WRKO>Audio & Video on Demand>>Full Show 10-4-17

Full Show 10-4-17

Oct 4, 2017|

Full Show 10-4-17 by The Financial Exchange

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. The president. Said last night that Puerto Rico's debts will have to be wiped out. And that investors. Can waved goodbye to their money hi everybody it's Berrian shock and those words would have been unthinkable. Just a month ago. But the fact of the matter is struck I was looking at some statistics. Related to Puerto Rico if I may I'd like to share them with you I've but he very truck and that C 74 billion dollars in debt yup. 95. Billion dollars in hurricane damage. Let's see all their bonds are trading at 44 cents on the dollar. I just. I have to agree with president front there's absolutely no way. That day with a Virgin Islands can possibly repay the debt they failed I don't know with the options are here but if you're bond holder I don't think you're human. So here here's what's interesting in terms of debt per capita than okay. Puerto Rico's got about 21000. Dollars in outstanding debt per capita per person effectively. Which would rank them as by far the highest state in the country. If they were a state right now remember folks Puerto Rico and the Virgin Islands. Our Territories. Of the United States. The Virgin Islands were purchased in 1917. Porter re so I can't remember when it was fifty. And the thing to remember is they have between the two. Virgin Islands and Puerto Rico it's about three and a half million people they're all American citizens but they cannot vote in presidential elections. They get a congressman but it's a nonvoting congressman and they have no senators. And so they as I said they've got about 21000 dollars in debt outstanding per person the highest state in the US is New York with about 171405. The New York dad is actually a decent. Financial position to look how much money is in the in this state there blond look at the income level exactly fit for the income in the for the GDP they generate its relatively minor but he talked about some of the bad state in the states that we say hey you've got debt problems in Connecticut's got about 121000 dollars per capita yeah Illinois got about 111000 so. The worst defenders in the US. Are half as bad as Puerto Rico when it comes to the debt per person that's outstanding. Well and to your point there's no economy. In Puerto Rico right now there's nothing what little economy they had. Is now gone they think about tourism is not just her in the Virgin Islands how many tourists are going to be go to saint Thomas this year. Cink Troy actually will probably benefit that Saint John is gone they don't if you were planning to rent a house in Saint John. You're not goal in this winter. Yeah I mean Puerto Rico. I'm going in just to operate down is that the sector by sector breakdown of what it is that they actually do. And is a big number tours and a big part of it spread of these big manufacturing. Industry in Puerto Rico as well that a drug industry and I don't know what for drugs. You do is about 20% of Puerto Rico's economy is our finance and insurance smoking about 10% as the governments are not nothing's going on there right now. But yeah I mean effectively the Puerto Rican economy is nonexistent at this point simply because they still don't have power from nine out of ten people on the island. Nine out of ten people don't have self service that I'll give you five things you should know about Hillary. Nine out of ten people do not have cellphone service. Only 7%. Of Puerto Rico has electricity. Barely one quarter of the ATM's are working seeking to cash. And just 45%. Of Puerto Ricans have probable water and under forty flights per day are taking off from Puerto Rico. They used to full capacity they can do a 160 flights so even the people truck that have the 300 dollars. To get off the island they can't get off because there are no flights. What do you think the solution is. In order to get the island. Back and not back on tractors back to at least function it's going to be very unpopular. It has to be colonized. And it they basically. Have demonstrated over the last sixty years and I speak of the Virgin Islands and Puerto Rico. They have demonstrated and proven beyond the shadow of the doubt that they are incapable of managing their own finances they had stolen and pilfered. From their citizens for the last sixty years. I think what you need to do is it that's going to be wiped out date neared did the president believes that quickly wiped out. Now I don't know wait like deed and ten cents on the dollar that where does even the ten cents. So to tell you what the what the bond market is betting on right now and it was 44 cent Puerto Rican debt is now trading at 34 cents on the dollar so that was that's down another ten cents just yesterday it was a week goes trading at 67 so effectively Puerto Rican the people who hold the debt for Puerto Rico right now. Are telling you they're expecting to receive about a third. Of what they paid for I don't even know how to get that they're beamed at the islands I think he probably negative. Net value the only thing I can think of is that you pretty much you wipe out the old bonds and you say look we're we're going to. Forgive the use any exchange are gonna get new bonds that are worth the third of what the old ones were supporter give you a house in Puerto Rico. And we'll have electricity it like you know that you just don't know at this point. The I I think what you're Tennessee the only advice that I would give congress would be. Don't give them money. Without strings attached much like we talked about with Houston right in Houston was getting a lot of FEMA money and federal aid money and I had the same opinion then. They eat you have to eat your your thought was a you have to give them the money you have to give it to them right now. But there's got to be strings attached you can't give. Puerto Rico 95 billion dollars and expect that they will steal it they will in the end though you you give me the money. And then you still have electricity in you'll still have people dying what do you think this does as far as the movement for Puerto Rico becoming state. And I don't know official us wants them. They like if you're. If you're Massachusetts resident why would you want Puerto Rico to be granted statement. You know they they just think about it logically what from they are already you're federal tax dollars. Are going to Puerto Rico the bunny I what you think about this folks the money coming out of your paycheck next week. Some of that is gonna be go to Puerto Rico because they've been stealing for the last sixty years so. From a financial. And regulatory perspective it gives you the ability to go in and in force things financially that you can't today. OK okay so from that perspective without being good Griese can exercise some additional control. You know I so I I think that it's interesting. In terms of looking and saying look. Is that the path that you wind up taking because then. All of a sudden you know path to bankruptcy you know have a path to resolving some of these things that have been outstanding that you don't have today. Can remember Puerto Rico despite being US territory is not subject not able to employ US bankruptcy laws that part of the reason why they are where they are to up. So I look at for out of from a perspective of what you can keep throwing bad money after bad. Or. You can say hey we can we can adopt you into the framework of the United States and actually give ourselves a chance to make this work. It and get somewhere. Well in a poll question today is should Puerto Rico be absolved of its debt the president said it had to be done last night. I tend to agree with them but I've got to I just. I feel like chuck you will you remember it happened to the banking industry after 2002. Members of the bid bankers and the bankers are involved here let's let's let's. You know. Cast the blame they're they're the ones who were buying this debt saying yeah this is a great idea and recommending it to their clients right near the the president last night pointed out Goldman Sachs and I don't think he met Goldman Sachs specifically. But what he meant was the banking industry. Kept lending money to Puerto Rico that kept saying all these debt these bonds are rated a plus and you should buy them and you're gonna make 6% to 8% on these bonds. Well the fact of the matter is I think Wall Street bear some of the blame. As it relates to this but you've got to be late when Bank of America needed to be bailed out in 2000 neat and they work. There were strict restrictions put on Bank of America for many years. They were able pay dividends for six or seven years in other. All kinds of executive pay things for the first couple years and and that's kind of how I will get when you're rebuilding from a natural disaster I think you have to do three things Jeffs say a look. We've we've gotten into a bad situation we need to cover the people who were damaged by it. Beyond that you do an assessment say hey. What caused this to be worse than it could have been what what things can we do to prevent this in the future and then see come up with a plan saying look. We've identified the problem in order to get funds in the future for disasters you have to do XY and Z yeah otherwise we're not going to be able to contribute well. And when you're rebuilding your infrastructure you have to rebuild it in such a way that it is prepared for it and that's what I'm saying it's do you like that you look at what happened down there. In it power lines above ground you know and they've been they've had the money. For many years to put those power lines underground. The way denied it I I don't put a whole lot of stock in that it's it's it's expensive to do that you don't even do that here it is expensive trip but we don't have hurricanes here in Europe a charge for electricity down. A lot I know but late it again late. Up here we've got when he is snowstorms that knockout power it's still cheaper you know to put the power lines back up after the put it in the ground the fact of the matter is though if you look at the way money has been. Just. Frittered away in in Puerto Rico and in the islands. It's in now the the chickens are coming home to roost because. Week are gonna have to pay those that that money that that's your federal income tax dollars are head right the Puerto Rico. And if they don't manage it properly going forward. It's going to be all just. Frittered away once again and are coming up will be joined by James mackintosh from the Wall Street Journal. Talking about the most important and least understood. Thing in the market we're going to be talking about tax reform. With James from the financial exchange radio network. Even without health care or tax reform all three major indices remain near record highs get the latest info in the sectors that are winning and those that aren't. Break here with the Berrian just on the financial exchange radio network. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that your hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I'd been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in east savings account providing free online banking -- one point 15%. Annual percentage yield this is an online product only and there is no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice and don't Dele logon to leader bank dot com get all the information about this great offer and sign up today before the rates change get. Free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. Hi everybody it's very Armstrong and Jake two Lian we're talking about a program called Z rent. Now this is specifically. Designed for those of you who are landlords and used to collector checks. With paper checks are gosh maybe still do. Will Z rent allows you to collect checks electronically. Jail is hoping he could spend a little bit of time explaining how Lizzy grant works and why it's a big advantage for landlords house. It varies so we we develops you arrange to. Out of me the whole race in house because right now you know with the landlord when you're getting rain checks. It's low it's unpredictable. You missing on below the rate. Line in the post like a waiting human neck get all the rent until the tenth or fifteenth of the month furthermore if your landlord on vacation in your race thing you know boxed up to what he does is it really digitize they'll. It makes the ranked electronic payments and allows for roomy cheering for multiple roommates and apartments that's great if you're renting out to college student absolutely. It's predictable it comes at the same time every month. And it's all on me. So the landlords who have been using assisting huge time savings and ornaments you are you still giving the first six months free for landlords the first six months or free and then in addition to that. If you bank at one of the participating banks he ran is always pre pre. Those participating banks are meter being installed in that she's yup it but any bank could sign up right now to keep you at a bank in Vermont after Connecticut. They could sign up and become part is the rent yup you your if you have a community bank that wants to be a member happened Collison who haven't signed up and the service let me free free. All right if you wanna learn more about easy rent. Go to Z rent dot net and give my call if you wanted to 8776917900. If your bank doesn't offer it vacancy sign up for zero it. Go to zero rent dot net or call them total freak. 8776917900. Security suffered through securities America income members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. The financial exchanges all over New England to go to financial exchange showed dotcom and search for the station closest view this as the financial exchange radio network. I don't know if tax reform is going to pass through to talk about that topic with James mackintosh from the Wall Street Journal. Good morning James. I'm. Not James what does it too big unknowns facing investors today. Pats well this is this is how markets work in general but it is always to date on irons and they are you know what can happen in the future campaigns the future. And when it does happen what authorities you don't really know official have a multiple respond. The tests. Sometimes you can be pretty convinced you know how the market to respond to. They United States and come at a better than expected a little bit and to depend. Yours as talking deuce and investors yesterday and they were asking me the question as to whether or not tax cuts. Were already priced into the market today. I think they are very least partially. Priced in what are your thoughts. Yeah I think I think they all partially priced in but I think probably less than most people think so. I think the taste not to beat price gain from a little bit welcomed it about ten days. Stay at least solidly but I think that a loss to believe in the market perhaps with a full collapse. Warned about pricing in the tax cuts it was a perhaps. Taking a wait a risk of federal default because the debt ceiling was raised to petrol crisis to the destiny which raised two documented September. And then it was up lamps. The sort of more positive news original positive economic data that we've been getting. And also by the idea of it's the we've camping. But positive reaction to the Fed rate hike Roland negative reaction. Bank stocks have rallied tremendously since the election is it reasonable to expect that interest rates are gonna rise. That you if you mean do you mean when you play interest rates humanist federal contracts. Well federal funds rate but also mortgage rates in the the auto loan rates credit card rates banks savings rate CD rates just interest rates in general from a consumer standpoint and also. He debtor's standpoint. I mean I think that you should expect that we mortgage rates of course applied to what happens at the very longest ended up on the market this year. Well. Priority to tournament what happened to move betray. Additional term interest rates I think you should be expecting to rise. Ted has been in the but it that it's although. I didn't talk. To to expect. All right we're let you go James and their connection died on us there but thank you very much free time you know the one thing that I would be worried about as an investor. Would be these tax cuts. Utility the the trump the administration is suffering from very poor favorability ratings leader and regardless of which poll you look at truck with a you're talking about. You know Rasmussen and Gallup the favorability ratings and his ability to champion tax cuts through congress. As an investor you have to be looking at that as a statistics I know I'm looking I look at the polls. At least once a week and you say to yourself OK how does a president with a 39%. 30% favorability rating. Get how how does he pushes congress to it to do what the things he wants done. Well I think the real question also has to look at congressional leadership because Paul Ryan and Mitch McConnell have not shown the ability. To get through any kind of big legislation the notes Paul Ryan in the house has not been able to. Put together a strong coalition of Republicans to get anything done there. In the senate obviously you have a very different make up in the house but they have not been able to get anything through you look at what's been done and we've got to continuing resolutions to keep the government funded. And one debt ceiling resolution. Sullivan because trump went over to Democrats and said hey look here's what we're gonna do like none of it was done by Republican leadership in the house of the senate and so I think. You know the smartest person when we were back five years from now out of all this. But the John Boehner said look I'm not going to be able to control this caucus on a get out of town when I can and handed Paul Ryan of the bag effectively and you know like. I just I don't know how with all the different factions that you have with in the Republican Party right now is Hoff. Well that's what I'm Garrett as a consensus there and that's yet get optimistic when I talked to Larry Kudlow and then I think about it and I look at the research and see. How are they gonna get this done what it is they want to be the they want to eliminate the backing office a little bit but they're talking about eliminating. The the ability deduct your sales tax your property tax your mortgage never gonna happen. Well I understand late than never it's a bargaining well okay if that's the case chuck then you're not getting personal tax reform boy gonna get it's corporate. And here's where I've kind of backed into is of looked over what they outlined last week yeah. OK so you've got a couple things that are bargaining chips the estate tax I think is one I think the the deduction of state income and property tax I think is another so you know you back all those out and say what are we have to do. Eventually get to formally there's nothing they can do in this framework and like what. I don't think they put anything together in this framework. That they can get through congress and that's that is my fear on this is that you're not gonna see anything at least on the personal side on the corporate side. I think he can get things done because it's more opaque and people don't understand it. The people are gonna arisen that I'm gonna. You know I'm gonna resent the fact that IBM gets a tax cut. Gerry Armstrong doesn't Wear his question those you gunners and that fact what if GE office and start paying more taxes are higher I want attacks. I I paid too damn much tax on taxed enough already. I know. I want to act I know. It's an audience like feels that way every if you get a pole right. If you doctor on the office straight yes twenty people you want a tax cut how I wanted to know what's gonna say no. But the question is if you say OK in order pay for the tax cut you're gonna have to get rid of deductions XY and Z and almost I don't want that always an out of those same twenty people it's. One want now I don't want that either I you know what I want is less federal government wasteful spending. How about we cuts and that is a million ways to cut expenses right. Let's cut some expenses and reduce taxes that I we don't need to pace senators would lead paint underneath and years and it's in that ballpark like once of the five when he I mean it's ridiculous what we spend on politicians be that terrible people drop in the market. I nobody that there's other ways that you can cut back on government spends yeah the course of security and Medicare and good care good and military and military. Cutter at all at all and might earn taxes give me more my money and I spent that's what is traditionally happened. If you if you if you want more money the places to cut our social security and Medicare and no one will touch them and military the military I don't think there's a ton of that trend that you run a pretty slim down unit there right now. And hey don't forget your leader banker called they have savings account that's paying two point 05%. Annual percentage yield on balances up to 50000 dollars do you learn more. Well you'd go to leader bank dot com or you can call them 8776917900. Ask them about what's called. Zuma. Savings account as a percentage yield two point 05%. That's a pretty good rate of return. Our poll question today is do you think that Puerto Rico should be absolved of its debt. That he participated in the poll is good or web site financial exchange showed dot com should Puerto Rico. Be absolved of its debt. Financial exchange showed dot com. Making your Smartphone even smarter Intel logo mobile lab by surging financial exchange joke in iTunes or those who. Who plays stores this is the financial exchange radio network. This is a special announcement for all landlords chasing down only rent payments and making trips to the bank to deposit checks ticked Haslett Brent de cuisine brand leader banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW -- see rent dot meant to learn more or call 7816418691. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. If you own rental property you're going to want to hear about this exclusive program offered by leader bank it's called Z rants and is designed specifically to help landlords receiving and deposit their rent checks electronically as opposed to having to wait for the male co leader bank right now if you're interested in C ranked the number is 8776917900. That's 8776917900. This program will automatically deposit your rent checks into your account and we'll help you avoid the hassle of waiting to get a check many landlords are suggesting that tent and sign up for C rent upon the execution of their release and why wouldn't you wanna do that once it's set up you never have to make another change during the lease period he ran does a free service if you have an account with leader bank and if not they'll simply cost you a small monthly fee cult leader bank right now and 8776917900. That's 8776917900. Or go to Z rent dot com for more information. Member FDIC it's not too late to get a great grade and a whole mortgage leader bank specializes in a wide variety of purchase and refinance loans that some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a pastor closing calling 8776917. B 900 that's 8776917900. Or visit leader banks dot com member FDIC's equal housing lender and MLS number 4492 finds he. Grow subject to credit approval leader bank a step ahead planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from probate. And in order to make sure that your process goes as smoothly as possible the need to deal with an expert Tug blessed to be a partner with the law firm of Cushing in Dolan and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust and keep your assets safe this month and has written a brand new guide called designing the perfect income only irrevocable trust. And it you'll learn about strategies to undertake what preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed dot com legal exchange show dot com. If you're real estate or property management company -- -- -- banking partner that has all the right tools to keep your operation efficient leader bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitize paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and it's -- to see rent payment platform leader bank has a team of business bankers that are on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies -- leader bank as they're banking partner or call 8776917. To 900 or email BBO at -- bank dot com for more information member FDIC equal housing lender. Time now for Wall Street watch a look at the market's performance so far today until Berrian jog right here on the financial exchange radio network. It's time for Wall Street watch Michael Armstrong is here to give you some of the biggest stories moving markets today. Mike let's talk first about what we saw yesterday from auto sales that we got some final numbers are big from some big manufacturers. Yeah you know big numbers from GM Toyota Ford Honda and Nissan all of them have failed. Up between seven and all the way up to 15% cheaper that Toyota soaked. Largely intact from hurricane flood damages. Those stocks. Have been moving happened yesterday there are up between 13%. So big news there and and bigger news out of the airline. Delta announced state less than anticipated impassioned hurricanes. So a lot of the island that 67%. The there's an ETF that tracks the airlines sector jets. That was up about 4% yesterday is pretty big news on hurricane. Results so far. Would receive for mile mile island today. So they just received FDA approval for their generic versions of that tennis. Does that term by compacts. Which in ultimate multiple sclerosis treatment. So my line is up real big on that news six dollars thirty cents to almost 20% on this stopped kind of harm to those on the other hand obviously getting crushed on this down. Over 250 a share. Down nearly 14% on this. Good thank you Mike. Mike Armstrong with Wall Street watch. We'll put this in your file of loops Yahoo! triples their estimate of breached accounts to three billion when an impressive. I didn't know there were three billion account we'll probably and imagine there's number of fake ones can probably number duplicate ones. Problem was people signed up for a never use. But what's interesting is pretty much Yahoo! came out and said every single account that we had was actually exposed in the hack that we had been Bakken 2013 not just ability to count but actually three buildings. I don't know why. Again can I still to this state don't understand why Verizon. Bought this company and why they would have paid any money or will is they merge them with AOL to create the worst Internet company in the history of the world you try to get service. I know somebody whose account. At Yahoo! was breached somebody hacked into the email account. And then he went to Yahoo! and they went to Verizon to try to get assistance and couldn't get any. And he basically had to give up your email address that they've had for twenty years it could not reset their pastor. To be fair you should be not using Yahoo! for email right now it's kind of a dinosaur should use Yahoo! for them. Nice indicate if it makes me wonder as I sit here that is totally like goes further search. It all to Vista it it's it's. You know if ask jeeves in this is it to Dallas as a technology company that kind of it's kind of like it it's it's like they're still you know got that little. Fred Flintstones car whenever one else driving tussle now. Big rig orders post another monthly increase on improving freight market. In September North American freight carriers ordered 22100. Class eight trucks these are the big boys. The heavy duty vehicles used to haul freight long distances when I'm surprised by your truck is. You don't lead the the did freight business was going gangbusters. When oil was booming in the united state. Right you don't have the pipeline capacity and even railroads were struggling to keep Opel but right now they're they're back we will we for five months in a row. I wonder how much that has to do with. The Texas oil production were happening right now oil production year over year is about a million barrels day yeah okay and I wonder how much of it is due to the fact that hey you've seen that oil production or copper moon and so you have extra demand on the energy side. Beat you yet perhaps that is it good to eat because retail sales are up but they're not up dramatically. And I what I've been trying to figure out new if anybody can help me with this venture appreciated. With all the sales that are going on line. Does that increase or decrease. Freight deliveries. In the end and a lot of talk about this logically because. Historically what would happen is goods would coming in from China Canada Brazil Kansas City. Indeed come to Boston somehow. Or New England. And then you go to warehoused by truck. Yup and then you go from that warehouse by truck to JC Penney years to a Macy's store it and you beat me of people coming in their cars and buy everything at that store but a lot of that's changed hasn't. Ring we don't have that stage that I mentioned going from the warehouse. To the retail store it's now going from the warehouse. To my residence. Yes so the question becomes then you know where you know. Where are these truck sales coming from you know I don't think it's due to. Extra retail demand because you are taking kind of one leg out there well that's what makes it impressive it's something where you can now FedEx or UPS the rights that warehouse pick everything up they needn't have taken on the way. But I'm also I'm not sure when the big things that's come up that's picked up in the last. Decade with the rise of e-commerce is what pickle drop shipping mocha and would drop shipping is is a system in which. If you're selling something online you were not directly manufacturing it yourself you find third party manufacturer. They manufacture it in and handle all the shipping so that you don't have to. Now okay in in that scenario I do wonder if potentially what they still could be you know making the good somewhere taking it to one warehouse than taking it somewhere else afterwards. I don't know if if that necessarily has an impact on this is that news that's kind of the new business model that's developing so. I don't think that. It's coming from retail sales I think it is far more likely. That it is due to industrial demand specifically related line manufacturing picked up for. They are main fact a little bit not not enough to show this kind of improvement now nine and it just curious to see where it might become. It it it is over I asked a lot of people nobody say while it's because of you know telephone poll yeah I I don't know where it's coming from necessarily. I can tell you one thing that a lot of truck manufacturers are starting to try to figure out is how they can actually make these things more fuel efficient to speculate did they largest. Drags when it comes any kind of efficiency justice. You've got to report to be able to haul that they've gotten remarkably better over the last ten years they have there they're still is a long way to go but they've gotten a lot better and I wonder I'm curious to see were supposed to get later this month test those announcement on their big electric. It's that's hogwash L I prefer it did you hear the talk. He very Armstrong. Won proponent of all things electric the only work on late. Cars that you Nike V did these batteries that we're talking about not like electric cars and don't give Iraq. But it's not gonna work on a big rig calling. Goods across the country put that does a prediction is not gonna work our right. At least not for the next ten years until they made dramatic improvements in batteries which what do we really that big word general agreement that that's at least ten to fifteen years away. Depends a mean Toyota saying that they can have a lithium air battery figured out by a three years from now I don't know if that's true but they say they're gonna happen in production vehicles I talked to see we talked to those guys from Michigan was Michigan detector Michigan I can't remember align those Toyota said they have the technology so. We'll see mostly. He don't forget during the month of October Cushing and Dolan is making available a guide again. It's called designing the perfect irrevocable. Trust it was written by Todd let's be. And it's exclusively available by going to legal exchange showed dot com in the past they've given new phone number to call. Not doing that anymore you have to go to the website to get the Cushing handle free guide it's called. Designing the perfect irrevocable trust you don't wanna have an imperfect herbal global trust why. You lose all your assets if you do anyway. Call our go to legal exchange showed dot com and download the guide designing the perfect your vocal trust legal exchange show dot com. Equifax I don't know how this happened. Equifax just scored a seven million dollar contract to protect the Internal Revenue Service from fraud. That now how dump ins ins in the deal was finalized last week it was a no bid contract. It is definitely compete. This is what your government at. Work with us is one of the dumbest things I've ever seen this as your government than they did this is. I'm trying to think this isn't even hiring like a fox to watch the hand house this is like. It's just like you have a company that has proven to be inept at the very thing you just hired them to do. I can't put any more clearly and right now this is this is going to a high school. In finding the worst person in the costs and saying you're going to be the new director of education. We're related brain surgeon who or what's. Speaking of brain surgeons. Megyn Kelly's today ratings. Are not all sunshine this thing is turning into a trainer yet he telly show on NBC. In now the first week of her show lac Kelley show drew. 2.5 million viewers on average. That's 765000. In the 25 to 54 demographic. That advertisers typically target. And he's not doing as well as the show that it replace knowing that and it costs a lot more money in that bracket beyond the viewership was 5% smaller than it was the previous week. So the early returns there and not great but I am curious on this. You know how things go over the next couple months it could be a situation you know you could see this continued decline just wash away if the show continues to get bad reviews. Or they turn it around eight just down 5% isn't huge you know you can you can make that up but Tucker based on the reviews how. Along with the give and show us you know the year here the media. I mean six months they they give it I was at last it's lay in an age that through Christmas that in. Medium to be after New Year's legally for a multiyear contract rate. Yeah I mean they're getting an error their pay and her whether she's Jewish or you get to give any show a chance you know to build some some sort of an audience. So yeah I mean maybe Easter Christmas or new years is the play did it in the wrong job death. Indicate that she would yes she is a political. Report she's she's not a that's what that's what she made her and that's what she meter namely and if you don't want a user for political let's say she's done with political and use her to talk about criminal. Activities and things are accused the lawyer mainly I think there's things that you can do I just I don't know she's more like a dateline reporter feel like them like a fluffy morning show host I would agree with I think like if you put her on sixty minutes I think she can do great. I think she's responsible for recognizing that. Her talent you know. They Peter a lot of money. I wish I had her paycheck for the seventeen million dollars a year unites. It would you do we know how many years Ellis the five years I'm not sure I think it was somewhere in that fortified range if she's old he's 4647. A battle that's in that business that's O. It's this is it just eat a woman in media. Year when you hit fifty. It's tough to hang it think about how many female. Newscasters. Are. That are over fifty years shall soon as they hit fifty people there it is like there's always happily you have to go down the list just it's just how that industry is just look year old local market let's say you live in in harper lived in Boston. Look at the newscasters rate in the anchors they get older the women more so than the men. These get a woman whose. You know you let me put it this way you don't see many women. Natalie is probably the last when it comes to mind Natalie Jacobson right to you know fuse in the work great up until early sixties. You don't seem to burn it just it doesn't happen. Up next will be joined by Travis Miller from Morningstar we will be ties at a Stockard ATF to me now our retirement stock here stock talk next. From the financial exchange radio network. Trump's administration hasn't passed any significant legislation yet but tax reform is front and Centre fast and we share. Keep it here with Barry in check for the latest on the president's agenda and how the markets are reacting and this is the financial exchange radio network. Planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from pro ready to. And in order to make sure that your process goes as smoothly as possible the need to deal with an expert Todd let's keep a partner with the law firm of Cushing in Dolan and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust and keep your assets safe this month Todd has written a brand new guide called designing the perfect income only irrevocable trust in it you'll learn about strategies to undertake what preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed does come legally exchange show dot com. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out liter bank is offering in east savings account providing free online banking when he one point 15%. Annual percentage yield this is an online product only and there's no minimum balance required so log on to leader bank dot com and sign up today this rate may change without notice and don't delay log on to leader bank dot com get all the information about this great offer and sign up today before the rates change get. Free online banking with leader banks in new. 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. For your Medicaid income trusts. Todd you know I keep reading almost on a weekly basis about stories worst states are challenging. Durable global trusts and Medicaid applications. What's up with the increased scrutiny on these trusts. Yeah the problem is that you know many more and more people may be are trying to draft him more more lawyers are trying to get into the field that that may be aren't ready and that's the safest way to say it and and they're putting paragraphs in that that just caused problems if you if you wanna put it in English because a crack in the ice yup and allows them to reach in and you know grab those assets from the trust and it's that that aircraft that causes the problem and so they're starting to realize that rather just put states are true yeah. States are saying you know we're gonna we're gonna take a closer look at every one of these trusts and see if there's a way that we can find a crack and that it's well makes sense now. Whipped eight would have been. What's the result if you lose if you go to a fair hearing you lose what happens while if you were to lose that the assets basically the assets in the trust that you might have told your clients are going to be protected from the nursing home. Are no longer protected they would be considered comfortable assets. And exposed to the cost of nursing home care so it's a big deal it is a bigot if you lose it's all about drafting Jerry it's all about making sure war. You put the right paragraphs in the trust. Folks if you have a Medicaid income trust you may wanna have it reviewed to make sure that your assets are in fact protected. He can reach out Cushing handled by calling them at 8668485699. If you wanna copy. Of the October guy it's about Medicaid income trusts. Most of you choose to download the guide from their website which is legal exchange showed dot com. Legal exchange showed dot com for your copy of Medicaid income trusts. The financial exchange for Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten and this is the financial exchange radio network. Joining us now for stock doctors Travis Miller from Morningstar and Travis thank you for coming on the today. Or extra. Travis were talking about SCANA corporation can you talk a little bit about what they do. Sure some sort of mid cap plain Vanilla utility down in South Carolina primarily due to distribute and ocean transmission and the electric and gas. Business and the other keeping errors they've for the last ten years been trying to build two new nuclear plants and and the more. One of the state utilities there. And and July late July they decided that because of cost overruns because of the well known Toshiba Westinghouse financial issues they were gonna have to abandon projects so. Literally if you look at the pictures there is they have built nuclear plant sitting in Fairfield County. South Carolina so that's the crux of the story ST you injury that SCANA. Utility and very well run very good utility it's just the issue of this nuclear plant. That's half an option. In terms of you know looking at the overall stock right now obviously it's it's you take a little bit of a beating over the last. A month or so after this is you know is kind of escalated. What do you think the path is for them over the next couple years here. That this is really raised the ire of regulators ratepayers politicians getting involved. Bill legal side lawyers are certainly involved in this so it's really the question of how much. Deuce can assure older half the bearer for any kind of penalties any kind of write offs. However regulators. Politicians aside to treat. This recovery and they've invested over four billion dollars and that's project so far and they've only gotten back a fraction. Of that investment. So there. Right now we see in this 48 dollar stock price is. Basically the market pricing in the worst case scenario so not only do they lose all of that investment but today after refund all of the money they've collected today could be one of the stiffest. Penalties. A relative size spaces that we've ever seen and the utilities sector. How long's it gonna take four less to gain some clarity on this. My best guess is that the management team's gonna try to reach a settlement again missile in eight billion dollar company and you've got. More than four billion invested in the project looses. The big deal for them and I bet. That management's not going to want to go through multi year extended drawn out regulatory and legal process so. And advocate a subtle and our fair value of 64 dollars a share incorporates about losing about half of the investment and then also some player. Fees and penalties. Good Travis thank you very much of the time. It Travis Miller for morning's start talking about scanner the ticker on the ms. SEG. So I'm looking at an analyst for poor right now shock and the one year target price for SCANA. He's 5039. And we're trading now what forty bucks written that ballpark yeah 4821. That is why you think about this folks the analyst can be wrong you may never hit fifty dollars. But if you bought it today. SCG. For 48 dollars you're getting a dividend of four point 35% on yup your pain. Low tax rates on dividend is to tax qualified dividends right now. So it set like if you're making 4%. On a CD that's ordinary income tax you make and 4% on the stock. You're getting it. You know and at half that factory. You wore these types of situations can be dangerous though just because with most stocks the way that you try to play the ms. your betting on the group behavior that's predictable based on. What's happened before so if you're buying forty can say okay no that Ford's gonna sell about two million vehicles a year than Michael up a little bit or down a little bit. But I can generally have a good estimate of how many vehicles portal sell on what their profitability opening. In a situation like this you're saying. Well we don't know what the legal and regulatory consequences are going to be with regards to this one off deal to much tougher thing to predict bail then then just the overall growth of the company soak. I tend to get a little nervous around situations like this just because they can be unpredictable. Oftentimes the market has no idea what's gonna actually happen so you know these kinds of things tend to scare me off more often enough. The above my point here is EU might be right you could drop down from good for 120 Yani it well that that that's. That might be a little far don't think no stock dropped from sixty to forty in the span of the day that you could it's about Avant go from 48 to twenty dollars. You could bear lake again like depending on how much theft and a if they have an upper funding all this money to seven billion dollar market cap they get a pay a four billion dollars and they go send half the market cap is gone if you got a Barley issue that deadly everything that they don't put utility companies out of business these are public utility company put about businesses and generate power all all I'm saying is like that there is some riskier. All right look I added knowledge or risk might my point is you buy for forty dollars a share. And you're getting paid 4% to wait you know in indicate you may have to wait a long time that your least it dates on them while you wait. They the markets. A mixed bag today it's even got the Dow up thirteen points NASDAQ is off seven and crude oil is trading up. Fourteen cents a barrel. It's very in shock from the financial exchange radioed them. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're. Close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement check list he can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams traditional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and Miller number 449250. Subject to credit approval leader bank a step ahead and he spent the last thirty or forty years building your financial planning business. He worked hard and your clients rely on your. But what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do -- -- about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we're looking to build our business through acquisition we are affiliated with an award winning broker dealer RI AA and we have superior service capabilities we work with clients in all six New England states and offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to securities America incorporated member and SIPC and advisory service is offered for securities and. Guide to retirement planning it's really important that you do this before you retire. When I talk about two things that are critical aspects of retirement. And that would be Social Security first and secondly Medicare is your Medicare. Appointment programs in your Medicare part B program. You know let's talk a little bit about Social Security everyone knows that you've been paying in these programs really for most your lives if you've been working. But there are a lot of questions about when you should take Social Security in the first thing that you need to understand is a concept called full retirement age and that age differs depending on when you were born as an example if you were born in 1942. Your sports harmony ages 65 years and ten months you're born in 57 it's 66 years in six months so you have to understand this as well as how your Social Security amount changes based on how long you wait. Right the other thing that you should do is take a look at our guide me again at stake in the guide for retirement readiness exclusively available for mark strong advisory group. But as it relates to Medicare. Each state we've listed on the in the guide each state and the web site that you go to for each state to calculate your Medicare program in which what's best for you. Yet differs depending on the different states and you really need to be cognizant of this when you're building your retirement plan. Well the folks again. Just to reiterate this guide it is available exclusively from Armstrong advisory group it's called an investor's guide to retirement readiness. You can receive the guide by going to our web site Armstrong advisory group dot com only available on line. Armstrong advisory group dot com. Go to now Armstrong advisory group dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 down silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader bank a call and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back a step ahead. Planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from probate and in order to make sure that your process goes as smoothly as possible the need to deal with an expert -- blessed to be a partner with the law firm of Cushing in Dolan and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust and keep your assets safe this month and has written a brand new guide called designing the perfect income only irrevocable trust. And it you'll learn about strategies to undertake what preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed does come legally exchange show dot com. Your dream home is within reach with a Jumbo mortgage a loan from leader bank they're Jumbo loan program designed for financing an excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by a leader bank's local underwriting and processing teams for additional cost information call 8776917900. That's 8776917900. Or visit leader bank dot com member FDIC equal housing lender and MLS number 44950. Subject current approval leader bank a step. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I'd been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking with a one point 15%. Annual percentage yield this is an online product only and there's no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice that don't delay log on to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. This is the financial exchange with Barry Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city. Your world and stay informed and up today about an economic and market trends plus get breaking business news every day it's. And now the financial exchange with the Gerry Armstrong and chuck saga. Last night. Donald Trump the president of the United States said that Puerto Rico's debt we'll have to be wiped out in the unit investors can wave goodbye to their money. Hi everybody it's Varian shocked and you know they use it I think we all knew this was coming usual little doubt in my mind. That in five years ago that Puerto Rico's going to default on their dad. Of course the price of their day to day is plummeting it was at 44 cents. Yesterday it was probably at sixty cents a month or two ago. And I don't know if it was it would only down today it's down to around 34 cents on the dollar and headed lower ladies and gentlemen. Our poll question today is should Puerto Rico be absolved of its debts so far. 36% of you agree with Donald Trump and say yes the debt should be absolved surprisingly. 63%. Say no and I actually understand that. A I I can completely understand why people would not want. Puerto Rico to be absolved of their debt because if they are absolved of their debt. That means that Tucker sell our producer that means trucks on that means Barry Armstrong all bark federal tax dollars are gonna be used to. Metro re true rehabilitate. True not true why if you just wipe it out the only people get hurt the bondholders. Yeah it's. Again this is something that is important people who are typically holding municipal bonds especially Puerto Rican bonds. Typically they're individuals because that's the only way you get the triple tax benefit of holding Puerto Rican owns. And so the people who get hurt most by this wealthy investors. The wealthy investors who were trying to even while in some cases people whom you know might be holding municipal bonds is looking for tax free income. They're the ones who could potentially be hurt most by this if you don't play it out in don't you know no and don't send federal funds. Tucker and I are paying anything. But the Argus said. Authorities don't party separate thing they've already committed fifteen billion that's different from wiping out the debt the way to get the debt has no effect on talker. Okay but let's talk about the people that get wiped out. Usually eat in recent clients NC the people that I know buying municipal bonds are people that have a lot of money but if you're if you're a low tax bracket do you buy municipal. Well keep in mind so here's an example for let's say that someone has a pension from GE U and their pensions paying 60000 a year in their wife's got a pension from IBM is paying 50000. Pretty wealthy people it's a 1001101000. Of income but they might not have a ton and assets of OK but they may have in municipal bonds is because there in that 25% bracket and don't wanna pay 2.5 percent tax all of a sudden let's say that a 100000 dollars or Puerto Rican bonds and now they don't. Late they're sitting there saying. I got screwed in the area so well and they did delegates they and that's the thing it's you know people one of the comments that I thought was interesting yesterday is. President trump came and said you know you know this is organized you know wiped out Goldman Sachs in new Goldman Sachs and they divide this. Golden Sachs doesn't own most upon us it's their clients tell me and it's it's fidelity clients and its Oppenheim but if it's not gonna hurt Goldman Sachs if you say hey you know we're Gannett negate the value of Puerto Rico's debt. Golden's not making any money on that right now Lloyd Blankfein. But but Blake misses it it's hurting individuals or vise pay that debt has no value. It's individuals who were holding that debt. What do you make folks should Puerto Rico will be absolved of their debt vote on our website financial exchange showed dot com to cast your ballot. Well many of us have been curious about win over will go public. Right now I mean how long have we been speculating. On Hoover going public it's been at least three years or at least three years I mean how long they've been around 2009. It is what it is again and look so they started I think you'd like to go back check that fact check. 2007 I wanna say they start like 07 -- eat they originally believe announced they were known as Hoover they were known as super cab originally founded in 2009. 2009 mark 2009. This is really remarkable. The islands company didn't exist in 2008. Starts in the depths of the recession of 2009. Was zero value just an idea from Travis on. He comes out he creates a company that is now estimated to be worth I think 69 billion. We'll see what it's worth after this latest round of fundraising I would imagine it's not quite ST let's talk about that because it now we know. Right hasn't. The they've restructured the board of directors they brought in new investors and they said hey. Try first of all they've neutered Travis he's he's got a lot of. Control Travis so previously. The founders' shares that Travis clinic held they had something and I forget exactly who was that he was either ten to one or hundred to one. The voting rights of the other shares that were out there. And so there's this quote super voting shares the Travis clinic in some other early employees held. Those extra voting rights or an old as of this agreement on the and so every share they got whacked them. They do get some cash okay board of directors go up to seventeen members up from eleven okay I. And they are committing to have an IPO by 2019. Scenario. You're looking at this I think we've got fifteen months could be the biggest IPO in history. Yemen a tragic how big was the visa one was not big mean they're saying that this went could be the largest IPO in the history of initial public offerings. I wondered though unity about two years you look at the problems are having in London do you think the new CEO can settle the ship here. So I think if they can put this behind them if if they can collect behind traps collect. Now if they can move past the poetic issue I do. It's in their best interest to move beyond. You know what I have did you units in Travis is best interest. Because even though he deluded if he he gave up his voting rights detective shares so he still I think he's worth like 67 billion. In in the big thing here is Derek Castro Shockey I think is a very capable executive I think very competent and did a phenomenal job and Expedia and I have a lot of confidence that he is the right person for the job to go lead over through this IPO process and so. I think the biggest question I had in and I said this right from the beginning of this year when all of this started breaking and and we were wondering about this. I said look you gotta have stability in management is otherwise is just. Lose in three billion bucks a coach who's gonna buy the shares when they lose in three billion bucks a year I think he he can cut back on that loss in two years no. I don't think he needs to companies and I peeled one they're losing money every every look at every tech IPO this year in which one of them making money. Got to make noticing yes that's that's a great test snap general Abrams but but all saying is the company's IPO all the time without making money I would be worried about bias. I'd I'd because I'd be asking you make a bet on drive those cars you are in your bit making a bet that Lowber. He's gonna have the best technology so would lift has better technology to marvelous art technology. In Hoover so what does it isn't over worth anything so I don't think that's what you betting on necessarily is keep my lake why did you ever have to own the driver must now. Now that if they don't own it what stopped it from Google from their lunch well how to you know the goo like old saying is why can't overcome in. And say Ford we really look what you're drew doing on the driver aside now we want to leased your vehicles from OK and then we're going to starts. Effectively you know but using them in our service right but what it widest Ford need to widest in four days if it who doesn't have protective force that tech companies don't have the infrastructure but if you have a company like GM who bought a drive post cart technology company it was a call the wanna Cali anyway. The they bought that why does GM need to its widest the end of the not a tech companies like it get it's it's like a spotlight. You're asked this is so that's like that's jail this is like asking why it is Wal-Mart use Dell netbook is there not a computer company from lake. Wal-Mart could make computers if they wanted to but they're not a computer company their retailers yeah big the company is gonna get paid. And really make the money. Is the company might be Google. That has the driver less car technology that they lease out Hoover that they leased out to lift the money for all this immediately think about they go get a car that you buy right now. Ford doesn't make airbags in fort doesn't make GPS Ford doesn't make headlights that they don't do they paid by those parts from suppliers I don't see how it's any different. Everyone would I think people of you know for whatever reason dot. Calling it it's it's going to be like a driver was public. It's still just a piece of the car needs it's not the whole thing it's it's a piece of software yup okay. But it's you know several of the billing capability in the and it's realistic and the customers and averse guy like think about millions of custody about how much money Cooper is invested to get to this size right there on everybody's fill sports not gonna go out invest twenty billion dollars in building out and network that would it would mover has and lift jazz lovers got a boat 75% of the domestic market lifts got 25%. Right there on my file. Right in and they they are trying to land at the airport I don't call tax yet punch in lift and I grabbed my car right for four doesn't do like. It's not their core competency like they say okay look if you wanna do this great will sell all of our vehicles do you work carmaker would talk about something much more important than. What we got. This is the one thing that you should do at McDonald's to make sure that you were meal is served fresh this is a secret talker he kept telling. Priority you're telling our radio audience what you do. Is when you go into McDonald's right now everyone's gonna do this and slow the whole thing down yet you have to ask for a receipt. I'll get nobody asked for mercy on right. But if you ask for receipt and adding business travelers do they think you are a mystery shop them and when they eve dinner the managers of these together reimbursed yet that the managers of McDonald's have been trained. That when a mystery shopper walks in you make darn sure that they get hot and delicious meal. Because they might give you bad rating bring home office. Good idea. Ask for a seat is coordinate any real fast food restaurant everything about it right Wendy's want to turn Allenby stroke. Should we have eight cash less society. What are the benefits what are the pitfalls of a cash less American society in the next segment will be joined by Harvard professor Kenneth rolled off. To talk about. What the benefits are of going to actually us that's next from the financial exchange radio network. Markets continue to fluctuate but we've John you've covered get your daily update on what time and what's not from Mike Armstrong every morning at 1030 boldly on the financial exchange radio network. Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43%. To financial advisors are over the age 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you worked hard but now it's time to find a successor the -- -- advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both are gays and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which they have become accustomed if you're interested in talking with us please call me at 803934. Zeros -- one that's 803934001. Or visit us online at Armstrong. Advisory group dot cops securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. If you're in the market for a small business loan you need to call leader bank if your small business looking to expand or improve your infrastructure you need to take advantage of this great deal from leader bank limited time your business can get an SBA loan of three point 99 annual percentage rate with no closing costs on loans of up to 150000. Dollars and that ray does a lock for four years you -- democratic rating of 700 and give you an answer within ten days of receiving your completed application. This is the number you need to call 8776917900. That's 8776917900. Take advantage of this great offer from leader bank a four year fixed rate loan of three point 99 annual percentage rate with no closing costs on loans of up to 150000. Dollars and you'll hear from them within ten days of receiving your application at 8776917900. Call right now 8776917900. Member FDIC. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisory group dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking with -- one point 15%. Annual percentage -- this is an online product only and there is no minimum balance required so logon to leader bank dot com and sign up today this rate may change without notice that don't delay log on to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new. 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. The financial exchanges live on FaceBook and YouTube watch Berrian chug discuss the issues of the day and see which one smiles though most. Is who's the financial exchange radio network. As a society. The United States is moving towards cafe society let me tell you give you some statistics that demonstrate that. American consumers used cash. In 32% of all retail transactions in 2015 that's down from 40%. In 2012. And cash accounted for just 9%. Of the value of payments by consumers in 2015 that's down from 14%. In 2012 we're joined now by the author of the book. The curse of cash his name's Kenneth robot he's also professor at Harvard University tennis welcome to the show. We're glad to now. I IE for the life of me. I don't really understand why we use cash at all how much cash exists in American society today how many hundred dollar bills are at their out there. Apple called her a lot. And the government pretty much doesn't know where most of the market there are. A 30% for every man woman and child 3600. Jobs in hundred dollar bills. It's in my not and banks cap registers. I can account for a little bit of evidence survey it could be out of it abroad. But if we're like other countries that apple a lot of it here. And it's used. Mainly. And big transactions. People avoiding capture reporting doing illegal activity. A US air raid hundreds sometimes it's not used. But you have 36 in your water do multiply it times for you have a tablet or that your kid dark bearing nanny. I have four dollars in my wallet and it's been there since June. And I just I don't use cash I just. They know and right gas they don't use cash neat the Alley again just. When I get in a car FIE if I mean isn't a a lift or Newburgh. I used my credit card he taught. You pointed out in your book and this is really important explain. How cash Eads criminal activity. Well it's time otter is sort of aborted detection by the government there's there's no record there's no mercy candidates' tax credits. I'm not against cash especially you know for small transactions which is mostly optically scan option. But it stayed out because there are a lot of convenient alternative but not for criminals. Not for people avoiding taxes it's difficult standard it's not the way you can be sure the government won't be able to say. Again if somebody wants it I'm not I don't wanna go out there but hundred dollar bills come off. I mean they're very little used except per pride in tax efficient. What would happen. If you eliminated fifties and hundred dollar bills. Well it's not gonna get credit climate activation thought it would cut it. You are about which would be a big win and it cost what not to do it but obviously. Instead of having a briefcase. Twenty hundreds to carry billion dollars. They can log suitcase. Tenants but it's you know it's been away 220 pounds and that a 22 pound. It it makes a big difference the a lot of people. Criminal act Ritter are fighting capture and they're out not to target from the government there audit and their relatives there fighting everybody. So countries that have smaller bills do on that as you plot. There are other things we can do with that was sort of painless way to start you can't do it overnight he ought to take part burst up here. What it should help with tax collections as well wouldn't it if you eliminated fifties and hundreds because it that way you'd have more people. Paying with checks and more money being reported taxable income. I would be the Internal Revenue Service has disappeared near the top of their left on priorities. The World League. 15% out of taps that are never paid. Were talking. Just that the federal level is not a hundred billion dollars a year if that's not collect its. And well over alpha are what made it euphemistically call hell shouldn't count their business. Beat illegal bat to let this time but somebody you know operating a store with their cash register carry out the receipt. And not and taxes and it out not. And if he did that if you said they were gonna eliminate fifties and hundreds what would you do put a timetable on and say. You know if you wanna get if you want to deposit your fifties and hundreds you have to do it by January 1 of 2018. I get people like to have in years that prime minister of India did it over night practically in India and that reach out back. And he he you know keep give people 5% year they're obviously can be able to launder most of that that's not the the ideas. Not a cheap and ran out the existing opt out there it's really hard. Ideas just to make corrections in the future. And catwalk and it's going to be something like two person and another ten years maybe 1% and we're we're moving along the direction. Other countries or how about so most people won't know that right. Would you mentioned that eliminating big bills. Eat in Federal Reserve policy and a day for the life of me ever I read your book and I I understood everything except for that part. Yeah well it's it's in times of crisis like the 2008. Financial crisis where the Federal Reserve. Have to do very unorthodox I think this sort of prop up the economy. Baton although it may seem had a bad day. They wish they really where she may not just. Brought interest rates is Europe they wish they could have brought them etiquette that really push money out of that the system. Arctic keep inflation from collapse sank. And they weren't able to do that because if you'd tried interest rates negative people bail out in the ash. If that's more expensive you'd make that to do. The last of a problem that is so the Federal Reserve also thinking about others but all I am so are a lot of apple back around the world. Gotta gotta Ken thank you very much for your time we appreciate your joining us. The name of the book is the curse of cash the author Kenneth rogue cop who's a professor at Harvard University. Joining us today on the financial exchange how do you feel about that eliminating. Cash I could careless and relieves a lot of cash anyway it's the use that means you're not partaking in illegal activities noise my bitcoin for the UIC. Yeah I would your eyes but we neglect or any bribes and Dale Senior extorting what I'm hiring hit men use of these bitcoin not count size. And they don't numbers are post it mentally technically now the did number that jumped out at me. Was in 2012. Not that long ago five years ago. 14%. Of payments by consumers were cash. It's down to 9% in fifteen. We beat that in seventy it was like that I mean it's dropping 2% a year so that's the value but remember that 32% of transactions or what transactions do you guys use cash for periods paying soccer reference. A that you did that and higher and lower payment soccer referees in cash. Really you know why is that totally choirs OK Tucker what do you what do you use cash or down man I've rarely use cast. Cash wanted to news you know I used to tunnel mine in my trip. You're buying weed rate at a by use can now not necessarily now. Melanoma. Like I don't you mean you could I mean by Danielle how do you buy marijuana today. If carefully as it's not it's it's not legal for sale or is that they essentially percent. In masters I don't know. For sale. Now known to the retail stores aren't open to much to launch now relegated gift. Oh can be again the rights to know cashed it can come with a bong but you can't pay for the marijuana. You're listening to the financial exchange traded up. You've got Barry Armstrong. Financial exchange shall look I mean she'll exchange radio network. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce in 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader bank a call and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader banked a step ahead. Planning for retirement is not an easy process there are many factors to consider such as contemplating how much money you'll need to enjoy your lifestyle there's also the concern about legacy planning and health care costs it's like planning a Thanksgiving dinner and not shopping for all the right ingredients this is very are strong and if you're. Close to retirement you need to get my brand new free guide called retirement readiness it's only available at my website Armstrong advisory group dot com this guide will answer any questions that you may have about the retirement process and it will include your very own retirement checklist seat can make sure that you're hitting all the right boxes this guide is available exclusively online so get it right now at Armstrong advisory group dot com that's Armstrong advisor group dot com. Security -- for the securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated planning for retirement can be a complicated process many factors need to be taken into account including how to protect your assets from probate and in order to make sure that your process goes as smoothly as possible the need to deal with an expert Todd let's. And it you'll learn about strategies to undertake while preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right. The only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed does come up. Legal exchange show dot com. This is a special announcement for a landlords chasing down only rent payments and making trips to the bank to deposit checks ticked hassle out of rent day with zero leader banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 7816 or 18691. Very Armstrong here and I'm joined by the vice president GA tool. From leader bank. We're talking about zero rent this is exciting because zero rent isn't method for landlords to collect their rent electronically. But there's now find it refining Jane that it's being widely adopted by Condo associations tell everybody was he rented. All right so is he rented product we innovated leader being. Comedy can be found it WWW duds you aren't dot net and it's essentially. And online payment technology that allows landlords to collect the rent electronic tenets. So there's several advantages first and say goodbye to being reliant on the use Postal Service. Good night to delays in the mail and no more need for paper check right. Where Israel and a laudable ideals don't even have a check we're getting that all the time away and horrible call in and sign up because his tendon saying you didn't checks the where this really starts to get funnies when you your landlord in you have. Multiple tenants living in units grad students your university. Well right now they're all writing multiple checks and sending them in and fro in order a source become confusing pain in the neck so would you read will do is it will actually deputy each tenant can individually. Matches in 101 payment unit to landlord. And then of course there are reports in notification that all great stuff but going back tier. Question a Condo association's a lot of Condo associations have been using you aren't as well. Because the Condo. Payments that kind of the shirt to every month at the scene so they've been signing up Andersen version of the rent for condos. I'll be darned well sounds like a something that you need to learn more about folks visit. Zebra dot net to learn more that's a website address war called him at 8776917900. Toll free 8776917900. Why collect your rent or your Condo fees with paper checks. Get with the modern age go to does he rent dot net or call them toll free 8776917900. Markets are high. But questions remain about whether or correction is coming. We've got you covered every day we've what's not and what's not from Michael Armstrong. Mornings at 1030 only on the financial exchange radio network. Should Puerto Rico be absolved of its debt that's our poll question today 35% of you saying yes. Let them off the hook pay their debt to worry about it. 65% of you saying heck no I don't want relieve them there anyway they're going to be his president's its last night. Gary Coleman. People don't buy homes because of the mortgage deduction. Gary and Cindy a message yes they do I did I but realistic based on the deductibility of Michael mortgage interest. You know what they're doing they're trying to wiggle out of the fact that we get to deduct our mortgage interest among to be mad as heck is that if that happens. I kinda stand on the other side. What was so let's let's let's lay out the case for deducting mortgage interest why do you think we should be able to there's always been able to and that's why I bought my house. But we are bored as much money beyond I would. That's why it's personal. Right I I don't like paying taxes and I Ed and I bought the house and I borrowed the money on a thirty year chassis because I said it. I can deduct. The interest on and as I got a good rate the so if they phased out over the next ten years without cause problems. That for me what about the next fifteen. You guys can do it when I'm dead definitely then that you can date it when I can't vote anymore than you can so here here's the way I tend to look at the mortgage deduction. It is something that disproportionately benefits wealthy people. Boca is Carla. Well from a wealthy people all I'm saying is they work hard you people who rent. Don't exercise the mortgage deduction people were buying a small house you know us to a small starter homer something like better paying low cost him don't get as much of the benefit. So it's pretty much saying. Hey if you buy a bigger house we will give you more typically the only people can buy those bicker houses now tend to be wealthier so what is it due to homeownership rates like if if all of a sudden. Well in Canada is there are dramatically in Austria because they eat can't deduct your interest in in Canada or Australia. And they say that homeownership rates are just not the same Canada sixty kind of making our candidates 68 point 4% it's actually higher than the US now. And he can't and he can't deduct up there Australia. Is to to to a 70% now. And and I'm not I'm not saying that you don't necessarily get a benefit for owning a home now but maybe instead of do you tailor it to how much homey by you just say look if you buy a house he has 3000 dollar deduction then definitely. We do that with kids we don't say hey if you are more expensive kitty get a bigger deduction it's no you get a set deduction per kit now. I kinda like it was just so you know are a money losing its money pit just like a house I just want you to be aware of and why you don't have many. But the it's not children are not good invest every idea you've suggested for me has negative cash flow. And yes. You're gonna buy a house will be great analogy now an eagle on or an honest noble and in this value that's there every idea is it negative to. And her mother. Was expensive here should be to. You heard I did notice too is. You know as the real estate market's been rising what do prices up like 67% a year. Yes right right in a ballpark yeah. What people are doing is they're using adjustable rate mortgages up. Much more frequently than they have in the past as a matter of fact I had the number 40%. Adjustable rate mortgages jumped to 40%. Of new mortgages. During the first quarter this year. I was one of them okay I've I've taken out I've always used adjustable I know what I worry about this it says it you know for the last the F thirty years. I've done it to truck in and I'm not casting aspersions here but the last thirty years were a lot different than the next thirty. It and I think you know if you do look back to the financial crisis adjustable rate mortgages were one of the causes there because all of sudden rates went up on a lot of those once they got as their five year period is rates gone up from you know 002 win team to come out 07 break. In what happened is a lot of people ended up not being able to pay those mortgages that was part of what tank the housing more. I just north it's worth the risk let me tell you what the numbers work. The average thirty year interest rate had a mortgage rate of 4114. Point 11% Coca. If you will with a five year arm he got a break but it was only 338. To save about point 75% so pretty much analyzed by about 7% morehouse or say about 7% on your mortgage risk. It's a big risk. Yes have you figured the Arabs toward the few. If you're under Bonnie you know borrowing that much money. Or Europe does it a profession where you make tons of money you can pay that often handled that the risk right a lot of people march Lotta people are using that adjustable rate mortgage in the sand. OK honey. We can afford this but just barely. And then interest rates go up Barry is somebody loses their job and hopefully he's got a problem. Yeah it and that's part of how we got into the bad situation we did back you know wait so it just having it. I'm gonna take exception that little. They beat the enemy wherever you're quite different causes number one being like the knowing that we you know loans that were being generated in in. Knowing to a we had no income no job no last breath those out and we had a lot more to do yeah than the others are it's it was like yeah I have a 100000 dollars great we believe you. And it might. My advice to you and and I'm speaking now to the the sub forty group out there your ear you're 35 years old and you're buying a house and you stand on and use an adjustable rate mortgage. But about a mile land it in have had like I've had this conversation on my kids and you know might I guess there's a couple scenarios where you would still use them. My daughter who bought a Condo and she's planning to be out in which it's at that she doesn't wanna live in the city forever. She got an adjustable rate Mort and might make sense there you're gonna sell the property within certain third time. Or a circle back on this property tax thing okay Justin Bergen questions from listeners to know you know I get the mortgage deduction I want to be of continue to get that thank you. Thank you so what I'm saying is why why we base the deduction for buying a house on a mortgage so when you pay that mortgage off he's still get the same benefit. My point would be looked if you own house why don't we give you was 3000 dollar tax deduction you already have a mortgage or not there have been studies right now all we're doing is incentivizing debt are right and they're been studies that it increases debt for the wrong reasons and people blow the money so I can deduct that what's that corporate look my point is look you wanna buy a house great we will give you a deduction for buying the house and not based on the interest that you pay. Speaking of banking. Peter bank is in the news they have played Zuma rewards account get this. You can earn two point 05%. Annual percentage yield on balances up to 50000 dollars Heidi qualify. We have that 12100 dollars in direct deposits per month. You have to be make at least ten debit card transactions per month. And you have to sign up for electronic statements way to deal two point 05% in new percentage yield on balances up to 50000 dollars. You can open up an account online any time. As leader bank dot com you can users Obama debit card local retailers and yet. 10% cash back on your purchases how'd you learn more go to leader bank dot com if you talk to somebody about it on the phone. Called him at 8776917900. Zuma rewards account two point 05% annual percentage yield. Leader bank dot com 8776917900. Meter bank member FDIC. Auto sales spike and it is the start. Of a big cycle turned to lighten it I saw this headline in what I took from this track is where you know pop in auto sales which we got yesterday. And were probably gonna see that popped continued net but I say pop increase civilian increase in September because of the floods. Beginning crease again and October using get a vote November December I'm not sure I agree but at any rate. Then they're saying auto sales are gonna decline in a big way beginning next year. I think that's I think you see auto sales continue to decline PO I do I I I think I did most dropping down to fifteen million next year I think most people are maxed out. IE also beat the cars last longer. And there's not much of a difference between an eighteen and sixty news and much of a difference between in 1950 enemy just. If there's no compelling reason to go out there by archbishop Dolan you've got. Is running well it doesn't have a payment. Yeah I'd do that's what he'd like to see I think people more often than not buy cars more frequently than they need to. But I I think that you are going to see continued slowdown after the next few months. Where heading into eighteen and nineteen I think god has continued decline down into the fifteen half. Million range right up next or be joined by doctor Stuart Titus Ph.D. were going to be talking about. Handedness is there's two candidates convention this week at the Hynes convention center in Boston Massachusetts that's next from the financial exchange radio network. The financial exchange with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten Dennis is the financial exchange radio network. Hi this is very Armstrong and I've told you for years about my relationship with leader bank I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in east savings account providing free online banking with -- one point 15%. Annual percentage yield this is an online product only and there's no minimum balance required so log on to leader bank dot com and sign up today this rate may change without notice that don't delay log -- to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now that's leader bank dot com leader bank a step ahead. Planning for retirement can be a complicated process many factors need to be taken into account including how to protect dresses from probate and in order to make sure that your process goes as smoothly as possible the need to deal with an expert Todd let's keep a partner with the law firm of Cushing in -- and host of the legal exchange radio program has been helping listeners like you for thirty plus years he knows how to prepare your trust in keep your assets safe this month Todd has written a brand new guide called designing the perfect income only irrevocable trust in it you'll learn about strategies to undertake what preparing your trust as well as specific language that must be included in order to protect your assets from probate this guide is available exclusively by visiting our website legal exchange showed dot com. That's right the only way to get this guide is online so head illegal exchange showed dot com click on the guides and articles tab and download your guide that's legal exchange showed does come legally exchange show I've come. Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43%. To financial advisors are over the age of 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you work hard but now it's time to find a successor the -- drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both our ace and transactional oriented firms with a solid stable of young advisors who will put your client's needs first and provide them with -- service and attention to which -- become accustomed if you're interested in talking with us please call me at 803934001. That's 803934001. Or visit us online at Armstrong. Advisory group dot -- securities -- for -- securities America incorporated -- -- SIPC and advisory services -- -- securities America advisors incorporated Barry -- representative Armstrong advisory -- in the securities -- companies are unaffiliated if you own rental property you're going to want to hear about this exclusive program offered -- -- -- it's called zero and is designed specifically to -- -- receiving and deposit their rent checks electronically as opposed to having to wait for the -- -- -- bank right now if you're interested -- -- and the number -- 8776917900. That's 8776917900. This program will automatically -- your rent -- into your account and we'll help you avoid the hassle of waiting to get a -- many landlords are suggesting that -- and -- -- -- -- -- upon the execution -- -- release then why wouldn't you wanna do that once -- set -- you never have to make another change during the -- -- -- and -- a free service if you have an account -- -- bank and if not they'll simply cost -- a small -- three -- -- -- right now -- 8776917900. That's 8776917900. Or go to -- -- dot com for more information member FDIC. Security suffered through securities America team members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. To vote on our daily poll question had financial exchange showed John comer while you're there fire of the media player and watch the show while you work. This is the financial exchange radio network. If you're on the go you can still keep up with the financial exchange on the I heart radio out available on both your phone into tablet. Just search the financial exchange and you can hear individual segments four full shows if you can't listen live we've got you covered on the I heart radio out. Joining us now to talk a little bit about the state of the medical marijuana industry is doctor Stuart tightness he is the CEO. And president of medical marijuana incorporated he's also speaking at the candidates world congress in business expo at the Hynes convention center on Thursday and Friday. In doctor thank you for joining us. It directly should be and the effort and the doctor did you first talk a little bit about your company and what exactly does that do. Yes medical marijuana. We another person poppy great company in the US going back marcher you nine. We and that industrial and medical campus based. I currently work Mori and an 88 company with four division in a cynical fail and based BBC product. We can match in two very important that. It up and cutting early stage via bio pharmaceutical company. Act by act as well analyzed by or well. Apple as well farms. Doctor can you talk a little bit about the overall growth in the medical marijuana industry over the last decade how big is now compared to how big it was before. Bassett then ask what an amazing now looking at you know I'd be involved really you know our company has been an investor going back market on nine. And in the ten years. All the company has been amazing being the tremendous growth that we have out there US based we've met and it was all on her book. Eight states with a recreation a lot we have seen that are he'd be the all. They. For a I intrusion. BP. Combination product. Epilepsy and we don't have the leak all over and looked all right well. A trend happening now here in the US but also around the globe internationally we've been part of other nice story in Brazil domestic well error why are great things apple or the European market. Certainly the world is reshaping the way it thank yeah. And it certainly pray they get it there and tremendous opportunities. Is wait for investors for the industry would wrote you know. Well our American economy. Should create a more sustainable and renewable economy. The job. One tax revenues my you respond. Colorado and we know a recession. And certainly an epic economic growth opportunity that we on nationwide. What are some of the the latest frontiers as far as medical marijuana in the types of things that are being worked on. Well I think their grip on power I'm here is one that they obviously at the industry is growing up. We're looking at additional scrutiny and regulation obviously want to state. Where everybody in that. Laboratory. Statement that you were a society residuals are better is that quite important. All other query that that is great strides being made medical. With increasing number of clinical studies researcher restart or what we get these into the night I certainly does. Where we all human is that all the million creatures and her. Or off the bat or. All. Of this in darkness. And openly that the huge number of respect by Brett. Throughout the body. Are in. The influence that has true that is most sectors where is well columnist beat you wonder centers if you were raptors. In the gut that desperately internal organs. And certainly many other internal organs. Oh respect respect the better better. Hopefully you're number. I respect respect I had the pocket and Apple's iPad that he's the next 200 years. Thanks Warren the huge number of potential. You know the base and. What are the challenges that I hear about in the marijuana business these days is the fact that many banks are hesitant or simply refuse. To accept money that comes from. Canada's based companies can you talk a little bit about some of the challenges. That marijuana companies face when trying to find places to keep their money. Well certainly that is growing and emerging industry in that order you are all well all purpose. Remember many challenges back in the 1930s and forties it was being. Legalize them and certainly worked there'd been something similar within our industry yet banking and you mentioned it was those challenges and the investment don't understand me. The evolution of these crypto currency instances it online. And all but worked out during the city investment banking arm as such as Goldman's back birdies. Great bit. Tremendous. Investment. Individual special Larry thank black bra. Saying that my dark and yet only how big an underground market really. And being huge opportunity or is. 10 mark while I was in the larger bump on the world. To investigate the these situations so I and there's nobody knows how the law an evolution that. But it legalization of medical campus. Utley and recreational interests the order of the inevitable and certainly over or well these challenge as we move forward. Doctor what are you going to be speaking about the stock conference on Thursday and Friday. Well I. Presentation that first a bit of breakfast on the oral that it the industry quite and recent station. Well 89 that presentation on medical you know no I'm fine. And that I was about forty that credence based novel it ought. Just before lie. Presentation we have a wonderful statement which are beyond that immediate group who's done some great or the ultimate battle it around. Country and around the world that ought be children very were and eat eat products ability there's something. And then probably a lot more loudly about three there India and then as in from the investment opportunities. Within the embassy Becker. Very good doctor thank you very much the common knowledge this day we appreciate the time. Script let it thank you must the other you know certainly we appreciate their interest. That is doctor Stuart Titus he's the CEO and president of medical marijuana incorporated. He's speaking at the Canada's world congress in business expo. Tomorrow and Friday at the Hynes convention center in Boston any bank that has a federal charter can't accept deposits and do business with campus companies yet it's it's challenge. But you know your local credit unions can dip. Yeah and your local state chartered banks can do business with them and they are they are but my question is how long is it before. The federal government says yeah who we're gonna licenses is a gazette that. That is what you decade. In decade here before they because if the feds do it. Then it becomes. Mainstream you know we all know anything about all of this comment is a six pack of beer. They I think I wrote mystic about all this federal resource that you can divert to do other things that current have a bigger impact. You know you could take all the money and devoid devoted towards OP would prevention thing well and you gonna take some of that money rate AD they right now. The states Colorado is getting all the tax money. Right the feds are looking at that Hussein and then we could have some right. The egg you know that's how politicians think I'm sure they think about what can we do to get a piece of the pie. The market has turned into a little bit of a rally neo Nazi the Dow was up 35 points or 2200676. Crude oil. Is trading at fifty dollars and 49 cents a barrel. Gold is up two dollars an ounce at 1276. Silver at 1667. The Euro trading at 117. And the S&P 500 is up four points. It's very and shot. With you from the financial exchange radio network.