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Speaker 1: He's Nightside with Dan Ray. I'm WBSY, Boston's Meet Radio.

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Speaker 2: Thank you, Thank you very much, Ale Griffin. As we

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Speaker 2: work our way through the ten o'clock hour, we're going

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Speaker 2: to talk with Professor Greg Staller of Boston University question

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Speaker 2: School of Business. Professor Staller, Welcome back to Nightside. How

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Speaker 2: are you sir?

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Speaker 1: Good?

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Speaker 3: Thanks Dan, how are you good?

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Speaker 2: We always enjoy talking with you. You have taught for many,

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Speaker 2: many years, and one of the things that is always

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Speaker 2: interesting to me is that you have led a lot

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Speaker 2: of your students on trips to various parts of the world,

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Speaker 2: but many trips to China. So you are as hands

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Speaker 2: on a business school professor as I know. How many

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Speaker 2: trips have you taken to China with your students at

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Speaker 2: wherever you are teaching you now, of course at Boston University, I.

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Speaker 3: Have taken students to China fifty six times, and in

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Speaker 3: March of next year as part of one of our courses,

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Speaker 3: that will be trip number fifty seven.

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Speaker 2: But you're now going to other countries as well. You

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Speaker 2: have really focused on China for a well better part

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Speaker 2: of three decades at this point, but you're going to

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Speaker 2: now branch out and take students to I understand that

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Speaker 2: a South American nation.

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Speaker 3: Yes, we are heading to Brazil twice, once in January

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Speaker 3: to write new cases, and then another time in June

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Speaker 3: of next year. This will accommodate the thirty year of

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Speaker 3: an annual competition where we've had one hundred plus teams

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Speaker 3: from thirty eight universities in twenty countries that are competing,

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Speaker 3: and we've nunded down to the top six and that's

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Speaker 3: going to happen in June of twenty twenty six.

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Speaker 2: So what is the advantage for business school students to

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Speaker 2: spend part of their term while in business school, which

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Speaker 2: normally is a two year term, in an overseas activity.

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Speaker 2: These have to be students who are interested in doing

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Speaker 2: business with the countries where you are taking them. Or

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Speaker 2: is this a procedure and a process to broaden their

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Speaker 2: mind that the world is a very big place, that

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Speaker 2: we represent a significant part of the world economy, we

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Speaker 2: are not the total part of the world economy.

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Speaker 3: No. I think it's a little bit of both, in

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Speaker 3: the sense that I'm very fortunate to be at Boston University,

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Speaker 3: where we have over eighteen different colleges that make up

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Speaker 3: the university itself, and that could be the School of Theology,

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Speaker 3: the School of Dentistry, and obviously business. And as much

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Speaker 3: as I try and be energetic and animated inside the classroom,

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Speaker 3: I'm constrained by the fact that it is a four

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Speaker 3: walled classroom. And even with guest speakers and zoom and

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Speaker 3: everything else, there's nothing like bringing students to the belly

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Speaker 3: of the proverbial economic beast, where you're going to talk

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Speaker 3: with industry leaders, you're given consulting recommendations, and really understanding

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Speaker 3: what's happening on the ground.

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Speaker 2: So let's come back to the US. We've talked two

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Speaker 2: or three times this year. One of the big economic

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Speaker 2: ventures that the administration President Trump's administration has involved themselves

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Speaker 2: in is tariffs. And my recollection is that last April,

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Speaker 2: when he had the so called Liberation Day on April

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Speaker 2: second and he announced the tariffs, there was a lot

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Speaker 2: of fear and which was palpable, and the stock market

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Speaker 2: took a huge hit in April as a consequence of

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Speaker 2: that fear that the tariffs were not the right direction

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Speaker 2: to go. It's still debated, but it looks to me

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Speaker 2: like so far the US has netted two hundred and

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Speaker 2: thirty billion dollars in tariffs. That's a big number, but

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Speaker 2: it is a very small percentage of the GDP and

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Speaker 2: even a smaller percentage of our federal debt. As you

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Speaker 2: look back on this tariff program, is it is it

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Speaker 2: a mixed bag of results? Is it better than you expected?

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Speaker 2: Is it worse than you expected? It hasn't had the

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Speaker 2: adverse impact that initially had in the market. That's the

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Speaker 2: one thing that I think we know for sure correct.

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Speaker 3: So let's look at this and unpack at piece by piece. Right,

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Speaker 3: the Dow Jones Industrial average.

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Speaker 4: Year to date.

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Speaker 3: I know today wasn't such a great day because of

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Speaker 3: concerned about AI bubble, but it's up fourteen percent yearter date.

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Speaker 3: The NASDAC is up twenty two percent. The Dow, by

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Speaker 3: the way, is doing better at the end of twenty

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Speaker 3: twenty five than it was comparably a year ago. NASDAC

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Speaker 3: a little bit worse. Prices I estimate are up one

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Speaker 3: point two percent in the short term. And I think

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Speaker 3: you hit the nail on the head is that if

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Speaker 3: you think about tariffs right, they're one specific stream within

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Speaker 3: the broader umbrella of customs and excise taxes, right, And

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Speaker 3: depending on which news or consult those have ed have

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Speaker 3: met in customs and excise taxes as a whole one

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Speaker 3: hundred billion to two hundred and nineteen billion. I know

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Speaker 3: you're going to tell me the one hundred billion is

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Speaker 3: not you know, not an insign have to get round

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Speaker 3: the error. But but it is up one hundred and

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Speaker 3: thirty percent compared with historical federal receipts from customs and exercises.

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Speaker 3: But to your point, it's a tiny, tiny percentage of

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Speaker 3: the USGVP.

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Speaker 2: Yeah, it's not going to make a huge dent in

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Speaker 2: the in the in the national debt, in the federal debt,

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Speaker 2: but it's better than than nothing. What sort of a

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Speaker 2: grade would you give, you know, as a professor his idea.

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Speaker 2: I mean, he was very aggressive with tariffs. Now he's

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Speaker 2: backed off a lot of countries. It looks like it's

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Speaker 2: very classic Donald Trump in that he's writing one hundred

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Speaker 2: deals simultaneously. It sounds like that's what makes him get

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Speaker 2: up in the morning. Or Am I missing something?

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Speaker 3: No? I mean, I think at the risk and founding trite,

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Speaker 3: I think it depends on what side of the fence

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Speaker 3: you're on, right, Is that if you're looking at it

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Speaker 3: from the Republican and I always tell you on your show,

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Speaker 3: and I, by the way, thank you again for the opportunity.

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Speaker 3: But I don't talk about religion and politics in my classroom.

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Speaker 3: I'm just not qualified to do that. But you know,

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Speaker 3: if you're looking for quote unquote Republican domination, then you

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Speaker 3: probably give him an A in the sense that he

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Speaker 3: has increased a year from you know, prior one hundred

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Speaker 3: and thirty percent increase in money that's coming into the

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Speaker 3: federal coppers.

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Speaker 5: Right.

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Speaker 3: If you're looking at it from a consumer perspective, I

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Speaker 3: think it would probably be a B minus or a

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Speaker 3: C plus, because yes, you have helped a number of

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Speaker 3: I guess us companies, but at what risk in the

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Speaker 3: sense that all of us as the lowly consumer, not

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Speaker 3: the not the you know, brilliant professor, if you will,

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Speaker 3: I'm being sarcastic. You know, prices are way up. I

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Speaker 3: went it was very cold yesterday in Boston. I didn't

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Speaker 3: get listeners all over the country, but I went to

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Speaker 3: get a simple, you know, cup bowl of ramen soup.

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Speaker 3: But one of the local places right near my office.

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Speaker 3: It was eighteen dollars and a year ago that would

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Speaker 3: have easily been twelve or thirteen dollars. So I'm not

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Speaker 3: so sure from the consumer's perspective that this has been

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Speaker 3: such a great success.

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Speaker 2: So okay, can you and you have a better ability

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Speaker 2: to do this than I. Can you correlate the tariffs

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Speaker 2: and whatever goes into that ramen soup to justify a

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Speaker 2: fifty percent increase? Or is this the business? Is this

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Speaker 2: the business is saying, ah, we have an opportunity to

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Speaker 2: point fingers and actually increase our profit margin by a

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Speaker 2: significant number and blame it on something that really is

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Speaker 2: not the cause of the cause of the increase in price.

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Speaker 3: That there lies the tip of the argument. Right. I've

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Speaker 3: been fortunate enough to be on your show in April

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Speaker 3: twenty second of this year than July fifteenth, And you know,

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Speaker 3: the consumers aren't stupid, right, and neither are the producers.

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Speaker 3: The consumers are going to say, hmm, is it really

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Speaker 3: important to have eighteen dollars ramen every day? Clearly not.

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Speaker 3: It was just cold yesterday, right, But the average producer

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Speaker 3: has managed to bob and weed and is doing things

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Speaker 3: in a way that's saying, you know, something, we're outside

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Speaker 3: of the United States, will no longer sell our goods

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Speaker 3: to the US, will sell them to Canada, will sell

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Speaker 3: them to Mexico, will sell them to Indonesia. It doesn't

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Speaker 3: really matter. We just won't do business with the United States.

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Speaker 3: And that's unfortunately. What happens is that a lot of

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Speaker 3: these producers that we as consumers are used to getting

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Speaker 3: comparatively cheap stuff from right that's not coming into our

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Speaker 3: online portals anymore. That's not coming into brick and mortar stores.

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Speaker 3: Those producers are going elsewhere because they have to pay rent,

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Speaker 3: they have to put food on the table as well.

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Speaker 2: So what you're saying is that you're ram and soup yesterday.

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Speaker 2: As an economist, you looked at it and you said,

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Speaker 2: this is a reasonable price. I, on the other hand,

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Speaker 2: follow very closely the price of cookies, particularly things like

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Speaker 2: Oreos and Pepperidge Farm cookies, and I'm convinced. I know

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Speaker 2: that cocoa and chocolate have gone up somewhat in price

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Speaker 2: for unrelated to tariffs, by the way, weather conditions in

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Speaker 2: South America's I understand it, but I still believe that

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Speaker 2: a lot of the cookie producers that they have stayed,

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Speaker 2: they have kept their prices up unnecessarily I've seen, for example,

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Speaker 2: the price of eggs, which had gone up dramatically, starting

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Speaker 2: to come back down. I don't know if you're an

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Speaker 2: egg purchaser at stores, but I can get a dozen

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Speaker 2: eggs now for two ninety nine, and that's it's fairly

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Speaker 2: much more reasonable than well, it's much.

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Speaker 3: More economical than it was six or eight months ago.

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Speaker 3: I mean, and there it lies another problem in this analysis, right.

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Speaker 3: I wish we could say that automatically, all prices are

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Speaker 3: going to go off by x percent or all prices

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Speaker 3: are going to go down by y percent. To your point,

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Speaker 3: it's very specific. It's industry specific, it's product specific. And

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Speaker 3: the question is as a consumer, yeah, I mean, if

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Speaker 3: you could save two dollars on eggs, would it be

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Speaker 3: worth spending more money and gas to travel an extra

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Speaker 3: couple of miles to I don't know market basket as

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Speaker 3: opposed to Roach Brothers. I think that that becomes a

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Speaker 3: very consumer specific decision. But I can't refute the fact

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Speaker 3: that life is just expensive these days. It's just far

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Speaker 3: more expensive to me than it feels like it was

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Speaker 3: a year ago. And whether that's just general inflation, I

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Speaker 3: don't know, but it's a little bit scary for those

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Speaker 3: of us who have kids in college, your kids in

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Speaker 3: graduate school. It doesn't exactly allow you to sleep peacefully

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Speaker 3: at night, because it's fear of the uncertain.

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Speaker 2: All right. My guest is Professor Gregory Staller of Boston

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Speaker 2: University Question School of Business. If you'd like to join

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Speaker 2: the conversation, feel free six one, seven, two, five, four

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Speaker 2: to ten thirty six one seven, nine three one ten thirty.

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Speaker 2: I have lots of questions, and of course Professor Staller

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Speaker 2: always has great answers, but I'd love to incorporate you

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Speaker 2: into the conversation. Feel free to join the conversation back

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Speaker 2: right after this quick break on a cold New England

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Speaker 2: Friday night, December, middle of December edition of Nightside.

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Speaker 1: You're on night Side with Dan Ray on w BZY,

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Speaker 1: Boston's news.

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Speaker 2: Radio with Me. It's Professor Gregory Stoller, Boston University Question

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Speaker 2: School of Business. Professor Stallo has been a guest in

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Speaker 2: this program over the years many times, and he's someone

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Speaker 2: who explains economics very clearly, which I can't say that

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Speaker 2: about every economist who i've professor, So please take that

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Speaker 2: as the ultimate compliment. President Trump obviously was focused on

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Speaker 2: tariffs in April. His focus is still there, but he

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Speaker 2: has begun to focus on things like Venezuela. So there's

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Speaker 2: a lot of activity the Middle East, Ukraine. It has

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Speaker 2: been a He's had a very parapatetic presidency, and I

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Speaker 2: suspect you probably would agree with me on.

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Speaker 3: That point one hundred percent. I think that he has

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Speaker 3: a lot of energy and I do think he has

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Speaker 3: the country's best interest at heart, but he tends to

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Speaker 3: go from project to project and is very intensely focused

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Speaker 3: on something. But I think like any chief executive, whether

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Speaker 3: that be a politician or a company CEO, you have

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Speaker 3: to sort of bob and weed depending on what's happening

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Speaker 3: in the broader environment around you.

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Speaker 2: Okay, So, now, knowing that the stock market had a

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Speaker 2: bad day today and has had a few bad days

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Speaker 2: in the last few months, but it has tended to

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Speaker 2: bounce back overall. As you look at two and twenty

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Speaker 2: six and you take everything into consideration, which includes what

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Speaker 2: the Fed did yesterday, we've now cut I think it's

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Speaker 2: a point and a half in the last fifteen months.

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Speaker 2: Do you look at twenty twenty twenty six, forget the

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Speaker 2: politics of a moment, do you look at at at

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Speaker 2: a at a time where we're going to feel better

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Speaker 2: about the economy generally halfway through twenty twenty six, or

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Speaker 2: do you feel that this I don't want to use

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Speaker 2: the word malaise because that's a word that is it's

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Speaker 2: a very loaded word. But the anxiety that the American

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Speaker 2: public has been showing in the last few months is

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Speaker 2: going to either continue or intensify.

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Speaker 3: I mean, at the risk of sounding generic, I think

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Speaker 3: everything's going to revert to the proverbial mean. And what

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Speaker 3: I mean by that, then attended, is that people get

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Speaker 3: to figure it out. And I think that would be

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Speaker 3: my ps if I were reporting on twenty twenty five.

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Speaker 3: It was very tumultuous in April or May, and I

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Speaker 3: think people were genuinely concerned, whether you're a company owner

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Speaker 3: or whether you're a consumer. People figured it out, and

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Speaker 3: I had predicted on your show, because I reviewed the

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Speaker 3: transcription preparation for tonight, that everything was going to calm down.

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Speaker 3: I wouldn't say that it was economic malaise, but I

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Speaker 3: think that people are going to go on to the

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Speaker 3: next crisis. And I think that as long as prices

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Speaker 3: are in check, and that's what I worry about more

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Speaker 3: than anything else. Right, it's that one point two percent.

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Speaker 3: You know, you can call this whatever you want again,

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Speaker 3: you know, putting on my economics hat inflation overshoot, which is,

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Speaker 3: you know, a one time effect, not ongoing inflation pressure.

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Speaker 3: I think if we're able to whether that storm, it's

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Speaker 3: going to be business as here as you in the

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Speaker 3: first half of the second half of twenty six. If, however,

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Speaker 3: we engage in this whip saw, like you know, issues

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Speaker 3: where the dollar is up four hundred points one day,

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Speaker 3: down four hundred points the next day, you know, pick

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Speaker 3: whatever poison you want today. Happened to be AI last

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Speaker 3: week with XYZ. That's going to cause consumers to be

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Speaker 3: a little bit rattled. And of course in the back

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Speaker 3: of everyone's mind is going to be the midterm elections.

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Speaker 3: And you and I have spoken Dan on air off

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Speaker 3: air over the years, is that most consumers might not

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Speaker 3: be able to explain what the laugh of curve is

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Speaker 3: or the J curve and economics, but they are able

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Speaker 3: to vote with their pocketbooks, and if things are going well,

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Speaker 3: they will probably keep the current politicians in office. If

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Speaker 3: things aren't going well, regardless of whether it's an economic

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Speaker 3: truism or not they will vote for a different party.

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Speaker 2: Oh no, no question, no question. So one of the

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Speaker 2: things that seem to be going well for the Trump administration,

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Speaker 2: which should have an impact across the board, is gasoline prices.

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Speaker 2: How do you explain why gasoline prices and the price

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Speaker 2: of oil has stayed down and has gone down pretty

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Speaker 2: consistently this year in a year when there was a

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Speaker 2: great deal of fluctuation in other markets. What's going on.

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Speaker 3: Thereat great question. I would think that when the tariff

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Speaker 3: issue broke in April, I think a lot of the

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Speaker 3: companies were willing to absorb the losses so they wouldn't

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Speaker 3: have to pass the price increase directly onto consumers. And

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Speaker 3: I think as we got into the middle of this

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Speaker 3: calendar year, and I would say up until maybe mid

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Speaker 3: T three or the beginning of Q four, I think

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Speaker 3: that companies were continuing to absorb it, and that's why

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Speaker 3: prices haven't dramatically increased. Gas being a perfect example. Again,

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Speaker 3: you just asked about twenty twenty six. That's partially what

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Speaker 3: keeps me up at night. Our company is going to

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Speaker 3: have an epipody in early twenty six saying what the

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Speaker 3: heck are we doing. Why would we want to continue

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Speaker 3: subsidizing our consumers. Let's just pass ten percent of the

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Speaker 3: increase twenty percent of the increase onto the consumer, assuming

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Speaker 3: by the way, that prices have continued to increase. That's

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Speaker 3: what worries me. But you're right for the moment, looked

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Speaker 3: at you know, through the myopic lens of today, December twelfth,

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Speaker 3: gas prices are hovering around three bucks a gallon, and

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Speaker 3: you're not expecting that to be because of the.

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Speaker 2: Tariffs, and even with what's going on in Venezuela, which

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Speaker 2: is a big oil producer, right, there hasn't been a blip.

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Speaker 2: I thought that a blip might occur as a consequence,

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Speaker 2: particularly of what happened yesterday with the capture of the.

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Speaker 3: Thing of the tanker and everything else. And I think

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Speaker 3: that's again the same storyline, right, you know, what about this?

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Speaker 3: What about that? You know, don't forget about that. The

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Speaker 3: fact of the matter is, no matter what, the US

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Speaker 3: consumer has been able to weather the storm. And I

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Speaker 3: think your example of a few minutes ago before the

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Speaker 3: break on eggs is a perfect example. It's shot up

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Speaker 3: because everyone was concerned. Everyone said, uh, oh, you know,

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Speaker 3: let's stop buying eggs, and very quietly it reverted to normal,

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Speaker 3: the same way that a lot of other prices have

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Speaker 3: reverted to normal. And note that I said prices are

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Speaker 3: up one point two percent, not eight pointy two percent,

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Speaker 3: because the US consumer figures it out, and by the way,

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Speaker 3: the producers of those eggs or or those oil refineries,

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Speaker 3: et cetera, they figure it out to comment, thank you

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Speaker 3: very much.

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Speaker 2: By the way, on the eggs prices, there also was

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Speaker 2: a bird flu epidemic that was simultaneous with the tariffs.

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Speaker 2: And I think that the bird flu, the avian flu

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Speaker 2: academic which was not as bad as I guess might

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Speaker 2: some have been projected. But egg production is back to

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Speaker 2: where it was. And I think that's the correlation on

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Speaker 2: the on the price drop and the and the and

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Speaker 2: the tariffs did not have the impact on eggs that

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Speaker 2: we would have expected because I guess we produce a

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Speaker 2: lot of eggs in this country.

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Speaker 3: Well, I think that's the iority of this, Right is,

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Speaker 3: in any calendar year, there's always going to be some

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Speaker 3: sort of crisis.

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Speaker 5: Right.

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Speaker 3: It could be OPEC deciding to increase production or hotail production.

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Speaker 3: It could be a bird flu, it could be some

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Speaker 3: exogenous factor.

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Speaker 5: Right.

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Speaker 3: But that's what's been so unique about the tariffs is

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Speaker 3: this isn't an unexpected crisis. This is in many cases

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Speaker 3: a planned crisis.

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Speaker 6: Right.

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Speaker 3: But yet, in spite of it being a planned crisis,

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Speaker 3: once again, the US consumer has weathered the storm. And

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Speaker 3: I think that's what makes it fascinating, as long as

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Speaker 3: I don't have to go for rob and soup every

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Speaker 3: day for eighteen dollars.

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Speaker 2: Okay, well, well let's have to forget about the rom

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Speaker 2: and soup for a while. Look, we got to take

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Speaker 2: a news break, which you know we do. When we

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Speaker 2: get back, I want to talk about some secondary impact.

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Speaker 2: I also want to get to phones. Patrick and Terror

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Speaker 2: you stay right there. You're gonna be first up six one, seven, two,

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Speaker 2: five four ten thirty six one seven, nine three one,

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Speaker 2: ten thirty. We got a couple of lines there on

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Speaker 2: one line at six one, seven, two, five, four to

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Speaker 2: ten thirty. We're beginning at eleven o'clock. Twenty seven minutes

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Speaker 2: from now, we're gonna go into our twentieth hour. We

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Speaker 2: will say good night to Professor Staller and again, if

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Speaker 2: you would love to chat with chat with an actual

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Speaker 2: Boston University School of Business business, Professor, this is your opportunity.

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Speaker 2: I really appreciate Professor Staller being with us. We'll be

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Speaker 2: back on night Side right after.

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Speaker 1: This Night Side with Dan Ray on WBZ Boston's news radio.

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Speaker 2: We will go to phone calls right away. But I

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Speaker 2: have one final question, and that is one of the

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Speaker 2: potential positive impact of the tariffs were that some American

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Speaker 2: companies might have been induced to bring businesses back to

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Speaker 2: this country and build manufacturing plants back in this country.

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Speaker 2: What is the evidence of that at this point, again,

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Speaker 2: we're seven months after the implementation of the tariffs. Are

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Speaker 2: there companies that have decided to bring particularly car manufacturing

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Speaker 2: back to this country?

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Speaker 3: Professor Jef These are very much works in progress. But again,

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Speaker 3: you know how much do we want to separate the

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Speaker 3: week from the chap Have these happened because of the

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Speaker 3: tariffs or have these happen because of trade deals that

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Speaker 3: President Trump is negotiating. I think it's too soon to tell,

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Speaker 3: but I will tell you that very quietly, there is

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Speaker 3: more and more activity where non US manufacturers are bringing

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Speaker 3: manufacturing back to the United States. But remember, the whole

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Speaker 3: point of a tariff is to protet that's an existing

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Speaker 3: US manufacturer. It's not I liked when you use the

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Speaker 3: word induce, but you know, again, pick whatever side of

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Speaker 3: the fence you want to be on. Are you providing

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Speaker 3: consumers with more choices by having non US manufacturers come

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Speaker 3: into the United States? Possibly? If you're supposed to solely

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Speaker 3: focus on US manufacturers, has it been working? I don't know.

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Speaker 3: You know, why is there a twelve billion dollar subsidy

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Speaker 3: that's happening to farmer bridge payments? Supposedly the talents we're

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Speaker 3: supposed to you know, foresee that happening. That's the challenge.

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Speaker 3: That's the challenge.

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Speaker 2: Well, the other question in my mind, and I switched,

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Speaker 2: I said, I don't knowing you probably would know this.

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Speaker 2: Do those twelve dollars? Does that twelve billion dollars in

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Speaker 2: bridge payments which would be taken from I assume the

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Speaker 2: the net increase in tariffs. Does that make the farmer's

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Speaker 2: whole or is that simply a percentage of what they should.

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Speaker 3: Have I had the same exact quit. It's funny you

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Speaker 3: say that, Dan, I have the same exact question. Is

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Speaker 3: that positioning them to where they would have been or

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Speaker 3: should have been? In mid December twenty twenty five, I

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Speaker 3: don't think it's saying, Hm, that's great, here's some extra

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Speaker 3: income going into the holiday season. I think it's an

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Speaker 3: attempt to make them whole. But again, to give President

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Speaker 3: Trump some props here the fact that tariffs have netted

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Speaker 3: so much money. It's not like he has to borrow

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Speaker 3: money from the treasury in an effort to make those

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Speaker 3: bridge favorites. It's clearly coming in to those same coffers,

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Speaker 3: whether it be customers of XCIS or Carraff, revenue isolated.

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Speaker 2: Every time I talk to you, Professor, I wish he

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Speaker 2: had studied economics more in school. I really think that

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Speaker 2: it was a much more interesting, inherently interesting topic than

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Speaker 2: it was ever presented that way to me.

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Speaker 3: While you probably had far more fun on the weekends

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Speaker 3: than I had when I was in school, I don't.

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Speaker 2: Know about that. Okay, let's let's keep rolling here. We'll

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Speaker 2: leave that out of it. Let me go to Patrick

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Speaker 2: in not in the Belly of the Beast, in the

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Speaker 2: District of Columbia. Patrick, welcome back to Nightside. I've been

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Speaker 2: missing you, buddy. How are you?

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Speaker 7: I've been missing you and I wanted to join in

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Speaker 7: on this conversation, especially for the holidays, Professor. All I

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Speaker 7: can see right now is for Pen's Wharton School of

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Speaker 7: Business and for Harvard's Business School.

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Speaker 8: Move over, Boston, you is here, right, professor.

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Speaker 3: Thank you very much. Yes, no terriers. Well we got it.

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Speaker 2: I'm a laws I'm a Boston University law school guy.

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Speaker 2: So I got to jump into the fray here and

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Speaker 2: defend the Commonwealth Avenue institution. That is that is for sure.

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Speaker 2: All those people over in Harvard they just did this.

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Speaker 2: They're waking in their boots right now.

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Speaker 6: But the Commerce Department is reporting that we have a

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Speaker 6: trade deficit that has narrowed a little bit here, and

435
00:24:59,000 --> 00:25:02,280
Speaker 6: would you go ahead and p dead into what has happened,

436
00:25:02,400 --> 00:25:05,280
Speaker 6: because they're saying that this is the first thing that

437
00:25:05,400 --> 00:25:08,960
Speaker 6: the first trade the narrowing of the trade deficits since

438
00:25:09,000 --> 00:25:12,800
Speaker 6: twenty twenty, and the first pandemic. And so we have

439
00:25:12,920 --> 00:25:15,840
Speaker 6: some well we have imports they say went zero point

440
00:25:15,920 --> 00:25:20,280
Speaker 6: six percent, but to the overall deficit fell ten point

441
00:25:20,359 --> 00:25:24,040
Speaker 6: nine percent. How do you think do you think this

442
00:25:24,080 --> 00:25:24,760
Speaker 6: is working out?

443
00:25:24,840 --> 00:25:28,120
Speaker 3: I mean, and again I don't want to appear tonight

444
00:25:28,359 --> 00:25:31,719
Speaker 3: to be you know, borrowing a phrase from from French

445
00:25:31,960 --> 00:25:34,840
Speaker 3: side to pond and depends but I think you really

446
00:25:34,880 --> 00:25:38,600
Speaker 3: have to look at it through different lenses. Right, If

447
00:25:38,800 --> 00:25:43,399
Speaker 3: the president of the country is supposed to represent constituents,

448
00:25:43,880 --> 00:25:48,240
Speaker 3: simply represent constituents, then I'm not so sure that tariffs

449
00:25:48,240 --> 00:25:52,080
Speaker 3: are working so well because prices have gone up and

450
00:25:52,359 --> 00:25:55,640
Speaker 3: the Federal reserve vent can only you know, can only

451
00:25:55,680 --> 00:25:59,639
Speaker 3: control inflation so much. Obviously, they're under increasing amounts of

452
00:25:59,640 --> 00:26:03,120
Speaker 3: pressure from President Trump to lower those interest rates. If

453
00:26:03,119 --> 00:26:05,800
Speaker 3: you're looking at it from a trade deficit perspective, yeah,

454
00:26:05,840 --> 00:26:08,639
Speaker 3: it's been a huge success. It's been a huge success.

455
00:26:08,840 --> 00:26:11,360
Speaker 3: If you're looking at it from that perspective, you've got

456
00:26:11,400 --> 00:26:14,160
Speaker 3: to give President Trump not one high five, but two,

457
00:26:14,560 --> 00:26:19,960
Speaker 3: because clearly the deficit is shrinking. Okay, yeah, I see

458
00:26:20,000 --> 00:26:20,360
Speaker 3: that too.

459
00:26:20,640 --> 00:26:23,760
Speaker 6: But would you also add in there with the high

460
00:26:23,800 --> 00:26:28,439
Speaker 6: prices from the consumer side, maybe the retailers have jumped

461
00:26:28,480 --> 00:26:31,760
Speaker 6: on the bandwagon for terraffs and raised price it's just

462
00:26:31,800 --> 00:26:32,439
Speaker 6: a little bit.

463
00:26:32,280 --> 00:26:34,240
Speaker 2: More issue as well.

464
00:26:34,440 --> 00:26:37,200
Speaker 3: We would literally, patter, we were just talking about that

465
00:26:37,320 --> 00:26:42,040
Speaker 3: before you called in. You know, that brings into mind ethics.

466
00:26:42,080 --> 00:26:46,240
Speaker 3: In a year that the economy hasn't been great outside

467
00:26:46,480 --> 00:26:50,399
Speaker 3: of the stoft market performance, would you begrudge anybody from

468
00:26:50,440 --> 00:26:54,240
Speaker 3: being a little bit predatory with their pricing. Probably not.

469
00:26:54,760 --> 00:26:56,560
Speaker 3: Is it the right thing to do? Of course, it's

470
00:26:56,600 --> 00:26:58,840
Speaker 3: not the right thing to do. But as I said

471
00:26:58,880 --> 00:27:01,399
Speaker 3: to them at the top of the hour, life is

472
00:27:01,440 --> 00:27:05,679
Speaker 3: not a four wall business school classroom. Life is survival

473
00:27:05,720 --> 00:27:08,160
Speaker 3: and business is war, and you have to do what

474
00:27:08,200 --> 00:27:11,119
Speaker 3: you can to protect your own slice of Americana. So

475
00:27:11,359 --> 00:27:13,840
Speaker 3: am I happy that people are maybe taking a little

476
00:27:13,840 --> 00:27:16,600
Speaker 3: bit of advantage of that. No, I'm not happy. But

477
00:27:16,680 --> 00:27:18,760
Speaker 3: the fact of the matter is it's happening more than

478
00:27:18,840 --> 00:27:22,399
Speaker 3: I think all of us would care to admit. You know,

479
00:27:22,640 --> 00:27:25,080
Speaker 3: by the way, several years ago, and you know, when

480
00:27:25,119 --> 00:27:28,760
Speaker 3: Governor Romney was the governor of Massachusetts, he raised a

481
00:27:28,800 --> 00:27:31,880
Speaker 3: bunch of fees because he said, we needed to cover

482
00:27:31,960 --> 00:27:35,000
Speaker 3: those fees. And he said, you know, and we all fit,

483
00:27:35,160 --> 00:27:37,080
Speaker 3: are those fees ever going to come back down? And

484
00:27:37,200 --> 00:27:38,639
Speaker 3: of course they're not going to come back down here.

485
00:27:38,720 --> 00:27:41,320
Speaker 3: Once you grease speeds, you're never going to decrease them, right,

486
00:27:41,400 --> 00:27:45,280
Speaker 3: So are people going to lower these prices after the

487
00:27:45,359 --> 00:27:48,280
Speaker 3: paroff war ends? Of course they're not. But you just

488
00:27:48,320 --> 00:27:49,280
Speaker 3: have to figure it out.

489
00:27:49,560 --> 00:27:54,120
Speaker 2: But the consumer can strike back, and the consumer individually

490
00:27:54,200 --> 00:27:57,439
Speaker 2: and collectively can say, guess what, you know, those Pepper

491
00:27:57,600 --> 00:28:00,920
Speaker 2: Farms cookies that I used to buy, you know, at

492
00:28:00,960 --> 00:28:04,119
Speaker 2: two fifty or two ninety nine, they're four ninety nine.

493
00:28:05,160 --> 00:28:08,159
Speaker 2: I can I can buy other cookies and be just

494
00:28:08,200 --> 00:28:08,800
Speaker 2: as happy.

495
00:28:09,000 --> 00:28:11,680
Speaker 3: I mean, you are, absolutely And I keep using the

496
00:28:11,760 --> 00:28:14,359
Speaker 3: stupid example of the ramen noodle soup. It's gonna be

497
00:28:14,400 --> 00:28:17,120
Speaker 3: a cold day, and you know what, before I ever

498
00:28:17,160 --> 00:28:20,280
Speaker 3: pay another stink at eighteen dollars for a loop, well

499
00:28:20,480 --> 00:28:24,160
Speaker 3: you know, I'll drink seventeen cups of tea, which that's

500
00:28:24,240 --> 00:28:27,480
Speaker 3: not gonna rise to eight dollars. But all joking aside.

501
00:28:27,640 --> 00:28:30,359
Speaker 3: That's the problem, right, is that how much are the

502
00:28:30,400 --> 00:28:33,320
Speaker 3: consumer is going to strike back? And then all of

503
00:28:33,359 --> 00:28:37,040
Speaker 3: a sudden what people expected in terms of the revenue

504
00:28:37,040 --> 00:28:40,320
Speaker 3: forecast isn't going to come to bear because people just

505
00:28:40,400 --> 00:28:42,360
Speaker 3: don't want to spend the extra money.

506
00:28:42,360 --> 00:28:46,760
Speaker 2: Great point there, Thanks Patrick, Patrick. I hope to talk

507
00:28:46,800 --> 00:28:49,480
Speaker 2: to you before Christmas. If not, Merry Christmas, okay, but

508
00:28:49,560 --> 00:28:53,360
Speaker 2: I hope to talk to you more often. Thanks buddy.

509
00:28:53,400 --> 00:28:55,560
Speaker 2: All right, bye bye, Thank you, mich We take a

510
00:28:55,680 --> 00:28:58,600
Speaker 2: very quick break. We're gonna keep rolling it and we're

511
00:28:58,600 --> 00:29:01,080
Speaker 2: gonna get everybody in six and seven, two, five, four

512
00:29:01,120 --> 00:29:03,880
Speaker 2: to ten thirty one line there six one seven nine

513
00:29:03,920 --> 00:29:06,959
Speaker 2: three one ten thirty one line there. We're flipping it

514
00:29:07,080 --> 00:29:10,480
Speaker 2: at eleven o'clock. We're going to twenty hour, and I

515
00:29:10,600 --> 00:29:14,600
Speaker 2: want to know your favorite you must see TV show.

516
00:29:15,320 --> 00:29:18,400
Speaker 2: I'm going to tell Professor Staller right now, you know

517
00:29:18,480 --> 00:29:25,040
Speaker 2: what show I really have become addicted to. Professor, Do

518
00:29:25,080 --> 00:29:28,160
Speaker 2: you have a watch the show Tracker on Sunday nights?

519
00:29:29,600 --> 00:29:31,920
Speaker 3: It's really exciting. Yes, I love it.

520
00:29:32,400 --> 00:29:35,720
Speaker 2: I do too. I just think it's intellectually stimulating. You can.

521
00:29:36,240 --> 00:29:38,400
Speaker 3: I don't watch a lot of TV, and I happen

522
00:29:38,440 --> 00:29:38,800
Speaker 3: to love that.

523
00:29:38,840 --> 00:29:43,520
Speaker 2: I think all right, great minds, think like very right

524
00:29:43,560 --> 00:29:46,160
Speaker 2: back on Nightside, here we go, coming back right after

525
00:29:46,200 --> 00:29:46,600
Speaker 2: the break.

526
00:29:47,760 --> 00:29:52,400
Speaker 1: It's night Side with Boston's News Radio.

527
00:29:53,480 --> 00:29:56,280
Speaker 2: Let's go to Terry down in the Cape. Hey, Terry, welcome.

528
00:29:56,320 --> 00:30:01,280
Speaker 2: You're with my guest, Professor Gregory Staller of Boston University Questionroom,

529
00:30:01,320 --> 00:30:02,920
Speaker 2: School of Business. Go ahead, Terry.

530
00:30:03,880 --> 00:30:07,120
Speaker 5: IDA am nice to speak with you, and Merry Christmas

531
00:30:07,120 --> 00:30:11,960
Speaker 5: to you and all your loved ones. Professor, I am

532
00:30:12,160 --> 00:30:14,760
Speaker 5: very honored to speak to you. I am not an

533
00:30:14,800 --> 00:30:21,000
Speaker 5: economic major by any means, but I'm a practical, realistic person.

534
00:30:21,720 --> 00:30:25,960
Speaker 5: And I'm out there down here on Cape Cod in Harwich,

535
00:30:26,480 --> 00:30:30,520
Speaker 5: and I'm talking to the seniors. The seniors they are

536
00:30:30,520 --> 00:30:36,040
Speaker 5: on fixed incomes. And I'm looking around down in Hyannas

537
00:30:36,800 --> 00:30:40,120
Speaker 5: the right side of the street on Main Street. I'm

538
00:30:40,200 --> 00:30:45,280
Speaker 5: talking about closed stores, not just for the seasons. They're

539
00:30:45,280 --> 00:30:51,160
Speaker 5: out of business. People can't pay utilities, they can't pay

540
00:30:51,240 --> 00:30:57,840
Speaker 5: the cost of hiring employees, healthcare benefits for oh one case,

541
00:30:58,120 --> 00:31:04,040
Speaker 5: YadA YadA, closed for good. And nobody's going in to

542
00:31:04,160 --> 00:31:08,760
Speaker 5: start up my little town in Harwich that has like

543
00:31:08,920 --> 00:31:14,000
Speaker 5: fifteen thousand residents. We right now have an eighty three

544
00:31:14,240 --> 00:31:21,360
Speaker 5: million dollar deficit, and we had a fifty one million

545
00:31:21,480 --> 00:31:27,360
Speaker 5: dollar school budget, a forty five million dollar town budget,

546
00:31:28,400 --> 00:31:32,000
Speaker 5: and we're doing a two hundred and fifty million dollar

547
00:31:32,560 --> 00:31:36,160
Speaker 5: waste water project. Well, I can't even get my head

548
00:31:36,160 --> 00:31:37,800
Speaker 5: around those kinds of heroes.

549
00:31:38,200 --> 00:31:40,200
Speaker 2: I think we got to get some different people in

550
00:31:40,240 --> 00:31:45,400
Speaker 2: public office down there. Sounds to be like, well.

551
00:31:44,960 --> 00:31:48,400
Speaker 5: This didn't just happen yesterday, Dan by any.

552
00:31:48,240 --> 00:31:51,000
Speaker 2: Means no, No, I understand that. But who has been

553
00:31:51,080 --> 00:31:53,600
Speaker 2: elected these spen rifts?

554
00:31:54,640 --> 00:31:57,840
Speaker 5: Has it been going on for over twenty years?

555
00:31:58,240 --> 00:31:58,440
Speaker 2: Yeah?

556
00:31:58,480 --> 00:32:03,160
Speaker 5: I know, we have, well the things we have a

557
00:32:03,200 --> 00:32:08,680
Speaker 5: triple A blunch reading, and everybody says the budget is wonderful. Yeah,

558
00:32:08,760 --> 00:32:12,520
Speaker 5: oh they're doing is borrowing. It's not wonderful.

559
00:32:13,120 --> 00:32:16,120
Speaker 2: No, I'm with you, Terry. I'm totally with you, professor.

560
00:32:16,600 --> 00:32:20,400
Speaker 2: Other than getting a lot of different people, I mean,

561
00:32:21,680 --> 00:32:24,000
Speaker 2: it sounds I get a bunch of spend thrifts down there.

562
00:32:24,000 --> 00:32:25,640
Speaker 2: But go ahead, professor, what advice?

563
00:32:25,880 --> 00:32:26,040
Speaker 5: I mean?

564
00:32:26,400 --> 00:32:30,520
Speaker 3: I don't think I'm necessarily qualified to talk about town finances,

565
00:32:30,560 --> 00:32:34,760
Speaker 3: but I think that the you know, in theory, the

566
00:32:34,880 --> 00:32:39,120
Speaker 3: tariffs are supposed to insulate those very small businesses on

567
00:32:39,200 --> 00:32:41,960
Speaker 3: the Cape that are going to protect them and have

568
00:32:42,120 --> 00:32:46,480
Speaker 3: people go to shop locally as opposed to going online.

569
00:32:46,680 --> 00:32:48,880
Speaker 3: It doesn't sound like that's working too well so far.

570
00:32:49,280 --> 00:32:52,960
Speaker 5: Yeah, well the people aren't chopping at all because they

571
00:32:52,960 --> 00:32:54,040
Speaker 5: don't have any money.

572
00:32:54,600 --> 00:32:57,719
Speaker 3: Well that's and that's what Dan and I were talking

573
00:32:57,760 --> 00:33:02,120
Speaker 3: about earlier this hour, is that I think again, are

574
00:33:02,240 --> 00:33:07,080
Speaker 3: tariffs helpful to the US government budget? Yes? But at

575
00:33:07,080 --> 00:33:12,240
Speaker 3: what expense? And if the consumer is getting caught in

576
00:33:12,320 --> 00:33:15,800
Speaker 3: the crossfire and they don't have enough money and prices

577
00:33:15,800 --> 00:33:18,720
Speaker 3: are going up, it's not really achieving its goal.

578
00:33:19,320 --> 00:33:21,600
Speaker 2: The other thing though, Kerry, I gotta, I gotta throw

579
00:33:21,640 --> 00:33:25,280
Speaker 2: this out, and I think Professor Staller has seen the

580
00:33:25,320 --> 00:33:29,600
Speaker 2: same statistic. They're suggesting that this Christmas season, and it's

581
00:33:29,640 --> 00:33:33,920
Speaker 2: a short Christmas shopping season because Thanksgiving was so late,

582
00:33:34,320 --> 00:33:38,360
Speaker 2: that'd be the first trillion dollar shopping seas Christmas shopping

583
00:33:38,360 --> 00:33:42,280
Speaker 2: season in history, which doesn't quite compute with me, but

584
00:33:42,360 --> 00:33:43,200
Speaker 2: that's what I'm hearing.

585
00:33:44,320 --> 00:33:46,640
Speaker 3: I couldn't agree with you more absolutely.

586
00:33:48,600 --> 00:33:48,800
Speaker 8: Well.

587
00:33:48,920 --> 00:33:52,000
Speaker 5: One of the things that I heard Van and Professor

588
00:33:52,240 --> 00:33:57,400
Speaker 5: is people are buying rest but because it costs more.

589
00:33:57,920 --> 00:33:59,160
Speaker 5: That's what you're seeing.

590
00:33:59,240 --> 00:33:59,880
Speaker 3: Overall.

591
00:34:00,600 --> 00:34:02,400
Speaker 2: Let's hope it gets better for all of us. Terry,

592
00:34:02,440 --> 00:34:04,000
Speaker 2: I got to more. I got to get to if

593
00:34:04,040 --> 00:34:06,240
Speaker 2: I can, So I'm going to let you go for now.

594
00:34:06,280 --> 00:34:10,520
Speaker 2: But again, please have a great Christmas and hopefully next

595
00:34:10,560 --> 00:34:12,960
Speaker 2: year will be better than twenty twenty five. Okay.

596
00:34:13,480 --> 00:34:14,960
Speaker 5: I hope Kelly Larry that.

597
00:34:14,920 --> 00:34:16,880
Speaker 2: You focused on a die out in the store, so

598
00:34:16,880 --> 00:34:18,560
Speaker 2: I got to let you go as well. Thanks so much.

599
00:34:18,680 --> 00:34:21,000
Speaker 2: Let me go to Nancy and Duxbury. Nancy, you're next

600
00:34:21,120 --> 00:34:25,040
Speaker 2: with Professor Gregory Staller of Boston University Questrom School of Business.

601
00:34:25,120 --> 00:34:28,920
Speaker 8: Go ahead, Nancy, Yes, good evening, Dan, how are you?

602
00:34:29,040 --> 00:34:31,080
Speaker 2: We're doing great? Say had a professor Staller?

603
00:34:32,080 --> 00:34:34,719
Speaker 8: Hello, professor, how are you this? Evening him?

604
00:34:34,800 --> 00:34:36,440
Speaker 3: Nancy? Happy holidays?

605
00:34:36,800 --> 00:34:39,959
Speaker 8: Happy holidays. Here's one for you. How can we undo this?

606
00:34:41,239 --> 00:34:45,399
Speaker 8: The Massachusetts State Auditor Diana Dizaglio. I don't think I'm

607
00:34:45,400 --> 00:34:46,720
Speaker 8: pronouncing your name correctly.

608
00:34:46,840 --> 00:34:49,040
Speaker 2: No, you are, go right ahead.

609
00:34:49,920 --> 00:34:54,319
Speaker 8: He's been attempting to audit the legislature. Now we're talking

610
00:34:54,360 --> 00:34:57,720
Speaker 8: about finances here, so if we want to do something,

611
00:34:57,760 --> 00:35:01,879
Speaker 8: we have to get behind and ad action that will

612
00:35:01,920 --> 00:35:03,880
Speaker 8: actually produce some results.

613
00:35:04,040 --> 00:35:05,160
Speaker 3: Okay, by the.

614
00:35:05,080 --> 00:35:07,120
Speaker 2: Way, I was passed by the vote, as I'm sure

615
00:35:07,160 --> 00:35:09,879
Speaker 2: you know, Nancy was passed by the voters in a.

616
00:35:09,840 --> 00:35:18,799
Speaker 8: Referenote exactly, Thank you, Dan. And I am weary and

617
00:35:19,040 --> 00:35:24,720
Speaker 8: tired of hearing people pontificate on this or that about

618
00:35:24,800 --> 00:35:28,520
Speaker 8: the tariff, which I'm holding my tongue on that because

619
00:35:28,560 --> 00:35:32,040
Speaker 8: I've got faith that things are getting better. We just

620
00:35:32,080 --> 00:35:35,040
Speaker 8: can't see it quickly because we had four years of hell.

621
00:35:35,160 --> 00:35:39,120
Speaker 8: That's just my opinion. But right now in this state

622
00:35:39,239 --> 00:35:40,800
Speaker 8: we need a class action suite.

623
00:35:40,920 --> 00:35:41,080
Speaker 4: Dan.

624
00:35:41,760 --> 00:35:44,319
Speaker 8: When is that going to happen? And what do you

625
00:35:44,320 --> 00:35:45,000
Speaker 8: think about that?

626
00:35:45,080 --> 00:35:45,600
Speaker 3: Professor?

627
00:35:45,960 --> 00:35:49,640
Speaker 8: To get this audit done? That we voted for.

628
00:35:49,960 --> 00:35:52,440
Speaker 2: I have talked about a class action suit with Diana

629
00:35:52,480 --> 00:35:55,840
Speaker 2: de Zuglia on this very program. The Attorney general in

630
00:35:55,880 --> 00:36:00,920
Speaker 2: Massachusetts is fighting against the voters of Massachusetts and against

631
00:36:01,120 --> 00:36:06,080
Speaker 2: Diana Dezaglia. And they're both Massachusetts Democrats. But Diana Desauglia

632
00:36:06,239 --> 00:36:08,200
Speaker 2: is gonna fight in this one, and you stick with

633
00:36:08,280 --> 00:36:10,960
Speaker 2: us in twenty six it'll be one of our priorities

634
00:36:10,960 --> 00:36:11,680
Speaker 2: here on nightside.

635
00:36:11,760 --> 00:36:14,680
Speaker 6: Nancy, I prompt, well, you've got my you've got my vote.

636
00:36:14,719 --> 00:36:16,120
Speaker 8: I'll do whatever I can to help.

637
00:36:16,680 --> 00:36:19,440
Speaker 2: Keep listening to this program, telling you neighbors about it,

638
00:36:19,640 --> 00:36:22,160
Speaker 2: and keep calling. Thanks. Nancy talks soon, Merry.

639
00:36:21,960 --> 00:36:24,200
Speaker 3: Christmas, Merry Christmas. Thanks.

640
00:36:24,920 --> 00:36:27,400
Speaker 2: We're gonna take one more call here, Professor, and then

641
00:36:27,400 --> 00:36:29,960
Speaker 2: we're gonna let you begin the weekend. We got Bob

642
00:36:30,000 --> 00:36:32,439
Speaker 2: and Rhode Island. Bob, we're tight on time. Go right ahead,

643
00:36:32,480 --> 00:36:34,040
Speaker 2: you're on, Professor Gregory Stalin.

644
00:36:34,239 --> 00:36:39,839
Speaker 4: Okay, Buddy, Okay, Dan, Yeah, right. I predict the stock ball.

645
00:36:39,920 --> 00:36:43,279
Speaker 4: It's gonna go down. And it's not just today, it's

646
00:36:43,280 --> 00:36:46,520
Speaker 4: gonna keep going down because you got the clown. We're

647
00:36:46,600 --> 00:36:49,080
Speaker 4: running try and get rid of the Federal Reserve chairman.

648
00:36:49,280 --> 00:36:54,439
Speaker 4: A few months ago. His policies are not working. It's

649
00:36:54,480 --> 00:36:58,759
Speaker 4: not just finance, it's all thanks to He's gonna voad

650
00:36:58,840 --> 00:37:01,120
Speaker 4: the problems and thank god, he'll be out of here

651
00:37:01,160 --> 00:37:04,319
Speaker 4: in the three more years. It doesn't get him.

652
00:37:05,080 --> 00:37:07,959
Speaker 2: Well, the Democrats have tried that a couple of times

653
00:37:08,000 --> 00:37:09,600
Speaker 2: without success. I'm not shutting. They're going back.

654
00:37:09,640 --> 00:37:10,640
Speaker 4: They're gonna be successful.

655
00:37:10,680 --> 00:37:11,360
Speaker 3: Let's find.

656
00:37:12,760 --> 00:37:15,480
Speaker 2: Bob. I'll tell you what. Don't hold your breath on

657
00:37:15,520 --> 00:37:19,560
Speaker 2: that one, but great to hear your voice is always okay.

658
00:37:20,000 --> 00:37:21,640
Speaker 2: You're gonna have to hold your breath now because you're

659
00:37:21,680 --> 00:37:22,239
Speaker 2: going in the water.

660
00:37:22,320 --> 00:37:22,920
Speaker 6: Go ahead, but.

661
00:37:25,120 --> 00:37:27,319
Speaker 2: Have a good swim. Bob, hold your breath until you

662
00:37:27,360 --> 00:37:31,279
Speaker 2: pop back up. Oh god, Bob is no matter what

663
00:37:31,400 --> 00:37:35,440
Speaker 2: we're talking about, it always comes back. He's he's Donald

664
00:37:35,480 --> 00:37:37,640
Speaker 2: Trump is living in this guy's head rent free, which

665
00:37:37,680 --> 00:37:38,280
Speaker 2: is kind.

666
00:37:38,040 --> 00:37:41,280
Speaker 3: Of crazy, but that's okay.

667
00:37:41,320 --> 00:37:44,160
Speaker 2: He's invery eminently predictable. But remember you'll heard it with him.

668
00:37:44,160 --> 00:37:45,960
Speaker 2: The stock market's gonna go down. I think it's going

669
00:37:45,960 --> 00:37:48,759
Speaker 2: down from uh, I'm gonna guess he thinks he's probably

670
00:37:48,800 --> 00:37:52,879
Speaker 2: go down about three hundred points, not not go down

671
00:37:52,920 --> 00:37:56,759
Speaker 2: three hundred, but go down to three hundred points anyway, Uh,

672
00:37:56,880 --> 00:38:00,759
Speaker 2: there'll be some buying opportunities. Professor Stallers always, thank you

673
00:38:00,800 --> 00:38:06,319
Speaker 2: so much. I love talking to you, and we'll have

674
00:38:06,360 --> 00:38:08,200
Speaker 2: to do something right after the first of the year

675
00:38:08,239 --> 00:38:10,360
Speaker 2: and get it get a outlook.

676
00:38:11,080 --> 00:38:13,880
Speaker 3: I think it's great and I just wanted to quickly

677
00:38:14,000 --> 00:38:15,839
Speaker 3: in the time we have left with you and your

678
00:38:15,840 --> 00:38:19,360
Speaker 3: family and all of your listeners a happy holiday season,

679
00:38:19,680 --> 00:38:20,680
Speaker 3: safe and healthy.

680
00:38:21,760 --> 00:38:24,000
Speaker 2: Right back at you whatever, you and your family. We

681
00:38:24,040 --> 00:38:26,520
Speaker 2: have one of those mixed families where we celebrate Hanukah

682
00:38:26,719 --> 00:38:30,840
Speaker 2: and Christmas and maybe we'll celebrate Kwansa as well. So

683
00:38:30,880 --> 00:38:33,279
Speaker 2: I wish you a happy Honica, Merry Christmas and a

684
00:38:33,320 --> 00:38:37,040
Speaker 2: bunch of a Kwanza and a happy Festivus as well.

685
00:38:37,760 --> 00:38:42,520
Speaker 3: I've got to cover everything absolutely. Thanks again for the opportunity. Dan,

686
00:38:42,560 --> 00:38:44,799
Speaker 3: have a good evening. I enjoy your twentieth hour.

687
00:38:45,480 --> 00:38:48,520
Speaker 2: Stay safe into the new year. Good travel. You're going

688
00:38:48,560 --> 00:38:50,480
Speaker 2: to Brazil, I think, and I think you said.

689
00:38:50,440 --> 00:38:53,920
Speaker 3: Yes, We're headed too Brazil in January, where we're trying

690
00:38:53,920 --> 00:38:56,400
Speaker 3: a new model that we started last year. We're actually

691
00:38:56,440 --> 00:38:59,759
Speaker 3: going there before the students arrived to interview the executives

692
00:38:59,840 --> 00:39:02,680
Speaker 3: right if the cases, take some video footage and really

693
00:39:02,800 --> 00:39:06,120
Speaker 3: try and bring what's happening on the ground to the

694
00:39:06,160 --> 00:39:09,000
Speaker 3: student's perspective before they get on a plane and go

695
00:39:09,040 --> 00:39:10,279
Speaker 3: and talk to the CEO's direction.

696
00:39:10,400 --> 00:39:13,160
Speaker 2: If every professor in every business school in America head

697
00:39:13,200 --> 00:39:17,000
Speaker 2: your passion, your enthusiam has none of the politicians could

698
00:39:17,080 --> 00:39:18,200
Speaker 2: miss the economy up.

699
00:39:19,840 --> 00:39:20,000
Speaker 3: Much.

700
00:39:21,200 --> 00:39:24,480
Speaker 2: Professor Gregg Staller of the Question School of Business at

701
00:39:24,480 --> 00:39:28,120
Speaker 2: Boston University, I want to know twentieth hour, what is

702
00:39:28,160 --> 00:39:32,400
Speaker 2: your your your must see TV show? For me, it's Tracker.

703
00:39:33,200 --> 00:39:35,200
Speaker 2: I want to get a good sample of what my

704
00:39:35,280 --> 00:39:37,600
Speaker 2: audience is thinking about back on nights side right after

705
00:39:37,640 --> 00:39:37,799
Speaker 2: this