00:10 Michael Alter: I've been asked a lot lately, "What do we do if the tax increases come into effect and the tax cuts go away? How do I operate my business and what are the implications?" The reality is, it's gonna be a significant reduction in the short term in consumption. And that means, people will be spending less in your business and in other businesses more than likely.
00:29 Alter: With the payroll tax holiday, everybody is gonna lose 2% of their income, up to a certain amount. And what that means is they'll have less money to spend on Main Street. And as they spend less money on Main Street that will have an impact on a lot of small businesses. And at the same time, the government will be spending less money even though they'll be collecting more, which may be good for us in the long run, in the short term, they are gonna be spending less. So, the government will be spending less and consumers will be spending less, which really means that businesses will be spending less, which means you should expect less spending in your business and you gotta operate for a slow-down going forward.