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GLENN: I've told you before that I am against the bailouts because I'm a capitalist. I think if you were so stupid to give people without identification, if you were so stupid to give people without verifying their income $10, you're too stupid to be a global bank. I think you should fail. If you actually thought it would be better to open up branches in other markets and the only way you could do that was to play the game that the government was trying to play with you by accusing you of being racist for not asking for identification, you're not worthy of being a global leader in finance because I think you need to have some credibility. However, with all of this being said, I told you for the last how long, that this was coming. And you know what? Most people saw pieces of it but they didn't see how bad it was going to get. Everybody, who didn't really? Do you have a single friend that didn't say, "Wait a minute, they're giving you a 125% mortgage? Mao does that work? And you don't have to have any money down? You didn't have to have any identification? And wait a minute. You also don't pay on the principal for four years? You're kidding me, right? Who didn't see that as stupid besides the money changers who I believe Jesus threw out of the Temple and the government? Who didn't see that? You saw it and I saw it. What most people didn't see, because you're busy with your life, mainly trying to carve a little place out for yourself and for your family and you have to work harder than ever because of oh, I remember the Government! You're so busy, you don't have time to know what the LIBOR is? You know what the LIBOR is? Oh, jeez. Do you know what the M3 rating is for money supply? Please.
STU: Is the LIBOR the half lion, half tiger thing?
GLENN: Exactly, that's exactly right. Nobody has time to understand these things. And these clowns who are, you know, "Well, I'm wearing my tweed jacket right now. So I'm smarter than you." They're so trapped in their own bullcrap, they tried to tell you that these things, they didn't have to make common sense. "You don't understand the financial system. It's all set up in such a way that it can't possibly collapse. You don't know all the safeguards. There's too much money out there. There's too much money at stake. I mean, people know (laughing). You just don't understand." That's the way they treat you. And so you're busy, you don't look into the stuff that I can't tell you how many nights I've had two hours of sleep trying to learn what this crap means just to get to the end of it and go it's crap! And so most people just don't see it coming because you're busy and because the people in, oh, I don't know oh, I remember now the Government... are lying to you. And now we have our back up against the wall.
We are facing I don't care what the President said last night. "It could be a bad recession." Bad recession? I'll take a bad recession. We've had bad recessions before. We don't need a program that is twice the size of the prescription drug program for a bad recession. Bullcrap! You are trying to avoid the Great Depression. That's what you're trying to avoid. If you want to ask us for $700 billion which, of course, is the maximum that would ever... there's going to be a huge profit on $700 do you know how much money we're going to make? Excuse me? I've tried that with my wife. "Honey, do you know how much money we're going to make? We don't have to go to the movies. We just get a big screen TV. We just rent movies. Look at the price of tickets. Do you know how much money we're going to save?" I've even tried it this way. "Honey, they're on sale. They're normally, you know, $2,000. Now it's on sale. We can get it for $1299. Do you know how much money..." do you know what my wife says to me? "No, we're not saving money. We're spending $1200." Actually I would say $1200. I round down at 99. She looks at $1299 as $1300. She's a realist! I'm the politician in our relationship. A mere $700 billion. Okay, it's almost a trillion. Mark my words, it will be over $2 trillion. $700 billion ain't gonna do squat. It's not going to do squat. And now the politicians, as George Bush said last night, "Well, we can make a profit. We can make a profit." Really? Wow. You guys are so good at making good business decisions. You guys can I tell you something? I've seen all four of your books, all four of your books. They're all in the red! You guys are geniuses at making profits, yeah. Let's take it out of the private sector, give it right to you guys because you know what to do with money!
Don't talk to me about profits." We're gonna be able to make a profit." Really? Last night George Bush says we're going to be able to make profits. You know what the compromise is? Well, the compromise is that's right, the American people need to be helped out by this. So any profit that we get needs to go into a lockbox... where we can then take those profits and give them to the poor, to and I'm not kidding you help them finance their first home. You've got to be kidding me.
Is anybody else feeling like this? Is there anybody else? Anybody else thinking, "Hmmm, wait a minute, this isn't really good for me." Anybody else run a small business? Have you tried to get a loan? You can't get a loan. Why is that? Because everybody is hoarding it. They tell you not to hoard your money. "Oh, don't worry, don't worry, don't worry. The FDIC is there. You don't have to go get your money. Don't worry about it. Don't get your money. You don't need your money. Don't hoard your money. Don't do that." Do you know why they're doing that? Because they can't have you take out the money because the banks are hoarding the money. The banks. Go try to get a loan. Can't. Wait a minute, I'm going to go out of business if I can't get a loan. "Why can't I get a loan?" "Just not enough money right now." "Why isn't there enough money?" "Because we normally have $2 billion on hand just in case there's a run on the bank and right now we have... (mumbling)." "I'm sorry. What was that?" "We just, we only have... (mumbling)." "So wait a minute. There's lots of money in the vault then?" (Mumbling).
See, as we talked yesterday, I'm a guy who doesn't flirt with socialism. I don't want to flirt with socialism but unfortunately I see the bottom. I don't know why but on certain things I can see over the horizon and I think it's because most people aren't looking there. Jeez, you've got a responsibility, for the love of Pete. You're running the country! Mainly into the ground, but you're running the country! Can you guys not see over the horizon? Or are you just surrounded by so many people in tweed suits? You know what, there's two kinds of people. There are the kinds of people that go to college and they're just like, yeah, he's got a tweed suit. Do you see that tie? It's got like a, you know, Ivy League shield on it and stuff. It's like got a coat of arms there on his tie. He must be smart. I shouldn't question him when he says things that are nonsensical. There's two kinds of people. The people that go, "Oh, well, he's smarter than I am. So I should just shut up and take what he says." And then the other people that say, "Hang on a minute, that doesn't make sense." "Well, that's because you don't understand. I've got a degree." "I don't care about your degree. Explain this again until it makes sense." "Well, it's very complex." "Break it down." "No, just..." "Break it down. Go ahead." Have we forgot that Warren Buffett who, by the way, said that this is the Pearl Harbor of the economy. That was good. Have we forgotten what Warren Buffett said during the time in our nation's history where people were buying pets.com, when people were buying Enron, which is suspiciously like Fannie Mae and Freddie Mac except much, much, much, much, much larger. When everybody was buying and what did he say? If you don't know what the company does, you shouldn't be buying it. If you can't explain it, then it's too good to be true.
Nobody can really understand, nobody can ever explain the economy and how all of these magic things can happen with the magic beans and all of a sudden then there's this big beanstalk and you've got beans for the rest of your life and you can climb up and there's a goose that lays golden eggs there in the castle and it's great. You just have to get away from the giant, but now we've got that one all figured out.