1 00:00:01,280 --> 00:00:03,440 Speaker 1: It was six at fifty five KRC, the talk station. 2 00:00:03,480 --> 00:00:06,000 Speaker 1: Brian Thomas wishing are a very happy Monday, and welcoming 3 00:00:06,000 --> 00:00:07,600 Speaker 1: back to the fifty five KR same morning show. Man 4 00:00:07,640 --> 00:00:10,200 Speaker 1: we get to talk to every Monday at this time Monday, 5 00:00:10,240 --> 00:00:13,080 Speaker 1: Monday's Brian James. He's with all Worth Financial. He's a 6 00:00:13,080 --> 00:00:15,720 Speaker 1: financial planner and he's gonna shed some light on Let's 7 00:00:15,720 --> 00:00:18,520 Speaker 1: start out with what's next. Ron has really impacted it 8 00:00:18,560 --> 00:00:20,520 Speaker 1: looked like the cost of everything. Brian James. Welcome back 9 00:00:20,520 --> 00:00:21,919 Speaker 1: to the morning show. It's always great having you on 10 00:00:21,920 --> 00:00:22,239 Speaker 1: the show. 11 00:00:22,520 --> 00:00:24,760 Speaker 2: And a happy winter again. 12 00:00:24,920 --> 00:00:29,880 Speaker 3: Apparently that was a rough one in by polar Our 13 00:00:29,920 --> 00:00:33,240 Speaker 3: weather is bipolar, so just wait, just wait a minute, 14 00:00:33,280 --> 00:00:35,879 Speaker 3: it'll change. Looking forward to summer this No, I'm not 15 00:00:35,960 --> 00:00:38,320 Speaker 3: after talking with Ken Cober this morning, the FOP president 16 00:00:38,360 --> 00:00:41,320 Speaker 3: who's just promised even more violence coming because it gets 17 00:00:41,360 --> 00:00:44,440 Speaker 3: warm out. Yeah there's an excuse. Yeah, and he went, 18 00:00:44,520 --> 00:00:46,479 Speaker 3: or drag you down that road, Brian James. Let us 19 00:00:46,520 --> 00:00:50,120 Speaker 3: start with you Iran war and the multiple the various 20 00:00:50,520 --> 00:00:55,640 Speaker 3: areas that's impacting us, beginning with discretionary spending. Price of 21 00:00:55,680 --> 00:00:59,000 Speaker 3: gasoline has gone up. If you haven't noticed, Brian, Apparently 22 00:00:59,160 --> 00:01:01,960 Speaker 3: more than thirty two percent surge just in a few weeks. 23 00:01:02,360 --> 00:01:04,600 Speaker 3: It continues to go up, although I have to quickly 24 00:01:04,640 --> 00:01:06,880 Speaker 3: point out to all those pulling their hair out, thinking 25 00:01:06,920 --> 00:01:09,560 Speaker 3: this is just the end of the world. Twenty twenty two, 26 00:01:09,760 --> 00:01:12,880 Speaker 3: the national average, and that includes you know, Ohio and 27 00:01:12,920 --> 00:01:18,080 Speaker 3: lower price gasoline states, five bucks was the national average, 28 00:01:18,080 --> 00:01:20,840 Speaker 3: and it was pretty well into the fours up to 29 00:01:20,959 --> 00:01:24,120 Speaker 3: five almost the whole calendar year. So it wasn't that 30 00:01:24,200 --> 00:01:26,959 Speaker 3: long ago we were dealing with much more expensive gasoline prices. 31 00:01:27,000 --> 00:01:29,720 Speaker 3: But this, of course the direct content consequence of going 32 00:01:29,760 --> 00:01:32,560 Speaker 3: to war with Iran, so starting there and had impact 33 00:01:32,640 --> 00:01:33,800 Speaker 3: on discretionary spending. 34 00:01:34,120 --> 00:01:34,360 Speaker 2: Yeah. 35 00:01:34,400 --> 00:01:37,520 Speaker 3: So I think the reason that this is a little 36 00:01:37,560 --> 00:01:40,399 Speaker 3: bit more impactful is because this is a conscious decision 37 00:01:40,400 --> 00:01:43,560 Speaker 3: that our leadership has made to enter into this conflict. 38 00:01:43,640 --> 00:01:47,360 Speaker 3: And it's not exactly rocket science to notice that if 39 00:01:47,360 --> 00:01:49,240 Speaker 3: you're gonna if you're going to enter into a war, 40 00:01:49,400 --> 00:01:51,520 Speaker 3: cause any kind of disruption the Middle East, oil prices 41 00:01:51,520 --> 00:01:52,080 Speaker 3: are going up. 42 00:01:52,160 --> 00:01:53,840 Speaker 1: Well yeah, but I mean I have to point out, 43 00:01:53,840 --> 00:01:55,120 Speaker 1: and I do it all the time, it's a conscious 44 00:01:55,120 --> 00:01:57,000 Speaker 1: decision to say we need to quit, we need to 45 00:01:57,040 --> 00:01:59,520 Speaker 1: get get rid of our exhalation our plant food from 46 00:01:59,520 --> 00:02:01,520 Speaker 1: the environment man. And of course when you implement laws 47 00:02:01,520 --> 00:02:04,440 Speaker 1: and regulations. Look at California, for example, it didn't have 48 00:02:04,480 --> 00:02:06,760 Speaker 1: to be five dollars gasoline the norm out there. They 49 00:02:06,800 --> 00:02:08,639 Speaker 1: did that to themselves. So you can have a war, 50 00:02:08,720 --> 00:02:10,840 Speaker 1: or you can implement policies that force a price of 51 00:02:10,880 --> 00:02:11,320 Speaker 1: gas up. 52 00:02:11,560 --> 00:02:14,600 Speaker 2: Sure, and that I think is the baseline. 53 00:02:14,639 --> 00:02:16,840 Speaker 3: Right. It's always more expensive to buy gas in California. 54 00:02:17,080 --> 00:02:20,040 Speaker 3: So what I'm seeing pictures of and I think these 55 00:02:20,080 --> 00:02:21,680 Speaker 3: are slightly one offs. I don't want to say that 56 00:02:21,720 --> 00:02:23,840 Speaker 3: this is the this is reality, but I'm seeing seven 57 00:02:23,840 --> 00:02:27,959 Speaker 3: and eight dollars a gallon prices in certain spots of California. 58 00:02:28,000 --> 00:02:28,840 Speaker 2: Is definitely not everywhere. 59 00:02:28,840 --> 00:02:31,079 Speaker 3: And I saw all the states overrun, but everything has 60 00:02:31,120 --> 00:02:34,680 Speaker 3: increased pretty much proportionally. You know they were already expensive, 61 00:02:34,680 --> 00:02:36,720 Speaker 3: now they're more expensive. Well guess what, We're more expensive 62 00:02:36,720 --> 00:02:39,359 Speaker 3: here in Ohio too. I do remember, you know, I 63 00:02:39,680 --> 00:02:44,600 Speaker 3: remember it peaking close to five dollars around here. Five 64 00:02:44,600 --> 00:02:46,799 Speaker 3: dollars is always the boogeyman whenever that happens, we talk 65 00:02:46,840 --> 00:02:48,760 Speaker 3: about five dollars gas, and I don't think it happens 66 00:02:48,760 --> 00:02:50,720 Speaker 3: all where we ever get to that point where it 67 00:02:50,760 --> 00:02:52,040 Speaker 3: really hits five and stays there. 68 00:02:52,120 --> 00:02:52,799 Speaker 2: To me, it's four. 69 00:02:53,040 --> 00:02:54,839 Speaker 3: We hit four and sit there for a while. That's 70 00:02:54,840 --> 00:02:57,480 Speaker 3: when I know around here it's trickling through. And that's 71 00:02:57,520 --> 00:02:58,320 Speaker 3: what I'm seeing right now. 72 00:02:58,360 --> 00:02:58,760 Speaker 2: Of course. 73 00:02:58,840 --> 00:03:01,119 Speaker 1: Well, and I of course remember four plus a lot 74 00:03:01,160 --> 00:03:03,720 Speaker 1: because I sadly had to pump premium into my car. 75 00:03:03,840 --> 00:03:05,400 Speaker 1: So there was a long period of time when I 76 00:03:05,440 --> 00:03:07,040 Speaker 1: was paying you know, four to twenty five to four 77 00:03:07,240 --> 00:03:08,920 Speaker 1: fifty four dollars to fifty cents a gallon. I felt 78 00:03:08,919 --> 00:03:11,079 Speaker 1: like I lived in California. But yeah, why did I 79 00:03:11,080 --> 00:03:11,720 Speaker 1: buy this car? 80 00:03:11,880 --> 00:03:12,760 Speaker 2: I know, don't be nice. 81 00:03:13,200 --> 00:03:15,280 Speaker 1: I know, I know, I know. Don't get me started. 82 00:03:15,320 --> 00:03:16,440 Speaker 1: We could talk a long time on that. 83 00:03:16,520 --> 00:03:17,600 Speaker 2: I have. I have one two. I get it. 84 00:03:17,760 --> 00:03:21,880 Speaker 1: US Energy Information Administrations EIA dot gov is where I 85 00:03:21,919 --> 00:03:25,160 Speaker 1: got the annual figure from nineteen ninety three all the 86 00:03:25,160 --> 00:03:27,560 Speaker 1: way to this year in terms of the average national average. 87 00:03:27,600 --> 00:03:29,480 Speaker 2: So that's where that figure came from. Sure, sure, yeah, 88 00:03:29,560 --> 00:03:30,800 Speaker 2: And I don't mean to question. 89 00:03:30,880 --> 00:03:32,800 Speaker 3: I'm just talking about the you know, just just just 90 00:03:32,840 --> 00:03:36,240 Speaker 3: the overall feeling. Yeah, remembering when people freak out, that's 91 00:03:36,240 --> 00:03:37,120 Speaker 3: basically I'm on the. 92 00:03:37,040 --> 00:03:37,920 Speaker 2: Receiving end of that. 93 00:03:38,040 --> 00:03:39,960 Speaker 3: Is when my phone rings and people were saying five, 94 00:03:40,000 --> 00:03:41,560 Speaker 3: it's gonna be five dollars, gonna be five dollars, and. 95 00:03:41,600 --> 00:03:44,680 Speaker 2: I remember a couple instances, but yeah, my mind, it's four. 96 00:03:44,840 --> 00:03:46,680 Speaker 1: It's it definitely can tell it. There's like a wind 97 00:03:46,680 --> 00:03:48,720 Speaker 1: in the air, like, oh my god, people are pissed off. Oh, 98 00:03:48,760 --> 00:03:50,800 Speaker 1: here it is. Here's the reason, which of course is 99 00:03:50,800 --> 00:03:53,040 Speaker 1: going to the first thing to go in anybody's budget 100 00:03:53,040 --> 00:03:55,120 Speaker 1: except for a government's budget, is the quote unquote nice 101 00:03:55,160 --> 00:03:58,400 Speaker 1: to have purchases, the discretionary spending. And that's a sizable 102 00:03:58,440 --> 00:04:01,280 Speaker 1: part of the economy because I would discretionary spending like 103 00:04:01,320 --> 00:04:03,960 Speaker 1: for example, going out to dinner, Oh for sure. 104 00:04:04,080 --> 00:04:06,520 Speaker 3: Yeah, it's it's going to cause the you know, the 105 00:04:06,520 --> 00:04:08,480 Speaker 3: the reduction in some other things. And that's why the 106 00:04:08,480 --> 00:04:11,160 Speaker 3: market has been freaking out a little bit, and ironically. 107 00:04:10,760 --> 00:04:13,920 Speaker 2: Why it's up today. So futures and it's. 108 00:04:13,800 --> 00:04:15,480 Speaker 3: Not all it's not believing, it's not about what the 109 00:04:15,520 --> 00:04:17,160 Speaker 3: market's going to do today. But that's how we can 110 00:04:17,400 --> 00:04:19,120 Speaker 3: we can get a feeling for what is the overall 111 00:04:19,120 --> 00:04:22,040 Speaker 3: opinion of what mood are we in. Futures are up 112 00:04:22,080 --> 00:04:24,360 Speaker 3: one and a half to two percent. Look at it, right, 113 00:04:24,360 --> 00:04:24,920 Speaker 3: it's crazy. 114 00:04:25,160 --> 00:04:26,200 Speaker 2: Well, and I think it's. 115 00:04:26,080 --> 00:04:28,239 Speaker 3: Driven by nothing more than Trump making a few comments 116 00:04:28,240 --> 00:04:29,840 Speaker 3: said maybe we're going to back off here just a 117 00:04:29,839 --> 00:04:31,840 Speaker 3: little bit. We're maybe not going to attack the you know, 118 00:04:31,880 --> 00:04:35,839 Speaker 3: the civilian infrastructure sites, and so that the market instantly 119 00:04:35,839 --> 00:04:38,480 Speaker 3: reacts and it's looking for the end of the conflict. 120 00:04:38,480 --> 00:04:40,840 Speaker 3: That's what the market is going always going to anticipate 121 00:04:40,839 --> 00:04:41,800 Speaker 3: that this might be the end. 122 00:04:41,839 --> 00:04:43,800 Speaker 2: Well, Nope, it's not what Maybe it's just what. Nope, 123 00:04:43,800 --> 00:04:46,039 Speaker 2: that wasn't it either? Whoop? Here it is. 124 00:04:46,360 --> 00:04:48,560 Speaker 3: And the problem is, you know, that's that's why we 125 00:04:48,600 --> 00:04:51,039 Speaker 3: always encourage people not to try to time it. Sooner 126 00:04:51,120 --> 00:04:53,440 Speaker 3: or later, it's going to get it right, but until then, 127 00:04:53,480 --> 00:04:54,680 Speaker 3: there's going to be a heck of a lot of 128 00:04:54,680 --> 00:04:57,040 Speaker 3: head fakes. And that's where we're at right now. But regardless, 129 00:04:57,040 --> 00:04:59,159 Speaker 3: that's not really what we're talking about today. We're talking 130 00:04:59,160 --> 00:05:02,159 Speaker 3: about the the over impact of inflation on the pocketbook. 131 00:05:02,200 --> 00:05:04,000 Speaker 3: And so, yes, there are concerns that if I got 132 00:05:04,040 --> 00:05:05,920 Speaker 3: to spend more at the gas pump, I'm going to 133 00:05:05,960 --> 00:05:08,520 Speaker 3: eat out less, I'm going to you know, I'm going 134 00:05:08,560 --> 00:05:11,440 Speaker 3: to do as less of these discretionary things. And not 135 00:05:11,520 --> 00:05:13,400 Speaker 3: to mention, this is also filtering through This is really 136 00:05:13,440 --> 00:05:16,080 Speaker 3: what the headline is. It's filtering through to electricity, and 137 00:05:16,320 --> 00:05:17,440 Speaker 3: that's not something we. 138 00:05:17,400 --> 00:05:18,000 Speaker 2: Get to choose. 139 00:05:18,000 --> 00:05:20,719 Speaker 3: I decide, hey guys, we're going to use twenty percent 140 00:05:20,800 --> 00:05:22,080 Speaker 3: less electricity this month. 141 00:05:22,080 --> 00:05:22,680 Speaker 2: Buckle down. 142 00:05:22,880 --> 00:05:24,800 Speaker 1: Yeah, And that was a topic we're going to get 143 00:05:24,800 --> 00:05:26,640 Speaker 1: to because I saw you have a separate article referring 144 00:05:26,640 --> 00:05:29,120 Speaker 1: to electricity builds are up six percent from last year, 145 00:05:29,120 --> 00:05:31,720 Speaker 1: and I find that figure to be, well, in my world, 146 00:05:32,080 --> 00:05:35,120 Speaker 1: a bit of an understatement, Brian. But before we get 147 00:05:35,120 --> 00:05:37,960 Speaker 1: over that, your wheelhouse, of course is investment in retirement. 148 00:05:38,760 --> 00:05:40,480 Speaker 1: The impact that this is going to have on our 149 00:05:40,480 --> 00:05:43,839 Speaker 1: investment and retirement funds, This this global conflict we find 150 00:05:43,839 --> 00:05:47,719 Speaker 1: ourselves in. I see nasdacs down what's almost seven percent 151 00:05:47,839 --> 00:05:50,400 Speaker 1: for the year. Well, unless today jumps two points, I 152 00:05:50,440 --> 00:05:53,320 Speaker 1: don't know. S and P's down about five for the year, 153 00:05:53,360 --> 00:05:55,840 Speaker 1: and as well, the Dow is down about five for 154 00:05:55,920 --> 00:05:59,440 Speaker 1: the year. So clearly it's whatever's out there is impacting 155 00:05:59,480 --> 00:06:01,359 Speaker 1: our our our retirement. 156 00:06:00,920 --> 00:06:04,200 Speaker 2: Plan for sure. And this is coming on the tail 157 00:06:04,279 --> 00:06:04,599 Speaker 2: end too. 158 00:06:04,600 --> 00:06:07,200 Speaker 3: There's a little bit of before the war started here, 159 00:06:07,240 --> 00:06:09,080 Speaker 3: there was already kind of a little bit of suspicion 160 00:06:09,080 --> 00:06:11,400 Speaker 3: there kind of always is after we have a ridiculous 161 00:06:11,440 --> 00:06:14,000 Speaker 3: run up like we've had since twenty twenty two, where 162 00:06:14,040 --> 00:06:16,040 Speaker 3: we had some again headfakes along the way. We had 163 00:06:16,080 --> 00:06:18,120 Speaker 3: a panic about the tariffs back in April and the 164 00:06:18,120 --> 00:06:20,920 Speaker 3: market went down almost twenty percent. That's almost a year 165 00:06:20,920 --> 00:06:23,640 Speaker 3: ago now, so April twenty five I'm referring to. And 166 00:06:23,680 --> 00:06:25,600 Speaker 3: then we got over that, we calmed down and moved 167 00:06:25,600 --> 00:06:27,520 Speaker 3: on as we as we normally do, and. 168 00:06:27,920 --> 00:06:30,160 Speaker 2: And cooler heads will prevail, they always do. 169 00:06:30,520 --> 00:06:35,120 Speaker 3: Nobody benefits from permanently sinking the world into a global conflict, right, 170 00:06:35,160 --> 00:06:37,200 Speaker 3: So I have to say that somebody is in President 171 00:06:37,240 --> 00:06:40,279 Speaker 3: Trump's ear saying, hey, you know, we do have midterms 172 00:06:40,320 --> 00:06:43,520 Speaker 3: this year, and at some point where we're going to 173 00:06:43,520 --> 00:06:45,560 Speaker 3: need to make to show progress that this is this 174 00:06:45,720 --> 00:06:47,919 Speaker 3: is a goal, or that we do have some level 175 00:06:47,920 --> 00:06:51,240 Speaker 3: of restraint. We will make different decisions when the situation arises. 176 00:06:51,400 --> 00:06:53,719 Speaker 3: That seems to be what has happened here, and the 177 00:06:53,760 --> 00:06:56,120 Speaker 3: market is reacting very quickly. But sooner or later, this 178 00:06:56,200 --> 00:06:58,119 Speaker 3: too shall pass and we'll get back to normal. 179 00:06:58,320 --> 00:07:02,640 Speaker 1: Well, and I have to just enter act the odd, 180 00:07:02,720 --> 00:07:05,479 Speaker 1: strange reality that we're all dealing with, finally waking up 181 00:07:05,520 --> 00:07:08,000 Speaker 1: to the realization that twenty percent of the world's oil 182 00:07:08,160 --> 00:07:11,080 Speaker 1: basically gas oil and even fertilized no thing goes through 183 00:07:11,080 --> 00:07:14,320 Speaker 1: that twenty mile little tiny piece of waterway that Iran 184 00:07:14,440 --> 00:07:18,840 Speaker 1: can disrupt. That it has been so devastating in such 185 00:07:18,840 --> 00:07:20,560 Speaker 1: a short period of time for so many countries in 186 00:07:20,600 --> 00:07:22,400 Speaker 1: the world, you would think that maybe they might step 187 00:07:22,480 --> 00:07:23,680 Speaker 1: up and say, you know, well, if there is something 188 00:07:23,720 --> 00:07:25,360 Speaker 1: we can do about that straight to Horror Moves, why 189 00:07:25,360 --> 00:07:27,960 Speaker 1: don't we help out and open it up. I mean, 190 00:07:28,000 --> 00:07:30,600 Speaker 1: it's the world against Iran right now, simply because of 191 00:07:30,600 --> 00:07:32,920 Speaker 1: the economic reality and pain they've brought on us. And 192 00:07:32,960 --> 00:07:36,440 Speaker 1: I know that we are partially culpable because we started. 193 00:07:36,040 --> 00:07:37,280 Speaker 2: The war, but we wouldn't have it. 194 00:07:37,080 --> 00:07:39,880 Speaker 1: It wasn't for Irani and Terrorists's discussion for another day, 195 00:07:39,920 --> 00:07:42,520 Speaker 1: but it may change the dynamic globally in so far 196 00:07:42,600 --> 00:07:44,840 Speaker 1: as people's perceptions of getting the straight of horror Mooves 197 00:07:44,880 --> 00:07:45,320 Speaker 1: rack open. 198 00:07:45,640 --> 00:07:47,480 Speaker 3: Yeah, I think there's a lot of truth to that, 199 00:07:47,880 --> 00:07:50,400 Speaker 3: because obviously they don't think it's rocket science there either 200 00:07:50,440 --> 00:07:53,240 Speaker 3: to say that that is definitely literally a bottleneck, quite 201 00:07:53,320 --> 00:07:54,880 Speaker 3: literally the definition of a bottleneck. 202 00:07:54,960 --> 00:07:56,000 Speaker 2: So let's treat it with care. 203 00:07:56,240 --> 00:07:58,360 Speaker 3: But at the same time, that does give a RAN 204 00:07:58,520 --> 00:08:01,960 Speaker 3: some leverage, as it has over the centuries, because they 205 00:08:02,120 --> 00:08:03,840 Speaker 3: we they have something that we that the rest of 206 00:08:03,840 --> 00:08:05,480 Speaker 3: the world needs, and so they can use it to 207 00:08:05,800 --> 00:08:08,200 Speaker 3: push their their goals as well. This kind of goes 208 00:08:08,240 --> 00:08:09,960 Speaker 3: back to a little bit. I do wish that this 209 00:08:10,040 --> 00:08:15,320 Speaker 3: administration perhaps had pushed its goals with Europe a little differently. 210 00:08:15,440 --> 00:08:17,600 Speaker 3: You know, could we have maybe not treated it like 211 00:08:17,640 --> 00:08:19,400 Speaker 3: it was a fight in a high school playground and 212 00:08:19,480 --> 00:08:20,960 Speaker 3: just kind of laid down the lock. Here's what we're 213 00:08:20,960 --> 00:08:23,320 Speaker 3: gonna contribute to NATO and no more. And you guys 214 00:08:23,360 --> 00:08:25,840 Speaker 3: need to pony up the rest of you know what 215 00:08:25,880 --> 00:08:29,200 Speaker 3: you committed to do versus the approach we took, which 216 00:08:29,240 --> 00:08:30,679 Speaker 3: was basically just to pull the rug. 217 00:08:30,480 --> 00:08:32,040 Speaker 2: And take the ball and go home. Because now we're 218 00:08:32,040 --> 00:08:32,760 Speaker 2: on the other end of it. 219 00:08:32,679 --> 00:08:34,880 Speaker 3: It would be very nice, as you said, if everybody 220 00:08:34,920 --> 00:08:36,960 Speaker 3: would realize that the straight OH hormones is important, not 221 00:08:37,000 --> 00:08:39,640 Speaker 3: just the United States, everyone else. But unfortunately we blew 222 00:08:39,640 --> 00:08:41,440 Speaker 3: some political people I think making headlines. 223 00:08:41,480 --> 00:08:43,080 Speaker 1: Well, the point was well made. They need to be 224 00:08:43,120 --> 00:08:47,360 Speaker 1: responsible for the rooms for themselves, right, Okay, yeah. 225 00:08:47,200 --> 00:08:49,880 Speaker 3: No, that's no argument with that whatsoever. But now when 226 00:08:49,960 --> 00:08:52,280 Speaker 3: we could use their help. Maybe we could have taken 227 00:08:52,280 --> 00:08:53,400 Speaker 3: a different tact, all. 228 00:08:53,400 --> 00:08:55,680 Speaker 1: Right, pivoting over to one other area. This might impact 229 00:08:55,720 --> 00:08:57,160 Speaker 1: or might not, as the case may be, because I 230 00:08:57,160 --> 00:08:59,840 Speaker 1: know Jerome Palell doesn't have any idea because he's not 231 00:09:00,360 --> 00:09:02,480 Speaker 1: he can't read tea leaves and know what the future is. 232 00:09:03,040 --> 00:09:05,480 Speaker 1: How this might impact mortgage rates. We were enjoying a 233 00:09:05,520 --> 00:09:07,800 Speaker 1: little bit of reprieve from the north of six percent 234 00:09:07,840 --> 00:09:11,240 Speaker 1: mortgage rates, but that moment in time gone now right. 235 00:09:11,280 --> 00:09:14,839 Speaker 3: Well, potentially because hopefully we can get this result one 236 00:09:14,840 --> 00:09:17,480 Speaker 3: way or another before this is permanent. So but of 237 00:09:17,520 --> 00:09:22,040 Speaker 3: course we're seeing inflation obviously, and whenever we choke off 238 00:09:22,080 --> 00:09:24,960 Speaker 3: that bottleneck, then of course supply goes down and the 239 00:09:24,960 --> 00:09:27,600 Speaker 3: cost goes up, and then we get inflation. So mortgage 240 00:09:27,640 --> 00:09:30,280 Speaker 3: rates are rising six point one percent on a thirty 241 00:09:30,320 --> 00:09:32,520 Speaker 3: year up to about six point four percent just over 242 00:09:32,559 --> 00:09:35,160 Speaker 3: the past couple of weeks. And again that's coming from 243 00:09:35,240 --> 00:09:38,680 Speaker 3: rising treasure yields and inflation expectations. This is the market 244 00:09:38,760 --> 00:09:41,000 Speaker 3: driving it, not fed policy. The Federal Reserve did not 245 00:09:41,120 --> 00:09:44,280 Speaker 3: raise rates. It's just the market pushing bonds in a 246 00:09:44,320 --> 00:09:46,280 Speaker 3: different direction that has that result. 247 00:09:46,440 --> 00:09:47,120 Speaker 2: So, and this is. 248 00:09:47,080 --> 00:09:49,800 Speaker 3: Coming directly from of course, we're seeing gas prices up 249 00:09:49,840 --> 00:09:52,920 Speaker 3: about twenty two percent a month, four bucks a gown 250 00:09:52,960 --> 00:09:55,079 Speaker 3: a lot of places, and a lot more than that elsewhere. 251 00:09:55,320 --> 00:09:59,520 Speaker 3: And again all coming back to this somewhat self inflicted 252 00:10:00,320 --> 00:10:03,320 Speaker 3: the chosen war here, not to say it doesn't have 253 00:10:03,400 --> 00:10:05,880 Speaker 3: a place in our overall foreign policy, but at the 254 00:10:05,960 --> 00:10:07,680 Speaker 3: end of the day, we can't pretend that it wasn't 255 00:10:07,720 --> 00:10:10,680 Speaker 3: going to have an impact. All right, this shouldn't surprise anybody. 256 00:10:10,760 --> 00:10:12,960 Speaker 1: Well, I mean you mentioned electricity earlier. I kind of 257 00:10:13,000 --> 00:10:14,640 Speaker 1: stop you from moving forward to it because I want 258 00:10:14,640 --> 00:10:16,160 Speaker 1: to talk a little bit more about it, because the 259 00:10:16,200 --> 00:10:21,080 Speaker 1: electricity jump was there before we invaded Iran. I mean, 260 00:10:21,120 --> 00:10:22,959 Speaker 1: I've been struggling with the last couple of months worth 261 00:10:22,960 --> 00:10:25,320 Speaker 1: of electricity and gas bills, although gas is such a 262 00:10:25,360 --> 00:10:27,439 Speaker 1: fraction of my bill that I don't even really look 263 00:10:27,480 --> 00:10:30,080 Speaker 1: at it, but electricity has gone through the room. Is 264 00:10:30,080 --> 00:10:31,959 Speaker 1: there a reason for that? Did they change the way 265 00:10:32,000 --> 00:10:33,840 Speaker 1: billing is done? Or is that what we're dealing with 266 00:10:33,880 --> 00:10:36,640 Speaker 1: because of oh, I don't know, global warming or something 267 00:10:36,679 --> 00:10:39,319 Speaker 1: more with Brian James money Monday coming up next to 268 00:10:39,360 --> 00:10:40,599 Speaker 1: eight sixteen. Right now, If I do you have k 269 00:10:40,720 --> 00:10:41,760 Speaker 1: CEDE talk station. 270 00:10:42,040 --> 00:10:45,199 Speaker 2: The events of the day's talk station. 271 00:10:46,720 --> 00:10:49,760 Speaker 1: Brian Thomas with Brian James Money Monday's Brian James get 272 00:10:49,800 --> 00:10:53,080 Speaker 1: some good information for him. Worried about your financial future? 273 00:10:53,120 --> 00:10:55,520 Speaker 1: That's why everybody should really get a financial planner. I 274 00:10:55,600 --> 00:10:57,400 Speaker 1: have one, and I'm glad I do. Taken the weight 275 00:10:57,440 --> 00:11:00,840 Speaker 1: off my shoulders anyway. Pivoting over to electric prices, I 276 00:11:00,880 --> 00:11:02,760 Speaker 1: have no idea what in God's green earth happened to 277 00:11:02,760 --> 00:11:05,560 Speaker 1: my electric bill there, Brian James. But beginning with the 278 00:11:05,880 --> 00:11:08,439 Speaker 1: first bill of the month I got it in January. 279 00:11:09,200 --> 00:11:12,319 Speaker 1: I think if I had to guess, I would say 280 00:11:12,360 --> 00:11:15,240 Speaker 1: it was at least one hundred, if not more like 281 00:11:15,240 --> 00:11:18,320 Speaker 1: one hundred and fifty bucks more than the highest bill 282 00:11:18,360 --> 00:11:21,959 Speaker 1: I ever got from Duke Energy. And my mouth literally 283 00:11:21,960 --> 00:11:25,400 Speaker 1: fell open, Like what the ever loving FCC non compliant 284 00:11:25,440 --> 00:11:27,080 Speaker 1: word came out of my mouth at the time, and 285 00:11:27,080 --> 00:11:30,120 Speaker 1: I thought, maybe this is just an abarition. But no, 286 00:11:30,200 --> 00:11:32,800 Speaker 1: when the February's bill came or got it in late February, 287 00:11:32,840 --> 00:11:36,360 Speaker 1: same damn thing almost identical. I just can't make heads 288 00:11:36,400 --> 00:11:38,200 Speaker 1: or tail out of it. A lot more than the 289 00:11:38,320 --> 00:11:41,559 Speaker 1: six percent increase which we apparently are experiencing on a 290 00:11:41,640 --> 00:11:44,760 Speaker 1: national average, what is with electric Brian James. 291 00:11:44,760 --> 00:11:47,320 Speaker 3: Well, I think the big headline behind this is the 292 00:11:47,400 --> 00:11:50,040 Speaker 3: things that we are building to support what we are becoming. 293 00:11:50,080 --> 00:11:51,920 Speaker 3: And a lot of this is AI and data center. 294 00:11:52,000 --> 00:11:54,439 Speaker 3: So data centers were maybe just a few years ago, 295 00:11:54,480 --> 00:11:57,680 Speaker 3: probably about four percent of US power usage. Now they're 296 00:11:57,720 --> 00:12:01,040 Speaker 3: projected to reach up to ten to twelve percent eight 297 00:12:01,760 --> 00:12:03,360 Speaker 3: and so we're somewhere in the middle of that now. 298 00:12:03,400 --> 00:12:06,560 Speaker 3: And these individual AI facilities can consume up to, you know, 299 00:12:06,559 --> 00:12:09,199 Speaker 3: one hundred megawatts more than that, which doesn't mean a 300 00:12:09,200 --> 00:12:11,040 Speaker 3: lot to you know, that's just a number, but that 301 00:12:11,160 --> 00:12:14,320 Speaker 3: is basically all of Dayton, a couple of Hamilton's, maybe 302 00:12:14,360 --> 00:12:16,800 Speaker 3: a middletown thrown in for good, for good measure, that's 303 00:12:16,800 --> 00:12:19,920 Speaker 3: how much electricity these larger facilities can consume. And there 304 00:12:19,920 --> 00:12:21,520 Speaker 3: are some of these things being built in the state 305 00:12:21,520 --> 00:12:24,240 Speaker 3: of Ohio, a lot of yeah, everywhere, and there's so 306 00:12:24,360 --> 00:12:26,199 Speaker 3: matter of fact, what what I'm also seeing springing up 307 00:12:26,240 --> 00:12:30,520 Speaker 3: is signs that say no data centers. There's some somehow 308 00:12:30,520 --> 00:12:31,400 Speaker 3: that's proportional. 309 00:12:31,440 --> 00:12:32,680 Speaker 2: It seems to be well, if. 310 00:12:32,600 --> 00:12:35,040 Speaker 1: The data centers brought their own dam electricity with them 311 00:12:35,080 --> 00:12:37,120 Speaker 1: and covered their own you know, nut if I can 312 00:12:37,400 --> 00:12:39,520 Speaker 1: use that term, then we wouldn't have a problem in 313 00:12:39,520 --> 00:12:41,719 Speaker 1: fact with small modular reactors, and everybody knows that I'm 314 00:12:41,760 --> 00:12:46,720 Speaker 1: on that bandwagon. Streamline the regulatory process, streamline the design 315 00:12:46,800 --> 00:12:49,719 Speaker 1: process where one size literally can fit all like they 316 00:12:49,720 --> 00:12:54,080 Speaker 1: have with our military ships. We could, we could manage this. 317 00:12:54,240 --> 00:12:55,720 Speaker 1: It's just it's going to take time, and it's going 318 00:12:55,800 --> 00:12:58,120 Speaker 1: to have to It's going to take a change in 319 00:12:58,200 --> 00:13:00,800 Speaker 1: mind over nuclear but also a reduction in a regulatory 320 00:13:00,840 --> 00:13:02,120 Speaker 1: burden that comes with it. 321 00:13:02,120 --> 00:13:05,040 Speaker 3: It's going to take some courage in standing up to 322 00:13:05,200 --> 00:13:08,240 Speaker 3: the profit centers that that these that these things are 323 00:13:08,920 --> 00:13:10,640 Speaker 3: because at the end of the day, that that is 324 00:13:10,679 --> 00:13:13,440 Speaker 3: what we have built. Over a quarter of a millennium, 325 00:13:13,480 --> 00:13:15,520 Speaker 3: two hundred and fifty years, we have been building a 326 00:13:15,559 --> 00:13:18,120 Speaker 3: country that is the best place in history to ever 327 00:13:18,200 --> 00:13:20,640 Speaker 3: have built a business. That's how we make decisions. We 328 00:13:20,679 --> 00:13:22,920 Speaker 3: want to we tend to want to remove we ebb 329 00:13:22,960 --> 00:13:26,480 Speaker 3: and flow, but we tend to face more make more 330 00:13:26,480 --> 00:13:30,559 Speaker 3: decisions that are around deregulation and allowing these things to happen. Therefore, 331 00:13:30,559 --> 00:13:31,920 Speaker 3: there are no rules in place to say if you 332 00:13:31,920 --> 00:13:33,320 Speaker 3: want to suck on the edge of the power grid 333 00:13:33,320 --> 00:13:35,480 Speaker 3: this much, then you can you can pretty much do 334 00:13:35,520 --> 00:13:37,160 Speaker 3: that and there isn't a whole lot standing in the way, 335 00:13:37,320 --> 00:13:39,920 Speaker 3: which means we need our political leadership, good, bad or 336 00:13:39,960 --> 00:13:42,240 Speaker 3: indifferent to stand up and say you know what, no, 337 00:13:42,360 --> 00:13:44,559 Speaker 3: this is going to be more expensive and expensive than you. 338 00:13:44,520 --> 00:13:45,120 Speaker 2: Thought it would. 339 00:13:45,360 --> 00:13:47,280 Speaker 3: We have we do have rules, some rules in place. 340 00:13:47,280 --> 00:13:49,240 Speaker 3: So let's talk a little bit, Brian about why why 341 00:13:49,320 --> 00:13:51,360 Speaker 3: is this happening? Because you know some people out there going, well, 342 00:13:51,400 --> 00:13:54,040 Speaker 3: how can they do this? Because electricity rates are regulated, 343 00:13:54,080 --> 00:13:55,880 Speaker 3: aren't they There has to be an agreement from the 344 00:13:55,880 --> 00:14:00,000 Speaker 3: state of Ohio for in PUCO to make these decision 345 00:14:00,320 --> 00:14:02,880 Speaker 3: to change those rates. So some of that is cost recovery. 346 00:14:03,440 --> 00:14:05,719 Speaker 3: You know, there's there's fuel in it, there's the infrastructure 347 00:14:05,760 --> 00:14:07,679 Speaker 3: to move the fuel, maintenance and operations and all that 348 00:14:07,720 --> 00:14:10,200 Speaker 3: kind of thing. But there's also utilities are allowed to 349 00:14:10,200 --> 00:14:12,880 Speaker 3: earn a set rate of return. So utilities are somewhere 350 00:14:12,920 --> 00:14:16,800 Speaker 3: between a public entity and a private private entity because 351 00:14:16,840 --> 00:14:19,240 Speaker 3: there is profit involved. However, they are supported and we 352 00:14:19,280 --> 00:14:22,680 Speaker 3: can't have you know, ten utilities competing for business. You know, 353 00:14:23,320 --> 00:14:25,720 Speaker 3: in terms of the generation, it's the distribution side where 354 00:14:25,720 --> 00:14:28,080 Speaker 3: they can do that. So the fuel costs get passed 355 00:14:28,120 --> 00:14:30,800 Speaker 3: through the infrastructure spending gets all baked in, and then 356 00:14:30,840 --> 00:14:33,200 Speaker 3: of course we have demand growth just like any other business. 357 00:14:33,760 --> 00:14:36,720 Speaker 3: And then in capacity markets, utilities pay for this backup 358 00:14:36,760 --> 00:14:39,840 Speaker 3: power availability, and those costs have surged a lot. 359 00:14:39,920 --> 00:14:41,840 Speaker 2: Guess what that gets passed through to consumers. 360 00:14:41,920 --> 00:14:44,400 Speaker 3: So yes, rates are regulated, but there's a lot of 361 00:14:44,440 --> 00:14:46,240 Speaker 3: other things built into that rate that are not. 362 00:14:46,760 --> 00:14:49,160 Speaker 1: Well. Let's pause, bring Brian Jat back, because you know, 363 00:14:49,200 --> 00:14:52,440 Speaker 1: one thing I find really really really important about my 364 00:14:52,560 --> 00:14:55,400 Speaker 1: financial planner relationship with me is because that person has 365 00:14:55,440 --> 00:14:58,760 Speaker 1: a fiduciary obligation to me, which must means that he 366 00:14:59,000 --> 00:15:02,120 Speaker 1: must keep my interes in the forefront of any decision making. 367 00:15:02,560 --> 00:15:05,240 Speaker 1: So I'm a little concerned. Normally I'm not when we 368 00:15:05,280 --> 00:15:07,800 Speaker 1: get rid of rules, I'm a little concerned about this one. 369 00:15:07,800 --> 00:15:11,000 Speaker 1: Brian's gonna explain this Biden error rule that's just been 370 00:15:11,040 --> 00:15:13,160 Speaker 1: pulled by the Department of Labor. That'll happen next. Don't 371 00:15:13,160 --> 00:15:19,520 Speaker 1: cool Way fifty five KRC WHAT Talk Station, Hey twenty 372 00:15:19,600 --> 00:15:21,680 Speaker 1: nine to fifty five KRC DE Talk Station Brian twmins 373 00:15:21,680 --> 00:15:23,920 Speaker 1: with Brian James doing Money Money Especial edition on the 374 00:15:23,920 --> 00:15:25,800 Speaker 1: fifty five Carsse Morning Show. Late in the day, but 375 00:15:25,880 --> 00:15:28,840 Speaker 1: that's still welcome. Next, we're gonna hear from Ihart Media 376 00:15:28,880 --> 00:15:32,280 Speaker 1: aviation expert Jay Ratliffe on yes, the chaos at the airports. 377 00:15:32,280 --> 00:15:34,240 Speaker 1: We got LaGuardia closed because of a collision, but we 378 00:15:34,280 --> 00:15:36,720 Speaker 1: also have the reality of the TSA agents aren't showing 379 00:15:36,760 --> 00:15:39,320 Speaker 1: up because they're not getting paid checking no one. Pivoting 380 00:15:39,320 --> 00:15:41,720 Speaker 1: back over to Brian James, and I like your sentiment 381 00:15:41,760 --> 00:15:43,680 Speaker 1: on that little plot you did about you know, trying 382 00:15:43,720 --> 00:15:45,800 Speaker 1: to come come to some point where you actually start 383 00:15:45,840 --> 00:15:48,960 Speaker 1: spending your money if you've saved your entire life. I 384 00:15:48,960 --> 00:15:51,560 Speaker 1: thought that was a refreshing point to make there, Brian James, 385 00:15:51,600 --> 00:15:54,480 Speaker 1: because you know, spending money always freaks me out. 386 00:15:55,200 --> 00:15:57,720 Speaker 3: So yeah, that's that's the west side of the other 387 00:15:58,240 --> 00:16:00,400 Speaker 3: conservative west side coming out in I have to fight 388 00:16:00,440 --> 00:16:02,880 Speaker 3: it myself. But yeah, no, I'd say this all the time, 389 00:16:02,880 --> 00:16:05,360 Speaker 3: but I spend like ninety plus percent of the time 390 00:16:05,360 --> 00:16:07,440 Speaker 3: sitting at my table in my office with clients begging 391 00:16:07,440 --> 00:16:09,560 Speaker 3: them to spend their own money. It's my job to 392 00:16:09,600 --> 00:16:12,880 Speaker 3: shine a light on how okay they actually are. And 393 00:16:12,960 --> 00:16:15,360 Speaker 3: most people are okay, but they won't allow themselves to 394 00:16:15,360 --> 00:16:17,400 Speaker 3: believe it. That's the same voice in the back of 395 00:16:17,440 --> 00:16:19,040 Speaker 3: their heads that put them in that position. But you 396 00:16:19,120 --> 00:16:21,040 Speaker 3: have to shout it down eventually so that you can 397 00:16:21,080 --> 00:16:22,360 Speaker 3: live a fulfilling life. 398 00:16:22,400 --> 00:16:24,520 Speaker 1: Well, you know, and my kids aren't listening because I 399 00:16:24,520 --> 00:16:27,040 Speaker 1: don't think they ever do. But just the whole idea 400 00:16:27,120 --> 00:16:29,680 Speaker 1: if we ever get a grandchild, Brian James, you know, 401 00:16:29,800 --> 00:16:31,960 Speaker 1: we got a pile of money sitting out back waiting 402 00:16:32,000 --> 00:16:35,560 Speaker 1: to splurge on grandchildren. That's going to be a retirement 403 00:16:35,600 --> 00:16:38,280 Speaker 1: project for my wife and me. So someone better get 404 00:16:38,320 --> 00:16:42,520 Speaker 1: off the pot pivoting over. We got this fiduciary dint hint. 405 00:16:42,760 --> 00:16:47,520 Speaker 1: I love the fiduciary obligation that my financial planner has 406 00:16:47,560 --> 00:16:47,720 Speaker 1: to me. 407 00:16:47,840 --> 00:16:48,080 Speaker 2: Brian. 408 00:16:48,120 --> 00:16:50,200 Speaker 1: I take confidence in that because there are a lot 409 00:16:50,200 --> 00:16:52,480 Speaker 1: of financial planners out there that don't do a fee 410 00:16:52,480 --> 00:16:54,560 Speaker 1: base thing. They go out and they make money selling 411 00:16:54,600 --> 00:16:57,080 Speaker 1: you things that might not be in your best financial 412 00:16:57,120 --> 00:16:58,840 Speaker 1: interest down the road, which means we're not following a 413 00:16:58,880 --> 00:17:02,080 Speaker 1: fiduciary obligation out for their own pockets as opposed to 414 00:17:02,120 --> 00:17:05,080 Speaker 1: those that they're supposed to serve. So what is with 415 00:17:05,359 --> 00:17:10,760 Speaker 1: this Labor Department rule that has struck down the advice 416 00:17:10,800 --> 00:17:14,800 Speaker 1: that classify I'm sorry that financial professionals and are fiduciaries 417 00:17:14,800 --> 00:17:18,640 Speaker 1: on some level. What's with this, Well, I mean, unfortunately, 418 00:17:18,640 --> 00:17:21,119 Speaker 1: I think this is just political. So the word fiduciary 419 00:17:21,160 --> 00:17:23,040 Speaker 1: basically means, just for those who may not be familiar, 420 00:17:23,119 --> 00:17:25,399 Speaker 1: basically means that an advisor has to be able to 421 00:17:25,400 --> 00:17:27,520 Speaker 1: prove in a court of law that any advice they 422 00:17:27,600 --> 00:17:30,439 Speaker 1: gave or moves they made in your portfolio that kind 423 00:17:30,480 --> 00:17:33,439 Speaker 1: of thing was done for your best interest and not 424 00:17:33,520 --> 00:17:34,879 Speaker 1: for their So that's what it means at a very 425 00:17:34,960 --> 00:17:35,440 Speaker 1: high level. 426 00:17:35,920 --> 00:17:38,360 Speaker 2: But a lot of what is impacted. 427 00:17:37,880 --> 00:17:40,520 Speaker 3: By it is the fact that if that's the case, 428 00:17:40,560 --> 00:17:43,600 Speaker 3: then they can't get compensated based off of you purchasing 429 00:17:43,880 --> 00:17:46,720 Speaker 3: or not purchasing a certain product. So you know, commissioned, 430 00:17:46,720 --> 00:17:49,200 Speaker 3: typed things are usually kind of in the crosshairs there. Yeah, 431 00:17:49,200 --> 00:17:52,280 Speaker 3: So there was a rule came up in the Biden 432 00:17:52,359 --> 00:17:56,479 Speaker 3: era that basically was targeted directly at four oh one 433 00:17:56,560 --> 00:18:00,520 Speaker 3: K and retirement plan rollovers into iras and basic was 434 00:18:00,960 --> 00:18:04,639 Speaker 3: forcing people to forcing brokers, insurance agents and advisors everybody 435 00:18:04,640 --> 00:18:07,000 Speaker 3: to act as a fiduciary. In this case, there's a 436 00:18:07,040 --> 00:18:10,399 Speaker 3: difference between being a fiduciary advisor and being a salesperson. 437 00:18:10,440 --> 00:18:13,040 Speaker 3: Salespeople have nothing wrong with it, but it's just a 438 00:18:13,040 --> 00:18:16,000 Speaker 3: different environment. There are fewer rules versus if you're a fiduciary, 439 00:18:16,080 --> 00:18:18,520 Speaker 3: a lot more documentation, a lot more paperwork, those kinds 440 00:18:18,560 --> 00:18:21,119 Speaker 3: of things. And this was going to force the people 441 00:18:21,119 --> 00:18:23,600 Speaker 3: who were only on the sales side of this to 442 00:18:23,800 --> 00:18:27,240 Speaker 3: start to act as a fiduciary. It was in place, 443 00:18:27,359 --> 00:18:29,600 Speaker 3: but it has now been struck down by a federal 444 00:18:29,600 --> 00:18:33,040 Speaker 3: court in Texas, really taking care of it before it 445 00:18:33,119 --> 00:18:35,439 Speaker 3: truly ever took full effect. Now I can say my 446 00:18:35,560 --> 00:18:37,399 Speaker 3: firm would put this in place years ago. We've been 447 00:18:37,440 --> 00:18:39,680 Speaker 3: a fiduciary twenty four to seven for as long as 448 00:18:39,800 --> 00:18:43,960 Speaker 3: we've existed, pretty much, and we actually put different processes 449 00:18:43,960 --> 00:18:46,560 Speaker 3: in place to document that we are having these discussions 450 00:18:46,600 --> 00:18:48,920 Speaker 3: and making sure people understand. And that's an extra piece 451 00:18:48,920 --> 00:18:50,480 Speaker 3: of paper you got to sign when there's a rollover 452 00:18:50,560 --> 00:18:52,879 Speaker 3: mix and all this sort of stuff. But so that 453 00:18:52,920 --> 00:18:55,960 Speaker 3: has been any fiduciary really worth their salt. This was 454 00:18:56,000 --> 00:18:58,560 Speaker 3: never a thing because they probably told you on day one, Yes, 455 00:18:58,600 --> 00:18:59,880 Speaker 3: this is what we are, and this is. 456 00:18:59,800 --> 00:19:00,400 Speaker 2: What we do. 457 00:19:00,760 --> 00:19:03,040 Speaker 3: Here's our fees, and here's the services we provide, so 458 00:19:03,080 --> 00:19:05,000 Speaker 3: on and so forth. So for the ones who were 459 00:19:05,000 --> 00:19:07,439 Speaker 3: playing by the rules. It was just extra work to 460 00:19:07,520 --> 00:19:10,080 Speaker 3: begin with. For the ones who weren't, it was something 461 00:19:10,080 --> 00:19:12,479 Speaker 3: that they resisted, and, like I said a little bit earlier, 462 00:19:13,040 --> 00:19:15,200 Speaker 3: we have put in place in this country the best 463 00:19:15,240 --> 00:19:18,720 Speaker 3: mechanism to be profitable and efficient. Ever, we lean towards 464 00:19:18,720 --> 00:19:21,280 Speaker 3: the side of business first. I think this falls under 465 00:19:21,280 --> 00:19:24,360 Speaker 3: that category, although I do believe consumers are now more 466 00:19:24,359 --> 00:19:26,520 Speaker 3: exposed than they were before this was struck down.