InvestU, Mileage Taxes, & Marriage Penalties

On this Terrific Tuesday, John discusses the infrastructure bill, InvestU, tax increases, mileage taxes, marriage penalties, and the step-up basis. Today's guests: Anthony Davies, Dan Hernandez, and Caryn Keppler.

Episode Transcript

(00:15):
You're watching like with lunch on BIZTV. Welcome everyone out there, especially
all my friends out there in radioland, those you're listening on biz Talk
radio and a new friends out thereon the Money station in Portland. Good
morning on the West Coast. What'shappening. Lot's happening in the markets,
that's for sure. Joe Biden threateningnow another three trillion dollars in tax increases

(00:37):
of three trillion dollars in an infrastructurebill, which is really a progressive agenda
disguised as as a rescue package oran infrastructure bill. It's just a pope
pouri, a Chinese menu, shallwe say, of progressive agendas, all
piled into what you know people wantto hear infrastructure. Not anything good going

(00:58):
on with the markets as far asI could see. But my next guest
knows a lot more about this stuffthan I do. Anthony Dave. He's
joins us right now. He's anassociate professor of economics to Plumbo Donau School
of Business. This Anthony, thanksfor joining us. This three trillion dollar
tax increase, I mean, itjust hits every part of society and if

(01:21):
you asked me, when you lookat the details, it really targets the
middle to upper middle class heavily,and to be talking about tax increases.
We've just gone through what is probablythe greatest recession since the Great Depression itself.
We're just trying to get ourselves backonline, get people back to work.

(01:44):
This is the absolute wrong time toeven be talking about a tax increase,
let alone actually implementing one. Yeah, and somewhere thrown in there,
they're talking about Pete Budaja is talkingabout mileage tax that they may tax you
for havny miles you drive on thehighways. That doesn't make much sense to
me. I don't even know howthey can govern that. Yeah, I

(02:06):
don't know. Now, in theory, I tend to like a mileage tax
better because it taxes you for theuse of the road. Now, the
right way to do that is toreplace all of the gas taxes we currently
have with a mileage tax. ButI guarantee you that's not what's going to
happen. We're going to get amileage tax on top of all of our
gas taxes. So let me askthis, this three trillion dollar infrastructure bill,

(02:34):
is that really an infrastructure bill?Any of you? They use this
word infrastructure who knows what the thinggoes for. You know, you have
to dig around and find out.And I'm sure there are all sorts of
special projects in there. The thingthat's amazing to me is we have spent
we the federal government has spent almostfive trillion dollars in stimulus over the past
eleven months. That is more adjustedfor inflation. That is more than we

(02:55):
spent fighting World War Two. Whatdo we have to show for it?
Yeah, I don't see much.I don't see us have much to show
for it, to be honest withyou. But you know, I'm looking
at a national debt of like thirtytrillion and rising. It was twenty five
when Trump left, and about twentyfive about twenty percent of that came in

(03:19):
the last year a Trump's presidency.Now we turn around and we're looking at
Joe Biden about to serve past that, and it's first sixty days and first
ninety days in office. We couldbe at another five trillion. Then the
taxing increases. I mean, smallbusiness is the engine of this country,
and to me, this is anattack on small business and small business owners.

(03:39):
Oh absolutely, it's an attack onsmall business. And that runs the
gimmick from talking about the mileage taxto talking about increases at taxes across the
board. And more importantly, JoeBiden has talked a lot about increasing the
estate tax at the tax on moneythat's passed on to errors. And whenever
politicians talk about this, they talkabout the rich, how Jeff Bezos shouldn't

(04:01):
pass on all that money to hisheirs or Bill Gates. The fact of
the matter is, if you're rich, you can find ways around the estate
tax. Who the estate tax reallyharms or small business owners. Because I
can have a business that on paperis worth enough to trigger the estate tax,
I pass it on to my children. They have to sell off portions
of the business to raise enough moneyto pay the tax. Right and then

(04:25):
you know, many not a lotof people are talking about this, but
I have been This step up basisis another tax on the middle class because
Trump had set the newest state taxwhere you get you know, you have
the six hundred thousand dollars freebee thereand then you pay tax on anything above
that. But you inherit the housefrom the value it is when you inherit

(04:46):
it. Now they want to goback to your parents original price for the
house, and there's so much equitythat pretty much eats up the six hundred
thousand. So this is a hugetax increase, like you know, a
wolf in sheep's golden because this takesaway the whole six hundred thousand dollars exemption
for all atensive purposes. Yeah.Absolutely, And you know politicians like this

(05:09):
one because you start to say thingslike stepped up in basis and people's eyes
glaze over because you really have tokind of dig into it to figure out
what's going on there. But Ican tell you the bottom line, and
the bottom line is you can bea middle class person. You can inherit
something from your parents or your auntor whatever it is, and all of
a sudden you'll find you have tosell off part of what you inherited to

(05:30):
raise the money to pay this tax. You can quite literally end up in
a lot of ways worse off afterhaving inherited something than you were before.
Yeah, I think it's that estatething with this type of basis to me
is this big back door. Butright in the front door is a nine

(05:50):
percent increase of payroll taxes, whichis ostensibly an eighteen percent increase because it's
nine to the employer, nine tothe employee. So both your employer or
we want to start hiring people back, he's got to bank a bigger deposit
for you, and then they're takingnine percent more out of your paycheck.
So he's got less, you gotless, the government's got more. So

(06:14):
this is again another thing aimed rightat small business. And by the way,
those of you watching at home,I don't know if you know this.
Approximately eighty percent of the workforce inthis country is employed by companies that
identify as a small business. Fiveor less employees employ eighty percent of the
people. So the more you keepattacking those small business owners, they're the

(06:35):
slightly upper middle class, and they'rehiring all the people who are the slightly
lower middle class. And these peoplewho are trying to achieve are watching the
government who's killed him for the lastyear try to take even more before even
let him get back to life.I just don't understand the macro economics,
the microeconomics. I mean, you'reover there at Duqueenne University. Is there

(06:58):
anything sane in the policy that yousee, not from the perspective of a
small business. I mean what yousaid is absolutely correct, and the thing
we don't realize is that the morewe make it harder for small businesses,
for entrepreneurs to do what they do, we open the playing field to the
big corporations. What happens when themom and pop shops go out of business,
the big corporations move in take overthe space, and then we all

(07:21):
start complaining talking about the big corporationsand how politicians are in their pockets.
Well, the way that all thathappens is by instituting policies just like the
ones you've outlined that are hard onsmall businesses, that are hard on entrepreneurs.
I just you know, about seventyfive percent of our audience here on
biz TV identifies as either a smallbusiness owner, an entrepreneur, or an

(07:45):
investor. So most of our audiences, they may not realize it right now,
but they're on their attack. AndI just don't understand. I just
can't understand even trying to force afederal minimum wage. It's the same.
You know, on top of atax cut. You got all these business
owners that have been killed in thelast year by COVID, and now we
want them to hire people back.But we're telling them, you know,

(08:09):
your number two fixed costs human resources. You're going to get an increase there
too, and then you have tomake a nine percent. It's like,
it's like insanity rules these days.Yeah, and this is interesting because there
was a survey done of Americans acouple of years ago asking how much of
a profit margin do you think thetypical American business has, and the average

(08:31):
number came back thirty six percent.Good God, if the average business had
a thirty six percent profit margin,none of us would be invested in the
stock market. We'd all be outstartingour own businesses. The actual answer is
six, and if you're talking aboutretail establishments, it's more like one or
two. And the thing the politiciansseem to not understand is that you can't

(08:52):
keep putting all these taxes on businesses. They don't have the profit margin to
absorb this. This is going tocome back either on consumers in the form
of higher prices, where it's goingto come back on the labor force and
the form of playoffs. Yeah,durable durable goods were up last month,
so people kind of to me.I took that as people are making purchases

(09:13):
like for the long run, butconsumers spending and retail spending has been down
a little bit, so it's likepeople are trying to hold on to the
cash and sack away the stimulus checkor use the stimulus check to go speculate
in the market. But I don'tthink anyone has a lot of confidence in
the way this economy is going,and only due to the magic printing press

(09:37):
in the sky and the mister marketthinking well, they're going to keep stimulating
and spending more money. But Ithink the market's in for a big varstire.
Yeah, I think it is inthe fault. Here is not the
economy. It's not business owners,it's not consumers. It's the federal government.
The federal government has just gotten soincredibly large that it's bigger than what
the economy is capable of sustaining.The answer to our problems is a significantly

(10:03):
reduced federal government. Well wouldn't thatbe beautiful for all of us, Anthony,
But it doesn't look like it's comingall way right now, I ring
the bell when they hit with usfor the first time. But this guy
is a great one. We gotto have you back. Anthony Davies from
Duquesne University. Thank you, brother, great stuff, Thank you. I
want to take a quick break.We're gonna come back with Dan Hernandez.

(10:26):
What are we talking about? What'sin y'all wallet? Right after this?
You're watching right Welcome back. Lotsgoing on out there. It is Storia

(11:20):
ficc tusday. Welcome everybody watching onthis TV, listening on biz talk radio
and the money station out in Portland. Thanks for joining us today. Now
taking it on the chin, justa bit down one eighty, not looking
great this morning. And I gottatell you, at these levels, I
think like one little hiccup here wecould see a five six thousand point downside

(11:41):
in a few days. I reallybelieve that could happen. NAZDAC down sixty
and of course Bitcoin at fifty eightnine, fifty nine thousand through sixty,
this could be the time that itreally flies. And an update on my
favorite stock investue of which I ama cider and the chief digital officer.

(12:01):
Stock up forty three cents, upone hundred percent yesterday on some big news.
The bigger news is he's with usagain, as he is every Tuesday.
Dan Hernandez joins us right now sortof bid Financial Planet and Financial rep
at Milestone Wealth Management. Dan Ihave been penalized not once but twice in

(12:24):
life with a marriage tax and inNew York pig quality divorce. But now
it looks like the bottom revenue planincludes a marriage penalty. Yeah, you
know, he threw out there thatwe're not going to tax anybody or no
one under four hundred thousand is gonnafeel any increases. But that's Uh,

(12:48):
that number is getting fuzzier every day, So it looks like, yeah,
if you're as a couple year overfour hundred thousand, you could get nicked.
Certainly, individuals of four hundred thousandwe'll get next. Um, you
know, we'll stay. I meana lot can happen between now and when
this thing ultimately passes. But uh, but yeah, there's a no doubt

(13:11):
that you know, everyone's gonna bepaneled more. I think. Well,
I had a relationship expert on lastweek and she was talking about how the
pandemic when the courts start opening fully, Um, there's going to be an
overload of divorces because husband and wisebeen forced to live at close quarters for
so long, So maybe people willbe more incentivized to get divorced, to

(13:35):
get away from there's no marriage penaltyor something, but you have another reason
to not stay married, seems yeah. Well it's also if it passes as
kind of proposed. It also madegive rise to you know, married couples
filing separately too, because there couldbe some advantages to that. Got it.

(14:01):
I know when we first started talking, you aren't a big favorite of
it. But bitcoin continues to holdits own as it gets higher. And
I think there's some market theory thatsays the higher it gets, the less
volatile we get on a present basis. But they're saying, some experts are
saying, like a trillion is justthe tippany Iceberg. Yeah, and you're

(14:24):
right. Look, when you andI first started talking, I was skeptical
and I'm still a little skeptical,But every day it's becoming a little more
prevalent. And what's going to happenand part of what those experts believe that's
going to make it continue to goup is if it becomes a viable part
of portfolios, you know, andpeople that manage portfolios, you know,

(14:48):
not only privately, but institutionally andso on, they're always looking for assets
that are negatively correlated and what Imean by that, or assets that are
going to perform differently than the USstock market and bitcoins certainly, you know,
we'll fall into that category, asas does you know, in some

(15:09):
cases precious metals and so on.But the bitcoin can be a separate asset
class that if it marches to itsown drum, then it serves a purpose
and these bigger portfolios, And ifand if it serves a purpose and these
bigger portfolios, then then professional investorsand institutional money managers are want to start
buying it. Work, So Dan, About five years ago, I was

(15:33):
one of the founding members of asubsidiary of overstock dot Com called t zero
um, and Overstock became the firstcompany to ever in the US to accept
bitcoin for transactions. And right aroundthat time, Jamie Diamond had come out
and said it's a complete fraud,it's a complete scam. Warren Buffett and
Charlie Munga came out and said it'sa Ponzi of all Ponzi's right, And

(15:56):
I'm not saying I'm smarter than thoseguys. Five years later, Jamie Diamond
and I was really I was reallyimpressed or at least feeling good. When
black Rock came out in December andsaid they had a largest asset manager in
the world. I think when youtalk about a negative correlation, I think

(16:17):
the bitcoin is more of a headgeor a flight to safety from a weakening
dog. Also, yeah, you'reabsolutely right, and any any hard asset,
and I don't want to put bitcoinin the category of precious metals,
so I think it's significantly different.But the point is still still as negatively

(16:37):
correlated. And you're right if thedollar starts to get weaker and that probably
isn't real far fetched here and thefuture bitcoin can serve a purpose there.
So so you're right, Black Rock, and when you have h you know,
Elon Musk and Tesla and Square takingposition than it, I mean,

(17:00):
it's it's look, it's things havechanged since you and I started talking,
you know, not that long ago. Absolutely, and it's changing every day.
So so while I'm not you know, it still has risk and it's
not for everybody, it's certainly becominga more you know, more prevalent part
of the building portfolio, that's forsure. So Dan, last couple of

(17:22):
minutes here Dow hits a new recordum but US banks and prime brokers are
facing our exposed right now. Tohead. Yeah, look, I think,
uh, you know, today isa funky day for that reason.
And as we approach into the quarterum and there could be some portfolio rebalancing.

(17:45):
But generally speaking, you have consumerconfidence at a at a you know,
pandemic at a high highest level spinedsince the pandemic started. You have
unemployment numbers going down, employment numbersgoing up. So far in March we've
hadded about six hundred thousand jobs.So generally speaking, I continue to be

(18:07):
cautiously optimistic. I think all thesenumbers are just going to get better.
Uh here, you know, headinginto the summer and throughout the summer,
the fears of any tax hikes whilelooming, you know, people tend not
to worry about that lay it becomesofficial and they a lot can change.
Yeah, you know, from thisproposed the proposed ranks to what ultimately gets

(18:33):
passed. So while it's out there, it's not I don't think it's really
affecting investors yet. They're more focusedon on these numbers and things opening up
and getting better. Well, Dan, you did it again, great insightful
stuff. Our audience out there,you know that I love the financial news.
They love hearing from Dan Hernandez.He's with Milestone invest Milestone Financial.

(18:56):
You can also reach him at DeepHernandez at Lincoln Investment dot com. Uh,
Dan, thank you so much forjoining us as usual, brother,
appreciate it. We're good afternoon.Thanks, I'll see you brother, all
right? Who's coming up next?You wonder? Oh, we got a
special new guest for you this week. Um, she's gonna join us in
just a few minutes. Um,Karen Kepler is going to be with us.

(19:21):
She's a partner at pierro'connor and Strauss. We'll take a quick break as
we breeze right through the first hourhere of a terrific Tuesday edition of Liquid
Lunch on viz DV. We'll takequick break back after this. All right,

(20:14):
welcome back. Are you watching withLunch on biz TV, listening on
BizTalk Radio and listening on the Moneystation on new affiliate out there in Portland?
Hey, welcome, good morning toilyou guys on the West Coast,
guys, gals, and whatever you'reidentifying as today, we are trying to
keep it real today, real,real informative on what's happening to you and

(20:36):
your money and your portfolio. Wehad Dan Hernandez year, we had Anthony
Davies talking about the economy and whatstocks could be affected, endurable goods and
consumer spending and all that other stuff. But the tax plan that Joe Biden
is now proposing, three trillion dollarsattaching, it's just terrible. If you
asked me, it will be animmediate hole to everything good that was happening

(20:57):
in our society. But I'm notan attorney, nor a financial planet,
nor do I play one on TV. But we have a wonderful new UH
contributor today, Karon by Kepler joinsus. She's a partner of Piero,
Connor and Strauss, and this isa law firm focused on tax planning,

(21:18):
estate planning, elder care, otherU. Karen, this UH, the
estate tax, the step up basis, all this stuff I'm seeing to me
looks like it's focused on hurting themiddle place. Well, I would agree
with you with respect to the steppedup basis provisions that the President is proposing

(21:44):
right now. If you inherit assets, those assets receive a step up in
basis to their value on the dateof death, which basically means that if
if you if you inherit the housethat your parents pay twenty thousand dollars for
and it's now worth two hundred thousandand you sell it. Under current law,

(22:06):
there is no capital gains tax becausethe basis is deemed to be the
two hundred thousand dollars value that wasthat was that's what it was on the
date of death. What the Presidentis proposed is to eliminate that step up.
And I'm general consensus in the estateplanning community is that it's not necessarily

(22:32):
going to make it through um,mostly because you're right, it does specifically
hurt the middle class. Although theproposal is to a limit, is to
exempt the first one million dollars worthof gain. But how many of your
listeners are whose parents are sitting inhouses that they pay next to nothing for

(22:52):
and now are worth well over amillion dollars and they may inherit it.
And those are the people who don'tnecessarily have the liquidity to actually pay that
capital gains tax, which, bythe way, he's also talking about increasing
the rate up to thirty nine pointsix percent from the current twenty percent.

(23:15):
So I live in New York,right, and as you do, right,
and I'm fifty three. I gota lot of friends my age who
are getting to that point in yourlife where you know, their parents are
deceased or them moving on, andthey're doing you know, living wills and
stuff like that. And you knowthere's people that brought homes in stating out

(23:37):
in New York for like one hundredand fifty grand, you know, twenty
five years ago, and now therewere seven or eight hundred grands, right
and under the old plan, someoneinherits it at seven or eight hundred thousand.
By the time they sell it,maybe it's worth day fifty. They
paid a basis on the fifty.Right. By now taking it back to

(24:00):
the original to the original genesis pricing, to me, it steals the six
hundred thousand dollars exemption in the extinctax pline. So it's really backdoor taken
away that six hundred thousand because it'susually eating up by the equity in the
house. Well, first of all, the exemption in New York is five
point nine three million dollars, andthe exemption on the federal level is eleven

(24:25):
point seven million dollars. The proposalsare to actually bring it back to the
two thousand and nine level which isthree and a half million dollars, And
you're right, that's going to affecta lot of people in the New York
metro area. And by the way, when my point of my parents bought
a half since Saten Island, itwas for twenty seven thousand, five hundred
dollars, So yeah, that wasthat was way back in the sixties.

(24:48):
But even when they did sell it, there was a substantial game. But
the bottom line is that most peoplein the New York metro area three and
a half million dollars, you're talkingabout their home and probably their retirement plan.
So it will it will make thefederalistate tax. It will make those

(25:11):
families it's now subject to federalistate tax, whereas they don't under the current law.
But with respect to the capital gainstax, I think the other reason
why that provision, for other reasonswhy those provisions will not go through is
partially because one it's very difficult totrace. That's a provision, that's a

(25:34):
proposal that's been put before Congress tomany many times and has always failed to
pass because nobody necessarily knows what thebasis is in a stock that was purchased
in the thirties or forties, andthere's no way to actually trace it.
But also because it's going to meanthat there's going to be a delay in
collecting the revenue because you're basically waitingfor somebody to sell property after death,

(26:00):
and that's not necessarily going to happenimmediately after death. It could happen ten
twenty years later. It's crazy what'shappening. And you know, Joe Biden's
wore up and down that if youmake less than four hundred thousand dollars,
you're not going to get a taxcut. And then we find out as
part of this package there's a ninepercent payroll tax increase, which it's most

(26:25):
the employer and the employee. Sothat's basically everyone in America who's a w
to employee, whether they make onehundred grand or three and ninety nine grand,
they're getting a tax increase from theirpaycheck and the employee as to do
right. Yes, that's true,and it also means that unless the proposals
are changed slightly, it means thata married couple each earning two hundred thousand

(26:52):
dollars a year is going to besubject to the higher tax race as well.
Because that's a combined income four hundredthousand dollars. And again in the
New York metro area, as inmany metro areas across the country. That's
uh, that's not so rare tosay the least. I just you know,

(27:15):
when I hear payroll tax, Imean that to me is directly aimed
at the lower middle of you know, lower middle class and middle class,
because every working man and woman outthere is going to see a decrease in
there take home pay. That isabsolutely correct. At the same time,

(27:37):
with devalueing, the dollar and pricesof durable goods and commodities and other things
that are staples in life are goingup, so with less moneys in our
paycheck, and then what's left wegot to go buy stuff that costs more
money because there's almost hyperinflation. Youare absolutely correct, and um, it
will be it will be really interestingto say what Congress actually decides to pass

(28:03):
through, assuming that they are ableto do this, because remember, it
doesn't look like there's going to beanybody crossing the aisle to vote on these
plans, so everything's going to haveto go through reconciliation, and it's questionable
whether or not that the Democrats aregoing to have another shot at it this

(28:26):
year. I'm hoping, and I'vebeen saying this for a while, and
I think Joe Mansion is actually themost powerful man in America right now,
and I'm really hoping that he sticksto what he said that he doesn't want
to get rid of the filibuster,because if that happens, then then I'm

(28:47):
gonna have to worry about resolution.They just can jam every single thing through,
and I feel like, you know, we have very few protections left,
so we be living in hyperinflation andhyper taxes before you even blink.
Yes, that is also possible,but it's my understanding as of this morning,

(29:11):
that Chuck Schumer, the Majority leader, is talking about not necessarily getting
rid of the filibuster, but workingthrough an agreement with the Senate Polamans Harran
that there can be more than onereconciliation bill every year, which would mean

(29:33):
that these these proposals could potentially bepassed in twenty twenty one, all along
with the Infrastructure Bill. The infrastructurebill, No one that's gives me.
I don't think it's an infrastructure bill, much like the COVID bill. The
COVID relief bill. Uh you know, one point nine trillion dollars would only

(29:57):
like ten percent of it actually toCOVID relief stuff. So these are all
trojan horse bills. We got abouta minute left. What's one thing people
need to take stock of if theygetting ready to do some estate planning that
they could take a look at andmaybe even reach out to you about if
they want to get a little moreadvice on the state planning is very important

(30:21):
because it's the only way you're goingto protect your family and your heirs,
and you need to see an expertwho's in the state planning in order to
do it properly. Going to yourreal estate lawyer is sort of like going
to a cardiologist when you have abroken bone, or going to your orthopedis
when you have a heart attack,and say the same thing about law.

(30:44):
Well, if you're looking at yourtaxes or your state planning, you're about
to have a heart attack, callCarol Kepler because they do it right and
you need some help. You gotto get an expert. All right,

(31:07):
welcome back. If you watching aterrific Tuesday editional liquid lunch on biz TV,
Yeah, we're going good. Umlow po back okay, and Rob
stilling A did a great job andnow Mike see that means things will probably
get screwed up even more. Butthanks for joining us through this first out.
Thank you to all my friends outthere on Bistok Radio, the money

(31:29):
station out in Portland. Your moneynot looking great today, down down one
fifty and nasdack down about forty five. Middling around on the nasdack but dow
taking it on the chin. Anduh. Also, I've been talking about
invest view forty four cents killing itof late and Bitcoin fifteen nine thousand,
just bumping up against that sixty thousandnumber, and that's the number I want

(31:53):
to get through. We get throughto sixty thousand, and this thing could
be on a rocket shot to uhmuch higher levels. Now we have no
guests in this segment, which isbeautiful and I love our guests. We
had some great guest throughout the firsthour today, talking all about money,
talking about taxes, talking about astate plant, talk about your portfolio.

(32:15):
But I do want to have alittle fun today and we got a lot
to talk about. Today is NationalDoctor's Day, so hug adoctor. Today
my good friend doctor Frank Tamburino,who I went to high school with one
of the foremost cardiologists in New Yorkand probably in the country maybe the world.

(32:36):
Is one of the smartest guys Iwent to school with. Give me
a check up the other day andsaid, I'm in good shape. I
gotta lose some fat, i gottaput on a little muscle, and I'm
taking all precautions to try to getstronger mind, help, body, soul,
spirit, everything, so I couldput my all into my race for
New York City Controller. It's alsoNational Take Walk in the Park Day,

(33:00):
so go take a walk in thepark, you know. And if somebody's
busting your chops about something, youmight as well turn around and say,
go take a walk in the parkif you have to get rid of them.
And this one if you don't,you know, if you've got a
weak stomach, you may want tolower your audio from it. But it's

(33:20):
National Turkey Neck Soup Day, soif you like turkey neck soup. And
when I like see the they callit the gord. What do they call
it? The gord? The neckthe thing and it's over there like in
a bowl, and it looks like, you know, it looks like like
when your dog star's uthing the pillowor something looks like it's gross. It's

(33:44):
absolutely disgusting, if you ask me. And it's National JT Day, and
you didn't know it was National JTDay, but there's actually a National JT
Day and it Maska reads under anothername, which is perfectly in fitting with
me National I'm in control day.So take control you two. I don't

(34:08):
care. I'll figure you up.Okay. How young you are, I
don't know how strong you are.I'm in control. And when Lopo wasn't
he the other day that the wholeshow myself was perfect, okay, and
now um it was terrible. Iknow that's just an aside, but he
wasn't watching, so he doesn't know. And now Rob is in for his
first day on his own, andhe did an amazing job too, so

(34:30):
you know, uh, and maybeany day now, and let me tell
Lopo to nationally take a walk intopark day. He actually left at that
one, which is which is rare. He showed some emotion. Um,
let's see, cause sent me awhole bunch of assets. Um the doctor
anthy facci. Okay, Now Iwill admit a tremendous mistake because in the

(34:55):
beginning of this whole pandemic, youhad Mike Pompeo, the Secretary of State,
coming out and saying, we thinkthis virus came from China and Wohan,
and I'm like, yeah, goget him, and Anthony Fauci seemed
like, you know, the samevoice in the room when Donald Trump was
kind of trying to talk us throughthe thing. He took immediate action January

(35:20):
twenty nine, stopped flights from comingin on Anthony Fauci's recommendation. But Anthony
Fauci said, don't wear a mask. Then he said wear a mask,
then he said don't wear a mask. Anthony Fauci said, we could be
looking at one to two million deaths. Anthony Fauci said, it's not reasonable
to come up to think we're gonnahave a vaccine within nine months. All

(35:42):
the things he said, most ofthem were wrong, Okay, And now
just yesterday he's taking credit for COVIDand talking about the best decisions I've ever
made. So now at the presidentforget you know, the president figuring out

(36:04):
and out of the box way togo out there and privatize the private public
partnership to work with the vaccines andget it to market in operational woof speed
in record time. But now AnthonyFauci is basically saying that these are the
season he made. And Jen sakimJen Saki that they want you to say.

(36:29):
Her name is Saki like s ock y. Jen Saki spokesperson for
Donald Trump for Joe Biden. Shegot into it on Fox News yesterday with
Chris Wallace. Now, Chris Wallacewas no friend of Donald Trump. He's
been pandering to the left even thoughhe's on Fox News for quite some time.

(36:52):
But basically Chris Wallace is saying,you said this was going to be
a transparent administration. Transparency is goingto be one of the paramounts to what
this administration is all about. YetTed Cruz and seventeen other Republican lawmakers went

(37:12):
down to the border and we hadBiden administration folks actually trying to block the
window so he couldn't take video ofthe overcrowded situation. And you know when
you sitting there at a restaurant andyou know, you're like six feet apart
and every other table is empty,and if you don't get tested. Now
they're saying you gotta have a vaccinationpassport. Contrast that with thousands, three

(37:38):
times the number of kids crossed theborder in the last month, and they
did last year at this time,and more than they did just in November
when Donald Trump was still in charge. Okay, and if you see the
video that Ted Cruz did get thereare literally hundreds of kids jammed in one
room and these silver blankets piled upon top of each other. No one

(37:59):
knows that day of COVID, noone has a mask on, and no
one is testing any of them.Some of these unaccompanied miners are being let
into the country. And Joe Bidenlied in his press conference last week when
he said Donald Trump put kids backon the other side of the boarder to
let them start. That's not true. In fact, under Donald Trump,

(38:20):
what we did and his administration wastook unaccompanied children, put them on a
plane with an escort, and flewthem back to the country they came from.
So the Biden administration is quite theopposite of transparency. And a great
friend of mine used to use thisterm all the time. RB You Pitt,

(38:40):
former chairman of the Security has ExchangeCommission, one of the foremost attorneys
in the world. He used tosay to me JT. Sunlight is the
best disinfectant, and there's no sunlightand the Joe Biden administration and we need
a lot of disinfecting. And wewill leave a daft for our one.

(39:05):
Say goodbye to our friends on BistolRadio, our friends on the Money station.
We'll keep our eye on the money. We'll be back to talk to
you about it tomorrow. With thebest day of the week on a Wednesday,
take a quick break wrap about one