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    473: Scott Galloway | From Crisis to Opportunity Post Corona

    en-usFebruary 23, 2021
    How can smartphones be distracting in our lives?
    What changes has the pandemic brought to consumer behaviors?
    Why is mental health important during challenging times?
    What solutions are suggested to make college more affordable?
    How has the pandemic impacted businesses like Panera Bread?

    • Exploring new ways to connect and earn incomeEmbrace technology in moderation, share experiences through Airbnb, adapt to post-COVID trends, and prioritize mental health

      Our relationship with technology, specifically smartphones, can be distracting, but UScellular encourages us to put them down for a while to discover new experiences. Meanwhile, turning a home into an Airbnb not only brings in extra income but also allows us to share a piece of our world with others. Professor Scott Galloway returns to the show to discuss the post-COVID world and the workplace, where those in the top 10% have been less affected by job losses. He emphasizes the importance of adapting to the new trends and being resilient in the face of accelerated changes. Additionally, prioritizing mental health and well-being is crucial, especially during challenging times.

    • The pandemic has accelerated trends in society and the economyThe pandemic has led to permanent changes in consumer behaviors, worsened wealth gap and income inequality, and transformed businesses to adapt to the new reality.

      The coronavirus pandemic has accelerated existing trends in society and the economy, leading to significant changes that are here to stay. These trends include the growth of e-commerce, the shift to remote work, and the increase in government spending. While some aspects of pre-pandemic life may return, many consumer behaviors have been permanently altered. Companies that thrived during the pandemic, such as Tesla and Uber, have seen their stocks soar, while those that struggled have been hit hard. The wealth gap and income inequality have also worsened. As we look to the future, it's important to consider how these trends will continue to shape our personal and professional lives and to prepare accordingly. The pandemic has transformed our economy from dysfunctional to dystopian, and businesses and individuals must adapt to this new reality. For example, Panera Bread, a restaurant chain, has seen 85% of its business come from off-premise orders and is reconfiguring its stores and supply chain to reflect this trend. Overall, the pandemic has been an accelerant, and we can expect to see continued change in the years to come.

    • Consumer behavior shifts in healthcare and speaking engagements during COVID-19Remote devices and virtual consultations reshape healthcare, while virtual events boost demand for high-quality speakers and decrease travel costs. Economic impact varies, with top performers thriving and others facing challenges. Remote work continues to trend, leading to flexible arrangements and fewer commuting.

      The COVID-19 pandemic has significantly changed consumer behavior in various industries, including healthcare and speaking engagements. In healthcare, the use of remote devices like blood oxygen meters and virtual consultations has become more prevalent, leading to a shift in consumer expectations and business models. For speakers, the trend towards virtual events has resulted in a decrease in travel costs and an increase in demand for high-quality speakers, while lower-tier players face increased competition. The economic impact of these changes is a dispersion of value, with the best performers seeing increased revenues and the rest facing challenges. The trend towards remote work is also expected to continue, with a shift towards more flexible work arrangements and fewer people commuting to traditional office spaces.

    • Cities as hubs for career growth and innovationCompanies invest in cities to attract and retain young talent, fostering innovation and growth. However, not all cities offer equal opportunities, and some may face challenges, making it essential for businesses to carefully consider their location.

      Cities remain a valuable place for young people to build their careers and connect with talented individuals, despite the potential challenges and increasing costs. Companies, particularly those in the information economy, heavily invest in attracting and retaining young, talented employees, making cities a hub for innovation and growth. However, not all cities are equal. While some, like New York and London, offer unique opportunities and resources, others, such as San Francisco, may face challenges like high taxes and poor management, leading to a migration to more affordable and efficient cities like Austin and Miami. Ultimately, the ability to attract and develop human capital is the highest return on investment for companies, making cities an essential part of the business landscape.

    • The Value of CompetitionCompetition fuels progress, innovation, and value creation. It motivates individuals and businesses to improve and adapt, and can lead to opportunities for younger generations.

      Competition drives progress and innovation, whether it's in business or in personal endeavors. The speaker acknowledges feeling motivated to do more when faced with competitors, be it in the podcasting industry or in the office. He also notes that companies can stagnate when they focus too much on maintaining their monopoly positions instead of competing. The speaker also discusses the impact of competition on cities and real estate markets, and how it can lead to opportunities for younger generations. Ultimately, the speaker sees competition as a necessary and valuable force, driving progress and unlocking value.

    • Opportunities in Market Crashes for Younger GenerationsMarket crashes can present opportunities for younger generations, but the current economic landscape favors older generations, leaving young people feeling frustrated and ashamed. Allowing for 'creative destruction' and sharing resources can help.

      Market crashes and economic downturns, while damaging for some, can also present opportunities for younger people. Capitalism and the transfer of wealth can lead to new opportunities, but the current economic landscape is increasingly favoring older generations, leaving younger people feeling frustrated and ashamed. The compact in society that hard work and good citizenship will lead to a better life than one's parents is breaking down, leading to feelings of shame and anger. Young people are struggling to get ahead financially, and the situation is manifesting in various ways. It's important to allow for the "winds of creative destruction" to blow and for new opportunities to emerge. Additionally, sharing resources, such as homes on Airbnb, can provide extra income and allow for unique experiences.

    • Economic Challenges for Younger GenerationsRising education costs, income inequality, and a skewed tax system are making it difficult for younger generations to thrive. The pandemic has worsened these issues, particularly for women. Older generations, especially those with high-demand skills, continue to benefit. We need policies and solutions to promote equal opportunities and reduce the wealth gap.

      The current economic landscape can be particularly challenging for younger generations, with rising costs of education, increasing income inequality, and a skewed tax system that favors older, wealthier individuals. These issues have been exacerbated by the pandemic, which has disproportionately affected women and forced many to leave the workforce. Meanwhile, older generations, especially those with high-demand skills like doctors, continue to enjoy good living standards. It's crucial to acknowledge these disparities and work towards policies and solutions that promote equal opportunities and reduce the wealth gap. The future holds both challenges and opportunities, and it's essential to address the root causes of inequality to create a more equitable society.

    • The importance of empathy and inclusivity in a divided societyEmpathize with those less privileged, strive for inclusivity, and remember late bloomers deserve opportunities for growth and success.

      The lack of interaction and segregation caused by the pandemic and other societal factors can lead to resentment and divisiveness. As a society, we need to value and empathize with those who may not be considered remarkable or privileged. Education, once an upward mobility tool, is becoming a transfer of wealth from the poor to the rich due to decreasing admissions rates. It's important to remember that late bloomers and those from less privileged backgrounds deserve opportunities for growth and success. We should strive to create a more inclusive and equitable society where everyone has a chance to thrive.

    • Universities and Economic Policies Favoring the WealthySpeaker advocates for taxing universities with large endowments and fairer economic policies to reduce income inequality and prevent social unrest.

      The current education system and economic policies in the US favor the wealthy and create an upward spiral of income inequality. The speaker believes that universities, particularly those with large endowments, should be taxed as private enterprises and that tax policies and stimulus packages disproportionately benefit the rich. The speaker also mentions the concentration of political power and influence among the wealthy, which leads to policies that advantage them. The speaker expresses concern over the increasing income inequality and the potential for social unrest as a result. They also mention the GameStop phenomenon as an expression of young people's anger over the rigged system, but caution that the problem is more systemic and requires more fundamental solutions.

    • Wealth Disparity and the PandemicThe pandemic has widened the wealth gap between the rich and poor, with the wealthy experiencing more benefits while the lower income population faces job interruptions and lack of opportunities for remote work.

      While the wealth of American billionaires has significantly increased in the last decade, the federal minimum wage has remained stagnant. This wealth disparity, coupled with the economic impact of the pandemic, has led to widespread frustration and anger among younger generations who are struggling to make ends meet. The system seems to be favoring the wealthy class, creating a dangerous precedent where becoming part of the top income earners becomes an insurance policy against poverty. The pandemic has only worsened the situation, with the top earners experiencing more benefits while the lower income population faces job interruptions and lack of opportunities for remote work. The lack of a full-throated capitalist response to the pandemic is due to the fact that the shareholder class is doing just fine, and there's a disconnect between the wealthy and the struggling population.

    • Cronyism in the Current Economic SystemCEOs capture gains in good times but socialize losses in crises. Protect people, especially low-income households, instead of bailing out businesses. Expose societal neglect and call for policies that help people get rich.

      The current economic system, which features capitalism on the way up and socialism on the way down, is actually cronyism. The speaker argues that CEOs capture the gains during good times but socialize the losses during crises. Instead of bailing out businesses, we should protect people, especially low-income households, who would spend the money and stimulate the economy. The pandemic has exposed uncomfortable truths about our society, including our neglect of the "unremarkables" and the tilt towards the old and rich. The speaker calls for policies that help people get rich rather than keep them rich.

    • Preparing for the Future: Identifying and Adapting to Industry and Personal TrendsExamine your current position and set goals for growth based on industry and personal trends to adapt and thrive in the rapidly changing world.

      It's essential to prepare for the future by identifying and adapting to the major trends in both your industry and personal life, as the accelerating effects of the pandemic have significantly impacted various aspects of our world in just a few years. Whether it's personal relationships or professional industries, examining where you stand in relation to where you could be in ten years can provide valuable insights and opportunities for growth. This applies to individuals and businesses alike, as the pace of change has increased dramatically. Additionally, the partnership between AAA and T-Mobile for Business aims to improve response times and provide more effective solutions for drivers in need, elevating the member experience.

    • Strengthening relationships during the pandemicThe pandemic offers a chance to deepen relationships and show empathy, potentially accelerating growth that might take years to achieve. However, the focus on education affordability should be on making it accessible for all, not just the wealthy.

      The pandemic presents an opportunity to strengthen and repair deep and meaningful relationships. With many people struggling due to various reasons, it's an excellent time to show empathy and love towards others. This can lead to significant progress in relationships that might otherwise take years to develop. However, on a different note, the speaker also expressed his views against free college, arguing that it disproportionately benefits the wealthy and that the focus should be on making education affordable for everyone while increasing enrollment and acceptance rates.

    • Exploring Ways to Increase College Affordability and AccessibilityTransition up to half of college courses online to reduce costs, expand capacity, and make education more accessible. Prioritize affordability over free college. Consider implementing a national service program for valuable experiences and growth.

      We need to increase college admissions while reducing costs through a combination of federal funding and technology. This could involve transitioning up to half of college courses online, which would not significantly impact quality. However, social aspects of college, such as leadership, interaction, and extracurricular activities, cannot be easily replicated online. To make higher education more accessible, we should not aim for free college, but rather make it more affordable for those who can't afford it and expand capacity by increasing the number of students universities accept. The current system, with exploding tuition and administrative costs, disproportionately benefits the wealthy and perpetuates a caste system. A national service program could be a potential solution to address this issue by providing valuable experiences for young adults and encouraging maturity and growth.

    • National service program for young peopleEstablish a $60B national service program for young Americans, providing skills, jobs, and unity, modeled after AmeriCorps, to combat societal divide and COVID-19 response

      The current societal divide in the nation can be addressed by establishing a national service program for young people. This program would provide them with skills, jobs, and a shared experience, fostering a sense of unity and common identity as Americans. The speaker suggests that this could be modeled after existing programs like AmeriCorps, and could involve training young people in handheld technology for testing, tracing, and eventually vaccinating against the coronavirus. The cost of this initiative, estimated at $60 billion, is comparable to the amount spent on stimulus packages every few days. The speaker also emphasizes the need to establish a collective truth and hold accountable those who undermine it, as well as addressing the issue of algorithmic amplification that divides us.

    • Exploring the Value of Gap YearsTaking a gap year can lead to personal growth, increased likelihood of college graduation, and societal contribution. Humor and banter made the discussion engaging.

      There are valuable experiences and personal growth opportunities outside of traditional educational paths, such as taking a gap year. The speaker, Scott Galloway, shared his own experience of not thriving during his first year at college and how taking a gap year could have benefited him. He also mentioned the statistics that 88% of students who take a gap year return to college and are more likely to graduate. Galloway suggested making it attractive and lucrative for 18-year-olds to contribute to society during a gap year instead of making it mandatory. He also mentioned his support for the idea of "coronaCore," a national service program. Despite the serious topic, the conversation was lightened with humor and banter between the guests. Overall, the discussion emphasized the importance of personal growth and finding alternative ways to contribute to society.

    • The evolving nature of war and terrorismScott's experiences illustrate the shift from traditional battlefields to urban centers and the new challenges and threats this brings. His latest book explores the impact of disruption on various industries.

      The nature of war and terrorism is evolving, moving from traditional battlefields to urban centers, and this shift brings new challenges and threats. This was highlighted in the discussion with Scott, who shared his experiences of the changing landscape of war and terrorism, and his transition from being a jihadi to an MI6 spy. Additionally, Scott's latest book, "Post Corona," explores the impact of disruption on various industries, including advertising, education, health care, and privacy. Previously, on the Jordan Harbinger Show, Scott discussed the importance of investing early and often in relationships and life, as outlined in his book "The Algebra of Happiness." Overall, the conversations with Scott provide valuable insights into adapting to changing circumstances and finding success in various areas of life.

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    1042: Sex Trafficking | Skeptical Sunday

    1042: Sex Trafficking | Skeptical Sunday

    Is sex trafficking really a global crisis or just an overblown conspiracy theory? Andrew Gold reveals truths and misconceptions on this Skeptical Sunday.

    Welcome to Skeptical Sunday, a special edition of The Jordan Harbinger Show where Jordan and a guest break down a topic that you may have never thought about, open things up, and debunk common misconceptions. This time around, we’re joined by On the Edge host Andrew Gold!

    On This Week's Skeptical Sunday, We Discuss:

    • Sex trafficking knows no borders, and the United States stands out as a particularly active region for this crime. It victimizes individuals regardless of age — notably, more than a fourth of those trafficked are minors.
    • The scale of sex trafficking is difficult to determine accurately, with estimates varying widely. This uncertainty stems from the underground nature of the crime and challenges in data collection.
    • Sex trafficking victims often suffer severe physical and mental health consequences, including STIs, injuries, PTSD, anxiety, depression, and substance abuse issues. The average lifespan of women in prostitution is tragically short at around 34 years.
    • The issue of sex trafficking is frequently politicized and weaponized, sometimes exaggerated for political gain. However, it remains a serious problem that ruins thousands of lives through organized crime networks and individual traffickers.
    • Education and awareness are key tools in combating sex trafficking. By learning about the issue, discussing it openly, and spreading accurate information, we can help inform potential victims about the dangers and contribute to prevention efforts. Everyone can play a role in this by staying informed and sharing knowledge with others.
    • Connect with Jordan on Twitter, Instagram, and YouTube. If you have something you'd like us to tackle here on Skeptical Sunday, drop Jordan a line at jordan@jordanharbinger.com and let him know!
    • Connect with Andrew Gold on Twitter and Instagram, and check out On the Edge with Andrew Gold here or wherever you enjoy listening to fine podcasts!

    Like this show? Please leave us a review here — even one sentence helps! Consider leaving your Twitter handle so we can thank you personally!

    Full show notes and resources can be found here: jordanharbinger.com/1042

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