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GoodFellows: Conversations on Economics, History & Geopolitics

California Dreaming with Rick Caruso | GoodFellows | Hoover Institution

GoodFellows: Conversations on Economics, History & Geopolitics

Hoover Institution

News, News Commentary, News:news Commentary, Politics, Government

4.6 • 717 Ratings

🗓️ 24 July 2025

⏱️ 61 minutes

🧾️ Download transcript

Summary

In contrast to the 20th-century bosses of industry who ran America’s big cities, New York City seems poised to elect an unabashed socialist with dreams of government-run bodegas, rent freezes, and wealth redistribution. Rick Caruso, noted Los Angeles real estate developer and possible political candidate in 2026, joins GoodFellows regulars and Hoover senior fellows Niall Ferguson, John Cochrane, and H.R. McMaster to discuss the future of America’s big cities—whether his other major cities will follow Gotham’s lead, plus how to bring needed change to municipalities notoriously averse to innovation (and in LA’s case, a city perhaps unprepared for the 2028 Summer Olympics).  The three fellows next reflect on the Ukraine-Russia conflict, now entering its 42nd month with no end in sight, then engage in a “lightning round” that touches on Harvard’s reported desire to create a Hoover Institution of its own; Hunter Biden’s skewed take on illegal immigration; the Epstein scandal’s effect on the MAGA movement; plus a “heated” debate over why Sir Niall and his countrymen choose to live without air conditioning.  Recorded on July 22, 2025. Subscribe for clarity on today’s biggest social, economic, and geostrategic shifts — only on GoodFellows.

Transcript

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0:00.0

Career politicians have making excuses down to a fine art and trying to explain why there wasn't water.

0:08.0

Nobody wants to excuse why they lost their home, why they lost their business.

0:14.0

The reality is they were not prepared enough.

0:17.0

The reality is we all got the warnings of disastrous, catastrophic winds that could kill people

0:24.6

that were issued, and the preparation just wasn't right. It wasn't enough. And this malarkey about

0:31.4

fire hydrants are intended for homes and not for wildfires like this. My God, what an excuse to make. And this is a region that has a history of fires.

0:41.3

So it wasn't breaking news that there may be a fire here.

0:45.3

And because of the negligence of our government leaders and our government officials,

0:49.3

we have the Santa Monica Mountains, the density of that brush was fuel just waiting to explode.

0:56.5

And that's when it did.

1:02.8

It's Tuesday, July 22nd, 2025, and welcome back to Goodfellows, a Hoover Institution broadcast,

1:08.2

examining social, economic, political, and geopolitical concerns. I'm Bill Whalen. I'm a Hoover Distinguished Policy Fellow, and I'll be your moderator today. I have a good news to report. We have a full complement of good fellows in the House. That includes, of course, the historians for Neil Ferguson, economist John Cochran, and former presidential national security advisor, geostrategist, best-selling author, Lieutenant General, H.R. McMaster. Gentlemen, good to see you. I hope your summers are going well. So we have two topics to address today. We're going to talk about the war in Ukraine, which is now reached its 41 month, 41 month mark, incredibly enough. But first, we're going to talk about the state of big cities in America.

1:45.3

I know something John Cochran is particularly willing to get into him. It gets into all

1:48.4

interesting questions about despondency and really how to run a city and so forth. And joining

1:53.5

us for the conversation is Rick Caruso. Rick Caruso is the founder and executive chairman of

1:58.4

Caruso, one of the largest privately held real estate companies in the United States.

2:02.4

In 2022, Mr. Caruso was the runner-up in Los Angeles's mayoral election.

2:06.6

Remember, he may run again. Maybe he'll share his plans with us. We can ask.

2:11.0

But we thought he'd be the ideal yesterday. He sheds some light on what's going on in America's big cities.

2:15.1

Choices voters are making, plus the question of how to end such chronic dysfunction, homelessness, ballot outcomes in public education, and in the case of Rick

2:23.0

Caruso's beloved Los Angeles, is city's terrible response to wildfires early this year.

2:28.0

Rick Caruso, welcome to Goodfellows.

...

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