RADIOMarch 21, 2023

War & civil unrest: What could happen if the BANKS COLLAPSE

Glenn doesn’t believe America’s recent banking crisis is the big one he’s been warning about…but that one still may be just around the corner. And the numbers he shares in this clip at least show that the big banks aren’t looking good. So, what’s next? In this clip, Glenn details several scenarios — like war and massive, civil unrest — that could occur if and when the banks collapse. He explains why bank failures could lead to a central bank digital coin and also why you MUST not panic: ‘Panic makes this whole thing happen…

Transcript

Below is a rush transcript that may contain errors

GLENN: If you're a long-time listener of this program, you know I'm always concerned with the financial crisis. It stems back to 2008, which I thought at the time, back in 2006 and '7, I was telling you, this is a big one. Could cause depression. What I didn't foresee, was that the federal government, what was it that George Bush said? Violate the free market system to save the free market system. Instead, we did not save the free market system. What we did was make the problem bigger. At the time, in 2008, our banks were too big. Too big to fail. We have to break these big banks up.

Well, nobody did that in 2008. In fact, the opposite happened. They got bigger. And now well, what's happening?

They're bailing the bigger banks out. Making the big banks bigger. Credit Suisse just rolled into a big bank. This is what will happen. We will end up with four banks. And then we will end up with the fed.

And by violating the free market, everything went off the rails. Last week, banks borrowed a combined $164.8 billion, from two Federal Reserve backstop facilities.

And so you know, data published by the fed showed 152.85 billion in borrowing from the discount window.

Then, they did a record high from 4.85 billion, the previous week. So they went from 5 billion to 152 billion, in a week.

The prior all-time high was in 2008. And that's when the banks got together, and they borrowed $111 million. That was at the height of the financial crisis.

Remember, we're not in a financial crisis. We had a little bump in the road. Everything is fine. They borrowed 152 million.

So what? 41 billion more, than they did in 2008.

STU: To be fair, with inflation, that number is 94 trillion today.

GLENN: The data also showed, 11.9 billion in borrowing from the new emergency backstop known as the bank term funding program, which was launched last week.

Other credit extensions totaled 142.8 billion dollars.

So you got all that. You got all that happening, in the background of everybody telling you, that it is fine.

I want you to know, if you're a long-time listener, you know that I freak out about these things.

I said last week, I don't think this is it. But it will look a lot like this, when it does come.

And I want to spend just a couple of minutes here, talking to you about what is coming eventually.

I -- I could be wrong, this could be it.

I don't think it is. But I am growing more cautious by seeing what's happening behind the scenes.

Lots of planes. Lots of planes flew in to see Warren Buffett over the weekend, after Warren Buffett had a phone call with Joe Biden about the banking system, all these people, we don't know who they are, we think they went and met with Warren Buffett. We don't know. But what I do know, is in 2008, we were trying to stop a depression. Remember? They said, the entire banking system was about to collapse. And it would have put us in a depression. There's $23 trillion in the US banking system today. And everything is interconnected.

The contagion, meaning one bank falls, and then it's dominoes. It goes across the water. And it will collapse everything, unless you're disconnected.

Hello, Russia. Unless you're disconnected from that banking system. The banks were saved in 2008.

But just that crisis, with them being saved, we had unemployment at nearly 11 percent.

We are now looking at a bigger problem, if it fails.

We're looking first at our big local and regional banks.

The government will have to bail them out. By the way, do not take your money out of those banks.

You will be FDIC-insured. If you're a business, check with the bank. But don't take your money out because that will collapse the system.

They provide 60 percent of all of our commercial loans.

If the small banks collapse, 60 percent of all of our loans, and our businesses collapse.

Be very, very bad.

We are not looking at a depression situation. We are looking at a complete collapse of the West if this happens. You'll have social unrest. But I think you're already. I mean, the government is assuming this up already.

It will happen not only here. But all over the western world.

That will cause a further breakdown of supply chains. If you lose 60 percent of your business funding, for your businesses and your country, what does that mean?

It means, you will have lots of people, without jobs, they're not making things.

Which then what happens?

You have the supply chain, you first need to worry about medicine and food.

Because that will be of a real concern. But if businesses lose their Capitol. They lose their ability to produce products and services. They lose their ability to employ. People lose their jobs.

That would make for worse inflation. Maybe hyperinflation. Because the federal government will bail everybody out. And all of that money. Will be circulating. And fewer goods, if the global economy were to collapse. Fewer goods would be coming in. So the price of those goods would go to hyperinflation. The issue is that the middle class. The working class. The poorer class. They're the ones who will bear the brunt of most of this.

Last time, around from 2007 to 2011, 5.7 million people, had their houses foreclosed, or short sale.

We are looking at a possible and it -- I really, truly believe this will happen before 2025, so you need to mentally prepare. This is a completely different world, if this happens.

And if it happens, it will happen quickly. We are headed towards a currency reset.

If it's a -- if it is a cryptocurrency, if it is a central bank digital coin. CBDC, we're going to get bargaining.

And here's what's going to happen. The government will step in, this is too big for anybody else to handle. We'll handle it with the fed. We're resetting the currency.

It's going to be a digital dollar. You will be in the fed.

Every American has an account now with the fed.

We will give you more than what your dollar is worth right now. For the first, I don't know, eight weeks.

Your dollar will be worth a dollar 25. So get your digital currency now.

And in six weeks, it will be worth a buck. And six weeks after that, it will worth 75 cents. Eventually, it will be worth nothing. And it will force everybody into a digital currency. Which will ultimately control absolutely everything you do, and a lower standard of life.

But a lot of people will be happy. Because there's some enormous. It also would mean that most likely, a war. All of these things are -- are beyond possible right now.

The financial and the reset to a digital currency is not just possible. It is probable.

The war. I don't know. What would you say, Stu? Probable? Or just still possible?

STU: Probable?

GLENN: Yeah, I think so too.

Probable. So you have to get yourself in a different mindset. Please.

I told my wife. And I'll tell you, because I want to tell you, what I would tell my own family.

We have to go shopping tonight. You know, we have our emergency food. But if this happens, you'll have a breakdown worse than COVID.

You won't be getting the money. The money will start to inflate quickly. Prices will spiral out of control.

And when you have -- especially in some areas, when you have a breakdown of trucking. Or supply chains. You will have a hard time getting things.

So I would just recommend, do not hoard, but grab some extra things, and have them ready.

This may not be the time. But I like to sleep at night.

Take care of your family, and do the right things. Do not panic.

Panic makes this whole thing happen. So do not panic.

How Corrupt Democrats & Media COLLUDE to Lie | Former AG Bill Barr

Why have the American people lost so much trust in the country's major institutions? Former Attorney General Bill Barr joins Glenn Beck to explain how the Democrats' "totalitarian state of mind" has created a corrupt spiral in which power rules over truth and reality in far too many realms. Barr also discusses the Russiagate Hoax and how it ties in to the Democrats and Liberal Media's willingness to lie to create false narratives.

Watch Glenn Beck's FULL Interview with Former Attorney General Bill Barr HERE

This new bill should TERRIFY anyone with kids in California

Calvary Chapel Chino Hills founding and senior Pastor Jack Hibbs is sounding the alarms. Do you have children in the state of California? If you do, this is your warning: if California passes AB 495, you need to move out IMMEDIATELY. Pastor Hibbs joined Glenn to discuss the controversial bill, which Hibbs argues might be the "worst, most dangerous legislation that has ever come out of California." Hibbs breaks down what the bill says, or more importantly, what the bill DOESN'T say, and how the bills vagueness could be twisted in a way that can cause serious harm to your children. If you've been looking for a sign to move your family out of California, this may be it.

Transcript

Below is a rush transcript that may contain errors

GLENN: Anyway, Jack Hibbs is with us. He's from Calgary Chapel, Chino Hills. He's the founding senior pastor. Author of Call to Take a Bold Stand.

And he's been doing that for a while now. He's really been doing that. The book comes out next -- next month, September 16th.

Welcome to the program, Jack, how are you?

JACK: Glenn, thank you.

And thanks for the plug regarding the book. I just didn't have any idea that Gavin Newsom would help me get this book to the front of the line with all the antics in Sacramento.

GLENN: I know. It is. It is crazy. You have been -- you know, we were just talking to Chip Roy, who is now running for Texas Attorney General. He was in Congress during COVID, and the guy was a pit bull.

And Stu and I were saying, you know, imagine if he would have been governor.

When -- when this was going on, you know, in California with COVID, you were probably the -- one of the major people standing, that really made a difference. I mean, that -- that power didn't scare you at all.

JACK: Yeah, no. Listen. I mean, we had to stand, Glenn.

And you know this. Jesus said, I set before you an open door that no man can shut. He spoke that to the churches in the Book of Revelation. And, frankly, I have no authority to shut the doors.
It's his church, and so we kept -- we kept preaching. We kept teaching. And lo and behold, for well over two years, we were the -- the most populated church for a two-year period of time.

Glenn, we were seeing anywhere from 13 to 15,000 adults on a Sunday morning because people didn't have churches open. So they came to our church. And we were grateful to teach them.

GLENN: All right.

You're on today. Because you said something yesterday, that I found astounding.

It's about something called AB495. I will have to have you explain it here in a second.

But you went online. And you said, if this passes and he signs it in, you, as a Californian -- you have to take your kids and move out of the state.
That's quite a statement.

JACK: Yeah. Listen. It made me sick to say it. It's 100 percent true.

It's the last thing a pastor wants to say to his congregation.

It's that bad. As I explained in a moment to you, it's that bad.

And it's not my opinion. I've been counseled by legal on how bad it is.

And so when I said to the congregation.

Yeah. If you have a kid in school, you have to get out.

If Newsom does not veto this bill, you have to go to your kid out of California for their own safety. It's that bad.

GLENN: Okay. So the -- the left, the media is saying, now, he's making all this up.

Explain what's in the bill.

And let me play pushback on a couple of places.

CHIP: Yeah. Absolutely.

So the assembly bill, 495.

And here's the deal. It's known as the compassion bill. It's a bill that Rodriguez and the entire Democrat legislature of California crafted, and now these are my words. These words are my own, Beck. The next words.

It's a bill designed to stop the bad orange man, because it's all about ICE and its operations in California. And here it is: If an illegal alien is -- is abducted by ICE, and their child is in -- in a state school, or a private school.

Or even a -- a day care center, then this bill would allow an individual -- listen, any individual can go to the website, print out the affidavit from their home. They're going to be asked a question: Did you attempt to reach the parents or the custodians or guardians of this child?

Yes or no. Whatever they checked, then they sign their name.

They write their name. No address is required.

There's no driver's license required. There is no Social Security number required. There's no -- there's no phone number required. The person checks the box. Signs the name. And then writes downtown child's name that they are withdrawing from the school. For the child's own safety, under the whole ruse that their parents or parent was captured by ICE.

Here's the crazy thing, Beck. Glenn.

Is that in California, the -- the California education code. We already have this.

It's California's education code. 234.7: In the event of a child not being able to be picked up or taken in fear of a family member, being by accident, by death, whatever.

We already hit this block.

So the reasons we are freaking out about this law, and making it loud, is the fact that, who is that person that downloads and prints out that affidavit?

It can be anybody. The bill literally states, they don't have to be a relation. It can be anyone who is possessing this affidavit, that is downloadable and printable at your own home.

So theoretically, Glenn, somebody could be down the street from your grandkids or your grandchildren. And they can see you go to work at a certain time of day. They know your kid goes to a certain school.

They can go to that school with that affidavit. Extract your child out.

Here's the punch line.

Because it's an affidavit, the school cannot refuse the requester of that child.

When you, Glenn, go back to pick up your child at the end of the day. The school is under no obligation to tell you, who it was. Or where they went.

And that's why we've got -- and I'm not going to name the names yet. But we've got great legal minds. That are nationally recognized, that have reviewed this bill.

And, Glenn, they said this is so important.

In almost everything we do, the devil is in the details. President fine print. They said, not this point.

This -- this bill is so vague, that it would be hard to defend a parent trying to get their child or find their child. Because it is so loosely and so broadly written. So vague. And, Glenn, we have been told that's the worst thing that you could have happen in California's government. Because our legal systems, the judges. You name it. It is a dangerous bill, Assembly Bill 495.

GLENN: How well do people in California know this bill?

JACK: Well, I've got to tell you, on Tuesday, we called an impromptu rally at the state Capitol, and we had 6500-plus people show up.

So the sergeant-of-arms told us, that it was the largest gathering regarding legislation concern in 30 years. So, yeah. Good question, Glenn.

I'm grateful to -- to agencies like NewsMax and Fox, and KFI radio here in Los Angeles.

Was CBS there? Was NBC there?

No. So it's grassroots.

When people are finding out about it. And reading about it. They're -- I mean, they are getting involved.

Here's the cool thing, Glenn: People showed up. They were respectful, but they were loud.

They were smiling. But they made their point.

We had a series of speakers. Attorneys and lawmakers. And bottom line is this: The bill has now been placed in suspension. Which means, they -- they pulled it from its progress.

They are going to reconsider the bill.

It doesn't mean they're stopping it. They're reconsidering the bill. They're going to review the bill. It can either die of suspension. It -- by August 29th, it will either die in suspension, or they will advance it to the Senate.

And then the Senate will rubber stamp it.
Because they're all Democrats. I'm sorry if I'm offending any of your listeners right now: California is a Democrat stronghold.

They have a super majority. They don't even put things to our vote anymore. It's no longer we, the people, in California.

They rubber stamp things through. They get it to Newsom. And here's what I'm concerned about.
I was indicted in suspension, Glenn, for this reason.
They're getting so much heat. We've had four Democrat senators tell us, this publicity -- that on Tuesday is killing us. Hey, that's good news. But I don't want it to go to Newsom's desk, because you know what that sly dog will do? He may veto it and then come out and say, see, how moderate I am?

I put this bill away, so vote for me in 2028. Glenn, we're going to make sure that the Democrats in California. And Newsom at the front of the line wears the scarlet letter of AB-495.

GLENN: What are your plans now, the next two weeks?

JACK: Next two weeks, we have people praying. We have a website called realimpact.us. Please, everybody go to it. You can get your marching orders there. Realimpact.us.

It will show you the progress of the bill.
It's going to show you who to call. What state senator is your state senator. Give them a call. Tell them. Oppose it. Kill it. We are -- Glenn, we gave people, that day, after the public speakers. We then immediately held a 30-minute class at the -- at the State Capitol steps.

This is where you go to your legislator. This is how you lobby them. And let's go!

And hundreds and hundreds of people went to their state legislator on Tuesday and demanded, that their senator and their assembly person speak up against the bill. It was absolutely epic.

Again, the largest crowd in 30 years at the California State Capitol.
(music)

GLENN: Well, Jack, thank you for everything that you're doing. I -- I can't imagine what it's like to live in California, where it seems like every day, they're doing something else to injure the people and the families of California.

That's why I live in Texas. That's why I'm moving to Florida. I would live in either one of those states. But, man, I could never live in California. And I've always wanted to live in California. It was a beautiful, beautiful state.
Now, it's an insane asylum.

MARCUS: Yeah. Glenn, it is. Just flying up there. You know the state well.

Flying up there. So we left John Wayne Airport, absolutely gorgeous. We flew up the Central Alley, incredible crop fields growing, beautiful. I could see Half Dome to my right. We could see the fog along the California coastline to the left.

Come into Sacramento. Again, everything is beautiful. Growing fantastic. Until you get close enough to the ground, to see the devastation, that Newsom has allowed to happen to our cities, to our towns.

And even though we're still growing crops in California, that is in spite of his wickedness to cut off water to our growers.

To make life here as miserable as possible.

And this guy wants to run for president?

People need to wake up, Glenn, nationally.

And rally with us.

Because if you don't like California, people.

You need to help us. Because Newsom is coming for America.

And he's in the worst possible -- Glenn, I'm concerned.

Because he's tall, dark, and handsome, so to speak. He's got the hair. He's got the voice.

He looks like Batman. He's cool looking. Until you listen to his policies. The guy is diabolical, and we must stop this advancement of wickedness.

GLENN: I will tell you, I don't think the rest of America is falling for it. But then again -- then again, I didn't think that you could have a socialist and Islamist run and win in New York.

So what do I know?

Jack, thank you so much. Everything that you do.

You can go to JackHibbs.com. What is the -- what is the other website you just gave me?

JACK: Yeah. Real impact.

Like real. Reality. Real impact, like a punch. Impact. Realimpact.us.

GLENN: Thank you very much, Jack.

Bed Bath & Beyond Boss CALLS OUT Gavin Newsom for WRECKING business

Bed, Bath, & Beyond Executive Chairman Marcus Lemonis sparked a firestorm in Gavin Newsom's Press Office yesterday when he announced that Bed Bath & Beyond, which is coming back from bankruptcy, would NOT be opening locations in the state of California due to the high costs of doing business in the state. Gavin Newsom launched an attack on Lemonis, but he joined Glenn to share that he's not backing down, and many CEO's in the industry may be on Bed, Bath & Beyond's side here...

Transcript

Below is a rush transcript that may contain errors

GLENN: Marcus Lemonis is joining us next, the chairman of Bed, Bath & Beyond. Let me tell you about Tunnel2Towers. Imagine being told that your husband or your wife, the love of your life is not coming home tonight. Or ever again.

That they gave their last full measure of devotion as a first responder or a soldier or police officer in the line of defense. You don't just lose your partner. You could lose the roof over your head now. Your kids, not just losing their family or their father or their mother. But also, the house they grew up in.

Lose the future, the security of your family, you know, needs.

You're having to worry now about grieving while worrying about, what is going to pay the bills next month?

Not on our watch!

That is the movement of Tunnel2Towers. Tunnel2Towers is a fantastic charity. It's a national promise, that the cost of freedom and safety will never be carried by these families alone. They pay off the mortgage. They take care of these families. And he this never forget the sacrifices of our country's grates heroes. Donate, while the rest of the world is saying, you know. Cops and soldiers, and everything else. Screw off.

They're asking to you donate $11 a month, to care for these heroes. T2T.org. That's T2T.org.
(OUT AT 8:29 AM)

GLENN: Marcus Lemonis. He's the executive chairman of Bed, Bath & Beyond, and he's currently in a -- some sort of a fight, if you will. I don't think he's fighting it. I think he's reacting like a gentleman and a businessman, with his responses to Governor Newsom, but he's in this argument with Governor Newsom. Because he said, yesterday, Bed, Bath & Beyond just cannot do business in California anymore. It's just too expensive. It's just too overregulated. It no longer makes sense for Bed, Bath & Beyond.

Welcome to the program, Marcus.

MARCUS: Good morning, how are you?

GLENN: I'm very good. I'm very good. I just want to point out before we go. Because I think this is important to say.

Because you started yesterday saying, this is not about politics. And I just want to point out, that you're not a Trump supporter. You know, in 2017, you came out. And I'm not going to go through it because you went back and forth and corrected and everything else.

But, you know, you criticized what Donald Trump said in Charlottesville, when it was thought that he had said, you know, hey, and the Nazis are pretty good too.

Which we all know because the full audio and video is out. And we can show that's not what he was talking about at all.

But you came out, as did a whole buttload of other CEOs.

And said, you know, if that's what you believe. Then, you know, please.

We tonight necessarily want you shopping here.

So it's not that you are doing this because you're a big Trump supporter. I -- when I saw your name attached to this. I thought, no, no, no. This is about business.

Because he's not on either side on this.

MARCUS: Yeah. I'm not on either side --

GLENN: Is that accurate?

MARCUS: Yeah. It's kind of accurate from a historical standpoint. It's not accurate from a modern standpoint.

I think as time has gone and the facts have been revealed, and things have played out and moves have been made by this administration. That I think advanced business. And advanced the American, you know, citizen. In a way that I think, it puts us back on track.

I would say that I feel very differently today, than I used to. And that's really not an emotional reaction. That's an intelligent reaction, and just looking at what the administration is doing to try to deregulate business.

Not to the advantage of -- of a worker. And not to the disadvantage of anybody. But to the training of capitalism in our country.

And to the advantage of investing in American business. And, you know, just as a reminder, Glenn. You and I met a long, long time ago when I had the profit at CNBC. That, you know, can't be -- and I've been through hell and back, trying to defend the flag from the same kind of ideology that I'm seeing out of California.

Which is, your flags are too big. They're not approved. And everybody does a little research. They'll see, that cities have sued me.

Cities have threatened to take me to jail. And the flag still hasn't been taken down. What you'll find with me is I'm trying to be really pragmatic. I also happen to be a resident of Chicago. And if anybody wants a preview to the movie of what's going to happen in New York City, come to my apartment on Michigan Avenue. And I'll give you a preview of what's happened and how socialism is just crushing not only my personal property, but other businesses around.

So I would say, as one gets smarter, one gets older. One learns more. One listens. But, you know, you evolve as a human. And I want to make sure that we're clear about that.

GLENN: I have to tell you, I -- it doesn't change my point of view that this is about business.

But I'm so glad that you cleared that up. Because, you know, that's all people should be striving for. Is when there are new facts available, you will actually say, oh, wait a minute.

I didn't see that.

I didn't know that.

MARCUS: I was wrong. I was wrong.

GLENN: And that's so rare.

So thank you for that.

MARCUS: Yeah. Yeah.

GLENN: So, you know, let me give you -- let me give you another slam from the left, or from, you know, the people on Twitter.

And even Gavin Newsom.

Oh, you were out of business. And this is just a business move to get your name out there. That's the only reason why you're taking California on.

MARCUS: Yeah. Well, let's talk about that. Number one, you know, I took over, a company called Overstock about a year and a half ago. And Overstock was a business that had been out there a long time, and they bought the intellectual property in the fall of '23 from the bankrupted state of Bed, Bath & Beyond.

And the reason that I took it over, is because the company had lost its way, was losing a lot of money. And I recommended to the shareholders, that we would get back to profitability. And as part of that, Bed, Bath & Beyond is a significant underpinning of that. And so I needed to remind both Governor Newsom and other folks, who, you know, were celebrating the fact that Bed, Bath & Beyond had gone out of business, were celebrating that Bed, Bath & Beyond had filed bankruptcy. And it's true. It's a fact. As I told Hannity last night, it happened.

The reality of it is that American is built on the modern day comeback, and we've invested hundreds of millions of dollars in Bed Bath. We run a billion-dollar online business. We bought a business called Kirklands, that is out of Jackson, Tennessee.

A family business, and we're using those 300 stores to convert. Fourteen of them are in California.

I was disappointed to see Governor Newsom, in my opinion, just the kind of level of professionalism. Instead of saying, you know what, I don't agree with your points.

And I think you're doing this for the wrong reasons, or whatever he wanted to say. However, comma, I would love to figure out how you and a bunch of other business leaders can tell me, as the governor of the fourth largest economy in the world, as he likes to remind us every single day, how to make it the third largest economy. And what I could do, what -- what things are out there, that I'm willing to comprise under, that I'm willing to help understand, that will drive investment back into my state. That will drive capital back into my state.

That will fill commercial real estate, back into my state, to appreciate commercial properties. Residential properties and be to drive value.

Because as the governor of the state. My job is to protect my people.

I get it. Fine.

But also to create positive cash flow for my state.

Which means I generate more than I spend.

But I don't want to do it on the backs of creating another nonsensical tax.

I didn't get that.

And that's really what has made me convinced, that Governor Newsom is not doing things for the benefit of California. He's doing things because he thinks that his so-called base is going to rally around his nonsense.

GLENN: So can you -- have you heard from other CEOs? In the last 24 hours?

Have you heard from anybody else in California.

You don't have to name names. Say the same thing?

MARCUS: Yeah. I won't. I've heard from very, very significant tech leaders in the state of California.

Asking if there's a way for them to set up with a meeting with Governor Newsom and myself.

Of course the answer is yes.

But they all acknowledge the silliness behind appointing capitalism and rejecting capitalism. And essentially, it's this dirty word.

And everybody who wants to make money or experience success is a bad person.

And that seems to be the theme that's coming out of the governor's office. Particularly with his -- I guess it's his intern-run pressroom Twitter account. Or whatever it's called these days.

GLENN: So this is not a final decision with you.

He could do something to change your mind?

MARCUS: I think if Governor Newsom was -- was really thinking about the political run and running a state that he believes -- is a super state in the country.

He would invite myself.

Maybe not me.

Maybe I'm not qualified to be in a room with him.

But other CEOs to say. Hey. I'm hearing this.

And I want to learn. I want to change.

Much like I said to you at the beginning of the conversation. What facts too I not have?

And how can you convince me, how I can do better? How I could learn more. That's the sign of a good leader. That's a leader I want to follow.

And that's I think, even, if you take a look at our current president's -- I think he's got a different tone in the second term than his second term.

And I couldn't be convinced otherwise. It feels far more collaborative. And that's what I'm looking for.

GLENN: Yeah. The -- let me play the opposite side here for a second. And to say what Trump is doing. I -- I see the regulation.

I see what's -- what -- he's doing to business. And thank God, it's a -- I can finally breathe again, as a businessman.

However, if I'm in your business. I would assume, you get a lot of material. A lot of -- a lot of your products from China. How -- how are the tariffs affecting you?

MARCUS: Oh, we've diversified our products. And the one thing that when I came in made it a bit of a mandate. And it's a balance between providing value to our shareholders and doing what I think is right.

You know, I come from the RV world, where we make everything in Indiana. We have employ tens of thousands of people, that make products in this country.

But there are parts and pieces that come from overseas. And the reality of it is, that until manufacturing in the US is -- is set up and can handle the capacity, in the short-term, there is an alternative sourcing.

And that applies to furniture and lighting.

And certainly tech styles coming from around the world.

And the tariffs aren't great. And I don't think Trump would even try to defend they're great.

It's a rebalancing act. Here's the thing I mentioned, big money the other day. If you're really thinking about the triangulation of how Trump is approaching, rebalancing everything.

Whether it's using energy as the leverage to bring Ukraine and -- and Russia to the table.

Or using tariffs to bring other world leaders to the table.

It's all really -- being done, in my opinion, to recalibrate America's position, both politically, and financially, in a way that -- that may change our dominance.

GLENN: It is. You know, I think that is -- I think you were spot-on. And you were seeing that with the way he handled Ukraine.

You know, he went in tough with the tariffs over in Europe.

And with NATO. He was tough with them.

And then he then said, you want to support Ukraine?

You can buy the stuff from us.

But you have to do it. But we'll provide it to you.

And now look at all the world leaders are at the table.

America is leading again. Just not spending all the money and doing all the work.

We are in the actual leadership position, which is remarkable. And I think he's doing that in every -- in every category.

MARCUS: Yes. And I think -- I think the one thing that this administration can knowledge is that the national debt is at a level that nobody believes it should be at. And the deficit is at a level that nobody believes it should be at. And it's a very complicated, but not overall complicated math equation. We have a certain amount of money leaving.

And we have not enough money coming in.

And the way you rejigger that is to find the balance.

And nobody I know, including myself. Will argue that the tariff execution in the last six months has been perfect.

I don't even think this administration would argue it's been perfect.

It's been herky-jerky on the market, Herky-jerky for business leaders. And at some point, we all pray that it finds its footing, at some point.

And nobody should try to convince anybody, that the consumer isn't going to be slightly pissed.

But the balancing act of being slightly fixed on the tariff's side, is what sort of relief could happen on the variable interest rate side. And that's why you see this other piece being triangulated around.

Where is the monetary policy? And how can that be modified to provide the relief to offset?

GLENN: Let me ask you: Are you as a pretty influential business leader.

Are you -- what's your outlook look like for the first half of next year. People are kind of holding back. Holding their breath. Not sure what to do.

Are we headed towards better times?

Or same kind of times. Or worse times, do you think?

MARCUS: I think we're headed towards unfortunately, probably, a little bit more of the same, of what may be extracted from that is a little bit of the volatility.

The consumer does have, you know, a significant amount of debt.

And they do have a significant amount of pressure because of the interest rates. The balance on the interest rates are, you can't just rip them down by two points tomorrow. That's going to create chaos.

You have to stair step it down. And like in retail or any other business, you test, then you measure, then you test, and you measure.

And I think what Trump has been saying and what Bessent has been saying, is we just got to get some relief for consumers. One point, Glenn, that I want to make. And inflation during the COVID period was a function of too much money in the system.

Too much free money in the system, and demand outpacing supply. In this particular instance, we don't have a demand outpacing supply problem. We have a reset of the cost of goods problem. And it's a different type of inflation.

And some people have said to me, that's the stupidest thing I've ever heard.

There's only one type of inflation.

And the truth is, that's not right. Inflation driven by demand, outpacing supply, is a runaway train.

Inflation, because you're resetting and recalibrating prices. When supply and demand are irrelevantly tight in nature, is an adjustment period.

It's transitory.

And you have to really look at the difference between the two. And I think the fed needs to understand the difference between two of those.

Again, that's why business leaders should be far more involved.

GLENN: Marcus, it's great to talk to you again.

And I have to tell you, I think that's the first time anybody said, this inflation is transitory, that I have agreed with.

Really great analysis on that.

Thank you so much. Marcus Lemonis from Bed, Bath & Beyond.

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