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Full Show 5-29-18

May 29, 2018|

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This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the very Armstrong and chuck Exxon. Turmoil in the stock market we will address the decline in the Dow Jones Industrial Average oil prices are falling is not a good thing. We'll talk about it and then finally we're gonna talk about your grandchildren. Hi everybody it's variant John Moody with you here on late Tuesday morning. And I remember wrote how long goes east to talk about the pig nations Portugal. Italy Greece. And Spain primary that that was enough that that the pigs used to call them right you mentioned the pigs and people get scared yeah yeah maybe it is is cause for panic. And I fortunately Italy is in trouble again I know you've probably heard this the song before that he again or scale still. But even worse yeah I guess what what is the situation has the you know like I've read. Four different articles I've talked to several different people about it and immediate looks like a story of paying for past sins but all you describe it. Well what's happened here is there's concern Italy has not really had a government since its elections in March the intention was to. A stab should government backed them like we normally do we have elections. They have a multiparty system right it's like half a dozen parties the only European governments have this where you have to really put together coalitions. Of different. Very groups to Germany has the same situation in any surprise it's an issue in a challenge across much of Europe. What's happening is currently has basically been operating without a real government now for a few months. And they have massive debt. And there's been a rise in interest in the populist groups which we've seen. Rocky populace being get out you're right get out of Europe and anti establishment. So. The formation. Of a Euro skeptic government is the war here. That would mean that Italy in theory could maybe get out of the European Union heavily been hearing about this though for ten years yes we have a so why does the stock market decide all we have seller. Oh just because we're hearing it again because it start to think about what you raised at the beginning here which is that Italy has some debt problems. And that has been caused by a generation or more of loose credit him heavy spending lots of boring. In not really caring about tomorrow. Why the animosity in the Italian animosity towards Germany in the Greek animosity towards Jerry like everybody's that Germany. Yet when has Germany actually done they Daschle irresponsible. And angered the rest of year they have the outrageous position which is that. One should pay one's bills and and not as go to work in and go to work yet to work yes I eight. But they also believe that one should not borrow. What one does not happen. So this sort of radical thinking yeah. Has really been in conflict with a lot of European thing because what do you one of the criticisms that I've always had. About. What's going on in Europe when you're talking about Portugal or Italy or Greece or Spain. Is they're all in debt up to the arrival yes but here's that that we are I think Germany does bear some responsibility. Is they were part of the institutions that allowed these countries easy credit. The wild. Italy to be of the borrow money at a lower cost than the United States that. To me was on bat the ball it it's still is today you look at the cost of borrowing in Italy and it's it's about the same as it is in the United States why. In Italy's economy. Is is. You know it seems like Italy and Greece and all these countries are talking about are in and out of recessionary couple years yet this is the downside of having a common currency. Is everybody. Is treated the same because yet the same currency. Even if one company a country is spending like crazy and running ridiculous deficits. And the other countries more responsible you still have the same currency which goes up or down based on the behavior of everybody combined. The problem here varies every once in awhile you we ask. What is that really matter it matters like when it matters when when the market decides. All why or when you wanna issued nude when you wanna shoot up a bit like you today you wake up in the morning. In at least two year is down a 146. But as a 146 basis points over. The two year is one and a half percent higher and more expensive than it was. Friday afternoon and that's that that's we call collapse were so what happens is it 1 morning you wake up and everybody in the world says. All why I should not be buying this debt I need to get rid of how much has changed not that much but. What other factor unless you worried that Italy would actually default on their debt which is a possible. We've seen countries do it before and they have 2.3 trillion dollars of debt which is 131%. Of GD hard to do that when you part of Europe and Greece really wanted to do it than they really well we can't do it. Now maybe they're thinking would you remain we kick it out of the Euro because you're gonna need those big Brothers with us but. The fact is dealers were re right now the four other political reason. Italy might pull out of the European Union and I think if you all their debt you're thinking of doing away away. I'm panic counting on those received a lot more Germans to pay my bills here what's going on so you get 2.3 trillion the debt 131% of GDP BO. We shouldn't make too big a deal with this because. We really don't have a lot to brag about we're at a 106% of GDP in our debt and we are gonna have this moment. We're we are going to be dealing with a serious problem in two to three Italy talkers there should do it is you know I'll be retired and well deficit problem I'll tell you what Tucker did get some good news that wanted to share with you aren't Tucker being the the one. Individual in the room wants to borrow money and buy a house. Mortgage rates came down. Not rates a ten year treasury when we talk to you last. And remember rest on your mortgage rate ever going to be around 5% you. Tenure tree or shoes and about 310 John. Right now to two radiates that means mortgage rates probably that he if you haven't actually seen them yet they they'll reset to more normally it's on a Tuesday that resentment and BC. Rates tick down tomorrow a little bit I would I would caution is a little bit. A little bit because because here's the problem the problem is that's a phony number. It's based on a knee jerk. Panic about Europe that has nothing to do with our economy nothing to do with our interest rates but. Because there's a rush to safety in the world was all buying US treasuries which is causing treasuries to go down and healed if it's a temporary phenomenon. That that loses as. That talkers going to be able get affordable mortgage if the world goes to hack. And if things are okay. It's going to be higher. Though so we won't have a job but it didn't get aboard a credit. Market. I have as wonderful as of and oil prices. Like this happen fast it was Friday win oil prices started to fall. In IE the last quote I got on with 66. Dollars a barrel but I'll tell you why it. I bought well in Connecticut gas. But gas thank you in Connecticut this past weekend 319 gallons and one analyst on the tape yes to 94. For regular regular list items that lost you lost I said it would be. Well there you go repellent off the predictable but yet how are at how far out on the cape house and senate bill. So folks bail me out here what we pain in Chatham what you pay in Charlotte Moore boogie down in Italy well David in my report to us for our and I'm I'm looking to refute your report. 263566. Is my text numbers somebody had paid with three bucks again on on Kate you know. You Coleman is Barry I think that that the the gas stations were reluctant to raise two Maya because they knew that the financial exchange we'd be at all time highs on them. Well we'll see. I I still think somebody paid more than three bucks a gallon for gas on the cape. Somebody will texts do. What prices have dropped six days in a room and sand and night I'm still you know there's a lot of stories that all this is a bad thing and all I. I like lower input costs I've always been a guy you know you said well. You know oil prices trading in its sixty dollar range forget. If I I kind of like what was third in hope I. I I I gotta tell you John I enjoyed paying a dollar 99 for my home heating I was OK okay let me just explain to me why three dollar for home heating oil is better. And what twice three dollars for gasoline better than do all I don't know I. I hate to be the bearer of bad news here but the world. That. Two dollar and twenty cent gasoline. Implies. Is not a world you will like as much as the world that implies two dollars and eighty cents again. If you seek a US is what would you would you be happy and we should be happy go any higher prices for I can't wait to pay a higher mortgage I can't wait for it to explain this to me. Well it's it's Tuesday morning it's not Saturday night when I got a couple cocktails OK so wouldn't it was a 101000. And you were celebrating your dollar and ninety gasoline did you feel real rich. I might for one case down 35% of the ice or twenty cents a gallon once a year blaming the stock market decline. And no I'm say the stock market decline in which is the result of the weak economy and as a result of weaker demand. Brings down a supply demand basis the cost of products like gasoline and if we have an economy so strong. That it drives the price against a bum. Strong economies are good things now look what they have to twenty guests and download a strong economy and and a dollar I do too you know that's ahead in the ninety's normally ninety's. Nobody's jackets trump. There are a driver and suburban right gases 99 cents again guerrillas suburban. Ohio for a hockey equipment hockey that's hard and remember everybody issue vis back why not and then right now. Four dollars a gallon and I have to get her and solve murders it's Daschle tax deals that caught by the mystery. I mean you tablet friendly get a deal to get Pacific back in 2008 because ever been a dozen suvs were altering the men because it went from a dollar before. It seems as we don't have the fluctuations like we had back then. On prices were Michael report for well any oil part prices trading at 66 doused down 159 points. When we come back we're gonna talk about whether you as a grandparent. Should be putting money into a 529. Plan for your grandchildren. That's next on opening talks. I have a question for Berrian junk. Now you can text us at 63566. And take part in the show at any time you start your text through keyword battery and join our exclusive club. This is the financial exchange radio network. Hi this is very our stroke like many if you are. I was very interested to watch the markets after president Trump's tax reform bill passed last December if you have an irate Horry wrought by area count one little nugget that didn't get much media attention after the bill was signed with the idea of Roth conversions or re characterizations. Under the prior rules if you attempted to convert a traditional diary tour rock you could undo that request and not get a tax it as long as you made the request before October 15 of the tax year in question after January 1 of 2018 that provision no longer exists if you're concerned or have questions about how this change will affect you call me right now to get my free guide about Roth conversions the number is 803934001. That's 803934. Zeros or one or you can download it right now at Armstrong advisory dot com. Securities offered to securities America incorporated members in SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated. As we age the state claiming an asset protection become a Paramount importance to -- a happy and successful lifestyle many families to go through this process think about transferring their home to their children to protected from the nursing home if you're not careful a nursing home state can judge your financial wellbeing and transferring your property isn't always the best solution because you're looking at huge capital gains taxes and home is sold if you find yourself in a similar position you need -- let's -- brand new guide the risks and rewards of real estate ownership a senior partner with Cushing and Dolan and host of the legal exchange radio show Todd will break it down for you piece by piece and in turn will help you avoid probate and unnecessary taxes are better ways to own real estate and this guy can help you understand how to protect what is arguably your most valuable assets calls today for your free guide at 8668485699. That's 8668485699. Don't put your home at risk ticking away from your children's creditors spent keep it safe from the nursing home call 8668485699. Or log on to legal exchange showed dot com. Everybody it's very Armstrong and Jay to Jay is the executive vice president at leader bank. And we're here to talk about a brand new product available for landlords it's called Z deposit dot net Jake. What. Terry we created a security deposit product. To really help the problem a lot of landlords are facing with security deposits which is. You know one it's time consuming to open the small enough security pop number sons now. And yet to go into the branch gets signed paperwork and their small dollars and Andy turn. And it's likely to complaints in Massachusetts really tough for landlords and security deposit accounts. You have to give them ten in certain forms when they open up the count and you have to pay interest and you. And we should do all this canal through Z deposit all of that you can do through Z deposit it literally takes about forty seconds opened up an account. We handled the automatic form tattered generated in the count number department commission statement all that since the tenant. And the interest descent to the tenant. Automatically every year. This sounds like something it's going to be very valuable to large landlords it might have 200 tenants and small landlords that might only have five tenths yeah absolutely with a large landlords. It's just a lot of hassle to managed so we make dad very efficient for the small landlords a lot of them are afraid of nineteen complaints done correctly so some of them. Some of them don't even like taking security deposits were hopeful that this will help them do that. Folks if he'd like to learn more about C deposit go to their website Z deposit dot net. Or you can call and speak to somebody on disease deposit team it's 7816418691. Or online at Z deposit dot net it helps. Landlords managed there tendon deposits to great concept he might wanna learn more about 7816418691. Security suffered through securities America income member Sandra SIPC and advisory services arbiters securities America advisors think Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. The financial exchange with Barry and chuck is alive on FaceBook and YouTube every morning beginning at ten this is the financial exchange radio network. This segment of the financial exchanges. He's brought to in part by leader banks it's not too late to get a great rate. And a whole mortgage leader bank has some of the most competitive rates around. Call 8776917900. Or. Visit leader bank dot com for more information leader bank is an equal housing lender. Member FT CNN now last number 449250. On the tax line I got bailed out thankfully. From our listeners. Ito to writes I paid 308. At the I 93 restaurant in hopes that New Hampshire it's highway robbery at its finest we may patriot wafers gas but he bought as booze cheaper. That's true right they do that if it got to buy it there and then seven anyone writes I paid three of us are right now he just a picture Tucker guys yet. 307 net and in east now let's want to sound. All right par which port. Another three cents site I I I think I have enough that it current as to 99 or lower would that they events that aren't weekend apartment over the weekend. I atrial five at a speedway in Hyannis last Thursday it has since dropped to 29. Now there is gone homered. It's what they do yeah that's what they you know they lure girls they they they learn this I I I remember this going back in 1970 via you know we go east to go to the lakes region of up opera province Ontario and you talk about captive market rate and drive up to lakes region. He driver and a gas for your boat here buy gas for your car it was like. You know fifty cents more than it was back in for a debit very you do take a little too far I think one time I ever recall you telling your story read drove seventy miles on the way to go to Bridgewater. I was chucked that chart only chuck would be something that except with a jump actually used like 2250. Optional miles yeah. To save fifteen cents. What John and I are both old enough to have grandchildren. Tucker and I am dot he's not so he can't. Participate in this kind of future reference you wanna keep in mind that 529 plants you know eat I saw an article I guess it was in the glow about whether grandparents should open a 529 savings plan to help with college costs and I can tell you. As a grandparent. I didn't actually open one. But I kept one opened that I had used for my other five children okay and there's a little bit of money left and it. And I'm still throw in 300 bucks a month into that 529 point maybe not the smartest thing that I mean if you if you look at all the world's obviously there is talk about what the thing is they're they're there can be a real attached to your generosity because facts up is the you know the free free application for student aid Federer estimate. Looks at both income and assets to determine how much parents and students can contribute. To the cost of education right now if you as a grandparent take money out of your 529. And that actually gets reported as income on the calculation. Kills for the kid the next year. But I have us they have a strategy. What's that used the 529 money to pay for the seniors. That's right then it would matter it doesn't matter is not alone back to well what grad school. Or use it to paper grants in Libya might I just got in the habit of obscene in the 300 dollars a month I'd been doing 300 dollars a month. Since cows came right and yeah and I just. And I get used to it didn't hurt or yeah it's I've got a plan with fidelity comes out of my checking a site can do it then and now I've got two grandchildren and a third one on the way. And I said why not honey why why did that ninety. Hi guys that I why don't we just keep you know throw in the happen. We have a closer they know what opponents that I don't know I mean we watch out for prices on the case and we you know we we he could friendship right but but I think it's agreement because here's if you were thinking about maybe picking up a semester of hell yeah. Frist junior and senior year right now what you wanna do so you know it's picking up one semester in junior year in one of senior notes due to the scene here in the the other evening news. Like right now I have one in my kids listed as the beneficiary of that you can change the beneficiary by 29 play if you owned that account correct rights though. In my granddaughters or even two years old. Right if I keep thrown 300 bucks a month and there it's going to be a lot of money right now planning on having. A lot of great. I. I've got a deep bench well in the other issue is if you if you're doing well enough to know that your child is not to be qualifying persistent it's a moot point. They're just flat out hell so some to keep in mind it does that I get counted towards income calculation you know following year. Not a reason I look you still wanna save a lot of money plants there's a ton of money Nike is the people have been using the votes in an intelligent manner. And it's great because they grow tax free India is if you're an investor. You know the end of the year. You get your tax statement from the brokerage companies so I had a great year and he 18% of my money but boy I'm gonna give a third of that back to the government. And one other thing to consider too if you if you look Xavier Graham apparently can help your your grandchild. You know pick up a couple of bills. You know pick up cost the books. We talked about Nvidia semester tuition bill pace something directly yourself right. That's even count as a gift you know it's nightly gift correct yes so just you know pay the bill yourself and pick up an individual bill. Just be careful in the 529 because that could hurt calculations reports also remember you can use 529 plan this is 529 money. Can now be used for parochial school. So few of a kid going in the Catholic memorial yeah right you or errors not just parochial school any private school. You can use this 529 plan he used to be exclusive right for college costs that changed now I could be fifth. Right sixth grade private school there we go so the applications of increased. There's a good chance you could put it to work and they have huge tax advantages so still urge I I would encourage if you're a grandparent. I think it's it's a Smart thing to do now Dell dude you broke right right you if you can't pay your bills they'll try to pay your grandchildren but. If you have a few bucks throw out five to play in and and you know here's the other reason I'm doing right now good chance I'll be dead. Immigrant children walk across the state. Pretty good chance animal itself. They this is kind of morbid it's well and it velvet let you know what the odds are a pleasure to eat and have a grant obviously they are really. But our poll question today is do you have a 529 plan for your grandchildren I voted yes only 14%. Of grandchildren are grandparents. At five when he played soccer or our listeners are two hikers. In only four dollars and I would agree to literally I want I want my grandchild when they walk across the states to get their diploma I don't think. Remember groupie he will be paid from it wouldn't wouldn't like I nets up you would like I think you'll be fantastic one. Caveat I think it's important people to fund their own retirement before they do this though. Her idea of yours who would agree this is extra write this this is for those of you who have few extra bucks. Throat into a 529 plan for your graduate just a suggestion you don't have to do it but I do ask that you participated in our poll. Good financial exchange show. Dot com via a 529 plan for your grandchildren. Life goes on FaceBook and 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 take a hassle out of round date with zero and leader banks all mine rent collection tool he read automatically deducts tenant's rent and deposited into your account visit WWW -- he -- dot net to learn more would you -- your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or free for all landlords visit WWW dug see rent dot meant to learn more or call 7816418691. If you have a Roth IRA for personal investments here's something you need to know under the new tax reform bill Roth conversions are now permanent Colby Armstrong advisory group right now and get their free guide about Roth conversions the number is 803934001. That's 803934001. Or you can download it right now at Armstrong advisory dot com securities are for your securities America incorporated member of generous at BC and advisory services over the mysterious American advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. If you're landlords looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called -- -- it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks most landlords used 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 you're a landlord and are interested in having your bank required does he ran technology -- Obama -- -- he ran team at 7816418691. That's 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot. Net are you thinking about transferring your home to your children -- protect -- from the nursing home did you know that if you do you put at risk for your children's creditors including future divorces do you really wanna write a check to your former son or daughter in law just to buyback your own home hi this is Todd -- -- I want you to know that not only does transferring the property put your home at risk but it can also create a huge capital gains tax when they sell it right now the federal capital gains tax can be as high as 23 point 8% and that's in addition to your state income tax -- better ways to own your realistic -- can protected from the nursing home keep it away from your children's creditors avoid probate and not cause unnecessary taxes a got a brand new guide to real estate ownership out this month this free guide we'll show you the best way to own different types of realistic call now for your free copy at 8668485699. Or download your -- immediately by visiting legally exchange showed dot com don't put your home at risk 8668485699. Or log onto legal exchange showed dot. 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 -- your gold locally it just makes sense of leader -- -- call and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back a step ahead 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 -- day with easy round leader banks all mine rent collection tool he -- automatically -- tenant's rent and deposited into your account visit WWW -- he ran dot net to learn more -- -- rent your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dogs he -- dot meant to learn more or call 7816418691. Time now for Wall Street watch a look at the market's performance so far today until Berrian jug right here on the financial exchange radio network. Time for Wall Street. Watch right now joining us is Michael Armstrong and Mike a couple of but it's kind of a rough day on the market today but a couple of things in the news or apple and Disney. Yes so why apple announced they're going to be putting together all their new phones with oh lead to ways organically in but he weighs. One can't be very big into that it can't make a Universal Display. Stock is up pretty big on that news. Universal played ticker symbol OLED is that nearly 8%. On a deadly side of things they actually they had their release of their new Star Wars movie over the weekend. Solo Star Wars story while it was the biggest. Winner for other movies out there are pretty disappointed terms. And you start worst franchise that's basic stuff it down one cents. And then the guys you mentioned overall market down pretty significantly financials leading the way. Right now the financial sector as a whole is down about 1%. And Santander particular. This Spanish back down about 8% on the concern so as a. Yeah I imagine to the financial stocks Mike you particularly nice seeing. At those interest rates in the long in coming down that's gonna hurt that I yield curve that's been the play that's really helped financials. It is yeah assuming you've got a couple of different stories heading here rate cut interest rates. Coming down slightly and you've got god knows what's happening with the Euro zone. Yeah obviously. European based Baxter began about that but he an American banks that do business of the that are going to be bat pretty hard to package sector's role be. Our Mike Armstrong had a rough day on Wall Street tax U much sore poll is not going. To throw that out. And I was not only 8%. Of our listeners have a 529 plan for the cut. So maybe it isn't that terrible error while I just think I you know I've run into a lot of rich grandparents. In. And I just think it's a great thing to do constant money induced by Twain and it is. Just do. You know for a lot of people make him down to the fact that they need to do a lot more work on their own retirement plans but when I think about 51 and maybe I think about the warnings that we get it's it's definitely extra if that it you know when you when you're on an air airplane and they say you know. Get the oxygen mask for yourself for a day and then your kid. The oxygen mask for yourself from his before one case the oxygen mask for your child. Is the five every week here wanna make sure about our grandchildren. And if the W play like I I would maybe shouldn't you again John is that to do to help you through this OPEC. If we knew that having grandchildren were so much fun you know we would had them first. Either way I don't know how to work what works when your appointment if if you were to me you know hit the an air pocket and the oxygen mask grandchildren first okay so you figure consistent. You'd be probably grandchildren for okay. Wealthy that it just it there did there the back into the fall upon that Tex out of the 978 we paid for our kids what credential and by up to their parents to take responsibility for their kids yet we're talking about millennial so what do I haven't had that happen I mean millennial Lebanon completely already determined that you know colonials are still living in their parents' basement eating avocados to that would last week with a guy wouldn't be days. Parents had to take the court to get people out of the thirty year old thirty ex colonial that is the ability that is the definition of a Mullen just like someone doesn't plan on being around a long time I am not. By lifestyle would the last forty years stepping up perk you up and get you out. Fired up about life speaking of which speaking of being perked up. Is your pension safe let's say you're retired and state trooper let's say you're retired teamster let's see your or retired IBM worker. I'd people. Get that pension check and they say. Hope thank goodness for my pension to because they live on yet you know the big count on that 3000 dollars a month to get from the Teamsters are they count on that 4000 dollars a month. They get from the state. As you know that money's going to be there. Uninsured it's if it's a public pension as we've said repeatedly it probably is okay. Probably joking. Some municipalities may be iffy but again municipalities have the power of taxation would. Which on this case is actually on your side so that's a good thing but. If it's a private pension you might wanna look at something called the funding ratio. What that means is basically measures its ability to pay off its debts when it owes you 100% mean germ great shape it means they've got the money to pay with a obligations. If he gets less than 80% that's a warning sign. That there are issues right now and certainly down on the line that need paying attention to it now so keep an eye on the funding ratio. And that's something that will give you an indication of the health of your pension I would even be worried I gotta tell you if you were a state employee in your sit back. Saying oh I'm fine as you know I know that Connecticut will bail me out and they'll pay my pension will Connecticut's. Plan is ranked 47. In the country well and is only 51%. Funded Rhode island's plan. Is ranked 42 in the country in only 61%. Funded and those of you course and walk on from Massachusetts were fine in the past now in Massachusetts. Is not a pundit planned 67%. And we even a couple states that aren't in Rhode Island has to this issue well they're trying to going to be at its you know of the things on the front burner what's a twenty year process though right rate when you start dealing with it. That means that 2030 years from you hope to be solvent. Mean is EV 6% funded New York State is 98%. Fund you know he's so it depends on. The fiscal responsibility. Of the state which you resign it and I'll tell you what. I think. John Mark my words. Win. The these funding obligations. Reared their ugly heads which is what they're doing it in the next coming years. People are gonna say well I'm not willing to pay me. These property tax rules to your property taxes are gonna go but that's where they're gonna get a split or to say you know mr. Rooney your property taxes used to be 8000. That because of these unfunded pension liabilities in your town we have to raise your property taxes from 8000 to 9000. And people are going to be NASDAQ or they'll look at the other way yummy to look at expenses or you look at the revenue and interest of the revenue count is sudden you're looking at which which never welcomed. It may also come down in many cases would underfunded pension. Do we lay off workers or it's Peter joining Connecticut now exactly or keep the promised to retirees so. Down the line you could have a generational battle between those who want a job of and those who want to be paid the pension they were promised and if you think. It's gonna work for sure on your side. Let it would happen when General Motors went into bankruptcy from from. The people promised the money on the debt more in line ahead of everybody else got slammed the turn I know that was one of the program. And people who were in the union. Yet paid not paid. So again you only had one vote they had no they had several 100000 votes yeah I didn't have the connections with the politicians they but this is something you did with. Download Tucker is just another heard that we have left for millenniums of thank you appreciate the dirt. Then put that out there. I bury our shark you're like many view I was very interested to watch the stock market after president Trump's tax reform bill passed last December. If you have an irate Corey Roth Larry count one little nugget that did not get much media attention. Would after the bill was passed. Was the idea. Of Roth conversions or re characterizations under the prior rules if you attempted to convert a traditional diary to a Roth you could undo that request and not ticket taxes. As long as you made the request before October 15 of the tax year in question. After January 1 of 2018 that provision no longer exists if you're concerned or have questions about how this change will affect you. Call me right now to get my free guide about Roth conversions the phone number is 800. 3934001. That's 803934001. Or you can download it right now at Armstrong advisory. Dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are printer securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. So moves so little. Sputtered at the box office this weekend to new initiative and that while it was it was like the weather was progressing. On Sunday right right yeah you'd think that you know people if would have gone to the movies yeah I mean yesterday yours and when I saw the box office results I was surprised how to do it right into me 70%. Mortgages which is fresh evidence that audience were rotten tomatoes critics I'll file the audiences. When you look at right its minister when you measure do you care more about audience measure or critics but I'd be here's with the with the critics that the -- for the terms of the audience measure that we took in 83 point three million from Friday through Sunday this thing costs 400 million dollars to produce so it'll make money it did really well but most theaters but Tucker would you say that's a disappointment all the guys certainly it's disappointed it's a Star Wars movie for right for Crennel but the audience Horwitz was pretty close to the credit score. 62%. Of the audience liked to see dad actually would be bad because didn't we it's close to seven you know nobody and we learned that the audience scorers always post the higher than the credit score because. The people that would go to watch this type of their star worst people to begin with they have and I expect. I feel like Star Wars is a different crowd though they're gonna be overly critical. More than the critics that for example dole the last jet either. Which struck and I hated the critics gave it a 93 months ago audience or was like in the fifties it's super troopers. The super troopers to the audience the critics score was a very poor but I didn't 150 Tucker's point I I think that the start worst crowd. Is pretty critical and that they have a lot of classics to judge it against. I mean is that correct I mean there really hot holding sheriffs to the standard that Star Wars is set which is a very high standard there yeah I totally agree totally agree but. You know in terms of a Star Wars are rewarded me in 84 million via that is low. For star Chris I actually rushed I don't know why they had to push this out this year. We just had a Star Wars movie reportedly doing. Together expecting is too little over a hundred million if you include Monday and Monday it was pretty terrible day around here I'm sure a lot of people want to movies but still a hundred million even for the weekend long holiday weekend on a quarter million dollar project. That's not too encouraging and Disney's stock is down understandably does not a lot of powers are on the imovie. Now and what did you learn a super troopers yeah he's. The critics' scores 32%. Thanks and then the audience score was 72%. If they see that's a different kind of movie you you're just going there for stupid humor and now you definitely yes it's still the best yet seen issue. No he set a quiet place was as a bona made that was that it depends you looking for your one entertainment we're about Chappaquiddick. Well I was embarrassed if that was an embarrassment. Bear Regis I was gently heiress Paris I take it. Could appreciate. You all should be embarrassed by China and we everybody who ever. Lived in Massachusetts for the last fifty years should be embarrassed by Chappaquiddick so we're talking to judge the movie it was just too embarrassing it was embarrass him. It I just but I'll I'll mention that pay the market is down 173. Point but coming up. Will be joined by Joseph McCann from seeking alpha. To talk about a stock grab a pencil and paper stock tock is next on the financial. Vote on our daily poll question had financial exchange showed dot com while you're there buyer of the media player and watch the show while you work. This case the financial exchange radio network. As we age the state claiming an asset protection become -- Paramount importance to maintaining a happy and successful lifestyle many families to go through this process think about transferring their home to their children to protect it from the nursing home if you're not careful and nursing home -- can judge your financial well being and transferring your property isn't always the best solution because you're looking at huge capital gains taxes and home sold the do you find yourself in a similar position you need time let's use brand new guide the risks and rewards of real estate ownership a senior partner with Cushing and Dolan and host of the legal exchange radio show Todd will break it down for you piece by piece and in turn will help you avoid probate and unnecessary taxes are better ways to own real estate and this guy can help you understand how to protect what is arguably your most valuable assets call today for your free guide at 8668485699. That's 8668485699. Don't put your home at risk given away from your children's creditors that keep it safe from the nursing home call 8668485699. Or log on to legal exchange showed dot com. I this is very Armstrong and if you're getting ready for retirement you probably have at least some of your portfolio invested in an IRA or Roth fiery third differences between two both types of accounts are popular but there's an important change to the rock fiery now that president Trump's tax reform bill has passed Roth conversions are now permanent so if you attempt to convert a traditional higher rate to a Roth a higher rate after January 1 of 2018 that change cannot be done done if you have Iraq diary or were thinking about converting to one find out how the elimination of this tax friendly provision can affect you call now for my free guide about Roth conversions the number is 803934001. That's 803934. Zeros or one or you can download it right now at Armstrong advisory dot com. Securities offered to securities America incorporated members in SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated are are strong here and I'm. Joined by Todd let's keep from the law firm crushing and dole and we're talking about something that sounds pretty basic but how should you all your real state. Todd if you are real estate is in a nominee realty trust. Is that going to be protected from the nursing home and also will it avoid probate when you die out most miss understood. Trust I think in the trust world it's not even a trust it then on the in the relationship nominee realty trust. I know but it's not. What I mean by that is. When you put your property in to a nominee realty trust folks please go look at who the schedule beneficiaries are that you listed a separate piece of paper touched it fits that children and you gave way to the children you don't even know anymore you'd realize you gave it away because it takes effect immediately not your death. What's the difference and many people think that that doesn't take effect till your death. More importantly if that's. If that was like my wife and I and the schedule beneficiaries as my wife and while that we didn't do one thing right back in my name and my wife's name sorties are lighter and point it would even aboard so why is it being done. Because lots of times people might go to maybe real estate attorney and they think can help the trust and throat and a realty trust. We used realty trust it's just important. That the schedule of beneficiaries. Is another state planning trust revolt cobol or reap or you're all correct or not a person not your kids not yourself. Please look that up if you've got one of these you know it sounds pretty basic how should you'll your real estate but he gets complex as you get older call Cushing handle and and receive their brand new guide for the different types of real estate ownership the poll number is 866. 8485699. That's 8668485699. You can download the guide right now by going to legal exchange showed dot com that's legal exchange showed dot com or call toll free 8668485699. If part of the financial exchanged in an instant. By texting us and 63566. Started to extra keyword Barry and become a member of our brand new textbooks tell us what you think 24/7. Break here on the financial exchange radio network. Always excitable possibilities. In cancer breakthroughs in stock talk today. We look at locked so on college G civil LO XO and Joseph McCain and from seeking alpha joins us Joseph thanks for joining us. It could reorder more great merit Joseph more so has a drug for the genetic mutation tells what's involved. If a lot a good couple years here at a spread out data. Very specific because in particular type of monitoring their revolution there really column for product. If not figure out where that who is in the body but what genetic characteristic that two Africa what went wrong in cabinet that soak. But yesterday and it it gathered. People very very. And this year they're looking grade B one of the winners again a major medical cock starting later this week. Again looking at another table of genetic Asian Beckett applied no matter where that can happen in the body. Yet this is a pretty exciting thing no doubt about that you point out. That the FDA has really recently then a lot more interested and enthusiastic about genetic specific cancers. Vs organ specific answers right. Yes well I think that for the longest time people thought about. Direct answer one camp their brain cancer at the site now has been you know. Hope for a long time but actually about it and knowing that. You're not necessarily important where it is about people what went wrong and why that you are celebrating or why that there are there in the first place yet yeah eight. If there a look at the data. That group of saying you know we expect and similar cancer types you know can be treated with one there be pertinent at that a matter of being all political all calmer now calmer. Trial where. Genetic in what mattered not that it's in your director that it that your well. Not where they detected and it's exactly oh in terms of rock so you Biotech let's face it is an expensive business. Sometimes a lot of cash going out not too much coming in while you waiting for these very expensive decisions. Cash is always a challenge how are they financially. It took a company that backed out of partnering of Europe so. Is this your I met this week because the have a major data that there's a that we can't. I elliptical go to the premiere caught up in the world. But Clijsters at the carpet they beat you they partnered to cut them up front money per mile and money into at it by owning a stock that he. There are actually gonna happen approval potentially in November for the compound. So. Partner that product with another. It get back after this specific drugs but you haven't ordered that product we beat them go forward and these early programs Schilling. We will look at that reaching epidemic and that he is well. On attachment template than they've been mindful of of sharing the development let the big pharmaceutical company. And then. Continuing to put their money back into the pipeline and coming up with new treatment for different. It should go either you know distractions that a global population. Prolific lung cancer particularly career I've that the edition but it get a better result could be a great article where stocks do you like it. I like if you look at the chart a minute if they held up very well he had a bite out. Increase over the last year so. And they keep having my I. While the expansion of a really good job of managing the balance sheet and keeping a thing expecting in the spirit that we get out early data. This super comp parent. Then at the certificate of the emirate are yet yet but it is prepared the truck. Different drug for the first time so. You know if you look at the string of bank to be expert about it supporting the Irish going out there advocate. Prior year were in that happened to prepare what position that back it. But bigger picture though I think there's reason for excitement here about some serious breakthroughs. In the way in which we approach cancer and and the possibility of curing it. Yup you I've worked for a company we're excited that oh we do with it or you expert. It got to get a better and be really complex topic and Arab peppers have been really expended about he kept the effect. Are these you know edit it these specific cancers and we spoke to a couple of doctors sadistic. What lot of work out who interpret in. A differentiated pay there'll. Note when you go to the people who've spent their entire life and career building that and hear about them that you get pretty certain. Our John McCain and from seeking alpha thank you very much LO XO locks oncology thanks. Dr. Pepper thanks. This thing that occurs to me and it's not just this drug but any of these pharma drugs. If you're not a scientist if you're not in the medical profession what it is such a crapshoot. Because you hear about these stories and and there's a lot of them in the Boston area. In client the last and what are you complaining about Texas tea a by a and he Tia yeah but I I just I. Is very few people acting can make the right Beck does he talk about a drug companies like this there's a million of that go bust that you don't hear about. Very tough to analyze for non scientist no question about that. The Dow is down 182. Points things that you should be looking at oil is down a dollar three per barrel right now gold's down six bucks announced a 1296. Here's a key interest rate the ten year treasury note is trading at two point 80%. That's good for mortgage rates will be right back with more pathetic. It's not too late to get a great grade and home mortgage leader bank specializes in a wide variety of purchase 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 of faster closing call lead 776917. B 900 that's 8776917900. Or visit leader bank dot com member FDIC's equal housing lender and MLS number 449250. Subject to credit approval. Leader bank a step ahead if you have a Roth IRA for personal investments here's something you need to know under the new tax reform bill Roth conversions are now permanent Colby Armstrong advisory group right now and get their free guide about Roth conversions the number is 803934001. That's 803934001. Or you can downloaded right now at Armstrong advisory dot com securities are for use securities America incorporated member Finneran said BC and advisory services are produced series American advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Are you thinking about transferring your home to your children or protect it from the nursing home did you know that if you do you put it at risk for your children's creditors including future divorces do you really want to write a check to your former son or daughter in law just to buyback your own home hi this is Todd let's can I want you to know that not only does transferring the property put your home at risk but it can also create a huge capital gains tax when they sell it right now the federal capital gains tax can be as high as 23 point 8% and that's an addition to your state income tax there -- better ways to -- your real estate that can protected from the nursing home keep it away from your children's creditors avoid probate and not cause unnecessary taxes a got a brand new guide to real estate ownership out this month this free guide we'll show you the best way to own different types of realistic call now for your free copy at 8668485699. Or download your -- immediately by visiting legally exchange showed dot com don't put your home at -- 8668485699. Or log -- legal exchange showed dot com. If you're landlords looking to find an easier way to collect rent payments than you need to hear about leader bank's online rent collection product called zero and it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks mostly in the reduce 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 you're a landlord and are interested in having your bank acquired does he ran technology Tillman McCall does he ran team at 781 at 6418691. That 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 781641869178164. Wall and a lot of people. Set up brought diary is when they are working there often contributing to them on an annual basis. But the Roth conversions a little bit of a mystery for some folks are Mike what are we talking about. When we talk about a Roth IRA conversion yes so unlike the traditional 401K or IRA where you receive a tax deduction for putting money into an IRA. The Roth IRA you put regular dollars in you don't receive induction but any of the growth is completely tax free number of advantages there there's no required and distribution and can be used as they're really good source of tax free income later in retirement. When you convert in higher to a Roth Larry which are doing is you're taking money. Out of that traditional account. Putting it into the rock paying the taxes upfront. In order should never pay the taxes on the growth down. So this is a case where you actually voluntarily decide to pay the tax usually with the idea that you're going to be in a lower tax rate rather rather a higher tax rate later on. And so this gives you the ability to not pay taxes higher rate later. Absolutely correct so oftentimes people do it in a year which there and lower tax bracket intentionally. But I'd be very careful about when you do it. Folks Roth conversions they can be a little bit Dicey just trying to navigate to different tax brackets and so forth and so are strong advisory group has put together. A great free guide to give you all the info you need on the Roth higher rate conversions. It's available right now at our strong advisory dot com. In it doesn't cost anything to get it once again the only way that you can get this guy is by don't Armstrong advisory dot com. And you can get the guide titled an important update on Roth conversions for free. At that address Armstrong advisory dot com. Securities offered to securities America incorporated members Jenrette SAP C and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Precious metals are Smart meaningful investment one ounce and 110 down silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader banker Colin learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader bank. A step ahead hi this is very Armstrong and if you're getting ready for retirement you probably have at least some of your portfolio invested in an IRA or Roth fiery third differences between two both types of accounts are popular but there's an important change to the raw fiery now that president Trump's tax reform bill has passed Roth conversions are now permanent so if you attempt to convert a traditional diary to a Roth a higher rate after January 1 of 2018 that change cannot be and done if you have a Roth irate or worth thinking about converting to one find out how the elimination of this tax friendly provision can affect you call now for my free guide about Roth conversions the number is 803934001. That's 803934. Zeros or one or you can download it right now at Armstrong advisory dot com. Securities -- to securities America incorporated member -- SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated I'm from bank the pays you would later banks admiral lord accounts can 1% cash back with debit purchases and an extra 10% back when you user -- featured businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn more call 8776917900. Or visit leader bank dot com minimum to open and current annual percentage yield ten dollars mass -- until -- -- may reduce earnings rate subject to change without notice member FTSE leader bank. A step ahead hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to entered their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and will even send out annual interest payments directly to attendance -- call the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them online and see deposit dot net member FDIC leader bank a step ahead. This is the financial exchange with the Barry Armstrong and chuck sound. You're exclusive look at business and financial news affecting your day your city your world. Stay informed and up to. About economic and market trends plus breaking business news. And the financial exchange with the very Armstrong and shocks. You've heard us talk about it before there is a shortage a massive shortage of truck drivers weren't talked about it. The labor situation today in the summer on hate cod on Connecticut shore Martha's Vineyard so lakes region. A New Hampshire it's so tight. That the government has decided to increase more H two B visas. And then finally a Wolverine turn ahead for automobile tight everybody it's Barry and John Mooney with few here it is 8 Tuesday morning. And the American truckers association saying. Massive shortage of truck drivers yeah breaking news here we've heard this before no we hear is labor shortage more acute pain in the trucking industry. We could go back even turn to there Great Recession. And there was a truck or shortage even and down when there was less to drive so it's gone from always being an issue to now it's a crisis. We need truckers in bad times we urgently need them right now. They believe that there's an estimated 50000. Person truckers drive truck drivers shortage in right now which is a massive number of people. We just need more truck drivers your point is we need to pay more while it that's the ago I get a kick out these stories because. This is written by the public relations department for the American truckers association right and guess who controls the ATA who. The trucking company actually attract if they and their synergies we have these these guys actually wanna make a living wage they've got a lot and earth. Well I mean the things the trucking industry pays pretty good money. Is gonna be paying off that the NAFTA thing normally it's a job but it's a tough job it is likely to eat you look at these long haul truckers they can be away from their family for 23 weeks and time long periods of time it's stressful it's. It's physically damaging it real you know any truckers yeah I do I I don't I'm of these guys. Again I've number of them that are retired truckers via clients who won work for the postal certain. His knees or should these acts yeah you just go through. Knees hips in packs he talked any truck. Yeah and the told it's taken on family life being away from the family you know many many nights. Overnights you know being in the middle of nowhere and not having to make make do and so it's it's not the easiest job in the world but there's a huge shortage for them again. If you can have a career and you don't have a whole lot of education you wanna make good money would like to get trains for specific job. This is not a bad would happen and I'll say this. Even when times get somewhat worse there's still going to be in the truck drivers just a beach NC should truck drivers be concerned about driver list trucks. Someday yes but I he's talking like twenty years I think we're still long we've had and also you know I I think you're still gonna have a truck driver. Maybe at the margin you know fewer of them but there's still going to be a need for have an individual. In that truck you know it's so much to do more work. You if you said about being pilot. Work truck driver. In two years down the road you'd be making a lot more money. As structure abuse even if you go for nobody's getting a lot more money is a truck drivers with new ideas Pine Island now part of that is because lava pilots. Run much more limited schedules while and pilots also he takes it costs you 2000. To get trained as a pilot right and it takes years and me you're talking. It probably five years by time you're actually able to go to goal and fly for united under their inner you know and it's just like you'd ever talk to the guys that play perky pair yeah scare. To scare. Please do it I miss any nicknames doctor for a scare that figure out. Every evening Noth right right. And and for other pilots you know on on larger commercial airlines their finding in many cases. Payable one they're weak job I mean they're paying a lot per hours at a little what do you make of for our. And it turns out to be 30000 dollars a year and we're talking about on major airlines. So again the opportunities this truck driver or you be working a lot more origin but you could probably make a whole lot more money from the standpoint of just income. The annual report. So why. Did the Department of Homeland Security. Grant an additional 151000. Workers for visiting foreign workers this is a controversial situation. And it comes from an administration that want to crack down than on this. Hand. Secretary of Homeland Security Kirsten Nielsen. Is proposing. Actually she's granted an additional 151000. Pieces line of foreign workers. Because we need seasonal. And this is from administration quite reluctant to do it is. That's really talk to anybody its run in restaurants here resorts over the down in the cape not the strict enough. He's the we did this in the past and there will be stories this summer about bad service on the on the Cape and the Islands. Because that's for dot net you know you look at all New England yet the lakes region as a tourist season. But hate is the biggest tourist at the center in all of doing right rate and they're gonna have a worker shortages again this year. And you'll be written about and this is an again as we talk about the previous issue with truck drivers this is an annual problem. That is our core business you know when your three point 9% unemployment were like everybody's doing with the us. The places that deal with a usually are now in full blown crisis in this is the problem is. It's difficult for anyone to find good help if you do with seasonal help in a high cost of living area like the cape. It is now a crisis and so you're gonna hear stories horror stories of you know lack of service for service is just really hard right now when we were kids. Back in the seventies right. It was very unusual for sixteen year old cannot have a summer I know right or an eighteen year old Tony wasn't really it just I don't write your peers are cultural change here yeah soon be back in our day it was 80% of us has summer jobs right today it's less than forty. And and you see it to your point. I were I live in the cape in the 1980s. And there is more much more every year round popular notion of him so I would think. There would be more available people to work these jobs and then there were in the nineteen plus retirees John. But there always have been. And in the 1990 I think there I think there even more as a percent of the population. When I worked there it was a retirement place. I mean I I think it is I don't like Dartmouth and it was dead in November and it's not that way anymore Molly rant and so you have of a potential available workforce from your point. I wonderful life these people simply in terms of the kids and don't want more. They had the numbers are if you look at the bill last Bureau of Labor Statistics though surely. The decline of you know teenagers and college age kids having summer jobs they're doing things are very young you know you've got. Seventeen year old taking summer internships and make. When I was seventeen year old 217 years old who would want yeah they have other than discuss ice cream or hard drive please and on top of that there's the cape is always of the seasonal issue. So it's compounded by the fact that it's hard just really really hard when it's not too late though they release these pieces. It's memorial good point I mean. The EE talked to. The they're there and hire them now. Yeah and I mean we're in the season well gearing this Memorial Day weekend in him. Start off this weekend really the forgot we don't race that that's the official kick off of I'll answer it you know it would end up dinner the finale I have never heard of but no it's it's and then tucked under it it it's starts in Hyannis and it goes out into the islands Jeff does the loop around comes back to resolve the cigarette boats is that they view us Seattle. Votes I believe hold a luncheon Elvis yeah. It's a sailing race I will tell you story in that because they're rag bags. What's that symbols and ultimately causes less power of a nothing nothing. And they call us the pots and yet did you guys not now. And I you know but now you know that the official kick off on official kickoff of summer on the game is always that the we've peppers. Thank you need to thank thank you and I'll tell you a funny little story about that which everybody McCain's laughing at right now is they know the truth about what the guy we stands for. And and you do too weak and if the only station we can't talk about that. Later in the commercial oh yes I have to wait I think you're Italian I can't do that because I'm concerned about your license well thank you. Appreciate your being concerned about my life I should bright view concerned about violence. Eight worrying turn. Ahead. For automobile loans this you know if again there the you'd get these reports on the economy's problem with these economies strong wire people not paying their car loans I mean. Ought delinquencies. On automobile loans rose to four point 3%. From three point 84 point three is a really high rate of delinquency. On automobiles or that kind 2008. I think what's happening hears people buying more car than they can afford. They're buying much larger price tags and their financing it over a long period of time. And they're finding out in that loan they can't afford to pay it which is a very scary thing. Given the fact that. Most everybody has job the and they've been approved for more than the combined I'll give you evidence to what you just talked about as driving through Rhode Island yesterday and on a Rhode Island radio station I heard an auto dealers thing. If you take home pay. Is 350. Dollars. A week. We 350 dollars a week take home pay we can finance you up to 30000 all. I mean that's where that. That was in the race that was on the radio I heard that I said to myself but boy I mean. You know EE I was boil this down to what what I tell my kid that's what 171000 a year. Take home to buy a 30000 dollar vehicle that's what the ads are you live in the vehicle by you can eat the vehicle I mean if I I've just tell you what I heard on the radio and it's. If it's on the radio it's going to be well and this is this is a problem there's a slower growth of household debt fueled by a big pullback now Ian auto loans all of a sudden. I think these auto companies and their finance arms are saying we they've tightened up and we let it didn't last more than we could you hear what here's here's something else that's staggering. The average length of a new car loan is now 69 point two months. That was 65. Months in 2013 to go in five years we've gone from. 65 month average auto loan. To 69 months but I don't keep my car 69 months and this is a byproduct of the fact that no one knows the price of the vehicle whereby they only know the monthly payment. And so what's happening as the auto companies say hey look for 199 dollars a month you can buy whatever you want. Now it'll tell you how much the down payment is which is a lot of money and they'll tell its first 72 months and but that's a problem you wanna bargain. I'll tell you what now's a good time to buy a car particularly. If you wanna sedan. All no question you don't they are giving sedans away you wanna go to CarMax and by sedan. Good time to do you go to UN Abaya. And like it to three year old car with 40000 miles on it. By accident you'll get a like a huge bargain relative to what the car costs for an. And the supply is out there and remember Fortis who stopped making sedans and move them the other the mustang to call that a sedan. So what's gonna happen should be unique situation here we still want supplying him. And not a lot of demand so now you've now's the time to buys it and we'll question our poll question today is should grandparents open 529. Plan. For their grandchildren I voted yes and like that I you know like I know a lot of rich grandparents I just think it's a great thing to do. For your grandchild. And I'm I'm looking at our website is that service and Vail mountain grades did you did you crack hmm it's so much response we cracked glass and now it's back up the tobacco you're sure yes anyway go to our website financial exchange showed dot com. In order to participate in our poll do you have a 529 plan for your grandchildren. Thirteen point 6% of our listeners have one. If you don't have one get one I think it's a great thing to do it is your legacy this is something that will guarantee. Your grandchild will think about you as you might be dead. When they walk across the age get their college diploma. Smart move to do I I think it's wonderful I hope people especially if you're prepared to parents definitely should do that. Up next we're going to be talking about taxi drivers. Medallion owners. In suicide. That's next on the financial. The financial exchanges 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. Hi this is very Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about Z rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to enter their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating account disclosure forms and will even send out annual interest payments directly to -- -- called the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them online -- -- deposit. Dot net member FDIC leader bank step ahead. Are you thinking about transferring your home to your children are protected from the nursing home did you know that if you do you put at risk for your children's creditors including future divorces you really wanna write a check to your former son or daughter in law just to buy back your own home hi this is Todd lets you know I want you to know that not only does transferring the property put your home at risk but it can also create a huge capital gains tax when they sell it right now the federal capital gains tax can be as high as 23 point 8% and that's in addition to your state income tax -- better ways to own your -- -- can protected from the nursing home keep it away from your children's creditors avoid probate and not cause unnecessary taxes a got a brand new guide to real estate ownership out this month this free guide we'll show you the best way to own different types of real -- call now for your free copy at 8668485699. Or download your -- immediately by visiting legally exchange showed dot com don't put your home at -- 8668485699. Or log on to legally exchange showed dot. Com hi this is Barry Armstrong and if you're a landlord or property manager I'm sure you've heard me talk about he rent leader banks tremendous on line rent collection program I'm excited to tell you now about their brand new product called Z deposit this is another free program which streamline the opening of tenant security deposit accounts three totally digital experience with C deposit landlords can open an account online invite tenants to enter their information and manage all their security deposits Z deposit also automate many of the compliance headaches for landlords such as generating count disclosure forms and even send out annual interest payments directly to tennis just call the Z deposit team to get started at 78164186. And 91 that's 7816418691. Or visit them on line and Z deposit. Dot net member FDIC leader bank step ahead hi this is very Armstrong and if you're getting ready for retirement you probably have at least some of your portfolio invested in an IRA or Roth fiery third differences between two both types of accounts are popular but there's an important change to the raw fiery now that president Trump's tax reform bill has passed Roth conversions are now permanent so if you attempt to convert a traditional diary to a Roth a higher rate after January 1 of 2018 that change can not be and done if you have Iraq -- or were thinking about converting to one find out how the elimination of this tax friendly provision can affect you call now for my free guide about Roth conversions the number is 803934001. That's 803934001. Or you can download it right now at Armstrong advisory dot com. Terry suffered a securities America incorporated members and SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated. Join our brand new tax club by texting the word berries to 635660. Send your first and last name and get involved today you're listening to the financial exchange radio network. So Tucker fifteen point 3% of our listeners have a 529 plans for the French. The scroll I've been a about it. And it's it's a good numbers the number. Taxi drivers in New York City are taking their own lives due to debt so actually the drivers as the owners of and the downs. It exactly that 56 year old man who lives in Queens was found dead in the East River may eleventh. The fifth suicide in just five months and he just spent 700000. Dollars on the coveted medallion. Too alarmed operating cab in the city. And because of who we're. The value that is not what I mean by easy to muddling but it's it's nothing here. 7000 it's like buying a house of seven or thousand of buyouts worth fifty Europe under I've heard of any suicides but Ian. The New England area I have run into people that borrowed. Millions of dollars to buy these New Orleans and at one poor guy and he had a bunch of medallions. And he refinance. Home now to pay for the the Dow ends. And you know talk about it the wrong time yeah you know and really. Medallions. And this is that the argument on the part of taxi drivers they're saying he has changed the O rules midstream. You know used to have to have the guys to go to the airport right rightly hit just the it's it's not. I I use lifts and I use to burn I love them. But anyway. These guys were not treated fair yet image in the industry clearly that was set up for. Destruction. There's no question part of it was the way they managed and it though because they'll play taxi experience was misery the tax experiences miserable the cost is too much. It was a classic case of where technology command and really change that you think that I I usually too much though because you know you if you take the fact. EU like over and lift or she but the lose a fortune right. I think it was a little bit high and I think I and I agreed I think Hoover in the and lift are going to be coming up and getting close to that. But at least people smile and treat you nice. And deserved they're judged on every ride which is fantastic. That easy that you elected the drivers when you when Victoria sure ID to. I mean that's what makes whether it's this or eBay whatever the experiences the ability to rate the transaction and they were YouTube. That's why I'm really you know I got into the radio and protectorate I I don't use the rides sharing service you don't I don't know and I and I'm growing evidence right now middle of nowhere to. But I mean again this I I feel bad because like you said. It's not it's the industry kinda had this coming but there's a lot of good people were taxi drivers who really worse doc. In a generational historic change. That has been. Deathly for them do you buy and if you talk to a taxi to Sadie. Well you know these deliberately broke the law. And there's likely if you look at lifted and do over there are a lot of instances where you can prove that they did in fact break the law you know the problem is Exel popular with consumers like you tried taking it away now. Like say the city of Boston city New Haven city Hartford's it or gonna take. We're gonna outlaw over over yet USC along your remain an elected official. The you'll be out of office so Qwikster handles and at the end of the day of the taxicab industry has to protect line for the fact that. They were setup to be beat and they and they happen. Why. Are nearly one in war millennium goals still be living at home. Think we know the answer that they're saving and they'd like to move out and that like to buy a home but costs are rising. And this is a a ongoing challenge that just seems to get worse and worse because the more they save up. The higher the price goes. And when you're dealing with an asset like a home. If you do with a 300000 dollar house a 5% increase is another 151000. So you think you were you wanna be. And all the sudden it's like ups what I want to buy 300 now costs 350 that I keep saving but wages are going up yeah. Demand for workers is increasing shouldn't there be corresponding. Increase in income. There with a all the things we is how many times we come in with say there's a shortage of workers on the tape is a shortage of truck drivers shortage of pilots there's a shortage of nurses. Why the heck are these people pay. Well that's that's the 64000 dollar question the fact the matter is incomes are not keeping up. With the cost to the increase in housing and in you know we have incomes going up two point 62 point 8% let's say. We're we're dealing with housing costs rising 5% which is double that but that's understandable. Did that that's the can't do it for but this is this is the crisis were in because right now housing market. In one way is dead. The activity is minimal and knew won't betray our actions are taught transactions are the dumb you want transactions is its. Those small dollar amount transactions created tremendous amount of economic activity single most important industry by far in the United States this is why. We're not giving 4% growth because we have a stagnant housing market. Brought about by a whole bunch of factors we've talked about. On top of that. We have a whole bunch of people who'd love to beat in the housing market. Who because of the fact there's no supply. They they can't affordable. On this is a real crisis not just for the millennium who can't afford to buy the house are funny in the year or by the way you need 5% more than you did last year. But for the people who you know. The rest of us. Up next were be talking about aspiring pilots flying gets that job seekers market. The financial exchanges of live on FaceBook so make sure to like your page and watched the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. Are you thinking about transferring your home to your children or protect it from the nursing home did you know that if you do you put it at risk for your children's creditors including future divorces you really wanna write a check to your former son or daughter in law just to buy back your own home hi this is Todd -- and I want you to know that not only does transferring the property your home at risk but it can also create a huge capital gains tax when they sell it right now the federal capital gains tax can be as high as 23 point 8% and that's an addition to your state income tax -- better ways to own your real -- -- protected from the nursing home keep it away from your children's creditors avoid probate and not cause unnecessary taxes and -- a brand new guide to real estate ownership out this month this free guide we'll show you the best way to own different types of realistic call now for your free copy at 8668485699. Or download your -- immediately by visiting legally exchange showed dot com don't put your home at -- 8668485699. Or log onto legal exchange showed dot com. Hi this is very Armstrong and if you're getting ready for retirement you probably have at least some of your portfolio invested in and higher rate or rock fiery third differences between two both types of accounts are popular but there's an important change to the rock fiery now that president Trump's tax reform bill has passed Roth conversions are now permanent so if you attempt to convert a traditional diary to a Roth a higher rate after January 1 of 2018 that change can not be done done if you have a Roth irate or were thinking about converting to one find out how the elimination of this tax friendly provision can affect you call now for my free guide about Roth conversions the number is 803934001. That's 803934001. Or you can download it right now at Armstrong advisory dot com. -- -- -- securities America incorporated -- in SIPC and advisory services -- with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory -- the securities -- companies are unaffiliated whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all -- bank locations bank locally and -- your gold -- -- just makes sense -- -- bank a call and learn -- call 8776917900. Or -- leader bank dot -- not a deposit not FDIC insured uninsured by any federal government agency not guaranteed by the bank and may go down in value -- -- a step ahead time -- -- pays you would -- bring some -- accounts -- 1% cash back with -- debit purchases and an extra 10% back when you use your card and -- businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn -- call 8776917900. Or -- leader bank dot com -- to open and current annual percentage -- ten dollars mass residents only he's been reduced earnings -- subject to change without -- member of the NC -- -- a step ahead. Bury our structure and I'm joined by Todd let's keep from the law firm Cushing in dole and we're talking about something that sounds pretty basic. But how do you how should you all your real estate tadic you're real state is in any nominee realty trust. Is that going to be protected from the nursing home and also will it avoid probate when you die. GAAP most miss understood. Trust I think in the trust world it's not even a trounced the then nominee he relationship nominee realizes trust. I know but it's not. What I mean by that is. When you put your property into a nominee realty trust folks please go look at who the schedule beneficiaries are that you listed to separate piece of paper attached if it's the children and you gave way to the children you don't even know anymore and you realize you gave it away because it takes effect immediately not your death. What's the difference and many people think that that doesn't take effect till your death. More importantly. It fits. If it was like my wife and I and the schedule beneficiaries as my wife and yeah well that we didn't do anything right back in mind game and my wife's name Sochi are lighter and point it would even aboard probing so why is it being done so because lots of times people might go to maybe real estate attorney and anything can help of the trust in the throat and a realty trust. We used realty trust it's just important that the schedule beneficiaries. Is another state planning trust revolt cobol or reap or you're correct there not a person not your kids not yourself. Please look that up if you've got one of these. You know it sounds pretty basic how should you'll your real state but it gets complex as you get older call Cushing handle and and receive their brand new guide for the different types of real estate ownership the poll number is 866. 8485699. That's 8668485699. You can download the guide right now by going to legal exchange showed dot com that's legal exchange showed dot com or call toll free 8668485699. The financial exchanges all over New England to go to financial exchange showed dotcom and search for the station closest to you this is the financial exchange radio network. The rules becoming a pilot changed its its five years. That those there's a dramatic change. Rules to become a commercial pilot. Basically it went from maybe having 250 hours. Experienced having 12100 hours as the result is now it's a new of this massive. Shortage. And it's not. A great profession from compensations. No it it's not pilots at smaller airlines are getting 58% more those they did four years ago to say wow that's impressive public what are we talking about. After getting a 58% raise them making 386. Down. Not exactly a massive amount of money in the spent many times he spent 200000 dollar surged and yet hours. So again there's this huge fifteen year every industry we talk about whether it's part timers. Cook and stop on the case or whether it's people driving trucks. Or flying planes. There's a shortage and that struck me O news. Unity yeast eat spend all that money getting your pilot's license in you're still make it less than a trucker. Yet now you work into it I. Make him more money and they the barrier to entry to be truckers is considerably lower. Unity the barrier entry to become an airline yank it in and mine is a pilot and you know he he's off of one yup you know he they would eleven days a month they work. 9/11 not very me me and me so I'm sure he makes a lot of money per hour. Get that many hours at night I knows there's severe limitations. On what a pilot can do because of a lot of concerns about. Getting adequate progressed. Not people who worked but I would be able to get a few more hours in jail. Because there's a short while the pilots decide. I'll walk yeah. You do real estate enter in my bottom Lance papers are yet to whole bunch of the different jobs. But. Yet the IDH kind of shocked you see that Jamaican 58% more money than they were four years ago. In your limit of 38600. On average but they're they are getting good bonuses loss at the role offered signing bonuses. And I had this story before jetBlue. Began a training program for people with no flying experience. Bringing them into flight simulators panic teaching them the process. On their. Yeah so that's actually a good sign. Companies doing that is what they're doing users and okay we're gonna take ownership of this yeah we're gonna. Hire and train. People in and outweighed. Mean LK the B deal how they treat exactly these flight simulators are amazing and I saw one of flight safety and I mean you really can't replicate the entire experience. And you're in that thing in your swept up. It is they put you into the worst possible accidents and potential accidents you gotta work your way out of it. As as a as someone who flies frequently it made me feel better knowing that these pilots. Have been through hell and back and dealt with. In a situation like flight simulators so the jet blue's using them to train the pilots John we get disease. Hamburger making robot do you now Tucker would you love to have hamburger making world not really now like to flip my amber thank you all right. Restaurants restaurants or die and this is a talk about that back. Yeah that there's someone called flip be hamburger the original added. Numbers add flipping does Ridder papers today. Clippings of robot the cost 100000 dollars the argument is if it could take the place of a short order cook who we're told after a few weeks. Oftentimes quits because it's too hot topic it's a little you know look at it it's in and let the it doesn't point. Isn't flippant now comes to about talking with the clientele in the co workers. The 150 degrees in the kitchen. But that's only operate Filipino. At some but he can fix what breaks that's terrific and with the cost a 100000 dollars apple woody and paid for. Human 4050000. Ben Ali and buy time to pay benefits and but like you said you still need other staff. Keep in mind flip. Make sure Flickr does flip out technologically. The the restaurant business grew if you look at the number of people working in food service right over the last eight years grew. Astronomically. I think now with happen it is labor shortages caused more and more cash your your thing in the past you know can. If you're no longer ago than McDonald's and talk to human being ordered your food your. News and an iPad news and punch in mystic credit card can only when you check in yeah stored in talk to him. I mean this is obviously the future it is kind of bleak in terms of employment but keep in mind. Right he's a bad jobs the aliens or people that can be compiled sir you know do better and keep in mind this that yeah before. Machines take over everything where we are today with the water machines. We six point six million open jobs right now there on field so we always ago. Before humans don't have jobs. Like a long way to bury or shark here purely support were property manager and are sure that you've heard me talk about. Zero that is leader banks tremendous online ray collection program I'm now excited to tell you about their brand new product called Z deposit. This is another free program which streamlined the opening of tenant security deposit accounts three totally digital experience. With dizzy deposit landlords can open an account online invite their tenants to enter their information and manage all of their security deposits. Z deposit also automate many of the complaints headaches for landlords such as. Generating account disclosure forms and they will even send out the annual interest payments directly to your tenets. Just called the Z deposit team to get started at 7816418691. That's 7816418691. Or visit them online. And Z deposit dot net. Member FDIC leader bank a step ahead. More than 220000. Pounds of spam. Recalled over oral injuries title I hurt myself how to implement not eating Spain. You which you hurt your mouth eating span span when there are metal objects in the food will that'll do that would ruin your whole meal and I would move my right. I just metal stuff for a while now or spam. He even like next to him and palaces and image of its emanate merits man period humans human pork. I am a way of putting it. Watching your my parents took way too good care of it Monty Python I do spend spend spend an American classic but it it. They're Skype just gonna square off Spain and no more spam than just what those metal objects the agency. That looked into this found out. That minor oral injuries were reported. But said they received no additional reports of injury or illness. A lot of Spain and thrown out to be a metal object in my food would not qualify as a minor or rule issue Teddy feel about law. Fly that Adam noted that took it and that could be minor but metal. Wrote broach that our commitment to something more substantial than minor but does to mean metal metal cross that's that's that's life but the but that is that is. But minor oral. Injuries. And that's why 220000 pounds of spam have been recalled. And if you're spam lover and a I don't kick the habit here for a little bit. A 101. Graduates. Oh over a million dollars in federal student how does this happen. Again how can somebody oh and it talking federal student that's about the private yet how what would you have to studied all of million boxes of balls. The study something real expensive you have to really take your time. I mean you have to double play that doctor with a specialty in that eye doctor with a special to you decided that day when all ivy leagues a little time to discover himself while doing minimal course loads for. You know a couple of decades but a 101 graduates of the US oh at least one million dollars in federal student loans I admit doctors at all. 3400000. Yet 501. And never heard them. I mean like do you deal Jason a lot of money with your program and figure out OK here's my cost in new here's what I expect to make. At a time your eyes are running is six years the surgeon. Surgeon rate when you make 800900. Palestinian before you pay for your malpractice which is eight which is 250000. Utah to have good surge in their make in net. And maybe 800 million bucks after expense. After bind their suits. In their ninth place in the suburbs now known and their Lexus. Opt out and their country they're not their salaries and good surgeon coming out of a great school you know like your Harvard Medical School was making a million bucks here. Well some 500. You had a year due in general surgeon talk and coming IDs. Ivories OK got you here you're coming out of the top school via in your surgeon in it started in you're gonna get to him in after my tenure what we don't know the profession of these 101 graduates in the US will at least a million dollars we can tell you this though five years ago only fourteen people owed one million dollars reward. What are the projections city's biggest justice. Well. Over two decades neither neither graduate students to undergraduate students leaving higher education with six figure loan debt then think about that. So twenty years ago. We talked about six figures to win today we talk about seven figures he'd like people never took six figures back that. It really has skyrocket if ever looked at your hospital bill lately in had a surgery here procedure done I have and it's like you've got to be kidding me. Well in the next segment were to be joined by Marshall Allen from pro public. We're be talking about why your health insurance company could care less about the big bills you're being stuck with. That's next on the financial exchange. Barry Armstrong. Chunks not a breaking business news every day right here on the financial exchange radio network. Are you thinking about transferring your home to your children or protect it from the nursing home did you know that if you do you put at risk for your children's creditors including future divorces you really wanna write a check to your former son or daughter in law just to buy back your own home hi this is Todd lucky and I want you to know that not only does transferring the property your home at risk but it can also create a huge capital gains tax when they sell right now the federal capital gains tax can be as high as 23 point 8% and that's an addition to your state income tax there a better ways to own your real estate can protected from the nursing home keep it away from your children's creditors avoid probate and not cause unnecessary taxes a got a brand new guide to real estate ownership out this month this free guide we'll show you the best way to own different types of -- -- call now for your free copy at 8668485699. Or download your -- immediately by visiting legally exchange showed dot com don't put your home at -- 8668485699. Or log -- legal exchange showed dot com. If you're landlord looking to find an easier way to collect rent payments than you need to hear about leader bank's online -- collection product called Z granted it's a great service for landlords allowing them to collect tenant's rent payments electronically and he rent dot net without the need to collect checks most landlords used 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 you're a landlord and are interested in having your bank required dizzy Rand technology to Obama called this he ran team at 7816418691. That's 7816418691. Or visit Z Rand dot net stop chasing down late payments and running to the bank to make your deposits at your bank to add zero to its list of offerings. Visit C Rand dot net or call 7816418691. For more information that 78164186917816418691. Or zero rent dot net. I this is Barry Armstrong and if you're getting ready for retirement you probably have at least some of your portfolio invested in an IRA or Roth fiery third differences between two both types of accounts are popular but there's an important change to the rock fiery now that president Trump's tax reform bill has passed Roth conversions are now permanent so if you attempt to convert a traditional higher rate to a Roth a higher rate after January 1 of 2018 that change cannot be done done if you have a Roth fiery or were thinking about converting to one find out how the elimination of this tax friendly provision can affect you call now for my free guide about Roth conversions the number is 803934001. That's 803934. Zeros or one or you can download it right now at Armstrong advisory dot com. Securities are pretty securities America incorporated never been SIPC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated time for bank the pays you with liter maximum reward accounts can 1% cash back with a debit purchases and an extra 10% back when -- user carted featured businesses to qualify for these and other awards using statements direct deposit 1000 dollars and make a debit transactions each month to learn more call 8776917900. Or visit leader bank dot com minimum to open and current annual percentage yield ten dollars mass residential lake -- may reduce earnings rate subject to change without notice member FDIC leader bank a step ahead. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buy your gold locally it just makes sense of leader banker called and learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency not guaranteed by the bank and may go down in value leader back a step ahead. Security suffered two securities America team members finreg SIPC an advisory services arbiters securities America advisors think Gary Armstrong representatives Armstrong advisory group in the securities America companies are unaffiliated. We wanna hear through the thanks Stewart Barry a 63566. And let us know what you think about the stories we discussed your team to the financial exchange radio network. Why your health insurer doesn't care about your big bills OK maybe that's not a shocker but. Book cost is hitting everywhere and Marshall Allen is with pro public a Marshall thanks for joining us. Thanks for open air Marshal this is a fascinating article you wrote of a 49 year old who had hip replacement surgery. What you learned afterwards though that's the story explain briefly what happened. Well this wasn't just any 49 Euro the parent and Michael franc. Who works actuary in all of that your industries services. The consumer is very adept with the numbers and dig into hospital bill. And you know a lot of us are accustomed to getting hit when they built super doctors hospitals. And we expect to that are health insurance company is willing to give us a special rates if a man in network discount. And then Michael franks case that in network discount for a partial hip replacement. Got him a few of 70000 dollars hospital and not just to put that into perspective that more than three times what Medicare would pay for decades and about. Two time whether another shouldn't be so he got hit with this I pray. He went to his insurance companies that what gives and basically based that this was the pre we agreed with the with the hospital so pay your share. And down so the mine my story can get into why health insurance companies are often. Not so. You know not such Canada representatives of the patient Wednesday. Agreed of these price. But this guy tried to find out the price of the actual surgery in neither Aetna nor NYU. Link own told him right. Well that's correct and I mean here's the thing is with the guys that very savvy can they are. He before the procedure you know the hospital and insurance campaign the hospital told investor interest company insurance capital of dust the hospital. When I talked to both of them. And so they've the issue is that insurance companies are negotiating different prices. Based on a lot of different factors for the exact same procedures with different hospital. So we you don't necessarily know that until unfortunately after you've had the procedure done. And there's nothing else you buy him life. All on this basis this way with a total lack of transparency. On the part of the buyer of the consumers. Love that thread and I compared it to you know it's like if you took a flight from New York to. Los Angeles and didn't find out the price until after he bandits or if you. If a burger then why are digesting it they told you that you just cost it just cost you fifty dollar. Exactly and you know another point and related to this is what what got my attention is Aetna. I think paid may be triple what. It should've paid because. You know he was paying 10% of the bill but it was stuck with 90% of the bill that was probably hard to pick but it's kind of like that till he tries they don't care. Yeah correct they don't care and and so I'm I'm doing a project is here about dental insurance industry in one of the most interesting thing I've learned. You know they don't really benefit they've they've benefit for having higher prices that you wouldn't expect that yeah what they want to do is they want it accurately predict the prices in Japan they can pass on. But if there are saying they actually make more money between the typical insurance company makes a profit of about 3%. So I 3% profit on a bigger pile of money is actually a lot more money for them so they do benefit when the price higher as long as they can pass those costs on yeah exactly what they're doing. Didn't you reference in your article that their margin on the operations are typically like eighteen to 20%. No I don't I'm not that I think what you might think yep it via. The praise that the hospital charge for that to buy it all have a suspicious. Pieces of information in this patient hospital bill. They paid to. Paid the hospital 26000. Dollars just for orthopedic device but it couldn't do it. And he researched kind of summit that would constant and found from the device maker would cost about 15100 dollars. So that's it ridiculous Marca on the medical besides that the insurance company collapsed they paid. Rate and what bothers me is this guy is Smart guys said actuary in the industry. Who went out of his way to do something in network is he knew that was the most responsible thing to do economically. And yet he even got out coached. He did dig out east and you know he's spot the bill and in the end that he got sued by the hospital. And he lost in court and you know that's that's the thing is that. Patient do not have a leg to stand it's very difficult despite these bills and you know what the hospital's main argument in or was. Albeit that was paid insurance company approved bit. Those services like its registry party transaction where you have the hospital in the insurance company that it retook right. And no matter how big that prize as patient as determined and help it. And in this case in seven. In this case it was seven grandkids you know 10% of about 70000. Right. That's why you're gonna see more people go to places like Mexico in India to get their surgeries are. That's exactly right and you know there are so surgery senators there are some hospitals that are shelling their praise that now and though. No one paying consumers can do and especially employers can do to stand that they tell us the prize like book where the camera and I think. This isn't this is one thing that patients really need to understand this is our money that he has to kill bill. Every dollar that on the health care system culture our taxes. Our church premiums. As for our out of pocket and every dollar so were the customer and yet when it comes to these transactions were not treated with the same rights that we have another industry. Marshall thank you very much for your time we appreciate. Marshall Allen crow public talking to us about how consumers. Effectively are getting screwed on insurance. And even if you are an expert in your in the industry as brings us to argue I what is you know he did his homework he stayed in network he watched his. He watches p.'s and q.'s and he's still end up paying. Triple it. What he should pay the insurance companies their attitude on his pay higher the bill the more the profit sort of like the utility company rate which is amazing because the they're paying triple also. They don't care a easy dear there profit as fixed they're gonna get 3% of they try to get 3% to 70000 dollar bill as opposed to 3% of the 20000 dollar the definition of inefficiency it doesn't work. The Dow is down 371. Points that is not good. Oil prices are down a dollar a barrel. At 6685. It's very Armstrong John Moody and talk herself book signing off for today but we'll be back tomorrow with another edition of the financial exchange.