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<v Speaker 1>It's Night Side with Dan Ray on de Bzy, Boston's

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<v Speaker 1>news radio.

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<v Speaker 2>Nicole Davis, Happy Valentine's Day. I hope that you've had

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<v Speaker 2>a great one. There's still four hours left. You're going

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<v Speaker 2>to get off work and be able to celebrate, and

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<v Speaker 2>of course I will be here with all of you

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<v Speaker 2>for the next four hours. I hope all of you

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<v Speaker 2>will be here with me for the next four hours.

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<v Speaker 2>You know who also going to be long, Rob Brooks.

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<v Speaker 2>My name is Dan Ray. I'm the host of the show.

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<v Speaker 2>Rob is the producer, and he's back in Broadcast Central headquarters.

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<v Speaker 2>As we would say, can't even tell you where that is.

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<v Speaker 2>It's a super secret. You can only know it if

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<v Speaker 2>you're like the head of the CIA or Elon Musk

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<v Speaker 2>one or the other, you will know where Rob is.

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<v Speaker 2>Those are the only two people in the world that

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<v Speaker 2>know where Rob Brooks is. We have a great show

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<v Speaker 2>coming up tonight. We will begin at this hour with

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<v Speaker 2>four very interesting guests. We're going to start off with

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<v Speaker 2>my good friend Anthony Simarco. We're going to have some

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<v Speaker 2>commentary on the big stop the coup demonstration in Boston

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<v Speaker 2>today been at ten o'clock, going to talk about Valentine's

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<v Speaker 2>Day a little bit more in depth with award winning

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<v Speaker 2>photographer podcaster Carry Brett, who has had a very interesting career,

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<v Speaker 2>not only as a celebrity photographer people like Bill Belichick,

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<v Speaker 2>Conan O'Brien and others, but she's also a very interesting

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<v Speaker 2>life experience which has some relevance to Valentine's Day, which

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<v Speaker 2>is today and on this day. Her book her first book.

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<v Speaker 2>She's done photography books before, but this is her first

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<v Speaker 2>book called Shot at Love, a celebrity Photographer's unfiltered lens

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<v Speaker 2>on dating and finding love. We will talk to her

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<v Speaker 2>and we will have later on tonight Brushes, no, not

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<v Speaker 2>brushes with celebrity Grinds of Gears, my second favorite twentieth

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<v Speaker 2>Hour subject and first to start off tonight, one of

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<v Speaker 2>my favorite guests. We haven't had him on in full

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<v Speaker 2>meaning for an entire hour, and we've got have to

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<v Speaker 2>do that fairly soon. Great local historian Anthony Somarco, who's

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<v Speaker 2>going to explain to us the inception of Valentine's Day,

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<v Speaker 2>which started, I guess Anthony rather close to Boston in

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<v Speaker 2>the second largest city of New England and Worcester. How

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<v Speaker 2>are you this evening? Happy Valentine's Day, Anthony.

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<v Speaker 3>And same to you. How are you?

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<v Speaker 2>We're doing just great. Let me tell you, I'm ready

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<v Speaker 2>to go here four more hours and it's Saturday morning.

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<v Speaker 2>So I guess Valentine's Day got it start. I didn't

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<v Speaker 2>realize it got it start in Worcester.

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<v Speaker 3>Well that's true. I mean there was a woman by

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<v Speaker 3>the name of Esther Howland. She had been a graduate

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<v Speaker 3>of Mount Holy Of College in eighteen forty seven. And

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<v Speaker 3>the funny thing was her father was an importer of

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<v Speaker 3>different things to its stationary store in Worcester. One of

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<v Speaker 3>the things that she saw were English made Valentines. And

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<v Speaker 3>because she was an enterprising young lady, it turned out

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<v Speaker 3>that by the eighteen fifties she was making val times

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<v Speaker 3>by hand. They were so beautifully done that they would

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<v Speaker 3>take anywhere from one day to two to finish. And

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<v Speaker 3>this is a woman that would revolutionize it.

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<v Speaker 2>Yeah wow.

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<v Speaker 3>And she would actually have a group of women that

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<v Speaker 3>would work as an assembly line.

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<v Speaker 2>Is there. Well, it's sort of like henry Ford before

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<v Speaker 2>Henry Ford very much. Tell any record as to what

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<v Speaker 2>she must have charged for these works of art. I mean,

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<v Speaker 2>you know today, surprisingly.

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<v Speaker 3>Today they are works and they're actually in the collection

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<v Speaker 3>of Mount Holyo Archives. But at the time she was

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<v Speaker 3>charging between fifty cents and a dollar. These were handmade,

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<v Speaker 3>labor intensive valentines, but that.

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<v Speaker 2>Would try, he said, in those days, that was some

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<v Speaker 2>real money, Anthony. It was.

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<v Speaker 3>There'd be about ten to fifteen dollars today, And by

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<v Speaker 3>the eighteen sixties and eighteen seventies, this was a woman

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<v Speaker 3>that was garnering one hundred thousand dollars a year year.

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<v Speaker 3>So she wasn't just a Valentine card maker. But she

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<v Speaker 3>even created a book called The Sentimental Valentine Writer for

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<v Speaker 3>Ladies and Gentlemen. And what it was was that people

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<v Speaker 3>who were tongue tied that could actually not imagine writing,

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<v Speaker 3>you know, sentimental verse. She had a cheat sheet you

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<v Speaker 3>could actually copy from it. So she created an empire

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<v Speaker 3>that would be one of many. There were three different

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<v Speaker 3>companies in Wooster at that time just making Valentines. So

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<v Speaker 3>by the eighteen seventies her Valentine company was something that

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<v Speaker 3>was probably the best known in the United States.

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<v Speaker 2>So she was making one hundred thousand dollars either during

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<v Speaker 2>or shortly after the Civil War. Long before Babe Ruth

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<v Speaker 2>made one hundred thousand dollars and Ted Williams made one

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<v Speaker 2>hundred thousand dollars.

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<v Speaker 3>Well, I suppose if they were actually playing baseball for love,

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<v Speaker 3>maybe they would have. This was a woman that knew

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<v Speaker 3>what she was doing, and she had widows and spinsters

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<v Speaker 3>and young women before they married, all working for her

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<v Speaker 3>in a factory. And what she was doing in some

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<v Speaker 3>ways was creating the greeting card industry. And during the

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<v Speaker 3>twentieth century they had established an award called the Esther

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<v Speaker 3>Howland Award for a greeting card Visionary and it's given

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<v Speaker 3>in her honor every year. But when we think of

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<v Speaker 3>a card in the eighteen forties and fifties and sixties,

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<v Speaker 3>they were beautifully done. But what they have represented is

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<v Speaker 3>in this day and age that over two hundred and

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<v Speaker 3>fifty million Valentine's a cent worldwide for February fourteenth.

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<v Speaker 2>It's amazing. I mean when you think back, when you

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<v Speaker 2>do the research as you have done, and you realize

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<v Speaker 2>that that's something that again is popular as Valentine's Day started. Now,

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<v Speaker 2>was Valentine's Day in existence before she started making cards?

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<v Speaker 2>Or did she bring Valentine's Day into existence? And again,

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<v Speaker 2>you know me Anthony, I asked questions that I'm not

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<v Speaker 2>sure that answer, So.

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<v Speaker 3>I'm glad you said that. Well, in ancient Rome they

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<v Speaker 3>had a festival called Lupa Carlia, and Lupa Carlia basically

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<v Speaker 3>dealt with the loopa or the wolf that actually had

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<v Speaker 3>suckled Robulus agreements the founders of Rome.

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<v Speaker 2>It was a peg the emblem, as you know, that

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<v Speaker 2>is the emblem of Boston Latin School.

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<v Speaker 3>I know, yes, and I have one actually sitting in

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<v Speaker 3>the parlor that we bought in Rome. But the idea

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<v Speaker 3>was Claudius Gothagus, who was a pagan emperor of ancient Rome,

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<v Speaker 3>became friendly with Saint Valentine. But Saint Valentine wanted to

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<v Speaker 3>Christianize him, and the emperor had him beheaded on February

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<v Speaker 3>fourteenth of two sixty nine AD. So you began to

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<v Speaker 3>realize in some ways that the whole Saint Valentine was

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<v Speaker 3>truly a saint of the church. He was somebody in

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<v Speaker 3>some ways that was martyred because of his Christianity. So

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<v Speaker 3>what they decided to do was to create a new

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<v Speaker 3>festival on the same date as Lupecalia, and now they

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<v Speaker 3>were honoring Saint Valentine not only the saint of courtly love,

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<v Speaker 3>but Saint Valentine represents the saint of epilepsy, beekeepers, travelers,

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<v Speaker 3>and fainting, and people began to realize even in ancient times,

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<v Speaker 3>Saint Valentine was somebody who in many ways was quite

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<v Speaker 3>well known. But it really wouldn't be until the early

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<v Speaker 3>nineteenth century that we began to see England, especially with

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<v Speaker 3>Cupid factories, as Charles Dickens would call them, of people

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<v Speaker 3>working in an assembly line to create these beautiful Valentine's

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<v Speaker 3>Day cards, and really the whole concept was it was

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<v Speaker 3>something that would actually, in the twentieth century become probably

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<v Speaker 3>one of the biggest of the holidays, and probably just

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<v Speaker 3>secondary to Easter and Christmas.

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<v Speaker 2>I can remember as being a little kid, you know,

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<v Speaker 2>in the third grade, the second grade, and your parents

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<v Speaker 2>would buy you a pack of these maybe fifty Valentine

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<v Speaker 2>Day's card and you the nuns would make us write

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<v Speaker 2>out Valentine's to all the kids in class, and you

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<v Speaker 2>learned the codship.

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<v Speaker 3>It was a big deal. But you know the odd

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<v Speaker 3>thing is, you know, in my book on Valentine's Day,

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<v Speaker 3>traditions involved, and I also talk about things like Salah's

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<v Speaker 3>Valentine's Vinegar Valentine's and Crampus Valentine's as well as candy.

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<v Speaker 3>And you know, when we think of Valentine's Day candy,

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<v Speaker 3>it was Cadbury that created the heart shaped bonon bond

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<v Speaker 3>box and it would later be carried further by Shrafts,

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<v Speaker 3>which was at Sullivan Square in Childstown and even today

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<v Speaker 3>Phillips Chocolates and Donchas there.

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<v Speaker 2>Yeah, there's no one who knows the traditions of Boston

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<v Speaker 2>and the history of Boston better than my guest Anthony Simarco.

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<v Speaker 2>Where how could folks go to your website and perhaps

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<v Speaker 2>maybe pick up a couple of these books? Anthony, What's

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<v Speaker 2>what's the easiest way for folks to track you down?

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<v Speaker 2>Because I'll get twenty phone calls on Monday or Tuesday

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<v Speaker 2>saying how do I give mister so Marco's books?

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<v Speaker 3>And if you work, I mean they're available on Amazon

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<v Speaker 3>dot com. That's probably the best. I don't have a website,

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<v Speaker 3>but if they also go to Facebook they google my name.

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<v Speaker 3>I always put down exactly what books I'm working on

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<v Speaker 3>and where my elections are. So this has been a

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<v Speaker 3>busy week for Valentine's Day tradition.

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<v Speaker 2>Believe, but I'll bet the last name is spelled SA

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<v Speaker 2>double M. Got to get the double M in there,

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<v Speaker 2>ar CEO. Anthony's Marco Anthony. Always great to hear your voice.

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<v Speaker 2>Always great to talk with you. I so enjoy talking

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<v Speaker 2>with you. And we'll get you on somenight and maybe

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<v Speaker 2>take some phone calls at some point in the not

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<v Speaker 2>too just in the future. Fair enough, thanks Anthony. Right,

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<v Speaker 2>we get back, going to talk about something called pig butchering.

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<v Speaker 2>It's not what you think. It's a scam and it's something.

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<v Speaker 2>It's an ugly scam. Not that there are any handsome scams.

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<v Speaker 2>We're going to talk with Roberts Cissis Leano. He's the

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<v Speaker 2>CEO of cybersecurity training company called protect Now. And this

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<v Speaker 2>is serious. You need to listen to this because during

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<v Speaker 2>the last five years, about seventy five billion dollars has

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<v Speaker 2>been globally lost through pig butchering scams. We'll explain it

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<v Speaker 2>all on the other side of the break here on

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<v Speaker 2>nights side on Valentine's Day Night twenty twenty five. My

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<v Speaker 2>name is Dan Ray. You were listening to w BZ

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<v Speaker 2>Boston's news Radio ten thirty and your am dial coming

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<v Speaker 2>right back after this quick break.

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<v Speaker 1>Now back to Dan Ray live from the Window World

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<v Speaker 1>Nightside Studios.

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<v Speaker 2>I'm WBZ News Radio. We're with us is Robert Sciliano.

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<v Speaker 2>He's the CEO of cybersecurity training company called protect Now. Robert,

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<v Speaker 2>I had never heard of the phrase pig butchering, but

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<v Speaker 2>having read up on a little bit, I understand why

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<v Speaker 2>it's called pig butchering. How are you? How are you tonight?

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<v Speaker 4>I'm good?

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<v Speaker 3>Thank you.

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<v Speaker 2>So Robert, tell us about this. It says pig butchering

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<v Speaker 2>scams are on the rise, and I think that you're

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<v Speaker 2>suggesting that I don't know. In the last five years,

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<v Speaker 2>one study says that seventy five billion dollars globally was

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<v Speaker 2>lost through these scams. Tell us about it.

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<v Speaker 4>So this is when. Okay, So I think everybody at

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<v Speaker 4>this point gets a text message at least a couple

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<v Speaker 4>of times a day, and that text might be like hello,

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<v Speaker 4>or is this Robert? Or hey, I'm sorry I didn't

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<v Speaker 4>call you earlier or something like that, like just some

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<v Speaker 4>innocuous lame well few words. Yeah, like the whole idea

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<v Speaker 4>behind these text messages that we get and First of all,

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<v Speaker 4>these texts are coming from you know, robots, right. There

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<v Speaker 4>isn't generally like a human actually sending that text. That's

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<v Speaker 4>done via robo calling. And they just blasted out millions

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<v Speaker 4>and millions of text messages every single day. And why

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<v Speaker 4>the Federal Communications Commission hasn't shut them down? I don't know.

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<v Speaker 4>Maybe they can't, I'm not really sure.

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<v Speaker 2>Yeah, that is my question, Robert, absolutely, because there have

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<v Speaker 2>been politicians who have including some from Massachusetts, who have

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<v Speaker 2>pledged that when I go to Washington, I will stop

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<v Speaker 2>these phone calls and these text messages. But I interrupted you,

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<v Speaker 2>and I didn't mean to. I think it's a great

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<v Speaker 2>clear explanation. Continue please, yeah, so sorry.

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<v Speaker 4>So all these text messages that we get on a

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<v Speaker 4>regular basis, they are designed for one reason and one

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<v Speaker 4>reason only to get us to respond, that's it. And

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<v Speaker 4>so once we respond, who's this, I'm not sure who

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<v Speaker 4>you're calling or it's Robert, you know, did you mean

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<v Speaker 4>to call me? Like the whole idea is simply to

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<v Speaker 4>get us to respond, and once we respond, then a

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<v Speaker 4>human might engage from that point on on the other end.

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<v Speaker 4>And what that means is like the idea behind the

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<v Speaker 4>initial response is that they're they're seeking dialogue, they're seeking conversation, communication,

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<v Speaker 4>they're seeking to make a connection of some kind of

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<v Speaker 4>any kind, you know, and you know, and it does.

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<v Speaker 4>It doesn't mean that like like everybody's going to respond

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<v Speaker 4>because you know, maybe you don't respond. I definitely don't respond,

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<v Speaker 4>like I understand what's happening here. But you have to understand,

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<v Speaker 4>like there are a lot of people out there that

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<v Speaker 4>are just lonely, you know, Like loneliness is a very

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<v Speaker 4>real thing. It's a very unfortunate thing. And when people

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<v Speaker 4>are lonely, like they're just craving communication, they're craving attention.

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<v Speaker 2>And so the simple add human contact is what they're craving.

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<v Speaker 4>It's it, you know, and that's where we're an interdependent

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<v Speaker 4>species and we require each other. You know.

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<v Speaker 2>So once they get you, once they get you, then

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<v Speaker 2>they'll start to get you involved in something that might

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<v Speaker 2>even initially get some money back for you, right they

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<v Speaker 2>kind of hook you.

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<v Speaker 4>So yeah, well eventually, you know, but they might spend

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<v Speaker 4>weeks just talking, just texting, just communicating, just getting to

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<v Speaker 4>know you more, just getting deeper and deeper, just creating

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<v Speaker 4>a deeper and deeper human connection via text, you know,

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<v Speaker 4>And so what happens when what happens when you get

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<v Speaker 4>to know somebody, you begin to trust them, you know,

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<v Speaker 4>and as you as you as you spend more time

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<v Speaker 4>with somebody, And again this is just remotely it's via text,

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<v Speaker 4>but this time that this person is spending with you

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<v Speaker 4>is deepening the connection, the relationship.

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<v Speaker 2>And so just to ask you one quick question, Okay,

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<v Speaker 2>the people who are talking to you, a lot of

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<v Speaker 2>this stuff comes from offshore. How good is their English?

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<v Speaker 2>Their their their colloquial English.

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<v Speaker 4>Well, at this point, with the basics like Google Translate

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<v Speaker 4>and AI, you know, and artificial intelligence, uh, in all

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<v Speaker 4>the various large language models, all these various tools, Uh,

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<v Speaker 4>it's no problem. You know, the scammer grammar is gone.

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<v Speaker 4>Like there's there's no need for scammer grammar. Right, Okay,

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<v Speaker 4>at this point they can communicate as effectively as you know,

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<v Speaker 4>anybody because they're using robots to do it that are

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<v Speaker 4>you know, eloquent and speak perfect English.

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<v Speaker 2>And what they do and again just a little stretched

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<v Speaker 2>on time here. So what they do is they will

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<v Speaker 2>propose an investment of some sort and maybe you'll get

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<v Speaker 2>some money back initially and you think that even makes

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<v Speaker 2>you a little more confident, and then eventually they will

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<v Speaker 2>get your information and empty your accounts, abuse your credit card,

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<v Speaker 2>or maybe get you to get you to send them

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<v Speaker 2>a good amount of money and you get ghosted.

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<v Speaker 4>Right, they'll actually present you with links to actual live

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<v Speaker 4>web sites that show tickers in crypto coin, and they

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<v Speaker 4>show you know, the the gains and the money that

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<v Speaker 4>can be made, and they show that like this is

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<v Speaker 4>where I've made money. Like they'll they'll take it to

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<v Speaker 4>what would be considered like a legitimate website where they've

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<v Speaker 4>made investments in their money has just doubled and tripled,

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<v Speaker 4>and they say, hey, you know, like you know, if

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<v Speaker 4>you spend even only one hundred dollars, you could probably

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<v Speaker 4>make one hundred and fifty like in the next five

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<v Speaker 4>days and then make and they'll actually like invest one

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<v Speaker 4>hundred and fifty and then they'll get fifty back like

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<v Speaker 4>they can cash out, and like, whoa, this is crazy,

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<v Speaker 4>and so they'll it's it's it's it's just like a

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<v Speaker 4>Ponzi scam, and before you know it, like that one

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<v Speaker 4>hundred and fifty turns into you know, twenty thousand, and

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<v Speaker 4>over time they're investing, investing, investing, get a little bit back,

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<v Speaker 4>Get a little bit back, get a little bit back.

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<v Speaker 4>And what they're doing is they're they're fattening the victim up,

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<v Speaker 4>like when you satten up a peg and ually you

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<v Speaker 4>butcher rate.

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<v Speaker 2>Yeah, that's beautiful. You know, it's funny. I got to

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<v Speaker 2>ask you a real quick question. If I can't here,

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<v Speaker 2>so I get like everybody else, she gets scammed phone calls.

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<v Speaker 2>So I get a phone call today. I can tell

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<v Speaker 2>it's a delay. I can tell it's some form of

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<v Speaker 2>a pool of people. In the background. There's a lot

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<v Speaker 2>of noise, and they want to know, am I Am

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<v Speaker 2>I happy with my Exfinity bill. Now obviously they're looking

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<v Speaker 2>at me and say, oh, no, it's too much. But

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<v Speaker 2>all I say is, yeah, I'm very happy, and they

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<v Speaker 2>hang up. What is that scam they're going to try

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<v Speaker 2>to have you? You know? And you can tell by

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<v Speaker 2>the way this person's calling from somewhere I don't know,

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<v Speaker 2>East Moldolvia. This is a real person. But they have

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<v Speaker 2>an accent that like nothing I've ever heard. And they're

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<v Speaker 2>making a thousand phone calls and if ten, if ten hit,

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<v Speaker 2>they're ahead of the game.

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<v Speaker 4>Yeah, And they're looking for credit card information, they're looking

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<v Speaker 4>for any type of account numbers, they're looking for social

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<v Speaker 4>security numbers. They're looking to do anything and everything to

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<v Speaker 4>get you to sign on the dotted line to provide

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<v Speaker 4>any type of financial information or sensitive information that they

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<v Speaker 4>can eventually turn into cash.

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<v Speaker 2>Robert, you are one of the best cybersecurity people who

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<v Speaker 2>I've ever spoken with, and I've spoken with a lot.

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<v Speaker 2>I would love to get you to come back some

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<v Speaker 2>night and spend an hour with my listeners as well.

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<v Speaker 2>This segment is simply a quick interview segment. I'd love

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<v Speaker 2>to get you to come back if that's possible. That

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<v Speaker 2>possible anytime, buddy. Okay, Now, let me ask you this.

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<v Speaker 2>How can folks get in touch with you? How can

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<v Speaker 2>they get more information? You have a company called project Now.

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<v Speaker 2>Is there a website that people could follow up?

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<v Speaker 4>Yeah, it's actually protect now project now. Excuse me now LLC?

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<v Speaker 4>Yeah problem, Protect now LLC dot com. I'm actually in

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<v Speaker 4>the Boston area, so protect NOWLLC dot com.

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<v Speaker 2>Excellent. Excellent, that's even better, Robert, thank you very much.

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<v Speaker 2>I will have my producer get in touch with your

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<v Speaker 2>folks and let's let's do an hour in this somenight

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<v Speaker 2>and really this is not enough time to get as

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<v Speaker 2>much information out that we need to get out. And

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<v Speaker 2>you do a great job. Thank you so much.

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<v Speaker 4>Be safe, sir, you too.

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<v Speaker 2>All right, we get back right after the news at

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<v Speaker 2>the bottom of the hour, we're going to talk with

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<v Speaker 2>an assistant professor of Technology and Operations at the Michigan

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<v Speaker 2>University Ross Business School about Valentine Day's gift Valentine's Day

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<v Speaker 2>gifts and again it comes down it's kind of like

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<v Speaker 2>a scam. You was Sokker for the free gift with purchase.

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<v Speaker 2>We'll explain right after the news break at the bottom

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<v Speaker 2>of the hour.

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<v Speaker 1>It's Night with Dan Ray on Boston's news Radio.

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<v Speaker 2>Well, following on our Valentine's Day scheme, we are delighted

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<v Speaker 2>to introduce to Professor Lennart Bardman. He's a professor Technology

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<v Speaker 2>and Operations at the University of Michigan Ross Business School.

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<v Speaker 2>Professor Bartman, welcome to Nightsatt. How are you.

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<v Speaker 3>Thank you for having me Dan.

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<v Speaker 5>I'm doing very well. It's a wonderful nay, so happy

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<v Speaker 5>you tho to welcome.

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<v Speaker 2>We were just talking with a cybersecurity expert. Sort of

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<v Speaker 2>the theme that we have going tonight and not only

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<v Speaker 2>is a Valentine's Day theme, but also how people have

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<v Speaker 2>to be smart and protect themselves. And you asked the question,

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<v Speaker 2>I think you even might have done a survey as

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<v Speaker 2>to on customer loyalty. More than seventy percent of customers

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<v Speaker 2>say that they would prefer to get a gift a

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<v Speaker 2>free gift as opposed to a discount. Why is that

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<v Speaker 2>comparison important? I think I know the answer, but I

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<v Speaker 2>just want my audience to understand what we are actually

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<v Speaker 2>discussing here.

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<v Speaker 5>Yes, I didn't do that research myself, but that's a

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<v Speaker 5>very striking number. Seventy percent is a vault. The reason

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<v Speaker 5>for that mostly is that when you're given a free gift,

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<v Speaker 5>you feel that you know you're getting something that you

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<v Speaker 5>didn't have to pay anything for, So it's it's kind

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<v Speaker 5>of that psychological benefit. And the benefit of that is

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<v Speaker 5>that if you were to just get a discount, you'd

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<v Speaker 5>feel like, Okay, I'm still getting what I'm getting, but

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<v Speaker 5>I'm getting it at a slightly reduced price. It's nothing

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<v Speaker 5>that extraordinary. So it's really the difficult the different way

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<v Speaker 5>of feeling about that that that gift versus a discount.

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<v Speaker 2>Important. Not all that significant, I think, is what you found.

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<v Speaker 5>That's correct. Yes, So let you would imagine going to

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<v Speaker 5>Sophora today on Valentine's Day and buying some perfume. Let's

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<v Speaker 5>say that costs one hundred dollars, and then you get

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<v Speaker 5>a ten dollar free lotion with it. But maybe you

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<v Speaker 5>don't actually care about that ten dollar free lotion and

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<v Speaker 5>you prefer to just have a ninety dollars perfume instead,

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<v Speaker 5>because those ten dollars are saved and you can spend

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<v Speaker 5>on something else. Normally, these free gifts are not the

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<v Speaker 5>kind of samples. They're not really that much worth to

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<v Speaker 5>the original item the church for buying. That's something that

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<v Speaker 5>posts people don't see.

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<v Speaker 2>So it's a psychological response as opposed to an intellectual response,

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<v Speaker 2>is what I'm hearing you say that. If you think

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<v Speaker 2>about it, you'll probably say the free gift's probably not

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<v Speaker 2>going to be great, and I'd rather save my actual

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<v Speaker 2>money in my pocket and get ten percent off. But

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<v Speaker 2>people don't think that way. I think is so there's

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<v Speaker 2>some psychology as well as economics involved here.

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<v Speaker 5>Yeah, there's psychology, there's economics. There's also for the retailer. Actually,

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<v Speaker 5>the reason they like these free gifts is that they

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<v Speaker 5>can keep the perceived value of an item very high. So,

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<v Speaker 5>if you see a perfume that costs one hundred dollars,

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<v Speaker 5>you think that the quality is better than a perfume that, say,

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<v Speaker 5>costs eighty dollars or ninety dollars. And so if you

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<v Speaker 5>keep the price of the perfume at one hundred dollars

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<v Speaker 5>and then give away a ten dollar free lotion or

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<v Speaker 5>twenty dollars free ocean, let's say, it seems like that

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<v Speaker 5>perfume still has that very high quality that you originally

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<v Speaker 5>assumed when you saw that price, and so it's like

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<v Speaker 5>a it's a good way for retailer to trick you

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<v Speaker 5>a little bit into spending a little bit more than

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<v Speaker 5>you might want to.

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<v Speaker 4>Actually.

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<v Speaker 2>Yeah, Now this is interesting to me because at some

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<v Speaker 2>point the retail industry must have figured this out, and

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<v Speaker 2>I'm assuming that they probably figured it out with smart

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<v Speaker 2>graduates of various business schools around the country that Harvard

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<v Speaker 2>Business School or Warden or Sloan or Kellogg or Ross

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<v Speaker 2>Correct or Ross.

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<v Speaker 5>Yeah, exactly. Our students are the ones that go into

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<v Speaker 5>these businesses and they work in say the marketing or

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<v Speaker 5>the operations departments and they try to see if they

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00:24:47.160 --> 00:24:51.839
<v Speaker 5>can create better deals that would work. And that's something

420
00:24:51.839 --> 00:24:55.559
<v Speaker 5>that you know, we we partially teach, but we also

421
00:24:55.599 --> 00:24:58.440
<v Speaker 5>try to research and see what what what what that's about.

422
00:24:59.039 --> 00:25:03.680
<v Speaker 5>But yeah, that's that that's happens. Yeah, for sure, it's

423
00:25:04.240 --> 00:25:06.039
<v Speaker 5>just a part of my research.

424
00:25:06.200 --> 00:25:09.480
<v Speaker 2>So yeah, like.

425
00:25:09.480 --> 00:25:12.720
<v Speaker 5>My research actually largely focuses on how can you use

426
00:25:12.880 --> 00:25:17.160
<v Speaker 5>data to make better decisions? So how can we use

427
00:25:17.200 --> 00:25:19.839
<v Speaker 5>the data if we collect about the customers through these

428
00:25:19.880 --> 00:25:23.160
<v Speaker 5>retail stores and see if we can personalize the deals

429
00:25:23.160 --> 00:25:25.440
<v Speaker 5>to the customer, or can we maybe personalize the price

430
00:25:25.480 --> 00:25:28.279
<v Speaker 5>to the customer, or where we what we offer them

431
00:25:28.400 --> 00:25:31.279
<v Speaker 5>in the assortment. And part of that, of course, can

432
00:25:31.279 --> 00:25:33.680
<v Speaker 5>feel a little bit like we're trying to trick the customer.

433
00:25:33.960 --> 00:25:35.960
<v Speaker 5>The part of that is also you're trying to give

434
00:25:36.000 --> 00:25:38.160
<v Speaker 5>the customer what they would like to have, right, You're

435
00:25:38.200 --> 00:25:41.240
<v Speaker 5>trying to show them what they might be interested in.

436
00:25:41.440 --> 00:25:44.200
<v Speaker 5>It's a different way of viewing the problem. But that's

437
00:25:44.279 --> 00:25:46.480
<v Speaker 5>that's kind of what my research focuses on.

438
00:25:46.640 --> 00:25:50.640
<v Speaker 2>So now, is that why a lot of businesses are

439
00:25:51.160 --> 00:25:57.359
<v Speaker 2>asking people for they'll ask questions about their privaces. Our

440
00:25:57.480 --> 00:26:03.640
<v Speaker 2>businesses actually compile knowing information on individuals. Are they taking

441
00:26:03.680 --> 00:26:07.599
<v Speaker 2>information from individuals and compiling sort of a profile at

442
00:26:07.640 --> 00:26:08.400
<v Speaker 2>their customers.

443
00:26:09.759 --> 00:26:13.160
<v Speaker 5>They're doing both, So this is actually really good question.

444
00:26:13.359 --> 00:26:17.279
<v Speaker 5>So in most cases, businesses don't have enough data about

445
00:26:17.319 --> 00:26:19.759
<v Speaker 5>a specific person to be able to say like, oh,

446
00:26:19.839 --> 00:26:22.559
<v Speaker 5>this is what they really want. Most of what they

447
00:26:22.559 --> 00:26:26.079
<v Speaker 5>can do is they can segment their customer base into say, okay,

448
00:26:26.119 --> 00:26:30.119
<v Speaker 5>these are men from Boston that like a certain that

449
00:26:30.359 --> 00:26:33.920
<v Speaker 5>like certain TVs, for example, and then we should offer

450
00:26:33.960 --> 00:26:37.519
<v Speaker 5>them these particular items. And it's not really at the

451
00:26:37.599 --> 00:26:42.119
<v Speaker 5>individual level yet. Most of the algorithms are not that

452
00:26:42.240 --> 00:26:46.039
<v Speaker 5>good yet. But you know, with the generative AI that

453
00:26:46.200 --> 00:26:48.319
<v Speaker 5>is being produced in the large language models that are

454
00:26:48.319 --> 00:26:51.200
<v Speaker 5>being produced, more and more of the retail firms are

455
00:26:51.200 --> 00:26:54.440
<v Speaker 5>collecting data that might be able to really offer you

456
00:26:54.599 --> 00:26:57.880
<v Speaker 5>what they think is specifically what you would like to

457
00:26:57.920 --> 00:27:02.880
<v Speaker 5>see on their website, and maybe that can seem as

458
00:27:02.920 --> 00:27:06.200
<v Speaker 5>that they're trying to get you to buy a more item.

459
00:27:06.279 --> 00:27:08.079
<v Speaker 5>So they can also be that, well, if you're looking

460
00:27:08.160 --> 00:27:10.680
<v Speaker 5>for a dress, maybe we should just show you the

461
00:27:10.759 --> 00:27:13.680
<v Speaker 5>dress that you would like to see, similar to like

462
00:27:13.720 --> 00:27:16.240
<v Speaker 5>how Netflix shows you the movies you would like to watch.

463
00:27:16.559 --> 00:27:20.400
<v Speaker 5>So there's a, there's kind of a two sided story

464
00:27:20.440 --> 00:27:20.640
<v Speaker 5>to that.

465
00:27:21.319 --> 00:27:25.400
<v Speaker 2>Yeah, well, this reminds me very much of political polling.

466
00:27:26.119 --> 00:27:29.160
<v Speaker 2>In other words, they do polling obviously, and they have

467
00:27:29.200 --> 00:27:32.440
<v Speaker 2>to get even to do the entire country. They get

468
00:27:32.480 --> 00:27:35.359
<v Speaker 2>a thousand or twelve hundred or fifteen hundred people, a

469
00:27:35.519 --> 00:27:38.079
<v Speaker 2>very small group of people. But if they balance it

470
00:27:38.160 --> 00:27:42.279
<v Speaker 2>properly between men and women, people of all different backgrounds, younger, older,

471
00:27:42.319 --> 00:27:45.799
<v Speaker 2>et cetera, they can get a pretty good idea of

472
00:27:45.960 --> 00:27:48.880
<v Speaker 2>a of a large of a big election, even up

473
00:27:48.920 --> 00:27:52.920
<v Speaker 2>to a presidential election. So you're right. If there's a

474
00:27:53.000 --> 00:27:58.240
<v Speaker 2>product that they feel their target is twenty something men,

475
00:28:00.000 --> 00:28:04.640
<v Speaker 2>they know that every twenty seven twenty something man may

476
00:28:04.680 --> 00:28:07.079
<v Speaker 2>not buy that product, it may not be interested in

477
00:28:07.119 --> 00:28:11.160
<v Speaker 2>that product, but a significant number of those twenty somethings

478
00:28:11.279 --> 00:28:14.279
<v Speaker 2>will be. Same way with a politician, they'll say, well,

479
00:28:14.279 --> 00:28:17.599
<v Speaker 2>we're going to appeal to twenty something men because this

480
00:28:17.680 --> 00:28:21.480
<v Speaker 2>will be the candidate's position X on issues you know,

481
00:28:21.599 --> 00:28:24.599
<v Speaker 2>ABC and D. They're not going to get every one

482
00:28:24.599 --> 00:28:26.680
<v Speaker 2>of the votes, but they will know that that is

483
00:28:26.799 --> 00:28:30.240
<v Speaker 2>a rich part of the electorate that they can that

484
00:28:30.279 --> 00:28:33.880
<v Speaker 2>they can dig down on yes and help themselves an

485
00:28:33.920 --> 00:28:36.680
<v Speaker 2>election day it's kind of a similar thing or my

486
00:28:36.799 --> 00:28:37.319
<v Speaker 2>way off.

487
00:28:38.200 --> 00:28:41.359
<v Speaker 5>No, it's a similar thing. You're trying to find the

488
00:28:41.440 --> 00:28:44.000
<v Speaker 5>groups of people that would like certain things and show

489
00:28:44.039 --> 00:28:47.759
<v Speaker 5>them right stuff, and you're just trying to only average,

490
00:28:47.880 --> 00:28:49.960
<v Speaker 5>do a good job. Right as a retailer, you would

491
00:28:50.000 --> 00:28:52.119
<v Speaker 5>like to sell your items, and you could ever know

492
00:28:52.200 --> 00:28:54.039
<v Speaker 5>exactly who's going to buy a bit on average, you

493
00:28:54.119 --> 00:28:55.880
<v Speaker 5>might be doing a good job. There's a little bit

494
00:28:55.920 --> 00:28:58.640
<v Speaker 5>of a difference with poling, though, because in polling it

495
00:28:58.720 --> 00:29:00.799
<v Speaker 5>is just expensive to get all the data right. You

496
00:29:00.839 --> 00:29:02.920
<v Speaker 5>need to call the people, you need to maybe have

497
00:29:02.960 --> 00:29:05.599
<v Speaker 5>surveys to figure that out. In the case of most

498
00:29:05.599 --> 00:29:07.599
<v Speaker 5>of these retailers, what they have is they have some

499
00:29:07.680 --> 00:29:10.880
<v Speaker 5>you know, loyalty program or a loyalty card or some

500
00:29:10.920 --> 00:29:13.599
<v Speaker 5>credit card that you can get with them, and then

501
00:29:13.799 --> 00:29:16.160
<v Speaker 5>because you sign up for that, they can just collect

502
00:29:16.200 --> 00:29:19.640
<v Speaker 5>data about you, follow points and keep tending you the

503
00:29:19.680 --> 00:29:23.000
<v Speaker 5>deals and promotions and things that they think might be

504
00:29:23.079 --> 00:29:26.519
<v Speaker 5>useful to you. So instead of collecting data from a

505
00:29:26.640 --> 00:29:29.519
<v Speaker 5>very small group, very detailed, what retailers tend to do

506
00:29:29.559 --> 00:29:32.200
<v Speaker 5>is they tend to basically collect data about all their

507
00:29:32.200 --> 00:29:36.160
<v Speaker 5>customers at a very broad level, and using that data

508
00:29:36.200 --> 00:29:38.759
<v Speaker 5>they can then segment their customers and kind of figure

509
00:29:38.799 --> 00:29:41.960
<v Speaker 5>out which customers they should target with certain items or

510
00:29:41.960 --> 00:29:43.720
<v Speaker 5>certain prices or certain promotions.

511
00:29:45.039 --> 00:29:49.200
<v Speaker 2>Great information, professor, this was very interesting. Again, I'm more

512
00:29:49.200 --> 00:29:51.440
<v Speaker 2>of a political guy, and that's where we do a

513
00:29:51.440 --> 00:29:53.839
<v Speaker 2>lot of politics here, and I'm always trying to find

514
00:29:54.400 --> 00:29:59.119
<v Speaker 2>some similarities between whatever issue we're talking about, and you've

515
00:29:59.160 --> 00:30:03.079
<v Speaker 2>made it very clear that there's some there's some some similarities,

516
00:30:03.079 --> 00:30:06.279
<v Speaker 2>but also some distinctions. I think it'd be a great

517
00:30:06.279 --> 00:30:09.319
<v Speaker 2>professor in class. Thank you so much for taking some time.

518
00:30:09.440 --> 00:30:13.039
<v Speaker 2>Is there is there any website that that you could

519
00:30:14.079 --> 00:30:17.000
<v Speaker 2>that you might like to refer my listeners to. Oftentimes

520
00:30:17.039 --> 00:30:19.119
<v Speaker 2>when folks come on, they've written a book or they

521
00:30:19.160 --> 00:30:21.880
<v Speaker 2>have a paper that they'd like people to see. Anything

522
00:30:21.960 --> 00:30:24.720
<v Speaker 2>that we can we can help you, or or the

523
00:30:24.759 --> 00:30:29.319
<v Speaker 2>business the Ross Business School raise their profile well, just.

524
00:30:29.279 --> 00:30:32.359
<v Speaker 5>In general, if you're interested in learning more about what

525
00:30:32.400 --> 00:30:36.319
<v Speaker 5>the business school community does. Right, there's nice academic journals

526
00:30:36.359 --> 00:30:38.160
<v Speaker 5>about that, but that's a little bit too much to read.

527
00:30:38.359 --> 00:30:40.680
<v Speaker 5>So instead, what we do as a say the school

528
00:30:40.799 --> 00:30:42.799
<v Speaker 5>is it if you go to our website of the

529
00:30:43.200 --> 00:30:45.599
<v Speaker 5>business there will be nice articles that are written by

530
00:30:45.920 --> 00:30:49.079
<v Speaker 5>journalists about what we as professors have figured out in

531
00:30:49.079 --> 00:30:51.799
<v Speaker 5>our research, and they're made in a way that they

532
00:30:51.839 --> 00:30:54.480
<v Speaker 5>should be easy to understand, and anyone that works in

533
00:30:54.720 --> 00:30:56.880
<v Speaker 5>in you know, the business world should be able to

534
00:30:56.920 --> 00:31:00.960
<v Speaker 5>grasp some important insights from those articles. So it'd highly

535
00:31:00.960 --> 00:31:04.000
<v Speaker 5>advise you to go to the Michigan Ross website and

536
00:31:04.039 --> 00:31:06.119
<v Speaker 5>have a look at if there's anything that's useful for

537
00:31:06.160 --> 00:31:06.599
<v Speaker 5>your job.

538
00:31:07.720 --> 00:31:12.119
<v Speaker 2>Thank you very much, Professor Leonard Boardman, Thank you so much, professor.

539
00:31:12.240 --> 00:31:13.160
<v Speaker 2>We'll talk again.

540
00:31:14.440 --> 00:31:15.240
<v Speaker 5>Valentine's Day.

541
00:31:15.680 --> 00:31:17.799
<v Speaker 2>Same right back at you as well. To you and yours.

542
00:31:17.799 --> 00:31:19.839
<v Speaker 2>Thank you. Coming up on the other side, we're going

543
00:31:19.880 --> 00:31:22.640
<v Speaker 2>to talk with a representative the National Association to Convenience

544
00:31:22.680 --> 00:31:27.720
<v Speaker 2>Stores about the disappearance of the penny, and I suspect

545
00:31:27.720 --> 00:31:32.799
<v Speaker 2>the impact of the disappearing penny might really have a

546
00:31:32.920 --> 00:31:38.079
<v Speaker 2>tremendous impact on convenience stores who deal in cash on

547
00:31:38.119 --> 00:31:42.599
<v Speaker 2>a basis of their transactions, a much higher basis of

548
00:31:42.680 --> 00:31:46.319
<v Speaker 2>cash transactions at convenience stores than other stores. We'll explain

549
00:31:46.680 --> 00:31:48.920
<v Speaker 2>when we come back. And we talked earlier this week

550
00:31:48.960 --> 00:31:52.000
<v Speaker 2>about getting rid of the penny because it's too expensive

551
00:31:52.039 --> 00:31:54.119
<v Speaker 2>to produce, and now we'll talk about the impact that

552
00:31:54.160 --> 00:31:57.519
<v Speaker 2>we'll have on consumers. Back on night Side right after

553
00:31:57.559 --> 00:31:58.079
<v Speaker 2>this break.

554
00:31:59.279 --> 00:32:02.799
<v Speaker 1>Now, Dan Ray live from the Window World night Side

555
00:32:02.839 --> 00:32:06.880
<v Speaker 1>Studios on WBZ News Radio.

556
00:32:08.599 --> 00:32:11.359
<v Speaker 2>We talked earlier this week during the eight o'clock hour

557
00:32:11.400 --> 00:32:16.200
<v Speaker 2>about the elimination of the sacred penny. Now, who will

558
00:32:16.200 --> 00:32:20.519
<v Speaker 2>that impact? Jeff Leonard from the National Association of Convenience Stores,

559
00:32:20.759 --> 00:32:23.880
<v Speaker 2>he's the vice president of Media and Strategic Communications, believes

560
00:32:23.880 --> 00:32:26.880
<v Speaker 2>that it'll have probably a great impact on the group

561
00:32:26.880 --> 00:32:30.279
<v Speaker 2>he represents convenience stores. Jeff Leonard, Welcome to Night's Side.

562
00:32:30.400 --> 00:32:34.359
<v Speaker 2>Why will this have an impact more so on convenience stores?

563
00:32:35.480 --> 00:32:37.680
<v Speaker 6>So there's been a lot of great reporting looking at

564
00:32:37.720 --> 00:32:39.079
<v Speaker 6>you know, what does the cost of the penny and

565
00:32:39.119 --> 00:32:43.359
<v Speaker 6>what does that do? What we can add context and

566
00:32:43.480 --> 00:32:47.039
<v Speaker 6>is talking about what happens in stores. Convenience stores have

567
00:32:47.079 --> 00:32:51.440
<v Speaker 6>about one hundred and fifty million transactions a day. Of

568
00:32:51.519 --> 00:32:55.039
<v Speaker 6>that total, one third or fifty two million our cash.

569
00:32:55.519 --> 00:32:58.279
<v Speaker 6>So we're looking at it from the time standpoint. How

570
00:32:58.359 --> 00:33:01.640
<v Speaker 6>much time would you save if you're not counting out pennies?

571
00:33:01.799 --> 00:33:04.640
<v Speaker 6>Because when you go to convenience stores, the first thing

572
00:33:04.680 --> 00:33:08.200
<v Speaker 6>you want is convenience in and out really fast. And

573
00:33:09.039 --> 00:33:11.400
<v Speaker 6>we're focused on can we make it a little faster,

574
00:33:11.559 --> 00:33:14.759
<v Speaker 6>and that's where the elimination of penny comes in as

575
00:33:14.759 --> 00:33:16.519
<v Speaker 6>an issue that we want to talk about.

576
00:33:17.400 --> 00:33:19.519
<v Speaker 2>So you sounds to me like you think that might

577
00:33:19.559 --> 00:33:20.400
<v Speaker 2>be a good idea.

578
00:33:21.960 --> 00:33:25.079
<v Speaker 6>Well, it has to be something consumers want, and we

579
00:33:25.200 --> 00:33:28.119
<v Speaker 6>have done some surveys. We did some surveys last week

580
00:33:28.200 --> 00:33:33.240
<v Speaker 6>before President Trump's announcement. And when we initially asked customers

581
00:33:33.359 --> 00:33:36.559
<v Speaker 6>or consumers and a national survey, would you like to

582
00:33:36.559 --> 00:33:39.039
<v Speaker 6>get rid of the penny, just flat out that only

583
00:33:39.079 --> 00:33:41.960
<v Speaker 6>about one third said yes, about thirty six percent. But

584
00:33:42.000 --> 00:33:45.839
<v Speaker 6>then we started explaining to them in the survey it

585
00:33:45.880 --> 00:33:49.119
<v Speaker 6>would save money, it would speed up transactions. This is

586
00:33:49.119 --> 00:33:50.839
<v Speaker 6>what you don't have more pennies sitting.

587
00:33:50.599 --> 00:33:53.920
<v Speaker 2>Around, Jeff. This is what we call push polling in politics.

588
00:33:54.000 --> 00:33:54.279
<v Speaker 1>Right now.

589
00:33:54.279 --> 00:33:56.240
<v Speaker 6>It wasn't It wasn't that. It was more to see

590
00:33:56.319 --> 00:34:00.640
<v Speaker 6>what were the triggers not to use that. No, I

591
00:34:00.640 --> 00:34:03.000
<v Speaker 6>know exactly what you're talking about, but I know, of

592
00:34:03.039 --> 00:34:07.759
<v Speaker 6>course everything. Everything increased, and the winning message was pennies

593
00:34:07.839 --> 00:34:12.159
<v Speaker 6>will save money for the government. The one that I

594
00:34:12.280 --> 00:34:15.559
<v Speaker 6>thought would win would be the time, but that didn't.

595
00:34:15.559 --> 00:34:18.039
<v Speaker 6>But they all bumped up and you were over fifty

596
00:34:18.039 --> 00:34:20.519
<v Speaker 6>percent now with people saying yeah, sounds like a good idea,

597
00:34:20.639 --> 00:34:23.480
<v Speaker 6>So we continue to look at the issue.

598
00:34:23.639 --> 00:34:26.400
<v Speaker 2>So here's my question. Okay, when this first came out,

599
00:34:26.440 --> 00:34:29.840
<v Speaker 2>I thought to myself, Okay, the ninety nine cent candy barge.

600
00:34:29.880 --> 00:34:32.920
<v Speaker 2>Using this as a hypothetical, they'll charge us now a

601
00:34:33.000 --> 00:34:35.719
<v Speaker 2>dollar for it, So no one, no prices will be

602
00:34:35.840 --> 00:34:38.639
<v Speaker 2>rounded would be rounded down, They'll all be rounded up.

603
00:34:38.679 --> 00:34:41.400
<v Speaker 2>I understand that. Okay, ninety nine cents for dollar, but

604
00:34:41.440 --> 00:34:44.119
<v Speaker 2>when you add in sales tax. Here in Massachusetts, we're

605
00:34:44.159 --> 00:34:47.599
<v Speaker 2>now starting to talk about taxing candy, which for a

606
00:34:47.639 --> 00:34:51.480
<v Speaker 2>long time was not taxable, and with a six percent

607
00:34:51.639 --> 00:34:53.960
<v Speaker 2>sales tax, boom, it's going to be a dollar six

608
00:34:54.400 --> 00:34:57.320
<v Speaker 2>You're still gonna have pennies to deal with. You know what,

609
00:34:58.039 --> 00:35:00.960
<v Speaker 2>when pennies are gone, and maybe they'll never be gone

610
00:35:01.000 --> 00:35:05.039
<v Speaker 2>in our lifetime, how do you deal with that fractionalization.

611
00:35:05.880 --> 00:35:09.199
<v Speaker 2>If it's below three cents, you'd round down, If it's

612
00:35:09.400 --> 00:35:11.280
<v Speaker 2>about three cents, you round up.

613
00:35:12.199 --> 00:35:15.519
<v Speaker 6>Well, Fortunately, we have some examples from Canada. Canada stop

614
00:35:15.599 --> 00:35:19.599
<v Speaker 6>minting the penny in twenty twelve and stopped accepting pennies

615
00:35:19.599 --> 00:35:22.639
<v Speaker 6>a year later. So I talked to some retailers and

616
00:35:22.719 --> 00:35:26.440
<v Speaker 6>some customers in Canada. See how did they deal with it?

617
00:35:26.480 --> 00:35:32.199
<v Speaker 6>How did it work? Basically, the if you pay by

618
00:35:32.519 --> 00:35:36.079
<v Speaker 6>debit or credit card, no change. If you pay by cash,

619
00:35:36.199 --> 00:35:40.760
<v Speaker 6>it's after tax, and if it's a one or two

620
00:35:40.840 --> 00:35:43.880
<v Speaker 6>cents that you'd normally get back. Well, first off, twenty,

621
00:35:44.039 --> 00:35:46.880
<v Speaker 6>if you look at one hundred possible transactions we get changed,

622
00:35:47.159 --> 00:35:49.960
<v Speaker 6>twenty of them aren't changed. That'd be the five, ten, fifteen, twenty,

623
00:35:49.960 --> 00:35:54.679
<v Speaker 6>et cetera. Forty of them would be rounded down and

624
00:35:54.760 --> 00:35:58.079
<v Speaker 6>that would be the ones like eleven would go to ten,

625
00:35:58.559 --> 00:36:01.239
<v Speaker 6>twelve go to eleven, et cetera, and that would save

626
00:36:01.440 --> 00:36:04.440
<v Speaker 6>sixty cents. Sixty cents would be taken out of circulation,

627
00:36:05.039 --> 00:36:08.159
<v Speaker 6>and then forty transactions would go up, and that would

628
00:36:08.199 --> 00:36:10.920
<v Speaker 6>be the thirteen would go to fifteen, the fourteen would

629
00:36:10.920 --> 00:36:14.039
<v Speaker 6>go to fifteen, et cetera, and that would save another

630
00:36:14.239 --> 00:36:17.760
<v Speaker 6>one hundred and forty pennies. Now, the first question I

631
00:36:17.800 --> 00:36:20.920
<v Speaker 6>got was won't this require a lot more nickels? Won't

632
00:36:20.920 --> 00:36:23.760
<v Speaker 6>this require a lot more dimes? And in looking at

633
00:36:23.760 --> 00:36:27.599
<v Speaker 6>the math, believe it or not, there would be no

634
00:36:27.880 --> 00:36:31.159
<v Speaker 6>extra nickels used on average. There would be no extra

635
00:36:31.280 --> 00:36:34.960
<v Speaker 6>dimes used on average. Two hundred pennies would be taken

636
00:36:34.960 --> 00:36:38.760
<v Speaker 6>out of circulation for every hundred transactions, but eight quarters

637
00:36:38.760 --> 00:36:42.039
<v Speaker 6>would be added. So there's the two dollars versus two dollars.

638
00:36:42.079 --> 00:36:44.760
<v Speaker 6>So if you don't like pennies, that's good. If you

639
00:36:44.880 --> 00:36:48.320
<v Speaker 6>like quarters, whether it's for laundry or whatever, that's good.

640
00:36:49.280 --> 00:36:51.559
<v Speaker 2>What did people in Canada do when they said we're

641
00:36:51.559 --> 00:36:54.840
<v Speaker 2>not going to we're not going to any longer except pennies.

642
00:36:54.960 --> 00:36:57.239
<v Speaker 2>I know a lot of people had their penny collections

643
00:36:57.679 --> 00:36:59.679
<v Speaker 2>at that point. They just be stuck with them.

644
00:36:59.719 --> 00:37:03.679
<v Speaker 6>Correct, Well, there's a gary you can trade. I mean

645
00:37:03.719 --> 00:37:06.920
<v Speaker 6>you can go to one of those machines where you

646
00:37:06.960 --> 00:37:07.679
<v Speaker 6>get redemption.

647
00:37:09.360 --> 00:37:10.519
<v Speaker 3>I heard an interesting phrase.

648
00:37:10.559 --> 00:37:14.920
<v Speaker 6>Somebody said I expected there to be more emotional payload

649
00:37:15.000 --> 00:37:20.159
<v Speaker 6>with this, and he said it was surprisingly okay, it

650
00:37:20.360 --> 00:37:23.719
<v Speaker 6>just was yeah, we really didn't notice. And now I

651
00:37:23.800 --> 00:37:25.480
<v Speaker 6>don't have that jar at any sitting around.

652
00:37:25.639 --> 00:37:28.000
<v Speaker 2>You know, you know who loses out of this as well,

653
00:37:28.159 --> 00:37:31.840
<v Speaker 2>and we probably have forgotten about him, Abe Lincoln.

654
00:37:33.000 --> 00:37:37.440
<v Speaker 6>He does, and anybody that knows nineteen oh nine SVDB

655
00:37:38.320 --> 00:37:41.880
<v Speaker 6>coin collectors, etc. You know, there's also round up programs

656
00:37:41.960 --> 00:37:44.559
<v Speaker 6>things like that, where people may may stick a couple

657
00:37:44.559 --> 00:37:47.199
<v Speaker 6>of pennies in a collection jar or something like that.

658
00:37:47.719 --> 00:37:50.719
<v Speaker 6>All kinds of things will have to change. But yeah,

659
00:37:50.719 --> 00:37:53.000
<v Speaker 6>things happen, They certainly do.

660
00:37:53.159 --> 00:37:56.800
<v Speaker 2>Look, I really enjoyed the conversation, Jeff. If someone wants

661
00:37:56.840 --> 00:38:00.880
<v Speaker 2>to get more information about your company or your your organization,

662
00:38:01.239 --> 00:38:02.079
<v Speaker 2>how can they find you?

663
00:38:03.239 --> 00:38:06.880
<v Speaker 6>Well, National Association of Convenience Stores conveniences in our name,

664
00:38:06.960 --> 00:38:10.199
<v Speaker 6>So we made that our website convenience dot org, and

665
00:38:10.760 --> 00:38:12.519
<v Speaker 6>you can find me on the website if you want

666
00:38:12.519 --> 00:38:15.599
<v Speaker 6>to talk, whether you want to tell me I'm right

667
00:38:15.760 --> 00:38:17.880
<v Speaker 6>or tell me I'm wrong, or just give me new

668
00:38:17.920 --> 00:38:19.800
<v Speaker 6>insights as we go down this path.

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00:38:20.559 --> 00:38:24.440
<v Speaker 2>Sounds great, Jeff Leonard spelled e n A a ar

670
00:38:24.559 --> 00:38:27.519
<v Speaker 2>D l E n ar D National Association of Convenience So,

671
00:38:27.599 --> 00:38:31.480
<v Speaker 2>as vice president of Media and Strategic Communications, you did

672
00:38:31.480 --> 00:38:34.840
<v Speaker 2>a great job for us. You made a complex problem

673
00:38:35.320 --> 00:38:38.000
<v Speaker 2>easily easy to understand, and I thank you for that.

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<v Speaker 3>Thanks, Jeff, thank you.

675
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<v Speaker 2>All Right, we'll get back. We're going to talk about

676
00:38:42.639 --> 00:38:45.800
<v Speaker 2>a demonstration in Boston today. I suspect we're going to

677
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<v Speaker 2>be seeing more of these in the weeks and months ahead,

678
00:38:49.599 --> 00:38:51.840
<v Speaker 2>in my opinion, and we're going to take a little

679
00:38:51.880 --> 00:38:54.719
<v Speaker 2>bit of a deep dive into the demonstration and who

680
00:38:54.840 --> 00:38:58.239
<v Speaker 2>was involved and what they were looking for and maybe

681
00:38:58.280 --> 00:39:01.880
<v Speaker 2>what their actual purpose is. Stay with us on Nightside.

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<v Speaker 2>We'll be back right after the nine o'clock news
