Transcript: Nightly Business Report – April 21, 2017

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

BILL GRIFFETH, NIGHTLY BUSINESS REPORT ANCHOR: Spending showdown. The
White House may have thrown a wild card into the negotiations as the
deadline to keep the government up and running fast approaches.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: France`s rust belt. Why
global investors will be focused on this European nation this weekend.

GRIFFETH: A family dilemma. If the only insurance carrier in eastern
Tennessee pulls out of Obamacare, what happens to those who rely on it?

Those stories and more, tonight on the NIGHTLY BUSINESS REPORT for this
Friday, April 21st.

And we bid you good evening. I`m Bill Griffeth, in tonight for Tyler
Mathisen.

HERERA: And I`m Sue Herera. And we are coming to you tonight from the New
York Stock Exchange, where the market`s focus is squarely on Washington.

We are now one week away from the government potentially shutting down.
Even though Congress is in recess, leaders in both the House and Senate are
working to reach an agreement that will keep the government funded past the
April 28th deadline. But those negotiations may have been thrown a curve
ball.

The White House budget director said one of the priorities of the Trump
administration is money for a border wall.

(BEGIN VIDEO CLIP)

MICK MULVANEY, OFFICE OF MANAGEMENT AND BUDGET DIRECTOR: When you talk
about funding the government, there is an opportunity for us to work
together. And what we`re focusing on right now is we have our list of
priorities, it won`t surprise anybody what some of them are. We want more
money for defense. We want to build a border wall. We want more money for
immigration enforcement.

(END VIDEO CLIP)

HERERA: The sticking points in the budget negotiations are border wall, of
course, immigration enforcement, and as we`ve been reporting, insurance
subsidies under the Affordable Care Act.

Ylan Mui is covering the story for us from Washington.

Ylan, walk us through some of those GOP demands.

YLAN MUI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Right. Well, the hard
line from the administration has really caught lawmakers in both parties
off-guard here.

Again, you mentioned that money for the border wall, stepped-up immigration
enforcement. Those are two things that Democrats have pointed to as poison
pills in any spending bill. Now, just a few days ago, congressional aides
have been signaling that negotiations were going very well, they were
expected to reach some sort of a deal. But this really raises questions
about how hard a line the administration is going to draw.

GRIFFETH: We know what the Democrats don`t want, those two poison pills.
What do they want in these negotiations?

MUI: Well, that last item you mentioned, insurance subsidies, that is one
area that the White House has signaled that they might be willing to
compromise, that`s on payments to insurance companies that cover low income
households that are called for under the Affordable Care Act. But the
problem with that is that Democrats say that shouldn`t be a bargaining
chip, that those payments are due to insurers anyway and that`s something
they`re already due.

So, Democrats say any trade of insurance payments for border wall funding
is really a nonstarter.

HERERA: But what are the options if the deadline isn`t met?

MUI: Well, the president said today that so far, negotiations are going
well. So, that is his interpretation of where things stand. And there is
an informal consensus among lawmakers, right now, in Washington, that they
will need more than one week in order to reach an agreement. They might
push back that deadline by another week to continue the negotiations.

And that would actually be a good sign that they are in talks, that they
are in discussions. But if they cannot reach that agreement, guys, we
could be faced with a government shutdown on our hands.

HERERA: All right. Ylan Mui, thank you so much.

GRIFFETH: Meantime, President Trump did reiterate Treasury Secretary
Mnuchin`s comments of yesterday, namely that a tax plan is near. But today
he put a date on it. Namely, Wednesday of next week. During an interview
with the “Associated Press”, the president said that the tax cut would be,
in his words, massive.

Stocks pared some of their losses on those comments. But still ended lower
for the day. The Dow fell just about 31 points, closing at 20,547. The
NASDAQ dropped by six, off those all-time highs. And the S&P 500 gave back
seven. But for the week, the major averages and indexes were all higher.
The NASDAQ up 2 percent.

And it was a rough week for oil. That lost nearly 7 percent, settling
today below $50 a barrel for the first time this month.

HERERA: The president is also directing the Treasury Department to begin
new reviews of banking rules. The first review looks at the process of
winding down large failing financial companies. That provision within the
group of Wall Street regulations was designed to protect taxpayers from
large bailouts like the ones following the financial crisis. The second
will look at part of the Dodd/Frank law that identifies firms large enough
to merit more regulation.

GRIFFETH: And before he signed those reviews, the vice chair of the
Federal Reserve warned that any significant rollback of financial
regulations could have consequences

(BEGIN VIDEO CLIP)

STANLEY FISCHER, FEDERAL RESERVE VICE CHAIR: There are aspects of
Dodd/Frank which if they were taken away, would have very serious potential
consequences for the economy. Not immediately, but when times get tough.

(END VIDEO CLIP)

GRIFFETH: Vice Chair Fischer also pushed back against the idea that
banking regulations put in place following the financial crisis have gone
too far.

HERERA: The Treasury Department will not give permission to ExxonMobil
(NYSE:XOM) to work in Russia and drill in areas prohibited by U.S.
sanctions. As we reported earlier this week, Exxon reportedly asked if it
could work on an oil project with Russia`s state oil company, Rosneft.
Secretary Steven Mnuchin said the decision was made in consultation with
the president.

GRIFFETH: On Wall Street, large industrial companies were in focus, both
General Electric (NYSE:GE) and Honeywell reported better than expected
earnings and revenue for the quarter. And that`s important to investors,
because these are companies that operate across the globe.

Bob Pisani has more from the New York Stock Exchange.

(BEGIN VIDEOTAPE)

BOB PISANI, NIGHTLY BUSINESS REPORT CORRESPONDENT: Three industrials and
three good earnings reports today. After a big week for banks, industrials
are beginning to report first quarter earnings. And the results, generally
pretty positive. General Electric (NYSE:GE), Honeywell, and tool maker
Stanley Works Black & Decker all reported earnings above expectations
today.

More important was the guidance for the full year. General Electric
(NYSE:GE) affirmed its full year guidance. Honeywell and Stanley raised
guidance modestly. That`s a part of a trend.

Yesterday, Dover (NYSE:DOV) and paint maker Sherwin-Williams (NYSE:SHW)
both beat expectations. And they also raised their full year guidance.
So, it`s a little bit early in the earnings season but it`s a good start
overall. These big industrial companies are important, because they sell a
lot of products all over the world. So, they`re a good gauge of not just
the U.S. economy but the global economy.

Honeywell, for example, gets more than 40 percent of its revenues outside
the United States. They make thermostats and parts for air conditioners
and heaters and fans and safes and home generators, paper shredders, all
sorts of things all over the world of an industrial nature.

The bottom line: banks and industrials are off to a good start. But it`s
still not clear if these somewhat higher earnings are enough to really move
the stock market forward, given that stocks are expensive right now.
There`s also significant geopolitical risks out there.

And it`s also not clear when President Trump can get his tax plan together
and also get it through Congress. A lot of unknowns right now.

For NIGHTLY BUSINESS REPORT, I`m Bob Pisani at the New York Stock Exchange.

(END VIDEOTAPE)

HERERA: There`s a curious trend emerging in the market. Those stocks are
higher in the past few months, not all are participating in the move to the
upside.

Dominic Chu takes a look.

(BEGIN VIDEOTAPE)

DOMINIC CHU, NIGHTLY BUSINESS REPORT CORRESPONDENT: Stocks are near record
highs again. But for many market observers, the story isn`t nearly as
bullish as those headlines would suggest. That`s because they`re not
seeing as many companies participating fully in the stock market rally.
Most of the heavy lifting in the market has come from mega cap technology
related names.

SHANNON SACCOCIA, BOSTON PRIVATE WEALTH: I think one of the things that`s
leading people to invest in these mega cap market leading areas of the
market and stocks is that, you know, there is a lot of concern from a
policy perspective. The reality is, is that they want to make sure they`re
hedging a little bit and buying companies that will be growth drivers,
probably absent even, you know, major change in stock reform.

CHU: The S&P 500`s five most valuable stocks make up around 12 percent of
the total index. And each of those five stocks is having a winning record
so far in 2017. You got Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) parent
Alphabet, Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN).com, and Facebook
(NASDAQ:FB) all posting gains.

Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Facebook (NASDAQ:FB) each up
at least 20 percent year to date versus the 5 percent gain in the broader
S&P 500.

Experts start to worry when much of the market`s gains are concentrated in
just a handful of stocks.

BURNS MCKINNEY, ALLIANZ NFJ INVESTMENT GROUP: Historically, when you do
touch market tops, you normally see the breadth go down, and the market is
led by a smaller and smaller subset of names.

CHU: While there is an abundance of caution at current levels, it doesn`t
appear as though there`s any reason to panic anytime soon.

MCKINNEY: If you look at general investor behavior, it appears that
investors don`t necessarily seem to be acting in the way they do when the
markets are near a top. But nonetheless, stocks are rich across the board
regardless.

CHU: The debate rages on. Are economic and corporate fundamentals healthy
enough to sustain the upward movement in stocks, or is the market ready for
that long-awaited pullback?

For NIGHTLY BUSINESS REPORT, I`m Dominic Chu.

(END VIDEOTAPE)

GRIFFETH: As you know, the French presidential elections begin this
weekend. Global markets are fixated on the vote because one of the leading
candidates, Marine Le Pen, she wants to abandon the euro and return France
to its national currency.

Michelle Caruso-Cabrera reports tonight from Paris.

(BEGIN VIDEOTAPE)

MICHELLE CARUSO-CABRERA, NIGHTLY BUSINESS REPORT CORRESPONDENT: One
hundred miles north of Paris is Henin Beaumont. In its historic town
center, storefronts are shuttered and on the outskirts, even more evidence
of a long economic downturn. It`s part of France`s rust belt.

CHRISTOPHER SZCZUREK, FRONT NATIONAL PARTY: The unemployment rate is 20.
So, it`s huge.

CARUSO-CABRERA: The median household income, less than $18,000. For those
reasons and more, this is National Front territory.

The National Front is the party of presidential candidate Marine Le Pen.
The people of Henin Beaumont voted solidly for Le Pen in the first round of
the 2012 election and they`re expected to do so again. Attracted to her
platform of economic patriotism, that calls for the protection of French
industries and also the protection of French labor unions.

SZCZUREK: For many people, Marine Le Pen will bring back employment, for
example, and I think a lot of French people want — just want to have the
feeling that they are the priority of politics. And that is not the case
anymore.

CARUSO-CABRERA: Not everyone in town likes her, though. Green Party
member Marine Tondelier says Le Pen is merely selling celebrity and that
she won`t be able to deliver on her promises.

MARINE TONDELIER, GREEN PARTY: It`s like “Make America Great Again.” It`s
make (INAUDIBLE) great again.

CARUSO-CABRERA: Le Pen isn`t the only candidate making a big push in towns
like Henin-Beaumont. In fact, one block from her headquarters is that of
communist candidate Jean-Luc Melenchon.

In all, there are four contenders are running neck and neck to become the
next president of France, and each focused heavily on security in the last
week, in the wake of the shooting on the iconic Champs-Elysees last night
that left one police officer dead. And the arrest earlier this week in
Marseille of two men who investigators believe intended an attack during
the election.

Pundits say the heightened terrorism fears help Le Pen because of her
strong anti-immigrant stance and her criticism of radical Islam.

CAROLINE FOUREST, FORMER CHARLIE HEBDO JOURNALIST: The effect of the
terrorism will be to inflame the right wing vote. At the same time, you
have a state of mind to more get united, sometimes. So we don`t know yet.

CARUSO-CABRERA: Caroline Fourest is a former writer for the Paris magazine
“Charlie Hebdo”, which suffered a terrorist attack in 2015. Fourest he
fears for her safety when she`s in public.

FOUREST: I`m avoiding being attacked from the streets from someone who can
recognize me. It`s part of the journalist`s life today.

CARUSO-CABRERA: In fact, that`s how many French people now.

In France, it is a two-round election process. This coming Sunday, there
are 11 candidates for president on the ballot. The top two vote-getters go
on to a final round two weeks from now. It is widely believed marine le
pen will be one of those two.

For NIGHTLY BUSINESS REPORT, Michelle Caruso-Cabrera, Paris.

(END VIDEOTAPE)

HERERA: Still ahead, health care`s uncertain future.

(BEGIN VIDEO CLIP)

BERTHA COOMBS, NIGHTLY BUSINESS REPORT CORRESPONDENT: Here in eastern
Tennessee, residents are frustrated by the impasse and worried that next
year they may have no Obamacare options at all.

(END VIDEO CLIP)

GRIFFETH: Initial filings in Virginia and Kentucky show that health
insurers are still thinking about offering coverage next year, despite
uncertainty surrounding the future of Obamacare. Nine insurers filed to
offer plans in Virginia, that`s one fewer than this year, and two filed in
Kentucky. Virginia and Kentucky have two of the earliest filing deadlines
in the country.

HERERA: Meantime, President Trump said today there is, quote, “no rush” to
get health care legislation done next week. But some residents in
Tennessee that get their insurance from the exchanges are growing nervous
because they`re not sure what will happen to their coverage next year.

Bertha Coombs reports from Knoxville.

(BEGIN VIDEOTAPE)

COOMBS: A bicycle accident left John Nehls in a wheelchair a few years
ago. It happened a mile from his home in Knoxville.

JOHN NEHLS, KNOXVILLE, TN: The force telescoped through my back and burst
three vertebrae.

COOMBS: Now, he`s facing another health care challenge. He and his wife
are self-employed and rely on their Obamacare exchange plan.

J. NEHLS: The biggest concern we have is what`s going to happen going into
2018. We do have coverage for this year on the Humana (NYSE:HUM) plan.
But in 2018, there will be zero options in this county.

COOMBS: Humana (NYSE:HUM) is the only exchange insurer in most of eastern
Tennessee. But it`s dropping out of the Obamacare market next year. The
state`s insurance commissioner says with the uncertainty in Washington over
the repeal of Obamacare, and overfunding for cost sharing subsidies which
help out low income enrollees, other carriers won`t step in.

JULIE MIX MCPEAK, TDCI COMMISSIONER: The most critical issue for us is
funding of the cost-sharing reduction payments.

COOMBS: Julie Mix McPeak says if Congress and the Trump administration cut
off funding for cost sharing subsidies, the problem will spread.

MCPEAK: We have five states that only have one insurer statewide. And
another nine like Tennessee that have the majority of counties only having
one insurer offering coverage. And I think the lack of funding for the CSR
payments would be a blow to those markets.

COOMBS: Area clinics like Cherokee (NASDAQ:CHKE) Health Systems is seeing
increased demands from patients worried that they`ll lose coverage at
year`s end.

PARINDA KHATRI, CHEROKEE HEALTH SYSTEMS: The lack of clarity, the changing
every single day, in a way makes it harder, because one minute you`re ready
to deal with one plan, and literally two hours later or even the next day,
there could be a different proposal on the table.

COOMBS: Here in Knoxville, frustration with the political infighting is
high, because the threat of no Obamacare plan is real. And many here feel
Washington doesn`t get it.

CHERYL NEHLS, KNOXVILLE, TN: Do they realize what type of pressure that
you face every day in making health care decisions?

J. NEHLS: Simply waiting to let the current law explode is going to leave
a lot of people hurt.

COOMBS: And the longer the debate goes on, the higher the number of people
who could feel the pain.

Bertha Coombs, NIGHTLY BUSINESS REPORT, Knoxville, Tennessee.

(END VIDEOTAPE)

GRIFFETH: Weakness overseas hurts results at Schlumberger (NYSE:SLB). And
that is where we begin tonight`s “Market Focus”.

Despite strength in its U.S. markets, the oil field service company said
there was a drop in activity and sales in China and in Russia, causing
overall revenue to miss its mark. The company`s lower profit was in line
with estimates, though. Shares were lower by 2 percent today to close at
$74.84.

And Kansas City Southern (NYSE:SO) (NYSE:KSU) said that its profit grew as
the railroad operator benefitted from an increase in carload volumes. The
results beat expectations. The company also reported a rise in revenue but
it did see shares initially fall on concerns that President Trump`s
renegotiation of NAFTA will affect Kansas City Southern`s Mexico
operations. Shares were off nearly 3 percent. When all was said and done,
it closed at $87.99.

HERERA: United Continental`s CEO Oscar Munoz will not add “chairman” to
his executive title next year. In a public filing, the company said Munoz
requested his contract be revised to remove any provisions granting him
authority to become chairman. United said it would determine at a later
date who would fill that role. The shares were off a fraction to $69.56.

And shares of Sketchers fell today as investors focused on the company`s
weak guidance out after the bell last night. The footwear company posted
better than expected sales and profit thanks to strength in its
international and retail businesses. But Skechers also said it sees
earnings for the current quarter below forecasts. Skechers shares down 2
1/2 percent to $25.48.

GRIFFETH: Well, Americans are buying up homes at a quick pace. Sales of
existing homes rose to their highest level in a decade. The National
Association of Realtors says that sales climbs nearly 4.5 percent in March.
Tight inventory is still the biggest factor. Supply is lower than it was a
year ago, prompting homes to stay on the market now just about 34 days on
average.

HERERA: And it`s time now for our market monitor who has some names of
stocks that he says will benefit from demand in the housing industry and
any tax rate changes out of Washington. This is his first time on the
program.

So, let`s welcome Michael Sansoterra. He is the chief investment officer
and senior portfolio manager of the Ridge Worth Silvant Large Cap Growth
Fund which is up 9 percent this year.

Welcome. Nice to have you here.

MICHAEL SANSOTERRA, SILVANT CAPITAL MANAGEMENT CIO: Nice to be here.

HERERA: You`re talking about growth. But you say growth is a condition,
not a category. So, you want to look for companies that exceed those
expectations?

SANSOTERRA: That`s right. Growth can happen anywhere, including in
cyclical businesses like housing is a great example. The trick is really
understanding what`s already priced into the market, how long can those
conditions persist, and will you be able to profit from it in a longer term
perspective?

GRIFFETH: Let`s get to the stocks that you like this week. D.R. Horton
(NYSE:DHI), the biggest homebuilder in the country, is that the only one
you like? Or why do you pick this one?

SANSOTERRA: Sure. Now, that`s our favorite one. That`s the one we own
from a homebuilder perspective. We like their ability to execute, first
and foremost, in 27states, at the low and medium range of the market.

We like also their ability to purchase land and raise price. What we`ve
seen through D.R. Horton (NYSE:DHI) through the years is really the ability
to find places were homes are really needed, price accordingly, manage
accordingly, and take market share. They`re one of the fastest growing
homebuilders in the country.

And that`s because of execution. That`s part of the reason why scale has
been real important for them.

HERERA: Also, the remodeling trend, kitchens and baths. You`ve picked a
company, Fortune Brands (NYSE:FO) Home and Security, that really has quite
a bigfoot print in that particular area.

SANSOTERRA: They do. Kitchen cabinets, faucets, as well as doors,
windows, and security. This is a company we`ve owned for some time. We`ve
seen their kitchen cabinets business get consolidated. It`s been a very
fragmented market.

They`re doing the same thing now with plumbing, buying some smaller
competitors. They`re going to take their plumbing revenue from $1.5
billion to probably closer to $2.5 billion over the next four years. We
think as they do that, they`ll do it more profitably than many investors
suspect, and at the same time will take market share from the other smaller
fragmented players in the space.

GRIFFETH: And sort of in the same category there, you have A.O. Smith in
the boiler and water tank area, right?

SANSOTERRA: Correct, decidedly not as sexy a business. It`s a GDP plus a
little growth business for water heaters and boilers both on the
residential and commercial side. What we like about A.O. Smith is their
China exposure.

They`ve got 30 percent of the business in China. It`s been growing north
of 20 percent for the next ten years. I think for the next ten years, it
will probably grow in the mid-teen range. And really, what we`ve seen is
their ability to sell ancillary products to the Chinese, not just water
heaters but water purification and air purification. These are things that
Chinese market wants pretty bad and they`ve got this kicker that should the
Trump administration manage to get some tax reform done, they could bring a
lot of cash back to the United States from China.

HERERA: On that note, Michael, thank you so much for joining. Michael
Sansoterra with Silvant Capital Management.

SANSOTERRA: My pleasure, take care.

GRIFFETH: Coming up, the man who accurately predicted things in the past
now looks to the future.

(BEGIN VIDEO CLIP)

JANE WELLS, NIGHTLY BUSINESS REPORT CORRESPONDENT: I`m Jane Wells in Los
Angeles where we have the worst traffic in the nation. Where should
America spend its infrastructure dollars? Coming up, we talk to a futurist
who predicted what Los Angeles would look like in the movie “Blade Runner.”
He also predicted wearables, handheld devices, and driverless cars decades
before they happened.

(END VIDEO CLIP)

(MUSIC)

HERERA: Volkswagen will play a nearly $3 billion criminal penalty for
cheating on diesel emissions tests. A federal judge approved the deal that
was negotiated between the automaker and the Justice Department. That fine
pushes the cost of the scandal past $15 billion. Volkswagen recently
pleaded guilty to conspiracy and obstruction of justice.

GRIFFETH: And Wells Fargo (NYSE:WFC) has agreed to expand its fake account
settlement. The bank saying it will now include customer accounts all the
way back to 2002. That increases the bank`s total payout to more than $140
million. The larger settlement was agreed to after an internal report
showed that the bank officials knew about the creation of unauthorized
debit card accounts earlier than thought.

HERERA: And finally tonight, what does the future look like? Sometimes we
would all like to be able to take a little peek at what`s ahead. But
there`s one man has a pretty good track record at predicting the future.
And Jane Wells spoke to him.

(BEGIN VIDEOTAPE)

WELLS: Check this out — it`s a painting predicting the Kentucky derby in
the year 2075. There`s a man with a wireless handheld device, messengers
on wheels like a Segway. And the floating board over the infield is called
the Internet.

This image was created in 1976, before any of this existed.

It says Internet, in 1976, you wrote “Internet.”

SYD MEAD, VISUAL FUTURIST: Yes.

WELLS: Yeah, he did. Syd mead has been accurately predicting the future
for decades.

MEAD: My mantra is, if it`s a good idea, it will happen eventually.

These are from “Blade Runner.”

WELLS: Mead is a visual futurist, a legend in Detroit for his car designs.
But he came to Hollywood 35 years ago to create the cars and the look for
“Blade Runner.” Over the years, Mead has predicted things like driverless
cars and wearables. All came true.

Los Angeles hasn`t turned out quite as awful as “Blade Runner” predicted,
but it still has the worst traffic in the nation. So, where does Syd Mead
think America needs to put its infrastructure dollars? Not in building
more lanes.

MEAD: This is looking west on First Street.

WELLS: In fact, Mead sees a future with fewer people owning cars as
millennials don`t see the need.

MEAD: They`re not interested in it. They have social media to talk to
their friends, I mean worldwide. So, you`re going to have more people
using the same car. And that, of course, diminishes how many cars you
make.

WELLS: Mead says freeways will be used for driverless Ubers or trucks
delivering from Amazon (NASDAQ:AMZN).

What about the Hyperloop?

MEAD: It`s a good idea in terms of convenience. But the infrastructure
cost, I don`t know who`s going to pay for that.

WELLS: And Syd Mead thinks that in the future, more of us will live in
cities. So infrastructure spending should bring nature into urban areas.
Things like the highline in New York.

MEAD: You create a country neighborhood in the middle of the metropolis.
And I know that`s going to happen more and more because it`s such a good
idea.

You have to think of all this.

WELLS: He`s been right before.

For NIGHTLY BUSINESS REPORT, Jane Wells, Los Angeles.

(END VIDEOTAPE)

HERERA: He could be right again.

GRIFFETH: I just want to know. He`s got that picture of the Kentucky
Derby. I want him to think about who is going to win the Kentucky Derby.

HERERA: Right.

GRIFFETH: Then we`ve got something there.

HERERA: Then we`ve got something.

That does it for NIGHTLY BUSINESS REPORT tonight, I`m Sue Herera. Thanks
for joining us.

GRIFFETH: I`m Bill Griffeth. Have a great weekend, everybody. See you
Monday.

END

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