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THIS Biden-Encouraged Mortgage Trick Will Make You OWN NOTHING And "Be Happy"

Remember Fannie Mae and Freddy Mac? "You Will Own Nothing" author Carol Roth tells Glenn that the Biden administration is now using them to make sure YOU WILL OWN NOTHING. By encouraging MORE consumer debt spending through second mortgages, they're making Americans feel like they're wealthier. But at the same time, this process reduces Americans' ownership of their homes and practically buys votes before the election, Carol warns. What makes this especially dangerous, though, is that they're doing it during a time of inflation. So, while Americans are owning less and less and feeling "happy" right now, that won't last forever...

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, the author of that book, You Will Own Nothing. Which is ridiculous.

How would you possibly bankrupt people, so they would to have sell everything. Or couldn't afford it. And have it taken away from them.

I mean, you'll own nothing by 2030.

Oh, what a ridiculous idea.

Hello, prophet, Carol Roth. How are you?

CAROL: I thought I was a conspiracy theorist, Glenn. But I'll take prophet/conspiracy theorist.

GLENN: Isn't it amazing, Carol? Every day -- every day I see something -- just McDonald's. You go to McDonald's. This is how you have a country that owns nothing because they no longer can afford to buy anything.

Anything.

CAROL: Yeah. It's so frustrating when I read this in the media. The corporate press, of all sudden waking up and saying things like, oh, fast food and restaurants are more expensive than ever. And people can't afford them.

It's like, wow! That's a giant shock to me, who has been telling you this, for years and years, based on the fiscal and monetary policies of this country.

GLENN: You know what is more frustrating to me?

Is the fact that we know that they're wrong. We've seen that they're wrong. Over and over and over again.

They're lying to us. And saying we're a conspiracy.

And then when it turns out to be right. They announce it's suddenly true and right.

And then people go back to them. For the answer on how to solve it.

It's crazy.

CAROL: Right. It's the arsonists who are burning down your house. And then they bring a water bottle. And say, hey, I'm going to put out the fire. It is frustrating.

And the gaslighting, when we're telling people, what it is that they're going to experience, or what they experience from the Biden administration. From the press. Saying, no, no, no.

You just don't understand. You're just not smart enough. When people are experiencing this every day.

It's just like an extra gut punch.

GLENN: Right. Right. Talk 2078 about Freddie Mac and Fannie Mae.

This was one of the biggest collapses during 2008. But if I'm not mistaken, it wasn't really taken that way, because the federal government.

We the taxpayers foot the bill for that one. So they didn't actually fail.

But they did!

CAROL: So do you remember the scene in -- after Trading Places when Randolph and Mortimer Duke went bankrupt, and then they pop up in Coming to America. And Eddie Murphy hands them this wad of cash. And all of a sudden Randolph says, Mortimer, we're back!

I feel like this is exactly the same thing that's going on with Freddie Mac. And certainly, if it happens with Freddie Mac and it gains acceptance, it's going to happen with Fannie Mae.

So right now, these two government sponsored enterprises, based on what happened with the great recession, and financial crisis. They were put into conservatorships with the FHFA. So they have been watching them. And making sure they don't do anything risky, right?

GLENN: Right.

CAROL: Well, now Freddie Mac had this great idea. Because people have so much equity in their homes. Let us go ahead and offer second mortgages.

Now, you have to remember that these government sponsored enterprises, Freddie Mac and as well as Fannie Mae. The whole point of them is to extend credit, make sure people can get into housing.

But second mortgages don't get you into housing. Those are consumer loans. Those are people taking money out of their homes and using them for whatever it is.

And that equity is perceived equity.

Right?

Because they haven't cashed out the house.

They have been sold the house.

They haven't cashed out. They don't have that guarantee. They just think that today, it happens to be worth this much money.

GLENN: Wait. Let me make a case for this. I did a lot of thinking on this, a couple of years ago.

Some people, that may be good for.

Other people, horrible. Or do you think it's always horrible?

CAROL: Here's what it is. It's taking money out of your home. The equity. The ownership that you have. And you say, no longer do I have this ownership. Now I have the pile of cash. So what are you doing with that cash? Are you using it to reinvest?

Because right now, that's really expensive to do. We're not in a zero interest rate environment. So even if you're paying a second mortgage. Eight or nine, or whatever percentage it is. How will you get a better return on that? That seems to me, that people are taking their wealth. Their ownership. And going and blowing it, spending it.

GLENN: That's what will happen. That's what will happen. I mean, second mortgages, to pay down like a credit card at 25 percent. I would rather pay nine, than 25.

CAROL: Sure. Sure. But rather, we would rather to use other money to pay down 25 percent, than taking down your ownership. So obviously, it is specific to everyone. But overall, I think we have to ask ourselves a few questions here. One, why is it that the taxpayers should all of a sudden back consumer loans?

Why is that as it that we want to encourage more consumer debt spending, particularly during a time of inflation? And why do we want people to reduce the ownership, the equity in their homes?

GLENN: May I guess?

CAROL: Sure. Please do.

GLENN: Because I am a helper.

And if you reelect me. I can help you with all of your troubles. But the other guy, he is not going to help you with that. I will help you get a loan, so you can do the things you need to do. Invest in your business. And pay down your loans. And a lot of people are struggling even to pay for food.

So I will help you.

CAROL: Bing, bing, bing. We have an election around the corner. And obviously, we have seen Biden try to do this cancellation of student loan debt. And that is not working out as well as he hopes, although he keeps pushing it. So now, how do we make people who are maybe struggling financially feel like they're wealthier, feel like they have more cash in their hands?

Oh, we'll let them take this, quote, unquote, equity out of their homes.

Which is buying both. Which is increasing consumer spending. Which pushes up the GDP. Which we know is faltering based on last quarter.

So all these things make him look like the economy is doing better.

By the way, also likely highly inflationary, that we're adding consumer spending.

Into the mix here.

So this is being proposed, by --

GLENN: Hang on just a second. And more inflation, makes it harder for you to buy things, later. You've got now, a second mortgage.

And you're going to be in the same situation you were in, if you spend that money to do anything other than pay off very high interest rates.

You take a loan out, and do anything with it. When the -- because this won't happen until after the election.

I mean, you won't feel the effects.

But I'm telling you, inflation next year is going to be insane.

Do you agree with that?

CAROL: Well, particularly, if these programs that he's pushing, continue.

So if that comes back and says, sorry, we're not going to do this. Which one of the things that is pretty interesting here, and goes back to this election thesis. Normally when you have a rule like this, that pops up. There is a comment period.

That comment period is six to 12 months, depending on the variety of factors. Do you know what the comment variety on this was? Thirty days. Thirty days.

GLENN: Two weeks.

CAROL: Which, again, goes back to saying, there is an urgency, of why it is they're trying to push it through.

Now, I will add something else super fun here.

So if Freddie Mac does this. There's no reason why Fannie Mae is not going to try to do this.

They're under conservatorships, right?

How do they really expand this market.

Right now, it's a decent sized market.

But this could expand, up to, for both of those agencies. Maybe 2 trillion. I've heard maybe four to 5 trillion of leverage capacity.

How do they extend that?

Well, they could then. If the conservators. At the Treasury. Say, okay. You're no longer at conservatorships.

They can go back to securetizing these.

Is it this sound familiar. That means they take a bunch of these secondary mortgages. They package them together, into a new security. And they sell them into the markets.

And these were the same types of securities, if you recall, which started the whole ball rolling, with the great recession, financial crisis.

Nothing to see here, guys. I'm sure this will work out really well. And I'm super excited for taxpayers to back consumer loans.

You're not even backing first mortgages. You're now backing consumer loans. Way to go. Really glad the government wants to get --

GLENN: And, again, it's estimated to be $2 trillion.

However, you and I both know. Uh-huh. It could go as high as $5 trillion.

Don't just think of that as your debt that we need to pay, think of it this way, as well.

That's two to 5 trillion dollars, being dumped into the economy.

What do you think will happen to the value of the dollar, and your buying power.

$5 trillion. Out of thin air.

CAROL: It's insane. And at a time when we have the Federal Reserve, who is frustrated with their fight to -- their attempt to fight inflammation.

And the government continuing to spend like drunken sailors, no disrespect meant to the drunken sailors.

Then you keep having these consumer stimuluses. And this is what happened with the Biden administration when they came out right out of the gate, a few months later, and they did direct consumer stimulus. It's in the name. Stimulus. It stimulates the economy. That is the intention.

And the same thing here. If you take money that is locked up in homes. And all of a sudden, you unlock that. And again, it's theoretical money.

Because if the price of houses end up going down in that area. Then they could end up being underwater and be in real financial trouble.

So this is theoretical dollars that they have, that they're going to take out, and use the dollar to spend in the economy.

It officially inflates the GDP. It makes everything look like the consumer is doing much better. And it absolutely will eat away at your purchasing power.

Devalue your labor. And devalue your wealth.

Once again, it's the same cycle repeating for political purposes.

GLENN: Carol, I would love to have you on, later this week.

Because there's a couple of other things, that are affecting small businesses. And independent workers. Again, so you will own nothing.

But you will be happy, apparently.

THE GLENN BECK PODCAST

Are Epstein's "Blackmail Videos" Being Used for Leverage RIGHT NOW?

What was Jeffrey Epstein's operation all about. If he was at the center of a massive blackmail operation to compromise those in positions of power, who is in possession of that information now? Glenn Beck and ATF Whistleblower John Dodson analyze the details of this situation and give their thoughts on what is the most likely reality surrounding Epstein.

Watch Glenn Beck's FULL Interview with ATF Whistleblower John Dodson HERE

TV

WARNING: How America Elects a Socialist President in 2028 | Glenn TV | Ep 444

The rise of Zohran Mamdani, the 33-year-old socialist who just won the Democratic primary for mayor, is not just a political earthquake shaking New York City — it’s a warning for the rest of America. Backed by Bernie Sanders, AOC, and the Democratic Socialists of America, Mamdani promises free everything, to tax the rich, and to dismantle capitalism. There’s nothing new about this tired strategy, but the media is propping him up as a new political genius. And with Democrat leaders lining up behind him, it’s clear: This radicalism isn’t fringe anymore. It’s the Democratic Party’s future. Mamdani’s rise is part of a larger movement that’s rewriting America’s values. Glenn Beck explains how New York is the prototype for the Left’s socialist makeover of America. Victor Davis Hanson, senior fellow at the Hoover Institution at Standford, gives a terrifying prediction on Mamdani’s mayoral race chances and warns the revolution is coming for mainstream Democrats. He also dives into MAGA’s frustration with the Trump administration's handling of the Epstein files.

RADIO

Did CLOUD SEEDING cause the Texas floods?

Did cloud seeding cause the 4th of July Texas floods? Rainmaker founder and CEO Augustus Doricko, who has been blamed for the flooding, joins Glenn Beck to make the case that it’s impossible for his July 2nd operation to have caused the disaster.

RADIO

INSIDE Trump’s soul: How a bullet changed his heart forever

“I have a new purpose,” then-candidate Donald Trump told reporter Salena Zito after surviving the assassination attempt in Butler, Pennsylvania. Salena joins Glenn Beck to reveal what Trump told her about God, his purpose in life, and why he really said, “Fight! Fight! Fight!”, as she details in her new book, “Butler: The Untold Story of the Near Assassination of Donald Trump and the Fight for America's Heartland”.

Transcript

Below is a rush transcript that may contain errors

GLENN: Salena, congratulations on your book. It is so good.

Just started reading it. Or listening to it, last night.

And I wish you would have -- I wish you would have read it. But, you know, the lady you have reading it is really good.

I just enjoy the way you tell stories.

The writing of this is the best explanation on who Trump supporters are. That I think I've ever read, from anybody.

It's really good.

And the description of your experience there at the edge of the stage with Donald Trump is pretty remarkable as well. Welcome to the program.

SALENA: Thank you, Glenn. Thank you so much for having me.

You know, I was thinking about this, as I was ready to come on. You and I have been along for this ride forever. For what?

Since 2006? 2005?

Like 20 years, right?

GLENN: Yeah. Yeah.

SALENA: And I've been chronicling the American people for probably ten more years, before that. And it's really remarkable to me, as watching how this coalition has grown. Right?

And watching how people have the -- have become more aspirational.

And that's -- and that is what the conservative populist coalition is, right?

It is the aspirations of many, but the celebration of the individual.

And chronicling them, yeah. Has been -- has been, a great honor.

GLENN: You know, I was thinking about this yesterday, when -- when Elon Musk said he was starting another party.

And somebody asked me, well, isn't he doing what the Tea Party tried to do?

No. The Tea Party was not going to start a new party.

It was to -- you know, it was to coerce and convince the Republican Party to do the right thing. And it worked in many ways. It didn't accomplish what we hoped.

But it did accomplish a lot of things.

Donald Trump is a result of the Tea Party.

I truly believe that. And a lot of the people that were -- right?

Were with Donald Trump, are the people that were with the Tea Party.


SALENA: That's absolutely right.

So that was the inception.

So American politics has always had movements, that have been just outside of a party. Or within a party.

That galvanize and broaden the coalition. Right? They don't take away. Or walk away, and become another party.

If anything, if there is a third party out there, it's almost a Republican Party.

Because it has changed in so many viable and meaningful ways. And the Tea Party didn't go away. It strengthened and broadened the Republican Party. Because these weren't just Republicans that became part of this party.

It was independents. It was Democrats.

And just unhappy with the establishment Republicans. And unhappy with Democrats.

And that -- that movement is what we -- what I see today.

What I see every day. What I saw that day, in butler, when I showed I happen at that rally.

As I do, so many rallies, you know, throughout my career. And that one was riveting and changed everything.

GLENN: You made a great case in the opening chapter. You talk about how things were going for Donald Trump.

And how this moment really did change everything for Donald Trump.

Changed the trajectory, changed the mood.

I mean, Elon Musk was not on the Trump train, until this.

SALENA: Yeah.

GLENN: Moment. What do I -- what changed? How -- how did that work?

And -- and I contend, that we would have much more profound change, had the media actually done their job and reported this the way it really was. Pragmatism

SALENA: You know, and people will find this in the book. I'm laying on the ground with an agent on top of me.

I'm 4 feet away from the president.

And there's -- there's notices coming up on my phone. Saying, he was hit by broken glass.

And to this take, that remains part of this sibling culture, in American politics.

Because reporters were -- were so anxious to -- to right what they believed happened.

As opposed to what happened.

And it's been a continual frustration of mine, as a reporter, who is on the ground, all the time.

And I'll tell you, what changed in that moment.

And I say a nuance, and I believe nuance is dead in American journalism.

But it was a nuance and it was a powerful conversation, that I had with President Trump, the next day. He called me the next morning.

But it's a powerful conversation I had with him, just two weeks ago.

When he made this decision to say, fight, fight, fight.

People have put in their heads, why they think he said it. But he told me why he said that. And he said, Salena, in that moment, I was not Donald Trump the man. I was a former president. I was quite possibly going to be president again.

And I had an obligation to the country, and to the office that I have served in, to project strength. To project resolve.

To project that we will not be defeated.

And it's sort of like a symbolic eagle, that is always -- you know, that symbol that we look at, when we think about our country.

He said, that's why I said that. I didn't want the people behind me panicking. I didn't want the people watching, panicking.

I had to show strength. And it's that nuance -- that I think people really picked up on.

And galvanized people.

GLENN: So he told me, when he was laying down on the stage.

And you can hear him. Let me get up. Let me get up.

I've got to get up.

He told me, as I was laying on the stage. I asked him, what were you thinking? What was going through your head? Now, Salena, I don't know about you.

But with me. It would be like, how do I get off the stage? My first was survival.

He said, what was going on through his mind was, you're not pathetic. This is pathetic.

You're not afraid. Get up.

Get up.

And so is that what informed his fight, fight, fight, of that by the time that he's standing up, he's thinking, I'm a symbol? Or do you think he was thinking, I'm a symbol, this looks pathetic. It makes you look weak.

Stand up. How do you think that actually happened?

SALENA: He thinks, and we just talked about this weeks ago. He -- you know, and this is something that he's really thought about.

Right? You know, he's gone over and over and over. And also, purpose and God. Right? These are things that have lingered with him.

You know, he -- he thought, yes.

He did think, it was pathetic that he was on the ground. But he wasn't thinking about, I'm Donald Trump. It's pathetic.

He's thinking, my country is symbolically on the ground. I need to get up, and I need to show that my country is strong.

That our country is resolute.

And I need people to see that.

We can't go on looking like pathetic.

Right?

And I think that then goes to that image of Biden.

GLENN: You have been with so many presidents.

How many presidents do you think that you've personally been with, would have thought that and reacted that way?

SALENA: Probably only Reagan. Reagan would have. Reagan probably would have thought that.

And if you remember how he was out like standing outside.

You know, waving out the window. Right?

After he was shot.

GLENN: At the hospital, right.

SALENA: Had he not been knocked out, unconscious, you know, he probably would have done the same thing.

Because he was someone who deeply believed in American exceptionalism.

And American exceptionalism does not go lay on the ground.

GLENN: And the symbol.

Right. The symbol of the presidency.

SALENA: Yeah. Absolutely. And I think that affects him today.

GLENN: So let me go back to God.

Because you talked to him the next day. And your book Butler.

He calls you up.

I love the fact that your parents would be ashamed of you. On what you said to him.

The language you used. That you just have to read the book.

It's just a great part.

But he calls you the next morning. And wants to know if you're okay.

And you -- you then start talking to him, about God.

And I was -- I was thinking about this, as I was listening to it. You know, Lincoln said, I wasn't -- I wasn't a Christian.

Even though, he was.

I wasn't a Christian, when I was elected. I wasn't a Christian when my son died.

I became a Christian at Gettysburg.

Is -- is -- I mean, I believe Donald Trump always believes in God, et cetera, et cetera.

Do you think there was a real profound change at Butler with him?


SALENA: Absolutely. You know, he called me seven times that day. Seven times, the take after seven.

GLENN: Crazy.

SALENA: Talked about. And I think he was looking for someone that he knew, that was there. And to try to sort it out.

Right? And I let him do most of the talking. I didn't pressure him.

At all. I believed that he was having -- you know, he was struggling. And he needed to just talk. And I believed my purpose was to listen.

Right? I know other reporters would have handled it differently. And that's okay. That's not the kind of reporter that I am.

And I myself was having my own like, why didn't I die?

Right?

Because it went right over my head.

And -- and so I -- he had the conversation about God.

He's funny. I thought it was the biggest mosquito in the world that hit me.

But he had talked profoundly about purpose. You know, and God.

And how God was in that moment.

It --

GLENN: I love the way you -- in the book, I love the way you said that as he's kind of working it out in his own he head.

He was like, you know, I -- I -- I always knew that there was some sort of, you know -- that God was present.

He said, but now that this has happened.

I look back at all of the trials.

All of the tribulations. Literally, the trials.

All of the things that have happened. And he's like, I realized God was there the whole time.

SALENA: Yes. He does. And it's fascinating to have been that witness to history, to have those conversations with him. Because I'm telling you. And y'all know, I can talk. I didn't say much of anything.

I just -- I just listened. I felt that was my purpose, in that moment.

To give him that space, to work it out.

I'm someone that is, you know, believes in God.

I'm Catholic. I followed my faith.

And -- and so, I thought, well, this is why God put me here. Right?

And to -- to have that -- to hear him talk about purpose, to hear him say, Salena. Why did I put a chart down?

I'm like, sir. I don't know. I thought you were Ross Perot for a second.

He never has a chart. And he laughed. And then he said, why did I put that chart down?

By that term, I never turned my head away from people at the rally. That's true.

That relationship is very transactional. It's very -- they feed off of each other.

It's a very emotive moment when you attend a rally. Because he has a way of talking at a rally. That you believe that you are seeing.

And he said, and I never turn my head away.

I never turn my head away.

Why did I turn my head away?

I don't remember consciously thinking about turning my head away. And then he says to me, that was God, wasn't it?

Yes, sir. It was. It was God.

And he said, that's -- that's why I have a new purpose.

And so, Glenn. I think it's important, when you look at the breadth of what has happened, since he was sworn in.

You see that purpose, every day.

He doesn't let up.

He continues going.

And it brings back to the beginning of the book.

Where you find out, that there was another president that was shot at in Butler.

And that was George Washington. And how different the country would have been, had he died in that moment.

And now think about how different the country would be, had President Trump died in that moment. There would be --

GLENN: We're talking to -- we're talking to Salena Zito. About her new book called Butler. The assassination attempt on President Trump. And it is riveting.

And, you know, it is so good. I wish the press would read it. Because it really explains who we are, who Trump supporters are. Who are, you know, red staters. It is so good at that. She's the best at that.