Glenn Beck: Bush speaks on economic woes


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

GLENN: I want to ask you a question. How many recessions have we gone through? How many recessions, how many troubled economic times has this country weathered? A ton, right? How many just in your lifetime? How many times have we gone through a recession? How many times have we weathered the storm? How many times have you heard the argument, "Well, it's this administration's failed policies," both the Republicans and the Democrats, over and over and over again, right? And, "Oh, stop, they're talking the economy down," blah, blah, blah. Okay, we've all lived it. Let me ask you this: How many times in your lifetime has the President of the United States given speeches at 7:30 or 7:45 or 8:30 or 8:35 in the morning directed directly to Wall Street? How many times in your lifetime have you heard the President of the United States say these words that he said today right before the markets opened?

PRESIDENT BUSH: Yesterday the house of representatives voted on a financial rescue plan that had been negotiated by congressional leaders of both parties and my administration. Unfortunately the measure was defeated by a narrow margin. I'm disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process. Producing legislation is complicated and it can be contentious. It matters little what a path a bill takes to become law. What matters is that we get a law. We're at a critical moment for our economy, and we need legislation that decisively addresses the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again.

GLENN: Okay, stop for a second. Here's what he's saying. He's saying that the financial system is clogged, and I think there's most people -- and I would love to just take phone calls today from people who are just starting to wake up and go, wait a minute, wait a minute, what does this mean. Because we and everybody on the staff here has been so into this and I've been whipping the research horses now for about a year, a year and a half on this very scenario and so we don't even know anymore what most people don't know. We don't know what the average Joe question is anymore because I was, honestly I was walking with a guy yesterday and we were walking to a car and we were talking and just last week he said to me, said, "Glenn, I just came into some money from an inheritance." And he said, "I was thinking about putting this into stocks, what stocks do you think..." and I said, you've got to be kidding me, right? He said, what? I said, well, first of all, I'm not the guy to ask for investment advice and the second thing is, are you paying attention to what's going on? Now, this is not a guy that's associated with us at all. He said, I know there's some stuff going on but, you know, it's all over, right? I said, all over? It's just beginning. He said, really?


Saw him yesterday and he said, so the stock market was down 777 points. So now should I put my money in the stock market? I said, no, no, don't put your money in the stock market. It's extraordinarily volatile. And he said, well, some people say it's going to go back up tomorrow. I said, it will go up one day and go down the next day and up one day and down the next day. I said, you can't trust it yet. He said, I don't even know what all of this means. And I think that's where most people are. They don't even know what this means. And that's what the President is in between a rock and a hard place here. Some of it by his own doing. He can't really explain what all of this means. What he just said here is there are people that can't get loans.

Now, a lot of people will say, well, I can go get a loan, or, I've got good credit, I don't have to worry about that, I'm not doing -- let me tell you something. Let me tell you something. The credit that he's talking about is the kind of credit that businesses use and you as well. School loans, everything. You as well. What's happened is -- remember you don't want a run on the bank. Why? You don't want a run on the bank because then everybody takes their money and they hoard it and they put it underneath their mattress and there's no money left to be able to loan money. Remember It's a Wonderful Life: Your money's in this guy's house, your money's over here. So you don't want to hoard money. Well, there was a run on the bank. See, we have the trust of FDIC, so we don't run and get our money because we know that our money is going to be returned to us. Because the federal government will just print more money if they don't have it. They will just print it. So you get your money back. So we have that little seal on the door that makes us feel all happy.


Well, the banks don't have that. The banks know what's going on, and the banks don't trust each other. They don't know, "Wait a minute, are you good, are you bad? Are you going to survive, are you not?" They don't know what's going to happen next. They don't know if the Government's going to get involved, not get involved, seize them, do this, do that. Is the economy going to grow or expand or contract, are we having huge taxes coming, are we having huge spending still? What's going to happen with the hedge funds, what's going to happen with the price of oil? They have no idea. And so what they've done is they've gone to their bank, the treasury and the Fed and they have had a run on the bank and they have put that money under their proverbial mattress. So they are saying, no, no, no, I can't loan you any money. They have got all the money they need but they are holding onto it because they don't know, they may have to cover some assets, they don't know what's coming. So they just don't spend their money. Well, that's what happened in the Great Depression with regular people. That's what happened with Japan with regular people. They had money and they wouldn't spend it. And so what happens, everything stops.

Now if you're -- and you know this. If you're a farmer, you need to go and get a loan, "I need to get a loan, got to buy my fertilizer, got to buy my seeds, start all my wages, everything else." So you go get a loan until that crop is harvest and then you pay it back. Grocery stores have to do that, get the trucks, get it all out. Nobody has the money to just put out. They have these revolving lines of credit. Well, that revolving line of credit has stopped now. So there's no way to do business.

This is something that we talked to you about eight months ago and I said if this stops, if people can't get loans, business will stop. They say that we're probably around two weeks away from just business, I mean healthy businesses just not being able to do business because if -- and I don't have any information. I don't even want to use real names. You know, if Bill's Fabric Store has lots of fabric and they are trying to sell fabric to, you know, a name brand maker, well, that name brand maker can't buy it because they always take out a giant loan because they don't have money for, you know, the plaid skirts on hand. That's what they do. That business, even healthy ones, will go down because nobody can get the short-term loans.


That's what the President is talking about. This is why it affects you because businesses will begin to close. Healthy businesses will begin to close. You'll -- unless they operate on a full cash basis, they won't be able to do it. Unless they are self-sufficient and have zero debt, unless -- it doesn't matter how good your credit is. You ain't getting a loan. So unless your business has the money where they never have a revolving line of credit, they never have to go to the bank, they are not going to be able to survive. That's why he says really big things going on, but he never really explains that in this. That's why you have to go back and say, "Okay, wait a minute, what else did he say?"

PRESIDENT BUSH: I recognize this is a difficult vote for members of congress. Many of them don't like the fact that our economy has reached this point, and I understand that.

GLENN: Stop. He doesn't like -- many of them don't like that our economy has reached this point. Most Americans at this point go, you're damn right, and whose fault is it? Instead of saying "What point," the immediate thing from every American is, "You're damn right, and I'm one of them. I don't like, and you guys caused it." Instead of saying, "Well, what point exactly are we at, what exactly are we facing? What do you mean by they don't like the fact that we're at this point?"

PRESIDENT BUSH: But the reality is that we're in an urgent situation.

GLENN: Stop. We're in an urgent situation. Why are we in an urgent situation? What is an urgent situation? I've lived through recessions before. I don't remember ever hearing that they were so urged.

PRESIDENT BUSH: And the consequences will grow worse each day if we do not act.

GLENN: Stop. If the government doesn't give $750 billion as a bailout -- that is twice the size of prescription drugs, twice the size of prescription drugs -- if they don't implement this plan now, the problems grow worse by the day?

PRESIDENT BUSH: Dramatic drop in the stock market we saw yesterday will have a direct impact on the retirement accounts, pension funds and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.

GLENN: Stop. The economic damage will be painful and lasting. Why? Why is this different than any other, why is this different than any other recession? Okay, so you get the bad banks, the bad banks go out. Okay, big deal. We had the S&L, we had the 1987 S&L scandal. We lived through that. It wasn't painful and lasting. You know, we got through it. What's the big deal here?

PRESIDENT BUSH: I know many Americans are especially worried about the cost of the legislation. The bill the House considered yesterday commits up to $700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That, no question, is a large amount of money.

GLENN: Twice the size of prescription drugs.

PRESIDENT BUSH: This is a large problem.

GLENN: Stop. Twice the size of prescription drugs, and I know that's a lot of money. Do you remember what it took to get the prescription drug thing through? And I know that's a lot of money. Yeah, it's a ton of money. Even with a large problem, he says. Again most Americans blow that off because they've heard this before. We've heard this over and over again. You want to talk about the little boy that cried wolf, this is it. This is what the average American thinks. "Really?" You know what? This problem where the President says something like this and no one listens to him starts a long time ago. It starts really, I think the seed was during the Nixon administration, when you -- what? Are you kidding me? When everybody said in the 1990s, "Oh, it doesn't matter what he does in his personal life. It doesn't matter. So what. He was lying about sex." It does matter! You're right, it doesn't matter that it was about sex. It could have been about anything. It doesn't matter about the topic. It matters about the lie. You can't lie to people. You can't look at people in the eye and say, "Yeah, well, okay, I was lying about that one." Because now you don't trust. Now you've seen a guy put every ounce of credibility onto the table. So half the country was disenfranchised in the Nineties and said, wait a minute, it does matter. You can't lie. And then we had the 2000 election where they were clearly lying about the recount. And then they stole the next election and then we went into Iraq, and did they have yellow cake, did they not have yellow cake. Was he lying about that, was he not lying about that. No one believes our candidates anymore. No one believes our President anymore. No one believes our congress anymore. Nobody believes this problem is real because no one has any credibility.

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."

Watch the video below to catch more of the conversation:

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.

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."

Watch the video below to catch more of the conversation:

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.

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:

Want to listen to more Glenn Beck podcasts?

Subscribe to Glenn Beck's channel on YouTube for FREE access to more of his masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, or subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.