Can't find a transcript of it anywhere, but the long and short of it is around 7:16. According to Sprey, the F-35 isn't effective at any of the numerous roles, because they all interfere with each other. It can't maneuver because it has short wings, because it needs short wings for VTOL. It can only hold two bombs, because it needs to be able to dogfight. It isn't stealthy because it's large, and overfull, and burns fuel at an incredible rate.
The actual point of the plane is to spend money.
A little surprising and encouraging to see John McCain speaking out about the folly of the Military Industrial Complex:
“This is, of course, totally unacceptable. It is the kind of cronyism that should make us all vigilant against, as President Eisenhower warned us over 50 years ago, the military-industrial complex," McCain said in a speech on the Senate floor on Monday.
I doubt that's going to go anywhere, but it's nice to hope the GOP would actually help strengthen our military rather than continue funneling a quarter of our budget into a program with no return.