Oct 4, 2017|
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's. Said last night that Puerto Rico's debts. We'll have to be wiped out and that investors. Can waved goodbye to their money hi everybody it's variant shock and those words would have been unthinkable. Just a month ago. But the fact of the matter is truck 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 sharp and that C 74 billion dollars in debt yup. 95. Billion dollars in hurricane damage. Let's see all in their bonds are trading at 44 cents on the dollar. I just. I have to agree with president trump there's absolutely no way. That day with a Virgin Islands can possibly repay that debt 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 are Territories. Of the United States. Now 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 there are all American citizens but they cannot vote in presidential elections. They get a congressman but it's a nonvoting congressman and they know 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 local county money is in the in this state there well and look at the income level exactly fit for the income in the for the GDP they generate its relatively minor but he took but 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 offenders in the US. Are half as bad as Puerto Rico when it comes to the debt per person that's outstanding. Well into 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 I'll 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 gold this winter. Yeah I mean Puerto Rico. I'm going in just to operate down in the 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 spreads it is big manufacturing. Industry in Puerto Rico as well that a drug industry and I don't know what for drugs. As he does about 20% of Puerto Rico's economy is our finance and insurance smoking about 10% as the governments are not buttons on on the air right now. But yeah I mean effectively. The Puerto Rican economy is nonexistent at this point simply because. They still don't have power for nine out of ten people on the island. Nine out of ten people don't have self service I'll give you five things he should know about pottery. Nine out of ten people do not have cellphone service. Only 7%. Of Puerto Rico has electricity if barely one quarter of the ATM's are working he can't get 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 track to 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 to. 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 in its 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 a death can be wiped out date neared did the president believes that quickly wiped out. Now I don't know wheat like do you and ten cents on the dollar of the weird as even the ten cents. So to tell you what the what the bond market is betting on right now and it was forty foreseen 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 Rico 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've been death. The islands I think he probably negative net value the only thing I can think give 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 a third of what the old ones were supporter give you a house in Puerto Rico. We'll have a electricity it like you know like you just don't know at this point. The I I think what year Tennessee the only advice and I would give congress would be. Don't give them money. Without strings attached much like we talked about with Houston Rite Aid Houston was getting a lot of FEMA money and federal aid money and I had the same opinion then. They eat you have to you're your thought was he 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 if these the last 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 your federal tax dollars. Are going to Puerto Rico the bunnies 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 controlled. You know I so I I think that it's interesting. In terms of looking and saying look. Is that the path that you end up taking because then. All of a sudden you now pass 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 to not able to employee US bankruptcy laws that part of the reason why they are where they are to up. So I look at for at a pro perspective of what you can keep throwing bad money after bad and 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 was. 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 chalk it will you remember what happened to the banking industry after 2008 and member is 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 lit when Bank of America needed to be bailed out in 2000 and neat and they work. There were strict restrictions put on Bank of America for many years. As 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 at the gap 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. Beyond that you need to do an assessment say hey. What caused this to be worse than it could've 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 your rebuilding your infrastructure you have to rebuild it in such a way that it is prepared for and that's what I'm saying it's. 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 and 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 you know what they 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 that 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 on the sectors that are winning and those that aren't. Break here we Berrian jog 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 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. 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If you're bank doesn't offer it they can sign up for zero it. Go to zero rent dot net or call them told free. 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 dot com and search for the station closest do you. This is 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. James what does it too big unknowns facing investors today. Well this is this is how markets work in general so it is always to date on the irons and they are you know what can happen in the future campaigns the future. And when he does happen what authorities you don't really know official at the market will respond. Because sometimes you can be pretty convinced you know how to market to respond to. A United States and come at a better than expected total commitment to it and. Here's I was 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 saying to decide to. To I think the taste not to beat price gain from a little bit welcomed it about ten days. Staley solidly but I think that the locals who believe in the market after the full times. Warned about pricing in the tax cuts it was a cramps. Taking a wait a risk of federal default because the debt ceiling was raised to petrol crisis. To the destiny which raised back in any September and then it was up lamps. The sort of more positives me regional positive economic data that we've been getting. And also banned the idea of it's the we've helping. A positive reaction to the Fed rate hike Rolen and negative reaction. Bank stocks have rallied tremendously since the election is it reasonable to expect that interest rates are gonna rise. And it you if you mean do you mean when you say interest rates Humana federal contracts. Well federal funds rate but also mortgage rates in the the auto loan rates credit card rates banks savings rates CD rates just interest rates in general from a consumer standpoint and also. He debtor's standpoint. I mean I think is that you should expect to be in mortgage rates because apply to what happens that the very long to extend the market that he would. Bulbs and primarily determined what happened to move to try to. Additional term interest rates I think he should be expecting to rise. Page has been and put it that it's almost up to I didn't ask them to expect. All right we're gonna 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 in regardless of which poll you look at China 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 the or any kind of big legislation 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 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. In one debt ceiling resolution. So been orchestra went over to Democrats and says hey look here's what we're gonna do that none of it was done by Republican leadership in the house of the senate and so I think. You know the smartest personally would back five years from now out of all of us. But be John Boehner said look I'm not going to be able to control this caucus and get out of town when I can and handed Paul Ryan of the bag effectively and now 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 Gary is 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 NC. Are they gonna get this done what it is they wanted the 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 it then we'll never it's a bargaining well okay if that's the case chuck then you're not getting personal tax reform boy gonna get as corporate. And here's where I've kind of backed into does have looked over what they outlined last week yeah. OKC got a couple things that are bargaining chips the estate tax I think is one I think the deduction of state income and property tax I think is another so you know you back all those out and say what do we have to do. Offense they get to the forum like there's nothing they can do in this framework and like what. I don't think they've put anything together in this framework. That they can get through congress and that's that is my fear on this is that you know I can 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. The people are gonna reason that I'm gonna. You know I'm I'm gonna resent the fact that IBM gets a tax cut. Jerry Armstrong doesn't well here's the question is you gunners and that fact what if GE office and starts paying more taxes or 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 locked on the office straight yes twenty people. You want a tax cut that was president wanted to know what I was 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. 11 that I don't want that either I you know what I want is less federal government wasteful spending. How about we cut senators accuse 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 paint underneath and years and 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 don't believe that there's other ways that you can cut back on government spent yeah the course of security and Medicare and good care good and military and military. Cut at all at all and might earn taxes give me more my money well spent that's what is traditionally happened. If you could if if you want more money the places to cut our social security and Medicare and no one will touch them and both 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 you hey don't forget the 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 we can go to leader bank dot com or you can call them 8776917900. Ask them about what's called. Zuma. Savings account that has 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 pool. Just go to our website and mutual exchange showed dot com. Should Puerto Rico be absolved of its debt. Financial exchange showed dot com. Making your Smartphone even smaller here don't go mobile lab by surging financial exchange shelf in iTunes or those who. 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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 SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. 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To 900 or email BBO at -- -- 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 and we got some final numbers and being from some big manufacturers. Yeah you know big numbers for a GM Toyota Ford Honda and Nissan all of them had failed. Between seven and all the way up to 15% spurred that Toyota so. Largely intact from hurricane flood damages. Those stocks. Have been moving up and yesterday they are up between one and 3%. So big news there and then bigger news out of the airline. Delta announced state less than anticipated impact from the hurricanes. So a lot of the violence 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. When receive for mile mile island today. So they just received FDA approval for their generic version of that tennis. As that term but Compaq's own which in ultimate multiple sclerosis treatment. So mile line is up real big on net news six dollars thirty cents so almost 20% of their stock has to have pharmaceuticals on the other hand obviously getting crushed on this down. Over 250 share. Down nearly 14% on this. Good thank you Mike. Mike Armstrong with Wall Street watch. We'll put this in your. File of its Yahoo! triples their estimate of breached accounts to three billion what other Preston. I didn't know there were three billion accounts. We'll probably and imagine there's number of fake ones okay probably number duplicate ones. Problem once the people signed up for never used. 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 them back in 2013 not just to billing accounts that actually three Billings. I don't know why I checked can I still to this state don't understand why Verizon. Bought this company and why they would have paid any money or book 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 who's a count. At Yahoo! was breached somebody hacked into their email account. And then they went to Yahoo! and they went to Verizon to try to get assistance and couldn't get any. The aide basically had to give up there email address that they've had for twenty years they 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 news Yahoo! for. Nice indicate if it makes me wonder as I sit here like there's no doubt like Lycos further search. It also Vista it it's it's. You know. Ask jeeves in this is it to Dallas this 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 a 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. The the did freight business was going gangbusters. When oil was booming in the united state righteous you don't have the pipeline capacity and even railroads were struggling to keep Opel. 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 happening right now oil production year over years about a million barrels day you know OK and I wonder how much of it is due to the fact that hey you've seen that oil production recover them and so you have extra demand on the energy side. Beat you yet perhaps that is it but eat because retail sales are up but they're not up dramatically. And I would have 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 there and and a lot of talk about this logically because. Historically what would happen in his goods would coming in from China Canada Brazil Kansas City. Indeed come to Boston somehow. Or New England. And then you go to aware house by truck. Yup and then new 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 and a lot of that's changed hasn't really 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 him I don't think it's due to. Extra retail demand because you are taking title one leg out there well that's what makes it impressive it's something where if you know FedEx or UPS to write that warehouse pick everything up they needn't have taken on the way. But I'm also I'm not sure what 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're not directly manufacturing yourself you find third party manufacturer. They manufacture it in and they handle all of 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 make me 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 you know 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 it's just curious to see where it might become. It it it is nobody at best 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 hold 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. Tesla is announcement on their big electric. That's it that's hogwash now I prefer it did you hear the talk. He very Armstrong. Proponent of all things electric the only work on late. Cars the Yankees the did these batteries that we're talking about a night like electric cars don't get me wrong but it's not gonna work on a big rig calling. Goods across the country put that down as a prediction is not gonna work our right. Least not for the next ten years until they make dramatic improvements in batteries which would lead me I think we're general agreement that that's at least ten to fifteen years away. Depends a mean Toyota saying that they're gonna have a lithium air battery figured out by. Three years from now I don't know if that's true but they say they're gonna happen in production vehicles I talked this city we talked to those guys from Michigan was Michigan detector Michigan and Cameron align those Toyota said they have the technology so. We'll see we'll see. 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 Laats he. In its exclusively available by going to legal exchange show dot com in the past they've given me a 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 want to 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. Down now how dumb is it 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 lake. 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 gonna be the new director of education. We are 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 lock Kelley show drew 2.5 million viewers on average. That 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 the 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 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 paid just down 5% isn't huge you know you can you can make that up but Tucker based on the reviews how. Long would they give the show us you know the year you're the media. I mean six months they they give it I was at last sits lay in an age that through Christmas. That it I mean they've got to be after New Year's legally for a multiyear contract rated. I mean they're getting an error they're paying her whether she's Jewish or you got 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 place to be put in the wrong job death. Indicate that she worked as she is a political. Report she's she's that's what that's what she made her and that's what she meter namely and if you don't wanna user for political let's say she's done with political and use her to talk about criminal activities and things Portugal 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 they give you put her on sixty minutes I think she can do great. I think she's responsible for recognizing that. Her talent you know. The paper a lot of money. I wish I had her paycheck for the seventeen million dollars a year unites. Who do we know how many years Ellis the five years I'm not sure I think it was somewhere in that fortified for change if she's old she's 4647. A battle that's in that business that's O. It's this is a it is either a woman in media. The year when you hit fifty it's tough to think about how many female newscasters. Are. That are over fifty years shall soon as they hit fifty ball 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 the ghetto woman whose. You know he let me put it this way you'll see many women. Natalie sprung last when it comes to mind Natalie Jacobson right news you know fuse in the worked great up until early sixties. You don't see very 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 you know our retirement stock here stock talk next. From the financial exchange radio network. Trumps administration hasn't passed any significant legislation yet but tax reform is front and center asked and share. Keep it here with Kerry and chuck 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 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 Dolan and host of the legal exchange radio program has been -- listeners like you for thirty plus years he knows how to prepare your trust and keep your assets safe this month on his written a brand new guide told designing the perfect income only irrevocable trust in 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 dot com legal 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 leader 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 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 you war 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 maybe are trying to draft him more more lawyers are trying to get into the field that that maybe aren't ready that the safest way to say it and and they're putting paragraphs and it 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 back paragraph that causes the problem and so they're starting to realize that rather than 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 trucks 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 too comfortable assets. And exposed to the cost of nursing home care so it's a big deal it is a big if you lose it's all about drafting Mary it's all about making shore. 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 want to 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 with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten disk 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 so this is a mid cap point one little utility down in South Carolina primarily there to distribute and ocean transmission and the electric and gas. Business and the other key thing here is 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 in 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 the project so. Literally if you look at the pictures there is they have built nuclear plant. So I think in Fairfield County. South Carolina so let's look. So the story ST you injury that stand a utility and very well run very good utility it's just the issue of this nuclear plant. The Taft finish. 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. As the legal side lawyers are certainly involved in this so it's really the question of how much. Disk and shareholders have to bear for any kind of penalties any kind of write offs. However regulators. Politicians decide to treat. This recovery and they've invested over four billion dollars in this project so far and they're going gotten back a fraction. Of that investment. So right now what we see in the sport he would dollar stock prices. 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 basis that we've ever seen and utilities sector. How long's it gonna take four less to gain some clarity on this. There my best guess is that the management team's gonna try to reach a settlement again missile in eight billion dollar company and he's got. More than four billion invested in the project so. 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 have a go to settle in our fair value of 64 dollars a share. And I incorporates about losing about half of the investment and then also some later. Fees and penalties. Good Travis thank you very much of the time. I Travis Miller from Morningstar talking about scanner the ticker on the ms. SEG. So I'm looking at an analyst for poor right now truck 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 here 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%. Yup your pain. Low tax rates on Davydenko is to tax qualified dividends right up. 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 so. 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 happened 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 could drop twenty Yani is now that that that's. That might be a little far don't think no stock dropped from sixty to forty in the span of a day that you could it's about having to go from 48 to twenty dollars. You could bear lake again like depending on how much theft and 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 this Cesar public utility company put about businesses and generate power all all I'm saying is late 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 get paid something while you wait. Pay the market. 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 and shot from the financial exchange radio and. 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 Armstrong 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 in the securities America companies are unaffiliated. 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. Workers at 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. Maverick DNC equal housing lender and -- number 449250. Subject to credit approval leader bank a step ahead and he spent the last thirty year forty years building your financial planning business. He worked hard and your clients rely on you 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 every Don about a succession plan for your clients our firm the Armstrong advisory group is a regional firm based in Massachusetts and we are 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 and all six New England states and have 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 college today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to securities America incorporated member of an SIPC and advisory service is up with the 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 it's 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 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 website that you go to for each state to calculate your Medicare program and which ones 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 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 online 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 printer 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 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally we just make sense to 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 your assets from pro ready to end 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 dole 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 to hundred no brand new guide told 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. Your dream home is within reach with a Jumbo mortgage a loan from leader bank they're Jumbo loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinance us 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 ahead. Hi this is very Armstrong and I've told you for years about my relationship with leader bank -- 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 -- savings account providing free online banking with a one point 15%. Annual percentage -- 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 logon to leader bank -- -- 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 -- and no minimum balance and remember this product is only available online so logon to leader bank dot com right now -- leader bank dot com -- -- a step ahead. And. This is the financial exchange with Barry Armstrong and sharks are down. You're exclusive look at business and financial news affecting your day your city. Your world and stay informed and up today about the economic and market trends plus get breaking business news and every day. And now the financial exchange with the very Armstrong and chuck Exxon. Last night. Donald Trump the president of the United States said that Puerto Rico's debt we'll have to be wiped out and it investors can wave goodbye to their money. Hi everybody it's very in shock and you know they need it I think we all knew this was coming here's a little doubt in my mind. That in five years ago that Puerto Rico was going to default on their dad. Of course the price of their debt today is quality was at 44 cents. Yesterday it was probably at sixty cents a month or two ago. And I don't know intuitive what are we 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 the 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. Not troop re true rehabilitate. Not 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 bonds. And so the people who get hurt most by this wealthy investors. The wealthy investors who are 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 look like it out in don't you know no and don't send federal funds. Tucker and I are paying anything. But the Argus center school 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. And got married but let's talk about the people that get wiped out. Usually eat in recent clients and CAD people that I know buying municipal bonds. Are people that have a lot of money but if you're if you're low tax bracket do you buy municipal clients well. Keep in mind so here's an example for let's say that someone has a pension from GE 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 1002101000. Of income dipped but they might not have a ton and assets of OK but they may have an in municipal bonds is because there in that 25% bracket and don't wanna pay 25% tax all of a sudden let's say that a 100000 dollars of Puerto Rican bonds and now they don't. Late there's sadness and 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 truck came and said you know you know this is we're gonna you know wiped out Goldman Sachs in new Goldman Sachs as they divide this. Golden Sachs doesn't own boat house bond assets their clients well in its its fidelity clients and its Oppenheim but it's not gonna hurt Goldman Sachs if you say hey you know we're Gannett negate the value of Puerto Rico's debt. Gold it's not making any money on that right now Lloyd Blankfein view. But him but like this is it it's hurting individuals of music pay that debt has no value. It's individuals who were holding that debt. What do you make folks should Puerto Rico 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 number will go public. Right now I mean how long have we been speculating. On mover on 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 0708. They originally believe announced they were known as who they were known as super cab of the originally founded in 2009. 2009 march 2009. This is really remarkable. The islands company didn't exist in 2008. Starts in the depths of the recession of 2009 and zero value just an idea from Travis call 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 line. 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 a hundred to one the voting rights of the other shares that were out there. And so there's this quote super voting shares that 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 America 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 it this I think we've got fifteen months could be the biggest IPO in history. Yeah I mean a tragic how big was the visa one was not big they 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 to tip the 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 a distant. Loosened three billion bucks like you who's gonna buy the shares when they're lose in three billion bucks you'd think he he can cut back on that loss in two years now. I don't think he needs to companies and IPO one they're losing money every every look at every tech IPO this year in which one of them making money. Yeah certainly not to say yes that's that's a great test to 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 I because I'd be asking you may sound a bit on drive those cars you are in your bit making a bet that Lowber. He's gonna have the best technologies that would lift has better technology to marvelous art technology. Maneuver so what does it isn't over worth anything so I don't think that's what you betting on necessarily just keep my weight why did you ever have to own the dry for most. Now that if they don't own it what stopped it from Google from eat 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 but would it widest Ford need to light isn't for days if it were doesn't have detective Forsyth tech companies don't have the infrastructure but if you have a company like GM who bought a driver Lewis cart technology company it was a call the wanna Cali anyway. Be they bought that why does GM need to Dwight is the end of the not a tech companies like it get it's it's like a spotlight. You're asked this is a guys let's scale this is like asking why is Wal-Mart used. Dell netbook is there not a computer company like Wal-Mart could make computers if they wanted to but they're not a computer company their retailers yet big the company is gonna get paid. And really make the money. Is the company might be Google. That has the driver Lewis cart technology that they lease out Hoover and that they leased out to lift his wife for all this immediately think about legal get a car that you buy right now. Ford doesn't make airbags now we're doesn't make GPS for doesn't make analysts believe they don't do they paid by those parts from suppliers I don't see how it's any different. Everyone I I think people of you know for whatever reason dot. Falling to the it's it's going to be like a driver was car like. It's still just a piece of the car needs it's not the whole thing it's it's a piece of software Leo okay. But it's DO 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 has invested to get to this size right there on everybody's Phil Ford's not gonna go out invest twenty billion dollars in building out and network that would it would Bloomberg hasn't lift as Hoover's got a boat 75% of the domestic market lifts that 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 play. 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 rip talk about something much more important than. When 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. Merit you're telling our radio audience what you do. Is when you go into McDonald's gray now everyone's gonna do this and slow the whole thing down yet you have to ask for a receipt. Now I get nobody asked for seed McDonald's right. But if you ask for receipt and adding business travelers do they think you worry mystery shop them and when they either the managers of these Adele 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 receipt disgorge it any real fast food restaurant everything about it right at Wendy's one after Allenby stroke. Should we have eight cash less society. What are the benefits what are the pitfalls of a cash flows American society in the next segment. Will be joined by Harvard professor Kenneth rolled off. To talk about. What the benefits are of going catch us that's next from the financial exchange radio network. Markets continue to fluctuate but we've got you covered get your daily update on what time and what's not from Mike Armstrong every morning at 1030 only 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 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 -- 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 -- 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 803934. Zeros or one that's 803934001. Or visit us online at Armstrong. Advisory group dot com securities offered to securities America incorporated member finreg SIPC and advisory services are with 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. Many times 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 ad rate is locked for four years you need to have a credit 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 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 guy 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. 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 -- 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 and don't Dele 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 at the most. Days as the financial exchange radio network. As a society. The United States is moving towards cafe society let me tell you give me some statistics that demonstrate that. American consumers use 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 Kenneth welcomed the show. We're glad to know. I write 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 there out there. Four holes at her law. And the government pretty much doesn't know where most of the market there are. 36 for every man woman and child 3600. Jobs in hundred dollar bills. It's must not and banks cap registers. I can account for a little bit evidence service. 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 few of us Perry hundreds sometimes it's argued. But do you have 36 in near water blue multiply it times for your father Stanley report that your kids are Terry Annie. 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 all gonna buy gas they don't use cash ATV yeah Ali again just. When I get in a car FIE if I mean isn't a a lift or Newburgh I use 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 honored sort of avoid detection by the government there's there's no record their power seat candidates attacked president. I'm not against capture especially you know for small transactions which is mostly optically scout and but it's stating out because there are a lot of convenient alternative but not for criminals. Not for people avoiding taxes it's difficult encountered. It's not the way you can be sure the government won't be able to date again you know 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 for crime and tax efficient. What would happen. If you eliminated fifties and hundred dollar bills. Well it's not gonna get credit climate activation and part of what Condit. You bird which would be a big win and it cost almost nothing to do it but obviously. Instead of having a briefcase. Twenties hundreds to carry billion dollars. They can lobbyists suitcase. Tenant. But it's you know it's been away 220 pounds and that a 22 pounds. It it makes a big difference the a lot of people. Criminal act Ritter are fighting out and out not to target from the government there on their Rel but I think 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 seamless way to start you can't do it overnight you got to take part first happened 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 rough where the 15% out of captives are never date. Were talking I just that the federal level 500 billion dollars a year that's not collected. And well over half of them are what may be euphemistically call to action intensive business. The big illegal bat to let this time but somebody you know operating a store with their cash register carry out the receipt. And does not and taxes and it out dot. 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 it'll have in years that prime minister of India that it over night practically in India and that read Arabic. Eric he you know you give people five or seven years they're obviously can be able to launder most of that that's not the be ideas. Not the chicken ran out the existing topped out there it's really part. Ideas just to make corrections in the future. And catwalk can. It's going to be pumped up like 2% and another ten years maybe 1%. We're we're moving along the direction. Other countries are out of so most people won't know that right it. What 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 Berry on orthodox spank the sort of prop up the economy. Baton although it may seem had been betting. They wish. They're really where you're not just brought interest rates is Europe they wish they could have brought them etiquette that really push money out into the system. Arctic keep inflation from collapse sang. And they weren't able to do that because if you tried interest rates that it and people bail out in the cash. If that's more expensive you'd make that to do. The last of a problem that is so the stellar serve also thinking about how does that help and so are a lot of apple back around the world. Got it got to ten 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 that eliminating. I could careless and relieves a lot of cash anyway is the use that means you're not partaking in illegal activities noise my bitcoin for oh UIC. Yeah your eyes but we neglect or any bribes and death in your extorting what I'm hiring hit men use of these bitcoin not count size it's big date that number supposed to 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% and fifteen. We beat that in seventy 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 or hates paying soccer referees. I think you did that and higher and lower payments soccer referees in cash. Really why it is that totally choirs OK Tucker what you would do you use cash or Jack man I've rarely use cast. Cash wanted to news you know I used to tunnel mine in my trip. You're buying weed great yet by use can now not necessarily now. Melanoma. Like I yummy can 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 isn't exactly percent. In masters I don't know. For sale. Now known to the retail stores aren't open to much to launch now relegated death all can be idea price. There's no cash it can come with a bomb but you can't pay for the marijuana. You're listening to the financial exchange traded up. You've got Barry Armstrong. Financial exchange on the financial exchange radio network and. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 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 banker called 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 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 Armstrong 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. Securities are for two securities America incorporated members Jenrette SAP C and advisory services are there 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 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 dole 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 told 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. 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 take hassle out of Wednesday with zero liter 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 -- -- rent your payments for each unit received regularly on the same day every moment tenants pay nothing in the first six months or free throw landlords visit WWW Doug Z -- dot meant to learn more or call 7816 or 18691. Very Armstrong here and I'm joined by vice president Jacque 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. All right so he rented product we innovated leader being. Comedy can be found it WWW duds he rent dot net and it's essentially. 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But going back to your 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 and there's a version of the rent for Condo. I'll be darned well sounds like something that you need to learn more about folks visit. Z rent dot net to learn more that's a website address or call them at 8776917900. Toll free 8776917900. Why collect your rent or your Condo fees with paper checks get with the modern age go to easy rent dot net or call them toll free 8776917900. Markets are. But questions remain about whether or correction is coming we've got you covered every day with what's not and what's not from Mike Armstrong. Mornings at 1030 only on the financial exchange radio network. Should Puerto Rico via absolved of its debt that's our poll question today 35% of you saying yes. Let them off the hook pay their debt worry about it 65% of you saying heck no. I don't want them there anyway they're going to be his presence at last night. Gary told. 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. In order to do and trying to wiggle out of the fact that we get to deduct our mortgage interest and on 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 untoward as much money beyond I would. That's why it's a personal right I I don't like paying taxes and I Ed and I bought a 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 do it when I can't vote anymore than he is so here here's the way I tend to look at the mortgage deduction. It is something that disproportionately benefits wealthy people. Okay you Carla. Well from a wealthy people all I'm saying is they work hard keep people who rent now. Don't exercise the mortgage deduction people were buying a small house you know a star small starter homer something like better paying low cost him don't get as much of a 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 there's 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 about the same Canada sixty kind of making our candidates 68 point 4% to 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 tailor it to how much Toomey 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 have a more expensive kitty get a bigger deduction it's no you get a set deduction per kit. I kinda like it was just so you know are a money losing it's a 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 forming has negative cash flow. Yes. You're gonna buy a house will be great analogy now an eagle on or now it's noble and in this value that's there every idea is a negative to. Does the term mug every. Expensive here should be to. You're 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 and apple park 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 because he you know for the last the F thirty years. I've done it too chicken and I'm not casting aspersions here but the last thirty years were a lot different in the next thirty. First 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. And what happened is a lot of people ended up not being able to pay those mortgages that was part of what tank the housing. I just don't know 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 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 save about 7% on your mortgage risk. It's a big risk. Yes have you figured the Arabs what the if you if your under buying if you know borrowing that much money. Or Europe does it a profession where you make tons a money you can pay that often handled that the press right a lot of people are shocked a lot of 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 we 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 you know loans that were being generated in danger. Knowing to a Wii and no income no job no last breath dugout 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 in and I'm speaking now to the the sub forty group out there ear you're 35 years old and you're buying a house and you stand on and use an adjustable rate mortgage. But no ma'am I'll landed in have had like I've had this conversation of 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 I might make sense there you gonna sell the property within certain period time. Or a circle back on this property tax thing okay just in 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 as a what I'm saying is why why do we base the deduction for buying a house on a mortgage so when you pay that mortgage off he's still don't get the same benefit. My point would be looked if you own house why don't we give you was 3000 dollar tax deduction there already have a mortgage or not there have been studies right now all we're doing is incentivizing debt are right and there have been studies that it increases debt for the wrong reasons and people blow the money so I can deduct that -- they interpret love my point is look you wanna buy a house great we will give you a deduction for buying the house is not based on the interest that you pay its. He you banking. Peter bank is in the news they have belly Zuma rewards account get this. You can earn two point 05%. Annual percentage yield on balances up to 50000 dollars Heidi qualified. We have that 12100 dollars in direct deposits per month. You have to be make at least ten debit card transactions per month. You have to sign up for electronic statements way to deal two point 05%. Annual 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 of and a 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. Liter bank member FDIC. Auto sales spike and it is the start. Of a big cycle turn to lighten it I saw this headline need and what I took from this track is where you know pop and 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 flights. The any increase again and October you think it'll go to November December a much Gregory 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 yeah I do I I I think I did those dropping down to fifteen million next year I think most people are maxed out. IAE 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 duke 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 and 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. Up next or be joined by doctor Stuart Titus Ph.D. we're going to be talking about. Candace 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 this 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 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 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 delay 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. Member FDIC a minimum Alex fees may reduce earnings rate subject to change without notice and may change after an account is opened. 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 dole 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 to hundred no 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 legal 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 worked hard but now it's time to find a successor the arms drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both are hiatus and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with a 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 com securities -- to securities America incorporated -- -- SIPC and advisory services -- for the securities America advisors incorporated Barry -- representative Armstrong advisory -- in the securities America 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 help -- receiving and deposit their -- checks electronically as opposed to having to wait for the male co leader bank right now if you are interested -- he -- the number is 8776917900. That's 8776917900. This program will automatically -- your rent -- into your account -- -- help you avoid the hassle of waiting to get a -- many landlords are suggesting that -- sign up -- -- -- upon the execution of their release and why wouldn't you wanna do that once it's set -- you never have to make another change during the -- period he -- -- a free service if you have an account -- -- bank and if not they'll simply cost -- a small monthly -- -- -- -- right now and 8776917900. That's 8776917900. Or go to -- -- dot com for more information member FDIC. Security suffered through securities America ain't 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 come 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 or polls shows if you can't listen live we've got you covered on the I heart radio app. Joining us now to talk a little bit about the state of the medical marijuana industry is doctor Stuart Titus he's the CEO. And president of medical marijuana incorporated he's also speaking at Canada's world congress in business expo at the Hynes convention center on Thursday and Friday. In doctor thank you for joining us. Its grip especially up the effort and the doctor did you first talk a little bit about your company and what exactly does that do. Yes medical marijuana that we another person poppy trade company in the US on backed march of 2009. We better than that industrial and medical campus based. I currently work Maury and an 88 company with four division in pharmaceutical sale and based BP. You know that you are at work and Batman. It up and coming early stage via bio pharmaceutical company. Act would buy back as well analyzed by or well. 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. That sit there and ask him anything now looking at you know I'm the Tebow really you know our company has been an investor going back market nine. And in ten years. All the company has been amazing being the tremendous growth. We have about thirty US base we met in the law on her book. Eight states with a recreation a law we have that is seen that are BBC all. They run for a I concentration BB CE eight feet. Combination product. Epilepsy and we don't that we all on the Colorado. 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 way they're great they've or the European market. Certainly in the world is reshaping the way it begs the bats and a bit. And that early break do you think there. I tremendous opportunities. In this is played for investors for the industry for broad even for our air quality. Should create a more sustainable and renewable economy. The job. One acts revenues my you respond. Colorado. We know a recession. And certainly an epic economic growth more opportunities that we I 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 plants in years well that they obviously at the industry is growing up. We're looking at additional scrutiny and regulation obviously in line at state. For everybody in the laboratory. Statement that you were a society residuals are better is that quite important. At all whether Corey that is great strides being made on medical. Increasing number of clinical studies and research or restart or what that he's into the night. I certainly does science support that we all humans than all the million creatures and her that are bought at that point. All. Of this in darkness and openly that the huge number of respect respect to Brett. Throughout the body. Are in the influence that has tremendous most sectors where is well columnist he wondered centers if you were raptors. In the gut that desperately internal organs. And certainly many other internal organs. Out all respect respect the better and better. Oh would you number. I respect respect in the eye and the popular Apple's iPad that he'd the next 200 years. Or in the huge number of potential. You know that they've been. 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 this is a growing and emerging industry and the order you are all out all over there. There were many challenges back in the 1930s. Forties. Being legalized and that certainly were buried in something similar within our industry yet banking and you mentioned it will of those challenges. The investment dollars mean to me. The evolution of these crypto currently in such as it online. And all but worked out there as the investment banking arm is that just opens back Burton. Ray bit. Tremendous. Investment. Individual special Larry I think black bra. Saying my you know what we eat how big that under current market really. And see huge opportunity or is. One or as a lark is spot on the world. Two investigate these. These situations. And there's over a mile walk the evolution that. They legalization of medical campus. Utley and recreational and that is what the order of the inevitable and certainly over or while these challenge as we move forward. Doctor what are you going to be speaking about this our conference on Thursday and Friday. Well I say that presentation at first the where was on the oral that it the industry quite and recent Asian. Well late night that presentation on medical you know no I'm fine and as I was about forty by an increase in based novel it ought. Just before why. Presentation we have wonderful statement we are beyond that media group who's done some great work I'm battling around. Country and around the world that although he children very we're. Can't eat eat products built via presenting. And then finally a lot more loudly about three there India named as and the investment opportunities. Within that and respect their. Very good doctor thank you very much common knowledge this day we appreciate the time. Script let it thank you. But not the other at the end that certainly we appreciate your 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 and 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 candidates gets its its challenge. But you know your local credit unions can do. 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 we're gonna licenses is a gazette. That is what you decade. To decade here before they visit the feds do it. Then it becomes. Mainstream you know all of the battle of this common is a six pack of beer. The other note I just think about all this federal resource that you can divert to do other things that Ernie and have a bigger impact you know you can take all the money and the board devoted towards OP would prevention at the well and they're 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 and say and then we could have some right. The egg you know that's how politicians think or 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 US and 500 is up four points. It's very good shot. With you from the financial exchange radio network.