Glenn Beck: Fed makes record 'windfall' profits

GLENN: Hey, I want you to know that the Fed has made a little bit of a profit this year.

PAT: No big deal, though.

GLENN: Yeah. It's only, it's only just a little bit more than Exxon made last year.

PAT: Let's not blow that out of proportion, though. That sounds on the surface like it's a lot of money.

GLENN: Yeah.

PAT: But it's not even $1 trillion.

STU: Right. It's way less.

PAT: $46 billion. ExxonMobil made 45.

STU: If you say $46 billion, you are not including $100 million because it's 46.1.

PAT: It's easy as change.

STU: But that's nothing. That's just thrown on top of it.

GLENN: So they made $46 billion.

STU: 46.1.

GLENN: $46.1 billion last year, the Fed did, a private corporation where we don't even know who really owns the Fed.

PAT: Are they fat cats?

GLENN: No, no.

STU: They are definitely not corporate fat cats.

PAT: All right, I shouldn't have even brought that up.

GLENN: So they made $46.1 billion. ExxonMobil last year made how much?

STU: Well, when it was a big controversy, 2008, they made record profits of $45 billion.

GLENN: Not $45.1.

STU: Well, let me you know what? That's a good point.

GLENN: You better check, because

STU: $45.22 billion.

GLENN: $45.22 billion. And remember it being on the front page of Drudge. They called them in front of congress.

STU: Yeah.

GLENN: You know what this liberal's going to do. This liberal's all about socializing.

STU: Please play it. Thank you.

VOICE: And guess what this liberal will be all about. This liberal will be all about socializing... will be about

STU: Something else, about something else, something else.

VOICE: Basically taking over.

GLENN: Taking over, like that's better.

VOICE: And the government running all of your companies.

STU: Oh, there you go. See, that's quick on your feet.

GLENN: Yeah. Very good cover. Very good cover. Okay, so she was saying that because people were paying a lot of money for gasoline.

PAT: And they were making these outrageously obscene, sinful, outrageous.

STU: Hurtful.

PAT: Hurtful, thank you, profits.

GLENN: At a time when the American people need help.

PAT: They were suffering, suffering.

GLENN: What did they do? They made these obscene profits.

PAT: Obscene.

GLENN: So the Fed was supposed to protect us from a bubble.

STU: That worked. I mean, if you think about it, that worked out very well.

GLENN: The Fed was supposed to oversee the banking fiascos.

STU: Yeah.

PAT: And sort of head them off at the pass?

STU: They did see it. They saw it.

PAT: Nobody could do that.

STU: Impossible, impossible.

PAT: Nobody could do that.

GLENN: Then they were supposed to bail out these banks so people could get loans at the banks, which isn't happening.

PAT: Well, nobody could do that.

STU: Impossible.

GLENN: But they are only making more money last year.

PAT: They tried, Glenn, but the fat cat bankers just wouldn't do the things that were supposed to be asked.

GLENN: Hang on a second. The Federal Reserve is a collection of banks.

PAT: But these are good banks.

STU: Really good ones.

PAT: There's a difference between the good banks.

GLENN: We don't know what banks they are.

PAT: It's like are you a good witch or a bad witch. This is, are you a good bank or a bad bank.

GLENN: We don't know what banks they are.

PAT: I just know they are good. They are good banks.

GLENN: You just know that.

PAT: Because they are part of the Federal Reserve and no bad bank could ever be a part of the Federal Reserve. You know that. You know that.

STU: Don't play around, Glenn.

GLENN: So let's say Merrill Lynch is not Merrill Lynch but Goldman Sachs.

STU: Sounds like fat cats to me.

GLENN: Isn't Goldman Sachs part of the Fed? They are rumored to be part of the Fed?

PAT: They can't possibly be. Because I don't think I would call them one of the good banks.

GLENN: You don't think so?

PAT: So they can't possibly be.

GLENN: But Goldman Sachs is in with the president.

STU: Why are you talking about fat cats again? Fat cats. Corporate fat cats.

PAT: Sucking the marrow out of this country! Out of the very nation!

GLENN: So I'm wondering if we could have Maxine Waters ask Ben Bernanke what's been going on? How could you possibly make because I'll tell you what this liberal's all about. This liberal's all about socializing the bank... about basically taking over... the banking industry... and jamming a spike into the chest of this great nation. And then shooting people who disagree. That's what we're and running the oil companies.

STU: You have to look at this in perspective, though, Glenn and I think if you look at this is really a story of the economy as a whole. I mean, when you think about a company as a whole, you think of beating their all time highest profits by 33% this year. I mean, that seems like just the story that every business is telling with all this hope and this change flowing.

GLENN: It is the macro of the micro. That's just the big picture that everybody's going through the roof by 33%.

STU: 33% of your all time highs, that's what everybody is doing right now.

PAT: I thought everybody was pretty much down.

GLENN: No, pay no attention to that. Fat cats are down and they deserve to be down.

PAT: The fat cats deserve it? Okay. So when is the hearing scheduled for the Federal Reserve to find out how they made these obscene profits?

PAT: Well, they haven't scheduled that yet but they are going to do it really super soon, I'll bet.

STU: Super, super soon I think actually, double super.

GLENN: Do you guys have a press release for this?

PAT: No, but I am expecting one in my inbox anytime, at any time.

STU: And it's not super duper soon. It's one of the two, we know.

On the radio program Monday, Glenn Beck, Stu Burguiere, and Pat Gray discussed the Trump defense team's arguments in the Senate impeachment trial against President Donald Trump.

"This is different than what the Democrats were doing," Glenn said of the Trump team's impeachment defense. "We know the case of the Democrats, they just kept going over and over and over, for three days, the same stuff. The Republicans, at least on Saturday, did not ... and I thought it was really, really good."

Glenn added, "The president's defense was very compelling."

Watch the videos below to hear Glenn's top takeaways from the president's defense team:

Part 1: Why the president's defense is 'very compelling'

Part 2: Top takeaways from president's impeachment defense

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Americans are getting crushed by healthcare costs. In 2018 alone, we spent $3.6 trillion on healthcare — that's more than $11,000 per American and nearly a fifth of the national Gross Domestic Product (GDP). It's on everyone's minds, which is why it has taken center stage in the Democratic party's primary. Of course, the solutions offered by the current crop of presidential candidates would do nothing to help alleviate that enormous spending. In fact, it would only add to it — what with Bernie Sanders' Medicare for All and Joe Biden's proposed ObamaCare expansion.

However, what also deserves attention in discussions about plans that increase the government's role in health care is how religious organizations would be affected. Faith-based hospitals and health care sharing ministries (HCSMs) play an important role in America, often serving as a critical provider and/or facilitator of payments for medical services in many states. If plans like Medicare for All were implemented, these groups would be at risk of going bankrupt or being severely curtailed due to the elimination of choice that comes with these proposals.

Instead of imposing a top-down and expensive health care system overhaul, faith-based providers and groups should be allowed to continue offering a variety of plans that work as high-quality, often cheaper alternatives. And more Americans should consider them.

Instead of imposing a top-down and expensive health care system overhaul, faith-based providers and groups should be allowed to continue offering a variety of plans that work as high-quality, often cheaper alternatives.

As mentioned, one such option is a health care sharing ministry. In this model, individuals contribute money into a pool managed by a religiously or ethically-affiliated organization, and costs for medical treatment are shared by people who adhere to that organization's belief system. Typically, applicants are required to sign a statement of faith in order to be accepted. It's basically like a subscription service: consumers pay a set amount of money into the ministry every month. Then, when they have a medical need or incident, they submit a claim to the ministry. Members whose claims are approved are reimbursed by the ministry from that pool of funds. Note, these ministries don't cover procedures they deem immoral.

Because providers are often getting paid in cash under this model — and typically within 90 days — patients are able to negotiate significant discounts, in some cases slicing procedures' costs to a fraction of the initial price. Insurance companies, by comparison, tend to not pay dollar for dollar on claims, and certainly not in cash. Additionally, insurance companies usually have onerous paperwork requirements, forcing doctors to spend half of their time on electronic health records and desk work. This increase in demand for administrative work is partly responsible for the United States leading the world in administrative costs in healthcare.

There are various types of HCSMs, each offering different benefits depending on what the individual needs — and a lot of savings on monthly plans. Take Christian Healthcare Ministries, for example. It's resulted in enormous savings for its members. Whereas the average healthcare plan can cost about $400 a month on the low end (with high deductibles), CHM plans can run between $78-172 a month for a single person. These kinds of plans are particularly great options for people who are relatively healthy and young, where the need for doctors and prescription drugs is less likely.

HCSMs have seen explosive growth in popularity recently. In 2014, there were only approximately 160,000 members. By 2018, membership ballooned to about 1 million HCSM members around the United States who have shared over $1 billion in medical expenses. But unfortunately, many people still feel locked into the traditional — and expensive — health care insurance model. HCSMs provide a way out, and, depending on their belief system, people should research them and see if there's one that best suit their needs. If more people deviate away from the traditional health care insurance market, insurance companies would be incentivized to adjust their pricing. That won't be possible, of course, if plans like Medicare for All are implemented.

Health care is one of life's biggest expenses, and voters are understandably desperate for a plan that cuts costs without compromising quality of care or access to it. Alternative options to health care insurance such as HCSMs are practical, free-market solutions that saves money. Americans should sift through these options before subscribing to plans that will only break the bank.

James Czerniawski is a Young Voices contributor. Follow him on Twitter @JamesCz19.

Bill O'Reilly: Adam Schiff is in 'wonderland' during the Senate impeachment trial

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On the "Glenn Beck Radio Program" Friday, Bill O'Reilly gave his latest take on the Senate impeachment trial of President Donald Trump, and explained why he thinks House Intelligence Committee Chairman Adam Schiff (D-Calif.) is like "Alice in Wonderland."

Watch the video below to catch more of the conversation:

youtu.be


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Sen. Ted Cruz (R-Texas) joined Glenn Beck on the radio program Friday to discuss the latest developments in the Senate impeachment trial of President Donald Trump.

According to Cruz, Thursday was a "very consequential day" in the otherwise tedious and redundant impeachment proceedings.

"Yesterday, the House managers effectively threw Joe Biden under the bus," Cruz said. "They doubled down on what they started doing on the first day of arguments, which was making their entire case ... based on the proposition that there was zero evidence to justify investigating Burisma [the Ukrainian natural gas company that paid then-Vice President Joe Biden's son, Hunter, $50,000 a month to sit on the board]."

Cruz went on to explain that every time the Democrats, namely House Intelligence Committee Chairman Adam Schiff (D-Calif.), rehash the "zero-evidence" argument, they open the door for Republicans to present the overwhelming evidence that contradicts those claims.

"That proposition, that there's zero evidence to investigate Burisma, is utterly and completely absurd. So, I'm looking forward to Saturday when the president's lawyers will begin presenting his case. Because what the Democrats have done, is they have opened the door to this. And I hope the president's lawyers will stand up and systematically lay out the case," Cruz said.

"They've been arguing that Hunter Biden is completely irrelevant to this case. Well, the House managers have now, through their arguments, made Hunter Biden not only relevant — he was always relevant — but critical now," he continued. "They built the entire case, like a house of cards, on the proposition that there was no reasonable basis to investigate Burisma. And that's just absurd."

The two also discussed Cruz's new podcast, "Verdict with Ted Cruz," which he records with Daily Wire host Michael Knowles each night following the Senate trial.

"Last night's podcast went through systematically ... all of the overwhelming evidence of corruption from Burisma that any president, not only had the authority to investigate, but the responsibility to investigate," Cruz said. "And that, ultimately, is why President Trump is going to be acquitted at the end of this process."

Watch the video below for more details:

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