1 00:00:00,080 --> 00:00:03,320 Speaker 1: Welcome to today's edition of The Clay Travis and Buck 2 00:00:03,360 --> 00:00:07,720 Speaker 1: Sexton Show podcast, second hour of play in Buck. I 3 00:00:07,880 --> 00:00:10,960 Speaker 1: just mentioned this a few moments ago, a run on 4 00:00:11,000 --> 00:00:17,000 Speaker 1: a major US bank, And one of the questions that 5 00:00:17,280 --> 00:00:23,279 Speaker 1: I've often asked people in the financial world is what 6 00:00:23,400 --> 00:00:27,080 Speaker 1: are the things you look for if a recession or 7 00:00:27,120 --> 00:00:30,200 Speaker 1: even a depression is coming. What are some of those 8 00:00:30,280 --> 00:00:34,199 Speaker 1: igniting moments? What can be the turning point? And if 9 00:00:34,200 --> 00:00:37,360 Speaker 1: you were coming up with a list, Sure, a major 10 00:00:37,400 --> 00:00:41,040 Speaker 1: attack by a near peer foreign power military strike, right, 11 00:00:41,200 --> 00:00:44,440 Speaker 1: that might send you into a rough financial situation for 12 00:00:44,479 --> 00:00:50,320 Speaker 1: a while. A huge oil shock, massive disruption in the 13 00:00:50,400 --> 00:00:56,760 Speaker 1: energy markets that could create real problems. Stock market crash, Sure, 14 00:00:57,080 --> 00:01:01,640 Speaker 1: that's another one that sends the economy into a tailspin. 15 00:01:02,680 --> 00:01:05,040 Speaker 1: But if you're looking at something, if you're wondering what 16 00:01:05,400 --> 00:01:09,319 Speaker 1: can really just put an economy flat on its back 17 00:01:09,959 --> 00:01:12,200 Speaker 1: in what feels like the blink of an eye when 18 00:01:12,240 --> 00:01:17,080 Speaker 1: it's happening. Bank failures, that's something you really have to 19 00:01:17,120 --> 00:01:20,760 Speaker 1: avoid at all costs. And as we all can remember, 20 00:01:21,080 --> 00:01:23,759 Speaker 1: that was in the case of Lehman Brothers with an 21 00:01:23,760 --> 00:01:27,920 Speaker 1: investment bank. What got us started with the plunge into 22 00:01:27,959 --> 00:01:31,600 Speaker 1: the Great recession of two thousand and eight. Now, maybe 23 00:01:31,600 --> 00:01:36,160 Speaker 1: this is all able to be patched up. For the 24 00:01:36,200 --> 00:01:39,200 Speaker 1: most part, there's gonna be there's gonna be negative consequences 25 00:01:39,200 --> 00:01:42,800 Speaker 1: of this. But as I speak to you right now, 26 00:01:43,319 --> 00:01:46,280 Speaker 1: you have to look at an incident like this situation 27 00:01:46,319 --> 00:01:50,560 Speaker 1: with a Silicon Valley bank and think this is something 28 00:01:50,640 --> 00:01:56,800 Speaker 1: that could be that first spark into the dry tinder. 29 00:01:57,440 --> 00:02:01,440 Speaker 1: This could take an economy that is, let's be honest, 30 00:02:01,480 --> 00:02:05,480 Speaker 1: the US economy has been Underbiden stumbling along it. You know, 31 00:02:05,520 --> 00:02:09,120 Speaker 1: we haven't seen massive job losses of this scale that 32 00:02:09,200 --> 00:02:13,520 Speaker 1: would force Democrats to admit it's happening. We haven't seen 33 00:02:14,200 --> 00:02:18,320 Speaker 1: the kind of economic dislocation and even despair that would 34 00:02:18,400 --> 00:02:22,080 Speaker 1: lead people to use the D word depression. That's clear, 35 00:02:22,120 --> 00:02:25,639 Speaker 1: that's obvious. It's been muddling through. It's been a kind 36 00:02:25,680 --> 00:02:30,400 Speaker 1: of stumbling along technically in recession last year, but not really, 37 00:02:30,440 --> 00:02:34,080 Speaker 1: they say, And then we argued over that stock market 38 00:02:34,200 --> 00:02:39,120 Speaker 1: is down substantially Underbiden, but it hasn't crashed. Housing. You know, 39 00:02:39,760 --> 00:02:42,360 Speaker 1: rates have gone up. Housing prices though in a lot 40 00:02:42,440 --> 00:02:44,480 Speaker 1: of places, I mean I'm down here in Florida, housing 41 00:02:44,480 --> 00:02:48,280 Speaker 1: prices are steady or going up still, so it hasn't 42 00:02:48,320 --> 00:02:51,480 Speaker 1: been yet what some had thought would happen, which was 43 00:02:51,520 --> 00:02:57,000 Speaker 1: a major correction from years and years of a bull 44 00:02:57,080 --> 00:03:00,600 Speaker 1: market and tremendous financial growth in America. Thank you Trump 45 00:03:00,639 --> 00:03:05,880 Speaker 1: administration for a few amazing years pre pandemic into something 46 00:03:05,960 --> 00:03:11,320 Speaker 1: that makes everybody really feel the economic pain. And I 47 00:03:11,360 --> 00:03:15,399 Speaker 1: don't know what this Silicon Valley Bank run situation will 48 00:03:15,400 --> 00:03:18,960 Speaker 1: turn into. I think that people who get too deep 49 00:03:19,000 --> 00:03:22,040 Speaker 1: into economic forecasting end up doing a lot of apologizing 50 00:03:22,040 --> 00:03:24,840 Speaker 1: if you look at their records. But I do know 51 00:03:24,960 --> 00:03:28,720 Speaker 1: that this is the kind of thing, This is the 52 00:03:28,840 --> 00:03:33,160 Speaker 1: sort of incident that can lead to big problems. Here's 53 00:03:33,160 --> 00:03:38,560 Speaker 1: what's happening. Silicon Valley Bank in Santa Clara, California is 54 00:03:38,560 --> 00:03:42,080 Speaker 1: the eighteenth largest bank in the US. So this is 55 00:03:42,120 --> 00:03:45,320 Speaker 1: not some little local bank that's just taking you a 56 00:03:45,440 --> 00:03:48,640 Speaker 1: mom and pop deposits from the from the general store 57 00:03:48,680 --> 00:03:52,760 Speaker 1: and no, no, this is a bank that has two 58 00:03:52,880 --> 00:03:56,560 Speaker 1: hundred and twelve billion dollars of assets as of September, 59 00:03:57,480 --> 00:03:59,400 Speaker 1: so call it, you know, two hundred plus billion in 60 00:03:59,480 --> 00:04:04,360 Speaker 1: assets a lot of money. But also very importantly, this 61 00:04:04,520 --> 00:04:09,120 Speaker 1: is a bank that is known for being a lender 62 00:04:09,160 --> 00:04:12,040 Speaker 1: of first resort for a lot of venture capital firms, 63 00:04:12,960 --> 00:04:16,040 Speaker 1: so a lot of in the tech space. Right, we're 64 00:04:16,080 --> 00:04:18,400 Speaker 1: thinking silt Silicon Valley Bank. Why they name it that 65 00:04:18,400 --> 00:04:21,200 Speaker 1: because it's in Silicon Valley and it's dealing with the 66 00:04:21,240 --> 00:04:26,000 Speaker 1: companies in that area, which are which have been a 67 00:04:26,000 --> 00:04:29,000 Speaker 1: lot of the major drivers of the US economy for 68 00:04:29,040 --> 00:04:31,600 Speaker 1: the last on the last ten years or so, I mean, 69 00:04:31,720 --> 00:04:34,159 Speaker 1: give or take. I mean you look at Google and 70 00:04:34,200 --> 00:04:39,280 Speaker 1: Facebook and Amazon and Netflix and these companies and what 71 00:04:39,320 --> 00:04:41,960 Speaker 1: they've been able to do, and the valuations they have 72 00:04:42,560 --> 00:04:47,960 Speaker 1: and the stock runs that they've had, it's a big deal. Well, 73 00:04:48,120 --> 00:04:52,640 Speaker 1: Silicon Valley Bank was where you would go and a 74 00:04:52,680 --> 00:04:56,679 Speaker 1: lot of cases as a venture capital firm to get 75 00:04:56,720 --> 00:04:59,600 Speaker 1: the money to put a deal together, to invest in 76 00:05:00,279 --> 00:05:04,960 Speaker 1: tech startups, to look at a tech company that perhaps 77 00:05:05,040 --> 00:05:07,279 Speaker 1: is about to do a major expansion or an acquisition. 78 00:05:07,760 --> 00:05:12,200 Speaker 1: So this bank, the funds that it has are used 79 00:05:12,200 --> 00:05:18,680 Speaker 1: to lubricate and finance the mechanisms of the Internet. Right. 80 00:05:18,920 --> 00:05:22,720 Speaker 1: Think of it that way. The startups, i should say, 81 00:05:22,760 --> 00:05:26,080 Speaker 1: that are operating in that tech space, the new and 82 00:05:26,279 --> 00:05:31,159 Speaker 1: up and coming, the next the next tranche of great 83 00:05:31,400 --> 00:05:36,880 Speaker 1: Internet companies. And the fact that this bank has had 84 00:05:36,880 --> 00:05:39,400 Speaker 1: a run. I mean there are photo circulating of people 85 00:05:39,760 --> 00:05:44,480 Speaker 1: desperately standing in line trying to get their money out. 86 00:05:45,600 --> 00:05:48,800 Speaker 1: This is today, and this is happening right now. And 87 00:05:48,839 --> 00:05:52,600 Speaker 1: this isn't some you know, little bank nobody's ever heard of. 88 00:05:52,600 --> 00:05:54,440 Speaker 1: I mean, this is a bank that is supposed to 89 00:05:54,520 --> 00:05:59,640 Speaker 1: be highly sophisticated, incredibly well connected, and you know, they 90 00:05:59,680 --> 00:06:03,400 Speaker 1: try to raise I think I've tried to raise a 91 00:06:03,400 --> 00:06:08,000 Speaker 1: couple of billion dollars to deal with the shortfall that 92 00:06:08,120 --> 00:06:12,520 Speaker 1: they have gone through and it just hasn't works. So 93 00:06:12,640 --> 00:06:18,760 Speaker 1: now you've seen the regulators, the Federal Deposit Insurance Corporation FDIC, 94 00:06:19,160 --> 00:06:24,599 Speaker 1: seizing this bank and people are finding out. You know 95 00:06:24,640 --> 00:06:26,400 Speaker 1: that whole thing about how you're insured up the two 96 00:06:26,440 --> 00:06:29,760 Speaker 1: hundred fifty thousand dollars, Well, that's nice. You know what 97 00:06:29,839 --> 00:06:32,520 Speaker 1: happens beyond that level, which when you're talking about a 98 00:06:32,520 --> 00:06:34,920 Speaker 1: lot of a lot of depositors, a lot of people 99 00:06:34,920 --> 00:06:39,240 Speaker 1: with accounts at SVB Silicon Valley Bank are in this category. 100 00:06:40,040 --> 00:06:43,039 Speaker 1: You're hoping maybe you get your money back, but maybe 101 00:06:43,080 --> 00:06:47,280 Speaker 1: you don't because it comes from the sale the liquidation 102 00:06:47,360 --> 00:06:50,680 Speaker 1: of whatever assets the bank has. And you know it's 103 00:06:50,720 --> 00:06:53,400 Speaker 1: a bank, it's not you know, this isn't like the 104 00:06:53,440 --> 00:06:56,880 Speaker 1: Disney Corporation that owns hundreds of millions of dollars of 105 00:06:56,920 --> 00:07:00,360 Speaker 1: real estate, etc. Etc. Right, this is a bank. So 106 00:07:00,520 --> 00:07:02,560 Speaker 1: they're going to sell off what they can in terms 107 00:07:02,600 --> 00:07:05,400 Speaker 1: of assets on the balance sheets, and then maybe you 108 00:07:05,480 --> 00:07:07,679 Speaker 1: get back some of your money. Maybe you don't beyond 109 00:07:07,680 --> 00:07:09,800 Speaker 1: the two fifty that the federal government steps in with. 110 00:07:10,880 --> 00:07:17,239 Speaker 1: So this bank very rapidly has reached a point where, well, 111 00:07:17,680 --> 00:07:21,520 Speaker 1: people are wondering about contagion. Is this going to happen 112 00:07:21,800 --> 00:07:24,440 Speaker 1: somewhere else? Why did this happen at the I mean, 113 00:07:24,680 --> 00:07:26,640 Speaker 1: let me ask you this. They're going to pretend now, 114 00:07:26,640 --> 00:07:28,800 Speaker 1: I mean, the regulators and everybody say, oh no, we've 115 00:07:29,280 --> 00:07:33,160 Speaker 1: we've been able to tie this off. We've been able 116 00:07:33,200 --> 00:07:35,840 Speaker 1: to make it so that this is unlikely or it's 117 00:07:36,200 --> 00:07:40,040 Speaker 1: you shouldn't have any concerns about a domino effect other 118 00:07:40,120 --> 00:07:44,040 Speaker 1: runs on other banks, or even just broader economic implications. 119 00:07:45,000 --> 00:07:49,600 Speaker 1: They're going to tell you that. Meanwhile, you have Bill Ackman, 120 00:07:49,680 --> 00:07:53,760 Speaker 1: one of the most well known hedge fund guys, is 121 00:07:53,800 --> 00:07:57,320 Speaker 1: a multi multi billionaire. He's a hedge fund guy who 122 00:07:57,600 --> 00:08:01,440 Speaker 1: just shared this in the last twenty four hours. The 123 00:08:01,600 --> 00:08:06,840 Speaker 1: failure of SVB financial could destroy an important long time 124 00:08:06,920 --> 00:08:11,880 Speaker 1: driver of the economy, as VC venture capital backed companies 125 00:08:12,120 --> 00:08:16,200 Speaker 1: relying on SVB for loans and holding their operating cash. 126 00:08:16,240 --> 00:08:20,400 Speaker 1: If private capital can't provide a solution, a highly dilutive 127 00:08:20,680 --> 00:08:26,720 Speaker 1: government preferred bailout should be considered. We have had a 128 00:08:26,760 --> 00:08:31,200 Speaker 1: bank run, a bank failure, and now people who know 129 00:08:31,280 --> 00:08:34,280 Speaker 1: what time it is are already saying, maybe we should 130 00:08:34,280 --> 00:08:43,360 Speaker 1: have a bank bailout by the government. Now, look, we'll 131 00:08:43,400 --> 00:08:48,320 Speaker 1: see where all of this goes. We'll see if this 132 00:08:48,440 --> 00:08:52,200 Speaker 1: is just the one off. But I would approach it 133 00:08:52,240 --> 00:08:54,800 Speaker 1: this way. I don't. I'm not a VC guy. I 134 00:08:54,880 --> 00:08:57,640 Speaker 1: have friends who are venture capitalists and people that work 135 00:08:57,640 --> 00:09:01,040 Speaker 1: at investment banks, and so I have actions into that world, 136 00:09:01,080 --> 00:09:04,640 Speaker 1: but I am not of that of that world in 137 00:09:04,640 --> 00:09:09,200 Speaker 1: my background. I would say, though, was anyone talking about 138 00:09:09,240 --> 00:09:11,520 Speaker 1: the possible failure of a two hundred billion dollar bank 139 00:09:11,520 --> 00:09:14,960 Speaker 1: in the last month? Did you see that anywhere? Did 140 00:09:15,040 --> 00:09:18,960 Speaker 1: anyone was anyone like sounding the alarm bell? Were you 141 00:09:19,040 --> 00:09:21,320 Speaker 1: hearing from people, Hey, guys, we gotta watch out. This 142 00:09:21,360 --> 00:09:24,679 Speaker 1: one bank out in Santa Clara, California. It's having some 143 00:09:25,480 --> 00:09:27,720 Speaker 1: rough stuff happened on the balance sheet. I'm worried about 144 00:09:27,720 --> 00:09:31,120 Speaker 1: whether it's insolvent. I didn't see it now maybe if 145 00:09:31,160 --> 00:09:34,120 Speaker 1: you're really into the financial journalism world, and there are 146 00:09:34,120 --> 00:09:36,960 Speaker 1: probably some, but I just mean the American people overall. 147 00:09:37,040 --> 00:09:40,520 Speaker 1: Were you hearing about this before last twenty four hours? 148 00:09:40,679 --> 00:09:44,240 Speaker 1: Was anybody talking about it? That makes you think, if 149 00:09:44,280 --> 00:09:48,360 Speaker 1: this could happen at this level, this rapidly, what other 150 00:09:48,520 --> 00:09:51,920 Speaker 1: holes are in the economy right now that are just 151 00:09:52,200 --> 00:09:56,280 Speaker 1: waiting to be exposed? And then all of us have 152 00:09:56,360 --> 00:10:00,400 Speaker 1: to deal with the ramifications and the damage. We're over 153 00:10:00,480 --> 00:10:05,600 Speaker 1: thirty trillion dollars in debt, as you know, there's a 154 00:10:05,640 --> 00:10:09,520 Speaker 1: whole lot of reason to believe that we haven't really 155 00:10:09,559 --> 00:10:13,400 Speaker 1: paid the full price of the lockdown, the trillions of 156 00:10:13,440 --> 00:10:19,480 Speaker 1: dollars of spending, and all of the economic alchemy that 157 00:10:19,559 --> 00:10:21,640 Speaker 1: has gone on to try to pretend that people can 158 00:10:21,679 --> 00:10:23,760 Speaker 1: stay home and get checks and there's no big deal, 159 00:10:25,280 --> 00:10:29,760 Speaker 1: and these things all seem you know, the truth about bankruptcy. 160 00:10:29,800 --> 00:10:33,199 Speaker 1: The old joke about bankruptcy that it happens slowly then 161 00:10:33,240 --> 00:10:38,760 Speaker 1: suddenly is also true of major recessions. You know, everyone 162 00:10:38,760 --> 00:10:41,440 Speaker 1: sees it clearly in retrospect when it's obvious and it 163 00:10:41,520 --> 00:10:44,640 Speaker 1: has happened. But when it actually becomes obvious that it 164 00:10:44,679 --> 00:10:47,800 Speaker 1: has happened, it feels like it is quite sudden. It 165 00:10:47,840 --> 00:10:50,839 Speaker 1: feels like, oh my gosh, look would just hit us. 166 00:10:51,880 --> 00:10:55,080 Speaker 1: And there's usually, you know, a first strike, and then 167 00:10:55,120 --> 00:10:58,520 Speaker 1: there's a second wave of something that comes. Are they 168 00:10:58,559 --> 00:11:03,960 Speaker 1: able to totally tie this off, limit the damage and 169 00:11:04,760 --> 00:11:10,480 Speaker 1: no greater structural impact on the economy? Maybe? Maybe? Do 170 00:11:10,520 --> 00:11:14,880 Speaker 1: you have faith that the federal government, with Joe Biden 171 00:11:15,080 --> 00:11:18,800 Speaker 1: and god knows who else around him as the stewards 172 00:11:19,000 --> 00:11:22,120 Speaker 1: of the federal agencies like the FDIC that have to 173 00:11:22,360 --> 00:11:24,559 Speaker 1: make decisions here, do you have any faith in their 174 00:11:24,600 --> 00:11:28,680 Speaker 1: ability to navigate us through this. You know, you can't 175 00:11:28,720 --> 00:11:33,600 Speaker 1: tax the bank back into solvency, you can't social justice 176 00:11:33,679 --> 00:11:38,200 Speaker 1: your way to venture capital investment reappearing on the scene. 177 00:11:38,520 --> 00:11:42,160 Speaker 1: You know, they have to make clear eye decisions about 178 00:11:42,200 --> 00:11:45,640 Speaker 1: what's best for the American people in the American economy 179 00:11:46,440 --> 00:11:50,200 Speaker 1: with an understanding of markets and an understanding of the 180 00:11:50,320 --> 00:11:53,559 Speaker 1: history of how these markets have collapsed in the past 181 00:11:53,559 --> 00:11:57,160 Speaker 1: and what's happened, how these industries have gotten crushed before, 182 00:11:57,200 --> 00:12:01,120 Speaker 1: how banks have had runs and failures and collapses. I 183 00:12:01,200 --> 00:12:04,400 Speaker 1: do not think that people in charge right now, to 184 00:12:04,400 --> 00:12:07,040 Speaker 1: put it mildly, are up for the task. If there 185 00:12:07,160 --> 00:12:10,520 Speaker 1: is any contagion from this, I think that the media 186 00:12:10,679 --> 00:12:13,680 Speaker 1: will be desperate to lie to you about any second 187 00:12:13,800 --> 00:12:17,040 Speaker 1: order effects of this, because they know that we're already 188 00:12:17,040 --> 00:12:21,480 Speaker 1: effectively in a presidential election cycle, and one thing that 189 00:12:21,480 --> 00:12:25,800 Speaker 1: would truly and clearly doom the Democrats, whether it's Biden 190 00:12:26,040 --> 00:12:31,079 Speaker 1: or Kamala or Newsome or you know, you know, if 191 00:12:31,080 --> 00:12:33,839 Speaker 1: Michelle Obama decided to run, which people I know always 192 00:12:33,880 --> 00:12:37,920 Speaker 1: talk about. Even Michelle Obama as the Democrat nominee isn't 193 00:12:37,960 --> 00:12:42,040 Speaker 1: going to win election if you are in a brutal 194 00:12:42,320 --> 00:12:47,199 Speaker 1: and grinding recession. So they're not going to be honest 195 00:12:47,240 --> 00:12:49,920 Speaker 1: with you about the possibilities here, and they're going to 196 00:12:49,960 --> 00:12:52,120 Speaker 1: do everything they can to say it's no big deal. 197 00:12:52,800 --> 00:12:55,600 Speaker 1: I don't know, but I'm telling you they don't know, 198 00:12:55,840 --> 00:12:57,600 Speaker 1: and they're not going to be honest with you either 199 00:12:57,760 --> 00:13:00,280 Speaker 1: about what could happen here. When you had Peter He'll 200 00:13:00,760 --> 00:13:05,679 Speaker 1: telling people what was this just? He was effectively telling 201 00:13:05,720 --> 00:13:10,679 Speaker 1: people to the venture capital fund co founder by Peter Thiel, rather, 202 00:13:10,760 --> 00:13:14,079 Speaker 1: I should say the venture capital fund co founded by him, 203 00:13:14,200 --> 00:13:18,040 Speaker 1: advised companies on Thursday night to pull money from the 204 00:13:18,040 --> 00:13:21,000 Speaker 1: Silicon Valley Bank. So he was saying, get your money 205 00:13:21,000 --> 00:13:23,160 Speaker 1: while you can get it out of there. It's a 206 00:13:23,200 --> 00:13:26,840 Speaker 1: two hundred billion dollar financial institution. We just had the 207 00:13:26,880 --> 00:13:30,000 Speaker 1: Sam Bankman freed fraud of tens of billions of dollars, 208 00:13:30,000 --> 00:13:33,319 Speaker 1: billions of dollars evaporated. How many of these things do 209 00:13:33,360 --> 00:13:36,440 Speaker 1: you think can happen before all of a sudden the 210 00:13:36,559 --> 00:13:39,840 Speaker 1: bill comes due for you and for me and for 211 00:13:39,880 --> 00:13:43,959 Speaker 1: everybody else. I want to switch gears here for a second. 212 00:13:44,000 --> 00:13:46,240 Speaker 1: It's easy to advocate for someone and something when you 213 00:13:46,280 --> 00:13:48,440 Speaker 1: believe in it. And I really believe in the work 214 00:13:48,480 --> 00:13:50,760 Speaker 1: that the Preborn Network of Clinics are doing each and 215 00:13:50,840 --> 00:13:54,199 Speaker 1: every day in their clinics nationwide. In their brief seventeen 216 00:13:54,200 --> 00:13:57,559 Speaker 1: of year history, they've rescued over two hundred thousand babies. 217 00:13:58,200 --> 00:14:00,480 Speaker 1: These are children living and breathing and going through school 218 00:14:00,520 --> 00:14:04,040 Speaker 1: today because their mom's got the love and support they 219 00:14:04,120 --> 00:14:06,880 Speaker 1: needed when they needed it. The majority of the women 220 00:14:06,880 --> 00:14:10,000 Speaker 1: who come to these preborn clinics are being pressured, they're 221 00:14:10,080 --> 00:14:15,360 Speaker 1: feeling despair to abort their unborn child. Preborn seeks these 222 00:14:15,360 --> 00:14:17,680 Speaker 1: women out before they make that choice that can never 223 00:14:17,760 --> 00:14:21,040 Speaker 1: be taken back and introduces them to the life growing 224 00:14:21,080 --> 00:14:24,400 Speaker 1: inside of them through a free ultrasound thanks to donations 225 00:14:24,440 --> 00:14:27,400 Speaker 1: from you and me. Once a mom hears that heartbeat, 226 00:14:27,720 --> 00:14:30,840 Speaker 1: sees that precious life inside her, a majority of the 227 00:14:30,880 --> 00:14:34,680 Speaker 1: time she does choose life for that baby. Twenty eight dollars. 228 00:14:34,920 --> 00:14:38,560 Speaker 1: That's all an ultrasound costs. Twenty eight dollars. One hundred 229 00:14:38,600 --> 00:14:42,640 Speaker 1: and forty dollars would provide five ultrasounds. Do you have 230 00:14:42,720 --> 00:14:47,040 Speaker 1: five ultrasounds worth of donation in you today? You could 231 00:14:47,040 --> 00:14:49,760 Speaker 1: say five babies lives or twenty eight dollars or ten 232 00:14:49,800 --> 00:14:53,440 Speaker 1: dollars or a thousand dollars. Whatever you can donate. It 233 00:14:53,600 --> 00:14:57,240 Speaker 1: is tax deductible and all of it goes toward this 234 00:14:57,360 --> 00:15:01,840 Speaker 1: mission of saving babies lives. Dial pound two five zero 235 00:15:01,960 --> 00:15:06,320 Speaker 1: say the keyword baby. That's pound two five zero say baby. 236 00:15:06,800 --> 00:15:10,720 Speaker 1: Or visit Preborn's website preborn dot com slash buck. You 237 00:15:10,760 --> 00:15:14,360 Speaker 1: can donate there. It's very easy. Preborn dot com slash 238 00:15:14,520 --> 00:15:19,640 Speaker 1: b u c K sponsored by Preborn. Truth after Truth. 239 00:15:19,960 --> 00:15:23,680 Speaker 1: You can handle the truth. Clay Travis and Buck Sexton. 240 00:15:23,840 --> 00:15:26,360 Speaker 1: Welcome back to Clay an Buck. This is Buck and 241 00:15:26,520 --> 00:15:28,720 Speaker 1: I've wanted to tell you a little more about this 242 00:15:29,120 --> 00:15:32,160 Speaker 1: bank failure, because that's what it is. I'll run on 243 00:15:32,200 --> 00:15:34,320 Speaker 1: a bank in a bank failure. Two hundred plus billion 244 00:15:34,360 --> 00:15:39,000 Speaker 1: dollars of assets for Silicon Valley Bank SVB. This is 245 00:15:39,000 --> 00:15:43,360 Speaker 1: a thread from Brad Hargreaves on Twitter, and here's what 246 00:15:43,400 --> 00:15:45,040 Speaker 1: he's saying about this. A lot of people that are 247 00:15:45,080 --> 00:15:49,440 Speaker 1: following Silicon Valley and the tech space closely are saying, guys, 248 00:15:50,000 --> 00:15:52,920 Speaker 1: this is bad, but this could get really bad, as 249 00:15:52,920 --> 00:15:56,480 Speaker 1: in effects all of us, like the rest of America 250 00:15:56,680 --> 00:16:00,640 Speaker 1: bad depending on how this goes. He writes, the SVB 251 00:16:00,800 --> 00:16:04,680 Speaker 1: closure and receivership is going to have a massive impact 252 00:16:04,720 --> 00:16:08,480 Speaker 1: on the tech ecosystem. SVB was not just a dominant 253 00:16:08,480 --> 00:16:11,120 Speaker 1: player in tech, but was highly integrated in some non 254 00:16:11,120 --> 00:16:14,040 Speaker 1: traditional ways. A few things we will see in the 255 00:16:14,040 --> 00:16:17,840 Speaker 1: coming days and weeks. One, So, the con Valley Bank 256 00:16:17,960 --> 00:16:20,920 Speaker 1: was incredibly integrated into the lives of many founders, not 257 00:16:21,000 --> 00:16:24,600 Speaker 1: just their startups, bank and lender, but also provided personal 258 00:16:24,600 --> 00:16:28,440 Speaker 1: mortgages and other financial services. This is a whole mess 259 00:16:28,720 --> 00:16:32,560 Speaker 1: for the FDIC to unwine. Two. Any uninsured balance at 260 00:16:32,680 --> 00:16:36,040 Speaker 1: SVB above two hundred and fifty k, they're in jeopardy. 261 00:16:36,160 --> 00:16:38,560 Speaker 1: FDIC plans to pay them out as it sells the 262 00:16:38,600 --> 00:16:43,600 Speaker 1: assets of SVB. But lots of startups exclusively banked with 263 00:16:43,800 --> 00:16:48,920 Speaker 1: SVB as this was a covenant of their debt. Brad 264 00:16:48,960 --> 00:16:52,480 Speaker 1: Hargreaves goes on CEOs yesterday faced a hard choice, pull 265 00:16:52,520 --> 00:16:56,080 Speaker 1: your deposits and go into default on your venture debt 266 00:16:56,160 --> 00:16:59,440 Speaker 1: or risk losing everything if the bank failed. Many chose 267 00:16:59,480 --> 00:17:05,320 Speaker 1: to hold as svb's outright failure seemed outlandish. Yeah, and 268 00:17:05,400 --> 00:17:08,119 Speaker 1: it happened. By the way, now they may not be 269 00:17:08,200 --> 00:17:11,600 Speaker 1: able to make payroll next week. Unpaid wages pierced the 270 00:17:11,600 --> 00:17:15,280 Speaker 1: corporate veil, so boards are incredibly sensitive to employing workers. 271 00:17:15,320 --> 00:17:18,800 Speaker 1: They may not be able to pay. Expect mass layoffs 272 00:17:19,119 --> 00:17:23,120 Speaker 1: later today Monday at the latest. And then he says, 273 00:17:23,160 --> 00:17:25,840 Speaker 1: given the weak fundraising environment, a number of startups that 274 00:17:25,880 --> 00:17:32,360 Speaker 1: have been reliant on venture lenders or not aggressively pursuing 275 00:17:32,400 --> 00:17:35,640 Speaker 1: amortization of debt or triggering. Okay, I'm getting into financing 276 00:17:35,640 --> 00:17:41,080 Speaker 1: stuff here, but how will the FDIC handle this mass defaults? 277 00:17:40,840 --> 00:17:45,199 Speaker 1: This is this is a mess, folks. This is a mess, 278 00:17:45,760 --> 00:17:48,720 Speaker 1: A two hundred billion dollar mess that is going to 279 00:17:49,040 --> 00:17:54,960 Speaker 1: dramatically affect the single biggest driver of economic growth. As 280 00:17:54,960 --> 00:17:58,800 Speaker 1: a sector the tech industry in this country. It's a 281 00:17:58,840 --> 00:18:02,919 Speaker 1: big deal. It's a big deal. The Tunnel the Towers 282 00:18:02,960 --> 00:18:06,040 Speaker 1: Foundation delivers on its promise to do good and never 283 00:18:06,080 --> 00:18:10,040 Speaker 1: forget the sacrifices America's heroes have made for US. Heroes 284 00:18:10,080 --> 00:18:13,919 Speaker 1: like Air Force Senior Sergeant Major Israel del Toro Junior. 285 00:18:14,200 --> 00:18:16,280 Speaker 1: He promised his father could take care of his family, 286 00:18:16,320 --> 00:18:17,920 Speaker 1: and he promised his son he'd be home to watch 287 00:18:18,040 --> 00:18:20,840 Speaker 1: him grow up. When his humby exploded in Afghanistan, he 288 00:18:20,840 --> 00:18:23,199 Speaker 1: suffered severe burns over more than eighty percent of his 289 00:18:23,240 --> 00:18:26,760 Speaker 1: body from only a fifteen percent chance of survival, Del 290 00:18:26,840 --> 00:18:30,000 Speaker 1: Toro focus on the promises he made. Later, he became 291 00:18:30,000 --> 00:18:33,520 Speaker 1: the first fully disabled airmen permitted to re enlist and 292 00:18:33,600 --> 00:18:36,280 Speaker 1: a Gold Metal Metal winner in the Invictus Games. Now 293 00:18:36,280 --> 00:18:38,960 Speaker 1: he shares his story to health others. Thanks to the 294 00:18:38,960 --> 00:18:42,040 Speaker 1: Tunnel of the Towers Foundation and your generosity, Del Toro 295 00:18:42,160 --> 00:18:44,919 Speaker 1: received a mortgage free smart home. The home has a 296 00:18:44,960 --> 00:18:47,760 Speaker 1: myriad of features to help him live his life more independently. 297 00:18:48,200 --> 00:18:51,000 Speaker 1: Help heroes like del Toro when they need it most, 298 00:18:51,320 --> 00:18:53,480 Speaker 1: join us. Clay and I both donate every month. The 299 00:18:53,520 --> 00:18:57,280 Speaker 1: Tunnel the Towers at t twot dot org. That's t 300 00:18:57,520 --> 00:19:00,600 Speaker 1: the number two t dot org tunnel, the Tower Foundation 301 00:19:00,680 --> 00:19:04,000 Speaker 1: t twot dot org. Welcome back to Clay and Buck. 302 00:19:05,359 --> 00:19:09,680 Speaker 1: Wondering if if you're worried at all about this run 303 00:19:09,680 --> 00:19:11,919 Speaker 1: on a bank and failure of a bank out in 304 00:19:12,000 --> 00:19:17,000 Speaker 1: Silicon Valley, the Silicon Valley Bank SBB, and whether this 305 00:19:17,160 --> 00:19:20,080 Speaker 1: is a harbinger of things to come, or maybe it's 306 00:19:20,119 --> 00:19:23,040 Speaker 1: just a one off. Maybe it's you know, like u 307 00:19:23,680 --> 00:19:27,439 Speaker 1: FTX crypto exchange, you know, something that just blew up 308 00:19:27,560 --> 00:19:30,320 Speaker 1: billions of dollars of lasses. Now I don't there's no 309 00:19:30,359 --> 00:19:33,600 Speaker 1: allegations of any impropriety that I've seen so far. So 310 00:19:33,640 --> 00:19:38,240 Speaker 1: it's different in that regard. Obviously major difference, but still 311 00:19:38,400 --> 00:19:39,960 Speaker 1: a lot of money at stake, a lot of people 312 00:19:40,000 --> 00:19:43,320 Speaker 1: losing a whole lot of money, and where does this go? 313 00:19:44,680 --> 00:19:47,240 Speaker 1: But I had mentioned, oh, eight hundred two two two 314 00:19:47,280 --> 00:19:49,320 Speaker 1: eight two, if you want to talk about that, I 315 00:19:49,440 --> 00:19:55,800 Speaker 1: had mentioned this Glenny junkin town hall, and he did 316 00:19:55,800 --> 00:19:59,879 Speaker 1: a CNN town hall and I don't understand unless he 317 00:20:00,000 --> 00:20:06,480 Speaker 1: he's thinking that he is going to win over maybe 318 00:20:06,520 --> 00:20:09,240 Speaker 1: that's the play, and I get it, win over some 319 00:20:09,920 --> 00:20:13,040 Speaker 1: moderates who watch CNN although I just wonder how many 320 00:20:13,080 --> 00:20:17,919 Speaker 1: moderates really watch CNN now A CNN is the commy 321 00:20:18,000 --> 00:20:22,919 Speaker 1: news network. I mean, it is far left in its agenda. 322 00:20:23,119 --> 00:20:32,200 Speaker 1: It is obviously almost sociopathically anti Republican. I mean, they 323 00:20:32,240 --> 00:20:35,760 Speaker 1: just they just despise the GOP over at CNN. They've 324 00:20:35,760 --> 00:20:39,360 Speaker 1: been trained to do so by the Zucker regime under 325 00:20:39,400 --> 00:20:43,360 Speaker 1: the Trump years. So why give them, Why give them access? 326 00:20:43,400 --> 00:20:46,200 Speaker 1: Why actually do this town hall with them? It just 327 00:20:46,440 --> 00:20:50,560 Speaker 1: doesn't doesn't seem like I know why he did it. 328 00:20:50,640 --> 00:20:52,560 Speaker 1: I don't think it's a good idea to do it. 329 00:20:52,640 --> 00:20:55,040 Speaker 1: That's how I should put it. I don't think you 330 00:20:55,080 --> 00:20:59,720 Speaker 1: should do this stuff because CNN. CNN is not your friend, 331 00:21:00,359 --> 00:21:02,800 Speaker 1: you know, and it's not your friend. Just if you 332 00:21:02,880 --> 00:21:06,080 Speaker 1: love America, CNN's not your friend. Same way, if the 333 00:21:06,119 --> 00:21:08,120 Speaker 1: New York Times reached out to me and they said, Buck, 334 00:21:08,160 --> 00:21:11,040 Speaker 1: we would love to do a profile on you, you know, 335 00:21:11,080 --> 00:21:13,800 Speaker 1: a thousand words, I would say no, thank you, and 336 00:21:13,880 --> 00:21:16,080 Speaker 1: probably i'd say more than that, but I can't say 337 00:21:16,080 --> 00:21:18,840 Speaker 1: it on the radio. That's it. Want nothing to do 338 00:21:19,240 --> 00:21:21,760 Speaker 1: with regime media and the way that they try to 339 00:21:21,800 --> 00:21:27,840 Speaker 1: distort and attack and undermine all under the guise of journalism. 340 00:21:28,800 --> 00:21:31,680 Speaker 1: But Junkin was fielding. To be fair, it's a town hall, 341 00:21:32,400 --> 00:21:35,960 Speaker 1: so he's fielding questions from parents, teachers, students, and it 342 00:21:36,040 --> 00:21:39,360 Speaker 1: was mostly about education. And education was the issue that 343 00:21:40,280 --> 00:21:44,720 Speaker 1: more than any other, propelled junk into a major victory 344 00:21:45,960 --> 00:21:49,440 Speaker 1: in Virginia. Remember it wasn't just that he won. Virginia 345 00:21:49,520 --> 00:21:53,800 Speaker 1: also went very red in across the board. Right, you 346 00:21:53,800 --> 00:21:56,840 Speaker 1: have a majority in the state legislature. Now you have 347 00:21:57,160 --> 00:22:04,159 Speaker 1: a Republican Republican Mears as the attorney general. You have 348 00:22:04,280 --> 00:22:09,600 Speaker 1: some really strong new geop folks who are now in 349 00:22:10,119 --> 00:22:14,000 Speaker 1: prominent roles at in Virginia. So here, here's what I 350 00:22:14,080 --> 00:22:17,280 Speaker 1: wanted to give you is the biggest takeaway from this, 351 00:22:17,480 --> 00:22:23,160 Speaker 1: the most important stuff from it all. Junkin was asked 352 00:22:23,280 --> 00:22:26,639 Speaker 1: because this is a big area for Democrats. Of course, 353 00:22:27,280 --> 00:22:32,800 Speaker 1: Junkin was asked about I'm sorry, asked by a transgender man, 354 00:22:33,359 --> 00:22:38,280 Speaker 1: so a female who is now presenting, which they say, um, 355 00:22:39,640 --> 00:22:42,160 Speaker 1: you know, really you could say kind of costuming as 356 00:22:42,200 --> 00:22:48,200 Speaker 1: a man and or you know, putting on the trappings 357 00:22:48,320 --> 00:22:55,000 Speaker 1: of masculinity visibly to some degree. Asked about bathroom usage 358 00:22:55,760 --> 00:22:57,760 Speaker 1: and to give you a sense of how extreme Democrats 359 00:22:57,800 --> 00:22:59,560 Speaker 1: have been on this for a long time. I like 360 00:22:59,600 --> 00:23:02,960 Speaker 1: to remind people that when there was that North Carolina 361 00:23:03,400 --> 00:23:08,359 Speaker 1: bathroom bill controversy under the Obama administration, the Obama administration 362 00:23:08,440 --> 00:23:11,560 Speaker 1: threatened to cut Department of Education funds to North Carolina 363 00:23:11,600 --> 00:23:15,960 Speaker 1: and over whether transgender females could use the girls bathroom 364 00:23:16,040 --> 00:23:19,360 Speaker 1: or not. I also remind everybody that if you had 365 00:23:19,359 --> 00:23:23,840 Speaker 1: sent ten years ago Democrats want thirteen year old transgender 366 00:23:24,440 --> 00:23:28,000 Speaker 1: men or you know, whatever the gender switch maybe, to 367 00:23:28,119 --> 00:23:32,160 Speaker 1: be using a female bathroom, they would say that that's 368 00:23:32,440 --> 00:23:36,440 Speaker 1: your your fear mongoring, you're doing slippery slope argument. And 369 00:23:36,520 --> 00:23:39,680 Speaker 1: now here now Democrats have gone full on. We want 370 00:23:39,800 --> 00:23:45,760 Speaker 1: men competing as powerlifters. We want I'm sorry, against females, 371 00:23:46,160 --> 00:23:48,880 Speaker 1: but men can compete as powerlifters. We want men competing 372 00:23:49,119 --> 00:23:55,000 Speaker 1: against women as powerlifters. We want you know, biological males 373 00:23:55,440 --> 00:24:00,239 Speaker 1: to be using women's restrooms and accommodations. In fact, they 374 00:24:00,280 --> 00:24:04,639 Speaker 1: want to give awards for womanhood on a global level 375 00:24:05,240 --> 00:24:08,720 Speaker 1: for International Women's Day to men, which they just did 376 00:24:08,920 --> 00:24:11,760 Speaker 1: and Joe Biden was there with Tony Blinken to present 377 00:24:11,800 --> 00:24:14,920 Speaker 1: the award, as we discussed earlier this week, So they've 378 00:24:14,920 --> 00:24:17,879 Speaker 1: gone all the way they've gone all the way, and 379 00:24:17,960 --> 00:24:22,400 Speaker 1: that's why you also see that they can't even retrench. 380 00:24:22,720 --> 00:24:28,320 Speaker 1: They can't adjust on the most extreme stuff, which is 381 00:24:28,359 --> 00:24:35,399 Speaker 1: now drag shows for children, for small children, and transgender 382 00:24:35,400 --> 00:24:39,960 Speaker 1: surgery for adolescents and even children. And they go as 383 00:24:39,960 --> 00:24:41,880 Speaker 1: far as to say that doctors get it wrong when 384 00:24:41,880 --> 00:24:45,800 Speaker 1: they see male genitalia and think that's a boy. When 385 00:24:45,800 --> 00:24:51,600 Speaker 1: the baby comes out, doctors quote get it wrong. Okay, 386 00:24:51,640 --> 00:24:56,679 Speaker 1: So Glen Junkin was asked last night about bathrooms, gender 387 00:24:56,720 --> 00:25:00,600 Speaker 1: neutral bathrooms. Here is what he said, Play one transender 388 00:25:00,680 --> 00:25:03,959 Speaker 1: model policies require that students play on the sports teams 389 00:25:04,000 --> 00:25:06,359 Speaker 1: and use the restrooms that correspond with their sex assigned 390 00:25:06,400 --> 00:25:10,320 Speaker 1: at birth. Look at me, I am a transgender man. 391 00:25:10,880 --> 00:25:12,520 Speaker 1: Do you really think that the girls in my high 392 00:25:12,520 --> 00:25:15,440 Speaker 1: school would feel comfortable sharing a restroom with me. What's 393 00:25:15,520 --> 00:25:19,640 Speaker 1: most important is that we try very hard to accommodate students. 394 00:25:20,160 --> 00:25:23,159 Speaker 1: That's why I have said many many times, we just 395 00:25:23,240 --> 00:25:27,000 Speaker 1: need extra bathrooms in schools. We need general neutral bathrooms 396 00:25:27,000 --> 00:25:29,199 Speaker 1: and so people can use a bathroom that they in 397 00:25:29,240 --> 00:25:34,000 Speaker 1: fact are comfortable with. I don't like this gender neutral 398 00:25:34,000 --> 00:25:38,800 Speaker 1: bathroom response from him, because it's unrealistic and it is 399 00:25:38,840 --> 00:25:42,520 Speaker 1: a concession to the other side where no concession should 400 00:25:42,560 --> 00:25:47,000 Speaker 1: be made. Okay, we're drawing lines here, folks, We're drawing 401 00:25:47,160 --> 00:25:50,399 Speaker 1: bright red lines for how we're going to organize and 402 00:25:50,640 --> 00:25:53,760 Speaker 1: order our society. That is the fight we are in now. 403 00:25:54,160 --> 00:25:57,200 Speaker 1: They made us have this fight. They demanded this fight. 404 00:25:57,400 --> 00:26:00,320 Speaker 1: So now we're going to have to be clear about 405 00:26:00,320 --> 00:26:03,320 Speaker 1: what we want. Let me start though, just with the 406 00:26:03,320 --> 00:26:06,080 Speaker 1: the You know, not every school is going to be 407 00:26:06,119 --> 00:26:09,240 Speaker 1: able to because remember it would have to be I 408 00:26:09,240 --> 00:26:13,000 Speaker 1: would assume gender neutral locker room, gender neutral bathroom. They're 409 00:26:13,040 --> 00:26:15,800 Speaker 1: gonna do this. Think of the cost of this. That's 410 00:26:15,840 --> 00:26:18,560 Speaker 1: just one part, one part of this equation. Now, some 411 00:26:18,600 --> 00:26:20,439 Speaker 1: schools would probably say, oh, we can do it, and 412 00:26:20,480 --> 00:26:22,920 Speaker 1: you know, Virginia property taxes are probably pretty high for 413 00:26:22,920 --> 00:26:27,960 Speaker 1: a reason. But that's one aspect of it. But then 414 00:26:28,040 --> 00:26:31,440 Speaker 1: there's the why should If I had a daughter, I mean, 415 00:26:31,480 --> 00:26:34,600 Speaker 1: I'm married now and I'm hoping to start a family soon. 416 00:26:34,960 --> 00:26:37,040 Speaker 1: If I had a daughter and she was twelve or 417 00:26:37,040 --> 00:26:39,680 Speaker 1: thirteen years old, and there was a thirteen year old 418 00:26:39,960 --> 00:26:44,160 Speaker 1: with male genitalia in the same changing space and locker 419 00:26:44,240 --> 00:26:47,760 Speaker 1: room as her, I would have a problem with that, Okay, 420 00:26:48,240 --> 00:26:50,920 Speaker 1: because that would make her uncomfortable. It would make me uncomfortable. 421 00:26:51,040 --> 00:26:53,320 Speaker 1: And I think especially given what we saw, which was 422 00:26:53,320 --> 00:26:58,280 Speaker 1: a transgender student in Virginia in Loudon County who was 423 00:26:58,440 --> 00:27:00,960 Speaker 1: using the female locker room and was then accused of 424 00:27:01,200 --> 00:27:05,080 Speaker 1: two sexual assaults against women. He was claiming to be 425 00:27:05,119 --> 00:27:09,240 Speaker 1: a woman, but he actually sexually assaulted to actual women allegedly. 426 00:27:11,840 --> 00:27:14,000 Speaker 1: That we know that there are issues here, there are 427 00:27:14,040 --> 00:27:16,720 Speaker 1: safety issues, there are real concerns. So I think young 428 00:27:16,800 --> 00:27:20,920 Speaker 1: Kin that was a that was a weak response. It's 429 00:27:20,960 --> 00:27:23,840 Speaker 1: not about third there's not gender neutral third party or 430 00:27:23,880 --> 00:27:26,800 Speaker 1: third gender or any of that stuff. Bathrooms it's boys 431 00:27:26,800 --> 00:27:30,400 Speaker 1: and girls. You use the gender bathroom that you are. 432 00:27:31,440 --> 00:27:33,760 Speaker 1: What your sex is, not your gender identity. Use the 433 00:27:33,800 --> 00:27:35,959 Speaker 1: bathroom you are. That's just how it's going to go. 434 00:27:36,720 --> 00:27:39,240 Speaker 1: That's how it should go. He was a little bit 435 00:27:39,240 --> 00:27:41,600 Speaker 1: better on the sports issue to play clip too. I 436 00:27:41,640 --> 00:27:44,840 Speaker 1: think sports are very clear, and I don't think it's controversial. 437 00:27:45,320 --> 00:27:48,240 Speaker 1: I don't think that biological boys should be playing sports 438 00:27:48,240 --> 00:27:52,640 Speaker 1: with biological girls. There's been decades of efforts in order 439 00:27:52,680 --> 00:27:56,919 Speaker 1: to gain opportunities for women in sports, and it's just 440 00:27:57,000 --> 00:27:59,639 Speaker 1: not fair. And I think that's non controversial and something 441 00:27:59,680 --> 00:28:04,280 Speaker 1: that I think is pretty well understood. His answer is 442 00:28:04,320 --> 00:28:07,880 Speaker 1: the right answer, but his analysis is the wrong analysis, 443 00:28:07,960 --> 00:28:12,760 Speaker 1: because the left says this is highly controversial. In California, 444 00:28:12,840 --> 00:28:16,320 Speaker 1: this is considered incredibly controversial. In New York, this is 445 00:28:16,320 --> 00:28:21,199 Speaker 1: considered you know, this is considered heresy. You don't think that, 446 00:28:21,880 --> 00:28:24,480 Speaker 1: you know, a two hundred and thirty pound guy named 447 00:28:24,480 --> 00:28:28,359 Speaker 1: Bob who wants to play after playing men's rugby, you know, 448 00:28:28,440 --> 00:28:30,560 Speaker 1: for the first eighteen years of his life, now wants 449 00:28:30,560 --> 00:28:33,359 Speaker 1: to play women's rugby. You don't think he should be 450 00:28:33,359 --> 00:28:35,400 Speaker 1: able to run around and stiff arm all the women 451 00:28:35,440 --> 00:28:39,960 Speaker 1: into the dirt and trample them at will New York, California. 452 00:28:40,000 --> 00:28:41,840 Speaker 1: They say, if you have a problem with that, you're 453 00:28:41,880 --> 00:28:45,200 Speaker 1: the bad person. So he's wrong when he says it's 454 00:28:45,240 --> 00:28:48,560 Speaker 1: non controversial. Oh no, they think it's controversial. But he 455 00:28:48,560 --> 00:28:50,240 Speaker 1: did give the right answer, which is, of course, we 456 00:28:50,280 --> 00:28:54,800 Speaker 1: shouldn't have mixed gender sports. Mixed gender sports is the 457 00:28:54,880 --> 00:28:58,200 Speaker 1: destruction of women's athletics. So if that's what the left wants, 458 00:28:58,240 --> 00:29:01,120 Speaker 1: that's what they should say. We wanted to Troy women's athletics. 459 00:29:02,800 --> 00:29:05,360 Speaker 1: Who needs coffee in the afternoon, my friends, I do, 460 00:29:05,480 --> 00:29:09,360 Speaker 1: But you don't. What's even better than coffee chalk. Chalk 461 00:29:09,480 --> 00:29:11,240 Speaker 1: is amazing. 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Subscribe to C and B twenty 490 00:30:42,360 --> 00:30:44,520 Speaker 1: four to seven. Welcome back to play a Buck. We 491 00:30:44,600 --> 00:30:49,760 Speaker 1: got some calls up right now, and we've got Steve. 492 00:30:50,720 --> 00:30:54,239 Speaker 1: He's in Akron, Ohio, and he used to work at 493 00:30:54,240 --> 00:30:59,040 Speaker 1: Silicon Valley Bank back in the eighties. Tell me about Steve. 494 00:30:59,080 --> 00:31:03,320 Speaker 1: Tell us about what you think the possible domino effects, 495 00:31:03,320 --> 00:31:05,760 Speaker 1: second order effects, however you want to describe it, could 496 00:31:05,800 --> 00:31:10,320 Speaker 1: be here with this major bank failure out in California. Well, 497 00:31:10,360 --> 00:31:12,800 Speaker 1: first of all, good morning or good afternoon wherever you 498 00:31:12,840 --> 00:31:16,560 Speaker 1: are and wherever I am. It's not a question of if, 499 00:31:16,560 --> 00:31:21,480 Speaker 1: it's a matter of when. And the FDIC both on 500 00:31:21,520 --> 00:31:23,800 Speaker 1: the federal as well as the state. People have this 501 00:31:24,000 --> 00:31:27,240 Speaker 1: lovely Oh, I guess you could call it a formula 502 00:31:27,320 --> 00:31:30,000 Speaker 1: with a lot of variables and coefficients on it, and 503 00:31:30,040 --> 00:31:32,680 Speaker 1: one of them is the loan quality, and the other 504 00:31:32,680 --> 00:31:40,080 Speaker 1: one deals with their deposits. Silicon Valley Bank, undoubtedly, to protect, 505 00:31:40,120 --> 00:31:43,160 Speaker 1: if you will, some of their exposure, did the same 506 00:31:43,200 --> 00:31:48,240 Speaker 1: thing that Penn Square Bank did in the mid eighties, 507 00:31:48,240 --> 00:31:51,320 Speaker 1: and that they sold a number of their loans in 508 00:31:51,360 --> 00:31:56,680 Speaker 1: what they call participation packages to larger banks, whether national 509 00:31:56,760 --> 00:31:59,360 Speaker 1: as well as international. In other words, they didn't want 510 00:31:59,360 --> 00:32:02,400 Speaker 1: to take the whole hundred percent potential exposure to it, 511 00:32:02,600 --> 00:32:05,720 Speaker 1: so they would sell off chunks to that. If those 512 00:32:06,000 --> 00:32:11,000 Speaker 1: participations loans go bad, then not only does the Silicon 513 00:32:11,120 --> 00:32:14,280 Speaker 1: Valley Bank have to eat it, if you will, but 514 00:32:14,840 --> 00:32:17,760 Speaker 1: every one of those banks that was a member of 515 00:32:17,840 --> 00:32:21,320 Speaker 1: that participation they got to go as well. They write 516 00:32:21,320 --> 00:32:23,760 Speaker 1: that off. And when they start writing things off, and 517 00:32:23,840 --> 00:32:26,480 Speaker 1: depending on the dollar amounts and the timing of it, 518 00:32:26,960 --> 00:32:30,040 Speaker 1: the regulators will come in and they will look at everything. 519 00:32:30,080 --> 00:32:32,320 Speaker 1: I mean, not only will they look under the rocks, 520 00:32:32,920 --> 00:32:36,440 Speaker 1: got they'll sift the sand under the rocks, and the 521 00:32:36,480 --> 00:32:38,480 Speaker 1: worst thing that could happen to the bank would be 522 00:32:38,520 --> 00:32:40,840 Speaker 1: to get something the equivalent of what's called a C 523 00:32:41,040 --> 00:32:43,640 Speaker 1: and D, a cease and desist order. In other words, 524 00:32:43,680 --> 00:32:47,320 Speaker 1: you can't make loans because you have the leverage that 525 00:32:47,440 --> 00:32:51,080 Speaker 1: you have with respect to your deposits as well as 526 00:32:51,120 --> 00:32:56,080 Speaker 1: the equality of your asset portfolio. If that goes down substantially, 527 00:32:56,680 --> 00:32:58,680 Speaker 1: the FDI they're going to look at you and say, look, 528 00:32:58,760 --> 00:33:01,479 Speaker 1: unless this loan is secured by gold that you can 529 00:33:01,600 --> 00:33:06,280 Speaker 1: verify came out of King Tut's burial tomb, you ain't 530 00:33:06,320 --> 00:33:09,840 Speaker 1: making those loans. And that's where the companies, the banks 531 00:33:09,880 --> 00:33:14,000 Speaker 1: to make so much of their profits on things, and 532 00:33:14,080 --> 00:33:16,560 Speaker 1: that's going to cause a ripple effect. Have one of 533 00:33:16,560 --> 00:33:18,640 Speaker 1: your history people, go look and see what happened to 534 00:33:18,720 --> 00:33:21,320 Speaker 1: Penn Square. Because they took the City Corps and Bank 535 00:33:21,400 --> 00:33:25,440 Speaker 1: of Americas and all those other big boys in the 536 00:33:25,760 --> 00:33:30,960 Speaker 1: banking world who wore the long pants. They had some 537 00:33:31,080 --> 00:33:34,520 Speaker 1: right offs too. So so do you think this could 538 00:33:34,560 --> 00:33:39,960 Speaker 1: be the start of the kind of financial dislocation, kind 539 00:33:39,960 --> 00:33:44,320 Speaker 1: of wave of effects that could just hit the broader economy. 540 00:33:44,320 --> 00:33:47,880 Speaker 1: I mean, that's the main question. It could. And the 541 00:33:48,000 --> 00:33:50,400 Speaker 1: question is how big is that wave? It could just 542 00:33:50,480 --> 00:33:53,480 Speaker 1: be a ripple effect or you know what happened with 543 00:33:53,520 --> 00:33:56,520 Speaker 1: Silicon Valley Bank, that was just the catalyst to what 544 00:33:56,680 --> 00:34:02,760 Speaker 1: became a tsunami that ran through the entire economy. Yeah, 545 00:34:02,800 --> 00:34:05,120 Speaker 1: well that that's exactly. That's what the people that I 546 00:34:05,160 --> 00:34:07,840 Speaker 1: know who know what they're talking about, they're saying that too, 547 00:34:07,880 --> 00:34:10,440 Speaker 1: which is that we just at this stage can't assess 548 00:34:10,440 --> 00:34:13,520 Speaker 1: what the secondary damage will be. But there's certainly the 549 00:34:13,560 --> 00:34:18,160 Speaker 1: possibility that this isn't just you know, a random camp fire, 550 00:34:18,239 --> 00:34:20,600 Speaker 1: but this is something that could turn into a full 551 00:34:20,680 --> 00:34:23,000 Speaker 1: on forest fire depending on how the wind blows. Thank 552 00:34:23,040 --> 00:34:26,440 Speaker 1: you for calling in, Steve, some real insight there on 553 00:34:26,880 --> 00:34:31,920 Speaker 1: just what we are facing. And yeah, look, I am 554 00:34:31,960 --> 00:34:34,200 Speaker 1: concerned about this. I don't think that the people who 555 00:34:34,200 --> 00:34:39,239 Speaker 1: are in charge of making these decisions look fdic. You're 556 00:34:39,239 --> 00:34:41,920 Speaker 1: going to have bureaucrats who have been the roles for 557 00:34:42,000 --> 00:34:45,879 Speaker 1: a long time. It's not like the kinds of you're 558 00:34:45,880 --> 00:34:48,320 Speaker 1: not gonna have usually I should say, the same level 559 00:34:48,360 --> 00:34:53,880 Speaker 1: of political intent and politicization that you'd see, say with 560 00:34:53,920 --> 00:34:57,440 Speaker 1: an FBI director or even a as a Secretary of 561 00:34:57,480 --> 00:35:01,439 Speaker 1: the Treasury. But still they're taking orders from the White 562 00:35:01,480 --> 00:35:04,360 Speaker 1: House and he's still they're they're part of the federal 563 00:35:04,400 --> 00:35:08,400 Speaker 1: government overall, and that means that you're going to have 564 00:35:08,440 --> 00:35:11,799 Speaker 1: some real, some real challenges, I think because the people 565 00:35:11,840 --> 00:35:16,000 Speaker 1: that are making these decisions. Well, here's Ted Cruz for example. 566 00:35:16,120 --> 00:35:17,719 Speaker 1: I want to play this for you, so I wanted 567 00:35:17,760 --> 00:35:20,000 Speaker 1: to mention the top while we're worried about you know 568 00:35:20,480 --> 00:35:23,000 Speaker 1: what happens with a bank failure, you know what the 569 00:35:23,000 --> 00:35:26,520 Speaker 1: Biden budget's worried about, equity and how we need to 570 00:35:26,640 --> 00:35:30,200 Speaker 1: use more of our resources for equity. Here's Ted Cruz 571 00:35:30,320 --> 00:35:35,280 Speaker 1: counting the number of times that the Biden budget uses 572 00:35:35,320 --> 00:35:39,560 Speaker 1: words like equity, climate, and transgender. Play clip nineteen. This 573 00:35:39,640 --> 00:35:43,520 Speaker 1: is Bernie Sanders's budget, This is AOC, this is Elizabeth Warren. 574 00:35:43,680 --> 00:35:46,520 Speaker 1: And let me show you just some amazing stats just 575 00:35:46,600 --> 00:35:49,880 Speaker 1: on a quick review of the budget. All right, here's 576 00:35:49,880 --> 00:35:53,240 Speaker 1: how many times the following words appear in the budget. 577 00:35:53,400 --> 00:35:57,880 Speaker 1: Equity sixty three times, climate one hundred and forty eight times, 578 00:35:58,320 --> 00:36:03,799 Speaker 1: environmental justice twenty five times, transgender eight times, intersects which 579 00:36:03,800 --> 00:36:08,360 Speaker 1: I have no idea what that is. Seven times. Yep, 580 00:36:09,440 --> 00:36:12,600 Speaker 1: that's what's in the Biden budget. So when you look 581 00:36:12,640 --> 00:36:16,960 Speaker 1: at it by the numbers, you can see where the 582 00:36:18,600 --> 00:36:21,120 Speaker 1: or the interests. By the way, fentonel is used twice, 583 00:36:21,280 --> 00:36:25,560 Speaker 1: opioid appears four times in the entire budget, but equity 584 00:36:25,640 --> 00:36:30,600 Speaker 1: is sixty three times, and transgender appears eight times, queer 585 00:36:30,680 --> 00:36:34,919 Speaker 1: appears seven times. Some of the analysis that's gone on here. 586 00:36:35,560 --> 00:36:40,719 Speaker 1: I told you that Fauci is expressing a regret. He 587 00:36:40,800 --> 00:36:45,200 Speaker 1: has but one regret, and when you hear what it is, 588 00:36:45,320 --> 00:36:48,200 Speaker 1: you're gonna understand why. I really do think he's the 589 00:36:48,280 --> 00:36:54,080 Speaker 1: most dishonest, most loathsome federal bureaucrat in my certainly in 590 00:36:54,160 --> 00:36:57,600 Speaker 1: my lifetime. And I don't know, maybe people could argue 591 00:36:57,600 --> 00:36:59,399 Speaker 1: in world history every he's pretty bad.