Glenn Beck: Not looking good


Glenn Beck is seen here on the Insider Webcam, an exclusive feature available only to Glenn Beck Insiders. Learn more...

GLENN: That's what this bailout is about. Try to land the plane in a place and try to land the plane in as intact condition as you possibly can because you want to be able to use some of the stuff on the plane, and this bailout is bullcrap when it comes to, "Oh, this is it." I told you that with AIG. Don't believe when they said, "Well, this is it." What they learned last week is it is much worse than they thought. The quote that caught my eye on Wall Street Journal on Saturday was from Hank Paulson, the secretary of the treasury. Wednesday night they realized this isn't going to work, the AIG thing is not going to work. They went to the President and met with the President for 45 minutes. It's my understanding that the President was not for additional bail he was like, okay, whoa, whoa, whoa, whoa, whoa. And they explained to the President what's called commercial paper. Commercial paper, without getting all bogged down in details, basically if you are a business, a big business, a small business, you need to take loans out. If you are a farmer, you know you have to take a loan out to be able to buy the seeds, buy the fertilizer, everything else so you can put the fertilizer and the seeds in the ground. Then you are going to need to take a loan out to get it, to harvest it, to get it to market and then you pay that loan back. It's the way that this runs. Small business, farms, General Motors, they run on commercial paper, which is just short term loans. It happens all the time. You go, you know your banker, "Okay, I need a short term loan, got it, got it," boom, boom, boom, and it's done. That's the way business is run. On Wednesday there was no commercial paper available, none. America had zero loans for business by Wednesday afternoon, none. When that happened they realized, the market started to realize that, wait a minute, if there's no commercial paper, if there's no loans going to business, businesses are going to start falling out of the sky by Friday, just gigantic companies will just close because they won't be able to afford the operations. There is no loan for any company of any size in America. This is Wednesday night.

So what happened was people started to go into their mutual funds and they started grabbing money out of their mutual funds. When they started grabbing money out of their mutual funds, mutual funds and banks, when you put your money in savings lucky we don't have a lot of savings when you put your money in savings, remember it is the scene from It's a Wonderful Life. "Bill, your money is in Mary's house and Mary, your money's in Pete's house." That's the way the system works on a very large scale. Just remember that scene. It's not sitting there. There's no money just sitting around. So when you buy into a mutual fund, those mutual funds then use that money to make loans for commercial paper. The same with the banks.

Well, when people started taking their money out of the system and they said, "I've got to buy something that's safe," the safest thing in America is a treasury bond. It means I'm going to give my money when we were born, when we were kids, you get a savings bond, United States Treasury savings bond. Well, it's a very low rate of interest. Usually, you know, 5, 6% interest maybe, and it goes up and down, et cetera, et cetera, but it's the safest thing in the world. You buy treasury bonds because the United States government's not going to collapse.

Well, there was such a rush into treasury bonds that the yield, the money that you would make off of it was at zero. So in other words people were locking up their money and just saying, I just want a treasury bond; give me a treasury bond. That the treasury was saying we have so much coming into treasury bonds that there's not going to be a return on your investment. And they're like, that's fine, that's fine, I don't need anything, I just, you'll give me all of my money back, right?

That was Wednesday night. When Hank Paulson was sitting in his office and he was looking at the commercial paper, he was looking at the bond not the bond market but the what do you call it, oh, shoot, the stocks. Not the you know what I'm saying. Stu, help me out.

STU: I have no idea what you're talking about.

GLENN: Mutual funds. He was looking at the mutual funds and he's seeing the mutual funds start to tank. He said, we've got to get to the President, we have to talk to the President, we have to have a massive bailout, with he have to get all of this debt off." This is again what Romney said. He had been talking about this for a couple of months. Remember he was on the show last week? And I said, what? He said, it's got to be done. And he's been pushing for this for a couple of months. That's what Paulson said on Wednesday night, Wednesday to the President. The President was against it. When somebody was initially. When somebody was sitting next to Paulson, he said, what if the congress doesn't do this, what if the President doesn't do this? He said, they have to do it; there's no other option. And I quote, "If they don't, God help us all." End quote. I'm sorry, heaven help us all? Heaven help us all.

STU: Apparently God wasn't enough. They needed all of heaven.

GLENN: Well, angels are bailing them out.

So that's where we were Wednesday night. They went to the President. The President after 45 minutes, he said, do whatever you have to do. Congress has met now over the weekend with Ben Bernanke. Now remember, when Ben Bernanke speaks, the ramifications of what he says are enormous. That's why they are always very guarded, they are always very careful. They are optimistic..." things are great!" He can't lie but he's got to be very, very guarded. Chris Dodd came out of a meeting and so did several of the senators and they have said that they met with Ben Bernanke on Saturday. The reporters are saying they were visibly shaken. Chris Dodd said it was the how did he describe it, Stu? The most intense or the worst meeting he has ever had in the history of his oh, it's not in that paper. It's another one. Hey, is Joe still here? Joe?

STU: Yes, he is.

GLENN: I'm going to take a break. Can you get that quote for me, please? It's quite an amazing statement coming from Chris Dodd about what Ben Bernanke said. I'm going to tie it all up here after the break and not only tell you what I believe is coming but what you need to do, and there are some things that you can do. The things that you the things that you know, time is running short. Time is running short, and they're raising the debt ceiling and everything else. So we'll give you all of that here coming up in just a second and we'll take your phone calls. The number is 888 727 BECK, 888 727 BECK.

Today I said to Stu right before we went on the air, I said this is kind of going to be like a homework day but this could be a very important day for you to actually listen to the show and I know we're going to try to, you know, make it light and I'm going to give you there is some really, really good news out of this that should make you feel good, and I can name names on some of this, of some players that are coming out of the woodwork. You know, it's basically the Sarah Palin news that I said. I don't know if Sarah Palin is the person, but she's given me hope that when in a time of crisis that person appears, there have been appearances during this that you probably don't know of, people that have come out of the woodwork that are now working for the treasury department for a dollar, quit their job. You know what? Because they understand that Wednesday night was 9/11. You don't understand that yet most likely because I didn't understand that and most people don't just we just, on several levels some of it is being kept from us because they don't you don't want anybody to panic. This audience has been prepared. I told you I've been telling you this stuff was coming for over a year and the reason why is so you don't panic when it comes. You've got to be a leader. You cannot be the person that was standing there on 9/11 and saying, "We're all going to die!" You must be the person that you have prepared yourself for and that you have been prepared for. You must be the leader. You must be the person that you were on 9/12 because people are going to freak out. People are going to be very afraid and people aren't going to know what's happening and there are people, the vast majority on television don't even know what's going on. These experts don't know what's going on. You will. You need to be the leader.

From the moment the 33-year-old Thomas Jefferson arrived at the Continental Congress in Philadelphia in 1776, he was on the radical side. That caused John Adams to like him immediately. Then the Congress stuck Jefferson and Adams together on the five-man committee to write a formal statement justifying a break with Great Britain, and their mutual admiration society began.

Jefferson thought Adams should write the Declaration. But Adams protested, saying, “It can't come from me because I'm obnoxious and disliked." Adams reasoned that Jefferson was not obnoxious or disliked, therefore he should write it. Plus, he flattered Jefferson, by telling him he was a great writer. It was a master class in passing the buck.

So, over the next 17 days, Jefferson holed up in his room, applying his lawyer skills to the ideas of the Enlightenment. He borrowed freely from existing documents like the Virginia Declaration of Rights. He later wrote that “he was not striving for originality of principle or sentiment." Instead, he hoped his words served as “an expression of the American mind."

It's safe to say he achieved his goal.

The five-man committee changed about 25 percent of Jefferson's first draft of the Declaration before submitting it to Congress. Then, Congress altered about one-fifth of that draft. But most of the final Declaration's words are Jefferson's, including the most famous passage — the Preamble — which Congress left intact. The result is nothing less than America's mission statement, the words that ultimately bind the nation together. And words that we desperately need to rediscover because of our boiling partisan rage.

The Declaration is brilliant in structure and purpose. It was designed for multiple audiences: the King of Great Britain, the colonists, and the world. And it was designed for multiple purposes: rallying the troops, gaining foreign allies, and announcing the creation of a new country.

The Declaration is structured in five sections: the Introduction, Preamble, the Body composed of two parts, and the Conclusion. It's basically the most genius breakup letter ever written.

In the Introduction, step 1 is the notificationI think we need to break up. And to be fair, I feel I owe you an explanation...

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another…

The Continental Congress felt they were entitled by “the Laws of Nature and of Nature's God" to “dissolve the political bands," but they needed to prove the legitimacy of their cause. They were defying the world's most powerful nation and needed to motivate foreign allies to join the effort. So, they set their struggle within the entire “Course of human events." They're saying, this is no petty political spat — this is a major event in world history.

Step 2 is declaring what you believe in, your standardsHere's what I'm looking for in a healthy relationship...

This is the most famous part of the Declaration; the part school children recite — the Preamble:

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.

That's as much as many Americans know of the Declaration. But the Preamble is the DNA of our nation, and it really needs to be taken as a whole:

That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

The Preamble takes us through a logical progression: All men are created equal; God gives all humans certain inherent rights that cannot be denied; these include the rights to life, liberty, and the pursuit of happiness; to protect those rights, we have governments set up; but when a government fails to protect our inherent rights, people have the right to change or replace it.

Government is only there to protect the rights of mankind. They don't have any power unless we give it to them. That was an extraordinarily radical concept then and we're drifting away from it now.

The Preamble is the justification for revolution. But note how they don't mention Great Britain yet. And again, note how they frame it within a universal context. These are fundamental principles, not just squabbling between neighbors. These are the principles that make the Declaration just as relevant today. It's not just a dusty parchment that applied in 1776.

Step 3 is laying out your caseHere's why things didn't work out between us. It's not me, it's you...

This is Part 1 of the Body of the Declaration. It's the section where Jefferson gets to flex his lawyer muscles by listing 27 grievances against the British crown. This is the specific proof of their right to rebellion:

He has obstructed the administration of justice...

For imposing taxes on us without our consent...

For suspending our own legislatures...

For quartering large bodies of armed troops among us...

Again, Congress presented these “causes which impel them to separation" in universal terms to appeal to an international audience. It's like they were saying, by joining our fight you'll be joining mankind's overall fight against tyranny.

Step 4 is demonstrating the actions you took I really tried to make this relationship work, and here's how...

This is Part 2 of the Body. It explains how the colonists attempted to plead their case directly to the British people, only to have the door slammed in their face:

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury...

They too have been deaf to the voice of justice... We must, therefore... hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

This basically wrapped up America's argument for independence — we haven't been treated justly, we tried to talk to you about it, but since you refuse to listen and things are only getting worse, we're done here.

Step 5 is stating your intent — So, I think it's best if we go our separate ways. And my decision is final...

This is the powerful Conclusion. If people know any part of the Declaration besides the Preamble, this is it:

...that all political connection between them and the State of Great Britain, is and ought to be totally dissolved...

They left no room for doubt. The relationship was over, and America was going to reboot, on its own, with all the rights of an independent nation.

And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.

The message was clear — this was no pitchfork mob. These were serious men who had carefully thought through the issues before taking action. They were putting everything on the line for this cause.

The Declaration of Independence is a landmark in the history of democracy because it was the first formal statement of a people announcing their right to choose their own government. That seems so obvious to us now, but in 1776 it was radical and unprecedented.

In 1825, Jefferson wrote that the purpose of the Declaration was “not to find out new principles, or new arguments, never before thought of… but to place before mankind the common sense of the subject, in terms so plain and firm… to justify ourselves in the independent stand we are compelled to take."

You're not going to do better than the Declaration of Independence. Sure, it worked as a means of breaking away from Great Britain, but its genius is that its principles of equality, inherent rights, and self-government work for all time — as long as we actually know and pursue those principles.

On June 7, 1776, the Second Continental Congress met in Philadelphia at the Pennsylvania State House, better known today as Independence Hall. Virginia delegate Richard Henry Lee introduced a motion calling for the colonies' independence. The “Lee Resolution" was short and sweet:

Resolved, That these United Colonies are, and of right ought to be, free and independent States, that they are absolved from all allegiance to the British Crown, and that all political connection between them and the State of Great Britain is, and ought to be, totally dissolved.

Intense debate followed, and the Congress voted 7 to 5 (with New York abstaining) to postpone a vote on Lee's Resolution. They called a recess for three weeks. In the meantime, the delegates felt they needed to explain what they were doing in writing. So, before the recess, they appointed a five-man committee to come up with a formal statement justifying a break with Great Britain. They appointed two men from New England — Roger Sherman and John Adams; two from the middle colonies — Robert Livingston and Benjamin Franklin; and one Southerner — Thomas Jefferson. The responsibility for writing what would become the Declaration of Independence fell to Jefferson.

In the rotunda of the National Archives building in Washington, D.C., there are three original documents on permanent display: the Constitution, the Bill of Rights, and the Declaration of Independence. These are the three pillars of the United States, yet America barely seems to know them anymore. We need to get reacquainted — quickly.

In a letter to his friend John Adams in 1816, Jefferson wrote: “I like the dreams of the future, better than the history of the past."

America used to be a forward-looking nation of dreamers. We still are in spots, but the national attitude that we hear broadcast loudest across media is not looking toward the future with optimism and hope. In late 2017, a national poll found 59% of Americans think we are currently at the “lowest point in our nation's history that they can remember."

America spends far too much time looking to the past for blame and excuse. And let's be honest, even the Right is often more concerned with “owning the left" than helping point anyone toward the practical principles of the Declaration of Independence. America has clearly lost touch with who we are as a nation. We have a national identity crisis.

The Declaration of Independence is America's thesis statement, and without it America doesn't exist.

It is urgent that we get reacquainted with the Declaration of Independence because postmodernism would have us believe that we've evolved beyond the America of our founding documents, and thus they're irrelevant to the present and the future. But the Declaration of Independence is America's thesis statement, and without it America doesn't exist.

Today, much of the nation is so addicted to partisan indignation that "day-to-day" indignation isn't enough to feed the addiction. So, we're reaching into America's past to help us get our fix. In 2016, Democrats in the Louisiana state legislature tabled a bill that would have required fourth through sixth graders to recite the opening lines of the Declaration. They didn't table it because they thought it would be too difficult or too patriotic. They tabled it because the requirement would include the phrase “all men are created equal" and the progressives in the Louisiana legislature didn't want the children to have to recite a lie. Representative Barbara Norton said, “One thing that I do know is, all men are not created equal. When I think back in 1776, July the fourth, African Americans were slaves. And for you to bring a bill to request that our children will recite the Declaration, I think it's a little bit unfair to us. To ask our children to recite something that's not the truth. And for you to ask those children to repeat the Declaration stating that all men's are free. I think that's unfair."

Remarkable — an elected representative saying it wouldn't be fair for students to have to recite the Declaration because “all men are not created equal." Another Louisiana Democrat explained that the government born out of the Declaration “was used against races of people." I guess they missed that part in school where they might have learned that the same government later made slavery illegal and amended the Constitution to guarantee all men equal protection under the law. The 13th, 14th, and 15th Amendments were an admission of guilt by the nation regarding slavery, and an effort to right the wrongs.

Yet, the progressive logic goes something like this: many of the men who signed the Declaration of Independence, including Thomas Jefferson who wrote it, owned slaves; slavery is evil; therefore, the Declaration of Independence is not valid because it was created by evil slave owners.

It's a sad reality that the left has a very hard time appreciating the universal merits of the Declaration of Independence because they're so hung up on the long-dead issue of slavery. And just to be clear — because people love to take things out of context — of course slavery was horrible. Yes, it is a total stain on our history. But defending the Declaration of Independence is not an effort to excuse any aspect of slavery.

Okay then, people might say, how could the Founders approve the phrase “All men are created equal," when many of them owned slaves? How did they miss that?

They didn't miss it. In fact, Thomas Jefferson included an anti-slavery passage in his first draft of the Declaration. The paragraph blasted King George for condoning slavery and preventing the American Colonies from passing legislation to ban slavery:

He has waged cruel war against human nature itself, violating its most sacred rights to life and liberty in the persons of a distant people who never offended him, captivating and carrying them into slavery in another hemisphere... Determined to keep open a market where men should be bought and sold, he has prostituted his negative for suppressing every legislative attempt to prohibit or to restrain this execrable commerce.

We don't say “execrable" that much anymore. It means, utterly detestable, abominable, abhorrent — basically very bad.

Jefferson was upset when Georgia and North Carolina threw up the biggest resistance to that paragraph. Ultimately, those two states twisted Congress' arm to delete the paragraph.

Still, how could a man calling the slave trade “execrable" be a slaveowner himself? No doubt about it, Jefferson was a flawed human being. He even had slaves from his estate in Virginia attending him while he was in Philadelphia, in the very apartment where he was writing the Declaration.

Many of the Southern Founders deeply believed in the principles of the Declaration yet couldn't bring themselves to upend the basis of their livelihood. By 1806, Virginia law made it more difficult for slave owners to free their slaves, especially if the owner had significant debts as Jefferson did.

At the same time, the Founders were not idiots. They understood the ramifications of signing on to the principles described so eloquently in the Declaration. They understood that logically, slavery would eventually have to be abolished in America because it was unjust, and the words they were committing to paper said as much. Remember, John Adams was on the committee of five that worked on the Declaration and he later said that the Revolution would never be complete until the slaves were free.

Also, the same generation that signed the Declaration started the process of abolition by banning the importation of slaves in 1807. Jefferson was President at the time and he urged Congress to pass the law.

America has an obvious road map that, as a nation, we're not consulting often enough.

The Declaration took a major step toward crippling the institution of slavery. It made the argument for the first time about the fundamental rights of all humans which completely undermined slavery. Planting the seeds to end slavery is not nearly commendable enough for leftist critics, but you can't discount the fact that the seeds were planted. It's like they started an expiration clock for slavery by approving the Declaration. Everything that happened almost a century later to end slavery, and then a century after that with the Civil Rights movement, flowed from the principles voiced in the Declaration.

Ironically for a movement that calls itself progressive, it is obsessed with retrying and judging the past over and over. Progressives consider this a better use of time than actually putting past abuses in the rearview and striving not to be defined by ancestral failures.

It can be very constructive to look to the past, but not when it's used to flog each other in the present. Examining history is useful in providing a road map for the future. And America has an obvious road map that, as a nation, we're not consulting often enough. But it's right there, the original, under glass. The ink is fading, but the words won't die — as long as we continue to discuss them.

'Good Morning Texas' gives exclusive preview of Mercury One museum

Screen shot from Good Morning Texas

Mercury One is holding a special exhibition over the 4th of July weekend, using hundreds of artifacts, documents and augmented reality experiences to showcase the history of slavery — including slavery today — and a path forward. Good Morning Texas reporter Paige McCoy Smith went through the exhibit for an exclusive preview with Mercury One's chief operating officer Michael Little on Tuesday.

Watch the video below to see the full preview.

Click here to purchase tickets to the museum (running from July 4 - 7).

Over the weekend, journalist Andy Ngo and several other apparent right-leaning people were brutally beaten by masked-gangs of Antifa protesters in Portland, Oregon. Short for "antifascist," Antifa claims to be fighting for social justice and tolerance — by forcibly and violently silencing anyone with opposing opinions. Ngo, who was kicked, punched, and sprayed with an unknown substance, is currently still in the hospital with a "brain bleed" as a result of the savage attack. Watch the video to get the details from Glenn.