Glenn Beck: Violence from the left?

March 05, 2010

The Glenn Beck Program

Unholy Alliance: Radical Islam and the American Left

by David Horowitz

GLENN: We yesterday was kind of a big day for education. National Day of Action to Defend Education. There were national calls for action. This sent thousands of people out into the streets, California, there were people in Wisconsin, there were people in Illinois. There was violence involved. UC Berkeley probably was the biggest. David Horowitz is here with me now. Hi, David.

HOROWITZ: Morning, Glenn.

GLENN: David, you were part of the 1960s generation that, you know, you were a useful idiot. Would you agree with that?

HOROWITZ: (Laughing). Well, I thought of myself as more than that.

GLENN: No, but I mean, that's what Stalin

HOROWITZ: I was a Marxist revolutionary. That's the way I would have described myself. And I was a leader of the new left and edited its largest magazine. And what the new left was, you know, was created, it was a disintegration of the Communist Party really because of the revelations about Stalin coming from Kruschev. So what happened was that the movement, it was a lot of groups. What you see in these protests is hundreds of groups. We used to call it the hydraheaded monster and we created it too fool people that we had different agendas from the from what the communists had. But actually they're the same agendas, that corporations are evil, we want socialism, we want the government to own everything and control everything and create social justice. And that's what happened yesterday.

If you look down the organizations, they were all in a coalition called Defend Education. But if you look at them, for example, there's one, Bail Out the People Movement, bail out the people, not the banks. This is a front group for the for International Answer, which is a pro North Korea Communist Party. I mean, it's a Bolshevik party that demonstrated the anti Iraq organizations. It was the leading organizer.

GLENN: I remember that.

HOROWITZ: Yeah, you have something called Anakbayan. There's a lot of those, which means sons and daughters of the people. If you look at the movement, you know how they support Hamas and Hezbollah, the terrorists. They have got this campaign to stop the U.S. military occupation of Haiti. This is what I call the neocommunist core of the progressive movement. The progressive movement includes fellow, what I would call fellow travelers. I mean, there are a lot of people who are on the left who would understand that there's a lot of crazies in the movement. And then you have SDS, you know, which is a violent campus organization.

GLENN: SDS, SDS is where the Weather Underground came from.

HOROWITZ: That's right, yes.

GLENN: Right.

HOROWITZ: They were all SDS. They got elected to the SDS leadership and then they said we're going underground and we're going to, we're going to you know, we're going to be authentic revolutionaries. We're not just going to scream revolutionary slogans. We're going to actually blow things up. That was their

GLENN: What's the

HOROWITZ: There are a lot of groups in here like that. There's MEChA which wants to take back the southwest, is a racist organization. They call the southwest Aztlán, which I think is an Aztec name.

GLENN: Well, I love the logo of this organization because it has the eagle with a stick of dynamite in its claw.

HOROWITZ: Well, yeah. I mean, I actually, I like the out front people.

GLENN: Yeah. Me, too.

HOROWITZ: They tell you

GLENN: They're much better than, they are much better than what we have in the White House right now, the Van Jones of the world.

HOROWITZ: That's right.

GLENN: That are I mean, is there any doubt in your mind that Van Jones because I've read what some of these people are calling for. It's exactly what Van Jones is calling for. Is there any doubt in your mind that Van Jones is as radical as these groups?

HOROWITZ: Of course he is. You can always as somebody who came out of the left, I can you know, I can tell you if you turn against it, if you understand how evil it is and destructive and it wants to destroy America and you don't want to do that, you do what I did. I mean, you get out and you denounce them and you work against them. It's very easy to tell who's an authentic a person who's authentically had different ideas and somebody who's just concealing the same agendas, you know, with a front. And that's what Van Jones is.

GLENN: I was in a cab I was at a cab yesterday and the cabdriver was from Russia, former Soviet Union. And he said finally he just pulled over to drop me off and he said, Mr. Beck, I want you to know I am a very big fan. And I said, thank you very much, sir. And he said, people in America, they don't understand. We talked for a little while about the code language. He said even my daughter now, he came before the fall of the Soviet Union. He said, even my daughter who is in college now is falling for the code language, and she doesn't believe me. And I keep telling her, listen, this is the code language of the Soviet Union. Agree or disagree, David?

HOROWITZ: Absolute I call them neocommunists. We have a term, you know, neoliberals, neoconservatives, neo Nazis. These are neocommunists. Same agendas, different faith. Like parents who are members of the Communist Party never refer to themselves as communists. They were always progressives. The slogan of the Communist Party at the height under Stalin was peace, jobs and democracy. That was the Communist Party slogan. But you can look, if you just go down the list of these organizations. And let me just say not only are there these, you know, fight imperialism and so forth but there's the American Federation of Teachers, there's all these graduate

GLENN: There's unions.

HOROWITZ: Unions. There's the department of English at Penn State. Indiana university is one of the

GLENN: David, are the unions you watch the TV show, right?

HOROWITZ: Yes.

GLENN: Yes. Have you seen the language that we've been showing people lately from Andy Stern, with the workers of the world?

HOROWITZ: Andy Stern is an old SDS radical. He's a Leninist. The two, what I would you know, the two communist unions, aside from the teacher unions would be the SEIU and ASME, which is the municipal employees which is also here.

GLENN: It's a sponsor of this.

HOROWITZ: You know, when there were antiglobalization riots, they're there. They're part of this movement. There's a good one that I like here: Destroy Industry in Raleigh, North Carolina. I mean, that tells you what they're about. It's just terrible.

GLENN: David, how much I said earlier today, we played this Bald Communist. Play this for David, will you, Pat, the Bald Communist? Listen to this.

VOICE: And this is part of the thing is I don't think we're going to be meeting people's day to day needs and I don't think we have to help this capitalist system which has met the needs of American working people on the backs of third world plantations for my whole lifetime. We don't have to help that. We have to help bring this government down. We have to help destroy this system and that requires increasing the alienation that working class and oppressed people feel.

HOROWITZ: Yeah. Glenn, yeah, I saw that tape. And thank you for bringing that to light. What this guy is saying is what everybody on the left believes. It's very hard to convey this to people. People, Americans, it's just very benign and tolerant and they're always giving people the benefit of the doubt. What this guy is saying is what they believe. He has the poor judgment to say it on tape. But this is what

GLENN: Thank God.

HOROWITZ: What everybody who wants to change the world, what else could they be thinking? You know, there are ways of changing the world which is that you tell people, you know, we want to create a society where the government controls everything, and you put it up for a vote. In a democracy you put it up for a vote. But these people have these hidden agendas and that's what makes them so dangerous.

GLENN: So David, let me ask you two questions. The first one is, my theory is the people that are your generation that were part of SDS, that were part of the radical left back in the 1960s, they now are the ruling class and they are in congress, they are in the White House, they are in business. They're everywhere. They have power. And they're also very sly now because they're undercover. These people are at the top and they understand because they did it themselves, they understand now what they didn't have in the 1960s was power at the top. So now they can stir up the hate and the students and bring the student activists into play, get them going while they apply pressure at the top and they pop the middle. Does that sound reasonable to you?

HOROWITZ: Well, yeah. I think there's a little bit more complicated, but you have absolutely described what is. That is, the people who were in the movement, we used to call it the movement in the Sixties now are running the government and they run the New York Times and the Washington Post. All those people were part of the left, of the Sixties. And their agendas are the same as these other people. Their tactics are different. So I don't I think some of them are, you know, embarrassed by this kind of radicalism. Certainly by that guy who you have on tape. They feel he is hurting their cause. We want to conceal, we want to conceal the agendas of the cause.

GLENN: Right. But their agenda is

HOROWITZ: But their agendas are identical because, look, to defend the free market system, you defend private property, you defend individual rights and you oppose group collective rights, or you don't. And we saw all these so called liberals and progressives, they are against the First Amendment, they attacked the Supreme Court decision which was a basic First Amendment decision. They are for they're racists. They are for racial references that is privileging certain designated groups who they call oppressed. I mean, they've corrupted our laws that way. And they are for socialism.

GLENN: Okay.

HOROWITZ: Obviously there wouldn't be this unbelievable push for a healthcare plan that, you know, a vast majority of people does not want if they didn't have these agendas. They want control. It's about control.

GLENN: David, hold on just a second because I have to take a quick break and then I'm going to come back and I want to ask you this one question and that is, how much danger are we in from the extreme radical left if things like healthcare don't pass? If this, if this movement now breaks down, how much danger is the country in? Back in just a second.

(OUT 10:49)

GLENN: Back with David Horowitz, we have a special tonight on indoctrination, video you must, must see, things that are going on in your country that you had absolutely no idea. I asked David before we went into the break, I'm concerned about this extreme left because as Andy Stern said, you know, we want our money's worth. These people have put a lot of time, a lot of attention, a lot of manpower, a lot of money behind this agenda, specifically healthcare, and counted on Barack Obama. They are starting to mobilize in kind of violent ways. How much trouble are we in, David, if this thing starts to fall apart with Barack Obama and healthcare isn't passed?

HOROWITZ: I think the potential for violence and actually disastrous violence is very real and that is because these first of all, these are violent groups and they will commit violent acts. But much more serious is that they are integrated with our terrorist enemies. They have networks and their ideology links them into the Islamic jihad. I've written a book about this called Unholy Alliance. I actually, I mean, I have experience of this. I mean, I was a very intellectual leftist. I never threw a rock. But as the editor of Ramparts magazine, which is the biggest magazine of the left, I was approached by an editorial board was approached by a defector from our intelligence services. And we printed national secrets in the magazine and, of course, nothing, nothing happened to us. We were advised by I was advised actually by Harvard law professor, still a professor of constitutional law on exactly how to commit treason.

GLENN: Holy cow.

HOROWITZ: So this mentality, I'm telling you the revolutionary mentality, the idea that you can change the world or change America fundamentally, which is what Obama said, is a very, very dangerous mentality.

GLENN: All right. David, I've got to run. Thank you so much. We'll talk again. I'd like to follow up some more with you in the coming days on Andy Stern and his connection to SDS. Back in just a second.

THESE 19 states joined Desantis' alliance against ESG. Here are their 2 main goals.

On Monday, Biden exercised his veto powers for the first time to strike down a bill that would ban states from taking ESG into consideration when investing state pension funds. In his veto message, Biden said:

Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense.

At the risk of using the loaded word "gaslit," it continues to be the operative word in describing the policies coming out of the Biden White House. It is painfully obvious that ESG itself inhibits investors from "maximizing financial returns." That was never ESG's goal in the first place. Yet Biden said the opposite.

ESG aims to incentivize investors to make "socially conscious" (a.k.a woke) investments, even if they are at odds with the greatest return on investment. It has enabled state governments and investment firms to use their monopoly over the investment space to force companies to choose between adopting their woke ESG standards and losing critical investment. Isn't there a word for that? Extortion? Or modern-day politics?

ESG enables state governments to force companies to choose between adopting their woke ESG standards and losing critical investment.

That is the sole reason why Republicans brought the bill to his desk in the first place: As Glenn said, "ESG poses a clear and present danger to the American way of life, the soul of our nation and every sector of our economy. ESG was never about ROI. It was always about pushing a leftist agenda.

And Biden knows this.

Why would he want to give up something that enables his political party and corporate elites to control and manipulate the political affiliations of their people? Who would want to give up that power? Biden certainly doesn't.

And he didn't.

Instead, he boldly asserts the exact opposite: that ESG itself "maximizes financial returns," relying on the divided American people to debate the policy into oblivion, while he gets exactly what he wants: the retention of power over the American consumer. Dare I say again that "gaslit" is the operative word here?

If one thing is clear, it is that we cannot rely on the federal government to act in the best interests of the American people. However, in this critical moment, the state governments are stepping up to do what the federal government refuses to: protecting the rights of the American consumer.

In a joint resolution led by Florida Governor Ron Desantis, 19 states have pledged “to protect individuals from the ESG movement" at the state level. This is critical.

We cannot rely on the federal government to act in the best interests of the American people.

Florida leads Alabama, Alaska, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, West Virginia and Wyoming in signing the historic policy agreement among all 19 states, pledging to ban ESG practices within their jurisdictions.

The anti-ESG alliance calls ESG what it is:

A direct threat to the American economy, individual economic freedom, and our way of life, putting investment decisions in the hands of the woke mob to bypass the ballot box and inject political ideology into investment decisions, corporate governance, and the everyday economy.

This alliance takes aim at two specific practices used by left-leaning states to force companies to adopt ESG-approved practices.

First, the alliance promises to protect "taxpayers from ESG influences across state systems."

While other states are using YOUR taxpayer dollars to fund pro-ESG corporations, these states pledge to BAN this practice to ensure "that only financial factors are considered to maximize the return on investment."

The chief factor behind any investment should be determining whether that investment yields the maximum return on their investment. However, many states are using YOUR taxpayer-funded pension and retirement funds to invest in ESG-approved businesses. This not only forces businesses to consider adopting ESG standards in hopes of obtaining investment. Moreover, states are using YOUR taxpayer dollars to fund them! Would you want your government to invest your hard-earned money for partisan purposes?

The anti-ESG alliance is taking the politics out of investment and putting consumer power back in the hands of the American people. These state governments pledged to make investment decisions based solely on maximizing the return on investment, not in using your taxpayer dollars to fund their political agendas.

Second, the alliance promises to protect "citizens from ESG influences in the financial sector."

ESG standards force businesses to consider the political leanings of their customer base. For example, Discover announced they will begin tracking its customers' gun-related purchases. One of the leaders behind this push is Amalgamated Bank, which boasts on their website that their institution "supports sustainable organizations, progressive causes, and social justice." Amalgamated Bank CEO Priscilla Sims Brown said:

We all have to do our part to stop gun violence and it sometimes starts with illegal purchases of guns and ammunition The new code will allow us to fully comply with our duty to report suspicious activity and illegal gun sales to authorities without blocking or impeding legal gun sales.

This virtue signaling at the cost of your privacy is earning both Discover and Amalgamated ESG brownie points.

There are countless stories of Americans, like YOU, getting locked out of their bank accounts, dropped as clients, tracked and targeted, all because their personal political beliefs don't align with big corporations' ESG goals. Their individual privacy and dignity as a consumer aren't worth the risk of lowering the company's ESG score.

That's why the anti-ESG alliance is pledging to protect the residents in their states from this corrupt ESG exploitation. The alliance promised to ban "so-called social Credit Scores' in banking and lending practices aimed to prevent citizens from obtaining financial services like loans, lines of credit, and bank accounts."

They also promised to stop "financial institutions from discriminating against customers for their religious, political, or social beliefs, such as owning a firearm, securing the border, or increasing our energy independence."

In short, they have targeted the political extortion hidden behind the virtuous ESG veil to protect citizens from being discriminated against based on political affiliation.

It's time to step up.

Biden may have struck down the effort to restore the freedom of the American consumer at the federal level. However, these states are taking it upon themselves to do what they ought: to ban practices that threaten the freedoms and privacy of their citizens.

If your state did not joining the anti-ESG alliance, it's time to demand that they step up and do their job to protect you and the rest of your fellow citizens from corrupt ESG practices. As Glenn said, "The conservative movement is best when it moves in unison." We must act and unison and push our states to protect our economic freedom and our way of life.

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THESE 12 Republican states are smuggling digital currency through THIS sneaky bill

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Editor's Note: Arizona House Bill HB2770 has since been shut down! AZ Rep. Rachel Jones tweeted that the AZ Freedom Caucus shut down the bill before it could reach the board. It is encouraging to see states stepping to protect the American people from getting one step closer to a Central Bank Digital Currency. Hopefully, Arizona will be a precedent for the other states!

This gem was buried in a 113 page bill pushed by a lobbyist through one of my clueless colleagues. It passed out of the Commerce Committee, but then @AZFreedomCaucus blocked it from even going on the board. @glennbeck you'll be happy to know we killed it.
— AZ Representative Rachel Jones (@RJ4arizona) March 17, 2023

On today's radio broadcast, Glenn warned about dangerous Central Bank Digital Currency (CBDC) language being smuggled into routine legislation in REPUBLICAN-led states. This is unacceptable, and as Glenn said, we can't let this legislation pass as it now stands.

The legislation being used to smuggle in this CBDC language is the Uniform Commercial Code (UCC), a routine piece of legislation passed on the state level that helps standardize commercial and business transactions. However, a new round of UCCs being deliberated RIGHT NOW amongst a swath of Republican-led states anticipate the use of "electronic money." In a public letter sent to the Republican states currently deliberating this legislation, the Pro-Family Legislative Network said this can only refer to the Central Bank Digital Currency (CBDC) under consideration and testing by the Federal Reserve. Biden's Executive Order 14067 issued in March of 2022 started the push for CBDC, and now these states, knowingly or unknowingly, are laying the legislative groundwork for making CBDC a reality.

There is absolutely no reason why Republican-led states should aid in laying the foundation for CBDC, yet 12 of them are deliberating it RIGHT NOW, with one UCC bill already on one GOP governor's desk! We have to act NOW to stop these UCCs in their tracks and demand our lawmakers amend the bills without the "electronic money" language.

If your state is listed below, contact your representative NOW to put an end to CBDC language.

1. North Dakota

North Dakota House Bill HB1082 passed BOTH chambers and is now sitting on Governor Burgum's desk. Burgun has 3 DAYS to veto this bill once it's placed on his desk—if not, it will pass automatically. If you are a North Dakota resident, it is absolutely CRUCIAL that you contact Governor Burgum's office NOW and demand that he veto this bill and re-introduce it without the "electronic money" language.

2. Arizona

Arizona House Bill HB2770 has been SHUT DOWN! See the above editor's note for more details.

Arizona House Bill HB2770 passed the House majority and minority caucuses. Arizona residents, contact your representative's office NOW so that they amend this bill without the "electronic money" language.

3. Arkansas

Arkansas House Bill HB1588 is in committee, and if passed, will head to the House floor. Though the bill is only in its beginning stages, it's important for Arkansas residents to stop this bill in its tracks and amend it without the "electronic money" language.

4. Missouri

Missouri House Bill HB1165 is also in its beginning stages in committee. That means it's important to contact your representative as soon as possible to amend it without the "electronic money" language.

5. Oklahoma

Oklahoma House Bill HB 2776 passed the House Committee and will go to a chamber vote soon. If passed, it will go to the Senate, then the governor's desk. If you are an Indiana resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

6. Indiana

Indiana Senate Bill SB0486 passed the Senate and is headed to the House. Republicans control Indiana's executive office and BOTH chambers of the legislature. There is no excuse for this bill to pass. If you are an Indiana resident, it's vital you contact your representative NOW and demand they amend this bill without the "electronic money" language.

7. Kentucky

Kentucky Senate Bill SB64 passed the Senate and is now being deliberated in the House. If you live in Kentucky, contact your representative's office to amend the bill without the "electronic money" language.

8. Montana

Montana Senate Bill SB370 passed the Senate and was sent to the House on March 3rd. If you are a Montana resident, contact your representative's office NOW so that the bill doesn't without changing the "electronic money" language.

9. Nebraska

Nebraska's Legislative Bill LB94 passed committee and the first floor vote. As Nebraska only has one legislative chamber, this bill is dangerously close to passing the legislature and being sent to the governor's desk. If you are a Nebraska resident, contact your representative's office NOW and demand they amend the bill without the "electronic money" language.

10. New Hampshire

New Hampshire House Bill HB584 is currently in House committee deliberations and has not yet reached the House floor. If you are a New Hampshire resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

11. Tennessee

Tennessee House Bill HB0640 didn't successfully pass the House. However, it was deferred to a Senate committee and has now taken the form of Senate Bill SB0479, which is now in committee. This bill is still alive, and it's important for you, Tennessee residents, to stop it before it reaches the floor! Contact your representative to amend the bill without the "electronic money" language.

12. Texas

Texas House Bill HB5011 was filed and is ready to be taken up by committee. Fellow Texans, let's not let this bill progress any further! Contact your representative and demand they amend the bill without the "electronic money" language.

6 things you NEED to know about the Silicon Valley Bank collapse

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Silicon Valley Bank's collapse is sparking traumatic memories of the 2008 financial crash. Should we be worried SVB is signaling a similar economic catastrophe, or is everyone overreacting to the media's hype? Glenn told his listeners to be "healthily terrified." This event is sure to have ripple effects throughout the economy, but the more you are informed about it, the more you can prepare. Here are 6 things you need to know about Silicon Valley Bank's crash—explained in simple words.

1. The short answer to what happened: SVB didn't have enough money to pay its depositors.

Remember the scene from It's a Wonderful Life when all of the residents make a run on George Bailey's bank demanding their money? Fortunately for them, their money was in the altruistic hands of George Bailey, who used his honeymoon savings to give the depositors the money they demanded.

Silicon Valley Bank's depositors weren't so lucky.

In short, the depositors made a run on Silicon Valley Bank, demanding the withdrawal of their money. But SVB simply didn't have the liquid money available to give their depositors, causing regulators to shut down the bank shortly afterward.

2. It all started with COVID...

Why didn't SVB have enough money for its depositors? To explain this, we have to go back to the pandemic era.

The pandemic saw a rapid decrease in spending and a massive increase in bank deposits. Due to the uncertainty of the future and lockdowns limiting ways to spend money on recreational activities, like restaurants, bars, and other outlets, many Americans stocked up money in their accounts. In fact, SVB's deposits doubled in 2021 alone, bringing in more money than they could lend out to their clients.

To make a return on their available cash, SVB wanted to invest it, as many banks do. Since they had reached their lending limit, they decided to invest it in U.S. Treasury Securities, which are the government's means of funding itself without using taxation (in a nutshell). These are considered "ultra-safe" investments because they are backed by the "full faith and credit of the federal government."

Unlike other forms of investments, investing in Treasuries means the government will do everything within its legal power to pay back the money used to fund itself. In other words, it is typically very safe... so what happened?

3. Then came the magic cocktail—record-high inflation and rising interest rates...

Interest rates ruined the typically "ultra-safe" investment. Due to 40-year record-high inflation, the Fed lifted rates eight times by a total of 4.25 percentage points in 2022, raising interest rates from 0.25 percent to 4.375 percent. This means the value of U.S. Treasuries investments plummeted rapidly. SVB reported that it lost $1.8 billion due to the decreased value of its Treasuries investments after a year of rising interest rates.

This raises the following question: why didn't SVB just weather the storm and wait for interest rates to decrease? There are two issues with this. The first is that, with so many of their assets held up in Treasuries investments, SVB still wouldn't have enough liquid assets to give their depositors during the bank run.

The second issue is that Treasuries investments have a ten-year limit. In 2021 during the Trump administration, interest rates were at an all-time low of 0.125 percent.

The record-fast increase of interest rates in 2022 caused very little chance for rates to go back down to their historic 2021 lows within ten years for banks to make their money back on their investments.

To avoid this, SVB planned to sell their investments at a loss and re-purchase Treasuries investments at the decreased value, giving them an extra ten years to bet on decreased interest rates in the future.

But people caught on to SVB's plan and didn't want to ride with the risk.

4. Account holders withdrew their money... FAST.

As aforementioned, SVP lost $1.8 billion when it sold its depleted Treasuries investments. While they were betting on being able to re-purchase the devalued securities, hoping that they would go up in value in the future with lowered interest rates, investors were worried about the risk.

Once they made the announcement of their $1.8 billion loss, their stocks began to drop, and venture capitalists warned the companies they invest in to pull out of SVB. This had a snowball effect, leading to a "bank run" of depositors demanding to withdraw their money from their SVB accounts.

This led to the perfect storm: SVB's investment losses coupled with the influx of withdrawals were so immense that regulators had to step in and shut the bank down to protect depositors. The government currently "running" SVB, for all practical purposes, is the Federal Deposit Insurance Corporation (FDIC). The FDIC closed SVB on Friday and reopened the bank on Monday, March 13th as the Deposit Insurance Bank of Santa Clara.

5. Some people may lose their money.

Banks insure accounts with $250,000 or less with FDIC insurance. That means, in cases of bank failure, exactly like this one, the FDIC covers all accounts less than $250,000. The FDIC said SVB customers who had less than $250,000 in their accounts will have access to all of their money when the bank reopens. Since it reopened this week, they should have access to their funds.

However, many of SVB's depositors had more than $250,000 in their accounts—it is Silicon Valley after all. Therefore, their accounts were not covered by FDIC insurance. Will they get their money back? There is a chance that they will not.

It is unclear how much SVB currently has to cover uninsured deposits. It is likely not enough. The FDIC has issued a "Receiver's Certificate" to the uninsured account holders with the amount in their account that is not covered by FDIC insurance.

The FDIC said it will pay some of the uninsured deposits by next week by liquidating any additional assets held by SVB. However, if the liquidated assets are not enough, many of SVB's uninsured account holders could lose their money for good.

6. Is this 2008 all over again?

SVB's collapse was the largest bank failure since 2008, when Washington Mutual failed with $307 billion in assets. Its failure, along with the collapse of the Lehman Brother's investment bank, triggered the worst financial crisis since the Great Depression. Are we in danger of repeating 2008?

Some argue that we are not in danger of another economic catastrophe, simply because SVB holds less than 1 percent of the nation's assets. However, as Glenn warns, there is a danger of banks repeating the same mistakes as SVP.

SVP wasn't the only bank to use its surplus deposits to invest in U.S. Treasuries, which means that other banks are wrestling with the depleted value of their securities investments due to rising interest rates.

Bank of America, for example, lost $109 billion in their securities investments due to rising interest rates, the most among its peers—and Bank of America is no small fish in the ocean of assets.

Other major banks recorded other massive losses in their securities investments due to rising interest rates. JP Morgan Chase lost $36 billion, Wells Fargo lost $41 billion, Citigroup lost $25 billion, and Goldman Sachs lost $1 billion. If the little banks collapse, will they get the same effort and attention from the federal government as the "big guys?"

The critic may argue that these are still small values given the incredibly large amount of assets held in banks nationwide. However, this is missing the point. Major banks have majorly invested in securities since the pandemic-era skyrocketing rate of deposits. Now those investments are depleted in value.

They can either sell those investments at a loss, or they can wait and hope that they will recover over time. However, if those investments are no longer liquid, what happens when their depositors come knocking? Will they have enough liquid assets to cover a massive bank run? These are the lingering questions that our banks need to address.

As Glenn says, this will impact you—it is only a matter of time. What will you do to prepare?

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