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right, let's try to make

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sense of the we shall

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we rom American Public Radio.

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This is market by. In

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Washington Dc that I am tie result

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is probably the tend to have made

0:57

good always to have a along everybody.

0:59

This has been one of those weeks.

1:01

Honestly we're getting a sense of the

1:03

economic zeit guys is going to require

1:06

pulling together some. Seemingly. Loose

1:08

threads here to do that. Or. Catherine Rampell

1:10

from the Washington Post new the Richardson from

1:12

A D P A Do. Take.

1:14

out there. Are. Nearly you

1:16

get first were good pulling together these threads,

1:19

I'm going to recite some statistics and then

1:21

you going to tell me what they all

1:23

mean. Jobless claims. First time claims for unemployment

1:25

benefits. They were up this week after like

1:27

ten, maybe twelve weeks of being reasonably steady

1:29

consumer sentiment we got this morning from the

1:31

University of Michigan. It is, in a word,

1:33

terrible. Inflation expectations

1:35

are higher now. Than

1:38

they were by by a not insignificant

1:40

amount at the last reading. I

1:42

would like to know what you make of that. And.

1:46

Thanks for setting off with the easy question

1:48

of. What Love

1:50

that? Let's. Let's start with jobless

1:52

claims. Yes, there are out there. At.

1:55

For the first time in a

1:57

long time, by the most amount

1:59

except Clinton, the matter is a

2:01

heck of a lot here. They're

2:03

still super well. In fact, if

2:05

you look at historically word jobless

2:08

claims, I remember jobless claims is

2:10

a proxy for layoffs in the

2:12

economy where we're at record lows.

2:15

Dell. Even with the jump up.

2:17

so it's only matters is only

2:19

a job relative to the super

2:21

super low weeks before, not relative

2:24

to let's move on to consumers

2:26

sentiment. This one penny came out

2:28

of nowhere because that member of

2:30

hadn't really bikes for a couple

2:33

months. Consumers didn't have a lot

2:35

news or say about the economy

2:37

and then now when gas prices

2:39

are falling, the stock market is

2:42

rising and unemployment is still, well,

2:44

there's it down. The sentiment like

2:46

they're waiting for that other. she

2:48

did it dropped on their heads

2:50

and so sad is a puzzle.

2:52

Most economists as I have i'd

2:54

rather are spoken to. You don't

2:56

really know what to make up

2:58

this, but they're pointing to that

3:00

inflation expectation that to the gym

3:02

up that inflation make rising again

3:04

and in pockets that we're not

3:06

seeing. Yeah and so the several

3:08

mystery surrounding this. but so does

3:10

the consumers who those the economy

3:12

so it's worth watching. Rebel

3:15

roof on out for a little while

3:17

and and specifically the consumer angle and

3:19

and why we're feeling terrible and you

3:21

cannot. Price. Levels are still elevated

3:23

as a risk. Now but

3:25

I think now a large part of it.

3:29

Up there is also been a little

3:31

bit of reek celebration in in price

3:33

growth on a lot of writers the

3:35

on a little bit. Of.

3:38

A setback in the sense that like

3:40

if we had been getting inflation down

3:42

by a lot and may be worried

3:45

are. treading water it's

3:47

getting a little bit worse i

3:49

think that's part of it i'm

3:52

it's weird because consumers are still

3:54

spending more or less like they

3:56

feel pretty good arm and as

3:59

if the Prices whether we're talking

4:01

about levels or growth are not bothering them

4:03

so much although of course if you interview

4:05

them whether in a survey format or in

4:08

You know as we journalists do in a longer

4:10

form open in a conversation They

4:13

are very cranky about prices. So

4:17

there's a little bit of I Don't

4:21

know a contradiction here that we've been

4:23

seeing for years now about how much

4:25

consumers say prices bother them Although

4:27

you know, but clearly not enough to dissuade

4:29

them from continuing to buy Now

4:32

it does also look like they're fueling

4:34

some of that growth but more of

4:36

that growth through Borrowing

4:38

which could be part of the reason why they're

4:41

feeling so unhappy It's not that they're spending more

4:43

because they have a lot more income even though

4:45

income is now or wage

4:47

growth is now at pacing inflation You

4:50

know if they feel like to keep up with the

4:52

Joneses or to keep on keep up

4:54

with their their Ongoing lifestyle

4:57

they need to borrow more And

5:00

they continue to do so that's probably gonna

5:02

weigh on their psyche and their finances, right?

5:04

Right and the reserves people built up during the pandemic

5:07

are now largely exhausted. So that's you know, why they're

5:09

going right cards Nila

5:11

here's another curve ball Stagflation

5:14

and I'm gonna set it up this way

5:16

two weeks or ten days ago Whatever it

5:18

was chair Powell got the question of are

5:20

you seeing stagflation in this economy? Which is

5:22

of course stagnant economic growth and inflation and

5:24

he said I am seeing neither the stag

5:26

It nor the inflation and yet in

5:28

a perusal of Wall Street Bank analysts

5:30

notes this afternoon Stagflation

5:33

comes up a lot and and I wonder

5:35

do you buy it or are you with

5:37

the chair? I'm

5:40

with the chair on this one. It's hard to talk

5:42

about Translation with unemployment rates

5:44

below 4% usually

5:46

it's a it's a three-pronged Economy

5:50

that supports that relation that's

5:52

slower growth higher inflation and

5:54

high Unemployment we're not seeing

5:56

that I think the narrative

5:59

on the economy continues to

6:01

swing between extremes, soft

6:03

landing, hard landing, recession,

6:06

stagflation. Pick a

6:08

day, there's a different story about what

6:10

the economy is. It kind of dovetails

6:12

to what the consumer sentiment numbers. There

6:14

is some anxiety. There

6:17

is a uncertainty about what

6:19

happens next. And I think that colors

6:21

some of the data, that the data

6:23

is not what it is on its

6:26

own, it's what fits into a narrative

6:28

sometimes. And that uncertainty

6:30

does matter because it

6:33

translates eventually to behavior.

6:35

Right, and those gyrations just make people

6:37

more anxious, which feeds itself and nothing good

6:39

happens from there. Catherine,

6:41

I want to talk for a second, sort

6:43

of riffing on the conversation I had with

6:45

Secretary Yellen yesterday about democracy and

6:48

this economy and why the economy needs democratic institutions. You've

6:50

been writing a little bit about this and I know

6:52

you want to talk about it, so we're gonna. I

6:55

think it's time for a clear eye look at the implications for

6:58

the economy of a Trump second term. And

7:00

you've been writing on this a lot and I'd like

7:02

a minute and 25 seconds from you on

7:04

that. Sure, so

7:07

obviously I care about democracy for

7:09

democracy's sake, not only

7:12

for its potentially devastating

7:14

effects on the economy, if

7:16

we lose said democracy, but

7:18

if voters out there

7:20

care about the economy, if they care

7:23

about inflation, for example, I

7:25

would urge them to look at the

7:28

actual policy proposals that are on

7:30

the table from both of the

7:32

presumed presidential candidates, including Donald Trump.

7:34

Donald Trump is overwhelmingly favored on

7:36

economic issues if you look at

7:38

polling, but if

7:41

you look at the actual policies

7:43

that he has proposed relating

7:45

to the economy, many of

7:47

them would be very inflationary. So

7:50

that's things like raising

7:52

prices through a universal tariff,

7:54

for example. That's things like

7:58

slashing immigration, which means cutting

8:00

the labor supply, which is also likely

8:02

to be inflationary. And then there's this

8:04

kind of nerdier thing, which is about

8:07

his desire to kneecap the

8:09

Federal Reserve. The Federal

8:11

Reserve actually in a way is not

8:13

a particularly democratic institution. It's supposed to

8:15

be shielded politically from

8:17

the ebbs and flows of popular

8:19

sentiment so that the technocrats

8:21

at the Federal Reserve can do what

8:24

they think is best for the long

8:26

run outcomes,

8:28

long run economic outcomes rather

8:30

than what feels good in the moment. And

8:33

that might mean taking the proverbial punch

8:35

bowl away when the economy is overheating.

8:38

And Donald Trump has made

8:41

quite clear in a variety of policies

8:43

that he would like to exert

8:47

more political pressure on the Federal

8:49

Reserve, which lots of

8:51

research has suggested would lead to

8:53

much worse inflationary outcomes. Catherine

8:56

Ampel at the Washington Post, you should read

8:58

her column on the economic implications

9:01

of a second Trump term. And the Wall

9:03

Street Journal had the reporting on the Fed.

9:06

We should say that. So Catherine at the

9:08

Washington Post and yeah, and Neela Richardson at

9:10

ADP on a Friday afternoon. Getting late. Thanks

9:13

you two. Thanks, guys. Wall

9:16

Street on this Friday, traders were cautious,

9:19

one might say. Details, numbers. Let's

9:21

learn the

9:25

drill.

9:44

Financial lives are complicated. People have retirement

9:47

savings to think about. Car insurance, maybe.

9:49

Card bills, student loans, house or car

9:51

repairs to pay off. Pocket money for

9:53

the kids, too, if you feel like

9:56

it. The list goes on.

9:58

The point is that our. Personally,

10:00

economies aren't just one thing.

10:03

So. With that in mind and up,

10:05

the now from Violet O'brien. She's a

10:07

notary in Houston, Texas, but like all

10:09

of us, her financial life neither starts

10:12

nor ends with her career. Here's

10:14

today's installment of our series Adventures and

10:16

Housing. My. Fiance and I

10:18

were out rollerblading one Saturday morning.

10:21

Summer Ninety Two. And

10:24

I'm We saw a sign that said for

10:26

sale and then underneath that there was that

10:28

little sign that says pool. We just looked

10:30

at each other and whence I'm gonna look

10:32

at it? I

10:36

still remember how excited we were. We

10:39

just rolled up to the door, knocked on the

10:41

door, and roll, Then. We.

10:43

Fell in love with the place even though it was in

10:45

shambles. I. Mean. they were working on as a

10:48

carpet was all torn up is laying on

10:50

the floor. but we saw the possibilities. As

10:53

since our original interest rate with some

10:55

some like a point seven five you

10:58

know this is right up. The eighties

11:00

were terrible. The first telephone was living

11:02

in with my first husband. I think

11:05

our interest rate was like fourteen percent.

11:07

So eight point, seven five sounded

11:09

real good. But

11:12

I remember when we applied for

11:14

the mortgage it says about six

11:16

weeks for her to call me

11:18

back and tell me that we

11:20

had been approved and I cried.

11:24

Does it was such an ordeal? I guess

11:26

it's still like that for people you know

11:28

to get your first mortgage and are in

11:30

all the qualifications and the letters and everything

11:33

it's just he just begin to st why

11:35

am I doing. This this this is more

11:37

trouble than it's worth, but it wasn't as in

11:39

the end it all works out. I

11:44

had friends as have what they called

11:47

starter homes so I guess I've considered

11:49

it to be a starter home but

11:51

it's turning out to be a starter

11:53

middle and ending home up which is

11:56

fine with me after the big movie

11:58

and I thought you know. what I never

12:00

want to do this again. I usually

12:02

say they're going to carry me out of here feet

12:04

first. That's

12:07

what I've been saying for years. I'm like I'm not

12:09

moving and I've decided that I'm

12:11

just going to age in place here because a it's

12:13

a good house to do that in but

12:16

I'm attached to it. You

12:19

know I guess I'm just attached to it. It's

12:21

a lot of you know have friends that live

12:23

in like retirement centers and places where

12:25

you wouldn't have to hassle with all this

12:27

maintenance but I was

12:30

so excited to own

12:32

my own home and we put

12:35

a lot of love and care into this house.

12:38

We fixed it when it needed to be fixed. We

12:40

painted it when it needed to be painted and

12:43

gosh we've grown with it. You know we

12:45

raised our family here and had

12:47

fights and made

12:49

up and had parties

12:52

and it's still going. So I'm

12:54

just attached to it because it's

12:57

taking care of me and I'm

12:59

taking care of it. Same

13:04

same Violet same same Violet O'Brien there she's

13:07

a notary and a homeowner in

13:09

Houston. We cannot do this series

13:11

without you whether you're in

13:13

your forever home or your right

13:15

now home. Tell us about it

13:17

marketplace.org/adventures in house. Coming

13:29

up we need to trade where we can but

13:32

protect what we must. It

13:34

is kind of a balancing act actually first

13:36

though let's do the numbers. Now

13:40

industrials gained 125 today three tenths percent finished at

13:43

39,512 the NASDAQ off five points

13:47

less than a tenth percent 16,340 S&P 500 added eight

13:49

that's two tenths percent 52 and 22. Before

13:55

The five days gone by, the week that was the

13:57

Dow grew one and a tenth percent. The NASDAQ got

13:59

one point. Or present the Sp: five

14:01

hundred rosebud a half percent. Which.

14:03

Is urgent Violet or brain about the journey?

14:05

buying her home back in the nineties in

14:07

real estate residential Starts: Zillow Delmas one and

14:09

seven cents. Present day Compass dropped three and

14:12

nine cents fall down yield on the tenure

14:14

see note Four and a half percent You're

14:16

listening to Marketplace. You

14:19

turn a marketplace for the latest news

14:21

about what's happening in the economy and

14:23

how it impacts you and your community

14:25

and you donate to support our nonprofit

14:27

newsroom. You can also get something a

14:29

little more tangible. Got a great lineup

14:31

of zone or thank you gifts right

14:33

now a shrink place in many tote

14:35

bag, water bottles, mugs, had a yes

14:37

sekai play glasses or back but only

14:39

while supplies last and on taken. Some

14:41

of them contribute any amount to make

14:43

a difference and pick up or these

14:45

gifts gonna marketplace that org/stoning. With

14:51

access to so much information it's hard

14:53

to feel like an informed discerning says

14:55

that's why on Make Me Spark which

14:57

is apart as from workplace we make

14:59

it easy for you to stay in

15:01

the know. I am fi riddle. Every

15:03

weekday Kimberly Adams and I unpack the

15:05

latest from Washington D C as. The

15:07

Senate minority leader has announced that he

15:09

will step down as. A. Republican Leader:

15:11

What's happening in A I? I

15:15

mean don't fight the top. Holy cow

15:17

artificial intelligence or drums really to do

15:19

with par the the hot new. And.

15:23

You do the numbers. So as

15:25

a refresher, inflation is the

15:27

rate of. Increase in the prices

15:29

of things, not to sort of things.

15:32

Getting more expensive at the speed at which. Things

15:34

get more expensive because in a world

15:36

it's constantly changing, we all need to

15:38

stay smartest. Listen to make Me smart

15:40

Wherever you get your font. Yes, This.

15:45

Is Marketplace. I'm tie Rosedale. Treasury Secretary

15:48

Janet Yellen was the cabinet level guest

15:50

on the program Yesterday We had a

15:52

conversation about the overall economy our consumers

15:54

are feeling, keeping the United States competitive

15:56

global. It's in part through the billion

15:58

dollars being that's did in high tech

16:00

and. Also. The current state of

16:03

our relationship with China for Treasury is

16:05

not the only department of this government

16:07

working on this. So. For a

16:09

different perspective today at the cabinet level com

16:11

or six or general mondo ma'am sector could

16:13

have you back on program. Thank.

16:15

You thank you. I want to start where

16:18

we left off last time a year or

16:20

so years ago with you industrial policy the

16:22

by demonstration. I'm getting the government into this

16:25

economy. Chips. Act you been busy. Lots

16:27

of loans and and grants we're on Phoenix

16:29

and number which we are looking at. The

16:31

Tsmc plant out there. Three. Of

16:34

my guys are going to be built now

16:36

extraordinary of huge many many billions of dollars.

16:38

Here's my question is you have until packed

16:40

Elsewhere came out? maybe that day. That.

16:43

That the present was there and said this is

16:45

great but we need a chips act to. And

16:48

my question is smart really? Assists

16:51

ah we can't blame them for try

16:53

know can't blame him for time it's

16:55

first or aren't a mass. Said or soon

16:57

as I articles on here. and it's because they have a recent

16:59

if. You I wish everybody in America could

17:01

see them as in Texas, a Samsung,

17:03

their city cranes and the air right

17:05

now. Each of those clusters. Will employ You

17:07

know sixteen thousand V provincially right is going to

17:10

number your it'll number of years but as get

17:12

you know by the end of the decade they'll

17:14

be hum it's you know I'm I'm not going

17:16

to come on and the need for kids to.

17:18

What I am going to say is

17:20

I feel great about where we are

17:22

when I saw you. Came here about

17:25

a year ago. A year though I

17:27

didn't have a team know many was

17:29

out the door, we hadn't even put

17:31

the applications out Today we have two

17:34

hundred people here working on ships. We've

17:36

committed almost thirty billion dollars. Ah say

17:38

all the leading as manufacturers in the

17:40

world have committed to scale in the

17:42

United States. So as you say it

17:45

will take years. But I couldn't be

17:47

happier. Fair. Enough you're not

17:49

going to comment on on what Miss Girls here

17:51

said, but visitors, a course in a different weights?

17:53

Is there a moment when the government says you

17:55

know what we've given you The seed corn go

17:57

forth and profits earth? is a good question this,

18:00

the whole point of the CHIPS program was

18:03

to be very targeted for

18:05

national security purposes. And

18:07

this is a key thing you need to know. For

18:10

the $30 billion of taxpayer money

18:12

that we have announced, the private

18:14

sector has announced over $300 billion.

18:18

So I would say this is working. We

18:21

have given the seed corn, and they've

18:23

invested 10x private capital. Do we need

18:25

more down the road? I

18:27

don't know, because $50 billion is pretty

18:30

small relative to what's needed. But

18:32

we may not, because as I

18:34

said, they've already invested 10x

18:36

private capital for the public capital. So

18:38

we'll see. We'll see. Are you

18:40

satisfied that the early signs of the long game the

18:43

Biden administration is playing are paying off? Absolutely.

18:45

I would say, in addition to the

18:47

fact that they are investing $10 for

18:49

every dollar we're investing,

18:52

no one thought we could get

18:54

TSMC, which is the world's biggest,

18:56

most successful company, to do three fabs.

18:59

So here comes a trickier question. Is TSMC

19:01

more important than Intel right now? No,

19:03

they're all important. Here's the goal. They're all your

19:05

favorite children. They're all my favorite children. Look,

19:08

here's the goal. You said the

19:10

right thing. It's a long-term bet. It is a long-term

19:12

bet. When will we know we're successful?

19:15

If in 2030 we are

19:17

making 20% of

19:19

the world's leading-edge chips in the

19:21

United States of America. 2030 is like tomorrow.

19:24

Yeah, it's going to happen. It will happen. Right now we're

19:26

at zero, just so your listeners know.

19:28

Right now we make 0% of these

19:30

chips in America. We buy 90% from

19:33

TSMC in Taiwan. By

19:36

2030, I want 20% made in America. To

19:39

hit that goal, you need

19:41

several companies. You need Intel

19:44

plus TSMC plus Samsung manufacturing

19:46

at scale in America. I

19:48

don't want to get too geopolitical about this, but since you

19:51

mentioned Taiwan, you were up on the Hill yesterday, right? I

19:53

forget what day the week day is. Where

19:57

you said, look, if the Chinese go into

19:59

Taiwan and take tsmc it would

20:01

be disastrous uh... you spent

20:03

a lot of time in your first three years on this

20:05

job to china specifically more in the past year or so

20:08

where do you strike the balance between cooperating

20:10

in a global economy which needs us

20:13

both and worry about national security and

20:15

saying to the chinese you know what look

20:18

we don't want conflict we don't want to escalate

20:20

the president has said to me has said to

20:22

all of us on his team we want to

20:24

deescalate we want to trade with china wherever we

20:26

can of course we had president

20:29

she here at the end of last year so

20:31

i think it as i think

20:33

i think trading relationship with china is

20:35

like seven hundred billion dollars that's

20:37

a good thing create american jobs so we need

20:39

to trade where we can but protect what we

20:42

must and right now making

20:44

zero percent of the world's leading edge

20:46

chips in our country when we invented

20:49

the chip industry unacceptable

20:51

we vulnerable right now yeah absolutely

20:53

vulnerable like it but they're leading

20:56

in chips in this room in

20:58

your and i think i have a

21:00

lot of that's right in your

21:02

phone in your product in your car every

21:05

piece of military equipment fighter jets we

21:08

don't make it in america by the way i

21:11

talk to you just about a year ago the

21:13

word that didn't come up when we spoke

21:15

last time about chips a high artificial

21:18

intelligence right all

21:20

a i runs on though

21:24

are we vulnerable yes we want

21:26

to lead the world in artificial

21:28

intelligence you can't do that

21:30

unless you have the chips that run

21:32

these big models you have said american businesses are

21:34

expressing their frustration to you about the lack of a

21:37

level playing field in china how do you negotiate that

21:39

right you have to have a trading relationship but you

21:41

have to fenham also mouth one and at the same

21:43

time american businesses say listen we need in there but

21:45

we need to be fair what do you do you

21:48

do exactly that you have to do

21:50

both you have to call china out

21:53

every time we see that they are

21:55

treating american companies unfairly uh...

21:57

which is what i did when i was in china i

21:59

didn't pull I met with the premier,

22:01

the vice premier, my

22:03

counterpart. I said, look,

22:06

when you go into American businesses, unannounced,

22:09

raid those businesses, demand consumer

22:11

data, that's not fair.

22:13

That's not right. We can't operate

22:15

there. When you put restrictions on

22:18

U.S. companies that favor Chinese

22:20

companies, hospitals, for example,

22:22

and government buying

22:24

products, favoring their companies

22:27

over ours, that's not fair. So look,

22:30

my approach is just

22:32

be matter of fact. You don't have to be

22:34

escalatory. Just say, these are the facts, and you

22:36

need to knock it off if you want us

22:38

to do business there. So this is

22:40

what you signed up for when you became a commerce manager? I'm

22:43

not sure I knew what I signed up for. I

22:45

just loved the president, loved my country, so I took

22:47

the job. The one thing

22:49

I did sign up for was

22:51

to revitalize American manufacturing. I believe it's

22:53

so, it's core to who

22:55

I am, and we're doing that. And so I

22:58

love that. We were

23:00

out in Phoenix, as I mentioned a minute ago, and one of

23:02

the things we did, we went to the local

23:04

pipefitters union, where

23:07

they are bursting at the seams, no pun

23:09

intended, with trainees and new journeymen and

23:11

people coming in to help build those factories

23:13

that the SMC is building. Talk

23:17

to me about labor force for a minute. I know you're

23:19

not Secretary of Labor, but it's a huge component of how

23:22

we get from here to there. Are

23:24

we ready for that, do you think? We're getting ready.

23:26

You know, I'll be very, very honest with you.

23:29

Are we ready today? Probably not.

23:31

Do we need to go

23:33

as fast as we can to get ready

23:35

and build the pipeline and build new training

23:37

programs and create new apprenticeship

23:40

programs for pipefitters and welders?

23:43

We have to do it. Just

23:45

what you said before, the size

23:48

of these facilities, you

23:50

can't realize it until you

23:52

see it yourself. I was at Samsung

23:54

in Texas. They're building one building, one

23:56

building that's 11 football

23:58

fields in length. it

24:00

will take probably 5,000 construction

24:02

workers for that one building. They

24:05

don't exist today. So we

24:07

need to put on steroids,

24:10

apprenticeship programs, community college

24:12

programs, vocational tech in

24:15

high schools if we're

24:17

gonna meet the need. I

24:19

like our chances, we're building the pipeline. Some

24:21

of the money that we're giving to these

24:23

chip companies, they have to

24:25

spend on workforce. So we're

24:27

telling Intel, TSMC, in

24:30

tens of millions of dollars, we're saying,

24:32

you need to invest this working with

24:34

local colleges, universities, high

24:36

schools, labor unions. We talked about this

24:39

last time. Childcare, same thing. If you're

24:41

gonna meet the need and have the

24:43

workers, you gotta find the people, men

24:45

and women alike, and train them for the

24:47

jobs. So one

24:50

of the other projects we're working on is broadband

24:52

and what's going on in the central states in

24:54

this country. And I guess the question is, when

24:58

you think about supply chains for higher tech products

25:00

like fiber optics, like those things, how do you

25:02

get us there when that's not traditionally been a

25:04

strength of ours? Yes, this is

25:06

a great question. So one

25:09

of my jobs is to make sure every American

25:11

has the internet. You know, we're investing $40

25:13

billion. And I sat down

25:15

with my team at the very beginning and I

25:17

said, map out for me the whole supply chain,

25:20

the fiber optic cables, the electronics,

25:22

et cetera. So

25:24

much of it is not made in America,

25:27

a vulnerability. So I said to the

25:29

team, how do we fix it? We are

25:31

fixing it by not giving

25:33

waivers to companies. Let

25:36

me explain this for a second. So

25:38

US company will come to us,

25:40

say a US company that makes the fiber optic cable

25:42

that they run to your house, you have the internet.

25:45

Much of that is made in China. And

25:47

they come to us and say, we want a waiver to

25:50

be able to continue to make it in China

25:53

because it's not cost effective to

25:55

make it in America. And I said,

25:57

no, waiver denied. Figure out a way

25:59

to make it in China. America and guess

26:01

what, they have? Turns out.

26:04

When. You pressure these American companies and tell

26:06

them if you want to participate and get

26:08

taxpayer money to do this, you must make

26:10

it in America. they figure out a way

26:12

to do it. He.

26:15

Said as good as it was she spent her or

26:17

sixty minutes the other day. We're gonna. We're gonna make

26:19

building Hardware sexy again. He did my children

26:22

and have not let me live. As I

26:24

was just gonna say so managed to

26:26

deter to the directors from on really

26:28

as. You sound like

26:30

my son is a farm. Don't ever use

26:32

that word again And public. Ah, I had

26:35

her viewer. And yet here I am. I

26:37

mean it. You know that my dad. I

26:40

grew up at a manufacturing family. okay, Like

26:42

he made watches for a living and he loved

26:45

it. He would come home at night and like

26:47

his hands were. Grizzly,

26:49

then. He loved making things

26:52

for livings. I think people.

26:54

Like. To design you ethical watch. I'm

26:56

looking at you Ever cool. I pad

26:58

his son to design things, his son

27:00

to make things with your hands. It's

27:02

fun to see what you've made instead

27:05

of just coding all day software. So.

27:07

Yes, I'm sticking with I said. His

27:22

father load on the way out. the day

27:25

in which the economy stupid works as a

27:27

campaign slogan over in the Uk. just like

27:29

it works over here The Office for National

27:31

Statistics in the Uk said they the British

27:34

economy grew six cents per cent of the

27:36

first quarter of a year. That point you

27:38

carry out and the mild recession has been

27:41

in since the second half of last year.

27:43

Know they just because of the way British

27:45

politics works, but an election is gonna happen

27:47

over there by the end of the of

27:50

January. Twenty five. Or

27:53

the music was composed by Busy Lederman. Marketplaces

27:55

executive producer is Nancy. For a jolly done

27:58

a tab as executive editor New Stuff. Vice

28:00

President and General Manager. And I'm Kai Rizzo.

28:02

Have a great weekend, everybody. We will see

28:04

you back here on Monday, all right? This

28:14

is APM. Hey,

28:17

everyone. It's Derema Chres, host of This Is

28:19

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