Harry Reid, Nancy Pelosi are idiots

This is merely further confirmation of an already well known fact, but we here at the Glenn Beck Program feel it’s important to immortalize the unending insanity and stupidity of Harry Reid and Nancy Pelosi. Check out the latest evidence which strongly suggests Reid and Pelosi are very, very dumb human beings. Find out what they did in the clip above from radio.

Transcript of segment is below:

GLENN: Harry Reid has lied now about cutting $2.6 trillion from the budget. Here he is.

REID: The American people need to understand that it's not as if we've done nothing for the debt. $2.6 trillion, $2.6 trillion already we've made in cuts.

PAT: No.

GLENN: No.

PAT: Unfortunately that's so far from being true. It's ‑‑

GLENN: Well, let's go to ‑‑ let's go to the really conservative, I think it's really conservative factcheck.org, really conservative.

PAT: Oh, ultra, ultra rightwing conservative.

GLENN: Right. Right.

PAT: Who calls it a lie.

GLENN: Yeah.

PAT: It almost ‑‑ they say it almost all came from tax increases.

GLENN: By the way ‑‑

PAT: Not spending cuts.

GLENN: ‑‑ factcheck.org is not a conservative organization.

PAT: No. We're being just a tad facetious on that.

GLENN: Really?

PAT: Just a tad.

GLENN: When I say I think it's perfectly rational and right that Stu, who has a baby on Saturday, his wife has a baby on Saturday is not only off today but has taken the entire week off to recover.

PAT: That's facetious?

JEFFY: Yes.

PAT: Really? I wasn't catching any of that earlier today.

GLENN: Really? Okay.

PAT: Huh. That's really weird.

GLENN: So anyway, most of these things that he's talking about, 2.6 trillion comes from tax increases.

PAT: Increases and nothing to do with spending cuts.

GLENN: Because remember they said they are not even going to deal with spending cuts?

PAT: Yeah.

GLENN: Not going to deal with it.

PAT: And Nancy Pelosi just said again, and we played this I think last hour, "We don't have a spending problem."

GLENN: Play that again because that's just so ‑‑

PAT: Crazy.

GLENN: That's just so ‑‑ say it again.

PAT: That's crazy.

GLENN: Say it like Michael Jackson.

PAT: That's crazy.

GLENN: Now say it like Al Gore.

PAT: That's crazy. That's crazy.

GLENN: You've got to say it ‑‑ but you have to say it with that chuckle in the voice where he's like ‑‑

PAT: That's crazy. Just below the surface of the Earth, it's crazy hot. All right. Here's Nancy Pelosi.

PELOSI: Though it isn't as much a spending problem as it is a priorities and that's what a budget is setting, priorities.

GLENN: Yeah.

WALLACE: But you talk about growth, even Christina Romer, the form head of the council of economic advisors for the president says you increase taxes, that also hurts growth.

PELOSI: Well, it's about timing. It's about timing.

PAT: Timing.

PELOSI: And it's about timing as to when you make cuts as well. We ‑‑

WALLACE: But you ‑‑ the fiscal cliff you raised taxes $650 billion right away.

PAT: Listen to this.

PELOSI: Yeah. And that was a very good thing to do on people making over the high end in our population.

PAT: She doesn't have any idea on what ‑‑

GLENN: None of them do. None of them do.

PAT: On who they put those ‑‑ that tax burden to.

GLENN: None of them do.

PAT: She was going to say on people over a million or whatever. She didn't know.

GLENN: Yeah.

PAT: So she had to go on people who are at the high end of our...

GLENN: Do you remember ‑‑

PAT: Unbelievable.

GLENN: I don't remember what the topic was and I think I'd like to stay away from the topic because it might reveal who shared this with us because they have never shared it on the air. But do you remember we talked about ‑‑ yeah, I think I can say it. Harry Reid. And let's just say it was on tax increases. And he was talking to a member and he said, "Harry, we can come together on this because you are ‑‑ you've been the champion of this for ten years." And it wasn't on tax increases. It was something else. But you've been a champion on this. And he actually said, well ‑‑

PAT: Oh, yeah. I have to ask?

GLENN: I have to ask and see if I'm still for that." You have to ask if you're still for that?

PAT: Uh‑huh.

GLENN: I mean, that's the kind of stuff, these guys are so out of touch. They are not ‑‑ they are really not ‑‑ they are just a face. They are puppets. They are really puppets. They are moving in one direction and it's a big, very big, you know, well thought‑out plan and they are just going for it. They are just sticking together. Nobody's actually engaging their own individual brain. They are acting as a collective. And the Center For American Progress is doing all the planning. I mean, we already know that they did all the stimulus bill. We know between them and the unions that they wrote ObamaCare.

PAT: Yeah.

GLENN: So ‑‑

PAT: And they themselves don't know anything.

GLENN: They don't.

PAT: And Nancy Pelosi proved that a couple of times during this same interview. Listen to see if you can find the one little hair in the ointment.

PELOSI: We avow the First Amendment. We stand with that and say that people have a right to have a gun to protect themselves.

PAT: Anybody see the problem there? We avow the First Amendment there and say that people have a right to own their guns.

GLENN: First Amendment? It's the Second Amendment.

PAT: She doesn't even know what amendment is the gun amendment.

GLENN: Play it again.

PELOSI: We avow the First Amendment.

GLENN: Oh, my gosh.

PELOSI: We stand with that and say that people have a right to have a gun to protect themselves.

PAT: Okay.

GLENN: She just such a ‑‑

PAT: Oh, my gosh. I mean, this was the speaker of the House and she's still one of the most powerful people in America. It's mind‑numbing that she's in that position because she's an idiot. She's an idiot and so is Harry Reid.

GLENN: Harry Reid, I think there might be something wrong with Harry Reid, seriously. There might be, you know ‑‑

PAT: No, I think you're right.

GLENN: I think there's something wrong with him. I think he's ‑‑ maybe he's senile or what. I don't know what's wrong with him but I think there's something wrong with him. And I say that, you know, I don't mean to be rude. And I don't want to be ‑‑ but I think there's something wrong.

PAT: Yeah, you're not being flippant.

GLENN: No, no.

PAT: It does seem like there's something wrong with him.

GLENN: Yeah, we've had conversations with people who have been around him in the last year or so and they all say the same thing.

PAT: Well, and his positions have shifted from 20 years ago.

GLENN: Well, you're ‑‑

PAT: Almost a 180 in some cases.

GLENN: Your positions probably ‑‑

PAT: Which they can change, they can evolve but I mean, he's done a 180.

GLENN: But you know what? Pat, have I done 180 some?

PAT: Well, yeah, but there was reasons for that.

GLENN: Exactly right. So there's nothing wrong with your positions changing over a 20‑year period.

PAT: No, but what was his pivot point that they all ‑‑

GLENN: Exactly right.

PAT: Yes.

GLENN: What changed him.

PAT: Yeah.

GLENN: What changed him. Because they've just, they changed and they flipped.

PAT: Radicalized.

GLENN: And they really haven't been ‑‑ it hasn't been 20 years.

PAT: No, it hasn't.

GLENN: It's been within the last decade where it's just been, "What is this?" From, you look at his positions 2004 and his positions today; they are not the same by any stretch of the imagination. He's a radical. And I don't believe he is a radical; he's just taking positions and protecting the radical positions and I don't think he even understands. I don't even know ‑‑ really there might be something wrong with him.

PAT: And he flat‑out lies to protect those positions too.

GLENN: Yeah. Which is not like Harry Reid the way Harry Reid used to be.

PAT: No, I don't think so.

GLENN: Harry Reid I think used to be an honorable man. But I think, you know, look, I have a very good friend, Chris Stewart. He's gone into congress, and it's a very scary thing I think for Chris' family and his friends because Chris is truly a remarkable man and we all have already had the conversation as his friends and family. We start to see him go to the dark side, we start hearing him say the things, well, now, if I just stay on, if I just compromise here, I can get a position on this committee," we're having a family‑and‑friend intervention. And I've told him, I said, look, Chris, I'll ‑‑ to save you, I will do everything I can to rat you out.

PAT: Because we've seen some really good people do that already.

GLENN: Really good people.

PAT: And within a pretty short amount of time go from where we thought we could absolutely trust them to, not so much anymore.

GLENN: Yeah. And you know what's funny is they know. Because they don't call anymore. They used to ‑‑ they used to call and they used to tip us off and everything else. Not anymore. And they know we know. It's like, I really just think it's like alcoholics. You stay away ‑‑ if you're an alcoholic, you stay away from an alcoholic. If you are ‑‑ if you're lying to yourself again, you stay away from an alcoholic because an alcoholic has played that game before. They know. And so they will just, they will rat you out. And not to anybody else but to yourself. They will just say, "Wow. So how long you been drinking?" "I don't know what you're talking about." "Yes, you do." "I don't know what you're talking about." "Well, whatever. Call me when you're sober. Call me if you need help when you're sober. When you're back on track again, or want to get back on track. Don't waste my time." And the same thing. I mean, I've had conversations with a few of these guys to where they're starting to say those things. I mean, when you hear a guy say, "Yeah, but I can get on the committee. If I just do this, if I compromise here, I can get on the committee. They've promised me a committee."

PAT: Or I can be a ‑‑ I can chair the committee.

GLENN: Yeah. You know they're gone. They're gone. Because all you have to do is start compromising. If you want to compromise on something, just make sure it's not your principles. If it's not your principles, compromise. You have to. To move things forward, you have to compromise, but not your principles. And that's where they get lost. And I really think that once ‑‑ and especially if you go there and you do anything wrong. This is why I ‑‑ you pray for these guys, these new freshmen. Because I've heard really good things about the new freshmen. But they are being squashed and they are going to be either absorbed and brought into the GOP machine and promised all kinds of things; or they'll be destroyed. And the worst thing that happens is they're destroyed and then absorbed. And that means that if you aren't ‑‑ if you don't have the full armor of God on, you are not going to make it. Because there's going to be a temptation of money, of power, of sex. Whatever it is your Achilles heel. We all know. I mean, Pat, you don't have to say it, but do you know what your ‑‑ the thing that you are most tempted by as a man or as a person, what's the thing that you're most tempted by? Do you know what it is?

PAT: Sure.

GLENN: Jeffy, same thing?

JEFFY: One thing?

GLENN: Yeah. You're a nightmare. I do too. And it's ‑‑ and Jeffy's right. It's not just one thing. There's a few things that I have shields up because I'm freaked out by it. And I ask my wife all the time, "Honey, you ever start to see these warning signs, you go. Go, go, go, go, go." And most people will fool themselves. They will say, "Well, I'm going to be strong enough." Or they just don't think about it enough.

If you're going into Washington or if you're going to go on the front lines of the TEA Party or anything else, you better know what those weaknesses are. And you better concentrate on those weaknesses. And he will make weak things strong. On the other side, so will Satan. He will make those weak things strong in you. And that's what I ‑‑ the most dangerous thing is you go to Washington and let's say, you know, you're away from your wife and things are tough and maybe your wife, you haven't been getting along or anything. Is anybody watching Downtown Abbey? I'm watching this with my wife.

PAT: No.

GLENN: It's great. You'd love it, Pat, you actually would. You'd like it. But it's, there's this one part in the ‑‑ we're only on the second season and there's this guy who's really upstanding and really good, it's the end of World War I and his whole life has changed. Everything has changed. And his wife now all of a sudden is, you know, I'm going to go out and, you know, I'm going to go out and do stuff and I'm going to go chair this and I'm going to go work here. And his whole life has changed and he can't make sense of the world. And my wife and I are watching this episode and there's some maid, you know, in his house. And he did something nice for her, and it was totally legitimate, totally fine. And then the next time they see each other, she says, "By the way, thank you for helping on my son." And her husband I think is dead or gone to the war or something. And they just started having a conversation. And he says, I just don't understand my world anymore. And she says, I don't understand mine. Immediately my wife and I went, "Trouble. Trouble." Run for help. Run for help. And that's the way it happens. And once you do that, once you go down that road, in Washington you're surrounded by people that want that to happen. Because they will come to you and say, "Now listen. I can destroy you. But everybody makes a mistake. But if you play ball, I can help get you this position. You'll get this position and you'll be able to further the things you care about. Do you really think you're ever going to put that in the past? Never. The thing you would have to do is stand up and say, "I committed this. And if the people want to throw me out, throw me out because I did this and it was wrong. But I am ‑‑ I've got to get this out. Otherwise ‑‑ because they already have approached me with what I believe is blackmail, and I'm of no use you, I'm of no use if that happens." I'll let the people decide. And I think people will understand mistakes. You're destroyed either way. But at least you get out with your sole and maybe, maybe God can use you in some other position.

 

 

Rapper Kendrick Lamar brings white fan onstage to sing with him, but here’s the catch

Matt Winkelmeyer/Getty Images for American Express

Rapper Kendrick Lamar asked a fan to come onstage and sing with him, only to condemn her when she failed to censor all of the song's frequent mentions of the “n-word" while singing along.

RELATED: You'll Never Guess Who Wrote the Racist Message Targeting Black Air Force Cadets

“I am so sorry," she apologized when Lamar pointed out that she needed to “bleep" that word. “I'm used to singing it like you wrote it." She was booed at by the crowd of people, many screaming “f*** you" after her mistake.

On Tuesday's show, Pat and Jeffy watched the clip and talked about some of the Twitter reactions.

“This is ridiculous," Pat said. “The situation with this word has become so ludicrous."

What happened?

MSNBC's Katy Tur didn't bother to hide her pro-gun control bias in an interview with Texas Attorney General Ken Paxton in the wake of the Santa Fe High School killings.

RELATED: Media Are Pushing Inflated '18 School Shootings' Statistic. Here Are the Facts.

What did she ask?

As Pat pointed out while sitting in for Glenn on today's show, Tur tried to “badger" Paxton into vowing that he would push for a magical fix that will make schools “100 percent safe." She found it “just wild" that the Texas attorney general couldn't promise that schools will ever be completely, totally safe.

“Can you promise kids in Texas today that they're safe to go to school?" Tur pressured Paxton.

“I don't think there's any way to say that we're ever 100 percent safe," the attorney general responded.

What solutions did the AG offer?

“We've got a long way to go," Paxton said. He listed potential solutions to improve school safety, including installing security officers and training administrators and teachers to carry a gun.

Pat's take:

“Unbelievable," Pat said on today's show. “Nobody can promise [100 percent safety]."

Every president from George Washington to Donald Trump has issued at least one executive order (with the exception of William Harrison who died just 31 days into his presidency) and yet the U.S. Constitution doesn't even mention executive orders. So how did the use of this legislative loophole become such an accepted part of the job? Well, we can thank Franklin Roosevelt for that.

Back at the chalkboard, Glenn Beck broke down the progression of the executive order over the years and discussed which US Presidents have been the “worst offenders."

RELATED: POWER GRAB: Here's how US presidents use 'moments of crisis' to override Constitutional law

“It's hard to judge our worst presidential overreachers on sheer numbers alone," said Glenn. “However, it's not a shock that FDR issued by far the most of any president."

Our first 15 presidents issued a combined total of 143. By comparison, Franklin D. Roosevelt issued 3721, more than twice the next runner up, Woodrow Wilson, at 1803.

“Next to FDR, no other president in our history attempted to reshape so much of American life by decree, until we get to this guy: President Obama," Glenn explained. “He didn't issue 3000, or even 1800; he did 276 executive orders, but it was the power of those orders. He instituted 560 major regulations classified by the Congressional Budget Office as having 'significant economic or social impacts.' That's 50 percent more regulations than George W. Bush's presidency — and remember, everybody thought he was a fascist."

President Obama blamed an obstructionist Congress for forcing him to bypass the legislative process. By executive order, President Obama decreed the U.S. join the Paris Climate Accord, DACA, the Clean Power Plan and transgender restrooms. He also authorized spying in US citizens through section 702 of FISA, used the IRS to target political opponents and ordered military action in Libya without Congressional permission.

All of these changes were accepted by the very people who now condemn President Trump for his use of executive orders — many of which were issued to annul President Obama's executive orders, just as President Obama annulled President Bush's executive orders when he took office … and therein lies the rub with executive orders.

“That's not the way it's supposed to work, nor would we ever want it to be," said Glenn. “We have to have the Constitution and laws need to originate in Congress."

Watch the video above to find out more.

Six months ago, I alerted readers to the very attractive benefits that the TreasuryDirect program offers to investors who are defensively sitting on cash right now.

Since then, those benefits have continued to improve. Substantially.

Back in November, by holding extremely conservative short-term (i.e., 6-months or less) Treasury bills, TreasuryDirect participants were receiving over 16x more in interest payments vs keeping their cash in a standard bank savings account.

Today, they're now receiving over 30 times more. Without having to worry about the risk of a bank "bail-in" or failure.

So if you're holding cash right now and NOT participating in the TreasuryDirect program, do yourself a favor and read on. If you're going to pass on this opportunity, at least make it an 'eyes-wide-open' decision.

Holding Cash (In Treasurys) Now Beats The Market

There are many prudent reasons to hold cash in today's dangerously overvalued financial markets, as we've frequently touted here at PeakProsperity.com.

Well, there's now one more good reason to add to the list: holding cash in short-term Treasurys is now meeting/beating the dividend returns offered by the stock market:

"Cash Is King" Again - 3-Month Bills Yield More Than Stocks (Zero Hedge)
'Reaching for yield' just got a lot easier...
For the first time since February 2008, three-month Treasury bills now have a yield advantage over the S&P; 500 dividend yield (and dramatically lower risk).
Investors can earn a guaranteed 1.90% by holding the 3-month bills or a risky 1.89% holding the S&P; 500...

The longest period of financial repression in history is coming to an end...

And it would appear TINA is dead as there is now an alternative.

And when you look at the total return (dividends + appreciation) of the market since the start of 2018, stocks have returned only marginally better than 3-month Treasurys. Plus, those scant few extra S&P; points have come with a LOT more risk.

Why take it under such dangerously overvalued conditions?

If You Can't Beat 'Em, Join 'Em

In my June report Less Than Zero: How The Fed Killed Saving, I explained how the Federal Reserve's policy of holding interest rates at record lows has decimated savers. Those who simply want to park money somewhere "safe" can't do so without losing money in real terms.

To drive this point home: back in November, the average interest rate being offered in a US bank savings account was an insutling 0.06%. Six months later, nothing has changed:

(Source

That's virtually the same as getting paid 0%. But it's actually worse than that, because once you take inflation into account, the real return on your savings is markedly negative.

And to really get your blood boiling, note that the Federal Reserve has rasied the federal funds rate it pays banks from 1.16% in November to 1.69% in April. Banks are now making nearly 50% more money on the excess reserves they park at the Fed -- but are they passing any of that free profit along to their depositors? No....

This is why knowing about the TreasuryDirect program is so important. It's a way for individual investors savvy enough to understand the game being played to bend some of its rules to their favor and limit the damage they suffer.

Below is an updated version (using today's rates) of my recap of TreasuryDirect, which enables you to get over 30x more interest on your cash savings than your bank will pay you, with lower risk.

TreasuryDirect

For those not already familiar with it, TreasuryDirect is a service offered by the United States Department of the Treasury that allows individual investors to purchase Treasury securities such as T-Bills, notes and bonds directly from the U.S. government.

You purchase these Treasury securities by linking a TreasuryDirect account to your personal bank account. Once linked, you use your cash savings to purchase T-bills, etc from the US Treasury. When the Treasury securities you've purchased mature or are sold, the proceeds are deposited back into your bank account.

So why buy Treasuries rather than keep your cash savings in a bank? Two main reasons:

  • Much higher return: T-Bills are currently offering an annualized return rate between 1.66-2.04%. Notes and bonds, depending on their duration, are currently offering between 2.6% - 3.1%
  • Extremely low risk: Your bank can change the interest rate on your savings account at any time -- with Treasury bills, your rate of return is locked in at purchase. Funds in a bank are subject to risks such as a bank bail-in or the insolvency of the FDIC depositor protection program -- while at TreasuryDirect, your funds are being held with the US Treasury, the institution with the lowest default risk in the country for reasons I'll explain more in a moment.

Let's look at a quick example. If you parked $100,000 in the average bank savings account for a full year, you would earn $60 in interest. Let's compare this to the current lowest-yielding TreasuryDirect option: continuously rolling that same $100,000 into 4-week T-Bills for a year:

  1. Day 1: Funds are transferred from your bank account to TreasuryDirect to purchase $100,000 face value of 4-week T-Bills at auction yielding 1.68%
  2. Day 28: the T-Bills mature and the Treasury holds the full $100,000 proceeds in your TreasuryDirect account. Since you've set up the auto-reinvestment option, TreasuryDirect then purchases another $100,000 face value of 4-week T-Bills at the next auction.
  3. Days 29-364: the process repeats every 4 weeks
  4. Day 365: assuming the average yield for T-Bills remained at 1.68%, you will have received $1,680 in interest in total throughout the year from the US Treasury.

$1,680 vs $60. That's a 27x difference in return.

And the comparison only improves if you decide to purchase longer duration (13-week or 26-week) bills instead of the 4-week ones:

Repeating the above example for a year using 13-week bills would yield $1,925. Using 26-week bills would yield $2,085. A lot better (34x better!) than $60.

Opportunity Cost & Default Risk

So what are the downsides to using TreasuryDirect? There aren't many.

The biggest one is opportunity cost. While your money is being held in a T-Bill, it's tied up at the US Treasury. If you suddenly need access to those funds, you have to wait until the bill matures.

But T-Bill durations are short. 4 weeks is not a lot of time to have to wait. (If you think the probability is high you may to need to pull money out of savings sooner than that, you shouldn't be considering the TreasuryDirect program.)

Other than that, TreasuryDirect offers an appealing reduction in risk.

If your bank suddenly closes due to a failure, any funds invested in TreasuryDirect are not in your bank account, so are not subject to being confiscated in a bail-in.

Instead, your money is held as a T-Bill, note or bond, which is essentially an obligation of the US Treasury to pay you in full for the face amount. The US Treasury is the single last entity in the country (and quite possibly, the world) that will ever default on its obligations. Why? Because Treasurys are the mechanism by which money is created in the US. Chapter 8 from The Crash Course explains:

As a result, to preserve its ability to print the money it needs to function, the US government will bring its full force and backing to bear in order to ensure confidence in the market for Treasurys.

Meaning: the US government won't squelch on paying you back the money you lent it. If required, it will just print the money it needs to repay you.

So, How To Get Started?

Usage of TreasuryDirect is quite low among investors today. Many are unaware of the program. Others simply haven't tried it out.

And let's be real: it's crazy that we live in a world where a 1.68-2.09% return now qualifies as an exceptionally high yield on savings. A lot of folks just can't get motivated to take action by rates that low. But that doesn't mean that they shouldn't -- money left on the table is money forfeited.

So, if you're interested in learning more about the TreasuryDirect program, start by visiting their website. Like everything operated by the government, it's pretty 'no frills'; but their FAQ page addresses investors' most common questions.

Before you decide whether or not to fund an account there, be sure to discuss the decision with your professional financial advisor to make sure it fits well with your personal financial situation and goals. (If you're having difficulty finding a good one, consider scheduling a free discussion with PeakProsperity.com's endorsed financial advisor -- who has considerable experience managing TreasuryDirect purchases for many of its clients).

In Part 2: A Primer On How To Use TreasuryDirect, we lay out the step-by-step process for opening, funding and transacting within a TreasuryDirect account. We've created it to be a helpful resource for those self-directed individuals potentially interested in increasing their return on their cash savings in this manner.

Yes, we savers are getting completely abused by our government's policies. So there's some poetic justice in using the government's own financing instruments to slightly lessen the sting of the whip.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

NOTE: PeakProsperity.com does not have any business relationship with the TreasuryDirect program. Nor is anything in the article above to be taken as an offer of personal financial advice. As mentioned, discuss any decision to participate in TreasuryDirect with your professional financial advisor before taking action.