Latest / The Paul Barron Crypto Show / Tax Bill Passesā House Vote Chaos Next? Crypto Market Updateš„
Transcript
- 0:06Speaker 1: All right, So there's a lot happening around the big
- 0:08Speaker 1: beautiful bill. We'll break it down for you today. What
- 0:10Speaker 1: does this mean for the markets? Well, it means a lot.
- 0:13Speaker 1: My name is Paul Barrel. Welcome back into the show.
- 0:15Speaker 1: Let's get into it today. I do want to thank
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- 0:18Speaker 1: guys can go out there or start your crypto plan.
- 0:21Speaker 1: And the cool thing is you can do this as
- 0:23Speaker 1: a business, as an individual. Get in there and start
- 0:26Speaker 1: moving with Coinbase. Begin to get into the crypto craze
- 0:30Speaker 1: because we are going to see some big activity I
- 0:32Speaker 1: think now on risk assets.
- 0:34Speaker 2: Use our link down below.
- 0:35Speaker 1: You can get up to two hundred bucks in crypto
- 0:37Speaker 1: just by initiating your first trade over there. Up to
- 0:40Speaker 1: two hundred to get it going. So use our discount
- 0:42Speaker 1: does help you guys out. All right, So this was
- 0:45Speaker 1: the headline when it first came out was that there's
- 0:48Speaker 1: a big pause. Now they're starting to change the headlines
- 0:50Speaker 1: over Bloomberg. But the point is that Bloomberg was even
- 0:54Speaker 1: acknowledging that the pause was in place, waiting on that
- 0:57Speaker 1: bill to pass. Of course, it went through the Senate.
- 1:00Speaker 1: This will go back to the House now and we'll
- 1:02Speaker 1: start to make things get very interesting as President's Trump
- 1:07Speaker 1: one big beautiful bill goes right through the Senate, and
- 1:09Speaker 1: I think this is the point we've.
- 1:10Speaker 2: Been waiting for. Remember though JD.
- 1:13Speaker 1: Bance right now pretty much had to go in and
- 1:16Speaker 1: strong arm a lot of what was happening in the
- 1:19Speaker 1: Senate to get this done. And we're still trying to
- 1:21Speaker 1: get this done in terms of when I say we,
- 1:23Speaker 1: they are trying to get this done by July fourth, Okay,
- 1:27Speaker 1: so that is a very key thing. Let me know
- 1:30Speaker 1: in the comments, do you guys think it's going to
- 1:32Speaker 1: happen by this Friday, July fourth, or do you think
- 1:36Speaker 1: this is going to push back? And remember Trump was
- 1:38Speaker 1: even saying no vacation until we get this thing done,
- 1:41Speaker 1: so it'll be interesting. Let's go over to this clip
- 1:44Speaker 1: right here to explain it all.
- 1:46Speaker 3: Scott, Yes, it is now official. The senators they've been
- 1:49Speaker 3: here for more than twenty four hours, so they voted
- 1:51Speaker 3: very quickly. But yes, as we said, fifty one to
- 1:54Speaker 3: fifty with JD. Vance breaking that tie. Now, the Trump
- 1:57Speaker 3: megabil has passed in the set and it now of
- 2:00Speaker 3: course heads to the House. We have heard from a
- 2:03Speaker 3: number of lawmakers there, fiscal hawks, even some more moderate
- 2:06Speaker 3: members who have had concerns about the bill. But Mike
- 2:09Speaker 3: Johnson is determined to try and get this done, getting
- 2:12Speaker 3: a vote on this as soon as tomorrow, and that
- 2:14Speaker 3: would get it to the President's desk by July fourth. Now,
- 2:17Speaker 3: will that happen? That remains to be seen. Needs to
- 2:20Speaker 3: be seen if lawmakers dig in their heels, are not
- 2:22Speaker 3: on some of their concerns, But certainly a lot of
- 2:25Speaker 3: momentum with this Senate passage today.
- 2:28Speaker 1: All right, So will it happen right now? This is
- 2:31Speaker 1: the poly market on it, July third, fourth, and fifth,
- 2:34Speaker 1: all leveraging up with July fourth and fifth kind of
- 2:37Speaker 1: coming in at the top. So this will be the
- 2:39Speaker 1: point around the reconciliation bill that goes through the House
- 2:43Speaker 1: that will make this official. These are the things that
- 2:46Speaker 1: we are faced with right now. This though, gets into
- 2:49Speaker 1: some of the detail of why this has been pushed
- 2:52Speaker 1: back from even by some of the Republicans so much,
- 2:55Speaker 1: both in the Senate and I think now coming up
- 2:57Speaker 1: in the House, there's going to be a pushback. Question
- 3:00Speaker 1: is who's going to pull it off? Who's going to
- 3:02Speaker 1: do it? Here was Scott Besson breaking it down.
- 3:04Speaker 4: Take a look the benefits that are being cut. What
- 3:07Speaker 4: do you tell the nearly twelve million people that are
- 3:10Speaker 4: on the brink of losing access to medicaid one point
- 3:13Speaker 4: four million are illegal aliens. Then a huge percent of
- 3:17Speaker 4: that are the able body, working people who will need
- 3:25Speaker 4: to go back to work.
- 3:27Speaker 1: All right, So you can kind of see this is
- 3:29Speaker 1: one of the big sticking points, and that is the
- 3:31Speaker 1: Medicaid cuts that are going to happen over ten years.
- 3:34Speaker 1: And the idea is that those cuts will start to
- 3:37Speaker 1: take place immediately and they'll start to accelerate what not accelerate,
- 3:40Speaker 1: but the equal amount over those ten years. But the
- 3:43Speaker 1: point being is that maybe there was a better way,
- 3:46Speaker 1: and hopefully in the House there's going to be at
- 3:49Speaker 1: least some pushback question as well and get changed if
- 3:51Speaker 1: it does there's any kind of situation where they back
- 3:54Speaker 1: off of that issue alone, most likely this is going
- 3:57Speaker 1: to push it past.
- 3:58Speaker 2: July fourth or fifth.
- 4:00Speaker 1: If that occurs, guys, expect a market meltdown.
- 4:04Speaker 2: Senator Josh Holly was one.
- 4:05Speaker 1: Of the pivotal people that was talking a bid game
- 4:09Speaker 1: around the medicaid side. Of course, he caved and that
- 4:13Speaker 1: of course, is where we are right now, and that
- 4:15Speaker 1: is going through the Senate. You see there, it is
- 4:19Speaker 1: right there, Maga Republican Holly says that he will vote
- 4:22Speaker 1: for Trump's despite his loud opposition. Kind of going two
- 4:26Speaker 1: sided here. So I was kind of a Holly fan
- 4:29Speaker 1: there for a moment, but I don't like it when
- 4:31Speaker 1: they don't stick to what they're saying. Now you've got
- 4:34Speaker 1: another issue going on right now, and that is inflation. Well,
- 4:37Speaker 1: here is Tom Lee coming in and says this is
- 4:39Speaker 1: meaningful given an enormous volume of imported goods that Amazon
- 4:44Speaker 1: has currently inflation, you would see it early, but CNBC
- 4:48Speaker 1: kind of heads on it right there. Amazon hasn't seen
- 4:50Speaker 1: any prices appreciably go up. That's a big deal, guys,
- 4:53Speaker 1: because if we don't get inflation this late into the
- 4:57Speaker 1: year after tariffs, are we ever going to get it?
- 5:01Speaker 1: And maybe that is the whole point? Is this ware
- 5:04Speaker 1: chair Palell is going to start saying, maybe I'm going
- 5:08Speaker 1: to give in to this solid majority, because right now
- 5:11Speaker 1: it's pretty much everybody already saying yes we need a cut,
- 5:16Speaker 1: and yes this needs to happen. Powell also says he
- 5:18Speaker 1: cannot say whether July is too soon. Cannot say whether
- 5:22Speaker 1: July is too soon to consider cutting rates. I still believe,
- 5:25Speaker 1: guys that July is the date. Remember it's the thirtieth
- 5:29Speaker 1: of July. We have four weeks ahead of us.
- 5:32Speaker 2: Right now.
- 5:32Speaker 1: We're going to have most likely the bill going through,
- 5:36Speaker 1: most likely no inflation or at least very little. And
- 5:39Speaker 1: the question is if we start to see jobs soften,
- 5:42Speaker 1: it is going to be a no brainer for Pale
- 5:44Speaker 1: to get this done. If that happens in July, expect
- 5:47Speaker 1: some big fireworks coming in the summer. FED decision, though
- 5:52Speaker 1: still everybody saying not necessarily going to happen in July.
- 5:56Speaker 1: I still think this might be a good spot. But
- 5:58Speaker 1: if not, if it does not go through in July,
- 6:02Speaker 1: we don't have an August meeting, September will be a
- 6:05Speaker 1: looming date for this, especially if we see no inflation.
- 6:09Speaker 1: I believe it will be too late for retailers, and
- 6:12Speaker 1: that could cause us a little bit of an economic
- 6:14Speaker 1: recession toward the end of the year, with retailers probably
- 6:17Speaker 1: being hit most because consumers not spending, and that's what
- 6:21Speaker 1: we're going to be watching very close. I want to
- 6:23Speaker 1: go to a clip real quick because This is Goldman
- 6:25Speaker 1: saying that they actually think we're going to see three cuts.
- 6:28Speaker 2: Take a look.
- 6:29Speaker 5: What's interesting too. Goldman raises their twenty twenty five FED
- 6:32Speaker 5: rate cut forecast to three from one September, October and December.
- 6:38Speaker 5: And it's because the tariff effects have been smaller than
- 6:42Speaker 5: we expected. That's what they say. Those are their exact words.
- 6:45Speaker 5: Whether it remains so, we'll see. But Jay Palle's already
- 6:50Speaker 5: said if not for the tariffs, he'd already be cutting rates.
- 6:53Speaker 5: So you know he's got his finger on the switch.
- 6:56Speaker 2: He does so to speak.
- 6:57Speaker 6: That was the bright spot from his speech last week.
- 7:00Speaker 6: Iterated it today too, So we now just have to
- 7:03Speaker 6: wait and see, just like he's waiting and see. I
- 7:05Speaker 6: think they're behind Scott. I think they should be doing it,
- 7:07Speaker 6: but that's not my call, that's their call. So the
- 7:11Speaker 6: point being is, after his comments last week, I thought
- 7:15Speaker 6: July was absolutely off the table, but September also likely
- 7:19Speaker 6: off the table, and I actually think September is a
- 7:21Speaker 6: real possibility now, all.
- 7:23Speaker 1: Right, So people pushing for September, Yeah, I think these
- 7:27Speaker 1: are you know, the narratives that you know, the typical
- 7:31Speaker 1: talking heads of Wall Street is going.
- 7:33Speaker 2: I look at a couple of things here.
- 7:34Speaker 1: One is the barometer of what's happening in business, and
- 7:38Speaker 1: business is the.
- 7:39Speaker 2: Real Street versus Wall Street. A lot of this.
- 7:42Speaker 1: They're looking at from maybe more of a macro's position.
- 7:45Speaker 1: I still think that the impact is happening so much
- 7:48Speaker 1: in main street that the job numbers are going to
- 7:51Speaker 1: be the pivotal key going forward, because we're not seeing
- 7:54Speaker 1: the inflation numbers.
- 7:54Speaker 2: So we'll see.
- 7:56Speaker 1: Now there are some out there that are saying that
- 7:58Speaker 1: we could see a huge run on the back half
- 8:01Speaker 1: of this year.
- 8:02Speaker 2: Here's one analyst that kind of goes in that direction.
- 8:04Speaker 7: Take a look, and I kind of view liberation day
- 8:08Speaker 7: more as capitulation day, and we sort of cleaned out
- 8:11Speaker 7: a lot of things. Now, throw on top of all
- 8:13Speaker 7: of that the sequencing of the policy going kind of
- 8:16Speaker 7: growth negative, and now we're looking at some of the
- 8:18Speaker 7: growth positive policy changes, for example, the tax and centers
- 8:22Speaker 7: in this bill, deregulation, some of the things we're talking
- 8:25Speaker 7: about doing with capital controls. You know, that's what we
- 8:27Speaker 7: have to look forward to, and that's what the market
- 8:29Speaker 7: has gotten ahead of. And the one variable I think,
- 8:32Speaker 7: as you know, Mike, we've talked about this many times.
- 8:35Speaker 7: The most important variable for stocks is earnings and most
- 8:37Speaker 7: importantly earnings revision and earnings revision breath. And if you
- 8:41Speaker 7: looked at a chart of earning your vision breath which
- 8:43Speaker 7: we published in today's note, it's a V shape recovery
- 8:47Speaker 7: and as powerful as we've seen since COVID. And I
- 8:50Speaker 7: think with the FED cutting in the second half of
- 8:52Speaker 7: this year or next year, we could see a rolling
- 8:54Speaker 7: recovery because now there's quite a bit of pent up demand,
- 8:56Speaker 7: particularly in those interest rates sensitive parts of the market.
- 8:59Speaker 1: All right, so he does hit on a few points
- 9:01Speaker 1: interest rate sensitive and I do agree with that. I
- 9:03Speaker 1: think there's so much money on the sidelines right now
- 9:05Speaker 1: to his V recovery. Here's the S and P that
- 9:08Speaker 1: he's talking about. I mean, this goes all the way
- 9:10Speaker 1: back into February of twenty twenty five when we did
- 9:12Speaker 1: see that dip coming down, and then there's April and
- 9:15Speaker 1: then boom, we have skyrocketed back here to.
- 9:18Speaker 2: An all time high.
- 9:19Speaker 1: This correlated into this next clip is where Jerome Powell
- 9:23Speaker 1: is starting to see new components that are playing in
- 9:27Speaker 1: on his decision.
- 9:27Speaker 2: This is about stable coins.
- 9:29Speaker 8: Take a look on Statelet we stay on stable coins.
- 9:31Speaker 8: If I can, I do share the concerns that you
- 9:34Speaker 8: hear here, but I also think it's a positive step
- 9:37Speaker 8: that we don't have a regulatory framework for these now
- 9:41Speaker 8: in the United States. We tried very hard in the
- 9:43Speaker 8: last Congress to work with people on both sides of
- 9:47Speaker 8: the aisle to create such a thing. Now it looks
- 9:50Speaker 8: like we're well on the way to creating a framework,
- 9:53Speaker 8: which I think is something we need. You know, if
- 9:56Speaker 8: we're going to have stable coins, and apparently we are,
- 9:58Speaker 8: we need to have a federal and state level regulatory framework,
- 10:01Speaker 8: which I think we're making progress towards having.
- 10:04Speaker 1: We only have a couple of minutes left, and so
- 10:06Speaker 1: you know many.
- 10:07Speaker 2: Of them all right, So big news over there.
- 10:09Speaker 1: Of course that's pal kind of in an unusual character.
- 10:13Speaker 1: I hadn't seen them without glasses, not tie. But speaking
- 10:16Speaker 1: of stable coins, guess what Circle comes in right there?
- 10:19Speaker 1: Today we introduce Circle Gateway. This is a new developer
- 10:22Speaker 1: service that enables unified USDC balances for instant cross chain liquidity.
- 10:27Speaker 1: This is pretty big deal because it goes to avax,
- 10:29Speaker 1: Base ethereum. All of this coming out in July. Good
- 10:32Speaker 1: for stable coins, good for risk assets, I think in general,
- 10:36Speaker 1: one point to consider on this, and you guys that
- 10:39Speaker 1: are watching our show probably know this. When you're in
- 10:41Speaker 1: apps and you're trying to send USDC around, you've got
- 10:43Speaker 1: it in base, you've got it. You want to send
- 10:45Speaker 1: it on Salona because it's cheaper. You're senting over on ether,
- 10:48Speaker 1: you know, and you don't want to pay the fees.
- 10:50Speaker 1: You get the point, Well, this eliminates all of that.
- 10:53Speaker 1: So this is dare I say, boomer proof. It's going
- 10:56Speaker 1: to be able to get USDC very easily in and
- 10:59Speaker 1: out of wallets and moving into yield generation events, and
- 11:02Speaker 1: I think that is the big leap going forward as
- 11:06Speaker 1: we see stable coins start to hit the market as mainstream.
- 11:10Speaker 1: Another thing going to look at, speaking of mainstream, USDG
- 11:13Speaker 1: is now fully mek A compliance, So this is going
- 11:14Speaker 1: to go across the EU. Remember that Tether was banned
- 11:18Speaker 1: out of the EU, so USDG now going to be
- 11:21Speaker 1: possibly one of the key ones that will go head
- 11:24Speaker 1: to head.
- 11:25Speaker 2: With Circle over there.
- 11:26Speaker 1: And I think that's the point you've got to look at,
- 11:28Speaker 1: look at some of these yields that we're talking about here,
- 11:30Speaker 1: and that is another factor that's going to play into
- 11:32Speaker 1: this is we are going to see high yields, which
- 11:35Speaker 1: I think starts to push in traditional investors and a
- 11:39Speaker 1: lot of people who are setting on cash on the
- 11:41Speaker 1: sidelines and money markets, et cetera, saying hey, this is
- 11:44Speaker 1: a great opportunity, especially if you take about and look
- 11:46Speaker 1: at the European markets for sure. Now let's go into
- 11:50Speaker 1: what Tom Lee is doing. Tom Lee, of course getting
- 11:52Speaker 1: some heat right now with the super Investor update. He
- 11:56Speaker 1: has propelled to number one, all right, and Michael Berry
- 12:00Speaker 1: jumping down to number three, Kathy would accelerate. If you've
- 12:03Speaker 1: been watching our shows over the last few weeks, we've
- 12:06Speaker 1: been saying this is coming. Tom Ley's going to make
- 12:08Speaker 1: it as the Superinvestor of the Year for twenty twenty five, at.
- 12:11Speaker 2: Least year to date. One thing to note on Tom.
- 12:14Speaker 1: Lee's strategy, well, I won't say strategy, but his analysis
- 12:17Speaker 1: and I've highlighted it here and he says this is
- 12:20Speaker 1: coming from Frank Krueger, a bitcoiner, says bitcoin is a
- 12:23Speaker 1: millennial asset, and Tom Lee was right. This is the
- 12:26Speaker 1: example of bitcoin investment versus gold investors when you look
- 12:29Speaker 1: at millennials, and this is the situation that maybe Tom
- 12:33Speaker 1: Lee is seeing is that Bitcoin is actually fighting a
- 12:35Speaker 1: fight that they don't know about. Meaning they're not fighting
- 12:39Speaker 1: to get the boomer to invest and out of golden
- 12:42Speaker 1: into bitcoin. They're actually trying to win the millennial or
- 12:45Speaker 1: should be trying to win the millennial investor. Problem with
- 12:49Speaker 1: the millennial investor is there's too much selection, eat, Solana, Avalanche,
- 12:53Speaker 1: you name it. It is a different ecosystem. And I
- 12:56Speaker 1: think that's the parody and it might be why we're
- 12:59Speaker 1: seeing things like this right here. Tom Lely endorsing Ethereum
- 13:02Speaker 1: is probably the next Bitcoin is such a r move.
- 13:06Speaker 1: I lost a lot of respect. This is the kind
- 13:07Speaker 1: of hey that Tom Lee is getting. I'm sure he
- 13:09Speaker 1: probably sees this all the time, but interesting that we
- 13:12Speaker 1: are going to see this from the bitcoin community. Here
- 13:15Speaker 1: is Tom Lee talking about bitcoin. Take a look.
- 13:18Speaker 9: I think what happened is a couple things. One is
- 13:21Speaker 9: a lot of these ETFs may have been receiving in
- 13:24Speaker 9: kind exchange, so people have their crypto keys, give it
- 13:27Speaker 9: to the ETF provider, and then they just stepped up
- 13:30Speaker 9: their bases. So that's not going to push up the
- 13:33Speaker 9: price of bitcoin. It adds to their own wash. Yes,
- 13:36Speaker 9: it's a wash. And the second is that the ones
- 13:38Speaker 9: who aren't involved in ETFs, but maybe they have ten
- 13:42Speaker 9: dollars bitcoin. We have clients that have bought bitcoin at
- 13:44Speaker 9: one hundred dollars and now it's one hundred thousand. They're
- 13:48Speaker 9: not looking to they don't care if bitcoin goes to
- 13:51Speaker 9: a million. They are probably sellers at around one hundred thousand.
- 13:55Speaker 9: So we're churning the base now because ninety five of
- 14:01Speaker 9: the institutional role doesn't own bitcoin, but a very significant
- 14:05Speaker 9: portion of bitcoin holders are sitting on huge gains. So
- 14:08Speaker 9: I think this is the churn that's happening in bitcoin now.
- 14:11Speaker 9: But of course the copies that serve bitcoin, like coinbase
- 14:14Speaker 9: or Circle have seen huge growth and they've been the
- 14:17Speaker 9: best IPOs in the best stocks. So it's almost like,
- 14:21Speaker 9: maybe you won't make money trading bitcoin, but look at
- 14:23Speaker 9: the infrastructure providers, they've been great stocks.
- 14:26Speaker 2: All right.
- 14:26Speaker 1: So if Tom Lee is right and we do see
- 14:30Speaker 1: an exodus of bitcoin at you know, these one hundred
- 14:33Speaker 1: and ten, hundred and twenty ranges, then he might be
- 14:37Speaker 1: correct in the fact that what is the narrative that
- 14:40Speaker 1: people pivot into. Well, everyone seems to be hating on
- 14:43Speaker 1: eth except Tom Lee.
- 14:45Speaker 2: So remember go back.
- 14:46Speaker 1: He is the number one superinvestor, so he's catching trends
- 14:50Speaker 1: before they happen. Has Tom Lee identified something here around
- 14:55Speaker 1: what really could have been shown as a market indicator,
- 14:59Speaker 1: and that was the c stock exploding off to the
- 15:02Speaker 1: races on its ipo. Maybe that's where he is right now.
- 15:06Speaker 1: One thing to compare is just take a look at
- 15:08Speaker 1: the bitcoin eight thirty bitcoin chart right there. You can
- 15:11Speaker 1: kind of see all the way back here really back
- 15:14Speaker 1: into December of twenty nineteen when we start to see
- 15:16Speaker 1: these bottoms and then of course these accelerated moves all
- 15:19Speaker 1: the way to the top back here in twenty two
- 15:23Speaker 1: and now we are back at the same spot.
- 15:25Speaker 2: So have we bottomed?
- 15:26Speaker 1: Maybe Tom Lee is picking up those kind of indicators
- 15:29Speaker 1: based on all these narratives that are playing out in
- 15:32Speaker 1: this next generation finance market. So very interesting stuff, guys,
- 15:37Speaker 1: because this is the key here. If you're catching our show,
- 15:40Speaker 1: you're here trying to catch the early trends of this
- 15:43Speaker 1: going forward. Now, one of the things that could accelerate
- 15:45Speaker 1: all of this is going to be this right here,
- 15:47Speaker 1: and that is the SEC is now in the early
- 15:49Speaker 1: stages of creating a generic listening standard for token based ETFs.
- 15:54Speaker 2: What does this mean.
- 15:55Speaker 1: What it means is that all these token based etf Solana, XRP,
- 15:59Speaker 1: et cetera, are to be able to go to market
- 16:01Speaker 1: much faster. Remember it was like seventy five days with
- 16:04Speaker 1: these nineteen B four's and these s ones, all these
- 16:08Speaker 1: problems that the SEC would put in front of these companies.
- 16:11Speaker 2: That were doing this. This could be much faster.
- 16:13Speaker 1: Simply meeting listing standards will be faster, more clear, and
- 16:18Speaker 1: this means we're going to see some ETFs happening. I
- 16:21Speaker 1: think this month look for Solana as being one of
- 16:23Speaker 1: the first. Maybe XRP comes in and nails in the
- 16:27Speaker 1: first one as well. And if you compare just an
- 16:31Speaker 1: example right here, these are the probability leaps that took
- 16:37Speaker 1: off just in the last few days. Of course, the
- 16:40Speaker 1: basket index jumped. High light coins Solana, XRP all now
- 16:44Speaker 1: above ninety five percent on odds of approval. Guys, this
- 16:50Speaker 1: is bull run capacity. This is where we're gonna get now. Granted,
- 16:53Speaker 1: do we see this in the memes and maybe in
- 16:55Speaker 1: some of the djen alts. I don't know that that
- 16:57Speaker 1: necessarily will be the case, but a lot of the
- 16:59Speaker 1: high volume, high market cap blue chips may start to
- 17:04Speaker 1: see some fairly significant growth as we start to see
- 17:06Speaker 1: the market moving forward. All right, if you guys are
- 17:09Speaker 1: not part of the Diamond Circle, get in right now.
- 17:11Speaker 1: It's a great place to get additional content. And of course,
- 17:13Speaker 1: if you guys want to get into our own Telegram group,
- 17:15Speaker 1: we'd leave a link for that as well. You can
- 17:17Speaker 1: follow me on x just at Paul Baron. Thanks a lot,
- 17:20Speaker 1: We'll catch you next time right here on the Paul
- 17:22Speaker 1: Baron Show.