Troubling Signs

Big Money with Steve Cordasco

WPHT - Philadelphia

GLENN: 888-727-BECK, 888-727-BECK. Friend of the program and host of Big Money, WPHT, Steve Cordasco. Steve, I want to talk to you about the bond market, what's happening here in the bond market today but please, you've got to -- we can't be CNBC because I don't even -- I mean, I barely understand the bond market as it is and most people just don't understand. So let's just talk about it as the indicator of what is really happening on Wall Street because the Dow is not telling us the truth.

CORDASCO: The Dow, Glenn, is not telling us the truth. A lot of the talking heads on some of the stations you mentioned again I don't think it right. What investors need to do and what smart investors do is they follow the money and to put it in simple terms, money is pouring into treasury bonds. Specifically if you look at the 30-year treasury bond, it has hit the lowest interest rate that we have seen in most of our life times.

GLENN: Okay, wait. Hang on just a second. Hold on, hold on, hold on. It's my understanding that this is the lowest since treasury bonds, 1976, this is the lowest they've ever been.

CORDASCO: Correct. Now, we're talking the interest rate, not the value of the bond. You've got to remember the value of the bond is going up because so many people are buying the bond, which is driving the interest rate down. To put it into perspective, right now the 30-year treasury bond will pay you 4.15%. Let that sink in. You're going to lock your money up for 30 years to get 4.15% per year.

GLENN: The only reason -- and every investor will always tell you, you want to make your money safe? The safest thing you can do is buy treasury bonds, and you don't usually buy treasury bonds because you're locking your money up for so long and the interest rate is not nearly that low but it is pretty low. But it is the safest thing you could do. So Steve, help draw the connection between -- I mean, like me, for instance, I thought about, you know, should I pay off my car or should I take that money and invest it some place? In the last few years you haven't paid off something because the interest rate has been so low, you could take that money and you could make 6%, 8%, 10% some place else and so you can actually make money instead of paying off that debt.

CORDASCO: Glenn, that's the theory. The problem is nobody -- it's not the reality. Nobody is doing that. Bottom line, we are a debted-up nation. This was talked about in 1992. This is a major, major setup for a catastrophe and what's happening in the market, the message being sent right now by what's happening in the bond market, what's happening in the stock market, we need to read the message. The message is this: Main Street, everyday households, our balance sheets are a disgrace. It's a catastrophe. There's too much debt. Corporate America's balance sheets are great. They've had cheat money. They've been able to expand and grow and do what they do. The bottom line, though, is the average everyday American citizen's Balance Sheet is in shambles because we're debted up as a nation and the Fed has to keep it going because we're consumers, buying stuff from overseas, getting other countries rich who are now buying Wall Street, Glenn. Citigroup and Merrill Lynch, our largest financial institutions being bought by communist countries and Middle Eastern governments.

GLENN: Okay. So what does the bond number tell you? With this kind of money pouring in to make it the lowest the treasury bond yield has ever been, what does that tell you is around the corner for America?

VOICE: People are running for cover. They are willing to buy treasuries at the lowest rates in history according to the modern recordkeeping system. It is telling you that what the Fed is doing and trying to do will not work. They are out of solutions and it's come time that we need to pay a price, and what the smart money is telling us, by sending this message, is that we better be on the lookout for another shoe to drop which, again, could send us into that deep recession that you've been talking about so well over the last couple of months.

GLENN: Steve, we're going to have you on TV tonight and we'll talk a little bit more about this and stay in touch, all right?

CORDASCO: Hey, Glenn, no problem. Whatever you need. Like they say in my world, stock markets for show and bonds are for dough and right now the bond market's sending a strong message to America.

GLENN: All right. Thanks a lot, Steve Cordasco. Remember, bonds are where you put your money if you want the safest shelter. I have not said that they were the safest shelter because I don't believe that the Federal government is in good enough shape over the long term. I don't know what it's going to look like in 30 years quite honestly but every person will tell you, oh, you think something really bad is coming? Buy treasury bonds. Buy bonds, treasury bonds, buy them. That's the safest place you can put your money. With the interest rate this low, you are asking for a lot of people to say, I don't think I can make more money than 4% interest coming. That's hard to believe. That is really, truly hard to believe that a lot of people will say, I don't think I -- I'm going to bet that I can't make more than 4% interest. That's staggering. We'll keep an eye on it so you don't have to.

Everything comes down to the two Senate runoffs in Georgia. If we lose both races, we lose the country. Democrats know this and are pouring in millions to usher in a Marxist agenda.

As the Left tries to hide how radical the two candidates really are, Glenn takes us inside the Democrat war room to expose the wolf in pastor's clothing, Raphael Warnock, and America's Justin Trudeau, Jon Ossoff. Socialism, the Green New Deal, and "defund the police" are all on the table. And Glenn warns of what's to come if conservatives don't activate: Chuck Schumer will weaponize the Senate, and the radical Left will launch an all-out assault to ravage the Constitution.

Watch the full special below:

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Sen. Ted Cruz (R-Texas) joined the "Glenn Beck Radio Program" to explain how mail-in ballots are typically disqualified during recounts at a far higher rate than in-person, Election Day ballots, and why this is "good news" for President Donald Trump's legal battle over the election.

"One of the things that gives the greatest cause for optimism is, this election ... there's a pretty marked disparity in terms of how the votes were distributed. On Election Day, with in-person voting, Donald Trump won a significant majority of the votes cast on in-person voting on Election Day. Of mail-in voting, Joe Biden won a significant majority of the votes cast early on mail-in voting," Cruz explained.

"Now, here's the good news: If you look historically to recounts, if you look historically to election litigation, the votes cast in person on Election Day tend to stand. It's sort of hard to screw that up. Those votes are generally legal, and they're not set aside. Mail-in votes historically have a much higher rate of rejection … when they're examined, there are a whole series of legal requirements that vary state by state, but mail-in votes consistently have a higher rate of rejection, which suggests that as these votes begin being examined and subjected to scrutiny, that you're going to see Joe Biden's vote tallies go down. That's a good thing," he added. "The challenge is, for President Trump to prevail, he's got to run the table. He's got to win, not just in one state but in several states. That makes it a lot harder to prevail in the litigation. I hope that he does so, but it is a real challenge and we shouldn't try to convince ourselves otherwise."

Watch the video clip below to catch more of the conversation:

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Fox News senior meteorologist Janice Dean is perhaps even more disgusted with New York Gov. Andrew Cuomo (D) for his coronavirus response than BlazeTV's Stu Burguiere (read what Stu has to say on the subject here), and for a good reason.

She lost both of her in-laws to COVID-19 in New York's nursing homes after Gov. Cuomo's infamous nursing home mandate, which Cuomo has since had scrubbed from the state's website and blamed everyone from the New York Post to nursing care workers to (every leftist's favorite scapegoat) President Donald Trump.

Janice joined Glenn and Stu on the "Glenn Beck Radio Program" Tuesday to ask why mainstream media is not holding Gov. Cuomo — who recently published a book about his leadership during the COVID-19 pandemic — accountable?

"I'm vocal because I have not seen the mainstream media ask these questions or demand accountability of their leaders. [Cuomo] really has been ruling with an iron fist, and every time he does get asked a question, he blames everybody else except the person that signed that order," Janice said.

"In my mind, he's profiting off the over 30 thousand New Yorkers, including my in-laws, that died by publishing a book on 'leadership' of New York," she added. "His order has helped kill thousands of relatives of New York state. And this is not political, Glenn. This is not about Republican or Democrat. My in-laws were registered Democrats. This is not about politics. This is about accountability for something that went wrong, and it's because of your [Cuomo's] leadership that we're put into this situation."

Watch the video excerpt from the show below:

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As America grows divided and afraid to disagree with the Democrats' woke plan for America, Megyn Kelly is ready to fight back for the truth. For nearly two decades, she navigated the volatile and broken world of the media. But as America leans on independent voices more than ever, she's breaking new ground with "The Megyn Kelly Show."

She joined the latest Glenn Beck Podcast to break down what's coming next after the election: Black Lives Matter is mainstream, leftists are making lists of Trump supporters, and the Hunter Biden scandal is on the back burner.

Megyn and Glenn reminisce about their cable news days (including her infamous run-in with then-presidential candidate Donald Trump) and to look into the chaotic and shady world of journalism and the growing entitlement it's bred. For example, many conservatives have been shocked by how Fox News handled the election.

Megyn defended Fox News, saying she believes Fox News' mission "is a good one," but also didn't hold back on hosts like Neil Cavuto, who cut off a White House briefing to fact check it — something she never would have done, even while covering President Obama.

Megyn also shared this insightful takeaway from her time at NBC: "Jane Fonda was an ass."

Watch the full podcast here:

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