RADIO

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.

TV

The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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(music)

GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

THE GLENN BECK PODCAST

Why the Term "Conspiracy Theory" is CIA-Created Weapon for Control

Conspiracies are of course real and occur every single day. But yet, many in the media and elite political circles attempt to use the term "conspiracy theory" to smear and discredit those who are skeptical of conventional narratives. Where did this term come from and how should we understand it? Journalist Alex Newman joins Glenn Beck to break this down and how it impacts the world as we see it today.

Watch Glenn Beck's FULL Interview with Journalist Alex Newman HERE

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Chalkboard Breakdown: How George Soros & the 'Deep State' funnel YOUR money to radical groups

Where do these massive left-wing radical groups get all their money from? Much of it is effectively a scam that occurs using your tax dollars to fund these groups that you would never support on your own. Glenn Beck heads to the chalkboard to expose the connections so you can visualize exactly how someone like George Soros manipulates the system.

Watch the FULL Episode HERE: Deep State ON NOTICE: New Tech Traces the USAID, Globalist Money Trail