RNC Ditches Unity for Division | Scott Galloway
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Welcome to The Daily Show. I'm Roy Chang. We got a lot to talk about tonight. Republicans leave unity on red. The Trumps make nepotism great again. And we try to find a reason why J.D. Vance won't suck. Let's start things off with the Republican National Convention in our continuing coverage of Indecision 2024. ♪

Last night was night two of the RNC, and it's been a very unusual convention because someone shot the candidate four days ago. And the media consensus after this was that this week would be about healing. The attack on Trump has changed the storyline and the tone of this convention, with the former president calling for unity. Something has fundamentally shifted here. This is going to be a different conversation.

tone. This is going to shift what we are hearing from every single person who takes the stage. It is about unity. It's about coming together and supporting one another now. More trying to lower the political temperature here. It's like a wholly different convention that we're going to see. I think that bullet grazed his ear, but it impacted his heart. Impacted his heart. It opened his eyes. It lowered his cholesterol. It engorged his penis. But yeah.

Word on the street was that the RNC speeches were gonna be civil and polite now. So, bring on the good vibes. The Democrats' disastrous record on crime, trade, and regulation has ruined the lives of countless Minnesotans. Your family...

is less safe. Biden's violent crime crisis. Our children are dying. War on families. Woke indoctrination. Trampled underfoot by the radical left. Biden and the Democrats are doing everything they can to tear down this great country. America cannot afford four more years of a weekend at Bernie's presidency.

Kumbaya, my lord. Kumbaya. I mean, I guess this is toning it down. And for the record, it is totally unfair to compare Joe Biden's presidency to Weekend at Bernie's, okay? For one thing, Bernie could pass as an alive person, okay? Also, that movie got a sequel. But it wasn't all death and destruction. There was also a lot of ass-kissing, like from the co-chair of the Republican National Committee, Laura Trump.

Yes, Laura Trump. I wonder if they are related. Yeah, we kind of figured that.

But hey, I'm not hating, okay? I would love to have a father-in-law who gives me a career. I mean, all my father-in-law gives me is anger that I haven't given him a grandchild. Like, chill out, man. I'll hit it raw when I'm ready.

But the RNC has to win over more demographics than just daughters-in-law. So when the former presidential candidate and Indian Tintin, Vivek Ramaswamy, took the stage, he made an appeal to young voters. Our message to Gen Z is this. You're going to be the generation that actually saves this country. You want to be a rebel? You want to be a hippie? You want to stick it to the man? No.

Show up on your college campus and try calling yourself a conservative. Say you want to get married, have kids. Okay, you know what? F*** diversity. Bring back the white people. Yo, it's like he expects us to believe all the cool kids are handing out behind the bleachers like, hey, after we finish not having sex, let's fund offshore fracking. And as an Asian, I just want to make it clear that Vivek Ramaswamy does not represent me, okay? Because Indians are not Asians.

But if Vivek didn't convince young people that it's cool to be Republican, hey, check out this sick beat. ♪ It's the mayor of Megaville, baby ♪ ♪ Hey, you know who we vote for? ♪ ♪ We voting Donald Trump, baby ♪ ♪ America needs saving ♪ ♪ America needs saving ♪ I didn't think it was possible to dishonor Vanilla Ice, but they did it.

In fact, I wish I got shot in the ear so I don't have to listen to that shit. But do... Like, do Republicans not remember they have Kanye? Like, I know... I know he's a bit of a Nazi now, but I really don't think this room will mind. Now, the main theme of night two was making America safe again, which got off to a bad start when Rudy Giuliani did an impression... When he did an impression of his net worth and plummeted to the ground. I mean...

Don't worry, everyone. He's fine, okay? Fortunately, the only thing that can hurt Rudy is garlic and holy water. But the theme was meant to highlight crime and drug use in America, and some speakers came out to talk about how much real tragedy they've suffered these last few years. My son murdered with a knife on the streets of New York City. My beloved sister Rachel murdered...

by a suspected illegal immigrant. I was insulted as a guest at the White House Correspondents' Dinner.

Okay, one of these stories wasn't quite as tragic as the other ones. And, hey, I'm not saying it wasn't painful that someone made fun of you while you had a free dinner, but maybe next time just go before the widows and the orphans so there's, like, an escalation of tragedy. Um, but you know what? Sarah Huckabee Sanders was probably just ramping up. Uh, I'm sure she suffered a much worse tragedy. My family...

was denied service and kicked out of a restaurant. - Okay, lady, you heard the speeches before you, right? There are people who are like, "My whole family's addicted to fentanyl." And you're like, "I know, right?" And Chipotle totally skimped on my guac. Come on, you gotta give me something tragic. Make me cheer up. - And a parent at my three-year-old son's preschool spit on my car. - Okay.

Sarah is like, what is happening to America when someone can just walk up to my car and spill that thing? Why are you even, don't applaud it, don't applaud it. Why are you even mad about that?

You're in Arkansas. Isn't that just a car wash there? For more on the second night of the RNC, we go live to Milwaukee with Michael Kosta. Thank you. Michael, Michael. How's it going over there? Thanks, Ryan. It is great to be here in Milwaukee. I know we canceled all our shows here this week, but I'm glad that I got to stay here in Milwaukee, which is where I am.

Okay, so Republicans and the media were really talking about how this country needed unity. What happened? Yeah, well, it's boring, so they stopped. Back to you, Ronnie. Wait, that's it?

All that talk of bringing the country together and lowering the temperature, and they couldn't do it? Yeah, you know, old habits are hard to change. It's human nature. I do it. I'm always telling myself, Michael, you got to read more books. Day one, I'm cracking open War and Peace, but day two, I'm like, you know, Pornhub has a comment section. That's reading. Yeah, look, I...

I know it's hard, but isn't it worth making the effort to try and bring the country together? No, it's not. It's actually un-American. Division has always been a part of American identity. Hamilton versus Burr, the North versus the Confederacy, tits versus ass, still dividing families today. We're a nation built on disagreement. Where did this idea come from that the United States has to be united?

Okay, I don't think that's right. I mean, I feel like America's been united before. Like, what about after 9-11? Oh, yeah? How'd that go? We united around invading the wrong country. It's like my parents always told us as kids, we're not good together. Okay, look. What?

We need one half of America to hate the other half. Okay, so you don't think this assassination attempt is an opportunity for us to maybe change? It's the opposite, Ronnie. I don't want some 20-year-old gun nut forcing us to change who we are as a nation. Think about it. If we put our differences aside and build a better future, well, then the terrorists have won. Okay, that...

You know, that is the dumbest shit I've ever heard. That's the most American thing you've ever said. I hate you, dude. Michael Kosta, everyone. When we come back, we'll discuss the GOP's new vice president, so don't go away.

Welcome back to The Daily Show. Tonight, Ohio Senator J.D. Vance officially accepts a nomination to be vice president of the United States. But to much of America, Vance is still largely unknown. Former President Trump's new running mate, J.D. Vance, has had a meteoric rise in the Republican Party. The freshman senator was first elected in 2022. Raised in poverty, Vance enlisted in the Marine Corps and was deployed to Iraq. He

He later graduated from Yale Law School and wrote the best-selling memoir, Hillbilly Elegy, before turning to politics. Vance is largely aligned with Mr. Trump's MAGA makeover of the GOP, opposing abortion rights and aid for Ukraine.

Wow, I'd be kind of worried about this guy becoming president. But the good news is Trump is unkillable, so the point is moved. Uh, the question is, is he the right person to be Donald Trump's running mate? Uh, for analysis, we turn to Desi Lydic in Washington, D.C., and Jordan Klepper at the Republican National Convention. Jordan. Jordan, let's...

Let's start with you. Trump just picked another white guy when he could have brought some diversity to a ticket. Do you think this was a smart pick? Wow. Uh, I don't want to put you on blast, Ronnie, but J.D. Vance does bring diversity. He'd be the first vice president over 100 years with a beard.

A kick-ass beard. A broseph-strong, chiseled alpha beard. The face-pube ceiling has been shattered. Huzzah! Uh, Ronnie, I'm sorry to interrupt, but Jordan couldn't be more wrong. J.D. Vance is a terrifying prospect. Uh, is it because of his views on women's rights? Yeah, and also because he has a beard. I'm sorry, but I do not trust a man if I don't know where his neck ends. Wow. Wow.

How dare you, Desi? You have no idea what it's like to have a beard. Oh, believe me, I know what it's like. I have been a beard for more men than I can count. I don't trust this guy. I mean, how can a man have empathy for the working class when he doesn't even care about giving me stash rash? Oh, shame. Shame, Desi, shame. That is discrimination against the forgotten bearded Americans, the lumberjacks, the metal band bassists, Travis Kelsey, Jason Kelsey.

Anyone involved in and around the brining of pickles, all right? They deserve a voice in the White House. Oh, come on. Are you that superficial, Jordan? If I just slapped on a beard, would you vote for me? Oh, my culture is not your costume, Desi. Okay, guys. Guys, guys. Come on. Just to be clear, Jordan, are you saying that you agree with Desi that J.D. Vance is a dangerous ideologue? I do. Okay, but you still support him because he has a beard? 100%.

Look, I can't turn my back on my people, Ronnie. You don't know what it's like. You're an asshole. You always get to vote for someone who represents you. Look, we can't miss the opportunity to see a bearded man in office. We're tired of living in the 5 o'clock shadows! Look, we'll finally have a straight talker who won't kowtow to the claptrap from the fat cats at Phil's Tarelco! Thank you.

Hold on. Straight talker? Beards hide things. Blackheads, whiteheads, lack of chin, too much chin. And he's open about all of his horrific policies, so if that beard is hiding something, it must be really bad. Oh, this is ridiculous. Beards do not hide anything. Oh, really? Not even a sharpie dick that never fully washed off? I...

I told you that in confidence. And that is rich stuff coming from someone who wears a shirt at the pool to hide a lower back tattooed for Darya. I told you that in confidence. Guys, guys, listen, we have to lower the temperature here. Oh, shut up, Ronnie. You can't even grow a beard. Look, let me put this in perspective. If I may quote Martin Luther King... No, don't. No, don't. Don't do that. Fair enough. Fair enough. Fair enough. But...

As Abraham Lincoln once said, the government of the people, by the people, for the people, shall not perish from the earth. What does that have to do with beards? Lincoln had a beard! The hair that unites the north and the south of the face! That's where he got the idea from! And if a beard made Lincoln one of this country's finest leaders, who knows? Maybe a beard will make J.D. Vance not as terrible as I'm pretty sure he will be. Okay, let's hope so. Jordan Klepper and Desi Lydic, everybody. Whoo!

When we come back, Scott Galloway will be joining you on the show. So don't go away. Welcome back to The Daily Show. My guest tonight is NYU professor, entrepreneur, and best-selling author whose book is called The Algebra of Wealth, A Simple Formula for Financial Security. Please welcome Scott Galloway. Thanks for joining me, Professor. Thanks for having me. Algebra of Wealth. What is the Algebra of Wealth?

So it's retrospective on all the mistakes. I mean, what is the how? What is the formula? How do you make money? Yes. I wanted to insert me into the story. So it's OK. So the algebra, the first is focus. Try and find your talent, not your passion. Anyone who tells you to pursue your passion is already rich. Find something you're good at in an industry that has an employment rate above 90 percent. Side hustles mean your main hustle isn't working. Go all in on something.

Then you want to talk about stoicism, control the things you can't control, you can't control your spending. Okay, this is a bit complicated. How do I... Why... How are we doing so far? Why are people poor and who should we blame? That is... Whose fault is it that everyone is poor? Is it baby boomers? Is it f***ing foreigners? Is it Bitcoin? Is it the government? Whose fault is it? Yes. That we are poor?

Well, I think that every, essentially every fiscal policy in America over the last 20 or 30 years has been nothing but an elegant transfer of wealth.

from the young to the old. We transfer $1.5 trillion from young people to the wealthiest generation in history, seniors. You can say boomers. You can say boomers, yeah. The two biggest tax deductions, capital gains and mortgage interest, who owns homes and stocks, people my age, who makes their money from earnings and rent, people their age. So I think everything we do is nothing but an elegant transfer of wealth from young to old. People call them entitled. I think they're actually entitled to be enraged.

- Wow, okay. I love how you came in here, you're like, yeah, it's my fault that I'm rich and you're poor. I'm like, you, you can't do anything about it. But what can people do about it? I mean, first of all, I mean, kudos to, you know, you're the first boomer I've heard in the last decade to give young people some props, you know? To be like, hey, it's not, 'cause all I've heard for the last decade is boomers yelling at millennials for being lazy and eating avocado.

So, you know, we're all like a refreshing voice here. - Look, the average 70 year old is 72% wealthier than they were 40 years ago. The average person under the age of 40 is 24% less wealthy. The child tax credit gets stripped out of the infrastructure act, $40 billion, but the $120 billion annual increase in cost of living adjustment for seniors flies right through. - Okay, so anytime I want to say boomers, I'll just link to this part of the video. - 100%. - This is what this guy said. So, I mean,

I'd love to continue making the case against boomers, but I'd also like to figure out, so what can we do about it? Yeah, what can we do about it? There's a variety of things. One, lower taxes on, put more money in the pockets of young people. Education's gone up fourfold.

That was pretty popular. Housing's gone up 4x, education's gone up 2x. Meanwhile, minimum wage, if it had just kept productivity up with productivity, inflation would have been 23 bucks an hour, but it's 7.25. We need a series of policies that make it easier for people to get ahead.

60% of people age 30 to 34 used to have kids. Now it's 27%. They're literally opting out of America. They look up, they look down, they see prosperity everywhere, and 210 times a day they get a notification of someone vomiting their faux wealth in their face. It's no accident that we are raising a generation of the most obese, anxious, depressed, suicidal generation in history. So...

Wait, you were doing so well there with praising the young people. And you took a hard turn. I just wasn't ready for it. I'm sorry. Are we good or not? Is it our fault or not? Well, I do think it's our fault. Okay, but besides being civically engaged and caring about the world, what can a young person do to make money? Well, again, I think it's... Nobody got that one, but it's all right.

Because what you're describing is policies, right? And I think a lot of young people feel disenfranchised voting, and so...

Besides-- Well, agency. Everyone needs to have a sense of agency. You do have agency. One, recognize how fast time is going to go. Between the ages of 20 and 30, if you just save 3% to 6% of your salary, you're going to end up wealthy by the time you're my age. Recognize that time is going to go faster than you think. Diversify. And also recognize that your 20s is about workshopping. Don't be so hard on yourself. But also recognize you're going to live a lot longer than you think.

And so just try to develop a savings muscle and put a little bit of money away in case you don't go double platinum or sell a business. Most of us, because our species hasn't lived past 35 for 99% of our time on this planet, we have trouble believing that you're going to be my age. That's why we're so horrified when we look in the mirror past 35. We're just not used to seeing it. I'm kind of horrified looking in front of me right now. You just made my wife your best friend.

This is essentially start early. And so you can save, you can control your spending, spend less than you make, develop a savings muscle, and then really lean into your strengths and try and become great at something and pick a non-vanity industry that has greater than a 90 plus percent employment rate.

Okay, so your advice, young people, is that the boomers are screwing you over. Try to vote people in who can hopefully reverse that a little bit. Our elected officials are a cross between the Golden Girls and the Walking Dead. The average age...

That is true. That is true, but... And I'm asking you, as a person with more experience than me and much more well-read on this, do you feel like this is kind of like the last death grasp of the boomers trying to hold on? And if we just can wait them out another five years...

We can regain control and balance things out, hopefully. I think that's hopeful, but the average age is now the oldest elected populace of any democratic institution. What happens in a democracy if you're not forward-leaning like our ancestors and invest in middle class? Old people have figured out they can vote themselves more money. Does a person, a Speaker of the House, when she had her first child,

Castro had declared -- just declared martial law in Cuba. Two-thirds of houses did not have a TV. Does she really understand the challenges facing a 25-year-old single mother or a 22-year-old male who has a lack of economic or romantic prospects? The average age of Americans is 35. We need a representative democracy. We need more young people that will vote for money and make forward-leaning investments. -Man, easier said than done when these boomers just won't die.

They just won't die. They keep holding on, making decisions. And they're entrenched in decision-making positions. They're lowering the capital gains tax. So net worth essentially compounds year after year. So you got it. There's an incumbency rate of 95%, or between 92% and 95%. In addition, because of gerrymandering, we essentially send to Washington--

hard right crazies and hard left crazies who have one thing in common, and that is they're really old and they keep voting themselves more money. If we don't start investing in the future, democracy is literally going to collapse on itself. When we get to these levels of income inequality, they owe us self-correct through war, famine, and revolution. We need to do something about this. Okay. So we'll be fine is what you're saying? That's right.

But so the solution is find people who speak this language and vote them in, right? That sounds like what you're... We absolutely need a younger electorate, but we also need fiscal policies that do what our previous generations did and invest in the future, an investment in the middle class, technologies. The...

But as someone who speaks... No, I'm sorry to cut you off, but as someone who speaks boomer, when you talk to your fellow boomers and you tell them, like, you're kind of taking away the things that you benefited from, can we put them back in? How do you convince these...

old people to do that. You know what I mean? Like... The key to progress with those FDR or Teddy Roosevelt is having a series of class traitors. If you don't make these forward-leaning investments, the reality is people... You have your world of work, you have your world of friends, you have your world of kids. When something comes off the track with one of your kids, the whole world shrinks to that kid. So the question is, are we willing to make the same sort of forward-leaning investments...

that your father and our grandparents made in America moving forward. We have lost that sense of comedy of man. One solution I think will help us get back to that is that I think we need mandatory national service such that we can develop more connective tissue and young Americans can meet people from other ethnic groups, other sexual orientation, and realize that they can build something great in the agency of others and not see each other as Republicans, not see each other as Democrats or trans or non-trans, but see each other as Americans and start making these forward-leaning investments that have made America great.

Well, as a young person, thank you for trying to look after the next generation. I appreciate that. I hope more old people can be like you. I appreciate that. Algebra of Wealth is available now. Scott Galloway. We're going to take a quick break. I'll be right back after this. Hey, that's our show for tonight. Tune in tomorrow when we'll be live at 11.30 p.m. no matter what.

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