RADIOAugust 05, 2024

WARNING As Global Stock Markets Drop FAST

U.S. stock markets took a plunge Monday morning after a bad day on Friday. The Dow plummeted hundreds of points, Warren Buffett is selling stocks like crazy, and Japan's stock market recently had its worst day since 1987's Black Monday. So, are these signs of a coming recession? Financial expert Carol Roth joins Glenn to explain what's going on: Why are the stock markets crashing? What does Warren Buffett know that we don't? Are tech stocks like Apple and NVIDIA just going through a correction phase? Is the Federal Reserve to blame? And what can average Americans do to prepare?

Transcript

Below is a rush transcript that may contain errors

GLENN: Friday, we had a bad jobs report. We're still not in a recession, indicators are showing that we are headed towards one.

But, you know, the indicators have been wrong before.

We are headed towards one. We are headed towards a depression at some point. I just don't know when.

And we're headed for a massive, global collapse. Again, I just don't know when.

Nobody does. That's why I ask you, please, be prepared.

And please take my -- look, I'm not an expert in anything.

Nothing. I'm -- I'm a former DJ, that is a recovering alcoholic, and I'm a self-educated man. So take everything that you -- that I say, with a grain of salt.

I want, I need you to do your own homework.

I hope -- honestly, this hasn't happened yesterday yet. I hope that you do your homework. And you think, wait a minute.

Glenn, you're missing this. And you show that I'm wrong. Because I want to be wrong. But it is coming.

And we are in the birth pangs of the future. We are giving birth right now, to the future.

A baby is coming out. And I don't think -- I don't think we're going to like it.

I think it's one of those babies that comes out like, hey. Mom and dad.

You know, and guarded by Rottweilers. But we're -- we're approaching something.

And our Dow is down almost 1200 points in futures. The reason why this is so important, is because it's not alone. Friday, bad jobs numbers. We were down 611 points.

That's a pretty big at all. This morning, before we even open up. We're down almost 1200 points.

You know, that's almost 2,000 points, in two days.

But in Japan, stocks were wiped out. This happened while you were asleep.

The Nikkei 225 is falling 12 and a half percent. That is the biggest single day decline since Black Monday's collapse of 19 -- what?

'89 or '87, I think it was.

Also, if you read any financial news over the weekend. You saw that Warren Buffett is selling like everything.

He is having the biggest fire sale he's ever had. He's never sold stocks, dumped stocks like he's dumping them right now. That's what happened to Apple a couple of weeks ago. He said, yeah. I don't really feel comfortable with Apple. I'm going to sell. But what we didn't know, until he had to file was, he's selling everything.

And holding on to just the crème de la crème.

What does Warren Buffet know, that we don't know?

Nothing. The difference between Warren Buffet and you and me, is he trusts his gut.

He trusts what he reads. And he doesn't wait, for other people, to verify. His team verifies. And he trusts his team.

I just -- the words of my grandfather keep ringing in my head. If we only knew what the rich people knew, before the Great Depression, we would have been fine. Well, what are the rich people doing?

Also, China found out this weekend, they are buying -- I think it was 50 tons of gold, more, than they said they did.

They said they stopped buying gold. Now some sleuths have gone out and looked. Because something wasn't right. And all this gold was being shipped over to China.

And they realized, my gosh, China is still buying. They're telling people they're not, to try to keep the price down.

So what are the rich people doing?

What are the people in the know doing?

The VIX, which is the volatility, something that is really important if you watch stocks. But it's just important for you to know. And this is just off the top of my head. In 2008, the VIX, the index of volatility. How volatility are things right now? Was at I think 47. In 2008.

In COVID, it was like 56. And it's currently on a scale of one to 100, 65.

So that is an alarm bell that people watch, and say, what kind of -- what's the weather forecast?

What's the VIX say? Are we headed towards really choppy seas?

Yeah. More according to the VIX. According to them, more than 2008 or COVID.

Intel just announced they're cutting 15,000 jobs or 15 percent of its workforce.

Now, let me go and witch topics, to England. What you're seeing in England, is a -- a looksy into the things that are to come here in America. What's been happening in England? Well, for a long time, this is why Brexit happened. And, by the way, I don't think you're going to hear this analysis with -- with other people.

So take it for what it's worth. But as I read it, Brexit happened in a way we can relate to. Brexit happened because people were tired of being told by bureaucrats that they never elected, what they had to do. How they were going to live their life. And those same bureaucrats said, you know what, it's not that cool to be British. I mean, you have a really bad past, Great Britain, and so I wouldn't be so -- I wouldn't be so proud.

In fact, don't fly your flag. You should fly the European flag.

Okay. People didn't like that.

They want to have their own control.

Then, on top of that, you had wild, unfettered immigration.

Do either of these sound familiar to you? So they had wild unfettered immigration.

At the same time, they built on top of a house of cards, where they said they were taking Islamic terrorism seriously. But then they opened the borders. And the police never took them seriously. It was never taken seriously.

You could chop a guy's head off, in the streets of England. And what would people say?

Well, your officials would say, we've got it under control. It was just a misunderstanding. It didn't have anything to do with anything.

There's nothing to see here. Go back to your homes. Nothing to worry about.

Kids were being kidnapped by Islamic rings. And they were being sexually abused. And the police denied it. Denied it. Continued it.

Then when it couldn't be denied anymore, they did a little bit, very little bit. But then everybody in the neighborhood that was standing up, they were deemed the bad guy. So this is the Bubba Effect.

Three girls in a dance class. Just cute, cute little girls in a dance class, 17-year-old kid comes in, and stabs the three girls.

Now, he has a Somalian name. So everybody just assumed he was an immigrant. He's not an immigrant. Bubba Effect. Bubba Effect.

Remember what that was? I told you that in 2000 -- I don't know -- 4, I was talking to Special Forces. And I said, what is the thing that you're most concerned about? And they said the Bubba Effect. What is that?

When the government has lost all of its credibility. And, for instance, they say, we're serious about terror.

And they're not. And people keep pointing it out. And the government doesn't respond.

And then something bad happens. And Bubba, not really knowing anything about world religions or whatever. Will walk into a convenience store. And he will shoot a Sikh because he's got a turban, and he doesn't know.

He'll shoot a Sikh. And it's you people.

And everybody will know, that's wrong. But when the federal government believes in, the people will stand up and say, hey. We'll deal with Bubba. We know he was wrong. But he was acting because you refused to act. You are the -- the problem.

That's what's happened here. They were wrong.

And then on top of that, you have inside and outside, nefarious forces.

You have people who are white skinhead Nazis. You have people who are Islamists. You have people who are just power hungry.

You have people who just want to see the world burn.

And they're all on social media. And what is the government doing?

The government is blaming everything on the right. And social media.

Which will only make things worse. Because the forgotten man, is not a neo-Nazi.

The forgotten man is just the guy who just loves his country. Has gone to work every day.

Seems to be forgotten. Seems to be left behind.

Nobody ever seems to talk about him.

Unless it's to blame him for something that he had nothing to do with.

And, of course, everybody's lining up. To quash, freedom of speech.

They don't have it, like we have it here in America.

They already have speech laws. They're now talking about shutting everybody up.

That won't make things better. It will make things worse.

A Civil War in Great Britain, in a few minutes we'll tell you exactly what is also happening, in Israel, with Iran. And how Russia is now helping Anna Ann enemy of the United States.

GLENN: For anybody old enough to remember, I believe Stu has become Johnnie Carson. He's never working. He seems to always be on vacation.

And always sitting in for him, is Mr. Pat Gray as usual. Hello, Pat.

PAT: I guess somebody cares about the show, right?

GLENN: Yeah. If it's just really you. Just you and me. You and me.

Thanks for coming in again. This is double duty for you. So how are you feeling?

You just finished your show.

PAT: Yeah. Yeah. Uh-huh. Oh, I feel great.

I think things are going perfectly. Don't you?

Yeah. Oh, yeah.

Nothing to worry about. Nothing to worry about.

GLENN: Yeah. I was in LA this weekend.

Unfortunately, this is my time in California. In I don't know how many years. Oh, man.

I don't like it. Anyway, I was in LA this weekend, doing some business.

And I didn't walk away, with a good feeling.

Now, it is California. But there are so many people that are just convinced that Kamala solves the problem.

They don't -- they won't even look at how radical she is.

PAT: Hmm.

GLENN: If she becomes our president, we are in deep, deep socialist trouble. You think the economy is bad now. This is like putting Chavez or Maduro in. She is as left as that. And everybody is -- at least in California, that I talked to, they're still just enamored with anybody, but Donald Trump. It's like, no, guys, voting for the enemy of the person and just blindly doing it is a very bad job. You must examine their record as well.

PAT: Uh-huh and people forget in 2019, she was the most liberal. The most progressive senator in the United States of America. Beyond Bernie Sanders. Beyond Elizabeth Warren.

She's the worst possible choice for president.

GLENN: Yep. Yep.

PAT: Worst possible.

GLENN: And the Democrats knew that.

PAT: Yeah. They did.

GLENN: I mean, that's why had to be voted for her. Nobody voted for her.

PAT: Right.

GLENN: And I'm growing more and more convinced this was a brilliant move by the Democrats, by the radical left in the Democratic Party. They got her to be vice president, because there's no way America would ever vote for her. So she could become the vice president. And at this point -- because Donald Trump is so unpopular, with the left, she's only a point and a point and a half behind him.

PAT: Yeah.

GLENN: That's insanity.

PAT: She's actually leading quite a few polls.

You know, despite her radicalism.

This is a person for abortion on demand.

GLENN: Because nobody is looking at it.

PAT: The border disaster that she's overseen.

She wants to ban fracking and offshore drilling.

She claims she didn't want to ban fracking, but she was all about it just four years ago. She wanted to ban the filibuster.

GLENN: She also wasn't just for the filibuster. But for the Supreme Court.

She's also for a guaranteed jobs program.

PAT: Right.

GLENN: That's the Soviet Union.

PAT: So bad.

GLENN: You can't get any more left than that.

It's really, really not good.

Nationalized health care. She wants the government to take it over.

Now, she said recently. But in 2020, when she was running, and this is who she is. This is what she believes.

PAT: Right.

GLENN: She's moderating because she has to now.

But this is what she believes. Government needs a wholesale takeover of medicine.

GLENN: Welcome to the Glenn Beck Program. I have to tell you, I really wish I could put you in my head space right now. It's almost like there's a hedge of protection, on my head space right now. Because it's -- the news that is coming you out is really, really dark, and we're getting closer to something.

And we're going to like it. The Dow is way down. Japan was almost wiped out. Twelve and a half percent.

They had to close the trading floor for a while in Japan. And that is happening in Europe, and now coming here, we had bad job numbers. Lots of layoffs. Intel laid off this morning, 15,000 jobs.

Looks like Chevron is moving to Texas from California. They just can't take California anymore.
And there's riots on the streets of the UK. And I want to get back to this story a little later in the program. But it is -- it's rage bait that is going on. And it -- people are now saying, Elon Musk said this weekend, that civil war is inevitable in the UK. But we also have some news.

Today, it looks like Iran is planning on attacking Israel. They announced this over the weekend.

Speculation was, that it would happen sometime today.

Remember, it's -- it's late in the afternoon.

In the Middle East now, on Monday.

And so, you know, usually if things happen, they happen by the time this show is over. It's usually started.

So we're watching that closely. Jason Buttrill is with us.

He is our chief researcher.

Also, head of watching over all global affairs.

On the program. When it comes to war. He is a former military intelligence.

And is here, to tell us, exactly what we're expecting.

Let's start with Iran, Jason.

JASON: Hey, Glenn, how are you doing? I'm actually surprised it hasn't happened yet. We were getting word that it was supposed to kick off sometime over the weekend. I think the biggest takeaway here, is there will be a response. Pretty much everyone expects it. It sounds like the Israeli military intelligence is expecting it, very imminently. There's a carrier battle group that's on its way from the US to the region, to support, if anything should kick off.

We know something is going to kick off. The question now is just how badly it's going to. And this is only the beginning stages of this larger regional war. And I'm going to say this.

I do believe, this is going to be a regional war, with multiple people. Countries involved. And it's going to mirror their regional war that's already going on in eastern Europe.

And that sounds interesting. Regional war is breaking out everywhere, and we're expected to respond to every single one of them. How is that going to happen?

GLENN: Okay. So the Mediterranean is the sixth fleet, right?

JASON: That sounds correct. I don't remember.

GLENN: I think it's the sixth fleet. You know, I'm sorry if I'm mistaken.

What I want to know, is this carrier group that's going on out, in addition to what we usually send in the sixth fleet, that's always there. Is this a replacement, or is this an addition? Because that's a huge addition.

JASON: I'm fairly positive, that this is an addition to what's going on out there.

GLENN: That's pretty significant, right? Carrier battle group.

JASON: It's especially significant, when you think of all the different theaters that we're guarding against right now.

And I got to tell you, Glenn. Looking at the state of our economy. Our adversaries. What they're trying to do with our economy. Organizations like BRICS. They also are the same people that are opposing us in Eastern Europe right now.

You've got, can I say it --

VOICE: And Israel.

JASON: And Israel. Can I say cascading protest movements that are going all the way through Europe and heading all the way to our own doorstep. Did I read that? Is that where it was?

GLENN: Yeah. That's where I think I got it, yeah. Sure.

And after it cascades, it comes to the United States, and all our enemies look at the West. And say, now, now, now.

And that's exactly what's happening. If you look at what's happening with the Middle East with the Houthis, those are funded by Iran. But now who has just been spotted on the ground and been -- been announcing that they are providing military advice, at least? That's Russia.

JASON: Yeah.

GLENN: Russia is now assisting the Houthis. So this is becoming a global war. Whether we like it or not.

It will.

JASON: Yeah. Everyone always analyzes this.

They say, oh, BRICS will never outdominate the dollar, you know, as the global reserve currency.

They'll never do it. They will never challenge the United States one-on-one. You know, the United States is too powerful. Agreed, one on one, but that's not what's being built here.

I have to tell you, when I was looking at all this information, all together, I kept thinking about the famous Paul Harvey monologue, you know, if I were the devil, what would I do to make change? And I'm not the devil. But I am saying that look at everything together, and connect all the dots. Who were the players that were involved in every single theater? Who were the ones? Who were the ones sowing discord, that is cascading all over the world?

Who were the ones?

Look at the places that haven't blown up yet, but are on the cusp of it. You look at Taiwan. You look at North Korea. That BRICS unit is involved in every single one of those. You cannot destroy the United States or defeat her one-on-one.

We are too powerful, but taken together, with all the different countries that they are building, by the way, and united all at the same time, what happens?

I don't know the answer to that. Because we've never been there. But we're going in that direction. And the people that are running this country, are driving us there in a Cadillac.

GLENN: I will tell you, the -- what happens, if it's World War II, America wins.

Because World War II, America was united.

JASON: Hmm.

GLENN: And we all came together, to fight against evil. That will not happen this time.

We are too divided, and the government has made so many mistakes. I'm really very concerned about England. Because England is the Bubba Effect. It's -- we don't even know the facts, and that's another problem.

But we don't even know the facts of what really happened, that started all of this stuff.

They haven't figured out this kid from last week. They still don't know, well, is he Muslim? Is he not Muslim?

You know, how is he -- we don't know any of that. But people are all assuming that this was a Muslim immigrant. It wasn't.

He was born in England. He's English. But the facts don't matter anymore. Because it appears as though the government is lying to the people in Great Britain. And so they've had enough.

And then you have outside forces, dare I say it, like Russia, again.

And the influence of those we have spoken about, many times on this program.

That want the West to collapse. And are sewing this -- this really demonic seed in not only England and France and all of Europe. But here in America, as well.

Unless we get transparency, we're -- we're -- we're in trouble. Unless somebody stands up and says, you know what, I'm going to open up all the books on this.

The -- the arguments that I'm hearing now, that Kamala is just so great. When this whole thing has been un-Democratic from the beginning. And nobody is really looking at her record. And everybody is saying, you know, well, Donald Trump, he's a bad guy. Where? On what?

On what?

I said to somebody, this weekend. You know, this has been the -- this is the one time, that you can look at a politician.

And I think they're all dirty. But I lived in New York City.

Pat, you remember this. We used to drive by the Trump apartments or hotels on the east side how.

And he was building like five of them, and including, you know, digging under the highway.

And he built five in the same time the city took to build one small building, right across the street from them.

PAT: Uh-huh.

GLENN: And I would have said to you, six years ago, eight years ago, the guy is dirty as hell. He's got to be. Because you can't -- how is it he can get the unions to do everything he wants them to do? How is it he can build five buildings to every one that everybody else builds?

Well, I don't know. But he's the most investigated man, I don't know. In human history. And they've never found anything like that. And nobody will listen. Nobody will listen to that. Nobody will listen and say, they've just been trained, Trump bad. And if you're comparing, you know, anyone to Hitler, I mean, Charles Manson could look good.

Well, he only killed a few. Yeah, and he's got the Nazi swastika carved into his forehead. But he's not telling everybody to hang banners off of every building. You know, hello.

So they give you the worst possible look at somebody, and somebody who actually loves America.

And -- and here we stand, with everything in open flame. Jason, what are you expecting to happen today either in England?

Or -- do you agree with Elon Musk? That he says Civil War is inevitable in England?

JASON: Well, I mean, you've got to think -- what's happening in England, I feel like, can be copied in multiple western countries. Because the big behavior is the same. You talk about the non-transparency. Let's just talk about that for a second. And how this fuels this. If you look at any major mainstream outlet, over Europe and here, all you see is the same headline. Far right protests. Or rioters.

You know, truth -- based off of misinformation.

GLENN: Yeah. Misinformation. Disinformation or malinformation from social media.

JASON: Right. And then they won't even talk about the person that did this attack. They'll say, well, it wasn't an immigrant. Well, we know his parents are from Rwanda, we know that. Were they illegal? Do they talk about that at all, because I guarantee you that the people out there protesting in the street, the point is exactly the same.

Like, this is a crisis of the government's creation.

GLENN: But I think you are -- I think you are giving too much credit to -- look, they can completely wrong. These people were from Rwanda. Maybe they came here legally. And they've been great citizens. And their kid is a great citizen.

It has nothing to do with them, or the kid.

This is -- this is the frustration, of the English people saying, my government is not listening to us. That's the Bubba Effect.

We know he's wrong on that. We know.

But that's not the issue. The issue is, you've been lying to us. For too long.

So we'll take care of Bubba. You back off. That's the Bubba Effect, and I think that's what's happening.

Okay.
The worst-case scenario in Iran. They say this one is -- this attack is going to be expected and unlike anything the world has seen. They say, it's a new something.

I don't remember exactly how they said it. But it reminded me of one thing.

I would like to get your opinion. What do you think is coming?

JASON: I think that a similar attack involving a massive amount of drones and rockets is probable.

I think the addition of non-traditional warfare, armaments like those EMP, Electromagnetic pulse type weapons, I know can be launched from artillery or drones or rockets, as well. To knock out --

GLENN: You know they have that?

JASON: Well, I mean, we don't know for a fact. But Hezbollah has claimed they have gotten them. That wouldn't surprise me at all. Those weapons have been around since probably the '80s.

So we know they're out there. They're just rarely used. I think we used them in Kosovo. We've used them a few times. But think about Israel's ability to respond to a massive wave, coming from the Houthis, coming from Hezbollah.

Hamas. Iran, you know, herself.

And then with all of their electronic superiority knocked out. Yeah, we're looking at a much different battlefield, sure.

GLENN: I will tell you, I think -- I was thinking about this, this weekend.

That, I think we're in the same place we were at the end of World War I, and the end of World War II. New things are being -- or at the beginning of World War II.

New things are being invented, horses, instead of tanks.

Or tanks instead of horses.

Airplanes. It changed the battlefield.

And I really feel like our big, huge aircraft carriers, and everything else.

I think those things are a thing of the past, in warfare. I think we could be overwhelmed quickly.

And I think China, for one, knows that.

GLENN: Hello, America. Welcome to the Glenn Beck Program. We are going to talk about what is happening in the stock market today. We are on the edge of a very, very big abyss, and I hope we don't fall into it at this moment.

But some things are happening. And you need to be very well aware of them. And we need to go there, with Carol Roth in just about 60 seconds.

Speaking of the economy, it's just -- it's crimes of mismanagement, at this point.

It's impossible to keep track of everything they're doing, that is just absolutely suicidal.

But you can the raw draw a chalk outline around the US that are. And set up the police tape. There's been a murder here. Maybe after this next election.

Things are K start to get better. Nobody hopes that will get better more than you and I do. But you cannot count on that.

We are in a cycle where weak men have created hard times, and it remains to be seen, if we can pull out of this nose dive and become strong men.

All right. Carol Roth, welcome to the program.

CAROL: Glenn, you have to promise me, that one day, you will bring me on to talk about good news.

We'll talk about ice cream. We'll talk about puppy dogs. I feel like your audience, every time they see me, they're like, oh, no. Carol Roth is back again.

GLENN: I know. Carol, I was just thinking the same thing. We never talk when it's good times.

The stock market now. There's -- I have lots of questions, can you just give me the update on what's happened around the world, and then with the opening bell with the stock market?

CAROL: So last week, obviously, we saw some selling off in the stock market. It started with a repricing of the, quote, unquote, Magnificent Seven tech stocks that had been driving up the market. Taking everything else with them.

And, you know, there's -- I think there was an awakening that, oh, in order for AI to be a thesis, companies will actually have to spend a lot. And then that started kind of things.

A few weeks ago, kind of moving. Then in the middle of last week. We had the Fed, who did not -- excuse me, did not lower rates. But did signal, that that could be on the table for September.

And, you know, normally, you would say, okay. The market, wants the Fed to cut rates. What happened, then we got in weak job report. On Friday.

And while sometimes, the bad news can be good news for the market. In this case, they could take it for bad news. That potentially the Fed was behind the curve in terms of lowering rates. And then they felt like maybe this whole idea of a, quote, unquote, soft landing. The idea that you could get the economy as opposed to inflation down without wrecking the economy is off the table.

Then while all of this is going on. You have the Bank of Japan last week. That decided to do the opposite of the Fed.

They have been in 17 years of basically negative or zero interest rates. So they're amortization is going in the other direction. They are trying to raise rates. The first time in 17 years. About four months ago. And then they decided, because the yen, you know -- the yen against the dollar. They needed to fix that. That they were going to go ahead and raise their rates. And fortunately, they did not thread the needle perfectly on that, and that created implications for their markets.

So when Japan opened, you know, last night, our time -- their time in the morning, they saw this massive, massive sell-off. And what happens sometimes, when you get these massive sell-offs are these unwinding of trades. Because they have had zero to negative interest rates. You get a lot of people borrowing.

Those people who borrow, make bets on the yen, and on stocks.

Both in Japan, and in the US. And then they get the margin calls. And then they end up having to sell. And that begets more margin calls.

So you saw the Japanese Nikkei go down 12 and a half percent, in one day. It was their single worst day since 1987. That Black Monday day.

So now, as, you know, the market has opened here in the United States. You know, there's anticipation of, you know, do we get -- how much blowback do we get?

Especially since we had seen some weakness last week.

And obviously, things will shift during the trading day. As we talk here.

So this is kind of realtime. The market opened up, down, pretty significantly. Depending on the index. Somewhere between three and 5 percent.

And we have seen that come off a little bit, as we're talking realtime.

I think that has -- if there's any silver lining here. It's that night it opened. And it continued to fall. And continued to fall.

There was a little bit of support there. But still, as we're talking. We're still seeing the Dow, down almost 3 percent.

The NASDAQ, down almost 4 percent. So it's definitely an ugly day across the market.

GLENN: So how much of this has to do with technology. NVIDIA, which was the darling, just I don't know. A month ago. Everybody was like, you got to have NVIDIA. And maybe that's greed talking. And maybe that's why you shouldn't buy NVIDIA when everyone is saying that happen. But they're down almost 10 percent today. That's down 23 percent from their high, I think like a month ago. Artificial intelligence stocks are down. Tesla is down. Super micro computer down 9 percent.

They're -- is this just everybody down, and why are the tech stocks down?

Were they just too high? Do you know?

CAROL: Yeah.

So this is a bit of repricing in tech. And let's put this in perspective.

So the NASDAQ, which is very tech-heavy. Sort of a good proxy for what's going on, in the tech market.

The 52-week range, the low point, within the last year of where the NASDAQ has been, was 12,544. We're still today, at over 16,000.

So over the last 52 weeks, we still have these massive gains, and it got as high as 18,671.
And I think that's part of the catalyst here.

I mean, these prices, this, quote, unquote, bubble was not sustainable, a lot of people were talking about that.

And the fact that, you know, we see this over-exuberance in tech all the time. You know, first it was web three and the Internet of Things. And the metaverse, and now it's AI.

And all of those DCs have eventually come back down to reality. I'm not sure we're in reality yet. But, you know, as you have companies talking about their earnings, and talking about the spend.

I think there was just this insanity amongst investors. That they felt like AI was just going to take off. Without looking at the cost side.

And as companies are talking about, here's how much capital we will have to deploy, in order for this AI thesis to really work out. I think the market went, oh, okay. Maybe we're not pricing this correctly.

So I think that's part of it. Another catalyst that we've seen. Warren Buffet, noted that he had lessened his position in Apple by about 49 percent.

And obviously, that is --

GLENN: Yeah. That's not lessening. That's not lessening.

That's cutting it in half. That's significant.

CAROL: Cutting it in half.

GLENN: And he's doing this with a lot of his holdings. If I understand right.

He's making some of the biggest sales, he's ever made.

It's almost as if he's becoming bullish on America.

And is -- what does he know that we don't know again?

CAROL: This is a good question. And it's funny, we're having this discussion today.

If you go through his shareholder letter. His other -- one of his other big bets. That he talks about in the shareholder letter. Started in 2019. He doubled down in Japan. He has five really big companies. And really big positions in Japan. So the day that we're talking about Japan going down. And at the same time, the US is going down.

Obviously, Warren Buffet wasn't a catalyst for both of those things. He's still -- as far as we know, still bullish on the Japanese train. But it is interesting.

He has this massive cash pile, I mean, $276 billion, I think it is. Which is just almost impossible, to deploy.

I mean, to think about how, you know, as an investor, you even think about putting that to work and getting the appropriate returns.

So I don't know -- there could be several catalysts.

This is all very much speculation. Because we have not heard from Warren at this point.

I don't know if this is a signal. Where he felt like, hey.

Tech is just getting, you know, so froth peep this is a really good time for me to take profits.

Maybe a little bit of taking profits, ahead of the election.

Worry about an increase in capital gains, perhaps.

Under a potential new administration.

Although, I don't think he would have sold, you know, half of the position, because of that. But one never knows.

And, yeah. Just repositioning his portfolio. But certainly, given the fact that he's lauded as the best investor of all time.

When he does things, people have concern. And the fact that whether it's Bank of America. Or it's Apple. Or some of his other positions, you know, add the fact that he is going to cash -- certainly, I would imagine, on the retail side. And probably on the institutional side, to some extent, has an impact in terms of people's behavior.

FBI whistleblower WARNS about agent investigating 2nd Trump assassination attempt

The FBI is investigating the incident at the Trump International Golf Club in Florida as a second assassination attempt against Donald Trump. But is the FBI trustworthy to lead this investigation? FBI whistleblower Steve Friend, who exposed what really happened in the FBI's Mar-a-Lago raid, joins Glenn Beck to expose how the SAME FBI office is handling this investigation! And even worse, the Special Agent in charge was previously in charge of an anti-whistleblower division. To top it all off, he also reportedly had to cleanse his Facebook page of all his anti-Trump posts! So, why is he the agent now in charge of investigating an alleged attempt on Trump's life?! And should we even trust the FBI as a whole after it helped concoct the Russian collusion hoax and suppress the Hunter Biden laptop story?

Transcript

Below is a rush transcript that may contain errors

GLENN: All right. Let me talk to Steve Friend. Steve is a whistle-blower with the FBI. He has -- they have made his life miserable.

But he doesn't care. He's doing the right thing. He's one of the -- he's one of the good guys that used to see, and you used to believe that existed in places like the FBI. He really is that guy.

True blue. Cares about the country and the Constitution. He blew the whistle on the -- on the FBI in Florida.

When they went full S.W.A.T. on Mar-a-Lago. Which we know now, was absolutely unnecessary.

And way out of protocol.

Steve is with us now. Because I wanted to get him on. Because the guy who authorized that, and then dummied evidence up, is the guy in charge now, of the FBI's investigation of this shooter.

How good does that make you feel, Steve?

STEVE: Oh, well. I mean, it actually goes a little bit deeper than that, Glenn. With the media, you need the old chalkboard out here, to explain to the audience.

This is for Jeffrey Veltri. And for your audience's edification, before he assumed his post in FBI Miami, as a special agent in charge.

He was the deputy assistant director of the security division of the FBI. That's the branch that's going after the whistle-blowers. And from that post, he actually said that, whistle-blowers, that they were looking to perch on the ranks, were people that were military veterans. Because he thought they were disloyal.

As well as people who attended regular religious worship ceremonies, as opposed to the coronavirus vaccine.

And then when the word came down, he was going to go to the FBI Miami office.

Christopher Wray and deputy director Paula Bait, and executive assistant director Jen Moore, also another person who -- was involved in getting rid of all the whistle-blowers.

Said that he had to cleanse his Facebook account of all the anti-Trump vitriol that he publicly put out there.

And how he was in a position of authority on the FBI Miami office.

And that's just the office that has the responsibility for investigating the latest assassination attempt.

GLENN: So you think the guy who wanted to purge the FBI of military people, religious people, and Trump supporters, might not do an honest investigation? Is that what I'm hearing Steve?

STEVE: Well, I mean, throw out a little sarcasm here, Glenn. But at the same time, this is the agency that looked at the 2017 Congressional baseball shooting, where a Bernie Sanders supporter showed up, as for other Republicans, then proceeded to try to kill 10 percent of the Republican caucus. And the FBI investigated and said, it was not an assassination attempt. That was suicide by cop.

GLENN: Steve, what has to happen to the FBI?

I -- I was unfortunately, I -- made a statement. Right after my wife called me. And she said, have you heard the news?

And I said, oh, dear God, what?

And she said, they tried to kill the president again.

And then I had people ask me for comments and everything else. So I rushed to X. I shouldn't have.

And made a -- made a statement that was just raw, and then Spaces asked me to come on and make another statement. And that was even more raw.

I shouldn't have done it. I was really, really upset about this. But at some point, I calmed down in the interview. I said, we have to -- we have to fumigate all of the federal government. I mean, if you really wanted to do this right, to return it to factory settings, you have to shut it down, and restart again.

You know, turn it on and turn it back -- turn it off, and turn it back on again. And restore the factory settings to the Constitution.

These things have to be fumigated. They just have to be out. All of these people need to be fired.

Even the good ones. Because we don't know who is good and bad. And we have to start from scratch.

Is that what it's going to take, Steve?

STEVE: 100 percent.

And this goes back to when we were first introduced a couple years ago, and I told you, one of my greatest concerns was that the FBI was going to be one of the major contributors to the boiling pot.

They continued to raise the temperature, and have what's happened within the country.

And the FBI had convinced half of one side, that the other half wants to kill them because they're Nazi terrorists and extremists. And the FBI has just followed suit. They have become more and more politicized.

And if you did not know anything else, and I'm done talking about the good men and women of the FBI. If you don't know anything else about the FBI, and I told you, as an American taxpayer, are you willing to give $12 billion to an organization, which in 2016, took a fake dossier, to a fake counterintelligence investigation of a candidate, and then eventual President Trump.

People opened an illegal Pfizer wiretaps.

Then used those illegal Pfizer wiretaps to find out in 2020, about the ne'er-do-well son of then candidate Joe Biden, having a laptop that was already in the FBI's investigation.

And they stood idly by, at 51 intelligence officials, saying it was Russian disinformation. And then went to social media companies, that told them it was sensitive information.

Essentially to generate a talking point for a presidential debate. You would say, that's a secret police force. Of the republic. We have to control, alt, delete it.

GLENN: Let me ask you, did you see Merrick Garland's speech last week?

STEVE: I did unfortunately. But I was grateful that Tulsi Gabbard reached out to me, and highlight the fact that this is a completely broken and weaponized Department of Justice.

That should also be on the chopping block.

GLENN: Tulsi Gabbard has just been so great.

I just love her.

You know, I saw her say, it was hard not to laugh, if it wasn't so true.

But had he -- this speech that he gave last week, that they are on the up and up. That there's no -- no corruption.

And he won't hear of the good men and women of the Justice Department.

This is -- you have to be insane, Steve.

You have to be insane.

To believe what this government is telling you now, about all of these things.

STEVE: Well, I mean, you have half of the country, that's convinced that the other half is radical, and rabid. And they've been told that for the last eight years.

And because they had preferred the Republican candidate for president in the last two presidential elections. And the Department of Justice is the key on the attack dog. And they are sending out their forces.

Their storm troopers in force, to go after the perceived political enemies of the current administration.

And that includes 89-year-old women who are concentration camp survivors that were praying outside of abortion clinics. And it includes guys like my friend Garrett O'Boyle, who came forward for the right reason at the right time, and made a nonpartisan whistle-blower disclosure.

And he was recommended for perjury charges. When in fact, there's actual evidence, that that was not true.

I was grateful also, that TheBlaze, Joe Hanneman and Steve Baker contributed to his story, highlighting that last week.

GLENN: Did you see, what Robert F. Kennedy said on Saturday?

He's now being investigated for something that happened 20 years ago.

He said, I received a letter from the national March even fisherman's newt. Saying they were investigating me. For collect a whale specimen man, 20 years ago. Now, how does that happen, I mean, at this time, if it isn't the weaponization of government?

STEVE: He doesn't. This is just more evidence, that I don't know what is going to require us to incentivize our elected officials, to actually come to the conclusion, that going after RFK, going after an 89-year-old concentration camp survivor. For them to say, that we have to avert a government shutdown.

Is effectively saying, it is a better outcome for the government to go after individuals like RFK. Rather than have us go through a temporary partial government shutdown.

That looked a lot like Labor Day weekend. And I think the American people -- I don't know how that weekends you to the government being shut down partially, but I think it's more of an optimal solution, that it just hasn't been put forward by the people that we elected. And they pledged to us, that they would end weaponization, and it hasn't happened, in the two years that it's been upheld.

GLENN: Can you tell me, Steve, last question.

What are the questions that have to be answered on this shooting?

STEVE: I want to know, how an individual was posted up at a golf course. Because there's no reason, that he would be out there inspecting it, unless he was out there every single take.

So there's either some sort of operational security issue, or there was some sort of coordination. I was willing. And actually, took the belief, that Butler, Pennsylvania, was due to the myth of competence of the Secret Service.

It just hasn't been tested for four decades. It had lots of failures that always was on. But the fact that this guy was able to be there, at a time when Donald Trump -- who doesn't play golf there, every single day.

GLENN: No. No, no, no.

And it was not on his schedule. It was not on his schedule, that he would be at Mar-a-Lago. Although. You could make, it would be a reasonable -- he has a day off from the campaign. It's a reasonable sumptuous.

Him playing golf. CNN has now verified, that was a last-minute edition. So how did this guy know that?

STEVE: That's a huge question. And it's also the fact that that's a regular location for him to go.

And since he's been in public office, the last almost decade now. You would think there would be additional security measures now. That is just regular threat assessment to harden that place.

And it was not like he was at a Dustin National (phonetic), or he saw -- no, they're entirely different golf courses.

No, that's his regular place. And they did not do that. That's a security failure. The fact that he was able to be there, at that time and at that place.

What people don't understand is three to 500 yards. If you're playing golf, that's far. If you're shooting a rifle, that's barely reaching out, and touching someone by the nose.

GLENN: Thank you very much, Steve.

I appreciate it. Thank you for everything you've done. A man who has been dragged through the mud. And his life made a living hell, just because he tried -- stood up, at the FBI and said, no.

This is wrong. I won't do that. A whistle-blower extraordinaire, Steve Friend.

REACTION: Something is VERY OFF about the 2nd Trump assassination attempt

Former president Donald Trump was allegedly targeted for assassination a second time over the weekend, this time at the Trump International Golf Club in Florida. Glenn takes a close look at all that we currently know, and things look VERY suspicious. Glenn asks the questions the state-run media won't: Why did the potential attacker bring a Go-Pro and body armor (misleadingly referred to by the media as "ceramic tiles")? How did he even know Trump would be golfing at that time? Did the Secret Service actually do its job? Did the suspect, with all his ties to Ukraine and history of media interviews and donations to the Democratic fundraising platform ActBlue, have any outside help?

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, we'll all remember where we were when they tried to kill the president, the second time! Here's an idea.

What do you say, we just go to the ballot box? What do you say?

We're 50 days away? Can we take the next seven weeks and not try to assassinate somebody in this country? You want to talk about a banana republic. Gang, we're here.

I will tell you, I'm not doing the show today, that I had planned.

Because I was meeting with the president on Saturday. And he said something off-handed to me. And I was going in a direction of research on something.

And he said, Glenn, I think there is something that is bigger than the economy.

Right now. And he said, the economy, we're killing them on the economy.

He said with they have been no place to go on the economy. They have no record on the economy.

He said, but what's happening now in our cities with and be what's happening in Ohio. And elsewhere. In -- in Denver. He said, I think this is actually a bigger thing than the economy.

And he is absolutely right.

If you know some of the things that we've been doing research on.

Chris Rufo has already done his research on this.

This is something that they've known about. Well, I'll get into it, not today. Well, we'll probably get into it a little bit tomorrow.

But today, I have to talk about, a would-be assassin. Now, this one seems to be miraculous. You know, God saved, I believed. It was a miracle that Donald Trump turned his head, and -- and the bullet missed him. And only nicked his ear. Instead of going right to the center of his head. And all of us having clear, clear high-definition evidence of the president's head exploding. Live.

So I think God saved him. From the last one.

God may have saved him from this one, as well.

But this one was a miracle, in the darkest of ways, as well.

First, let me tell you what happened. Early reports said that police recovered an AK-47 from the bushes outside of the golf course, where the president was golfing, as well as a GoPro recording device. Now, why would you have a GoPro recording device?

Why would you have it attached to the fence, pointed out at the putting green? Why would you have that?

Unless you were planning on recording that, so that your deeds would live forever. Now, my question is: Is there anything else already reported on the GoPro? Is there maybe a statement? Because why would you record your deeds, without recording a message for all to hear? So I would like to know what was on the GoPro, if anything. But this guy obviously had an agenda.

Now, he, according to the press, oh. He was all wound up because of Trump's rhetoric. Was he now?

We'll get to that in a second stop they caught him, after he was in the bushes. And a Secret Service agent, was eagle-eyed enough, to spot the barrel of a gun, coming out from the bushes. This guy had taken two backpacks, and tied them to the fence. And they were on each side of where he would have been sitting, and the barrel of the gun, would have been right between them.

Now, it's really curious. I mean, I know the media, they're so smart. They know what everything means. They reported that he had ceramic tiles in his backpack. And I immediately thought, I thought he was a roofer? Not somebody that was going to lay tile in bathrooms. No! Could they explain what ceramic tiles mean? I know, because I've had to wear them. From time to time.

A ceramic tile is what you put inside the bulletproof vest, if you are expecting a chest shot. A bulletproof vest will not stop a high-powered rifle. However, ceramic tile will. So he put ceramic tile in his backpacks, right where he would have been crouched. With the gun. So he was expecting a shoot-out. Okay.

How did this Secret Service agent see it? I don't know. But I want to believe and take it at face value. That he was doing his job.

The reason why I say this time I believe it, at least this time I want to believe that that agent was doing his job. Is because I was with the president on Saturday. And I said on X, and I don't know where else I said it on Saturday, this is very first time I have seen the Secret Service in 15 years, actually do their job.

I have sat behind Mitt Romney, pass the Secret Service, with the guy next to me, and a gun in his back.

They missed it. I have come through security doors, that were supposed to be secure. And went past all of the Secret Service passage. All of their security. Went behind them, around them. And walked right directly to the president.

Now, if I can do that, who can't?

And I've been railing about this, for 15 years. Saturday was the first time, I thought Secret Service was taking it seriously.

There was no way, you were getting into the event that I was in, unless you were an invited guest, or you were supposed to be there.

And there was no way, you were getting close to the president.

So what happened?

Well, I want to believe, that -- I want to believe that the Secret Service was doing their job. There were two holes. One or two holes ahead of the president. And he was scoping it out. And he looks and he sees the barrel of a gun through the bushes. There's then a shoot-out. Apparently, they were shooting at each other. They were not shooting at the president.

I don't know, because things are still unclear. The reason why we caught him, is because somebody saw him run out of the bushes. And then get into his car. Somebody with the wherewithal to write down the plate number, and be able to remember what the car was.

They called police immediately. Said, here's the plate number. Here's what the car looks like. And because we have new AI, all over the freeways. All over our roads. It could read license plate numbers. Identify the car. And they found him almost immediately. Stopped him on the how.

They arrested him.

So now, now what?

Well, who is he?

Well, the first person. Well, as soon as the name was released, the Guardian was the first place to actually find his son.

His son is -- was, I believe, in Florida.

And they called him. His name is Orin Ralph. They called him, he picked up the phone. He hadn't heard the news. And he was asked for a comment. And he said, well, this is the first I've heard about it. Was my father shot or injured?

He then said, his father hates Donald Trump, as, quote, every reasonable person does.

Hmm. Okay. All right. He said, I don't like Trump either.

Now, this is just -- this is his immediate response, after hearing that his father tried to kill the president, he then says, well, he hates him just like every reasonable person, and I hate him too.

Oh, okay. But he said, his dad was not a violent person, and couldn't believe his father would target the president. He's my dad, and all that he's had is a couple of traffic tickets, as far as I know.

That's crazy. I know my dad. I love my dad, and that's nothing like him.

Is it? Is it really? Nothing like him. You know your dad?

Hmm. Hmm. Okay. Now, he said, I've got to go. Because I have to get more information. But I don't know any more, because weed a falling out. We've grown apart.

But he's not a violent person. He's a hardworker. He's a great dad. He's a great dude. He's a nice guy, who worked his whole F-ing life.

I've never known him to even own a gun or known him to do anything like this.

Okay. Well, I don't think you know your dad. I don't think you know your dad.

Because your dad seeming -- the evidence seems to point, that it was the same guy, with the same name. In the same state.

That barricaded himself into his office, a gun.

And that gun, well, the FBI said it was a weapon of mass destruction.

It was a fully automatic machine gun.

So he went to prison. Or, I'm sorry. Went to jail.

He was convicted. Of having a weapon of mass destruction.

Now, wow. That seems like that should have been a long sentence. But it wasn't. It wasn't.

And if you are -- if you're caught with an automatic weapon, and you don't have a -- a stamp for it.

A tag for it.

Well, then you are. You go to prison usually 20 years.

I don't know why he didn't go to jail for 20 years. But he didn't.

And then he got out. Now, remember, his dad is just a peaceful person.

Then he got out. And started to recruit people, to go to Ukraine!

To fight in Ukraine!

Now, this is where it gets really interesting.

By the way, after the son did verify that, yep, that is his dad.

He -- he made a public statement.

He said, I hate this game, every four years. And I think we all do. And if my father wants to be a martyr, to how broken and disassociated the process has become from the real problems and practical solutions, then that's his choice.

So see, that sounds like you're excusing your dad's actions.

I'm not saying that what he's done or what he's about, that's just my own rant, about being fed up with all of it, for my entire life.

South park said it best, every four years, we're forced to choose between a giant turd sandwich and a giant douche. And it all stays f'ed in the same ways by different degrees, and we're exhausted and embarrassed by it all.

Hmm. So the ends justifies the means, is what I'm hearing here.

Well, thank you for stopping by Saul Alinsky. Well, let me get back to who this guy is.

Because I have Eric Prince coming up in about half an hour. He's the guy who said to Ron DeSantis, you should take this investigation in-house, because I don't think you should just trust the FBI on it.

And, thank you, Eric. Neither do I.

Why a Kamala Harris presidency would be DEVASTATING for small businesses

Would a Kamala Harris presidency destroy small businesses? Small business expert Carol Roth joins Glenn to make the case: "They want to kill the gig economy and all the small businesses that depend on independent contractors in favor of unions and big business. So, it's very difficult to say, 'I am the small business, I am the worker candidate,' and still be in favor of these things." Carol compares this to "McDonald's being pro-cow." She also explains why Harris' claim that 19 million new business applications have been filed since she and Joe Biden took office is incredibly misleading.

Transcript

Below is a rush transcript that may contain errors

GLENN: Okay. But, Carol, she does have some things she can boast about.

The small business success. She claims a record of 19 million small business applications were received, under their leadership.

And that's a record, I hear. That's what they say.

CAORL: Okay. So this is -- I think most people know, who listen to me on your program. That I'm one of the world's leading experts on small business.

I've been entrenched for decades. I heard this -- this thing. This small business application.

And I went around, to every group that I know. And I said, what is a small business application?

Because when I started my business, I didn't have to apply, at the federal level.

You know, historically, I had an LLC. I registered that with the state. Some people had sole pro proprietorship. What does this mean?

Because we have 33 million plus businesses. But that only grows on net. Less than a million a year. So how is it possible that we have 19 million new application starts. And so far, no one has really been able to give me an answer. I have one -- one committee, you know, related to the House, who thinks that maybe there's an information that came from the state census data. I asked them. They actually are having a committee hearing. And I asked them, if they could ask, the FDA administrator. And putting her on the hot seat. Because they're running around, touting these made-up statistics to sound like they're some champion of small business. At the same time, Glenn, NFIB came out with their fall business optimism index today.

The 30-second consecutive months, that small business optimism has been below the historical average. And that's a 50-year average.

GLENN: Well, that's because they fear Donald Trump is coming back.

CAORL: For 32 months, yes.

GLENN: It's crazy. Because I see this number, of 19 million small businesses. And I -- and I am like, I thought, that was just because of all the businesses, that they had put out of business. They're like, starting up new businesses. So I just thought, they were taking credit. Like they do with all the job creation.

We've created more jobs. No, you didn't. People went back to work. You had told them, you cannot work.

So, of course, there were people going back to work.

But you're saying, this isn't that, at all. This is possibly even made up.

CAORL: Yeah. It's -- it's something that nobody knows really what it means. It certainly is not a prop -- it's not a prop for new small businesses created, which is what they're intimating. And we know the number of small businesses, you know, a year ago, was 32-point-something million, and then it climbed to 33-point-something million.

You know, yes, that's on that. Unless they're killing a million small businesses a year, which we know, they're certainly trying. But I don't think they've succeeded in doing it yet. That this is an absolute -- it's just, you know, spouting off nonsense.

And they're doing this, you know, again and again to gaslight people. Into things are so great. We're so in your corner. But at the same time, she's coming out, and she's tweeting about anti-small business policies.

Like, the Pro Act, that she said she's going to put in place. Which, for people who don't know, that's the anti-gig worker and anti-independent contractor language from California's 85 (phonetic) taken nationally. And they want to kill the gig economy and all the small businesses that depend on independent contractors, in favor of unions and big business.

So it's very difficult, to say, I am the small business. I am the worker candidate.

And still be in favor of these things. Which is why I equate it to being like McDonald's being pro-Catholic.

GLENN: You know, it is -- as a small business owner myself.

I look at tomorrow. And think, if they get in, the regulations, just the regulations, alone, that are still sitting out there, that they want to impose.

Will just crush small businesses.

These guys, you know, they used to say, well, the -- the Republicans are in with big business.

Well, then we're also in with small business too.

You know, they had a business attitude.

These guys are only big business.

They are only in with the giant global corporations.

That's all they care about. And it's honestly, like they're trying to impoverish, the small business.

And impoverish the middle class.

Without moving any of the middle class up. They're moving them all down.

CAORL: Yeah. I'm glad that you brought up regulations.

Because as I mentioned, there's this House Committee meeting right now.

And they came out with a report earlier this year, that the Biden-Harris agenda. Imposed $1.7 trillion in regulations on small businesses.

Ask that was before we've had some of these pending regulations, go into place. So I am certain, that that's higher.

And that is millions upon millions of hours that are wasted. That is dollars that are wasted.

And that's a barrier to success. You know, we keep hearing this ridiculous phrase, the opportunity economy.

Well, if you want to create opportunity, you reduce war about barriers. You reduce regulations.

You reduce taxes. You reduce the government being up in your business.

And you have the government minding their own business.

So that you can go off and work in your business.

That is what it is all about.

GLENN: You know, I know that our audience is heavy on entrepreneurs.

And people who have done business for a long time.

But there's also a younger generation that listens.

And explain, why regulations hurt opportunity.

CAORL: They hurt opportunity. Because number one, they're costly. Two, you're spending time, complying with the regulation, instead of spending the time working and growing your business.

And the challenge is that if you are a big company. If you're the Amazons of the world. If you're the Walmarts of the world. You have -- not only a whole balance sheet to deal with this.

You have a whole host of people in your company. Whether it's HR. Or whether it's some other administrative functions that can deal with these regulations.

When it comes to small business, the majority, greater majority of small businesses. It's just beyond -- so it's one person, who is already wearing all of those hats trying to deal with this. Even if you have some employees, you don't have the wherewithal, the ability. You're struggling enough to deal with inflation, finding the right workers, you know, remaining competitive, dealing with cyber security and the like. You don't have time, and you don't have the bandwidth. And you don't have capital, to deal with these regulations.

And some of them are so onerous, that people want to close their business. Something that we've been talking about, Glenn, for months now.

That the corporate transparency act, which is this registration, with the financial crimes division of the Treasury. I've had hundreds upon hundreds of small business owners, and people looking to start small businesses, saying that they don't want to. They want to close their business. They don't want to start.

Because they don't want to deal with the asymmetrical risk of having their information exposed or the government coming after them, for doing something wrong.

So because the government is imposing this regulation, which, by the way, is still in flux.

It's preventing these entrepreneurs from taking those risks. And creating opportunity. Which creates jobs. Which creates more dollars in their community. Which grows the economy.

Which is what we need, to move ourself forward. This is so obvious.

But all they want to do is take away wealth. Create barriers. Redistribute it. And make it revery challenging. For a small business owner, to succeed.

GLENN: You -- I think it was you, Carol.

Said, oh, maybe six months ago, we were talking. And you said, Glenn, most of the stuff that they've done, doesn't really kick in until 2025.

So we haven't felt the full impact, of Bidenomics yet. Was that you that said that to me.

CAORL: Quite probably. Quite probably.

GLENN: Okay. So what is it that is coming still, that we haven't felt. Describe next year. Just as it stands, without any new policies. If we just continued where we are?

CAORL: Well, as I said, the House small business committee, is doing a markup on seven different pieces of legislation, trying to overturn, you know, all of these stringent rules for small business. The corporate transparency act. We have until the end of the year, for that to go into effect. If there's no delay. Which, by the way, there's two delay bills. Two repeal bills.

And seven lawsuits. If we don't get that done by the end of the year. Then people are going to be seen as compliant. Then on top of that. You know, we have the tax cuts and jobs act, you know, large pieces of that, is expiring and changing the way the small businesses have to look at their taxes and figure out, you know, what makes them -- from an administrative standpoint. So, you know -- and that's, again, scratching the surface.

So, you know, one after another, there are things in the pipeline. And then if Kamala Harris were to become president.

Again, day one. They will try to rule by executive order. One of the other things, you know, this Department of Labor rule. Very tight. Independent contractor world.

That went into effect in March. They haven't truly been enforcing it yet. I haven't seen much in the way of enforcement. But if they start to crack down on that, that is something that could kill all of the small business across -- across-the-board.

So there are just so many different things, and it's challenging enough to own your own business.

As you know, the small business owner. To not constantly having to be worried about what the next shoe that is going to drop, coming from your own government.

GLENN: Carol, one last question. I would like to take a one-minute break. And then I would like you to come back and talk about. They're talking about a 50-basis point drop in the interest rate in loans.

Some people say, that's really good.

Some people say, that could collapse everything. Can you -- can you explain if that's a good thing or a bad thing, at this point?

Carol Roth is with us. So tell me about the options the fed have, has now.

What's happened with employment. Why they might be dropping the interest rate.

And is it a good thing or a bad thing?

CAORL: Well, so I have always contented that the fed, didn't have the right tools, to address inflation.

And inflation was coming from the pie constraints, not demand. That the Fed really focus on his demand. And after 15 years of zero interest rate policy. That it wasn't them, that changed much of what was going on.

In terms of demand for new loans. Et cetera.

But they have taken up the interest rate very high.

And a lot of people in the market.

A lot of investors, feel like they are behind the curve, in terms of normalizing policy.

Because they don't want to keep it so restrictive, that they cause a recession.

That's the concern all along.

So now that inflation has come down on a headline number. We know cumulatively, it's up over 20 percent. And that's what Americans are contending with. But from a policy standpoint, they see that inflation is coming down. And they see that the labor market, hmm, isn't quite as robust as they had hoped. So they are trying to address policy, to, you know, quash any recessionary outcomes. That's really what they're trying to do.

They have a couple choices. Right? They can do nothing as they have done for quite a while. They can deliver a cut and now they're deciding between --

GLENN: We have about a minute.

CAORL: -- a half a percent. And a quarter percent.

A half of percent may be bad news for them.

Because it may give the market a signal, that things are worse off, than they are.

So I think they will be a little bit more cautious. And go for that 25-basis point or whatever percent cut.

GLENN: All right. So you don't think that it will -- unless it's 50 basis points, I don't think that it will be a bad thing. Other than signaling that things might be worse than they thought.

CAORL: Right. And it's a much bigger signal at 50, than it is at 25, given where we stand with all the data. But I know you have limited time. We can get into this in another day.

GLENN: Yeah. And I'm not sure that anybody will want to open up the purse strings at this point.

I think everybody is waiting to see, what will happen, you know, with the -- with presidential election. I mean, because we're going one way or the other. And they're in opposite directions.

So it's kind of a scary place to be, as an investor, or a small businessperson. Or just, you know, a regular worker, in America today.

Carol, thank you so much. Carol Roth.