WEBVTT - The Black Family Who Built America

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>You're listening to Bloomberg BusinessWeek with Carol Masser and Tim

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<v Speaker 2>Stenoveek on Bloomberg Radio.

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<v Speaker 1>Earlier in our program, we want to kind of go

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<v Speaker 1>back to getting a good idea of what's going on

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<v Speaker 1>in the US economy, and early in our program, we

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<v Speaker 1>spoke with billionaire developer Rick Caruso. He's founder and executive

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<v Speaker 1>chair of Caruso, and he did talk about the economy,

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<v Speaker 1>particularly in southern California.

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<v Speaker 2>Tim, we wanted to continue with the building and the

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<v Speaker 2>economy and bring back Cheryl McKissick Daniels. She's President CEO

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<v Speaker 2>of Mickissick and McKissick. It's the one hundred and twenty

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<v Speaker 2>year old company that plays everywhere when it comes to

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<v Speaker 2>construction management, disaster recovery and resilience, program management, compliance and more.

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<v Speaker 2>The company works in the academic, aviation, healthcare, and transportation,

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<v Speaker 2>park stadiums and more. Think about the Barkley Center, Oculus

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<v Speaker 2>here in Manhattan, the new Terminal one over at JFK,

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<v Speaker 2>the Lincoln Financial Field where the Philadelphia Eagles play, and

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<v Speaker 2>so much more. Cheryl McKissick Daniel joins us from New York. Cheryl,

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<v Speaker 2>Welcome back. It's been more than two years since you

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<v Speaker 2>were last on the program. How are you.

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<v Speaker 3>I'm terrific, Thank you well, Thanks.

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<v Speaker 2>So much for joining us. I want to start by

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<v Speaker 2>just getting an understanding from you about the economy, where

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<v Speaker 2>it is in your view and if people are spending money.

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<v Speaker 3>I think people are holding back a little bit of

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<v Speaker 3>prices are high. I know as far as the construction industry,

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<v Speaker 3>we are beginning to fill some of the tariffs, and

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<v Speaker 3>so yeah, I think people are holding back on spending.

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<v Speaker 2>Talk a little bit about where you're feeling the tariffs.

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<v Speaker 3>Well, one in particular, I would say is JFK Terminal One.

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<v Speaker 3>We're finishing up Phase A of that project, which is

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<v Speaker 3>almost three million square feet in twenty twenty six, but

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<v Speaker 3>we are scheduled to start work on Phase B and

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<v Speaker 3>that's been pushed out, I believe because of tourism is

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<v Speaker 3>not U has decreased quite a bit to New York City.

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<v Speaker 1>Wow, how much has it been pushed out?

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<v Speaker 3>Well, right now, it's just slowed and it's been pushed

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<v Speaker 3>out several months.

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<v Speaker 1>Where else are you seeing that too? In terms of

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<v Speaker 1>projects that you guys are working on, Because Your portfolio

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<v Speaker 1>is just vast and you cover, like we said, academia,

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<v Speaker 1>just so many different kind of commercial aspects. Where else

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<v Speaker 1>are things maybe being slowed down pushed out?

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<v Speaker 3>Well, I mean I can only talk about the areas

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<v Speaker 3>where we work, which is in rail and transportation. You know,

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<v Speaker 3>the FTA I think has slowed on releasing projects. As

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<v Speaker 3>you know, several of their staff, more than i'd say

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<v Speaker 3>fifty percent staff has been released, and so it was

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<v Speaker 3>very difficult for them to push out the capital program

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<v Speaker 3>projects that they do have. And so you know, the

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<v Speaker 3>Gateway seems to be moving ahead just fine.

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<v Speaker 2>And this is the Gateway tunnel between New York and

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<v Speaker 2>New Jersey.

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<v Speaker 3>Yes, okay, yes, yes, and I just prayer that that continues.

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<v Speaker 2>Well, let's I just want to contextualize that a single

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<v Speaker 2>project of yours, this is the terminal one at JFK

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<v Speaker 2>International Airport. It's a nine and a half billion dollars

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<v Speaker 2>in value project. Your firm is working specifically on the

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<v Speaker 2>oversight of project management, construction management. As a government liaison.

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<v Speaker 2>You also handle community outreach, so it really runs the

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<v Speaker 2>gamut of what you're working on. Can you give us

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<v Speaker 2>an idea of the pipeline not necessarily projects that have

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<v Speaker 2>been announced or where the shovel is in the ground,

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<v Speaker 2>but projects that you're talking to municipalities about, projects that

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<v Speaker 2>you're talking to academic institutions about that you're not necessarily

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<v Speaker 2>ready to announce. But give us a good idea of

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<v Speaker 2>what that pipeline looks like in terms of how these

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<v Speaker 2>entities are ready to spend.

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<v Speaker 3>Well, I think you know it's it's positive when we

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<v Speaker 3>think about infrastructure projects, waterfront projects with New York City

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<v Speaker 3>Economic Development Corporation, I believe the MTA projects are eventually

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<v Speaker 3>going to move forward. I think the big frontier is

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<v Speaker 3>some of the micro trips manufacturing plants like Micron that's

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<v Speaker 3>upstate New York. That's one hundred billion dollars. It's moving forward.

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<v Speaker 3>And then right after that, I think it'll be the casinos.

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<v Speaker 3>Once a casino owner, once the three licensing licenses are awarded,

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<v Speaker 3>do you think you'll see starting there and that will

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<v Speaker 3>be billions of dollars.

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<v Speaker 2>Do you think New York City will get one of

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<v Speaker 2>these licenses?

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<v Speaker 3>Who knows? You know, if I had to bid on it,

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<v Speaker 3>I would say probably not in Manhattan.

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<v Speaker 2>Outside of Manhattan, so that would be maybe Queen's near

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<v Speaker 2>the area close to city Field.

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<v Speaker 3>Yeah, okay, queens, Yeah, well absolutely.

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<v Speaker 1>Cheryl talk to us about the environment. And you know,

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<v Speaker 1>as you mentioned, about what's going on in terms of

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<v Speaker 1>various government officials or departments that you know, we're official

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<v Speaker 1>where folks have been let go, and so what that

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<v Speaker 1>is doing to different projects, the political environment, the federal

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<v Speaker 1>political environment. You know, we talk about whether administrations, you know,

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<v Speaker 1>are good for the business environment or not. And we

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<v Speaker 1>do have folks who come on and say that this

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<v Speaker 1>is an administration that's going to cut back some of

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<v Speaker 1>the regulatory issues and make it easier better. Is it

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<v Speaker 1>not making it better easier for what you do?

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<v Speaker 3>I don't see evidence of that. You know, if you

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<v Speaker 3>don't have people sitting behind the desk to actually push

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<v Speaker 3>the workout, I don't see it getting better. And you know,

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<v Speaker 3>I have to shift to our energy crisis that can

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<v Speaker 3>potentially happen. You know now that the administration has really

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<v Speaker 3>sunset all of the offshore and onshore win projects that

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<v Speaker 3>we terribly need to supplement our electrical systems. So I

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<v Speaker 3>am very concerned about where we are headed.

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<v Speaker 2>We're speaking right now with Cheryl McKissick Daniel, President CEO

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<v Speaker 2>of mckissic and McKissick. You mentioned the offshore when Bloomberg

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<v Speaker 2>New Energy Finance Bloombergetti aff reporting that US offshore wind

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<v Speaker 2>faces a twenty eight billion dollar hole. With President Trump's

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<v Speaker 2>moves five under construction, US offshore wind farms, representing about

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<v Speaker 2>twenty eight billion dollars of committed capital, faced severe delays

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<v Speaker 2>and even cancelation after recent actions from the Trump administration.

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<v Speaker 2>At mckissic and McKissick, do you work on offshore wind?

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<v Speaker 3>We do not work on offshore wind, But I am

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<v Speaker 3>a board of advisor for National Grid and so I

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<v Speaker 3>understand how critical these other resources are to our grid.

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<v Speaker 3>You know, there's a high demand for electricity. Buildings that

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<v Speaker 3>are being constructed now are one hundred percent electric. We

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<v Speaker 3>have the ev cars, we have the data centers, and

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<v Speaker 3>so electricity is critical for us, and I believe well

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<v Speaker 3>we definitely were counting on these wind forms as another

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<v Speaker 3>strong resource to help us supply electricity. We need.

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<v Speaker 1>You sound so pretty negative. No, I don't mean negative,

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<v Speaker 1>but down on the environment. And I guess we were

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<v Speaker 1>really looking forward to talking to you because we're trying

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<v Speaker 1>to get an idea of the way forward in an

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<v Speaker 1>environment where there's a lot of presidential pressure to cut

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<v Speaker 1>interest rates, and there's some who say, well, wait a minute,

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<v Speaker 1>the economy is doing just fine. We don't need that.

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<v Speaker 1>I'm just trying to understand is it just the overall

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<v Speaker 1>environment because of politics or is it higher rates?

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<v Speaker 3>Like?

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<v Speaker 1>What is it that you think is causing kind of

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<v Speaker 1>the biggest issues for you?

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<v Speaker 3>I think it's politics.

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<v Speaker 1>Well do you feel do you feel targeted? Can I

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<v Speaker 1>ask you as as the owner of a minority owner

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<v Speaker 1>of a business.

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<v Speaker 3>No, I don't feel targeted personally. You know, I think

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<v Speaker 3>for some reason, there's a focus on DEI programs, and

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<v Speaker 3>you know, it has not affected our business in New York,

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<v Speaker 3>but it has affected our businesses in other states where

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<v Speaker 3>municipalities have had to suspend their D and I programs

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<v Speaker 3>if they wanted to get funding from the federal government.

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<v Speaker 3>And so that is somewhat of a concern. Now. I

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<v Speaker 3>hope that we continue to be isolated from that in

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<v Speaker 3>New York. I don't know how much longer that will last.

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<v Speaker 1>Do you get?

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<v Speaker 2>You know, on the website, I noticed the firm is

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<v Speaker 2>referred to as quote the oldest minority women owned professional

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<v Speaker 2>design and construction firm in the United States. Do you

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<v Speaker 2>ever consider because of the political environment that we're in

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<v Speaker 2>right now, not necessarily highlighting that.

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<v Speaker 3>No, I do not feel that way. That's what I

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<v Speaker 3>recently wrote my book, The Black Family Who Built America.

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<v Speaker 3>I'm so glad that it's coming out in this time

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<v Speaker 3>and in this age, because it is an account of

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<v Speaker 3>our family history. After two hundred years when the first

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<v Speaker 3>descent of our family came to this country in latest

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<v Speaker 3>first brick, we are still here and we are an

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<v Speaker 3>unshakable pillar of ingenuity and resilience. And this book is

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<v Speaker 3>all about saying, you know, this is a receipt to

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<v Speaker 3>say that we've always been here and we're not going anywhere.

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<v Speaker 3>Black excellence may have been ignored, but that doesn't mean

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<v Speaker 3>it's not here.

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<v Speaker 2>Cheryl, you got to come back and join us. It's

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<v Speaker 2>great to have you back here. Cheryl McKissick Daniel. The

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<v Speaker 2>new book is called The Black Family Who Built America

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<v Speaker 2>The Mckissics Two Centuries of Daring Pioneers. It was out

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<v Speaker 2>last month. Cheryl mckisick Daniel, President and CEO of Mickissic

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<v Speaker 2>and McKissick