Last Week Tonight with John Oliver
Season 8 Episode 16
Aired on June 20, 2021
Main segment: PACE financing
Other segments: 2021 Summer Olympics
Guest: George Clooney
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John: Hi there! Welcome to the show! Still coming to you from this blank void, the whitest thing on tv this week, aside from Nancy Pelosi desperately trying to pretend she knows the words to “lift every voice and sing.” It’s been a busy week. Juneteenth was declared a federal holiday, the supreme court upheld Obamacare for the 400th time, and Joe Biden had a summit with Vladimir Putin, prompting this uplifting moment:
Interpreter: do you think at the present stage, we can talk about a new stage of bilateral relations?
Interpreter: there is no happiness in life, there is only a mirage of it on the horizon.
John: Wow, that’s a dark answer. But I can’t say I expected anything less from a man whose face screams, “I enjoyed the “Joker” film.” Because of course Putin dropped bleak Tolstoy quotes. That’s very on brand. It would’ve been much more shocking if he’d said, “follow your bliss,” or “it’s wine o’clock somewhere” or “Navalny, you have the floor.” But instead of that, I want to focus on Japan, the country which gave the world karaoke, the best way to learn which of your coworkers is irrationally overconfident in their singing abilities. “Love on Top” by Beyonce? The fuck do you think you are? Tokyo is set to host the Olympics in just a month. They were originally supposed to take place last summer, but didn’t, due to… y’know. And yet, despite the fact that the pandemic is still very much not over, the games seem to be going ahead, and not everyone in Japan is thrilled.
Tonight, Tokyo Olympic organizers say the games are a go, with music, medal trays, and uniforms.
The possibility of these games going on is 100%.
But popular protests demand they be stopped, with Shigaru Omi, Japan’s version of dr. Anthony Fauci, saying the situation is not normal. A daily death rate higher than when the games were delayed last year. A slow vaccine rollout. Now with half a million shots each day, but the true target twice that.
John: Yeah, that’s not good! In fact, only 6% of the Japanese population is currently fully vaccinated. And while I don’t know what the target percentage should be to safely host the Olympics, I’m pretty sure that right now, it should be higher than the number of entries in the “Fast and Furious” franchise. So it’s frankly no wonder that polls have shown many of the Japanese public oppose holding the games this year. And perhaps no one represents that sentiment better than this YouTuber:
Although hospitals are close to collapse and people are exposed to risk, IOC said they will, for sure, hold the Olympics! It’s crazy, isn’t it? The IOC said, “Tokyo Olympics would go ahead unless struck by Armageddon.” Hmm. What a joke! Ha, ha, ha. All you have to do is sit down and listen to Aerosmith.
John: That is excellent. Just tens across the board. Inexplicable side dive: ten. Plugging his ears instead of his nose: ten. Shouting an Aerosmith lyric before his body is consumed by a very shallow lagoon: ten again. If the Olympics simply have to happen, I want that guy to be the entire opening ceremony. Just him, alone in a stadium, screaming Aerosmith jokes while occasionally jumping into water, for four solid hours. I’d watch every second of that. The Olympics going ahead is undeniably risky, but the organizers seem to be considering a lot of different factors, with many being financial, especially as Japan’s already officially spent over $15 billion on these games, with government audits suggesting it’s actually twice that much. And the truth is, even if Japan wanted to cancel, it’s not quite that simple.
The Olympic host city contract signed between Tokyo and the IOC in 2013 doesn’t give Tokyo the power to scrap the games. Only the IOC holds that right.
John: Yeah, it’s true. Japan doesn’t technically have the authority to cancel the games, which is kind of weird. It would be like if your child got the flu and you tried to reschedule their birthday party, only to get overruled by the clown you hired. “Hey! I don’t care if you’ve got the bubonic fucking plague, from 2:00 pm to 5:00, you’re on bozo’s clock, bitch.” To promote safety at the games, a ton of precautions are being unveiled, from barring spectators from abroad, to encouraging people to keep a two-meter distance at all times, to requesting attendees support athletes by clapping instead of singing or chanting, which is a shame because — as anyone will tell you — half the fun of watching the men’s trampoline final is the raucous bonding with your fellow tramp-heads. And while some of those precautions will hopefully do some good, I will say, others have absolutely no chance.
Olympic organizers typically give away tens of thousands of condoms during the games for all the athletes. But this year there is still going to be a condom giveaway, but they are telling the athletes not to use them until they get home.
John: Well, good luck with that! Have fun selling that message at the the condom booth. “Hi there, 20-year-old Adonis with the physical stamina of a young gazelle. Welcome to what is, essentially, a lightly monitored dorm floor that you’ll be sharing with some of the most chiseled bodies on the planet, all of whom you’ll likely never see again. Here are some free condoms! But please, make sure you that you save them until — ah, I see you’re already fucking. Well, please, at least move to the side, there is a line behind you.” But I guess it’s good news that they’re still handing them out, especially for Japan’s top condom-makers, who apparently saw the Olympics as an extremely precious opportunity to let the world know about Japan’s high technology prophylactics. Although, I will say, I’m not convinced they needed the Olympics to do that. Because Japanese condom ads do a pretty good job selling their product. Take a look at this.
The condom Goro found was one of legend. What’s happening? Holy moly! Goro becomes a condom battler against his will. Omg! A condom hunter! Ha, ha! Doubling up gave me ultimate endurance! I can last 13 hours!!! No way! Watch out! Run, Goro! Look, his condom ripped! Whoo-hoo! Don’t double-bag condoms! That was close. Goro begins his journey to become a condom battler, completely unaware of the challenges ahead.
John: Yes! That was part of an anime web series produced by Japan’s leading condom manufacturer, Okamoto, in which a “condom battler” named Goro finds a magical rubber on the ground, which turns into a suit of protective armor that he wears while battling a bunch of anime villains. So you know, just your average educational, contraception-themed, sci-fi, action cartoon ad for Japanese cock socks about an anime war in which the dress code appears to be “latex casual,” all of which they claim is “to be continued” — or, as the ad says, “to be condom.” That’s so much more fun than sex-ed is here in the U.S., where it’s usually, “here’s a condom, here’s a banana, let’s never speak of this again.”
But the fact is, despite protests, it seems like the Olympics are going ahead. And all of this is a good reminder that hosting the Olympics is just never a good idea for a city. And it’s not like Japan needs the Olympics to boost tourism. It’s Japan! It’s already got Mount Fuji, bamboo forests, and the world’s wettest comedian. Who wouldn’t want to visit? And while I truly hope for everyone’s benefit that this works out, you can’t help feeling that that main motivator in this event taking place is money. So will it be worth it? Well, I guess all we can really say at this point is — to quote my new favorite web series — that is very much “to be condom.” And now, this.
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Announcer: and now… Please enjoy some better names for the dogs from this year’s Westminster dog show.
Raisenette. Beef. Captain Jean-Luc Pinard. Drama. Good Carl. Bad Carl. Claimed he witnessed a high-ranking CIA officer meet with Lee Harvey Oswald in September of 1963. ♪ ♪ Smooth Chris. Crime.: Devourer of souls. Dennis. And Jennifer Aniston.
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John: Moving on. Our main story tonight concerns home renovations. They’re a big commitment that always turn out great, unless, that is, you’re on “trading spaces,” in which case, they can turn out like this:
We are in the room. Open your eyes and see your new family room.
I’m gonna have to leave the room now.
You’re that disappointed?
Well… I’m gonna have to leave the room now.
John: Wow. That’s a shame. Kudos to pam there for being gracious enough to step out. She’s showing a level of restraint that those designers very much did not. Because why is that fireplace opaque? Who would look at a sexy flickering fire and say, “great, but what if it was blurry?” Also, that’s just too many candlesticks. The whole room’s a windowless inferno waiting to happen. It’s deranged, it’s unsafe, and frankly, pam deserved better. But specifically, we’re going to talk about a way to finance home improvements called pace. It was originally designed to provide low-income homeowners a way to make their homes more environmentally friendly. And to explain more, here is Netflix’s very own, Barack Obama:
We’re making it easier for American homeowners to take advantage of a new program called pace. Here’s how it works. If you make the switch to solar, you can now install solar panels or retrofit your home to make it more energy efficient at no upfront cost, all by paying for them through the future savings on your energy bills.
John: Well, that sounds like a great program for homeowners! By the way, if you’re under the age of 35, let me quickly clear up your confusion here: a “homeowner” is a person who owns their home. They don’t rent it. The house belongs to them. Like your parents — you know how your parents live in a house, but they don’t have a landlord? And they don’t have to sign a lease, and they don’t pay a security deposit? It’s like that. It’s their house. Don’t worry, though — that’ll never be you. You’re not allowed to do that. America decided a few years back that if you were born after 1985, you don’t get to own a house. You do get to rent apartments for the rest of your life, though, as you gradually pay off the student loans from your liberal arts degree — that’s the thing you get to do. So if you’re under 35, you can actually skip this story. Don’t even worry about it. Go fight with a 15-year-old on TikTok about the coolest way to part your hair. Your life is sad, and that’s okay. Pace, though, stands for “property assessed clean energy,” and the idea originated in California as the brainchild of the former chief of staff to the mayor of Berkeley who describes himself as an “capitalist hippie.” Which absolutely tracks for a guy whose name sounds like he’s about to gentrify jazz. There are actually two pace programs: one for commercial properties and one for residential ones. And we’re going to focus on the second one, where there are some huge problems. Because after a trial run in Berkeley, the residential pace program exploded across California. In just the second half of 2014, lenders issued $148 million in pace loans. And just a year later, as more counties across the state signed on, that number quadrupled to over half a billion dollars. Right now, these three states have active pace programs, but plans to expand to other states, including New York and Ohio, are very much in development. And that should be a cause for real concern, because when pace loans go wrong, they can go very wrong. Take this California couple who ended up losing their home. And they say their problems started when a contractor turned up at their house, pitching a pace-funded improvement.
Their house badly needed a new roof, so they signed up.
I thought it was a wonderful thing, just really a godsend.
One thing led to another —
Once he saw the roof, he says, “well, looks like this wall…”
Then it was the floor.
Well, I think there’s some damage there.
Then a few months later —
Jumped our mortgage payments $600 a month.
Our life began to unravel at that very moment. My thought is that we’re going to wind up in a tent.
John: Look, there are some situations where the idea of ending up in a tent is exciting — if you’re going camping, for example, or seeing the circus, or walking into the forest to finally abandon society forever and live among the trees, but it shouldn’t really be the desired outcome when you’re just trying to fix your roof. Unfortunately, the story of pace is a cautionary tale about how good intentions, when not paired with careful, smart design, can end in disaster. And given that Joe Biden promoted the program as vice-president, and promised on his campaign website to “expand the utilization of pace,” it seemed that tonight, it might be a good idea to take a look at it. And let’s start with how pace works. Because basically, it’s money designated for repairs or upgrades to your house. The average pace loan is about $25,000, and repayment periods usually stretch between five and 25 years. But the way you pay it back is both unusual and very complicated — even though I’ve already called it a “loan,” it’s technically a lien on your house — a kind of debt directly attached to your property, and which, in this instance, you gradually pay back through your property taxes. And ads promoting pace have liked to put that fact front and center.
Your house is actually borrowing the money and not you personally.
It’s more like the house is getting the financing because payments are made through an assessment on your property taxes.
It’s as if your house is borrowing the money, not you personally.
John: Okay, stop. Because there’s an obvious problem there. Even if your house is technically borrowing the money, that money comes in the form of property taxes, and you pay for those. Your house doesn’t. Because houses can’t pay taxes. Because houses don’t have money. Because they’re houses. It’s the equivalent of buying a new sweater and telling the cashier, “oh, the sales tax is on the sweater, so the sweater will pay that.” That’s not how taxes or, indeed, sweaters work. Those ads are from pace administrators — private companies hired by cities to handle the logistics of the program, including providing financing and approving loans. Some of the biggest players are these companies, the largest of which is called Ygrene. Which is just objectively a stupid name. It sounds like a contemplative jazz album from Kermit the frog. But the real origin of the name is somehow even stupider, as a Ygrene representative explained during a local “sponsored content” segment:
Ygrene, I love this. It’s easy to remember because it’s actually “energy” spelled backwards.
Exactly. Most people don’t figure that out, but a couple reminders, they usually get it.
John: Yeah, of course they get it, because it’s not a hard thing to get. Ygrene basically put about as much effort into their name as “trading spaces” put into pam’s family room. There are a number of flaws in how pace programs are designed, and here is one of the first key issues: while companies like Ygrene may promote pace through ads and Sponcon segments, the majority of actual sales to customers are done by individual contractors who’ll be performing the renovations. And think about what that means for a moment. The people with the responsibility of pitching a very complicated financial product — a pseudo-loan that’s technically a tax lien — are contractors, whose training is not in finance. No judgment, it’s just, people are trained for different things. It’s the same reason you don’t ask a banker to re-grout your bathroom tile. They’re going to make a mess. In practice, the way it usually works is, a contractor will approach you — maybe outside a shopping center, or at your church, or even knocking directly on your door. And they’ll offer to sell you, let’s say, solar panels, or a new air conditioner, with the promise of no money down, and that — crucially — should pay for themselves through huge future savings. The thing is, contractors are not always completely straight with customers about just how much their property taxes could go up.
They came to my house. They said that I needed the solar system, that it was gonna dramatically reduce my light bills. When my property taxes came back in November, I had — I went from $600 property taxes to almost $10,000 property taxes, which I could not pay.
John: $600 to $10,000. That is not good! The only time the value of something should change that dramatically is if Elon Musk shits out a tweet about it. We truly live in the best possible system! But also, it seems pretty unlikely solar panels are going to cut her electricity bill by $10,000. In fact, for all the talk about how pace improvements will pay for themselves, there is a fundamental flaw there, as this professor who’s studied them will tell you:
A foundational flaw of the pace program is that there is no independent energy audit required of a home before home contractors can start suggesting all sorts of things to do to it. Some of these things are maybe put in incredibly expensive, high efficiency windows, even though the existing windows are not the main source of energy waste. And you would do much better just caulking a few leaks.
John: Exactly. There is no independent party required to assess whether your renovations would cut close to enough energy costs to be worth it. Which really seems like something you’d want verified by a third party. It’s the same reason we have independent health inspectors put a letter grade outside a restaurant, as opposed to letting the owner put up his own sign that says, “trust me, it’s clean.” And that actually brings us to the next key quirk of the pace program. Because if those energy savings don’t cover the additional taxes you incur, you could be in big trouble. Remember those ads about how “your house pays for the financing, not you?” What that means is, your house is now the collateral for the debt. So if things go wrong, you could well lose your home, and, you know, end up in a tent. And there are far fewer protections to prevent that than you might think. Because this is a tax lien rather than a loan, the financing isn’t subject to the same consumer protections that you’d get with a standard home loan. So for instance, in Florida, the state doesn’t require pace providers to explain the costs of improvements, check if the people who sign up can actually afford to pay back the money, or if they even understand the terms. And pace administrators will insist they do all those things anyway — that they’re diligent about vetting homeowners, the projects they take on, and their ability to repay. But there are so many examples of failures to do that. Thanks to pace, one Missouri homeowner wound up with $25,000 of debt on the home that was appraised by the city at the time addressed $8400. And if at this point you’re wondering why on earth people sign up for these loans, it’s because they’re often presented as a government program — one that, remember, president Obama promoted — which might instill a false sense of security.
They did mention a government program and that’s why you hear government, you think this is an awesome deal and you don’t expect what happened to happen.
In a hidden camera investigation last may, we caught contractors touting claims of government programs.
So because of what you have going on, this government program could actually help you.
Oh, that is a government program.
When we showed up, the sales pitch was over. And then they had some parting words.
You suck, by the way.
John: Look: I’d say I felt bad for that reporter, who was clearly just doing his job and was then met with a man berating him from his compact Toyota. But think of it this way — at least now he knows what it’s like to be a woman on the street who doesn’t smile back. And if this is all starting to feel potentially predatory, that’s because it often is. And if you know anything about the history of predatory lending, it won’t remotely surprise you to learn that an analysis of one of the largest markets for pace in Florida found that many of those with the highest debt burdens under pace financing were found to be in majority minority zones. And it doesn’t stop there, because contractors have also been accused of targeting neighborhoods of non-English speakers, senior citizens, and even those with intellectual disabilities, like this man, who — as his lawyer points out — absolutely did not understand what he was signing up for.
It’s very apparent from speaking with him that he doesn’t understand these loans. He doesn’t understand the contracts that he entered into. He had kitchen remodeling done and he doesn’t even cook. He gets meals on wheels. He doesn’t use his kitchen. He’s a nice guy, he wants someone to talk to. So he invites them in, he talks to them, and they talk him into “hey, you need these windows replaced. You need your kitchen remodeled.”
John: Look, I get that you’re on his side, and I do appreciate that, but your client is sitting right there! Someone should, at the very least, have thought to move that interview outside. The number one rule of talking about someone behind their back is that their back should not be anywhere in your immediate vicinity. And companies routinely defend themselves by arguing they disclose everything clearly, and that people simply shouldn’t sign these contracts if they can’t understand them. But that’s a little disingenuous when their whole operation so often emphasizes speed over slow, deliberative consideration. These companies’ websites brag about their “super fast approvals,” or their “speedy approval process,” or make claims like, “get approved for Ygrene financing in 30 minutes or less.” And the clear implication there is that you can basically get your money like that! Oh, shit.
Oh, for fuck’s sake.
John: I’m sorry, George. I snapped my fingers without thinking.
You know I’m busy, right?
John: I do. Actually, what are you up to right now? Anything fun? Fair enough. The point is, though, a common sales tactic here is fast approvals. Contractors often go door-to-door with a tablet, encouraging people to sign electronically. And in one company’s video, a contractor talks openly about just how fast the e-sign process is.
I just take the people to the adopt and sign portion of it, have them pick a signature, and sign all the remaining pages, and we’re done in just a matter of minutes. I was in a house in rialto. The patio door was open behind me, the rain was pouring, the tv was on loud, three dogs barking, four kids yelling, and we got through it. And I fell in love with the eSign program after that.
John: Oh, I bet you did! Although, I’m not sure “look how easy it was to get this stressed-out homeowner to sign a legally binding document” is quite the flex he thinks it is. There are, indeed, several things you can do in a matter of minutes while four children are screaming and three dogs are barking in the background. You can schedule a grocery delivery, or have a tense eye contact-only argument with your spouse, or like an Instagram post from an ex announcing they’re “making music now,” then find that ex’s music on SoundCloud, then send that ex’s new songs to your group thread, then watch as they mercilessly tear Tevis’s amateur EDM tracks a new asshole. All of that can be accomplished under those chaotic circumstances, but signing up for a massive lien on your house from a guy who’s in love with his iPad probably shouldn’t be. Because this isn’t like agreeing to the terms and conditions of an iTunes update. This is like sitting across the table from a banker, potentially signing your house away. The problems is the incentives just aren’t really there for contractors to make sure that the people they’re selling to can actually pay back the loans they’re taking on. Especially because, in the final quirk of this program that makes it so dangerous, the pace loan isn’t just a lien on your house — it’s what’s called a “priority lien,” meaning that, in the event of a foreclosure, pace lenders get to collect their money first, ahead of the mortgage lender or anyone else. The fact that that’s the case enables companies like Ygrene to bundle that debt together and sell it on wall street as a very safe investment. Because for those investors, it’s a near-guaranteed return. But for homeowners themselves, it can spell complete disaster. For one thing, it can make it much harder to sell your house. Because no one wants to buy a house with a lien on it for tens of thousands of dollars, for renovations that might’ve been done a decade ago. If you’re house hunting and you find that out, it’s like hearing the realtor say, “here’s the garage-slash-meth lab,” or, “here’s the basement where the kidnapped kids were chained up,” or “here are the popcorn ceilings.” It immediately kills any appeal the house ever held. And it’s not just homeowners raising the alarm here. That priority lien placement is the primary reason why, in 2010, Fannie Mae and Freddie Mac stopped backing mortgages on homes that had pace loans. And this is yet another a potentially devastating consequence to a system with no real accountability baked in. Remember that California couple? Here is their contractor explaining why none of what happened to them is his fault.
Did you as a contractor, though, ever confirm if they had the ability to pay? Because this is an older couple on fixed income, they say there’s no way they could have paid for the work that you took on in their house.
But — I don’t qualify people. Pace qualifies people.
Well, there’s a lot of passing the buck here because —
No, there’s no passing the buck, miss. What you should do is talk to Ygrene, who they had the contract with.
John: Well, hold on there. Because it’s pretty bold to claim “there’s no passing the buck,” only to immediately then pass the buck. It hearkens back to that famous sign in harry Truman’s office, “the buck stops here, with Larry down the hall, he’s the one who handles all the paperwork, you should really go talk to him.” The point is, every player here is perpetuating a cycle of zero accountability. The pace administrators blame the contractors. The contractors blame the administrators. And sometimes, the finger of blame gets pointed directly at the customers themselves. Because here’s where, legally, I have to tell you that Ygrene — which is energy backwards, by the way, it’s very clever — insists that they have rigorous disclosure practices, exercise robust oversight over contractors, and have never personally foreclosed on a home. They also insist that the couple received all the appropriate financing documents, and that they, and not Ygrene, selected the contractors to work on their house. Sort of implying that it was all their fault. Which is pretty hard to take, given that Ygrene selects which contractors it allows into its program. If your seafood restaurant sells tainted lobsters, they shouldn’t get to shrug it off by saying, “you picked the one you wanted out of the tank,” when they put those lobsters in there in the fucking first place! And companies are always going to insist that this is just a problem of a few bad apple contractors, and they’re always improving their processes. But I would argue the flaws of this program are baked into how it operates. And no one knows this better than tax collectors, because they’re the ones who end up having to collect on the debts homeowners rack up, and are can be the ones having to do the foreclosures. Just listen to this Missouri tax collector begging his county to get rid of its pace program just last month.
I can tell you what the facts are going to be: the more of these that you have, some percentage of people will lose their houses. And you can make the consumer protections better, and you can make them a little more rigorous, but at the end of the day, some people will have their homes taken from them. I think the bottom line is that there is no circumstance, in my opinion, in which it makes sense to offer the county’s power to take your house in return for getting you money to buy a new air conditioner or solar panel or whatever it may be.
John: Exactly. Nobody in this country should be losing their home because of an air conditioner! They should be losing their home because of unexpected medical bills — you know, like an American! And all of this may be coming to a head if foreclosures begin to rise in the wake of the pandemic. In fact, one Florida tax collector has even warned that pace will become Florida’s next mortgage crisis if we’re not careful. Which is chilling. Because the conditions are prime for a disaster, but it seems like we’re not doing anything to stop it. It’s like how we inexplicably let Harrison Ford continue to fly planes. We all know what’s going to happen! Somebody do something before it’s too late! So what can we do? Well, we could try reforms like stopping door-to-door sales. But the truth is, as that guy said, people could still end up losing their homes. The tougher question might be whether or not reform is even worth it. Because for the record, pace isn’t the only way low-income homeowners can get help to finance green energy upgrades. Nationally, there’s the low income home energy assistance program, and the federal weatherization assistance program, or WAP, as it’s known to absolutely no one. And in Florida and California specifically, there are several programs that can assist low income households in energy funding. The point is, if you, your parents, or anyone you know is considering a pace loan, you should definitely see if you or they are eligible for programs like these first. And if you live in a county that’s thinking of implementing a pace program with for profit administrators, do whatever you can to stop it. Because the fact is, this business model is fundamentally flawed. And I’m not saying that affordable clean energy isn’t something we should be investing in. It absolutely is. But we shouldn’t be putting vulnerable people in a position where they’re risking their homes. Sadly, this is yet another example where a well-meaning public program has been corrupted by the presence of private companies. And if they come to where you live, you would be well advised to tell them to kcuf ffo. It’s actually “fuck off,” backwards. Most people don’t figure that out, but after a couple of reminders, they usually get it. And now, this.
Announcer: and now… The winner of best in show at the Westminster dog show breaks newscaster’s brains.
So I thought it was — I mean, he is pretty, obviously. [Laughs]
It’s just hair.
It looks like a head of hair. Like, amber, I picture — I picture yours or my hair just walking on the ground with no legs. Like —
Someone’s wig is controlling their brain.
Walking across the ground.
This is gorgeous. It’s just so weird.
Is super odd looking. Good for him. A speaker that person probably spent more time on that dog’s hair —
Then the three of us combined and we are on tv every day. [Laughs]
I’m not into that.
It’s just not cute.
It is so ugly.
That is such an ugly dog. No offense to anybody.
You can’t say that is an ugly dog and then say “no offense.” You have offended.
I don’t mean it to be offensive.
It looks like a walking wig.
It looks like because in it.
A very unique look that wasabi has.
What do you mean unique look?
You mean Thomas most face? — Smooshed face? I was asking a serious question. Yes.
John: that was our show. Thank you so much for watching. We will see you next week. Good night.