Glenn Beck: Romney talks bailout




Mitt Romney

GLENN: From Radio City in Midtown Manhattan, third most listened to show in all of America. Hello, you sick twisted freak. Welcome to the program. My name is Glenn Beck. Governor Mitt Romney is on the phone with me now and we're just talking a little bit about the bailout package and whether or not it is something that we should do. Governor, I have been against the bailouts of, you know, Bear Stearns, all of these bailouts I've been against. You could have made the case on AIG because it's an insurance company but here we go with a massive program that you're kidding yourself if you don't think that it's at least $2 trillion that it's going to end up being. A lot of people say where's my bailout, why should I bail these people out on Wall Street that have caused this problem.

GOVERNOR ROMNEY: Well, there's no question no one has any interest in bailing out the guys on Wall Street who caused this problem. In many respects the term "Bailout" is a misnomer. The people who caused this problem ought to lose jobs, ought to lose wealth and are going to face some hard times by virtue of their mistakes but what we want to make sure is that the people on Main Street and the homes all over America, that these folks aren't the ones who are suffering and if we had a meltdown of our financial system where banks and financial institutions couldn't make loans, where your life insurance policy was suddenly worthless, where awful these kind of dramatic changes occurred, you'd hurt a lot of people. A lot of people would lose jobs. You could even throw the country into, well, a very severe recession or even the D word which I don't want to use, but it's that which the treasury secretary and the Federal Reserve are worried about and that's why they are taking such extraordinary action.

GLENN: Explain a little bit of what happened last Wednesday in layman's terms. I don't know if America really has a handle on, we were talking about shutting the country off because of nobody was making loans to each other. Nobody trusts each other anymore.

GOVERNOR ROMNEY: Well, the challenge all started with exuberance on the part of Republicans and Democrats to give mortgages to people who really didn't have the capacity to pay back the money. Everybody hoped they would but, you know, it was just irrational exuberance as Greenspan used to call it and so all these mortgages were handed out and then the banks, investment banks and other institutions held onto these mortgages expecting to get paid back and when the inevitable happened, when it was clear that people couldn't pay it back and started defaulting, we recognized that these banks and investment banks didn't have as much money as they thought they had and therefore they had to stop lending to new people because they didn't have money to lend. And when you start seeing people having to stop lending, well, then you mean folks can't buy cars, the kids can't get loans for school, that people can't buy homes and you could slam the whole economy shut. And it was that that the Federal Reserve feared and that's why they are proposing such dramatic action.

GLENN: Okay. The country is not for this bailout at this point, and I think that is because nobody has been nobody will use the D word. But if you don't stop this in its spiral out of control, businesses, I mean small businesses, big businesses, it just closes shop almost overnight. Yes or no?

GOVERNOR ROMNEY: And that's you are absolutely right. That's the fear. The fear is if all the banks start going under, all right, if the investment banks start going under or if they just can't make loans anymore because they don't have a strong enough balance sheet, not enough cash, if you will, and reserves to make loans to people, well, guess what happens in this country. We have a massive economic slowdown unlike anything we've seen for 100 years.

GLENN: That's a real concern, though. People dismiss that as, oh, that's crazy, that will never happen. That's an actual real consequence of doing nothing or doing the wrong thing.

GOVERNOR ROMNEY: Well, that's precisely what Secretary Paulson and Chairman Ben Bernanke and people on both sides of the aisle fear. And you can't be 100% sure that would happen but that's what they fear. They are not trying to save the jobs of the folks on Wall Street. They are not crying over those. What they're concerned about is that if Wall Street and the banking sector and the insurance companies go out of business, why, the entire country can go out of business.

GLENN: Okay. Now, the other side, because I am because I now understand exactly, this is not and correct me if you disagree with me but I believe this is not necessarily we all hoped that it would work but this is not necessarily designed to just put everything back in rosy condition. This is to land the plane even in the middle of a field or a forest, just have some pieces of the plane left and not kill everybody on board.

GOVERNOR ROMNEY: Yeah, Glenn, I think you hit it on the head because even when this is done, there's still going to be dramatic change in our financial markets. Institutions are going to stop we're not going to have investment banks like we used to have.

GLENN: Right.

GOVERNOR ROMNEY: New York may cease being the center of financial activity in the world.

GLENN: Which is gigantic. The other thing is, is that we would whether this works or not, we're probably going to live more like my grandparents lived that they were saving the bacon grease, they never threw scraps away, you know, my grandmother fixed our shirts and our pants. I mean, we were thrifty because they went through the Great Depression. We're going to have to, one way or another, reset pretty close to that kind of a lifestyle again.

GOVERNOR ROMNEY: Well, I don't know that we're going to go quite that far. I'm not planning on saving the bacon grease, but I think people are going to be thrifty. We are with our automobiles now. We're looking at far more fuel efficient cars, we're looking at turning down the thermostats in our homes. We're just saying, you know what, in a world like the one we're living in, we can't afford to be as extravagant with energy and with spending as we've been in the past. And by the way, government is the place to start. We're going to have to rein in these politicians that keep adding new programs and new spending ideas. It's part of what's precipitated the crisis we have.

GLENN: Okay. Now, the other argument against not doing anything would be that we're printing money in the basement. We're adding more debt to some we're doing exactly what caused this. We don't have the money to do it but we're like, oh, no, we can just carry that; don't worry, we're good for it and somehow or another we'll figure it out, things will get better. And so we're doing what we all did in our own personal lives, not everybody, but a lot of people did in their own personal lives, we're doing it on the federal government scale to the Nth degree. How does it not end up destroying the value of our currency and not destroy, you know, the integrity and the credit rating of the United States of America?

GOVERNOR ROMNEY: There's no question but that the decision that we're taking to add more debt is something which weakens our currency which makes us more vulnerable in a global competitive world and has the very aspects you are speaking about. It's a question of which one is the worst. Those that are studying the effects of the two directions are saying, look, we're better off here buying some of these mortgages that aren't performing well, that aren't being paid back, we're going to buy them and then over time we're going to try and collect as much as we can from the various homeowners and sell homes and try and create stability. Because what the Federal Reserve is saying is look, when things go down in a fire sale mode, you are going to be in a lot worse shape than if you try and have an orderly, if you will, reorganization of the effort. So they are going to say we're going to add some debt but at the same time we're going to pay it back in a slow but sure way. And that's the you know, that's the there's no easy answer here. There's no obvious answer but it looks like the best one at this current juncture.

GLENN: Okay. The Democrats are trying to add a stimulus package, they are trying to say that judges should be able to be involved and renegotiate your mortgage payment, et cetera, et cetera. Is there anything here that you say, you know what, I'm for this bailout package but I draw the line here; this cannot happen?

GOVERNOR ROMNEY: Yeah, at some point if you load an aircraft up with too much baggage, it won't take off. And this is an emergency effort to keep our economy from going into a tailspin and congress, you know, should act pretty narrowly and then if they want to do other things, fine. They just passed a $300 billion program to help people stay in their homes and they want to get credit for doing more. You know, let's do that on a separate day if we can. By the way, I think John McCain is right to say, look, if the Federal Reserve steps in or the Treasury steps in rather and keeps a bank from going bankrupt, we better not watch this CEO pay himself a $10 million bonus and so we're going to limit how much these guys can take out of these banks because we're not saving it for them. We're saving it for the citizens who want to borrow.

GLENN: Right. I don't have a problem with that but I do have a problem with telling people that they should have a salary cap.

GOVERNOR ROMNEY: Well, it's a compensation cap of some kind.

GLENN: But is it only for failures?

GOVERNOR ROMNEY: Oh, yes. It's only for those that take money from the government.

GLENN: Then I have no problem. If you fail, you get 10 bucks.

GOVERNOR ROMNEY: Exactly. It's like saying, if you want the government to bail you out, to buy your bad debt from you, then the government is going to have a say about how much you are going to pay yourself because we're bailing you out so you can keep in business and lend money to our citizens. That's why we're not to pay yourself a big bonus.

GLENN: Good. I don't have a problem with that. Governor, I know you've got to run. Thank you so much.

GOVERNOR ROMNEY: Glad to be with you.

The Senate Judiciary Committee was set to vote on subpoenas to compel Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg to testify on alleged censorship and bias across their platforms. But that all changed when Republican committee members "expressed reservation about the maneuver," Politico reports.

Sen. Ted Cruz (R-Texas), who chairs Judiciary's Subcommittee on the Constitution, was definitely not one of the committee members with cold feet. On the radio program Tuesday, he told Glenn Beck that he's fighting "vociferously" to ensure Dorsey and others testify before the November 3rd election.

"Jack Dorsey and Mark Zuckerberg are both going to testify. They're are going to testify in person. They're going to testify before Election Day. That's what I think should happen," Cruz said. "That's what I'm fighting vociferously to happen. Right now, the companies are negotiating with the chairman's office to discuss terms to come voluntarily. I don't give a damn whether they come voluntarily or under subpoena. They need to testify in person and answer questions for the American people about why they are trying to steal this election, to suppress the free speech, and to censor the press."

The subpoenas would require Big Tech leaders to testify on the alleged "suppression and/or censorship" of two consecutive blockbuster stories from the New York Post. The first story was about emails that allegedly came from Hunter Biden's computer which are currently being investigated by the FBI, and the second was based on additional emails that allegedly showed communist China directly offering millions of dollars to then-Vice President Joe Biden.

"Big Tech stepped in, and they've done something they've never done before," Cruz explained. "We know that Big Tech has been censoring individual conservatives, trying to suppress conservative speech. But the step they took here is, they blocked if any individual user tried to share either of the New York Post stories, [they] were blocked ... Sharing a news story, from a major media outlet is part of democracy, part of free speech. And not only that, they blocked the New York Post itself. Right now, today, the New York Post is not being allowed to post its own damn stories on corruption. This is ridiculous. It's a threshold that's never been crossed before, of Silicon Valley oligarchs declaring the authority to determine what the press is allowed to report, and who is allowed to see it."

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If we learned nothing from the media over the past 4 years it's that colluding with a foreign entity to either win an election or for personal gain is absolutely grotesque. Well, that depends on whether you have a (D) or (R) before your name anyway. President Trump was impeached on rumor and innuendo yet Joe Biden has all but skated on his corruption up to this point.

Below is a timeline that shows the level of corruption and the lengths the Biden's went to in order to build that family's wealth and influence internationally.

2009

In 2009, Joe Biden was the brand-new Vice President and John Kerry was a U.S. Senator. Just five months after Joe was sworn in, his son Hunter, and Kerry's stepson, Christopher Heinz, formed an international private equity firm called Rosemont Capital. It had several different branches, including one called Rosemont Seneca Partners.

2010

Just nine months after Rosemont Seneca opened its doors, Hunter Biden went to China for meetings with executives from China's biggest banks, and its sovereign wealth and social security funds. That's unheard-of access for a brand-new firm. Was it just coincidence that at the same time Hunter was meeting these Chinese bigwigs, his dad was meeting with China's then-president Hu Jintao in Washington DC at a nuclear security summit?

2011

In May 2011, Joe Biden met with Chinese officials for the U.S.-China Strategic & Economic Dialogue conference in Washington. Just two weeks later, Hunter Biden went to Taiwan for meetings with the same Chinese financial giants he'd met in China in 2010, plus some new ones.

2013

By December 2013, Joe Biden was enjoying his second term as VP, and John Kerry was now Secretary of State. That's when Joe traveled to Beijing on an extended official trip and Hunter traveled with him on Air Force Two.

During their stay, Vice President Biden met with President Xi and Hunter was mostly out of sight. We don't know exactly what he was up to, but the deal finalized between Rosemont Seneca and the Bank of China just ten days after the Bidens' trip pretty much gives it away. The most powerful financial institution in China formed a joint venture with tiny Rosemont Seneca to create a giant new investment firm called Bohai Harvest RST – the "RS" stands for Rosemont Seneca.

The firm is often called "BHR" for short.

Hunter Biden was a member of the Board. Remember, the Bank of China is government-owned, which means its business is completely intertwined with the goals of the Chinese Communist Party. BHR also got the freedom to operate in the newly created Shanghai Free-Trade Zone where, over the next six years, it would use $2.5 billion of Chinese government money to invest in China, as well as in other countries, including the U.S.

During their Beijing trip, Hunter also introduced Jonathan Li to his dad. Li is Hunter's business partner – he's CEO and Director of BHR.

Hunter arranged for Joe to meet Li in the lobby of the hotel where they stayed during their Beijing trip.

2014

In 2014, one of BHR's first major investments was in the China General Nuclear Power Corporation.

CGN is a Chinese government-owned nuclear power company that sold off a stake of the company to outside investors. Problem is, CGN was under FBI investigation for paying informants in the U.S. to steal nuclear secrets.

In 2016, the FBI arrested the ringleader of this nuclear espionage, a man named Allen Ho.

When they arrested Ho, he was using a random code generator to access funds being provided to him from – where else? – the Bank of China.

Yet while this FBI probe was going on, the son of the Vice President owned a stake in the company being investigated. And even after arrests were made, Rosemont Seneca did not alter its relationship with BHR, nor did it divest from CGN, even though it was stealing U.S. nuclear secrets.

2015

In 2015, BHR partnered with the Aviation Industry Corporation of China (AVIC) to buy an American company called Henniges for $600 million.

AVIC is a gigantic military contractor in China – think Lockheed Martin – that makes fighter jets, bombers and drones. BHR bought 49% of Henniges and AVIC bought 51%.

Henniges is a precision parts manufacturer specializing in anti-vibration technology. The stuff they make is known as "dual use" by the U.S. State Department, which means the technology can also have a military application.

Because of that, the deal had to be approved by the Committee on Foreign Investment in the U.S. (CFIUS) since it could have national security implications. The thing is, the American side of BHR – meaning Hunter Biden and his pals – had to know there were serious national security implications with AVIC.

The year before they formed a partnership with AVIC, the Wall Street Journal reported how AVIC stole technology related to the U.S. Air Force's F-35 stealth fighter and used it in its own stealth fighter for the Chinese.

How the Committee on Foreign Investment approved that deal remains a mystery. CFIUS does not publicly disclose any information regarding its decisions. Their findings are not publicly announced.

Interesting that China accounted for the largest share – with 74 transactions – approved by CFIUS during Obama's second term (2013-2015).

Under the umbrella of Rosemont Capital was a real estate company called Rosemont Realty. In 2015, a Chinese company called Gemini Investments bought a 75% stake in Rosemont Realty. The company was renamed Gemini Rosemont

Gemini brought $3 billion to the partnership with Rosemont, with the aim of buying "Class A institutional-quality commercial office properties in U.S. markets."

Red flag (literally) – Gemini Investments is a subsidiary of the China Ocean Shipping Company, a.k.a., "COSCO."

COSCO is a Chinese government-owned company. Its headquarters in Beijing is actually next to the headquarters of the Bank of China. COSCO is well-known for its close military ties. It's essentially a branch of the Chinese Navy.

2017

In 2017, BHR invested in Face++. That's the facial recognition phone app built by a Chinese company that is incorporated in a separate app built by the Chinese government. Police in the Xinjiang [Sin-jong] region of China use that app to keep tabs on citizens, and track and detain Uiguhr [Wee-ger] Muslims.

The app allows police easy access to data about Chinese Muslims including things like religious activity, blood type, and even the amount of electricity they use.

2018

In March 2018, a spokesman (Chris Bastardi) for Christopher Heinz (John Kerry's stepson) emailed The Hill to say that Heinz had "no operating role" in Rosemont Seneca, and that he was not involved in any of Rosemont's deals in China (which contradicts Schweizer's report in his book Secret Empires).

Chris Heinz was involved in Rosemont Capital. Rosemont Seneca was established under the same GP as Rosemont Capital, but Chris Heinz had no operating role in it. Chris and his family have no financial interest or investment in Bohai Harvest RST, he has never traveled to China, and he has never met with the firm's Chinese management team or investors.

2019

In October 2019, Hunter Biden's lawyer, George Mesires, said Hunter did not conduct any business on that 2013 trip to Beijing with his Dad.

Mesires said the timing of BHR's business license getting approved was purely coincidental because the paperwork had been submitted months before the Bidens' China trip.

According to Hunter's lawyer, the approval " was not related in any way, shape or form to Hunter's visit."

Hunter Biden finally stepped down from the BHR board last October (2019), but he DID NOT give up his 10% stake in the company.

When Bevan Cooney — the former "junior" business partner to Hunter Biden and Devon Archer — went to jail in 2019, investigative reporter and New York Times bestselling author Peter Schweizer thought he'd never gain access to the damning emails Cooney had promised. That all changed three weeks ago when Schweizer was given complete access to Cooney's gmail account.

Schweizer joined Glenn Beck on the radio program Tuesday to describe just some of the business deals revealed within these emails — like Hunter working with an alleged Russian criminal and with Chinese communists to secure their assets, or to secure one-on-one time with his dad, then-Vice President Joe Biden. And all of this new information is completely separate from the emails allegedly discovered on Hunter Biden's laptop recently reported by the New York Post.

"So, I want to make this clear. This [Cooney's emails] has nothing to do with what's on the laptop … It didn't come from [Rudy] Giuliani. It didn't come from anybody else, right?" Glenn asked Schweizer.

"That's absolutely correct," Schweizer confirmed.

He briefly explained how Cooney, a former Los Angeles nightclub owner, is currently serving a prison sentence for his involvement in a fraudulent business bond scheme with Biden and Archer. From prison, Cooney gave Schweizer written permission to access his Gmail account.

"This is really important," he noted. "We're not looking at printouts. Not looking at PDFs. We're actually in his Gmail accounts themselves, sifting through these emails. And there's a shocking amount of information about deals involving China, involving Russia, involving all sorts of things they were trying to pull off."

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The king of "No Spin" and bestselling author of "Killing Crazy Horse," Bill O'Reilly joined Glenn Beck on this week's podcast to talk about the latest developments in Joe Biden's Ukraine and China corruption scandal. Now that some of the details are finally coming out in the open, does the average Democrat care? Maybe, but the Left doesn't seem to.

O'Reilly argued there's more hatred for President Donald Trump now than in 2016, and that some people hate President Trump so much that they'd rather vote for the "senile, corrupt" Joe Biden.

"Hunter got tens of millions of dollars from Ukraine, from Russia, from China because his father was vice president. I have no doubt in my mind," O'Reilly said. "But the hatred for Donald Trump overrides that in the minds of millions of viewers. They're saying, 'You know, we'd rather have the senile corrupt guy than Trump.'"

Asked by Glenn if any other Republican running for president would be met with the same level of vitriol, O'Reilly answered, "The Left is the Left. They don't like America. The want to redo the Constitution. They want to take some of our freedoms, like the Second Amendment and the First Amendment, and change them. And they want to destroy capitalism and replace it with a big centralized government in Washington that controls the economy … but I'm talking about the folks. I have liberal friends and I say to them, 'Do you not understand that when you vote for Biden, you're voting against your own self interest?'"

Watch the video clip from the full podcast below, or find the full episode HERE:

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