The Trump Trade
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Hello and welcome to slate money, your guy to the business and finance news of the week. I'm Emily pack and i'm here with Elizabeth spiric of the near times and slate hello and info felix don is the wonderful and h mansky of reuters hana. There was a real struggle to find news to talk about this way.

I got to know, not much really happens. No, today we are, we are gonna k about the election and the trump trade, how the markets responded. Trump win.

And we will talk about germany because they're melting down apparently, and is gna fill in on the situation. And in our final segment, we are gonna at one of the underdog social media sites or perceived underdog read IT, which is having a really good year. So I wanted talk about that.

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Last week we talked about what could happen if trump one the election. And then, as so happens this week, trump the election. So I guess I don't want to get too much into politics. Late has a political gab fest.

I wanted to talk a little bit about what happened the day after the election day in the markets because IT seems like the markets the stock market at least really was very excited about his win. The day after an election day, the S. M.

Five hundred rose to a new high. I think that was the highest post election bump it's ever seen. Bank stocks rose.

Prison stocks depressingly rose on anticipation that trump would lock up more immigrants and migrants. Energy stocks rose. Bankers and amy are excited because they think, you know link's on the way out and the era of hipster.

Any trust that we've been talking about for the past four years is probably over. So it's like a new era for deal making. Tesla stock was up.

I didn't check IT at the time of taping but you know this was a big one for I have to say, as a name again, elan musk. Small stacks, h stacks or smaller companies were up to um yeah at O N bitcoin new highs. So anna, is this just Normal in a way like is this just we the markets are uncertain, they didn't know who's going to win this race.

Uncertainty clear, they have an answer, they go up. Should we expect these kinds of gains to continue? Or I mean, what to make of this?

So first, I would say that equity markets are easily excitable and equity investors essentially, by definition, tend to be optimists. So I think right now, what you're seeing is pricing in all of the potential quoted good things. So the fact that you could get tax cuts, the fact that you could get deregulation. So that's gonna supported for many industries and also, Frankly, especially for smaller companies. So that's why you sell a big Spike in the now what's interesting is that what you aren't seeing is what is being pressed into the bond market, which is expectations of higher inflation, higher debt and higher interest rates. And if you you look through IT, does seem kind of odd that you could get into an environment where, in theory, you're going to have all of these positive things for growth and somehow that's going to offset the potential of having a much more elevated interest rate than people might currently be pricing in, especially if you've seen what's happened over many years where what the fed has done has had a much bigger impact on equity markets and almost anything else.

So you're saying well that the stock market is excited about growth. The bond market is like hanging on a second. This is going to cost a lot of bunny interest. Strates are going to be higher. There's gonna inflation and they're standing a totally different signal.

yeah. I mean, you saw a little bit of pull back after the really big moves on wednesday, both in the dollar and in the bond market. That also partly had to do with the fact that you had a fed meeting where the fed did cut as anticipated. But yes, overall, I would say that the bond market is definitely sending a different message. And the equality, I think, is just kind of going 啦啦啦啦啦 and only looking at what potential positives that's the technical term convince .

al islam is that the bond markets are a little bit more sophisticated。 The equity markets and that kind of tracks the dialogue. I think that happening around trumps proposed economic policies, I find that a lot of people really still don't understand how terrorist work and a lot of what the bond market is pricing and as the partial inflationary effects of terrorist particularly.

And whatever I look at, the people are very excited about a trump h term because they do believe that it's going to help them economically. I see quickly trump supporters I know saying, well, this is a great because we're going to make all these foreign companies pay these higher Prices. And this all just strength in the economy.

And they sort of don't understand the basic fact that, you know terrify passed on to consumers. They can hurt american manufacturing when you're having important raw materials or pieces from other countries. And so IT sort of tracks the the relative level of sophistication between the bond markets and the start markets. Think the start markets are more reflective of what consumers think is gonna happen for the most part versus what I think sophisticate financial investors do.

The stock market is not the economy. The stock market is excited about things that in the long run may turn out to be pretty terrible, like bankers are excited because they'll be less regulation and that might be really good for banking. And you would understand why an index of bank stocks would go up.

But in the long term, as we've seen before, when you're lack with banking regulation, bad things happen. I mean, that sort of part of the story leading up to the great financial crisis. And then like some other things I was pondering, like energy stocks rose, but trump wants drill, baby drill.

But we saw you know, last week from the world bank a report saying like the U. S, the world rather is on pace for a glut of oil drill. Baby drill would mean more oil, which would be lower Prices, which would mean the energy sucks going up doesn't quite make sense.

It's just this very short term indicator. Am I missing something and am I negative because? No, I mean.

first I would say if someone who spent most of my clear credit, I can say that equally, stars are clearly done. So no, I I just go. But I mean, look, I think if if you look at how markets responded in two thousand and sixteen, if you look at how they responded in two thousand twenty, these initial moves, especially when you're talking about sector specific, tend to bear very little relation to what actually happens.

Energy companies did very well underbit IT. So will they do Better or worse under trump? T honestly, IT is very hard to say because IT certainly is true that like part of the reason that energy company did well was because russia and video ukraine es, all of sudden europe needed lots of which they got united states.

Then, of course, if trump is gone to start a trade war and he's going to start putting troops on the things from europe, and that's going to have an impact. So again, IT goes back to this idea of equity market. It's pricing in anything that might be positive and not necessarily cracking the negative.

Now to be fair to all of those equity investors out there, I think one of the things you will here, and I think I mentioned this last week, is that people say the really bad stuff, the stuff that doesn't make any sense, crazy troops. Well, that's not actually gona happen. That is simply a negotiating tactic.

So while trump will extend tax cuts, punto, put additional tax cuts, deregulate, all that bad stuff might not actually happen. And look, you could make that argument. I think I would argue that from what we've seen in the past, trump has definitely shown that he is willing to put through measures that don't make a tremendous amount of economic sense.

I also think it's interesting to think about, okay, if IT isn't negotiating tactic, who are you doing this? West will mostly china, europe, neither of which is an amazing position right now to make any concessions. S so that's all the question.

Even if they did want to make a concessions so they don't get the terrace OK what exactly they supposed to do. So I would argue that the equity market is definitely Priced in much more optimistic scenario than is likely to play out. But you never know. Yeah, I think also the speculative .

players in the equity markets think of these possibilities when they are assessing risk as much more of a binary. This will happen or this won't happen. And if we understand anything from the first trump term, it's in a lot of cases, he'll try to implement something that's just not logistically feasible.

And you'll get this kind of like hallway thing, which is what I think is going to happen with terrace. And I don't think the administration or any of the people that trumps pulling in order to be markedly more competitive execution than they were last time. So what I think, well, the happening is a lot of these things will get executed, but in a way, that kind of clunky and there half measures.

And I I think the equity markets are more likely to look at things like that as a binary like IT will happen or won't happen in its totality. And I think that people are really pricing in the risk of IT. Think of IT more like, you know what IT. What's the probability that some of this happens? And what do we think the risk is?

It's interesting because there are some things that the trump administration would have to do to make a big market economic impact, like they are going to have to put in place these huge terrace. S and we should talk about the terf. S, I guess, because they keep coming up, I feel like we just need to drill in there.

But before we do so, they have to take some kind of action to put the terrorist place. But there are things that there are sort like negative actions that companies are really liked about, like pulling back, gone on these any trust actions, right? That counter at the D O J.

And khan at the ftc have done. They can just walk away from a lot of this litigation, let all these deals go through. It's like they don't actually have to do anything.

And that just seems like republic and administration one or one staff or installing anti labor people over at the national labor relations board or just like pulling back back on a lot of the regulations and actions that the by administration took. I know people say we don't. What trump is gonna do, but that just seems like any generic republican would do any of that stuff coming in.

I do think though that IT is possible that one of the things that will limit what trump will end up doing could be the markets themselves. Kind of mention this a bit last week. But number one, if he's engaging a policies that have dramatically negative impact on the stock market, he is likely to react.

The other thing is what we saw on this election is that people really, really hate inflation. And so if he starts engaging a policies that push inflation, he may also start to kind of think that through. The other thing I think is interesting as when people talk about deal activity.

So yes, IT is true that right now there's a lot of excited about, okay, we're going to see this increase in the activity. However, if the interest rates are not coming down, the cost of capital is a lot higher and the economics of those deals don't make sense, that's going to continue to away until flow even if you don't have regulatory issues holding a them. The regulations are not what's restricted. Deal flow in the last two years has been interest rates.

No, that's not true. I think of the the D O J have filed suit to stop deals from going through and successfully, in many cases, they have slowed down the deal flow. But the reason .

that you seen a dramatic decrease, yes, there are certain deals that I haven't done through because that has had no impact, but that has not been the number one reason.

yeah. But I mean, interest rates are coming down. I mean, as we're speaking on friday, the federals serve cut short term rates by a quarter of a point on thursday. The long term interest rates have been going up ahead of the election, but we already seeing them sort of like come back down a little bit. So it's really unclear the path of ahead.

Well, the thing is if he we know we grow back to tariff, if if he does implement some of the stuff there, they're going to be inflationary. My cycle, I think one underestimated thing that might constrain him little bit on that front is his own republican congress. Because terrace don't just affect consumers directly in terms of what they're paying.

They also affect american businesses that need to import things in order to Operate. And I think there a lot of republican people in congress who have zero and snap to support terrify. There's something so much the trump can do by himself and he really has to build a coalition for the kind of aggressive terrace that he's saying he wants to implement. And i'm not true, has IT. Well.

it's interesting that national retail federation are not exactly a very progressive group. I think we could all agree the trade association that represents retailers to put out like a report the day before the election looking at how trust proposed herv increases would affect clothing, furniture, household delian is the Prices. And IT was like it's nothing we didn't really know already, but IT was just kind of stark to see the number ers.

So basically what a terf is, is when you're importing goods into the the U S, the U. S. Will levy attacks and the importer pays IT. So if like home depot is importing washing machines from south korea, something, and he wants them to come in the country, IT pays this tax and then IT charges, you know, however much is gona charge for the washing and to recoup the taxi pay in the cost of importing the the product and the N R F report was like a hundred dollar sweater would be like a hundred and forty dollars, the cost of toys would rise, they estimated, by as much as fifty six percent, because ninety nine percent of the toys that we buy in the united states are imported.

which is kind of wild. The term is just going to piss off the the next generation with that all the nine year old .

yeah but then I was thinking about IT a bit more. And it's like because we import so much stuff from china, everything is so cheap and I go to walmart or target like it's really I just this whole interview about Victoria secret that you'll hear on money talks and IT was about the way retail has changed over the past thirty years.

And one item they talked about was this really popular sweater sold by the limited in the eighties called the forensic sweater, was at the time considered a cheap sweater. And IT was thirty dollars in one thousand hundred and eighty five. That now is just like a regular Price.

My point is just that the stuff we import is really cheap already. And i'm curious if consumers will actually notice Price increases in that stuff as much as progressives and critics of the terabits are thinking. I'm wondering if even if there are a little bit inflationary, people might not actually notice, especially because in our heads, we just went through this period of really high inflation. And I just wonder, maybe the herself won't be that impact of all the way people are. Our critics are saying I I think .

they will because particularly because they affect groceries. And around seven percent of very important protest comes from from mexico. And now trump saying he wants one hundred percent terrorist mexico if they don't build to all and that's not that's not gona happen, but he will put some tariff s on mexico.

And people just really don't realize how much of the food supply is international, how much we don't grow here. And then if you deport a lot of workers in the agricultural sector, that is going to the curses. And I do think consumers will absolutely notice that because they already do.

I would say that IT is definitely true that we don't actually know what the inflation impact will be because we are just horrible at actually forecasting inflation. So IT is impossible to say hundred percent yes. You don't know what the actual impact will be like if somebody does something. And then does that stimulate something else.

And that is somewhere right? Nobody actually. However, if a lot of these policies are put through IT seems inevitable that they are going to have reactions in terms of other countries and they're going to do things and that is going to neglect impact potentially growth that could also push up Prices in other ways.

So we don't know. It's possible everything will work out perfectly fine. It's also possible things well.

But even if you have just a bit of inflation, again, i'm going to go back to my hobby horse because as i've always said, that, that is most important thing in the world. But if you're having inflation just up by percent point two, the fed cares about that. IT cares about that more than anything else.

So that again means that interest strates are going to have to remain more elevated. And I think we think people think about interest strates and whether they're going upper down that the point is not whether they're twenty five basis points here or twenty five best points there is the terminal rate. It's where they end up, where they land and the signaling about what's going to happen with them. And if you look at mortality, rates have Spiked because of, you know what we've seen, these things have a demonstrable impacts on the real economy.

Another rock card is that we don't really know how trump. S S. Can interact with the fed. He's been making noise about trying to constrain its ability to, Frankly, do its job. I'm not sure he'll get very far with that either, but let's say that he does interfere or he changes the way that economic data is calculated. He's done that before. With since s data, we may have more uncertainty simply because we don't really know the condition of the economy and the fed is a little bit constrained in terms of the extent to which they can deal with that, especially if he doesn't like the results.

Yeah, there's a lot of unknowns here. I'm sure we'll be talking about this again and again and again and again for the next four years.

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Let's talk about another country that is going through some upheaval. Anna, i'm just gonna. Have you explain what's happening .

in germany? European london?

yes. Well, not actually europe, unfortunately, but close enough.

IT is europe. But because they break.

they're not to you because that breaks that. Let me tell you, look where the pounds was before breaks that. Look where the pound is. Now I am no longer in, you know, I said so. The coalition government in germany collapsed this week because all of shells.

Chancellor fired his finance minister, who is a member of a different party, a essentially kind of more conservative as neal liberal, for one of a Better term party. And the main reason that he asked him was because he was blocking the moves to be able to take on more debt in order to be able to support ukraine as well as the german economy, which, as stated in previous episodes, is really struggling. So this honestly could be see as both a good or a bad thing.

I think in the short term, obviously, IT seems like, oh, you know, you've had a lot of political chaos in france. You're having a lot of political chaos in germany. This is that IT is, however, this was such an unstable coalition that this was going to happen eventually.

I think the trump l election honestly may have sported lately, but I was going to happen eventually. So I think the idea now is that if you can get snap elections sooner rather than later, right now, the opposition parties are really aiming to have snap elections very, very soon. Then maybe you could actually get a coalition in there that actually could pass measures so that you so that germany could take actions to support its economy in advanced of whatever that might do also, Franklin, just because the economy is really, really struggling.

So what are people anticipating that they would do? Especially you are running issues of high costs and asian competition.

Honestly, it's an excEllent question because there is no good answer to IT. They will. I'm sure that I actually if I believe the current government has a forty nine point plan, i'm like, why did you just had another point make a fifty? But like a forty nine point.

my point .

a lot it's .

too many fifty .

is just prayed.

I mean but you just need three points. That's that politicians are so bad at marketing.

IT is a very IT is a very fair point. I I mean, I think there's some discussion about trying to cap energy cost for businesses to try to support manufacturing and potentially some lower to mission. So there's a lot of things that, in theory they could do, but the reality is that germany is just in a really real pickle.

Can you explain the pickle?

Yes, I would say the two biggest parts upset pickle are that germany benefited from cheap energy from russia and IT benefit from strong domain, and especially for its autos in advanced manufacture parts from china. Both of those things have gone away. The cheap energy has definitely gone away, and then demand from china has dramatically decreased.

And on top of that, china has become so much more competitive in terms of autos, especially in terms of evs. So germany is right now in a position where they're been an export driven economy for so long that, that is really struggling on top of that. Another issue that germany has had is that IT has long been very diverse to taking on any debt in spending.

And part of what that meant is that they haven't invested in their infrastructure. They haven't invested in their population. So they have issues about Georges of workers in the industry that they need them, part of their infrastructures falling apart like they have a lot of real serious issues.

And it's almost ironic because you obviously have germany for so many years kind of wagging your finger and all the other european countries being like, oh, you're taking on so much shit, you're spending too much and we german are you know, examples of fiscal property and love. Well, turns out that there's probably a happy medium between you know being a spend thrifts and not spending at all. And germany is now finding that out and they're finding that out of the worst possible time.

Do you think that's really gonna? They're very long running culture of austerity, the art. Will they just put a pending on IT? It's a really good question.

obviously. Like maybe if trump actually goes through with some of the things that he says he's going to do and IT makes things really, really bad that that almost forces them to do what they don't want to do. In the same sense that during the pandemic, they were forced to do things they didn't want to do and also to go to step back.

Another issue you will hear when you hear all these discussions about germany is this debt break. So they actually have basically an amendment that says they can only have borrow ing that's a certain percentage GDP and it's quite low in this debt break can only be suspended if there is some type of crisis. So this is another issue that theyve had in terms of trying to do anything to stimulate the economy is just that they have all of these things in place that just really, really hard.

And I think I should be noted or emphasize, the U. S. Is the largest buyer of german products that makes the tarifa conversation extremely relevant because if terf s go up, that's going to hurt all these german manufacturer, particularly the auto companies that are already under pressure from china.

At the same time, germany imports from the rest of the eu. And if things are still not going very well, that's bad for all europe. So IT plays this is a very important role, right? And it's like the powerhouse of europe thing or IT used to be considered as such. yeah.

So I mean, it's funny because germany used to be the sick man of euro. Then I became the engine of growth of europe. Now IT kinds seems to be relatively sick again. And the other thing is that any chaffs that are on china are also going to then again, impact germany, more so even than the rest of the e.

So how would you mean? Well.

just because more germany's goods go to china than the rest of the E. U. So anything that happens with china is going to have a bigger impact on germany than the rest of the block.

I think that's part of the reason right right now. If you look at different european economies, not all of them are doing badly. Germany is doing a lot worse than most of others, and that is in large part because of how closely tied is to china.

Now of course, IT all eventually seeps through to the rest of york. If the end of growth for you for so long for multiple years is not growing, that's going to have an impact on the rest of the region. The other thing I say, part of the reason you're having this political instability is because as people see their standard of living declining, they are less APP to support the traditional parties.

And you're seeing the growth of the far right and the far left. And the concern is that if the economy continues to struggle, you're going to see more and more of that. And then that makes instability even more likely. So yes, that's why these things like there is not just on a potential like boring economic level, like a very real level like this. This should be concerning that we get the hope is that you will get a Better, more stable coalition of reasonable people. Those reasonable people be able to put through policies that can actually support because, i'll be perfectly honest, I am not optimistic because I actually don't know what blue print you can possibly follow, especially given the political realities of germany that will actually get you where you need to go.

One last thing I wanted to note in one of the articles, and I was kind enough to share with us, our european correspondent was kind enough to share with us prior tapping. One of the pieces mentioned that germans are now saving a eleven percent of their income, a eleven percent that I think at least twice as much as americans save. And that is just that's a big chunky number that cannot be good for their economy. no. I mean.

to be fair, U S. Tends have a relatively lower savings, right, except during the pandemic when we when it's like but yes, no. And IT is again, that's one of the issues. Domestic consumption declines and not good for the economy.

Yeah the U. S. One of the reasons our economy is always chugging along is because we would love to spend money and love .

to spend the money. And then during emergencies, we heard cash and toilet paper.

K, S, I never run out of two of the paper. I just want to love that.

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Let's talk about redit. People either love IT and use IT all the time or at least they know about IT because one of redit sub reits and I the asho is a huge content provider to all the other social media websites on the internet. That's where people tell a story from their lives and their like, hey, was either jerk or was that someone else? And that's talked about a lot in a lot of places.

But the reason I wanted to talk about redit, or the excuse I bring to you to to talk about redit is that is doing really well. Revenue on the site road six eight percent in the third quarter. The stack is up if the stack is trading.

Now I think three times it's IPO Price IP od last year and and I went through some like hard times. I know I did like a slate. What next T B D episode all about read IT and IT was selling its data for A I purposes, and some of its users revolted.

But that seems to have calm down now. And now reddit has ink this deal with google, which has made IT easier. And now when you do, when you search on google, you are more APP to get a edit page in your results, which i've definitely noticed as a google user.

And I posited that redit is maybe the best social media platform we have right now. When I was preparing for this conversation, I went over there and I was just kind of like looking around, you know, you can get really lost in these red threads if there's like a particular TV show you watching or a book. Sometimes I read a book and after i'm done and really into IT, I read a few reviews and it's like not enough.

And then you go over to read IT and you'll find like just hundreds of comments like dissecting and analyzing the book. I mean, it's just a really fun searchable website and i'm feeling bullish. H about IT right now. I don't know this, but how are you feeling about read IT?

Yeah well, as as the most internet poison of all of us. I love IT. And you know it's been around for a long time.

So there are certain things that I think they have a handle and that some of the other social media platform, thirty not proceeded as far along with or they're rolled back in. One big one is human moderation. So the quality of information there is higher than you know, if you got to extra know it's is sort of a miss.

But also if we've built these communities over the course of now play almost two decades. So there's just a lot of embedded sledge there that now organized over time that sort of makes IT useful for people who are on the site. But the reason i'm doing well business, why is that? first? Well, I had an ipa.

And I think that when people look a little bit more closely at IT, but there's a deal google, there's also the fact that they have used machine translation to translate post in different markets. So right now, you know maybe half of retired users or outside of the us, they've got to be much bigger inference. And of course, this gives people the opportunity to sell more adam venti, and that's been huge for them. And they way more so than, for instance, selling data to AI companies.

Ana, are you as familiar with read IT as as we are or more familiar? What's your experience here?

You know, I was talking about IT. And for the most part, I would say i'm not a heavy read user, but I will say actually, when I was getting ready to move, IT was extremely useful for really random things. For one, moving to a different country, like how to save your U.

S. Phone number while not having A U. S. Phone provider. Turns out there is a way to do IT right, and taught me how to do IT figuring in out which electronics you actually can use overseas and not start a fire. Redit has shown me the right way here. So I I think that just speaks to the fact that that probably is a way that reddit is actually quite good for these a weird niche y things that actual humans have done. And I do agree though, IT does seem like whoever is doing the moderating is actually doing a reasonably good .

job of that and that I feel like the search thing cannot be overstated enough because so recently I was on instagram reals, and I saw this amazing clip of boone yang on the less culture, this podcast, talking about how it's impossible to just buy one to two carrots at the supermarket and you have to buy a whole bunch of carrots. And if you are a single guy goes on this whole it's so good at maybe we could even play a clip but he's like, I don't want to make six stews with my carrots. I only want one stew and you know anything just like goes on this whole rent .

I don't think so honest. The current state of vegetables and products at the grocery stores of america, sometimes I don't need seven cares, are making one student, not seven steps, the rest of the recipe. Who do you think I am? I A single child, gay man. I'm cooking for one.

and I like IT. That way I wanted to show to someone who had been complaining about something similar. And I went back to instagram and I was like, bony ang carrots.

Boone Young to rant. Boonen Young, I don't think so. Honey, carrots do right. I could not find that I went to google. Nothing like IT is so hard to find anything on the social media platforms like they just they're like there's a femoral crazy things that come in and out of your brain.

I don't know it's IT this is I feel like because you're crazy, but I find IT really hard to sort of find anything and go back to IT and the fact that you can now like search google and get read IT results and find answers to questions like, can I keep my U. S. Phone number? Or was the ending of that book as bad as I thought?

That was, I think, is like, really important. IT feels like the old internet is still alive a little bit. IT has an .

element of community around IT. Because there is why moderation is so good as that each niche community has a tone moderators, and those people are heavily invested in moderating their forms because they are participants and they care about them. And you know, each forum has its own set of rules.

You know, if you go to like a weight lifting forum or something, there's usually in the right side of the page you document, or a page that says, here are the rules of this paci c community. But when you have these sort of tightly orchestrated internet communities like this, they sort of ten toward self organization over time, unless you have somebody like you, like mice. Q comes in and says, fuck all this moderation stuff.

Just dispense with all the rules and we'll start over. So it's it's a little bit more robust. But also you have people there who are kind of recurring posters who have developed some level expertise, their their needs communities where literal experts participate in. And so you can go into rid IT and find like a body of information around the topic that you can also just sort of browse. And it's very difficult to do that on any other social platform like maybe facebook groups comes close, but it's just not as the user experience is totally different.

So yeah, it's useful. It's actually useful and it's not it's not well, i'm sure IT is. But IT doesn't seem as algorithmically for you page chaotic like you can actually go and look for information that you want and find IT as opposed to having like a bunch of stuff thrown at you that's like and lesser distracting and like gets your post moving higher but doesn't in the end solve any questions and after an hour your lake what just happened.

But I think read its not just there for utility, some people find community there, but to go back to mi the assets, which is your super popular edit, where people are lake, I decided to kick my tn year old out of the house because he didn't clean up room in my the S. L. And then four million people go and say, yes, yes, called yes.

I had mondo rates economically about reddit, called r lash far hood. And his colum is mostly about the sort of human pathos that you see on read IT, because you have people talking about their real lives and their real problems in depth. And I also use IT in that way for a specific purpose and working on a novel that has a little point line about the manufacture.

So I have a sort of worker account that signed into all these redit boards around the stuff. And it's just to watch, tell people talk to each other on these boards because you know you're not most people are anonymous and read IT for the most part, but there are rules and norms about how you're supposed to behave when you're there and they do get enforced. So it's just you get a glimpse into parts of humanity that you probably would not Normally encounter.

Elizabeth, i've been visiting the manual here. Please become our manufacture correspondent right now and give us some examples of the behavior you see moderated or not moderated and said ministry OK.

So some minister boards now, predictably, a lot of them have a lot of sides you built. But there are some boards, the sort of frame whatever they're doing in the context of, say, self help. And I think those boards are more likely to you have a moderator who restricts IT if IT just goes into a woman bashing territory or or you know, people are being raised.

This IT really depends on the sort of microsoft. And you see the the participants in the board know if somebody y's behaving badly, they vote them down or they get them boot IT out. So it's a lot of community moderation too, and I think that makes a difference.

Have we been too kind of reddit? Are there things to .

say also responsible for radicalizing right wing people who wanted stm, the capital it's site for that partly because of the community building aspect is so effective would say, look, read IT and telegram are probably two of the their resources of that. But if you look at how broad read IT is, you're always going to have some corner of any large social network that's just a total accessible.

There's also a lot of porn on reit that I think is not as moderated as IT is on social networks like you know threads or facebook. And just because it's you know, their moderation is less algorithmically driven to some extent. So they don't catch as much. And also they just have a model where if they do have turn on the site and it's not crossing any illegal lines, they sort of don't care. They just don't tell us against IT.

I'm now remembering that redit users kind of helped chase elan power out from her C A. A role when he was briefly the chief executive officer of redit. So that seems not what you want. So some perfect.

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you go, go. So my number is roughly thirteen thousand. So there were roughly thirteen thousand votes in nevada that could not be confirmed because mostly jensie voters do not know how to write their own signature. This, separately, a true story. People.

either the theme or play money theme.

I have a bone to pick with this story, but gone.

So I guess people were writing black letters, or their signatures didn't match, but they had done originally, or anyway. So IT was just one of these stories of kids these days, the camera from ah .

it's actually it's a technology problem because in a lot of states, photo registration has to happen on paper. So you sign your signature on paper. And then now especially this cycle, i've had more people confirming signatures on tablets.

And like, I don't know anybody who can replicate their own paper signature perfectly on a tablet. And my on paper signature is kind of messy to begin with this. But my tablet signatures, just like if you gave an elephant and cry on its IT, does not remotely reasonable.

My in person. So I think that's part of IT. Also, kids don't learn cursive anymore, and to some extent they are allowed to use like block letters and stuff like my kid actually makes.

His lower case is like a fight. He uses one that has like a curly tail and then a smaller circle fluid. He only knows that from seeing typography, but that's the way he writes.

So I have to say, when I went to vote and they ask me to sign, and then they checked, you know, to match my signature from whenever IT was, I registered, like, a thousand years ago. First of all, I vote under my hate, this word under my made and name. I, I don't sign that name anymore, ever.

I don't remember how I used to do IT, so I just winged. And I was like, god, I hope IT matches and then they like, allegedly, we're looking to see if IT matched and said I did. There's no way signature .

match is the worst security different because useless. It's useless.

I completely agree with you.

but I think the issue with the Young and is that they IT wasn't just that their signature did match IT, was that they were doing black letters. I wasn't even a signature. I think that you scribble and a scribble, people like, yeah.

looks the same, but they never look great. They're always on creators.

Alright, Elizabeth, okay.

my number is one hundred thousand. My start is that the average burning man at tindy is an american White male who makes more than one hundred thousand dollars annually. And I learned this yesterday from a modern love column, the title, which was, min, please stop talking about .

burning man because the author .

keeps going on dates where this becomes the topic of conversation. And at least according to this peace, there's a sort of self chest known that comes with people that burning men burners believe they're like core principles to go to burning men.

They believe that they're being environmental tally good because they leave the desert the way that they found that although they're planning of indigenous people who live on there who say they definitely do not and that it's generally you know a very socially conscious, environmentally friendly festival, even though people take private planes to get there and so on. So hurting was like, I don't want to date any more burners, I just don't. And so he said, there is a train now on hinge and tender where people just write no burners.

What is burning is IT like davos, but for like rich hippies in america, like is their music there?

Like what even is started? I was like art festival, and now it's like the music. There's but it's not. It's ort of decentralized. And a lot of ways these groups applied to to have their own sort of functions, and that might be like performance harder, some giant sculpture, whatever. And then the rest of the day, the senses just a lot of drugs and orgies and riding bikes .

around the desert. So so yes, I will say so my boyfriend goes to bring men every year. He also one hundred percent fits everything that you said.

So I also mock him every girl when he goes to the burning man, so to be. But I say, like, it's his joy. Like IT brings him so much joy to go to this thing so i'm like, it's ridiculous to me.

He wears strange things when he goes there. He tells me funny stories. He acknowledges that part of IT is completely ridiculous, but he brings joy.

But we shouldn't uck their yum is what you're saying.

Yeah.

maybe the issue of these guys are talking too much about themselves on these dates. What you want to do is ask questions. Yes.

that's what I suspect. That's what is the like in the column.

okay. Well, those were good numbers. My number is ninety seven inches. That is the size now of these mega televisions that becoming really popular ahead of the holiday season.

So ninety seven inches is like a little more than eight feet diagonals. So that's like really big. These are massive tvs. They have come down in Price a lot over just the past four years.

In two thousand and nineteen, you can get one for ninety nine thousand dollars and other like four thousand dollars, and they're coming really popular. And I don't have much else to say about IT, except people like really big tvs. And I guess this is happening now. And I guess if you watch football on sundays and you have sunday ticket and makes a lot of sense, but for other people and nature doesn't sense.

We have a elector like I feel like it's in some point, if you want A T, V, that needs to get bigger for some reason that's the like.

Keep related to IT. But this APP I I read, they said that the TV are getting the big ones now are getting so much Better than their kind of becoming Better than the projectors. But I don't know, the reporter was just conned by big TV question.

Did you say he went on to four thousand dollars?

Yes, I saw four thousand dollars.

Because can you just imagine if were a person who like ninety thousand dollars on IT and then like five years later, you could about IT for four .

thousand dollars? I know. Well, that's what i'm saying about the terrorists, right? Because the votary is going to make up to hundred dollars TV five thousand dollars.

Look, I try IT. I tried. And that's if our show today, if you have thoughts or commons TV preferences, send them to slate money at slate that com.

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If you're not a slap lus member, you should really subscribe to slap lus. Thanks to chain oh and Jason muli and mccreary at sea plane or mota for producing thanks to eliza's anna for making me laugh and for all their smart and sites, of course, thanks to you for listening. We'll see you back here next week on slate money at the ups store.

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