RADIOSeptember 01, 2022

THIS bank's policy hints we learned NOTHING from 2008 crash

A new Bank of America policy designed to help certain Americans own homes hints that U.S. financial leaders have learned NOTHING from the 2008 crash. Carol Roth, ‘recovering investment banker’ and author of 'The War On Small Business,' joins Glenn to detail how policies like this one not only put our economy at risk of another financial crash but could wipe out the middle class as well. Plus, Roth and Glenn discuss signs that China — thanks to its bursting property bubble — is heading towards financial DEPRESSION...

Transcript

Below is a rush transcript that may contain errors

We have Carol Roth joining us now, the author of the war on small business. Former -- as she likes to say, recovering investment banker. And I want to get her on today, and ask her, what this means. This is according to the Wall Street Journal. The real estate giant in China has said, China's property market has slid into severe depression.

Hi, Carol, that sounds scary.

KENNEDY: Hi, Glenn. Happy September. What a great way to kick off the last four months of the year, with a big tee pregnancy in China.

GLENN: Right. Right. (?) what does it mean?

KENNEDY: So China is basically a giant mess. Obviously, outside of their demographic issues. Outside of the fact that they're not really an emerging market. And that's putting pressure on their manufacturing. They have sort of the confluence of things going on. The covid disruptions. They have heat and water power issues, that are basically rationing energy. They have youth unemployment, at 20 percent. And then they have this property bubble that has bursted. So basically China did something similar to what we did. It was a communist version of what we did here leading up to the great recession, financial crisis, where they just plowed a bunch of cheap money into creating lots of and lots of real estate.

GLENN: Like ghost cities. Not lots of real estate. Whole cities that had no one in them.

KENNEDY: Yeah. That literally in the middle of nowhere, that no one wanted to live in. And then the prices just started to get out of control. One of the things that are a little bit different -- well, there are a lot of things different about China. One of those things is that housing is about 70 percent of household wealth. People that have money, that the middle class, they don't trust the stock market. Which they should not. And over 90 percent of households in China actually own their residence. So that compares to about 65 percent of the United States. So a huge, huge alternate of the wealth of the middle class is tied up. Within real estate. And the property has gotten crazy. Like in the major cities, it's about 50 times the average income, in a -- in a crazy place in New York, it's about ten times the average income. So you can see that that has really gotten completely out of control. And we all knew that it was unsustainable. It was just sort of a question of when. Chinese policy and then all these other events kind of came together at the same time, and now like we suffered through 20 years ago, they are going to have to endure the same thing, but, you know, with a different tenure because it's a communist country. China owns the bank, they have -- the whole middle class is sort of involved, and their wealth is tied up in this. So this is a major issue for the Chinese economy.

GLENN: I will tell you, that this should strike everyone as more than a little odd. You know, it's not odd for us to see protests in front of banks.

KENNEDY: Yeah.

GLENN: In China, that is akin to protesting the Communist Party. They've rolled in with tanks and soldiers. And people are still protesting. That shows how unhappy people are, with what is going on.

Because in China, as I understand it, please correct me if I'm wrong. Here, we go out, find a house, then we go to a bank. In China, you go to a bank, you get a loan, you start paying on that loan. And then you go to a builder, and it might take five years. But you're paying on that. And what happened is, these builders (?) paying on this loan, and they, had a? Lose their money.

KENNEDY: Yeah. There's actually reports of people living in unfinished homes, so as you mentioned the middle class in China, they've started to band together, and they're basically saying, we're not paying our mortgages anymore. And you have to remember, that China has implemented their social credit system. And one of the dings for social credits is not paying your debts. Which your mortgage would obviously fall into. So the fact that they're willing to stand up against the Communist Party. Against the social credit pushback, just goes to show, as you said, just what a complete disaster this is for the Chinese people. And the governments.

GLENN: So President Xi, he is elected one more time. I think it's in November, isn't it?

KENNEDY: Mid-October. October 16th.

GLENN: So he's running for reelection, and he did change the Constitution that he could be dictator for life, but only after this election. When Pelosi went out, the word is from people that I know in China, that are high up in -- in the banking world, that do business in banking over there, that they've been watching their press very closely. Because there's a -- there's half of China, and the leadership. They don't want Xi.

And so some of the reports, that came out, when he -- when -- when Pelosi was going over, where they said, he's going to shoot that plane out of the sky. They made all of these -- you know, of these demands or expectations of Xi, knowing he couldn't do it, because humiliation is one of the worst things -- weakness is horrible in China. So they set him up to be weak. How does this play in his election?

KENNEDY: Well, you know, we would assume, that there would be fair elections. Obviously, that's in question, even in the United States. It certainly is not the case in communist China. And so I think that, you know, being entrenched in the party, even though there is pushback. I think it would be a giant surprise, if he wasn't elected again. And I do think that censorship has played a big issue, in this. You know, part of the reason, I've been told that they had these covid lockdowns, is because they're trying to control information -- not let people talk to each other. Not let people in the country, to let the real tenure of what is going on out into the broader population. So there are a lot of people in China, who even though they may be upset about this one particular thing, don't really have a scope on the real story, and who knows what they're being told.

GLENN: That's unbelievable. This story leads me to something. Bank of America has just started a policy that sounds very familiar, except race is involved now. Zero down payment, for mortgages for first time buyers. And I believe this is minorities. To help minorities -- black and Hispanics grow ownership of homes.

Zero down payment. Zero closing costs. So just come on in. It's like renting a house. Isn't this what caused 2008?

KENNEDY: You know, I know that history always repeats itself. And human beings have a hard time learning from the past. But really, this wasn't that long ago. You would think there would be some grace period. Where we would go, okay. This probably isn't a good thing to do.

And it's really frustrating. Because it's one of those things that sounds very nice on the surface. Oh, we'll help these underserved communities build wealth. That's a good thing. We want everybody in this country, to participate in wealth creation opportunities. The last way that you do that, is at a point where we're having a top in the housing market. The bed is raising rates. We're heading into a recession. Prices will come down. And then you take somebody, who can't afford a down payment. And you get them paying on a house, that you know they won't be able to afford over the long-term. That's basically stealing equity from them in the long-term, making them very afraid to continue to do that, in the future.

GLENN: This is -- this is what they called predatory lending.

And it's being pushed, I'm sure, by the government. It's being pushed by these big banks. They're all in collusion with the great reset. It's going to impoverish people, even more.

KENNEDY: Yeah. If you want to tie this to the ESG, right? This is part of the -- the social initiative, we have to make housing more affordable. But that doesn't do that. I mean, this creates more fees for banks, at a time when they may be losing fees in origination. Because the fed is raising interest rates. And that's flowing through the market. You know, it's not like they're creating a fund, and saying, we're going to buy up properties. And we're going to allow to you rent to loan. There are ways you can do this for underserved communities, that will be fantastic. But zero down mortgage -- and, by the way, it's not like a veteran zero down mortgage, where there's a strict underwriting process. This is a non-underwritten process. (?) we've seen how this has gone awry in college lending. Now they're bringing it back to the mortgage industry. Once again, because there wasn't enough damage the first time around.

GLENN: O they want to make sure that there's nothing (?) left for people to learn.

KENNEDY: Or. Or maybe they want the correspond to be able to have this, at the expense of the (?) middle class. And they'll just forgive those loans. Like, you know, they're on the kick of forgiving every other loan. There's a buffet of possible, fantastic --

GLENN: And none of them are good. None of them are honest. None of them are free market-based. None of them are ethical. None of them.

KENNEDY: No. It's picking winners and losers. It's letting the government and these big entities play venture capitalists in a way that she shouldn't.

And it's not teaching sort of the discipline, so that we allow for these broad creation opportunities. Which is the future of prosperity. Because we know at the end of the day, big business. Big government. Big special interest, doesn't want that. They want to gut the middle and working class. They want to consolidate power. So every one of these (?) ultimately ties back to that in some way.

GLENN: Energy prices. Goldman Sachs is now saying, just the energy prices will push the UK inflation to 22 percent.

That is a near post-war record of 22 percent inflation.

That's -- I mean, we -- let me get another story here. Because I read here, cost of living. Shoppers despair, at cost of staple foods, soar up to 20 percent in a year.

That's remarkable! I mean, we're all going to see this.

And it's -- a lot of this is coming from this craziness of ESG with the energy.

KENNEDY: Absolutely. This is entirely self-inflicted. That's the most frustrating part of this. It could have been avoided. But it was the liberty by policy. And who is going to pair the brunt of it. It is the small businesses. It is the million dollars and working class. It is the core to people, who really can't have this happen. I've seen this all over Twitter. I've been sharing all the stories coming out of Europe and the UK in particular. With small businesses who are getting their energy bills. And something like 10,000 euros, or, you know, like multiple tens of thousands of euros. And it's just completely non-sustainable. I mean, obviously nobody is going to be able to operate under those types of conditions. It's going to be a really ugly winter.

And as we're talking about, not learning. This should be a giant neon sign to say, okay. They made a mistake. Let's (?) they just passed the biggest climates bill. And are telling about what a great deal it is. As if there's not more pain and suffering on the other side.

GLENN: I know. I will tell you, Marx said for a Communist Revolution to happen, you need to have the working class rise up, and then they could close it down.

And that -- if you can't get them naturally, you have to create the conditions for that. And everything, including the IRS, all of these things are designed to abrupt the middle and lower class. (?) to wipe them out entirely. And when that happens, you will have revolution on the street. It is -- yeah. Go ahead.

KENNEDY: You will own nothing. And you will not be happy. Because as we've seen throughout history, those who do not own anything, are not the ones who are happy.

GLENN: Yes. Thank you very much, Carol. Appreciate it.

KENNEDY: Another uplifting segment, Glenn.

GLENN: One of these days it will turn around. One of these days. Yeah. Thank you so much. I appreciate it.

Exposed: Obama-Biden Judges’ Shocking Coup to Sabotage Trump’s Agenda

There is a judicial coup happening against President Trump, Glenn argues. Glenn exposes the activist Obama and Biden-era judges who are conducting a full-scale, coordinated assault against the mandate that the American people gave Trump. There’s Judge James Boasberg, who tried to stop Trump from deporting illegal immigrant criminals. Then, there’s Judge Ana Reyes, who halted Trump’s trans ban in the military (and who also has a long history of donating to Democrats). Also fighting Trump are judges Theodore Chang and Amir Ali, who are trying to reverse Trump’s dismantling of USAID. This isn’t normal “checks and balances.” This is left-wing judges using lawfare to play president and fight the dismantling of the deep state.

Watch this FULL episode of Glenn TV HERE.

THE GLENN BECK PODCAST

EU Elites’ Shocking Plot to Sabotage Trump Exposed!

Are European Union elites working to “sabotage” President Trump’s plans for the West? Glenn speaks with Heritage Foundation president Kevin Roberts, who makes the case that Trump is trying to reset the West and stop the “managed decline” of the World Economic Forum’s Great Reset. But many European leaders are so embedded into that old system that they won’t go down without a fight. Glenn and Kevin also discuss Trump’s negotiations with Mexico and Canada, whether former UK Prime Minister Liz Truss was right to call Britain a “failed state,” and why Kevin believes Trump’s cabinet, JD Vance, and one other thing are Trump’s biggest wins.

Tim Kennedy Unveils Grim Truth: World Instability and Christian Killings Surge

Former U.S. Army Special Forces Sniper Tim Kennedy joins Glenn to warn that “real instability” is coming across many parts of the world, including the Middle East, Haiti, Congo, and other parts of Africa. And one of the main signs of this is “the killing of Christians” at high levels in those regions. With a civil war brewing in Afghanistan, “genocide” level attacks in regions of Africa, and more trouble on the horizon, predictive models have found that things could very likely boil over soon. But Kennedy details how the Trump administration, especially Tulsi Gabbard, Kash Patel, and Pam Bondi, are working overtime to “get ahead of what we know is coming” and keep Americans safe.

Transcript

Below is a rush transcript that may contain errors

GLENN: We're talking to Tim Kennedy. Talking to the president about the border, and what's going on with the border this week. And I said, you know, if I were, you know, a Mexican citizen. And knowing that my government was in bed with the cartels. I would be hoping that some special forces just showed up in the middle of the night. And started killing people. In these cartels. And I said, well, that would be news breaking if I said that was a good idea.

You know, I hope it doesn't come to that. It was clear, that that is on the table. I mean, that really has to happen. Does it not?

I mean, that is a collapsed narco state in Mexico. Isn't it?

MATT: Yeah, we -- the rules of war that we'll be experiencing for the next five to ten years are not the traditional maneuver warfare that people remember from Korea and from Vietnam, and from even -- you know, we know who our enemy is. These are going to be businesses.

These are syndicated criminal organizations, that do not fight fair, and the cartel owns both the businesses, the corporations, and the criminal networks that are involved in that.

So, yes. It's absolutely on the table. And a group of people that are sitting on like the go button, are absolute savages, Mr. Beck.

GLENN: They are. I know some of them. I know some of them.

And they're just like -- and they're just -- they're just champing at the bit to go, I know. I know.

TIM: That's the truth.

We're in conversation with the cartels right now. And the cartels are saying, hey, we don't want to die. We don't want to be wiped off the face of the planet, which we know is not going to happen. So, you know, are there other options. Hey, what if we stopped human trafficking?

What if we stopped fentanyl production entirely?

What if -- what if all of that just goes away. What if we stop and seal the border on the south side. What are you -- will we maybe be allowed to transport some cocaine and some marijuana?

I'm totally fine with this. If we stop fentanyl. Human trafficking. Gun smuggling. And we stop the invasion of our border, I'll -- and we don't have to do a while bunch of killing.

You know, whatever.

But they know they're on the brink of --

GLENN: I hope they do.

TIM: Of existence.

GLENN: I hope they do.

You know, when you look at what's happening here.

And what they're bringing over here.

I mean, it has to stop, dead in its tracks.

It has to stop.

And it has to stop soon. The president is dealing with these courts. Which I just think is judicial insurrection as Mike Lee puts it. And it has to stop.

The president has to protect our borders, and has to protect our cities. This is -- you know, this is the opium wars, done to China by the English.

You know, 200 years ago. 150 years ago. And now they're doing it to us.

That's what -- that's what is happening.

TIM: Yeah.

GLENN: Tell me about the Christians and genocide, that you believe is on the horizon.

TIM: Just yesterday.

Back at the White House yesterday.

Listening to some brief about -- there's some brilliant companies that are able to do predictive modeling.

Using literally every public and classified source of information.

And there's these events that are pretty predictable.

You know, they predicted what would happen in Afghanistan. Predicted what would happen in Ukraine.

They see regionally that on the very near horizon, as soon as like late summer.

We are going to see real instability throughout CENTCOM and the Endo-Pacific region.
And some of those things -- some of the catalysts that are -- the data points are what are the killing of Christians.

And it's happening all over CENTCOM.

And --

GLENN: Explain CENTCOM. Explain CENTCOM for anybody who doesn't what CENTCOM means. Explain that.

TIM: Just imagine the Middle East starting kind of in north Africa.

And western Asia. And everything that has lots of deserts. And lots of Muslim countries -- just -- by coincidence, there's also Israel. That's in CENTCOM.

One of the few non-Muslim democracies, in that whole entire region.

Ask, you know, the Houthis and Hamas. And Hezbollah.

And then in former countries, like in Syria and Iraq, Afghanistan, those places, it's just a massacre of Christians, right now.

GLENN: So let me take a one-minute break.

Come back, because I want to talk to you more about that. Because you've been involved. We've been with you with Mercury One, and trying to help. And I know what we're gearing up for.

And I want to see if there's anything that you need and you would recommend, besides told prayers for Christians.

And I want to go deeper into what this predictive model is showing in just a second.

First, let me tell you about Preborn.

You know, if you were in the room with a woman who was thinking about giving up her baby.

What would you say?

If a scared young woman looked you in the eye and said, I don't think I could do this.

I'm alone. I don't know if it's really a baby yet.

What would you do?

Would you yell at her? Would you say, you can't do that! You'll go to hell.

Or would you tell her, you're strong enough. You are. Show her pictures of your kids maybe. Talk about miracles?

Talk about God? Talk about anything?

Anything. We're here for you. Would you just wait.

None of us would show her pictures of an aborted baby. None of us would yell at her.

Okay? The truth is, we'll never be in that room. Most of us. But Preborn will not be in that room. They don't argue or shame.

They do something really simple. It turns out, it's very persuasive. Just offer her a free ultrasound. And when she hears that tiny heartbeat. When she sees the image on the screen, everything changes. More than half the time the mom chooses life, the rest of the time, she's like, I -- I just -- I'm alone. I can't afford.

And that's where they come in, after that. They take care of mom. This saves two lives. This saves the life of torture for that woman, and the baby's life.

Please, donate your best gift today.

Go to #250. Say the key word baby for Preborn. It's #250. Key word baby. You know, just a few bucks pays for an ultrasound, and it just changes lives. Saves lives. Preborn.com/Beck. Sponsored by he Preborn. Preborn.com/Beck. Ten-second station ID.
(music)

GLENN: So, Tim, maybe we'll have you on -- we're doing a big benefit for the Nazarene Fund.

This fall.

I don't even have details on it. I just heard about it yesterday.

What that is, we go and rescue Christians. Or we pay and help people like you, go rescue Christians.

We just empower people like you, to help.

I would love to invite to that. When we get closer, I will.

Tell me about this predictive model. Why is it saying that it's going to get so bad? What's coming our way?

TIM: Yeah.

The Nazarene Fund, and Mercury One, just for -- love you guys.

I don't -- you know, we publicly can't say a lot of the things that we do at save our allies.

But none of it is possible without you, quite frankly.

Like if you look at me, and our team in Afghanistan. Or in Ukraine. Providing humanitarian aid. And pulling people out of the war zones.

Although to the Far East, as far as I possibly can get in far Russia.

Every place that we have been, has been because of you, quite frankly. Mr. Beck.

GLENN: Please. Stop calling me Mr. Beck.

Give credit. This audience is so gracious. They are so gracious.

TIM: Yeah. They just have an understanding.

Samaritan purse. Mercury One. Nazarene Fund.

We see you guys every single place, in the worst, most dire condition. So, you know, Glenn, thank you so much.

To your question, you know, we are -- if you just look in the past month, you know, you can look to Syria. You can look to the -- next to our bill.

You can look to the Congo.

Where you see thousands of Christians being killed.

You see Muslim converts, that were being specifically targeted. Down in Congo just last week.
Another 29 Christians were killed. In 2025, in like the region in Syria. There was like this region of violence. Another thousand were killed.

And so if you take -- if we're going to look for similar areas in the region, and try to predict the instability of a particular administration or government.

There's a whole bunch of -- and we can take historical data from the past 50 years. And start looking at, okay.

Economically, what is happening for instability?

What is happening culturally?

What is happening on -- in the markets?

What's happening in like -- really clear data points. And we have this bell curve of what's normal. And then you have these outliers that are -- that then keep occurring, every time there's a coup. Or every time there's genocide.

Or every time -- and there's enough data now, where we -- especially with AI. And we can scrape all of history.

We can then very accurately start, you know -- all the special operations side. I'm trying to find somebody in space and time.

It's -- that's -- used to be a difficult thing, to predict where a human is going to be.

So I could maybe bring them to justice, and if we look at the first 95 days of the president in office, and our intelligence community specifically, that told them they're going to work. With, you know, Kash Patel, enabling them. Pam Bondi.
45 Americans that have been illegally detained abroad brought home.

You know, we're knocking on the door of 100 radical terrorists, want to do harm to Americans. Dead.

And we are trying to get ahead of what we know is coming. Which is, complete near Civil War in Afghanistan.

Trying to get stability in Congo -- obviously, we see what's happening in Haiti.

And every time one of these places starts becoming less secure and stable, that is the breeding ground for radical adversarial groups, that are funded by our adversaries, like and mine Iran.

To then conduct attacks on Americans.

But they're not doing it direct.

It's like via proxy.

But Haiti, if we don't pay attention to it, China will use it.

Congo will --

GLENN: Yeah, I know.

TIM: And it just keeps happening.

GLENN: Tim, I can't thank you enough for what you do. You're really a remarkable man. It was such an honor to see you at the White House.

And as usual, see you at the White House and you're serving. Serving veterans.

So thank you for everything, Tim.

God bless you.

TIM: Yeah, you're amazing. Always in your corner. Let me know what you need.

GLENN: You've got it. Thank you, Tim Kennedy. US Army Special Forces. He's a sniper. Former UFC fighter, and really a servant to our vets.

Next year, it's going to be a tough year. All the way around us the world.

It's going to be very tough. What he's saying, is coming.

I -- you know, people say, I think Donald Trump will say for a reason, to save the republic. I'm not sure, that we understand God's mind.

It may have just been to postpone and give us more time to prepare. I'm not sure.

I hope we save the republic. But it might be time to prepare. Because things are very, very dicey in the world, and we just need to be prayerful.

Thoughtful. Jesus-like people.