1 00:00:00,080 --> 00:00:03,320 Speaker 1: Welcome to today's edition of The Clay Travis and Buck 2 00:00:03,360 --> 00:00:07,320 Speaker 1: Sexton Show podcast. Welcome to the Wednesday edition of The 3 00:00:07,360 --> 00:00:10,879 Speaker 1: Clay Travis and Buck Sexton Show. This is Buck solo 4 00:00:11,080 --> 00:00:15,280 Speaker 1: today because our main man, Clay Travis is on a 5 00:00:15,320 --> 00:00:20,239 Speaker 1: wonderful vacation in Italy with the family, so I was 6 00:00:20,239 --> 00:00:21,880 Speaker 1: having a good time. We got a lot of news 7 00:00:21,960 --> 00:00:25,360 Speaker 1: to get to my friends. The Dow took a five 8 00:00:25,480 --> 00:00:31,720 Speaker 1: hundred point die today, as the banks are looking shaky 9 00:00:32,240 --> 00:00:34,640 Speaker 1: at that. I gotta tell you, I don't think we 10 00:00:34,680 --> 00:00:37,880 Speaker 1: are we are out of the woods. I don't even 11 00:00:37,920 --> 00:00:40,920 Speaker 1: think we're near the beginning of the end. As Churchill said, 12 00:00:40,960 --> 00:00:44,920 Speaker 1: we may be near the end of the beginning. We've 13 00:00:44,920 --> 00:00:50,360 Speaker 1: got Biden doing what exactly with all this in the background. 14 00:00:50,440 --> 00:00:55,120 Speaker 1: A Russian fighter jet collided yesterday with the US drone 15 00:00:55,600 --> 00:00:57,560 Speaker 1: over the Black Sea. A lot of people talking about 16 00:00:57,600 --> 00:01:01,280 Speaker 1: how we're gonna confront Russia over this. I don't know. 17 00:01:01,480 --> 00:01:05,720 Speaker 1: We're given a hundred billion dollars a year to Russia's 18 00:01:05,800 --> 00:01:07,280 Speaker 1: enemy in a war. I mean, I think I think 19 00:01:07,319 --> 00:01:09,080 Speaker 1: that's enough of a confrontation. I don't think we could 20 00:01:09,120 --> 00:01:12,120 Speaker 1: do much over the drone. We shall discuss that though 21 00:01:12,720 --> 00:01:17,880 Speaker 1: a conundrum for Wellesley College. You know, Welles leads the 22 00:01:18,160 --> 00:01:24,199 Speaker 1: alma mater of Hillary Clinton, among others. Wellesley College trying 23 00:01:24,240 --> 00:01:30,560 Speaker 1: to figure out the critical question Matt Walsh course asked 24 00:01:30,560 --> 00:01:34,720 Speaker 1: it so eloquently and importantly in his documentary What is 25 00:01:34,720 --> 00:01:38,160 Speaker 1: a Woman? Wellesley does not really have a very good 26 00:01:38,160 --> 00:01:43,039 Speaker 1: answer right now because the students want transwomen as in 27 00:01:43,160 --> 00:01:47,280 Speaker 1: men to be allowed into Wellesley. So that's causing some issues. 28 00:01:47,360 --> 00:01:50,240 Speaker 1: We will certainly discuss that a high school in Vermont, 29 00:01:50,360 --> 00:01:56,040 Speaker 1: speaking of gender issues, didn't want it's girls to compete 30 00:01:56,040 --> 00:02:00,360 Speaker 1: against a team that had a male, a boy on 31 00:02:00,400 --> 00:02:04,320 Speaker 1: the team, and now they're banned from the entire athletic 32 00:02:04,360 --> 00:02:08,200 Speaker 1: conference in Vermont. We'll discuss that. And something's come out 33 00:02:08,200 --> 00:02:13,480 Speaker 1: about what's going on with fentonel and Mexican pharmacies that 34 00:02:13,520 --> 00:02:15,200 Speaker 1: we definitely need to speak about. We've got our friends 35 00:02:15,200 --> 00:02:19,600 Speaker 1: Stephen Miller, formerly senior advising the Trump White House, really 36 00:02:19,639 --> 00:02:23,280 Speaker 1: the architect of Trump border policy. He'll be with us 37 00:02:24,000 --> 00:02:27,480 Speaker 1: at one Eastern today, so or I should Yes, that's right, 38 00:02:27,720 --> 00:02:29,920 Speaker 1: So that's in about an hour or so. He'll be 39 00:02:29,960 --> 00:02:31,760 Speaker 1: with us. So we got a lot to get into. 40 00:02:31,840 --> 00:02:33,959 Speaker 1: But I have to start with where are we on 41 00:02:34,960 --> 00:02:38,840 Speaker 1: the meltdown of the economy? Is it going to happen 42 00:02:38,960 --> 00:02:42,480 Speaker 1: or not? I hope it does not, and that somehow 43 00:02:42,560 --> 00:02:48,000 Speaker 1: we're able to watch and applaud as the people in 44 00:02:48,160 --> 00:02:53,280 Speaker 1: charge are raising rates just well enough and fast enough 45 00:02:53,800 --> 00:03:00,480 Speaker 1: to tame inflation without sending us into a recession? Is 46 00:03:00,480 --> 00:03:04,960 Speaker 1: it even really possible? I guess we're gonna find out. Meanwhile, 47 00:03:04,960 --> 00:03:09,120 Speaker 1: though Daily Mail is this headline s ANDP cuts First 48 00:03:09,120 --> 00:03:13,720 Speaker 1: Republic to junk status, sends the New York Stock Exchange 49 00:03:13,720 --> 00:03:18,360 Speaker 1: into a frenzy. America's big four banks are dropping a 50 00:03:18,360 --> 00:03:20,880 Speaker 1: little bit in share price. Wells Fargo down four point 51 00:03:20,880 --> 00:03:24,520 Speaker 1: eight percent, City Group down four point nine percent. Credit 52 00:03:24,680 --> 00:03:29,760 Speaker 1: Suisse is looking like it's in some real trouble thirty 53 00:03:29,800 --> 00:03:37,600 Speaker 1: percent massive, massive Swiss bank is looking rough right now, 54 00:03:38,160 --> 00:03:41,120 Speaker 1: thirty percent down, all in the wake of the SVB collapse. 55 00:03:41,200 --> 00:03:47,320 Speaker 1: So has this all been handled? No? Do we know 56 00:03:47,360 --> 00:03:50,240 Speaker 1: what's going to happen? No, we do not. But there 57 00:03:50,240 --> 00:03:53,960 Speaker 1: are some people out there who tend to be tend 58 00:03:54,000 --> 00:03:58,880 Speaker 1: to be very prescient and have been right when it 59 00:03:58,960 --> 00:04:02,280 Speaker 1: counts about the economy because they have to make money, 60 00:04:02,320 --> 00:04:05,800 Speaker 1: because they have shareholders or investors in the case of 61 00:04:05,880 --> 00:04:10,440 Speaker 1: your hedge funds, who expect there to be the upside 62 00:04:10,480 --> 00:04:13,440 Speaker 1: of being right, not the downside of oh I almost 63 00:04:13,480 --> 00:04:17,280 Speaker 1: got it right and then losing people money. Carl Icon, 64 00:04:17,960 --> 00:04:22,440 Speaker 1: he is a very famous financial figure. He's out there 65 00:04:22,440 --> 00:04:26,320 Speaker 1: telling everybody he's a he's a financier. Man. That would 66 00:04:26,360 --> 00:04:29,120 Speaker 1: be cool. Now, that's like the next level. You know, 67 00:04:29,360 --> 00:04:32,240 Speaker 1: financier is like being called the mogul. You know, you're 68 00:04:32,520 --> 00:04:34,520 Speaker 1: you're a Hollywood mogul. You're a big deal if you're 69 00:04:34,520 --> 00:04:39,159 Speaker 1: a financier, because it's French, it's fancy, you know. Carl 70 00:04:39,400 --> 00:04:41,920 Speaker 1: Icon says, the system is breaking down and we got 71 00:04:41,920 --> 00:04:45,040 Speaker 1: a big problem. Play three. A system is breaking down, 72 00:04:45,560 --> 00:04:49,360 Speaker 1: and that we absolutely have a major problem in our 73 00:04:49,400 --> 00:04:53,440 Speaker 1: economy today. And I'm not going to a pride on 74 00:04:53,560 --> 00:04:56,120 Speaker 1: whether or not jabelle out of back or something like that. 75 00:04:56,880 --> 00:05:01,840 Speaker 1: But if you can't have the country feeling it doesn't matter. 76 00:05:01,880 --> 00:05:04,360 Speaker 1: If they say it doesn't matter, because I could spend 77 00:05:04,400 --> 00:05:05,640 Speaker 1: a lot of the money to want you could do 78 00:05:05,680 --> 00:05:10,560 Speaker 1: whatever you want because the governmental bail. Yeah, so we 79 00:05:10,680 --> 00:05:12,479 Speaker 1: got we got a couple of problems here that have 80 00:05:12,600 --> 00:05:16,479 Speaker 1: not been solved by the actions on the banks. And 81 00:05:16,560 --> 00:05:19,240 Speaker 1: again I'm focusing in on this. There's other things we're 82 00:05:19,240 --> 00:05:20,960 Speaker 1: gonna get to today. We're going to make sure that 83 00:05:21,000 --> 00:05:23,479 Speaker 1: every day you're here, you're getting all the most important news, 84 00:05:23,560 --> 00:05:27,640 Speaker 1: of course, but this affects everything else. I mean, this 85 00:05:27,760 --> 00:05:31,520 Speaker 1: is the one issue right now that is entirely short 86 00:05:31,560 --> 00:05:35,120 Speaker 1: of nuclear war breaking out with Russia. This is the 87 00:05:35,120 --> 00:05:37,800 Speaker 1: thing that you can avoid, no matter who you are, 88 00:05:37,920 --> 00:05:40,320 Speaker 1: where you are in this country, really anywhere in the world, 89 00:05:40,960 --> 00:05:47,040 Speaker 1: the possibility of a major catastrophe in the US economy. Now, 90 00:05:47,080 --> 00:05:49,160 Speaker 1: I don't think it would be the end of the 91 00:05:49,279 --> 00:05:53,600 Speaker 1: US economy. I'm not a catastrophist overall, But what does 92 00:05:53,640 --> 00:05:58,440 Speaker 1: it look like if you see a who knows, Actually, 93 00:05:58,440 --> 00:05:59,680 Speaker 1: I was gonna say, if you were to see a 94 00:05:59,680 --> 00:06:01,840 Speaker 1: massive dropping the stock market? Or are we just going 95 00:06:01,880 --> 00:06:05,280 Speaker 1: to see inflation continue until we get to a point 96 00:06:05,279 --> 00:06:10,440 Speaker 1: of real stagflation where you have rising inflation. We've had 97 00:06:10,480 --> 00:06:15,960 Speaker 1: this before, right, rising inflation and low or negative GDP 98 00:06:16,440 --> 00:06:24,440 Speaker 1: growth and high unemployment. Stagflation is ugly. Stagflation grinds away 99 00:06:24,760 --> 00:06:28,320 Speaker 1: at the day to day sense you have that you 100 00:06:28,320 --> 00:06:32,480 Speaker 1: can get ahead and things are going to get better. 101 00:06:33,480 --> 00:06:37,680 Speaker 1: It almost forces the entirety of of everybody involved in 102 00:06:37,720 --> 00:06:42,320 Speaker 1: the US economy into a perpetual bad mood, and even 103 00:06:42,360 --> 00:06:45,760 Speaker 1: some despondency people are going to be really concerned. Stagflation 104 00:06:46,040 --> 00:06:52,680 Speaker 1: stinks persistently high inflation with high unemployment and a stagnant 105 00:06:52,800 --> 00:07:00,200 Speaker 1: demand for within a country's economy. So low growth, low product, 106 00:07:00,680 --> 00:07:05,320 Speaker 1: high inflation. And what you see here is how can 107 00:07:05,360 --> 00:07:08,640 Speaker 1: we try to avoid As I've said, the bill coming 108 00:07:08,680 --> 00:07:12,559 Speaker 1: to let's just do a quick recap. And there were people, 109 00:07:12,600 --> 00:07:14,560 Speaker 1: there were some of us who were warning about this 110 00:07:14,640 --> 00:07:20,960 Speaker 1: all along. This ties directly to our COVID response, directly 111 00:07:21,000 --> 00:07:24,480 Speaker 1: to the Biden administrations reckless spending as well. I know 112 00:07:24,560 --> 00:07:28,000 Speaker 1: the COVID response started under Trump. There was way too 113 00:07:28,080 --> 00:07:31,080 Speaker 1: much money spent. We should never have locked down the 114 00:07:31,080 --> 00:07:34,760 Speaker 1: whole P p P program. Think about it. If you 115 00:07:34,760 --> 00:07:37,840 Speaker 1: could just pay workers to stay home, send them money, 116 00:07:37,880 --> 00:07:41,920 Speaker 1: with no attendant productivity, not making the products, not providing 117 00:07:41,920 --> 00:07:45,160 Speaker 1: the services, why wouldn't we just do that all the time. 118 00:07:46,200 --> 00:07:49,960 Speaker 1: Obviously there as calls and effect here. You know, you 119 00:07:50,000 --> 00:07:52,520 Speaker 1: squeeze the balloon at one side and the air gets 120 00:07:52,520 --> 00:07:56,640 Speaker 1: pushed to another. Something happened when we were doing this, 121 00:07:56,920 --> 00:07:59,120 Speaker 1: and it took a while for the bill to come do. 122 00:07:59,200 --> 00:08:02,080 Speaker 1: But that's where we are right now. And you have 123 00:08:02,160 --> 00:08:05,800 Speaker 1: these banks and the whole banking system based on lending 124 00:08:05,840 --> 00:08:10,120 Speaker 1: and being able to get back a percentage that has effectively, 125 00:08:10,560 --> 00:08:13,120 Speaker 1: by the very low interest rates pushed by the FED, 126 00:08:13,400 --> 00:08:17,560 Speaker 1: that has been minimized at best. So what have they 127 00:08:17,680 --> 00:08:20,400 Speaker 1: been doing? Where have they been going? And where are 128 00:08:20,400 --> 00:08:22,600 Speaker 1: we going to look next to find that there's some 129 00:08:22,720 --> 00:08:29,080 Speaker 1: massive unforeseen liability that creates a cascading financial hole that 130 00:08:29,120 --> 00:08:31,760 Speaker 1: brings down a whole lot of other stuff around it. 131 00:08:33,240 --> 00:08:38,160 Speaker 1: Inflation itself, by the way, is enough to do tremendous damage. 132 00:08:38,320 --> 00:08:41,040 Speaker 1: It has been doing damage. We're all paying right now 133 00:08:41,240 --> 00:08:43,679 Speaker 1: the dollars that you have worked for that have been 134 00:08:43,679 --> 00:08:46,679 Speaker 1: sitting in your bank account for the last well however 135 00:08:46,760 --> 00:08:49,160 Speaker 1: many years now. But the dollars that you have been 136 00:08:49,200 --> 00:08:52,040 Speaker 1: working for every month are worth less sitting in your 137 00:08:52,080 --> 00:08:57,679 Speaker 1: bank account, as you know. So saving is punished, spending 138 00:08:57,760 --> 00:09:01,280 Speaker 1: is rewarded. That's a really bad system. You add on 139 00:09:01,400 --> 00:09:08,680 Speaker 1: top of that, speculation is rewarded for the banks. And 140 00:09:08,840 --> 00:09:12,880 Speaker 1: now we know we are in a day facto backstopping 141 00:09:13,160 --> 00:09:17,000 Speaker 1: of all accounts held in all US banks. That is 142 00:09:17,000 --> 00:09:20,599 Speaker 1: the message that has been sent. No one will say. Otherwise, 143 00:09:21,200 --> 00:09:23,320 Speaker 1: if some because of some other bank were to fail, 144 00:09:23,360 --> 00:09:25,200 Speaker 1: and it could very well happen in the days and 145 00:09:25,200 --> 00:09:28,120 Speaker 1: weeks ahead, the same argument's going to be made, Oh 146 00:09:28,120 --> 00:09:30,120 Speaker 1: my gosh, you have to get bailed out the depositors. 147 00:09:30,200 --> 00:09:34,960 Speaker 1: It's not their fault. Well, whose fault is it? This 148 00:09:35,040 --> 00:09:36,439 Speaker 1: is what you really start to get to it. I 149 00:09:36,920 --> 00:09:39,200 Speaker 1: don't mean that it is the depositors fault, but someone's 150 00:09:39,240 --> 00:09:41,880 Speaker 1: got to be held at fault if they're not. You 151 00:09:41,920 --> 00:09:44,240 Speaker 1: know what happens more of this, and everybody who sees 152 00:09:44,280 --> 00:09:47,440 Speaker 1: this for what it is understands that the likely outcome 153 00:09:47,600 --> 00:09:52,880 Speaker 1: is more recklessness until people who do it feel pain. 154 00:09:53,200 --> 00:09:55,840 Speaker 1: And unfortunately, as we all know from two thousand and eight, 155 00:09:56,120 --> 00:09:58,960 Speaker 1: the most reckless people didn't really feel very much pain 156 00:09:58,960 --> 00:10:03,480 Speaker 1: at all. The banks that were on the precipice of 157 00:10:03,520 --> 00:10:07,000 Speaker 1: destroying the entire global economy, creating a massive credit freeze, 158 00:10:07,640 --> 00:10:11,640 Speaker 1: and god knows what would have followed that. But back 159 00:10:11,640 --> 00:10:16,559 Speaker 1: to inflation again, Carl Icon Financier telling everybody that if 160 00:10:16,559 --> 00:10:22,800 Speaker 1: you look at history, inflation has been the destruction of 161 00:10:23,000 --> 00:10:25,920 Speaker 1: many societies. Play for Yeah, I don't think it's the 162 00:10:25,960 --> 00:10:30,000 Speaker 1: last few days that necessarily I think we have some 163 00:10:30,160 --> 00:10:35,560 Speaker 1: major problems that our economy. I think Powell really has 164 00:10:35,640 --> 00:10:39,400 Speaker 1: to raise interest rate sooner or later. I can't talk 165 00:10:39,400 --> 00:10:43,760 Speaker 1: about next week or even next month, but inflation is 166 00:10:43,760 --> 00:10:46,040 Speaker 1: the worst thing an economy can have, and I think 167 00:10:46,480 --> 00:10:50,679 Speaker 1: people underrate that. If you look in history, every in 168 00:10:50,800 --> 00:10:55,640 Speaker 1: gemony has been destroyed by inflation or almost everyone. Let 169 00:10:55,679 --> 00:10:59,320 Speaker 1: me just go back to Rome. Here's what ends up 170 00:10:59,360 --> 00:11:05,920 Speaker 1: happening a central government. The bureaucracy becomes too powerful, is unaccountable, 171 00:11:06,960 --> 00:11:10,040 Speaker 1: and the people who think that they're dealing with a 172 00:11:10,120 --> 00:11:12,880 Speaker 1: representative government I'm talking about now, whether it's a republic 173 00:11:13,000 --> 00:11:16,280 Speaker 1: or some form of democratic rule, it just turns into 174 00:11:16,320 --> 00:11:19,760 Speaker 1: an arms race for who spends the money better because 175 00:11:19,840 --> 00:11:23,560 Speaker 1: you can't win against the other side. You can't win 176 00:11:23,640 --> 00:11:25,840 Speaker 1: saying there is no Santa Claus. So now everybody has 177 00:11:25,880 --> 00:11:27,640 Speaker 1: to say there is a Santa Claus. Everybody has to 178 00:11:27,679 --> 00:11:30,680 Speaker 1: promise the free lunch. What does that look like. I 179 00:11:30,760 --> 00:11:33,000 Speaker 1: think it looks like thirty one trillion dollars in debt, 180 00:11:33,000 --> 00:11:36,960 Speaker 1: give or take. You know. The Republican Party right now, 181 00:11:37,320 --> 00:11:40,000 Speaker 1: no one's talking about this, but the truth is you 182 00:11:40,160 --> 00:11:43,360 Speaker 1: cannot even get elected within the Republican Party at least. 183 00:11:43,360 --> 00:11:47,920 Speaker 1: This is the belief talking about any kind of entitlement reform, 184 00:11:48,760 --> 00:11:52,200 Speaker 1: raising the retirement age, anything like that, totally people don't 185 00:11:52,200 --> 00:11:55,360 Speaker 1: want to hear it, totally opposed to it. Okay, well, 186 00:11:55,360 --> 00:11:57,160 Speaker 1: so now we're just on the train to see how 187 00:11:57,160 --> 00:11:59,040 Speaker 1: far it goes and where it ends. You know, that's it, 188 00:12:00,600 --> 00:12:04,280 Speaker 1: because there's no political will to take the medicine. Nobody 189 00:12:04,320 --> 00:12:06,440 Speaker 1: wants to hear that this is all going to come 190 00:12:06,800 --> 00:12:09,400 Speaker 1: to a stop at some point. So how do you 191 00:12:09,440 --> 00:12:13,320 Speaker 1: stay in power? How do you beat the other guy? Well, 192 00:12:13,360 --> 00:12:16,640 Speaker 1: you say, oh, it's it's just the rich that are 193 00:12:16,640 --> 00:12:19,800 Speaker 1: causing the problems. It's just the oppressors in our society 194 00:12:20,200 --> 00:12:23,120 Speaker 1: that are the issue. Here. We have endless money to 195 00:12:23,160 --> 00:12:25,839 Speaker 1: pay for everything. We have modern monetary theory we can apply, 196 00:12:26,720 --> 00:12:29,920 Speaker 1: and we've basically been running an experiment in modern monetary theory. 197 00:12:29,960 --> 00:12:33,040 Speaker 1: We just don't call it that because when you're spending 198 00:12:33,080 --> 00:12:36,200 Speaker 1: six trillion dollars during COVID to tell people not to work, 199 00:12:36,880 --> 00:12:38,480 Speaker 1: and then you're wondering what's going to happen, and then 200 00:12:38,480 --> 00:12:40,760 Speaker 1: Biden comes in and spends another two trillion and then 201 00:12:40,800 --> 00:12:43,000 Speaker 1: another couple trillion on top of that, and wanted to 202 00:12:43,040 --> 00:12:46,599 Speaker 1: spend five trillion, What do we think was going to 203 00:12:46,679 --> 00:12:51,920 Speaker 1: happen here? And you know, when Icon discusses inflation, this 204 00:12:52,040 --> 00:12:53,880 Speaker 1: is a tax on all of us. Everyone has to 205 00:12:53,960 --> 00:12:58,800 Speaker 1: understand that this is especially for those who are who 206 00:12:58,880 --> 00:13:01,640 Speaker 1: do not have assets, because assets tend to get inflated 207 00:13:01,720 --> 00:13:04,160 Speaker 1: during these bubble periods. So you know, if you own 208 00:13:04,240 --> 00:13:05,880 Speaker 1: a lot of stock, if you own a lot of 209 00:13:05,920 --> 00:13:08,400 Speaker 1: real estate, you know you do fine, and you're already wealthy, 210 00:13:08,480 --> 00:13:10,680 Speaker 1: so you can afford it. You know, who can afford 211 00:13:10,679 --> 00:13:14,240 Speaker 1: the tax of inflation the least people that are just 212 00:13:14,320 --> 00:13:17,600 Speaker 1: trying to make ends meet. But the moment that you 213 00:13:17,679 --> 00:13:19,320 Speaker 1: try to say, hold on a second, we have to 214 00:13:19,360 --> 00:13:22,880 Speaker 1: stop the spending from the government. It's too much. It's 215 00:13:22,960 --> 00:13:26,560 Speaker 1: causing the inflation that is destroying your life savings and 216 00:13:26,679 --> 00:13:29,000 Speaker 1: making it harder for you to make ends meet. You 217 00:13:29,000 --> 00:13:31,240 Speaker 1: know what ends up happening The demagogues win. They say, 218 00:13:31,280 --> 00:13:34,000 Speaker 1: see they're just in the pocket of the fat cats. 219 00:13:34,760 --> 00:13:36,920 Speaker 1: And whatever happened to the Tea Party. You remember that 220 00:13:37,559 --> 00:13:40,960 Speaker 1: we had this whole movement, a massive grassroots movement that 221 00:13:41,000 --> 00:13:44,040 Speaker 1: delivered a stunning victory in the House in twenty ten. 222 00:13:44,720 --> 00:13:48,400 Speaker 1: It was all about debt and spending. Now we sit 223 00:13:48,480 --> 00:13:50,480 Speaker 1: here and we say, maybe the people in charge can 224 00:13:50,520 --> 00:13:53,800 Speaker 1: fix it. Maybe Powell can turn a circle into a square, 225 00:13:53,920 --> 00:13:59,160 Speaker 1: maybe he can turn lead into gold the old alchemy example. 226 00:14:00,320 --> 00:14:03,880 Speaker 1: The answer is obviously no, he can't. So everyone's just 227 00:14:03,880 --> 00:14:06,760 Speaker 1: going to sit and wait and wonder as we grind 228 00:14:07,000 --> 00:14:10,640 Speaker 1: slowly toward a recession, how we got into this place 229 00:14:10,640 --> 00:14:13,240 Speaker 1: when really we've known all along, and we can either 230 00:14:13,280 --> 00:14:16,480 Speaker 1: hold the people in charge accountable and come up with 231 00:14:16,559 --> 00:14:19,400 Speaker 1: new ways of thinking and new approaches, or we just 232 00:14:19,480 --> 00:14:22,080 Speaker 1: keep running through the same cycle. And I'm of the 233 00:14:22,080 --> 00:14:24,120 Speaker 1: mind that we're probably just going to do that. We 234 00:14:24,200 --> 00:14:28,200 Speaker 1: just hope that it's not that bad this time. Biden's 235 00:14:28,240 --> 00:14:30,960 Speaker 1: in charge, everybody, How does that make you feel? The 236 00:14:31,000 --> 00:14:34,680 Speaker 1: Biden team is handling this. You know, you've heard us 237 00:14:34,680 --> 00:14:38,040 Speaker 1: talk about how huge asset managers names you know, are 238 00:14:38,120 --> 00:14:41,400 Speaker 1: using your retirement funds to further their esg agenda. You 239 00:14:41,440 --> 00:14:44,200 Speaker 1: don't need people playing politics with your retirement funds. You 240 00:14:44,240 --> 00:14:48,960 Speaker 1: want solid investments and maximize returns for your retirement. State 241 00:14:49,000 --> 00:14:51,880 Speaker 1: treasurers across the nation sent a message to stop playing 242 00:14:51,920 --> 00:14:56,040 Speaker 1: politics with pension funds by divesting five billion from some 243 00:14:56,080 --> 00:14:59,200 Speaker 1: of these companies. Twenty five states are suing to block 244 00:14:59,240 --> 00:15:03,400 Speaker 1: this nonsense of climate activism from endangering your hard earned funds. 245 00:15:03,720 --> 00:15:06,600 Speaker 1: Republicans on Capitol Hill just passed a bill blocking a 246 00:15:06,680 --> 00:15:10,720 Speaker 1: Biden administration from allowing these companies from using your money 247 00:15:10,960 --> 00:15:14,120 Speaker 1: to further their ESG agenda. Conservatives in the House and 248 00:15:14,160 --> 00:15:16,720 Speaker 1: send it have your back, but President Biden threatens to 249 00:15:16,800 --> 00:15:20,760 Speaker 1: view any bill that blocks ESG madness. These huge firms 250 00:15:20,760 --> 00:15:23,880 Speaker 1: have a fiduciary duty to maximize returns. They should be 251 00:15:23,920 --> 00:15:26,840 Speaker 1: held accountable for playing politics with pensions and doing it 252 00:15:27,120 --> 00:15:30,840 Speaker 1: without your consent. To learn how Consumers Research is protecting 253 00:15:30,880 --> 00:15:33,240 Speaker 1: all of us from these woke investment firms, go to 254 00:15:33,280 --> 00:15:39,520 Speaker 1: consumers Research dot org. That's consumers research dot org helping 255 00:15:39,560 --> 00:15:44,520 Speaker 1: you separate truth from fiction every single weekday to Clay 256 00:15:44,640 --> 00:15:48,320 Speaker 1: Travis and Buck Sexton Show. There's another narrative out there 257 00:15:48,640 --> 00:15:52,040 Speaker 1: that you should certainly be aware of. When it comes 258 00:15:52,040 --> 00:15:55,560 Speaker 1: to the banking collapse a last week, the bank that 259 00:15:55,600 --> 00:15:59,160 Speaker 1: collapsed SVB, a couple of banks actually signature as well. 260 00:16:00,840 --> 00:16:05,240 Speaker 1: There's the reality, the economic reality of a government that 261 00:16:05,280 --> 00:16:11,640 Speaker 1: spends recklessly and then debases the currency through inflation, and 262 00:16:11,680 --> 00:16:15,120 Speaker 1: then we all pay for it. Anyway, there's that, or 263 00:16:15,160 --> 00:16:19,760 Speaker 1: there's the cholarship of Warren. Elizabeth Warren, she's out there. 264 00:16:20,200 --> 00:16:26,160 Speaker 1: She has some ideas here that Congress is actually responsible 265 00:16:26,200 --> 00:16:31,080 Speaker 1: for this because it is Congress, and I'm sure Trump too. 266 00:16:31,120 --> 00:16:33,400 Speaker 1: It's oh, everything now is Trump's fault, because you know 267 00:16:33,440 --> 00:16:35,800 Speaker 1: he was a Republican and he was president. Here she 268 00:16:36,040 --> 00:16:39,680 Speaker 1: is play six. What we have is a problem that 269 00:16:39,800 --> 00:16:43,800 Speaker 1: starts with Congress by opening the door to weaker regulations, 270 00:16:44,160 --> 00:16:48,520 Speaker 1: then goes to the regulators that very much weakened those regulations, 271 00:16:48,840 --> 00:16:51,560 Speaker 1: and then to the executives who thought that you could 272 00:16:51,600 --> 00:16:54,240 Speaker 1: run a bank like any other business and that they 273 00:16:54,240 --> 00:16:57,840 Speaker 1: could load up on risk in order to improve profitability 274 00:16:57,880 --> 00:17:01,280 Speaker 1: for the shareholders and boost their own. Our recent bonuses, 275 00:17:01,680 --> 00:17:04,200 Speaker 1: we have to shut that down. Shutting that down starts 276 00:17:04,240 --> 00:17:10,640 Speaker 1: with Congress tightening up regulations. To begin with, Elizabeth Warren 277 00:17:11,560 --> 00:17:13,600 Speaker 1: is always going to say it's a problem of regulation 278 00:17:13,680 --> 00:17:16,760 Speaker 1: because she wants to be the one who sets the rules. 279 00:17:17,800 --> 00:17:20,159 Speaker 1: She and Democrats like her want to be in charge. 280 00:17:20,680 --> 00:17:23,480 Speaker 1: The real problem here is the government spends too much money. 281 00:17:24,240 --> 00:17:27,480 Speaker 1: The problem is that the people in charge, meaning Congress 282 00:17:27,680 --> 00:17:31,040 Speaker 1: and the White House, think that they can spend whatever 283 00:17:31,080 --> 00:17:34,639 Speaker 1: they want to spend, and there's no real downside because 284 00:17:34,640 --> 00:17:37,000 Speaker 1: no matter what happens to the economy, no matter what 285 00:17:37,040 --> 00:17:40,720 Speaker 1: happens to your life savings, they're still in charge, and 286 00:17:40,840 --> 00:17:43,880 Speaker 1: that is all that matters. They are bribing the public 287 00:17:43,960 --> 00:17:47,920 Speaker 1: with the public's money and hoping you don't figure it out. 288 00:17:48,040 --> 00:17:51,640 Speaker 1: That is the fundamental problem. It's not that there's some 289 00:17:52,160 --> 00:17:55,880 Speaker 1: Dodd Frank regulation that you know on page seven, sub 290 00:17:55,920 --> 00:18:00,760 Speaker 1: paragraph three that didn't It's just nonsense. You own a 291 00:18:00,760 --> 00:18:03,639 Speaker 1: small business, you may qualify for a tax refund from 292 00:18:03,640 --> 00:18:06,359 Speaker 1: the IRS, part of a little known program called the 293 00:18:06,400 --> 00:18:10,560 Speaker 1: Employee Retention Credit or ARC. The experts at getrefunds dot 294 00:18:10,640 --> 00:18:14,000 Speaker 1: com have been making sense of this complicated tax refund program, 295 00:18:14,040 --> 00:18:16,359 Speaker 1: making it possible for you, as a business owner to 296 00:18:16,440 --> 00:18:19,960 Speaker 1: get this refund. Go to getrefunds dot Com to get 297 00:18:20,000 --> 00:18:22,280 Speaker 1: started and unless than eight minutes see if your business 298 00:18:22,359 --> 00:18:26,720 Speaker 1: qualifies for ARC assistance. Your business may be eligible for 299 00:18:26,840 --> 00:18:29,400 Speaker 1: a payroll tax refund about the twenty six thousand dollars 300 00:18:29,440 --> 00:18:33,720 Speaker 1: per employee kept on payroll during COVID nineteen. Getrefunds dot 301 00:18:33,720 --> 00:18:36,440 Speaker 1: Com has already helped clients claim over three billion dollars 302 00:18:36,480 --> 00:18:39,359 Speaker 1: in payroll tax refunds through the ARC. They may be 303 00:18:39,400 --> 00:18:42,520 Speaker 1: able to help your business too. There's no upfront charge either. 304 00:18:42,760 --> 00:18:45,200 Speaker 1: They don't get paid until your business gets its refund. 305 00:18:45,480 --> 00:18:48,440 Speaker 1: Many businesses believe they won't qualify based off incomplete or 306 00:18:48,480 --> 00:18:52,160 Speaker 1: outdated information. Don't let this opportunity pass you by. It's 307 00:18:52,200 --> 00:18:55,080 Speaker 1: only available for a limited time. Go to get refunds 308 00:18:55,240 --> 00:19:00,520 Speaker 1: dot Com again. That website is getrefunds dot Com. Elizabeth 309 00:19:00,560 --> 00:19:06,000 Speaker 1: Warren wants to regulate the banks even more, as if 310 00:19:06,920 --> 00:19:09,040 Speaker 1: that's going to stop any of this stuff that we 311 00:19:09,080 --> 00:19:11,400 Speaker 1: see happening here. I know people like to believe if 312 00:19:11,440 --> 00:19:14,159 Speaker 1: only the rules are set a certain way, well, you 313 00:19:14,200 --> 00:19:18,920 Speaker 1: can either let the banks chase profits and deal with 314 00:19:19,040 --> 00:19:23,480 Speaker 1: the downside of poor decision making, or you can let 315 00:19:23,520 --> 00:19:27,800 Speaker 1: the banks do whatever they want and bail them out. 316 00:19:27,920 --> 00:19:32,520 Speaker 1: But adjusting the regulations here or there isn't going to 317 00:19:32,600 --> 00:19:36,240 Speaker 1: stop this stuff, haven't we kind of figured that out? Right? Oh, 318 00:19:36,320 --> 00:19:38,760 Speaker 1: if only there was. What is the regulation that is 319 00:19:38,760 --> 00:19:41,320 Speaker 1: going to be in place that would prevent what we 320 00:19:41,359 --> 00:19:44,480 Speaker 1: see from happening right now? Remember, the fundamental problems are 321 00:19:45,200 --> 00:19:50,320 Speaker 1: artificially low interest rates, inflation, and a lending system that 322 00:19:50,440 --> 00:19:53,359 Speaker 1: is based upon yield based upon people being able to 323 00:19:53,359 --> 00:19:56,119 Speaker 1: make money anyway, Regulation is always the answer, because what 324 00:19:56,240 --> 00:19:59,080 Speaker 1: is regulation. It is people in a position of authority 325 00:19:59,400 --> 00:20:02,880 Speaker 1: telling you what you can do. You see this mentality 326 00:20:03,560 --> 00:20:08,960 Speaker 1: around the issue of all things financial. You also see 327 00:20:09,000 --> 00:20:13,640 Speaker 1: it when it comes to guns, obviously, because here's here's 328 00:20:13,680 --> 00:20:15,800 Speaker 1: the thing. We all know that there is a problem 329 00:20:15,800 --> 00:20:23,440 Speaker 1: in this country right now with violence. But the problem 330 00:20:23,440 --> 00:20:26,520 Speaker 1: with violence does not come from law abiding gun owners, 331 00:20:27,400 --> 00:20:30,840 Speaker 1: right See, this is the disconnect. The people that are 332 00:20:30,880 --> 00:20:33,359 Speaker 1: doing the violence are criminals who break the laws on 333 00:20:33,600 --> 00:20:36,560 Speaker 1: guns on a whole range of other things too. But 334 00:20:36,680 --> 00:20:39,560 Speaker 1: so what do democrats do, Well, we just need more 335 00:20:39,600 --> 00:20:43,560 Speaker 1: regulations around guns. Let's not deal with the fundamental issue, 336 00:20:44,440 --> 00:20:48,879 Speaker 1: which would be much more appropriately addressed with putting people 337 00:20:48,920 --> 00:20:52,800 Speaker 1: who break the law in prison, putting people who are 338 00:20:52,920 --> 00:20:56,560 Speaker 1: violent away for a long time. That would actually help 339 00:20:56,600 --> 00:21:02,359 Speaker 1: the violence problem. No, Instead, let's go after people who 340 00:21:02,520 --> 00:21:05,640 Speaker 1: are law biding gun owners, who have someone like me, 341 00:21:05,840 --> 00:21:07,760 Speaker 1: I own an a R fifteen, I'm a bad person 342 00:21:07,800 --> 00:21:13,320 Speaker 1: according to Democrats. Right. Biden here says he is determined, 343 00:21:14,280 --> 00:21:22,000 Speaker 1: determined to ban assault weapons, and he's gonna do everything 344 00:21:22,000 --> 00:21:24,600 Speaker 1: in his power to take it there. He's gonna do 345 00:21:24,640 --> 00:21:28,560 Speaker 1: everything he can to make sure that that happens. Do 346 00:21:28,640 --> 00:21:35,440 Speaker 1: we have clip ten guys play universal background checks, eliminate 347 00:21:35,520 --> 00:21:41,840 Speaker 1: gun manufacturing community from my ability, And I'm determined once 348 00:21:41,880 --> 00:21:48,120 Speaker 1: again to ban assaul weapons and high capacity magazine. Determined 349 00:21:48,680 --> 00:21:54,000 Speaker 1: to ban assault weapons. What will that do? Well, if 350 00:21:54,000 --> 00:21:57,000 Speaker 1: you actually look at any honest study that show first 351 00:21:57,000 --> 00:22:01,320 Speaker 1: of all assault weapons, modern sporting rifle, whatever, you know, 352 00:22:01,400 --> 00:22:04,960 Speaker 1: we get into it with these terminology back and forth. 353 00:22:05,119 --> 00:22:06,679 Speaker 1: People say, well, Buck, there's no such thing as an 354 00:22:06,720 --> 00:22:08,159 Speaker 1: assault rifle, and I have to say, well, look, I 355 00:22:08,160 --> 00:22:11,440 Speaker 1: mean in California, unfortunately, now there is because they codify 356 00:22:11,560 --> 00:22:14,680 Speaker 1: these things. They say an assault rifle is, and they 357 00:22:14,720 --> 00:22:17,600 Speaker 1: make it a law. So you know, depends on where 358 00:22:17,680 --> 00:22:19,800 Speaker 1: you are. But yeah, of course it's the big scary 359 00:22:19,880 --> 00:22:24,640 Speaker 1: guns that they don't like law right, it's oh my gosh, 360 00:22:24,800 --> 00:22:28,400 Speaker 1: which account for I think it's less than two percent 361 00:22:28,720 --> 00:22:33,040 Speaker 1: of actual violence in the United States involving a firearm. 362 00:22:34,080 --> 00:22:38,239 Speaker 1: So they're going after a tiny, tiny sliver of the 363 00:22:38,320 --> 00:22:42,920 Speaker 1: problem and doing something that will do nothing to address 364 00:22:43,040 --> 00:22:46,359 Speaker 1: that tiny sliver of the problem. And they wonder why 365 00:22:46,840 --> 00:22:49,359 Speaker 1: we want to ignore them. I mean, you may have noticed, 366 00:22:49,359 --> 00:22:52,560 Speaker 1: by the way, on a different issue. But what was 367 00:22:52,600 --> 00:22:54,800 Speaker 1: this This is just a couple of days ago. I 368 00:22:54,840 --> 00:22:57,720 Speaker 1: think it was Greta Thunberg. This is on climate change 369 00:22:58,240 --> 00:23:01,760 Speaker 1: has deleted. People figured this out in twenty eighteen when 370 00:23:01,800 --> 00:23:04,960 Speaker 1: she was I don't know, sixteen or something, and the 371 00:23:05,000 --> 00:23:08,720 Speaker 1: whole world was listening to her. Deleted a tweet saying 372 00:23:08,720 --> 00:23:11,440 Speaker 1: that climate change would wipe out all of humanity and 373 00:23:11,720 --> 00:23:14,800 Speaker 1: unless we stop using fossil fuels by twenty twenty three. 374 00:23:16,240 --> 00:23:19,320 Speaker 1: Perhaps the most famous, sorry Al Gore, the most famous 375 00:23:19,359 --> 00:23:24,359 Speaker 1: climate change zealot in the world right now, is on 376 00:23:24,400 --> 00:23:27,399 Speaker 1: the record saying not just crazy stuff, crazy stuff that 377 00:23:27,480 --> 00:23:31,040 Speaker 1: isn't true. But you see, there's a very similar mentality 378 00:23:31,040 --> 00:23:34,240 Speaker 1: about dealing with firearms and guns. I can sit here 379 00:23:34,240 --> 00:23:37,400 Speaker 1: and try to explain to a Democrat like Biden, who, 380 00:23:37,400 --> 00:23:40,000 Speaker 1: by the way, Biden, this is just this is for 381 00:23:40,040 --> 00:23:42,679 Speaker 1: the base. This is for the Democrat base. It's not 382 00:23:42,840 --> 00:23:46,400 Speaker 1: about violence. You have to fundamentally understand that as well. 383 00:23:46,400 --> 00:23:49,360 Speaker 1: It's not about stopping gun violence. It's actually not what 384 00:23:49,400 --> 00:23:54,080 Speaker 1: they're doing. Democrats want to ban assault rifles, as Biden 385 00:23:54,160 --> 00:23:57,879 Speaker 1: just said, because it is a thumb in the eye 386 00:23:58,040 --> 00:24:04,119 Speaker 1: of their conservative political opponents. Biden doesn't want to ban 387 00:24:04,680 --> 00:24:10,280 Speaker 1: AAR fifteens and similar rifles because he really thinks that 388 00:24:10,280 --> 00:24:12,600 Speaker 1: that's going to Well, how is that going to stop 389 00:24:12,640 --> 00:24:16,920 Speaker 1: all the illegal gang banger violence in major American cities 390 00:24:18,320 --> 00:24:21,320 Speaker 1: where they're shooting each other with pistols. How is that 391 00:24:21,359 --> 00:24:23,560 Speaker 1: going to stop any of it? Which is ninety seven 392 00:24:23,600 --> 00:24:26,760 Speaker 1: percent of the gun of the you know, homicides. I'm 393 00:24:26,760 --> 00:24:31,840 Speaker 1: not talking about even suicides. But it's the gangs as 394 00:24:31,880 --> 00:24:34,320 Speaker 1: we know, it's gang members, it's people engage in crime, 395 00:24:34,440 --> 00:24:37,960 Speaker 1: it's it's armed robbery, it's home invasion. They're using pistols. 396 00:24:39,560 --> 00:24:42,600 Speaker 1: So this addresses none of that, which goes to my point. 397 00:24:43,280 --> 00:24:46,200 Speaker 1: This isn't ultimately about. This is a twenty twenty four 398 00:24:46,240 --> 00:24:49,960 Speaker 1: move for Biden. Even just saying this, he also wants 399 00:24:49,960 --> 00:24:55,800 Speaker 1: to go after gun manufacturers. Here he is saying something 400 00:24:55,840 --> 00:24:59,679 Speaker 1: that is just not only is it somewhat untrue, it 401 00:24:59,840 --> 00:25:03,080 Speaker 1: is it is in the complete opposite direction of the truth. 402 00:25:03,920 --> 00:25:06,480 Speaker 1: Play clip eleven. Second thing it does an executive order 403 00:25:06,600 --> 00:25:09,160 Speaker 1: ramps up or efforts to hold the gun industry accountable. 404 00:25:09,480 --> 00:25:13,840 Speaker 1: It's the only outfit you can't sue these days. Okay, 405 00:25:13,840 --> 00:25:16,560 Speaker 1: the President of the United States just said you can't 406 00:25:16,600 --> 00:25:22,240 Speaker 1: sue the gun industry. That's a lie and the reality, 407 00:25:22,320 --> 00:25:26,000 Speaker 1: the truth is that the gun industry is the only 408 00:25:26,080 --> 00:25:29,760 Speaker 1: industry that anybody knows of or can think of, where 409 00:25:29,800 --> 00:25:34,760 Speaker 1: the illegal use of otherwise lawful and even constitutionally protected 410 00:25:34,840 --> 00:25:39,320 Speaker 1: products is somehow the fault the liability of the manufacturer. 411 00:25:40,680 --> 00:25:43,600 Speaker 1: Right if you have a person who runs out with 412 00:25:43,800 --> 00:25:50,679 Speaker 1: a a chef knife and stab six people. This stuff happens, 413 00:25:50,680 --> 00:25:52,720 Speaker 1: as we know. There are mass murders where it's just 414 00:25:52,720 --> 00:25:54,560 Speaker 1: the person has a knife. There have been terrorist attacks 415 00:25:54,560 --> 00:25:56,760 Speaker 1: where it's just a person with a knife. You know, 416 00:25:56,840 --> 00:25:58,960 Speaker 1: no one thinks they're gonna go out there and you're 417 00:25:59,000 --> 00:26:02,280 Speaker 1: gonna see a huge law suit against the Japanese or 418 00:26:02,359 --> 00:26:08,000 Speaker 1: German high end steel manufacturer of that knife. Because that's crazy. 419 00:26:08,040 --> 00:26:12,000 Speaker 1: We understand that's that's insane. So why is it that 420 00:26:12,119 --> 00:26:15,280 Speaker 1: gun manufacturer should be held liable for somebody who you have? 421 00:26:15,800 --> 00:26:17,840 Speaker 1: I mean, and by the way, I know that whatever 422 00:26:17,880 --> 00:26:19,879 Speaker 1: I say, the number I get yelled at for by 423 00:26:19,960 --> 00:26:22,560 Speaker 1: people who are like, not numbers too low buck, I'm like, okay, 424 00:26:22,560 --> 00:26:27,919 Speaker 1: but you know you've got three hundred million guns in circulation, 425 00:26:27,960 --> 00:26:30,119 Speaker 1: give or take, in the country. Firearms. That's it. That 426 00:26:30,240 --> 00:26:33,639 Speaker 1: is just an estimate. It's probably more. And you have 427 00:26:34,119 --> 00:26:39,000 Speaker 1: what sixty million, sixty million homes I think where there's 428 00:26:39,000 --> 00:26:43,159 Speaker 1: a firearm right now, something like that. Maybe it's eighty million. 429 00:26:44,359 --> 00:26:46,800 Speaker 1: That's a lot of people. There's a lot of people, 430 00:26:46,800 --> 00:26:48,760 Speaker 1: and I'm one of them. So I see here and 431 00:26:48,800 --> 00:26:51,479 Speaker 1: I say, how is this making anybody safer? It's not 432 00:26:51,560 --> 00:26:54,040 Speaker 1: meant to make anybody safer, That's what you have to understand. 433 00:26:54,240 --> 00:26:58,439 Speaker 1: It's meant to make lifestyle lives on the coasts and 434 00:26:58,480 --> 00:27:01,160 Speaker 1: in Chicago. And you know if you they're blue enclaves 435 00:27:01,200 --> 00:27:04,679 Speaker 1: in between fuel not just good about themselves because they 436 00:27:04,680 --> 00:27:09,199 Speaker 1: don't touch the icky yucky guns, but to feel like 437 00:27:10,880 --> 00:27:15,560 Speaker 1: they're watching their politician, Joe Biden do something that is 438 00:27:15,560 --> 00:27:17,520 Speaker 1: meant to just be a slap in the face of 439 00:27:17,640 --> 00:27:21,119 Speaker 1: people that believe in the Second Amendment. That's the joy 440 00:27:21,160 --> 00:27:23,400 Speaker 1: they really get from it, because it's impossible to make 441 00:27:23,400 --> 00:27:26,120 Speaker 1: a serious argument this is going to stop anyone from 442 00:27:26,160 --> 00:27:30,680 Speaker 1: getting shot anywhere based on regulatory changes or executive order 443 00:27:30,760 --> 00:27:34,360 Speaker 1: or whatever. No honest person would be able to sit 444 00:27:34,400 --> 00:27:37,359 Speaker 1: down and they wouldn't be able to withstand the counter argument, 445 00:27:37,400 --> 00:27:39,960 Speaker 1: which is why there never is an opportunity to debate 446 00:27:39,960 --> 00:27:43,239 Speaker 1: this stuff publicly. So then why does Joe Biden do it? 447 00:27:43,720 --> 00:27:46,520 Speaker 1: Because it is meant to be slapping you in the 448 00:27:46,560 --> 00:27:51,840 Speaker 1: face for the amusement of his leftist donors and lib voters. 449 00:27:52,880 --> 00:27:55,800 Speaker 1: And that's the whole point, that's the whole reality of it. 450 00:27:56,480 --> 00:27:59,080 Speaker 1: Once you understand that that it's really about gun owners 451 00:27:59,640 --> 00:28:02,560 Speaker 1: and using this as a cultural wedge and an issue 452 00:28:02,560 --> 00:28:05,960 Speaker 1: with which to malign them for the amusement of libs 453 00:28:05,960 --> 00:28:07,920 Speaker 1: and everything else, actually makes a whole lot of sense. 454 00:28:09,359 --> 00:28:11,119 Speaker 1: Oh man, I need to get a good night's sleep, 455 00:28:11,800 --> 00:28:13,600 Speaker 1: and you know why I usually do get a good 456 00:28:13,680 --> 00:28:16,520 Speaker 1: night's sleep because of Mike Lindell and his team at 457 00:28:16,520 --> 00:28:20,080 Speaker 1: My Pillow. 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Enter promo code Clay and 476 00:29:08,440 --> 00:29:12,200 Speaker 1: Buck or call eight hundred seven nine two three two 477 00:29:12,240 --> 00:29:15,440 Speaker 1: six nine. That's eight hundred seven nine two three two 478 00:29:15,480 --> 00:29:17,440 Speaker 1: six nine to get your my Pillow two point zero. 479 00:29:17,520 --> 00:29:20,080 Speaker 1: Now my pillow two point oh the smoothest, coolest pillow 480 00:29:20,240 --> 00:29:23,440 Speaker 1: you'll ever own. Heard it on the shelf here. More 481 00:29:23,560 --> 00:29:28,560 Speaker 1: on the podcast Clay and Buck podcast Deep Dives, more contents, 482 00:29:28,720 --> 00:29:32,040 Speaker 1: more common sense. Find the guys on the iHeart app 483 00:29:32,160 --> 00:29:35,320 Speaker 1: or wherever you get your podcasts. Welcome back to Clay 484 00:29:35,360 --> 00:29:38,880 Speaker 1: in Buck. Come up. In the next hour, we have 485 00:29:39,320 --> 00:29:42,480 Speaker 1: Stephen Miller of the Trump White formerly of the Trump 486 00:29:42,480 --> 00:29:45,480 Speaker 1: White House, joining us talk about the border. You know 487 00:29:45,520 --> 00:29:49,640 Speaker 1: there's an app for that. When it comes to illegal immigration, 488 00:29:50,200 --> 00:29:53,360 Speaker 1: there's an app. Now, there was a hearing this morning 489 00:29:53,400 --> 00:29:55,760 Speaker 1: where they addressed this up on Capitol Hill. We'll discuss this. 490 00:29:56,640 --> 00:29:59,560 Speaker 1: There's even more stuff and it's all bad going on 491 00:29:59,600 --> 00:30:02,400 Speaker 1: at the U. Mexico border than people who are paying 492 00:30:02,600 --> 00:30:07,760 Speaker 1: pretty close attention realize. It's the layers of this mess. 493 00:30:08,040 --> 00:30:12,560 Speaker 1: It just goes deeper and deeper. And Democrats, it's not 494 00:30:12,680 --> 00:30:17,680 Speaker 1: that they are incapable of fixing it, they have no 495 00:30:17,760 --> 00:30:22,160 Speaker 1: interest in fixing it. It's important to understand the major 496 00:30:22,280 --> 00:30:26,560 Speaker 1: difference there. They don't want this to stop until they 497 00:30:26,600 --> 00:30:30,680 Speaker 1: are held to account by the voters in a massive 498 00:30:30,800 --> 00:30:36,120 Speaker 1: electoral landslide where immigration illegal immigration is a central issue. 499 00:30:37,000 --> 00:30:41,680 Speaker 1: They will not stop what's going on. And even then, 500 00:30:41,960 --> 00:30:44,920 Speaker 1: it looked if they decided to stop it, it it wouldn't 501 00:30:44,920 --> 00:30:47,440 Speaker 1: be easy. At this point, I know people might want 502 00:30:47,440 --> 00:30:48,880 Speaker 1: to they might argue with me on that, but the 503 00:30:48,920 --> 00:30:52,440 Speaker 1: cartels are so sophisticated, there's so much money already, the 504 00:30:52,520 --> 00:30:58,440 Speaker 1: human trafficking networks are so well established that you could 505 00:30:58,600 --> 00:31:01,560 Speaker 1: you could be serious about enforcing the law. The border 506 00:31:02,560 --> 00:31:06,040 Speaker 1: college not get a lot better, Don't get me wrong, 507 00:31:07,200 --> 00:31:09,440 Speaker 1: but you know it would be like a city. Let's 508 00:31:09,440 --> 00:31:10,960 Speaker 1: say you have a city that has a crime problem. 509 00:31:10,960 --> 00:31:13,840 Speaker 1: It's out of control because you cut the police force 510 00:31:13,880 --> 00:31:16,720 Speaker 1: in half, and all of a sudden you had district 511 00:31:16,760 --> 00:31:20,600 Speaker 1: attorneys who didn't enforce the law. No one's getting prosecuted. Okay, 512 00:31:20,760 --> 00:31:23,680 Speaker 1: that's gonna make things really bad. But even if you 513 00:31:23,760 --> 00:31:26,360 Speaker 1: turn around, you know, even if you put out the 514 00:31:26,360 --> 00:31:30,600 Speaker 1: bat signal and Batman shows up, so to speak, and 515 00:31:30,680 --> 00:31:32,920 Speaker 1: you start cleaning things up, you still got a fight 516 00:31:33,000 --> 00:31:35,239 Speaker 1: on your hands. And the southern border is such a 517 00:31:35,240 --> 00:31:37,360 Speaker 1: mess and will continue to be even if you had 518 00:31:38,000 --> 00:31:41,840 Speaker 1: serious people in charge, and we have with the Biden regime, 519 00:31:41,960 --> 00:31:46,160 Speaker 1: deeply unserious people in charge, as you know. Eight hundred 520 00:31:46,200 --> 00:31:48,800 Speaker 1: two two two eight two if you want to chat 521 00:31:48,840 --> 00:31:55,920 Speaker 1: on the phone lines. Also our VIP email inbox. The 522 00:31:56,000 --> 00:31:58,040 Speaker 1: team reads them every day. They send them to us 523 00:31:58,080 --> 00:32:00,120 Speaker 1: every day. You got to become a VIP subscriber at 524 00:32:00,160 --> 00:32:03,440 Speaker 1: Clayanbuck dot com. He'll check out the site. A lot 525 00:32:03,440 --> 00:32:05,400 Speaker 1: of fun stuff there. You can also always listen streaming 526 00:32:05,400 --> 00:32:09,040 Speaker 1: to the show there. But Tom writes in can you 527 00:32:09,080 --> 00:32:14,480 Speaker 1: address how the president has the authority to arbitrarily increase 528 00:32:14,560 --> 00:32:18,280 Speaker 1: the FDIC amount to include all deposits. Okay, Tom, this 529 00:32:18,320 --> 00:32:23,400 Speaker 1: is important. The president hasn't done that. It is not 530 00:32:23,520 --> 00:32:28,840 Speaker 1: the case that officially all deposits of all amounts at 531 00:32:28,880 --> 00:32:32,920 Speaker 1: all banks are backstop by the federal government. So that's 532 00:32:32,920 --> 00:32:35,200 Speaker 1: a perception that maybe out there, and we talk about 533 00:32:35,240 --> 00:32:38,680 Speaker 1: how when we say de facto right, well, you're you're 534 00:32:38,760 --> 00:32:43,200 Speaker 1: raising gonna be a d jure, which you know it 535 00:32:43,200 --> 00:32:46,480 Speaker 1: would be an official backstopping of all deposits by the 536 00:32:46,520 --> 00:32:50,040 Speaker 1: federal government. That's not really where we are. What has 537 00:32:50,120 --> 00:32:53,600 Speaker 1: happened is that we ran an experiment here where a 538 00:32:53,640 --> 00:32:57,440 Speaker 1: bank was in failure after a bank run could not 539 00:32:57,520 --> 00:33:01,800 Speaker 1: meet the demands of depositors. Was Now there's also argument 540 00:33:01,840 --> 00:33:04,160 Speaker 1: you didn't hear a lot about this, that a private 541 00:33:04,200 --> 00:33:07,200 Speaker 1: bank could have come in and bought them. And this 542 00:33:07,280 --> 00:33:10,280 Speaker 1: gets a bit into the complexities of the system, the 543 00:33:10,280 --> 00:33:13,720 Speaker 1: the the bank in question SVB, and I know that 544 00:33:13,840 --> 00:33:16,120 Speaker 1: a lot of woke, crazy d EI stuff whenever. But 545 00:33:16,160 --> 00:33:19,480 Speaker 1: the real systemic problem is what I've been talking about, 546 00:33:19,480 --> 00:33:23,880 Speaker 1: which is interest rates, inflation, and you know, the debt, 547 00:33:23,960 --> 00:33:27,600 Speaker 1: the the bill coming due, right, I mean, that's that's 548 00:33:27,720 --> 00:33:30,280 Speaker 1: essentially what we're all grappling with right now. Too much 549 00:33:30,280 --> 00:33:33,080 Speaker 1: government spending and what happens when you have that. But 550 00:33:33,200 --> 00:33:36,360 Speaker 1: they they own these treasury bonds, that the bond is 551 00:33:36,400 --> 00:33:40,880 Speaker 1: a promise to pay back the full amount unless the 552 00:33:40,920 --> 00:33:45,480 Speaker 1: bond fails. And if US treasury bonds fail, I mean 553 00:33:45,640 --> 00:33:47,960 Speaker 1: you you better be ready for you better have your 554 00:33:49,240 --> 00:33:53,400 Speaker 1: you know your your shelter, handy, and you better have plenty. Uh, 555 00:33:54,040 --> 00:33:56,800 Speaker 1: you're on your own, buddy. We're in civilizational collapse if 556 00:33:56,800 --> 00:34:01,120 Speaker 1: treasury bonds fail. Pretty much so the treasury bond. Let's 557 00:34:01,160 --> 00:34:03,240 Speaker 1: say you buy. By the way, there are people I'm 558 00:34:03,240 --> 00:34:05,440 Speaker 1: not a finance guy. I'm just a guy who reads 559 00:34:05,440 --> 00:34:07,560 Speaker 1: all day so we can tell you worthwhile things on 560 00:34:07,600 --> 00:34:09,359 Speaker 1: the show. So there are people in this audience who 561 00:34:09,440 --> 00:34:11,520 Speaker 1: know this and much great. Probably have some guys who 562 00:34:11,640 --> 00:34:14,239 Speaker 1: trade a lot of T bills listening right now. But 563 00:34:14,560 --> 00:34:16,800 Speaker 1: the basics of it, I have bought and sold bonds, 564 00:34:16,800 --> 00:34:18,880 Speaker 1: so I have been a bond I wouldn't say a 565 00:34:18,880 --> 00:34:20,840 Speaker 1: bond trader, but you know I've I've played in the 566 00:34:20,880 --> 00:34:24,200 Speaker 1: bond mark in the past. If if you have a 567 00:34:24,280 --> 00:34:26,279 Speaker 1: T bond and you put ten thousand dollars in it, 568 00:34:26,520 --> 00:34:28,799 Speaker 1: at the end of the bond, you get the full 569 00:34:28,840 --> 00:34:32,719 Speaker 1: amount of money back. These banks invested in what are 570 00:34:32,719 --> 00:34:37,720 Speaker 1: still considered very safe, so to speak, investments with treasury bonds. 571 00:34:38,160 --> 00:34:41,160 Speaker 1: But the coupon on them had changed the percentage that 572 00:34:41,239 --> 00:34:45,920 Speaker 1: you get along the term of the bond. And because 573 00:34:46,160 --> 00:34:50,520 Speaker 1: interest rates had risen the bonds were trading, I shouldn't 574 00:34:50,520 --> 00:34:53,759 Speaker 1: say the coupon had changed the rate see bondmath. It's 575 00:34:53,800 --> 00:34:58,279 Speaker 1: hard the way that the bonds were trading change because 576 00:34:58,320 --> 00:35:01,000 Speaker 1: of the rise in interest rates overall, and so the 577 00:35:01,040 --> 00:35:05,360 Speaker 1: bonds were worth less. And when the bonds are worth less, 578 00:35:05,400 --> 00:35:08,200 Speaker 1: if you have to sell them to deal with they 579 00:35:08,360 --> 00:35:12,440 Speaker 1: run on your bank from depositors, then you're selling them 580 00:35:12,480 --> 00:35:15,360 Speaker 1: at a loss currently, even though eventually it would be 581 00:35:15,360 --> 00:35:20,120 Speaker 1: the full value. I think I've explained this correctly. And 582 00:35:20,280 --> 00:35:24,320 Speaker 1: so it's really a time issue, not an asset value issue. 583 00:35:25,120 --> 00:35:28,680 Speaker 1: And so a bank could have come in and bought SVB, 584 00:35:29,239 --> 00:35:32,000 Speaker 1: but instead FDIC and the regulators and they shut it 585 00:35:32,040 --> 00:35:34,000 Speaker 1: down or they jumped in. There's an argument over what 586 00:35:34,160 --> 00:35:37,040 Speaker 1: was the right thing there that maybe a bigger bank 587 00:35:37,040 --> 00:35:38,879 Speaker 1: could have said, no, no, we'll buy SVB and we'll 588 00:35:38,920 --> 00:35:42,560 Speaker 1: handle this within the private sector. That all said, the 589 00:35:42,600 --> 00:35:50,160 Speaker 1: backstopping of all accounts is not official. The FDIC. The 590 00:35:50,280 --> 00:35:52,840 Speaker 1: you know, the FDIC came in and is paying for 591 00:35:52,920 --> 00:35:57,680 Speaker 1: the depositors in this case with a fund, effectively a 592 00:35:57,719 --> 00:36:00,200 Speaker 1: fee that banks have paid into a fund, and you 593 00:36:00,200 --> 00:36:02,480 Speaker 1: know they're moving money around on the balance sheet to 594 00:36:02,520 --> 00:36:07,800 Speaker 1: make this bank hole. But if you bailed out SVB 595 00:36:08,000 --> 00:36:11,440 Speaker 1: when it failed, why wouldn't you bail out any other bank? 596 00:36:11,640 --> 00:36:15,240 Speaker 1: If the argument is depositors cannot be held at fault 597 00:36:15,520 --> 00:36:19,640 Speaker 1: no matter how reckless a bank is beyond the FDIC limits, 598 00:36:20,719 --> 00:36:22,759 Speaker 1: then that has to be the argument for any bank, 599 00:36:22,920 --> 00:36:25,680 Speaker 1: right And so that's why there's this perception that all 600 00:36:25,719 --> 00:36:31,680 Speaker 1: of your accounts are now essentially FDIC covered. They're not, 601 00:36:32,320 --> 00:36:34,759 Speaker 1: and we may find out the hardway at some point 602 00:36:35,160 --> 00:36:38,279 Speaker 1: how much they are not. But that's so it's a 603 00:36:38,320 --> 00:36:43,600 Speaker 1: perception issue versus a real change in how the banking 604 00:36:43,640 --> 00:36:46,279 Speaker 1: limits have been. That's my understanding of it. I think 605 00:36:46,320 --> 00:36:47,520 Speaker 1: I pretty much did that. I want to go. But 606 00:36:47,640 --> 00:36:49,719 Speaker 1: let's talk about national security, things that I've worked in 607 00:36:49,760 --> 00:36:52,640 Speaker 1: for many years, and the border, something I know quite 608 00:36:52,640 --> 00:36:54,360 Speaker 1: well with Stephen Miller. We'll get to that in a 609 00:36:54,400 --> 00:36:54,960 Speaker 1: couple of minutes.