The Glenn Beck Program - The Real Villains in the Silicon Valley Bank Failure | Guests: Gov. Kristi Noem & Vivek Ramaswamy | 3/13/23

Episode Date: March 13, 2023

Glenn breaks down the shutdown of Silicon Valley Bank, the bank's missteps that led to its collapse, and what this means for the economy moving forward. Glenn and Pat Gray discuss the origins of strange green lights and feminist Naomi Wolf's apology to conservatives for believing the lies surrounding Jan. 6. South Dakota Governor Kristi Noem joins to explain why she vetoed a bill that would alter the definition of "money" to pave the way for a central bank digital currency. West Virginia state Treasurer Riley Moore joins to celebrate the GOP win that got Visa and Mastercard to pause the tracking of gun purchases. 2024 presidential candidate Vivek Ramaswamy joins to discuss the fall of Silicon Valley Bank and its repercussions. Rep. Thomas Massie joins to discuss the possible collaboration to censor information regarding Silicon Valley Bank's shutdown to avoid a run on banks.  Learn more about your ad choices. Visit megaphone.fm/adchoices

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All right. So I think I'd like to start with CNBC. They put together a little video here on the timeline and how things began with Silicon Valley Bank. Before we can even talk solutions and what to do, we have to understand what caused this and what happened. Here it is cut one. When money came gushing in during the COVID crisis with all of the, of the stimulus money, Silicon Valley Bank put a lot of that to work in what were at the time high yielding assets. That averaged only 1.6 or 1.7 percent. Today, in order to attract and maintain deposits, you have to pay up. And banks are not paying up, and they are all seeing their bank deposits go down. The most likely direct impact is just on the tech community itself, which has been battered by valuation,

but a lot of these companies have relied on this particular bank for liquidity. They'll have to go elsewhere and expect some dislocation from that. Silicon Valley Bank is unique because they were always willing to lend against securities that haven't come public yet. So you could even call them pre-IPO. No one had that exposure, so they are unique. Just like Silvergate was unique, the crypto. But I do think that they're big enough to be more like what our cash and said.

It does feel like Penn Square, maybe hoping to be contained before it gets caught in Illinois. I just wanted to share that what I'm hearing is that, in fact, they are moving very quickly in terms of deposits moving out, making it very or more difficult for any buyers to really assess and consider a purchase of the bank. Perhaps a bit too early to say, but nonetheless, it would already appear that those attempts to potentially sell this company. And again, there were a lot of interested buyers based on the franchise, but the attempts to potentially sell it certainly seem to be running into the reality of the moment, which is it's hard to buy something when all the deposits are fleeing. And so, you know, again, we have to, I think the market has to prepare and prepare for the deposit. possibility that there will not be a sale, and then you can leave it to your own imagination as to what that means. We have to assume the government regulators are already in there as well.

Silicon Valley Bank, Santa Clara, was closed today by the California Department of Financial Protection and Innovation, which appointed the FDIC, the Federal Deposit Insurance Corporation, as the receiver. To protect depositors, the FDIC has created a deposit insurance National Bank of Santa Clara at the time of closing, the FDIC, the FDIC has created a deposit insurance National Bank of Santa Clara at the time of closing, the FDIC as receiver immediately transferred to this new receiver bank, all of the insured deposits that were held at Silicon Valley Bank. Okay. So what really happened here?

That's the way CNBC will explain it to the people who know what the hell they're talking about and all the acronyms and everything else. Here's what happened. A couple of things. first of all, we're raising rates. We had the COVID money coming in, right? And you just heard there, call this COVID money. Well, they wanted to invest it.

They needed to put it someplace and invest it because they had Silicon Valley Bank had so much money coming in from COVID. And so what did they do? They bought treasuries. And at the time, you could buy a 10-year treasury and you would get 2% interest. guaranteed at the end of 10 years. That was pretty good back then. But now, treasuries are selling for about 5% interest.

And you don't get that until the end of the 10 years. So when you buy something, a 10-year treasury, you're buying it for 10 years. If you have only 8 years on it, you can sell it, but you're going to probably have to sell it at a discount. if the new ones are paying more. So they invested the money in treasuries at 2%. Just let's remember that.

What they had in the bank, if you will, they owed $195 billion. That's to the people who have put their money into checking accounts and savings accounts, mutual funds they owed $195 billion they had $208 billion

on the books that's a $17 billion when you have people all over the world starting to say I think the bank is going to collapse they start to take their money $17 billion can go that fast there was a clog in the system

They couldn't get the money wired out fast enough. So they decided they needed to sell. And then they announced, we're going to sell some treasuries. Well, once they saw that they were selling 10-year bonds at 2% interest, and the market was saying, well, that's only worth 75 cents on the dollar now. And Silicon Valley Bank was taking it. they knew this is a fire sale. This bank is in trouble.

That's what started all of the run on the bank. Now, you probably have FDIC insurance. If you have FDIC insurance, it's to stop runs on the bank. However, Silicon Valley Bank is different. It's very different. I think it's 88% of their accounts are not covered by FDIC. Why? Because they're giant companies that are using payroll and keeping their money in the bank as the place where they can run their company.

So they have more than $250,000 in account. if they also use the bank for a mutual fund, they found out Friday they were also screwed. See, this bank loans money to these companies, these tech companies, and they loan them out venture capital. And so they loan them the money to operate and to be able to do everything they can over the next year. Well, they've got to put that money somewhere. So the bank loans it out. It's basically the depositors money. They loan that savings account of yours per se and loan it to this venture capital firm or the tech startup.

And the tech startup then says, where do I put all this money? And Silicon Valley Bank says, oh, just in my other hand, just give me that money back. And we'll invest it in mutual funds for you. We'll invest it in very safe things like BlackRock. So they did. And the tech companies thought they were safe because it's invested in very secure places like BlackRock. Except what the bank didn't say, except in fine print, is that all the money that you had invested in BlackRock was not yours anymore. It was under the name Silicon Valley Bank.

So when people started to call and say, hey, BlackRock, my money's safe, they said, you don't have any money. Your money is invested in Silicon Valley Bank, and because their name is on it, they're counting that as an asset. And now that asset has to go to pay creditors. So they lost their money. This is a giant shell game. We have created nothing but a shell game. and the Fed is the one that's causing this collapse by the raising of the rates. But if you don't raise the rates, what happens?

Inflation goes out of control. Why? Because we have printed and loaned too much money out. Okay, we'll pull it back in. Well, the way you pull it back in is raising interest rates. if you raise the interest rates, bonds have to pay a higher yield. And so when you buy a bond, you get more money back. And if somebody gets into trouble, they have to sell their bonds exactly like Silicon Valley.

And they have to take a haircut. And then the entire thing collapses. But here's the scariest thing. This is what the Fed has set out to do. they want to see risky things go away. They want to see failure. They need people who are not stable to go out of business. Stop spending money so we can suck all that money back in.

But when they do collapse it and our economy is in this kind of shape, you then have a domino effect because nobody, he's in great shape. And the banks are playing a giant game. So then people can't pay the paycheck. And then that paycheck causes you to default on your auto loan or your house loan. And that makes another bank fail. We're at the place, I told you in 2008, we would be.

We've made the 2008 problem much bigger. and there's no way out. Once you start printing money, there's no way out. And what did we do? Well, the Fed said, we're not doing tarp. No, no, no. We've got something entirely different. It's got a different name and everything.

But we're going to cover all of those accounts. Oh, okay. So we're backing that now. Yeah, but it's not your money. It's not your money. It's the Fed's money. It's the Fed's money? Yeah, it's the money that the banks gave to us to put aside for insurance in case something like this happened.

Oh. Where did the banks get that money? Well, I don't know. You know, don't know, dumb business and stuff. Well, I mean, are these the banks you bailed out? Well, yeah, yeah. And weren't you just giving them trillions of dollars? Well, yeah, of course we did.

But they were paying in to. This account. Oh, okay. So the money you printed that I'm on the hook for, you gave to the bank, but they didn't use any of that money for that insurance. No. No. This is totally different.

Okay. So now they're going to be protected. And I don't have an answer for you today because all of the answers are bad answers. Should we back that? No, no, the constitutionalist capitalist in me says that's really bad. Okay, so we don't back it. Well, no, no, because the guy who would like to see the entire Western world not burn down to the ground, would like you to bail it out just to give us some more time.

But that puts us right back where we were. So I don't have, I prayed hard today. what do I tell people? Work on your spiritual health. Because this is coming at some point. It's coming. It has to. It has to.

Now, the Washington Post said today that the bank's death marks both a sobering and sedentary moment here. The central bank has sharply increased interest. rates over the past year, hoping higher borrowing cost would slow the economy down and take the steam out of high inflation. This is what the Fed wants to see. They want to see a tightening of the financial conditions. Great. They're on it, the Washington Post. With $209 billion in assets, the bank was just one-eighteenth to size of J.P. Morgan Chase, the nation's largest. Still, Wall Street was rattled by their abrupt end. Bank of America was down nearly 12 percent. in the past five trading sessions, they're down another five or about four and a half percent today.

Some banks are down as much as 10 percent today before trading even started. The banks that serve the riskiest part of the country and the economy are the ones in trouble. Now, this is the Washington Post. I want you to listen to this. Banks like SVB and Silvergate Capital, San Diego-based bank that catered to cryptocurrency use, are the ones getting into trouble. Oh. It's not a run on the business model of the bank.

It's not, I'm sorry, it's not a run on the business model of the banking industry in general. It's just the business model of this bank. So in other words, if you are making risky loans to, to tech, or if you're investing and doing anything at all with crypto, currency, you're the problem. That's interesting. I'm going to tie some of this together here. We've got a lot to go over in just a second.

Sadly, it probably comes as no surprise at anyone after the overturning of Roe versus Wade. Abortion is still the number one killer among infants. We're still killing nearly a million of our own children every single year. and that is still here in the United States. I asked you, by the way, if you had had an abortion, you knew somebody that did and they regret it, or if you were a child that somebody tried, mom tried to end your life, and you lived, or she changed her mind,

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Silicon Valley Bank was in many ways a climate bank. When you have the majority of the market banking through one institution, there's going to be a lot of collateral damage. Community solar projects appear to be specially hard hit. Silicon Valley Bank said it led or participated in 62% of financing deals for community solar projects. Their smaller scale solar projects often serve lower income residential areas. Don't worry.

Don't worry. The Fed is covering all of this. The devastation comes at a critical moment. It is central to cut the greenhouse gases that are dangerously heating the planets, says the New York Times. The federal government depends on climate tech companies to develop the innovations needed. This is going to set the climate change industry down and set them back for years. Hmm.

Gee, well, good thing we're not drilling for oil. Good thing we're getting rid of all of our backup power plants, isn't it? Home Depot co-founder said the global lending firm Silicon Valley Bank went broke because it was woke. Now, the rising interest rates are really wide, but if you want to look at their business model, these guys are woke activists. He said, instead of protecting the shareholders and their employees, they're more concerned about the social policies. As recently as this month, just days before it went into receivership with the FDIC, Silicon Valley Bank

discussed decarbonization, gay rights, the Black Venture Equesture Equaliener, ecosystem and so much more. Well, they were woke. Good thing. Good thing. By the way, they were purchased this morning by a British bank because Great Britain was worried about their tech industry as SBP funded a lot of their stuff too. So it's good news. Blines.com. When you've been in the business for a quarter of a century, it's not surprising if you're really, really good at what you do. That is the case with blinds.com. They're celebrating by giving you 50% off everything site wide for the next couple of days. Half off.

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And blinds.com, there's no guesswork, no hassle. It's blinds.com with 100% satisfaction guarantee and up to 50% off sitewide at blinds.com. Their anniversary sale now through March 15th, up to 50% off, blinds.com. That's blinds.com rules and restrictions may apply. Help us fight against big tech and government censorship. Use the promo code will not be censored at blaisTV.com slash glen and save $20. You know, you're going to find this really comforting, just so you know, Silicon Valley Bank, you know, right before it went down, they were able to pay all of the bonuses to the people. between $12,000 and $140,000.

So they got those bonuses. That was a close one. Good. Good. I feel, don't you feel better? Much. Seriously? Yeah.

Me too. Yeah. Me too. Hey, there's a couple of other things that I found kind of interesting. You know, the guy who was on the board of directors, happened to be the guy who was running Lehman Brothers when it collapsed. What an incredible coincidence. Boy, that guy's run into some bad luck, hasn't it?

Right, right. And I think it's, is it sovereign or what's the other First Republic? It's either First Republic. Signature or First Republic. Barney Frank was on the board of that one. Right. Yeah. So it was good to see the old gang coming back together.

Isn't it? It's really good. Such a good job in 2008. They did. They did. You want them back. Right. I mean, please. By the way, we're going to continue our conversation on this with people who really know what they are talking about on this coming up in just a few minutes.

Do you remember, Pat, the Chinese, the lasers that were. Yeah, the green lasers. Quote, measuring Hawaii. Right. Yeah. Yeah, yeah, yeah. Yeah. So that happened.

Sarah, about a month ago, about a month ago, this video came out that showed this green laser kind of just tracking Hawaii, just all these little laser beams coming down from the sky. And what they said was, don't worry, but we do this all the time.

It's NASA. We're measuring the earth. And I thought. Because I thought we knew a watch. while ago. How big the earth? How big the earth? Yeah, I thought so too. I thought so too, but no, no, no, this is for global warming. Apparently, you know, the water weight, you know, we're losing some water weight. So we, you know, tighten our belt a little bit, I guess, I don't know. But that didn't seem like a logical answer to me because I've lived a few times, you know, a few days, and since we've had

lasers, and I've never seen us measure the earth. And you'd think if we do that, all the time. You would see it from time to time. Some of us might have seen it. Yeah. You know, okay. So that one didn't fly. So then, uh, after the balloon happened with China, it came out that that wasn't a NASA satellite. No. Yeah, it wasn't a NASA satellite. So apparently our government lied to us yet again. Not a government satellite. It was a, it's a weather satellite, but it's a Chinese weather satellite. Oh. Okay. So they were just inspecting the weather with lasers? Well, what they do, they were worried about the pollution in Hawaii.

And so they were measuring. The Chinese were worried about the pollution in Hawaii. Yeah, of course. Okay. And so they were measuring the amount of- That's kind of sweet of them, isn't it? It is very nice, very kind. Well, they're very, very global warming conscious.

Oh, I know. I heard that. I heard that from Jennifer Granholm. Right. So we have a lot to learn from them. They can measure the particles in the air with a satellite with green lasers. That's incredible. We don't do that.

No. So that one seemed a little odd. Yeah. And maybe a little too nice for China to do. It has now come out and said, well, okay, all right. That satellite has a dual purpose. Okay. It not only can mention.

measure, you know, pollution. It can clean it up? Well, no, you can just measure it. Yeah. And not only can it, can it do that, but it also can be used to target their new hypersonic missile because it needs very accurate targeting. So what this climate change satellite does

is it comes down and it measures, sure, it measures all the pollution, but it also could measure exactly the topography and make sure that the hypersonic missiles have an exact location to hit. But fortunately, we're talking about the Chinese here and we know they have no ill will toward us. No. So you don't need to worry about that particular aspect of it. No. It's just a measurement thing. They're measuring the density of the atmosphere.

That's what they're doing. Oh, okay. How dense is it? Yeah. It's pretty well. Is it dense? Over America, I think it's very dense. Yeah.

Very dense. You know what I mean? So, yeah, apparently it's the hypersonic missile. It doesn't like weather, you know? Mm-hmm. And sometimes there's weather. Yeah. So they need to do the-

That's unfortunate. The laser thing. Which is kind of nice. You hit like a, I don't know, it's like a pink Floyd moment right before you're vaporized. You're like, whoa, look at the cool lasers in the sky. And you can hold your lighter up or your phone. You're like, yeah, rock. It's great.

You don't even get to on. No, you don't. Of course. No, rock. Okay. Of course you don't. Of course you don't. By the way, you remember Naomi Wolf?

Yes. Okay. Author, liberal. Yeah. Part of feminist. Yeah, and third wave feminist, and I believe part of the Clinton administration at one point, wasn't she? She came out and wrote a letter to conservatives. Yeah, I love it.

And she said Republicans and conservatives, I'm sorry. I believed wholesale so much else that has turned out to be not as I was told it was by NPR, MSNBC in the New York Times. anyone in leadership who is misrepresented to the public the events of January 6 so as to distort the complexity of the actual history must be held accountable. Holy cow. Wow. That's a brave statement from somebody on the left. Wow. Yeah.

Well, you should see, I think it was in the, oh, it was in the Times or Huffing to. I can't remember where it read it, but they were talking about, well, you know, she's, she went on Tucker. Carlson about a year ago. So we worried about her Bonafides back then. Oh, did you? She was seen with Tucker Carlson. She sold out.

Obviously a nut job now. Well, right? I mean, only nut jobs would say, I am sorry to conservatives. By the way, I don't know if you've been following what they're looking at in Washington about you know, the government silencing speech, the government lying about January 6th,

but your friends should probably pay attention to it. If you're not, you should too, but have a feeling you are, but your friend should probably pay attention to it. Somebody needs to bring that to their attention. Because the people I talk to that have absolutely, who are only listening to the New York Times and CNN, and 8 NPR have no idea how corrupt our government has become.

And I would be saying this if it was happening under a Trump administration. I'd be ringing the bell. You are in deep trouble. The government has gone awry just a little bit. Maybe it's just me, but I don't think it is. by the way, we're going to talk to who's the senator we have Massey. We have Massey on with us

and he asked, I don't know if you saw his tweet last night. He was talking to getting a briefing on what was happening with the banks. And he's on this phone call and apparently one of the senators or representatives said, hey, do we have a plan to make sure that we're silencing anybody who is, you know, stepping out of line and causing damage to the market? Yes, we're working on that. We're going to have to get back to you. Oh, really?

What? Do you remember I told you back in December or January that there was another war game? Do you remember event 201? That was for COVID. Something like a. Something like COVID might happen. Set your watches at maybe about a month and a half. And what do we do?

And so they brought everybody together, the Treasury, the Federal Reserve, the central banks from all over the world. And they came up with exactly what they implemented all over the world with COVID. And in it, they set up all of the things to be able to be as effective as possible as quickly as possible, and that meant shutting down some voices and having some control. Well, they just did another one at the World Economic Forum. They did it, I think it was in December, and it was on a banking collapse. And what are we going to do if there's a banking collapse? Well, we're going to rush in there, and we're going to do everything we can to make sure that

we got that short up. Now, by the way, this is hurting your small banks. We're going to end up, I think, with four banks, and then we'll end up with one, and then there was one, the Federal Reserve. But you've got to make sure today you have coverage with FDIC. If you have, I mean, if you have more than $250,000 in your bank account,

good for you. but make sure that you have coverage of FDIC up to $250,000. Now, what happens when they start just picking the banks off? If the Fed continues to raise rates, that's probably a problem. But dare I say that? because at the little, you know, practice, if you will, for a financial collapse and a banking collapse, they all agreed that there would be those who would deviate from the central bank's plan and strategy and truth. And that would hurt the global financial markets.

so they would need to be silenced. So when Thomas Massey asked last night, you have any plans to silence people? They said, we'll get back to you. The plan already exists. They just have to see if this time, this is the one. Make sure your money is insured by the FDIC. make sure your bank is not involved in risky loans.

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This is the Glenn Beck program. Well, we were flagged again by Facebook, and I'm just broken up about it. On Friday, we found out after I got off the air, there was something else that we said. I don't even know what it was, so I'll say it again. But something absolutely ridiculous on the January 6th thing.

Like I think I said it was in Washington, D.C. And, you know, PolitiFact was like, I was not in Washington, D.C. It was someplace else magical. And I don't know. And so we're being hammered by Facebook and not only all of my posts, but all of the blaze, all of Pat's, posts, everything is being downgraded. So you're going to have a hard time finding any of your favorite hosts, any of our posts,

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nine bucks a month, so it's like a coffee and a half a month at Starbucks. And we would, I mean, if we're not doing that much value for you, then I mean, you're wasting your time with us. And we should know that. we only want to answer to you and we really need your help so you can join us at blazedtv.com the user promo code will not be censored and you get 20% off now. By the way, also at glenbeckshop.com you can get your go-zuck-yourself t-shirt. There's also a bumper sticker that says zuck off, which I would not have. That's why I would buy the t-shirt that says, First Amendment established 1791,

Facebook established 2004. I'm just saying, one of those, has a little more experience. So you're saying Facebook is much more modern and with it. Right. Today. What I'm really saying is go suck yourself. And you can get those t-shirts now at glenbeckshop.com.

That's glenbeckshop.com. But support us. Join us. If you haven't become a member of the Blaze yet, join us at blazTV.com slash glen will not be censored is the promo code save 20%. The Glennback program. Whoever said that taking care of your dog was easy might not have been doing a very good job. You're feeding your dog kibble food and I thought that was fine for a long time, but it's not.

It has to sit on the shelf, according to the government, for at least two years and nothing happened to it. So it's been cooked. A lot of the good stuff is out of it. Rough Greens puts all of the good stuff back into your kibble food. It's not a dog food. It's a supplement. I want you to go to roughgreens.com slash Beck. RUFFFgreens.com slash Beck. Call 833 Glenn 33. Roughgreens.com slash Beck or 833 Glenn 33. We have Christine Ome on with us in just a minute.

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This is the Glenn Back program. Hello, America. We are definitely safe. We're not in a banking crisis. Joe Biden came out and said, and I quote, Hello, Glenn. Hey, little girl, you're cute. Okay, so I feel better about it.

That was his statement, something like that this morning. However, there's something else going on that we talked to you about, and that is the UCC revisions. You may not know what this is, but it's the Uniform Law Commission that has a code on how we're supposed to do business and everything else. Well, they're changing that code,

and they're asking states to sign on, come on, pass this legislation. Hurry, don't think! And it changes the definition of money. Makes it so the central bank can have. a digital currency but all other digital currency that may have come out you know prior to we can't accept that as money anymore so wait a minute what no don't worry about pass it hurry up well there was a veto that just uh just happened from christine own because the uh the state of south dakota decided hurry hurry let's pass this and she said not so fast and vetoed

she is leading the way. There are other states that had this on the right track to get rid of it. And the banking community has come out and said, You gotta do it. Don't you realize we could be headed for a crisis. Oh, okay. So I'll hurry up and pass that there. Don't do it.

Christy Noem is with us here in just a second. First, if you've had enough, you know the, you know, the, You know what the Republican slogan was in the 1950s? Had enough yet? I think it should be used to get it. Had enough yet? As an American, how you feel about the mobile companies that rake in hundreds of millions of dollars, sometimes billions of dollars, all while publicly hating the country that made it possible

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calling. Now they actually like you, and they have a 100% U.S. customer service team that makes switching really simple. Go to Patriotmobile.com slash Beck or call them at 878 Patriot. Get free activation. Make sure you use the offer code back, stand together, support companies that share our values. Patriotmobile.com slash Beck 878 Patriot. Governor Christy Noem. Hi, Christy. How are you? I'm doing great, Glenn. How's your morning? going, well, you know, a little banking collapse thing, but, uh, I know, you have any thought, I'll tell you what, it's a, we're in tenuous times here with quite a few different, um, situations, threats at the national security level, financial level and people's basic freedoms.

It is, it is coming faster and faster, uh, every day. Um, let's, well, first, can we just, I've got a lot of things I'd love to talk to you about, but let's make sure that we, we cover this. You just vetoed a bill and you don't do that very often, do you? Is veto kind of rare with you? It is pretty rare. Usually I have one or two every legislative session. I've had several already this session, which is strange. I've never had a veto be overridden, which means every time I've vetoed a bill, the legislature has read my reasons why looked at the policy and agreed with me. I'm hopefully well on this bill then, too. This is a bill that came.

It was over 110 pages long. It was sold as an update to the UCC, the uniform commercial code, and something we just needed to adopt to be in federal compliance and, you know, put a rubber stamp on. It was interesting. It didn't get introduced until halfway through our legislative session and went through pretty overwhelmingly through the House, ended up in the Senate. And when I started reading it and digging into it with my policy team,

The Senate was extremely upset that I expressed concerns. And why were they upset? Well, I think, you know, South Dakota is a smaller state. They had the same folks up in committee testifying from the banking association from financial institutions. South Dakota's the best state in the country to have a credit card company, to have a trust. Financial services is our third largest industry here. So they are used to seeing the same familiar faces come up and sell policy. The interesting thing about this bill is that it has a section in it buried in the bill that talks about the definition of money.

And it specifically says that CBDCs are allowed in the future when it comes to digital currency, but any former definition of digital currency would be allowed to be discontinued or not recognized. It specifically is paving the way for a government control. digital currency, should that be adopted and should be alarming to every American. After what we've seen the last several years with the federal government being willing to trample on people's freedoms to control them, I would think them coming out with a definition of money that allows them to control your assets would be extremely concerning. So I vetoed the bill.

I'm hopeful that the legislature will agree with me, and they'll become educated on the actual policy that's wrapped up inside of it. and really understand that it's a threat to the American dream. When will that go back to the legislature? We go back into legislative session in a little less than two weeks for one day. It's called veto day, and that's when they consider the vetoes that I have put forward, and they either choose to sustain them, agree with the veto, and the bill would go away, or they would override me. I can do style-in-form vetoes as well, and I also have the budget yet that I have to look at

and decide if that's going to be something that'll move forward. So you need people to call in a couple of weeks, or should they call now? I need them to start calling now. I think that a lot of legislators didn't read this bill before they voted on it. It was a pretty extensive piece of legislation. They also, you know, did not really understand the threat that we're seeing, especially now with a financial crisis we see going on. And then also we saw the credit card companies recently come out and say they're going to

are coding, done purchases separately and tracking them. For me, it's a direct tie to the federal government saying that if we don't like what you're purchasing, well, then if you're using digital currency anytime in the future, we can control your access to your dollars in order to even purchase what we like or don't like. So it is something that is, you know, everything I look at is setting precedent for the future. And this is paving the way for federal government control over people's personal of dollars in assets.

So just call your statehouse. If you happen to be in South Dakota, call your state house. I will tell you that what Christy has done here is extraordinarily brave. She is standing up against a very powerful industry. As you know, today, more definitely not bailouts happening through the Fed. Today, they're very, very powerful. And a lot of these legislators and senators and senators, Listen to these guys and trust them.

And you really need to speak out and let them know you are not for anything that paves the way for a central bank digital currency, especially when that's the only thing to find is money. Very bad. Glenn, specifically, this bill is being proposed in many other states. I know. I know. Probably 20 other states that are talking about this policy. So even the more that people pay attention and bring awareness to it,

We need to educate people in other states, too. I think that's one of their main reasons for chatting with you today, too, is to let my people in the state know what's going on. But also, you know, we're the first legislative session, I think, to complete its work in the year. And we're always the first ones to kind of deal with these kinds of bills and have to veto them or sign them into law. If people can pass them in South Dakota, they know that makes it easier in other states. So we're off in the battleground here. And we did make the right decision here in South Dakota. and that I hope these other states are paying attention and we educate those folks too,

so they don't go ahead and adopt these without really thinking about the consequences. Well, I got a phone call. I think it was, maybe it was Friday, I said, I've got good news and bad news. And I said, yeah, and they said, the UCC bill in every state is dead. And I thought that was the good news. And he said, no, no, no, no, I mean that all of the advances we had made last week, the banking committees and all of the people that were for the UCC just descended on all these state houses and talked to all of these guys out of

stopping this in their state. So I said, what's the good news? Christy Noem, she vetoed. So you were the only bright spot there, and I thank you for that. But you have to call your state legislature and say no on the uniform commercial code changes. No, absolutely not. It is the authoritarian tool that is required to control absolutely everything in your life. Well, Glenn, the one thing that people should know, too, is that there's no rush on this. It doesn't get enacted until 2024. So a lot of what their testimony was is we need to hurry up and adopt this. It's fine. Don't worry about it. But there's no rush. We should have a full debate on the policy. If people have concerns, we should be able to talk about them. And if they

don't, we should give them time to be educated, make wise decisions, especially in light of what we've been through the last several years. So I am back to the same place I was in 2008. Nobody is prepared for what's coming. Nobody is prepared for what's coming. We are going to see a crash of biblical proportions and all the things they said in 2008, it'll shut down the global economy and everything else, is on our horizon at some point. It has to. We just can't get out of this trap we're in now. And we have definitely not a tarp bailout, but the Fed is covering everything and the Treasury is guaranteeing everything for these banks that went under. There are people that say, absolutely not. We cannot do this. Others are saying, again, the same thing they said before.

We have to, or this chapter is over. Do you have any thoughts on this? Well, listen, I'm much more focused constantly on problem solving and making the best and wise decisions looking into the future. So I do think we have economic financial crisis coming our direction. My job is to protect my state as much as possible. So we have a extensive briefing that will happen this week with all of our banks and institutions gathering as much information as we possibly can. I think that if anybody is looking to the federal government to help secure their future, they should stop ruling themselves right now. Any kind of bailout, anything that this federal government's going to do is not going to shore up your life, your livelihood, your finances, or

your family. It is time for people to start. Yes, it is time for people to start. taking personal responsibility for themselves and their neighbors and churches to start getting engaged and involved. People don't have to feel like they've lost their foundation. It's just we put it on the wrong thing. Everybody has been looking for the government for all the solutions, and that is how this world has got tipped on its ear and why we're so unstable right now. So, yes, people should be wise and plan for the future and start looking for a better place for their foundation rather than this government, because this government is only coming to steal your future. Last couple of things.

One, our Treasury Secretary was over in Ukraine. I think it was last week, wasn't it? What are we doing in Ukraine? Yeah. What is happening? Why is Hillary Clinton over there today? What is this? We've sent more money there than we have securing our border for the last five years,

and it is a corrupt regime, just the history of Ukraine. is that, you know, we can't be certain of how they're spending all these dollars that we're sending them, and their track record is not great. So I understand pushing back on Russia. We're just, and using financial sanctions certainly is a helpful tool, although we've relied on it too heavily. And we've had a weak foreign policy the last couple of years when it comes to Europe. And so I do believe that it is time to, for us, to wake up and understand that Ukraine has some issues. We need to put America first again

and start focusing on what we do and that it shouldn't be to the detriment of the American people. I don't know what the plan is. We've never had this president articulate a plan for Ukraine. He's just reacting and in that way digging a bigger hole for us in the long run. We're talking to Governor Kristi Knoem. Last thing. Are you at all considering throwing your had into the ring for 2024? No, I'm focused here right now, Glenn. I do think this country needs a leader

that makes tough decisions. I don't know who that is yet. So I know all these people personally that are talking about it. I always get a little nervous about people who spend their whole life dreaming about being president. Most of the time, I think they are the last person you should want to be president. So, you know, I just

once. I wish we had a guy who could speak like Ronald Reagan again or a woman who could speak like Ronald Reagan again and somebody who actually cared about what our founders gave us. Because if we lose this country, where do we go? Yeah. So good to talk to you, Christy. Thank you so much. Governor Christy, Noem, please in any red state, call your legislature now and say no to the UCC bill. No, it cannot be Gandalf. You shall not pass. Or we're going to get our digital currency.

No way out. It's an unfortunate fact of life that simply ignoring a problem doesn't make it go away. Right now, you're feeling the effects of inflation. Well, inflation doesn't. I mean, you're filling up your gas and sure it's, you know, it costs more your tank, but that's not inflation. Groceries, they're just better than they were. So the list goes on. If you've been thinking about refinancing your mortgage to try to get rid of some of that debt,

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station ID. They say hello to Mr. Pat Gray, who's filling in for for Stu today. Hello. You bring so much to the table. Right? Would you have had that hello from Stood? I would not have.

No. I don't think so. No. So what are your thoughts on what's going on today? What do you think is is the SVP thing I think it's really bad but I don't I don't think this is the catastrophe that we've kind of been worried about

I don't either foresee on the horizon I don't either they're not ready with the CBC yet not yet but it's a big deal it's the second largest bank collapse in American history that's substantial and it's the biggest since 2008

when Washington I think it was Washington Mutual right that went down Right. Got gobbled up by Chase Bank, which, you know, they weren't nearly big enough to begin with. And so they really needed to gobble up. Can I tell you what I think would be really good is if we could get some of these local banks to collapse. Oh, yeah. And then just have the bigger banks absorb them.

Yeah. So we could have like four banks. Or even whittle that down to one centralized bank. What would you call it, though? Just one central bank? Yeah. Yeah. Huh.

I don't know. Something federal. Well, wouldn't it, wouldn't really when you get down to four banks, wouldn't you have that anyway in reality? You really would. And what is the Fed but a conglomeration of the 12 biggest banks? Right. Which would end up being the four biggest. Yeah.

Because the others are going to go out. Yeah. And be gobbled up by the other, by the four existing. And then the Federal Reserve will gobble up the four. And then it'll be so easy. We can all have the same bank. It'll be great. And they can just digitally put money into our accounts.

And then they can digitally take it out of our accounts, too. Or, you know, if there's inflation, I learned this from modern monetary theory. If there's inflation in one sector, all they have to do is if they have control of the money is just stop the money from working in that sector, except for those people that the central bank thinks really needs that. What a wonderful idea. It's a really, you can print as much money as you want if you do it that way, they say. Oh, wow. Yeah. That's really convenient for us since we're doing that anyway.

Yeah, right? Right? Yeah. Well, just keep doing it. Right. And it'll be considered a good thing. Correct. That way you don't have to raise interest rates. You just shut people down. You know what I mean? You need to slow the economy down. Your digital currency just stops working at certain places.

And eventually we'll all own nothing and like it. I can't wait for the future. It's a beautiful utopia. They're working towards. Beautiful. And you know what? They say utopia's never come true. but that's just because the right people weren't in charge. Hasn't been done right yet. Right.

And when I look at the people who are leading us right now, I think right people. Right? Right. These guys are competent. You put Pete Buttigieg in charge of a few things and you're going to see how perfect it is. The Glenn Beck program. Yep, it's hard to improve on perfection. I mean, where do you go from Pete Buttigieg?

Where do you go? Where do you go? It's nearly impossible. You know, Mike Lindell found a way to improve on the MyPillow, but I don't think he could improve on Pete Buttigieg. My Pillow has a new 2.0. My Pillow 2.0. It's perfection improved. What it has is temperature regulating technology.

I think that's the wrong word for a pillow. I don't like, I don't want to sleep with technology. It's thread. That's what it is. And it took technology to make the thread because the thread is temperature regulating. So your pillow doesn't get hot. It's great. 100% made in the USA comes with a 10-year warranty.

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Glenn Beck, Stu Bergier, Steve Day's, Chad, Prather, and me, Pat Gray. Listen to all your favorite conservative voices of blazedtv.com. Promocode will not be censored. And do that today, won't you? Letter to Bank of America. Greetings. Nationally syndicated radio host and bestselling author Glenn Beck covered this story on radio that alleges via whistleblower.

Bank of America, data mind, its customer base and turned over private records to the federal government in regards to January 6th. We continue to follow this story and have a few questions regarding this section of the testimony. Bank of America provided the FBI's D.C. field office a huge list of individuals who use Bank of America credit or debit cards in D.C., yada, yada. So we asked, why would Bank of America violate the privacy of their customers without a subpoena or evidence that they had committed crime? Now, I believe Bank of America when we first covered this said, what are you talking? We didn't, what?

We, no, well, we were working with the, they, you know, jingle, jingle, hello. Hi, it's the FBI. We like some markets. We can't, okay. So I think that was pretty much the story the last time. But we've just found out that it went more like this. BRI. Yeah, hi, it's bad.

Bank of America. We've got some dirt for you. So we'd like to know why Bank of America would violate the privacy of the customers without a subpoena or evidence that they committed a crime. Just everybody who used their card. Did B.O.A. volunteer the information. Are there or have there ever been any data mining efforts by Bank of America? Assuming this testimony is true and I just don't believe. it. Why should Bank of America customers trust their banking services with you? How will Bank America repair this breach of trust? You know, we understand that you didn't provide a comment to the Federalist or weren't able to by their deadlines or extending ours until last Friday.

Yeah. So that's what we sent to Bank of America this time last week. They didn't, they're just too busy and big. I mean, they can answer questions to their customers. What are you talking about? We can't. FBI. Yeah, they're on the phone with the FBI all the time. Now, somebody who did get a couple of answers is Riley Moore. He is the West Virginia State Treasurer. He has been, this guy is a pit bull on anti-ESG stuff.

By the way, Riley, you got the anti-ESG proxy voting reform. It passed on Friday, did it not? it did it did pass Glenn thank you very much for support on that it was a huge battle but you and your listening audience played a big role in that thank you I will tell you

please I just talked to you about the UCC bill and this bill for anti-ESG it's now passed in West Virginia this bill and and the UCC they have doubled down on them and all of the progress that we had made is starting to slip through state legislator's fingers. You've got to call them and tell

them, we want the toughest anti-ESG bill out there. Riley, let me ask you about Visa and MasterCard, because last week, you guys got this done. Visa and MasterCard has decided to pause their plan that would track gun and ammunition sales. Can you? Yeah, that's right. So House Bill 2004 just passed last week. This bill, Glenn, what it does is protect our Second Amendment rights and information. So what credit card companies working through the banks. So this goes back to the banks again, of course, the banks like amalgamated bank in New York, working with Senator Elizabeth Warren, pushed this idea of, well, I know how we can create

a national gun registry. Why don't we have credit card companies do it? So they got the international organization on standardization. Yes, that's the real thing, to come up with this new merchant category code that will code specifically guns and ammunition. So things like Bank of America could say, hey, I think we have suspicious activity here. I don't have a warrant or subpoena, but I'm going to turn this over to the Fed just because I think it's bad. We're not going to let them do that here in West Virginia. We have outlawed the sharing of that data specifically, and I'll tell you what was very interesting about this. We also created a cause of action, cause of action, so people can sue if their data has been shared out being subject to a warrant or a subpoena.

And this, I believe, is what got them to back off is the potential for massive, massive lawsuits. Please thank your legislature and everybody involved for this. This is the one thing that you and Utah really are leading the way on on protecting people. You know, a lot of times these legislatures will talk about, for instance, an anti-ESG bill, and they'll protect the oil companies or the energy companies, but they won't give you fair access. So you can sue yourself if something happens to you. So thank you for including that. Let's say the credit card company won't let them use a terminal because they're a gun shop.

They can sue for that as discrimination. If your credit card won't work at a gun shop, you can sue. We have multiple lines here in terms of causes of action that we put into this legislation. Now, I will point out something very interesting. Some of the people in the financial services sector in the credit card industry said, Why don't you just ban the MCC code? And I said, hmm, wonder why they want that? Well, our lawyers started looking into it.

And since the MCC code is actually created, the merchant category code is created by the banks, this would push the liability to the banks, and they could have likely sued us over an interstate commerce clause. That's why we went the direction. They were setting us up, felt like it was a trap. That's why we went the direction of causing, cause of action on sharing the data.

It is, it's amazing to me how far, uh, uh, they have gone and how well planned all of this is. This is, you know, all coming fast and furious to people who are actually just doing the work for America.

Um, and there's teams out there that have been thinking these things through and are years ahead of anybody else. And, uh, and just by the grace. God, I think. We're figuring out some things and being able to maneuver like that. Does it bother you at all that they said they're just pausing this work? That does. That does bother me a little bit. And I'm not sure if they're trying to speak out of both sides of their mouth to not get the liberals to go bananas on them or us or both.

So we're certainly going to be keeping an eye on this. This bill has passed. The governor will sign it. And if we need to start bringing lawsuits, we're going to start bringing lawsuits. And the attorney general has authority to place injunctions in this as well on behalf of individuals. So we are loaded for bear if they decide to try to pull this stuff in West Virginia. Certainly encourage everybody listening, encourage your state to adopt the same type of legislation. because we have to create a fortress around our Second Amendment rights.

So does this affect anything like I was talking about Bank of America, just turning over records, not being, no subpoena, not nothing, just turning over the records of everybody who is in Washington, D.C., violating everybody their privacy. Yes, if Bank of America were to turn a, over gun purchases of any individual in the state of West Virginia just because they will be sued. Right. But is there anything in the law now that they just did this for September, I mean, for January 6th, they just turned over anybody who was using one of their credit cards

and said, hey, we just want to help you guys out. They weren't asked for it. They just turned it over, apparently. Not in West Virginia. And I'll tell you, is when we looked into this, just generally as it relates to data that they collect. And now what they're going to say, this is how they do the record keeping, which is a fact book, banks need to record keep, but they're weaponizing that requirement of record keeping. There's not a lot of laws in regulation around how that data can be used. Jeez.

Scary times. Riley Moore, he is the Virginia State Treasurer. I wish you would continue to be the treasurer, but I know you're running for Congress. You think you can make a difference there. And I just thank you so much for all the hard work that you've done. Oh, thank you so much, Glenn. And look, these are the type of ideas I'm going to bring to Congress.

We need people that want to fight and just not sit on the sidelines. Absolutely. Thank you so much, Riley. Thank you, Glenn. You bet. Riley Moore, one, I mean, he is a leader in the country on anti-ESG. I mean, he has been there from day number one. and remarkable.

He's just a pit bull on this stuff. All right, back in just a second. There's a certain kind of person out there. You almost instantly know when you see them, you know, who fits into that category of above and beyond. You know the type. It's that person that helps you box everything up on moving day, you know, for the low, low price of, you know, you got pizza.

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Welcome to the Glenn Beck program. So I'm thinking the closest story to this in history, at least of the 20th century, was probably the vote to go to war with Germany and Japan. that was unanimous, I think, except for one, one person, a communist, I think, probably from Maine. It might have been Bernie Sanders, voted against it. But you want to talk about a bipartisan bill. The House voted 419 to zero. How's that even happen?

419 to zero. And I believe the Senate was 100 to zero, wasn't it? Yeah, it was unanimous. So everybody who was there voted. for it. Have you ever heard of? Never heard of. 519 people in Congress, all voting the same way. What they voted was to declassify all the information on COVID-19 origins. So Republicans and Democrats were in on this bill. Now, Joe Biden comes out over the weekends. I'm not sure I'm going to sign.

I might veto that bill. Well, dude, you don't have the, I mean, if this is a real vote, you don't have the votes to overwrite it. It's not even close. Not even close. So what is happening there? I mean, I haven't seen anything like that. Have you ever seen anything like this? No. Mm-mm. I mean, especially now in this environment, when they can't agree on anything. Whether the sky is blue or water is wet. What is that? What is that all about? This is interesting. It's interesting. If it were real, I would be shaking. in my boots if I were Fauci. Because Fauci, I mean,

this shows everybody just wants the truth. Now, I don't believe that. But that's what this would say. In the utopia world of America, that's what it would mean. I don't know what it means in this America. But Fauci should be worried.

And he already is. He's already changing his mind. You know, I don't know if you saw this over the weekend. He's like, yeah, well, I mean, their lab leak is. ridiculous unless you mean that you know they went out and collected some bats and brought them back to the lab and somebody might have been bitten

or they were doing some experiments on how to stop this stuff and then he left the lab. Yeah, that's exactly what we mean by a lab leak. Except did he say you had to be bitten outside of the lab? Yeah. Oh, outside of the lab. Yeah, well, while you were collecting the bat poop or whatever you're doing.

You were bitten. You got bitten and you got bitten. infected and then you went back to the lab and then you left the lab. Yeah. Bizarre explanation, a lab leak. That's not what we're talking about. He did say the other possibility is that this virus accidentally escaped a lab after being taken from the environment. But in seeing that we've never found a bat or an animal or anything else that has this,

the only environment that it seems to come from is a lab. what if it was from another lab and they took it from another lab? That would be an environment, taken from an environment and then brought to the Wuhan lab. Right. And then it escaped. Huh. Wow. That'd be weird.

Naturally occurring. Right. Naturally occurring. We're just the definition of his. That's all we're looking at here. My gosh, this guy is crazy. He's trying to cover his butt. because he doesn't want to get anywhere near the gain of function research that was being funded.

Still is. By us. We still are. In fact, we're doing more than we did. I mean, we are suicidal. The people that are in charge of this nation and our security are absolutely crazy. They're crazy people. Yeah.

They're either incompetent, you know, the Buddha judge and the Joe Biden's, or they're crazy and evil. I mean, who does this? You've got a virus out. It came from a lab. It's clear. It came from a lab. And you were like, you know what we need to do? We need to keep doing more of these things.

We should do, you know, we've been doing a lot. I think we should do a lot more. Can anybody pick up a sloth on the way in? And let's just dig under its fingernails, see if we can find something to kill people. I mean, holy cow. So irresponsible. Hopefully, America wakes up. Before the next pandemic that Bill Gates is talking about,

it's almost like he knows something, but he definitely doesn't. He's just a farmer. Bien-to-board of VIA-R-R-I. Embarquered and profite. Embarqued and relax. Ciroat, bookine. Oh, that also.

and profite. Via Raille, the voice that we love. This is the Glenn Beck program. This is the Glenn Beck program. Hello, America. I don't know about you, but I feel very comfortable

that Joe Biden came out today and said, And being money and bank have covered. And I thought, wow, he's on top of it. He's on top of it. Should we be covering everybody's deposit? At any limit now, I guess?

FDIC, when it first started, it was, I think, $2,500. That's what you were. And then it was $100,000 back in the 80s. Now, well, it was 250. Now I think it's whatever. I'm not sure how all of this works. Vivek Rameshwamy, who is running for president, says we should not be bailing these people out.

That's great, but very frightening. What does he think that would mean? And how do you get through the transition period? We talked to Vivek here in 60 seconds. Stand by tax time right around the corner. And it is stressful enough under normal circumstances. But imagine some cyber criminal comes on and steals your information.

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Well, we have our good friend Vivek Rameswamy on with us. Hello, Vivek. How are you? Good morning, Glenn. How you doing? Very good. So, you came out and explained the Silicon Valley Bank

nightmare and what it's turned into. Now there are three banks. And you have a different solution than the federal government. First, can you, in layman's terms, explain what happened, and then what your solution would be? Yeah, so let me just lay it out. Okay, what happened with Silicon Valley Bank took a lot of risks with depositor money by buying what are called mortgage-backed securities that are sensitive to interest rates, that when interest rates go up, they go down in value. The problem for Silicon

Valley Bank is they also had their depositors, the customers of the bank, were a lot of these tech startups in Silicon Valley who also lose money or lose the opportunity to get money when interest rates go up. So that put them in a really tough spot when the interest rates went up. As a consequence, the bank collapsed. Now, a lot of those depositors, those tech startups put way too much money in this one bank. It was a risk management failure. It was a mistake. Roku, the publicly traded tech company, put over $400 million in Silicon Valley Bank. Why would you do that? Sincerely, why would you do that? Well, I think Silicon Valley has suffered this hubris to think that they basically can do whatever they need to. Financial risk management is passe. So the way capitalism works, Glenn, is that those who make

bad decisions are held accountable and their competitors are able to eat their lunch as a consequence. But here's actually what happened. The government stepped in and said, we're going to bail out those tech companies, those tech startups that banked at Silicon Valley. And then here's the dirty little secret. Silicon Valley lobbied for years saying that it was actually not a systemically important financial institution so they could actually have lower capital limits, limits, allow them to take greater risk. But in their hour of need, that same Silicon Valley crowd said, no, no, no, this is systemically important, and we actually need to get a bailout for those depositors. And then they spun up this narrative saying it's about the workers. Well, we need to make payroll. And if we can't pay our

workers if our money's lost as depositors, that it's not about us. It's really just about the workers. Bunk. Don't believe it because you don't know how it works. I mean, I know this game well, Glenn. The way it works is those businesses are the same businesses they were three weeks ago or a month ago or three days ago. So that means if the business model actually works, investors can put in money to make up for the losses in the bank account. Now, that's not pleasant if you're a founder or a venture capitalist because you take dilution from those new investors. That means you own less, that means you make less money on the upside. But that's no justification for public bailout.

That would teach you not to put $400,000 or $400 million into one bank. That's what it would teach you. Let alone Silicon Valley Bank, which itself was engaging in this kind of risky behavior. Okay. So, first of all, this is not just guaranteeing FDIC $250,000. This, I guess, is for the $400 million. It's for everybody. Yes.

Right? Yes. It's $400 million. And that's what irritates me, Glenn. There's two sets of rules in this country. The one set of rules is everybody says there's a $250,000 maximum. On the other hand, if you're one of the favored darlings, after the fact, if things don't go well your way, they'll say, ah, we'll waive that.

Just any of those depositors, if their tech companies, will give them the bailout. Now, I personally, Glenn, had multiple, you know, multibou. billionaires, Silicon Valley elites calling me over the weekend. They were worried about some of the stuff I was saying. They not like my Wall Street Journal op-ed, which ran yesterday online. And what they said is, no, no, listen, they tried every argument. I mean, they're like throwing spaghetti against a wall trying to convince me. What they're saying is, oh, no, no, we're the engine of American innovation. Why would you want to hurt this segment of the economy above all? That really reveals the hubris, that they're the special chosen ones that somehow deserved to be bailed out. Well, that didn't work.

So then they said, no, no, no, this is going to start a bank run across the rest of the United States. Well, as I laid out in my Wall Street Journal piece today, you don't have to conflate how you handle Silicon Valley Bank with how you handle the rest of the country. So my view is, the Federal Reserve can step in and be a lender of last resort. And if you really need to raise that FDIC deposit insurance threshold, which is a good debate to have, if you want to do it, do it for everybody prospectively, not by just playing willy-nilly picking favorites after the fact, which is exactly what they're doing here. And I just think that most Americans understand that's a game. This is what fuels populism. It is justified populism because

there's two sets of rules. And in my case, it's just that I understand how that other side works, right? How this game is played. But what disappoints me, Glenn, is a lot of Republicans. I mean, they're really hiding in a cave on this issue. I haven't heard anybody else who's really out there taking a principled stand on this. And I can see why. Because, you know what, I lost many donors or prospective donors this weekend. People who are allies love what I'm saying. When it hits too close to home, when it hits them in the home nest at the level of their personal self-interest, even if they agree with me on principle, you know, I lose those people. And that's a cost of actually being principled. But unfortunately, many in the Republican Party are captured by this

Silicon Valley donor class. And it's part of the reason why you see this muted, tepid response where everyone else in this GOP field is hoping and quietly waiting for this to pass like a passing storm. I think it's an opportunity to actually stand on principle, just like we should have done back in 2008, when a Republican administration bailed out those banks, which was a sin we're still paying for. So I was texting back and forth to David Sachs over the weekend, and he was adamant.

You were irresponsible for saying these kinds of things because it would collapse us down to four big banks. So David Sachs is a good human being. I really like him. He is blinded by self-interest, And that's not that I mean, just human nature, right? You're blind, the things you, and even actually, he says it on his podcast all the time, actually. Right.

Follow your self-interest. So in some ways he's following his own advice. But this is what you saw is a lot of fearmongering in the country. They were almost rooting for the bank run risk because that then increases the likelihood of the bailout for their depositors, which include their venture-backed portfolio companies. And they got it. So kudos to them for winning the game of crony capitalism. But I'm not playing the game of capitalism.

I'm running for president of the United States. We have to look for what's actually right for the country. And I think what's right for the country is to have the same set of rules apply to everyone. And these were the very same people, Glenn, who not very long ago, you know, the libertarian Silicon Valley crowd, David Sachs types included, would say that, no, no, no, we need lower risk requirements for these kinds of banks because they're not systemically important, only to now argue that, in fact, they are systemically important. Now, here's what I'll say something in favor of what folks like him and I probably agree with. The deeper problem here is a federal reserve that has tried to play God for too long.

playing God with a fat finger, right? So they haven't even done a good job of playing God. One of the things that I'm focused on as a presidential candidate, and hopefully as the president of the United States, is to finally reform the Federal Reserve, part of that manager of bureaucracy, but to go back to its role of ensuring the dollar as a unit of measurement, period. None of this other inflation versus unemployment God playing. No, they're done with that. They've proven themselves to be catastrophically bad at it. And I think that's something that you have to deeply understand and have conviction and as a president because the system will come back for you and tell you all the reasons you can't do that. My conviction in this is deep.

Okay. So wait, wait, wait, wait, just a second. Vague. I mean, I'm, I'm with you. I love it. But look what the system did to Donald Trump just destroyed him. And I'm convinced it was because he wouldn't put up with a lot of the stuff that is great reset stuff. Just wouldn't have done it. And they needed to get him out. you know, Ronald Reagan tried to take on the Fed and they made his life quite miserable for a while. How with this strength and the kind of money now that is sloshing around with the Federal Reserve and all of the banks and the power the government has given these banks, how do you expect to pull this off without them just tubing it and getting their way? So I'd say something. I don't fault Donald Trump from it. I want to learn from his experiences, and I already have, Glenn, in understanding that you can't just reform some of these managerial bureaucracies.

Excuse me, I just sneeze. You can't have, I'm so allergic to this idea. Alergic to the administrative state, you know. So you can't just reform them. You have to actually gut them all the way. And so what they told Donald Trump and what a usual president will be told is, no, you can't fire them due to civil service protections. I disagree. In fact, I'm going to be extensively on the legal and constitutional analysis here. Article 2 of the Constitution and even the statutes themselves empower the chief executive to actually run the government. That's why this has to be done by an outsider. Somebody who's risen through the political ranks, they've already had been indoctrinated by even if they want to do it. They believe they can't. I think you have to come in as an outsider to understand that the right way to do it is you fire them, you fire the managerial industrial complex around them, you fire the legions of people under them.

Reform it is impossible. You have to actually gut the law. whole thing and replace it with something new built from scratch. And after I've called for shutting down the Department of Education, I'm glad that in recent days, President Trump said the same thing that he would favor it. Now, he didn't do it four years in office. I'm not blaming him for that. We're learning from his experiences to lay the foundation, but I think you get to be an outsider once. And I want to come in and as the new outsider, break the system. And I don't aspire to be president for the end goal of my career. There's more things to go on and accomplish in life than that. But this is a moment that demands that kind of

outsider who operates with their own personal understanding, not because an advisor told you, not because some sort of team prepped you with a policy binder with nine points in it, in many ways, they come from the swamp itself. You need somebody whose first personal conviction is so deep that they can actually see it through and get it done. And that's what motivates me to do this as a combination of a constitutional scholar on one side, but actually somebody who's built businesses on the other, that's what compels me to say. It's not some hubris that I, you know, believe I want to be a politician. I think that this is what it takes to get the job. done in this moment.

Vivek Ramoswamy. Thank you so much, Vivek. What's your website if case somebody wants to get involved in your campaign? Yeah, Vivek-24.com, V-I-V-E-E-K-24.com. And I guide people to the $1 or the $5 number. Small is perfectly good. But join the movement and elevate these ideas in the debate stage. That's the next goal.

Thank you very much, Vivek. Appreciate it. God bless. Thank you, you bet. I don't think I need to tell you that everything in life is so much easier and so much better if you just add a little bacon, you know? And I have good news for you.

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subscribe. You get Good Ranchers price locked in, guaranteed. Your price will stay the same as long as you're subscribed. Good Ranchers.com. That's good ranchers.com. Use the promo code back. 10 seconds. Station ID. So, Pat, Pat sitting in for Stu this week, who's on vacation. You know, you listen to him and I'm all with him, but I don't think America understands the pain that is coming. No. Because nobody's talking about it. It will be substantial to that pain.

Oh, my gosh. It'll be game-changing for us. Yeah. And so there's that little, mixed emotion you feel. Bail them out saves you the pain for now. It'll just be worse down the road. Yeah. Or do you want to experience some pain now? Just go through that. But maybe wind up in a better place. Well, I will tell you, it's, if we would have had the pain back in 2008, it would have been a lot better because we wouldn't have had the moral hazard. and we wouldn't have been so far away from the Constitution with so many Marxists and everything else.

You know what I mean? Yeah. We would have had the pain and gotten it over and reset things. Now, you know, there is all kinds of infrastructure with the great reset and everything else that's just waiting for us to fall. Had that been done in 2008 as well, you would have had consequences that people realize that I can't do that again. Correct. They're doing it all again. I know.

And the same people in many cases. And this time, it might be better to have it happen now than it would be in two years. Yeah. I mean, you know, we talked to. We talked to Christy Noem today and notice when that UCC bill goes through, when they actually declare that central bank digital currency is money and things like Bitcoin is not. That starts in 2024. That's the year you would do it if you think you might lose.

the White House and the Senate. Right. You do it then. Yes. So, you know, part of me, I don't, I hate pain. It's a, you know what it is? Yeah, it's like ripping the Band-Aid off. You just got to rip it off because it's ugly and bloody and it's going to be horrible.

And nobody wants to do that. Right. Well, I think if Americans were given the choice and they were. And it was explained to them what's going to happen. Look, this is what's going to happen. This is what it's going to look like. But who would do that? Who's going to explain it to him?

Well, I've been trying. Yes. Right. But like elected officials. Are any elected officials going to say, look, we're in trouble right now? Or I think even people like us without a media that is saying you're a conspiracy theorist. Yeah. You know, it's so easy.

Nobody wants to believe this stuff. You know, you don't want to believe this. And so the minute somebody gives you, well, it's conspiracy theory. Oh, that's not going to happen. Oh, it wouldn't be like that. you are likely to take that boat. Yep. You know, and that's what's killing us is all of the disinformation and misinformation that's coming from our own government.

That to me is just outrageous. By the way, on this very issue, we have Thomas Massey, Congressman from Kentucky on with us in just a minute. And he's talking about last night he was in a meeting and a Democrat, asked, we are silencing people that are talking down the economy, right? And they said, well, we're working on it. I will get back to you. That's crazy. That's unbelievable.

Just crazy. It's just not America anymore. By the way, it wasn't Thomas Massey, the one who was asked when he was talking about disagreeing with the, I think it was an MSNBC host, she was saying to Thomas Massey that things were going to. spiral out of control and he said, well, I disagree with that. And she said, well, yeah, but do you have a degree in economics? Yes. Yes, I do. The highest. Yeah. What kills me is they keep saying that they're not censoring people, that these Twitter files are nothing but gobbledygook made up by the right.

And yet they are coming out and saying we need to silence. We need to silence people. We need to silence people. Yeah. You know, Tucker Carlson is dangerous. We got to silence him. I mean, this is an honest question. How do our friends who are on the left, not on the left, but are liberal and have, you know, they're Democrats. How are they missing this? How do they not see it?

I honestly don't understand. How do they not see it? I wonder that every day about very day. about various topics, not just economic, but, I mean, you look at a president who's cognitively declined the way he has. How do you not see that? How do you not get it? I mean, there's no words. Yeah, I mean, I guess you just, I mean, you have to at this point either have intentionally tuned everything out. And you're like, it's not going to make a difference anyway.

They're just arguing. And you tune out, which is so dangerous. Or you're just butt stupid? Is that the other alternative? Well, there is that alternative too. And I fear a lot of times that that is exactly what is happening in this country. Yep. All right. Back with Thomas Massey here in a second.

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Yeah, I know. Jerry probably didn't do all the things I did. As he got older, Jerry started to notice that he was developing a lot of pain through his body. Amen. Here we are again. All that exercise and hard work began to catch up. Don't I know it, brother. He didn't feel good anymore.

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every weekday live from 7 to 9 Eastern, 6 to 8 Central, or anytime and anywhere you get your podcasts. From Kentucky, Congressman Thomas Massey joins us. He sent it a really disconcerting tweet last night I saw. Just got off a Zoom meeting with Fed, Treasury, FDIC, House and Senate. A Democratic Senator essentially asked whether there was a program in place to censor information on social. media that could lead to a run on the banks. Welcome, Thomas Massey. Thanks for having me on, Glenn. That's terrifying. That really happened.

Yeah. Now, he may have, he may say, if people ever figure out who he is, that he was talking about foreign influence and he was worried about foreign influence. But I, he didn't qualify it that way. And I presume he meant to censor true influence. that could be harmful to banks that may or may not be put out by Americans. I'm chilling. I will tell you, Thomas, this is exactly what they war-gamed.

I think it was in December. I can send this information to you if I look it up and you wanted. It was from the World Economic Forum. They did a war game. And that's one of the first things in a banking collapse that the World Economic Forum said they had to develop a way to stop all voices. that are offering anything other than the central bank narrative. Also, this is within DHS, there's something called CISA, C-I-S-A. And Michael Schellenberger, who's one of the people who exposed to Twitter files,

he showed me that it's in their charter to censor stuff that could be harmful to the financial system of our country. They consider that, you know, national security. So, you know, then I think they may have scrubbed that off their website since then, but this is really chilling. And I'm not trying to cause a run myself by exposing that a senator suggested that the Congress or these agencies should be censoring Americans when they talk about the financial health of banks.

But it needs to be out there. I think it's the senator himself who suggests the censorship that is causing concern among Americans. I really think, Thomas, if people were just told. the truth and treated like adults, we would be fine and we would be able to handle it. I think there's a lot of people who are like, let's just get this over with. We have made this so much worse, and I don't understand what's happening now. So the FDIC is just, if I got $400 million in a bank account, they're going to cover it?

Here's the problem. The money they've gotten the bank was premiums that were paid to cover people who've deposited less than $250,000. So the FDIC is pushing all their chips on the table because they don't have enough money to cover everything. They've only collected premiums to cover $250,000. They're pushing all their chips on the table because they know they can cover it for two or three banks.

But after that... Then what? Then what? Well, then they've spent all the money that's supposed to protect the people under $250,000, like common Americans. So the Treasury has this program. program that they announced last night as well. I'm sorry, the Federal Reserve, they're like a hand in a glove.

The Federal Reserve has a program where if banks bought treasury bonds at low, low rates, and got themselves locked in for 10 years and can't pay their depositors back because these treasury bonds are only worth 80 cents on the dollar, then the Federal Reserve will loan the bank's money at a dollar on a dollar, not the real value of those bonds, but whatever they bought them for, So that's going to be inflationary because the Federal Reserve is going to kick more money in. Who is, you know, this, I want to quote the president from his speech today. No losses will be, and this is important to make this point, no losses will be born by the taxpayer.

Let me repeat that. No losses will be born by the taxpayer. Instead, the money will come from the fees that banks pay to the deposit insurance fund. Well, have you seen that fund? how much money is on that balance sheet. Why hasn't it ever been raided to save Social Security or whatever? But how much is there? How much can they cover?

And if they can't cover it, I know the Fed will say they're going to do it, but aren't we the one that is on the hook for everything the Fed spends or prints? The liberals hate it when Republicans say thoughts and prayers, but I heard Chuck Schumer last night said that he hopes and prays that what they're doing is enough. The reality is they can't do this for every bank. So they're going all in on the first few banks to instill confidence. But for the president to say no taxpayer dollars, that's ignoring the Federal Reserve program that's kicking in because if that causes inflation, the fact that the Federal Reserve is going to loan to banks,

using as collateral their bad debt that they got from the U.S. government. By the way, it's not bad because the government will default. It's bad because they're locked in for 10 years at pitifully low interest rates. And if they try to sell those on the market, they're not going to get the money they paid for it. So that's going to dilute the value of your money. If I could go real quickly through four roles that the Federal Reserve has played in causing this problem. First, they were Santa Claus. Federal Reserve with Santa Claus. They kept interest rates at zero percent or damn near close so that,

wow, we could borrow money at the U.S. government and spend it and everybody can invest and it like heats up your economy. By the way, it also drives the venture capitalist into the venture capital market because they can't get any money on safe investment. Then the Fed becomes the arsonist when they, when they create $5 trillion out of thin air during COVID. That's what's caused this inflation. But don't worry, the Federal Reserve shows up a couple years later as the firefighter. They're going to douse the economy by raising interest rates faster than they've ever been raised before. So now they've been Santa Claus, the arson, it's the firefighter. Last night, we found out they're going to be a trauma doctor.

They're going to come in and do triage on these banks by loaning the money for things that are collateral that aren't worth what they say they are. And now we're going to rinse and repeat. This will just keep happening. the Federal Reserve is largely responsible for this. Somebody needs to account for it. And that's the problem. This is long COVID response. You know, they talk about long COVID.

This is the result of the CARES Act and all the other stuff that spent $5 trillion we didn't have. It's now coming home to roost. So you're a smart guy. This is a smart audience. What do we do to prepare? Because this is going, it will fail. And I fear that they are setting us up for a new currency, a new digital currency, which every time the United States has changed currencies, you've lost at least 40% of everything that you have. But this will put us into a digital currency, which has all kinds of ramifications.

What do we do to prepare? Well, I wouldn't run on your own bank, okay? Yes. I have not taken any money out of my bank. I don't have a lot of money in the banks. So maybe that's not too comforting one way or the other, but I wouldn't make a run on the bank. But longer term, in your life plan,

I wouldn't keep a lot of money and I wouldn't keep a lot of your resources and cash. Land is a good investment. I don't want to be an investment. advisor either. But have durable goods and things that people always want would be my recommendation. Not today. We will get through this somehow. The clowns who are managing this crisis will clown their way through in some way. And at the end of the day, probably they're going to cause more inflation is what's going to happen at the end of the day. Because they're going to use your money to protect the banks and the high dollar investors. It's socialism.

They are, it's not capitalism. It is crony capitalism. The investors, well, if they do well, they get to keep their profits. If they do poorly, we use the Americans through the Federal Reserve to make them whole for their bad investment. And isn't it isn't an interesting that they are the bank for most of the Green New Deal stuff? They're the bank that's funding all of these hairbrained ideas. Yeah, that was part of, here's the irony. The venture capital money that was supposed to fuel the startups in our economy is stuck in our federal debt right now. Our debt, our desire to spend money

at Congress is so overwhelming that we eventually sucked in that venture capital money that was supposed to fund these startups. It ended up stuck in our treasury. So let me switch subjects. there is a story that I have never said. I've done this for almost 50 years. I've never seen a story like this. Congress votes unanimously on a bill. The Senate votes unanimously on a bill. And then the president's not sure he's going to sign it.

The closest to unanimous, I think, was World War II. And there was one person that stood against it. how did Congress all vote every single one of them to investigate the origins of COVID? What's going on there? Same question in a hearing in the Rules Committee. Like the president could declassify the origins of COVID information that we have and its relation to the Wuhan Institute of Virology. He could do that today.

He could have done it a year ago, two years ago. He's chosen not to do it. Now the entire Senate and the entire House has voted for him to do it. He could veto it, but his veto is going to be overridden. The answer I was given in a hearing that's not much watched. So it is public, but it's still kind of hidden, is that the president, because of foreign relations with China, it needs to look like he's forced to do it so that he doesn't disrupt the relationship with China. If he did this on his own, and I guess I'm spoiling the whole punch right now, but surely...

We're running this whole thing on TikTok, so it's going right to presidency. Surely, but I mean, these are like little kids could come up with these plans. Surely the Chinese see through that. But that was the only reason that I was given that made any little bit of sense. Well, it's also weird that every single person voted for it out of, out of what, 520 people and the viewpoints that a lot of people have that this is absolutely not from China and the lab. I mean, they have made such a stink. Every single one of them said, yes, we want the house to investigate. we want people to, we want the president to release all of the classified information.

Just release the classified information on the origin. I think this is not a conspiracy. You can, theory, it's not a conspiracy theory. You can find evidence of this everywhere. But I think it's going to lead back to the United States that, you know, we were working with them on this virus. Yep. We were funding it.

I mean, that's going to, you know, and so I think they're, trying to slow walk that realization that the American government used your tax dollars to create a disease that killed hundreds of thousands of Americans. That is the biggest argument against growing government I have ever seen, and they're trying to, they're trying to keep, by delaying the release of all of this stuff, they're hoping you forget why Grandma died when you come around to realize that we created the virus. God bless you for being there, man. I don't know how you do it, but I'm grateful you're there.

Thomas Massey. Thanks, Glenn. Thanks for having me on. You bet. Bye-bye. Should talk to him more often. He is really, really smart. Way back in January, I told you the U.S. breached our debt ceiling.

Eight months ahead of schedule, fast forward to today, absolute zero progress has been made by the Biden administration in negotiating a meaningful increase. and any kind of decrease in our spending. In fact, they've managed to go backwards. I know, shocking. Business Insider put out of a great report recently. It says, you can find it on the Gold Line website.

It says, deal of the week page. A debt default could happen as soon as July. If so, the country would face its biggest financial crisis in history. We don't need that. We already are dealing with us today. And you know what happened to gold? Ah, gold went up. Hmm. Who would have thunk it?

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Call Goldline about the difference. You're going to get a boatload of free copper as well as a thank you. Just go to goldline.com. Call them now. 866 Goldline. 866 Goldline. This is the Glenn Beck program. Okay.

As if we needed something else. A giant seaweed bloom so large it can be seen from outer space may be headed towards Florida's Gulf Coast. The Sargassum bloom is 5,000 miles wide, twice the width of the United States, believed to be the largest in history. It drifts between the Atlantic coast of Africa and the Gulf of Mexico. It has a thick mat of algae, but here's the good news. It can provide a habitat for marine life and absorb carbon dioxide, so it's good for the planet. Oh, good. The problem is it's bad for coral because it can be deprived of sunlight.

And as the seaweed decomposes, it releases hydrogen sulfide. Oh. Well, don't worry about that. Just get our Secretary of Transportation down there, Buttigieg. He'd be there in no time. And it negatively impacts the air and the water causing respiratory problems for all the people in the surrounding area. It also makes swimming difficult. Right.

You know, nobody wants to swim through seaweed. Well, and it's also going to clog the valves of power plants and desalienization plants. But the good news is it will suck in some of the carbon. So there you go. The planet will be cooler. Perfect. So screw the people. It's the people that screwed it up.

The planet knows it's been sent by the fish people. All right, don't panic. Everything is fine. We'll get through this together, and we'll see you tomorrow. I mean, I don't know if we're going to get past the seaweed thing. No, probably not. Everybody's going to die from that, probably.

But you don't need to worry about the banking thing. The Glenn Beck Program. We'll say, In the phone, all the world can be a guy of the finance. Not a business, not even having a gross moon in art, to play to golf, or not be an pro of the crypto. Not a business.

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