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.

A virus has escaped the university labs and is super-spreading through our culture. It's called Critical Race THEORY and what used to be a fringe topic in the academic world is now a dangerous Marxist REALITY infecting our public schools where students are taught the U.S. is a "parasitic system" based on the "invasion" of "white male settlers."

On Glenn TV this week, Glenn Beck exposes how some teachers are being instructed to "cash in on kids' inherent empathy" in order to train them to become "activist intellectuals," starting as early as first grade.

CRT is an absolute toxin to America and Glenn warns that in just one generation the Constitution, freedom, and true equality will be totally destroyed. Yet, any opposition to the spread of this disease is shouted down as racism and bigotry. If Critical Race Theory is not already in your local school curriculum, it will be soon.

Joined by Asra Nomani, Vice President for Strategy and Investigations at Parents Defending Education, Glenn arms you with the facts about CRT so you can stand up to this tyranny in your community.

Watch the full episode below:


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Ezra Levant, founder of Rebel News, joined Glenn Beck on the radio program to describe the shocking footage he and his team captured of Canadian police harassing and even arresting Rebel News reporters during a protest in Montreal.

Video clips show officers making remarks about the "Jew" reporters and calling Rebel News "Jew media." Reporters are pulled out of crowds, handcuffed, slammed against vehicles and arrested. Some have been fined "thousands and thousands" of dollars "because they had cameras pointed at the police," said Levant.

Another video clip shows Canadian police demanding entrance to a rented Airbnb houseboat without a warrant.

"They the claimed it was an illegal gathering. It was just a B and B," Levant explained. "I told them to get a warrant. I went out there ... and they wouldn't let me back in.... It turned into a ten-hour standoff. They couldn't find a judge willing to give them a search warrant, so to punish us, they called the whole thing a crime scene. They actually wouldn't let any of my team off the boat unless they submitted to a personal search, which is illegal. And the craziest part, is that they arrested one of my guys, took him to jail, and they said this to us: We will hold him in jail until you let us search the Airbnb without a warrant."

Levant said nearly all Canadian media have ignored the insane attacks, warrantless searches and seizures, and the jailing of journalists, and warned Americans to take note and protect our First Amendment rights.

"If you do not protect your First Amendment, if you do not hold those hard-won freedoms, you will be like what we are," he said. "This is your future if you don't protect your First Amendment."

Watch the video below for more details:

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On Monday's episode of "The Glenn Beck Radio Program," Glenn opened up about the tragic death of his brother-in-law, Vincent Colonna Jr., who passed away unexpectedly on April 5. He also shared some of the important thoughts and insights he's learned through the grieving process.

"Last Monday, I was sitting in this chair ... the two-minute warning comes and Stu said to me, 'You ready for the show?'' ... And that's when my wife [Tania] came to the door of the studio here at our house and said, 'I...' and she held the phone up. And then she collapsed on the floor in tears," Glenn began. "Tania's brother had passed. To say this was a shock, is an understatement."

Glenn described his brother-in-law as having "a servant's spirit."

"He was always the guy who lit up the room. He was always the guy helping others. He would never stop, because he was always helping others," Glenn said of Vincent. "He was on the school board. He was a little league coach. He was the soccer coach. He helped build the church. He took care of the lawn of the church. He was constantly doing things, raising money for charity, working over here, helping to organize this. But he was never the guy in the spotlight. He was just the guy doing it, and you had no idea how much he had done because he never talked about it.

"We also didn't know how much mental anguish he was in because he never talked about it. And last Monday morning, after spending Easter with the family ... he killed himself. This is now the third family member of mine that has gone through this. And I keep seeing it play out over and over and over again, in exactly the same way."

Glenn described his thoughts as he, Tania, and her family struggled to come to grips with the devastating loss.

"I learned some really important things as I was watching this wake. I'm seeing these people from all walks of life ... the people that were there, were there because [Vince] made a difference in their life. He was a true servant. As I'm watching this, all that kept going through my mind was, 'by their fruits, ye shall know them.' The fruits of his labor were on display. He was a servant all the time. All the time ... he found a way to love everybody.

"There are two great commandments: Love God with all your heart and mind and soul. And love your neighbor. So those two great commandments boil down to: Love truth. Because that's what God is," Glenn said.

"Love thy neighbor. That's where joy comes from. The opposite of joy is despair, and that is the complete absence of hope ... and how do you find joy? You find joy by rooting yourself in the truth. Even if that's a truth you don't want to accept. Accept the truth," he added. "But we have to stop saying that there's nothing we can do. What are we going to do? Well, here's the first thing: stop living a lie."

Watch the video clip below to hear more from Glenn:


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After imprisoning a pastor for refusing to follow COVID-19 restrictions, Canadian officials barricaded his church. And when some church members retaliated by tearing down part of the fence, Canadian Mounties arrived in riot gear.

Rebel News Founder Ezra Levant joined Glenn Beck on the radio program to give his insight on the crazy situation. He described the new, armed police presence surrounding GraceLife Church in Edmonton, Alberta, and how it not only encouraged hundreds of protesters to stand with the church in support but forced congregation members underground to worship as well.

What's happening is eerily similar to what occurs everyday in China, Levant says, and it must stop. Who would have thought this type of tyranny would be so close to home?

Watch the video below to hear Ezra describe the religious persecution taking place in Canada.


Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.