What would it take to make California a place where more people can afford to build a good life? I sit down with Republican gubernatorial candidate Steve Hilton to discuss his path from advising British Prime Minister David Cameron to running for office in California, our shared love of the American promise, and why he believes the state is falling short. We explore how good intentions can produce unintended consequences, the pressures facing small businesses, and his critique of how regulation, litigation, and special interests shape California politics.

Steve lays out his proposal to eliminate state income tax on the first $150,000 earned, with an 8% flat rate above that, and explains what he would need from a Democratic-led legislature to enact it. We also discuss why efforts to cut bureaucracy failed under Britain’s Conservative government, what he learned from that experience, and his vision for a “new decade of building”—housing, nuclear power, water infrastructure, and new cities. Throughout, we return to a question central to Due Diligence: how can we move beyond partisan loyalties to examine ideas and find common ground around making people’s lives better?

Find Steve Hilton:

Official campaign website

Policy platform

Instagram

X

What exactly is “macro” and how does it affect ordinary Americans?

In this episode I sit down with Eric Wallerstein, Chief Macro Strategist at Clocktower Group, to explore the machinery beneath the economy and financial markets.

Eric brings an unusually wide-ranging perspective. He began his career at the New York Fed, reported on markets for The Wall Street Journal, served as Chief Markets Strategist at Yardeni Research, and advised both the White House Council of Economic Advisers and the Federal Reserve Board.

We discuss:

• What macro strategists actually do

• How banks create money

• What people mean when they say the Fed “prints money”

• The Fed’s role beyond changing interest rates

• Why financial stability depends on largely invisible market “plumbing”

• How political bias and popular narratives distort economic analysis

• What reindustrialization, tariffs, AI, and government debt could mean for the economy

• Why developments in China and Japan affect Americans

• Which economic indicators ordinary people should follow

  
  

  
  

Timestamps

(00:00) Show Mission Setup
(00:37) Meet Eric Wallerstein
(01:55) Macro Investing Basics
(02:47) Finding a Macro Lane
(03:42) New York Fed Money Plumbing
(05:28) Career Tour Across Institutions
(09:16) Why Communication Matters
(11:28) Fast Pace Crisis Work
(13:49) Inside the White House CEA
(16:45) How the Fed Really Works
(23:32) Money Creation Explained
(26:56) Limits of Monetary Policy
(31:38) Decoding Fed Speak
(33:10) Narratives Drive Volatility
(33:53) Fed Guidance Pullback
(34:33) Why Strategists Disagree
(34:59) Bull Case Then Slowdown
(37:31) Tuning Out Loud Voices
(38:18) Journalism As Edge
(39:33) Markets Versus Politics
(42:17) Rigor Versus Virality
(44:54) Underrated Smart Voices
(46:44) Becoming A Macro Pro
(49:07) Macro Makes A Comeback
(49:48) Creativity And Writing
(51:56) Big Themes Clients Ask
(55:54) Why China And Japan Matter
(59:24) What He Tracks Weekly
(01:01:12) Macro Basics And Resources
(01:05:08) Books And Where To Follow

Eric's recommended reading

Safe Haven by Mark Spitznagel

Karthik Sankaran

Shahin Vallée

Brad Setser

Find Eric

Eric’s Substack
X: @EricWallerstein
Clocktower Group: clocktowergroup.com

This conversation is for educational purposes only and should not be considered financial or investment advice.

I speak with Jamie Joyce—a researcher, civic technologist, nonprofit founder of The Society Library, former Internet Archive project lead, and Democratic candidate for California’s 12th Congressional District—about what pushed her to run, including threats and local political “blacklisting.” We discuss how political incentives reward “gangster” tactics, why media literacy matters (informal logic, cognitive biases, and comfort with complexity), and how misinformation spreads through saturation rather than accuracy. Jamie explains dark money mechanics (Citizens United, SpeechNow, super PACs, and 501(c)(4)/(c)(6) disclosure loopholes) and outlines parts of her 750-page MAD Act covering campaign finance transparency, surveillance, AI governance, and expanded Epstein-file disclosures via NARA with strict chain-of-custody and whistleblower protections. We also cover distrust in political appointees versus civil servants, Curtis Yarvin’s “RAGE” idea, Democratic Party coordination failures, her “Just 12” congressional voting-bloc strategy, and lessons from Thomas Massie’s costly primary defeat.(01:55) Why Run for Office

(04:47) Threats and Pushback

(06:45) Gangster Politics Explained

(10:23) Truth Mapping to Soundbites

(15:56) Media Literacy Essentials

(20:02) Engineering Better Culture

(21:50) Dark Money and Super PACs

(27:38) Epstein Files Expansion Plan

(34:51) Deep State Narrative and Yarvin

(39:52) Silicon Valley Boy Kings

(42:35) Politics and Inner Wounds

(45:05) Building Truth Seeking Skills

(46:53) Glasses and Sun Epiphany

(50:35) Education and Democracy Levers

(01:00:02) Democracy vs Republic Explained

(01:03:24) Democrats Strategy and Reform

(01:10:07) Just 12 Voting Bloc Plan

(01:12:02) Massie Defeat and Dark Money

(01:16:51) Benjamin Franklin and Elders

(01:20:29) Closing and Where to Follow

Learn more about Jamie's campaign