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Announcer: Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.

Frank Curzio: How’s it going out there? It’s May 3rd.

I’m Frank Curzio.

This is the Wall Street Unplugged podcast where I break down the headlines and tell you what’s really moving these markets.

Just a heads up.

Expect a few rants today.

May go off the rails a little bit.

But today is Fed day.

I’m taping this just ahead of the Fed meeting.

It’s a Fed s Factor raise by 25 basis points.

And then pause right? That’s a consensus 100% By the time you listen to this.

They might have tomorrow tomorrow is always a fun day where every Economist in America pretends that they’re the Fed commission and breaks that they know more Than Jay Powell.

Breaks it down.

No matter what.

They agree.

I don’t agree.

Nobody likes the guy right they’re gonna criticize the Fed for raising.

Say Powell’s insane in the middle of a banking crisis.

We’ve seen the cracks of foundation commercial real estate.

They eat the post right now and others are gonna say unemployment still low wages are strong inflation is still way above the Fed s 2% Target.

So they have to keep raising the gonna lose credibility that’s gonna hear back and forth back and forth.

Okay.

Well, let’s trip out the b******* here.

Because 25 basis point hike or no hike it doesn’t matter.

It really does make for news commentary could matter over the next couple days or whatever.

But look at the big picture that the Fed could always lower rates if the economy crashes.

inflation picks up, which is considered a positive economic indicator right inflation is picking up it means More more people are paying higher prices for goods, right? So that’s again.

It’s a positive economic indicator.

It could always slowly raise in future meetings throughout the year, right? Which kind of that’s what they said.

We’re gonna do going forward.

But we look at a bigger picture here rates went from knees basically zero right point zero 25.

So near zero to 5% in 12 months.

That’s at Nineteen Hundred percent increase in a year.

I would talk from March to March and talk about like for today.

That’s the quickest.

rate hiking cycle in the history of the Fed So guys the damage is already been done and we’re going to see it.

Right so this move and that’s gonna be all over the news and 25 minutes.

They should stop look outside.

But back and forth It’s the damage already been done.

And the biggest story which you should be focusing on is the banks.

Now I want you to pay close attention to this, especially with the CEOs of these Banks said just before just before the FDIC sees them.

You ready? Because here we go.

Silicon Valley Bank February 24th KPMG signs and audit report giving SVP Financial that Silicon Valley Bank’s parent company a clean bill of health for 2022.

September 24th stock straight at 350 dollars a share then all the sudden you see in the coming weeks, right? the Run starts taking place clients stop pulling the deposits and then on March 9th two weeks later.

The stock is trading at 106 right? Let’s train 315 to train a hundred six, right and then president CEO Greg Becker on March 9th says, I’m quoting we’re experiencing at we’re experienced at navigating Market cycles and a well positioned serve our clients through Market volatility with a high quality.

liquid balance sheet and strong Capital ratios Our flexible balance sheet a long experienced navigating Market Cycles have enabled us to effectively support our clients over time and establish a long-standing reputation as a trusted partner.

In both good and challenging times.

That was all March ninth.

On March 10th the FDIC shuts down SilIcahn Valley Bank the next day.

Quick note there, too.

So Greg Becker CEO sold 3.

6 million worth of shares on February 27th.

February 27 couple days after KPMG given the clean bill of health gonna get a sage through his trust and he had no idea.

I love it.

Like you can’t call it trust and say Hey, you know, he says it’s kind of funny when you get that the truck to trust it is is you know, that’s like the key that the you know, they get out of jail free card, but three point six million just for s*** happen, right shareholders were as lucky.

Let’s go to Signature Bank, February 16th.

CEO.

Joseph Powell.

Says Signature was going to exit about eight ten billion worth of positive crypto space which we can easily cover Through cash and borrowings.

That was February 16th.

On March 9th.

Eric Howell President Chief Operating Officer of Signature says as shown by our current metrics.

We intentionally maintain a high-level Capital strong according profile and solid earnings which continue to differentiate from our competitors, especially during challenging times.

That was March night, March 12th, the FDIC shuts down Signature Bank.

First Republic stock starts getting now last week of February the first week of March shocks in the water seeing that most assets are not insured.

That’s the Playbook that we just saw for the banks that fail.

Then on March 12th.

Mike Roffler CEO President First Republic this First Republic’s capital equity positions are very strong sound familiar.

And its Capital remains well above the regulatory threshold for well capitalized Banks.

still quoting here As we have done since 1985 we operate with an emphasis on safety.

Can’t make this s*** up on safety and stability whole times while maintaining a well-diversified deposit base first one continues to fund loans process transactions and fully serve the needs of clients by delivering exceptional service.

I’m quoting.

I’m not making that up.

This is a quote on March 16th, then what happens? They get a 30 billion dollar bailout from the large Banks.

So you have Jim Hermit.

Come on.

He’s the founder an executive chairman along with Mike Roffler again CEO is present a First Republic to biggest guys there and they say and quoting would like to share a deep appreciation for who for Bank of America Citigroup JPMorgan Chase Wells Fargo Goldman Sachs Morgan Stanley Bank of New York PNC Bank State Street truest and US Bank.

That’s who funded this.

They Collective support strengthens strengthens our liquidity position.

Stranded our liquidity position.

Okay, this is March 16.

It reflects the ongoing quality of our business.

As a vote of confidence the First Republic and the entire US banking system.

Now I’ve been around for a while.

And I have to tell you.

All the banks do not do deals like this unless they’re forced not all of them together.

You’ll see, you know Underwriters and Goldman Sachs and maybe Citigroup or JPMorgan two three when you have the largest banks seven or eight at the same time.

providing capital for this company It means that they were told to do this.

But if the IC which is obvious, right which is pretty obvious because these guys would not do this alone.

And he won’t do it alone.

I mean even Golden State they were looking at all these companies raise money for them and they all said no way.

As a s*** hit the fan you could see Wall Street Journal is a great job about the company’s a great job of the whole time frame going back and forth saying, hey, we could buy this stock.

We could buy Silicon Valley at 150 or we could buy at a dollar why even buy it now? So they couldn’t raise money.

So these guys got together because 50 I see now remember this is when they raise 30 billion this on March 16th.

On May 1st the FDIC shuts down First Republic Bank.

So now what happens? the same freaking day You try not to curse you the same freaking Day on May 1st.

Alright, so we’re talking Monday afternoon.

Monday afternoon the king of the world in the banking sector Jamie Dimon says again, this is right after the FDIC right after FDIC Hands First Republic JPMorgan and silver platter.

Give me that because it’s the banking system and quoting here says system is very very sound.

Does this sound familiar and we just hear this? There’s from every single CEO of the banks that fail they just got sees, you know right before they got seized by FDIC.

That’s saying JPMorgan’s in the same boat.

We all know they have a great balance sheet.

They’re huge.

They’re fine.

But you believe.

Jamie Dimon saying the entire industry is sound now.

Because the very next day you can’t make the shut up the very next day, which is Tuesday.

because yesterday Regional Banks Pacific West Pack West down 28 percent Western Alliance down 15% got crushed The SPDR Regional Bank ETF the symbols KRE was down 5% a day 52 week low on relatively no news.

It’s not like something came out the different right should have been okay bail that other bank the king of the world comes out whenever he comes out and says something it’s all over the news.

It’s great.

He has direct ties to the Fed .

The biggest bank of the world is the right thing for people every comes down says everything the very next day.

What happens? These Community Banks crash rebounding slightly today.

Okay.

I’m doing this before the Fed.

We’ll see what happens after third meeting.

But when I see Jamie Dimon come out come out like this and say everything’s fine.

We’re cool, right? Yeah, we heard this from other CEOs.

It reminds me of Frank Drebin when he chased that guy in the Naked Gun.

And I wrote that missile into the firework Factory the place blows up and shooting fireworks everywhere.

It takes out his badge the fireworks going off like crazy, right the whole building’s blowing up for us.

He’s like there’s nothing to see here.

Don’t worry everyone.

He’s flesh is bad.

There’s nothing to see here favorite movie all time.

And that reminds me of Jamie Dimon right now.

And Jamie by the way.

I’m being this serious here.

You should hope and pray the banking system is not sound.

That’s not something you should be coming out and saying.

I know you have to come out and say I know maybe you will force to say it I get.

But you should hope and pray that it’s not sound.

Because you’re going to continue to get deals.

But you got the crying First Republic’s assets.

I know some of you may have seen a details of this day on the papers or the online sites or wherever you cover.

But here’s a few parts you might have missed.

This is from someone whose job is to look under the hood for you who’s a research house.

I share a couple things about this deal.

so JPMorgan If you first Republic is gonna pay 10.

2 billion to FDIC to acquire 173 billion.

in FRC loans as a loan Mark of 22.

5 billion dollars The FDIC is also going to provide 50 billion dollars of five-year fixed rate financing which includes a loan loss or loss share agreement with FDIC is going to cover 80% of the losses for single-family and Commercial mortgages.

pretty good freaking deal It gets better though because JPMorgan they didn’t assume any of FRC’s corporate debt or preferred stock.

reducing the risk now Little D here, but if you’re looking at the new accounting rules, which are current expected credit losses called CECL and how they manage them with banks.

So JPMorgan is getting a free boost to its loan loss reserves.

So does that mean? Less funds are needed to cover those losses resulting in higher earnings.

That’s a big deal with banks because as delinquencies go up they have to take money directly from the bottom line and put them in their loan loss reserves and this hurts earnings directly.

A lot of times analysts miss that because that could result in a five percent Miss at 10% Miss and early just because they have to cover a certain ratio and as the legacies go up and they’ve going up they were going up from one percent some places at three percent four percent five percent.

Because you’ve a credit card companies.

So that number goes up significantly and the money that is needed to cover.

Jeff Morgan gets a pass because of this.

JPMorgan when all said and done expects to generate 500 million dollars in net income annually from these assets.

Okay, they’re gonna justify this by saying hey, it only amounts for 1% of total income.

This is handed to them as a gift by the government 500 million and net income and I got to tell you.

because if you look at the details of this you have trouble understanding he has a simple version.

Gave him a mortgage his hands 173 billion loans with almost no risk.

It’s going to generate 500 million dollars annually for free from the deal.

But with JPMorgan won’t mention is this number is gonna be probably three to five times more than a few years.

Because JPMorgan is gaining free access to a massive group of new high net worth clients these amount huge clients that they’re gonna do even more business with them more loans or whatever.

Amazing for government that promised us in 2008-2009.

When all these Executives and these a**holes do this time and time again that they’re gonna be punished.

That’s it.

It’s not gonna happen again.

Want to make sure these banks are not too big to fail.

Well, they’re bigger now than they’ve ever been guys.

I mean, how do you trust the system when you see s*** like this happening? How do you trust it? you can’t because when you look at the data the top 15 Banks now control 75% of the positives in the US.

the top four control close to 50% as JPMorgan leading the way but close to 17 percent Bank of America’s 15 and it is about 15 16% split between Wells Fargo and City close to 50% yet when you look at the industry.

we have over 4,100 banks in the US that the FDIC provides insurance for and out of those 600 are publicly traded.

Now my question to you as an investor and someone who does this for a living? If you take the top 25 out of that 600.

that includes those top 15, but if you take the top 25 that are publicly traded so say even take the top 15 say 550 Banks.

Why would you own? As an investor or by the stocks of any of these Regional commercial Banks right now.

Any of them? And that’s what the Fed is missing.

Why would you even bother there’s no reason to buy these things? Why would you buy these banks in the first place is two reasons for income or for growth or maybe both what’s going to income side? Because Apple’s new Savings Bank provides a four and a half percent interest risk-free.

More than almost all of these Banks so that eliminates the income catalysts.

Which by the way they should blame themselves a lot of these Banks because you know as well as I do when you have your savings account, you see the Fed raising rates like freaking crazy.

Why the hell are these Banks not keeping up with the Fed how coming up providing me higher interest.

Why because they’re greedy and they’re making a shitload of money off of you.

So if you can’t earn that income if you got why aren’t try to earn that income and take on all this risk when you could earn it for free by just going to Apple or even buying a one-year treasury, which is what four and a half percent two years just to 4% then let’s look at the growth catalysts when it comes these Banks how they grow they get more deposits.

How do you see any of these Banks increasing deposits anytime soon? I just mentioned interest rates and that it’s like they have exceptional interest rates, right? If you look at Apple’s product, they’re gonna see a massive increase in deposits, right because money is going to come in.

An apple could choose what they want with that money or whatever.

They have a great balance sheet to cover it.

Whatever.

That’s a new product.

But they’re not going to see assets come in especially with their rate solo.

but Also, there’s zero upside in keeping your money at these Banks.

There’s zero upside.

There’s no upside.

The only upside is like I don’t feel like moving it.

But yeah, you have tons of downside.

Especially at the Fed grows a set of balls and says hey if we seize your bank will only go to cover the deposits that will ensured which is supposed to do a clients with 250,000 or less than their accounts.

So many of these clients can end up losing money that didn’t happen yet.

They bailed out everyone they said all the assets even the uninsured you’re fine.

And by the way, this isn’t a bailout.

This is coming from the banks who fund FDIC.

Well now that that’s gone the banks have to refund right? They got a fun day after I see again, which is more money out of their pockets.

And what do you think they’re going to do to their customers? They’re gonna raise fees.

The four largest banks generated over a hundred billion dollars in sales last quarter.

They just reported last quarter.

Nobody says s*** about the banks.

Everybody says s*** about the oil companies oil companies generate more money the hell with those guys.

We gotta take that profits away their idiots.

They’re dirty.

They’re filthy animals.

They’re horrible.

I don’t care if they provide heat for your house so you could live.

The hell with them.

Nobody goes after the banks though.

At least they’re providing something of value the banks.

This is fees.

They’re charging you for keeping your money at the banks for most of these guys investment fees for being a middleman.

All right, some of them.

Okay fine.

They’re gonna get the job done.

They’re good.

They’re there consulting services and able to structure deals and stuff like that able to sell these deals.

But at the end of the day the middleman to bring people together and making a fortune off of you and your money.

Nobody talks about that at all politicians won’t get crazy.

But yes the FDIC seriously if they say hey, you know, what? Are they gonna keep doing it this way.

Are they gonna keep bailing out? firms that irresponsible and their management that would this aggressive.

I mean it happens Time and Time and Time and Time and Galax keeps happening.

It’s gonna keep happening you but when do we put our foot down and say enough? And think about it the fact that FDIC bailed out these uninsured assets.

How crazy is that? So Frank? Why is that crazy? If you look at the details have you look at what The Presence at that sets? It tells every Regional Bank that you know, what go bolster wolves.

Listen take on as much risk as you want.

And if you’re right with somebody these banks will write from two thousand four five six seven and made an absolute Fortune before it should hit the fan because they leverage 31 plus And got crushed but take on more risk if you’re right.

You make a fortune, but if you’re wrong, don’t worry the Fed ‘s gonna come.

Bail you out.

Plus you don’t have to worry about going to jail, you know, no one’s gonna have it goes in jail for this stuff.

Absolutely, not.

You people’s fortunes at their life savings have gone.

It doesn’t matter.

You know, they put all the money into the stock.

It doesn’t matter.

They’re gonna go to jail.

The only people are getting effed .

Okay.

Try not to curse in this body.

Oh you the shareholders? Which let’s face it and s***’s not a curse word, but I’m gonna use s*** because Banks really don’t give a s*** about you and I hope you know that they gonna say they do.

Of course, I got to say they do you buy their stock? come long term investors What happens when you go bankrupt like first public SilIcahn Valley really think these millionaires sitting on the board.

They give a s*** about the shareholders to like.

Oh man.

I feel so bad about the shareholders right now.

Oh, they just got wiped out stocks go to zero.

you really think that’s what they’re saying because I know that’s not what they’re saying what they’re looking to see especially the top exits that golden parachutes are still viable since yes, they lost their job and that’s called parachutes created for but yes.

the reason why they lost their job is because They blew the company up.

They took on too much risk.

But a company was seized in the first place.

That’s what they’re concerned about.

Believe me.

There’s 30 years three decades.

I know lots of Executives.

This is their mindset.

They don’t care about the shareholders like holy s***.

How am I gonna get paid? Am I gonna get paid? totally care about lots of digest there now tomorrow’s wall Strip Club Premium Okay, that podcast down myself is gonna be a doozy.

because Daniel I gonna be coming a lot of stuff and getting really deep in the weeds and by the end of it you’re gonna need to ask yourself.

Very important.

Okay, you’re gonna need to ask yourself this with all these Banks and many Big Banks, not a top 15 very very big Banks large Bank values.

What all these failing left and right over the past month? With commercial real estate starting to crash with Blackstone KKR Starwood.

I don’t know if you’re familiar with those private Equity firms then massive.

hundred billion plus private Equity behemoths are blocking investors from taking money out of their private real estate trusts.

With credit card debt hitting almost one trillion all-time highs and delinquency surging and most of these companies on a few.

So Capital One’s numbers and mixed numbers.

Instead of 13 year high when it comes to accusations across the board to where even if you look at Harley-Davidson, I mentioned last podcast.

The Legacy rates are higher than back during the credit crisis to where they can’t get enough people to repossess the motorcycles from people not paying.

I guess yourself with inflation still very much in the marketplace and over 4% double offense Target.

And if that continues a bail our banks, which is going to cause even more and more money into the system.

with home prices declining with the Fed just raising its rates as fast pace the history.

I was organization.

They still continue to raise and raise right now are sitting at 23 year highs.

You haven’t seen this since 2000.

With M2 money supply falling to a 50-year low.

With the insurance payments on our debt just the interest payment.

This is due to higher interest rates about to surpass.

What we pay for for Social Security defense.

Medicare That’s how much the interests.

On a 31 32 trillion that the interest right now just the interest payments.

And we’re going to be staying at these high interest rates for a while.

With earnings falling 9% year over year and objective all the next two quarters as well when you’re looking year over year.

So two straight quarters of them class earning is earnings recession.

We’re gonna have at least three maybe four quarters of earnings decline.

You look at AMD AMD.

Oh it fell a little bit.

They just reported sales down sales down 10% year over year.

You’re looking Nvidia.

They last call everyone’s happy about if it is sell for 20% the earnings fell 50% Earnings are falling sales are falling.

They’re beating estimates.

Those estimates are being revised lower, but they’re falling.

To earnings are crashing the Stock Market trading there.

It’s all-time high in terms of valuation when factoring interest rates and earnings growth.

With the possibility of the US defaulting on his debt as Janet Yellen came out yesterday.

Say the government’s gonna run out of money.

Think about this in the government’s gonna run out of money in less than a month.

As tax receipts are much lower than expected.

Why are they lower than expected? That’s a sign the economy’s not doing well.

Yes also a sign.

With 2020 wasn’t a good year, you know what’s capital gains? But if you look at this dates, very important.

I was tweeting about this @FrankCurzio.

This date was marked when Goldman Sachs.

The debt ceiling because I was looking I was like, when is it when is it day I was trying to when is what I started in some research on if they had it in September.

And August, that’s all right.

They didn’t know when but September to August.

So we had some time for our wonderful politicians to get a deal done.

Now it’s less than a month away.

I wish the house and the Senate.

Are not even going to be in their offices or convenient offices for like So will they get a deal done? I don’t know.

I mean based on how much are politicians hate each other.

I don’t think they’re gonna get a deal done in time as you’re gonna test each other.

But that’s going into the next 30 days.

yourself to ask yourself with a yield curve still inverted which has preceded every single recession with a hundred percent accuracy since 1955.

So if You ask yourself all those questions Should the S&P 500 be trading up 7% year-to-date.

Should be flat over the past 12 months in the face of rates going basically from zero to five percent.

Should 60% S&P 500 companies be trading above the 200 day moving averages.

She’s seriously trading above their 50 they moving averages.

Should home builders be trading near all-time highs.

Those are the questions you need to ask yourself.

Because it’s coming.

The data’s there the writings on the wall.

It’s just a matter of time.

Maybe it’ll push us out here and bail us out here and there.

But now the next lady drops probably gonna be commercial real estate.

You seen the links to rates starting to Surge.

You still seeing parts of the comic do okay, so and and you’re looking at the hotels and everything.

Do well we just saw a positive job numbers.

with ADP manufacturing numbers came a little bit ahead of expected.

So the Fed man I told you that F a long time ago.

Because they still have inflation every indicators and inflationary indicators may not be around.

I mean, there’s lots of them and you can give you 10 that tell you that we’re going to recession but I can give you 10 and attend.

I’m gonna tell you that that we still have lots of inflation all the ones that affect us the most people your food prices aren’t coming down.

The hotel price aren’t coming down.

Your travel expenses aren’t coming down.

Your gasoline prices are not coming down.

They’re going up, you know oil’s coming down.

Electricity prices, I mean you look at across the board at every bill that you pay.

You’re not seeing a decrease in that.

Nobody is you’re not.

You can’t tell me.

Oh, well inflation’s coming down based on these indicators certain indicators.

Yes, but if you’re looking on personal level they’re not.

Leaves the Fed in a tough spot where I don’t know what they’re gonna do.

Probably raised 25 basis point.

I’ll take the consensus and say okay we may pause they’re not gonna say we’re pausing that’s to say we may pause because inflation really starts to Surge and goes to 5% 6% again.

They’re gonna have no choice.

and they don’t want to paint themselves in a corner They did that several times transitory transitory.

Holy s***.

It’s not transitory.

Got to raise rates fastest pace ever in our history, right? You look really really bad when that happens.

These are the questions you need to ask yourself not saying to sell everything this pocket set of doing well, but there’s also Pockets that are not doing well.

You need to protect yourself provide some protection we do that through put buying.

When you covered 3% 5% of your portfolio, whatever we’ve done that in several portfolios and admittedly the last few months the market has been doing good and those things don’t do that well.

So what you lose 5% of your portfolio, but the rest of your portfolio should be up a lot and we’re doing pretty good on our portfolios.

because the markets up but when the market comes down and pulls back and it will do these conditions too many negatives when I talk about Russia when I talk about the recent news that came in today with Russia where yeah attack on Putin which I guess should be expected right we drones but I guarantee those drones are from AV which is an American company.

They try to kill Putin.

And when we talk about those types of risks when I talk about, you know, all the BRICS nations and everybody dying to join the BRICS nations.

Have you seen that? I just say in creating the digital currency and moving away from the US that there’s so many risks out there.

Trust me, you know, I’d love to be You know use the term again balls of wall and be aggressive that there’s times to be aggressive.

There’s other times you have to protect yourself protect yourself.

It’ll be worth it.

Okay, you need some kind of insurance on your portfolio.

But this type of insurance when it comes to put buying and we do this with Money Flow Trader.

You can go to MFToffer.com.

If you’re interested.

Can we lower the price for that? We’ll learn how to do this again.

Don’t it’s you only gonna lose much you put into these trades see not shorting where you can get wrecked.

The market just goes out, you know, the wrong direction and skyrockets from here which could happen over a month period before it crashes.

I don’t know.

It’s hard to predict.

We don’t go all in on this but protect some of your portfolio because it’s not just Insurance where if the market does crash that 5% that’s in that or three percent could be worth more than 50% of your entire portfolio.

And we’ve seen massive massive winners during COVID.

Seen massive winners when the market crashed last year.

And again just be prepared that if the mark continues to chug along and do well these long data puts you may lose your money in that position.

But you need to protect yourself.

Because once you lose some money, it’s gone.

You don’t get it back.

Okay, and what you want to do is when the s*** hits the fan and s*** crashes.

That’s when you want to be greedy and aggressive and that’s gonna happen.

There’s time to be greedy and aggressive.

Did it in May right the market crashed.

buying great stocks Some of the best of breed stocks generated huge returns.

Right, there’s times to be greedy right now.

You have to be a little fearful.

You have to protect yourself.

There’s a lot going on.

Daniel and I are gonne cover this in much much more detail and On Wall Street Unplugged Premium tomorrow.

And that’s our premium podcast.

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See how we come to these conclusions.

Right we’re not analysts just saying hey this stops going to 100 dollars.

There’s numbers.

There’s research that goes behind this right which you know the boring part that we don’t share but when we recommend stocks and when we do research on stuff, there’s a big process to it.

Okay, a huge process too.

Lots of research lots of reading and we share to see it to educate you and we do this where you can see video you can see lots of things and a lot of research changes.

We pay over 100,000 for we share a lot of these stuff we share some yeah reports that you may not have access to whether it’s You know sell-side reports and Goldman Sachs or or Citigroup and show you what they’re looking at again.

That’s a consensus.

You want to pay attention to that whether you agree or not.

I think they’re full of s***.

That’s a consensus.

If you could prove it wrong and the numbers are wrong if you think they’re too conservative or too aggressive.

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So guys a lot to digest there.

I know.

But that’s it for me.

Thanks so much for listening.

I’ll see you Wall Street Unplugged Premium members.

See you guys tomorrow.

Take care.

Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry.

The information presented on Wall Street Unplugged is the opinion of its host and guests.

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