1 00:00:00,120 --> 00:00:02,360 Speaker 1: Good afternoon, getting right down to business here. We are 2 00:00:02,400 --> 00:00:05,360 Speaker 1: doing it live, doing more at four weekday afternoons, right 3 00:00:05,360 --> 00:00:07,800 Speaker 1: after the Guy Benson Show and just before the news Blitz. 4 00:00:07,840 --> 00:00:11,120 Speaker 1: You're in seven ninety KBC Motech on Money Live here 5 00:00:11,200 --> 00:00:15,360 Speaker 1: seven ninety KBC streaming live online worldwide at KBC dot com. 6 00:00:15,440 --> 00:00:19,960 Speaker 1: And you're on demand Motech of Money podcast KBC dot com, Apple, iTunes, YouTube, 7 00:00:20,000 --> 00:00:22,639 Speaker 1: all your favorite podcast platforms. I'll be back on the 8 00:00:22,640 --> 00:00:24,560 Speaker 1: air at six o'clock this evening for the Way Home 9 00:00:24,680 --> 00:00:27,400 Speaker 1: Radio showing podcast with the CEO of the Union Rescue 10 00:00:27,440 --> 00:00:31,840 Speaker 1: Mission in Los Angeles, focusing on homeless solutions. Mix finish 11 00:00:31,880 --> 00:00:34,519 Speaker 1: on Wall Street today with the Now pulling back sixty 12 00:00:34,520 --> 00:00:36,560 Speaker 1: one points, the S and P five hundred and seven, 13 00:00:36,600 --> 00:00:39,720 Speaker 1: and the NASDAC of thirty eight markets taking in the 14 00:00:39,880 --> 00:00:43,000 Speaker 1: latest comments from President Trump on the war with Iran, 15 00:00:43,159 --> 00:00:46,000 Speaker 1: President assuring that the US would eventually end the war 16 00:00:46,040 --> 00:00:48,000 Speaker 1: with Iran and the strait of horror moves would open 17 00:00:48,080 --> 00:00:51,120 Speaker 1: up naturally in his words thereafter, but the President also 18 00:00:51,159 --> 00:00:53,560 Speaker 1: pleased to hit Iran extremely hard in the coming week, 19 00:00:53,600 --> 00:00:56,720 Speaker 1: sending oil prices surging above one hundred dollars a barrel 20 00:00:56,760 --> 00:01:00,440 Speaker 1: today and unwinding a two day hor Mooz Hope rally, 21 00:01:00,760 --> 00:01:03,360 Speaker 1: as they're calling that on the Wall Street, including that 22 00:01:03,440 --> 00:01:06,440 Speaker 1: big eleven hundred point jump we saw earlier in the week. 23 00:01:06,760 --> 00:01:10,680 Speaker 1: President Trump did claim responsibility for destroying Iran's largest bridge 24 00:01:10,920 --> 00:01:12,959 Speaker 1: the day after he threatened to bomb the country back 25 00:01:12,959 --> 00:01:15,160 Speaker 1: to the Stone Ages in his words, if a deal 26 00:01:15,160 --> 00:01:17,360 Speaker 1: to end the five week long war he started was 27 00:01:17,400 --> 00:01:20,760 Speaker 1: not reached. The remarks failed to satisfy investors who hoped 28 00:01:20,800 --> 00:01:24,920 Speaker 1: to hear a timeline to exit from the conflict. The 29 00:01:24,920 --> 00:01:28,240 Speaker 1: major stock averages fell sharply at the opening bill before 30 00:01:28,280 --> 00:01:30,880 Speaker 1: recovering most of the losses by midday, and the Dow 31 00:01:30,959 --> 00:01:34,280 Speaker 1: closed down sixty one points and the other major averages 32 00:01:34,319 --> 00:01:35,640 Speaker 1: eked out gains. 33 00:01:35,680 --> 00:01:35,840 Speaker 2: Now. 34 00:01:36,040 --> 00:01:38,840 Speaker 1: Monthly jobs report tomorrow will give an update on the 35 00:01:38,920 --> 00:01:42,040 Speaker 1: nation's job picture, but with the US talk markets closed 36 00:01:42,120 --> 00:01:45,319 Speaker 1: for the Good Friday holiday heading into the Passover Easter 37 00:01:45,440 --> 00:01:48,120 Speaker 1: holiday weekend, investors will have to wait to trade on 38 00:01:48,280 --> 00:01:52,000 Speaker 1: that news. Holiday travelers will stare down an average a 39 00:01:52,080 --> 00:01:54,840 Speaker 1: nationwide gas price of four away to gallon and pay 40 00:01:54,880 --> 00:01:59,160 Speaker 1: airfares at have skyrocket with energy cost moving higher. We 41 00:01:59,200 --> 00:02:01,600 Speaker 1: did see the price of oil in New York move 42 00:02:01,720 --> 00:02:04,279 Speaker 1: up to above one hundred and twelve dollars a barrel 43 00:02:04,320 --> 00:02:06,600 Speaker 1: today it's even higher in London. The Brent crewd the 44 00:02:06,960 --> 00:02:11,320 Speaker 1: global benchmark. At southern California gas pumps, we're paying six 45 00:02:11,400 --> 00:02:13,480 Speaker 1: dollars a gallon of the average in the La Long 46 00:02:13,520 --> 00:02:16,839 Speaker 1: Beach area for regular, six thirty nine for premium, both 47 00:02:16,880 --> 00:02:19,200 Speaker 1: still about fifty cents below the record high we saw 48 00:02:19,320 --> 00:02:22,160 Speaker 1: back in twenty twenty two. But diesel has hit another 49 00:02:22,320 --> 00:02:24,200 Speaker 1: record high, and it's been that way for the last 50 00:02:24,280 --> 00:02:26,880 Speaker 1: week or so, every single day. Diesel now it's seven 51 00:02:27,120 --> 00:02:31,160 Speaker 1: sixty eight a gallon. We did see swings and oil 52 00:02:31,240 --> 00:02:34,359 Speaker 1: prices the latest and the markets which have been very 53 00:02:34,360 --> 00:02:36,840 Speaker 1: nervous in which traders have included to any new information 54 00:02:37,040 --> 00:02:41,400 Speaker 1: regarding the war with Iran. Also treasury bond yields falling 55 00:02:41,440 --> 00:02:45,040 Speaker 1: slightly to four point three to one percent. They were 56 00:02:45,080 --> 00:02:47,720 Speaker 1: just below four percent on the eve of the war 57 00:02:47,760 --> 00:02:52,040 Speaker 1: with Iran. Globally, we see the UK convening diplomats for 58 00:02:52,200 --> 00:02:54,520 Speaker 1: more than forty countries to discuss how to reopen the 59 00:02:54,520 --> 00:02:56,960 Speaker 1: Strait of Horror Moves without military force and keep it 60 00:02:57,280 --> 00:03:02,320 Speaker 1: secure post war. We did see Asian stock indexes decline. 61 00:03:02,560 --> 00:03:04,640 Speaker 1: They were the first to open after the President's speech 62 00:03:04,720 --> 00:03:07,560 Speaker 1: last night, included companies from countries that are most vulnerable 63 00:03:07,840 --> 00:03:10,880 Speaker 1: to the continuing energy shock related to the Strait of 64 00:03:10,919 --> 00:03:13,640 Speaker 1: Horror moves. Shares of Tesla moving lower today by about 65 00:03:13,639 --> 00:03:16,840 Speaker 1: five percent after the country reported that deliveries were up 66 00:03:16,840 --> 00:03:19,280 Speaker 1: in the first quarter but came in below Wall Street 67 00:03:19,320 --> 00:03:24,839 Speaker 1: analyst expectations. Meanwhile, and Outer Space all reported going well, 68 00:03:24,880 --> 00:03:27,600 Speaker 1: with the Artemis two mission carrying four astronauts around the 69 00:03:27,600 --> 00:03:30,200 Speaker 1: Moon in the first crude Moon mission in nearly fifty 70 00:03:30,240 --> 00:03:33,240 Speaker 1: four years. The Artemis two crew members been chatting with 71 00:03:33,320 --> 00:03:37,000 Speaker 1: NASA Mission control back to Earth as they go through 72 00:03:37,080 --> 00:03:40,640 Speaker 1: various milestones in that mission. Things are looking up meanwhile 73 00:03:40,640 --> 00:03:43,760 Speaker 1: for space related stocks, with SpaceX filing for initial public 74 00:03:43,800 --> 00:03:47,160 Speaker 1: stock offering, markets seemed to be bullish in that sector, 75 00:03:47,160 --> 00:03:49,840 Speaker 1: analysts already calling it one of the year's most anticipated 76 00:03:50,240 --> 00:03:54,120 Speaker 1: market debuts and one of the largest IPOs ever. Global 77 00:03:54,160 --> 00:03:56,880 Speaker 1: Stars stock moved higher after Amazon me was reported to 78 00:03:56,880 --> 00:04:00,120 Speaker 1: be in talks to buy that satellite communications company, but 79 00:04:00,160 --> 00:04:03,400 Speaker 1: the e commerce giant is not the only interested buyer, 80 00:04:03,400 --> 00:04:07,880 Speaker 1: according to the Financial Times. We're also watching what's happening 81 00:04:07,920 --> 00:04:11,480 Speaker 1: in the private credit market. Investors in two Blue Owls, 82 00:04:11,560 --> 00:04:14,280 Speaker 1: capital's biggest private credit funds, asked to pull out some 83 00:04:14,680 --> 00:04:16,799 Speaker 1: five and a half billion dollars in the first quarter, 84 00:04:16,920 --> 00:04:19,719 Speaker 1: adding to the growing stream of capital leaving the once 85 00:04:19,839 --> 00:04:25,640 Speaker 1: hot corner of Wall Street, according to the Wall Street Journal, Californians, 86 00:04:25,680 --> 00:04:27,680 Speaker 1: of course, as I mentioned, paying the highest gas and 87 00:04:27,720 --> 00:04:30,440 Speaker 1: diesel prices in the US. The leading candidate for governor 88 00:04:30,480 --> 00:04:33,880 Speaker 1: here in California, Republican Steve Hilton, has a new idea 89 00:04:33,920 --> 00:04:36,640 Speaker 1: to bring down gas prices here. I'll talk about that, 90 00:04:36,720 --> 00:04:39,119 Speaker 1: and I'll talk about with Steve Hilton. We'll be joining 91 00:04:39,120 --> 00:04:42,040 Speaker 1: me live later this hour. In the April fifteenth, tax 92 00:04:42,080 --> 00:04:44,719 Speaker 1: filing deadline is fast approaching. It's crunch time for people 93 00:04:44,760 --> 00:04:47,680 Speaker 1: filing their tax returns, and for small business owners the 94 00:04:47,720 --> 00:04:50,919 Speaker 1: stakes are even higher. With many small business owners, it 95 00:04:50,960 --> 00:04:54,320 Speaker 1: turns out not aware but twenty percent small business tax deduction. 96 00:04:54,960 --> 00:04:57,880 Speaker 1: We'll highlight that and more with Josh McLoud, director of 97 00:04:57,920 --> 00:05:01,000 Speaker 1: Federal Government Relations for the National fere Iteration of Independent 98 00:05:01,040 --> 00:05:05,000 Speaker 1: Business the NFIB. But first on your money, the markets, 99 00:05:05,000 --> 00:05:07,080 Speaker 1: the economy, and the whole works. Now joining us Linde 100 00:05:07,120 --> 00:05:10,320 Speaker 1: Gabriel Wisdom with American Money Management and author of Wisdom 101 00:05:10,640 --> 00:05:13,520 Speaker 1: on Value Investing. Gabriel, thank you very much for taking 102 00:05:13,560 --> 00:05:14,680 Speaker 1: the call here this afternoon. 103 00:05:15,360 --> 00:05:19,039 Speaker 3: Well, thank you, Frank. Here's an interesting statistic. One hundred 104 00:05:19,080 --> 00:05:23,719 Speaker 3: and twelve dollars of barrel oil is actually not what 105 00:05:23,800 --> 00:05:27,920 Speaker 3: it seems because adjusted for inflation, the current oil price 106 00:05:28,040 --> 00:05:30,760 Speaker 3: is actually lower than it's been for most of the 107 00:05:30,839 --> 00:05:33,000 Speaker 3: last twenty five years. 108 00:05:33,040 --> 00:05:35,840 Speaker 2: That have bit of data from Tom Lee at Funstrat. 109 00:05:35,920 --> 00:05:36,560 Speaker 2: Thanks for that. 110 00:05:37,160 --> 00:05:41,960 Speaker 3: But financial market's clearly reacting to headlines around the Iran 111 00:05:42,400 --> 00:05:47,440 Speaker 3: conflict and not the underlying trend in earnings expectations that 112 00:05:47,480 --> 00:05:52,679 Speaker 3: have really been amazing. You know, analysts Wall Street analysts 113 00:05:52,680 --> 00:05:57,599 Speaker 3: are historically optimistic in their early forecast, Frank, and downward 114 00:05:57,960 --> 00:06:01,000 Speaker 3: revisions are standard. In other words, after the yearneys come 115 00:06:01,040 --> 00:06:04,400 Speaker 3: out a month or two later, the analysts take us sharper. 116 00:06:04,520 --> 00:06:07,560 Speaker 3: If they sharpen their pencils and they revise those earnings 117 00:06:07,600 --> 00:06:12,960 Speaker 3: expectations downwards. That's not happening now. Earnings have been very 118 00:06:13,000 --> 00:06:17,920 Speaker 3: strong and the earnings revisions even stronger. That kind of 119 00:06:18,000 --> 00:06:22,800 Speaker 3: divergence is very very rare. It's only occurred seven times 120 00:06:23,040 --> 00:06:27,360 Speaker 3: over the past thirty five years. And guess what, that's 121 00:06:27,360 --> 00:06:30,040 Speaker 3: what we've got right now, and it's sort of like 122 00:06:30,080 --> 00:06:33,479 Speaker 3: a spring loaded situation. So once we get some good 123 00:06:33,520 --> 00:06:37,320 Speaker 3: news on the street of our moves and the war conflict, 124 00:06:37,960 --> 00:06:39,640 Speaker 3: I expect markets will go higher. 125 00:06:40,279 --> 00:06:42,920 Speaker 1: On your Live with Gabriel Wisdom with American Money Management 126 00:06:42,960 --> 00:06:46,200 Speaker 1: and author of Wisdom on Value Investing. In the meantime, 127 00:06:46,240 --> 00:06:50,200 Speaker 1: we've seen the precious metals markets turn quite volatile, and 128 00:06:50,279 --> 00:06:53,840 Speaker 1: so have the cryptos too, both analog gold and the 129 00:06:53,920 --> 00:06:56,320 Speaker 1: so called the digital gold bouncing all over the place, 130 00:06:56,440 --> 00:07:01,039 Speaker 1: with crypto here under pressure today a bitcore, for example, 131 00:07:01,120 --> 00:07:04,600 Speaker 1: down below sixty seven thousand. At the moment gold took 132 00:07:04,800 --> 00:07:06,600 Speaker 1: a more than one hundred dollars hit here. It looks 133 00:07:06,640 --> 00:07:09,840 Speaker 1: like back to forty seven two. What are your impressions 134 00:07:09,880 --> 00:07:12,960 Speaker 1: here of the precious metals and the indeed crypto which 135 00:07:13,000 --> 00:07:15,360 Speaker 1: you keep an eye on, you. 136 00:07:15,320 --> 00:07:21,200 Speaker 3: Know, Frank, metals, materials, including the metals, have been where 137 00:07:21,240 --> 00:07:24,640 Speaker 3: all the strength is. Strength is led by metals and 138 00:07:24,720 --> 00:07:28,480 Speaker 3: mining companies, and that's supported by higher prices for the 139 00:07:28,560 --> 00:07:32,280 Speaker 3: kinds of commodities that we use, like copper and gold. 140 00:07:32,800 --> 00:07:37,120 Speaker 3: I suspect that is going to continue, and JP Morgan 141 00:07:37,200 --> 00:07:40,760 Speaker 3: is now predicting that gold will reach six three hundred 142 00:07:41,120 --> 00:07:44,080 Speaker 3: per ounce by the end of this year. Here we 143 00:07:44,120 --> 00:07:48,600 Speaker 3: are at what below forty seven hundred and ounce And 144 00:07:48,640 --> 00:07:53,480 Speaker 3: why is that? Well, relatively few people invest in gold. 145 00:07:54,200 --> 00:07:58,080 Speaker 3: It's estimated that less than eleven percent of the population 146 00:07:58,560 --> 00:08:02,120 Speaker 3: invests in physical gold, according to the US Gold and 147 00:08:02,200 --> 00:08:06,680 Speaker 3: Coin Reserve. And now that's much smaller percentage than those 148 00:08:06,680 --> 00:08:10,360 Speaker 3: who invest in stocks. And a Gallup poll found that 149 00:08:10,560 --> 00:08:14,880 Speaker 3: sixty two percent of Americans owned stocks. Almost no one 150 00:08:14,920 --> 00:08:17,400 Speaker 3: owns physical gold, or maybe they have an old coin 151 00:08:17,920 --> 00:08:20,360 Speaker 3: or a little bit of gold, or obviously some jewelry, 152 00:08:20,760 --> 00:08:25,680 Speaker 3: but that's likely to change because the central banks are 153 00:08:25,720 --> 00:08:29,720 Speaker 3: still accumulating it. With regard to bitcoin, there was some 154 00:08:29,760 --> 00:08:33,800 Speaker 3: good news on the cryptos crypto exchange coin based Global, 155 00:08:33,840 --> 00:08:38,040 Speaker 3: which has one of the best trading symbols that i've 156 00:08:38,120 --> 00:08:41,960 Speaker 3: you know, I've ever seen. It's coin coi N, a 157 00:08:42,000 --> 00:08:46,719 Speaker 3: truly great symbol. They today received conditional approval from a 158 00:08:46,800 --> 00:08:51,920 Speaker 3: key federal regulator to become a bank. And if coin 159 00:08:51,960 --> 00:08:58,240 Speaker 3: based Global, which has a huge assets approximately seven percent 160 00:08:58,280 --> 00:09:02,080 Speaker 3: of the total crypto market, is in coinbase, then the 161 00:09:02,120 --> 00:09:03,360 Speaker 3: others would likely follow. 162 00:09:03,440 --> 00:09:06,880 Speaker 2: That's a big positive for digital on there. 163 00:09:06,960 --> 00:09:09,600 Speaker 1: Lit with Gabriel wisdom. Getting back to oil and energy 164 00:09:09,640 --> 00:09:12,400 Speaker 1: for a moment. What are your thoughts here on where 165 00:09:12,440 --> 00:09:14,920 Speaker 1: oil prices go from here? And what are you doing 166 00:09:15,040 --> 00:09:16,200 Speaker 1: with the oil socks at the moment. 167 00:09:17,440 --> 00:09:20,440 Speaker 3: Well, I'm hanging on to them for sure. Energy was 168 00:09:20,480 --> 00:09:24,200 Speaker 3: the top performing sector, as anybody might might imagine, the 169 00:09:24,600 --> 00:09:27,760 Speaker 3: large integrated companies where the real leaders like Excell Mobile, 170 00:09:28,559 --> 00:09:34,280 Speaker 3: Chevron was another one. They benefit from big earnings, earnings expectations, 171 00:09:34,679 --> 00:09:39,240 Speaker 3: big cash flow outlooks, plus theirs exploration and production in 172 00:09:39,360 --> 00:09:46,200 Speaker 3: their portfolios. And you know, the trans continental fares for 173 00:09:46,920 --> 00:09:55,000 Speaker 3: cruise ships, for transport jets. They're bot to double from 174 00:09:55,080 --> 00:09:58,800 Speaker 3: the pre war levels because of high oil prices, but 175 00:09:59,400 --> 00:10:01,520 Speaker 3: demand is still strong. 176 00:10:02,720 --> 00:10:03,800 Speaker 2: We'll see how that goes. 177 00:10:03,840 --> 00:10:10,200 Speaker 3: But I'm still very much with the traditional legacy energy companies. 178 00:10:10,400 --> 00:10:12,760 Speaker 3: I think over the long run, and I mean like 179 00:10:12,920 --> 00:10:16,520 Speaker 3: the next two three years, they payoff all right. 180 00:10:16,559 --> 00:10:20,240 Speaker 1: And everyone's still talking about that Artemis two blast off 181 00:10:20,280 --> 00:10:22,640 Speaker 1: at the Kennedy Space Center yesterday, and for the first 182 00:10:22,640 --> 00:10:25,600 Speaker 1: time in more than fifty years, we have astronauts about 183 00:10:25,600 --> 00:10:28,880 Speaker 1: the circle the Moon. A very exciting time once again 184 00:10:28,960 --> 00:10:32,120 Speaker 1: in the aerospace and seems to be a renaissance of 185 00:10:32,240 --> 00:10:36,240 Speaker 1: aerospace activity here in southern California, which has always been 186 00:10:36,600 --> 00:10:40,360 Speaker 1: at the forefront here. And what about some of these 187 00:10:40,360 --> 00:10:44,319 Speaker 1: space names we see obviously the companies associated with the 188 00:10:44,400 --> 00:10:47,240 Speaker 1: Artemis two mission, but now this global Star stock moved 189 00:10:47,320 --> 00:10:49,520 Speaker 1: up after Amazon was reported to be in talks to 190 00:10:49,559 --> 00:10:54,040 Speaker 1: buy that satellite communications company. Has this sector gotten your attention? 191 00:10:55,000 --> 00:10:56,280 Speaker 2: Well, another one is Iridium. 192 00:10:57,320 --> 00:11:02,320 Speaker 3: There's a viasat this sound like communication companies like global 193 00:11:02,400 --> 00:11:07,040 Speaker 3: Star are hot because for Amazon, for example, it allows 194 00:11:07,320 --> 00:11:11,240 Speaker 3: Amazon to compete with with Elon Musk's Starlink to provide 195 00:11:11,280 --> 00:11:17,120 Speaker 3: Internet connectivity. So yes, this is a big theme and 196 00:11:17,280 --> 00:11:20,480 Speaker 3: right now those those companies are hot. And then there's 197 00:11:20,520 --> 00:11:26,480 Speaker 3: the space filing for an initial public offering. Muskin As 198 00:11:26,679 --> 00:11:31,920 Speaker 3: advisors are aiming for a two trillion dollar valuation on SpaceX. 199 00:11:32,600 --> 00:11:36,040 Speaker 3: They're they're planning to raise a significant amount of money here, 200 00:11:37,559 --> 00:11:40,440 Speaker 3: but you know, we just don't know when the IPO 201 00:11:40,559 --> 00:11:44,520 Speaker 3: will be available. There are a number of steps to 202 00:11:44,559 --> 00:11:49,160 Speaker 3: prepare and submit statements and a perspectus the typical company 203 00:11:49,240 --> 00:11:52,680 Speaker 3: from from where SpaceX is now, it takes most companies 204 00:11:52,760 --> 00:11:55,600 Speaker 3: up to a year to compete, and they're aiming to 205 00:11:55,600 --> 00:11:58,240 Speaker 3: go public this July. So we'll see what happens. 206 00:11:59,320 --> 00:12:03,640 Speaker 1: How are you positioning yourself for that IPO and any 207 00:12:03,840 --> 00:12:08,840 Speaker 1: ancillary names that might benefit from this resurgence in space 208 00:12:08,920 --> 00:12:12,439 Speaker 1: activity and indeed any connection to SpaceX. 209 00:12:13,520 --> 00:12:17,240 Speaker 3: Well I mentioned the satellite providers. I think those are real, 210 00:12:17,480 --> 00:12:21,280 Speaker 3: you know, using the goal of mining analogy their picks 211 00:12:21,600 --> 00:12:26,400 Speaker 3: and their axes in this whole great rush. You know, 212 00:12:26,840 --> 00:12:31,640 Speaker 3: the SpaceX IPO I suspect may be overpriced because of 213 00:12:31,679 --> 00:12:32,880 Speaker 3: the popularity. 214 00:12:32,960 --> 00:12:36,360 Speaker 2: But at the same time, we just don't know. 215 00:12:36,600 --> 00:12:42,080 Speaker 3: It's he's got a basic monopoly on this business and 216 00:12:42,120 --> 00:12:46,280 Speaker 3: on NASA's back in business. But there are other competitors 217 00:12:46,320 --> 00:12:50,800 Speaker 3: that are likely becoming along Amazon, for example, with their 218 00:12:50,840 --> 00:12:54,040 Speaker 3: interest in global satellites. I wouldn't be surprised if they 219 00:12:55,080 --> 00:12:58,560 Speaker 3: try to compete with pretty much everything. Elon Musk is doing. 220 00:12:58,920 --> 00:13:02,119 Speaker 1: Very exciting time and in the background and all this 221 00:13:02,120 --> 00:13:06,240 Speaker 1: this private credit situation keeps popping up. With this Blue 222 00:13:06,280 --> 00:13:09,800 Speaker 1: Owl Capital story has come up again. The investors in 223 00:13:09,840 --> 00:13:12,800 Speaker 1: two of that company's biggest private credit funds asked to 224 00:13:12,800 --> 00:13:15,720 Speaker 1: pull out some five point four building in the first quarter, 225 00:13:15,760 --> 00:13:19,199 Speaker 1: according to the to the Wall Street Journal, Is this 226 00:13:19,280 --> 00:13:23,200 Speaker 1: an issue getting your attention? Is this another credit crisis brewing, 227 00:13:23,240 --> 00:13:25,840 Speaker 1: and what if anything else should we know about this? 228 00:13:27,080 --> 00:13:31,440 Speaker 3: Well, I don't think it's anything like the collabalized mortgage 229 00:13:31,440 --> 00:13:34,840 Speaker 3: obligation problem of two thousand and seven, two thousand and eight, 230 00:13:35,080 --> 00:13:39,520 Speaker 3: when banks we're issuing what are now called liar loans. 231 00:13:39,559 --> 00:13:41,520 Speaker 2: Anybody that could fog up you know. 232 00:13:41,480 --> 00:13:45,960 Speaker 3: A mirror, could get get a mortgage and they simply, 233 00:13:46,360 --> 00:13:50,400 Speaker 3: you know, tell the bank how much they make, wink 234 00:13:50,480 --> 00:13:53,440 Speaker 3: wink to qualify, and everybody qualify. 235 00:13:53,559 --> 00:13:56,440 Speaker 2: It's not that kind of of a bubble. 236 00:13:56,840 --> 00:14:01,160 Speaker 3: The private credit issue is around software companies that have 237 00:14:01,400 --> 00:14:07,320 Speaker 3: overspent to build out data centers the digital growth place, 238 00:14:07,840 --> 00:14:09,680 Speaker 3: and they've raised a good deal of money. 239 00:14:09,679 --> 00:14:11,520 Speaker 2: Even the big traditional. 240 00:14:11,160 --> 00:14:18,400 Speaker 3: Companies like Amazon, like Google, like Microsoft. Meta is another one. 241 00:14:18,520 --> 00:14:21,480 Speaker 3: They're expected to spend more than six hundred and fifty 242 00:14:21,520 --> 00:14:25,360 Speaker 3: billion this year. That's sixty percent more than they spent 243 00:14:25,560 --> 00:14:29,720 Speaker 3: last year. So the private credit thing is around the 244 00:14:29,840 --> 00:14:32,720 Speaker 3: smaller kinds of companies that all show issued a good 245 00:14:32,720 --> 00:14:34,960 Speaker 3: deal of debt and then Wall Street figured out a 246 00:14:35,000 --> 00:14:39,320 Speaker 3: way to sell these loans to the public. I don't 247 00:14:39,360 --> 00:14:42,400 Speaker 3: think they'll go bad. I just think they're liquid and 248 00:14:42,560 --> 00:14:43,640 Speaker 3: people have to wait. 249 00:14:44,240 --> 00:14:46,800 Speaker 1: All right, tomorrow we're getting the Drums report while the 250 00:14:46,840 --> 00:14:50,120 Speaker 1: stock market is closed for good Friday in the easter 251 00:14:50,440 --> 00:14:53,800 Speaker 1: passover a weekend. What do you expect tomorrow? You're also 252 00:14:53,840 --> 00:14:57,840 Speaker 1: an economist, and how would you synthesize what's happening and 253 00:14:58,040 --> 00:15:00,360 Speaker 1: it's impact on the economy, including what we're going to 254 00:15:00,360 --> 00:15:01,280 Speaker 1: be getting tomorrow. 255 00:15:02,760 --> 00:15:04,120 Speaker 2: You know, frankly, we got. 256 00:15:03,920 --> 00:15:09,560 Speaker 3: The Jolts report of Wednesday or when was it it 257 00:15:09,640 --> 00:15:13,880 Speaker 3: was the first Yeah, And that's the job openings and 258 00:15:13,960 --> 00:15:18,880 Speaker 3: labor turnover report, and we can see that the pace 259 00:15:18,880 --> 00:15:23,640 Speaker 3: of hires has slowed, but also the pace of the 260 00:15:23,800 --> 00:15:27,640 Speaker 3: departures also slowed. You know, in the past we've heard 261 00:15:27,640 --> 00:15:31,480 Speaker 3: from companies slow to hire, quick to fire. Now we're 262 00:15:31,480 --> 00:15:37,120 Speaker 3: hearing no hire, no fire. So the labor department is 263 00:15:37,160 --> 00:15:41,080 Speaker 3: pretty stable. It's just that there aren't as many looking 264 00:15:41,120 --> 00:15:43,640 Speaker 3: for jobs and there aren't as many new jobs. 265 00:15:43,640 --> 00:15:45,600 Speaker 2: So as the. 266 00:15:45,680 --> 00:15:49,680 Speaker 3: Fed share pointed out recently that the data has shown 267 00:15:49,760 --> 00:15:55,640 Speaker 3: weak job growth and a modest and he emphasized that 268 00:15:55,720 --> 00:16:01,080 Speaker 3: labor demand and labor supplier are declining simultaneous. I suspect 269 00:16:01,080 --> 00:16:02,560 Speaker 3: we'll see more of the same tomorrow. 270 00:16:03,120 --> 00:16:05,880 Speaker 1: All right, any specific places at this point, the real 271 00:16:05,880 --> 00:16:08,160 Speaker 1: wisdom where you are putting money now and or taking 272 00:16:08,240 --> 00:16:08,840 Speaker 1: off the table. 273 00:16:10,000 --> 00:16:13,760 Speaker 3: Well, Frank, I mentioned Amazon. I'm really starting to like 274 00:16:13,840 --> 00:16:17,760 Speaker 3: it here. They've got a massive investment in their warehouses, 275 00:16:18,160 --> 00:16:21,480 Speaker 3: and in the warehouses they've got robots, and I think 276 00:16:21,480 --> 00:16:24,840 Speaker 3: it's going to pay off in the form of big 277 00:16:24,880 --> 00:16:28,480 Speaker 3: profits here. You know, one of the milestones for Amazon 278 00:16:28,560 --> 00:16:33,840 Speaker 3: last year was they deployed their millionth robot worker. They 279 00:16:33,880 --> 00:16:38,560 Speaker 3: have a million robots working, putting this company on pace 280 00:16:38,640 --> 00:16:42,880 Speaker 3: to have more robots than humans in its warehouses by 281 00:16:43,280 --> 00:16:45,520 Speaker 3: the end of this year. Then they want to buy 282 00:16:45,560 --> 00:16:49,680 Speaker 3: the satellite company Global Stark to compete with Starlink. I 283 00:16:49,720 --> 00:16:51,600 Speaker 3: think it's attractive here. 284 00:16:51,720 --> 00:16:52,120 Speaker 2: Then. 285 00:16:52,160 --> 00:16:57,240 Speaker 3: Additionally, because of the travel slowdown, the travel website trip 286 00:16:57,400 --> 00:17:01,480 Speaker 3: Advisor has my attention to r our ip is the 287 00:17:01,560 --> 00:17:04,399 Speaker 3: symbol if it's below eleven dollars to share was much 288 00:17:04,480 --> 00:17:07,879 Speaker 3: higher in better travel times, and they've got a billion 289 00:17:07,920 --> 00:17:12,399 Speaker 3: in cash. I think they'll see better times. I haven't 290 00:17:12,400 --> 00:17:13,760 Speaker 3: bought it, but I'm looking at it. 291 00:17:14,160 --> 00:17:14,480 Speaker 2: Terrific. 292 00:17:14,560 --> 00:17:17,760 Speaker 1: Gabriel Wisdom of American money Management based here in Southern California, 293 00:17:17,800 --> 00:17:20,800 Speaker 1: author of Wisdom on Value Investing. Gabriel, it's always great 294 00:17:20,840 --> 00:17:22,240 Speaker 1: to have you with us. Thank you very much for 295 00:17:22,240 --> 00:17:23,560 Speaker 1: taking the call here this afternoon. 296 00:17:24,200 --> 00:17:25,240 Speaker 2: Thank you, Frank. 297 00:17:25,200 --> 00:17:28,600 Speaker 1: Seven ninety KBC. Today mixed finish on Wall Street with 298 00:17:28,680 --> 00:17:31,080 Speaker 1: the now down sixty one points would have been let 299 00:17:31,119 --> 00:17:34,600 Speaker 1: down today for the Blue Chip Index to forty six thousand, 300 00:17:34,760 --> 00:17:37,720 Speaker 1: five ho five, down sixty one points at the close, 301 00:17:37,800 --> 00:17:39,520 Speaker 1: off its worst level of the day. We got off 302 00:17:39,520 --> 00:17:41,760 Speaker 1: to a rough start. The S and P five hundred 303 00:17:41,760 --> 00:17:44,359 Speaker 1: manages to turn things around and closed higher by seven 304 00:17:44,400 --> 00:17:47,480 Speaker 1: points at sixty five eighty three. The nasdag of thirty 305 00:17:47,520 --> 00:17:50,000 Speaker 1: eight at twenty one thousand and eight seventy nine. The 306 00:17:50,040 --> 00:17:53,520 Speaker 1: VOLA Totally index actually pulled back today by three percent. 307 00:17:53,560 --> 00:17:56,000 Speaker 1: The yield and the tenure note down four point three 308 00:17:56,200 --> 00:17:59,320 Speaker 1: one percent. Price of Goal taking a hit today, down 309 00:17:59,359 --> 00:18:01,840 Speaker 1: one hundred and ten dollars forty cents to forty seven 310 00:18:01,880 --> 00:18:05,320 Speaker 1: to two seventy one ounce crude all futures. This is 311 00:18:05,320 --> 00:18:08,720 Speaker 1: interesting in New York, West Texas Intermediate Oil getting a 312 00:18:08,720 --> 00:18:11,400 Speaker 1: pop of about twelve dollars to one twelve and change. 313 00:18:11,600 --> 00:18:14,920 Speaker 1: Brencrud in London now up about eight dollars today to 314 00:18:15,000 --> 00:18:18,600 Speaker 1: one oh nine and change. Looks like West Texas Intermediate 315 00:18:18,720 --> 00:18:22,680 Speaker 1: now more expensive than bren crude in London, and we're 316 00:18:22,680 --> 00:18:25,399 Speaker 1: seeing the damage done at southern Cali forty gas pumps, 317 00:18:25,400 --> 00:18:27,480 Speaker 1: with diesel hitting another record high today in the Los 318 00:18:27,520 --> 00:18:30,359 Speaker 1: Angeles area. According to the latest Triple A fuel Gate survey, 319 00:18:30,880 --> 00:18:34,119 Speaker 1: seven sixty eight is now the average price for diesel 320 00:18:34,240 --> 00:18:36,040 Speaker 1: in the La Long Beach area. We've seen a week 321 00:18:36,080 --> 00:18:39,800 Speaker 1: long stretch of record highs for diesel six dollars a 322 00:18:39,840 --> 00:18:42,440 Speaker 1: gallon for regular six point thirty nine dow average price 323 00:18:42,440 --> 00:18:45,760 Speaker 1: for premium, both still about fifty cents a gallon below 324 00:18:45,800 --> 00:18:48,320 Speaker 1: their all time highs which we saw back in twenty 325 00:18:48,520 --> 00:18:51,640 Speaker 1: twenty two. Checking the cryptos now we see a bitcoin 326 00:18:51,760 --> 00:18:55,280 Speaker 1: hovering just below sixty seven thousand ethereum at two thousand 327 00:18:55,280 --> 00:18:58,600 Speaker 1: and sixty two doze at the moment at nine cents. 328 00:18:59,080 --> 00:19:02,840 Speaker 1: Shares of Global Star surge today after Amazon was reported 329 00:19:02,840 --> 00:19:05,600 Speaker 1: to be in talks to buy that satellite communications company. 330 00:19:06,040 --> 00:19:09,320 Speaker 1: Global Star stock swared more than nine dollars to seventy 331 00:19:09,359 --> 00:19:14,320 Speaker 1: seven and change seven ninety KBC. Motach on money continues 332 00:19:14,359 --> 00:19:18,679 Speaker 1: here in seven ninety KABC, speaking of paying forward, backwards 333 00:19:18,720 --> 00:19:21,639 Speaker 1: and all over the place, Californians are paying the highest 334 00:19:21,640 --> 00:19:24,280 Speaker 1: gas and diesel prices here in the United States. The 335 00:19:24,359 --> 00:19:27,719 Speaker 1: leading candidate for governor here in California, Republican Steve Hilton, 336 00:19:28,160 --> 00:19:30,639 Speaker 1: has a new idea to bring down gas prices in 337 00:19:30,720 --> 00:19:34,600 Speaker 1: the state. And joining us now is Steve Hilton, author, entrepreneur, 338 00:19:34,800 --> 00:19:37,600 Speaker 1: longtime host of the Fox TV show The Next Revolution, 339 00:19:37,680 --> 00:19:40,720 Speaker 1: and author of the book Count of Failure, Reversing the 340 00:19:40,880 --> 00:19:44,600 Speaker 1: Ruin of America's worst run State. Steve Hilton is the 341 00:19:44,680 --> 00:19:47,760 Speaker 1: leading candidate for governor in California according to the latest 342 00:19:47,760 --> 00:19:51,000 Speaker 1: polls Plural. Steve Hilton, thank you very much for taking 343 00:19:51,000 --> 00:19:52,080 Speaker 1: the call here this afternoon. 344 00:19:53,040 --> 00:19:54,359 Speaker 4: Of course, wonderful to be with you. 345 00:19:54,440 --> 00:19:56,960 Speaker 1: Thank you likewise, thank you very very much. And with 346 00:19:57,000 --> 00:20:01,159 Speaker 1: everybody talking about gas prices and what's happening, take it 347 00:20:01,200 --> 00:20:03,080 Speaker 1: from the top and tell us what you'd like to 348 00:20:03,119 --> 00:20:04,359 Speaker 1: see happen here in California. 349 00:20:05,480 --> 00:20:07,440 Speaker 4: Well, the immediate thing we need to do is suspend 350 00:20:07,480 --> 00:20:11,840 Speaker 4: the gas tax. The Australian Prime Minister just did that 351 00:20:12,160 --> 00:20:15,680 Speaker 4: in Australia in response to what we're seeing in terms 352 00:20:15,720 --> 00:20:19,160 Speaker 4: of the temporary spike that's caused by the Iron War. 353 00:20:19,240 --> 00:20:22,840 Speaker 4: Of course, the spike is much greater in California. We 354 00:20:22,960 --> 00:20:26,040 Speaker 4: have an use them and the Democrat regime in California 355 00:20:26,080 --> 00:20:28,879 Speaker 4: have been at least four times as destructive even as 356 00:20:28,920 --> 00:20:31,800 Speaker 4: the iram more and what's their excuse. But the first 357 00:20:31,800 --> 00:20:34,639 Speaker 4: thing we can do in an immediate sense is to 358 00:20:34,680 --> 00:20:38,239 Speaker 4: stop this tax that the government is just taking gouging us. 359 00:20:38,280 --> 00:20:41,119 Speaker 4: They're tax gouging us on gas taxes, and they can 360 00:20:41,160 --> 00:20:43,520 Speaker 4: do that very quickly and should do it longer term. 361 00:20:43,600 --> 00:20:47,159 Speaker 4: We need to open up California oil and gas production 362 00:20:47,640 --> 00:20:49,879 Speaker 4: so that we're not shipping oil in from halfway around 363 00:20:49,880 --> 00:20:54,560 Speaker 4: the world on giants, soup pancas viewing out carbon emissions, 364 00:20:54,720 --> 00:20:57,200 Speaker 4: so none of it makes sense even on their kind 365 00:20:57,240 --> 00:21:00,159 Speaker 4: of environmental argument. We need to get rid of the 366 00:21:00,840 --> 00:21:05,320 Speaker 4: extreme and excessive regulations on refiner reason to have reasonable 367 00:21:05,359 --> 00:21:10,800 Speaker 4: regulation there. And we need to make sure that everything 368 00:21:10,880 --> 00:21:16,000 Speaker 4: we're doing in California is pushing us towards affordable, reliable 369 00:21:16,119 --> 00:21:17,520 Speaker 4: energy instead of the other direction. 370 00:21:18,600 --> 00:21:21,719 Speaker 1: There's the word affordability and affordable. I'm there lie with 371 00:21:21,760 --> 00:21:25,160 Speaker 1: Steve Hilton, the leading candidate for governor in California, Republican 372 00:21:25,440 --> 00:21:28,920 Speaker 1: Steve Hilton, And as we've discussed before, California is swimming 373 00:21:29,280 --> 00:21:31,720 Speaker 1: in oil. In fact, one hundred years ago, California accounted 374 00:21:31,760 --> 00:21:34,639 Speaker 1: for twenty five percent of the world's oil production and 375 00:21:35,040 --> 00:21:39,080 Speaker 1: including some offshore activity. President Trump has recently signed that 376 00:21:39,119 --> 00:21:42,600 Speaker 1: executive order. What's your reaction to this, And well, this 377 00:21:42,680 --> 00:21:44,320 Speaker 1: is a move the needle, you think as far as 378 00:21:44,320 --> 00:21:45,640 Speaker 1: bringing gas prices down. 379 00:21:46,640 --> 00:21:49,320 Speaker 4: Yeah, I mean, that's a stable reserve just off the 380 00:21:49,320 --> 00:21:53,920 Speaker 4: coast of Santa Barbara. That's absolutely massive gold mine. As 381 00:21:53,920 --> 00:21:57,400 Speaker 4: it worked. The President always talks about oil as liquid gold. Well, 382 00:21:57,440 --> 00:21:59,520 Speaker 4: we've got one of the biggest gold mines in the 383 00:21:59,560 --> 00:22:04,160 Speaker 4: world right there, the Sable Reserve, and you've got right now. 384 00:22:04,200 --> 00:22:07,359 Speaker 4: The estimate is that that is the second largest in America, 385 00:22:07,880 --> 00:22:11,040 Speaker 4: second only to the Permian Basin, which so this is 386 00:22:11,119 --> 00:22:14,639 Speaker 4: huge for us. And as always, Gavin, you some of 387 00:22:14,680 --> 00:22:16,880 Speaker 4: the Democrats are doing the opposite of common sense. They're 388 00:22:16,880 --> 00:22:19,000 Speaker 4: trying to shut it down, keep it in the ground. 389 00:22:19,400 --> 00:22:22,480 Speaker 4: It doesn't even make sense environmental terms, because right there 390 00:22:22,480 --> 00:22:26,040 Speaker 4: in Santa Barbara and along that coast, as the oil 391 00:22:26,160 --> 00:22:31,040 Speaker 4: is kept under the ocean bed, it's started the pressure 392 00:22:31,080 --> 00:22:34,520 Speaker 4: is building and you're starting to get seepage where it's 393 00:22:34,600 --> 00:22:37,879 Speaker 4: leaking into the ocean floor and onto the beaches. So 394 00:22:38,280 --> 00:22:41,040 Speaker 4: it's actually harming the environment. But they're doing it in 395 00:22:41,040 --> 00:22:45,439 Speaker 4: their pigheaded determination to try and crush every single piece 396 00:22:45,760 --> 00:22:48,439 Speaker 4: of our oil and gas industry in California. All it 397 00:22:48,480 --> 00:22:52,639 Speaker 4: does is increase prices and make everything harder and more expensive. 398 00:22:54,040 --> 00:22:57,440 Speaker 1: On your Live with Steve Hilton and when you drive 399 00:22:57,480 --> 00:23:00,960 Speaker 1: around and see these gas prices the highest of course 400 00:23:01,119 --> 00:23:03,640 Speaker 1: in the country at this point, Diesel, by the way, 401 00:23:03,720 --> 00:23:07,679 Speaker 1: hitting another record high today of seven sixty eight. The 402 00:23:07,760 --> 00:23:10,760 Speaker 1: idea to lower the taxes apparently that that's one idea 403 00:23:10,800 --> 00:23:13,960 Speaker 1: that other states are looking at as well. And you 404 00:23:14,000 --> 00:23:18,320 Speaker 1: know it's Florida, for example, lowers actually eliminates the sales 405 00:23:18,320 --> 00:23:21,240 Speaker 1: tax on back to school items when it's back to 406 00:23:21,280 --> 00:23:24,320 Speaker 1: school season to give consumers a break. If you were governor, 407 00:23:25,040 --> 00:23:27,679 Speaker 1: what would you make this stay more consumer friendly? 408 00:23:30,040 --> 00:23:33,919 Speaker 4: I mean, you've got a combination of things that have 409 00:23:35,880 --> 00:23:40,040 Speaker 4: led to us having the highest grocery bills in the country. 410 00:23:40,240 --> 00:23:43,480 Speaker 4: We've got the highest gas prices in America, the highest 411 00:23:43,480 --> 00:23:47,800 Speaker 4: electric bills everywhere except Hawaii, highest housing costs, and the 412 00:23:47,880 --> 00:23:50,720 Speaker 4: highest grocery costs. A huge part of that is driven 413 00:23:50,760 --> 00:23:54,960 Speaker 4: by these forces of regulation that I often talk about. 414 00:23:55,080 --> 00:24:00,720 Speaker 4: Number One, you've got the unions, which are basically own 415 00:24:00,800 --> 00:24:03,920 Speaker 4: the Democrat Party pushing all these labor regulations that make 416 00:24:04,960 --> 00:24:07,840 Speaker 4: anyone working in the retail sector their costs are so 417 00:24:07,960 --> 00:24:11,560 Speaker 4: much higher. You've got the climate fanaticism which is driving 418 00:24:11,600 --> 00:24:16,359 Speaker 4: up the cost of energy and electricity in particular, which 419 00:24:16,359 --> 00:24:18,680 Speaker 4: factors into the cost of goods in the store. And 420 00:24:18,720 --> 00:24:23,119 Speaker 4: then you've got litigation. Endless lawsuits have absolutely everything. So 421 00:24:23,200 --> 00:24:25,960 Speaker 4: that's another cost that these businesses have to pay. And 422 00:24:26,040 --> 00:24:28,960 Speaker 4: it's important to note that if you look at Gavin 423 00:24:29,000 --> 00:24:32,120 Speaker 4: Newsom's top donors by category, and you can assume it's 424 00:24:32,160 --> 00:24:35,520 Speaker 4: like this for most Democrat petitions, the largest donors to 425 00:24:35,560 --> 00:24:39,920 Speaker 4: him by category are government unions. Number two is trial lawyers. 426 00:24:40,240 --> 00:24:43,080 Speaker 4: Number three is private sector unions. So these people that 427 00:24:43,119 --> 00:24:45,760 Speaker 4: are doing the most damage to our state, they own 428 00:24:46,200 --> 00:24:48,480 Speaker 4: Gavin Newsom and the Democrat politicians. 429 00:24:49,480 --> 00:24:53,360 Speaker 1: They're calling it a second disaster. The recovery that's been 430 00:24:53,359 --> 00:24:58,920 Speaker 1: painfully slow along the Palisades and Malibu and Alta Dina, 431 00:24:59,200 --> 00:25:02,320 Speaker 1: you were in sacrament and leading the separate this recovery uppart, 432 00:25:02,480 --> 00:25:04,720 Speaker 1: what would you what would you do to accelerate the 433 00:25:04,760 --> 00:25:07,840 Speaker 1: rebuilding in those in those I. 434 00:25:07,880 --> 00:25:09,480 Speaker 4: Spent a lot of time there and I've listened to 435 00:25:09,480 --> 00:25:14,399 Speaker 4: the absolutely heartbreaking and infuriating stories of residents. Just the 436 00:25:14,440 --> 00:25:17,480 Speaker 4: other week, I was on with some people who lost 437 00:25:17,480 --> 00:25:21,240 Speaker 4: their mobile homes as a mobile home place there which 438 00:25:21,280 --> 00:25:23,600 Speaker 4: which does get off and the attention that it deserves, 439 00:25:23,760 --> 00:25:25,640 Speaker 4: and in many ways you would think would the easiest 440 00:25:25,680 --> 00:25:28,280 Speaker 4: to fix, the quickest to come and fix. But they 441 00:25:28,520 --> 00:25:32,320 Speaker 4: just can't get their act together because these politicians are 442 00:25:32,520 --> 00:25:37,240 Speaker 4: just Democrat machine career politicians who've never done anything else. 443 00:25:37,560 --> 00:25:40,000 Speaker 4: They have no idea how to solve a problem, no 444 00:25:40,080 --> 00:25:42,960 Speaker 4: idea how to actually make anything happen. They believe that 445 00:25:43,040 --> 00:25:45,800 Speaker 4: an announcement is the same as a result, and that 446 00:25:45,840 --> 00:25:48,400 Speaker 4: the process is the same as outcome. If you look 447 00:25:48,440 --> 00:25:51,360 Speaker 4: at what Karen Bath said. For example, a few months ago, 448 00:25:51,400 --> 00:25:55,040 Speaker 4: she announced with some great fanfare that she was signing 449 00:25:55,080 --> 00:26:01,440 Speaker 4: an executive order to quickly rebuild LA by streamlining permitting. 450 00:26:01,920 --> 00:26:03,959 Speaker 4: If you actually look at what she said in the speech, 451 00:26:04,280 --> 00:26:07,800 Speaker 4: here's the quote, word for word. I have just signed 452 00:26:07,800 --> 00:26:13,520 Speaker 4: an executive order tasking agency heads with developing paths forward 453 00:26:13,880 --> 00:26:16,320 Speaker 4: to recycling. And the minute you hear that, you know, 454 00:26:16,440 --> 00:26:19,440 Speaker 4: nothing going to happen. It's just the same old bureaucratic 455 00:26:19,600 --> 00:26:23,640 Speaker 4: clap trap from these career politicians, and that's the real 456 00:26:23,720 --> 00:26:26,560 Speaker 4: reason nothing works on. 457 00:26:26,640 --> 00:26:28,879 Speaker 1: They are alive with Steve Hilton, the leading candidate for 458 00:26:28,960 --> 00:26:33,560 Speaker 1: governor in California, Republican Steve Hilton. And you know we're 459 00:26:33,600 --> 00:26:36,640 Speaker 1: speaking in an exciting week where the Artemis mission took 460 00:26:36,680 --> 00:26:40,760 Speaker 1: off yesterday from Florida. Looks like southern California aerospace is 461 00:26:40,800 --> 00:26:43,640 Speaker 1: experiencing a renaissance. You know, the space shuttles were built here, 462 00:26:43,640 --> 00:26:47,399 Speaker 1: of course, and their SpaceX still has their operations center 463 00:26:47,560 --> 00:26:51,960 Speaker 1: in Hawthorne. What would you do to accelerate aerospace here 464 00:26:52,000 --> 00:26:54,840 Speaker 1: in California if you were at the top there in Sacramento. 465 00:26:55,600 --> 00:26:59,080 Speaker 4: Everything, I mean, this is the whole focus of everything 466 00:26:59,119 --> 00:27:02,240 Speaker 4: I'm doing, is to take a sledgehammer to our bloated 467 00:27:02,359 --> 00:27:07,840 Speaker 4: nanny state bureaucracy that is making everything so impossible in California. 468 00:27:07,960 --> 00:27:11,000 Speaker 4: Most of my career I've been working, I've worked in business, 469 00:27:11,200 --> 00:27:13,639 Speaker 4: I've started and run businesses. I speak to businesses all 470 00:27:13,680 --> 00:27:15,919 Speaker 4: the time up and down the state who are just 471 00:27:16,400 --> 00:27:21,320 Speaker 4: completely buried under an avalanche of nonsense from Sacramento. All 472 00:27:21,359 --> 00:27:23,360 Speaker 4: of that is going to be lifted off. But when 473 00:27:23,400 --> 00:27:26,760 Speaker 4: we just have common sense regulation and get rid of 474 00:27:26,800 --> 00:27:31,560 Speaker 4: all this ridiculous micromanaging of businesses large and small, And 475 00:27:31,600 --> 00:27:35,200 Speaker 4: it's going to feel so different when businesses don't feel 476 00:27:35,200 --> 00:27:40,119 Speaker 4: they're constantly battling the authorities and actually they are on 477 00:27:40,160 --> 00:27:43,480 Speaker 4: their side. So it's just really very much the heart 478 00:27:43,560 --> 00:27:46,440 Speaker 4: of what we're going to be doing and the reforms 479 00:27:46,440 --> 00:27:50,200 Speaker 4: I'm going to be making on labor regulations, environmental regulations, 480 00:27:50,520 --> 00:27:54,040 Speaker 4: clearing the way to the kind of innovation and dynamism 481 00:27:54,119 --> 00:27:56,640 Speaker 4: and building things that we're famous for. 482 00:27:57,400 --> 00:28:00,560 Speaker 1: Congratulations on your book cal of Failure, Reverse the ruin 483 00:28:00,880 --> 00:28:05,000 Speaker 1: of America's worst run state, referring to California. Anything else 484 00:28:05,119 --> 00:28:07,840 Speaker 1: you'd like to mention that's in your book, and any 485 00:28:08,119 --> 00:28:10,600 Speaker 1: other message you like for this business audience here today. 486 00:28:12,160 --> 00:28:14,879 Speaker 4: Well, look, I just want everyone to understand that this 487 00:28:15,000 --> 00:28:18,360 Speaker 4: is going to be my top priority. I understand deeply 488 00:28:18,440 --> 00:28:22,960 Speaker 4: the struggles of businesses and business owners. My ballot designation 489 00:28:23,560 --> 00:28:26,159 Speaker 4: is small business owner. That's how I'm going to be 490 00:28:26,160 --> 00:28:28,239 Speaker 4: described on the ballot. I just want to give you 491 00:28:28,280 --> 00:28:31,200 Speaker 4: one example to show how I'm thinking about it. As 492 00:28:31,200 --> 00:28:33,439 Speaker 4: I think I mentioned among the businesses, I've run a 493 00:28:33,480 --> 00:28:36,400 Speaker 4: restaurant back in the day in the UK. Anyone who 494 00:28:36,480 --> 00:28:39,920 Speaker 4: runs a restaurant in California. Have course many other businesses 495 00:28:39,960 --> 00:28:43,400 Speaker 4: as well, but particularly in the in the in the 496 00:28:43,440 --> 00:28:47,360 Speaker 4: hospitality sector, you're going to be hit with these exploitative, 497 00:28:47,440 --> 00:28:52,040 Speaker 4: outrageous parga lawsuits private Attorney General Act, where you've got 498 00:28:52,040 --> 00:28:55,680 Speaker 4: trial lawyers coming in and cooking up these cases and 499 00:28:55,760 --> 00:28:58,160 Speaker 4: ripping you off and everyone has to settle because you 500 00:28:58,160 --> 00:29:00,440 Speaker 4: don't want to go to court. You're paying out tens 501 00:29:00,440 --> 00:29:03,560 Speaker 4: of thousands of dollars, sometimes much more, sometimes millions of 502 00:29:03,560 --> 00:29:06,640 Speaker 4: dollars in these settlements when you did nothing wrong. And 503 00:29:06,680 --> 00:29:09,000 Speaker 4: that is a really good example. If you have someone 504 00:29:09,040 --> 00:29:11,720 Speaker 4: a's governor who knows what they're doing, who understands how 505 00:29:11,720 --> 00:29:14,640 Speaker 4: to use the machinery of government I do. I've studied 506 00:29:14,640 --> 00:29:18,240 Speaker 4: it by appointing a labor commissioner, and that's part of 507 00:29:18,280 --> 00:29:21,680 Speaker 4: the executive branch. By appointing a labor commissioner who is 508 00:29:22,120 --> 00:29:26,200 Speaker 4: on my side in this type, we can stop bugger 509 00:29:26,280 --> 00:29:30,200 Speaker 4: lawsuits in their tracks by really unerstanding the process. And 510 00:29:30,240 --> 00:29:33,040 Speaker 4: I'm going to be applying that thinking to everything. I'll 511 00:29:33,040 --> 00:29:38,000 Speaker 4: be doing this job as a positive problem solving business 512 00:29:38,040 --> 00:29:41,400 Speaker 4: minded person to fix problems and get things done and 513 00:29:41,440 --> 00:29:43,959 Speaker 4: get things moving. And you look at the difference that 514 00:29:43,960 --> 00:29:45,920 Speaker 4: that's made when you have someone like that in the 515 00:29:45,960 --> 00:29:48,880 Speaker 4: White House. And that's the kind of that's the kind 516 00:29:48,920 --> 00:29:51,239 Speaker 4: of energy that I'll be bringing to the job as 517 00:29:51,280 --> 00:29:52,080 Speaker 4: your next governor. 518 00:29:52,480 --> 00:29:54,800 Speaker 1: Steve Hilton, thank you very much ever taking the call 519 00:29:54,880 --> 00:29:59,480 Speaker 1: alive with us here, Republican Steve Hilton, author, entrepreneur, longtime 520 00:29:59,480 --> 00:30:02,240 Speaker 1: host of the TV show The Next Revolution, and author 521 00:30:02,280 --> 00:30:04,240 Speaker 1: of the book Cant of Failure, Reversing the Ruin of 522 00:30:04,280 --> 00:30:08,320 Speaker 1: America's worst run State, and small business owner. Steve Hilton 523 00:30:08,520 --> 00:30:11,479 Speaker 1: leading candidate for governor in California according to the latest polls. 524 00:30:11,640 --> 00:30:14,080 Speaker 1: Thank you very much for joining us livery this afternoon. 525 00:30:14,800 --> 00:30:16,440 Speaker 4: Of course, it's great to be with you. Thank you. 526 00:30:16,760 --> 00:30:19,720 Speaker 1: Likewise, thank you very much. Seven ninety KBC. Motack of 527 00:30:19,760 --> 00:30:23,080 Speaker 1: Money continues here seven ninety KBC. The April fifteenth tax 528 00:30:23,080 --> 00:30:26,560 Speaker 1: filing deadline fast approaching. It's crunch time for folks filing 529 00:30:26,600 --> 00:30:29,520 Speaker 1: their tax returns, and for small business owners a lot 530 00:30:29,600 --> 00:30:31,840 Speaker 1: to at stake. Many small business owners, it turns out, 531 00:30:31,840 --> 00:30:35,160 Speaker 1: are not aware of a twenty percent small business tax 532 00:30:35,240 --> 00:30:38,880 Speaker 1: deduction that's in place. Let's bring in Josh McCloud, now 533 00:30:38,960 --> 00:30:42,600 Speaker 1: Director of Federal Government Relations for the National Federation of 534 00:30:42,640 --> 00:30:47,360 Speaker 1: Independent Business the NFIB standing tall for small business. Josh, 535 00:30:47,400 --> 00:30:50,040 Speaker 1: thank you very much for joining us livery this afternoon. 536 00:30:50,960 --> 00:30:52,640 Speaker 5: Absolutely, thank you for having me. 537 00:30:52,800 --> 00:30:55,959 Speaker 1: And thanks for highlighting this important issue. Tell us what 538 00:30:56,240 --> 00:30:58,280 Speaker 1: the small business folks need to know. 539 00:31:00,080 --> 00:31:03,080 Speaker 5: This is a critical provision in the tax law that 540 00:31:03,160 --> 00:31:05,840 Speaker 5: was passed last summer by Congress and signed into law 541 00:31:05,880 --> 00:31:09,920 Speaker 5: by President Trump. And what this is. It permanently extends 542 00:31:10,000 --> 00:31:12,480 Speaker 5: the Section one ninety nine, a what we call the 543 00:31:12,520 --> 00:31:16,200 Speaker 5: twenty percent small business deduction that was set to expire 544 00:31:16,240 --> 00:31:19,240 Speaker 5: at the twenty twenty five and if that had happened, 545 00:31:19,560 --> 00:31:23,000 Speaker 5: there would have been a pretty substantial tax increase for 546 00:31:23,160 --> 00:31:26,720 Speaker 5: over thirty million small businesses that are passed throughs. Nine 547 00:31:26,760 --> 00:31:29,200 Speaker 5: out of ten small businesses are passed throughs, and so 548 00:31:29,720 --> 00:31:32,360 Speaker 5: this provision was critical to make sure that they can 549 00:31:32,400 --> 00:31:37,840 Speaker 5: remain competitive with their larger C corporation competitors. And absolutely 550 00:31:37,840 --> 00:31:40,880 Speaker 5: critical that Congress addressed this issue and provides a lot 551 00:31:40,920 --> 00:31:43,160 Speaker 5: of tax certainty to small businesses out there. 552 00:31:43,880 --> 00:31:45,920 Speaker 1: All right, So you're getting the word out about this, 553 00:31:46,000 --> 00:31:49,640 Speaker 1: So what do what do the folks need to know 554 00:31:49,920 --> 00:31:53,120 Speaker 1: to ask their account to make sure that this is noted. 555 00:31:53,720 --> 00:31:55,800 Speaker 5: Well, I think the first thing they should do is 556 00:31:55,920 --> 00:31:59,560 Speaker 5: look online thirteen on their ten forty and find exactly 557 00:31:59,640 --> 00:32:04,320 Speaker 5: what provision means to their business. And it's substantial. And 558 00:32:04,640 --> 00:32:09,160 Speaker 5: for the folks that know what exactly this provision did, 559 00:32:09,320 --> 00:32:13,280 Speaker 5: they are really expanding their business. They are reinvesting, they're 560 00:32:13,320 --> 00:32:17,960 Speaker 5: hiring new people, offering benefits, sponsoring their local t ball team. 561 00:32:17,960 --> 00:32:20,520 Speaker 5: It's really great. We hear every day of from our 562 00:32:20,520 --> 00:32:24,440 Speaker 5: members about exactly what they're doing with these tax savings. 563 00:32:24,480 --> 00:32:29,000 Speaker 5: And again, over thirty million small businesses avoided what would 564 00:32:29,000 --> 00:32:31,960 Speaker 5: have been a pretty substantial tax increase if Congress did 565 00:32:31,960 --> 00:32:35,520 Speaker 5: not act. So grateful for their action. Now, we've got 566 00:32:35,560 --> 00:32:38,640 Speaker 5: to move on to the other issues that are affecting small. 567 00:32:38,400 --> 00:32:41,000 Speaker 1: Businesses, all right, Yeah, and there are quite a few, 568 00:32:41,080 --> 00:32:44,360 Speaker 1: especially here in California. What's the top of mind nowadays 569 00:32:44,360 --> 00:32:47,000 Speaker 1: at the NFIB, So. 570 00:32:47,080 --> 00:32:50,400 Speaker 5: There's so many. Whether it's healthcare that's been a top 571 00:32:50,440 --> 00:32:53,200 Speaker 5: issue for over forty years when we survey our members 572 00:32:53,240 --> 00:32:56,560 Speaker 5: that it's always exploding costs, so trying to give more 573 00:32:56,600 --> 00:32:59,400 Speaker 5: flexible and affordable options to them, that's always going to 574 00:32:59,400 --> 00:33:02,560 Speaker 5: be a priority. But our big issue that we're fighting 575 00:33:02,640 --> 00:33:06,680 Speaker 5: right now in Washington is regarding the Corporate Transparency Act, 576 00:33:06,720 --> 00:33:10,479 Speaker 5: and we call that beneficial Ownership information or BOI. And 577 00:33:10,520 --> 00:33:13,200 Speaker 5: what that means is that thirty two point six million 578 00:33:13,320 --> 00:33:18,280 Speaker 5: small businesses defined as under twenty employees and five million 579 00:33:18,320 --> 00:33:22,360 Speaker 5: in revenue, they are now required to file their beneficial 580 00:33:22,360 --> 00:33:27,840 Speaker 5: ownership information with the federal government. Humongously burdened some mandate. 581 00:33:29,520 --> 00:33:34,800 Speaker 5: The President actually exempted US businesses from this mandate and 582 00:33:35,160 --> 00:33:39,800 Speaker 5: that saved one hundred and twenty eight billion dollars in 583 00:33:39,880 --> 00:33:44,120 Speaker 5: regulatory savings. So it's a huge new cost that is 584 00:33:44,240 --> 00:33:47,320 Speaker 5: only placed on the small mom and pop shops out there. 585 00:33:47,400 --> 00:33:51,720 Speaker 5: So it's crazy when you think about most small businesses 586 00:33:51,760 --> 00:33:54,160 Speaker 5: have never heard of this new mandate. But if they 587 00:33:54,200 --> 00:33:57,400 Speaker 5: had not complied, they face up to a ten thousand 588 00:33:57,440 --> 00:34:00,760 Speaker 5: dollars fine and two years in prison, So very harsh 589 00:34:00,840 --> 00:34:03,760 Speaker 5: civil and criminal penalties for a law that most have 590 00:34:03,840 --> 00:34:05,560 Speaker 5: never heard of. 591 00:34:05,560 --> 00:34:08,279 Speaker 1: Of course, California businesses, as we just heard from the 592 00:34:08,360 --> 00:34:13,480 Speaker 1: leading candidate for governor, been facing an uphill fight against Sacramento, 593 00:34:13,560 --> 00:34:17,440 Speaker 1: especially for many many years. What about what's unique here 594 00:34:17,440 --> 00:34:21,840 Speaker 1: in California with regulations and and and a tough business environment. 595 00:34:22,239 --> 00:34:25,360 Speaker 1: Tell us more about the NFIB's actions here in the 596 00:34:25,360 --> 00:34:25,959 Speaker 1: Golden State. 597 00:34:26,880 --> 00:34:30,480 Speaker 5: Yeah, Well, unfortunately, a lot of what California leads on 598 00:34:31,440 --> 00:34:35,360 Speaker 5: comes comes to Washington. So we see that spreading across 599 00:34:35,400 --> 00:34:39,720 Speaker 5: different states. And one thing that we are fighting right now, 600 00:34:39,920 --> 00:34:42,640 Speaker 5: in addition to beneficial ownership and a lot of other issues, 601 00:34:42,680 --> 00:34:47,799 Speaker 5: is a new federal heat standard in California has has 602 00:34:47,920 --> 00:34:49,960 Speaker 5: kind of been out there on the front lines of 603 00:34:50,360 --> 00:34:53,759 Speaker 5: this fight, and so that's just one issue that we're 604 00:34:53,760 --> 00:34:57,880 Speaker 5: fighting fighting in Washington. But yeah, you're right, there's a 605 00:34:57,920 --> 00:35:00,720 Speaker 5: lot of really bad ideas out there that will add 606 00:35:00,719 --> 00:35:03,480 Speaker 5: new mandates, a lot of red tape, a lot of 607 00:35:03,480 --> 00:35:07,839 Speaker 5: new regulations on small businesses. So we stay busy, whether 608 00:35:07,920 --> 00:35:11,200 Speaker 5: that's in Sacramento or in Washington, DC, or other state 609 00:35:11,280 --> 00:35:14,360 Speaker 5: capitals across the country. There's there's never a never a 610 00:35:14,440 --> 00:35:16,040 Speaker 5: dull moment for small businesses. 611 00:35:16,800 --> 00:35:19,600 Speaker 1: In the meantime, it looks like the spirit of entrepreneurship 612 00:35:19,800 --> 00:35:23,160 Speaker 1: appears to be strong read someplace that there's been an 613 00:35:23,200 --> 00:35:26,800 Speaker 1: increase in small business activity right in the United States. 614 00:35:27,440 --> 00:35:30,320 Speaker 1: Are you getting more members and are indeed more small 615 00:35:30,320 --> 00:35:31,600 Speaker 1: businesses being formed? 616 00:35:33,120 --> 00:35:34,080 Speaker 2: Yeah, I think that. 617 00:35:34,280 --> 00:35:36,520 Speaker 5: I think that is the case. I've seen data that 618 00:35:36,560 --> 00:35:40,200 Speaker 5: would would suggest that too. A lot of it is 619 00:35:40,320 --> 00:35:43,279 Speaker 5: just making sure that there is certainty, right, and so 620 00:35:43,360 --> 00:35:45,239 Speaker 5: a lot of the things that we've talked about is 621 00:35:45,280 --> 00:35:49,920 Speaker 5: giving entrepreneurs and small businesses rules of the road, and 622 00:35:50,000 --> 00:35:52,600 Speaker 5: so whether that is knowing that their tax increase are 623 00:35:52,640 --> 00:35:54,480 Speaker 5: not going to increase at the end of the year, 624 00:35:54,640 --> 00:35:58,440 Speaker 5: or making sure that there's new new mandates that are 625 00:35:58,440 --> 00:36:02,320 Speaker 5: coming down their way, or minimum wage increases, different things 626 00:36:02,360 --> 00:36:06,440 Speaker 5: like that. That proved to be very burdensome for small 627 00:36:06,480 --> 00:36:09,520 Speaker 5: businesses that don't have compliance officers, they don't have in 628 00:36:09,640 --> 00:36:13,680 Speaker 5: house lawyers to assist with these really complex regulatory issues. 629 00:36:13,719 --> 00:36:16,200 Speaker 5: So trying to trying to make sure that there's an 630 00:36:16,360 --> 00:36:20,719 Speaker 5: environment where entrepreneurs can grow, they can invest, they can 631 00:36:21,239 --> 00:36:23,839 Speaker 5: know that if they hire a new employee, it's not 632 00:36:23,880 --> 00:36:28,080 Speaker 5: going to come back to nip them later on. So yeah, 633 00:36:28,160 --> 00:36:31,080 Speaker 5: it's all about creating that environment, whether that's in California 634 00:36:31,160 --> 00:36:32,560 Speaker 5: or across the country. 635 00:36:34,120 --> 00:36:37,120 Speaker 1: All Right, And that was interesting you mentioned that top 636 00:36:37,160 --> 00:36:41,279 Speaker 1: of survey healthcare, and we also have surveys here the 637 00:36:41,680 --> 00:36:45,440 Speaker 1: LA e DC and the LA Business Federation. They put 638 00:36:45,480 --> 00:36:49,400 Speaker 1: out the surveys, and certainly crime and homelessness appear to 639 00:36:49,440 --> 00:36:51,799 Speaker 1: be pretty close to the top of many of these 640 00:36:51,840 --> 00:36:55,480 Speaker 1: lists nowadays, Why don't you tell us what are the 641 00:36:56,480 --> 00:36:58,400 Speaker 1: what are the top of mind issues there at the 642 00:36:58,520 --> 00:37:00,000 Speaker 1: nfi B that you've identify. 643 00:37:02,120 --> 00:37:03,920 Speaker 5: Well, I mean it's a lot of a lot of 644 00:37:03,960 --> 00:37:07,759 Speaker 5: what we're seeing right now. The troublesome things are are 645 00:37:07,800 --> 00:37:10,840 Speaker 5: in labor actually, and that is that is new mandates, 646 00:37:10,920 --> 00:37:17,520 Speaker 5: new new regulatory burdens that regarding workforce and and as 647 00:37:17,640 --> 00:37:21,080 Speaker 5: I'm sure you hear every day from small business owners, 648 00:37:21,640 --> 00:37:24,640 Speaker 5: they can't find qualified workers and and so all these 649 00:37:24,760 --> 00:37:28,600 Speaker 5: new proposals and mandates that are coming from state capitals 650 00:37:28,600 --> 00:37:32,000 Speaker 5: in Washington, d C. They're only adding to the cost 651 00:37:32,040 --> 00:37:34,080 Speaker 5: of employment, right And so at a time when you 652 00:37:34,120 --> 00:37:37,200 Speaker 5: can't hire people, we're trying we're also making it more 653 00:37:37,239 --> 00:37:40,839 Speaker 5: expensive to hire those few that you can find. So 654 00:37:41,440 --> 00:37:43,879 Speaker 5: trying to beat back a lot of these writ what 655 00:37:44,320 --> 00:37:50,120 Speaker 5: really sound well intentioned policies that are that are often 656 00:37:50,160 --> 00:37:54,280 Speaker 5: pushed by these days both sides of the aisle. And 657 00:37:54,280 --> 00:37:57,319 Speaker 5: and to make sure that we're not adding to those 658 00:37:57,600 --> 00:38:01,880 Speaker 5: those labor and workforce costs, so small business continue to 659 00:38:01,960 --> 00:38:03,080 Speaker 5: hire and invest. 660 00:38:04,239 --> 00:38:04,600 Speaker 2: All right. 661 00:38:04,600 --> 00:38:07,759 Speaker 1: For anyone the wants to join the NFIB, I know 662 00:38:08,200 --> 00:38:10,919 Speaker 1: kind of a modest group, right, you haven't heard about 663 00:38:10,960 --> 00:38:15,040 Speaker 1: too many membership drives or campaigns for new members, but 664 00:38:15,320 --> 00:38:18,160 Speaker 1: it seems to make a lot of sense to to 665 00:38:18,200 --> 00:38:22,319 Speaker 1: get a voice like yours advocating for small business. So 666 00:38:22,440 --> 00:38:24,279 Speaker 1: what's the best way to contact you? And I know 667 00:38:24,320 --> 00:38:27,359 Speaker 1: you have a presence here in California. What's the best 668 00:38:27,400 --> 00:38:31,239 Speaker 1: way to connect and get the benefits of being part 669 00:38:31,280 --> 00:38:31,760 Speaker 1: of that group? 670 00:38:32,600 --> 00:38:33,080 Speaker 2: We do it. 671 00:38:33,320 --> 00:38:35,319 Speaker 5: It's a pretty good bank for your buck. You get 672 00:38:35,320 --> 00:38:38,560 Speaker 5: a state state lobbying as well as federal lobbying and 673 00:38:38,640 --> 00:38:42,280 Speaker 5: activism as well. And and just check us out National 674 00:38:42,320 --> 00:38:47,480 Speaker 5: Federation of Independent Business NFIB dot org. We've got all 675 00:38:47,560 --> 00:38:50,680 Speaker 5: kinds of resources, webinars, different materials that can help you. 676 00:38:51,200 --> 00:38:53,800 Speaker 5: We are known as the voice of small business and 677 00:38:54,280 --> 00:38:57,000 Speaker 5: we take pride in that and we represent about three 678 00:38:57,080 --> 00:39:01,560 Speaker 5: hundred thousand small businesses nationwide, so we are definitely the 679 00:39:01,600 --> 00:39:03,279 Speaker 5: mom and pop voice out there. 680 00:39:03,760 --> 00:39:06,080 Speaker 1: All right, Josh, Well, thank you very much for joining us. 681 00:39:06,120 --> 00:39:09,040 Speaker 1: Live here. That's Josh McLeod, director of federal government Relations 682 00:39:09,280 --> 00:39:12,319 Speaker 1: for the National Federation for Independent Business, live with us 683 00:39:12,320 --> 00:39:15,200 Speaker 1: here on MOTECH on Monday on seven ninety KBC. Stay 684 00:39:15,239 --> 00:39:17,360 Speaker 1: tuned now for the news Blitz, and then it's the 685 00:39:17,400 --> 00:39:19,960 Speaker 1: Way Home Radio showing podcasts. I'll be back on with 686 00:39:20,280 --> 00:39:22,279 Speaker 1: Mark Hood, the CEO of the Union Rescue Mission and 687 00:39:22,320 --> 00:39:24,520 Speaker 1: Homeless Solutions, tonight at six right here