#DefundTheGOP: Glenn reacts to reports Boehner conspired to have Congress exempt from Obamacare

Glenn opened the radio program this morning with a shocking story out of Washington D.C. Yesterday, David Cone, Senate Majority Leader Harry Reid’s chief of staff, leaked a series of leaked emails sent by House Speaker John Boehner’s (R-OH) chief of staff Mike Sommers suggesting there was coordination between the leadership of the House and Senate to get Congress exempted from Obamacare.

“This is officially my snapping point. I have had it with John Boehner. I have thought he was not a good guy for a very long time. Not on our side. We all know that. We all know that,” an exasperated Glenn said. “But there's a difference between not a good guy – not on your side – and somebody who is knifing you in the back. I want to make it very, very clear, John Boehner is knifing you in the back. And there's no two ways about it.”

The leaked emails, which were first reported by Politico, show Boehner worked behind-the-scenes earlier this year to clarify a provision in the Affordable Care Act that would have forced members of Congress and their aides into the Obamacare exchanges.

According to Politico:

[B]ehind-the-scenes, Boehner and his aides worked for months with Senate Majority Leader Harry Reid (D-Nev.), House Minority Whip Steny Hoyer (D-Md.), and others, to save these very same, long-standing [congressional Obamacare] subsidies, according to documents and e-mails provided to POLITICO. Senate Minority Leader Mitch McConnell (R-Ky.) was also aware of these discussions, the documents show.

“Now remember, there's no way for a Republican to get away with saying, ‘I know you have to join Obamacare, but we're not going to.’ That was one of the things: Make Congress abide by their own laws. Make them feel the pain that they have inflicted on all of us in every shape and form. Make them abide by the same laws.”

One the more egregious emails shows Boehner’s office was aware of the political potency of seeking a Congressional exemption, for they discussed how to disguise a planned meeting on the subject with President Obama as a meeting on immigration reform.

“So, here is the letter. He writes, or his chief of staff writes to Harry Reid about how they have to get into see the President to save the Congressional subsidies. They need to see the President and do some backroom, off the record, deal,” Glenn explained. “John Boehner's chief of staff writes, we can't let it get out there that this is for Boehner and Reid to carve out the requirement of Obamacare. Got it? We can't let it get out. We have to find some way to get them to the President, quoting, ‘I am even okay if the President is hauling us down to talk about the next steps on immigration. I really don't care what we say it's about. It just can't be about what we know it's about.’ End quote.”

The Democratic Party has allowed itself to be overrun by progressives, and Glenn wondered if the Republican Party is now facing a similar fate.

“Let me ask the Republicans. Are you as dumb as the Democrats have been because the Democrats allowed the progressives to take over their party,” Glenn said. “Republicans, the evidence is here. John Boehner is a lying thief. He is trying to portray himself as something he is not. You now have the evidence of his chief of staff in bed with Harry Reid saying, ‘Can we bury this? Can't we just make this happen? Can't we just keep the subsidies for us while we pretend to fight against them?’ So now it's up to you. You have the information.”

What is the best way to get the Republican Party back on track? Get rid of the so-called Republicans, like John Boehner and others, who are no different than their progressive counterparts on the left. How do you get rid of them? Stop sending the Republican Party money.

Glenn created a hash tag to kick start this movement: #DefundTheGOP. Glenn pleaded with the audience to not give another dime to the GOP until the money stops going to people like Boehner, Sen. John Cornyn, Rep. Pete Sessions, Governor Chris Christie, and others.

“I guarantee you, John Boehner would step down today, if the big donors would actually come to the plate today and say, ‘I've given my last dime to the Republican Party until john Boehner steps down – not as speaker of the house – but resigns. Until that happens, you don't get a dime from me. Not one dime from me,’” Glenn said. “If everybody who has ever given any money would call their congressman and call GOP Headquarters and say, ‘Don't you ever ask me for a dime. Don't you ever send me an email. Don't you do it.’ There's step one: #DefundTheGOP.”

So what does the future hold for the Republican Party if John Boehner continues to get his way?

“I'm pretty good at predicting the future. I'm pretty good at seeing the trends. If you don't come off of this road now, you are going to have a GOP that is just like the Democrats. And your choice will then be Chris Christie or Hilary Clinton. Which one you want? I don't want either of them,” Glenn said. “You want a real choice? Good. Right now you can have that. If everybody got on the phone, everybody called John Boehner, Everybody called their representative and said, ‘I'm done with you. You know, you are a good representative but unless you can convince him, you are going to have to step out of your party. I won't give any of you another dime.’”

“You are a steward of your money. You are supposed to do the right thing. Do you really believe giving your money to the GOP and to John Cornyn and to John Boehner to have them decide who is going to protect the Republican freedom [is the right choice],” Glenn asked. “I ask you to pray on it. Do you really think that's the way to go? These guys are a knife in the back. Not a dime from me. #DefundTheGOP.”

Front page image courtesy of the AP

Glenn created "The Senate Fails to Condemn INFANTICIDE" in response to the Senate not passing Nebraska Senator Ben Sasses' bill banning infanticide early this year. In an effort to help support pro-life charities, Glenn first posted this for sale on eBay before being banned multiple times before we finally had enough and put it up for sale on bidpal.net.

At the time of this post, the bid was up to $4,700 — but we can do better than that. Please help us raise money for a good cause, you don't even have to display it anywhere in your home, you can just keep it in storage or something! If you want this priceless piece created by one of the most influential people in the world of art, place your bids here.

Can you remember the economic crisis of 2008 and how you felt when the news broke that Lehman Brothers had collapsed? I have found an economic threat that everyone needs to be aware of, so you can prepare yourself in case we see another 2008 type collapse. I am going to present the evidence to you and I urge you to verify everything and to form your own opinion.

What is that threat?

It is a bank called Deutsche Bank. They are by far the most dominant bank in Germany which is the world's fourth-largest economy. In 2018 they had €2.08 Trillion worth of assets and the second-placed bank (DZ Bank) had €506 Billion worth of assets. To show you how dominant this bank is, they have more assets than the 2nd, 3rd, 4th, 5th and 6th sized banks combined.
When we review a business there are three key parts to analysis:

  • Market sentiment
  • Business numbers
  • Technical Analysis

Market Sentiment

Deutsche Bank has a long history of potential scandals including going all the way back to World War 2 and dealing in Nazi gold. Below are five recent stories which have increased the negative sentiment around Deutsche Bank.

  1. In 2007, they purchased a portfolio of loans worth $7.8 billion and purchased insurance from Warren Buffets Company. It was discovered they did not set aside enough capital to cover any potential losses. Over the course of the ten years, they lost $1.6 billion, and when they sold the loan they did not update their financial statements to include the big loss
  2. The Panama Papers are an ongoing investigation looking for many things including offshore tax havens. These investigations have resulted in several heads of state resigning including in Iceland and Pakistan. Last November, 170 police raided 6 different offices in Frankfurt looking for evidence of money laundering.
  3. Estonia is a small country in Eastern Europe. It has a population of 1.3 million people and a GDP of €26 billion. In January, it was discovered Deutsche Bank got involved with a Danish bank called Danke Bank and processed over $230 billion worth of cross country payments (including from Soviet Russia) through one bank in Estonia.
  4. There have been rumors of issues with Deutsche for a while now and one of the solutions put forth was a merger with a bank called CommerzBank. The leaders of both companies met and they even got support from politicians. In April, news broke that the merger talks had failed because over worries the risks and costs would be too great.
  5. Last week in France, Investment banking boss Garth Ritchie and others were arrested in France over illicit tax transactions.

Business Numbers

Deutsche Bank is already struggling as they are losing staff, losing market share, and bonuses are expected to be down at least 10% and further rounds of cost-cutting to come. Now imagine the impact if business costs start going up.

The banking industry works in a very simple way. They raise funds through large bonds at low-interest rates and then sell those funds to business and individuals thru products like loans and credit cards at a higher interest rate which results in a potential profit.

Earlier this year, Deutsche Bank tried raising money through several bonds. They paid 180bp (basis points) on a two-year bond and 230bp on a seven-year bond. Let me put this in context for you. There is a small bank in Spain called Caixabank which paid 225bp on a five-year bond and one of the larger banks in Spain, BBVA paid 130bp on a five-year bond.

  • How and why is a small bank in Spain getting a better deal on bonds than a huge bank in Germany?
  • Why is a large bank in Spain getting a bond 100bp cheaper than a German bank?
  • What does the market know that we do not?

Stock Price

Deutsche is also missing revenue projections which further hurt the business ability to survive and prosper. As you can imagine all of this news has a deep and lasting impact on its stock price which is in deep trouble. Before I share the stock price, I need to put this into the context of the market and the industry compared to the big economic crash of 2008. Below you will see a chart of some banking stocks from around the world with their peak price prior to the 2008 crash, the low of the 2008 recession and the price today:

As you can see from the above chart the banks in America have recovered from the 2008 recession by anywhere up 375% and JP Morgan has not only recovered its price in full but is constantly setting new high's. Ireland went bankrupt and had to be bailed out by the EU/IMF following the 2008 crash and even our national bank has more than doubled its price since 2008. The worst performing bank I could find was Societe Generale which has issues but is still hovering around its 2008 low price levels.

Now let's put that into the context of Deutsche Bank. Not only has the stock not rebounded but it is over 65% below its 2008 low at $6.75.

Technical Analysis

When you are dealing with the stock market, you also have people who study pricing through technical analysis. Experts look at things like FIB sequences, trend lines, and support levels. Support levels are a key metric for a stock failing because are looking to find where it will find support and potentially bounce higher.

We are very close to a key support level ($6.40) and if the price goes below this level, there is no saying exactly how low the price could go. At least one company expects Deutsche to fall below this support level, as several weeks ago UBS downgraded the stock to a sell order. This news was compounded last Friday when rating agency Fitch, downgraded their credit rating to BBB or two levels above JUNK status.

Other Information

I know you are likely reading this and thinking "this bank must have smart people in charge and surely they have a plan, right?" I am sure there is a plan and while they have kept their cards close to their chest, they have spoken in the past about the areas they foresee having growth for the company – they include business in Saudi Arabia, UAE, and Egypt. Do they strike you as countries which are stable and will offer steady and reliable growth? Do you have to think really hard to imagine how this could go potentially very wrong?

Questions

I believe there is at least a solid case Deutsche is in a LOT of trouble. So what are possible scenarios for the future? I will lay out the key questions below but I must stress that it's impossible to say for sure what exactly will happen. One of the key numbers to remember here is they have roughly €50 billion worth of derivatives.

  • How likely is it that the bank can turn things around and survive?
  • How likely is it the bank continues to run into trouble, its stock price fails and eventually fails?
  • If you think it is likely it will fail, the question becomes what will the fallout be? Who will be affected?
  • Will they be bailed out?
  • If so, by whom? The German government, ECB, IMF, the Federal Reserve?
  • What will the German government think? Some members recently spoke out saying they would block public money for the proposed merger? Will they block funds if it failed?
  • Will other banks be exposed and affected? Will they have to take losses?
  • Will those losses be spread around or will one or more bank be mainly affect?
  • Will this affect the sentiment of the banking sector and cause a panic?
  • If there are issues and it starts affecting the stock prices, what will be the impact on other industries?

Last Question

The last question revolves solely around the banks and the regulators? How secure are the other banks? We all hear about how banks are now put through "stress tests" but how much trust do you put in those results? How much trust do you have in the regulators?

I know this may make me sound like a conspiracy theorist to some but it's an honest question. The Fed is on public record saying they want to keep this economy strong as long as possible. If a bank did not perform strongly in a stress test or even barely failed one, do you think they would report it?

Can you imagine the pressure that body would come under to stay silent? Can you imagine the rhetoric they would face with questions like, "Are you really going to fail one bank? Do you know how many people will lose their jobs if you do that?" Am I saying this is happening? No, but can you really rule it out 100% as a possibility?

I urge you to ponder on these questions, do your own research and find YOUR answers.

Update: The most freaquently asked question I have received from this column / show is how much time do we have to prepare. This is an impossible question to answer, as it could fail tomorrow, next week or might be next year. However I want to provide you a potential date for your diary – July 24th. That is when Deutsche will release their next earnings report and if it comes in below expectations, it could cause a further drop in price casting more doubt over the future viability of the bank.

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Survey: Where do you stand on these conspiracy theories?

Thought Catalog / Unsplash

Have you seen this survey on the most-believed conspiracy theories in America?

It's no surprise the survey has been getting so much attention. The results are actually a pretty disturbing.

Infographic: Belief in Conspiracy Theories in the United States | Statista

I decided to put together a quick survey of my own, with slightly different wording.

Up-vote the ones you agree with and down-vote the ones you disagree with.

I believe Lee Harvey Oswald killed JFK alone. However, I would not be surprised to find out the government sealed evidence that others were involved.

If by "deep state" you mean long-time Washington power brokers who are used to calling the shots and now feel threatened by Donald Trump not listening to their advice or council — yes, I do believe that many people like that are working against him and his administration.

Whether alien bodies are in Area 51 or not, I do believe the government knows more about UFOs than they have told us.

I do not believe the U.S. government was involved in 9/11, but as we know, NSA advisor Sandy Berger was caught destroying documents from the national archives related to both Bush and Clinton. All U.S. administrations have been to close to the Saudis, and the Saudis were involved in 9/11 at some level.

I believe the climate is always changing — it's natural. I would be willing to accept that man MAY play a role in this. But I do not believe in the solutions currently being discussed, nor do I believe the intention of most political activists are pure.

Any talk of the Illuminati provides the true dangers to man's freedom — like very powerful NGOS and men like George Soros — a perfect cover.

The U.S. government has done some horrible experiments on people and land — I also suspect they will do more things in the future. But I do not believe in the systematic spraying of chemicals using chemtrails.

The moon landing was real, but I see a time coming when people will not be able to trust their eyes due to deep fakes.

What do you think?

Let me know in the comments section below.