It's the most dangerous time in world history since the late 1930's and early 1940's. We have two converging crises, a crisis of capital markets and economics, and an economic and geopolitical crisis, and they're converging rapidly, and once they conflate, they're going to spin out of control.
00:01:45.640the interest rate the interest rate the 10-year treasury at in the evening of 3 november when fox
00:01:57.360news illegitimately called it for the opposition and not donald j trump of which our of which our
00:02:05.820nation has never recovered of which has never recovered the interest rate in the 10-year
00:02:10.940straight was 0.8 percent 0.8 percent today for the first time and god knows when the entire
00:02:20.000structure of our interest rates from one month treasuries to 30-year treasuries went over four
00:02:26.000percent do you understand that the system is set up of debt it cannot take those type of interest
00:02:33.280rates you will be absolutely crushed and the people crushed the most are the millennials that not now
00:02:39.020have nine trillion dollars of debt you are they are going to be russian serfs they're not going to
00:02:45.160own anything with no possibility of owning anything professor robini just told us about about the financial
00:02:51.820aspects of it we're going to have recession inflation stagflation depression debt crisis dr doom who
00:02:58.720called 2008 said it's only going to get worse because the world's got 30 trillion 300 trillion
00:03:04.800dollars of debt now let's talk about the united states right what do we have 32 trillion dollars that
00:03:10.760that's nothing the cbo reports you're going to have another 20 trillion dollars of debt in 10 years
00:03:16.440you're going to be paying a trillion dollars a year in interest payments it's not sustainable
00:03:22.520who got us here with joe biden yeah but he got here because of the compromise made by the
00:03:29.900establishment republicans in the senate they took away the gavel from you what are they doing right
00:03:36.400now you need dramatic you need dramatic dramatic cuts you need dramatic cuts in spending right now
00:03:42.420and not one penny increase to the debt ceiling not one penny if you prioritize the payments if you
00:03:50.880prioritize the payments the can there's plenty of cash the cash comes in we pay off the interest we pay
00:03:56.040off any securities that come due we never default in the debt ever we pay off social security and
00:04:01.280medicare and then we have to have a conversation right we have to have a conversation it's not an easy
00:04:06.940conversation all the easy decisions of decades ago uh we we know the president you know had to be sort
00:04:13.740of convinced over the weekend to get this done uh but was was told look the risk of a contagion was
00:04:18.780was so high they felt like they had to do something uh and he emphasizes helping small businesses rather
00:04:24.400than you know the crypto community and uh silicon valley but it's certainly instability we saw the markets
00:04:31.200react yesterday what's the fear of perhaps global impact could there are banks around the world that
00:04:37.580could be uh impacted by this well i think first of all there was i was here i lived in washington in
00:04:43.1402008 in the global financial crisis and there was this is nothing like that but that kind of
00:04:47.540sense of deja vu when you had reports over the weekend you know regulators meeting and then the
00:04:52.900sunday night press release this this this brought back it was brought back terrible memories of that that
00:04:57.800period i think there is a sudden recognition from this that actually you know the impact of the sharp
00:05:06.720rise in interest rates which was sort of the underlying cause of um or part of the underlying
00:05:11.040cause of silicon valley banks failure um that is going to have knockout effects and the reason that
00:05:15.720you're seeing all of these bank share prices tumble is that there's a sudden kind of oh my goodness which
00:05:20.660are the other weak links where are the other banks and in in in the aftermath of 2008 there was a very
00:05:26.480big push to clean up and to strengthen the banking system to recapitalize it and to to really put in
00:05:32.320rules that would prevent kind of you know major systemic risk from banks and what actually happened
00:05:38.280was that you know that did that really did happen to some point but two things have happened since
00:05:42.960then one is that there's been there was regulatory rollback in 2017 and 2018 and silicon valley bank
00:05:48.560they lifted they used to have a limit of any bank which had more than 50 billion would have to be
00:05:53.920subject to this extra regulation extra supervision and would have to have a plan in place for how to
00:05:59.400deal with a crisis how to how to kind of deal with its own demise and silicon valley bank would have
00:06:05.360been covered by that was covered by that but there was a big push in in the mid-teens particularly on
00:06:09.980the trump administration that this was regulatory overkill it was too much of a burden for small and
00:06:14.020medium-sized banks and therefore the limit was raised it was raised to 250 billion and silicon bank
00:06:19.640was no longer covered and therefore it was able to kind of go on the bender that it did go on and
00:06:24.340now the question is how many other banks are actually weaker than people thought they were
00:06:29.240and that kind of question i think is going to be had around around the globe
00:06:32.740again with cpi ahead of next week's fed decision on interest rates a lot of interesting internals
00:06:51.080jim used cars we were worried about down to uh two eight a month yeah okay index for rent is up 0.8
00:06:58.860and we've been just reading a lot of stories about how rent has peaked that's very important
00:07:03.760uh lodging away from home well you know we're now hearing that maybe people are at their
00:07:08.240last leg in terms of spending for going away uh morgan stanley on consumption and then airfare is
00:07:15.680definitely a problem there's no doubt but if you're going to stop traveling as much or you could
00:07:19.580say that united is saying the opposite airfares actually are still up and then i look at this
00:07:24.980overall and i just say well it's not a great number it's not a spike the trend line's okay
00:07:32.300it gives the fed ammo to be able to do 25 without making us feel like uh that they're going to put
00:07:38.800the system under given the fact that we got the the somewhat explicit guarantee from treasure
00:07:43.520and then maybe the most message is from the place of posting
00:08:12.200And then maybe the most newsworthy response that we received was from Florida Governor Ron DeSantis.
00:08:17.600DeSantis has well-known views on many topics, of course.
00:08:20.340But until tonight, no one could really say with precision where he stood on the war in Ukraine, which is arguably the most important topic in the world.
00:08:37.200Quote, well, the U.S. has many vital national interests.
00:08:40.500DeSantis writes, securing our borders, addressing the crisis of readiness within our military, achieving energy security and independence and checking the economic, cultural and military power of the Chinese Communist Party.
00:08:50.680Becoming further entangled in a territorial dispute between Ukraine and Russia is not one of them.
00:08:57.780Without question, he writes, peace should be the objective.
00:09:00.820The U.S. should not provide assistance that could require the deployment of American troops or enable Ukraine to engage in offensive operations beyond its borders.
00:09:10.500F-16s and long-range missiles should therefore be off the table.
00:09:15.020These moves would risk explicitly drawing the United States into the conflict and drawing us closer to a hot war between the world's two largest nuclear powers.
00:09:26.020DeSantis goes on to oppose the policy of regime change in Moscow, which is very popular in Washington.
00:09:31.460And he points out that the Biden administration has created an alliance between Russia and China, and that's a disaster for the United States.
00:09:38.380Quote, we cannot prioritize intervention in an escalating foreign war over the defense of our own homeland, especially as tens of thousands of Americans are dying every year from narcotics smuggled across our open border.
00:09:50.240And our weapons arsenals, critically for our own security, are rapidly being depleted.
00:10:00.100Tuesday, 14 March, in the year of our Lord, 2023, in the converging crises, the geopolitical war on the Eurasian landmass, also our war with the Chinese Communist Party,
00:10:15.580from Point Loma, where a submarine deal was cut yesterday, to Bakhmut, really the greatest battle of the 21st century, where Zelensky staked it all.
00:10:26.040And you can't deny the courage and really resilience of the Ukrainian civilians and armies as they're getting pounded.
00:10:34.080But the other part of that, the global meltdown in banking and finance and capital markets.
00:10:41.600Senator Vance from Ohio is going to join us in a second, who's on the Senate Banking Committee, and obviously very concerned about the folks.
00:10:49.540He's the first real politician to get out to East Palestine.
00:12:01.140Americans are working harder to get poorer for 24 consecutive months now, the worst streak in all of American history.
00:12:10.800That is the economic reality being experienced by Americans because of what Joe Biden and permanent Washington have done because of their massive policy failures.
00:12:22.260He gets most of the blame, of course, and he deserves most of the blame.
00:12:24.840But it's also collaborationist Republicans like Mitch McConnell, like Tom Cotton, who voted for that omnibus monstrosity.
00:12:32.440OK, these are the real world consequences.
00:12:35.540And this CPI report this morning, the headline number was bad.
00:12:39.060The details, Steve, were even worse because the necessities of life, forget about the luxuries, the necessities of life are still rising at a double digit rate.
00:12:47.400Things like groceries, OK, food at home, things like bread.
00:12:51.480Bread was up 15 percent electricity double digit gains.
00:12:56.140OK, the staples of life are rising dramatically.
00:12:59.160And to your point, Steve, the Fed is now trapped because of the Fed raises rates to fight this inflation, which I believe it must.
00:13:06.960But if it raises rates, it risks an even worse banking crisis.
00:13:14.940You have to understand, ladies and gentlemen, that we've come to this inflection point, as we told you we're going to come, because of the destruction of the economy, because of Biden's direct economic policies.
00:13:25.900Please don't be diverted with the wokeness of these institutions are clearly woke.
00:15:42.100Whether physical gold and silver in your own safe or through an IRA and precious metals, where you can hold real gold and silver in a tax-sheltered retirement account.
00:15:54.280Birch Gold has an A-plus rating with the Better Business Bureau and thousands of satisfied customers.
00:16:00.060Text Bannon to 989898 for your free info kit on gold and to claim eligibility for your free home safe by March 31st on qualifying purchases.
00:16:25.180Senator Vance, we've got a lot to do on East Palestine.
00:16:27.600We'll get to you with you later on that because you're the tip of the spear.
00:16:31.480Tell me about, you sit on the Senate Banking Committee, your thoughts of this debacle that's been created by Joe Biden, sir?
00:16:37.180Yeah, well, first of all, of course, Steve, you have massively rising interest rates caused by the runaway inflation spending from the Biden administration.
00:16:46.420That's putting a lot of pressure on a lot of local banks.
00:16:48.760Now, that's not to defend the Silicon Valley Bank, which let's be honest here, Steve.
00:16:54.580Over 90 percent of their deposits were uninsured deposits.
00:16:58.920And they just caused a massive problem in their balance sheet.
00:17:02.680And here's what I want to talk about, Steve.
00:17:05.200So there are two separate issues that are getting confused by the mainstream media and the establishment on this issue.
00:17:11.920What happens to Silicon Valley Bank is one issue.
00:17:14.760Whether we have a bank run and a financial panic is a second issue.
00:17:17.700My view, Steve, is that we could have prevented a bank run without bailing out SVB.
00:17:22.880And let's be honest, that's exactly what we did.
00:17:25.320What we basically did is we're going to charge community banks higher fees to put more money into Silicon Valley Bank to bail out depositors.
00:17:34.540I think that's a catastrophic decision.
00:17:37.200And I actually talked to the Treasury Department, the FDIC, I believe, yesterday, Steve.
00:17:41.300And the question that I asked them, and I did not get a good answer, was, are we now a country where there is not such a thing as an uninsured bank deposit?
00:17:49.320Are you guys saying that you're going to backstop every bank deposit in the country, even when it's multimillion dollars from multimillion dollar tech enterprises?
00:18:01.960We just created massive moral hazard in the financial system.
00:18:05.860We basically said we're going to bail out any deposit or anywhere, no matter how wealthy they are.
00:18:10.960That's going to cause a lot of risk, Steve.
00:18:12.940And that's going to create some real, real systemic risk in our banking system.
00:18:16.360So, Senator Bantz, you're breaking some big news here.
00:18:20.060You mean you actually talked to the people of FDIC and they didn't give you – because there's 19 – I think there's $19 trillion of overall deposits.
00:18:27.300I think there's $5 or $6 trillion of uninsured.
00:18:30.260They didn't give you a straightforward answer as a member of the banking committee about what the logic is here and what their plan is?
00:19:18.360The Fed could have said, we will be the lender of last resort.
00:19:21.800We're not going to let community banks go out of business without doing this to SVB.
00:19:26.280How was the decision made to backstop not just our community and regional banking system, but also SVB, which got way out ahead of its skis, took on way too much risk,
00:19:36.320and is now paying the price for it or should be paying the price for it?
00:19:40.740You know, the FDIC is going to understand.
00:19:42.620Right now they have – they've guaranteed unassured depositors of – you add signature in Silicon Valley, you're almost at a quarter of a trillion dollars.
00:19:59.160The fees charged to average Americans, Senator Vance, is going to be enormous, and I've got to tell you, it is divine providence that we have a fire-breathing populist who is as smart as they get as J.D. Vance, Senator J.D. Vance, on the banking committee.
00:20:12.920That was divine providence that you got that committee, sir, because you can be the voice of the working man and woman in this country that are basically underwriting this.
00:20:26.980The way that this is going to get paid for, like I said, is by these excess fees on community banks, which means that when you go into your community bank and you notice that you're getting charged higher fees, that money is going directly to Silicon Valley Bank's uninsured depositors.
00:20:43.780We have basically a too-big-to-fail banking system, and what the Fed and the Treasury decided is that too-big-to-fail applies to Silicon Valley Bank.
00:20:55.960It applies basically to the entire banking system except, Steve.
00:21:00.500I bet that they would not bail out the small, mid-sized bank in Middletown, Ohio.
00:21:06.120I guarantee that they're not going to bail out some of these farmers and local credit unions if they suffer financial problems because they're just not going to treat them the same, and they don't have the same well-connected friends in Washington, D.C.
00:21:18.380And that's the lesson we've got to take from this.
00:21:20.860Whatever you're going to do, you've got to tell people proactively.
00:21:24.920You cannot change the rules after the game has already been played to bail out a lot of donors of Democratic special interests.
00:21:32.860East Palestine, Ohio, you have a voice in the banking committee because, trust me, if the bank in East Palestine went under, they would just sit there and go, hey, tough break for some swell folks.
00:21:43.180Senator, we know you've got to bounce.
00:23:04.500This is because of the oligarchs of big tech.
00:23:07.040As you correctly pointed out yesterday, Steve, on the show, the venture capital firms could have easily financed the near-term financial needs of this industry, okay?
00:23:19.640This would not have been a systemically risky event had it been allowed to fail.
00:25:34.980And I think far too many people on the right, from the media appearances that I've watched and read, you know, over the last 24 hours, far too many people on the right are being distracted, okay?
00:25:44.200SVB did not fail because of its wokeness.
00:25:46.820It failed because of Joe Biden's inflation.
00:25:55.260Joe Biden's inflation spurred a bond market rout of epic proportions.
00:26:00.8802022 was the worst year for treasury bonds in the history of the United States, in data going back 100 years.
00:26:10.080And concurrent with that bond market route, stocks also got killed.
00:26:13.800So I believe that in total, it was the worst capital markets year in all of history.
00:26:19.040The consequences of that kind of portfolio destruction, the consequences include the failure of Silicon Valley Bank and now Signature Bank and what bank is next?
00:26:31.740But here's the other consequence, Steve.
00:26:33.480We have horrific inflation, and the Fed is now unable to try to fight that inflation because the Fed believes that if it does, it will tip the banks into an even worse crisis than they're already in right now.
00:26:55.580There's 19 – but they've given an implicit guarantee of $19 trillion of deposits, I think $5 or $6 trillion of uninsured deposits.
00:27:03.240And the balance sheets on the other side are sitting on these government securities that are only going to get worse over time.
00:27:10.240They have $600 billion of unrealized losses right now.
00:27:15.400This is why you're in the middle of a banking crisis, and they've looked to you.
00:27:19.240These fees, by the way, are coming right back to you.
00:27:21.260The FDIC as we see it now only has at max $125 billion to cover these uninsured depositors.
00:27:28.960If you just do the simple math, at the two banks, it's $250 billion right now.
00:27:34.000I think $150 to $180 at Silicon because it still can't figure it out, $80 billion over at Signature.
00:27:41.400This thing is out of control, and it's 1,000 percent the economic policies of the illegitimate Biden regime coupled with the support they got from the Greek chorus of the collaborationist Republican Senate led by Mitch McConnell.
00:27:56.780Thank God, J.D. Vance and a couple of people there.
00:30:12.480And that's why, remember, we build this show around just one concept, to make sure that working class and middle class people in this nation get as sophisticated a breakdown of what is really important in the world, in the country, and in their world as possible.
00:30:27.720No happy talk, no chasing shiny toys here.
00:30:39.520Dave, there's a lot of controversy about what's happening right now with the capital markets and the economic policy, inflation, all of it.
00:30:48.540A bunch of Reaganites are actually jumping in here.
00:30:51.740Yeah, well, J.D. just laid out a little piece on the moral hazard yesterday all day.
00:30:55.700You were saying who takes the upside, the rich, and who gets the downside, you, the taxpayers, on the hook.
00:31:00.620And then Hankey this morning, Steve Hankey, professor –
00:31:11.260But he says the moves we just made over the past couple days in banking is leading the banking sector to become more of a public utility, right?
00:31:20.600And so you can see this merger, right?
00:31:27.760This move over the last couple days is turning the banking sector into a public utility, basically meaning that the government will regulate, right?
00:31:35.900The critique out of the New York Times and Washington Post and everybody is it's a regulatory problem.
00:31:40.000That's not true because this is an international phenomenon.
00:31:42.880The same thing happened to all the banks because the Fed printed too much money.
00:31:46.060You got inflation, the Fed's raising rates, and this particular bank made bad bets.
00:31:51.300But when you're paying $6 trillion for a government, I don't mind – where's the regulation?
00:31:56.500Ladies and gentlemen, understand something.
00:32:35.200It's like a fraternity house, sorority house, right?
00:32:38.180It's outrageous what they did that – the regulators should have known this back a year ago, right, a year ago.
00:32:45.100What was on their balance sheet and the unsecured deposits and all the other games they were playing, the regulators should have known it a year ago.
00:32:51.280This shows you – in the Biden administration, you're going to find out – and this is why I want to get J.D. back on and talk to him at Banking Committee.
00:32:58.400They knew this on Friday – they knew this, Cortez, and they waited.
00:33:03.720The California regulators had to jump in here because the Fed was not moving on a federally chartered bank, and they didn't want to move because they wanted to get to the weekend and clean up the mess.
00:33:13.760But J.D. Vance dropped a bombshell, and I want to make sure Grayson were pulling this and getting it out.
00:34:06.960You're better – as I keep telling you this – give me the first hundred people that come to a Trump rally that were in Iowa last night with red ball caps on,
00:34:14.980or give me the first hundred people I would meet on Main Street in East Palestine, Ohio, of any – just give me the first hundred,
00:34:22.980and you will have a better-run government than you got with this set of clowns up here that you're spaying $6.8 trillion a year,
00:34:30.320and you just gave them a 5.2 percent raise, Steve Cortez.
00:34:33.540Yeah, and by the way, Steve, to that point, think of how astounding it is that no one in Washington has yet paid a price for these systemic failures.
00:34:42.720The fact that Janet Yellen is still the Secretary of the Treasury, after lying through her teeth to the American people for years,
00:34:50.440telling us that inflation was, quote, transitory, after supposedly being the leader of the American economy
00:34:56.980and the American financial system during this systemic bank failure fiasco, she still has her job.
00:35:04.580How is it possible that Jerome Powell is still in charge of the Fed,
00:35:08.820which now faces an impossible quandary of its own making, by the way?
00:35:13.160Nobody should feel badly for the Fed because it's in this terrible predicament.
00:37:08.080Olivia Beaver's quote, but there is pressure from some within the GOP conference to come down harder on Biden and Democrats and lay the blame squarely at their feet.
00:37:16.740House GOP conference share at least a phonic Republican pushback against comments in the conference in favor of lowering the partisan heat during the House GOP briefing last night.
00:37:28.740Wait, you morons, if you can't understand this in a half hour, you ought to be turfed out of here.
00:37:41.980This is a debacle, and your constituents have got a belly full of – we're not getting down in here, which you guys did in 2008, and stiff these people with this.
00:37:54.160Yeah, Steve, by the way, I believe that's one reason why so many people on the right, unfortunately, good people, dependable people who share our values, but unfortunately they are focusing on the woke aspect of this, which again is immaterial.
00:38:07.280You know, look, we hate woke, of course, and we hate corporate cultural Marxism.
00:38:18.940I believe the reason, though, a lot of folks on the right are going there, Steve, is because they don't understand this, okay?
00:38:24.740And they don't care to do their homework, and it doesn't take long, okay, to understand what happened here in terms of a bond market revolt against Biden's inflation that made normally safe assets suddenly incredibly risky, okay?
00:38:40.760That is the crux of what is going on here.
00:38:42.940And the consequence going forward is that it has put the Fed into a trap where we have inflation that is out of control, and yet if the Fed tries to fight that inflation, it risks massive bank failures, okay?
00:38:57.380So don't – forget about the woke stuff, okay?
00:39:12.660It's the – yes, the venture things were a scam, the loans, but that's not the point.
00:39:17.460The point is it's Biden's economic policies and the government securities they held that blew a hole in their balance sheet coupled with these uninsured – the uninsured depositors.
00:39:31.140But it was holding – it wasn't investments in the woke stuff.
00:39:35.440And by the way, this is also the reason that the VCs didn't want to step in and actually do credit lines themselves.
00:39:41.340They realized, hey, some of these things that get funded, the woke stuff, the Green New Deal crap that gets funded in good times maybe gets on the short block.
00:39:50.460Remember, we started this with the Gore stuff during the Obama thing when they were bailing all the Green New Deal stuff back then in the Obama administration.
00:42:46.260You put in that law, they'll walk around that law, and they're smart guys.
00:42:49.680And in point two, the lived experience of the folks watching this show is what's in the back of their head is we just shut down the entire economy.
00:45:52.600This is one of the great – it's the greatest battle, I think, of the 21st century.
00:45:56.400It's a World War I type of artillery duel that's really taking high casualty rates.
00:46:01.980But the Russians and the Ukrainian army to date still hold – although the thing's surrounded, somebody's surrounded, they're still holding in.
00:46:09.040Also, Point Loma yesterday, this big joint venture, the announcement with the United Kingdom, Australia, United States,
00:47:11.080Listen, since the days of Richard Nixon, who I think was probably the most brilliant foreign policy expert to ever occupy the Oval Office,
00:47:18.540since that time, United States policy in Asia has been to drive a wedge between the two great powers of China and Russia.
00:47:28.220We now see the exact opposite under Joe Biden.
00:47:31.100He has, in fact, compelled them to seek out each other and to engage in a very close alliance, an anti-American alliance of Moscow and Beijing.
00:47:41.460And the new news regarding this is that President Xi, he is entering effectively the power vacuum that has been created by Biden's failures.
00:47:50.960And what I mean by that is that the new announcement is that he is both going to be speaking via phone, via video phone, to Zelensky and visiting with Putin.
00:48:00.320So he is doing exactly what the United States should be doing, what a responsible, real president of the United States would be doing, what Donald Trump would be doing.
00:48:10.640And I have no doubt, as I've said before, that he can negotiate an end to this insane war in Ukraine in a matter of days, OK, if we had his style of leadership and if we had that kind of negotiator in chief.
00:48:23.440But this power vacuum, a power vacuum always gets filled and it is getting filled now by Xi.
00:48:29.280He is effectively becoming the leader of the principal superpower of the world in many respects.
00:48:35.740And that is simply the reality, the very unfortunate and tragic reality right now because of the abdication of Joe Biden, because of his complete dereliction of duty, his several created crises, crises plural, meaning the inflation crisis, the open border and the needless escalation of this Ukraine situation.
00:48:54.380So he is failing miserably across the board.
00:49:22.620Our capital market is still underwriting.
00:49:25.180We could take down the – Lao Beijing could overthrow the Chinese Communist Party in Beijing in 100 days if you cut them off 100 percent from capital, you cut them off from the Swiss system, ability to transfer money, and if you cut them off 1,000 percent of technology.
00:49:39.600It's hard to do that when Sequoia, right, is one of the big financiers of Elon Musk in Twitter, and Sequoia is all over Silicon Valley Bank.
00:49:49.340And I think a third of the companies, a third of the startups of CCP – remember, your money – the government money got shipped to Beijing to make sure that they could bail out their own companies instead of letting those companies fail.
00:50:00.360So you're underwriting – this audience is underwriting all of it.
00:50:03.160Just remember, you're underwriting all of it right now.
00:50:06.260Brett, give us perspective on this Third World War.
00:50:09.240How far – is this analogous to 1938 and 1939?
00:50:13.720Yes, there's no limit on the downside ahead if we get things wrong, and you just kind of triggered me on Frank Gaffney and the Committee on the Present Danger and all the work they've been doing, showing that your pension funds are invested in Chinese weapons systems aimed at us.
00:51:12.860They're walking through how we're underwriting the debt crisis.
00:51:15.680They're giving a sophisticated analysis of how this happened.
00:51:18.960They understand that this is a third world war.
00:51:21.080The whole purpose of the show is that this is a vanguard, and you've never had a vanguard in this country, even in the Revolution and the Civil War.
00:51:28.740You never had a vanguard that was fully informed with the best information out there that, quite frankly, is better than – I mean, look at J.D. Vance.
00:51:37.780He goes and talks to the head guy, the senior people over there, and says, hey, I'm wondering here, are you giving an implicit guarantee to all deposits?
00:51:46.160Or you just – and they say, well, we're working that through, right?
00:51:49.200This audience knew this on Friday, right?
00:51:52.580That's where – and this audience, that's why – pick up your phone, get your email, and give – I'm not going to tell you what to say.
00:51:59.340Just give you the information, but you better have your voice heard.
00:52:02.940Give it to them with both barrels, as we used to say.
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