In March 2020, right at the dawn of the COVID-19 pandemic, some interesting things happened on Wall Street. The Dow Jones Industrial Average lost 2,000 points in one day. More than $1.8 trillion was wiped out from U.S. pensions and retirement funds in a single day. Then the Federal Reserve spent billions trying to keep certain banks — deemed too important to fail — afloat. And they kept this secret for two years to "make sure investors didn't panic."
But now we know where that money went and what became of it. On the radio program, Glenn Beck broke down the details of exactly who the Fed was giving handouts to (hint, it didn’t just go to American banks,) how these banks are doing now, and what this all means for you.
"Credit Suisse requested and was granted $50 billion in emergency loans, more than 7 percent of the total that the Fed had loaned," Glenn explained. "But that was COVID, right? [...] Let's just chalk it up to yet another COVID emergency. We had to do something. We had to bail out the largest banks in Japan, Switzerland, U.K., France — I mean, it was a pandemic, right?"
"So now, fast-forward to 2022," he continued. "The bailouts worked, and the banks made all of this money, and the banks were able to recover and get past the pandemic, right? [...] We saved the banks, right? We restored the stock market and set ourselves out to a record recovery, right? Well, yesterday Credit Suisse — flagged as the too-big-to-fail bank by the U.S. Federal Reserve — their stock hit an all-time low. They shed more than 65 percent of their value, losing 20% of their value in one day. Investors are effectively betting now that Credit Suisse will go belly-up next year," he added.
"So what's going on? Why would it collapse? [...] I just need you to understand the big points ... this will take your breath away," Glenn said.
"Remember when we said that the global delivery derivatives market after 2008 started going back up again, and it surpassed what happened in 2008, and the global derivatives market was about $100 trillion? [...] Any idea where the derivatives market is right now? After two years of pandemic, two years of Biden inflation, and after stocks have lost 20% of their value since January, where's the derivative market? One quadrillion dollars. No way out ... we haven't even begun to feel the pain of what these people have done."
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