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| Nikesh Arora: AI Cyber Panic, Ken Griffins Bubble Warning on All-In Podcast (Tra |
| Posted on Saturday, October 24 @ 00:02:43 PDT (14 reads) | |
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On this episode of the all-in podcast, jason calacanis, chamath palihapitiya and david friedberg are joined by palo alto networks ceo nikesh arora to unpack the php2shell cyber panic, ai agents logging into bank accounts, and who is liable when an agent goes rogue. The besties also debate ken griffin’s warning that ai is almost certainly a bubble, the riots spreading from france across europe, runaway government spending, immigration, and the minimum wage. Read the full transcript of this episode which was premiered on october 24, 2026 below:
ken griffin’s ai bubble warning
jason calacanis: (00:00:00 – 00:01:50) all right, everybody, welcome to the literal number one podcast in the world. 3 weeks running, we got a lot to get to. Sacks is out this week. We’ve got a special guest coming up. Let’s get to our first story. Ken griffin says ai is almost certainly a bubble, and chamath has responded. Chamath responding and moving markets almost every week here on the pod. Look out, france.
the citadel founder made the comments this week at the company’s annual future of global markets conference. But he says generally, hey, bubbles are normal. Any radical transformation of our economy is generally intertwined with a bubble. He said he’s bullish on ai’s long-term potential, but his concern is that companies are struggling to turn ai spending into productivity, something we’ve talked about here, i guess, last year. And so companies are, quote, “looking at their bills from anthropic and openai and asking where the productivity is.”
we had this discussion over and over again on thursday. Tech continued to get crushed on the data center and capex front. So people who are either making data centers like coreweave down 10% or having a huge ai spend, meta, which is an extraordinary one there, it’s down 6% after earnings, amd down 5%, spacex was down 5%. But these things have been swinging up and down a bit and generally trending up.
chamath, what’s your take here on the market sentiment october 22nd, 2026? What are your thoughts here on how markets are viewing the ai quote-unquote “bubble”? And do you have concerns? Because jensen from nvidia thinks money is available and money is going to want this opportunity to finance it. And i think we all think companies are getting a ton of value out of ai technologies.
ramp data: who is really spending on ai
chamath palihapitiya: (00:01:51 – 00:02:25) my social capital research team had a really great call with ramp’s chief economist, ara kharazian. The first question that they had was because i was doing my own math and i tweeted this thing, nick, maybe you can put it back up there, where i said, okay, my back-of-the-envelope math, knowing everything that i know and everything that i see, is about 1% of all of the companies represent 90% of all the revenue.
jason calacanis: (00:02:26 – 00:02:27) revenue for ai spend?
chamath palihapitiya: (00:02:28 – 00:02:31) yeah. So what i said was 1% of companies represent 90% of ai spending.
jason calacanis: (00:02:31 – 00:02:32) got it.
chamath palihapitiya: (00:02:32 – 00:04:41) so that’s tokens. And of that 90%, 80% of them are from unprofitable vc-backed companies. So the cycle here, just to be very precise, is vcs raise from pension funds and lps and foundations and family offices. They put money into a startup. That startup takes that money and invests in growth. Part of growing is by consuming other people’s ais. And so that company then starts to show revenue traction. Those folks then say, hey, look how well we’re doing, raises a bunch of money from the same vcs, and it’s just this circularity.
why that’s important is what ken is pointing out is that for ai to really scale as a predictable driver of long-term earnings, it has to diffuse out of the startup ecosystem. And so you can’t be in a situation where on the one hand you’re talking about breathtaking valuations, but where 75 cents of every dollar is actually just a startup sending it back and forth so that they can mark themselves up. That’s, i think, a structural problem.
now, we’ve seen that structural problem in the past. That happened in the early days of cloud when aws initially started to expose ec2 and s3. The consumers of an ec2 instance or an s3 bucket were startups, but the difference there is that aws was abstracted from amazon retail, which was already then a roughly breakeven profitable business, at least on a free cash flow basis. So what’s different here is you have a bunch of money-losing entities just spinning a bunch of money around and it has to diffuse more broadly. So i think that that’s what ken is observing.
now, when we brought that data to ramp, the quote is incredible because this is what my researcher told me. “I’d prepared a list of factors to see if your thesis,” this is him texting me, “around vc money being 80 to 90% of the top 1% of ai spend.” But he said, “chamath’s actual estimate is pretty much correct.” And then the second thing though that he said, he sent us, and ramp hasn’t published this chart, so thanks to ramp and thanks to ara. He said we could be the first ones to publish this.
jason calacanis: (00:04:41 – 00:04:50) and just to be clear for the audience, ramp provides financial services, neobank, credit cards, primarily to startups. So they know startup data. There’s a free commercial. Yeah.
chamath palihapitiya: (00:04:50 – 00:04:54) i think they know broad-based data from other data sources as well, and i think ara has access to all of it.
jason calacanis: (00:04:54 – 00:04:55) but what he said is—
open source, data sovereignty and enterprise ai
chamath palihapitiya: (00:04:56 – 00:06:39) now look at this chart. So what this shows is how are the top 1% of spenders in ai spending their money?
now, why does that matter? Well, the rose-colored box is llm traffic. That’s the typical spend you’re going to spend on the big frontier labs, closed models effectively, either through things like bedrock on aws or what have you. What’s really interesting is that the blue box is ticking up. The blue box is people buying their own gpus because they’re moving to open source.
and so what i think is really interesting is you have this two-pronged thing that’s happening. One is the diffusion that we need within ai is happening a little bit slower than we all would like. I see that at 8090 as well. I think the large companies that we work with, you can almost pinpoint it on a chart. Ever since alex karp’s commentary on cnbc about data sovereignty, buying patterns have changed. I think people are being a lot more methodical. They are building out their own data centers or at least moving into vpcs, virtual public clouds.
my team yesterday was at a cio event of, let’s say, one of the largest banks in america. You know what they said? I’m not going to say the name of the bank. It was the most incredible thing. They said, “we have decreased our spend on aws and gcp. We now have 6 completely independent ground-up data centers that we’ve built from scratch for ourselves.” And i was like, what is going on here?
david friedberg: (00:06:39 – 00:06:39) wow.
jason calacanis: (00:06:39 – 00:06:43) we’re back to the future. People standing up their own data centers. Yeah.
chamath palihapitiya: (00:06:43 – 00:07:01) it’s back to the future. So i think if you look at this, i didn’t mean to have any commentary other than just observing what i think, but yeah, ai has a diffusion problem. It is too concentrated and ripping around in a small little ecosystem. We need to diffuse out. But as it diffuses out, people are picking open source is what i would tell you.
jason calacanis: (00:07:01 – 00:08:42) and we were early on that discussion 2 years ago here on the all-in pod. I will say ken griffin, and i didn’t hear the full quotes here because i wasn’t in the room where it happened. However, based on the quote, i think he may have something slightly wrong. When startups flood to a technology, that is a strong signal. Why? Startups— and i invest in 100 a year and we evaluate over 10,000 a year at my fund— they look for the cheapest, best, fastest edge they can get.
what is the biggest edge they could get 15, 20 years ago? It was cloud computing. They saved a lot of money. It was wework. They saved a lot of money. It was more efficient. And then it was facebook ads. Facebook ads were mispriced. They were super cheap. They dumped all their vc money into facebook ads then, and now it’s become ai. For the last 2 years, yes, they’ve been dumping into it.
so if you see startups rush to a technology or rush to a trend, and start spending all their vc money on it, it means this little colony of 2 to 200-person companies have determined, and they’re the most nimble, that this is the best solution. So, that’s a tell that things are going in the right direction. The big, slow, cumbersome enterprises, they’re the slowest to the new technology, and that’s why they buy startups all the time.
speaking of buying startups all the time, my guy nikesh is here from palo alto networks to tell us if this is the end of days and all of our bank accounts and if bitcoin is going to get hacked this weekend and buy more guns and chickens and eggs and drill a well. Welcome back to the program, nikesh arora. How are you, sir?
nikesh arora on hyperscalers, bare metal and the compute crunch
nikesh arora: (00:08:43 – 00:08:45) i’m doing great. Thank you for having me, guys.
jason calacanis: (00:08:46 – 00:08:49) and you had a nice event last week, didn’t you? A little nice event in napa.
nikesh arora: (00:08:50 – 00:09:33) i did. We had a bunch of cios, not just one bank cio like chamath said. But before we jump into end of days, i do want to say something to what you guys were talking about earlier about the open source versus these sort of hyperscalers providing inference. So we had this peculiar problem. Oh, we’d like to embrace ai as quickly as many of the startups, and we’ve gone through all the understanding, all the analysis, open source versus closed models, and we preference open source, open weight because it allows us to modify the weights and train them.
and something which most people don’t talk about is it allows us to interrogate the chain of thought. Because over time, what’s going to happen is all of us enterprises are going to need explainability, auditability, and verifiability.
chamath palihapitiya: (00:09:33 – 00:09:34) 100%.
nikesh arora: (00:09:34 – 00:10:41) if i can’t validate, it’s not going to be okay to go to your boss and say, i don’t know what happened, but the it guys put an ai model in there. It did it. That’s not explainable to the regulator in financial services and healthcare. So they want explainability, verifiability, and auditability. And we can only get that with open source, open weight models. We can interrogate chain of thoughts. That’s kind of one reason we’re gravitating towards them as opposed to getting caught into the closed race.
the challenge though, i think you guys talked about, and i saw chamath’s chart, the challenge we have is it’s very hard to find a global, resilient, highly available inference provider outside of the hyperscaler community right now. So if i’m a startup, great, i can go rent 10 megawatts in one data center in one part of the us, and if it goes down for a few hours, i’m s*** outta luck, but i’m a startup, so i’m okay. But i’m providing resilient services at 99.9% reliability. It’s very hard for me to find a global inference provider who does not want to sell me their model at this point in time at the price. It just makes it economically useful to use open source.
chamath palihapitiya: (00:10:41 – 00:11:16) let me ask you a question though. Do you think that there’s a world where palo alto networks says one of two things? One is, you go to the hyperscalers and say, okay, listen guys, you run it for me, but i want the bare metal. I want it totally air-gapped, and it’s an aws facility, but i’ll just lease it from you. Otherwise, just get out of the way so that i can have everything inside of it. Or do you do what this one big g-sib bank does and say, i’m going to build my own inside the united states? Is there a world where do you think other companies go to that limit, or do you think that’s an extreme case? That’s probably not representative of the norm.
nikesh arora: (00:11:17 – 00:12:33) so this is the interesting debate, chamath. 6, 8 years ago when i came to palo alto, i shut down all data centers. I said, we cannot run a global data center sort of footprint at the scale, speed, and reliability as i could probably rent it from hyperscalers. And life was great. And suddenly what’s happened is in the current sort of incarnation of where we are, compute is highly dear. It’s very hard to find compute in the world, period.
so i’m a buyer, i’m a taker of terms, not a dictator of terms. So it’s very hard to go and dictate terms anywhere because yeah, sure, you can make any plans you want, but those plans are, you talk to jensen, he can’t give you chips till 2028. You talk to, where do you get land, power and shell? So it’s very hard to go say, yes, i can go build my own data centers, but it’s kind of an empty threat. It’s very hard to go build it. I would be resilient. And by the way, i don’t run 50 data centers around the world where i’m running 10 to 20 megawatts of inference.
so it’s a good conceptual sort of idea that i should go become independent, build my own inference, but most likely the answer is somewhere in the middle. I’m going to have to get bare metal, yes. Most likely i’m going to get from either a hyperscaler or cousin of a hyperscaler, or somebody’s going to be stitching sleeves of compute from around the world to meet my needs in the hope that i’m going to migrate to something more resilient and more robust over time.
chamath palihapitiya: (00:12:33 – 00:12:38) all right. So there you have a hybrid solution down there. One second. I just want to complete the thought. You have a hybrid solution down there.
jason calacanis: (00:12:38 – 00:12:39) i was trying to get to the cyber stuff before we run out of time, just so you know.
chamath palihapitiya: (00:12:41 – 00:12:50) then you go and you basically get a bunch of open source models so that you can interrogate chain of thought tokens. Is that a representative solution for most of the fortune 500 or global 2000?
nikesh arora: (00:12:51 – 00:13:35) i think we get there. I expect at some point in time we will start seeing hyperscalers giving bare metal and letting us run open source models, which they already do to some extent. So that’s probably what’s going to happen because it’s a matter of the profit pool, right? It all depends on where you shift the profit pool. Today they all live in nvidia and the memory industry, and they’re being shifted towards the hyperscalers, people who have large compute available, because at a point it’ll become less about the chips, it’ll become more about the availability of compute.
because i think demand is insatiable. There’s enough demand, there’s more demand than you and i can imagine. So yes, right, i understand the enterprise diffusion comment, but it’s going to get diffused. The question is, even if you try, if every company in the world today said, “i’m in. I’m in. I’m ready. I’m embracing ai. Let’s go as fast as we can,” there’s not enough compute in the world to satisfy us.
chamath palihapitiya: (00:13:35 – 00:13:35) right.
jason calacanis: (00:13:35 – 00:13:43) we asked you to come on, nikesh, not just because you’re awesome and you’re now a bit based.
chamath palihapitiya: (00:13:43 – 00:13:44) he’s a bestie. He’s a bestie.
jason calacanis: (00:13:44 – 00:13:47) he’s a based bestie. He was very quiet under the radar.
david friedberg: (00:13:48 – 00:13:49) i hang out with nikesh every 48 hours.
nikesh arora: (00:13:50 – 00:13:52) i know. David and i keep running into each other.
jason calacanis: (00:13:53 – 00:14:06) i mean, every time there’s a knicks-warriors game, nikesh invites me to sit with him, so it’s awesome. Is there one? That’s not true. I’m just manifesting. It’s got great seats. I can manifest. A boy can manifest. Kid from brooklyn’s manifesting.
nikesh arora: (00:14:06 – 00:14:09) as long as you’re willing to go with my 11-year-old, you’re welcome anytime.
jason calacanis: (00:14:09 – 00:14:10) okay. I’m totally fine with that. I’m curious.
nikesh arora: (00:14:10 – 00:14:14) he’s always looking. He’s always looking for somebody to go with. So i love it. You could be next, jason.
jason calacanis: (00:14:14 – 00:14:18) no, i’m happy to babysit if, with the courtside seats or second row.
nikesh arora: (00:14:18 – 00:14:19) he’ll babysit you.
the php2shell cyber panic
jason calacanis: (00:14:19 – 00:16:29) exactly. But there’s a cyber panic going on. All seriousness. Yes. The last couple of days. Ai found 2 major exploits that impact most of the internet. Here’s what happened. Php, which is an open-source coding language, powers about 70% of all websites. Think wordpress, wikipedia, is at risk. In august, security researchers using ai found 2 critical exploits nicknamed php2shell. Php security team gave this a severity rating of 9.2 out of 10, basically defcon 1 for these security teams.
since august, developers and companies have been working together on fixes. This is standard operating procedure, and the plan was to roll these out gracefully in one major patch on october 22nd, which is the day we’re recording this very podcast. In the days leading up to the release, information about the exploits leaked. Nobody knows how it leaked. That’s going to be part of the postmortem of this cyber attack week. So php moved the release up just by a day to wednesday, october 21st.
and on wednesday, all hell broke loose. Aws reported a jump in hacking activity while cloudflare ceo, friend of the pod, said they saw millions of hacking attempts as well. A bunch of precautionary shutdowns happened. Governments across sites in europe— france, germany, netherlands, denmark, finland, etc.— They started taking websites down. Wikipedia took down some of its systems just to get them patched. In the united states, the nsa and the fbi put out a bunch of warnings, and now everybody’s started panicking.
people are starting to think that bitcoin’s going to get hacked, their website’s going to get hacked, their bank accounts are going to get hacked. It’s a bit of chaos. And then there’s a second sub-issue around agents accessing banks that dropped at the same time. Now, you’re in the security business. You’ve got lots of different products and services here. When did you first learn about this and how severe is it? Is this an acute issue or is this a harbinger of things to come? And is this going to happen every 10 days for the next year as these models have gotten incredibly powerful at what we call cyber, which really means cybersecurity, not just cyberpunk, but cybersecurity?
nikesh arora: (00:16:30 – 00:16:32) oh, jason, i think 10 days is too long.
david friedberg: (00:16:33 – 00:16:33) okay.
nikesh arora: (00:16:33 – 00:17:49) i think these things are going to happen much faster than every 10 days. I think part of the challenge we’re seeing is we’ve been talking about technology debt that we’ve all had to go pay sooner than later. And what’s happened is people have not paid attention to the idea that they have to go fix their stuff. I’m at a customer once they were, but i talked to the cio this morning. They had a php problem. They have a bunch of websites. Some are running the most advanced piece of software, so they can put the patch. Some are running older versions, which they can’t patch. So they’ve gotta bring ’em down and go build them up.
but you know what? They never did anything about the fact they were running older versions because it wasn’t important. So now they have to go take those websites down. They’re going to go upgrade them, put the patch in, bring them back up. We found out about this a few days ago. We scanned everything in our infrastructure to make sure that there were no issues. We made sure that our products had patches available for our customers who deploy them.
so there’s 2 ways to solve this problem, right? One, you can go in and patch the vulnerability. You can go in, find the code, patch what has been given to you by php, and make it work. The other is you can actually put it in a perimeter defense product like ours, or cloudflare has one, or other firewalls have one. You put the patch there, it’s a virtual patch, so any attacker trying to access that vulnerability could stop at the perimeter because we know what they’re looking for. The tool is solid.
jason calacanis: (00:17:49 – 00:18:07) they’re coming to a cdn, content delivery network, first, and that acts as a first line of defense ’cause they’re not getting to the actual servers. But if they do get to the actual servers, my understanding is they can run code on these servers. And there were some security certificates that were incredibly brittle and easy to hack.
how frontier models find vulnerabilities
chamath palihapitiya: (00:18:08 – 00:18:30) the closed models have basically said, hey, these things are cyber risks, and so we need to be very thoughtful. I know anthropic did that with mythos, where they brought you in and a bunch of other people and like 50 companies in and said, okay, now go harden your systems. Were the closed models helpful here? Were they the ones that helped you find these cves? Bring us behind the curtain.
nikesh arora: (00:18:30 – 00:19:25) the closed models can be helpful because both openai and anthropic, and most likely google as well, have very powerful models now which can go— if you give them enough compute, enough persistence, they’re going to go find vulnerabilities. They’re going to even chain vulnerabilities to find an attack path, right? If they can solve navier-stokes, they can chain 4 vulnerabilities. And if you give them enough immense compute, they will try every way possible to be able to do it.
actually, the php problem was solved by persistent compute. This problem was identified a few years ago, but nobody thought it could be solved because it required too much coordination. So what happened was if you throw compute at the problem, it persisted and it found a way to crack that. Once they found the way to crack that and they published it or got reverse engineered, every hacker knows now how to go after it because the challenge you have with patches is hackers are smart. They look at a patch, they see what the patch is trying to do, they reverse engineer from there and say, okay, if i follow the reverse engineer path, if somebody’s not patched, i can break in.
ai agents and bank accounts
david friedberg: (00:19:26 – 00:20:21) it seems like a bunch of the hullabaloo today that’s being drummed up, and this seems like it’s going to change every day, is all about these bank accounts getting accessed. Is that, do you think, primarily through kind of the front end through a website using an agent that’s logging in on a browser-based system on behalf of its user? Because it seems like a lot of this may be coming from muse or some of these other sort of personal agents. They’re logging into your bank account to get information about transactions and what you’re doing. And the banks are seeing all this activity and they’re like, oh my gosh, is this authorized? Is it not authorized?
the traditional way that banks have provided access to account data has been through apis using verified applications, where i, as a user, as a consumer, would log into my mint.Com account and it had a legal access point to amex or to bank of america. Yeah, plaid is an intermediary.
jason calacanis: (00:20:21 – 00:20:21) yes.
david friedberg: (00:20:22 – 00:20:46) and so there’s a bunch of these sort of intermediaries that then provide that capability to apps. Is that ultimately going to lead to a world where the banks are all going to just turn off website access and say no one can log into a website because technically agents could do it? And they’re not able to kind of manage that. How do you think this is going to evolve as it relates to consumer financial services? Because i actually think this is going to be a big part of the press cycle over the next week or two.
nikesh arora: (00:20:47 – 00:21:53) yeah, i think 2 different things, david. I think the reason banks have found unauthorized access to their accounts is possibly because of the php problem, because their websites are hackable and they’ve been able to get through them and get to credentials. There are 2 different problems. One is unauthorized access happening because these sites have become hackable. I think the second problem you’re mentioning is the personal agent problem.
so far, most personal agents are using your credentials to log in. So it becomes hard for a bank to decide whether it’s actually you logging in or is it your muse agent who has your credentials logging on your behalf. They cannot distinguish between your traffic or agent traffic, they’re both logging in from the website. They’re basically logging in as you in your browser and trying to conduct the transaction.
now, as you know, there’s this technology called captcha, which tries to see that it’s not a bot or an agent accessing the account instead of you. Now today there are ways to validate captcha with ai so you don’t even actually have to have the human on the other end. So that’s also—
jason calacanis: (00:21:53 – 00:21:54) ai’s pretty good at it.
nikesh arora: (00:21:54 – 00:21:58) yeah, it’s pretty good at it. It’s actually sometimes i have to squint to see what the hell does it want me to type.
jason calacanis: (00:21:58 – 00:22:36) yeah, click all the bicycles in this picture. It takes you 3 times at our age with our eyesight. But the interesting thing here is there is a hybrid as well, friedberg, which is your muse agent, your grokbot, is running a virtual browser. It will pop up the virtual browser and say, hey, do this captcha, and then take over. So, nikesh, is this fear, uncertainty, and doubt, the old fud, by the banks to try to neuter or sandbag these agents from getting the front door to banking? Because then they could just route to a bank that’s cheaper, better, has better rates on behalf of the agent.
nikesh arora: (00:22:37 – 00:22:39) i think that would be giving them a lot of credit.
jason calacanis: (00:22:40 – 00:22:40) okay.
nikesh arora: (00:22:40 – 00:22:57) i think right now the fundamental challenge they have is a liability problem. Look, it’s kind of like if you call customer support at your favorite bank and say, “i don’t know how $50,000 vanished from my account. I never did this.” Yes, right.
jason calacanis: (00:22:57 – 00:22:59) what’s the spearman rhino? I don’t know what this is.
chamath palihapitiya: (00:23:02 – 00:23:07) keep going, keep going, nikesh. Don’t be distracted, don’t be distracted.
jason calacanis: (00:23:08 – 00:23:10) we’re number one for a reason.
nikesh arora: (00:23:11 – 00:24:03) the challenge is you’ve given your credentials to an agent. You didn’t even realize that it got your credential. It’s living on your browser, living on your laptop. It’s going to get innumerable amount of credentials. And i think the biggest problem we’re going to have is who owns the liability and who has accountability, whether it’s enterprise agents or consumer agents. So i think you see banks saying, “i do not allow you to interact with me with your agent, period,” right? They’re yelling that disclaimer from the start of the group saying it’s not going to be my fault.
look, banks had to go— don’t forget, probably the cost is like the liability is secondary. Remember, banks— we all know this, like credit cards below a certain amount of money, they don’t want to dispute it, just pay you because the cost of the customer support call is higher than they’re going to have to deal with. Now, if you start having tons and tons of these agents doing s*** and you start calling your bank for explainability, you’re going to create huge amount of costs. I think that’s where they’re going, to be honest.
can white hats outcompute the hackers?
jason calacanis: (00:24:03 – 00:24:58) okay, you have a unique seat, nikesh, because you talk to the people who are being hacked, have been hacked, and you help them prevent being hacked with all these suite of services over at palo alto networks. So, i want to take you through a couple of the theories people have about ai’s impact on security. You tell me if you agree with them or not.
the first one is, this is going to be largely an issue of who has the most compute. And because the white hats have access to the most amount of compute, they will be able to outcompute the black hats, in other words, the hackers. Is that a true statement, or is that not yet a true statement and maybe it will be in the future? Palo alto networks or openai, whoever it happens to be, could fire up so much compute to defend systems that a bunch of hackers in north korea, russia, china, et cetera, just don’t have the firepower and they’ll be outgunned.
david friedberg: (00:24:58 – 00:24:59) true?
jason calacanis: (00:24:59 – 00:25:00) not true? When will it be true?
nikesh arora: (00:25:02 – 00:25:36) true. Not true today because the underlying systems are not architected or orchestrated in such a way that we can launch these, let’s call it defensive swarms. Because everything is sort of in disparate situations, right? If it was true, then by definition, you could send out a bunch of agents to go patch php if you wanted. The company’s got 5,000 websites, and guess what? Their poor it guys are going cataloging each one of them because they never actually aggregated everything, put it together, understood their— so i think we need to get our infrastructure to a base level of preparedness, which is where the technological debt lives.
jason calacanis: (00:25:37 – 00:26:14) let me take you to the next thesis and theory people have here, which is persistent computing, reviewing code, and people taking proactive measures more seriously is going to solve this problem. Right now, we just have this interim period where people have accumulated technical debt you’ve talked about, but ai is going to solve that problem because you’ll have persistent tools from companies like yours and others or in-house ones that are constantly banging on systems to find these before hackers get to them. Is that going to be the endgame here? True, not true, short-term true, long-term true? Take us through it.
nikesh arora: (00:26:14 – 00:27:11) true. Today, if you can see, almost every large company in the enterprise space is out there busy using metasploit or equivalent to try and penetrate their own defenses to see where the holes are, and they’re trying to patch them. The challenge, as you’ll appreciate, is that the next model is going to be more powerful. It’s going to find more ways to get into your infrastructure. So you’re going to be playing this cat and mouse game of constantly patching.
i think there’s a slightly different sort of version of this, jason, where for a second, let’s assume that you will get breached, okay? ‘Cause there are so many vulnerabilities out there, you can spend a lot of money patching everything. The question becomes less about how i got breached and which vulnerability’s going to let people through. The question is, how quickly can i find them and how quickly can i eject them, right? So our advice to people is, build the infrastructure in such a way, which is possible today, where you’re aggregating all the signals, all the data in such a way that you can actually look for anomalous behavior with that white hat compute you talked about, right? Because i have more compute. Go ahead.
jason calacanis: (00:27:11 – 00:27:48) and then the third one is the frontier models are causing a lot of this chaos because they are gatekeeping the most powerful solutions to do cyber defense, and that the open-source community is giving more functionality to the white hats, to the security teams, to the cisos to actually solve this, and that frontier models need to change how they deploy this technology in some way. Are they causing part of this problem by gatekeeping this technology and not giving the raw power to the white hats?
nikesh arora: (00:27:49 – 00:28:34) what did you say earlier about as a diplomatic answer about giving too much credit? Yes, i think your theory is giving too much credit. Again, remember, majority of them are researchers to start with. They’re sitting there and saying, wow, this is extremely powerful, what do i do with it? And they’re talking to us and saying, what do i do with it?
now remember, these models that are so far ahead, they’re still trying to figure out how to release them, how to package them, how much compute are these guys going to take. And they’re all compute constrained. So they’re all rate limiting all of us, even though i have access to the most recent model, which is available publicly, i’m still rate limited, right? So there’s tons of issues that are going on. So i think they’re not causing the problem. They’re just trying to grapple with the fact that these things are extremely powerful. What they would like is they would like to figure out how to monetize it.
jason calacanis: (00:28:35 – 00:28:36) they want to compete with you?
nikesh arora: (00:28:37 – 00:28:48) no, they just need money, gopal. They’re listening to your conversations about compute needs and where the money’s going to come from. They’re not trying to compete. They’re just trying to go after profit pools because they want a lot of money. Because they’ve got to go give it back to jensen.
jason calacanis: (00:28:48 – 00:28:49) so that’s their main issue. Yeah.
who is responsible when an agent goes rogue?
chamath palihapitiya: (00:28:50 – 00:29:37) let me ask you a hypothetical question. I’ll ask all of you. I use one of these agentic services. I’m a consumer. I give it my credentials to my bank account. Let’s use your example. $50,000 goes missing. I don’t know what happened. Maybe i escalate it to the agent i use, instinctmuse.Ai. Or a copy of a. Everybody’s finger-pointing at the other one. Maybe there was a prompt injection, who knows? Maybe the agent just went rogue and transferred the $50k. Let’s just assume that that’s possible, or $5k, because it’s under some threshold. Who is responsible? Okay, friedberg, who is responsible and who should be responsible? Who is responsible? Who should be responsible?
david friedberg: (00:29:38 – 00:29:45) well, the terms of service of the bank say you can’t use an agent to access the bank account through the website, right?
chamath palihapitiya: (00:29:45 – 00:29:46) does it say that now?
jason calacanis: (00:29:46 – 00:29:46) yes.
david friedberg: (00:29:47 – 00:30:09) yeah. So given that that’s the terms of service, if the agent hasn’t built in a capacity to recognize that and stop that access, then it is a software liability issue with the provider of the agent, i believe. Unless it alerts you and says, “this violates the terms of service, do you want to override my block? And do you want to do it?” Now the liability shifted to you as a user.
jason calacanis: (00:30:10 – 00:30:39) and we have evidence of this, chamath, not in banking but in e-commerce. Amazon has blocked these, and subsequently grok now will tell you— my amazon shopping bot says, “i can no longer check out for you, but i can put it into your shopping cart. Tell me which address, which card you want, and i’ll tee it all up for you, but i won’t hit the buy button.” So it’s being adjudicated in real time right now. And i think that’s probably where we wind up.
chamath palihapitiya: (00:30:40 – 00:30:41) nikesh, what do you think?
jason calacanis: (00:30:42 – 00:30:44) you are.
nikesh arora: (00:30:44 – 00:30:56) yeah, i think, come on, we all have to take responsibility to empowering agents and giving them our credentials. You can’t say i gave my credit card to chamath, he went and burned $20,000 on it. Who’s responsible? The bank?
chamath palihapitiya: (00:30:56 – 00:30:57) no way.
nikesh arora: (00:30:57 – 00:31:00) is it chamath? Yeah, he is, but i gave it to him.
jason calacanis: (00:31:00 – 00:31:28) yeah, well, what if the agent, chamath, says, “i have been programmed to be maximally helpful”? These sycophantic agents. And it goes and says, “i found a way. I found a way. Actually, if i fire up this type of browser and i simulate a human behavior, i think i can get this done.” That’s what a lot of these agents will do, is they’ll try to please you. And they find that— then that to me would lean towards the platform providing the agent.
chamath palihapitiya: (00:31:28 – 00:31:30) no, that’s you. It’s your responsibility.
nikesh arora: (00:31:30 – 00:31:46) yes, there’s a word in agent, it’s called agency. Somebody has to give the agent agency. Okay, who’s giving the agent agency, you or facebook? I think you’re giving agency to act on your behalf, and if you’re the one who’s giving agency, you have the liability.
chamath palihapitiya: (00:31:46 – 00:32:02) yeah, by the way, as a practical matter, it’s the only scalable solution because what will happen when these lawsuits happen is everybody’s incentive, everybody meaning the corporate incentive. B of a will point to facebook, facebook will point to the user. It’s the only way that this thing continues to scale like this.
nikesh arora: (00:32:02 – 00:32:30) but chamath, there’s an exception case, and i think jason said it in his words, you said it, but we didn’t dwell on it. It’s called the rogue agent. Now that’s a product liability issue. That’s a product liability issue. If a product does not behave like it’s intended to behave, then there is a platform liability in my mind which says, wait, you said this is what it does. And today, you buy any product in the world, if the product doesn’t do what it’s supposed as advertised, it goes rogue on you, then it’s the person who built the product. It’s their fault.
jason calacanis: (00:32:30 – 00:32:31) and this is where the problem is.
chamath palihapitiya: (00:32:31 – 00:32:34) now we’re in theranos territory, which is, hey, it can do 140 tests.
obliterated models and the dark side of ai
jason calacanis: (00:32:34 – 00:32:48) it’s capable of doing 140 tests. Just maybe not really. Let me ask you an in the weeds question. We incubated a company, obliteration ai, and what this company’s doing is—
nikesh arora: (00:32:48 – 00:32:48) nice name.
chamath palihapitiya: (00:32:48 – 00:32:49) yeah.
jason calacanis: (00:32:49 – 00:33:15) and obliterated models, maybe people don’t know about, but they’re going to understand what these are. This company, a little bit controversially, provides models that have no constraints, no guardrails, and it’s your responsibility when you have a red team, a team that’s going out and banging on different vulnerabilities, to build up those. What are your thoughts on this new, somewhat controversial—
chamath palihapitiya: (00:33:16 – 00:33:40) wait, before you go, let me just say, before you go, i find obliteration unbelievably scary. That is a vector of risk that is so unbelievably underappreciated right now because to your point, jason, it is a very long-tail thing. Not enough people understand what it is, but i find this probably the thing more than alignment that i think people should really understand and think about. Sorry, nikesh, over to you.
jason calacanis: (00:33:40 – 00:33:42) yeah, go ahead, nikesh. Tell us what you think of these services.
nikesh arora: (00:33:42 – 00:34:39) so i think this is the dark side of ai. And what i mean by that is we’ve had all these debates at the white house. Many of you were present. We talked about responsibility and alignment and making sure we tested them before. The problem is you’re dependent on the weakest link. Now, if there’s a company which is going to give you the raw power of ai without any guardrails, without any controls that are either built in or can be built in, then you’re basically handing a nuclear sort of bomb to the hands of anybody who wants it because they can afford it.
that’s the problem because at one level we’re saying we need global treaties to manage the pacing of ai or development of ai and just for good. On the other hand, you’re saying we can have a company which can allow you to have this most powerful thing with no control, no guardrails, and no governance. It’s like saying, “hey, here’s a diy aspirin kit, have a good time. You can build your own medication, have a good time. Sometimes you’ll get it wrong, but don’t worry about it.”
jason calacanis: (00:34:39 – 00:34:47) but, or just giving somebody some really powerful power tools to build things that make things more secure, like build a wall.
chamath palihapitiya: (00:34:47 – 00:34:58) i don’t understand what the business model of your company is. Your company is basically inducing product liability as a service, providing it to white hats under very constrained—
jason calacanis: (00:34:58 – 00:35:16) no, it’s providing this to white hats and corporations. They share the same logo list as nikesh and palo alto networks. There are people who want access to these in order to do proper testing and make things more rigid. So you do have a higher authority of not providing this for free like claude was doing.
nikesh arora: (00:35:16 – 00:35:23) but jason, are you telling me that they underwrite that these models, that when you put these things in infrastructure and do testing, they’re not going to go rogue on you?
jason calacanis: (00:35:24 – 00:35:35) well, it’s your responsibility to manage the model as opposed to giving it to— in this case, yeah, if you were the nsa or if you were morgan stanley, you might need this.
nikesh arora: (00:35:35 – 00:35:39) how is that different from me going and taking an open-weight model and training it to my needs?
chamath palihapitiya: (00:35:39 – 00:35:40) you could do that.
technical debt and why security gets deprioritized
jason calacanis: (00:35:40 – 00:36:17) this is just a place that has the infrastructure to do it. So providing that infrastructure you talked about earlier, like who’s going to serve it and that kind of thing, and making it, just essentially making it more efficient for you to do this with more constraints, and letting you take the liability. But it’s a very interesting place.
why does technical debt build up? And historically, have we just under— and a lot of these causes of these cyber scares. Is this just all because corporations deprioritize security and technical debt and that we just need to change that in this new world and that will essentially solve the problem if we prioritize safety first?
chamath palihapitiya: (00:36:18 – 00:37:09) nobody wants to work on this stuff. I mean, the problem is when you ship something into prod, everybody wants to work on the next greatest thing. Nobody really thinks about maintenance as a sexy idea. That’s one thing. Second thing is, if you actually deploy it inside of your own virtual private cloud, the problem is, the software vendors don’t have this one version that’s constantly updated. You have a drift problem where you have a version, nikesh has a version, friedberg has a version, they’re all out of sync. And so now you as a software vendor are maintaining 19 versions because everybody has their own pace and cadence for upgrades and migrations.
then you have the fact that technologies are constantly changing and the underlying way in which things can happen change so rapidly, but the way in which you’ve done it represents a sunk cost and you can’t just rip and replace this stuff. And you multiply that by millions of companies and hundreds of trillions of lines of code, and this is why it is like it is.
nikesh arora: (00:37:09 – 00:37:41) and chamath, also, add to that the incentive alignment problem. The cios are not incented to maintain the most modern infrastructure. They maintain to keep costs low and they maintain to keep everything available all the time. So every time you want to upgrade something, it introduces the risk of blowing up or going down. It’s like, i don’t want to go change everything all the time because all my users complain because every time you upgrade something, change something, it causes friction in the system and then it costs money. When was the last time your cio showed up and you said, “yeah, great, have some more money and have a bigger budget because there’s a new toy”?
jason calacanis: (00:37:41 – 00:38:17) this is a real tragedy. You’ll see this with, say, the cia or the fbi. If there are no terrorist attacks, people are like, we’re spending too much money. It’s like, or we’re spending the right amount of money because we haven’t had a 9/11 again. And when they come to us and say, “hey, we need more because based on what we’re seeing, there could be another, god forbid, 9/11,” and then congress or whoever’s got the power of the purse at the given point in time says, “yeah, we’re not going to give you more money because we haven’t had one in 20 years.” That is really the core of this problem, is they only get credit— that’s about to change because we’re going to have a bunch of 9/11s in cyber.
nikesh arora: (00:38:17 – 00:38:26) yeah, guess what? The phones keep ringing every day and the conversation always is, now how do i get out of this? Because i’m tired of getting punched in the face every morning when i wake up.
jason calacanis: (00:38:27 – 00:38:41) when people really appreciate the ciso and those groups, when these things and the systems come back online and the system has been hacked, it’s going to be brutal the next year or so. Yeah? It’s going to be a big transition time, nikesh?
nikesh arora: (00:38:41 – 00:39:17) i think the cios could become the next ceos. Think about it. If you believe, in 3 years from now, every business function of yours wants to transform themselves with ai. Let’s go to the positive side, right? My cfo has never wanted ai. He’s saying, “dude, i could do all this financial analysis. Just appoint some people into my team.” My marketing people want them. My hr people want them. So almost every function wants more ai people, which has never happened historically. Everybody wants ai people. If that’s what’s going to happen, every function is sort of waiting for ai or technology people. They all want the cio to come and help them, then who’s the person running the company?
jason calacanis: (00:39:18 – 00:39:25) what percentage do enterprises spend on security of their total spend, and what should it be ideally? I’m just curious. We have no insight here.
nikesh arora: (00:39:26 – 00:39:54) the insight is that typically of your it budget, the cost is somewhere in the 4 to 10% range for cyber. Okay? And 10% is typically where you’ll find financial services, the federal government, because they want to make sure things are secure and robust. 4% can either be cloud people because that’s where the hyperscalers will take care of infrastructure security for you. You just have to worry about application and software security. So it ends up at 4 to 5%. That’s the range. You can get a 4 to 5% to 8 to 10%.
jason calacanis: (00:39:54 – 00:40:08) yeah. And that’s going to have to go up. And there’s an issue, i think, as you’re pointing out, if there is ai talent in the building, we gotta build new products and services for our customers. Yolo.
nikesh arora: (00:40:08 – 00:41:05) oh, jason. Jason, there’s a whole— i was joking the other day, but it’s true. Look, there’s a whole new category which we even don’t know how to put our arms around— ai. Nobody knows. Imagine if i said, great, you know what, go deploy ai in my company and let’s make sure ai is secure. Well, the boss says, whatever you do, make sure you can interrogate agents with a chain of thought. That’s easy to say. That’s hard to do. How do i find all the agents that are running it? So it’s like we haven’t built the ai security harnesses that are needed.
i joke like when they invented planes, the wright brothers are out there, nobody said, “let’s go create tsa. This is about time. We’re going to build security now because the bad s***’s going to happen.” So people are busy enthusiastically deploying ai, embracing ai. I don’t know if you saw this morning that somebody, some researcher found that if you send a muse conversation to somebody else, you can extract private information out of it. So now they gotta go back to the drawing board and patch it. So everybody’s experimenting, new s***’s being found out. We need to build all the security harnesses for ai, and that’s not even started yet.
bernie sanders and the ai narrative
david friedberg: (00:41:06 – 00:41:27) bernie sanders goes on twitter today and says, “look at all the craziness. This is insane. Stop ai now.” So you’re in a room with bernie sanders. Someone says, “nikesh, we need you to save america. Go meet bernie sanders.” You get on the plane, you go over there, you get in the room, and the guy says, “we got to stop ai now.” What is your response?
jason calacanis: (00:41:27 – 00:41:33) how are you going to solve this problem? Nikesh arora. How are you going to solve it?
nikesh arora: (00:41:33 – 00:42:21) i said, “sounds like a great idea, let’s go. Why don’t you start? I’m right behind you.” It’s like, yeah, okay, with all respect, it’s interesting. This is the first time we have dwelled so much on the dark side of technology in history, and i don’t know why it is. Maybe you guys can explain to me. We spend so much time obsessing with the dark side of technology, and my thesis is it started with the godfathers or whatever you want to call them, the builders of this technology, they’ve over-indexed and dwelled harder on the dark side of this, causing this narrative.
i think we need a narrative shift. I mean, think about it, we only hear about all the bad stuff that this technology does. “Oh my god, i got mythos!” “Wait, i got something worse!” “My guys jumped over!” “Wait, mine jumped over 6 months ago! Mine are worse!” It’s like, dude, this is not a good narrative. This is a race to the bottom from a narrative.
jason calacanis: (00:42:21 – 00:42:23) we’re building a wet lab.
david friedberg: (00:42:23 – 00:42:50) but nikesh, why then do you think bernie sanders and others are seizing on the moment? I know we’ve talked about this before, but what’s going on that’s motivating bernie sanders to be so vocal about stop ai, stop ai? Is it a power struggle that they view there to be an emerging system of power that they don’t control, that they don’t have a hold on, that diminishes their power? Or is there something kind of more simple than that?
nikesh arora: (00:42:51 – 00:43:00) david, this is where i phone a friend. You guys are much more competent at answering these questions than i am. Jason and chamath are probably better equipped to answer these questions than me.
chamath palihapitiya: (00:43:02 – 00:43:02) yeah.
jason calacanis: (00:43:03 – 00:43:03) yeah.
chamath palihapitiya: (00:43:03 – 00:43:03) yeah.
jason calacanis: (00:43:03 – 00:43:48) it’s a populist issue. If the people at the labs are going to tell you half of white-collar jobs are going away and all the drivers are going away and it’s a 10% of everybody dying, i mean, what a great issue to align yourself with if you’re a populist, whether you’re america first populist on the right or a liberal on the left. It’s just a great way to get people’s attention and get votes, and maybe it helps you win another election.
nikesh, we appreciate you. You’re busy, and this is like the busiest time you could possibly have, i think, right? What is your day like? Have you slept? I mean, are you just getting woken up by clients at 1 am when they’re like, “hey, i need forward deployed engineers from you”? I mean, what’s going on in your life?
nikesh arora: (00:43:48 – 00:43:54) i woke up at 3, i flew to the east coast. After this, i’m going to get back on the plane and come back home because i got to make it in time for dinner with customers.
jason calacanis: (00:43:55 – 00:43:59) crazy. I mean, it is just a crazy time for you, man. No sleep.
david friedberg: (00:43:59 – 00:43:59) i know.
jason calacanis: (00:43:59 – 00:44:01) yeah, i love it. Yeah, i mean, this is the time to grind.
david friedberg: (00:44:01 – 00:44:01) all right.
jason calacanis: (00:44:01 – 00:44:06) i love that. Thanks so much, nikesh, for joining us. We got to get you on for a full episode and talk about a range of issues.
chamath palihapitiya: (00:44:06 – 00:44:08) thanks, nikesh. You’re so great.
jason calacanis: (00:44:08 – 00:44:15) follow nikesh on x. He does a daily— he does one tweet per day, and it’s based in the keshe.
nikesh arora: (00:44:15 – 00:44:17) thank you, jason.
david friedberg: (00:44:17 – 00:44:17) all right.
france on fire: riots spread across europe
jason calacanis: (00:44:18 – 00:44:48) next up on the docket, is this the fall of france, gentlemen? We covered this 2 weeks ago. Situation in france is— my god. Well, the place is on fire. It’s gotten worse. Over half a million people have taken part in the protests. They’ve now spread to italy, spain, albania, and a couple of other regions. Over the weekend, france saw its worst riots in decades, and they love to riot. So it’s a high watermark. Numbers pretty striking. New york times data by the french guy. They’re good at it. This is their wheelhouse.
david friedberg: (00:44:48 – 00:44:49) pro—
chamath palihapitiya: (00:44:49 – 00:44:50) over— pro-rioters. Pro—
jason calacanis: (00:44:50 – 00:44:52) they’re professional rioters.
david friedberg: (00:44:52 – 00:44:52) exactly.
jason calacanis: (00:44:52 – 00:44:54) it’s kind of their number one pastime.
david friedberg: (00:44:54 – 00:44:55) for us, it’s like football.
jason calacanis: (00:44:55 – 00:45:36) for them, it’s rioting. Over 3,000 businesses, chamath, have been damaged. You’ve seen the video. It’s obviously trending all over the place. Hundreds of millions in losses. Over 1,000 police officers injured. 2,500 people have now been arrested. 70% of them are adult men. Now, you remember this was a high school protest because high schools were dilapidated and underfunded, and that’s what the origin of the protest was. Now it’s just become complete civil unrest and looting. Multiple historic government buildings tragically have been burned down, notably a 143-year-old city hall in a town 250 miles south of paris, limoges.
chamath palihapitiya: (00:45:37 – 00:45:37) limoges.
jason calacanis: (00:45:37 – 00:47:17) beautiful name, beautiful building. Absolutely heartbreaking to watch it collapse. For what reason? So they could upgrade the schools in france. Seems like there’s a lot more going on here. France has finally implemented some curfew, some curfews. I don’t know how you don’t do that day one. New york times quote: “france’s government has accused ultra-left militants and opportunist looters of causing violence.” President trump and vice president vance have called this a third-world immigration and welfare state issue.
here’s what france’s justice minister said. Rioters include, quote, “people from immigrant backgrounds, people who are foreigners, but there are also people who are fully integrated and who are french.” Our partner polymarket says 18% chance france declares a state of emergency by the end of the year.
same time, investors are dumping french debt. Friedberg: france’s 10-year has surpassed 5% this week, highest since 2002. On the other hand, and this is an ongoing issue here in the united states, 10-year dropped just under 5% for the first time in a month. Wall street journal says this might be because people are fleeing eu debt and buying the u.S. Debt. Polymarket, our longtime partner here at all-in, says 91% chance moody’s or s&p downgrades france by october 31st.
so let’s stop there. Chamath, when you see this and you spend your time in italy in the summers, obviously we talk about that here on the pod, you see it happening in italy, and what’s your takeaway here from what we’re seeing?
chamath palihapitiya: (00:47:18 – 00:49:33) it’s heartbreaking to see what happens. Let’s just be very clear, i think that these people are absolute criminals. They’re all terrorists and they should all be arrested. And i think that this shows sort of what is at the end of all of this quote-unquote “empathy” that all of these governments have been espousing. It’s just a disguised way of promoting urban chaos. And i don’t know how a police officer thinks it makes any sense for him to be deployed into this melee to do what effectively, protect a christian dior store in the septième arrondissement of paris, it is so stupid.
so these folks have created the tinderbox and the conditions for this to happen, and they’ve done it because they won’t even acknowledge what this is. Even when macron went on state television, he tried to talk about this in terms of the suffering that these people must have. When you look at these pictures, these are not people that are suffering. These are people that are enacting chaos and violence and terrorism, domestic terrorism. And i think you need to respond to these people with an incredibly heavy hand, and then you need to fix the much broader problem.
and as you said, jason, i think what’s happening now is that france is going to be in an incredibly difficult economic position. We’ve already talked about this before, that france is this critical country that’s going to set the tone for the rest of continental europe in terms of how it finances its long-term debts. It’s already proposed €50 billion of austerity. That’s going to have to go up. I don’t understand how in an austerity scheme you actually invest in things like education in a way that would appease these people if that were the true thing that they were rioting and protesting about.
the government is in a no-win situation. I think they are going to lose the upcoming presidential elections, and i think you’re going to see a very complicated reset of the french bureaucracy and the french economy. And i think this is the harbinger of a lot of change to come because the average french citizen should not tolerate what’s happening in their country right now.
jason calacanis: (00:49:34 – 00:50:49) friedberg, what’s your take here when there might have been completely valid peaceful protests? High school students protesting, it’s a beautiful thing. They have some gripe. They created a lot of the democratic system that we actually built america off of. They were great pioneers in democracy and protest. Completely valid form of protest, peaceful, taking to the streets. And then it tips over into something that’s obviously at a minimum, just incredible criminal, and potentially, in chamath’s interpretation, terroristic. And the definition of terrorism— to terrorize people for your political goals— yep, seems like it fits the definition.
so for you, what do you think this represents? Is this a harbinger of more to come and something we might see flare up here in the united states again? Remember, we had the blm riots, we had the january 6th riots. We’ve had our own series of riots here, and they had a very similar pattern. People who felt politically like maybe, or socially, they weren’t being represented properly, and then in some cases it tips over to just criminal looting and incredible violence. What’s your take here, friedberg?
government spending and the socialism debate
david friedberg: (00:50:50 – 00:50:54) i think it’s a little conflating to add some of that other stuff to the mix here.
jason calacanis: (00:50:55 – 00:50:55) how so?
david friedberg: (00:50:57 – 00:52:48) i think those have very kind of acute political or sociopolitical events tied to them. This one seems to be kind of much more broad-based. So if you watch some of the interviews that were done on the street, there’s a very wide range of kind of complaints. If you listen to the folks that are rioting, everything from schools to free palestine to the government’s not doing enough for us with healthcare, with support, with jobs. We’re underemployed. There’s just so much discontent with the objective being to get the government to do more for the people.
there’s a lot of immigration that happened. And so all these immigrants that come in, they expect the government to provide to them. The promise was that the government would provide to them. And over time, the government providing things to the people, as we’ve talked about countless times, is never, ever, ever, ever, ever a sustainable answer. Decentralized government doesn’t have accountability. There is no progress. There is no possibility for economic growth. There is no possibility for creating the right incentive structure.
so the more the government tries to provide to the people, the more the people are let down. We’ve seen this in the united states, i would argue, with the 3 things that the government is trying to provide here, which is healthcare, housing and education, and the more the government spends to try and provide more of those things, the worse those things get and the more unattainable they become. And the same has happened in france.
so take a look at this chart. This chart is a measure of public spending as a percent of gdp. Rand group research published it, and you can see the comparison of france’s public spending as a percent of gdp to the peak public spending as a percent of gdp of major communist nations. Soviet union during—
chamath palihapitiya: (00:52:48 – 00:52:50) this is an incredible chart for you.
david friedberg: (00:52:50 – 00:52:55) communist romania, venezuela under chávez, and then communist china.
chamath palihapitiya: (00:52:55 – 00:52:59) that’s unbelievable. So do you think france is a communist state?
jason calacanis: (00:52:59 – 00:53:00) well, this is—
chamath palihapitiya: (00:53:00 – 00:53:00) it spends like it.
jason calacanis: (00:53:01 – 00:53:03) well, it’s certainly been a socialist state, right?
david friedberg: (00:53:03 – 00:53:29) is it working? Yeah, well, that’s my point. And i think this is such a prescient lesson for the west to look at. We all think that there’s some political problem with macron or whoever it was, the more the government spends, the worse the conditions get for its people, not the opposite. And then the people riot and revolt and say that the government’s not spending enough and the government needs to be doing more. Now take a guess, pull that chart back up. Take a guess where the us is today.
jason calacanis: (00:53:30 – 00:53:31) what percentage of our gdp?
chamath palihapitiya: (00:53:31 – 00:53:32) 20, 20%.
jason calacanis: (00:53:33 – 00:53:35) yeah, i was going to say 25. Yeah.
david friedberg: (00:53:37 – 00:53:50) federal government spending is $7.4 trillion. State and local government spending is $4.6 trillion. You add those 2 together, it’s $12 trillion out of a $33 trillion gdp. U.S. Public spending is roughly 36% of gdp.
jason calacanis: (00:53:50 – 00:53:51) okay, yeah, we’re right there.
david friedberg: (00:53:52 – 00:55:38) france today is the same as the u.S. It’s about 120% debt to gdp. France today is operating— its national government spending deficit is 5.4% of gdp. The u.S. Is actually 6.2% of gdp. France is, i think, probably the first to go because they’re only growing their economy at half a percent while the us is growing at 2.3%. So we’re still kind of hanging on because we have some degree of economic growth that’s allowing us to kind of hold things together.
but i would argue that we are facing the same sort of fiscal cliff which leads to this extraordinary social unrest as france. All the economic measures are aligned. We’re at the same rate, we’re at the same set of problems, and we’re starting to see the cracks in the system. I think that france is a bellwether for the west. You can load in all the immigration stuff with it because i do think that that’s a big part of it where you open the border to let people in to try and grow the economy. You promise them things, they actually add fuel to the fire, things get worse, and it becomes a real problem.
fundamentally, socialism destroys progress. It limits everyone’s upside by giving everyone a floor. And the limiting of the upside is what leads to these sorts of problems where no one feels like they can progress. And as soon as the quality collapses, because you’ve taken out all the incentives in the system, everyone starts to feel incredible discontent. France, i think, is one of the first to go. But if we don’t right the ship in all these other countries in the west, i think we might find ourselves falling down the same hole. And i’m very concerned about that. I think we need to observe this for what it is and be really thoughtful about it with our politics becoming unfortunately a little more disturbed going into this midterm and over the next 2 years. I worry quite a bit.
fixing education, housing, healthcare and retirement
chamath palihapitiya: (00:55:39 – 00:55:41) what do you specifically think should be done?
david friedberg: (00:55:42 – 00:55:47) cut spending, cut deficit to gdp, cut programs. Okay, but hold on, let me just push back.
chamath palihapitiya: (00:55:47 – 00:56:34) yeah, well, let me just push back for one second. So, what do we think is at the root cause of this? Let’s just focus on the young people. The young people, they’re not optimistic about the future. They have a lot of difficulties financially, career-oriented, as well as social. I mean, i think their social progression has been stalled relative to other generations. You have these things that are like these swords of damocles hanging over them, like pensions. I’m sure that they don’t understand it completely. But if they took a second to realize that at some point these pension things come due for their parents and their grandparents, that’s going to be on them. So how do we set it right for them? What do we do?
david friedberg: (00:56:34 – 00:56:57) i think 4 things are the primary cause of this that could be directly addressed. It’s education, housing, healthcare, and then the retirement system. Every one of them, there’s probably a multi-year solution. Education, i think we need to wind down the federal student loan program. Said this many times. And i think in the process, we’ve got to eliminate a lot of the student debt that’s outstanding. I think it’s a necessity.
chamath palihapitiya: (00:56:57 – 00:57:02) so cancel the underwriting at the federal level, but also cancel the existing debt of the folks that have it.
david friedberg: (00:57:02 – 00:57:11) there’s a complicated mechanism that i think is needed for the deletion of student debt, perhaps in bankruptcy or something like that, to go back on that law that made it impossible. I just—
chamath palihapitiya: (00:57:11 – 00:57:22) on this one, just to add to this, i’m extremely sympathetic to canceling student debt. I think it should have always been dischargeable through bankruptcy, but i’m quite supportive of this.
david friedberg: (00:57:22 – 00:57:44) i think it has to happen with deleting the federal student loan program. What will happen then is you’ll right-size all the institutions and their tuition costs, because then all the institutions will start to fit to the market. It’ll take about 10 years. It won’t happen overnight. So we have to have a firm commitment to seeing it happen over the next decade. In housing, we’ve got to do something similar with housing loans that keep inflating the cost of homes and deal with the fact that a good chunk of the middle class—
chamath palihapitiya: (00:57:44 – 00:57:52) okay, wait, but go through your list. Go through your list because i have one critical question at the end of your list because your list makes sense on the surface.
david friedberg: (00:57:52 – 00:58:19) then i think that we need to make defined benefit retirement programs, including the social security trust fund, illegal. I think all defined benefit programs need to be transitioned to defined contribution programs over, call it, a decade period. In the process, everyone gets— whatever you’re owed in social security gets deposited in effectively an ira or a trump account or whatever they’re called for you today. And all of social security is deleted and now everyone owns equity.
jason calacanis: (00:58:19 – 00:58:25) superannuation funds like we talked about in australia, we just transfer to that. What would the pushback on that be, friedberg?
david friedberg: (00:58:25 – 00:58:38) because people lose a guaranteed income, but rather than do it one time, what you would do is you would transition 10% of all your social security amount owed to you per year for the next 10 years. So you do a 10-year transition where everyone gets their money smoothed out into buying into the market.
jason calacanis: (00:58:39 – 00:58:39) yeah, great.
david friedberg: (00:58:39 – 00:58:45) yeah. And then people can choose a 40/60 plan or an 80% bonds plan or whatever plan they want depending on their age.
chamath palihapitiya: (00:58:46 – 00:58:47) do healthcare and do housing.
david friedberg: (00:58:47 – 00:59:14) healthcare is the hardest, but i think housing— healthcare is way more complicated, but i think it’s fundamentally got to get pushed to corporations that employ people where they’ve got to go into a market for insurance, and that forces the market for insurance to force prices and services down. But there’s 2 things that get in the way. Wait, and housing. So hipaa and housing regulations are the 2 things that get in the way of price coming down in healthcare and housing. So you got to address those, which are much more complicated because in the case of housing, it’s state and local.
chamath palihapitiya: (00:59:15 – 00:59:29) so let me just ask a question. So when you look at france and italy and you look at these riots, i think it’s important to observe that they have theoretically 2 of the 4 roughly solved, which is they give you free education and free healthcare.
jason calacanis: (00:59:29 – 00:59:35) okay, now you know how cheap it is to go to college, chamath, in france?
chamath palihapitiya: (00:59:35 – 00:59:35) i don’t. I don’t.
jason calacanis: (00:59:35 – 00:59:54) €300 a year and costs the state like €12,000. So they are in college and graduate school. When i was in paris this summer, i had somebody explaining to me the resentment here. They consider it like— i’m trying to think of the equivalent we might consider here in terms of entitlements. They believe they should be able to go to college and graduate school forever.
chamath palihapitiya: (00:59:54 – 01:00:00) what i’m asking you, jason, and i’ll ask you— i’m asking both of you— is you bring up these 4 issues.
jason calacanis: (01:00:01 – 01:00:01) yes.
chamath palihapitiya: (01:00:01 – 01:00:38) one is a vagary of the united states, meaning the student debt issue is purely an anomalous thing that exists in the us that does not exist in some of those western countries where we’re seeing riots. The second thing that we brought up, which is healthcare, is roughly free over there. The third thing we brought up, which is education, is roughly free over there. The fourth thing we brought up, which is defined benefit versus defined contribution— again, the system there is a problem because it’s the same system that we have effectively, and you have this pension overhang. But i guess what i’m saying is there, 2 of the 4 are roughly solved, one of the 4 doesn’t exist, yet they’re still rioting.
immigration and the targeting of chinese businesses
jason calacanis: (01:00:38 – 01:02:08) so i could explain that. No, no, i can actually— hold on, i can answer this. I think the original riots when it was students were banal, maybe throwing a couple of bottles here kind of riots. The students weren’t looting. The looting occurred by illegal immigrants from northern africa and a lot of resentment from islamic muslim immigrants in france who have not been allowed to integrate into society and in some cases are second and third generation parisians who have either not integrated into society or part of this is also on the native french who have not integrated into society.
if those people weren’t there, chamath, they weren’t there, we wouldn’t be having this conversation. We would just be talking about run-of-the-mill people who just want a slightly better classroom, slightly better teacher ratio to students. This is because of the unmitigated disaster of immigration to italy, to spain, and to france. And people have a hard time just saying it like it is, but that’s what it is.
and that’s why here i think we stopped it by closing the southern border. And there they have a different type of immigration. It’s people who don’t want to integrate. If you take the average mexican who comes to america, they’re more than happy to learn english. They’re more than happy to integrate into american society and our customs. It is not the same in the uk, italy, and obviously france, as we’ve seen. It’s an immigration issue.
david friedberg: (01:02:09 – 01:02:46) but chamath, i don’t know if it’s actually solved because i think the time to get a doctor’s appointment is weeks. The quality of the education is poor. You’re sitting in a classroom with 60 kids. That’s what the kids are complaining about. There’s obviously a lot of other kind of motivations in those riots that are happening, but there’s a fundamental feeling of oppression that i think weighs heavily on this entire population. And the oppression is there’s a higher caste that is doing better than we are, and it is not fair because we were promised that we would do well. Pull up this video, nick, that i sent. I think this is a view of some of the anger. Watch this.
video clip begins:
unidentified speaker: (01:02:46 – 01:02:48) the chinese have become too rich in france.
unidentified speaker: (01:02:52 – 01:02:53) too rich.
unidentified speaker: (01:02:55 – 01:02:56) and that’s not fair.
unidentified speaker: (01:02:56 – 01:03:02) well, i think it’s not fair. They’re now in the category of people with nice clothes and big cars.
video clip ends:
david friedberg: (01:03:03 – 01:04:10) so this was a response interview to why the rioters were going after chinese-owned stores and destroying them in paris. So they were specifically targeting chinese-owned stores, breaking the stores, burning them down, because they think that these immigrants have become too successful in france and they don’t deserve that success. And i think that that is what this weight of socialism, this weight of a giant government, does to everyone, which is if anyone is seen to be ahead of the suffering that we are all dealing with, they must be the problem. They are bad. They are the issue.
and i think that there’s this kind of fundamental rooting on the free palestine movement, on the patriarchy. It’s all rooted in the same sort of principle, which is they don’t realize that the reason that they’re feeling this way is because the government is already trying to do too much and they’re not able to do it well because the government is the worst place to provide services to the population. Well, and in fact, they see any degree of success and it’s sort of what we’re seeing with the populist movement in the us. Hating tech, hating billionaires. And it’s very common across the west, and it’s going to continue to grow, unfortunately.
jason calacanis: (01:04:11 – 01:04:19) well, and reports where they were specifically targeting chinese and jewish businesses and specifically avoiding— this is when it moved into the full-scale riots and terrorism—
david friedberg: (01:04:19 – 01:04:19) that’s right—
jason calacanis: (01:04:19 – 01:05:09) and avoiding muslim businesses. That’s right. And i gotta say, thank god for the second amendment. I don’t think we would have these type of riots here on a sustained basis. If you remember the la riots, and there’s a term called rooftop koreans. And if you remember, the koreans just literally went on top of their businesses and defended in k-town in la. They defended their businesses.
and when you see these poor business owners not being able to defend their businesses and they’re beaten by these mobs, and you just think, my god, that poor small business owner, they put their entire lives into this business. You know it’s not easy to run a small business, and then they’re being beaten and watching their lives’ work burnt down. That’s just unacceptable. I honestly think you got to rethink the first amendment, the second amendment as well. And i know i’ll get massive blowback, but you don’t see this in texas, in la.
bond vigilantes and the endgame for france
chamath palihapitiya: (01:05:10 – 01:05:13) let me give you how i try to think about what the endgame of this looks like.
jason calacanis: (01:05:14 – 01:05:14) yeah.
chamath palihapitiya: (01:05:14 – 01:05:47) i mean, basically what you guys are saying is independent of who is in charge, it could be left, it could be right, and independent of what the facts are. You basically showed a chart here that shows that france spends more than every other communist government in the history of the world. These things are a disaster, and there’s part of it here where people probably think that this isn’t true and they want to see even more state intervention to make things better. They themselves know that they can’t solve the problem, and so the only person to turn to is the government, because it’s not like you’re going to turn to the person on your left or your right.
david friedberg: (01:05:48 – 01:05:48) that’s right.
chamath palihapitiya: (01:05:48 – 01:06:24) okay, so that’s right. You go to the government, but at some point they’re going to realize that chart is true, and they’re going to see that enough times on their television or on tiktok and x and facebook and instagram where they’re going to be like, wait a minute, i had no idea we’re spending twice as much as communist china. I thought the whole point was that we should be spending more like communist china or like communist russia because this socialism thing is the better version of communism. It’s not going to work. So then who can really fix this? That’s sort of where i go to, because independent of what you think is right, who can fix this?
david friedberg: (01:06:24 – 01:06:25) you need neoliberalism.
chamath palihapitiya: (01:06:26 – 01:08:53) and again, i go back to 2 things, one which is in our control and one that is in the control of the large pools of money and what i kind of euphemistically call these bond vigilantes. The bond vigilantes can break the back of the french government and they can do that economically and they can do that by essentially making their debt unfinanceable. The knock-on effect of that decision would be where you bring long rates so far up that they can’t finance their debt and it essentially causes an economic reset inside of france. And in that, you have to have a grand bargain where you can try to reset these things.
the problem with that is that every time that has happened in the past, somebody accrues more power and somebody thinks about their own ability to then have influence over the next n number of years after that reset. And it’s never about resetting in the right way. The right way would cause you to look at the pension system, to your guys’ point, enforce a bunch of rules around the student-to-teacher ratios in classrooms, enforce a bunch of rules around wait times at hospitals, enforce a bunch of rules around how fast or how slow you can get building permits and what you can see in rent-adjusted inflation, yada, yada. You could do all of these things if you had the political will.
unfortunately, that’s not how it’s going to go down. It’s going to go down by who is in power, who wants to basically pin the blame on somebody else and then have that power for the next 5 or 10 years coming out of a reset. Because in the middle of a reset, what happens is you just give away all your rights. So that’s not the solution. So then what’s the solution?
then we’re only left with, okay, how do we all solve this? And you’re back to the whole, is there a panacea? And the only panacea that nobody wants to believe is— we say it because we believe it, ai abundance and all of this beautiful stuff. It just sounds like michigan. I don’t know, if i was anybody in france, i’d be like, “ai? What are you talking about? A bunch of oligarchs from silicon valley? No, thank you.” So it’s almost this intractable problem. It’s like the irresistible force meeting the immovable object. And i am completely at a loss to simulate in my brain an outcome here. I don’t see a reasonable endgame. And so i’m completely confused and completely without—
david friedberg: (01:08:54 – 01:11:40) yeah. I mean, look, it depends how far the collapse goes. You could have this sort of social collapse that you see in some countries that involve rioting and murder and all these sorts of things, or you end up having what is more of an economic collapse, which is sort of like argentina and brazil and others have gone through. Greece more recently, where the ability to service the debt because the government got too big forces this kind of restructuring of the economy. And yes, there are still massive protests. There is still an incredible loss of net worth. There’s an incredible inflation effect effectively that wipes out asset values for people, and you end up having kind of a resetting, economic resetting without the great social resetting.
so which path does he choose? I think we have to do something. I don’t think we can run a higher deficit to gdp than france in the united states with the same debt to gdp as france and only modestly higher gdp growth. I think we are fundamentally going to need to have some degree of reset in the united states. The question is, do we want it to be a massive social reset, or do the left and the right want to put on their hard hats and say, okay, we got to go in the mines and do the work and figure out how to cut this from 7.5 a year to 4 a year and do it in a way that doesn’t destroy the economy?
and i think that there’s a couple of solutions that will allow that to happen. You basically can deflate parts of the economy like the education system, the higher education system by taking away federal student loans. You can have a hit to housing, which will drop the net worth of the middle class by 10 to 20% by taking the federal home loan system and reducing the underwriting that’s happening, reduce the volume that’s pushing through it because we’ve used it largely to keep prices propped up high, to keep homes’ net worth high so that the middle class remains highly solvent and feel wealthy.
the problem is it’s now inaccessible to the young people, so they can’t buy a home. So we’re now sort of hitting the head here. Something’s got to give. So if you want to have the social unrest, you don’t move on that. But if you want to allow them to feel like they have access, you’re going to have to take a hit. Middle class, upper class, wealthy, et cetera, in the us are going to have to take a hit on asset value and transfer it more kind of carefully to the emerging folks.
and then you’ve got to fix this pension system, which is either overloaded or underloaded. In both cases, it’s really bad. And this is why when erisa happened, all of the private companies in the united states got rid of defined benefit programs. The only defined benefit programs in the united states that still exist are inside of governments because unionized government employees said, “we want to keep defined benefits.” And if they had moved to defined contribution, this is what’s so sad about it. If they had moved to defined contribution programs, including social security, they would’ve all had so much more money. Everyone would have been wealthy.
jason calacanis: (01:11:40 – 01:11:47) you don’t even have to wonder about this. You can literally look at what’s happened to australia and how happy people are that they’re forced to be in the market.
david friedberg: (01:11:47 – 01:11:48) and norway.
jason calacanis: (01:11:48 – 01:12:46) yeah, and norway. They’re just like, if you’re forced to do that. And then we had this incredible thing this week, which dovetails with this, which is elon said he’s going to give every american child, which i think is defined as under 18, a share of spacex worth $150, $160, $170 it’s been trading at. Which is a $10 billion gift, which i believe will be amongst the largest gifts in the history of charity ever done. And he said he’s just getting started with that.
there’s nothing that says this is not going to become a bit of a contagion amongst the affluent to give a large portion of their wealth to, or even a small portion of their overall wealth, but giving it directly to kids who can’t touch it for 18 years. And if we made it part of their superannuation fund, maybe we could have invest america up to 18 years old for college, and then we could have an invest america for your retirement. I mean, it would actually— if you bifurcated that and you gave one share to each, that could be even more accretive, right?
david friedberg: (01:12:47 – 01:12:51) jason, what did you think about your friend kara swisher’s— no longer friends.
jason calacanis: (01:12:51 – 01:12:55) kara and i, i know she’s friends for a long time. I think she is—
david friedberg: (01:12:55 – 01:13:03) i’m sorry, can you just describe for the audience what her criticism was of elon and, i think she had multiple videos.
jason calacanis: (01:13:03 – 01:13:46) one of them is it’s only one share and that they should just give money directly to people. And it’s obviously what the reason that’s incredibly stupid is you should give any possible gift that people are willing to give and forcing people to hold on to it makes them part of capitalism. And kara swisher makes $10 million a year from her podcast. She talks about it all the time. She is of the 0.1 or 0.001%. She should give half of her podcasting revenue if she’s so virtuous to invest america accounts. And she’s also saying they should be putting elon in jail, and that the democrats are going to do that if they win. So there’s kind of a double thing there. But she’s a karen and she’s a hypocrite.
david friedberg: (01:13:46 – 01:13:56) yeah. Can i say something about this, nick? Can you pull up that image of that woman whose store was destroyed in france? Who’s a well-known activist. Yeah, you guys see this image?
chamath palihapitiya: (01:13:56 – 01:13:58) i did see this, and i don’t know that it’s true or not.
jason calacanis: (01:13:58 – 01:14:00) so i think the story here is—
david friedberg: (01:14:01 – 01:15:34) yeah, the story is that this woman is a well-known activist in france who for a long time was very vocal about opening the borders and letting the immigrants come in and taking care of the immigrants. And she was angry and upset and yelling at people in the street while they were destroying her store, saying, “do you know who i am? I am an activist who advocated for you all.” And they didn’t give a f***. They went in and destroyed her store. And the look on her face, which was like, what the hell happened, is meant to be this moment that sort of captures the zeitgeist of what some people call suicidal empathy.
but i think it’s much more about being, call it, an armchair do-gooder. And an armchair do-gooder is someone who kind of sits at home in a nice home in the suburbs or wherever they live, and they say, “let all the people in, take care of all the people.” But as soon as the people show up to their front step and say, “can i come and stay in your house?” The answer is no, of course not. Yeah, someone else has to deal with it. Someone else has to hold you in their home. Someone else has to house you. Someone else has to feed you. Someone else has to give you a job because i can’t house you. I can’t feed you. I can’t give you a job.
and i think that this is what has become inherent throughout the west, which is the armchair do-gooder that says we should do all these good things. But when it comes home to roost, when the cost of doing those good things comes home to roost, they’re shocked and they’re all in the face and they’re like, holy s***. And this, by the way, we see it in the us.
jason calacanis: (01:15:35 – 01:15:35) we had a term for it.
david friedberg: (01:15:36 – 01:15:50) by the way, there are all these great videos on twitter, by the way, where these people go around, they go to suburban homes and they’re like, “hey, did you vote for so-and-so bill to have unrestricted immigration?” They say yes. They’re like, “okay, here’s 15 guys. They want to come live in your house.” And the people are like, “no, they can’t live in my house. What do you mean?”
jason calacanis: (01:15:51 – 01:16:08) this was called— in another era, we called this limousine liberals. And it was manifested when they used— which was quite offensive but quite effective— when they used immigrants and bussed them to martha’s vineyard or other places and were like, “here’s your immigrants. You said you wanted them.”
david friedberg: (01:16:08 – 01:16:12) what rob henderson calls luxury beliefs, luxury beliefs, limousine liberals.
jason calacanis: (01:16:13 – 01:16:34) if you were to look at the problems in france, they’re not completely intractable. A lot of the complaints are, i think, wait times at a hospital. Well, you have free healthcare. Oh my, the student ratio. Well, you’re only paying €300 a year for your college. If you want to go from 60 to 1 down to 30 to 1, okay, yeah, we’re going to need to charge you €2,000 a year.
chamath palihapitiya: (01:16:35 – 01:17:04) no, you don’t. No, you don’t. You don’t need to charge them more. This is the point. The point is, when the bureaucracy inflates and the quality of the service goes down, an intelligent person would look at that inflated bureaucracy and say, this is inversely correlated to what i expected. So really what should happen is people have the intelligence to say, hold on a second, i’m now spending 57 cents of every gross productive dollar on a government that now has increased my wait times and decreased the student-teacher ratio?
jason calacanis: (01:17:04 – 01:17:08) oh yeah, they’re certainly not going to be efficient. So it’s not as efficient.
david friedberg: (01:17:08 – 01:17:10) exactly right. That’s right.
jason calacanis: (01:17:10 – 01:19:01) but if you— the second part of what i was going to say here is, there’s austerity measures which have been happening in europe for a long time. But if you have an immigration rate where you’re importing 1.5% of your population a year and your gdp is not growing, that might be a signal to you that maybe you have to change gears. And if the people who you’re immigrating into the country are not productive or not productive yet. Maybe their kids will be productive or their kids’ kids will be productive, but right now they’re a drain on society. You can only accept so many people.
and then there’s another nuanced point under that, which is you cannot accept people who do not make a commitment to assimilate into that country’s culture, period, full stop. You can have a very small number of people, whether it’s japan, the united states, or france. You can only have so many people join the country who don’t speak the native language because that becomes an incredible burden. Now you have to create an entire second education system, healthcare system where people speak spanish, where people speak whatever, french, german, whatever it happens to be. And that’s what’s taxing these. I think it’s 1 in 19 are from northern africa, and like 1 in 9 is an immigrant. And they have unmitigated immigration in europe.
that’s the other piece of this problem. If they didn’t have that for the past 20 years and they weren’t adding so many low-value immigrants as opposed to high-value immigrants, high-value being people with graduate degrees who are investing in companies versus people who are taking bottom-rung jobs, and you started looking at it against the gdp of the country, against the unemployment, against where does this immigrant fit in what jobs we need. So do we need this type of worker, construction worker? Yes. Okay, we should add more of those because we have a deficit. But they’re not doing it intelligently, and that speaks to this woman running her small shop. She wants to allow all these people to come there, but she’s not looking at the balance sheet, and the balance sheet doesn’t support it.
david friedberg: (01:19:01 – 01:19:02) i’ll simplify it down.
jason calacanis: (01:19:02 – 01:19:03) i think it’s an economic issue.
david friedberg: (01:19:04 – 01:20:21) yeah, just to restate what you said slightly differently, if you’re providing social services to an immigrant population, then that’s not necessarily a productive immigrant population in terms of being able to contribute to growing the economy and supporting— yes, civil society. Social services that are requisite for an immigrant population should indicate to you that that’s probably not the immigrant population you want to bring in. This has nothing to do with the countries or the characteristics of people. It’s simply a statement that if you’re paying for social services to support an immigrant population, something’s wrong and it’s the wrong population that you want.
but if a population— if immigrants come in and they’re productive, meaning they can get jobs and they can work and they can support themselves, that means they’re adding something positive to the economy, to the civil society. And that is the sort of selection criteria that needs to take place. So that’s a simple framework for determining whether or not you should do this. And an easy way to solve it is get rid of social services for immigrants. As soon as you get rid of social services for immigrants, then you self-select into the right population that’s going to come in. The second thing is, jason, just to put a point on this. It’s not about assimilating to society. It’s about sharing the values of what makes the united states the united states.
jason calacanis: (01:20:21 – 01:20:22) well, that’s what i mean.
david friedberg: (01:20:22 – 01:20:51) the value of self-sufficiency. I don’t care about your religious beliefs. I don’t care about your movie interests. I don’t care about your first language. I don’t care about your sports interests. The multiculturalism of the united states actually adds an incredible amount of value. But the values of what do we actually care about, what are the principles that we all share as a civil society of the united states or a civil society of france is a screening criteria that seems to have been thrown out the window as we’ve allowed the immigrant flock to take over the west.
jason calacanis: (01:20:51 – 01:20:55) yeah. Freedom of speech. Do you believe in the second amendment? Do you believe in the core benefits of america?
david friedberg: (01:20:55 – 01:20:59) you pull yourself up by your bootstraps. Do you believe in women’s rights? Do you believe that women are equal to men?
jason calacanis: (01:20:59 – 01:21:00) yeah.
david friedberg: (01:21:00 – 01:21:33) as a simple one, right? Do you believe that you should work for your money as opposed to take it from the government? Do you believe in your individual rights? Do you believe in the legal system versus your church’s legal system? Is your church paramount to the government and the laws of the state? And do you believe that other people have rights that you don’t get to trample on? Those are the sorts of things that are in many cases counter to the cultural, religious, and other traditional beliefs of certain populations that end up causing the damage in the west. And i think that it’s been kind of completely lost in the process.
chamath palihapitiya: (01:21:33 – 01:21:56) you know what i thought when i heard that kid talking about targeting these chinese people? It’s weirdly reminiscent of a more bottoms-up, maybe poorly disorganized, but a bottoms-up version of kristallnacht where you had obviously the looting of jewish businesses and synagogues in 1938.
jason calacanis: (01:21:56 – 01:21:57) because they were doing better.
chamath palihapitiya: (01:21:57 – 01:22:27) which were state-sponsored. And they had some idiotic pretext, but ultimately it was because they were jealous of the jews. And now here you see folks that are essentially burning and pillaging businesses, and at least some narrow percentage of them were doing it effectively to target a cohort of people that they are jealous of. And they are jealous of exactly what you said, because i don’t think the chinese emigrate to a country and have some of these long-tail views. They’re like, “get me in the game, coach. Tap me in. I’m ready to go.”
jason calacanis: (01:22:27 – 01:22:30) they’re entrepreneurs and they want to do better. They’re entrepreneurs.
chamath palihapitiya: (01:22:30 – 01:22:31) they’re industrial. They’re super hardworking.
jason calacanis: (01:22:31 – 01:22:32) exactly.
chamath palihapitiya: (01:22:32 – 01:22:51) and so the contrast is quite stark, where you see one immigrant essentially saying, “c’est pas juste,” is basically his way of saying, “it’s not fair,” which is kind of like a petulant child. So on the one hand, you have petulant children; on the other hand, you have hardworking immigrants. They’re both immigrants. It’s the craziest dichotomy. I mean, just seeing it in real life is shocking.
jason calacanis: (01:22:51 – 01:23:04) immigrant on immigrant violence because one is working harder, has a better plan, is applying themselves, and probably working 7 days a week, 12 hours a day at that business to make it successful.
chamath palihapitiya: (01:23:04 – 01:23:07) no, her specific story is even more—
jason calacanis: (01:23:08 – 01:23:10) i was talking about the chinese one. Yeah, not that.
chamath palihapitiya: (01:23:10 – 01:23:18) yeah, the chinese woman. Yeah, because they went and they actually told their story, and she had worked there, she had worked essentially in restaurants for 34 years to earn the money to open that restaurant.
jason calacanis: (01:23:19 – 01:24:50) yeah, i grew up in the restaurant business. Let me tell you, it’s the hardest thing on a family is to run a business, because when somebody doesn’t show up for work or you don’t have the money, you all just have to work. My family, we all worked at the restaurant. My mom made the f***ing desserts at our restaurant because she wanted to save money, and she was a nurse, not a pastry chef. Yeah. And my brothers and i, we worked at the restaurant since we were 6 or 7 years old. We set the tables, we polished the silverware, we were working in the kitchen at 10 f***ing years old, and we were still living week to f***ing week.
and then you come burn the business down. You come burn my dad’s business down, we’re going to unload. My dad was packing, he was strapped. And you do this in america, you do this in texas, you’re going to get shot. And when i saw those poor chinese people on the balcony, and their lives are at risk and their whole livelihood, i was just like, man, i wish these people had guns. I wish these people had guns, could defend their private property. It is just crazy that they could just be run over like this a |
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| Student loan restrictions could put arts education out of reach |
| Posted on Saturday, October 24 @ 00:02:43 PDT (10 reads) | |
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The u.S. Department of education announced plans to cut federal student loans for students pursuing degree plans that result in lower average post-graduation incomes. These plans are set to take effect in july 2027 and coincide with changes to student loan policies for degrees not considered “ professional .”
programs in fields such as music, social work and religious studies have raised concerns about how earnings-based standards could affect access to federal student aid. Although these programs will still be available across college campuses, lower-income students who cannot afford to attend university without federal loan assistance will find it harder to pursue these fields of study, thereby limiting access to them.
the idea behind these loan cuts is that the department of education believes colleges should face consequences when their programs leave graduates with poor financial outcomes.
however, evaluating programs primarily through graduates’ earnings risks overlooking the social and cultural value of professions that do not traditionally offer high salaries.
the cost of limiting access although careers in these fields, on average, offer lower incomes, their work is still in demand and necessary for society’s functioning.
cutting off access to these programs could leave these fields, many of which already face worker shortages , severely understaffed, as students who would typically fill these jobs are drawn to other fields of study just to afford an education.
one concern is that reduced access to federal loans could make arts education increasingly difficult for students from lower-income backgrounds. As art programs become unaffordable for the majority of students to pursue — since three-fourths of students have taken out $20,000 or more in loans in the past 10 years to complete their schooling — students previously pursuing the arts are likely to move to more affordable fields of study.
if fewer students can afford formal arts education, universities could lose opportunities to develop emerging artists, while students without financial resources may face greater barriers to creative careers.
according to case western reserve university , “the study of arts and culture builds skills in innovation, critical thinking and creativity, while also teaching and inspiring society to form values, evaluate opinions and share similar emotions.”
education is more than a paycheck restricting access to arts education could have consequences beyond individual students, potentially limiting opportunities for creative expression, cultural participation and innovation. When we remove the pursuit of creativity and the good of community from our society, what remains is a corporate world devoid of emotion, vulnerability and deep thought .
although graduates’ earnings are one way to measure the financial value of a degree, they do not fully capture the knowledge, creativity and contributions students bring to their communities. What truly matters is the knowledge students are gaining, their passion and drive for it and their ability to use their field of study to make the world a better place, regardless of how much they invest in it or how much they receive in return.
social workers, educators and artists contribute to communities in ways that are not always reflected in their salaries. If federal student loans make these fields possible, then the government owes it to the people of the united states to keep these programs accessible to all and to allow university students to pursue what truly interests them, regardless of the rate of return.
opinion@thedailycougar.Com
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| Top 8 Cash Home Buyers in Indiana 2026 |
| Posted on Saturday, October 24 @ 00:02:43 PDT (11 reads) | |
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Explore the top 8 cash home buyers in indiana (2026) indiana homeowners face different selling conditions depending on their property’s location, condition, and local buyer demand. In 2026, factors such as home prices, housing inventory, and the time it takes to secure a buyer can influence how sellers approach the market. Although working with a real estate agent remains a popular route, selling directly to a cash home buyer may be a practical alternative for homeowners who value convenience and flexibility.
a traditional home sale can require repairs, cleaning, property staging, scheduled showings, inspection negotiations, and coordination with a buyer’s mortgage lender. For people managing an inherited property, preparing for a move, dealing with an unwanted rental, navigating financial pressure, or selling a house that needs significant improvements, these requirements can make the process more demanding.
cash home buyers provide another way to sell a property. Depending on the company and the home’s condition, an owner may be able to sell without completing major renovations, receive an offer based on the property’s current state, and arrange a closing date that suits their needs. Some transactions can close sooner than conventional sales, but the actual timeframe depends on the buyer, title verification, property circumstances, and other closing requirements.
across indiana, homeowners can investigate cash selling options in indianapolis, fort wayne, south bend, evansville, bloomington, carmel, fishers, and other communities throughout the state. However, not every company operates in every market, and buyers can differ considerably in their purchase criteria, offer calculations, fees, and closing procedures. Comparing several options can help sellers understand the trade-offs before choosing a buyer.
this guide reviews eight cash home buying companies serving indiana, helping homeowners explore available options, assess the advantages and limitations of selling directly, and identify the essential details to consider before accepting a cash offer.
what you’ll learn in this guide ???? An overview of indiana’s 2026 housing market: understand how local property values, inventory, and buyer activity may affect your home-selling options.
???? Reasons to consider cash home buyers: discover why some homeowners choose a direct sale instead of preparing their property for the traditional real estate market.
???? A comparison of eight cash home buying companies: explore companies serving indiana and review their services, buying approaches, and potential benefits.
????? Options for selling different types of properties: learn what to consider when selling a house that needs repairs, an inherited home, a vacant property, or a rental with tenants.
???? Factors to evaluate before accepting an offer: compare proposed purchase prices, applicable fees, closing expenses, contract conditions, and expected timelines.
???? How dealmate helps indiana homeowners compare offers: explore how dealmate’s marketplace approach can help sellers compare cash offers from verified buyers and make a more informed decision.
? Get free same-day cash offers in indiana
compare cash offers ???? Free & secure — for homeowners only indiana real estate market overview (2026) understanding indiana’s real estate market can help homeowners make more informed decisions when preparing to sell a property. In 2026, housing conditions differ across the state, with home prices, buyer activity, and available inventory varying between indianapolis, fort wayne, south bend, evansville, and smaller communities.
homeowners can generally consider a traditional real estate listing or a direct sale to a cash home buyer. The most suitable approach depends on the home’s condition, the seller’s preferred timeline, and the amount they hope to receive from the transaction.
current housing conditions in indiana indiana’s housing market includes urban neighborhoods, suburban communities, rural homes, and investment properties at different price points. Local buyer demand, competing listings, and the condition of a property all influence its marketability.
important considerations for indiana homeowners include:
recent sale prices for comparable properties
the number of active listings in the surrounding area
typical selling times for similar homes
necessary repairs, updates, and maintenance
demand from owner-occupants and real estate investors
indiana’s housing market has experienced changes in both inventory and sales activity during 2026. The indiana association of realtors® reported that statewide median sale prices increased by 5% year over year during the first half of the year, while average daily inventory rose by 13%. These trends highlight why sellers should evaluate current local conditions instead of relying exclusively on statewide estimates.
homeowners dealing with outdated interiors, structural problems, or significant maintenance needs may also explore cash home buyers in indiana. These buyers may purchase properties without requiring sellers to complete repairs or prepare the home for conventional showings.
a direct cash sale can offer a simpler transaction, but the purchase price and contract terms vary. Sellers should compare available offers, review potential deductions, and calculate their expected proceeds before deciding how to proceed.
cash sales and investor activity in 2026 cash home buyers serve different communities throughout indiana. They may include independent real estate investors, property investment companies, and businesses that acquire houses for renovation, rental income, or resale.
properties that may interest these buyers include:
houses requiring substantial repairs or modernization
inherited homes that owners do not intend to keep
vacant or abandoned properties
rental houses that landlords want to sell
homes affected by storms, water damage, or fire
properties that sellers want to transfer without completing renovations
some cash buyers offer as-is purchases and allow sellers to choose a convenient closing date. Depending on the transaction, a cash purchase may also involve fewer financing-related complications than a sale to a mortgage-dependent buyer.
however, a cash offer is not automatically the most profitable option. Investors may account for anticipated repairs, resale expenses, holding costs, and their desired return when calculating a purchase price.
indiana homeowners should request written offers, understand any inspection or cancellation provisions, and verify who will cover closing expenses. Comparing several proposals can help sellers assess the balance between convenience, speed, and financial return.
broader housing trends across indiana indiana’s real estate market is shaped by regional economic conditions, household affordability, housing supply, and demand from prospective buyers. Market activity in a major employment center may differ considerably from conditions in a smaller town or rural county.
these local differences can influence the price homeowners receive and the amount of time needed to complete a sale.
cash home buyers may be worth considering for sellers who want to:
transfer ownership without undertaking expensive renovations
avoid extensive cleaning, staging, and repeated showings
reduce the risk of a transaction falling through because of buyer financing
sell a vacant, inherited, or tenant-occupied property
coordinate closing around a move, financial obligation, or other personal deadline
the amount a buyer offers will depend on the property’s location, condition, estimated repair costs, comparable sales, and investment strategy. Sellers should also consider whether a traditional listing could generate a higher offer after accounting for repairs, commissions, carrying costs, and other selling expenses.
evaluating both approaches provides a clearer picture of the options available in indiana’s housing market.
six-month market outlook for indiana several factors could influence indiana’s housing market over the next six months. Actual results will depend on local economic conditions, mortgage rates, inventory, and buyer activity.
pricing will remain important: homeowners should review recent comparable sales and competing listings before setting an asking price. Properties priced appropriately for their location and condition may attract more serious buyers.
selling times may differ by market: homes in high-demand neighborhoods may sell at a different pace from properties in areas with more competing inventory. Condition and pricing can also affect the time required to secure an acceptable offer.
investor demand may create alternatives: cash buyers may continue to consider properties that fit their renovation, rental, or resale strategies. Their interest will depend on the property’s potential value and the costs associated with acquiring it.
closing flexibility may benefit some sellers: homeowners facing relocation, inheritance-related responsibilities, or other deadlines may prefer a buyer who can accommodate their circumstances. Any proposed closing date should be confirmed in the purchase agreement.
property condition will influence buyer interest: houses requiring major repairs may appeal to a different group of buyers than move-in-ready properties. An as-is cash offer can provide an alternative, although the seller should compare the net proceeds against other available options.
rather than assuming that the entire state will follow one trend, indiana homeowners should monitor the latest sales data and property-level conditions in their own communities.
indiana housing market snapshot (late 2026) reviewing current housing indicators can help indiana sellers estimate a property’s potential selling price and understand the competition in their area.
metric what indiana homeowners should review median home sale price compare recent closed sales for similar properties median days on market assess how long comparable homes take to sell sale-to-list price ratio determine how final sale prices compare with asking prices active housing inventory evaluate the number of competing properties median rent consider local rental demand when evaluating an investment property indiana’s market data varies according to the reporting period, property type, geographic area, and data provider. For the most accurate assessment, homeowners should consult recent reports from the indiana association of realtors® and compare them with sales in their own neighborhood.
statewide statistics provide useful context, but they should not be treated as an appraisal or a guaranteed prediction of an individual property’s selling price.
top 8 cash home buyers in indiana (2026) indiana homeowners interested in selling a house for cash can compare companies and property investors that purchase homes directly. Available services, eligibility requirements, offer amounts, and closing procedures can vary by buyer and location.
before selecting a company, request a written offer, confirm that the buyer serves your area, and review the purchase agreement carefully. Comparing multiple cash offers alongside the potential proceeds from a traditional sale can help you choose the option that best fits your financial goals and preferred timeline.
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homego cash buyer buys homes as-is with no agent fees, showings, or repairs, making fast sales easy.
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opendoor cash buyer tech-powered platform providing quick cash offers with flexible moving options.
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offerpad cash buyer offers instant home sales with cash, plus added perks like free moving and late checkout.
get cash offers ???? Why dealmate stands out among cash home buyers in indiana indiana homeowners have different priorities when selling a property, from securing a convenient closing date to avoiding expensive repairs and lengthy listing processes. In 2026, sellers can explore traditional real estate sales alongside direct cash offers, depending on their property’s condition and personal circumstances. With indiana’s housing market varying across areas such as indianapolis, fort wayne, evansville, south bend, and other communities, comparing offers can help homeowners understand their available options.
dealmate takes a marketplace approach to selling a house for cash in indiana. Rather than relying on a single investor’s proposal, homeowners can connect with multiple verified cash buyers and compare available offers. This gives sellers an opportunity to review proposed prices, closing timelines, and contract conditions before choosing how to move forward.
by bringing multiple cash-buying opportunities into one process, dealmate helps indiana homeowners explore alternatives without having to contact investors individually.
???? How dealmate works for indiana home sellers dealmate helps simplify the process of exploring cash offers for residential properties throughout indiana. Homeowners share information about their houses, and the marketplace connects them with verified cash buyers who may be interested in their properties.
here’s how the process works: submit basic information about your indiana property and its current condition.
allow dealmate to connect your property with relevant verified cash buyers.
review the cash offers you receive from interested buyers.
compare proposed prices, closing dates, and other important terms.
select the offer that best suits your needs, or walk away if none meets your expectations.
this approach gives indiana sellers a practical way to evaluate potential buyers before committing to a sale. Reviewing the complete terms of each offer is important because the highest initial price may not always represent the best overall deal.
???? Benefits of using dealmate in indiana when considering a cash sale, indiana homeowners may benefit from having multiple options to evaluate instead of accepting the first proposal they receive.
multiple cash offers: compare proposals from different buyers to understand the options available for your property.
as-is selling opportunities: explore buyers willing to purchase homes that need repairs, updates, or cleanup.
flexible closing arrangements: compare proposed closing dates and identify a timeline that works with your plans.
greater transparency: examine offer amounts, conditions, and other contract details before making your decision.
relevant buyer connections: reach cash buyers interested in properties in indiana and the surrounding local market.
more control over the decision: review your options without feeling obligated to accept an offer that does not meet your expectations.
for sellers who prioritize convenience and flexibility, comparing multiple cash offers can make it easier to identify a suitable selling option. However, buyers may differ in their eligibility requirements, inspection conditions, fees, and ability to complete a transaction, so it is important to review each proposal carefully.
???? Which indiana homeowners may benefit from dealmate? A cash home-buying marketplace can be useful for indiana property owners dealing with a range of selling situations.
inherited property owners: families who have inherited a house and want to explore selling without investing in extensive renovations.
relocating homeowners: sellers moving to another indiana city or leaving the state who prefer to consider a more direct sale.
homeowners navigating major life changes: individuals dealing with divorce, downsizing, or other circumstances that affect their housing needs.
owners of homes needing repairs: sellers with outdated interiors, structural concerns, or properties that may be difficult to prepare for a traditional listing.
homeowners facing financial pressure: property owners exploring a potential sale while managing mortgage payments, overdue expenses, or foreclosure concerns.
rental property investors: landlords considering selling vacant homes or rental properties with existing tenants.
owners of vacant or unwanted houses: sellers looking for a practical way to explore offers on properties they no longer wish to maintain.
whether a property is located in indianapolis, fort wayne, bloomington, lafayette, or a smaller indiana community, the right selling approach depends on the property’s condition, the seller’s timeline, and the terms offered by prospective buyers.
dealmate provides a centralized way to explore cash-buying opportunities rather than starting separate conversations with individual investors. Sellers should still verify each buyer’s credentials and carefully review the purchase agreement before proceeding.
???? A more informed way to compare cash home buyers in indiana choosing a cash home buyer involves more than comparing the numbers on competing offers. Indiana homeowners should also consider closing costs, contractual contingencies, proof of funds, inspection requirements, and the buyer’s ability to complete the transaction on schedule.
dealmate helps sellers explore available cash offers in one place, making it easier to compare potential buyers and assess which proposal aligns with their priorities. Instead of automatically accepting the first offer, homeowners can review their alternatives and make a decision based on the full terms of the proposed sale.
for anyone researching the top 8 cash home buyers in indiana , dealmate offers a marketplace-based way to discover potential buyers, compare available proposals, and explore a selling solution that fits their circumstances. The goal is to help indiana homeowners make more informed decisions while keeping their options open throughout the selling process.
? Get free same-day cash offers in indiana
compare cash offers ???? Free & secure — for homeowners only ?? Pros and cons of selling to cash buyers in indiana before selling your property in indiana, it is worth weighing the benefits and limitations of a cash sale. The right choice depends on your home’s condition, how quickly you need to move, and the amount you hope to receive from the transaction.
advantages cash home buyers can offer a shorter path to closing, which may appeal to indiana homeowners managing a job relocation, an inherited property, financial difficulties, or a home that requires significant repairs.
many investment buyers purchase houses in their existing condition. This can help sellers avoid the expense of renovating, deep cleaning, or preparing a property for showings.
selling directly to an investor may eliminate traditional listing-agent commissions when no listing agent is involved. Depending on the agreement, sellers may also avoid certain preparation expenses and repair costs.
cash transactions do not rely on the buyer obtaining a conventional mortgage, potentially reducing financing-related delays and the risk of a lender declining the loan.
some investors also allow sellers to choose a closing date that better accommodates their moving plans or other personal circumstances.
disadvantages cash buyers often seek a purchase price below the property’s potential retail value because they may need to cover repairs, holding expenses, resale costs, and investment risks.
the terms offered by one investor may differ considerably from those offered by another. Some buyers may be less willing to negotiate their initial price or adjust their contractual conditions.
indiana’s housing markets vary by location, property type, and condition. A home in indianapolis may attract a different level of investor interest than a property in fort wayne, south bend, evansville, or a smaller rural community.
selling directly to a single investor can also limit exposure to competing buyers who might submit higher offers through a traditional listing.
another concern is signing an agreement without fully understanding its conditions. Sellers should be cautious when a buyer demands an immediate decision, refuses to provide proof of funds, or leaves important fees and contingencies unexplained.
dealmate gives indiana homeowners an opportunity to compare available cash buyers instead of basing their decision entirely on one investor’s proposal.
???? What do cash home buyers in indiana pay in 2026? Cash offers in indiana depend on several factors, including the property’s location, estimated resale value, current condition, necessary repairs, and demand from potential buyers.
investors commonly consider what a property might sell for after improvements, then account for renovation expenses, transaction costs, holding expenses, and the risk involved in the purchase. As a result, two homes with similar estimated market values may receive different cash offers.
the table below illustrates how a hypothetical $300,000 property might receive different offers depending on its condition.
property condition example market value illustrative cash offer move-in ready $300,000 $255,000 (85%) needs moderate repairs $300,000 $210,000 (70%) requires major repairs $300,000 $195,000 (65%) these amounts are hypothetical examples, not verified indiana market averages, typical offer percentages, or guaranteed prices. Actual offers may be higher or lower depending on local comparable sales, repair estimates, buyer expenses, and property-specific circumstances.
indiana homeowners should compare multiple written offers and review the estimated net proceeds from each transaction. The highest initial offer is not necessarily the best option if it includes substantial deductions, restrictive contingencies, or uncertain closing conditions.
? Are cash home buyers in indiana trustworthy? Indiana has both established real estate investors and companies that purchase properties directly from homeowners. However, sellers should evaluate each buyer individually rather than assuming that every company advertising cash purchases is equally reliable.
a credible buyer should explain how the offer was calculated, provide a written purchase agreement, disclose relevant contractual conditions, and demonstrate the ability to complete the transaction. Homeowners can also review available business information, customer feedback, and the buyer’s transaction history.
warning signs requests for unexplained upfront payments before proceeding with a sale.
vague contract language or unexpected deductions.
pressure to sign before reviewing the agreement.
refusal to provide reasonable evidence of available funds.
unclear information about the actual purchaser or the party responsible for closing.
promises of a guaranteed price or closing date without clearly explaining the conditions.
positive signs verifiable business details and a documented purchase history.
proof of funds or other credible evidence of the buyer’s ability to close.
clear written terms outlining the price, fees, contingencies, and closing date.
transparent communication throughout the transaction.
willingness to use a reputable, independent title or closing company.
genuine customer feedback that can be independently reviewed.
homeowners who encounter potentially fraudulent conduct can consult the indiana attorney general’s consumer protection resources. Dealmate can help sellers compare available cash-buying options, but each buyer’s credentials and proposed terms should still be evaluated independently.
???? How to choose the right cash buyer in indiana choosing a cash buyer involves more than comparing the purchase prices displayed in different offers. Indiana homeowners should consider the buyer’s reliability, the property’s specific circumstances, the contract conditions, and the amount they are likely to receive at closing.
1. Compare multiple cash offers request offers from more than one buyer before committing to a sale. Compare the proposed purchase price, closing timeline, inspection conditions, cancellation rights, and any fees or deductions.
reviewing several offers can help you identify meaningful differences in both price and flexibility. It can also give you a better understanding of what investors are willing to pay for your particular property.
2. Check the buyer’s background research each company’s business information, customer reviews, and history of completed transactions. Where relevant, verify applicable real estate licenses or business registrations through appropriate indiana resources.
ask how long the buyer has been operating, whether the company purchases properties directly, and whether another investor may ultimately complete the purchase.
do not rely solely on testimonials published on a buyer’s own website. Independent reviews and verifiable transaction information can provide additional context.
3. Calculate your expected net proceeds the purchase price alone does not tell you how much money you will receive after closing. Request a written breakdown of the expected proceeds and clarify who is responsible for each expense.
review the following items:
agreed purchase price.
title, settlement, and other closing fees.
any deductions or repair-related adjustments.
outstanding mortgage balances, property taxes, or liens, where applicable.
other contractual charges or obligations.
estimated proceeds payable to you at closing.
comparing the final figures can help you determine which offer provides the most favorable financial outcome.
4. Work with a reputable title or closing company a professional title or closing company can coordinate ownership verification, review relevant title issues, prepare closing documentation, and distribute funds according to the settlement instructions.
ask who will handle the closing and whether you can verify the company’s identity and reputation independently. Review the settlement statement carefully before signing the final documents.
if the agreement contains unfamiliar legal terms, consider having an independent real estate attorney review it before you commit.
5. Consider buyers familiar with your local market indiana includes major metropolitan areas, established suburbs, college towns, and smaller agricultural communities. Property values and investor demand can vary considerably between these locations.
a buyer familiar with indianapolis, fort wayne, bloomington, lafayette, carmel, south bend, or your particular community may have a clearer understanding of comparable sales, local property conditions, and potential renovation expenses.
ask how the buyer determined your home’s value and which comparable properties informed the offer. The explanation should be relevant to your specific location rather than relying entirely on statewide estimates.
6. Pay attention to contractual red flags before accepting an offer, examine the agreement for provisions that could affect the final price or prevent the sale from closing as expected.
be particularly careful if you encounter:
no complete written purchase agreement.
pressure to sign immediately.
no credible evidence of the buyer’s financial ability.
unspecified fees or deductions.
broad cancellation provisions that are not clearly explained.
unclear assignment terms allowing the contract to be transferred to another buyer.
promises that conflict with the written agreement.
take the time to understand every material provision. If the buyer changes the offer after an inspection or walkthrough, compare the revised terms with the original agreement before deciding how to proceed.
7. Compare buyers through a marketplace finding and evaluating individual investors can take time, especially when you are unfamiliar with the cash home-buying process.
dealmate provides indiana homeowners with a way to compare available cash home-buying options rather than relying exclusively on one investor. Comparing the offers and reviewing their respective terms can help you make a more informed decision.
before choosing a buyer, confirm the details of each offer, including the proposed closing date, contractual obligations, applicable fees, and estimated net proceeds.
by comparing buyers carefully and reviewing the agreement before signing, indiana homeowners can better understand their options for selling a property for cash in 2026.
? Get free same-day cash offers in indiana
compare cash offers ???? Free & secure — for homeowners only ???? Ready to compare cash offers in indiana? Thinking about selling your property to a cash home buyer in indiana? Reviewing offers from multiple buyers can help you evaluate potential sale prices, compare closing schedules, and understand the terms attached to each proposal before choosing how to sell.
dealmate gives indiana homeowners a convenient way to connect with verified cash buyers through one marketplace. Rather than approaching buyers individually, you can submit your property details once and explore available offers, compare proposed timelines, and review the conditions of each offer before deciding which option works best for you.
getting started is straightforward. Submit your property information to discover potential cash-selling opportunities in indiana. There are no upfront fees to submit your property, and you are not obligated to accept an offer. You retain control over the decision and can review your options before moving forward.
conclusion selling a house in indiana can involve different considerations depending on the property’s condition, location, and local market conditions. Homeowners who prefer an alternative to listing traditionally may find it worthwhile to explore cash home buyers alongside other selling options.
since cash buyers can differ in their valuations, closing schedules, and contract conditions, evaluating multiple proposals can help you make a more informed decision. Dealmate simplifies this process by connecting sellers with verified buyers and making it easier to review available offers and compare important terms in one place.
if you are considering selling your indiana property, comparing cash offers can help you identify an approach that suits your financial priorities and preferred timeline.
explore our [indiana sell house fast guide] to learn more about your home-selling options and find an approach that fits your circumstances.
submit your property details through a simple online process.
explore available offers from interested cash buyers.
evaluate proposed sale prices, closing dates, and contract terms.
select the offer that best matches your needs and selling goals.
???? Visit dealmate to get started today.
faqs
who are the top 8 cash home buyers in indiana? Indiana homeowners can compare national home-buying companies, regional investors, local buyers, and online marketplaces when looking for a cash offer. Options to research include dealmate, we buy ugly houses, we buy houses, opendoor, offerpad, ben buys indy houses, and other established indiana cash buyers. Dealmate connects indiana homeowners with multiple verified cash buyers, allowing sellers to compare available offers instead of relying on a single buyer. Before choosing a company, review its service coverage, purchase terms, customer feedback, and estimated net proceeds.
how do cash home buyers in indiana work? Cash home buyers typically evaluate a property’s location, condition, estimated resale value, and potential repair expenses before presenting an offer. The process usually begins with submitting property details, followed by a walkthrough or inspection and a review of the proposed purchase agreement. Once both parties agree on the terms, a title company or closing professional helps complete the transaction. Confirm that the buyer has the funds available and understand any conditions that could delay or cancel the sale.
how much do cash home buyers pay for houses in indiana? The amount a cash buyer offers depends on your home’s market value, condition, location, and estimated renovation costs. Investors may deduct anticipated repairs, holding expenses, resale costs, and their desired profit margin when calculating an offer. As a result, a cash offer can be lower than the price a property might achieve through a traditional listing. Request offers from several buyers and compare the amount you would actually receive after all applicable costs.
can i sell my indiana house for cash without making repairs? Yes, many cash home buyers purchase properties in their existing condition, including houses that need substantial maintenance or renovation. This can help sellers avoid spending money on updates, arranging contractors, or preparing the home for multiple showings. However, the buyer may account for repair expenses when determining the purchase price. You should still provide any legally required property disclosures and review the agreement carefully before accepting an as-is offer.
how quickly can i sell my house for cash in indiana? Some cash home buyers can complete a purchase within approximately one to three weeks, although the timeline varies by company and property. A straightforward transaction may move faster because it does not depend on the buyer obtaining a traditional mortgage. Title searches, ownership disputes, outstanding liens, and other complications can extend the closing process. Ask each buyer for a realistic closing date and confirm that the proposed timeline is included in the written agreement.
are cash home buyers in indiana legitimate and trustworthy? Many cash home buyers operate legitimate businesses, but sellers should independently verify each company’s reputation and business practices. Review customer experiences, confirm the buyer’s identity, and look for clear purchase agreements that explain the price, contingencies, and closing responsibilities. Be cautious of high-pressure tactics, unexplained fees, or requests to sign documents without adequate review. Indiana’s consumer protection resources can help you understand potential warning signs and options for reporting suspected deceptive practices.
do indiana cash home buyers charge fees or commissions? Many direct cash buyers do not charge a traditional real estate agent commission because they purchase properties directly rather than listing them for sale. However, the seller may still be responsible for certain closing costs, title-related expenses, prorated property taxes, or other contractually agreed charges. Some companies or alternative selling services may also have service fees or repair deductions. Request an itemized estimate of your expected proceeds so you can compare offers on an equal basis.
can i sell an inherited or vacant house to a cash buyer in indiana? Yes, cash home buyers may consider inherited properties, vacant houses, and homes that have been neglected or require extensive repairs. These transactions can be useful when heirs want to avoid renovation expenses or ongoing maintenance while settling an estate. Before closing, the seller must have the legal authority to transfer ownership, and probate proceedings or title issues may need to be resolved. Ask the buyer whether they handle inherited properties and work with the appropriate estate representative or closing professional.
is selling to a cash buyer better than listing my indiana house with a real estate agent? Selling to a cash buyer may be a good option if you prioritize convenience, fewer showings, limited repair obligations, and a potentially faster closing. Listing with a real estate agent may provide greater exposure to prospective buyers and an opportunity to receive competing offers. The best choice depends on your property’s condition, local demand, selling expenses, and how quickly you need to move. Compare the estimated net proceeds and expected timelines for both options before making a decision.
how can i compare the top 8 cash home buyers in indiana? Start by identifying companies that serve your indiana city and purchase properties similar to yours. Request written offers and compare purchase prices, closing dates, inspection conditions, cancellation rights, and potential fees. Dealmate offers an alternative to contacting buyers individually by connecting homeowners with multiple verified cash buyers through one marketplace, with no obligation to accept an offer. Visit dealmate’s indiana page to submit your property details and explore available offers before deciding how to sell.
unlock your homes best cash offers today! Compare top cash buyers—quick, secure, and free. Let dealmate guide you to the best deal with confidence.
compare cash offers |
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| Doña Ana County Commissioners questionnaire |
| Posted on Saturday, October 24 @ 00:02:43 PDT (10 reads) | |
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Samantha barncastle salopek, a republican and candidate for district 1, and willie madrid, a democrat and candidate for district 3, did not respond to the new mexican’s questionnaire.
julia brown
age: 77
party affiliation: democrat
city or area of primary residence: las cruces
educational background: ba, jd, llm
occupation: community/economic development specialist
political experience:
i have not previously run for office. I have been appointed to several positions including city and county manager. Sunland park and doña ana county; assistant attorney general, assistant district attorney, special counsel ethics & merit commission (ok); administrative law judge (ok and dc); director, oakland redevelopment agency. Worked for all levels of government--city, county, state and federal as well as in corporate america and served in the military. Work included: public utility regulation, banking law, municipal finance and bond work; employment and civil rights law. Helped establish community based non-profit organizations and small businesses. Grassroots strategist/organizer.
relevant life experience:
authored a chapter in aclu’s student rights handbook; served on the team writing regulations for the revised community reinvestment act (cra) and competitive equality banking act. Have written personnel manuals, legislation, rules, regulations, policy and procedure. Former: national board chair aauw (amer. Assn of university women); girl scouts of the desert sw board; national bd aclu. Trained facilitator; conducted women’s empowerment seminars, and lead strategic planning efforts. Recipient several awards/honors including: law class president; outstanding recruit basic training; outstanding alumni, college of arts & sciences, osu; “kick ass” democrat award, democratic party of nm; “firsts” award from naacp and nmsu.
have you ever been charged or convicted of a crime, including drunken driving? No
have you ever filed for bankruptcy or been involved in a bankruptcy proceeding, either personally or in business? Yes
if yes, please explain. As the result of some major medical bills without health insurance and delayed and non payment when i was a contractor it was necessary to file bankruptcy. However, rather than a straight chapter 7 elimination of debt, i filed a chapter 13 so i could pay off the debt. None of the debt was student loans. I completed the chapter 13 wage earners reorganization plan in 1988. The court gave me 5 years to complete the payout plan, i completed it in 3.
have you ever been the subject of liens for unpaid taxes? No
what changes do you think are needed at the county level?
work to improve quality of life, especially in colonias and the southern part of the county. Policies and spending need to address high housing and transportation costs. Inadequate infrastructure is one of the biggest challenges the county faces. Expanding infrastructure with sustainable development while addressing water quality is critical. Development efforts need to produce good paying full-time jobs with real benefits while yielding revenues and attraction of public private investments that enable the county to address water quality and availability for the broad base of uses. Major improvements in transparency, fiscal and operational accountability are a must.
how would you restore trust in county commissioners, given recent lawsuits over transparency concerns?
bocc will have to demonstrate in actions that it is being transparent and acting in the best interests of the county. It will be difficult to rebuild trust. The effort will need to be ongoing and consistent. The outcome of the lawsuits will impact the reality, perception and reaction to the county’s efforts. If elected i will have regular meetings throughout the district to report on the status of project jupiter and other projects, initiatives, programs and resource for residents, businesses and institutions. These meetings will provide an opportunity to receive input from those constituents as well.
how would you handle project jupiter?
“handling” depends on two factors, one whether nmed approves the application for air permits; and two the outcome of the lawsuits. If the state and courts allow the project to proceed, the county will have to be extra vigilant in monitoring for compliance with the agreements. My prior work experience demonstrates my ability to review reports and activities for compliance. Regardless of reporting requirements jupiter has with the state, the county has an obligation to monitor. This would be done in collaboration with other governmental entities, fellow commissioners, management and staff as well as with the project jupiter citizens committee.
susie kimble
age: 65
party affiliation: decline to state
city or area of primary residence: doña ana county
educational background: bs from texas a&m university
occupation: county commissioner
political experience:
appointed county commissioner in february 2026 by governor michelle lujan grisham
relevant life experience:
i have worked in behavioral health services for over 20 years in business development. My role has been to collaborate with providers, agencies, and individuals to connect people to the services they need.
have you ever been charged or convicted of a crime, including drunken driving? No
have you ever filed for bankruptcy or been involved in a bankruptcy proceeding, either personally or in business? No
have you ever been the subject of liens for unpaid taxes? No
what changes do you think are needed at the county level?
doña ana county needs to work through the findings that were presented in the audit that was completed in the spring of 2026. The findings need to be taken seriously to ensure that proper attention is paid to the issues that have been noted so they can be corrected to prevent recurrences.
the county also needs to monitor the progress of project jupiter on an ongoing basis to minimize unexpected changes and to verify that the companies are meeting obligations related to the irb and leda assistance.
how would you restore trust in county commissioners, given recent lawsuits over transparency concerns?
the commissioners must engage with community members and listen to their concerns about matters affecting the county. Thoughtful, respectful conversations will promote shared understanding of the issues that matter to residents. Actions taken by the commission need to be done in open sessions to allow members of the public to be aware of what is being discussed and what votes are taken.
how would you handle project jupiter?
the county needs to monitor all aspects of the project to ensure the commitments that have been made are honored. There have been many changes in the plans for the water, electricity, and emission projections throughout the development of the project. The developers must be held to the highest standards as this development moves forward and potentially changes doña ana county in many ways. I will continue to listen to the concerns of residents and ask the questions that need to be answered.
daisy maldonado
age: 48
party affiliation: democrat
city or area of primary residence: mesilla park; las cruces
educational background: master of arts in economics with minor in applied statistics from new mexico state university; bachelor of arts in economics and bachelor of arts in government and communication studies from new mexico state university
occupation: community organizer
political experience:
i have worked directly with residents, engaged elected officials, and advocated for transparency and accountability in county decisions, including project jupiter. My campaign for doña ana county commission district 1 reflects my commitment to ensuring residents have a meaningful voice in government and that public decisions prioritize community needs, public health, and our shared future. I have served as a district legislative aide for a new mexico legislator and participated in legislative advocacy on issues affecting our communities.
relevant life experience:
for 20 years, i have dedicated my work to serving communities in doña ana county. As director of the empowerment congress of doña ana county, i helped grow the organization, secure resources, expand public health outreach, and help residents address unmet needs. My experience spans community organizing, healthcare access, environmental justice, and economic policy. As a latina, working-class, single mother, and graduate with degrees in government, communication, and economics, i understand the importance of practical solutions, equitable opportunities, and accountable leadership.
have you ever been charged or convicted of a crime, including drunken driving? No
have you ever filed for bankruptcy or been involved in a bankruptcy proceeding, either personally or in business? No
have you ever been the subject of liens for unpaid taxes? No
what changes do you think are needed at the county level?
county government must put residents’ needs first. We need greater transparency, accountability, and meaningful community participation in decisions that affect our lives. I would prioritize essential infrastructure, including safe water, wastewater systems, flood mitigation, and safe roads, while working to expand access to healthcare. Economic development must deliver measurable benefits to residents without sacrificing public health or our environment. We must use public funds responsibly, pursue state and federal resources, and ensure developers pay their fair share. Our communities deserve a government that listens, explains its decisions, and follows through.
how would you restore trust in county commissioners, given recent lawsuits over transparency concerns?
trust is earned through actions, not promises. As commissioner, i would advocate for proactively publishing meeting materials, contracts, and project analyses so residents can understand decisions before they are made. I would insist on compliance with inspection of public records act and county code, meaningful opportunities for public input, and clear explanations of major votes, including their costs, risks, and expected benefits. Residents should never have to fight for access to information about their government. Restoring trust requires consistent transparency, accountability when mistakes occur, and a genuine commitment to putting the public interest first.
how would you handle project jupiter?
i would pursue every lawful avenue to ensure project jupiter is subject to independent scrutiny, full transparency, and ongoing oversight of its water use, energy production, pollution impacts, and infrastructure requests. Where evidence identifies unacceptable harm or unmet obligations, i would push for appropriate corrective action within the county’s authority. I oppose industrial revenue bonds for data centers and support a moratorium on new data centers until adequate safeguards protect our water, environment, and public health. Economic development must benefit residents, not place corporate interests above our community’s long-term well-being. |
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| Meet the candidates - Messenger News |
| Posted on Saturday, October 24 @ 00:02:43 PDT (10 reads) | |
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Trending
todays edition of the messenger features information on the candidates from the area running for the state house of representatives.
in house district 8, republican state rep. Ann meyer, of fort dodge and democrat kris williams, of fort dodge are competing. Meyer is seeking her fifth term. Williams is making his first run of public office.
house district 8 includes fort dodge and eastern webster county.
in house district 7 republican state rep. Wendy larson, of odebolt, faces democrat rachel burns, also of odebolt.
larson defeated burns in a december 2025 special election to replace former state rep. Mike sexton, who resigned to become the u.S. Department of agricultures director of rural development for iowa. Larson is now seeking her first full term in the house.
house district 7 includes calhoun, pocahontas and sac counties plus western webster county.
each candidate submitted answers to questions posed to them by the messenger. Their answers to those questions are on page a8 of todays edition.
rep. Wendy larson, republican, house district 7
why should voters pick you?
i represent the conservative values of house district 7, and i believe effective leadership starts with listening. I am willing to hear both sides of an issue, ask questions, and listen to what matters most to my constituents before making decisions.
i earned over 70 percent of the vote in the december 2025 special election by actively engaging with our communities and personally knocking on thousands of doors. I believe that kind of engagement is essential to representing the people well.
i stand firmly for private property rights, protecting the unborn, safeguarding women and girls in bathrooms and sports, and defending parents’ rights to make decisions about their children’s health care and education. I believe families --not government -- should have the primary voice in raising their children. I will continue to stand up for our constitutional freedoms, our conservative values, and the people of district 7.
what would be your no. 1 priority upon taking office?
my top priority is to be a strong, accessible, and transparent voice for the people of district 7. I ran for office because i believe our communities deserve meaningful representation at the capitol, and i want constituents to know their voices matter.
i also believe we must address iowa’s troubling cancer rates. With decades of experience in the health and wellness industry focused on disease prevention, i bring a unique perspective to this issue. I want to help identify the contributing factors, support sound research, and pursue practical solutions that protect the health of iowa families.
do you believe the state government has a deficit? If so, what would you propose to do about it?
iowa is in a strong fiscal position because of responsible budgeting and conservative financial management. Although state revenues have declined following intentional tax relief, republicans planned for that transition. House appropriations chairman gary mohr recently reported that iowa had more than $6 billion in cash on hand and reserve funds at their statutory maximums, demonstrating the strength of our state’s financial foundation.
the government should live within its means, just as iowa families do. I support balanced budgets, responsible spending, prioritizing essential services, and making sure taxpayer dollars are used wisely. We must continue eliminating unnecessary bureaucracy, encouraging economic growth, and creating an environment where businesses can invest, expand, and provide good-paying jobs.
iowa families deserve a government that respects their hard-earned money and protects our state’s long-term financial health.
what would you propose to help iowans cope with the high cost of living?
i understand that rising expenses put pressure on iowa families because i feel those increases, too. At the same time, iowa remains one of the more affordable states in the nation. According to meric’s second-quarter cost-of-living index, iowa ranked third-lowest in the country, with overall costs nearly 14 percent below the national average and housing costs nearly 30 percent below average.
while those numbers are encouraging, they don’t eliminate the financial challenges many families face. I believe we need to continue pursuing responsible tax relief, controlling government spending, reducing unnecessary regulations, and supporting policies that allow iowa businesses and workers to thrive.
i also believe in practical, personal financial management. When household expenses rise, reviewing monthly budgets, trimming unused streaming services and subscriptions, and comparing insurance policies and cell phone plans can help identify savings.
government has a role in creating an environment where families can succeed, but it cannot solve every financial challenge. We need responsible government and empowered families.
what would you propose to do about the high incidence of cancer in iowa?
iowa’s cancer rates are deeply concerning, and behind every statistic is a family facing fear, uncertainty, and heartbreak. Iowa has ranked among the highest states in the nation for new cancer diagnoses, and we need to understand why.
with decades of experience in the health and wellness industry and a background in disease prevention, i believe we must take a comprehensive approach. There is no single explanation for iowa’s cancer rates, so we need to investigate the contributing factors rather than assume one cause is responsible.
we know there are risk factors we can address. Unfortunately, we have beaten wisconsin in binge drinking and rank ninth in the us for obesity. Smoking is the leading cause of deadly lung cancer. One in eight iowa adults smoke. Radon is the second leading cause and iowas rich farmland is loaded with radon gas. Tobacco use is the leading cause of lung cancer, and radon is the second-leading cause. We also need to examine environmental exposures, water quality, lifestyle factors, and other potential contributors through credible research.
during the last legislative session, we allocated $5.5 million for water quality monitoring, passed legislation providing $3 million annually for pediatric cancer research, and passed a radon mitigation bill for new residential construction. These are important steps toward better understanding and addressing health risks.
moving forward, i will continue advocating for research, prevention, improved water quality, and responsible policies grounded in sound science. We must ask difficult questions, follow the evidence wherever it leads, and work toward meaningful solutions.
iowa families deserve answers, and they deserve action. My goal is to help identify the contributing factors, reduce preventable risks, and ensure we are doing everything we reasonably can to protect the health of future generations.
rachel burns, democrat, house district 7
why should the voters pick you?
i am a lifelong public servant who has demonstrated putting community over self since i was in middle school. By 13, i was volunteering at an early intervention center serving infants and toddlers with special needs. Ive been a speech-language pathologist for 20 years, with 11 of those in iowas area education agency (aea) system. I was a volunteer firefighter and emergency medical technician (emt) for 12 years and i continue to serve my neighbors as a private practice speech therapist, an adjunct professor for community college, and a medical examiner investigator in two counties. Serving house district 7 as your elected representative is the next step in my call to service.
ive been called eminently qualified due to my background, but it is my personal character that has brought me to the next level of serving my community. I built a transporting ambulance service from the ground up where one did not exist after being told our little town didnt matter. I started my small business when consultants told me it was too risky. We need to elect individuals who have the critical thinking skills to work together for the greatest good for the greatest number of people - and that is what i bring to my candidacy.
what would be your no. 1 priority upon taking office?
my neighbors in district 7 are repeatedly sharing their struggles with health care insurance and access to quality health care. As a speech-language pathologist in private practice, i can tell you that having corporations with headquarters out of state controlling our medicaid and hawk -i has failed. We need to de-privatize those systems and bring jobs (along with the income tax they generate) back to iowa.
do you believe the state government has a budget deficit? If so, what would you propose to do about it?
it is clear that our state is in a massive deficit given that the budget far exceeds the revenue coming in. I would like to see the progressive income tax reinstated instead of the flat income tax rate that has given huge breaks to the wealthiest individuals while harming those who make the least over the past several years.
its time to raise iowas minimum wage because no one can live on $7.25 per hour. An increased minimum wage would help people want to fill and stay in jobs, thus providing increased income tax revenue.
what would you propose to help iowans cope with the high cost of living?
lets elect regular, working iowans to represent us. We can increase the minimum wage and index it to the cost of living. Our state legislature should protect iowans by working for safeguards against corporate greed and putting people over profit. We need to implement systems to make daycare affordable so parents who want to work outside the home can do so. We need to support small business owners more effectively so they can hire employees, keep small towns thriving, and build something our grown children will want to stick around for. Most importantly, we need to build an iowa that gives us a better quality of living. Our health and our ability to have leisure time shouldnt be given up just so we can work constantly to make ends meet.
what would you propose to do about the rising incidence of cancer in iowa?
iowa is doing a fine job of cancer treatment. Iowa is not doing enough for cancer prevention. We need to restore the funding for water quality monitoring that was cut. We need to support small farmers in their efforts to grow food to sell locally, especially when they are following practices that move us towards healthier soil and water (which they often understand best how to do because they are stewards of the land). We need affordable, accessible health care so that everyone will be able to have routine, preventative visits. Lets feed kids in public schools by placing healthy meals from local sources in front of them every day.
serving in the legislature isnt about being an expert on every topic. Its about getting a group of caring individuals from diverse backgrounds together who know how to use science and data to solve problems.
kris williams, democrat, house district 8
why should the voters pick you?
because i’m fighting for working people, not corporate donors. I’m not a politician – i’m a neighbor who’s lived through the failures of our system. I grew up experiencing homelessness and moved over 30 times before i was 18, including time in foster care. I was helping buy groceries for my family by 16, and i earned my degree while working fulltime. I’ve worked the jobs my neighbors work. I don’t take a dime of corporate pac money. I’ve knocked over 3,500 doors in this district because i believe in showing up and listening, not just asking for your vote. I’ll fight for clean water, money out of politics, and a future we can afford.
what would be your no. 1 priority upon taking office?
clean water. Every iowan should be able to trust what comes out of the tap and swim in our lakes without worrying about getting sick. Iowa has the highest cancer rate in the nation, and our water is contaminated with nitrates and pfas from industrial runoff. I’ll fight for mandatory nitrate limits with enforceable deadlines, 24-hour public notice for cafo spills, free well water testing for rural households, and restored funding for our water sensor network. Clean water should be a basic right.
do you believe the state government has a budget deficit? If so, what would you propose to do about it?
yes. It’s something even kim reynolds acknowledges, but she believes we should cut programs before going into debt. Iowa faces a $1.2 billion deficit created by over a decade of tax cuts for the wealthiest iowans and corporations. I propose restoring a progressive tax system and closing corporate loopholes – not cutting services like head start, rural fire departments, or food assistance. We should ask those at the top to pay their fair share, not balance the budget on the backs of working families.
what would you propose to help iowans cope with the high cost of living?
we need to put people over profit. That means raising the minimum wage to a living wage and restoring collective bargaining rights so workers can negotiate for better pay. It means capping prescription drug prices and ending medicaid privatization. It means investing in affordable housing and universal childcare. Also, it means shifting the tax burden off working families by restoring a progressive tax system – including taxing wealth the way we tax property. None of that happens until we get corporate money out of elections, so legislators serve us and not their donors.
what would you propose to do about the rising incidence of cancer in iowa?
iowa has the highest cancer rate in the nation, and it’s not a coincidence. Our water is contaminated with nitrates and pfas from industrial agriculture runoff. I’ll fight to hold corporate polluters accountable with fines that actually hurt, require mandatory nitrate limits with enforceable deadlines, strengthen environmental protections, and restore the water sensor network that was defunded.
we also need to expand rural health care access so iowans can get screened and treated close to home, not drive an hour for care that used to be down the road.
rep. Ann meyer, republican, house district 8
why should the voters pick you?
the voters should choose me because i have a track record of being responsive to the citizens of webster county and getting things done. Over the last eight years, i have made it a priority to listen to you and bring your concerns to the capitol.
i am proud of all the work weve done and bills i have introduced that have become law, from making sure that we train and retain more health care professionals in every part of the state, to hands free driving, to making sure those driving commercial vehicles on iowa roads are proficient in english, to increasing rates for foster parents and mental health providers. All of these bills that became law started from one of my constituents reaching out to me as their state representative. Thats my job – making sure that your voices are heard at the capitol. Strong representation means having a proven voice in office. I would be honored to earn your vote to continue serving you.
what would be your no. 1 priority upon taking office?
i currently serve as the chairman of the house health and human services appropriation committee. The hhs budget appropriates over $2.5 billion of state dollars to fund the iowa department of health and human services and iowa department of veterans affairs. My main focus in the legislature will continue to be increasing access to health care, including mental health services, disability services, and maternal health while still being a responsible steward of taxpayer money.
access to health care starts with training and retaining more health care professionals, and weve made significant progress to that goal with policy and investment in that area, from expanding medical residency programs to train iowans at university of iowa, increasing the percentage of iowa students at university of iowa for medical and dental schools, student loan repayment for health professionals that commit to practice in rural iowa, and increasing reimbursement rates.
do you believe the state government has a deficit? If so, what would you propose to do about it?
the state does not have a deficit. In fact, the state has a very healthy balance sheet. On june 30, which was the end of the last budget year, the state had a total of $5.7 billion in its general fund account, reserve accounts, and the taxpayer relief fund. And while tax revenue declined the last two years as iowans got to keep more of their hard-earned money, tax receipts are growing once again and are expected to continue growing during the next two years.
protecting iowas financial health requires tough choices and disciplined budgeting--and that is exactly what i will continue to deliver.
what would you propose to help iowans cope with the high cost of living?
realistically, the legislature has no power to dictate prices. What we can do is help everyday citizens keep more of their hard-earned money. That is why i supported historic iowa income tax reductions that save the average iowa family of four over $3,000 annually, along with critical property tax reforms that give taxpayers long-term predictability. I also successfully opposed raising the gas tax to protect my constituents from extra burdens at the pump.
we must also confront the hidden drivers of high prices. Fraud in our safety net programs forces taxpayers to pick up an unfair tab, while retail theft directly inflates the cost of everyday goods and drives up insurance premiums. By funding our priorities without overspending, keeping taxes low, and holding criminals accountable, we can effectively lower the cost of living and protect iowa familys budgets.
what would you propose to do about the high rate of cancer in iowa?
the legislature funded an independent study by the university of iowa to truly dig into our cancer rates and determine causes. The report came back recently and found that 76 percent of our excess rates come from personal choices, like smoking, alcohol, and obesity, as well as radon. That gives us a clear opportunity to do more with prevention. I look forward to seeing the results from the university of iowa on the remaining 24 percent of cases, but in the meantime, i have voted to ban prior authorizations for cancer screenings so patients arent delayed by insurance red tape, funded millions in new pediatric cancer research, funding water quality improvements and requiring residential construction to include radon mitigation. As hhs budget chair, we fund radon testing and the rural health transformation program builds on that work with $240 million directed to cancer-related services over the next four years.
as the independent report by university of iowa finds that living a healthy lifestyle will decrease cancer incidence, i have also supported legislation targeted at soda and candy purchases by snap, limiting harmful dyes in school and increasing physical activity. |
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| NYT Strands Sports Edition Hints & Answers for Saturday, October 24, 2026 (Puzzl |
| Posted on Saturday, October 24 @ 00:02:43 PDT (11 reads) | |
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Todays strands sports edition is live for saturday, october 24, 2026 (puzzle #4). Stuck on todays strands sports edition? Weve got progressive hints, from gentle nudges to full solutions, so you can solve at your own pace.
how strands sports edition works (new players start here)
strands sports edition is the free daily sports word search from the athletic and nyt games. It hides sports-themed words inside a 6x8 letter grid. Your mission: find every word connected to the days theme. Letters link in any direction (horizontal, vertical, diagonal) and words can twist and turn. Every letter gets used exactly once.
the spangram is the key word or phrase that captures the theme and stretches across the entire board, touching two opposite sides.
need a boost? Every three non-theme words you find (four letters or longer) earn a hint that highlights the letters of a theme word. A new puzzle arrives every day at midnight local time.
theme decoder
todays theme prompt: team players
what it really means
think across professional team sports, including baseball, basketball, and soccer. Youre hunting for sports terms, rather than athletes or team names.
think about...
- baseball beyond the batters box.
- basketball beyond the court.
- soccer beyond the touchline.
spangram clues
orientation: left to right across the board
letter count: 11 letters
starting zone: row 5, letter 1
progressive spangram hints
hint 1 (gentle): think about decisions made away from the field.
hint 2 (warmer): look for an umbrella phrase covering changes to a teams personnel and their eligibility to play.
hint 3 (almost there): first letter is r, last letter is s
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rostermoves
word-by-word hints
solve as many as you can before peeking. Each word includes escalating clues.
word 1
vague: a club takes a formal step toward letting a player go.
closer: in pro basketball, this exposes a departing player to claims from other clubs before free agency.
letter clue: starts with w, 5 letters total
answer
waive
word 2
vague: clubs exchange personnel.
closer: in the nba, clubs can exchange players and future picks through this transaction.
letter clue: starts with t, 5 letters total
answer
trade
word 3
vague: a player makes a contractual commitment to a club.
closer: a free agent does this by putting pen to paper on a contract.
letter clue: starts with s, 4 letters total
answer
sign
word 4
vague: a baseball club sends a player down a level.
closer: in baseball, this sends an eligible player to the minor leagues while keeping them on the major league clubs reserve roster.
letter clue: starts with o, 6 letters total
answer
option
word 5
vague: a club makes a player eligible to return to action.
closer: a baseball club does this when bringing a player back from the injured list.
letter clue: starts with a, 8 letters total
answer
activate
word 6
vague: a team chooses an incoming prospect.
closer: in the nfl, clubs take turns choosing eligible college prospects through this process.
letter clue: starts with d, 5 letters total
answer
draft
word 7
vague: a player joins another club temporarily.
closer: in soccer, a player spends a temporary spell at another club while remaining under contract with the parent club.
letter clue: starts with l, 4 letters total
answer
loan
full answers
spangram: rostermoves
theme words:
- waive
- trade
- sign
- option
- activate
- draft
- loan
puzzle debrief
difficulty rating: medium, with a vocabulary shift between baseball administration and soccer terminology.
trickiest word: option is the likeliest sticking point because its baseball meaning is more specialized than its everyday sense of a choice.
our take: “team players” makes a neat pivot from the athletes to the people managing them, and rostermoves ties that reading together. Option and loan give the list its cross-sport range, making familiarity with more than one league useful. |
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| Chapman Sees Fluharty Challenge in Senate District 1 - The Intelligencer |
| Posted on Saturday, October 24 @ 00:02:43 PDT (12 reads) | |
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Trending
wheeling - at the top of nov. 3 general election ballot for many in the northern panhandle is a race between two current legislators wanting to represent district 1 in the west virginia senate.
incumbent state sen. Laura wakim chapman, r-ohio, is completing her first term in the senate. She sees a challenge from six-term delegate shawn fluharty, a democrat also from ohio county.
fluharty expressed his frustration at what has been the legislative focus in recent years.
“it’s time to put the northern panhandle first and get back to focusing on the issues that actually matter to our people, he said. I am tired of watching our state being governed from the fringe while being bought and sold to the highest bidder. The result? Under current leadership, west virginias economy ranks last, according to the latest bureau of economic analysis report. Thats unacceptable.
people are tired of political games while their bills keep rising and opportunities keep disappearing. I grew up in a working-class family, and i know what matters: good-paying jobs, strong schools, affordable healthcare, and keeping more money in your pocket. Throughout my time in the legislature, i’ve focused on practical solutions, protecting our communities, and finding new ways to grow our economy without putting additional burdens on taxpayers.
chapman explained she originally ran for the senate four years ago to make the ohio valley an even better place to raise a family.
i have been successful on that front in the past four years, chapman said.
she noted since taking office she has passed legislation to make public schools safer - including the guardian act, which is aimed at hiring retired military veterans to work security in school buildings.
chapman noted she was the lead sponsor on a successful bill to eliminate the social security tax in west virginia. She added she also voted for three income tax cuts, as well as the vehicle tax rebate.
i have worked tirelessly to make certain the northern panhandle has not been forgotten by charleston. Ive proven that through the millions of dollars in infrastructure upgrades that we have seen happening around the northern panhandle.
theres more work to be done and i am not going to give up.
about the candidates
chapman is a constitutional lawyer and is married to attorney matt chapman. The couple has two young children, jackson and eloise.
her father, chris wakim, is a former member of the house of delegates.
she is a graduate of the former mt. De chantal academy, of west virginia university and the wvu college of law.
fluharty also is an attorney, and a graduate of wvu.
he was first elected to the house of delegates in 2014, and serves in the minority whip leadership in the house. He is also the minority chair of the judiciary committee.
fluharty is engaged to marry adrienne robbins.
what makes you different from your opponent?
i have built a coalition of bipartisan support from those focused on moving our state forward, fluharty said. I am the only candidate in this race endorsed by business, labor and law enforcement.
from our small businesses as part of the wv state chamber, to our local trades to the wv state troopers association supporting my work with raylees law, i have gathered support of our job creators, our workers and our first responders. They have looked at the legislative records of the candidates in this race and chosen to support our campaign.
fluharty added he is the vocal representative who isnt afraid to speak up for the northern panhandle and local communities, no matter who is on the other side.
look no further than house bill 2014 which stripped local control on data centers and sent our taxpayer money to charleston, he continued. I stood up against it. My opponent proudly voted for it.
fluharty added he also led the charge that led to online gaming legislation in the state - a move that has been financially profitable for west virginia.
chapman noted she is able to pass legislation in charleston when her opponent has not been able to do so.
he has been down there three times the amount of time that i have been, she said. I answer the phone when a constituent calls, and i problem-solve for them. My constituent services are unmatched.
i have been very successful in helping people and putting them in the right direction when they call me for help.
chapman estimates she has given out her personal cellphone number to over 10,000 people. She added she has a good track record helping them - especially when it comes to roads.
i have a good relationship with state roads district 6, which is our district, chapman said. Its those relationships that really bring success to the northern panhandle. I am effective in getting things done.
biggest issues facing the state
i have knocked on thousands of doors this election cycle, fluharty said. I have had the real conversations that current leadership in charleston refuses to have or even recognize. Our economy is flat. Our young people continue to leave. Our state fails at providing basic essential services like clean water.
west virginia cannot afford to keep falling behind while politicians focus on distractions instead of solutions.
responsible governing means first listening to the people and then actually fighting for their quality of life concerns, he noted.
we need a comprehensive economic development strategy that attracts good-paying jobs, supports small businesses, and keeps our young people here, fluharty said. Charleston needs to stop fighting imaginary battles and start fighting for the people who call west virginia home.
chapman said affordability is the biggest issue facing west virginia.
our gas prices are through the roof, she explained. I think thats the difference. It hurts working families who have a long drive to their employment.
more tax relief would be helpful, and putting money back in their pockets.
chapman also believes education and adjusting the states funding formula is important.
weve seen a lot of school closures - luckily, not locally, she said. But we saw that issue in hancock county this session. I had to fight tooth and nail to get the $8 million loan for (hancock county schools), but we got it done.
but we need better funding to make sure our students and teachers are not being harmed by our funding formula.
focus on next session
chapman said there needs to be more investment in the northern panhandle.
a lot of these announcements that are recent ive worked on very hard, she said. I have been working very hard to fill our industrial spaces. I am hopeful we will get some great announcements in the future.
chapman added she will continue to work to reduce taxes and stall utility rates during the coming sessions.
last session, she was the lead sponsor on legislation to eliminate tax on tips and overtime.
unfortunately, that bill didnt get across the finish line, chapman said. It is a priority of mine come next session.
all of that is about putting your hard-earned money back in your pocket and out of charleston.
every year since 2018, fluharty has introduced and tried to pass raylees law in the legislature. The bill seeks to temporarily block parents or guardians from withdrawing their children from public, charter, or private schools for homeschooling if there is an active child abuse or neglect investigation involving them before law enforcement.
first and foremost, (we need) final passage of raylees law, he said. As you know we have successfully moved it in the house, but failed to get it done in the senate. Recently, i have been working with (state sen. Ryan weld, r-brooke) and fully anticipate we can get this pivotal legislation completed to help protect our kids.
as i said the last night of session when the bill failed in the final moments, it is abhorrent that the legislature chose politics over protecting our kids. I look forward to continuing to work with sen. Weld so that it doesnt happen again, fluharty added. |
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| Explosive: Bidens New Student Loan Forgiveness Plan Could Trap Millions |
| Posted on Saturday, October 24 @ 00:02:43 PDT (10 reads) | |
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Explosive: biden’s new student loan forgiveness plan could trap millions
when the education department launched its new repayment assistance plan (rap) in july 2026, replacing earlier income-driven repayment (idr) options like save and paye, many borrowers breathed a sigh of relief. The promise of simplified repayment and a clearer path to student loan forgiveness sounded like a dream come true, especially after years of navigating complex federal student aid programs. But here’s the kicker: advocacy groups are sounding the alarm, warning that rap might not be the savior it appears to be. In fact, for millions, it could be a financial trap.
this isn’t just about tweaking a few rules; we’re talking about a significant overhaul under the one big beautiful bill act. And while the administration is actively promoting rap as a beneficial step forward, a closer look at the fine print reveals some deeply concerning structural changes. These changes could lead to higher monthly payments for some, make student loan forgiveness harder to achieve, and complicate the financial lives of current and future borrowers. It’s no wonder this emotionally charged topic is generating massive search interest – everyone wants to know how these new rules will affect their wallets and their futures.
1. The repayment assistance plan (rap) replaces legacy idr programs
for years, federal student loan borrowers had a menu of income-driven repayment plans to choose from: income-based repayment (ibr), pay as you earn (paye), revised pay as you earn (repaye, later rebranded as save), and income-contingent repayment (icr). Each had its own quirks, eligibility requirements, and formulas for calculating monthly payments and the timeline to student loan forgiveness. This complexity often left borrowers confused, struggling to pick the best option for their unique financial situation.
enter the repayment assistance plan (rap), launched in july 2026. The idea was to streamline these options, creating a single, more straightforward path. On the surface, simplification sounds fantastic, right? No more agonizing over which idr plan fits best. But the catch is that this consolidation isn’t just about making things easier; it’s about fundamentally altering the terms for millions of borrowers, potentially without them even realizing the full implications until it’s too late. It’s a classic case of ‘be careful what you wish for,’ as the perceived simplicity could come at a steep cost.
2. Potentially higher monthly payments for many borrowers
one of the most immediate and alarming concerns for borrowers transitioning to rap is the potential for higher monthly payments. Under previous plans, especially save, there were provisions designed to keep payments affordable, often based on a smaller percentage of discretionary income and more generous poverty line calculations. Rap, however, introduces a new payment formula that could squeeze many individuals.
advocacy groups are pointing out that the way rap calculates discretionary income, combined with other factors, might result in a higher required payment for a significant portion of borrowers. Imagine budgeting for a certain student loan payment, only to find that your new, ‘simplified’ plan demands more each month. For those already struggling with inflation and rising costs of living, even a modest increase could be devastating, pushing them further into financial precarity instead of providing relief.
3. A restrictive definition of family size
another major structural change that could negatively impact monthly payments under rap is its more restrictive definition of family size. In income-driven repayment plans, your family size plays a crucial role in determining your discretionary income, and thus, your monthly payment. A larger family generally means more of your income is protected, leading to a lower payment.
under rap, the criteria for who counts as a dependent or part of your household has reportedly tightened. This means that individuals who previously benefited from a broader definition of family size under legacy idr plans might find their ‘protected’ income reduced, leading directly to higher monthly payments. For single parents, those caring for elderly relatives, or individuals supporting adult children still in school, this change could be particularly harsh, undermining the very concept of income-driven affordability.
4. The longer path to student loan forgiveness: 30 years for some
perhaps the most significant drawback of rap, especially for those with graduate or professional degrees, is the extended timeline to student loan forgiveness. Under many legacy idr plans, undergraduate loans could be forgiven after 20 years of qualifying payments, and graduate loans after 25 years. This provided a light at the end of the tunnel, a concrete goal to work towards.
rap, however, introduces a universal 30-year repayment term before any remaining balance can be forgiven for many borrowers, particularly those with higher education debt. Think about that: three full decades of payments. For someone graduating in their early twenties, that means paying until their fifties or even beyond, effectively tying them to their student debt for the bulk of their working lives. This isn’t just a longer wait; it’s a fundamental shift that makes the prospect of student loan forgiveness feel much more distant and, for some, unattainable. (See: u.S. Department of education.)
5. New limits on grad plus and parent plus loans
the changes under the one big beautiful bill act don’t stop at idr plans; they also impact the availability and terms of grad plus and parent plus loans. These federal loan programs have been vital for graduate students and parents helping their children finance higher education, often covering costs beyond what stafford loans provide. For more context, see wage seizures over student loans.
rap introduces new limits on how much borrowers can take out in grad plus and parent plus loans, and potentially new eligibility criteria. This could create significant hurdles for students pursuing advanced degrees or for families trying to bridge the gap between financial aid and tuition costs. Less access to these loans means students might have to turn to riskier private loan options, or worse, put their educational aspirations on hold. It’s a move that could disproportionately affect those from lower-income backgrounds striving for upward mobility through higher education.
6. Fewer deferment options available under rap
life happens. People lose jobs, face unexpected medical emergencies, or decide to go back to school. Deferment and forbearance options have historically provided a crucial safety net for federal student loan borrowers during periods of financial hardship. These options allow borrowers to temporarily pause payments without going into default, offering much-needed breathing room.
under rap, it appears that the range and accessibility of deferment options have been curtailed. This means that when life throws a curveball, borrowers might find themselves with fewer avenues to pause their payments, increasing the risk of delinquency or default. This lack of flexibility is a serious concern, as it removes a vital mechanism designed to prevent borrowers from spiraling into deeper debt during unavoidable challenging times. It’s like removing the spare tire from a car – you don’t think about it until you need it, and then you’re stranded.
7. The trap of automatic enrollment and lack of awareness
one of the most insidious aspects of the rap rollout is the potential for borrowers to be automatically transitioned into the new plan without fully understanding its implications. The education department is actively promoting rap, and while some may benefit, many could inadvertently move into a plan that’s worse for their specific financial situation.
advocacy groups fear that a significant number of borrowers, especially those who aren’t constantly checking their student loan accounts or keeping up with policy changes, will simply be moved over. Without clear, explicit, and easy-to-understand communication about the downsides for *their* individual circumstances, they might find themselves locked into higher payments or a longer path to student loan forgiveness, unknowingly sacrificing the benefits they had under older plans. This lack of informed consent is a critical flaw in the implementation.
8. The emotional toll: confusion and concern among millions
it’s hard to overstate the emotional impact these changes are having. Student loans are already a source of immense stress for millions of americans. The constant shifting of rules, the intricate details, and the sheer volume of debt weigh heavily on individuals and families. The introduction of rap, coupled with the warnings from advocates, has only amplified this anxiety.
millions of current and prospective borrowers are grappling with widespread confusion and concern. They’re trying to figure out if they should try to stay on their current plan (if that’s even an option), if they’ll be forced into rap, and what it all means for their financial futures. This isn’t just about numbers on a spreadsheet; it’s about people’s ability to buy homes, start families, save for retirement, and pursue their dreams. The uncertainty itself is a heavy burden, and it speaks to a system that often fails to put borrowers’ needs first.
9. Navigating the new landscape: what borrowers need to do now
given the complexities and potential pitfalls of rap, what’s a borrower to do? First and foremost, don’t panic, but don’t be complacent either. If you have federal student loans, especially if you’re currently on an income-driven repayment plan, you need to be proactive. Contact your loan servicer immediately to understand your current plan’s terms and how the transition to rap might affect you. Ask specific questions about your payment amount, your path to student loan forgiveness, and any options you might have to remain on a legacy plan if that’s more beneficial.
it’s also wise to seek independent financial advice if you can. Organizations specializing in student loan counseling can provide unbiased guidance. Don’t rely solely on information from the education department or your loan servicer, as their primary goal might not align with your best financial interests. This is your money, your future, and it requires your diligent attention. (See: new york times on student loans.)
10. The broader implications: a call for greater transparency and fairness
the rollout of rap highlights a larger, ongoing issue within federal student loan policy: a lack of consistent, clear, and borrower-centric reforms. While the stated goal is often to help borrowers, the reality often involves confusing changes that can inadvertently harm those they’re meant to assist. The fact that advocacy groups are essentially fighting against the government’s own plan speaks volumes about the disconnect between policy intent and real-world impact.
this situation should serve as a wake-up call for greater transparency in policy-making and a more earnest effort to engage with borrower advocates before implementing sweeping changes. Millions of americans are relying on these programs for financial stability. They deserve plans that are truly supportive, genuinely affordable, and offer a clear, attainable path to student loan forgiveness, not programs that feel like a bureaucratic labyrinth designed to catch them unawares. We need a system that prioritizes the financial well-being of its citizens, not one that leaves them feeling trapped and confused. For more context, see financial futures for teachers.
11. Understanding the “one big beautiful bill act” in detail
the “one big beautiful bill act” is the legislative backbone behind rap and the sweeping changes to federal student aid. This act, passed after considerable debate, was marketed as a comprehensive solution to simplify student loan repayment and make higher education more accessible. However, its expansive nature means that many provisions, not just those related to income-driven repayment, have been altered. Beyond rap, it includes adjustments to pell grant eligibility, changes to federal work-study funding, and modifications to institutional accountability standards. While some aspects of the bill aimed to address issues like college affordability and student success, the student loan repayment provisions have become the most contentious. The act represents a significant philosophical shift, moving away from a multi-plan approach to a more standardized, one-size-fits-all model, which, as we’ve seen, can be deeply problematic for a diverse borrower population.
12. The economic impact of reduced student loan forgiveness
extending the student loan forgiveness timeline to 30 years for a large segment of borrowers has significant economic repercussions, both for individuals and the broader economy. For individuals, a longer repayment period means decades of debt burden, impacting major life decisions. We’re talking about delayed homeownership, postponed family formation, and reduced ability to save for retirement. Economically, this translates to less consumer spending, slower growth in housing markets, and a potential drag on entrepreneurship. When millions of people are dedicating a substantial portion of their income to debt for three decades, that money isn’t circulating in other parts of the economy. Studies have consistently shown that student debt inhibits wealth accumulation, and a policy that lengthens this burden will only exacerbate that trend, potentially creating a generation with diminished financial flexibility.
13. The disproportionate impact on specific demographics
while rap’s changes affect all federal student loan borrowers, certain demographic groups are likely to feel the pinch more acutely. Borrowers of color, particularly black and hispanic graduates, often carry higher student loan balances and face greater challenges in the labor market, making them more reliant on affordable idr plans and the promise of eventual forgiveness. The stricter definition of family size could disproportionately harm single parents, many of whom are women and people of color, who often juggle childcare costs with loan payments. Similarly, individuals with advanced degrees who pursued careers in public service or lower-paying fields (like social work or education) often rely on public service loan forgiveness (pslf) in conjunction with idr plans. If their underlying idr payments increase or their path to non-pslf forgiveness is extended, their financial outlook becomes significantly bleaker, potentially discouraging entry into these vital professions.
14. Expert perspectives: what student loan advocates are saying
student loan advocacy groups, consumer protection organizations, and legal aid clinics have been vocal critics of rap. Organizations like the national consumer law center, the institute for college access & success (ticas), and student borrower protection center (sbpc) have published analyses highlighting the potential harms. They argue that while simplification is a worthy goal, it shouldn’t come at the expense of affordability and borrower protections. Many experts point out that the previous save plan (formerly repaye) was a significant improvement for low-income borrowers, offering very low or $0 monthly payments for many and preventing interest capitalization. Rap, by contrast, seems to roll back some of these crucial benefits. These advocates are not just criticizing; they are actively working to educate borrowers, push for legislative amendments, and explore legal challenges to protect those most vulnerable to the new system’s drawbacks. Their unified message is clear: this plan, in its current form, is a step backward for millions of borrowers.
15. Comparing rap to international approaches to student debt
it’s helpful to look at how other countries manage student debt to understand if rap aligns with global best practices or stands as an outlier. Many developed nations employ income-contingent repayment systems, but their structures often differ significantly from rap. For instance, australia’s hecs-help system bases repayments on taxable income, with repayment thresholds and rates that adjust annually, and balances are essentially forgiven upon death. The uk’s system also has income-contingent repayments, with balances typically written off after 30 years or if the borrower reaches a certain age. What distinguishes many of these systems is often the integration of robust public funding for higher education, lower tuition costs, and repayment terms that are genuinely designed to prevent lifelong debt burdens. Rap’s 30-year forgiveness timeline, combined with potentially higher payments and fewer deferment options, appears less generous than some comparable international models, especially given the high cost of us higher education and the comparatively lower social safety nets.
16. The future of student loan forgiveness: beyond rap
while rap is the current reality, the conversation around student loan forgiveness is far from over. There’s ongoing political pressure for broader, more encompassing debt relief. Ideas range from across-the-board cancellation (either a fixed amount per borrower or based on income) to significant reforms of the pslf program and other targeted forgiveness initiatives. The debate often centers on the economic stimulus of forgiveness, the moral imperative to address predatory lending practices, and the question of fairness to those who have already paid off their loans. The implementation of rap might actually intensify calls for more substantial relief, as it highlights the limitations and potential harshness of current policy. Borrowers and advocates will likely continue to push for executive actions or new legislative efforts that offer a more direct and less convoluted path to financial freedom from student debt.
17. Frequently asked questions about student loan forgiveness and rap
q1: what exactly is student loan forgiveness?
student loan forgiveness means you are no longer required to make payments on your federal student loans. The remaining balance is canceled. This is different from deferment or forbearance, where payments are temporarily paused but still owed. For more context, see teacher salary trends 2026. (See: cdc on financial stress and health.)
q2: can private student loans be forgiven under rap or other federal programs?
no, federal student loan forgiveness programs like rap, pslf, or idr forgiveness only apply to federal student loans. Private student loans are issued by banks and other private lenders and have their own terms and conditions, rarely offering forgiveness outside of very specific circumstances like borrower death or permanent disability, and even then, it’s not guaranteed.
q3: how do i know if i’m on rap or a legacy idr plan?
you should check your loan servicer’s website or contact them directly. Your loan servicer manages your federal student loans and can tell you which repayment plan you are currently enrolled in and what your options are. It’s crucial to verify this information, especially if you believe you were automatically transitioned.
q4: if i’m on a legacy idr plan (like save), can i stay on it, or will i be forced into rap?
this is a critical question with varying answers depending on the exact implementation rules. Advocacy groups are pushing for borrowers to have the option to remain on their existing, more favorable idr plans. However, the “one big beautiful bill act” aims for a unified system. You must contact your loan servicer immediately to understand if you have any choice in the matter and what steps you might need to take to attempt to stay on your current plan if it’s more beneficial.
q5: what if my monthly payment under rap is higher than i can afford?
if your payment increases and becomes unaffordable, you should first exhaust all options to understand if you can remain on a previous idr plan. If not, contact your loan servicer to discuss what limited deferment or forbearance options might still be available, though these have reportedly been curtailed under rap. It’s also wise to seek independent financial counseling to explore budgeting strategies or other debt management solutions.
q6: does the 30-year forgiveness timeline apply to all federal loans under rap?
the 30-year timeline primarily applies to borrowers with graduate or professional degrees under rap. Forgiveness for undergraduate loans under older idr plans often occurred after 20 years. Rap aims to simplify this, but for many, it means a longer wait for forgiveness, especially if they have mixed loan types or predominantly graduate debt.
q7: is student loan forgiveness taxable?
historically, forgiven student loan debt has been considered taxable income by the irs, with some exceptions. However, under the american rescue plan act of 2021, most federal student loan forgiveness became tax-free through december 31, 2025. It is crucial to monitor current tax laws and consult a tax professional when your loans are forgiven, as this tax-exempt status could change.
q8: what is the public service loan forgiveness (pslf) program, and how does rap affect it?
pslf is a separate program that forgives the remaining balance on direct loans after 120 qualifying monthly payments (10 years) while working full-time for a qualifying non-profit organization or government agency. Rap’s changes primarily affect the underlying idr payments that count towards pslf. If your monthly payment under rap is higher, it might not directly impact the 10-year timeline for pslf, but it could make those 10 years of payments more burdensome if you don’t qualify for a $0 payment. Pslf itself has its own specific eligibility requirements separate from general idr forgiveness.
frequently asked questions
what is bidens new student loan forgiveness plan?
bidens new student loan forgiveness plan, known as the repayment assistance plan (rap), was launched in july 2026 to replace previous income-driven repayment options. It aims to simplify repayment processes and provide a clearer path to forgiveness, but concerns have been raised about potential financial traps for borrowers.
how does the repayment assistance plan (rap) work?
the repayment assistance plan (rap) consolidates various income-driven repayment plans into a single option. It is designed to streamline the repayment process, making it easier for borrowers to navigate their payments and pursue student loan forgiveness, though some advocacy groups warn it may lead to higher payments for certain borrowers.
what are the concerns about the rap plan?
advocacy groups have expressed concerns that the repayment assistance plan (rap) may not be as beneficial as it seems. Potential issues include higher monthly payments for some borrowers, increased difficulty in achieving student loan forgiveness, and complications in managing financial obligations.
how does rap differ from previous repayment plans?
rap differs from previous income-driven repayment plans by consolidating multiple options into one streamlined process. While earlier plans had distinct eligibility requirements and payment calculations, rap aims to simplify these aspects, though it may introduce new challenges for borrowers.
will the rap plan affect my student loan payments?
yes, the repayment assistance plan (rap) can affect your student loan payments. While it aims to simplify the repayment process, some borrowers may face higher monthly payments or find it harder to qualify for forgiveness compared to previous income-driven repayment options.
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| Utah fans camp out as College GameDay returns for second straight week | KSL.com |
| Posted on Saturday, October 24 @ 00:02:43 PDT (10 reads) | |
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Estimated read time: 4-5 minutes
- utah fans are camping out for espns college gameday ahead of no. 10 utah vs. No. 14 houston.
- students hope for a million-dollar kick after a byu students success last week.
- fans enjoy the community and excitement in anticipation of the top-15 matchup at rice-eccles stadium.
salt lake city — college footballs national spotlight is back in utah for the second straight week, and university of utah fans are making sure theyre part of the experience.
with espns college gameday in salt lake city ahead of the matchup between no. 10 utah and no. 14 houston, students have spent days camping out for a chance to secure their spot, experience the atmosphere and potentially compete for a million-dollar kick.
for some, that means sacrificing sleep. For others, its an opportunity to meet fellow fans and be part of a memorable weekend for utah football.
utah fans eye another million-dollar moment
the excitement surrounding the million-dollar kick follows a remarkable moment during last weeks college gameday broadcast in provo.
a byu student made the kick in two tries, earning $1 million from pat mcafee. Ryan smith, owner of the utah jazz and utah mammoth, and his business partner ryan sweeney each contributed another $1 million, bringing the total to $3 million.
now, ute fans are hoping for an opportunity to make their own mark.
hunter perrero, a university of utah junior, is confident he can do even better.
it took him two tries. When i get the option tonight, its going to take me one try, and ill put it through the uprights, perrero said.
perreros confidence reflects the competitive spirit surrounding the event, as fans hope to turn an already memorable weekend into an unforgettable one.
campout brings fans together
while the chance to win $1 million is a major draw, the experience has also created opportunities for students to connect.
nick tripp, a university of utah senior, was toward the end of the line, camping alongside students he had only recently met.
its a community. I didnt know these guys until five minutes ago. We just started talking, but these guys are awesome. They started hanging out. Thats the type of people our school and community brings, tripp said.
the campout has given students a shared experience before the teams even take the field. For perrero, the commitment has meant going several days with little sleep as he and his friends prepared for this weekend.
we havent slept in at least three days preparing for this. So, were ready to stay awake and stay warm, perrero said.
beyond the national television exposure, utah fans have another reason to be excited: a matchup against no. 14 houston at rice-eccles stadium.
the utes enter the game ranked no. 10 nationally, setting up a top-15 matchup that adds to the anticipation surrounding the weekend.
for perrero, the atmosphere of a night game in salt lake city is something opposing fans should experience for themselves.
if you have not been to rice-eccles stadium in a night game, in a game like this, youre in for a treat, perrero said. They dont call us the muss for a reason. Were the mighty utah student section, and its gonna be electric.
the return of college gameday gives utah another opportunity to showcase its football program and passionate fanbase on a national stage.
faith in the utes
for tripp, the excitement comes down to believing in the team he supports.
you have to have faith in your team. If you dont got it, you shouldnt even be here. Were out here camping for our team. I trust that were going to win tomorrow, tripp said.
tripp also had a practical plan for what he would do with a million-dollar prize.
student loans off rip. Got to get those out the way, he said. Id probably buy off my car, finish it off. Buy some fun stuff, obviously.
with fans camping out, a national television audience watching and a top-15 matchup ahead, utah is getting its turn in the spotlight after byu hosted college gameday the previous week.
for the students lining up outside rice-eccles stadium, the weekend is about more than a football game. Its a chance to represent their school, connect with fellow fans and potentially walk away with a life-changing prize. |
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| Californias Proposition 2: A Rainy Day Fund Increase, or Making a Shell Game the |
| Posted on Saturday, October 24 @ 00:02:43 PDT (11 reads) | |
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In part two of this examination of the 14 propositions facing californians on the november 2026 ballot (part one looked at a bond measure allegedly designed to raise funds for assisting veterans with housing), we are looking at proposition 2, a california constitutional amendment for which the stated goal is increasing the state’s “rainy day fund.” Before continuing, the estate of albert hammond would like a word.
anyway, some background. Doubtless much to the annoyance of the california state legislature, the state budget must be balanced every year. Given that the terms “spendthrift” and “california government” are never adjacent, this is a challenge for all parties involved as they are forced to find new and creative ways to buy votes … er, serve their valued constituents. A slight caveat to this rule is that, quoting the current voters pamphlet:
certain kinds of spending — like infrastructure — do not count toward the limit.
this seems to contradict the entire spending limit idea, don’t you think?
since doubtless to his surprise governor gavin newsom’s alleged good looks won’t put money in the state coffers, the only option available when more money to spend is lusted after is raising taxes. As even a democrat can easily understand, given the fluctuations of the private-sector economy, tax revenue is not consistently sufficient to make long-term spending plans. When the hottest business in town is interstate movers for people, and the businesses they own and run, escaping the state’s insane tax burden, you have a problem.
back in 2014, california voters authorized the creation of a “rainy day fund.” The purpose of said fund is to, during years when the taxpayer’s pockets are a bit pinched jingle-wise, cover the cost of state services provided for illegal aliens … uh, economically disadvantaged residents of unasked legal status as well as the populace at large. Such services include inadequate road maintenance, even less adequate wildfire- and mudslide-prevention measures, and newsom’s brylcreem stipend.
at present, the rainy day fund requires a minimum balance of 10 percent of the general fund on which the state budget is based. Enter proposition 2. Its core agenda is increasing the fund’s minimum balance from 10 to 20 percent.
it gets a bit wonky here, so pardon the lengthy excerpt from the voters’ guide.
save more in the rainy day fund. Proposition 2 requires the state to make deposits into the rainy day fund until it reaches 20 percent of general fund taxes (instead of 10 percent of general fund taxes). In addition, the state would make even larger deposits in years when revenues from taxes on investment gains are very high, like when the stock market is booming.
extend and expand extra debt payments. Proposition 2 also requires the state to make extra debt payments through 2040 (instead of through 2030). These debt payments would be the same as the amount initially deposited into the rainy day fund each year. In addition, the amount set aside for extra debt payments could be used for an expanded set of purposes. Specifically, these payments could be used to make required payments to schools and community colleges, repay borrowing from other state funds, and repay certain loans from the federal government.
change how rainy day fund deposits count toward the state appropriations limit. Deposits into the rainy day fund would not count toward the state appropriations limit. Instead, the money would count toward the limit when it is taken out.
change how other deposits count toward the state appropriations limit. The state has an account to set aside funds when revenues are surging. By setting these funds aside, the state can avoid overspending when revenue estimates are particularly uncertain. Under proposition 2, deposits into this account also would not count toward the state appropriations limit. Instead, the money would count toward the limit when it is taken out. This exclusion could not be larger than 10 percent of general fund taxes in each year.
there will not be a quiz in the morning, thankfully.
it has admittedly been some time since i had my nose buried in an economics textbook. Still, if i remember correctly, when assembling a budget you consider money saved and spent not as separate entities. Instead, the two are considered as parts of the total budget, with the portion to be saved in case it is needed later and the portion to be spent right away contemplated together so one does not overrun the other. Say for example you have both a savings and a checking account at your local bank, with funds in both. Should it become necessary to tap into your reserves (i.E., Savings), the money in your savings account does not magically appear when it is transferred to checking. It was always there. You don’t have more money; you have more readily available.
proposition 2, which is supported by both newsom and the dreadful democrat gubernatorial candidate xavier becerra, reads suspiciously like a taxpayer-funded shell game. No one can argue that having reserves available in the event of an economic downturn is a bad thing. However, in california’s case, i am reminded of the possibly apocryphal letter to the editor in which the author stated he took a certain amount of offense in the statement that government spent money like a drunken sailor, for as a former drunken sailor, unlike the government he actually stopped spending money once he ran out of it. California’s democratic “leadership” has no such inclination. Under proposition 2’s proposed modification to existing law, money put into the rainy day fund does not count as an expenditure until it is taken from the fund. I regret to report that, for you and me, such an option is not available. It does, in fact, impact our finances when we set aside a portion of our income for savings. There is only one income, even if it comes from multiple sources. This is a lesson the california state government fails to grasp, and said failure will ultimately fall on the state’s residents as yet another reason why so many are fleeing the golden state for greener pastures where they, not the government, are the primary beneficiaries of all earned greenbacks.
a final note. Proposition 2 would allow, but not require, california to use the rainy day fund to pay off all or part of the 20 billion-dollar loan the state took from the federal government during the pandemic. Did i mention that money in a savings account does not magically appear there and is not equally magically free to spend?
editor’s note: the 2026 midterms will determine the fate of president trump’s america first agenda. Republicans must maintain control of both chambers of congress.
help redstate continue to report on the democrats’ radicalism and inform voters as our nation faces a crossroads. Join redstate vip and use promo code fight to receive 60% off your membership. |
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