a little bit after 5 p.m. we have talks and after that at 6 p.m. we will have the car at the first floor to bring us to the party. Then this is the last one if you have any questions and if you have anything just The last one is called Selling with Press to Enterprise by Lagoon for India. He runs a company called T-Camp. He works with a big company for India and Singapore and many companies that he interviews himself. Okay, please welcome Rahul. We like to say Jair what place is in India? Jair what place? So what are your expectations? What are you expecting from this session? How do you tell more companies in India that they can meet you? Okay, we would like to thank you for that session. Because they also belong to India. Yeah, so they meet and I said you can bring them to India. Maybe you can understand how. So not really what is the question that you are talking about. So what are the points that you are talking about? Okay, so one of the points is a good point A wordpress being open source sometimes considered not so secure by other places. We covered that but this was like a meta point. I am starting. Okay, I am the other thing. Yeah, I am the other thing that I had in mind is how to convince and then I asked why should I give you heats of money for a system that is every test definitely is a point. So and it's really like lots of money. It's like in enterprises you don't do anything for 100,000 dollars. Not even for 10,000 dollars. So like our internet right here is like any customer whose annual billing is more than 100,000 dollars will consider okay so I will talk about it. And that's all about it. RTKM doesn't do anything. It's not going to improve again. Now this question was like a meta lecture. The first thing I asked like what are the expectations? That's how you start in the enterprises. You know a lot about wordpress but your client is looking for a solution. So you don't start with wordpress, you start with their wordpress. Basically you start a conversation with their wordpress understanding what are the points, the pain points and then you try to fit the wordpress in their power. It works that way. No matter how much you love wordpress, how great you find wordpress, it's not going to help you. You cannot just walk into a big company and say hey we love wordpress and we are amazing with wordpress and we want to buy yours. So please use wordpress. It doesn't work like this. So you need to figure out what are the problems. When you take it to the shoes, I have a little pizza to explain this. You don't need that. You don't need a lot of pizza in last session. So the way I see a pizza is very simplistic with minimalism. It has a base, cheese and sauce and a lot of things. Why this is important? Because I relate this to the basic wordpress. There is a wordpress code. So I've got it in some plug-ins. So the point is, most people think that when they select a company charged $10,000 or $100,000, they use some wordpress project and they don't believe it. They don't believe it. But there is still some companies who are very much higher in 7 digits. So they are not talking money. They are talking about the thing that drives that kind of people to the wordpress. So the point is they understand their customers' whole thing. Our opinion is that I write those 5 legs or 4. So I am responsible for that. Definitely that will help. So then you will get a customer who will find you on fever. You can do this for 5 or 10 days. So people who need everything from you, if you expect them, okay, what's the core issue? Not my 5 legs. Go and pilot if you don't track. Oh, this looks like your SEO plug-in issue. This looks like gravity problem. That kind of attitude doesn't work with big clients. Then it's everything. This is where the gap is. The way you understand this gap is that you understand that you are responsible for the whole thing. You are fixed changes. There are story changes. You don't look at the thing you are providing. You are looking at what customer is getting. Customer is getting everything. This is the key transition in our journey. You need to realize at some point that what this is going to look like. Don't think that you are selling. Don't treat yourself like a third-party. Our comment is very nice. I think nobody will sue you for this.  We are very open. I love that you don't think you are on the date one. But this is very important. The moment you realize you are over everything, including hosting. You are narrative changes. The way you talk to customer changes. And that is the first thing enterprise expects. Because one of the things with big companies is that they don't like to work with many people. That might be surprising. Big companies not want to work with many people. They are big companies that play 100,000 implores. I am saying that they don't like to work with many people. It's like many outside business. Because they don't want to get into the blame here. When the host is leaving the RTK and RTK is leaving the host. They don't want to do that. Who are you paying? RTK? We are paying for RTK. RTK is responsible for everything. You want to keep it as a whole issue. You want to keep it as a whole issue. And what is RTK as a whole? Why RTK is not interested in giving us everything? Because it costs money. We don't want 100,000. We will pay you like 10,000 dollars only to return us money. But then we want everything now. Now what everything now? So many things. Such a big ecosystem, which 1000 plug-ins? How we are going to provide support for 20,000? I think I understood that. Themes. Themes in wordpress are out. The third party, team repos, plug-in repos, in desktop mode, hosting companies, plug-in company. Just imagine mathematical computation and combinations of number of problems you can have. So, let's take one file. So the first point for security is somebody asked what in internal culture wordpress is included? So, this is not a technical representation. I mean for the whole narrative now on this. There are only two slides. So, the moment you think like this, how it changes? So, if I ask the security, what will be your attitude? So, if I come to you as a customer and say, I heard wordpress is not secure. What you are going to do? Any answer? If I come as a customer to you and say, hmm, okay, we can think about wordpress. I heard it gets that, it's open source. How you are going to convince me? I don't understand. We don't have it. We can't have it. Yes, we can take care of it. That's it. That's a simple answer. Don't give me any jargon about use that plug-in, use this company, use that thing. I am your customer. You just do it. You will take care of it. You make a promise to me. You set an expectation and leave it up to me. How? He will do it. I am weighing in. My side creates that. I am weighing in. So, we are ended by this. It's an illegal wallet. Things won't get signed up for the emails. I will pay you more money than this. The best wordpress theme says plug-in is good cost. More than what cloud-flip preview plan can cost. And we pressure them that you will take care of the thing. It's not about technical things. They might have a CPU. That company might be inventing Google. That company might be testing itself. They want to also, one department, one responsibility that is not key to their success. Similar to the scalability. Doesn't scalability be used by many small sites? Next question. Again, I am your client. What will happen if gravity increases? Will your code will fly with heavy traffic? Or will it crash? Yeah. Or will it be an example of heights? Not too high. Yeah. I think that is important to them. Which are the big sites you think wordpress is? What are these sites? Are those big sites managed by you? Shall I go to those sites? So if you show me big sites, then I will go to those people. So that means wordpress is killable. Can you do that? Yeah. So wordpress is your product. So we need to remove the wordpress from the equation. So I am coming to you. So he is the client of the server. The rocket wordpress. And he says there is VIB. So there is an automatic customer. Atomatic has VIB hosting which has a very big name.  And you are showing them VIB showcase. They don't know it's VIB. That's a good thing for wordpressing. In both cases wordpressing. But how do you do that? It's me. Stay with me. I will go to VIB. And then I say oh that pricing is too much. But you already have some sites where you have to stay. Again the answer is same. We will get this. Yeah. I will tell you what to worry about. Okay. So we know those guys. We can take care of that hosting also. So if you have good budget we can most of them are the same size. So in the end like it's about us taking care of things. So the thing is many times we think that there is too much to do. If you have to deliver everything. Just remembering that starting a visa with a shop. You don't have to start coming. You can buy documents from market. Curate. Yes it's like that. You need to curate your own business. You need to have that power for the right things. Your customer won't ask you. Artists won't talk to me. I am here only to have all everything by far. Same with the integration. This is very challenging part because big companies becomes big over the night. So like it's unlikely you will walk into in a big company the longest tomorrow. Which would be the first day of that. First day in total history. It's not like a subsidiary of an interesting company. So usually these companies have a lot many technical things. So we are in 21st century. The internet was implemented in last century. So we have been taking. We have too many old legacy systems to take care of. For example we are CRM. So while we are fighting about the best concept company in the world best place. We get clients. But not with the many content companies. They use something like market law, sales force. And many things that they want direct integration. They have their own landing page and marketing automation software. Okay. Integrations. I am using XYCA automation system. I just write it from my template but I don't think that. I want to get it from your file. So what do we do? If it's available we will give it in the last talk. Otherwise we will fill it in out. Both way you will get it. It's just a matter of cost. When we will be writing a proposal. We will factor in the cost. Just take out one of my main areas. One of my expectations. Because once you miss one expectation. You end up with this kind of a thing. So it's like many people. The moment like most world-based agencies here. Content form. They might go to like one of their form plugins. So like same case with us. We have like agency license for private. Anytime we need to put a content form. You will put driver. Because you will need a driver. And we have a lot of customizations. Play out to you. How this content form will be used. Because in large companies. They have very big support team. They might have very big sense team. And not all those people will be going to log into the void base. And we usually have to do it in CRM. Like how this kept it in function to you. And more often they say oh we use that CRM. No need to use driver to form. Because that company already has a word-based integration. Word-based automation. If not. We go to that company. CRM's company website and check. They have a developer dog. And we activate it. But it's okay. We can build one for you. And we can send it directly to the system. Sometimes don't. Don't take customer on the face. As in every small example. In one case a customer came in. They gave us a requirement. We need a CSC expert of all the leads. Captured on our website. Until it is. What are you going to do? Oh we need to explore. Import them into my engine. We can do that. I don't know what to do. Does it work? Yeah. So they wanted to. So they sent a one page document. They sent it all the same. 9 a.m. An email. CSC should come to our marketing. At company.com. Human idea. And then from there. We will use these. What other friends should be there? Everything was there. But they didn't. What they are going to do with that CSC file? We asked them. What are you going to do with CSC files? Oh we are going to import it into my machine manually every day. We will send every captured lead automatically. And if you want conditional logic. So they had like check posts. We would like to get back from a circuit. We will do the check post. To decide which one to send and which one to send. Same. Like this was like the integration. It was one step away from the extension. Every company has a normal list of features. Like this CSC example. They will have things that they want. This is the one part manager they will like. So you always say that.  That you will have plug-in port everything. But I am not learning on the app part. Only the first thing. I. It's like it is the first person. Apple it will be every app in the app. Similarly as what this is your project. Your product. You didn't build every third party integration in the middle of the app. But when you are switching to customer. It's your job. I think the next plug-ins are maintained. High port quality. Won't affect the performance. That's my job. But we have everything. Like we have almost everything. If there's not we will improve it. Then the scary part. This is where the customer. Realiates. So this is actually I think a propaganda against. All the open source software. Companies were selling property software. They tried to scare customers. Like you have to open source your source code. All the things. All the plug-ins. You have to basically put your source code in open. Anybody can demand software on their website. Right. GPL doesn't force you to release source code. What GPL says is once you release source code. You cannot control how it is released. But if you keep it in your pocket. Nobody is going to come to you and take it out from your pocket. So we try to educate companies that. It is in good faith. It is good government. Not only releasing the console. But it is commercially beneficial. So like if we release code in open source. It will get weighted by other people. So if we have a company in a district. It will get brought. And we will get a better software bottleneck. And the biggest point I said. Because see. Most often we end up talking to somebody in procurement. Whose key responsibility area is to. Say who I am. They are talking numbers. So my vendor looking point is the biggest feature. I consider the GPL feature. That what if tomorrow. Your vendor decides to migrate to Python. Next time they come for any other thing. We are not doing enough sales. The cost of living is going high. And we need to make 2x. So we are doubling our price. So all those uncomfortable pricing changes. GPL can map the vendor and still keep the software. What if your vendor says. You are going out of business. You are shutting down. You are very modernized. What about the software? Oh that's not right. GPL that's not the case. If you are the way I say. If you have a party. And tomorrow for some reason. This is plain system. You can still keep everything. You can keep what price. You can become a customer. And take it to another vendor. Even we are there. But when you used to work with you. Maybe we ask more money. That you don't want to pay. You can still take that out. Take a take away that. And work with somebody else. So you are safe. But in GPL you have freedom. As in this freedom. Well your vendor won't talk to you. So one of the services we provide more. Is a CMS migration. You can come with proper CMS. And then they are going to work with you. So the biggest reason was. The uncomfortable price changes. And no updates. So like in our work with the ecosystem. If you don't operate any software for a year. Nobody will renew. The customers won't renew your software. They won't give you support. They won't give you updates. But in proper idea. Companies ask money just for use of software. In 365 years.  Not a single minor. And then the sensitive comes to the end. Rearranged. Time to renew. So that doesn't happen in GPL. This is like a last point. It's free. That's another point here. So like this is also. There's a mindset. Free means no continuity. But if something goes wrong. This workers is mine. I'm good. There is no continuity. I'm very vast. So if there is any. Secondary is you can do it. And so like. A lot of developers. We usually try to say it like that. If there is any major issue. They will notice it. They will catch it before playing. So again. Accountability. It's simply. If something goes wrong. Who are going to get this one? I know a customer. I come and buy website from you. And tomorrow. My website goes down for any reason. I come and say that. That's free software. We will send them back to you. I don't pay like. Not my job. That is where you have to pay customer. It's. So the way I put it. That's what you're charging for. That's what you're charging for. Accountability. So please stay. That's what you're charging for. You may say like this is too much like. Security, scalability, integration. So that's why we have partners. That's why we have partners. Okay. Partner hosting company is partner. Support company is partner. Design company is like. 60 people company and we don't have any. That's why. So what do we have? We have to do the migration. Oh, I didn't do. See you. Don't. See people. We don't have it. But we just. They have to work with them. And. Similarly, somebody. So they will say. Design is nice. And we want to make it. They might say. What is the take away? What is the take away? You are one. You cannot remember everything. Just remember your work place. It will. Remind you of everything else. Because the day you realize this. You will stop blaming others. This is what I tell my group. Everything is possible. It is our part. We have to take care of our cases. For everything. There is no issue that is not. Obviously like this. May not work in the product. Because. Customers really. Just. But like that's what. That's why. Thousands of dollars. Tens of thousands of dollars. For work place. Really. So. Page builder kind of. Size. Five dollars. Website builder. That's a whole different. Your estimate work place. How are we going to sell it? We are an Indian. Indian only company. But now we are in the US office. We can hire. So. How is the agreement? The agreement. The agreement. Because we heard you don't have. Oh. Any questions? So. I understood the. I think it is. The ability.  I think. Because of enterprise. They don't want to work with. So I think. So. They have so many. But if they like you. So. How do you. Because you are the only. So. And. Actually. As I said. Like. Because. We will have. Because. We will have. We will have. Because. So. I think. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. So. Just because your chief doesn't make them do like some companies have legal restriction or internal guidance not to work with somebody outside this and that is the reason why we are sitting in this office. Yes sir, that is how you please your clients. Yes, you have the ability. Yes, but even so, like when you pack it whole thing and you said like you know like half of the customers are like first it on the internet. So, it's like we don't have an industry company for a thing. Yes sir. So, how we what we have the confidence like we have right contacts like we have right network. So, it's like we have people with different skills that can killing for things we don't have. But you have to remember that that is my customer. So, like for the things that I am willing them for is my responsibility. I cannot blame it on third party. I cannot blame it on any of my party. I am willing them and more in more cases I say ok, even like some ways of meeting them for a design agency. We don't want to go on a new vendor. We will talk to them directly, but we want their vote to be outed from you. So, it's a billing proxy because in big age we can do something like onboarding and do when we take more than a month. And it happens to us also like sometimes client work with us, but they will do the partner who connected to the client. And it's not for commission, it's just like people are so busy to onboard a new vendor. They don't want to do that. Any other question? Yeah, please. So, the second party is easier to answer. Like she asked how it will become real, what is real, what does it become real, what does it become real. And how it will. Like it's going very well. And how I become is like I am not sure like where it will start. Technically we never have, right. We were just doing the good work. I was expecting my team to become better and better. We kept contributing to the soul. So, like we were doing good work. I was like on a diet. We had to demonstrate that we can do a certain role. So, the reason is because there are a way of partnerships. Excuse me because you cannot find your way. You have collaging over the night through your poor quality, your contribution and many others. I would say like it takes time. And the easiest way is to start with getting involved in the workplace. But yeah, it's definitely work. It's not work because you can become a real partner. It's work because there is a real joy in giving back to the company. We are becoming a real partner. We are just like a side. Otherwise we would have sent everything earlier. Any questions, right? If it's free, then we will be possible. That's what we are charging for. We are charging for the responsibility. We are here to take care of it. You would have, you would have to do a lot of work. You would have open support. Anything you would be responsible for. This is the explanation matrix. 3 level of contact, phone number, email ID. All of that. Any other questions? Thank you all.


All right, so maker system. It's the GDS system and let's because that's that's the default unless we choose otherwise the property class is Seven years. We know that's the case because that we're using the GDS system instead of the ADS And that's what they force us to do We know the date placed in service because that's usually the date we bought it, but it might not be it might be a little bit after But usually it's the date we bought recovery period Seven is seven year. We know that because it's it's seven year property Which with a GDS system and the method is going to be 200% or double declining balance with a half-year convention We know that's the case because that's the default if we're using a GDS for seven-year property Unless we elect to do something other than that like a straight line method half-year convention is the default unless we purchase A bunch of stuff at the end of the year or something in which case they might force us to do a half Quarter convention or something like that or mid quarter or whatever they want to call it So the depreciation rate is the point one four one four two nine from the table So cost or other basis ten thousand dollars Business percent. It's a hundred percent business percent. So ten thousand dollars no one seventy nine deduction So still ten thousand dollars no special depreciation still ten thousand dollars Multiplying that times to one point one four two nine gives us the one thousand four twenty nine for year one Oh for for the depreciation. So this is multi. This is your makers depreciation deduction So there we have that okay So so if there are no adjustments to the basis of the property other than depreciation your depreciation deduction for each Subsequent during a subsequent voyage Columbus found what a year of the recovery period will be as follows So now we've got our table ten thousand dollar property and notice how easy it is So they just gave us these percents here now you might say well, how did they get these two percents? Well, you could do a double decline in kind of calculation with a mid-year convention and kind of figure it out But it's a little bit messy to do it that way These tables are quite easy and and note what you get here like if I add if I add all this up by the way depreciation over the one two three four five six seven Years we got the two four four nine plus the one seven four nine plus one two four nine plus the eight nine three plus The eight nine two plus the eight nine three plus four four six is the is the eight five seven one and then I'm gonna add plus The one four two nine, I believe there's the ten thousand right it adds up to the ten thousand So we've fully depreciated after that point now again The software would be quite useful to kind of try to match out it should come up pretty close to this It might be a little bit different if they're using a method other than the tables But it should be pretty close the problem with software though is that sometimes you don't have a projection software So you can't see the depreciation that's taken all the way out into the future So these tables are great for for projections to see what's gonna happen If I map this out into the future for making decisions like should I take the straight line method or the double declining? Projecting what my income will be in future periods. Okay example The following examples are provided to show you how to use the percentage tables and both examples assume the following You use the property only for business. So no personal use you use the calendar year as your tax year Okay, you use GDS for all the properties. So those are pretty common example pretty common conditions number one You bought a building and land for 120,000 and placed it in service on March 8th The sales contract showed that the building cost 100,000 and the land cost 20,000 So when you buy building and land you usually buy it together at one price And then you have to break out how much was building and how much was land because they have two different Depreciations land is not depreciated building is therefore we would like to lean towards stuff being on the building side Because we would like to expense it or depreciate it for for our taxes Although that's reversed for our normal book bookkeeping right because because everything's flipped on its head for taxes Okay, so it is non-residential real property the building non-adjusted basis is its original cost 100,000 You refer to the makers percentage table guide and appendix a and find that you should use table a 7 a March is the third month of your tax year So multiply the building's unadjusted basis 100,000 by the percentages for the third month in table a 7 a Your depreciation deduction for each of the of the three years is as follows So now we've got our building now notice why they had to basically say that this was a Third month because now we're the tables have to reflect the fact that we no longer are using a mid or or half year Convention because it's this property is the real estate which usually uses a mid month convention So now you've got to determine which month it's it's being purchased in so you can use the proper table So it can calculate the proper amounts So the first three years they're just multiplying by the amounts found in the table again This is quite useful to be projecting out into the future I would also plug it into the software and kind of double-check that that first number is is is accurate so I could see if I'm looking at the right table and if I'm looking and I see the first two years at Lee so I see if I have the right table and if I'm plugging into the software correctly We might do that in future presentations and that and then use the tables to help me project out further than that into the future Okay, example two During the year you bought a machine seven-year property for $4,000 Office furniture seven-year property for $1,000 and a computer five-year property for $5,000 You placed the machine in service in January the furniture in September and the computer in October You do not elect the 179 deduction So we're going to take that off the table focus on makers and none of the items is qualified property for purposes of claiming the special Depreciation allowance, so we'll take that off the table. Just looking at makers You place the property in service during the last three months of the year So you must first determine if you have to use the mid quarter convention So note these kinds of property the seven year and the five year usually have a half a half year Convention meaning we assume they were all bought in the middle of the year which makes it easy But people sometimes trying to cheat the system when they do that Meaning they buy everything at the end of the year so that they can get a six-month depreciation even though they bought everything in the last month of the year that's so that so the IRS then says well to stop that from happening if you buy everything in the end of the year We're not going to give you the mid year convention or the half year We're gonna you have to use the mid quarter convention so that you don't have to get as big a benefit So now we bought everything at the end of the year We got to figure if we have to do the mid quarter convention so the 5,000 basis of so All prior places said so the 5,000 basis of the computer Which you placed in service during the last three months the fourth quarter of your tax year is more than 40% of the total basis of all property $10,000 you placed in service during the year Therefore you must use the mid quarter convention instead of a half-year convention bummer bummer But whatever you refer to the makers percentage Table guide in appendix a to determine which table you should use under the mid quarter convention The machine is seven-year property placed in service in the first quarter So you use table a to the furniture is seven-year property placed in service and the third quarter So you use table a for finally because the computer is five-year property placed in service in the fourth quarter You use table 5a or a 5 knowing what table to use for each property you figure the depreciation So one of the major points here is that you can if you use the tables You would have to use a different table if you if you had to switch from a half-year convention To a mid quarter convention because you bought more than 40% of the assets in You know the fourth quarter of the year So here we have the year the property the machine the furniture and the computer for year and one and two the basis Multiplied by the percentages and the tables gives us the deduction and once again If you plug this into the software the software would hopefully be able to kind of Make the calculation as to whether if you do the data input properly it should be a half-year convention or a mid quarter convention and then you can double check that to the results that you are getting from from your tables and then again possibly you might use the tables to Project out further than two years to the life of the property You know, you know going forward now that you have some confirmation that you have the right tables So we might do some practice problems with software in future presentations


Thank you for coming. Welcome. I'm Michael Green from CSIS, and together with our co-hosts for this event, Jack Pritchard and the Korea Economic Institute, and Professor Carl Jackson and CICE, U.S. Korea Institute. I want to say what a pleasure it is to welcome Lail Brainerd, the Undersecretary of the Treasury for International Affairs, for a report on the G20 and the economic aspects of the President's visit to Korea. I will introduce Lail, and then we're going to ask Carl to open with the first question, and Ambassador Pritchard will wrap up. I've known Lail for some time, and I've thought that if Marvel Comics ever decided to make an action movie about international finance, the superhero character would have to be based on Lail. Now, Lail's brother-in-law works in Hollywood and knows there's not a lot of demand for action movies about Sherpa and negotiating joint statements and currency accountants, surplus issues, and so forth. But her resume is truly impressive, and she has had hand in all the major international economic policy issues in two of the last three administrations. She was tenured at MIT and the economics faculty after getting her Ph.D. at Harvard and served as the Deputy National Economic Advisor and Deputy Assistant to President Clinton for international economics. That's not me. And turn off your cell phones if you don't mind. And at Brookings started a major program on international development, finance, and trade, and now serves as the undersecretary of the Treasury for international affairs. We are hosting this with KEI and with SICE, in part because this is such a remarkable moment for the Republic of Korea. This is the first G20 hosted by a non-G7 country. Koreans often describe themselves as shrimp among whales in Northeast Asia, and here there were 19 other whales, and President Lee Mung Bok pulled off quite a successful summit meeting. I think it's not unfair to say President Obama's taken a few lumps in the press over aspects of the G20, and I know from experience in government, I'm sure Carl does, that the narrative the media builds is often not the narrative of what happened in the room and where you actually stand on building an agenda on issues, and I think we'll all look forward to hearing Lail's report on where we stand on some of the contentious issues like currency, some of the issues that didn't, in my view, get enough play like the development agenda. And I can guarantee you'll get questions on the Korea Free Trade Agreement. So it's a rich menu. Lail will serve us the first course, then we'll turn to Carl. Thank you for joining us. It's a real privilege and a pleasure for us. Thank you. Well, it's wonderful to be here, to be back at CSIS, and it's great to be here with Mike, and I think I just wanted to congratulate him. He is the proud father of a four-week-old baby girl in addition to his three-year-old son. So congratulations to Mike. And it's delightful to be here. Thank you to CSIS, to KEI, and to SICE for hosting all of us here today. All three institutes, I think your efforts to advance the policy debate here in Washington and more broadly around the world are vital to furthering policy innovation and leadership. I will focus my comments today on the outcomes and the accomplishments of the past few weeks of international economic engagement, focusing on the President's trip to Indonesia, India, South Korea, and Japan, of course the G20. But let me start by just recounting one of my own recent experiences here. On a recent tour of a plant near Albany, a plant manager of more than 30 years, described his company's efforts to look for new ways to make their processes and products better so they can compete in the most highly competitive markets around the world. He had incredible enthusiasm and optimism and energy. And essentially, he said, we want to be number one, and we are constantly looking for new ideas that will help put us there and keep us there. And that captures, I think, for me in a nutshell why we are working so hard to put in place a policy framework that will move the U.S. economy from recovery to renewal that will get Americans back to work and that will get businesses back to investing here at home. As President Obama said on his way back from Asia, we should feel confident about our ability to compete, but we need to step up our game. Exports lie at the heart of our efforts to step up our game. The President's goal of doubling exports in five years provides a very clear prism to ensure that all of our policies remain relentlessly focused on expanding opportunities for American businesses and American workers. Our engagement in the G20 and APEC and ASEAN as well as bilaterally with key partners such as Korea and China are core components of that effort to revitalize America's innovative edge and renew our competitiveness. Let me quickly touch on the three key elements of this effort with reference to the President's trip to Asia and then be delighted to have a conversation answer some questions. So first, let me just talk about the broad growth agenda, which really centrally involves our efforts at the G20. Going into the crisis, our growth was unhealthy and unbalanced. It was fueled by cheap credit and it fueled in turn massive export surplus as a broad. Looking forward, we all need to find more sustainable sources of dynamism in our economy and around the world. Sources of dynamism that will enable jobs to return and businesses to reinvest. Helping to put growth on that sounder footing was the very core of our discussions at APEC and the G20. As advanced economies like the U.S. continue repairing balance sheets and deleveraging and putting public finances on a sounder footing, we're going to have to work with other major economies to support new engines of growth for the global economy. In turn, countries that previously relied on the American consumer to fuel their economic expansion will need to identify new sources of growth. Fortunately, there's ample opportunity to do so, particularly in the emerging markets, where consumer needs and infrastructure needs can provide those new engines of growth for the world economy. In Seoul, we went in with an agenda for rebalancing global demand and for a policy agenda to support it. We came out of Seoul with unanimity around that plan, around that growth agenda. With agreement that strengthening global growth is the primary goal and that the imperative is to shift demand in order to lift overall growth. The G20 leaders committed to a new framework to curb excessive imbalances and noted that all economies surplus no less than deficit have a shared responsibility to engage in this rebalancing effort. To take action, the G20 will work in the coming months to develop a set of indicators that will serve as an early warning system to ensure preventive and corrective actions. We will now work closely on a timeframe agreed by G20 leaders in the G20 and the international, with the support of the International Monetary Fund to agree those indicators and to assess country policy trajectories against them. And of course, there was agreement that exchange rate policies will be a central focus of those discussions. The G20 recognized the important role of market-determined exchange rates in helping to facilitate rebalancing. And of course, we are working hard to ensure that China in particular makes progress in allowing its exchange rate to appreciate in response to market forces as Chinese officials reaffirmed their commitment to do. We have noted the accelerated pace of appreciation in recent months, which, if sustained, would make a material difference to correcting the undervaluation of the currency. So in Seoul, we essentially came in trying to set a forward growth agenda, one that would provide a cooperative path forward for countries that are currently engaging on very different growth paths. And we felt that we came out with not only a commitment around that basic proposition, but a framework for action and timelines to ensure that it moves forward. Secondly, we were very focused throughout the trip on expanding export opportunities. As the president traveled through the fast growing markets of Asia, he emphasized the key role of opening new markets to support growth and jobs. In 2009, exports made up only 12% of U.S. GDP, the smallest percentage of leading economies. If we want to create broad based and sustainable growth here in the U.S., we have to expand export opportunities by strengthening trade rules and key markets by enforcing the rules that we have, and of course, by supporting our exporters from the largest multinationals to the newest startups. The administration is providing support for small and medium-sized businesses through EXIM and through finding and removing obstacles to exporting. We have heard stories going across the country from many small businesses on how critically important those programs are to getting into growth markets abroad. And commerce's advocacy on behalf of America's exporters is also yielding important gains that we saw as President Obama traveled through Asia, where we saw the finalization of nearly $15 billion in export contracts. Trade agreements are likewise important. On the bilateral side, President Obama noted that he is committed to completing negotiations with South Korea on the free trade agreement as quickly as possible. Progress has been made, but USTR will keep working to improve chorus so it is beneficial to American industry and workers. If done right, this agreement could increase the annual exports of American goods by some $10 billion and even more in services. And of course, the President also reiterated his commitment to complete the pending agreements with Columbia and Panama. Regionally at the APEC Summit, the President discussed progress on the Trans-Pacific Partnership Agreement, which can serve as a platform for economic integration in the fast-growing Asia-Pacific region and a model for a world-class 21st century trade agreement. Multilateral USTR is continuing to seek a successful conclusion to the Doha Round and in particular expanded market access commitments from dynamic emerging economies. But of course, as we move forward on these efforts to strengthen trade rules, we also need to make sure that we enforce the very important trade rules we have. And we are vigorously pursuing a number of WTO cases and investigating Section 301 Petition in particular. And then the final piece of the agenda, which is really about our strengthening our capacity here at home, is the President's commitment to strengthen our economy. And again, as we look around the world, it should be an invitation to us to step up our game. The President's innovation strategy is one of our key efforts to harness the ingenuity of American workers and industry, focusing on the building blocks of innovation, education, infrastructure, advanced communications technologies, and of course R&D. As the President traveled in Asia, he also observed that countries were investing in infrastructure while the United States is still living off our investments from decades ago, noting that it's past time to upgrade our roads, railways, and runways the President has proposed a $50 billion infrastructure fund to bolster our competitiveness through infrastructure investments. We should learn from the efforts of other nations as we pursue these investments. And finally, of course, tax initiatives are another area where we can provide incentives to invest today for the future. We have proposed an expanded R&D tax credit and 100% expensing of capital investments as several of our broader initiatives to spur investment. It is also critically important that we strengthen our financial system, that we make it more resilient, and that we bring other countries along in that effort so that we're engaged in a race to the top, not a race to the bottom. At the G20, leaders embrace the new bank capital and liquidity standards that are part of Basel III. This was an effort that we put on the agenda. The President put on the agenda in Pittsburgh and we have delivered on it in record time. In Seoul, leaders agreed, like in the Dodd-Frank legislation here, that no firm is too big to fail, that all countries need robust resolution regimes similar to the one we have here and that the world needs to ensure that the largest, most interconnected firms have greater loss of absorbency so that taxpayers need never bear those burdens again. The G20 also addressed the need to move forward together to strengthen regulation of derivatives markets. And finally, of course, there were very important agreement was put on the table to ensure that the IMF would be stronger, more and better equipped to deal with crises of the future and more representative, recognizing that as the dynamic emerging markets are playing a greater role in the system, so too they have greater responsibilities in the system. The G20 summit and the full scope of the trip to Asia showcased an America that's committed to working hard to remain innovative, competitive and strong. We came away with strong agreement among our G20 partners on the core growth challenge that we faced and on a process and a timetable for delivering on it. Of course, the task before us now is to take the hard steps of action and implementation. And as we go forward, we feel that the efforts that we are undertaking here at home are of a piece with those efforts that we're undertaking with our trade partners, both bilaterally, regionally, and of course, multilaterally through the G20. So with that, let me conclude and look forward to the discussion and taking your questions. Thank you. Thank you, Lail. You've given us an excellent introduction to where we are coming out of the G20 and APEC and what to look for in the months ahead and listening to you. I think we can all be very thankful you're on the job and on the case. I'll call on people from up here. There's a microphone. I'd ask that you identify yourself briefly, keep questions short, and we'll begin the process by turning to my colleague from CICE, Carl Jackson, in the front. Thank you very much. I'm Carl Jackson from CICE, Chairman of Asian Studies. I was thinking, as you were talking, about a fellow named Toshiki Kaifu, who was Prime Minister of Japan when I had certain responsibilities in the American government. I remember him very clearly turning to me, looking me in the eye and promising me that Japan would become an import superpower. I'm still waiting. And with regard to the appreciation of the Renminbi, I think it's very important, important not only the United States, but to the world. And I'm wondering what the benchmarks are that we should be looking for concerning whether or not we're succeeding or falling behind on that particular initiative. I think the the important thing to recognize is that the crisis made clear to reformers in China, to policymakers in China more generally. The view that their growth model was no longer a particular good growth model for them any more than it is for the world. And in particular, I think there was a recognition, and we're seeing this play out a little bit in their policy debate, that they have a tremendous internal capacity to promote domestically driven growth that is healthier growth, that their growth model was excessively dependent on an overextended American consumer. So one of the things I think that we can see playing out in this dynamic is there is actually a recognition coming out of the crisis that this growth model needs to change and that more broadly there needs to be a shift in global demand. The second thing I would say with regard to that is the exchange rate is we think very important to this rebalancing effort in China and a number of other countries that have been cautious on allowing their exchange rate to reflect economic fundamentals and market forces. And so we're going to be working bilaterally through the S&ED, multilaterally through the G20 and other mechanisms. And as we've looked at the exchange rate, we have noted that the pace of appreciation since September 1st has picked up and that this pace of appreciation that we've seen in the recent weeks has actually been a pace that if sustained would make a material difference to the undervaluation of the currency. But I think the third piece that I would point out is that as we engage in this broader rebalancing, it is also important and part of the policy trajectory within China to also see a number of supporting economic reforms to help promote the role of domestic consumption in driving growth. And so these policy reforms are complementary to each other. It's not just the exchange rate, it's also supporting the role of the consumer and reducing the perceived need for precautionary savings. We think these things work together. And the framework that was agreed and embraced at the G20 in Seoul recognizes that it is that complex of policies that countries like China, not China alone, need to undertake structural as well as exchange rate policies that will help shift the broader growth model to one that has more engines of growth and that we think will be more sustainable for the world economy as we repair our balance sheets. Hi, thank you. Casey Farrell with the Center for Global Development. The G20 development action plan included language to expand market access for the least developed countries, but this commitment did not come to fruition during the summit. What is the administration's position on providing full duty free quota free market access to the world's poorest countries, particularly in the context of this global collective growth in the absence of the Doha round? Let me just step back for one second and just give a nod to President Lee and to the Korean team more generally for the really outstanding effort that they undertook. I think as Mike said earlier, this was the first time that a country who had not previously been part of the G8 undertook to lead the G20. And so I think it was quite a test of their leadership and their vision. And I must say they put a very ambitious agenda on the table and they delivered on it across the board. One of the areas that they put on the table, which reflected their own growth experience, was a very robust development agenda, as you said, the development action plan that reflected their own experience of growth being at the center of their efforts and the important role of trade, the important role of infrastructure and a host of other factors in their own successful development story. With regard to the discussions about market access for the poorest, those conversations will continue in the context of the Doha round. I think the leaders gave renewed impetus to the Doha round. Discussions made very clear what additional needs to be on the table to take that forward. But I'll also say that as you know, our efforts here in the U.S., in particular through Agoa, are widely acknowledged to provide some of the best access in the world. And in fact, there have been calls for other countries to emulate the extent of access that we provide through Agoa and to reflect that more broadly. Thank you very much. I'm John Luthorov. I'm Director of International Advocacy and Interaction Alliance of 200 U.S. NGOs. We are very pleased of the extension that so the government led on the development side. One area that is growing is the financial inclusion area. And the Malia Action Plan describes the global partnership for financial inclusion that's being set up and it lists three organizations that are part of that all-policy level or World Bank connected. I was wondering one, how that's going to happen, but also how the civil society input will be taken into account in terms of the design and implementation of it. Yeah, so one of the areas that certainly at Treasury we were most excited about was this financial inclusion agenda. I would say that expanding access to financial services both for poor communities as well as for the small enterprises is something that is a widely shared policy goal throughout the G20 including of course in the U.S. and also well beyond the G20. And one of the great things about the financial inclusion agenda within the G20 is it goes beyond the G20 membership and it has key developing countries that have done some very innovative things in terms of banking the unbanked using mobile telephony as mechanism for expanding access. And as we take that forward, we'll use some of the existing mechanisms multilaterally. Of course, CGAP will be very involved in those work in that work. And I think there will be a desire to include the very important players in civil society who have made a lot of innovations. And in fact, I just want to highlight one piece, the president Lee and President Obama presided over an award ceremony for a number of SME small and medium sized enterprise financing groups that had all been engaged in a an innovation prize that was run on behalf of the G20 by civil society. And these were of course groups out in civil society who were being recognized for pioneering some of the most innovative mechanisms to scale up and leverage financing. And so you could see right there that there was an integral role for civil society to play in that both in innovation and also in implementation. Thank you very much, Raghupir Gaur from India Globe and Asia today. Madam President stripped of India was a billions of dollar deal with the Indian companies and with the government of India. Now as far as the India's investment in the U.S. is concerned, already creating thousands of jobs here. But the new deal will create more than 50 or 60,000 jobs in the U.S. Now there is a much demand in India for made in USA. What do you think are you going to export to India made in USA that this new deal is going to bring? There were a variety of different kinds of products that were that were actually finalized in the transactions that were announced in India. But we already have a very broad set of exporting relationships with India. And there's tremendous opportunity there as you know in particular the government is very focused on infrastructure investments. And of course American companies have huge amounts of innovative products to bring to bear there, you know ranging from transport to clean energy. So I think there's a lot of opportunity the president spoke to this met with CEOs from both the U.S. and India. And of course, you know what's so great about the relationship between the U.S. and India is it's really very driven by the two dynamic private sectors of both countries. You in both cases you have these very dynamic private sectors and very engaged in a whole set of transactions, investments and exports. So I think the you know the future there has a lot of promise. I'm going to jump in queue and ask a question that shifts a bit from content to structure. And you in the Clinton administration had experience managing G7, G8 meetings G20 is exponentially more complicated politically, geometrically and in terms of diversity of government types and development levels. What if you could say something about how it felt mechanically and there are people out there who say the G20 can't survive it was basically created in a crisis and it's just too big. And if you could you know give us your impressions about what you see as the structural viability of the G20 going into the future that would be helpful. Yeah so I think this is a really important dimension that we all need to be highly aware of. You know we are constantly comparing I think the G20 with the G7, G8 you know which had a 25 year history. A number of countries that were at similar levels of economic development and who had developed over decades deep habits of economic cooperation and of working through challenges together. So as we have moved it is critically important as President Obama said at Pittsburgh when we moved decisively the G20 as the premier forum it is critically important that the Indians and the Chinas and the Koreas be at the table because of their role in the system. But it is there are both more countries at the table and of course more different growth trajectories. And I think that was in many respects what we saw as the backdrop coming into this meeting is you know we were moving from a period of crisis response which characterized the first two years of this organization where policy challenges and policy responses were much more uniform across the countries in the room to a period where we are now experiencing quite different growth trajectories and challenges. Many of the emerging markets are coping with the rather good challenge of very rapid growth and a lot of interest in investing in those economies and some of the advanced economies are still working through repair of their financial systems, repair of their balance sheets, the deleveraging process. That's why we thought it was so important coming into this meeting that we bring a new agenda that we reset the agenda going forward to bring those disparate countries together around a common growth path, a cooperative growth path with different policy prescriptions for different types of countries but that together those policy trajectories would be a win-win. And so I think that is what we saw in Seoul but you're right this is a work in progress and it's going to require continued engagement and very complicated diplomacy. Gentlemen in the back. On this side here. Scott Ottoman with Inside U.S. China Trade. In the interim between the finance ministers meeting of the G20 and the leaders meeting I believe a senior treasury official said that it was a time to put meat on the bones of the framework that the finance minister had come out. I'd like to get your idea of what meat has been put on the bones. It seems like there's no number involved with the indicative guidelines with respect to current accounting balances and there was a discussion on whether to differentiate between currencies undervalued currencies being subject to certain disciplines or just currency devaluation in general and it seemed like the more generic term ended up being used. I mean could not one reading from the press reports think this might be a step backwards in terms of getting action on the China currency issue. In fact with Germany seeming to join China's side when it got expanded to current account imbalances given its current account situation and the QE2 timing announcement seemed to rally a number of countries in the complaining about U.S. policy. So I think you know you you know there's always a lot of noise in terms of statements to the press countries have reasons to address their domestic political audiences in different ways. But of course the test is in what was agreed. Where did you get consensus and that of course is the communicate document and I think what you will see there and the reality in the room was that we had unanimous support for the framework which did put important meat on the bones of the rebalancing framework in a number of different ways. Perhaps most importantly we got commitment to action very important. Big big step beyond what finance ministers and central bank governors had agreed and of course we had commitment at the political level which is the most important thing. We got a timeline. This is going to happen very concretely develop indicators that will serve as an early warning mechanism in the first half of the year. Develop the assessment of whether policy trajectories are consistent within the first year under the French presidency. Very clear that the indicators would serve as an early warning mechanism they would identify imbalances that would require. This is just the words on the page. So I'm just quoting directly preventive and corrective actions. Very clear that surplus economies and deficit economies have shared obligations. Very clear that exchange rate policies are part of the policies that will be assessed to see their consistency with the commitments that were made. And there is very clear just differentiation if you look at the exchange rate language between countries that have obligations to move their currencies in line with market forces. Advanced economies that need to continue to be vigilant against exchange rate volatility. And those countries that have been essentially had policies of flexible exchange rates and have been subject to undue adjustment burdens because some of the other emerging markets have not been adjusting as much. So there's clear differentiation there and there's a clear connection between the assessment framework and the need for corrective policies. Thank you. Dong Hu Yu with the China press. And the G20 and the ad pack were regarded as the very important opportunity to push China to make more progress in currency issue. And right now the two meetings are over. I just wonder if your expectation before the meeting has been met or will be your next expectation or certain goal for the R&B appreciation before the visit by President Hu towards Washington DC in January. Thank you. So let me state differently what we thought our objectives were, particularly the G20. Our objective at the G20 was to work with China to reach agreement with China and other dynamic emerging market economies around an agenda that we thought was important, which would provide a cooperative growth path forward that would lead to a orderly adjustment of demand and a shifting of demand from deficit economies to surplus economies so that we would see higher growth overall and that exchange rates were an important part of that adjustment mechanism, in particular allowing exchange rates to move in accordance with market forces. And we felt coming out of that that there was agreement that all the leaders signed up for that framework. And it gives us a very good agenda going forward for making progress on these key issues. Now, with regard to the bilateral discussions, I think President Hu and President Obama in their meeting, President Hu reaffirmed strong resolve to China's flexible exchange rate regime and also reported on the progress that had been made on that since they had last met. So good discussions bilaterally about that issue and again a cooperative framework with all the members of the G20 to try to address these issues in a way that we think is win-win going forward. Charles Chung from Korea International Trade Association. You mentioned that the cross FDA and going into G20 summit, there are high hopes and the expectations for the conclusion of their discussions. But it was somewhat disappointing and there are some reports for the other reasons ranging from autos and beef. So what in your mind was the essential deal breaker and how can both sides come up with a solution in the future? Thank you. Well, let me refer you to USTR for any discussion about the specifics of the negotiations. But simply say that both presidents are very committed, stated their commitment to reaching a good deal. They've asked their negotiators to go back to work towards that end. We have confidence that we can get there, that we can get a good deal. And we weren't there yet in Seoul and what's most important, of course, is that we get a good deal. And it is worth doing that little extra bit of work to get to a place where it's a strong deal where we think it's going to make a material difference to our workers, to our businesses, to our trade relationship. Lail, thank you. Let me invite Jack Pritchard to the podium for a wrap-up. That was excellent. You've been generous with your time. Jack? Well, ladies and gentlemen, this has been a terrific short but compact with information. Now, Mike started by talking about the potential of a superhero role for Lail. And as I was sitting here taking notes, she disqualified herself. She is far too articulate. Wouldn't fit well in that role. So we've got to come up with a new category to justly reward her actions and her capabilities. But let me, on behalf of CSIS and Mike, thank you for a terrific job as moderating Carl Jackson for leading off the questions on behalf of the USKI and SICE and for my organization, you'll see the banner here, the Korea Economic Institute. We have very much appreciated Lail. You're taking the time to report so promptly on the economic implications of what occurred in Seoul and the path forward. But more importantly, even after your presentation, you entered into a conversation with people who are very interested in this. And you can tell by the type of question that they very much appreciated the fact that you were here. So on behalf of everyone, we want to thank you very much. I have one request. It's going to be an administrative request. Undersecretary Bahrainert has another appointment she has got to go to. So please don't cut her off at the pass as we get her into an elevator. I know she'd love to continue the conversation, but we'll have to do it at a different time. So please join me in thanking Undersecretary Bahrainert.


Today is the day I get a highest-synth macaw. See, your reaction is better. Stop! Oh, everyone, Marlene McCohen here, and this is Leo, and we wanna welcome you to our channel. I don't know how to tell you what's gonna happen today, and I don't even know how to tell anyone in my house what's gonna happen today, because sometimes I make executive decisions, and I made one, and I just wonder if you guys could guess what it is. I feel like this is a confession. I honestly do. For those of you new to my channel, I have quite a few birds. 10 or 11 parrots, I try not to count, but I have not gotten a new bird in like three years or any new pet for that matter. Guys, I'm getting a new pet today. Mom, you're always cleaning. There's a lot of dog hair. Dog hair? Do you think we should get another dog? No, you don't need another dog, no cat. No birds. What about a bird? No, no dogs, no cats, no birds. Nothing, not even a fly. What about a hamster? No, that's allergic. Hello, a warning would be nice. This is your warning. I'm getting a silky chicken. Not to have, Marlene. Fine, I won't get a silky chicken. It's coming now. What is that face? No, I'm not gonna get a silky chicken, but I was thinking I really do want a silky chicken. Well, no. Absolutely not getting one. Why not? You're absolutely, is this place zoned for chickens? You guys, run, or you know, stop running. Today is the day I get a highest symptom of cough. See, your reaction is better. So, Georgia and I were talking and I said, if you could have any new pet, what would you get? Like, if you had to choose. He said bird, okay? And I'm like, why? Like, we definitely don't need any more birds. And then I said, what do you think I would get? He guessed, right. I said I would want a cat, because I want one that loves me as much as Starbucks loves him. Are you okay with this, Megan? Absolutely not, don't ever do it. My friend, Carolyn, started posting this kitten all over social media. And I don't know what it was. I felt an immediate connection and obsession with this cat. She texted me that she allergic to the cat and do I want it? And I'm like, how is the universe offering me the cat that I've been obsessed with? No, I can't say no, but I was ready to say no. And then I took it up with George. And George was like, do you want the cat? I'm like, do you want the cat? I'm like, do you want the cat? And like, this is why we're bad together. So cute, she just got out of the cage. Are you sure you don't want to keep her? How are you going to give up a kitty like this? I'm heartbroken. I would love to keep her, but I just can't. And I think she'll have a really good time with you. I mean, I've been obsessed with this cat. Ask Carolyn, every time she posted a picture of this cat, what did I do? You were obsessed. You wanted to eat her and everything. You're going to love me more than George. That's the most important thing, okay? They all love him, but I'm the best. Mom, fix your hair quick and come here. Oh my God, so cute. Well, I know there's a lot of birds here, a lot of noise. Megan, are you taking this kitten home? No. No? Actually, Marlene has something to tell you. Yes. This is your new grand cat. Oh my God, no way. Are you kidding me? Welcome to the family. It's wild, crazy. There's a bathroom upstairs, boy. You have your very own bathroom. What are you really, who are they gonna keep this cat? How do you think it's the cutest cat? It's the cutest cat. I don't know if we need another cat. But it needs a home, so how can we turn down a cat with the cutest one that needs a home? Find a home. What do you guys want to say? I think Dad's gonna think like, oh my God, another animal in the home that we don't need. Yep, precisely. Right? Where did you get that? Oh, look at that. Whose cat is that, your cat? Whose cat, yours? No, how old is your month or so? Eight weeks. Eight weeks. Are you gonna make you like everything I do to you? No, she's such a sweet gentle cat. Aw, she likes you, Dad. No, that was her nails getting stuck to her. I know it's responsibility, but if you have more animals.  But she needs, Liz, let me explain to you guys how cute. Okay? I got it. I'll explain. Give me the cat. Let me explain. Give me the cat. Let go. Hands up. Hands up. I wanna explain. Hands up. Can I have this cat? No. I wanna explain to you. I know, you can explain what I'm talking about. No, okay, I wanna show Dad something about the cat. Can I show Dad? Did you just stomp your foot? Yeah. All right. Can you take the responsibility? Dad, I'm really difficult with animals. Back off and relax. No, I'm not gonna stomp it.  I want her to love me just as much as you want her to love you. No, but I need this one to love me more, okay? This one's gonna be sleeping in the bed right next to me. You're really a hogger. This is not fair. I don't get to be here all day long.  You will have her. You're hands off them. Stop. You're evil. This isn't my cat and it's gonna love me more than you. If it doesn't, I need another cat. So you're gonna give me this one. She needs another cat. We're gonna have like 12 cats too. No, no. We're not cat people.  It looks heavy. It's not heavy.  George, this is very frustrating. Hey guys, no. What are you doing? You're doing this. It's because your body guard. I was digging through everything. Look at Brando. Yeah, are you jealous? Good news. Then maybe you'll love me more too. Hey, leave the cat alone. Oh my God, come on. Advertising Advil. I'm gonna eat this cat later.  You wanna see what I got today? Yes. I'm scared. No. I'm gonna start crying. She's adorable. Isn't this cat super special? She's so fluffy.  Oh my goodness. Oh my God. She's so classic. She doesn't even make a peep. Your dad's like, what happened? Your daughter said that this is your new kitten. Oh, perfect. Is that okay? She hissed at you already. Oh, she did it? So you want her? Do I want her? Everybody wants a little kitten. They're always cute when they're small. They're like children.  All right, so the sun is here. Ah, thank you, Caroline, for this amazing cat. I'm just so glad it works out. So thank you for taking her and taking good care of her. She's really special. She is. Yeah, you can come see her all the time. I know. All right, guys. Bye.