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BLOGJune 21, 2017

The Twisted Logic the Federal Reserve Wants You to Believe

The stock market is at record highs, the unemployment rate is low, home prices are growing and wages are down. Collectively, what does it all mean?

Danielle DiMartino Booth, former insider at the Federal Resserve and author of Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America, joined Glenn in studio to explain why the Federal Reserve is worried and what it means for the average Joe.

"The last time the unemployment rate was where it was, wages were growing at about four percent. Today, with the same unemployment rate, wages are running at two and a half percent. Yawn. We wonder why there's a shadow economy. We wonder why people are driving Uber at night. There's a reason. Their wages aren't growing. Their paycheck has barely moved and not kept up with inflation," DiMartino Booth said.

In a recent speech, Bill Dudley --- second in command at the Federal Reserve --- expressed concern about the unemployment rate crashing, causing run away wage inflation.

"The average working Joe wants their paycheck to go up. There's nothing intuitive about the reasoning right now at the Fed, nothing," DiMartino Booth said.

Enjoy the complimentary clip, listen to the full segments or read the transcript for details.

GLENN: Hello, America. Welcome to the Glenn Beck Program.

You have so much to worry about, trying to hang on to your job, trying to educate your kids, just trying to make it through -- I don't know about you, but there are days that I just go -- I get up in the morning. I'm just like, my goal for today is just to make it back here to go back to bed. Maybe that's just me.

But life is tough. We want to arm you with information so you can prepare yourself for what's coming, both good and bad. A lot of great things happening in the world of technology. A lot of great things on the horizon.

But there's also some really big bumps in the road, as well. We are thrilled to have back with us Danielle DiMartino Booth. She's the author of Fed Up. She's a woman who worked on Wall Street and then said, "This is sickening." Got out, started to expose it for the Dallas Morning News.

The Fed here in Dallas, run by Richard Fisher, or was run by Richard Fisher at the time, he was I think brilliant and one of the really good guys in the Fed. And he saw her work and said, "Hey, she should come to work for her." She was working for the Fed, kind of in a lower position. She was ringing the bell about 2008 and the collapse. Most people made fun of her for that. The collapse happened, and Richard Fisher said, "You need to be my right-hand man for information and what is coming." So that's what she did. He left the Fed. She left the Fed. She is now ringing the bell on what's next. What's coming. Another 2008? She'll describe what she's saying in the last few weeks and last couple of months since we saw her last. We begin there, right now.

(music)

GLENN: Welcome to the program, Danielle --

DANIELLE: Let's get your circulation going.

GLENN: Yes. Welcome to the program, Danielle DiMartino Booth. How are you?

DANIELLE: I'm doing great. How are you doing?

GLENN: Very good.

A lot has happened since we last talked. The world is in a crazy place that we are just --

DANIELLE: Uh-huh.

GLENN: -- we are literally, last week, dodging bullets that could change the world.

DANIELLE: Oh, yeah.

GLENN: We have Syria and Russia this week, with a downed Syrian jet that we took down. And Russia said, "Oh, yeah, by the way, we're canceling our hotline. And if you cross the Euphrates, we'll shoot you down." So we have that on the horizon.

We have North Korea, with now three aircraft carriers, and they just dumped basically this poor kid out of Cincinnati -- they just dumped a practically dead body on our doorstep.

DANIELLE: Well, he is now.

GLENN: Yeah. Like -- you know, almost like a Don Corleone move, just saying, "Hey, here's -- here's your trash."

DANIELLE: The aftermath of years of doing nothing.

GLENN: Yes. Yes.

And then last week, a shooting that could have changed the world. I don't know if you heard last hour. But I presented a scenario --

DANIELLE: Yeah.

GLENN: Any thoughts on that scenario? How crazy did that scenario sound to you?

DANIELLE: It didn't sound so crazy. I mean, there is something called the Plunge Protection Team, and it's dragged out in times of extreme market duress.

GLENN: Was that -- was that around, or was one of the first times we did in the '30s? because I know we the Rockefellers of the world, the Astors of the world kind of stepped to the plate and said, "I'm going to dump money in, and you're going to do it too."

DANIELLE: Right.

Well, bear in mind, before 1913, with the establishment of the Federal Reserve, when there were economic calamities, somebody like JPMorgan would bring people together in his parlor room and say, "Okay. Guys, we got to write some checks here. We got to save the world."

GLENN: Right. Right. Right.

DANIELLE: It was his realization that he was mortal, that brought about the Fed, after the Panic of 1907, really.

But even if you go to modern history, you know, Hank Paulson, others, they brought the biggest banks into a room and they said, "We've got trouble. You're all going to have to pony up." And a lot of the banks were saying, "No."

GLENN: I know.

DANIELLE: And Uncle Sam looks down and says, "No is not an option."

GLENN: You know what's really crazy is I have a friend who was in that room that night, that Sunday night, and he and his bank said, "No, we're not doing it."

DANIELLE: Don't need the money.

GLENN: Right. We don't need the money. We're not doing it.

And the banks get blamed. And I think the banks deserve a lot of blame. But the banks get blamed for this, when it really was the United States government, the Treasury, that said, "No, you are taking it."

DANIELLE: Right.

GLENN: In fact, the exact quote from Paulson is, "No one is leaving this room until you sign."

DANIELLE: Yeah. Until you brandish your scarlet letter. Put it on. Take the blame.

GLENN: Yes. Yes.

Okay. So you said a few weeks ago, when you were here, that the one thing you were looking for -- I asked you for signs of the economy.

What do we look for as a sign that things are not going well?

DANIELLE: Uh-huh.

GLENN: If you pay attention at all to the Fed, as I do -- and I think this -- I'm a little more than the average person, to where I'll actually just read what Yellen has done, but I'm not going to read deeply.

DANIELLE: Uh-huh.

GLENN: The story that I heard last week was -- or, was it this week? Things are going so well.

DANIELLE: Oh, things are great.

GLENN: Right. The economy is so well.

DANIELLE: Smoking hot.

GLENN: Right. That they have to raise the interest rate again.

DANIELLE: I'm sorry. Who is in the White House? Oh, wait. But you digress.

GLENN: I'm just trying to figure out, what has changed to make things so great that we're raising interest rates?

DANIELLE: Well, things have gotten worse. So we should tighten so that we don't have to tighten -- wait. There's no logic there.

GLENN: Right.

DANIELLE: The head of the New York Fed gave a speech a few days ago, Bill Dudley. Bear in mind, this is the vice chairman of the Federal Open Market Committee that sets interest rates. If Janet Yellen -- if something happens to her and she's got the flu and she can't make the FOMC meeting, he's the guy in charge. People do not realize that the guy in charge of the New York Fed is really the number two in command at the Fed.

GLENN: Okay.

DANIELLE: He made a speech saying that the economy is doing so well that we're afraid the unemployment rate is going to crash. His words. Crash.

And, therefore, we're going to have to get out in front of this and tighten more so we don't have to tighten so much more down the road that we put the economy into recession.

GLENN: Wait. Wait.

DANIELLE: Exactly. Exactly.

GLENN: A, why would we be afraid of the -- of the unemployment rate crashing?

DANIELLE: Crashing?

GLENN: That would be, oh, my gosh, panic. We have a 0 percent unemployment rate. That doesn't make sense.

DANIELLE: Right. So the last time the unemployment rate was where it was, wages were growing at about 4 percent. Today, with the same unemployment rate, wages are running at two and a half percent. Yawn. We wonder why there's a shadow economy. We wonder why people are driving Uber at night. There's a reason. Their wages aren't growing. Their paycheck has barely moved and not kept up with inflation.

And Bill Dudley is worried that the unemployment rate is going to crash and make wage inflation run away. Sorry.

The average working Joe wants their paycheck to go up. It's -- there's nothing intuitive about the reasoning right now at the Fed. Nothing.

GLENN: Wage inflation. See, this is their problem. They're trying to convince the American people that there is no inflation. And on some things --

DANIELLE: Well, there's very little wage inflation. That doesn't take very much convincing.

GLENN: Correct. And on some things, there isn't inflation. But on -- on other things, there is gigantic inflation.

DANIELLE: Look at home prices.

GLENN: Yes.

DANIELLE: Today we had a report that came out that showed that home prices are growing at 5.8 percent. They're at record high prices right now. No wonder the average working Joe can't afford to buy a house, and it's finally begun to push back.

Look at college tuition. I buy a gallon of milk every day to feed my four gigantic growing children. I can tell you that gallon of milk keeps getting more expensive.

JEFFY: It sure does.

GLENN: It does. It does.

DANIELLE: It does.

These are not figments of our collective imagination. My retired mother tells me about what her copay is and what her -- what her drugs cost at the pharmacy. These are real things.

GLENN: Okay. So you said one of the things to look for -- so wait. Wait. Before we get on to that. What does this -- why are they raising the rate then?

DANIELLE: Well, the gallows humor is that they want it to make sure that they kept Trump in place. So if you slam the economy into a recession by tightening financial conditions, thus forcing a recession, then you've got Trump's attention and he doesn't put independent people, independent thinkers, dissenters in at the Fed who ruffle the doves' feathers.

GLENN: So this is --

DANIELLE: Give me two seconds.

GLENN: Yeah.

DANIELLE: Last Wednesday with the day the Federal Reserve raised interest rates, there was a story strategically placed on the front page of the Wall Street Journal that said Gary Cohn is looking for replacements for the Fed.

And, by the way, before you even had to open the page to get to the rest of the story, Janet Yellen's name was thrown out there as being a potential contender.

Do you think the administration has folded to the pressure? Because something has to make the Fed back off tightening interest rates.

GLENN: The rumor is -- and I don't know if this is true or not, but this is what happened to Ronald Reagan. That Ronald Reagan -- Volcker got in. And Ronald Reagan said, "Oh, you don't like the Fed? Oh, okay."

DANIELLE: Try me.

GLENN: And that's when interest rates went through the roof.

DANIELLE: And he had a recession 18 months into office.

GLENN: Correct. Correct.

DANIELLE: Trust me, somebody has read Trump this playbook.

GLENN: Yes, you did.

DANIELLE: I'm sure he read it himself.

GLENN: So what should the president do?

DANIELLE: I would like for him to stand firm. I wrote a whole book about it. We need independent thinkers. We need people at the Fed who are on the receiving end of their own policies, not bureaucrats who have been their entire lives in academics who don't understand the implications of the decisions they make. They don't understand what they've done to a generation of Baby Boomers trying to save for retirement.

GLENN: Who is around the president that can tell him this?

DANIELLE: Steve Cohen and Steve Mnuchin.

GLENN: And do you think he's stopped listening to them now?

DANIELLE: No, I don't.

GLENN: Good.

DANIELLE: In that same Wall Street Journal story, Steve Cohen was quoted as saying, basically, I have faith in the Fed. The Fed knows what it's doing. They need to be left alone.

I mean, these are the things that just stand up the hair on the back of my head. They really do.

GLENN: So what should we watch for or be wanting the president to do? What would be a sign that he's pushing back on them?

DANIELLE: If he comes out with a nominee to replace one of the three current open vacancies that does not comply with what the media has been suggesting those individuals should be.

GLENN: And when will -- when will he make those decisions?

DANIELLE: He's going to have to make them pretty soon. The fact that he's been in office, for what? 150 days or so.

GLENN: Yeah.

DANIELLE: And has not taken the opportunity to name a single individual to put up to the Senate is questionable.

GLENN: How will they fare in the Senate?

DANIELLE: Last I checked, the Republicans still have --

GLENN: Yeah, but I don't know what that means. I don't know what that means anymore.

DANIELLE: Well -- okay. So it's undefined.

GLENN: Yeah.

DANIELLE: But I think that given especially the representatives from Texas --

GLENN: Yeah.

DANIELLE: -- Hensarling, Brady, they've been pushing for reform at the Fed. I think they thought that we would have seen some independence reintroduced at the Fed by now. I dare say in private, they're probably a little frustrated that they haven't. Because there are leaders inside the Senate -- there are people on the Hill who will push through truly independent nominees.

GLENN: Okay. Now let's go to the next thing that you said we should watch for. And that is automobiles.

DANIELLE: Five months of weakness in a row.

GLENN: What does that mean to you? What should that tell the average person?

DANIELLE: Yesterday, a report came out. We know that automobile defaults, delinquencies are rising. We know that payments are beginning to cripple households. We know that especially in places where people are commuting, they have to have their car to get to work. It's the last thing they want to stop making a payment on. And the repoman can swoop in really quickly and just hit a kill switch. And you're not turning your car on anymore. And he's going to come and repossess it.

But we've seen reports come out in the last few weeks that show that the 2015 vintage of car loans made is going to be -- subprime car loans made in 2015 will reset, become the worst performing ones on record.

GLENN: Holy cow.

DANIELLE: We know that. And yesterday, Experian came out with a report that showed that credit card delinquencies have started to tick up as well. So you're seeing a trickle down in terms of household stresses rising.

GLENN: And anything on the horizon in the next few that you are looking at and say, "This could be the real big tripwire?"

DANIELLE: The Cheesecake Factory came out last week with a report that said things are really worse than we were anticipating --

GLENN: Right.

DANIELLE: -- they would be.

If restaurants, which employ 10.6 million Americans, if the restaurant industry begins to follow brick and mortar retail into the abyss, we are in the soup. They employ lots of people. A lot of these big restaurant chains, their footprints are too big. And they're going to have to start following the JCPenney's, the Macy's of the world, down the path of downsizing. This is not good news for people's whose skills are not transferable.

STU: That's why I'm going to the Cheesecake Factory today to support the cause.

JEFFY: Me too.

GLENN: I was thinking about that myself.

DANIELLE: I could go for some turtle cheesecake. Bring it.

GLENN: Me too.

The name of the book -- Danielle DiMartino Booth. The name of the book is Fed Up: An Insider's Take On Why the Federal Reserve is Bad For America.

A lot of people have been saying, you know, we want to disband the Federal Reserve. We want to have checks and balances on the Federal Reserve. Great. Read her book to actually educate yourself on what the Federal Reserve is, what they do, how it works, where they have gone wrong. Fed Up. Thank you so much. Appreciate it.

GLENN: We have Danielle DiMartino on with us for a few more minutes. Because I -- we started talking during the break about Illinois.

Illinois is in financial meltdown, and I want you to listen to this line: We talked about this earlier. Top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments.

Now, what that is, is when we were at Fox, remember I used Illinois and said, these pensions, these unions, it's a sham. And when the chicken comes home to roost, there's no money left.

It's now happening in Illinois.

DANIELLE: Right.

GLENN: And you said that there is a --

DANIELLE: There's an op-ed out today, look it up, that said we should potentially jettison Illinois. It's as bad as Venezuela. Let's get rid of it. Let's break the state up into many little pieces and have the neighboring states absorb it because they can -- this is year three with no budget. Moody's came out last week. And they were downgraded to one notch above junk. A junk bond state. Illinois is the fifth largest economy in this country, and it is in a state of shambles because the chickens, as you say, have come home to roost.

GLENN: How many states are approaching this --

DANIELLE: Well, I mean, you can talk about New Jersey. You can talk about Rhode Island. I mean, it's a really small state with a really bad problem.

GLENN: So what do you think the geniuses are going to do?

DANIELLE: As in?

GLENN: You know, what will the geniuses come up with to get us out of this?

DANIELLE: It remains to be seen. These are issues that are popping up with the stock market at record highs. Think about that.

GLENN: Holy cow. Holy cow.

Danielle, we appreciate your look at things. We would love to have you back. The name of the book is Fed Up: The Insider's Take on Why the Federal Reserve is Bad for America.

Glenn Finally Gets a REAL Job: Cracker Barrel Biscuit Maker | Glenn TV | Ep 471play icon
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Glenn Finally Gets a REAL Job: Cracker Barrel Biscuit Maker | Glenn TV | Ep 471

If this whole media thing doesn’t work out, Glenn can always fall back on his biscuit-making skills! Take a break from the apocalypse and enjoy some Cracker Barrel carbs made by everyone’s favorite son of a baker!

Your TAXES go to Al Qaeda in Somalia?! MASSIVE scam exposedplay icon
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Your TAXES go to Al Qaeda in Somalia?! MASSIVE scam exposed

New reporting from Christopher Rufo and Ryan Thorpe provides evidence that Minnesota taxpayer dollars are being funneled by Somali immigrants to Al Shabaab, the East African branches of Al Qaeda. Glenn Beck reviews how these scams have worked and what we can do to stop them.

Transcript

Below is a rush transcript that may contain errors

GLENN: Let me take you to Minnesota now.

I don't want to talk to you about politics. Our elections.

Culture wars. But something far, far more dangerous.

And more fundamental. Because the city journal has uncovered not a fraud scandal. This isn't waste. It's not inefficiency. This is a pipeline directly from your wallet. And this -- what I'm about to tell you, is all based on Ryan Thorpe. And Christopher Rufo's reporting.

That is some of the best reporting, I have seen. And this -- this is -- this is crazy!

The largest single funder. The largest single funder of that pipeline today, from your wallet to a foreign terror group, according to multiple federal sources, is the taxpayer of the state of Minnesota. Let me repeat that. Because it's not a punch line. This is not hyperbole. This is not a claim thrown around on social media. According to federal counterterrorism sources, quoted by the City Journal, quote, the largest funder of Al-Shabaab is the Minnesota taxpayer. What is Al-Shabaab? In case you don't remember.

It is the east African branch of al-Qaeda. This is the same group that bombs hotels. They slaughter Christians. They massacre schoolchildren. They publicly behead those who defy their authority.

And that, the major funder is you, in Minnesota!

And this is what happens when you mix a naive wide open, no questions asked welfare machine, with a political class, terrified of being called a racist.

And then a police class that's actually in on it, as well.

And then you throw in a media terrified of reporting anything that challenges progressive dogma.

And then a community where Klan networks and overseas loyalties operate underneath the radar of government. Because governments are unwilling to look there!

That is the perfect storm.

That's Minnesota.

And it is drowning inside of that storm.

Now, it started with a program called HSS.

The Housing Stabilization Services. It was launched in 2020 to help people on the margins. The addicts. The elderly. The mentally ill.

Noble idea.

But it was designed with everything a criminal enterprise dreams of! Low barriers to entry. Minimal requirements for reimbursement.

Billions in Medicaid dollars, with almost zero verification!

Now, before the program even started, bureaucrats estimated it might cost $2.6 million a year.

In four years, it went from 2.6 to 21 million.

Then the next year, in court 22 million. The next year 74 million.

To over $100 million every year.

2.6, to over 100!

This year alone, 77 HHS providers have been terminated for credible allegations of fraud. Seventy-seven.

I don't know if you saw this. The acting attorney. US attorney said, quote, the vast majority of this program was fraudulent.

Not over billing. Not paperwork. No mistakes.

Fictitious companies. Empty story fronts. Ghost clients. Stacks of faked claims. Six of the eight defendants indicated that they were members of the Minnesota Somali community, but this is the first ripple.

There was another scheme. The 250-million dollar mega scheme. That came from Feeding Our Future.

Feeding Our Future is a nonprofit that went from $3 million to $200 million in federal food aid dollars, in two years!

Three million to a straight line up to 200 million! To help feed the hungry in Minnesota, in two years. Wow! Fake meal accounts.

Fake attendants. Fake invoices. Dozens of defendants. Primarily, members of Minnesota's Somali community. Some of them bought luxury homes, fancy cars, properties in Kenya and Turkey. And when the state raised any kind of concern, the group sued, claiming racism. And everybody was like, racism.
I don't know what I call that.

The investigators were chastised. The politicians stayed quiet. The media -- by the way, that's government you could have had as vice president right now. Everyone knew the rule. Don't question. You can't criticize, okay? If you want to survive politically, no!

So the cost $250 million stolen, right there, hung on the backs of taxpayers, who believed they were feeding hungry kids.

Now add on to that. So we've got two scandals. Now add on to that, the autism scam.

Days after those indictments, another scheme exploded. Autism services. A Somali woman already tied to feeding our future was charged with leading a 14 million-dollar Medicare fraud ring.

That was invented diagnosis. They bought parents with kickbacks. They created a network of fake autism centers, autism spending. In Minnesota, jumped from 3 million, to 399 million in just a couple of years.

Providers ballooned from 41 providers to 328.

One in 16 Somalia 4-year-olds were suddenly diagnosed. One in every 16 suddenly had autism. That's triple the state average. And nobody was -- nobody is looking into that? What's happening in the Somali community? This wasn't CAIR. This wasn't treatment. This was a racket. And it wasn't isolated.

Let me tell you what the US attorney Joseph Thompson said. He said, these schemes form a web, that has stolen billions of dollars.

So why did nobody ask where that money went.

Where did the money go. Oh. You're not going to like the answer.

Somalia depends on remittances from abroad. $1.7 billion sent to Somalia last year alone. That is more money than the country's entire government budget!

Imagine somebody sending us $6 trillion.

That's what happened in Somalia. Investigators told Chris Rufo and the city journal that welfare recipients in Minnesota, were sending the money overseas.

Called Hawalla money transfer networks. They were moving tens of millions of dollars all the time.

And Al-Shabaab, the terrorist organization, takes a cut of every dollar entering the Somali clan channels. One terrorism task force investigator said, every cent, sent back to Somalia, benefits Al-Shabaab in some way. It's not speculation. It's not theory. It's not conjecture. This is the conclusion of multiple federal investigators, who have spent years tracking the money flow.

They said Minnesota Somali community runs a sophisticated money pipeline, directly from the pockets of US taxpayers, directly to Somalia!

Welfare dollars. Fraudulently obtained. Transferred to Somalia. Al-Shabaab benefits every single time, and here's the part that should terrify everybody. They warn that if one terrorist attack could be traced back to these funds.

The entire country will discover overnight.

That we were financing the very groups sworn to destroy us.

Gang, you're going to find this in Epstein. You're going to find this -- we already did with USA ID. You're going to find this everywhere. The greatest heist of human history, the largest robbery of wealth has been happening right under our noses and we didn't even know the bank turned off the alarms!

All of our wealth being transferred out. Why didn't Minnesota stop this. Why didn't the journalists investigate this?

Why didn't the officials sound the alarm?

Well, here's the reason. If you don't win the Somali community. You don't win Minneapolis. If you don't win Minneapolis, you don't win the state. That's it!

You're going to say anything about it.

Of course not.

Of course, you won't say a damn thing about it.

Ilhan Omar staff. Advocated for the later groups later charged with fraud.

State officials were looking the other way. Democratic leadership, refused audits. Oversight. Even any kind of scrutiny. Because the political cost of calling out fraud, if it occurred inside that Somali community, was considered higher than the cost of losing billions of your dollars. So they let it grow.

They let it metastasize. They let it intertwine with criminal and terrorist networks overseas.

You're just an Islamophobe. It's not about ethnicity. This is about a system that refuses to protect its own citizens. Enough is enough!

Is every Somali Minnesotan responsible? No, that's absurd!

But ignoring the fact that organized fraud rings have emerged inside a specific community, that doesn't have loyalty! Many times, to the United States of America, when nobody would look into it.
The FBI, investigative journalists.

That's not tolerance. It's negligence. It's cowardice.

And it's allowed billions of dollars meant for the poor of our nation. Your hard-earned money. To become an international money laundering system that helps finance the second largest al-Qaeda franchise on planet earth.

This is what happens when ideology replaces oversight. When equity replaces accountability.

When fear of being labeled a racist overrides the responsibility to protect -- to protect taxpayers or safeguard national security!

Minnesota didn't just mismanage welfare programs. It didn't just lose money.

It didn't just fall asleep.

It built through fear and politics and continual. The perfect getaway through which billions of our dollars could pour from American safety net programs, into overseas networks that feed, support, and expand the reach of violent jihadist organizations.

Wow.

I think it was the US attorney that said, it should take your breath away.

It does. It does.

Now, here's the -- here's the thing. I started talking to you today, about the Bubba Effect. You're seeing the Bubba Effect happening now in Dearborn. You have a guy who is wrapping a Koran in bacon, and all kinds of trouble is happening because of it. And I don't know any common sense individual on either side of the aisle, that thinks that's a good idea.

Okay?

But a lot of people including me, at times, is like, look what he's saying though. It's not about the bacon. It's about the Koran. Look at what's he's saying. This is out of control.

And nobody is saying it. At least he's saying it. No, no, no. That's the Bubba Effect.

No! He's wrong in what he's doing. He's not necessarily wrong in what it is highlighting.
But we can't be part of the Bubba Effect.

Let's just highlight the real stuff!

But people get so frustrated, it takes bacon and a Koran to make people pay attention again.

This is not a Minnesota story.

This is not even a story about Somalia. This is a story about USAID. This is a story about Epstein.

All of our money. And this is a story about silence. And fear. And institutional corruption and surrender.

And unless we confront it honestly. Unflinchingly. Immediately. With truth!

We're all going to be poor.

We will all end up being Somalia. Because in the end, every last time that we have, will be taken.

And shipped some place else, and used against us for our own demise.

Witnessing a SpaceX Launch & Predicting Elon Musk's Legacy in 50 Yearsplay icon
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Witnessing a SpaceX Launch & Predicting Elon Musk's Legacy in 50 Years

Glenn Beck recently witnessed a SpaceX rocket launch from hours away, and the raw power of it sent him into a passionate breakdown about the wonder of space travel, the brilliance of Elon Musk, and the insanity of a culture that’s turning on its greatest innovators. From the days of the Space Shuttle to Musk’s Starship and self-driving Tesla vehicles, Glenn argues that Elon isn’t just a tech founder, but rather a once-in-history mind, a modern Edison who revived an American spirit we had forgotten.

Transcript

Below is a rush transcript that may contain errors

GLENN: Last night, here in Florida, Tania said SpaceX is going to launch another missile. About 15 minutes. Let's go outside and see if we can see it. And we live right on the coast. And all of a sudden, you know, we're watching it, ten, nine, eight, seven, six. And about 45 seconds after the launch. We're like, oh, but we can't see it. Then all of a sudden, over the top of the trees, we just see this flame coming up. And it was absolutely. I posted it on the Instagram last night. On my Instagram page. It was absolutely one of the most amazing things I've seen.

From a distance. I've seen it once before. I've seen the last space shuttle lift off in the middle of the night. And I really close. I was across the water. I was just right across from -- what is it?

Cape Kennedy.

And I could not believe, it was a wonder of the world. 3 o'clock in the morning. All of a sudden, it was just day light.

And now, I'm -- oh, I don't even know.

Three hours away. Two, three hours away?

And it's one of the most incredible things I've ever seen.

It just starts coming up. And then, you know, you see the rocket. The boosters detach.

The -- the first stage rockets go out. They turn blue. Then they go out.

And then you see them. And it just picks up so much speed. And just racing through the sky.

It is incredible. It's incredible.

If you've never seen a rocket launch, I can't wait to see his -- what is the -- that was a falcon.

What's the big, big heavy one that he's working on.

Nobody knows.

VOICE: Falcon Heavy, isn't it?

VOICE: Is it the Falcon Heavy?

I don't know.

I don't think so.

I think -- somebody look this up.

Starship. That's it.

I think it's based on the original Soviet design. The Soviets, the reason why we beat the Soviets up in space, is they had this great design of like 24 rockets.

Where we had like four, big, huge ones for lift.

They had like 24, 25 rockets, at the bottom of it.

But they couldn't synchronize them.

You know, this was when computing was really, really bad.

They couldn't synchronize them.

So they couldn't keep it level.

So it would take off. And spiral out of control and blow up.

That's the reason why we beat them into space.

I saw the bottom end of one of these rockets in a video. And I think -- I think it's the original Soviet design. I'm not sure. Because now we have the ability to synchronize everything. But I can't wait to see that thing. Because it's bigger than a Saturn rocket. Bigger the ones that we send to the moon.

JASON: At some point, I don't know if the wonder of space travel left.

JASON: We get bored with things.

JASON: It's so weird. But Elon Musk just brought it back. I mean, we're doing just amazing stuff.

GLENN: It's like everything.

We did it. We mastered it. We put people on the moon. Everybody was crazed about it. I remember sitting in class and seeing the astronauts, you know, on the moon. We would go in. They would bring in an old TV.

And they would sit the TV. Before these things were even on the little -- you know, wheel, you know, AV kind of things.

It was just a big old TV.

And we all went into the regular -- you know, the gym, and we watched it on a regular TV.

And them walking around, on the moon. And that must have been in the early '70s.

And then after that, everybody was like, yeah. So we've been to the moon. Now, nobody believes we've gone to the moon ever.

Now we're going back up. And, I mean, it's amazing. It's amazing to watch. Because you just think, I just watched it last night. I'm like, my gosh. Look at the power of that thing.

I could -- how far are we away?

Three hours?

Two hours?

You could hear it. You could hear it. It got to a certain place. Where my wife said, you can see it on the tape on Instagram. My wife at one point said, can you hear that?

You could! You could hear the crackle of it. It is -- I mean, it's incredible. Just incredible.

I really want to go see a liftoff in person, again. Just amazing.

STU: Yeah. We should. To be clear, we should excommunicate him out of our society. Because you wore a red hat a few times. That, I think is a smart -- it's a smart move.

GLENN: I know. What a dummy.

STU: Yeah. He's an idiot. And obviously, we don't need him helping our country, right now.

Why?

Because he voted for lower taxes or something.

We -- that's a good way to run our society.

GLENN: Hate that guy. Hate that guy.

STU: Amazing.

GLENN: What a dope.

We have just -- we have just become morons.

STU: Hmm.

GLENN: We really -- really have.

History will look back and go, at what point, they just became morons. You know.

STU: Do you find it interesting, Glenn. He was at this turn with the Saudi Arabian, you know, delegation, I guess.

Trump did a turn and invited a bunch of VIPs to it.

I thought a good sign from the perspective of the relationship between Trump and Elon Musk, that he was invited in, was there.

Right?

Remember, they had a total falling out. It was over the Epstein files. If you --

GLENN: No. They made nice at Charlie Kirk's funeral.

STU: Yeah. So that's what you think earlier repaired. Somewhat repaired at this point?

GLENN: Yeah. Somewhat repaired. And, you know, if you're trying to showcase the best of America. Who better to have at the table than Elon Musk?

I mean, he is the Tesla or the Edison of our day. There's nobody -- is there anybody in the world that everybody, with an exception of those who are just so politically, you know -- I don't know.

Pilled. That they just can't stand anybody that votes differently than them.

I mean, be even when he was -- we thought he was a real big lefty.

I still wanted to meet the guy.

I still wanted to be, man, I would give my right arm to sit and listen to that guy in the same room.

You know what I mean?

It would be great.

This is a guy who will be remembered for hundreds of years.

After Jesus comes.

Well, we may not have history books at that point.

But he's going to be remembered for hundreds of years, as one of the greatest human beings ever. When they were still human beings.

So, I mean, who doesn't want to meet that guy?

How is it that we have half of our -- we have half of our country now just hating on that guy?

It's genius. Would you be happier if he was Chinese.

STU: Thank God, he's here.

GLENN: Thank God.

STU: And wants to be here.

And wants to be in this environment.

I think that, you know, you look at everything.

And it's going to be a great biopic.

The movie on Elon Musk's life. Is going to be absolutely incredible. Because he is a somewhat complicated figure at times.

There's a lot to discuss on the Elon Musk front.

GLENN: Oh.

STU: Just think of the fact that this guy has put, I don't know.

You know, hundreds of thousands. Millions of cars on the road right now.

That are, you know, capable and are driving themselves.

Think of -- that's like -- an incredible accomplishment!

This is a guy who is putting cars that are -- you know, have full self-driving. You can sit in there.

The thing will drive itself from point A to point B. Without you touching really anything.

And that is -- think about the fact that that's just being said. That even people are allowed. You know, that governments are just like. Yeah. We trust this guy. To let all these cars drive themselves.

It's an amazing accomplishment. That's just one of many.

It's really an amazing life.