Emma is joined by writer Jacob Silverman to discuss the recent developments surrounding the crypto exchange FTX and its founder, Sam Bankman-Fried. Jacob Silverman and Emma then dive into the rapid rise and fall of Sam Bankman-Fried, founder of a massive crypto empire in the FTX exchange and Alameda Research firm, diving into how his Ponzi scheme turned him into a billionaire on paper, while myriad liberal institutions offered him legitimacy, allowing him to effectively run wild, investing billions in others’ money completely unregulated. Wrapping up that story, Jacob and Emma discuss the echo of the 2008 financial crash that can be seen in the recent Crypto crashes, and the greater implications of SBF effectively disappearing billions of dollars from investors. Watch the Majority Report live Monday–Friday at 12 p.m. EST on YouTube OR listen via daily podcast at http://www.Majority.FM https://www.house.gov/representatives/find-your-representative https://www.senate.gov/senators/senators-contact.htm #SamSeder #EmmaVigeland #MajorityReport #politics #news #progressive #leftist #democrats #liberal SUPPORT the show by becoming a member: http://www.jointhemajorityreport.com/ Download TMR's FREE app: http://www.majorityapp.com TMR MERCH: http://www.shop.majorityreportradio.com CHECK OUT MORE from the MR crew: Matt Binder DOOMED https://www.youtube.com/MattBinder Brandon Sutton DISCOURSE https://www.patreon.com/ExpandTheDiscourse Emma Vigeland ESVN https://www.youtube.com/ESVNShow Matt Lech LEFT RECKONING https://www.youtube.com/LeftReckoning OTHER LINKS: Twitch: https://www.twitch.tv/themajorityreport Facebook: http://facebook.com/MajorityReport Twitter: http://twitter.com/MajorityFM Instagram: https://www.instagram.com/majorityreport.fm/ Check out more from the MR crew: Matt Binder DOOMED https://www.youtube.com/MattBinder Brandon Sutton THE DISCOURSE https://www.patreon.com/ExpandTheDiscourse Emma Vigeland ESVN https://www.youtube.com/ESVNShow Matt Lech LEFT RECKONING https://www.youtube.com/LeftReckoning Friend of the show Jacob Silverman author of the upcoming book Easy Money cryptocurrency Casino capitalism and the Golden Age of fraud. Jacob comes on to rip on these crypto grifters on occasion and more. Jacob thanks for being here. Oh, it's a pleasure. Thank you. So this has been an absolute Saga the collapse of FTX. You know Miami Heat recently sold the naming rights to their the their Arena. They're ripping off the letters because they're unable to pay for their sponsorship. And according to what I've read it seems like Sam bank man freed the head of this cryptocurrency exchange it has lost billions of dollars in a matter of days. And it is in Ruins financially. Although when you become rich even if you go bankrupt they always end up finding a way to get rich again or stay rich. But I guess let's just start at the beginning of this Saga. Who is this guy Sam bank man fried. And how did he end FTX's jump on the scene? sure well Sam bank man fried or SPF as you sometimes hear him called he started as a quantitative trainer a Quant at Jane Street. he went to MIT he is the son of a couple Stanford law professors. so he did pretty well in his early 20s Trader at James Street. then he went on from there to eventually found this big crypto Empire. that became FTX and Alameda were the two main companies. the first sort of origin story that you hear at least is that Sam found an Arbitrage opportunity where basically he was buying crypto cheaper on American exchanges and selling it on Asian exchanges. it was called the kimchi discount. and some people even dispute that story but allegedly that's how he made some Millions to start. and then you know that matured into a full-fledged crypto hedge fund called Alameda. and then FTX which was an exchange. just like coinbase or binance or some of these other exchanges. ... https://www.youtube.com/watch?v=ONSQzyMd9uM

President Biden and the Democrats have the right strategy to win the midterms...it's just coming too late. Biden is hammering oil companies for war profiteering and price gouging. That's a great message. But he should've been doing that a lot earlier. Watch the Majority Report live Monday–Friday at 12 p.m. EST on YouTube OR listen via daily podcast at http://www.Majority.FM https://www.house.gov/representatives/find-your-representative https://www.senate.gov/senators/senators-contact.htm #SamSeder #EmmaVigeland #MajorityReport #politics #midterms SUPPORT the show by becoming a member: http://www.jointhemajorityreport.com/ Download TMR's FREE app: http://www.majorityapp.com TMR MERCH: http://www.shop.majorityreportradio.com CHECK OUT MORE from the MR crew: Matt Binder DOOMED https://www.youtube.com/MattBinder Brandon Sutton DISCOURSE https://www.patreon.com/ExpandTheDiscourse Emma Vigeland ESVN https://www.youtube.com/ESVNShow Matt Lech LEFT RECKONING https://www.youtube.com/LeftReckoning OTHER LINKS: Twitch: https://www.twitch.tv/themajorityreport Facebook: http://facebook.com/MajorityReport Twitter: http://twitter.com/MajorityFM Instagram: https://www.instagram.com/majorityreport.fm/ Check out more from the MR crew: Matt Binder DOOMED https://www.youtube.com/MattBinder Brandon Sutton THE DISCOURSE https://www.patreon.com/ExpandTheDiscourse Emma Vigeland ESVN https://www.youtube.com/ESVNShow Matt Lech LEFT RECKONING https://www.youtube.com/LeftReckoning By the end of August, any electoral energy that the Democrats were going to get because of abortion had already been sort of like solidified. It was not going to grow in some respect. and you know I mentioned this at the top of the show Dave Weigel said like you know that's why you're seeing Congressional races in blue States are sort of like abnormally favoring the Republicans because there isn't that sort of Jeopardy that people feel about an abortion ban that they might feel in an in a purple State let's say. And so there's been an absence of any type of sort of broad message from the Democrats. you know and I think like I think that to the extent that Biden's agenda was fulfilled which is you know I don't know if you want to look at it in terms of just sheer numbers maybe 15 or you know relative to build back better. but there was an attempt on student debt relief. It's tied up in the courts but it's there people can sign up for it. I think that helped a little bit. and there was some movement on cannabis reform. enough that there was less of a story of them doing nothing let's say. right there was a failure to sort of say like okay you get the abortion ban that that could be coming. there's not going to be a federal abortion ban until Joe Biden's not president let's say. but the social security thing was the first thing and they were late to the game on this. It seems to me that it became clear that the strategy was going to be Republicans going to leverage the debt ceiling to get Cuts in Social Security. and you and I and you in particular on day one of the Obama Administration on and whatever it was January 20th, 2008 you were like people have got to watch out this guy's been talking about so-called entitlement reform. We watched Joe Biden basically do an end run around Harry Reid and put it on the table. fortunately, Mark Meadows and those lunatics were just too they couldn't say yes and Mitch McConnell wanted to sink Obama. but they started to use it later. and then just the other day we're watching this from Joe Biden which is really frustrating. because this should have been a message much earlier, particularly when the FED is starting to basically articulate that we're out to crash the economy because of so-called inflation. which is not to diminish the fact that people aren't paying higher prices for things. but inflation also comes with it in our parlance an entire backstory about what is causing it and then what we need to do to remedy it. and Biden rolls out a slightly different story about inflation which is Corporate greed. here it is. but rather than increasing our investments in America or giving American consumers a break, their excess profits are going back to their shareholders and they're buying back their stocks. so the executive pay are going to Skyrocket. ... https://www.youtube.com/watch?v=9EuhNLjiPco