Transcript: President Trump’s Remarks on Regeneron Deal – April 23, 2026

I’ve seen some work on it. It’s actually hard to believe. We’re going to talk about it in a minute. Normally, cures for rare diseases can cost millions of dollars, and really the results aren’t that good. But in this case, I’m pleased to say that Regeneron will be giving this away for free for a period of time, for free.

Two-Year-Old Travis Smith: A Miracle Cure for Deafness

And here with us is two-year-old Travis Smith. He was born deaf. Was he totally deaf? Yeah, 100%. This is 100%. He was 100% deaf, but he took this miracle cure, and now he can hear his mom, Sierra, say “I love you.” And Sierra, could you maybe say a few words? That’s really incredible. It’s absolutely incredible. Regeneron works miracles.

SIERRA: Yeah, he didn’t know his name. He couldn’t hear me tell him how much I loved him. And now with Regeneron and this amazing surgery, he can listen to music, and he loves it, and he loves to dance, and he loves instruments, and I’m so proud of him. He’s been so brave through all of this. And yeah, now he can hear, and he has a bright future ahead of him, and I’m so thankful to everybody on the Regeneron team.

TRUMP: That’s incredible. I mean, even the fake news has to be impressed with this. He’ll find a way to make it a bad story. He doesn’t hear perfectly, but he actually does. It’s about one percent off. He’ll figure a way. How are you going to do it? You’ve got to explain. No, they’re genius. They are genius. I respect them a lot. But I just want to thank you, Sierra. That’s incredible.

SIERRA: Thank you for having us.

TRUMP: He’s a beautiful person, too. That’s a beautiful boy. Thank you. Thank you. His life is a happier life?

SIERRA: Oh, yeah. He is so full of energy and love now. He was such a serious baby. Yeah, he was such a serious baby. And before that, it’s very tough for him. Oh, for sure. He can’t tell me what he wants, or what he wants to eat, or what he needs. Now he’ll be able to do that. It’s life-changing.

Most Favored Nation Agreement and Major Drug Price Discounts

TRUMP: That’s a great job they’ve done. I want to thank Regeneron and other companies for doing their part to bring down the cost of health care for all Americans under our Most Favored Nations Agreement. We’ve secured gigantic discounts with price differences from 4 to 5 and even 600%. 600%. One of the most popular weight loss drugs has gone from $1,350 a month to as low as $199 a month. So that’s a price that’s incredible. So it used to sell in London for $87.

Drug Price Reductions: The Numbers

TRUMP: And they raised it to $199, which is a big raise, you know, from $87 to $199. But that’s been going on. Our country’s been being ripped off for 30 years. How long would you say, Doug? Like 30, 40 years. For years. With drugs and drug prices. So they’re going up. We’re going way down. And because the world is a bigger place than we are, believe it or not. It’s hard to believe that, but they are. We go down much more than they go up. So they don’t go up as much as people would have thought.

So they’re going from — they’re going to $199 and we’re going down all the way down. Think of that. We’re going down from $1,350 a month to $199. Nobody would believe it. And this is true with all — I mean, this is the weight loss drug. But this is true with all drugs. Sometimes even more of a difference than that. Sometimes a little bit less, but sometimes substantially more than even that difference.

IVF and COPD Medication Price Cuts

And you see what that is? So we cut the per cycle cost of IVF drugs by thousands of dollars and we reduced the price of the major COPD medication from $458 to $50. What? That must be a typo. Is that a typo? From $458 to $50. If your boy was here, he’d go, wow. He left. He got bored. He wants to go on to bigger and better things there, but there’s nothing bigger or better than this.

TrumpRx.gov: Discounts for Every American

They’ll all be available right now at trumprx.gov. So it’s, you know, that’s why it’s doing well. It’s not doing well for other reasons. It’s doing well. Think of that. That’s some discount, but we have others and these are all top companies and top medications. And I think in the end, we’re going to have every company involved. We’re almost there right now, but we’re going to have every company.

So Trump Rx has already received more than 15 million visitors and every American should log on to check for massive discounts before they go to the pharmacy — and setting a record. Nobody’s ever seen anything like this. I’ve actually had many companies — I shouldn’t tell you this, Bobby, but there have been many companies. They said, “We’d like to buy from you if you could.” What? Trumprx.com. I said, it’s not for sale. It’s not me. It’s the government. The government owns it. I don’t own it, but they’re all impressed. These pharmaceutical companies, they said they’ve never seen anything like this. So it’s fantastic.

Now, I’d like to ask Secretary Kennedy to say a few words and then we’ll have Dr. Roz, the team at Regeneron and Sierra. And Sierra, I’m so happy for you and Chris. Chris Klopp has been unbelievable. A real star. You don’t know his name as much as some of the others, but he’s a real star of the group. So, Bobby, please.

Secretary Kennedy on the Math of Drug Price Savings

KENNEDY: Thank you, Mr. President. I was reminded when the president was speaking of a conversation that I had yesterday with one of the Democratic senators who was questioning me during a hearing, and she was ridiculing President Trump for his math. She was saying, “It’s mathematically impossible to have a drug drop by 600% cost,” which he had claimed. I said, “Well, if the drug was $100 and it raised the price to $600, that would be a 600% rise. Well, if it drops from $600 to $100, that’s a 600% savings.” And the president used that mathematical device to illustrate the magnitude of the theft that has been happening against our country and our people.

As he said, we have 4.2% of the world’s population. We take 13% of the pharmaceutical drugs. We spend 80% of the biotechnology research in our country, and we provide 75% of the profits to the pharmaceutical industry. This is a ripoff that has irked him for 20 years. During his first term, he held the line on drug pricing for the first time in history. He came back on this term and he said, “We’re going to lower them this time no matter what.”

There’s people in this room or part of the White House staff that said we can’t do that. Oz and I said we probably can’t do that, but he harassed us. We were beleaguered. It was like Fort Apache. Dr. Oz would not answer his phone. He was calling all night long with the president on the line saying, get this done.

And we brought in this amazing superstar, Chris Cobb. And he negotiated these agreements that people said were impossible. I want to thank him for his leadership, Chris, and I want to thank George and Lynn, the co-founders of this company of Regeneron, for their generosity, their idealism, their love of this country, and their compassion for these children of injury. Thank you. Thank you. Amazing.

On the Drug Price Calculations

It is amazing. You’re right. I took a lot of heat. I’d say 500, 600. But we also say sometimes 50 percent, 60 percent, different kind of calculation, 70, 80 and 90 percent. And people understand that better. But there are two ways of calculating it. But either way, it doesn’t make any difference whether it’s 60, 70 or 80 percent. Nobody’s ever heard of it. But it’s also 500, 600, 700, depending on the way you want to look at it or the way you word the calculation. It’s either way.

But, Bobby, you’re doing a fantastic job. We wanted somebody out of the box and we got him, right? I would say we got him. And Bobby, he’s a great guy, actually. So, Oz, how about saying a few words, please?

Dr. Oz Remarks on Drug Affordability

So, this has been an unprecedented process. The president insisted we deal with one critical number you should all remember, which is that one in three Americans when they go to the drugstore, after they see the doctor, will often leave empty-handed because they cannot afford the medications they’re picking up. So, affordability was the main word the president would use in many of those phone calls. He wanted it to be done fairly.

We created a partnership with the pharmaceutical industry that was remarkable in that it pushed 17 massive companies into the fold to try to do deals, again, unprecedented, that would allow us to claim that they were giving the most favored nation pricing to this country, to the American people. The president would not take no for an answer.

We got 16 companies in, but not the 17th. How many times do you think we spoke about the 17th company? Too much. 17. He said 17. He wanted to be 17. Whatever math you want to make, 16 is not 17. There’s a reason that the 17th company was delayed. It’s why they’re here today. It’s that beautiful young boy you saw earlier.

When you can save a child’s hearing, and Mr. President, we talked about a lot of numbers. Secretary Kennedy quoted 100%, 600%. It’s hard to beat free. Free is the best price, and that’s the starting price with the president oftentimes, and that’s what this wonderful company has agreed to.

TrumpRx.gov: A Transparency Site for Drug Pricing

I want to applaud TrumpRx.gov, a remarkable site created by Joe Jebbia and Corstein. They did a wonderful job with zero glitches, serving more than 10 million individual unique Americans so far. And, Mr. President, it’s the fastest website I’ve ever seen. People love it because it works well.

There’s all kinds of additional elements being added to it, which we’ll be talking about, but this website, as the president said, must be checked. Must be checked if you’re going to buy a medication to make sure your price is the right price. It’s a transparency site that is more rigorous than anything that I have seen, and, Mr. President, your name is attached to it, and, of course, that brings a tremendous amount of attention to it. We wanted it to be perfect, and the team that did that has accomplished that exactly.

I want to applaud Chris, who you cannot thank him enough, but it was also John Brooks, Inma Hernandez, I see Beth back there, Theo, Rudra, a bunch of people who have done a tremendous amount of work.

Regeneron CEO Dr. Len Schleifer Addresses the President

And when I keep hearing for the pharmaceutical industry, and maybe my colleagues can address it in your comments, they never expected to have a counterparty as qualified in the federal government. If you’re thinking of serving your nation, this is the right time to do it. This is the right administration to serve him because the president makes it easy to do the right thing. Gentlemen?

Thank you. Mr. President, Secretary Kennelly, Secretary Lutnick, Commissioner Macri, Administrator Oz, and, I guess, Superstar Klum, thanks for having us here on behalf of all of Regeneron. For those of you who don’t know me, I’m Dr. Len Schleifer, president and CEO of Regeneron, and with me is Dr. George Ancapolis, president and chief scientific officer of Regeneron.

And together, I should pause there, I just realized something. I’m a president, he’s a president, he’s a president, and all three of us grew up in Queens, New York. So there’s something maybe that was going on back then that was good. I’m not sure about now.

So anyway, together we founded, George and I founded Regeneron, and have built it over the past four decades. Today we are here. We were not pushed to be here. We are happy to be here because it marks an important step to lower drug prices.

The Fight Against Disease: A Greater Challenge Than Reaching the Moon

We’ve been arguing for more than a decade that other wealthy nations have been getting a free ride on American innovation, just like in defense. But they’ve been getting, in health defense, a free ride. And now President Trump is putting policies in place to force these nations to pay their fair share, which will in turn lower prices for Americans. It’s a good deal.

But we have to remember this is just the beginning. The most important battle we all face is disease itself. We have to recognize how hard this fight is. For most major diseases that you or your loved one might suffer from, like Alzheimer’s disease, to cancers, to genetic diseases, we are very far away from a cure. And we have to understand that discovering cures is perhaps the hardest scientific challenge humans undertake. Much harder than getting to the moon, not that we don’t like that, but much harder than even getting to Mars or making the next generation of cell phones or electric cars. Hard like staring into the unknown for years, sometimes decades, with no guarantee that anything you’re doing will ever make a difference for somebody like Travis.

Regeneron’s Four Decades of Innovation

Regeneron is a great example of both the difficulty of the challenge, but also of the potential reward. We spent 25 years, 25 years, and billions of dollars, not millions, billions of dollars, before we produced our first important medicine or even earned our first profit. Maybe we should have been or might have been fired, but we stuck with it. Our relentless commitment to disruptive innovation ultimately turned us into one of the most productive biotechnology companies in history.

We have produced, thanks to George and his team, new medicines at the rate of about one important medicine a year for the last 25 years, last 15 years, including truly miraculous advances, impacting millions of lives. And we have two people here who are living proof.

Mr. President, when you were ill with COVID, it was Regeneron’s monoclonal cocktail that you affectionately dubbed “the Regeneron.” We love it. And that helped save your life. That was invented by George right here on his team. George.

Well, in addition to the president, we had a few minutes ago, Sierra’s beautiful boy, Travis, who was born without the ability to hear, as you heard from Sierra. And the same company and the same dedicated team of scientists that helped save the president’s life also delivered a first of its kind gene therapy known as Otarmone. So Travis can now hear his mother, as she tells you, tell him that she loves him. Hard to think of a greater gift. And just like you, Mr.

A Historic Corporate Commitment: Free Gene Therapy for Children

President, who made our antibody treatment for COVID free for all Americans and thus saved many lives, we have made the decision, the unprecedented corporate commitment to provide this first of its kind gene therapy for hearing loss free to all the children in the United States who can benefit from it.

And we do this, why, to hopefully highlight the power of disruptive biotech innovation and all the good that it can bring to all of our lives and our health.

But we have to remember, despite the miraculous advances like Otarmone and like the Regeneron COVID treatment, we also have to highlight how far we have yet to go to address the many diseases that lack effective treatments. And the cures will not be coming unless we not only celebrate the advances of the biopharma industry today, but we all work together, private sector, together with the government, to not only maintain America’s position as world leaders in biotech innovation, but to actually bump up innovation and become even more disruptive, especially in a world where China is increasing investment and heavily subsidizing its biotech industry and reducing regulatory hurdles so as to try to displace America’s leading position.

Building a National Health Care Database and the Role of AI

President Trump’s efforts to make drugs more affordable, as well as new FDA programs, such as the Commissioner’s Voucher Program, that brings safe and effective new medicines like Otarmone to patients more quickly. These are important steps.

One additional important way that I’ve been talking to the administration about to maintain our leading position in the world is to create catalysts and accelerants for our industry and for the health care system, such as developing a national health care database linked to molecular data, including human sequence data, where Regeneron once again is a world leader.

Without such big data sets, powerful new technologies, such as AI, despite its potential, will not be as useful as it could be in the quest to develop new medicines and improve health care.

The biopharma industry of America has and will continue to deliver miraculous breakthroughs. You, Mr. President, and young Travis are living testaments of that. But many more lives need to be helped and saved. We need to attain a new level of disruptive innovation. We have to all work together to meet this challenge. Why? Because lives are at stake.

The Constitution, Patent Protection, and the Fire of Innovation

Let me briefly say something. I’m married to a lawyer. My son is a lawyer, but I’m going to talk about the Constitution, and I’m not an expert. But I know our Constitution lays out a vision on how America would out-innovate, out-produce, out-thrive every other nation on earth. And in it, you will find a description of a system built on incentive and reward, a system that says, take the risk, do the work, and you will share in what you create.

That is why they enshrine patent protection directly in the Constitution, not as an afterthought, but as a founding principle. As Abraham Lincoln said, another great president, patents add the fuel of interest to the fire of genius. We must keep that fire burning. What we did here today will do that.

Little Travis can now hear for the first time, and his potential is endless. Let’s make sure he grows up in a country that never stops reaching for the next miracle. Thank you, Mr. President.

America at 250: Innovation, Freedom, and Groundbreaking Therapies

Thank you, Lennox. Great to be with you again. Chris, could you say a few words, please?

Thanks, Mr. President. It’s not lost on me that this year is America 250, and it’s powerful, I think, to pause and remember that 250 years ago, a revolutionary, free republic was born, and with it, the greatest innovation engine in the history of humanity.

And we stand here today, 250 years later, getting to witness yet another groundbreaking innovation that doesn’t just treat, but cures deafness in children. And because of this president and his policies around most favored nation will enable families who are struggling and suffering with this affliction to have access to that groundbreaking therapy for free.

Now, as the president mentioned, we’ve negotiated the 17th of 17 agreements.

Negotiating with Biotechnology and Pharmaceutical Companies

This represents 86% of the branded pharmaceutical drug market in the United States. But anyone who knows us knows that we’re not done. That’s a milestone. It’s not the finish line. And so we have three core objectives that are next up.

Number one, and this is already underway, we are negotiating with the many hundreds of biotechnology and pharmaceutical companies representing that other 14% that are building the cures for tomorrow. To all those who are listening, I hope that we have proven that we are credible and reliable and trustworthy partners. We want to sit with you. We will listen to you. We will take the time to understand your businesses, not only as we negotiate on behalf of every American family for affordability, but also to ensure that you’re best positioned to create the cures for tomorrow.

International Trade Agreements and the UK Deal

Second, we continue our work on negotiating international trade agreements. 59 days after we stood in this office and President Trump, standing with Albert Bourla from Pfizer, announced the first of the 17 MFN deals, together with our colleagues from the Department of Commerce under Secretary Lutnick’s leadership and from the U.S. Trade Regulatory Office under the leadership of Ambassador Greer, we negotiated a landmark agreement with the government of the United Kingdom in which they agreed to increase significantly the amount that they spent on branded pharmaceuticals for the first time in 26 years. That work continues with other countries.

Working with Congress to Codify Most Favored Nation Principles

And third, we will continue our work with our partners in Congress to codify the principles that underpin these most favored nation deals so that these savings for American families and this innovation that is unleashed at the same time persists for decades to come. So that the one in three or four families that Dr. Oz mentioned, standing at a pharmacy counter right now, wrestling with the decision that no family should have to make of whether or not they can pick up their prescription because they can’t afford it will no longer be the case.

And at the same time, we know that there are roughly 20,000 known diseases in the world and we have a treatment or a cure for fewer than a quarter of those. And so this president and his policies is not only safeguarding affordability for American families, but is ensuring that we continue to bet on American exceptionalism. We bet on innovation. We bet on the principles that have taken us to this place in 250 years for the next 250 years. Thank you, Mr. President.

Rescheduling of Medical Marijuana

TRUMP: Thank you, Chris. Great job. You do. Maybe you want to talk about rescheduling while we’re here. Just say what you’re doing and the progress that you’ve made.

DR. OZ: Well, Mr. President, today is another promise made, promise kept day. On December 18th, you signed an executive order on increasing medical marijuana and cannabidiol research. And today we delivered on that promise. The acting Attorney General this morning signed an order that moves into Schedule 3 medical marijuana products that are FDA approved or that are state licensed. This is a giant move forward to implement your promise and it’s actually a campaign promise that you made. You said you’re going to move into Schedule 3 to increase the research on these medical products. And just wanted everyone to know that one, you make promises, you keep them.

And two, what does Schedule 3 mean for state licensed medical marijuana products? We will begin implementation right away of this order. It does not legalize marijuana. It makes it easy for the researchers to actually study and understand medical marijuana, especially in populations that are using it. We know that one in ten seniors right now use medical marijuana in the past year. And they report that it really helps them, but we don’t have the science or the understanding to guide the patients and the doctors. And so both patients and doctors are flying blind without knowing how they interact with other medications because the research has been difficult to do.

Marijuana Rescheduling Announcement

And so your promise today says those state licensed medical marijuana products are now in Schedule 3 and we expect the research to significantly increase so that we can understand how to guide patients and doctors in this effort. And there will be additional actions that will come this summer to do an expedited hearing for the administrative, an administrative hearing Department of Justice for all of marijuana to move into Schedule 3.

And the military is very happy about it and a lot of people suffering from big problems, which this seems to be the best answer. They’re very happy about it. So the rescheduling is starting, and that’s a big thing. Rescheduling. They kept saying, What about the rescheduling? And so great job. I appreciate it.

Tribute to Howard and Michelle Kessler

I want to thank Mr. and Mrs. Howard Kessler. He’s one of the most successful men in the world, actually. And he had some medical difficulties and he came upon this by accident, in a way. And he said, well, he had to go through a lot of different — a lot of different medications. And he said this was the one that was much better than anything else.

And so he experienced that he didn’t benefit by it other than from the standpoint that he lives a much better life now. So, hopefully, you don’t need it. But if you do need it, I hear it’s — I hear it’s the best of all the alternatives. But I want to thank Howard Kessler and Michelle Kessler. They really pushed this very hard.

These are two people — very straight arrows. They’re not into marijuana. They’re not into anything. But he found this answer, and he said, for the — he’s doing it for other people. And so Howard and Michelle, probably, they’re watching, or they’ll be hearing about it. But they worked very hard to get this done. And it’s an honor, and you’ve done fantastically. You all have. And I appreciate it.

Secretary of Commerce Howard Lutnick on Drug Manufacturing

And a man who’s doing an excellent job is Howard Lutnick. He’s in a little different sphere. He’s not in the medical sphere, but he knows what it all means. And — from Commerce. He’s the Secretary of Commerce. Howard, would you say a few words, please?

HOWARD LUTNICK: Sure. So, in partnership with Bobby Kennedy and Meminaz and the whole team, when they do Most Favored Nation, we also ask the company to reassure and build their drugs here in America because too many of our drugs, our key drugs for our health, are being made overseas. And in a conflict, we can’t rely upon them.

And I am honored to say that our partners from Regeneron have agreed to reassure their production of pharmaceutical drugs, and this is exactly from your pharmaceutical tariffs. That’s the point. So that means $448 billion of drug manufacturing is coming to America because of your tariffs, because of your pharmaceutical strategy. And we are proud to invite Regeneron to do this giant build in America and all the rest of the pharmaceutical companies. They’ve committed to build in America because of your tariff policy and your strategy.

And because of the tariffs we have — it’s been amazing, actually. We have Eli Lilly and Pfizer and all of the companies. We had, I guess, seven of them here at one time. Which was interesting to see. But they actually got along with each other pretty well. They stood right behind me. The biggest companies in the world.

And they’re all building — Eli Lilly is building, I think, five major plants, which, without tariffs, they would have built none. I said, How many would you build without — none. They were all making these products in other countries. A lot of other countries, actually. Not just China, but a lot of other countries.

And I think by the time I leave office, they’ll be mostly operating these — they have an incentive to do them quickly. Big incentive. Like, the tariffs go up if they don’t. And remember, if they do them here, they don’t have any tariffs to pay. It’s an incredible incentive.

Tariffs Driving Manufacturing Back to America

TRUMP: And if they don’t do them here, they have a very substantial tariff, so they get penalized. And it’s bringing countries — not only drug companies, but car companies. AI is a different thing altogether, but even there. But the AI is — we’re leading China in AI. We’re leading everybody in AI. We’re leading now in car companies. They’re coming from Canada. They’re coming from Mexico, Germany, Japan. They’re pouring into our country because they’re very smart. It should have been done long ago by other Presidents.

We were the car capital of the world 50 or 60 years ago, and then they just started taking them away. We were the chip capital of the world, and now, you know, Intel. And now they’re coming back. All the chip companies are coming back.

The Return of the Chip Industry to America

You may say a word about that, Howard, real fast, because we are — what we’re doing with chips is incredible. And all we’re doing is saying, at the end of a year and a half, two years, if you don’t have your chip company, you’re going to pay a tremendous tariff to put chips into this country. And they are building — I think we’ll have close to 50 percent of the chip market very soon. Right now, we had nothing. We had virtually nothing.

And they’re coming in from Taiwan. They’re coming in mostly from Taiwan, because that’s where chips are made. But mostly from South Korea, Taiwan, various other countries. But they’re coming back to America. We’re bringing them all back. It’s a revolution. Nobody’s ever seen what we’ve done. There’s never been anything like what we’ve done.

We have $18 trillion being invested. That’s for 11 months. And the last administration had less than $1 trillion in four years. We have, in 11 months, over $18 trillion. Howard, do you want to talk just for a second about the chip market? Because it’s — it’s explosive.

HOWARD: Sure. You’ve got semiconductors. You’ve got leading-edge logic. You’ve got high-bandwidth memory, and you have foundational chips. And America had a couple of points, 3 or 4 percent market share. And we are, of course, the biggest demand. And the President gave the order, let’s get these factories, these fabs built in America. And our expectation is we will have $1 trillion of these fabs. These are factories. This is not the hyperscalers buying chips. This is literally the making of the chips, right? We had Micron, $200 billion. TSMC, $165 billion. The list goes on and on. He negotiated a great deal with Taiwan. $500 billion coming to America. We’ll have $1 trillion in semiconductors. That’s part of his $18 trillion. But it’s foundational for us to take care of ourselves.

White House Renovations: A Historic Upgrade

TRUMP: Thank you very much, Al. I’ll go off-subject for a minute, but it’s — I think it’s very interesting. And I hope you go home and take a look because it’s happening right now as we speak. But first, if you look outside, so we had flooring outside. We had slate, and it was coming to pieces. It’s been there since the early 1940s. And it’s a path to the Oval Office. It’s a path to the West Wing, and it was terrible. It was broken, bad shape.

The whole White House has been in bad shape. It’s been — it’s right now in better shape than it is — I think the day they built it, this is better right now. But we’re putting magnificent new granite. It’s called charcoal. It’s a black granite against the white — beautiful white walls. We’ve stripped all of the paints off. We had 200 years of paint. And we’ve redone it, and it’s beautiful. And you can see the building, but you can also see the columns, everything else.

But we’re replacing — and they’re working right outside if the press wants to go and take a look at what’s — they do really pros. And you see the way — large slabs of black granite. Granite is rated, as this particular granite, over a million-year life. As an example, concrete gets rated for about 200 years if you get very high grade.

Restoring the White House and the Lincoln Memorial Reflecting Pool

TRUMP: This is over — it’s rated over — can you imagine? Nature produces something better than you can make. So it’s very interesting. It’s a beautiful job they’re doing. And it’s highly polished granite in the areas you don’t walk on. And it’s called flame-finished areas that you do walk on. There’s no slip. So it’s a beautiful job. And it’s going up nice.

And if you want to take a look outside the window. So that’s replacing a stone that was here from the early 1940s, a little before that. And you’ll see the ramp, too. We’re keeping the ramp. And that was for FDR. He needed a ramp, as some people would know. And in his honor, we’re leaving it. I wanted to leave it. It means something.

The Lincoln Memorial Reflecting Pool: A National Landmark in Disrepair

The other thing that we’re doing that’s taking place right now is the Lincoln Memorial has a beautiful reflecting pond or lake. They call it a pool, lake, and pond. Everything is different. But the word reflecting is a good term. It was built in 1922. And it was built out of granite and various stones on the bottom. And they didn’t ever look great because it’s not really meant to be a stone that’s underwater for that much of a period of time. It’s about a foot and a half to two feet deep. You all know it well.

That’s where Martin Luther King gave his great speech. And he had a million people. And I had the same exact crowd, maybe a little bit more, but they said I had 25,000 people until I found it. I have pictures of Martin Luther King’s crowd, my crowd. It’s the exact same, everything. But it was 70 years difference. The exact same crowd, but I actually had more people. But that’s okay. They gave him — they gave him a million people. They said a million people, and I had 25,000 people. So, but these are the things that we had on July 4th, a few years ago, first term.

So, you have this reflecting lake, pond. It’s incredible. But it was terrible, the condition. You all know it. A friend of mine came from Germany to see me, and he said, “Oh, we went over. It’s so sad.” What’s sad? This is a number of months ago. He said, “It’s filthy, dirty. The water is disgusting looking. It’s not representative of the country.”

And I said, “Well, I’m going to have to go take a look,” because, you know, Secret Service doesn’t let you just walk around freely, actually. And I went over there with Secret Service in tow. And I said, “Isn’t that a shame? It’s terrible.”

And so they had bids from the Biden administration, Sleepy Joe. And they had bids for years. They were going to do something to fix it, but they never got it done. And it’s so — it’s so important for our country. Everybody knows this. It covers the Washington Monument, Lincoln Memorial. It’s in between. It’s 2,200 feet. That’s taller than any building in the world, if you lay it down on its side. Think of it. Two thousand. That’s a long — over 2,000 feet long. Such would be many swimming pools. Many, many, many stacked up together. But it would be the equivalent of the tallest building in the world, plus, laid down on its side. So it’s very big. It’s very wide, actually. It looks narrow because it’s so long.

A $301 Million Problem — and a Better Idea

And so the pricing was coming in over the years, but it came in sort of recently that it was going to cost 301 million dollars to fix it. It was going to take three and a half years. So they had to take all the granite out, which is there again, 1922. And it was leaking like a sieve. You couldn’t keep water, couldn’t keep anything. Granite’s not the right stone for that. Right stone for that, but not for that.

And I said, “You know, I have an idea.” It’s 301 million. It was going to take three and a half years. So remember those numbers. 301 million. This is a business study.

The Reflecting Pool Renovation Story

TRUMP: And it was going to take three to three and a half years. And over the years as a developer, I’ve probably built more than 100 swimming pools in different buildings. I have some really good pool builders. They also had some really bad ones, but we took care of them. They didn’t last too long, but I’ve had some really good ones, some very talented, very talented people, great people.

I have such great respect for contractors that are good and such disdain for contractors that are bad. They charge you more money and they give you a bad job, but we don’t accept it. But over the years, I’ve had three or four really good ones that I took the best of the three and all three go. But I ended up taking the best.

And I said, would you take a look at this? It’s 2,200 feet long. He said, what do you want me to look at? I said, have a live swimming pool. Think of it as a swimming pool. I said, oh, how big is this? It’s 2,200 feet by 167 feet wide. He said, that’s the biggest one. He said, I’ve been doing this for a lot of years. I’ve never heard of a pool like that.

I said, well, you’ll see it’s a reflecting pool and very famous, very famous, very big signal and very important for Washington, D.C. Where we, by the way, have almost no crime. I have to say that’s maybe more important than talking about this. We have crime down from a tremendously high, one of the worst in the country. We have almost no crime. People are walking around. Restaurants are opening all over the place. The place is bustling, but that makes this even more important.

Credit to Secretary Doug Burgum

So instead of being a dirty, disgusting place with garbage in it and everything else, and I want to give Doug Burgum incredible credit because he was involved — the secretary of the interior. He was involved right from the day I called him. I said, “Doug, I’m getting a lot of complaints about the condition of this. What do you think?” And he went over, studied it, and he came back with some ideas.

But I said, “You know, Doug, I have a guy who’s unbelievable at doing swimming pools up the road. We have a club. We have an Olympic-sized swimming pool. We did it 20 years ago, and it’s perfect to this day.” So I asked him. I said, “I have an idea. I’m going to send my contractor over and take a look.”

He looked at it. He called me up. He said, “So we could do something on it.” He said it’s really decaying and it’s in terrible condition. But if you would, I’d like to work two weeks on cleaning it up, which is — if you see right here — he’d like to repoint and fix some of the joints. It won’t matter because we’re putting a substance over the top, but it’s nice to have a nice surface.

And he said, “It will take me two weeks. If you don’t mind, I’d like to pour the latest and greatest filament or material, which is essentially a pool surface, but it’s industrial grade pool.” And he said, “What color would you like, sir?” I said, “Well, what about turquoise like in the Bahamas?” He said, “Well, this is Washington, sir. We can give you turquoise. But why don’t you try — we have a color, it’s called American flag blue.” I said, “That’s the color.” He talked me into it very easily. So he said, “That’s the color I like.”

One Week, One and a Half Million Dollars

So he came in. And remember, three and a half years — you have to take all the granite out, then you have to put all brand new granite in, take years to do it, over $300 million. Our job will take one week. It will cost about a million and a half dollars. And people said, “Wow.” And here’s the only difference, because somebody said, “Well, the difference is this is much better.”

The Reflecting Pool Renovation

This will last 30, 40, 50 years. And if it didn’t, you do it again quickly, if you want. So it’s being done now. And I think you’d find it really amazing to go take a look. So here it is. You see the trucks. He’s got scrapers and all sorts of equipment to make the stone as good as possible without removing it. So we’re using the existing surface so we don’t have to spend millions of dollars in demolition. And he said, “It’s much better to leave the stone than it is what’s underneath.” They’re afraid to look.

And so you see it’s beautiful, clean. It’s ready to be taken care of. Here’s a sign that we put. It’s a Doug Burgum and myself are involved in that. And but when you take a look at the surface, we have it in good shape. And they just started today putting down the material. It’s a machine. It lays it very evenly. Beautiful, goes from one side to the other. It’ll take about three days and you can end up with a beautiful, beautiful reflecting pool. The way it’s supposed to be, much better than it ever was.

Actually, it’ll stay clean. We even have robots that go in it and they ride around the bottom and they clean it like a swimming pool. But these are a much higher level. This is industrial grade and it’s really beautiful. So you can have a beautiful pool and you’ll have it for July 4th, well before July 4th. Instead of taking three, three and a half years, we’re taking a week. And instead of spending 301 million dollars, we’re spending less than two million dollars.

A Lesson in Cost Efficiency

And I think it’s a great business lesson because there are many things like that that I see. I mean, not maybe to that extent, but there are many things like that that I see. I often talk about the pen. This pen’s better than the one that they used to give away for 2000. I won’t go on a long story about that because a couple of people said he kept talking about the pen. I gave you the whole history of it. Actually, many people found it interesting and some people thought I was doing too much of a weave. But actually, this pen, for three dollars, five dollars, two dollars, whatever the hell it costs, is better than the one for a thousand to two thousand dollars that they used to hand away.

So that’s the short version of it. I like the short version better. But the long version is this one. So this is an amazing thing that’s happening. And this is a big, big beautification.

Surrounding Granite Sidewalks to Be Restored

In addition to that, the sidewalk areas around it, which were done in granite, similar granite to that, actually not as nice as we have here, to be honest with you. But the people that did it weren’t in the world of real estate like I am. But they have good granite, circling it, and we’re going to repoint it, meaning we’re going to caulk it up and repoint it, make it good. And we’re going to also sandblast it. It’ll be like brand new.

So we’re going to have in another couple of weeks, we’re going to have the most beautiful reflecting pool between the Washington Monument and the Lincoln Memorial that you’ve ever seen. And I hope the media can go over, maybe watch them do it, because I think it’s very exciting. And so a fraction of the cost and a fraction of the time, and you get a better product than you could ever get the other way. And it’ll be beautiful. And as you said, it will be American flag blue.

Q&A: Navy Secretary Firing

Any questions? Yes, sir.

REPORTER: Could you talk a little bit about why your Navy Secretary was fired yesterday, sir?

TRUMP: He’s a wonderful guy. I just put out a statement about him. He’s a very good man. I really liked him. But he had some conflict with, not necessarily Pete, with some others. He’s a hard charger.

And he had some conflicts with some other people, mostly as to building and buying new ships. I’m very aggressive in the new shipbuilding. And somehow, he just didn’t get along with him. He’s an excellent guy. I think he would have gotten along great with me. I didn’t really deal with him too much. But he’s a, you know, I consider him to have done a very good job. I put out a nice statement about him. You got to get along, especially in the military. You got to get along, you know, and some people liked him, some people didn’t. And that’s usually the truth about everything. But I found him to be a very good man. And I liked him a lot.

Trump on the Houthi Conflict

How long are you willing to wait until you get a unified response? Don’t rush me, Jeff. You know, guys like you, you want to say, oh, so we were in Vietnam, like for 18 years. We were in Iraq for many, many years. We were in for all the, I don’t like to say World War Two, because that was a biggie. But we were four and a half, almost five years in World War Two. We were in the Korean War for seven years. I’ve been doing this for six weeks. And their military is totally defeated.

They’re outside of the little wise guy ships. I call them the wise guy ships, the little boats that they have running around with guns in them. And we’ll take them out, too, when we see them. But the Navy is gone. Their Air Force is gone. Their anti-aircraft is gone. All of their anti-aircraft machinery is gone. Maybe they loaded up a little bit during the two-week hiatus, but we’ll knock that out in about one day if they did. We’ve done an amazing job. Their leaders are gone. Their leaders are all gone.

Part of the problem is that, well, I can’t really answer your question, they have all new leadership and they’re fighting like cats and dogs. Well, who’s going to control? Because we’ve created a real mess for them, but they’ve created a mess for the world over the last 47 years.

Trump on Iran and Soleimani

They’ve killed a lot of our people. When you see a soldier, a young person, or now an older person, but a person without legs or without arms or with a face that got blown to pieces, most likely it was from Iran. It was Soleimani who I killed. Soleimani loved the roadside bomb. He was an evil genius. He was a brilliant general. Probably we wouldn’t be as far advanced had I not taken him out. That was the beginning of it all.

And then I ended the Obama horror show. The nuclear transaction that he made was horror. It gave him a road to the, you call it, I mean, what the deal that he did, the Iran nuclear deal, was so bad it gave him a road to a nuclear weapon. And I will tell you, I deal with that. You cannot give Iran a nuclear weapon. This is all about a nuclear weapon. They cannot have the nuclear bomb, and they’re not going to have the nuclear bomb.

So we’ve taken out their military. We’ve hit about 75% of our targets. We stopped a little early because they wanted to have some peace. And we have a blockade that’s 100% effective, and they’re getting no business. And as you know, they’re not doing well economically, financially. They’re not doing any business because of the blockade. They want to make a deal.

We have been speaking to them, but they don’t even know who’s leading the country. They’re in turmoil. They’re in turmoil. So we thought we’d give them a little chance to get some of their turmoil resolved. But you know, and I hope the fake news, people like you, I hope the fake news are going to be able to write about it accurately, because when you say, oh, they’re fighting very well, they’re not fighting well. They would. They’ve been obliterated, Jeff. Obliterated. 159 ships are in the Navy.

On the Conflict with Iran

TRUMP: You know how many ships are at the bottom of the sea, Jeff? 159. So, you know, and if you read the New York Times, the failing New York Times subscriptions are way down. As you know, that’s because people don’t believe the stuff anymore. If you watch CNN, you’d think that they’re doing well from the war. They’re not doing well. They’re getting absolutely decimated.

Now, with all of that being said, we’ll see what happens. They have a lot of — we have no pressure. It’s only guys like you with a question like that about what’s your time. We’ve been doing it for five and a half weeks that the U.S. has been involved with Iran.

REPORTER: You had initially said it would be four to six months.

TRUMP: Well, I hope that. But I also took a little break. I gave them a break. And remember this. I want to make the best deal. I could make a deal right now. Do you know that if I left right now, we had a tremendous success. It would take them 20 years to rebuild. But I don’t want to do that. I want to have it everlasting. I want to have it where they never get — they never have a chance to get it.

I mean, the way you asked that question, you know, I just said I thought it would take four to six weeks. And I was right. Because at the end of six weeks, at the end of four weeks, their military was decimated. But now what I’m doing — I can’t tell you that. I don’t want to put that kind of a timetable on it, but it’ll go pretty quickly.

Control of the Strait

And we’ll have the strait opened up now. Right now, we have a close. We have total control of the strait. And the fact that it’s closed — you know, they would have opened it up three days ago. They came to us and they said, “We will agree to open the strait.” And all my people are happy. Everybody was happy except me.

I said, “Wait a minute. If we open the strait, that means they’re going to make $500 million a day. I don’t want them to make $500 million a day until they settle this thing.” So I’m the one that kept it closed. We have total control of it. And it’ll open when they make a deal or something else happens. That’s very possible.

REPORTER: Excuse me, what do you say to the American people who question how much longer this will take? Obviously, you know, that they are having —

TRUMP: You and I are such a disgrace. Did you know what I just did? Vietnam. How many years was Vietnam? How many years was Vietnam? Well, I did my — I took the country out militarily in the first four weeks. I took it out militarily. Now all we’re doing is sitting back and seeing what deal. And if they don’t want to make a deal, then I’ll finish it up militarily with the other 25% of the targets we’ve hit, 78% of the targets that we’ve wanted to hit.

Military Achievements Against Iran

We’ve knocked out their manufacturing. We’ve knocked out their missile production. We’ve knocked out their drone production. We’ve knocked out everything. In some cases, when I say knocked it out, 70, 80, 90%. It’s amazing what we’ve done. So I’ve done that within that period of time that I mentioned, but I don’t want to rush myself, you know, because every story says, “Oh, Trump is under time pressure.” I’m not. No, no.

You know who’s under time pressure? They are. Because if they don’t get their oil moving, their whole oil infrastructure is going to explode. You know what that means? Because they have no place to store it. And because they have no place to store it, if they have to stop it, something happens — and only Lynne can explain — something happens underground that essentially renders it in very poor shape, and you never recover fully. You can recover 50, 60%, but you can never have it like it is right now.

On Iran: Negotiations, Executions, and Military Readiness

TRUMP: And they have a matter of days before that event takes place. So I’m not under any pressure whatsoever. We’ve never had so much ammunition. Our ships are loaded. I call them locked and loaded. They’re locked and loaded. They’re ready to go. We have much higher quality equipment than we did when we first started the war, or the military operation, whatever you want to call it. And they’re coming to us. The problem they have is they are very disorganized right now.

Eight Young Women Spared from Execution

Now, yesterday, and I was very pleased with this, eight young women were going to be executed yesterday afternoon at six o’clock. And I asked them — call it a favor, I call it just a moral request — that they not be executed. And they came back with an answer that they won’t be executed. They’re going to be released. It was protesting. Eight beautiful young women, very young women, and their pictures were in the paper. And it’s been a story for a little while, and I saw that, and I said, “Let’s see if we can save them.” And it was very nice what happened. So they’re not going to be — what they’re doing is, as you know, they’re releasing four of them very shortly, and they’re going to keep four of them in jail for a period of one month and release them. So they won’t be executed.

On Negotiations and Gas Prices

REPORTER: So if you’re asking for more time to sort out negotiations with Iran —

TRUMP: I’m not asking you for more time. I’m not asking — No.

REPORTER: If you need more time — does that mean Americans should anticipate spending more on gasoline for the foreseeable future?

TRUMP: For a little while. And you know what they get for that? You know what they get for that? Again, without a nuclear weapon that’s going to try and blow up one of our cities or blow up the entire Middle East — you want to see what shock would be?

On the Stock Market and Oil Prices

And I have to be honest, the stock market is at an all-time high right now. I thought it would have been down 20, 25 percent.

REPORTER: Wait a minute. Wait. Can I finish my question? Why is that?

TRUMP: The stock market’s at an all-time high right now. I projected — and I’m pretty good at this — that the stock market, Howard, would drop maybe 20 percent, 25 percent. And I understood that. And I said, “Hey, it’s a bad thing, but I have to do what’s right for the country, even the world.” Because you can’t have them — you cannot let them have a nuclear weapon.

So the stock market, unlike what a lot of people were predicting — I thought they weren’t necessarily wrong. The stock market today hit an all-time high, hit an all-time high yesterday, the day before. And it’s staying there. I thought oil would go up to maybe $200 a barrel. And oil is a very different number than anyone thought. In fact, this country is much lower because we have all the oil we can use. We’re actually — ships are coming from all over the world, to Texas, Louisiana, and Alaska. They’re coming from all over the world to get oil from the United States, you know, while this is closed, the Hormuz Strait.

So if you look at what I said, I guessed it was right because I said I’d have it four to six weeks. And in four weeks, we have totally defeated that military. So right now, I don’t want to rush it because you guys are, you know, trying to make us look as bad as possible. I don’t want to rush it. I want to take my time. We have plenty of time. And I want to get a great deal. I want to get a deal where our nation and the world is safe from lunatics with nuclear weapons.

REPORTER: And if it does go to 200, are you OK with that, sir?

On Iran’s Nuclear Program and the Threat of Nuclear Weapons

If it all goes to 200 — I think that there’s nothing worse than a nuclear weapon that takes out one of your cities or two of your cities or three. I think there’s nothing worse than a nuclear weapon that’s going to destroy the Middle East, including Israel. I think there’s nothing worse than Europe being under attack by people that have missiles now that reach Europe. As you know, they don’t reach us, but they reach Europe. But they will reach us at some time. Probably the not-too-distant future, unless we stop them now.

I think there would be nothing worse than having nuclear holocausts in Europe, London, Paris, various places in Germany, all targeted. What I say is, you can’t let them have it. I don’t think it will happen, by the way.

On U.S. Energy Production and Employment

I really think we — actually, it turns out that we are drill, baby, drill. And it turns out we’re producing a lot of oil, and they’re buying the oil. They’re going to Alaska. They’re going to Texas, Louisiana. And our guys have done a fantastic job. We’re putting out right now more oil and gas than we ever have in the history of our country. And one other thing, there are more people employed today in the United States than ever in the history of our country.

Reporter Questions: Afghans to Congo, Greece, and Market Performance

REPORTER: Okay. I have a question, sir. Is it true that your administration is considering sending 1,100 Afghans to the Democratic Republic of Congo? And if so, do you have a response?

DONALD TRUMP: I don’t know. I’d have to check.

REPORTER: Thank you, Mr. President. Breitbart News’ Matt Boyle just published an interview with Greek Prime Minister Mitsotakis, in which the Prime Minister said that he’s rooting for you to succeed in getting a deal with Iran. And he also said he looks forward to hosting you in Greece later this year. Do you have any response?

DONALD TRUMP: It’s really nice. I mean, Greece has been very supportive, actually. Greece has been terrific. He’s a terrific guy. Because he understands the importance of it.

You know, oil goes up a little bit. I hate it. I was the one that had it down to $60 a barrel. And I looked at guys like Howard Lutnick. Howard, you remember it well. I said, well, we just hit an all-time high in the history of the market. Think of this. When we hit 50,000, I was told — everybody was told — when I won the election, November 5th, they said, well, during the four-year period, it will be impossible for the Dow to ever reach 50,000. It will be impossible for the S&P to ever hit 7,000. Impossible. And you remember that, Howard, right?

It was going to hit, maybe, six, seven years, eight years. But I did it in my first year. Hit 50,000. Now it’s just about at 50,000, and S&P is higher than it was when we started. And S&P hit over 7,000, and that was before the year ended up one year.

On Iran’s Leadership and the Negotiations

So I can only tell you this. It’ll end. I don’t think it’ll be very long, by the way. They’re delaying it because we don’t know who to deal with. They are in — you know, they know who the leader is in this country. We don’t know who the leader is in Iran. Because remember regime change. Khomeini is gone. He’s gone, too. Greener pastures. He’s gone, and all of his team is gone. Then a second group came in. They’re all gone. And now you have the third group. And they’re a little concerned about being gone, too.

On Whether Trump Would Use a Nuclear Weapon Against Iran

REPORTER: Sir, would you use a nuclear weapon against Iran? You posted on your social —

DONALD TRUMP: No, no, I wouldn’t. We don’t need it. Why do I need it? Why would a stupid question like that be asked? Why would I use a nuclear weapon when we’ve totally, in a very conventional way, decimated them without it? No, I wouldn’t use it. A nuclear weapon should never be allowed to be used by anybody.

REPORTER: But you’ve given a timeline of when they could give you a proposal. Which we’re all very much looking forward to.

Trump on Prince Harry’s Comments About Ukraine

REPORTER: Prince Harry today has said that he would like to see you do more to end the war in Ukraine. Do you think it’s appropriate for a royal to make those comments ahead of the visit Prince Harry?

TRUMP: Yes, sir. How’s he doing? How’s his wife? Please give him my regards. Okay? No? No, I don’t know. I think — I know one thing. Prince Harry is not speaking for the U.K. That’s for sure. I think I’m speaking for the U.K. more than Prince Harry. But I appreciate his advice very much. Great advice.

REPORTER: Would you not invite him to the dinner instead?

TRUMP: Well, I look forward to the dinner. We’re having King Charles come. He’s a friend of mine. We’re really looking forward to it. We’ve spoken, and we’re going to have a great time. I tell you, if I had that ballroom built, it would be full. I wish we had more seats. You know, they’ve wanted a new ballroom for 150 years. Now they’re getting the best in the world. We’re going to have the best in the world. But, you know, we have a room that’s not big enough to handle what would be a big crowd. But we’re going to have very great people that love the U.K. I love the U.K. I think they made a big mistake on energy. You should open up the North Sea in Aberdeen. You should open it up. And the other thing is they’ve made a big mistake on immigration.

Trump on the Federal Reserve Building Renovation

REPORTER: Sir, I’m trying to understand. What do you hope to learn from Jeanine Pirro’s investigation into the Federal Reserve renovation that you did not learn when you visited the site yourself?

TRUMP: Well, look, you know, the Federal Reserve Building is a small building. They’re going to be in there by the time it opens, in my opinion, for $4 billion. I built a hotel down the road for $201 million that I believe is bigger than the Federal Reserve Building. $201 million. And the ballroom — I’m going to have the ballroom from $300 to $400 million, depending on finishes, like marbles, the quality — you know, the quality finishes. We’ll go top of the line. That’s a much bigger project.

When you look at the fact that they’ve taken this beautiful building and destroyed it, they’ve taken down the beautiful ceilings with eagles, they’ve taken down the walls that are a foot and a half thick, masonry. You couldn’t hear from office to office. They ripped it all down. They ripped down — because Kevin Warsh, who’s terrific, said to you, “The saddest thing is they ripped down the nicest building in Washington for boardrooms and all.” Did you know about that building? They ripped it down. The boardroom building. It was beautiful. And they ripped it down. And probably because it cost so much to fix it. So I would have done that job if $25 million had money left over.

It’s going to cost more than, in my opinion — it’s not going to open for a long time. You know, Kevin may not be able to have an office. I’m going to have to get him an office. Can you give him an office?

UNIDENTIFIED SPEAKER: Yes, please.

TRUMP: Bobby, do you have some space over there, please?

BOBBY: Yeah, we have a lot of space.

TRUMP: But it’s more than you think. But we’re going to have Kevin sitting right next to you, Bobby. But it may not open for a long time. I looked at it the other day. It’s a see-through. See-through. You know, that means the walls haven’t been put up yet. This is after years and years of construction. And somehow, you have to find out what went wrong. That a small building — I could have done it for $25 million and had money left over. It would have been beautiful. That a small building can cost $4 billion. It may never open. And we have to get to that.

Final Remarks and Closing Exchange

TRUMP: On top of that, he’s been terrible on interest rates because he should have lowered interest rates. That’s why I call him Jerome Too Late. Too late is his nickname. Jerome Too Late Powell. He likes me a lot.

Thank you very much. Where did the grant come from? Where did the grant come from? It came from Italy. It came from Italy. It was carved in Italy. It came from another location. Do you know where the location is? Africa. Do you have African and Italian granite on site?

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Keep going. Thank you, guys. Do you want to go for it? No. Well, you guys do that every day. Every question is a gift. Did you see the last question? Did you see the question? I would say, at this rate we’re all going to run out of time. We might be losing sh– We might be losing sh– We might be losing sh– We might be losing sh–

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