President Biden demanded this week that gas stations lower their prices immediately: ‘Bring down the price you’re charging at the pump to reflect the cost you’re paying for the product,’ he told station owners. But unfortunately it seems Joe may have missed an important economics lessons during his road to the White House, because that is NOT how business works, Glenn explains. The President also urged Congress to approve a gas tax ‘holiday' AND Energy Secretary Jennifer Granholm referred to the Defense Production Act as a presidential “tool” Biden may use in the future. Glenn explains what this means and how the DPA could be used to MASSIVELY expand presidential powers — far beyond what the Constitution allows…
Below is a rush transcript that may contain errors
GLENN: Yesterday, the Dow plunged 400 more points. The Wall Street banks, yesterday, began to warn of significant downturn and -- and increased recession odds. The White House is still denying that there's any chance at all, of any kind of recession. We're in a transition period. And that's what's so exciting. According to the White House, there's no recession coming. We're just in a transition. And I think that's right. We're -- you know, in a transition from a free market, into some sort of totalitarian state. Where the -- where the administrator, Joe Biden, just keeps wanting to, you know, take things over. Don't know if you saw this, but he demanded yesterday, that gas stations lower their prices. He said, do it now. Do it today. Bring down the price you're charging at the pump to reflect the cost you are paying for the product. Joe, that's not how businesses work. Okay? They can't keep their doors open, if they're only charging what they paid for it. Because they also need to charge for the lights and the building. And all of the supplies. And the people working there at the gas station. They have to have a profit margin, but you have only been in the private sector, your whole life. So you don't understand that. He said, I want the Congress, and the states, and the industry, to do their part. Because I'm doing any part. Now, that's fantastic.
But not as fantastic, as what grand home said later. So they're asking for a tax holiday. Which is ridiculous. Ridiculous. First, we, you know, practically emptied out our strategic reserves. Now they want a -- a tax holiday, on gas tax.
But they're not going to find and cut anything in the federal deficit. And the federal budget. So they got to keep paying for all of these equitable roadways and everything else. So they're just going to find that money. Well, they're going to find it at the fed. And the fed can't sell our Treasuries to anybody. So the fed will just print more money, put it on our bill. And then give it to the United States. So you'll have more money for gas, which is a good thing. But done exactly the wrong way. So now he's talking about a gas tax holiday.
Which, again, would be good for the average person for a while. However, Grandholm came out yesterday, and said, if these companies don't lower the gas price, the president will use every tool he has, including the Defense Production Act.
So this would be the, what? The third time, Stu, that they've invoked the Defense Production Act, something that hasn't been used since the war in Korea.
This is a wartime act. And if you think that they won't declare a national emergency, mark my words. When this happens. Run for the hills. They are going to declare a national emergency on climate change. Which is the worst. Then they'll issue it, and maybe climate change will -- will include the gas prices. Otherwise, they'll do an energy national emergency. They'll do a food national emergency. Which means the president will have total powers to be able to gobble up the free market. And if you don't -- I mean, this is fascism. What he was talking about yesterday, is fascism. Now, can I ask another question?
There's so much to pay attention to. I -- I'm sorry. We can barely keep up. I can't imagine what it's like with you and the family and kids and school. And everything else that's going on. Matt Gaetz said, Saturday, the firearms policy under Biden. He is using every tool he can.
There is a -- a problem that the IRS, from March 1st, to June 1st. A three-month span. The IRS bought 700,000 dollars' worth of ammunition.
Now, why does the IRS need 700,000 dollars' worth of ammunition? There's only two answers. Now, this is on top of the, what? 1.8 billion, that the Department of Homeland Security spent on it.
There's several agencies, that are buying up ammunition now. There's two explanations. One is more nefarious than the other.
Well, yes. One is more nefarious than the other. One is they just have plans of arming everybody and every agency. And you will do exactly what they say, or they'll shoot. That's the most nefarious. The second is probably the most likely. Although, I wouldn't lay any of my money down on it. It's probably more risky than the stock market. The more likely of the two, I think. Is that this is just another way, to stop guns from being on the streets. They're going to use every lever they can. If the United States government is buying up all the ammunition, that only drives the cost of ammunition up. And only depletes the market of ammunition. So in effect, they stop you from being able to have any kind of ammunition. Remember, we told you, on Monday of this week, what was happening with Winchester. Winchester makes most of our 223 and 556, for the military.
They have a military contract. In it, Winchester can sell about 30 percent of their stock, to the open market. And that provides the United States. The average consumer, with about 40 to 50 percent. Of all 556 and 223. The federal government was pressuring Winchester to stop selling it to the open market. That would be really bad for national defense. But beyond that. It's just another sign that they're doing everything, they possibly can, to stop guns. To infringe on your second rights. These are the kinds of things, I think, that might be caught up in a Supreme Court case. Regarding the EPA. Maybe.
Maybe. But we'll see. This is -- you have to understand. Boy, if you didn't read Philip Dru, Administrator. Get it. It's a free Google book. Because no one in their right mind would ever pay for it. It is absolutely the worst book, I think I've ever read. It's just poorly written. But it was done by. I think it was written by Colonel House. He was the guy that was the main adviser, and best friend to Woodrow Wilson. Wilson has said to have read it three times, during his administration. He just loved it so much. It's so great. I think he said that because he wanted more and more people to read it. You should read it. Because it is exactly what Biden is trying to do right now. And I don't think I've ever gone into great detail. It's about the country, as in chaos. The countries having all kinds of problems. And all of these people just love this hero of Philip Dru. He's a war hero, and he's great, and everybody loves him. And he's super, super honest. All he does. He loves the country so much. And everybody knows, he's not going to do anything to hurt the country. Because he's your average Joe.
So he becomes president. But he doesn't want to be called president. He just wants to be an administrator. Because he's not -- he's not qualified to be president. He just -- he's an administrator. And he can just use all of the administrative tools of the presidency, to get the experts in, who know more than he does. Know more than the average person.
And he's going to let science settle everything. And so he gets into office. He begins to do exactly what Joe Biden is doing now. And then he starts telling the country -- the companies in the country, exactly what they can and cannot do. Exactly how they're going to do -- but based on experts. I mean, he's not an expert. So he just listens to the expert. And then when the experts speak. He tells the people, the news. And the people rejoice. Because it's so wonderful having an expert administrate everything in American life.
It goes on by a third -- by two-thirds of the way in. Philip drew is going. He's already abolished Congress. And he has rewritten the American Constitution. Based on what the experts say. And then on top of that, he does something else special. He goes state to state. And abolishes their state administrations as well. Philip Dru: Administrator you can get it free on Google Books. And it is a must-read if you want to understand where this administration is going.