that could change over time. So you're estimating, right? It's not even so much what it's worth today. You also have to estimate will it still be worth that during the course of the loan because that's your collateral. Now which of those two things the top of the range or the bottom of the range would management naturally and quite reasonably take as their estimate? Management would take the top of the range because they want to tell you they're doing well and it's within the argument. That's not crazy. It's like there's a range that reasonable people could put on this so management will always take the top of the range every time. Not just Trump. Every management everywhere all the time they're going to take the top of the range. Now what's the bank do? The bank has to protect their loans and the most devastating thing is if you don't get paid back. That's the worst. So when the bank looks at your assets do they take the top of the range or do they take the bottom of the range? Of course they take the bottom and they determine the bottom on their own. They don't take your word for it. They don't take management's word for what the bottom is. They calculate that on their own. So in every case where you see a major company like Trump's getting a bank loan in every case what you should expect is that completely legally management is saying we accept the top of the estimate for our value and the bank is saying you know we play it cautious so we're all guessing so we're going to take the bottom of the estimate to make sure this is a good loan.

Now here's the next thing. Apparently Letitia James said long before she had the job when she was campaigning for it that she was going to sue Trump every way she could. And she said it repeatedly and she said that before she had any evidence of any crime that she would sue him repeatedly with no evidence of any crimes. And then she got the job and then she brought this case which as we look at it if you know anything about banking and anything about management I don't even see an allegation here. It's supposed to look like the bank had a lower valuation than the management. That's the only way it's supposed to look. It should never look any other way. That's the only way it should look. And she's decided that's evidence of a crime apparently. Now I don't know the whole details but that's what we're told that it's based on that. Now as Dershowitz says that the Trump team should be motioning to have her removed at least from the prosecution. How in the world could you have a legitimate prosecution when the person doing it has said in advance they would prosecute him no matter what the evidence was? That's the end of the prosecution. So yeah it's a civil case. I'm a little confused about the criminal versus the civil element of that. So yeah there I have some murkiness on that question. All right. So I take Dershowitz's opinion as I always do as the better one in every situation it seems like. And I agree that Trump doesn't have any real risk here. But the Democrats need to have at least one Trump is in trouble story going at all times, right? So once this one collapses it probably will they're just going to queue up the next one and it won't have any more legitimacy than this one. They just have to have one sort of running at all times. There always has to be one. Yeah and if it's not him then they'll use his friends. Well Mike Lindell is yeah whatever.

All right. Yeah Joshua says it doesn't pass the test of being even legitimate and I agree it is not legitimate looking. Are there stories I forgot that there are a few major stories that I haven't touched on and when I watch The Five they'll mention them sometimes and they'll say oh I should have talked about that. All right. Any major story? Yes I did see that I made the news yesterday in a number of publications for being the voice of anti-ESG. And I'll say it again. If you're trying to explain to somebody what's wrong with ESG the way you do it is you say they have very good goals but they don't understand systems. And it's a terrible system to put society's goals in between the management and the customer. It's good to have those goals but you don't want to enforce them from a third party outside. It just breaks the system so that the free market wouldn't be able to handle that much friction.

All right. Yeah we already talked about then we talked about the 18 year old that was run over for political reasons because it was a Republican and a Democrat murdered with his car and I think we talked about that right? That's another example of that. I'll tell you some of my most weirdest provocative predictions about Republicans being haunted. Why do they always use old photos in the articles? The reason is there are not any new ones. So when I did a lot of publicity early in my career there were tons of photos that were taken and sometimes the photographers will retain the rights and they'll put some of those photos on a public stock photo service. So then the news people will go to a stock photo service because they have owned the rights to use any of that stuff and they'll use whatever photo they have rights to. Now if I were like a presidential candidate they would send a photographer out every time there's a story and you know maybe get a new picture or something. But since most of the pictures ever taken of me that would be copyright available are older ones. Right companies get appraisals to support their financing and then banks do their own appraisal and there's naturally a difference between those two. What do you think about NLP? Overrated. Oh yeah. JB Diamond's response to Rashida about, so Rashida what's her last name? Rashida Tlaib. So she was grilling some CEOs I guess in Congress and asked them you know what they would do about getting greener or I guess a specific question was would the banks be willing to make loans to people who were in the energy business? You know that old dirty energy business. And Jamie Dimon said yes and to do otherwise would be the road to hell. You know I don't always agree with everything that Jamie Dimon says but you have to admit he is a straight talker and he could not have said that any more clearly. And Rashida Tlaib, and I have to wonder if she's actually on the side of America don't you? Like actually legitimately. Now usually when we talk about our political opponents you know we like to ta