Speaker | Time | Text |
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unidentified
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This is the Gamerhood, and you are not welcome! | |
That's why I need to be here. | ||
THE END Pulled open people | ||
I'm Dave Rubin. | ||
This is the Rubin Report. | ||
It's March 13th, 2023. | ||
We are live at a special time today. | ||
That's right, you don't suffer from time shift disorder. | ||
You haven't had a stroke or any other sort of medical emergency. | ||
We're actually a little bit late today. | ||
A couple hours postponed because I was at an event in West Palm Beach this morning with Governor DeSantis. | ||
He was laying out his whole diversity, equity, and inclusion policy. | ||
and how we are going to remove it from every single institution in the free | ||
state of Florida. We were focused mostly on education institutions but it's gonna | ||
be it's gonna be removed from absolutely everything. So I was over there we'll | ||
have some clips for you tomorrow. I did have a few minutes in a little private | ||
session with a couple other people with the governor after and makes you wonder | ||
if I learned any other information. We're live streaming on Rumble YouTube and | ||
If you want to join us for the post-game show, or if you want to correct me at any commentary or query me on something that's on your mind, you can join us at reubenreport.locals.com. | ||
We're also taking the Locals crew, our paid subscribers. | ||
We're taking a whole bunch of you guys to Washington, D.C. | ||
in about a week and a half. | ||
We're going to go meet with Kevin McCarthy. | ||
We're going to wander around the mall together. | ||
We're going to take a tour of the Capitol. | ||
Maybe we'll have some tequila or whatever your drink of choice is. | ||
It's gonna be a fine, fine situation. | ||
But today, ladies and gentlemen, we must talk about the complete ridiculous buffoons that are running this government. | ||
Because in case you haven't heard, you probably have because I have. | ||
The smartest audience online. | ||
I believe there was a Pew study that proved that. | ||
Silicon Valley Bank has failed, and now Signature Bank has also failed. | ||
Signature Bank, which I did not know until this morning. | ||
The head of Signature Bank, Barney Frank. | ||
If there's one good thing for progressives, there's one good thing progressives are good at, it's destroying things. | ||
But Silicon Valley Bank, you may not be part of Silicon Valley Bank. | ||
You may think, I'm not part of Silicon Valley. | ||
I don't care about Silicon Valley Bank. | ||
I don't care about any of this stuff. | ||
But when banks fail, and then particularly when the government comes in and bails them out, which is exactly what has happened as of this morning, there are actual systemic repercussions throughout the system. | ||
That's the correct use of systemic. | ||
People always say systemic racism. | ||
Which does not exist. | ||
That means it's baked into the system. | ||
But the systemic repercussions when one bank fails and then we bail them out or this bank fails and we don't do anything. | ||
And before I do anything on the show today, I want to say two things. | ||
First off, I am not a financial expert. | ||
OK? | ||
I'm pretty good with my finances, actually. | ||
There were times in my life that I was in debt. | ||
There were times in my life I owed money to the government for taxes. | ||
But I got two businesses now that are completely in the black. | ||
I run these things responsibly, which is how I run my life. | ||
And I think if the government did that sort of thing, not that I'm some sort of genius, | ||
but I don't spend what I don't have. | ||
I try to invest properly and I believe in property and things of that nature. | ||
If we all did what we are supposed to do, then we wouldn't have a government | ||
that is completely running out of control. | ||
That's one thing at the micro level, just sort of how it really does. | ||
All of this starts with us because the people that are in charge right now are the people that we voted for. | ||
Maybe not in this specific case of this administration, if you're watching this, but we do put these people into power and then they do all of these crazy things. | ||
But the second thing I wanna say, and then we'll get into it, | ||
and this is also related to the debt ceiling fight, which is happening and much more, | ||
is that I'm also not going to pretend that there's only one answer to all of this. | ||
I'm gonna actually play a couple videos and read a couple statements from people that I really like | ||
that have been on this show, that have completely opposing views on this stuff. | ||
So Vivek Ramaswamy, who is running for president, who is a good dude, who is fighting ESG | ||
at the highest possible levels. | ||
He has a certain take on this thing. | ||
David Sachs, former COO of PayPal, who invested in locals, who is a huge Silicon Valley investor, he had a different take on it. | ||
I'm gonna try to compare and contrast them, and then hopefully you'll be able to make some decisions for yourself. | ||
But the point here is, the government somehow always gets bigger. | ||
The House seems to always win, and those of us who act responsibly, personally, in our lives, in our businesses, et cetera, seem to always foot the bill for everyone else. | ||
So whether it's inflationary spending, or the debt ceiling endlessly going, or the interest rates going higher, or the bank runs that inevitably will be coming if we let the whole thing fail, the problem is that it always comes back to us. | ||
When they tell us, it ain't gonna cost you anymore, Yeah, the money has to come from somewhere. | ||
So that is the base-level version of the show. | ||
Today, before we get to it, I want to talk to you guys about Moink Bots, because you may want some meat at the end of a day like today. | ||
Did you guys know that 60% of U.S. | ||
pork production comes from one company owned by the Chinese, and their hogs are given something called Ractopamine, which is banned in 160 countries, including China, yet you find it in your grocery aisle every day. | ||
Well, guys, there's a better way. | ||
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There's nothing better than cooking their meats on my green egg on a Friday evening. | ||
Shark Tank host Kevin O'Leary called Moink's bacon the best bacon he's ever had. | ||
Plus, they guarantee you'll say, oink oink, I'm just so happy I got moinked. | ||
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And listeners of this show get free filet mignon in every order for a year. | ||
That's one of the best filet mignon you'll ever taste, but for a limited time. | ||
M-O-I-N-K. | ||
Okay, so the big situation right now obviously is the Silicon Valley bank collapse and just within the last few hours we have found out that the government is going to come in and save them. | ||
Before I get to all of that, what was leading up to all of this over the last week is that there has been a massive fight over the debt ceiling. | ||
Now, the layman's way of explaining the debt ceiling is that we, the United States, are a debtor nation. | ||
We don't really have any money. | ||
It's not because we don't take in enough money. | ||
It's because the government always spends way more than it takes in. | ||
So our debt goes up every year. | ||
And at some point, the creditors go, boy, you owe us a couple trillion dollars. | ||
We'd like to buy lunch today. | ||
Could we get some of that back? | ||
And we don't. | ||
Then we don't want to give it to them. | ||
So then we borrow more money. | ||
So eventually you hit the debt ceiling. | ||
ceiling. Now, those of you that have a credit card, you know about this, | ||
whether you're 18 and your credit card limit is $500 or whether you're doing | ||
pretty well and your credit card limit is, you know, 20, $30,000. | ||
When you hit the limit, maybe you pop the credit card in the machine or you tap it | ||
on the thing with the tap tap. Uh, if you've hit the limit, you're done. | ||
There's nothing they're going to do for you. | ||
You can't borrow more than they've allowed. | ||
But with the government, it can always borrow more and it never matters how much they take in. | ||
You could give them everything in the world. | ||
They're always going to want to spend more. | ||
So the debt limit, which we hit this thing every couple of years, is that is where we're supposed to stop. | ||
We've hit the place we're supposed to stop. | ||
We can't borrow more. | ||
And then what do the government people do? | ||
Democrats and Republicans, we always add to the debt ceiling. | ||
And how do they get us to do it? | ||
Well, they tell us that if you don't add to the debt ceiling, you're going to screw over | ||
unidentified
|
the full faith and credit of the United States of America. | |
I don't know who's believing in this faith and credit anymore, but in any event, that's | ||
what's happening right now. | ||
There's been this fight over the debt ceiling. | ||
I would, again, make a point of saying this is a bipartisan, ridiculous issue. | ||
There's a few exceptions to this. | ||
Rand Paul always fights it. | ||
Ted Cruz has fought it a bit over the years. | ||
Thomas Massey. | ||
I mean, the true libertarian types fight this thing. | ||
You can't just always increase that. | ||
Pretty much everyone else is always into it. | ||
Anyway, here is White House Office of Management and Budget Director Shalanda Young, and she's talking about the debt ceiling and how it shouldn't be tied to anything like spending. | ||
unidentified
|
You're talking about House Republicans. | |
Obviously, that has been a big point of debate with them from the House Freedom Caucus. | ||
We saw them unveil when it comes to their proposals for the debt ceiling crisis, which we're facing because there's no agreement so far between the White House and Republicans. | ||
What we saw from them was essentially arguing that they have 10 demands or so that they say must be included in the In the agreement for raising the debt ceiling, do you agree with anything that they've put forward from the House Freedom Caucus? | ||
unidentified
|
We believe strongly the debt ceiling should not be tied to any other discussions. | |
That is the Congress's constitutional duty to raise the debt ceiling. | ||
They did it three times for the former president. | ||
It is not Congress's constitutional duty to raise the debt ceiling. | ||
That is not in the Constitution. | ||
But let's put that aside, lady. | ||
What this is all about is the endless spending, right? | ||
It's that, again, just really lock this in your head. | ||
We take in a certain amount of money, right? | ||
The government taxes people. | ||
It takes in a certain amount, and then it just spends. | ||
And spends. | ||
And spends. | ||
And it spends so much that it ends up printing money, thus deflating the value of the money that it took in. | ||
Oh, on top of the fact that we give countries like, say, Ukraine $120 billion while we cut | ||
aid to our hurricane victims in southwest Florida, or if there's a giant chemical spill, | ||
let's say, in East Palestine, Ohio. | ||
We do that, and then they just want to keep moving it, and they scare the hell out of | ||
you. | ||
They say, but if we don't raise the debt ceiling, the government will shut down. | ||
Now, from where I'm sitting, I would love a government shutdown. | ||
How about you people shut down and just don't come back? | ||
The thing is, they always scare you with that, and then they very rarely do it. | ||
We've had a couple government shutdowns over the last 20, 30 years. | ||
They last for like a week. | ||
They get rid of, you know, we can't take a tour of the White House, a couple other little things. | ||
But it's like, I think they realize now, if they shut down, a whole bunch of us, 10 days in, would be like, who? | ||
unidentified
|
What? | |
We didn't need those people. | ||
Anyway, the way that they're framing the question in this interview on CNN, it's like, oh, but those Freedom Caucus guys, they want to tie the debt ceiling to some stuff. | ||
Yes, because the Freedom Caucus guys, people like Chip Roy, And Thomas Massey are like, well, if you're just going to keep getting us into debt, could we? | ||
We've got these demands here. | ||
We'd like you to maybe cut, you know, about lunches at the commissary in the Capitol or we're going to spend a little bit less on that. | ||
I don't even know what the 10 demands are. | ||
The point is, all they're saying is, hey, we'll sign on to this never ending, catastrophic ridiculousness, but we get a little something back. | ||
Could we just not endlessly spend like drunken sailors? | ||
And then, of course, what the White House Spokeswoman. | ||
I assume she's a woman. | ||
I'm not a scientist. | ||
What she does over there is basically be like, no, it's their constitutional duty. | ||
They have to do it. | ||
All right, we're gonna go to Colbert next. | ||
All right, now to Colbert, and then we'll go back to Shalanda in just a second. | ||
Here's how Stephen Colbert, who at this point is nothing other than a regime propagandist quote-unquote comedian, is covering the fight over the debt ceiling. | ||
The GOP quickly rejected Biden's budget because they prefer deep cuts to health care, food assistance, and housing programs for poor Americans. | ||
Yes. | ||
Now, now, it just reflects the bedrock Judeo-Christian values of the Republican Party and echoes the words of our Lord. | ||
For I was hungry, and you said, hey, who gave you that free food? | ||
Slap that fish out of his dirty little mouth. | ||
Yeah, yeah, that's great, Colbert. | ||
20 writers all getting paid for that. | ||
Those people should not be able to cash their checks. | ||
You know, there's going to be other people, if banks fail, that can't cash their checks. | ||
Those writers should not be getting paid a cent. | ||
To be clear, if you want to understand how they launder the lies, that's a phrase I often use here, it's like they print something in the New York Times that Republicans want to cut food programs. | ||
And they want to cut housing assistance, blah, blah, blah. | ||
Republicans are scary. | ||
And then he just repeats that nonsense with a glib joke. | ||
The Republicans, generally speaking, we have a stupid party and an evil party. | ||
That's a Peter Thiel line. | ||
I've heard him say a couple of times. | ||
The evil party is obviously the Democrats and the Republicans are the stupid party. | ||
But the Republicans are a little less evil, right? | ||
Being stupid, I can work with. | ||
Evil is tough to work with. | ||
So, yes, they do want to cut a whole bunch of things. | ||
If you actually endlessly give people money and give people food and give people housing, maybe that's going to keep people in a cycle of poverty. | ||
Thomas Sowell 101 stuff. | ||
So yes, Republicans do want to cut a couple things. | ||
So they're a little bit better, I would say, in this instance. | ||
But OK, that's how mainstream quote unquote comedy is dealing it. | ||
Dealing with it. | ||
Now back to Sholanda Young. | ||
Here she is with Cecilia Rouse, and they are discussing, they're having a press conference about this whole thing, and they basically admit they have no plans to save Social Security, and they don't know what to do because inflation's outpaging wage growth. | ||
But the important thing, people, and just this is the important thing when you're watching this clip, these are women of color, and do not criticize them, otherwise you're a bigot. | ||
unidentified
|
The thinking is that Social Security only has about 12 more years of solvency left. | |
This seems like a good opportunity, isn't it, with divided government for the President to make a proposal, hope for a compromise? | ||
He doesn't seem to be interested in doing that. | ||
Well, you assume the debate is from cutting no benefits and moving forward. | ||
We're trying to protect the benefits that are there now. | ||
I wish we were at the point of the debate where we could sit down and come up with proposals to extend. | ||
Unfortunately, It is clear that some people want to go backwards. | ||
So I'm going to ask about the other thing today, the jobs report, if I could. | ||
So the average hourly wages in the jobs report is up 4.6%. | ||
The CPI inflation is 6.4%. | ||
Inflation has been outpacing wages for about a year and a half. | ||
When can Americans expect that to reverse relief from that? | ||
So we did see that on an annual basis we saw some wage, the nominal wages went up lower than what we expect. | ||
I was being slightly facetious that if you criticize those women that you're a bigot but in actuality the optics of that are just that. | ||
They purposely put these people up there because they know a certain segment of society will listen to that nonsense but be afraid to criticize it because nobody wants to be called a homophobe because Corinne Jean-Pierre is a lesbian. | ||
a bigot because the other women are dark skinned, et cetera, et cetera, but they are completely incompetent. | ||
It is because of the insolvency of Social Security and the growth of inflation that this administration | ||
has been for, endlessly printing money, endlessly causing the cost of goods to go up | ||
and then screwing up the supply chain and everything else, that the debt ceiling debate has been sparked, right? | ||
Like we go through this every couple of years, but we have a special version of it right now | ||
because we have a government that believes you can just print money relentlessly. | ||
And if you print money relentlessly, eventually guys, if you took any basic class | ||
in any basic school at any basic age, Supply and demand. | ||
And if you just pump something, it becomes worthless. | ||
But the debt that we're now in has led to higher rates, which has led to a whole bunch of new data points. | ||
There's a lot of problems right now, and mainly it's that wages and jobs are slowing down. | ||
That's kind of the important thing when it comes to the economy. | ||
Here's Fox Business on just that. | ||
unidentified
|
They had a better outlet, they had a better way, they had a better path to getting more money and having a better life and I think that's cut off for now. | |
This is a really important point that you're making here and that all of you are making because one of the standouts in this report is a weak wage number. | ||
Right, so when wages slow down, right, then people stop working as hard. | ||
They stop looking for work, right? | ||
Then you stop buying as much stuff, and you stop buying as much stuff, and then they stop producing as much stuff. | ||
And this is all obviously linked to the fact that our economic policies have actually been designed. | ||
I believe it. | ||
I've had enough of people saying, oh, their intentions are good. | ||
The road to hell is paved with good intentions. | ||
These people who have been focused on diversity and equity and inclusion and who have been focused on everything other than doing what their actual jobs are, they have led us to this very moment. | ||
That is not to say that the people in charge of Silicon Valley Bank didn't do speculative lending and didn't take crazy risks they shouldn't have taken. | ||
We'll get more into that in just a second. | ||
But it's against the backdrop of a government that is run by a bunch of crazy children. | ||
So federal fund rates are increasing so that we can reel in inflation and reduce our debt. | ||
Once the rates go up, then it makes it more expensive to borrow, which thus means it is | ||
harder for companies to hire more people, increase their wages, and pay back their debt. | ||
So with all of that in mind, I'm trying to do this in a somewhat simplistic fashion. | ||
Because I know that the economic stuff, it's not even my favorite stuff either. | ||
But we need to know the basics on this and the philosophic underpinnings behind all of what happened. | ||
Because, as I'm about to get to, there are good people on every side of this debate when it comes to the bailouts and what we should do now. | ||
So first off, this was live on ABC as Silicon Valley Bank was failing. | ||
unidentified
|
As we come on the air this morning, the federal government is scrambling to contain the fallout over the collapse of Silicon Valley Bank, the largest U.S. | |
bank to fail since the 2008 financial crisis, the second biggest bank to collapse in U.S. | ||
history. | ||
Silicon Valley Bank primarily catered to startups and technology companies, but its demise began Wednesday after concern over its cash reserves sparked a bank run by its clients. | ||
The Federal Deposit Insurance Corporation has taken control of the bank and its billions of dollars in deposits, the vast majority of which is not insured. | ||
Okay, so there's a couple things here. | ||
On the last point that she made about the vast majority not being insured, as you guys know, when you deposit, when you used to go to the bank, nobody goes to a bank anymore. | ||
But remember back in the day, you'd go to the bank, hand them some cash or give them a couple checks, sign your name on the back, the whole thing. | ||
And then you'd see FDIC insured, that the federal government will insure up to, I always, is it 200 or 250,000? | ||
It's 250, right? | ||
OK, that the federal government will ensure what you put in the bank up to 250, meaning if the bank then takes your money, because what a bank does with your money is it invests with it. | ||
It does things with it, hoping that it can turn a profit on your money. | ||
What the bank doesn't want is everybody at the same time taking all their money out because they don't have that cash just sitting there. | ||
They have it in other investments. | ||
And sometimes those investments are highly speculative and risky. | ||
Now, what's interesting about Silicon Valley Bank specifically Is, as she said, it was a startup and tech company bank for the most part. | ||
So startups and tech companies, these are highly volatile. | ||
Many of them run at a major loss for many, many years. | ||
Many of them are overvalued. | ||
I can tell you, as a guy that started Locals, at first I was putting a lot of money in. | ||
I was working for free. | ||
We scrapped together whatever we could. | ||
We got a couple investors over time. | ||
We were running at a deficit. | ||
That's how it's done, right? | ||
You don't just make, if you have a great idea and a great product, you can't just make money the next day. | ||
Maybe if you're selling salad dressing or something, right? | ||
Out of your, the back of your truck. | ||
But like for the most part, you have to build a company, hire a whole bunch of good engineers and architects and software people and figure all this stuff out. | ||
So you run at a deficit with the hope of then at some point you will have enough users and data and everything else. | ||
And then hopefully income too, to then spike this thing. | ||
For us it worked out because then we found a company that had incredible distribution, in this case Rumble, we merged together, we had subscriptions, they had the infrastructure, so it all made sense and we all and we stayed within our means and the rest of it. | ||
But it should not come as like some crazy massive surprise that Silicon Valley Bank, which was lending to companies | ||
that often don't bring a whole bunch of money in, suddenly realized, wow, a lot of these companies are | ||
failing and they made other investments that made no sense. | ||
So the collapse of Silicon Valley Bank is a result of bad but legal, you have to understand this, | ||
as far as we know, legal investment decisions, but what that sits next to is the high interest rates | ||
on their debt because of government spending. | ||
So the money that they had became worth less. | ||
And then some people were like, hey, can we get our cash? | ||
And they were like, cash? | ||
Why would you want cash? | ||
Here's a little more from CNBC. | ||
Silicon Valley Bank, the 16th biggest bank in the U.S. | ||
at the start of last week, had been operational for 40 years and was considered a reliable source of funding for tech startups and venture capital firms. | ||
The California-based commercial lender was a subsidiary of SVB Financial Group and was Silicon Valley's largest bank by deposits. | ||
SVB Financial Group's holdings, assets such as U.S. | ||
Treasury and government-backed mortgage securities, due to SAFE, We're hit by, and here's the key part, by the Fed's aggressive interest rate hikes and their value dropped dramatically. | ||
The company's tipping point came on Wednesday when SVB announced it had sold $21 billion worth of its securities at a roughly $1.8 billion loss and said it needed to raise $2.25 billion to meet clients' withdrawal needs and fund new lending. | ||
That news sent its stock price plunging and triggered a panic-induced wave of withdrawals from VCs and other depositors. | ||
Within a day, Silicon Valley Bank's stock had tanked 60% and led to a loss of more than $80 billion in bank shares globally. | ||
Okay, so in layman's terms, while they were doing some risky and speculative lending to | ||
these VCs and to these other Silicon Valley companies that, as I said, you just don't | ||
know if these companies are going to make it. | ||
Many many of them, they borrow a ton of money and they just, they go belly up. | ||
But it also had to do with the government that has caused interest rates to rise, that | ||
has devalued the dollar. | ||
So the point is they bought securities at a good price during the pandemic. | ||
Then inflation goes nuts, interest rate goes nuts, and then they realize they're looking at the books going, oh man, we are seriously screwed right. | ||
Now, so let's go back to Shalanda Young. | ||
I like this name, Shalanda Young. | ||
And here's Shalanda Young. | ||
And here's, well, I guess this isn't great news by Shalanda Young. | ||
You know what it reminds me of, Shalanda? | ||
None of you guys are from New York. | ||
There was a woman who used to do the lottery, I think, on Channel 11. | ||
Her name was Yolanda Vega. | ||
Someone will get this reference. | ||
And here's Yolanda Vega with the lottery numbers for tonight. | ||
Here's Shalanda Young telling us that the system is unsafe and unsecure. | ||
unidentified
|
So you can tell the American people this morning, because I think this has caused a lot of concern, that the U.S. | |
banking system is safe and secure. | ||
I think the voice here is our Treasury Secretary who is our lead in working with regulators. | ||
That's the appropriate person we should listen to here and who's tracking this the most closely. | ||
But again, what I will say is after the financial crisis, the reforms put in place have given regulators more tools and our system is more resilient and the foundation stronger because of it. | ||
OK, this is absolutely hilarious. | ||
We're going to show you what Janet Yellen, that's who she's talking about. | ||
Janet Yellen is the head of the Fed, right? | ||
What she's referring to in just a second. | ||
But I realized as I was watching that clip, I'm so blessed. | ||
I want to say, guys, I'm so blessed to work with such wonderful people because you all do your job. | ||
You all do your job. | ||
And in the government, no one does their job. | ||
And everyone just points to somebody else. | ||
And nobody knows how to do anything. | ||
When I show up at work in the morning, people are doing their job. | ||
I don't even know what some of your jobs are, but I know you're doing them because I'm able to do my job, okay? | ||
God only knows what you're doing. | ||
Right now, Daphne's typing. | ||
I don't know what you're doing, but you're doing something. | ||
Is it work-related? | ||
It's work-related. | ||
Okay, very exciting. | ||
You could run the whole freaking federal government. | ||
So what's Janet Yellen been up to over here, right? | ||
Because that's who Yolanda... Wait, not Yolanda. | ||
What's her name again? | ||
I got Yolanda Vega confused with Sholanda Young. | ||
I hope Yolanda Vega's still out there. | ||
Anyway, watch this. | ||
So here's what Janet Yellen, here's how on the ball Janet Yellen is about this whole thing. | ||
These two tweets that I'm about to show you are eight hours apart. | ||
The first one, Treasury Secretary Janet Yellen rules out a bailout for Silicon Valley Bank. | ||
We're not going to do that again, she said. | ||
And by again, of course, she's referring to 2008 where we bailed out all these banks and we said the banks are too big to fail, so we just ended up with bigger Banks. | ||
Eight hours later is the information we're giving you on the right there. | ||
Joint statement from Powell, Yellen, and Grubenberg. | ||
Silicon Valley Bank has been resolved and fully protects all depositors. | ||
Depositors will have access to all of their money tomorrow. | ||
New York Signature Bank has been closed. | ||
Full statement here. | ||
So eight hours before. | ||
unidentified
|
We're not bailing out anybody. | |
Hours later, bail them out. | ||
These are the people that are in charge. | ||
It is just incredible. | ||
This morning, they woke up Joe Biden, they got him out of the coffin, they juiced him up with God knows what, although it didn't fully take us, you'll see by his energy here, and he explained a little bit more as to what's going on. | ||
On Friday, the government regulator in charge, the FDIC, took control of Silicon Valley Bank's assets. | ||
And over the weekend, it took control of Signature Bank's assets. | ||
Treasury Secretary Yellen and a team of banking regulators have taken action, immediate action. | ||
And here are the highlights. | ||
First, all customers who had deposits in these banks can rest assured, rest assured they'll be protected and they'll have access to their money as of today. | ||
Second, the management of these banks will be fired. | ||
If the bank is taken over by FDIC, the people running the bank should not work there anymore. | ||
Third, Investors in the banks will not be protected. | ||
They knowingly took a risk, and when the risk didn't pay off, investors lose their money. | ||
That's how capitalism works. | ||
And fourth, there are important questions of how these banks got into this circumstance in the first place. | ||
We must get the full accounting of what happened and why those responsible can be held accountable. | ||
I'm going to ask Congress and the banking regulators to strengthen the rules for banks | ||
to make it less likely this kind of bank failure would happen again, and to protect American | ||
jobs and small businesses. | ||
Look, the bottom line is this. | ||
Americans can rest assured that our banking system is safe. | ||
Your deposits are safe. | ||
Look, the bottom line is this. | ||
Americans can rest assured, if you think that man has any clue as to what he's talking about, you should seek help. | ||
First off, they clearly just woke him up for that. | ||
His energy levels are really scattered, so he doesn't know what he's saying. | ||
His premise here about capitalism. | ||
This man even dares say anything about capitalism when his entire administration is about rejiggering the economy, not free market capitalism. | ||
This has become crony capitalism. | ||
We protect some and not others. | ||
This is not the fault of capitalism the way it's designed, the free exchange of goods and competition and some things will fail and some things won't. | ||
If you don't let certain things fail, then they will never fail and then you will be | ||
rewarding the bad guys, the speculative people, the risky people. | ||
By the way, I shouldn't say bad guys. | ||
You could be speculative and risky and take great risks and sometimes it really, you don't | ||
need to be a banker or someone involved in finances to do this. | ||
Someone who bungee jumps, you're taking a freaking hell of a risk. | ||
You're going to get an exhilarating ride if it works. | ||
But if that thing snaps, you're in a lot of trouble. | ||
But the government can't magically save you at that point. | ||
Biden also, he's got this man. | ||
It's just incredible that this guy has anything to do with anything. | ||
He's trying to come up, come up there and basically be like, you got nothing to worry about because, you know, we've got the FDIC here. | ||
But the problem is when the FDIC says, hey, we will ensure you Up to $250,000. | ||
Now you watching this right now might be like, well, that's pretty good. | ||
I don't have $250,000 in my account. | ||
So $250,000, that's pretty good. | ||
But these companies that borrowed all of this money from them or that put all their payroll money, you know, they get money from investors, right? | ||
So now they have, let's say a company, it's not bringing in any money, but it's got a good idea. | ||
Now they raise $50 million. | ||
Now they take that $50 million and they put it in this bank. | ||
The bank does all this crazy stuff with it, but they're only insured 250. | ||
Well now the government is coming in and saying we will protect that 50 million dollars. | ||
Now I'm not even I'm not blaming any specific person here because each company is different and maybe some were doing some responsible things and everything else. | ||
But the point is we take banks that are too big to fail and then we make them bigger. | ||
That's what we did in 2008. | ||
Do you know that in 2008. | ||
One of the things that they did, I had the president, the former president of BB&T on the show years ago, we'll find this clip, we'll play it for you tomorrow, that when the government came in and bailed out the banks, they forced the banks who were operating within their means to take the bailout money. | ||
Isn't that interesting? | ||
They didn't just say to the banks that were struggling, that had done all the crazy stuff with real estate and lending money to people, you know, so you could buy a $2 million house if you were making 50 grand a year and you wanted to put 1% down. | ||
They forced banks like BB&T and I believe Wells Fargo was the other one, who had acted responsibly, not lent money that they didn't have, et cetera, et cetera, to take the bailout money. | ||
And then they made the entire machine bigger. | ||
So that is what just got bigger. | ||
The machine just got bigger, right? | ||
And Joe Biden, the idea Somehow all Joe, I have to explain the basics to you that you can pump money into these things and that will save the economy. | ||
No, it puts band-aids on a band-aid on a band-aid and we can keep this Frankenstein monster going. | ||
But that's what we're doing. | ||
All that being said, I will get to the arguments for why you have to do it in just a moment, because there are good arguments on both sides, as I said. | ||
But he's saying that this is somehow a moral hazard. | ||
And what that does is it incentivizes the banks to get riskier with the decision making. | ||
If every time a bank screws up royally, and by the way, again, you can partly blame it on the government for inflation and everything else. | ||
If every time a bank screws up, we come in and bail them out and the 250 actually means nothing. | ||
The 250 means 50 million, if you want, or 100 million or whatever they've got in there. | ||
Well, then what is the point of having private banks? | ||
Aha! | ||
You think that might be what's going on here? | ||
The government is thrilled to be getting rid of these banks because the government would like what? | ||
Central control! | ||
You think we're on to something over here? | ||
Anyway, it's a big important day. | ||
Biden got up to give that speech and here he is taking questions. | ||
Thank you. | ||
God bless you and may God protect our troops. | ||
See you in California. | ||
unidentified
|
Mr. President, what do you know right now about why this happened? | |
And can you assure Americans that there won't be a ripple effect? | ||
Do you expect other banks to fail, Mr. President? | ||
Should all depositors be protected at all banks? | ||
I mean, look, there was no way in high hell that they would have let him take questions there. | ||
They would have shot him rather than had him go on one of his extemporaneous crazy rants right there. | ||
But him slowly walking out, slowly closing the door behind them as the questions began. | ||
Just the optics of this are ridiculous. | ||
So look, I've got, I'm fortunate enough in the world that I live in with the things that I've done. | ||
I know a couple of decent people. | ||
And I bring them on the show sometimes and I talk with them privately so I can help formulate my thoughts for this show. | ||
Balaji Srinivasan is an American investor. | ||
He's originally, I think his parents were from India, but he's an entrepreneur and an investor. | ||
He actually was one of our first investors in Locals. | ||
This is a really great thinker. | ||
He's invested in some big things, made major money on it. | ||
He was the co-founder of Council and he was the former chief technology officer of Coinbase. | ||
Way back when. | ||
This guy, he's accomplished and he's a forward thinker. | ||
He had a tweet that I think sort of explains how we ended up here quite well. | ||
He said, first the Fed printed trillions, then denied inflation was happening, then said it was transitory, then suddenly sent rates to the moon. | ||
That crashed much of the economy. | ||
Debris to start falling this year. | ||
Banks, real estate, blue states. | ||
Then pressure to print will resume. | ||
What he's getting at there is this is a government created problem and then the last line, what will be the solution? | ||
The solution will be that the government will need to print more. | ||
People will literally, the government created the problem and people's People's solution will be we just need more government. | ||
We need more regulation. | ||
We need more regulators and manipulation and all of those things. | ||
We've been through this. | ||
This is a rinse and repeat cycle of what we've been doing. | ||
This is just a print more money situation. | ||
So what is the correct solution? | ||
OK, I'm going to try to give you two slightly different arguments here by two people that I completely respect, who I would love to have on the show at the same time. | ||
So Vivek Ramaswamy, who you know, he's running for president. | ||
He's been on the show a couple of times. | ||
He is an investor. | ||
He has made hundreds of millions of dollars in the market with startups. | ||
He's doing STRIVE, not STRIVE, yeah, oh, yeah, he's doing STRIVE, the STRIVE Fund, STRIVE Capital, which basically is a giant fund that does not have ESG in it, that does not have diversity, equity, inclusion. | ||
His fund puts money into companies with good products, having nothing to do with the color of your skin or whether they're for climate change or anything else. | ||
His book, Nation of Victims, explains a lot of this really, really fabulously. | ||
Anyway, he had a tweet here that I thought was quite good. | ||
So this is his take on it. | ||
I'll try to, it's a bit long, but just bear with me here. | ||
He said, there's something very ugly happening right now. | ||
VCs and startup execs who stand to lose their deposits at SVB are going out of their way to push a narrative that there'll be a bank run on Monday, that's today, if SVB depositors aren't bailed out by the government. | ||
They're yelling fire in the proverbial theater, hoping that everyone runs and knocks down a candle on their way out, actually starting a fire that may not otherwise have existed. | ||
They're skipping the fact that SVB's situation is unique. | ||
A staggering 89% of its deposits were uninsured, way higher than normal banks. | ||
And they didn't hedge interest rate risk, which is a cardinal sin given the portfolio they had. | ||
Their real hedge was to spend money to become popular in the right influential circles of their own depositors, pledging $5 billion in 2022 to sustainable finance and carbon-neutral operations to support a healthier planet. | ||
Maybe that hedge will pay off for their depositors if the government bails them out, but that should rightly trigger an Occupy Silicon Valley of historic proportions. | ||
Okay, so the simple version of that, what he is saying is they were running an operation there that had very little to do with what a bank as a business should be doing, which is, oh, someone has come here and given us a certain amount of money. | ||
We can take that certain amount of money and we can put it in a whole bunch of different things because we have our investors and we get advice from certain people. | ||
And we're going to put some of it in risky investments. | ||
Some of it will be a little more conservative. | ||
And that way, when someone comes for all their money, even if we've lost some with risk, we've made money on some other things and we won't have these big bank runs and everything else. | ||
What he's saying is for political purposes, These people that were Silicon Valley people, so they're mostly lefty leaning people, not all and we'll get to one in just a sec, but most left leaning people, they did not invest in companies that had good business plans or who were actually building good products. | ||
They were focused on environment. | ||
and climate and diversity and equity and inclusion and all of those things. | ||
And this idea that 89% of the money that they brought in was not insured, meaning it was over the 250 insured | ||
portion is a crazy amount of money to just be pushing out there | ||
with no backstop on that, okay? | ||
So that's the basic version. | ||
They took risky but legal investments with uninsured deposits, and in the process, | ||
they didn't account for the possibility of the Fed increasing interest rates in the future | ||
which would devalue the dollar. | ||
I'm really trying to do this in, like, the simplest kind of way for everybody, for myself included. | ||
Okay, so that's one take. | ||
What he's upset now by is that the government is coming in to help. | ||
Now I want to show you a video from David Sachs. | ||
Now, you guys know David Sachs. | ||
He was the former COO of PayPal. | ||
He's been on this show many times. | ||
I think he's one of the most clear, cogent voices that we have in America politically right now. | ||
He also happens to be an investor in locals. | ||
He's been really rabidly against the Ukraine war for not only military and war purposes, but also for financial reasons. | ||
And he's the co-host of the All In podcast. | ||
Here he is taking a different, with a different take on what the government should do and what it was going to do, etc. | ||
The best case scenario would be that a buyer would step in for Silicon Valley Bank, perhaps backstopped by the Fed or by the FDIC, and they would basically announce that all deposits are safe and that the bank will reopen on Monday and people can get their money out if they want to. | ||
That would be the best case scenario. | ||
I think that's what should have happened last week. | ||
When SVB was buckling, I think the Feds could have been much more aggressive, and they could have nipped this problem in the bud. | ||
They didn't do it. | ||
And now I think the situation is we have to be concerned not just about SVB, but I already know of at least one other bank, I don't want to say the name, but the runs have already started. | ||
unidentified
|
So this is now... This is a regional bank or a smaller bank? | |
Yeah, it's a regional bank. | ||
And then there's a list of other ones to Okay, so without getting overly complex here, what David Sachs was calling for there is basically what happened. | ||
The government did step in, so it's not what Vivek wanted. | ||
And by the way, I really like both of these guys, okay? | ||
So I'm actually just presenting their arguments for you, and then you can synthesize them, you can think about it, sleep on it. | ||
Whatever. | ||
And maybe I can get them both on even at the same time to discuss this further. | ||
What he was saying was, if you let this bank fail, all of these other banks, these regional and more local banks, everyone is going to go, oh, we might have done this stuff too. | ||
And then their banks will start failing. | ||
And then once that happens, they'll basically be a contagion within the system and all of these banks will fail. | ||
Vivek's argument is this is sort of a unique case and you just got to let them fail. | ||
We have to get to the pain point and then we can start the reset. | ||
What David is saying is if we do that, we do not know what is on the other side. | ||
Now, the government basically did what David wanted. | ||
It split the difference in a certain regard because of what Biden said there, that if you invested in this bank, you're screwed. | ||
And if you were working at this bank, you're screwed. | ||
But we are going to make sure that the money put into the bank. | ||
That is going to go to these companies to pay all their people, even though that money, in essence, has disappeared. | ||
That money, finito, it's gone, but the government magically always has more money. | ||
That's the good thing about the government. | ||
I should be doing a government program. | ||
Why am I trying to earn money to spend it? | ||
What a sucker. | ||
Guys, the whole thesis of this show is that the real root of the problem is that we have leaders in government right now who politicize woke activism over basic textbook fiscal responsibility, right? | ||
That's the point, that you had these companies coming in saying, our purpose of being an entity, of being a company, is not to build, be the best paper company, the Dunder Mifflin, let's say. | ||
of paper, but to be number seven because we're going to be working on climate issues, | ||
or we're not going to hire the best accountants to make sure the books are looking good. We're | ||
going to hire the best black lesbian crippled accountants so that we look nice on the outside. | ||
And over time, the products start to fail. | ||
For example, in December of 22 the government passed a bipartisan $1.7 trillion omnibus bill to Ukraine while we were having 40 year high inflation and all time high debt. | ||
Do you think any one of us, like who, do you know anyone in your life that was like, yay, we gave another hundred billion to Ukraine. | ||
The only one who I know like that was Mitch McConnell. | ||
And I don't know him personally. | ||
unidentified
|
Remember Mitch McConnell, the number one issue on Republicans' minds is making sure that Ukraine gets the money that it needs. | |
Like what? | ||
What are you people saying? | ||
Tucker Carlson, you may have heard of this guy. | ||
He's a fairly popular cable news host from what I understand. | ||
He's on a Fox News channel. | ||
I heard that somewhere also. | ||
He had a good take on what sort of drives this. | ||
Why does this stuff keep happening? | ||
Here's Tucker. | ||
So just today, Biden's top economic advisor, Cecilia Rouse, addressed reporters in the White House, in the briefing room, about what had just happened. | ||
And she assured everybody that the bank run we're watching is an isolated incident. | ||
No, it's not a big deal. | ||
It's just this one bank. | ||
It's not connected to anything else at all. | ||
And the fact that this bank failed, just like the fact that FTX failed, | ||
has nothing to do with the fact that the people who run it spend a ton of their time doing completely irrelevant crap | ||
that had to do with politics and changing American culture. | ||
unidentified
|
Are you reassured by that? | |
Well, you should know that Cecilia Rouse has been thinking a lot about this. | ||
When she worked at Princeton, which is a university in New Jersey, | ||
she wrote her research agenda on diversity, equity, and inclusion. | ||
The title is, we're quoting, Diversity in the Economics Profession. | ||
A new attack on an old problem! | ||
SVB and FTX, for that matter, are just two of several major players in the financial industry that have gone under in recent months. | ||
Are you noticing any of this? | ||
There was the bank Silvergate, more than $11 billion in assets. | ||
There was the crypto broker Voyager, $1 billion in assets. | ||
The crypto fund 3AC, $10 billion in assets. | ||
BlockFi and a number of others. | ||
On Friday, Wells Fargo customers reported they didn't get their paychecks as expected. | ||
The bank says that was just a computer glitch. | ||
We don't really know. | ||
Okay, so you've got to understand, Tucker is reiterating a point that I've made here several times. | ||
Once these companies go in with this ESG nonsense, so you invest in companies not because they produce something worthwhile or valuable, but because they have your social justice nonsense incorporated in them, as opposed to creating something good. | ||
The old days! | ||
My God! | ||
I made the best little Dave Rubin in town, and I'm going to sell him. | ||
And then the bank goes, well, how many crippled children are you going to save by saving your Dave Rubin, by putting out your Dave Rubins there? | ||
They go, well, little Dave Rubin, little Dave Rubin, I'm going to sell little Dave Rubin for $7. | ||
And little Dave Rubin, it cost me $3 to make little Dave Rubin, and I'm going to keep the other four, and that's how it's going to work. | ||
And they go, well, what do you mean? | ||
You're not going to give a little money to climate change for little Dave Rubin? | ||
And they go, well, little Dave Rubin doesn't care about climate change. | ||
I could have also done that with ChapStick, but little Dave Rubin was closer to me. | ||
But the point is, guys, this is what they do. | ||
This is what they do. | ||
If you bring in people, what do you think that these people at these banks, once you're in the diversity equity inclusion department, do you think all day long they're focused on, my God, we would like to invest in good things. | ||
We'd like to make some money. | ||
We'd like to really do right by our investors or all day long. | ||
Are they concerned that trans people are doing this and gay people are doing this and black people are doing this and everything else? | ||
Interestingly, Rouse, who she's referring to there, we showed a little bit of a video of her before, she is the 30th chair of the Council on Economic Advisors of the U.S. | ||
While her priorities are diversity, equity and inclusion, as opposed to say, I don't know, basic macroeconomic science. | ||
Wouldn't that be like most of us took economics 101 in college? | ||
Did she ever take the class or was she focused on counting how many black people were in the class? | ||
I think you know the answer. | ||
Anyway, I want to go a little further with Tucker because he handed it to Janet Yellen over this thing. | ||
And this woman, remember, inflation isn't happening. | ||
It's transitory. | ||
Oh, shit, it's here. | ||
And I guarantee you her hair is a little whiter this morning. | ||
But go ahead. | ||
What is very clear is that we're witnessing something serious happening in the finance sector and in other sectors of our economy. | ||
We don't know where any of this is going. | ||
We're certainly praying for the best. | ||
We don't want to see hysteria. | ||
But if you're the Treasury Secretary of the United States, you would be very concerned. | ||
You'd be paying really close attention because that's your job. | ||
But Jenny Ellen is not paying close attention. | ||
She's not worried about it, because it's in this country. | ||
She's worried instead about funding the pensions of Ukrainian government workers. | ||
She flew to Kiev the other day to tell us that. | ||
And as always, Janet Yellen is highly focused on her core duties as Treasury Secretary. | ||
That would be equity, climate change, and abortion. | ||
The Biden-Harris administration has made racial equity a centerpiece of our economic agenda. | ||
Roe v. Wade and access to reproductive health care, including abortion, helped lead to increased labor force participation. | ||
President Biden, and I feel the same way too, believes that climate change is an existential threat that absolutely must be addressed. | ||
The message I bring you from President Biden is simple. | ||
America will stand with Ukraine for as long as it takes. | ||
Here you have the second biggest bank failure in American history, the biggest since 2008, the second largest failure in our nation's history, and they're yammering on about racial equity? | ||
Really? | ||
Really? | ||
Yeah, really, Tucker. | ||
I'm with you. | ||
I can't believe it either, other than I can believe it. | ||
That line that Janet Yellen says, racial equity will be a centerpiece of our economic agenda. | ||
Lady, you were just supposed to carry the one. | ||
That's it. | ||
Okay? | ||
Add it up. | ||
Give us the numbers. | ||
That's all you had to do. | ||
But racial equity? | ||
I actually believe her. | ||
Because at the end, I think she wants us all to be poor equally. | ||
She wants white people to be as poor as black people, as poor as Asian people, and as poor as Latino people. | ||
unidentified
|
And then we shall have peace. | |
That was a Palpatine line. | ||
You got that? | ||
Connor got it. | ||
But what else is this government focused on? | ||
Because obviously racial equity at the core of our economic policy is very important. | ||
They're also trampling all over our First Amendment. | ||
It's a bit of a jump on the segue here, but I could not do the show today without showing you this video. | ||
Eric Swalwell. | ||
The farting, gas-filled buffoon that is Eric Swalwell, Congressman from California. | ||
He is horrible. | ||
He has slept with a Chinese spy. | ||
Everyone knows it. | ||
Here he is wanting to pass a law to ban troops, our troops, who defend our nation and who defend our freedoms. | ||
He wants to pass a law to ban our troops from watching Fox News. | ||
unidentified
|
I think about our troops, and I've been all over the world and have visited our troops | |
in some of the harshest places, and nothing makes them feel more like home than their | ||
access to American television programming. | ||
And a popular channel is Fox News. | ||
And again, I don't want to get in the business of telling troops what they can and cannot | ||
watch. | ||
But if you have a news station that a court is going to rule is in its evening hour, you know, perpetuating dis and misinformation. | ||
I don't know if I disagree with both vets who is saying that we need to take a look at, you know, how this is being broadcast to our troops. | ||
I hope that's an incentive for Fox News to clean up its evening hour, you know, starting with Yeah, you guys get it. | ||
Look, he is the liar. | ||
MSNBC puts more lies on a daily basis than is almost humanly possible. | ||
Every single one of the lies, verified people on both sides, Kyle Rittenhouse is a white supremacist, Jesse Smollett being hung, all of the Russia collusion, Hunter Biden laptop, they've lied about absolutely everything. | ||
Dirtbag, MF-er. | ||
What he wants to do is make sure that our troops... He just said it! | ||
Nothing makes them feel at home more than watching popular TV. | ||
And then he's like, and one of those popular channels is Fox News, so I want to take it away from them. | ||
What an evil, anti-American, anti-First Amendment piece of you-know-what. | ||
I'm really trying to be good today for this later-in-the-afternoon show. | ||
For some reason, I find it easier to curse in the morning. | ||
Horrible human. | ||
Horrible human. | ||
But these people, they are all, they have all drunk the Kool-Aid. | ||
So they see propaganda right in front of them and they think it is real. | ||
That's why we're the red-pilled ones. | ||
And it's a little tougher being red-pilled because you're walking around with a whole bunch of robots all the time going, what, what is wrong with you people? | ||
Here's MSNBC's Chris Hayes telling us that the New York Times isn't a liberal newspaper. | ||
I'm going to bash my head against the desk. | ||
How long is this clip? | ||
It's like 12 seconds. | ||
I'm going to bash my head against the desk for 12 seconds. | ||
I'll be back. | ||
unidentified
|
Now, I disagree vehemently with Tucker Carlson's assessment of bias in New York Times. | |
It is not a liberal paper. | ||
His point, though, that the political right lacks credible journalism is well taken. | ||
Ah! Oh, I screwed up the timing on that one. | ||
I can't bash my head against the desk for 12 seconds. | ||
I got kids downstairs. | ||
I have other responsibilities. | ||
That clown, these people are insane. | ||
He doesn't think the New York Times. | ||
If you mean that they're socialist, that they're past liberal, right? | ||
They're past progressive. | ||
If you mean that they're socialist or communist, you muppet, you fake glasses wearing muppet, then I suppose I agree with you. | ||
But otherwise, no, no, no, no, no, no. | ||
Anyway, here's CNN's Jim Acosta asking Fauci, Fauci's back too, we're just wrapping you up with like a whole bunch of BS at once to just kind of tie this thing together. | ||
Here's Acosta asking Fauci about Elon Musk. | ||
unidentified
|
And the other thing I wanted to ask you is, you know, you've been vilified on the far right. | |
I know you know that. | ||
And we've seen Elon Musk tweet that his pronouns, he's the owner of Twitter, that his pronouns are prosecute. | ||
Fauci, others in the GOP have talked about arresting you and prosecuting you for your handling of COVID. | ||
What's your response to that? | ||
Your response to Musk? | ||
And what has that been like for your family? | ||
Well, I mean, there's no response to that craziness, Jim. | ||
unidentified
|
I mean, prosecute me for what? | |
What are they talking about? | ||
I mean, I wish I could figure out what the heck they were talking about. | ||
I think they're just going off the deep end. | ||
Well, I got a couple for you, Fauci. | ||
We could prosecute you for lying under oath, for telling people privately that they don't have to mask and that they don't work while you were publicly pushing for policy that masks do work, by basically making up lockdowns. | ||
The whole theory behind lockdowns, which was unproven and untested and completely made up. | ||
Maybe a little bit of that. | ||
Maybe the fact that your NIH, through EcoHealth, funded the gain-of-function research at the Wuhan lab. | ||
Could we prosecute you for that? | ||
Or how about for just being a smug douche? | ||
I don't know if that's in the law anywhere. | ||
Could one of you, we don't have a legal, I'll get if any of you are legal experts, | ||
is somehow if you're constantly a smug douche, can we, something funny about the word douche, | ||
don't you think? | ||
If you're a smug douche over and over and over again, can we eventually arrest you? | ||
Is there a citizen's arrest? | ||
You know what I mean? | ||
Could somebody just go up to him at the supermarket, Fauci, I'm arresting you. | ||
Put down those apples. | ||
We're arresting you. | ||
It's a citizen's arrest. | ||
You've been a smug douche for 652 days in a row. | ||
Speaking of smug douches, here's Adam Schiff and Adam Kinzinger. | ||
I forgot, I didn't realize they were both named Adam. | ||
That's pretty good. | ||
These two Adams with Anderson Cooper. | ||
And listen, again, everything they say is, it's not, it's not mostly the reverse of truth. | ||
It is 180 the reverse of truth. | ||
Here you go. | ||
Yet, the power of repetition is such that people like Tucker Carlson, who know they're lying to the public, can convince tens of millions of people of those lies. | ||
I tell you, it's been really illuminating to me about other periods of history where you had other liars use a powerful megaphone and convince millions that they can't believe what they've seen. | ||
Adam Schiff and Adam Kinzinger, who led all of the lies about Russia collusion, who led all of the lies about the Hunter Biden laptop, who led the lies about January 6th that are crumbling in real time right now. | ||
They dare accuse Tucker of being the liar. | ||
I am not sitting here as Tucker's lawyer telling you that he is perfect, right? | ||
But he's pretty damn good. | ||
And he's a hell of a lot closer to the truth than these people. | ||
Schiff should be embarrassed, like Fauci, to go out in public. | ||
The level of shame that this person should have, and Kinzinger should have, it is off the charts. | ||
These people should not, they should be not listened to. | ||
How is it that Anderson Cooper, not that he's any bastion of greatness, but how is it that he's like, you know what we're going to do on our show tonight? | ||
I'm going to get Adam Schiff, who's been wrong about everything for four years. | ||
Can we get him? | ||
Is he available? | ||
And how about Kinzinger? | ||
He's always been wrong about everything forever. | ||
Can we get him and we'll put them on together and see what happens? | ||
Anyway, here's Jayne Fonda talking about killing people. | ||
According to NYPD, crime was up by more than 4% overall in New York City in January. | ||
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Murders were down slightly, but robberies, assaults, burglary, car theft, all up. | |
What action are you going to take in this rise in crime in these other categories besides murder and rape? | ||
Public safety is absolutely my number one priority. | ||
It's top of mind for all New Yorkers. | ||
And I'm working closely with Mayor Adams to help provide resources to protect people in the subway, supporting our NYPD and their work. | ||
All right. | ||
Sorry, guys. | ||
That was completely my fault. | ||
You see what they've done to me? | ||
I'm so worked up about the show today. | ||
And fiscal responsibility, which I think is the sexiest topic that I threw to the wrong clip. | ||
So let's just review that clip for a second. | ||
There's Don Lemon being like, hey, Hochul, you're in charge of New York. | ||
The whole place is falling apart. | ||
Crime, blah, blah, blah. | ||
Hochul. | ||
Man, what does this? | ||
Is that a facelift? | ||
What is that? | ||
My number one responsibility is the people and safety. | ||
Sure, everybody's being killed. | ||
You know, when I was in New York City last week, you know, it was a week ago for Gutfeld, I was wandering the Upper West Side, and then like two hours after I left, right on 63rd and West End, which is a completely nice area, a woman was raped in a vestibule while going into her apartment. | ||
Like, it is not good in New York. | ||
These people are absolute clowns, and now I don't know that I can give it a better intro than I gave it before. | ||
Here's Jane Fonda on The View. | ||
Now, they're gonna be talking about abortion here, but what I also want you to note Speaking of Kathy Hochul like this, the amount of, I did my research, the amount of facial filler and Botox at this table with these women, they set a Guinness Book of World Records. | ||
It will be in the next edition of the Guinness Book. | ||
Take a look. | ||
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We have experienced many decades now of having agency over our body, of being able to determine when and how many children to have. | |
We know what that feels like. | ||
We know what that's done for our lives. | ||
We're not going back. | ||
I don't care what the laws are. | ||
We're not going back. | ||
I think the women will rise up. | ||
That's the activists. | ||
That's Jane speaking. | ||
And she probably will get a Nobel Prize very soon. | ||
But it's the truth. | ||
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It is the truth. | |
We're not going to do it. | ||
Besides marching and protesting, what else do you suggest? | ||
Well, it doesn't happen overnight. | ||
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It's not a miraculous... What did you say? | |
Murder. | ||
She's kidding. | ||
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Wait a second. | |
She's just kidding. | ||
Don't say that. | ||
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Oh, you don't know. | |
They'll pick up on that and just run with it. | ||
She's just kidding. | ||
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Well, let me talk to you about... | |
Let's move on and talk about Jane's activism. | ||
Look, I don't want to make a big stink of whether she was joking or not. | ||
Like, she was joking to some degree, and then they try to get her out of it, and then she slyly, with the eye roll, does this thing like, oh, I'm not joking. | ||
Does she really want to kill people who don't want abortion? | ||
Actually, I think it's possible. | ||
I really do. | ||
Like, if your whole rationale is, I want to kill babies, then maybe you would kill some people. Maybe. | ||
But the point is if this was flipped in reverse, if The View ever had a pro-life activist on, | ||
and they were like, well, what would you like to do with people who provide abortions? | ||
And they were like, kill them. Murder. That would be good. | ||
That person would never be on television again. | ||
All of their gigs would be cancelled. They would be banned. | ||
Gone. | ||
Canceled. | ||
Adios, amigos. | ||
So I just wanted to show you a little bit of that hypocrisy to end this whole thing with. | ||
But before we end, as you know, I like to give you some possibilities, some positive options, some outlook for the future that makes sense. | ||
Because if we just continue to prioritize woke lunacy over basic fiscal responsibility and basic economic science, we are going to be far worse than we are right now. | ||
Like, I don't know what would happen, but it would be worse. | ||
We will just continue that slow descent. | ||
So what is the solution? | ||
Well, I thought this was interesting. | ||
You're not going to believe this. | ||
This is actually wild, guys. | ||
I'm going to show you a CNN clip right now. | ||
This is a CNN contributor by the name of Scott Jennings. | ||
I think he might be a former Kentucky congressman, if I'm not mistaken. | ||
Actually making sense on CNN. | ||
This is mind-blowing. | ||
If you're sitting on the edge of your seat, I want you to lean back. | ||
Don't fall off your chair. | ||
Someone on CNN actually making sense. | ||
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I don't know. | |
I hope every Democrat runs on this. | ||
I hope they read the poll and I hope they run as woke as they can get in the next election. | ||
Because I think it'll inure to the benefit of Republicans and conservative candidates when you take, you know, your social, cultural viewpoints, as extreme as they may be, and use that to suppress basic common sense and basic American values. | ||
Yeah, you want to run on that? | ||
By all means. | ||
I wish you well. | ||
As you can see, he was former special assistant to Bush. | ||
What they're referring to there is that there was a poll that said that most Americans think that woke, which is obviously somewhat of an amorphous term, right? | ||
Because everyone's sort of defining it differently. | ||
I think you guys here, we have a basic understanding of when I say woke, what it means, right? | ||
But like it's used in a lot of different contexts by a lot of different people. | ||
Some people say I'm woke as a positive thing. | ||
I go, Oh, shit. | ||
I don't want to go anywhere with you. | ||
Got to get out of here. | ||
But here he is making some sense. | ||
I agree with what he's saying, that let the Democrats go all in on woke. | ||
And you can already tell that something's starting to shift. | ||
And you can tell it by that Bernie clip. | ||
Remember the Bernie clip from a few days ago where Bernie was on real time with Bill Maher and he refused to back equity instead of equality because they know it's not polling well. | ||
There's actually internal data on this now. | ||
They know that Americans like equality when it is clearly and calmly explained to them. | ||
They don't like equity, meaning equal opportunity. | ||
Well, they like equal opportunity. | ||
They don't want equal results. | ||
Your hard work, a little luck, all of the stuff of life gets you to somewhere in the end. | ||
And that somewhere might be above somebody, below somebody, whatever. | ||
But we don't want to end up in the same place. | ||
It's counter to everything that America has been about for 250 years. | ||
So it is odd to me that Woke is still polling positively. | ||
But I say let the Democrats run on it. | ||
Keep running on WOKE and let's see what happens. | ||
Vote in. | ||
So what do we have to do? | ||
We have to vote in non-WOKE leaders and we have to get the WOKE people out of office and out of all of the government institutions. | ||
And then you actually just do some basic stuff. | ||
How about we prioritize fiscal responsibility? | ||
Basic math. | ||
Instead of diversity, equity, inclusion. | ||
Instead of SJW and ESG and all the other acronyms. | ||
How about we just get back To earnin', spendin', and livin' your life without a giant government albatross around your neck at all times. | ||
And here's a beautiful video. | ||
I saw this over the weekend. | ||
This is a young lady named Savannah Hernandez. | ||
She works for Turning Point USA and one of the things that she does She goes to college campuses and she talks to college kids about what they think. | ||
Now, obviously, as a turning point representative, she is conservative or at least certainly conservative leaning. | ||
I think she's pretty libertarian. | ||
We're going to get her on a Friday panel. | ||
I already talked to her about it. | ||
But she went to a couple of college campuses to ask white students about their white privilege and watch this beautiful moment of her deprogramming this kid right in front of his eyes. | ||
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I grew up as a white man, and you're the exact opposite, you know? | |
And so it's like, my experiences are gonna be different from yours. | ||
How come? | ||
I think, uh, you know, there's a thing of, like, white privilege. | ||
What privileges do you have that I don't have? | ||
Oh, see, that's the question I keep asking myself. | ||
Because, like, in this day and age, like, all the laws... I say all the laws, you know, I'm... It's hard to speak on something I'm not fully knowledgeable of, so, like, I'm sorry if I, like, make a mistake, uh, in saying this, but it's like... Like, uh... | ||
Don't you think it's a problem in society when white people think that they have more privileges than brown or black people? | ||
Yeah, and I think that's sort of the agenda that's pushed off, because personally, it's like, not that I think I'm more privileged than anyone else, because I had to work to get where I was, and that's like... So why do you have that mentality immediately, where you, you know, kind of apologize to me, like, let's talk about privilege, let's talk about, I'm a white man in America, so we could have grown up differently. | ||
Why is that your first initial reaction to me as a brown woman? | ||
Wow, you're getting me good. | ||
See, this is the kind of conversations that I love having. | ||
And I think it comes from a place of like, I wouldn't say caution, but like in this day and age, people are so quick to judge and react and cancel. | ||
And so I guess it's that like caution to go into an interview like this. | ||
I'm like, I don't know where we're at, but now I know where we're at and I can like go for real. | ||
Guys, that's beautiful and that is a white pill and that is hope. | ||
And did you get at the end there when she really turned it on him? | ||
He didn't know why he said it. | ||
He didn't know why he said it. | ||
It's the cudgel of cancellation that they have held over everybody's head. | ||
You will put empathy and really faux, unknowing empathy for other people above everything, including yourself. | ||
You don't know why, but you know why you'll do it? | ||
Because otherwise they will destroy you. | ||
Well, that's one less dude that they're going to destroy because he just got it. | ||
So they may come after him. | ||
I don't know what school he's at. | ||
I have no doubt that the activists will come after him and blah, blah, blah. | ||
But as he said, he had to work. | ||
It wasn't so easy for him. | ||
And even if it was easy for him, even if his parents were multi-millionaires, should he be punished because of that? | ||
We all know the answer. | ||
We all know the answer. | ||
We got one more for you guys. | ||
Since everybody in mainstream media and in our government is going after Tucker Carlson, Tucker Carlson, I thought we'd let him finish up the show for us. | ||
He was talking to the Nelk Boys. | ||
Do you know the Nelk Boys? | ||
They're on the computer, very big with the young people. | ||
And he talked about Freedom, and what it means, and the ability to question things, and not always trust the government. | ||
Because apparently, whether you're Adam Schiff, or you're Eric Swalwell, or you're Adam Kinzinger, or you're some dingbat host on CNN, Tucker Carlson is enemy number one. | ||
And from where I sit, it seems like he's just asking the right questions. | ||
Why wouldn't you want all the information you can get? | ||
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I know. | |
And by the way, if you're an adult citizen, why don't you have the right to all the information you can get? | ||
Like, when did we give that up? | ||
First of all, I can like or dislike anyone I want. | ||
Okay? | ||
I'm 53. | ||
I've earned that right. | ||
I can like anyone I want. | ||
That is not a crime. | ||
My opinions are not a crime. | ||
They never can be a crime in a free country. | ||
A. B. I have a right to all the information I need to make an informed decision about whatever the issue is. | ||
That's democracy, right? | ||
If they're like, oh, you're not allowed to know that. | ||
Really? | ||
Why am I not? | ||
Because I might arrive at a conclusion that's different from the lies you're telling me? | ||
Actually, I want that information. | ||
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Yeah. | |
Who do you think is telling the truth? | ||
Or at least sort of approximating the truth, like kind of in the orbit of truth. | ||
Is it Adam Kinzinger and Adam Schiff and all of these people? | ||
Or is it Tucker Carlson who's going, you know, I'm allowed to think for myself. | ||
I'm allowed to question what you say. | ||
And I'm allowed to take note when you lie to me over and over that maybe you're not the most trustworthy people. | ||
I'm pretty sure it's Tucker. | ||
You're allowed to associate with who you want. | ||
You're allowed to question things. | ||
You're allowed to think for yourself. | ||
That's what the whole purpose of this freaking country is. | ||
And that's what's being assaulted. | ||
When they assault merit, and they assault thought, and decency, and all of those things, and they lie, and they lie, and they lie! | ||
That's what they're assaulting. | ||
And the only way it stops is if enough of us stop participating in the lie. | ||
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To loosely quote Alexander Solzhenitsyn. | |
We have the right to know, guys, where our money is being spent. | ||
Otherwise, we wouldn't be able to be informed enough to vote out the leaders that wastefully spend it in the first place. | ||
You have a right to something close to truth. | ||
That's what we'll keep doing around here. | ||
I like this three o'clock thing. | ||
Maybe I'm a little sharper around three o'clock. | ||
I think it's because I had lunch. | ||
Had a little chicken wrap with some spinach before I got here. | ||
Seemed to have done the trick. | ||
Guys, it's me, Monday, over at the Rubin Report Locals Community. | ||
Here's the one that I put up, which is sort of perfect for today. | ||
Journalism in the old days, it was speaking truth to power with the people behind you. | ||
And now it is talking down to the people with the powerful people behind you. | ||
We got tons of other memes in there. | ||
If you want to join us, rubenreport.locals.com. | ||
And by the way, that's where I'll be doing a postgame show in about 36 seconds. | ||
Thank you and goodbye. | ||
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Statues are of white men, privileged men who played men's sports. | |
These statues will be torn down when I become Prime Minister of Toronto and we will replace them with all trans athletes. | ||
So this is going to be Leah Thomas right here. | ||
We are on the unseated native territory of the Mississauga and this building should be torn down! | ||
These are statues of white men. | ||
They do not deserve to be on the streets of my city, not in my Toronto. | ||
We're getting rid of white people, period. | ||
Because we see them as domestic terrorists. | ||
That is what Jordan Peterson is. | ||
Become trans, get a tax break. | ||
Pope Van Beek is mayor of Toronto. |