Could this be luxury SUV of the future?
GLENN: I want to talk to you a little bit about the economy here and I know that the vast majority of my audience is pissed at me every time I talk about the economy. They're pissed at me because you don't want somebody talking down the economy. You believe that the economy is doing fine, that, you know, this is a liberal thing that, you know, the liberals are using to get Hillary Clinton or whatever elected. I am telling you my only intention is to, A, tell you the truth as I understand it; B, tell you the truth that no one else will, that others are telling me in positions of great and substantial power, what they will not tell you because they cannot tell you, they will not tell you because then they'll be on record talking down the economy. Then their family in the fire because what will happen to them, their company, their bank, their institution, their government position will be on record saying the economy is going down and then it will spiral out. And so all of these people talk to me off the air and soy, keep going, brother, you are the only one telling the truth. But none of them will say it on the air and so that allows me to look like a complete and total idiot for months and months and months. And that's fine. And I have told you before I might be wrong. I could very well be wrong, and I am totally willing to be wrong. If you are just listening to the show for possibly the first time, I've a talk show host who is not going to tell you that I have power on loan from God. I don't have. Really I need both halves of my brain, not one half tied behind my back. And I'm lucky to have any kind of talent on loan from Lindsay Lohan, let alone God. I'm bluffing on a lot of things. Way do is I read a lot, I listen a lot, I talk to people a lot and I happen to see things pieced together and I have a pretty good record of piecing things together, I think. And I hope I'm wrong on the economy. I really do.
But let me just give you some of the stories out of the paper yesterday. First of all, I told you this back in August. We have a serious, significant problem with our banking structure right now. This is before anybody else was talking about it. We have significant problems. And what's happening is these banks are having to either write off a whole bunch of loans or they're trying to protect their assets and cover all of their assets because they are not sure what's going to go wrong and that's going to lead to a slowdown of lending money. You think that you can go and get a loan that -- you know, if you're in business that you've always gotten. It's easy to get that loan. Well, now you watch. There's going to be problems with paperwork, there's going to be problems with all kinds of things getting that money to turn around quickly. And if you are a small business person, you may have already experienced it to where you went to the bank and you could always get this loan and it's a revolving door and it just happens quickly. Has anybody experienced problems getting that? Of course not connected at all to this global banking issue. This is just, "I'm sorry, we're having paperwork or we're having this problem or this problem, we're going to take a few more weeks on this one, this time." Because things are changing.
Well, I told you that what was going to happen, the worst thing that could happen is the Government could get involved and the Government could try to bail these banks and these lending institutions out, they could try to bail people out or were going to start to foreclose on their house. That's exactly what is happening now. The Government, Republicans and the Democrats, are talking about some sort of bailout for these companies. They are also talking about some sort of stimulus package. The Fed is now starting to say they are going to dramatically reduce rates, another thing that would be the worst that could possibly happen because as the Fed does that, people become irresponsible. Instead of letting it correct itself -- let me put it this way: Why do we have a housing bubble? We have a housing bubble because what we tried to do is have the Fed stimulate the economy because of the tech bubble. Everybody got into the tech bubble. That started to collapse. So the Fed said let's lower rates, let's make money more available. What happened? People borrowed money, they bought too much house that they couldn't afford, it caused this giant housing bubble to correct the last bubble. So now how can we lower rates, what can we all buy this time to correct the housing bubble, which was a correction of the tech bubble. We're running out of things we can buy. And when we run out of things we can buy, when we run out of the things that we can take a giant loan out and buy something that we don't need and shouldn't buy and can't afford, when we run out of those things, then the thing collapses. And it's twice as bad when it collapses this time than it would have been if we would have allowed it to collapse for the tech bubble. But it's got a big smiley face on it. "Let's help poor people out. Let's help poor people out. Let's help poor people out and let's help these financial institutions out." Let's help these financial institutions out? I don't think so. In 1913 when they gave us the Fed, they promised we would never have these problems. These giant global banking institutions said, "We'll take care of it. You'll never, ever have a Depression." Well, now you've got leading economists just beginning to come out and tell you the truth what wicked, something wicked this way comes, what wicked that is coming our way could be at least the 1970s stagflation where your interest rate is 20%, at least stagflation of the 1970s and could be worse than the Great Depression.