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Inside Omaha with Gil Cohen" invites listeners into exclusive, one-on-one conversations with the city's most influential leaders, innovators, and visionaries. Gil uses his decades of local connections to go beyond headlines — sharing personal stories, insider insights, and practical lessons that help residents better understand, connect with, and improve life in the Omaha metro.
Veteran Omaha Magazine executive Gil Cohen takes you behind the scenes with the people shaping our city — from mayors to musicians, CEOs to community advocates. Each episode delivers more than just stories; it's a masterclass in leadership, resilience, and the art of building a thriving community. Whether you're a business owner, civic-minded resident, or simply curious about the heartbeat of Omaha, you'll leave each episode with new insights, deeper appreciation, and ways to get involved.
speaker-0 (00:00.514)
Welcome to the Inner Circle. I'm Bill Cohen, your host. Everyday decisions are made that influence the cost of borrowing money, the value of your savings, the strength of our economy, and ultimately your financial future. Most of us hear about these decisions in the headlines, but very few of us get the opportunity to sit down with one of the people helping to shape them. Today we are honored to do exactly that. Joining us is Jeff Schmid,
President of the Federal Reserve Bank of Kansas City, a Nebraska native with decades of experience in banking and finance, Jeff oversees one of the Federal Reserve's twelve regional banks, representing a seven-state district that includes Nebraska. He's also one of the voices helping inform monetary policy at the national level. In this first of a two-part conversation, we'll get to know Jeff's remarkable journey from growing up on Papillion to leading community banks.
To serving at the highest levels of the Federal Reserve system. We'll also pull back the curtain on what the Federal Reserve actually does, how decisions are made, and why those decisions matter to every American. Whether you're a business owner, an investor, or simply someone trying to make sense of today's economy, this is a conversation you won't want to miss. Again, I'm Gil Cohen, your host, and this is the Inner Circle. Let's get started.
speaker-0 (01:39.202)
Gil Cohen with Omaha magazine. And we're here with a very unique and special guest. very honored and privileged today to have Kansas City Federal Reserve Bank President Jeff Schmid as our guest on the podcast. we're actually gonna do two episodes and because there's so much that I think our viewers and listeners would would like to learn about you and then also the function of the Federal Reserve Bank and
With everything going on in Washington and I think we have probably an hour's worth of content, but we're gonna try to split that into two half hour episodes. So so welcome, Jeff. Thanks for agreeing to be part of the podcast.
speaker-1 (02:21.358)
Gil, it's a a real pleasure. It's it's good to see ya. we've had a longstanding relationship for many years. I consider Omaha my home and this is this is a treat to do this with you and and the team. So appreciate being
speaker-0 (02:33.996)
Thank you. Thank you. Yeah, Jeff and Jeff and I go way back to actually the River City Star Riverboat days when I think you and your dad may you rest in peace, were American National Bank and you refinance the note. Yeah. And I remember your dad coming down. I was on the boat one day and doing some work and I see a gentleman come walking towards the boat and I nobody else down there and I say, Can I help you? He goes, Yeah, I'm Al Schmidt He says, I I wanna see this boat that we just
Refinance, sir. We just bought it. Yeah. I said, No problem, sir. You come on the boat and I'll be happy to give you a tour.
speaker-1 (03:09.848)
So I think that was our first foray in maritime financing. So that was a bit of a leap. Yeah.
speaker-0 (03:15.97)
Yeah, kinda funny. So your career has spanned banking for several years, but you started out in with the F D I C I did.
speaker-1 (03:25.004)
Yes, I did. Yeah. of course grew up in born in South Omaha, grew up in Papillion. we moved there in the mid sixties. went to high school there. In fact, my fiftieth high school reunions in a few weeks at Papillion La Vista. So it's like, whoa, I'm I'm starting to age myself. But and yeah, I went went to Lincoln, the University of Nebraska, and and you know at the time it was kind of interesting that the the big thing
as I was coming out of high school in mid seventies was this whole thing called a computer. And and so I was decent at math and thought well I'd get into that and then all of a sudden once I got into the you know Fortran and all the languages that were big back then, I said, you know, I it it made more sense for me to s figure out how how to use this right in in in finance and economics. And so I shifted over my my area of
of study in at Nebraska and then graduated in eighty and and was had a couple of job offers and and I thought, you know, banking's interesting and and the best frankly, I think the best way to learn banking the quickest is is to get into a regulatory type of job, which the Federal Reserve has many and and it was a it was it was a
Timing is can be everything, but it was in the eighties and the eighties were a really rough decade for the for banking. And so you learned a lot. And and I and I really I really appreciated that eight year it was like going getting a master's and PhD in how to run a bank in the eighties and it was I was fortunate to to choose the F D I C out of out of college.
speaker-0 (05:06.442)
Yeah. And then so you spent what, eight years or nine years with the F D I C and then started with America National.
speaker-1 (05:14.082)
Yeah, so eight years and that was toward the latter eight nineteen eighty nine actually, things were starting to calm themselves and interest rates yeah, yeah. yeah. I tell my kids, you know, when they complain about six percent mortgage rates that their mom and I signed our first mortgage was twelve and a half percent in nineteen nineteen eighty six was the first year we bought our first house in Kansas City where I
speaker-0 (05:21.838)
Someone that was it was at the twelve percent home rates.
speaker-1 (05:40.834)
finished my career with the FDIC in the regional office there. So so yeah, it was I think short term rates in the eighties got as high as twenty percent. Wow. And you know, you think about where we are today at at three and three quarters, you know, that seems like pretty good territory. Yeah, yeah. Well there's there is such a thing when it's zero, but I'm not sure zero is the right place.
speaker-0 (05:57.43)
It's almost free money, not really.
speaker-0 (06:04.162)
Home prices are considerably higher now than they were. So three percent at four hundred thousand is a lot different than twelve percent at sixty thousand, but we'll talk about that.
speaker-1 (06:12.898)
Yeah, well th i it it's a really good subject 'cause the it's it's part of what we do with the Fed from a policy standpoint is figure out how to keep prices stable. Yeah. American National Bank actually started a a new charter in my hometown of Papillion in nineteen eighty nine and in June of eighty nine. So that was that was we partnered with America National and and then by the mid nineteen nineties, the
speaker-0 (06:22.904)
So American National Bank.
speaker-1 (06:41.964)
The company was growing so fast that we decided we had four different banks in four different markets. And we I came to ninetieth and Dodge, we drove by there this morning and you know, we we worked on rolling up those banks into a a cohesive branded company and and boy, we had a a really nice run in the early two thousands with that.
speaker-0 (07:03.372)
Yeah. And your dad was there already?
speaker-1 (07:05.722)
He w no, he he came along when we chartered the bank. Okay. had a career in a couple of other institutions and and so we you know, we always he was good at networking and so it you know, the old we had a little agreement, he'd herd him in and I'd count So that was kinda the deal we had and That's great. And then then there was a bunch of really smart bankers, people you would know like like Mike Homa and others that we
built this great team and and Margie Heller, you know, she's one of my dearest friends who was CFO and just had a very energetic, very very client relationship driven culture. And I I absolutely love that that phase of my career.
speaker-0 (07:49.646)
I think the the bank still does, although you've been purchased now by somebody Minnesota or Wisconsin or something. they haven't changed the name yet. I don't know if that's gonna happen. I don't know what the deal is.
speaker-1 (08:01.358)
But then that that that education and and career segment led me to starting another charter with Mutual Voma. Thanks. Yeah. That was Mike Mike came along, Margie came along, and we just here again just really energized and actually charged up the what we did at American to a a national branded company. So we had
speaker-0 (08:09.186)
Yeah, that's that was exciting too. That was you and Mike did and Mike went with you.
speaker-1 (08:29.078)
all this capital and all this ca brand capital and boy that was another really great ride.
speaker-0 (08:34.669)
I bet, I bet. So how do you become president of the Federal Reserve Bank?
speaker-1 (08:40.846)
Yeah, I I I wonder that, Gil, a lot. you know, it's interesting. I would say I'm a bit of a hybrid Fed president. most mostly because I did come from the outside. you you see a lot of you know, you can aspire to be a Fed president, but but that aspiration's probably more with people that start their career inside the Federal Reserve. Okay. they call them
Fed babies, you know, they they they come out of h college or or through an internship program and and they just they there's so many different paths in the Federal Reserve that that they they chart a course and then, you know, as I I I was telling a bunch of interns, we have this really robust intern program at the Fed in Kansas City. And I told them, you know, there then at some point you have to make a decision. You your decision has to be do I want to be
the best in my field of expertise, a field of study, or do I want to lead? Yeah. and and you have to make a conscious decision if you want to become a leader in a in an institutional organization. Because there's a while there's you're gonna have some natural gifts, there is a there is a journey you have to go on as a leader. So in my case, I just love building banks.
And and then I got this amazing opportunity once Mutual Beaumont Bank sold to run the a graduate school of banking at SMU about twenty twenty-two, twenty-three. Okay. and I had gone to the school in the eighties. Okay so this is one of five graduate schools in the country and and I'd s been on the board, I'd done some teaching, which is here again, I that's where I got kind of my taste for at the academic side of of what I do.
and and really had a a a a a real joyful run running the graduate school. I Amy and I moved to Dallas and just had a a lot of friends down there over the thirty years I stayed connected. So so the the the interesting part of the story is the k the Kansas City Federal Reserve has had some really amazing leaders. I mean the the most the two most recent before me
speaker-1 (11:01.678)
Tom Honig, who's a PhD economist from Iowa State, and Esther George, who here again grew a career up in the KC Fed. Okay. ran the super bank supervision side of of of things. They they both retired and you know, I was in Dallas and got a phone call about this position and and I it it was a it was one of those kinda magical moments where you've got we have a an extremely
intellectual and and awesome board structure in Kansas City. It's nine professionals, outsiders that agree to be elected to this body and they and they they expressed what they wanted in a in their next president. And so the alignment of the skill sets I had which which I think really were around networking, I decent at strategy, strategic planning, and then building
leadership culture cultures and and leadership teams, th those things just aligned with what the board wanted. So so you know it timing can be really fast. It it just fit, you know, and and but it wasn't, you know, without its challenges because the you know the Federal Reserve system y it really prides itself on understanding who is inside the Federal Reserve and what they
speaker-0 (12:09.464)
Kind of fit in that
They couldn't say no, right?
speaker-1 (12:28.898)
tend to offer with their skill set. So, you know, I was I was a new face. I was somebody that the Kans City Fed team d knew but didn't know. And so the journey as a leader in those situations when you come in from the outside is you gotta build trust. Yeah, you gotta you gotta expose yourself to who you are and what you believe and and and thankfully the Kansas City Fed team
And and I embraced each other and then we went on you know, I've been there now about three years and I have a ten year commitment, as far as ten year and retirement rules and and it's going at light speed.
speaker-0 (13:07.075)
Do you you brought up the board. Is that is that one of your responsibilities to find board members or did they come from
speaker-1 (13:15.918)
Yeah, it is. Kara Bemboom who's here, chief of staff, and really her her team builds this amazing grid. So let me give you a sense of what the Kansas City Fed is. it's a s it covers seven seven state region, about a half a million square miles. it's got Oklahoma, Kansas, Nebraska, Colorado, Wyoming.
And then good part of the western part of Missouri and the northern half of of New Mexico. So huge territory. It's it's it's probably second only to the San Francisco Fed, which covers a lot of the western states, plus Hawaii and Alaska. So so we're the tenth of twelve reserve banks. Okay. and and what we do is we also have banks in Omaha, that's why I'm here for the for the agricultural summit that we hold every year.
we have a den bank in Denver and one in Oklahoma City. Okay. So those four offices, we all have boards. And so what you try to do is and it's the magic of the Fed, in my opinion, is it's why the third ch chance that a central bank worked after two banks didn't work, the first and second bank of the United States. We were created in nineteen thirteen. And what happened was we the Congress
Finally figured out let's regionalize these banks so we can actually embrace the people we serve. Right. And so what you do is you
speaker-0 (14:39.548)
No, no but one one size doesn't fit everybody.
speaker-1 (14:41.986)
It does not, no. Yeah. I mean it starts. Yeah, yeah. Yeah. And and actually in a lot of ways, at least in the early nineteen hundreds, these regional structures fit the demographic and the region that they serve. And they still do in many ways. So so w what what the what Congress did was created this process where we have a nine member board in Kansas City, which is the primary bank, and then we also have boards at these other three banks. And what you do is you
you reach out and you develop relationships, not unlike commercial banking, and say who are the smartest people in these areas of expertise and how do we design boards that actually create a depth to the things that we do? How do we stay connected to the twenty million people and businesses that we serve? And so you have this bench process where, you know, we we have a board in Omaha here that's one of the brightest in the in the system. And then you just continue to create we also had
have advisory councils. So we'll we'll our first meeting of the agr we have a center for agriculture and the and econom and and the economy. we we we established an advisory council from people all over the district and in some cases all over the country. and then you so you develop these skill sets and then you ultimately tap somebody on the shoulder and say, Would you be willing to serve in the in the Kansas City F the
speaker-0 (16:04.022)
Wow. Yeah. And then and did they have a term that they're is a
speaker-1 (16:08.578)
Yeah, three years rotating and and you know there there's three different classes of directors. Some are voted in the district, and then you've got a class of directors that three in this case that are actually confirmed by the board of governors. so the structure of the Fed is there's nineteen people that that really kind of operate the system. You've got seven governors, board of governors, which actually are nominated by the White House and confirmed by the Senate, finance sen US Senate.
And then you have twelve reserve bank presidents. So those are the twelve reserve bank districts. we're ten J, we're tenth bank in the system of twelve. Wow. and and that group of nineteen then forms the federal open market committee, which is the the the the monetary policy body that actually gets a lot of press relative to the every six weeks we're in Washington talking about the economy and trying to set rates and and that's the big that's part of my hat. We do.
speaker-0 (17:05.853)
You have a new Fed chief.
speaker-1 (17:08.098)
Kevin Warsh. really excited about what Chairman Walsh brings to the table. I I really enjoyed working with Jay Powell. he was my first chairman as a president. but I I don't know if there's anybody that's more prepared than Kevin Walsh to do this this job. It's a hard job. It it's got so many moving parts. It's not we're not only the central bank for the country, but think a lot of the things we do affect things globally.
speaker-0 (17:36.404)
And he's not controlled by politics. Contrary to what some people might think, influence here and there, but yeah. The whole idea of setting if I understand the whole idea o of setting up the Federal Reserve was to keep it a separate entity from any political influence and
speaker-1 (17:39.266)
No, no.
speaker-1 (17:54.146)
Yeah, I mean there's a there's a Fed independence that is important. and you you you know, in my job is is and many of my colleagues job is to is to think independently because but you know look, it it our country's an amazing construct, right? I mean you've got these branches of power. everybody tries to move the lines because everybody wants a little bit more. and so I you know, I've I've told even through the
Well, maybe even through last year when the the issue of independence was hot and heavy, that, you know, we we should be challenged by these discussions. You know, as I've said, Great Steel is tested by fire. And so, you know, I think you we constantly have to figure out what the Federal Reserve is, what is the value proposition to the American people? It was created by the people, it can be changed by by their representatives. And so you you really have to connect.
And and and that value proposition is important. And I think that's it's more important than the that the twenty million people in the tenth district have an understanding of what we do and why why they should care than it is th that I would have that opinion. And I could talk for hours on it. But but it's it's really a a a precious kind of thing. Yeah.
speaker-0 (19:13.61)
And I would think being the Fed chair is kind of a thankless job in a way. You're you just you yeah, you kinda lack of a better term, damned if you do, damned if you don't. You're gonna have somebody on this side or somebody on that side not agree with, you know, should we raise rates, should we lower rates and all the mathematics that that goes into deciding, you know, is a two percent inflation rate okay, is should it be higher, should it be lower? And then you have
What I what I call I don't wanna say fake inflation, but all these other influences that are happening with the price of oil, yeah, price of cattle, all this other stuff that, you know, create that
speaker-1 (19:57.472)
Of of course, yeah. Well, so here's what I would say is it's this is a public service skill. I mean, I I this is I'm honored to do this work. if you view it like that and and you know, it's tough it's it's tough to be a politician, it's tough to be a pure p p public servant because everybody has an opinion about what you should be doing on their behalf. so is it hard, yes, but is it you know, in my sit downs with Chairman Warsh
we we think the same way about what this is. yeah, it can it can be hard work at times, but but it's so fulfilling w it's such fulfilling work because I think in the end what you what you are doing matters as people are trying to live their lives, you know, create a space where they're they have the comforts that they they want. And then hopefully build something from a wealth standpoint that that satisfies them and
when they re decide to retire, when they decide to harvest the work that they they've sown. I mean th those are laudable things and I and from my perspective, that was the part of the job that I w I really wanted to embrace and and I I guarantee you he embraces it and I that's where we kinda start and and if you start there from a relationship standpoint, you're gonna do good work together.
speaker-0 (21:20.44)
So correct me if I'm wrong, you're you're kind of the conduit for this region or with the Fed chair. And then the Dallas president probably has their region and San Francisco. And so you're out there listening to what's going on in Nebraska, Montana, New Mexico, boom, boom, boom, boom, gathering that information and then sharing that with the Fed.
speaker-1 (21:26.135)
I am
speaker-1 (21:46.382)
Yeah. So so that you're right on track. So the the way when let's let's maybe take it in two kind of buckets. I I wear two hats. the first hat is run a high performing Federal Reserve Bank out of Kansas City. The and that th the the pillars of that construct are i are research, economic research, which we're doing constantly. We have almost thirty PhD level economists and
We have analysts. We're just trying to understand what the economy's doing. that's that's a that may be the anchor of what w what we do and what I do. The second is we supervise banks. So we have bank examiners where I started my career, making sure banks are safe and sound. People n you know, trust is a precious commodity. sure. people have to have trust in their banking system. We we understand that. And and and so do bankers. and then the third is payments, which, you know, doesn't get a lot of
press unless something goes wrong. So I mean we have lots of payment channels. You know, you you might write a check, you might use a credit card, you might use cash, I mean, you might have a f what's called a Fed now account, which is instant payment. So all these all these transmission vehicles are a big piece of what the Fed does. We move
Somewhere between five and ten trillion dollars a day. Wow. Through that payment system. Wow. And y you know, Fed wire is a you know, a huge piece of that. So so it it's and it's it's moving fast. It's modernizing, you know. At some point, if you wanna move money on Sunday, if you wanna close on a real estate investment on a Sunday afternoon, you're gonna be able to make have that money move. It's gonna be twenty four seven, seven days a week.
And so all the all the efficiency that's created of that and all the experience is pretty important. So I I call that monetary operations. Those are the things that we we are really good at in the Kansas City Fed. The second is monetary policy. So to your point, monetary policies every six weeks we get together in Washington, we sit around a table of nineteen people, and we express ourselves. you've got a board of governors of seven people that will
speaker-1 (24:04.45)
give us insights into how they see the economy. And then you'll have twelve bank presidents saying saying this is what we're seeing in our economies. Okay. And then what you do is you you what you have to do is you have to collaborate on that from a you know, we have what's called a micro economy to the macro, right? I mean we have a our economy is part of a thirty trillion dollar US economy. Yeah. And so what you try to do is you're blending all that information and data
to a decision around what should we do with rates and and i i is the economy are sta are prices stable, is inflation in check? And and is employment full? You know, are the are there jobs available if jobs are are wanted. So those are the two mandates that we get around the table and talk about. Okay. And the and and it keeps our
speaker-0 (24:53.622)
And it differs from different regions though too. The unemployment rate, as you in Nebraska is covered around two and a half, three percent, where maybe other areas of the country the unemployment rate might be higher.
speaker-1 (25:03.854)
Absolutely. And and that's that's why the the the invention of the reserve banks, the twelve reserve banks and the regional construct really really helped create a central bank that that understands what's happening in local economies, not just what's happening in let's say Washington or New York, which is really what was happening with the first two central banks that we tried to create. It was too concentrated.
And so this creates a diversity of of opinion and that and hopefully you get to a better decision.
speaker-0 (25:37.622)
Yeah. And and and hopefully everybody agrees and then the Fed chair has to go speak and say, Okay, I'm gonna raise rates or I'm not gonna raise rates or I'm gonna pause or however that works and that's and then everybody has to live by that decision until the
speaker-1 (25:54.082)
Well, and it's a collaborative decision. I mean he can't he he's not a one vote no yeah is the vote. It's twelve twelve votes on the FOMC. the reserve bank presidents rotate every three years as a voter and then but I'm still at the table giving him my opinion and 'cause he needs
speaker-0 (26:12.502)
That'd be pretty exciting though, to be part of that whole process and
speaker-1 (26:15.424)
It's fascinating. It is exciting. It's it's it's it's kinda humbling too. I mean here again, th what you have th th th kind of back to the Fed independence part, why that to me is important is you know, if you if you're not independent you might make a decision on much more of a micro type of of a data set. What I I love about having that independence is you can pull all that up to much
w in my opinion, better decisioning that creates a macro decision to what you should do on the whole economy. And and that's and then we advise him and then the the F O C voters vote and then he's he he goes and and basically tries to give the the the markets and the and the public some sense of what we did.
speaker-0 (27:04.386)
Yeah. That's that's it's gotta be but a big weight on shoulders of somebody in that in that particular position, I would think, just 'cause you can move the markets just like that one way or another.
speaker-1 (27:16.63)
Yeah, and it and it affects people. You know, I mean inflation is a is an economic thief. You know, if you don't keep prices in check, it steals money out of your pocket unnecessarily in a lot of ways. it's why emplo full employment's important. if you know, we've we've been through cycles of high unemployment. It it it's painful. Yeah it it hurts. and so that that's part of what I like about the dual mandate is it it while it
i there there there at times can be friction between the two. it it it tends to create what I call the the d dual rails. You know, I I I use this analogy a lot when I travel. It's like well think about you know we we love Omaha 'cause it was built on cattle and trains, right? And and so, you know, you you get a train and and in in the in the political sense, the people that are elected are in the they're in the engine. And they're they they want to stoke
the engine. They want the engine to go fast, right? Faster growth, creates a bigger pie. Natural thing for a po for for the political class to want big growth, right? and then we're the American people are in the cars for the ride, right? So but we're not the engine, we're not the cars. We're we're the rails. So so that to think about inflation and full employment is straight and level rails create
speaker-0 (28:32.098)
You just wanna get in and and go, right?
speaker-1 (28:41.036)
the ability to run a great train system, right? Well if one of those rails is imbalanced if you have high unemployment or if you have high inflation, well you know what happens to a train when the when the rails are are imbalanced. And it derail it can derail. And and derailment means recession, it means high unemployment, it means hyperinflation. so y you know, y that's why we we kinda we're not the train, we're not the cars, we're the rails. And and that's the independence part.
Of what we
speaker-0 (29:11.15)
Keeping everything straight. Yeah. in the couple minutes that we have left in this first segment, yeah. anything that I neglected to ask you about or anything that that you'd like to talk it specifically about being Fed president. Second episode I want to chat about the your economic forums and the things that you're working on. So but
speaker-1 (29:32.062)
Yeah, no, I I would say that here again, a a good way to kind of end this piece is to really express to to your listeners is w we are such a un underutilized resource at times. We I would go to our website, our dot org website, there there's there's research papers, there's e economic st statistics and data. There's there's we have a money museum in Kansas City to talk about the history of money.
we we the the vault where where we issue currency is in Kansas City. there's just a lot of things that when you're in Kansas City, it's your Fed. And so you should use it physically if you're in Kansas City, but you should also use it digitally. Okay. and and you know, we're we're approaching some really important moments. We have an agricultural summit here in Omaha the next couple of days.
And we have the Jackson Hole Economic Symposium, which is a global event in later on this month. So so go to the website and and because I think if you're a business or even a curious individual, there's so much on that website that I think you can use to kinda to you know, understand what we do.
speaker-0 (30:47.146)
And you had mentioned also y we you have y were the the office has their own podcasts and education.
speaker-1 (30:54.816)
Yeah, we we actually most of the data sets are on the website. So so we talk a lot about doing more podcast work, but but this is actually a better transmission vehicle than what we could create, Gil. So you know, you're you're you're the right personality for this work. So yeah. I'm not so much.
speaker-0 (31:12.568)
No no, it's just it's great to have you up here. I think it's just very exciting for our viewers and and subscribers of Omaha magazine to to to to to know that there's somebody from their community that is in a position that that you are you know, that you are currently and and have influence over decisions that the the the that the feds make every year, you know, a X amount of times a year. It's pretty exciting.
So we're gonna cut away and then we're gonna come back with Jeff in a couple minutes and talk about the forum that he just had in Grand Island and the summit that he has going on this week in Omaha and a little bit about what's going on at what goes on at Jackson Hole. Other than the fact that it's beautiful out there. It is. So we'll be right back and hang in there. Thanks.
speaker-1 (31:59.671)
It's awesome.
speaker-0 (32:08.206)
Thank you for watching today's episode of the inner circle. please hit like and subscribe so you'll never miss an episode and we look forward to seeing you again. Thank you.