Okay, and here it is. So we're going to the whiteboard. So here are some words we heard on the tape. We heard Cohen say, we need to finance this company. The company that would be used for the payments, the payments to the ex-Playboy model. And you heard Trump say, finance what? Right? So when Cohen says finance, we would all agree that Trump had a question about the word finance. Finance what?

And then there was a clarification later. There was a second word, cash. And you heard again that there was some question. You know, Trump said something about cash and then there was some clarification. And then there was a point where Cohen was saying no, no, no, no. But there's some ambiguity about what was he saying no about.

All right, let me clear this all up for you. If you're Cohen and you say we have to finance this new entity, what you mean is we have to fund it. In other words, put money into it. If you were Trump and you hear the word finance, what's that mean? What does finance mean to a developer? It doesn't mean fund. It means loan.

All right, so now this would make sense, right? Because Cohen wouldn't suddenly say, hey, we have to fund this entity, but he used an ambiguous word. And Trump says, finance? Finance what? Because to somebody like me, I've got a background in finance and economics. When I hear finance, I hear it the same as if somebody is going to buy a car. All right, if you're going to buy a car, they say, are you going to finance it? Meaning get a loan.

So that was the first point of ambiguity. They use the language differently. Then came the word cash. If you go in to buy a car and they say, how do you mean to pay for it? Are you going to finance it, meaning get a loan, or are you going to pay cash for your car? When the car dealer says, do you mean to pay cash, does he mean a big pile of dollar bills? He does not. It is not cash the way Cohen, I believe, heard it.

This is just my hypothesis. Probably meant currency like dollar bills, or it might have been immediate. So there's some ambiguity about what Cohen thought about cash. But I don't think there's any ambiguity about what Trump thought. Cash is the opposite of finance. So cash is really just write a check.

All right. Now what really happened? Do you remember how it was actually funded? I believe the plan, or I don't think they did fund it, but the plan was going to be that Cohen would put the money in and then he would be reimbursed through normal lawyer payments or something like that, which would be effectively a way to finance the payment over time.

So when you get to the no no no, I believe what's happened is something like this. This is just an interpretation. And by the way, I wouldn't bet my life on this. The point of it is to show you how many interpretations you can get out of the same set of facts.

Okay, so Cohen says finance. Trump says, what do you mean by that? Because he's thinking loan. But Cohen is just thinking we need to put money into it. Then the question of cash comes up. Trump asks the question because he's still trying to determine, did you mean really finance as in pay over time, or do you just mean we need to put money in, which is cash, which is also a check? It means the same thing in this context.

And by the time Cohen says no no no, what is he talking about? He's probably talking about they both got confused with their terms and he wants to make sure that Trump doesn't think he's talking about a big pile of currency. He might be just saying, no, no, no, I'm not talking about like actual cash. I just mean we have to put money in it.

Now, having heard this description, that these two people, a lawyer and a person who gets loans for a living, doesn't this seem a little more likely? What's going on is that they had some confusion over their use of terms.

Now listen to it again after I've given you this description, and you can hear that they're grappling with what do you mean by the terms? What do you mean by the term cash? Because it has different meanings. And what do you mean by finance? Because these two people see them differently. And by the time you get to no no no, I think this is the point where Cohen is realizing that they might be using terms differently and he's just trying to clarify. But it's still a little unclear at that point.

All right. So although other people say they heard it that way too. Right now, have you seen this explanation on CNN or even Fox News? I haven't seen it. At one point I heard somebody saying the White House was saying something about payment over time, but I think they abandoned that explanation.

Now why would it... Now here's the other confirmation. And Giuliani said this. Every once in a while you hear something that you say, oh my God, that's right. So Lanny Davis has said, hey, when they're saying cash, that's only something that drug dealers or basically criminals do. Only criminals and drug dealers use cash.

Do you know who else uses cash? Rich people. But they call it writing a check. Right? So when Lanny Davis says only drug dealers use cash, he is a huge liar.

All right. So let me just say it as clearly as I can. So Cohen's lawyer is a gigantic liar and he's lying to you because he's trying to make you think that the word cash as used in that could possibly mean as if either Trump or Cohen were actually talking about a big pallet of currency of dollar bills.

Okay, so that's Lanny Davis trying to make you believe something that's ridiculous. And he did a pretty good job, I have to say. As an advocate and a lawyer, he's doing a good job. But he's totally lying to you in a way that is so transparent it's kind of funny.

So that's my analysis. Okay, cash does not mean hard currency. That's what I'm saying. It means both things, but in this context obviously it meant write a check.