Glenn Beck: Intellectual battle for America's soul

GLENN: All right. So I met the and for anybody who listens to this program and has listened for a long time, you have to understand that the way I do my research, and I'm at the very beginning of my research on some things that I'm working on, is I'm not coming to you with the way I believe it absolutely is. I'm at the beginning of my research, but I want to share with something that I found last night doing my research in the early progressive movement starting around the 1880s, and it was really coming from you know, we didn't have a Ph.D. program here in America. And what happened was all of our intellectuals went over to Germany at the time of Marx and Meche and everything else, and they went and they got their education over there and then they came back over here. So our intellectuals, while Europe was Germany, in fact, in the 1850s, German artist was painting the George Washington crossing the Delaware to try to inspire people over in Germany to have a revolution like the American Revolution. You have the Statue of Liberty being built over in France trying to convince the French to have an American Revolution, to be more like America. Our intellectuals here went over to Germany into their Tweed Suitville and listened to the ramblings of people who were saying, well, now, wait a minute, maybe Meche has a point, God is dead. Well, now, wait a minute here, let's look at Marx and Engels, they have got some really progressive thoughts here. And they brought that infection back here.

So while the people of Europe are struggling to break free and be more like us, we're now having our intellectuals go over there and come back here and say we should be more like the intellectuals of Europe. See what happened?

So it's called the Age of Reform, and we had all kinds of problems over here in the United States and it was because business and government like the railroads getting in bed with each other. The age of reform bloomed at the turn of the century but owned its heritage to the intellectuals of the 1880s reform movement. This is what I'm reading last night. The reformers embodied a world view. Listen to this. That saw a man as inherently perfectible. Only his environment, especially the roles cast on him by society, prevented him from obtaining that perfect state. So in other words, you could be perfect. You can be anything. But it's what society does about you or says about you that's stopping you. You see?

STU: This is why they are always trying to correct every historical ill.

GLENN: Level the playing field.

STU: Right, yeah.

GLENN: Whereas many of the intellectuals of the late 19th century came from mainstream Christian religions, few listen to this few, if any, trace their roots to the more fundamental doctrines of the Baptist or traditional Methodists. Instead they were the intellectual heirs of Emerson and Unitarianism but with a decidedly secular bent.

In other words, they went to church, but it was a Unitarian church and it was a secular Unitarian church. The reformer Jane Adams, for example, these are the seeds of the progressive movement. The reformer Jane Adams, for example, had a Quaker background. Quakers, what are Quakers? You know one thing about Quakers. What are they?

STU: Passivists?

GLENN: Okay. Antiwar. Had a Quaker background. Absorbed little Christianity. Quote, she said, Christ didn't help me in the least, end quote. After her father died she fell into a horrible depression. Adams gained no support from Christianity. "When I'm needing something more, I find myself approaching a crisis and I look weather wistfully to my friends for help." Henry Demarest Lloyd whose series in the Atlantic monthly in the 1880s made him the original muckraker. He was born to Dutch reform minister turned bookseller. Lloyd himself was religious, though well educated and you are going to see this over and over and over again though well educated at Columbia University. Columbia University was the head of the snake on the progressive unit. It is all of this nastiness comes right out of Columbia University. Like most of the early reformers, he had received a first class education. Let me say it again: Like most of the early reformers, he had received a first class education. Indeed, the reformers almost always came from families of wealthy means. They were people who seldom experienced hardship firsthand. Think of the famous progressives that we know about. Kennedys. I just had another one here. Who was this? Rockefellers.

PAT: Vanderbilts.

GLENN: Teresa Heinz. John Kerry.

PAT: Soros.

GLENN: Look at the, look at the people that are always defending. Look at the ones, look at the people in Hollywood. The uber wealthy. Mabel Dodge Luhan, the daughter of Buffalo banker attended all the best schools before coming to the conclusion that she could not trust her thoughts, only her senses. Lincoln Steffens' father was an affluent merchant who could afford to send his son to universities in Europe where he acquired a taste for expensive clothes and dabbled in philosophy. Upton Sinclair and Jack London proved exceptions to this rule. Sinclair's family came from wealth on his mother's side but Sinclair's father ruined former southern aristocrat had descended into alcoholism and supported the family by selling liquor, then hats. Unlike most of the other reformed intellectuals, Sinclair actually worked selling dime novels to put himself through... Columbia University, before turning out the muckrakers call to arms the Jungle. London, a socialist, adventurer, sailor, gold seeker and famous novelist whose Call of the Wild became a classic had grown up poor and had as a youth worked a wide range of jobs. More typical than any of these writers is Ida Tarbell, considered the original muckraker whose father Frank had a thriving oil tank building business, providing her with first class education, blah, blah blah. Another aspect of the social gospellers is worth mentioning here, that listen to this. Some two to three million fathers absent from the home because of the Civil War. Hundreds of thousands of fathers were dead, literally millions of young boys were raised in households of women only. Rather than learning masculine behavior, they had been raised by their mother who taught nurturing and caring. In the process turning to the ways of their mothers and took Christianity out of the home to save the world. It is not a stretch to suggest that the causality list of Gettysburg and Chancellorsville produced a feminized progressive world view among the emerging generation of reformers. Best known for his association with social Darwinism, Sumner's views were spent more complicated, blah, blah blah, embracing views of overpopulation. He expressed concern for the negative impact of charity and government policy, blah, blah blah, blah blah.

You are seeing the roots in all of it: Overpopulation. What was Cass Sunstein? Overpopulation. This was in the 1880s. In the 1980s progressives are still talking about overpopulation. When that doesn't become popular, what do they do? They talk about environmentalism. Teddy Roosevelt, environmentalism. Teddy Roosevelt goes into the national parks and he says you can't use any of these rivers, you can't divert these rivers, you can't use them for irrigation for your fields, and farmers lose their farms. People go hungry because environmental first it's overpopulation. Then it's save the planet, we're destroying the planet, to the expense of people. It just repeats itself over and over and over again. To the intellectuals that are overeducated, they look down on anybody who is undereducated. A lot of them are coming from Columbia University. A lot of them are godless. I mean, it's playing itself out over and over again. These people haven't changed. A lot of them are the people who have come from wealthy families or are wealthy now. And elite. How many times have you asked, why are these the ones who are so for it? The Kennedys. Why are the Kennedys, why were the Roosevelts? I mean, if you look at Teddy Roosevelt, you want to talk about a life of privilege, Teddy Roosevelt. The next one up in line was Woodrow Wilson. A life of privilege! Then the next one up? Franklin Delano Roosevelt, a life of privilege. Then the next one? The Kennedys. A life of privilege.

You ask yourself, how do these people, how do these people do it? What are they thinking? They enjoy the good life because you have to go back to de Tocqueville and democracy in America. Here's a French guy coming over here trying to study us, and how do we how is America doing this, what is happening here? And he finds the answer. But then the second part of the book is a warning. There are going to be those who become so wealthy, they are going to want an elite upper class and they are going to want to kick the door closed on everyone else. The path that they blazed, they are going to want to make sure that they protect it by kicking the door closed for everyone else. And that is exactly what's happening. Look at what they're doing now, the progressives, in Washington, D.C. They're kicking the door closed on opportunity for anyone who's not currently in the ruling class. Not currently in the moneyed class.

Look, I grew up poor. I happen to have some money now, but let me tell you something. I'm no different than you. If you're poor today, you can be rich tomorrow. It's America. That's the dream. And anybody who tries to tell you differently is a liar. Anybody who tries to tell you differently doesn't understand the principles of America or they're trying to kick the door closed so you don't go in because they have this stupid idea that there's not enough money or success for all of us. There is. You just have to do it. You just have to follow your heart. You have to follow your mind. You have to understand the American system. You have to believe it. Not everybody's going to get rich, but that's not everybody's dream. When did the American dream become, we're all going to be rich? When the progressives started changing history. The American dream was not that everybody would have a big house and two cars and everything else. That was FDR. The American dream was being able to pursue your hopes and your dreams. It is the pursuit of happiness that was the American dream. When we restore that, Americans will once again lead the world and once again there will be artists in Germany painting our founding fathers or the refounders of America. There will be people in France that say, look at them, we should build yet another statue to these, to this idea that these people have once again reinstated because it will change us. And at the same time once again there will be somebody that tries to kick the door closed so nobody else can get in.

On Monday, Biden exercised his veto powers for the first time to strike down a bill that would ban states from taking ESG into consideration when investing state pension funds. In his veto message, Biden said:

Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country. That's not controversial — that's common sense.

At the risk of using the loaded word "gaslit," it continues to be the operative word in describing the policies coming out of the Biden White House. It is painfully obvious that ESG itself inhibits investors from "maximizing financial returns." That was never ESG's goal in the first place. Yet Biden said the opposite.

ESG aims to incentivize investors to make "socially conscious" (a.k.a woke) investments, even if they are at odds with the greatest return on investment. It has enabled state governments and investment firms to use their monopoly over the investment space to force companies to choose between adopting their woke ESG standards and losing critical investment. Isn't there a word for that? Extortion? Or modern-day politics?

ESG enables state governments to force companies to choose between adopting their woke ESG standards and losing critical investment.

That is the sole reason why Republicans brought the bill to his desk in the first place: As Glenn said, "ESG poses a clear and present danger to the American way of life, the soul of our nation and every sector of our economy. ESG was never about ROI. It was always about pushing a leftist agenda.

And Biden knows this.

Why would he want to give up something that enables his political party and corporate elites to control and manipulate the political affiliations of their people? Who would want to give up that power? Biden certainly doesn't.

And he didn't.

Instead, he boldly asserts the exact opposite: that ESG itself "maximizes financial returns," relying on the divided American people to debate the policy into oblivion, while he gets exactly what he wants: the retention of power over the American consumer. Dare I say again that "gaslit" is the operative word here?

If one thing is clear, it is that we cannot rely on the federal government to act in the best interests of the American people. However, in this critical moment, the state governments are stepping up to do what the federal government refuses to: protecting the rights of the American consumer.

In a joint resolution led by Florida Governor Ron Desantis, 19 states have pledged “to protect individuals from the ESG movement" at the state level. This is critical.

We cannot rely on the federal government to act in the best interests of the American people.

Florida leads Alabama, Alaska, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, West Virginia and Wyoming in signing the historic policy agreement among all 19 states, pledging to ban ESG practices within their jurisdictions.

The anti-ESG alliance calls ESG what it is:

A direct threat to the American economy, individual economic freedom, and our way of life, putting investment decisions in the hands of the woke mob to bypass the ballot box and inject political ideology into investment decisions, corporate governance, and the everyday economy.

This alliance takes aim at two specific practices used by left-leaning states to force companies to adopt ESG-approved practices.

First, the alliance promises to protect "taxpayers from ESG influences across state systems."

While other states are using YOUR taxpayer dollars to fund pro-ESG corporations, these states pledge to BAN this practice to ensure "that only financial factors are considered to maximize the return on investment."

The chief factor behind any investment should be determining whether that investment yields the maximum return on their investment. However, many states are using YOUR taxpayer-funded pension and retirement funds to invest in ESG-approved businesses. This not only forces businesses to consider adopting ESG standards in hopes of obtaining investment. Moreover, states are using YOUR taxpayer dollars to fund them! Would you want your government to invest your hard-earned money for partisan purposes?

The anti-ESG alliance is taking the politics out of investment and putting consumer power back in the hands of the American people. These state governments pledged to make investment decisions based solely on maximizing the return on investment, not in using your taxpayer dollars to fund their political agendas.

Second, the alliance promises to protect "citizens from ESG influences in the financial sector."

ESG standards force businesses to consider the political leanings of their customer base. For example, Discover announced they will begin tracking its customers' gun-related purchases. One of the leaders behind this push is Amalgamated Bank, which boasts on their website that their institution "supports sustainable organizations, progressive causes, and social justice." Amalgamated Bank CEO Priscilla Sims Brown said:

We all have to do our part to stop gun violence and it sometimes starts with illegal purchases of guns and ammunition The new code will allow us to fully comply with our duty to report suspicious activity and illegal gun sales to authorities without blocking or impeding legal gun sales.

This virtue signaling at the cost of your privacy is earning both Discover and Amalgamated ESG brownie points.

There are countless stories of Americans, like YOU, getting locked out of their bank accounts, dropped as clients, tracked and targeted, all because their personal political beliefs don't align with big corporations' ESG goals. Their individual privacy and dignity as a consumer aren't worth the risk of lowering the company's ESG score.

That's why the anti-ESG alliance is pledging to protect the residents in their states from this corrupt ESG exploitation. The alliance promised to ban "so-called social Credit Scores' in banking and lending practices aimed to prevent citizens from obtaining financial services like loans, lines of credit, and bank accounts."

They also promised to stop "financial institutions from discriminating against customers for their religious, political, or social beliefs, such as owning a firearm, securing the border, or increasing our energy independence."

In short, they have targeted the political extortion hidden behind the virtuous ESG veil to protect citizens from being discriminated against based on political affiliation.

It's time to step up.

Biden may have struck down the effort to restore the freedom of the American consumer at the federal level. However, these states are taking it upon themselves to do what they ought: to ban practices that threaten the freedoms and privacy of their citizens.

If your state did not joining the anti-ESG alliance, it's time to demand that they step up and do their job to protect you and the rest of your fellow citizens from corrupt ESG practices. As Glenn said, "The conservative movement is best when it moves in unison." We must act and unison and push our states to protect our economic freedom and our way of life.

How prepared are YOU to weather a future crisis? We recently published a brand new quiz so you can find out exactly how prepared you are. Whether you're a "prepper" with a bunker fit for the apocolypse or just want to feel more secure for the future, there is always something more to learn. That's why Glenn wants to give his newsletter subscribers his "Ultimate Preparation Guide," filled with practical tips for building a solid foundation to weather future crises. And let's face it—in our crazy world right now, who couldn't use a bit more peace of mind?

Enter your email below to get "Glenn's Ultimate Preparation Guide" sent straight to your inbox!

Editor's Note: Arizona House Bill HB2770 has since been shut down! AZ Rep. Rachel Jones tweeted that the AZ Freedom Caucus shut down the bill before it could reach the board. It is encouraging to see states stepping to protect the American people from getting one step closer to a Central Bank Digital Currency. Hopefully, Arizona will be a precedent for the other states!

On today's radio broadcast, Glenn warned about dangerous Central Bank Digital Currency (CBDC) language being smuggled into routine legislation in REPUBLICAN-led states. This is unacceptable, and as Glenn said, we can't let this legislation pass as it now stands.

The legislation being used to smuggle in this CBDC language is the Uniform Commercial Code (UCC), a routine piece of legislation passed on the state level that helps standardize commercial and business transactions. However, a new round of UCCs being deliberated RIGHT NOW amongst a swath of Republican-led states anticipate the use of "electronic money." In a public letter sent to the Republican states currently deliberating this legislation, the Pro-Family Legislative Network said this can only refer to the Central Bank Digital Currency (CBDC) under consideration and testing by the Federal Reserve. Biden's Executive Order 14067 issued in March of 2022 started the push for CBDC, and now these states, knowingly or unknowingly, are laying the legislative groundwork for making CBDC a reality.

There is absolutely no reason why Republican-led states should aid in laying the foundation for CBDC, yet 12 of them are deliberating it RIGHT NOW, with one UCC bill already on one GOP governor's desk! We have to act NOW to stop these UCCs in their tracks and demand our lawmakers amend the bills without the "electronic money" language.

If your state is listed below, contact your representative NOW to put an end to CBDC language.

1. North Dakota

North Dakota House Bill HB1082 passed BOTH chambers and is now sitting on Governor Burgum's desk. Burgun has 3 DAYS to veto this bill once it's placed on his desk—if not, it will pass automatically. If you are a North Dakota resident, it is absolutely CRUCIAL that you contact Governor Burgum's office NOW and demand that he veto this bill and re-introduce it without the "electronic money" language.

2. Arizona

Arizona House Bill HB2770 has been SHUT DOWN! See the above editor's note for more details.

Arizona House Bill HB2770 passed the House majority and minority caucuses. Arizona residents, contact your representative's office NOW so that they amend this bill without the "electronic money" language.

3. Arkansas

Arkansas House Bill HB1588 is in committee, and if passed, will head to the House floor. Though the bill is only in its beginning stages, it's important for Arkansas residents to stop this bill in its tracks and amend it without the "electronic money" language.

4. Missouri

Missouri House Bill HB1165 is also in its beginning stages in committee. That means it's important to contact your representative as soon as possible to amend it without the "electronic money" language.

5. Oklahoma

Oklahoma House Bill HB 2776 passed the House Committee and will go to a chamber vote soon. If passed, it will go to the Senate, then the governor's desk. If you are an Indiana resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

6. Indiana

Indiana Senate Bill SB0486 passed the Senate and is headed to the House. Republicans control Indiana's executive office and BOTH chambers of the legislature. There is no excuse for this bill to pass. If you are an Indiana resident, it's vital you contact your representative NOW and demand they amend this bill without the "electronic money" language.

7. Kentucky

Kentucky Senate Bill SB64 passed the Senate and is now being deliberated in the House. If you live in Kentucky, contact your representative's office to amend the bill without the "electronic money" language.

8. Montana

Montana Senate Bill SB370 passed the Senate and was sent to the House on March 3rd. If you are a Montana resident, contact your representative's office NOW so that the bill doesn't without changing the "electronic money" language.

9. Nebraska

Nebraska's Legislative Bill LB94 passed committee and the first floor vote. As Nebraska only has one legislative chamber, this bill is dangerously close to passing the legislature and being sent to the governor's desk. If you are a Nebraska resident, contact your representative's office NOW and demand they amend the bill without the "electronic money" language.

10. New Hampshire

New Hampshire House Bill HB584 is currently in House committee deliberations and has not yet reached the House floor. If you are a New Hampshire resident, contact your representative's office NOW to amend the bill without the "electronic money" language.

11. Tennessee

Tennessee House Bill HB0640 didn't successfully pass the House. However, it was deferred to a Senate committee and has now taken the form of Senate Bill SB0479, which is now in committee. This bill is still alive, and it's important for you, Tennessee residents, to stop it before it reaches the floor! Contact your representative to amend the bill without the "electronic money" language.

12. Texas

Texas House Bill HB5011 was filed and is ready to be taken up by committee. Fellow Texans, let's not let this bill progress any further! Contact your representative and demand they amend the bill without the "electronic money" language.

6 things you NEED to know about the Silicon Valley Bank collapse

NurPhoto / Contributor | Getty Images

Silicon Valley Bank's collapse is sparking traumatic memories of the 2008 financial crash. Should we be worried SVB is signaling a similar economic catastrophe, or is everyone overreacting to the media's hype? Glenn told his listeners to be "healthily terrified." This event is sure to have ripple effects throughout the economy, but the more you are informed about it, the more you can prepare. Here are 6 things you need to know about Silicon Valley Bank's crash—explained in simple words.

1. The short answer to what happened: SVB didn't have enough money to pay its depositors.

Remember the scene from It's a Wonderful Life when all of the residents make a run on George Bailey's bank demanding their money? Fortunately for them, their money was in the altruistic hands of George Bailey, who used his honeymoon savings to give the depositors the money they demanded.

Silicon Valley Bank's depositors weren't so lucky.

In short, the depositors made a run on Silicon Valley Bank, demanding the withdrawal of their money. But SVB simply didn't have the liquid money available to give their depositors, causing regulators to shut down the bank shortly afterward.

2. It all started with COVID...

Why didn't SVB have enough money for its depositors? To explain this, we have to go back to the pandemic era.

The pandemic saw a rapid decrease in spending and a massive increase in bank deposits. Due to the uncertainty of the future and lockdowns limiting ways to spend money on recreational activities, like restaurants, bars, and other outlets, many Americans stocked up money in their accounts. In fact, SVB's deposits doubled in 2021 alone, bringing in more money than they could lend out to their clients.

To make a return on their available cash, SVB wanted to invest it, as many banks do. Since they had reached their lending limit, they decided to invest it in U.S. Treasury Securities, which are the government's means of funding itself without using taxation (in a nutshell). These are considered "ultra-safe" investments because they are backed by the "full faith and credit of the federal government."

Unlike other forms of investments, investing in Treasuries means the government will do everything within its legal power to pay back the money used to fund itself. In other words, it is typically very safe... so what happened?

3. Then came the magic cocktail—record-high inflation and rising interest rates...

Interest rates ruined the typically "ultra-safe" investment. Due to 40-year record-high inflation, the Fed lifted rates eight times by a total of 4.25 percentage points in 2022, raising interest rates from 0.25 percent to 4.375 percent. This means the value of U.S. Treasuries investments plummeted rapidly. SVB reported that it lost $1.8 billion due to the decreased value of its Treasuries investments after a year of rising interest rates.

This raises the following question: why didn't SVB just weather the storm and wait for interest rates to decrease? There are two issues with this. The first is that, with so many of their assets held up in Treasuries investments, SVB still wouldn't have enough liquid assets to give their depositors during the bank run.

The second issue is that Treasuries investments have a ten-year limit. In 2021 during the Trump administration, interest rates were at an all-time low of 0.125 percent.

The record-fast increase of interest rates in 2022 caused very little chance for rates to go back down to their historic 2021 lows within ten years for banks to make their money back on their investments.

To avoid this, SVB planned to sell their investments at a loss and re-purchase Treasuries investments at the decreased value, giving them an extra ten years to bet on decreased interest rates in the future.

But people caught on to SVB's plan and didn't want to ride with the risk.

4. Account holders withdrew their money... FAST.

As aforementioned, SVP lost $1.8 billion when it sold its depleted Treasuries investments. While they were betting on being able to re-purchase the devalued securities, hoping that they would go up in value in the future with lowered interest rates, investors were worried about the risk.

Once they made the announcement of their $1.8 billion loss, their stocks began to drop, and venture capitalists warned the companies they invest in to pull out of SVB. This had a snowball effect, leading to a "bank run" of depositors demanding to withdraw their money from their SVB accounts.

This led to the perfect storm: SVB's investment losses coupled with the influx of withdrawals were so immense that regulators had to step in and shut the bank down to protect depositors. The government currently "running" SVB, for all practical purposes, is the Federal Deposit Insurance Corporation (FDIC). The FDIC closed SVB on Friday and reopened the bank on Monday, March 13th as the Deposit Insurance Bank of Santa Clara.

5. Some people may lose their money. 

Banks insure accounts with $250,000 or less with FDIC insurance. That means, in cases of bank failure, exactly like this one, the FDIC covers all accounts less than $250,000. The FDIC said SVB customers who had less than $250,000 in their accounts will have access to all of their money when the bank reopens. Since it reopened this week, they should have access to their funds.

However, many of SVB's depositors had more than $250,000 in their accounts—it is Silicon Valley after all. Therefore, their accounts were not covered by FDIC insurance. Will they get their money back? There is a chance that they will not.

It is unclear how much SVB currently has to cover uninsured deposits. It is likely not enough. The FDIC has issued a "Receiver's Certificate" to the uninsured account holders with the amount in their account that is not covered by FDIC insurance.

The FDIC said it will pay some of the uninsured deposits by next week by liquidating any additional assets held by SVB. However, if the liquidated assets are not enough, many of SVB's uninsured account holders could lose their money for good.

6. Is this 2008 all over again?

SVB's collapse was the largest bank failure since 2008, when Washington Mutual failed with $307 billion in assets. Its failure, along with the collapse of the Lehman Brother's investment bank, triggered the worst financial crisis since the Great Depression. Are we in danger of repeating 2008?

Some argue that we are not in danger of another economic catastrophe, simply because SVB holds less than 1 percent of the nation's assets. However, as Glenn warns, there is a danger of banks repeating the same mistakes as SVP.

SVP wasn't the only bank to use its surplus deposits to invest in U.S. Treasuries, which means that other banks are wrestling with the depleted value of their securities investments due to rising interest rates.

Bank of America, for example, lost $109 billion in their securities investments due to rising interest rates, the most among its peers—and Bank of America is no small fish in the ocean of assets.

Other major banks recorded other massive losses in their securities investments due to rising interest rates. JP Morgan Chase lost $36 billion, Wells Fargo lost $41 billion, Citigroup lost $25 billion, and Goldman Sachs lost $1 billion. If the little banks collapse, will they get the same effort and attention from the federal government as the "big guys?"

The critic may argue that these are still small values given the incredibly large amount of assets held in banks nationwide. However, this is missing the point. Major banks have majorly invested in securities since the pandemic-era skyrocketing rate of deposits. Now those investments are depleted in value.

They can either sell those investments at a loss, or they can wait and hope that they will recover over time. However, if those investments are no longer liquid, what happens when their depositors come knocking? Will they have enough liquid assets to cover a massive bank run? These are the lingering questions that our banks need to address.

As Glenn says, this will impact you—it is only a matter of time. What will you do to prepare?