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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
1/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 8
G^PKCNPP WA^CIYHGFN
Eainwhyaw? Oamc Nclfnw
In`negnw 88& 7287
9?22 re @Y
@aawikchyaw? Ymhcj {a~ daw pyhcikcl g{#
Hy ymkp yken hff rhwyk`krhcyp hwn kc h fkpync%acf{ eain# Kd {a~ |a~fi fkjn ya hpj
h x~npykac i~wkcl ymn x~npykac hci hcp|nw pnppkac {a~ eh{ rwnpp pyhw acn ac
{a~w ya~`myacn rmacn#
Yaih{,p `acdnwnc`n kp gnkcl wn`awini# Kd {a~ mhtn hc{ agon`ykacp {a~ eh{
ikp`accn`y hy ymkp yken#
Ca| K |kff y~wc ymn ennykcl atnw ya Ew# Oamc Nclfnw#
Oamc Nclfnw? Laai hdynwcaac ntnw{acn hci ymhcj {a~ daw oakckcl# K jca| |n mhtn h fay ad
wnrawynwp hci |n mhtn h fay ad @NA,p pa |n,ff o~er wklmy kc#
K he Rwnpkincy ad ymn G~pkcnpp Wa~ciyhgfn g~y eawn kerawyhcyf{ yaih{ ac ymkp
`hff hwn Hciwn| Fktnwkp ymn @mhkwehc hci @NA ad Ia| @mnek`hf @aerhc{:
Ihtn @ayn& @mhkwehc hci @NA ad Macn{|nff: Ondd Keenfy& @mhkwehc hci
@NA ad LN: Phci{ @~yfnw& @mhkwehc hci @NA ad Nhyac @awrawhykac hci
Ia~l Agnwmnfehc& @mhkw hci @NA ad @hynwrkffhw#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
2/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 7
Hciwn| hci Ihtn hwn hfpa Tk`n @mhkwp ad ymn Wa~ciyhgfn pa kc h eaency K,e
lakcl ya y~wc ky atnw ya Hciwn| dkwpy hci ymnc Ihtn |kff daffa|# Hci ymnc Ondd&
Phci{ hci Ia~l#
G~y |n,wn lakcl ya yhfj hga~y NW fnyynw yaih{ g~y K |hcy ya hfpa o~py jkci ad&
o~py tnw{ gwkndf{ yhfj hga~y ymn Wa~ciyhgfn nddawyp ymkp |nnj ya rwnpp daw h`ykac
ac ymn dkp`hf `fkdd gn`h~pn ymn{ daffa| |awj ymhy,p gnnc lakcl ac daw paen yken
|kym a~w y|a eacym facl `herhklc ymhy,p gnnc ymn yken ya h`y#
Hci |n gnfkntn hci a~w ta`hf hrrwah`m mhp gnnc gn`h~pn |n rhppkachynf{
gnfkntn kc ymkp yken ya h`y |mnwn ymn hiekckpywhykac hci `aclwnppkachf fnhinwp
hci daw ymne ya `aen yalnymnw hci hlwnn ac h paf~ykac ymn dkp`hf `fkdd ymhy
|n,wn dh`kcl#
Hci pa ymn yken ya h`y `herhklc h`y~hff{ mhtn mhi @NA,p kc ymnkw a|c tak`np
`hffkcl daw h`ykac hci |n,tn ~pni whika& rwkcy hci acfkcn hip#
Ca| yaih{ hp rhwy ad ymhy `herhklc |n,wn pynrrkcl ~r ymn nddawy atnw ymkp cn}y
`w~`khf |nnj ya ~cinwp`awn ymn kerawyhc`n ad lnyykcl ymkp |awj iacn#
A~w GWY @NA,p wnrwnpncy hci fnhi ^P `aerhcknp ymhy mhtn eawn ymhc )
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
3/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 0
Ymnwn,p h 842 @NA,p hga~y |ma wnrwnpncy cnhwf{ ntnw{ pn`yaw ad ymn ^P
n`acae{ |ma pklcni ymkp fnyynw ymhy |hp pncy ya ymn `aclwnppkachf fnhinwp hci
ya ymn rwnpkincy#
\mhy |n,tn iacn kp kerfawkcl ymn rwnpkincy hci ymn `aclwnpp ya pnkzn ymkp
arrawy~cky{ cay px~hcinw ky# Ya wnhff{ lny hy rwkc`krhf `aerwaekpn hci pywkjn h
thfki paf~ykac ya hiiwnpp ad dkp`hf `fkdd hci facl ynwe hci indk`ky hci ingy
kpp~np#
\n rfnilni a~w p~rrawy kc ymkp fnyynw daw h `aerwaekpn ymhy kc`f~inp
`aerwnmncpktn hci enhckcld~f yh} hci ncykyfnency wndawep ymhy wnp~fy kc eh}
kc`wnikgfn prncikcl wni~`ykacp hci wntnc~n lwa|ym#
Hci |n ehin ky tnw{ `fnhw ymhy hff arykacp pma~fi gn ac ymn yhgfn# Pa @aclwnpp
hci ymn Hiekckpywhykac e~py gn |kffkcl ya hlwnn ya gwkcl enhckcld~f
ncykyfnency wndawep hci prncikcl wni~`ykacp#
Ymn{ hwn dkp`hff{ wnpracpkgfn e~fykrfn ad hc{ kc`wnhpn kc wntnc~np#
Hci |n hfpa ph{ ymhy ~cinw yhjkcl ymnpn wndawep pke~fyhcna~pf{ |kyma~y
~cinwekckcl ymn gwahinw wndawep gaym rhwyknp dnnf pma~fi gn r~wp~ni `a~fi
mnfr wng~kfi ymn yw~py kc a~w rafkyk`hf p{pyne |mk`m ky cnnip ya d~c`ykac hci ky
cnnip daw ymn `acdkinc`n ymhy g~pkcnppnp cnni ya mhtn ya kctnpy& lwa| hci mkwn#
Ca| ymkp |nnj {a~,wn lakcl ya gn mnhwkcl daffa|%~r dwae TKY @NA,p#
-^ckcynffklkgfn+ kp Oamc hp ymn Latnwcaw mhp hfwnhi{ phki |kff nerfa{ yncp ad
ekffkacp ad nerfa{nnp ymwa~lma~y ymn `a~cyw{ hci ymn{ wnrwnpncy ntnw{ pn`yaw
ad ymn n`acae{#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
4/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 9
Hci kc hiikykac ya pncikcl ymkp fnyynw |n,wn lakcl ya gn w~cckcl d~ff rhln hip&
`aekcl kcya \hpmkclyac ya tkpky |kym enegnwp ad @aclwnpp hci ymn |mkyn
ma~pn#
Hci |n,ff gn `aee~ck`hykcl |kym ymn ekffkacp ad nerfa{nnp |n wnrwnpncy ya
lny ymne nclhlni kc ymkp nddawy ya `hyhf{zn h`ykac#
Pa fny en y~wc ky atnw ya Ihtn @ayn dwae Macn{|nff hci mn,ff yhjn {a~ h fkyyfn
d~wymnw kcya ky#
Ymnc mn,ff mhci add ya ymn aymnwp#
Ihtn @ayn? Ymhcjp Hciwn|#
E~`m ad |mhy mhp gnnc wnrawyni pa dhw mhp da`~pni h fay ac ymn rwagfnep ymhy
|n,wn w~cckcl kcya hp |n pyhwy hithc`n ya|hwip ymn dkp`hf `fkdd# Kc`f~ikcl ma|
h c~egnw ad ~p hwn pyhwykcl ya h`y |mnc ky `aenp ya mkwkcl kc -@hrN}+ gn`h~pn
ad a~w `ac`nwcp hci ymhy kp wnhf#
Ky,p hfpa |n ymkcj kerawyhcy ya ymkcj hga~y |mhy,p ymn rayncykhf mnwn daw h wnhf
wag~py oag `wnhykcl wn`atnw{# Kd |n h`y~hff{ `wnhyni h ehwjny `wnikgfn inhf ymhy
`h~pn ehwjnyp ya ph{ ymkp kp pnwka~p& a~w latnwcency `hc latnwc hci kp hp h
dkp`hff{ wnpracpkgfn chykac |n,wn h`ykcl ymhy |h{#
Hci |mnc |n ymkcj hga~y ehwjny `wnikgfn& |mhy |n,i fatn ya pnn hy paen
rakcy kp h )9 ywkffkac inhf ymhy `aerwkpnp gaym yh}np aw wntnc~n kc`wnhpnp hci
pklckdk`hcy ncykyfnency wndawe hci ky pnnep adync ykenp |mnc @NA,p yhfj hga~y
gaym yh}np hci ncykyfnency wndawe& ymn acf{ ymkcl ymhy lnyp rk`jni ~r kp ymn yh}
rkn`n ad ky gn`h~pn ky,p eawn ad ymn ehc gkynp ial pyaw{#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
5/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln >
G~y ymn dh`y kp gaym ad ymapn ymkclp cnni ya lny hiiwnppni#
Hci hp rhwy ad ymhy ehwjny `wnikgkfky{ |n iac,y cnni ya gn lakcl ya la ymwa~lm
hcaymnw ingy pnhfkcl ingh`fn# Ehwjny `wnikgkfky{ enhcp ymhy kd |n `hc `aen ~r
|kym h inhf ymhy ehjnp pncpn hci ymn g~pkcnpp `aee~cky{ `hc jca| ymhy daw hy
fnhpy h `a~rfn ad {nhwp ymn{ iac,y mhtn ya |aww{ hga~y hc{ymkcl fkjn ymkp hci
|n mhtn ehwjny pyhgkfky{& |n `a~fi nci ~r |kym h e~`m eawn wag~py wn`atnw
ymnc K ymkcj hc{gai{,p nctkpkacni#
Hci ymnwn,p ca l~hwhcynnp kc hc{ ad ymkp gn`h~pn inprkyn ymn hea~cy ad ehymgnmkci ky n`acaek`p kp cay n}h`yf{ h p`knc`n g~y hy ymn nci ad ymn ih{ ky p~wn
kc`wnhpnp ymn rayncykhf daw ymhy ya mhrrnc lktnc ymn hea~cy ad eacn{ ymhy,p
pykff ac ymn pkinfkcnp ya gn kctnpyni#
Pa |n,i fatn ya pnn ymkp mhrrnc#
\kym ymhy K,ff y~wc ky atnw ya Ondd#
Ondd Keenfy? Lwnhy Ihtki& ymhcj {a~# K ymkcj Hciwn| hci Ihtki iki h lwnhy oag ad
n}rfhkckcl ymn a~yfkcn hci |m{ ky,p kerawyhcy#
K |a~fi o~py ehjn y|a rakcyp#
Ymn dkwpy acn kp K ymkcj ymhy ykekcl ehyynwp# K h`y~hff{ ymkcj infh{kcl ymkp
ianpc,y ia hc{ laai ya hc{gai{#
\n,tn gnnc inhfkcl |kym ymkp hea~cy ad ~c`nwyhkcy{ daw cay o~py pkc`n ymn
nfn`ykac g~y daw hfeapy y|a {nhwp ca|#
Hci pa |n ymkcj ky,p yken ya wnhff{ yw{ paen `ac`f~pkac hci paen h`ykac#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
6/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 4
Ymn pn`aci rakcy K,i ehjn kp ymhy daw ntnw{ oag ymhy |n mhtn hci ymn
`aerhcknp ymhy hwn wnrwnpncyni hy ymn GWY ad |mk`m ymnwn hwn ehc{ hci ymn
`aerhcknp hwn hfklcni& ymnwn,p pk} aw pntnc aw nklmy oagp kc ymn p~rrf{ `mhkc#
Eapy ad ymnpn hwn hy pehff hci enik~e pkzni g~pkcnppnp# Ymnpn hwn kerawyhcy
rhwycnwp hci ymnkw tak`n mhp ya gn `acpkinwni kc ymn rfhcp hp ymn{ la daw|hwi#
G~y {a~ jca| K ymkcj dwnx~ncyf{ rnarfn yw{ ya kpafhyn ikddnwncy rnarfn kc ymn
thf~n `mhkc g~y |n |awj tnw{ `fapnf{ |kym pehff hci enik~e g~pkcnpp hp iahff ad e{ % hp ia hff e{ `affnhl~np hci ymn{,wn tnw{ kerawyhcy kc ymkp rwa`npp
hp |nff#
Hci |kym ymhy K,ff y~wc ky atnw ya Phci{ ya ehjn h `a~rfn `aeencyp#
Phci{ @~yfnw? Ymhcjp Ondd hci K ymkcj |mhy marnd~ff{ kp kerwnppktn ya enegnwp ad rwnpp |ma
hwn ac ymn rmacn yaih{ kp {a~ mhtn 842 @NA,p prnhjkcl |kym acn tak`n |mnc
|n ph{ ymhy ymkp kp wnhff{ hc kerawyhcy yken daw Henwk`h#
Ymn wnhpac |n,wn prnhjkcl a~y kp gn`h~pn |n gnfkntn a~w nfn`yni addk`khfp mhtn
hc arrawy~cky{ ya wnhff{ ineacpywhyn Henwk`hc fnhinwpmkr hci pykff paftn
`mhffnclkcl rwagfnep#
Hci kc iakcl pa pny dawym ymn nctkwacency ad kc`wnhpni hgkfky{ daw kctnpyency
ymhy kp pa kerawyhcy daw gaym |awjkcl Henwk`hcp hci wnykwni Henwk`hcp#
Hp ntnw{acn mhp phki |n p~rrawy ymkp tnw{ pywacl gk%rhwykphc h`ykac g~y ymn
ykekcl kp o~py ymhy kp `wkyk`hf# Ky cnnip ya mhrrnc ca| hci hff ymn `ac`nryp hci
ikp`~ppkacp hga~y ymn hithcyhlnp ad lakcl atnw ymn `fkdd hwn wnhff{ pkerf{ cay
|awjhgfn dwae n`acaek` rakcy ad tkn|#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
7/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln .& 77.&
8>. % |mhyntnw ky kp#
Hci ymnc hp h rhwy ad ymn inghyn hci ikp`~ppkac |n hii gh`j kc |mhy a~w
rwkawkyknp ya ia daw a~w `a~cyw{#
Hci K ymkcj hfeapy hff ad ~p hwn ac ymhy |htn fnclym yaih{ ya gnlkc ymn rwa`npp
hwa~ci wndawe ad g~pkcnpp yh} % ad g~pkcnpp yh}np#
Ymn `ain kp pa `aerfk`hyni yaih{ ymhy % hci wnhff{ ky,p h dhkwcnpp kpp~n hp |nff
g~y |n,tn lay h `a~rfn gaym r~gfk` `awrawhykacp hci rwkthyn g~pkcnpp |mk`m
hwn hp Ondd phki h m~ln c~egnw ad a~w p~rrfknwp& hff ad ~p inpklcni h fnyynw kc
ymkp `a~cyw{# Ky,p kerawyhcy |n lny ymhy iacn#
--@wappyhfj++
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
12/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 87
Ia~l Agnwmnfehc? -^ckcynffklkgfn+ h`wapp ymn gahwi |n faaj hy nfkekchykcl ini~`ykacp hci
pyhwykcl ymnwn#
Ondd Keenfy? -Cnfpac+ o~py {a~ jca| ymn RWY mhp h laai ia`~ency ac yh} wndawe ymhy K,i
ph{ |n,wn hff jkci ad gnmkci |mk`m kp n}h`yf{ |mhy Ia~l phki kc hiikykac ya
{a~ jca| jkci ad h ynwwkyawkhf p{pyne ymhy,p pkekfhw ya ntnw{ aymnw `a~cyw{ kc
ymn |awfi#
Hci K ymkcj {a~ o~py& |n gnlkc ymkp rwa`npp& ky,p lakcl ya yhjn yken ya r~y kcrfh`n hci {a~ jca| ymn `mkrp |kff dhff |mnwn ymn{ eh{#
Oamc Nclfnw? K ymkcj ymn aymnw ymkcl ymhy |n phki kc ymn fnyynw ky ph{p ky rwnyy{ pywhklmy daw|hwi
g~y ymn cnlhyktn n`acaek` hci nerfa{ency hci pa`khf `acpnx~nc`np ad lakcl
atnw ymn `fkdd#
Ymhy enhcp oag inpyw~`ykac# \n,i fkjn ya gn kc hc n`acaek` lwa|ym
nctkwacency hci pa {a~,wn faajkcl daw h ghfhc`ni pny ad rafk`knp wnlhwikcl
{a~w yh}kcl& {a~w prncikcl hci |mhy ky yhjnp ya mhtn lwa|ym#
Hp ky,p gnnc phki mklmnw yh}np hwnc,y cn`npphwkf{ kci~`yktn ya lwa|ym g~y mklmnw
yh}np `hc rwai~`n paen wntnc~n#
Ymn `awrawhyn pn`yaw `aernynp hy ehc{ ad ymnpn `aerhcknp ymhy hwn enegnwp
ad ymn Wa~ciyhgfn hci `nwyhkcf{ ntnw{gai{ ac ymn rmacn `aernyn
kcynwchykachff{ hci lfaghff{#
Pa ymnwn,p h `aernykykac ya gn |ac ymnwn hp |nff#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
13/25
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
14/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 89
Oamc Nclfnw? Hfwklmy Arnwhyaw& cn}y x~npykac#
@aawikchyaw? -Ohenp Rhfnyn{+ ad Dkchc`khf Rwken {a~ eh{ hpj {a~w x~npykac#
-Ohenp Rhfnyn{+? Mn{ ymnwn& o~py h daffa|%~r ac -Ihekhc+,p x~npykac dwae nhwfknw#
@a~fi {a~ lktn ~p h gnyynw pncpn ad |mhy,p iwktkcl ymn pmkdy ya|hwip gh`jkcl
mklmnw yh} whynp hci ymnc -~ckcynffklkgfn+ hwn {a~ lakcl ya gn da`~pkcl {a~w
nddawyp ac fagg{kcl `aclwnppkachf wnr~gfk` ya `aen hwa~ci ya ymn kinh kc ymn
`aekcl ih{p1
--@wappyhfj++
Ondd Keenfy? K,e cay p~wn {a~ wnhi ymn fnyynw hp `hwnd~ff{ hp eh{gn {a~ `a~fi ad# [a~ jca|
K ymkcj ymn fnyynw wnhff{ ywkni ya `hff a~y ymhy |n cnni mklmnw wntnc~n& |n cnni
ncykyfnency wndawe& ymn{ ywkni cay ya gn rwnp`wkryktn#
Ymn{ ywkni ya ph{ faaj fny,p fny ymnpn l~{p lny kc h waae hci cnlaykhyn& ymhy,p
|mhy ymn{ pma~fi ia#
Hci pa K ymkcj |n ywkni ya |hfj h rhym ya ph{ fny,p cay rk`j ymn paf~ykac& fny,p
rk`j % fny,p yw{ ya nc`a~whln ymn rwa`npp hci ymn ykekcl#
Hci K ymkcj ymhy,p |mhy |hp prnffni a~y kc ymn fnyynw#
Ihtn @ayn? Hci |n `hffni a~y daw pke~fyhcna~p wntkn|p ad prncikcl `~yp hci yh} kc`wnhpnp
ymhy |n hwn cay hga~y ya yhfj hga~y acn |kyma~y ymn aymnw# Ymn{ hwn mhci kc
mhci hci wnhff{ oakcni hy ymn mkr#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
15/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 8>
Pa ya yhfj hga~y yh} whynp prn`kdk`hff{ K ymkcj kp |wacl# \n,wn yhfjkcl hga~y yh}
kc`wnhpnp pke~fyhcna~pf{ |kym paen jkci ad prncikcl `~yp hci ncykyfnency
wndawe hci ymn{ la mhci kc mhci# Ymn{ hwn hgpaf~ynf{ kcynwfa`jni kc a~w
arkckac#
Hciwn| Fktnwkp? Ymkp kp Hciwn| Fktnwkp dwae Ia|# K hfpa % paenymkcl ymhy mhpc,y gnnc phki ymhy
K ymkcj cnnip ya gn phki hci ymhy kp |n ikic,y o~py |hjn ~r ymkp eawckcl hci
pnci a~y ymkp fnyynw#
\n,tn mhi ennykclp fhpy |nnj hci ymn rwntka~p |nnjp |kym ntnw{ pkin mnwndwae ymn rwnpkincy |ma `hffni ehc{ ad ~p kcya ymn |mkyn ma~pn& |n,tn mhi
ennykclp |kym ymn `aclwnppkachf fnhinwp& |n,tn mhi ennykclp |kym {a~ jca|
heaclpy nh`m aymnw#
Hci fhpy |nnj K ymkcj ymnwn |nwn h fay ad wnhff{ laai `acpyw~`yktn pnppkacp ymhy
wnhff{ ncdaw`n |mhy e{ y|a `affnhl~np o~py phki |mk`m kp ymn ra|nw ad ymn
|awi hci mnwn# Cay ymn -~ckcynffklkgfn+ ad ymn |awi aw#
\n mhtn ya mhtn ymne gaym hci ymn{ mhtn ya gn hy h yhgfn ya cnlaykhyn hci ky
mhp ya gn iacn |kyma~y ymn rwnpp hci ymn enikh# Ky mhp ya gn iacn h |h{ h
cnlaykhykac kp iacn#
Hci kc ymhy prkwky {a~,ff lny ymn wklmy hcp|nw hci ymhy,p |mhy ymn fnyynw
hiiwnppnp#
Phci{ @~yfnw? Ymkp kp Phci{ @~yfnw& K |a~fi o~py wnkcdaw`n Hciwn|,p rhwy kp ymn prkwky ad ymkp
fnyynw hlhkc kp ymhy gaym pkinp mhtn gnnc rfh{kcl ymnkw a|c pnyp ad `hwip dhkwf{
yklmyf{ hci |n,wn nc`a~whlkcl hy ymkp rakcy |mkfn ymn `fa`j kp `a~cykcl ia|c
ky,p yken ya r~y ymn `hwip ia|c ac ymn yhgfn#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
16/25
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
17/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 804 kcinrncincy
`acywh`yawp ia|c ymnwn gny|nnc ymn Ma~pn& Pnchyn hci ymn rwnpkincy#
Hci {a~ cnni ya lny h gkl nca~lm lwa~rkcl |mnwn ymn{ `hc eatn paenymkcl
daw|hwi# Hci K,i ph{ % e{ tkn| kp ymn fnhinwpmkr ac hff pkinp ~cinwpyhcip %
wnhff{ ~cinwpyhcip ymn cnni ya ehjn paenymkcl mhrrnc mnwn#
Ymn rwagfne kp {a~,tn lay ya lny h gkl ehoawky{ ad ymapn >22 % ph{ 0> aymnwp
o~py ya lny paenymkcl iacn#
Hci rhwy ad ymkp rwa`npp kp ajh{ gwkclkcl rnarfn hfacl# G~y {a~ `hc acf{ ia
ymhy daw pa facl hci ymnc {a~ wnhff{ ia w~c kcya rwagfnep#
Hci kd {a~ mhtn h p{pyne ymhy,p lnhwni ya|hwip gwkcjehcpmkr paenykenp {a~
ia la atnw ymn gwkcj#
Hci |n iac,y |hcy ymhy ya mhrrnc pa |n,wn yw{kcl ya |nklm kc hp h tak`n kc ymn
ekiifn mnwn ymhy ph{p ymn wklmy ymkcl daw ymn `a~cyw{& ymn wklmy ymkcl daw ymn
n`acae{ kp ya |awj yalnymnw ya lny paenymkcl iacn hci yw{ ya nc`a~whln hff
>04 ad ymapn kcinrncincy `acywh`yawp ya wn`alckzn ymhy hci hy fnhpy h gkl
ehoawky{ ad ymne ya ia ymn wklmy ymkcl mnwn daw ymn `a~cyw{#
Oamc Nclfnw? Hfwklmy Arnwhyaw& fhpy x~npykac#
@aawikchyaw? -Gwapmh|ch Ik}ac+ ad Kcpkin Mnhfym Rafk`{ {a~ eh{ hpj {a~w x~npykac#
-Gwapmh|ch Ik}ac+? Mk ymhcjp pa e~`m daw yhjkcl e{ x~npykac#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
24/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 79
K mhi h x~npykac wnfhyni ya ncykyfnency wndawe daw hc{acn |ma `hc hcp|nw ymkp#
Ehc{ Inea`whyp mhtn p~rrawyni h rafk`{ ymhy |a~fi wnx~kwn iw~l wnghynp kc
Enik`hwn Rhwy I g~y ymhy rafk`{ kp tnw{ pywaclf{ arrapni g{ ymn iw~l kci~pyw{
hci agtka~pf{ ymn iw~l kci~pyw{ mhp {a~ jca| kp heacl GWY,p enegnwp#
Hci K o~py |hcyni ya hpj {a~ jca| |kym ymn fnyynw yaih{ ph{kcl ymhy hff arykacp
pma~fi gn `acpkinwni& hwn {a~ p~llnpykcl ymhy inprkyn ymkp arrapkykac pma~fi
ymhy rafk`{ gn `acpkinwni hfacl |kym aymnwp1
Oamc Nclfnw? K,ff yhjn ymhy acn gn`h~pn K rwaghgf{ mhtn paen dhekfkhwky{ |kym ymhy kpp~n#
G~y K |a~fi ph{ ac ymn lncnwhf ncykyfnency wndawe ymnwn,p ca x~npykac ymhy
-~ckcynffklkgfn+ kp lakcl ya kerh`y ymn mnhfym`hwn kci~pyw{ hci mnhfym`hwn
rwatkinwp tnw{ ikwn`yf{ hdynw ymn dkwpy ad ymn {nhw#
Pa acn ad ymn `ac`nwcp kc faajkcl hy ma| {a~ htnwy ymn rwagfnep `h~pni g{
ymn dkp`hf `fkdd kp cay o~py ac ymn {a~ jca| ymn yh}kcl pkin# Ky,p hp {a~ ph{
ncykyfnencyp % |n,tn r~y daw|hwi h rwnyy{ hllwnppktn pywhynl{ dwae ymn
Wa~ciyhgfn ymhy |n,tn yhfjni hga~y hy a~w fhpy ennykcl#
Hci |n ymkcj ymhy {a~,wn mhtkcl ya inhf |kym ymn pyw~`y~whf `apyp ad Enik`hwn
hci ya paen n}yncy Enik`hki atnw ehc{ {nhwp hci ymhy,p |mnwn ymn ~fykehyn
gkl yk`jny kynep hwn#
[a~ `hc yhfj hga~y prn`kdk` `aeracncyp ad hc{ rwalwhe K enhc kc ymn
Agheh@hwn Fnlkpfhykac ymnwn |hp hc nddawy ya la hdynw paen ad ymn rhwy I
rwalwhe& ymnwn |hp hc nddawy ya la hdynw paen ad ymn {a~ jca| ymn pny hpkinp
daw enik`hf phtkclp h``a~cyp hci ymhy#
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7/30/2019 Call Transcript to Announce the BRT CEOs Letter on the Need to Avoid the Fiscal Cliff
25/25
G^PKCNPP WA^CIYHGFNEainwhyaw? Oamc Nclfnw
87%88%87!9?22 re @YRhln 7>
Hci {a~ jca| ymhy,p hff inyhkfp ymhy ymn @aclwnpp `hc |awj ac hci ymn{
pma~fi# Ymkp kp gkl rk`y~wn py~dd# K iac,y ymkcj ymn{,wn lakcl ya lny kcya prn`kdk`
rhwyp ad Agheh@hwn aw prn`kdk` rhwyp ad ma| |n rwh`yk`n enik`kcn kc ymn
^ckyni Pyhynp# Ymn{ `a~fi phtn gkffkacp |kym fkhgkfky{ wndawe % K iac,y ymkcj
ymn{,wn lakcl ya lny kcya ymhy#
Pa ymkp kp acn ad ymapn kpp~np ymhy kp a~y ymnwn g~y K iac,y ymkcj ky,p `ncywhf ya ymn
rwkc`krhf `aerwaekpn |n,i fkjn ya pnn ca|# Iac,y ymkcj ymhy ymhy kp lakcl ya gn
|mhy ymn{,ff faaj hy ya pny kc rfh`n facl ynwe pyw~`y~whf wndawe ymhy wnhff{ iapnci ymhy `apy `~wtn a~y ymnwn#
Pa fny en o~py `fapn |kym ymhy hci ph{ ymhcj {a~ ya ymn @NA,p |ma
rhwyk`krhyni# Ymkp kp lwnhy ya px~nnzn 92 ekc~ynp a~y ad ymnkw ih{ yaih{ hci ya
hff ymn ehc{ wnrp ymhy |nwn ac ymn `hff % h `ar{ ad ymn d~ff fnyynw hci ymn d~ff fkpy
ad pklchyawknp |mk`m h`y~hff{ mhp kc`wnhpni g{ h `a~rfn kp ac ymn GWY#awl
\ng pkyn pa `aen ymnwn daw ymhy#
Hci kd ymnwn hwn hc{ aymnw x~npykacp K,i ph{ la ya -Rnynw Dwnniehc+ ac ymn GW
ynhe % `aee~ck`hykacp ynhe# \n,ff pnn kd |n `hc,y dkci ymn hcp|nwp daw ymne#
Pa |kym ymhy fny en o~py ymhcj ntnw{acn daw rhwyk`krhykcl# Ymhcj {a~ Arnwhyaw
hci |n,ff `hff ky h ih{#
@aawikchyaw? Ymhcj {a~# Ymkp `ac`f~inp yaih{,p `acdnwnc`n# Ymhcj {a~ daw {a~w
rhwyk`krhykac hci {a~ eh{ ikp`accn`y hy ymkp yken#
NCI