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LISTEN: New York Times tries to SPIN Biden’s FAILING economy

With inflation skyrocketing, gas prices through the roof, and small businesses closing around the clock, millions of Americans are suffering in today's economy. But that didn’t stop the New York Times for doing what it does best: spinning the news to fit its ideological goal. In a recent piece, the Times actually argued Americans are benefitting from Biden’s economic policies, calling it an economic ‘boom’ that Republicans are trying to hide. In this clip, Glenn dissects the piece…

Transcript

Below is a rush transcript that may contain errors

GLENN: Are you ready, Stu?

This is good news. This is good news.

STU: I'm excited.

GLENN: This is the era of great political division. Dramatic cultural upheaval, but much more quietly. It's been a time of great financial reward for a large number of Americans.

Now --

STU: Oh, yeah.

GLENN: Now, I want you to remember, the class warfare that has been going on. Okay?

I want you to remember also, that the truth is, wealthy Americans are getting wealthier. Everybody else is not. But we're not going to learn that in this. We're going to be corrected. For the 158 million people who have been employed.

Prospects haven't been this bright since men landed on the moon. And as many as half of those workers have retirement accounts that were fattened by a prolonged bull market and stocks.

There are 83 million owner occupied homes now in the United States. And at the rate they've been increasing in value, a lot of them are, in fact, giant piggy banks, that families live inside. This boom does not get celebrated much. Oh, no. Because it was a slow build phenomena in a country where news is stale within hours. It's happened during a time of fascination, with the schemes of the truly wealthy. See Elon Musk. And against the backdrop of increased inequality. If you were unable to buy a house because of spiraling prices, the storing amount of homeowner's equity is really a comfort.

The queasy stock market might be signaling the boom is ending, a slowing economy, renewed inflation, high gas prices, rising interest rates, could all undermine the gains achieved over the last few years. But for the moment, this flood of wealth is quietly redefining retirement. Helping fuel Silicon Valley and stoking the boom in leisure and entertainment. It's boosting corporate profits by unprecedented amounts by also giving just about everyone else the notion that a better job is just within reach. More than 4.5 million workers voluntarily quit in March. That's the highest number since the government started keeping statistics.

The Bureau of Labor Statistics, reported last week, a few years ago, the monthly total was between 3 million and 3.5 million. It's now 4.5.

STU: Wow!

GLENN: Maybe it's easier to focus on the negative. But a huge number of people, maybe 40 million houses have been doing pretty well, says Dean Baker, an economist, and cofounder of the Liberal Leading Center for Economic and Policy Research. You would have to go back to the late 1990s to find anything like this. Before that, the 1960s. This wide-spread wealth -- this wide-spread wealth, according to the New York Times, throws light on why the number of workers who say they expect to be working past their early 60s, has fallen below 50 percent for the first time. It accounts for the abundance of 1 billion-dollar startups known as unicorns.

Wow, that's the -- that's the little guy, winning there. The 1 billion-dollar startups.

STU: Just the average Joe, taking his lunch box. And his blue shirt to his tech startup.

GLENN: That's right. More than 1,000 now, up from 200 in 2015. It offers a reason for the rise in interest and unionizing companies, from Amazon, to Apple, to Starbucks. As hourly workers seek to claim their share. And it helps explain why Dwight and Denise --

STU: Wait. Wait. The sign of prosperity is that workers have tried to seek their share? Doesn't that mean they don't have their share?

GLENN: No. They're living in a giant piggy bank right now. So they can't get out.

STU: But they can't find money. They're seeking it.

GLENN: No. They have it all in their house in the piggy bank. They live in a giant piggy bank. Are you listening?

STU: Well, you said 40 million households are doing well. But there's 124 million households in the United States. What about the other 84 --

GLENN: Okay. Mr. Gray cloud. And it helps explain how Dwight and Denise MacInson just returned from a 12-day cruise through Germany.

STU: You know, I had not considered the Dwight and Denise MacInson part of the economy.

GLENN: Well, listen. Our net worth has reached the millionaire level due to our investments.

STU: Wow, congratulations.

GLENN: Which was unfathomable when we were married 40 years ago, said Mr. MacInson, 76, who is retired from the U.S. Forest Service.

STU: Uh-huh.

GLENN: The couple who live near Coeur d'Alene, Idaho, have a company. There are 22 million U.S. millionaires Greta Swies estimates -- estimates. Up from a fewer than 15 million in 2014. Isn't that great?

STU: Well, that is great. That part is great. That does not necessarily mean the economy is currently healthy.

GLENN: Right.

STU: When you're talking about investments, how you're getting the MacInson family on to this wonderful 12-day cruise, that doesn't seem like when the markets are tumbling, is the time to brag about that. What am I missing?

GLENN: Oh, my gosh, Stu.

You're missing the enlightenment that is coming from the New York Times, okay?

Some would have concentrated on, wait a minute. 22 million U.S. millionaires. Up from 15 million in 2014. Some might point out that the New York Times, has always hated stats like that. But I'm not going to do that.

STU: Yes.

GLENN: Mrs. MacInson says, I use coupons to buy things. One of my daughters would say, mom, that's so embarrassing. But we believed in saving. How she uses coupons too.

Every economic transaction has several sides. No one thought home prices in 2000, were particularly cheap. But in the last six years, prices have risen by the total value of all housing in 2000.

In many areas in the country, it has been practically impossible for renters to buy a house. This fracturing society, even as the overall home ownership rate in 2020 rose to 65.5 percent, the rate for black Americans have severely lacked.

At 43.4 percent. It's even lower, 44.2 percent, in 2010. The rate for Hispanics, was only marginally better. This disparity might account for a muted sense of achievement. It's a time of prosperity. A time of abundance. Yet, it doesn't seem that way. Says the vice president of enterprise research at black knight. Sean and Stephanie Macaulay said the value of their house just 20 miles North of Seattle shot up 50 percent since they bought it just a couple of years ago.

We were very fortunate now, given the situation, for many others during the pandemic. He works for a data orchestration company. Somehow, we're doing even better financially. And it feels a bit awkward. Even for those doing a bit well, the economy feels precarious, however.

The University of Michigan's veneral index of consumer sentiment fell in March, the same levels as 1979. And politicians have been mostly quiet about the boom. Listen to this: Why?

Because Republicans aren't anxious to give President Biden the credit for anything, said Mr. Baker, the economist. The Democrats can post about how many people have jobs and strong wage growth at the bottom. But they seem really reluctant to do this, knowing that so many people are hit by inflation.

Oh. So they have -- they don't want to rub people's noses in it. That's the only reason why he's not taking a victory lap, is because he knows people are suffering. He wants to connect with them for him

The initial coronavirus outbreak ended the longest U.S. economic expansion in modern history after 128 months, a dramatic downturn began. The federal government stepped in, generously spreading cash around. Spending habits shifted as people stayed home.

The recession ended after two months, and the boom resumed. Jerome Powell, federal reserve chair recently warned that there were too many employers chasing too few workers. Saying the labor market is tied to an unhealthy level. Well, that's probably because everyone is so rich now. We learned that, you know, what was -- 4 million?

STU: 40 million households are doing well. Just the other 80 million households.

GLENN: So a decade ago, the housing market was in chaos. Between 2007 and 2015, more than 7 million homes were lost to foreclosure.

But that was because they were egged on by lenders. And people lived in houses that they couldn't afford. But now the reverse is true. People own much more of their homes than they used to. While the banks own less.

And that acts as a shield, against foreclosures, which in 2019, were only 144,000. During the pandemic, the foreclosure mostly ceased due to moratoriums. That's parenthetically speaking, of course. The equity available to home owners reached nearly $10 trillion at the end of 2021.

That's double what it was at the height of the 2006 bubble. Oh, that makes me feel better.

Because we know, 2006, I mean, that's double. Of course, we're trouble of the value of all of the homes. Just the increase, is double than the value of all of the homes in America. At full price, in 2000. So I don't know exactly what that means, especially since 2006. We were double that, and then we had a huge bubble that broke. Anyway, for the average American mortgage holder, that amounts to $185,000, before hitting loan to value tripwires. That figure is up, $48,000 in a year. That's what the American family earns annually. Wow.

Even new homeowners feel an economic boost. We've never had enough for a down payment. But then, Stu. The summer of 2020, we got a good tax return. We got a stimulus check.

And we had a little money in the bank. So this is according to Magalay Pena, 41, an architect for the federal government. She and her husband bought a townhome in the Miami suburb of Homestead. She's a first generation immigrant from Nicaragua. She likes to check out the estimated value of her home and her neighbors on the real estate website, Redfin.

Sometimes I check it every day, or every three days. It's been crazy. Everything skyrocketed. In 2006, homeowners cashed in their equity.

Sometimes, they use the money to double down on another house or two. In 2022, there is little sense of excess.

Brian Carter, an epidemiologist in Atlanta, said he and his wife, Deserie had about $250,000 in equity in their home. They didn't plan to draw on it. I was 27 in 2007. I watched a lot of people lose their houses, because they couldn't leave their equity alone. That included my next-door neighbor, and family across the street. I don't want to worry like that.

In May 2000, the entrepreneur Kurt Anderson said raising money for a media startup called Inside, was as easy, excuse the expression, as getting sex in 1969. That was just a few weeks after the stock market peaked. Seventeen months and one merger inside, shut down. Wow. In 2000, the startup downturn was the first sign of a wider economic trouble. This time, it may simply be that people are doing too well. U.S. households are in the best shape in 30 years. But does it matter? Oh, my gosh.

STU: It's such great news. I came in today, a little down. I did. I just saw that the -- the inflation numbers were worse than expected.

GLENN: Oh, no. It was only going to go up pointed four.

STU: Okay.

GLENN: So like 8.1, is what I think they were expecting.

STU: Yeah. I know one of the numbers -- it was up just a little higher. I think they expectedly 6 percent. And they got 6.2. Which, of course, is doing wonders for the markets. Once again. This Joe Biden, economy is so vibrant. Sometimes, and this is something that people don't consider. Sometimes the vibrancy of this economy, blinds people, and they click the sell button, instead of the buy. That's what's going on.

People have so much money, they want to buy more, and because of this vibrancy. They're clicking the sell button.

GLENN: That's what they're saying.

STU: That's going to clear themselves up, soon. This is just a transitory issue, that will be over in moments. It's probably over hardware.

I mean, it's not quite reflected yet. But soon it will be --

GLENN: I just want you to know, anybody who says -- who talks down this economy, really ought to be censored. I mean, for disinformation. Probably even malinformation.

STU: Hmm.

GLENN: You know, they know exactly what they're doing. They just don't want to give Joe Biden credit. No. I'm different.

Believe me. I'm going to give Joe Biden all the credit he deserves.

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This Russian nuke warning is HORRIFIC… for an UNEXPECTED reason

Glenn Beck reviews a video of Aleksandr Dugin, known as “Putin’s brain,” warning that nuclear war is inevitable. But this warning from Russia is absolutely terrifying for another reason: it’s NOT REAL …

THE GLENN BECK PODCAST

Operation Fast and Furious: The TRUE Story of How the Feds were Running Guns into Mexico

The Border Crisis has been ongoing for years, and one of the biggest scandals was the ATF “gunwalking” scandal known as Operation Fast and Furious which occurred during when Barack Obama was President. Glenn Beck talks with John Dodson, the whistleblower who revealed the scandal to get the facts about what happened and why it was a flawed operation from its inception.
Watch the FULL Interview HERE

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Glenn Beck & Piers Morgan REACT to Trump's Iran Strike & What Comes Next

Glenn Beck joins Piers Morgan to react to President Trump's decision to strike Iran's Nuclear Facilities and what could come next with the conflict. Is this just the start of a larger conflict involving Iran, Israel and the United States, or will this move by Trump put at least a temporary end to the brewing tensions?

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Meet the pro-Intifada candidate NYC Democrats just elected

New York City Democrats just elected 33-year-old Zohran Mamdani, a "socialist Muslim", as the Party's candidate for mayor. But Glenn Beck argues that his radical beliefs are actually communist and Islamist.

Transcript

Below is a rush transcript that may contain errors

VOICE: Z10852. Something weird is going on. The World Trade Center is on fire.

VOICE: Seriously the top of the building. We're trying to get information.

VOICE: Top level of one of the --

VOICE: To unfold from New York City.

VOICE: A plane crashed just --

VOICE: My sister is in that believe. I hope she's okay. I have to come to New York.

VOICE: It's pandemonium.

VOICE: It's raining papers.

VOICE: Wait a minute! Stop just a second. Why are we -- why are we -- I've got breaking news. Breaking news, yesterday. New York City just elected as their mayoral candidate for the left. And the Democrats, a -- a Muslim radical, who is also a communist!

So, you know, it only took you 25 years. It only took you 25 years, New York, to go completely insane.

Somebody who is -- well, I mean, if I might quote Michael malice today. I am old enough to remember when New Yorkers endured 9/11 instead of voting for it.

But you've got a -- you've got a communist jihadist apologist now.

Who was -- you know, well, CAIR put $100,000 behind his bid for New York City mayor.

So you have somebody who is endorsed by CAIR. That's really good.

He also was somebody who said, you know, he was -- he was for the shooting of the United Health Care CEO.

Said he was looking forward to driving down magnum Joan avenue. I don't know. Sounds like supporting people in the streets. Maybe it's just me.

Then he also said that he was going to globalize the intifada, which I think that's -- maybe -- maybe that's just me.

I mean, what do I know?

Tim Miller who is a podcaster. Asked him a few weeks ago. Asked him about his pro Palestinian slogan. Globalized the intifada. And he said, for me, ultimately, what I hear in so many, is a desperate desire for equality and equal rights, in standing up for Palistinian human rights. Oh, is that what you hear, Mr. CAIR?

Really? Huh, that's interesting.

Right. So globalize the intifada.

I mean, I mean, sure, that's -- I mean well, let me go on.

Because I don't want to take him out of context.

He then delved into the semantics of the intifada, citing the United States Holocaust memorial museum's use of a word for a translation for uprising, in an Arabic version of an article, a museum published about the Warsaw ghetto.

Oh!

So this is just a comparison, about the -- the armed rebellion against the Nazis!

I don't know if that makes me feel better!

I mean, if we're globalizing that.

We're the Nazis in this scenario.

Because I don't think it's the Palestinians.

I certainly don't think it's anybody who is like, hey.

Global jihad. I don't think it's those guys.

Or the Nazis. Who are the Nazis in that?

And it seems, if that's what you mean, then it's not just a harmless kind of slogan about human rights. It is a call for violence on the streets.

Because I don't know if you know, that's what happened when the Jews had their uprising against the Nazis.

I'm just saying!

But, hey, hey, free Palestine.

Oh, that's not what that means, gang. That is not what that means, but don't worry about it. He's just going to be possibly the new mayor.

And that's great. By the way, the Columbia faculty members signed a letter defending Hamas.

They were also among the donors to his mayoral campaign.

So, you know, you don't have anything to worry about.

And his father, who used to work at Columbia. Do you know, Stu?

Is his Dad -- is he still a professor at Columbia University?

He said that -- this violent terror thing of Islam, is not a part of Islam. Now, I've read the Koran, and much of the hadith.

And I'm pretty sure the violence is a part of that. But no.

No. This is something entirely new.

And his father while at Columbia university, wanted everybody to know, that this is actually -- this is something that came out of America!

America is really responsible for this.

And, you know, it really started with the Reagan administration, you know, when he started -- when he started with his very religious terms, to finish the war against the evil empire.

So, you know, that's where -- that's where 9/11 came from.

Is what -- don't worry about it! Don't worry about it!

Because who am I? I'm clearly just -- am I an anti-Semite today, or am I an Islamophobic? I can't remember which one.

Oh, it's probably both. Anyway, Islamophobia. Let me just explain Islamophobia. I haven't even gotten to the Communist part of it. Which is really, really -- New York, you're in one for hell of a ride. Buckle up.

It will be a fun rollercoaster for you. My gosh, I've never been happier that I've been away are if New York.

Anyway, I just want I to know, there is Islam. And then there is Islamists. Now, an Islamist is somebody who really wants Sharia law.

That's political Islam!

That's not a faith. That's political Islam.

Now, let me make really -- something really clear. Criticizing Islamism, is not Islamophobia. Pointing out the dangers of, oh. I don't know.

Political Islam. The ideology that seeks to use the tools of democracy, ultimately to destroy democracy, is not an attack on Muslims.

No. Uh-uh.

You know why?

Because Muslims are often the first people in line.

The first victims of the ideology.

So let's draw a bright, bright line between Islam as a faith, millions of people can practice that faithfully and peacefully.

It's mostly peaceful, okay?

Then there's the Islamism.

Islamism is something entirely -- that's a political project.

A theocratic political -- oh. Left loves theocracies. They love it.

Of course, you never see a problem with it.

See it when an Islamist is touting it. Anyway, it's not about prayer. It's not about fasting. It's not about spiritual life.

It's all about power. It's about merging of mosque and state. It's about implementing Sharia, not as a personal code of conduct. But as a governing legal system.

And it's -- it's supremacy.

Absolutely. Faith.

Religion.

It's -- there's one thing that's supreme.

It's misogynistic.

Deeply intolerant of all kinds of things.

Descent. Secularism. Other faiths. Even competing interpretations from inside the faith itself.

It will behead them too.

So let's -- let's be honest here for a second.

You know, CAIR should be labeled an international terror organization.

In my opinion. In my opinion.

Oh, does that make me -- that makes me an Islamophobe. I'm sure. I'm sure they will start a campaign against me on being an Islamophobe.

Stand in line, guys. You've been doing it since 2001, okay?

I don't really care. And I don't think the American people. I think that record, all the grooves are worn-out on that one, okay?

This is not a religion we're talking about. When we're talking about Sharia law. And we're talking about globalize the intifada. What does that mean, actually, to globalize it?

Does that mean we now want to do what is happening to Israel? All over the world?

Has the Palestinian plight become our plight you now, as Americans?

That there has to be an intifada here!

Because it's the kind of the same. You know. It's kind of the same over, you know, with what the Palestinians are going through.

Well, it's very much like what the Jews went through with the Nazis.

That's a weird one. That one makes my head hurt. It's very much the same as that. And very much the same as the fight against Donald Trump.

Oh, this is going to be fun. It's fun!

Really fun. You know, the irony here is, the ones that will scream Islamophobia the most, are the ones in the progressive left, the champions of feminism, LGBTQ rights. And secularism.

They're going to -- no. You want -- they're going to stand with the people, who want to kill them first.

See, this is how smart they are!

This is why it's going to work out well, in New York City.

Let me just say. If you have an ounce of common sense, you run a business, you have an ounce of wealth. And I don't mean wealth like, you know, hey, Lovey.

Let's get on the boat for a three-hour tour with a suitcase full of cash. I mean you saved anything, anything, get the hell out of New York City.

I mean, this is about survival. This is about free speech. This is about women's rights.
Religious pluralism. Secular legal systems. Liberal democracy.

But it's also about failed principles of Communism. Okay?

First, you have to call out political Islam for what it is. Okay?

And we have to do it with the clarity that we call out white nationalism.

Got to do it with that. Got to -- you know, the Klan. Really bad people.

Really bad people.

Anybody who is shouting for globalized intifada?

Pretty bad. Pretty bad people.

Okay?

Now, let's get to communism.

Because that's another cool, cool angle of the new Democratic candidate for -- for mayor of New York City.

That I just -- I think is cuddly and cute. Sure, it led to 100 million deaths. But this time, New York is going to be radically different. Oh, did I use the word radical?

I didn't mean to use that. What's radical about this guy?

Nothing. He's just like you!

Well, not exactly.

But let's talk about communism, next!

Now, the new mayoral candidate that's running there in New York City. That so many young people rushed to defend and vote for. He's promising free buses.

That's going to work out.

Where are you going to get the money for free buses.

It's free!

City-run grocery stores.

Oh, rent freezes. And finally somebody has done it. A 30-dollar minimum wage.

So under the banner of equity. And, you know, we will tax the wealthy. And the corporations. You know, we're going to squeeze another $10 billion out of them.

Really?

Because they're going to call a U-Haul.

You know, they will call something like U-Haul. There will be a lot of -- there will be a lot of movers that are like, how do I get the truck back from Texas or Florida back up to New York? Nobody is moving up there.

But he's going to do it.

Now, his vision isn't really new. You know, just -- just tax people, so we could have city-run grocery stores. You know, I remember -- I'm old enough to remember those city-run grocery stores in Moscow.

They were great.

The shelves were empty.

But that's just Moscow.

It worked out completely different in Venezuela.

Where, oh, no.

It didn't. That's right. The grocery store.

They were eating the zoo animals.

But it will be different in New York.

Because they have rent controls too.

And that will just choke the housing supply, but don't worry. As a young family.

You know, you voted for it.

You know better.

It will work this time.

So, you know, I like building ideas, I just don't like usually building on the graves of 100 million people.

But, you know, why not? Why not?

You know, use this dogma.

And this time, it will be different. It's not like it was in China. Where the great leap forward, was a gross -- a gross parody of progress. Venezuela, which was oil rich. One of the richest nations in the hemisphere now sees 90 percent of its population in poverty!

Yeah. Darn it. You know what they did?

They decided to take state control of things.

You know, like grocery stores. And it worked out well. How is that free busing working out in Venezuela?

I just want to -- I just want to know.

Anyway, then you've got the globalize the intifada. Which is going to drop a little violence in, and anti-Semitism in with your communism.

Which is weird!

Because violence and anti-Semitism, always happen. When it -- when it comes to -- when it comes to communism.

This is weird!

I've got to play something for you. Because this has talked about on me earlier this morning.

Oh, wow.

Wait a minute. This is -- this is the whole coalition coming together here.

So this is going to be good. New York, this is going to be great.

It's going to be great for you.

No. He's going to uplift you. Then the social fabric of New York City is just going to be -- just one.

It's going to be fantastic. Don't worry about your 120 billion dollars in debt. Or your 10 billion-dollar deficit that you have right now.

You are going to charge the rich more taxes, and they will stay right there.

They will be like, you know what, that 46 percent in taxes that I'm paying, this is just not enough. It's just not enough.

I need to pay 60 or 70 percent to be able to pay my fair share. So that's good. That's good. That's good.

You know, they're not risking 100 million people. It's just 8 million people.

This time, it's just 8 million people.

But, hey. For those of you in upstate New York. That aren't going to be part of this experiment.

Don't worry, you get to pay for it. Because they'll kick it up to the state. The state will have to subsidize everything. And don't you love it?

Really, don't you want to subsidize the really crazy ideas of New York City?

I mean, why don't you have a -- why don't you have a democratic socialist. A/k/a communist mayor.

Why haven't you done that? Are you not progressive enough? Are you not looking into the future?

Are you stuck in the past?

I don't know. I don't know. The graveyard is pretty big. I have a hard time getting past that one. You know, yeah, so I'm stuck in the past. Because I can't seem to pass that graveyard, and get to be down the path with you. But it's going to be a paradise.

Forget arithmetic. You know, or human nature. This time, it's going to work. It's going to work. So all right!

Wish I lived in this morning.

No wait. Nope. I don't. Nope, I don't.

And Ted Cruz, stop it. Stop writing, hey, come to Texas. No. No. Don't come to Texas. Don't come to Florida. Go to California. It's beautiful this time of year. Go there. Go there.