Glenn Beck: The day the economy almost died

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$550 Billion Disappeared in 'Electronic Run On the Banks'... Skip to about 2:15 in the video...

GLENN: So there's a video that's going around the Internet of a congressman out of Pennsylvania who, he was the guy who said, you know, I want to set up a reasonable profits board. A reasonable profits board? Don't laugh. FDR was doing it. So he wants to set up a reasonable profits board.

Now, he comes out and he's doing this interview on C-Span, and he just starts talking about the day the economy almost died. This is something that if you're a listener of this program and you pay attention to what we were saying and you see some of the stuff we talked about, we talked about this on one day but I couldn't get any more information. I had a little bit of information from my deep throat but that was it. And there was a meltdown and it was the day of the, I believe it was the mutual funds, right? And he's going to explain it here. The what? The money markets. And they were -- there was a meltdown and it is what started this ball rolling. I said at the time, my question was who started this ball rolling, but this is so much bigger. I want you to listen to this story and this congressman as he talks about the day the global economy almost melted down. This is from C-Span.

VOICE: It was about September 15th. Here's the facts, and we don't even talk about these things. On Thursday at about 11:00 in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of $550 billion was being drawn out in a matter of an hour or two. The Treasury opened up its window to help. They pumped $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there and that's what actually happened. If they had not done that, their estimation was that by 2:00 that afternoon, $5 1/2 trillion would have been drown off the money market system of the United States, would have collapsed the entire economy of the United States and within 24 hours the world economy would have collapsed. Now, we talked at that time about --

GLENN: Okay. Stop for a second. Stop for a second. Do you understand what he just said? That somebody, within an hour, there was some electronic run on the bank where something was happening. I can't believe we still don't know who -- and if this was coordinated. But $550 billion in an hour left our shores. $550 billion. That's -- do you remember when $550 billion used to be a lot of money? And he said if they would have allowed it to continue, 5, what was it, $5 1/2 trillion. By the end of the day, $5 1/2 trillion of wealth, gone from our shores. But they shut it down. We would have collapsed. It started at 11:00 in the morning. We would have collapsed by that afternoon. And the rest of the world would have collapsed within 24 hours. Do you see how fragile we are? Good. Okay. Now let's follow the conversation because there's much more than just, "Well, who did that." We can come back to who did that. Listen to what else he's saying.

VOICE: Now, we talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it and that's why when they made the point we've got to act and do things quickly, we did.

GLENN: Okay. So we've got to act and we have to act quickly, and we did. When "They" came to us and told us this, they said you have to act quickly, and we did. Just keep that in your brain.

Do you have the next cut?

VOICE: Will you listen to a lady that just got off the telephone. She is near panic, and she doesn't think her government's acting properly or acting in her behalf. I think it's important that we start informing that lady as to what really were the facts, what happened, and get input from her. Maybe she has a better idea. You know, we're not any geniuses in economics or finance. We're representatives of the people. We ought to take our time but let the people know this is a very difficult struggle. Somebody who is --

GLENN: Okay, stop. Stop. Did I just hear that right? Somebody in congress who I disagree with I think actually just said something very profound. We should allow the American people to know the truth on what it is because maybe somebody out here has a better idea because we're not geniuses. Wow. Somebody who apparently at least on this front is not so arrogant, somebody at least on this front is willing to listen to somebody other than all of the so-called experts who have been designing this thing from the beginning and who denied there was ever a problem, from the beginning, somebody who actually has the balls to say, "We should tell the American people the truth so they know." Okay, last cut.

VOICE: Somebody threw us in the middle of the Atlantic ocean without a life raft and we're trying to determine what's the closest shore and whether there's any chance in the world to swim that far. We don't know.

GLENN: Stop. Do you remember when I told you that I had talked to somebody who had spent a day. It was right around this time, spent the day with President Bush, world leader. He said, "We'll be there for you if we survive." If we survive. This is how bad the situation -- we're playing games. We've got Barney Frank asking the bank executives, where's the money; I want answers. We have Barney Frank. We're playing political games. We're talking about socialism instead of a stimulus package. We're putting in framework for universal healthcare. When somebody has dropped us in the middle of the Atlantic and we're trying to figure out which way is the closest shore and if we can swim that far, they're playing games.

I don't know -- let's go back to the beginning. I don't know who caused the run on the banks on the money markets. Don't know. Think that's probably pretty important to figure out. Is it China, is it Russia, is it just coincidence that all of this happened in just one hour, completely uncoordinated? You want to go down the rabbit hole into conspiracy theories, who benefits from this? The central banks do. Because they have more power.

Many members of the far-left already are calling for a ‘Night of Rage’ after the Supreme Court’s 6-3 decision to overturn Roe v. Wade, and the White House has been discussing plans to defy the ruling too. In fact, one idea floated by Biden Administration officials, according to the New York Times, includes providing abortions on military bases. So, will America experience another summer of riots? Are YOUR taxpayer dollars at risk? And what does this mean for deep-blue states? Josh Hammer, legal expert and opinion editor for Newsweek, joins Glenn to discuss what may come next...

Transcript

Below is a rush transcript that may contain errors

GLENN: Josh Hammer, he's the opinion editor of Newsweek. He's the host of the Josh Hammer show. He is really quite brilliant. One of the leading minds in the conservative movement, I think. Josh Hammer joins us now.

To tell us, what did you find in this decision?

JOSH: Glenn, great to be back with you, on such a momentous, and really such an emotional day, honestly. So, you know, look, as you said, this dropped recently. Funny enough, I was in the middle of getting a guest lecture from an organization on the advisory board as to when it drops. So I barely had any time to kind of skim through, let alone guess the concerning dissenting opinions. But it looks like this looks very similar, to the draft opinion that was leaked, by the Politico story, a month and a half ago, in early May. And I think those of us who were praying that the five justices from this leaked draft opinion, would have the fortitude to stiffen their spines against this unprecedented assault. Now knows that our prayers were answered, Glenn. That's really my takeaway right now.

This looks a lot like the leaked opinion. Justice Thomas and Justice Kavanaugh have some reconcurring opinions.

But unbelievable. And really just holding aside the constitutional law stuff for a second hear. Just speaking as pro-lifers, on a day like today, I think we really just need to pause. And I tweeted this out earlier. We need to just be grateful for our half century of pro-life activist forbearers. You know, this -- Glenn, this issue could have gone away after 1973. That was a long time ago. 1973. I mean, this issue could have just gone away. We owe a tremendous debt of gratitude to the pro-life moral activist. Political activist. And, of course, yes. Legal activist. Who fought day in and day out, that makes sure this great injustice stayed front and center of our national, political conscience. And in many days, the culmination of a half century of fighting for truth and justice. But in many ways, it's also a new beginning for the pro-life fight as well, interestingly.

STU: How do you mean a new beginning for the fight? I just it's going to turn, I think we're going to see abortion turn even darker in those states that allow it. Is that -- is that what you're meaning by this?

JOSH: Well, look, for a half century now, Roe vs. Wade, and its project any, specifically, the Planned Parenthood versus Casey case of 1992.

They took away from the states obviously. They arrogated authority away from the states, the ability to attempt to nationally codify one view of the morality of abortion.

It happened to be a profoundly immoral view. So these -- the fight now shifts to the states. And the pro-life activists. And all the 50 states. Especially, obviously in red states. Purple states. I mean, admittedly some blue states like New York and California, probably won't be able to touch them there.

But we have to make sure that our side is well positioned in the state Capitols for every red, purplish, probably even light blue state, to make sure we fight for successful, cogent, and morally consistent pro-life legislation. The state of Oklahoma, actually, just north of Texas. Right where you are now, Glenn. They have been leading on this actually. Governor Kevin Stitt signed into law, a fantastic pro-life bill there in Oklahoma. A few weeks ago. Maybe a month ago or so at this point, that basically just bans abortion straightforward from conception. And there are some -- you know, obviously, likable the mother. So forth. But we really need to start thinking about trying to craft legislation now, at the state level. But to your point, I do fear that the blue states will only double down in their radicalism. Unfortunately within that will only lead to an ever greater divide, in our country, that we have today. But obviously, at the end of the day. We're going to save at the end of the day, millions and millions of unborn children. We are going to save human beings who can grow up to cure cancer, who can win Nobel prices.

I mean, this is just a tremendous win for the human species. I don't know how to say it other than that.

GLENN: I will tell you, I saw the stat, that I think it was last year or the year before. 20 percent of all pregnancies ended in abortion. 20 percent.

JOSH: Wow.

GLENN: That is -- that is a shocking number. And we do have our -- our work cut out for us. Because I -- I think that these states are going to double down. But I think, you know -- God doesn't waste anything. You know, there is no waste with God. Even the -- even the worst things that could possibly happen, turn out to be something good. You know what I mean? You're like, holy cow, how did that just happen.

And I think that evil is going to fully come unmasked. I'm telling you, Josh. I don't know how you feel about this. I think this could be the day of America's Kristallnacht. I can see these pro-life centers being burned to the ground today. They're calling for a night of rage around the country. I think evil is going to show itself. And that will scare the American people, hopefully.

JOSH: You know, I've been thinking about this a lot this week, actually. Because I've been bracing for a new kind of George Floyd summer of love, happening this summer. Coming to a city or suburb near you. Unfortunately, myself. Look, I live in Florida. I know, Glenn, you live in Texas. It is in moments like this, where I do think that where you live matters. And who your mayor is. Who your governor is, matters.

Because law and order and rioting and anarchy is not really a federal issue. It is to a limited extent. June 2020, Tom Cotton wrote this op-ed that was pretty controversial at the time.

I happen to agree with it. Where he said, quote, unquote, send in the troops. And there is some federal legislation from the reconstruction era that would justify that.

But most kind of quelling and quashing of anarchy does happen. Constitutionally speaking, at the state and local level. So at a moment like this, where I fear that you're probably not wrong. I take some solace. That Governor DeSantis is my governor. I think Texans should take some solace, that they are represented by -- by a Republican governor. The legislature there as well. So I -- I fear that you are right. I pray obviously, that no one -- it's hard.

I fear that it's something -- that something bad is happening. At the end of the day, of course. It does not mean that justices cannot do what they are supposed to do. So thank God they did that.

GLENN: So, Josh, have you looked into what the White House has been saying? The White House yesterday. In fact, do we have a clip of -- of this?

What the White House said yesterday, about the guns. And then they were turned to the -- the Scott us ruling, for Roe vs. Wade. Do we have that, please?

JOSH: Will the president accept this decision, even if he disagrees with it?

VOICE: I think it's going to come from the Supreme Court. So it's a decision we certainly are going to respond to. I'll leave it at that. Just like any other Supreme Court decision. Just like the one they did today on guns.

GLENN: So the White House won't say that they're going to accept it.

Which I don't think they will. They're talking now about taking doctors and moving them into places like Oklahoma or Texas, where abortions will be outlawed. And putting doctors on our military bases to perform abortions.

I mean, where does this go, when you have a government, that is in defiance of -- of one branch of the government?

JOSH: So there's a lot to unpack here. So we should start from first principles. The idea of judicial supremacy, and this is a peculiar thing, to say on a day like today, where such a pro-life victory has happened in Italy. But if we're going to be consistent here, the idea of judicial supremacy. The idea that the justices, have the sole and exclusive ability to interpret the Constitution for themselves. And no other Constitutional actor, in article one or article two, let alone the state. Has the ability to tentatively interpret it. That is erroneous. In fact, actually it was really Abraham Lincoln actually, who in the Dred Scott case, famously opposed judicial supremacy and flouted the Dred Scott ruling, at least as it pertains to everybody other than Dred Scott himself. I have actually argued, a former legal scholarship, in a law review article actually, that the Laconian view of how each branch of government should interpret the Constitution for itself, is correct.

Having said that. Having said that, there is a thing called prudence. And there is a thing called comedy. And in a moment like today, when it really does look like -- and I agree with you, that we are now bracing for riots through the streets. When the political rhetoric is at DEFCON one. When people are trying to assassinate Supreme Court justices. I think it would be -- at its bare minimum, a profoundly imprudent act. For the Biden administration, to try to undermine this ruling.

Now, what they might do, is they might try to kind of issue some kind of executive orders, or issue some regulations, that might try to kind of undermine it, at the edges here. But at the end of the day, the idea that this returns to the state. There's not really a whole lot they can do about that. Basically, at this point, throughout the country. Kentucky within West Virginia. Kansas. Whatever. If they want to go ahead and ban abortion, what can the Biden administration literally do about that? I mean, short of sending in the National Guard, to protect Planned Parenthood, if the state legislature of Kentucky goes ahead and bans it. There's not a whole lot they can do. And it's very difficult to envision a world, in which the Biden administration literally sends in troops to red states, to protect Planned Parenthood, if that state legislature goes ahead and bans it. So for practically speaking. This is a lot of tough talk and rhetoric. Obviously the campaign here in 2022. There's not really a whole lot that practically speaking, they can do to actually prevent red and purple states from enacting pro-life legislation.

GLENN: I'm glad to -- I'm glad to hear that. I know that they have been working on things. I mean, he has said, you know, there's executive orders, that I can employ. There are things that I can do. He's talked about a national public health emergency. Which I think is just -- is crazy. But I would hope, that the president would come out and say, we strongly disagree with this. And you're right. The court is not the end all. But the court did not end abortion. It just said, the people should decide. I think that's the best kind of court ruling, on any of it. The people should decide what this is. And send it back to the states. Josh, I thank you very much. Appreciate your time. Was there -- there was another ruling, that came out today. Was it important?

JOSH: Oh, no. In comparison to this. A total nothing burger. A 5-4 decision on Medicare reimbursement related. So nothing, honestly.

GLENN: Great. Thank you very much. Appreciate it, Josh. Josh Hammer, opinion editor for Newsweek. And the host of the Josh Hammer show.

GLENN: There are two things trending on twitter right now.

Number one is praise God.

Number two trend is Night of Rage.

Good verses evil.

Build up or tear down.

'Lord, we are SORRY it has taken us this long': BlazeTV hosts react to historic Roe v. Wade decision

Photo by Yasin Ozturk/Anadolu Agency via Getty Images

The Supreme Court of the United States officially overturned Roe V. Wade, and the debate over abortion rights has been given back to the states. On this historic day, BlazeTV hosts celebrate the Supreme Court's incredible decision and take a look at some of the insane reactions as the left comes completely undone.

Jason Whitlock: Today will forever stand as a pivotal moment in our nation’s history

The Supreme Court of the United States overturned Roe v. Wade. The decision and the reaction to it have already revealed a lot about our people and politics. Pro-life groups celebrate, pro-choice groups call for “a night of rage,” and Nancy Pelosi just seems completely confused by the United States Constitution.

Glenn Beck reacts LIVE to Roe v. Wade ruling: 'Lord, we are SORRY it has taken us this long'

I never thought that in my lifetime, I would see Roe v. Wade be overturned. But today, that day has come. The Supreme Court has voted 6 to 3 to return decisions about abortion to the states. But this fight isn't over. We are about to see good versus evil side by side. Many states will stand with the unborn. But others will become abortion mills. It's your turn to choose now, America!

Allie Beth Stuckey: 'Praise God, Roe v. Wade is overturned!'

I don't know about you, but I just had the most euphoric feelings. It almost seems too good to be true. I didn't think there was any way that this would actually happen, especially with all the backlash, intimidation, and violence toward the Supreme Court justices. And yet, here we are. Roe v. Wade has been overturned. This is an amazing day!

Dave Rubin: Big disagreement on what happens next now that Roe v. Wade is overturned

Dave Rubin, Libby Emmons, Jeffrey A. Tucker, and David Reaboi debate what will happen in the wake of the Supreme Court’s breaking decision on Roe v. Wade. Now that abortion rights have been pushed back to the states, will there be a summer of massive riots or not? Will the Roe v. Wade ruling make America’s political polarization significantly worse?

Stu Burguiere: Here are the reasons SCOTUS overturned Roe v. Wade

I never thought this would happen. I never thought I would see this day. I just never ever ever ever never ever believed that Roe v. Wade would actually be overturned. I really didn't. But let's take a look at the reasons this day has finally come ...

The Rick & Bubba Show: 'This is history! Unfortunately we're 60 million lives too late'

We were live on the air when news broke of the Supreme Court decision to overturn Roe v. Wade.

Today, the Supreme Court of the United States overturned its controversial 1973 Roe v. Wadeopinion, concluding that there is no constitutional right to an abortion.

"The Constitution does not confer a right to abortion; Roe and Casey are overruled; and the authority to regulate abortion is returned to the people and their elected representatives," the syllabus of the decision reads.

As expected, the leftist outrage erupted instantaneously, fueled largely by the misinformed idea that overturning Roe v. Wade means abortion will be banned nationwide. But, as stated in the above-mentioned Supreme Court syllabus, the authority has actually been returned to individual states and their duly elected lawmakers.

One such misinformed leftist, Parkland shooting survivor Cameron Kasky, was infuriated that those awful Supreme Court justices "just voted to kill women." So he took to Twitter to urge people to go to the homes of said Supreme Court justices to "let them know how you feel."

"Go to the home of every Supreme Court justice who just voted to kill women. Let them know how you feel," Kasky tweeted.

The backlash was immediate:

Kasky decided to delete his original tweet because he is apparently "sick of republicans talking to [him]." But, unfortunately for Kasky, the internet is indeed forever:

Speaking from the White House, President Joe Biden dutifully helped spread the misinformation about the Supreme Court's decision to overturn Roe v. Wade, and took the opportunity to prompt voters to elect more Democrats in November so that Congress can write abortion protections into law. Did the president just let slip the real reason Congress hasn't made any effort to start writing such laws in the nearly two months since Justice Samuel Alito's draft opinion was "leaked" in early May?

Watch Glenn Beck and producer Stu Burguere discuss how Biden's speech reveals that Democrats are absolutely terrified of the upcoming midterm elections. Can't watch? Download the podcast here.

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