1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,080 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,040 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to safe plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live a more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,720 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,200 --> 00:00:49,559 Speaker 2: Donald Trump in his Justice Department, they are investigating the 14 00:00:49,600 --> 00:00:55,880 Speaker 2: Federal Reserve and the Federal Reserve Chief Chair Jerome pal 15 00:00:56,800 --> 00:01:00,680 Speaker 2: And that's something that is pretty unprecedented, at least that's 16 00:01:00,720 --> 00:01:01,720 Speaker 2: what Jerome. 17 00:01:01,560 --> 00:01:02,400 Speaker 3: Had to say about it. 18 00:01:02,440 --> 00:01:07,280 Speaker 2: He said that, paraphrasing, he said that this is this 19 00:01:07,360 --> 00:01:12,319 Speaker 2: is because the refusal of the Fed dropping interest rates 20 00:01:12,720 --> 00:01:17,000 Speaker 2: and the refusal of the Fed, you know, bowing to 21 00:01:17,120 --> 00:01:18,560 Speaker 2: Donald Trump's demand. 22 00:01:19,120 --> 00:01:23,720 Speaker 1: Right, the threat of criminal charges is a consequence of 23 00:01:23,800 --> 00:01:26,839 Speaker 1: the Federal Reserve setting interest rates based on our best 24 00:01:26,840 --> 00:01:30,680 Speaker 1: assessment of what would serve the public, rather than following 25 00:01:30,720 --> 00:01:32,160 Speaker 1: the preference of the president. 26 00:01:34,640 --> 00:01:39,600 Speaker 3: This is where we're at. This is where we're at. Yeah, 27 00:01:39,640 --> 00:01:40,800 Speaker 3: So long story short. 28 00:01:41,959 --> 00:01:46,959 Speaker 2: He said that on Friday they they served them with 29 00:01:47,080 --> 00:01:51,840 Speaker 2: the investigation notification and he said that he will not 30 00:01:51,960 --> 00:01:58,280 Speaker 2: back down, and that is it's dangerous waters when the 31 00:01:58,320 --> 00:02:02,760 Speaker 2: FED loses its autonomy and becomes political, because the Federal 32 00:02:02,800 --> 00:02:06,920 Speaker 2: Reserve is not designed to become political. It's not designed 33 00:02:07,000 --> 00:02:12,400 Speaker 2: to answer to politicians, even the president. But Donald Trump 34 00:02:12,480 --> 00:02:16,280 Speaker 2: is not a traditional politician or a traditional president by 35 00:02:16,280 --> 00:02:19,680 Speaker 2: any means. And even at the last FED share she 36 00:02:19,800 --> 00:02:22,040 Speaker 2: spoke about this and she said that it sais a 37 00:02:22,160 --> 00:02:26,520 Speaker 2: very dangerous president. It's extremely bad, extremely bad for the 38 00:02:26,560 --> 00:02:32,160 Speaker 2: market and something that you know needs to really be monitored. So, 39 00:02:34,440 --> 00:02:38,520 Speaker 2: what are the thoughts on this billet, the impact the 40 00:02:38,560 --> 00:02:43,080 Speaker 2: stock market, the greater impact for the economy. What's the 41 00:02:43,240 --> 00:02:50,560 Speaker 2: overall thoughts on the president putting almost criminal charges. It 42 00:02:50,600 --> 00:02:53,480 Speaker 2: looks like on one of the most powerful people in 43 00:02:53,480 --> 00:02:53,800 Speaker 2: the world. 44 00:02:53,880 --> 00:02:56,720 Speaker 1: We got to say alleged because he said he had 45 00:02:56,720 --> 00:02:57,880 Speaker 1: no idea that it happened. 46 00:02:59,600 --> 00:03:03,560 Speaker 4: Wow, not surprised, and Legal called him Brighten earlier this morning, 47 00:03:06,320 --> 00:03:09,639 Speaker 4: Well when this first happened, and Rashat you pointed this 48 00:03:09,680 --> 00:03:12,480 Speaker 4: out when they had that meeting up the construction site. 49 00:03:13,160 --> 00:03:15,799 Speaker 4: He's going to be vindictive because he doesn't need anyone 50 00:03:15,960 --> 00:03:22,280 Speaker 4: to uncover how tumultuous our economic landscape is. Like I 51 00:03:22,320 --> 00:03:24,120 Speaker 4: was talking about this on stock Club and we've talked 52 00:03:24,120 --> 00:03:27,240 Speaker 4: about it on a show him privately, But how bad 53 00:03:27,280 --> 00:03:30,760 Speaker 4: do things have to be for a country? In order 54 00:03:30,840 --> 00:03:33,760 Speaker 4: for you to move up the GDP from one percent 55 00:03:33,800 --> 00:03:37,280 Speaker 4: to potentially five you had to form a coup in 56 00:03:37,360 --> 00:03:41,960 Speaker 4: Venezuela to get resources. So the way he's running this 57 00:03:42,120 --> 00:03:48,160 Speaker 4: is like a mob boss allegedly, and any enemy combatant 58 00:03:48,200 --> 00:03:51,200 Speaker 4: to the story is going to be punished. And it's 59 00:03:51,240 --> 00:03:53,320 Speaker 4: the reason why this is so important because they don't 60 00:03:53,320 --> 00:03:54,480 Speaker 4: want the election. 61 00:03:54,240 --> 00:03:54,920 Speaker 3: To turn. 62 00:03:57,760 --> 00:04:02,120 Speaker 4: This year and with JD. Van running, I think it's 63 00:04:02,160 --> 00:04:05,040 Speaker 4: a terrible precedent. And also the Federal Reserve is a 64 00:04:05,040 --> 00:04:08,160 Speaker 4: private entity, so if they begin to push back and 65 00:04:08,680 --> 00:04:11,880 Speaker 4: higher powers that be begin to push back on him, 66 00:04:11,920 --> 00:04:14,400 Speaker 4: I don't think it would be great for our economy. 67 00:04:16,080 --> 00:04:19,800 Speaker 4: A mistake and opposed to fixing the core problem, being 68 00:04:19,960 --> 00:04:22,680 Speaker 4: punitive towards the chair because he didn't do what you 69 00:04:22,760 --> 00:04:25,520 Speaker 4: want is a grand mistake. What do you guys think? 70 00:04:27,200 --> 00:04:29,400 Speaker 1: Yeah, I mean when we saw Duvin Knight, it was 71 00:04:29,480 --> 00:04:32,000 Speaker 1: just like yo, it made me think about July in 72 00:04:32,080 --> 00:04:35,920 Speaker 1: that meeting when he talked about the overspending uh and 73 00:04:36,000 --> 00:04:38,479 Speaker 1: you know, Jerome kind of embarrassed him a little bit there. 74 00:04:39,120 --> 00:04:40,880 Speaker 1: You know, he's a vindictive guy. He's a guy that 75 00:04:40,920 --> 00:04:43,680 Speaker 1: doesn't forgot things, and he's gonna, you know, try his 76 00:04:43,720 --> 00:04:45,760 Speaker 1: best to make sure that he gets his way, and 77 00:04:45,839 --> 00:04:48,599 Speaker 1: anybody that gets in that way there's going to be 78 00:04:48,640 --> 00:04:51,640 Speaker 1: consequences with I think it's that's a terrible precedent, right, 79 00:04:51,720 --> 00:04:55,159 Speaker 1: even if I mean to indict the FED chair and 80 00:04:55,240 --> 00:04:58,760 Speaker 1: subpoena him is just like it's pretty I mean, it's 81 00:04:58,760 --> 00:05:04,240 Speaker 1: never had a war you learn on a drug warlord? Yeah, 82 00:05:04,520 --> 00:05:07,360 Speaker 1: But what it was to say about he is the 83 00:05:07,360 --> 00:05:09,479 Speaker 1: FED chair. He has two seats, right, he's also the 84 00:05:09,520 --> 00:05:12,840 Speaker 1: governor of the FED. So when he leaves in May, 85 00:05:13,279 --> 00:05:15,680 Speaker 1: you know, when his time is up, you still have 86 00:05:15,680 --> 00:05:17,160 Speaker 1: to put some money in his place. What does it 87 00:05:17,360 --> 00:05:20,880 Speaker 1: say about the next person that goes into that seat, right, Like, 88 00:05:20,960 --> 00:05:24,080 Speaker 1: are you going in there with no influence, right, Or 89 00:05:24,120 --> 00:05:26,880 Speaker 1: are you going in there because you've been hand selected 90 00:05:27,160 --> 00:05:30,919 Speaker 1: because you know that the president's influence will be listened 91 00:05:30,960 --> 00:05:33,600 Speaker 1: to and you will act on some of the things 92 00:05:33,600 --> 00:05:35,359 Speaker 1: that he's asked for. Right, he's been saying that we 93 00:05:35,400 --> 00:05:38,560 Speaker 1: need to lower rates. It's funny because we had three 94 00:05:39,080 --> 00:05:42,560 Speaker 1: rate lowering happening during twenty twenty five. 95 00:05:42,640 --> 00:05:42,800 Speaker 3: Right. 96 00:05:43,480 --> 00:05:45,000 Speaker 1: That wasn't even expected, right. 97 00:05:45,040 --> 00:05:46,640 Speaker 4: Surprisingly, Yeah, I was gonna say that. 98 00:05:47,200 --> 00:05:48,880 Speaker 1: Coming out of twenty twenty five, it was like we 99 00:05:48,960 --> 00:05:50,520 Speaker 1: might get two cuts, maybe one. 100 00:05:51,000 --> 00:05:51,640 Speaker 3: We got three. 101 00:05:51,720 --> 00:05:53,760 Speaker 1: And if you look at the minutes from all those meetings, 102 00:05:54,120 --> 00:05:56,920 Speaker 1: the person who was fighting for those rate cuts was 103 00:05:57,000 --> 00:06:00,960 Speaker 1: Jarron Powell. He was a guy that was actually fighting 104 00:06:01,000 --> 00:06:03,760 Speaker 1: inside those means to make sure that we had three 105 00:06:03,839 --> 00:06:09,120 Speaker 1: rate cuts to attack them because you wanted more. It's ridiculous. Now, 106 00:06:09,120 --> 00:06:12,080 Speaker 1: what does it say for the market. It's interesting, man, 107 00:06:12,120 --> 00:06:15,440 Speaker 1: you think about the past week, Like you said, Venezuela, 108 00:06:15,600 --> 00:06:19,600 Speaker 1: you're talking about institutions can't buy single homes anymore. You're 109 00:06:19,640 --> 00:06:22,960 Speaker 1: talking about having a freeze on interest rates at ten 110 00:06:23,000 --> 00:06:26,440 Speaker 1: percent for credit cards. All these things that are happening 111 00:06:26,600 --> 00:06:32,240 Speaker 1: in let's say a ten day span. Typically this crash 112 00:06:32,360 --> 00:06:37,120 Speaker 1: is a market yep, but here we are resilient still, right, 113 00:06:37,160 --> 00:06:40,040 Speaker 1: Like we didn't see a thousand point drop or five 114 00:06:40,120 --> 00:06:43,120 Speaker 1: hundred point drop. The Dow opened down three hundred. It 115 00:06:43,279 --> 00:06:45,919 Speaker 1: was like, okay, there's gonna be some ramifications from an 116 00:06:45,920 --> 00:06:49,279 Speaker 1: indictment from the FED chair. But I mean it wasn't 117 00:06:49,320 --> 00:06:53,159 Speaker 1: something that's right, It's just it's so it's very interesting. 118 00:06:53,200 --> 00:06:54,800 Speaker 3: Man, risk is. 119 00:06:54,760 --> 00:06:56,800 Speaker 4: Back on and no one cares about the long term 120 00:06:56,920 --> 00:07:00,440 Speaker 4: ramifications even with him one and more interest rates cuts. 121 00:07:00,960 --> 00:07:03,560 Speaker 4: It reminds me of Er five with the banking and 122 00:07:03,800 --> 00:07:08,680 Speaker 4: subprime crisis. Everyone's thinking short term. And to be very clear, 123 00:07:08,720 --> 00:07:12,400 Speaker 4: even with this point with the FED chair, he wants 124 00:07:12,440 --> 00:07:14,280 Speaker 4: to do what he needs to do so his legacy 125 00:07:14,320 --> 00:07:16,440 Speaker 4: is intact. When he leaves office, he's not thinking about 126 00:07:16,440 --> 00:07:19,080 Speaker 4: the betterment of the country at all. 127 00:07:20,360 --> 00:07:25,000 Speaker 1: So right, I feel like that's been the consensus we've 128 00:07:25,040 --> 00:07:27,400 Speaker 1: seen that over. I think he's going to be it'll 129 00:07:27,400 --> 00:07:29,360 Speaker 1: be a year on the twenty first, right since he 130 00:07:29,520 --> 00:07:32,680 Speaker 1: was sworn in as president when he's thinking about his legacy. 131 00:07:32,680 --> 00:07:35,280 Speaker 1: From day one, he's thinking about his legacy, whether it 132 00:07:35,440 --> 00:07:38,880 Speaker 1: was from policy, whether it was naming buildings after himself, 133 00:07:38,880 --> 00:07:41,560 Speaker 1: it's all been about his legacy, and it's gonntinue to 134 00:07:41,640 --> 00:07:44,440 Speaker 1: continue to be that, including the fetcher that you know 135 00:07:44,560 --> 00:07:45,200 Speaker 1: that he'll pick. 136 00:07:45,560 --> 00:07:47,440 Speaker 3: Well, the crazy thing is that he picked he picked 137 00:07:47,440 --> 00:07:48,520 Speaker 3: your own power. True. 138 00:07:49,480 --> 00:07:55,000 Speaker 4: So well, some people would say that that was a 139 00:07:55,080 --> 00:07:59,559 Speaker 4: forced pick. That wasn't his true pick that he wanted. 140 00:07:59,600 --> 00:08:02,800 Speaker 4: That's who he could have selected at the time, allegedly. 141 00:08:05,240 --> 00:08:09,320 Speaker 2: I mean, but it's under his it's under his legacy. 142 00:08:09,800 --> 00:08:11,720 Speaker 2: Gotta he got a chance to pick that. The FED 143 00:08:11,760 --> 00:08:13,600 Speaker 2: shair he picked your own power. Okay, he don't like him, 144 00:08:13,640 --> 00:08:16,520 Speaker 2: so he definitely wants he has who he wants to 145 00:08:16,520 --> 00:08:21,360 Speaker 2: be the next FED chair and I think that he's 146 00:08:22,760 --> 00:08:23,880 Speaker 2: Project twenty twenty five. 147 00:08:24,320 --> 00:08:26,680 Speaker 3: As far as the consolidation of power. 148 00:08:27,840 --> 00:08:31,080 Speaker 2: And one of the main things that makes the American 149 00:08:31,240 --> 00:08:35,720 Speaker 2: quote unquote democracy different from a you know, monarchy or 150 00:08:35,840 --> 00:08:39,480 Speaker 2: tutarian type stat is that there's different branches of government 151 00:08:39,600 --> 00:08:43,080 Speaker 2: have different powers, and some branches actually are independent of 152 00:08:43,080 --> 00:08:46,520 Speaker 2: the government, like the Federal Reserve, where in the traditional 153 00:08:46,760 --> 00:08:50,000 Speaker 2: you know, kingdom, the king has pretty much a saying 154 00:08:50,080 --> 00:08:53,480 Speaker 2: anything that happens from the military to the federal Reserve 155 00:08:53,559 --> 00:08:58,160 Speaker 2: system to you name it. And one of the things 156 00:08:58,200 --> 00:09:00,400 Speaker 2: is everybody who probably twenty twenty five was talking about 157 00:09:00,400 --> 00:09:02,719 Speaker 2: the civil rights aspects, and that's important, but one of 158 00:09:02,760 --> 00:09:05,040 Speaker 2: the main themes in Project twenty twenty five was to 159 00:09:05,080 --> 00:09:09,079 Speaker 2: consolidate power power yep, and that's what he's doing. He 160 00:09:09,440 --> 00:09:13,000 Speaker 2: did it with the Justice Department and now he's doing 161 00:09:13,040 --> 00:09:15,400 Speaker 2: it with the Federal Reserve. As far as to really 162 00:09:15,440 --> 00:09:19,240 Speaker 2: be aggressive and pretty much saying like, if you don't 163 00:09:19,240 --> 00:09:20,679 Speaker 2: do what I'm gonna what I want you to do 164 00:09:20,840 --> 00:09:23,120 Speaker 2: is gonna be you know, extreme consequences for that, and 165 00:09:23,240 --> 00:09:27,400 Speaker 2: try to force force a new Federal Reserve chair in. 166 00:09:28,520 --> 00:09:31,559 Speaker 2: It's pretty unprecedent. I think it's ever actually been happened before. 167 00:09:32,000 --> 00:09:36,360 Speaker 2: So it's unprecedented times that we're living in. But it's 168 00:09:36,440 --> 00:09:40,760 Speaker 2: not surprising if you really, you know, studied the playbook 169 00:09:40,800 --> 00:09:42,920 Speaker 2: that they said they were gonna do. 170 00:09:42,960 --> 00:09:45,320 Speaker 3: It's not a secret. We're all denied. 171 00:09:45,960 --> 00:09:48,440 Speaker 4: Remember I remember when you first started posting it and 172 00:09:48,480 --> 00:09:51,360 Speaker 4: everyone was like, oh, this is fake. And all of 173 00:09:51,400 --> 00:09:53,760 Speaker 4: them are quiet, even in the Minneapolis issue. And we'll 174 00:09:53,760 --> 00:09:57,080 Speaker 4: talk about that on Blackout, but everyone's quiet. Who said 175 00:09:57,120 --> 00:10:01,240 Speaker 4: Project twenty twenty five was fake almost following it line 176 00:10:01,280 --> 00:10:01,760 Speaker 4: by line. 177 00:10:02,840 --> 00:10:06,120 Speaker 1: Yeah, I think it's either your negligent about it or 178 00:10:06,120 --> 00:10:09,160 Speaker 1: complicit with it, right, Like it's either or Like if 179 00:10:09,200 --> 00:10:11,840 Speaker 1: you required that means all right, well it's happening, and 180 00:10:11,880 --> 00:10:16,160 Speaker 1: you're like, Okay, they said it would, but it's. 181 00:10:16,080 --> 00:10:19,760 Speaker 3: It's just is it surprising? I don't. I don't. 182 00:10:19,760 --> 00:10:22,679 Speaker 1: I don't feel like it's surprising, right, Like even from 183 00:10:22,760 --> 00:10:25,160 Speaker 1: the world of investing, right, like when you're talking about 184 00:10:25,160 --> 00:10:28,480 Speaker 1: lowering interest rates, Yeah, that help stocks out for sure? 185 00:10:28,840 --> 00:10:31,920 Speaker 1: Does it help tech companies one hundred percent? But even 186 00:10:32,400 --> 00:10:35,000 Speaker 1: you know, thinking about it's like the way that Powell 187 00:10:35,040 --> 00:10:38,400 Speaker 1: did it was very strategic. Like he came out of 188 00:10:38,400 --> 00:10:41,400 Speaker 1: a pandemic, right, there was all talks of recession. We 189 00:10:41,440 --> 00:10:44,200 Speaker 1: actually went into a recession. We had a bull market, 190 00:10:44,480 --> 00:10:46,160 Speaker 1: a bear market, we had all these things. 191 00:10:46,160 --> 00:10:47,079 Speaker 3: It was a soft landing. 192 00:10:47,120 --> 00:10:48,640 Speaker 1: There was stagflation, it was inflation. 193 00:10:50,120 --> 00:10:51,679 Speaker 3: We still managed all of that. 194 00:10:52,360 --> 00:10:55,400 Speaker 1: Like, I feel like that the tarnishing of his legacy 195 00:10:55,480 --> 00:10:56,800 Speaker 1: is well with with what he's trying to do. 196 00:10:57,280 --> 00:11:00,640 Speaker 4: But I mean, the proof speaks for itself, right, you 197 00:11:00,679 --> 00:11:04,320 Speaker 4: can't argue with his plan. That's the job most people 198 00:11:04,360 --> 00:11:06,240 Speaker 4: wouldn't want. I wouldn't want it. He I think he 199 00:11:06,440 --> 00:11:10,960 Speaker 4: managed that incredibly well. Give him the disaster that was 200 00:11:10,960 --> 00:11:13,520 Speaker 4: put on his plate and then to try and railroad 201 00:11:13,559 --> 00:11:16,520 Speaker 4: him now because of a personal vendetta when he helped 202 00:11:16,559 --> 00:11:18,480 Speaker 4: save you is insane. 203 00:11:19,679 --> 00:11:22,560 Speaker 1: He actually did the thing you wanted, he just didn't 204 00:11:22,600 --> 00:11:23,400 Speaker 1: do it. That's frequently. 205 00:11:23,880 --> 00:11:26,520 Speaker 2: So from a stock market standpoint, like I said the 206 00:11:26,600 --> 00:11:28,160 Speaker 2: last FED chair, she said that this is going to 207 00:11:28,200 --> 00:11:31,760 Speaker 2: have a negative impact on the market, maybe not in 208 00:11:31,559 --> 00:11:34,040 Speaker 2: the week, but long term. 209 00:11:34,240 --> 00:11:36,560 Speaker 3: So is this going to be bad for the stock market? 210 00:11:39,000 --> 00:11:41,360 Speaker 4: As I stated last week, I think the first half 211 00:11:41,360 --> 00:11:43,800 Speaker 4: of the year would be great. Around the time we 212 00:11:43,920 --> 00:11:47,120 Speaker 4: get a lovely cover for invest Fest, get your ticks 213 00:11:47,160 --> 00:11:50,040 Speaker 4: to invest Fest. Around that invest Fest time, oh, we're 214 00:11:50,080 --> 00:11:53,199 Speaker 4: going to see some turbulence and that's the best time 215 00:11:53,240 --> 00:11:54,559 Speaker 4: for you to be there, for me to be able 216 00:11:54,559 --> 00:11:57,160 Speaker 4: to guide you on what to do. But the second 217 00:11:57,160 --> 00:11:59,400 Speaker 4: half of the year is going to be trouble. And 218 00:11:59,440 --> 00:12:03,600 Speaker 4: if we're they're talking about taking Greenland, the talks of Columbia, 219 00:12:03,720 --> 00:12:09,080 Speaker 4: Nigeria and Cuba are picking up. The valuations of stocks 220 00:12:09,120 --> 00:12:13,360 Speaker 4: are erodent in some sectors. There aren't as many GDP 221 00:12:13,559 --> 00:12:17,640 Speaker 4: movers and even in the collaboration, we'll talk about Lily 222 00:12:17,760 --> 00:12:22,840 Speaker 4: and Nvidiolator, Apple and Google. Usually when companies are coming 223 00:12:22,880 --> 00:12:26,840 Speaker 4: together for these deep partnerships, it's to prevent from treeods 224 00:12:26,840 --> 00:12:30,040 Speaker 4: from happening, and they're building a moat together. So the 225 00:12:30,040 --> 00:12:32,160 Speaker 4: second half of the year is going to be incredibly tough. 226 00:12:32,559 --> 00:12:33,280 Speaker 3: Earners. What's up? 227 00:12:33,360 --> 00:12:35,840 Speaker 1: You ever walk into a small business and everything just 228 00:12:36,000 --> 00:12:39,200 Speaker 1: works like the checkout is fast, their seats are digital, 229 00:12:39,720 --> 00:12:42,679 Speaker 1: tipping is a breeze and you're out the door before 230 00:12:42,720 --> 00:12:46,840 Speaker 1: the line even builds odds are they're using Square. We 231 00:12:47,000 --> 00:12:49,560 Speaker 1: love supporting businesses that run on Square because it just 232 00:12:49,600 --> 00:12:52,840 Speaker 1: feels seamless. 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