WEBVTT - Professional Development: The Four-Day Workweek & The Future for American Workers

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Amazon start let's start here before we get to the

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<v Speaker 3>bank situation. Amazon to layoff nine thousand more workers, which

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<v Speaker 3>brings the total to twenty seven thousand people. How do

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<v Speaker 3>we feel about this? What does this say about the economy?

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<v Speaker 3>What does it say about the tech sector? What does

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<v Speaker 3>it say?

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<v Speaker 4>I'll just say the first thing, and it goes back

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<v Speaker 4>to when we talked about it in December when they

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<v Speaker 4>laid off eighteen thousand people and we saw a Meta

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<v Speaker 4>do it and we were not eighteen thousand, but we

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<v Speaker 4>saw them do eleven. And we saw Google, we saw

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<v Speaker 4>a microphone Microsoft do it. There was a These are

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<v Speaker 4>the effects of the pandemic. Right when we talk about

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<v Speaker 4>a lot of the tech companies, how were they going

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<v Speaker 4>to respond to the overwhelming demand on their product?

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<v Speaker 2>Well, the response was to hire more people.

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<v Speaker 4>When people have changed the way that they go about business,

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<v Speaker 4>the way they go about lifestyle, the way they go

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<v Speaker 4>about spending, there's going to be.

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<v Speaker 2>A changing your business.

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<v Speaker 4>And the change just happened to be, you know, especially

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<v Speaker 4>for Amazon, that people are going back outside in their shopping.

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<v Speaker 4>People still use Amazon, but there's an alternative to how

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<v Speaker 4>they once were only shopping.

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<v Speaker 2>And so this is I've looked up to statistics. This

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<v Speaker 2>is pretty interesting.

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<v Speaker 4>Between Q four twenty nineteen and Q three twenty twenty two,

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<v Speaker 4>their head count increased by ninety three percent.

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<v Speaker 2>Ninety three percent, Yeah, that's.

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<v Speaker 4>Nearly almost one hundred percent more people worked during that

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<v Speaker 4>time than they originally planned. So, right, even if you

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<v Speaker 4>were creating a hiring board in twenty nineteen going to

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<v Speaker 4>twenty twenty, you could have never imagined that this would

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<v Speaker 4>be the increase of hires. And so what comes on

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<v Speaker 4>the inverse of that when there needs to be cutbacks

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<v Speaker 4>some people are going to lose their jobs is unfortunate.

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<v Speaker 2>The count is like twenty seven thousand, So this round.

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<v Speaker 4>Of cuts is expected to impact the cloud computing, advertising,

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<v Speaker 4>human resources, and twitch units, so a lot of gaming, a.

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<v Speaker 2>Lot of again cloud computing.

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<v Speaker 4>It's unfortunate, right because these twenty seven thousand, and I

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<v Speaker 4>know it feels like it's a number, but these are

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<v Speaker 4>actually people, and these people have families, and these people

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<v Speaker 4>have bills, and it's unfortunate. But this is part of

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<v Speaker 4>the economy, right, This is what comes with gross over hiring.

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<v Speaker 4>There are going to be layouts and cutbacks, and so

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<v Speaker 4>again it's unfortunate. But I don't think this is the end, right,

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<v Speaker 4>because we're still we're still trying to figure out and

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<v Speaker 4>especially a lot of these companies in tech are trying

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<v Speaker 4>to figure out what is the right medium.

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<v Speaker 2>You don't want to underhire. But what comes to that.

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<v Speaker 4>I know that you stress this a lot is that

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<v Speaker 4>we have to figure out how we can get more

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<v Speaker 4>with less people.

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<v Speaker 5>And I think this is this is a prome case

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<v Speaker 5>of it. A couple of interesting things. Like you said,

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<v Speaker 5>this isn't going to be the last cut. Number one,

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<v Speaker 5>so they're layering because the company can't effectively lay off

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<v Speaker 5>fifty thousand people in one week, one quarter, one day.

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<v Speaker 5>That's in shock waves throughout the market. Number two is

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<v Speaker 5>the transition into a new CEO. There's some dramatic changes

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<v Speaker 5>that have to be made. If you look the stock

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<v Speaker 5>at one point, was that one eighty eight sixty five

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<v Speaker 5>came down to eighty four oh two, which pretty much

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<v Speaker 5>cut the value of the stock in half.

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<v Speaker 2>Therefore, you have to make some adjustments. Number three. I

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<v Speaker 2>don't like this for the workforce.

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<v Speaker 5>I was doing some analysis earlier, and without quantitative easing

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<v Speaker 5>in twenty eight through twenty twenty, the supply of money

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<v Speaker 5>that came in in twenty twenty and the bailoffs that

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<v Speaker 5>we will talk about tonight, we have effectively been in

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<v Speaker 5>a recessive market since twenty nineteen. We're in twenty twenty

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<v Speaker 5>three right now. So what we're saying, as we're seeing

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<v Speaker 5>the hiring freeze, Meta's done the same thing, and they're

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<v Speaker 5>also no longer going to be hiring five thousand more

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<v Speaker 5>jobs that they plan to. These companies have to cut

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<v Speaker 5>back and they're also having to find ways to be

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<v Speaker 5>more efficient in real time. Sadly enough, cutting these jobs

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<v Speaker 5>will allow the stock to go back up. But even

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<v Speaker 5>when I was talking to my brother yesterday, he was saying,

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<v Speaker 5>you know, you used to be able to find some

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<v Speaker 5>great deals on Amazon, but because of inflation, you are

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<v Speaker 5>not finding as many. Amazon is one of the top

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<v Speaker 5>picks in the Red Panther stock club. It's been hovering

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<v Speaker 5>around like ninety three to ninety seven for a while.

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<v Speaker 5>Maybe about another eight to thirteen months it should get

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<v Speaker 5>back to like one forty one eleven. But they need

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<v Speaker 5>to cut to more jobs, and then on the management side,

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<v Speaker 5>they need to do a hell of a lot better

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<v Speaker 5>job of being more efficient and getting their cost spaces

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<v Speaker 5>up in terms of net income in that revenue.

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<v Speaker 2>So this is sad because.

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<v Speaker 5>This is not going to be the last of it,

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<v Speaker 5>and this is why they're pushing AI at every angle

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<v Speaker 5>that they can GBT four was released. Microsoft not has

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<v Speaker 5>their version, but we're just seeing we're probably only like

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<v Speaker 5>in the middle of these job cuts for tech overall.

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<v Speaker 3>So what does this say about Amazon as far as

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<v Speaker 3>investing in the company, as far as their stock is concerned.

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<v Speaker 3>You know, as Amazon has been a company that you know,

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<v Speaker 3>we've talked about a lot as far as you know,

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<v Speaker 3>a good investment long term, is it still Is it

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<v Speaker 3>still a good investment?

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<v Speaker 2>Absolutely?

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<v Speaker 5>I seventy five and below, but anything above that right

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<v Speaker 5>now is And also it goes to back to Besis leadership.

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<v Speaker 5>We cannot say with Lebron, like we're kind of taking

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<v Speaker 5>Lebron for granted, even though like he's in his last

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<v Speaker 5>two to three years. We took Besis for granted for

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<v Speaker 5>a long time and he's a great executive, but Bezos

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<v Speaker 5>was a superstar, rock star level CEO that over delivered.

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<v Speaker 5>He may need to come back to that seat for

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<v Speaker 5>a couple of years to write to ship.

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<v Speaker 4>Yeah, and I think you said it and most people

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<v Speaker 4>will like maybe be confused by it, but yeah, these

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<v Speaker 4>layouts will probably mean that the doctor is going to

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<v Speaker 4>go up. And we had this conversation last week when

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<v Speaker 4>we were talking about salesforce when it was like, all right,

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<v Speaker 4>we need to really figure out where our spending is

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<v Speaker 4>and how we're going to cut spending. And one of

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<v Speaker 4>those things that they do is lay off employees. And

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<v Speaker 4>so when they lay off employees and now they have

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<v Speaker 4>more money to make business more efficient, it's it's a

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<v Speaker 4>sad effect, but it's a real effect.

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<v Speaker 2>Earners. What's up.

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<v Speaker 4>You ever walk into a small business and everything just

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<v Speaker 4>works like, the checkout is fast, the receipts are digital,

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<v Speaker 4>tipping is a breeze, and you're out the door before

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<v Speaker 4>the line even builds. Odds are they're using Square. We

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<v Speaker 4>love supporting businesses that run on Square because it just

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<v Speaker 4>merch partners. Square makes it easy for them to take payments,

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<v Speaker 4>manage inventory, and run their business with confidence, all from

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<v Speaker 4>one simple system. If you're a business owner or even

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<v Speaker 4>Visit Square dot com backslash go backslash eyl to learn

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<v Speaker 4>so you can keep pushing your vision forward. This episode

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<v Speaker 4>is brought to you by P and C Bank. A

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<v Speaker 4>lot of people think podcasts about work are boring, and

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<v Speaker 4>sure they definitely can be, but understanding a professionals routine

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<v Speaker 4>shows us how they achieve their success little by little,

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<v Speaker 4>day after day. It's like banking with P and C Bank.

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<v Speaker 4>It might seem boring to safe plan and make calculated

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<v Speaker 4>decisions with your bank, but keeping your money boring is

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<v Speaker 4>what helps you live or more happily fulfilled life. P

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<v Speaker 4>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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<v Speaker 4>Boring since eighteen sixty five is a service mark of

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<v Speaker 4>the PNC Financial Service Group, Inc. P and C Bank

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<v Speaker 4>National Association Member FDIC. Right of you know, cutting jobs,

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<v Speaker 4>you want to make more money?

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<v Speaker 3>Yeah, so you say you like you like it under

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<v Speaker 3>seventy five dollars correct correct? All right, Well, I think

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<v Speaker 3>it all also speaks to just making work more efficient,

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<v Speaker 3>and this can lead to a conversation. I don't know

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<v Speaker 3>if you guys seen it, but they've been pushing more

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<v Speaker 3>and more about this four day work week situation. More

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<v Speaker 3>and more companies are pushing towards that. And I had

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<v Speaker 3>a conversation to my barber. Shout out to Bubbs. I

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<v Speaker 3>was in the shop today and we was listening they

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<v Speaker 3>were talking about it on the radio. By the way,

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<v Speaker 3>appreciate that very important, very important. So this is my philosophy, right,

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<v Speaker 3>because he was asking me, like, do I think the

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<v Speaker 3>four day work week is a good idea? And I'm like,

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<v Speaker 3>I guess technically, but in our line of work, for instance,

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<v Speaker 3>it's an everyday work week, but it's done not traditionally.

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<v Speaker 3>So like the person that does our YouTube, right, his

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<v Speaker 3>name is Rich, shout out to him. I get up

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<v Speaker 3>in the morning and I'll give him like tasks for

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<v Speaker 3>the day. I try to do it before ten o'clock

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<v Speaker 3>and and he just has to do it at some

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<v Speaker 3>point in time, so he could potentially do it before

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<v Speaker 3>one o'clock, before twelve o'clock, anything, right, and then you're

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<v Speaker 3>done for today. But we need to post content every

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<v Speaker 3>single day, so that to me, that type of hybrid

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<v Speaker 3>approach is what we're going into right going into the

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<v Speaker 3>office and clocking it at nine o'clock and wasting time

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<v Speaker 3>and leaving at five point thirty. Like those days are over.

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<v Speaker 3>I feel like you have tasks that you have to

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<v Speaker 3>have to be completed. You can complete those tasks from anywhere.

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<v Speaker 3>You can do a zoom call if you need to

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<v Speaker 3>have a conference, or you can just call somebody if

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<v Speaker 3>you need to talk to somebody and don't need to

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<v Speaker 3>physically be there. So that cuts overhead as far as

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<v Speaker 3>and this goes back to the commercial real estate play.

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<v Speaker 3>That cuts overhead as far as office is concerned, but

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<v Speaker 3>it also cuts the amount of people that you need

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<v Speaker 3>as well, because you realize you don't really need that

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<v Speaker 3>many people. A lot of people are getting paid to

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<v Speaker 3>do nothing. So trim the fat extremely important. And not

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<v Speaker 3>to call people fat because we are sensitive that people

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<v Speaker 3>are getting laid off. Nobody wants to see anybody lose

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<v Speaker 3>their job. But I'm just saying as far as moving forward,

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<v Speaker 3>I feel like more and more companies will look to

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<v Speaker 3>see how you can get more efficiency from your employees.

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<v Speaker 3>And in my opinion, that's from the employees staying at

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<v Speaker 3>home having tasks that they have to be completed. It

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<v Speaker 3>doesn't matter when you can do the task at one

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<v Speaker 3>o'clock in the morning if you want, just do the task.

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<v Speaker 3>And that's the new working model in my opinion.

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<v Speaker 5>And I'll chime in really quickly and tell a very

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<v Speaker 5>soft truth that most people need to hear the four

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<v Speaker 5>hour work week proposition that's being done and efficiency is

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<v Speaker 5>going to be slung around so they don't have to

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<v Speaker 5>give us full time benefits because they're not going to

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<v Speaker 5>have most people work. If you are at eight hours

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<v Speaker 5>a day, Hello Michael, and you're working for this, you're

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<v Speaker 5>going to be at thirty two hours, they don't have

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<v Speaker 5>to then give you full time. And I'm seeing this

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<v Speaker 5>happen with some people right now, like they'll put you

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<v Speaker 5>right up to like thirty eight and a half thirty

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<v Speaker 5>nine hours to avoid forty hours.

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<v Speaker 2>Plus and giving you four benefits.

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<v Speaker 5>So please be careful as they are pushing this initiative

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<v Speaker 5>of a four day week work week, that you don't

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<v Speaker 5>get caught in that trap of them trying to lower

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<v Speaker 5>your benefits or your pay and then subconsciously or subtly

0:12:28.600 --> 0:12:32.719
<v Speaker 5>in corporate forcing you to do more while giving you less.

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<v Speaker 3>Yeah, and you see in France that well you should

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<v Speaker 3>do you should get Well, well, what did you say,

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<v Speaker 3>you said, I'm about anyway, nodada, you said, I'm just

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<v Speaker 3>showing that.

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<v Speaker 2>I just want to declare what you said.

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<v Speaker 3>You said, be careful that they don't give you lessen

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<v Speaker 3>doing less for doing less.

0:12:53.520 --> 0:12:55.640
<v Speaker 2>You should get less. You should get less for doing less.

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<v Speaker 5>But what they're going to do because and the truth

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<v Speaker 5>is like they've ruined our economy. And then like notice,

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<v Speaker 5>whenever the banks collapse, which is a sign of a recession,

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<v Speaker 5>they have to bail our banks because mask consolidation is

0:13:06.520 --> 0:13:09.800
<v Speaker 5>an easy way to form a quiet monopoly. They always

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<v Speaker 5>end up blaming the people for destroying the economy.

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<v Speaker 2>It wasn't the workforce that caused.

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<v Speaker 5>The collapse of SVB or FTX or bitcoin imploding from

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<v Speaker 5>sixty down to twenty thousand, but we'll talk about bitcoin later.

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<v Speaker 5>It wasn't the consumers that did that. It was the

0:13:27.920 --> 0:13:31.760
<v Speaker 5>organizations and leadership that did that. But then, and always watch,

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<v Speaker 5>even in the SVB thing, they're going to start to

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<v Speaker 5>put some of this on black entrepreneurs and say that

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<v Speaker 5>they were giving risky loans and they didn't meet a

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<v Speaker 5>certain risk profile, which reminds me a lot of to

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<v Speaker 5>And for those of you who don't know, when the housing

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<v Speaker 5>market collapsed, it wasn't because blacks.

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<v Speaker 2>And Latin's got two and three houses.

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<v Speaker 5>That wasn't it. We didn't have any credit to false

0:13:55.040 --> 0:13:58.280
<v Speaker 5>swaps options on these investments.

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<v Speaker 2>Right.

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<v Speaker 5>It was hard enough for us to open up a

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<v Speaker 5>brokerage in two thousand and eight. But you want to

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<v Speaker 5>make me think that we imploded a global market. But

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<v Speaker 5>when they were putting exotic triangs together and selling them

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<v Speaker 5>off in Germany and Ukraine and Russia and traded them

0:14:12.320 --> 0:14:16.360
<v Speaker 5>lack option derivatives, the consumer always get blamed and we

0:14:16.400 --> 0:14:19.040
<v Speaker 5>always always get blamed, us on the black consumer side.

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<v Speaker 5>So yes, we want to make things more efficient, but

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<v Speaker 5>I also don't want us to take the blame for

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<v Speaker 5>this market falling apart when we did not cause that crash.

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<v Speaker 2>That's important. That's a fact.

0:14:31.720 --> 0:14:36.960
<v Speaker 3>My graduates from my school being forced back drop drop

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<v Speaker 3>Mike drop backdrop.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:14:54.000 --> 0:14:57.800
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:14:58.080 --> 0:15:02.680
<v Speaker 1>accused of murdering a Texas of Venezuelan charged with filming

0:15:02.760 --> 0:15:06.520
<v Speaker 1>and selling child pornography in Michigan. These are just some

0:15:06.680 --> 0:15:10.480
<v Speaker 1>of the heinous migrant criminals caught because of President Donald J.

0:15:10.560 --> 0:15:14.360
<v Speaker 1>Trump's leadership. I'm Christy nom the United States Secretary of

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<v Speaker 1>Homeland Security. Under President Trump, attempted illegal border crossings are

0:15:19.240 --> 0:15:22.600
<v Speaker 1>at the lowest levels ever recorded, and over one hundred

0:15:22.640 --> 0:15:26.520
<v Speaker 1>thousand illegal aliens have been arrested. If you are here illegally,

0:15:27.040 --> 0:15:30.320
<v Speaker 1>your next you will be fine nearly one thousand dollars

0:15:30.400 --> 0:15:34.520
<v Speaker 1>a day, imprisoned and deported, you will never return. But

0:15:34.600 --> 0:15:38.160
<v Speaker 1>if you register using our CBP home app and leave now,

0:15:38.520 --> 0:15:41.600
<v Speaker 1>you could be allowed to return legally. Do what's right.

0:15:42.200 --> 0:15:47.720
<v Speaker 1>Leave now. Under President Trump, America's laws, border and families.

0:15:47.320 --> 0:15:49.720
<v Speaker 2>Will be protected. Sponsored by the United States Department of

0:15:49.760 --> 0:15:50.360
<v Speaker 2>Homeland Security.