1 00:00:00,600 --> 00:00:02,960 Speaker 1: KF I Am six forty. You're listening to the John 2 00:00:03,000 --> 00:00:09,119 Speaker 1: and Ken Show on demand on the iHeartRadio app. Well, 3 00:00:09,160 --> 00:00:11,879 Speaker 1: the news came out Friday about Silicon Valley Bank and 4 00:00:11,880 --> 00:00:16,200 Speaker 1: then yesterday another bank running into trouble called Signature Bank. 5 00:00:17,200 --> 00:00:20,239 Speaker 1: This brings back scares. Of course, people want to go 6 00:00:20,280 --> 00:00:22,400 Speaker 1: way back to the Depression when there was a run 7 00:00:22,440 --> 00:00:25,240 Speaker 1: on banks, but even more recently in two thousand and 8 00:00:25,239 --> 00:00:27,760 Speaker 1: eight with a big mortgage meltdown, some banks rented the 9 00:00:27,840 --> 00:00:30,520 Speaker 1: problems as well. So this is kind of a new 10 00:00:30,600 --> 00:00:34,400 Speaker 1: hitch in the whole economic picture. Let's bring on Alex Stone, 11 00:00:34,440 --> 00:00:38,240 Speaker 1: ABC News for KFI with more on these banks. Alex, 12 00:00:38,280 --> 00:00:42,479 Speaker 1: how did this start? Well? Yeah, so forty two billion 13 00:00:42,560 --> 00:00:46,400 Speaker 1: dollars is what came out of Silicon Valley Bank on Thursday, 14 00:00:46,440 --> 00:00:49,360 Speaker 1: and a lot of that was people getting word that 15 00:00:49,440 --> 00:00:53,720 Speaker 1: things weren't going very well that Silicon Valley Bank. On Wednesday, 16 00:00:53,760 --> 00:00:56,480 Speaker 1: Tuesday and Wednesday last week, they said, you know what, 17 00:00:56,600 --> 00:01:00,160 Speaker 1: we're taking great losses on the bonds that they had 18 00:01:00,040 --> 00:01:03,480 Speaker 1: the interest rates so when they went up the securities 19 00:01:03,480 --> 00:01:05,720 Speaker 1: that they had went down to almost nothing, they were 20 00:01:05,720 --> 00:01:08,679 Speaker 1: going to take losses selling those securities and that they 21 00:01:08,680 --> 00:01:11,319 Speaker 1: had to raise a lot of money quickly, and that 22 00:01:11,480 --> 00:01:13,479 Speaker 1: was a warning sign to people who said I got 23 00:01:13,480 --> 00:01:15,679 Speaker 1: to get down there and take my money out. Forty 24 00:01:15,680 --> 00:01:19,520 Speaker 1: two billion dollars sucked out on Thursday alone. Friday morning, 25 00:01:19,560 --> 00:01:24,040 Speaker 1: they went insolvent, and it goes that quickly. Signature bank 26 00:01:24,080 --> 00:01:27,720 Speaker 1: over the weekend, they're related to the cryptocurrency they were 27 00:01:27,760 --> 00:01:30,679 Speaker 1: shut down. Other regional banks are saying whoa, whoa, whoa, 28 00:01:30,680 --> 00:01:33,680 Speaker 1: We're gonna be okay. First Republic putting out a note 29 00:01:33,680 --> 00:01:36,640 Speaker 1: to its customers over the weekend saying we've got money. 30 00:01:37,000 --> 00:01:38,920 Speaker 1: Plus the government is now going to help out to 31 00:01:38,959 --> 00:01:41,920 Speaker 1: make sure these banks too. All right, But today you 32 00:01:42,040 --> 00:01:44,880 Speaker 1: got all the customers who didn't get their money out 33 00:01:44,920 --> 00:01:50,360 Speaker 1: before outside of Silicon Valley Bank getting from the FDIC, 34 00:01:51,040 --> 00:01:53,960 Speaker 1: the Federal Reserve, the Treasury all of their money out 35 00:01:54,000 --> 00:01:56,640 Speaker 1: now in this deal that was announced last night, that 36 00:01:56,680 --> 00:02:00,440 Speaker 1: it wouldn't be only what was insured the FDIC insurance 37 00:02:00,640 --> 00:02:02,600 Speaker 1: to two hundred and fifty thousand dollars, who would be 38 00:02:02,680 --> 00:02:06,200 Speaker 1: all of it to make sure that Americans are confident 39 00:02:06,280 --> 00:02:09,720 Speaker 1: in the banking system. Richard Carver set up his fold 40 00:02:09,800 --> 00:02:12,720 Speaker 1: up chair outside of Silicon Valley Bank and branch today 41 00:02:13,200 --> 00:02:14,800 Speaker 1: He said he was going to camp out there until 42 00:02:14,800 --> 00:02:16,880 Speaker 1: he got his money. Go in and get the guaranteed 43 00:02:16,919 --> 00:02:20,400 Speaker 1: amount at least if and I'd like to get a 44 00:02:20,440 --> 00:02:22,280 Speaker 1: little more than that. Can't be the only one who 45 00:02:22,280 --> 00:02:24,280 Speaker 1: wants to get their cash out of here. Yeah, within 46 00:02:24,400 --> 00:02:27,200 Speaker 1: fifteen minutes he walked in. He walked out with all 47 00:02:27,240 --> 00:02:30,960 Speaker 1: of his money. And this is an individual customer. You know, 48 00:02:31,000 --> 00:02:33,440 Speaker 1: this isn't a big tech company. This is a guy 49 00:02:33,480 --> 00:02:35,320 Speaker 1: who said he just had an account there and that's 50 00:02:35,320 --> 00:02:38,160 Speaker 1: where they were lucky didn't get robbed. Yeah, I mean 51 00:02:38,320 --> 00:02:41,160 Speaker 1: you knew that the people were walking out hundreds thousands, 52 00:02:41,480 --> 00:02:43,640 Speaker 1: that is true. They did have police. They had police 53 00:02:43,639 --> 00:02:46,040 Speaker 1: out there that the people are walking out, Yeah, with 54 00:02:46,160 --> 00:02:50,000 Speaker 1: money or in some form of money they transferring it. 55 00:02:50,080 --> 00:02:53,079 Speaker 1: But he got it, walking out with what I wanted, 56 00:02:53,080 --> 00:02:55,360 Speaker 1: my chair and go home. And for those who have 57 00:02:55,400 --> 00:02:57,560 Speaker 1: been against it kind of helped saying don't bail out. 58 00:02:57,720 --> 00:03:00,280 Speaker 1: It's customers like Richard that are saying, look, the are 59 00:03:00,320 --> 00:03:04,640 Speaker 1: individual people, small startups. We talked to a woman named Lindsay, 60 00:03:04,680 --> 00:03:07,280 Speaker 1: founder of a company called strong Suit. She's an Ohio 61 00:03:07,919 --> 00:03:11,920 Speaker 1: and she drives a Honda Minivan. She said all of 62 00:03:11,960 --> 00:03:14,760 Speaker 1: her savings went into this company. They've got fifteen employees. 63 00:03:15,280 --> 00:03:18,239 Speaker 1: That's where their money was. It was in Silicon Valley 64 00:03:18,240 --> 00:03:20,880 Speaker 1: Bank And come Friday when she heard something was wrong. 65 00:03:20,919 --> 00:03:24,079 Speaker 1: On Thursday, try to get a transfer to Chase, I believe, 66 00:03:24,320 --> 00:03:27,120 Speaker 1: and it didn't go through in time. By Friday, couldn't 67 00:03:27,120 --> 00:03:29,840 Speaker 1: get any money out. But all of their company's money, 68 00:03:29,880 --> 00:03:32,600 Speaker 1: all their payroll, everything they've made poof it was either 69 00:03:32,680 --> 00:03:34,960 Speaker 1: locked up or beyond two hundred fifty grand. She thought, 70 00:03:34,960 --> 00:03:37,240 Speaker 1: maybe gone. It is not just an issue that is 71 00:03:37,280 --> 00:03:40,640 Speaker 1: going to start and end in the Bay Area. This 72 00:03:40,880 --> 00:03:44,600 Speaker 1: is working families across the entire United States who are 73 00:03:44,760 --> 00:03:46,640 Speaker 1: stood to be impacted by this. And guys, I mean 74 00:03:46,640 --> 00:03:49,920 Speaker 1: this all comes down to it is the whole banking 75 00:03:49,960 --> 00:03:54,360 Speaker 1: system in the US and really anywhere runs on faith, 76 00:03:54,520 --> 00:03:57,120 Speaker 1: on trust, on belief that when you put your money 77 00:03:57,120 --> 00:03:58,800 Speaker 1: in that you're going to be able to get your 78 00:03:58,800 --> 00:04:01,280 Speaker 1: money out. When you're investing, you know that money may 79 00:04:01,280 --> 00:04:03,400 Speaker 1: go away. When you put your money into a bank, 80 00:04:03,520 --> 00:04:05,240 Speaker 1: you think you're gonna go to that atm and it's 81 00:04:05,240 --> 00:04:07,560 Speaker 1: going to come out. And if Americans don't believe that, 82 00:04:07,880 --> 00:04:10,800 Speaker 1: the whole system doesn't work. I remember people who went 83 00:04:10,880 --> 00:04:13,720 Speaker 1: on people in my parents generation, there were always these 84 00:04:14,400 --> 00:04:17,599 Speaker 1: odd guys who refuse to use banks. They didn't trust 85 00:04:17,600 --> 00:04:20,440 Speaker 1: banks because the money under the mattress literally money under 86 00:04:20,440 --> 00:04:22,279 Speaker 1: the mattress, or they you know, had it buried in 87 00:04:22,320 --> 00:04:24,920 Speaker 1: a metal case in their backyard. There are still people 88 00:04:24,920 --> 00:04:27,640 Speaker 1: that way. Yeah, well there'll be another generation of those. 89 00:04:28,320 --> 00:04:31,279 Speaker 1: What do we know about more of these banks popping up? Now? 90 00:04:31,360 --> 00:04:34,400 Speaker 1: We got these two, are there are several others in trouble. 91 00:04:34,440 --> 00:04:36,359 Speaker 1: I mean I saw the stock market today, a lot 92 00:04:36,400 --> 00:04:38,440 Speaker 1: of banks took hits on their stock prices. They did. 93 00:04:38,480 --> 00:04:42,039 Speaker 1: But that what the government announced last night and details 94 00:04:42,040 --> 00:04:44,240 Speaker 1: have this morning, that now there is going to be 95 00:04:44,440 --> 00:04:49,320 Speaker 1: government support to go to regional banks that may be 96 00:04:49,400 --> 00:04:52,080 Speaker 1: showing signs of being in trouble. That seems to have 97 00:04:52,120 --> 00:04:54,320 Speaker 1: shored up a little bit of that. There was a 98 00:04:54,400 --> 00:04:58,560 Speaker 1: real concern going into yesterday that these other regional banks 99 00:04:58,640 --> 00:05:03,080 Speaker 1: that are not they have the regulatory standards that they 100 00:05:03,080 --> 00:05:05,480 Speaker 1: have to meet of a bigger bank, that they too 101 00:05:05,480 --> 00:05:07,000 Speaker 1: may be in trouble. And the one that was kind 102 00:05:07,000 --> 00:05:09,640 Speaker 1: of leading that was First Republic. There have been people 103 00:05:09,680 --> 00:05:12,080 Speaker 1: today who have still been going there and getting their 104 00:05:12,120 --> 00:05:16,360 Speaker 1: money out. But First Republic telling its customers they were 105 00:05:16,400 --> 00:05:19,360 Speaker 1: all right over the weekend, and now with the government backing, 106 00:05:19,360 --> 00:05:21,520 Speaker 1: it would seem like that that they will be all 107 00:05:21,640 --> 00:05:24,960 Speaker 1: right no matter what. But there was this feeling that 108 00:05:25,080 --> 00:05:27,599 Speaker 1: this may have been the beginning of a lot of 109 00:05:27,640 --> 00:05:31,400 Speaker 1: problems for the smaller banks that we have in the US, 110 00:05:31,960 --> 00:05:34,480 Speaker 1: which would only make the bigger banks that much bigger 111 00:05:34,520 --> 00:05:37,240 Speaker 1: if everybody had to go to the big ones. But 112 00:05:37,600 --> 00:05:40,680 Speaker 1: what went on today, agree with it or not, may 113 00:05:40,720 --> 00:05:44,960 Speaker 1: have stopped that flow of people going to their regional bank, 114 00:05:45,240 --> 00:05:48,279 Speaker 1: taking their money out and deciding that they were going 115 00:05:48,360 --> 00:05:51,440 Speaker 1: to go somewhere else. And so today there was some 116 00:05:51,520 --> 00:05:53,240 Speaker 1: thinking that we were going to wake up this morning 117 00:05:53,440 --> 00:05:55,960 Speaker 1: and hear that other smaller banks were going belly up 118 00:05:56,000 --> 00:05:59,200 Speaker 1: today and being taken over by the FDIC. That hasn't 119 00:05:59,200 --> 00:06:01,160 Speaker 1: gone on. We haven't heard of any today. Well, last 120 00:06:01,160 --> 00:06:04,200 Speaker 1: one was yesterday. I have read that there are other 121 00:06:04,480 --> 00:06:08,480 Speaker 1: regional banks that might have had the same issues that 122 00:06:08,560 --> 00:06:10,839 Speaker 1: Silicon Valley did, and that they had a lot of 123 00:06:10,960 --> 00:06:15,360 Speaker 1: excess cash that they put in these treasury bonds. Oh yeah, 124 00:06:15,680 --> 00:06:19,520 Speaker 1: cry crypto money and tech profits and venture capital money 125 00:06:19,520 --> 00:06:22,320 Speaker 1: to invest. And so when you have all this cash, 126 00:06:22,400 --> 00:06:24,880 Speaker 1: even a bank has to find something to do with it. 127 00:06:24,920 --> 00:06:27,520 Speaker 1: So they picked these long term treasury bonds, but they 128 00:06:27,560 --> 00:06:30,720 Speaker 1: pay less than two percent interest at least that's was 129 00:06:30,760 --> 00:06:33,640 Speaker 1: the going interest rates go up. And then if the 130 00:06:33,760 --> 00:06:36,560 Speaker 1: rates go up, if I can buy get a treasury 131 00:06:36,560 --> 00:06:38,839 Speaker 1: bond with a four percent interest, why would I buy 132 00:06:38,880 --> 00:06:42,120 Speaker 1: your bond for less than two percent interest? And it 133 00:06:42,480 --> 00:06:44,400 Speaker 1: makes your bond not worth very much. I mean, who 134 00:06:44,440 --> 00:06:46,360 Speaker 1: you're going to sell that too? Yeah, and they sold 135 00:06:46,400 --> 00:06:49,240 Speaker 1: him at huge losses. And then then it's all about 136 00:06:49,760 --> 00:06:52,240 Speaker 1: you know pr then that you hear something isn't right 137 00:06:52,360 --> 00:06:55,800 Speaker 1: and we've all seen its wonderful life everybody, you know. 138 00:06:55,920 --> 00:06:58,000 Speaker 1: Then it's a run on the bank and this person 139 00:06:58,040 --> 00:07:00,000 Speaker 1: tells that person and that person to and then everybody 140 00:07:00,160 --> 00:07:02,640 Speaker 1: goes and we saw their money. And with social media, 141 00:07:02,720 --> 00:07:05,719 Speaker 1: now can happen in seconds. Oh yeah, well it happened 142 00:07:05,760 --> 00:07:09,120 Speaker 1: on Thursday. I mean the bank went from yeah, they 143 00:07:09,120 --> 00:07:12,640 Speaker 1: had problems, but they knew it internally. On Wednesday they 144 00:07:12,680 --> 00:07:15,560 Speaker 1: made the announcement that they had to raise capital. Thursday 145 00:07:15,880 --> 00:07:19,560 Speaker 1: forty two billion dollars. Friday gone. Yeah, Well what was 146 00:07:19,560 --> 00:07:22,400 Speaker 1: the problem with Signature Bank? I heard they're into crypto. Yeah, 147 00:07:22,560 --> 00:07:25,280 Speaker 1: it's about Crypto Bank. They had similar things going on. 148 00:07:25,320 --> 00:07:28,400 Speaker 1: Not a lot of details come out about them, but 149 00:07:28,960 --> 00:07:32,000 Speaker 1: in their shutdown was on Sunday. But but I think 150 00:07:32,040 --> 00:07:35,480 Speaker 1: they were like the thirty sixth biggest bank in the US, 151 00:07:35,880 --> 00:07:40,160 Speaker 1: these behind Washington Mutual. Silicon Valley Bank is the second 152 00:07:40,240 --> 00:07:43,960 Speaker 1: largest FDIC takeover and Signature the third. So these are 153 00:07:44,040 --> 00:07:46,920 Speaker 1: these are pretty big. Because they said that Peter Thield, 154 00:07:46,920 --> 00:07:50,520 Speaker 1: the famous tech investor, put out the word that you 155 00:07:50,520 --> 00:07:52,680 Speaker 1: should get your money at a Silicon Valley bank, and 156 00:07:52,720 --> 00:07:58,400 Speaker 1: I wondered, did somebody else point to Signature? There was 157 00:07:58,440 --> 00:08:01,280 Speaker 1: probably somebody out there. Yeah, I mean for that much, 158 00:08:01,480 --> 00:08:03,400 Speaker 1: the amount of money that's being pulled out all at one. 159 00:08:04,160 --> 00:08:07,160 Speaker 1: One analyst on TV they were having a back and 160 00:08:07,240 --> 00:08:10,160 Speaker 1: forth conversation about it, and he says, we got to 161 00:08:10,160 --> 00:08:12,200 Speaker 1: be really careful. Any one of us could start a 162 00:08:12,280 --> 00:08:14,640 Speaker 1: run on a bank right now if you say the 163 00:08:14,680 --> 00:08:20,600 Speaker 1: wrong word or you leak out a little piece of gossip. Kramer, Yeah, yeah, 164 00:08:20,600 --> 00:08:23,440 Speaker 1: that was Idiotparently was touting SVB a couple of months ago. Well, 165 00:08:23,440 --> 00:08:25,040 Speaker 1: he is idiot, but it's a guy like him. It's 166 00:08:25,080 --> 00:08:27,960 Speaker 1: an idiot like him who just blurts stuff out, who 167 00:08:27,960 --> 00:08:30,880 Speaker 1: could give out you know, he gets all excited. He 168 00:08:30,960 --> 00:08:33,400 Speaker 1: blurts out a piece of analysis. Maybe it's right, maybe 169 00:08:33,400 --> 00:08:36,240 Speaker 1: it's wrong. It doesn't matter. If it's a person says 170 00:08:36,240 --> 00:08:38,080 Speaker 1: they heard it, Yeah, it tells their friend, their friend 171 00:08:38,160 --> 00:08:40,480 Speaker 1: puts it on social media, and it goes from there. Yeah, 172 00:08:40,520 --> 00:08:43,280 Speaker 1: all right, Alex, thank you very much for that. Alex, 173 00:08:43,360 --> 00:08:46,000 Speaker 1: don't ABC News for KFI a little bit more that 174 00:08:46,120 --> 00:08:48,960 Speaker 1: we can talk about concerning the failure of this Silicon 175 00:08:49,040 --> 00:08:52,800 Speaker 1: Valley bank. And we'll also talk about apparently they may 176 00:08:52,800 --> 00:08:56,600 Speaker 1: have been a bit distracted by woke policies. We'll investigate 177 00:08:56,640 --> 00:09:01,480 Speaker 1: that ankle. Maybe Apparently they were very proud about their diversity, 178 00:09:02,040 --> 00:09:04,520 Speaker 1: but they weren't a paying attention to their investments so much. 179 00:09:04,640 --> 00:09:07,480 Speaker 1: That's right. They did. They didn't have an internal regulator. 180 00:09:08,040 --> 00:09:09,960 Speaker 1: They did not have a risk manager, they call it, 181 00:09:10,080 --> 00:09:14,319 Speaker 1: yes recently, right, but they had all kinds of woke managers, 182 00:09:14,360 --> 00:09:17,040 Speaker 1: but no risk manager for where they were investing their money. 183 00:09:17,720 --> 00:09:20,840 Speaker 1: We're coming up Johnny KENKFIM six forty. We're live everywhere 184 00:09:20,880 --> 00:09:24,240 Speaker 1: the iHeartRadio app. You're listening to John and Ken on 185 00:09:24,400 --> 00:09:29,920 Speaker 1: demand from KFI AM sixty. I'll take it a closer 186 00:09:30,000 --> 00:09:32,600 Speaker 1: look at the failure of the Silicon Valley Bank, which 187 00:09:32,720 --> 00:09:35,120 Speaker 1: probably most people had never heard of until it popped 188 00:09:35,160 --> 00:09:37,280 Speaker 1: up in the news Friday because it was failing and 189 00:09:37,400 --> 00:09:40,680 Speaker 1: there was a run on deposits. A lister forwarded us 190 00:09:40,760 --> 00:09:44,960 Speaker 1: a really good synopsis of what happened in the Wall 191 00:09:45,000 --> 00:09:49,400 Speaker 1: Street Journal opinion piece by Andy Kessler. The title of it, 192 00:09:49,440 --> 00:09:51,079 Speaker 1: if you want to look for it, is who killed 193 00:09:51,440 --> 00:09:54,760 Speaker 1: Silicon Valley Bank? Apparently no one at the firm perceived 194 00:09:54,800 --> 00:09:59,040 Speaker 1: any risk from the FED raising interest rates. You were right, John. 195 00:09:59,160 --> 00:10:03,800 Speaker 1: In January twenty twenty, this bank had fifty five billion 196 00:10:03,880 --> 00:10:07,000 Speaker 1: dollars in customer deposits. By the end of last year, 197 00:10:07,400 --> 00:10:11,880 Speaker 1: one hundred and eighty six billion they were taking in 198 00:10:12,440 --> 00:10:16,160 Speaker 1: all of this IPO money. Yeah again, Silicon Valley. What 199 00:10:16,280 --> 00:10:19,880 Speaker 1: do you think SVB banked almost half of all of 200 00:10:19,920 --> 00:10:23,360 Speaker 1: its IPO proceeds in the last two years. And what 201 00:10:23,480 --> 00:10:25,400 Speaker 1: they turned around and did with a lot of it. 202 00:10:26,160 --> 00:10:30,959 Speaker 1: They apparently they brought what they considered high yielding long 203 00:10:31,120 --> 00:10:34,959 Speaker 1: term government bonds eighty billion dollars into ten year mortgage 204 00:10:35,000 --> 00:10:38,640 Speaker 1: backed securities, and instead of opting for short term treasuries, 205 00:10:39,480 --> 00:10:42,839 Speaker 1: the ten year was one and a half percent. The 206 00:10:43,000 --> 00:10:45,480 Speaker 1: treasuries would have only paid point two five percent, but 207 00:10:45,600 --> 00:10:48,800 Speaker 1: their short term so you can continue to change with 208 00:10:48,880 --> 00:10:52,240 Speaker 1: the changing interest rates. Instead, they locked into ten year 209 00:10:52,280 --> 00:10:55,880 Speaker 1: one and a half percent rates. And the upstart of 210 00:10:55,960 --> 00:10:59,080 Speaker 1: this column is, didn't these idiots know that the Fed 211 00:10:59,200 --> 00:11:02,599 Speaker 1: was planning to raise interest rates? They talked about that 212 00:11:02,720 --> 00:11:04,400 Speaker 1: for a long time and then they started doing it. 213 00:11:04,520 --> 00:11:07,360 Speaker 1: Why did they put so much they into these long 214 00:11:07,679 --> 00:11:13,080 Speaker 1: term locked rates ten years? This was stupid management because 215 00:11:13,440 --> 00:11:17,480 Speaker 1: the federal rates were near zero. It was unprecedented, which 216 00:11:17,559 --> 00:11:20,480 Speaker 1: means it's not going to stay that way very long, right, 217 00:11:20,559 --> 00:11:22,880 Speaker 1: And they looked at this and they said, oh, well, 218 00:11:23,040 --> 00:11:25,600 Speaker 1: you know we can still we can get to one 219 00:11:25,640 --> 00:11:28,160 Speaker 1: and a half percent and for ten years, so if 220 00:11:28,160 --> 00:11:30,280 Speaker 1: the rates stay at zero, we'll be looking. But they 221 00:11:30,320 --> 00:11:33,640 Speaker 1: didn't know. So as the rates are now between four 222 00:11:33,720 --> 00:11:36,959 Speaker 1: and five percent, anybody wants to buy a bond is 223 00:11:37,000 --> 00:11:38,480 Speaker 1: going to buy a bond that's going to give you 224 00:11:38,600 --> 00:11:41,000 Speaker 1: four or five percent interest, not one and a half, 225 00:11:41,360 --> 00:11:44,800 Speaker 1: which means your ten year bonds that you own, you're 226 00:11:44,920 --> 00:11:48,240 Speaker 1: stuck with stuff you can't sell now. Ten years from now, 227 00:11:49,559 --> 00:11:51,640 Speaker 1: you can cash them in with the federal government and 228 00:11:51,720 --> 00:11:54,880 Speaker 1: you'll get full price, But it's ten years from now 229 00:11:55,200 --> 00:11:58,559 Speaker 1: if you need the money now because your venture capitalist 230 00:11:58,640 --> 00:12:01,120 Speaker 1: accounts want to make withdraws, well what are you going 231 00:12:01,160 --> 00:12:06,959 Speaker 1: to give them? So this being Silicon Valley, apparently in 232 00:12:07,000 --> 00:12:10,040 Speaker 1: their proxy statement they were proud to announce that, besides 233 00:12:11,080 --> 00:12:13,679 Speaker 1: their board being independent and forty five percent being women, 234 00:12:14,040 --> 00:12:18,200 Speaker 1: they have one black, one LBGP, two Q plus person 235 00:12:18,240 --> 00:12:22,959 Speaker 1: and two veterans. Well where were all these geniuses? They 236 00:12:23,240 --> 00:12:27,360 Speaker 1: everybody was discussing their skin color, their ethnicity, their gender, 237 00:12:27,679 --> 00:12:31,000 Speaker 1: where they put their parts. That's all on the conference 238 00:12:31,040 --> 00:12:34,839 Speaker 1: board schedule, right, But locking up tens of billions of 239 00:12:34,920 --> 00:12:38,160 Speaker 1: dollars and a low interest treasury bond that you can't 240 00:12:38,280 --> 00:12:41,040 Speaker 1: sell that didn't come up at the meetings. I wonder 241 00:12:41,120 --> 00:12:45,400 Speaker 1: how many meetings they spent congratulating themselves over their diversity, 242 00:12:46,720 --> 00:12:49,240 Speaker 1: and how much time did they spend on well, what 243 00:12:49,440 --> 00:12:51,720 Speaker 1: happens if the interest rates suddenly go up? What are 244 00:12:51,760 --> 00:12:53,480 Speaker 1: we going to do with all these bonds? Who's gonna 245 00:12:53,520 --> 00:12:56,440 Speaker 1: buy them? The bank did not even have a chief 246 00:12:56,760 --> 00:12:59,640 Speaker 1: risk officer for eight months last year, and that's the 247 00:12:59,720 --> 00:13:01,360 Speaker 1: first and it's supposed to take a look at this 248 00:13:01,480 --> 00:13:03,719 Speaker 1: and say, wait a minute, this could be trouble. You 249 00:13:03,840 --> 00:13:06,880 Speaker 1: know what? And this this idiot who ran the bank. 250 00:13:07,480 --> 00:13:10,640 Speaker 1: He sold millions of dollars worth of stock two weeks ago, 251 00:13:11,600 --> 00:13:15,200 Speaker 1: and a few hours before they went bankrupt, they were 252 00:13:15,240 --> 00:13:18,800 Speaker 1: giving out thousands of dollars in bonus money to employees. 253 00:13:19,200 --> 00:13:21,599 Speaker 1: He knew what was coming, so he made sure he 254 00:13:21,720 --> 00:13:24,679 Speaker 1: got his cash out of the system. The employees got 255 00:13:24,760 --> 00:13:26,440 Speaker 1: a little bonus because he knew they were all going 256 00:13:26,520 --> 00:13:28,439 Speaker 1: to be out of work soon. And you know, he 257 00:13:28,600 --> 00:13:32,079 Speaker 1: ran off, and you know, I guess maybe to have 258 00:13:32,160 --> 00:13:38,800 Speaker 1: another diversity meeting. Jeez. The Daily Mail has the have 259 00:13:38,840 --> 00:13:42,960 Speaker 1: a good rundown of this. They invested five billion dollars 260 00:13:43,040 --> 00:13:47,000 Speaker 1: for a healthier planet, held month long pride celebrations, but 261 00:13:47,200 --> 00:13:52,240 Speaker 1: didn't spot the trouble with their investments. Five billion for 262 00:13:52,360 --> 00:13:55,720 Speaker 1: a healthier planet. Yeah, it's all. They promoted safe spaces. 263 00:13:58,480 --> 00:14:01,120 Speaker 1: No safe space if you're a depositor though, right, But 264 00:14:01,240 --> 00:14:02,800 Speaker 1: I mentioned for eight months of the year there was 265 00:14:02,840 --> 00:14:06,440 Speaker 1: no chief risk operator. And this is what the world's become. 266 00:14:07,280 --> 00:14:10,480 Speaker 1: Everybody sits and talks all day and looks at each 267 00:14:10,520 --> 00:14:14,040 Speaker 1: other's color and ethnicity and what kind of gender are you? 268 00:14:14,320 --> 00:14:17,760 Speaker 1: And this and that, and nobody's paying attention to business. 269 00:14:18,080 --> 00:14:21,760 Speaker 1: Nobody's paying attention to what you need for the whole 270 00:14:21,800 --> 00:14:24,560 Speaker 1: economy to function properly. This isn't the only place that 271 00:14:24,680 --> 00:14:27,400 Speaker 1: got infected with the woke virus. The woke virus not 272 00:14:27,480 --> 00:14:31,120 Speaker 1: only diverts your attention to a lot of nonsense, it 273 00:14:31,360 --> 00:14:35,840 Speaker 1: blocks you from conducting your regular work. Yes, it's a 274 00:14:36,040 --> 00:14:39,440 Speaker 1: it's a fascinating virus. That are all these people caught? Yes, 275 00:14:39,960 --> 00:14:43,280 Speaker 1: it says your Silicone Valley Bank has long touted its diversity, 276 00:14:43,400 --> 00:14:48,440 Speaker 1: equity and inclusion efforts. Well that's real nice. How does 277 00:14:48,520 --> 00:14:52,080 Speaker 1: that pay off the withdrawals? I don't give a damn 278 00:14:52,200 --> 00:14:54,320 Speaker 1: where I have my money invested, what they're doing with 279 00:14:54,440 --> 00:14:56,560 Speaker 1: woke policies. I just want to make sure you make 280 00:14:56,640 --> 00:14:58,880 Speaker 1: me money. That's all that matters, and you make sure 281 00:14:58,960 --> 00:15:01,600 Speaker 1: my money is safe. I don't care about everything else 282 00:15:01,720 --> 00:15:05,560 Speaker 1: to do. When you doubt if they had if diversity 283 00:15:05,640 --> 00:15:07,880 Speaker 1: was so important, none of this should have happened. Oh 284 00:15:07,960 --> 00:15:11,080 Speaker 1: my god, they had Lesbian Visibility Day and trans Awareness Week. 285 00:15:11,400 --> 00:15:18,240 Speaker 1: Yeah great, but nobody was tracking interest rates. Nobody said 286 00:15:18,280 --> 00:15:21,560 Speaker 1: what happens if the interest rates go way up? And 287 00:15:22,320 --> 00:15:24,400 Speaker 1: they were gonna go way up, because once you saw 288 00:15:24,560 --> 00:15:29,080 Speaker 1: those inflation reports, which is now you know over a 289 00:15:29,200 --> 00:15:32,760 Speaker 1: year ago the only thing that the federal government can 290 00:15:32,840 --> 00:15:36,320 Speaker 1: do to slow down inflation is to raise interest rates. 291 00:15:36,440 --> 00:15:39,200 Speaker 1: There are no other tools. We all knew that was happening, right, 292 00:15:39,320 --> 00:15:41,720 Speaker 1: So the first bad month, you've got to say, okay, 293 00:15:42,000 --> 00:15:44,640 Speaker 1: game is over. We got to find some buyers now, 294 00:15:44,800 --> 00:15:47,080 Speaker 1: and maybe by then it's already too late, because you know, 295 00:15:47,200 --> 00:15:50,080 Speaker 1: most smart people in these businesses know what's going to happen. 296 00:15:50,320 --> 00:15:51,720 Speaker 1: That the rates are going to go up and up 297 00:15:51,760 --> 00:15:55,000 Speaker 1: and up. So you're you're two percent bonds, there's nobody. 298 00:15:55,160 --> 00:15:58,560 Speaker 1: Nobody's gonna buy them. We've also learned the two executives 299 00:15:58,560 --> 00:16:00,880 Speaker 1: of the Silicon Valley Bank and one of its corporate 300 00:16:00,960 --> 00:16:05,240 Speaker 1: siblings actually used to work for the now shuttered Lehman 301 00:16:05,320 --> 00:16:09,480 Speaker 1: Brothers and the scandal scarred deutsch Bank. So there you go. 302 00:16:10,200 --> 00:16:13,560 Speaker 1: So you can see that they came from shaky backgrounds anyway, 303 00:16:13,880 --> 00:16:17,880 Speaker 1: and their priorities were probably elsewhere. By oh boy, they 304 00:16:18,800 --> 00:16:21,440 Speaker 1: are going through some of the press releases. This is 305 00:16:21,440 --> 00:16:24,960 Speaker 1: why they were allegedly all fired. Right yeah, yeah, wells 306 00:16:25,120 --> 00:16:28,280 Speaker 1: as they hired some of these woke executives from the 307 00:16:28,680 --> 00:16:35,080 Speaker 1: diversity pool, daily mails reprinting some of their press releases, 308 00:16:35,760 --> 00:16:43,360 Speaker 1: and they've got every diversity buzzword imaginable in here. Um. Apparently, 309 00:16:43,440 --> 00:16:46,640 Speaker 1: one woman was praised for being part of a charity 310 00:16:46,880 --> 00:16:53,040 Speaker 1: that complaint campaigns against homophobic, biphobic, and transphobic bullying. And 311 00:16:53,120 --> 00:16:57,120 Speaker 1: I heard a biphobic before. Oh no, well, no, obviously 312 00:16:57,200 --> 00:17:00,280 Speaker 1: you're a little bit of frightened of a bisexual people. 313 00:17:00,280 --> 00:17:05,240 Speaker 1: I guess I'm frightened, frightened, or uncomfortable. I'll the whole word, 314 00:17:05,359 --> 00:17:07,960 Speaker 1: the whole phobic term just cracks me up. It's it's 315 00:17:09,040 --> 00:17:11,359 Speaker 1: it's not it's not like being afraid of spiders, Okay, 316 00:17:11,480 --> 00:17:15,040 Speaker 1: I I don't think it's exactly fear. What I used 317 00:17:15,040 --> 00:17:17,879 Speaker 1: to call a cultural discomfort. Cultural discomfort, boyd, I call 318 00:17:18,000 --> 00:17:21,200 Speaker 1: that one. Huh. Yeah, you're ahead of your time. Years 319 00:17:21,240 --> 00:17:23,280 Speaker 1: ago you said I saw that was coming, if people 320 00:17:23,320 --> 00:17:26,280 Speaker 1: were gonna have cultural discomfort with a lot. What's going on? 321 00:17:26,840 --> 00:17:28,760 Speaker 1: All right? We got more cupping up. Johnny Ken kf 322 00:17:28,880 --> 00:17:31,680 Speaker 1: I AM six forty live everywhere the Iard Radio app. 323 00:17:32,720 --> 00:17:35,880 Speaker 1: You're listening to John and Ken on demand from kf 324 00:17:36,040 --> 00:17:40,520 Speaker 1: I AM sixty run from one to four every day 325 00:17:40,560 --> 00:17:44,120 Speaker 1: on the radio. After four o'clock, the iHeartRadio app app 326 00:17:44,200 --> 00:17:47,320 Speaker 1: has our podcast, John and Kenn on demand. Same thing, 327 00:17:47,640 --> 00:17:50,080 Speaker 1: that's right. You also find it at KFI AM sixty 328 00:17:50,160 --> 00:17:54,480 Speaker 1: dot com the Johnny Kent page. I hope it's the 329 00:17:54,520 --> 00:17:56,320 Speaker 1: same podcast. I don't know if there's a different one 330 00:17:56,359 --> 00:17:58,520 Speaker 1: floating around the same show. So there's no reason to 331 00:17:58,600 --> 00:18:01,920 Speaker 1: miss anything, now, see no reason, no excuse. You know 332 00:18:02,000 --> 00:18:04,639 Speaker 1: I only work. I don't want to hear it. And 333 00:18:04,760 --> 00:18:07,040 Speaker 1: now give me three minutes to get this out. Because 334 00:18:07,280 --> 00:18:08,960 Speaker 1: I am the person on the show that likes to 335 00:18:09,040 --> 00:18:16,480 Speaker 1: put things in perspective. There is no event in the 336 00:18:16,760 --> 00:18:23,280 Speaker 1: history of coverage, none that gets more coverage, far outsized 337 00:18:23,600 --> 00:18:26,560 Speaker 1: to its importance and its audience. What event am I 338 00:18:26,640 --> 00:18:31,760 Speaker 1: talking about? The Oscars? We're now learning that all of 339 00:18:31,880 --> 00:18:35,520 Speaker 1: seventeen million people watched the Academy Awards last night. Wow, 340 00:18:36,359 --> 00:18:39,280 Speaker 1: oh that really stinks. Back in two thousand and two, 341 00:18:39,480 --> 00:18:44,040 Speaker 1: forty million. There's your drop. Now they'll add in delayed viewing. 342 00:18:44,760 --> 00:18:49,879 Speaker 1: What I did was I recorded, I turned it on 343 00:18:50,560 --> 00:18:54,480 Speaker 1: what eight fifteen, and just fast forwarded through all the scolding, 344 00:18:55,160 --> 00:18:59,040 Speaker 1: all the lectures. Well, they're all they're really bad awards. 345 00:18:59,119 --> 00:19:05,000 Speaker 1: They mean editing, cinematography. I care about that. So there 346 00:19:05,160 --> 00:19:10,840 Speaker 1: was one good joke from Jimmy Kimmel one. Do you 347 00:19:10,920 --> 00:19:13,399 Speaker 1: know what joke I'm talking about? John Coe Belt? No, 348 00:19:13,640 --> 00:19:16,119 Speaker 1: I saw none of it. Oh all right, because I 349 00:19:16,160 --> 00:19:18,320 Speaker 1: thought your wife usually makes you watch. I was in 350 00:19:18,440 --> 00:19:21,720 Speaker 1: a car driving from Arizona. Oh that's right, Yeah, you 351 00:19:21,880 --> 00:19:24,480 Speaker 1: drove to Arizona. Wow. Yeah, I drove to Oh that's right. 352 00:19:24,520 --> 00:19:28,880 Speaker 1: You love to drive. Yeah. That spring training weekend? Yeah, 353 00:19:28,920 --> 00:19:33,280 Speaker 1: I know, very exciting. Thanks. How was the pitch clock 354 00:19:33,359 --> 00:19:36,639 Speaker 1: that you were home watching the Oscars? Okay, I'm watching 355 00:19:36,720 --> 00:19:38,760 Speaker 1: base I watched the whole thing though, in about an 356 00:19:38,800 --> 00:19:42,120 Speaker 1: hour and a half. I didn't waste four hours. Pitch 357 00:19:42,200 --> 00:19:45,280 Speaker 1: dlock is great. Oh good. I thought you would be 358 00:19:45,280 --> 00:19:48,200 Speaker 1: a traditionalist and object No, I objected to all the 359 00:19:48,560 --> 00:19:51,920 Speaker 1: dead time. No, it's really no. Well, okay, good, because 360 00:19:51,920 --> 00:19:54,480 Speaker 1: some people say about baseball is there shouldn't be a 361 00:19:54,560 --> 00:19:56,680 Speaker 1: clock on it. It's meant to be relaxed and enjoyed. 362 00:19:57,080 --> 00:19:59,879 Speaker 1: Let everyone take their time. That's that's when players You 363 00:20:00,040 --> 00:20:03,679 Speaker 1: used to play quickly. Yeah, but now they get out 364 00:20:03,720 --> 00:20:07,800 Speaker 1: and they grabbed their penis and they spit everywhere and 365 00:20:08,000 --> 00:20:12,200 Speaker 1: walk around and swing adjust the wrist bands and they 366 00:20:12,280 --> 00:20:15,560 Speaker 1: go back to your oscar's thing. The one good joke 367 00:20:15,640 --> 00:20:17,720 Speaker 1: from Jimmy Kimmel. It kind of it shocked me so much. 368 00:20:17,760 --> 00:20:19,720 Speaker 1: I yelled out, and the people watch him with me 369 00:20:19,760 --> 00:20:22,679 Speaker 1: were like, you like that one, didn't you? He said, Everyone, 370 00:20:22,720 --> 00:20:25,560 Speaker 1: get out of your phones and vote as to whether 371 00:20:25,680 --> 00:20:27,840 Speaker 1: or not Robert Blake should be in the in memorium 372 00:20:27,960 --> 00:20:32,320 Speaker 1: session of the show. It's great, that's good. It was 373 00:20:32,359 --> 00:20:34,159 Speaker 1: well timed to mean he just died the other day, 374 00:20:34,200 --> 00:20:36,000 Speaker 1: and yeah, he should not be in the in And 375 00:20:36,040 --> 00:20:38,440 Speaker 1: he was not. By the way, I don't think he 376 00:20:38,720 --> 00:20:41,320 Speaker 1: was in, you know, a great movie and cold Blood 377 00:20:42,240 --> 00:20:44,640 Speaker 1: he was. He had mostly a TV career, but early 378 00:20:44,720 --> 00:20:48,800 Speaker 1: on in movies, right right, So I would have voted yes, 379 00:20:49,600 --> 00:20:53,480 Speaker 1: I he should be in. It was a yes or no? 380 00:20:53,600 --> 00:20:55,240 Speaker 1: Should he be in the in memorium? You would have 381 00:20:55,320 --> 00:20:57,879 Speaker 1: voted no. No. I think it should have been a yes. 382 00:20:58,520 --> 00:21:01,159 Speaker 1: You wanted him in to be reck I like to 383 00:21:01,320 --> 00:21:08,879 Speaker 1: separate the work from the man. Wow, did you inhale 384 00:21:08,960 --> 00:21:11,800 Speaker 1: fumes in a way back from Arizona? I'd like to 385 00:21:11,920 --> 00:21:20,000 Speaker 1: separate the work from the man. Oh all right. I 386 00:21:20,119 --> 00:21:22,440 Speaker 1: mentioned the other last hour that Joe Biden is coming 387 00:21:22,520 --> 00:21:25,359 Speaker 1: to southern California. There was an announcement over the weekend. 388 00:21:25,440 --> 00:21:29,119 Speaker 1: It's not getting a lot of media coverage. I noticed, 389 00:21:29,240 --> 00:21:32,600 Speaker 1: but I dug out a few stories. The Biden administration 390 00:21:32,680 --> 00:21:36,600 Speaker 1: has approved a major oil drilling project in our Inn, Alaska. Gee. 391 00:21:36,640 --> 00:21:38,840 Speaker 1: Why isn't getting a lot of media coverage? I wonder 392 00:21:39,680 --> 00:21:45,800 Speaker 1: it's apparently upsetting the climate activists. Good sixteen million apparently, 393 00:21:45,840 --> 00:21:49,080 Speaker 1: it says here it's gonna be an eight billion dollar plan. 394 00:21:50,560 --> 00:21:53,240 Speaker 1: It would produce about six hundred million barrels of oil 395 00:21:53,280 --> 00:21:56,959 Speaker 1: over thirty years, generate two hundred and seventy eight million 396 00:21:57,320 --> 00:22:00,320 Speaker 1: metric tons of carbon emissions. According to the West Partment 397 00:22:00,359 --> 00:22:02,720 Speaker 1: of the Interior. You know what, it's Knico Phillips. It 398 00:22:02,720 --> 00:22:05,880 Speaker 1: will develop these well packed. That is the best news 399 00:22:05,960 --> 00:22:09,240 Speaker 1: I've heard on the environmental front in years. I really 400 00:22:09,400 --> 00:22:12,240 Speaker 1: was excited. It makes me like Joe Biden jest a 401 00:22:12,359 --> 00:22:15,200 Speaker 1: tiny little bit. That's what a president should be doing, 402 00:22:15,600 --> 00:22:19,000 Speaker 1: looking for sources of oil that we can develop so 403 00:22:19,200 --> 00:22:23,000 Speaker 1: that we have more energy. Now, was this from polling? 404 00:22:23,520 --> 00:22:25,640 Speaker 1: Did they take a look at next year and say, hey, 405 00:22:25,760 --> 00:22:27,360 Speaker 1: you know, if we don't do something to make sure 406 00:22:27,440 --> 00:22:30,280 Speaker 1: gas prices don't become an issue again In twenty twenty four, 407 00:22:30,640 --> 00:22:33,040 Speaker 1: what can we do to get ahead of this this Well, 408 00:22:33,119 --> 00:22:35,800 Speaker 1: you know, we've been talking about this drilling plan in 409 00:22:35,840 --> 00:22:38,360 Speaker 1: Alaska for a while. All right, let's take a close 410 00:22:38,400 --> 00:22:40,639 Speaker 1: and look at that. Yeah, let's approve that these guys 411 00:22:40,800 --> 00:22:44,679 Speaker 1: are doing audience research twenty four to seven. All right, 412 00:22:44,720 --> 00:22:48,680 Speaker 1: they're holding that's all they do. And they not only 413 00:22:48,800 --> 00:22:51,800 Speaker 1: do polling questions, but they sit people down and they 414 00:22:51,840 --> 00:22:55,120 Speaker 1: have discussions and they see which way the discussion goes. 415 00:22:55,560 --> 00:22:59,160 Speaker 1: And then they showed them like fake commercials. They show 416 00:22:59,240 --> 00:23:02,040 Speaker 1: commercials they think that the Republicans would use against them 417 00:23:02,320 --> 00:23:04,159 Speaker 1: and see what the reactions are going to be. They 418 00:23:04,200 --> 00:23:06,119 Speaker 1: look at what the swing voters, how they're going to 419 00:23:06,160 --> 00:23:09,320 Speaker 1: be influenced. Oh, it's it's a complex science now, and 420 00:23:09,640 --> 00:23:13,320 Speaker 1: it would show the truth most people. Most people want 421 00:23:14,080 --> 00:23:17,320 Speaker 1: oil in their lives because they're looking around, they're seeing 422 00:23:17,359 --> 00:23:20,560 Speaker 1: all the other alternatives of the clean energy. It's not 423 00:23:20,720 --> 00:23:25,120 Speaker 1: working for one reason or another. I think that's obvious. Yeah. Look, 424 00:23:25,520 --> 00:23:29,200 Speaker 1: people are always trying to be forty fifty sixty years ahead, 425 00:23:29,560 --> 00:23:32,560 Speaker 1: but most of us live in today's world where we 426 00:23:32,680 --> 00:23:34,800 Speaker 1: have to deal with what's available and what's out there, 427 00:23:34,840 --> 00:23:38,320 Speaker 1: and that's mostly still gas powered cars. Yeah, and we 428 00:23:38,480 --> 00:23:40,320 Speaker 1: have to deal with the prices and the inflation as 429 00:23:40,359 --> 00:23:44,320 Speaker 1: it is today. It's always people that are usually better off. 430 00:23:44,920 --> 00:23:47,680 Speaker 1: They're sometimes called the coastal elites here in California that 431 00:23:47,760 --> 00:23:50,000 Speaker 1: are always thinking, Ah, don't worry about it, spend what 432 00:23:50,119 --> 00:23:52,600 Speaker 1: you have to spend to save the environment. Here's a 433 00:23:52,680 --> 00:23:55,680 Speaker 1: message to everybody in Santa Monica. Since I was in 434 00:23:55,760 --> 00:23:59,280 Speaker 1: Arizona last night. The last station before the California border 435 00:23:59,640 --> 00:24:03,359 Speaker 1: gas was three fifty nine. When I stopped in California 436 00:24:03,440 --> 00:24:07,200 Speaker 1: near my house, five o nine dollars. Could have figured 437 00:24:07,200 --> 00:24:09,440 Speaker 1: it out so you didn't have to take any California gas. No, 438 00:24:09,640 --> 00:24:13,320 Speaker 1: you couldn't do that. Well, you drive a guzzler, don't you. Yes, 439 00:24:13,720 --> 00:24:16,760 Speaker 1: I emptied. I emptied my tank. I got to my 440 00:24:16,840 --> 00:24:19,280 Speaker 1: neighborhood and that's when I filled up again. But I 441 00:24:19,520 --> 00:24:23,760 Speaker 1: blew out all Arizona gas over California. Oh yeah, right, 442 00:24:24,640 --> 00:24:28,159 Speaker 1: paid under four bucks a gallon in Arizona, and then 443 00:24:28,200 --> 00:24:30,280 Speaker 1: I refilled here for five h nine. So you know what. 444 00:24:30,440 --> 00:24:32,520 Speaker 1: I'm sick of these people, all right, because all their 445 00:24:32,600 --> 00:24:36,840 Speaker 1: non sends cost me a dollar fifty times twenty. But 446 00:24:37,240 --> 00:24:39,960 Speaker 1: that's thirty bucks I had to pay thirty bucks more 447 00:24:40,040 --> 00:24:42,520 Speaker 1: for my tank and gas. I could fill up on 448 00:24:43,040 --> 00:24:47,280 Speaker 1: like sixty bucks in Arizona, and I come here and 449 00:24:47,359 --> 00:24:50,399 Speaker 1: it's like ninety. It's like, get out. Enough of these people. 450 00:24:51,600 --> 00:24:55,359 Speaker 1: So good for Joe Biden. It's Conico Phillips. It's three 451 00:24:55,560 --> 00:24:59,399 Speaker 1: well pads within the National Petroleum Reserve Alaska. It's a 452 00:24:59,480 --> 00:25:02,680 Speaker 1: twenty three million acre area. It's the largest expanse of 453 00:25:02,760 --> 00:25:06,399 Speaker 1: public land in the United States, which is why the 454 00:25:06,480 --> 00:25:09,760 Speaker 1: federal government controls what can happen there. Twenty three million acres. 455 00:25:09,920 --> 00:25:12,480 Speaker 1: We're going to dig up a tiny little corner and 456 00:25:12,640 --> 00:25:14,520 Speaker 1: get tons and tons and tons of oil. That is 457 00:25:14,800 --> 00:25:17,359 Speaker 1: three well pads. I mean. Oh, here's a picture of 458 00:25:17,520 --> 00:25:20,840 Speaker 1: the protesters have been fighting this on January tenth. They're 459 00:25:20,880 --> 00:25:24,120 Speaker 1: outside of the White House. Diffuse the Willow climate bomb, 460 00:25:24,320 --> 00:25:27,960 Speaker 1: Stop Willow Act on Climate Stop Willow. They're all holding 461 00:25:28,000 --> 00:25:32,240 Speaker 1: some other losers. I'm done with the losers. I'm done 462 00:25:32,320 --> 00:25:36,119 Speaker 1: with the guys who get paid by some wacky leftists, 463 00:25:36,240 --> 00:25:40,480 Speaker 1: woke tech millionaire and they got all day to wave 464 00:25:40,520 --> 00:25:42,520 Speaker 1: their stupid signs in the air. I'm done with those guys. 465 00:25:42,880 --> 00:25:44,159 Speaker 1: I don't want to hear about them. I don't want 466 00:25:44,160 --> 00:25:46,320 Speaker 1: to talk about them. It's like, this is what you 467 00:25:46,440 --> 00:25:49,480 Speaker 1: do be a grown up. You have to develop more 468 00:25:49,560 --> 00:25:53,560 Speaker 1: oil and more natural gas to keep America going, all right, 469 00:25:53,720 --> 00:25:57,320 Speaker 1: or the Chinese are going to overrun us. You don't 470 00:25:57,400 --> 00:25:59,760 Speaker 1: think they're looking at us as being silly and weak. 471 00:26:00,040 --> 00:26:02,199 Speaker 1: Oh you know, I'm just so worried about the climate. 472 00:26:02,480 --> 00:26:05,440 Speaker 1: They're not worried about the climate, and they have four 473 00:26:05,560 --> 00:26:09,520 Speaker 1: times as many people as we do. Oh. We had 474 00:26:09,600 --> 00:26:14,040 Speaker 1: mentioned this briefly before, but Silicon Valley Bank apparently was 475 00:26:14,119 --> 00:26:17,560 Speaker 1: working with more than one thousand, five hundred technology firms 476 00:26:17,880 --> 00:26:22,440 Speaker 1: on climate projects before it failed. So maybe solar hydrogen 477 00:26:22,520 --> 00:26:24,960 Speaker 1: and battery storage project, they'll all go out of business. 478 00:26:25,160 --> 00:26:28,960 Speaker 1: They issued them billions dollars in loans. But now, yeah, 479 00:26:29,000 --> 00:26:30,920 Speaker 1: those the loans maybe call back as they need to 480 00:26:31,000 --> 00:26:34,960 Speaker 1: pay their depositors. All right, We're coming up John and 481 00:26:35,040 --> 00:26:37,280 Speaker 1: Ken kf I AM six forty. We're live everywhere the 482 00:26:37,359 --> 00:26:40,320 Speaker 1: I Heart Radio app. You're listening to John and Ken 483 00:26:40,560 --> 00:26:47,280 Speaker 1: on demand from kf I AM sixty. Coming up after 484 00:26:47,480 --> 00:26:50,400 Speaker 1: three o'clock, We're going to go through another column from 485 00:26:50,440 --> 00:26:54,879 Speaker 1: a wonderful writer for the El Sagunto Times. This is 486 00:26:54,880 --> 00:26:56,919 Speaker 1: a man who actually wrote a long column had got 487 00:26:56,960 --> 00:27:01,000 Speaker 1: a lot of attention that you driving around Los Angeles 488 00:27:01,560 --> 00:27:05,120 Speaker 1: are racist. Yes, and you are killing people with your car, 489 00:27:05,960 --> 00:27:09,080 Speaker 1: killing people of color. That's correct. If you're killing people 490 00:27:09,119 --> 00:27:12,480 Speaker 1: in lower income communities of color. If you are white 491 00:27:12,680 --> 00:27:14,840 Speaker 1: and you're on a freeway right now, you are killing 492 00:27:14,920 --> 00:27:18,560 Speaker 1: people of color. That's according to us. This guy's named 493 00:27:18,600 --> 00:27:22,000 Speaker 1: Sammy Roth. Sammy Roth, where did they get these koops from? 494 00:27:22,400 --> 00:27:24,760 Speaker 1: He's kind of new on the radar. Saw a few 495 00:27:24,880 --> 00:27:26,919 Speaker 1: articles by him, but I didn't see this one. I mean, 496 00:27:27,280 --> 00:27:36,000 Speaker 1: this is this is an instant classic. They alright, this 497 00:27:36,119 --> 00:27:39,960 Speaker 1: one's the Robin Ebb Carrying Award for idiot a column 498 00:27:40,000 --> 00:27:42,800 Speaker 1: of a month. Well, they're good at drafting and recruiting. 499 00:27:43,000 --> 00:27:45,399 Speaker 1: They seem to always find a new columnist who can 500 00:27:45,440 --> 00:27:48,280 Speaker 1: be just as ridiculous and stupid as the previous guy. Yeah, 501 00:27:48,320 --> 00:27:51,159 Speaker 1: they have Anita Chabriya. She's a new Rookie of the 502 00:27:51,240 --> 00:27:54,760 Speaker 1: Year candidate. There's Sammy Roth. I mean, these are leftist, 503 00:27:54,880 --> 00:27:59,440 Speaker 1: woke lunatics finding racism. You could be sitting in a 504 00:27:59,520 --> 00:28:01,959 Speaker 1: car right if you are stuck in traffic right now 505 00:28:02,000 --> 00:28:05,920 Speaker 1: in the one ten freeway, you are a racist. You'll 506 00:28:05,960 --> 00:28:08,120 Speaker 1: find out exactly why you are. And this goes back 507 00:28:08,200 --> 00:28:13,000 Speaker 1: to that theory that was spewed by even Pete, the 508 00:28:13,040 --> 00:28:17,240 Speaker 1: Transportation Secretary, that freeways designs of freeways in general are racists. 509 00:28:17,280 --> 00:28:20,840 Speaker 1: Yeah right, which they laid down those freeways as far 510 00:28:20,920 --> 00:28:25,160 Speaker 1: back as the nineteen forties, right, you know, the whole 511 00:28:25,200 --> 00:28:28,600 Speaker 1: interstate system was done in the nineteen sixties. So here 512 00:28:28,640 --> 00:28:31,400 Speaker 1: we are in the twenty twenties, sixty to eighty years later, 513 00:28:31,680 --> 00:28:34,600 Speaker 1: and they're calling people who are driving on those old, crumbling, 514 00:28:34,640 --> 00:28:41,160 Speaker 1: dilapidated freeways racist just for existing. All right, well, we're 515 00:28:41,200 --> 00:28:45,080 Speaker 1: gonna give you an update on the San Bernadido Mountain communities. 516 00:28:45,200 --> 00:28:47,200 Speaker 1: Who what was the thing I heard yesterday? If the 517 00:28:47,280 --> 00:28:49,760 Speaker 1: heavy rains come tomorrow and they may not get snow there, 518 00:28:49,800 --> 00:28:52,080 Speaker 1: they may get rains, they're gonna get flooded, right because 519 00:28:52,080 --> 00:28:53,680 Speaker 1: all this snow is going to start to melt. For 520 00:28:53,800 --> 00:28:58,040 Speaker 1: that is the next scourge. Scourge. There were already communities 521 00:28:58,080 --> 00:29:01,480 Speaker 1: up in Norcaal that are getting heavily flooded from these storms. 522 00:29:01,520 --> 00:29:05,320 Speaker 1: I mean, whenever we get it's not anywhere near what 523 00:29:05,440 --> 00:29:09,080 Speaker 1: they're getting up in the northern California, the Bay Areas, 524 00:29:09,160 --> 00:29:13,040 Speaker 1: Silicon Valley and of course Sierra Nevadas. They're getting huge 525 00:29:13,040 --> 00:29:16,400 Speaker 1: amounts of rain and snow as these storms eventually make them. 526 00:29:16,520 --> 00:29:20,480 Speaker 1: These atmospheric rivers. Undone with that phrase too. I know 527 00:29:20,680 --> 00:29:24,040 Speaker 1: they're rain storms. I wouldn't hear that term even about 528 00:29:24,080 --> 00:29:28,360 Speaker 1: three or four years ago. No normal person uses atmospheric river. Nobody, 529 00:29:28,800 --> 00:29:33,520 Speaker 1: only the weirdos on television in the media. You know, 530 00:29:33,640 --> 00:29:35,440 Speaker 1: I get up in the morning, my wife goes it's 531 00:29:35,560 --> 00:29:38,720 Speaker 1: raining out. She doesn't say, oh, there's an atmospheric river 532 00:29:39,400 --> 00:29:42,040 Speaker 1: gliding by, and then the Weather channel names them, right, 533 00:29:42,080 --> 00:29:46,440 Speaker 1: the storms. Yeah, it's it's it's all, it's it's it's 534 00:29:46,600 --> 00:29:51,160 Speaker 1: atmospheric river. Abraham. Today it's like get out. So this 535 00:29:51,400 --> 00:29:54,840 Speaker 1: story in the Southern California news groups begins. The Caltrans 536 00:29:54,920 --> 00:29:58,480 Speaker 1: post came like a victory announcement. After weeks of closures, 537 00:29:58,560 --> 00:30:02,040 Speaker 1: State highways running through isolated snowden communities of the San 538 00:30:02,120 --> 00:30:06,920 Speaker 1: Bardino Mountains would finally reopen ten pm Saturday, March eleventh. 539 00:30:07,600 --> 00:30:11,440 Speaker 1: Workers and snowplows had finally cleared most major routs. Photos 540 00:30:11,480 --> 00:30:15,840 Speaker 1: of highways showed asphalt clear of ice and snow. Surely 541 00:30:15,880 --> 00:30:18,239 Speaker 1: a site would give some living in those hard hit 542 00:30:18,280 --> 00:30:23,000 Speaker 1: mountain communities relief. However, people up there are claiming that 543 00:30:23,840 --> 00:30:26,160 Speaker 1: a lot of the roads that were cleared, and it 544 00:30:26,200 --> 00:30:28,840 Speaker 1: would be the main highways eighteen one, thirty, eight, three 545 00:30:29,040 --> 00:30:33,080 Speaker 1: thirty were done to get people to the skiing resorts. Yeah, 546 00:30:33,480 --> 00:30:36,240 Speaker 1: and people living in the off roads are still suffering 547 00:30:36,640 --> 00:30:39,040 Speaker 1: from the heavy snow that makes it impossible to get 548 00:30:39,040 --> 00:30:43,520 Speaker 1: any Who do you think contributes to the supervictor's campaigns? Exactly? 549 00:30:43,680 --> 00:30:46,080 Speaker 1: And you know it is about the economy we gotta 550 00:30:46,120 --> 00:30:48,920 Speaker 1: get and people were anxious. You could imagine all the 551 00:30:48,960 --> 00:30:51,760 Speaker 1: people that enjoy skiing reading the stories about all the 552 00:30:51,880 --> 00:30:54,160 Speaker 1: snow that was jumped up in these mountain communities, just 553 00:30:54,360 --> 00:30:56,600 Speaker 1: dying to get up there. Right, it is now coming 554 00:30:56,640 --> 00:30:59,880 Speaker 1: on three weeks. It is any of these LA Counties 555 00:31:00,000 --> 00:31:04,760 Speaker 1: supervisors even the tiniest bit embarrassed that they carted out 556 00:31:04,760 --> 00:31:07,640 Speaker 1: about a dozen bodies from these homes and that there 557 00:31:07,680 --> 00:31:10,960 Speaker 1: are still twenty twenty. I think I think I saw 558 00:31:11,000 --> 00:31:13,400 Speaker 1: a story over the weekend. Okay, they have been twenty deaths. Yeah, 559 00:31:14,040 --> 00:31:18,640 Speaker 1: some of them were old people in hospice situations, but still, um, yeah, 560 00:31:18,960 --> 00:31:20,280 Speaker 1: they might have lived a few more weeks, is what 561 00:31:20,320 --> 00:31:22,600 Speaker 1: I'm saying. To wasn't any snow, But I mean that 562 00:31:22,760 --> 00:31:24,800 Speaker 1: that's a tough way to go, freezing to death in 563 00:31:24,880 --> 00:31:27,400 Speaker 1: your home. No, it is a tough way to go 564 00:31:27,600 --> 00:31:30,320 Speaker 1: right right, But now but now they still and you 565 00:31:30,400 --> 00:31:32,400 Speaker 1: know what I noticed, And I knew there was something 566 00:31:33,120 --> 00:31:36,800 Speaker 1: suspicious when when the county announced that ninety five of 567 00:31:37,040 --> 00:31:40,680 Speaker 1: county roads had been cleared as if the end of 568 00:31:40,720 --> 00:31:42,720 Speaker 1: lact so and I go, hmm, there's a qualifier in 569 00:31:42,760 --> 00:31:46,360 Speaker 1: their county roads. I guess some other some of the 570 00:31:46,440 --> 00:31:50,000 Speaker 1: roads aren't considered county Poople don't live right on the 571 00:31:50,040 --> 00:31:52,960 Speaker 1: county roads. These homes are somewhere back in roads that 572 00:31:53,080 --> 00:31:56,480 Speaker 1: they're leading out of the county roads. Yeah, little narrow twisting, 573 00:31:56,600 --> 00:32:00,440 Speaker 1: turning one lane roads. Those weren't plowed in. They had 574 00:32:00,480 --> 00:32:05,040 Speaker 1: no plans to right right. So apparently hundreds of local 575 00:32:05,120 --> 00:32:09,040 Speaker 1: residents took to the Caltrans Facebook post. Oh John, I'm 576 00:32:09,040 --> 00:32:13,880 Speaker 1: sure you're always checking out the Caltrans Facebook. Very exciting 577 00:32:13,920 --> 00:32:17,280 Speaker 1: place to go to criticize the reopening of roots to 578 00:32:17,360 --> 00:32:19,800 Speaker 1: their towns, which they said, we're still under siege from 579 00:32:19,840 --> 00:32:22,240 Speaker 1: the piled up snow. Way to make it clear that 580 00:32:22,320 --> 00:32:24,640 Speaker 1: you have no idea the reality of what's happening up here, 581 00:32:24,720 --> 00:32:27,720 Speaker 1: said one terrible idea. Another said, people are still trapped 582 00:32:27,720 --> 00:32:30,640 Speaker 1: in their homes. Structures are still collapsing, there's no parking, 583 00:32:30,840 --> 00:32:33,200 Speaker 1: we're down to one grocery store. We still have way 584 00:32:33,280 --> 00:32:35,320 Speaker 1: too much snow up here. This is not the time 585 00:32:35,360 --> 00:32:38,280 Speaker 1: to come play, because they're angry that they're trying to 586 00:32:38,400 --> 00:32:40,320 Speaker 1: definitely get people up there to the ski resorts. And 587 00:32:40,360 --> 00:32:42,080 Speaker 1: I heard them interviewed. A lot of people are excited 588 00:32:42,560 --> 00:32:44,720 Speaker 1: to make their way through the roads. So those people 589 00:32:45,360 --> 00:32:48,400 Speaker 1: don't roll right over grandma's body to get there. They 590 00:32:48,880 --> 00:32:51,360 Speaker 1: grandma could be laying in the snow bank with one 591 00:32:51,480 --> 00:32:56,080 Speaker 1: little brittle hand sticking out. But apparently the reality was 592 00:32:56,200 --> 00:32:58,480 Speaker 1: that some of the other roads, they're like one way 593 00:32:58,640 --> 00:33:03,640 Speaker 1: and they're hemmed in by walls of snow. Residents say 594 00:33:03,720 --> 00:33:06,400 Speaker 1: they're still trapped under feet of snow. They have to 595 00:33:06,560 --> 00:33:09,440 Speaker 1: walk to buy food, and they have to walk in 596 00:33:09,520 --> 00:33:11,920 Speaker 1: the street as cars go past them. Hey guess, but 597 00:33:12,040 --> 00:33:16,040 Speaker 1: there's not one single employee at Caltrains who gives a crap. 598 00:33:16,200 --> 00:33:19,760 Speaker 1: All right, nobody. They have zero interest in your email, 599 00:33:19,920 --> 00:33:23,320 Speaker 1: your phone call, any of your complaints. None. Well, I understand, 600 00:33:23,360 --> 00:33:25,640 Speaker 1: once they've cleared these main roads. Why can't they just 601 00:33:25,760 --> 00:33:28,880 Speaker 1: start working on the roads to people's home. They're telling pets, 602 00:33:28,880 --> 00:33:33,160 Speaker 1: they're telling people to hire a private snowplow guy, Go 603 00:33:33,320 --> 00:33:37,160 Speaker 1: find your own snowplow. Are those roads? Are those private roads? 604 00:33:37,200 --> 00:33:40,360 Speaker 1: They're not really a county or a state maintained. Is 605 00:33:40,400 --> 00:33:42,479 Speaker 1: that what they are? Because I don't know that community. 606 00:33:43,720 --> 00:33:47,200 Speaker 1: I don't know specifically. What I've heard is they're called 607 00:33:47,320 --> 00:33:51,600 Speaker 1: private roads and the county has no responsibility to clear them. 608 00:33:52,240 --> 00:33:54,520 Speaker 1: Oh so that could be the reason why they're not 609 00:33:54,880 --> 00:33:57,520 Speaker 1: right trying to plow through there. So there's no there's 610 00:33:57,560 --> 00:34:01,680 Speaker 1: no charitable reaction here from the county. It's a freeze 611 00:34:01,720 --> 00:34:05,160 Speaker 1: and die. Sorry. A spokesman for Big Bear said the 612 00:34:05,200 --> 00:34:07,960 Speaker 1: resort was not putting pressure on officials to reopen the area. 613 00:34:08,360 --> 00:34:11,200 Speaker 1: He noted that with restaurants and motels closed, there'd be 614 00:34:11,280 --> 00:34:13,719 Speaker 1: few places for visitors to eat and stay once they 615 00:34:13,800 --> 00:34:17,120 Speaker 1: get here, But the San Berdino County sheriff said the 616 00:34:17,120 --> 00:34:21,200 Speaker 1: resorts have been good partners in the recovery effort. Look 617 00:34:21,239 --> 00:34:24,960 Speaker 1: at that check that came in. Huh, that's the way 618 00:34:24,960 --> 00:34:27,560 Speaker 1: to put in good partners. Yeah, partners. Well, I would 619 00:34:27,600 --> 00:34:29,720 Speaker 1: imagine that a number of people that live in these 620 00:34:30,080 --> 00:34:32,279 Speaker 1: mountain communities do work at the ski resorts, so there 621 00:34:32,360 --> 00:34:34,719 Speaker 1: is part of the same. Partners is a financial term. 622 00:34:35,360 --> 00:34:40,440 Speaker 1: It is my investment partner, my investment partner, all right 623 00:34:40,560 --> 00:34:43,840 Speaker 1: when we come back. It's really hard to believe. And 624 00:34:44,320 --> 00:34:49,840 Speaker 1: apparently this column was so uh not well received that 625 00:34:49,960 --> 00:34:53,200 Speaker 1: it went viral and showed up in a number of 626 00:34:53,280 --> 00:34:56,120 Speaker 1: websites around the country. It's by a writer we haven't 627 00:34:56,120 --> 00:34:58,080 Speaker 1: talked about too much with the Elsa Gondo Times. His 628 00:34:58,239 --> 00:35:01,920 Speaker 1: name is Sammy Roth. The headline how white and affluent 629 00:35:02,040 --> 00:35:05,480 Speaker 1: drivers are polluting the air breathed by LA's people of color. 630 00:35:06,320 --> 00:35:08,279 Speaker 1: So did you know that? Did you actually pull your 631 00:35:08,320 --> 00:35:11,000 Speaker 1: car up into communities of color and just let the 632 00:35:11,080 --> 00:35:13,800 Speaker 1: exhaust run right outside people's windows? Is that what's happening? 633 00:35:13,880 --> 00:35:18,160 Speaker 1: You know? I try to map out my roots and 634 00:35:18,360 --> 00:35:22,120 Speaker 1: only drive in white people communities so I can ruin 635 00:35:22,200 --> 00:35:26,600 Speaker 1: their air. I'm very sensitive to this. How you think 636 00:35:26,640 --> 00:35:31,080 Speaker 1: I'm kidding? He actually he actually checked to see on 637 00:35:31,320 --> 00:35:34,840 Speaker 1: his route if he was going through white people or 638 00:35:35,000 --> 00:35:37,799 Speaker 1: people of color towns, and this is what upset him. 639 00:35:38,080 --> 00:35:41,280 Speaker 1: He realized that he, as a white person, was polluting 640 00:35:41,640 --> 00:35:44,960 Speaker 1: a lot of air in people of color, neighborhoods. All right, 641 00:35:45,040 --> 00:35:47,080 Speaker 1: John and Ken kf I AM six forty, We're live 642 00:35:47,120 --> 00:35:50,360 Speaker 1: everywhere the iHeart Radio app. Debor Mark live in the 643 00:35:50,440 --> 00:35:52,480 Speaker 1: twenty four hour caf A news Room. Hey, you've been 644 00:35:52,520 --> 00:35:54,360 Speaker 1: listening to the John and Ken Show. You can always 645 00:35:54,440 --> 00:35:57,760 Speaker 1: hear us live on kf I AM sixty one pm 646 00:35:57,880 --> 00:36:00,560 Speaker 1: to four pm every Monday through Friday, and of course, 647 00:36:00,719 --> 00:36:03,560 Speaker 1: anytime on demand on the iHeartRadio app