Is the Department of Education really being dismantled, or is this just political theater?

In this episode, Jim Iuorio sits down with Discovery Institute senior fellow Keri Ingraham to break down what's actually happening inside Washington's push to unwind federal control over K-12 education. Ingraham has been in the room for it from the White House executive order that started the process to the policy fights over student loans and school choice.

They get into why the federal government only funds about 10% of public education but controls 90% of the rules, why $1.7 trillion in student loans is moving to the Treasury, and how a new $1,700 tax credit is already pulling Democrat governors into the school choice fight. Keri also makes the case for trade schools, micro schools, and rethinking what a "good" education path looks like.

If you want to understand where American education is actually headed, this is the conversation.

Timestamps:

00:01 Introduction and Guest Overview

01:15 Keri Ingraham's Background and Role in Washington

02:48 Is Department of Education Reform Real or Just Talk

05:41 The 10/90 Funding and Regulation Gap 09:21 Returning Education Control to the States

12:05 Moving Student Loans to the Treasury

16:20 Should Loans Cover Degrees That Don't Pay Off

18:45 Aviation Academy and the $188K Pilot Path 21:06 College Networking vs Skipping the Degree

26:34 The Rise of Micro Schools

29:00 Public Education as a Jobs Program

36:22 The $1,700 Education Freedom Tax Credit 43:12 Teacher Certification as a Barrier to Talent

46:53 Personal Finance vs Algebra II in Graduation Requirements

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The AI productivity boom everyone is celebrating isn’t real. Strip out semiconductor operating leverage, and the average S&P 500 company is still below its 2022 margin highs. What looks like a productivity story is really just fixed-cost businesses growing into their capacity.

Cameron Dawson, Chief Investment Officer at New Edge Wealth, joins Jim Iuorio and Bobby Iaccino to break down what's really driving markets and what history says could happen next.

Timestamp

00:00 Intro and Sponsors
02:08 Friday's Sell-Off: Was It Anything to Worry About
02:28 SOX 76% Above 200-Day: the Rerating That Already Happened
04:19 Repricing, Not a Reckoning: Unprofitable Tech Up 65% Since March Lows
05:05 Dot-Com Bubble Parallels in Today's Market
06:28 The Two Components of Every Bubble: Real Earnings and Speculation
07:02 Real Earnings Existed in 1999 Too
09:01 What Happened to Unprofitable Tech in 2021: 80-90% Drawdowns
10:49 Jim's SMH Back Spread Trade
13:13 How Important Is the Consumer in This Capex Cycle
13:57 The Stock Market Is Now More Important for the Consumer Than Vice Versa
15:06 Real Wages Negative: Consumers Dipping Into Savings
16:24 We Are All One Trade: Why Micron's Gross Margin Is the Number That Matters
16:59 Volatility That Hurts: It's About Duration, Not Just Magnitude
17:52 US Large Cap Tech at 97th Percentile Positioning
19:00 1973 vs Today: Why This Oil Shock Is Different
20:54 Big Tech Shift: From Spending Cash to Raising Equity
22:28 CapEx Growth Forecasts: 10% Last Year, 80% for 2026
23:14 Google's Equity Offering: Tone Shift or Chink in the Armor
25:32 Why Frontier Models Won't Turn a Profit
26:30 Retail Now Drives Two-Thirds of Market Volume
26:54 Institutions Got to First Percentile Positioning
29:34 What Would Actually Trigger a 2000 or 2008 Scenario
30:02 History: 1996 to NASDAQ Peak in March 2000
31:25 How Cameron Defines a Bubble
32:42 Gold Breaking Down
34:11 Gold Below 200-Day for the First Time in Three Years
35:11 Gold Is Only an Inflation Hedge When the Fed Isn't Fighting It
36:44 Why Hot Inflation Was Always the Worst Thing for Gold
40:27 Infrastructure Players Rarely Win
41:15 The AI Productivity Boom Is Actually Semiconductor Operating Leverage
42:22 Micron: Negative Margins Three Years Ago, 80% Gross Margins Today
42:46 Strip Out Semis: Average S&P Still Below 2022 Margin Highs
43:34 Copper and Industrial Metals Stronger Than Precious for 3 Months
45:15 SpaceX IPO: What Sector, What Valuation, What It Signals
47:49 S&P Pushes Back on Relaxing Profitability Rule
48:54 Palantir Parallel: 90x Sales Marked the Top
51:15 Closing Thoughts: Travel, Italy, Costa Rica

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Jim Iuorio spent 39 years on a trading floor. Bobby Iaccino once broke his golf clubs in half and threw them in a lake because he couldn't handle being bad at something. Both admit they beat themselves up constantly to perform better. Dr. Steven Sideroff, a UCLA clinical psychologist and peak performance researcher, says they've had it completely backwards.

Sideroff, who has published research describing stress as "the master hallmark of aging," explains why traders and high performers become neurologically wired to crave stress, why beating yourself up actually undermines performance instead of improving it, and why the body can only operate in one of two modes at a time: defend-and-protect or heal-and-grow.

They also get into the nine pillars of his resilience model, how the emotional state of people around you can physically alter your own brainwave patterns, and practical tools for sleep, recovery, and breaking automatic stress patterns that no longer serve you.

Timestamps:
00:00 Intro: "When I Stress, I Have Success"
00:51 Meet Dr. Steven Sideroff: UCLA, Nine Pillars of Resilience
01:45 About the Guest: Topanga Canyon, 79 and Still Mountain Biking
03:08 Biological Age Study: Can Resilience Slow Aging
04:26 Low-Carb Diet: Jim's 3-Year Energy Transformation
05:05 Is Stress the Number One Factor in Aging
05:36 How Stress Impacts Every Area of Performance and Health
06:19 The Stress Sweet Spot: Why We're Designed to Overshoot It
07:54 What Stress Actually Is: Any Threat to the Body's Balance
09:20 Pillar 5: Mental Balance, Growth vs Fixed Mindset
10:27 Bobby Threw His Golf Clubs in a Lake: Was That Right
12:02 Cortisol: Does It Show Up With All Types of Stress
13:03 Two Body Modes: Defend and Protect vs Heal and Grow
13:46 Jim: 39 Years on a Trading Floor, Just Retired, Can't Relax
14:36 Psilocybin: Not Necessarily a Bad Choice
15:13 Traders Become Addicted to Stress: the Donald Hebb Connection
16:39 Meditation vs Distraction: There's a Real Difference
19:35 Avoid Stress or Learn to Balance It? The Answer Is Both
21:12 How Traders Used Alcohol to Decompress
22:22 No Single Worst Addiction: It Depends on Loss of Control
23:21 The Stress of Debt: What to Do Once You Have a Plan
24:08 Pillar 6: Emotional Unfinished Business Drives Debt
27:05 Physical Symptoms of Unmanaged Stress
28:08 Jim on THC for Sleep: What's the Real Downside
29:26 Waking Up at 3am Thinking About Your To-Do List? That's Stress
30:34 I Want to Be the Leader of My Own Life
32:25 Sauna and Cold Plunge: Stress at the Mitochondrial Level
33:54 Stress Is the Master Hallmark of Aging
35:11 Can Obsessive Exercise Become a Crutch
35:59 The Nine Pillars of Resilience: Full Breakdown
39:11 Heart Rate Variability and Quantum Entanglement on the Trading Floor
41:32 Beating Yourself Up Doesn't Make You a Peak Performer
43:11 How to Break an Automatic Pattern That No Longer Serves You

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