Big Oil vs. the Fed: Double Standard?




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Barack Obama is talking about taxing those big, bad evil bankers to make up for losses on the bailouts and he's reviewing end of the year bonuses; can't have those greedy bankers making any profits — oh no. Confiscating profits is becoming standard fare in Washington: When a company makes "windfall profits," like when gas prices recently soared, politicians went after oil executives.

(BEGIN VIDEO CLIP, FEB. 2, 2007)

THEN-PRESIDENTIAL CANDIDATE HILLARY CLINTON: The other day, the oil companies reported the highest profits in the history of the world. I want to take those profits ...

(END VIDEO CLIP)

That evil Big Oil!

While you were barely scraping up enough cash to fill up your car and get to work, those greedy monsters were raking in record bonuses and profits, stealing food right off your dinner table, starving your children — how dare they!

Our politicians — because they care about you — took brave action and dragged oil executives to Washington, D.C., to give them a lecture. And now they're going after the banks.

But there's another company who's making obscene "windfall profits": the Federal Reserve. They announced a "windfall" of $52.1 billion ... hmmm, an entity independent of the government making "record profits" (their biggest ever).

You've seen the reaction to the banks. You've seen the reaction to Big Oil. But so far, nothing on the Fed. Hmm. Where are these people on the Fed?

(BEGIN VIDEO CLIPS)

REP. MAXINE WATERS, D-CALIF.: And guess what this liberal would be all about? This liberal will be about socializing ... uh, um ... would be about, basically, taking over and the government running all of your companies.

SEN. BYRON DORGAN, D-N.D.: Your profits are very handsome. In fact your individual compensation is very substantial. You’re doing really well, on the other hand there’s dramatic pain for consumers.

CLINTON: We should have a windfall profits tax on these outrageous profits of the oil companies …

THEN-PRESIDENTIAL CANDIDATE BARACK OBAMA: I have strongly called for a windfall profits tax …

CLINTON: The best way to do that is to construct and apply a windfall profits tax …

SEN. DICK DURBIN, D-ILL.: The idea of a windfall profits tax which I support

THEN PRESIDENTIAL CANDIDATE JOHN MCCAIN, R-ARIZ.: I don’t like obscene profits being made anywhere.

REP. ED MARKEY, D-MASS.: There should be a commitment that each of you make – I would recommend that 10 percent of your profits go into renewable energy projects.

(END VIDEO CLIPS)

Shouldn't our politicians be outraged to learn that the Fed made more in “windfall profits” than ExxonMobil? Well, if they were upset, it's hard to tell because there are no dog and pony show hearings scheduled. No one is threatening to take profits. No one is saying anything.

Why is it politicians are outraged at Big Oil, even though they kept profit margins low during the high gas prices, but when the profits benefit then there is no complaint?

The Fed raked in $52 billion for what, exactly?

• It was created in part to stop bank panics. How’s that one working out? Can you think of any big problems with the banks in recent history? Hmm, that's a tough one.

• The Fed was also created in part to bring economic stability — in other words — no more big bubbles bursting. Hmmm, can you think of any bubbles (cough, dot com; cough real estate) that have burst lately? That's another tough one.

Where are the politicians on this? When are the hearings? I'd like some answers. Will there be any penalty on the Fed? Who are they in bed with? Why can't we audit the Fed?

We are no longer a nation of laws. The double standards demonstrate this clearly:

• If you are Exxon and you make profits, well government needs to take that! But the Fed? Politicians turn the other cheek.

• AIG and Bank of America execs can't have bonuses. But Fannie or Freddie? No problem!

• If you don't pay income tax, off to the slammer you go. But Charlie Rangel or the 50 employees in the executive office of the president who currently owe $812,917 in taxes? Nothing!

• Trent Lott says nice things about an old guy at his birthday party — he's shamed, fired. Harry Reid calls Obama “light skinned” and without “Negro dialect” — he gets supported and defended.

• If you try and give your family the best health care plan, a “Cadillac plan,” you get socked with a 40 percent tax. But if you are in the right union, you are exempt

Today it's more about who you know than the rule of law. Robert Creamer steals $2.3 million from banks and he's excused by Democrats because he was helping the poor.

No: It's either right or it is wrong.

When we start caving because of the R or the D or justifying breaking the law because “the ends justify the means,” we're finished. We are supposed to be a nation of laws, not the nation of favors. Washington told us this was the secret of the republic: We are a nation of laws, not of men. Now it only seems to matter what man you are or what man you know.

— Watch Glenn Beck weekdays at 5p & 2a ET on Fox News Channel

Glenn Beck has been warning since last summer that you would not recognize your country in a year. Well, it's not even summer yet, and he says he already doesn't recognize the country.

Do you recognize an America in which people are making more money off government unemployment benefits than they can make by working, inflation is ramping up, housing, supply and labor shortages are widespread, and the current administration gives cybercriminals from Russia a free pass after the biggest cyberattack on our nation's infrastructure to date?

On the radio program this week, Glenn pointed out that while businesses all over the nation are downsizing, one brand store is actually booming — and it says a lot about the state of the economy and what it means for our country's future.

Watch the video clip below to hear more from Glenn:

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The largest American gas pipeline shut down on Friday due to what experts told the media was the "most dramatic cyberattack on U.S. soil to date." Investigators are looking at a group believed to be based in Russia known as "DarkSide."

It's time our leaders in the White House take national security seriously because this isn't the first time enemies of the U.S. — namely Russia and China — have used the cyber world to attack our nation and weaken our infrastructure, Glenn Beck argued on the radio program. Between Russia, China, and Iran — which President Joe Biden is now trying to make another nuclear deal with — it looks like the "Axis powers" of a "digital World War III" are lining up

"The journalists seem to care about the price of gasoline for the first time. Is it because they actually care? Or is it because they're trying not to focus on the fact that this was an attack most likely from Russia? And it isn't the first cyberattack from Russia of the year ... maybe we should be paying attention, to Vladimir Putin," Glenn began.

"And by the way, the pipeline going down, that's not the only [cyberattack] happening now," he added later. "Thirty thousand U.S. victims, small businesses and local governments, were hacked by cyber espionage units backed by the Chinese government in January of this year."

"There is an 'Axis power.' It is Russia and China. And, by the way, who is also aligned with Russia and China? Iran. Wow, this is weird," Glenn surmised. "But don't worry about that. Just leave your dog tags on another table. Let's not talk about China. Let's not talk about who actually crashed the jugular of our oil pipelines. I don't want war. But I got news for you ... this Biden administration is doing the job for our enemies."

Watch the video below to hear more from Glenn:


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Canadian clinical psychologist, author, and cultural firebrand Jordan Peterson is no stranger to cancel culture. Ever since he was thrust into the culture war, he has faced one controversy after another, stirred up by the woke elites who hate him with a passion. But although they have tried to make him pay for speaking out so fearlessly against their message, he refuses to back down and he believes you should, too. He joined "The Glenn Beck Podcast" this week to explain why.

"There is a growth of the reluctant hero in all stories ... so many people think that they don't have what it takes, that they're not the hero," Glenn said to Peterson. "How do you get people to recognize and then have the courage to stand? You've taken a beating ... why is it worth it and how do you get there?"

"I think it's worth it because I believe the alternative is worse ... to stay silent when you have something to say," Peterson replied. "You don't know what it is within you that requires your voice, right, because you feel like 'I have something to say.' Where does that come from exactly, that feeling that you have something to say?

"Maybe you're disgruntled at work and you're choking on your own bile because the situation is not just in your estimation," he continued. "You're dying to say something, but you won't. Well, you'll die if you don't say it. Maybe it's a death by a thousand cuts. I don't like deferred punishment. I'd rather take it now and keep the future clean, which is why I encourage people to have the fights now, not to hide things in the fog for later. They grow and metastasize. It's better to confront what you need to confront when it's small and you have some possibility of victory."

Watch the video clip below to catch more of the conversation, or find the full podcast with Jordan Peterson here:

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Top officials at the Federal Reserve are doing what they can to sugar coat what's ahead for our economy, telling Americans we may hit a "transitory" period of inflation that will settle by 2022. But Bank of America is saying something different. The bank's latest earnings call commentary warned "at the very least" transitory hyperinflation is ahead.

Watch the video clip below to hear Glenn Beck explain what this means for prices and for our economy.

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