Glenn interviews Texas Senatorial hopeful Ted Cruz

Glenn has said before that he think Ted Cruz understands what the country is facing economically and, if elected, will help put a stop to some of the big spenders in Congress. Cruz joined Glenn on radio to discuss his campaign - as well as some attack ads targeting him that are so bad they seem like an SNL parody.

Transcript of interview:

GLENN: We're just listening to these amazing Ted Cruz, anti‑Ted Cruz commercials.

PAT: Oh, they're horrible.

GLENN: Here in Texas. You have to hear just one of them.

PAT: Here's one of them.

GLENN: See if one word sticks out.

VOICE: The competition Ted Cruz is also lawyer Ted Cruz. Cruz is helping this Chinese company put this American manufacturer out of business. Cruz's Chinese client stole American blueprints.

VOICE: The jury found them liable for stealing our blueprints.

VOICE: But with lawyer Ted Cruz's help, the Chinese keep counterfeiting and Ted Cruz keeps getting paid.

VOICE: There's too many people like Ted Cruz.

PAT: That's because he's a lawyer. Have you ever noticed how closely lawyer and liar sound?

GLENN: Many of the same letters in "lawyer" and "liar."

STU: (Laughing.)

PAT: Quite a few, in fact.

GLENN: Is it a coincidence that not only lawyer, but trial lawyer politician Ted Cruz.

PAT: Following in the footsteps of other trial lawyers like John Adams.

GLENN: John Adams was a lawyer.

PAT: Who tried to overthrow the U.S. Government.

STU: Traitor.

PAT: Call Ted Cruz and ask him why he's a traitor lawyer, lawyer traitor.

GLENN: Lawyer, politician trial lawyer.

PAT: Lawyer.

GLENN: Revolutionary lawyer.

PAT: Lawyer.

GLENN: (Laughing.) And this is all done by Dewhurst who is just ‑‑

PAT: A nightmare.

GLENN: ‑‑ a nightmare. Texas, come on, come on, you're better than this. Ted Cruz is on the ‑‑ lawyer Ted Cruz.

PAT: Thank you, Glenn. Lawyer. Ted Cruz, who's a lawyer.

GLENN: Have you noticed, Ted, how many letters in "lawyer" are also in "liar"?

PAT: And liar?

CRUZ: I've got to say y'all have a future in comedy and attack ads.

GLENN: Really?

CRUZ: That is right in front of you.

GLENN: Will you defend us when we're in court trying to put American companies out of business?

PAT: Call Ted's office and ask him, why do you defend people? Why?

STU: (Laughing.)

GLENN: Why do you defend?

PAT: Is it because you're a defense lawyer?

GLENN: (Laughing.)

CRUZ: Well, we know it's silly season when we're 19 days out from the election.

STU: Yeah, we probably think this is a lot more funny than Ted does.

PAT: Probably.

GLENN: Ted Cruz isn't laughing when we call him lawyer.

PAT: So Ted, tell us about the Chinese company, the Chinese company and why you defended them.

CRUZ: Look, the ad that you played is filled with lies, and Dewhurst is spending $3 million saturating the airwaves with it.

PAT: Yep.

CRUZ: It's a lie.

PAT: I hear it every day, several times a day.

STU: All the time.

PAT: Yeah.

GLENN: I have to tell you I've met with people in Texas, I was for Ted Cruz but have you heard he's a lawyer?

PAT: He's a lawyer?

GLENN: He's a lawyer politician.

CRUZ: It is filled with lots of lies, the biggest one of which is they tell you that the opposing party in this lawsuit is, quote, an American manufacturer.

PAT: Mmm‑hmmm.

GLENN: What they don't tell you is 20 years ago, he moved his factory to China.

PAT: Oh, my gosh.

CRUZ: This is, in fact, a lawsuit between two Chinese tire factories.

PAT: Really?

CRUZ: Really.

PAT: That is conveniently missing from the ad.

CRUZ: They just omitted, he incorporated his company in the Channel Islands, a notorious tax haven, and he spends eight months a year in China running his factory there.

PAT: What was the underhanded technique that was used supposedly? Because one of them, one of them is that supposedly some underhanded technique was used to defend them?

CRUZ: Which is that the company filed an appeal, and there are actually three tire companies in the case. All three appealed, including the plaintiff, including the fellow in the ad. He appealed.

PAT: Wow.

STU: Wow, he used the same underhanded technique?

PAT: As lawyer Ted Cruz?

GLENN: There's too many people like you, Ted Cruz.

CRUZ: Well, and you know what's interesting, he also doesn't tell people that I didn't argue the case. I wasn't the lead lawyer. And if you look at a case I did argue last year in front of the U.S. Supreme Court on Chinese counterfeiting. I represented a major manufacturer against a Chinese company that stole a U.S. patent.

GLENN: So let me translate. He was using his tricks again in a courtroom, as a lawyer.

STU: On the same topic.

PAT: Again, with China being involved.

CRUZ: It IS hard to argue with that.

GLENN: We can turn it against you any way you throw it at us.

GLENN: And you know what? If I were Dewhurst and I had millions and millions and millions of dollars, I would turn it against you every single way. I mean, it wouldn't matter anymore. "Do we have enough lawyers? Don't we have enough Dewhursts in Washington already"?

PAT: Boy, that's for sure.

GLENN: We do.

PAT: We do have more than enough Dewhursts in Washington already.

GLENN: Tell me about ‑‑ tell me why you should be there, Ted.

CRUZ: Because our nation is in crisis and we've got too many go‑along‑to‑get‑along establishment politicians to Washington. We need conservatives and with he need fighters.

GLENN: Are you a Club For Growth guy?

CRUZ: Club For Growth has endorsed me, Freedom Works has endorsed me, the five strongest conservatives in the U.S. Senate, Jim DeMint, Mike Lee, Rand, Paul and Pat Toomey, and Tom Coburn have endorsed me. And just an hour ago, you may not have seen the news, Governor Sarah Palin endorsed me.

PAT: Wow, that's nice.

GLENN: Now let me ask you this: Texas, what the hell is wrong with you! How are the poll numbers doing?

CRUZ: The poll numbers are great. It is a two‑man race between me and David Dewhurst. He is the moderate establishment. He is a tax‑and‑spend Republican.

PAT: Mmm‑hmmm.

CRUZ: And our numbers are surging because conservatives are uniting behind Tea Party activists, Republican women. And I'll tell you the Dewhurst campaign is terrified, after Mourdock's win in Indiana.

GLENN: They should be.

CRUZ: Because as you know, all the pundits said that the moderate incumbent there was unbeatable and the people rose up and said, look, we're tired of these spineless jellyfish that don't believe anything.

GLENN: But how do you honestly, how do you combat somebody who has unlimited funds that are running ad campaigns? I mean, these ad campaigns make you ‑‑ Ted, I don't know you well but I've met you several times. You're not a monster and you're certainly not the guy that is portrayed in these ads.

CRUZ: Right.

GLENN: And, you know, if I didn't know you and I was just kind of a casual person, I'd think... he's a lawyer.

PAT: A Chinese operative.

GLENN: I mean, I would think you were the worst monster on the planet. How do you fight this without a lot of money against a guy who has an unlimited amount of cash?

CRUZ: Yeah, he's putting a million bucks of his own money in. You know the answer is support from the people all over Texas and all over the country. We've raised over $5.2 million from 19,000 people. Every time I'm on your show, Glenn, I've got to tell you hundreds and hundreds of people all over Texas and all over the country come to our website, TedCruz.org. They contribute. And it's how we're keeping up because this is conservatives all over the country.

GLENN: But here ‑‑ hang on. Here's something interesting. I mean, here's a guy who's running for the Senate seat from Texas and again one of his dirty tricks: He doesn't spell "Cruz" the way you would normally spell "cruise." Another dirty underhanded trick. So if you're going the Website and you're trying to find "cruise" ‑‑

PAT: Yeah. TedCruz.org, you would spell it Ted Cruz, C‑r‑u‑z, if I'm not mistaken.

CRUZ: That is exactly right.

PAT: Isn't that the underhanded trick you're using?

GLENN: Underhanded trick.

PAT: Yeah.

GLENN: It's not "cruise" like, hey, I'm putting it in cruise control.

PAT: No.

GLENN: It's that kind of underhanded stuff ‑‑

PAT: Yeah.

GLENN: ‑‑ that we've had enough of.

PAT: Tell us, what's the biggest difference between you and David Dewhurst? Why should Texas vote for you as opposed to him, the guy everybody knows?

CRUZ: I'm a conservative and I'm a fighter. I've spent my entire life fighting for the Constitution and fighting for freedom. As the solicitor general for Texas for five and a half years serving under Greg Abbott, we led the nation fighting for conservative opinions, we defended the Ten Commandments and won, defended the "Pledge of Allegiance" and won, defended the Second Amendment and won. And we stood up and fought the world court and the United Nations and the president of the United States defended U.S. sovereignty and won.

PAT: Against Mexico, right?

CRUZ: Mexico and actually 90 nations against us. Mexico sued the United States and the world court.

GLENN: You did that as a lawyer.

PAT: As a lawyer. Tell us about that case because that ‑‑

GLENN: I didn't know you were the guy who did that.

PAT: Yeah, that was an important case. Tell us about that one.

CRUZ: Well, it was a case that began tragically in Houston. Two teenage girls were gang‑raped and murdered.

PAT: 1993?

CRUZ: Yeah.

PAT: Yeah.

CRUZ: And one of the gang rapists and murderers was named José Medellin. He was an illegal alien. And he was convicted and what happened was Mexico sued the United States and the world court, and the world court issued an order to the United States to reopen the convictions of 51 murderers across the country.

PAT: And in my final straw with George W. Bush, he actually sided with Mexico on this.

CRUZ: It was heartbreaking. I think he received some very, very poor advice.

PAT: Yep.

CRUZ: And he signed an order that attempted to order the state courts to obey the world court.

GLENN: This is ‑‑

PAT: Unbelievable.

GLENN: This is ‑‑

PAT: That was unbelievable.

GLENN: This is where I really lost it with George Bush.

PAT: Me, too.

GLENN: When this stuff was starting to happen, this was when I was like, whoa, whoa, whoa, whoa.

PAT: What?

GLENN: What the hell was George Bush doing? And you're the guy who fought it and argued it in the Supreme Court?

CRUZ: Yeah, I argued it twice. And as you know, one of the things we need ‑‑

PAT: And won, by the way.

GLENN: Yes.

CRUZ: Is we need leaders who have the backbone to stand up not just to Democrats but to fellow Republicans when they go off the reservation and they are not honoring the Constitution.

GLENN: Thank you.

PAT: Exactly.

GLENN: Thank you. Okay, now look. Last Tuesday Indiana, the Tea Party and Freedom Works and everybody else got together and they got Dick Lugar out.

CRUZ: Yep.

GLENN: We're not fighting the Democrats. We're fighting the Republicans. Got Dick Lugar out. Now the eyes are going to turn to Texas. Can the Tea Party, can freedom lovers, can constitutionalists, can real conservatives stand and make it past somebody who has millions of dollars and deep pockets to smear this guy left and right? This guy doesn't have deep pockets.

PAT: An established, moderate establishment candidate in David Dewhurst.

GLENN: Big time. Big time.

PAT: That's who that guy is. I mean, "moderate" is giving him the benefit of the doubt.

GLENN: Big time. This is ‑‑ you know, this is another one of those RINOs, this is one of those GOP "I'll play whatever game they want me to play" and Ted Cruz is not. Running for U.S. Senate out of Texas. If you want to donate, if you want to help him, go to TedCruz.org, C‑r‑u‑z‑e. TedCruz.org.

PAT: C‑r‑u‑z.

GLENN: What did I say?

PAT: No E.

GLENN: Okay. Another dirty trick?

PAT: Yes. Still another one.

GLENN: Oh, my goodness. I don't know if I can ‑‑

PAT: It's a long U sound without the E at the end. How did he pull that off?

GLENN: He's being outspent 9‑1. Early voting starts on Monday all over Texas. Dewhurst needs 50% of the vote to avoid a runoff which would most likely be with Ted. Concentrate your efforts one at a time. We've got to take the Senate back and that means even taking it back from the Republicans. We've got to have people who understand what we're facing, and Ted is one of those guys. Thank you, Ted. I appreciate it, man.

CRUZ: It's always a pleasure. You guys are fighting for freedom and making a difference. And you know what? A lot of the media said the Tea Party was dead. Tuesday proved that wrong. And on May 29th, 19 days from today, Texas is going to prove it wrong. We're going to send a strong conservative and a fighter to the Senate. And you have my word: Texas will lead the fight to stop the Obama agenda, to defend free market principles, and to restore the Constitution.

GLENN: And you have my word that if you don't hold that up, you will... you'll receive the wrath, the wrath of this program and everybody who voted for ya.

CRUZ: And Glenn, I am asking you, hold me accountable.

GLENN: Oh, we will. You don't have to ask. It's our pleasure.

CRUZ: Because if I am anything other than leading the fight with arrows up and down my torso.

GLENN: Oh, yeah.

CRUZ: I mean, Glenn, as you know my dad fled oppression in Cuba. I mean, he was imprisoned. He was tortured. Freedom for me is not an abstract concept in a book.

GLENN: Yeah, yeah. Is your dad still alive?

CRUZ: He is. He's a pastor ‑‑

GLENN: We'll get him on a plane and we'll personally have him punch you in the face if you start screwing around in Washington. No, I mean it. It will be your worst nightmare. I mean it.

CRUZ: I'm much more scared of my dad than I am of you.

GLENN: You should be.

CRUZ: Because I'd have to look him in the eyes if I didn't fight for freedom and help turn this around.

GLENN: All right. Ted, thanks a lot. I appreciate it, man.

PAT: TedCruz.org.

GLENN: Again is lawyer Ted Cruz.

PAT: TedCruz.org.

How prepared are YOU to weather a future crisis? We recently published a brand new quiz so you can find out exactly how prepared you are. Whether you're a "prepper" with a bunker fit for the apocolypse or just want to feel more secure for the future, there is always something more to learn. That's why Glenn wants to give his newsletter subscribers his "Ultimate Preparation Guide," filled with practical tips for building a solid foundation to weather future crises. And let's face it—in our crazy world right now, who couldn't use a bit more peace of mind?

Enter your email below to get "Glenn's Ultimate Preparation Guide" sent straight to your inbox!

Editor's Note: Arizona House Bill HB2770 has since been shut down! AZ Rep. Rachel Jones tweeted that the AZ Freedom Caucus shut down the bill before it could reach the board. It is encouraging to see states stepping to protect the American people from getting one step closer to a Central Bank Digital Currency. Hopefully, Arizona will be a precedent for the other states!

On today's radio broadcast, Glenn warned about dangerous Central Bank Digital Currency (CBDC) language being smuggled into routine legislation in REPUBLICAN-led states. This is unacceptable, and as Glenn said, we can't let this legislation pass as it now stands.

The legislation being used to smuggle in this CBDC language is the Uniform Commercial Code (UCC), a routine piece of legislation passed on the state level that helps standardize commercial and business transactions. However, a new round of UCCs being deliberated RIGHT NOW amongst a swath of Republican-led states anticipate the use of "electronic money." In a public letter sent to the Republican states currently deliberating this legislation, the Pro-Family Legislative Network said this can only refer to the Central Bank Digital Currency (CBDC) under consideration and testing by the Federal Reserve. Biden's Executive Order 14067 issued in March of 2022 started the push for CBDC, and now these states, knowingly or unknowingly, are laying the legislative groundwork for making CBDC a reality.

There is absolutely no reason why Republican-led states should aid in laying the foundation for CBDC, yet 12 of them are deliberating it RIGHT NOW, with one UCC bill already on one GOP governor's desk! We have to act NOW to stop these UCCs in their tracks and demand our lawmakers amend the bills without the "electronic money" language.

If your state is listed below, contact your representative NOW to put an end to CBDC language.

1. North Dakota

North Dakota House Bill HB1082 passed BOTH chambers and is now sitting on Governor Burgum's desk. Burgun has 3 DAYS to veto this bill once it's placed on his desk—if not, it will pass automatically. If you are a North Dakota resident, it is absolutely CRUCIAL that you contact Governor Burgum's office NOW and demand that he veto this bill and re-introduce it without the "electronic money" language.

2. Arizona

Arizona House Bill HB2770 has been SHUT DOWN! See the above editor's note for more details.

Arizona House Bill HB2770 passed the House majority and minority caucuses. Arizona residents, contact your representative's office NOW so that they amend this bill without the "electronic money" language.

3. Arkansas

Arkansas House Bill HB1588 is in committee, and if passed, will head to the House floor. Though the bill is only in its beginning stages, it's important for Arkansas residents to stop this bill in its tracks and amend it without the "electronic money" language.

4. Missouri

Missouri House Bill HB1165 is also in its beginning stages in committee. That means it's important to contact your representative as soon as possible to amend it without the "electronic money" language.

5. Oklahoma

Oklahoma House Bill HB 2776 passed the House Committee and will go to a chamber vote soon. If passed, it will go to the Senate, then the governor's desk. If you are an Indiana resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

6. Indiana

Indiana Senate Bill SB0486 passed the Senate and is headed to the House. Republicans control Indiana's executive office and BOTH chambers of the legislature. There is no excuse for this bill to pass. If you are an Indiana resident, it's vital you contact your representative NOW and demand they amend this bill without the "electronic money" language.

7. Kentucky

Kentucky Senate Bill SB64 passed the Senate and is now being deliberated in the House. If you live in Kentucky, contact your representative's office to amend the bill without the "electronic money" language.

8. Montana

Montana Senate Bill SB370 passed the Senate and was sent to the House on March 3rd. If you are a Montana resident, contact your representative's office NOW so that the bill doesn't without changing the "electronic money" language.

9. Nebraska

Nebraska's Legislative Bill LB94 passed committee and the first floor vote. As Nebraska only has one legislative chamber, this bill is dangerously close to passing the legislature and being sent to the governor's desk. If you are a Nebraska resident, contact your representative's office NOW and demand they amend the bill without the "electronic money" language.

10. New Hampshire

New Hampshire House Bill HB584 is currently in House committee deliberations and has not yet reached the House floor. If you are a New Hampshire resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

11. Tennessee

Tennessee House Bill HB0640 didn't successfully pass the House. However, it was deferred to a Senate committee and has now taken the form of Senate Bill SB0479, which is now in committee. This bill is still alive, and it's important for you, Tennessee residents, to stop it before it reaches the floor! Contact your representative to amend the bill without the "electronic money" language.

12. Texas

Texas House Bill HB5011 was filed and is ready to be taken up by committee. Fellow Texans, let's not let this bill progress any further! Contact your representative and demand they amend the bill without the "electronic money" language.

6 things you NEED to know about the Silicon Valley Bank collapse

NurPhoto / Contributor | Getty Images

Silicon Valley Bank's collapse is sparking traumatic memories of the 2008 financial crash. Should we be worried SVB is signaling a similar economic catastrophe, or is everyone overreacting to the media's hype? Glenn told his listeners to be "healthily terrified." This event is sure to have ripple effects throughout the economy, but the more you are informed about it, the more you can prepare. Here are 6 things you need to know about Silicon Valley Bank's crash—explained in simple words.

1. The short answer to what happened: SVB didn't have enough money to pay its depositors.

Remember the scene from It's a Wonderful Life when all of the residents make a run on George Bailey's bank demanding their money? Fortunately for them, their money was in the altruistic hands of George Bailey, who used his honeymoon savings to give the depositors the money they demanded.

Silicon Valley Bank's depositors weren't so lucky.

In short, the depositors made a run on Silicon Valley Bank, demanding the withdrawal of their money. But SVB simply didn't have the liquid money available to give their depositors, causing regulators to shut down the bank shortly afterward.

2. It all started with COVID...

Why didn't SVB have enough money for its depositors? To explain this, we have to go back to the pandemic era.

The pandemic saw a rapid decrease in spending and a massive increase in bank deposits. Due to the uncertainty of the future and lockdowns limiting ways to spend money on recreational activities, like restaurants, bars, and other outlets, many Americans stocked up money in their accounts. In fact, SVB's deposits doubled in 2021 alone, bringing in more money than they could lend out to their clients.

To make a return on their available cash, SVB wanted to invest it, as many banks do. Since they had reached their lending limit, they decided to invest it in U.S. Treasury Securities, which are the government's means of funding itself without using taxation (in a nutshell). These are considered "ultra-safe" investments because they are backed by the "full faith and credit of the federal government."

Unlike other forms of investments, investing in Treasuries means the government will do everything within its legal power to pay back the money used to fund itself. In other words, it is typically very safe... so what happened?

3. Then came the magic cocktail—record-high inflation and rising interest rates...

Interest rates ruined the typically "ultra-safe" investment. Due to 40-year record-high inflation, the Fed lifted rates eight times by a total of 4.25 percentage points in 2022, raising interest rates from 0.25 percent to 4.375 percent. This means the value of U.S. Treasuries investments plummeted rapidly. SVB reported that it lost $1.8 billion due to the decreased value of its Treasuries investments after a year of rising interest rates.

This raises the following question: why didn't SVB just weather the storm and wait for interest rates to decrease? There are two issues with this. The first is that, with so many of their assets held up in Treasuries investments, SVB still wouldn't have enough liquid assets to give their depositors during the bank run.

The second issue is that Treasuries investments have a ten-year limit. In 2021 during the Trump administration, interest rates were at an all-time low of 0.125 percent.

The record-fast increase of interest rates in 2022 caused very little chance for rates to go back down to their historic 2021 lows within ten years for banks to make their money back on their investments.

To avoid this, SVB planned to sell their investments at a loss and re-purchase Treasuries investments at the decreased value, giving them an extra ten years to bet on decreased interest rates in the future.

But people caught on to SVB's plan and didn't want to ride with the risk.

4. Account holders withdrew their money... FAST.

As aforementioned, SVP lost $1.8 billion when it sold its depleted Treasuries investments. While they were betting on being able to re-purchase the devalued securities, hoping that they would go up in value in the future with lowered interest rates, investors were worried about the risk.

Once they made the announcement of their $1.8 billion loss, their stocks began to drop, and venture capitalists warned the companies they invest in to pull out of SVB. This had a snowball effect, leading to a "bank run" of depositors demanding to withdraw their money from their SVB accounts.

This led to the perfect storm: SVB's investment losses coupled with the influx of withdrawals were so immense that regulators had to step in and shut the bank down to protect depositors. The government currently "running" SVB, for all practical purposes, is the Federal Deposit Insurance Corporation (FDIC). The FDIC closed SVB on Friday and reopened the bank on Monday, March 13th as the Deposit Insurance Bank of Santa Clara.

5. Some people may lose their money. 

Banks insure accounts with $250,000 or less with FDIC insurance. That means, in cases of bank failure, exactly like this one, the FDIC covers all accounts less than $250,000. The FDIC said SVB customers who had less than $250,000 in their accounts will have access to all of their money when the bank reopens. Since it reopened this week, they should have access to their funds.

However, many of SVB's depositors had more than $250,000 in their accounts—it is Silicon Valley after all. Therefore, their accounts were not covered by FDIC insurance. Will they get their money back? There is a chance that they will not.

It is unclear how much SVB currently has to cover uninsured deposits. It is likely not enough. The FDIC has issued a "Receiver's Certificate" to the uninsured account holders with the amount in their account that is not covered by FDIC insurance.

The FDIC said it will pay some of the uninsured deposits by next week by liquidating any additional assets held by SVB. However, if the liquidated assets are not enough, many of SVB's uninsured account holders could lose their money for good.

6. Is this 2008 all over again?

SVB's collapse was the largest bank failure since 2008, when Washington Mutual failed with $307 billion in assets. Its failure, along with the collapse of the Lehman Brother's investment bank, triggered the worst financial crisis since the Great Depression. Are we in danger of repeating 2008?

Some argue that we are not in danger of another economic catastrophe, simply because SVB holds less than 1 percent of the nation's assets. However, as Glenn warns, there is a danger of banks repeating the same mistakes as SVP.

SVP wasn't the only bank to use its surplus deposits to invest in U.S. Treasuries, which means that other banks are wrestling with the depleted value of their securities investments due to rising interest rates.

Bank of America, for example, lost $109 billion in their securities investments due to rising interest rates, the most among its peers—and Bank of America is no small fish in the ocean of assets.

Other major banks recorded other massive losses in their securities investments due to rising interest rates. JP Morgan Chase lost $36 billion, Wells Fargo lost $41 billion, Citigroup lost $25 billion, and Goldman Sachs lost $1 billion. If the little banks collapse, will they get the same effort and attention from the federal government as the "big guys?"

The critic may argue that these are still small values given the incredibly large amount of assets held in banks nationwide. However, this is missing the point. Major banks have majorly invested in securities since the pandemic-era skyrocketing rate of deposits. Now those investments are depleted in value.

They can either sell those investments at a loss, or they can wait and hope that they will recover over time. However, if those investments are no longer liquid, what happens when their depositors come knocking? Will they have enough liquid assets to cover a massive bank run? These are the lingering questions that our banks need to address.

As Glenn says, this will impact you—it is only a matter of time. What will you do to prepare?

Glenn just purchased the entire historical Roe v. Wade archive as a solemn reminder of our nation's past and the vital importance of honoring the sacredness of life. Since Roe was overturned in 2022, many states have been stepping up to protect both their unborn citizens AND the mothers carrying them.

Which states are doing the most to protect their most vulnerable? Here are the top 12 states with the strictest laws against abortion.

1. Alabama

​Alabama has some of the nation's most protective pro-life measures, banning all abortions in the case of life-threatening circumstances for the mother. That means abortion is banned at every ​stage of pregnancy. Health care providers found guilty of performing abortions face a class-A felony, the most serious charge besides Capitol Murder, with the potential of carrying a life sentence in prison. However, the pill, Plan B, is classified as "contraception" rather than abortion. Taxpayer-funded Medicaid does not cover abortion procedures except in very limited circumstances.

Alabama is one of the few states to add protections within its state constitution for the unborn. The state:

Acknowledges, declares, and affirms that it is the public policy of this state to recognize and support the sanctity of unborn life and the rights of unborn children, including the right to life.

2. Arkansas

Like Alabama, Arkansas bans abortion at every stage of pregnancy except in life-threatening situations for the mother. However, Plan B is still considered "contraception" and is legal. Taxpayer-funded Medicaid does not cover abortion procedures except in very limited circumstances. Additionally, Arkansas added the amendment to its state constitution, declaring:

The policy of Arkansas is to protect the life of every unborn child from conception until birth, to the extent permitted by the Federal Constitution.

3. Idaho

Idaho bans abortions at every stage of pregnancy with the exceptions of life-threatening situations to the mother and instances of rape and incest. The health care practitioner who gave an abortion must prove "affirmative defense," which means they have to prove in court why the abortion is necessary and meets the legal criteria. Patients approved for abortion must wait 24 hours after counseling to receive the procedure. Anyone who performs an abortion unless it's in one of the approved cases will face felony charges. Like Alabama and Arkansas, taxpayer-funded Medicaid does not cover abortion procedures.

Unlike Alabama and Arkansas, Idaho law does not include explicit constitutional or statutory protections for abortion.

4. Kentucky

Kentucky has also banned abortion at all stages of pregnancy except in life-threatening situations for the mother. There are no exceptions for rape or incest. However, abortion providers are fighting the all-out ban on abortion through appealing to the state's previous abortion ban after six weeks of pregnancy. The appeal is ongoing.

Though Kentucky voters voted down a proposal to add an amendment to the state constitution banning abortion, the state adopted the following policy towards abortion in 2018:

Children, whether born or unborn, are the greatest natural resource in the Commonwealth of Kentucky.

5. Louisiana

Louisiana also banned abortion at all stages of pregnancy with no exceptions for rape or incest. However there is an appeal to allow abortions in the case of rape and incest. Healthcare practitioners who violate this ban are subject to criminal prosecution. Moreover, Louisiana adopted an amendment in their state constitution—specifically, the Louisiana Declaration of Rights, banning the construction of any constitutional right to abortion:

To protect human life, nothing in present constitution shall be construed to secure or protect a right to abortion or require the funding of abortion.

6. Mississippi

Mississippi bans all abortions except to save the life of the mother or in cases of rape or incest that have been reported to law enforcement. Though Mississippi did not adopt a constitutional amendment to ban abortion as a right, the Mississippi Code says:

Abortion carries significant physical and psychological risks to the maternal patient, and these physical and psychological risks increase with gestational age.

Moreover, doctors who perform illegal abortions face civil and criminal charges.

7. Missouri

Missouri bans all abortions except in the case of a medical emergency concerning the mother, with no exceptions for rape or incest. Those seeking to get an abortion must prove "affirmative defense," which means they have to prove in court why the abortion is necessary and meets the legal criteria. Minors seeking an abortion through "affirmative defense" must do so with parental consent. Moreover, those seeking an abortion must be offered an ultrasound.

Moreover, Missouri adopted the following statute protecting the unborn:

It is the intention of the general assembly of the state of Missouri to: (1) [d]efend the right to life of all humans, born and unborn; (2) [d]eclare that the state and all of its political subdivisions are a ‘sanctuary of life’ that protects pregnant women and their unborn children; and (3) [r]egulate abortion to the full extent permitted by the Constitution of the United States, decisions of the United States Supreme Court, and federal statutes.

8. Oklahoma

Oklahoma was the first state to successfully ban all abortions after conception following the overturn of Roe v. Wade and continues to lead the way as one of the toughest states on abortion. Exceptions include life-saving procedures for the mother or pregnancies resulting from "rape, sexual assault, or incest." Those who perform legal abortions can be reported and prosecuted criminally under state law HB427 and be charged at least $10,000 per illegal abortion procedure. Violations also include insurance companies or private citizens caught funding abortions.

Though Oklahoma has not adopted a state constitutional amendment concerning abortion, its Public Health Code states that it cannot be “construed as creating or recognizing right to abortion."

9. South Dakota

South Dakota bans all abortions except in life-threatening cases for the mother. There are no exceptions for rape and incest. However, it is legal to travel out of state to get an abortion. There are no state constitutional provisions protecting against abortion.

10. Tennessee

Tennessee bans all abortions except in life-threatening cases for the mother. There is currently a movement in the Tennessee state legislature to enact exceptions for rape and incest. Like Idaho and Missouri, healthcare practitioners who gave an abortion must prove "affirmative defense," which means they have to prove in court why the abortion is necessary and meets the legal criteria. Those who provide abortions illegally can be criminally prosecuted.

Tennessee's state constitution was amended to supersede a 2000 Tennessee supreme court case, which held:

A woman’s right to terminate her pregnancy is a vital part of the right to privacy guaranteed by the Tennessee Constitution [and that] the right is inherent in the concept of ordered liberty embodied in our constitution and is therefore fundamental.

The new state constitutional amendment reads as follows:

Nothing in this Constitution secures or protects a right to abortion or requires the funding of an abortion.

11. Texas

Texas bans all abortions except in life-threatening cases concerning the mother. There is a movement in the Texas state legislature to provide exemptions for rape and incest.

Moreover, Texas received a lot of heat for its law not only criminalizing providing illegal abortions but enabled citizens to report illegal abortions. However, several cities in Texas are pushing back against the abortion ban. After Dobbs, Texas increased the penalties for performing an abortion up to life in prison, including a civil penalty of no less than $100,000 per abortion performed.

Attorney General Ken Paxton said the following:

Now that the Supreme Court has finally overturned Roe, I will do everything in my power to protect mothers, families, and unborn children, and to uphold the state laws duly enacted by the Texas Legislature.

The cities of Austin and San Antonio passed ordinances preventing city funds from being used to investigate the provision or receipt of abortion care.

12. West Virginia

West Virginia bans abortion at all stages of pregnancy, except in the case of a “nonmedically viable fetus”, ectopic pregnancy, or medical emergency. According to the West Virginia state legislature, "Nonmedically viable fetus" means:

A fetus that contains sufficient lethal fetal anomalies so as to render the fetus medically futile or incompatible with life outside the womb in the reasonable medical judgment of a reasonably prudent physician.

Victims of rape and incest can obtain abortions up to eight weeks after conception, but only if they report to law enforcement first.

In 2018, West Virginians voted to add the following language to the state constitution:

Nothing in this Constitution secures or protects a right to abortion or requires the funding of abortion.