Glenn Beck - Obama flips: 'economy not as bad as we thought'
March 13, 2009 - 11:41 ET
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GLENN: While everybody else is drinking Red Bull today, like there's nobody on the staff that has had more than -- I had, what, five hours sleep last night and I slept the most. Everybody, everybody else -- you haven't slept at all, have you?
STU: No, no, not, Glenn. But I'm getting that second wind in. You know it's that second wind where you realize after you sleep that you said several inappropriate things or you said sentences that did not string together in any reasonable fashion? I feel like I'm at that state.
GLENN: Oh, I know. Like kind of like the economy is not as bad as we thought it was.
STU: No, not that bad.
GLENN: It's not that bad? Oh, okay.
STU: It's like I haven't slept for months.
GLENN: Did you hear this? Barack Obama says the economy is not as bad as we thought it was. Didn't we just spend like a couple of trillion dollars? Isn't that kind of -- didn't you just tell us that if we don't do these things that the economy -- that we may not survive?
STU: Aren't you the guy who uses crisis as a pronoun? Isn't that you?
GLENN: What? We may not survive if we don't do these things; we do them -- and then it's like it isn't as bad as we thought it was. I have to tell you, congratulations because what I believe the president was saying was we've fixed this crisis. If we didn't do these things, we may not survive, but now we've done these things. It's not as bad as we thought it was.
STU: Might be time to get back into the market.
GLENN: Might be time to get back in the market. He now owns this economy and that's why I believe there's a correction coming from the White House today. This, by the way, and the, "Hey, you know, maybe you should do some stocks," both off TelePrompTer, both of them off TelePrompTer. I believe there's going to be a correction coming out today about -- because how did they do that? How does he possibly say that? By the way, I am -- you know what? Let me tell you something. My gut tells me, and I could be wrong. You know what? We may be over. This may be over. Maybe it is. I don't think so, but maybe it is. The stock market is up, oil prices are down. I mean, it's all looking good, right? We've gone up, what, 600 points? Isn't that the beginning of a rally? 600 points is the beginning of a rally. I just said earlier this week, expect a bull -- I mean, sorry, expect a bear rally, which means you haven't had the bottom but it's going to all of a sudden surge ahead. GM came out today and said that $2 billion we asked for, we may not need it, at least right now; I think we're going to be okay. CitiBank is saying, yeah, you know what, I think we're okay. I think it's Bank of America says keep your cash; we're going to be okay.
Now let me ask you this: Have we been lied to or are we being lied to now? Let me ask you, if you think this is a possibility, what I gave to you on Monday was expect a bear rally. Expect all of a sudden the stock market to go up for no reason. And I -- boy, I don't know if this is the bear rally, but the stock market going up for no reason, that would be today. They will point to, "Hey, well, CitiBank made some profit." Excuse me? We haven't even hit the real estate bubble yet. We haven't -- I mean, for the commercial properties. There are so many things yet to hit. So CitiBank, you know, "We're fine." Nobody all of a sudden, nobody needs the money. Everybody's going to be doing okay. You're going to start to see the suckers get back into this, into this stock market. And maybe I'm the sucker. I mean, you do your own homework. Maybe I'm the sucker because you can't ever call the bottom. And maybe that was the bottom and so everybody puts their money back in. But remember what Jim Rogers said to me last week when I said, "What should people do." He said wait for a rally. Let your money go up and then pull it out. When that happens -- because I don't believe that there are -- I believe there are people in there now that will take their money out when they say, "I just doubled my money since last week." And I mean big investors will take their money out because nothing makes sense.
Did you hear what the premier of China said? This is not some, you know, banking guy, you know, the Barney Frank of China. This is their president. This is the premier of China. I've got to quote this to you. He said, quote: We have made huge amounts of loans to the United States. Of course we're concerned about the safety of our assets. To be honest, I'm a little worried. I'd like to call on the United States to honor its words and stay a credible nation and ensure the safety of the Chinese assets.
Let's take this apart here. We made huge amounts of loans. He's now saying that we're loaning the money, not buying treasuries. It's no longer that they are buying our treasuries as an asset. This is huge in diplomatic language. He has changed from "We're buying an asset" to calling a spade a spade: We're buying debt. We're helping them. So we're making huge loans to the United States and we're worried about our assets. To be honest, I'm a little bit worried. Then he says, I'd like to call on the United States.
Now put yourself in an Asian frame of mind. These are the people that are like, oh, my gosh, did I eat the last french fry? And they kill themselves. You know, they're like, I didn't mean to dishonor you, I didn't know you wanted that last french fry. I didn't even think. I'm sorry (making choking sounds). Honor is what this -- Stu, you think that's over the top? You think that's a bit extreme?
STU: I --
GLENN: You don't think they've done that?
STU: I think what you're saying is they take honor seriously.
GLENN: I'm just sayin'. Haven't you ever done that where your wife has gone, what, you just ate the last french fry? And you're like, honey, I'm sorry, I didn't even think; get over it. That ain't happening in China, Japan.
STU: No. You just fall immediately on your fork. (Laughing)
GLENN: (Laughing). What a snob, you're eating french fries with a fork. Okay, so anyway, honor is what this is all about. He says I'd like to call on the United States to honor its words, stay a credible nation. Now listen to this: And ensure the safety of Chinese assets. This is wildly important for three reasons: One, this puts our T-bills, our treasury bills at stake. What does this -- what is the rest of the world going to say when China says this? Two, he's setting us up in case we go down. We're going to be lucky to be quarantined. We are going to become the world's pariah. We are going to be the ones that tore everybody down because we weren't living an honorable life. We were responsible for it. Honor its words and stay a credible nation and ensure the safety of the Chinese assets. He's saying to the Chinese people, "If we lose these assets, it's because of these people over here. They have dishonored us and they have destroyed your assets." The third thing is this is a very powerful statement on the eve of the G20 summit. The guy who is the Nobel Laureate behind the Euro, the guy who said the Euro is a good idea, we can unite everybody together under the Euro, he's just now come out and said the time has come for a global currency. Countries are starting to come onto that bandwagon: Time for a global currency. China has already asked for a global currency. This means our dollar will be over because we're the global currency right now. This is moving us into a direction that, well, you know what? Nevermind. Things aren't as bad as we thought they were. We got that from the president last night. So -- and maybe he's right.
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