Latest / Profits & Politics / Bob Sellers and Jerry Burke talk with ex-banker Carol Roth

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Bob Sellers and Jerry Burke talk with ex-banker Carol Roth · Profits & Politics

• 0:15
  SPEAKER_00: Hey and welcome to uh the morning call show.
• 0:18
  SPEAKER_00: I'm Bob Sellers, former anchor at CNBC, now editing profits and politics.com, and here with Jerry Burke, esteemed executive producer at CNBC and Fox News.
• 0:28
  SPEAKER_00: And uh Jerry, uh what's got your attention today?
• 0:33
  SPEAKER_01: Well, I got the rundown on my phone.
• 0:36
  SPEAKER_01: Um I think I'm still fascinated by the the fallout from the Fauci testimony yesterday.
• 0:42
  SPEAKER_01: Oh okay it was just uh a real festival, wasn't it?
• 0:47
  SPEAKER_00: Um it was it was interesting, but I'm also um interested in the different takes on it because it really is extreme.
• 0:56
  SPEAKER_01: Uh well I've got I've got a I've got a tweet here from one of the many fans of Fauci.
• 1:03
  SPEAKER_01: Okay.
• 1:03
  SPEAKER_01: Now we we saw him get raked over the coals.
• 1:06
  SPEAKER_01: Many people think he should be.
• 1:08
  SPEAKER_01: Um but to be fair and balanced, you know, you want to show the other side.
• 1:14
  SPEAKER_00: Well, let me let me show you something.
• 1:16
  SPEAKER_00: I think you sent me both of these um yesterday, uh last night.
• 1:22
  SPEAKER_00: Two different takes.
• 1:23
  SPEAKER_00: Can you see that on the screen?
• 1:24
  SPEAKER_00: Yeah.
• 1:25
  SPEAKER_01: Um yeah, I'll take credit for anything.
• 1:27
  SPEAKER_00: Yeah.
• 1:28
  SPEAKER_01: Um, and so I'm not sure.
• 1:31
  SPEAKER_00: Yeah, so you've got different takes on the same topic.
• 1:36
  SPEAKER_00: And it's interesting TMZ's um response and it versus what we're seeing on Fox.
• 1:43
  SPEAKER_00: So on the top, you have Fox, and you have them saying there could be dire consequences.
• 1:49
  SPEAKER_00: Uh what does it say specifically here, Jerry?
• 1:52
  SPEAKER_00: Um, it says Fauci's refusal to testify could have big consequences, Rand Paul Right.
• 1:56
  SPEAKER_00: Well, and then sees Harvey calls the GOP attacks on Dr.
• 2:02
  SPEAKER_00: Fauci heartbreaking, compares it to McCarthyism.
• 2:06
  SPEAKER_00: And so you've kind of seen um that going back and forth, it's like there's no middle ground.
• 2:13
  SPEAKER_01: Well, because they they each have their tropes, I guess you would call it, where the left is always gonna uh go to Nazism and McCarthyism, and and then the right is always gonna say uh, you know, just because you're pardoned doesn't mean you can't go to jail.
• 2:32
  SPEAKER_01: I'm like, wait a minute, what's what's the purpose of a pardon then?
• 2:36
  SPEAKER_00: You know, let me let me ask you something.
• 2:39
  SPEAKER_00: And I'm somebody I feel like is usually somewhere in the middle, and I try to look at the right and the left.
• 2:44
  SPEAKER_00: I can understand uh Rand Paul being angry with him.
• 2:49
  SPEAKER_00: If people go back in time and think about how Fauci kind of was trying to manipulate the public, and I mentioned this when we talked before, when he lost credibility with me, right off the bat he had credibility.
• 3:01
  SPEAKER_00: Oh, he knows he is the head of the NIH, he's smart, and he said you should wear these masks and they work because it's airborne, and then he came out well, you don't need a mask, and it turns out that there was a shortage of masks for first responders.
• 3:16
  SPEAKER_00: So then he told us something that wasn't true to accomplish something else, and then I realized, oh, okay, well, now your credibility's shot with me.
• 3:26
  SPEAKER_00: And then again, going back in time, if you have a pardon, Jerry, and I'm I'm arguing this from the the right.
• 3:34
  SPEAKER_00: If you have a pardon, why can't you tell us what happened?
• 3:38
  SPEAKER_00: Because maybe we can learn something from it.
• 3:41
  SPEAKER_00: As I've seen some people on the right say, we can learn something from science.
• 3:45
  SPEAKER_00: You were supposed to say that science was in charge.
• 3:49
  SPEAKER_00: And then let me give you my take, which is kind of in the middle, which is uh can't he get better legal advice than that?
• 3:57
  SPEAKER_00: Because if he's pardoned for everything up until that point, why just uh invoke the fifth for everything?
• 4:05
  SPEAKER_00: Why why can't you have a lawyer to say, oh, don't go into that, that happened after 2020 or after whatever, and then have him answer what were you doing?
• 4:15
  SPEAKER_00: What when did you know this was a problem?
• 4:17
  SPEAKER_00: Did you understand that?
• 4:19
  SPEAKER_00: Maybe we could learn something, and for somebody in that position, we actually might have learned something, but then you have those on the left that are saying this was uh an embarrassment, and it was like McCarthyism.
• 4:32
  SPEAKER_01: Well, that it's true that it did look like they were fishing.
• 4:36
  SPEAKER_01: Um, you remember the one senator asked, What color is your tie?
• 4:41
  SPEAKER_01: And then Fauci's forced to I ref you know uh respectfully refuse to answer that question based on my friends.
• 4:48
  SPEAKER_00: Well, it must have been an ugly tie, so yeah, yeah.
• 4:50
  SPEAKER_01: But what is the color, what is the color of the carpet in front of you?
• 4:54
  SPEAKER_01: You know, yeah.
• 4:55
  SPEAKER_01: I refuse to answer, you know, on the basis of the Fifth Amendment.
• 4:58
  SPEAKER_01: It was just crazy.
• 5:00
  SPEAKER_01: But then also it was obviously to humiliate him and just make him pay, you know, because he's come a long way, as you say, from posing for magazine covers.
• 5:12
  SPEAKER_00: I mean, he's now vilified, but you know, not by everybody, by some people he's helping.
• 5:18
  SPEAKER_01: Right, because I want to read you this.
• 5:19
  SPEAKER_00: Yeah, yeah, go ahead.
• 5:20
  SPEAKER_01: Um this was from a doctor, according to her uh ex account, Alexis Dunn MD.
• 5:30
  SPEAKER_01: She says, I am so appalled at how Dr.
• 5:34
  SPEAKER_01: Fauci is being uh treated.
• 5:36
  SPEAKER_01: Does anyone remember how the pandemic started?
• 5:39
  SPEAKER_01: No one knew anything.
• 5:41
  SPEAKER_01: Fauci knew everything.
• 5:43
  SPEAKER_00: Well, see, that's the problem, is what did he know?
• 5:46
  SPEAKER_00: And when did you know it?
• 5:48
  SPEAKER_00: Uh it it if you're pardoned, can't you help us a little bit?
• 5:53
  SPEAKER_00: Like what happened when you saw that?
• 5:56
  SPEAKER_00: Because Trump has been public.
• 5:58
  SPEAKER_00: He he had interviews with um Bob Woodward at the post and said he didn't want people to get upset, so he he was l downplaying the virus.
• 6:09
  SPEAKER_00: Okay, so Trump has admitted that he was trying to manipulate what was going on in order to accomplish something else so people didn't get upset.
• 6:21
  SPEAKER_00: So if Fauci came on and said, Look, I uh it was still the early days, we will we were still learning, and to the best of my knowledge, this is what was going on.
• 6:31
  SPEAKER_00: I didn't want people to freak out, so I said this.
• 6:34
  SPEAKER_00: It probably would have been more accurate to say that, but this is how I went with it.
• 6:39
  SPEAKER_00: I mean, somebody could appreciate an earnest discussion about that, right?
• 6:45
  SPEAKER_01: You know, as a producer, I was told ivermectin, it it does not work, you know, all these other medicines that later were were confirmed to help, and we had very respectful doctors, national internationally known doctors that we had on that were, you know, I was told shut it down, shut it down, you know, and these doctors were raped through the coals.
• 7:08
  SPEAKER_00: Okay, well, let me give you the other side of that shut it down, because uh weren't a lot of the networks being paid in order to promote and distribute the vaccines.
• 7:20
  SPEAKER_00: Um, so I mean the government was trying to get people on board.
• 7:24
  SPEAKER_00: I actually thought one of the smart things Trump did was fund, if not fund, at least guarantee a market for the creation of the vaccine.
• 7:34
  SPEAKER_00: Because there's a lot of risk in creating a vaccine, a lot of cost.
• 7:37
  SPEAKER_00: What if nobody buys it?
• 7:39
  SPEAKER_00: And he was guaranteeing we're gonna give you X amount of dollars, and and so they developed the vaccine.
• 7:44
  SPEAKER_00: And for a lot of people at work, let's not forget, you know, over a million people died.
• 7:47
  SPEAKER_00: It did affect we used to have somebody that came on as a regular guest when you and I were working together who passed away from COVID.
• 7:55
  SPEAKER_00: So it's not like it it was just uh, you know, another virus.
• 8:01
  SPEAKER_01: Yeah, but why the the scientific method of which you know uh Fauci was the science.
• 8:09
  SPEAKER_01: Don't let anyone else.
• 8:15
  SPEAKER_01: But then wouldn't you before you go crazy inventing another you know vaccine at warp speed, um, wouldn't you wouldn't you ask around and go, does anything else work?
• 8:26
  SPEAKER_01: You know, because I take aspirin for everything, right?
• 8:31
  SPEAKER_01: So what what if they came out and said aspirin only works on bunions?
• 8:38
  SPEAKER_00: Okay, yeah.
• 8:40
  SPEAKER_00: Uh and and you'd say, Well, wait a minute, I had a headache that worked pretty well, right?
• 8:45
  SPEAKER_01: Yeah, yeah, yeah.
• 8:46
  SPEAKER_01: Right.
• 8:46
  SPEAKER_01: I had a pain in my elbow.
• 8:48
  SPEAKER_01: It it took care of that, you know.
• 8:50
  SPEAKER_00: Now, there are some on the left that may make this argument, Jerry.
• 8:53
  SPEAKER_00: Um good grief.
• 8:55
  SPEAKER_00: It was 2020.
• 8:56
  SPEAKER_00: Can't you all move on?
• 8:58
  SPEAKER_00: You have an election you can't uh face up to the fact that uh your guy lost, and uh you're you're going over this COVID thing, and you're just trying to embarrass this man that gave his life to service to the country, and there's no need for that.
• 9:13
  SPEAKER_01: Right.
• 9:14
  SPEAKER_01: No, you're right.
• 9:16
  SPEAKER_00: Um that's where we are.
• 9:18
  SPEAKER_00: But you know, this Jerry, when you used to get in my ear, we would have guests on, and they would be arguing the louder they got, the more you said, let them go, let them go.
• 9:30
  SPEAKER_00: Right, step out, you know, step out.
• 9:33
  SPEAKER_01: And so they would go at each other and then the natural instinct, every every fiber of your body wants to shut it down and say, gentlemen, gentlemen, you know, or but no, can't we all just get along?
• 9:47
  SPEAKER_01: I'm sitting back there like exactly.
• 9:52
  SPEAKER_00: Can't we all get just get along?
• 9:54
  SPEAKER_00: Well, not if you want good TV, no.
• 9:56
  SPEAKER_01: Right.
• 9:58
  SPEAKER_01: Peace doesn't wait.
• 10:00
  SPEAKER_00: What what else we got?
• 10:01
  SPEAKER_00: We got well, I hear you have a surprise coming up regarding the thing.
• 10:06
  SPEAKER_00: Coming up shortly, uh, what time do we have here?
• 10:09
  SPEAKER_00: I want to keep track.
• 10:10
  SPEAKER_00: Uh very shortly we have um Carol.
• 10:15
  SPEAKER_00: Yeah, um we have Carol Roth, the noted ex-banker and author of uh You Shall Own Nothing, who's gonna do it I like it.
• 10:29
  SPEAKER_00: I I I'm trying here.
• 10:30
  SPEAKER_00: But Carol, you're an ex-banker, uh, an author of You Shall Own Nothing.
• 10:36
  SPEAKER_00: And please feel free to fill in the blanks of things I haven't covered because you're you're always uh informed as far as what's going on in the business community.
• 10:45
  SPEAKER_00: But you have this real knack of talking about realistic things down to earth, uh, such as the other day when you were tweeting about how tips have kind of gotten out of hand, and Jerry and I were just talking about that.
• 10:58
  SPEAKER_00: Uh so maybe we start with that and you know, flesh that out a little bit uh because it's gotten ridiculous, hasn't it?
• 11:05
  SPEAKER_02: So it's very funny because I actually really love tipping.
• 11:08
  SPEAKER_02: It's one of my favorite things to do when there's great service is to give a very generous tip.
• 11:14
  SPEAKER_02: I tend to kind of go a little over the top to show my appreciation, but I feel like the new tipping point on tipping has taken that really away from me and and everybody else, right?
• 11:27
  SPEAKER_02: So now it's not, okay, I'm showing my appreciation for service to one person.
• 11:34
  SPEAKER_02: It's a group project in school where everybody gets the same outcome.
• 11:38
  SPEAKER_02: I mean, you go, you go to get a coffee, you have no idea if you're gonna get good service or not.
• 11:43
  SPEAKER_02: They flip a screen to you, they say, How much would you like to tip?
• 11:46
  SPEAKER_02: Well, you have no idea what the service is.
• 11:48
  SPEAKER_02: All of that's probably getting split up amongst everyone and not you and that particular person.
• 11:53
  SPEAKER_02: And so you're missing the whole market pricing signal, not to get too wonky on tipping, but that's really what it is, right?
• 12:00
  SPEAKER_02: It's a pricing signal that gives uh service providers a reason, a raison d'etre, if you will, uh to provide this outstanding service.
• 12:10
  SPEAKER_02: And they've taken that away.
• 12:12
  SPEAKER_02: And then coupled with that, you have all of these um service companies, whether it is a cruise ship or a restaurant, where they're now throwing service charges and extra fees on the bill instead of raising their prices.
• 12:26
  SPEAKER_02: So now you're they're trying to not be transparent.
• 12:30
  SPEAKER_02: You feel as a customer like you're being nickel in dimed.
• 12:34
  SPEAKER_02: And the worst part about many of these is they say, oh, well, they're optional.
• 12:38
  SPEAKER_02: Well, you know, you don't want to be the jerk who goes and says, Oh, I want to have the service fee removed.
• 12:42
  SPEAKER_02: That's a humiliation ritual, not good uh, you know, service and and good customer loyalty generation.
• 12:49
  SPEAKER_02: So I just feel like we need to get back to what a tip is at its core because it's a good thing and everyone should do it.
• 12:56
  SPEAKER_02: And you should tip well when it's warranted.
• 12:59
  unknown: Right.
• 12:59
  SPEAKER_02: But like everything else in this country, it has been taken over by the commies and it has been bastardized.
• 13:05
  SPEAKER_01: Um, Carol, can we talk about the Fed and the after shock?
• 13:10
  SPEAKER_02: Is that like tipping too?
• 13:12
  SPEAKER_02: Yes, we can definitely talk about the Fed.
• 13:15
  SPEAKER_02: Um, you know, I was okay with the way that the Fed meeting went down.
• 13:21
  SPEAKER_02: Um, I think that it would have been very strange, particularly, I think this is Kevin Warsh's second meeting, right?
• 13:28
  SPEAKER_02: So to come out and to surprise the market.
• 13:32
  SPEAKER_02: You know, the the Jerome Powell, if for nothing else, if he did one thing right, is he was very clear in telegraphing his intentions to the market.
• 13:40
  SPEAKER_02: And very rarely, you know, outside of some things that happened around COVID and whatnot, did we get this surprise?
• 13:47
  SPEAKER_02: And I think a surprise would have been taken as even a more negative signal than uh than what happened.
• 13:53
  SPEAKER_02: Um, we did get three dissents, though.
• 13:56
  SPEAKER_02: Um, three, three of the FOMC members did dissent and say that they wanted a rake rate hike.
• 14:02
  SPEAKER_02: And I think that was one of several factors that displeased the market.
• 14:08
  SPEAKER_02: You know, we had some other issues in terms of tech.
• 14:10
  SPEAKER_02: We have the conflict in Iran that's you know heating back up again, like you know, the Ross and Rachel, they're on a break, they're off a break.
• 14:17
  SPEAKER_02: I guess we're off a break this time.
• 14:19
  SPEAKER_02: Um, but you know, I think the fact that you have three of the members already leaning into rate hikes, and then obviously just what the market's doing on its own.
• 14:29
  SPEAKER_02: We know the Fed uh controls the short end of the curve, not the long end.
• 14:33
  SPEAKER_02: Uh, if you look at where the tenure has been and how high it's gotten in the last couple of weeks, even though it's pulled back a little bit, um, it's getting into danger zone area.
• 14:43
  SPEAKER_02: So I think that um the market is well aware of that, it's well aware of math, and I think it's well aware of the limitations, right?
• 14:50
  SPEAKER_02: That there are only so many tools that the Fed has.
• 14:53
  SPEAKER_02: But you know, if they were to try to quote unquote control inflation, which I don't think they can, they risk the economy, they risk the jobs market, they risk global financial market stability.
• 15:07
  SPEAKER_02: Uh, so I think it was the right call.
• 15:09
  SPEAKER_01: How do you think the um the street is going to react to what you say is Warsh's transparent messaging?
• 15:17
  SPEAKER_02: You know, it may take um a little bit of adjustment to get used to having a new sheriff in town, so to speak.
• 15:26
  SPEAKER_02: But I think that, you know, Warsh is a Wall Street guy.
• 15:29
  SPEAKER_02: And even when he was in politics, you know, he was known as the Wall Street whisperer.
• 15:34
  SPEAKER_02: He has those connections.
• 15:36
  SPEAKER_02: And so I do think he has a pulse on what is going to be palatable to the market.
• 15:42
  SPEAKER_02: So even if there's a little bit of an adjustment, period, I think that they will come to appreciate him.
• 15:48
  SPEAKER_02: Um, and I expect uh that he will be a little bit more forthcoming than Powell.
• 15:54
  SPEAKER_02: But quite like you know, Jet uh Scott Besson was very critical of Yellen until he got into her position and then ended up making a lot of the same decisions.
• 16:03
  SPEAKER_02: I think unfortunately we're gonna say the same with Warsh.
• 16:06
  SPEAKER_02: It's much easier to be critical when you don't have those uh realities and you're not sitting in the seat.
• 16:11
  SPEAKER_02: Um, so I would expect that uh even though he'd love to be transparent and a breath of fresh air, you know, he's still a fed chair.
• 16:20
  SPEAKER_00: Um one of the things that he has been put there to do by the president is lower interest rates.
• 16:27
  SPEAKER_00: Now, to make clear, there are 12 people on the open market committee that vote on these, and you mentioned three of them voted to raise rates.
• 16:34
  SPEAKER_00: Nobody voted to lower them.
• 16:36
  SPEAKER_02: And by the way, none of none of those people, Bob, were Powell.
• 16:38
  SPEAKER_02: Powell did not vote to raise rates.
• 16:41
  SPEAKER_00: Interesting.
• 16:41
  SPEAKER_00: Yeah, because I he to stay put, uh, is what the rest of them voted.
• 16:47
  SPEAKER_00: And the day before the Fed met, Trump was saying we need to have lower interest rates, kind of sending a message to Warsh and anybody else that would listen, we need lower interest rates.
• 16:58
  SPEAKER_00: To me, that always sounds like a real estate guy that really wants lower interest rates because he's made a living out of cheap money.
• 17:05
  SPEAKER_00: But would you explain to folks how what the Fed does actually doesn't directly affect what mortgage rates are doing?
• 17:15
  SPEAKER_00: It can have an effect down the road, but it's just on the short end.
• 17:20
  SPEAKER_00: You mentioned this, but mortgages are usually kept for like 10 years.
• 17:24
  SPEAKER_00: So they key a mortgage off the 10-year treasury bond.
• 17:29
  SPEAKER_00: And that's an open market.
• 17:31
  SPEAKER_02: Well, not only the 10-year treasury bond, but the market for mortgage-backed securities.
• 17:36
  SPEAKER_02: So the Fed sets this very, very short-term sort of a proxy for interbank lending to each other rate.
• 17:44
  SPEAKER_02: And then all the other rates fall, you know, kind of flow from there.
• 17:47
  SPEAKER_02: And you would expect there to be some order, although that's not always the case.
• 17:52
  SPEAKER_02: But at the end of the day, the market really is setting the rates for those longer-term securities.
• 17:57
  SPEAKER_02: And then, as you said, that flows through to things like mortgages.
• 18:01
  SPEAKER_02: I actually think the biggest issue, the biggest reason why President Trump wants lower interest rates.
• 18:07
  SPEAKER_02: And I think that this will ultimately force the Fed to take some action, although I think it's going to be a different action, or maybe it comes from the Treasury, is the fact that we have so much debt and the financing costs on that debt continue to increase to the point that we are now spending more on interest servicing the debt than we are on the defense of our country.
• 18:31
  SPEAKER_02: And you cannot have a successful country long term if you're spending more paying off your credit card than you are defending your homestead, so to speak.
• 18:40
  SPEAKER_02: So that really is the issue.
• 18:42
  SPEAKER_02: We know that we still are running, you know, two trillion-ish deficits a year.
• 18:47
  SPEAKER_02: A lot of the debt that we have has been financed on the short term because it's been cheaper.
• 18:53
  SPEAKER_02: Uh, and they need to quote unquote term it out.
• 18:56
  SPEAKER_02: They want to get it to a longer duration.
• 18:58
  SPEAKER_01: Coming due.
• 18:59
  SPEAKER_02: Yeah.
• 19:00
  SPEAKER_02: And but they not only coming due, but they don't want to keep putting it into short term securities.
• 19:04
  SPEAKER_02: They want to put it into something that's going to sit there for a while where they can lock in a rate, but they don't want to lock in these rates.
• 19:11
  SPEAKER_02: And eventually the interest service on the debt is going to get so big that there's going to be a choice that needs to be made.
• 19:20
  SPEAKER_02: And the choice that's going to be need to be made is do we just let you know things fall apart, or do we do it could be money printing or it could be de facto money printing, but basically something that is going to push down these interest rates for a period of time for us to lock in these longer-term, cheaper interest rates on our debt.
• 19:43
  SPEAKER_02: And so I think at some point, math is math, and the choice is going to be made.
• 19:48
  SPEAKER_02: And whoever it is, whether it happens during the Trump administration or whoever follows him, somebody's going to need to make that tough choice.
• 19:55
  SPEAKER_02: And nobody's going to want to see the consequences.
• 19:58
  SPEAKER_02: Because if you let the stock market blow up, if you let the economy blow up, then we're taking in less revenue than our deficits get even bigger, and it really becomes a major issue.
• 20:09
  SPEAKER_02: So our fiscal foundation and the fiscal dominance we're in is really setting the tone for everything.
• 20:16
  SPEAKER_02: And the Fed and all these other players are really on the periphery, you know, not the central, central casting.
• 20:24
  SPEAKER_01: I have one final question, and we probably should have started with this.
• 20:28
  SPEAKER_01: Um, according to my extensive research on Wikipedia, uh, you, Carol, were one of the judges on my hero, executive producer Mark Burnett's uh America's Greatest Makers.
• 20:42
  SPEAKER_01: Yes.
• 20:43
  SPEAKER_01: Carol, what was it like working with my hero, Mark Burnett?
• 20:46
  SPEAKER_02: Uh, Mark Burnett is fabulous.
• 20:49
  SPEAKER_02: You know, he is such a brilliant mind.
• 20:52
  SPEAKER_02: And even in a reality show, you know, the thing that he always impressed upon us as judges is that we were storytellers.
• 20:59
  SPEAKER_02: And so, you know, it's a competition, but what makes it interesting to watch is not just the competitive dynamics, it's the backstories.
• 21:08
  SPEAKER_02: And, you know, these uh in our particular case, it was young people who were interested in technology, creating this new technology to do interesting things, you know, their journey across the show.
• 21:18
  SPEAKER_02: And so not only did I get to work with him, but I got to work with Shaquille O'Neal, I got to work with Kenny Smith, I got to work with Mike Rowe.
• 21:26
  SPEAKER_02: Um, and it was just, it was really one of, you know, if I go through like my professional career, I would say it's a it was a top five moments.
• 21:34
  SPEAKER_02: We were on TBS.
• 21:36
  SPEAKER_02: Um, it was great.
• 21:37
  SPEAKER_02: And it was actually picked up for a second season, and then things happened with network switches and it just kind of got lost in the shuffle.
• 21:44
  SPEAKER_02: But it was it was such a privilege to work with fantastic people like that.
• 21:48
  SPEAKER_02: And we got to give a million dollars away to uh to some cool young people for their technology.
• 21:54
  SPEAKER_01: And he's still working uh for Donald Trump.
• 21:58
  SPEAKER_01: Uh he's head of special events, of course.
• 22:00
  SPEAKER_02: Oh, cool.
• 22:01
  SPEAKER_02: I didn't even realize that, but uh he's as I said, he's he's he's brilliant, super nice, you know, great at what he does, and you know, God God bless him.
• 22:12
  SPEAKER_00: Carol, thank you so much for being with us.
• 22:14
  SPEAKER_00: I know you our first guest.
• 22:16
  SPEAKER_00: Oh yeah, our first guest, and I'm not sure how we top it.
• 22:20
  SPEAKER_00: So uh thank you so much for being with us and shedding some real wisdom on our discussions, especially when it comes to the Fed and tipping.
• 22:30
  SPEAKER_01: Yeah, thank you.
• 22:32
  SPEAKER_00: Thanks, Carol.
• 22:33
  SPEAKER_00: Take care.
• 22:36
  SPEAKER_00: All right, Jair.
• 22:37
  SPEAKER_00: How about that?
• 22:38
  SPEAKER_00: That was great.
• 22:39
  SPEAKER_00: That was great.
• 22:40
  SPEAKER_00: It worked.
• 22:41
  SPEAKER_00: See, you had no faith.
• 22:43
  SPEAKER_00: She said she was gonna be up at 1010.
• 22:46
  SPEAKER_00: She hid it right on the mark.
• 22:48
  SPEAKER_01: Yeah, but we need we need better direction.
• 22:50
  SPEAKER_01: Come on.
• 22:53
  SPEAKER_01: I'm just practice.
• 22:54
  SPEAKER_01: I'm not denying that.
• 22:55
  SPEAKER_01: I'm you know, look, for a talent, you're doing amazing.
• 23:00
  SPEAKER_01: There's any producers out there.
• 23:01
  SPEAKER_01: Let me know what you think of Bob's performance on the on the multi-deck here.
• 23:06
  SPEAKER_00: Well, uh, I did try to put the the focus on her and I came up.
• 23:11
  SPEAKER_00: And I'm thinking, do I keep experimenting live here or should I so I just dumped out?
• 23:16
  SPEAKER_01: No, it worked out worked out fine.
• 23:18
  SPEAKER_00: Worked out that's what happens.
• 23:20
  SPEAKER_00: Okay, Jerry.
• 23:21
  SPEAKER_00: Uh, I think uh it was great to have Carol on and talk about uh all the issues we talk about.
• 23:26
  SPEAKER_01: I want to get more guests so they don't the poor viewers don't have to stare at us all the whole time.
• 23:31
  SPEAKER_01: No, I I I but we got we got plenty in the gate coming up.
• 23:34
  SPEAKER_01: I think people are really gonna enjoy what we're what we're working on.
• 23:38
  SPEAKER_00: Yeah, we're not thinking that we uh we're the only ones in the world, or even that we do have any great ideas or observations, but there are a lot of people who do, and we'll try to get them on and talk to them just like we did with Carol.
• 23:51
  SPEAKER_00: Yeah, all right, that's it.
• 23:53
  SPEAKER_01: Okay, and remember breaking news changes everything.
• 23:59
  SPEAKER_00: All right, thank you, Jared.