1
00:00:00,080 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,960 --> 00:00:09,920
Speaker 2: This is a blur for Paul and I. It is

3
00:00:10,080 --> 00:00:15,600
Speaker 2: just an extraordinary advantage of wonderful conversations. And then somebody

4
00:00:15,600 --> 00:00:19,040
Speaker 2: will say something which sticks with me. I'm walking down

5
00:00:19,079 --> 00:00:21,119
Speaker 2: the street six months later, I'm going damn that.

6
00:00:21,239 --> 00:00:21,759
Speaker 3: Nancy Lois.

7
00:00:22,960 --> 00:00:25,720
Speaker 2: She said something last year that made up my interview

8
00:00:25,800 --> 00:00:29,800
Speaker 2: of the year of this American labor economy joining us

9
00:00:29,840 --> 00:00:35,240
Speaker 2: now from Piper Sandler, their chief global economists. Truly iconic,

10
00:00:35,360 --> 00:00:40,760
Speaker 2: Nancy Lazarre, you basically said the strong labor economy is

11
00:00:40,760 --> 00:00:44,839
Speaker 2: a fiction, it's all government and healthcare supported, and that

12
00:00:44,920 --> 00:00:50,319
Speaker 2: the private investment in private jobs formation is broken. What

13
00:00:50,360 --> 00:00:51,519
Speaker 2: does a war do to that?

14
00:00:52,400 --> 00:00:54,320
Speaker 1: Well, that was a year ago, as you said, and

15
00:00:54,360 --> 00:00:56,360
Speaker 1: I would actually argue that you're starting to see a

16
00:00:56,400 --> 00:01:00,600
Speaker 1: healing in the private sector labor market now, to be sure,

17
00:01:00,680 --> 00:01:03,400
Speaker 1: will curb business confidence. But wait a second, I just

18
00:01:03,440 --> 00:01:06,440
Speaker 1: got a bunch of business confidence surveys, a group of

19
00:01:06,440 --> 00:01:09,400
Speaker 1: manufacturing surveys through March which captured the war and the

20
00:01:09,440 --> 00:01:11,600
Speaker 1: increase of the price of oil and their employment in

21
00:01:11,640 --> 00:01:14,640
Speaker 1: disease actually rose. So I think you have to look

22
00:01:14,680 --> 00:01:17,119
Speaker 1: at the economy broader than just a war and increase

23
00:01:17,160 --> 00:01:17,920
Speaker 1: in the price of oil.

24
00:01:18,040 --> 00:01:21,119
Speaker 2: I look at the Guadalcanal Low how miserable we were

25
00:01:21,120 --> 00:01:24,920
Speaker 2: in forty one, forty two into that battle in the

26
00:01:24,959 --> 00:01:27,200
Speaker 2: South Pacific that we didn't want to talk about at

27
00:01:27,200 --> 00:01:30,080
Speaker 2: the time. And then up, up, and away we went

28
00:01:30,680 --> 00:01:34,320
Speaker 2: for a year, basically for years into the deflationary fifties.

29
00:01:35,200 --> 00:01:37,760
Speaker 2: I guess is it the same thing as well, that

30
00:01:37,800 --> 00:01:40,040
Speaker 2: this work could be a stimulus of sorts.

31
00:01:40,240 --> 00:01:42,520
Speaker 1: I'm not sure the war itself is a stimulus other

32
00:01:42,600 --> 00:01:45,360
Speaker 1: than the backbone of the US economy is indeed strong.

33
00:01:45,600 --> 00:01:47,800
Speaker 1: We've had surges in the price of oil several times

34
00:01:47,840 --> 00:01:50,400
Speaker 1: over the past thirty forty years. Obviously, in the nineteen

35
00:01:50,480 --> 00:01:53,560
Speaker 1: ninety Golf War, the economy wasn't as strong then as

36
00:01:53,560 --> 00:01:56,360
Speaker 1: it is today, but boy, as that thing ended, oil

37
00:01:56,400 --> 00:01:59,520
Speaker 1: prices came down strong. Obviously, the next leg was the

38
00:01:59,680 --> 00:02:03,000
Speaker 1: US tech Revolution, and then after two thousand and eight

39
00:02:03,040 --> 00:02:05,280
Speaker 1: you also had a surge in the price of price

40
00:02:05,320 --> 00:02:08,880
Speaker 1: of oil. Then you had almost a decade prior to COVID,

41
00:02:09,160 --> 00:02:12,440
Speaker 1: a decade of a stronger US economy supported by domestic

42
00:02:12,440 --> 00:02:15,560
Speaker 1: capital spending. We had, even more recently a surge in

43
00:02:15,600 --> 00:02:18,160
Speaker 1: the price of oil Obviously, back in twenty one, you

44
00:02:18,200 --> 00:02:20,400
Speaker 1: went from fifty to one hundred and twenty dollars. The

45
00:02:20,480 --> 00:02:23,520
Speaker 1: US economy stumbled slightly in the first part of twenty two,

46
00:02:23,760 --> 00:02:27,280
Speaker 1: but then we took off again, supported by supported by

47
00:02:27,280 --> 00:02:30,880
Speaker 1: capital spending. So the thing that I keep reminding myself

48
00:02:30,960 --> 00:02:33,560
Speaker 1: is that the economy is not just driven by one variable.

49
00:02:33,800 --> 00:02:36,520
Speaker 1: It's not just oil. It's a function of monetary physical

50
00:02:36,520 --> 00:02:40,360
Speaker 1: policy in general. And physical policy right now is underappreciated

51
00:02:40,400 --> 00:02:43,720
Speaker 1: as a support what I would call the right way,

52
00:02:43,800 --> 00:02:46,960
Speaker 1: not through a boom in government spending, but companies have

53
00:02:47,080 --> 00:02:49,560
Speaker 1: just seen one hundred and eighty billion decline in their

54
00:02:49,800 --> 00:02:54,440
Speaker 1: tax cash tax payments because they're incentivized to do capital spending.

55
00:02:54,639 --> 00:02:59,520
Speaker 1: Deregulation is underway, and that's beneficial to small medium sized businesses.

56
00:02:59,639 --> 00:03:03,040
Speaker 1: I hear particularly from the banking banking system. Banks are

57
00:03:03,040 --> 00:03:06,640
Speaker 1: easing lending lending standards. So right now, we for sure

58
00:03:06,960 --> 00:03:09,760
Speaker 1: are at risk of the US economy slowing stalling out

59
00:03:09,800 --> 00:03:12,400
Speaker 1: depends upon how long sure surgeon the price of oil

60
00:03:12,480 --> 00:03:15,920
Speaker 1: goes on. But this is a pretty strong economy.

61
00:03:16,280 --> 00:03:18,799
Speaker 3: How's the US consumer doing with this backdrop here?

62
00:03:18,919 --> 00:03:21,200
Speaker 1: So the consumer is a little bit in a tug

63
00:03:21,200 --> 00:03:24,600
Speaker 1: of war. On one hand, they obviously consumer confidence is down.

64
00:03:24,639 --> 00:03:27,160
Speaker 1: We have a daily survey of consumer confidence, which is

65
00:03:27,200 --> 00:03:30,079
Speaker 1: a little nuts but it works, and it is down

66
00:03:30,120 --> 00:03:32,560
Speaker 1: about fifteen points. But it's still above where it was

67
00:03:32,680 --> 00:03:35,960
Speaker 1: during the government shutdown, way above where it was during

68
00:03:36,000 --> 00:03:38,480
Speaker 1: the COVID low, way above where it was during the

69
00:03:38,520 --> 00:03:42,240
Speaker 1: GF during the GFC, So confidence, consumer confidence has gotten hit.

70
00:03:42,600 --> 00:03:46,240
Speaker 1: But at the same time, we monitor your weekly retail

71
00:03:46,280 --> 00:03:49,200
Speaker 1: sales data and actually they through mid March we're on

72
00:03:49,240 --> 00:03:52,320
Speaker 1: the stronger side. That is, again, consumer is driven by

73
00:03:52,320 --> 00:03:55,680
Speaker 1: more than just gasoline. We have these tax refunds, to

74
00:03:55,720 --> 00:03:57,520
Speaker 1: be sure, some of them are being eaten up by

75
00:03:57,560 --> 00:04:00,600
Speaker 1: the higher gasoline prices. But the labor market, as I mentioned,

76
00:04:00,640 --> 00:04:03,040
Speaker 1: if you look at unemployment claims, and I'm seeing more

77
00:04:03,080 --> 00:04:06,640
Speaker 1: and more commentary on Bloomberg on other news programs that, wow,

78
00:04:06,680 --> 00:04:08,640
Speaker 1: the labor market may not be as weak as I thought.

79
00:04:08,720 --> 00:04:11,840
Speaker 1: Claims are indeed in a declining trends. That's helping the consumer.

80
00:04:12,000 --> 00:04:14,680
Speaker 3: So how do we think about inflation here? Because you

81
00:04:14,760 --> 00:04:17,640
Speaker 3: did mention consumers are seeing it at the pump, a

82
00:04:17,720 --> 00:04:20,440
Speaker 3: big increase, and we'll probably see it in other parts

83
00:04:20,440 --> 00:04:23,279
Speaker 3: of the economy. As it higher energy costs flow through

84
00:04:23,360 --> 00:04:28,200
Speaker 3: to you know, fertilizers and food and all that type

85
00:04:28,200 --> 00:04:29,440
Speaker 3: of stuff. How do you think better inflation?

86
00:04:30,040 --> 00:04:34,080
Speaker 1: So first, energy spikes are a tax on the US

87
00:04:34,160 --> 00:04:37,480
Speaker 1: economy unless the Fed monetizes them, as they did during

88
00:04:37,480 --> 00:04:38,520
Speaker 1: the nineteen seventies.

89
00:04:38,560 --> 00:04:40,880
Speaker 3: So we do that bike just cutting rates.

90
00:04:40,600 --> 00:04:43,400
Speaker 1: Cutting rates, putting liquidity in the economy. You had double

91
00:04:43,440 --> 00:04:46,359
Speaker 1: digit money growth in the seventies, very very and you

92
00:04:46,360 --> 00:04:49,080
Speaker 1: had double digit money growth twenty one twenty two, which

93
00:04:49,080 --> 00:04:51,560
Speaker 1: is why inflation was indeed more sticky. But similar to

94
00:04:51,600 --> 00:04:54,240
Speaker 1: a year ago when you had the tariffs. Almost a

95
00:04:54,279 --> 00:04:57,000
Speaker 1: year ago you had the tariffs. Our point then was

96
00:04:57,080 --> 00:04:59,920
Speaker 1: it was a tax and you did see one price

97
00:05:00,040 --> 00:05:02,160
Speaker 1: went up, other prices went down, And so I think

98
00:05:02,200 --> 00:05:05,600
Speaker 1: you're going to see the same thing today. Energy takes

99
00:05:05,600 --> 00:05:08,880
Speaker 1: time to flow through to overall GDP consumer spending. It

100
00:05:09,040 --> 00:05:12,000
Speaker 1: very quickly impacts the CPI. So the March CPI will

101
00:05:12,040 --> 00:05:15,159
Speaker 1: be bad zero point six, zero point seven percent, But

102
00:05:15,600 --> 00:05:17,520
Speaker 1: again it's a tax. I. Think as you go through

103
00:05:17,520 --> 00:05:19,400
Speaker 1: the year, you can see other prices go down.

104
00:05:19,960 --> 00:05:23,159
Speaker 2: What's the state of American capitalism? Now you've done so

105
00:05:23,360 --> 00:05:27,279
Speaker 2: much thinking about the arc of the larger picture, now,

106
00:05:27,320 --> 00:05:32,360
Speaker 2: how do we incentivize ourselves to better productivity, better prosperity.

107
00:05:32,600 --> 00:05:34,919
Speaker 1: So I was actually in Europe last week and I

108
00:05:34,960 --> 00:05:37,840
Speaker 1: have a chart of US productivity relative to Europe and

109
00:05:37,880 --> 00:05:40,159
Speaker 1: the rest of the world. Yeah, no, it's it's we.

110
00:05:40,279 --> 00:05:43,400
Speaker 2: Just worked longer hours. As I look at Alexis Christopher's

111
00:05:43,440 --> 00:05:47,800
Speaker 2: over there, and we French have the same productivity we do.

112
00:05:48,120 --> 00:05:49,400
Speaker 2: They just worked less hours.

113
00:05:49,480 --> 00:05:50,800
Speaker 3: Yeah, they're smarter than we are.

114
00:05:50,960 --> 00:05:55,400
Speaker 1: Actually, actually they don't. But we also invest in technology.

115
00:05:55,400 --> 00:05:58,560
Speaker 1: I'm just sitting in this beautiful room and again I

116
00:05:58,600 --> 00:06:02,159
Speaker 1: heard over and over again that Europe is indeed way

117
00:06:02,240 --> 00:06:06,040
Speaker 1: behind from an investment perspective, from a technological innovation, embracing it,

118
00:06:06,360 --> 00:06:09,440
Speaker 1: allowing creative destruction which they don't allow, which we do.

119
00:06:10,279 --> 00:06:13,120
Speaker 1: And so productivity has been in an accelerating trend for

120
00:06:13,160 --> 00:06:16,279
Speaker 1: about ten years. We're back up to something close to

121
00:06:16,320 --> 00:06:18,680
Speaker 1: two two and a half percent. And given all the

122
00:06:18,800 --> 00:06:20,920
Speaker 1: R and D that's going on right now within corporate

123
00:06:20,960 --> 00:06:23,839
Speaker 1: America and being incentivized to do more R and D

124
00:06:24,080 --> 00:06:28,200
Speaker 1: through the tax to the tax legislation, we think productivity

125
00:06:28,240 --> 00:06:31,240
Speaker 1: growth can move up towards three percent. So the state

126
00:06:31,279 --> 00:06:36,479
Speaker 1: of American capitalism with these capex incentives, with deregulation, we

127
00:06:36,560 --> 00:06:37,800
Speaker 1: think is pretty healthy.

128
00:06:38,160 --> 00:06:42,360
Speaker 3: There's little to no population growth in this country these days.

129
00:06:42,360 --> 00:06:44,520
Speaker 3: So for this economy to grow, can it grow because

130
00:06:44,560 --> 00:06:48,760
Speaker 3: of increased productivity? Maybe AI enhancing that bingo?

131
00:06:48,839 --> 00:06:50,800
Speaker 1: I mean so much. I hear from Wall Street, Oh,

132
00:06:50,920 --> 00:06:53,240
Speaker 1: the fantastic cut rates because there's no labor force growth,

133
00:06:53,240 --> 00:06:55,800
Speaker 1: and it's like, wait, potential GDP growth is two has

134
00:06:55,839 --> 00:06:58,839
Speaker 1: two components. One is labor force growth population growth, and

135
00:06:58,880 --> 00:07:01,200
Speaker 1: the other is productivity growth. And they seem to forget

136
00:07:01,240 --> 00:07:04,960
Speaker 1: about that, and productivity growth is boosting. All you have

137
00:07:05,000 --> 00:07:07,240
Speaker 1: to do is look at the CBO data. CBO has

138
00:07:07,320 --> 00:07:10,360
Speaker 1: data on potential GDP growth and it has moved up

139
00:07:10,640 --> 00:07:12,960
Speaker 1: to about two and a half percent, which I don't

140
00:07:12,960 --> 00:07:15,600
Speaker 1: hear anybody talking about, which suggests that real interest rates

141
00:07:15,640 --> 00:07:18,760
Speaker 1: are about right. We don't need cuts and interostrates obviously,

142
00:07:18,760 --> 00:07:21,000
Speaker 1: now the community is talking about higher rates. We don't

143
00:07:21,000 --> 00:07:23,560
Speaker 1: think that either, simply because this is a tax on

144
00:07:23,600 --> 00:07:27,040
Speaker 1: the economy. FED policy is not overly aggressive. So at

145
00:07:27,080 --> 00:07:28,760
Speaker 1: the end of the day, we think rates are about right.

146
00:07:29,600 --> 00:07:31,400
Speaker 3: So I mean again, if you look at the w

147
00:07:31,560 --> 00:07:33,880
Speaker 3: I RP function on the Bloomberg criminal the market kind

148
00:07:33,920 --> 00:07:35,440
Speaker 3: of agrees with you. I mean to get some people

149
00:07:35,440 --> 00:07:38,560
Speaker 3: looking for a little bit because I don't.

150
00:07:38,440 --> 00:07:40,560
Speaker 2: Know how to look up to help you, Paul, where

151
00:07:40,600 --> 00:07:43,040
Speaker 2: are we on that we're looking at no rate, nothing out.

152
00:07:43,120 --> 00:07:47,440
Speaker 3: Yeah, I mean kind of just got that we have problem.

153
00:07:47,760 --> 00:07:49,920
Speaker 1: It is. We had that call before the oil shot,

154
00:07:50,000 --> 00:07:53,520
Speaker 1: before the war. Because again, we have a fiscal policy

155
00:07:53,760 --> 00:07:56,000
Speaker 1: which is stimulative to growth, so that about one and

156
00:07:56,000 --> 00:07:59,280
Speaker 1: a half percent of GDP. It's again it's the right stimulus,

157
00:07:59,320 --> 00:08:02,680
Speaker 1: it's tax and center of its capex incentives. Second, the

158
00:08:02,680 --> 00:08:04,840
Speaker 1: Fed has already cut rates one hundred and seventy five

159
00:08:04,880 --> 00:08:08,960
Speaker 1: bases points. They're below nominal GDP growth. And then and

160
00:08:09,000 --> 00:08:11,600
Speaker 1: then third, banks are easing lending standards, and so there

161
00:08:11,640 --> 00:08:12,960
Speaker 1: is liquidity in the economy.

162
00:08:13,640 --> 00:08:15,960
Speaker 3: What do you think about this whole AI thing? How

163
00:08:15,960 --> 00:08:18,040
Speaker 3: do you put that into context? Because you know, prior

164
00:08:18,120 --> 00:08:20,640
Speaker 3: to this war, that was it for the market. It

165
00:08:20,680 --> 00:08:22,960
Speaker 3: was all AI. It's all we talked about. How do

166
00:08:22,960 --> 00:08:25,360
Speaker 3: you think about it in terms of how big is

167
00:08:25,360 --> 00:08:26,520
Speaker 3: it going to be for this economy?

168
00:08:26,640 --> 00:08:29,760
Speaker 1: So, as Tom often reminds views, I've been in the

169
00:08:29,760 --> 00:08:32,720
Speaker 1: business a long time and I started in the nineteen

170
00:08:32,800 --> 00:08:35,040
Speaker 1: in the nineteen eighties when there were computers.

171
00:08:35,120 --> 00:08:38,480
Speaker 2: Yes, for the first calculator, Yeah.

172
00:08:39,840 --> 00:08:44,800
Speaker 1: That was in the seventies, in the eighties. I remember

173
00:08:44,840 --> 00:08:47,520
Speaker 1: that too. In high school in the in the eighties,

174
00:08:47,880 --> 00:08:49,880
Speaker 1: we went from a typewriter and a terminal to a

175
00:08:49,920 --> 00:08:52,000
Speaker 1: computer and it was IBM at the time. And that

176
00:08:52,080 --> 00:08:55,400
Speaker 1: was very, very disruptive. I mean, accounts, et cetera. All

177
00:08:55,400 --> 00:08:57,840
Speaker 1: of a sudden you could do things very quickly on computers.

178
00:08:58,160 --> 00:09:01,200
Speaker 1: And the productivity that created, or the for I worked

179
00:09:01,200 --> 00:09:04,040
Speaker 1: at C. J. Lawrence, was tremendous. It didn't it did

180
00:09:04,080 --> 00:09:07,640
Speaker 1: make a huge difference. And over the past forty five years,

181
00:09:07,840 --> 00:09:10,960
Speaker 1: every every level of technological innovation has gotten smarter and

182
00:09:10,960 --> 00:09:12,959
Speaker 1: smarter and more and more and more productive. And I'm

183
00:09:13,000 --> 00:09:16,280
Speaker 1: excited about AI as far as again we're making these

184
00:09:16,360 --> 00:09:18,440
Speaker 1: leaps and bounds. And other other countries.

185
00:09:18,120 --> 00:09:22,160
Speaker 2: Are Richard mentioned worldwide? It was Heimen Lazaar. It was

186
00:09:22,200 --> 00:09:25,160
Speaker 2: like a thing, you know, it was like red Sox pitching.

187
00:09:25,679 --> 00:09:28,240
Speaker 2: There were two pictures. So and then you go on

188
00:09:28,280 --> 00:09:31,319
Speaker 2: to Edgeyard Denny. Does Nancy Lazzar believe in Yard Denny's

189
00:09:31,360 --> 00:09:34,280
Speaker 2: bond Vigilantes? Is this a market that's going to tell

190
00:09:34,360 --> 00:09:35,559
Speaker 2: the President what to do.

191
00:09:36,040 --> 00:09:40,400
Speaker 1: But I do believe in the bond market vigilante, a big, big, big,

192
00:09:40,440 --> 00:09:43,480
Speaker 1: big time. And I don't believe that the Fed's going

193
00:09:43,520 --> 00:09:46,319
Speaker 1: to do financial market repression. And yeah, I think I

194
00:09:46,360 --> 00:09:48,440
Speaker 1: think the bond market, bond deals have moved up some.

195
00:09:48,559 --> 00:09:50,920
Speaker 1: I think that's quite frankly, not the right call. I

196
00:09:50,960 --> 00:09:53,600
Speaker 1: don't think inflation is a problem. I don't think the

197
00:09:53,600 --> 00:09:56,000
Speaker 1: FED has to raise rates. But at the margin, are

198
00:09:56,040 --> 00:09:58,040
Speaker 1: these higher yields a little bit of a of a

199
00:09:58,120 --> 00:10:01,680
Speaker 1: signal to to to Washington and to be careful, What.

200
00:10:01,640 --> 00:10:04,360
Speaker 3: Is your biggest concern about this economy these days?

201
00:10:04,760 --> 00:10:06,760
Speaker 1: Well, it has to be on the uncertainty about what's

202
00:10:06,800 --> 00:10:09,640
Speaker 1: going on in the Middle in in in the Middle East.

203
00:10:09,640 --> 00:10:12,679
Speaker 1: That is my h to be sure, my single the.

204
00:10:12,600 --> 00:10:15,160
Speaker 3: Companies are holding back either like on capital spending or

205
00:10:15,280 --> 00:10:17,280
Speaker 3: M and A or I don't see it.

206
00:10:17,600 --> 00:10:19,880
Speaker 1: I don't either. I mean, we just got these manufacturing

207
00:10:19,920 --> 00:10:22,920
Speaker 1: surveys for the month of March from the regional FED districts,

208
00:10:22,960 --> 00:10:27,160
Speaker 1: and their CAPEX components are like moonshots. And I think

209
00:10:27,200 --> 00:10:29,559
Speaker 1: again it takes a step back that there's incentives to

210
00:10:29,600 --> 00:10:31,040
Speaker 1: do CAPEX and companies are doing it.

211
00:10:31,440 --> 00:10:35,240
Speaker 2: Are they Are you concerned about the way that the

212
00:10:35,320 --> 00:10:38,520
Speaker 2: mag seven, the data centers and all are doing the capex?

213
00:10:39,000 --> 00:10:41,240
Speaker 2: Or can they just do it like we learned in school,

214
00:10:41,320 --> 00:10:44,360
Speaker 2: take it out of a bond investment and instead of

215
00:10:44,440 --> 00:10:47,000
Speaker 2: using all cash, go to the bond market, get cash

216
00:10:47,400 --> 00:10:48,240
Speaker 2: and build this out.

217
00:10:48,400 --> 00:10:49,000
Speaker 3: Well, that's tough.

218
00:10:49,040 --> 00:10:50,800
Speaker 2: We've built the railroad truth.

219
00:10:51,000 --> 00:10:53,400
Speaker 1: And that's classic. And there is also incentives that these

220
00:10:53,440 --> 00:10:57,040
Speaker 1: companies can write off with the one big beautiful Act.

221
00:10:57,080 --> 00:10:59,719
Speaker 1: They can write off all of their investment software, R

222
00:10:59,760 --> 00:11:02,040
Speaker 1: and D. They can't write off the box of the

223
00:11:02,120 --> 00:11:07,160
Speaker 1: data center itself, but everything they put in it they can,

224
00:11:07,440 --> 00:11:10,360
Speaker 1: and then they can then they can borrow. But that's

225
00:11:10,400 --> 00:11:12,080
Speaker 1: you know, classic business li likele stuff.

226
00:11:12,240 --> 00:11:14,040
Speaker 2: Have you ever been pessimistic?

227
00:11:14,320 --> 00:11:14,480
Speaker 3: Oh?

228
00:11:14,559 --> 00:11:18,040
Speaker 1: Yeah, I was too pessimistic in twenty three, I quite frankly, Am,

229
00:11:18,080 --> 00:11:19,679
Speaker 1: is some of the stuff that I've just talked about,

230
00:11:20,320 --> 00:11:21,360
Speaker 1: and so.

231
00:11:21,600 --> 00:11:25,560
Speaker 2: Yeah, I just my answer was no. Nancy Blizzar, thank you,

232
00:11:25,640 --> 00:11:29,280
Speaker 2: thank you, thank you so much for coming in this morning.

233
00:11:29,320 --> 00:11:31,719
Speaker 2: I just can't say enough about her effort, folks. She's

234
00:11:31,760 --> 00:11:33,440
Speaker 2: a Piper Sandler