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GLENN: The question in USA Today, is child obesity child abuse. Courts increasingly wrestle with questions of parental fitness. Well, of course they are going to wrestle with if we could just have something, you know, like some sort of rights of the child. Oh, my goodness, we have one of those. That's fantastic. We can get that from the United Nations. They have been pressuring us to sign that for a while. And then we'll know that parents only have certain rights with their children and the courts will have to wrestle with those questions of parental fitness.
So the question today I have for you is what system are we? Are we capitalist anymore? Are we a socialist? Are we a communist? Are's an oligarchy? I'm going to tell you what I think we are in a few minutes.
Let's recap again. First definite nation is capitalism.
PAT: An economic system based on a free market, open competition, profit motive and private ownership of the means of production.
GLENN: Don't think we're that anymore.
PAT: Doesn't sound like. It.
PAT: A social is government is any of the various theories or systems of social organization which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.
GLENN: Okay, I think we're closer to that one than we are capitalism but that's not right, either.
PAT: And the reason that's not communism yet, it's between capitalism and communism is because the collective ownership of the economy under a dictatorship has not yet been achieved. So communism then is the theory or system of social organization based on the holding of all property in common. Actual ownership being a
GLENN: Hold on just a second. I just want to point this out. Listen to this carefully. The idea that property is held in common. Joe, do you have that stat on how much the exact stat Fannie and Freddie own of our mortgages?
JOE: Percentage says it's 57%. But as far as homes, I'm still looking that up.
GLENN: So 50% of all mortgages?
GLENN: 57% of all mortgages currently being held by Fannie and Freddie. Now, I just, I want to alert you on something. The TARP program guaranteed to be $700 million I'm sorry, $700 billion. Guaranteed to be $700 billion. We found out yesterday from the inspector general of the TARP program that what we have actually guaranteed is $24 trillion. No, that hasn't gone out of the $700 billion. That's what we gave out. But we've promised $24 trillion. If somebody goes, you know, down with their mortgages, if somebody goes down with their bank buildings, if somebody goes down with their commercial real estate, whatever, that's okay. We'll cover it. "But these things aren't going to happen." Well, how much more does the state own if they bail out $24 trillion worth of loans? And we think that it's just going into Fannie and Freddie. Well, that's no big deal. That is going to the federal government. You start defaulting on these things by the way, commercial real estate, much bigger than the real estate bubble that we just went through. And the second phase of the home bubble, the home real estate bubble is coming, and that one is bigger than the first one as well.
So how much will they end up if they own 57% now, how much will they own two years from now? Okay, so that's the first part of communism. You have to own the property. You have to own collectively everything.
PAT: And then the actual ownership being ascribed to the community as a whole or to the state.
GLENN: Okay. We've already got that with GM and CitiBank and everything else.
PAT: An oligarchy is a form of government in which all power is vested in a few people or in a dominant class or clique, government by the few.
GLENN: Hold on just a second. Let's do this again. An oligarchy like what they have in Russia is what?
PAT: A form of government in which all power is vested in a few persons or in a dominant class or clique, government by the few.
GLENN: Dominant class or clique, I'm trying to think. I mean, I know that businesses are being huge business, they are too big to fail. You know, let's get those guys, let's bail those guys out. They have got to be bailed out right away. That's crazy. And they are the ones that are wait a minute. Hang on just a second. I'm thinking a dominant class or clique, you've got the uber rich. You've got the extreme left. You have these giant corporations that are involved.
PAT: Can you think of one in particular?
GLENN: GE, I can think of that. I can think of the labor unions, those guys.
PAT: Yeah. Any banks in particular that spring to mind?
GLENN: CitiBank, Bank of America, you know, Goldman Sachs.
PAT: Goldman Sachs.
GLENN: Goldman Sachs.
GLENN: Goldman Sachs, wow, that's almost an oligarchy there, huh? Isn't that weird. I'm sure we're not an oligarchy. I'm sure we're not even close to that.
GLENN: Okay, the next one, the last one is fascism. Listen to this one.
PAT: A governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.
GLENN: Let's go back and take this one apart. I personally think we are on the road. We're not any of these right now, including capitalism. We're not any of these because we are going through a metamorphosis. We are a caterpillar in a cocoon right now. When the cocoon comes off, what are we going to be? I believe we are headed towards one of the last two: Oligarchy or fascism. Listen to you have the oligarchy. That is basically a system where, look, it's Russia. Russia's got, you know, popular elections, they do it. But everybody knows Putin runs the show. And he's living by the Russian constitution. What? He's the prime minister now. What? He had term limits. What? He's not running things. Yes, he is. You know it and I know it. And who's really running the country? Putin is the strong man making sure that business runs right. And if you are not doing the things that he wants, you are dead. More journalists die in Russia than any other country. It is a dangerous place because it is run by the uber powerful and the uber rich. Don't even think about trying to break that system up. No matter where you are, they will kill you. That's what's happening in Russia. Is that where we're headed? When the cocoon breaks? Are we an oligarchy? Or are we a fascistic state. Listen carefully.
PAT: Government system led by a dictator having complete power.
GLENN: Stop. This is where everyone says a dictator with complete power, you are ridiculous. You are right. Theory, just think transformation process. What are we headed towards? We have a guy who now is trying to move the inspectors general into the executive branch so the executive branch will have control of all the inspectors general. Then he's got a system of czars that answer to no one. They don't answer to congress. You have framework being put into these bills that are going to make congress impotent, not to mention what's coming with the census. You've got ACORN coming out and doing the census. That's going to shift boundaries. That's going to shift capital. That's going to shift power. All right. So you've got a very strong dictator. We don't have a dictator yet.
GLENN: I hope he never turns into one. But gee, the framework is sure being built for that. Hope he never turns into it. All right, next part of it.
PAT: Forcibly suppressing opposition and criticism.
GLENN: Forcibly, that's not happening forcibly well, I will tell you that if you don't
PAT: Makings of it.
GLENN: Yeah, if you don't think that Bank of America has been told to shut their mouth, if you don't think CitiBank has been told to shut their mouth. We know for a fact Browner has told the car companies shut your mouth; don't you even say a word; I don't even want this in writing. But nobody's even investigating it. Wildly against the law. Okay? So you have the beginnings of it. But you are not there yet.
PAT: All the talk of the Fairness Doctrine, those kinds of things.
GLENN: Exactly right. If you think my voice or Rush's voice or Sean's voice are going to be here in five years, boy, I hope you're right. I hope you're right.
PAT: Regimenting all industry, commerce, et cetera and emphasizing an aggressive nationalism.
GLENN: Regimenting all commerce. What is the commerce clause? Why have we been ranting about overturn the commerce clause? Because they regiment all commerce. They are already doing these things. Is there any more to it?
PAT: Emphasizing an aggressive nationalism and often racism. If there's not racism now
GLENN: If there's not racism, I don't know what there is. It is this is a whole system built on the race card. Back in a second.