Although they're taking I guess their messaging is a little less alarmist or shrill. But if you think about the founders of anthropic, they left OpenAI because of the dustup over trust and security. They're also the ones that got kicked out of essentially the Pentagon because they had issues about deployment, full autonomy and, you know, using for cyber spying on, on American citizens.

00;29;45;23 - 00;30;14;06
Unknown
And so they got blacklisted and never to be heard from again. And they seemed to be at least behaviorally consistent with that, that fundamental ethos that was apparently the root of the dispute between them and when they were part of open AI, and also between I guess it's part of what's going on between Sam Altman and Elon Musk right now, because OpenAI was supposed to be a nonprofit.

00;30;14;08 - 00;30;25;29
Unknown
But anyway, it's this is, I think, the the most prominent implication, something fully autonomous, energetic that,

00;30;26;02 - 00;30;51;15
Unknown
Cause real harm and, and sort of, you know, if we want to think this as a, as a movie script, which we've seen before, I used to love the argument against Bitcoin that it was, created for criminals. And you still go back to 99.9% of all crime is done in US dollars. So, I mean, they,

00;30;51;17 - 00;31;28;03
Unknown
All right, man, the EIA short term energy outlook boom, electricity demand prices are going up. But it didn't feel like as bad as they could have. Yeah. Along with the electricity commentary which is probably the most interesting part of this, short term energy outlook, which they publish monthly, is that 5% increase in residential rates for US electric consumers in 2026, with continued increases in 20 2227, albeit at a lower rate of increase.

00;31;28;06 - 00;32;06;13
Unknown
And they point out the, you know, the significant pinch point that is the northeast. And we've talked about what's going on with PJM and their three year capacity auctions have turned into much higher frequency every six months. And I think each of the last several have priced out at the at the auction cap price, which is a symptom of really large load additions that they're seeing in PJM and the grid resilience issues that we've talked about nauseum about both in PJM and Ercot.

00;32;06;15 - 00;32;39;10
Unknown
You know, but this train is continuing to roll down the cracks. Is is what they're saying. And I would probably take the over, you know, particularly in in the next call it 3 to 5 years with the commitments to spend several $100 billion going higher. You know, the, the, the big four are talking about 650 billion going to over 700 billion in just a few short seeming weeks or months since those original 2026 CapEx plans were announced.

00;32;39;10 - 00;33;07;03
Unknown
And so, you know, we'll we'll see a couple of things here. We'll see. We'll see some grid initiatives. But those are longer dated as it relates to transmission and generation. But I think we're also going to see much more urgency on the behind the meter solutions to that to try and take some pressure off of this, because politically, it's going to it's going to continue can continue to be a pressure point.

00;33;07;03 - 00;33;34;03
Unknown
And when you've got gasoline prices doing what they're doing right now, it's it's it's not a welcome occurrence for the, the average, residential ratepayer. Remember, they're not customers. They don't have a choice. Really. They're right. Ratepayers. No. I mean, there's unfortunately here there's they're there is a solution. I mean, the beauty of a data center is it's constant demand of power.

00;33;34;03 - 00;34;01;05
Unknown
So it it can match up with baseload. It doesn't necessarily have spikes like residential and air conditioning and heating and stuff like that. As long as it has on site storage. Yeah, because because of the way the load profile works. Particularly in some applications where you'll shed 20 to 30% of load within milliseconds. So there is there is a lot of variability there.

00;34;01;05 - 00;34;27;18
Unknown
Just a yeah. No. So it could definitely be part of the solution. Unfortunately that that takes some sort of centralized planning. And unfortunately we haven't done that very well in a long time. Well, maybe when we take on building our own national oil company, we can tackle this at the same time. Perfect. There we go. When we have the national podcast, we only have one person.

00;34;27;20 - 00;35;00;06
Unknown
Take that. Joe. All right. This is going to make me sad because we're going to talk about someone I actually like. So we're doing this twice. We're talking about rogue. And let's go ahead and talk about her all day. And then I'll tell you why I like him. Yeah, I was traveling this week and just happened to be sitting in an airport and somehow Heraldo routinely gets into my ex feed and it was a fairly urgently toned message.

00;35;00;06 - 00;35;31;12
Unknown
Look, we need to break the siege. Talking about the straight or lose. And his solution was that the US indemnify and insures all vessel owners and the merchant mariners, the sailors, for free. And so the notion that you're going to put a civilian on a ship say, hey, don't worry about the the subsidy mines, don't worry about missiles and drones.

00;35;31;15 - 00;35;33;28
Unknown
You know.

00;35;34;00 - 00;35;42;15
Unknown
Do it for you. You'll be taken care of whether you're hurt or killed. You're taking care of.

00;35;42;17 - 00;36;13;09
Unknown
And and I think I think it's a true statement to say that most merchant, marine vessels are crewed by civilians who are not trained for theaters of war or hostile waters, with the amount of unpredictability and the risks, the elevated risk that, you know, passage that at any time in the near future is going to pose your anxiety level, even if it does open up, is going to be pretty high.

00;36;13;15 - 00;36;46;17
Unknown
Oh, they might have missed one of those mines, or one of the IRGC kind of rogue autonomous cells is taking target practice. And so the notion that we can just offer, it was mostly about the crew members. You're out there working on these vessels, exposing yourself with no protection. You know, just just because we agreed to indemnify an insurer, you, whether it's bodily harm or whether you get on alive, we'll take care of your family.

00;36;46;19 - 00;37;21;00
Unknown
It's not, that's not a dynamic. Most people, even in the, marine shipping industry, I think, wake up and think about having to deal with. Yeah. I mean, this was just brain dead by Harold. Very insensitive. Not a typical ratio. The ratio proved. Yeah, not a typical. The reason I do like Geraldo Rivera. The reason we saw the Zapruder film, the public that we were able to see it.

00;37;21;02 - 00;37;47;08
Unknown
Geraldo Rivera, he, he actually had it on his, TV show back in the 70s called Good Night America. He and, actually the, the the comedian. Is it Gregory? No. Dick Gregory. Dick Gregory, Dick Gregory went on to, Geraldo Rivera show, Good Night America. And they showed the Zapruder film for the first time.

00;37;47;08 - 00;38;13;14
Unknown
And, to this day, I don't know how you watch the Zapruder film and see Kennedy flinging backwards and say, yeah, he was shot from the rear. I mean, I think he was pretty clear he was shot from the front. And the most interesting part about America actually being able to see the Zapruder film. And you can go watch this on YouTube today.

00;38;13;17 - 00;38;35;25
Unknown
Dan Rather was a young reporter. He was in Dallas, and he went straight to the studio and he was reporting live. He got to see this is a cruder film because they showed it, that night when they did bids for it. And CBS looked at it and bid on it and didn't win it, Time-Life won it.

00;38;35;27 - 00;38;53;24
Unknown
But anyway, he said, I saw Kennedy and he was thrown violently forward. So you can go look at that Dan Rather lying on TV. But anyway, that's why I like Geraldo. But he was wasn't first time, but may have been the 1st May have been the first time. But it wasn't the last was not the last. But anyway.

00;38;53;24 - 00;39;28;02
Unknown
So so that that completely makes up for Capone's vault. Oh, God, how bad was that? I actually watch that. It was horrifying. My first. My first awareness of Geraldo was when he had a talk show, you know, one of the daytime talk shows. Oh, yeah. You remember when he had the, like the neo-Nazi, white supremacist guy on and it turned into a melee on stage, and somebody picked up one of the guest chairs and launched it, and it bashed Geraldo on the nose.

00;39;28;02 - 00;39;49;15
Unknown
And he's, you know, on stage with his microphone. He's gets cut across his nose and turned him into it. You know, that was all pre Jerry Springer type stuff and kind of set the tone for how those those types of shows ultimately went from there. I think it's I think it spawned a whole new phase of.

00;39;49;18 - 00;40;11;13
Unknown
You know, it was that the genesis of reality TV? I yeah. No, I mean, it certainly was it was pretty close. So I will say that was my throwdown joke for everything. You know, any time, like a joke was made, an inappropriate joke was made, like kissing your sister or something. I say, well, you know, that's not true.

00;40;11;13 - 00;40;36;24
Unknown
Or else we'd go on her all day. So, you know, he's posted, recreational photos in the past about, you know, him driving his, like, boat shirtless, which for an 80 year old is not a great look. And so, look, you're you're a qualified helmsman. How about you first? Yeah, exactly. There you go. All right, Mark, it was fun.

00;40;36;27 - 00;40;50;27
Unknown
Sorry we had to bash on Rogan. Sorry. I had to talk about, digital rectal exams and. Sorry we had to talk about her. Although maybe next week will be better.