GLENN: After months of debate the Senate has finally approved Senator Dodd's massive financial overhaul. What is this? This is as the president said yesterday, I think this is fantastic, this is going to solve these problems. We're going to be able to have a stable situation. See, if you remember, if you know anything about history, in the 1800s, we had a very unstable situation. What would happen is things would crash then come up again and then they would crash and come back up again, about every ten to 20 years we would have a pretty big crash. But it would take about a year, year and a half, two years, tops, before it would rebuild. And then you would have another buildup and then things would crash again. Well, it's interesting to watch this, because as people became richer and richer, as there became people like the Rockefellers and the Carnegies, as these people became more and more wealthy, it seems as though there was almost a game being played. Then around 18 I'm pulling this out of my head I think it's 1898, there was a crash where JP Morgan actually had to loan the government gold. So the government could stay afloat. Well, people didn't like that. You were too beholden to people like JP Morgan. They didn't like that at all. And they didn't like the fact, because the banks were telling them the JP Morgans, the Rockefellers, all the wealth, were telling people: This is just too unstable. So when Teddy Roosevelt was in office, they had devised a plan, and they said: This will stop everything. This will stop it. We're going to have our own bank, and we're going to get all these people together and it's going to be a big bank, and it will be great. People didn't go for it in Teddy Roosevelt's time. 1913 comes along. It had failed a second time. Then they decided to change the name of that bank to the Federal Reserve. Didn't change anything else. They changed the name of the bank, the Federal Reserve and they jammed it through. Because people thought it's a federal bank. I get it, it's part of the government. No, it was the same plan that people rejected. But they do what all progressives do, when you don't like something they change the name. The reason why they said we needed the Federal Reserve was to stop all of the depressions, to stop the crashes, to stop the wild fluctuations. What the bank would do would be to control the money supply, make it looser or tighter depending on what the cycle was that way we'd have smooth sailing all the way along. It worked so well, 1913 we had the Fed and then the great depression of 1920. The Federal Reserve was so weak they did nothing. The government was in the hands of Harding and Coolidge, and they did something. Here's what they did. They can you the taxes and they cut the spending by over 50 percent. That ushered in the roaring 20s and then we had another crash. And this is when everybody got involved. It became the Great Depression. We're repeating that now. But we're also repeating 1913. Because this is their solution. Their solution is: Global financing. No, no, the Federal Reserve wasn't enough. The control of all the money wasn't enough. We need more control of the money. This time we need global control, and that way everything will be fixed. Do not stand with the Finance Bill. If you have a senator or a Congressman that is weak on this, call them. It is not good.
PAT: I'd restrict your calls to the House now since it passed the Senate.
GLENN: Democrats now, do you even know this? They're moving forward with an almost $200 billion jobs bill. That is a jobs bill that, jobs bill, really? That's a stimulus package. That's what that is. It's meant to provide continuing support on a wide range of things, including new fees. Fees are taxes. The taxes target the oil and gas industry. Senator Hillary Clinton has called for a response from the international community, North Korea. Oh, that's going to happen. That's going to happen. BP is still trying to clean the mess up. UK's new coalition government is set to launch a series of austerior measures, racing taxes on everything including marriage, capital gains in the UK may double. May double. And here's something else: Investors around the globe are bracing for a summer of great discontent, if not outright disaster, by some accounts. Amid signs that Europe's debt problems it's not a debt problem. It is an overspending problem. Amid signs that Europe's debt problems and worries associated with them are spreading throughout the globe. Indeed, pandemic outbreak of panic over the global debt crisis is keeping many investors on the sidelines as they wait for signs of hope in the gathering storm. Look at this. First of all, it's now a global debt crisis. Before all we cared about was the United States. Now it's a global debt crisis. I told you before: The reason why we can't stop this is because it's a global debt crisis. Nobody would listen. Investors on the sidelines wait for signs of hope of the gathering storm. The storm. Gee, hmm, almost like a perfect storm. The path clear is not clear it's treacherous the debt loads of our governments and others too are becoming overwhelming. But what are we doing? We've got another stimulus bill of 190 billion. Where is Paul Volker today. Yesterday he said we have to stop all of this. Where is he today? Is he helping to design the new $190 billion stimulus bill. I heard people on CNBC last night talking about, are you ready for this they all claim to be free market people. All claim to be free market people saying you know I don't like it. You know I don't like it. But we've got to do something. What can we do? They've got to bail these banks out. They've got to do this. We've got to help them if we excuse me? Kudlow from Kudlow and Cramer, Larry Kudlow came out, he has an editorial today, he said: You free market people you free market people Larry Cudlow, you free market people have got to stop pretending there isn't going to be a lot of pain associated with your plan. Are you kidding me? Look it. Let me be clear. I've said this for five years. Tons of pain is coming our way. Tons of pain. But every day that goes by, this is cancer, gang. Here is a doctor who has been telling you for a while you've got cancer. Go in, let me cut it out. Nobody did. Great. You have cancer. It's growing. Now you need chemotherapy, and I gotta cut it out. Every day that goes by this cancer gets bigger. You've lost your two legs now. You've lost one arm. We're losing time. At some point the doctor has to look at you and say: I'll do it, but I don't know if anything will work. You waited too long. We are talking about radical surgery. But we're talking about the difference between saving the life and no chance. Not only are we not having surgery, we have lung cancer. And we have upped we were smoking four packs of cigarettes a day when we were diagnosed with cancer. And we've been listening to a quack for the last two administrations that say: Here's the best thing for lung cancer; more cigarettes. And now we're smoking a hundred packs a day.