The All-In Podcast

Chamath: “I got it totally wrong. This election was a complete and total repudiation about the state of the economy. The economy is broken.” “What I don't think I understood clearly enough, and I think that this election has made it extremely clear, is that since COVID, we have moved past political ideology. And I want to say this again, I do not think Democrats or Republicans matter. That is my real takeaway after this election. There is a central bloc of people that vote on the prescient issues of our time. What are these people voting for? I think what they are shouting now, they were trying to signal, and now they are shouting, is a broad-based belief that the economy has completely decoupled from reality and is broken. The economic reality in America is broken. There is a small percentage of people, the four of us on this pod and all of our friends, who are the asset owners of America, and we have benefited in every weather condition. When rates were zero, we benefited because we were able to build our businesses with very cheap capital. When rates were high, we benefited because we had pricing power. And in every condition in between, we've all managed to continue to accumulate and grow assets, but we are few and far between. And then there's everybody else who are wage earners, and the structural capacity of the American economy to support and grow wage earners is broken. I don't think this has anything to do with socialism. I don't think the far left won particularly more than they were expected to. I don't think the far right won particularly more than was expected. This was a complete and total repudiation about the state of the economy. The economy is broken.”

David Sacks: Trump Can Save His Second Term by Ending the Iran War Sacks: “Your question was, ‘Can Trump fix this?’ I think absolutely.” Jason: “What's your top three things he can do to fix it?” Sacks: “Just get out of the war. That's my number one, my number two, and my number three. Because what will happen, the price of Brent crude will drop precipitously. On the day of the election, the price of Brent crude dropped 10%. Is that because something changed in the Strait of Hormuz? No. It's because the market started to price in the mere possibility that the war would end sooner, and we got a 10% cut in the price of Brent crude. It will go from $110 to $70 (per barrel) if this war ends. Gas prices will drop. Diesel will drop. The price of food will drop. And then the underlying strong economic growth, the GDP growth, and the employment picture, which are still robust, will come into focus. And I think that Trump's popularity will rebound and be back in the 40s. That's the thing we need to do. And if we don't do that, if the war continues, the Republicans will continue to bleed popularity.”

Episode is dropping Saturday, we recorded late this week!

Tim Dillon: “Jon Ossoff will be the next president.” “I don't think Americans are ideologues. A lot of Americans are pragmatic. What's selling to me is sort of an economically populist, culturally moderate Democrat. Somebody who's not annoyingly woke, somebody who's economically populist, socially moderate, which by the way, was Donald Trump. So that seems to be where a lot of the country is. I think Talarico's probably going to have a good night in Texas. Jon Ossoff will be the next president. I'm putting my money on it right here, Polymarket or whatever. He's the guy.”

Jason Calacanis Was Warning Trump About the Midterms: The Signs Were There January 2025, post-Inauguration “I was a ‘Never Trumper,’ and now I am rooting for him wholeheartedly to do great work.” “He has to stay with the 2.0 agenda, as hard as it is, and stay away from the Steve Bannon agenda and the grifting. Those are the things that will take this all apart. So that's my appeal to them.” March 2025, after Kristi Noem’s visit to a prison in El Salvador “I believe that there is a sadistic nature to this administration. It is an Achilles' heel for them. And when you see them doing videos from these prisons and saying, ‘This is going to happen to you,’ this is why they will lose the midterms if they continue to do this type of stuff.” October 2025, after Trump’s net approval hit a new low “It's not pretty for Trump right now. Liberation Day when he did the tariffs, then the LA protests, remember the violent protests, and the ICE agents chasing people down in fields, not releasing the Epstein files in July. They don't like the chaos. The Democrats are going to shellack the Republicans in the midterms if this continues.” November 2025, after inflation hit 3% in the September ‘25 print “Trump sold people that prices would go down. We're back up to 3% inflation, folks. Not only is it not going down, it's going up. Trump has failed the middle class. That's the bottom line here.” March 2026, after the US and Israel strike Iran, kicking off the war “This is kind of the end of Trump's second term, and if you were to put together the series of mistakes that he's made, they're really at the heart of why people voted for him. You take starting a war like this, specifically with Iran, that's what we were told was the reason to vote for President Trump. He was not going to take us down this path. If this continues for another six months, it's basically going to result in the Democrats doing a clean sweep in the midterms.” June 2026, after the Iran War exceeded initial timelines “It’s just a huge, colossal error starting this Iran War, and hopefully we can get out of it. We can't be in a forever war, obviously.” October 2026, on Midterm predictions “All I have to say is, Trump promised not to start a war, he did. He promised to solve inflation, he didn't. The end. And I think the Democrats sweep.”

Tim Dillon Explains the Democrat Sweep: “We have an economic war that's disguised as a culture war… Nobody wanted to go war with Iran... If people can't own a house, get married, have children, live, they're going to become radicalized in some way to some end of the political spectrum. That's obvious.” Chamath: “What is this? Is this a vote for Democrats? Is this a vote against Trump? Is it a vote against the cost of living? How do you interpret it?” Tim Dillon: “It's been said before, we have an economic war that's disguised as a culture war. I think people that don't have the confidence in their economic standing are attaching meaning to a lot of things culturally, where there is none. And I think it's a vote against the cost of living. I think it's a vote against, in some ways, the corruption that people see is inherent in the system right now, that Donald Trump won claiming that he was going to correct. I think it's a vote against what Donald Trump unfortunately has become, which is the system. The same people that elected Trump because they wanted cheaper gas, cheaper groceries, they didn't want to go to war with Iran. Nobody wanted that. 10 people wanted it, and they gave Trump a lot of money. I think it's a vote, a little bit, against people's circumstances, their economic circumstances. And that's why people vote, and that's why I think you're going to have a massive shift to the Democrats. If people can't own a house, get married, have children, live, they're going to become radicalized in some way to some end of the political spectrum. That's obvious. You're not talking only about the poor people, or the working poor, or even the working class. There's a lot of white collar college graduates that are voting for the DSA candidates because they're mired in debt, they don't own anything, and they don't feel like they ever will. And Trump was supposed to address those concerns, and if he doesn't, somebody else will.”

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