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McDonald's is getting into the war on tipping · The Financial Exchange Show

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  Speaker 1: Zada and Mike Armstrow.
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  Speaker 2: Chuck Mike entucking.
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  Speaker 3: With the end, we got a modest rally taking place
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  Speaker 3: across US equity indices today. The Dow Jones Industrial Average
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  Speaker 3: up a quarter percent, about one hundred and seventeen points,
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  Speaker 3: When we take a look at what is going on
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  Speaker 3: thirty one forty one ounce a day after hit an
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  Speaker 3: all time high above thirty six hundred for the first time,
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  Speaker 3: still sitting at thirty six oh four and ten cents
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  Speaker 3: right now. And prior to the market opening, we received
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  Speaker 3: weekly jobless claims that initial claims rose very modestly to
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  Speaker 3: two hundred and thirty seven thousand. Continuing claims dropped by
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  Speaker 3: four thousand to one point nine to four million, And
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  Speaker 3: frozen labor market with no signs of real trouble, but
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  Speaker 3: market picking up at this point. So kind of the
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  Speaker 3: status quo there, and that's why Hey, continued modest upward
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  Speaker 3: drift in markets is kind of the norm, absent, you know,
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  Speaker 3: a change in the economic data or earnings picture, Mike,
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  Speaker 3: anything else to add before we get to our top
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  Speaker 3: story here?
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  Speaker 4: No, I think I think too often we kind of
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  Speaker 4: phrase this in the negative. The fundamentally, you know, we
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  Speaker 4: haven't seen much change. Growth is moderating, we're moditoring in
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  Speaker 4: a fairly healthy position, I guess is where I would
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  Speaker 4: go back to. It's not to say there aren't concerns
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  Speaker 4: that we have out there, but we don't want I
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  Speaker 4: don't want to portray the idea that, oh, yeah, like
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  Speaker 4: we're slowing down and that's a problem. No, we're at
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  Speaker 4: four point two percent, unemployment, inflation at three percent. I'm
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  Speaker 4: concerned about both of those things going up. But to
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  Speaker 4: this point they haven't. And if we moderate right here
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  Speaker 4: and continue to see you know, modest growth, that's not
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  Speaker 4: a bad position to be.
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  Speaker 5: And given everything else going on.
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  Speaker 3: Top store here McDonald's, they escalate. The restaurant industries fight
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  Speaker 3: over tipping. So here's the big thing is that McDonald's
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  Speaker 3: has to pay workers at or above the federal minimum
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  Speaker 3: wage and at the state level, we have to pay
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  Speaker 3: at or above the state minimum wage because McDonald's workers
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  Speaker 3: are not tipped, and they aren't happy because hey, there's
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  Speaker 3: a different class of restaurants where you have you know,
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  Speaker 3: sit down service, and those sit down restaurants do not
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  Speaker 3: have to pay the normal minimum wage. They can pay
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  Speaker 3: the tipped minimum wage, which is obviously far lower. It's
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  Speaker 3: two dollars and thirteen cents an hour federally. But as
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  Speaker 3: long as you know, workers receive tips that take them
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  Speaker 3: north of seven twenty five an hour, the restaurant doesn't
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  Speaker 3: have to pay them anything else. If there's a difference there,
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  Speaker 3: they do have to make up that difference. But McDonald's saying, hey,
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  Speaker 3: these these you know, sit down places like Chili's that
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  Speaker 3: are you know, offering all these great deals right now,
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  Speaker 3: they don't have to pay their labor full freight, but
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  Speaker 3: we do, and we don't think that's fair.
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  Speaker 4: And by the way, those laborers that Chilis who make
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  Speaker 4: those tips don't necessarily have to pay taxes on all
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  Speaker 4: of it coming up here. So double disadvantage for McDonald's.
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  Speaker 4: And then you know, add in the biggest state in
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  Speaker 4: the country, California, who has all of these new fast
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  Speaker 4: food minimum wage laws, it puts them at a further disadvantage.
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  Speaker 4: So do I think that McDonald's is really concerned about
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  Speaker 4: the state of the American worker?
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  Speaker 5: No, no, I.
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  Speaker 4: Market share because of the competitive disadvantages they have. Yes,
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  Speaker 4: I'm quite certain that that is the case.
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  Speaker 3: So McDonald's trying to get lawmakers to phase out the.
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  Speaker 2: Tipped minimum wage. That's what they want to happen.
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  Speaker 3: They want all restaurants to have to pay full freight.
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  Speaker 3: Here's you know, the minimum wage. This is what you've
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  Speaker 3: got to pay. And sure if your workers receive tips, okay,
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  Speaker 3: they can above and beyond that. A couple questions, Mike,
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  Speaker 3: and I don't know, like what the law actually is
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  Speaker 3: on this. McDonald's is the only reason that they have
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  Speaker 3: to pay the full wage because like McDonald's does not
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  Speaker 3: allow you to tip.
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  Speaker 5: Correct, No, I do not believe.
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  Speaker 4: I think I have seen maybe I think you can
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  Speaker 4: donate to the Ronald McDonald's charity. And that's the only
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  Speaker 4: tip jar that I've seen at McDonald's. I don't believe.
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  Speaker 4: So let me ask this question. If offered the ability
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  Speaker 4: to tip at a McDonald's, would you and how much?
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  Speaker 4: This gets into like what are we paying.
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  Speaker 2: For with the tipping? Right? I don't.
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  Speaker 4: I don't have an answer for you. There, check I
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  Speaker 4: like I do. You wouldn't walk me through a Tucker?
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  Speaker 5: No, it's fast food.
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  Speaker 2: Other questions I starts consistent with with that tipping. Okay,
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  Speaker 2: here's the thing.
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  Speaker 3: Remember depending on the state, like state laws I believe
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  Speaker 3: in a lot of cases don't allow back of house
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  Speaker 3: workers to receive portions of those tips. So you literally
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  Speaker 3: in many cases would just be tipping the person putting
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  Speaker 3: in your order and on a kiosk. I don't think
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  Speaker 3: you'd be allowed to in a lot of states because
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  Speaker 3: where does it go?
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  Speaker 2: There is no front of house. Right.
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  Speaker 3: Counter to that, what if you are running your business
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  Speaker 3: like a Chick fil a? Chick fil A, what do
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  Speaker 3: they do, Mike? Do they bring you your food, Yes
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  Speaker 3: they do? How like and this is why, like when
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  Speaker 3: when we get into like all of these like actual
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  Speaker 3: specifics of the conversation, it becomes a really challenging thing
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  Speaker 3: to sort through as far as hey, like, what should
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  Speaker 3: like the law be surrounding tipped minimum wage versus regular
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  Speaker 3: in a restaurant and who should be allowed to be
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  Speaker 3: tipped in who? I mean, does any of this have
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  Speaker 3: any logical consistency?
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  Speaker 4: Not really, you know again like Chipotle versus just that
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  Speaker 4: that makes no sense.
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  Speaker 3: Just as an example, why can't you tip someone back
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  Speaker 3: of the house if if the cook makes a really
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  Speaker 3: good meal for you, Why why can't I just walk
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  Speaker 3: back there and be like, hey, here's a twenty big guy.
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  Speaker 6: Not very sanitary, Chuck.
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  Speaker 3: They could have a jar, or they could have one
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  Speaker 3: of those vacuum tubes that the banks used to have.
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  Speaker 5: Chuck wouldn't need to put on a hairnet.
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  Speaker 3: No, totally a beard net maybe, But you know that's
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  Speaker 3: a different story. So I don't know who's right or
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  Speaker 3: wrong on this, because the whole like legal framework about
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  Speaker 3: tipped minimum wage it's just a mess.
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  Speaker 4: Yeah, Everything surrounding tipping and gratuity these days has gotten
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  Speaker 4: incredibly confusing, annoying, and I don't think McDonald's has much
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  Speaker 4: of a leg to stand on here. I think they
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  Speaker 4: are just they got some sour grapes, especially in California,
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  Speaker 4: where they are at a distinct competitive disadvantage. But I
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  Speaker 4: don't have a great idea about how to fix this.
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  Speaker 6: Well, Mike, you just went to Europe, right, Yeah, how
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  Speaker 6: is your feeling about how the restaurant industry was over there?
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  Speaker 2: Yeah?
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  Speaker 4: I mean you run your credit card, you don't even
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  Speaker 4: have the ability to add a tip. Some people add
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  Speaker 4: a little bit of cash at the end of the meal,
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  Speaker 4: and I did, because I swear to god, I was
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  Speaker 4: describing this to other people, Like I feel itchy when
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  Speaker 4: I eat a meal and don't leave it like a
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  Speaker 4: sit down meal. It would just bother me when I
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  Speaker 4: finished a sit down meal and didn't leave any tips,
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  Speaker 4: So I would leave something in cash. But yeah, it's
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  Speaker 4: a very much more pleasant system in my mind.
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  Speaker 2: Okay, do that?
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  Speaker 5: That's right?
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  Speaker 2: Dollars are euros euros.
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  Speaker 5: They might prefer dollars, not this year, but not this year.
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  Speaker 3: Yeah, in any case, So I don't know who's right
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  Speaker 3: on this, but like, this is clearly going to be
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  Speaker 3: a thing. If if McDonald's is talking about it, it's
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  Speaker 3: going to be a thing because they've got some lobbying
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  Speaker 3: heft on this, and you know, part of me then wonders, Okay,
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  Speaker 3: do some of the other you know, companies get involved
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  Speaker 3: at this point as well? Does when do you start
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  Speaker 3: you know, going this route like to I don't even
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  Speaker 3: know who owns Burger King right now. It's probably some
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  Speaker 3: private equity firm.
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  Speaker 4: I mean, McDonald's went far enough to withdraw from the
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  Speaker 4: National Restaurant Association over this issue. So yeah, I wouldn't
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  Speaker 4: be prized if other fast food places do withdraw from
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  Speaker 4: that as well and add to the pressure. But on
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  Speaker 4: the other hand, this isn't happening anytime in this administration.
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  Speaker 4: We haven't seen so no, we haven't seen a move
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  Speaker 4: on federal minimum wage laws in decades, and I don't
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  Speaker 4: see it happening now.
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  Speaker 2: I don't know.
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  Speaker 3: This one is interesting to me only that given the
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  Speaker 3: note tax on tips legislation, you wonder if there's an
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  Speaker 3: incentive for this administration to find a way for a
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  Speaker 3: larger group of workers like.
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  Speaker 2: Here here here's my question.
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  Speaker 3: What if the answer isn't getting rid of the tipped
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  Speaker 3: minimum wage, but expanding it to more parts of the
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  Speaker 3: restaurant industry.
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  Speaker 5: So that what I have to tip a McDonald's.
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  Speaker 2: Now, yes, I'm not saying it's good or bad.
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  Speaker 3: I'm just saying, couldn't you see that being the path
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  Speaker 3: that ends up being taken instead of.
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  Speaker 2: The other way?
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  Speaker 5: Yeah? No, I, Like I said, I just don't think.
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  Speaker 4: I don't think anything gets done on minimum wage under
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  Speaker 4: this administration with such a narrow control.
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  Speaker 5: Now, I don't see it, even.
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  Speaker 3: Though yesterday the guide Did you see the guidance that
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  Speaker 3: came out about the no tax on tips? Now, oh,
• 11:15
  Speaker 3: let's take a quick break, and when we come back,
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  Speaker 3: we'll talk about some of the businesses and jobs covered
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  Speaker 3: under the no tax on Tips legislation.
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  Speaker 2: We've also got trivia right after this.
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  Speaker 2: Time for trivia.
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• 12:56
  Speaker 2: Mike So.
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  Speaker 3: Two days ago, the Treasury Department put out the list
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  Speaker 3: of the sixty eight occupations that they are proposing be
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  Speaker 3: eligible for the no tax on tips exemption? Would you
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  Speaker 3: like me to go through them? Probably not all sixty eight,
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  Speaker 3: but maybe I can do it quickly. In beverage and
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  Speaker 3: food service bartender, wait staff, food service, dining room and
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  Speaker 3: cafeteria attendants, chefs and cooks, food prep workers, fast food
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  Speaker 3: and counter workers, dishwashers, host staff.
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  Speaker 2: Bakers, so pretty much everybody in food services, correct entertainment
• 13:30
  Speaker 2: and events, gambling dealers, gambling change persons, gambling cage workers,
• 13:35
  Speaker 2: gambling and sportsbook writers and runners, dancers, musicians and singers,
• 13:39
  Speaker 2: DJs except radio.
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  Speaker 3: Entertainers and performers, digital content creators, ushers, lobby attendants and
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  Speaker 3: ticket takers. Don't know when the last time is I
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  Speaker 3: tipped one of those, or even saw one of them.
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  Speaker 3: Locker room, coatroom and dressing room attendants okay. Hospitality and
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  Speaker 3: guest services, baggage porters and bell hops, concierge's, hotel, motel
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  Speaker 3: or desk clerks, maids and housekeeping cleaners.
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  Speaker 5: Okay.
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  Speaker 2: Home services, home maintenance and repair workers, home landscaping and
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  Speaker 2: groundskeeping workers, home electricians, plumbers, home heating and air conditioning mechanics,
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  Speaker 2: home appliance installers, home cleaning service workers, locksmiths, and roadside
• 14:15
  Speaker 2: assistance workers.
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  Speaker 4: Those ones are a little bit surprising. So again, my
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  Speaker 4: brother's a landscaper. He should almost definitely try and restructure
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  Speaker 4: some of his billing the other thing.
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  Speaker 2: But this is only if you are doing it for homes. Right.
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  Speaker 3: You'll notice that. It's like if you are a plumber
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  Speaker 3: on a commercial building, you can't get tipped.
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  Speaker 4: Well, you can get tipped. You you can't, you can't.
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  Speaker 4: You're tax free?
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  Speaker 2: Okay? Sure.
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  Speaker 3: Personal services, personal care and service workers, private event planners,
• 14:45
  Speaker 3: So wedding planners now can pay no tax on tips,
• 14:49
  Speaker 3: private event photographers, private event videographers, event officiants, pet caretakers, tutors,
• 14:56
  Speaker 3: nannies and babysitters.
• 14:58
  Speaker 2: Okay.
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  Speaker 3: Personal appearance in wellness skincare specialist, thought, massage therapists, barbers, hairdressers,
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  Speaker 3: hairstyles shampoors, manicurists and pedicurists, eyebrow threading and waxing technicians,
• 15:11
  Speaker 3: makeup artists, exercise trainers, tattoo artists, tailors, shoe and leather workers.
• 15:17
  Speaker 2: Sure, how many shoe and leather workers do we have left?
• 15:19
  Speaker 2: Not a lot of cobblers these days. Man recreation and
• 15:22
  Speaker 2: instruction golf caddies, Self enrichment teachers. What's a self enrichment teacher?
• 15:27
  Speaker 5: It's like a life coach.
• 15:29
  Speaker 2: Yeah, isn't that someone.
• 15:30
  Speaker 3: Else's self enrichment? Like, isn't that other person in richment?
• 15:35
  Speaker 3: Self enrichment is like a self help book, right? That
• 15:38
  Speaker 3: is itself in Richmond. If you're not doing it yourself,
• 15:41
  Speaker 3: what's help to do myself enrichment? Recreational and tour pilots,
• 15:47
  Speaker 3: tour guides and escorts, travel guides, sports and recreation instructors,
• 15:52
  Speaker 3: and finally, transportation and delivery, parking and valet attendance, taxi
• 15:56
  Speaker 3: and ride share drivers, shuttle drivers, goods delivery people, personal
• 16:00
  Speaker 3: vehicle and equipment cleaners, private and charter bus drivers, water
• 16:03
  Speaker 3: taxi operators, rickshaw petticab and carriage drivers, and home movers.
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  Speaker 4: So I'm gonna ask the same question I did when
• 16:11
  Speaker 4: we were debating whether or not this would go into effect.
• 16:14
  Speaker 4: If I am my brother who is a landscaper, yes,
• 16:18
  Speaker 4: who just billed me three hundred dollars for work that
• 16:21
  Speaker 4: he did, why would I not rebuild all of my
• 16:27
  Speaker 4: work by saying there's one hundred percent mandatory gratuity, and
• 16:31
  Speaker 4: now your fee is one hundred and fifty dollars. There
• 16:34
  Speaker 4: does not seem to be anything that.
• 16:35
  Speaker 2: Can have mandatory gratuity.
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  Speaker 4: If I go to a restaurant with a group of ten,
• 16:40
  Speaker 4: it's built right into the check. Okay, so this is
• 16:43
  Speaker 4: where we even get like, how can I mean, that's
• 16:46
  Speaker 4: not really a tip in my mind, but it is gratuity,
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  Speaker 4: and therefore I believe would be I.
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  Speaker 3: Mean, here's the thing. Gratuity by definition is a gift.
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  Speaker 3: So how can you have a mandatory gift? Which like,
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  Speaker 3: this is again I know we're digressing here, but that
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  Speaker 3: doesn't make sense.
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  Speaker 5: It doesn't.
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  Speaker 4: But if I fall into one of these categories, I
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  Speaker 4: would do anything in my power. Again, if you are
• 17:13
  Speaker 4: the owner of the business, maybe you're not going to
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  Speaker 4: be willing to do this, but I would do anything
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  Speaker 4: in my power to lower my paid wage and increase
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  Speaker 4: my tips.
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  Speaker 5: What's the cap twenty five.
• 17:22
  Speaker 3: Grand a year, Yes, twenty five grand a year and
• 17:25
  Speaker 3: tips that you can exclude FRA money.
• 17:28
  Speaker 5: That's a lot of dough.
• 17:30
  Speaker 4: If you're working money, you don't get to save twenty
• 17:32
  Speaker 4: five thousand. It's a deduction, twenty five k deduction.
• 17:36
  Speaker 3: Yeah, but the urban the Brookings Tax Policy Center estimates
• 17:39
  Speaker 3: it's a fourteen hundred savings on average, which I'm not
• 17:42
  Speaker 3: saying it's nothing.
• 17:42
  Speaker 5: Yep.
• 17:43
  Speaker 3: Okay, but it like it's it's not like you're saving
• 17:45
  Speaker 3: twenty five thousand non taxes yach year.
• 17:47
  Speaker 5: No, No, I understood. I understood.
• 17:50
  Speaker 3: So, yeah, that's that's the list. Can I was just
• 17:53
  Speaker 3: talk about this Wall Street Journal article that popped up.
• 17:56
  Speaker 2: It was a h well.
• 17:57
  Speaker 3: I clicked on it actually while I was looking at
• 18:00
  Speaker 3: at the previous one about McDonald's. Yeah, Purdue Chicken heiress
• 18:06
  Speaker 3: lists one hundred and four acre New Hampshire estate for
• 18:09
  Speaker 3: fifteen million dollars. So I saw Purdue Chicken airess and
• 18:12
  Speaker 3: I'm like, gotta click on it just to see what's
• 18:14
  Speaker 3: going on. Right, they buried the lead. It's it's in
• 18:18
  Speaker 3: the first sentence, but they buried it. Mitzie Purdue and
• 18:22
  Speaker 3: heiress to both the Purdue Chicken and Sheridan Hotel fortunes,
• 18:28
  Speaker 3: is one of the sellers of a New Hampshire estate
• 18:30
  Speaker 3: asking for fifteen million dollars. She's the daughter of the
• 18:33
  Speaker 3: Sheridan Hotels co founder and widow of Purdue Chicken CEO
• 18:38
  Speaker 3: Frank Purdue. What a get Like, isn't that amazing? Like, Like,
• 18:46
  Speaker 3: you are the heiress to both a massive hotel chain
• 18:49
  Speaker 3: and big Chicken.
• 18:52
  Speaker 2: Does it get any better than that. It's hard to
• 18:57
  Speaker 2: see that it does.
• 18:58
  Speaker 1: Mike.
• 18:58
  Speaker 3: Yeah, yeah, you always got it. You always got a
• 19:01
  Speaker 3: roof over your head and a chicken in every pot. Yeah,
• 19:05
  Speaker 3: it's as good as it gets there, It's as good
• 19:07
  Speaker 3: as it gets. What else do you need if it
• 19:10
  Speaker 3: all goes to hell in a hand basket. I'm staying
• 19:12
  Speaker 3: here and here's my chicken. You're covered. It's as good
• 19:16
  Speaker 3: as it gets. Let's take a quick break here. When
• 19:20
  Speaker 3: we return, we're gonna have the trivia answer. We're gonna
• 19:24
  Speaker 3: have Wall Street Watch, and we're gonna be joined by
• 19:26
  Speaker 3: Mark Varner from Veterans Development Corporation right after.
• 19:29
  Speaker 1: This, bringing the latest financial news straight to your radio.
• 19:43
  Speaker 1: Every day. It's the Financial Exchange on the Financial Exchange
• 19:47
  Speaker 1: Radio Network. Time now for Wall Street Watch, a complete
• 19:54
  Speaker 1: look at what's moving markets so far today right here
• 19:57
  Speaker 1: on the Financial Exchange Radio Network.
• 19:59
  Speaker 6: Markets and positive territory as Wallstreet reacts to a lower
• 20:02
  Speaker 6: than expected ADP private payrolls report ahead of the all
• 20:06
  Speaker 6: important August Josh report to out tomorrow morning at eight thirty.
• 20:10
  Speaker 6: Right now, the Dow is up by four tenths of
• 20:12
  Speaker 6: one percent, or one hundred and eighty four points higher.
• 20:15
  Speaker 6: SMP five hundred is up nearly four tenths of a
• 20:18
  Speaker 6: percent as well, with twenty four points higher. Nasdaq is
• 20:21
  Speaker 6: up by a third of a percent, Russell two thousand
• 20:24
  Speaker 6: is also up by a third of a percent. Ten
• 20:26
  Speaker 6: year Treasure Reeled is down by one basis point at
• 20:29
  Speaker 6: four point one nine to two percent, and crude oil
• 20:33
  Speaker 6: is down nearly seven tenths of one percent, trading at
• 20:35
  Speaker 6: sixty three dollars in fifty four cents a barrel. Salesforce
• 20:39
  Speaker 6: weighing on the Dow today, with shares down nearly six
• 20:43
  Speaker 6: percent after the Cloud company posted as second quarter earnings
• 20:46
  Speaker 6: beat on both the top and bottom lines. However, it's
• 20:49
  Speaker 6: quarterly revenue outlook was weaker than expected. Meanwhile, recently, ipoid
• 20:54
  Speaker 6: software company Figma reported a double digit rise in quarterly
• 20:58
  Speaker 6: revenue but missed profit four forecast, sending that stock tumbling
• 21:02
  Speaker 6: by seventeen percent. Sticking with tech, where Hewlett Packard Enterprise
• 21:07
  Speaker 6: posted a fifty four percent jump in quarterly networking revenue,
• 21:11
  Speaker 6: boosted by its acquisition of Juniper Networks. Shares in the
• 21:14
  Speaker 6: Server in Cloud Software company are climbing five percent. Elsewhere,
• 21:19
  Speaker 6: American Eagle Outfitters said it anticipates a sales boost for
• 21:23
  Speaker 6: marketing campaigns featuring actress Sidney Sweeney and NFL star Travis Kelce.
• 21:28
  Speaker 6: The retailer also beat second quarter earnings in revenue estimates
• 21:32
  Speaker 6: that stock surging by thirty two percent and get Lab
• 21:36
  Speaker 6: shares dropping eight percent after the provider of software development
• 21:40
  Speaker 6: tools swung to our loss but raised its annual outlook.
• 21:44
  Speaker 6: The company CFO is also leaving to join Snowflake. I'm
• 21:48
  Speaker 6: Tucker Silva and that is Wall Street Watch.
• 21:50
  Speaker 4: As we mentioned, joining us now is Mark Varner. Mark
• 21:53
  Speaker 4: is the CEO of the Veterans Development Corporation. He's also
• 21:56
  Speaker 4: the presenting sponsor of the DAV five K that's coming
• 22:00
  Speaker 4: up November eighth on Castlan and I'm gonna give everybody
• 22:03
  Speaker 4: a little bit more detail on the big.
• 22:05
  Speaker 5: Event coming up in November.
• 22:06
  Speaker 4: But Marks joining us now talk a little bit about
• 22:09
  Speaker 4: their partnership with the DAV, their commitment to that group
• 22:12
  Speaker 4: and their company generally in the in the industry. So Mark,
• 22:16
  Speaker 4: thank you for joining us. Appreciate it for those unawares.
• 22:20
  Speaker 4: Tell us a little bit about Veterans Development Corporation, the
• 22:23
  Speaker 4: company that you lead and the work that they do.
• 22:26
  Speaker 4: What space do they occupy in that construction space?
• 22:29
  Speaker 7: Well, first of all, thank you for having me today.
• 22:31
  Speaker 7: I appreciate it. We do this all the time, and
• 22:33
  Speaker 7: I'm very appreciative of you having us. Veterans Development is
• 22:37
  Speaker 7: a general contractor that serves pretty much the federal government.
• 22:41
  Speaker 7: We do a lot of VA healthcare work pretty much
• 22:45
  Speaker 7: from Maine all the way down to Connecticut, Okay, and
• 22:48
  Speaker 7: we renovate and restore all of the VA hospitals.
• 22:52
  Speaker 4: Now, VDC has been very involved with military members and
• 22:57
  Speaker 4: their families and you know, employing a number of those
• 23:00
  Speaker 4: people as well as your commitment to DAV How did
• 23:03
  Speaker 4: that come about? I know you have some military background
• 23:06
  Speaker 4: as well, but talk to us about the company and
• 23:08
  Speaker 4: their involvement with the military.
• 23:10
  Speaker 5: Sure.
• 23:11
  Speaker 7: Well, we got in touch with Dan Stack. He became
• 23:14
  Speaker 7: a family friend over twenty plus years ago.
• 23:17
  Speaker 4: Dan Stack is the former adjudant of the DV and
• 23:20
  Speaker 4: now I think he's the president of the DAV.
• 23:23
  Speaker 7: Absolutely with Mike Viela and Dan and I met through
• 23:27
  Speaker 7: my brother Timothy, who was an Army ranger. I was
• 23:30
  Speaker 7: served in the Marine Corps and when we got out,
• 23:33
  Speaker 7: my brother went to work for Dan at the DAV
• 23:36
  Speaker 7: and one thing led to another, and they did their
• 23:38
  Speaker 7: first annual DAV golf outing up in whaland got the
• 23:42
  Speaker 7: country club there at Sandy Burr and from that we
• 23:45
  Speaker 7: just spun off and over the years Dan and I
• 23:47
  Speaker 7: became very close. I got interested in the DAV through
• 23:51
  Speaker 7: all the work that they were doing, and then the
• 23:53
  Speaker 7: law came out for the Veteran Program for which we
• 23:56
  Speaker 7: are in now, which all service disabled veteran owned small
• 23:59
  Speaker 7: businessinesses have a set aside within the federal government.
• 24:02
  Speaker 5: Okay, so that's kind of how it started.
• 24:04
  Speaker 4: I feel like everyone I talk to that's been involved
• 24:06
  Speaker 4: with the DAV always comes back to one main story
• 24:10
  Speaker 4: that they've heard about the work that they do, or
• 24:13
  Speaker 4: some involvement they themselves had with the DAV. Does anything
• 24:16
  Speaker 4: stick with you in terms of you you've been involved
• 24:19
  Speaker 4: now for a few years between the race and fundraising opportunities.
• 24:22
  Speaker 4: Does anything stick with you about the work that they do?
• 24:25
  Speaker 7: Oh, my goodness, there's so many the housing program that
• 24:28
  Speaker 7: they're doing and the actual individual service that they do
• 24:33
  Speaker 7: for all of the veterans that Dan has just been
• 24:35
  Speaker 7: an advocate. Mike now is running the show with his wife,
• 24:39
  Speaker 7: and it's just been an unbelievable experience to watch them
• 24:43
  Speaker 7: develop a person that may have an injury or some
• 24:47
  Speaker 7: sort of you know, internal injury mentally, and they just
• 24:50
  Speaker 7: work with the veterans from start to finish, and I
• 24:53
  Speaker 7: just like being a part of it.
• 24:55
  Speaker 4: Would you mind Mark giving us a little bit more
• 24:57
  Speaker 4: background on your You said twenty years in the Marine Corps,
• 25:00
  Speaker 4: you have a brother and Army ranger. Sounds like a
• 25:01
  Speaker 4: family of military veterans, if I'm not mistaken. Would you
• 25:05
  Speaker 4: mind giving us a little bit more background on your experience.
• 25:08
  Speaker 5: Yeah?
• 25:08
  Speaker 7: Sure, My dad was in the Marine Corps in Korea,
• 25:11
  Speaker 7: my brother Timothy, and myself.
• 25:13
  Speaker 5: My brother joined the Army.
• 25:14
  Speaker 7: Want to be a little bit different than the naw
• 25:16
  Speaker 7: We have a big Marine Corps family and I joined
• 25:20
  Speaker 7: in nineteen eighty one after graduating high school, and from
• 25:24
  Speaker 7: that point it just really helped me launch my career
• 25:28
  Speaker 7: when I got out. You know, the Marine Corps teaches
• 25:30
  Speaker 7: you a lot of stuff about discipline, no doubt, and
• 25:33
  Speaker 7: I just took it from there and it's been a
• 25:36
  Speaker 7: wonderful experience to be part of the veteran community from
• 25:39
  Speaker 7: that date all the way till now.
• 25:41
  Speaker 4: Shifting back to your business for a moment here. Your
• 25:45
  Speaker 4: area of construction is pretty niche. Obviously, you know, we
• 25:48
  Speaker 4: talk a lot about AI and housing and data center demand.
• 25:53
  Speaker 4: We talk a little about housing construction. The space that
• 25:56
  Speaker 4: you occupy is a little bit different. It's federal contracts,
• 25:59
  Speaker 4: it's all that sort of stuff. Where has that been
• 26:01
  Speaker 4: going over the course of the last few years and
• 26:04
  Speaker 4: is it an area that we're still seeing a lot
• 26:06
  Speaker 4: of building going on and demand for this type of
• 26:11
  Speaker 4: construction right now?
• 26:12
  Speaker 7: Absolutely, the entire country is renovating every VA hospital constantly,
• 26:17
  Speaker 7: and they come out with these contracts that last about
• 26:21
  Speaker 7: five years called may talks. Multiple award task go to
• 26:24
  Speaker 7: contract people who buy to get into that contract and
• 26:27
  Speaker 7: they set aside a pile of money that the veteran community,
• 26:31
  Speaker 7: which is nice for the VA. All of it goes
• 26:33
  Speaker 7: service disabled veteran owned small business as a set aside program,
• 26:37
  Speaker 7: which mostly everybody knows. The VA hospital is in New
• 26:41
  Speaker 7: England in tough shape. They're rolled, so they constantly need renovating.
• 26:45
  Speaker 7: So there's a lot of work. Great opportunity if you
• 26:47
  Speaker 7: have a son, daughter, ann uncle that wants to get
• 26:52
  Speaker 7: into the trades. It's very very lucrative. The pay scale
• 26:55
  Speaker 7: is high because it's federal and they go for a
• 26:58
  Speaker 7: five year apprentice program. They graduate and they get a
• 27:01
  Speaker 7: raise every six months as long as they're doing their schooling.
• 27:04
  Speaker 7: I mean, if I had a son, which I have
• 27:06
  Speaker 7: two daughters, I'd have them.
• 27:07
  Speaker 5: In the trades. Now three myself, we'll make sure they
• 27:10
  Speaker 5: call and the trades too.
• 27:12
  Speaker 4: Mark Varner is the CEO of Veterans Development Corporation. He's
• 27:16
  Speaker 4: been joining us today to talk about their sponsorship of
• 27:18
  Speaker 4: the Disabled American Veterans five K Boston. It's coming up
• 27:22
  Speaker 4: November eighth. It's at Castle Island. We've been doing it
• 27:26
  Speaker 4: here on the Financial Exchange for the last few years.
• 27:29
  Speaker 4: It is an amazingly good time. They have the howitzer
• 27:32
  Speaker 4: shooting off to start the rais the It is a
• 27:35
  Speaker 4: really really fun and touching event to be at. And
• 27:39
  Speaker 4: you know, we really appreciate, obviously your sponsorship of that event.
• 27:42
  Speaker 5: I know you play a huge role in that.
• 27:44
  Speaker 2: Mark.
• 27:46
  Speaker 4: If you want to learn more, you can go to
• 27:48
  Speaker 4: DAV five Kboston dot com and check out a whole
• 27:53
  Speaker 4: bunch more details. Usually this thing sells out pretty quickly,
• 27:57
  Speaker 4: but always opportunities to come spectate and check out.
• 28:00
  Speaker 5: It's down on Castle Island in Boston. It's always a great.
• 28:02
  Speaker 4: Time and we would love for you to take a look,
• 28:06
  Speaker 4: check it out and book your time.
• 28:08
  Speaker 6: Tucker, dav five k dot Boston, dav five k dot Boston.
• 28:12
  Speaker 4: Of course I got that slightly off, but dav five
• 28:15
  Speaker 4: k dot Boston to get more information. And again we've
• 28:18
  Speaker 4: been joined today by Mark Varner's, the CEO of Veterans
• 28:21
  Speaker 4: Development Corporation and presenting sponsor of the DAV five k.
• 28:25
  Speaker 4: Always appreciate you having us having on here and look
• 28:28
  Speaker 4: forward chatting you. Thank you soon, Mark, Thanks quick break.
• 28:31
  Speaker 4: We'll be right back with some stack roulette.
• 28:33
  Speaker 5: That's next.
• 28:34
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• 28:38
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• 28:42
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• 29:00
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• 29:07
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• 29:10
  Speaker 6: Triviy question we asked previously was what city was Benjamin
• 29:15
  Speaker 6: Franklin born and raised in I'll be Boston. Janet from
• 29:19
  Speaker 6: sam Mateo California's watching us on YouTube today is our winner,
• 29:25
  Speaker 6: taking home a Financial Exchange Show t shirt. Congrats to Janet,
• 29:28
  Speaker 6: and we play trivia every day here in the Financial
• 29:31
  Speaker 6: Exchange See complete contest rules at Financial Exchange Show dot com.
• 29:35
  Speaker 2: Mike, what you got for stack Roulette?
• 29:37
  Speaker 4: I got Spirit Airlines and low cost carriers generally. There's
• 29:42
  Speaker 4: an opinion piece in Bloomberg here about how low cost
• 29:47
  Speaker 4: airlines still have a niche, to which I would say,
• 29:49
  Speaker 4: facts are just not in evidence. Spirit Airlines sounds like
• 29:54
  Speaker 4: it is on the cusp of some very serious threats
• 29:58
  Speaker 4: to being able to even operate going forward. They've closed
• 30:01
  Speaker 4: something like sixteen roots that they used to fly, canceling
• 30:06
  Speaker 4: a whole bunch of flights, and for me personally, at least,
• 30:09
  Speaker 4: it's gotten to the stage where I am. I have
• 30:12
  Speaker 4: flown Spirits several times. I have had generally a pretty
• 30:15
  Speaker 4: good experience in spite of all the criticism they get.
• 30:18
  Speaker 4: I don't think I would book a flight on Spirit
• 30:21
  Speaker 4: more than a few months out right now. I might
• 30:25
  Speaker 4: get my money back from my credit card company. If
• 30:27
  Speaker 4: they go fully belly up, but then I got to
• 30:28
  Speaker 4: rebook on another airline, I'm probably just not willing to
• 30:31
  Speaker 4: do it.
• 30:31
  Speaker 5: At this stage.
• 30:32
  Speaker 4: Frontier struggles, Southwest has had to completely revamp their business model.
• 30:37
  Speaker 4: I'm just not entirely convinced that in the age of
• 30:42
  Speaker 4: Delta and American offering a very stripped down, low cost
• 30:48
  Speaker 4: flying version, that there is a space for Spirit airlines
• 30:51
  Speaker 4: and the likes of them today.
• 30:52
  Speaker 3: Yeah, this piece tries to make the argument that, oh,
• 30:55
  Speaker 3: it's you know, the problem is that like these companies
• 30:58
  Speaker 3: aren't transparent and when all the fees in there the
• 31:01
  Speaker 3: same cost, and they shouldn't try to go up market.
• 31:03
  Speaker 3: But these companies can't make money just selling market basement prices.
• 31:09
  Speaker 3: It's that there's I think the big guys A are
• 31:12
  Speaker 3: just too big right now. There's not enough competition and
• 31:15
  Speaker 3: so ultimately you can't compete with that scale. And if
• 31:20
  Speaker 3: that's the case, the place I get to is, look,
• 31:23
  Speaker 3: as much as I'm you know, a big antitrust guy, Hey,
• 31:26
  Speaker 3: if you were going to allow for Delta Northwest to merge,
• 31:30
  Speaker 3: and you were going to allow for United and Continental
• 31:32
  Speaker 3: to merge, and US Air and American to merge.
• 31:35
  Speaker 2: You can't turn.
• 31:36
  Speaker 3: Around then and be like, hey, Jet Blue and Spirit,
• 31:38
  Speaker 3: that's a bridge too far. Yeah, because they just can't
• 31:41
  Speaker 3: compete like it's it doesn't make sense to try to
• 31:44
  Speaker 3: make them compete on an unleveled playing field. So I
• 31:48
  Speaker 3: think ultimately maybe there is a place for budget carriers,
• 31:55
  Speaker 3: but only if they're allowed to achieve the same scale
• 31:58
  Speaker 3: as the companies that they're competing again, either through allowing
• 32:01
  Speaker 3: them to merge, which I don't love, or Chuck's great
• 32:06
  Speaker 3: big twenty twenty five plan to break up the big airlines?
• 32:10
  Speaker 5: Would you book on Spirit right now?
• 32:13
  Speaker 4: No, because I'm looking at like February break and what
• 32:16
  Speaker 4: I know is if I book on Spirit and they
• 32:18
  Speaker 4: go belly up and then I have to book on
• 32:20
  Speaker 4: Delta the last second, it would be crushing. And so
• 32:24
  Speaker 4: I'm looking at this right now like I might pay.
• 32:27
  Speaker 4: I might be willing to pay two hundred dollars more
• 32:30
  Speaker 4: per seat to fly on an airline that I know
• 32:32
  Speaker 4: won't go out of business.
• 32:34
  Speaker 2: Yeah, yeah, I would agree.
• 32:36
  Speaker 6: Hey, this fall, why just watch the leaves change when
• 32:39
  Speaker 6: you could watch the sunset over turquoise waters? Well, the
• 32:42
  Speaker 6: US Virgin Islands are your perfect fall escape, set sail
• 32:47
  Speaker 6: on the sparkling blue sea, snorkel colorful reefs, kayak through
• 32:50
  Speaker 6: calm lagoons, or try to reel in the Big One
• 32:53
  Speaker 6: with world class sport fishing. Then explore Charlotte, Amali, the
• 32:58
  Speaker 6: capital of Saint Thomas, with it's historic streets and duty
• 33:02
  Speaker 6: free shopping, Faridas, Saint John's Virgin Islands National Park for
• 33:06
  Speaker 6: hiking and secluded beaches, and finally, experience the culture, festivals
• 33:11
  Speaker 6: and rum of Saint Croix. Three incredible islands, countless experiences
• 33:16
  Speaker 6: and something for everyone to enjoy. With easy travel from
• 33:20
  Speaker 6: New England, no passport required for US citizens and no
• 33:23
  Speaker 6: money to exchange, Paradise is closer than you think.
• 33:26
  Speaker 1: So why wait?
• 33:28
  Speaker 6: This can be the season you fall naturally in rhythm
• 33:30
  Speaker 6: with the heartbeat of the islands in America's Caribbean, the
• 33:34
  Speaker 6: US Virgin Islands. Plan your getaway now at visit USVII
• 33:38
  Speaker 6: dot com. That's visit USVII dot com.
• 33:42
  Speaker 2: Mike, I want to cover this piece from Bloomberg.
• 33:45
  Speaker 3: A thirty thousand dollars Samsung TV hints at where the
• 33:48
  Speaker 3: company's lineup is heading and what is this for? But
• 33:53
  Speaker 3: so it's for really like it's for people who love TV.
• 33:57
  Speaker 2: And have money. Yeah, like watching Triple D. You know,
• 34:01
  Speaker 2: watching what Triple D down just drivings and dives.
• 34:04
  Speaker 5: Yeah, yeah, of.
• 34:05
  Speaker 6: Course that's the target demo.
• 34:07
  Speaker 3: You know, it's funny. I just heard that term like
• 34:09
  Speaker 3: two weeks ago for the first time.
• 34:12
  Speaker 2: No you haven't heard that. No again, I'm not cool,
• 34:15
  Speaker 2: I'm not hip.
• 34:16
  Speaker 3: But anyways, the big thing it's a one hundred and
• 34:19
  Speaker 3: fifteen inch TV with what they call it, it's a
• 34:22
  Speaker 3: micro RGB backliding system. That the big premise on this
• 34:26
  Speaker 3: is that each pixel is you know, custom lit with
• 34:30
  Speaker 3: a red, green, and blue light, not just a white
• 34:33
  Speaker 3: one that comes through, and so you can get better
• 34:35
  Speaker 3: color definition.
• 34:36
  Speaker 2: I don't know the premise.
• 34:38
  Speaker 3: Of this MIC is not that there's gonna be a
• 34:40
  Speaker 3: ton of people that buy this, but this is how
• 34:41
  Speaker 3: TV development always happens. Is you do the high end first,
• 34:44
  Speaker 3: then you migrate it down as it becomes more cost effective.
• 34:47
  Speaker 3: You know, think about LED like LCD TVs that you know,
• 34:50
  Speaker 3: the flat screen I remember back in you know, two thousand,
• 34:53
  Speaker 3: was like whoa flat screen TV? Like it's ten thousand dollars.
• 34:56
  Speaker 3: Now it's like, hey, here's a forty two inch for
• 34:58
  Speaker 3: eight dollars, you know, like it migrates down as you go.
• 35:03
  Speaker 3: The part that I find funny about this and I
• 35:05
  Speaker 3: do this, like I think about this a lot. So
• 35:08
  Speaker 3: they have these pictures of these these TVs, right, and
• 35:11
  Speaker 3: I'm looking at this on the computer and they're trying
• 35:15
  Speaker 3: to the The caption says, the TV can produce a
• 35:20
  Speaker 3: wider gamut of colors than Samsung's other sets. Okay, but
• 35:24
  Speaker 3: the screen that I'm seeing it on can't. So who
• 35:26
  Speaker 3: cares that there's a picture of the TV? You know, like, Okay,
• 35:32
  Speaker 3: that's that's great, But like you don't need to show
• 35:34
  Speaker 3: me because my screen cannot show me those other colors.
• 35:38
  Speaker 2: So I always just find that kind of comical.
• 35:41
  Speaker 5: Yeah, but that's just me.
• 35:43
  Speaker 4: Musk has a new master plan to turn around teslao
• 35:46
  Speaker 4: ooh what is it?
• 35:47
  Speaker 2: Uh?
• 35:48
  Speaker 4: I think that it's robots, But quite honestly, I don't
• 35:51
  Speaker 4: think I can get past the first sentence. My only
• 35:54
  Speaker 4: question is does Elon Musk still have the ability to
• 36:00
  Speaker 4: move Tesla stock like he once did? Made does he
• 36:07
  Speaker 4: like he has made enough people angry at this stage
• 36:11
  Speaker 4: that I'm not convinced he has the same luster that
• 36:16
  Speaker 4: he did three years ago. When it came to making
• 36:18
  Speaker 4: promises that he ultimately doesn't deliver on.
• 36:20
  Speaker 3: I think his ideas are just worse. You know, like
• 36:25
  Speaker 3: the Robotaxi event earlier this year. Okay, so they unveiled
• 36:30
  Speaker 3: like this custody, like this special model Robotaxi that they
• 36:35
  Speaker 3: brought to a Hollywood set because they knew it wasn't
• 36:38
  Speaker 3: ready for prime time, and then the ones in Austin
• 36:42
  Speaker 3: and San Francisco were just model wise, like the idea
• 36:47
  Speaker 3: just wasn't good, I think, is what I'm getting at.
• 36:51
  Speaker 3: I think if there was something like truly exciting that
• 36:53
  Speaker 3: they were that he was debuting, I think people would
• 36:56
  Speaker 3: be kind of.
• 36:56
  Speaker 2: Interested in it.
• 36:58
  Speaker 3: But I don't think that he's getting there because there's
• 37:01
  Speaker 3: already other companies like Weimo that are doing robotaxis. They
• 37:05
  Speaker 3: are already other companies that are building humanoid robots. The
• 37:09
  Speaker 3: stuff that moved the needle was, Hey, I'm gonna mass
• 37:12
  Speaker 3: produce the world's first you know, I'm gonna make the
• 37:14
  Speaker 3: world's first mass produced electric vehicle. Okay, have at it,
• 37:19
  Speaker 3: like no one's done that.
• 37:20
  Speaker 2: Yep.
• 37:21
  Speaker 3: You know, this is kind of like he's playing from behind.
• 37:25
  Speaker 3: Even all the AI stuff. It's like, Okay, everyone's doing that.
• 37:29
  Speaker 3: What's really you know, that next step ahead that no
• 37:31
  Speaker 3: one's looking at.
• 37:32
  Speaker 2: I think that's the question.
• 37:35
  Speaker 3: So I just think that the ideas are not as
• 37:37
  Speaker 3: transformative because there's lots of other companies that are already
• 37:42
  Speaker 3: doing this stuff. Fair that that's I don't know. I
• 37:46
  Speaker 3: think if there's a good enough idea, I don't think
• 37:47
  Speaker 3: anyone would care, like what Elon Hazer hasn't said, Like
• 37:51
  Speaker 3: it's just okay, this stuff's kind of lackluster. Now it's like, yeh, fine,
• 37:56
  Speaker 3: you're doing robotaxis, so is everyone else. Oh, you're gonna
• 38:00
  Speaker 3: make robots, so is everyone else? Have you met the
• 38:03
  Speaker 3: robot dogs that are?
• 38:04
  Speaker 1: You know?
• 38:08
  Speaker 2: Yeah?
• 38:09
  Speaker 3: Anyways, let's take a quick break for the rest of
• 38:11
  Speaker 3: the day. Tomorrow, Job's Friday Big one. Do we see
• 38:14
  Speaker 3: a continuation of the weakness from the prior one? Do
• 38:17
  Speaker 3: we bounce back and show some new strength into the fall?
• 38:20
  Speaker 3: A lot to cover? Tune in tomorrow right here.