Kaiser report the show you love i know you do this is the kaiser report the show you love i know you do yes stacie yes its important to watch just say oh and were going to show you some how yes stacie yes its important to watch just say oh and were going to show you some headlines why its so important to watch us because if you watch the mainstream news if you listen lines why its so important to watch us because if you watch the mainstream news if you listen to the corporate propaganda you might be on the wrong side of many trades now max keiser to the corporate propaganda you might be on the wrong side of many trades now max kaiser you were involved in the dot com bubble back in the ninetys and what happened during the you were involved in the dot com bubble back in the ninetys and what happened during the dot com bubble a lot of people lost a lot of wealth 5 trillion and wealth right and it was the dot com bubble a lot of people lost a lot of wealth 5 trillion and wealth right and it was the shoeshine boy the classic shoeshine boy moment well today the shoeshine boy the classic shoeshine boy moment well today as we see the likes of we work collapse and we see down big time we see lift as we see the likes of we work collapse and we see down big time we see lift down big time and peloton and all these other socalled Software Companies write down big time and peloton and all these other socalled Software Companies are a well those are being hit but its called the not com bubble well those are being hit but its call. The not com bubble is popping the unicorn massacre unfolding today is exactly the opposite is popping the unicorn massacre unfolding today is exactly the opposite of what happened in 2000 it is easy to look at todays crop of thinking i. P. O. Sit of what happened in 2000 it is easy to look at todays crop of thinking i. P. O. s like a lift in peloton or scuttled Public Offerings like we work and see it is like a lift in peloton or scuttled Public Offerings like we work and see an eerie resemblance to the dot com bubble that popped in 2000 both then and now consumer eerie resemblance to the dot com bubble that popped in 2000 both then and now Consumer Tech companies spent lavishly on advertising and struggle to find a path to profit both their Tech Companies spent lavishly on advertising and struggle to find a path to profit both then and now companies that bragged about their ability to change the world it is suddenly that they were actually running and now companies that bragged about their ability to change the world it is suddenly that they were actually running out of money both then and now the valuations of once heralded Tech Enterprises were haves out of money both then and now the valuations of once heralded Tech Enterprises were haves in matters of weeks both then and now there were widespread sense of euphoria curling into matters of weeks both then and now there were widespread sense of euphoria curling into soberness washed down with the realisation that thousands of workers and once promising firms were to soberness washed down with the realisation that thousands of workers and once promising firms were poised to lose their jobs thats right we are having another poised to lose their job thats right we are having another turn of the cycle a lot of it us to do with the fact that so much money was raised in the Venture Capital or turn of the cycle a lot of it us to do with the fact that so much money was raised in the Venture Capital markets to avoid going public and having a dot com replay a lot of these markets to avoid going public and having. Dot com replay a lot of these companies raised a lot of money in the Venture Capital want to before it ever reached the Pulp Companies raised a lot of money in the Venture Capital want to before it ever reached the Public Market so in the case away work they achieved Something Like a 48000000000. 00 market so in the case away work they achieved Something Like a 48000000000. 00 valuation before even going public and during that time this is whats remarkable to me they way before even going public and during that time this is whats remarkable to me during the dot com bubble there was a lot of problems with c. E. O. During the dot com bubble there was a lot of problems with c. E. O. s and insiders dumping stock right after the i. P. O. There should be a lot of those and insiders dumping stock right after the i. P. O. There should be a lockup period to force people keep people to stay on for at least 6 mock up period to force people keep people to stay on for at least 6 months or a year to make sure this thing gets out of the gate it without too many problems or a year to make sure this thing gets out of the gate it without too many problems here in this era of the we work being a primary example the firms here in this era of the we work being a primary example the founder insider was able to dump almost a 1000000000. 00 b. Founder an insider was able to dump almost a 1000000000. 00 before the i. P. O. To the sophisticated money not to the dumb money he had anymore the i. P. O. To the sophisticated money not to the dumb money he had he was dumping it on multibillion air is the Venture Capital committed he was dumping it on multibillion erris the Venture Capital community which had grown up on this in the last 1015 years on this unique winner the which had grown up on. In the last 1015 years on this unicorn mentality that they were but similar that they were all sworn mentality that they were but its similar that they were all so feeding on the same delusion and they had prophets early on in the feeding on the same delusion and they had prophets early on in a couple of big big winners that they were recycling so you recycling kind of a house mumble of big big winners that they were recycling so youre recycling kind of the house money as it goes in the valuations keep going higher and higher but their money as it goes in the valuations keep going higher and higher but theyre defectively the same but theyre not publicly traded but it will the question is will it have a defectively the same but theyre not publicly traded but it will the question is will it have a contagion effect will this spillover into a wider stock market phenomena and therefore a contagion effect will the spillover into a wider stock market phenomena and therefore a wider economic phenomena it is having the impact in Silicon Valley that house prices are falling wider economic phenomena it is having the impact in Silicon Valley that house prices are falling rapidly because a lot of people were hoping to you know buy properties that they could afford rapidly because a lot of people were hoping to you know buy properties that they could afford if there were there where we. Were is where is where somewhere is something think so. Theyre there this guy is calling it the not com bubble not the dot com bubble because this guy is calling it the not com bubble not the dot com bubble because in fact a lot of these companies are just masquerading as Tech Companies has in fact a lot of these companies are just masquerading as Tech Companies theyre not actually Tech Companies we work its not a tech company its the same theyre not actually Tech Companies we. Work is not a tech company its the same Old Fashioned commercial Real Estate Lending and leasing sort of Old Fashioned commercial Real Estate Lending and leasing sort of thing thats been going on as a boring industry thats been around for hundreds of years and a sort of thing thats been going on is a boring industry thats been around for hundreds of years and its the same industry but its just been was branded as some sort of high tech same industry but its just been was branded as some sort of high Tech Software company where you can get big multiples so why is calling and not com is because the office where a company where you can get big multiples so why is calling and not com is because the ordinary investor is way smarter right now than the v. C. Funds because ordinary investor is way smarter right now than the v. C. Funds because when the web browser netscape went public aug 9th 1905 the day met when the web browser netscape went public august 9th 1905 the day many cite as the beginning of the dot com bubble its stock skyrocketed from 28. 00 to the site to the beginning of the dot com bubble its stock skyrocketed from 28. 00 to 75. 00 in a matter of hours even though the company was not profitable and to 75. 00 in a matter of hours even though the company was not profitable and todays market the opposite is happening unicorns with no positive earnings are getting slaughtered at the days market the opposite is happening unicorns with no positive earnings are getting slaughtered at the gates we were expel you ation fell more than 80 percent pre i. P. O. When investigates we were expel you ation fell more than 80 percent pre i. P. O. When investors balked at its mounting losses peloton lift and goober have also struggled to persuasion as balked at its mounting losses peloton lift and goober have also struggled to persuade Public Markets to grade them on a curve also their stock prices fall on the day of the public option Public Markets to grade them on a curve also the. Stock prices fall on the day of the Public Offering institutions and Retail Investors are refusing to fork over 2 unicorns the valve institutions and Retail Investors are refusing to fork over to unicorns the valuations that private investors were expecting particularly soft bank a mill you ations that private investors were expecting particularly soft bank a major backer of a lift and we work this isnt a picture of mass meaning backer of a lift and we work this isnt a picture of mass media its a picture of public so brian where the masses are diagnosing an acute its a picture of public so brian where the masses are diagnosing an acute fever in private markets bring that back to the Opening Statement where i said this because you fever in private markets i bring that back to the Opening Statement where i said this because you watch kaiser report weve been covering this weve been i remember misfire science showing charts and watch kaiser report weve been covering this weve been i remember misfire science showing charts and saying when we were still in london 3 or 4 years ago saying that a lift in the saying when we were still in london 3 or 4 years ago saying that lift and these companies were not worth that that they were ponzi schemes and that one day they were trying to dump it on the Public Companies were not worth that that they were a ponzi schemes and that one day they would try to dump it on the Public Markets so i think this is also part of that censorship d. Platform gets so i think this is also part of that censorship d. Platforming sort of thing that we see is like the the Corporate Media doesnt have conforming sort of thing that we see is like the the Corporate Media doesnt have control over the dummies you know the dumb money that used to be called the dumb money the average troll over the dummies you know the dumb money that used to be called the dumb money the average ordinary investor out there that is used to dump the private investor ordinary investor out there that is used to. Dump that private investor money onto the dot com phenomenon if youre going back to that era you know it was tech money onto the dot com phenomenon if youre going back to that era you know it was Technology Software problem Technology Driven where you did knowledge a Software ProblemTechnology Driven where the pitch would be a were going to do publishing on the internet you know pitch would be a were going to do publishing on the internet you know in that magazines and newspapers will become redundant people will get their news all in that magazines and newspapers will become redundant people will get their news on the internet at the time nobody believed that an email at that on the internet at the time nobody believed that an email at that time a member of hollywood at the time i was working and it would if you had an email address at a time a member of hollywood at the time i was working and it would if you had an email address it was considered a class a it was considered you were considered a nerd nobody with respect was considered a class a can see you were considered a nerd nobody with respectable would have an email address you know the thats how until the blair witch project in the never to bill would have an email address you know the that thats how until the blair witch project and than everything changed things and in hollywood because it has the in the internet internet but here but here here deserts does or story or very ugly not not. These driven you to be sworn. In q 3 xenas the corners craziness is even more bizarre in that Companies Like we work is even more bizarre in that Companies Like we work the pitch was theyre going to own the Global Real Estate market the pitch was theyre going to. Own the Global Real Estate market so the founder was saying that the Global Real Estate market is 5 so the founder was saying that the Global Real Estate market is 5 trillion dollars or 10 trillion dollars and that we could own it and that pet trillion dollars or 10 trillion dollars and that we could own it and that pets raised tens of billions of dollars that would be like saying im going to raised tens of billions of dollars that would be like saying im going to im going to start farming you know kumquats on the dark side of the moon im going to start farming you know kumquats on the dark side of the moon because its its just im the the center of the story because its its just im the the center of the story that encourages people to take these risks in this era that were just coming through that encourages people to take these risks in this era that were just coming through has become even less less substantial its never have such the such has become even less less substantial its never have such the such stories with less substance but have raise some money money money from some stories with less substance but have raise some money money money from so such a high concentration of v. C. S. And now as you point out its collapse of oh such a high concentration of v. C. S. And now as you point out its collapse and of course there unicorns which are mystical magical creatures so of course theyre unicorns which are mystical magical creatures so it was always that and it is a world of negative Interest Rates so there we have gone conways that and it is a world of negative Interest Rates so there we have gone kind of through a Looking Glass where maybe hugh might imagine that this time having huge kind of through a Looking Glass where maybe hugh might. Imagine that this time having huge losses and being subsidized by your investors and your bond holders because remember the losses and being subsidized by your investors and your bond holders because remember there were people Bond Investors pouring money into. There were people Bond Investors pouring money into. And subsidizing huge percentage of every ride you take in super is and subsidizing huge percentage of every ride you take in super is subsidized by these crazy investors i dont know why they pay for half of my or i but they do and i subsidized by these crazy investors i dont know why they pay for half of my or i but they do and i take it and thank you its very polite of them but there they were never earning money and there was no hit and thank you its very polite of them but there they were never earning money and there was no hope for it we also talked about this in terms of the Shale Oil Production bond investment for it we also talked about this in terms of the Shale Oil ProductionBond Investors are pouring money into it billions and billions of dollars your pension fund your answers are pouring money into it billions and billions of dollars your pension fund your local municipalities your like your state pensions everybodys pouring money into it local municipalities your like your state pensions everybodys pouring money into it and we kept looking at it and just looking at their earnings reports and looking at the facts and saying we kept looking at it and just looking at their earnings reports and looking at the facts and said just quite simply they are losing money that they still havent made money said just quite simply they are losing money they still havent made money they didnt make money when it was 20.