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March 14, 2023 - Sean Hannity Show
40:40
Banks Are Failing - March 13th, Hour 1

Several Silicon Valley banks failed over the last week and President Biden has said that the federal government will backup all deposits so that everyone is kept whole.  Biden says this will happen "without the taxpayers being on the hook."  If the taxpayers aren't going to pay, who will?  Bidenomics is clearly failing.See omnystudio.com/listener for privacy information.

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What I told people, I was making a podcast about Benghazi.
Nine times out of ten, they called me a masochist, rolled their eyes, or just asked why.
Benghazi, the truth became a web of lies.
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What difference at this point does it make?
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All right.
Thanks, Scott Shannon, and thanks to all of you for being with us.
Lots to talk about today.
800-941 Sean, if you want to be a part of the uh program.
Obviously, the issue of banking in America is top of mind for everybody.
Uh, you know when you're being lied to uh and when you're being propagandized when everybody in in administration and then the media follows suit because they're in the pocket of the Democratic Party starts, they they start using the same words, you know, like Joe Biden, our banking system is safe.
And then Janet Yellen, American banking system is really safe and resilient.
And then the Office of Uh Management and Budget Director Shalanda Young says our banking system is resilient and secure.
Meanwhile, yesterday, Janet Yellen was saying, uh, you're not going to see a bailout of the Silicon Valley Bank.
Well, that lasted less than 24 hours before Joe, you know, stepped up.
Um there's a lot to cover here.
And you have the FDIC now taking control of this first bank.
You have a second bank now closing.
Uh, and you know, I know you're hearing a lot about the convoluted technical explanations for what we see happening in America's banking system, but the root cause of bank collapsing is is quite simple.
And that's after two years of record-breaking Joe Biden inflation, America's banking system has started to crack under the pressure.
Now, in the case of Silicon Valley's bank collapse, we'd have we've had 15 years of record low uh interest rates in this country, and then Biden inherits 1.4% inflation.
It's a joke, by the way, when he says this is Donald Trump's fault.
You know, he has blamed Donald Trump for the border.
He has blamed John Donald Trump for even the Chinese spy balloon.
He's blamed Donald Trump for Russian aggression, uh, open borders, inflation, the East Palestine, you know, crash, uh, the refugee program, budget deficits, now bank failures.
I mean, if the dog bites the beast things, you're feeling sad.
It's not Joe's fault, it's Donald Trump's fault.
Uh, but this is how sick they are.
But um, you have in this case in Silicon Valley Bank, you know, that they ended up with interest rates being so low, you know, buying 10-year treasury mortgage-backed securities.
And when they started rapidly raising interest rates, you know, they they ended up to meet deposit demand uh or withdrawal demands, they ended up cashing in those those 10-year notes at massive losses.
I mean, massive.
Uh, which which led to where, you know, we were, you know, on Friday, and and now the question is how much how widespread will this potentially become, uh, especially now that you have the second major bank closing.
You know, I hear a lot of people, you know, talk about this, but they're not talking about the root cause of of this collapse, which is very simple.
You know, inflation was at 1.4%.
It went as high as 9.1%.
It's still not under control.
America's banking system, you know, at some point started to crack under this pressure.
Silicon Valley's bank collapse, you know, is rooted in the fact that they they had artificially low interest rates that they maintained, and then of course, the inflation caused by Biden's economic and energy policies.
A lot of these problems were preventable, you know, resulting in uh-oh, we invested our money in in 10-year treasuries and mortgage backed securities, and uh, yeah, we need the money back to make our bank keep working.
And you know, people like Jamie Dimon, you got to give a lot of credit to, he saw this happening back in in November at this particular bank.
Anyway, so federal regulators yesterday said that the New York based signature bank was being shut down to protect consumers and the financial system, you know, following the collapse of California's Silicon Valley Bank.
Uh and then, you know, the most outrageous thing that Joe Biden said is oh, that's not gonna it's not gonna cost the taxpayers a penny, not one cent.
Okay, then who's gonna pay for it?
Yeah, just to ask yourself, where is that money gonna come from to back up all of these billions of dollars that they're gonna have to end up using to bail out everybody because they're saying that you know, even if you have FDIC insured, that that only insures you up to 250,000.
And people that I know that have money often will put 225,000 in one bank, another two hundred and twenty-five thousand in another bank, if you're really wealthy, another two hundred and twenty-five thousand in the first and a third bank, because you get the protection in every single bank.
And now in this case, Silicon Valley, in their case, you know, they were putting it all in this one bank, and now you the taxpayer are you're going to be the ones on the hook for this.
All of us are going to be on the hook for this, and it's not going to be pretty.
But anyway, they've now assumed control.
SVB is how they refer to the Silicon Valley Bank.
And anyway, if you look at what happened here, it is, you know, according to regulators on March 10th, they took custody.
It's the 16th largest bank in the country.
The top lender for American tech and life sciences firms and startups, according to the press release.
The collapse of this bank is the largest failure since the Washington Mutual and in 2008, during the last major banking crisis.
The FDIC is set up, you know, they set up a so-called bridge bank, the deposit insurance national bank, and they're saying now that everyone's investments are going to be safe and you'll have full access uh to your money starting March 13th, meaning today.
Uh, and although the main office and branches uh will reopen beginning next week, what how do you have access to all your money if they're not going to be open anyway?
Side note.
The FDIC added it will pay uninsured depositors, depositors, an advanced dividend within the next week, and we'll will receive a receivership certificate for the remaining amount of uninsured funds.
And anyway, but what's happened here is the massive interest rate hikes because of Biden inflation caused by Biden economic policies and Biden energy policies, you know, have caused the value of bonds to fall, particularly those that take many years to mature.
Turns out SVB invested heavily in all of those.
Uh and anyway, they they they got caught is the bottom line here.
SVB suffered significant losses, heavily invested in U.S. Treasuries and mortgage back securities, which have all taken a beating.
And their shares fell more than 60% after a March 8th announcement, wiping out 9.4 billion in market value.
And there were people that saw this coming early.
Apparently Peter Thiel was one of them.
Anyway, so the Treasury and the Fed have said the FDIC announcing their steps, et cetera, et cetera, and they think that this is going to satisfy people.
Um if you have concerns about your bank, you you need to look into it.
Because the people that actually Looked, you know, in the weeds, whose job it is to look in the weeds, saw what was happening here long before it happened.
As I said, Jamie Diamond, he first mentioned it in November.
I have the article here somewhere in front of me.
I don't know where I put it.
Um, but you know, this is deep and profound.
If some people are seeing stuff and we're not seeing it, why are they seeing it?
You know, and and I think you can make a strong argument that they don't deserve a taxpayer bailout.
And Biden making the point that it's not a taxpayer bailout is just a lie.
And him saying that the banking system is safe.
Uh, I don't I don't particularly believe in that, have confidence in that.
And then you get into the weeds of this particular bank.
You know, first of all, the FDIC has less than half the cash on hand that they need to bail out depositors at these two failed banks, in spite of Biden insisting this morning that taxpayers won't be on the hook for bailing out depositors of the two banks.
So my question is where's that money going to come from?
The FDIC has 128 billion of cash on hand.
Deposits at the failed banks are 264 billion dollars, according to the latest data that I was able to find available.
Uh yeah, Biden treasury officials asleep at the wheel because inflation was ravaging these banks and their balance sheets.
Charlie Gasparino had a great article in the New York Post about this, explaining that Biden's top treasury officials, you know, were totally out to lunch as these storm clouds were were beginning to gather over America's banking system.
The way he put it was the Biden administration's economic priorities were focused on encouraging investments in woke causes as the markets and economy began stressing out over the Fed interest rate hikes.
SEC uh chief uh Gary Gensler is supported, who's supposedly out there to protect small investors from stock scammers, was busy pushing public companies to make costly and unnecessary disclosures about their carbon footprint.
Janet Yellow, the Treasury Secretary, was more concerned with Ukraine than the U.S. banking system, while musing that the Supreme Court's decision on Roe was somehow bad for economic growth.
So we've had massive spending paired with zero interest rates until inflation forced the Fed to raise rates to stop Biden inflation, and the GOP took the house to hopefully curb you know these idiotic impulses that they have that they think are going to work.
You know, I'll give you one example.
Just days before the Silicon Valley Bank collapsed, in part because their executives were focused on woke programs, uh programs, some five billion dollars worth.
I mean, you you can't even make up this stuff that this is the type of thing that would take place.
By the way, the Silicon Valley Bank CEO sold 3.5 million in shares just two weeks before the collapse.
I'm sure it was a mere coincidence.
And less than 24 hours before their collapse, Silicon Valley Bank, you know, known throughout the tech industry as SVB, hosted a private dinner for dozens of people at Perry Steakhouse and Grill in downtown Austin.
One guy that attended uh, you know, said he ordered uh a specialty pork chop said I was expecting that SV uh B would address the elephant in the room, but nobody said a thing about it.
And Silicon Valley Bank employees, guess when they received their bonuses?
Friday, just hours before the government took over.
Hmm.
That timing seems a little odd too.
But don't worry, Joe Biden is saying the banking system is safe, and he's monitoring what's going on.
And Janet Yellen now says it's safe.
Janet Yelling yesterday said they wouldn't bail them out.
Now they are bailing him out.
By the way, it turns out, you know, we keep hearing about, well, Donald Trump, it's Donald Trump's fault.
No, it's not Donald Trump's fault.
Turns out former Congressman Barney Frank, Dodd Frank, author of Dodd Frank and the banking legislation, he was on the uh bank board of signature bank, the other bank.
You know, I mean, this this is insanity.
You can't even make this up.
You know, First Republic is on the brink.
Bank shares plummet 74% in in pre-market trading.
You know, they're trying to say, well, we've got to contain this.
We can't let this become a contagion, meaning spreading, becoming widespread.
I mean, it's um it's it is that bad.
It really is.
And it's that nerve-wracking.
You know, but the idea that just like the border is caused by Donald Trump, them saying Donald Trump did this is nuts.
Banks didn't collapse under Donald Trump.
We had secure borders under Donald Trump.
Everything they claimed that Donald Trump did, everything was working.
We didn't have Chinese spy balloons under Donald Trump.
Russia didn't invade Ukraine under Donald Trump.
Inflation was was at a very low 1.4% with Donald Trump.
Donald Trump didn't cause the East Palestine train crash either.
You know, Donald Trump didn't need a refugee program.
You know, the budget deficit.
Look at this latest monstrosity of a budget proposal put out by Joe Biden.
It's insane.
But you know, that's what Democrats do.
Silicon Valley Bank imploded in a single day.
It could be that just the tip of the iceberg.
Business insider.
Peter Thiel's founders of fund withdrew millions from the bank.
Why?
Because they read they they they read the deep details in the bank's finances, and they came to the conclusion this isn't being run well.
That's that's that's being responsible to his investors.
You can't you can't single him out and say, well, why did why did you sell out?
Uh because I saw that the underlying finances of this bank were in trouble.
Just like Jamie Diamond saw in November that this was in trouble.
So if they saw it, why didn't Yellen see it?
Why didn't the head of OMB see it?
Uh Shallon De Young.
Why didn't Joe Biden see it?
Why didn't Kamala Harris see it?
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What I told people, I was making a podcast about Benghazi.
Nine times out of ten, they called me a masochist, rolled their eyes, or just asked, why?
Benghazi, the truth became a web of lies.
It's almost a dirty word, one that connotes conspiracy theory.
Will we ever get the truth about the Benghazi massacre?
Bad faith, political warfare, and frankly, bullshit.
We kill the ambassador just to cover something up.
You put two and two together.
Was it an overblown distraction or a sinister conspiracy?
Benghazi is a rosetta stone for everything that's been going on for the last 20 years.
I'm Leon Mayfock from Prologue Projects and Pushkin Industries.
This is Fiasco Benghazi.
What difference at this point does it make?
Yeah, that's right.
Locker up.
Listen to Fiasco Benghazi on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
I'm Ben Ferguson.
And I'm Ted Cruz.
Three times a week, we do our podcast, Verdict with Ted Cruz.
Nationwide, we have millions of listeners.
Every Monday, Wednesday, and Friday, we break down the news and bring you behind the scenes inside the White House, inside the Senate, inside the United States Supreme Court.
And we cover the stories that you're not getting anywhere else.
We arm you with the facts to be able to know and advocate for the truth with your friends and family.
So down a verdict with Ted Cruz now, wherever you get your podcasts.
Hey there, I'm Mary Catherine Hamm.
And I'm Carol Markowitz.
We've been in political media for a long time.
Long enough to know that it's gotten, well, a little insane.
That's why we started normally a podcast for people who are over the hysteria and just want clarity.
We talk about the issues that actually matter to the country without panic, without yelling, and with a healthy dose of humor.
We don't take ourselves too seriously, but we do take the truth seriously.
So if you're into common sense, sanity, and some occasional sass, you're our kind of people.
Catch new episodes of normally every Tuesday and Thursday on the iHeartRadio app, Apple Podcasts, or wherever you listen.
What I told people, I was making a podcast about Benghazi.
Nine times out of ten, they called me a masochist, rolled their eyes, or just asked why.
Benghazi, the truth became a web of lies.
It's almost a dirty word.
One that connotes conspiracy theory.
Will we ever get the truth about the Benghazi massacre?
Bad faith, political warfare, and frankly, bullshit.
We kill the ambassador just to cover something up.
You put two and two together.
Was it an overblown distraction or a sinister conspiracy?
Benghazi is a rosetta stone for everything that's been going on for the last 20 years.
I'm Leon Mayfock from Prologue Projects and Pushkin Industries.
This is Fiasco Benghazi.
What difference at this point does it make?
Yeah, that's right.
Locker up.
Listen to Fiasco Benghazi on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
I'm Ben Ferguson.
And I'm Ted Cruz.
Three times a week, we do our podcast, Verdict with Ted Cruz.
Nationwide, we have millions of listeners.
Every Monday, Wednesday, and Friday, we break down the news and bring you behind the scenes, inside the White House, inside the Senate, inside the United States Supreme Court.
And we cover the stories that you're not getting anywhere else.
We arm you with the facts to be able to know and advocate for the truth with your friends and family.
So down a verdict with Ted Cruz now, wherever you get your podcasts.
All right, so they don't have enough cash.
Joe Biden lies and says it's not going to cost taxpayers a dime for these bank bailouts.
Biden's treasury officials were asleep at the wheel as inflation was, you know, roaring.
Uh they didn't think that these banks had had bought 10-year treasury notes.
Uh they didn't think, or they were buying mortgage-backed securities.
And for them to have to cash in and lose all of that money to even begin to meet their own customers' demand was ridiculous.
But they did have enough money to go to dinner at an expensive steakhouse the night before.
Uh, we did have the CEO cashing out what three and a half million dollars in stock two weeks earlier.
Uh, we did have the Silicon Valley Bank handing out bonuses just hours before the bank collapsed.
Uh bank officials, you know, spending what, some five billion dollars and and bragging about being a woke company.
Uh, why are they being forced to be a woke company?
Because that's exactly what it is.
Silicon Valley Bank commits to five billion in sustainable finance and carbon neutral operations to support a healthier planet.
This is insane.
You know, they're they're more concerned about wokeness.
How much money did they waste?
Five billion dollars worth?
Did they spend the full five billion?
We'll continue.
Solid as a rock, honest, truthful.
This is the Sean Hannity Show.
All right, 25 to the top of the hour, toll-free.
It's 800 941 Sean.
If you want to be a part of the program, I plan this weekend.
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Let me go back to November.
In November, and there's been a couple of people whose names pop out as having been right about Bidenomics from the get-go.
One, believe it or not, it was Obama Summers' job.
Was he Treasury Secretary?
I think it was Treasury Secretary.
I forget.
Anyway, he's been right the whole time about Biden inflation.
He said early on it's not going to be transitory.
Also talked about what needed to be done in terms of raising interest rates and how to do it.
They didn't quite listen to him.
He was the Secretary of the Treasury.
Anyway, and another one is Jamie Diamond, who's the head of JP Morgan.
Now, JP Morgan themselves, they warned in November.
Now, if JP Morgan is warning people in November about this particular bank, Silicon Valley Bank or SVB, then you would think that the government would take note.
You know, one of the things I like to do in my life is listen to smart people.
And then I take their smart information, I process it as best I can, and then try and pass it on to all of you as best I can.
Um because smart people usually they're just people that are really, really brilliant in certain areas.
And I think JP Dime uh Jamie Diamond is one of them.
Um anyway, what they predicted at JP Morgan was that this bank, SVB had sixteen billion dollars in unrealized losses and how it could pose a serious risk, according to an analyst of the report reviewed by the New York Post on Sunday.
Um, and this is after the collapse on Friday.
And anyway, JP Morgan released their now troubling research after holding a deep dive or doing a deep dive uh webinar with SVB CFO Dan Beck, according to the report.
Should the balance of the deposit outflows and inflows persist for longer than expected, another key topic was discussed is the risk that SVB will need to sell underwater held to what's called HTM.
It's mean held to maturity.
I've been telling you that they had all of these uh investments.
They are 10-year treasury investments, their mortgage-backed security investments.
The treasury investments were 10 years.
And now all of a sudden interest rates are going up.
And now all of a sudden the money that they have in treasuries isn't worth anywhere near what the market is performing at.
And they said at the time, should the balance of the deposit outflows and inflows persist for longer than expected.
Another key topic they discussed, the risk that this bank, SVB, will need to sell underwater, meaning at a loss, HTM securities, and realize the losses.
And the focus of the investors, you know, rapidly shifted to the company's 16 billion unrealized losses to their held to maturity securities portfolio, which was extensive.
Uh should the, you know, should this in fact happen, and they need cash.
Well, that's exactly what happened.
And JP Morgan analysts were largely optimistic about the bank and even gave it an overweight rating, meaning the stock's value would increase, but that was temporary.
Um, but you know, there's a reason a lot of these smart people saw this coming because these are people that's their job to read, you know, the fine print and the details that none of us will ever have time to read in our life.
Uh anyway, there's an article out today.
Um, the headline is in the Epic Times, Mortgage Stanley warns investors to sell stock rebounds that may follow the government intervention in the SVB collapse is what they're saying now.
And this is the reason I never give out medical advice.
I don't give out financial advice.
I tell you what I like and don't like, but I always also add, you know, talk to your own financial people and ask, ask them.
But Morgan Stanley is their top investment officers advising investors to sell any rebounds in stock prices that may follow this regulatory support measures since the collapse of SVB, and they suggest selling any bounces on a government intervention to quell the immediate liquidity prices crisis at the bank and other institutions until we make new bear market lows at a minimum.
This was written by Mike Wilson, Morgan Stanley's chief U.S. equity strategist and first reported by Bloomberg News just earlier today.
Anyway, he's considered among the most bearish investment strategists on Wall Street and successfully predicted a stock sell-off last year and the October rebound.
So you're not dealing with a dummy here, something to pay attention to as you move forward with all of this.
But you know, there was uh Andy Kessler writing in the Wall Street Journal today said, you know, he pointed out the amount of money.
Well, first of all, in January of 2020, SVB had 55 billion in customer deposits on their balance sheet.
Two years later, they had 186 billion on the their balance sheets.
Uh he said they're in in many ways they're a victim of their own success because these deposits were often often from IPOs, and you know, they they banked almost half of all the IPO proceeds in the last two years, and most startups had relationships with the bank.
What he pointed out is that a lot of the money, you know, that's a lot of money to put to work, and some of it was lent out, but with soaring stock prices and near zero interest rates, no one needed it to take on excessive debt, and there was no way that SVB was going to initiate $103 billion, $131 billion in new loans.
So the bank put a lot of their money and new capital into higher yielding long-term government bonds and $80 billion into 10-year mortgage back securities paying $1.5% instead of the short-term treasury paying .25%.
So that's a big mistake that was made by them.
Also talked about their wokeness, which I mentioned earlier, which was not wrong either on any point.
Um there is an issue involving NBC and CNBC analyst Jim Kramer.
Um look, I how do I say this in a in a nice and honest way?
Linda, you ever watch Jim Kramer's show?
We actually booked him once.
He was here.
Yeah, how long ago was that?
Oh my gosh.
It was when I first started.
It's over ten years, at least.
Seems like a likable guy.
But you know, he's got this mania kind of stock show, and he's you know, he rolls up his sleeves, and he knows everything.
It's it's too much for me.
I can't take it.
But I watch a show and I'm like, I'm watching and watching and watching, and I'm like, I'm not taking financial advice from this guy.
I'm just not.
Absolutely not.
Um, and anyway, it turns out that the Mad Money host recommended to his viewers, which is very little, by the way.
He does not have many viewers, that they buy shares of this bank, Silicon Valley Bank's parent company, which owns the tech-driven commercial lender, uh, that swiftly collapsed on Friday.
And he called said it was the ninth best performer to date as Ben S V uh B financial.
Uh, and then he told viewers on February 8th that he listed SVB financial among its biggest winners so far in 2023.
Oopsie Daisy.
But I I would I would think that they run a disclaimer before that show.
If not, they should.
I doubt it.
Goldman Sachs said it didn't expect a federal interest rate hike now as a result of this in March, which Jerome Powell had predicted pretty much said would happen last week.
Um, of course, the politics, Joe Biden is blaming, you know, Donald Trump, which is a joke on a million different levels, but um there are a lot of risks to this bailout strategy.
If they guarantee the deposits without congressional approval, they're going to face a lot of legitimate legal questions, that's for sure.
And the White House is going to seemingly choose to jam Speaker McCarthy if markets aren't calmed down, but that that's not McCarthy's job.
McCarthy does have a fiduciary responsibility to weave the American taxpayer unless he's going to buy the lie that we're not going to be the ones on the hook for this.
That's just an outright lie.
And Business Insider, they had an interesting piece about Silicon Valley Bank and how it could just be the tip of the iceberg.
I'm not trying to give you bad news, but it does it certainly has to be looked at as a possibility.
We already have another bank taken over, but the bank's collapse is a byproduct of the Federal Reserve's hiking of interest rates by 1700% in less than a year, once risk-free treasuries started generating more attractive returns than what SVB was offering.
People started withdrawing their money, and the bank needed a quick way to pay them, and that ultimately forced them to sell off their 10-year treasury notes.
And also their market securities.
They had to sell all of that just to stay in business.
And it got to the point where they couldn't afford to do it anymore because the losses were piling up left, right, and sideways.
You know, when you raise interest rates this quickly after 15 years of low interest rates, nearly zero at some points, you know, you really don't have a lot of leverage at that point if you've invested in a long-term treasury bond, for example.
Anyway, so SVB did a thing for the bank, a normal thing under regular circumstances, and it ended up working against them, you know, because they went long term and they should have gone short term because they would they were betting that interest rates would remain low.
Now the Fed is in a pickle.
What is the Fed going to do here?
Because if they raise interest rates again, it you know, what happens in that case?
Does that now spur another round of bank failures?
If they don't raise it, how does it impact inflation?
Uh but anyway, panic had uh already there are some smart people that actually do the reading.
And and the ones like a JP Morgan or Peter Thiel's group, um, you know, people the way it was written up was critical of Peter Thiel.
I'm like, it sounds to me like Peter Thiel and his founders' fund had no money in in Silicon Valley Bank that they had taken it out in large part because they did their research.
Now the question that everyone's asking is this gonna be a contagion?
You know, customers lining up outside of First Republic bank to get their money out.
Dozens of customers lined outside of First Republic Bank and South Cal uh Southern California, eager to withdraw their funds in the wake of the bank of Silicon Valley Bank.
You know, it's um it's this is a far bigger mess than I think most people are really understanding.
And by the way, it's it's having you know an impact on the world economy.
The British tech sector is now seriously at risk after this bank collapse.
That was an article uh written abroad that I read.
You know, from wine country, according to the AP from wine country to London, this bank's failure shakes the worldwide markets.
I think it was the Daily Mail that pointed out this is not a one-off financial markets brace for more pain from Silicon Valley after, you know, and a possible death spiral with First Republic Pac West and signature bank stocks now going down by up to 50%, and tech giants unable to access frozen billions.
He's what is the long-term output output and impact?
Dramatic.
What is Biden's answer?
A seven trillion dollar record budget with massive tax increases, wanting to raise the income tax by by 5%, raise taxes on small business, nearly doubling the capital gains tax.
He wants a tax on unrealized capital gains.
We spent a lot of time on that last week.
A massive increase again on corporate corporations, a Medicare tax, stock buyback tax.
I mean, all none of this is bodes well for the economy.
$7 trillion at a time that we need to be cutting back.
But you just so you know, because of Biden's incredibly uh dumb energy policies, we do have other news.
Saudi Arabia is doing great.
Saudi Arabia's national oil company, Aramco, uh reported record annual profit of 161 billion dollars for 2022, the largest ever by any single energy firm.
Oh.
I guess because when you artificially reduce the world supply of oil, like Joe Biden did, then uh guess what?
They're gonna get rich.
And we could be more rich than them because we have more natural resources than them.
And we have a national uh natural alliance and customer base, and that would be Western Europe that needs it desperately.
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You're on the Sean Hannity Show.
All right, a lot of ground to cover today.
Uh, Jim Jordan will be with us.
Congressman Ohio, also the chairman of the all-important House Judiciary Committee, uh, discussing his hearings, his approach to all this.
We'll also get his take on this banking issue.
Uh, also our economist Steve Moore and EJ uh and Tony are going to be with us.
We'll get their take on this banking disaster.
And I know a lot of you have a lot of questions.
Um the best advice I can give you is listen to the smartest people you know, check in with every financial advisor you like and respect, and get their take on it.
Uh anyway, 800-941 Sean uh is our toll-free telephone number.
You want to be a part of the program.
Quick quick break, Jim Jordan next as we continue.
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