WEBVTT - "Big Short" Inspiration Steve Eisman on 2008 vs. Today: Are We Heading for Another Financial Crisis?

0:00:01.360 --> 0:00:03.640
<v Speaker 1>This episode is brought to you by P and C Bank.

0:00:04.000 --> 0:00:06.760
<v Speaker 1>A lot of people think podcasts about work are boring,

0:00:07.000 --> 0:00:10.840
<v Speaker 1>and sure they definitely can be, but understanding a professionals

0:00:10.920 --> 0:00:14.160
<v Speaker 1>routine shows us how they achieve their success little by little,

0:00:14.560 --> 0:00:18.200
<v Speaker 1>day after day. It's like banking with P and C Bank.

0:00:18.680 --> 0:00:21.480
<v Speaker 1>It might seem boring to safe plan and make calculated

0:00:21.480 --> 0:00:24.599
<v Speaker 1>decisions with your bank, but keeping your money boring is

0:00:24.640 --> 0:00:27.960
<v Speaker 1>what helps you live or more happily fulfilled life. P

0:00:28.080 --> 0:00:32.879
<v Speaker 1>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

0:00:32.960 --> 0:00:35.600
<v Speaker 1>Boring since eighteen sixty five is a service mark of

0:00:35.600 --> 0:00:38.840
<v Speaker 1>the PNC Financial Service Group, Inc. P and C Bank

0:00:39.280 --> 0:00:45.920
<v Speaker 1>National Association Member FDIC erness What's Up? You ever walk

0:00:45.920 --> 0:00:49.000
<v Speaker 1>into a small business and everything just works like the

0:00:49.080 --> 0:00:53.200
<v Speaker 1>checkout is fast, the receipts are digital, tipping is a breeze,

0:00:53.479 --> 0:00:55.640
<v Speaker 1>and you're out the door before the line even builds.

0:00:55.960 --> 0:01:00.240
<v Speaker 1>Odds are they're using Square? We love supporting business that

0:01:00.320 --> 0:01:02.959
<v Speaker 1>run on Square because it just feels seamless. Whether it's

0:01:03.000 --> 0:01:06.000
<v Speaker 1>a local coffee shop, a vendor at a pop up market,

0:01:06.200 --> 0:01:09.040
<v Speaker 1>or even one of our merch partners. Square makes it

0:01:09.200 --> 0:01:12.559
<v Speaker 1>easy for them to take payments, manage inventory, and run

0:01:12.600 --> 0:01:16.600
<v Speaker 1>their business with confidence, all from one simple system. If

0:01:16.640 --> 0:01:19.480
<v Speaker 1>you're a business owner or even just thinking about launching

0:01:19.520 --> 0:01:22.520
<v Speaker 1>something soon, Square is hands down one of the best

0:01:22.520 --> 0:01:25.680
<v Speaker 1>tools out there to help you start, run and grow.

0:01:25.959 --> 0:01:28.959
<v Speaker 1>It's not just about payments, it's about giving you time

0:01:29.040 --> 0:01:32.000
<v Speaker 1>back so you can focus on what matters most ready.

0:01:32.040 --> 0:01:35.399
<v Speaker 1>To see how Square can transform your business, visit Square

0:01:35.480 --> 0:01:40.000
<v Speaker 1>dot com backslash go backslash eyl to learn more that

0:01:40.200 --> 0:01:45.640
<v Speaker 1>Square dot com backslash, go backslash eyl, don't wait, don't hesitate.

0:01:45.760 --> 0:01:48.160
<v Speaker 1>Let's Square handle the back end so you can keep

0:01:48.160 --> 0:01:49.400
<v Speaker 1>pushing your vision forward.

0:01:51.720 --> 0:01:54.000
<v Speaker 2>Being that you predicted the big short right in two

0:01:54.040 --> 0:01:57.880
<v Speaker 2>thousand and eight, you kind of forecasted that do you

0:01:57.920 --> 0:02:02.640
<v Speaker 2>see parallels in today's economy? I know that there's something

0:02:02.680 --> 0:02:04.480
<v Speaker 2>that a lot of people are nervous about, as far

0:02:04.520 --> 0:02:08.680
<v Speaker 2>as a recession is one thing, but perhaps even something

0:02:08.720 --> 0:02:12.520
<v Speaker 2>bigger than that. That's what some people are actually, you know, predicting.

0:02:13.600 --> 0:02:17.800
<v Speaker 2>Do you see parallels? And are you bearish now the

0:02:17.840 --> 0:02:19.200
<v Speaker 2>same way you were bearished? Then?

0:02:20.800 --> 0:02:23.560
<v Speaker 3>Do I see some parallels? Sure? I see some parallels.

0:02:23.600 --> 0:02:26.760
<v Speaker 3>Am I as barish as I was then? Not even close,

0:02:27.360 --> 0:02:32.120
<v Speaker 3>I mean, not even the same universe. So let me

0:02:32.280 --> 0:02:35.400
<v Speaker 3>just a little elaborate a little bit about that. Do

0:02:35.480 --> 0:02:41.040
<v Speaker 3>I think that there could be a global trade war? Sure,

0:02:41.080 --> 0:02:43.560
<v Speaker 3>it's possible. It's also possible so there won't be a

0:02:43.600 --> 0:02:46.399
<v Speaker 3>global trade war. Do I think that a trade war

0:02:46.440 --> 0:02:49.720
<v Speaker 3>would cause a recession? Absolutely? I think a trade war

0:02:49.720 --> 0:02:53.720
<v Speaker 3>would cause a recession. Do I think a recession that

0:02:53.760 --> 0:02:56.079
<v Speaker 3>could happen because of the trade war would be a

0:02:57.760 --> 0:03:01.120
<v Speaker 3>financial calamity on the same order as great financial crisis

0:03:01.120 --> 0:03:05.720
<v Speaker 3>of two thousand and eight? Not even close, not even

0:03:05.800 --> 0:03:10.160
<v Speaker 3>in the same universe. You know what happened in two

0:03:10.200 --> 0:03:13.640
<v Speaker 3>thousand and eight. I mean, if you could boil down

0:03:13.720 --> 0:03:16.680
<v Speaker 3>the financial crisis of two thousand and eight into a paragraph,

0:03:17.280 --> 0:03:20.600
<v Speaker 3>it would be great financial crisis happened for four reasons.

0:03:21.760 --> 0:03:26.920
<v Speaker 3>Large financial institutions had way too much leverage. A big

0:03:26.960 --> 0:03:34.800
<v Speaker 3>acid class subprime mortgages blew up. Those same large financial

0:03:34.840 --> 0:03:41.440
<v Speaker 3>institutions owned a lot of subprime mortgages and derivatives. In particular,

0:03:41.480 --> 0:03:46.640
<v Speaker 3>credit to fault swaps, which is a very technical financial instrument,

0:03:47.280 --> 0:03:51.400
<v Speaker 3>tied the balance sheets of large financial institutions all over

0:03:51.440 --> 0:03:54.960
<v Speaker 3>the globe into a spiderweb that was so complicated. Nobody

0:03:55.000 --> 0:03:57.800
<v Speaker 3>knew where it began and where it ended. That's the

0:03:57.960 --> 0:04:01.560
<v Speaker 3>cause of it. The reason why that was such a

0:04:01.600 --> 0:04:08.760
<v Speaker 3>caamity is. Look, if General Motors, God forbid, went bankrupt,

0:04:09.000 --> 0:04:11.440
<v Speaker 3>let's just say, and the government didn't bail it out

0:04:12.080 --> 0:04:15.520
<v Speaker 3>and it was liquidated, that would obviously be terrible for

0:04:15.560 --> 0:04:18.080
<v Speaker 3>General Motors. It would be terrible for all the employees

0:04:18.080 --> 0:04:24.000
<v Speaker 3>who got laid off, and all the companies that supply

0:04:24.160 --> 0:04:27.359
<v Speaker 3>stuff to General Motors. Maybe some of them would go bankrupt.

0:04:27.360 --> 0:04:29.440
<v Speaker 3>They would certainly have problems. Maybe that would cause a

0:04:29.480 --> 0:04:33.040
<v Speaker 3>recession in the United States possible, but that's all that

0:04:33.080 --> 0:04:36.080
<v Speaker 3>would happen. But if you can't get your money out

0:04:36.120 --> 0:04:38.920
<v Speaker 3>of the bank, if the financial if the large financial

0:04:38.920 --> 0:04:44.520
<v Speaker 3>institutions go down, Planet Earth burns, that's the end. So

0:04:46.279 --> 0:04:50.080
<v Speaker 3>where are we today? You know, post dot frank the

0:04:50.200 --> 0:04:53.080
<v Speaker 3>leverage of large banks is literally less than half of

0:04:53.120 --> 0:04:59.720
<v Speaker 3>what it was. It's probably almost two thirds less. That's enormous.

0:05:00.160 --> 0:05:02.760
<v Speaker 3>So for example, City Group, which used to be levered

0:05:03.279 --> 0:05:05.960
<v Speaker 3>officially thirty five to one, but if he added up

0:05:05.960 --> 0:05:08.840
<v Speaker 3>all the stuff that didn't officially show up on its

0:05:08.839 --> 0:05:11.840
<v Speaker 3>balance sheet but they were responsible for, it was forty

0:05:11.839 --> 0:05:14.719
<v Speaker 3>to one. Today it's twelve to one. Yeah, it's like

0:05:14.760 --> 0:05:17.760
<v Speaker 3>the distance between Mercury and Pluto. You know, to blow

0:05:17.839 --> 0:05:21.760
<v Speaker 3>up a bank that's levered forty to one, if I

0:05:22.080 --> 0:05:25.000
<v Speaker 3>could use an analogy, it takes a pebble. Blow up

0:05:25.000 --> 0:05:27.159
<v Speaker 3>a bank that's leverage twelve to one, takes a meteor.

0:05:28.760 --> 0:05:32.640
<v Speaker 3>So do I think that, you know, whatever President Trump

0:05:32.720 --> 0:05:36.480
<v Speaker 3>is doing could potentially cause a global recession? Sure as possible.

0:05:37.160 --> 0:05:40.600
<v Speaker 3>Do I think that would cause a financial crisis that

0:05:40.640 --> 0:05:45.000
<v Speaker 3>would cause the banks to go down? Not at all?

0:05:45.279 --> 0:05:49.039
<v Speaker 1>Looking at the state of the economy now right, did

0:05:49.080 --> 0:05:52.039
<v Speaker 1>we look at global trade? Didn't need to be changed? Yes,

0:05:52.839 --> 0:05:56.200
<v Speaker 1>didn't need to be blown up. I mean, there's plenty

0:05:56.240 --> 0:05:58.279
<v Speaker 1>of skeptics on that. I wonder when as you look

0:05:58.320 --> 0:06:00.200
<v Speaker 1>at it, what do you think would have been the

0:06:00.200 --> 0:06:03.600
<v Speaker 1>most effective way to get some some of these trade

0:06:04.400 --> 0:06:07.880
<v Speaker 1>solutions from country to country or from a global standpoint?

0:06:12.040 --> 0:06:14.560
<v Speaker 3>This may be a little bit controversial. I don't completely

0:06:14.600 --> 0:06:19.000
<v Speaker 3>disagree with what President Trump has done in terms of

0:06:19.040 --> 0:06:22.320
<v Speaker 3>imposing towers to get the ball rolling, because I think

0:06:22.880 --> 0:06:24.960
<v Speaker 3>if you went to any country and said, look, we

0:06:24.960 --> 0:06:27.320
<v Speaker 3>don't like the terms of trade, let's talk, they'd laugh

0:06:27.360 --> 0:06:30.560
<v Speaker 3>at you. They'd say go away. So the only way

0:06:30.600 --> 0:06:32.320
<v Speaker 3>you're going to get people to change in terms of

0:06:32.320 --> 0:06:34.720
<v Speaker 3>trade is to put a bazuka to their heads. What

0:06:34.760 --> 0:06:39.440
<v Speaker 3>I don't like is the chaos there we're in and

0:06:39.480 --> 0:06:41.640
<v Speaker 3>we're out, We're out that we're in, We're here's our

0:06:41.680 --> 0:06:43.960
<v Speaker 3>towers and then there's our towers. We're taking it away,

0:06:44.000 --> 0:06:49.040
<v Speaker 3>we're putting it back. That that causes too much. That's

0:06:49.279 --> 0:06:51.600
<v Speaker 3>that's that's not my that's not my strategy. You know,

0:06:51.680 --> 0:06:56.520
<v Speaker 3>by President Trump loves loves chaos, but everybody, most people

0:06:56.600 --> 0:06:59.160
<v Speaker 3>in the world don't. So that's where I would disagree.

0:07:01.080 --> 0:07:03.360
<v Speaker 2>If you were building or a bit short portfolio today,

0:07:03.520 --> 0:07:06.640
<v Speaker 2>what's the one trade that looks almost inevitable to you

0:07:06.720 --> 0:07:09.760
<v Speaker 2>that will pan out over the next four or five years.

0:07:10.200 --> 0:07:12.280
<v Speaker 3>I have no trade that I think would pan out

0:07:13.320 --> 0:07:16.120
<v Speaker 3>within the next year. Okay, what about four to five?

0:07:17.200 --> 0:07:19.800
<v Speaker 3>Four to five. I still think that most of the

0:07:20.320 --> 0:07:24.600
<v Speaker 3>technology trades that people have, you know, whether it's Nvidia

0:07:24.760 --> 0:07:28.440
<v Speaker 3>or Microsoft, any of the well known, will will be

0:07:28.480 --> 0:07:31.080
<v Speaker 3>great because I think we are still in the very

0:07:31.160 --> 0:07:35.240
<v Speaker 3>very early innings of AI. Very early innings were like

0:07:35.320 --> 0:07:40.280
<v Speaker 3>inning one. Yeah, so you know, between now and inning nine,

0:07:40.320 --> 0:07:42.000
<v Speaker 3>it's going to be a bit of an adventure, but

0:07:42.040 --> 0:07:43.560
<v Speaker 3>I think if you stick it out, you'll make a

0:07:43.600 --> 0:07:45.520
<v Speaker 3>lot of money. What's going to happen within the next

0:07:45.520 --> 0:07:48.600
<v Speaker 3>six months because of all the trade negotiations, I wouldn't

0:07:48.640 --> 0:07:52.760
<v Speaker 3>have a clue, and I just would say you need

0:07:52.800 --> 0:07:56.600
<v Speaker 3>to keep your risk lower. You wouldn't try to be

0:07:56.720 --> 0:07:58.400
<v Speaker 3>I would not try and be a hero right now.

0:07:58.440 --> 0:08:02.560
<v Speaker 3>I don't think you know what would argue that the

0:08:02.600 --> 0:08:07.120
<v Speaker 3>markets come down a lot, so valuations are better, and well,

0:08:07.120 --> 0:08:09.440
<v Speaker 3>of course the market's lower, the evaluations look better. That's

0:08:09.440 --> 0:08:11.360
<v Speaker 3>the tutology. The problem is that if you go into

0:08:11.360 --> 0:08:14.160
<v Speaker 3>a global recession, all the arnings astments are going to

0:08:14.200 --> 0:08:16.520
<v Speaker 3>come lower, so then it doesn't look so cheap. On

0:08:16.560 --> 0:08:19.240
<v Speaker 3>the other hand, if most of the countries settle with

0:08:20.000 --> 0:08:23.560
<v Speaker 3>the United States and then everything is fine, it will

0:08:23.600 --> 0:08:25.679
<v Speaker 3>have been a great time to buy. But I can't

0:08:25.680 --> 0:08:26.400
<v Speaker 3>handicap that.

0:08:27.400 --> 0:08:29.040
<v Speaker 2>How much risks are you keeping on the table?

0:08:29.280 --> 0:08:32.360
<v Speaker 3>If I may follow up in my own personal portfolio,

0:08:32.440 --> 0:08:36.520
<v Speaker 3>I have about fifteen percent cash right now, okay, which

0:08:36.600 --> 0:08:39.920
<v Speaker 3>is a lot for me. Are you going on very

0:08:39.960 --> 0:08:43.160
<v Speaker 3>long term? What I have done is I've gone through

0:08:43.200 --> 0:08:47.800
<v Speaker 3>my personal portfolio and any stocks where I said, do

0:08:47.920 --> 0:08:52.640
<v Speaker 3>I really love this? Why do I really own this?

0:08:53.960 --> 0:08:57.839
<v Speaker 3>Is there any thesis? Creep? Get rid of it. That

0:08:57.960 --> 0:08:59.520
<v Speaker 3>was the first thing I did, and I took a

0:08:59.520 --> 0:09:04.160
<v Speaker 3>lot of things just lower and but like I said,

0:09:04.200 --> 0:09:06.400
<v Speaker 3>on long term, the problem was with like let's say,

0:09:06.440 --> 0:09:09.120
<v Speaker 3>liquidating your potfolio. If you wanted to go to an extreme,

0:09:09.760 --> 0:09:11.840
<v Speaker 3>is you got to pay over thirty five percent capital

0:09:11.840 --> 0:09:15.440
<v Speaker 3>gains taxes? So you know, do I think the market's

0:09:15.480 --> 0:09:17.920
<v Speaker 3>going to go down thirty five percent? I mean it could.

0:09:18.040 --> 0:09:21.880
<v Speaker 3>I mean if we have a global recession. It's not impossible,

0:09:22.520 --> 0:09:26.480
<v Speaker 3>but it's a lot. So I'd rather just trim some

0:09:26.640 --> 0:09:29.240
<v Speaker 3>risk and just sit on the sidelines and sit and

0:09:29.240 --> 0:09:31.360
<v Speaker 3>wait until let's go and look if things get better.

0:09:31.840 --> 0:09:34.560
<v Speaker 3>If you miss the first five percent move, So what

0:09:35.320 --> 0:09:38.600
<v Speaker 3>you know, if things if all the trade stuff gets

0:09:38.640 --> 0:09:42.000
<v Speaker 3>settled one way or another, you know, it'll be a

0:09:42.000 --> 0:09:45.280
<v Speaker 3>bull market again for years. So cares if you missed

0:09:45.280 --> 0:09:45.840
<v Speaker 3>the first week?

0:09:46.360 --> 0:09:49.800
<v Speaker 2>Yeah, the dollar is I think I hit a three

0:09:49.880 --> 0:09:52.800
<v Speaker 2>year low. Is that something that's concerned too?

0:09:52.840 --> 0:10:00.439
<v Speaker 3>You you know, let's let's do the doomsday scenario. That's

0:10:00.440 --> 0:10:03.840
<v Speaker 3>some people like to paint. So the doomsday scenario would

0:10:03.880 --> 0:10:10.880
<v Speaker 3>be like the US deficit is too big. People are

0:10:10.920 --> 0:10:14.079
<v Speaker 3>not going to see US bonds as the safety vehicles

0:10:14.080 --> 0:10:16.280
<v Speaker 3>that they once were, so they're going to sell the

0:10:16.360 --> 0:10:18.640
<v Speaker 3>US bonds, and that, of course causes a dollar to

0:10:18.679 --> 0:10:22.160
<v Speaker 3>go down, and something else will replace the dollar as

0:10:22.200 --> 0:10:26.120
<v Speaker 3>a reserve currency, and there goes the United States is

0:10:26.480 --> 0:10:29.880
<v Speaker 3>a great empire, and it's armageddon and cats and dogs

0:10:29.880 --> 0:10:33.400
<v Speaker 3>are lying together, and you know, whatever else happens in

0:10:33.480 --> 0:10:40.839
<v Speaker 3>rmbage depending upon your religion. But I think what people don't.

0:10:41.000 --> 0:10:44.439
<v Speaker 3>And by the way, that thesis has only been around

0:10:44.440 --> 0:10:48.880
<v Speaker 3>for forty years. So I remember in the nineties Pete Peterson,

0:10:48.920 --> 0:10:51.720
<v Speaker 3>who had been one of the founders I think of KKR,

0:10:52.640 --> 0:10:55.080
<v Speaker 3>was talking about how the deficits way too big and

0:10:55.120 --> 0:10:57.800
<v Speaker 3>it's a disaster and God help us, etc. And I

0:10:57.880 --> 0:10:59.959
<v Speaker 3>was in the nineties, and here we are twenty twenty five.

0:11:00.320 --> 0:11:03.439
<v Speaker 3>We're all still pretty healthy. See what what I think

0:11:03.480 --> 0:11:08.120
<v Speaker 3>people miss? And by the way, I can't talk with

0:11:08.520 --> 0:11:10.840
<v Speaker 3>what happens short term to the dollar. What happens short

0:11:10.880 --> 0:11:13.320
<v Speaker 3>term for people training in bonds is not something that

0:11:13.400 --> 0:11:16.360
<v Speaker 3>particularly interests me. So the fact that the dollar has

0:11:16.400 --> 0:11:18.880
<v Speaker 3>sold off, as I think, got a lot more to

0:11:18.960 --> 0:11:23.800
<v Speaker 3>do with you know, hedge funds, repositioning, de risking, you know,

0:11:23.880 --> 0:11:28.040
<v Speaker 3>looking looking for save havens. But long term, what I

0:11:28.040 --> 0:11:31.120
<v Speaker 3>think most people don't recognize that the financial the financial

0:11:31.160 --> 0:11:36.720
<v Speaker 3>system of planet Earth runs on treasuries. Banks, for example,

0:11:37.640 --> 0:11:40.840
<v Speaker 3>lend to one another overnight and what's called the repo market,

0:11:41.960 --> 0:11:47.920
<v Speaker 3>and the repo market is only trillions, and it's all

0:11:47.960 --> 0:11:55.320
<v Speaker 3>at overnight treasures. So to make an argument that the

0:11:55.440 --> 0:11:58.199
<v Speaker 3>dollar is going to lose its reserve status, I think

0:11:58.240 --> 0:11:59.920
<v Speaker 3>you have to make an argument that is going to

0:11:59.920 --> 0:12:05.520
<v Speaker 3>be some sort of substitute for treasuries, especially short term treasuries,

0:12:05.760 --> 0:12:08.160
<v Speaker 3>and right now there's no substitute for short term treasuries.

0:12:08.200 --> 0:12:10.199
<v Speaker 3>I mean, banks are not going to park their money

0:12:10.200 --> 0:12:13.560
<v Speaker 3>in Chinese bonds. They're not going to there's no eural

0:12:14.000 --> 0:12:17.880
<v Speaker 3>bond of any real significance. There's no alternative. So as

0:12:17.880 --> 0:12:21.920
<v Speaker 3>long as there's no alternative, it's not something I particularly

0:12:21.960 --> 0:12:24.240
<v Speaker 3>worry about all that much, even though people like to

0:12:24.280 --> 0:12:27.920
<v Speaker 3>talk about it on CNBC and you know, paint doom

0:12:27.960 --> 0:12:31.320
<v Speaker 3>and Gloom was listen, I predicted doom and gloom once.

0:12:32.679 --> 0:12:35.480
<v Speaker 3>Once was enough. I'm not interested in predicting doom and

0:12:35.520 --> 0:12:38.600
<v Speaker 3>gloom again, unless I really, really seriously thought it was possible.

0:12:38.720 --> 0:12:42.400
<v Speaker 4>An illegal alien from Guatemala charged with raping a child

0:12:42.400 --> 0:12:46.199
<v Speaker 4>in Massachusetts. An MS thirteen gang member from El Salvador

0:12:46.440 --> 0:12:50.600
<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

0:12:50.640 --> 0:12:54.560
<v Speaker 4>filming and selling child pornography in Michigan. These are just

0:12:54.640 --> 0:12:58.400
<v Speaker 4>some of the heinous migrant criminals caught because of President

0:12:58.440 --> 0:13:02.040
<v Speaker 4>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:13:02.040 --> 0:13:06.840
<v Speaker 4>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:13:06.880 --> 0:13:10.440
<v Speaker 4>crossings are at the lowest levels ever recorded, and over

0:13:10.480 --> 0:13:13.720
<v Speaker 4>one hundred thousand illegal aliens have been arrested. If you

0:13:13.760 --> 0:13:17.640
<v Speaker 4>are here illegally, your next you will be fine nearly

0:13:17.720 --> 0:13:21.720
<v Speaker 4>one thousand dollars a day, imprisoned and deported. You will

0:13:21.760 --> 0:13:25.400
<v Speaker 4>never return. But if you register using our CBP home

0:13:25.440 --> 0:13:28.840
<v Speaker 4>app and leave now, you could be allowed to return legally.

0:13:29.200 --> 0:13:33.959
<v Speaker 4>Do what's right, leave now. Under President Trump, America's laws,

0:13:34.120 --> 0:13:36.560
<v Speaker 4>border and families will be protected.

0:13:36.640 --> 0:13:38.800
<v Speaker 3>Sponsored by the United States Department of Homeland Security,