1 00:00:00,480 --> 00:00:03,920 Speaker 1: You're listening to KFI AM six forty on demand. 2 00:00:07,400 --> 00:00:11,119 Speaker 2: Penny is over. It's officially done. US Mint officially stopped 3 00:00:11,160 --> 00:00:16,480 Speaker 2: minting pennies. Yesterday was the last penny because it's stupid. 4 00:00:16,920 --> 00:00:20,360 Speaker 2: It costs you and me the taxpayer, like three and 5 00:00:20,400 --> 00:00:24,080 Speaker 2: a half cent almost four cents now in copper and zinc. 6 00:00:25,800 --> 00:00:28,280 Speaker 3: And it was amazing that it took this long. It 7 00:00:28,320 --> 00:00:32,519 Speaker 3: really is. I know that there are people wistful for 8 00:00:32,560 --> 00:00:33,000 Speaker 3: the penny. 9 00:00:33,120 --> 00:00:36,559 Speaker 2: It's copper, so it looks different than all the other coins, 10 00:00:37,400 --> 00:00:40,279 Speaker 2: and yeah, it brings back good memories, but in reality 11 00:00:40,360 --> 00:00:40,960 Speaker 2: it's stupid. 12 00:00:41,000 --> 00:00:43,360 Speaker 3: I mean, we were losing millions of dollars. 13 00:00:43,560 --> 00:00:47,280 Speaker 2: In twenty twenty four alone, the US Mint lost eighty 14 00:00:47,520 --> 00:00:55,200 Speaker 2: five million dollars, like ridiculous, absolutely ridiculous. And President Trump 15 00:00:55,240 --> 00:00:56,960 Speaker 2: said no more, and it's over. 16 00:00:57,040 --> 00:01:00,680 Speaker 4: The US Mint pressing it's fine penny, which cost nearly 17 00:01:00,800 --> 00:01:03,280 Speaker 4: four cents a piece to make, more than the price 18 00:01:03,320 --> 00:01:05,800 Speaker 4: of producing a dollar bill. This after an order from 19 00:01:05,840 --> 00:01:09,160 Speaker 4: President Trump, who called it wasteful to continue turning out 20 00:01:09,200 --> 00:01:10,520 Speaker 4: these zinc and copper coins. 21 00:01:10,800 --> 00:01:15,280 Speaker 2: It is wasteful, I mean it's like stupid, wasteful. That's 22 00:01:15,280 --> 00:01:18,360 Speaker 2: amazing that the penny costs more than the dollar bill. 23 00:01:19,280 --> 00:01:21,960 Speaker 2: The dollar bill is cheap because it's not been updated. Notice, 24 00:01:22,040 --> 00:01:24,080 Speaker 2: the dollar bill is the only one that doesn't have 25 00:01:24,120 --> 00:01:26,520 Speaker 2: the special stuff. You look at a five or a 26 00:01:26,560 --> 00:01:29,440 Speaker 2: ten or one hundred, they have that's strip in there 27 00:01:30,000 --> 00:01:34,440 Speaker 2: and the special ink, and everybody got updated the dollar bill. 28 00:01:34,560 --> 00:01:37,119 Speaker 2: I think they're looking at phasing that out too at some. 29 00:01:37,120 --> 00:01:40,800 Speaker 3: Point, because it. 30 00:01:39,640 --> 00:01:42,480 Speaker 2: Does cost money to make, but the penny was the 31 00:01:42,520 --> 00:01:45,080 Speaker 2: most I think the penny and the nickel are the 32 00:01:45,120 --> 00:01:46,480 Speaker 2: most cost inefficient. 33 00:01:46,520 --> 00:01:50,440 Speaker 4: The retirement has some retailers, banks and convenience stores scrambling 34 00:01:50,480 --> 00:01:54,400 Speaker 4: to adapt, with some stores rounding cash transactions up or down. 35 00:01:54,600 --> 00:01:56,920 Speaker 3: Yeah, I don't know that anyone's scrambling to adapt. 36 00:01:56,960 --> 00:02:01,720 Speaker 2: That's kind of a dramatic characterization there, I think will 37 00:02:01,760 --> 00:02:06,160 Speaker 2: be Okay, what was the last time you used a penny? 38 00:02:06,320 --> 00:02:15,720 Speaker 2: How many pennies are sitting in boxes and drawers? I'm 39 00:02:15,760 --> 00:02:20,280 Speaker 2: interested with Mark Ronner, was the last time you used 40 00:02:20,280 --> 00:02:20,680 Speaker 2: a penny? 41 00:02:20,760 --> 00:02:22,359 Speaker 5: I don't use cash at all. I think we're moving 42 00:02:22,400 --> 00:02:26,359 Speaker 5: toward a cash list entirely as society entirely. I never 43 00:02:26,400 --> 00:02:29,000 Speaker 5: carried cash with me, haven't used a penny, and I 44 00:02:29,040 --> 00:02:31,160 Speaker 5: can't even remember when right. 45 00:02:31,919 --> 00:02:34,760 Speaker 3: I agree with you. I mean, like, I don't even 46 00:02:34,840 --> 00:02:35,240 Speaker 3: know the. 47 00:02:35,280 --> 00:02:38,320 Speaker 2: Last time I saw a penny. There's probably some pennies 48 00:02:38,400 --> 00:02:40,639 Speaker 2: in my car. I don't know what to do with them. 49 00:02:40,960 --> 00:02:43,639 Speaker 2: You know, you can't take pennies back to the bank, 50 00:02:44,040 --> 00:02:44,520 Speaker 2: like I know. 51 00:02:44,520 --> 00:02:47,680 Speaker 3: There are people. I know my brother has this like a. 52 00:02:49,200 --> 00:02:51,760 Speaker 2: Like an empty water bottle that he just sticks his 53 00:02:51,800 --> 00:02:55,040 Speaker 2: coins in and it's head So you must have a 54 00:02:55,040 --> 00:02:56,799 Speaker 2: bunch of money in there. But you can't just take 55 00:02:56,840 --> 00:03:00,160 Speaker 2: that to the bank anymore. And coinstar forget it, man, 56 00:03:00,400 --> 00:03:01,320 Speaker 2: talk about usury. 57 00:03:01,520 --> 00:03:02,840 Speaker 3: They take a goodly amount of money. 58 00:03:02,880 --> 00:03:05,400 Speaker 5: Do that. I've used coinstar a couple of times, but 59 00:03:05,440 --> 00:03:06,600 Speaker 5: it's been a while. What do they take? 60 00:03:07,040 --> 00:03:10,640 Speaker 2: They take like seven percent unless you put it directly 61 00:03:10,840 --> 00:03:12,359 Speaker 2: into your Amazon account. 62 00:03:12,480 --> 00:03:16,120 Speaker 5: Well that's right, that's right. You can get a gift certificate, right, Okay, but. 63 00:03:16,200 --> 00:03:17,359 Speaker 3: It's even money. 64 00:03:17,400 --> 00:03:18,600 Speaker 2: I don't know what kind of deal like got going 65 00:03:18,639 --> 00:03:22,160 Speaker 2: with Amazon, but I guess Amazon pays for the conversion. 66 00:03:22,160 --> 00:03:25,600 Speaker 2: But otherwise they take like seven percent, which you think 67 00:03:25,639 --> 00:03:27,359 Speaker 2: about it, seven cents on a dollar. 68 00:03:27,520 --> 00:03:29,640 Speaker 3: So what are you gonna do with the coins anyway? 69 00:03:29,919 --> 00:03:30,919 Speaker 3: You got to get rid of them. 70 00:03:31,000 --> 00:03:33,359 Speaker 5: Yeah, but Amazon's gonna wind up with all our money 71 00:03:33,440 --> 00:03:34,880 Speaker 5: sooner or later anyway, So you might. 72 00:03:34,880 --> 00:03:35,720 Speaker 3: As well just give up. 73 00:03:36,040 --> 00:03:37,960 Speaker 2: That's right, You might as well just convert it to 74 00:03:38,040 --> 00:03:40,400 Speaker 2: Amazon cash and give up. 75 00:03:40,440 --> 00:03:41,640 Speaker 3: But yeah, I did. 76 00:03:41,680 --> 00:03:45,440 Speaker 2: This idea that McDonald's and Walmart are worried about being 77 00:03:45,480 --> 00:03:48,240 Speaker 2: able to make change is curious to me, because I 78 00:03:48,400 --> 00:03:51,080 Speaker 2: was just out of Walmart a couple of days ago, 79 00:03:51,680 --> 00:03:56,840 Speaker 2: and nobody has change purses anymore. Nobody uses any currency 80 00:03:56,840 --> 00:03:59,080 Speaker 2: at all, whether it's a coin or a bill. 81 00:03:59,200 --> 00:04:01,960 Speaker 5: Did your parents have those little squeeze coin purses? My 82 00:04:02,320 --> 00:04:04,040 Speaker 5: grandpa did, remember. 83 00:04:03,720 --> 00:04:06,040 Speaker 2: That little rubber thing, little oval rubber thing with the 84 00:04:06,040 --> 00:04:06,760 Speaker 2: slit in the middle. 85 00:04:06,840 --> 00:04:09,960 Speaker 5: I was always fascinated by that and found it hilarious. 86 00:04:10,000 --> 00:04:14,760 Speaker 2: Right, Like, well, your pants pocket isn't enough. It has 87 00:04:14,800 --> 00:04:17,640 Speaker 2: to be like it's in the pants. But that's not enough. 88 00:04:17,680 --> 00:04:19,359 Speaker 2: It needs to be in a separate section of the 89 00:04:19,360 --> 00:04:20,360 Speaker 2: inside of the pockett. 90 00:04:20,400 --> 00:04:22,760 Speaker 5: The well appointed mail of what I don't know, the 91 00:04:22,800 --> 00:04:25,000 Speaker 5: sixties and seventies had had to have one of those 92 00:04:25,040 --> 00:04:25,360 Speaker 5: on him. 93 00:04:25,760 --> 00:04:27,880 Speaker 2: I had to keep that change from hitting into the 94 00:04:28,160 --> 00:04:30,279 Speaker 2: jackknife or whatever else was in that pants pocket. 95 00:04:30,360 --> 00:04:32,560 Speaker 3: Huh No, I think I think the end of the 96 00:04:32,560 --> 00:04:33,719 Speaker 3: penny long overdue. 97 00:04:33,800 --> 00:04:35,720 Speaker 2: I mean, when you consider how much money we'd been 98 00:04:35,760 --> 00:04:39,960 Speaker 2: losing year after year after year, and that it eluded 99 00:04:40,120 --> 00:04:41,800 Speaker 2: previous administrations is. 100 00:04:42,080 --> 00:04:45,359 Speaker 3: Shocking to me. And and we're only at the penny. 101 00:04:45,400 --> 00:04:48,640 Speaker 2: The nickel loses money too, but that might be too 102 00:04:48,720 --> 00:04:51,320 Speaker 2: much for people to handle. I guess that if we 103 00:04:51,880 --> 00:04:53,560 Speaker 2: had to go slow, going to go with the penny 104 00:04:53,960 --> 00:04:56,240 Speaker 2: and then work our way up to the nickel, the 105 00:04:56,320 --> 00:04:58,760 Speaker 2: nickel coin, because the nickel is bigger than the dime, 106 00:04:59,000 --> 00:04:59,840 Speaker 2: so there's more metal in. 107 00:05:00,480 --> 00:05:01,640 Speaker 3: I guess nobody thought of that. 108 00:05:01,880 --> 00:05:04,039 Speaker 2: It was, you know, it was going smallest, the biggest, 109 00:05:04,040 --> 00:05:05,640 Speaker 2: and then they got to the nickel, and I don't know, 110 00:05:05,720 --> 00:05:08,279 Speaker 2: somebody decided the nickel had to be the odd man out. 111 00:05:08,520 --> 00:05:10,960 Speaker 3: One of these things looks not like the other, like 112 00:05:11,040 --> 00:05:11,480 Speaker 3: the quarter. 113 00:05:11,760 --> 00:05:16,960 Speaker 2: But uh yeah, they're they're very concerned that number one 114 00:05:17,360 --> 00:05:19,400 Speaker 2: McDonald's and Walmart won't be. 115 00:05:19,360 --> 00:05:20,240 Speaker 3: Able to make change. 116 00:05:20,400 --> 00:05:23,880 Speaker 2: The US Treasurer came out at a press conference he 117 00:05:24,000 --> 00:05:27,680 Speaker 2: wanted to assure everybody that the penny was still worth 118 00:05:27,680 --> 00:05:28,120 Speaker 2: a penny. 119 00:05:28,200 --> 00:05:32,520 Speaker 3: Let me be crystal clear, the penny remains legal tender. 120 00:05:34,200 --> 00:05:37,640 Speaker 3: We have over three hundred billion pennies that remain in circulation. 121 00:05:38,240 --> 00:05:39,880 Speaker 3: And we encourage you to use them. 122 00:05:40,040 --> 00:05:43,320 Speaker 2: I mean it's such an like like ominous warning. Let 123 00:05:43,400 --> 00:05:46,600 Speaker 2: me be crystal clear, you can still use the penny. 124 00:05:46,839 --> 00:05:49,440 Speaker 2: It is absolutely legal tender. And I'm thinking as I'm 125 00:05:49,440 --> 00:05:53,359 Speaker 2: watching this, who is using a penny for anything? I 126 00:05:53,360 --> 00:05:56,720 Speaker 2: mean they there is a leave a penny, take a 127 00:05:56,760 --> 00:05:59,880 Speaker 2: penny cup at the seven eleven where I. 128 00:06:01,400 --> 00:06:01,719 Speaker 3: Next to. 129 00:06:01,760 --> 00:06:06,320 Speaker 2: My pennies are so inconsequential that they're handing them out 130 00:06:06,360 --> 00:06:09,279 Speaker 2: for free at the counter of seven to eleven, and 131 00:06:09,440 --> 00:06:15,000 Speaker 2: the US treasures out there reminding everybody who I suspect 132 00:06:15,560 --> 00:06:17,320 Speaker 2: there are people out there that are worried that their 133 00:06:17,360 --> 00:06:19,920 Speaker 2: penny won't be taken anymore. So, now this is an 134 00:06:19,920 --> 00:06:24,880 Speaker 2: interesting question. What happens to the ninety nine at McDonald's 135 00:06:24,920 --> 00:06:29,080 Speaker 2: right now? A double cheeseburger is four ninety nine, a 136 00:06:29,440 --> 00:06:33,480 Speaker 2: medium sized soda is one eighty nine. Everything ends in 137 00:06:33,520 --> 00:06:37,520 Speaker 2: a nine. So will they do away with the ninety 138 00:06:37,600 --> 00:06:43,000 Speaker 2: nine trick and just go flat or will they will 139 00:06:43,000 --> 00:06:45,880 Speaker 2: they round down in their pricing and make go from 140 00:06:45,920 --> 00:06:50,920 Speaker 2: four ninety nine to four ninety five, which is a 141 00:06:51,120 --> 00:06:55,279 Speaker 2: four cent cut, and every single item on the menu 142 00:06:55,480 --> 00:06:58,400 Speaker 2: ends in nine, so they either have to go up 143 00:06:58,560 --> 00:07:00,840 Speaker 2: or down, or I guess they could keep it the 144 00:07:00,880 --> 00:07:03,800 Speaker 2: way it is and just after taxes applied. Round up 145 00:07:03,800 --> 00:07:06,039 Speaker 2: on that last number. But there is going to be 146 00:07:06,960 --> 00:07:10,920 Speaker 2: in every transaction either they're gonna make money that was 147 00:07:10,920 --> 00:07:12,160 Speaker 2: not intended for them. 148 00:07:12,400 --> 00:07:14,800 Speaker 3: Or from you, or they're gonna lose money. 149 00:07:15,840 --> 00:07:19,120 Speaker 2: And the hope is that it evens out, but that 150 00:07:19,240 --> 00:07:24,080 Speaker 2: might not happen, so it remains to be seen how. 151 00:07:24,000 --> 00:07:27,560 Speaker 3: This is gonna go. But yeah, so, Mark, you think 152 00:07:27,600 --> 00:07:28,360 Speaker 3: we're gonna go to the. 153 00:07:28,320 --> 00:07:30,680 Speaker 5: Complete cashless society, Well, I think we're on the way 154 00:07:30,720 --> 00:07:32,280 Speaker 5: to some kind of Star Trek version of that. But 155 00:07:32,320 --> 00:07:35,080 Speaker 5: the other thing is, I mean we're We're not that stupid, 156 00:07:35,400 --> 00:07:37,320 Speaker 5: but maybe we are because there has to have been 157 00:07:37,360 --> 00:07:41,000 Speaker 5: decades of marketing research telling people if you say five 158 00:07:41,000 --> 00:07:43,600 Speaker 5: to ninety nine instead of six, people are going to 159 00:07:43,640 --> 00:07:45,800 Speaker 5: be more likely to cough up the dough. And I'm 160 00:07:45,840 --> 00:07:47,720 Speaker 5: anxious for that to go away. Just put the six 161 00:07:47,800 --> 00:07:49,720 Speaker 5: on the menu. I don't want the five ninety nine. 162 00:07:49,920 --> 00:07:51,720 Speaker 5: Maybe I'm that stupid, but I don't want to be 163 00:07:52,120 --> 00:07:54,200 Speaker 5: treated like I'm that stupid. 164 00:07:54,880 --> 00:07:57,720 Speaker 2: It does work like something about four ninety nine That 165 00:07:57,920 --> 00:08:00,840 Speaker 2: feels far away from five dollars. 166 00:08:00,920 --> 00:08:03,200 Speaker 5: Yeah, nine ninety nine is less of an ask than 167 00:08:03,400 --> 00:08:07,760 Speaker 5: ten bucks. But I think I'm ready to make the move. Yeah, 168 00:08:07,760 --> 00:08:08,240 Speaker 5: I'm with you. 169 00:08:08,520 --> 00:08:11,480 Speaker 2: I think it's been a lot of fun, but we 170 00:08:11,520 --> 00:08:13,480 Speaker 2: need to just grow up. And when you consider the 171 00:08:13,520 --> 00:08:17,400 Speaker 2: amount of millions of dollars a taxpayer is losing to 172 00:08:17,480 --> 00:08:21,280 Speaker 2: make this a little penny trick. So the US Treasurer said, 173 00:08:21,320 --> 00:08:22,960 Speaker 2: there's like billions of pennies out there. I don't know 174 00:08:22,960 --> 00:08:23,840 Speaker 2: where they're all going to go. 175 00:08:24,000 --> 00:08:26,320 Speaker 5: This is the situation where you could literally say we're 176 00:08:26,320 --> 00:08:28,920 Speaker 5: being penny wise and pound foolish literally for the one 177 00:08:28,960 --> 00:08:29,680 Speaker 5: time in your life. 178 00:08:31,200 --> 00:08:36,199 Speaker 2: And when I think about my children have three boys, sixteen, fifteen, 179 00:08:36,240 --> 00:08:39,800 Speaker 2: and twelve. They have never like, they have no concept 180 00:08:39,960 --> 00:08:43,079 Speaker 2: of currency the way we grew up with currency. I 181 00:08:43,120 --> 00:08:46,439 Speaker 2: mean they don't have dollar bills or coins at all. 182 00:08:47,000 --> 00:08:49,480 Speaker 2: So they won't even notice that the penny is no 183 00:08:49,520 --> 00:08:52,240 Speaker 2: longer in circulation because they probably I don't think they've 184 00:08:52,240 --> 00:08:53,120 Speaker 2: ever handled pennies. 185 00:08:53,160 --> 00:08:55,000 Speaker 5: They're going to miss the whole right of passage, that 186 00:08:55,160 --> 00:08:57,120 Speaker 5: is tucking a dollar bill into a g string. 187 00:09:00,000 --> 00:09:03,040 Speaker 2: You have more than one dollar these days, Mark, I 188 00:09:03,120 --> 00:09:06,720 Speaker 2: never get out. We'll continue with this, And what is 189 00:09:06,760 --> 00:09:09,040 Speaker 2: Walmart going to do now and also the threat of 190 00:09:09,080 --> 00:09:12,240 Speaker 2: the class action lawsuit by being sure changed. 191 00:09:12,720 --> 00:09:15,000 Speaker 3: Mark Roder nowt in the KFI twenty four newsroom with 192 00:09:15,040 --> 00:09:15,480 Speaker 3: the latest. 193 00:09:16,600 --> 00:09:20,480 Speaker 1: You're listening to KFI AM six forty on demand. 194 00:09:21,720 --> 00:09:26,320 Speaker 2: Live everywhere on the iHeartRadio app. Yesterday the last penny 195 00:09:27,000 --> 00:09:31,160 Speaker 2: was printed, and now retailers are trying to figure out 196 00:09:31,160 --> 00:09:32,200 Speaker 2: what they're gonna do to make change. 197 00:09:32,240 --> 00:09:35,120 Speaker 6: President and Trump's decision to stop producing the penny earlier 198 00:09:35,160 --> 00:09:37,439 Speaker 6: this year is starting to have real implications on the 199 00:09:37,520 --> 00:09:40,480 Speaker 6: nation's commerce. Merchants in many parts of the nation have 200 00:09:40,600 --> 00:09:42,679 Speaker 6: run out of pennies and are unable to dish out 201 00:09:42,720 --> 00:09:43,640 Speaker 6: exact change. 202 00:09:43,840 --> 00:09:44,040 Speaker 1: Yeah. 203 00:09:44,040 --> 00:09:44,439 Speaker 3: I don't know. 204 00:09:44,400 --> 00:09:47,000 Speaker 2: Anybody that's run out of pennies, and so what there's 205 00:09:47,040 --> 00:09:48,920 Speaker 2: always a leave a penny. 206 00:09:49,760 --> 00:09:53,080 Speaker 3: I mean, it's a penny. But they're acting like this 207 00:09:53,120 --> 00:09:54,400 Speaker 3: is a national retail crisis. 208 00:09:54,440 --> 00:09:57,840 Speaker 5: If people are using credit and debit cards, what does 209 00:09:57,880 --> 00:09:58,480 Speaker 5: it matter. 210 00:09:59,000 --> 00:10:00,760 Speaker 1: It's not like you got to have pennies. 211 00:10:01,040 --> 00:10:02,760 Speaker 3: Not many people are paying cash. 212 00:10:02,920 --> 00:10:06,800 Speaker 2: No, I don't know anybody that's paying a cash like, 213 00:10:06,920 --> 00:10:11,040 Speaker 2: not at all. That's why I'm encouraging a review of 214 00:10:11,040 --> 00:10:11,439 Speaker 2: the nickel. 215 00:10:11,520 --> 00:10:13,720 Speaker 3: A penny saved is a penny earned. I guess that 216 00:10:13,880 --> 00:10:14,920 Speaker 3: term is gonna go away. 217 00:10:15,160 --> 00:10:18,480 Speaker 2: That's not a good saying. A penny earned is a 218 00:10:18,520 --> 00:10:21,240 Speaker 2: penny earned, then you can save it or spend it 219 00:10:21,679 --> 00:10:25,280 Speaker 2: and get one cent of value. A penny saved is 220 00:10:25,320 --> 00:10:29,760 Speaker 2: not a penny earned. It's a dumb thing. 221 00:10:29,880 --> 00:10:31,960 Speaker 7: I kind of laughed when you said your kids don't 222 00:10:32,080 --> 00:10:37,240 Speaker 7: use currency, coin or paper and just rely on a 223 00:10:37,760 --> 00:10:40,160 Speaker 7: card on their phone. Whats when they lose their phone? 224 00:10:40,200 --> 00:10:40,520 Speaker 8: What thems? 225 00:10:40,559 --> 00:10:44,040 Speaker 7: If things go down, you should always carry cash, and 226 00:10:44,080 --> 00:10:47,840 Speaker 7: we have always taught our daughter to do that. Should 227 00:10:47,920 --> 00:10:52,520 Speaker 7: never ever be without cash because you have no idea 228 00:10:52,520 --> 00:10:54,760 Speaker 7: if things go down and you need to buy something. 229 00:10:54,960 --> 00:10:55,920 Speaker 3: I appreciate the call. 230 00:10:56,080 --> 00:11:01,200 Speaker 2: I'll bet on the average over time in the history 231 00:11:01,559 --> 00:11:09,640 Speaker 2: of the wallet, your wallet was misplaced more frequently than 232 00:11:09,640 --> 00:11:11,200 Speaker 2: your phone. 233 00:11:11,520 --> 00:11:13,319 Speaker 3: Mark Ronner, you want to weigh in on that. 234 00:11:13,559 --> 00:11:16,520 Speaker 5: I once accidentally left my wallet on the bumper of 235 00:11:16,559 --> 00:11:18,440 Speaker 5: my car and it was kind of wet out, so 236 00:11:18,480 --> 00:11:21,280 Speaker 5: it stayed there for the whole drive home. And I 237 00:11:21,320 --> 00:11:22,839 Speaker 5: don't know what that proves, but it was just a 238 00:11:22,880 --> 00:11:25,640 Speaker 5: freak event. But you never left your phone on the bumper? 239 00:11:26,040 --> 00:11:27,560 Speaker 3: Hell no, right? 240 00:11:28,679 --> 00:11:33,079 Speaker 2: I think that we are in better possession of our 241 00:11:33,120 --> 00:11:34,240 Speaker 2: phone than even. 242 00:11:34,200 --> 00:11:34,920 Speaker 3: Like our wallet. 243 00:11:34,960 --> 00:11:37,080 Speaker 5: No, don't you have nightmares about leaving your phone and 244 00:11:37,120 --> 00:11:38,880 Speaker 5: not being able to find it. I think that's like 245 00:11:38,920 --> 00:11:42,880 Speaker 5: a latter day nightmare thing, right. 246 00:11:42,760 --> 00:11:45,240 Speaker 2: But like if you know, sometimes my wallet will be 247 00:11:45,400 --> 00:11:48,760 Speaker 2: you know, by my keys, on the counter, or sometimes 248 00:11:48,760 --> 00:11:51,319 Speaker 2: it'll be in the arm rest inside the car, if 249 00:11:51,320 --> 00:11:53,640 Speaker 2: the cars in the garage, and so you know, if 250 00:11:53,640 --> 00:11:56,599 Speaker 2: you don't find your wallet right away, it's somewhere or 251 00:11:56,640 --> 00:11:59,359 Speaker 2: it's upstairs, you know, on the nightstand. 252 00:11:59,640 --> 00:12:01,120 Speaker 3: But you know, you don't freak out. 253 00:12:01,200 --> 00:12:03,559 Speaker 2: You can't find your phone and all of a sudden 254 00:12:03,800 --> 00:12:05,520 Speaker 2: you're asking people to call it. 255 00:12:06,000 --> 00:12:07,880 Speaker 3: You're running around the house. 256 00:12:08,160 --> 00:12:12,160 Speaker 2: So when you say, well, you know, if everything's on 257 00:12:12,200 --> 00:12:13,840 Speaker 2: the phone, what happens if you lose the phone. No, 258 00:12:13,840 --> 00:12:18,320 Speaker 2: one's losing their phone. It's just just a it's too important. Well, look, 259 00:12:18,360 --> 00:12:22,080 Speaker 2: that's just the reality. I agree with you that it's 260 00:12:21,880 --> 00:12:26,520 Speaker 2: it's it's hard to teach children about value when there 261 00:12:26,679 --> 00:12:30,000 Speaker 2: is no currency. But I am watching it in real time, 262 00:12:30,840 --> 00:12:34,520 Speaker 2: Like my boys never have money, Like they don't have 263 00:12:34,679 --> 00:12:36,600 Speaker 2: they just don't. They don't even know what to do 264 00:12:36,640 --> 00:12:41,199 Speaker 2: with it. Many many times they don't take actual cash, 265 00:12:41,520 --> 00:12:44,360 Speaker 2: Like why would they ever need money. 266 00:12:46,160 --> 00:12:48,440 Speaker 5: Well, one clear advantage of that is that you don't 267 00:12:48,440 --> 00:12:51,319 Speaker 5: have to give money to anybody who approaches you asking 268 00:12:51,400 --> 00:12:53,960 Speaker 5: for money. You're not lying if you say I'm sorry, 269 00:12:54,040 --> 00:12:56,040 Speaker 5: I don't have anything. Really just don't have any. 270 00:12:56,480 --> 00:12:57,880 Speaker 2: But when I look at it through the I look 271 00:12:57,920 --> 00:13:00,520 Speaker 2: at the world through the eyes of my son's growing up. 272 00:13:00,840 --> 00:13:04,800 Speaker 2: You know, if something's going on. They didn't take a lunch, 273 00:13:04,840 --> 00:13:07,800 Speaker 2: they're going to buy a lunch at school. Okay, they 274 00:13:07,800 --> 00:13:11,200 Speaker 2: don't actually buy lunch at school. I have to go 275 00:13:11,320 --> 00:13:14,480 Speaker 2: transfer money for my Wells Fargo account into their lunch 276 00:13:14,480 --> 00:13:18,040 Speaker 2: account and it just goes. I mean, they don't see 277 00:13:18,040 --> 00:13:21,160 Speaker 2: any coins or cash. There's no cash register, there's none 278 00:13:21,200 --> 00:13:23,680 Speaker 2: of that. And during the week they just don't really 279 00:13:23,800 --> 00:13:26,640 Speaker 2: use money or need money to buy anything. And if 280 00:13:27,200 --> 00:13:31,080 Speaker 2: they do need to get something. We were just at 281 00:13:31,200 --> 00:13:37,480 Speaker 2: a football championship tournament. My youngest son plays football, and 282 00:13:37,880 --> 00:13:41,360 Speaker 2: this past Saturday was the playoffs and then the last 283 00:13:41,360 --> 00:13:45,240 Speaker 2: game of the season. He won by the way, completely 284 00:13:45,320 --> 00:13:48,760 Speaker 2: undefeated season. And of course there's concessions there, but they 285 00:13:48,760 --> 00:13:51,320 Speaker 2: don't take cash. There's like a Vemo thing, there's a 286 00:13:51,480 --> 00:13:53,600 Speaker 2: QR code. I don't know how to do any of 287 00:13:53,600 --> 00:13:55,080 Speaker 2: that stuff, but you can't buy anything. I couldn't buy 288 00:13:55,080 --> 00:13:57,040 Speaker 2: a cup of coffee because they don't take any cash. 289 00:13:57,440 --> 00:14:00,200 Speaker 2: The lady gave me a cup of coffee, but like 290 00:14:00,400 --> 00:14:03,360 Speaker 2: they are just the running their phones through things, so 291 00:14:03,400 --> 00:14:06,600 Speaker 2: they really don't have any need for any cash at all. 292 00:14:06,760 --> 00:14:11,240 Speaker 2: And there was certainly no coins involved. So that and then' 293 00:14:11,559 --> 00:14:15,400 Speaker 2: that's that generation. So I actually saw this happen, and 294 00:14:15,520 --> 00:14:19,600 Speaker 2: I do bemoan it because in that it is certainly 295 00:14:19,600 --> 00:14:24,320 Speaker 2: convenient to teach young people how to understand value is 296 00:14:24,720 --> 00:14:29,400 Speaker 2: challenging when there is no actual tangible currency involved. 297 00:14:29,800 --> 00:14:30,560 Speaker 3: I watched this. 298 00:14:30,880 --> 00:14:34,960 Speaker 2: I lived through the Chucky Cheese years, and those of 299 00:14:34,960 --> 00:14:36,760 Speaker 2: you that have children, you know what I mean. 300 00:14:36,960 --> 00:14:38,120 Speaker 3: The Chucky Cheese years. 301 00:14:38,160 --> 00:14:40,680 Speaker 2: Either you're having a birthday party at Chuck e Cheese 302 00:14:40,960 --> 00:14:43,440 Speaker 2: or you're being invited to a birthday party at Chuck 303 00:14:43,480 --> 00:14:46,160 Speaker 2: e Cheese. Five years old, six years old, seven year old, 304 00:14:46,240 --> 00:14:49,640 Speaker 2: eight year old, and I watched the transition. Back in 305 00:14:49,720 --> 00:14:53,200 Speaker 2: the early days of my Chuck E Cheese years, each 306 00:14:53,280 --> 00:14:56,840 Speaker 2: kid would get a little bucket filled with tokens coins 307 00:14:57,080 --> 00:15:00,040 Speaker 2: and it had hef to it right, and it it 308 00:15:00,160 --> 00:15:03,880 Speaker 2: was interesting because as you were playing and the bucket 309 00:15:03,920 --> 00:15:07,440 Speaker 2: was getting lighter and lighter. You start to think and choose, 310 00:15:08,160 --> 00:15:10,320 Speaker 2: right do is do I really want to play this 311 00:15:10,360 --> 00:15:11,240 Speaker 2: game one more time? 312 00:15:11,280 --> 00:15:13,440 Speaker 3: I'm running out of coins. I want to make it last. 313 00:15:14,440 --> 00:15:16,880 Speaker 3: Where are the games that only require two coins instead 314 00:15:16,920 --> 00:15:19,440 Speaker 3: of four coins? Right, little my? 315 00:15:19,600 --> 00:15:23,160 Speaker 2: I watched them start making these decisions and making these choices, 316 00:15:23,320 --> 00:15:26,160 Speaker 2: and then Chuck E Cheese switched to the stored value 317 00:15:26,280 --> 00:15:30,160 Speaker 2: card and it was ridiculous. All you did was just 318 00:15:30,200 --> 00:15:32,960 Speaker 2: swipe and swipe and swipe and swipe and swipe until 319 00:15:33,120 --> 00:15:36,760 Speaker 2: the game didn't work anymore, and then you cried. So 320 00:15:38,000 --> 00:15:42,120 Speaker 2: not having the tokens, uh, you know, robbed us of 321 00:15:42,160 --> 00:15:44,720 Speaker 2: an opportunity to teach a little bit of a lesson. 322 00:15:46,920 --> 00:15:49,840 Speaker 3: I like large denominations. I like large bills. You know 323 00:15:49,880 --> 00:15:50,680 Speaker 3: why it. 324 00:15:50,760 --> 00:15:55,120 Speaker 2: Hurts to break a fifty? Like a twenty, no problem? 325 00:15:55,720 --> 00:15:59,440 Speaker 2: And you know five five is a tip, So really, 326 00:15:59,480 --> 00:16:02,200 Speaker 2: the only bill left that you really like looking at 327 00:16:02,360 --> 00:16:04,560 Speaker 2: is the fifty and the one hundred. You don't really 328 00:16:04,600 --> 00:16:06,680 Speaker 2: carry hundreds around, but a fifty dollars bill in your 329 00:16:06,720 --> 00:16:08,360 Speaker 2: wallet kind of fun to look at. 330 00:16:08,600 --> 00:16:13,560 Speaker 3: And you think, hmmm, really rather not break the fifty 331 00:16:13,880 --> 00:16:16,000 Speaker 3: because it hurts the break a fifty it hurts. 332 00:16:15,760 --> 00:16:19,720 Speaker 2: To break a hundred, and now there is like there 333 00:16:19,800 --> 00:16:24,520 Speaker 2: is no connection between denominations and bills and coins with 334 00:16:24,600 --> 00:16:25,080 Speaker 2: young people. 335 00:16:25,080 --> 00:16:26,600 Speaker 3: And I think that's just something that we're gonna have 336 00:16:26,640 --> 00:16:27,200 Speaker 3: to come to deal with. 337 00:16:27,360 --> 00:16:31,080 Speaker 2: Eventually, it'll all become credits according to the Star Wars movies. Anyway, 338 00:16:31,600 --> 00:16:34,160 Speaker 2: Lou Penrose ONKFI AM six forty. 339 00:16:34,680 --> 00:16:38,120 Speaker 1: You're listening to KFI AM six forty on demand. 340 00:16:39,600 --> 00:16:40,440 Speaker 3: Penny's done. 341 00:16:40,640 --> 00:16:45,040 Speaker 2: The last penny was minted yesterday, and we are deciding 342 00:16:45,080 --> 00:16:47,120 Speaker 2: if we like it or not. We're also deciding if 343 00:16:47,160 --> 00:16:51,880 Speaker 2: we want to keep the ninety nine thing going. Every 344 00:16:51,920 --> 00:16:55,280 Speaker 2: single thing on the menu ends in ninety nine, so 345 00:16:55,600 --> 00:16:58,840 Speaker 2: if they change the ninety nine think about this mark. 346 00:16:59,400 --> 00:17:01,840 Speaker 2: Everything on the menu is in ninety nine, So if 347 00:17:01,880 --> 00:17:06,840 Speaker 2: they drop it to ninety five, they're eating four cents 348 00:17:06,920 --> 00:17:08,399 Speaker 2: on every item sold. 349 00:17:09,000 --> 00:17:11,520 Speaker 5: That could be the profit margin in a day for 350 00:17:11,600 --> 00:17:14,720 Speaker 5: a franchise. I don't mind them rounding up, that's fine. 351 00:17:14,760 --> 00:17:16,480 Speaker 5: I like those menus you go to where it just 352 00:17:16,480 --> 00:17:19,320 Speaker 5: says like seven, you know like that. 353 00:17:20,000 --> 00:17:20,560 Speaker 3: I do like that. 354 00:17:20,600 --> 00:17:24,680 Speaker 2: You're right, But if they round up, now they're making 355 00:17:25,040 --> 00:17:28,760 Speaker 2: a penny on every item for free, they've effectively raised 356 00:17:28,800 --> 00:17:34,240 Speaker 2: the prices so as to comply with the penny shortage. 357 00:17:34,760 --> 00:17:38,360 Speaker 3: So now you're kind of getting robbed. Well, well, little 358 00:17:38,400 --> 00:17:39,800 Speaker 3: were and robed one or the other. 359 00:17:39,840 --> 00:17:41,680 Speaker 5: How many times have you noticed on on your bill 360 00:17:41,760 --> 00:17:44,880 Speaker 5: lately some sort of weird surcharge for something or other. 361 00:17:45,000 --> 00:17:46,959 Speaker 5: I mean they're gonna get you one way or the other, 362 00:17:47,040 --> 00:17:49,720 Speaker 5: coming or going the plan. 363 00:17:49,840 --> 00:17:52,639 Speaker 2: I meant the thought is, and I listen to an 364 00:17:52,680 --> 00:17:55,879 Speaker 2: economist today say that it'll work out like it evens 365 00:17:55,880 --> 00:18:01,840 Speaker 2: out because the randomness of commerce, that Walmart will be fine. 366 00:18:01,960 --> 00:18:04,600 Speaker 2: They will round down and round up, and it just 367 00:18:04,840 --> 00:18:07,960 Speaker 2: always seems to work out. But I don't know, I 368 00:18:08,240 --> 00:18:10,680 Speaker 2: can I can hear that class action lawsuit coming. 369 00:18:10,800 --> 00:18:16,119 Speaker 9: Everyone I know uses cash just because you guys don't. 370 00:18:16,480 --> 00:18:19,720 Speaker 9: Don't start talking about people who don't use cash. 371 00:18:19,840 --> 00:18:21,800 Speaker 3: All right, Mark, how much money is in your pocket 372 00:18:21,880 --> 00:18:25,119 Speaker 3: right now? None? I do not carry cash, like, not 373 00:18:25,240 --> 00:18:27,720 Speaker 3: a single dollar bill. And we just got scolded. That 374 00:18:27,840 --> 00:18:31,280 Speaker 3: was good, Mario. How much money is in your pocket? 375 00:18:32,960 --> 00:18:37,080 Speaker 3: I have about twenty five dollars, You have a twenty 376 00:18:37,080 --> 00:18:38,960 Speaker 3: and a five, or you have five singles in my wallet? 377 00:18:39,040 --> 00:18:44,080 Speaker 3: Twenty five? Yeah, Tony, how much money is in your wallet? Zero? 378 00:18:44,440 --> 00:18:47,880 Speaker 2: No cash and no cash and any coins. 379 00:18:48,000 --> 00:18:49,800 Speaker 3: No, no, of course not. 380 00:18:50,400 --> 00:18:53,119 Speaker 2: It's like no, while right, the odds of there even 381 00:18:53,200 --> 00:18:55,960 Speaker 2: being a rolling around penny in the cup holder in 382 00:18:56,000 --> 00:18:57,960 Speaker 2: your car is low because where would you. 383 00:18:57,960 --> 00:18:59,080 Speaker 3: Have gotten it? No, exactly. 384 00:18:59,600 --> 00:19:03,400 Speaker 1: I saw a bucket of change that's been sitting for 385 00:19:03,600 --> 00:19:04,600 Speaker 1: years now, right. 386 00:19:05,160 --> 00:19:07,520 Speaker 2: Yeah, My brother used to work at a grocery store 387 00:19:07,560 --> 00:19:09,760 Speaker 2: and there was a Heineke in display, so they would 388 00:19:09,800 --> 00:19:13,680 Speaker 2: like these great, big green plastic honeken bottles. They're like 389 00:19:13,720 --> 00:19:16,280 Speaker 2: three feet tall, and he cut a hole in the 390 00:19:16,600 --> 00:19:18,159 Speaker 2: top of it and puts the coins in there, and 391 00:19:18,200 --> 00:19:22,080 Speaker 2: now it's full, and now it's worthless. 392 00:19:22,160 --> 00:19:23,760 Speaker 3: So I'm not sure where exactly he's going to go 393 00:19:23,760 --> 00:19:25,000 Speaker 3: to dump out his honeken. 394 00:19:24,800 --> 00:19:29,520 Speaker 9: Change, because cash most people I know, and businesses. I 395 00:19:29,560 --> 00:19:35,280 Speaker 9: know a lot of people have businesses and waitresses, you know, servers. 396 00:19:36,040 --> 00:19:38,640 Speaker 9: Everybody likes cash. 397 00:19:38,359 --> 00:19:41,960 Speaker 2: All right, flow And she just asked my credit union 398 00:19:42,000 --> 00:19:45,000 Speaker 2: the other day when this news story about the penny broke, 399 00:19:45,560 --> 00:19:49,280 Speaker 2: and most credit unions do take any type of coin, 400 00:19:49,400 --> 00:19:53,440 Speaker 2: including pennies, and a lot of them wave any kind 401 00:19:53,440 --> 00:19:55,720 Speaker 2: of a fee. Well, the credit unions do that a lot. 402 00:19:55,760 --> 00:19:58,240 Speaker 2: They're big on waving those fees. But yeah, you're right, 403 00:19:58,280 --> 00:20:01,080 Speaker 2: there is a fee. My bank does doesn't have a fee. 404 00:20:01,119 --> 00:20:03,560 Speaker 2: They just hand me a bunch of paper wrappers and 405 00:20:03,600 --> 00:20:05,879 Speaker 2: they want me to wrap my coins and I'm not 406 00:20:05,920 --> 00:20:08,640 Speaker 2: doing that. So it's cheaper just to go to Coinstar. 407 00:20:09,000 --> 00:20:12,080 Speaker 2: But I have to imagine now would be the time 408 00:20:12,600 --> 00:20:15,080 Speaker 2: to go through your house and empty out all the water, 409 00:20:15,400 --> 00:20:20,040 Speaker 2: the five gallon water, but you know, bottles and all 410 00:20:20,080 --> 00:20:22,479 Speaker 2: the plastic Heineken display bottles. 411 00:20:22,520 --> 00:20:24,480 Speaker 8: The only people I know that use cash or people 412 00:20:24,640 --> 00:20:27,359 Speaker 8: buy weed because they throw an extra stuff at a 413 00:20:27,400 --> 00:20:30,600 Speaker 8: dispensary or the dealer. You can't, you know, use a 414 00:20:30,600 --> 00:20:33,680 Speaker 8: credit card with like a drug deal But I don't 415 00:20:33,680 --> 00:20:35,280 Speaker 8: do drugs, nothing like that. 416 00:20:35,359 --> 00:20:37,640 Speaker 3: But that's the people using cash. Yeah. 417 00:20:37,680 --> 00:20:40,480 Speaker 2: The only people that use cash in business in California 418 00:20:40,600 --> 00:20:44,360 Speaker 2: are the dispensaries. You know why that is because it's 419 00:20:44,359 --> 00:20:50,240 Speaker 2: illegal to south marijuana in the United States. We forget 420 00:20:50,280 --> 00:20:54,840 Speaker 2: in California. We think because it's so ever present that 421 00:20:55,119 --> 00:20:57,600 Speaker 2: it must be legal, but it is still a federal crime. 422 00:20:59,560 --> 00:21:03,600 Speaker 2: So you can't use a credit card and you have 423 00:21:03,680 --> 00:21:05,399 Speaker 2: to pay your taxes in cash. 424 00:21:05,480 --> 00:21:06,119 Speaker 3: I see these. 425 00:21:06,000 --> 00:21:09,200 Speaker 2: Guys, you know, going up to the franchise tax board 426 00:21:09,240 --> 00:21:11,080 Speaker 2: with the bundles of cash. That's the only way you 427 00:21:11,080 --> 00:21:15,919 Speaker 2: can do it, and I think that's stupid, Like that 428 00:21:16,000 --> 00:21:19,080 Speaker 2: really needs to be changed. It's been attempted in Congress 429 00:21:19,240 --> 00:21:21,320 Speaker 2: a number of times. I think in this administration it 430 00:21:21,320 --> 00:21:25,159 Speaker 2: probably will change because it's frankly unsafe and it's just 431 00:21:25,240 --> 00:21:28,960 Speaker 2: kind of dumb. But at this point in time, you're 432 00:21:29,000 --> 00:21:33,200 Speaker 2: engaging in a federal crime selling a controlled substance. 433 00:21:34,400 --> 00:21:36,720 Speaker 3: Talk to the TSA over at LAX. 434 00:21:36,920 --> 00:21:39,679 Speaker 2: That's like one of the biggest jokes going, Like the 435 00:21:39,720 --> 00:21:45,560 Speaker 2: TSA take weed vape pens off of travelers departing out 436 00:21:45,600 --> 00:21:49,359 Speaker 2: of LAX more than any other single item, because in 437 00:21:49,400 --> 00:21:54,159 Speaker 2: California we just forget people like vape weed so much 438 00:21:54,640 --> 00:21:56,440 Speaker 2: that they think they can just go to. 439 00:21:57,880 --> 00:21:59,520 Speaker 3: Cabo with a weed pen. 440 00:22:00,119 --> 00:22:02,760 Speaker 2: They think they can just go to Punamina and they 441 00:22:02,760 --> 00:22:05,840 Speaker 2: have the pen on them and the TSA is constantly 442 00:22:06,359 --> 00:22:08,399 Speaker 2: pulling them up, like doesn't happen in any other airport, 443 00:22:08,480 --> 00:22:11,280 Speaker 2: even San Francisco, not as much compared to LAX. 444 00:22:11,280 --> 00:22:13,280 Speaker 3: According to TSA, I talked to some of those people. 445 00:22:13,320 --> 00:22:16,320 Speaker 3: This is Lisa, and the only time I use cash 446 00:22:16,400 --> 00:22:19,000 Speaker 3: is if I think the cashier is stupid and they 447 00:22:19,080 --> 00:22:22,280 Speaker 3: might have trouble counting the change back. I just do 448 00:22:22,359 --> 00:22:23,040 Speaker 3: it for fun. 449 00:22:23,359 --> 00:22:26,560 Speaker 2: Well, I appreciate the call. Don't be picking on the cashiers. 450 00:22:26,720 --> 00:22:31,399 Speaker 2: They have a hard enough time. I think, Mark, I 451 00:22:31,440 --> 00:22:33,040 Speaker 2: think you're right. I mean, I think this will be 452 00:22:33,119 --> 00:22:36,040 Speaker 2: the end. And it's not because there's a big government 453 00:22:36,040 --> 00:22:39,240 Speaker 2: conspiracy to digitize currency, to control us. 454 00:22:39,240 --> 00:22:40,520 Speaker 3: I don't think it's any of those things. 455 00:22:40,760 --> 00:22:44,199 Speaker 2: I just think that you're I mean, you're raising I 456 00:22:44,240 --> 00:22:47,960 Speaker 2: am raising a generation of young people that just don't 457 00:22:48,359 --> 00:22:49,840 Speaker 2: think about cash at all. 458 00:22:50,080 --> 00:22:52,639 Speaker 5: Well, things change, We're resist resistant to change. I mean 459 00:22:52,680 --> 00:22:55,199 Speaker 5: Nixon took it's off the gold standard. We survived that. 460 00:22:55,560 --> 00:22:57,480 Speaker 5: And you may need a few pennies here and there 461 00:22:57,480 --> 00:22:59,440 Speaker 5: to make a wish and throw into a fountain. 462 00:23:01,000 --> 00:23:03,000 Speaker 2: Yeah, what are they going to throw in the fountain? Well, 463 00:23:03,040 --> 00:23:06,000 Speaker 2: I mean you say things change. The penny has been 464 00:23:06,080 --> 00:23:08,920 Speaker 2: the one cent coin has been with us since seventeen 465 00:23:09,000 --> 00:23:13,920 Speaker 2: ninety two, like Benjamin Franklin designed it. So things change, 466 00:23:14,000 --> 00:23:15,720 Speaker 2: but the currency has not changed. 467 00:23:15,800 --> 00:23:17,760 Speaker 3: Well, this is the first change in a long time. 468 00:23:17,920 --> 00:23:19,879 Speaker 5: Ben Franklin didn't have to pay five bucks for a 469 00:23:19,880 --> 00:23:24,960 Speaker 5: cup of coffee. You know, thinks there's inflation. We'll see 470 00:23:24,960 --> 00:23:25,639 Speaker 5: where this goes. 471 00:23:25,800 --> 00:23:29,920 Speaker 2: I I wonder how long it's going to take, because 472 00:23:29,960 --> 00:23:31,480 Speaker 2: the penny's going to be around for a while, when 473 00:23:32,000 --> 00:23:34,520 Speaker 2: like when the European Union got rid of the currency. 474 00:23:34,800 --> 00:23:35,639 Speaker 3: My dad is Italian. 475 00:23:35,680 --> 00:23:39,480 Speaker 2: My dad's past now, but he was Italian and had 476 00:23:39,680 --> 00:23:41,440 Speaker 2: a ton of Italian. 477 00:23:41,040 --> 00:23:43,600 Speaker 3: Lira, which was the currency in Italy. 478 00:23:43,760 --> 00:23:46,600 Speaker 2: And then Italy became a member of the European Union 479 00:23:47,240 --> 00:23:51,520 Speaker 2: and switched to the Euro and I was like, Dad, 480 00:23:51,560 --> 00:23:53,600 Speaker 2: you got to cash this in, man, you got to, 481 00:23:54,880 --> 00:23:56,439 Speaker 2: you know, get rid of all this lyric. It's going 482 00:23:56,480 --> 00:24:00,439 Speaker 2: to become worthless. And I did some research. I'm like, 483 00:24:00,600 --> 00:24:03,200 Speaker 2: I honestly thought, I need to fly to Rome. 484 00:24:03,240 --> 00:24:04,560 Speaker 3: I guess yeah. I don't know why he had all 485 00:24:04,600 --> 00:24:04,920 Speaker 3: this lera. 486 00:24:05,000 --> 00:24:07,399 Speaker 2: I don't know what he was doing, but he just 487 00:24:07,440 --> 00:24:10,879 Speaker 2: had it here in California. And it turns out you 488 00:24:10,880 --> 00:24:12,719 Speaker 2: could go to there was a couple of banks that 489 00:24:12,760 --> 00:24:15,679 Speaker 2: you could cash in your era and and exchange it, 490 00:24:15,680 --> 00:24:15,919 Speaker 2: but it. 491 00:24:16,000 --> 00:24:17,480 Speaker 3: Was time sensitive. 492 00:24:17,520 --> 00:24:21,320 Speaker 2: You only had I think like ten years to cash 493 00:24:21,359 --> 00:24:24,760 Speaker 2: in your era and exchange it for euros, and it 494 00:24:24,800 --> 00:24:26,440 Speaker 2: was even less time for coins. 495 00:24:27,240 --> 00:24:29,119 Speaker 3: So I don't know. 496 00:24:29,760 --> 00:24:33,840 Speaker 2: The treasurer says that the one cent piece will always 497 00:24:33,880 --> 00:24:37,440 Speaker 2: be worth one cent but I think eventually you're gonna 498 00:24:37,480 --> 00:24:40,520 Speaker 2: have a hard time turning it into one cent worth 499 00:24:40,560 --> 00:24:44,000 Speaker 2: of value or handing somebody one hundred pennies is not 500 00:24:44,040 --> 00:24:45,760 Speaker 2: going to be something that anyone's gonna want to do 501 00:24:45,800 --> 00:24:49,000 Speaker 2: business with. So give rid all those coins. Let's let's 502 00:24:49,000 --> 00:24:52,240 Speaker 2: be done with it and move on. Loup Penrose on 503 00:24:52,400 --> 00:24:55,600 Speaker 2: KFI AM six forty Live everywhere on the iHeartRadio app. 504 00:24:56,520 --> 00:24:59,920 Speaker 1: You're listening to KFI AM six forty on demand. 505 00:25:04,720 --> 00:25:06,520 Speaker 3: The penny's over talking about your money. 506 00:25:06,600 --> 00:25:10,119 Speaker 10: I had to experience with a young cashier at Walmart 507 00:25:10,400 --> 00:25:13,119 Speaker 10: and I was using an old twenty dollars bill with 508 00:25:13,160 --> 00:25:15,800 Speaker 10: the little face. I don't know where I got it from, 509 00:25:15,840 --> 00:25:19,160 Speaker 10: but anyways, he thought it was a fake dollar bill. 510 00:25:19,200 --> 00:25:21,959 Speaker 10: He was looking at the twenty and he had to 511 00:25:21,960 --> 00:25:24,800 Speaker 10: college manager over the confirm that it was real. 512 00:25:25,040 --> 00:25:27,600 Speaker 3: Yeah, that old school twenty yo Penrose. 513 00:25:28,119 --> 00:25:36,440 Speaker 4: Look up the Cosby Show episode of Cosby teaching Theo. 514 00:25:36,280 --> 00:25:41,520 Speaker 3: The meaning of a dollar. It is classic and timeless. 515 00:25:41,760 --> 00:25:44,200 Speaker 3: I appreciate the call yo hey. 516 00:25:44,200 --> 00:25:47,720 Speaker 2: Coming up following the news at nine, speaking of Walmart, 517 00:25:48,160 --> 00:25:52,399 Speaker 2: Walmart released a new ad, a television ad that is 518 00:25:52,640 --> 00:25:57,639 Speaker 2: very different than any Walmart ad we've ever seen. What 519 00:25:57,720 --> 00:26:02,919 Speaker 2: have you always seen in Walmart ads? Beware price is falling? 520 00:26:03,840 --> 00:26:07,880 Speaker 3: Right? Walmart always celebrated lower prices. 521 00:26:07,920 --> 00:26:11,879 Speaker 2: Prices are coming down, They're falling on the sign overhead 522 00:26:11,920 --> 00:26:14,040 Speaker 2: in the aisles, the numbers were coming down and hitting 523 00:26:14,080 --> 00:26:15,120 Speaker 2: the customers in their head. 524 00:26:15,400 --> 00:26:16,800 Speaker 3: Beware falling prices. 525 00:26:16,960 --> 00:26:21,240 Speaker 2: So Walmart was celebrating the cheapest conceivable price. 526 00:26:21,760 --> 00:26:22,760 Speaker 3: That was their thing. 527 00:26:24,160 --> 00:26:29,920 Speaker 2: They have pivoted and now they are running ads celebrating 528 00:26:30,720 --> 00:26:34,200 Speaker 2: the percentage of products in a Walmart that are made 529 00:26:34,280 --> 00:26:38,080 Speaker 2: in America. I couldn't believe it when I saw the ad. 530 00:26:38,200 --> 00:26:40,320 Speaker 2: I have it and I'll share it with you. But 531 00:26:40,400 --> 00:26:45,840 Speaker 2: Walmart has made the marketing decision that the lowest price 532 00:26:46,560 --> 00:26:51,000 Speaker 2: isn't the best thing. What's really attractive is that you 533 00:26:51,119 --> 00:26:56,359 Speaker 2: have made in America products in the store. Now they're 534 00:26:56,760 --> 00:27:00,679 Speaker 2: gilding the lily a little bit because they are including 535 00:27:00,880 --> 00:27:04,720 Speaker 2: the food. These days, most Walmarts sell food, and all 536 00:27:04,800 --> 00:27:06,840 Speaker 2: Walmart supercenters sell food. 537 00:27:07,359 --> 00:27:08,800 Speaker 3: So if you factor in. 538 00:27:09,400 --> 00:27:13,679 Speaker 2: Food, for the most part is domestic, most of the 539 00:27:13,680 --> 00:27:20,600 Speaker 2: stuff that isn't food. If you separate out produce actually 540 00:27:20,600 --> 00:27:24,199 Speaker 2: all food in Walmart, then I think the number is 541 00:27:24,320 --> 00:27:28,679 Speaker 2: ninety two ninety two percent of all the items for 542 00:27:28,760 --> 00:27:35,160 Speaker 2: sale inside of Walmart, excluding food, is made in China. 543 00:27:35,280 --> 00:27:36,800 Speaker 3: Like it's a ridiculous number. 544 00:27:37,000 --> 00:27:45,359 Speaker 2: Like there are five hundred and eight thousand individual items 545 00:27:45,359 --> 00:27:46,240 Speaker 2: for sale. 546 00:27:47,720 --> 00:27:49,040 Speaker 3: At a Walmart supercenter. 547 00:27:51,359 --> 00:27:55,840 Speaker 2: It's mind numbing, right, And of that, five hundred and 548 00:27:55,960 --> 00:28:01,920 Speaker 2: eight thousand individual items for sale are made in China, 549 00:28:03,160 --> 00:28:09,560 Speaker 2: and like the four percent after that are manufactured in 550 00:28:09,600 --> 00:28:13,159 Speaker 2: Pakistan or Turkey, and that's usually linens. It's like almost 551 00:28:13,160 --> 00:28:18,320 Speaker 2: everything for sale in Walmart is made out somewhere, but 552 00:28:19,440 --> 00:28:24,199 Speaker 2: the food is from here, and made in America is 553 00:28:24,520 --> 00:28:27,640 Speaker 2: a hot thing now. Everybody is excited to say, hey, 554 00:28:27,680 --> 00:28:30,080 Speaker 2: we have stuff made in America. And they do actually 555 00:28:30,119 --> 00:28:34,000 Speaker 2: have some clothing made in America for sale in Walmart. 556 00:28:34,240 --> 00:28:37,119 Speaker 2: So they released a new ad and really pivoted from 557 00:28:37,200 --> 00:28:40,480 Speaker 2: a long standing tradition of selling to the consumer saying, hey, 558 00:28:40,480 --> 00:28:43,360 Speaker 2: we got the lowest prices. We have shopped the world 559 00:28:43,960 --> 00:28:46,400 Speaker 2: and we have figured out a way to get you 560 00:28:46,520 --> 00:28:48,760 Speaker 2: the lowest price possible. 561 00:28:48,840 --> 00:28:51,040 Speaker 3: So that's good for you, the consumer. 562 00:28:52,560 --> 00:28:56,080 Speaker 2: And they've they just they've decided that well, you know, 563 00:28:56,320 --> 00:28:59,280 Speaker 2: maybe Americans are willing to pay a little bit more 564 00:29:00,160 --> 00:29:05,160 Speaker 2: and know that they are making a choice that is 565 00:29:05,160 --> 00:29:07,840 Speaker 2: a product made in America, and I am a huge 566 00:29:07,880 --> 00:29:10,960 Speaker 2: fan of this. I was on the maid in America 567 00:29:11,040 --> 00:29:14,200 Speaker 2: train for many years. It was one of the issues 568 00:29:14,600 --> 00:29:18,320 Speaker 2: that I advocated for when I was in college working 569 00:29:18,400 --> 00:29:22,840 Speaker 2: on political campaigns. I went to college in the eighties 570 00:29:22,920 --> 00:29:25,880 Speaker 2: and in the late seventies and early eighties, we had 571 00:29:25,920 --> 00:29:32,000 Speaker 2: a real drain of products, consumer products that were manufactured 572 00:29:32,720 --> 00:29:36,800 Speaker 2: primarily in the Midwest, but also the Northeast where I 573 00:29:36,840 --> 00:29:40,280 Speaker 2: went to school, and I watched factory towns just completely 574 00:29:40,280 --> 00:29:47,600 Speaker 2: collapse and factories close and products be offshore for labor costs, 575 00:29:48,240 --> 00:29:50,280 Speaker 2: and it was devastating, and it was one of the 576 00:29:50,280 --> 00:29:55,040 Speaker 2: issues that I got involved with at the college level, 577 00:29:55,040 --> 00:29:57,920 Speaker 2: and that's pretty much how I got into politics, was 578 00:29:58,320 --> 00:30:01,080 Speaker 2: learning about why these factories closing down? Why are all 579 00:30:01,080 --> 00:30:03,560 Speaker 2: these people getting put out of work? We're still buying 580 00:30:03,640 --> 00:30:13,240 Speaker 2: all this stuff. We were near a furniture fabric manufacturing center. 581 00:30:14,320 --> 00:30:17,880 Speaker 2: So everything in your house, and I mean everything in 582 00:30:17,920 --> 00:30:21,640 Speaker 2: your house used to be made in America by an 583 00:30:21,680 --> 00:30:27,720 Speaker 2: American at an American factory, Like all your furniture used 584 00:30:27,720 --> 00:30:31,320 Speaker 2: to be made in America, your mother's furniture, your father's furniture, 585 00:30:31,480 --> 00:30:36,360 Speaker 2: certainly your grandparents furniture was all made in North Carolina 586 00:30:36,720 --> 00:30:41,160 Speaker 2: using local lumber, and then it was covered with fabric 587 00:30:41,360 --> 00:30:43,520 Speaker 2: that was milled in upstate New York. 588 00:30:45,600 --> 00:30:46,720 Speaker 3: And that was the furniture. 589 00:30:47,160 --> 00:30:49,760 Speaker 2: And we went out and bought ourselves a sofa or 590 00:30:49,800 --> 00:30:52,880 Speaker 2: a love seat or a chair, and it was American made, 591 00:30:52,960 --> 00:30:57,920 Speaker 2: buy Americans with American raw material. And they closed those 592 00:30:57,960 --> 00:31:03,880 Speaker 2: factories down and started impoort Vietnamese furniture that was junk, 593 00:31:04,880 --> 00:31:07,920 Speaker 2: and they closed down these factories. And I was in 594 00:31:07,960 --> 00:31:09,960 Speaker 2: college at the time, and I learned all about it, 595 00:31:09,960 --> 00:31:11,480 Speaker 2: and it turned out was I thought it was just 596 00:31:11,560 --> 00:31:15,240 Speaker 2: happening to furniture and the automobile industry. We all know 597 00:31:15,280 --> 00:31:18,080 Speaker 2: what was happening in the seventies and eighties in the 598 00:31:18,120 --> 00:31:22,840 Speaker 2: automobile industry, right right, Michael Moore and Flint Michigan and 599 00:31:22,880 --> 00:31:25,720 Speaker 2: all of that. Everyone knew about that. But what most 600 00:31:25,760 --> 00:31:28,520 Speaker 2: people did not know it was happening in every industry, 601 00:31:28,960 --> 00:31:32,640 Speaker 2: in the furniture industry, in the appliance industry and the 602 00:31:32,680 --> 00:31:38,000 Speaker 2: electronic industry, in the clothing industry, in the athletic wear industry, 603 00:31:38,040 --> 00:31:40,000 Speaker 2: particularly athletic shoes. 604 00:31:42,000 --> 00:31:45,760 Speaker 3: What you call sneakers. So it was happening in every industry. 605 00:31:45,840 --> 00:31:49,000 Speaker 2: At the same time, everybody was shutting down factories, putting 606 00:31:49,000 --> 00:31:51,720 Speaker 2: Americans out of work, and sending the jobs overseas, and 607 00:31:51,760 --> 00:31:55,719 Speaker 2: then importing all that stuff without a duty, no tariff, 608 00:31:55,720 --> 00:31:58,800 Speaker 2: no duty. Was all just being imported under the guise 609 00:31:58,880 --> 00:32:04,680 Speaker 2: of something that politicians called free trade, and it was 610 00:32:04,720 --> 00:32:07,120 Speaker 2: on the shelf for the exact same price. That was 611 00:32:07,200 --> 00:32:09,560 Speaker 2: the worst, That was the unkindest cut of all. We 612 00:32:09,680 --> 00:32:13,280 Speaker 2: shut down the factories, unemployed, we put all the Americans out. 613 00:32:13,120 --> 00:32:16,000 Speaker 3: Of work, ship the jobs overseas. 614 00:32:15,520 --> 00:32:18,080 Speaker 2: Brought in the product, and the product was the exact 615 00:32:18,120 --> 00:32:22,560 Speaker 2: same price on the shelf. So it was a pretty 616 00:32:22,960 --> 00:32:28,719 Speaker 2: incredible time to be watching this happen and being involved 617 00:32:28,760 --> 00:32:33,240 Speaker 2: in politics. And now here we are, I would say, 618 00:32:34,160 --> 00:32:38,960 Speaker 2: thirty to forty years later, and Walmart has pivoted from 619 00:32:39,680 --> 00:32:46,440 Speaker 2: the lowest price possible to we are celebrating that we 620 00:32:46,480 --> 00:32:50,320 Speaker 2: have products here made in America. I think it is 621 00:32:50,800 --> 00:32:53,120 Speaker 2: an historic pivot, and I think it's a pivot in 622 00:32:53,160 --> 00:32:55,640 Speaker 2: the right direction. And I'll share with you the commercial 623 00:32:55,680 --> 00:32:57,720 Speaker 2: and we'll talk about it. That's all coming up next. 624 00:32:57,840 --> 00:33:01,080 Speaker 2: Lou Penrose on KFI AM six forty Live Everywhere on 625 00:33:01,120 --> 00:33:01,840 Speaker 2: the iHeartRadio 626 00:33:01,880 --> 00:33:05,280 Speaker 1: App Kfi a M six forty on demand