Latest / The Financial Exchange Show / Can a baby bonus really make Americans have more kids?

Transcript

Can a baby bonus really make Americans have more kids? · The Financial Exchange Show

0:00
Speaker 1: The Financial Exchange is produced by Money Matters Radio and
0:02
Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
0:05
Speaker 1: registered investment advisor. All opinions expressed are solely those of
0:08
Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
0:11
Speaker 1: or anyone else. Investments can lose money. This program does
0:14
Speaker 1: not offer any specific financial or investment advice. Please consult
0:17
Speaker 1: your own financial, tax, and estate planning advisors before making
0:20
Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
0:23
Speaker 1: this program do not endorse each other or their services.
0:26
Speaker 1: Armstrong and Money Matters Radio do not compensate each other
0:28
Speaker 1: for referrals and are not affiliated. This is the Financial
0:34
Speaker 1: Exchange with Mike Armstrong and Paul Lane, your exclusive look
0:39
Speaker 1: at business and financial news affecting your day, your city,
0:42
Speaker 1: your world. Stay informed and up to date about economic
0:46
Speaker 1: and market trends plus breaking business news every day. The
0:50
Speaker 1: Financial Exchange is a proud partner of the Disabled American
0:53
Speaker 1: Veterans Department of Massachusetts. Help us support our great American
0:57
Speaker 1: heroes by visiting dav five K dot Boston and making
1:01
Speaker 1: a donation today. This is the Financial Exchange with Mike Armstrong,
1:06
Speaker 1: and Paul Lane.
1:11
Speaker 2: Good morning, Welcome back to the Financial Exchange on the
1:15
Speaker 2: last Monday of June here as we head into the
1:17
Speaker 2: July fourth holiday week, as a reminder, shortened trading week
1:21
Speaker 2: here with markets closing at one pm on Thursday and
1:23
Speaker 2: then all day Friday. It's Mike, Paul and Tucker with
1:26
Speaker 2: you on a morning where we've got the Dow, SMPN,
1:29
Speaker 2: NASDAC all positive to the tune of about a quarter
1:32
Speaker 2: of one percent in early trading. We do have the
1:36
Speaker 2: Senate making its way through the big beautiful bill over
1:41
Speaker 2: in DC here and attempting to move that thing forward.
1:47
Speaker 2: Generally speaking, we are looking at a lock in of
1:50
Speaker 2: tax cuts, but you know, there's a little bit of
1:52
Speaker 2: something in there for everybody. We're seeing some temporary cuts
1:55
Speaker 2: on taxes on overtime as well as tips, some more
2:00
Speaker 2: permanent tax cuts for seniors over the age of sixty
2:04
Speaker 2: five who will not be getting an exclusion on their
2:06
Speaker 2: Social Security but will be receiving a larger standard deduction
2:11
Speaker 2: on their income, so in effect wiping out some of
2:14
Speaker 2: those Social Security taxes cuts, the Medicaid cuts two, a
2:17
Speaker 2: bunch of solar programs, wind programs, green you know, green
2:20
Speaker 2: evy tax credits generally any other big highlights for you,
2:25
Speaker 2: Paul from the.
2:25
Speaker 3: Bill pumping up the child tax credit. Child tax credit
2:28
Speaker 3: will be affected.
2:29
Speaker 2: So you know, Paul's gonna have three more kids, as
2:31
Speaker 2: we know, and so we will see. We're in the
2:35
Speaker 2: midst of this kind of voter rama here in the Senate,
2:37
Speaker 2: or will be soon, and we will see what guts
2:40
Speaker 2: in what gets out. One of the biggest things that
2:43
Speaker 2: you know, we took we took up in the first
2:46
Speaker 2: hour of the program is that they're effectively the Republican
2:50
Speaker 2: led Senate is waiving a magic wand here to basically
2:54
Speaker 2: say that the effects of this bill are null and
2:57
Speaker 2: void or nil on the overall budget because a lot
3:01
Speaker 2: of the tax cuts that they're proposing are already law,
3:03
Speaker 2: they're just renewing them. Normally, you would look at this
3:06
Speaker 2: as some three point eight trillion dollars added to the deficit.
3:09
Speaker 3: Over a decade.
3:10
Speaker 2: They're doing some pretty interesting math over there in DC
3:13
Speaker 2: at the moment, so we will see where it goes
3:15
Speaker 2: from here. And that interesting math is drawing the objections.
3:18
Speaker 2: Even if some Republicans with over the weekend rand Paul
3:21
Speaker 2: voting against this bill as well as a few others
3:25
Speaker 2: anything else catching your eyes in markets at the moment,
3:29
Speaker 2: Bond prices are pretty stable at the time being. We've
3:32
Speaker 2: got oil prices down again by about one percent.
3:35
Speaker 4: No, it's a relatively quiet week in terms of economic activity. Really,
3:39
Speaker 4: that job support on Thursday is the one that will
3:41
Speaker 4: be most attuned to. This week pretty light in terms
3:44
Speaker 4: of earnings and things like that.
3:45
Speaker 2: Then let's turn over to the housing market. We talk
3:49
Speaker 2: a lot about it because pretty darn interesting to people.
3:52
Speaker 2: Everybody needs a place to live, and Baron's has a piece.
3:55
Speaker 2: A shrinking housing market means upheaval for buyers out there.
4:00
Speaker 2: I don't know that every article that's written about the
4:03
Speaker 2: housing market these days is so dramatic. How does the
4:07
Speaker 2: shrinking housing market mean upheaval for buyers these daies? Paul,
4:11
Speaker 2: are you seeing upheaval in the housing markets? I'm not sure,
4:14
Speaker 2: I am No.
4:15
Speaker 3: I mean, it's this idea.
4:17
Speaker 4: This comes back to an issue that's gone on with
4:21
Speaker 4: Compass and Zillo in terms of the battle for listings
4:26
Speaker 4: and access to viewing available homes online. But I feel
4:30
Speaker 4: as if Mike, just to step back to your earlier point,
4:33
Speaker 4: there's always this focus on trying to make a huge
4:36
Speaker 4: call on the housing market at one direction or another.
4:39
Speaker 4: It seems like everyone wants to be able to say
4:42
Speaker 4: it's going to be you know, this two thousand and
4:44
Speaker 4: eight situation of huge drops and you know, bargains everywhere,
4:49
Speaker 4: or to the contrary. I mean, we did see to
4:51
Speaker 4: be fair significant run up post twenty twenty in thus values,
4:54
Speaker 4: so that was a period of time. But oftentimes, if
4:57
Speaker 4: you look at historical transfer the housing market, it kind
4:59
Speaker 4: of just putters along, you know, two or three percent
5:01
Speaker 4: increase every single year, and that's where we seem to
5:05
Speaker 4: be trending.
5:06
Speaker 3: To me at this point in time.
5:08
Speaker 4: I can't see a huge catalyst for change on mortgage
5:12
Speaker 4: rate mortgage interest rates, to be fair, that's a very
5:14
Speaker 4: difficult area to predict where they're going to trend. But yeah,
5:18
Speaker 4: it seems as if they would they're going to stay
5:20
Speaker 4: in a tighter range this year. We've talked about the
5:22
Speaker 4: inventory issue for shows and shows and weeks on end,
5:26
Speaker 4: and that isn't any clear resolution there. So I just
5:29
Speaker 4: don't know if I can get behind any huge stake
5:31
Speaker 4: up because all of the variables that you would measure
5:34
Speaker 4: in terms of inventory, interest rates, and the amount of
5:37
Speaker 4: people out there looking to buy and sell not a
5:40
Speaker 4: huge change.
5:41
Speaker 3: Really. Yeah.
5:42
Speaker 2: One area it is making a bit of an upheaval
5:45
Speaker 2: would be in the markets related to housing. Right, So
5:49
Speaker 2: you do have home Depot, for example, closing on a
5:52
Speaker 2: big purchase and attempt to draw their contractors in closer.
5:57
Speaker 2: You have a compass you mentioned buying up a bunch
6:00
Speaker 2: of smaller brokerages because in spite of what you might
6:03
Speaker 2: say for the housing market itself, which again, while this
6:07
Speaker 2: differs a lot on a state by state basis, on
6:10
Speaker 2: a national basis, we're not looking all that different in
6:13
Speaker 2: terms of inventory than what we looked like in twenty nineteen.
6:16
Speaker 2: The big difference is pricing is way higher and interest
6:20
Speaker 2: rates are way higher, So the eligible buyers to make
6:23
Speaker 2: those purchases are not showing up in droves, and for
6:26
Speaker 2: whatever reason, mainly probably because there's been no big economic
6:31
Speaker 2: push for this to happen, those sellers just aren't in
6:34
Speaker 2: a rush to sell. Buy and large are not cutting
6:36
Speaker 2: prices as much as most would think, and they're just
6:38
Speaker 2: kind of holding on at this point. But when you
6:42
Speaker 2: talk about brokers or brokerages that make all of their
6:46
Speaker 2: money on the transaction of a piece of real estate. Yeah,
6:50
Speaker 2: it's been pretty rough for them, and so Compass has
6:52
Speaker 2: been out there buying one piece that I found fast.
6:55
Speaker 2: And when you guys go and look at real estate listenings,
6:57
Speaker 2: where do you go?
7:00
Speaker 3: Zillo? Okay? I do.
7:01
Speaker 2: For whatever reason, I like Redfinn. I've always been on
7:04
Speaker 2: redfin and so I just am used to the website.
7:07
Speaker 2: I don't know why, but I use Redfind but Zillo
7:09
Speaker 2: is way more popular. The unique visits to Zillo in
7:15
Speaker 2: the first quarter of this year were two point four
7:18
Speaker 2: billion unique visits. I think in a whole year. You
7:23
Speaker 2: know how many real estate units get sold in a
7:26
Speaker 2: given year, It's it's a fraction of that. And so
7:28
Speaker 2: what Zilla was experiencing is kind of this moment where
7:33
Speaker 2: they're almost a social media company.
7:36
Speaker 3: Hmm. I mean, I don't know about you guys. This
7:39
Speaker 3: is a hobby for me.
7:40
Speaker 2: I like, you know, I went on vacation this weekend
7:43
Speaker 2: out to Western Massachusets south to Lennox. I was browsing
7:46
Speaker 2: real estate listings the whole time I was there. I'm
7:48
Speaker 2: always curious. It's it's weird. It's a weird hobby. But
7:51
Speaker 2: I'm apparently not unique in this one. Like I send
7:55
Speaker 2: it to my wife and was like, Oh, check out
7:56
Speaker 2: this place that we can't afford. This is pretty cool.
8:00
Speaker 2: That is pretty interesting to be by the way, I
8:03
Speaker 2: took a look at. According to similar Web, which is
8:05
Speaker 2: like a website ranking tool that looks at traffic, in
8:08
Speaker 2: the month of May, Zillo was the fifteenth most popular
8:11
Speaker 2: website in the world.
8:12
Speaker 4: Wow.
8:13
Speaker 2: That puts them on like weather dot com status. They
8:17
Speaker 2: had almost as many unique visits as the New York
8:19
Speaker 2: Times during the month of May.
8:21
Speaker 3: Like that is a huge I think opportunity.
8:25
Speaker 2: Quite honestly, Again, I don't use Zillo very frequently, but
8:28
Speaker 2: the only advertising I've ever seen on it is for realtors.
8:32
Speaker 4: Big connection with realtors. I mean when I'm trying to
8:35
Speaker 4: think of other ways you could diversify.
8:37
Speaker 2: Furniture, Like how many people are looking at houses because
8:43
Speaker 2: they like the design aesthetics of a certain house and sharing.
8:46
Speaker 3: It with a group in that way, shape or form.
8:49
Speaker 2: Like the way it's being talked about these days. People
8:51
Speaker 2: are like, hey, you know, you should create Zillo more
8:53
Speaker 2: of a social media platform where you can directly share
8:56
Speaker 2: these things.
8:57
Speaker 4: Landscaping, yeah, pool company loans.
9:01
Speaker 2: So our loans existing advertisers on there because I just
9:05
Speaker 2: saw a loan one. Yeah okay, yeah, VA loan all right,
9:07
Speaker 2: So they're moving into new areas. But I mean that
9:10
Speaker 2: type of web traffic in a market like this where
9:13
Speaker 2: there are just not very many buyers, is indicative of
9:17
Speaker 2: something else.
9:17
Speaker 3: To me.
9:18
Speaker 2: It's people are looking at this site not while being
9:22
Speaker 2: serious about buying real estate, which I find fascinating and
9:25
Speaker 2: also a remarkable business opportunity for Zilla to try to
9:28
Speaker 2: take advantage of recent history would suggest that maybe they're
9:31
Speaker 2: not so good at that. I remember, this is the
9:33
Speaker 2: company that attempted to buy houses in what was one
9:37
Speaker 2: of the best buyers market out there markets out there
9:40
Speaker 2: in like twenty nineteen and twenty twenty, and then lost
9:44
Speaker 2: money on it and had to close the unit down.
9:46
Speaker 2: So they do not have a great track record on
9:50
Speaker 2: this stuff. But I mean, this is your bread and butter, guys.
9:52
Speaker 2: You are attracting visitors to your website. They are sharing
9:57
Speaker 2: that stuff with their user group, with their friends. You
10:00
Speaker 2: got to capitalize on that.
10:01
Speaker 4: But if we were to play it the other way,
10:03
Speaker 4: let's say you're the furniture company that you're mentioning that
10:05
Speaker 4: you want to advertise is that the best way to
10:07
Speaker 4: allocate your advertising dollars. You're a pool company or a
10:10
Speaker 4: Lanscape company, is it to allocate that to Mike Armstrong,
10:13
Speaker 4: who's really just kind of on a pipe dream? Or
10:16
Speaker 4: I've done the same thing too. Well, what if we
10:18
Speaker 4: move down to North Carolina?
10:19
Speaker 1: You know what?
10:19
Speaker 4: You go down that road of sort of what we
10:22
Speaker 4: look like. It's like the exercise you go through when
10:24
Speaker 4: you buy the lottery ticket out. This is the first
10:26
Speaker 4: thing I do with it? Is that a serious qualified buyer?
10:28
Speaker 3: I don't know.
10:29
Speaker 4: I'm just sort of kicking that around. Do they get
10:31
Speaker 4: the return on it as much as they do with
10:34
Speaker 4: the realtor side where that's where Razil really makes his
10:37
Speaker 4: money is hooking up listings with realtors.
10:40
Speaker 2: Yeah, I guess I don't know. Yeah, I guess. I
10:42
Speaker 2: genuinely don't know. But I would think by and large,
10:46
Speaker 2: you've got a oftentimes wealthy demographic there, and you're posting,
10:51
Speaker 2: you would end up advertising against stuff that can in
10:55
Speaker 2: no way be deemed controversial. MM, Like you go on YouTube, Well,
11:01
Speaker 2: I might accidentally advertise next to some g hotty video
11:05
Speaker 2: or some terrible, terrible thing that I don't want my
11:07
Speaker 2: advertisement to appear next to You're not gonna get that
11:10
Speaker 2: on Zilla.
11:10
Speaker 4: Two point four billion is a lot of eyeballs.
11:13
Speaker 3: There to go out. It is a lot of eyeballs.
11:15
Speaker 5: S extra to the number six one, seven, three, six,
11:17
Speaker 5: two thirteen eighty five simply puts Eyebrowzillo all the time.
11:21
Speaker 3: So fun, yeah, fun.
11:22
Speaker 2: I genuinely like I use it in the same way
11:26
Speaker 2: that I think people use Facebook frequently, which is just escapism, uh,
11:30
Speaker 2: just entertaining value.
11:32
Speaker 3: So interesting, interesting place that they find themselves in.
11:35
Speaker 2: But yeah, the housing market if you're looking for that
11:37
Speaker 2: deal of the century still ain't have.
11:39
Speaker 5: You uh sorry, have you seen Speaking of social media,
11:42
Speaker 5: do you follow Zillo Gone Wild? No, check it out.
11:46
Speaker 5: It's very interesting listenings mainly just these like massive, massive
11:51
Speaker 5: mansions with like amazing amenities. But Zillo Gone Wild is same.
11:55
Speaker 5: I'm looking for the follow.
11:57
Speaker 2: I want to find the opposite of like toilets and
12:01
Speaker 2: kitchens just horrible designs on zoo.
12:04
Speaker 5: Oh yeah, no, you get some of that. You'll get
12:05
Speaker 5: some of that that too. It's not just like luxury things.
12:08
Speaker 5: I'm very interesting homes.
12:10
Speaker 3: Let's take a quick break.
12:11
Speaker 2: When we come back, we're gonna be playing a little
12:13
Speaker 2: bit of trivia here next on the Financial Exchange.
12:15
Speaker 1: The Financial Exchange Show podcast drops every day on Apple, Spotify,
12:19
Speaker 1: and iHeartRadio. Hit that subscribe button and leave us a
12:23
Speaker 1: five star review. You're listening to the Financial Exchange Radio Network.
12:29
Speaker 1: The Financial Exchange is Life on Series XM's Business radio
12:32
Speaker 1: channel one thirty two weekdays from eleven to noon. Get
12:35
Speaker 1: the latest business and financial news from across the country
12:38
Speaker 1: and around the world, and keep up to date on
12:41
Speaker 1: how it might affect your wallet. That's the Financial Exchange
12:44
Speaker 1: weekdays from eleven to noon on Series XM's Business Radio
12:48
Speaker 1: Channel one thirty two. Face He's the Financial Exchange Radio Network.
12:56
Speaker 5: All right, it's time for trivia here on the Financial Exchange.
12:59
Speaker 5: And today is Michael Phelps' fortieth birthday. Phelps is the
13:03
Speaker 5: most decorated Olympian in history. Is he holds the records
13:07
Speaker 5: for the record for most medals and most gold medals.
13:11
Speaker 5: So trivia question today, how many gold medals did Michael
13:15
Speaker 5: Phelps win in his Olympic career? Once again, how many
13:20
Speaker 5: gold medals? Gold medals did Michael Phelps win in his
13:25
Speaker 5: Olympic career? Be the fifth person today to text us
13:29
Speaker 5: at six one seven three six two thirteen eighty five
13:32
Speaker 5: with the correct answer, and you win a Financial Exchange
13:34
Speaker 5: Show T shirt.
13:35
Speaker 3: Once again.
13:36
Speaker 5: The fifth correct response to text us to the number
13:39
Speaker 5: six one seven three six two thirteen eighty five will
13:42
Speaker 5: win that T shirt. See complete contest rules at Financial
13:45
Speaker 5: Exchange Show dot com.
13:46
Speaker 4: Such a swarms have such an unfair advantage with that
13:49
Speaker 4: gold medal.
13:50
Speaker 3: They yeah, jerks like Usain Bolt.
13:54
Speaker 4: You know he can't win like seven eight different races
13:57
Speaker 4: like stylistically medical phelps gain.
14:01
Speaker 2: Question for each of you, what were what were your
14:03
Speaker 2: first summer jobs or what types of summer jobs you guys?
14:06
Speaker 3: Camp counselor camp counselor that's pretty solid.
14:08
Speaker 5: Tucker, uh valet for a car dealership, service department like it?
14:13
Speaker 1: You?
14:14
Speaker 2: Yeah, primarily office copy boy.
14:17
Speaker 3: Yeah yeah, I've done a lot of that too, But
14:20
Speaker 3: in either case, your time. Copies, copies and cop I'm
14:24
Speaker 3: strong copies and coffee, baby. I was good at filing too.
14:29
Speaker 4: This paperwork that's been here since the nineties. Who wants
14:32
Speaker 4: you to sort through?
14:32
Speaker 3: Yeah? Yeah, precisely. Uh So.
14:35
Speaker 2: According to New York Times, the rite of passage summer
14:38
Speaker 2: job is disappearing, and I'm kind of surprised by this,
14:43
Speaker 2: and it goes it goes against what I had been
14:47
Speaker 2: saying about the labor market, because we've been focusing a
14:49
Speaker 2: lot recently on the difficulty that college grads are seeing
14:54
Speaker 2: out there finding a job. And to be clear, the
14:57
Speaker 2: unemployment rate for twenty to twenty five four year olds
15:00
Speaker 2: with a college degree is sitting around twenty fourteen levels,
15:05
Speaker 2: which I consider high. Like that, that sounds pretty darn
15:08
Speaker 2: high to me, given the state of labor market in
15:12
Speaker 2: twenty twenty four, and according to York Times, the unemployment
15:16
Speaker 2: rate now for teenagers is sitting around thirteen percent. Now,
15:22
Speaker 2: the unemployment rate for teenagers is always pretty darn high,
15:28
Speaker 2: like it never gets terribly low. They're not always looking
15:32
Speaker 2: for work. But I'm looking at the data series here
15:36
Speaker 2: from the Saint Louis Federal Reserve and it is sitting
15:38
Speaker 2: right at thirteen point four percent, which is a high
15:41
Speaker 2: for the May time period, you know, going back several years.
15:46
Speaker 2: I will also say, however, that compared to post Great Recession,
15:52
Speaker 2: this is this is nothing. So in May of twenty ten,
15:56
Speaker 2: the unemployment rate for sixteen to nineteen year olds was
15:58
Speaker 2: twenty six and a half percent. So there's a different
16:02
Speaker 2: story going on here. I'm not saying this doesn't exist,
16:04
Speaker 2: and the youth unemployment rate has dramatically increased. Here's why
16:07
Speaker 2: I'm kind of surprised by all this, though, is We've
16:09
Speaker 2: been talking at length about the number of deportations, the
16:13
Speaker 2: number of people who are working in generally lower wage
16:17
Speaker 2: jobs that can no longer do so because of either
16:20
Speaker 2: threat of deportation, family members being deported, or just crackdowns generally.
16:24
Speaker 2: I would have thought that would have opened up opportunities
16:27
Speaker 2: for American sixteen to nineteen year olds. You are not
16:31
Speaker 2: seeing that so much. One of the explanations that's given here, though,
16:35
Speaker 2: is a drop in travel this summer. Sure, there is
16:39
Speaker 2: being reported a pretty significant drop in vacation travel to
16:43
Speaker 2: large portions of the country, especially from Canadians and Europeans
16:46
Speaker 2: coming here, and so maybe that explains some of it,
16:51
Speaker 2: but I don't know. This doesn't really fit within the
16:54
Speaker 2: narrative that I had been spinning.
16:56
Speaker 4: I would have predicted the parallel to I believe it
16:58
Speaker 4: was the summer of twenty twenty one, where we're year
17:01
Speaker 4: post COVID, where I believe it was difficult for international
17:05
Speaker 4: visas to be obtained for some work. And I thought
17:07
Speaker 4: we'd have similar sorts of parallels to that, where you
17:10
Speaker 4: have these people from other countries that perhaps are more
17:13
Speaker 4: hesitant to come over to the United States because of
17:15
Speaker 4: some of the immigration reform, and as a result, I
17:18
Speaker 4: remember in that summer, it opened up huge opportunities for
17:21
Speaker 4: these the demographic that we're talking about here, those younger workers.
17:24
Speaker 4: There was signing bonuses and other sorts of efforts really
17:27
Speaker 4: to try and get these teenagers to work. And here
17:30
Speaker 4: we sit, you know, three or four summers later, and
17:34
Speaker 4: we're in a point where it seems like it is
17:36
Speaker 4: a tighter labor market. And I'm just surprised by that,
17:38
Speaker 4: because as much as perhaps international tourism is down, still
17:42
Speaker 4: much of the domestic tourism seasonally in the Hamptons or
17:45
Speaker 4: Kipcot or other areas in the country seems like it's
17:48
Speaker 4: still there and out in force.
17:51
Speaker 2: So again, this one is very different from the college
17:54
Speaker 2: grad story because again the severity of what we've experienced recently. Again,
17:59
Speaker 2: the unemployment rate for sixteen to nineteen year olds did
18:05
Speaker 2: not even get below like twenty percent until twenty fourteen,
18:09
Speaker 2: So for us to be sitting at thirteen now is
18:12
Speaker 2: not really absolutely shocking. It's just a bit surprising to
18:16
Speaker 2: me given where we are with other things. I guess
18:19
Speaker 2: I keep going back to the same thing to blame here, right,
18:22
Speaker 2: If we're going to bring up AI and automation as
18:26
Speaker 2: a source of blame for white excuse me for college
18:30
Speaker 2: grads that are level pantry level positions white collar jobs.
18:35
Speaker 2: There that might be happening in those blue collar summer
18:39
Speaker 2: jobs too.
18:40
Speaker 3: I mean, do you but it's like the local.
18:41
Speaker 4: Ice cream store, the bagel place, like, do.
18:44
Speaker 3: They the likely ice cream short are they going to?
18:46
Speaker 3: The last time I chop.
18:49
Speaker 2: The Needham train station ice cream shop did not have
18:53
Speaker 2: an ordering kiosk last time I checked, and the line
18:56
Speaker 2: was also usually pretty long, So you right there.
18:59
Speaker 3: I don't don't at the train station. Yeah, yeah, I
19:02
Speaker 3: don't know that. I'm gonna go on the train more. Yeah. Yeah.
19:06
Speaker 2: There's like four Needham train stops, so I'm gonna make
19:08
Speaker 2: you guess which one it is.
19:09
Speaker 3: But there's a.
19:11
Speaker 2: Top notch ice cream shop right at the train station
19:13
Speaker 2: in need They do not have an ordering kiosk. They
19:17
Speaker 2: only started taking credit cards like last year, So yeah,
19:21
Speaker 2: there should be plenty of those jobs as far as
19:23
Speaker 2: I'm concerned.
19:23
Speaker 4: It was so hard in twenty ten to get a
19:25
Speaker 4: summer job. Flashbacks to that.
19:26
Speaker 2: Let's take a quick break here. When we come back,
19:29
Speaker 2: we'll have the trivia winner for you next.
19:41
Speaker 1: Bringing the latest financial news straight to your radio. Every day,
19:45
Speaker 1: it's the Financial Exchange on the Financial Exchange Radio Network.
19:51
Speaker 1: Time now for Wall Street. Watch a complete look at
19:54
Speaker 1: what's moving market so far today right here on the
19:58
Speaker 1: Financial Exchange Radio Network.
20:00
Speaker 5: Markets in positive territory adding to their recent record highs
20:04
Speaker 5: as investors ready for a shortened holiday trading week highlighted
20:07
Speaker 5: by jobs report on Thursday. Trade also back on the
20:11
Speaker 5: spotlight after Canada withdrew its digital service tax and an
20:14
Speaker 5: effort to move trade talks along with the US. And
20:17
Speaker 5: of course, we await developments on President Trump's Big Beautiful
20:21
Speaker 5: Bill for final passage in the Senate. Right now, Dow
20:25
Speaker 5: is up by nearly half a percent, or two hundred
20:27
Speaker 5: and ten points. SMP five hundred is up a quarter
20:30
Speaker 5: percent higher, NASDAC up by two tenths of one percent.
20:33
Speaker 5: Russell two thousand is edging two points higher. Ten yurar
20:37
Speaker 5: treasure reeled down by one basis point at four point
20:39
Speaker 5: two six percent and crude oil for treating one percent
20:43
Speaker 5: today trading at sixty four dollars in eighty two cents
20:46
Speaker 5: a barrel. Maderner now up by over three percent after
20:50
Speaker 5: the local biotech company's experimental flu vaccine showed a positive
20:54
Speaker 5: response in a late stage trial, opening the way for
20:58
Speaker 5: the standalone shot and a combination COVID shot. Meanwhile, the
21:01
Speaker 5: Justice Department settled its lawsuit challenging Hewlett Packard enterprises fourteen
21:07
Speaker 5: billion dollar deal to buy Juniper. Hewlett Packard shares are
21:10
Speaker 5: up by thirteen percent, while Juniper stock is climbing over
21:14
Speaker 5: eight percent higher. Elsewhere, home Depots said that it is
21:17
Speaker 5: buying GMS, a building products distributor, for about four point
21:22
Speaker 5: three billion dollars as the retailer moves to draw more
21:25
Speaker 5: sales from contractors and other home professionals. Home Depot shares
21:29
Speaker 5: are pulling back slightly, while GMS shares are up by
21:33
Speaker 5: eleven percent. Oracle is up by five percent after a
21:38
Speaker 5: recent filing showed a Cloud deal that would add over
21:41
Speaker 5: thirty billion dollars annually, and Disney shares rising over one
21:46
Speaker 5: percent higher after Jeffrey's upgraded the stock to buy from hold,
21:49
Speaker 5: where the investment firm said Disney's Park's business is holding
21:52
Speaker 5: up well and that the cruise revenue could jump in
21:55
Speaker 5: the next year when two new ships are launched, Briscila.
22:00
Speaker 5: And that is Wall Street Watch. And in the previous segment,
22:03
Speaker 5: we asked you the trivia question how many gold medals
22:05
Speaker 5: did Michael Phelps win in his Olympic career? That would
22:09
Speaker 5: be twenty three gold medals. Trev from Revere, Mass is
22:13
Speaker 5: our winner today taking home a Financial Exchange Show teachhert
22:16
Speaker 5: Congrats to Trev. We play trivia every day here in
22:19
Speaker 5: the Financial Exchange See complete contest rules at Financial Exchange
22:23
Speaker 5: Show dot com.
22:24
Speaker 3: Paul Wealthy Americans are not feeling wealthy.
22:28
Speaker 2: Wall Street Journal has a piece of a few different
22:30
Speaker 2: interviews that they've done as well as some surveys that
22:33
Speaker 2: are out there on just talking to the wealthiest Americans
22:37
Speaker 2: that are out there. And to be clear what we're
22:39
Speaker 2: talking about here, if you are making one hundred and
22:43
Speaker 2: thirty thousand dollars per year or more, that puts you
22:47
Speaker 2: in the top third of income producing households.
22:53
Speaker 3: And when you go ask those people, hey, how do
22:57
Speaker 3: you feel? Do you feel wealthy?
22:58
Speaker 2: Only about twenty six percent said that they were better
23:02
Speaker 2: off than a year ago. That's the about lowest level
23:06
Speaker 2: since the depth of the financial crisis back in two
23:08
Speaker 2: thousand and nine in terms of how people are feeling.
23:10
Speaker 2: This was a survey that was conducted through through June.
23:14
Speaker 2: What do you make of a study like this? Is
23:16
Speaker 2: it I feel like I could put us positive slant
23:20
Speaker 2: on this, which is, you know, Americans are always trying
23:23
Speaker 2: to find that next buck and improve their lives more,
23:26
Speaker 2: and that's maybe uniquely American, maybe not the other side
23:30
Speaker 2: of this would be that we are horrible savers, not
23:34
Speaker 2: very good with our personal finances, and therefore might be
23:37
Speaker 2: able to pull in three hundred thousand dollars and still
23:39
Speaker 2: struggle financially.
23:41
Speaker 4: I would say that it's probably more that for the
23:44
Speaker 4: former that you said that there is always this competition
23:48
Speaker 4: to keep up with the jones is and sort of,
23:50
Speaker 4: you know, try and get to the next threshold of wealth.
23:54
Speaker 4: But also to me, it's a commentary on the affordability
23:58
Speaker 4: piece that we've talked about the housing market a lot,
24:00
Speaker 4: where yes, these seven percent thirty year fixed mortgage historically,
24:05
Speaker 4: there are many listeners who I'm sure would tell us
24:07
Speaker 4: that their first mortgage was much higher on a percent
24:10
Speaker 4: basis from an interest rate perspective. However, the affordability pairs
24:14
Speaker 4: the two things together. The fact that home prices in
24:16
Speaker 4: many areas have gone up fifty percent over the last
24:19
Speaker 4: five years, and you have borrowing costs that are twice
24:22
Speaker 4: as high as they were at that initial start in
24:25
Speaker 4: twenty nineteen or twenty twenty. Those two combinations combined make
24:29
Speaker 4: it so that it is more challenging for those people
24:33
Speaker 4: to afford in those wealthier areas. Look at the Greater
24:36
Speaker 4: Boston area that you know we broadcast out of. It's
24:39
Speaker 4: really dang competitive to buy a house around here. You
24:42
Speaker 4: are up against people that are mentioned in this article,
24:45
Speaker 4: whether it's IPO windfalls, executives who are making huge top
24:49
Speaker 4: dollar money, and the school teachers you know in the
24:53
Speaker 4: Greater Boston area, it's just harder and harder for them
24:56
Speaker 4: to be able to keep up. The one statistic was
24:59
Speaker 4: mentioned here, ninety percent of households that have the top
25:02
Speaker 4: ten percent of income owned a Sorry, people who had
25:07
Speaker 4: the top ten percent of income nationally, ninety percent of
25:10
Speaker 4: them own households in twenty twenty two. That's a heavy percentage,
25:12
Speaker 4: nine out of ten, but that rate was ninety five
25:15
Speaker 4: percent in two thousand and one. It's not enough anymore
25:18
Speaker 4: to be over that one hundred and thirty thousand in
25:21
Speaker 4: some areas.
25:21
Speaker 2: I keep going back to, there is no dollar threshold
25:25
Speaker 2: that magically makes you financially well off. That's because I'm
25:32
Speaker 2: sure you've met with it too. But like I go
25:35
Speaker 2: back to this scenario, right, I have definitely met people
25:38
Speaker 2: earning more than half a million dollars a year who
25:41
Speaker 2: feel like they're tight, who are objectively objectively tight. Yeah,
25:46
Speaker 2: how do you have this much debt when you are
25:48
Speaker 2: pulling in this much? And you know it's private tuition,
25:52
Speaker 2: it's you know sports, you know, club sports for the kids,
25:55
Speaker 2: it's summer camps, it's it's these things that are incredibly
25:59
Speaker 2: expensive and ultimately optional really, but it all comes back
26:04
Speaker 2: down to you know, good versus bad savers, and you
26:09
Speaker 2: know where that where that all goes.
26:13
Speaker 3: We we have a piece.
26:14
Speaker 2: This month from the Armstrong Advisory Group and it's not
26:19
Speaker 2: directly to you know, raising kids or anything like that,
26:22
Speaker 2: but it's all about retiring and putting together that checklist.
26:26
Speaker 2: And obviously it's the last day of June, so I'm
26:28
Speaker 2: going to talk about this one a little bit and
26:30
Speaker 2: give you the details on how to get your copy
26:32
Speaker 2: of this guide. But we put together what we hope
26:35
Speaker 2: to be, you know, a pretty concise checklist that you
26:39
Speaker 2: can go through piece by piece.
26:40
Speaker 3: And it's not that you'll be able to say, oh.
26:44
Speaker 2: Yeah, I now have gone through each one of these
26:47
Speaker 2: and fully understand all of them. But it's more to say, hey,
26:50
Speaker 2: if there's any of these you haven't gotten a full
26:52
Speaker 2: understanding of, you might want to seriously consider doing that
26:56
Speaker 2: before you pull the trigger on retirement. You know, addressing
27:01
Speaker 2: outstanding debt is a common one there, Paul, and I
27:04
Speaker 2: think there's this real push from pre retirees. It's like, God,
27:08
Speaker 2: this would just be so much easier if I didn't
27:10
Speaker 2: have my mortgage. But there are pitfalls there, right, you know,
27:13
Speaker 2: you speak to somebody and it's like, oh, yeah, finally
27:15
Speaker 2: got rid of that mortgage that I was paying. It's like, yeah,
27:18
Speaker 2: but you were down to all the principle on a
27:20
Speaker 2: three and a half percent interest rate. In the meantime,
27:23
Speaker 2: you have a nine percent car loan that's sitting out there.
27:25
Speaker 2: What was truly better for your overall financial situation? I
27:29
Speaker 2: know that was a big monthly payment that we knocked
27:31
Speaker 2: off the list, But is that the best way to
27:34
Speaker 2: address your outstanding debt?
27:37
Speaker 3: There's I think a couple of ways.
27:39
Speaker 2: To think about your retirement date, right, And I've had
27:42
Speaker 2: this conversation with folks, But do I have a retirement
27:45
Speaker 2: age or do I have a retirement lifestyle goal? And
27:50
Speaker 2: you can have either Like some people, it's no. At
27:53
Speaker 2: sixty five, I've been breaking my back for this job.
27:55
Speaker 2: I am done at sixty five. The second I can
27:57
Speaker 2: get on Medicare, this job is over. You just tell
27:59
Speaker 2: me how much which I can spend, and I will
28:01
Speaker 2: make my life work with that. For others that' say, hey,
28:03
Speaker 2: this is pay me a picture of the lifestyle that
28:05
Speaker 2: I want to have. How much savings do I need
28:09
Speaker 2: to do between now and retirement in order to make
28:11
Speaker 2: that happen? And both are perfectly reasonable scenarios, I think,
28:14
Speaker 2: But you have to kind of do the work and
28:16
Speaker 2: answer which one am I trying to accomplish. Here our
28:20
Speaker 2: new guide for the month of June. As I mentioned,
28:22
Speaker 2: it's your retirement preparation checklist. It's just a great way
28:26
Speaker 2: to take a look piece by piece. If you're I
28:29
Speaker 2: would say, anywhere within the next fifteen years of staring
28:31
Speaker 2: down that retirement number. Hey, have I thought of all
28:35
Speaker 2: of these different considerations before I go and pull that
28:39
Speaker 2: oftentimes permanent trigger of walking away from my income source.
28:43
Speaker 2: Give us a ring at eight hundred three nine three
28:45
Speaker 2: four zero zero one will hook you up with your
28:47
Speaker 2: free copy of our new guide for the month of June. Again,
28:51
Speaker 2: it's the last day of the month, last opportunity to
28:52
Speaker 2: get the guide eight hundred three nine three four zero
28:56
Speaker 2: zero one.
28:57
Speaker 1: The proceeding was paid for by Armstrong Advisory, a registered
29:00
Speaker 1: investment advisor. Nothing in the ad or in any Armstrong
29:03
Speaker 1: Guide a specific financial, legal, or tax advice. Consult your
29:06
Speaker 1: own financial, tax and the state planning advisors before making
29:08
Speaker 1: any investment decisions. Armstrong may contact you to offer investment
29:11
Speaker 1: advisory services.
29:14
Speaker 3: Paul and Tucker? What the is this? Financial Times? Who
29:19
Speaker 3: is writing this? Bloomberg market Watch? Market Match wants to
29:23
Speaker 3: know how much would they need to pay you to
29:25
Speaker 3: have another kid?
29:28
Speaker 5: Let's see, it's more than a thousand dollars, more than
29:31
Speaker 5: a grand the Trump the MAGA account is what's going
29:36
Speaker 5: on there?
29:37
Speaker 3: It's a thousand bucks. Isn't going to get you too far?
29:40
Speaker 2: No, We've talked a lot about this, but I don't
29:42
Speaker 2: know what the magic number is to actually increase the
29:45
Speaker 2: birth rate.
29:46
Speaker 5: One hundred and fifty thousand dollars I would consider it.
29:48
Speaker 5: I'm not even kidding five hundred.
29:50
Speaker 2: Market market Watch asks this question of, you know, can
29:53
Speaker 2: a baby bon bonus really make Americans have more kids?
29:58
Speaker 3: A baby bonus in and of its self.
30:00
Speaker 2: Probably not, because to that point it'd have to be
30:04
Speaker 2: pretty substantial to move the needle for most people.
30:07
Speaker 4: I'll go further with Meg that might definitely not not,
30:10
Speaker 4: probably not, definitely not.
30:12
Speaker 2: I guess the question that mark Watch raises is like,
30:16
Speaker 2: there probably are some families there where Yeah, if you
30:19
Speaker 2: throw a few grant them, then like, yeah, we're going
30:22
Speaker 2: from seven kids to eight kids, and that's a meaningful
30:25
Speaker 2: impact to me. My point would be, if you actually
30:29
Speaker 2: are going to try and develop policy that is going
30:32
Speaker 2: to increase your birth rate, prepared for it to be
30:36
Speaker 2: outrageously expensive, because it is probably not just a cash bonus.
30:39
Speaker 2: It is probably a combination of subsidized child care, additional paid.
30:45
Speaker 3: Leave for mothers and fathers.
30:48
Speaker 2: It is going to be very, very costly, and I
30:52
Speaker 2: don't know that society is willing to pay that cost
30:55
Speaker 2: to try and increase the birth rate. There have been
30:57
Speaker 2: a number of studies that have looked at this in
30:58
Speaker 2: other countries, and half measures don't get the job done.
31:03
Speaker 2: There have been a few success stories, but they've done
31:05
Speaker 2: the things that I've talked about. It's like, oh, yeah,
31:07
Speaker 2: free childcare for everyone up to a certain age, massively
31:11
Speaker 2: long paid leave, and just a societal shift towards yeah,
31:15
Speaker 2: we're going to really address this issue. In those cases,
31:18
Speaker 2: there have been some success, but it's a lot of money.
31:22
Speaker 4: I wasn't even aware that there had been successes. I
31:24
Speaker 4: know South Korea has tried and failed on some of
31:26
Speaker 4: these initiatives, and there's some other countries out there that
31:28
Speaker 4: are escaping me right now that have tried.
31:30
Speaker 3: It appears that AI is just gonna be cheaper. I
31:34
Speaker 3: just as sad as that sounds. AI might be cheaper.
31:38
Speaker 3: There's also the society.
31:39
Speaker 4: You know, it's it's really not anyone's business to make
31:44
Speaker 4: an incentive or I just don't know if you can
31:46
Speaker 4: change societal views on it. That's it's people's individual decision,
31:50
Speaker 4: and those have shifted dramatically regardless of the cost that
31:55
Speaker 4: I don't know even with all the investment in infrastructure,
31:58
Speaker 4: can you really correct, correct change the way people view things?
32:01
Speaker 4: And it's ultimately I'm never it's it's up to anybody.
32:05
Speaker 2: Paul's you want to bring back policies of shaming people
32:07
Speaker 2: who don't have.
32:08
Speaker 4: Kids, I'm not at your not touching that thing with
32:11
Speaker 4: a ten football on anyone to do whatever the heck
32:13
Speaker 4: they want.
32:14
Speaker 3: You can quote me on that, you can call.
32:15
Speaker 4: Me and they can do whatever the heck they want.
32:17
Speaker 2: Let's take a quick break when we come back, a
32:19
Speaker 2: bit of snacker Latin.
32:20
Speaker 3: I promise not to put more words in Paul's mouth.
32:23
Speaker 4: Quote me on that.
32:25
Speaker 1: Find daily interviews and full shows of the Financial Exchange
32:28
Speaker 1: on our YouTube page. Subscribe to our page and get
32:31
Speaker 1: caught up on anything and everything you might have missed.
32:34
Speaker 1: This is the Financial Exchange Radio Network. Here the Financial
32:40
Speaker 1: Exchange every day from eleven to noon non Serious XM's
32:43
Speaker 1: Business Radio Channel one thirty two. Keep it here for
32:46
Speaker 1: the latest business and financial news and the trends on
32:49
Speaker 1: Wall Street. The Financial Exchange is now life on Serious
32:52
Speaker 1: XM's Business Radio Channel one thirty two. This He's the
32:56
Speaker 1: Financial Exchange Radio Network.
33:04
Speaker 5: This segment of the Financial exchange is brought to in
33:07
Speaker 5: part by the US Virgin Islands Department of Tourism. The
33:10
Speaker 5: US Virgin Islands are Saint Croix, Saint Thomas, and Saint
33:13
Speaker 5: John and are consistently voted one of the top Caribbean
33:16
Speaker 5: vacation destinations. Enjoy world class cuisine, pristine Beach's rich history,
33:21
Speaker 5: and a vibrant nightlife. Book your trip now to visit
33:24
Speaker 5: America's Caribbean paradise the United States Virgin Islands. Four reservations
33:29
Speaker 5: and more information go to visit USVII dot com. That's
33:33
Speaker 5: visit USVII dot com.
33:35
Speaker 2: Paul, I've got a problem with some reporting from New
33:38
Speaker 2: York Times. There's nothing to do with the accuracy or
33:40
Speaker 2: political bias.
33:43
Speaker 3: The title of the article is gen Z.
33:45
Speaker 2: It turns out is great at saving for retirement and
33:49
Speaker 2: the oldest gen Z is twenty eight years old. There
33:51
Speaker 2: was nothing nice written about millennials until we all turned
33:55
Speaker 2: like forty.
33:55
Speaker 3: What is happening here?
33:57
Speaker 2: We're not allowed to complement twenty eight year olds on
33:59
Speaker 2: their financial discipline? Like does this actually prove that the
34:02
Speaker 2: millennials were the worst generation?
34:05
Speaker 3: They were just perhaps the whipping boy uh.
34:08
Speaker 2: Man that is disappointing apparently, though, according to some actual
34:13
Speaker 2: data and not just interviews, gen zers are actually saving money.
34:18
Speaker 2: They're being financially disciplined, they're putting money into their four
34:21
Speaker 2: oh one ks. According to Tia Kraft, a report from
34:26
Speaker 2: one of the large retirement retirement well service providers what
34:32
Speaker 2: do we call ti craft, Yeah, something like that, the
34:36
Speaker 2: twenty percent of gen zers are saving for retirement at
34:39
Speaker 2: this stage. They're also contributing to four to one K
34:42
Speaker 2: plans at higher rates than millennials did when we first
34:45
Speaker 2: entered the workforce, according to a twenty twenty three Vanguard study. So,
34:49
Speaker 2: I don't know what it is about these loser gen
34:52
Speaker 2: zers who don't spend their money and instead save for retirement.
34:56
Speaker 2: Who even cares about retirement? It's like sixty years away.
34:59
Speaker 2: Guys don't worry about it. Yet they are not yolo ing.
35:04
Speaker 2: That's because they're just money there for one case.
35:06
Speaker 4: You know how we put the negatives, man, they're just
35:07
Speaker 4: stuck looking at their phones. They're not out there and
35:09
Speaker 4: doing stuff, be an active and then you know.
35:12
Speaker 2: So we can still calling we can still call them losers,
35:14
Speaker 2: but they're not financially or financially financially.
35:18
Speaker 3: Responsible losers, that is what we'll call them.
35:21
Speaker 4: But the the auto enrollment feature all jokes aside the
35:26
Speaker 4: auto en roman feature on four one case I think
35:28
Speaker 4: is a fantastic.
35:29
Speaker 3: Might be a contributor that contributes to some of this, though.
35:35
Speaker 1: They're like, oh, I guess.
35:38
Speaker 3: The other the other that's a pay stab.
35:42
Speaker 5: Direct deposit. What the other piece is If you look
35:45
Speaker 5: at the market history too. Here millennials are coming out
35:49
Speaker 5: in the timeframe that's post two thousand and eight, perhaps
35:51
Speaker 5: more fears about the market. You've seen over the course
35:54
Speaker 5: of the last geeze ten to fifteen years a remarkably
35:59
Speaker 5: strong You go back fifteen years to twenty ten on,
36:02
Speaker 5: you've seen almost very little financial turmoil relative to what
36:06
Speaker 5: we saw in two thousand and eight. Perhaps that is
36:09
Speaker 5: part of that equation as well.
36:11
Speaker 2: And apparently more people are also contributing to an IRA
36:16
Speaker 2: than millennials did. So of those who contribute to an
36:19
Speaker 2: IRA or ROTH, forty one percent where under the age
36:21
Speaker 2: of forty and twenty twenty two. This they're trying to
36:24
Speaker 2: attribute to internet based education on retirement accounts, which again
36:29
Speaker 2: I can buy the caveat there being there is from
36:34
Speaker 2: what I have seen three to four times bad advice
36:38
Speaker 2: on the internet for retirement savings and general financial advice,
36:42
Speaker 2: then there is good. So it's interesting that you need
36:44
Speaker 2: to parse through all that. But maybe gen Z's getting
36:46
Speaker 2: pretty good at that too.
36:47
Speaker 4: The roth ira is something that I wish I knew
36:50
Speaker 4: about when I was younger. Maybe that is being disseminated
36:53
Speaker 4: across other.
36:54
Speaker 2: I'm guessing it is like it wasn't a piece of
36:57
Speaker 2: our parents' financial literacy, right, It didn't exist when they
37:01
Speaker 2: were in the workforce initially, and so we weren't taught
37:04
Speaker 2: that as that age demographic, whereas gen Z probably is
37:08
Speaker 2: being taught about it. It's, you know, probably the most
37:10
Speaker 2: popular planning technique out there right now, quick.
37:13
Speaker 4: One here on More people are willing to go into
37:17
Speaker 4: pet debt even though it's going to cause them a
37:18
Speaker 4: great deal of axide.
37:19
Speaker 3: Tell me this is Bloomberg again telling you to kill
37:21
Speaker 3: your pets. Who wrote this piece?
37:23
Speaker 4: I believe this is market Watch here, but yes it
37:27
Speaker 4: is MarketWatch. People are finding that, according to a recent
37:30
Speaker 4: sort of sixty eight percent of couples without children are
37:33
Speaker 4: willing to go into debt to take care of their
37:35
Speaker 4: parents if they not their parents. That too, probably, but
37:39
Speaker 4: their pets if a medical emergency arises, with the average
37:42
Speaker 4: couple claiming they were willing to spend an average of
37:46
Speaker 4: five thousand dollars for pet treatment. And I got to
37:50
Speaker 4: tell you, Mike, we I get a lot of calls
37:52
Speaker 4: for withdrawals from clients on pets and expenses that arise there.
37:56
Speaker 4: It's a big sum in certain circumstances.
37:59
Speaker 2: Is it is very very expensive. I don't know the
38:02
Speaker 2: last time I walked out of the VET for less
38:03
Speaker 2: than one hundred bucks. Quick break for the rest of
38:06
Speaker 2: the day. Now, SMP NAZAC all in strongly positive territory.
38:10
Speaker 2: We'll have a full recap for you tomorrow. Have a
38:12
Speaker 2: great rest of your day, folks,