Engaging china in order to protect american the American Economy and defend the american workforce. They like those policies. The stock market, which is up about 20 year to date, which i would argue, by the way, is predicting Better Business conditions ahead. The stock market has benefited from these incentiveoriented, supplyside, marketdriven policies and they dont want to see change. When you get these votes and so forth and im not here to talk about the chronology of impeachment, but nonetheless, yes, i think the impeachment starts hasts and hurt the stock market. I think President Trump was right. I will say this. It is not my lane, but i want to say a couple things about this. One, having read that transcript of the phone call probably a dozen times, it just seems so clear to me there is no problem with it. There is no legal problem, no impeachable problem, it was a , andatulatory phone call with respect to our concerns about the military assistance to ukraine, those concerns were principally Taxpayer Protection concerns. We have always wanted europe to on theon costs burden of cost sharing, whether it is nato or ukraine or whatever. Corruption was a huge issue in ukraine. That affects the distribution of money. Surented some time to make that what money we provided would get to where they are best used in ukraine. Finishing the corruption issues, not in the future, but back in 2015, it became important. There was never any quid pro quo. There was nothing illegal, nothing impeachable. Thisnkly think, looking at , i think the process is unfair. It looks to me to be very divisive and partisan. Ok with the president asking for an investigation into his rival . Im trying to answer your question in the markets. I think the market sees the same thing, to be honest with you. I dont have a chance anymore to watch the networks as i used to have, but i watch the parade of investment experts and they are all pretty much saying the same thing. There is a certain amount of disruptive and is here, they dont see what the case is, and they do not want a change in economic policy, which has done so well. Todays number on an adjusted basis for revisions and the gm strike is over 300,000 new jobs. 303,000 new jobs. That is a blowout number. It shows the underlying strength of the economy. I think the investment world does not want the policy to change. President pence presumably would not change them. I do not have any speculations on that. Im giving you my personal view on the matter. I dont think there is any there there. Lanenk frankly, back in my , investors do not want a change in economic policy. Let me make another point, another number. Cut y was todays job number 303,000. We are in a middleclass boom. Where inflationadjusted aftertax income is increased per household. 7 in justr roughly 2. 5 years. Those numbers are far and away better than the prior 16 years under democrats and republicans. That is how good this middleclass boom has been. In theday, even today, wage numbers, the managers are doing less well than the production workers. Nonsupervisory production wages up 3. 5 the last 12 months. Benefitingwho are are the solid, middleclass working folks in the country. I think folks on wall street and main street dont want that to change either. That is my take on the whole thing. Let me be as fair as i can be. Go ahead. It is an informal process right now. Im trying to be good to both of you. Im consulting my friend kevin brady. Are talking to house members, senate members, we are talking to our colleagues inside the administration, people on the outside. See it much later during the campaign. It is forwardlooking. The idea is to provide additional middleclass tax relief. Anything toe report. So, i know you said you are hoping to have similar timing with the signing of phase one. Want told not speculate. I dont want to speculate. [indiscernible] yes, the president is optimistic. Areve reported, the talks going very well. They are not done yet. There is more hard work. The president himself has indicated a good deal of optimism. [indiscernible] hang with me. Payroll, that is the base number. 95,000 upwardthat revisions for the prior two months, which is a remarkable number. 223,000. You to on top of that, we estimate 60,000 adjustment for the gm strike. The census0,000 for workers. Those are real numbers. [indiscernible] [laughter] wind comes in. Im sorry. [indiscernible] actually, i believe last month here is the key point in trying to make. It has been around 3 for many months. Category nonsupervisory production, these are not the managers, these are the workers in the Assembly Line, the construction, they are 3. 5 . Better than the managers are doing. This is a middleclass boom. Average households, 66,000. After inflation and after taxes, people have had a 5,000 increase. My old0 increase in what boss Ronald Reagan used to call takehome pay. That is a big number and 2. 5 years. Nonpartisan. The Republican Administration and the Democrat Administration that preceded us were basically basically slashing. The successows you of the program of tax cuts and deregulation and Energy Opening and bringing down trade barriers. Thats why i said that i do not think, i dont think investors want a change in policy, i dont think workers want a change. I dont think people in the Assembly Line want to change either. That is why the sometimes the stock market delivers that. People being very disappointed in Jerome Powell. Thatresident tweeted people are very disappointed in Jerome Powell after he cut rates this week. Has been any discussion of trying to get rid of him . Is it a sign the economy is not as strong as the administration is touting, given that rates have had to be cut three times . That logic, i think would reverse. The president has been outspoken in his views. The second point [indiscernible] there is no conversation to get rid of him whatsoever. Let me put an exclamation point there. I think Monetary Policy in my we have severe tight Monetary Policy last year. It was unnecessary and damaged the economy. They have changed their direction. In aew, Monetary Policy is much better direction now, the target rate is down. ,he Balance Sheet is expanding the Monetary Base is expanding. The yield curve is upward sloping. These are positive signs. Growth isobstacle of now waning, it is moving away. , that jobs i think number today as an example. We will see much better economic growth. Also, im very oldfashioned. I think the stock market is a pretty good predictor of business. The stock market slumped badly when the fed tightened a year ago. Softened. H, business now, the markets come back, the s p 500 is up about 21 year to date. I think that is predicting much stronger Business Conditions for the next year or so. Ive got to get an overcoat and gloves. Thank. Thank you. Contenders for the 2020 democratic president ial nomination will speak here at the Iowa Democratic partys annual liberty and justice celebration dinner in the state capital of des moines