Nov 3, 2017|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is the financial exchange with the very Armstrong in Russia Oksana. You're exclusive look at business and financial news affecting your day you're sick leave your world. Stay informed and today about economic and market trends plus give breaking business news every day. And now the financial exchange with the Barry Armstrong and chunks. It's. Probably one of the busiest news days of the year as far as any economic data is concerned and so without any further ado we're just gonna get straight into it. Chuck is not a Mike Armstrong autocracy over here. And Mike let's start first looking at what we got today as far as the jobs report we got data for October. And my take on it. This report is a complete mess that I don't think you can really take anything from because we Edison timber report that showed. Significant skewing because of the hurricanes in this kind of that bounce back month after. Announced a whole lot of this data makes. Any sense to I am a little bit confused by to assert the expectation was for a 3101000. New jobs. We we saw a number of 261000. And it's just. At adding I agree I don't think he can draw anything in this the timing of it seems strange. You know was there still some sort of hurricane impact that we're not quite figuring now what did the California. Fire's impact things I'm not really sure withdraw this. Yeah and really the the reason why is the headline numbers one thing but the underlying data. Makes no sense so looking at the data what we hear what we see in this report for October. Is that 968000. People dropped out of the labor force which. Doesn't really seem compatible with 260000. Jobs gains so here's Anderson okay what happened in a million people leave the work force her to regain. 260000. Jobs. I'm unclear at this point very difficult to tell the labor force participation rate which spiked up in September spikes right back down to 62 point 7%. This Muncie is there going. Okay lake. It just it seems off just to begin with there and then all of a sudden you start looking at average hourly earnings. And you see that those decline for the month even though the hiring come jobs should have been coming back on line after via the hurricanes are you sit there and you're going to. What is actually happening here and in I have no lake. Measure measure that was September. You need to take a couple months to kinda look in to let all the shake out in I think that's what this data showing is that we still don't have a clear picture. Here's your here's 21 consistency. Wage growth in the lack thereof or at your every year wage growth about 2.4 percent verse two point 7% expected still. We've talked about for the last eight years. No wage growth but we haven't had wage compression recently and that's what bill had here's you know this is yet wages go down hourly wage is on average went from 2650 for an hour to 2653. And and a synapse and that's not compatible with less workers in the workforce and more jobs created because in theory if that's the case wage should be going up is there's more demand for workers about the markets don't seem to be reacting to this report and archer we should anymore either. Now question from seven anyone who's at the expectations for the job report for the the gross totals by you get for pretty much all the big banks all of them put out kind of their expectations and that's. You know we get a sense of what they're expecting to see. I think largely this report is being shrugged off because the data makes to be completely honest no cents. Tax reform let go there let's let's talk about tax reform because we've now had a little bit north they're a little bit south of 24 hours to watch take a look at what's. Was proposed yesterday and ruled out by the house. And overall what we'll get to the personal side in a minute let's start first on the corporate psychic says this is where I think the media is as far as there's this substantial changes on the personal side there's some. But let's talk about the corporate side where we seen here. So first off. Corporate tax rates the big numbers as expected going 35 to twenty. Very very big shift. You're also seeing some changes on the rules about you know foreign money held abroad are in domestic company money held abroad what they can do to repatriate those funds and how that could change things. What I'm not seeing any details on when I was looking for. Is what deductions they are getting rid of on the corporate side I don't know if that means they're not getting rid it. Any deductions are night and try to tackle that or what all that means but I have not seen much in this plan about. Corporate tax deduction. And so the big thing I think as you mentioned that corporate tax rate becoming a very competitive 20% yes we talked yesterday with. Who was a thing was Gio Gonzales from Wallace on about the rates of corporate taxation in various countries. And in the US the average rate the companies paid was about 31% compared to about 21% dip in other countries so this puts you on a level playing field does not something where you say you don't sit there and go. We have the best corporate tax policy in the world you say hey. We're just as good as everyone else to bring bring your businesses bring you companies in we are as good as everyone else so that's the first thing that I take from. Repatriation occasion that that's going to be working at 12% is that that's correct is there a timeframe on that. I I I got to dig through data did you see it tied in knots I tell a different I I didn't see it time and so if if that's permanent. That's a big move OK it is a dramatic shift. That's gonna impact the big tech companies see look at that apple you look at you know a face of these companies that are harbor yup harboring a whole lot of money abroad they could bring that back here the question. How this impacts the average American is what do they do with it. What is apple going to do with right billions and billions of dollars that they bring back are they going to suspended on a factory here they don't historically apple is more they gonna buy back dividends apple is not at all or any. That tends to spend an outsize amount of money on our Indian on capital expenditures and things like that it's not what they do they have a very narrow focus. So noble will begin that we're gonna talk met apple earnings later today also mean it as I said. We are jammed with with with things to to cover today let's talk. Personal taxes person always seem to have a lot more transparency about what is going to happen at this point in time I'm sure we'll get more on corporate but it seems that we've got a lot more details on what's gone on the individual's risk spent a fair bit of time on the net change best that I can gather is overall effective tax rates. Likely going down no on the federal side absolutely bees you've got basically you've got to compression of the brackets from seven down to four. And you've also got the income numbers of what you can earned hit those brackets are close to doubling in some cases. On the other side. You do have the removal of a whole bunch of deductions or the reduction of a bunch of deduction whole Lotta them okay that's that's where it's gonna come down a state by state so. If you are someone who's living in say Alabama or Texas okay. Where paid the fact that the mortgage interest deduction is now capped at 500000 dollars principal probably not affecting you too much you know OK the fact that the state and local tax deductions now capped a 101000 dollars. Probably not affecting you that much. If you're living in Massachusetts New Hampshire Connecticut Rhode Island me. You'll likely see an impact from both of these changes especially if that. That the housing markets in some of these areas if you talk about areas that are likely to be hurt by the change. In that mortgage interest deduction okay the year is that you most likely see being impacted in New England. Anything inside 128 in Massachusetts. Anything on the seacoast and any state. Okay just give your high property values out there okay. Anything in western Connecticut down towards the New York border that Greenwich Fairfield area and I all of New York City. All of New York's and not doing good work out new England and Erica are so you looking in new England and you know their definite pockets it'll be impacted but. You'll western mass isn't gonna see a huge impact from the has gone on today in rural New Hampshire doesn't see huge impact so let's but let's let's breakfast. Exactly talk about what. What exactly retirement your sweet you've heard us talking about the soft deduction state and local taxes and went I think they did was pretty Smart to get people on board they said okay. You are no longer going to be able to deduct your income taxes for your states so states like California. Massachusetts New York Maryland New Jersey Illinois all the states have pretty big. Guy income taxes you can no longer deduct those that's going to be an issue for you if you make a lot of money. However you can still deduct a good chunk of your property taxes up to 101000 dollars so what that does is what you just said to get states like Texas. Who has pretty high property taxes on board New Hampshire you guys can be on board with that you don't have an income tax we have pretty had property taxes you can still deduct up to ten grand that property taxes. Big deal for the states. It is it really seems to be some kind of compromise it does I'm never a fan of arbitrary numbers why pick 500000 you can deduct and chef 400 or six thank. I'm never a huge fan of that kind is built those kinds of things but at least I see the process and OK we're trying to get to a compromise. And by the way they're grand fathering UN so if you have a big giant mortgage big Jumbo mortgage over 500000 dollar mortgage today. Your going to be able to continue to deduct that mortgage interest it appears in perpetuity so if you're looking at buying a big old home in the next few months or you know a second home with a big mortgage. Do it sooner than later because at some point you'll be phased out of this once this bill gets passed. It's time for a quick break here but on the other side Blake Burman a Fox Business is gonna join us here to give his thoughts on Jerome Powell the likely next fed chair. We're gonna talk with the blade right after this break on 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. Don't miss the party of the season it's the fifteenth annual Rodman celebration for kids and it takes place at the seaport world trade center on Saturday December 2 starting at 6 PM enjoyed tastings from seven via Boston's best chefs a blue men group performance silent and live auctions followed by dancing with the world premiere band funds raised support Greater Boston organizations that work to brighten the lives of at risk kids during the holiday season for tickets and more information go to run and for kids dot org that's Rodman for kids dot org. This is a special announcement for a landlords chasing down only rent payments and making trips to the bank to deposit checks take a hassle out of rent today we're zero and leader banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 7816418691. 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 that don't delay log on to leader bank dot com get all the information about this great offer and sign up today before the rates change get. Free online banking with leader banks in new. 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. Hi everybody it's very Armstrong and Jake two Lian we're talking about a program called Z rent. Now this is specifically. Designed. For those of you who wore landlords and you used to collector checks. With paper checks are gosh maybe still do will Z rent allows you to collect checks electronically. Jail is hoping he could spend a little bit of time explaining how is he rat works and why it's a big advantage for landlords. Absolutely vary so we we develops he rained two out of me the whole race yet because right now. You know with the landlord when you're getting range. Low it's unpredictable. Missing envelope the right line mostly waiting you my neck and all the rent until the tenth or fifteenth of the month furthermore if your landlord on vacation in your renting your notebooks to what he does is it really did they'll. It makes the ranked electronic payments and allows for roomy cheering for multiple roommates and apartments that's great if you're renting out to college student absolutely. It's predictable it comes at the same time every month and it's all on me. So the landlords who have been using this it's in huge time savings and ointment you are you still giving the first six months free from landlords the first six months or three and then in addition to that. If you bank it one of the participating banks he ran is always pretty. Those participating banks earned leader paintings don't mess up at that any bank could sign upright and keep you at a bank in Vermont to Connecticut. They could sign up and become part zebra yup you your if you have a community bank that wants to be a member happened Collison happened sign up and the Serbs will then be free free. All right if you wanna learn more about this he rent. Go to Z rent dot net him a call 18776917900. If you're bank doesn't operate they can sign up for zero it. Go to zero rent dot net or call them told free. 8776917900. Security suffered two securities America any member finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representatives Armstrong advisory group in the securities America companies are unaffiliated. The financial exchanges all over New England go to financial exchange showed dotcom and search for the station closest view this as the financial exchange radio network. Blake Burman from Fox Business joins us now here to talk about the choice of Jerome Powell. As the new Federal Reserve chair Blake thanks for coming on of those. Very good morning. Like we're doing well obviously you know this news came out yesterday it's been a busy week as far as. Events with him tax reform details coming out yesterday as well but let let's dig in on this first of all who is Jarome per. Pray that there were pretty crazy that that the president nominated as such it mattered in the second biggest story of the day economic weight yeah maybe third innings to. Yeah he had the opening and depending on what you're saying. Yet so I mean general Powell. Card could or governor. Obviously it and all with this process. Or the last ten years or so not something larger the white out 20 Powell according. Senior White House official in other big talk out. The fact that the you know the body of the institution in those how it operates about something. And old that that your president. In terms you know his overall policy outlook. Is how old someone who was likely to continue what we've seen from Janet Yellen or change direction. It you know it just think president trumpet that you wanted to make it go our. In this election and in some way that people. But doubt our business last week. And he had making his own mark because the new venture going to be somebody out and Janet Yellen. But when you look policy wise what howl. It is pretty similar to hear Janet Yellen. So both spoke he would pocket think that will be. I'm not sure I continuation of the correct word but it's not day. A drastic deviation you know had he gone elsewhere it maybe Kevin Taylor somebody here urged on error rather somebody who you know would have. Looked there could raise rates at a much quicker pace. One area where I have heard there may be some difference obviously we always focus on the Federal Reserve as far as their impact on interest rates but. The Fed is also a regulatory agency and I know that efforts and things stating that Powell made. For May push a little bit more read deregulatory. Approach. With in the Fed. Is there any detail on. Yet haven't heard that obviously your own thing. That is is that part of the president agenda right like he talks about his overall passes. And it gets hit for not having any major legislative accomplishments one of the things that. The president and the White House is. It's not the point Q is deregulation. And and that specifically related to Al but I mean about it and Q. What the administration and they'll. I haven't heard anything to suggest otherwise but this would appear to be a relatively straightforward confirmation process here there or am I wrong on that. Looking ears like in value from from the right out of the one when you're building up this. The argument on howl. To me yesterday. You know he's he's been there done that with the confirmation process actually review when you look at the numbers. He has been overwhelmingly. I'd. Oh yet so they'd debut Powell or somebody who has been through to confirmation process a couple times. It easily both times and they don't see any reason as to why there should be any sort of an objection to how this time around. You know that it goes in the senate. The obviously and that record is out yesterday. To the folks and all the that we were all that. That this should be a matter of we confirmation and not that early on. Go all the caution trying cheese stick to a calendar on capitol though. If not the safest option though it's obviously when it with confirmation that that article here. With regards to pal he's obviously. He has a history with the Fed and largely. Can be seen as someone with relatively close ties as an insider is there a sense that anyone's disappointed that president trump did it look. Outside the box and kind of towards someone with less experience or was she pretty much saying look I need someone to make that we keep things on track here. What it airs are here locally on the White House made the argument. Me yesterday that this is a differential. Powell and so is outside of the box. You know one of the critique has been he doesn't have a Ph.D. in economics or is that Curtis let that out but they argue look president. You and outside the box president is a businessman and not a politician. And Jay Powell is and is a different kind of choice and that I yet private sector spear you know the that are out on the and try to world as an investment banker so you know those are on the but also roll from from the wall near which walk every day. It under and that is what they're taught in a while. Goodwill Blake thank you very much for the time and double keeping on speed I'll keep us updated on all the sorry. Are you to Blake that is Blake Burman from Fox Business talking about Jerome Powell as the next fed chair. You know the confirmation process bullet to bring up something interesting is that you know if you look at who. Who Powell has been supported by historically he has had a little bit more Democrats support he went against his own party back in 2011. And in effectively was arguing for increases to the debt ceiling based on the idea that maybe government had to continue to function. He was that I have seen I'd heard a few clips of him last night where he was generally. In favor of a lot of the stuff that went through in the bank regulations after the 08 crisis and I mean as a general rule said no generally noon most of the stuff was successful and has done the right things and that's. Large part of the Fed's job is overseen this big banks. So. It'll be a sincere overseer and I think there's certain things your rate that he's gonna wanna clean up on the you know. The regulation side but I wouldn't expect him to be yet dramatically different shift from what we are seeing. This segment of financial exchanges brought to you by leader bank with leaders Zuma rewards accounts you get 1% cash back with a debit purchases and an extra 10% back. When you use your card at featured businesses to qualify for these and other rewards toll to bank 877. 6917900. That's 87769179. 00. We've got to go back to tax reform just because. All I wanna talk about it's it is it is the story to talk about it I mean again like you have a new fed chair potentially coming in and all we wanna talk about his tax reform. Let's talk a little bit about the estate tax or happens to the estate tax Ian this proposed. Church so right now the federal estate tax or not I'm not individual states and the federal estate tax. Starts at five point forward. I think it's five point 43 million dollars per individual soldier married couple you gotta combines. Close to eleven million dollars. That is looking like is going to be slow will not that's all but phased out over the next few years it's initially get a double. So now each individual's gonna have over ten million dollars and then it will be phased out of the next few years which. I mean to say if you if you're gonna find a critique of this tax bill. It's going to be this and the elimination of the alternative minutes minimum tax is just purely favoring the ultra rich. Let's look at the estate tax and what it actually dogs so first of all I wanna. Acknowledged that largely the estate tax in this country is sin ball no one pays it no one it's it's. In the last like five years we've averaged around 5000 people a year paying out of like two million who die right so. You're talking about like the top point 01% of people is not something with like the small and we formed the gets caught him by mistake like. You've got to have a whole heap of money. Did end up getting caught in the estate tax and you have to don't like no planning either. Correct because if you talk to any good estate attorney they're gonna tell you that there are enough for the uber wealthy for someone with an estate worth twenty million dollars. There is a whole lot complex legal engineering at that attorney's going to do to pretty much just eliminate that entire state taxes stands today. So largely this move I believe is symbolic. But if you're going to point to something it and you know if you're gonna look at what the Democrats gonna point out to say hey this is a gift for the ultra rich if the estate. That's what we're gonna go so here's my question so were we know that we're trying to find ways to you know keep revenue in the system in order to make this in order try to balance the budget and so forth. The state tax raise about twenty billion dollars a year. Why we get rid of it if we're trying to find ways to balance and find reverend. Because it's it's a big talking point to death tax it's a symbol. It's it's a symbol that people want repealed they don't want you taxing them just because they. We're gonna talk more estate tax more tax reform after this break right here on the financial exchange radio network. Like there's something. Follow us on Twitter. Show breaking business news is always first right here on the financial exchange radio network. This is a special announcement for all landlords chasing down only rent payments and making trips to the bank to deposit checks ticked hassle out of rent today with zero and leader banks all mine rent collection tool zero automatically deducts tenant's rent and deposited into your account visit www. C rent dot net to learn more we see rent your payments for each unit to receive regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 781 at 6418691. 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 -- -- advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI AA is 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 they've become accustomed if you're interested in talking with us please call me at 803934001. That's 803934001. Or visit us online at Armstrong. Advisory group dot -- securities -- -- -- securities America incorporated -- -- SIPC and advisory services -- for the securities America advisors incorporated Barry Armstrong 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 cents and is designed specifically to help -- receiving and deposit their -- checks electronically as opposed to having to wait for the male co -- bank right now if you're interested -- -- ranked the number is 8776917900. That's 8776917900. This program will automatically -- your rent checks into your account and we'll help you avoid the hassle of waiting to get a check many landlords are suggesting that -- and sign up for zero -- -- on the execution of their release and why wouldn't you wanna do that once it's set up you never have to make another change during the lease period he -- -- a free service if you have an account -- -- bank and if not they'll simply cost -- a small monthly -- cult -- bank right now and 8776917900. That's 8776917900. Or go to -- -- dot com for more information. Member FDIC it's not too late to get a great grade and whole mortgage leader bank specializes in a wide variety of purchase and refinance loans that some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means of faster closing calling 8776917. B 900 that's 8776917900. Or visit leader banks dot com member FDIC's equal housing lender and MLS number 449250. Subject to credit approval. Leader bank a step ahead there are many benefits to early estate planning among them keeping your assets out of probate and protecting them from the nursing home but did you know but you also might be able to eliminate your estate taxes every week on the legal exchange time months do you educates his listeners by telling them how to protect their assets let's do is an expert in elder -- taxation and the partner with Cushing and Dolan is a brand new guy doubles show you how to increase your beneficiaries inheritance by decreasing your state taxes and in some cases eliminate those taxes let's give leads an experienced team at Cushing in Dolan which has been helping families like yours with their state planning for more than thirty years call right now to get time to new guide called asset protection strategies at 8668485699. That's 8668485699. Let Todd Mitt team at Cushing in Dolan help your family the way they've helped so many others colleague 668485699. Or you can download the guide right now from our website legal exchange showed dot com that's legal exchange showed John can. If you're real estate or property management company you need a banking partner that has all the right tools to keep your operation efficient leader bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitize paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and its innovative -- rent payment platform leader bank has a team of business bankers that are on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies choose leader bank as they're banking partner call 8776917. To 900 or email BDO at leader bank dot com for more information member FDIC equal housing lender. Time now for my whole street watch a look at the market's performance so far today I don't Berrian jug right here on the financial exchange radio network. Time for Wall Street want to be the biggest stories in markets today let's start first with Starbucks which is up about 3% after being down like 45% in early trading up premarket trading. Now rocking back up in moving up a few percentage. Yeah I want talk about the songs I can't quite figured out Starbucks mashed or estimate is for for their earnings they earned 55 cents a share. But they had they missed on revenue and they also trimmed their forecasts for the rest the year as well as next year as they just seek competition heating up from there you know from other companies. Their sales were impacted by hurricane Harvey and Aramis and maybe be put us wouldn't this is a temper different and phenomenon but the way I look at this is. You're adjusting your estimates down there the year your stock shouldn't be up by 3% but nonetheless. Starbucks SP US seven dollar fifty cents nearly 3% on their earnings report. Pandora media which and 2013 went for about seven dollars a share up to around 36. Is now back down at 557. After losing 25% in trading today why. They are in pretty tough shape so while pandora has been facing incredible competition from the likes the Spotify and apple music over the last one maybe two to three years. They just consistently been losing listeners to these and these you know just frankly tougher competitors. They lost six cents a share which was a little bit. Smaller than Wall Street had projected but they are losing revenue they can't keep bringing ads and they're losing listeners and that listeners that they do you have are listening for last time. So as you mentioned stock down 25%. On this new nearly 25% on this news. Down to five dollars and sixty cents a share. Looking at pandora and what is their path forward. I don't know I. I don't see a real good path forward for them I still frankly use their service just because I was a legacy user and I liked. If you haven't used it before you like and dislike songs on their stations answer if you built a big station sounds that you like and dislike and you've got this customized radio station that you searches for songs that you with lights by two and I enjoyed that in our government built stations are not switched. But attracting new users if you never use one of these online streaming services and you choose between pandora Spotify and apple. No no no new users are gonna pandora I don't know what they can possibly do to attract new users. I'd I don't see it your guess is yours mine. It's I just I. I see and and unfortunately slow death for them unless they're able to get bought out by a competitor yet you see maybe the technology has some value or something I think I don't I don't have enough subscribers to be value I mean I think their algorithms might be actually valuable to assess Spotify or something like that but the rest kinda that's about all it's worth I think. Circling back to tax reform modest takes over to our poll question of the day up at financial exchange showed dot com. And our poll question of the day is pretty simple or UN favor or against the tax plan rolled out yesterday. There's no opportunity for fence sitting here she can't say well we Portsmouth but it went to the ports or not sure. You gotta say in the aggregate yes or no. Tucker what are the early results that we're getting from the other poll question it's still early here check or what can only 66% of bear so far so still pretty early here so once again head over to financial exchange showed dot com. And vote whether or not you are in favor of the tax plan rolled out yesterday or. If you're against it. You know look let's I wanna talk about the estate tax it just yeah we've we kind of got cut short their prior to break. Looking at what happens with the change in the state tax my argument would be look it doesn't affect very many people know it doesn't. And it is a significant source of revenue to help balance the budget. So why wouldn't we utilize that as a way that hey we're not really. Angering that the middle class and anyway by doing this why don't we keep that in there in order to try to you know give the middle class more of. Yeah I agree with you I think it's just out here you know Republicans have been railing against the estate tax for decades and it's something they hatred pitcher's future conserve fiscal conservative you hate the idea of the estate tax weathered impacts you or not this is a this is a brought largely a marketing win for them if they can repeal the estate tax that I agree with you it's not a big revenue item it's not something that impacts a lot of people. But it went it's just hate it it's just genuinely hated across the board. I would talk to you before the before the show started if they really want to have financial impact. You wouldn't go at the estate tax if you really want to raise revenues. Without it you know. Drilling at a whole new estate tax what you would do as you would get rid of these stepped up and cost basis what does that mean so when somebody passes away. Let's say you own Apple Stock and you bought it decades ago and you've got a you know 100000 dollar capital gain on it. When you pass away you leave if your kids they can sell it the next day and there are no tax implications that whole 100000 dollar capital gain goes away. If you got rid of that and just said no capital gains never go away they are generational and you'll keep them then. That would be huge revenue revenue producer for the for the federal government. It does but does that also creates some perverse incentives were all of a sudden you have we have things that just never gets old is known ever wants to pay these taxes you do and I'm not sure I have an issue that if you wanna be a intergenerational investor in the company and just never sell that stock or if you want to. Own a property that was passed down through your family for generation I think that's the one that really bugs people you know if you if you. Your family owned this big giant ranch in Colorado. And you've worked on your whole life and your father passes away you're going to an paired and it's worth six million dollars in some of the federal government says well you'll loss. And 200000 dollar tax bill that's when people get really pissed but you know what if if you wanna keep that if you wanna keep reading your family annually use of the rest your life and never sell. Then we will tax. And that situation recently frequent. Like I agree it's not it's not very for it happens on average. 5000 times a year at a two million people who die I agree I like I said it is a it is largely a marketing issue for the Republican Party but I'm talking dollars and cents you wanna raise more revenues of a candidate did. It would generate a heck of a lot more revenue for the federal government if you're trying if that's Richard genuinely trying to do this is where. We go after folks wanna talk to about a live event that we are doing at Bertans grill. In Burlington on November 14. This is Tuesday November 14 we are going to be broadcasting the show live at 10 AM from Bertans grill in Burlington. Then our strong advisory group is going to be doing a seminar afterwards and you know what will what's gonna be covered here is a correction coming if it correction is coming are you prepared for. The goal of that launch that day is to provide you with information. That you need that'll help position your portfolio to survive any correction that could occur so if you're concerned. About you know you're count potentially going down if there's a correction coming. This event that you wanna be attending this we're going to be talking all about the potential for a stock market correction in what you can do to make sure that your well positioned right. Space is limited as this is a special events or to register call right now at 800. 3934001. That's 800. 393. 4001. It's gonna be Tuesday November 14 to come out and watch the show starting at 10 AM as we broadcast live from Bertans grown Burlington. Bertans grill your life your style our food this event will fill up quickly so call now at 80393. 4001. The third biggest story of yesterday which it any other day this would be the biggest story. Apple earnings out after after the market closed yesterday and Apple Stock about two and a half percent on the news. Man everyone who wrote apple offered at Edwards in all of us old guys that hack every once in iPhone eight sales are sluggish they're not the only did I I I know one that I think every one. And here we are all this and apple says it sold 47 million phones in the quarter no big deal. They get to wonder didn't like 68 billion dollars in cash on hand now the stock is up north of 900 billion in market cap. They haven't even today's finally the release the iPhone acts iPhone ten whatever. Monica and me to believe the lines of the doors girl that got long left. We now just really just to go drive down to Needham street Noonan Richard at the Verizon stops its its actually just went by so are we see if anyone's driving by Verizon AT&T or apple stores Texas and let us know what's going on the line succeed you succeed this time to do business. Other you go one of those people were gonna be the new sites and you'll steal the lines of people are you know staying overnight in tents and sleeping Mac and stuff like that darn millennial Stewart's how do you pay for your thousand dollar phone if you don't work. You look at home. Take you take a student loan and not the new phones out I need a thousand box live in the basement mom then. I don't matter is we are all right and stuff we said who needs an iPhone age it's gotten no improvements like it's the same thing as the last one. Earl saying there's the sales are terrible and knocked and to the reporting and doing this iPhone next. Way and that's the thing this doesn't even factor in anything for the upcoming quarter which by the way analyst estimates for Q4 which is Apple's Q1. We're going to be somewhere around 84 and a half billion dollars in sales it's it's their biggest quarter of the year always apple said. We're got between 84 and 87 so. And keep my apple is very conservative with their guidance so. I wouldn't be shocked evolves cities you like eighty billion dollars in sales here I still can't get over this this company we have one product it's a phone nothing else. People keep buying time for breaking when we come back we're talking with Larry Kudlow about tax reform right here on the financial exchange radio network. Work. Trumps administration hasn't passed any significant legislation yet but tax reform is front and center asked me in here. Keep it here with Barry and chuck for the latest on the president's agenda and how the markets are reacting and this is the financial exchange radio that. Work 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'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 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. 15%. Annual percentage yield and no minimum balance and remember this product is only available online so logon to leader bank dot com right now that's leader bank dot com leader bank a step ahead. Are you financial advisor who lacks formal succession plan you're not alone according to investment news 43% to financial advisors are over the age 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you work hard but now it's time to find a successor the -- drug advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI -- and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which they've become accustomed if you're interested in talking with us please call me at 803934. Zeros -- one that's 803934001. Or visit us online at Armstrong advisory group dot com. Securities are for two securities America incorporated members in SIPC and advisory services offered to securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Hi everybody is Barry Armstrong in part what's key from the law firm Cushing and dole and we're talking today. About estate and asset protection strategies. That can help reduce or eliminate your estate taxes. But is it true that a merit couple living in new wing and with two million dollars in assets pays a voluntary. Gift tax. A 100000. Dollars in the government if they don't have trusts in place I'd certainly can't be certainly depends on what state and to be you know I'll let us say Calif if if you if you have assets and you can't each state has their own exemption. You know like the federal exemption amount is 5490000. Dollars. You can pass that amount. And state tax free to anybody you want. In any state. But a lot of people say oh we don't have that kind of you know but. What you forget about is the states. A state tax system very they have their own system. And each state has their own exemption. Which can range from you know a million dollars to 201000005. Is around here 2.5 million you know and then some states don't have any. State tax the only one in New England doesn't have one news New Hampshire that's correct New Hampshire is the only one in the in New England that doesn't have a separate state the state tax. And so the goal is by doing basic estate planning and using trusts you can double whatever that's data exemption amount is thereby hopefully eliminating. Voluntary estate taxes. Up to whatever that exemption amount is double. Request your copy of pods brand new guy it's called reducing and eliminating the state taxes. You can call and receive the guide the poll number 8668485699. Or visit his website at legal exchange showed dot com net. Legal exchange showed dot com or call tool free. 8668485699. The financial exchange for Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten. This is the financial exchange radio network. Joining us now on the line is senior contributor to CNBC Larry Kudlow and Larry we appreciate you joining us today and earlier busy all day yesterday don't do these tax plan documents. How exciting is this to finally have this to the war. And I think that's a that's a well. It is not bio but it's been pretty good blueprint look IE in a nutshell. I'd like. The business side of this like a lot. I think it's really program. And I think the argument we've been making about increasing. Investment and productivity. And and wages and wrote I think does a good argument I think the business side carried the day. And I hope that less on the individual side. It's really not very good. It's gonna have a lot of trouble. Getting through with these deductions. You know marginal rate don't really come down very much you. You know real test reformist supposed to be slashed the rates. And then take away the deductions because you don't need it anymore. But the rate reductions are so small. On the income brackets were white so that's that's good at the rate reductions is so Smart he got everybody belly Aiken you know about. State local and college endowments and mortgages and all the rest of it so I simply didn't think much of it a lot of weight and body and there. They're about much growth in the individual side because a lot of growth in the business. Weigh in and let's talk about that business side there is this is one place that I'm pretty excited and in particular. What are the things that I found interesting was the the repatriation tax rate is down to 12% sued below. That 20% that that earnings would typically be taxed that. That creates a huge incentive to get money back into the west's. Yeah yeah and by the way they had eight years to. Is that is that the I was looking for that is so that there's an eight year period that they can pay that in. Yes if I understand it right and I don't pretend to know where he. Kazaa I you know again you get overwhelmed by this but in any event yeah I think they divided up between cash and non cash back. It averaged out to about 1012%. Of pretty low to all of the onetime head. And it's going to be it's going to be great competitor out of money back. And I don't care how that money is back you know people take all other good uses for dividends or share buybacks. Well so let them. What do you say to people do investors. Get paid. Democrat put it in a mattress. They're gonna reinvestment someplace. On the case I would make is that's money that's not going anywhere right now so leased or getting it back somehow correct. That's true that's good point I mean. There will be a lot of investment. Once this thing has done. At these slow rate as the business they've been delighted that. And it's probably going to be explosive growth. I more than almost anybody believes. And I'd like that part I just got I think these individual right to. I haven't been that big meant that you want and hope the truth. Stepped out on the genocide that you are now. There's and stuff I don't as silly as bad as an attribute minimum tax. American corporations. Operating overseas some kind of minimum tax and has attacked on foreign corporations operate in the US. But he clarified not sure I like that I hope it's not a backdoor bad acts I don't think it is I'm not sure and the so called peg Andrews. You know subchapter S that very complicated. I mean I've I read it several times and comments else it myself but. I don't know right there's talk about 70%. I'd did not get a tax break the 30% that night. But then again we have to judge each industry and services industries they're being selected a way and magnate assistant hard right now it's gotta all be clarified. And that's one of my questions is on the business side with some of those things such as the treatment of pastors and so forth I I get the intention to try to. Put the individual business owner on the same level as someone running a major corporation but it seems like it adds an awful lot of complication that we are trying to do away you. About it's it it looks very complex. And I am I gonna make another run at readers get a grip a little more time. But he has had been a very complex I'm not sure. Many have ideas about against that they think it's not gonna impact. Large enough Mario's small businesses they may be right I first reading of it is they're probably going to be right and I think there's little industrial. Planning there where that. Manufacturing companies however that's going to be assigned. Are gonna get a much bigger break and then the service companies. So you know there's a troublesome but the basic building blocks to 5% corporate rate immediate expensing repatriation. As a powerful growth impact. I'm very happy with that. On the individual side the sense that I get is there was a lot of negotiation over the last week. To try to find compromises on some of these things like the salt reduction. And so forth. Where do you think those end up going do we end up seeing those deductions coming back to where they are today Ayers they're gonna be a push to try to get rid of those and get rates down low. Well. I don't know that's the big question. Most of the talk is that that those deductions. Will not go away. You and so race so I have to be higher. Really yeah there's a lot of that talked. Very concert Brazil. And this and it's got a head should you know let's see what the senators come out. Is there enough out of conference I think. Yeah all right the forecasts these legislative things that acted as a very good chance they can get done before Christmas I really do. I may be wrong. But I think the way to move in this thing and everybody seems very focused and Mitch McConnell certainly that's got to work actually work a five day that we that's pretty amazing. Maybe some weekend I do I just. I'm optimistic about getting it at all. Arguable Larry will let you go and enjoy the weekend we'll catch up to consume. Very much. Regular that's Larry Kudlow senior contributor at CNBC. And it's I think you kind of share some of our thoughts were so look on the corporate side that there's a lot that is very. Clear and straightforward and Gary were were cut rates there where we're getting rid of deductions little bit of complexity on neo pastors and so forth yeah but the personal side. We've looked out and we and we ran the numbers are we said look. You may see a variation where because of your specific situation you pay a thousand dollars last year maybe someone else pays a thousand dollars more a year. But there's not really anything. Substantial this it's it's not a dramatic reform its economy moving buckets around. It seems that way you know you aren't getting to the point where you can jester. Write your tax return on the back a postcard and send it where we are not even close to they told me we can do that yesterday. I saw the postcard in the UK you can you get basically a letter in the mail says this is how much taxes we believe Euro. If you disagree check this box if you agree check this box and send it in the mail where we're not get and we're not there were knocked it. We are not that's all the time on this hour of the financial exchange for Tucker still look. Mike Armstrong trucks on thanks for listening makes your head over to financial exchange showed dot com. And you've been listening to us from the financial exchange radio network. Are you financial advisor who lacks the formal succession plan you're not alone according to investment news 43%. To financial advisors are over the age 55 and many had 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 Armstrong advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both are gays and transactional oriented firms with a solid stable of young advisors who put your client's needs first and provide them with -- service and attention to which -- 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 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 8776917. To 900 that's 8776917. B 900 or visit leader bank dot com. Your dream home is within reach with a Jumbo mortgage loan from leader bank their 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 for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and Miller is number 449250. Subject to credit approval leader bank a step ahead there are many benefits to early estate planning among them keeping your assets out of probate and protecting them from the nursing home. But did you know but you also might be able to eliminate your estate taxes every week on the legal exchange time months do you educates his listeners by telling them how to protect their assets last year -- an expert in elder -- taxation and the partner with Cushing and -- is a brand new guy doubles show you how to increase your beneficiaries inheritance by decreasing your state taxes and in some cases eliminate those taxes let's -- leads an experienced team at Cushing and Dolan which has been helping families like yours with their state planning for more than thirty years call right now to get -- new guide called asset protection strategies at 8668485699. At 8668485699. -- time the team at Cushing in -- help your family the way they've helped so many others -- 668485699. Or you can download the guide right now from our website. Talking about a program called Z rent. Now this is specifically. Designed for those of you who are landlords and used to collector checks with paper checks are gosh maybe still do. Will zero rent allows you to collect checks electronically. Jail is hoping he could spend a little bit of time explaining how easy grant works and why it's a big advantage for landlords. Absolutely vary so we we develops he rained two out of me the whole race you know because right now. You know with the landlord when you're getting rain checks. It's low it's unpredictable. You missing envelope the great line in the post are you waiting he might not get all the rent until the tenth or fifteenth of the month furthermore if your landlord on vacation in your rinsing your notebooks you know so would you rate does is it really digitize old. It makes the ranked electronic payments it allows for roomy cheering for multiple roommates and apartments that's great if you're renting out to college student salute. It's predictable it comes at the same time every month. And it's all on me. So the landlords who have been using assisting huge time savings and ornaments you are you still giving the first six months free for landlords the first six months or free and then in addition to that. If you bank at one of the participating banks he ran is always free free. Those participating banks are meter paintings don't pay that she's via add that any bank could sign up breakneck if you at a bank in Vermont after Connecticut. They could sign up and become part as he rent yup you your if you have a community bank that wants to be a member happened Collison will have to sign up and the service will then be free free. All right if you wanna learn more about easy rent. Go to Z rent dot net you give McAuliffe he wanted to 8776917900. If your bank doesn't offer it they can sign up for zero it. Go to zero rent dot net or call them toll free 8776917900. 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 bank a call and learn more call 8776917900. Or visit leader -- 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. -- seventeen has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful of a correction I want you to be ready for one -- this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to in order to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Take the necessary steps to protect your interest regardless of market performance call my office right now and get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio let's work to keep it -- 803934001. We can download got right now and Armstrong advisory group dot. Tom 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 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 refinances all originations are managed by 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 I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in -- savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there -- 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 -- -- 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 -- and no minimum balance and remember this product is only available -- -- -- logon to -- -- dot com right now -- leader bank dot -- -- -- a step ahead. This is the financial exchange with Barry Armstrong and shut itself down. You're exclusive look at business and financial news affecting your day your city your world. Stay informed and today about economic and market trends plus breaking business news. And now the financial exchange we have Barry Armstrong and shocks. All hands on deck today as is probably the music busiest economic news day of the year. We've got tax reform we've got a job report we've got a fed chair we've got apple earnings we've got Starbucks earnings. Well what else minus that's kind of a BP now. That's that's a whole lot worried we're gonna try to get through it all right now chucked out of Mike Armstrong doctor's still here bear arms strung out for the day. And let's start first let's get marketers how to market to react and all of us flat they're not moving it all the Dow was up zero point six points not even percent the Dow was literally flat the S&P literally black. The NASDAQ is up seventeen points scenario so everything's quiet all quiet on the western front. Looking at tax reform let's let's start there we get details yesterday and we've talked about some of the that that the headline provisions the change in tax rates. You know some of the things as far as the state tax corporate tax to changes and and so forth. But there's a lot of little obscure things that are starting to come out as. Or read through this tax bill Neely on the individual side corporate size pretty clean individual size where they're getting rid of a lot of these little deductions year. Which you really have to add up to find out whether or not gonna end up paying more or less taxes so let's talk about some of the things that have been talked about a whole. Let's start first with the treatment of student loan yeah okay. To date you can currently deduct any of your student loan interest. The current proposal eliminates that entirely so if you have a big bunch of student loans and you're deducting those right now yeah that's that's going away. And so that that could. Depending on the person you know if you're hiring comers that also has a lot of student loan debt there's a big big incentive pay that off a heck of a lot quicker than you might have been thinking. So the student loan production go away one thing that I found interesting is you kind of poked through all these different pieces that when my friend pointed out to me. There is now in this proposed tax bill. There is a divorce penalty effect of divorce penalty OK what is happening is that alimony in this tax bill. Would now changed and instead of being. Based on pretax income and then you taxable based on whoever's you know accepting it it would be based on after tax income. And then it would be tax free to the recipient that's right so you do not get deduction for paying alimony so what. Get divorced and put them what do we do here like. So all of a sudden someone gets divorced in alms and we just wanna like you to man while he's out of I think that's that's pretty much what we're doing here. Well it that's the thing though China is the idea here is. Lower the rates and get rid of the deductions make it simple simplify simplify simplify simplify. And that's another one of those little things that they're going to be get rid of the of the one that scared me at a lot more than that. Is the medical deductions. Right now we're in nursing him spend 141000 dollars a month you can deduct your deducting all of that you're paying no taxes if you're in that awful awful scenario where you need really really expensive care. That goes away under this plan you are going to not get a deduction for health care expenses. A I've also got really bad news for Barry. Tucker you're gonna you're gonna want to monitor kind of just sound in general to CP here scream coming at some point. The tax credit for electric vehicles yes by by you know by by. That sound you heard in the distance that that distinct whaling. Is very crimes. Yeah surprise test is not more and more often on others and not really down that much and half percent now granted there are down pretty big yesterday but that was in the based on earnings so I think this is the market has not moved on any of this news both yesterday and today. Little moves you know in the short term but. Nothing suggesting anything imminent here no restraint everyone's got their head in the book read this or like that I think the markets almost the same. OK so what he actually gonna do you know because some of these like the medical deduction. Particularly imagine what happened to an AARP sends something out to every one of their members saying hey by the way all those medical deductions that you take on your taxes. They're going away. They I guess that's a big big voting block you know it and that's a voting block that you don't want to kind of an up on the bad side of because unlike millennial. The active and sixties they post they vote they show up. So we're gonna continue digging into this what what we talk about this for the next couple weeks as we as we continue to get more details here. I don't get revised this is not this is the initial it's gonna get revise it you know dozen ways from Sunday it'll be changed. I'd question is can it get done by Christmas. Or by new here. I'm curious and actually in Hanover to the predictive website right now that they're not always the most accurate but I always like to see kind of what they're projecting. And this is interesting the the some predicted dot org which is a market that lets people effectively bet on these things. It is not the most accurate site I'll be the first to admit but I just like to see what the markets are doing. Prediction of an individual tax cut by the end of 27 team is down to 7%. 77 single that single digits. Corporate tax cut though 30% chance. I would I would move those numbers closer together and again it. So that's that's what we're seeing right now is the markets on predicted are saying hey we're projecting a 7% chance of an individual tax cut. But 830% chance. But he corporate tax cut by Ian. We'll see apple launching their iPhone X today it would wants me called the iPhone tender eyes. Refused just because if you want me to call that call the iPhone ten not the Ayatollah acts. Lines out to join us and understand Roman numerals to us but we're not in Rome but what's the point like you were worked in America yourself on the phone in America you put attempt to dogs do you call super Super Bowl 45 X expects to bowl XXX the not. Yet that's actually not 45 and under I. Resident at all if you knew your Roman numerals he would know that's not the case and their nights earn their this is why this is bad marketing is no window probe that runs that if they extend for extreme it's like notes number have a moment ax ax ax ax. Yeah we we are not doing a segment are Roman has 35 we we have to keep moving forward too much to cover. Lines through the roof around that over on the block yup for this iPhone acts. Now I don't know line. I mean I've seen him around lake. This from by all accounts the the lines that we're seeing here are kind of you know peak lines exactly what we saw the iPhone four and finally it's. In I was not expecting this because. It's a thousand dollars for one of these phones. And apparently people but about those Demeter breaking point for people going after apple products at that a thousand boxers gonna be too much but apparently not if it makes me rethink my entire. Concept of what in you have an idea you know no humans this fits right in with humans all the hours they follow the hurt I just didn't know how strongly that would. Now it's it's like lemmings jump off the financial Clinton. I. I guess that's what we do on the plus side it well it depends on whose perspective you're looking at this from. Thieves stole 300000 dollars worth of iPhone from a truck in San support phones like if they got one and a half Bo yeah. My first quick to give any details about what happened actually yes. Then they're delivering. Phones to different malls in the San Fran area and its colors images Watford and of the truck and took off for the few boxes of my phone dizzy steel and talk urges box now just boxes and they tossed him in their dodge van and drove away. My problem is well. Problem stole much stuff but. Went to these things currently be pretty just your. Look at that here's the thing promised every apple phone has unique identifier attached to it so unless you know how to somehow like. I passed that which. But maybe can't I don't know but if you steal the phones at the back the truck you might not be the smartest person in the world we'll say it would you have skills that you could market if you could actually do this. So it remains to be seen I've willing to bet that within like five days someone tries to turn one of these phones on the final. We'll sit down and how much attract them. Like the individual phone I wonder if apple and resultant elegant laud the phone once it enters the store in an ever got to that point. It never got to that point they still probably the individual serial numbers and all that though this is device idea known all that and all the creepy stuff that apple doesn't want is that we all know. Click agree and then kind of go and do our thing nobody read the terms of agreement and gone wild we do that busy. Big news yesterday Donald Trump's account disappeared from Twitter for eleven minutes apparently it was a disgruntled employee on his last day it who just decided to ban Donald Trump from Twitter. I expect this kind of scary to me. I mean in which way. I don't know taken accesses his account and delete has a Twitter account why couldn't ages. Compose something on Twitter orders to order and ask him they absolutely he could like declare war samples that. What's not and a look at notes that now it is as it was very scary yeah that's fair that is frightening I see your point now. Yeah I mean this is the world we live and. Where you can declare war by it would. A wonderful. We've we've. A boy or grandparents slate and it's I don't want to watch TV you can't take any legal action against him with this and this is always the question I have what we haven't had a a true war since Twitter start. Okay now imagine a World War II with Twitter. So this is clearly someone sitting in Germany saying hey we're all these boats coming towards the beach you know like. I just I can't. I can't conceptualize an army laughing about this let's let's take a quick break here and when we come back Charlotte Howard from the economist is gonna join us. Talking about Amazon and Alibaba we're going to be talking about whether or not they are at the end of their right word. Just beginning right here on the financial exchange or radio network. Markets continue to fluctuate but we've got you covered get your daily update on what's hot and what's not from Mike Armstrong every morning at 1030 only on the financial exchange radio network. -- seventeen has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful correction I want you to be ready for one -- this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to an -- to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Take necessary steps to protect your interest regardless of market performance call my office right now going get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio that's worked to keep it -- 803934001. We can download dad right now and Armstrong advisory group dot com. Securities are for two securities America incorporated members Jenrette SAP C and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. And he spent the last thirty. Financial planning business he worked hard. 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 dot 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 in all six New England states and opposites 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 had over 100 years of combined experience in the financial services industry call us today at eight under us. Point 34001. Or visit us online at Armstrong advisory group dot com securities offered to securities America incorporated member of an SN BC and advisory service is offered securities America advisors incorporated burials are represented their arms or advisory group and securities America companies are. Unaffiliated hi this is very Armstrong and I've told -- fears about my relationship with leader bank and I've been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out -- bank is offering in east savings account providing free online banking with a one point 15%. Annual percentage -- this is an online product only and there is no minimum balance required us or log on to Peter bank dot com and sign up today this rate may change without notice that don't delay log on to leader bank dot com get all the information about this great offer and sign up today before the rates change get free online banking with leader banks in new east savings account that has a one point 15%. Annual percentage yield and no minimum balance and remember this product isn't only available online so logon to leader bank dot com right now its leader bank dot com leader bank a step ahead. That's 8668485699. Let Todd Mitt team at Cushing in Dolan help your family the way they've helped so many others colleague 668485699. Or you can download the guide right now from our website legal exchange showed dot com that's a legal exchange showed dot com. The financial exchanges live on FaceBook and YouTube watch Barry and Joseph discuss the issues of the day and see which one smiles at the most. This is financial exchange radio network. We know that many of you have jobs to keep you busy all day long we've made easier for you to catch up with the financial change when it's most convenient for you. Just download the I heart radio app on your phone or tablet search for the financial exchange you have access to all of our content including individual segments in full shows. So India. Time where it seems like in his honesty and over every facet of our lives. As an article and the consequences. E-commerce giant's welcome Charlotte. So I guess let's start with the big picture here what percentage of worldwide retail spending is currently done on line. Let your it was just a little over 8%. And don't you think about how much further room there at the crowd out vary from country to country in America. It was last year aren't around 10%. But still you know I think most people think about it much further along yeah I tell us stop and then on but it but in fact were really just start and. That is a mean and there's a whole thesis of your article for only had eight and a half percent replied there's clearly a lot of room runway here. Sir if you take a look at the US market in particular how much of our online spending is really just a tribute to a trivial to Amazon. At the kind of buried but the most read that line is that it's about apt board. Or every ten dollars about a little over 40%. Of the Amazon which is acute care but. Would be an America that still means that and the putt here a little retail is about 4%. Because so much at retail spending continues to be on top line. So I am about again really really dominant on line but there are so many at least the people at the topic for that it is important while. And it had that shocks me when I think of my own spending habits I've got to imagine that upwards of upwards of a third of my retail spending has got to be done online but I guess I'm in the minority here so what are what are Amazon's competitors to weigh in what is Wal-Mart doing what these other retailers doing to try and have something in the race here against just an ever growing behemoth. So for most retailers Wal-Mart and it is an exception and not get there that promotes repellent that they huge attic where he read. Winded that they had no choice but it a lot. And as they build up there e-commerce site that the intent technology. You can cannibalize sales from your existing stores and that you just need process. Continue to be pressured her traditional retailer you get in a bind we're not sure how many doors to open and how quickly to close them. And it really the very problematic. Wal-Mart is a bit of an is that an unusual just because of that the scale. And his managerial expertise now. Wal-Mart has remained the biggest retailer in America. It has. Stores within the ten miles of 90% of the population. It sent out a very very large presence and comfortable the country's biggest grocer which is the thing that to date at least in the on not been able to do very well as to. Deliver fresh fruit. So let's let's. Think about little bit more so you're I don't know. Your Macy's or your Nike and you've got all these retail stores that you've been selling your does that have for years. What choice do you have except to offer these kids on Amazon if they're getting all of the new money I mean is that with these retail they're facing really. Put it on Amazon or die. So it's really interesting conundrum. And you can look at it through than the one that Nike perhaps but that before we got there there were big retailer that started out by adding. And about operate economic button between parent and target went with the biggest one. And vote that ended those partnerships. Later in clocked it. Because everybody is competing against them even while it using there. Want completely intrigue stared at him and all of that under the inventory. On and these companies are now much more comfortable. Owning their own e-commerce is potentially. And but but indicate a Nike for a long time it didn't go on in the third parties the old Mikey. And on but make it now wanted to control those pale and he would throw but locker do it with all the doors. And so on and I eat it completely having no choice. But he began selling make products directly and a lot more people begin product searches on him on the big one Google. Would that be the case at the manufacture consumer products it is really hard to keep it up. Yeah that's that's pretty incredible so let's think about the big international competitor which is Alibaba I mean what are what are companies doing over in China trying compete there are there any lessons that we can draw here in the states. Yet won a really interesting about China is that you have to companies that have risen up its talons. How about. GB and had spent the JD is more of a traditional e-commerce company attempts and as a messaging ban. Started out as a method kicking gaming platform but has really expanded and he covered by banks vacancy. And that you need partnerships involving in China and we debate haven't quite yet in the United States. I think you'll see much more about going forward so Wal-Mart and then announced. That it would start selling its good group Google have been bent which led an effort you. The counter and about the lack that. I think you'll see more retailers teaming up together and also teaming up with big tech giants like Google and FaceBook. In the event set to take on him about. So we we talked about in just how big Amazon is getting an all these different areas whether the you know stepping into grocery stepping into. Business to business sales now time are going to pharmaceuticals at what point. Do we see some sort of anti trust movement going on here in the United States to try and take a look at Amazon say at what point and getting too big. So it's been really interesting question because it occurred in a couple of other really isn't a problem here. In America we think about any test and the content that consumers that the companies doing something that is harming consumers with. And it's really really hard to argue that and the son of anything but good for consumers. They have a much broader selection and good. There's transparency and pride thing. People just find it really convenient that the great start out and so in order for any test and anti immigrant pick up. You know at least at about 4% of all retail America apparently. I've had a dominant position. And so in order for any China's inner being legally kept changed their framework for thinking about how companies that are power which at a time. Absolutely does. It's just not within the traditional and it's a framework that were used to agreed to applying it. Yeah now its its its interest and we do see them continue to expand day after day but you're rated the current anti trust rules are pretty tough to adapt to an Amazon at the world wolf I think for joining us Charlotte appreciate your research on this and will will be keeping an honor. The anti trust thing is she makes a very good point did you not harm consumers they've they've largely save money for consumer. Notes it then they have been very good for consumers the question is. Do some of their things that they do tend to crowd out other competition and other businesses. And I think in some cases you get absolutely point you know what they've done in terms of there. Yes slow ability to react to counterfeits on their website yeah. Some of the things they require some of their merchants to do. An and unfortunately for some of those merchants. Amazon is so big right now that if you say look I'm not going to do anything on Amazon. You may lose in some cases you 50607080%. Of your sales just because that's the channel. That was generating all that. Revenue in the Justice Department really have to take a look at it from the perspective of they have the huge ability to harm consumers. Because they might eventually be the only one playing and B business to business office supplies game they might be the only ones playing in the toy sales game day there there's a potential to harm consumers that they have not today. We're gonna take a break when we come back the latest on AT&T Time Warner deal as well as CBS reporting earnings that's next right here on the financial exchange radio network. The financial exchange is alive on FaceBook so make sure like your page and watch the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. 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 or call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency not guaranteed by the bank and may go down in value leader bank. A step ahead 2017 has been a banner year for stocks but many airports still caution investors to prepare for a correction while some out there may be fearful of a correction I want you to be ready for one I this is Mike Armstrong and I've got a brand new guide out this month designed to help you prepare for a market correction to guide identifies seven core factors each of which you should pay attention to in order to protect your assets and maintain a successful investment strategy is guides available right now by calling 803934001. That's 803934001. Take the necessary steps to protect your interest regardless of market performance call my office right now going get your free guide seven signs a stock market correction at 803934001. You work hard to build a strong portfolio -- -- to keep it call 803934001. We can download dad right now and Armstrong advisory group dot com. Securities are for two securities America incorporated members Jenrette SA BC and advisory services Arlington securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated and he spent the last thirty year forty years building your financial planning business. He worked hard and your clients rely on your. But what about when you retire you have a team of dedicated professionals who will care for your clients in the same fashion as you do. Have you done 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 in all six New England states and offices throughout the region making it easy and convenient to set up meetings if you're interested please contact us through our website Armstrong advisory group dot com or call 803934001. Our advisors have over 100 years of combined experience in the financial services industry call us today at 803934001. Or visit us online at Armstrong advisory group dot com securities offered to securities America incorporated member of an SIPC advisory service is offered for securities America advisors incorporated carry arms are represented their arms or an advisory group and securities America companies are unaffiliated. This is a special announcement for all landlords chasing down only rent payments and making trips to the bank to deposit checks take hassle out of rent today with zero liter banks all mine rent collection tool zero automatically deducts tenants rent and deposited into your account visit WWW duds he ran dot net to learn more we see rent your payments breach unit to receive regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot -- to learn more or call 7816 or 18691. I everybody's very Armstrong and potluck ski from the law firm Cushing in dole and we're talking today. About that state and asset protection strategies. That can help reduce or eliminate your state taxes. But is it true that a married couple living in new wing and with two million dollars in assets pays eight voluntary. Gift tax. A 100000. Dollars for the government if they don't have trusts in place I'd certainly can't be certainly depends on what statement that to be let you know I'll like assailant or communism. If you if you have assets and you can't in here and he has their own example. You know like the federal exemption amount is missing miner in 490000. Dollars you can pass that amount. And state tax free Lou do you. In any state. But a lot of people say oh we don't have that kind of you know but. What you forget about is the states. A state tax system they have their own system. And each state has their own exemption. Which can range from you know a million dollars to 201000005. Is around here 2.5 million you know and in some states don't have any. But the attacks were running knowing that it doesn't have one news New Hampshire that's correct New Hampshire the only one in the in New England that doesn't have a separate state the state tax. And so the goal is by doing basic estate planning and using trusts you can double whatever that's data exemption amount is thereby hopefully eliminating. Voluntary estate taxes. Up to whatever that exemption amount is double. Request your copy of pods brand new guys it's called reducing and eliminating the state taxes. You can call and receive the guide the poll number 8668485699. Or visit his website it legal exchange showed dot com net. Legal exchange showed dot com or call tool free. 8668485699. Markets are high it. But questions remain about whether or correction is coming. We've got you covered every day with a what's not and what's not from Mike Armstrong. Mornings at 1030 only on the financial exchange radio network. AT&T and Time Warner and trying to merge for driving or we first heard about this is probably seven or eight months ago now up and now it. Is that the Justice Department. There antitrust division is attempting to up put together Somali case to case they decide to block the deal yeah I don't know where this one's gonna go it is kind of a tossup I would've thought that under this administration had been a little bit more comfortable with this one but. B eighteen you can predict any you know they already under a TV that we talk about acquiring Time Warner here that would give them a pretty big footprint in the television space. And I'm markets are completely right this thing off Time Warner was down. Let's see their trading at about 95. On Monday they're down to. Going on now say Amtrak train in about 98 were down to about 93 now so about a five dollar loss. We will see what happens here I am not ready to write this one off. Looking at this this kind of deal here. Mean obviously you understand what eighteen d.s trying to do they they want unity the content to Time Warner has obviously. You talk with the big properties that Time Warner owns this is not Time Warner Cable located make clear. This is Time Warner incorporated. HBO when the big platforms is probably the biggest justice is it subscription revenue okay. You know as some of the broadcast networks that they only noses the CW a whole bunch of other people their full full list of full list of properties they have but Time Warner it it is not a eight cable company that's Time Warner Cable this is it to to media companies so anything from. You know while Warner Music you know all kinds does include turner right is turner. Broadcasting overseas to me ultimately to look. Did that trying to figure the problem is these companies are complicated and point that it's like. What the hacks going on inside of them anyways real list of assets owned by Time Warner. Warner Bros. HBO Cinemax. Anything under the HBO umbrella turner is under their suit true TV TBS TNT all under there. Turner sports which also includes Bleacher Report which most people pretty familiar Wetzel law. I got a lot of stuff in BA TV is included under here Cartoon Network adult swim. And what else and if so AT&T get this let's let's just assume that it passes CNN in any of their affiliates. Turner Classic Movies by the way stills is great black and white movies if anyone's looking to watch things for me of the forties and fifties. What else is in here that you know other than people would know about Warner bros entertainment's in DC comics Warner Bros. And DC film's New Line Cinema not a huge. To what Al says AT&T owned this do you see I see the real synergy and Lego is them trying to rob tomatoes. They're trying to gain its wireless subscribers by offering this stuff predators after you joined. You join us and we will offer you true years free of HBO. On your phone no problem while they do it the other way so AT&T no longer has to pay it forward to for DirecTV the rights fees okay. DirecTV sits there and says okay we don't have to pay rates for all of these properties but if anyone else wants them. If you chart or to otherwise you've got to go to DirecTV in order get these properties. If that's the concern is when you start see this kind of move I think it is just. You know how big is Toobin well the department of justice and saying thank you might be getting close at a point AT&T so. You. Consider this that's kinda where there. I would imagine they spun off refute these networks in my career I think so. What talked a little bit about leader bank and it's the for Barry talked many times about zero and which is an online red collection tool for landlords is a great service allowing landlords to collect tenant's rent payments electronically. At www. Zero dot net. Without the need to collect checks most landlords that I know usual local neighborhood banks to do their business and now. A collection of local banks are offering this unique program including leader bank and stolen bank member FDIC. If your landlord and your interest in having your bank acquired as he ran technology. Nichols he ranked team at 78164186917816418691. Or. Visit www. He ran dot net you can stop chasing down late payments and running to the bank to make your deposits. Get your bank adds he writes it's a list of offerings visit WWW. Does he rent dot net. Or call 7816418691. CBS reporting earnings that CB. As in be with the bear CBS not CBS broadcasting yep CBS reporting earnings and. What we see from. But hey they beat estimates for profit met with 1111. Dollar eleven cents per share is pretty close they've missed on revenue in that particular they saw the ad revenues decline in the meat imports two big things here. One you know last year we had all the political ads which are highly profitable for companies like CBS. In addition they had one less NFL game than last year's quarter. In the addition you seemed viewership for and it felt good. So those combination of things I think are impacting their ad revenue though they have picked up a fair bit on the paid subscriptions. So the start to move in that direction they are it's the question with all these companies is look how how quickly are they going to be able to transition because that's where the business is built right I don't think it's as profitable. But if you're making up some this ad revenue here in there and making up for the declines in overall cable subscribers. You know you could see this working now for the right now they charge a told CBS all access charges 599. You know live stream via the network what else. On issues like that go is it is just all the old CBS shows and stuff like that I heard he had a series all the mean CBS is a lot of beaches aren't. I honestly I couldn't tell you the last time I watched a network TV show. And actually it could it was lost and I think it finished in 2010. To CBS have. With that. Community here with the excess that now the big news show. Launch ordered us thus. This is us is NBC as a master the only network shows and over and CIS law and order and what's the what's the one that had the forensics people CSI is that a sign up is there's like a million franchises of all arms and other than that they have Big Bang theory and a big bankers like seventy million viewers some from. It a lot. Yeah I agree with Yemen detained us. We're gonna take a little bit of a break and when we come back poll Monica from CNN money's gonna join us to talk Netflix right here on the financial exchange radio network. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Are you financial advisor who lacks a formal succession plan you're not alone according to investment news 43% to financial advisors are over the age 55 and many have no contractual agreement to care for their clients once they retire hi this is very are strong and we might be interested in buying your practice you worked hard but now it's time to find a successor the -- -- advisory group is a regional firm and we are looking to grow our business through acquisition we will consider both RI AA is and transactional oriented firms with a solid stable of young would I want to do your client wants to its first and provide them into service and attention to which they've become accustomed to inaugurate -- student talking with us please call me. Up securities offered to securities America incorporated members and SIPC and advisory services offered to securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are. Unaffiliated hi this is very Armstrong and I've told you for years about my relationship with leader bank I'd been doing business with them for years because they're always coming up with great deals they've got another one that is surely worth your time to check out leader bank is offering in east savings account providing free online banking when he one point 15%. Annual percentage yield this is an online product only and there is no minimum balance required so log on to leader bank dot com and sign up today this rate may change without notice and don't Dele log on to leader bank dot com and albeit. Sign up to date 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. Zero and does a free service if you have an account with a leader bank and if not it'll simply cost you a small monthly fee call leader bank right now and 87769179008776917900. Or go to Z rent dot com for more information member FDIC. Security suffered through securities America in member finreg SIPC. Advisory services arbiters securities America advisors think Gary Armstrong representatives Armstrong advisory group in the securities America companies are unaffiliated. Vote on our daily poll question and financial extreme show John come out while you're there fire of the media player and watch the show while you work. This case the financial exchange radio network. Call Monica from CNN money is on the line with us now here talk about Netflix and Paul thank you very much for joining us. Pay here. Paul Netflix obviously you know they they continued to grow subscribers at a pace that I don't think most people expected them to be able to what the stock price now just shy 200 dollars a share. It's up 60% this year is there more room here now. I think it's possible we clearly see if there are going to eat whether. So he's been James Burnett by a welcome. But I think that everything was being able. At least the you know the story. Allegations about. You know sexual abuse. It's not really having an art I think even though it's there's a cart but that put them up with the cards which content. Just think of all the shows up at our house of cards that. People are probably not gonna drop there subscription just because what's going on. With Kevin Spacey and possibility that there may not even the art. Things aren't black ground there and our original that's for sure. That are driving these grabber. One of the good things that we saw that guy in the most recent quarter Netflix is out raising prices. On most of their subscribers going forward do we have any sense as to where you they have pricing power until it what what price point does. It starts to turn people off from net. That's a really good question I think it's you know I'd. Probably he likes me I have longer. Similar services as well could be. In the there are video paired in the going on Hulu. Hulu premiums are so a lot of people. Look at. You know that clicked continue to be good guys proposition or cable but that might not eat. The right question because people are acting means apple bit. Is that those are the now that if I mean. School because of all the confidence. He. But war when he showed that people lot stranger things. You know potentially great. You know Peter shippers the second he compared Oilers. Finished at I think that justified but it. The people who are bearish on Netflix they typically saying they're content costs as a reason for that is that something that concerns you at all. I think it is legitimate to wonder is this on in here and surely it will just grow as much. Not at all. In politics at some point if you actually flops back to the problems aren't. Here which is eight. Significant chunk of change obviously so far more shows that Netflix is coming out with a it. It says bank and they say that. It. They're the they're people who are worried about what an apple with increased competition he media as well see him watching her own district certainly the next couple years ago like right. Definitely wouldn't necessarily going to be horrible heat in Asia. And it right out of me to lose the book is the all day. There which brought it. XRR. Very good will Paul thanks for joining us what gets over the next week. Lot of regard to ball that is Paul Monica from CNN money tuchman Netflix with a ticker NFL. Acts. I have to go to to this funny story that I just saw it just just now it's you know again tonight I hate to Japan trip to you yeah. Rob Gronkowski is giving in to view 13 idea Moody's on CNBC I got to know what kind of expert Rob Gronkowski is medium would go ahead with Revere to what this 3-D ia mode I don't know. But why is Rob Gronkowski your guests are with a 3-D him OGB a person. It. Old my emblem. That's what the iPhone tend so crazy emerging this they story out of Long Beach, California. And I think it's a great story to luck and a wrap things up for the week. There is a restaurant out in non California. In Long Beach. Called sweet Dixie kitchen. Okay where you think you're giving her this sounds fun you've heard this already I have to go ahead so there at at sweet Dixie kitchen you think that you're getting. This lovely something barbecue. This lovely southern food just you know not good you know soul food like home style okayed you know great. Well the problem is a couple of customer allegedly saw sweet Dixie employees caring pop eyes boxes into the kitchen ho ho ha ha. And pretty Nasser right probe what happened at a sweet Dixie employee confirmed that they were actually sourcing their food from the fast food chain for the chicken and waffles is charging double instill literally out they were buying pop eyes chicken. And repackaging it is their own fried chicken while. An inlet doubling or tripling the price can you imagine any better marketing for pop eyes I would put this in my commercials don't take the video the cell phone video and you picked. We're so good restaurant literally slice Harrelson right now and the result is there answering that sick and then campers yet reject it to be fairly tough Dixie is illness like they've said like look and this is from the owners the owners as we proudly serve pop by spicy tenders the best they don't get that in on the menu the best fried chicken from anywhere and from New Orleans which delivered twice today. And my kid is not set up for frying or an old building I don't even have a proper kicking back there so it. There's a lawsuit obviously coming aren't there and overcharging. I don't know. I I I have no life and I'm that would be soon agree you wanna use much chicken and market the prices we have the best ticket in town right so I don't understand how complex could be upset in anyway yeah pop residents and look we we want to enact CNET dot they are actually out the error as some like this thinking about buying this chicken wholesale they're paying retail prices and reselling it to someone else they did and I'm of their own homemade biscuits so. Good. That's good says that. That's nice I just I just I sought and just think that's. On one level like well it's it's deceptive but they own like they're like no like we're we're just reselling pop ice jacket. Rabbit they might get studio this theory if you pay twenty about this on how do you sue over meal like we need to grow up before like that concerned about attempts if you thought it was a media like. You know like you didn't get sick from it you know that you showed up and ate some fried chicken and a game pop lies that is I don't know if no one noticed that to begin with late. You gonna sue afterwards then. Then nine. TJ TJX is paying their employees in Puerto Rico even though there stores are closed there. Store still closed they have no power. It makes it's like 50% of 50% of the island still does that power back yes all the stores are still closed they're paying their employees still which. I mean admirable I don't know I feel about it stockholder day admirable and you want. Good PR. The other reason you're talking about this it's on the front page of the Boston Globe's so good PR for you to the the other thing it's not a small number of stores they have on the island's 29 different sports. 2929. Between nine TJ Max and home goods on the island of Puerto Rico and marshalls. And marshalls that's right that's a lot so 29 there and it and so. I don't know exactly how many employees they have and each one but you have to imagine even if it's just ten all of a sudden you got you know 300 people and I know the average on those has way more than ten employee has so. You know you you probably have somewhere in the thousands of employees that they are continuing to pay now. I don't know how they're continuing to pay them because I know late ATM's are working and a lot of the island still end. You know that they're still having problems being able to beat you can't get online to axis you know mobile banking and things like that. So be it definitely some questions there. Let's circle back to our poll question of the day on financial exchange show dot com. Yesterday we got the big unveil of the the tax plan coming out of the helps. And so our poll question is very simple argue in favor of or against the tax plan rolled out yesterday. No room for nuance yes you know we know they're they're parts you might not like when other parts that you might love but yes or no are you in favor or against the plan. Tucker what the result. It's 72% of our listeners are in favor of this tax plan and 20% are against it so overwhelming. About those expecting to see you know says somewhere in that ballpark because. I think you know there's definitely people who are probably sadness and I'm getting whacked because I'm losing my medical deduction I'm gonna get hit Howard because of the property tax deduction changing his divorce alimony to him because you know Angela Moore. Which no one really knew until two that's news this there's now way divorce penalty if if this tax bill were to go through and I think grand fathering in and read that part. Maybe grandfather who I don't know Orson that your I don't know the the other thing that's interesting Millen and uninteresting and things I guess somewhat sad for. You know for Baird is that the electric vehicle tax credit is going away that's a big idea wanted to make the switch back. Yeah so back to gas. He Michael back to gas wells no sense of now was it it was an initial was at one time tax creditors and it was a one time I believed to 7500 dollars is -- to guys' credit agency and an act and a good question yeah yeah you might be gone back to gas here will will have that will be up about Fox's I don't know I disparity here bearers are accidents will prove who is invited me to ask you again real gas doubled. And try to justify it somehow. The fact that there's going to be some justification coming taking a quick look at markets the Dow is up eight points so pretty much flat the S&P is up to. NASDAQ is up 21 right now so a slight positive movement markets at the moment. Oil though continuing to stay a little bit higher than it's been recently at 5457. Gold right now. 1269. And outs in the ten year US treasury at 234. So markets pretty stable at the moment. As we start Chu was head towards the weekend here. Again big news this week we got a tax bill out there we have a a person nominated for the head of the Federal Reserve Jerome Powell. Likely to be confirmed as the next fed chair at some point. So it's been a busy week here on the financial exchange. And fortunately all the time that we have for the week and so we do thank you for listening make sure you check out financial exchange showed dot com. Tucker Silva Mike Armstrong chucked out of we will see you next week on the financial exchange radio and.