RADIONovember 11, 2024

Stock market SKYROCKETS after Trump’s win, but will tariffs keep it rising?

The U.S. stock market had incredible gains after Donald Trump was declared the president-elect. Is this as good of a sign as it looks for small and medium-sized businesses? Financial expert Carol Roth joins Glenn to explain. She also gives her take on whether Trump can stop the World Economic Forum’s plans for transforming the West and why she isn’t confident that Trump’s tariff plan could replace the Income Tax. But she has another solution that might be better …

Transcript

Below is a rush transcript that may contain errors

GLENN: Welcome to the Glenn Beck Program. We're glad you're here. So it's very exciting. I'm just writing my dear Santa Trump list. Take care of the border justice reform. Elon cuts.

MAHA tax cuts. I'll take a 15 percent corporate. But can we start with zero with tariffs?

Deep cuts in regulations. The Department of Ed, close it down.

Pentagon.

Stop the madness. That's all I've got so far.

But I'm going to -- it's going to be a long list. I will send this to Trump.

Do you have any suggestions? I would love to hear it.

One of the things I know he is going to do is -- is probably give, you know, the -- a great gift to anybody who has Bitcoin. Or anybody who is in the Bitcoin industry.

Because I -- he has said, he's against the Fed coin and he in his administration, will stop that from ever becoming a reality. I hope he can pull that one off.

But gold is up, still. It's down, what? Thirty dollars from Election Day.

But it's still doing well. I think 2700. Just coming off of all-time high. Yesterday, all-time high for Bitcoin. That's come down just a little bit.

But the economy could roar. And we have Carol Roth with us. Now.

Hi, Carol.

CAROL: Hi, Glenn. We promised people that we would get together, and would have something good to talk about at some point in time. So we manifested this discussion. And we have optimism.

And I think actually my most exciting point is the optimism. It could be four and a half years, since we've had real optimism in this country, from the time of the COVID mess through the Biden/Harris administration.

And sentiment is such a self-fulfilling prophecy, you know, particularly for the economy, but in all aspects of life. So the fact that it at that we have this huge sense of relief, has lifted off our shoulders -- not to say that there is an easy road ahead, but just to have the optimism, that, yes. We can go out and do this. Such a blessed, blessed day and week.

GLENN: Amen, on that.

So the stock market. You sent me, oh, something maybe 6 o'clock on Tuesday night. And you said, Glenn, stock market is up 200 points. That bodes well for Trump. And then it just kept going up.

You know, the after hours stock market just kept going up all throughout the night.

And it's doing well. They didn't usually they will bake in, what they think is coming.

They really thought a Kamala administration was coming. Didn't they?

CAROL: No. They actually had baked in a Trump win. So that's why this was so staggering.

I think what they didn't have baked in, is what a resounding mandate that he would have. That the Senate, the fact that he would win the popular vote. Obviously, we're still waiting.

Hopefully, the House. The fact that this is the country saying, we want this mandate.

And CNBC said this morning, that we are on track for the best week in the stock market in a year.

And what is most exciting about what's happened in the market is that it has been a very broad race.

You know, we've been through a time over the past several of years, where just a handful of tech companies, yeah, they're the ones that have been lifting the market.

The Russell 2000, which is the smaller cap, publicly traded companies. They were up 5 percent the day after the election. 5 percent in one day. Which means small companies and medium-sized companies think they will get access to capital, and have the optimism to grow their business.

And we know we need that broad-based growth. Not just a handful of companies. So that is one of my really big takeaways.

GLENN: I mean, if I were somebody that wanted to start my own business, I would be planning on it right now.

I mean, I -- I -- I think America has a chance to have another golden era here.

And, you know, maybe they put a stop to it, in four years.

But if it is -- if he can turn this around, quickly.

And actually make the kinds of moves that he's talking about.

Massive fundamental change in the -- just the garbage of the bureaucracy.

That could -- that could affect us for a very long time.

And you could also see with that kind of success, 12 years.

Not just him. But then two -- two terms of J.D. Vance.

CAROL: Absolutely.

And I think for small businesses, in particular, the people who are looking to start them, or grow an existing business. There were three key areas, that the Biden/Harris administration really tamped down on that, sort of optimism from the back bone of the economy.

The first one being the ability to work for flexibly.

You know, the Trump administration had put this very pro-independent contractor. Pro gig work framework in place.

And they reversed that in its entirety. So the fact that that goes away, is huge.

From a regulatory standpoint. 1.7 trillion dollars in regulatory burden, is the estimate of the Biden/Harris administration. On small business loan.

Small businesses don't have time for this.

And they don't have the staff or the money for this.

So on the fact that we know, that we will get more of that regulation cleaned out, is absolutely huge.

And then the tax uncertainty. You know, the tax cuts and jobs act is set to expire next year in large part.

And the fact that we know Trump is going to be, you know, more open, to, you know, extending some of those cuts.

And maybe even further cutting and hopefully, helping small businesses have that certainty. Because, again, you can't make those investments if you're not sure what will happen.

Plus, we know we will not get the crazy capital gains taxes. And wealth taxes. And all the other things that are proposed. So this is really a three-legged stool. That will help to unleash growth.

And it is such a blessing.

GLENN: So let's go over some of the things that he has to do.

He obviously has to fix the border.

And deport people. I can't take it anymore. Just deportation in US history. Well, I never -- I didn't even know that the largest deportation happened under Bill Clinton.

With 11 million people deported from our country.

11 million.

Nobody said anything about that. Our population is bigger. And what is he talking about?

Maybe ten to 15 million?

Maybe 20!

The -- this is ridiculous, that everybody is freaking out. When Bill Clinton was the guy who did it the first time.

And it didn't hurt anything.

CAROL: Yeah. I mean, we've had a mass invasion.

And while something like mass deportation may sound just like just a security policy or social policy.

It's obviously very much an economic policy. The estimate from Fare, just in 2023 alone -- forget about this year -- was $150 billion that was spent on these illegals.

And that doesn't include things like what it does to the demoralization, of communities. What it does to keep wages suppressed.

And people on the sidelines.

Back in 2022.

GLENN: And services.

CAROL: Yeah. The 2022 -- the number of illegals in the workforce was 8.3 million. You could imagine that that's up at least 50 percent, if not more.

So those are jobs that are having artificially suppressed wages and being taken away and demoralizing, you know, working age individuals. Particularly men, from getting into the workforce.

So this is a huge pharmaceutical issue for us.

And whatever the cost is, to get them out of the country, will be worth. Because the return on investment for doing that, in all facets will far exceed it.

It absolutely has to be the first thing that he does.

GLENN: We know that he's also going to.

One of the first things he's going to do on the first day is restore our energy policy. Drill, baby, drill. And open all of that stuff up again, thank God.

The -- the ESG -- I just got a note from somebody that said be with one investment bank is advising ESG fund managers to keep their lawyers very close.

Anti-trust risk remains high for asset managers. And ESG. There haven't been any cases yet.

Thus, there's no legal precedent. Further, legal risks regarding fiduciary duty, in order to stay relevant, is states enforce antistate ESG laws.

ESG, do you see the -- the stake going through its heart?

CAROL: I mean, we certainly hope so.

The challenge with something like ESG. They always repackage it.

And it always comes back to life to something else.

It's like the vampire who shape shifts into something different.

So my guess is, that ESG goes away, and then they come back, and they can come up with something else. And now it has a new name.

So it's a bit of a whack-a-mole. We will have to continue to be on it. But I absolutely think, there is going to be -- there's already a huge push to get away from it.

In part, because everybody has seen these promises. Oh, ESG will do wonderful things for investments.

That hasn't materialized. And it really has been this green washing.

I feel like, it's already on that trend.

It could be the final nail in the vampire's coffin, until he rises again.

GLENN: So the cop 25 is coming up.

And the last time he attended. I don't know if he attended. He might have just said a note, we're out. Of the Paris accords. And everything else.

That too, is going to shake the global community.

And -- and really put -- I mean, it could take it down.

If he's really strong on this World Economic Forum garbage that has been shoveled. If he's really strong on that, he could put the stake in its heart.

CAROL: You get the right government efficiency commission, and we should be out of everything. We should stop funding the WEF. We should stop funding the UN.

We should stop funding all of this insanity.

And take that money and make that available to pay down our debt. To shrink our deficits. And to stop with these NGOs who are getting massive funding from us, and then coming in and trying to ruin our lives. When you add to your list, to Trump Santa, please include getting rid of all of the funding to these ridiculous organizations.

GLENN: Yeah. Well, I think that goes under the border thing.

Because that's where we've really enriched these NGOs here in the country.

I mean, some of them should go to jail.

They brought these people in, over the border.

With our tax money. They flew them around the country.

With our tax money.

I mean, I think there should be at least an investigation on that.

CAROL: I'm with you. I second you on that one.

GLENN: When it comes to taxes. What do you think about the idea.

You would need to actually do both of them together.

I'm not a tariff guy.

But if your goal is to rebuild America, and to rebuild our manufacturing. And bring money back on to shore.

And jobs back on to shore.

If you cut. Like he was talking about, no it can tax.

If you cut the income tax. And reimpose stiff tariffs, what happens?

CAROL: So I hate to be the bearer of bad tidings in math here. But math really doesn't work out. Because you have to remember, 70 percent of our economy is service-based.

Even if you boost up manufacturing on a big level, the amount that it would take to replace what we have, in terms of an income tax, it just today is not mathematically possible.

We also have the scenario where we're trying to make sure that the GDP increases.

And that our revenue stays, you know, pretty stable, at the same time. That we're trying to get rid of the additional spending.

And that is going to be a very delicate dance. So I think this is something that needs to be -- should be managed strategically.

GLENN: But could you come up with a flat tax, or a 15 percent tax?

That just makes the economy roar.

CAROL: Sure. Yeah. I absolutely do think that you could do that. And something that is simple, also takes away a lot of the administration, and the burden, that comes along with that. That makes, you know -- just takes away productive time from people.

Spending it on paperwork. Instead of spending it on the economy.

So I do think, there could be something that is streamlined. But, again, the tax code is so insane, that I would imagine that would take some time.

But would completely welcome it. And there are so many entrepreneurial people, who are around Trump, this time around.

You know, the Elon Musk's and the Viveks and what not.

I think this is the time, there's an opportunity to actually get something like this done. And we need that, Glenn. We need to have the growth. Because if we don't have the massive growth, we're not going to be able to shrink the government.

We're not going to be able to shrink massive inflation. So that's the dance that we have.

THE GLENN BECK PODCAST

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The most INSANE Deep State story you've never heard

Was an NGO with deep government ties trying to RESTART the opium trade in Taliban-run Afghanistan while former Taliban members were on its payroll...only to be caught DESTROYING the evidence?! The State Department's Under Secretary for Public Diplomacy Darren Beattie joins Glenn Beck to expose what he found when he was made Acting President of the United States Institute of Peace. Plus, he debunks ProPublica’s claim that DOGE “targeted” an “Afghan scholar who fled the Taliban.”

Transcript

Below is a rush transcript that may contain errors

GLENN: Darren, welcome to the program. How are you? Darren, are you there? Is he there?

STU: Hmm.

GLENN: Okay. Check if he's there. Is he? Dick Cheney. Dick Cheney.

STU: Trying to shut him down. They don't want peace. They don't want peace.

GLENN: They don't. They don't.

He is -- he is a big-time anti-globalist. I've got to tell you, what we're doing with the State Department. I absolutely love. The State Department has been a big problem for this country for a very long time. It's what's gotten us into these global wars. These endless wars, and everything he is.

And, I mean, I don't know what happened to Marco rube, but he is tremendous.

And the way president Trump is appointing different people like Darren, it's fantastic. Darren, are you there? Darren.

STU: Something must be wrong with the lines. Because we are talking to him offline on the phone here. And it does seem to be working, but not coming through our broadcast board here for whatever reason.

GLENN: Well, let's see if we can get that fixed, and maybe let me just talk here for five, six minutes on something else. Then we'll take a break and come back and see if we can get him.

There's something else that I really want to talk about. And that is this flag-burning thing. Now, it's not an amendment.

This is something that the president is putting up in an executive order and has very little teeth to it.

But I -- I -- look, I understand. As a guy putting an enormous flagpole up at my house today.

I mean, an enormous flagpole.

I love the flag. I love it!

And there are a few things that make me more angry than see somebody you set our flag on fire.

For a lot of people, that's a punch in the gut, especially our military people. And it has been planted on distant battlefields. It's raced after victory. Saluted in the morning, or should be in our schools and folded and given to the hands of grieving families. It feels like spitting on every sacrifice, that ever made this nation possible. And the argument against flag burning is really simple: It dishonors the idea of all of that. Okay?

And it defends millions of people, including me. It disrespects, I think the veterans that bled. The families who mourned. The dream that binds us together.

However, here's the hard truth: Symbols only mean something, in a land where freedom is alive.

If you outlaw the burning of a flag, the you have placed the cloth above the Constitution that it represents. You have made the flag an idol.

We don't worship idols. If you can only praise the flag and never protest it, it just stops being a symbol of freedom. And starts being an idol of obedience.

Now, that's the argument for allowing it. At least to me.

Because the real strength of a free nation is -- is to -- it's -- it's how we protect, not the speech we love, but how we endure the speech we hate!

And the Supreme Court has already ruled on this. And, you know, they -- the line they drew wasn't an easy one. Freedom of speech, stops where it directly -- directly insights violence. And that's it same thing, kind of, in this executive order.

You can burn the flag. But if I'm not mistaken, but if it incites violence, then you're in trouble.

And that's true. But the bar of inciting violence is so incredibly high. And it's -- it doesn't have anything to do with speech that offends. It's not speech that stirs anger. Not speech that wants you to punch the speaker in the mouth. It's speech only, that provokes imminent and specific violence.

And unless it's that be with the government doesn't have any right to -- to get into the business of silencing speech. Ever. Ever. Ever.

It is a hard line. And that standard is really hard. It's painfully hard.

Because what our citizenship requires, this is civics. What our citizenships require, is that we defend -- oh, I hate this.

We defend the right of your opponent to mock everything that we hold sacred.

Now, I want you to think of this. You can burn a Bible. You can burn the Word of God. But some want to make it illegal to burn a flag. Where are our priorities? You can burn the Constitution. The words that actually are the ones that stir us into action. But you can't burn a flag.

You can't burn a Koran. Can't burn them. Can't. Can't.

You will -- you will quickly come to a quick end, not legally. But you will come to a quick end. I don't ever want to be like that. Ever!

You burn a Bible. I think you're a monster. What is wrong with you? What is wrong with you?

But you have a right to do it. Why are we drawing a line around the flag? It -- the reason is -- is because we feel things so passionately. And that is really a good thing, to feel love of country so passionately. But then we have to temper that. My father used to tell me, that I think this country needs to hear over and over again, every day. My father -- we would talk to somebody. And we would walk away. And he would go, I so disagree with everything that man just said. But, Glenn, son, he would say. I will fight to the death for his right to say it. He used to say that to me all the time. Which now lees me to believe, I know where I've got my strong opinions from. Because dad apparently would disagree with a lot of people all the time.

But that was the essence of freedom. That is the essence of what sets us apart. Standing for universal, eternal rights like free speech. It's not easy. It means you have to take the size of those people that offend you. It means -- it doesn't mean you have to disagree with it. You can fight against it. You can argue back and forth.

But you -- can you tolerate the insults to the things that you love most. That is so hard, and that is why most of the world does not have freedom of speech. It's too hard! But our Founders believed people are better than that. Our citizens can rule themselves!

And the only way you can rule yourself is if you don't have limits on freedom of speech. So the question is, do we want to remain free? Or do we want to just feel good? It really is that simple. It's why no one else has freedom of speech. It's too hard! I think we're up to the task. Okay. Give me 60 seconds. And then we will try again.

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(music)
All right. Let me -- let me bring Darren in. Darren, are you there now?

DARREN: Yes!
GLENN: Oh, God. Thank goodness.
Thank you for putting up with us. I don't know what happened with the phone system. But, first of all, tell me what the US Institute of Peace is. I've never even heard of it.

DARREN: That is a fantastic question. And I'll try to give the abbreviated answer, because I know we don't have several hours.

GLENN: Good. I know.

DARREN: But US Institute of Peace is one of lesser known, but quite important member of the NGO archipelago, that was created in the '80s. It belongs to the same cohorts as national endowments for democracy.

GLENN: Oh.

DARREN: And some other -- some other better known NGOs that really in the broad context of things. In kind of the sweep of things, was created as a kind of reorganization of the government structure in the aftermath of the church type committee hearings that expose a lot of the dirty dealings of government agencies such as the CIA, and so sort of a broader response to that government lie was to create this NGO layer of governance, with an armed distant plausible deniability, a kind of chameleon character of not exactly being government, not exactly being private, in order to fulfill some of those more sensitive functions that had been exposed in the course of the church hearings.

And so US Institute of Peace is one of those NGOs that had particular focus on conflict regions. But, of course, as I think you -- you suggested earlier, peace requires at the very least, an asterisk. Because there involves a lot of things, that conventional, most American citizens would not think should belong as part of the portfolio of something calling itself an institute of peace.

GLENN: So what was the thing with the -- with this Taliban member that was getting money from us?

DARREN: Right. So this is an interesting case. So there's a whole saga of a takeover of the US institute of peace under -- under DOGE.

And that's really a fascinating story unto itself. Just to give you a sense of what these characters were like. They barricaded themselves in the offices.

They sabotaged the physical infrastructure of the building. There were reports of there being loaded guns within the offices.

GLENN: Wow!

DARREN: There was one, like, hostage situation where they held a security guard under basically kind of a false imprisonment type situation. It was extremely intense.

Far more so than the better known story of USAID. And in the course of all of that, they tried to delete a terabyte of data, of accounting information that would indicate what kind of stuff they were up to.

What kind of people they were paying. And in the course of that, DOGE found that one of the people on their payroll. Was this curious figure, who had a prominent role in the Taliban government. And then seemed to kind of play a bunch of angles across each other.

Sort of one of these sixer types in the middle of Afghanistan.

The question is, what the heck is an organization like this, having an individual, who is a former Taliban member on their payroll.

It underscores how incredibly bizarre the whole arrangement is. And to just reinforce that. I think even more bizarre than having this former Taliban guy on the payroll is the kind of schizophrenic posture exhibited by the chief -- one truly bizarre thing is that one of the US Institute of Peace's main kind of policy agendas was basically lamenting the fact that the opium trade had dissipated under Taliban leadership. They had multiple reports coming out, basically saying, this is horrible, that the opium trade is diminished under the Taliban. Meaning, finding some way to restore it. How bizarre is that!

GLENN: What was their thinking?

DARREN: Well, it's -- it's very strange, and it depends on what kind of rabbit holes you want to go down. But the whole story of opium and Afghanistan and its connection to, you know, government entities, is a -- is a very intricate and delicate and fascinating one. But it seems very clear that the US Institute of Peace was involved in that story to some degree because their public reports. They had a full-the time guy of basically lamenting the fact that the opium trade dissipated under the Taliban. And, meanwhile, they're funding this former Taliban guy.

GLENN: Unbelievable. Now, ProPublica got this. And you have released the statement on it. And ProPublica just completely white-washed this -- said this guy was a victim, and his family was taken hostage. Was his family ever taken hostage because he was exposed?

And correct the ProPublica story, would you?

DARREN: Yeah, I mean, the ProPublica thing, as usual and as expected was a total joke.

GLENN: Yes.

DARREN: I mean, this guy, I'm not an expert on this particular person's history. But what's very clear is he was a former Taliban guy, and he was probably one of these people, who was playing all sides, made a lot of enemies. I know that there were several kind of attempts on his life by the Taliban, in the course of various -- various decades.

This has nothing to do with -- with DOGE.

I mean, he's a known quantity in the region.

And somebody who has made a lot of enemies.

And he was not -- he was on the payroll of the US institute of peace.

And nobody is expecting something like that. So then, and, again, there's this sort of hostile takeover situation.

Where the people are barricading he themselves in. Trying to delete all this data.

And sure enough, what's in the data, is stuff like this.

These random former Taliban guy, making his contract with $130,000.

GLENN: You know, this is the -- this is the real Deep State stuff, that I think bothers people so much.

Look, we expect our CIA to do stuff, we don't necessarily want to do it. We expect it.

When it's in the State Department.

When every department is pushing out money to NGOs to overthrow governments and everything else.

It's out of control!

It's just completely out of control.

And who is overseeing all of that.

DARREN: That's a great question.

I think part of the NGO -- UCEF was almost a cutout of a cutout.

A fourth of its money came from USAID.

In many ways, it was a cutout of USAID. Which itself was a cutout.

So there are many layers of distance. Plausible deniability.

And UCEF, I think institutionally really perfected this chameleon structure of being able to plausibly present itself as government. When that was convenient for what they were doing.

And also to present itself as a private organization, when that was convenient.

It's a very intricate setup that they had, that was truly optimized for this chameleon character of plausible denial operations. In conflict zones. Doing God knows what, with American taxpayer money.

And it's just an absolute hornet's nest.

We have recovered that terabyte that they tried to delete. And once we get things settled in the building itself, I intend to do a kind of transparency effort, whereby we release all of this material to the public.

GLENN: Good. Good.

DARREN: Just like I'm doing at the State Department. I'm currently acting as secretary at the State Department. And doing a transparency effort here. After I eliminated the global engagement center, which was sort of the internal censorship office within the State Department, decided, we've got to -- we've got to air this out to the public.

So within the next couple of weeks.

We'll have our next tranche of helps you of thousands of emails, documenting what this were doing.

GLENN: I would love you to go back on, through those emails.

I think you guys in the State Department are doing an amazing job. Thanks for being on.