Glenn Beck: Why Progressive States Fail





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I want to focus on what puts states with progressive policies at greater risk than states with more conservative ideals — and who is in deeper trouble.

Obviously a tsunami is going to put basically everyone under water and, as you'd expect, the greatest crisis since World War II means that right now 48 states are in trouble. But there's a big difference between states that will almost always be at risk for going under water and then those that are better able to weather the storm. And that is based on how progressive their policies are.

If you look at the states that the Pew Center ranks as most failing, you will tend to see something in common: They are like California, in terms of budget deficit and several other key factors.

Rhode Island, Michigan and Oregon are all very progressive states. If you go down the list, some conservative states pop up.

You might say, "Hey Glenn! Why are Arizona and Nevada so high on that list?"

Well, despite conservative policies, the real estate market collapse most seriously affected Arizona and Nevada. Like I said, a tsunami puts everyone under water.

The other states, meanwhile, were running into trouble even in good times. Why?

Look at their policies, particularly their progressive taxes and other anti-business practices. These states not only heavily tax the rich and spread the wealth, but they also spend like times are always going to be good. They don't have rainy day funds that can help them get through tough times.

No, they pretty much need times to always stay good and probably even get better, just to stay in good shape — progressively ramping up their spending.

As I've said for years now, "as goes California, so goes the nation." And so it's not really any surprise that California's high taxing, high spending and obliviousness to future concerns sounds just like... well, exactly what the federal government has done.

But unlike the government which can borrow money from the Fed, states start to shut down and start issuing IOUs. In each case, these progressive states counted on the high earners' revenue and the big bonuses and when they didn't come through... big trouble.

New York's foreclosure rate happened to be really low because it's so tough actually buying property and so they weren't nearly as high on the Pew Center's list as you'd expect. They're still in huge trouble, along with New Jersey.

Actually, with all these states that are reliant on heavy earners, not only do you see a lot of volatility based on market swings like we're in now, but also millionaires' taxes don't work. Look at the volatility of California. Look at how the tech bubble and the housing bubble totally wrecked their plans.

They drive people out of the states. Rich people are rich partly because they know how to protect their money. And if all the states become too progressive, they'll just take their money overseas. All this leads to the Northeast being known as "America's Economic Black Hole."

Compare the financial situations of those states in the most trouble with the states that are in tougher times than usual, but far closer to recovery. What you'll find in states like Texas, Wyoming, Nebraska, Montana and North Dakota is that generally they are better able to weather the storm, because they have conservative principles.

States with broad-based taxes with low rates will go through downturns, but they are so much less reliant on the rich people continuing to earn. You'll also find much less of a union influence than those progressive states. Some other states that saved when times were good are Florida and Indiana and they are doing much better now as a result.

Here's something else to look at: If you look at the 10 states that rely most on individual income taxes — states like Oregon, New York, California — you see once again how the states with progressive income tax are generally in worse shape, due to that volatility I just spoke of.

And then check out the 10 states that concentrate their spending on public welfare. Well, what a surprise, New York again. And Rhode Island, whose progressive social policies mean they are more likely spending and spreading the wealth than they are saving that wealth or keeping money in the hands of individuals.

Even more dramatic is the volatility of taxes collected: From 1990, compare California, which has the highest personal income tax rate in the country, with Texas to see whose total tax collected is more stable. (By the way, Texas has no state personal income tax.) It's obvious which state sees more fluctuations and which is much more stable.

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The Senate Judiciary Committee was set to vote on subpoenas to compel Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg to testify on alleged censorship and bias across their platforms. But that all changed when Republican committee members "expressed reservation about the maneuver," Politico reports.

Sen. Ted Cruz (R-Texas), who chairs Judiciary's Subcommittee on the Constitution, was definitely not one of the committee members with cold feet. On the radio program Tuesday, he told Glenn Beck that he's fighting "vociferously" to ensure Dorsey and others testify before the November 3rd election.

"Jack Dorsey and Mark Zuckerberg are both going to testify. They're are going to testify in person. They're going to testify before Election Day. That's what I think should happen," Cruz said. "That's what I'm fighting vociferously to happen. Right now, the companies are negotiating with the chairman's office to discuss terms to come voluntarily. I don't give a damn whether they come voluntarily or under subpoena. They need to testify in person and answer questions for the American people about why they are trying to steal this election, to suppress the free speech, and to censor the press."

The subpoenas would require Big Tech leaders to testify on the alleged "suppression and/or censorship" of two consecutive blockbuster stories from the New York Post. The first story was about emails that allegedly came from Hunter Biden's computer which are currently being investigated by the FBI, and the second was based on additional emails that allegedly showed communist China directly offering millions of dollars to then-Vice President Joe Biden.

"Big Tech stepped in, and they've done something they've never done before," Cruz explained. "We know that Big Tech has been censoring individual conservatives, trying to suppress conservative speech. But the step they took here is, they blocked if any individual user tried to share either of the New York Post stories, [they] were blocked ... Sharing a news story, from a major media outlet is part of democracy, part of free speech. And not only that, they blocked the New York Post itself. Right now, today, the New York Post is not being allowed to post its own damn stories on corruption. This is ridiculous. It's a threshold that's never been crossed before, of Silicon Valley oligarchs declaring the authority to determine what the press is allowed to report, and who is allowed to see it."

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If we learned nothing from the media over the past 4 years it's that colluding with a foreign entity to either win an election or for personal gain is absolutely grotesque. Well, that depends on whether you have a (D) or (R) before your name anyway. President Trump was impeached on rumor and innuendo yet Joe Biden has all but skated on his corruption up to this point.

Below is a timeline that shows the level of corruption and the lengths the Biden's went to in order to build that family's wealth and influence internationally.

2009

In 2009, Joe Biden was the brand-new Vice President and John Kerry was a U.S. Senator. Just five months after Joe was sworn in, his son Hunter, and Kerry's stepson, Christopher Heinz, formed an international private equity firm called Rosemont Capital. It had several different branches, including one called Rosemont Seneca Partners.

2010

Just nine months after Rosemont Seneca opened its doors, Hunter Biden went to China for meetings with executives from China's biggest banks, and its sovereign wealth and social security funds. That's unheard-of access for a brand-new firm. Was it just coincidence that at the same time Hunter was meeting these Chinese bigwigs, his dad was meeting with China's then-president Hu Jintao in Washington DC at a nuclear security summit?

2011

In May 2011, Joe Biden met with Chinese officials for the U.S.-China Strategic & Economic Dialogue conference in Washington. Just two weeks later, Hunter Biden went to Taiwan for meetings with the same Chinese financial giants he'd met in China in 2010, plus some new ones.

2013

By December 2013, Joe Biden was enjoying his second term as VP, and John Kerry was now Secretary of State. That's when Joe traveled to Beijing on an extended official trip and Hunter traveled with him on Air Force Two.

During their stay, Vice President Biden met with President Xi and Hunter was mostly out of sight. We don't know exactly what he was up to, but the deal finalized between Rosemont Seneca and the Bank of China just ten days after the Bidens' trip pretty much gives it away. The most powerful financial institution in China formed a joint venture with tiny Rosemont Seneca to create a giant new investment firm called Bohai Harvest RST – the "RS" stands for Rosemont Seneca.

The firm is often called "BHR" for short.

Hunter Biden was a member of the Board. Remember, the Bank of China is government-owned, which means its business is completely intertwined with the goals of the Chinese Communist Party. BHR also got the freedom to operate in the newly created Shanghai Free-Trade Zone where, over the next six years, it would use $2.5 billion of Chinese government money to invest in China, as well as in other countries, including the U.S.

During their Beijing trip, Hunter also introduced Jonathan Li to his dad. Li is Hunter's business partner – he's CEO and Director of BHR.

Hunter arranged for Joe to meet Li in the lobby of the hotel where they stayed during their Beijing trip.

2014

In 2014, one of BHR's first major investments was in the China General Nuclear Power Corporation.

CGN is a Chinese government-owned nuclear power company that sold off a stake of the company to outside investors. Problem is, CGN was under FBI investigation for paying informants in the U.S. to steal nuclear secrets.

In 2016, the FBI arrested the ringleader of this nuclear espionage, a man named Allen Ho.

When they arrested Ho, he was using a random code generator to access funds being provided to him from – where else? – the Bank of China.

Yet while this FBI probe was going on, the son of the Vice President owned a stake in the company being investigated. And even after arrests were made, Rosemont Seneca did not alter its relationship with BHR, nor did it divest from CGN, even though it was stealing U.S. nuclear secrets.

2015

In 2015, BHR partnered with the Aviation Industry Corporation of China (AVIC) to buy an American company called Henniges for $600 million.

AVIC is a gigantic military contractor in China – think Lockheed Martin – that makes fighter jets, bombers and drones. BHR bought 49% of Henniges and AVIC bought 51%.

Henniges is a precision parts manufacturer specializing in anti-vibration technology. The stuff they make is known as "dual use" by the U.S. State Department, which means the technology can also have a military application.

Because of that, the deal had to be approved by the Committee on Foreign Investment in the U.S. (CFIUS) since it could have national security implications. The thing is, the American side of BHR – meaning Hunter Biden and his pals – had to know there were serious national security implications with AVIC.

The year before they formed a partnership with AVIC, the Wall Street Journal reported how AVIC stole technology related to the U.S. Air Force's F-35 stealth fighter and used it in its own stealth fighter for the Chinese.

How the Committee on Foreign Investment approved that deal remains a mystery. CFIUS does not publicly disclose any information regarding its decisions. Their findings are not publicly announced.

Interesting that China accounted for the largest share – with 74 transactions – approved by CFIUS during Obama's second term (2013-2015).

Under the umbrella of Rosemont Capital was a real estate company called Rosemont Realty. In 2015, a Chinese company called Gemini Investments bought a 75% stake in Rosemont Realty. The company was renamed Gemini Rosemont

Gemini brought $3 billion to the partnership with Rosemont, with the aim of buying "Class A institutional-quality commercial office properties in U.S. markets."

Red flag (literally) – Gemini Investments is a subsidiary of the China Ocean Shipping Company, a.k.a., "COSCO."

COSCO is a Chinese government-owned company. Its headquarters in Beijing is actually next to the headquarters of the Bank of China. COSCO is well-known for its close military ties. It's essentially a branch of the Chinese Navy.

2017

In 2017, BHR invested in Face++. That's the facial recognition phone app built by a Chinese company that is incorporated in a separate app built by the Chinese government. Police in the Xinjiang [Sin-jong] region of China use that app to keep tabs on citizens, and track and detain Uiguhr [Wee-ger] Muslims.

The app allows police easy access to data about Chinese Muslims including things like religious activity, blood type, and even the amount of electricity they use.

2018

In March 2018, a spokesman (Chris Bastardi) for Christopher Heinz (John Kerry's stepson) emailed The Hill to say that Heinz had "no operating role" in Rosemont Seneca, and that he was not involved in any of Rosemont's deals in China (which contradicts Schweizer's report in his book Secret Empires).

Chris Heinz was involved in Rosemont Capital. Rosemont Seneca was established under the same GP as Rosemont Capital, but Chris Heinz had no operating role in it. Chris and his family have no financial interest or investment in Bohai Harvest RST, he has never traveled to China, and he has never met with the firm's Chinese management team or investors.

2019

In October 2019, Hunter Biden's lawyer, George Mesires, said Hunter did not conduct any business on that 2013 trip to Beijing with his Dad.

Mesires said the timing of BHR's business license getting approved was purely coincidental because the paperwork had been submitted months before the Bidens' China trip.

According to Hunter's lawyer, the approval " was not related in any way, shape or form to Hunter's visit."

Hunter Biden finally stepped down from the BHR board last October (2019), but he DID NOT give up his 10% stake in the company.

When Bevan Cooney — the former "junior" business partner to Hunter Biden and Devon Archer — went to jail in 2019, investigative reporter and New York Times bestselling author Peter Schweizer thought he'd never gain access to the damning emails Cooney had promised. That all changed three weeks ago when Schweizer was given complete access to Cooney's gmail account.

Schweizer joined Glenn Beck on the radio program Tuesday to describe just some of the business deals revealed within these emails — like Hunter working with an alleged Russian criminal and with Chinese communists to secure their assets, or to secure one-on-one time with his dad, then-Vice President Joe Biden. And all of this new information is completely separate from the emails allegedly discovered on Hunter Biden's laptop recently reported by the New York Post.

"So, I want to make this clear. This [Cooney's emails] has nothing to do with what's on the laptop … It didn't come from [Rudy] Giuliani. It didn't come from anybody else, right?" Glenn asked Schweizer.

"That's absolutely correct," Schweizer confirmed.

He briefly explained how Cooney, a former Los Angeles nightclub owner, is currently serving a prison sentence for his involvement in a fraudulent business bond scheme with Biden and Archer. From prison, Cooney gave Schweizer written permission to access his Gmail account.

"This is really important," he noted. "We're not looking at printouts. Not looking at PDFs. We're actually in his Gmail accounts themselves, sifting through these emails. And there's a shocking amount of information about deals involving China, involving Russia, involving all sorts of things they were trying to pull off."

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The king of "No Spin" and bestselling author of "Killing Crazy Horse," Bill O'Reilly joined Glenn Beck on this week's podcast to talk about the latest developments in Joe Biden's Ukraine and China corruption scandal. Now that some of the details are finally coming out in the open, does the average Democrat care? Maybe, but the Left doesn't seem to.

O'Reilly argued there's more hatred for President Donald Trump now than in 2016, and that some people hate President Trump so much that they'd rather vote for the "senile, corrupt" Joe Biden.

"Hunter got tens of millions of dollars from Ukraine, from Russia, from China because his father was vice president. I have no doubt in my mind," O'Reilly said. "But the hatred for Donald Trump overrides that in the minds of millions of viewers. They're saying, 'You know, we'd rather have the senile corrupt guy than Trump.'"

Asked by Glenn if any other Republican running for president would be met with the same level of vitriol, O'Reilly answered, "The Left is the Left. They don't like America. The want to redo the Constitution. They want to take some of our freedoms, like the Second Amendment and the First Amendment, and change them. And they want to destroy capitalism and replace it with a big centralized government in Washington that controls the economy … but I'm talking about the folks. I have liberal friends and I say to them, 'Do you not understand that when you vote for Biden, you're voting against your own self interest?'"

Watch the video clip from the full podcast below, or find the full episode HERE:

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