E74: Market update, inverted yield curve, immigration, new SPAC rules, $FB smears TikTok and more

**Chamath Palihapitiya** (0:00)
I mean, Jason and Sacks look like fucking two accountants who've just been fired from Lehman Brothers in 2008

**Jason Calacanis** (0:06)
Absolutely, we're carrying our boxes out to the street and getting a taxi.

**David Friedberg** (0:10)
Sacks does look appropriate for his setting.

**Jason Calacanis** (0:12)
How long are you in DC for? Sacks, I feel you, in and out one day. What are you doing?

**David Sacks** (0:16)
Yeah, I'm flying back tonight for the fundraiser tomorrow morning.

**Jason Calacanis** (0:19)
Who's the fundraiser with? You want to tell everybody?

**Chamath Palihapitiya** (0:22)
Big boy?

**David Sacks** (0:22)
Yeah, it's an April Fools joke. I'm hosting a fundraiser for a Democrat.

**Jason Calacanis** (0:26)
Blue state, he's trolling everybody with his blue state. Put your red tie on. You have a red tie with you, Sacks?

**David Sacks** (0:31)
I wore a blue tie today.

**Jason Calacanis** (0:33)
Really? Oh, you're trolling?

**Chamath Palihapitiya** (0:33)
Oh, the full troll is on.

**Jason Calacanis** (0:35)
Wow, what a little troll.
Welcome to another episode of the All-In Podcast with us back from his Tahoe vacation. You were certainly missed even though the episode was record setting. The Queen of Quinoa himself, he'll reboot your physique with his Munich, puts the mana in the Kana, and he's your pal from NorCal, the Sultan of Science. David Friedberg, how are you doing, brother?

**Chamath Palihapitiya** (1:19)
Wow. Do you have a whole sequence of these things?

**Jason Calacanis** (1:21)
This is great.

**David Friedberg** (1:22)
You actually do work for this podcast now?

**David Sacks** (1:24)
If you can keep this going every week, it'll be amazing.

**Jason Calacanis** (1:27)
I just felt like getting a plugin for Munich and Kana. That was my, if I could get two portfolio companies in one.

**Chamath Palihapitiya** (1:34)
Hit Sacks and me, let's go.

**Jason Calacanis** (1:35)
All right, well, you know that he's back with us again, the czar of ARR, the savant of Sass.
He puts the ass in Asperger's. He's the sucker. He's a sucker for Tucker, the rainmail himself, David Sacks.

**Chamath Palihapitiya** (1:51)
That's so good.

**Jason Calacanis** (1:52)
All right, next up, the dictator agitator and our frequent collaborator. He's back to back with the SPACs, a trendsetter with his sweaters. The future he can foresee, Chamath Palihapitiya.
We got you, everybody.

**Chamath Palihapitiya** (2:07)
It's not as good as David's, I got to say.

**Jason Calacanis** (2:09)
Well, there's a lot to go with Asperger's, Tucker. I mean, he's the material for Sacks. I could have done 20 minutes.

**Chamath Palihapitiya** (2:16)
20 minutes.

**Jason Calacanis** (2:16)
I could have done 20 minutes on Sacks. Sacks, you are, of course, in DC with some Star Chamber thing. You, Bannon, Teal. What Star Chamber bullshit are you doing in...

**David Sacks** (2:27)
No, I spoke at a foreign policy conference today.

**Jason Calacanis** (2:31)
What's the name of it?

**David Sacks** (2:32)
It's called Up From Chaos and sponsored by a group called The American Moment and the American Conservative.

**Jason Calacanis** (2:39)
What did you speak about?

**David Sacks** (2:41)
Well, it's called Up From Chaos because our foreign policy has been chaos for the last 30 years. The United States has been in seven wars. How many trillions have we spent on nation building? We've lost all of those wars. Name one war we've won. Look at all the lives that have been lost. Thousands and thousands of our soldiers. And then, you know, millions of innocent people all over the world. I've said it before. This is what happens when the United States goes around the world stampeding like a raging elephant. We need a more restrained foreign policy.
So that's what I've been articulating. I don't know what about that makes it either conservative or liberal.
But, you know, what we need is more restraint and less interventionism. It's too logical, right?
You know, it's pretty much everyone in this town. I mean, there's no lobby for decreasing our involvement, right? Because, I mean, the military-industrial complex has gotten so big and so powerful.

**Jason Calacanis** (3:34)
I mean, Trump did not want to start wars. It was a key piece of his platform.
And it did seem up until, and we'll get into this obviously, up until the gaffe from Biden 12 hours after I said you weren't giving him the benefit of the doubt.

**Chamath Palihapitiya** (3:50)
He threw me right under the bus.

**David Sacks** (3:51)
Biden just declared a new world order. I mean, he is bought into all this.

**Jason Calacanis** (3:54)
Regime change with Putin.

**David Sacks** (3:56)
Yeah, and he said regime change. I mean, he's bought into this liberal interventionism.
Obama was much better. I mean, Obama had all the right instincts. He deescalated things in Ukraine. We could have had the situation back in 2014 Obama pulled the plug.