1 00:00:16,160 --> 00:00:22,679 Speaker 1: And hello, welcome to the Wednesday edition of The Big Podcast. 2 00:00:22,719 --> 00:00:24,839 My name is Tom Sullivan. Glad you could come along 3 00:00:24,920 --> 00:00:27,800 on this twentieth day of August, year of Our Lord, 4 00:00:28,160 --> 00:00:33,600 twenty twenty five. We got a lot today. I left 5 00:00:33,600 --> 00:00:37,960 the program yesterday talking about Intel, and I mean, this 6 00:00:38,119 --> 00:00:42,560 is a huge deal in the financial markets, and they're 7 00:00:42,600 --> 00:00:45,799 all buzzing about it on Wall Street. That is about 8 00:00:46,119 --> 00:00:51,600 the fact that the government is proposing converting the grants 9 00:00:51,679 --> 00:00:55,759 that were given to Intel under the Chips Act, which 10 00:00:55,840 --> 00:00:59,240 was passed a couple of years ago. Billions of dollars 11 00:00:59,280 --> 00:01:01,840 being handed out to tech companies here in the US, 12 00:01:01,920 --> 00:01:06,000 companies in the US to help them become big and powerful, 13 00:01:06,239 --> 00:01:10,560 and it hasn't helped one iota. Ninety nine percent of 14 00:01:10,599 --> 00:01:15,000 the important ships are made in Taiwan. But Intel is hurting. 15 00:01:15,120 --> 00:01:17,959 They need money, and I don't know how you can 16 00:01:18,000 --> 00:01:20,840 go in and say, here's the money we gave you, 17 00:01:21,799 --> 00:01:24,159 and now we're going to change the terms on it 18 00:01:24,280 --> 00:01:27,159 later and we're not going to call it a grant anymore. 19 00:01:27,200 --> 00:01:30,200 Grant is we just give you money and you do 20 00:01:30,319 --> 00:01:33,000 with it what you want. But now the Trump administration, 21 00:01:33,120 --> 00:01:38,000 President Trump is looking at this and saying, wait a minute, 22 00:01:38,120 --> 00:01:41,400 why don't we convert that to ownership of the company 23 00:01:41,439 --> 00:01:45,920 ten percent of ownership. It's one hundred billion dollar company. No, 24 00:01:46,040 --> 00:01:48,079 they don't have one hundred billion in cash. They wish 25 00:01:48,200 --> 00:01:51,640 they did they have. If you add up all the 26 00:01:51,719 --> 00:01:56,719 stock what all the stockholders own in Intel, it adds 27 00:01:56,799 --> 00:02:00,719 up to one hundred billion dollars worth of talk if 28 00:02:00,799 --> 00:02:05,480 you will. That's their capital. But they don't have one 29 00:02:05,519 --> 00:02:09,080 hundred million dollars of cash on hand. They need money. 30 00:02:09,879 --> 00:02:11,879 And it goes back. This is what Donald Trump did 31 00:02:12,080 --> 00:02:15,719 in Trump one point, oh was he was looking at 32 00:02:15,840 --> 00:02:19,319 Iraq and he said, hey, we spent all this money, 33 00:02:19,919 --> 00:02:24,759 blood and treasure, and so why don't we put a 34 00:02:24,879 --> 00:02:29,240 claim in to get the benefits of selling a rocky oil? 35 00:02:29,919 --> 00:02:33,800 And that went nowhere. That's kind of what this is 36 00:02:33,800 --> 00:02:36,400 is saying, well, wait a minute, the government's giving out 37 00:02:36,439 --> 00:02:39,680 all this money, we should have some ownership in this. 38 00:02:40,159 --> 00:02:44,919 The problem with the government owning a company is that 39 00:02:45,039 --> 00:02:50,360 it's unfair to the marketplace. It's unfair because the government 40 00:02:50,400 --> 00:02:53,400 can do financing that no private sector company can do. 41 00:02:54,599 --> 00:02:58,719 The stockholders in Intel, all of a sudden their stock 42 00:02:58,960 --> 00:03:02,000 is well, it's our weigh down probably for most of them, 43 00:03:02,639 --> 00:03:08,080 but it will dilute their ownership. There's nothing good about this. 44 00:03:10,400 --> 00:03:14,360 CNBC anchors were talking this morning as they started their 45 00:03:14,439 --> 00:03:19,520 programming about the government wanting to buy a piece of 46 00:03:19,560 --> 00:03:21,919 Intel for the money that they've already given them. 47 00:03:21,840 --> 00:03:24,159 Speaker 2: You know which, Let's begin with the US government reportedly 48 00:03:24,199 --> 00:03:27,439 considering taking Stakes and other chip makers besides Intel. We 49 00:03:27,479 --> 00:03:30,719 talked to the Commerce Secretary about this yesterday. A lot 50 00:03:30,719 --> 00:03:34,680 of ongoing churn, a debate about what it means when 51 00:03:34,840 --> 00:03:37,479 the government starts literally picking stocks. 52 00:03:37,840 --> 00:03:40,680 Speaker 3: In the case of Intel, of course, they need money. 53 00:03:40,759 --> 00:03:42,680 Speaker 4: Yeah, I mean that's what it really comes back to 54 00:03:42,719 --> 00:03:44,520 in terms of just specific to Intel. 55 00:03:44,560 --> 00:03:48,520 Speaker 3: In the conversation, they need money. What they need are customers. Well, no, 56 00:03:48,719 --> 00:03:49,879 first they need money. 57 00:03:50,000 --> 00:03:52,039 Speaker 4: You need money because they need money to build whatever 58 00:03:52,080 --> 00:03:54,840 it is that the customers may actually ultimately want. And 59 00:03:55,479 --> 00:03:58,759 having the chip sacked money which is free so to speak, 60 00:03:59,360 --> 00:04:02,039 no strings attached, have become equity is not helpful then, 61 00:04:02,039 --> 00:04:04,479 because it's the looting. But I can tell you as well, 62 00:04:04,639 --> 00:04:07,400 it's not a soft bank. They've been talking to other 63 00:04:07,520 --> 00:04:11,120 large investors as well about an equity infusion, obviously at 64 00:04:11,120 --> 00:04:14,879 a discounted price. So we'll see whether they are successful 65 00:04:14,879 --> 00:04:19,720 in raising more equity at Intel apart and aside from 66 00:04:19,720 --> 00:04:22,600 what may be the conversion of the government's stake. 67 00:04:22,759 --> 00:04:25,759 Speaker 1: Yeah, so there's no question Intel needs money and they're 68 00:04:25,759 --> 00:04:27,920 going soft bank announced yesterday. I think they're going to 69 00:04:27,959 --> 00:04:31,120 put two billion dollars in, but they need a lot 70 00:04:31,160 --> 00:04:34,560 more than that. And it's it's again, they're they're way 71 00:04:34,680 --> 00:04:37,959 way way behind on technology. It will take them at 72 00:04:38,079 --> 00:04:41,639 least three to five years to even begin to try 73 00:04:42,040 --> 00:04:46,079 and be competitive. That comes from the Intel people themselves. 74 00:04:46,959 --> 00:04:50,319 So and what the news is today on Wall Street 75 00:04:50,480 --> 00:04:53,439 is that the president is thinking about doing this with 76 00:04:53,600 --> 00:04:57,199 other companies that got money from the Chips Act. So 77 00:04:57,279 --> 00:05:01,399 he the thing. The thing about Donald Trump is he 78 00:05:01,480 --> 00:05:04,920 is a business guy and he looks at these deals 79 00:05:05,759 --> 00:05:09,800 and he's having a hard time separating himself from his 80 00:05:10,079 --> 00:05:13,560 role as a businessman most of his life to the 81 00:05:13,720 --> 00:05:17,639 role of the executive of the US government. And the 82 00:05:17,680 --> 00:05:23,199 government should not be putting money into the private sector 83 00:05:23,279 --> 00:05:26,120 in the form of ownership. Can they subsidize him? 84 00:05:26,839 --> 00:05:27,079 Speaker 5: Yes? 85 00:05:28,399 --> 00:05:32,800 Speaker 1: Still not great. I remember Obama and Solindra. That's what 86 00:05:32,839 --> 00:05:37,279 Obama did, was he invested in Soleindra one hundred million 87 00:05:37,319 --> 00:05:40,240 dollars and we lost every penny of it because the 88 00:05:40,279 --> 00:05:43,079 government was picking winners and losers and they're not very 89 00:05:43,120 --> 00:05:47,480 good at it. And besides that, if Intel isn't good 90 00:05:47,600 --> 00:05:55,079 enough to survive, then they should die. If they're good 91 00:05:55,199 --> 00:05:57,680 enough to come up with a product that is successful, 92 00:05:57,720 --> 00:06:00,560 then they should be successful. But it's not in the 93 00:06:00,600 --> 00:06:04,920 private sector. Is private is the first word. It should 94 00:06:05,000 --> 00:06:09,040 not be the government. So they did talk to Howard 95 00:06:09,120 --> 00:06:12,959 Lutton makes the Commerce Secretary, and this is what Howard 96 00:06:13,000 --> 00:06:13,759 had to say. 97 00:06:13,639 --> 00:06:16,439 Speaker 4: Miss Secretary, how do you view them? The chipsacked funds 98 00:06:16,439 --> 00:06:18,639 that have yet to be committed but have been promised, 99 00:06:19,319 --> 00:06:22,800 and the idea that that might be then converted to 100 00:06:22,839 --> 00:06:24,959 an equity stake, is that how we should view it 101 00:06:24,959 --> 00:06:28,319 that ultimately, that's what you're talking to Intel about right now. 102 00:06:29,759 --> 00:06:33,399 Speaker 6: Yes, yes, I mean the president is out that we 103 00:06:33,519 --> 00:06:36,399 should get Americas should get the benefit of the bargain. 104 00:06:36,439 --> 00:06:39,720 I mean that is exactly Donald Trump's perspective, which is, 105 00:06:39,759 --> 00:06:42,759 why are we giving a company worth one hundred billion 106 00:06:42,839 --> 00:06:46,079 dollars this kind of money? What are in it for 107 00:06:46,120 --> 00:06:49,519 the American taxpayer? And the answer Donald Trump has is 108 00:06:49,800 --> 00:06:52,639 we should get an equity state for our money. So 109 00:06:52,680 --> 00:06:55,040 we'll deliver the money which was already committed under the 110 00:06:55,040 --> 00:06:58,040 Biden administration. We'll get equity in return for it and 111 00:06:58,079 --> 00:07:01,480 get a good return for the America can taxpayer instead 112 00:07:01,480 --> 00:07:02,920 of just giving grants away. 113 00:07:03,199 --> 00:07:06,839 Speaker 3: Do you get governance here, by the way, once you're 114 00:07:06,879 --> 00:07:07,759 in for ten percent? 115 00:07:08,160 --> 00:07:10,600 Speaker 6: No no, no, no, no, no, no no no no come on, 116 00:07:10,720 --> 00:07:13,560 no no no what no, no, stop that stuff. It's 117 00:07:13,600 --> 00:07:17,240 not governance, right, We're just converting what was at grant 118 00:07:17,319 --> 00:07:20,959 under Biden into equity for the Trumpet administration. 119 00:07:21,120 --> 00:07:23,000 Speaker 3: I get that. I get that. I just asked, you're 120 00:07:23,000 --> 00:07:26,519 gonna get governance percent of the company? You don't why 121 00:07:27,079 --> 00:07:28,720 why wouldn't she want voting? 122 00:07:29,079 --> 00:07:29,959 Speaker 7: Non voting? 123 00:07:30,439 --> 00:07:30,480 Speaker 6: No? 124 00:07:30,800 --> 00:07:32,959 Speaker 3: Stop stop, don't do it. 125 00:07:34,120 --> 00:07:39,319 Speaker 1: Howard is Uh, he knows better. Uh, And he's pointing 126 00:07:39,360 --> 00:07:43,759 the Donald Trump. If you own ten percent of the company, 127 00:07:43,959 --> 00:07:47,920 of course you get governance. You get to say, hey, 128 00:07:48,040 --> 00:07:51,639 who's the CEO? How's the CEO doing? I think we 129 00:07:51,680 --> 00:07:54,759 should fire the CEO, or we should give the CEO 130 00:07:54,839 --> 00:07:57,399 a pay raise because he or she's doing so great. 131 00:07:57,639 --> 00:08:00,920 We should change the board of directors. We should instead 132 00:08:00,920 --> 00:08:03,199 of looking at this kind of ship, we should be 133 00:08:03,279 --> 00:08:06,120 investing in that kind of chip. Of course you get 134 00:08:06,160 --> 00:08:10,759 governance if you own ten percent. And Howard knows better too, 135 00:08:10,879 --> 00:08:13,519 He said, God, he has one hundred billion dollars. No 136 00:08:13,639 --> 00:08:18,399 they don't. That's the capital networth. Like I said, if 137 00:08:18,399 --> 00:08:22,560 you add up all the stockholders stock adds up to 138 00:08:22,600 --> 00:08:26,519 one hundred billion dollars. They are hurting for cash. They 139 00:08:26,519 --> 00:08:30,920 don't have one hundred billion dollars in cash. So they 140 00:08:30,959 --> 00:08:35,080 go on the anchors over at CNBC, let's catch up 141 00:08:35,120 --> 00:08:37,879 with their chat about what a lot of people on 142 00:08:37,919 --> 00:08:40,080 Wall Street are chatting about right meantime. 143 00:08:40,120 --> 00:08:43,120 Speaker 2: And we assembled this with a conversation with the Commerce Secretary, 144 00:08:43,200 --> 00:08:48,759 golden shares and x revenue kickbacks with Nvidia and AMD 145 00:08:49,559 --> 00:08:52,440 calling for the firing of a CEO at Intel, along 146 00:08:52,440 --> 00:08:56,559 with the sequity stake firing the heads of data collection bureaus. 147 00:08:56,759 --> 00:08:58,600 It's all adding up to what some are calling a 148 00:08:58,679 --> 00:08:59,399 Chinese model. 149 00:09:00,120 --> 00:09:02,480 Speaker 4: Rare earths also don't and that was one of the 150 00:09:02,519 --> 00:09:04,799 first with the four hundred million dollar investment there. But 151 00:09:04,840 --> 00:09:08,159 again something that is very much a national security concern 152 00:09:08,240 --> 00:09:12,000 for the US, and therefore the making sure that you 153 00:09:12,080 --> 00:09:14,279 have a champion, so to speak, and somebody who's going 154 00:09:14,320 --> 00:09:18,480 to be able to deliver on that rarer promise for 155 00:09:19,039 --> 00:09:23,600 and domestically for our military and the like. I mean, 156 00:09:23,759 --> 00:09:25,919 the guys on the squat this morning, we're asking Sarah Fire, 157 00:09:26,000 --> 00:09:28,919 the CFO of Open Ai, whether they could imagine a 158 00:09:29,000 --> 00:09:31,399 point in which the US government came and ask them 159 00:09:31,440 --> 00:09:34,720 for an equity stake. Now, she had no answers. I 160 00:09:34,759 --> 00:09:36,840 would expect that to be the case, but that's kind 161 00:09:36,840 --> 00:09:37,399 of where we are. 162 00:09:37,679 --> 00:09:39,799 Speaker 3: Yeah, and you also wonder if it came down to it, 163 00:09:39,840 --> 00:09:42,879 if other shareholders would try to sue, or I mean, 164 00:09:42,919 --> 00:09:45,200 how it would all play out. I don't, or if 165 00:09:45,200 --> 00:09:47,080 it's just going to be kind of maybe it'll be 166 00:09:47,120 --> 00:09:48,360 a limited case and we'll move on. 167 00:09:48,480 --> 00:09:50,639 Speaker 1: Yeah, yeah, this is kind of unheard of. But at 168 00:09:50,679 --> 00:09:54,960 the same time, the balancing question on this is, well, 169 00:09:55,000 --> 00:09:59,360 wait a minute, we want companies that will be providing 170 00:09:59,480 --> 00:10:03,759 their product for the US, which is a national security issue. 171 00:10:03,879 --> 00:10:07,639 We're not going to invest in Wrigley's bubblegum, but are 172 00:10:07,639 --> 00:10:11,480 we going to invest in chips and rare earth and 173 00:10:11,519 --> 00:10:15,039 a number of things that we need for our national security? 174 00:10:15,559 --> 00:10:20,519 Should the government take ownership or maybe just subsidize him. 175 00:10:20,559 --> 00:10:27,159 That's really the Chinese model is the subsidy. So Andrew Fourman, 176 00:10:27,279 --> 00:10:32,759 the former Well, he's a Harvard Economics professor, PhD in economics. 177 00:10:32,919 --> 00:10:35,759 He was on the National Economics Council back in the 178 00:10:35,799 --> 00:10:39,480 Obama administration. But he seems to be a pretty balanced guy. 179 00:10:40,159 --> 00:10:44,679 And he was talking being quizzed by the anchors this 180 00:10:44,799 --> 00:10:47,039 morning about this Intel deal. 181 00:10:47,399 --> 00:10:50,759 Speaker 8: Okay, No, I remember Joe would give you a hard 182 00:10:50,799 --> 00:10:53,360 time when you were in the Obama administration about Selindra. 183 00:10:53,480 --> 00:10:55,039 I don't know if you remember that you remember this, 184 00:10:55,440 --> 00:10:57,879 So I want to know what you think of the 185 00:10:57,919 --> 00:11:01,000 industrial policy. Some of the news we're learning even this 186 00:11:01,080 --> 00:11:05,080 morning that the administrations think of taking equity stakes in 187 00:11:05,200 --> 00:11:08,720 all of these companies Chip companies that have taken money 188 00:11:08,720 --> 00:11:09,759 as part of the Chips Act. 189 00:11:10,240 --> 00:11:14,919 Speaker 7: I mean this administration's enthusiasm for involving itself in American 190 00:11:14,960 --> 00:11:16,879 businesses who their CEOs should be. 191 00:11:17,000 --> 00:11:20,720 Speaker 8: But the strike, Bedfellows is, should you be saying, raw, raw, raw, 192 00:11:20,799 --> 00:11:21,720 this is fabulous. 193 00:11:22,000 --> 00:11:24,240 Speaker 3: We used to do this and this is great. 194 00:11:24,679 --> 00:11:27,600 Speaker 8: Or do you say the lesson of your own experience 195 00:11:27,960 --> 00:11:29,279 was that Joe was right the whole time. 196 00:11:31,679 --> 00:11:35,759 Speaker 7: Joe, Joe is always right, But Joe is always always 197 00:11:35,120 --> 00:11:38,559 on the right, I think one should be very very 198 00:11:38,600 --> 00:11:40,639 uncomfortable about industrial policy. 199 00:11:40,879 --> 00:11:43,320 Speaker 3: Uncomfortable. So that's what he would say. I'm now, I'm. 200 00:11:44,960 --> 00:11:49,320 Speaker 7: Thought that was small amounts of money for something highly speculative. 201 00:11:49,639 --> 00:11:51,799 When you're talking about a large amount of money for 202 00:11:51,919 --> 00:11:55,360 something very established, I think you have to be more 203 00:11:55,399 --> 00:11:56,279 nervous about it. 204 00:11:56,519 --> 00:12:00,799 Speaker 1: So it's a great debate question about should our government 205 00:12:01,080 --> 00:12:04,519 be taking ownership in companies that we want to do 206 00:12:04,799 --> 00:12:07,480 to have in the US, to be making things in 207 00:12:07,519 --> 00:12:09,919 the US that we I mean, where's it go from here? 208 00:12:09,960 --> 00:12:14,360 Do you buy a pharmaceutical company because we need pharmaceuticals 209 00:12:14,360 --> 00:12:17,080 made in the US, et cetera, et cetera. So it's 210 00:12:17,159 --> 00:12:21,440 quite the buzz on. Well, don't know yet if Intel's 211 00:12:21,480 --> 00:12:26,200 going to agree to this. They already got the money 212 00:12:26,320 --> 00:12:29,240 from the Biden administration. Now the question is will they 213 00:12:29,320 --> 00:12:32,679 convert it over to ownership. If you owned a company 214 00:12:32,720 --> 00:12:34,720 and the government gave you money and they came back 215 00:12:34,799 --> 00:12:37,159 later and said, oh, yeah, we forgot to ask you, 216 00:12:37,200 --> 00:12:41,639 we want ownership in your company. I don't know what's 217 00:12:41,639 --> 00:12:45,360 going to happen here, but I'm I'm fascinated by it. Yeah, 218 00:12:45,360 --> 00:12:47,799 And they made a reference there to the chief financial 219 00:12:47,799 --> 00:12:50,919 officer for open AI. The name is Sarah Fryar. It 220 00:12:50,960 --> 00:12:52,679 was interesting they were talking to her and say, well, 221 00:12:52,679 --> 00:12:55,240 what if the government comes along wants to have an 222 00:12:55,279 --> 00:12:58,720 ownership piece and open AI, I mean AI is really 223 00:12:58,759 --> 00:13:03,639 critical and she dodged that question. Man, she she would 224 00:13:03,960 --> 00:13:08,480 not answer. So since we're talking about the government, they 225 00:13:08,519 --> 00:13:12,639 do have a big role. The president gets to pick 226 00:13:12,720 --> 00:13:16,639 the chairman of the Federal Reserve Board, and that is 227 00:13:16,679 --> 00:13:20,320 coming up quickly. Scott Best at the Treasury Secretary, was 228 00:13:20,360 --> 00:13:23,000 talking about what's coming up Labor Day weekend. 229 00:13:23,320 --> 00:13:29,279 Speaker 9: In terms of the interview process. We've announced eleven very 230 00:13:29,320 --> 00:13:33,519 strong candidates. I'm going to be meeting with them probably 231 00:13:33,759 --> 00:13:38,320 right before right after Labor Day, and to start bringing 232 00:13:38,360 --> 00:13:41,879 down the list to present to President Trump. 233 00:13:42,279 --> 00:13:46,399 Speaker 1: Jason Furman, the Harvard economist, was asked about the whole 234 00:13:46,440 --> 00:13:48,240 part process of picking the FED chair. 235 00:13:48,480 --> 00:13:51,000 Speaker 7: I mean, I'm worried. There's only one thing I'm looking 236 00:13:51,039 --> 00:13:53,120 for in a FED chair. You know, be nice if 237 00:13:53,120 --> 00:13:55,879 they understand the economy, be nice, if they know how 238 00:13:55,919 --> 00:13:58,519 to manage. But the only important thing to but the 239 00:13:58,559 --> 00:14:01,399 only really important thing to me is that they think 240 00:14:01,440 --> 00:14:04,600 the FED should be independent. And I worry that the 241 00:14:04,600 --> 00:14:07,159 main thing the administration is looking for in the candidate 242 00:14:07,519 --> 00:14:08,879 is the exact opposite of that. 243 00:14:09,759 --> 00:14:12,600 Speaker 1: Well, a couple of things. First of all, I agree 244 00:14:12,639 --> 00:14:15,480 with the fact that the FED should be independent. The 245 00:14:15,519 --> 00:14:22,440 reality is it's almost like the Attorney General should be independent, 246 00:14:22,519 --> 00:14:26,320 the Justice Department be independent. But who selects the attorney 247 00:14:26,399 --> 00:14:29,960 general the president, So there is a political element to it. 248 00:14:30,360 --> 00:14:34,120 Who selects the chairman of the Federal Reserve Board the president, 249 00:14:34,440 --> 00:14:39,399 So there's always a political element to it. Now, if 250 00:14:39,440 --> 00:14:43,840 you want a FED that is independent, I as much 251 00:14:43,879 --> 00:14:48,200 as I disagree with Jay Powell, I think he's been 252 00:14:48,399 --> 00:14:52,440 too late, But talk about independent, I mean he is 253 00:14:52,639 --> 00:14:56,960 absolutely turning a cold shoulder to what President Trump would 254 00:14:57,039 --> 00:14:58,919 like him to do, which is drop interest rates, which 255 00:14:58,960 --> 00:15:04,240 will probably take place in September at the mid September meeting. 256 00:15:04,559 --> 00:15:06,840 And when that happens, it will probably be a quarter 257 00:15:06,919 --> 00:15:09,360 of a percent, and the President will probably come out 258 00:15:09,399 --> 00:15:11,480 and say something like, why didn't you do more than that? 259 00:15:11,639 --> 00:15:13,840 A lot of economists want it to be more than that, 260 00:15:13,960 --> 00:15:16,759 but I don't think it's going to happen. But yeah, 261 00:15:17,080 --> 00:15:19,679 it's been a long time since the FED has been 262 00:15:19,720 --> 00:15:24,720 truly an independent They were created by Congress, so they 263 00:15:24,759 --> 00:15:28,200 do have an arm to the government, or the government 264 00:15:28,480 --> 00:15:32,039 has an arm on them. Another head scratcher to me 265 00:15:32,519 --> 00:15:37,399 is this business about sanctuary cities and sanctuary states. I've 266 00:15:37,440 --> 00:15:43,480 never understood how a subdivision of a government can tell 267 00:15:44,080 --> 00:15:47,639 the main government to go pound sand And that is 268 00:15:47,720 --> 00:15:51,399 what sanctuary cities and sanctuary states do. Is that we 269 00:15:51,600 --> 00:15:55,159 are part of the United States of America, but we 270 00:15:55,320 --> 00:15:59,960 have chosen to not enforce certain federal laws that we 271 00:16:00,519 --> 00:16:03,759 feel we don't like. And I just don't think you 272 00:16:03,799 --> 00:16:06,600 can do that. We all are subject to the federal 273 00:16:06,679 --> 00:16:10,279 and state and city laws where we live. You don't 274 00:16:10,279 --> 00:16:12,919 get to pick and choose which ones you don't lie. 275 00:16:12,960 --> 00:16:15,759 There's a lot of laws I don't like, but if 276 00:16:15,799 --> 00:16:18,679 I'm going to violate them, I better be prepared for 277 00:16:19,039 --> 00:16:24,600 some sort of accountability. So the latest is Boston and Boston. 278 00:16:25,519 --> 00:16:28,799 The mayor in Boston has been given a five pm 279 00:16:28,799 --> 00:16:34,840 deadline by Pam Bondy, the Attorney General, to stop ignoring 280 00:16:35,120 --> 00:16:39,000 the federal law and put away this nonsense about your 281 00:16:39,039 --> 00:16:43,720 sanctuary city status. Here's the mayor of Boston earlier today. 282 00:16:43,639 --> 00:16:48,559 Speaker 5: Attacking our cities to hide your administration's failures. Unlike the 283 00:16:48,799 --> 00:16:54,200 Trump administration, Boston follows the law, and Boston will not 284 00:16:54,320 --> 00:16:57,919 back down from who we are and what we stand for. 285 00:16:58,120 --> 00:17:01,679 Boston will never back down from being a beacon of 286 00:17:01,720 --> 00:17:04,160 freedom and a home for everyone. 287 00:17:04,880 --> 00:17:08,599 Speaker 1: So the showdown is on, and I guess I'm still 288 00:17:08,640 --> 00:17:12,960 scratching my head about the process because they get mad 289 00:17:13,200 --> 00:17:16,480 at ICE if they come in and chase people around 290 00:17:16,480 --> 00:17:21,440 home depot parking lots. But they won't cooperate with ICE 291 00:17:21,839 --> 00:17:25,160 when they have people that have committed crimes that are 292 00:17:25,240 --> 00:17:30,000 in their jails, and all they have to do is 293 00:17:30,079 --> 00:17:34,519 have the ICE people come into the jail and switch custody, 294 00:17:34,599 --> 00:17:39,359 give them, give the criminal over to ICE, and ICE 295 00:17:39,400 --> 00:17:42,079 will take them out and put them in their vehicles 296 00:17:42,079 --> 00:17:44,200 and bring them to a detention center and deport them. 297 00:17:45,119 --> 00:17:48,160 There won't be any riots, there won't be anybody hurt, 298 00:17:48,200 --> 00:17:50,680 there won't be anything. It's all going to be very calm. 299 00:17:50,720 --> 00:17:53,079 It's called the police are going to be showing up 300 00:17:53,079 --> 00:17:55,839 at the jail and taking transfer of the prisoner that 301 00:17:55,960 --> 00:17:58,880 the Boston Police have already rested for some kind of crime. 302 00:18:00,279 --> 00:18:04,039 This is the kind of people that have been released 303 00:18:04,920 --> 00:18:11,279 by Boston. Here's a guy, Julio Soto Uretta. He's forty 304 00:18:11,319 --> 00:18:16,000 four years old, Dominican national. He was arrested for fenanyl 305 00:18:17,279 --> 00:18:21,559 trafficking and possession of a firearm. Okay, they led him 306 00:18:21,559 --> 00:18:27,680 out of jail. Here's another Daniel in Karnan Sanchez. He's twenty. 307 00:18:28,559 --> 00:18:32,200 He's a Dominican national. He was arrested for drug trafficking 308 00:18:32,559 --> 00:18:37,720 and also for assaulting a police officer. Okay, he was 309 00:18:37,799 --> 00:18:42,960 let out. Here's another so Stenis Perez Lopez fifty nine, 310 00:18:43,599 --> 00:18:50,039 Guatemala national. Indecent assault, two counts. I'm not quite sure 311 00:18:50,079 --> 00:18:55,200 what that involved. And battery on a child. Isn't this 312 00:18:55,279 --> 00:18:58,839 a special guy? And they let him out, So he's 313 00:19:00,400 --> 00:19:05,359 still in some Boston neighborhood. And this Boston mayor is saying, 314 00:19:05,400 --> 00:19:09,920 we're here for freedom. Give you another one. Here's Luis 315 00:19:09,960 --> 00:19:14,960 Adolpho Guera Perez. He's nineteen. He was picked up for 316 00:19:15,079 --> 00:19:18,920 drug and weapons crimes. Is that one? 317 00:19:19,000 --> 00:19:19,200 Speaker 3: More? 318 00:19:19,519 --> 00:19:25,920 Speaker 1: Blal carri Yiggot from Turkey. He was arrested for raping 319 00:19:26,720 --> 00:19:31,960 a Massachusetts resident. And the Boston mayor is saying, no, 320 00:19:32,319 --> 00:19:36,359 we're a city that protects freedom. And I'm thinking, as 321 00:19:36,400 --> 00:19:38,799 if you were a Boston citizen, if you are a 322 00:19:38,799 --> 00:19:43,359 Boston citizen. You want these people just wandering around when 323 00:19:43,400 --> 00:19:47,160 it could have easily been handled over to ICE and 324 00:19:47,240 --> 00:19:50,000 they would be on a Boston to an airport and 325 00:19:50,200 --> 00:19:53,279 out of this country. The woman who is the head 326 00:19:53,359 --> 00:20:00,279 of ICE in Boston is Patricia Hyde, and she is 327 00:20:00,319 --> 00:20:01,119 doing our best. 328 00:20:01,480 --> 00:20:04,480 Speaker 10: Boston has plenty more of those characters. Unfortunately, this is 329 00:20:04,480 --> 00:20:09,319 every day in Boston. The amount of criminals who are 330 00:20:09,359 --> 00:20:13,799 unlawfully here, who are at leased by the City of 331 00:20:13,799 --> 00:20:17,880 Boston and the state of Massachusetts is unprecedented, and it's 332 00:20:17,920 --> 00:20:21,599 a public safety crisis. Sanctuary policies don't make anyone safer. 333 00:20:21,599 --> 00:20:25,279 They don't make the community safer. And as far as 334 00:20:25,839 --> 00:20:28,440 the City of Boston and Mayor wo not backing down, 335 00:20:28,920 --> 00:20:30,759 the men and women of ICE are not backing down. 336 00:20:30,839 --> 00:20:34,240 Unlike Mayor Wu, I was born and raised in Massachusetts. 337 00:20:34,319 --> 00:20:37,160 I grew up in Boston, and I know what a 338 00:20:37,200 --> 00:20:40,119 safe Boston looks like, and this isn't it. I know 339 00:20:40,160 --> 00:20:42,759 what a Boston looked like before sanctuary policies in the 340 00:20:42,839 --> 00:20:46,359 last four years under the previous administration. This is a 341 00:20:46,400 --> 00:20:50,119 public safety crisis. Sanctuary policies don't make anyone safer. It's 342 00:20:50,240 --> 00:20:53,559 just common sense. If you're here illegally, you've already shown 343 00:20:53,599 --> 00:20:56,200 a predisposition to not respect the laws of the country. 344 00:20:56,720 --> 00:20:59,480 And when you're here and you commit a crime, you 345 00:20:59,519 --> 00:21:01,759 should be turned over to ICE. That's common sense, and 346 00:21:01,839 --> 00:21:04,119 returned back to where he came from. I prefer to say, 347 00:21:04,160 --> 00:21:07,000 we like to work smarter, not harder, but we. 348 00:21:08,480 --> 00:21:09,039 Speaker 3: Find ways to. 349 00:21:09,039 --> 00:21:09,680 Speaker 7: Work around it. 350 00:21:10,079 --> 00:21:13,559 Speaker 10: And the men and women of ICE, unlike Mayor Wu, 351 00:21:14,000 --> 00:21:17,680 we took an oath and we swore to uphold our 352 00:21:17,720 --> 00:21:22,039 oath to protect the cities and the communities in where 353 00:21:22,039 --> 00:21:24,240 we work and where we live. And that's what we're 354 00:21:24,240 --> 00:21:26,720 going to do despite the obstacles. The men and women 355 00:21:26,720 --> 00:21:29,400 of ICE Boston and women of ICE in the whole 356 00:21:29,519 --> 00:21:30,079 entire country. 357 00:21:30,119 --> 00:21:31,440 Speaker 3: That's what they do every day. 358 00:21:31,960 --> 00:21:36,200 Speaker 10: While Mayor Wu is up having a press conference in 359 00:21:36,960 --> 00:21:39,240 talking about not working with ICE, the men and women 360 00:21:39,279 --> 00:21:42,079 of ICE are out working getting her community safer. 361 00:21:42,400 --> 00:21:44,480 Speaker 1: That's the part that puzzles me, is the mayor a 362 00:21:44,559 --> 00:21:47,599 same now. They want to make the city of Boston safe, 363 00:21:47,640 --> 00:21:51,400 and yet they're letting these people out of jail when 364 00:21:51,440 --> 00:21:53,799 they could have handed them over to another law enforcement 365 00:21:53,880 --> 00:21:58,359 agency called ICE, and they would have been taken into 366 00:21:59,599 --> 00:22:02,480 custom and then deported. So I mean, who do you 367 00:22:02,519 --> 00:22:07,759 think keeping you safer ice or the sanctuary city policies 368 00:22:07,799 --> 00:22:10,200 of your city. I doubt the mayor is going to 369 00:22:10,279 --> 00:22:13,559 back down. So five o'clock is the deadline, and then 370 00:22:13,640 --> 00:22:15,319 I presume it will go to the courts, and the 371 00:22:15,359 --> 00:22:17,839 courts are going to have to basically rule on this 372 00:22:17,960 --> 00:22:23,920 whole nonsense about sanctuary cities. You cannot say you can't, 373 00:22:24,000 --> 00:22:27,359 I can't not anybody can say, are there's certain laws 374 00:22:27,359 --> 00:22:31,640 that I just don't want to follow that would be wonderful? 375 00:22:31,640 --> 00:22:34,839 When did a cafeteria of laws that you will and 376 00:22:34,920 --> 00:22:38,400 will not follow? And that's what sanctuary cities and states 377 00:22:38,400 --> 00:22:41,599 are doing. We won't follow federal law. Federal law was 378 00:22:41,599 --> 00:22:45,119 not made up by Donald Trump. Federal law was made 379 00:22:45,240 --> 00:22:49,160 up by Congress and signed into law by a president. 380 00:22:49,759 --> 00:22:54,440 And since we're on the topic of cities and crime, 381 00:22:55,319 --> 00:22:59,759 the whole DC crime story is getting to be more 382 00:23:00,440 --> 00:23:05,759 fascinating by the day. Washington d C. Apparently an investigation 383 00:23:05,880 --> 00:23:09,960 is underway by the federal government into the fact that 384 00:23:10,039 --> 00:23:14,000 a lot of the crime statistics have been manipulated or 385 00:23:14,119 --> 00:23:18,319 have been forged by city officials to make it look 386 00:23:18,960 --> 00:23:26,359 like crime is not as bad as it is the 387 00:23:26,400 --> 00:23:30,039 whole idea about military. Now there's I think five states 388 00:23:30,039 --> 00:23:33,559 that are sending their National Guard. I understand what they're doing. 389 00:23:33,599 --> 00:23:37,279 They're trying to make a shock and awe into the 390 00:23:37,319 --> 00:23:41,200 criminal part of Washington, d C. They're never going to 391 00:23:41,240 --> 00:23:45,200 eliminate crime one hundred percent. You can knock it down, 392 00:23:45,839 --> 00:23:47,599 and I think that's what they're trying to do. But 393 00:23:47,759 --> 00:23:50,400 what really is going to need to be taken in 394 00:23:51,519 --> 00:23:55,240 for DC or any other city, is you can't keep 395 00:23:55,240 --> 00:23:59,359 the National Guard there forever. And they're really not law 396 00:23:59,440 --> 00:24:04,519 enforcement people and they're basically a show of force. So 397 00:24:04,599 --> 00:24:07,880 what needs to be done is if you want to 398 00:24:07,920 --> 00:24:12,519 help Washington get their crime rate down, is start helping 399 00:24:12,640 --> 00:24:18,519 them recruit police officers and hire more police. I mean 400 00:24:18,680 --> 00:24:22,559 hundreds more police officers the National Guard has. We're up 401 00:24:22,559 --> 00:24:25,440 to us somewhere around one thousand National card that are 402 00:24:25,480 --> 00:24:28,839 either there or being committed to DC. It's kind of 403 00:24:28,839 --> 00:24:32,400 an Yes, it's an overkill. I don't know if it's 404 00:24:32,400 --> 00:24:34,720 going to work. It might tamper down the crime for 405 00:24:35,200 --> 00:24:37,319 a week or two that they're going to have to 406 00:24:37,359 --> 00:24:40,279 come up with a permanent solution to this. Hire more 407 00:24:40,279 --> 00:24:43,880 police officers. They have another problem with the judges there. 408 00:24:43,880 --> 00:24:47,240 I don't know how you get a judge they have 409 00:24:47,319 --> 00:24:49,559 a recall. I'm not sure what the laws are there, 410 00:24:49,559 --> 00:24:52,599 but the judges are letting people out with no bail. 411 00:24:53,400 --> 00:24:57,400 And the DC City Council, again, this is up to 412 00:24:57,519 --> 00:25:01,000 the people of d C, who have a these people 413 00:25:01,359 --> 00:25:04,640 who have made the laws so that there really isn't 414 00:25:04,680 --> 00:25:08,640 any punishment for committing a crime. So it's much more. 415 00:25:08,720 --> 00:25:13,480 It's much deeper than just policing and National Guard and 416 00:25:13,599 --> 00:25:16,359 running around on the streets of DC. They've got to 417 00:25:16,440 --> 00:25:21,559 focus on more police, figure out how to get judges 418 00:25:21,559 --> 00:25:25,440 in there who are going to be more common sense, 419 00:25:25,559 --> 00:25:29,000 and then the same with the city council. That's up 420 00:25:29,079 --> 00:25:31,799 to the people. And that's also another area that I've 421 00:25:31,839 --> 00:25:34,640 always crashed my head on is why do people keep 422 00:25:34,680 --> 00:25:39,799 electing people that do nothing but harm them? And that's 423 00:25:39,839 --> 00:25:44,480 what's happened in DC. So Todd Blanche who's the Deputy 424 00:25:45,000 --> 00:25:48,839 Attorney General of the United States, he was asked about 425 00:25:48,880 --> 00:25:51,799 this DC fudging of the numbers. 426 00:25:52,200 --> 00:25:56,279 Speaker 11: We know that DC has been an incredibly unsafe place 427 00:25:56,319 --> 00:25:59,319 to live for a very long time, and so in 428 00:25:59,359 --> 00:26:02,400 some ways it's not surprising that we that we hear 429 00:26:02,400 --> 00:26:05,319 about reports of this of this type of conduct that 430 00:26:05,400 --> 00:26:08,759 suggests that DC is safer than everybody that lives here 431 00:26:08,920 --> 00:26:12,759 knows to be true. So we're investigating it and hopefully 432 00:26:13,119 --> 00:26:15,559 we'll get to the bottom of it at some point soon. 433 00:26:16,359 --> 00:26:20,160 Speaker 1: Josh Holmes, who is a political guy, lives in Washington. 434 00:26:20,599 --> 00:26:22,480 This is his take on how the city's doing. 435 00:26:22,720 --> 00:26:24,559 Speaker 12: I think the vast majority of people who live in 436 00:26:24,640 --> 00:26:27,359 Washington work in Washington are grateful for the effort to 437 00:26:27,400 --> 00:26:29,079 try to clean up the streets. This wouldn't be a 438 00:26:29,119 --> 00:26:31,559 problem if a Maria done heer job in the first place. 439 00:26:31,599 --> 00:26:33,720 And I think that the story that you're covering here 440 00:26:33,839 --> 00:26:38,000 is critically important. Obviously, a huge component of knowing how 441 00:26:38,000 --> 00:26:41,559 to keep a community safe is having good data and 442 00:26:41,720 --> 00:26:44,200 understanding what's going on there. You need law enforcement to 443 00:26:44,240 --> 00:26:49,119 be prepared accurately to try to tackle a criminal problem 444 00:26:49,160 --> 00:26:50,720 within city limits. 445 00:26:51,319 --> 00:26:53,200 Speaker 3: This seems to be a big problem. 446 00:26:53,359 --> 00:26:55,599 Speaker 12: I think we're all used to a leftist sort of 447 00:26:55,640 --> 00:26:58,839 manipulation of data that compares a current situation to something 448 00:26:58,880 --> 00:27:03,000 short of mad Max style lawlessness to suggest everything's fine. 449 00:27:03,519 --> 00:27:06,400 This seems much more concerning, much more pernicious and that 450 00:27:06,519 --> 00:27:08,960 data could have been manipulated in and of itself. According 451 00:27:09,000 --> 00:27:12,000 to the DC Union Police Chief, it's just not what 452 00:27:12,079 --> 00:27:16,000 the DC Union Police Chief has to say. They say 453 00:27:16,039 --> 00:27:20,480 that it's a frequent practice of higher ups suggesting that 454 00:27:20,559 --> 00:27:25,079 people file lesser incident reports for criminal activity when they 455 00:27:25,160 --> 00:27:26,359 arrive onto the scene. 456 00:27:26,440 --> 00:27:27,960 Speaker 3: We're going to find out whether that's true or not. 457 00:27:28,039 --> 00:27:30,240 Speaker 12: Thank goodness, the DOJ is taking the step to try 458 00:27:30,279 --> 00:27:33,559 to figure that out, because it's not just about making 459 00:27:33,599 --> 00:27:35,519 your city look safer than it is, which we know 460 00:27:35,920 --> 00:27:39,039 that's a common practice with this crew. It's about making 461 00:27:39,039 --> 00:27:41,200 sure that law enforcement has the tools to tackle the 462 00:27:41,240 --> 00:27:43,359 problem in front of them. I mean, we were like 463 00:27:43,480 --> 00:27:46,400 a year or two remove from this DC City Council 464 00:27:46,480 --> 00:27:50,079 suggesting that it's the kind of car you drivel that's 465 00:27:50,079 --> 00:27:52,960 the fault of the stealing of your car, or they 466 00:27:52,960 --> 00:27:55,160 can give you air chips to try to track your 467 00:27:55,160 --> 00:27:58,160 stolen vehicles so you can track it down more quickly. 468 00:27:58,279 --> 00:28:00,880 This is not law enforcement hasn't been for a very 469 00:28:00,920 --> 00:28:03,079 long time, and so I think most people are grateful 470 00:28:03,119 --> 00:28:03,799 this is happening. 471 00:28:04,079 --> 00:28:08,160 Speaker 1: No, that's certainly not law enforcement. It's your fault that 472 00:28:08,279 --> 00:28:11,200 your car was carjacked because you have a nice car, 473 00:28:12,400 --> 00:28:16,359 or here, but one of these little finders, these apple finders, 474 00:28:16,400 --> 00:28:18,200 and we'll give you that so that you can find 475 00:28:18,200 --> 00:28:22,640 your stolen car if it's one piece. So we'll see 476 00:28:22,680 --> 00:28:25,960 what happens with DC. But if it's happening in the 477 00:28:26,039 --> 00:28:30,200 nation's capital, is it happening in your city? If you 478 00:28:30,319 --> 00:28:32,480 have a crime wave where they are the police or 479 00:28:32,519 --> 00:28:38,000 the mayor or somebody higher up? Was the accusation in DC? 480 00:28:38,680 --> 00:28:40,640 Are they fudging the numbers to make it look like 481 00:28:40,720 --> 00:28:44,160 things aren't all that bad. I would think that they 482 00:28:44,160 --> 00:28:45,960 would want to do it the other way and make 483 00:28:46,039 --> 00:28:48,279 crime look even worse so that they can get more 484 00:28:48,279 --> 00:28:53,160 funding to fight crime. But that's just my math and 485 00:28:53,279 --> 00:28:55,920 the bottom line is, again I'm repeating myself, that they 486 00:28:55,920 --> 00:29:00,680 need to hire more police, figure out of way to 487 00:29:00,920 --> 00:29:04,359 get judges that will actually hold people responsible, and get 488 00:29:04,359 --> 00:29:07,720 the city council to do away with those laws that 489 00:29:08,480 --> 00:29:14,759 have basically turned felonies into misdemeanors and no cash bail. 490 00:29:15,759 --> 00:29:19,079 They've got to get not even tough on crime, just 491 00:29:19,200 --> 00:29:22,000 a little bit tougher on crime, and I'll bet you 492 00:29:22,000 --> 00:29:25,519 you'll actually see the numbers go down and one more here. 493 00:29:25,559 --> 00:29:29,599 This is a lady who lives in the District of Columbia. 494 00:29:30,640 --> 00:29:34,759 Not quite sure what her role is there, but she's 495 00:29:35,319 --> 00:29:38,599 very familiar with juvenile crime, which seems to be out 496 00:29:38,640 --> 00:29:41,480 of control. And this was her observation, which I thought 497 00:29:41,559 --> 00:29:42,359 was kind of interesting. 498 00:29:42,799 --> 00:29:45,839 Speaker 13: So when I was a kid, a juvenile is somebody 499 00:29:45,920 --> 00:29:49,839 under the age of eighteen, makes sense, right, But according 500 00:29:49,880 --> 00:29:52,279 to the DC Council, a juvenile is somebody under the 501 00:29:52,279 --> 00:29:54,640 age of twenty four. So they were saying, hey, you're 502 00:29:54,640 --> 00:29:56,839 a juvenile until you're twenty four. You could have kids, 503 00:29:56,839 --> 00:29:59,640 but you yourself are a juvenile and we're not going to 504 00:29:59,640 --> 00:30:02,759 consider you, know, you fully developed, that you will be 505 00:30:02,880 --> 00:30:06,160 fully accountable for your crimes. And I remember going to 506 00:30:06,200 --> 00:30:08,279 Charles Allen at the time, who's the word six council 507 00:30:08,279 --> 00:30:08,759 and everything? 508 00:30:09,039 --> 00:30:10,599 Speaker 3: Charles, what are you doing dude? 509 00:30:11,200 --> 00:30:13,880 Speaker 1: What are you doing? Dude? So the city Council in 510 00:30:14,039 --> 00:30:18,160 d C raised the age of being a minor all 511 00:30:18,160 --> 00:30:20,400 the way up to twenty four, so that you will 512 00:30:20,440 --> 00:30:25,079 be pampered and not be actually committed, you know, sent 513 00:30:25,119 --> 00:30:28,359 to jail or being held responsible for crimes that you commit. 514 00:30:29,319 --> 00:30:31,839 No wonder they've got they've got the problems in DC 515 00:30:31,960 --> 00:30:36,279 are very deep. It's much deeper than law enforcement in 516 00:30:36,319 --> 00:30:40,240 that city. I can't imagine how a police officer working 517 00:30:40,359 --> 00:30:42,599 in that environment can even get up and go to 518 00:30:42,640 --> 00:30:47,559 work every day. Let's check out Wall Street today. Not 519 00:30:47,720 --> 00:30:51,160 much movement on the Dow, but the Nasdaq took another 520 00:30:51,480 --> 00:30:55,160 big well, a lot of the big tech rally that's 521 00:30:55,160 --> 00:30:59,519 been going on for the last few months, huge profits, 522 00:31:00,079 --> 00:31:02,720 and the profit takers are taking their profits, so they're 523 00:31:02,759 --> 00:31:04,559 selling a lot of the big tech names that were 524 00:31:04,599 --> 00:31:08,079 leading the charge up the hill. But the Dow did okay, 525 00:31:08,400 --> 00:31:12,440 was up sixteen. The Dow at forty four nine thirty 526 00:31:12,480 --> 00:31:18,000 eight Simpede down fifteen, the NASDAK down one hundred and 527 00:31:18,039 --> 00:31:21,359 forty two. Like I said, tech's leading the way up, 528 00:31:21,480 --> 00:31:24,200 deck is now leading the way down. Gold price is 529 00:31:24,279 --> 00:31:28,000 up thirty three dollars to thirty three ninety one. Oil 530 00:31:28,079 --> 00:31:31,680 price is up almost a dollar to sixty three dollars 531 00:31:31,720 --> 00:31:35,880 for a barrel of oil. Thanks for coming by, Happy 532 00:31:36,599 --> 00:31:39,400 rest of your Wednesday to you. We'll try this again tomorrow. 533 00:31:39,799 --> 00:31:44,079 Hope to see you then.