RADIOAugust 05, 2024

WARNING As Global Stock Markets Drop FAST

U.S. stock markets took a plunge Monday morning after a bad day on Friday. The Dow plummeted hundreds of points, Warren Buffett is selling stocks like crazy, and Japan's stock market recently had its worst day since 1987's Black Monday. So, are these signs of a coming recession? Financial expert Carol Roth joins Glenn to explain what's going on: Why are the stock markets crashing? What does Warren Buffett know that we don't? Are tech stocks like Apple and NVIDIA just going through a correction phase? Is the Federal Reserve to blame? And what can average Americans do to prepare?

Transcript

Below is a rush transcript that may contain errors

GLENN: Friday, we had a bad jobs report. We're still not in a recession, indicators are showing that we are headed towards one.

But, you know, the indicators have been wrong before.

We are headed towards one. We are headed towards a depression at some point. I just don't know when.

And we're headed for a massive, global collapse. Again, I just don't know when.

Nobody does. That's why I ask you, please, be prepared.

And please take my -- look, I'm not an expert in anything.

Nothing. I'm -- I'm a former DJ, that is a recovering alcoholic, and I'm a self-educated man. So take everything that you -- that I say, with a grain of salt.

I want, I need you to do your own homework.

I hope -- honestly, this hasn't happened yesterday yet. I hope that you do your homework. And you think, wait a minute.

Glenn, you're missing this. And you show that I'm wrong. Because I want to be wrong. But it is coming.

And we are in the birth pangs of the future. We are giving birth right now, to the future.

A baby is coming out. And I don't think -- I don't think we're going to like it.

I think it's one of those babies that comes out like, hey. Mom and dad.

You know, and guarded by Rottweilers. But we're -- we're approaching something.

And our Dow is down almost 1200 points in futures. The reason why this is so important, is because it's not alone. Friday, bad jobs numbers. We were down 611 points.

That's a pretty big at all. This morning, before we even open up. We're down almost 1200 points.

You know, that's almost 2,000 points, in two days.

But in Japan, stocks were wiped out. This happened while you were asleep.

The Nikkei 225 is falling 12 and a half percent. That is the biggest single day decline since Black Monday's collapse of 19 -- what?

'89 or '87, I think it was.

Also, if you read any financial news over the weekend. You saw that Warren Buffett is selling like everything.

He is having the biggest fire sale he's ever had. He's never sold stocks, dumped stocks like he's dumping them right now. That's what happened to Apple a couple of weeks ago. He said, yeah. I don't really feel comfortable with Apple. I'm going to sell. But what we didn't know, until he had to file was, he's selling everything.

And holding on to just the crème de la crème.

What does Warren Buffet know, that we don't know?

Nothing. The difference between Warren Buffet and you and me, is he trusts his gut.

He trusts what he reads. And he doesn't wait, for other people, to verify. His team verifies. And he trusts his team.

I just -- the words of my grandfather keep ringing in my head. If we only knew what the rich people knew, before the Great Depression, we would have been fine. Well, what are the rich people doing?

Also, China found out this weekend, they are buying -- I think it was 50 tons of gold, more, than they said they did.

They said they stopped buying gold. Now some sleuths have gone out and looked. Because something wasn't right. And all this gold was being shipped over to China.

And they realized, my gosh, China is still buying. They're telling people they're not, to try to keep the price down.

So what are the rich people doing?

What are the people in the know doing?

The VIX, which is the volatility, something that is really important if you watch stocks. But it's just important for you to know. And this is just off the top of my head. In 2008, the VIX, the index of volatility. How volatility are things right now? Was at I think 47. In 2008.

In COVID, it was like 56. And it's currently on a scale of one to 100, 65.

So that is an alarm bell that people watch, and say, what kind of -- what's the weather forecast?

What's the VIX say? Are we headed towards really choppy seas?

Yeah. More according to the VIX. According to them, more than 2008 or COVID.

Intel just announced they're cutting 15,000 jobs or 15 percent of its workforce.

Now, let me go and witch topics, to England. What you're seeing in England, is a -- a looksy into the things that are to come here in America. What's been happening in England? Well, for a long time, this is why Brexit happened. And, by the way, I don't think you're going to hear this analysis with -- with other people.

So take it for what it's worth. But as I read it, Brexit happened in a way we can relate to. Brexit happened because people were tired of being told by bureaucrats that they never elected, what they had to do. How they were going to live their life. And those same bureaucrats said, you know what, it's not that cool to be British. I mean, you have a really bad past, Great Britain, and so I wouldn't be so -- I wouldn't be so proud.

In fact, don't fly your flag. You should fly the European flag.

Okay. People didn't like that.

They want to have their own control.

Then, on top of that, you had wild, unfettered immigration.

Do either of these sound familiar to you? So they had wild unfettered immigration.

At the same time, they built on top of a house of cards, where they said they were taking Islamic terrorism seriously. But then they opened the borders. And the police never took them seriously. It was never taken seriously.

You could chop a guy's head off, in the streets of England. And what would people say?

Well, your officials would say, we've got it under control. It was just a misunderstanding. It didn't have anything to do with anything.

There's nothing to see here. Go back to your homes. Nothing to worry about.

Kids were being kidnapped by Islamic rings. And they were being sexually abused. And the police denied it. Denied it. Continued it.

Then when it couldn't be denied anymore, they did a little bit, very little bit. But then everybody in the neighborhood that was standing up, they were deemed the bad guy. So this is the Bubba Effect.

Three girls in a dance class. Just cute, cute little girls in a dance class, 17-year-old kid comes in, and stabs the three girls.

Now, he has a Somalian name. So everybody just assumed he was an immigrant. He's not an immigrant. Bubba Effect. Bubba Effect.

Remember what that was? I told you that in 2000 -- I don't know -- 4, I was talking to Special Forces. And I said, what is the thing that you're most concerned about? And they said the Bubba Effect. What is that?

When the government has lost all of its credibility. And, for instance, they say, we're serious about terror.

And they're not. And people keep pointing it out. And the government doesn't respond.

And then something bad happens. And Bubba, not really knowing anything about world religions or whatever. Will walk into a convenience store. And he will shoot a Sikh because he's got a turban, and he doesn't know.

He'll shoot a Sikh. And it's you people.

And everybody will know, that's wrong. But when the federal government believes in, the people will stand up and say, hey. We'll deal with Bubba. We know he was wrong. But he was acting because you refused to act. You are the -- the problem.

That's what's happened here. They were wrong.

And then on top of that, you have inside and outside, nefarious forces.

You have people who are white skinhead Nazis. You have people who are Islamists. You have people who are just power hungry.

You have people who just want to see the world burn.

And they're all on social media. And what is the government doing?

The government is blaming everything on the right. And social media.

Which will only make things worse. Because the forgotten man, is not a neo-Nazi.

The forgotten man is just the guy who just loves his country. Has gone to work every day.

Seems to be forgotten. Seems to be left behind.

Nobody ever seems to talk about him.

Unless it's to blame him for something that he had nothing to do with.

And, of course, everybody's lining up. To quash, freedom of speech.

They don't have it, like we have it here in America.

They already have speech laws. They're now talking about shutting everybody up.

That won't make things better. It will make things worse.

A Civil War in Great Britain, in a few minutes we'll tell you exactly what is also happening, in Israel, with Iran. And how Russia is now helping Anna Ann enemy of the United States.

GLENN: For anybody old enough to remember, I believe Stu has become Johnnie Carson. He's never working. He seems to always be on vacation.

And always sitting in for him, is Mr. Pat Gray as usual. Hello, Pat.

PAT: I guess somebody cares about the show, right?

GLENN: Yeah. If it's just really you. Just you and me. You and me.

Thanks for coming in again. This is double duty for you. So how are you feeling?

You just finished your show.

PAT: Yeah. Yeah. Uh-huh. Oh, I feel great.

I think things are going perfectly. Don't you?

Yeah. Oh, yeah.

Nothing to worry about. Nothing to worry about.

GLENN: Yeah. I was in LA this weekend.

Unfortunately, this is my time in California. In I don't know how many years. Oh, man.

I don't like it. Anyway, I was in LA this weekend, doing some business.

And I didn't walk away, with a good feeling.

Now, it is California. But there are so many people that are just convinced that Kamala solves the problem.

They don't -- they won't even look at how radical she is.

PAT: Hmm.

GLENN: If she becomes our president, we are in deep, deep socialist trouble. You think the economy is bad now. This is like putting Chavez or Maduro in. She is as left as that. And everybody is -- at least in California, that I talked to, they're still just enamored with anybody, but Donald Trump. It's like, no, guys, voting for the enemy of the person and just blindly doing it is a very bad job. You must examine their record as well.

PAT: Uh-huh and people forget in 2019, she was the most liberal. The most progressive senator in the United States of America. Beyond Bernie Sanders. Beyond Elizabeth Warren.

She's the worst possible choice for president.

GLENN: Yep. Yep.

PAT: Worst possible.

GLENN: And the Democrats knew that.

PAT: Yeah. They did.

GLENN: I mean, that's why had to be voted for her. Nobody voted for her.

PAT: Right.

GLENN: And I'm growing more and more convinced this was a brilliant move by the Democrats, by the radical left in the Democratic Party. They got her to be vice president, because there's no way America would ever vote for her. So she could become the vice president. And at this point -- because Donald Trump is so unpopular, with the left, she's only a point and a point and a half behind him.

PAT: Yeah.

GLENN: That's insanity.

PAT: She's actually leading quite a few polls.

You know, despite her radicalism.

This is a person for abortion on demand.

GLENN: Because nobody is looking at it.

PAT: The border disaster that she's overseen.

She wants to ban fracking and offshore drilling.

She claims she didn't want to ban fracking, but she was all about it just four years ago. She wanted to ban the filibuster.

GLENN: She also wasn't just for the filibuster. But for the Supreme Court.

She's also for a guaranteed jobs program.

PAT: Right.

GLENN: That's the Soviet Union.

PAT: So bad.

GLENN: You can't get any more left than that.

It's really, really not good.

Nationalized health care. She wants the government to take it over.

Now, she said recently. But in 2020, when she was running, and this is who she is. This is what she believes.

PAT: Right.

GLENN: She's moderating because she has to now.

But this is what she believes. Government needs a wholesale takeover of medicine.

GLENN: Welcome to the Glenn Beck Program. I have to tell you, I really wish I could put you in my head space right now. It's almost like there's a hedge of protection, on my head space right now. Because it's -- the news that is coming you out is really, really dark, and we're getting closer to something.

And we're going to like it. The Dow is way down. Japan was almost wiped out. Twelve and a half percent.

They had to close the trading floor for a while in Japan. And that is happening in Europe, and now coming here, we had bad job numbers. Lots of layoffs. Intel laid off this morning, 15,000 jobs.

Looks like Chevron is moving to Texas from California. They just can't take California anymore.
And there's riots on the streets of the UK. And I want to get back to this story a little later in the program. But it is -- it's rage bait that is going on. And it -- people are now saying, Elon Musk said this weekend, that civil war is inevitable in the UK. But we also have some news.

Today, it looks like Iran is planning on attacking Israel. They announced this over the weekend.

Speculation was, that it would happen sometime today.

Remember, it's -- it's late in the afternoon.

In the Middle East now, on Monday.

And so, you know, usually if things happen, they happen by the time this show is over. It's usually started.

So we're watching that closely. Jason Buttrill is with us.

He is our chief researcher.

Also, head of watching over all global affairs.

On the program. When it comes to war. He is a former military intelligence.

And is here, to tell us, exactly what we're expecting.

Let's start with Iran, Jason.

JASON: Hey, Glenn, how are you doing? I'm actually surprised it hasn't happened yet. We were getting word that it was supposed to kick off sometime over the weekend. I think the biggest takeaway here, is there will be a response. Pretty much everyone expects it. It sounds like the Israeli military intelligence is expecting it, very imminently. There's a carrier battle group that's on its way from the US to the region, to support, if anything should kick off.

We know something is going to kick off. The question now is just how badly it's going to. And this is only the beginning stages of this larger regional war. And I'm going to say this.

I do believe, this is going to be a regional war, with multiple people. Countries involved. And it's going to mirror their regional war that's already going on in eastern Europe.

And that sounds interesting. Regional war is breaking out everywhere, and we're expected to respond to every single one of them. How is that going to happen?

GLENN: Okay. So the Mediterranean is the sixth fleet, right?

JASON: That sounds correct. I don't remember.

GLENN: I think it's the sixth fleet. You know, I'm sorry if I'm mistaken.

What I want to know, is this carrier group that's going on out, in addition to what we usually send in the sixth fleet, that's always there. Is this a replacement, or is this an addition? Because that's a huge addition.

JASON: I'm fairly positive, that this is an addition to what's going on out there.

GLENN: That's pretty significant, right? Carrier battle group.

JASON: It's especially significant, when you think of all the different theaters that we're guarding against right now.

And I got to tell you, Glenn. Looking at the state of our economy. Our adversaries. What they're trying to do with our economy. Organizations like BRICS. They also are the same people that are opposing us in Eastern Europe right now.

You've got, can I say it --

VOICE: And Israel.

JASON: And Israel. Can I say cascading protest movements that are going all the way through Europe and heading all the way to our own doorstep. Did I read that? Is that where it was?

GLENN: Yeah. That's where I think I got it, yeah. Sure.

And after it cascades, it comes to the United States, and all our enemies look at the West. And say, now, now, now.

And that's exactly what's happening. If you look at what's happening with the Middle East with the Houthis, those are funded by Iran. But now who has just been spotted on the ground and been -- been announcing that they are providing military advice, at least? That's Russia.

JASON: Yeah.

GLENN: Russia is now assisting the Houthis. So this is becoming a global war. Whether we like it or not.

It will.

JASON: Yeah. Everyone always analyzes this.

They say, oh, BRICS will never outdominate the dollar, you know, as the global reserve currency.

They'll never do it. They will never challenge the United States one-on-one. You know, the United States is too powerful. Agreed, one on one, but that's not what's being built here.

I have to tell you, when I was looking at all this information, all together, I kept thinking about the famous Paul Harvey monologue, you know, if I were the devil, what would I do to make change? And I'm not the devil. But I am saying that look at everything together, and connect all the dots. Who were the players that were involved in every single theater? Who were the ones? Who were the ones sowing discord, that is cascading all over the world?

Who were the ones?

Look at the places that haven't blown up yet, but are on the cusp of it. You look at Taiwan. You look at North Korea. That BRICS unit is involved in every single one of those. You cannot destroy the United States or defeat her one-on-one.

We are too powerful, but taken together, with all the different countries that they are building, by the way, and united all at the same time, what happens?

I don't know the answer to that. Because we've never been there. But we're going in that direction. And the people that are running this country, are driving us there in a Cadillac.

GLENN: I will tell you, the -- what happens, if it's World War II, America wins.

Because World War II, America was united.

JASON: Hmm.

GLENN: And we all came together, to fight against evil. That will not happen this time.

We are too divided, and the government has made so many mistakes. I'm really very concerned about England. Because England is the Bubba Effect. It's -- we don't even know the facts, and that's another problem.

But we don't even know the facts of what really happened, that started all of this stuff.

They haven't figured out this kid from last week. They still don't know, well, is he Muslim? Is he not Muslim?

You know, how is he -- we don't know any of that. But people are all assuming that this was a Muslim immigrant. It wasn't.

He was born in England. He's English. But the facts don't matter anymore. Because it appears as though the government is lying to the people in Great Britain. And so they've had enough.

And then you have outside forces, dare I say it, like Russia, again.

And the influence of those we have spoken about, many times on this program.

That want the West to collapse. And are sewing this -- this really demonic seed in not only England and France and all of Europe. But here in America, as well.

Unless we get transparency, we're -- we're -- we're in trouble. Unless somebody stands up and says, you know what, I'm going to open up all the books on this.

The -- the arguments that I'm hearing now, that Kamala is just so great. When this whole thing has been un-Democratic from the beginning. And nobody is really looking at her record. And everybody is saying, you know, well, Donald Trump, he's a bad guy. Where? On what?

On what?

I said to somebody, this weekend. You know, this has been the -- this is the one time, that you can look at a politician.

And I think they're all dirty. But I lived in New York City.

Pat, you remember this. We used to drive by the Trump apartments or hotels on the east side how.

And he was building like five of them, and including, you know, digging under the highway.

And he built five in the same time the city took to build one small building, right across the street from them.

PAT: Uh-huh.

GLENN: And I would have said to you, six years ago, eight years ago, the guy is dirty as hell. He's got to be. Because you can't -- how is it he can get the unions to do everything he wants them to do? How is it he can build five buildings to every one that everybody else builds?

Well, I don't know. But he's the most investigated man, I don't know. In human history. And they've never found anything like that. And nobody will listen. Nobody will listen to that. Nobody will listen and say, they've just been trained, Trump bad. And if you're comparing, you know, anyone to Hitler, I mean, Charles Manson could look good.

Well, he only killed a few. Yeah, and he's got the Nazi swastika carved into his forehead. But he's not telling everybody to hang banners off of every building. You know, hello.

So they give you the worst possible look at somebody, and somebody who actually loves America.

And -- and here we stand, with everything in open flame. Jason, what are you expecting to happen today either in England?

Or -- do you agree with Elon Musk? That he says Civil War is inevitable in England?

JASON: Well, I mean, you've got to think -- what's happening in England, I feel like, can be copied in multiple western countries. Because the big behavior is the same. You talk about the non-transparency. Let's just talk about that for a second. And how this fuels this. If you look at any major mainstream outlet, over Europe and here, all you see is the same headline. Far right protests. Or rioters.

You know, truth -- based off of misinformation.

GLENN: Yeah. Misinformation. Disinformation or malinformation from social media.

JASON: Right. And then they won't even talk about the person that did this attack. They'll say, well, it wasn't an immigrant. Well, we know his parents are from Rwanda, we know that. Were they illegal? Do they talk about that at all, because I guarantee you that the people out there protesting in the street, the point is exactly the same.

Like, this is a crisis of the government's creation.

GLENN: But I think you are -- I think you are giving too much credit to -- look, they can completely wrong. These people were from Rwanda. Maybe they came here legally. And they've been great citizens. And their kid is a great citizen.

It has nothing to do with them, or the kid.

This is -- this is the frustration, of the English people saying, my government is not listening to us. That's the Bubba Effect.

We know he's wrong on that. We know.

But that's not the issue. The issue is, you've been lying to us. For too long.

So we'll take care of Bubba. You back off. That's the Bubba Effect, and I think that's what's happening.

Okay.
The worst-case scenario in Iran. They say this one is -- this attack is going to be expected and unlike anything the world has seen. They say, it's a new something.

I don't remember exactly how they said it. But it reminded me of one thing.

I would like to get your opinion. What do you think is coming?

JASON: I think that a similar attack involving a massive amount of drones and rockets is probable.

I think the addition of non-traditional warfare, armaments like those EMP, Electromagnetic pulse type weapons, I know can be launched from artillery or drones or rockets, as well. To knock out --

GLENN: You know they have that?

JASON: Well, I mean, we don't know for a fact. But Hezbollah has claimed they have gotten them. That wouldn't surprise me at all. Those weapons have been around since probably the '80s.

So we know they're out there. They're just rarely used. I think we used them in Kosovo. We've used them a few times. But think about Israel's ability to respond to a massive wave, coming from the Houthis, coming from Hezbollah.

Hamas. Iran, you know, herself.

And then with all of their electronic superiority knocked out. Yeah, we're looking at a much different battlefield, sure.

GLENN: I will tell you, I think -- I was thinking about this, this weekend.

That, I think we're in the same place we were at the end of World War I, and the end of World War II. New things are being -- or at the beginning of World War II.

New things are being invented, horses, instead of tanks.

Or tanks instead of horses.

Airplanes. It changed the battlefield.

And I really feel like our big, huge aircraft carriers, and everything else.

I think those things are a thing of the past, in warfare. I think we could be overwhelmed quickly.

And I think China, for one, knows that.

GLENN: Hello, America. Welcome to the Glenn Beck Program. We are going to talk about what is happening in the stock market today. We are on the edge of a very, very big abyss, and I hope we don't fall into it at this moment.

But some things are happening. And you need to be very well aware of them. And we need to go there, with Carol Roth in just about 60 seconds.

Speaking of the economy, it's just -- it's crimes of mismanagement, at this point.

It's impossible to keep track of everything they're doing, that is just absolutely suicidal.

But you can the raw draw a chalk outline around the US that are. And set up the police tape. There's been a murder here. Maybe after this next election.

Things are K start to get better. Nobody hopes that will get better more than you and I do. But you cannot count on that.

We are in a cycle where weak men have created hard times, and it remains to be seen, if we can pull out of this nose dive and become strong men.

All right. Carol Roth, welcome to the program.

CAROL: Glenn, you have to promise me, that one day, you will bring me on to talk about good news.

We'll talk about ice cream. We'll talk about puppy dogs. I feel like your audience, every time they see me, they're like, oh, no. Carol Roth is back again.

GLENN: I know. Carol, I was just thinking the same thing. We never talk when it's good times.

The stock market now. There's -- I have lots of questions, can you just give me the update on what's happened around the world, and then with the opening bell with the stock market?

CAROL: So last week, obviously, we saw some selling off in the stock market. It started with a repricing of the, quote, unquote, Magnificent Seven tech stocks that had been driving up the market. Taking everything else with them.

And, you know, there's -- I think there was an awakening that, oh, in order for AI to be a thesis, companies will actually have to spend a lot. And then that started kind of things.

A few weeks ago, kind of moving. Then in the middle of last week. We had the Fed, who did not -- excuse me, did not lower rates. But did signal, that that could be on the table for September.

And, you know, normally, you would say, okay. The market, wants the Fed to cut rates. What happened, then we got in weak job report. On Friday.

And while sometimes, the bad news can be good news for the market. In this case, they could take it for bad news. That potentially the Fed was behind the curve in terms of lowering rates. And then they felt like maybe this whole idea of a, quote, unquote, soft landing. The idea that you could get the economy as opposed to inflation down without wrecking the economy is off the table.

Then while all of this is going on. You have the Bank of Japan last week. That decided to do the opposite of the Fed.

They have been in 17 years of basically negative or zero interest rates. So they're amortization is going in the other direction. They are trying to raise rates. The first time in 17 years. About four months ago. And then they decided, because the yen, you know -- the yen against the dollar. They needed to fix that. That they were going to go ahead and raise their rates. And fortunately, they did not thread the needle perfectly on that, and that created implications for their markets.

So when Japan opened, you know, last night, our time -- their time in the morning, they saw this massive, massive sell-off. And what happens sometimes, when you get these massive sell-offs are these unwinding of trades. Because they have had zero to negative interest rates. You get a lot of people borrowing.

Those people who borrow, make bets on the yen, and on stocks.

Both in Japan, and in the US. And then they get the margin calls. And then they end up having to sell. And that begets more margin calls.

So you saw the Japanese Nikkei go down 12 and a half percent, in one day. It was their single worst day since 1987. That Black Monday day.

So now, as, you know, the market has opened here in the United States. You know, there's anticipation of, you know, do we get -- how much blowback do we get?

Especially since we had seen some weakness last week.

And obviously, things will shift during the trading day. As we talk here.

So this is kind of realtime. The market opened up, down, pretty significantly. Depending on the index. Somewhere between three and 5 percent.

And we have seen that come off a little bit, as we're talking realtime.

I think that has -- if there's any silver lining here. It's that night it opened. And it continued to fall. And continued to fall.

There was a little bit of support there. But still, as we're talking. We're still seeing the Dow, down almost 3 percent.

The NASDAQ, down almost 4 percent. So it's definitely an ugly day across the market.

GLENN: So how much of this has to do with technology. NVIDIA, which was the darling, just I don't know. A month ago. Everybody was like, you got to have NVIDIA. And maybe that's greed talking. And maybe that's why you shouldn't buy NVIDIA when everyone is saying that happen. But they're down almost 10 percent today. That's down 23 percent from their high, I think like a month ago. Artificial intelligence stocks are down. Tesla is down. Super micro computer down 9 percent.

They're -- is this just everybody down, and why are the tech stocks down?

Were they just too high? Do you know?

CAROL: Yeah.

So this is a bit of repricing in tech. And let's put this in perspective.

So the NASDAQ, which is very tech-heavy. Sort of a good proxy for what's going on, in the tech market.

The 52-week range, the low point, within the last year of where the NASDAQ has been, was 12,544. We're still today, at over 16,000.

So over the last 52 weeks, we still have these massive gains, and it got as high as 18,671.
And I think that's part of the catalyst here.

I mean, these prices, this, quote, unquote, bubble was not sustainable, a lot of people were talking about that.

And the fact that, you know, we see this over-exuberance in tech all the time. You know, first it was web three and the Internet of Things. And the metaverse, and now it's AI.

And all of those DCs have eventually come back down to reality. I'm not sure we're in reality yet. But, you know, as you have companies talking about their earnings, and talking about the spend.

I think there was just this insanity amongst investors. That they felt like AI was just going to take off. Without looking at the cost side.

And as companies are talking about, here's how much capital we will have to deploy, in order for this AI thesis to really work out. I think the market went, oh, okay. Maybe we're not pricing this correctly.

So I think that's part of it. Another catalyst that we've seen. Warren Buffet, noted that he had lessened his position in Apple by about 49 percent.

And obviously, that is --

GLENN: Yeah. That's not lessening. That's not lessening.

That's cutting it in half. That's significant.

CAROL: Cutting it in half.

GLENN: And he's doing this with a lot of his holdings. If I understand right.

He's making some of the biggest sales, he's ever made.

It's almost as if he's becoming bullish on America.

And is -- what does he know that we don't know again?

CAROL: This is a good question. And it's funny, we're having this discussion today.

If you go through his shareholder letter. His other -- one of his other big bets. That he talks about in the shareholder letter. Started in 2019. He doubled down in Japan. He has five really big companies. And really big positions in Japan. So the day that we're talking about Japan going down. And at the same time, the US is going down.

Obviously, Warren Buffet wasn't a catalyst for both of those things. He's still -- as far as we know, still bullish on the Japanese train. But it is interesting.

He has this massive cash pile, I mean, $276 billion, I think it is. Which is just almost impossible, to deploy.

I mean, to think about how, you know, as an investor, you even think about putting that to work and getting the appropriate returns.

So I don't know -- there could be several catalysts.

This is all very much speculation. Because we have not heard from Warren at this point.

I don't know if this is a signal. Where he felt like, hey.

Tech is just getting, you know, so froth peep this is a really good time for me to take profits.

Maybe a little bit of taking profits, ahead of the election.

Worry about an increase in capital gains, perhaps.

Under a potential new administration.

Although, I don't think he would have sold, you know, half of the position, because of that. But one never knows.

And, yeah. Just repositioning his portfolio. But certainly, given the fact that he's lauded as the best investor of all time.

When he does things, people have concern. And the fact that whether it's Bank of America. Or it's Apple. Or some of his other positions, you know, add the fact that he is going to cash -- certainly, I would imagine, on the retail side. And probably on the institutional side, to some extent, has an impact in terms of people's behavior.

What RFK Jr. should do with the FDA and HHS on Day 1

Donald Trump has nominated Robert F. Kennedy Jr. to be his Secretary of Health and Human Services. Glenn breaks down what he should do on Day 1 to rein in the corruption at the FDA. But should we be concerned that he will add in too much regulation? Glenn, Stu, and Glenn’s head researcher, Jason Buttrill, debate. Also, is this really just about making our food healthier, or is it also a fight against cronyism?

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. Jason, I know you're here to talk about UFOs and other crazy stuff.

But I want to continue this conversation.

And you did the research for a show that we did, on the FDA.

JASON: Crazy.

GLENN: It's crazy. Crazy. And I think this is the kind of stuff that I want RFK to dismantle. I want him to dismantle the money going back and forth from the drug companies, the revolving door, and Bush. Why would I think of him?

Trump is -- is doing this with big tech too. You work -- work for the government.

You are not going to work for big tech for ten years. Good. Same thing should be true with pharmaceutical companies. And good food.

And here's why. Froot Loops comes from the FDA. They say, we want to make a new product called Froot Loops. And we want to make some of them yellow. So we need. What is it? Yellow number five?

JASON: Sounds like a concentration chemical. Really, whatever it is.

GLENN: So yellow number five.

STU: Delicious concentration camp chemical.

GLENN: Right. So the FDA says, okay. You have to prove that yellow number five is good, is okay to put in.

They don't take a percentage of how many people have we said yellow number five is okay for? So if it's in everybody's food, that changes all the calculations. But forget about that.

We're only talking about Froot Loops.

So they say, you have to show us the study.

Now, think of global warming.

The food company goes to their group of known and trusted scientists.

And say, we need a study that shows yellow number five is safe.

And they're like, oh, we're going to do that study.

We're going to -- it's going to be fair and balanced and totally on the up and up.

STU: You seem skeptical.

GLENN: A little bit. Just like I am with studies that are paid for by the people who are going to benefit from that study.

It's not neutral

STU: Uh-huh.

GLENN: The FDA is then given that study, after it comes back. And says. Yellow number five is phi fine.

They're given that study. And they -- so the FDA says, so the study.

You've got the scientists to approve. Uh-huh. And it was a really tough fight. They really dug deep. So okay. Good. We'll approve it. Give us. How much money was it? Do you remember?

JASON: Oh, it's insane. And it's per batch.

GLENN: Yeah. So it's not just -- yeah. We've proven it. So okay this for Froot Loops.

It's every time that they have to -- they make a new batch of Froot Loops. And they're pouring yellow number five in.

They have to apply for a new license for that batch.

Okay?

Well, wait. It's either good or it's not.

Why?

Let me ask you something: Why do you keep coming to me, and giving me all this money. You know what I mean?

Maybe some day, I can do something for you. You know. Maybe. Maybe. Hey, I have a job opening.

Maybe you guys want to come over here, and police things with us.

That's the problem. And that's what I hope they get rid of.

STU: So are you looking for the FDA to do more or less in this process?

GLENN: I'm looking for somebody that is neutral.

STU: Right.

But I'm asking specifically, the FDA. Which I guess in this theory. In this -- like concept here. We're calling FDA neutral. I don't know we necessarily agree with.

In theory, they're the neutral party here.

Which I think has all sorts of problems. So my -- my -- I think what you're describing is a funding mechanism. Right?

FDA is massive. It costs a lot of money. And they're paying for the FDA to continue to go.

GLENN: Half of -- half of the money from the FDA. Okay?

Half of their budget, comes from food and pharmaceutical companies.

STU: Right. Let's say, you stop that.

You cut the FDA in half.

That's the direction we're looking for. Less input from the FDA.

GLENN: Yeah. I want less FDA to the FDA. And I want an end to the revolving door and an obvious corruption that is coming from money.

GLENN: So when you say that a funding issue, that translated as a crony issue. This is everything that the left used to hate. Everything.

It's everything -- like, I'm a Libertarian, more than anything else.

I guess I'm Libertarian lite. So when I first heard about this.

I got the person that did the bulk of this research. Was one of the biggest hippies on our team. You know who I'm talking about.

GLENN: You know who it is. Don't smoke --

JASON: That one. The other big hippie. But I said, food. I don't give a crap. If I want to poison my body, I want to poison my body.

But when it got me, was when I saw the cronyism angle.

And that's why I don't get Libertarian on this. This is everything you used to be, about big government.

They are getting rich off of an alliance with a lot of these companies.

GLENN: And it appears as though science takes a back, backseat.

They're sitting in the back of the bus.

GLENN: The experts.

And you can apply this to everything that we hate now about big government. Anything else. The push for blah, blah, blah, for the progressive agenda right now. Where they say, well, the experts are telling us this.

Well, the experts are employed by the people pushing their poison! And they are paid directly to --

GLENN: If you understand why we have a problem with clients -- climate science.

Just take what you know about climate science. That this is all being done by the people who want this to be real.

Because they want -- they want the money to keep coming in.

You're not -- you're not denying the -- the planet is getting, you know -- is going to kill us all, within five minutes.

You're not getting any money if the study comes out and says, no, that's not true.

You're not getting money. So the scientists sometimes will come back with the results that the people paying for it, want.

JASON: This would be like, if Elon Musk wants to sell his EVs. And he produces this huge report, saying that the world is spontaneously going to combust, in just two years.

Unless you add here to his research, that his scientists did, and trust us.

It's great!

GLENN: And, by the way. And, by the way, the lithium battery study that I just did.

Fires don't start with lithium batteries. It's not a problem.

JASON: Yeah. Yeah.

STU: So the issue is, you believe these food companies are proving things that theoretically are not helpful.

That are harmful. Then they're producing these studies. And they're giving them to the FDA. And the FDA is just approving them.

GLENN: And the FDA is not -- you know, the FDA. You know, I'm sketchy on this one. You might be able to help me out on this. The FDA made the food pyramid. The food pyramid that we've all grown up. Saying this is absolutely right.

They designed that through the food companies.

STU: Okay. So --

GLENN: It should be through science.

And through knowing what is --

STU: So who is doing these studies, if the food companies aren't paying for them. Who is paying for them?

JASON: The food companies are.

STU: I'm saying, that's your vision of the future.

GLENN: I think there could be a tax on the food companies or pharmaceutical companies.

STU: So they would still be paying for them.

GLENN: They're still paying them.

But they're not picked the scientists. Like, the scientists at general foods say.

STU: So you want a larger role for the FDA. They're deciding --

GLENN: They're the regulator. They are the regulator. It should be them, to prove it's safer.

STU: Aren't you answering your questions why Libertarians don't like it?

You're arguing for a larger role for the FDA. That's why they don't like it.

JASON: Larger responsibility.

STU: Yeah. I'm on the side of, the FDA has nothing to do with this. I would much rather have the FDA basically shut down, and not have any role in this whatsoever. Now, that is -- it's an old school American view.

GLENN: No. I would be for that.

STU: I don't like government control of this stuff, or input. I think that's why Libertarians don't like it.

What they're doing now, if I'm understanding this correctly. Is that companies are basically on their own, to come up with signs that prove this.

And the FDA basically goes along with it.

GLENN: For money.

And jobs.

STU: Again, and half of their budget.

Other alternative to fund the half of the budget. Is taxpayers.

That's the other alternative.

GLENN: No. Or taxing.

Taxing the food companies. And the pharmaceuticals.

Okay?

You want this service.

STU: Either way. We're paying for it eventually.

We're paying for it in our food. And we're paying for it in our taxes.

Again, I could understand the problems with this.

And this, of course, is true. Right? Companies constantly produce science that helps themselves. It happens in global warming and everything else.

I just think that my -- my -- I'm concerned, here's my concern. Here's my concern.

I don't want the -- I'm from a conservative movement.

That doesn't want the federal government to make me healthy.

GLENN: I agree with that.

STU: I'm of a vision of conservatism, that doesn't want the federal government to make me anything.

GLENN: Correct.

STU: This is a line in the sand for me. And I know a lot of people don't care about it.

But I'm of the conservative movement that yells at Michael Bloomberg for getting rid of large sodas. That's me. That's 100 percent me.

I have seen Jason too much in Taco Bell to know that he is -- I know he's on my side on that part of it.

GLENN: I don't want the government to tell me what I can eat. What I can't eat.

STU: Yes.

GLENN: But I would like -- I would like a -- some science to say, hey.

Stu, not good.

And not from Monsanto. And not necessarily from the government, that wants to control everything.

STU: Yeah.

GLENN: You know, there should be a way to get neutral science. But we don't have that now.

And honestly --

STU: There's been a lot of neutral science produced about food coloring. A lot of it. And you can choose whether to like those studies.

There has been some that have some indications of negative aspects. There have been many, many, that have been like, it doesn't seem like there's much here.

But that being said, the government comes in. And if the government approves a study, is that now gospel?

I don't think that's what we want. I think what --

GLENN: Science -- science is always changing.

STU: Yeah. I mean, it's not. Of course.

But our understanding of it --

GLENN: Yes. Thank you, our understanding.

STU: Science doesn't change.

GLENN: But, you know, I am concerned. Because, look, this is a guy, RFK, who has a very strong opinion on a lot of things.

And it's not my disagreement within this that, well, scientific consensus says X, Y, and Z, therefore he's bad. That's not what my belief is at all.

He has in his head, his own consensus. And he is going to try -- I believe, that he is going to apply his mental consensus over a lot of things that I don't necessarily want changed. I want to make the decisions for myself.

And as long as we live in a world. Where if what he winds up doing with this role, hey, you can spill raw milk all over the place. I'm not going to be concerned about it at all.

GLENN: Okay. So here's the thing.
I've learned this. Gosh, 50 years ago, 40 years ago.

It's never a problem, if you're selling a Volkswagen, and the client buys it.

And you've paid for a Volkswagen.

And it runs like a Rolls-Royce.

STU: No. It's great.

GLENN: If you buy a Rolls-Royce and it runs like a Volkswagen. There's hell to be paid. So what he's selling us, his Rolls-Royce that he is selling us right now, is we're going to cut regulation.

We're going to get out and make things your choice. And give you the transparency that you need to make good choices. But we're not going to force anybody to do anything.

Okay?

That's the Rolls-Royce, that he's promising. If he starts to run the Volkswagen way, which is more federal regulation, less choice, then there will be hell to be paid.

Because you're not -- that's not what you're selling us right now.

STU: Yeah. Look, I -- he's going to do some things I'm really going to like. I'm sure of it.

JASON: I think it's baby steps. Like, I would love to get rid of the FDA as well.

You know me. I would love to dismantle the bureaucracy. But let's take baby steps. Let's at least start with, let's not them collude with big food, Big Pharma, and all that.

Make a ton of money off of our expense. I'll just start there.

GLENN: I actually think -- I mean, he has said himself, the FDA should be shut down. And he said, 90 percent of it should be shut down immediately. I'm all for that. I don't need a baby step. I'm ready.

Okay. Let's do that. You know, let's just know what we're -- what we're trying to do here is to make the government accountable to the people, and giving the people their own rights back, that we stupidly gave to the federal government.

Trump RECKONING Coming for the Censorship Regime: Mandate to Fix America Part 1 | Ep 394

America has given Donald Trump and the GOP a historic mandate to fix what the Biden-Harris administration broke. But we can’t do it without a serious reckoning. This election was about more than just dinner-table issues: the cost of living, gas, income. CANCER has taken over this nation, and we voted — in RECORD NUMBERS — for President-elect Trump to EXCISE that cancer at every level of the federal bureaucracy. Tonight, Glenn starts a series that looks at everywhere the cancer has spread — the deep state, the media, the Department of Education, EVERYWHERE — and identifies where we want Trump to come in and start cutting. We begin with the country's eyes and ears: the censorship regime and the propaganda-industrial complex, also known as the legacy media. Glenn takes us back half a century to where it all started, when the biggest progressive minds in the country found out how to brainwash and indoctrinate a select elite class. They now control over 90% of the information that we all consume! This, he explains, is why the Democratic Party went from the party of anti-war, working-class hippies to the party of elite, college-educated war hawks in bed with Big Pharma who think the American people should be “drones.” If Trump doesn’t fix the eyes and ears first, a process that started when Elon Musk bought Twitter, the cancer will just return. Beware deep state, for the Orange Man cometh with very sharp tools.

Will Tulsi Gabbard and Matt Gaetz CLEAR OUT the Deep State?

President-Elect Donald Trump’s latest round of cabinet picks include Tulsi Gabbard as Director of National Intelligence and Rep. Matt Gaetz as Attorney General. Glenn and Stu discuss: Is Gabbard out for vengeance against the Intelligence Community for spying on her, or is she just searching for the truth? Will House Ethics Committee accusations against Gaetz tank his confirmation, or will he be able to clean house at the Department of Justice?

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, I wasn't born with the news yesterday, Stu. I'm not sure anybody was.

STU: We said it. We did say. These are kind of just normal Republican -- any Republican nominee may have put these people in office.

GLENN: Yeah.

STU: And that changed, I would say, after that.

GLENN: Yeah. Yeah.

STU: This is what you promised, right?

It's always exciting. Somewhere, yeah.

STU: We got a lot of excitement yesterday.

GLENN: There's a couple of things that I find worthy of pointing out.

If you look at it from his point of view. Last time, he was in office, he didn't know who to trust. Right?

He didn't know the system. He didn't know the players. He didn't know the parties, how they actually work in Washington. And he was stabbed in the back, in the side, in the shoulder.

You know, in the chest, in the stomach. Everywhere. He was stabbed. By everybody.

Okay?

So he's looking first, I think for people who are loyal to his vision. And perhaps, also, loyal to him, because he was stabbed over and over again.

STU: Yeah. I mean, obviously this is a factor.

GLENN: Right.

And it's logical and reasonable.

I mean,, Stu.

You know I've been stabbed every -- from every direction. Right?

STU: Sorry about that.

GLENN: Wait a minute.

And you know that I -- I have a tight circle around me. And they are people that not everybody necessarily likes each other, but they're all people I know, because I've seen them battle hardened.

They will never tab me in the back. Do you know what I mean?

And that's reasonable.

STU: That's a very reasonable desire.

GLENN: Correct. So that's the first thing that needs to be taken into consideration.

The second thing, I noticed yesterday is, he's also nominating people that the left will say, this is vengeance!

No. No. Not necessarily.

Although, it could quickly become that. And I will be against that, if it is a who couldn't come fest, okay?

But I don't think that's what it is. I think this is people who have been wronged, by the department they're now running. You know what I mean?

STU: Right.

GLENN: For instance, Tulsi Gabbard, DNI. Well, what did -- DNI. She oversees CIA, Homeland Security, all intelligence. Okay?

Well, she was put on the terror watch list. Now, you could look at that and say, oh, she's going for vengeance. She wants retribution.

No. I know Tulsi well enough to know, she wants no one to ever face that again for political reasons. You know what I mean?

She was deeply -- not offended, deeply disappointed in her country. It was -- it was an assault on her honor. That's where Tulsi is. And she's like, my country. I mean, it's shattered for her.

My country is saying that I'm a traitor. And they're only saying it because of politics?

This is not America. So I think she's perfect for that role.

Now, Matt Gaetz is an interesting pick. I don't know how I feel about Matt Gaetz as the attorney general. Wouldn't have been my pick. But I'm going to give Donald Trump the -- all the rope he's asking for. I think he's earned our trust. He's earned the right to go fishing and pull up any fish that he wants.

Now, that is not a blanket. Wait a minute. This isn't working out well, kind of deal.

If it's not working out well, I'm still going to say, it's not working out well.

However, if you look at what he's done in the past, he was one of the toughest people up against the Justice Department.

I mean, it's him, Massey, Rand Paul, he went after the Justice Department. And he was in oversight of the Justice Department.

So he knows it. He is qualified for it.

He just is possibly a loose cannon.

But the other thing I know about him, is he will not stab Donald Trump in the back.

STU: Definitely not.

He will do anything that Donald Trump asks him to do.

GLENN: I hope that's not. Wait a minute. I hope that's not a blanket statement, from anybody.

And I'm not talking about you. But from anybody.

I will do what the president asks me to do.

Unless it's unconstitutional.

STU: Look, I don't have that much worry that Donald Trump is going to request an unconstitutional thing. Though, I don't think Matt Gaetz would be the -- the -- the obstacle in his path, if he did.

GLENN: Right.

STU: I'm just not all that concerned about Donald Trump doing that. But I think Matt Gaetz will do that.

I can understand if I'm Donald Trump, look, I've been through this. They've come after me. I need somebody to go after me and basically fire everybody. And not feel bad for -- you know, because they have relationships inside that world.

GLENN: Right.

STU: And so from that perspective, I understand the Gaetz pick. Because Gaetz will do that.

He will -- if Donald Trump says fire 75 percent of the people, he will fire exactly 75.0 percent of the people.

GLENN: Yeah, and I will tell you that, you know, there are different -- there are different phases of a job.

STU: Right.

GLENN: You know, there are war generals. And there are peacetime generals.

A war general, isn't afraid of getting bloody.

Isn't afraid of going in with a hatchet and just kill them all, you know what I mean?

And I think that that's a Gaetz role.

That he may or may not be. Proof is in the pudding.

A peacetime guy. You know, he's the guy who goes in, when you're at war. And says, all of you, out.

You know, he does that for two years.

And who is open for a gig in two?

Oh. Ron DeSantis is open for two years. You know what I mean?

STU: Yeah. It kind of seems that he is specifically designed for the beginning of this. Now, again, the question of whether he gets confirmed is a whole 'nother situation.

And I know the recess situation, they're trying to get it so they don't have to confirm him. I think that's probably the only way he gets the job. I don't think he he'll get through the Senate.

But he -- it's not impossible. And if he goes through the recess appointment approach, he can get in there and he can go for two years because of that clause.

So he would only be able to do two years and then he would need to be confirmed. I don't -- I mean, maybe in two years, if he just did a really good job, he would get confirmed by the Senate. So it's possible. But right now, the guy has a lot of enemies in Congress. A lot of times, that's a good sign.

But I do think you're right, that he's the type of person that guy that will go in there and be light the place on fire, and that's exactly what Donald Trump I think wants to start on, because of how corrupt he believes he is. So I understand from that perspective.

I guess my -- if I'm making a pick, which I'm not. I was not actually elected president of the United States. We don't get to make this pick. But you think of a person like Eric Schmitt.

GLENN: I would have gone with him.

STU: Who is, I think a more -- I don't know. I think he would do a lot.

He would not be a rubber stamp. Like I think Gaetz will be for anything that he wants. However, he is a really serious person. Can absolutely do the job.

Would be an incredible pick for that job. And I think brings a little more credibility, not to mention an easier path in the Senate. Again, it's up to Trump. He gets to make this pick. If this one fails, he moves on to someone else.

GLENN: And I like Ken Paxton. Paxton wouldn't have affected the balance of power in the Senate and the House, you know what I mean?

STU: Yeah, the House -- I'm getting into worry time. We're now taking three House members out, when you have a very small majority. Now, I'm sure Trump is thinking about this.

Because it is important to him. He does need the House.

GLENN: It's critical.

STU: And I think they will get to 220 or 221.

GLENN: He's got to stop poaching from the House. He has to.

STU: And Johnson is like begging him at this point, please, nobody else.

GLENN: No more.

STU: Because he dropped out quickly. Now, of course, there's a lot around that. Gaetz is -- he was -- they were scheduled to vote on whether they were going to release a report on all of his personal issues here in two days. And so the fact that he immediately drops out, that means they theoretically don't --

GLENN: Where do you stand on those issues? Do you believe those to be true, or is that another hatchet job?

STU: That's an interesting question. To me, again, I will say, I haven't spent a lot of time --

GLENN: Yeah. I haven't either.

STU: To me, the idea that he was sex trafficking, seems like a real stretch.

I don't know. I could be --

GLENN: There are sex traffickers in the country. And they seem to miss a lot of those. They don't even look for a lot of those.

STU: Yeah. And he was not charged, it should be pointed out.

And the idea that -- it seems like even the accusation itself

GLENN: Is sketchy.

STU: Strikes me as they're stretching that into a larger crime. They're saying basically.

The accusation. We don't need to go into any of that. We don't even have the report. The problem -- the accusation you don't know is that he slept with a 17-year-old girl, and took her on trips, which they call as a across state lines. And then they say, they have their -- his Venmo records, and they say, that he Venmoed these women a bunch of money.

Which, I think that part of it is true. The question is, what is it for?

The accusation is, it was for paid sex. So paid sex across state lines. That's sex trafficking. Now, when I think of sex trafficking. I'm thinking of people being smuggled in from other countries.

GLENN: Yeah, I immediately think of a cargo container.

STU: Yeah, exactly, and that's not the accusation against him.

GLENN: Right.

STU: Look, they're serious.

You know, look, if he's actually having sex with underaged girls. That's a big enough deal.

GLENN: Yeah. That's a problem.

STU: Obviously, Trump is convinced he didn't. He has denied this. These are a lot of accusations from multiple other members of Congress, who say that he was, at the very least showing them pictures of girls that he was having sex with, on the floor of the House.

And, again, that doesn't necessarily -- that's not necessarily a crime. But not necessarily the best activity for someone you want to appoint to attorney general.

GLENN: Yeah. It's more Clinton-esque.

STU: Sure.

GLENN: Worthy of the president of the United States.

STU: As we know, there are -- it's difficult to find somebody who isn't engaged in some horrible activity in Washington. So --

GLENN: Yeah. I know. But I hope these things are wrong. We can't have somebody who has any dirt on them.

STU: Oh. And, look, Gaetz has tons. They are about to release an ethics report on him that they are saying is very damaging. Now, Gaetz is going to deny it.

And he has some. Like, I remember him saying, oh, actually, they're coming -- I'm being framed.

GLENN: Yeah, he's denied this hard.

STU: Some of that was true. Because they were coming after his dad in some related things. There's a long story here. If that report comes out. Which, by the way, I would expect it to.

GLENN: Of course, it will.

STU: It would be very surprising if somebody, who has a lot of enemies. Will not reek this report. Before this process.

GLENN: You have to remember too, the report is still just wrong.

STU: And it's an ethics accusation, it's not going to result in charges.

At the end of the day. You know, this will come down to whether Republicans want to cross this line for Trump.

And the biggest one he's presented to them so far. If he went to Thune. And this is what I expected. He went to Thune and said, look, I'm not going to endorse Rick Scott if you give me these recess appointments.

My guess is that was a big part of the deal. He was pretty clear about it. And the reporting is pretty clear on it going out. If that happens, he will be able to get in there. He will go in, he will shake the place up, and probably only last two years.

GLENN: Yeah, because he will be acting attorney general.

STU: Acting, and that's the maximum limit on that.

GLENN: Right.

STU: But I will say, it will be an interesting test of that relationship and how serious Thune is in keeping that promise.

Thune is not a guy that I would trust, with a -- with a promise like that.

GLENN: I wouldn't trust Thune with anything. Hey, could you hold this pile of dirt for me?

I'm not giving it to Thune.

Absolutely. I'm all over it.

STU: Thune. The easiest way to think of Thune is McConnell.

He's basically McConnell. Now, look, McConnell, maybe he would keep that promise.

Usually what happens here, the Senate wants their opportunity to give their opinion and their consent.

GLENN: The one thing I do like about Gaetz is, you know, he was pushing to stop the influence industry in Washington. And he was pushing for the end of stock trading. Inside information. Blah, blah, blah.

STU: Yeah. He's very good on that.

GLENN: And he reach out to the uber left. He stood with AOC. And I love this comment from him. AOC is wrong a lot. But she's not corrupt. And I will work with anyone and everyone to ensure that Congress is not compromised.

I think that's good!

Can Elon & Vivek’s D.O.G.E. slash the federal bureaucracy in HALF?

Donald Trump has made it official: Elon Musk and Vivek Ramaswamy have been tapped to run a new “Department of Government Efficiency” (or D.O.G.E.), tasked with slashing the federal bureaucracy and spending. But will it be successful? Glenn and Stu review what’s standing in the way of mass firings and Vivek’s possibly genius plan to get around these hurdles.

Transcript

Below is a rush transcript that may contain errors

GLENN: Hello, Stu.

STU: Hi, Glenn, how are you doing?

GLENN: I think Donald Trump is becoming the greatest president to ever live. If this stuff happens, I may put him up -- honestly I may put him up with Lincoln.

STU: Wow! Wow. Well, he's trying to do a lot. If he can accomplish this, heavy lift.

GLENN: If he can accomplish it. Yeah. Heavy, heavy lift. Oh, my gosh. He speaks my language every night. I'm like, honey, can you leave us alone? I'm just reading the news of his latest proposal. I need some alone time right now.

It is -- woo. Ramaswamy and Elon Musk, okay. This is his -- his latest. Let me see if I can give the -- let me see if I can give the actual release first of what he said. Oh, it's just -- oh. It is so sweet.

So he comes out, and he says, look, what we're going to have is this Department of Government Efficiency. You know that Musk was involved. DOGE.

And he says, it's going to run until their duty will be over, by July 4th, '26, which is the 250th anniversary of America.

So we have a lot of work to do, until then. But we're going to give back to America, the government. Give it back to the people.

And so what they're talking about doing is finding all of the ways to cut waste. And Ramaswamy has come up with this great idea of how to fire people.

Okay. We know the problem is that, you just can't fire people, because they're just going to -- they're going to take you to court, every step of the way. Everybody is going to say. You want to fire me, because I was black or white, or whatever I am.

I'm handicapped, or not handicapped. And you can't fire me. That's all that is going to happen. Then they will go to court and say, the president cannot fire all of these people. We're still going to have that one.

But how does the Supreme Court rule, that the executive is not in charge of all of his employees? Because the executive branch is in charge of the cabinet and all of the cabinet positions. And all of the agencies, under those cabinet positions.

STU: Typically how organizations work. That's why I'm so nice to you.

GLENN: Correct. Wait. What?

STU: You know, you have this power over my job. So I have to be incredibly nice to you, all the time.

GLENN: Right.

So everybody -- if you are running a -- if you're running a company, and you need to reduce the size of the company, you will have companies -- they will just cut whole divisions, because they don't want any of the lawsuits.

It has to be random. And it has to be everybody.

Right?

So what Ramaswamy has come up with. And he said, this is only a thought exercise.

But I think it's brilliant. What he's come up with is, we're going to reduce the government by half. And here's what we're going to do. We're going to say, everyone who has an odd number at the end of their Social Security number, you're fired.

STU: Well -- wait.

GLENN: Now, it's just random. Now, these are not the people that are elected. Okay?

So if you're elected into that office. You're not fired.

But everybody else, because we're reducing the size of the government by half.

STU: Well, I love the idea of reducing the size of the government by half.

GLENN: Here he comes. Here he comes. Naysayer.
STU: I love the idea of reducing the government by half.

GLENN: How did we switch roles?

STU: I don't think I'm being a naysayer.

Let me ask you this: Go back to Glenn Beck back in the day for a moment. Rewind your life a tad. And think of yourself a little patch, a little badge, given out by George Washington. What did it say?

Do you remember what it said?

GLENN: Merit.

STU: Merit! Merit has nothing tolerance with random groups of firing. You want to fire the employees that suck, not just --

GLENN: No, I know that.

But to be able to get to the place, where you have merit. You have to reduce the size of the government first.

You have -- you have bloodletting, that have to happen. Okay? You have to cut it by half.

STU: You do.

GLENN: Now, there might be some really good people that we lose. Might be. Might be. Probably will be. Oh, well.

And then you cut it another -- by half again. By saying, everyone whose Social Security number starts.

STU: Has an even number.

GLENN: -- with an even number. You're gone. So now you've cut the government by 70 percent.

I don't think the people that remain will be focused on doing a good job?

STU: Yeah. I mean, I would like -- I think though, there is just structural limitations that need to occur. Right?

You really do. You will need to fire people that are actually pretty good employees. Because of the size of the government. And because of the bloat.

GLENN: You're going to. You can apply again.

STU: I just would like to lead with the crappy employees.

GLENN: So would I. We would have to -- I mean, remember, this is exactly what Calvin Coolidge did. He cut the federal workforce by half.

And then he cut taxes by half. And when he did that, we got the roaring '20s.

Can you imagine?

Because he's also wanting to cut the federal regulations. Anything that hasn't passed by Congress. So all of these -- the administrator will decide. All of those rules and regulations, gone!
Gone! Do you realize how free this country will be, all of a sudden, overnight?

I mean, hello, sexy! I mean, I'm sorry that I am -- I mean, this is conservative porn! This is what we've always wanted!

This is that hot girl walking in going, you do have a shot with me!

Yeah! Okay.

STU: I mean, it will be fascinating to see if they can pull this off.

GLENN: Oh. If there's anybody that can do it, Elon Musk and Vivek Ramaswamy.

STU: They're both. I would think. Especially Elon. Vivek has pretty obvious political aspirations here. He does.

Elon doesn't. He's the richest guy in the world. The only thing he cares about is doing this job, when it comes to this. I don't think he has any other aspirations.

GLENN: No. His aspirations are, I want to go Mars. Can you make that easier for me?

STU: Right. So it will be interesting. Because he will want to come in and do these things. And he's going to, I'm sure bump into all sorts of issues he's not used to dealing with in places like Tesla. Because at Tesla, he just legitimately fires the people. Right?

Obviously, there will be lots of road blocks, put in his way.

Trump, I think will do everything he can to remove them. But there's a lot of -- there's a lot of -- there's a lot of walls there, that he has to break through. I can't wait to see him try to do it.

GLENN: Oh, I know.

You know, if you can't shut down the Department of Education. Social Security number lottery happening right now.

I mean, think of that. Think of that.

And Donald Trump has said, what I've always said what I want to hear a president say. Real estate prices are going to plunge in the DC metro area.

Yeah! Yeah!

He's going to be cutting so many jobs. So many -- I mean, this is fantastic.

STU: I hate to step in the way of your optimism. I hate it. I hate it. Because you're like a little kid.

GLENN: I'm never like this.

STU: You're never like this.

GLENN: It's been since 2005, I've been a pessimist on what's coming. This is the first real shot we have. This is the moon shot. This is the moon shot. Are we going to make it to the moon? I don't know. We might blow up several people in the attempt to get there.

But if we stay focused, we will get there.

STU: I like it. I really do hope it happens. And, I mean, I think -- I have more optimism, than I normally would have, on such a thing like this.

Normally, I would be like, okay. They say this all the time. I don't know. It just feels like, usually, there's something that gets in the way.

I was thinking about the first Trump term on the border.

The second -- they came out with pretty tough border policies.

They said they were going to implement them.

GLENN: Yeah.

STU: About, I don't know. A couple weeks into this. Families are being separated.

And then they changed the policy. This is Trump. This was in the Trump era. This is not like some other, you know, Mitch McConnell, and this mysterious Mitch McConnell presidency. This was Donald Trump.

And they backed off of it, because of all the pressure. Do you think maybe it's a second term, they're like, screw this. I'm not dealing with this anymore.

GLENN: Oh, I think maybe because he was in the first term, he didn't know what he didn't know. He didn't know who to trust.

He also didn't know what was coming. He knows now, what's come.

And he knows, I can't trust any of these people. I'm not going to listen. I'm just going to do what I know is right. I'm going to hire the best people in each area.

And then we're making a plan. And we're moving forward on day one.

STU: I love this Glenn Beck.

Glenn Beck is a very optimistic guy. And it's going to be so sad to watch you get crushed.

It is going to be --

GLENN: Look, I know there's going to be -- there's going to be massive pushback. This is not going to be easy.

STU: No.

GLENN: But we at least have a guy. You know, look --

STU: It feels like --

GLENN: Everybody said when Ronald Reagan said, it's an evil empire, and we need to start calling it by name. You can't defeat it, unless you know what it is. That's an evil empire, and we will defeat it, okay?

I, for one, at the time was like, okay. That's scary. But I love that. All right? Finally calling it by its name. Calling it out. Saying, it's the end of that. Everybody fought against that. Even in his own administration. They were saying, don't say that anymore. Don't say that anymore.

He was just, I'm going to say it.

It's because of that, we defeated communism, the first time.

Because he just wouldn't stop.

What do you think is going to stop Donald Trump? What do you think will stop Donald Trump at this time?

What kind of namby-pamby, wishy-washy, guys can wear skirt talk, will stop Donald Trump from doing what he believes is right. Other than the Constitution.

STU: So to reverse this, if he fails, will you accuse him of wearing a namby-pamby skirt?

GLENN: No.

STU: I didn't think so.

GLENN: No. No, no, no, no. I will say that, here are the hurdles that we have to figure out how to get over. Okay?

They threw this in the way. Great. How do we get over?

He's not going to rest. He's not going to stop. He's not going to stop.

STU: It feels that way.

I mean, I think a lot of it has to do with what his priorities are. Right?

GLENN: Hang on. Let me give you -- and let me tell you, what I think happened to him, over the summer.

Okay?

Why I say, he's -- he's --

STU: He got shot.

GLENN: He got shot.

But what did that do to him?

And what else is playing a role?

GLENN: So Donald Trump was shot. He is the kind of guy that just keeps standing up. Okay. That's his natural tendency. Oh, you're going to hit me in the face? You're going to shoot me in the head?

Really. I'm going to get back up and say, fight.

STU: I thought that was going a different direction. Holy crap.
(laughter)

GLENN: So --

STU: That was a long F for that fight there.

GLENN: So he's the kind of guy that does that just naturally. Okay?

STU: Yeah.

GLENN: And he's also the guy who -- he told me, after he lost the last election. In the most humble of ways. He became very, very reflective. And I said, how are you doing?

And he said, I can't believe I've let all of these people who fought for me, I let them down.

I lost the election. Remember, I told you this. I let them down.

I can't. Now we're reversing all of the things that we had made progress on.

I can't live with that. So he also really cares about you, the people.

He's the first politician, that I've seen, that I think actually thinks about you, first.

George Bush, thought about the troops. That was on his mind, all the time.

But this one, thinks about not only the troops.

But you. All the time.

He is serving you.

I truly believe that.

Now, what else happened to him? He gets up. He says, fight. Because that's who he is.

Also, he wanted to see the crowd.

You stood there, if you were in Pennsylvania, you didn't run and hide.

He knew he was part of a movement.

He also knew, this was a God thing.

So the natural thing is: Why was I saved?

He has told me, and he has told others, that he knows he was saved for a reason.

He believes that reason is to fix America. So now you have a much higher calling than, I am just me. I'm Donald Trump. I want to be whatever.

Plus, he knows that the -- the country is either sink or swim.

We're at the end of the republic. Or at the beginning.

Coincidentally, in this term, is our 250th anniversary.

It's not a coincidence that he has DOGE, the final day of their work, July 4th, '26. That's the date of the 250th anniversary. They're not going to gather information and then enact those things by July 4th, '26. He wants it done by then.

STU: That's the right approach.

GLENN: It is. And he wants to hand America back to her people and her founding principles in a year and a half. That's ripe for the economy. That's -- he believes that's his mission.

He believes that's his -- his mission, honestly from God.

I really believe that. He believes this is a nation with a purpose, a higher purpose. He believes in our founding documents.

He believes in you, the people.

He is quite possibly the refounder I have looked for, my whole life. And I can't believe it.

STU: It's an amazing.

I'm more amazed by your optimism, generally, than I am by even the giant aspirations here by the president.

But I'm excited about it. I think it's a great -- first of all, it's nice to have a little hope. Right?

GLENN: I haven't had hope since 2008.

STU: Yeah. It's nice. It's a good feeling.

GLENN: Yeah. It's really nice.

STU: Like I am super optimistic I think from my scale as to what someone like Elon Musk can accomplish. If given the sort of room he needs to operate. Look, it's all going to be tough.

When you talk about the budget and stuff, a lot of stuff comes out of these programs like Medicare, that I don't know is necessarily going to be the focus of this. Do you know?

Is it going to be looking at these generalized programs. They're not diving into Medicare. Because you can't do that without legislation.

GLENN: No. He's not doing that. He's not looking at anything that Congress has to do first.

STU: Right.

GLENN: He wants to cut the size of the federal government and regulation which will give you control of your life back.

STU: I feel like, that's too why he's not too worried about taking people out of the House for these appointments.

Because I think he knows, he's got a few months, where he will be doing executive order type stuff. Executive management, before he's looking necessarily at that first bill.

GLENN: Yeah. He has to be careful on that. He needs to make sure he keeps the House.

But, I mean, this could turn the country around economically, pretty quickly.