E74: Market update, inverted yield curve, immigration, new SPAC rules, $FB smears TikTok and more

00:03:38.740 | Uh, and it did seem up until, uh, and we'll get into this, obviously, uh, up until the gaff, uh, from Biden 12 hours after I said you weren't giving him the benefit of the doubt.

00:03:50.240 | It threw me right into the bus.

00:03:51.620 | Biden just declared a new world order.

00:03:53.580 | I mean, he is regime change with Putin.

00:03:55.700 | Yeah.

00:03:56.240 | And he said regime change.

00:03:57.260 | I mean, he's bought into this liberal intervention.

00:03:59.160 | Um, Obama was much better.

00:04:00.660 | I mean, Obama had all the right instincts.

00:04:03.540 | He deescalated things in Ukraine.

00:04:05.580 | We could have had the situation back in 2014.

00:04:07.540 | Obama pulled the plug and he deescalated in Syria over the over the objections of his staff.

00:04:14.220 | I mean, the problem is if you.

00:04:15.720 | The Obama basically got played by the staff and the establishment because Obama was there for eight years and he knew that, you know, it was all about doing the right thing.

00:04:26.220 | And also about the legacy and the joy of it.

00:04:29.140 | judgment that would look back on his decisions whereas everybody else is like well i'm here for

00:04:33.460 | this four year grift and i'll be back for another four years later so you know the more chaos the

00:04:37.900 | better for a lot of those people he couldn't get us out of afghanistan why couldn't he get us out

00:04:42.760 | of afghanistan sack because he wanted to right he got played by the general so ben rhodes wrote a

00:04:48.380 | book ben rhodes was sort of one of obama's um right hand guys and he coined a term that stuck

00:04:55.700 | for called the blob which is the term for this sort of washington foreign policy establishment

00:05:00.960 | all the people in the state department and the think tanks and the sort of the the journalists

00:05:07.260 | who love being the drums of war i mean that whole establishment that just is addicted to war

00:05:12.920 | and um you know if you read that atlantic magazine interview called the obama doctrine

00:05:20.380 | where obama's interviewed he lays it out he says look there is a foreign policy playbook that

00:05:25.220 | presidents are expected to follow in response to any provocation any incident you're supposed to

00:05:31.080 | react in a highly militarized way and if you don't you get attacked and the generals he wanted to get

00:05:35.960 | out of afghanistan but the generals started leaking against him that would be a fiasco and then

00:05:40.560 | unfortunately obama didn't stick to his guns he didn't want to take those political hits

00:05:46.220 | it was unfortunate he really should have well we'll get into ukraine at the end of the

00:05:49.760 | uh show but let's talk a little bit about markets up top here the u.s yield curve uh inversion

00:05:54.900 | is upon us maybe you could give us a cp a little primer on what this means the inverted yield yield

00:06:01.400 | curve and why people are talking about it this week well i think people yeah we're talking about

00:06:06.340 | it the reason they were is that they believe that it predicts a recession and specifically

00:06:14.620 | what they look at is the interest rate on a two-year bond and an interest rate on a 10-year

00:06:20.900 | bond and you subtract one from the other and when it increases you're going to have a recession

00:06:24.580 | and when it inverts what effectively what it means is that you know typically in a healthy economy

00:06:30.820 | you want rising interest rates over a long period of time and the reason you would want that is that

00:06:36.820 | you are guessing that the economy will be healthy there'll be a nominal amount of inflation so

00:06:42.740 | things will tend to increase in price and as a result of that you need to get paid more for the

00:06:48.020 | future than today right so if you want me to take 10-year risk you need to pay me a little

00:06:54.260 | bit more than if you want me to take two-year risk and so things should go up into the right

00:06:58.740 | but when all that stuff 10 years out all of a sudden is trading for a lower yield than today

00:07:06.740 | what people think will happen is that you know governments will cut interest rates massively

00:07:14.660 | they tend to do that in order to stimulate the economy right to get money back into

00:07:20.180 | the system and they tend to do that because of a recession and so people look at the

00:07:23.940 | the difference between the two-year bond and the 10-year bond and they try to guess what's

00:07:26.980 | going to happen here's the problem with all of this it turns out that it's not as correlated

00:07:30.420 | as one thinks the and nick i posted this link so you you can just put it up there but a bunch

00:07:36.340 | of economists at the fed actually went and you know you have access to this data they back tested

00:07:41.220 | this and what they found was that there was actually a more predictive signal of recessions

00:07:46.660 | which is the difference between the three-month t-bill and the 18-month t-bill and if you're a

00:07:53.620 | if you look at the threes 18 spread they call that the forward spread at the fed

00:07:57.540 | that's actually not showing a recession at all in fact that shows a very healthy ascent largely

00:08:04.100 | taking into account the fact that the fed has told us that they're going to rip in a bunch of rate

00:08:08.100 | increases over the next year to 18 months so what are we to do with all of this well when there's

00:08:12.820 | been a recession it has typically been true that both the twos tens and the forward spread have

00:08:20.820 | collapsed to zero or gone negative

00:08:24.180 | that's this inversion it has never really been the case that twos tens inverts while the forward

00:08:31.700 | spread stays up and you have a recession in the past we've mentioned that when oil has these

00:08:37.860 | kinds of price spikes it typically forecasts a recession so if you put all of this data together

00:08:44.420 | it's a really murky picture so what are you supposed to do it's not totally clear to me but i

00:08:53.220 | think that the general way that i think the market is reacting to this is probably inappropriate and

00:08:58.900 | i'll tell you why and the setup by the way because of this inappropriateness is actually quite

00:09:03.620 | interesting so why is the reaction inappropriate look if you think about where we were in november

00:09:09.220 | and where we are today almost april 1st right so it's been four months five months

00:09:14.180 | we've had massive uh exposition of inflation we've had massive disruptions in the

00:09:22.900 | supply chain we've had a lot of disruptions to the supply chain we've had the beginning of a war

00:09:29.620 | whose end is somewhat indeterminate today that's causing a bunch of spikes in a bunch of really

00:09:35.220 | critical commodities the entire world needs we've had a federal reserve that went from hiking 50 or

00:09:40.980 | 75 basis points to hiking 200 to 250 basis points by the estimated average and so all of these things

00:09:49.700 | have happened yet the market is basically at an all-time high plus or minus five percent so we've

00:09:52.580 | had a lot of disruptions in the supply chain and we've had a lot of disruptions in the supply chain

00:09:55.620 | and we've had a lot of disruptions in the supply chain and we've had a lot of disruptions in the

00:09:58.340 | supply chain and we've had a lot of disruptions in the supply chain and we've had a lot of disruptions

00:10:01.220 | in the supply chain and we've had a lot of disruptions in the supply chain and we've had a lot

00:10:03.540 | of disruptions in the supply chain and we've had a lot of disruptions in the supply chain and we've

00:10:06.500 | had a lot of disruptions in the supply chain and we've had a lot of disruptions in the supply chain

00:10:09.220 | and we've had a lot of disruptions in the supply chain and we've had a lot of disruptions in the

00:10:12.740 | supply chain and we've had a lot of disruptions in the supply chain and we've had a lot of disruptions

00:10:15.300 | of the good companies. So what are we doing right now, I think

00:10:19.720 | we are going to see this diversion of companies. And

00:10:23.600 | we're about to go through earnings season, right? We're at

00:10:25.420 | the end of q1. And I think what's gonna happen is really

00:10:28.640 | interesting, you're gonna have a handful of companies who have a

00:10:30.800 | great handle on their business, who actually project strength. I

00:10:35.680 | know what I'm doing, I know how I'm going to perform. The

00:10:39.960 | levers are in my control, I'm going to invest for the future,

00:10:42.780 | I'm going to go and consolidate a market, those companies will

00:10:45.720 | get rewarded. And then anybody else who has a whiff of

00:10:50.220 | indecision, or whose structural business is flawed, and then

00:10:55.160 | they use all of these other issues as a reason to explain

00:10:58.480 | their flawed business will get completely whacked. Two examples

00:11:01.920 | over this last week, and we had this debate, you know, that

00:11:05.280 | people were talking about restoration hardware and the CEO

00:11:08.760 | basically saying the sky is falling and there's a huge

00:11:11.200 | recession.

00:11:11.740 | And, you know, my comment is, well, if you take the other side

00:11:13.980 | of the coin, restoration hardware sells overpriced crappy

00:11:17.260 | furniture into a housing market that's basically shut down

00:11:20.860 | because refi rates are at 5%. There's the other explanation

00:11:24.400 | for why his business is crappy. It doesn't necessarily have to

00:11:27.460 | be a recession.

00:11:28.120 | And just to clearly define it, a recession is two quarters or

00:11:31.960 | more of negative growth, the economy contracting. And we've

00:11:38.200 | had about a dozen of these since World War Two. And we've had a

00:11:41.560 | couple of them in our lifetimes. Obviously, the COVID situation

00:11:45.700 | created a recession for a couple of quarters. And then we had the

00:11:51.940 | Great Recession, which lasted I think that was almost was over a

00:11:56.320 | year, right? That was six quarters, I think five quarters.

00:11:59.020 | So these happen every 10 years or so. So if we do have a

00:12:02.740 | recession, and it it seems implausible to me that we would

00:12:06.340 | have negative growth for two quarters. So

00:12:07.960 | the other the other interesting company, for example, was US

00:12:09.640 | Bank.

00:12:10.140 | Yeah, I mean, I think that's a good question. I think that's a

00:12:11.380 | UiPath, which UiPath got whacked today 25 or 26%. And what they

00:12:17.660 | actually reported was that they thought that they were going to

00:12:20.040 | increase ARR to, you know, 1.2 billion from like 900. That's

00:12:26.740 | a that's a huge at that scale, to grow 35 40% in ARR in the

00:12:31.420 | year is really quite incredible. But their ACV numbers and the

00:12:35.840 | revenue numbers were a little soft, they got whacked. And now

00:12:38.860 | they're trading, you know, like 11 times ARR. So you have some

00:12:43.600 | of these companies that are going to blame macro headwinds,

00:12:47.480 | but they may actually just have a, you know, a flawed business

00:12:50.240 | model, you'll have these other companies who actually

00:12:52.720 | overperform, but may have been a little bit too highly valued

00:12:55.360 | toolkit valuation reset on any faint weakness. And so you know,

00:13:01.180 | it's going to be really up to the CEOs and these boards when

00:13:04.480 | they write their earnings releases. To be very precise,

00:13:07.700 | those that have a hand

00:13:08.840 | on their business, I think are going to get really rewarded.

00:13:11.240 | And those that don't need to blame the macro market and just

00:13:15.100 | get all the bad news out now, because this is the quarter, it

00:13:17.480 | doesn't get any better from here,

00:13:18.600 | sacks, best ways to fight a recession, cut spending, I'm

00:13:23.120 | sorry, increased government spending, cut taxes. Where are

00:13:29.840 | we at in terms of how many bullets we have left to do these

00:13:32.380 | kind of things, we don't really have a, you know, ability to

00:13:36.180 | spend more money.

00:13:37.160 | And I guess,

00:13:38.500 | lowering interest rates is the other way to stimulate it. Do we

00:13:41.020 | even know we're going into a recession? So do you think we're

00:13:43.300 | going into a recession? If we are? Is there a way to reverse

00:13:46.260 | it through the normal tactics,

00:13:48.120 | we're definitely going into a slowdown. And whether it becomes

00:13:51.220 | a recession to be determined, I think there's a very good chance

00:13:54.220 | because we already were headed for a slowdown because of

00:13:58.360 | interest rate increases because of inflation. And now on top of

00:14:01.540 | it, we've got all the supply chain disruptions from this war.

00:14:04.380 | And we know that, you know, I'm plugging the hundred and 44

00:14:08.380 | million Russians in the Russian economy, we've basically unplugged

00:14:12.140 | that from the global economy. So that's going to hit our economy

00:14:16.300 | if there's a little bit of delayed reaction there. So these

00:14:18.980 | are all negative indicators. And I think we're either gonna have

00:14:22.660 | a recession, or something very close to it.

00:14:25.940 | And they typically last 11 months, right, sex. So how long

00:14:29.500 | would the recession be? And it's typically 11 months, two

00:14:32.760 | quarters, six quarters.

00:14:34.360 | Yeah, normally, it's like 18 months till you get back to where

00:14:37.580 | you're supposed to be or something like that.

00:14:38.260 | But you're right, we have very limited tools to fight this

00:14:41.920 | because we've already spent, I mean, we've already broken the

00:14:45.700 | glass in case of emergency for COVID, we spent something like

00:14:48.640 | 10 trillion. By the way, that's what caused a lot of the

00:14:51.160 | problems is we flooded the zone with liquidity. Now we're trying

00:14:54.640 | to mop that up with interest rate increases that's slowing

00:14:57.280 | down the economy. So there's nothing left to really spend.

00:15:01.240 | You can't really drop interest rates much more. And if you do,

00:15:05.920 | you'll get much worse inflation. So it's going to be a lot of

00:15:08.140 | money. So it seems to me that we don't have a lot of tools here.

00:15:11.260 | And we could end up with something like a stack 1970

00:15:13.840 | style stagflation, where we continue to see inflation with

00:15:17.500 | a slowing economy.

00:15:18.280 | Let's unpack what that experience would be like.

00:15:20.320 | Economy slowing, there's less job openings, people are

00:15:23.900 | spending less money, while the prices of goods and services

00:15:28.000 | continue to go up.

00:15:29.080 | That's why they spend less money. And that's why there's

00:15:33.640 | there's recession. Like I mean, you're paying six bucks for gas

00:15:37.480 | or you have less money to go out for gas.

00:15:38.020 | You don't have to go out for dinner every week, right? You

00:15:39.100 | pay, you know, twice as much for an airplane ticket, you don't

00:15:44.140 | spend as much on the hotel. I mean, like, you know, the

00:15:47.380 | rippling effects of the rate of inflation are decreased spending.

00:15:52.260 | And there isn't enough time for you know, the the new job

00:15:56.200 | creation engine to catch up. And you know, without a stimulus

00:16:00.640 | effect, you're in trouble. That's really the situation

00:16:02.900 | we're in. And that's what you know, can kind of cause the

00:16:04.900 | stagflationary effects to drag on.

00:16:07.900 | Yeah, I mean, it's a big part of the recession. It's like, you

00:16:10.960 | know, we've had a recession, but almost every other time we've had

00:16:14.800 | a recession. People couldn't find jobs. And I can remember

00:16:18.580 | them qualitatively people saying, Hey, I want to get a job, I need

00:16:21.600 | more money, I can't find one. And now we're sitting here with

00:16:24.340 | more jobs, then we can fill still over 10 million jobs

00:16:28.180 | available, and people are still resigning from jobs. So how do

00:16:32.260 | we factor in the labor market, Shema? Well, it's all this is

00:16:35.800 | super confounding. It's it's not like previous ones.

00:16:37.780 | It's not necessarily about the supply demand dynamics of labor,

00:16:41.680 | but our social policies related to our birth rate and

00:16:44.080 | immigration. I posted this article link for you guys to

00:16:46.820 | read in the Atlantic. But basically, our birth rate in 2021

00:16:52.660 | absolutely fell off a cliff. It was less than 300,000 net births

00:16:56.540 | in the entire country. And net birth is defined as immigration

00:17:00.040 | plus births minus deaths. And when you look under the covers,

00:17:04.840 | you know, we had two really discontinuously

00:17:07.660 | bad things, one that was that has been building since Trump and

00:17:11.680 | one that was acute. The thing that was acute was that in 2021,

00:17:16.040 | after we had vaccines, which is crazy thing to think about, we

00:17:20.740 | had a million deaths, basically, right because of COVID. So

00:17:23.920 | that's a million people that largely exited the workforce plus

00:17:27.040 | or minus. Obviously, some not not all of those people working,

00:17:31.420 | but I think the overwhelming majority, probably 50% we have

00:17:34.300 | 50 60% of our participation, so more, more, I suspect, more, I

00:17:37.220 | suspect more.

00:17:37.540 | I suspect some could have been retired, right? That's what I'm

00:17:40.460 | saying. I think it's probably like 70 80% of the people that

00:17:42.540 | died were probably in the workforce in some way. So you

00:17:44.940 | had you had all those people leave. We have a, you know,

00:17:48.480 | troublesome issue with birth and birth rates. All Western

00:17:52.220 | economies do basically as a standard of living goes up. And

00:17:54.640 | as the equality between men and women go up, birth rates go down

00:17:57.640 | without commenting on the the dynamics of that. That's just

00:18:01.360 | that is just true. And so, you know, we should celebrate that

00:18:06.640 | in the sense that like,

00:18:07.420 | you know, you want increasing equality, you want people to have

00:18:09.700 | more choice, etc, all these things. So how do you make up for

00:18:14.560 | the gap? While you make up for the gap in immigration, and the

00:18:17.380 | problem is that Trump closed the door. Yeah, and Biden has not

00:18:20.780 | reopened the door. And so you know, we have had a meaningful

00:18:25.600 | fall off in immigration. It doubly compounded because then

00:18:30.100 | because of COVID, we had border controls, and we shut the

00:18:32.220 | borders completely. So even if you know, you were a student

00:18:35.200 | that will come here,

00:18:37.300 | you know, you may not be able to get into the country. But you know,

00:18:40.660 | the odds were maybe you'd get a master's or a PhD and then stay

00:18:43.540 | here, none of those people, so nobody can get in. So that's the

00:18:47.740 | real problem that we have to solve Jason, which is that

00:18:50.260 | you're not going to get you know, families to all of a sudden

00:18:52.600 | have kids, you know that that's a 18 year problem if you started

00:18:55.940 | that problem today to get them into the workforce or 25 year

00:18:58.540 | problem. So immigration is really the only solution and we

00:19:02.420 | don't really have the sponsorship to do that at a

00:19:04.660 | domestic policy level.

00:19:05.780 | Well, and then you add to that,

00:19:07.180 | you know, the fact that we're now we're down in the 60% of

00:19:10.420 | maybe ticking up to Yeah, 62% of looks like on that Fred website.

00:19:14.680 | So we need to greatly increase the number of people in the

00:19:18.340 | country and the people participating in the labor

00:19:20.320 | force if we're to avoid a recession, right? More people

00:19:23.140 | working, we need more economic, we need to boost it. Yeah, I

00:19:26.980 | would encourage everybody to read this Atlantic article

00:19:28.900 | because I think Nick Thompson does a very good job of just

00:19:31.600 | basically saying that we need to boost immigration.

00:19:33.880 | Jason Cosper: Yeah, I think that's a great point. I think

00:19:37.060 | summarizing the issues that we have.

00:19:39.240 | Freebird, what are your thoughts here? Is it getting more people

00:19:43.460 | to participate in the labor force importing more people

00:19:45.500 | both? And then how do you how do you get that to actually happen?

00:19:49.660 | Sorry, Derek Thompson, not Nick Thompson.

00:19:52.020 | Look, I'm, I'm not an economist, but I don't know if that really

00:19:54.900 | solves the acute runaway problem that we're experiencing right

00:19:58.340 | now. One thing I'll say about inflation, let's say you're

00:20:01.200 | running a company, and you raise your prices, you're not often

00:20:05.240 | going back and dropping your prices again. And, you know, you

00:20:10.780 | have to have a catch up effect for income and savings to make

00:20:15.400 | up for the increment in pricing. And that's really, you know, a

00:20:19.500 | key driver right now that the rate at which prices are going

00:20:23.480 | up, and you know, sure, gas and other commodities trade back

00:20:27.020 | down. But consumables, durables typically stay high after they

00:20:31.960 | inflate, you end up having, you know, kind of this

00:20:35.200 | inflationary effect. And then you have to have a catch up

00:20:35.220 | effect. And then you have to have a catch up effect. And then

00:20:36.220 | you have to have a catch up effect. And then you have to have

00:20:36.220 | a catch up effect. And then you have to have a catch up effect.

00:20:36.220 | And it's really hard to kind of just grow your way out of that.

00:20:38.280 | So, you know, without stimulus, and so, you know, I'm not sure

00:20:43.180 | that the labor solution is going to solve this kind of acute

00:20:47.160 | problem that we're going to be facing that that seems to be

00:20:50.400 | dragging on.

00:20:52.320 | What do you think about the argument, though, that there's a

00:20:54.340 | substitutional effect, meaning, yeah, when prices of goods rise,

00:20:58.380 | people find cheaper goods. And then separately, what happens

00:21:01.520 | is, you know, part of a productive society is you make

00:21:03.960 | better and more interesting.

00:21:05.200 | And more useful goods and services. And, you know,

00:21:08.440 | incrementally, especially if you use technology, those things

00:21:10.840 | tend to be deflationary. So they do get cheaper, meaning, you

00:21:13.840 | know, you used to pay for photo storage, Dropbox comes along

00:21:17.180 | gives it away for free, then Google comes along and gives

00:21:19.700 | everything away for free. Yep. So you have this deflationary

00:21:22.960 | natural deflationary effect where you tend to save money on

00:21:25.880 | the things you use to pay for because a lot of people find

00:21:27.960 | that they can build a different kind of business model to

00:21:30.820 | monetize giving it to you or subsidizing.

00:21:33.040 | I think that's the key to math is that if people if

00:21:35.160 | prices go up, that entrepreneurs are gonna look at

00:21:37.860 | say, you know what, there's a better way to do this. You want

00:21:40.120 | to go on vacation, you want to stay somewhere for two weeks,

00:21:42.220 | you can't afford the hotel. Okay, let's try this new thing

00:21:44.740 | like this Airbnb, somebody rents you their apartment, they move

00:21:47.040 | in with another person. For the week, you use their apartment

00:21:50.020 | and you can rent for 150 night instead of 350 at a hotel, that

00:21:54.560 | that pricing, when there's runaway pricing, people come up

00:21:59.100 | with better solutions for people.

00:22:00.520 | Yeah, I think I think that that's generally been true. And

00:22:03.360 | by the way, the, if you think about the, you know, the, the

00:22:05.120 | biggest areas that have been sticky, which are energy policy

00:22:10.220 | and housing policy, the way that we'll have to unlock better

00:22:15.000 | pricing in those markets will be because we deregulate not not by

00:22:18.600 | increasing regulation, but by massive deregulation, you know,

00:22:21.320 | we have massive NIMBY ism up and down the stack that prevents us

00:22:24.720 | from building the housing supply we need, that has to get fixed,

00:22:27.880 | right. And we need to have better energy policy, like for

00:22:32.480 | example, you take a state like California,

00:22:35.080 | you know, it's the most populous state in the country, it's the

00:22:37.620 | richest state in the country, but it has an electricity prices

00:22:40.620 | that are three times higher than the national average. That

00:22:43.540 | doesn't make any sense. Right. And so you know, how do you

00:22:46.400 | expect renewables to really compete? When people are still

00:22:49.460 | incentivized to fire coal and not gas, it doesn't make any

00:22:51.960 | sense whatsoever, these prices cannot be this high, they're

00:22:55.420 | high because of lobbying and because of lobbyists, and

00:22:58.660 | special interests. And so if you rip that stuff out by deregulation,

00:23:01.460 | you actually allow, as you said, Jason, entrepreneurs to do the right

00:23:05.040 | thing, and they will push prices back down.

00:23:07.560 | Sacks, what's your question?

00:23:10.020 | Well, I thought you might want to comment on what we're talking

00:23:12.600 | about entrepreneurs creating products and services that lower

00:23:15.620 | prices that then you know, maybe create the the exit ramp here to

00:23:20.200 | inflation, and stagflation, some combination of that that's going

00:23:24.660 | to be upon us.

00:23:25.540 | Sure. I mean, there's a lot of entrepreneurial energy in the

00:23:29.400 | US it's strong there that technology does cause deflation,

00:23:34.140 | it's deflationary.

00:23:35.000 | But this is not going to help us get out of what's coming over

00:23:38.000 | the next year or two. Look, the bottom line is that we had a

00:23:41.000 | massive government overreaction to COVID, in which we printed and

00:23:44.000 | spent way too much money, something like 10 trillion plus.

00:23:47.000 | And, you know, this is the classic hangover after the party,

00:23:50.000 | you know, they put the punch bowl out for way too long. And

00:23:53.000 | now we're all gonna pay the price for it.

00:23:55.000 | They spike the punch bowl.

00:23:56.000 | They spike the punch bowl big time.

00:23:58.000 | Yeah.

00:23:58.500 | And we're already seeing it and think about like all the advice

00:24:00.000 | we're giving our portfolio companies, they're like, Oh,

00:24:01.000 | we're going to get a lot of money. We're going to get a lot of

00:24:02.000 | money. And we're already seeing it. And think about like all the

00:24:03.000 | advice we're giving our portfolio companies, they're like,

00:24:04.000 | Oh, we're going to get a lot of money. We're giving our

00:24:05.000 | portfolio companies to slow down their spending and extend their

00:24:07.000 | runway. Every board in America is going to be doing that. So it

00:24:11.000 | becomes a self fulfilling prophecy. But this yield curve

00:24:14.000 | inversion is, you know, fairly predictive. I mean, it's not

00:24:18.000 | perfect. But, you know, CNBC had this report today. Historically,

00:24:21.000 | it's met when the yield curve inverts, there's been a better

00:24:24.000 | than two thirds chance of recession at some point in the

00:24:27.000 | next year, and greater than 98% chance of recession at some

00:24:30.000 | point in the next two years. So it looks to me like...

00:24:33.000 | It looks to me like...

00:24:34.000 | It needs to be inverted for at least 90 days, typically. But

00:24:37.000 | again, I think if you look at the forward spread from the Fed,

00:24:41.000 | it's more accurate than the two stands. But your point is the

00:24:44.000 | same. Something is happening that we need to take seriously.

00:24:48.000 | And none of the outcomes here are growthy good outcomes. And

00:24:54.000 | the policy wonks in Washington really need to figure out what

00:24:58.000 | their position is going to be on this stuff and what they push

00:25:01.000 | next in terms of legislation, because we're going to be going

00:25:03.000 | into the back half of the year in a midterm election where the

00:25:06.000 | economy is slowing, interest rates are high, prices are high.

00:25:09.000 | This is a horrible setup for the day.

00:25:12.000 | Yeah, and let's think about what the priorities of the

00:25:15.000 | administration have been throughout all of this. I mean, one year

00:25:18.000 | ago, they did that whole $2 trillion American rescue plan.

00:25:21.000 | They were warned by people like Stanley Druckenmiller that retail

00:25:25.000 | was back, the consumer was back, and yet they still printed $2

00:25:28.000 | trillion. That caused a huge amount of inflation. It totally

00:25:31.000 | backfired.

00:25:32.000 | And that wasn't the end of it. If they had their way, we would

00:25:35.000 | have had $4 trillion more of spending in the whole build back

00:25:38.000 | better. Now Biden just floated this new trial balloon over this

00:25:41.000 | unrealized gains tax. So last year, they floated the trial balloon

00:25:45.000 | about basically doing a wealth tax, and everyone hated it. And

00:25:49.000 | now they just proposed it again. It was insane. And even when

00:25:53.000 | they brought it out, they leaked that they had Manchin's support

00:25:55.000 | behind it. And then the next day, Manchin came out and disavowed

00:25:59.000 | it and said, "No, no, no, I don't support this." I mean, we

00:26:01.000 | don't want to talk about this. I mean, what is the administration

00:26:03.000 | thinking? It makes no sense.

00:26:05.000 | Well, I mean, clearly...

00:26:06.000 | And then on foreign policy, I mean, I strongly believe we could

00:26:09.000 | have cut a deal on Ukraine a year ago to defuse this whole situation

00:26:13.000 | before it turned into a war. Now we got a war over there.

00:26:16.000 | Well, let's talk about what they should do. I mean, number one on

00:26:18.000 | the list for me is we should be getting every entrepreneur from

00:26:21.000 | around the world, any really intelligent person who wants to go

00:26:24.000 | to graduate school here into this country. We need to have like a

00:26:28.000 | Manhattan project to just scoop up all these millions of dollars

00:26:30.000 | and scoop up all these mutant geniuses from around the world and

00:26:33.000 | get them here and get them starting companies here.

00:26:36.000 | You don't even need to do that. It was working.

00:26:39.000 | And don't fuck it up.

00:26:40.000 | Under Clinton, Bush, Obama, all you had to do was just leave it

00:26:43.000 | alone. Everybody who was any good at anything wanted to come to the

00:26:50.000 | United States, including the three of us.

00:26:52.000 | Yep.

00:26:53.000 | And all of a sudden, it's like, "Nah, it's good. Yeah, I pass.

00:26:57.000 | Okay, I guess."

00:26:59.000 | Yeah, well, I mean, if you set out that you hate entrepreneurs

00:27:02.000 | and you resent them for success, don't be surprised if they want

00:27:06.000 | to stay in a country that wads them.

00:27:08.000 | But I don't think that's what it was. I think it was much crueler

00:27:11.000 | than that. I think that we went to a posture that said, "Okay,

00:27:15.000 | you know what? Net new immigration was viewed as something that

00:27:19.000 | was displacing people, wasn't a net value creator, was, you know,

00:27:24.000 | in some cases viewed very xenophobically. And that is really

00:27:28.000 | problematic because it's actually about a large population issue.

00:27:32.000 | And it's about how you construct a healthy, thriving population.

00:27:35.000 | Yeah, this was Trump's worst. Yeah, worst approach. He was best

00:27:40.000 | approach, clearly not starting wars, worst approach, shutting the

00:27:43.000 | borders down for some populous reason when we actually need people

00:27:46.000 | in the country.

00:27:47.000 | Well, hold on. But see, the way you just framed that is why I think

00:27:51.000 | there's a problem, which is, look, obviously, the immigration is a

00:27:54.000 | very fraught issue. But the choice that's being presented to us by

00:27:57.000 | our political parties is either you're in favor of immigration,

00:28:02.000 | you know, like bringing in all these superstars, like we have

00:28:05.000 | founders in Silicon Valley, that makes sense. Or you're in favor

00:28:08.000 | of open borders. I mean, why are those the two choices that we

00:28:11.000 | either have H1Bs or you have an open border? I mean, that makes

00:28:14.000 | no sense. I mean, what we should have is a sensible immigration.

00:28:18.000 | First of all, we should strip the border security issue out of it.

00:28:21.000 | Because whatever the number of immigrants that you want to allow.

00:28:23.000 | Everyone should be pro border security. I mean, we need a point-based

00:28:26.000 | system. We need to be have a reasonable discussion between Democrats

00:28:29.000 | and Republicans about a point-based system. There's a qualitative

00:28:32.000 | distance.

00:28:33.000 | You've advocated that for a long time. And it works in Canada. And

00:28:36.000 | you're I think you're absolutely

00:28:37.000 | Australia, New Zealand, UK, they all have this. It's like, what does

00:28:42.000 | our country need right now? Okay, do we need people, you know, who are

00:28:45.000 | laborers? Or do we need people starting companies? Do we need, you

00:28:48.000 | know, scientists?

00:28:49.000 | I don't know if you've noticed, but to me, this is very equivalent to

00:28:52.000 | the removal of SAT and ACT scoring and admissions in college.

00:28:55.000 | Explain the notion of merit, the notion of performance is not one that

00:28:59.000 | really matters in this country as much right now, as much as the notion

00:29:02.000 | of equity. And equity really has kind of become the mainstay of not

00:29:07.000 | just how we're making policy decisions on a local level. But a lot of

00:29:10.000 | these kind of national issues are becoming about equity. And it's

00:29:14.000 | about, you know, equitable consideration for wealth creation for

00:29:17.000 | existing citizens in the United States, and the perception that a

00:29:21.000 | minority of people or some majority of people actually missed the

00:29:24.000 | out on significant wealth creation over the past couple of decades as

00:29:28.000 | globalization and technology advances have accelerated growth in our

00:29:32.000 | economy. And the share of that growth has been disproportionately

00:29:35.000 | assigned to a small percentage of people. And I think it is that same

00:29:39.000 | notion that drives a lot of the kind of sub decisions, the local

00:29:43.000 | decisions that we're making, as well as these important policy

00:29:46.000 | decisions. And the point that I think is critical, it's really hard to

00:29:50.000 | get across to everyone, or anyone for that matter.

00:29:53.000 | Is that, you know, and I've talked about this a lot, but progress

00:29:57.000 | brings everyone forward, but it doesn't bring everyone forward

00:30:01.000 | symmetrically, right? Progress brings everyone forward.

00:30:04.000 | Give an example, Freeberg.

00:30:06.000 | So Amazon's a great example. I've used it a lot. With Amazon, we've

00:30:11.000 | all been given access to more goods and cheaper goods than we would

00:30:14.000 | have had before. So we all benefit from that progress, right? Everyone

00:30:17.000 | can get on an app and get a friggin inflatable swimming pool delivered

00:30:20.000 | to their home and the vitamins they need within 24 hours.

00:30:22.000 | At half the price of what it would have cost them to go down to the

00:30:25.000 | local Ace Hardware store. That's an incredible benefit for all of us.

00:30:28.000 | So our share of wallet on that sort of goods has gone down. Therefore,

00:30:32.000 | we can spend more, get access to more stuff, and we're all prospering.

00:30:35.000 | And if you think back to what life was like 30 years ago, 20 years ago,

00:30:38.000 | to those of you who, you know, were spending money 20 years ago or

00:30:41.000 | whatever, it's an incredibly different proposition than what we had back

00:30:44.000 | then. And it really has changed the world and changed all of us as

00:30:48.000 | consumers ability to consume more. That's amazing. The problem is,

00:30:51.000 | Jeff Bezos is worth $160 billion. So everyone looks at that and they

00:30:55.000 | want to land base Jeff Bezos and they want to say this is unfair. And

00:30:59.000 | equity becomes the discussion, which is why is one guy worth $160

00:31:02.000 | billion? The reality is he benefited everyone. Everyone got benefit from

00:31:06.000 | the value that he helped create in this world in this market. And then

00:31:10.000 | the reaction is, we got to stop this from happening. We can't let

00:31:13.000 | people be worth $160 billion without putting their eye on the point

00:31:17.000 | that you know what, I'm spending three grand a year less because of

00:31:20.000 | this possible because of this technology that he brought to market.

00:31:23.000 | And so there's a lot of these solutions that I would say, are progressive,

00:31:27.000 | they progress us all as a society, everything from biotech, to technology

00:31:33.000 | and software to any sort of business or services innovation that people

00:31:37.000 | are willing to pay money for that people are willing to embrace in an

00:31:40.000 | open and free market. And then what happens is the spoils of that

00:31:45.000 | progress aggregate in a minor in a small way to a small number of

00:31:49.000 | people. And that's the payoff in capitalism. But when that happens

00:31:52.000 | over and over again, for 250 years, you fast forward and by the way,

00:31:56.000 | a lot of those compound, people wake up and they say, I don't want

00:32:00.000 | that anymore. And they miss the fact that progress is taken for

00:32:03.000 | granted. And here we are, we want to give up progress, and we want to

00:32:06.000 | get equity. And it's going to cause a real ripple effect that's going

00:32:09.000 | to last for decades. And it's not the first time we've seen it right.

00:32:12.000 | This has happened historically, over cycles that last hundreds of

00:32:15.000 | years. And it's happening now in the United States and in the entire

00:32:18.000 | Western world. And I think it's going to be really unfortunate,

00:32:22.000 | generally for progress. And all the ones, all the advocates for equity

00:32:27.000 | are going to kind of what's the solution? I think you're totally right.

00:32:30.000 | What's the solution? Because that's it's just a really sad. I've thought

00:32:34.000 | about this a lot. And you know, I look at what China did. And everyone's

00:32:38.000 | going to say I'm pro China. But what was interesting about China

00:32:41.000 | recently, is they ratchet up and they ratchet down that free market

00:32:45.000 | system. So they allow progress, and then they disallow the process.

00:32:47.000 | And then they disallow progress when the equity meter goes the wrong

00:32:50.000 | way. And so if you kind of think about an equity meter and a progress

00:32:53.000 | meter, you have to balance those two over time, because otherwise,

00:32:57.000 | what happens is you spring back, and then the springing back is when

00:33:01.000 | governments change revolutions happen, you know, democracy falls apart,

00:33:05.000 | autocracies arise, all those sorts of awful things. And really, I

00:33:08.000 | would say those cyclical things that happen, I don't want to characterize

00:33:11.000 | any of them as good or bad, but the cyclical things that happen with

00:33:13.000 | society over time. And so you know, that is effectively what's happening

00:33:16.000 | guys, like the ultra high tax rate, the regulatory regime, you know,

00:33:20.000 | the government coming in and stopping Facebook, I mean, these sorts of

00:33:24.000 | behaviors are almost like an attempt to mute and ratchet down both

00:33:28.000 | inequity, as well as the, you know, unfortunate side effect of progress.

00:33:33.000 | And I think you're basically punishing excellence. And that is challenging

00:33:38.000 | for long term growth, minimizing progress to improve the the the

00:33:42.000 | growth of the economy.

00:33:43.000 | So I think that's a really important point.

00:33:45.000 | the rate of equity of distribution of games, right and it's it's very hard, because, by the way,

00:33:49.960 | what you're also doing is you're relating a first derivative in a second derivative effect.

00:33:52.920 | And so you know, first order and second order effect. So it becomes a really difficult thing

00:33:57.960 | to and people don't really see it this way. People see kind of the very, you know, myopic view of I

00:34:03.480 | got to redistribute wealth, I got to help people that are out of jobs, these guys have only seen

00:34:07.160 | their income go up by 10% while everyone else's income has gone up by 40%. And so you know,

00:34:11.160 | politicians, you know, legislators react to that circumstance. But the zooming out is that

00:34:17.160 | circumstance arose as we all made progress with respect to security, with respect to health,

00:34:23.560 | with respect to food availability, with respect to consumables being cheaper, etc, etc, all these

00:34:28.600 | great things that progress has given us. And you know, there's a ratcheting effect. The hope I have

00:34:35.000 | is that that ratcheting isn't too binary, it doesn't flip too far back the other way too fast.

00:34:41.240 | In which case you have a socialist state arise a revolution arise, you know, all the things that

00:34:45.640 | we've seen kind of come out of people just canceling AP math in California, precisely,

00:34:50.920 | precisely. And then and then the rippling effects of no more AP math and no more SATs is,

00:34:55.880 | you know, row row, like, you know, yeah, fast forward 20 MIT brought back the,

00:35:00.280 | I don't know if you saw this week, MIT brought back SATs as a qualifier. After they paused it,

00:35:06.120 | I think a lot of people are starting to realize this is a road to nowhere. Sachs, what do you

00:35:10.680 | think is to Chamath's point? Like, is there a solution to get America behind excellence and

00:35:15.560 | pragmatic, you know, kind of solutions for immigration? And if there is a way to do that,

00:35:20.760 | how would you do it? Well, I think like we're talking about, you got to kind of unpack the

00:35:25.400 | issue. So like we talked about strip border security out of it, don't make that part of it,

00:35:29.080 | then I think you got to differentiate between high skill and low skill immigration, like what you

00:35:33.720 | call the point system. I mean, if you look at whose founding companies in Silicon Valley,

00:35:38.840 | something like 40% of startups are based in Silicon Valley. And so you're talking about,

00:35:40.520 | okay, we have a lot of people in Silicon Valley, but we also have a lot of people in the United

00:35:45.800 | States. And so we're talking about, you know, the first generation of immigrants, and then we have,

00:35:50.360 | you know, the second generation of immigrants, and then we have the third generation of immigrants.

00:35:53.080 | And so we're talking about, you know, the first generation of immigrants is not the first generation

00:35:57.160 | of immigrants, and then we have the second generation of immigrants, and then we have the

00:36:00.760 | third generation of immigrants. And so we're talking about a lot of the same stuff. And so,

00:36:04.600 | you know, we're talking about a lot of the same stuff. And so, you know, you're talking about,

00:36:10.360 | here's people who need amnesty, because they're being prosecuted, persecuted in their country,

00:36:17.080 | and they're here because of humanitarian reasons. Here's a bucket for high performers, who are going

00:36:21.720 | to add to our economy and create jobs. And then here's another bucket, which is a lottery and a

00:36:25.720 | lineup system, hey, you want to come here because you don't have skill, but you want to come here,

00:36:29.800 | because the country is so great, okay, you know, each of those buckets is going to have its own

00:36:33.800 | process, and your your odds might be different in each bucket. You know, is that so hard for people

00:36:39.960 | to grow?

00:36:40.200 | Right.

00:36:41.480 | It shouldn't be.

00:36:42.440 | You know, we're, we're sitting for in the economy. I mean, it's very easy for us to say

00:36:46.840 | this, because we are sitting in Silicon Valley. And for us, immigration is an economic good,

00:36:51.720 | it's a benefit. But if you are in a part of the country or a part of the economy, where you're in

00:36:57.080 | a low wage job, maybe you're a service employee, or you're a union employee in the Midwest,

00:37:03.320 | the more immigrants that are let in that are low skill, they compete with you and drive

00:37:07.320 | your wages down. And that's why people are against it.

00:37:10.040 | So that's basically the conundrum is as long as you're talking about immigration as being

00:37:14.360 | a single thing, it's going to have a lot of political opposition. That's why we need to,

00:37:19.560 | you know, bifurcated between high school and low skill, high school people, and exactly less low

00:37:25.080 | skill,

00:37:25.320 | the least if you had to rank them from least controversial to most controversial, I think

00:37:31.640 | letting in high skilled labor is probably the least controversial thing. Then, and there is

00:37:38.840 | always controversy around that.

00:37:39.880 | And I think that's the biggest thing that we need to be thinking about. And I think that's

00:37:42.920 | the biggest thing that we need to be thinking about. And I think that's the biggest thing that

00:37:44.200 | we need to be thinking about. And I think that's the biggest thing that we need to be thinking about.

00:37:44.840 | Some people agree, some people disagree, should these people be considered refugees? Should they

00:37:48.600 | not? How many of your family members should you be able to sponsor? How many not, etc, etc.

00:37:53.640 | And that's somewhat controversial. But I think we can all agree the most controversial bucket

00:37:58.520 | are folks that would otherwise come that would be considered lower skill,

00:38:04.840 | because they are the ones that really put pressure

00:38:09.720 | in very practical, measurable ways into the economy. And we just have to, to your point,

00:38:14.440 | segregate and differentiate how we think about this problem. Because again, if you take immigration,

00:38:19.640 | the word away, and actually just use immigration as an input to this equation on population

00:38:25.720 | stability, we have population instability right now. So unless we figure out something between

00:38:33.000 | live births and deaths, which I don't think we're going to solve tomorrow.

00:38:37.560 | Oh, it's interesting.

00:38:39.560 | And a very large imbalance that our economy in our country cannot really recover from,

00:38:45.640 | you know what it's you we sparked by thinking there, it really is a framing issue, we should

00:38:49.560 | not call high skilled labor coming here. As immigration, we should be flipping that to talent

00:38:54.600 | acquisition, we should be looking at it as America is trying to get more talent here. So we can win

00:39:00.200 | the industries that matter. And if we looked at it as this is talent acquisition has nothing to

00:39:04.200 | do with immigration. This is us going out and sourcing the smartest people to come here. So our

00:39:09.000 | companies win against other companies in the global economy to create more jobs for American

00:39:13.560 | talent acquisition could be something we could be investing in, we should be thinking,

00:39:18.600 | how do we win that all the problems that ALS, the solution is in some hardworking group of men and

00:39:25.640 | women, of which some will be entrepreneurs who want to be here. You know, we're trying to figure

00:39:30.280 | out how to actually build our own chips while there are semiconductor experts getting trained,

00:39:34.520 | whether here or abroad, who would want to be here to do that job on behalf of the United States.

00:39:38.840 | Right? We want to figure out climate independence. There are men and women being trained here and

00:39:44.280 | abroad, who want to be here and solve that problem on behalf of the United States on and on and on and

00:39:49.800 | on. And that's what it means to be in on use a sports analogy, you know, the LA Lakers, right?

00:39:56.360 | That's what it means to be, you know, the the New England Patriots, everybody wants to play for you.

00:40:02.280 | And so when you're in that position, and you have that branding tailwind, you have to use it to your

00:40:08.680 | advantage to stack the deck in your favor so that you're constantly winning championships.

00:40:13.400 | Otherwise, you're being really derelict in your duty. And I think, you know, hopefully, if people

00:40:18.600 | look at the broad population level issue that we just exposed because of COVID, there was a stat in

00:40:24.040 | this article as an example, in the county of Los Angeles, we are now in the last 20 years, we've

00:40:31.000 | seen a 50% reduction in the birth rate in LA, from 150,000 births a year to about 100.

00:40:38.520 | And if you forecast that forward, you know, before the turn of the century,

00:40:42.360 | the county of Los Angeles will have zero net births. If you run if you run if you run the

00:40:48.360 | that's insane. Yeah. So we need to figure out how to solve this problem. Because it's a,

00:40:57.400 | it's a it really impacts GDP, it impacts all these other issues that freebird just talked

00:41:02.440 | about as well, the sense of equality and fairness, if we're not creating and growing, we are not

00:41:08.360 | going to fight over how to split a shrinking pie. And that does tend to lead to revolution.

00:41:14.200 | Yeah, that's when people it could get really gnarly. We're not growing, entrepreneurs are

00:41:19.000 | not coming here, new jobs are not being created. Imagine if Amazon wasn't created,

00:41:23.320 | the historical implications for what freeberg said are really well defined in history. If you

00:41:26.920 | go back 1000s of years, you look at every single time, you know, an empire goes through that period

00:41:32.760 | of decline, when they have net negative growth, economic growth,

00:41:38.200 | and they have this sort of rising populism, what they end up doing is they end up fighting.

00:41:44.360 | And they have different ways of fighting, right, but they end up fighting over how to reallocate

00:41:50.440 | a shrinking pie. And there are many of those outcomes when they fight that ends up in,

00:41:55.880 | you know, really turbulent moments in history. And that's where this wealth tax. Yeah,

00:42:02.200 | that's where we have a responsibility to make sure you don't end up going through, you know, a Russia

00:42:08.040 | scenario, a China scenario, you know, and there are more productive ways to solve these problems.

00:42:13.960 | Well, that's where the wealth tax that was floated, which seems that's the DOA already,

00:42:20.040 | but this concept of everybody having who's over $100 billion having to assess all their worth and

00:42:25.640 | give 20% back minimum each year is that dividing of the pie and allocate less money towards

00:42:33.480 | Can we all agree that like, you know, on the margins, when you make a lot of money, you

00:42:37.880 | can and should pay more taxes. I don't think that's a super controversial idea. You know,

00:42:42.600 | on the margins, if you are a massive polluter, you should pay some taxes to compensate for the damage

00:42:48.920 | you're creating to the environment. These are not controversial ideas. The problem is that, you know,

00:42:54.520 | what Saks said is true, you take a sensible concept, and then you pervert it because you have

00:43:00.840 | to contort it with all this language to make it political, and it loses all of its value.

00:43:05.400 | And so for example, you know,

00:43:07.720 | why does the administration have to write this law potential law or proposal in a way that so

00:43:13.800 | obviously violates the Constitution of the United States? Are they that dumb? I don't think they're

00:43:17.880 | that dumb. But they do it to appease some political aspect of the Democratic Party. And then as a

00:43:23.080 | result, it becomes DOA. Within eight minutes of it being announced, Manchin says this is dead.

00:43:28.280 | What is the point of that theater? It's virtual signaling. Yeah, aren't you a donor? You should

00:43:33.000 | know, right? What would they tell you? I mean, what's the Democratic Party saying? What they

00:43:37.080 | would say?

00:43:37.560 | I think the way off the record is that these were sacrificial totems to the progressive left,

00:43:43.240 | meaning that they do it for window dressing to destroy like it's like throwing a cat a ball of

00:43:48.600 | yarn. You know, that populist progressive left is becoming a bigger base than it was historically.

00:43:55.400 | In the downright party it is. I'm not sure how big it is. But in the downright party,

00:44:00.280 | yeah, look, it's where all the energy is the dark hair party. It's where a lot of the donors are.

00:44:03.960 | That Yeah, that is who's driving the agenda.

00:44:07.400 | The Democratic Party today. That is why the Democrats are going to get schlacked in

00:44:11.560 | November read Roy to share his sub stack. He is the Democratic political consultant who wrote

00:44:17.720 | the emerging Democratic majority predicting this is back in 2002.

00:44:21.320 | He wrote a book about how there would be a new Democratic coalition of young voters and

00:44:27.080 | minorities and women, and they would come together and that would create, you know, Democratic

00:44:31.720 | majorities and democratic presidents forever. And then Obama wins in 2008. And it looks like two shares

00:44:37.240 | predictions coming true. And he recently the last two years has been warning that that something's

00:44:42.440 | happened that he could never predicted, which is that working class voters are now moving out of

00:44:46.120 | the Democratic Party. And not just whites, but also Hispanics and Asians, even black voters who

00:44:53.160 | are working class are all moving to the Republican Party. So he believes the Republican Party is

00:44:58.520 | losing its national majority. Why? Because progressives have taken over and on cultural

00:45:04.520 | and social issues. They are

00:45:07.080 | more liberal than the working class of this country. So basically, what's happened is the

00:45:11.480 | Democrats have become a professional class party. And the Republicans are in the process of

00:45:16.280 | transforming into a working class party. And that's turning everything upside down. But ultimately,

00:45:21.640 | you know, with young kid winning in Virginia last year, and I think the Republicans

00:45:26.280 | on generic ballot are up like what plus 10 plus 12. I mean, they're going to have a huge,

00:45:30.840 | I think wave in November. You know, you got to remember that professionals meaning college

00:45:36.920 | educated voters are only about a third of the electorate, I think about 37%. And then the other

00:45:41.560 | 63% are working class. The working class does not like this extreme, social cultural progressive

00:45:48.120 | agenda. They don't like seeing their statues ripped down. They don't like this sort of what

00:45:53.000 | they see as kind of this, this antagonism towards American history and American icons.

00:45:58.520 | They don't believe in, in socialism, you know, and so on down the line. And the Democratic Party

00:46:06.760 | is increasingly speaking only to itself. I mean, they are in an echo chamber. And I think these

00:46:11.240 | progressives are gonna have to lose a few elections before they realize, I mean, the same

00:46:14.760 | thing happened to the Democratic Party. Back in the 1980s, right, you had Ronald Reagan, and then

00:46:20.360 | George Herbert Walker Bush win three landslide elections, 1980, 1984, 88. And then the Democrats

00:46:28.520 | nominate these like horrible candidates, Jimmy Carter, Walter Mondale, Dukakis,

00:46:32.680 | and then who comes along? Bill Clinton comes along.

00:46:34.280 | Easy on the Greeks, easy on the Greeks. Dukakis was

00:46:36.600 | pretty great. Okay, like we found the one fan. We found the one fan.

00:46:40.360 | He was terrible. Yeah, who comes along in 1992? Bill Clinton. And he has this whole

00:46:45.720 | new faction within the Democratic Party, the DLC. And his explicit mandate was to lead them back to

00:46:51.000 | the center. And then he chooses Al Gore as his running mate to double down on that image. I

00:46:56.680 | don't think Al Gore actually was that centrist. I think he's that, but his image at that time

00:47:01.000 | was that he was pretty centrist. He was. So, so you had, yes, I mean, I think at that time. So

00:47:06.440 | their Democratic Party had to lose for about 12 years before they nominated a candidate and put

00:47:13.720 | him at the leadership of the party who could drag them back to the center. Now, listen, I mean, all

00:47:18.600 | we have right now are foreshadowings of this. We have the Youngkin victory last year. We have the

00:47:24.440 | fact those three school board members in San Francisco got kicked out. We'll see what happens

00:47:29.640 | to Chase Boudin on June 7th. So we're getting these glimmers and I think November will be a big

00:47:34.840 | test. But where I think this is going to be a big test is when we get to the end of the year. So,

00:47:35.400 | I think November will be a big test. But where I think this is going to be a big test is when we get

00:47:36.280 | this thing is headed is that the working class voters of this country don't like this radical

00:47:42.120 | progressive shift in the Democratic Party. And the Democratic Party is going to keep losing until

00:47:46.520 | they're willing to make changes. Well, immigration is just such an easy one. And according the

00:47:52.440 | working person is what the Democrats did forever. So I don't know how they how they can screw this

00:47:58.360 | up. But remember, working class voters don't work class voters are not in favor of immigration,

00:48:02.280 | J. Cal. They do not want unlimited number of immigrants coming. They don't want to

00:48:06.120 | see their family members driving their wages down. But they do want their family members to be allowed

00:48:11.240 | in. So for the folks who know you talk to you talk to Hispanic voters who are citizens in America,

00:48:17.240 | they are not in favor of unlimited immigration, because I'm going to wait for them.

00:48:21.320 | J. Cal. Reasonable. I'm telling you that it's not it's not like what you think.

00:48:24.600 | The more the higher you are economically in the social strata, the more professional you are,

00:48:31.080 | the more you like immigration. Because like for people like us, we like immigrants,

00:48:35.960 | because they found companies and we invest in them, we see the economic vitality that they

00:48:40.760 | bring. But if you're a working class, okay, you do not want that wage pressure. You just don't.

00:48:46.920 | So unless the Democrats figure out a way to talk about it the way we're talking about it,

00:48:50.440 | where we separate high skill and low skill, they will lose with that message.

00:48:54.200 | All right, let's get into some other things happening in the market. SEC is proposing a

00:48:58.040 | new set of rules to regulate SPACs. I wonder if anybody here can chime in on this.

00:49:03.080 | Well, I wrote I wrote an editorial

00:49:05.800 | in Bloomberg, basically a year ago, spelling out a bunch of new regulations that I thought

00:49:11.080 | the SEC should adopt. They adopted a lot of them in this draft. So I think that that's really good.

00:49:18.040 | They missed a couple of key things. And this is again, tying back to this other thing when

00:49:22.840 | we're in this phase right now where we are really questioning how capitalism should work.

00:49:28.680 | I think that there are two reactions that people can have. One is

00:49:35.640 | you pass more regulation that entrenches existing advantages. And the other is you pass regulation

00:49:43.640 | that either deregulates or democratizes the market. And if I had to cast the half of my

00:49:52.120 | proposals that the SEC adopted, I would say it falls more into the first bucket than the second.

00:49:58.040 | And Jason, you've spoken to the second bucket of laws that the SEC could also change, which is,

00:50:02.360 | you know, it's not just about the market. It's about the market. It's about the market. It's about

00:50:05.480 | the people. And so it's in their power to give people an on ramp to prove that they are qualified

00:50:12.120 | and accredited so that they can participate in some of these really, you know, vibrant ways of

00:50:18.360 | making money beyond just investing in the S&P 500, like investing in startups, if you if you're

00:50:23.560 | educated and capable of doing. The SEC at the same time proposed a bunch of legislation around

00:50:29.640 | reporting requirements for ESG. And if you look at both of these two buckets of laws, I think they're

00:50:35.320 | really good ideas. And I think that there's some good concepts in it. But who really wins? I think

00:50:41.000 | if you look at it, the American Bar Association had a huge victory here because the amount of

00:50:47.000 | incremental regulation is going up, which means you know, what was a 300 page filing with the SEC

00:50:54.040 | will now be 350 pages, right? I think that benefits lawyers. I think it benefits consultants,

00:51:00.280 | I think it benefits the accountant. So I think it benefits the ecosystem of people

00:51:05.160 | who are working in the industry, right? And so I think that's the first part of the question, and I

00:51:08.200 | think that's the second part of the question. And I think that's the third part of the question. And

00:51:11.320 | then I think that's the fourth part of the question. And I think that's the fifth part of the question.

00:51:14.440 | So I think that's the fifth part of the question. And I think that's the last part of the question.

00:51:16.920 | And then I think that's the last part of the question. But I think that's the last part of the

00:51:18.760 | question. But I think that's the last part of the question. And I think that's the last part of the

00:51:20.360 | question. And I think that's the last part of the question. And I think that's the last part of the

00:51:21.000 | question. And I think that's the last part of the question. And I think that's the last part of the question.

00:51:21.320 | half of what they should be doing, which is making these on

00:51:25.160 | ramps better built.

00:51:28.120 | Generally speaking, what do you think happens in the SPAC space?

00:51:30.580 | We had 600 of them. It's gonna solidate to the 10 of us that

00:51:34.700 | know what we're doing. Just like, you know, look, the IPO

00:51:37.700 | rules are extremely sophisticated. Did it hurt Morgan

00:51:41.780 | Stanley or Goldman Sachs as IPO business? No, it just meant that

00:51:44.780 | the 95 small banks that did IPO goes went away and it

00:51:48.320 | consolidated to six and the league tables, you know, just

00:51:51.500 | churned between the six JP Morgan one year is the top, you

00:51:54.620 | know, then it's Morgan Stanley, then it's Goldman Sachs, then

00:51:56.620 | it's B of A, then it's Credit Suisse. Similarly, SPACs will

00:51:59.960 | consolidate around six or seven players and you know, we'll do

00:52:03.140 | most of the business.

00:52:03.980 | What do you think Friedberg of this new SEC announcement that

00:52:07.800 | they're considering climate disclosures for public trading

00:52:10.980 | companies, this would basically not only what they're doing in

00:52:15.540 | terms of consuming

00:52:18.080 | or, you know, allowing greenhouse gases emissions, but

00:52:21.080 | also this scope three concept, your inputs, what is your supply

00:52:24.460 | chain doing? And what are your consumers doing? So if you're

00:52:27.760 | making the iPhone, what happens to the iPhone when the consumer

00:52:30.320 | gets rid of it? Or what did it take to get those minerals out

00:52:33.260 | of the ground to make the iPhone? What do you think? Is

00:52:35.420 | this a net benefit? Is it the lawyers win? Or does measuring

00:52:38.900 | all this actually mean we're going to see publicly traded

00:52:41.480 | companies manage it better? A lot of opting into it already,

00:52:44.060 | like Google and Apple are doing it on their own accord. But what

00:52:46.760 | do you think generally of this?

00:52:47.780 | Regulation? Well, I'll say, let me just say something on the

00:52:50.020 | specs. And I'll answer that question. You know, if you read

00:52:52.940 | the comment that the first SEC proposed rule, it was to amend

00:52:56.780 | the definition of a blank check company to make the liability

00:52:59.540 | safe harbor for forward looking statements, such as business

00:53:03.620 | forecasts unavailable in filings by specs. So, you know, this

00:53:07.460 | was, you know, I think one of the primary points of appeal.

00:53:12.020 | Over the past couple of years, we've all been private market,

00:53:15.540 | sophisticated private market investors.

00:53:17.720 | When we take a pitch or hear a pitch from a company, we all have

00:53:22.040 | the experience and the know how, not always correctly, but at

00:53:26.240 | least we know what to look for what to ask. And over time have

00:53:30.740 | learned through our wounds and our failures to appropriately

00:53:34.820 | diligence forecast and understand what they mean and

00:53:37.160 | what they say. And, you know, because the public markets

00:53:41.240 | historically through an IPO are available to retail investors,

00:53:46.040 | you know, they're not going to be able to get into the market.

00:53:47.660 | And so, you know, generally, whatever the definition is of

00:53:50.120 | unqualified or, you know, folks who may not have the level of

00:53:55.160 | sophistication that, you know, some regulatory body has deemed

00:53:58.760 | is needed to be able to do that level of diligence. The

00:54:02.660 | statements that are made in an IPO and an S1 need to be kind of

00:54:06.440 | factually referenced referenceable. And that's not

00:54:09.560 | true when it comes to forecasts. And that's why they're not

00:54:11.360 | included in S1s in an IPO. But in a spec, the appeal was you can

00:54:15.200 | tell your forward looking forecast, paint the rosy

00:54:17.600 | picture like you would for a startup. And then theoretically,

00:54:20.540 | the investor should make an assessment of the risk and the

00:54:23.060 | upside, and the objectives that the business is saying they're

00:54:26.120 | going to go shoot for and achieve. And it's pretty

00:54:28.760 | evident, I think we all knew this, you know, coming out of

00:54:31.700 | last year that, you know, many investors made investments on

00:54:36.320 | the basis of those forecasts, you know, being to some degree,

00:54:40.400 | reasonably achievable or likely achievable. And it turns out in

00:54:43.980 | many cases, they were not and were not achieved. And that's

00:54:47.240 | a big motivation here. So the real fundamental question with

00:54:50.600 | respect to Chima's point about markets, is how much do you want

00:54:54.440 | to have the government and a regulator play the role of

00:54:58.700 | deciding who is and who isn't sophisticated enough to make an

00:55:02.420 | assessment about a business's forward looking prospects? Or

00:55:06.000 | should we simply keep all forward looking prospects? Or,

00:55:08.780 | you know, forecasts like this, you know, out of those

00:55:11.060 | documents, and it's an important conversation to have, because

00:55:13.820 | for years, people have been saying, I want to invest in

00:55:15.900 | private companies.

00:55:16.780 | I'm not a qualified investor, therefore, I'm only going to be

00:55:19.180 | able to invest in public companies. And as we're seeing

00:55:21.540 | the problem with investing in private companies or

00:55:23.800 | speculative companies, is that you're investing on the come,

00:55:26.540 | and more often than not, that doesn't end up happening. And

00:55:29.740 | that's a really hard lesson to learn. And SPACs have kind of

00:55:32.780 | forced them the retail market that have not historically

00:55:35.620 | invested in private companies to learn that lesson very fast.

00:55:38.380 | This is why by the way, in my what I what I was asking the SEC

00:55:42.440 | to do on top of the things that they already did was I said,

00:55:44.720 | make us all invest

00:55:46.320 | our own money. You know, make the sponsor really monetarily at

00:55:51.060 | risk, I've invested a minimum of $100 million in every single deal

00:55:55.020 | I've done. As a SPAC sponsor. That's a lot of money,

00:55:58.920 | more skin in the game and disclosing that would be great.

00:56:01.620 | And maybe even having a clearinghouse where you could

00:56:04.340 | see the percentage of cash to the ultimate raise that the

00:56:08.820 | promoter has

00:56:09.640 | that stuff for great all of that stuff, Jason is in the spirit of

00:56:12.320 | disclosure and transparency. I just

00:56:13.820 | want to say what do you think you still think it's important

00:56:15.860 | to have forward looking statements and needs? inspect? I

00:56:19.280 | mean, if that ends up becoming, you know, the cornerstone of

00:56:23.300 | this proposed regulation,

00:56:24.860 | I don't think it's a I don't think it's a cornerstone. I

00:56:27.260 | think what I think the thing is that there are really important

00:56:30.740 | businesses that need good stewards to help them get into

00:56:33.620 | the public markets to raise money to fund their business.

00:56:36.620 | And there are some people who really understand that and there

00:56:40.280 | are many others who don't. And the thing that that the SEC should

00:56:45.500 | make a decision on is whether just having a bunch of middlemen

00:56:50.840 | serves the market better or having a combination of some

00:56:54.440 | middlemen and some principles. All competing is better because

00:56:59.120 | remember what like what is capitalism really, you have

00:57:02.240 | these trapped sources of money, right when you buy an equity,

00:57:06.560 | right or you buy a bond, you're putting money into a trapped

00:57:11.480 | asset, it's an unproductive asset, it may yield some return.

00:57:15.140 | But it's not really generating it is dead money. Capitalism is

00:57:20.240 | about creating an incentive for you to take that money out of

00:57:23.120 | that dead asset, that unproductive asset and put it

00:57:26.240 | directly into the hands of somebody who will make it

00:57:29.000 | productive, I'm going to, you know, build some oil fields, I'm

00:57:32.580 | going to make a battery factory, battery factory, I'm going to

00:57:35.720 | make shoes, whatever it is, right. And so, you know, having

00:57:40.200 | more competition, that creates the incentives for that

00:57:44.360 | process.

00:57:45.020 | Yeah.

00:57:45.020 | And I think that's what I think is the key to this. I think the

00:57:47.840 | key to this is that the process to happen to go from point A to

00:57:50.660 | point B should be the goal of the government. Because in the

00:57:55.040 | absence of that, again, going back to the previous

00:57:57.080 | conversation, you're going to basically shrink the incentives

00:58:00.200 | of productivity. And I don't think that's what anybody wants

00:58:03.740 | to have happen.

00:58:04.400 | It's an easy solution to all of this, we have a test if you want

00:58:07.940 | to drive a car. And if you want to drive a big car called the

00:58:11.780 | truck, you have to get a different test. You want to drive

00:58:13.940 | a motorcycle side and take that.

00:58:14.900 | And you're going to have to drive a motorcycle side and take

00:58:17.180 | that. And you're going to have to drive a motorcycle side and

00:58:19.100 | take that. And you're going to have to drive a motorcycle side

00:58:21.140 | and take that. And you're going to have to drive a motorcycle

00:58:22.280 | side and take that. And you're going to have to drive a motorcycle

00:58:23.120 | side and take that. And you're going to have to drive a motorcycle

00:58:24.080 | side and take that. And you're going to have to drive a motorcycle

00:58:24.920 | side and take that. And you're going to have to drive a motorcycle

00:58:26.060 | side and take that. And you're going to have to drive a motorcycle

00:58:27.080 | side and take that. And you're going to have to drive a motorcycle

00:58:28.160 | side and take that. And you're going to have to drive a motorcycle

00:58:28.880 | side and take that. And you're going to have to drive a motorcycle

00:58:29.660 | side and take that. And you're going to have to drive a motorcycle

00:58:30.140 | concept called materiality that exists in law, which will now

00:58:34.200 | again, have to get adjudicated. But say Apple doesn't disclose

00:58:38.140 | what's actually happening in their factories. Somebody can

00:58:41.600 | now sue them because they will say that's a material

00:58:43.760 | disclosure that you didn't disclose. Well, guess what will

00:58:46.760 | happen that'll wind its way in meander its way through the

00:58:49.520 | courts. It'll take years, there'll be 10s and 10s of

00:58:53.960 | millions of dollars spent on that litigation. Because Apple

00:58:56.540 | will vehemently defend the right that it wasn't a

00:59:00.080 | material disclosure, because the implications otherwise will

00:59:03.700 | be measured in the billions or 10s of billions of dollars. So

00:59:07.260 | who really wins? consultants win? Yeah, trial experts win.

00:59:10.760 | The lawyers win lobbyists, lobbyists, I just I just I just

00:59:14.240 | want to frame this up for a second. Because I think it's

00:59:16.760 | important for people to think about,

00:59:18.800 | you know, costs that are external to the business

00:59:23.840 | operation, meaning costs that are born by the broader society

00:59:28.700 | by other

00:59:30.020 | members of society, not the business itself. So let's say

00:59:32.960 | that you're a company that makes products with a lot of sugar.

00:59:35.780 | And you know, or cigarettes that you know, we know, when people

00:59:40.160 | consume a lot of sugar, cancer goes up, obesity goes up,

00:59:43.220 | diabetes goes up, the cost for cancer treatment, the cost for

00:59:46.620 | diabetes treatment, the cost for medical treatment associated

00:59:50.120 | with smoking or sugar or alcohol is born by a health system,

00:59:54.020 | where the ultimate cost is shared by a large group of

00:59:56.600 | society by a number all number of members, whether that's a

00:59:59.960 | public health insurance program or a private one, there's a group

01:00:03.740 | that shares that cost. And so you as a consumer are not paying

01:00:07.620 | that cost today. The question is, should you be paying that

01:00:10.940 | cost? And this is true for co2 emissions for carbon emissions.

01:00:14.120 | You know, you drive a gas guzzling car, you purchase

01:00:16.340 | gasoline, there is carbon that goes in the atmosphere, you're

01:00:19.560 | not going to end up individually fixing the carbon out of the

01:00:22.440 | atmosphere later, the rest of us are going to have to bear that

01:00:25.200 | cost as our homes burn down, you know, as floods cause, you know,

01:00:29.900 | the gas to wash away, as all the catastrophe that we're all

01:00:33.140 | predicting is going to happen starts to happen. So the

01:00:35.480 | question is, how do you account for those external costs? And

01:00:38.840 | then the second question that will arise in a market based

01:00:41.840 | system that we have is who's going to pay for those costs.

01:00:45.020 | Right now, we all assume those costs, and we don't charge

01:00:47.900 | anyone for them. We don't just we don't charge anyone for the

01:00:50.640 | obesity epidemic. We don't charge anyone for the cancer

01:00:53.080 | epidemic associated with cigarettes until we had that big

01:00:55.340 | legislation that you know, the DOJ knocked that off. We don't

01:00:59.840 | charge anyone for that. We don't charge anyone for the

01:01:01.840 | obesity epidemic associated with cigarettes until we had that big

01:01:03.840 | legislation that we don't charge anyone for the obesity

01:01:05.840 | epidemic associated with cigarettes until we had that big

01:01:07.840 | legislation that we don't charge anyone for the obesity

01:01:09.840 | epidemic associated with cigarettes until we had that big

01:01:11.840 | legislation that we don't charge anyone for the obesity

01:01:13.840 | epidemic associated with cigarettes until we had that big

01:01:15.840 | legislation that we don't charge anyone for the obesity

01:01:17.840 | epidemic associated with cigarettes until we had that big

01:01:19.840 | legislation that we don't charge anyone for the obesity

01:01:21.840 | epidemic associated with cigarettes until we had that big

01:01:23.840 | legislation that we don't charge anyone for the obesity

01:01:25.840 | epidemic associated with cigarettes until we had that big

01:01:27.840 | legislation that we don't charge anyone for the obesity epidemic

01:01:29.780 | associated with cigarettes until we had that big

01:01:31.780 | legislation that we don't charge anyone for the obesity

01:01:33.780 | epidemic associated with cigarettes until we had that big

01:01:35.780 | legislation that we don't charge anyone for the obesity

01:01:37.780 | epidemic associated with cigarettes until we had that big

01:01:39.780 | legislation that we don't charge anyone for the obesity

01:01:41.780 | epidemic associated with cigarettes until we had that big

01:01:43.780 | legislation that we don't charge anyone for the obesity

01:01:45.780 | epidemic associated with cigarettes until we had that big

01:01:47.780 | legislation that we don't charge anyone for the obesity

01:01:49.780 | epidemic associated with cigarettes until we had that big

01:01:51.780 | legislation that we don't charge anyone for the obesity

01:01:53.780 | epidemic associated with cigarettes until we had that big

01:01:55.780 | legislation that we don't charge anyone for the obesity

01:01:57.780 | epidemic associated with cigarettes until we had that big

01:01:59.720 | legislation that we don't charge anyone for the obesity

01:02:01.720 | epidemic associated with cigarettes until we had that big

01:02:03.720 | legislation that we don't charge anyone for the obesity

01:02:05.720 | epidemic associated with cigarettes until we had that big

01:02:07.720 | legislation that we don't charge anyone for the obesity

01:02:09.720 | epidemic associated with cigarettes until we had that big

01:02:11.720 | legislation that we don't charge anyone for the obesity

01:02:13.720 | epidemic associated with cigarettes until we had that big

01:02:15.720 | legislation that we don't charge anyone for the obesity

01:02:17.720 | epidemic associated with cigarettes until we had that big

01:02:19.720 | legislation that we don't charge anyone for the obesity

01:02:21.720 | epidemic associated with cigarettes until we had that big

01:02:23.720 | legislation that we don't charge anyone for the obesity

01:02:25.720 | epidemic associated with cigarettes until we had that big

01:02:27.720 | legislation that we don't charge anyone for the obesity

01:02:29.720 | epidemic associated with cigarettes until we had that big

01:02:31.720 | legislation that we don't charge anyone for the obesity

01:02:33.720 | epidemic associated with cigarettes until we had that big

01:02:35.720 | legislation that we don't charge anyone for the obesity

01:02:37.720 | epidemic associated with cigarettes until we had that big

01:02:39.720 | legislation that we don't charge anyone for the obesity

01:02:41.720 | epidemic associated with cigarettes until we had that big

01:02:43.720 | legislation that we don't charge anyone for the obesity

01:02:45.720 | epidemic associated with cigarettes until we had that big

01:02:47.720 | legislation that we don't charge anyone for the obesity

01:02:49.720 | epidemic associated with cigarettes until we had that big

01:02:51.720 | legislation that we don't charge anyone for the obesity

01:02:53.720 | epidemic associated with cigarettes until we had that big

01:02:55.720 | legislation that we don't charge anyone for the obesity

01:02:57.720 | epidemic associated with cigarettes until we had that big

01:02:59.720 | legislation that we don't charge anyone for the obesity

01:03:01.720 | epidemic associated with cigarettes until we had that big

01:03:03.720 | legislation that we don't charge anyone for the obesity

01:03:05.720 | epidemic associated with cigarettes until we had that big

01:03:07.720 | legislation that we don't charge anyone for the obesity

01:03:09.720 | epidemic associated with cigarettes until we had that big

01:03:11.720 | legislation that we don't charge anyone for the obesity

01:03:13.720 | epidemic associated with cigarettes until we had that big

01:03:15.720 | legislation that we don't charge anyone for the obesity

01:03:17.720 | epidemic associated with cigarettes until we had that big

01:03:19.720 | legislation that we don't charge anyone for the obesity

01:03:21.720 | epidemic associated with cigarettes until we had that big

01:03:23.720 | legislation that we don't charge anyone for the obesity

01:03:25.720 | epidemic associated with cigarettes until we had that big

01:03:27.720 | legislation that we don't charge anyone for the obesity

01:03:29.720 | epidemic associated with cigarettes until we had that big

01:03:31.720 | legislation that we don't charge anyone for the obesity

01:03:33.720 | epidemic associated with cigarettes until we had that big

01:03:35.720 | legislation that we don't charge anyone for the obesity

01:03:37.720 | epidemic associated with cigarettes until we had that big

01:03:39.720 | legislation that we don't charge anyone for the obesity

01:03:41.720 | epidemic associated with cigarettes until we had that big

01:03:43.720 | legislation that we don't charge anyone for the obesity

01:03:45.720 | epidemic associated with cigarettes until we had that big

01:03:47.720 | legislation that we don't charge anyone for the obesity

01:03:49.720 | epidemic associated with cigarettes until we had that big

01:03:51.720 | legislation that we don't charge anyone for the obesity

01:03:53.720 | epidemic associated with cigarettes until we had that big

01:03:55.720 | legislation that we don't charge anyone for the obesity

01:03:57.720 | epidemic associated with cigarettes until we had that big

01:03:59.720 | legislation that we don't charge anyone for the obesity

01:04:01.720 | epidemic associated with cigarettes until we had that big

01:04:03.720 | legislation that we don't charge anyone for the obesity

01:04:05.720 | epidemic associated with cigarettes until we had that big

01:04:07.720 | legislation that we don't charge anyone for the obesity

01:04:09.720 | epidemic associated with cigarettes until we had that big

01:04:11.720 | legislation that we don't charge anyone for the obesity

01:04:13.720 | epidemic associated with cigarettes until we had that big

01:04:15.720 | legislation that we don't charge anyone for the obesity

01:04:17.720 | epidemic associated with cigarettes until we had that big

01:04:19.720 | legislation that we don't charge anyone for the obesity

01:04:21.720 | epidemic associated with cigarettes until we had that big

01:04:23.720 | legislation that we don't charge anyone for the obesity

01:04:25.720 | epidemic associated with cigarettes until we had that big

01:04:27.720 | legislation that we don't charge anyone for the obesity

01:04:29.720 | epidemic associated with cigarettes until we had that big

01:04:31.720 | legislation that we don't charge anyone for the obesity

01:04:33.720 | epidemic associated with cigarettes until we had that big

01:04:35.720 | legislation that we don't charge anyone for the obesity

01:04:37.720 | epidemic associated with cigarettes until we had that big

01:04:39.720 | legislation that we don't charge anyone for the obesity

01:04:41.720 | epidemic associated with cigarettes until we had that big

01:04:43.720 | legislation that we don't charge anyone for the obesity

01:04:45.720 | epidemic associated with cigarettes until we had that big

01:04:47.720 | legislation that we don't charge anyone for the obesity

01:04:49.720 | epidemic associated with cigarettes until we had that big

01:04:51.720 | legislation that we don't charge anyone for the obesity

01:04:53.720 | epidemic associated with cigarettes until we had that big

01:04:55.720 | legislation that we don't charge anyone for the obesity

01:04:57.720 | epidemic associated with cigarettes until we had that big

01:04:59.720 | legislation that we don't charge anyone for the obesity

01:05:01.720 | epidemic associated with cigarettes until we had that big

01:05:03.720 | legislation that we don't charge anyone for the obesity

01:05:05.720 | epidemic associated with cigarettes until we had that big

01:05:07.720 | legislation that we don't charge anyone for the obesity

01:05:09.720 | epidemic associated with cigarettes until we had that big

01:05:11.720 | legislation that we don't charge anyone for the obesity

01:05:13.720 | epidemic associated with cigarettes until we had that big

01:05:15.720 | legislation that we don't charge anyone for the obesity

01:05:17.720 | epidemic associated with cigarettes until we had that big

01:05:19.720 | legislation that we don't charge anyone for the obesity

01:05:21.720 | epidemic associated with cigarettes until we had that big

01:05:23.720 | legislation that we don't charge anyone for the obesity

01:05:25.720 | epidemic associated with cigarettes until we had that big

01:05:27.720 | legislation that we don't charge anyone for the obesity

01:05:29.720 | epidemic associated with cigarettes until we had that big

01:05:31.720 | legislation that we don't charge anyone for the obesity

01:05:33.720 | epidemic associated with cigarettes until we had that big

01:05:35.720 | legislation that we don't charge anyone for the obesity

01:05:37.720 | epidemic associated with cigarettes until we had that big

01:05:39.720 | legislation that we don't charge anyone for the obesity

01:05:41.720 | epidemic associated with cigarettes until we had that big

01:05:43.720 | legislation that we don't charge anyone for the obesity

01:05:45.720 | epidemic associated with cigarettes until we had that big

01:05:47.720 | legislation that we don't charge anyone for the obesity

01:05:49.720 | epidemic associated with cigarettes until we had that big

01:05:51.720 | legislation that we don't charge anyone for the obesity

01:05:53.720 | epidemic associated with cigarettes until we had that big

01:05:55.720 | legislation that we don't charge anyone for the obesity

01:05:57.720 | epidemic associated with cigarettes until we had that big

01:05:59.720 | legislation that we don't charge anyone for the obesity

01:06:01.720 | epidemic associated with cigarettes until we had that big

01:06:03.720 | legislation that we don't charge anyone for the obesity

01:06:05.720 | epidemic associated with cigarettes until we had that big

01:06:07.720 | legislation that we don't charge anyone for the obesity

01:06:09.720 | epidemic associated with cigarettes until we had that big

01:06:11.720 | legislation that we don't charge anyone for the obesity

01:06:13.720 | epidemic associated with cigarettes until we had that big

01:06:15.720 | legislation that we don't charge anyone for the obesity

01:06:17.720 | epidemic associated with cigarettes until we had that big

01:06:19.720 | legislation that we don't charge anyone for the obesity

01:06:21.720 | epidemic associated with cigarettes until we had that big

01:06:23.720 | legislation that we don't charge anyone for the obesity

01:06:25.720 | epidemic associated with cigarettes until we had that big

01:06:27.720 | legislation that we don't charge anyone for the obesity

01:06:29.720 | epidemic associated with cigarettes until we had that big

01:06:31.720 | legislation that we don't charge anyone for the obesity

01:06:33.720 | epidemic associated with cigarettes until we had that big

01:06:35.720 | legislation that we don't charge anyone for the obesity

01:06:37.720 | epidemic associated with cigarettes until we had that big

01:06:39.720 | legislation that we don't charge anyone for the obesity

01:06:41.720 | epidemic associated with cigarettes until we had that big

01:06:43.720 | legislation that we don't charge anyone for the obesity

01:06:45.720 | epidemic associated with cigarettes until we had that big

01:06:47.720 | legislation that we don't charge anyone for the obesity

01:06:49.720 | epidemic associated with cigarettes until we had that big

01:06:51.720 | legislation that we don't charge anyone for the obesity

01:06:53.720 | epidemic associated with cigarettes until we had that big

01:06:55.720 | legislation that we don't charge anyone for the obesity

01:06:57.720 | epidemic associated with cigarettes until we had that big

01:06:59.720 | legislation that we don't charge anyone for the obesity

01:07:01.720 | epidemic associated with cigarettes until we had that big

01:07:03.720 | legislation that we don't charge anyone for the obesity

01:07:05.720 | epidemic associated with cigarettes until we had that big

01:07:07.720 | legislation that we don't charge anyone for the obesity

01:07:09.720 | epidemic associated with cigarettes until we had that big

01:07:11.720 | legislation that we don't charge anyone for the obesity

01:07:13.720 | epidemic associated with cigarettes until we had that big

01:07:15.720 | legislation that we don't charge anyone for the obesity

01:07:17.720 | epidemic associated with cigarettes until we had that big

01:07:19.720 | legislation that we don't charge anyone for the obesity

01:07:21.720 | epidemic associated with cigarettes until we had that big

01:07:23.720 | legislation that we don't charge anyone for the obesity

01:07:25.720 | epidemic associated with cigarettes until we had that big

01:07:27.720 | legislation that we don't charge anyone for the obesity

01:07:29.720 | epidemic associated with cigarettes until we had that big

01:07:31.720 | legislation that we don't charge anyone for the obesity

01:07:33.720 | epidemic associated with cigarettes until we had that big

01:07:35.720 | legislation that we don't charge anyone for the obesity

01:07:37.720 | epidemic associated with cigarettes until we had that big

01:07:39.720 | legislation that we don't charge anyone for the obesity

01:07:41.720 | epidemic associated with cigarettes until we had that big

01:07:43.720 | legislation that we don't charge anyone for the obesity

01:07:45.720 | epidemic associated with cigarettes until we had that big

01:07:47.720 | legislation that we don't charge anyone for the obesity

01:07:49.720 | epidemic associated with cigarettes until we had that big

01:07:51.720 | legislation that we don't charge anyone for the obesity

01:07:53.720 | epidemic associated with cigarettes until we had that big

01:07:55.720 | legislation that we don't charge anyone for the obesity

01:07:57.720 | epidemic associated with cigarettes until we had that big

01:07:59.720 | legislation that we don't charge anyone for the obesity

01:08:01.720 | epidemic associated with cigarettes until we had that big

01:08:03.720 | legislation that we don't charge anyone for the obesity

01:08:05.720 | epidemic associated with cigarettes until we had that big

01:08:07.720 | legislation that we don't charge anyone for the obesity

01:08:09.720 | epidemic associated with cigarettes until we had that big

01:08:11.720 | legislation that we don't charge anyone for the obesity

01:08:13.720 | epidemic associated with cigarettes until we had that big

01:08:15.720 | legislation that we don't charge anyone for the obesity

01:08:17.720 | epidemic associated with cigarettes until we had that big

01:08:19.720 | legislation that we don't charge anyone for the obesity

01:08:21.720 | epidemic associated with cigarettes until we had that big

01:08:23.720 | legislation that we don't charge anyone for the obesity

01:08:25.720 | epidemic associated with cigarettes until we had that big

01:08:27.720 | legislation that we don't charge anyone for the obesity

01:08:29.720 | epidemic associated with cigarettes until we had that big

01:08:31.720 | legislation that we don't charge anyone for the obesity

01:08:33.720 | epidemic associated with cigarettes until we had that big

01:08:35.720 | legislation that we don't charge anyone for the obesity

01:08:37.720 | epidemic associated with cigarettes until we had that big

01:08:39.720 | legislation that we don't charge anyone for the obesity

01:08:41.720 | epidemic associated with cigarettes until we had that big

01:08:43.720 | legislation that we don't charge anyone for the obesity

01:08:45.720 | epidemic associated with cigarettes until we had that big

01:08:47.720 | legislation that we don't charge anyone for the obesity

01:08:49.720 | epidemic associated with cigarettes until we had that big

01:08:51.720 | legislation that we don't charge anyone for the obesity

01:08:53.720 | epidemic associated with cigarettes until we had that big

01:08:55.720 | legislation that we don't charge anyone for the obesity

01:08:57.720 | epidemic associated with cigarettes until we had that big

01:08:59.720 | legislation that we don't charge anyone for the obesity

01:09:01.720 | epidemic associated with cigarettes until we had that big

01:09:03.720 | legislation that we don't charge anyone for the obesity

01:09:05.720 | epidemic associated with cigarettes until we had that big

01:09:07.720 | legislation that we don't charge anyone for the obesity

01:09:09.720 | epidemic associated with cigarettes until we had that big

01:09:11.720 | legislation that we don't charge anyone for the obesity

01:09:13.720 | epidemic associated with cigarettes until we had that big

01:09:15.720 | legislation that we don't charge anyone for the obesity

01:09:17.720 | epidemic associated with cigarettes until we had that big

01:09:19.720 | legislation that we don't charge anyone for the obesity

01:09:21.720 | epidemic associated with cigarettes until we had that big

01:09:23.720 | legislation that we don't charge anyone for the obesity

01:09:25.720 | epidemic associated with cigarettes until we had that big

01:09:27.720 | legislation that we don't charge anyone for the obesity

01:09:29.720 | epidemic associated with cigarettes until we had that big

01:09:31.720 | legislation that we don't charge anyone for the obesity

01:09:33.720 | epidemic associated with cigarettes until we had that big

01:09:35.720 | legislation that we don't charge anyone for the obesity

01:09:37.720 | epidemic associated with cigarettes until we had that big

01:09:39.720 | legislation that we don't charge anyone for the obesity

01:09:41.720 | epidemic associated with cigarettes until we had that big

01:09:43.720 | legislation that we don't charge anyone for the obesity

01:09:45.720 | epidemic associated with cigarettes until we had that big

01:09:47.720 | legislation that we don't charge anyone for the obesity

01:09:49.720 | epidemic associated with cigarettes until we had that big

01:09:51.720 | legislation that we don't charge anyone for the obesity

01:09:53.720 | epidemic associated with cigarettes until we had that big

01:09:55.720 | legislation that we don't charge anyone for the obesity

01:09:57.720 | epidemic associated with cigarettes until we had that big

01:09:59.720 | legislation that we don't charge anyone for the obesity

01:10:01.720 | epidemic associated with cigarettes until we had that big

01:10:03.720 | legislation that we don't charge anyone for the obesity

01:10:05.720 | epidemic associated with cigarettes until we had that big

01:10:07.720 | legislation that we don't charge anyone for the obesity

01:10:09.720 | epidemic associated with cigarettes until we had that big

01:10:11.720 | legislation that we don't charge anyone for the obesity

01:10:13.720 | epidemic associated with cigarettes until we had that big

01:10:15.720 | legislation that we don't charge anyone for the obesity

01:10:17.720 | epidemic associated with cigarettes until we had that big

01:10:19.720 | legislation that we don't charge anyone for the obesity

01:10:21.720 | epidemic associated with cigarettes until we had that big

01:10:23.720 | legislation that we don't charge anyone for the obesity

01:10:25.720 | epidemic associated with cigarettes until we had that big

01:10:27.720 | legislation that we don't charge anyone for the obesity

01:10:29.720 | epidemic associated with cigarettes until we had that big

01:10:31.720 | legislation that we don't charge anyone for the obesity

01:10:33.720 | epidemic associated with cigarettes until we had that big

01:10:35.720 | legislation that we don't charge anyone for the obesity

01:10:37.720 | epidemic associated with cigarettes until we had that big

01:10:39.720 | legislation that we don't charge anyone for the obesity

01:10:41.720 | epidemic associated with cigarettes until we had that big

01:10:43.720 | legislation that we don't charge anyone for the obesity

01:10:45.720 | epidemic associated with cigarettes until we had that big

01:10:47.720 | legislation that we don't charge anyone for the obesity

01:10:49.720 | epidemic associated with cigarettes until we had that big

01:10:51.720 | legislation that we don't charge anyone for the obesity

01:10:53.720 | epidemic associated with cigarettes until we had that big

01:10:55.720 | legislation that we don't charge anyone for the obesity

01:10:57.720 | epidemic associated with cigarettes until we had that big

01:10:59.720 | legislation that we don't charge anyone for the obesity

01:11:01.720 | epidemic associated with cigarettes until we had that big

01:11:03.720 | legislation that we don't charge anyone for the obesity

01:11:05.720 | epidemic associated with cigarettes until we had that big

01:11:07.720 | legislation that we don't charge anyone for the obesity

01:11:09.720 | epidemic associated with cigarettes until we had that big

01:11:11.720 | legislation that we don't charge anyone for the obesity

01:11:13.720 | epidemic associated with cigarettes until we had that big

01:11:15.720 | legislation that we don't charge anyone for the obesity

01:11:17.720 | epidemic associated with cigarettes until we had that big

01:11:19.720 | legislation that we don't charge anyone for the obesity

01:11:21.720 | epidemic associated with cigarettes until we had that big

01:11:23.720 | legislation that we don't charge anyone for the obesity

01:11:25.720 | epidemic associated with cigarettes until we had that big

01:11:27.720 | legislation that we don't charge anyone for the obesity

01:11:29.720 | epidemic associated with cigarettes until we had that big

01:11:31.720 | legislation that we don't charge anyone for the obesity

01:11:33.720 | epidemic associated with cigarettes until we had that big

01:11:35.720 | legislation that we don't charge anyone for the obesity

01:11:37.720 | epidemic associated with cigarettes until we had that big

01:11:39.720 | legislation that we don't charge anyone for the obesity

01:11:41.720 | epidemic associated with cigarettes until we had that big

01:11:43.720 | legislation that we don't charge anyone for the obesity

01:11:45.720 | epidemic associated with cigarettes until we had that big

01:11:47.720 | legislation that we don't charge anyone for the obesity

01:11:49.720 | epidemic associated with cigarettes until we had that big

01:11:51.720 | legislation that we don't charge anyone for the obesity

01:11:53.720 | epidemic associated with cigarettes until we had that big

01:11:55.720 | legislation that we don't charge anyone for the obesity

01:11:57.720 | epidemic associated with cigarettes until we had that big

01:11:59.720 | legislation that we don't charge anyone for the obesity

01:12:01.720 | epidemic associated with cigarettes until we had that big

01:12:03.720 | legislation that we don't charge anyone for the obesity

01:12:05.720 | epidemic associated with cigarettes until we had that big

01:12:07.720 | legislation that we don't charge anyone for the obesity

01:12:09.720 | epidemic associated with cigarettes until we had that big

01:12:11.720 | legislation that we don't charge anyone for the obesity

01:12:13.720 | epidemic associated with cigarettes until we had that big

01:12:15.720 | legislation that we don't charge anyone for the obesity

01:12:17.720 | epidemic associated with cigarettes until we had that big

01:12:19.720 | legislation that we don't charge anyone for the obesity

01:12:21.720 | epidemic associated with cigarettes until we had that big

01:12:23.720 | legislation that we don't charge anyone for the obesity

01:12:25.720 | epidemic associated with cigarettes until we had that big

01:12:27.720 | legislation that we don't charge anyone for the obesity

01:12:29.720 | epidemic associated with cigarettes until we had that big

01:12:31.720 | legislation that we don't charge anyone for the obesity

01:12:33.720 | epidemic associated with cigarettes until we had that big

01:12:35.720 | legislation that we don't charge anyone for the obesity

01:12:37.720 | epidemic associated with cigarettes until we had that big

01:12:39.720 | legislation that we don't charge anyone for the obesity

01:12:41.720 | epidemic associated with cigarettes until we had that big

01:12:43.720 | legislation that we don't charge anyone for the obesity

01:12:45.720 | epidemic associated with cigarettes until we had that big

01:12:47.720 | legislation that we don't charge anyone for the obesity

01:12:49.720 | epidemic associated with cigarettes until we had that big

01:12:51.720 | legislation that we don't charge anyone for the obesity

01:12:53.720 | epidemic associated with cigarettes until we had that big

01:12:55.720 | legislation that we don't charge anyone for the obesity

01:12:57.720 | epidemic associated with cigarettes until we had that big

01:12:59.720 | legislation that we don't charge anyone for the obesity

01:13:01.720 | epidemic associated with cigarettes until we had that big

01:13:03.720 | legislation that we don't charge anyone for the obesity

01:13:05.720 | epidemic associated with cigarettes until we had that big

01:13:07.720 | legislation that we don't charge anyone for the obesity

01:13:09.720 | epidemic associated with cigarettes until we had that big

01:13:11.720 | legislation that we don't charge anyone for the obesity

01:13:13.720 | epidemic associated with cigarettes until we had that big

01:13:15.720 | legislation that we don't charge anyone for the obesity

01:13:17.720 | epidemic associated with cigarettes until we had that big

01:13:19.720 | legislation that we don't charge anyone for the obesity

01:13:21.720 | epidemic associated with cigarettes until we had that big

01:13:23.720 | legislation that we don't charge anyone for the obesity

01:13:25.720 | epidemic associated with cigarettes until we had that big

01:13:27.720 | legislation that we don't charge anyone for the obesity

01:13:29.720 | epidemic associated with cigarettes until we had that big

01:13:31.720 | legislation that we don't charge anyone for the obesity

01:13:33.720 | epidemic associated with cigarettes until we had that big

01:13:35.720 | legislation that we don't charge anyone for the obesity

01:13:37.720 | epidemic associated with cigarettes until we had that big

01:13:39.720 | legislation that we don't charge anyone for the obesity

01:13:41.720 | epidemic associated with cigarettes until we had that big

01:13:43.720 | legislation that we don't charge anyone for the obesity

01:13:45.720 | epidemic associated with cigarettes until we had that big

01:13:47.720 | legislation that we don't charge anyone for the obesity

01:13:49.720 | epidemic associated with cigarettes until we had that big

01:13:51.720 | legislation that we don't charge anyone for the obesity

01:13:53.720 | epidemic associated with cigarettes until we had that big

01:13:55.720 | legislation that we don't charge anyone for the obesity

01:13:57.720 | epidemic associated with cigarettes until we had that big

01:13:59.720 | legislation that we don't charge anyone for the obesity

01:14:01.720 | epidemic associated with cigarettes until we had that big

01:14:03.720 | legislation that we don't charge anyone for the obesity

01:14:05.720 | epidemic associated with cigarettes until we had that big

01:14:07.720 | legislation that we don't charge anyone for the obesity

01:14:09.720 | epidemic associated with cigarettes until we had that big

01:14:11.720 | legislation that we don't charge anyone for the obesity

01:14:13.720 | epidemic associated with cigarettes until we had that big

01:14:15.720 | legislation that we don't charge anyone for the obesity

01:14:17.720 | epidemic associated with cigarettes until we had that big

01:14:19.720 | legislation that we don't charge anyone for the obesity

01:14:21.720 | epidemic associated with cigarettes until we had that big

01:14:23.720 | legislation that we don't charge anyone for the obesity

01:14:25.720 | epidemic associated with cigarettes until we had that big

01:14:27.720 | legislation that we don't charge anyone for the obesity

01:14:29.720 | epidemic associated with cigarettes until we had that big

01:14:31.720 | legislation that we don't charge anyone for the obesity

01:14:33.720 | epidemic associated with cigarettes until we had that big

01:14:35.720 | legislation that we don't charge anyone for the obesity

01:14:37.720 | epidemic associated with cigarettes until we had that big

01:14:39.720 | legislation that we don't charge anyone for the obesity

01:14:41.720 | epidemic associated with cigarettes until we had that big

01:14:43.720 | legislation that we don't charge anyone for the obesity

01:14:45.720 | epidemic associated with cigarettes until we had that big

01:14:47.720 | legislation that we don't charge anyone for the obesity

01:14:49.720 | epidemic associated with cigarettes until we had that big

01:14:51.720 | legislation that we don't charge anyone for the obesity

01:14:53.720 | epidemic associated with cigarettes until we had that big

01:14:55.720 | legislation that we don't charge anyone for the obesity

01:14:57.720 | epidemic associated with cigarettes until we had that big

01:14:59.720 | legislation that we don't charge anyone for the obesity

01:15:01.720 | epidemic associated with cigarettes until we had that big

01:15:03.720 | legislation that we don't charge anyone for the obesity

01:15:05.720 | epidemic associated with cigarettes until we had that big

01:15:07.720 | legislation that we don't charge anyone for the obesity

01:15:09.720 | epidemic associated with cigarettes until we had that big

01:15:11.720 | legislation that we don't charge anyone for the obesity

01:15:13.720 | epidemic associated with cigarettes until we had that big

01:15:15.720 | legislation that we don't charge anyone for the obesity

01:15:17.720 | epidemic associated with cigarettes until we had that big

01:15:19.720 | legislation that we don't charge anyone for the obesity

01:15:21.720 | epidemic associated with cigarettes until we had that big

01:15:23.720 | legislation that we don't charge anyone for the obesity

01:15:25.720 | epidemic associated with cigarettes until we had that big

01:15:27.720 | legislation that we don't charge anyone for the obesity

01:15:29.720 | epidemic associated with cigarettes until we had that big

01:15:31.720 | legislation that we don't charge anyone for the obesity

01:15:33.720 | epidemic associated with cigarettes until we had that big

01:15:35.720 | legislation that we don't charge anyone for the obesity

01:15:37.720 | epidemic associated with cigarettes until we had that big

01:15:39.720 | legislation that we don't charge anyone for the obesity

01:15:41.720 | epidemic associated with cigarettes until we had that big

01:15:43.720 | legislation that we don't charge anyone for the obesity

01:15:45.720 | epidemic associated with cigarettes until we had that big

01:15:47.720 | legislation that we don't charge anyone for the obesity

01:15:49.720 | epidemic associated with cigarettes until we had that big

01:15:51.720 | legislation that we don't charge anyone for the obesity

01:15:53.720 | epidemic associated with cigarettes until we had that big

01:15:55.720 | legislation that we don't charge anyone for the obesity

01:15:57.720 | epidemic associated with cigarettes until we had that big

01:15:59.720 | legislation that we don't charge anyone for the obesity

01:16:01.720 | epidemic associated with cigarettes until we had that big

01:16:03.720 | legislation that we don't charge anyone for the obesity

01:16:05.720 | epidemic associated with cigarettes until we had that big

01:16:07.720 | legislation that we don't charge anyone for the obesity

01:16:09.720 | epidemic associated with cigarettes until we had that big

01:16:11.720 | legislation that we don't charge anyone for the obesity

01:16:13.720 | epidemic associated with cigarettes until we had that big

01:16:15.720 | legislation that we don't charge anyone for the obesity

01:16:17.720 | epidemic associated with cigarettes until we had that big

01:16:19.720 | legislation that we don't charge anyone for the obesity

01:16:21.720 | epidemic associated with cigarettes until we had that big

01:16:23.720 | legislation that we don't charge anyone for the obesity

01:16:25.720 | epidemic associated with cigarettes until we had that big

01:16:27.720 | legislation that we don't charge anyone for the obesity

01:16:29.720 | epidemic associated with cigarettes until we had that big

01:16:31.720 | legislation that we don't charge anyone for the obesity

01:16:33.720 | epidemic associated with cigarettes until we had that big

01:16:35.720 | legislation that we don't charge anyone for the obesity

01:16:37.720 | epidemic associated with cigarettes until we had that big

01:16:39.720 | legislation that we don't charge anyone for the obesity

01:16:41.720 | epidemic associated with cigarettes until we had that big

01:16:43.720 | legislation that we don't charge anyone for the obesity

01:16:45.720 | epidemic associated with cigarettes until we had that big

01:16:47.720 | legislation that we don't charge anyone for the obesity

01:16:49.720 | epidemic associated with cigarettes until we had that big

01:16:51.720 | legislation that we don't charge anyone for the obesity

01:16:53.720 | epidemic associated with cigarettes until we had that big

01:16:55.720 | legislation that we don't charge anyone for the obesity

01:16:57.720 | epidemic associated with cigarettes until we had that big

01:16:59.720 | legislation that we don't charge anyone for the obesity

01:17:01.720 | epidemic associated with cigarettes until we had that big

01:17:03.720 | legislation that we don't charge anyone for the obesity

01:17:05.720 | epidemic associated with cigarettes until we had that big

01:17:07.720 | legislation that we don't charge anyone for the obesity

01:17:09.720 | epidemic associated with cigarettes until we had that big

01:17:11.720 | legislation that we don't charge anyone for the obesity

01:17:13.720 | epidemic associated with cigarettes until we had that big

01:17:15.720 | legislation that we don't charge anyone for the obesity

01:17:17.720 | epidemic associated with cigarettes until we had that big

01:17:19.720 | legislation that we don't charge anyone for the obesity

01:17:21.720 | epidemic associated with cigarettes until we had that big

01:17:23.720 | legislation that we don't charge anyone for the obesity

01:17:25.720 | epidemic associated with cigarettes until we had that big

01:17:27.720 | legislation that we don't charge anyone for the obesity

01:17:29.720 | epidemic associated with cigarettes until we had that big

01:17:31.720 | legislation that we don't charge anyone for the obesity

01:17:33.720 | epidemic associated with cigarettes until we had that big

01:17:35.720 | legislation that we don't charge anyone for the obesity

01:17:37.720 | epidemic associated with cigarettes until we had that big

01:17:39.720 | legislation that we don't charge anyone for the obesity

01:17:41.720 | epidemic associated with cigarettes until we had that big

01:17:43.720 | legislation that we don't charge anyone for the obesity

01:17:45.720 | epidemic associated with cigarettes until we had that big

01:17:47.720 | legislation that we don't charge anyone for the obesity

01:17:49.720 | epidemic associated with cigarettes until we had that big

01:17:51.720 | legislation that we don't charge anyone for the obesity

01:17:53.720 | epidemic associated with cigarettes until we had that big

01:17:55.720 | legislation that we don't charge anyone for the obesity

01:17:57.720 | epidemic associated with cigarettes until we had that big

01:17:59.720 | legislation that we don't charge anyone for the obesity

01:18:01.720 | epidemic associated with cigarettes until we had that big

01:18:03.720 | legislation that we don't charge anyone for the obesity

01:18:05.720 | epidemic associated with cigarettes until we had that big

01:18:07.720 | legislation that we don't charge anyone for the obesity

01:18:09.720 | epidemic associated with cigarettes until we had that big

01:18:11.720 | legislation that we don't charge anyone for the obesity

01:18:13.720 | epidemic associated with cigarettes until we had that big

01:18:15.720 | legislation that we don't charge anyone for the obesity

01:18:17.720 | epidemic associated with cigarettes until we had that big

01:18:19.720 | legislation that we don't charge anyone for the obesity

01:18:21.720 | epidemic associated with cigarettes until we had that big

01:18:23.720 | legislation that we don't charge anyone for the obesity

01:18:25.720 | epidemic associated with cigarettes until we had that big

01:18:27.720 | legislation that we don't charge anyone for the obesity

01:18:29.720 | epidemic associated with cigarettes until we had that big

01:18:31.720 | legislation that we don't charge anyone for the obesity

01:18:33.720 | epidemic associated with cigarettes until we had that big

01:18:35.720 | legislation that we don't charge anyone for the obesity

01:18:37.720 | epidemic associated with cigarettes until we had that big

01:18:39.720 | legislation that we don't charge anyone for the obesity

01:18:41.720 | epidemic associated with cigarettes until we had that big

01:18:43.720 | legislation that we don't charge anyone for the obesity

01:18:45.720 | epidemic associated with cigarettes until we had that big

01:18:47.720 | legislation that we don't charge anyone for the obesity

01:18:49.720 | epidemic associated with cigarettes until we had that big

01:18:51.720 | legislation that we don't charge anyone for the obesity

01:18:53.720 | epidemic associated with cigarettes until we had that big

01:18:55.720 | legislation that we don't charge anyone for the obesity

01:18:57.720 | epidemic associated with cigarettes until we had that big

01:18:59.720 | legislation that we don't charge anyone for the obesity

01:19:01.720 | epidemic associated with cigarettes until we had that big

01:19:03.720 | legislation that we don't charge anyone for the obesity

01:19:05.720 | epidemic associated with cigarettes until we had that big

01:19:07.720 | legislation that we don't charge anyone for the obesity

01:19:09.720 | epidemic associated with cigarettes until we had that big

01:19:11.720 | legislation that we don't charge anyone for the obesity

01:19:13.720 | epidemic associated with cigarettes until we had that big

01:19:15.720 | legislation that we don't charge anyone for the obesity

01:19:17.720 | epidemic associated with cigarettes until we had that big

01:19:19.720 | legislation that we don't charge anyone for the obesity

01:19:21.720 | epidemic associated with cigarettes until we had that big

01:19:23.720 | legislation that we don't charge anyone for the obesity

01:19:25.720 | epidemic associated with cigarettes until we had that big

01:19:27.720 | legislation that we don't charge anyone for the obesity

01:19:29.720 | epidemic associated with cigarettes until we had that big

01:19:31.720 | legislation that we don't charge anyone for the obesity

01:19:33.720 | epidemic associated with cigarettes until we had that big

01:19:35.720 | legislation that we don't charge anyone for the obesity

01:19:37.720 | epidemic associated with cigarettes until we had that big

01:19:39.720 | legislation that we don't charge anyone for the obesity

01:19:41.720 | epidemic associated with cigarettes until we had that big

01:19:43.720 | legislation that we don't charge anyone for the obesity

01:19:45.720 | epidemic associated with cigarettes until we had that big

01:19:47.720 | legislation that we don't charge anyone for the obesity

01:19:49.720 | epidemic associated with cigarettes until we had that big

01:19:51.720 | legislation that we don't charge anyone for the obesity

01:19:53.720 | epidemic associated with cigarettes until we had that big

01:19:55.720 | legislation that we don't charge anyone for the obesity

01:19:57.720 | epidemic associated with cigarettes until we had that big

01:19:59.720 | legislation that we don't charge anyone for the obesity

01:20:01.720 | epidemic associated with cigarettes until we had that big

01:20:03.720 | legislation that we don't charge anyone for the obesity

01:20:05.720 | epidemic associated with cigarettes until we had that big

01:20:07.720 | legislation that we don't charge anyone for the obesity

01:20:09.720 | epidemic associated with cigarettes until we had that big

01:20:11.720 | legislation that we don't charge anyone for the obesity

01:20:13.720 | epidemic associated with cigarettes until we had that big

01:20:15.720 | legislation that we don't charge anyone for the obesity

01:20:17.720 | epidemic associated with cigarettes until we had that big

01:20:19.720 | legislation that we don't charge anyone for the obesity

01:20:21.720 | epidemic associated with cigarettes until we had that big

01:20:23.720 | legislation that we don't charge anyone for the obesity

01:20:25.720 | epidemic associated with cigarettes until we had that big

01:20:27.720 | legislation that we don't charge anyone for the obesity

01:20:29.720 | epidemic associated with cigarettes until we had that big

01:20:31.720 | legislation that we don't charge anyone for the obesity

01:20:33.720 | epidemic associated with cigarettes until we had that big

01:20:35.720 | legislation that we don't charge anyone for the obesity

01:20:37.720 | epidemic associated with cigarettes until we had that big

01:20:39.720 | legislation that we don't charge anyone for the obesity

01:20:41.720 | epidemic associated with cigarettes until we had that big

01:20:43.720 | legislation that we don't charge anyone for the obesity

01:20:45.720 | epidemic associated with cigarettes until we had that big

01:20:47.720 | legislation that we don't charge anyone for the obesity

01:20:49.720 | epidemic associated with cigarettes until we had that big

01:20:51.720 | legislation that we don't charge anyone for the obesity

01:20:53.720 | epidemic associated with cigarettes until we had that big

01:20:55.720 | legislation that we don't charge anyone for the obesity

01:20:57.720 | epidemic associated with cigarettes until we had that big

01:20:59.720 | legislation that we don't charge anyone for the obesity

01:21:01.720 | epidemic associated with cigarettes until we had that big

01:21:03.720 | legislation that we don't charge anyone for the obesity

01:21:05.720 | epidemic associated with cigarettes until we had that big

01:21:07.720 | legislation that we don't charge anyone for the obesity

01:21:09.720 | epidemic associated with cigarettes until we had that big

01:21:11.720 | legislation that we don't charge anyone for the obesity

01:21:13.720 | epidemic associated with cigarettes until we had that big

01:21:15.720 | legislation that we don't charge anyone for the obesity

01:21:17.720 | epidemic associated with cigarettes until we had that big

01:21:19.720 | legislation that we don't charge anyone for the obesity

01:21:21.720 | epidemic associated with cigarettes until we had that big

01:21:23.720 | legislation that we don't charge anyone for the obesity

01:21:25.720 | epidemic associated with cigarettes until we had that big

01:21:27.720 | legislation that we don't charge anyone for the obesity

01:21:29.720 | epidemic associated with cigarettes until we had that big

01:21:31.720 | legislation that we don't charge anyone for the obesity

01:21:33.720 | epidemic associated with cigarettes until we had that big

01:21:35.720 | legislation that we don't charge anyone for the obesity

01:21:37.720 | epidemic associated with cigarettes until we had that big

01:21:39.720 | legislation that we don't charge anyone for the obesity

01:21:41.720 | epidemic associated with cigarettes until we had that big

01:21:43.720 | legislation that we don't charge anyone for the obesity

01:21:45.720 | epidemic associated with cigarettes until we had that big

01:21:47.720 | legislation that we don't charge anyone for the obesity

01:21:49.720 | epidemic associated with cigarettes until we had that big

01:21:51.720 | legislation that we don't charge anyone for the obesity

01:21:53.720 | epidemic associated with cigarettes until we had that big

01:21:55.720 | legislation that we don't charge anyone for the obesity

01:21:57.720 | epidemic associated with cigarettes until we had that big

01:21:59.720 | legislation that we don't charge anyone for the obesity

01:22:01.720 | epidemic associated with cigarettes until we had that big

01:22:03.720 | legislation that we don't charge anyone for the obesity

01:22:05.720 | epidemic associated with cigarettes until we had that big

01:22:07.720 | legislation that we don't charge anyone for the obesity

01:22:09.720 | epidemic associated with cigarettes until we had that big

01:22:11.720 | legislation that we don't charge anyone for the obesity

01:22:13.720 | epidemic associated with cigarettes until we had that big

01:22:15.720 | legislation that we don't charge anyone for the obesity

01:22:17.720 | epidemic associated with cigarettes until we had that big

01:22:19.720 | legislation that we don't charge anyone for the obesity

01:22:21.720 | epidemic associated with cigarettes until we had that big

01:22:23.720 | legislation that we don't charge anyone for the obesity

01:22:25.720 | epidemic associated with cigarettes until we had that big

01:22:27.720 | legislation that we don't charge anyone for the obesity

01:22:29.720 | epidemic associated with cigarettes until we had that big

01:22:31.720 | legislation that we don't charge anyone for the obesity

01:22:33.720 | epidemic associated with cigarettes until we had that big

01:22:35.720 | legislation that we don't charge anyone for the obesity

01:22:37.720 | epidemic associated with cigarettes until we had that big

01:22:39.720 | legislation that we don't charge anyone for the obesity

01:22:41.720 | epidemic associated with cigarettes until we had that big

01:22:43.720 | legislation that we don't charge anyone for the obesity

01:22:45.720 | epidemic associated with cigarettes until we had that big

01:22:47.720 | legislation that we don't charge anyone for the obesity

01:22:49.720 | epidemic associated with cigarettes until we had that big

01:22:51.720 | legislation that we don't charge anyone for the obesity

01:22:53.720 | epidemic associated with cigarettes until we had that big

01:22:55.720 | legislation that we don't charge anyone for the obesity

01:22:57.720 | epidemic associated with cigarettes until we had that big

01:22:59.720 | legislation that we don't charge anyone for the obesity

01:23:01.720 | epidemic associated with cigarettes until we had that big

01:23:03.720 | legislation that we don't charge anyone for the obesity

01:23:05.720 | epidemic associated with cigarettes until we had that big

01:23:07.720 | legislation that we don't charge anyone for the obesity

01:23:09.720 | epidemic associated with cigarettes until we had that big

01:23:11.720 | legislation that we don't charge anyone for the obesity

01:23:13.720 | epidemic associated with cigarettes until we had that big

01:23:15.720 | legislation that we don't charge anyone for the obesity

01:23:17.720 | epidemic associated with cigarettes until we had that big

01:23:19.720 | legislation that we don't charge anyone for the obesity

01:23:21.720 | epidemic associated with cigarettes until we had that big

01:23:23.720 | legislation that we don't charge anyone for the obesity

01:23:25.720 | epidemic associated with cigarettes until we had that big

01:23:27.720 | legislation that we don't charge anyone for the obesity

01:23:29.720 | epidemic associated with cigarettes until we had that big

01:23:31.720 | legislation that we don't charge anyone for the obesity

01:23:33.720 | epidemic associated with cigarettes until we had that big

01:23:35.720 | legislation that we don't charge anyone for the obesity

01:23:37.720 | epidemic associated with cigarettes until we had that big

01:23:39.720 | legislation that we don't charge anyone for the obesity

01:23:41.720 | epidemic associated with cigarettes until we had that big

01:23:43.720 | legislation that we don't charge anyone for the obesity

01:23:45.720 | epidemic associated with cigarettes until we had that big

01:23:47.720 | legislation that we don't charge anyone for the obesity

01:23:49.720 | epidemic associated with cigarettes until we had that big

01:23:51.720 | legislation that we don't charge anyone for the obesity

01:23:53.720 | epidemic associated with cigarettes until we had that big

01:23:55.720 | legislation that we don't charge anyone for the obesity

01:23:57.720 | epidemic associated with cigarettes until we had that big

01:23:59.720 | legislation that we don't charge anyone for the obesity

01:24:01.720 | epidemic associated with cigarettes until we had that big

01:24:03.720 | legislation that we don't charge anyone for the obesity

01:24:05.720 | epidemic associated with cigarettes until we had that big

01:24:07.720 | legislation that we don't charge anyone for the obesity

01:24:09.720 | epidemic associated with cigarettes until we had that big

01:24:11.720 | legislation that we don't charge anyone for the obesity

01:24:13.720 | epidemic associated with cigarettes until we had that big

01:24:15.720 | legislation that we don't charge anyone for the obesity

01:24:17.720 | epidemic associated with cigarettes until we had that big

01:24:19.720 | legislation that we don't charge anyone for the obesity

01:24:21.720 | epidemic associated with cigarettes until we had that big

01:24:23.720 | legislation that we don't charge anyone for the obesity

01:24:25.720 | epidemic associated with cigarettes until we had that big

01:24:27.720 | legislation that we don't charge anyone for the obesity

01:24:29.720 | epidemic associated with cigarettes until we had that big

01:24:31.720 | legislation that we don't charge anyone for the obesity

01:24:33.720 | epidemic associated with cigarettes until we had that big

01:24:35.720 | legislation that we don't charge anyone for the obesity

01:24:37.720 | epidemic associated with cigarettes until we had that big

01:24:39.720 | legislation that we don't charge anyone for the obesity

01:24:41.720 | epidemic associated with cigarettes until we had that big

01:24:43.720 | legislation that we don't charge anyone for the obesity

01:24:45.720 | epidemic associated with cigarettes until we had that big

01:24:47.720 | legislation that we don't charge anyone for the obesity

01:24:49.720 | epidemic associated with cigarettes until we had that big

01:24:51.720 | legislation that we don't charge anyone for the obesity

01:24:53.720 | epidemic associated with cigarettes until we had that big

01:24:55.720 | legislation that we don't charge anyone for the obesity

01:24:57.720 | epidemic associated with cigarettes until we had that big

01:24:59.720 | legislation that we don't charge anyone for the obesity

01:25:01.720 | epidemic associated with cigarettes until we had that big

01:25:03.720 | legislation that we don't charge anyone for the obesity

01:25:05.720 | epidemic associated with cigarettes until we had that big

01:25:07.720 | legislation that we don't charge anyone for the obesity

01:25:09.720 | epidemic associated with cigarettes until we had that big

01:25:11.720 | legislation that we don't charge anyone for the obesity

01:25:13.720 | epidemic associated with cigarettes until we had that big

01:25:15.720 | legislation that we don't charge anyone for the obesity

01:25:17.720 | epidemic associated with cigarettes until we had that big

01:25:19.720 | legislation that we don't charge anyone for the obesity

01:25:21.720 | epidemic associated with cigarettes until we had that big

01:25:23.720 | legislation that we don't charge anyone for the obesity

01:25:25.720 | epidemic associated with cigarettes until we had that big

01:25:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:29.720 | epidemic associated with cigarettes until we had that big

01:25:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:33.720 | epidemic associated with cigarettes until we had that big

01:25:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:37.720 | epidemic associated with cigarettes until we had that big

01:25:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:41.720 | epidemic associated with cigarettes until we had that big

01:25:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:45.720 | epidemic associated with cigarettes until we had that big

01:25:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:49.720 | epidemic associated with cigarettes until we had that big

01:25:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:53.720 | epidemic associated with cigarettes until we had that big

01:25:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:25:57.720 | epidemic associated with cigarettes until we had that big

01:25:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:01.720 | epidemic associated with cigarettes until we had that big

01:26:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:05.720 | epidemic associated with cigarettes until we had that big

01:26:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:09.720 | epidemic associated with cigarettes until we had that big

01:26:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:13.720 | epidemic associated with cigarettes until we had that big

01:26:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:17.720 | epidemic associated with cigarettes until we had that big

01:26:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:21.720 | epidemic associated with cigarettes until we had that big

01:26:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:25.720 | epidemic associated with cigarettes until we had that big

01:26:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:29.720 | epidemic associated with cigarettes until we had that big

01:26:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:33.720 | epidemic associated with cigarettes until we had that big

01:26:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:37.720 | epidemic associated with cigarettes until we had that big

01:26:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:41.720 | epidemic associated with cigarettes until we had that big

01:26:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:45.720 | epidemic associated with cigarettes until we had that big

01:26:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:49.720 | epidemic associated with cigarettes until we had that big

01:26:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:53.720 | epidemic associated with cigarettes until we had that big

01:26:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:26:57.720 | epidemic associated with cigarettes until we had that big

01:26:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:01.720 | epidemic associated with cigarettes until we had that big

01:27:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:05.720 | epidemic associated with cigarettes until we had that big

01:27:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:09.720 | epidemic associated with cigarettes until we had that big

01:27:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:13.720 | epidemic associated with cigarettes until we had that big

01:27:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:17.720 | epidemic associated with cigarettes until we had that big

01:27:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:21.720 | epidemic associated with cigarettes until we had that big

01:27:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:25.720 | epidemic associated with cigarettes until we had that big

01:27:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:29.720 | epidemic associated with cigarettes until we had that big

01:27:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:33.720 | epidemic associated with cigarettes until we had that big

01:27:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:37.720 | epidemic associated with cigarettes until we had that big

01:27:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:41.720 | epidemic associated with cigarettes until we had that big

01:27:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:45.720 | epidemic associated with cigarettes until we had that big

01:27:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:49.720 | epidemic associated with cigarettes until we had that big

01:27:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:53.720 | epidemic associated with cigarettes until we had that big

01:27:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:27:57.720 | epidemic associated with cigarettes until we had that big

01:27:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:01.720 | epidemic associated with cigarettes until we had that big

01:28:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:05.720 | epidemic associated with cigarettes until we had that big

01:28:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:09.720 | epidemic associated with cigarettes until we had that big

01:28:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:13.720 | epidemic associated with cigarettes until we had that big

01:28:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:17.720 | epidemic associated with cigarettes until we had that big

01:28:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:21.720 | epidemic associated with cigarettes until we had that big

01:28:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:25.720 | epidemic associated with cigarettes until we had that big

01:28:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:29.720 | epidemic associated with cigarettes until we had that big

01:28:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:33.720 | epidemic associated with cigarettes until we had that big

01:28:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:37.720 | epidemic associated with cigarettes until we had that big

01:28:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:41.720 | epidemic associated with cigarettes until we had that big

01:28:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:45.720 | epidemic associated with cigarettes until we had that big

01:28:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:49.720 | epidemic associated with cigarettes until we had that big

01:28:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:53.720 | epidemic associated with cigarettes until we had that big

01:28:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:28:57.720 | epidemic associated with cigarettes until we had that big

01:28:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:01.720 | epidemic associated with cigarettes until we had that big

01:29:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:05.720 | epidemic associated with cigarettes until we had that big

01:29:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:09.720 | epidemic associated with cigarettes until we had that big

01:29:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:13.720 | epidemic associated with cigarettes until we had that big

01:29:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:17.720 | epidemic associated with cigarettes until we had that big

01:29:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:21.720 | epidemic associated with cigarettes until we had that big

01:29:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:25.720 | epidemic associated with cigarettes until we had that big

01:29:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:29.720 | epidemic associated with cigarettes until we had that big

01:29:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:33.720 | epidemic associated with cigarettes until we had that big

01:29:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:37.720 | epidemic associated with cigarettes until we had that big

01:29:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:41.720 | epidemic associated with cigarettes until we had that big

01:29:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:45.720 | epidemic associated with cigarettes until we had that big

01:29:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:49.720 | epidemic associated with cigarettes until we had that big

01:29:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:53.720 | epidemic associated with cigarettes until we had that big

01:29:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:29:57.720 | epidemic associated with cigarettes until we had that big

01:29:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:01.720 | epidemic associated with cigarettes until we had that big

01:30:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:05.720 | epidemic associated with cigarettes until we had that big

01:30:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:09.720 | epidemic associated with cigarettes until we had that big

01:30:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:13.720 | epidemic associated with cigarettes until we had that big

01:30:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:17.720 | epidemic associated with cigarettes until we had that big

01:30:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:21.720 | epidemic associated with cigarettes until we had that big

01:30:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:25.720 | epidemic associated with cigarettes until we had that big

01:30:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:29.720 | epidemic associated with cigarettes until we had that big

01:30:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:33.720 | epidemic associated with cigarettes until we had that big

01:30:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:37.720 | epidemic associated with cigarettes until we had that big

01:30:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:41.720 | epidemic associated with cigarettes until we had that big

01:30:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:45.720 | epidemic associated with cigarettes until we had that big

01:30:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:49.720 | epidemic associated with cigarettes until we had that big

01:30:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:53.720 | epidemic associated with cigarettes until we had that big

01:30:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:30:57.720 | epidemic associated with cigarettes until we had that big

01:30:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:01.720 | epidemic associated with cigarettes until we had that big

01:31:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:05.720 | epidemic associated with cigarettes until we had that big

01:31:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:09.720 | epidemic associated with cigarettes until we had that big

01:31:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:13.720 | epidemic associated with cigarettes until we had that big

01:31:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:17.720 | epidemic associated with cigarettes until we had that big

01:31:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:21.720 | epidemic associated with cigarettes until we had that big

01:31:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:25.720 | epidemic associated with cigarettes until we had that big

01:31:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:29.720 | epidemic associated with cigarettes until we had that big

01:31:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:33.720 | epidemic associated with cigarettes until we had that big

01:31:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:37.720 | epidemic associated with cigarettes until we had that big

01:31:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:41.720 | epidemic associated with cigarettes until we had that big

01:31:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:45.720 | epidemic associated with cigarettes until we had that big

01:31:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:49.720 | epidemic associated with cigarettes until we had that big

01:31:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:53.720 | epidemic associated with cigarettes until we had that big

01:31:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:31:57.720 | epidemic associated with cigarettes until we had that big

01:31:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:01.720 | epidemic associated with cigarettes until we had that big

01:32:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:05.720 | epidemic associated with cigarettes until we had that big

01:32:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:09.720 | epidemic associated with cigarettes until we had that big

01:32:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:13.720 | epidemic associated with cigarettes until we had that big

01:32:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:17.720 | epidemic associated with cigarettes until we had that big

01:32:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:21.720 | epidemic associated with cigarettes until we had that big

01:32:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:25.720 | epidemic associated with cigarettes until we had that big

01:32:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:29.720 | epidemic associated with cigarettes until we had that big

01:32:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:33.720 | epidemic associated with cigarettes until we had that big

01:32:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:37.720 | epidemic associated with cigarettes until we had that big

01:32:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:41.720 | epidemic associated with cigarettes until we had that big

01:32:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:45.720 | epidemic associated with cigarettes until we had that big

01:32:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:49.720 | epidemic associated with cigarettes until we had that big

01:32:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:53.720 | epidemic associated with cigarettes until we had that big

01:32:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:32:57.720 | epidemic associated with cigarettes until we had that big

01:32:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:01.720 | epidemic associated with cigarettes until we had that big

01:33:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:05.720 | epidemic associated with cigarettes until we had that big

01:33:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:09.720 | epidemic associated with cigarettes until we had that big

01:33:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:13.720 | epidemic associated with cigarettes until we had that big

01:33:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:17.720 | epidemic associated with cigarettes until we had that big

01:33:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:21.720 | epidemic associated with cigarettes until we had that big

01:33:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:25.720 | epidemic associated with cigarettes until we had that big

01:33:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:29.720 | epidemic associated with cigarettes until we had that big

01:33:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:33.720 | epidemic associated with cigarettes until we had that big

01:33:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:37.720 | epidemic associated with cigarettes until we had that big

01:33:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:41.720 | epidemic associated with cigarettes until we had that big

01:33:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:45.720 | epidemic associated with cigarettes until we had that big

01:33:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:49.720 | epidemic associated with cigarettes until we had that big

01:33:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:53.720 | epidemic associated with cigarettes until we had that big

01:33:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:33:57.720 | epidemic associated with cigarettes until we had that big

01:33:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:01.720 | epidemic associated with cigarettes until we had that big

01:34:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:05.720 | epidemic associated with cigarettes until we had that big

01:34:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:09.720 | epidemic associated with cigarettes until we had that big

01:34:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:13.720 | epidemic associated with cigarettes until we had that big

01:34:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:17.720 | epidemic associated with cigarettes until we had that big

01:34:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:21.720 | epidemic associated with cigarettes until we had that big

01:34:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:25.720 | epidemic associated with cigarettes until we had that big

01:34:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:29.720 | epidemic associated with cigarettes until we had that big

01:34:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:33.720 | epidemic associated with cigarettes until we had that big

01:34:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:37.720 | epidemic associated with cigarettes until we had that big

01:34:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:41.720 | epidemic associated with cigarettes until we had that big

01:34:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:45.720 | epidemic associated with cigarettes until we had that big

01:34:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:49.720 | epidemic associated with cigarettes until we had that big

01:34:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:53.720 | epidemic associated with cigarettes until we had that big

01:34:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:34:57.720 | epidemic associated with cigarettes until we had that big

01:34:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:01.720 | epidemic associated with cigarettes until we had that big

01:35:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:05.720 | epidemic associated with cigarettes until we had that big

01:35:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:09.720 | epidemic associated with cigarettes until we had that big

01:35:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:13.720 | epidemic associated with cigarettes until we had that big

01:35:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:17.720 | epidemic associated with cigarettes until we had that big

01:35:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:21.720 | epidemic associated with cigarettes until we had that big

01:35:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:25.720 | epidemic associated with cigarettes until we had that big

01:35:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:29.720 | epidemic associated with cigarettes until we had that big

01:35:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:33.720 | epidemic associated with cigarettes until we had that big

01:35:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:37.720 | epidemic associated with cigarettes until we had that big

01:35:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:41.720 | epidemic associated with cigarettes until we had that big

01:35:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:45.720 | epidemic associated with cigarettes until we had that big

01:35:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:49.720 | epidemic associated with cigarettes until we had that big

01:35:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:53.720 | epidemic associated with cigarettes until we had that big

01:35:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:35:57.720 | epidemic associated with cigarettes until we had that big

01:35:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:01.720 | epidemic associated with cigarettes until we had that big

01:36:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:05.720 | epidemic associated with cigarettes until we had that big

01:36:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:09.720 | epidemic associated with cigarettes until we had that big

01:36:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:13.720 | epidemic associated with cigarettes until we had that big

01:36:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:17.720 | epidemic associated with cigarettes until we had that big

01:36:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:21.720 | epidemic associated with cigarettes until we had that big

01:36:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:25.720 | epidemic associated with cigarettes until we had that big

01:36:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:29.720 | epidemic associated with cigarettes until we had that big

01:36:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:33.720 | epidemic associated with cigarettes until we had that big

01:36:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:37.720 | epidemic associated with cigarettes until we had that big

01:36:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:41.720 | epidemic associated with cigarettes until we had that big

01:36:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:45.720 | epidemic associated with cigarettes until we had that big

01:36:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:49.720 | epidemic associated with cigarettes until we had that big

01:36:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:53.720 | epidemic associated with cigarettes until we had that big

01:36:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:36:57.720 | epidemic associated with cigarettes until we had that big

01:36:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:01.720 | epidemic associated with cigarettes until we had that big

01:37:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:05.720 | epidemic associated with cigarettes until we had that big

01:37:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:09.720 | epidemic associated with cigarettes until we had that big

01:37:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:13.720 | epidemic associated with cigarettes until we had that big

01:37:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:17.720 | epidemic associated with cigarettes until we had that big

01:37:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:21.720 | epidemic associated with cigarettes until we had that big

01:37:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:25.720 | epidemic associated with cigarettes until we had that big

01:37:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:29.720 | epidemic associated with cigarettes until we had that big

01:37:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:33.720 | epidemic associated with cigarettes until we had that big

01:37:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:37.720 | epidemic associated with cigarettes until we had that big

01:37:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:41.720 | epidemic associated with cigarettes until we had that big

01:37:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:45.720 | epidemic associated with cigarettes until we had that big

01:37:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:49.720 | epidemic associated with cigarettes until we had that big

01:37:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:53.720 | epidemic associated with cigarettes until we had that big

01:37:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:37:57.720 | epidemic associated with cigarettes until we had that big

01:37:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:01.720 | epidemic associated with cigarettes until we had that big

01:38:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:05.720 | epidemic associated with cigarettes until we had that big

01:38:07.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:09.720 | epidemic associated with cigarettes until we had that big

01:38:11.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:13.720 | epidemic associated with cigarettes until we had that big

01:38:15.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:17.720 | epidemic associated with cigarettes until we had that big

01:38:19.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:21.720 | epidemic associated with cigarettes until we had that big

01:38:23.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:25.720 | epidemic associated with cigarettes until we had that big

01:38:27.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:29.720 | epidemic associated with cigarettes until we had that big

01:38:31.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:33.720 | epidemic associated with cigarettes until we had that big

01:38:35.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:37.720 | epidemic associated with cigarettes until we had that big

01:38:39.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:41.720 | epidemic associated with cigarettes until we had that big

01:38:43.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:45.720 | epidemic associated with cigarettes until we had that big

01:38:47.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:49.720 | epidemic associated with cigarettes until we had that big

01:38:51.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:53.720 | epidemic associated with cigarettes until we had that big

01:38:55.720 | legislation that we don't charge anyone for the obesity epidemic

01:38:57.720 | epidemic associated with cigarettes until we had that big

01:38:59.720 | legislation that we don't charge anyone for the obesity epidemic

01:39:01.720 | epidemic associated with cigarettes until we had that big

01:39:03.720 | legislation that we don't charge anyone for the obesity epidemic

01:39:05.720 | epidemic associated with cigarettes until we had that big

01:39:07.720 | legislation that we don't charge anyone for the obesity epidemic

E74: Market update, inverted yield curve, immigration, new SPAC rules, $FB smears TikTok and more

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