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March 14, 2023 - The Dan Bongino Show
54:40
It’s Time To Prepare, Do Not Wait (Ep. 1968) - The Dan Bongino Show
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Get ready to hear the truth about America on a show that's not immune to the facts with your host, Dan Bongino.
Listen, I debated doing this show like this because, as I have always said and will continue to say, panic kills.
Don't ever hit the bed with an S in front of it.
That was our expression in my prior line of work for people who would panic.
They were bedtime.
Hitters.
Don't be one of those.
Because they cause more problems than they solve.
There is nothing panic is ever going to do to make a situation you're in causing anxiety any better.
Forces you to act irrationally.
Engages that fight or flight syndrome.
And you do dumb stuff.
So I always debate shows like this.
But I trust you, the audience, unlike some other liberal hosts out there that think their audience are idiots.
You are not.
You're a very smart audience.
I appreciate you all joining our live chat, too, at 11 a.m.
Eastern Time every day.
I've been following the comments.
Thank you.
We had 41,000 people engaged yesterday in the show.
But I trust you to prepare.
To prepare.
Do it the smart way.
Do it the right way.
But if there was ever a time to prepare...
I'll explain why.
Do not wait.
Welcome to the Dan Pongino Show.
I got a lot to talk about today.
Let me get right to this.
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All right, Joseph.
Let's go.
Damn the torpedoes, Dan.
Here we go.
Full steam ahead.
You got it, brother.
Prepare now.
Listen to me, please.
In a somber, sober, calming voice, I'm asking you to prepare now and do not wait.
What does prepare mean?
It means get yourself some emergency food.
It means make sure you have some cash on hand.
It means make sure you can protect yourself and your family in whichever way makes you comfortable.
It means make sure you have a plan with your family about what you're going to do in an emergency.
What's the worst case scenario if you were to do this stuff?
Worst case scenario is you have to enact that plan and at least you have one.
The best case scenario?
You have some emergency food, in 10-15 years you throw in the garbage.
You have a plan you never used, but was always there.
There's no harm there.
May cost you a little bit of money to get some of the stuff.
Folks, why am I talking like this?
Because folks, the signs are everywhere and ignoring them and pretending they're not going to be there, like the media is doing now because there's a Democrat president, is doing you a real disservice.
I absolutely promise you that if there were a Republican in the White House, whether Trump, Bush, DeSantis, or anyone else, That they would be looking at the signs around us.
China's increased belligerency, bank failures, a potential financial crisis, inflation number out today.
They would be telling you the apocalypse is coming tomorrow.
And you damn well know what I'm saying is true.
But because there's a hapless, rotting bag of oatmeal in the White House, the most corrupt human being ever, and he has a D in front of his name, and they're not ready to throw him overboard because he says he's going to run in 2024. The media is covering up the signs that are absolutely everywhere.
And our government is completely, entirely distracted with bull.
First, let's get to the Silicon Valley bank bailout that just metastasized into a cancer yesterday.
Now, a lot of you may be thinking, oh, look, we skated yesterday on that.
Market didn't take that much of a hit.
Good luck with that approach.
If you remember when the financial crisis hit, at the end of the Bush administration, right before Obama, it didn't all happen overnight, folks.
Yesterday, Biden, after we got off the air with the podcast, we didn't have time to report on it fully.
Biden gave a little presser in the White House, didn't take any questions, of course, and he created the Joe Biden bailout.
Which I promise you is going to create a financial market contagion.
I want to go through this a little bit.
Because there are a number of fairy tales about what's going on right now.
Including the biggest fairy tale of all that Joe Biden did not in fact create a bailout.
And don't you worry, no taxpayers will be on the hook.
Really?
So let me just ask you guys a simple question.
And again, if it doesn't make any sense, please stop me.
So a bank incurred massive losses selling assets to get customers money who ran on the bank.
Those assets were being sold at a loss.
Those assets are now being used as collateral with the United States government.
So who's taking the loss?
Liberals are like, I don't know!
Of course you don't know, because you're a moron, and you haven't thought any of this through.
If the assets weren't taking a loss, Silicon Valley Bank wouldn't have, they wouldn't be losing money and losing customers and going illiquid.
Now they're on, they're being held in exchange for real money with the Federal Reserve.
We're going to have to bank, the U.S. Treasury and the Fed, we're going to have to pay for this.
Folks, make no mistake.
Money was created yesterday to give to these banks in exchange for assets that were losing freaking money.
Money was printed.
Money was printed.
Isn't that what caused the inflation crisis?
That caused Silicon Valley banks, government bonds to lose money as interest rates went up, as I explained yesterday?
Yes.
And we're printing more money?
Yes.
And then we're taking the assets, losing money, because we printed more money and had to raise interest rates as collateral, so we lose the money rather than the bank?
Yes.
Is any of this difficult?
However, As we continue to create this inflation death spiral, as we print more money to give to tech bro banks that donated to Democrat parties to bail them out, and Biden continues to lie to people, the media will never tell you the truth.
We're now in a really troubling problem.
Why do I say prepare now?
Prepare now.
Because we're in a really troubling scenario right now, as more banks go illiquid.
We're looking at either inflation, massive inflation, or financial collapse.
You pick.
Massive inflation was if we're going to bail out every single bank at the expense of the taxpayer, which Biden did yesterday and lied about.
He's creating a precedent now that now we're going to bail out banks.
We're under no legal obligation to bail out, especially if they're tech bro banks that donate to Democrats.
You get it?
Now he's setting a precedent.
Where do you think the money's going to come from?
Oh, taxpayers.
You mean the taxpayers that are already running up trillion dollar deficits every year as the government's already spending money we don't have?
It's going to come from the Fed printing more money, which is going to lead to a massive inflation death spiral.
Well, Dan, just don't print the money.
Don't bail out the banks.
Okay, then the banks are going to go under.
And then we're going to have another massive financial crisis.
Inflation collapse.
Inflation collapse.
There's no option C. There's no soft landing.
There's nowhere else for them to go.
Queue up for me, Guy Biden, yesterday.
Here's Biden absolutely lying through his teeth.
This is all the teeth the man has left.
This rotting bag of oatmeal.
Here he is again, lying straight to your face that taxpayers aren't going to pay for these assets we've now taken on that are losing money.
If they weren't losing money, folks...
He says I drone on something.
If they weren't losing money, then what is the bank illiquid?
Anyone?
We're losing the money now.
We took the assets as collateral.
Listen to this fake phony fraud.
Oh no, taxpayers aren't on the hook for anything.
Take a listen.
No losses will be borne by the taxpayers.
Let me repeat that.
No losses will be borne by the taxpayers.
Instead, the money will come from the fees that banks pay into the deposit insurance fund.
What'd you say, Guy?
He wants to know how anyone over the age of about three or four believes this.
There's no losses, Joe.
There's no nobody.
It's just nobody.
Magically, a bank just went illiquid with nearly $200 billion in assets, right?
It went illiquid because they were losing money.
Biden comes in and says, the government's going to save you, and magically, no one's losing money.
It's just...
Holy!
Holy, man!
It's incredible.
What a deal.
Biden just said it.
He's like, you are hereby declared solvent.
And everybody's like, oh, okay.
He says the Libs, they do eat it up.
Even in the live chat.
They believe it.
Yeah, yeah, no, no.
Biden said it.
Nobody's losing money.
Oh, okay.
Oh, good.
Can you do that?
I'm just curious.
If he can do that with a bank that was losing billions, can he do that with the stock market?
Say the stock market crashes this week.
I don't want that to happen.
Can Biden just say, no, no.
Everybody's made whole.
It's good again.
Whatever you bought your stock for at par, we're going to give you that back.
Can he do that?
No, he can't do that.
Well, how can he do it for banks?
You understand what happened?
The bank, Silicon Valley Bank, bought government bonds that are losing money because interest rates went up.
Just like if you bought a stock, you'd be losing money if profits went down.
So if Biden then takes the stock from you as collateral to give you a loan for what you bought the stock for, say you bought it at $10 and it's now $5.
Somebody ate that.
Somebody ate the $5 loss.
Here's a hint.
It's you, the taxpayer.
He bailed the bank out because they're tech bros that love Democrats.
Let me give you a hard example.
I saw this, was it Frog Capital on Twitter?
It was retweeted by Dan Hart.
He posted a really simple example of how you just got screwed by Biden.
Let's say you bought a million dollar 10-year bond like this bank did.
I don't know if the numbers are exactly accurate on the number or amount, but say you bought that bond when we had low interest rates at a 0.5% return.
You bought that million dollar bond that's three years in.
That bond now may be valued at $780,000.
Why?
It's a million dollar bond.
The answer is because interest rates go up.
And as interest rates go up, the price of the asset goes down.
Because customers require less money if interest rates go up to make the same money back because interest rates went up.
So you see how if you have a low interest yielding bond that's worth less?
So the bond's worth $780K. What Biden did yesterday is said, give us your million dollar 10 year bond that's now only worth $780K and we're going to give you the million dollars back.
Well, who's paying the $220,000?
You!
You are!
No, no, but Biden said taxpayers aren't taking a loss.
That's hilarious.
You're so stupid, liberals.
You're so dumb.
Taxpayers are taking a loss, guys.
Nobody is.
I'm going to, again, just imagine that with the stock market.
I bought Chipotle stock, let's say at $500 a share.
Say it went down to $100.
Do I get to go to Biden?
Hey, I think I need you to pay me back what I paid for the stock.
Yeah, but it's only worth $100.
That's okay.
I bought it for $500.
Okay, good.
Such idiots.
So only a freaking Democrat would fall for this.
You realize how dumb you have to be to believe that their losses will be borne by taxpayers?
Yeah, okay.
Okay, great.
Here's the kicker.
Again, spread them, baby.
You're about to get kicked right in the nuts.
Here we go.
Not only are you going to pay as the taxpayers through inflation, because we had to print money to give it to the banks, and we're also going to bear all the banks' losses as we print more money.
So you're actually getting screwed twice.
Inflation, so your money's worth less, and you're going to be tax-tired to bail out a bunch of rich tech bro banks.
So that's a twofer.
That's not only like Joe, remember that at Beavis and Buddy?
Kick me in the jimmy.
That's not only one.
That's two kicks right in the balls right there.
There's a third kick to the nuts, too.
Here's the third kick to the nuts.
The tech bro bank that they're bailing out The United States government is only obligated to bail out people by law who are FDIC insured up to $250,000, which candidly, folks, is most middle class and small businesses.
They're not keeping more than $250,000 in the bank, okay?
Midsized businesses more, and yeah, rich people are going to keep more in the bank.
The White House is now saying, if you read this Wall Street Journal article, Biden's bank bailout whoppers.
This piece covers it.
I'm just going to cover one, but it covers all of the lies in his little speech yesterday.
And believe me, there were a lot of them.
They note that the White House says that these, don't worry, folks, these special assessments are going to be levied on banks.
The banks are going to pay to cover all of the assets in the tech bro bank.
And if you're sitting there, you're like, and you're a liberal and you're an idiot, you're like, oh, okay, screw those banks.
Then you start saying, well, where are the banks going to get the money?
Oh, the customers!
Who are who?
Who are you?
So the journal, oh, it's crazy how that works.
The journal notes, that means bank customers with less than $250K in deposits will indirectly pay through higher bank fees to bail out the tech bros.
In other words, it's an income transfer from average Americans to deep pocket investors with more than $250K invested in the tech bro bank.
Where do you think the money is going to come from?
So now it's not one kick in the balls.
It's not two kicks in the nads.
It's three kicks in the nads.
You're going to pay through taxes to bail them out.
You're going to pay through inflation, which makes your money worth less.
And your banks are now going to start upcharging you to finance a bailout of the Tech Bro Bank.
But don't worry.
Taxpayers will bear no losses at all.
So what's the solution, man?
The solution is what the solution has always been.
The bank should have went under.
The government's obligated to make good, and people less than 250K do FDIC insurance, and they should make good.
That's it.
Now, in case you think I'm endorsing FDIC insurance, which I'm not, it is one of the single dumbest ideas in human history, the idea that the federal government Should be insuring deposits at banks.
And you say, well, Dan, it's such a successful program.
It works so well.
It reestablished faith in the banks.
That's incredible.
Because I've only been alive 48 years.
And I can, between the savings and loan crisis, what was it?
Continental, the housing crisis, and now I'm only 48 years old.
Joe's a little bit older than me.
And I've already lived through four or five significant banking crises just in my lifetime.
So the FDIC insurance is working just great, isn't it?
The idea that the federal government that doesn't know jack about squat or squat about jack, the idea that the federal government knows what banks are healthy is freaking hilarious.
They just watched the bank go under and did nothing until it went under and they bailed them out.
The warning signs were everywhere.
The Journal's got a great piece on this too about the FDIC system.
How it actually encourages bank failures.
Here, they note that this deposit insurance was absent from nearly all other countries' banking systems before 1980 and from the U.S. until 1933 after the Great Depression.
It was adopted for political reasons and has not been a stabilizing influence.
Here, your data, folks.
We do data on the show.
You don't want facts and you want bull, go over to MSNBC. You want reality, come here.
Quote, virtually every academic study of deposit insurance at banks shows that it promotes rather than reduces banking system fragility with major costs borne by the insurers.
Which means ultimately by insured depositors and potentially taxpayers.
Now why does it do that?
Because folks, before you had deposit insurance at banks, people used to actually research the banks, the smart people, and say which ones were good.
Independent agencies would review banks.
Banks that were not interested in nationwide bank runs, shocker Joe, kept tabs on other banks to make sure they weren't screwing around.
Was the system perfect?
Hell no.
Is any system perfect?
Hell to the hell no.
But is the government a better regulator of banks than the market?
I think the evidence, due to every academic study we've ever seen, is nah, they're not.
Here's more proof.
Even CFOs at these tech bro companies, Because of this FDIC insurance and the perceived sense of safety of the banking system because of it, which leads to moral hazard or people acting irresponsibly.
It's a whole idea that people with insurance drive faster because they know their insurance will cover an accident if they get in one.
Moral hazard.
People who know they're insured, they'll leave their car parked in a strange place.
Oh, I got theft insurance.
If you had to pay for that car, they'd never do that.
Here, from the same piece, deposit insurance encourages bank failures.
He notes that one of the tech CFOs, these are supposed to be the smart people, told me that they weren't responding to the higher interest rate and doing what he saw every other Silicon Valley startup doing.
He had no explanation other than ignorance for why he didn't protect his money via CDARS, that's a certificate of deposit program, or too big to fail bank.
One might be forgiven for wondering why IT entrepreneurs learn anything in business school.
You see what he's saying here?
That even the smart people that prior to FDIC insurance used to keep tabs on the banks themselves to make sure they didn't lose everything.
Because if you lost everything, you lost it.
And most banks, by the way, you only lost about 10% of your deposit.
I'm not saying the system was perfect or anywhere close to it, but it's far better than this garbage system we have now, where even a CFO at a tech bro company wasn't even smart enough to manage their risk using the FDIC because they just assumed the system was safe because the government's there.
The very definition of moral hazard.
Didn't they used to call that due diligence or something like that?
Joe, they still do.
They do.
But only people like you and I do it.
Thank you, Dan.
Actually, you know what?
I take that back.
I take that part of that back.
I actually got on the phone yesterday with my financial advisor, too, to double and triple check that I was, in fact, protected.
Because my wife and I have had this conversation, but I don't want to be holier than now.
I haven't kept tabs on it in a couple years since we started our account with my advisor.
But yes, I had made that clear from day one that I wanted to make sure I used the system too as well.
But that a CFO of a major tech company didn't even think to do it because he said, oh yeah, I didn't insure my money or make sure it was insured because my buddy did it.
You're right, Joe.
Due diligence.
That's literally your freaking job.
You're the CFO. Idiots.
Listen, what's my one of the golden rules of the show, right?
Republicans are not the solution to all your problems.
They are not.
Anyone who tells you that is lying.
However, the cause of all your problems are unquestionably big government Democrats.
They are now creating, the Democrats are now the party of the elites, tech bro banks and the rich.
Make no mistake, the evidence is everywhere.
They are now creating a two-tiered system.
The tech bro banks and the Democrat banks and everyone else.
I'll show you the proof coming up.
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So, you know, folks, one of the purposes of this show from early on, from the beginning, Joe and I were doing it in the basement, has been to not just call out the left, but to expose them for being the opposite of what they are.
I jokingly call it the dipsy-doo-flipperoo theory.
Whatever the Democrats tell you they're doing or accuse the Republicans of, they're usually doing themselves.
Usually being like 90 plus percent of the time.
I kid you not.
So when the Democrats come out and tell you that they're the party of the little guy, Scranton kid, working class Joe, the party of the working class, that usually means that that's the opposite of what they're saying, that Republicans are the party of the working class where they screw them over.
Folks, the evidence is everywhere.
School choice, government-run healthcare, Democrats send their kids to private school, Democrats get concierge medicine, rich Democrats, they don't care about you.
Higher taxes, Democrats like John Kerry, Hillary Clinton, and others avoid taxes as best they can.
And now Sharpton have an issue with that too.
They're liars and they're frauds and they're fakes and they're phonies.
So do you understand that by Biden now intervening again for these tech bro companies and reinforcing this too big to fail standard, that now a lot of other people are getting nervous.
So what's happening is they're afraid now, because Biden didn't stick to the rules, they're afraid that a Bear Stearns Lehman moment may happen that led to the financial crisis, where we bailed out one but not the other.
Because a lot of people are starting to do math, folks.
I'm going to show you this.
This is MarketWatch.
It's not some conservative outlet.
A lot of people out there, excuse me, are starting to do basic math.
And they're saying to themselves, okay, if we're going to spend billions, tens of billions of dollars to bail out Silicon Valley Bank and Signature, well, what happens if 20 or 30 other banks go under and we've got to bail them out?
The United States simply doesn't have that money.
Well, what would they have to do, guys?
They'd have to print it.
They'd have to print a trillion dollars in money to bail out a whole new series of banks.
They don't have the money to do that.
It would cause an inflation crisis.
Yes!
They're not going to do that.
Yes!
So what's going to happen?
They're going to let these small and mid-sized banks go under.
Market watch.
Regional banks are seeing a flight of deposits to too big to fail mega banks.
Wait, wait, wait, wait.
I don't know about you guys, but I was told the Democrats are the party that don't like the big banks.
Money in politics.
We hate the big banks.
Didn't they say that?
They said they don't like big pharma until big pharma made hundreds of billions of dollars when the Democrats and swampy Republicans demanded they jam a thing in your arm.
Remember that?
It's crazy.
It's almost like they're lying all the time.
Strange, right?
Democrats.
Big banks.
Bernie Sanders.
Billionaires and billionaires.
Big banks.
Really strange how Biden's creating this system right now where people are starting to do the math, realizing mid and small size banks may be in danger and they're unsure what Biden's going to do about it because he's created this uncertainty for bailouts now.
So now they're pulling their money out of these institutions and putting them into big banks, which are going to become big, big banks, which are going to become mega banks.
It's almost as if people respond to incentives.
And when the government gets involved, there's always a penalty.
I, again, I hesitate with these shows because I don't want to make anybody unnecessarily anxious.
But folks, I'm telling you, prepare now.
Silicon Valley Bank and Signature are not the only two struggling right now.
And based on the CPI numbers and the printing of new money, as inflation gets worse, they are going to be forced into a really odd scenario.
Inflation or financial collapse.
There's no option C. Folks, Biden's team, of course, has been asleep at the wheel the entire time.
They're trying to blame Trump.
They need a distraction.
The rotting bag of oatmeal is a sorry, pathetic, grotesque human being with absolutely zero character.
His family is corrupt.
He is corrupt.
He is a genuinely awful human being.
Ask anyone who knows him on the inside when you get a few Heinekens in him.
They will tell you exactly that.
Biden is a weak, pathetic human being.
Biden's team knows that they saw they could have seen this crisis for the last two years coming as interest rates went up.
Biden's team, if they're not idiots, knew a number of banks would be in trouble too and they did nothing.
They did nothing because they didn't want to disturb the midterm elections and look like there was a problem on their watch.
And because Biden doesn't want to admit the obvious that Biden's spending plans and $6.8 trillion budget are causing an inflation crisis that's going to collapse a number of small and mid-level banks.
So what does he do?
Of course, he blames Trump.
Trump did it.
I'll play that video in a second, and then I'm going to tell you what actually happened.
Let me just get to my next sponsor first.
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Okay, so the Biden team was asleep at the wheel, did nothing.
So they figured they needed a distraction.
So the distraction, because he's a disgusting human being, of course, is Trump did it.
Take a look.
We must reduce the risk of this happening again.
During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again.
Unfortunately, the last administration rolled back some of these requirements.
Inflation just popped to, again, 6% year over year.
Monthly popped at another unexpectedly high 0.4.
Folks, I'm telling you, they are creating a massive crisis right now and this guy needs a distraction.
And the distraction, of course, because he's disgusting.
He's a man with no human dignity at all.
Let's blame Donald Trump.
Now, If you're a liberal out there, which means you're probably an idiot, okay?
I'm sorry, but it's just true.
Especially if you're in our live chat where people just...
I love the live chat where other live chatters just wreck these morons.
You're probably saying, no, no, no, no.
That 2018 Donald Trump bill to kind of shore up mid-sized banks, it was deregulation and deregulation did it.
If you're a liberal, you absolutely adore Joe Barney Frank.
I mean, Barney Frank was your guy.
Congressman Barney Frank, they didn't get any more liberal than him.
Barney Frank, you name a liberal issue, Barney Frank was like the champion of that issue, okay?
Barney Frank has since left.
And Barney Frank, this is crazy.
It's almost like Democrats have this revolving door from government to the private sector.
I thought they hated big business and big banks.
Ha!
Sure!
Until they can get rich on them.
Barney Frank actually sits on the board of Signature Bank, one of the banks that was closed due to liberal policies of spending money, high interest rates, rampant inflation, and Signature Bank losing some assets through crypto as well because they made some bad investments.
Barney Frank was actually on that board.
So Barney Frank was asked yesterday about the legislation that Biden and Elizabeth Warren, that pieces of it were rolled back by the Trump administration.
In other words, the Trump deregulation, Biden's blaming, right?
Now, the bill that was deregulated, Joe, is called Dodd-Frank.
It is a coincidence.
He's like, gosh, that's so weird.
Oh, wait.
Oh, that was Barney.
Oh, I'm sorry.
I was confused.
That was Barney Frank's bill.
So Barney Frank, of the eponymously named Dodd-Frank bill, which over-regulated the banks, and Trump slightly deregulated to give middle-sized banks a chance against the big boys, Do you guys think Barney Frank would know something about the deregulation of the Dodd-Frank bill?
I'm just going to take a stab at it.
Besides the fact that he is a diehard liberal.
So they reached out to Barney Frank yesterday and they said, Hey Barney, Biden administration, Senator Elizabeth Warren, fake Indian.
They're blaming Trump's deregulation for the bank collapse.
Here's a quote from Barney Frank.
Quote, I don't think that had any effect, Mr. Frank told Bloomberg.
I don't think there was any laxity on the part of regulators in regulating the banks in that category from $50 billion to $250 billion, i.e.
Silicon Valley Bank.
They note he ought to know from where he sat on the signature board.
It's kind of weird how a diehard liberal like Barney Frank wouldn't just pile on Trump if Trump did it, right?
Why wouldn't he do that?
Such an easy out.
Maybe because he knows it's all crap.
So why did they bail out Silicon Valley Bank?
Why?
Does this have anything to do with it?
It's not that I love more than watching liberal media outlets and the truth accidentally spill out.
Here's a commentator saying the quiet part out loud, by the way, on MSNBC. She reveals, whether she knows it or not, why the Biden administration decided they were going to give every depositor in Silicon Valley Bank basically a taxpayer-funded bailout, even though they were under no obligation to do so, and set off a potentially rampant contagion throughout our economy.
Listen to this.
You were just saying you were surprised you haven't seen Powell Yellen out more forcefully already.
Jay Powell, the Federal Reserve Chair.
If you actually look at which bank this is, this is the Silicon Valley bank.
This is a startup bank.
This is also oftentimes the Democratic ATM bank of all those investors.
And so the fact that you don't have these individuals, the investors that invest.
Guys, do you guys remember this?
Do you remember that Terry Tate office linebacker ad?
This guy, Terry Tate, he'd come and tackle people in the office.
It was called Terry Tate office linebacker.
You can look it up.
You remember his name?
How is Terry Tate office linebacker?
When you were saying something dumb in the office, he'd come and tackle you.
How is this woman not dragged off the set and tackled by Terry Tate office linebacker?
You can't say that!
You're not allowed to say on NBC that this bank was the quote, quote, meaning she said this, you can listen, just rewind the podcast, that this was the Democrat ATM bank.
This is also oftentimes the Democratic ATM bank.
Full of Democrat donors.
Dude!
You can't say that on NBC! You're not allowed to tell the truth!
I thought the Democrats hated big banks!
You fell for that.
You said liberals, you're such suckers, man.
You are such suckers.
It's unbelievable, you're such suckers.
You know, really, I pride myself on the ability to challenge people, even in my own party, In my own party, I've done it over and over.
Criminal justice reform, ethanol happened again the other day, and I'll talk about that sometime this week.
Liberals have zero ability whatsoever to be in any way introspective and say, am I part of the problem?
I thought you hated big banks.
Unless they donate to your campaign, then they're all good.
So principled.
Of course, Dems and Swampies.
And by the way, I'll tell you again, this is not just a Democrat problem.
Oh, as my grandmother used to say, God rest her soul, Eileen Sadler.
Believe you me!
Whenever she really wanted you to believe you me, she'd say.
I don't know.
It was like Yoda talk.
I love my grandmother.
Believe you me.
Democrats and their swamp allies, even some in the GOP, they love their big bank buddies.
Get that bread.
Get that cheese.
It's amazing how many people to this day still insist that the housing crisis and the Great Recession, it's amazing how many people still haven't figured out who the real bad guy is.
Joe, you lived through this with me.
You remember it well.
This is where I was running for office, not shortly after this, right?
Right.
It's amazing how many liberals will tell you to this day, man, the banks really screwed us over during the housing crisis.
I'm like, Yeah, they did, but were they really the bad guy?
They're like, not one of them went to jail.
I go, you think that was an accident?
I'm like, let me ask you a question.
Not only did none of them go to jail, they all got bailed out by someone.
So if you're saying they did the equivalent of committed some kind of crime, they committed some kind of economic murder, right?
Mm-hmm.
Who's the one who bailed them out of jail and helped them escape to a foreign country?
Anybody know who did that?
Anyone?
Oh, the government did that?
No!
Wait, no!
Joe's like, I'm stunned.
I don't remember any of that.
Of course you do.
What a shocker!
So I love asking liberals that simple question, who love big government?
Really?
The bank screwed you over?
No.
So a bunch of people bought houses they couldn't afford, right?
That's why it's called the housing crisis?
Right.
They bought them on Ninja loans.
No, not Shokasugi Ninja, like no income, no job, no assets.
Why would you give someone a loan like that?
The answer is because you're a bank.
And you're a bank that realizes you're never going to lose on the loan because you're going to sell it, and it's ultimately going to be backstopped by Fannie and Freddie, quasi-government enterprises, which the government will never let fail.
Why wouldn't you loan to a guy with no job, no income, and no assets?
Joe, if I can loan to Joey Bag of Donuts, if I can loan to him and get interest payments, and there's no risk of me losing money at all because the government's going to bail that guy out, I'm going to do it.
It's just so weird how you think the banks screwed you up.
They lent people money.
The people never bought houses they couldn't afford.
I want you to just think this through logically and tell me where I'm wrong.
People bought homes they couldn't afford.
They never paid the money back to the banks.
The banks then got bailouts from the government because they were big donors to the Republicans and the Democrats.
And it's the banks' problem and not the government's?
Remember, no doc loans?
Remember, no doc loans!
You know what?
That's such a good point.
Joe's talking about, like, you didn't even have to document what you owe, no asset, no nothing.
Nothing!
You didn't have to produce, hey, I need a $500,000 house.
You have a job?
No.
You have income?
No, but I have a business in the Caymans worth a million.
Do you document that?
No, no, no document.
Okay, no problem.
Folks, this is what they were lending money to.
Why were they doing it?
Because they wanted to lose money?
No.
No.
They were doing it because they were packaging these things into derivatives and securitized investments.
And they were then pawning him off to Fannie and Freddie and others because they knew the government would never let them fail.
Tell me again, please, who the real bad guy is.
Open your eyes.
It is right there for you.
Why do they keep bailing him out?
I'll get to that in a second.
Why does the swamp keep bailing out the big banks that are supposed to be the bad guys?
Well, there's a reason.
It's right there in front of your face, and it's not hard to figure out.
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Okay.
So again, ladies and gentlemen, I'll ask you for the third time, maybe the third time's a charm, especially if you're a lefty.
Who's the real bad guy?
Is it the big banks who are committing what you're considering to be a financial crime or economic murder?
Or is it the guys and the ladies in the government bailing them out and shipping them to Mexico or Canada to escape the system?
The answer is pretty obvious.
So why do they keep bailing them out?
Well, look at that.
Silicon Valley Bank, even as they were losing money, doubled down on woke investments and left-wing rhetoric.
They knew exactly who to wink and nod at.
You get it?
They were the darling of the left, as they noted just the news.
You can read these articles, by the way, in my newsletter, bongino.com slash newsletter.
They're right there.
You can share them with your friends.
Liberal Governor Gavin Newsom and his wife fully embrace the ESG platform.
Now banned in some states while celebrating the executives of this company's involvement in the LGBTQ+. Did they include B-I-P-O-C-L-G-B-T-Q-I-A-1-A spirit?
Did they include all that stuff?
Why would a bunch of Liberal Democrats want to bail out a big bank?
Well, maybe because the big bank was doing liberal Democrat stuff?
That's so hard to figure out.
Who were they donating to?
Oh, look, we even have that, too.
It's crazy.
Joe Shelfstall, Fox Business.
Silicon Valley Bank collapsed.
Here's who benefited from their executive and political action committee donations.
Let's see.
Becker.
Becker, the CEO, his most recent donations.
Where did that come?
The heels of a $5,600 donation.
Oh, no!
President Biden!
Oh, his campaign and victory fund.
Thousands of dollars.
The CEO of SBB Securities.
SBB Securities donated $1,250 to Massachusetts Democrat Jake Auchincloss.
Oh, that's interesting.
Let's see.
There are more here.
Their chief credit officer at SBB. He poured $250 into Biden's campaign.
They're all campaign donors to the left.
It's so weird.
The PAC got $40,000 from its employees over the last two election cycles.
Oh, it goes on.
Greg Meeks, Democrat.
Patrick McHenry.
Oh, he got one.
Well, there you go.
This one.
They're breaking the streak.
Thousands of dollars to Michigan Democrat Gary Peters, California Democrat Maxine Waters, Zoe Lofgren.
Even a Republican in there.
See how, like I said, The Swampies love them.
Some big banks.
Love them!
What was that Willie Horton line?
Why do you rob banks?
Because that's where the money is.
Why do you rob the American citizens and make them bail out big banks?
Because that's where the money is.
Not really hard.
Folks, the world is watching.
Serious stuff.
Sometimes sarcasm and a little much.
I don't know how else to deal with this.
I told you at the beginning of the show, you better damn well be preparing yourself now.
Is that time for panic?
Panic kills.
It is never time for panic.
However, as a guy who spent a decade of my life trying to head off problems, I'm not going to be the one who's going to lie to you right now and tell you things are going to be peachy.
Because I'm telling you right now, the world is watching.
If a financial collapse and an economic collapse happens here, I would expect the worst.
What, an economic collapse?
No, that would be bad enough.
I would expect China to make a move.
Why?
Because folks, they're in a race against time as well.
China's looking at its own pending economic collapse.
They have a bunch of Potemkin villages and real estate markets that have been devastated.
Because there is no system of legitimate social insurance in China, as people get old, ladies and gentlemen, they invested in real estate.
They invested in real estate, therefore China overbuilt a bunch of apartments that nobody lives in.
Because nobody is paying those rent in the apartments because nobody lives there.
A lot of these buildings are empty.
They have empty cities.
Combine that with the demographic time bomb about to go off in China.
As men and women grow old with no kids to take care of them, and China, make no mistake, is on a time clock right now.
China's looking at an even worse situation than us, folks.
They are looking at an economic time bomb and they are looking at a population time bomb about to go off and they are watching.
They are praying for an economic crisis here so they can take advantage of it.
The Sun has an interesting article.
Total Wipeout.
How China would hit U.S. bases from California to Japan with invincible hypersonic missiles in a Pearl Harbor-style attack.
That's not going to happen here.
Really?
As the infamous scene in the ridiculous movie World War Z goes, nobody thinks anything's going to happen until it does.
Nobody thought Pearl Harbor was going to happen outside of a few people until it did.
Nobody thought 9-11 was going to happen until it did.
Nobody thought the country's housing market would collapse over there.
They're going to go up forever housing prices.
Joe, it's land.
It's not going anywhere until it did.
So they note that China's PLA, the People's Liberation Army in this piece, could target U.S. bases from Japan to California.
This guy says, Fisher says, indeed, there's an increasing China threat to Hawaii.
But in a general war over Taiwan, the PLA will also likely target U.S. facilities in Japan, South Korea, Alaska, and California.
They have the ability to do it, folks.
They are in a desperate race against time.
Nobody thinks it's going to happen again until it does.
I want you to listen to Jack Carr.
He was on my show on Filtered.
Just a quick, brief part of the segment.
Talking about how our economy, sadly, is dependent on China for things like antibiotics and other rare earth minerals as well.
How we have no, if this war were to break out tomorrow, good luck getting some amoxicillin for your kids.
Take a listen.
There's some other things out there as well.
We have essentially become dependent upon our enemies for our own security.
And we're talking about microchips, we're talking about precursor pharmaceutical drugs for our citizens and for our military, energy, and we have an open border issue.
So all of those things are just playing right into our enemies' hands And they're all things that we can point to, those four or five things, that we can solve if we want to.
But for some reason, we don't.
And a part of that is these big global companies that are now beholden to that bottom line more so than to the country that gave them the opportunity to become so successful.
And then, of course, links with our politicians and their family members to these different countries as well.
But good news is that it's fixable.
Yeah, it is fixable.
Yeah, if we had serious people in charge who weren't focused on castrating young children and sending us into bankruptcy and bailing out their buddies in the big banks.
Now, if you're a smart person watching this show, which is the large majority of my audience outside of the liberal kooks, You're saying, well, Dan, you know, China's dependent on us, too.
I mean, China doesn't have really any significant energy resources to fuel its population, and they certainly don't have enough arable land to feed themselves.
Yeah, they don't.
So, Joe, wouldn't it be crazy if China...
Put aside decades of animosity towards the Middle East and foreign countries and Russia and other countries.
And because it was preparing, let's say, for a global war against us waiting for an economic crisis, wouldn't it be really nuts if they went and put all that aside and cut a deal in the Middle East to shore up their energy supplies to make sure they could finance this war?
Oh, look at that!
It's almost as if it's a sign.
It's almost like a sign in Politico.
They call it a sign.
It's an article.
Everyone can read this.
U.S. officials project calm as China stuns the world with an Iran-Saudi deal.
Oh, man!
We're so stunned!
It's almost like there's a sign out there that China's preparing for something while we're dicking around, castrating children and spending ourselves into an abyss and pretending Social Security's not bankrupt and Attacking Ron DeSantis and Donald Trump.
It's weird.
It's almost like everybody knows what's going to happen.
I'm sure he said it right, Joe.
Nothing's going to happen.
Don't worry, folks.
Disregard this whole show.
It's all a waste of time.
China just randomly showed up in the Middle East to shore up its energy supplies.
Just now.
Just now.
How many active military?
What was the number?
1.4.
We have 1.4 million.
Russia and them combined have far more than us.
But again, don't worry.
That was that whole segment with Jack Carl.
Don't worry, folks.
It's no problem at all.
They're only building out a Blue Water Navy, building more ICBM facilities for nuclear weapons.
They have a hypersonic missile that, quote, defied the laws of physics.
But again, don't worry.
Don't worry.
Let's just bail out big banks and sit on our asses and Call out Ron DeSantis or call out Trump because he tans or something.
Serious people in charge.
Two million.
There you go.
And then Russia.
What does Russia have?
What does Russia have in Statista?
Because we have, I think we have 1.4 combined.
What does Russia have?
1.15.
Yeah.
He said, right, nothing to worry about.
Don't worry, folks.
Alright, sorry to...
Okay, I'm not trying to cause any panic, folks, but preparedness.
You're relying on the government, the people who want to castrate kids.
I was going to get to that segment.
I'll get to it tomorrow to save you.
You're crazy.
Thanks for tuning in.
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