Glenn Beck: Bush speaks on economic woes


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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.

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.