WE'LL SPEAK WITH YOU AGAIN LATER AFTER NEARLY A CENTURY OF SHIPPING FREIGHT ALL ACROSS THE COUNTRY TRUCKIKING GIAN YELLOW COURT IS SHUTTING DOWN THEIR OPERATIONS. THEY'RE ALSO LAYING OFF ABOUT 30,000 OF THEIR EMPLOYEES. THE COMPANY EXPECTED TO FILE FOR BANKRUPTCY. THIS AFTERNOON. LESS THAN TRUCKLOAD OR LTL CARRIER WAS KNOWN FOR OFFERING SOME OF THE CHEAPEST RATES IN THE TRUCKING SECTOR. THERE. DON'T FALL COMING JUST 3 YEARS AFTER RECEIVING A 7 100 MILLION DOLLAR BAILOUT LOAN FROM THE U.S. GOVERNMENT. A MOVE THAT WILL CONTINUE TO IMPACT TAXPAYERS HERE WITH US NOW TO TALK ABOUT THE RIPPLE EFFECT THIS COULD HAVE ON THE ECONOMY IS TOSS PENCE OR PRESIDENT AND OWNER OPERATOR INDEPENDENT DRIVERS ASSOCIATION. I THANK YOU SO MUCH FOR BEING HERE WITH ME THIS AFTERNOON. LET'S START WITH WHAT'S HAPPENING NOW. WHAT IS THIS GOING TO MEAN FOR THE ECONOMY AND FOR TAXPAYERS. >> WAS CERTAINLY TODAY IS A SAD DAY FOR THE 30,000 EMPLOYEES OF YELLOW FREIGHT. THIS WAS ONE OF OLD-LINE CARRIERS THAT ONE DIME AMONG THE GROUP THAT AT 1 TIME WE'RE THE BIGGEST PLAYERS ARE WAS IN THAT ALL CHANGED WITH THE MOTOR CARRIER ACT OF 1980 THAT BASICALLY ECONOMICALLY D TRUCKING IN KIND CREATED SOME OF THAT SOME OF THE FALLOUT THAT, YOU KNOW, WE'RE STILL DEALING WITH TODAY AND THAT IT'S TOUGH BUSINESS. HE'S OFTEN TIMES IT'S PREDATORY BUSINESS. YELLOWS PROBLEMS. OUR LONG-STANDING PROBLEM. THEY HAVEN'T. YOU KNOW, THEY WEREN'T JUST MADE UP THE LAST YEAR OR SO IN MANY INSTANCES THEY KIND OF OVEREXTENDED THEMSELVES AND AGAIN, YOU MENTIONED EARLIER THEY WERE OFFERING SOME OF THE LOWEST RATES AND THE COUNTRY TO MOVE GOODS AND AND YOU KNOW, THAT'S KIND OF CALM IMPOSSIBLE FOR ME. A LOT OF FOLLOW WHEN YOU HAVE BIG OVERHEAD AND YOU KNOW IT FINALLY CAUGHT UP WITH THEM. >> HAPPENS TO ALL OF THESE WORKERS. NOW YOU JUST MENTIONED SOME OF YOU KNOW, EMPLOYEES OF THAT HAVE BEEN THERE, MANY OF WHOM I'M ASSUMING FOR YEARS. WE DO YARDS. THERE'S ALSO A SHORTAGE IN THE IN THE TRUCKING INDUSTRY. DOES THIS AUTOMATICALLY. MEANTIME, THE SOME OF THESE MEN AND WOMEN WHO HAVE BEEN DRIVING FOR YELLOW. WE'LL FIND EMPLOYMENT OR IS THAT NOT GUARANTEED. >> GOOD WORKERS CAN FIND EMPLOYMENT. YOU KNOW, IT MAY NOT BE AT THE SAME LEVEL ECONOMICALLY THAT IT WAS PREVIOUSLY. AND YOU KNOW, YOU MENTIONED A MINUTE AGO, ONE OF THE BIGGEST MYTHS AND TRUCKING AND THAT THERE'S SHORTAGE OF THERE'S NOT A SHORTAGE OF DRIVERS. THERE IS A THE PROBLEM IS RETENTION DRIVERS COMMON GO MANY TRUCKING GOT THE JOB. 100% TURNOVER DRIVERS EVERY YEAR. SO THERE'S PLENTY OF JOBS OUT THERE. GOOD PEOPLE CAN FIND CAN FILL THOSE JOBS AND HOPEFULLY NOT ANY KIND OF A JOB. A MOVE. IT'S GOING TO BE STRENUOUS. YET IT MAY NOTOT BE AS GOOD. BUT, YOU KNOW, AGAIN, THIS ISN'T THE BEST THE TIME FOR ANYONE. WE'RE OPTIMISTIC THAT THINGS WILL LOOK UP GOING FORWARD. >> TODD, YOU TALKED ABOUT YOU SAID SOMETHING THERE THAT I WANT TO CIRCLE BACK ON. YOU TALKED ABOUT RETENTION. WHAT WHAT'S HAPPENING IN THE INDUSTRY THAT IS SO HARD TO HOLD ONTO GOOD DRIVERS WITH EXPERIENCE. >> WELCOME. REAL THE JOB OF TALKING ISN'T LIKE OTHERS AND THAT THE WORKWEEKS ARE QUITE FREQUENTLY. 70 TO 80 HOURS LONG AND THERE AREN'T THAT MANY PEOPLE THAT ARE INTERESTED IN WORKING IN A JOB THAT ACTUALLY REQUIRES PRETTY MUCH TWICE THE COMMITMENT THAT OTHER WORKERS ARE GOING TO MAKE JUST TO SIMPLY MAKE UP A JET AND FOR MANY TRUCKERS THAT THEY LIVE THEIR LIVES OUT ON THE ROAD AND THAT'S NOT AN EASY GAVE EITHER QUALITY OF FAMILY TIME. ALL OF THOSE ARE JUST, YOU KNOW, THEY'RE JUST TOO MANY IN TOO MANY INSTANCES ARE NOT REALLY THERE KIND OF NONEXISTENT. SO YEAH, PEOPLE WILL LEAVE JOBS LIKE THAT. AND YOU KNOW, THE TRUCKING ITSELF HAS TO ADDRESS ITS CHRONIC LONG-TERM PROBLEMS. WE'LL SEE MORE OF THIS. >> AND AT THE END OF THE DAY YOU HAVE CONSUMER SITTING BACK. NOT REALLY A PAY ATTENTION TO HOW THEIR GOODS AND SERVICES ARE SHIPPED ACROSS THE COUNTRY IN THE MEN AND WOMEN BEHIND THE WHEEL MAKING THAT HAPPEN. NOW 30,000 FEWER OF THEM AND 22,000 OF THEM BEING YOUR UNION O MEMBERS SP
