Hillary Clinton: Iran Has Only Gotten Stronger

SUMMARY

Former Secretary of State Hillary Clinton joined Scott Galloway and Ed Elson in New York to discuss the evolving situation with Iran, the future of the Democratic Party, and the rise of socialism among young Americans. The episode also featured Anthony Scaramucci, who addressed corruption in the Trump administration, the integrity of financial markets, and the implications of upcoming tech IPOs.

MAIN POINTS

• Scott Galloway and Ed Elson open the show in New York, reflecting on the city's vibrancy and its economic indicators. [1:00]
• The hosts introduce the topic of U.S. strikes on Iran and the ongoing uncertainty in negotiations. [6:00]
• Hillary Clinton joins the stage to provide her perspective on the Iran conflict and U.S. diplomatic strategy. [10:01]
• Clinton describes her experience with secret negotiations involving Iran and emphasizes the importance of coalition-building and tough diplomacy. [16:02]
• The discussion shifts to Ukraine, with Clinton highlighting Ukraine's resilience and innovation in modern warfare. [18:01]
• Clinton addresses the rise of socialism among young Americans and the significance of New York's recent mayoral election. [22:00]
• Clinton outlines her concerns for America's future, focusing on affordability, accountability, and the need for local governance innovation. [27:00]
• She offers strategic advice for the Democratic Party ahead of the midterms, emphasizing messaging on affordability and accountability. [29:01]
• Clinton links corruption in the Trump administration to broader issues of inequality and the erosion of the rule of law. [33:00]
• The conversation transitions to market integrity, with Ed and Scott discussing declining faith in capitalism and recent evidence of insider trading. [39:01]
• Anthony Scaramucci joins to analyze the scale of corruption in the Trump administration and its impact on public trust and market fairness. [43:01]
• Scaramucci recounts his experiences with economic despair in America and stresses the importance of reconnecting with blue-collar voters. [51:02]
• He discusses the need for regulated capitalism, referencing historical reforms and the balance between government and business. [56:00]
• Scaramucci evaluates upcoming tech IPOs, especially SpaceX, and the effects of changing index fund rules on market dynamics. [1:00:02]
• He shares personal lessons from his White House firing, emphasizing resilience, empathy, and the importance of facing adversity. [1:10:01]

DETAILED ANALYSIS

The event in New York brought together influential voices to dissect pressing geopolitical, political, and economic issues. The evening began with reflections on New York City's enduring appeal and economic strength, despite national trends of declining tourism and anxieties about urban decline. The hosts, Scott Galloway and Ed Elson, set the stage by noting the city's record-breaking visitor numbers, low crime rates, and robust economic activity, framing New York as a symbol of opportunity and resilience.

The focus quickly shifted to international affairs, specifically the ongoing standoff with Iran. Hillary Clinton, drawing on her experience as Secretary of State and a member of the Senate Armed Services Committee, critiqued the current U.S. approach as poorly conceived and executed. She expressed concern that the U.S. had failed to anticipate or adequately prepare for Iran's closure of the Strait of Hormuz, a critical energy corridor.

Clinton argued that, contrary to the intended outcome, Iran has emerged from recent confrontations in a stronger position, both militarily and in terms of regional influence. She referenced her approval of targeted strikes on Iranian nuclear facilities in the previous year, which she believed temporarily set back Iran's nuclear ambitions but did not fundamentally alter the strategic balance.

Clinton highlighted the importance of leverage in negotiations, advocating for a coalition-based approach that pressures Iran through diplomatic channels and economic sanctions. She recounted her own efforts to involve Oman and secure a UN Security Council resolution that imposed universal sanctions, particularly targeting the interests of China and India. Clinton stressed that only through patient, disciplined diplomacy could the U.S. hope to restore navigational freedom in the Strait of Hormuz and prevent a nuclear arms race in the Middle East.

She also noted Iran's effective use of social media to shape perceptions and mock U.S. policy, underlining the multidimensional nature of modern geopolitical competition.

Turning to Ukraine, Clinton underscored the country's transition from defensive to offensive operations, attributing this shift to Ukraine's rapid development of indigenous military technology, especially drones and missiles. She drew historical parallels to Britain's response during the Blitz, emphasizing Ukraine's self-reliance and the broader implications for European and U.S. security. Clinton praised Ukraine's role in training Gulf States to counter Iranian drone attacks and argued that their resistance has held Russian aggression at bay, with significant consequences for the global order.

The conversation then moved to domestic politics, focusing on the rise of socialism among younger Americans and the election of a self-described democratic socialist as New York's mayor. Clinton described the new mayor as a brilliant politician who ran a modern, youth-focused campaign. She expressed a pragmatic willingness to support any political approach that delivers real improvements in people's lives, regardless of ideological label.

Clinton cautioned against governing solely to one's political base, warning that such an approach, as seen in the Trump administration, undermines national unity and the effectiveness of government.

Addressing broader societal challenges, Clinton identified affordability and accountability as the central issues facing the United States, particularly for younger generations. She lamented the erosion of federal government capacity, citing the dismantling of public health infrastructure and the loss of expert personnel. Clinton called for renewed innovation at the state and city levels, urging local governments to serve as laboratories of democracy in areas such as housing, economic mobility, and artificial intelligence regulation.

On the topic of the upcoming midterm elections, Clinton remained optimistic about Democratic prospects, citing recent electoral successes and the party's advantage on issues of affordability and accountability. She stressed the importance of tailored messaging that resonates with diverse constituencies and highlighted the need to restore the rule of law in the face of what she described as unprecedented corruption in the Trump administration. Clinton drew parallels to Hungary's recent election, where opposition success was tied to exposing government corruption and its tangible effects on citizens' lives.

Following Clinton's segment, the discussion pivoted to market integrity and the erosion of public trust in capitalism. The hosts noted that only 54% of Americans now express a positive view of capitalism, a decline fueled by repeated instances of insider trading and perceived unfairness in financial markets. They cited President Trump's disclosure of thousands of trades made before key policy announcements, as well as similar patterns among his family members, raising questions about the integrity of the system.

Anthony Scaramucci, founder of Skybridge Capital and former White House Communications Director, joined to provide historical context and personal insights. He compared the current administration's actions to the Teapot Dome scandal, noting that Trump openly dismissed concerns about conflicts of interest and relied on public apathy to avoid accountability. Scaramucci referenced the brief congressional ban on insider trading in 2011, which was quietly reversed, and suggested that Trump's egregious behavior might finally prompt substantive reforms.

Scaramucci also addressed the broader political landscape, recalling his experiences with economic despair among blue-collar Americans and the failure of political elites to recognize growing discontent. He argued that both parties must reconnect with economically marginalized communities and ensure that the benefits of prosperity are more widely shared. Scaramucci advocated for regulated capitalism, drawing on historical examples such as Franklin D.

Roosevelt's New Deal and the GI Bill, which fostered upward mobility and social cohesion.

The conversation turned to the upcoming wave of tech IPOs, particularly SpaceX, Anthropic, and OpenAI. Scaramucci described Elon Musk as a "human meme" whose ventures attract intense retail investor interest, often driving valuations beyond traditional fundamentals. He expressed concern about recent changes to index fund rules, which allow mega-cap companies like SpaceX to be fast-tracked into major indices, effectively forcing passive investors to buy in regardless of underlying value.

Scaramucci warned that these shifts disadvantage retail investors, as companies now go public at much higher valuations, limiting opportunities for broad-based wealth creation.

Concluding the evening, Scaramucci shared personal lessons from his abrupt firing from the White House in 2017. He recounted the professional and personal challenges he faced, including public ridicule and marital strain, and emphasized the importance of resilience, self-awareness, and focusing on what truly matters. Scaramucci encouraged the audience to persevere through adversity, care less about external judgment, and remain committed to personal growth and integrity.

Overall, the event provided a comprehensive examination of current geopolitical tensions, domestic political dynamics, and the evolving structure of financial markets. The discussions highlighted the interconnectedness of global events, the challenges of governance in a polarized era, and the need for both systemic reform and individual responsibility.

LINKS

• Prof G Markets newsletter subscription page
• Order 'Notes On Being A Man' book
• Scott Galloway's Instagram profile
• Ed Elson's Instagram profile
• Ed Elson's X (Twitter) profile
• Ed Elson's Substack newsletter
• Prof G Markets on Spotify
• Prof G Markets on TikTok
• Prof G Media homepage
• ODO business software platform

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