WEBVTT - Latino Coalition's Barreto on Latino Entrepreneurs (Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg eleventh, Yo to Washington,

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<v Speaker 1>d C, Bloomber to Boston, Bluemberg twelve unders to San Francisco,

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<v Speaker 1>Bloomberg nine to the country, Channel one, and around the

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<v Speaker 1>globe the Bluemberg Radio Pluck Davin Bloomberg got gone. This

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<v Speaker 1>is taking Stock. Coming up on taking Stock, We're gonna

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<v Speaker 1>be speaking about Hispanic owned businesses. Do you know that

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<v Speaker 1>they are the fastest growing segment of the small business population. Well,

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<v Speaker 1>we're gonna be speaking with the chairman of the Latino Coalition.

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<v Speaker 1>We've got Hector Barretto. He's gonna be talking at the also,

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<v Speaker 1>and just to mention, he wrapped up the sixteen Small

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<v Speaker 1>Business Conference in Washington, d C. Yesterday which he spoke

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<v Speaker 1>and we're gonna learn about what the messages is for

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<v Speaker 1>small business. And of course it's an election European and

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<v Speaker 1>we know the whole question of immigration and Hispanic vote

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<v Speaker 1>is very important. Hectors been coming to down that on

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<v Speaker 1>the show in past. We will get that into the

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<v Speaker 1>mix as well. Now I want to get Charlie Pellet

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<v Speaker 1>back in the mix. Iss the limit Business flash Man.

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<v Speaker 1>We've got twenty nine minutes to go Kathleen before that

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<v Speaker 1>closing bell on a Thursday, the day after the Fed decisions.

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<v Speaker 1>Stocks now rallying SMP five hundred index up six to

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<v Speaker 1>two thousand seventy eight, a gain there of three tents

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<v Speaker 1>of one percent down Industrials of one oh three now

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<v Speaker 1>up six tents of one percent sum to. Redstone has

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<v Speaker 1>removed five members of the Viacom board, reasserting his controlling

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<v Speaker 1>stake in the company and setting the stage for the

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<v Speaker 1>removal of renegade CEO philipp Domin shares a Viacom. They're

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<v Speaker 1>up now by five point four percent. Equities have recovered

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<v Speaker 1>from a one percent sell office. Both sides suspended campaigning

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<v Speaker 1>on whether Britain should leave the EU after a Labor

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<v Speaker 1>Party lawmaker Joe Cox was murdered as she met constituents

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<v Speaker 1>in her electoral district. Ian Robertson is a member of

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<v Speaker 1>the management board at BMW. It has eight thousand direct

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<v Speaker 1>employees in the UK. He was on Bloomberg Television today

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<v Speaker 1>talking about that Brexit vote. I was asked many times

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<v Speaker 1>today do you have a plan B. The answer is no,

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<v Speaker 1>because honestly, we don't know what those implications are and

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<v Speaker 1>there will be a period where that can be well considered.

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<v Speaker 1>They might be just small, incidental, there might be no

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<v Speaker 1>implications at all. On the other hand, maybe things are

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<v Speaker 1>going to change a little more dramatically. But honestly, we

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<v Speaker 1>will have to wait and see before we take any

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<v Speaker 1>view on what the results would mean for our strategy

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<v Speaker 1>in this country. Gold is now down four twenty arms,

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<v Speaker 1>declining three tenths of one percent to four and a

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<v Speaker 1>three thirty two on Wall Street. Let's take a look

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<v Speaker 1>at other news from around the world on Bloomberg Radio.

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<v Speaker 1>Thank you Charlie from the Bloomberg Newsroom and Katherine Cowdery.

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<v Speaker 1>This news update is brought to you by the deep

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<v Speaker 1>Grand Cherokee, the most awarded suv ever. The Grand Cherokee

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<v Speaker 1>legendary four by four capability. Drive one at your local

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<v Speaker 1>jeep dealer. Today. A British lawmaker has been shot and

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<v Speaker 1>killed today in her district in northern England. Temporary Chief

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<v Speaker 1>Constable West Yorkshire Police D Collins says a suspect is

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<v Speaker 1>in custody. A man was arrested nearby by local uniform

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<v Speaker 1>police officers, weapons including a firearm have also been recovered.

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<v Speaker 1>The attack on Joe Cox has prompted both sides as

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<v Speaker 1>to spend campaigning today in the battle over whether Britain

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<v Speaker 1>should end its membership in the European Union. It's an

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<v Speaker 1>important find in the crash of an egypt air jetliner.

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<v Speaker 1>Bloomberg's Michael Barr has the details. The cockpit voice recorder

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<v Speaker 1>of an egypt airplane that crashed last month has been

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<v Speaker 1>found and pulled out of the Mediterranean Sea. Egypt Air

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<v Speaker 1>Flight eight oh four was heading Comparis to Cairo when

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<v Speaker 1>it plunged into the sea. All sixty six people on

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<v Speaker 1>board were killed. The data recorder could provide details as

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<v Speaker 1>to what brought down the airb s A three. Egypt's

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<v Speaker 1>Investigation Committee says the soul called black box, has been adamage,

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<v Speaker 1>but the memory unit, which is the most important in

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<v Speaker 1>the recorder, is intact. Michael Barr Bloomberg Radio. Police Commissioner

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<v Speaker 1>Bill Bratton says there have been a number of threats

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<v Speaker 1>made against gay bars and nightclubs in the city, but

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<v Speaker 1>none appears to be credible. Broughton says whoever made the

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<v Speaker 1>threats in a wake of the Orlando nightclub shootings are

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<v Speaker 1>quote cowards Global News twenty four hours a day, powered

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<v Speaker 1>by our journalists in more than one hundred fifty news

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<v Speaker 1>verreaus around the world. From the Bloomberg Newsroom, I'm Catherine Cowdery, Charlie,

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<v Speaker 1>and we thank you and again recapping stocks are trading higher,

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<v Speaker 1>with the SMP five hundred index advancing seven points, rebounding

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<v Speaker 1>now to two thousand seventy eight, up four tenths of

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<v Speaker 1>one percent. I'm Charlie Palatin. That's a Bloomberg Business Flash.

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<v Speaker 1>This is taking Stock with Kathleen Hayes and Pin Fox

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<v Speaker 1>on Bloomberg Radio. Hispanic and Latino owned businesses, they are surging,

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<v Speaker 1>they are growing. They're the fastest growing segment of the

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<v Speaker 1>small business population. And here to tell us more about

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<v Speaker 1>them and about the annual Small Business Summit that just

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<v Speaker 1>concluded in Washington, d C. Is Hector Barretto. He's the

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<v Speaker 1>chairman of the Latino Coalition. Mr Barretto, thank you very

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<v Speaker 1>much for being with us. Thanks for having me. Tim

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<v Speaker 1>tell us a little bit about the event, the summit

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<v Speaker 1>event yesterday in Washington. What were some of the takeaways. Well,

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<v Speaker 1>we've just been as one of our most successful conferences

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<v Speaker 1>that we've ever had. We've been in business for twenty

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<v Speaker 1>one years as a Latino coalition, but we had a

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<v Speaker 1>lot of interest and we had a lot of business owners,

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<v Speaker 1>came from all across the United States, and we're really

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<v Speaker 1>tackling a lot of the issues that are on their minds.

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<v Speaker 1>The regulatory environment. They're complaining there's too much of it

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<v Speaker 1>and they need strategies how to navigate that. They're looking

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<v Speaker 1>for different kinds of businesses that they can get into,

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<v Speaker 1>and they're also very interested in technology. How can technology

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<v Speaker 1>allow them to be more efficient and more effective. They

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<v Speaker 1>understand that that's a love or of the playing field.

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<v Speaker 1>So it's a great conference. Three day conference is probably

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<v Speaker 1>one of our most successful ever. And we also had

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<v Speaker 1>a lot of elected officials both sides of the aisle,

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<v Speaker 1>very interested and what's on the minds of Hispanics, especially

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<v Speaker 1>as they go into these fall elections. You know, how

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<v Speaker 1>are those concerns any different from any small business person,

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<v Speaker 1>any entrepreneur in this country. A couple of months ago,

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<v Speaker 1>you had an up in the Wall Street Journal noting

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<v Speaker 1>that the economic engine in America is it still it's

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<v Speaker 1>twenty seven small businesses? You say, the presidential candidates aren't

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<v Speaker 1>tapping into this again, anything different about with Hispanic Hispanic

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<v Speaker 1>entrepreneur needs versus anybody else. You you hit it on

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<v Speaker 1>the top of the show. There's so many new ones.

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<v Speaker 1>There's four million Hispanic businesses in the United States. This

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<v Speaker 1>grows every single year. They're generating six entred sixty billion

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<v Speaker 1>in revenue, and demographers tell us that those numbers could

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<v Speaker 1>double every five years. So you're right, Hispanic businesses don't

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<v Speaker 1>need anything different than any other businesses. They need what

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<v Speaker 1>I call the seas. They need capital, they need capacity,

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<v Speaker 1>which is really technical assistance, and they need contracts with

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<v Speaker 1>the federal government and also Corporate America. And that's who

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<v Speaker 1>we were talking to over these three days when we

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<v Speaker 1>were in Washington, Mr bur I don't wonder if you

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<v Speaker 1>could give us a little bit of detail about the

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<v Speaker 1>Latino Coalition and its stand for example, on online sales taxes.

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<v Speaker 1>I note that you've written about that as well as

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<v Speaker 1>many of the other issues. Well, you know, we have

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<v Speaker 1>a lot of businesses that are now looking at this

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<v Speaker 1>whole area of e commerce and they just want to

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<v Speaker 1>make sure that they have a level playing field. Oftentimes

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<v Speaker 1>they're competing with a lot of larger companies that might uh,

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<v Speaker 1>you know, be selling things not only in their brick

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<v Speaker 1>and mortar but also online. Oftentimes small businesses don't have

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<v Speaker 1>the same kind of resources, the same kind of capacity,

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<v Speaker 1>and so we had folks, for example, from the Direct

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<v Speaker 1>Selling Association that we're there. A lot of activity is

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<v Speaker 1>starting to take place there. You're talking about a multi

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<v Speaker 1>trillion dollar market and it's a way that small businesses

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<v Speaker 1>can also reach customers in different countries, in different localities.

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<v Speaker 1>So that's something that's on their minds as well. But

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<v Speaker 1>at the same time, you know, cost is critically important.

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<v Speaker 1>Big businesses sometimes can absorb additional costs in terms of taxes,

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<v Speaker 1>in terms of regulations, small businesses can dr I have

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<v Speaker 1>to ask you because you were the US Small Business Administrator,

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<v Speaker 1>UM from let's see, from two thousand one to two

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<v Speaker 1>thousand six, you worked under George Bush, George W. Bush,

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<v Speaker 1>former president uh Donald Trump presumptive nominee and all that.

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<v Speaker 1>Are you going to vote for Trump? What do you

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<v Speaker 1>think of him as the next president? Listen, we're doing

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<v Speaker 1>some polling right now, nationwide polling, and we're getting a

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<v Speaker 1>lot of headwinds from a lot of our business owners

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<v Speaker 1>you know, Latino Coalition doesn't indoors. And I haven't made

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<v Speaker 1>a decision yet myself, but neither one of these two

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<v Speaker 1>candidates are talking enough about small business, and as you said,

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<v Speaker 1>we feel that that's the engine of America. But they're

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<v Speaker 1>hitting a lot of head winds right now. So we're

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<v Speaker 1>gonna be paying a lot of attention to that. But

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<v Speaker 1>I will tell you, and I'm just telling you initial

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<v Speaker 1>results of this polling, and we're gonna do the events

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<v Speaker 1>at both conventions, the Republican Convention of Democratic Convention, but

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<v Speaker 1>we're getting eighty percent negative ratings and these are from

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<v Speaker 1>Hispanic Republican voters on Donald Trumps. Eighty percent negatives from

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<v Speaker 1>Hispanic Republican voters on Donald Trump. So obviously he's gonna

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<v Speaker 1>have to moderate his message if he's if he's really

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<v Speaker 1>good a plan on getting a lot of Hispanic support

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<v Speaker 1>the way he says he's going to. What is the

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<v Speaker 1>Latino Coalition's message when it comes to Bill Ackman, the

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<v Speaker 1>head of Pershing Square Capital, Well, we don't deal a

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<v Speaker 1>lot with Bill Ackman, but Herbal Life is one of

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<v Speaker 1>our key sponsors and we and Herbal Life does a

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<v Speaker 1>lot in the Hispanic community has a lot of US

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<v Speaker 1>Panic businesses that are working for him. You know. Uh,

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<v Speaker 1>the actment's attack on Herbal Life is something that we

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<v Speaker 1>don't really get um and so you know, we're we're

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<v Speaker 1>gonna be monitoring that situation. I think that's died down

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<v Speaker 1>a little bit. But Herbal Life is one of our

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<v Speaker 1>key sponsors. Were glad to work with them. They participated

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<v Speaker 1>in this conference, and as I said, I think that

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<v Speaker 1>they're providing a lot of opportunities for a lot of

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<v Speaker 1>Hispanics in the United States. Well, let us know when

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<v Speaker 1>you got the results of the poll ready, we will.

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<v Speaker 1>We're gonna be releasing that right before the conventions. And

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<v Speaker 1>we have a new app that the Latino Coalition. You

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<v Speaker 1>can get more information at the Latino Coalition dot com

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<v Speaker 1>and people will be able to get the polling results

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<v Speaker 1>directly off of this app. Sounds great. Actor Bretto, thank

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<v Speaker 1>you so very much. He's chairman of the Latino Coalition,

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<v Speaker 1>former US Small Business Administrator. He says, no candidate is

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<v Speaker 1>addressing the needs of Hispanic entrepreneurs in particular, or entrepreneurs

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<v Speaker 1>in general. Enough. This is taking stock on blueboard radio.

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<v Speaker 1>Coming upon taking stock, what do you do with your

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<v Speaker 1>money and if you lean it to the government for

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<v Speaker 1>ten years, you'll get one point five seven percent. That's

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<v Speaker 1>the question we'll put to Jonathan Golub, chief equity strategist

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<v Speaker 1>RBC