Exxon CEO Darren Woods 11/01/24
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Hi, i'm C N, B, C, producer katy cramer today on squad pod. No is in the jobs report in the debate over whether plans for higher terabits offset sky high government spending. Yeah, IT is one lod election, but there are just a few days left. We check in with one corporate leader who is moving forward, whatever happens. X on mobile CEO din woods.

we're not setting our capital plans based on assumption about whether there's terrors or not terrors or how that's going to manifest itself and in the role that we would have to lower Prices.

But emotions are running high in these final days before the votes are counted. How we get through IT with author in podcast Arthur Brooks.

key thing is not letting IT ruin your life is remembering what really matters is not the competition plus .

apple and in intel speak to the street. Boeing hopes the third time is the charm with striking workers. And yes, people definitely still jeep.

This is such a boom. Er update. IT really is up.

People at home.

It's friday, november first squared begins right now.

Stand back to buy. And three, two, one, two.

three.

Good morning, everybody, and welcome to school box right here on cnbc. We are alive from the next deck market I in times square i'm back a quick along with joker n and and Andrew a sorkin. It's a friday. It's all since day, the day after halloween, and markets are feeling a little bit up this morning.

First up today on the podcast, the october jobs report, the final bit of employment data before election day and before the federal reserve interest rate setting committee needs next week on wednesday and thursday. And the report shows that job creation last month slowed to its weakest pace since late twenty twenty.

The impact of considerable storms in the southeast, couple of hurricanes and the significant labor impasse at boeing dented hiring plans across the board. The U. S. Economy added just twelve thousand jobs in october, far less than expected. The unemployment rate holds at four point one percent.

This is what economists call a noisy report, very event focused and not at all clear if it's reflecting some fragile ity or weakness in the economy or of its temporary Wendy elberg of the brooking's institution on our round table today, the labor market is irrefutably slowing, and IT is basically in the bull part of what is a sustainabl Epace o f e mployment g rowth. Sustainable, sustainable unemployment ready. The labor market looks healthy, perhaps a little week, but basically healthy, and we've got inflation post to target.

But on the other side of the coin, the health of the U. S. Economy and how we feel about IT are among the top issues deriving voters choices in this year's presidential election. Economist to libya.

the reason the unemployment rate was stable as because civilian labor for shrunk over a couple hundred thousand. So this may not look like the great number or x hurricane .

net is being in time.

Take a little chairs. S of amazon. They have moved higher, a lot higher, at six points, six percent. By the way, earnings of a dollar forty three per ery beat estimates of a dollar fourteen revenue, also beating explications add revenue in line with estimates and amazon's cloud revenue growth nineteen percent.

That was the bigging i'll a lot Better than a year ago, but still lagging the growth of more than thirty percent from microsoft and google cloud business. CEO andy jazz saying the company's plans to spend about seventy five billion dollars on cap backs in twenty twenty four expect to spend more in twenty twenty five, he said. General AI is driving that spending.

We saw similar things coming out of companies like meta and others. Be time intel shares rising. The company reported their justice earnings of seventeen cents per share versus and expected loss of two cents. Revenue also beat the expectations. You see o pack get linger on closing bell over time.

When you look at the underlying business, great progress on products on foundry, you a beat and race. So obviously, the markets are responding positively, but our view is you will we have a lot of work to do, and we had a lot that we got done this quarter. So a really solid quarter of execution.

And is current quarter guidance coming in above .

analyst s just be if IT leads, IT leads. So this is how I would have done this story, but that this is gap. We don't always do gap.

We do, do adjust that, but they'll be able to report a loss of sixteen point six billion dollars, which includes a lot of right downs, you know, for technology is no longer any good equipment depreciation. All those things is glass or tries to turn the company around. That is the gap number.

Sixteen point six billion is the largest loss in intel history. Revenue was also down six percent decline. But then the expectations for the current quarter, we're not as bad as people thought. So the the stock, which is was x almost under twenty IT, bouncing a little bit this morning. But I guess the .

right was probably anticipated .

not not expected, lost one point one billion dollars and IT was sixteen point six.

Not that expected.

but I he trying to do IT, but but I don't wide endless. Why was the the endless expected fact set loss was .

one point one billion.

So was that's a big number.

That is course sixteen .

point six billion boying in its machines union and negotiated a new contract offer, and the union is urging its members of o fort filio. John is now with the details. Hey, phil.

Hey, joe. Let's see if third time is the term in terms of boeing in the machine is getting a contract deal done. Here is the latest tentative agreement.

And the one that the machines will be voting on the race is now thirty eight percent over four years. Remember, the previous offer was for thirty five percent. The very first offer was for twenty five percent.

We've also enhanced the four o one k match that the company will make to the machinist union. And then you have a twelve thousand hour signing bonus if you're a ranking file member. Once the contract is approved, they will be voting on monday.

Remember during the last vote, which was a couple of weeks ago, sixty four percent rejected the contract offer that was on the table. That was an improvement from the very first vote, where ninety six percent rejected the offer that was on the table. So about thirty three thousand members will be voting.

We'll vote on monday. Yes, the union leadership is recommending that would be approved. They did that last time. They also put IT in front of the members the first time, and they said, look, we think this is a good deal. Let's if that matters at all.

At the end of the day, IT really comes down to economics, and we'll see if the enhanced offer is accepted by the rank and file. If you take a look at shares of boeing since the strike started on september twelve, remember that this has caused the company and estimated one billion dollars per month. And we're coming up on that second month when we get to the middle of november where they have not had production for the seven, three, seven max and the other aircraft that are made out in the puget sound area.

Yes, they have raised about twenty four billion dollars in capital, so they have shored up baLance sheet to a certain extent, but they lost six point one two billion dollars in the third quarter. They need to get this ripped up. Kelly oberg has been very clear.

This is priority number one. They worked with the acting labor secretary and the union in order to get this done. Let's see if they cross the finish line on .

monday right there. Good film um taken forever, but I guess could be worse.

Is this that is this the best and final offer you think .

we've heard .

that heard that before?

Pretty very close, pretty done close. Look at twelve thousand dollars signing bonus. Becket, I think that may be the sweet there that finally gets the ranking file .

members to say was .

but that works since mid september. Here's a bit ready to go back.

Yeah looks .

like the .

market thinking that anyway, I guess right. thanks. So SONY pictures, uh, television is suing cbs studios, accusing IT of leaving millions of dollars on the table in the network's distribution of game shows, jeopardy and wheel fortune.

The suit claims that cbs has made more than a billion dollar and and profit from a distribution agreement, which goes back thirty five years old. Member merve griffe is a merve griffin entity, isn't working aggressively enough to maximized revenue from licensing that showed a local TV stations and selling ads. That said, a cbs projected flat to two percent growth and licensing year after year. But when SONY became concerned and got involved in some negotiations, licensing fees immediately, what grew seventeen percent?

Sorry.

that's all we can get. I can speak to this just because I do see IT a lot, but you know, two new, totally new host. One is one of the smart people in the world and it's of fun watching can jennings because there's times when I get really avoid with the three contestants because he knows every answer that he every that he says he already knew, he didn't even know.

He can .

really does know. I think from what I can tell is a strange guy and and ryan is ryan not good? Is there anything is not good at.

right? I still think favor, favor for the jeopardy job was that he was good out out to give you favor you. I thought, I love that.

Can jeni tried mile, whatever her name was, the out, the up, you know, people were like police, and then can get the job full time. About two major changes in the shows are, you know what? Vana van is hanging in .

there looks great.

He is actually, I can't see. I told you bom up, this is such a boom update IT really people.

what's you talk about this?

Some starbucks .

and news for starbuck. Chairman americas, how are Chelsea ighly in on the performance of new CEO? Brian niko and a linked in post shell said he was very impressed with nichole grasp, but the many faces of starbucks and the issues faced in the company, he said he's heard from many partners who are inspired by the back to starbucks call the action and strategy, and he's looking forward to quote, following the journey, shares the starbucks roughly flat for the week on the back of earnings.

Of course, they basically throw the itchen sinkin and said, give us a year will call you. But I think that a lot of folks that I heard from brian nick, a lot of folks that I heard about brian ics yesterday after the interview that we had done, we're very impressed just with the concept of trying to get back to those things. Obviously, it's going to be complicated because we talked to about the mobile ordering peace. And if you would do simplify the menu, certainly out of high margin products, but if you can actually fix the through put peace, and that's really the whole game for them, IT can actually change IT.

He's an Operator. You could hear that with this planning. You're onna give him time and I think people obviously have some faith in him what is done already.

He's will be next .

coming up next .

on spot x on mobile CEO derin woods.

They'll seeing record levels of demand for oil, record levels for demand for products come out refinery petroleum products. But we will also see a lot of supply in the world right now and a lot of that supplies coming out. The us.

What that means for pricing and how the leader of one of america's biggest companies is thinking about the vote next week right after this.

Welcome back to school pod. I'm producer Kitty cramer. We're in the thick of election season, but we're also in the thick of earnings season. This next conversation is a bit of both. Energy giant axon mobile reported its quarterly results this morning. One recent headline about the company, a lawsuit from the state of california over plastic products the company says IT makes from recycling and how effective that is in addressing a broader or environmental crisis. Axon is the world's largest producer of single use plastics, the golden states attarian general rob bon, ta spoke to us about the suit back in september.

Let me be clear about this. This case is to hold exxon mobile accountable for their actions. They have hurt california and californians billions of dollars worth of damage to our environment, to our people. And their answer in their statement is the point, the finger at california, the people that they hurt.

Energy Prices policy, a big touch point this election, especially across the opinions of corporate leaders supporting either vice president comer is or former president on trump. Even for a new york jets owner, chairman and CEO woody Johnson, he was an ambassador in the trump administration. Johnson spoke to us on school box today.

why do you support trump of all the things to do? Well, I think put inflation to go go down dramatically. why? I the well, this country runs on energy, number one, and it's always been, it's always been energy based economy, lowering energy Prices, which I think he will do. He says he's going to do and he can do.

So that's a little context. Now let's get back to our becket quick x on mobile reporting.

In the last hour, earnings came mended, a dollar and ninety to a share that was four sense Better than the street was expecting. The oil giant saying that IT achieved its highest liquids production in over forty years with three point two million barrels today. Cash flow from Operating activities during the quarter seventeen point six billion dollars.

And joining us right now to talk about IT is darn wood's. He's exxon mobile chairman and CEO daring the stock right now up by about two percent. I think what maybe key in this is a lot of the earnings growth, the earnings power came from what you've been doing internally at the company to try and streamline Operations and improve Operations. Yeah.

thank you back to good to see you again. You're right. You know, the transformation the organizations been on with the last eight years is really beginning to manifest itself. He has been the last of a quarters. And as the commodity cycle goes up and down, I think continue to see the benefits of from the work that we've been doing.

If you look across each of our businesses in the quarter, by the way, this quarter, third quarter is one of the best third course we've had in the past decade. In the upstream, we see record volumes coming from our advantage assets like Diana. And in the permian, as you have mentioned, we had the record oil production, or at least oil production, the highest we've seen in the last forty years.

If you look at the earnings is per barrel that we're getting out of the upstream business, it's doubled since twenty nineteen on a flat Price basis to take the market out of IT. We've doubled the earnings power of every barel we produced in the upstream. Similarly energy products.

You look at the profitability that business, we've doubled that versus twenty nineteen on a constant Price basis are specially business. The year to date, results are record chemical business. We're up a billion dollars versus last year.

We've cut out over eleven billion dollars of structural cost out of the business. And then the new businesses that we're forming, the low carbon solution business, we're seeing real success there. We're the only we've got the only world scale carbon capture and storage system on the planet, and we've got five contracts to store CEO to close to seven million ton's parana. We are continuing to progress the world's largest low carbon hydrogen facility, and we've got a real first mover advantage in the lithium business where we're trying to implement a new technology, establish a new value chain for lifting yum. And so a lot of hard work over the last many years of beginning to manifest itself in some real winds with respect to the business performance.

Meantime, if you're looking at the broader economy and the broader energy picture, we have seen a little bit of an oil glad I think oil Prices down ten percent over the last three months. What are you seeing in the world both in terms of oil supply and oil demand?

So I think if you look across all the process that were producing in, in oil particularly, we're seeing record levels of demand for oil, record levels for demand for products come out, refinery petroleum products. But we also see a lot of supply in the world right now, and a lot of that supply is coming out the us. In the unconventional development that we have here in the us.

And so it's basically a supply driven Price environment right now. Demand looks pretty healthy. As you look across the business is similar with our chemical business.

We're seen very strong demand and chemicals, but at the same time, a lot of supply, a lot of capacity come on to meet their demand. And so Frankly, like these capable intensive commodity businesses is the light supply demand baLances that ultimately is going to determine Price. Demand looks good right now, supplies and access.

And so Prices are low. But as the world continues to grow, we'll grow out of that supply and we will see Prices rise when that happens. And we got to remember in the upstream and the oil, this is a depleting resource. So every value you produce is one less burl in the world tomorrow. And so that depletion curve eventually catches up to the demand side, the equation as well.

So there there's been a lot of talk. We've got an election next week. And ahead of that, the markets have been trading energy stocks down to some extent.

Just on the idea that if trump wins, you're going to be looking at a drill baby drill environment, and that is going to mean lots of supply. And that in turn, could bring energy Prices down. What do you make about you've got a lot of cash, more than two thousand, six billion cash on hand.

Would you use that to increase production, if you could? Or are you meeting the production you need right now, which try to figure out what happens because oil companies, the oil measures have been pretty disciplined to this point. But right, we ve seen a lot more production in the permit and beyond.

Yeah, I think I think, Becky, that Frankly, our industry as a whole and and certainly our companies been very focused on making sure that every dollar that we spend is productive and that we're getting a good return for that dollar invested. And that's Frankly watch driving the investment levels that we're pursuing. And I also think, Frankly, that's what's driving the investment levels of the industry as a whole.

So it's less about overcoming restrictions, external restrictions in the system and is more about making sure that the technologies are deploying the approach is and in your investment and activity level is being done in an effective and efficient manner so you generate returns for your shareholders. And I think that tends to set the level. And certainly, we wouldn't see a change based on a political change more on an economic environment down.

Can you explain help us with this legist because you just said the external restrictions, you think I don't want to put words out would not affect things.

And the reason i'm sort of king and on that is you always had what he Johnson here, one of the arguments he was making in favor of of a former present truth economy, if you will, is that if there are are tariff, the thing that's going to uh baLance call or try to a make up for IT on the other end is a lot more oil at much lower Prices to try to offset whatever you believe the inflationary effects would be. So can you comment on that? Well.

when I said restrictions, Andrew, I was just saying today, I don't think the level of product the us. Is being constrained by external restrictions, I think is being driven by what that called is the internal discipline of the industry and in our company in terms of making sure that the money that we're spending generations to returns.

And I think as we move for or wherever policies get in place, put in place from either administration, depending on how the election turns out, if that has an economic consequence, that then leads to Price signals in the market and structural shifts. I think you'll see the industry responds that based on what those signals dict ates. So I don't is not a function of think there's anybody after that developing a business strategy to respond to a political agenda quite from. I think that would be a very .

difficult preciate that the reason i'm asking IT sounds to me like if you're saying this is really a story of economics, it's not about the politics of IT that ultimately IT may be very hard to actually get oil Prices to be meaningful ly lower to offset. Are those the inflationary effects of terrorists? And i'm trying to understand misunderstanding that.

Yeah, I I don't as we're looking at the business, Andrew, we're not setting our capital plans based on an assumption about whether there's tears or not tears or how that's going manifest itself and in the role that we would have to lower Prices. I said the day again, and I think this is true for everyone in industry.

We're making those decisions to invest based on the returns to think we think we can generate for our shareholder of the value we think we can contribute. I don't think that's going to Frankly, going to change. And the advantage of the unconventional business today, the business is in the us, predominantly in the us and growing is the flexibility that the industry has to ramp spending down and ramp ed down activity to lower production.

If the market environment was suggest that is needed. And likewise, if the market environment gets tighten supply as tighten Prices rise, I think there's the flexibility and industry to increase spending to generate returns. And that ultimately was gone to drive IT. And trying to calculate the derivation of a terf on the oil Prices, I just Frankly, we have a hard time just calculating what our Prices are going to do based on the fundamentals. That third of fourth order math, I just don't think we're very good.

F, I guess if if you just simply ticals look at IT there and there is there is a perception that you there were a lot of new leases being allowed from the body administration or offshore drilling was not happening or and war or you know, think I can give you a ten bullet points that people that were critical of the body administration about how was not conducive, uh, not friendly to the oil gas industry.

They are afraid to make long term capital commitments because of bad made that comment about putting fossil fuels out of business in an a perverse way that caused Prices to go to up to a point or IT became very lucrative to continue to to produce oil up. But you know, seventy or seventy five thousand, if IT is IT possible, IT could easier or or there could be more leases, there would be more drilling activity. Drill, baby drill is, if possible, that would happen.

And if Prices went down on preparer to fifty, would that hurt the oil industry? And are we the swing producer now so that we could control global product? No Prices down that more than up. Could we get IT down fifty or had high depending on what what the rest of the world does?

So I think every know the beauty of the U. S. Market is is a highly competitive our industries highly competitive. And so. Each of us will be making decisions based on the market incentives.

And so it'll be a function of what your break even cost is and the returns you're generating, what will drive the investment level in the amount of production is coming out the us. So the unconventional resource come from the us is in fact the swing producer from the standpoint of is very flexible and cannot can come up and down the differences. It's not a sensually controlled the group. It's A A number of businesses that are aggressively competing against one another, trying to bring their cost .

down and make IT economic to invest. Girl could hurt the industry and drill baby .

drill could hear .

sure how drill baby drill translates into policy. What I would say is in the unconventional space, we haven been constrained by access to accurate. I think the chAllenge there that Frankly, the administration has been working through is permanent own developments.

But that's that's a piece that I think has not constrained the industry in the unconventional space. There are resources around the country and in the gulf of mexico that haven't been opened up in accession is available as IT could be that kid for the longer term, open up potential sources of supply. But in in the short term, the medium term, it's really unconventional story.

And Frankly, that resource space today is available to the industry, just a function of the the economic development. So I don't see and then ultimately, they'll be as that industry continues to grow or as production continues to grow, it'll be permanent for pipelines and take awake capacity that could get in the way. But today, I think the industry is in a prig position.

Hey, dan, california suit ax on mobile bacon, september, they alleged deception about plastics recycling. We had the california attorney general here on set with us. He said they knew and they lied when talking about recycling not being affected. When IT comes to plastics, where does that laws would stand? And what do you think about IT?

Well, I think the attorney generals agenda was made pretty cleared. Anyway, I was watching her show when he was on. I mean, Frankly, he didn't know what he was talking about.

And he came in with, I think, a very holo set of talking points, repeated and prety consistently. But I think obviously everybody watching that, he was more interested in sound bites than sound science in alarm. We're interested in attacking our company then, attacking the problem of plastic waste.

I think if the attorney general wants to do something for californians to improve the environment, he should work with companies like exon mobile who have real solutions that are necessary to solve what is a very chAllenging problem and focus less on firing up his antioch and gas based to advance their own political agenda. And that's kind of how I see this playing out. They don't have a strong basis.

The suit continues to be there. We're obviously gone to fight that. But I think as we we look forward to going forward and and demonstrating that what are companies been doing in this space is actually trying to address what's a serious problem around the world while we need to maintain the really important benefits that flash, explore and meeting of the needs of people all around the world.

So you saw, you saw that in read because that he was like mad that some of that was gone into jeff el, because what's IT going into is going in the, definitely, you came here from california, right? And he goes, you and I go to you, you fly. Well, go, I got a travel. And it's like this glaringly funny, jeff. Fuel seems like a good use for for some of various we do need jeel globally.

So I I think the points missed in one of the real step out advantages with the advanced recycling technologies. The chAllenge with recycling today is mechanical. So you're taking existing products, shopping IT up and kind of trying to blend that back together.

again. That has a couple of problems with that. You can the modern plastics today, you can do that with all those plastics.

And then you have a degraded performance just based on mechanical properties of what comes out of that mixing and blending process. What we're doing with the plastics can take a much broader set of plastics. We're actually taking a back to the beginning of the process.

And like we do with crude that comes into a refinery, breaking that plastic down back to its molecular components. And those molecular components then flow through our processes and come out and the products based on the way to those, those the molecules. And so you're basically reconstituting that plastics s to its is fundamental form and then bringing you back into the the product value change.

So some of that could end up in patrolling products and fuel. Some of them will end up in the plastics. That the real point here is that you are recycling that in its entirety and bringing IT back into the system, in my definition, backing out virgin feet or additional crude.

And so IT is true recycling in the big advantage there is you can do IT with a lot of different plastics and you get the same qualities and advantages of virgin plastic. So it's it's a step out. Technology is one is going to needed going forward and something actually the eternity or should be supporting rather than fighting.

I would say that look at underlying is there is a major problem. Only about five percent of our plastics are recycled. I think in the case of the exam plan you're talking about, it's more like eight percent.

So it's improvement over what we see on an average. But the underlying problem is we do need to recycle more of this stuff and that, that is something I think that you are open to working on. How would you come out and what would what should they be doing? What would you offer?

Yeah, absolutely. I will tell you, we are at today investing in upstream facilities to try to collect plastic waste in order to get IT to our facility to fee. But you're right, Becky.

The chAllenge with plastic wait is not plastic of itself. It's the disposal of plastic and waste plastic. And there are techniques available the day that we could start collecting that more effectively is going to take government involvement.

There's a responsibility here for for a the governments and communities to collect that waste so that I can be recycled. That is a big chAllenge. We're actually part of a an alliance on plastic ways that were working around the world to try to start to address this. And as I said, we're investing in businesses that will actually collect in process plastic waste so that we can feed into the recycling process. I think that's that's where we definitely believe that, that's something that needs to be done and something that we want to work on.

They want to thank you very much for being with us. Appreciate their woods.

Thank you. Becking, you're not seeing you again.

you.

Next, on spot the united states of the anxiety, less than one hundred hours until election day, harvard professor and happiness expert arr. Brooks tries to stem fears.

We've gone through worse. We will go through worse, will have times of relative quiet compared to this. But amErica keeps going.

You're listening to school pot from C. N. B, C. Here's joe cornet.

Stand by joe and three, two, one who might kill.

We are in the home threats of the twenty twenty four campaign season, with voters heading to the polls on tuesday. Jones, now for a look at the mood of the country ahead of the election. Harvard university author books, american enterprise institute president amErica sees a column for the atlantic, a podcast host, an author of build the life you want.

Thanks for joining us. Nice to see you there. IT is the roman there and that the mood is is you would care president is somewhat dark, but we really should put this in perspective. It's election. IT doesn't directly impact our daily day lives like family matters in work, sure, in everything else.

So you you need to keep IT in perspective but when I look the big picture, I think of previous periods um or that the periods of complete tumor followed by some really good period of togetherness and and feeling of the you the country is together. It's happened before I remember I don't remember the eyes in hour years, but I was close enough, I think was born in that. Then I remember the seventy, sixty seventies that were so tomorrow ous. But then I remember the eighties, right?

We go through these things and this just the way that this works. And look, there's there are no elections that are not bitter. This is how competition works, and we have to keep this perspective.

We as americans were so lucky because we live in a culture characterised by competition, and we love in the free enterprise system brings us wonderful things in innovation. And what we talk about on squares, that's because of competition in politics, we call a democracy. We don't want uncontested elections in twenty year runs with nobody actually running for office.

And the cost of that is that we disagree with each other. I want more of this, you want more of that, and we do IT out is the way that IT comes. Now, the key thing is not letting IT ruin your life is remembering what really matters is not the competition, but which you go home to, which is the love of your family, love of god, the things that we really care about. Those are the non competitive spaces. We can't let that get created out.

I mean, there are people that, like my son, i'll tell me how bad, certain things about the reagan years, one of the year someone read a chapter in history and story book, and maybe there were certain people in pockets of society, they didn't do IT. But as I remember the eighties and nineties and even the bill clint nineties, that was A A time IT didn't seem like.

Now i'm wondering if we ever really can get back to that with with how crazy there's a lot of things and sure we are right now. And and people said the things that we used to think of for and now accept that thinks we used accepted. We now think we're awful upside that will that .

ever go back to .

Normal that dynamic?

Because I was been the case, where are things are turning upside down one after the other? We look back with a little bit. We're fun.

This, there's a phenomenon. So social psychology called fading affect bias. That's where you learn from the past. And so you remembered IT as Better than IT was in the eighties. My parents, all the god gripped in a life when household to seattle. And my parents thought that run a reagon was going to get gRandy kicked out into snow and get us into a nuclear war. And and now those are the .

golden IT always depends on your perspective. You were somebody in the eighties who lost your job.

Yeah got shut down in in the that happened in the late seventies and early age. After that demarch, everything went went.

There was a ran contract, which was a real scandal. I mean, people felt really bad about IT is the bottom line. Here is the thing for us to give in.

My we've gone through worse. We will go through worse, will have times of relative quiet compared to this. But amErica keeps going.

Markets keeps working. Democracy keeps working. We still have our families. We still have these beautiful things, and everybody still wants to come .

out of the night for four years. Or if if it's trump, there's a behalf, this country, country gonna be.

I don't know, have the countries .

way or .

in the other way IT will too, but know, have the countries is going to move to leave the unsafe supposedly have trumped.

Yeah but no, no but here's .

here's my question though, in the is a difference this time, what what is the difference of of social media and willing up the extremes of both sides and feeding you what you think or what you're prety disposed to think, and then happening you up on whatever those .

thoughts are big. So what's happen?

Tag stic feelings.

for sure. What's happening is we're overdosing, sing on on information. So we're information binging ing. That's what happens when we have the screener pockets, social media, but but the screen, which is every present.

But watch T, V in the morning, get IT, read the newspaper and go on with your day. That's the healthy way to do this. And so the way that all of us can be happier, look, this is not unprecedented. The bitterness that we're feeling american actually going to be fined. The problem is the cost of this is that the information benching is leading us to be less happy than we could be, taking IT more seriously than we actually should, thinking that what's going on a washington in dc that's really .

can affect your lives. Explain this. If you look at some of studies in polls in a decade, in two decades ago, twenty percent of americans actually thought that whoever the president was mattered to them personally.

Today, the numbers like sixty or seventy percent in the sort of uniquely tribal situation. What is that? That people have decided.

If two, two decades ago, people thought the president, it's fine, whoever IT is, I can survive. It's like it's not going to change their life. So materially and now believe that he is going to change our life. So materially, even though the statistics would guess I would imagine or hopefully that maybe IT won't though I know I know this particular election, there are people who genuinely believe that he could change their life. And by the way, actually maybe there's an argument to be made that actually IT would IT could .

change your life. Very few people, as the case, is for the vast ment, or even americans, what can change your life, none dramatically, but somewhat, is local politics, local action, what's happening in your community? And that's exactly people not getting involved with.

So what happens with the ever present media in every boy's face all the time as they started to believe that that citizenship means being sufficiently outraged about what's going on to washington, dc. That's wrong. That's not citizenship.

So what's happening is we have this information overload. So where as twenty years ago, twenty years ago, twenty years ago, twenty percent of people would say this really matters. A lot of most people say it's politics.

I want one person to went in. And by the way, in the eighty, people were really, really upset when their person didn't win. They just didn't see IT all day long. So they weren't being tortured by this constantly being being given this idea that, that if they don't pay sufficient attention, something might go wrong.

That's what happens when the part both side have have there the things that they're most worried about, those people worry about reproduction rights. And the other hand, those people worried that their cities are being overrun. People that are living in, paying to live in where I was going to go with this. And then there is a very interesting way with inflation that they are .

going to go with this to me, the distinction and maybe at the is that there is that a later impact on a very local basis, meaning um if you are a woman today, that's a very local issue for you and not something. And then but the other distinction is taxes. So taxes impact your wallet, right? Used to be that the debate was between, you know thirty five percent and thirty seven percent.

A thirty three person and me. We were talking about sort of marginal differences right now. We are into a whole other landscape where the distinction between what people think is both acceptable and what one side is asking for and what the other side is asking for are like night and day. And that actually, I think, is a real thing to people. Well know, you got to keep this perspective.

People were really, really worried about a ocean rights in the one thousand nine hundred eighty and thousand nine hundred and nineties. They absolutely were. And they were talking about IT in in the very same way.

And groups were fund raising on this. We're going to take away your rights forever. That's how they were talking about IT.

Now what happens? We tend to call us on certain sets of values and policies that most people want. taxes. Taxes were lucky. If you go back to the one thousand nine hundred and fifteen and one thousand nine hundred and sixties with ninety percent marginal rates and and crazy car vell, and if you had a creative account enough to pay IT, and now simply, what's going on this we're going back. We've had this relative period of of consensus around thirty .

seven thirty thousand ten cities and some of our greatest ah formally greatest cities in a drug store. You need to ask someone to come over to open up the razor blades, so let you take them. There is a lot of crime.

a lot of there is. But if you're most people live on the country, the cvs is the cvs is the same as that last year. Most people what's going on people really upset because they see images of something far away.

That's because it's not just social media, just it's too much of everything. Look, here's the deal. We're going to have an election for half the country is going to be a bomber for half the country is going to be a relief.

Got IT. What do you do today? Turn off media. Go love your kids, call a friend, say your prayers.

Do the stuff that always been there, that always should be there, because your life is your life, and then say, god bless america, where we can have these crazy elections and we can have these arguments. But no matter what, I ve still got my family. I've still .

got .

my job for now.

3 person or there。 Thank you.

Thank you. O, K, thanks.

Feel Better a little, but I wish would stay the rest of the show.

And then, like, come over room. You get next room.

That's the podcast for today and for the week. IT is finally friday, and many states across the U. S. Have early voting locations open this weekend ahead of tuesday. Go to nbc news dot com slash.

Plan your vote to find information on where to go and when whatever you live nbc news dot com slash plan your vote square x IT is hosted by joe carne that he quick and Andrew ross sorkin. You continue in weekday mornings on cnbc at sixty turn or get the best of our TV show right in your ears when you follow school pod. Wherever you get your podcasts will meet. You're right back here on monday. Have a great weekend.

Now we are clear. Thanks, guys.