RADIO

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.

For $140, you can introduce moms to their babies on an ultrasound. And help rescue five babies. When you do, you will see five stories, and five ultrasound pictures of babies saved. Preborn's goal this year is to rescue 80,000 babies, just from this audience. That's our goal.

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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

RADIO

Cabinet Wins, DOGE Audits, Tariffs: Trump's Third Week Has Been WILD!

It's only been 3 weeks of Donald Trump's second presidency and A LOT has changed! Glenn reviews some of the biggest wins that we've seen in the past few days: RFK Jr. and Tulsi Gabbard were confirmed as members of Trump's cabinet, Kash Patel is one step closer to being FBI Director, Trump has called for “fair and reciprocal” tariffs on US trade partners, DOGE is preparing to audit the IRS, and the list goes on!

Transcript

Below is a rush transcript that may contain errors

GLENN: Let's see what the president has been up to in the last 24 hours.

Does this guy sleep? What's Melania doing for Valentine's Day today?

STU: One thing. When he's the president of the United States, is he thinking about that type of thing?

GLENN: No. He has people think about it. People who have people.

STU: Uh-huh.

GLENN: Yeah, people who have people. Usually, maybe like, maybe his son. Like, Dad. Maybe you should carve out a couple of hours tonight.

Oh, crap. I didn't even. You're president. I think I can make a few calls.

STU: I feel like, it's interesting that we just have a president that is awake, like every day. He seems to wake up. We see him places. Have you noticed this? I don't know if you've noticed this at all. But current president of the United States, we see him out doing things. Isn't that weird?

I feel like it's weird.

I don't know about this system we have, where the president is awake every day. It's changing our traditions, Glenn. I'm concerned about it.

GLENN: It is. It is. Well, Barack knows. We have to change our --

STU: That's true. Trump has kind of dropped the hammer on the rest of the world with tariffs. And I kind of like this tariff. Whatever they charge us, we're going to charge them.

STU: Reciprocal tariffs.

GLENN: Reciprocal tariffs. That's fair. We're not going to charge you -- I mean, maybe China would.

But we will not charge you more than you charge us. You charge us something. We'll charge you.

I think that's good!

STU: Yeah, it's interesting. It certainly seems fair. Right? Like, don't fire up.

Because the rest of the world loves tariffs. They love tariffs more than we love tariffs, even though we --

GLENN: I don't love tariffs.

STU: I don't love them at all.

Trump does love them. We've talked to him even in private conversations. By the way, in case you're wondering, is he just saying this just for the cameras? No. He really loves them. He loves tariffs. I don't agree with him on that policy. Though, he's used it to great effect recently.

That being said, I mean, if someone started charging you 100 percent tariff on a particular item, picking that same item and putting a tariff, 175 percent, certainly is fair. Now, of course, the reason we import things typically is because we don't have them here.

GLENN: Right! But not necessarily, like cars. Cars. Europe charges us a 10 percent tariff to send a Ford over.

And they charge -- we charge them 2 percent to send a Mercedes. I mean, what's fair about that?

STU: Now, again, one of the things that's fair about that. Is it's not paying an extra 8 percent on a car. We get a benefit of that, as a consumer.

That if we want to buy a European car, we will pay a little bit less and now we'll pay a little bit more. So there is a penalty to that.

However, it is certainly fair. The word "fair," I think applies when it comes to nation-to-nation relation.

And one of the things we've liked about having these lower tariffs on our side is getting lower prices for our consumers.

GLENN: Correct.

STU: And so they're -- and as Trump has discussed, he's been very up front with us. There will be pain with these policies. But long-term, we think it's worth it.

And that's really where the rubber meets the road.

GLENN: Okay. So now, everybody is very, very upset about Donald Trump signing off on DOGE and the audit of the IRS.

Now, I do have to question your sanity when you're against the audit of the IRS.

STU: You seem to be for audits. You can't audit them?

GLENN: Yeah. Who do you have to be, to be against an audit of the IRS, and bring every single receipt you have! I want to see every receipt. Oh, I want to help them.

STU: By the way, Glenn, I work with you.

GLENN: Uh-huh.

STU: My job is -- and for multiple decades now, has to be -- become closely associated with Glenn Beck.

GLENN: Yeah, it's good.

STU: Oh, the perks. The benefits. Oh, gosh, I can't even count them!

GLENN: Yeah. Hmm.

STU: Yet, somehow, I made it through the entire Barack Obama administration. And the entire Joe Biden administration.

GLENN: Yeah!

STU: Without getting audited.

GLENN: Yeah. Not me.

STU: No. I know. I remember. And yet what about happens two weeks ago? I get a letter with the IRS, with Trump in office. That I'm getting audited.

And I don't know if this is just a parting gift from the Biden administration. How is that happening?

GLENN: That's what I'm saying. Thank God somebody noticed your shadiness. Somebody finally noticed. He's very shady. He's very shady.

You know, the good thing is, both of us stay -- to our accountants, we always say the same thing. Anybody who is preparing our taxes. Stay way away from the line.

STU: Yes. 100 percent.

GLENN: When in doubt, leave it out.

STU: Still, it's incredibly frustrating. We were talking to Alan Dershowitz, I have every single book -- everything -- yeah. Sure. Somewhere, I have every receipt from 2022. I'm sure.

But, I mean, the -- this is this relationship that we have with the government, that is this adversarial torture fest, that we pay for every year. Oh, gosh. I can't wait to pay by taxes.

Maybe I'll get a refund. Maybe they'll give me some of the money that is mine, back to me, multiple months later.

GLENN: I believe that's actually what happened to me.

I believe they owed me money.

STU: After the audit. Yeah.

GLENN: I stayed away from the line.

STU: That's what you have to be.

GLENN: You know, jail time does not sound good to me. In any way, shape or form.

STU: The wrong IRS agent, that doesn't like your show, happens to be doing it, well, guess what happens? They push it beyond the limits of normalcy. So the good senator and common sense-filled senator from Oregon, Ron Wyden said, this means Musk's henchmen are in a position to dig through a trove of data about every taxpayer in America.

Wait. What? You mean like the IRS does?
(laughter)

STU: What core of government function are you guys talking about?

GLENN: No, what's up with that? And it could be the very reason behind possible delays, in people receiving their tax refunds for 2024.

What a scare tactic.

STU: Hmm.

GLENN: These guys are so freaked out about Donald Trump. I mean, you know, the one thing that happened yesterday, that everybody should recognize. Mitch McConnell was alone. He was alone.

STU: That's huge.

GLENN: That's gigantic.

STU: On two votes. Tulsi and RFK!

GLENN: I know. I know.

STU: And before this, if McConnell said, hey, this is where I'm going, he would always have a bunch of buddies that would come with him. His closest friends. It would always do that.

GLENN: It's weird, you cut off the money, and things change.

STU: Yeah, he no longer has the leadership. He no longer has control of that cash. All of a sudden, he's a lonesome dove.

GLENN: Yeah!

So let me just ask -- I want to ask, are you tired of winning? Let me just give you the winning streak so far number Congress. Marco Rubio, voted to be confirmed, 99 to zero. Secretary of the Treasury Scott Bessent, confirmed, 68 to 29.

Secretary of the Interior Doug Burgum, seventy-nine to 18. Brook Rollins, Secretary of Agriculture, 72 to 28.

Secretary of Transportation Sean Duffy, seventy-seven to 22. Pam Bondi, 54 to 46. Secretary of Housing and Urban Development Scott Turner, 55 to 44.

Secretary of Energy Chris Wright, 59 to 38. Doug Collins Veterans Affairs, seventy-seven to 23. Kristi Noem.

Secretary of Homeland Security, 59 to 34. Lee Zeldin became the EPA administrator 56 by 42.

I have to tell you, Lee Zeldin, there's some stuff he did yesterday, that you're like, holy cow.

STU: Yeah, I have high hopes for the him. He's off to a very good start.

GLENN: Yeah, Russ Vought, who I just absolutely love. Director Office Management and Budget. He's done a lot of incredible things this week. 53 to 47.

John Ratcliff, confirmed as CIA director, 74 to 25. Tulsi Gabbard and RFK were confirmed yesterday. You have Kash Patel who got out of the committee and is going to be voted on early next week. And, of course, you have Pete Hegseth. I mean, and Mitch McConnell, standing there alone, all day yesterday.

This is good. Now, the president did a couple of other things yesterday, that are ground-breaking. But we need to make sure Congress passes all of these things as laws.

And they're not just executive order.

And that's going to require us to keep the heat on Congress. And they're working on the budget.

Congress just put together their budget for next year.

The Senate is squealing like stuck little pigs.

But we need to get them to pass in one bill. And you're going to get some crap in that one bill, I'm sure. But you have -- you really have a hard time, going to get two bills through on reconciliation.

So we need it in one bill.

RADIO

Elon Musk is NOT a Threat to "Democracy." He's a Threat to Bureaucracy

Elon Musk and DOGE are not threats to "democracy," like Democrats are complaining. They're threats to the bureaucracy that has taken over the government our Constitution established. Glenn explains how this all originated with Woodrow Wilson, who dreamed of "freeing" the government from the "chains" of the Constitution and replacing it with a government of "experts" and administrators. That's where the shadow government began and that's what Trump and DOGE are "destroying."

Transcript

Below is a rush transcript that may contain errors

GLENN: Elon Musk said, that we're not living in a democracy, we're living in a bureaucracy.

When he said that, my response was, yes. Now, I don't know if you know who Elon. I don't know if you know who Woodrow Wilson is.

But, yes!

Living under a bureaucracy, that's the point. Let me give you the quote, the history of liberty is a history of resistance.

The history of liberty is a history of limitation of governmental power, not the increase of it. Who said that?

Sounds like a guy who understands and values freedom. Somebody who understands the delicate balance of power, between the individual and the state. Right?

But the guy who said that, was the 28th president of the United States, Woodrow Wilson.

Now, does that sound like somebody that we know, maybe on the left, that is now saying things like, we've got to save democracy? We've got to save democracy?

He's killing democracy, by cutting the bureaucracy.

Wilson was exactly the same kind of politician. Except, he was the grandfather of all of this.

He was the architect of a vision, where government would no longer be confined by the rules, the outdated rules. And the chains of the Constitution.

He was the guy who said the Declaration of Independence needed to be cast aside, because it's an outdated relic. He was the guy that wanted you not to be governed by the laws of nature. And nature's God. But by an elite ruling class of scientists, experts, bureaucrats.

That's -- that's what he wanted.

Isn't that what we have right now? We're not -- we don't elect the president. You elect the president and nothing changes. Why?

Not just because both parties are alike. But because the bureaucracy is set in stone!

It's a ruling class, of scientists, experts, and bureaucrats. Wilson believed that the government was no longer the machine of our Founding Fathers, that needed to be shackled and restrained.

He thought government should be a living organism, an evolving entity, free from the so-called outdated principles of 1776. This is where we get the Constitution is a living, breathing thing.

No, it's not. No, that's Woodrow Wilson.

He looked at the Constitution. The greatest safeguard of liberty ever written. And didn't see it as a beacon of freedom. He saw it as an obstacle that needed to be overcome. He -- let me paint you this picture.

Imagine, you're sitting in a grand lecture hall. It's early 1900s. Gaslights are flickering. And a young professor steps up to the podium.

He stands at the podium, everybody starts to be quiet. It's all -- you're in the crowd, everybody there is the future rulers of America.

And he starts in to thunderous applause, with something that, I don't know.

Me. It would -- the back of my neck, the hair on the back of my neck would stand up.

He said, quote, the makers of the Constitution constructed the federal government upon a theory of checks and balances. Which was meant to limit the government's power.

And therefore, its ability to govern.

This was a great mistake. The Constitution was founded on the Newtonian theory of the universe.

But we now understand, that the government is not a machine. But a living thing.

It must evolve. It must adapt. And it must be freed from its chains!

End quote.

Freed from its chains. When I read that line, I -- I thought to myself. I thought of setting the monster free in Young Frankenstein.

You're free! You're free! It didn't work out well.

Okay? When you take something that is like fire. Hello, California. And just release it. It is a very bad thing.

Washington said, government is like fire!

It will be the master of you, if you're not the master of it. Are we the master of our government, or is it the master over us?

What do you think happens, when you -- when you have a government, I free it from its chains?

Does it become a benevolent force?

Does it look out for your best interest. Does it even know who you are, let alone answer to you?

Wilson wasn't just a professor. He was a man on a mission.

To change, and this is his words.

To change a man or a boy, to be the most unlike his father, as possible.

Isn't that what our education system is doing?

Wilson believed that we needed to move away from the messy system of self-government.

And have it all placed into the capable hands of an intellectual elite, that he called administrative experts.

So you can see this throughout our whole government. Anthony Fauci.

The law was, that we are not supposed to do gain-of-function research!

We now know, through all kinds of records, that have been released, that Anthony Fauci disagreed with that. And he made the decision, that we were going to do gain-of-function research!

Because it's not up to him, to answer to the people!

He answers -- he's the expert!

He's the administrator. He knows better than the average person. Even if other scientists disagree with him, he is science!

These experts, that are unelected, and unaccountable, Wilson saw this. This is -- these are the people that need to run the country.

Not as representatives of the people. But as scientists, technocrats, bureaucrats, who know better than you do, on how to live your life.

For Wilson, and now you're seeing his finished product, that Trump and Elon Musk are beginning to dismantle. You are now seeing, that his vision was that the American people were not individuals that were given God-give up rights.

They were just parts of a collective. A mass to be organized. To be managed.

To be directed.

He viewed the old principles of liberty and self-determination. Those are relics of an ignorant past.

Things that have to be replaced. By science. And numbers. Cold, efficiency of science and government regulation.

Now, our founders would say, that's all well and good.

We understand that, let's just take you, at face value and say you're honest in that. But what you're forgetting is that men go bad with power and money!

All men can be corrupted.

So it's not that we are putting chains on the government, because government is bad! No. Government is made up of the people that are in it.

And if you don't limit it, if you -- if you allow them to gain more and more power, and more and more money. It will go corrupt.

And it will begin to oppress you.

The government -- the founders weren't anti government. They were anti-out of control large government. Where the people were servants of that government, not the other way around.

Wilson wrote, the Declaration of Independence. That the -- the foundation of our freedoms.

He said, it was outdated.

He called the principles for all practices and purposes in the Declaration, meaningless.

Meaningless is his word.

The words that inspired the American Revolution, the ideas that all men are created equal, that our rights come from God. Not from government. Were to Wilson, irrelevant. And meaningless in the modern world.

Why? Because you're too stupid to understand what's really going on. You're too stupid to be able to manage the affairs, of not only the nation. But the world!

Every time we try to manage a nation, or the world, we go wrong!

Every single time!

He didn't believe you really have a right to property. To speech. To life itself, unless the government allowed it. If that doesn't terrify you, let me tell you something darker than that. Not morality.

Not faith, not the Constitution. But science should be the guiding force of government.

Well, we saw that with COVID. Didn't we?

Follow the science!

What kind of science?

The experiments that Fauci has been doing on animals and everything else. It's -- it's -- it's -- it's Mengele stuff.

It's really evil stuff! Because it has no medical purpose to it at all. The science that Wilson was talking about. Was eugenics.

And that's the same kind of stuff, that just named it something else. But it's the same kind of medicine that we're talking about now.

The kind that kills those who are unfit. Look at what's happening in Canada!

It's the kind of politics that led to policies of forced sterilization.

And racial segregation.

Which he put into practice. He was the guy who reseparated -- resegregated the military.

He segregated the government.

He praised the film, birth of a nation. Which we don't need to be the Klan. He believed in an America where government, led by an enlightened few, would decide who was fit to participate in society, and who wasn't.

Does that sound like America to you at all?

Or does that sound like the birth of something entirely different?

When he left office, it grew!

It took root in Washington, because they figured out, companies could go to Washington and lobby and get their way.

This was the beginning of all of the lobbyists in Washington.

And it -- it just grew. Ever expanding bureaucracy. A shadow government of unelected officials, who now control almost every aspect of your life! From what kind of car you drive. To what you eat.

To what stove you can have in your house. How you can build your house.

His dream was that a government would no longer be by the people. But by the experts.

The people would be managed. Guided. And nudged in the right direction.

So when they're saying that they're destroying democracy, no. They're destroying the bureaucracy, which is the antithesis to our founding documents.

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PBD Reacts to Glenn Beck's Prediction the Epstein Files WILL Be Exposed | Glenn TV | Ep 413

Radical transparency IS coming to America, Glenn says, but only if Kash Patel is confirmed to head the FBI. In fact, Glenn makes one of his boldest predictions yet: Kash will release the Epstein client list on his FIRST DAY leading the bureau. On tonight’s episode of "Glenn TV," Glenn is joined by ‪@PBDPodcast‬ host Patrick Bet-David and co-hosts Tom Ellsworth, Adam Sosnick, and Vincent Oshana. They discuss the damning ramifications releasing the Epstein list (or the Diddy list) may have for those who were associated with the island but were not guilty of partaking in criminal activity there — something President Trump expressed concern for before becoming elected. Plus, what will releasing the JFK files do to the CIA? We now know the CIA was in Miami following Lee Harvey Oswald, so why then didn’t the CIA stop him? Public trust in our federal government dropped substantially after the JFK assassination, and it continued to plummet over the next several decades until it hit a new low (14%) under Biden. Can Trump — with the radical transparency Glenn predicts is coming — turn that all around? PBD predicts Trump could increase that number to 50% or even 60%. Democrats see it coming, too. Their meltdowns over the DOGE and Elon Musk ending wasteful spending now are on fully display: “Accountability is here, and they’re panicking.” Lastly, Glenn and the "PBD Podcast" guys discuss how the first assassination attempt against Trump changed him as a person, providing him with both laser focus and an understanding that his job in the White House is much bigger than himself.

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Trump’s Treasury Secretary SHUTS DOWN Reporter Trying to Attack DOGE

The Biden government hired 80,000 new IRS agents to make sure YOU followed every one of their complicated tax laws. But when President Trump ordered DOGE to audit the government, politicians and the media squealed! That should speak volumes about what their true priorities are, Glenn says. Glenn and Pat review some of the latest pushback from the establishment, including how Democrats are whining about Elon Musk and how a judge tried to block even Treasury Secretary Scott Bessent from accessing Treasury data.

Transcript

Below is a rush transcript that may contain errors

GLENN: You know, it's astonishing how many people have found a very clear common sense voice and a lack of fear.

They seem to be all over this administration.

Stephen Miller is one of them, don't you think, Pat?

PAT: Definitely.

And he was talking about the angry Dems. And had some things to say about them. Deputy chief, Stephen Miller, cut 14.

VOICE: The Democrat use of the term unelected is really quite remarkable here. Donald Trump was elected in an overwhelming landslide.

These are Donald Trump staffers. It's like saying that Mike Walls, National Security adviser is unelected. Or Susan Wiles, the chief of staff is unelected. Or Donald Trump's communication team is unelected.

This is presidential staff that serves at the pleasure and for the president, just as I do. I am a staffer, for the president of the United States. He is elected. He is the one that the American people have chosen to implement his agenda. This is the agenda the American people voted for.

That he is asking his staff. His subordinates. His employees. To implement.

The unelected power in this country is the rogue bureaucracy.

USAID is unelected. The FBI, that persecuted President Trump for eight years, is unelected.

The CIA and those who have laundered intelligence to try to change the foreign policy of the United States are unelected.

President Trump is restoring democracy, by controlling the federal bureaucracy.

There is one man in the country, who is elected bit whole American people, to implement an agenda they support. That is the president.

Every other officer in this country, members of Congress and Senate are elected at the state and local level. The Constitution puts one man in charge of the federal executive branch. And that's the president.

GLENN: Understood. Understood.

PAT: Let him finish.

GLENN: He's absolutely awesome.

And absolutely right.

I mean, that's the thing -- I just don't understand. When they were -- when the federal judge tried to block and did for this weekend.

But it's not going to last long.

Tried to block the secretary of the Treasury

PAT: Yeah.

GLENN: From even looking at the data, that is produced by the Treasury?

PAT: Yeah.

GLENN: Who is running things? My gosh.

PAT: Well, Treasury secretary Scott Bessent was interviewed over the weekend, and he had some things to say about -- just about that!

VOICE: Mr. Secretary, we are inside the cash room in the Treasury department. It's almost impossible to overstate how important the work that's done in the US building. Is the US financial system.

Yet right now, there is widespread concern about the DOGE teams access to sensitive payment systems.

Are you worried at all, that that access and that tinkering of the payment systems, could affect the Treasury's market or cause any disruption.

VOICE: Well, good. Thank you for asking me about that.

Because there's a lot of misinformation out there.

First of all, when you say the DOGE team, these are Treasury employees. Two Treasury employees, one of whom I personally interviewed in his final round. There is no tinkering with the system. They are on read only. They are looking. They can make no changes. It is an operational program to suggest improvements. So we make 1.3 billion payments a year. And this is two employees who are working with a group of long-standing employees.

VOICE: The letter that the treasury department sent earlier this week, talked about how the team currently does not have access to change the system.

Have they, at any point this year, had the ability to make changes?

VOICE: Absolutely not. This is no different than you would have at a private company.
By the way, the ability to change the system, sits at the Federal Reserve.

So it does not even lie in this building. So they can make suggestions on how to change the system, but we don't even run the system.

VOICE: And if they ask her, they request the ability to change the system. Would you grant that?

VOICE: No. Again, they have no ability to change the system.

I have no ability to grant that change. That they can make suggestions. Then it would go to the Federal Reserve. And just like any large system. There would be tests.

There would be this. There would be that.

And then the fed will determine whether these changes are robust or not.

VOICE: As the Secretary of Treasury, you also oversee the IRS.

Do you know what kind of access the team has to IRS data or individual taxpayer data?

VOICE: Well, I'm glad you asked that too.

Because, look, the IRS, the privacy issue is one of the biggest issues. And over the past four years, we've seen a lot of leaks out of there. The IRS systems are quite poor.

When I started in college in 1980, I learned the program. I think, there are 12 different systems at the IRS that still run on COBOL. But as of now, there is no engagement at the IRS.

VOICE: Elon Musk just a few -- half an hour ago, tweeted out that Treasury needs to stop approving certain payments. Has your staff tried to block any payments at the Treasury?

VOICE: We have not.

And I'm glad you asked that too. And just to put it in perspective, Elon and I are completely aligned in terms of cutting waste and increasing accountability and transparency for the American people.

I believe that this DOGE program in my adult life is one of the most important audits of government. Or changes to government structure, we have seen.

That when I was in my 20s, we had the grace report. And there's some great suggestions that came out of that.

Never implemented under Clinton and Gore.

I think it was to government efficiency. Or to reduce government. Nothing happened.

So, you know, President Trump came in. There's a big agenda.

And I think there are gigantic cost savings for the American people here.

And I think it's unfortunate the way the media wants to lampoon what is going on.

PAT: Yes.

GLENN: Thank you.

VOICE: These are highly trained professionals. And this is not some broken band going around doing things. This is methodical, and it is going to yield big savings.

PAT: Jeez. And what's wrong with that? Is there anything wrong with that? I don't think so.

GLENN: Right. Did you hear a nonhostile question coming from the Bloomberg reporter?

PAT: No. A nonhostile? No. But he handled it in a nonhostile way.

He was great, wasn't he?

GLENN: Yeah, very well.

I mean, yeah. And it's a little scary, that the Treasury Secretary can't make any of these decisions, they're all made by the Federal Reserve.

That's a problem, which is why DOGE wants to bring Ron Paul in for an audit of the Fed, which would be fantastic.

PAT: It would be great.

GLENN: Can you imagine what we would find at the Fed now?

PAT: Oh, my gosh. I can't imagine it. And it's the fed with the power to make these changes.

That's amazing too.

That they can't even do it from the Treasury. That's kind of eye-opening.

But I think they need to use that term audit of government more. Because what's wrong with that.

GLENN: Yes. That's why they're going into the Pentagon. The seventh audit failed.

Let me ask you something: You know, she brings up the IRS.

The government hired 80,000 new IRS agents, to go over your records. To make sure nothing -- no funny business is going on with you.

That you're paying every dime that you're supposed to pay. Because there's a shortfall.

No! There's not a shortfall.

They're spending too much. When we go in, and try to send accountants in, to say, how did you spend this money?

The same thing the IRS does to you, every year, they squeal like little pigs.

I don't know.

If -- you know, you went in to the IRS every year with the attitude that the Democrats have.

You would be audited every year. Because somebody, probably rightfully so would go, wait a minute.

Why are you panicking so much. Why are you saying we can't have access to your records?

This is a legal operation. What's happening here?

And it -- it kills me that the media is sticking up for corruption.

Whose side are they on?

PAT: Well, they're on the side of corruption. Because they're benefiting from it.

And that's been the problem for how many decades now?

How many centuries now?

GLENN: I know. I know.

PAT: Have we run the nation in a way that the Founding Fathers intended, since, I don't know. 1830. Probably not.

GLENN: No. So, you know what, I have a copy of the first budget. It was on the front page of a Columbia newspaper from South Carolina.

And it -- it lays out George Washington's budget.

And it actually asks Congress to increase the budget for firewood, because the Capitol was cold.

And they needed extra firewood to keep things warm.

PAT: Uh-huh.

GLENN: And I don't even know if that got passed. I have no idea if that got passed.

PAT: Jeez.

GLENN: But that's the way we should be. Oh, you know what, put a sweater on, Congress. Oh, you're a little cold in there. Put a sweater on.

PAT: Exactly.

GLENN: They're the ones that should be putting the sweater on. Not us. Not us.

PAT: Look how Thomas Jefferson struggled with the Louisiana Purchase.

I mean, we almost didn't do it. Because he thought, it wasn't proper. He thought it was unconstitutional.

But it turned out to be too good a deal, and we did it anyway.

But they had a completely different mindset. You know, the funds that the federal government had, that they got from American taxpayers, whether they pay in excise taxes, or wherever their taxes came from. Those were sacred funds.

And they didn't just throw them out to anybody for any reason.

GLENN: Yes. And look at --

PAT: We've got to get back to that.

GLENN: We can spend a trillion dollars and have it all just vanish on us.

But if Donald Trump says, let's take $2 trillion and buy Greenland.

Everybody would freak out. Which one should you freak out about?

The investment, or the loss?

PAT: Uh-huh.

GLENN: It's -- it's -- it's an unspeakable horror, what is going on. And how the people are reacting to it.

You know, everybody in America should be happy about this.

One other truth speaker. Somebody else who is just very good at saying exactly what he means. And getting right to the truth. Is Hegseth.

Here he is, talking about our strength. Cut 22.

VOICE: I think the single dumbest phrase in military history, is our diversity is our strength.

I think our strength is our unity. Our strength is our shared purpose. Regardless of our background. Regardless of how we grew up. Regardless of our gender. Regardless of our race. In this department, we will treat everyone equally.

We will treat everyone with fairness. We will treat everyone with respect, and we will judge you as an individual by your merit. And by your commitment to the team and the mission.

That's how it has been. That's how it will be.

Any inference otherwise, is meant to divide or create complications, that otherwise should not and do not exist.

GLENN: I've got to tell you. How is that controversial at all?

We're -- you know why they keep teams together.

You go through buds and you keep that team together, because their strength is their unity. You don't send them into war with a bunch of people that are all different with each other. You send them into war that all have different skills, yes.

But are acting as one, with one purpose.