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GLENN: I've been telling you for the last two years that a wicked, wicked economic crisis is coming. I told you that the banks were going to have problems. I told you that you were going to wake up one day on a Monday and by Friday your country would be different. I will tell you that I saw it differently, at the time I said that, I saw it differently. And I think it was like two weeks afterwards, maybe a week afterward I said, oh, my gosh, that was the week. And it was the week of the bailout. When we woke up Monday, most of us didn't know about the bailout. We knew what America was about. We knew how things worked. We knew what was going on generally speaking. By Friday we had put an end really to the free market system. We had moved into a socialist sort of country, and we are on the way to France. And that's not what any of us bargain for, that's not what any of us saw on that Monday morning before that happened.
Now, Stu has always played the role, his job is to be the antagonist in a way. His job is to push me every day. When I say something, he will say, "Wait a minute, where did you get that." I mean, we have meetings before and after the show. You know, I'll run theories by, and his job, I pay him to push me up against the wall. And sometimes in the last two years, because I just know what I know and sometimes Stu would get -- he would push me and he would have to say halfway through the conversation, "I'm doing my job here." Because I'd get so frustrated because I couldn't convince him. And I remember saying to him, if I can't convince you, how can I possibly convince anybody else. And I was -- because I just knew what I knew. Stu has been an antagonist on this, and he has really been an optimist. He's been what I have always been in the past. I believe in America's future, but what the difference, the difference where we have come from, and Stephen Moore from the Wall Street Journal, we had the same kind of conversation. Stu and I came out of a dinner that we had with Stephen Moore, and I remember -- Stephen Moore, by the way, is the chief editorial writer for the financial editorials of the Wall Street Journal. And I remember coming from dinner and I said to Stu, "See? Stephen agrees with me." And Stu said, "Stephen thinks you're nuts!" And I said, "He said these things would happen." And I said, "No, he didn't. He said these things would happen if one, two, and three happened." And I said, "Those are foregone conclusions." And he's like, "No, they're not." "Yes, they are." To me I didn't put trust in the government and I didn't put trust in the system. Everybody else did and that's what slowed them down and probably the right thing, but that's what stopped people. Everybody said, no, no, but this has to happen and this has to happen and this has to happen. And I already, in my head, had war gamed it so much that I knew those things would fall.
STU: And you don't have to say that it was probably the right thing. It wasn't the right thing. If this was the right thing, we would have been --
GLENN: If not like me, we would be in -- well --
STU: It would be a very sad, it would be a sad --
GLENN: It would be a sad place because it was very sad there for a while.
STU: Lots of baked goods.
GLENN: And I brought you this message and I didn't want it. And how many times did I say on the air and to you, Stu, "Stu, convince me that I'm wrong, please." I don't ask experts to have them prove me right. I really do try to find somebody that will tell me that I'm wrong. I mean, I just, I was just sitting with a guy who was very high up in one of these firms that went down and he was trying -- years ago. Not currently. And now he's with the banks and everything else. And he said, "Glenn, you know, this is happening, this is happening and this is happening." And I talked to him. I sought him out to get hope. "Okay, he's smart enough. He'll know." Halfway through I said, "You're wrong. You're dismissing these things." And I couldn't believe, after I said it, I'm like, I can't believe I just told this guy he's wrong. I have no place -- who am I to say this to this guy. He knows; I don't. But I felt it was false hope because I just, I didn't think people were looking at it with common sense. Stu was being an optimist.
Last week Stu started talking to me about different things and started to say things that I could tell there had been a fundamental change over the holidays in his thinking, or at least what he was saying. And I realized -- correct me if I'm wrong, Stu.
GLENN: That my best-case scenario is the same now best-case scenario of Stu's. Would you say that's true?
STU: I think -- they are very close, I would say.
GLENN: So if Stu is believing this, I believe you are as well, and here it is. The best-case scenario is that we have 12 to 18 months of what we have right now. What's happening right now with jobs being lost and we're on the edge and, ooh, it looks bad but it could turn around, this is the worst economic situation since the Great Depression. The best-case scenario is this happens for a while and then we turn it around like we always do, we turn it around and we come back the other direction and the economy starts to grow. That's the best-case scenario. And I think Stu and I are there.
Now the next step into that room is what we don't really come back-come back because we come back as France. Because what the framework that they are putting in currently is socialism and so we come back as France. The next step into that room I think is we come back -- and this is historical. So please try to take the emotion out of this and look at it as historical. And if you don't know the beginnings of this in Italy, then you need to do your homework on it. Take the emotion out of it. The beginning -- the next step into that room is a Mussolini sort of rule where it is fascism, but it's happy fascism. As George Carlin said, if fascism ever happens, it will happen in America with a smiley face, and it's happy fascism, just like it was in the early days of Mussolini. It was happy. Everybody was happy. I mean, Uncle Leo who's Tanya's uncle, and he's -- I don't even know now -- 80 -- no, he's older than that. He's in his 90s now. And we were sitting -- and we were out in public and he said, "Let me tell you something." This is like, this is a couple of months ago. "Mussolini was a good man!" I'm like, okay, keep it down, shhh. So the best-case scenario is we have Mussolini for a while but we turn it around and we get there. That's the secret. That's the next step. Beyond that is global Katrina, that it is a collapse and it's a nightmare and it's a global Katrina, out of control and global framework steps in. That's the worst thing. I mean, okay, Jesus could come back. That's the worst-case scenario. Could it get any worse?
STU: Well, I mean, I think of Jesus as a good guy.
GLENN: You got the whole horsemen of the apocalypse first.
STU: Well, you've got that first.
GLENN: Okay. So you've got the four horsemen.
STU: It eventually turns out great.
GLENN: Sure. So you've got the four horsemen of the apocalypse on the other side, right? I don't think, I hope to God we're not there, okay? I don't see that but maybe it is. I mean, you know, the Mayan calendar did say 2012 it's all over.
STU: He should have the hoofbeats of the apocalypse because the hoofbeats --
GLENN: Do you have that, Dan?
VOICE: Hoofbeats of the apocalypse!
GLENN: I hope we're not there but the Mayan calendar says we are. I'm just sayin'.
Okay. Now here is the point that I want to make with you. I don't think I need to explain the economy anymore because my deal was this isn't a financial show. My purpose for telling about the economy for the last two years had nothing to do with "Look at me, how smart I am," because I'm not smart. I don't know what I'm talking about on the economy. Everything -- I'm a self-educated man. The last two years I've gotten about two hours of sleep a night because I was reading so much about what the heck is Bretton Woods, what does that mean? What? So I'm not asking you to think I'm smart. I just -- just please give me the benefit of the doubt that I've done my homework.
It's not about ratings because this kind of talk isn't good for ratings. And it's not about being right because I don't want to be right. It doesn't benefit. If what I say is right and it happens, well, then I don't have a job, you don't have a job, I don't have transmitters. I mean, the whole world has changed. There's nobody... "Look, I'm going to stand around and go, hey, do you have any food and water? By the way, I was right." I don't want to be right. I want this to change and that's my only motivation for telling. Because we are in control of our own destiny. We can change things. The future does not have to be a bleak future if we stand up because we have the power.
So I see Stu and I now at the same place. We are at the same place as far as on the economy that the best-case scenario is this until we can turn it around. And that may last 12 months to 18 months. Right, Stu?
STU: Yeah, I would say that. Better than that, isn't it?
GLENN: Now, the next thing that I --
STU: Quick, we should point out that that -- this is one of the things that disturbed me is that's not the best-case scenario of economists. Best-case scenario of economists, they are actually predicting even flat growth for the entire year.
GLENN: Not going to happen.
STU: To me that seems absolutely unreasonable at this point. Where did they go to? Was it the Times? I saw it in the Times, I think. It went to 55 economists. The most pessimistic one out of all 55 was minus 2% on the GDP. Now, to me that sounds -- I know it's tech talk, but that sounds almost eternally optimistic. I mean, I understand that I'm not a guy who -- you know, I'm not a pessimist at all. You've heard me on this program for a long time and, you know, but when you're getting to that point, it's almost like, what am I missing? What have I missed by listening to everything that I've heard, reading all the stuff that I've read? Even as an optimist, I can't fight that.
GLENN: The economists are the ones who designed this. The economists are the ones who designed this. The economists have been wrong the whole time. Nobody saw this coming.
STU: There is again another -- I think it was in the same article in the Times that they said fewer than 12 prominent economists predicted this, fewer than 12. Out of all of them. How many are there? Hundreds and hundreds and hundreds. Fewer than 12? Thousands. So I mean, think about how -- what a tiny, tiny group that is of people analyzing these numbers for a living. So I mean, I don't think -- you know, I don't feel like, you know, a crazy man for being wrong on the economy for the last year. I was in some good company but obviously company that I should have avoided.
GLENN: I was crazy when I said it. I mean, you remember. CNN didn't even want us to run graphics behind us on this because they were like, don't, please don't, let's not go over some of these things because that's crazy man there; let's just leave it alone. You know what I mean? I mean, it was a giant rock pushing it uphill because we were truly alone. I didn't know the fewer than 12 thing.
STU: Fewer than 12.
GLENN: That's amazing. Okay. Now, here's the next step. You've got the economy. I think if Stu is saying, "Okay, I don't think anybody needs to ring the bell on the economy," and I hope that nobody -- everybody has a skeptic's eye on these experts because they are the ones who designed the system, they are the ones who didn't alert you to this in the forefront, they are the people now designing the plan out. Well, they designed a way down. How are they going to find their way out? So I think we all -- in our gut if we listen to ourself, we got that. So now it's time to move to the next phase.