Glenn Gets in Heated Debate With Bill O'Reilly Over Trump Dissolving White House Jobs Council

Two business groups advising the Trump administration have dissolved in the wake of President Donald Trump’s third round of comments on last weekend’s white nationalist rally in Charlottesville.

Trump failed to unequivocally condemn the Nazis who marched in Charlottesville and several days later made startling comments that were perceived as making excuses for the white nationalists. A woman died on Saturday after a white supremacist allegedly drove deliberately into a crowd of counter-protesters, killing 32-year-old Heather Heyer and injuring 19 others.

In response, business leaders withdrew their companies from two major advisory groups, the Manufacturing Jobs Initiative and the Strategy & Policy Forum. Trump has claimed that he wanted to close the two advisory councils himself.

“Racism and murder are unequivocally reprehensible and are not morally equivalent to anything else that happened in Charlottesville,” Campbell Soup chief executive Denise Morrison, who was part of the Manufacturing Jobs Initiative, said on Wednesday.

If Trump had refrained from making his follow-up comments earlier this week, the jobs advisory councils probably would have stayed intact.

“That’s the problem that Donald Trump has, that he can’t constrain himself,” Bill O’Reilly said on radio Thursday.

O’Reilly and Glenn had a heated debate over the reasoning behind the business leaders’ decisions to leave the jobs council.

“If you walk away because far-left groups say to you, ‘If you don’t, we’re going to organize a boycott against your company’ … our democracy is shot,” O’Reilly asserted, saying that companies who crumble under the pressure are in the wrong.

“I agree with that; however, that’s not the world we currently live in,” Glenn objected, explaining why business leaders have no incentive to stand with Trump when it damages their company.

GLENN: Bill O'Reilly has come out with an opinion piece on Charlottesville. And I want to just read one thing: America, there is indeed a civil war underway. And the president along with his supporters will lose that war, unless they fight it smarter. Any time Nazis are involved, you condemn them and walk away. That's all.

There will be time to expose the hard left fanatics down the road. It's about picking your spots. It's about an effective wartime strategy.

Bill O'Reilly, welcome to the program. Could not agree with you more, Bill. But I don't think the president -- you asked me this on your podcast two days ago, and I gave you a different answer.

When I saw what happened with Bannon yesterday, I think the president is unfortunately done. I don't know if he recovers from this.

BILL: I don't see it that way. When you are president of the United States, even if your opinion polling is low, you still have an enormous amount of power. And he has the ability -- Trump does -- to kind of isolate Bannon. And Bannon doesn't really have anything other than the court of public opinion to fight back with.

GLENN: Okay. So hang on just a second. But Bannon came out yesterday and pretty much announced, "Hey, I'm the leaker," talking to not only the New York Times, but the Prospect. What he said to the Prospect and the New York Times, stunning. He's --

BILL: Well, give me an example of what stunned you in what he said.

GLENN: Let me see here: First of all, in Kim, Trump has met his match. The risk of two arrogant -- no, no, no, sorry. That's not it.

STU: No. Yeah, he said, "They've got us." He said, "North Korea has got us."

GLENN: Yeah. "They've got us." He said -- he said, "There is no military solution to North Korea's nuclear threats. Forget it. Until somebody solves the part of the equation that shows me that 10 million people in Seoul don't die in the first 30 minutes from conventional weapons, I don't even know what you're talking about. There's no military solution. They've got us."

Not something the president would approve of. Then he goes in to say, "I'm changing out people in East Asian defense. I'm getting hawks in. I'm getting Susan Thornton out at state. That's a fight I have every day. And then I'm going to take on the Treasury with Cohn and the Goldman Sachs lobbying." So he is saying basically, "Here's my agenda, and I'm going to do these things," while he's saying, "The president was bluffing. We don't have -- there's no way to win a war with North Korea, which we all know." But you don't say that if you're in the White House.

BILL: All right. So you have a guy who is sending a signal because he believes he will be fired, that, you know, he's powerful. And if you fire me, bad things are going to happen. That's my assessment of the bluster that is --

GLENN: Yes.

BILL: And you agree with that, right?

GLENN: Yes, yes.

BILL: So okay. Trump's got to make a decision. And the decision most likely will be that Bannon will be fired. And that will I think come probably next week. Because Trump can't back down. He's not that kind of guy anyway.

GLENN: Yeah.

BILL: So Bannon leaves. And then Bannon basically tries to rally through Breitbart and other, you know, conservative places. Tries to rally that Trump has lost his mojo. And it's all over.

So what? I mean, the American people aren't going to listen to Steve Bannon, en masse. They're not. And all Trump has to do is basically do it quickly and not say anything, not comment to what Bannon does. And then in a month, it will all be gone.

GLENN: Okay. That assumes a couple of things: One, that Donald Trump can fire somebody and then not say anything about it.

BILL: All right. But Kelly will fire him. And I'm sure that Kelly and Trump will basically have a strategy going forward. But you might be right. Trump might make a bigger deal out of it than he should, which is what happened in Charlottesville.

GLENN: So here's the thing: As I've been watching the Charlottesville thing, as you said in your op-ed, you know, you got to -- for the love of Pete, you're -- the Nazis, good or bad? They're bad. White supremacists, they're bad.

(chuckling)

BILL: But there was never a time when Trump said they weren't bad. That's just propaganda crap.

GLENN: No, I know that -- but wait a minute, Bill. Wait a minute. Wait a minute. Wait a minute. Out of dead sleep, you're the president of the United States, you know you take a hard-line stance because that's what we all believe.

BILL: Right. Right.

GLENN: And then he says, "Well, I wanted a couple of days to figure it all out." He comes out with a statement that he's reading. And everybody knows, those aren't his words. I'm not saying he supports the Nazis or white supremacists. But then he comes out and says it. And then he won't leave it alone. And then the next day, he comes out and he undoes everything.

BILL: Well, that's -- that's the key: Leave it alone.

GLENN: Correct.

BILL: He doesn't have the discipline to walk away from provocations on the far left.

Look, that's -- and that's what I say in the column.

And, by the way, if folks want to read it, they can go to Bill O'Reilly and read it. It was also originally printed in the Hill.

But that's the problem that Donald Trump has, is that he can't constrain himself. All right?

GLENN: Correct.

BILL: His hatred or his annoyance, whatever word you want to put, is valid. I mean, the far left is trying to overthrow, not only his election, but the entire country as we discussed.

GLENN: Oh, I -- I agree with you.

BILL: But you don't bring it in when you're talking about Nazis.

GLENN: So here's the -- so help me out with this. Because there are many things. The -- the left is beyond reason with hatred of Donald Trump. And it's never going to stop. And the press is never going to stop. I got it. I got it.

BILL: Good.

GLENN: And I think everybody knew that going in, and that's fine. But if you're in a war like that --

BILL: Yes.

GLENN: -- you have to play your cards right.

So here's the jobs council: Merck, Under Armour, Johnson & Johnson, United Tech, Corning, GE, Intel, Campbell's Soup -- these guys -- all these guys didn't like Donald Trump. But they have fiduciary responsibility. They all walk out this week. So the president has now --

BILL: Do you know why they walked out?

GLENN: Yeah, pressure. Pressure.

BILL: From?

GLENN: The far left.

BILL: Yes, Glenn Beck. Good.

GLENN: They have a fiduciary responsibility. They cannot have their companies -- they would all be sued by their shareholders. And so I want you to know, I'm not --

BILL: Whoa, whoa, whoa. You nailed the reason, but the fiduciary responsibility comes in operating your corporation honestly. So to say that, "Oh, well, I disagreed with Trump's analysis of Charlottesville, so I'm quitting. That's not why they quit."

GLENN: No. No. No. Perception is reality, Bill.

BILL: No, no, no. But you have to look -- you have to understand your audience and then focus on how dangerous this is.

GLENN: Perception is reality. You're fighting -- your argument is, so you stood with the guy -- perception is reality. That's -- I'm not saying this is what happened. I'm saying this is what everyone will believe and the case that will be made. And it will be swept --

BILL: No, they won't. Look, there's a poll out today that say 67 percent of Republicans have no problem with Trump's analysis of Charlottesville. All right?

So you're a CEO. You're on the economic council.

It's an economic council. It's not a council on racism or Nazis or anything else. All right?

So you choose to walk away because your belief system is opposed to Donald Trump. I don't have any problem with that. Okay? I don't have any problem with that.

But if you walk away because far left groups say to you, "If you don't, we're going to organize a boycott against your company," if you walk away because of that reason, our democracy is shot. That's what it means to me. That's what it means to you.

GLENN: You're living in a dream world. You know corporations settle litigation all the time even though they're in the right, and it is destroying our system.

BILL: But this is far beyond that.

GLENN: I know that.

BILL: This is extortion. And if American corporations are going to allow themselves to be extorted --

GLENN: Of course, they are. Tell me what --

BILL: Well, this has to be exposed.

GLENN: To what end?

BILL: Look, then every single commentator on every single television, radio, or internet program, all right? Will go out of business because nobody will sponsor them when threatened with boycotts by the far left.

GLENN: And that's what's happening. That's what's happening.

BILL: I know!

GLENN: So, Bill --

STU: Loud agreement right now.

GLENN: Okay. So wait a minute. So, Bill, hear me out here.

BILL: Yeah.

GLENN: You're talking about right and wrong.

BILL: No, I'm talking about --

GLENN: Doing the right thing.

BILL: -- doing the best for the country. Doing the best for the country.

GLENN: Correct. Correct. I agree with that. However, that is not the world we currently live in. And just hear this one thing out: You have the jobs council walking away. You have Steve Bannon threatening. You have the media just ripping him to shreds. And you have the G.O.P. quietly canceling all of their appearances everywhere because nobody in the G.O.P. wants to stand next to Donald Trump. He has isolated himself. And he doesn't have the ability or the strength to be able to hold the line and to make this moral case.

I would love a president -- and Ronald Reagan could have made this case. I don't see Donald Trump having the discipline, the -- the acumen to be able to make this case and withstand this storm -- this ongoing storm, much of it of his own creation because of sloppiness and no discipline. How does he survive?

BILL: Well, I'm not going to disagree. But it's speculation. All right? You're speculating that he doesn't have the resources or the discipline to overcome what's befallen him. You might be right. But that's not my job -- you know, your job is different than mine.

GLENN: I don't understand this.

BILL: But my job is to basically say to the American people, "This is what's actually happening." Okay? This is what's happening.

So Trump goes out and he basically makes a big mistake by not just condemning Nazis and walking away, he brings in other matters.

GLENN: Yep.

BILL: And then the press takes that and says, "He's a Nazi sympathizer." And they run wild.

GLENN: Yep. Yep. And he is not --

BILL: No sane person believes Donald Trump is a Nazi sympathizer.

GLENN: And I don't believe that even Steve Bannon, who I despise, is a Nazi sympathizer.

BILL: I don't even care about Bannon. You care far more about him than I do.

GLENN: Because he's a powerful player. Not only in the White House, but in conservative media --

BILL: I think if Trump fires him, which is likely, then in a month, that most people will even forget him.

But, look --

GLENN: That's what they said about Van Jones. He's now at CNN.

BILL: All right. That's probably -- Bannon will probably wind up somewhere.

(chuckling)

Anyway, you're speculating that Trump cannot overcome it. You might be right. You might be right.

But in the meantime, the American people should get the truth, that this walkout of this economic council was not driven by moral outrage. It was driven by fear.

GLENN: Yeah.

BILL: Fear of economic damage caused by far left boycotts.

GLENN: Exactly right. You and I have no disagreement on that. None.

BILL: Good. Good.

GLENN: But what you're saying is, you deal in reality. No, no, no, Bill, I deal with reality. That's the reality. There isn't a CEO -- you show me the people who actually have a spine to stand up. So I would like people to have a spine. I try to have a spine. You try to have a spine. But none of those people have a spine.

BILL: Well, the only solution to that is transparency. Is to get out what the forces of darkness are doing. Make it easier for these CEOs not to fold. But right now, people don't understand what the boycott situation is. Why sponsors were pulled from the O'Reilly Factor because Media Matters threatened the sponsors. They don't understand it.

So once it's exposed -- and, of course, the New York Times is not going to expose it. They're in on it!

GLENN: No. Yeah.

BILL: All right. But the threat to our freedom --

GLENN: I know.

BILL: -- by this kind of behavior is off the charts.

GLENN: I know. I know. I agree with you.

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.