RADIOMarch 13, 2023

Glenn explains: THIS is how Silicon Valley Bank COLLAPSED

Silicon Valley Bank was shut down by regulators last week, marking the biggest bank failure since the 2008 collapse. So what happened? And what does this mean for YOUR finances? In this clip, Glenn explains exactly how SVG collapsed, why the Fed is to blame, and why working with a FDIC insured institution is IMPERATIVE.

Transcript

Below is a rush transcript that may contain errors

GLENN: Here's what happened. A couple of things. First of all, we're raising rates.

We had the COVID money coming in, right? To have

And you just heard there, all this COVID money. Well, they wanted to invest it. They needed to put it in some place. And invest it.

Silicon Valley. They had so much money coming in from COVID.

And so what did they do?

They bought treasuries. And at the time, you could buy a ten-year treasury, and you would get 2 percent interest. Guaranteed, at the end of ten years.

That was pretty good back then.

But now, treasuries are selling for about 5 percent interest.

And you don't get that, until the end of the ten years.

So when I buy something, a ten-year treasury, you're buying it for ten years.

If you have only eight years on it, you can sell it, but you're going to probably have to sell it at a discount if the new ones are paying more. So they invested the -- the money in treasuries, at 2 percent.

Just let's remember that. What they had in the bank, if you will -- they owed $195 billion. That's to the people who have put their money into checking accounts and savings accounts, mutual funds. They owed $195 billion. They had 208 billion, on the books.

That's a 17 billion-dollar -- when you have people all over the world starting to say, I think the bank is starting to collapse. They start to take their money. $17 billion can go that fast.

There was a clog in the system, that couldn't get the money wired out fast enough.

So they decided, they needed to sell. And then they announced, we're going to sell some Treasuries.

Well, once they saw that they were selling ten-year bonds, at 2 percent interest, and the market was saying, well, that's only worth 75 cents on the dollar in you.

And Silicon Valley bank was like taking it. They knew, this is a fire sale.

This bank is in trouble. That's what started all of the run on the bank. Now, you probably have FDIC insurance.

If you have FDIC insurance, it's to stop runs on the bank. However, Silicon Valley bank is different. It's very different.

I think it's 88 percent of their accounts, are not covered by FDIC. Why?

Because they're giant companies that are using payroll and keeping their money in the bank, as -- as the place where they can run their company.

So they -- they have more than 250,000 dollars in account. If they also, use the bank for a mutual fund, they found out Friday, they were also screwed.

See, this bank, loans money to these companies. These tech companies.

And they loan them out, venture capital.

And so they loan them the money to operate, and to be able to do everything they can, over the next year.

Well, they've got to put that money somewhere.

So the bank loans it out.

It's basically the depositor's money.

They loan that savings account of yours, per se.

And loan it to this venture capital firm.

Or, or -- the tech startup. And the tech startup then says, where do I put all this money?

And Silicon Valley bank says, oh, just in my other hand. Just give me my money back, and we'll invest it in mutual funds for you. We'll invest it in very safe things like BlackRock. So they did. And the tech companies thought they were safe.

Because it's invested in very secure places like BlackRock.

Except, what the bank didn't say, except in fine print. Is that all the money that you had invested, in BlackRock, was not yours anymore.

It was -- it was under the name Silicon Valley bank.

So when people started to call and say, hey, BlackRock, my money is safe. They said, you don't have any money.

Your money is invested in Silicon Valley bank. And because their name is on it, they're counting that as an asset. And now that asset as has to go to pay creditors.

So they lost their money. This is a giant shell game.

We have created nothing, but a shell game.

And the fed is the one that is causing this collapse, by the raising of the rates. But if you don't raise the rates, what happens?

Inflation goes out of control!

Why?

Because we have printed and loaned too much money out.

Okay. We'll pull it back in.

Well, the way you pull it back in, is raising interest rates. If you raise the interest rates, bonds have to pay a higher yield, and so when you buy a bond, you get more money back. And if somebody gets into trouble, they have to sell their bonds, exactly like Silicon Valley. And they have to take a hair cut. And then the entire thing collapses.

But here's the scariest thing.

This is what the fed has set out to do.

They want to see risky things, go away.

They want to see failure.

They need to people who are not stable to go out of business. Stop spending money. So we can suck all that money back in. But when they do collapse it. And our economy is in this kind of shape. You then have a domino effect, because nobody is in great shape.

And thing banks are playing a giant game.

So then people can't pay the paycheck. And then that paycheck falls -- causes you to default on your auto loan. Or your house loan.

And that makes another bank fail.

We're at the place, I told you in 2008. We would be. We have made the 2008 problem much bigger, and there's no way out.

Once you start printing money, there's no way out.

And what did we do?

Well, the fed said, we're not doing TARP. No, no, no. We have something entirely different. It's got a different name and everything. But we're going to cover all of those accounts.

Oh. Oh, okay.

So we're backing -- we're backing that now.

Yeah. But it's not your money. It's not your money. It's the fed's money.

It's the fed's money? Yeah. It's the money that the banks gave to us, to put aside for insurance in case something like this happened. Oh.

Where -- where did the banks get that money? Well, I don't know. Doing business.

Well, I mean, aren't these the banks you bailed out?

Well, yeah. And weren't you just giving them trillions of dollars is if

Well, yeah. Of course, we did. But they were paying in to this account.

Oh, okay. So the money you printed, that I'm on the hook for, you think to the bank, but they didn't use any of that money for that insurance?

No!

No. This is totally different.

Okay.

So now they're going to be protected, and I don't have an answer for you. Today.

Because all of the answers are bad answers. Should we back that?

No. No.

The constitutionalist, capitalist in me, says that's really bad.

Okay. So we don't back it. Well, no. No.

Because the guy who would like to see the entire western world not burn down to the ground, would like you to bail it out, just to give us some more time.

But that puts us right back where we were.

So I don't have -- I prayed hard today. What do I tell people?

Work on your spiritual health.

Because this is coming. At some point. It's coming. It has to. It has to. Now, the Washington Post said today, that the baggage's death marks both a sobering and salutary moment here.

The central bank has sharply increased interest rates over the past year, hoping higher borrowing costs would slow the economy down, and take the steam out of high inflation.

This is what the fed wants to see. They want to see a tightening of the financial conditions.

Great! They're on it. The Washington Post. With $209 billion in assets, the bank was just 118th the size of JP Morgan Chase. The nation's largest. Still Wall Street Journal was rattled by their abrupt end.

Bank of America was down nearly 12 percent in the past five trading sessions. They're down another five or about four and a half percent today.

Some banks are down as much as 10 percent today, before trading even started. The banks that served the riskiest part of the country and the economy, are the ones in trouble. Now, this is the Washington Post. I want you to listen to this.

Banks like SVB and Silvergate Capital, a San Diego-based bank that catered to cryptocurrency users, are the ones that are getting into trouble.

Oh. It's not a run -- it's not a run on the business model of the bank, it's -- it's not -- I'm sorry. It's not a run on the business model of the banking industry, in general, it's just the business model of this bank. So, in other words, if you are making risky loans, to -- to tech, or if you're investing and doing anything at all with cryptocurrency.

You're the problem. Hmm. That's interesting.

I'm going to tie some of this together here. We have a lot to go over, in just a second.

Sadly, it probably comes as no surprise, that anyone after the overturning of Roe vs. Wade. Abortion is still the number one killer among infants. We're still killing nearly a million of our own children, every single year.

And that is still here, in the United States.

I asked you, by the way, if you had had an abortion. You knew somebody that did. And they regret it.

Or you're F you're a child. That somebody tried. Mom tried to end your life. And you lived. Or she changed your mind. Will you write me a letter, and tell me your story?

I have something coming. That I'm working on.

And I will keep your name out of it.

You can use an assumed name. We just need your phone number, so that we can call and verify that you're an actual person. But all the details are at GlennBeck.com.

But we are fighting the good fight. I don't think there is anything we could do that would be more important than standing up and stopping the slaughter of our children.

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Ten-second station ID.
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Okay. So here's something you probably didn't know: The New York Times is reporting today, that good thing this bank has been saved. Silicon Valley Bank was in many ways, a climate bank. When you have the majority of the market banking through one institution, there will be a lot of collateral damage. Community solar projects appeared to be especially hard hit. Silicon Valley banks said, it led or participated in 62 percent of financing deals for community solar projects. Their smaller scale solar projects also serve lower income residential areas. Don't worry. Don't worry. The fed is covering all of this.

The devastation comes at a critical moment.

It is central to cut the greenhouse gases that are dangerously heating the planet, says the New York Times.

The federal government depends on climate technically companies to develop the innovations needed.

This is going to set the climate change industry down and set them back, for years.

Hmm. Gee. Well, good thing we're not drilling for oil. Good thing we're getting rid of all of our backup power plants, isn't it?

Home Depot cofounder said, the global lending firm, Silicon Valley bank, went broke because it was woke.

Now, the rising interest rates are really -- really why. But if you want to look at their business model, these guys are woke activists. He said, instead of protecting the shareholders and their employees, they're more concerned about the social policies.

As recently as this month just days before it went into receivership with the FDIC, the Silicon Valley bank discussed decarbonization, gay rights, the black venture ecosystem. And so much more.

Well, they were woke. Good thing.

Good thing. By the way, they were purchased this morning. By a British bank. Because Great Britain was worried about their tech industry. As SVB, funded a lot of their stuff too.

So that's good news

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.

Is Pam Bondi hiding something? The truth behind the Epstein tape blunder

Glenn Beck makes the case that Attorney General Pam Bondi should resign over her handling of the Jeffrey Epstein investigation - not because of any potential cover-up, but solely because of how incompetent her rollout of the investigation has been.

Transcript

Below is a rush transcript that may contain errors

GLENN: Okay. I want Pam Bondi fired. I want Pam Bondi fired.

STU: This escalated quickly.

GLENN: And here's why. Here's why. Do you release a tape that is supposed to be the evidence, do you release the tape, and then let the public find out for themselves, that there's an edit in the tape?

STU: That's an excusable mistake. I mean, I don't know that she did it, I guess.

GLENN: You know what, it could have been just a digital jump in the tape.

It's a minute lost. Okay?

So let's just say -- let's just give them every benefit of the doubt, and say, it was just a digital jump in the tape.

Okay?

STU: Uh-huh.

GLENN: Do you not put an intern on it, just to say, watch the clock!

And make sure there's no jumps or edit in the tape.

Because we know.

STU: Everyone is going to watch.

GLENN: 300 million people will be watching it. And somebody will take the time to watch the clock.

So watch the clock.

Is every minute accounted for? You didn't do that? You didn't do that.

STU: I think you can pretty easily say, that if you wanted to, right?

And your goal was -- you wanted to edit out -- it would be very easy to edit in a minute of footage.

GLENN: Correct.

STU: And that no one knows. Just make the clock continuous.

GLENN: Correct.

STU: It would be clear.

If you were trying to cover that, it would be --

GLENN: This is incompetence.

STU: However, highlighting your point to incompetence. At the very least, if you have a jump, you say at the beginning. There's an error at this point.

This is -- we know this is there.

You know, the fact that you release it as proof without acknowledging that minute is -- I just don't understand how you can make a mistake like that.

When your goal here is supposedly to put everyone's mind at ease.

I don't know. I don't know.

But there's more to it, than that.

GLENN: Hang on just a second.

Let me go back to before we leave. Just this one.

Remember when I said yesterday, your wife finds receipts for you buying presents at Tiffany's that she never got.

That, you know, you were in a hotel that she never came to.

You were -- you were not coming home for dinner. You had long weekends and everything else. It doesn't mean you were cheating.

STU: And a traveling jewelry investor.

GLENN: Right. But she -- she should demand the evidence, because it -- you don't want that hanging there. On your relationship.

It will just fester.

Now, you give her the evidence. But then she finds out that, oh. Well, it's the wrong receipt.

It was a -- it was a receipt, you know, that you explained away. But what you -- what you used as proof, was not the same receipt.

You were like, no.

See, honey. This is when we went to the hotel, together.

And she looks at it. And she's like, oh, okay.

And then she has it for a while. And she looks at it.

Like, wait a minute. The date is different on this one. This is not the same receipt.

That's a problem! That's a problem.

And it doesn't mean that he was cheating on you.

It just means. What the hell is going on?

Are you this stupid?

STU: And it would certainly make you have legitimate questions about --

GLENN: It just makes you question things for. Now, if it wasn't for the jump in the tape. And I'm not even going to call it an edit. Because I don't think it was an edit. I think it was jump in the tape. As if the jump in the tape wasn't incompetent enough for you, listen to this one. Jason is here with us.

Hi, Jason.

JASON: Hi, Glenn. What a morning, wow.

GLENN: What a morning it is, wow.

So, Jason, what else have you found?

JASON: Okay. So the more and more we looked at this tape.

I started looking.

It was weird. Because it looked like a janitor's closet.

Door 26.

And you were like, shut up, this is not a janitor's closet. I don't know what this is.

But I was like, I can tell you, there's a woman that looks like a janitor that comes out and supposedly the person that that they're saying is his cell. Which they're not, by the way. This was people on social media was saying, this is his cell.

Was coming out with a trash can.
So I looked around to see, if there was any confirmation of what this cell was.

I found an OIG report from the Justice Department two years ago, that shows the camera angle, and the one camera that was actually working.

So you can see the diagram, and I think we actually have it if you're watching this right now. There's a diagram that shows where this camera is.
It shows where Epstein's cell is. And the big thing that stands out, Glenn, is this camera does not even have eyes on Epstein's cell at all. Like, not at all.

STU: Incredible.
JASON: There's four different wings here. There is a service wing. And that's what we're looking at, with the Door 46.

That's a service entrance, or staff entrance. Now, you can't see on the lower level of Epstein's cell at all.

So this is what it makes it look even crazier for that one minute that's missing.

And I will say -- that okay. Let me just say it this way.

I've spent years and years and years, looking at surveillance and security camera footage as you know, in my previous job.

I've never seen an over one-minute jump right at a time that would be very, very I don't know, just convenient.

I've never seen that before. In all my years looking at these things.

STU: There's no reason. Why would you say that minute would be convenient? You're just saying, that one minute being gone could be convenient.

JASON: It's convenient in this entire time frame.

Based on this camera angel.

It's convenient, that 60 seconds would be great for someone walking across that lower level.

60 seconds would be perfect if you wanted to conceal the fact that someone would have worked across that area. That's why --

GLENN: Here's why -- here's why I didn't buy into this, at first.

Okay. Sixty seconds, to open the door, kill him. And then leave.

Okay?

But look at the diagram. If you look at the diagram, where the camera is, there is a -- just a -- maybe a foot space, where the camera is not able to see. Where there is a door, from the staff area.

Okay?

STU: Are you looking at -- because I think -- it's hard to tell from this.

Are you looking -- is this diagram the top floor or the bottom floor.

Jason, do you have any idea?

JASON: So I think Epstein is on.

STU: The upper floors. Right.

GLENN: Okay. So I'm looking at where the staff area is, okay. See the yellow triangle and the red box, where it's his cell.

STU: Yes.

GLENN: Okay. So there is one way out of the staff area. And it's right below the camera.

STU: Like underneath the floor, essentially, of where the camera is.

GLENN: Yeah. On the floor. If the camera is up on a ceiling. Is that what you -- what -- you're saying.

STU: Yeah. The camera is -- the camera is from on the second floor, shooting down.

And the evidence that they're basically proclaiming here. And this is true.

You know, what Jason is saying, is true.

That you can't see the door of the Epstein cell. What you can see is a common area, that in theory, you would need to cross to get to the cell.

STU: What you're saying, Glenn. The camera does not actually show 100 percent of the potential paths to get there. Right?

JASON: It doesn't.

STU: If you cross right in front of the banister here on the bottom floor.

GLENN: There's no way you will see.

Okay. So wait a minute. I just want to make sure. We are talking about the same thing. If you look at the videotape, it's the white room, down stairs.

Right? And so it's where the garbage can is, down there.

STU: Below that.

GLENN: So Epstein's room would be below the garbage can.

STU: No. Epstein's room, if you look out -- the area that you can see.

And I apologize for radio listeners here that aren't seeing the visual. But I want to make sure we get this right.

There's an open area, where the banister is, and it shows the common area behind it. Right?

If you go on the right side of the common area from our view.

Outside of the view, to the right. Is where the entrance to the cell is.

The stairs up to the cell.

GLENN: So all you have to do. You don't have to cross the floor.

Why do you have to cross the floor? You can go through the door. You can go through the door, and see. And just stay against the wall.

STU: Yeah. I guess, maybe.

And Jason, maybe you know this.

Maybe it's explained somewhere else in the report.

Is it possible that they're saying, all the other entrances, to get to that area, have cameras. So they didn't see anybody walking into those areas.

GLENN: Why wouldn't you show the other --

STU: Right.

GLENN: You know, this is not proof that anybody did anything.

STU: No!

GLENN: This is proof, they're -- Pam Bondi needs to be fired.

Who is rolling this out?

The Little Rascals.

Panky, look, I've got some videotape. What are you doing? This is ridiculous!

This is such absolute incompetence! Incompetence.

STU: It's incredible. The fact that they would release that because I think everybody had the same -- even Jason, as a super-duper skeptic on this, even you had the assumption that what they were saying was, the green doors were the cells, or at least the cell area.

GLENN: Right, that's what I thought.

STU: That's what everyone thought, when they saw it. Now, to be clear, the report, as you pointed out, Jason. Previously had stated in June, this diagram that shows they're talking about the common area.

So that's not like -- but like, they, A, should have been very clear about that. What they're talking about is the common area.

They shouldn't put that in the announcement.

GLENN: Stu, we're going upstairs today.

Okay? To my house. And, you know, I have that balcony, upstairs by the fireplace.

Where you haven't -- like at midnight last night.

Because it's like a day's journey from anywhere.

GLENN: Right. But we're going to go upstairs. And you put a camera, okay? Down into the great room.

STU: Right. You want to recreate it in your house.

GLENN: I do. And I want to show you, I can get to places in the room, as long -- because there's a whole floor.

The balcony shows part, but it doesn't show the door.

I can -- wait until -- I got to prove, that we're going to do this live on YouTube, or something on -- maybe on X today, as soon as we get off the air.

Because I -- this is ridiculous.

STU: It's unbelievable. Again, it doesn't prove that this -- you know, he was killed.

However, it is -- the fact that they're releasing a video that has this many holes to it, to a passing -- again, the person you're trying to make feel better about all of this is someone very interested in the detail of it. Right?

It's not someone who has a passing interest. You're not releasing this to some person who kind of knows who Jeffrey Epstein is. This is intentionally designed to try to push down some weird argument as a conspiracy theory.

GLENN: You're also -- also -- and, you know what, I'm not arguing anything.

I'm arguing this is incompetence.

STU: Yes.

GLENN: I'm not arguing that he killed himself.

Or he didn't kill -- I don't know!

I don't know. I don't know.

But this isn't helping.

You know, not only are you saying, that these people have some interest in it.

Well, you know, these people are interested in the details.

No!

You're releasing it to a bumbling of people, who many of them have the details. But many of them are hostile to what you're saying.

So you better have a buttoned up case.

STU: Right.

GLENN: You better not have anything that they find out later, wait. Wait a minute.

What?

STU: Right. And it could be -- you know, you could make the couple of arguments that you probably could make here.

One, they don't actually care about this. And they're annoyed they have to deal with it.

So they threw it out there.

Terrible incompetence. If that's the truth. That's inexcusable.

The other thing they might argue. And this could be part of it.

There were reports at least, that this got leaked. That this came out essentially earlier than they wanted it to.

So the rollout was not as planned, as they thought it was going to be.

Axios reported this exclusively. Now, it's possible, they linked it to Axios.

It's not exactly a typical location of a Trump leak.

GLENN: Who? The Justice Department, or the FBI? That's what I want to know.

First of all, this administration has no leaks. We just bombed Iran without any leaks.

STU: Yeah. Different -- different wing of the government. Still, I get what you're saying.

GLENN: Yeah, right.

STU: A lot of this has been tight.

But there does seem to be.

You know, there's a lot of big personalities. There's always reported squabbling going on.

Who knows how this was released and who didn't.

That may be true. That part of the rollout was heard.

Right? Because it was released when they were ready. That might be true.

It still doesn't really explain. The video is a video.

They definitely posted it. They posted it like that. They posted it -- they had a memo that explained what the video was, and did not mention anything like that. That mentioned the --

GLENN: That's all you have to do.

Hey, there's a one minute jump. Here's why it's there.

STU: Again, even with that explanation, which would making me happier.

Right? That it's available.

It still wouldn't make a person who believes in this theory.

GLENN: Right. I can tell you -- I can tell you for a fact, nothing is going to satisfy everyone.

STU: Right.

GLENN: But you at least have to try to make the easy things go away.

Will Medicaid cuts KILL Americans? Glenn reveals the FACTS!

Democrats claim that the Big, Beautiful Bill will take Medicaid and Medicare away from many Americans and even “kill” people. But is any of this true? Glenn Beck and Stu Burguiere review just the facts and explain who’s actually affected by the changes.

Transcript

Below is a rush transcript that may contain errors

GLENN: Can I address some of the hyperbole around the big, beautiful bill, just a little bit.

If there's anything in the big, beautiful bill to worry about, it's the increase in spending.

Because the spending ourself into oblivion is an actual threat.

To the country. But that's not what anybody is talking about. What everybody seems to be talking about is the tax cuts. Which were already there. Or the tax cuts like no tax for tips. Which you would think the party of the little people. You know, the Democrats. Would all be for. But they're not.

Because they're not party of the little people anymore. And those had to be offset.

Okay. Offset. By what?

Well, by cutting spending. But cutting what spending?

Not cutting spending. Let me just say this. If I said, you know, I made $250,000 a year. And this year, we were going to spend $300,000.
Okay?

And you would say, immediately, Glenn. You can't do that.

And I would say, I've been doing that for 30 years. Okay. You might say, the bank is not going to give a loan.

But then if I came to you and said, yeah. I'm spending $300,000 a year. And my wife and I make 250 or 200,000 a year. But, you know, next year, I was going to spend $500,000.

Did you get a raise? No. I didn't get a raise. I still make 250,000 dollars a year between my wife and I.

But I'm going to spend 500 and not 300. And then somebody came in, like an accountant with some muscle.

And they said, Glenn, you cannot spend $500,000 a year!

Would it make sense if I went back to spending 300, not 200, which I had.

But 300, which I had been spending every year, would it make sense to you to -- for me to say, my children are now going to starve? My children are now going to starve.

Look at the austerity program that I am on.

My gosh, they just -- no. They didn't cut anything. They must cut thinking.

They cut the increase inning spending.

That's what they cut.

And, Stu, could you please explain Medicare.

I mean, all of the people. I know they warned us.

I didn't believe the death squads would actually go out.

And, you know, they want these people off Medicare so badly.

Or Medicaid.

They just sent out death squads. Trump is not waiting for them to die, because he's not waiting for them to get their prescriptions now he just wants them slaughtered in the street.

STU: Yeah, that's the efficiency of the Trump administration. He wants these people dead so badly, he's just killing them in the streets. Actually, no, none of that is happening.

And the Medicaid cuts as you point out, are largely cuts to future increases that have not occurred.

The biggest chunk of this is the work requirements. You've heard this, Glenn.

And, you know, I went through this. And I was like, this can't possibly be what they mean.

I said, wait a minute. When they say work requirement cuts, what does that mean?

So I dove into it a little bit. Basically, what they're saying, you, if you're an able-bodied adult, so that does not include old people, does not include people who are sick and can't work. And it also does not include people who have small children, even if they are able-bodied.

And when I say small, I mean 12 and under. So if you have a 12-year-old. You're completely exempt from this.

But able-bodied adults.

GLENN: Okay. On people in wheelchairs.

STU: No. Gosh, again, I know this is tough. Yeah, this is where it gets difficult.

GLENN: Wait. I'm having a hard time following this. What now?.

STU: So you're an able-bodied adult, that does not have small children.

GLENN: No small children.

STU: You would be required to get Medicaid, to work 20 hours a week.

Now, you might --

GLENN: Twenty hours a week.

STU: Or 80 hours a month.

GLENN: Or 80 hours a month.

That's almost half a full-time job.

STU: Now, you might say to yourself. And this is actually true.

Some people can't get jobs. Right?

I'm sure, there are people trying to get part-time jobs. And maybe can't get them.

Those people will just lose their Medicaid. Well, as you may understand.

Of course not.

Because what you have to do then is go through a process, that you're basically telling them, you're attempting to get a job. Or you're volunteering somewhere, to meet that requirement.

So basically, you have to fill out -- yeah. It's like unemployment.

You have to at least fill out some paperwork here.

GLENN: It's the exact opposite.

Let me see if I have this right.

It's the exact opposite of unemployment which we've had forever.

Which if you're looking for a job, but can't get it. You can still have unemployment.

But it's the exact opposite. Right?

Especially if you're nursing sextuplets.

STU: Again, you're not very close to the truth.

You're a little bit off on this one.

GLENN: No. Huh!

STU: By the way, Glenn, you might say to yourself, wait. How is that a Medicaid cut?

Because they're not cutting anyone's eligibility here. Unless they don't want to meet the requirement.

Of course, there's always been requirements to all of these programs.

So meeting the requirements have always been part of getting on to Medicaid.

This requirement, if you decide basically not to do it. And not participate. And not fill out the paperwork.

Then, yes. You will lose your Medicaid coverage.

What they're saying, hold on. All right.

GLENN: No. I just want to make sure I have it right.

STU: Yes.

GLENN: If you are blind, you're deaf.

STU: No. Again, no.

GLENN: You have no friends, and you can't get out of the house, and you've been on Medicaid, somehow or another, you signed up for that. But now, you don't even know, because you can't hear the news. You certainly can't fill out a form. Because you have no eyes.

STU: Hmm.

GLENN: They just come in and rip your Medicaid away?

STU: No. None of what you said is accurate.

Though, it is calm considering some of the accusations -- comparisons made bit left right now.

But, yeah.

So if you are an able-bodied adult that decides, you know what, I don't feel like filling out the paperwork, or I don't feel like going to job interviews, or I don't feel like volunteering, then yes. You could lose -- but that's what they're saying the cuts are.

They think 317 billion dollars worth of people will not bother doing those things. For whatever reason. Maybe because they had more money than they said. Maybe because they're lazy.

Maybe because -- I'm sure there's some case where some -- I don't know.

I can't think of the case.

GLENN: Blind person.

STU: Because the ailments are covered here.

But, yes. Maybe it's some particular skin color. Then they would reject you.

I don't know.

And it's not just that. There are other cuts. For example, some of the cuts are, they're eliminate duplicate Medicaid enrollment.

If you happen to have Medicaid.

GLENN: I can't double-dip.

STU: In two different states. They're going to try to stop you from having it in two states.

And instead, make you have it one state. Uh-huh.

GLENN: Hold on just one second.

I have two legs. I have two arms. I have two eyes. I have two nostrils. I have two ears.

I can't have two Medicaid coverages. It's insane!

STU: I know.

It's really, really brutal.

GLENN: I have two kidneys. I can only have one kidney now, you know, repaired?

STU: Now --

GLENN: Is that what you're saying?

STU: That's not what I'm saying. But, yes. I'm sure that's what's being reported out there by Dana Bash.

Another one, I will give you here, Glenn. They talked about immigrants.

You know, immigrants getting on their Medicaid cut. Now, this is tough. What this bill does, I want you to hold on to your hat here, Glenn.

GLENN: Okay.

STU: If you have green card holders and other certain immigrants, some will lose their coverage. Or actually, sorry, eligibility will -- retain for those people.

Certain other immigrants may lose their coverage. The current law says, all who are lawfully present.

That will kick in after a -- how many year waiting period?

Let me guess, it's a five-year waiting period.

So it will be the next president who has to deal with this, when future Congress will just put it right back in. And it's not a savings at all.

And then you have Medicaid death checks. They're going to require --

GLENN: They're checking on whether your debt? Look at this! It's crazy.

STU: It's brutal. It really is.

GLENN: You're going to kick all of the immigrants off in five years.

STU: No.

GLENN: And then you're checking to see if old people are dead!

When will you leave these people alone?

STU: I know. So, anyway, we can go through this stuff all day. But as you point out, most of this stuff is not at all, what the left is saying it is.

It's not the desperate Medicaid cuts that are going to ruin everybody's lives. A lot of them are just really common sense stuff, making sure you don't have them in two states. I don't know what the positive argument is for that. But they'll make it.

GLENN: Well, they don't have one. That's why they don't make it about that.