The Glenn Beck Program - Best of the Program | Guests: Winston Marshall & Carol Roth | 8/16/23

Episode Date: August 16, 2023

Former Mumford and Sons banjo player Winston Marshall joins to discuss the embarrassing Rolling Stone coverage of Oliver Anthony’s viral song and the politicization of music. Former investment banker Carol Roth joins to discuss the current state of the economy, China’s latest move to enact a central bank digital currency, and whether car manufacturers can survive the money loss from electric vehicles.  Learn more about your ad choices. Visit megaphone.fm/adchoices

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and the apply-cocit-tit-tid-td is made to help you Eddie. Telecharge it right now. Welcome to the podcast. So why has there been such a backlash by Rolling Stone and others over Oliver Anthony's song, Richman, North of Richmond? We're going to talk with Winston Marshall, a musician who's also been canceled over all the

outrage. They only come to us once they're canceled, though. No cool people come to talk to us. They come to us after their lives have been destroyed. No, all the cool people are like, I'm not on the Glenn Beck program. I don't even know him. And then they're canceling. like, I love that guy.

We also have Carol Roth on to discuss Janet Yellen, who is the owner of the world's strangest accent. I don't understand it's like a Brooklyn slash Eastern European accent. I don't know what it is. She may be a vampire. Which we find out

somebody else in the world is a vampire from a woman pretending no, from a man pretending to be a woman. It is a crazy story. It really is. And it's all on today's podcast. You're listening to the best of the Glenn Beck program

All right, we have Winston Marshall on with us. Welcome to the program. Hi. How you doing, man? How much? Very good. Is it where? I'm speaking to Glenn.

Oh, great. Yes, you speak. Yes. And this is Winston, right? That's me. Okay, good. Yeah, good to talk to you. One of these days, will you just bring your banjo,

even if it's on the phone? Will you just bring the banjo? Well, I love. Well, I think I owe you one of these days. I think you do. I think you do. So, Winston, I saw a piece that you wrote, I think it was in The Spectator, about Rolling Stone magazine. They are losing their mind over Oliver Anthony.

They're just going crazy. That's right. Yeah, well, we should start by saying the story of Oliver Anthony is absolutely wonderful. This is a kid, factory worker from Appalachian America, and he has currently got four songs in the top 10, 10 songs in top 25, iTunes chart, and all three of the top three. This is a huge moment. These songs have been recorded on his phone, just his beautiful voice as a guitar. It's so authentic and it's so real. And this, Glenn, is the counterculture that we've been looking for. All of this music that we hear a lot of the time that just enforces the establishment.

Authentic musician who's Republicans and Democrats, the rich men north of Richmond, it's just so exciting. And very rarely do I get this excited about things happening in music. certainly it's been a while anyway. Yes, the music press, Rolling Stone, and not just them, a lot of the music press immediately bringing in this excitement of a truly countercultural moment. Instead, they look at who's enjoying this music, and they denigrate it accordingly. So, for example, for Anthony, they run the headlines, right-wing influencers have a favorite new country singer.

as most sounding is completely backhanded if that has anything to do with them so what who likes the music music is for everyone why would they lead with that and this is part of a bigger picture we're seeing when jason albin who is number four in the iTunes chart

I'd say just behind oliver anthony had the incident a month ago with try that in a small town a song bemoaning the rising crime crime we know has gone up something like I think 44% the last 10 years, 8% since 2021. These are FBI statistics.

And instead of, you know, understanding that sentiment, they paint the whole thing. They ran a title, the most ridiculous right-wing country songs of all time, you know, hooking it onto the Jason LD song. As if being worried about crime is a white-wing talking point. I know.

It doesn't matter who you are. Crime is an issue that we all are concerned about. We all care about. It's so shocking to me. And, you know, I could speak at length about Rolling Stone. Last year, for example, there's another huge story. Bryson Gray, who is a rapper, unknown rapper, beat Adele, the biggest selling music artist of the 21st century. She's untouchable. He put out a song called Lesneau Brandon, and it beat her to number one in the iTunes chart. But in music, and I know this music, when you have an album

or a single you're about to put out, you work out who's putting out albums because you don't want to put out the same time as an artist, because then no one, you'll just get clouded out. Adele, no one dares put out a song at the same time as Adele

because she's definitely going to get to number one. And then here comes Bryson Gray with the song, Let's Go, Braden, and it goes on. Now, Rolling Stone didn't even report on that story. they're so in their own bubble that they didn't, this magazine that has been the countercultural magazine of American post-war history,

they're so blind to genuine counterculture today in the 21st century that they miss these massive stories or they spin them into this bizarre narrative. It blows my mind. So, I'm not sure. that it is, you know, counterculture. I think they were only counterculture because maybe perhaps they were all leftists. Now they're not covering it because they never were counterculture.

They had their ideology and they were always leftist. And now that the right is, and I can't even say this guy is right other than meaning non-politically. He's correct. his words are the feeling of America, which is counterculture. So why wouldn't they be covering it unless they weren't counterculture the whole time? They weren't really about that. Well, I think it would be unfair to say that they weren't counterculture back in the 60s and 70s when they started. They were the counterculture.

They were, it was boomer, it was hippie, they were the drug taking, you know, avant-garde musicians, it was kind of what happened, and that boomer generation, they had some truly great writers. I mean, Huntress Thompson, P.J.Rourke, Tom Wolfe, is even now considered a conservative author to some people. They had some of the great post-war American writers, but they were the boomer generation, and the boomer generation are now the establishment. Yes.

Back then, they were the counterculture because the character was. the culture or the people in charge were, it was the majoritarian Christian right, not all the time, but a lot of the time. Now it is, I don't know if you, let's say it call it leftist, but the progressives, I would say, are in charge. They are the culture. They are what's the establishment. And so counterculture now needs to be against that. And when these countercultural moments happen, as with Oliver Anthony, as with Jason Albine, as with Bryson Gray, As with the Sound of Freedom movie, oh, I didn't even mention that. The way they documented this astonishing film, a beautiful, I saw it in a metropolitan city in Los Angeles, in a middle-working-class area, part of town, a multi-ethnic audience.

The whole theater was in tears, and there was a standing ovation at the end. This is a film exposing the two million children across the world being sex trafficked. So, you know, Winston, I can't let you talk about this without pointing out. because I'm so, I've told you, I think, when you were here, this audience that you're speaking to now is, I think, the greatest collection of human beings as an audience ever, ever assembled. This audience is the one that paid for that operation, not the movie, but paid for that operation to save those kids.

That money came from this audience. You believe that? Well, God bless you, the audience. Yeah, they're great. They're great. It's absolutely astonishing and it is God's work and and you know there's a famous line or there's a line that's become famous in that film. Dodd's children are not for sale and when you see the attacks by magazine,

establishing magazines like Rolling Stone calling it far right and pure non-conspiracy theories, you cannot help but see this all as some sort of spiritual war that clearly this film and the work of Tim Ballard is God's work. saving children, and anyone who's immediately leading by attacking that, it's pretty obvious which side they're on, and it's not the side of the angel. So then that, that is just shocking to me. When I saw them go after this song and say that it was far right, okay, because he was talking about high taxes and welfare and everything else, okay, I get.

But then to say it was QAnon and a weird. a subset of the right that seems to be obsessed with pedophilia, but obsessed in the right way, you know, trying to stop it and stop children from the sex slavery industry. I don't even know how you defend that. How are they sitting around going, yeah, I know, it's just crazy, these people against pedophilia? Well, there's one Vox.com article that argued that the film did more damage than the evil it was purporting to expose, which is just absolutely astonishing. And you just, I suppose one has to pray for these people that are cooped up in their bedrooms, tapping away at their keyboard, not actually offering anything to the world except to tear down like Sons of Cain, anything good that they see. And they're just lost.

They're just so lost. It's horrific. And to be, I mean, I can get angry about it, Glenn. But actually, maybe I should be laughing. No, I think you're right. Look at the success of Oliver Anthony. As I said, 10 songs in the top 25. Look at the success of Sound of Freedom.

I think they gross. Something like 150 million on a $15 million dollar budget. Look at the success of Jason Al-Deen. He's got his number. one still in the charts. The people are, they are speaking volumes. They're speaking in a way that these magazines, who no one reads anymore anyway, they're just desperately scraping at the night in, I don't know, I guess I'm going to try. I, I split it between frustration and anger at what they say, but also it's just so ludicrous, I suppose, I have to laugh. We're talking to

Winston Marshall, he is from Mumford and Sons, and he was the guy who was kind of kicked out because he just was saying what he thought. Let me take you one last place, and that is to Variety Magazine. They are now saying that perhaps Oliver Anthony is too good to be true, that he's not authentic, that he's a plant. The hell is that? Well, this is the conspiratorial left, I think. You know, we get called conspiratorial for all our perfectly normal opinions, and now we can see that the conspiracy theories are really coming from them, but genuine ones.

Because where I do agree with him, though, is that Oliver Anthony does seem to be too good to be true. And there's just, there's a spark in him, the God's working for him, I can only pray that he keeps this and that he's not manipulated by these evil actors and that he's not brought down by quite something, you know, I've been for it a few times, and I'm sure you have as well, Glenn, that when you have that sort of blindlight, that sort of spotlight, you have a lot of people attacking you. It does affect you and it affects your soul.

And we must pray for Oliver right now that he, that he, you know, He's not affected by this stuff because he's really doing God's work and he's exposing these foul actors for who they really are. We, the people can see how ludicrous their comments are. So he is not doing anything, which I think is smart. And then at the same time, I have a problem with it. He is not doing anything with anyone political. So he's not reaching out. He's not, he's just not taking anything.

to gain additional exposure, not that he needs it. But I heard somebody say that, well, that hurts, that hurts the right, because somebody should, you know, if he's singing about these things and we agree with them and they don't. But I don't feel that way. I feel like just do your thing. Just do your thing. Don't make it about politics. I think you're right, Glenn.

And I don't think we should see this as a right and left wing. That's playing the same bloody game that Rolling Stone magazine came. Music has the ability to transcend and unite. And there's no reason why whatever your political identity is, and as it changes for your life, there's no reason why you can't enjoy this music for what it is. And I actually disagree with whoever said that, because Oliver should take his time.

He's got a long career ahead of him. I've been listening to his songs on repeat. This is not a one-hit wonder. This is a real talent. But we're going to know the name Oliver Anthony for many years to come. And let's hope that this guy can unite us. I love your country, and I'm here a lot. And I always have this sense of two Americas.

And I really hope that they can be reconciled. And it's people like Oliver, authentic, talented people like him, who are in that position to do that. And I think it would be a shame for him to suddenly play into the hands of the right when he can transcend that. Winston Marshall. He is the host of Marshall Matters, you can watch his podcast wherever you get your podcast. And Winston, it's always good to talk to you. And one of these days, show up with a banjo. Just one of these. And great to speak to you again. It sounds like you're doing very well. Thank you. You bet. God bless you.

This is the best of the Glenn Beck program. And don't forget, rate us on iTunes. Carol Roth, a recovering investment banker and the author, of the new book, You Will Own Nothing. Hello, Carol. How are you? I'm doing well, Glenn, and I have to say, I loved that cut of Janet Yella. And this is a woman who seems like she's been hallucinating for decades now. So perhaps when she ate those magic mushrooms, it was an antidote, and she had an actual moment of lucidity.

Because remember, inflation is transitory. There's going to be no inflation. All of that good stuff came from her. She was also the same person who wanted to. to go and peek into our bank accounts for every $600 transactions, you know, to go after the billionaires, because all of those billionaires with $600 transactions on Etsy, this is the Yellen way. Yeah, I know.

She's really good. By the way, if you are an American official and you're going over to China, I would think it's important that someone is either with you from our side or their side and would say, by the way, these are hallucinogenic mushrooms. I mean, how do we let our secretary of the treasury having business meetings eat hallucinogenic mushrooms? It really is incredible. Yeah, you would think that they would have somebody who is checking the kitchen,

ordering the food, you know, putting protocols in place anywhere, even if you were domestic, let alone in a foreign country, let alone in China. So it just goes to show what a, bang-up job this administration is doing once again. Okay, so there was somebody, let me see if I can find this, there was somebody that came in yesterday. Economist Kalao Schwab, I didn't realize that, founder of the World Economic Forum, said that the biggest threat to economic stability is the imbalances of the world and laughed at the idea of a common, currency for the BRICS countries.

Yeah, I mean, listen, Klaus Schwab has been peddling communism under a different brand for more than 50 years now. He is the generator of the idea of stakeholders that, you know, he gets to shape things without having any sort of risk in the game vis-a-vis versus a shareholder who obviously take some risk. I do think that he has biases towards certain parts of the world and perhaps the bricks aren't included in that for whatever reason. But you also have Jim O'Neill,

former Goldman Sachs economist, saying the same thing. This is ridiculous. It's not going to happen. It's just not going to happen. The bricks currency taking on the dollar. How can you say that? So, I mean, there are so many different projects that are going on that perhaps it's not the BRICS currency, but one thing that has been underreported is that the Bank for International Settlements, you may hear of it as BIS, which is the central bank's bank, has been doing all kinds of interesting CBDC projects with different groups. And there is one

that is for China, Hong Kong, Thailand, and I believe it's the UAE that's actually made a ton of progress. And we've spent a lot of time, Glenn, you and I talking about, you know, the reserve currency situation and how the dollar is going down as a percentage of reserve holdings. But the other reason why the U.S. dollar is so sticky is that it's used in so much of payments. I've seen numbers anywhere from 80 to 88 percent of all foreign transactions from country to country. The U.S. dollar is on one side or the other. So they are trying to attack not just this reserve currency, but the payments. That's what this BRICs currency is about, but it's also what these projects and places like the Bank for International Settlements are about is chipping away the U.S. dollar's dominance.

And if countries can trade amongst themselves going around the dollar, then that has, you know, not only the economic implications here at home, but it also has geopolitical implications, because that means they can get around things like sanctions and regulations and taxes. And for people to poo-poo that that's going to happen is insane because we're already seeing that. We're already seeing China make deals with other countries for energy and trying to settle that in the yuan that has some physical settlement in gold. China and many other central banks have been loading up on gold in their reserves, probably as a not one-to-one backing, but some level of backing for their currency.

So the idea that these countries are not trying to chip away at the U.S. dominance, it doesn't mean the U.S. dollar is going away, but taking us out of that poll position and having the inability to leverage the dollar for the benefit of the government's expansion and financing, for our benefit of, you know, cheap financing around the world, and for these sort of geopolitical endeavors, I think, is absolutely naive. So Michael Burry, you know who he is. I do know who he is. So he's a guy who, you know, bet against the stock market in 2008, made more than, what,

$1.5, $1.6 billion. He has just bet against the U.S. stock market, to a large, with a large sum over a trillion dollars. What's happening here? So people who may know Michael Burry will know him from the book or the movie, The Big Short, and he was one of the key figures that snipped out what was going on with the mortgage crisis, made these big bets and won in that particular case. He's made a lot of predictions, some of them, you know, just like anybody else in the

stock market, some of them work, some of them don't. And obviously it's a function of timing. He has done this with options. So the trillion dollars that you're looking at is the notional value. That means if everything were to come to fruition, that could be potentially what it's worth. But that's not how much he put up. He put up a fraction of that because he's putting on options and betting against it. I think the concern.

When you do that and you lose, don't you have to cough up the money? No. So when you buy an option, you're buying. a contract for a fraction of its value. So it's sort of like placing a fractional bet. So I think that the stock market is going to go up. I might buy a call option. And it says, okay, well, in the future, on this particular date, if it's gone up 20%,

I get a huge windfall, but I only have to pay a tiny fraction of that to make that bet. And so many, most of these things expire and you lose that small amount. but when you get it right, it's a big potential pay. So according to the Securities and Exchange Commission, he filed on Monday, more than 93% of his entire portfolio is now betting against the stock market. Yes. So basically, there is this notion out there amongst the investors that the Fed is putting forth of what is called a soft landing.

And that is that the Fed is going to be able to control inflation without disrupting. the economy. And some of the issues that we've been talking about, you know, whether it's the bank potential for a bank crisis or the stickiness of inflation, creates a lot of concerns over whether that can actually be achieved. And it may not be achieved in one of two ways. Either you don't get the inflation down and that causes a series of problems or you do get the inflation down and you do that by disrupting the economy. So based on the things that he's seeing and certainly I haven't had the chance to speak with him yet, but given his interest in banks, it could be some of the headwinds in banks.

We've seen a downgrade of some of the banks. We've seen Fitch say that they may have to downgrade even the big banks. We've seen an FDIC report showing concern. We've seen an academic report showing concern over the banking sector, even though we're telling that's correct. That may be the source of what he's concerned about, not to mention the commercial real estate issues there since that's an area that he's been focused on previously, but that's just speculation on my part because I haven't heard why it is that specifically that he's betting against him,

but there's plenty of choices to be made. So let me take a break, and when we come back, I want to talk to you about the commercial real estate market because there's an enormous amount of money in buildings that need to be refinanced. and some of these big companies are just turning the buildings over to the banks and saying, take it and walking away. That can't happen very many times before things begin to collapse. And if you look at San Francisco and Los Angeles, they are ghost towns.

And somebody is responsible for all of that money in those buildings. So I want to talk to you about that and also, Also, Ford, Ford seems to be hemorrhaging money. And how long can that go on before somebody says, okay, we're out of the electric vehicle business. You're listening to the best of the Glenn Beck program. So I was talking to a real estate guy. And he said, in the future, when we have all EVs, all of these parking garages are not. built to hold that much weight.

If you swap cars out for EVs, those things are just going to collapse. And he said, and we're not sure if cars are really going to be around. So some of us are looking at parking structures. And can we build them in such a way where we can make apartments out of them eventually? And it's like, this is crazy, just crazy. And I know some cities are looking to convert these giant work. towers into apartments and condominiums, but there's no place for people to go and to shop and to work in some of these cities. How much commercial real estate is coming up for renewal,

and what do you suppose is going to happen? Yes, it just so happens that I have written on this previously. So there was a report from Morgan Stanley from their chief investment officer, and they said that basically about half of... of mortgage debt in commercial real estate is coming up for financing in the next two years. But the part of commercial real estate that really is having the biggest issues is the office space, right? Because they're dealing with the work from home situation and the fact that these cities have been decimated by crime and nobody wants to go into the office. So it basically, they said almost a quarter of the mortgages on office buildings have to be refinanced by the end of

this year. And one of the huge issues. This year. This year, 2023. So this is an ongoing issue. And so they're facing that double whammy that now the interest rates are higher and their occupancy rates are lower because people aren't going back to work, which is why you're seeing in some cases the people just giving up and giving the keys back to the bank. The issue, you know, as it relates to the banking sector, as we were just talking about, is that in some cases, it's some of these smaller regional banks that have a lot of exposure to commercial resources. real estate. So that is a big potential issue in terms of stability. Now, we've seen the Federal Reserve step up and backstop all kinds of, you know, crazy things on balance sheets before. And certainly in the short term, we've seen them backstop the long-dated Treasury securities. So

whether they're going to have to come in and do something for commercial real estate, you know, I think that's a big possibility. And it seems like so far they've been willing to do that, because if they don't do that, then it is utter chaos in the banking sector and then all bets are off, which is, you know, tie back to what we were talking about with Michael Burry, given the fact that he has been so focused on the banking sector, I do just wonder if, you know, that is the area that he's most laser focused on here. So, I mean, how much can a bank take on? I just look at San Francisco. San Francisco is a ghost town. It is, it's unlike anything. Every time I see it, you remember the movie with Charlton Heston called the Omega Man or the Will Smith movie. What was it? Yeah, I am legend.

Where he's alone in New York. It's like that in San Francisco. It's crazy. It is. I don't know if you know that I started my career in San Francisco. I actually worked in the Transamerica pyramid building. That's where I started my career and my husband. from the Bay Area and to see what has happened to that city is an utter travesty. In fact, one of

its long-term retailers, this fabulous, high-end beautiful retailer called Gump's that's an independent boutique store, put this letter, this open letter to the mayor and to Gavin Newsom basically begging and pleading for them to just do their jobs. This is untenable and saying that, you know, they've been around for over a hundred years, that this may be their last year in business because they just can't do it from a safety perspective, you know, and from all the issues, the crime and everything else that's going on in that city. So it's a huge issue. Right.

So just that one city, if they don't turn that one city around, that could take banks down. Could it not? Several. I mean, I think it would certainly create a lot of. of potential issues and you have to realize, as you said, it's just that one city, but it's not just that one city. I know. You see what's happening. What in my other places of residence, Chicago, and particularly on Michigan Avenue, which was the shopping mecca and all of the retailers that have flowed there. What's that no? People have just absolutely high-tailed it

out of there because they can't deal with the crime situation and all of the looting and the fact that people haven't been coming back to the city in the same way. So these are substantial issues. So you have that from a retail perspective. And then you have the office building perspective and all of these things feed on each other. Because if you don't have people coming into the offices, then you don't have the foot traffic for, say, the other small businesses. So it really becomes this big chain. And yes, there are a lot of banks and financial institutions that are financing this.

And some of the big banks may be able to absorb it, but from a smaller, or regional bank perspective that has any level of meaningful exposure to this industry, it is a huge issue. And that's why those red flags are being raised. Okay. Back in just a second, I want to talk about your finances. You know, what is it? What does all of this mean to you?

And are we living in an age like happened in the Great Depression where household names are just gone? How long can Ford lose billions of dollars year after year after year and still stay in business? And they're losing it because of the EV back in a minute. This is the best of the Glenn Beck program. This is the Glenn Beck program. We're with Carol Roth. Her new book is out.

It is called You Will Own Nothing. makes a great companion book to Dark Future, which is both of them are on sale, wherever you buy your books. A lot of people buy them together. They're good companion books. I wanted to talk to you, Carol, about the idea that we're living in a time period

where we could see brand names that we all grew up with just gone, like Ford, is how long can Ford make EVs lose the kind of money? money that they are and still maintain Ford. So this is an incredible history rhyming situation, if you follow me for a second. So as we know, Ford lost more than $2 billion last year. The first half of this year was about $1.8 billion.

And basically, that is because of their EVs. They have this high cost of EVs. They cannot compete for the components. They're getting a lot of the materials from China. It's costing more than they had expected. And on top of that, people aren't really that interested in paying that much for electric vehicles. So the rest of their business is subsidizing the EV business to a point, but obviously they are losing money. Not to mention the fact that China has these tiny little EVs, some of which, you start just over $10,000 U.S. dollars that have been penetrated.

not only China, but Europe. Here's the rhyme for me, Glenn. Go back to 1979. What happened in 1979 is the U.S. under Jimmy Carter, which we're feeling very much like this is a repeat of the Jimmy Carter administration. They gave China most favored nation status. And that started to accelerate this export of capitalism to China. Eventually, by the Clinton administration, we got to permanent normalized trade relations and then walk them into the World Trade Organization. We lifted up almost a billion people out of poverty in China, but that export of capitalism decimated our manufacturing, decimated our wages here in the U.S., and basically gave China this huge advantage on the international stage. The Green Movement is doing the same thing again.

China has an advantage from a manufacturing standpoint. They have an advantage from a wage standpoint. We are moving away from traditional energy. So they have an advantage from that standpoint. They have the rare earth minerals and whatnot that they can mine. So we are basically giving them the opportunity to put our companies here, our flagship companies, companies like Ford, out of business by pushing this insane green agenda. And I am just watching this and going, this is exactly what happened, people were greedy. The leaders thought that they could just take advantage of this situation and it would really work out and it decimated so many people at the expense of just a handful of people and the absolute same thing is happening again. So Ford sells trucks. They're

known for their trucks. And to get a truck, a new Ford truck, you'll wait months for it. again, how long can Ford abuse its brand, abuse its buyers, not be able to produce in mass what they are known for, what the people want from them, and hemorrhage this kind of money? How long can a company like that last? Well, it depends on the powers that be that you did the auto bailouts and now are pushing the green agenda. It depends if they want to come to the rescue. Are they going to give them special subsidies? Are they going to give them special tax breaks? Are they going to funnel some kind of money their way in order to make this insane dream that really can't happen at scale and reality try to come to fruition?

So without that, I would think that it would be a. a much shorter trajectory, although we've seen companies hang on longer than expected. But with the aid of the people who want this to be a reality, this can go on for a very long time. But eventually, what will happen is you will get some administration that will allow Chinese vehicles to come into this market, and they will have to make some modifications so they will be slightly more expensive than the, you know, the $10,000 or $15,000 we see. But they will have to make some modifications. And they will have to make some modifications. They will still be less expensive than Ford or GM or any of the other major car companies here in the United States. And for anybody who wants an electric vehicle or is forced into one, they're going to probably go in many cases with the low-cost provider.

And, yeah, eventually these companies will be put out of business and China will be the one who ends up winning because of our own stupidity and policy. Why can they make those cars so much cheaper than us? I mean, it's $40,000 cheaper. That's a lot of money. So they have access to the raw materials, right? It's their raw materials, so we can't get them at a markup. From a manufacturing standpoint, they have a wage advantage. We know that we have a very high cost of labor here in the United States,

vis-a-vis, you know, most places, but particularly vis-a-vis, China. And as we continue to transition away from other energy, traditional fossil fuels that are required to, you know, as part of the manufacturing process, that's going to be part of the issues as well. So all of those costs end up adding up. And, you know, you can put some tariffs on. You can put some duties. But China has a massive advantage. And, you know, we keep talking about bringing manufacturing back here to America. We're not going to be. able to compete on wages. Nobody's going to want to, you get the wages down. Certainly the unions don't want to stand down. So that means in order for us to be competitive at all, we need to be

all in on traditional energy sources. And what's happening? We have this huge move in the opposite direction. This is basic common sense. This is basic math. And these ideas that they have are just, again, rainbows and unicorns that don't exist in reality. So do you ever think, Carol, my wife came home the other day and she was at a, she had to stop for gas and it was at night. And she stopped in a, you know, not the best neighborhood. And she said, honey, I was, I was terrified to get out of the car. She said, I don't think I want my car anymore. She has a nice car.

She said, I just want to beat her. She said, because I don't want to be a target at a gas station. And she's right. And there are, things are changed. changing on the ground. Harvard is now telling their grad students to apply for food stamps. Food stamps. Harvard is saying that.

At what point does the American, do the American people, do you ever think about this where they go, you know, those rich sons and they just go get them? I mean, that is a huge fear of mine. I think about this constantly. I think about it constantly. I mean, Harvard, I'm the one that coined the phrase that Harvard is a hedge fund with the university attached to it. It is. The fact that they have a $53 billion endowment that's going out and doing things like buying up land and water rights

and that they're encouraging their grad students who are doing a bulk of the teaching and that they, you know, severely underpaid go on the government dole is absolutely disgusting, just like it was disgusting, that they were going to take some of the, the CARES Act dollars until some of us raised our voices about that and forced them to change that around. But I think about this all the time. I mean, this is the issue. When you look at the quote unquote overall economy, it looks stable because there's a small group of people who have done incredibly well on the back of monetary and fiscal policy.

But the average person, Main Street, America, is suffering. And they are not being able to participate in the American dream. They have Wall Street coming in and trying to compete with. them for a home. They cannot buy their food. This is not how we allow America to move forward. And if we don't stop this, if we don't allow the American dream to exist for everyone, there will be civil unrest because it just cannot be sustained. There's absolutely no reason why Harvard should not be providing food for their grad students when they have a $53 billion endowment. And it seems almost like it's deliberate because I don't know how these big entities, these incredibly wealthy

entities are not seeing the writing on the wall. If you go back to Henry Ford, it was, yes, I want to make a bunch of money making cars, but I want to make sure that everyone who works in my factory can get paid and afford to buy one. And we have gotten away from that principle. And we have to preserve the American dream for the middle class. Carol, thank you so much, as always. Good to talk to you. Carol Roth, she has written the new book, You Will Own Nothing. It's a companion book to my book, Dark Future. Find out how you can fight what's happening right now with Dark Future and you will own nothing. Look, Air Canada, does a sold world. Super, an offer for the assort. Station thermal, volcano.

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