RADIO

THIS Biden-Encouraged Mortgage Trick Will Make You OWN NOTHING And "Be Happy"

Remember Fannie Mae and Freddy Mac? "You Will Own Nothing" author Carol Roth tells Glenn that the Biden administration is now using them to make sure YOU WILL OWN NOTHING. By encouraging MORE consumer debt spending through second mortgages, they're making Americans feel like they're wealthier. But at the same time, this process reduces Americans' ownership of their homes and practically buys votes before the election, Carol warns. What makes this especially dangerous, though, is that they're doing it during a time of inflation. So, while Americans are owning less and less and feeling "happy" right now, that won't last forever...

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, the author of that book, You Will Own Nothing. Which is ridiculous.

How would you possibly bankrupt people, so they would to have sell everything. Or couldn't afford it. And have it taken away from them.

I mean, you'll own nothing by 2030.

Oh, what a ridiculous idea.

Hello, prophet, Carol Roth. How are you?

CAROL: I thought I was a conspiracy theorist, Glenn. But I'll take prophet/conspiracy theorist.

GLENN: Isn't it amazing, Carol? Every day -- every day I see something -- just McDonald's. You go to McDonald's. This is how you have a country that owns nothing because they no longer can afford to buy anything.

Anything.

CAROL: Yeah. It's so frustrating when I read this in the media. The corporate press, of all sudden waking up and saying things like, oh, fast food and restaurants are more expensive than ever. And people can't afford them.

It's like, wow! That's a giant shock to me, who has been telling you this, for years and years, based on the fiscal and monetary policies of this country.

GLENN: You know what is more frustrating to me?

Is the fact that we know that they're wrong. We've seen that they're wrong. Over and over and over again.

They're lying to us. And saying we're a conspiracy.

And then when it turns out to be right. They announce it's suddenly true and right.

And then people go back to them. For the answer on how to solve it.

It's crazy.

CAROL: Right. It's the arsonists who are burning down your house. And then they bring a water bottle. And say, hey, I'm going to put out the fire. It is frustrating.

And the gaslighting, when we're telling people, what it is that they're going to experience, or what they experience from the Biden administration. From the press. Saying, no, no, no.

You just don't understand. You're just not smart enough. When people are experiencing this every day.

It's just like an extra gut punch.

GLENN: Right. Right. Talk 2078 about Freddie Mac and Fannie Mae.

This was one of the biggest collapses during 2008. But if I'm not mistaken, it wasn't really taken that way, because the federal government.

We the taxpayers foot the bill for that one. So they didn't actually fail.

But they did!

CAROL: So do you remember the scene in -- after Trading Places when Randolph and Mortimer Duke went bankrupt, and then they pop up in Coming to America. And Eddie Murphy hands them this wad of cash. And all of a sudden Randolph says, Mortimer, we're back!

I feel like this is exactly the same thing that's going on with Freddie Mac. And certainly, if it happens with Freddie Mac and it gains acceptance, it's going to happen with Fannie Mae.

So right now, these two government sponsored enterprises, based on what happened with the great recession, and financial crisis. They were put into conservatorships with the FHFA. So they have been watching them. And making sure they don't do anything risky, right?

GLENN: Right.

CAROL: Well, now Freddie Mac had this great idea. Because people have so much equity in their homes. Let us go ahead and offer second mortgages.

Now, you have to remember that these government sponsored enterprises, Freddie Mac and as well as Fannie Mae. The whole point of them is to extend credit, make sure people can get into housing.

But second mortgages don't get you into housing. Those are consumer loans. Those are people taking money out of their homes and using them for whatever it is.

And that equity is perceived equity.

Right?

Because they haven't cashed out the house.

They have been sold the house.

They haven't cashed out. They don't have that guarantee. They just think that today, it happens to be worth this much money.

GLENN: Wait. Let me make a case for this. I did a lot of thinking on this, a couple of years ago.

Some people, that may be good for.

Other people, horrible. Or do you think it's always horrible?

CAROL: Here's what it is. It's taking money out of your home. The equity. The ownership that you have. And you say, no longer do I have this ownership. Now I have the pile of cash. So what are you doing with that cash? Are you using it to reinvest?

Because right now, that's really expensive to do. We're not in a zero interest rate environment. So even if you're paying a second mortgage. Eight or nine, or whatever percentage it is. How will you get a better return on that? That seems to me, that people are taking their wealth. Their ownership. And going and blowing it, spending it.

GLENN: That's what will happen. That's what will happen. I mean, second mortgages, to pay down like a credit card at 25 percent. I would rather pay nine, than 25.

CAROL: Sure. Sure. But rather, we would rather to use other money to pay down 25 percent, than taking down your ownership. So obviously, it is specific to everyone. But overall, I think we have to ask ourselves a few questions here. One, why is it that the taxpayers should all of a sudden back consumer loans?

Why is that as it that we want to encourage more consumer debt spending, particularly during a time of inflation? And why do we want people to reduce the ownership, the equity in their homes?

GLENN: May I guess?

CAROL: Sure. Please do.

GLENN: Because I am a helper.

And if you reelect me. I can help you with all of your troubles. But the other guy, he is not going to help you with that. I will help you get a loan, so you can do the things you need to do. Invest in your business. And pay down your loans. And a lot of people are struggling even to pay for food.

So I will help you.

CAROL: Bing, bing, bing. We have an election around the corner. And obviously, we have seen Biden try to do this cancellation of student loan debt. And that is not working out as well as he hopes, although he keeps pushing it. So now, how do we make people who are maybe struggling financially feel like they're wealthier, feel like they have more cash in their hands?

Oh, we'll let them take this, quote, unquote, equity out of their homes.

Which is buying both. Which is increasing consumer spending. Which pushes up the GDP. Which we know is faltering based on last quarter.

So all these things make him look like the economy is doing better.

By the way, also likely highly inflationary, that we're adding consumer spending.

Into the mix here.

So this is being proposed, by --

GLENN: Hang on just a second. And more inflation, makes it harder for you to buy things, later. You've got now, a second mortgage.

And you're going to be in the same situation you were in, if you spend that money to do anything other than pay off very high interest rates.

You take a loan out, and do anything with it. When the -- because this won't happen until after the election.

I mean, you won't feel the effects.

But I'm telling you, inflation next year is going to be insane.

Do you agree with that?

CAROL: Well, particularly, if these programs that he's pushing, continue.

So if that comes back and says, sorry, we're not going to do this. Which one of the things that is pretty interesting here, and goes back to this election thesis. Normally when you have a rule like this, that pops up. There is a comment period.

That comment period is six to 12 months, depending on the variety of factors. Do you know what the comment variety on this was? Thirty days. Thirty days.

GLENN: Two weeks.

CAROL: Which, again, goes back to saying, there is an urgency, of why it is they're trying to push it through.

Now, I will add something else super fun here.

So if Freddie Mac does this. There's no reason why Fannie Mae is not going to try to do this.

They're under conservatorships, right?

How do they really expand this market.

Right now, it's a decent sized market.

But this could expand, up to, for both of those agencies. Maybe 2 trillion. I've heard maybe four to 5 trillion of leverage capacity.

How do they extend that?

Well, they could then. If the conservators. At the Treasury. Say, okay. You're no longer at conservatorships.

They can go back to securetizing these.

Is it this sound familiar. That means they take a bunch of these secondary mortgages. They package them together, into a new security. And they sell them into the markets.

And these were the same types of securities, if you recall, which started the whole ball rolling, with the great recession, financial crisis.

Nothing to see here, guys. I'm sure this will work out really well. And I'm super excited for taxpayers to back consumer loans.

You're not even backing first mortgages. You're now backing consumer loans. Way to go. Really glad the government wants to get --

GLENN: And, again, it's estimated to be $2 trillion.

However, you and I both know. Uh-huh. It could go as high as $5 trillion.

Don't just think of that as your debt that we need to pay, think of it this way, as well.

That's two to 5 trillion dollars, being dumped into the economy.

What do you think will happen to the value of the dollar, and your buying power.

$5 trillion. Out of thin air.

CAROL: It's insane. And at a time when we have the Federal Reserve, who is frustrated with their fight to -- their attempt to fight inflammation.

And the government continuing to spend like drunken sailors, no disrespect meant to the drunken sailors.

Then you keep having these consumer stimuluses. And this is what happened with the Biden administration when they came out right out of the gate, a few months later, and they did direct consumer stimulus. It's in the name. Stimulus. It stimulates the economy. That is the intention.

And the same thing here. If you take money that is locked up in homes. And all of a sudden, you unlock that. And again, it's theoretical money.

Because if the price of houses end up going down in that area. Then they could end up being underwater and be in real financial trouble.

So this is theoretical dollars that they have, that they're going to take out, and use the dollar to spend in the economy.

It officially inflates the GDP. It makes everything look like the consumer is doing much better. And it absolutely will eat away at your purchasing power.

Devalue your labor. And devalue your wealth.

Once again, it's the same cycle repeating for political purposes.

GLENN: Carol, I would love to have you on, later this week.

Because there's a couple of other things, that are affecting small businesses. And independent workers. Again, so you will own nothing.

But you will be happy, apparently.

TV

SNEAK PEAK: Glenn Gives a Tour of the Roosevelt Room in the White House

Ahead of his First 100 Days interview with President Trump, Glenn gives an exclusive tour of the Roosevelt Room: Theodore Roosevelt’s Nobel Peace Prize and Medal of Honor, Barack Obama’s private papers, and the legendary doorknobs that Trump installed in the White House.

TV

EXCLUSIVE: Trump Tells the INCREDIBLE Story of Elon Musk, Nikola Tesla, and His Uncle

Immediately after his First 100 Days interview with President Trump, Glenn knew he had to ask one more question, even if it was off the record: How incredible is it that Trump is working with today’s Nikola Tesla, Elon Musk, when Trump's uncle was the man put in charge of sifting through Tesla’s files when he died?! But instead of having a private conversation, Trump decided to let Glenn’s audience hear the story too …

TV

EXCLUSIVE: President Trump on 'Judicial Insurrection,' Tariffs, and 100 Days in Office | Ep 429

In just his first 100 days in office, President Trump has moved faster to fix America than anyone expected. He created the DOGE, shut the border down, dismantled USAID and its wasteful spending, and put the world on notice that it can’t take advantage of America any more. But there’s still much more to do, and Americans have questions about what’s next. Glenn sits down with the president in the Roosevelt Room of the White House for his first one-on-one interview about his first 100 days. Glenn asks Trump what the real goal of his tariffs is, whether Elon Musk is really stepping back from the DOGE, whether Mexico is a failed narco-state, what his plans are for the cartels, and how he may react to the “judicial insurrection” of judges blocking his deportation orders. Trump also reveals his game-changing plans for AI and American energy, why he’s not “negotiating” with Europe or the world, whether Putin or Zelenskyy has been easier to deal with, and why he believes Glenn will “be surprised” by congressional Republicans soon.

►BONUS CONTENT: See my exclusive tour of the Roosevelt Room and don’t miss President Trump’s extended interview, where he shares how his uncle—once the government’s go-to expert on Nikola Tesla’s files—is now connected to today’s Tesla, Elon Musk. These are must-see moments you won’t find anywhere else. Watch now at BlazeTV.com/Glenn.

RADIO

How Trump Could REVOLUTIONIZE American Energy

With the AI race in full swing, America must face one of its biggest obstacles if we're going to beat adversaries like China: our current power grid, which hasn't been updated since FDR, is not sustainable. We need 99% power by 2027. We're at 3%. Of all energy usage, in the next three years, an additional 29 gigawatts will be needed by 2027, and 67 more gigawatts will be required by 2030. Glenn argues that this can only be done by building nuclear power plants. China is already ahead of us in power plant production, so we need to get the ball rolling: "This is something that Donald Trump could do. And it is time!

Transcript

Below is a rush transcript that may contain errors

GLENN: Tonight is an epic interview with the president at the White House. So don't -- don't miss it. I'm going to do that interview, later this afternoon. It will air 9:00 p.m. Eastern time. It will be unedited. And you will be able to see them.

Yeah. Yeah. Yeah. It's not like you're dealing with Joe Biden anymore.

No. Yeah. Because -- let's see what he says.

You know, I have a lot of things to talk about. Like one thing, that I would like to see, you know, that I don't -- I don't see anybody talking about.

You know, the president is changing the economy. He is changing -- he is getting away from this World War II nightmare.

That, you know, might have been right for 1948. But it's certainly not right for today. Where we were taking care of Europe. We were giving them all kinds of special breaks. We were paying for their defense. Yada, yada, yada.

Instead, now Americans take care of herself. And we all need to be self-sufficient. Well, you know, we're talking about AI a lot. But what people are not talking about is something that Eric Schmitt came to the White House -- sorry, to Capitol Hill and testified a couple of days ago, about the power usage. We have a significant problem with power. Now, I want you to understand.

Everyone will tell you, we cannot you lose the race for AI. Have you heard anyone say anything other than that? Stu.

STU: No. Anyone who talks about it. says, we can't just let China or someone else win it.

GLENN: It's 100 percent universal, we must, must win. Okay?

So where are we going to get all the power?

Here's what Eric said. Many people project demand for our industry go from 3 percent.

3 percent of total energy production. Right now.

We're at 3 percent.

For all of our server farms and everything else.

For Silicon Valley. Uses 3 percent.

He says, it's going to go from 3 percent to 99 percent!

Of all energy usage, in the next three years, an additional 29 gigawatts by 2027 and 67 more gigawatts by 2030.

He's now saying that we have to build hundreds of nuclear power plants.

He said, there were some plants. They will require, most plants will require one nuclear power plant, per server farm!

Some of them may require up to three nuclear power plants per server farm!

So this is really good in one way: Because we will have the electricity that we need. Assuming we start to build these things quickly. I mean, what's going to happen, Stu. It takes 25 years, to build a nuclear power plant. How is it we're expected at all to compete?

We have dismantled our coal-fired plants all over the country. We are still not digging up coal and -- and fuel, as much as we need to.

We need to be open and open on absolutely everything.

That's something that Eric Schmitt said yesterday too. Remember, this is the Silicon Valley guy. I'm sure he was green, green, green for a long time.

Now he's saying, we need absolutely every source of energy. Because we will need 99 percent by 2027.

2027.

What do you think -- what do you think your power price is going to be?

What do you think about rolling blackouts or brownouts?

We have got to be. And this would create so many jobs.

So many jobs. Good-paying jobs. Going out and building all these nuclear power plants.

STU: Is this an opportunity.

GLENN: But will we do it?

STU: For Trump and the Trump administration?

GLENN: Huge. Huge. Huge.

STU: Because it feels like talking about positives, going on offense, rather than being on defense. There's been a lot of defense talk lately.

GLENN: Yes. Yes.

STU: And going on offense and saying, hey, we can be the best place for your company to exist. Because we will be the only place on earth that has the power it needs.

GLENN: Yeah. Yeah.

The only other country is doing it is China. And they're building it like crazy. This is something that we have -- Donald Trump could surpass FDR in power generation.

Remember, most people in 1919, Woodrow Wilson, I think 1 percent of the population had a refrigerator. By 1930, I think that number was like 80 percent. Had refrigeration.

When -- when FDR came in, the only places that didn't have stuff. Was there was no electricity in these small little rural towns. So he went. And he started building power plants and dams.

And everything else, to generate all the power. And then started laying power lines. This is something that Donald Trump could do. And it is time!

I mean, our grid hasn't really been updated since FDR.

We're still using the same stuff. And, you know -- and a lot of it is just so outdated. And so bad.

Our grid is so incredibly unstable. And not built for what's coming next.

And I just don't know how he's going to get it done. But this is a big win for him. Big win for him.

You know how many jobs would be created if we introduced and said, we have to build them, in the next three years?

We would be enormous!

Enormous!

And exciting!

STU: Yeah. Yeah. Exciting. I mean, look, having a power is the basis of civilization. Like, this is not a -- it's not a small little thing.

It really is one of the foundational elements you need for a modern civilization.

And we sit here. And we talk about all the things that we can't do.

All of the natural resources that we have. We can't utilize.

All the things that we need to stop.

Right? We need to stop making gas-powered cars.

We need to stop getting our own coal and using it.

We need to stop building nuclear plants. This is a way of saying, no. We're on offense.

We're America. You know, the left is trying to right now. They're in the middle of a rebrand.

And one of their -- as we talked about last hour. They're still seemingly stuck in a lot of these crazy woke stuff that burns them the last time. Hopefully, they stick with them forever.

One of the proposals being proposed bit left. It's this idea of abundance. That's the name of the book that kind of lays these concepts out.

And it's an idea of trying to take away what the right has always had. Which is this idea of saying, hey. We're looking to grow.

We want better things. We want the Americans to have a better, more fruitful. More wealthy.

More -- you know, having more. And we'll decide what we want to do, when we have more.

And the left was always saying, hey. No. We need to restrict. We need to calm that down. You don't need all this. You don't need the bigger house. You don't need the bigger car. And that's not the fundamental, number one thing you should care about. But it was always there for us to say, hey. All these shelves are stocked. Everything you need is right there. You make the decisions on what you want. You make the decisions on prioritize on what you will spend your money on. And what you will spend your time on. And the left is trying to take that back now. You're seeing an opportunity because of a lot of people on the right, who are saying, no. Actually, maybe we shouldn't have those things available. Maybe you don't need them. And I'm nervous. If they decide to go down this road, there is a real vulnerability to the conservative movement, if the left takes that away from us. And they want to.


GLENN: State it again, more succinctly. Your concern again?

STU: My concern is, and this is a real thing being talked about on the left. In sort of their higher level academic circles. Is the approach to say -- to take away, I don't know. It was a -- I would say, pretty consistent with that Reagan optimism. Right? The shining city on the hill.

GLENN: We can do it. We can do it.

STU: We can do it. We can accomplish all these incredible things. Not through government. Through you.

You can do it. We'll have all these things. And you should expect from your country, an abundance, not a scarcity.

GLENN: I'm trying to figure out, where are you seeing that on the left?

STU: There's a major best-seller that just came out, called abundance.

And it was from the left. It was from two guys on the left. And I don't know that they will win.

But, you know, Ezra Klein, Derek Thompson. They're pretty well-known.

GLENN: That's really hard. That's really hard to sell. Barack Obama -- I know. Look at Barack Obama. He has how many houses? Three. Where he's building a seawall around one of his houses, where you can't build a seawall in Hawaii. But he's building a seawall around one of them. That's his part-time house. His other part-time house is in Nantucket, one foot above sea level. One. Count them. One foot above sea level.

STU: Right.

GLENN: And he has a third house someplace else. I think it's here in Washington.

And he's always talking about, hey. You know, there comes a time where enough is enough.

And you have too much.

When is that, Barack?

Because you're telling us, you shouldn't have an SUV.

You have three houses!

See, this whole abundance thing has never been aimed at them!

It's always been aimed at us.

They believe in abundance.

STU: Sure.

GLENN: For the right people. The right people get it.

And that is the biggest difference in abundance, is they've been saying that we all have to pinch back, but they don't actually mean it. At least the Republicans are like, yeah, I'm corrupt as hell and making all kinds of money on the side. But you can't do.

You know what I mean? It's just crazy.

STU: Yeah. No. I agree. I think, look, they've never actually believed any of these things. What was their approach. Forever, we heard the approach of, hey.

Your TVs are too big. Your cars. They're too -- they have too much of what you need.

The SUVs are too large.

Your homes are too large. You don't need the air-conditioning. You should turn it to 72 degrees.

Now, I can bet you at neither Martha's Vineyard or in Hawaii. Barack Obama never had his house set to some uncomfortable temperature he didn't like.

GLENN: Well, he might have.

Because he's right on the ocean. You can get that lovely ocean breeze that most of us don't get.

STU: That's true. That's true.

It was always something they tried to implement on the people. We get what we want.

But you need to sacrifice, for the greater good. And that's -- that's a thing that just doesn't connect exactly, with the American people.

Not because they're not charitable. Because they are. They want to do good things for other people.

They will come together, and do incredible -- accomplish incredible things which they have done.

But it was always this idea that you would be able -- it was part of the American deal, right?

We do these things. We work hard. Maybe we work harder. Maybe we work more hours.

Maybe we put up with more crap. The idea that we can shape our own future. The left is trying to take that messaging back.

Now, I'm with you. In that, I'm not confident, that viewpoint will not win out on the left. Because there's a bunch of insane people.

But it is a vulnerability on the right if we go down this road of trying to encourage the same type of scarcity talk that the left has been engaging in.

GLENN: Okay. Okay.

So let's -- let's take that. Next hour, I want to tell you a story that fits right in here, on what the leftists are doing in San Francisco.

Because it's very similar to what you're talking about.

This morning, when I read it. I thought, that will never work.

But maybe you're right. Maybe it will.

I don't know. But it's insane.

We'll talk about that and so much more. Coming up.

Don't forget, President Trump, an interview tonight at 9:00 with President Trump and I.