Debating a California Wealth Tax & Adding AI to Therapy 8/21/26

**SPEAKER_1** (0:00)
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**SPEAKER_2** (0:30)
This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market preview delivered in ten minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

**Andrew Ross Sorkin** (0:59)
Bring in show music, please.

**Katie Kramer** (1:03)
Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, the proposed wealth tax in California and the swift backlash from the people it could affect, the state's billionaires, tech founders and investors, venture capitalist Ben Narasin weighs in on the debate that's gotten the likes of Bill Ackman and Mark Cuban all fired up.

**Ben Narasin** (1:23)
This is just bribing voters to keep your seat. I don't think any of these politicians like Ro Khanna are actually as stupid as would appear from trying to do things that have never worked.

**Katie Kramer** (1:34)
Then let's talk about feelings.

**Andrew Ross Sorkin** (1:37)
I will ask large language models all sorts of questions.

**Joe Kernen** (1:39)
You've never asked about me.

**Andrew Ross Sorkin** (1:41)
How do I deal with Joe Kernen today?

**Katie Kramer** (1:42)
How AI is used in mental health care, teletherapy platform Talkspace will now reach even more patients through Universal Health Services, and CEO Dr. Jon Cohen is optimistic about its AI companion, Tee.

**Jon Cohen** (1:55)
It is truly a safe model that's been developed and it's the only safe model that's out there.

**Katie Kramer** (2:01)
Plus the latest on the Bessent buyback, the Bitcoin boom, and you get what you pay for.

**Joe Kernen** (2:06)
You're paying $50 a month for artificial intelligence?

**Andrew Ross Sorkin** (2:09)
Yes, and in fact for a period of time I was paying the $200 max fee on Clod.

**Katie Kramer** (2:15)
It's Friday, August 21st. Squawk Pod begins right now.

**SPEAKER_8** (2:20)
Expand, Andrew, buy in 3, 2, 1, cue Andrew.

**Andrew Ross Sorkin** (2:25)
Good morning, welcome to Squawk Box right here on CNBC. On this Friday morning we are live at the NASDAQ market site in Times Square. I'm Andrew Ross Sorkin along with, ta-da, he's back, Joe Kernen. Meanwhile, Becky Quick is off. Nice to see you, sir.

**Joe Kernen** (2:39)
I figure two full weeks, come back on Friday, let people know you're live. Then it's only one, then it's Friday, then the weekend is here.
I figure, what, I leave, if I didn't come in today, you're going to let the debt be 42 trillion when I get back?

**Andrew Ross Sorkin** (3:00)
I would let the debt get to 42 trillion.

**Joe Kernen** (3:01)
I'm gone and now we're 40 trillion.

**Andrew Ross Sorkin** (3:04)
It's 40 trillion, we're doing intervention projects with-

**Joe Kernen** (3:08)
Is it different to QE? Is it different to-

**Andrew Ross Sorkin** (3:11)
Oh, yes.

**Joe Kernen** (3:12)
Oh, you don't like this?

**Andrew Ross Sorkin** (3:13)
I think this is creating a real-

**Joe Kernen** (3:16)
Because if it doesn't work, then what do you do?

**Andrew Ross Sorkin** (3:18)
Correct.

**Joe Kernen** (3:18)
Okay.

**Andrew Ross Sorkin** (3:20)
Right now, I think there's a credibility question about-

**Joe Kernen** (3:24)
Right, I see that. How that's all going to play itself out.

**Andrew Ross Sorkin** (3:27)
Maybe on the back of this, and this is maybe the credibility story, it's a boon for Bitcoin jumping again this morning. It's now up close to 20% just in the last two days breaking out of a range. It's been in for the last few months. We had a conversation with Brian Armstrong just yesterday from Coinbase about this, about the Clarity Act, whether that would be the driver of some of this. We talked to Anthony Scaramucci earlier in the week, whether actually it's a function of the credibility around our bonds right now, and whether that would actually inspire people to go buy Bitcoin or gold or things like that.

**Joe Kernen** (4:02)
It's always tough, right? That Bitcoin had to really point to anything definitely definitive. We do know a pretty good low put in by, well, he's not your buddy, but Grantham, 58,000 the day that he was on. But he's not short till we get some, yeah, yeah, yeah, say whatever he wants.