Capitalism's Successes and Its Limits

Businessman, venture capitalist and political strategist Bradley Tusk joins Chuck Todd for a wide-ranging conversation about leadership fatigue, the erosion of America’s rule of law, and the long-term consequences of the Trump era. Tusk argues that many of today’s institutional crises—from weakened economic pillars to America’s retreat from global leadership—are inseparable from Trump’s choices, and that “pay-to-play” politics may linger even after he’s gone. The discussion also explores capitalism’s successes and excesses, the growing public unease around AI, and why uneven, state-by-state regulation is both inefficient and, at times, a necessary laboratory for innovation.

The conversation then turns to the future: how AI-driven inequality could spark massive political upheaval, why crypto only works with regulation, and whether mobile voting could dramatically reshape democracy by boosting participation and accountability. Tusk weighs the risks of low-information turnout, the challenges of selling reform in rural America, and why JD Vance may be the biggest wildcard in restoring the rule of law. The episode closes with reflections on missed turning points in presidential history, the changing nature of political communication, and what it will take for candidates in 2028 to be truly battle-tested for the moment ahead.

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Timeline:

(Timestamps may vary based on advertisements)

00:00 Bradley Tusk joins the Chuck ToddCast

02:00 Third terms don’t make sense, people wear out after several years

03:15 America’s rule of law issues will end when Trump ends

04:00 Trump has undermined the pillars of America’s economic strength

04:45 Trump has chosen to end America’s role as leader of the free world

05:45 Trump selling chips to China undermines security argument

07:00 Will business expect the Trump treatment from future presidents?

08:15 State by state regulation is wildly inefficient compared to federal

09:00 There is only state level regulation of autonomous vehicles

10:30 State level regulation allows for experimentation & learning

11:15 Americans have lower approval of AI compared to other nations

12:00 The political tsunami hasn’t hit yet, will by 2028

13:15 If AI makes trillionaires & 18% unemployment, it’ll cause revolution

15:00 Crypto only works due to having a level of regulation

16:15 Regulation is neither inherently good or bad

18:15 We haven’t found the politician to meet the current political moment

19:00 Capitalism has lifted 3 billion people out of poverty since WW2

19:30 Capitalism now has been taken to the extreme, leading to unhappiness

21:00 With less immigration, America would have better safety nets

23:00 The debate would surround when immigrants qualify for the safety net

24:00 Eric Adams decision to house & feed immigrants hurt other services

25:30 Someone willing to risk life to immigrate is willing to work hard

27:00 Will pay to play politics outlast Trump in the business community?

28:00 Different industries will support the party that’s best for their interests

29:30 The case for allowing voting on a mobile device

31:45 Online banking is incredibly secure, voting could be made that way

33:30 Mobile voting should start at the local level, then work its way up

34:00 How security would work for mobile elections

36:45 High turnout will create better incentive structures for politicians

39:15 Is a rise in low information voter turnout actually a good thing?

40:15 Unique challenges selling rural states on mobile voting?

42:00 JD Vance is the biggest variable on the potential return to rule of law

43:15 Vance will struggle to distance himself from Trump

45:00 How different would the world have looked if Gore beat Bush?

46:45 If Gore wins, Iraq never happens

47:45 The two most qualified of the last seven presidents only got 1 term

49:00 The Iowa caucuses force presidential candidates to meet the people

50:30 The DNC made a huge mistake removing Iowa as first in nation status

52:30 Communication is so much more important to success now

53:30 In business, narrative is more important than fundamentals

55:30 Is it better to be a public company or private company in 2026?

57:00 Tech companies stay private for too long

59:30 Any candidates that excite you for 2028?

1:02:30 Candidates need to be battle tested by the primary calendar

1:04:00 First mobile votes will happen in Anchorage

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