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 --> 00:00:07,440 Speaker 1: Sexton Show podcast. Happy Saint Patrick's to everybody. Welcome to 3 00:00:07,640 --> 00:00:11,799 Speaker 1: the Friday edition of The Clay Travis and Buck Sexton Show. 4 00:00:12,680 --> 00:00:17,599 Speaker 1: Oh my, there's a lot going on. We have more 5 00:00:17,720 --> 00:00:22,639 Speaker 1: on the banks. It's not a crisis, they say, don't 6 00:00:22,880 --> 00:00:29,040 Speaker 1: call it a crisis. Don't speaketh the name banking crisis. 7 00:00:30,480 --> 00:00:34,400 Speaker 1: We will discuss this. Janet Yellen ask some questions that 8 00:00:34,440 --> 00:00:38,320 Speaker 1: I think are very illuminating about where all this is going. 9 00:00:39,159 --> 00:00:43,240 Speaker 1: We also have word coming out that over a thousand 10 00:00:43,400 --> 00:00:49,879 Speaker 1: additional people could an r likely to be charged in 11 00:00:49,960 --> 00:00:53,640 Speaker 1: connection with January sixth. I think we see the plan 12 00:00:53,760 --> 00:00:57,040 Speaker 1: here there now going to escalate this and drag it 13 00:00:57,120 --> 00:01:00,560 Speaker 1: out so that it becomes an election issue. It's obvious 14 00:01:00,880 --> 00:01:06,600 Speaker 1: DJ doing the political bidding of the Biden regime, no surprise. 15 00:01:06,680 --> 00:01:13,200 Speaker 1: We'll discuss that. We also have Hunter Biden speaking of 16 00:01:13,200 --> 00:01:18,720 Speaker 1: the legal world. Hunter Biden is suing the laptop store 17 00:01:19,480 --> 00:01:21,160 Speaker 1: or you know the place where he left his laptop, 18 00:01:21,200 --> 00:01:23,680 Speaker 1: a computer repair store. I don't even know there really 19 00:01:23,680 --> 00:01:27,679 Speaker 1: were that many computer repair stores left, suing them for 20 00:01:27,720 --> 00:01:31,600 Speaker 1: invasion of privacy, Which is interesting because I'm pretty sure 21 00:01:31,640 --> 00:01:35,640 Speaker 1: you would only sue a store for invading the privacy 22 00:01:35,720 --> 00:01:38,160 Speaker 1: that you claim you had on the laptop you left 23 00:01:38,200 --> 00:01:42,080 Speaker 1: behind if it was yours. We all know it's real. 24 00:01:42,520 --> 00:01:44,920 Speaker 1: We've known it's real from the very beginning, but it 25 00:01:45,040 --> 00:01:48,760 Speaker 1: is worth noting every time we get even more confirmation 26 00:01:48,920 --> 00:01:52,960 Speaker 1: that the Democrats, the leftist media lied to you about this. 27 00:01:53,040 --> 00:01:55,040 Speaker 1: And we'll discuss where all of that is going as 28 00:01:55,160 --> 00:01:59,440 Speaker 1: Hunter Biden is suing them right now, Fauci still making 29 00:01:59,480 --> 00:02:04,200 Speaker 1: the round and talking about how we need to, you know, 30 00:02:04,360 --> 00:02:09,560 Speaker 1: get a vaccine every year forever for COVID um. You 31 00:02:09,639 --> 00:02:11,760 Speaker 1: know this is this is outrageous, but this is what 32 00:02:11,800 --> 00:02:16,239 Speaker 1: he's doing. Ron DeSantis has some very interesting words about 33 00:02:17,040 --> 00:02:19,240 Speaker 1: where all of that is going and his view on 34 00:02:19,400 --> 00:02:22,639 Speaker 1: why we should have known all along, why it was 35 00:02:22,720 --> 00:02:26,200 Speaker 1: quite clear that there was something amiss in the world 36 00:02:26,280 --> 00:02:29,760 Speaker 1: of COVID policy. And then also Third Hour, by the way, 37 00:02:29,880 --> 00:02:35,720 Speaker 1: Kevin Downs will be with us, the producer of Jesus Revolution, 38 00:02:36,440 --> 00:02:40,320 Speaker 1: which stars at the number of fine actors, including Kelsey Grammer, 39 00:02:40,840 --> 00:02:45,120 Speaker 1: whom I have always been a fan of his work, 40 00:02:46,040 --> 00:02:49,680 Speaker 1: particularly Frazier, but just in general, and so they'll be 41 00:02:49,720 --> 00:02:52,400 Speaker 1: joining us to talk about Jesus Revolution in the third 42 00:02:52,400 --> 00:02:55,560 Speaker 1: hour of the program. So I know that. I think 43 00:02:55,960 --> 00:02:59,560 Speaker 1: every day so far this week except yesterday, we did 44 00:02:59,600 --> 00:03:01,520 Speaker 1: you Cray really top of the show a little bit 45 00:03:01,520 --> 00:03:06,399 Speaker 1: of breaking news, but this banking situation, because I think 46 00:03:06,480 --> 00:03:10,440 Speaker 1: for the American people right now, the gravity of the 47 00:03:10,520 --> 00:03:12,880 Speaker 1: story and the urgency of the story make it the 48 00:03:12,919 --> 00:03:16,760 Speaker 1: single most important thing that we can be following closely, 49 00:03:18,040 --> 00:03:22,760 Speaker 1: because if this goes in the wrong direction, you could 50 00:03:22,800 --> 00:03:26,760 Speaker 1: have a real economic calamity. You could have things get 51 00:03:26,760 --> 00:03:29,600 Speaker 1: really ugly out there, a lot of layoffs, a lot 52 00:03:29,639 --> 00:03:32,320 Speaker 1: of people lose their jobs. I am hoping. See, I 53 00:03:32,560 --> 00:03:34,800 Speaker 1: always root for America. I'm not a Marxist, I'm not 54 00:03:34,880 --> 00:03:38,000 Speaker 1: a commie, not a Democrat. I actually want America to 55 00:03:38,080 --> 00:03:42,560 Speaker 1: do well, all of us. So I'm hopeful that this 56 00:03:42,640 --> 00:03:46,160 Speaker 1: will be averted. But we have to be honest about 57 00:03:46,280 --> 00:03:50,040 Speaker 1: what's going on and prepared for the reality that is 58 00:03:50,280 --> 00:03:54,720 Speaker 1: looming ahead of us as we see it. So with that, 59 00:03:55,120 --> 00:04:00,280 Speaker 1: the latest news on the banking not a crisis, but 60 00:04:00,480 --> 00:04:04,920 Speaker 1: it looks like a crisis, or it looks like the 61 00:04:05,000 --> 00:04:08,240 Speaker 1: moments before a full blown crisis. They have borrowed one 62 00:04:08,280 --> 00:04:12,560 Speaker 1: hundred and sixty four billion dollars from the FED to 63 00:04:12,880 --> 00:04:20,040 Speaker 1: backstop liquidity. First Republic Bank has had its shares plunging. 64 00:04:20,839 --> 00:04:24,800 Speaker 1: There is now a thirty billion dollar rescue package that 65 00:04:24,839 --> 00:04:28,000 Speaker 1: has been pulled together where a number of the big, 66 00:04:28,400 --> 00:04:32,320 Speaker 1: the too big to fail banks. I think we're allowed 67 00:04:32,360 --> 00:04:33,760 Speaker 1: to call them that. I think that the term of 68 00:04:33,880 --> 00:04:39,320 Speaker 1: art they use for them is systemically important banks. I 69 00:04:39,360 --> 00:04:41,880 Speaker 1: think I think that's what they call them. Systemically important 70 00:04:42,000 --> 00:04:47,279 Speaker 1: is the phrase. That's quite an interesting designation, isn't it. 71 00:04:47,279 --> 00:04:50,760 Speaker 1: It's starting to feel a little bit like jobs that 72 00:04:50,800 --> 00:04:53,599 Speaker 1: were essential versus non essential jobs. You know, it's just 73 00:04:53,640 --> 00:04:56,800 Speaker 1: an arbitrary government designation, isn't it. Because if you have 74 00:04:56,920 --> 00:05:00,880 Speaker 1: your money in you know, your local bank in Iowa, 75 00:05:01,160 --> 00:05:06,240 Speaker 1: or in Texas or in you name it, you have 76 00:05:06,320 --> 00:05:10,040 Speaker 1: your money there, you know, Oklahoma, Bank of Oklahoma, whatever. 77 00:05:11,320 --> 00:05:14,600 Speaker 1: You don't care if Bank of America or Chase our 78 00:05:14,640 --> 00:05:18,000 Speaker 1: backstop and you're not because of the systemic risk, you 79 00:05:18,080 --> 00:05:20,560 Speaker 1: see that as unfair. I want to return to that 80 00:05:20,640 --> 00:05:23,839 Speaker 1: question in a second, because if you think that the 81 00:05:24,160 --> 00:05:27,960 Speaker 1: government has a clear answer for you on this and 82 00:05:28,040 --> 00:05:30,680 Speaker 1: that there's no chance that you could wake up in 83 00:05:30,720 --> 00:05:33,400 Speaker 1: a few weeks and your bank just says sorry, we 84 00:05:33,480 --> 00:05:36,240 Speaker 1: don't have it, and then there'd be a whole debate 85 00:05:36,279 --> 00:05:41,520 Speaker 1: over well, unlike SVB, the very connected to Democrats, big 86 00:05:41,560 --> 00:05:46,520 Speaker 1: Democrat donor Silicon Valley Bank, would your local bank get 87 00:05:46,520 --> 00:05:50,839 Speaker 1: this same bail out? Janet Yellen was asked that question, 88 00:05:50,920 --> 00:05:53,719 Speaker 1: I will you know what? We'll do this in reverse word? 89 00:05:53,720 --> 00:05:57,440 Speaker 1: I was going to talk about the broad spectrum comments 90 00:05:57,480 --> 00:06:00,800 Speaker 1: here from Larry Coudlow, former senior Trump advisor on the 91 00:06:01,000 --> 00:06:02,960 Speaker 1: on the economy. Well, we'll get to that in a second. 92 00:06:03,000 --> 00:06:08,440 Speaker 1: Let's do the Janet Yellen commentary first. Um, here she 93 00:06:08,680 --> 00:06:13,839 Speaker 1: is when you know she's asked about what's going on. 94 00:06:15,440 --> 00:06:18,760 Speaker 1: Ron Johnson's asking her at asking about treasury and deficit spending, 95 00:06:18,800 --> 00:06:21,560 Speaker 1: everything else. We're gonna go through some of this commentary. 96 00:06:22,880 --> 00:06:26,559 Speaker 1: Here's Ron Johnson asking Janet Yellen about deficit spending. Jurdan 97 00:06:26,640 --> 00:06:28,960 Speaker 1: Biden's years play it. So, do you know in the 98 00:06:29,000 --> 00:06:31,360 Speaker 1: first three fiscal years the bidenministration, you know how much 99 00:06:31,680 --> 00:06:34,680 Speaker 1: the total defsits spending is going to be. We had 100 00:06:36,000 --> 00:06:39,200 Speaker 1: in economic collapse that was caused by right, and we 101 00:06:39,279 --> 00:06:41,240 Speaker 1: were certainly coming out of that because there's all this 102 00:06:41,279 --> 00:06:44,839 Speaker 1: penum demand and a sloshing around of trillions of dollars. 103 00:06:45,000 --> 00:06:47,360 Speaker 1: So I'll answer that question for you too. The first 104 00:06:47,360 --> 00:06:50,480 Speaker 1: three fiscal years of this administration, the total deslits would 105 00:06:50,480 --> 00:06:56,360 Speaker 1: be about what five point seven trillion dollars. So there's 106 00:06:56,360 --> 00:06:59,440 Speaker 1: a lot of spending that's gone on, we know that much. 107 00:07:00,240 --> 00:07:02,960 Speaker 1: There's a lot that has happened here. There's a lot 108 00:07:03,000 --> 00:07:09,000 Speaker 1: of money that has gone into the federal balance sheet, 109 00:07:09,080 --> 00:07:10,760 Speaker 1: and we're supposed to think there's not going to be 110 00:07:10,800 --> 00:07:13,520 Speaker 1: a downside to this. But the more the more simple, 111 00:07:13,520 --> 00:07:16,440 Speaker 1: the more straightforward question that Yellen was asked, has to 112 00:07:16,440 --> 00:07:20,960 Speaker 1: do with, well, are all banks? Are all banks now 113 00:07:21,040 --> 00:07:25,360 Speaker 1: backstop fully? And I don't think we actually have this audio. 114 00:07:25,440 --> 00:07:27,239 Speaker 1: I'll pull the audio for you in a few minutes. 115 00:07:27,280 --> 00:07:30,600 Speaker 1: But the more central question here for a lot of 116 00:07:30,640 --> 00:07:34,680 Speaker 1: people is what happens if my bank goes down? Do 117 00:07:34,760 --> 00:07:37,679 Speaker 1: I get the same treatment that SVB got? Janet Yellen 118 00:07:38,080 --> 00:07:41,600 Speaker 1: gave a whole Well, it kind of depends on what 119 00:07:41,640 --> 00:07:44,520 Speaker 1: the President thinks and what the FDIC thinks and whatever. 120 00:07:45,240 --> 00:07:47,400 Speaker 1: So then you've got so you either have a double 121 00:07:47,480 --> 00:07:52,280 Speaker 1: standard where your bank is not backstopped but SVB was. 122 00:07:52,920 --> 00:07:55,000 Speaker 1: They can say it's not a bailout, it's a bailout, 123 00:07:55,000 --> 00:07:59,440 Speaker 1: it's just how they fund the bailout. Or do you 124 00:07:59,520 --> 00:08:04,880 Speaker 1: have the now admitting and the Treasury Secretary admitting de 125 00:08:05,080 --> 00:08:09,400 Speaker 1: facto that every deposit, that trillions of dollars of non 126 00:08:10,080 --> 00:08:13,320 Speaker 1: FDIC in short deposits out there are insured by the 127 00:08:13,360 --> 00:08:16,400 Speaker 1: federal government, which kind of starts to feel a bit 128 00:08:16,480 --> 00:08:20,800 Speaker 1: like the nationalized banking system. In fact, what it really 129 00:08:20,840 --> 00:08:23,560 Speaker 1: means is that all banks can do whatever they want 130 00:08:23,600 --> 00:08:27,880 Speaker 1: with your money, chase whatever returns they want, and stuff 131 00:08:27,920 --> 00:08:30,920 Speaker 1: gets really ugly, they know there's going to be a 132 00:08:31,000 --> 00:08:34,720 Speaker 1: truck backing up from the FED dumping the money metaphorically 133 00:08:34,760 --> 00:08:39,640 Speaker 1: speaking on their front lawn, and that's that. What does 134 00:08:39,679 --> 00:08:43,320 Speaker 1: that do for us? How does that go forward? I 135 00:08:43,320 --> 00:08:46,080 Speaker 1: think these are important things for us all to be 136 00:08:46,200 --> 00:08:48,120 Speaker 1: very clear on here, because remember they're telling you there's 137 00:08:48,120 --> 00:08:52,000 Speaker 1: no crisis. Meanwhile, did anyone think that there was going 138 00:08:52,040 --> 00:08:55,240 Speaker 1: to be a one hundred and sixty four billion dollars 139 00:08:55,320 --> 00:08:57,880 Speaker 1: borrowed from the Fed in the last twenty four hours 140 00:08:57,880 --> 00:09:00,760 Speaker 1: to backs up all these banks? No, we didn't know 141 00:09:00,760 --> 00:09:04,280 Speaker 1: about that, did we? Did anyone think that First Republic 142 00:09:04,320 --> 00:09:08,080 Speaker 1: shares would plunge twenty percent and it would have to 143 00:09:08,120 --> 00:09:10,760 Speaker 1: take a thirty billion dollar rescue package. Even a few 144 00:09:10,840 --> 00:09:14,360 Speaker 1: days ago, we were remember initially it was oh, it's 145 00:09:14,400 --> 00:09:17,600 Speaker 1: just SVB, and then it was Signature, and now it's 146 00:09:17,640 --> 00:09:20,440 Speaker 1: these other banks credit sweets. Oh, credit sweets. Why is 147 00:09:20,440 --> 00:09:24,640 Speaker 1: that important? Because that's a foreign bank. So this starts 148 00:09:24,640 --> 00:09:29,520 Speaker 1: to feel like a global problem. And as what is 149 00:09:29,559 --> 00:09:32,880 Speaker 1: it the as the US gets a cold, the economically 150 00:09:32,920 --> 00:09:34,320 Speaker 1: the rest of the world gets a flu Isn't that 151 00:09:34,360 --> 00:09:39,520 Speaker 1: the old the old phrase? And I think that's certainly 152 00:09:41,120 --> 00:09:44,240 Speaker 1: the case. I think that's certainly going to be the 153 00:09:44,240 --> 00:09:47,440 Speaker 1: reality of things get ugly here. So when Yellen was 154 00:09:47,520 --> 00:09:50,559 Speaker 1: asked to reassure the members of the committee the banking 155 00:09:50,559 --> 00:09:54,640 Speaker 1: system is sound, Americans can feel confident, confident that their 156 00:09:54,679 --> 00:09:57,480 Speaker 1: deposits are there, you know, she says, yeah, you should 157 00:09:57,480 --> 00:10:01,040 Speaker 1: feel confident. But we're not saying we're definitely stopping your bank. 158 00:10:01,080 --> 00:10:03,880 Speaker 1: We'll make that determination as we go. Well, they can't 159 00:10:03,920 --> 00:10:06,839 Speaker 1: have it both ways. They can't have it both ways. 160 00:10:07,000 --> 00:10:11,080 Speaker 1: I thought this was interesting to Larry Cutlow said that 161 00:10:11,200 --> 00:10:15,199 Speaker 1: he does not believe we have a true financial crisis. 162 00:10:15,280 --> 00:10:20,079 Speaker 1: Yet he says that things are still going along pretty well. 163 00:10:20,240 --> 00:10:23,080 Speaker 1: Play fourteen. The Federal Reserve should be a shame. The 164 00:10:23,240 --> 00:10:26,079 Speaker 1: controllers should be a shame, and the FDI say should 165 00:10:26,080 --> 00:10:28,959 Speaker 1: be a shame because they didn't do their job. There's 166 00:10:29,000 --> 00:10:31,840 Speaker 1: not going to be a regulatory bill. Let the private 167 00:10:31,840 --> 00:10:36,160 Speaker 1: sector work it out. Silicon Valley Bank was a rogue operation. 168 00:10:36,760 --> 00:10:39,960 Speaker 1: Not every bank is that super woke. This is not true. 169 00:10:40,200 --> 00:10:44,360 Speaker 1: But the point is, use the private sector, sell the bank. 170 00:10:44,840 --> 00:10:48,280 Speaker 1: Let private banks help these regional banks, and we'll get 171 00:10:48,280 --> 00:10:50,680 Speaker 1: out of this without a banking crisis. I can't wait 172 00:10:50,720 --> 00:10:54,360 Speaker 1: for your opening rip tonight. I have a banking crisis. 173 00:10:54,520 --> 00:10:58,520 Speaker 1: We don't know that yet. You know how when you're 174 00:10:58,520 --> 00:11:02,720 Speaker 1: on a plane and there's somebody next to you, maybe 175 00:11:02,760 --> 00:11:06,160 Speaker 1: it's a friend and family member or spouse, whatever, they 176 00:11:06,200 --> 00:11:08,400 Speaker 1: look at you and you started to hit bad turbulence, 177 00:11:09,720 --> 00:11:14,680 Speaker 1: and you know, you know the stats commercial airliners are 178 00:11:14,840 --> 00:11:20,400 Speaker 1: you know, incredibly safe and you know, safer than driving 179 00:11:20,559 --> 00:11:23,760 Speaker 1: in a car. I mean, commercial airlines are actually doing 180 00:11:23,760 --> 00:11:26,640 Speaker 1: remarkably well overall. With that, you have whole years where 181 00:11:26,640 --> 00:11:28,920 Speaker 1: there's not a single life lost in a major commercial 182 00:11:28,920 --> 00:11:32,520 Speaker 1: airliner because of a crash. And you know, obviously we 183 00:11:32,559 --> 00:11:34,440 Speaker 1: want that streak to go as long as as as 184 00:11:34,480 --> 00:11:38,280 Speaker 1: humanly possible. But someone will look at you and you 185 00:11:38,320 --> 00:11:40,840 Speaker 1: can tell they're really nervous, and you'll say, don't worry 186 00:11:40,880 --> 00:11:42,480 Speaker 1: about it, and that thought will cross the back of 187 00:11:42,480 --> 00:11:44,720 Speaker 1: your mind to you because you realize, well, what are 188 00:11:44,760 --> 00:11:47,520 Speaker 1: you going to say? There's nothing you can do. You know, 189 00:11:47,640 --> 00:11:50,240 Speaker 1: there's no upside in saying, I don't know, this turbulence 190 00:11:50,320 --> 00:11:52,920 Speaker 1: is really bad. You know, maybe the I don't know, 191 00:11:52,920 --> 00:11:56,400 Speaker 1: maybe one of those engines could go. I know, there's 192 00:11:56,440 --> 00:11:59,719 Speaker 1: no point in saying that. It's always going to be 193 00:11:59,760 --> 00:12:02,600 Speaker 1: the the the proper response when someone's nervous on a 194 00:12:02,640 --> 00:12:06,280 Speaker 1: plane and you're not the pilot, you're sitting back there 195 00:12:06,320 --> 00:12:07,840 Speaker 1: and you have it's not in your hands at all. 196 00:12:07,880 --> 00:12:09,800 Speaker 1: Of course, the proper response is now, we're gonna be fine. 197 00:12:09,800 --> 00:12:11,600 Speaker 1: We're gonna be fine. But you know, in the back 198 00:12:11,600 --> 00:12:13,920 Speaker 1: of your mind, even if you thought this is what 199 00:12:13,920 --> 00:12:16,000 Speaker 1: I'm getting at here, even if you thought things weren't 200 00:12:16,040 --> 00:12:19,400 Speaker 1: gonna be fine, there's no point in saying that. I 201 00:12:19,440 --> 00:12:23,199 Speaker 1: do think that becomes part of the equation here with 202 00:12:23,280 --> 00:12:26,320 Speaker 1: economists and people who know the markets really well and 203 00:12:26,320 --> 00:12:30,960 Speaker 1: everything else, that the perception of recession or even a 204 00:12:31,040 --> 00:12:35,280 Speaker 1: depression can lead to the reality. And so there is this, 205 00:12:36,200 --> 00:12:38,760 Speaker 1: you know, are people gonna tell are people gonna tell 206 00:12:38,760 --> 00:12:40,560 Speaker 1: everybody the truth? Or is there no point in saying 207 00:12:40,559 --> 00:12:42,360 Speaker 1: the truth? You might as well just be positive and 208 00:12:42,400 --> 00:12:45,720 Speaker 1: hope for the best. I do think that that factor 209 00:12:45,800 --> 00:12:47,760 Speaker 1: is in right now a little bit of what we're hearing, 210 00:12:47,800 --> 00:12:51,160 Speaker 1: because nobody wants to be the one that says, yeah, 211 00:12:51,160 --> 00:12:54,319 Speaker 1: you know, run for the life jackets and it turns 212 00:12:54,360 --> 00:12:59,440 Speaker 1: out the ship isn't going down right. So ah, it's 213 00:13:00,040 --> 00:13:02,199 Speaker 1: a tough spot right now. I know it Saint Patrick's 214 00:13:02,240 --> 00:13:04,600 Speaker 1: Day and people are out there. There's a lot of revelry, 215 00:13:05,160 --> 00:13:08,199 Speaker 1: a lot of celebration, which is great for those of 216 00:13:08,200 --> 00:13:11,080 Speaker 1: you who are playing buck subscribers are seeing me on video. 217 00:13:11,120 --> 00:13:14,920 Speaker 1: I'm wearing a green shirt in solidarity with Saint Patrick's 218 00:13:14,960 --> 00:13:18,680 Speaker 1: Day today as I am mostly Irish by background. But 219 00:13:19,000 --> 00:13:21,079 Speaker 1: after Saint Patrick's Day, we still have to focus on 220 00:13:21,120 --> 00:13:24,000 Speaker 1: the fact that the banking system could be in some 221 00:13:24,080 --> 00:13:26,760 Speaker 1: real trouble, which means the economy is in real trouble. 222 00:13:27,760 --> 00:13:31,320 Speaker 1: And that's assuming that we do we have smart decisions 223 00:13:31,360 --> 00:13:33,520 Speaker 1: being made by our leadership class, which I think is 224 00:13:33,559 --> 00:13:36,960 Speaker 1: a very big assumption these days. So we'll come back 225 00:13:37,000 --> 00:13:39,640 Speaker 1: to today. Also want to hear your thoughts, especially if 226 00:13:39,640 --> 00:13:46,559 Speaker 1: you have any real expertise in the banking sector the markets. 227 00:13:46,640 --> 00:13:49,760 Speaker 1: Please give us a ring. Let's talk about it. Let's 228 00:13:49,800 --> 00:13:51,839 Speaker 1: let's ask if you have any big prediction you can 229 00:13:51,880 --> 00:13:54,880 Speaker 1: back up with an interesting theory and expertise. I know 230 00:13:54,920 --> 00:13:58,120 Speaker 1: that's pretty specific. Or you just want to wax. It's Friday, 231 00:13:58,320 --> 00:14:00,600 Speaker 1: you just want to wax philosophical, Give me a ring. 232 00:14:00,640 --> 00:14:02,560 Speaker 1: Eight hundred two eight two two eight eight two. Clay, 233 00:14:02,600 --> 00:14:06,560 Speaker 1: by the way on vacation. He's back Tuesday. He's having 234 00:14:06,559 --> 00:14:09,520 Speaker 1: a fantastic time in Italy. Absolutely loves it, which I 235 00:14:09,559 --> 00:14:11,640 Speaker 1: knew he would, And I'm actually now I'm getting jealous. 236 00:14:11,679 --> 00:14:13,160 Speaker 1: I want to go. I gotta take carry to Italy. 237 00:14:13,800 --> 00:14:15,400 Speaker 1: So many places want to go. But the good news 238 00:14:15,440 --> 00:14:16,920 Speaker 1: is when I do that, Clay will take over the 239 00:14:16,920 --> 00:14:20,160 Speaker 1: show for those days, so everybody wins. I ever met 240 00:14:20,200 --> 00:14:22,600 Speaker 1: someone and say to yourself, where do they get the energy? 241 00:14:23,120 --> 00:14:26,160 Speaker 1: One way folks are getting it is with Chalk Daily Supplements. 242 00:14:26,440 --> 00:14:29,520 Speaker 1: This Texas based company sources and formulates the most effective 243 00:14:29,600 --> 00:14:32,960 Speaker 1: natural ingredients to fuel your body and mind. They offer 244 00:14:33,000 --> 00:14:36,400 Speaker 1: individual products and bundles depending on your needs. For example, 245 00:14:36,680 --> 00:14:40,480 Speaker 1: their Male Vitality Stack helps restore testosterone in men. A 246 00:14:40,600 --> 00:14:44,080 Speaker 1: leading source of everyday energy. Their Female Vitality Stack is 247 00:14:44,120 --> 00:14:47,280 Speaker 1: focused on improved hormone health. You can learn more about 248 00:14:47,320 --> 00:14:49,040 Speaker 1: all their products and what they can do for you 249 00:14:49,120 --> 00:14:53,280 Speaker 1: at their website Chalk dot Com spelled cchoq. Every one 250 00:14:53,320 --> 00:14:56,280 Speaker 1: of Chalk's products are lab tested twice to ensure purity 251 00:14:56,360 --> 00:14:59,640 Speaker 1: and potency. Go online and get yourself a monthly subscription 252 00:15:00,120 --> 00:15:02,880 Speaker 1: thirty five percent off. Used my name Buck in the 253 00:15:02,920 --> 00:15:07,320 Speaker 1: purchase process. That website spelling again is Choq chalk dot 254 00:15:07,400 --> 00:15:10,480 Speaker 1: com and the name Buck my name for thirty five 255 00:15:10,520 --> 00:15:12,640 Speaker 1: percent off. If you're gonna make the everyday commitment to 256 00:15:12,640 --> 00:15:16,000 Speaker 1: include an energy providing supplement, Chalk is gonna make sure 257 00:15:16,320 --> 00:15:18,640 Speaker 1: you've got the right stuff and you're gonna get great 258 00:15:18,640 --> 00:15:24,560 Speaker 1: benefit from it. Cheeping it real, keeping it honest Clay 259 00:15:24,640 --> 00:15:29,920 Speaker 1: Travis and Buck Sexton. So Janet Yellen is the Treasury Secretary, 260 00:15:31,080 --> 00:15:38,000 Speaker 1: and she was asked that very straightforward question. Are all 261 00:15:38,080 --> 00:15:44,040 Speaker 1: of the banks back stopped as in your deposits? Do 262 00:15:44,120 --> 00:15:48,720 Speaker 1: the FDIC limits? Are they really just a mission statement? 263 00:15:48,840 --> 00:15:53,320 Speaker 1: Are they a suggestion box? Or are they limits as in, sorry, 264 00:15:53,640 --> 00:15:56,880 Speaker 1: someone's got to lose here. Otherwise we have de facto 265 00:15:57,280 --> 00:16:02,840 Speaker 1: nationalized banks are certainly nationalized risk with capitalized or capitalism 266 00:16:02,960 --> 00:16:08,000 Speaker 1: upside for the banks. Here is how Yellen you got 267 00:16:08,040 --> 00:16:10,280 Speaker 1: it here? This is really important, folks. Okay, this is 268 00:16:10,280 --> 00:16:13,400 Speaker 1: about where do you have money? Where is your money? 269 00:16:13,400 --> 00:16:17,480 Speaker 1: What banks is it in? Because according to Janet Yellen, yeah, sure, 270 00:16:17,480 --> 00:16:20,240 Speaker 1: Silicon Valley Bank, they acted crazy. It was all woke 271 00:16:20,280 --> 00:16:23,000 Speaker 1: and d EI stuff and they got greedy and they 272 00:16:23,040 --> 00:16:27,560 Speaker 1: got But all the depositors there, the depositors, not the 273 00:16:27,560 --> 00:16:29,880 Speaker 1: bank executive. Necessarily they might have a rough time. The 274 00:16:29,960 --> 00:16:33,280 Speaker 1: depositors are taken care of. But are you at your 275 00:16:33,320 --> 00:16:35,600 Speaker 1: bank taken care of if the same thing happens, and 276 00:16:35,680 --> 00:16:39,160 Speaker 1: it could. Here's Janet Yellen's response. Play, will the deposits 277 00:16:39,200 --> 00:16:43,200 Speaker 1: in every community bank in Oklahoma, regardless of their size, 278 00:16:43,920 --> 00:16:47,880 Speaker 1: being fully insured? Now, are they fully recovered every bank, 279 00:16:47,920 --> 00:16:50,920 Speaker 1: every community bank in Oklahoma, regardless of the size of 280 00:16:50,920 --> 00:16:54,320 Speaker 1: the deposit, Will they get the same treatment that SVB 281 00:16:54,760 --> 00:16:59,080 Speaker 1: BP just got or Signature Bank just got. Oh bank 282 00:16:59,200 --> 00:17:04,959 Speaker 1: only gets that treatment if a majority of the FDIC board, 283 00:17:05,480 --> 00:17:10,800 Speaker 1: a supermajority, a supermajority of the Fedboard and eye in 284 00:17:10,920 --> 00:17:18,280 Speaker 1: consultation with the President determine that the failure to protect 285 00:17:18,440 --> 00:17:25,240 Speaker 1: uninsured depositors would create systemic risk and significant economic and 286 00:17:25,400 --> 00:17:32,680 Speaker 1: financial consequences. So your bank, if you're not in you know, 287 00:17:32,720 --> 00:17:34,679 Speaker 1: the one of the Big four, if you're in a 288 00:17:34,720 --> 00:17:36,919 Speaker 1: community bank right now. And by the way, I'm not 289 00:17:37,000 --> 00:17:39,800 Speaker 1: suggesting that this will happen, and I'm not suggesting anyone. 290 00:17:39,800 --> 00:17:41,720 Speaker 1: I'm not giving anyone financial advice, and I'm not telling 291 00:17:41,760 --> 00:17:43,560 Speaker 1: anybody to take money out of their banks. But the 292 00:17:43,640 --> 00:17:48,119 Speaker 1: Treasury Secretary is saying, if the money that a person 293 00:17:48,200 --> 00:17:52,160 Speaker 1: has in a regional bank is as a depositor, comes 294 00:17:52,240 --> 00:17:55,720 Speaker 1: under risk, it is not guaranteed. It is not guaranteed 295 00:17:55,720 --> 00:17:59,880 Speaker 1: at all that those deposits above the FDIC lynn helping 296 00:18:00,040 --> 00:18:03,080 Speaker 1: small business owners get a tax refund from the IRS 297 00:18:03,080 --> 00:18:06,320 Speaker 1: with a little known program, the Employee Retention Credit or ARC. 298 00:18:06,920 --> 00:18:09,080 Speaker 1: Go to Get Refunds dot com to get started and 299 00:18:09,119 --> 00:18:11,800 Speaker 1: in less than eight minutes see if your business qualifies 300 00:18:11,840 --> 00:18:14,960 Speaker 1: for ARC assistance. Your business may be eligible for a 301 00:18:14,960 --> 00:18:17,960 Speaker 1: payroll tax refund of up to twenty six thousand dollars 302 00:18:18,040 --> 00:18:21,919 Speaker 1: per employee kept on payroll during COVID nineteen. Getrefunds dot 303 00:18:21,960 --> 00:18:24,840 Speaker 1: Com has already helped clients claim over three billion dollars 304 00:18:24,840 --> 00:18:27,439 Speaker 1: in payroll tax refunds through the ARC. They may be 305 00:18:27,440 --> 00:18:30,680 Speaker 1: able to help your business too. There's no upfront charge either. 306 00:18:31,040 --> 00:18:33,560 Speaker 1: They don't get paid until your business gets its refund. 307 00:18:33,880 --> 00:18:36,680 Speaker 1: Many businesses believe they won't qualify based off incomplete or 308 00:18:36,680 --> 00:18:39,600 Speaker 1: outdated information. Don't let this opportunity pass you by. This 309 00:18:39,720 --> 00:18:43,120 Speaker 1: payroll refund is only available for a limited amount of time. 310 00:18:43,400 --> 00:18:45,320 Speaker 1: Go to It's a tax refund, by the way, go 311 00:18:45,359 --> 00:18:49,439 Speaker 1: to get refunds. Dot com gets refunds dot com go 312 00:18:49,560 --> 00:18:52,879 Speaker 1: check it out. So what is your plan to keep 313 00:18:53,359 --> 00:18:57,479 Speaker 1: large depositors from moving their funds out of community banks 314 00:18:58,000 --> 00:19:01,520 Speaker 1: into the big banks. We have of seeing the mergers 315 00:19:01,560 --> 00:19:05,359 Speaker 1: of banks over the past decade. I'm concerned you're about 316 00:19:05,359 --> 00:19:08,320 Speaker 1: to accelerate that by encouraging anyone who has a large 317 00:19:08,359 --> 00:19:11,040 Speaker 1: deposited community bank to say, we're not going to make 318 00:19:11,080 --> 00:19:13,480 Speaker 1: you whole, but if you go to one of our 319 00:19:13,520 --> 00:19:19,200 Speaker 1: preferred banks, we will make you whole at that point. Look, 320 00:19:19,320 --> 00:19:24,320 Speaker 1: I mean, that's certainly not something that we're encouraging. That 321 00:19:24,440 --> 00:19:29,760 Speaker 1: is happening right now. That is happening because depositors are 322 00:19:29,880 --> 00:19:34,359 Speaker 1: concerned about the bank bailiers that it's happened, and whither 323 00:19:34,480 --> 00:19:39,200 Speaker 1: or not other banks could also it's happening because you're 324 00:19:39,240 --> 00:19:41,880 Speaker 1: fully insured no matter what the amount is. If you're 325 00:19:41,920 --> 00:19:44,640 Speaker 1: in a big bank, you're not fully insured if you're 326 00:19:44,640 --> 00:19:49,040 Speaker 1: in a community banks. Wanting everybody to hear that exchange 327 00:19:49,119 --> 00:19:52,920 Speaker 1: there with the Treasury Secretary Janet Yellen, so that we 328 00:19:53,240 --> 00:19:55,879 Speaker 1: get it on the record on the air here, because 329 00:19:55,880 --> 00:19:58,719 Speaker 1: I've been saying for days this is the problem that 330 00:19:58,760 --> 00:20:04,880 Speaker 1: has been set up by the SVB bailout. SVB specifically 331 00:20:05,320 --> 00:20:09,439 Speaker 1: wanted to be free of the too big to fail regulations. 332 00:20:10,840 --> 00:20:13,119 Speaker 1: SVB Bank was like, no, no no, we got this. We're slick, 333 00:20:13,160 --> 00:20:14,439 Speaker 1: we know how to, we know how to, you know, 334 00:20:14,560 --> 00:20:17,160 Speaker 1: mind our own business and get our stuff done. Don't 335 00:20:17,160 --> 00:20:20,000 Speaker 1: worry about us. We don't want to be considered one 336 00:20:20,000 --> 00:20:23,480 Speaker 1: of your too big to fail banks. Systemically important is 337 00:20:23,520 --> 00:20:26,760 Speaker 1: what they call it, too big to fail? Same thing. Okay, 338 00:20:27,520 --> 00:20:31,840 Speaker 1: so what happens when it fails? Actually, we've decided you're 339 00:20:31,840 --> 00:20:34,280 Speaker 1: too big to fail too, and we're gonna do these 340 00:20:34,320 --> 00:20:37,960 Speaker 1: things with these other banks. Look, this is all cause 341 00:20:38,040 --> 00:20:40,359 Speaker 1: and effect. I keep saying it. This is why you 342 00:20:40,400 --> 00:20:43,320 Speaker 1: know you don't have to be a PhD in economics 343 00:20:43,320 --> 00:20:45,159 Speaker 1: to understand this. In fact, a lot of PhDs and 344 00:20:45,160 --> 00:20:49,480 Speaker 1: economics who go on TV are wrong about a lot 345 00:20:49,480 --> 00:20:51,879 Speaker 1: of stuff. They get stuff wrong all the time. If 346 00:20:51,960 --> 00:20:54,080 Speaker 1: you just apply basic common sense to this, you can 347 00:20:54,119 --> 00:20:58,160 Speaker 1: see what has happened. Right, we kept interest rates very, 348 00:20:58,320 --> 00:21:02,960 Speaker 1: very low. Intention This was a decision to inject cash 349 00:21:02,960 --> 00:21:07,359 Speaker 1: into the economy to make people spend put to encourage 350 00:21:07,359 --> 00:21:11,560 Speaker 1: people to spend money, encourage consumption, you know, encourage overall 351 00:21:11,600 --> 00:21:16,040 Speaker 1: GDP growth. But you do this artificially at the expense 352 00:21:16,119 --> 00:21:18,520 Speaker 1: of people who actually want to save money and who 353 00:21:18,520 --> 00:21:20,359 Speaker 1: want to get some yield by just putting in at 354 00:21:20,280 --> 00:21:22,760 Speaker 1: a savings account. Right, you used to be able to 355 00:21:22,760 --> 00:21:25,760 Speaker 1: put money into savings account and if you were patient 356 00:21:25,800 --> 00:21:28,360 Speaker 1: over time, you would actually be able to grow some 357 00:21:28,440 --> 00:21:30,800 Speaker 1: wealth that way. That hasn't been the case for quite 358 00:21:30,840 --> 00:21:33,199 Speaker 1: some time now, has it. And you used to be 359 00:21:33,240 --> 00:21:36,399 Speaker 1: able to get yield on a bond. But the bond 360 00:21:36,400 --> 00:21:41,080 Speaker 1: market has been artificially suppressed by QWEE and the things 361 00:21:41,119 --> 00:21:44,040 Speaker 1: that they fed, and the government decided that it's going 362 00:21:44,080 --> 00:21:47,160 Speaker 1: to do that it has been doing and so now 363 00:21:47,160 --> 00:21:49,880 Speaker 1: we are just dealing with the consequences of this. When 364 00:21:49,960 --> 00:21:51,959 Speaker 1: you add on top of that, the trillions of dollars 365 00:21:51,960 --> 00:21:55,919 Speaker 1: of spending during COVID and by the Biden administration specifically 366 00:21:55,920 --> 00:21:58,560 Speaker 1: in the last two years. Now we've got inflation, which 367 00:21:58,560 --> 00:22:01,200 Speaker 1: we knew was going to happen at some point. So 368 00:22:01,560 --> 00:22:03,800 Speaker 1: none of this is a you know, none of it 369 00:22:03,880 --> 00:22:06,520 Speaker 1: is a surprise. The only thing that's a surprise is 370 00:22:06,520 --> 00:22:09,439 Speaker 1: when it starts to fall apart or when when the 371 00:22:09,480 --> 00:22:11,800 Speaker 1: crisis hits. We've known that this was going to be 372 00:22:11,840 --> 00:22:16,880 Speaker 1: an issue for some time, and we've got a let 373 00:22:16,880 --> 00:22:19,760 Speaker 1: me see, we got here. We've got a caller in 374 00:22:19,880 --> 00:22:22,800 Speaker 1: Texas who is the director of a small community bank 375 00:22:23,280 --> 00:22:26,600 Speaker 1: that the FDIC downgraded not long ago because they had 376 00:22:26,640 --> 00:22:30,479 Speaker 1: money they were not investing. So, uh, we're calling him 377 00:22:30,600 --> 00:22:32,960 Speaker 1: John at his name, John, You've got some thoughts on 378 00:22:32,960 --> 00:22:37,080 Speaker 1: the situation. You're a community bank guy, Well, I'm a 379 00:22:37,119 --> 00:22:41,640 Speaker 1: director to community bank, yes, right, and go ahead. Situation. 380 00:22:42,119 --> 00:22:47,480 Speaker 1: The situation explained was the banks are examined every couple 381 00:22:47,520 --> 00:22:49,960 Speaker 1: of years by the FDIC. They're also examined by state 382 00:22:50,000 --> 00:22:55,240 Speaker 1: examiners on alternate years, and this bank, like most every 383 00:22:55,240 --> 00:22:57,600 Speaker 1: bank in the States, was flushed with cash with all 384 00:22:57,640 --> 00:23:00,800 Speaker 1: the COVID money, and you know, them and handouts who 385 00:23:00,800 --> 00:23:03,480 Speaker 1: were coming out. The bank was actually flushed with cash. 386 00:23:04,119 --> 00:23:07,719 Speaker 1: They went through the FDIC exam and they were actually 387 00:23:07,720 --> 00:23:11,800 Speaker 1: written up because they had not invested those funds. The 388 00:23:11,880 --> 00:23:14,320 Speaker 1: bank that I was associated with did not invest those 389 00:23:14,320 --> 00:23:16,520 Speaker 1: funds because they were afraid that people might need the money. 390 00:23:16,760 --> 00:23:19,080 Speaker 1: So they didn't want to have to invest it, take 391 00:23:19,080 --> 00:23:20,760 Speaker 1: it back out of investments, want it to be you know, 392 00:23:21,160 --> 00:23:22,680 Speaker 1: so they could give their money back to the to 393 00:23:22,720 --> 00:23:25,159 Speaker 1: the people that own the money. So they did not 394 00:23:25,240 --> 00:23:29,120 Speaker 1: do that. The FDIC told them they should be investing 395 00:23:29,119 --> 00:23:31,480 Speaker 1: in the markets. You need to take these funds and 396 00:23:31,600 --> 00:23:36,800 Speaker 1: invest them. The bank was downgraded on their on their 397 00:23:36,920 --> 00:23:39,639 Speaker 1: their their earnings. There's there's earnings is one of the 398 00:23:39,680 --> 00:23:43,240 Speaker 1: things that you're graded on because they had not invested 399 00:23:43,280 --> 00:23:46,280 Speaker 1: the money and they were just holding onto it, and 400 00:23:46,359 --> 00:23:49,560 Speaker 1: so they got downgraded by the FDIC with that exam 401 00:23:49,960 --> 00:23:53,239 Speaker 1: because they had not invested the money. FDC was they 402 00:23:53,280 --> 00:23:56,640 Speaker 1: weren't forcing banks too, but they were pushing them that direction. 403 00:23:57,560 --> 00:24:00,040 Speaker 1: This is fascinating. So you're telling me that that a 404 00:24:00,240 --> 00:24:05,080 Speaker 1: local or community bank that didn't try to chase yield 405 00:24:05,600 --> 00:24:08,520 Speaker 1: and kept cash on hand to keep a healthier balance 406 00:24:08,600 --> 00:24:13,160 Speaker 1: sheet was effectively punished by the FTI C for doing so. 407 00:24:13,200 --> 00:24:17,840 Speaker 1: That is correct. Wow, exactly what happen? What happened? Now? 408 00:24:17,840 --> 00:24:20,120 Speaker 1: Now let me ask you, sir, this is very interesting. Um, 409 00:24:20,440 --> 00:24:22,800 Speaker 1: you see what's going on here. You see, as we 410 00:24:22,840 --> 00:24:26,119 Speaker 1: said at the top of the show, US one hundred 411 00:24:26,119 --> 00:24:28,680 Speaker 1: and sixty four billion dollars borrowed from the FED to 412 00:24:28,800 --> 00:24:32,080 Speaker 1: backstop banks with liquidity credit squeeze. I know that's a 413 00:24:32,119 --> 00:24:34,920 Speaker 1: global issue, but you know, the reverberations are clear here 414 00:24:35,440 --> 00:24:39,399 Speaker 1: still very shaky and First Republic banks still very shaky, 415 00:24:39,400 --> 00:24:41,680 Speaker 1: even though it has a thirty billion dollars rescue package 416 00:24:41,720 --> 00:24:45,840 Speaker 1: that's gone into it. Um, what are you Is this 417 00:24:45,880 --> 00:24:48,720 Speaker 1: a problem that you think is going to be solvable 418 00:24:49,000 --> 00:24:50,800 Speaker 1: or are we just in the opening phase? It's just 419 00:24:50,840 --> 00:24:52,719 Speaker 1: based on what you know from how this functions, how 420 00:24:52,760 --> 00:24:58,120 Speaker 1: this works. I think it's just a starting phase of it. Yeah. 421 00:24:58,280 --> 00:25:01,000 Speaker 1: I was hoping we weren't going to say that, but 422 00:25:01,040 --> 00:25:02,960 Speaker 1: I had a feeling you might say that because it 423 00:25:03,080 --> 00:25:06,000 Speaker 1: just seems to me like every day there's another shoe 424 00:25:06,000 --> 00:25:08,199 Speaker 1: that drops right. Every day, there's another thing that that 425 00:25:08,280 --> 00:25:12,159 Speaker 1: seems to happen, and there's more emergency measures that are needed. 426 00:25:12,560 --> 00:25:14,520 Speaker 1: John from Texas man. Thank you so much for calling 427 00:25:14,560 --> 00:25:17,720 Speaker 1: him with that. And isn't that so interesting? It reminds 428 00:25:17,760 --> 00:25:19,240 Speaker 1: me of so many things the government has done the 429 00:25:19,320 --> 00:25:22,280 Speaker 1: last few years. The people who do the right thing 430 00:25:22,280 --> 00:25:24,760 Speaker 1: are the ones who are punished. The people who do 431 00:25:24,800 --> 00:25:28,320 Speaker 1: the selfish and wrong thing are the ones who are rewarded. 432 00:25:28,960 --> 00:25:30,720 Speaker 1: See a lot of that, See a lot of that 433 00:25:30,760 --> 00:25:33,840 Speaker 1: with COVID. Oh yeah, you know, we're gonna shut down. 434 00:25:33,840 --> 00:25:36,320 Speaker 1: We're gonna send essential workers in. You know, they could 435 00:25:36,320 --> 00:25:38,000 Speaker 1: do all this stuff for us. We're gonna stay home 436 00:25:38,119 --> 00:25:41,720 Speaker 1: and we're gonna get checks from the government. Only upside, 437 00:25:41,760 --> 00:25:44,119 Speaker 1: only benefit, right, You never hear about Well, hold on 438 00:25:44,160 --> 00:25:46,400 Speaker 1: a second. What about people that wanted to stay open, 439 00:25:46,440 --> 00:25:49,879 Speaker 1: wanted to keep going to work, do their jobs. No, No, 440 00:25:49,960 --> 00:25:52,440 Speaker 1: they were punished, as you know, they were punished. So 441 00:25:53,000 --> 00:25:55,680 Speaker 1: this is a common theme here. There's something very wrong 442 00:25:56,520 --> 00:26:01,080 Speaker 1: with the way our government is approaching this. Brian in Summerfield, 443 00:26:01,320 --> 00:26:06,600 Speaker 1: North Carolina, what's going on? Brian, Hey, buck, Hey, good 444 00:26:06,640 --> 00:26:09,119 Speaker 1: to talk to you. Thank you. Just basically wanted to 445 00:26:09,160 --> 00:26:13,280 Speaker 1: make the comments and I'm just so disappointed right now. 446 00:26:13,359 --> 00:26:15,679 Speaker 1: You know, it's like if people do not understand that 447 00:26:15,720 --> 00:26:18,119 Speaker 1: what is going on right now is basically a proof 448 00:26:18,280 --> 00:26:22,560 Speaker 1: of we live in a country that is ruled by men, 449 00:26:23,119 --> 00:26:26,960 Speaker 1: not by laws. Because, as Janet Yellen just said, if 450 00:26:27,000 --> 00:26:30,680 Speaker 1: she decides and her friends on the FTC and yes 451 00:26:31,320 --> 00:26:34,600 Speaker 1: s IPC boards decide we're going to bail them out 452 00:26:34,600 --> 00:26:36,920 Speaker 1: because you know they're important to us, then they get 453 00:26:36,920 --> 00:26:40,640 Speaker 1: bailed out. But if Janet Yellen doesn't think that you're 454 00:26:40,680 --> 00:26:43,800 Speaker 1: important enough to her and her friends, and you don't 455 00:26:43,800 --> 00:26:46,919 Speaker 1: get bailed out. So that is like the epitome of 456 00:26:47,600 --> 00:26:49,680 Speaker 1: rule of man, not rule of law, because there are 457 00:26:49,840 --> 00:26:53,159 Speaker 1: laws in place that say, hey, here's how it works. 458 00:26:53,760 --> 00:26:56,119 Speaker 1: You get two hundred and fifty thousand dollars worth of 459 00:26:56,160 --> 00:27:00,520 Speaker 1: coverage of insurance pers hunt. That's it. I don't care 460 00:27:00,560 --> 00:27:03,400 Speaker 1: if you have twenty billion dollars you get two hundred 461 00:27:03,440 --> 00:27:05,720 Speaker 1: fifty grand back if you had at one account. That 462 00:27:05,920 --> 00:27:09,720 Speaker 1: rule applies to every other citizen out there. Unless you're 463 00:27:09,720 --> 00:27:14,280 Speaker 1: a friend of the politicians and the regulators and the 464 00:27:14,760 --> 00:27:16,960 Speaker 1: you know the other people in these you know, elemental 465 00:27:17,040 --> 00:27:22,480 Speaker 1: PQ organizations, you're screwed. I mean, that's basically what the 466 00:27:22,520 --> 00:27:26,320 Speaker 1: Treasury by the John I or rather Brian, thank you 467 00:27:26,359 --> 00:27:30,879 Speaker 1: for calling in. I think that's essentially correct, and people 468 00:27:30,920 --> 00:27:32,840 Speaker 1: need to know that this is what the government's doing 469 00:27:32,920 --> 00:27:37,480 Speaker 1: right now that this Biden administration and his Treasury secretary 470 00:27:37,840 --> 00:27:40,280 Speaker 1: have they have made a choice. Look, we even we 471 00:27:40,320 --> 00:27:42,000 Speaker 1: did see this. I will be honest with all of 472 00:27:42,000 --> 00:27:44,159 Speaker 1: you as always. In two thousand and eight, you know, 473 00:27:44,200 --> 00:27:47,040 Speaker 1: the decision to let Lehman Brothers fail was a decision, 474 00:27:48,200 --> 00:27:50,640 Speaker 1: and it was interesting because not only did the other 475 00:27:50,640 --> 00:27:54,680 Speaker 1: banks get bailed out Goldman Sachs, which Hank Paulson had 476 00:27:54,720 --> 00:27:57,879 Speaker 1: been the the CEO of I believe previously, it was 477 00:27:57,960 --> 00:28:01,640 Speaker 1: very tied into Goldman Sacks. Goldman Sachs got bailed out 478 00:28:01,640 --> 00:28:04,239 Speaker 1: of its counterparty obligations in the two thousand and eight 479 00:28:04,320 --> 00:28:06,880 Speaker 1: crisis one hundred cents on the dollar, and Goldman Sachs 480 00:28:06,920 --> 00:28:09,560 Speaker 1: didn't even really take a haircut, didn't lose anything really, 481 00:28:09,640 --> 00:28:12,200 Speaker 1: I mean, not any meaningful way, and it was paying 482 00:28:12,200 --> 00:28:15,600 Speaker 1: out record bonuses a year after the financial crisis, and 483 00:28:15,680 --> 00:28:20,359 Speaker 1: Goldman Sachs had a lot of counterparty risk with AIG, 484 00:28:20,680 --> 00:28:25,520 Speaker 1: the massive insurance giant. And what happened well, Goldman Sachs 485 00:28:25,680 --> 00:28:28,760 Speaker 1: or Government Sacks as people started to call it, was connected. 486 00:28:29,680 --> 00:28:32,680 Speaker 1: This is you know Bush administration stuff. They were very connected. 487 00:28:33,119 --> 00:28:36,840 Speaker 1: Lehman not so connected. Where can you Where can you 488 00:28:36,880 --> 00:28:38,800 Speaker 1: still go and have a sit down in an office? 489 00:28:38,920 --> 00:28:41,640 Speaker 1: Not a Lehman Brothers. You can a Goldman Sachs, That's 490 00:28:41,680 --> 00:28:45,960 Speaker 1: for sure. So this stuff matters, and it is. There 491 00:28:46,080 --> 00:28:50,959 Speaker 1: is something arbitrary and political and capricious about who's going 492 00:28:51,000 --> 00:28:53,720 Speaker 1: to be kept afloat and who's going to be allowed 493 00:28:54,280 --> 00:28:56,760 Speaker 1: to go under. And I can tell you this much. 494 00:28:56,800 --> 00:28:58,560 Speaker 1: The more I see this with SVB and some of 495 00:28:58,560 --> 00:29:00,880 Speaker 1: these other banks that are getting the assistant and who 496 00:29:01,040 --> 00:29:03,040 Speaker 1: and what their exposure is, the more I think, Yeah, 497 00:29:03,120 --> 00:29:06,720 Speaker 1: you know, do you the Biden administration where they feel 498 00:29:06,760 --> 00:29:10,800 Speaker 1: badly about No, they'll wait until a bank has a 499 00:29:10,840 --> 00:29:15,360 Speaker 1: problem that you know is a lot of red state voters, 500 00:29:15,360 --> 00:29:17,240 Speaker 1: and maybe that will be the one that has to 501 00:29:17,280 --> 00:29:19,080 Speaker 1: be made an example of, and they'll say it that way, 502 00:29:19,120 --> 00:29:21,800 Speaker 1: This is sorry. We couldn't just keep bailing everybody out, 503 00:29:21,840 --> 00:29:24,680 Speaker 1: so we decided that this is the one that gets 504 00:29:24,680 --> 00:29:28,280 Speaker 1: to get burned down. Okay, you heard it from me. 505 00:29:28,600 --> 00:29:30,840 Speaker 1: I think you all know they would do it, and 506 00:29:30,880 --> 00:29:34,080 Speaker 1: they would do it, and they would be sanctimonious as 507 00:29:34,120 --> 00:29:36,200 Speaker 1: they did it too. Just get ready for that, you 508 00:29:36,280 --> 00:29:39,840 Speaker 1: know how they'll be you know, Rewatching old movies can 509 00:29:39,840 --> 00:29:42,440 Speaker 1: transport us back to unforgettable times and when was the 510 00:29:42,520 --> 00:29:45,520 Speaker 1: last time you watch yours? Legacy Box helps bring new 511 00:29:45,560 --> 00:29:48,320 Speaker 1: life to your old movies by digitally transferring them to 512 00:29:48,320 --> 00:29:51,440 Speaker 1: computer files that are easy to watch and share. Legacy 513 00:29:51,440 --> 00:29:54,240 Speaker 1: Boxes found that over a decade ago, to help families 514 00:29:54,280 --> 00:29:57,320 Speaker 1: preserve their past before it's too late to date. They've 515 00:29:57,320 --> 00:30:00,360 Speaker 1: helped well over one million families do just that. So 516 00:30:00,440 --> 00:30:03,280 Speaker 1: send them your old videos, old Super eight films, cassette tapes, 517 00:30:03,360 --> 00:30:06,240 Speaker 1: even print photos, and in just several weeks time, you'll 518 00:30:06,280 --> 00:30:09,200 Speaker 1: get all of that back, along with computer files. Everything 519 00:30:09,280 --> 00:30:11,200 Speaker 1: is carefully done by hand by one of their two 520 00:30:11,280 --> 00:30:14,320 Speaker 1: hundred plus technicians, and they keep you updated every step 521 00:30:14,320 --> 00:30:17,200 Speaker 1: of the way so you can keep track of their progress. 522 00:30:17,520 --> 00:30:20,000 Speaker 1: I've done it, Clay's done it. Our families love it. 523 00:30:20,000 --> 00:30:22,360 Speaker 1: It's a great gift idea too for somebody else. It's 524 00:30:22,480 --> 00:30:26,280 Speaker 1: very sentimental. Legacy Box is offering fifty percent off their 525 00:30:26,320 --> 00:30:29,840 Speaker 1: regular prices right now. Go to legacybox dot com slash 526 00:30:29,920 --> 00:30:32,720 Speaker 1: buck order today to take advantage of this low price 527 00:30:32,800 --> 00:30:35,640 Speaker 1: and send in your aging media when you're ready. That's 528 00:30:35,840 --> 00:30:40,720 Speaker 1: legacybox dot com slash b U c K. Don't miss 529 00:30:40,760 --> 00:30:43,880 Speaker 1: a minute of playing Box and get behind the scene 530 00:30:43,920 --> 00:30:48,040 Speaker 1: access to special content for members only. Subscribe to C 531 00:30:48,280 --> 00:30:51,240 Speaker 1: and B twenty four to seven. You've certainly come across 532 00:30:51,320 --> 00:30:55,320 Speaker 1: a motivational speaker before. Maybe you've even heard one live 533 00:30:55,400 --> 00:31:01,120 Speaker 1: in person, but they're all over social media and there's 534 00:31:01,120 --> 00:31:04,440 Speaker 1: a whole industry there. I never really thought of a 535 00:31:04,520 --> 00:31:09,920 Speaker 1: demotivational speaker before, but then Vice President Kamala Harris showed 536 00:31:10,000 --> 00:31:14,960 Speaker 1: up in the locker room of the Howard University Bison 537 00:31:15,760 --> 00:31:19,200 Speaker 1: after they had lost in the NCAA Tournament to Kansas. 538 00:31:19,360 --> 00:31:21,719 Speaker 1: Now it will not shock any of you to know 539 00:31:22,160 --> 00:31:26,400 Speaker 1: that I had no idea that the uh, the Bison 540 00:31:26,560 --> 00:31:29,880 Speaker 1: were playing Kansas. I didn't know about any of this. 541 00:31:29,880 --> 00:31:32,800 Speaker 1: This came onto my radar because Kamala Harris was there 542 00:31:33,120 --> 00:31:35,560 Speaker 1: and she decided to give them a speech. I just 543 00:31:35,920 --> 00:31:40,680 Speaker 1: these are elite college athletes. In the case of Howard, 544 00:31:40,680 --> 00:31:43,480 Speaker 1: they just they just lost, which is obviously there you go, 545 00:31:44,080 --> 00:31:48,080 Speaker 1: that's a bummer, that's that's sad for them. But they're 546 00:31:48,080 --> 00:31:52,400 Speaker 1: elite college athletes. These are you know, adults. And this 547 00:31:52,440 --> 00:31:54,920 Speaker 1: is how Kamala Harris goes to the She goes to 548 00:31:54,960 --> 00:31:56,560 Speaker 1: the locker room and addresses them. I want you to 549 00:31:56,560 --> 00:32:02,600 Speaker 1: hear it. Play twenty four. He played hard, we played 550 00:32:02,600 --> 00:32:07,120 Speaker 1: to the very last secondary. You made all us Bison 551 00:32:07,480 --> 00:32:13,760 Speaker 1: so so proud. Wuld you showed the world who Bison are? 552 00:32:14,680 --> 00:32:16,600 Speaker 1: You know? I was at Howard back in the day 553 00:32:16,680 --> 00:32:18,680 Speaker 1: where we were just happy that there was a game. 554 00:32:20,080 --> 00:32:24,000 Speaker 1: Much less get into this place, right and I see 555 00:32:24,000 --> 00:32:26,800 Speaker 1: Bison literally all over the world, and we've been talking 556 00:32:26,840 --> 00:32:31,200 Speaker 1: about you, this team. You make us so proud. So 557 00:32:31,280 --> 00:32:34,160 Speaker 1: I know you may not be feeling great right now, okay, 558 00:32:34,320 --> 00:32:40,000 Speaker 1: but know who you are. You are excellent. I look, 559 00:32:40,360 --> 00:32:43,360 Speaker 1: it's fine. I just think. I just think that the 560 00:32:43,680 --> 00:32:47,960 Speaker 1: way she addresses them, it feels like that's how I 561 00:32:47,960 --> 00:32:50,920 Speaker 1: would have spoken to if I were coaching you know kids, 562 00:32:51,040 --> 00:32:54,120 Speaker 1: Uh who are who are young? You know, like young 563 00:32:54,280 --> 00:32:57,840 Speaker 1: not not not adult? NC double A tournament. I don't know, 564 00:32:58,000 --> 00:33:02,440 Speaker 1: just something that it always comes across as inauthentic. That's 565 00:33:02,600 --> 00:33:06,640 Speaker 1: it just always comes across every speech a little condescending 566 00:33:06,720 --> 00:33:10,680 Speaker 1: and a little inauthentic. And I just look, I'm obviously 567 00:33:10,720 --> 00:33:14,360 Speaker 1: not an NC double A player in any sport, but 568 00:33:14,560 --> 00:33:16,200 Speaker 1: if I had just lost, I don't think I would 569 00:33:16,200 --> 00:33:18,120 Speaker 1: need Kamala Harris to come in there and say, you 570 00:33:18,160 --> 00:33:24,560 Speaker 1: guys are just great. You know, it's like, okay, thanks, thanks, 571 00:33:24,600 --> 00:33:29,040 Speaker 1: we get it anyway. Oh man, it's uh Kamala Harris 572 00:33:29,680 --> 00:33:34,840 Speaker 1: doing the motivational speech after the game and also after 573 00:33:34,920 --> 00:33:38,240 Speaker 1: a game you've lost too. I think when you've lost, 574 00:33:38,320 --> 00:33:40,880 Speaker 1: you want to hear from the coach. You don't want 575 00:33:40,880 --> 00:33:44,840 Speaker 1: to hear from like a close member of your community 576 00:33:44,920 --> 00:33:47,280 Speaker 1: who's been in the fight with you or something. I 577 00:33:47,320 --> 00:33:49,400 Speaker 1: don't think you just want a politician who's looking to 578 00:33:50,920 --> 00:33:53,960 Speaker 1: have a sound bite. But you know, Kamala man, it's 579 00:33:54,880 --> 00:33:59,320 Speaker 1: it's amazing to see that somebody with so little political 580 00:33:59,480 --> 00:34:03,880 Speaker 1: skill has risen to be the not just the vice president, 581 00:34:03,880 --> 00:34:06,560 Speaker 1: but also still a very real possibility I think for 582 00:34:07,400 --> 00:34:12,240 Speaker 1: the Democrat nomination going forward and going into the future. 583 00:34:13,120 --> 00:34:14,480 Speaker 1: Coming up in a few minutes, I just want to 584 00:34:14,520 --> 00:34:17,360 Speaker 1: tell you where we're going in the next hour. The 585 00:34:18,760 --> 00:34:25,240 Speaker 1: thousand additional prosecutions that are expected. This was just reported 586 00:34:25,239 --> 00:34:29,000 Speaker 1: on yesterday by Bloomberg. But if you thought that maybe 587 00:34:29,719 --> 00:34:32,840 Speaker 1: we were heading to a place where January six prosecutions 588 00:34:32,840 --> 00:34:36,080 Speaker 1: we're gonna they'd be done. And also we wouldn't have 589 00:34:36,120 --> 00:34:39,600 Speaker 1: to just constantly hear about this. Oh no, oh no, 590 00:34:40,760 --> 00:34:43,400 Speaker 1: there's going to be a whole lot more. A thousand 591 00:34:43,480 --> 00:34:47,279 Speaker 1: more people are going to be prosecuted, and as we know, 592 00:34:47,440 --> 00:34:51,480 Speaker 1: that includes people because of what we've seen so far, 593 00:34:52,760 --> 00:34:59,840 Speaker 1: people who have been prosecuted for standing in the Capitol 594 00:35:00,600 --> 00:35:04,200 Speaker 1: for a minute and then leaving, not breaking anything, not 595 00:35:04,239 --> 00:35:08,520 Speaker 1: attacking anyone, not doing anything other than wander in through 596 00:35:08,520 --> 00:35:12,399 Speaker 1: a massive crowd be inside the capitol. The video catches you. 597 00:35:12,719 --> 00:35:14,600 Speaker 1: Now your life is ruined. You have to go to prison. 598 00:35:15,680 --> 00:35:18,520 Speaker 1: This is politics. We all see this right, that this 599 00:35:18,640 --> 00:35:25,080 Speaker 1: is a political situation. They're deciding that they're going to 600 00:35:25,160 --> 00:35:27,760 Speaker 1: make this an issue. Look, they made it an issue 601 00:35:28,239 --> 00:35:32,040 Speaker 1: in twenty twenty two, and it, as frustrating as it 602 00:35:32,120 --> 00:35:34,920 Speaker 1: is for me and for all of you, it was 603 00:35:34,960 --> 00:35:40,680 Speaker 1: a pretty useful tactic for them. I had more faith 604 00:35:40,800 --> 00:35:45,120 Speaker 1: in independent voters in some of these elections than maybe 605 00:35:45,200 --> 00:35:49,280 Speaker 1: I should have, given the presentation of the January sixth 606 00:35:49,320 --> 00:35:53,600 Speaker 1: issue and election denialism as something that should be a 607 00:35:53,600 --> 00:35:56,480 Speaker 1: prime motivator for who you vote for, should be a 608 00:35:56,480 --> 00:35:59,560 Speaker 1: primary determinant. They're going to try to run the same 609 00:35:59,560 --> 00:36:03,400 Speaker 1: playbook again. I also think consisting though that the Hunter 610 00:36:03,440 --> 00:36:08,360 Speaker 1: Biden the Biden family finances, which the Democrats were able 611 00:36:08,360 --> 00:36:12,320 Speaker 1: to suppress in twenty twenty with Biden back on the ballot. 612 00:36:12,320 --> 00:36:18,080 Speaker 1: In twenty twenty four, Hunter suing the computer repair company 613 00:36:18,600 --> 00:36:23,320 Speaker 1: or computer repair shop owner actually that found the laptop 614 00:36:23,360 --> 00:36:26,959 Speaker 1: from hellas Maranda Divine calls it in her book. That's 615 00:36:27,000 --> 00:36:28,360 Speaker 1: going to be more an issue for them than I 616 00:36:28,360 --> 00:36:32,480 Speaker 1: think they recognize, and so we should stay focused on 617 00:36:32,560 --> 00:36:36,800 Speaker 1: it too, because the Biden family is corrupt, that's for sure. 618 00:36:37,160 --> 00:36:38,880 Speaker 1: So let's talk about where this is going with these 619 00:36:38,960 --> 00:36:43,000 Speaker 1: January six prosecutions coming up here, a thousand more expected, 620 00:36:43,040 --> 00:36:46,600 Speaker 1: the politics behind it, also your calls Next Hour eight 621 00:36:46,840 --> 00:36:49,120 Speaker 1: D two two eight eight two