RADIOMarch 14, 2023

Glenn: Be ‘healthily’ TERRIFIED of the coming banking CHAOS

‘I don’t think people understand the destruction that is coming our way,’ Glenn says. ‘This is going to happen. It’s just a matter of when.’ In this clip, Glenn is joined by financial expert and author of ‘The War On Small Business,’ Carol Roth. They discuss the recent Silicon Valley Bank (SVB) closure, why it occurred, and how small entrepreneurs have to ‘play by the [banking] rules,’ whereas big businesses do not. Plus, Glenn explains why he thinks Americans should be terrified of what’s to come…terrified in a ‘healthy way,' of course.

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, welcome back.

CAROL: Hi, Glenn. What a crazy couple of days here, never -- never ceases to amaze. Doesn't it?

GLENN: No, it -- it really doesn't.

First of all, let me get your reaction. We spoke on Friday. On the Friday exclusive, that I do for the Blaze TV.

And this story was just breaking.

CAROL: Yes. Correct.

GLENN: So they bailed everything out, with the FDIC.

But this isn't just the depositors, that they bailed out.

I'm for FDIC, covering depositors. But they just changed the law, with a stroke of a pen. Did they not?

I mean, you had $400 million in that bank. It says clearly on the door, deposits up to 250,000.

CAROL: Yeah. You know, I have a different take on this, than a lot of people that I've been talking to. Some friends and colleagues.

You know, they did not do what I would consider to be a full bank bailout. They did not protect the shareholders. They showed management the door. So, you know, the people who should be taking on risk, took on the risk. In terms of the depositors. I mean, you could say, oh, why should these tech companies be saved?

But I challenge people to change the name. If it wasn't called Silicon Valley Bank. If it was called the small business bank of Iowa, would you want those small businesses to be at risk?

GLENN: Well, there is -- there is a difference.

In those small businesses. And I'll tell you what the difference is. There's no way in hell, this federal government would bail out a small business bank, in a red state. I just don't believe it.

PAT: That may be the case. But at the same time, if you think about the potential contagion.

And, in fact, we could use this now as a benchmark. To say they've done it before. That God forbid, the small business bank of red state were to fail in the future.

But if you think about just the ripple effects, the example I like to use is Etsy.

Etsy is a marketplace. Where artisans and small entrepreneurs do crafts. And they sell them. Etsy had all of their working -- or not all of their capital. A large portion of their capital with Silicon Valley Bank.

So if that money were to have gone away, they wouldn't have been able to pay all of the entrepreneurs.

The same thing with a payroll company. They had their money with Silicon Valley Bank. And so another company wouldn't have been able to pay their entrepreneurs.

So that kind of reverberation throughout the system. And then not quelling the fears, that this could happen again, and potentially taking down not just other regional banks, but having contagions up to big banks. It would have been really bad for everyone.

GLENN: So, but wait.

I agree with you. I agree with you, that it would have been horrendous. Okay?

However, I had under the FDIC limit in Silicon Valley Bank for one of my businesses.

We ran our payroll through Silicon Valley Bank.

CAROL: Okay.

GLENN: We never put more than 250 grand in that. We never do it. Unless we care to lose it.

So why do I have to play by the rules, and expect that I'm not going to get something, but all of the big guys, will always expect, oh, well, they're going to bail me out. I'm too big to lose. I'm too big to fail.

CAROL: Yeah. Listen. This is sort of an expectation sort of game. But the reality is, that we didn't want to have that failure happen. And this was a bank that was very different than some of the other failures that had happened before.

I mean, this was not about making to their I can do loans or derivative products. This was really a liquidity issue, that should have never gotten to the panic. And I think that's the bigger issue. The way this was communicated.

The hubris. The fact that the head of Silicon Valley Bank. Sat on the board of directors, on the San Francisco fed. And didn't anticipate, that it might not be a good idea to lock up money for ten years of treasury.

There are a lot of really weird questions here.

And I think we can certainly debate, you know, what -- what we should do on a go-forward basis. But we have to have faith in the banking system, and for companies to take their cash management and now have to go through paperwork. And chop it up into little blocks so that they can be covered. And have it in all kinds of different banks and different accounts. Isn't particularly efficient.

So I think the insurance program, probably needs to be relooked at. And I think that's --

GLENN: But you can't just write the rules as you go.
(laughter)

CAROL: They do all the time, Glenn.

GLENN: That's wrong. I know. And it's wrong to do that.

CAROL: This is not the first time.
(laughter)
So it's definitely wrong to do that, but they're going to do it on an ongoing basis. This was not the time to put the flag down and go, no. This isn't the time to do it. It was a very sort of practical decision. Yes, in principle, we need to fix the underlying system.

But as I said, let's not pretend that capitalism in the United States. We've had the fed who is --

GLENN: Oh, no, it's not capitalism.

CAROL: On a historic basis. So I won't sit and complain, oh, this is some affront to capitalism, that didn't actually exist.

GLENN: No. The Fed is completely out of control. Overstepped. And all of the -- you know, the big banks. The really big banks.

They are rolling with our cash.

CAROL: Rolling in dough. Literally.

GLENN: Yeah. So let me go back to the bonds, a second.

They locked these treasuries up for ten years. And they -- when the interest rates go up, they lost about 25 percent on their bonds. If they tried to sell them in an emergency.

They were going to lose 25 cents on the dollar.

That's what caused the panic.

Because if you lose 25 cents on the dollar, you don't have enough to cover all of the things that you have covered.

CAROL: Let me add one more thing that added into the panic, because this was on paper.

Should they held them to maturity, there would have been no problem.

Like you said, only in an emergency. What happened, is that within Silicon Valley, because interest rates were rising and the bank was only paying a small amount on deposits, you could pull your money out. And park it into a Treasury bill now. And get, you know, 5 percent without very long duration.

So you had more depositors pulling their money out, than they had model and had expected, in this rising interest rate environment. As well as probably companies that needed more operating cash because of the economy.

So they didn't have that expectation.

And that sort of mismatch, in saying, oh, wait. We have a liquidity need. Because we didn't estimate for this.

That's what forced them to sell the bonds. At that loss.

And then created this panic.

GLENN: And that's where this boob, that is sitting on the Federal Reserve Board, in San Francisco.

These guys are -- I'm convinced, these guys are arrogant morons.

However, how many other banks have put their -- their money into longer term treasuries?

CAROL: Oh, I mean. It's throughout the system.

GLENN: So wait.

CAROL: Wait. Wait. Wait.

GLENN: Go ahead.

CAROL: If you take Bank of America. They also had a situation, where they had to take a big loss on selling treasuries.

The difference is they have a large and diversified business. They only had 69 percent of their liabilities being deposits. Where Silicon Valley bank it was 89 percent. They have a lot of retail deposits, that were under the threshold. They have investment trading. And wealth management. And all these other things.

So for them, it wasn't an issue. But on a smaller scale, for a bank, that really does rely on that deposit business. And because they had so much of that, as these smaller business deposits, that were uninsured, that made it different, than it was for let's say some of these bigger banks or banks that were --

GLENN: Right. But, you know, I'm looking at banks, like, you know, JP Morgan Chase.

All of that. They're fine.

They have plenty of money. And they're going to get all the depositors, as the little banks go out.

CAROL: Exactly. Let's underscore that point.

GLENN: What I'm asking you is: How -- what gives us any indication that this is -- that it's over?

That we're safe now? I mean, it might be because right now.

But this is going to happen again.

CAROL: So that's exactly why they put out the press release, that they did. You know, the fed and the Treasury.

And that very comforting statement from our president. I'm sure that gave you all the confidence in the world.

GLENN: Oh, yeah. I'm stuffed.

CAROL: But that was the point. Is the reason that those depositors pulled out their deposits, is because they were worried it wasn't going to be backstopped. And if there was this liquidity issue that was incurred. Oh, boy. What are we going to do?

Yes. There are other banks that are probably in the same situation. But if their customers don't panic and pull their deposits, and they have the time to pull the liquidity poll.

Then that's what that statement was meant to do.

Now, it really just depends on the temperament of individuals and businesses. If you believe that, if you believe they'll step in and back us up, then you're not pulling out the money, these companies -- the banks can deal with it.

And if you don't, then we will see more of this. Certainly, I think particularly Silicon Valley Bank was different than Silvergate and Signature that had more crypto exposure.

I would imagine those that have more exposure to crypto will probably see some additional issues.

But Silicon Valley Bank being that second largest bank to fail in history, one of the top 20 banks in the US. Systemically important.

As you said, plugged in and connected. It was just a different -- a bit of a different animal.

But, Glenn, I do want to go to that point you made.

This is really huge. Just like they closed down the small businesses during COVID. And all of that went over to the big guys.

You know, the big guys couldn't really step in. There's laws in place, about buying more deposits.

But what has happened in letting this play out, the way it does, is people have just decided to organically move their deposits. So JPMorgan and Citigroup. Like, they're having a field day. So much so, that Jamie Dimon just bought something like 26 million dollars' worth of JPMorgan stock. Because she's doubling down, because he knows all those depositors are rolling in. And he did not have to pay a red cent for them. The great consolidation continues.

GLENN: All right. Hang on just a second. Can you spend the hour with me?

CAROL: Yeah, of course!

GLENN: Because I've got a ton of questions on this.

We'll come back in just a second. Certain kind of person out there, and you know them when you see them.

One that fits in the category of above and beyond. Somebody who is -- they usually just love their job, and they love serving people.

They love to see their customers really, really happy.

Those are the kinds of people that we look for, when we're looking for real estate agents, that can represent you, when you're buying or selling your home. You need somebody who really loves serving you, who has compassion for people. And cares about people. And wants to do the best for them.

That's also the best way to make money. Best way to be successful is just to serve and overserve your customer.

Because they're -- they always go away happy. And then you've got more customers coming your way. We look for the people like that, who also have the best track record.

And they meet our standards. And we have pretty high standards to recommend. These people don't work for us. So we don't have any skin in the game, on, you know, who we pick and who we don't. Other than, I want to super serve you, and give you the best person.

RealEstateAgentsITrust.com. Is a referral service. Just go there. Tell us where you're buying, selling. And we'll get you some of the best real estate agents in the country.

RealEstateAgentsITrust.com. Ten-second station ID.
(music)
Okay.

So as the -- as the Fed rate goes up, these Treasuries are worth less and less. If you have to sell them. Correct?

Wait. We're missing you. Hang on just a second. I don't --

CAROL: Okay. Did you get it? Yeah. So, you know, obviously, the -- not to get too wonky. But the interest rates, or the yield on the bonds trades an inverse on it. And if you think about it, why would you buy a ten-year that was on the market from a long time ago, that's yielding 1.1 something percent interest, when you can buy something that's at two years right now, that gives you 5 percent interest. That doesn't make any sense.

So their current value on the market is lower. Again, if you hold them to maturity, if they hold them to 10 years, you still get the full amount of the face value, plus, the interest. It's just the tradable value today, in that interim time period. Because there's not a lot of demand for that.

GLENN: Right.

So for any small bank that is holding these, if there's trouble, they could be in trouble just like Silicon Valley Bank.

Now, the FDIC, we were told, you know, that's the insurance.

And he said, we're -- don't worry. You don't have to worry about it.

The banks that paid into it.

Well, they don't have enough just to cover what they covered yesterday. So they're already upside down.

So that means, if we do have runs in the bank, in the future, you know, near future.

They don't have any money. Which leads me to believe, we will just print the money.

Doesn't -- I mean, the inflation rate of what we're doing is crazy. Is this the beginning of the currency death cycle?

CAROL: Well, the currency death cycle began a long time ago.

I would say a couple of things. From an FDIC standpoint. They are saying, we are going to put a fee out to other banks.

So when Joe Biden comes out and says, the taxpayers aren't paying for this. You aren't paying for it directly.

But you certainly will be, whether it's a lower interest read on your money, or more fees or whatnot, if all the other banks have to go in.

What I do think can happen here, in the meantime, is, you know, with the bank, they're trying to sell off pieces of it.

And they're trying to find new homes for it. So the FDIC is covering it. Its insurance, if it needs to make it whole. But if somebody else were to buy it or buy other assets. There's a way that that structure sort of happens. And obviously, that's the best-case scenario.

And again, frankly we just should have never gotten to the point, where we had this panic. But, you know, the idiots didn't prevail there.

You know, should there be a God forbid, wide run?

Yes. And in terms of trying to dissolve this would-be money printing. Again, if I can respond.

Some people did not like what I had to say. That's sort of my point.

Someone is saying -- I'm not paid by anybody. I'm saying, we wanted to stem this, because what would happen to everybody.

People who are not involved at all, would have cost you a lot more than this, you know, kind of temporary pin here.

GLENN: I don't think people understand the destruction that is coming our way. It's coming.

This is going to happen. It's just a matter of when.

And people are like, you know, I'm fine. Bring it on.

No. You really don't understand.

You should be in a healthy way, terrified of what's coming. And I use the word terrified.

Do you remember, our grandparents went through something, that they were 50 years away from.
And they were still like, it could happen at any time.

That's the kind of pain that America is about to go through. And remember, those people grew up without indoor toilets. Okay?

They grew up without all the fancy stuff that we have now.

They didn't have that far to fall back.

We have an enormous way to go back.

You should be terrified of it.

In a healthy way.

EXCLUSIVE: Chip Roy Explains His FIERY Rejection of Spending Bill

According to the media, there’s a big fight going on between Republicans over the House’s new slimmed-down continuing resolution spending bill. Some, including President-elect Donald Trump, wanted the bill to pass. But others, like Texas Representative Chip Roy, argued that it still wasn’t ready. However, is the Republican “unity coalition” really crumbling, like the media claims? Rep. Chip Roy joins Glenn to explain what’s really going on. He argues that he IS trying to give Trump and DOGE a 100-day “runway” to fix the country. But he makes the case that, by increasing the debt ceiling by $5 trillion without agreeing on other cuts, this bill gives bad actors the ability to be an “obstacle” to Trump’s agenda further down the line. Plus, he reveals to Glenn that he believes some of these bad actors LEAKED false information about his stance to Mar-a-Lago.

Transcript

Below is a rush transcript that may contain errors

GLENN:

I think we have a great opportunity today. To show you how to have a -- tough conversation, with friends, friends. Where you deeply disagree on something.

But you know that their intent is good. They know my intent is good. Or our intent is good.

And we actually have the same end goal, but we disagree on the path. And we're going to walk away friends.

Chip Roy is joining us today. And, Chip, I love you. And I always will. And I agree with your, we've got to cut spending. We have to. But Liz Wheeler is with me. And we've been talking about it all morning. It's the -- the -- the -- the system of DOGE and Trump, the call-out to the world, in saying, you've got to surrender the Capitol. You know, the bad guys are in and about to take all the money.

Surround, and tell them, come out with your hands up. And that happened. And we scored a massive win, in an entirely new way.

Ask then you stood on principle, one we both agree with.

And it failed!

And so here's -- here's what Liz and I were talking about. Here's what we want to say to you.

And then get your response.

LIZ: Hi, Congressman Roy, this is the way I see it. I want your take on it. I love you. I think you're one of the best members of Congress. I disagree with you on the process that's happening. And I think that is the difference. The process. We elected Donald Trump to be a disruptor. Because Republican members of Congress for decades have been telling they're fiscal conservatives. They want to decrease the debt SEAL. It hasn't happened.

It hasn't -- it hasn't been done. And so Donald Trump comes in with Elon Musk, and uses this DOGE process to first identify these pieces of garbage in the first 1500-page bill. And take those things to the people. We took them to members of Congress. Congress said, okay. We'll listen to you.

So that new process was very effective.

And my question to you is: Once that process was proved to be effective. Which I think is exciting and wonderful.

How do we bridge this divide, with you, to say, okay.

Let's put some faith in this new process. And trust Elon Musk and Donald Trump and the Dow Jones process, to eventually address the debt ceiling, but get this done right now?

GLENN: And not blind trust. Chip.

CHIP: So appreciate you guys. Appreciate being on the show. Particular order. I have to go through a couple of things.

GLENN: Yep.

CHIP: Number one, it's important to remember that my job and my duty is to the Constitution, to God, and the people I represent. I told them, when I came to Washington, I would not -- I would not let the credit card and the debt ceiling and the borrowing of the United States without the spending restraints necessary to offset it.

GLENN: Okay.

CHIP: Right now, all we have are promises and ideas and notions. What I know, that neither of you respectfully no, and that none of your listeners respectfully no are the people that are in the room, that I was in with yesterday. And the day before, who are recalcitrant.

And do not want to do the spending cuts that we need to do.

That I believe the president and the DOGE guys. And everybody want to do.

My job, is to force that through the meat grinder. To demand that we do our damn job. Okay?

GLENN: Okay. So hang on. Okay. So wait. Wait. You're right. You're right. You're right. Go ahead.

CHIP: Number thee, when we were going through the bill, I'm glad the bill dropped from 1,550 pages to 116 pages. Three-quarters of Twitter or X or whatever you want to call it, have been out there spreading false facts that we supported a bad bill and didn't like the better bill.

That's not true. But let's be Lear. The 1400 pages that were cut out. It's a panacea.

There were some good stuff in there. There were some bad stuff in there. There was a lot of disinformation.

There wasn't a $70,000 pay raise. There was a 3,000-dollar pay raise.

I didn't support any pay raise. I didn't support a lot of the stuff in there.

But there's a lot of misinformation. And here's the thing: The 116 pages that were left, and I opposed violently the first bill. I was leading the charge on fighting and killing the first bill.

GLENN: And I love you.

LIZ: The second bill for 116 pages. Turned off -- turned off the pay go requirement. That we slash 1.7 trillion automatically.

And added a 5 trillion that are increase.

My view was, I could not support that, without a clear understanding of what cuts we would get, in mandatory spending next year. And undo any of the Inflation Reduction Act.

The undoing of the student loans. The undoing of the crap with the food stamps.

And everything else. I yield back.

GLENN: Okay. I yield back.

Chip, you're not in a hostile room. We love you. And we agree with your end goals. It's our end goal too. We didn't make that promise that you made to the people that voted for you. So we have more wiggle room here.

But you say -- I think our big difference is, you say, I know the guys in the room.

You're right. You do. And we -- we ceded that earlier today on the show.

You are -- one of us is wrong on trust.

I don't trust any of the weasels in Washington.

But I think Donald Trump and Elon Musk and Vivek Ramaswamy have earned enough trust, to get a grace period, here for the first -- maybe the first year.

Or at least six months.

To turn the economy around, and also reduce the size of the government.

And totally flip this thing.

And I know, as somebody who is -- you know, run a company, mainly into a ground. But run a company, and have to switch it, in the middle, and totally reshuffle. That -- that actually costs money, while you're doing it, to bridge the gap.

Because you have to fill up holes while you're filling in the gap.

You don't trust the people in the room. Neither do we.

But we do trust the system that worked on Wednesday with DOGE and Donald Trump.

Where do we disagree?

Can you give them --

CHIP: We don't disagree. And yesterday morning, I was making that precise argument in a room full of conservatives and then a follow-up room with people who will call it, less conservatives.

GLENN: Republican. Yes.

CHIP: And so we were making this argument. And then someone infamously. Something leaked out of the room, somehow out to Mar-a-Lago. That I was being resistant. Because I was negotiating trying to get the agreement to achieve the objective that you just said. I was trying to get, okay. In fact, yesterday morning, I made the argument to a group of conservatives. We need to give the president runway. We need to give him his first 100 days. We need to appreciate JD, and Vivek, and all the people -- and everybody involved. For the president to achieve the objective.

But to get there. We have to make sure that the guys in the room, that are an obstacle to that, don't have the ability to block it.

Because information flow matters. And when those guys tell the president, they can't achieve X.

Then the president will not achieve X. Our job was to force and demand, guys, we need actual understanding of what the cuts will be.

And because otherwise, we're asking us to accept a 5 trillion-dollar limit in our credit card increase. In exchange for nothing!

Literally, in exchange for nothing, but -- but hope.

So our job was to force that change.

Unfortunately, while I was trying to make the argument that we needed something in order to get the votes, someone leaked that down to Mar-a-Lago, and the president reacted.

But now I have to now manage that.

GLENN: Right. I know. I know.

CHIP: They're trying to enforce change in town.

GLENN: So hang on.

We have to leave this. Because I'm going to run against the clock.

I could talk to you all day about this. You were in a meeting this morning about J.D. Vance. Can you tell us anything about that meeting?

CHIP: That meeting happened, because despite what happened yesterday, I'm trying to get this done. Last night, talking to JD, we worked to get this meeting done. We had some good progress this morning.

But there still remains people concerned about spending. That we can work out, what agreement we can reach. On what spending cuts. We can actually get next year, in exchange for giving the vote on a debt ceiling increase.

So it remains fluid. Progress was made. But we have to keep working on it.

And I left that meeting to talk to you. Soil get an update in a minute.

GLENN: Thank you for that, by the way.

I hear there is a new bill that may be coming today.

Is that the one you're talking about?

Or is this another bill that could be another nightmare?

CHIP: Despite other people leaking crap, I refused. I can't say, because it's not been decided by the speaker.

And it's not right to talk about things they're talking about in private meetings.

GLENN: Yeah, but it's -- it's this speaker. I mean, is he really the speaker anymore, Chip, really?

CHIP: We need to hear what bill we need to get forward. And I can't talk about the private meetings. But, look, I'm going to keep fighting for what I promised people that I represent.

I'm going to fight to cut spending. I am going to represent article one.

I'm going to support the president's agenda, but we've got to do that together.

GLENN: Okay.

Chip, thank you.

I think we can -- I think we agree, but I await to see what that means to you. Because we may just have to agree to disagree on this.

But I love you. And I still want you to replace Cornyn.

CHIP: The short version is, for inflation's sake, we cannot increase the debt ceiling $5 trillion without knowing what we're getting for it.

And I don't think anybody should disagree with that.

GLENN: But you don't disagree that Elon Musk and Trump and Vivek are serious about gutting the system.

CHIP: I believe that is their objective. I believe there are obstacles to that objective. And I need to know the sincerity of how we deal with those obstacles, both structural, and human. And we have to figure that out. And that's my job.

America's Favorite Villain Is Ready for Nuclear Fallout. Are You? | Glenn TV | Ep 401

In this episode of Glenn TV — a theatrical how-to guide to survive the breakdown of society after a nuclear attack, according to the new movie “Homestead” from Angel Studios. Glenn Beck interviews the movie’s star and executive producer, Neal McDonough, who plays the head of a family trying to survive as society is breaking down in a postapocalyptic world. You’ve probably seen Neal in everything from the hit TV shows “Yellowstone,” “Suits,” and “Justified” to movies like “Captain America,” “Minority Report,” and the groundbreaking mini-series “Band of Brothers.” Glenn asks Neal what it’s like to play a villain so often, how TV and movies are changing, and how he survived Hollywood as a devoted Christian and husband who refuses to do onscreen kissing scenes with any of his female co-stars. They also discuss his battle with alcoholism, what it’s like working the legends like Sylvester Stallone and Kevin Costner, and the cultural craving for Western cinema. Note: Angel Studios is a sponsor of “The Glenn Beck Program.” Get your tickets for “Homestead” at https://Angel.com/Beck.

Biden FLOODED the Government With DEI, But Trump Has ONE Way to Win

With just weeks left in office, President Biden (or whoever’s actually calling the shots) has decided to hire 1,200 DEI officials. Is this part of a plot to undermine Donald Trump’s plans and make it harder for him to rid the government of woke Deep State bureaucrats? Glenn and fellow BlazeTV host ‪@lizwheeler‬ discuss how other Democrats have recently proposed things like this, including a UK-style “shadow cabinet” that would oppose Trump. Liz also gives her advice to Trump on how to deal with these new DEI officials, who will be paid hundreds of thousands of taxpayer dollars to focus on things like “health equity” …

Transcript

Below is a rush transcript that may contain errors

GLENN: Okay. Where were we, Liz?

LIZ: The Biden administration. Although, not Biden. Because he can't tell the difference between a nickel and a dime, trying to sabotage the Trump administration.

GLENN: Yeah. So the latest on this is now Biden is hiring 1200. Biden is not doing it.

But he's hiring 1200 DEI officials, and putting them just under the appointed official. So there will be 1200.

Some of these people make almost $400,000 a year. $400,000 a year! That's your tax dollar!

Will you -- in your -- in your life, your average person, I don't know if you'll ever even -- if you'll ever even pay $400,000 in taxes?

So you could be working your whole life, for that one hire.

And he's hired 1200 of them.

And all he's trying to do is make sure the DEI positions just can't get cut.

I've got news for you.

Donald Trump is going to cut those positions.

He's going to. And it's going to get ugly.

I mean, the ACLU was all over this, saying, oh, we've got plans. We're going to -- we're going to -- this is obscene.

This is absolutely obscene. What the Democrats are trying to do. By thwarting the president.

And honestly, thwarting the will of the American people. Remember the speech that was given by I don't know, some boob from -- well, one of the Carolinas.

I don't want to besmirch the other one for electing a boob. But he was -- he was giving a speech in the well of the Senate. And he said, we need a shadow government. What?

Hold it. You mean a Deep State. Because we already have one of those. And he said. This is a quote.

One of the most obscene things I've ever heard from an elected representative. We failed to make our case. That our policies are better.

Now, in my world, growing up in America, the next sentence is: We need to sit down and talk and find out why we're out of step, with the American people.

His was, but we know we're right. So we need a shadow government, to make sure we put our policies in, anyway.

There's nothing more un-American than that.

By the way, Ted Cruz also said, he thinks there's criminal charges that could be lodged against Biden and his administration for the selling of the steel and the walls for the border.

I think so too. I think so too. He'll probably end up blanketing or pardoning everybody that has either lived by a Biden. Or a Democrat.

Worked for the administration. Everybody will get a pardon at the end.

Honestly, it's like, hey. Everybody, Oprah is here.

Look under your seats.

Because you've got a pardon. You've got a pardon. And you've got a pardon.

Ugh!

Now...

PAT: The Department of Health and Human Services on November 15th. This is posted immediately after President Trump has been reelected.

They advertised for the following position. A deputy assistant secretary for Minority Health. With a salary of up to 221 thousand dollars. This is the goal of this position.

Or this is the purpose of this position.

To, quote, promote health equity.

To promote health equity.

What does that mean?

It means racial criminalization in health care.

It means, if you are seeking, I don't know.

Think about during the pandemic. When there was limited resources. Limited beds in the emergency room.

Limited amounts of drugs and therapeutics, that people could access, in order to treat COVID when it's at its worse.

Well, now you will be screened based on the color of your skin.

That's what health equity is. Health equity is a word used to disguise the reality, that it's just -- it's socialism.

It's discrimination.

It requires, a government official to look at you, and make a decision about whether or not you are going to have access to health care that you might need, based on what you look like.

Not based on the severity of your illness. Not based on your ability to pay. Not based on your request for care. But based on the color of your skin. That's not only wrong and immoral and completely absurd, that a bureaucratic in that position would make over $221,000. That's evil. The left likes to pretend, that you're a racist. Or I'm a racist. Just for voting for Donald Trump. This is evil racism. This is the kind of stuff that we eradicated from our country.

And Biden is trying to plant the Trump administration. With these evil little minions before he leaves.

GLENN: I mean, why are we -- why are we surprised?

How many anti-slavery amendments do we have, to the Constitution.

I mean, it's amazing to me. With very few exception, after ten, most of these seem to be like, oh.

Yeah. Okay.

You're so stupid, you don't understand.

Slaves need to be free. Okay.

Then the next amendment is like, okay. All right.

Let me limp up to explain this once more.

That means, they're Americans, and can vote!

How many amendments are -- are just one after another, especially on slavery.

And, by the way, who was it that didn't understand that slaves should be freed? The Democratic Party.

It -- I swear to you, these amendments are just, God, we didn't think you would be this stupid.

It's already covered!

But let's lay it out clearly, for you.

You cannot discriminate by color! By race! By religion.

We thought that had already been covered, but apparently, not.

LIZ: What I would do if I were the Trump transition team. This is obviously a deliberate effort by the Biden administration. Because within the first ten days after the election, 33 of these jobs were posted on government websites.

So this was -- they were like, okay. Trump is coming in. Let's start ceding the deep state with these races. What I would do if I were Trump transition is I would say, we take racial equality, very seriously. We take civil rights very seriously.

In the administration, of the 47th president of the United States, and anybody who engages, especially a government official who engages in racial discrimination will be prosecuted. And prevent these people from even accepting these jobs. Because they will be threatened with legal action if they do.

GLENN: You can make a legal case. A solid, legal case, that that is exactly right. And that's what should be done.

They would be doing that to us, if we were -- if we were discriminating on race. If we were like, you know what, we're only going to hire white people.

We would go to jail.

Oh, you know what. We're just going to shuffle the deck here.

We're going to look at everybody.

But we lean towards white people.

Did you have Wheaties for breakfast?

If you had Wheaties as a childhood, you're in a different category. Okay?

I mean, we would go to jail. We would be shut down.

It's the same thing.

But don't expect the Democrats to get it.

Did you see the new -- or the DNC chair front runner?

The one they're thinking should be the head of the DNC?

He said, the problem with the election is, the convention should have featured pro-Hamas activists.

LIZ: I totally agree. That absolutely should have --
GLENN: At least they would have been honest.
LIZ: Think about how many Democrat voters, and really prominent people too.

I'm talking about Joe Rogan. I'm talking about Elon Musk. I'm talking about RFK Jr. These were fairly hard-core Democrats, who not only converted to being like, okay. We'll tolerate a Republican. Because it's not Joe Biden.

It's not Kamala Harris.

These people are the biggest supporters of President Trump right now, because of that kind of garbage. So DNC, if you are going to be radical, please be honest and tell us.

Thank you. It's just ushering new Republican voters right into our arms.

GLENN: I respect you, more than I respect people like Mike Johnson.

Mike Johnson doesn't tell me what -- he doesn't tell me what he really is.

What he really believes.

He tells me what I want to hear. I don't believe it. Then he's elected. Then he gets in.

And then he rapes you.

You know, I have much more respect for -- for people who are like, yeah. I'm pro-Hamas.

And you should elect me.

Well, I don't think I'm going to do it.

But thank you for telling me who you really are.

LIZ: Yeah. Great. Let's take all of the Democrat members of Congress. And let's Jamaal Bowman them, let's Cori Bush them.

Because as soon as they were honest about being pro-Hamas, voters were like, actually, we're good.

GLENN: Yep. Yep.

By the way, Hochul has come out. And she has now tried to stir up support to end the electoral college.

Because no offense, Wyoming, according to her words, New York voted for Kamala Harris.

You know, it is so dishonest. And this would -- this would have no space, if -- if we were actually teaching you students, what the electoral college is for.

You want to talk about fairness. Here's fairness: Should New York City dictate what all of New York does?

No!

They have representation. Of all the small towns.

All the farming towns.

Everything else.

New York City, should not be the one that tells everyone else, exactly how to live!

I think there should be electoral colleges in states now.

Because the cities are just devouring, all of the communities outside of those mega cities.

The electoral college is to make sure, that New York, California, and let me say, Texas, doesn't run over all of the other states!

And force how they're living in those cities, and those big states. In Wyoming!

Or Idaho!

Or Alabama!

Yeah. I don't have to live like you do in New York City.

I don't want to live like you do in New York City.

And we have completely different values than you do.

We should have a say, and an even, equal seat at the table.

That's why we have the electoral college. And we have the popular vote.

So you can see. And it's usually pretty close.

This time, however, Hochul, you lost the popular vote!

So you don't really have a case here, on the electoral college.

But you don't have a case.

If you're an American, you don't have a case on the electoral college anyway.

LIZ: Wait a second. Have we war gamed the scenario that you just proposed.

If there was an electoral college on the state level in California or on the state level in New York, what would the -- have we actually looked at a map here. If anybody has done this. Tag me on social media.

Because I am fascinated by this idea. I've not thought of this before. But I -- would we actually swing those states Republicans, if there was a state level?

STU: I bet we would. I bet we would.

You know, every time. Look at Wyoming.

Jackson Hole now controls Wyoming. Just controls it.

Who is -- who is so close to controlling Texas?

All the big cities.

You know, you don't have a chance. When these cities grow so large, they tip everything.

That's why we have an electoral college.

And it didn't used to be this way.

But our cities are becoming mega cities.

Almost states in and among themselves.

You -- you have to balance. Otherwise, the farmer and everybody else, that makes your life possible, in a city, gets screwed.

GLENN: And also think about cheating for a second. If you have a popular vote across the whole country, versus an electoral college system, it's a lot easier to impact the outcome of the entire presidential election because you can have one county somewhere with corrupt election officials.

And if they cheat by 10,000 votes, that could change the outcome of the election.

But if you're an electoral college, it doesn't necessarily.