1
00:00:00,040 --> 00:00:03,600
Speaker 1: An illegal alien from Guatemala charged with raping a child

2
00:00:03,680 --> 00:00:07,480
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

3
00:00:07,720 --> 00:00:11,840
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

4
00:00:11,920 --> 00:00:15,840
Speaker 1: filming and selling child pornography in Michigan. These are just

5
00:00:15,920 --> 00:00:19,680
Speaker 1: some of the heinous migrant criminals caught because of President

6
00:00:19,720 --> 00:00:20,159
Speaker 1: Donald J.

7
00:00:20,239 --> 00:00:21,200
Speaker 2: Trump's leadership.

8
00:00:21,480 --> 00:00:25,079
Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.

9
00:00:25,440 --> 00:00:29,200
Speaker 1: Under President Trump, attempted illegal border crossings are at the

10
00:00:29,240 --> 00:00:33,080
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

11
00:00:33,120 --> 00:00:36,920
Speaker 1: aliens have been arrested. If you are here illegally, your

12
00:00:37,040 --> 00:00:41,160
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

13
00:00:41,479 --> 00:00:42,160
Speaker 1: and deported.

14
00:00:42,600 --> 00:00:43,800
Speaker 2: You will never return.

15
00:00:44,120 --> 00:00:47,120
Speaker 1: But if you register using our CBP home app and

16
00:00:47,240 --> 00:00:50,120
Speaker 1: leave now, you could be allowed to return legally.

17
00:00:50,479 --> 00:00:52,720
Speaker 2: Do what's right. Leave now.

18
00:00:53,040 --> 00:00:57,840
Speaker 1: Under President Trump, America's laws, border and families will be protected.

19
00:00:57,920 --> 00:01:00,000
Speaker 3: Sponsored by the United States Department of Homeland Security.

20
00:01:00,240 --> 00:01:06,360
Speaker 4: Michael Burry, who actually referenced him last episode, Doctor Michael Burry,

21
00:01:06,840 --> 00:01:11,800
Speaker 4: who he got pretty famous after the Big Short Situation

22
00:01:11,959 --> 00:01:13,640
Speaker 4: came after that movie. He was one of the ones

23
00:01:13,680 --> 00:01:16,680
Speaker 4: that actually met on the collapse of the economy in

24
00:01:16,720 --> 00:01:19,400
Speaker 4: two thousand and eight and made billions of dollars off

25
00:01:19,440 --> 00:01:25,040
Speaker 4: of that. So he's back, and he's back on it.

26
00:01:25,160 --> 00:01:32,560
Speaker 4: He's back on his booth, and the whole world is scared.

27
00:01:32,680 --> 00:01:36,919
Speaker 4: So I'm gonna actually just read what happened. So doctor

28
00:01:36,959 --> 00:01:39,920
Speaker 4: Michael Berry, renowned for forecasting in two thousand and eight

29
00:01:40,319 --> 00:01:44,200
Speaker 4: housing crisis collapse, has depicted in the Big short has

30
00:01:44,880 --> 00:01:47,640
Speaker 4: talked over a one point six billion in potential Wall

31
00:01:47,680 --> 00:01:54,320
Speaker 4: Street downturn. Recent SEC filings revealed Burry's fun Scion Asset

32
00:01:54,520 --> 00:01:59,320
Speaker 4: Management has invested in put options against both the S

33
00:01:59,360 --> 00:02:02,000
Speaker 4: and P five hundred, eight hundred and sixty six million

34
00:02:02,120 --> 00:02:05,120
Speaker 4: and NASDAQ one hundred and seven seven hundred and thirty

35
00:02:05,160 --> 00:02:09,000
Speaker 4: nine million. These moves represent over ninety percent of his

36
00:02:09,080 --> 00:02:15,960
Speaker 4: portfolio signet, signaling a significant bearish stance. However, Burry's position

37
00:02:16,760 --> 00:02:21,600
Speaker 4: has appeared inconsistent. Earlier this year, he am you gligously

38
00:02:21,919 --> 00:02:28,120
Speaker 4: and you ambiguously viiguously got you tweet team work it

39
00:02:28,280 --> 00:02:33,320
Speaker 4: work tweeted itself to his to his bads followers, only

40
00:02:33,360 --> 00:02:37,200
Speaker 4: to retreat by Mark in March, admitting I was wrong

41
00:02:37,280 --> 00:02:41,400
Speaker 4: to say so my bad so it happened despite his

42
00:02:41,639 --> 00:02:44,799
Speaker 4: bearish bet. The S and P five hundred and as

43
00:02:44,840 --> 00:02:48,520
Speaker 4: that both have shown substantial growth this year, increasing in

44
00:02:48,560 --> 00:02:51,840
Speaker 4: pross only sixteen percent and thirty eight percent, respectively. Now,

45
00:02:51,960 --> 00:02:54,280
Speaker 4: it has been a bad year for I mean, this

46
00:02:54,320 --> 00:02:59,679
Speaker 4: has been a bad month for the stock market. Yeah, historically,

47
00:03:00,560 --> 00:03:05,200
Speaker 4: no like this month twenty and twenty three. Yes, I'm

48
00:03:05,200 --> 00:03:07,239
Speaker 4: saying this has been This has been a down moth.

49
00:03:07,320 --> 00:03:11,800
Speaker 4: But for the year, the markets has been up. So

50
00:03:12,760 --> 00:03:15,280
Speaker 4: being that he's putting a bet that the market is

51
00:03:15,320 --> 00:03:18,080
Speaker 4: going to go down, a lot of people are, you know,

52
00:03:18,160 --> 00:03:20,240
Speaker 4: a little nervous. So is this blown out of a

53
00:03:20,320 --> 00:03:24,160
Speaker 4: portion or is this something that investors they need to.

54
00:03:25,360 --> 00:03:27,920
Speaker 3: I think it's a I love Michael Burry one of

55
00:03:27,919 --> 00:03:32,120
Speaker 3: my inspirations after I watched the pig short. It's slightly

56
00:03:32,160 --> 00:03:35,040
Speaker 3: overblown for a couple of reasons. Number One, when you

57
00:03:35,120 --> 00:03:38,960
Speaker 3: do options, for every option, you control how many shares

58
00:03:39,520 --> 00:03:41,440
Speaker 3: everyone put in chat how many shares do you get

59
00:03:41,440 --> 00:03:45,280
Speaker 3: to control? So I don't think the capital outlet is accurate.

60
00:03:45,680 --> 00:03:49,560
Speaker 3: Number Two, this was last quarter, so they're reported and

61
00:03:49,600 --> 00:03:52,720
Speaker 3: the point of now. But the thing about when you

62
00:03:52,760 --> 00:03:55,720
Speaker 3: run a fund, you don't have to disclose your entry,

63
00:03:55,920 --> 00:04:00,520
Speaker 3: your exit, the other correlating positions that you have. And

64
00:04:00,720 --> 00:04:02,720
Speaker 3: also he's not going to tell you the exact moment

65
00:04:02,800 --> 00:04:06,280
Speaker 3: when he gets out. When I was talking to Josh

66
00:04:06,280 --> 00:04:08,839
Speaker 3: this weekend, there's a couple people that like always get

67
00:04:09,600 --> 00:04:14,840
Speaker 3: great headline, a great clickthrough. Michael Burry, Kathy Wood, Mike Novagrats,

68
00:04:15,240 --> 00:04:18,040
Speaker 3: Elon Musk, Kanye West. If you put any of them

69
00:04:18,040 --> 00:04:20,800
Speaker 3: in an article about investing, or Warren Buffett, you're going

70
00:04:20,880 --> 00:04:24,440
Speaker 3: to get clicks. So I think for those of you

71
00:04:24,480 --> 00:04:26,960
Speaker 3: who have been doing doing research, you are already aware

72
00:04:26,960 --> 00:04:31,720
Speaker 3: of this position. August historically is a down month, say

73
00:04:31,800 --> 00:04:33,920
Speaker 3: lighter month, so I would we've only been down maybe

74
00:04:33,920 --> 00:04:37,279
Speaker 3: three or four weeks since those all time highs. So

75
00:04:37,360 --> 00:04:38,719
Speaker 3: I know a lot of people are asking, you know,

76
00:04:38,800 --> 00:04:41,000
Speaker 3: it's this overblown. I don't think it's overblown. I think

77
00:04:41,040 --> 00:04:44,159
Speaker 3: it's a great hedge overall to have in the market.

78
00:04:44,160 --> 00:04:45,680
Speaker 3: But if you go look at the other positions that

79
00:04:45,720 --> 00:04:50,360
Speaker 3: he has, he's along the Japanese ETF, which is a

80
00:04:50,400 --> 00:04:51,400
Speaker 3: great exposure play.

81
00:04:52,839 --> 00:04:55,200
Speaker 5: Ernest, what's up? You ever walk into a small business

82
00:04:55,200 --> 00:04:58,359
Speaker 5: and everything just works like the checkout is fast. There

83
00:04:58,360 --> 00:05:02,040
Speaker 5: are seats of digital tipping is a breeze and you're

84
00:05:02,120 --> 00:05:04,839
Speaker 5: out the door before the line even builds. Odds are

85
00:05:05,320 --> 00:05:08,880
Speaker 5: they're using Square. We love supporting businesses that run on

86
00:05:08,920 --> 00:05:11,640
Speaker 5: Square because it just feels seamless. Whether it's a local

87
00:05:11,680 --> 00:05:14,560
Speaker 5: coffee shop, a vendor at a pop up market, or

88
00:05:14,600 --> 00:05:17,800
Speaker 5: even one of our merch partners, Square makes it easy

89
00:05:17,839 --> 00:05:21,040
Speaker 5: for them to take payments, manage inventory, and run their

90
00:05:21,080 --> 00:05:25,040
Speaker 5: business with confidence, all from one simple system. If you're

91
00:05:25,080 --> 00:05:28,360
Speaker 5: a business owner or even just thinking about launching something soon,

92
00:05:28,720 --> 00:05:31,320
Speaker 5: Square is hands down one of the best tools out

93
00:05:31,320 --> 00:05:34,600
Speaker 5: there to help you start, run, and grow. It's not

94
00:05:34,720 --> 00:05:37,880
Speaker 5: just about payments, it's about giving you time back so

95
00:05:37,960 --> 00:05:40,599
Speaker 5: you can focus on what matters most ready. To see

96
00:05:40,640 --> 00:05:44,400
Speaker 5: how Square can transform your business, visit Square dot com

97
00:05:44,440 --> 00:05:49,279
Speaker 5: backslash go backslash eyl to learn more that Square dot

98
00:05:49,320 --> 00:05:54,280
Speaker 5: com backslash, go backslash eyl. Don't wait, don't hesitate. Let's

99
00:05:54,279 --> 00:05:56,760
Speaker 5: Square handle the back end so you can keep pushing

100
00:05:56,800 --> 00:06:02,680
Speaker 5: your vision forward. This episode is brought to you by

101
00:06:02,760 --> 00:06:05,520
Speaker 5: P and C Bank. A lot of people think podcasts

102
00:06:05,520 --> 00:06:08,800
Speaker 5: about work a boring, and sure they definitely can be,

103
00:06:09,279 --> 00:06:12,520
Speaker 5: but understanding a professional's routine shows us how they achieve

104
00:06:12,600 --> 00:06:16,840
Speaker 5: their success little by little, day after day. It's like

105
00:06:16,880 --> 00:06:19,679
Speaker 5: banking with P and C Bank. It might seem boring

106
00:06:19,720 --> 00:06:22,520
Speaker 5: to save, plan and make calculated decisions with your bank,

107
00:06:23,000 --> 00:06:25,440
Speaker 5: but keeping your money boring is what helps you live

108
00:06:25,560 --> 00:06:29,600
Speaker 5: a more happily fulfilled life. P and C Bank Brilliantly

109
00:06:29,680 --> 00:06:34,240
Speaker 5: Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty

110
00:06:34,279 --> 00:06:37,560
Speaker 5: five is a service mark of the PNC Financial Service Group, Inc.

111
00:06:38,000 --> 00:06:41,400
Speaker 5: P and C Bank National Association Member FDIC.

112
00:06:43,160 --> 00:06:46,839
Speaker 1: An illegal alien from Guatemala charged with raping a child

113
00:06:46,839 --> 00:06:50,640
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

114
00:06:50,920 --> 00:06:55,039
Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with

115
00:06:55,120 --> 00:06:59,000
Speaker 1: filming and selling child pornography in Michigan. These are just

116
00:06:59,080 --> 00:07:02,880
Speaker 1: some of the hat migrant criminals caught because of President

117
00:07:02,880 --> 00:07:03,320
Speaker 1: Donald J.

118
00:07:03,400 --> 00:07:04,359
Speaker 2: Trump's leadership.

119
00:07:04,640 --> 00:07:08,280
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.

120
00:07:08,600 --> 00:07:12,360
Speaker 1: Under President Trump, attempted illegal border crossings are at the

121
00:07:12,400 --> 00:07:16,280
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

122
00:07:16,280 --> 00:07:17,560
Speaker 1: aliens have been arrested.

123
00:07:17,840 --> 00:07:18,840
Speaker 2: If you are here.

124
00:07:18,800 --> 00:07:22,800
Speaker 1: Illegally, your next you will be fine nearly one thousand

125
00:07:22,840 --> 00:07:23,560
Speaker 1: dollars a day.

126
00:07:23,720 --> 00:07:26,960
Speaker 2: Imprisoned and deported, you will never return.

127
00:07:27,280 --> 00:07:30,320
Speaker 1: But if you register using our CBP home app and

128
00:07:30,400 --> 00:07:33,800
Speaker 1: leave now, you could be allowed to return legally. Do

129
00:07:33,880 --> 00:07:38,960
Speaker 1: what's right, leave now. Under President Trump America's laws, border

130
00:07:39,200 --> 00:07:40,560
Speaker 1: and families.

131
00:07:40,160 --> 00:07:42,560
Speaker 3: Will be protected sponsored by the United States Department of

132
00:07:42,600 --> 00:07:46,000
Speaker 3: Homeland Security because their indexes and economy has been going up.

133
00:07:46,360 --> 00:07:48,360
Speaker 3: But if you really think the market is going to

134
00:07:48,400 --> 00:07:50,160
Speaker 3: fall apart, he would have short at the n e K,

135
00:07:50,520 --> 00:07:54,520
Speaker 3: the Japanese index, German decks as well. So I think

136
00:07:54,560 --> 00:07:56,200
Speaker 3: this is more of a headge than anything. Will it

137
00:07:56,280 --> 00:07:58,160
Speaker 3: be profitable in it, yes, but you do have to

138
00:07:58,200 --> 00:08:01,680
Speaker 3: take in consideration. When Mike has these positions on, he's

139
00:08:01,760 --> 00:08:04,560
Speaker 3: usually too early. So when he's short, he's getting in

140
00:08:04,640 --> 00:08:07,040
Speaker 3: short too early. When he's going a long, he's in

141
00:08:07,080 --> 00:08:10,480
Speaker 3: too early. So I wouldn't follow this as a signal

142
00:08:10,560 --> 00:08:12,560
Speaker 3: to get in. But it is a very good trade

143
00:08:12,600 --> 00:08:14,640
Speaker 3: on his end to hedge the market for where it

144
00:08:14,720 --> 00:08:15,200
Speaker 3: is currently.

145
00:08:15,960 --> 00:08:18,520
Speaker 5: I'm with you on everything you just said. You nailed

146
00:08:18,520 --> 00:08:22,400
Speaker 5: it as usual, of course, but yeah, I mean you

147
00:08:23,080 --> 00:08:25,440
Speaker 5: the timing is important, right, So like what you just

148
00:08:25,440 --> 00:08:28,280
Speaker 5: said about him being in the trades too early, the

149
00:08:28,280 --> 00:08:30,000
Speaker 5: other part is that by the time you hear it's

150
00:08:30,040 --> 00:08:33,200
Speaker 5: too late, it's too late, right, That's the part that

151
00:08:33,240 --> 00:08:35,400
Speaker 5: we got to realize. By the time it becomes news

152
00:08:35,960 --> 00:08:39,400
Speaker 5: that trade has already been put in two to three months, probably.

153
00:08:39,080 --> 00:08:41,680
Speaker 3: Prior or he could have exited already.

154
00:08:41,480 --> 00:08:43,120
Speaker 5: Or he could have exited. And we don't even know

155
00:08:43,120 --> 00:08:45,199
Speaker 5: if he bought calls. We just know that he made puts.

156
00:08:45,559 --> 00:08:48,800
Speaker 5: So when he makes the call or the put call

157
00:08:48,920 --> 00:08:52,680
Speaker 5: in January and by March, who knows, as he's seeing

158
00:08:52,720 --> 00:08:55,560
Speaker 5: this trend, he's probably put in more trades to offset

159
00:08:55,600 --> 00:08:58,600
Speaker 5: and had his positions. That part you never never get

160
00:08:58,760 --> 00:09:02,280
Speaker 5: you displayed. Yeah, so even now, I mean, I guess

161
00:09:02,280 --> 00:09:05,880
Speaker 5: after he put that pradition, his his account kind of

162
00:09:05,880 --> 00:09:09,840
Speaker 5: got disappeared, which is which is weird. But this is

163
00:09:09,880 --> 00:09:12,240
Speaker 5: not something it's news because of who it is and

164
00:09:12,320 --> 00:09:14,840
Speaker 5: because of the stat he's had in two thousand and eight.

165
00:09:15,320 --> 00:09:17,640
Speaker 5: But like you said, if he looked at it as

166
00:09:17,640 --> 00:09:20,400
Speaker 5: a global economy, he would have been making puts throughout

167
00:09:20,400 --> 00:09:23,240
Speaker 5: the world and that has well at least we don't know. Again,

168
00:09:23,280 --> 00:09:25,680
Speaker 5: we don't know what has happened, and so this is

169
00:09:25,720 --> 00:09:27,880
Speaker 5: not something that I mean, personally I would be looking

170
00:09:27,920 --> 00:09:30,880
Speaker 5: at and saying all right, well, if Mike's doing this,

171
00:09:30,880 --> 00:09:33,000
Speaker 5: this is something that I should be doing to get

172
00:09:33,040 --> 00:09:35,640
Speaker 5: in y right. It should be something of note like, Okay,

173
00:09:35,679 --> 00:09:37,480
Speaker 5: this is something that's happening. But again, we don't know

174
00:09:37,520 --> 00:09:39,680
Speaker 5: the timing of it. We don't see every transaction that

175
00:09:39,720 --> 00:09:42,040
Speaker 5: has made with every trader. We don't see those parts.

176
00:09:42,040 --> 00:09:44,360
Speaker 5: We just see the headlines. So this feels more like

177
00:09:44,360 --> 00:09:49,840
Speaker 5: a headline to have an article. But take note, great headline, clear,

178
00:09:49,960 --> 00:09:50,600
Speaker 5: great headline.

179
00:09:51,120 --> 00:09:54,120
Speaker 3: But if you're reporting something a quarter or three months

180
00:09:54,160 --> 00:09:56,480
Speaker 3: too late and you don't know when someone's going to

181
00:09:56,440 --> 00:09:59,920
Speaker 3: addit in the grand scheme of things, it does not

182
00:10:00,000 --> 00:10:01,920
Speaker 3: that really matter. Do I think we'll have a pullback?

183
00:10:02,559 --> 00:10:04,360
Speaker 3: I mean, we're going through one now, but it's not

184
00:10:04,400 --> 00:10:07,080
Speaker 3: like we're facing anything that we're facing in twenty twenty.

185
00:10:09,120 --> 00:10:11,520
Speaker 3: So yeah, please be con And for everyone who's like, well,

186
00:10:11,559 --> 00:10:14,360
Speaker 3: Mike got lucky in one trade. He provided five hundred

187
00:10:14,360 --> 00:10:16,840
Speaker 3: percent return for clients, and it was a good lesson.

188
00:10:16,840 --> 00:10:19,520
Speaker 3: If you watch the movie, there were clients complaining even

189
00:10:19,559 --> 00:10:22,880
Speaker 3: about the five hundred percent return. They hated this strategy

190
00:10:22,920 --> 00:10:25,840
Speaker 3: all the way through. They didn't believe when the premiums

191
00:10:25,920 --> 00:10:27,880
Speaker 3: was going up when he returned five backs, they were

192
00:10:27,880 --> 00:10:30,240
Speaker 3: still upset once they got taken out of the fund,

193
00:10:30,559 --> 00:10:34,199
Speaker 3: So you have to be very mindful. Also, he could

194
00:10:34,200 --> 00:10:36,600
Speaker 3: have an open straddle. Like there's a lot of layers

195
00:10:36,600 --> 00:10:38,040
Speaker 3: to this, but you have to look at the entire

196
00:10:38,040 --> 00:10:40,680
Speaker 3: portfolio to see to get a true picture of what's

197
00:10:40,679 --> 00:10:41,040
Speaker 3: going on.

198
00:10:41,440 --> 00:10:43,800
Speaker 5: And even August this is not something that's a tip.

199
00:10:43,960 --> 00:10:47,040
Speaker 5: This is typically how July August usually moved. When we

200
00:10:47,080 --> 00:10:50,240
Speaker 5: talk about trade volumes and you know pullbacks and then

201
00:10:50,520 --> 00:10:52,840
Speaker 5: you know the end of the third quartera September, and

202
00:10:52,840 --> 00:10:54,240
Speaker 5: we saw it like that's what I said. If you've

203
00:10:54,280 --> 00:10:56,360
Speaker 5: been watching market money, we've been through some of these

204
00:10:56,360 --> 00:10:58,600
Speaker 5: type of cycles. But we've seen August has been a

205
00:10:58,600 --> 00:11:01,480
Speaker 5: pullback throughout the month at the end of slight trend up,

206
00:11:01,480 --> 00:11:03,880
Speaker 5: and in September, as the third quarter kind of ends,

207
00:11:04,280 --> 00:11:05,920
Speaker 5: you start to see a trend down. So this is

208
00:11:06,640 --> 00:11:08,640
Speaker 5: typical for the seven months.

209
00:11:08,920 --> 00:11:11,200
Speaker 3: Yeah, I remember in August twenty four to twenty fifteen,

210
00:11:11,240 --> 00:11:14,079
Speaker 3: that's when I placed like my first really big swing

211
00:11:14,080 --> 00:11:16,240
Speaker 3: trade when I felt like, okay, I had this same

212
00:11:16,280 --> 00:11:20,120
Speaker 3: thing was happening. Nick was falling, Russell was falling, Dad

213
00:11:20,240 --> 00:11:23,360
Speaker 3: was falling. Eus was falling, and then things slowly start

214
00:11:23,400 --> 00:11:25,840
Speaker 3: to turn around the next year. August is a month

215
00:11:25,880 --> 00:11:28,760
Speaker 3: that's usually slow in the volume lax or if you're

216
00:11:28,800 --> 00:11:31,400
Speaker 3: a short seller, that's a good time July and August

217
00:11:31,920 --> 00:11:34,400
Speaker 3: to look to begin to build your positions too short.

218
00:11:34,640 --> 00:11:38,320
Speaker 1: An illegal alien from Guatemala charged with raping a child

219
00:11:38,320 --> 00:11:42,120
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

220
00:11:42,360 --> 00:11:46,520
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

221
00:11:46,600 --> 00:11:50,480
Speaker 1: filming and selling child pornography in Michigan. These are just

222
00:11:50,559 --> 00:11:54,319
Speaker 1: some of the heinous migrant criminals caught because of President

223
00:11:54,360 --> 00:11:54,800
Speaker 1: Donald J.

224
00:11:54,880 --> 00:11:57,280
Speaker 2: Trump's leadership. I'm Christine Noman, the.

225
00:11:57,360 --> 00:12:01,920
Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted

226
00:12:02,000 --> 00:12:05,679
Speaker 1: illegal border crossings are at the lowest levels ever recorded,

227
00:12:06,000 --> 00:12:09,040
Speaker 1: and over one hundred thousand illegal aliens have been arrested.

228
00:12:09,320 --> 00:12:12,880
Speaker 1: If you are here illegally, your next you will be

229
00:12:12,920 --> 00:12:16,800
Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,

230
00:12:17,280 --> 00:12:20,520
Speaker 1: you will never return. But if you register using our

231
00:12:20,520 --> 00:12:23,680
Speaker 1: CBP home app and leave now, you could be allowed

232
00:12:23,760 --> 00:12:24,760
Speaker 1: to return legally.

233
00:12:25,120 --> 00:12:27,360
Speaker 2: Do what's right. Leave now.

234
00:12:27,679 --> 00:12:32,480
Speaker 1: Under President Trump America's laws, border and families will be protected.

235
00:12:32,559 --> 00:12:34,720
Speaker 3: Sponsored by the United States Department of Homeland Security,