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Speaker 1: All right, thanks Scott Shannon, and thanks to all of

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Speaker 1: you for being with us. Lots to talk about today,

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Speaker 1: eight hundred and nine four one, Shawn, if you want

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Speaker 1: to be a part of the program. Obviously, the issue

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Speaker 1: of banking in America is top of mind for everybody.

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Speaker 1: You know, when you're being lied to and when you're

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Speaker 1: being propagandized. When everybody in administration, and then the media

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Speaker 1: follows Soup because they're in the pocket of the Democratic

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Speaker 1: Party starts they start using the same words, you know,

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Speaker 1: like Joe Biden, our banking system is safe, and then

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Speaker 1: Janet Yellen, American banking system is really safe and resilient.

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Speaker 1: And then the Office of Management Budget Director Landa Young says,

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Speaker 1: our banking system is resilient and secure. Meanwhile, yesterday Janet

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Speaker 1: Yellen was saying, you're not going to see a bill

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Speaker 1: out of the Silicon Valley Bank. Well, that lasted less

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Speaker 1: than twenty four hours before Joe, you know, stepped up.

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Speaker 1: There's a lot to cover here, and you have the

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Speaker 1: FDIC now taking control of this first bank, you have

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Speaker 1: a second bank now closing, and you know, I know

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Speaker 1: you're hearing a lot about the convoluted technical explanations. But

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Speaker 1: what we see happening in America's banking system. But the

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Speaker 1: root cause of bank collapsing is quite simple, and that's

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Speaker 1: after two years of record breaking Joe Biden inflation, America's

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Speaker 1: banking system has started a crack under the pressure. Now

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Speaker 1: in the case of Silicon Valley's bank collapse, we have

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Speaker 1: we've had fifteen years of record low interest rates in

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Speaker 1: this country and then Biden inherits one point four percent inflation.

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Speaker 1: It's a joke, by the way, when he says this

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Speaker 1: is Donald Trump's fault. You know, he has blamed Donald

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Speaker 1: Trump for the border. He has blamed Donald Trump for

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Speaker 1: even the Chinese by balloon. He's blamed Donald Trump for

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Speaker 1: Russian aggression, open border inflation, the East Palestine, you know, crash,

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Speaker 1: the refugee program, budget deficits. Now bank failures. I mean,

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Speaker 1: if the dog bites the beast things you're feeling sad.

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Speaker 1: It's not Joe's fault, it's Donald Trump's fault. But this

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Speaker 1: is how sick they are. But you have in this

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Speaker 1: case in Silicon Valley banking, you know that they ended

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Speaker 1: up with interest rates being so low, you know, buying

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Speaker 1: ten year treasury mortgage backed securities, and when they started

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Speaker 1: rapidly raising interest rates, you know, they they ended up

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Speaker 1: to meet deposit or withdrawal demands. They ended up cashing

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Speaker 1: in those those ten year notes and massive losses, I

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Speaker 1: mean massive, which which led to where you know we were,

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Speaker 1: you know, on Friday. And now the question is how much,

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Speaker 1: how widespread will this potentially become, especially now that you

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Speaker 1: have the second major bank closing. You know, I hear

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Speaker 1: a lot of people talk about this, but they're not

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Speaker 1: talking about the root cause of this collapse, which is

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Speaker 1: very simple. You know, inflation was at one point four percent,

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Speaker 1: went as high as nine point one percent. It's still

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Speaker 1: not under control. America's banking system, you know, at some

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Speaker 1: point started to crack under this pressure. Silicon Valley's bank collapse,

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Speaker 1: you know, is rooted in the fact that they had

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Speaker 1: artificially low interest rates that they maintained, and then of

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Speaker 1: course the inflation caused by Biden's economic and energy policies.

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Speaker 1: A lot of these problems were preventable, you know, resulting

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Speaker 1: in oh, we invested our money in in ten year

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Speaker 1: treasuries and mortgage backed securities, and uh, yeah, we need

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Speaker 1: the money back to make our bank keep working, and

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Speaker 1: you know, people like Jamie Diamond, you got to give

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Speaker 1: a lot of credit to he saw this happening back

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Speaker 1: in November at this particular bank. Anyway, So federal regulators

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Speaker 1: yesterday said that the New York based Signature Bank was

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Speaker 1: being shut down to protect consumers and the financial system,

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Speaker 1: you know, following the collapse of California's Silicon Valley Bank.

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Speaker 1: And then, you know, the most outrageous thing that Joe

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Speaker 1: Biden said is, Oh, it's it's not gonna cost the

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Speaker 1: taxpayers a penny, not one cent. Okay, then who's going

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Speaker 1: to pay for it? Yeah? Just to ask you, so,

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Speaker 1: where is that money going to come from to back

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Speaker 1: up all of these billions of dollars that they're going

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Speaker 1: to have to end up using to bail out everybody?

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Speaker 1: Because they're saying that, you know, even if you have

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Speaker 1: FDI c ensured, that that only ensures you up to

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Speaker 1: two hundred and fifty thousand dollars. And people that I

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Speaker 1: know that have money often will put two hundred and

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Speaker 1: twenty five thousand and one bank, another two hundred and

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Speaker 1: twenty five thousand in another bank. If you're really wealthy,

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Speaker 1: another two hundred and twenty five thousand in the first

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Speaker 1: at a third bank, because you get the protection in

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Speaker 1: every single bank, and now in this case Silicon Valley

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Speaker 1: in their case, you know, they were putting it all

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Speaker 1: in this one bank, and now you the taxpayer or

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Speaker 1: you're going to be the ones on the hook for

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Speaker 1: there's all of us are going to be on the

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Speaker 1: hook for this, and it's not going to be pretty.

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Speaker 1: But anyway, they've now assumed controlled s VB is how

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Speaker 1: they referred to the Silicon Valley Bank. And anyway, if

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Speaker 1: you look at what happened here, it is, you know,

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Speaker 1: according to regulators or March tenth, they took custody. It's

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Speaker 1: the sixteenth largest bank in the country, the top lender

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Speaker 1: for American tech and life sciences firms and startups. According

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Speaker 1: to the press release, the collapse of this bank is

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Speaker 1: the largest failure since the Washington Mutual in two thousand

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Speaker 1: and eight, during the last major banking crisis. The FDIC

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Speaker 1: is set up, you know, they set up a so

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Speaker 1: called bridge bank, the Deposit Insurance National Bank, and they're

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Speaker 1: saying now that everyone's investments are going to be safe

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Speaker 1: and you'll have full access to your money starting March thirteenth,

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Speaker 1: meaning today, And although the main office and branches will

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Speaker 1: reopen beginning next week, how do you have access to

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Speaker 1: all your money if they're not going to be opened anyway.

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Speaker 1: Side note, the FDIC added it will pay uninsured depositors

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Speaker 1: depositors and advanced dividend within the next week and we'll

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Speaker 1: receive a receivership certificate for the remaining amount of uninsured

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Speaker 1: funds and anyway, but what's happened here is the massive

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Speaker 1: interest rate hikes because of Biden inflation caused by Biden

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Speaker 1: economic policies and Biden energy policies, you know, have caused

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Speaker 1: the value of bonds to fall, particularly those that take

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Speaker 1: many years to mature. Turns out SVB invested heavily in

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Speaker 1: all of those and anyway, they they got caught, is

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Speaker 1: the bottom line here, Bees you know, suffered significant losses.

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Speaker 1: Heavily invested in US treasuries and mortgage backed securities, which

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Speaker 1: have all taken a beating, and their shares fell more

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Speaker 1: than sixty percent after a March eighth announcement, out nine

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Speaker 1: point four billion in market value. And there were people

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Speaker 1: that saw this coming early. Apparently Peter Thiel was one

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Speaker 1: of them anyway. So the Treasury and the Fed have

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Speaker 1: said the FDIC announcing their steps, et cetera, et cetera,

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Speaker 1: and they think that this is going to satisfy people.

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Speaker 1: If you have concerns about your bank, you need to

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Speaker 1: look into it. Because the people that actually looked, you know,

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Speaker 1: in the weeds, whose job it is to look in

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Speaker 1: the weeds, saw what was happening here long before it happened.

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Speaker 1: As I said Jamie Diamond, he first mentioned it in November.

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Speaker 1: I have the article here somewhere in front of me.

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Speaker 1: I don't know where I put it, but you know,

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Speaker 1: this is deep and profound. If some people are seeing

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Speaker 1: stuff and we're not seeing it, why are they seeing it?

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Speaker 1: You know? And I think you can make a strong

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Speaker 1: argument that they don't deserve a taxpayer bailout, and Biden

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Speaker 1: making the point that is not a taxpayer bailout is

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Speaker 1: just a lie, and him saying that the spanking system

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Speaker 1: is safe. I don't. I don't particularly believe in that,

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Speaker 1: have confidence in that. And then you get into the

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Speaker 1: weeds of this particular bank. You know, first of all,

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Speaker 1: the FDIC has less than half the cash on hand

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Speaker 1: that they need to bail out depositors at these two

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Speaker 1: failed banks, in spite of Biden insisting this morning the

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Speaker 1: taxpayers won't be on the hook for bailing out depositors

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Speaker 1: of the two banks. So my question is, where's that

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Speaker 1: money going to come from. The FDIC has one hundred

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Speaker 1: and twenty eight billion of cash on hand deposits at

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Speaker 1: the failed banks, or two hundred and sixty four billion

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Speaker 1: dollars according to the latest data that I was able

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Speaker 1: to find available. You have Biden Treasury officials asleep at

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Speaker 1: the wheel because inflation was ravaging these banks and their

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Speaker 1: balance sheets. Charlie Gasparino had a great article in The

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Speaker 1: New York Post about this, explaining that Biden's top treasury officials,

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Speaker 1: you know, we're totally out to lunch as these storm

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Speaker 1: clouds were beginning to gather over America's banking them. The

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Speaker 1: way he put it was the Biden administration's economic priorities

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Speaker 1: were focused on encouraging investments in woke causes as the

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Speaker 1: markets and economy began stressing out over the FED interest

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Speaker 1: rate hikes. SEC chief Gary Gensler's supported who's supposedly out

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Speaker 1: there to protect small investors from stock scammers, was busy

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Speaker 1: pushing public companies to make costly and unnecessary disclosures about

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Speaker 1: their carbon footprint. Janet Yellow, the Treasury Secretary, was more

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Speaker 1: concerned with Ukraine than the US banking system, while musing

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Speaker 1: that the Supreme Court's decision on Row was somehow bad

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Speaker 1: for economic growth. So we've had massive spending paired with

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Speaker 1: zero interest rates until inflation forced the Fed to raise

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Speaker 1: rates to stop Biden inflation, and the GOP, you know,

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Speaker 1: took the House to hopefully curb you know, these idiotic

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Speaker 1: impulses that they have that they think are going to work.

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Speaker 1: You know, I'll give you one exam couple just days

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Speaker 1: before the Silicon Valley Bank collapsed in part because their

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Speaker 1: executives were focused on woke programs, programs some five billion

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Speaker 1: dollars worth. I mean, you can't even make up this

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Speaker 1: stuff that this is the type of thing that would

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Speaker 1: take place. By the way, the Silicon Valley Bank CEO

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Speaker 1: sold three point five million in shares just two weeks

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Speaker 1: before the collapse, I'm sure it was a mere coincidence.

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Speaker 1: And less than twenty four hours before their collapse. Silicon

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Speaker 1: Valley Bank, you know, known throughout the tech industry as SVB,

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Speaker 1: hosted a private dinner for dozens of people at Perry's

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Speaker 1: Steakhouse in Grill in downtown Austin. One guy that attended,

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Speaker 1: you know, said he ordered a specialty pork chops. That

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Speaker 1: I was expecting that sv B would address the elephant

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Speaker 1: in the room, but nobody said a thing about it.

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Speaker 1: And Silicon Valley Bank employees guess when they received their

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Speaker 1: bonuses Friday, just hours before the government took over at

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Speaker 1: timing seems a little odd too, But Joel Ry Joe

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Speaker 1: Biden is saying the banking system is safe and he's

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Speaker 1: monitoring what's going on. And Janet Yellen now says it's safe.

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Speaker 1: Janet Yelling yesterday said they wouldn't bail them out. Now

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Speaker 1: they are bailing him out. By the way, it turns out,

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Speaker 1: you know, we keep hearing about well, Donald Trump, it's

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Speaker 1: Donald Trump's fault. No, not Donald Trump's fault. Turns out,

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Speaker 1: former Congressman Barney Frank, Dodd Frank, author of Dodd Frank

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Speaker 1: in the banking legislation. He was on the bank board

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Speaker 1: of Signature Bank, the other bank. You know, I mean, this,

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Speaker 1: this is insanity. You can't even make this up. You know,

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Speaker 1: first Republic is on the brink. Bank shares plum at

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Speaker 1: seventy four percent in pre market trading. You know, they're

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Speaker 1: trying to say, well, we've got to contain this. We

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Speaker 1: can't let this become a contagion, meaning spreading becoming widespread.

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Speaker 1: I mean, it's um it's it is that bad, it

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Speaker 1: really is, and it's that nerve racking, you know. But

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Speaker 1: the idea that, just like the border is caused by

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Speaker 1: Donald Trump, I'm saying donald Trump did this is it's nuts.

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Speaker 1: Banks didn't collapse under Donald Trump. We had secure borders

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Speaker 1: under Donald Trump. Everything they claimed that Donald Trump did,

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Speaker 1: everything was working. We didn't have Chinese spy balloons under

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Speaker 1: Donald Trump. Russia didn't invade Ukraine under Donald Trump. Inflation

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Speaker 1: was at a very low one point four percent with

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Speaker 1: Donald Trump. Donald Trump didn't cause the East Palestine train

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Speaker 1: crash either. You know, Donald Trump didn't need a refugee program.

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Speaker 1: You know, the budget deficit. Look at this latest monstrosity

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Speaker 1: of a budget proposal put out by Joe Biden. It's insane,

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Speaker 1: but you know that's what Democrats do. Silicon Valley Bank

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Speaker 1: imploded in a single day. It could be the just

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Speaker 1: the tip of the Iceberg business insider Peter Thield's founders

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Speaker 1: of fund withdrew millions from the bank. Why because they

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Speaker 1: read they they read the deep details in the bank's

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Speaker 1: finances and they came to the conclusion this isn't being run. Well,

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Speaker 1: that's that's that's being responsible to his investors. He can't

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Speaker 1: he can't single him out and say, well, why why

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Speaker 1: did you sell out? Because I saw that the underlying

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Speaker 1: finances of this bank were in trouble, just like Jamie

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Speaker 1: Diamond saw in November that this was in trouble. So

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Speaker 1: if they saw it, why didn't yell and see it?

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Speaker 1: Why didn't the head of OMB see it? Chalonda Young?

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Speaker 1: Why didn't Joe Biden see it? Why didn't Kamala Harris

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Speaker 1: see it? All Right, so they don't have enough cash,

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Speaker 1: Joe Biden lies and says it's not going to cause

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Speaker 1: taxpayers a dime for these bank pailouts. Uh. Biden's Treasury

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Speaker 1: officials were asleep at the wheel as inflation was, you know, roaring. Uh.

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Speaker 1: They didn't think that these banks had had bought ten

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Speaker 1: year treasury notes. They didn't think or they were buying

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Speaker 1: mortgage backed securities. And for them to have to cash

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Speaker 1: in and lose all of that money to even begin

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Speaker 1: to meet their own customers demand was ridiculous. But they

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Speaker 1: did have enough money to go to dinner an expensive

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Speaker 1: steakhouse the night before. We did have the CEO cashing

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Speaker 1: out what three and a half million dollars in stock?

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Speaker 1: Two weeks earlier, we did have the Silicon Valley Bank

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Speaker 1: handing out bonuses just hours before the bank collapsed. Bank officials,

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Speaker 1: you know, spending what some five billion dollars and bragging

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Speaker 1: about being a woke company. Why are they being forced

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Speaker 1: to be a woke company, because that's exactly what it is.

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Speaker 1: Silicon Valley Bank commits to five billion and sustainable finance

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Speaker 1: and carbon neutral operations to support a healthier planet. This

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Speaker 1: is insane. You know they're they're more scerned about wokeness.

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Speaker 1: How much money did they waste? Five billion dollars worth

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Speaker 1: did they spend the full five billion? Will continue solid

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Speaker 1: as a rock, honest, cruful. This is the Sean Hannity Show,

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Speaker 1: all right, twenty five to the top of the hour,

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Speaker 1: toll free. It's eight hundred and nine for one, Sean,

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Speaker 1: if you want to be a part of the program.

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Speaker 1: I had planned this weekend, I got a new firearm

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Speaker 1: from our friends at Henry Repeating Arms. It's their new

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Speaker 1: US survival rifle. If you're in the market for a

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Speaker 1: new firearm, you can't do better than Henry Repeating Arms.

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Speaker 1: And they've got over two hundred models to choose from.

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Speaker 1: You can't go wrong with any one of them. But

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Speaker 1: I wanted to try out the new rifle. Hopefully I'll

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Speaker 1: be able to do it at some point, at some

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Speaker 1: point next weekend. The great thing about it is you

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Speaker 1: can take it apart put it back together in seconds

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Speaker 1: so it's easy to stow in your car, your truck.

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Speaker 1: It's compact, so you can carry it everywhere. It's only

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Speaker 1: three and a half pounds sixteen inches when disassembled. As

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Speaker 1: three types of Camo, or you can get it in black,

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Speaker 1: whatever you like. It's very affordable, at anywhere between two

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Speaker 1: hundred and fifty and four hundred bucks, depending on the

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Speaker 1: finish you like. I love all their finishes, I mean

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Speaker 1: If you'd like to see a video of this new

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Speaker 1: free catalog, free decals and a list of dealers where

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Speaker 1: you are. Again, two hundred models to choose from. You

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Speaker 1: can't go wrong with any one of them. I love

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Speaker 1: this company. I love their craftsmanship, especially mine are always

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Speaker 1: accurate right out of the box. Anyway, anyway, just go

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Speaker 1: to Henry USA dot com, free catalog, free decals, and

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Speaker 1: a list of dealers where you are. Not simple. Um,

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Speaker 1: let me go back to November. In November, and there's

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Speaker 1: been a couple of people whose names pop out as

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Speaker 1: having been right about biden Omics from the get go.

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Speaker 1: One believe it or not, it was Obama. What was

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Speaker 1: what was Laurence Summer's job? Was he Treasury secer? I

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Speaker 1: think it was Treasury secretary? I forget anyway, He's been

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Speaker 1: right the whole time about biden inflation. He said early on,

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Speaker 1: it's not going to be transitory. Also talked about what

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Speaker 1: needed to be done in terms of raising interest rates

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Speaker 1: and how to do it. They didn't quite listen to him.

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Speaker 1: He was the Secretary of the Treasury anyway, And another

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Speaker 1: one is is Jamie Diamond was that a JP Morgan.

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Speaker 1: Now JP Morgan themselves they warned in November. Now, if

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Speaker 1: JP Morgan is warning people in November about this particular bank,

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Speaker 1: Silicon Valley Bank or SVB, then you would think that

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Speaker 1: the government would take note. You know. One of the

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Speaker 1: things I like to do in my life is listen

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Speaker 1: to smart people and then I take their smart information,

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Speaker 1: I process it as best I can, and then try

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Speaker 1: and pass it on to all of you as best

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Speaker 1: I can. Because smart people usually they're just the people

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Speaker 1: that are really really brilliant in certain areas, and I

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Speaker 1: think JP Jamie Diamond is one of them. Anyway, what

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Speaker 1: they predicted at JP Morgan was that this bank SVB

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Speaker 1: had sixteen billion dollars in unrealized losses and how it

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Speaker 1: could pose a serious risk according to an analysis the

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Speaker 1: report reviewed by The New York Post on Sunday, and

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Speaker 1: this is after the collapse on Friday, and anyway, JP

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Speaker 1: Morgan released their now troubling research to holding a deep

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Speaker 1: dive or doing a deep dive webinar with SVB CFO

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Speaker 1: Dan Beck. According to the report, should the balance of

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Speaker 1: the deposit outflows and inflows persist for longer than expected?

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Speaker 1: Another key topic was discussed is the risk that SBB

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Speaker 1: will need to sell underwater held to what's called HTM,

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Speaker 1: it's mean held to maturity. I've been telling you that

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Speaker 1: they had all of these investments, their ten year treasury investments,

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Speaker 1: their mortgage backed security investments, that the treasury investments were

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Speaker 1: ten years, and now all of a sudden, interest rates

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Speaker 1: are going up, and now all of a sudden, the

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Speaker 1: money that they have in treasuries isn't worth anywhere near

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Speaker 1: what the market is performing at. And they said at

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Speaker 1: the time, should the balance of the deposit outflows and

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Speaker 1: inflows persist for longer than expected? Another key topic discussed

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Speaker 1: the risk that this bank SVB will need to sell underwater,

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Speaker 1: meaning at a loss HTM securities and realize the losses,

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Speaker 1: and the focus of the investors, you know, rapidly shifted

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Speaker 1: to the company sixteen billion unrealized losses to their they're

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Speaker 1: held to maturity securities portfolio, which was extensive. Should you know,

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Speaker 1: should this in fact happen and they need cash? Well,

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Speaker 1: that's exactly what happened, and JP Morgan analysts were largely

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Speaker 1: optimistic about the bank and even gave it an overweight rating,

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Speaker 1: meaning the stock's value would increase. But that was temporary.

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Speaker 1: But you know, there's a reason that a lot of

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Speaker 1: these smart people saw this coming, because these are people

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Speaker 1: that's their job to read, you know, the fine print

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Speaker 1: and the details that none of us will ever have

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Speaker 1: time to read in our life. Anyway. There's an article

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Speaker 1: out today, The headline is in the Epic Times. Mortgage

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Speaker 1: Stanley warns investors to sell stock rebounds that may follow

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Speaker 1: the government intervention in the SVB collapses. What they're saying now,

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Speaker 1: and this is the reason I never give out medical advice.

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Speaker 1: I don't give out financial advice. I tell you what

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Speaker 1: I like and don't like. But I always also add,

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Speaker 1: you know, talk to your own financial people and ask

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Speaker 1: ask them. But Morgan Stanley as their top investment officers

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Speaker 1: advising investors to sell any rebounds in stock prices that

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Speaker 1: may follow this regulatory support measures since the collapse of

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Speaker 1: SVB B, and they suggest selling any bounces on a

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Speaker 1: government intervention to quell the immediate liquidity crisis at the

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Speaker 1: bank and other institutions until we make you know, new

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Speaker 1: bear market lows at a minimum. This was written by

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Speaker 1: Mike Wilson, Morgan Stanley's chief US equity strategist, and first

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Speaker 1: reported by Bloomberg News just earlier today. Anyway, he's considered

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Speaker 1: among the most bearish investment strategists on Wall Street and

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Speaker 1: successfully predicted a stock selloff last year and the October rebound.

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Speaker 1: So you're not dealing with the dummy here. Something to

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Speaker 1: pay attention to as you move forward with all of this.

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Speaker 1: But you know, there was a Andy Kessler, writing in

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Speaker 1: the Wall Street Journal today said, you know, he pointed

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Speaker 1: out the amount of money. Well, first of all, in

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Speaker 1: January of twenty twenty, SVB had fifty five billion in

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Speaker 1: customer deposits on their balance sheet. Two years later, they

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Speaker 1: had one hundred and eighty six billion on their balance sheets.

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Speaker 1: He said, there, in many ways they're a victim of

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Speaker 1: their own success. But because these deposits were often from IPOs,

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Speaker 1: and you know, they banked almost half of all the

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Speaker 1: IPO proceeds in the last two years, and most startups

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Speaker 1: had relationships with the bank. And what he pointed out

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Speaker 1: is that a lot of the money. You know, that's

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Speaker 1: a lot of money to put to work, and some

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Speaker 1: of it was lent out. But with staring stock prices

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Speaker 1: and near zero interest rates, no one needed to take

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Speaker 1: on excessive debt, and there was no way that SVB

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Speaker 1: was going to initiate one hundred and three billion, one

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Speaker 1: hundred and thirty one billion of new loans. So the

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00:23:18,400 --> 00:23:21,160
Speaker 1: bank put a lot of their money and new capital

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Speaker 1: into higher yielding long term government bonds and eighty billion

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Speaker 1: dollars into ten year mortgage backed securities paying one point

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Speaker 1: five percent instead of the short term treasury paying point

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Speaker 1: two five percent. That's a big mistake that was made

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Speaker 1: by them. Also talked about their wokeness, which I mentioned earlier,

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Speaker 1: which was not wrong either on any point. There is

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Speaker 1: an issue evolving NBC and CNBC analyst Jim Kramer. Look,

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Speaker 1: how do I say this in a nice and honest way, Lenda.

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Speaker 1: You ever watched Jim Kramer's show. We actually booked him

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Speaker 1: once he was here. Yeah, how long ago was up?

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Speaker 1: Oh my gosh, it was when I first started. It's

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Speaker 1: over ten years at least. It seems like a likable guy.

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00:24:12,440 --> 00:24:15,399
Speaker 1: But you know, he's got this this mania kind of

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Speaker 1: stock show, and he's you know, he rolls up his

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Speaker 1: sleeves and he knows everything. It's it's too much for me.

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Speaker 1: I can't take it. But I watched a show and

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Speaker 1: I'm like, I'm watching and watching and watching, and I'm like,

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Speaker 1: I'm not taking financial advice from this guy. I'm just not,

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Speaker 1: absolutely not. And anyway, it turns out that the Mad

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Speaker 1: Money host recommended to his viewers, which is very little.

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Speaker 1: By the way, he does not have many viewers that

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Speaker 1: they buy shares of this bank, Silicon Valley Bank's parent company,

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00:24:46,160 --> 00:24:50,880
Speaker 1: which owns the tech driven commercial lender that swiftly collapsed

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Speaker 1: on Friday, and he said it was the ninth best

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00:24:53,920 --> 00:24:59,359
Speaker 1: performer to date, as ben s v B Financial, and

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Speaker 1: then he told viewers on February eighth that he listed

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Speaker 1: sv BE Financial among its biggest winners so far in

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Speaker 1: twenty twenty three Lepsie Daisy. But I would I would

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00:25:11,240 --> 00:25:13,719
Speaker 1: think that they run a disclaimer before that show. If not,

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00:25:13,800 --> 00:25:18,119
Speaker 1: they should, I doubt it. Goldman Sachs said it didn't

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00:25:18,200 --> 00:25:21,440
Speaker 1: expect a federal interest rate hike now as a result

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00:25:21,520 --> 00:25:25,480
Speaker 1: of this in March, which Jerome Powell had predicted pretty

410
00:25:25,560 --> 00:25:29,840
Speaker 1: much said would happen last week. Of course, the politics

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00:25:30,000 --> 00:25:33,080
Speaker 1: Joe Biden is blaming, you know, Donald Trump, which is

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Speaker 1: a joke on a million different levels. But there are

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Speaker 1: a lot of risks to this ballout strategy. If they

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Speaker 1: guarantee the deposits without congressional approval, they're gonna face a

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Speaker 1: lot of legitimate legal questions, that's for sure. And the

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Speaker 1: White House is gonna seemingly choose to jam Speaker McCarthy

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Speaker 1: if markets aren't calmed down. But that's not mycarthy's job.

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Speaker 1: McCarthy does have a fiduciary responsibility to we the American taxpayer,

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Speaker 1: unless he's going to buy the lie that we're not

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Speaker 1: going to be the ones on the hook for this.

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Speaker 1: That's just an outright lie. In Business Insider that had

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Speaker 1: an interesting piece about Silicon Valley Bank and how it

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00:26:17,840 --> 00:26:19,600
Speaker 1: could just be the tip of the iceberg. I'm not

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Speaker 1: trying to give you bad news, but it certainly has

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Speaker 1: to be looked at as a possibility. We already have

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Speaker 1: another bank taken over. But the bank's collapse is a

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Speaker 1: byproduct of the federal reserves hiking of interest rates by

428
00:26:33,240 --> 00:26:36,800
Speaker 1: seventeen hundred percent in less than a year. Once risk

429
00:26:36,840 --> 00:26:41,560
Speaker 1: free treasuries started generating more attractive returns than what SVB

430
00:26:42,000 --> 00:26:45,000
Speaker 1: was offering. People started withdrawing them money and the bank

431
00:26:45,080 --> 00:26:48,119
Speaker 1: needed a quick way to pay them, and that ultimately

432
00:26:48,160 --> 00:26:51,480
Speaker 1: forced them to sell off their ten year treasury notes

433
00:26:51,920 --> 00:26:58,240
Speaker 1: and also their market back securities. They had to sell

434
00:26:58,280 --> 00:27:01,560
Speaker 1: all of that to just to stay in business, and

435
00:27:01,600 --> 00:27:03,280
Speaker 1: it got to the point where they couldn't afford to

436
00:27:03,280 --> 00:27:06,000
Speaker 1: do it anymore because the losses were piling up left,

437
00:27:06,080 --> 00:27:09,639
Speaker 1: right and sideways. You know, when you raise interest rates

438
00:27:09,680 --> 00:27:13,879
Speaker 1: this quickly after fifteen years of low interest rates nearly

439
00:27:13,960 --> 00:27:18,040
Speaker 1: zero at some points, you know, you really you don't

440
00:27:18,080 --> 00:27:21,160
Speaker 1: have a lot of leverage at that point if you've

441
00:27:21,200 --> 00:27:25,600
Speaker 1: invested in a long term treasury bond for example. Anyway,

442
00:27:25,640 --> 00:27:28,040
Speaker 1: so s b B did a thing for the bank,

443
00:27:28,119 --> 00:27:32,399
Speaker 1: a normal thing under regular circumstances, and it ended up

444
00:27:32,440 --> 00:27:36,359
Speaker 1: working against them, you know, because they went long term

445
00:27:36,480 --> 00:27:40,200
Speaker 1: and they should have gone short term because they were

446
00:27:40,240 --> 00:27:43,760
Speaker 1: they were betting that interest rates would remain low. Now

447
00:27:43,920 --> 00:27:46,879
Speaker 1: now the Fed is in a pickle. What is the

448
00:27:46,880 --> 00:27:50,119
Speaker 1: Fed going to do here? Because if they raise interest

449
00:27:50,200 --> 00:27:54,440
Speaker 1: rates again, you know what happens in that case? Does

450
00:27:54,480 --> 00:27:57,800
Speaker 1: that now spur another round of bank failures? If they

451
00:27:57,840 --> 00:28:02,320
Speaker 1: don't raise it? How does it impact inflation? It but anyway,

452
00:28:02,320 --> 00:28:06,159
Speaker 1: panic had already there were some smart people that actually

453
00:28:06,240 --> 00:28:09,800
Speaker 1: do the reading and the ones like like a JP

454
00:28:10,040 --> 00:28:14,560
Speaker 1: Morgan or Peter Thiel's group, you know people. The way

455
00:28:14,560 --> 00:28:16,879
Speaker 1: it was written up was critical of Peter Eelam like

456
00:28:17,200 --> 00:28:20,680
Speaker 1: it sounds to me like Peter heel And as founders

457
00:28:20,720 --> 00:28:24,359
Speaker 1: fund had no money in Silicon Valley Bank that they

458
00:28:24,359 --> 00:28:27,280
Speaker 1: had taken it out in large part because they did

459
00:28:27,320 --> 00:28:31,240
Speaker 1: their research. Now the question that everyone's asking is this

460
00:28:31,359 --> 00:28:34,560
Speaker 1: going to be a contagion? You know, customers lining up

461
00:28:34,560 --> 00:28:37,120
Speaker 1: outside of First Republic Bank to get their money out.

462
00:28:37,800 --> 00:28:41,200
Speaker 1: Dozens of customers lined outside of First Republic Bank in

463
00:28:41,240 --> 00:28:45,520
Speaker 1: south southern California, eager to withdraw their funds in the

464
00:28:45,520 --> 00:28:48,959
Speaker 1: wake of the bank of Silicon Valley Bank. You know,

465
00:28:49,080 --> 00:28:53,200
Speaker 1: it's um it's this is a far bigger mess, and

466
00:28:53,320 --> 00:28:55,320
Speaker 1: I think most people are really understanding. And by the

467
00:28:55,360 --> 00:28:58,600
Speaker 1: way it's it's having you know, an impact on the

468
00:28:58,600 --> 00:29:03,000
Speaker 1: world economy. The British tech sector is now seriously at

469
00:29:03,080 --> 00:29:07,400
Speaker 1: risk after this bank collapse. I was an article written

470
00:29:07,400 --> 00:29:11,000
Speaker 1: abroad that I read, you know, from Wine Country. According

471
00:29:11,000 --> 00:29:13,880
Speaker 1: to the ape from Wine Country to London. As banks

472
00:29:13,880 --> 00:29:17,960
Speaker 1: failure shakes the worldwide markets. I think it was the

473
00:29:18,040 --> 00:29:20,720
Speaker 1: Daily Mail that pointed out this is not a one off.

474
00:29:20,720 --> 00:29:25,000
Speaker 1: Financial markets brace for more pain from Silicon Valley after,

475
00:29:25,320 --> 00:29:28,640
Speaker 1: you know, an a possible death spiral with First Republic,

476
00:29:28,640 --> 00:29:31,920
Speaker 1: pack West and Signature bank stocks now going down by

477
00:29:32,000 --> 00:29:35,440
Speaker 1: up to fifty percent and tech giants unable to access

478
00:29:35,520 --> 00:29:40,680
Speaker 1: frozen billions. He's what does the long term out output

479
00:29:40,680 --> 00:29:45,360
Speaker 1: an impact? Dramatic? What is Biden's answer? A seven trillion

480
00:29:45,360 --> 00:29:50,560
Speaker 1: dollar record budget with massive tax increases, wanting to raise

481
00:29:51,240 --> 00:29:56,280
Speaker 1: you know, the income tax by by five percent, race

482
00:29:56,400 --> 00:30:00,719
Speaker 1: taxes on small business, nearly doubling the capitol date gains tax.

483
00:30:01,360 --> 00:30:04,360
Speaker 1: He wants a tax on unrealized capital gains. We spent

484
00:30:04,440 --> 00:30:06,840
Speaker 1: a lot of time on that last week. A massive

485
00:30:07,400 --> 00:30:13,680
Speaker 1: increase again on corporate corporations, a Medicare tax, stock buy

486
00:30:13,720 --> 00:30:17,880
Speaker 1: back tax. I mean, none of this is supposed wall

487
00:30:17,960 --> 00:30:22,080
Speaker 1: for the economy, seven trillion dollars at a time that

488
00:30:22,160 --> 00:30:25,080
Speaker 1: we need to be cutting back. But just so you know,

489
00:30:25,160 --> 00:30:30,080
Speaker 1: because of Biden's incredibly dumb energy policies, we do have

490
00:30:30,160 --> 00:30:35,320
Speaker 1: other news. Saudi Arabia is doing great. Saudi Arabia's national

491
00:30:35,320 --> 00:30:41,200
Speaker 1: oil company Aramco reported record annual profit of one hundred

492
00:30:41,240 --> 00:30:43,880
Speaker 1: and sixty one billion dollars for twenty twenty two, the

493
00:30:43,960 --> 00:30:49,280
Speaker 1: largest ever by any single energy firm. Oh, I guess

494
00:30:49,280 --> 00:30:52,480
Speaker 1: because when you artificially reduced the world supply of oil

495
00:30:52,560 --> 00:30:57,480
Speaker 1: like Joe Biden did, then guess what, They're gonna get rich.

496
00:30:58,520 --> 00:31:00,560
Speaker 1: And we could be more rich than them because we

497
00:31:00,600 --> 00:31:04,480
Speaker 1: have more natural resources than them, and we have a

498
00:31:04,480 --> 00:31:08,800
Speaker 1: a natural alliance and customer base, and that would be

499
00:31:08,840 --> 00:31:12,200
Speaker 1: Western Europe that needs it desperately. Hey, I want to

500
00:31:12,240 --> 00:31:15,800
Speaker 1: remind you about Mantisex. I love mantis X. You're gonna

501
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Speaker 1: love it too. You may not know that all the

502
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Speaker 1: best shooters in the world to a majority of their

503
00:31:19,400 --> 00:31:23,320
Speaker 1: training using what's called dry fire practice at home now.

504
00:31:23,440 --> 00:31:27,200
Speaker 1: Mantisex is used by the Marine Corps, the Army Special Forces.

505
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Speaker 1: It's military grade technology at a very affordable price. It's

506
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Speaker 1: simple to do. You just attach it to your own

507
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Speaker 1: firearm and it's all electronic and mantis X gives you

508
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Speaker 1: real time, data driven feedback on your technique. They'll guide

509
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Speaker 1: you through drills and courses. Ninety four percent of shooters

510
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Speaker 1: improve within twenty minutes of using mantis X. And it's

511
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Speaker 1: fun to use. Now. If you believe in your Second

512
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Speaker 1: Amendment right, you have a responsibility to be competent and

513
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Speaker 1: competent in your shooting ability. Let me tell you something,

514
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Speaker 1: if you're really serious, manti x will turn you into

515
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516
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517
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Speaker 1: hear anywhere else. Every day, every day, that's what we do.

518
00:32:21,120 --> 00:32:26,479
Speaker 1: You're on the Sean Hannity Show. All right, a lot

519
00:32:26,520 --> 00:32:29,240
Speaker 1: of ground to cover today. Jim Jordan will be with

520
00:32:29,360 --> 00:32:33,120
Speaker 1: US Congressman Ohio, also the chairman of the all important

521
00:32:33,120 --> 00:32:37,880
Speaker 1: House Judiciary Committee, discussing his hearings, his approach to all this.

522
00:32:37,960 --> 00:32:41,600
Speaker 1: Will also get his take on this banking issue. Also,

523
00:32:41,600 --> 00:32:46,640
Speaker 1: our economists Steve Moore and Eju and Tony you're going

524
00:32:46,680 --> 00:32:48,600
Speaker 1: to be with us. We'll get their take on this

525
00:32:48,840 --> 00:32:50,680
Speaker 1: banking disaster. And I know a lot of you have

526
00:32:50,720 --> 00:32:55,080
Speaker 1: a lot of questions. The best advice I can give

527
00:32:55,160 --> 00:32:58,120
Speaker 1: you is listen to the smartest people you know, check

528
00:32:58,160 --> 00:33:01,840
Speaker 1: in with every financial advisor you like and respect, and

529
00:33:02,080 --> 00:33:05,320
Speaker 1: get their take on it. Anyway. Eight hundred and nine

530
00:33:05,400 --> 00:33:08,640
Speaker 1: four one. Sean is our toe free telephone number you

531
00:33:08,680 --> 00:33:10,520
Speaker 1: want to be a part of the program, Quick Quickbreak,

532
00:33:10,640 --> 00:33:12,400
Speaker 1: Jim Jordan's Next. As we continue,