Glenn Beck: Should they build the ground zero mosque?

GLENN: You are going to play, you are going to play Holder again, aren't you, Pat?

PAT: Yeah. Yeah, I am.

GLENN: You are such a hater.

SMITH: In the case of all three attempts in the last year, the terrorist attempts, one of which was successful, those individuals have had ties to radical Islam.

GLENN: Why the hate?

SMITH: Do you feel that —

PAT: Do you feel that —

SMITH: — these individuals might have been incited to take the actions that they did?

GLENN: He's thinking now, oh, crap, crap, crap, crap.

SMITH: Because of radical Islam?

HOLDER: Because of?

SMITH: Radical Islam.

GLENN: Because of? Stall, stall, stall.

HOLDER: There are a variety reasons why I think people have taken these actions. One, I think you have to look at each individual case. I mean, we are in the process now of talking to —

GLENN: Stop, stop, stop, I can't take it.

PAT: What one has to do is to actually look at the background of each —

GLENN: No, we just have to be consistent.

PAT: Look at their childhood, find out were they yelled at, were they told no too many times? Do you know that the average person is told no 38,000 times before they are 2 years old?

GLENN: This is the idea of Pat not being consist even.

PAT: There's a variety of reasons why Glenn would support the mosque near Ground Zero.

GLENN: No, there's only one, the Constitution and the rule of law.

PAT: The Constitution doesn't say anything about mosques.

GLENN: No, congress shall make no law.

PAT: There's no law against building a mosque. There might be a zoning rule.

GLENN: Oh!

PAT: That maybe we hadn't seen yet.

PAT: And we might find, oh, look at that!

GLENN: I cannot believe.

PAT: Look at the zoning law!

GLENN: You don't believe this.

PAT: I didn't realize that! It escaped my attention.

GLENN: You don't believe this. You don't believe this. You want to.

PAT: There are so many laws on the books, I know they could make this not happen. I know they could.

STU: They always can but that's not a good premise.

PAT: And they always do.

GLENN: Cass Sunstein.

PAT: Don't give me this stuff that, well, do you want them to do that to you? They are already doing that to me and they will continue to do it whether they grant this to the mosque or not.

GLENN: Hang on just a second. I'm calling your wife in a minute.

PAT: Call her.

GLENN: So now you're saying

PAT: You won't wake up — I don't think you want none of that.

GLENN: Get Jackie on the phone. Get Jackie on the phone. Get Jackie on the phone. Write your number down. So get Jackie on the phone.

You're telling me, you're telling me, Pat.

PAT: Yeah.

GLENN: That now, if I may boil your argument down to, one, two can play that game or, two, they started it. Is that it?

PAT: That's not my argument. No.

GLENN: Oh. What is your argument?

PAT: My argument is this is Ground Zero, it's hallowed ground.

GLENN: No, it's not. It's 500 feet away from Ground Zero.

PAT: I don't think you need to build anywhere near.

GLENN: Why?

PAT: Because.

GLENN: Do you have any evidence that they are —

PAT: I don't want you to.

GLENN: Do you have any —

PAT: I don't want you to! Has anybody even looked into it?

GLENN: Do you no! No! That is the problem!

PAT: I mean, do I have hard core facts?

GLENN: We should be having that conversation.

PAT: I know.

GLENN: Not whether they could build the mosque.

PAT: I know

GLENN: What you are trying to do —

PAT: Well, that has everything to do with whether to build the mosque.

GLENN: You are treating the symptom, you are treating the symptom.

PAT: No, that this has everything to do with whether or not they can build the mosque. If they are radicalized and there are some indications based on articles I've read.

GLENN: Then let's find that out!

PAT: I'm good with that. I'm good with that.

STU: But that's a really good reason to stop it, not the zoning law.

GLENN: Right.

PAT: If you find any evidence of radical imams, how does that stop the mosque from being built?

GLENN: Are you kidding me? Are you out of your mind?

PAT: How does that stop the mosque?

GLENN: Are you out of your mind?

PAT: I don't think so.

GLENN: You give me the evidence. You give me the evidence. I'll pound that evidence every single day. You will have people protesting out there every single day.

PAT: I know, but so —

GLENN: But you cannot do it because it's a religion that you don't like.

PAT: But you don't like their ideology, you don't like their theory. But you can do it based on you don't think they like Americans? You can't do it on that?

GLENN: What?

PAT: You can't do it based on that?

GLENN: No. If you give me the evidence.

PAT: Yeah.

GLENN: That they are tied to radical Islam, there's a reason to do it. There's a reason to do it. You are tied to a group.

PAT: In what way? I mean, what is strong enough to stop the mosque from being built?

GLENN: Financing. Where's the financing coming from?

PAT: What if he just preaches hatred against the infidel? Where do you draw that line?

GLENN: I thought that we drew that line a long time ago. I didn't think that you could preach from the pulpit, to kill others. I didn't think that you could wipe out the infidel. Can you?

PAT: I think it is being preached.

GLENN: I agree with you, but that is again my problem with the State Department. We know it is happening in Virginia and they won't do anything about it.

PAT: Mmm hmmm.

GLENN: But in Virginia, but in Virginia you have a different situation.

PAT: You have her on the phone? You want to talk to her? All right. You ask her. You ask her about this mosque, whether it should be built.

GLENN: Hey, Jackie?

JACKIE: Yeah?

GLENN: Are you listening to the show?

PAT: No, she's doing homeschool.

GLENN: Yeah, okay.

PAT: They are getting ready — they are doing stuff.

GLENN: You and Tania are exactly alike.

PAT: Do you think she sits around eating bon bons all day?

GLENN: No. You just never listen to the show.

JACKIE: I do, too.

GLENN: You are so unimpressed with both us and you are like whatever.

JACKIE: We hear enough of it.

GLENN: I know. Okay. So here's the thing. You know the mosque, the 9/11 mosque that they are opening up and dead indicating on 9/11?

PAT: 500 feet from Ground Zero? I think we've talked about it.

JACKIE: Yes.

GLENN: Okay. I know —

PAT: Tenth anniversary of 9/11, they are opening it next year.

GLENN: Excuse me.

PAT: Tenth anniversary.

GLENN: Excuse me.

PAT: $100 million mosque.

GLENN: That is a separate issue.

PAT: $100 million, 13 story mosque.

GLENN: Hold on, hold on.

STU: Objection, objection.

PAT: $100 million 13 story mosque opening 9/11, 2011.

STU: Is the cost important there, the height? Is that important?

PAT: Yes.

GLENN: Okay. Now, may I?

PAT: Relevant facts because there might be a zoning law.

GLENN: May I have a conversation with your wife?

STU: Yeah, New York City hates 13 story buildings.

PAT: You don't want none of this.

GLENN: Jackie, I am offended by this mosque. I am offended at when they want to open it and dedicate this mosque. Could — may I have a conversation? I would like to have a conversation —

PAT: You are having a conversation.

GLENN: Would you like to not stop? Stop doing their little Yoda thing. Tell your husband to act like an adult. All right. So —

PAT: She knows that's virtually impossible.

GLENN: I am offended by it. I don't want the mosque being built there. I think it is — I think it's a slap across the face.

PAT: Get to your big "But." I mean the but, you know, the conjunction, not the... area behind you.

GLENN: What are your — Jackie, what are your —

PAT: Although they both are somewhat large.

GLENN: What are your income learning skills here? Because I'd like to, I'd like to talk to you about how your income and your home is going to be dramatically reduced. All right. So here is the, here is the question.

JACKIE: Yes.

GLENN: I know that the federal government and local governments have stopped us from building churches through zoning laws, et cetera, et cetera. I know that our religion in particular has been targeted.

JACKIE: Absolutely.

GLENN: And they have used, they have used zoning laws any way they can when all of the evidence shows when you build one of our temples in a neighborhood, the value goes up.

PAT: How long before you ask the question? That's all, how long — ask a question.

GLENN: I am making a point.

PAT: I wasn't allowed to make one. My 13 story —

GLENN: Yes, I did. Yes, I did, and you are interrupting my point!

PAT: $100 million mosque on 9/11 —

GLENN: You've already made the point. You've already made the point.

PAT: Was out of line somehow.

GLENN: I think it's wrong when they do it to us.

PAT: (Sniffing).

GLENN: It is wrong for us to do it to them. If we can prove criminal activity, if we can prove that this is a radicalized mosque, if we can prove that radicals in Saudi Arabia are funding this, then that's a different story. But we don't invent zoning laws to stop somebody —

PAT: Don't tell her how to feel. Just ask the question.

STU: He's laying out a predicate.

GLENN: I'm sorry, your Honor. Do we invent zoning laws to stop people from building —

PAT: I didn't say invent. I'm saying there's probably one that exists already that we use. There's probably one that's already on the books.

GLENN: Let me —

PAT: How many zoning laws are there in Manhattan?

GLENN: I'll boil it down for the 8 year old in the room.

PAT: How many zoning laws are there in Manhattan?

GLENN: I'll boil it down for the 8 year old in the room. They started it.

PAT: No.

GLENN: Can we do it too?

PAT: That's not the point.

GLENN: They did it first.

PAT: Not the point.

GLENN: I'm just two can play that game.

PAT: Ask her the question.

GLENN: I just did.

PAT: Ask her the question.

GLENN: Should two play that game or should you stand on principle?

PAT: What are you trying to, MSNBC?

STU: She is trying to speak. Let her speak.

GLENN: Let her speak. Why won't you let your wife speak?

PAT: Let's do a push poll. Let's do a push poll poll.

JACKIE: Did they start this before 9/11 or after?

PAT: Oh, way after. It just started like in the last year or so.

STU: There is another mosque in the neighborhood that's been there for 30 years but that's not the one we're talking about.

PAT: This is a brand new mosque, next to September 11th.

GLENN: Make no mistake. This is a poke in the eye.

JACKIE: Right.

PAT: Do you let him do it or not?

GLENN: There's more than that. It's a punch in the gut.

PAT: Do you let them do it or do you find one of the incredible, fantastic Manhattan zoning laws that would disallow this happening?

JACKIE: You know, that's very hard because, you know, our —

GLENN: Oh, I thought I didn't want a slice of this. I thought she was going to be so — I thought she was compounding —

PAT: A 15 minute blabbering!

GLENN: Pound me in the face after she's presented with the other option!

PAT: Your show, a 15 minute blabber fest! I'm radically opposed to this! I want you to support my position or your husband is fired! Should they build a mosque!

JACKIE: I'm going to support both of you.

STU: Let her speak! She's trying to say her position!

PAT: Go ahead, Jackie. Yes or no, should it be built?

JACKIE: I absolutely believe that is a slap in the face.

PAT: What?

JACKIE: But what our country stands on are freedoms!

STU: Let her finish! Let her finish.

PAT: Ask her about her butt! Ask her about her big butt!

JACKIE: What? Big butt?

STU: What our country was built on! Can we get to the one sentence! She said what the country was built on!

JACKIE: Are freedoms that all religions may be —

PAT: Are you going to try to say that you support the mosque being built 500 feet from Ground Zero?

JACKIE: I don't support the mosque being built there but we cannot stand —

PAT: Big butts!

JACKIE: , you know, on their feet about that. We have the —

PAT: What a sellout.

JACKIE: We have the freedom of this country just as we would want to build our churches, our temples.

GLENN: You go back and teach your children. You go back. I'll keep your husband employed for a while so your children can be taught by you every day.

STU: (Laughing).

GLENN: I'll do it against my will. I'm doing it for you today, Jackie.

PAT: It's a good thing you are doing it because there needs to be some common sense on this show.

GLENN: Yes, and we just heard it.

JACKIE: We can't pick and choose.

GLENN: Thank you.

JACKIE: There is, there is —

PAT: I think we're all out of time here. I think we're done here.

GLENN: Jackie, I knew I loved you for a reason. I knew that you were the smarter of the two. All right. Thanks a lot, Jackie.

JACKIE: All right. Bye bye.

GLENN: You go home and you listen to your wife. You don't listen to her enough.

PAT: I don't listen to her at all. (Sniffing)

STU: (Laughing). Nice sniff.

Rapper Kendrick Lamar brings white fan onstage to sing with him, but here’s the catch

Matt Winkelmeyer/Getty Images for American Express

Rapper Kendrick Lamar asked a fan to come onstage and sing with him, only to condemn her when she failed to censor all of the song's frequent mentions of the “n-word" while singing along.

RELATED: You'll Never Guess Who Wrote the Racist Message Targeting Black Air Force Cadets

“I am so sorry," she apologized when Lamar pointed out that she needed to “bleep" that word. “I'm used to singing it like you wrote it." She was booed at by the crowd of people, many screaming “f*** you" after her mistake.

On Tuesday's show, Pat and Jeffy watched the clip and talked about some of the Twitter reactions.

“This is ridiculous," Pat said. “The situation with this word has become so ludicrous."

What happened?

MSNBC's Katy Tur didn't bother to hide her pro-gun control bias in an interview with Texas Attorney General Ken Paxton in the wake of the Santa Fe High School killings.

RELATED: Media Are Pushing Inflated '18 School Shootings' Statistic. Here Are the Facts.

What did she ask?

As Pat pointed out while sitting in for Glenn on today's show, Tur tried to “badger" Paxton into vowing that he would push for a magical fix that will make schools “100 percent safe." She found it “just wild" that the Texas attorney general couldn't promise that schools will ever be completely, totally safe.

“Can you promise kids in Texas today that they're safe to go to school?" Tur pressured Paxton.

“I don't think there's any way to say that we're ever 100 percent safe," the attorney general responded.

What solutions did the AG offer?

“We've got a long way to go," Paxton said. He listed potential solutions to improve school safety, including installing security officers and training administrators and teachers to carry a gun.

Pat's take:

“Unbelievable," Pat said on today's show. “Nobody can promise [100 percent safety]."

Every president from George Washington to Donald Trump has issued at least one executive order (with the exception of William Harrison who died just 31 days into his presidency) and yet the U.S. Constitution doesn't even mention executive orders. So how did the use of this legislative loophole become such an accepted part of the job? Well, we can thank Franklin Roosevelt for that.

Back at the chalkboard, Glenn Beck broke down the progression of the executive order over the years and discussed which US Presidents have been the “worst offenders."

RELATED: POWER GRAB: Here's how US presidents use 'moments of crisis' to override Constitutional law

“It's hard to judge our worst presidential overreachers on sheer numbers alone," said Glenn. “However, it's not a shock that FDR issued by far the most of any president."

Our first 15 presidents issued a combined total of 143. By comparison, Franklin D. Roosevelt issued 3721, more than twice the next runner up, Woodrow Wilson, at 1803.

“Next to FDR, no other president in our history attempted to reshape so much of American life by decree, until we get to this guy: President Obama," Glenn explained. “He didn't issue 3000, or even 1800; he did 276 executive orders, but it was the power of those orders. He instituted 560 major regulations classified by the Congressional Budget Office as having 'significant economic or social impacts.' That's 50 percent more regulations than George W. Bush's presidency — and remember, everybody thought he was a fascist."

President Obama blamed an obstructionist Congress for forcing him to bypass the legislative process. By executive order, President Obama decreed the U.S. join the Paris Climate Accord, DACA, the Clean Power Plan and transgender restrooms. He also authorized spying in US citizens through section 702 of FISA, used the IRS to target political opponents and ordered military action in Libya without Congressional permission.

All of these changes were accepted by the very people who now condemn President Trump for his use of executive orders — many of which were issued to annul President Obama's executive orders, just as President Obama annulled President Bush's executive orders when he took office … and therein lies the rub with executive orders.

“That's not the way it's supposed to work, nor would we ever want it to be," said Glenn. “We have to have the Constitution and laws need to originate in Congress."

Watch the video above to find out more.

Six months ago, I alerted readers to the very attractive benefits that the TreasuryDirect program offers to investors who are defensively sitting on cash right now.

Since then, those benefits have continued to improve. Substantially.

Back in November, by holding extremely conservative short-term (i.e., 6-months or less) Treasury bills, TreasuryDirect participants were receiving over 16x more in interest payments vs keeping their cash in a standard bank savings account.

Today, they're now receiving over 30 times more. Without having to worry about the risk of a bank "bail-in" or failure.

So if you're holding cash right now and NOT participating in the TreasuryDirect program, do yourself a favor and read on. If you're going to pass on this opportunity, at least make it an 'eyes-wide-open' decision.

Holding Cash (In Treasurys) Now Beats The Market

There are many prudent reasons to hold cash in today's dangerously overvalued financial markets, as we've frequently touted here at PeakProsperity.com.

Well, there's now one more good reason to add to the list: holding cash in short-term Treasurys is now meeting/beating the dividend returns offered by the stock market:

"Cash Is King" Again - 3-Month Bills Yield More Than Stocks (Zero Hedge)
'Reaching for yield' just got a lot easier...
For the first time since February 2008, three-month Treasury bills now have a yield advantage over the S&P; 500 dividend yield (and dramatically lower risk).
Investors can earn a guaranteed 1.90% by holding the 3-month bills or a risky 1.89% holding the S&P; 500...

The longest period of financial repression in history is coming to an end...

And it would appear TINA is dead as there is now an alternative.

And when you look at the total return (dividends + appreciation) of the market since the start of 2018, stocks have returned only marginally better than 3-month Treasurys. Plus, those scant few extra S&P; points have come with a LOT more risk.

Why take it under such dangerously overvalued conditions?

If You Can't Beat 'Em, Join 'Em

In my June report Less Than Zero: How The Fed Killed Saving, I explained how the Federal Reserve's policy of holding interest rates at record lows has decimated savers. Those who simply want to park money somewhere "safe" can't do so without losing money in real terms.

To drive this point home: back in November, the average interest rate being offered in a US bank savings account was an insutling 0.06%. Six months later, nothing has changed:

(Source

That's virtually the same as getting paid 0%. But it's actually worse than that, because once you take inflation into account, the real return on your savings is markedly negative.

And to really get your blood boiling, note that the Federal Reserve has rasied the federal funds rate it pays banks from 1.16% in November to 1.69% in April. Banks are now making nearly 50% more money on the excess reserves they park at the Fed -- but are they passing any of that free profit along to their depositors? No....

This is why knowing about the TreasuryDirect program is so important. It's a way for individual investors savvy enough to understand the game being played to bend some of its rules to their favor and limit the damage they suffer.

Below is an updated version (using today's rates) of my recap of TreasuryDirect, which enables you to get over 30x more interest on your cash savings than your bank will pay you, with lower risk.

TreasuryDirect

For those not already familiar with it, TreasuryDirect is a service offered by the United States Department of the Treasury that allows individual investors to purchase Treasury securities such as T-Bills, notes and bonds directly from the U.S. government.

You purchase these Treasury securities by linking a TreasuryDirect account to your personal bank account. Once linked, you use your cash savings to purchase T-bills, etc from the US Treasury. When the Treasury securities you've purchased mature or are sold, the proceeds are deposited back into your bank account.

So why buy Treasuries rather than keep your cash savings in a bank? Two main reasons:

  • Much higher return: T-Bills are currently offering an annualized return rate between 1.66-2.04%. Notes and bonds, depending on their duration, are currently offering between 2.6% - 3.1%
  • Extremely low risk: Your bank can change the interest rate on your savings account at any time -- with Treasury bills, your rate of return is locked in at purchase. Funds in a bank are subject to risks such as a bank bail-in or the insolvency of the FDIC depositor protection program -- while at TreasuryDirect, your funds are being held with the US Treasury, the institution with the lowest default risk in the country for reasons I'll explain more in a moment.

Let's look at a quick example. If you parked $100,000 in the average bank savings account for a full year, you would earn $60 in interest. Let's compare this to the current lowest-yielding TreasuryDirect option: continuously rolling that same $100,000 into 4-week T-Bills for a year:

  1. Day 1: Funds are transferred from your bank account to TreasuryDirect to purchase $100,000 face value of 4-week T-Bills at auction yielding 1.68%
  2. Day 28: the T-Bills mature and the Treasury holds the full $100,000 proceeds in your TreasuryDirect account. Since you've set up the auto-reinvestment option, TreasuryDirect then purchases another $100,000 face value of 4-week T-Bills at the next auction.
  3. Days 29-364: the process repeats every 4 weeks
  4. Day 365: assuming the average yield for T-Bills remained at 1.68%, you will have received $1,680 in interest in total throughout the year from the US Treasury.

$1,680 vs $60. That's a 27x difference in return.

And the comparison only improves if you decide to purchase longer duration (13-week or 26-week) bills instead of the 4-week ones:

Repeating the above example for a year using 13-week bills would yield $1,925. Using 26-week bills would yield $2,085. A lot better (34x better!) than $60.

Opportunity Cost & Default Risk

So what are the downsides to using TreasuryDirect? There aren't many.

The biggest one is opportunity cost. While your money is being held in a T-Bill, it's tied up at the US Treasury. If you suddenly need access to those funds, you have to wait until the bill matures.

But T-Bill durations are short. 4 weeks is not a lot of time to have to wait. (If you think the probability is high you may to need to pull money out of savings sooner than that, you shouldn't be considering the TreasuryDirect program.)

Other than that, TreasuryDirect offers an appealing reduction in risk.

If your bank suddenly closes due to a failure, any funds invested in TreasuryDirect are not in your bank account, so are not subject to being confiscated in a bail-in.

Instead, your money is held as a T-Bill, note or bond, which is essentially an obligation of the US Treasury to pay you in full for the face amount. The US Treasury is the single last entity in the country (and quite possibly, the world) that will ever default on its obligations. Why? Because Treasurys are the mechanism by which money is created in the US. Chapter 8 from The Crash Course explains:

As a result, to preserve its ability to print the money it needs to function, the US government will bring its full force and backing to bear in order to ensure confidence in the market for Treasurys.

Meaning: the US government won't squelch on paying you back the money you lent it. If required, it will just print the money it needs to repay you.

So, How To Get Started?

Usage of TreasuryDirect is quite low among investors today. Many are unaware of the program. Others simply haven't tried it out.

And let's be real: it's crazy that we live in a world where a 1.68-2.09% return now qualifies as an exceptionally high yield on savings. A lot of folks just can't get motivated to take action by rates that low. But that doesn't mean that they shouldn't -- money left on the table is money forfeited.

So, if you're interested in learning more about the TreasuryDirect program, start by visiting their website. Like everything operated by the government, it's pretty 'no frills'; but their FAQ page addresses investors' most common questions.

Before you decide whether or not to fund an account there, be sure to discuss the decision with your professional financial advisor to make sure it fits well with your personal financial situation and goals. (If you're having difficulty finding a good one, consider scheduling a free discussion with PeakProsperity.com's endorsed financial advisor -- who has considerable experience managing TreasuryDirect purchases for many of its clients).

In Part 2: A Primer On How To Use TreasuryDirect, we lay out the step-by-step process for opening, funding and transacting within a TreasuryDirect account. We've created it to be a helpful resource for those self-directed individuals potentially interested in increasing their return on their cash savings in this manner.

Yes, we savers are getting completely abused by our government's policies. So there's some poetic justice in using the government's own financing instruments to slightly lessen the sting of the whip.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

NOTE: PeakProsperity.com does not have any business relationship with the TreasuryDirect program. Nor is anything in the article above to be taken as an offer of personal financial advice. As mentioned, discuss any decision to participate in TreasuryDirect with your professional financial advisor before taking action.