EPISODE 417： THE SILICON VALLEY SWINDLE
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Summary
Tonight's top story: When is a bailout not a bailout? Guess what, it's a bailout. Second, why are so many young Americans not working? How is this all tied together? And lastly, will this fear, uncertainty, and doubt lead to a run on the banks? We have a lot to get into tonight, folks.
Transcript
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Ladies and gentlemen, welcome aboard tonight's edition of Human Events Daily, powered by
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Turning Point USA. Today is March 13th, 2023. Anno Dominic. Tonight's top story is the Silicon
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Valley swindle. When is a bailout? Not a bailout. Guess what? It is a bailout. Second,
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why are so many young Americans not working? How is this all tied together? And lastly,
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will this fear, uncertainty, and doubt lead to a run on the banks? We have a lot to get into
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tonight, folks. So let's start. Human Events Daily. I want to take a second to remind you
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Obviously have made a decision to make sure the economy doesn't collapse. I've abandoned free
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market principles to save the free market system. I think when people review what's taken place in
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the last six months and put it all in one package, they'll realize how significantly we have moved.
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And I'm so sorry we're having to do it. I'm not real happy about the fact that there have been
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excesses in the financial markets which are affecting hardworking people and affecting their
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retirement accounts. Having said that, I'm very confident that with time, the economy will come
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out and grow and people's wealth will return. Look, the bottom line is this. Americans can rest
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assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will
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not stop at this. We'll do whatever is needed. On top of all of it, let's also take a look at a moment
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to put the situation in a broader context. We've made strong economic progress in the past two years.
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We've created more than 12 million new jobs, more jobs in two years than any president has ever
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created in a single four-year term. Unemployment is below 4% for 14 straight months. Take-home pay
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for workers is going up, especially for lower and middle-income workers. And we've seen record
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numbers of people apply to start new businesses, more than 10 million of them, more than 10 million
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applications over the last two years, starting businesses. Now we need to keep the program,
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this progress going. That's what swift action that my administration over the past few years
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is all about. Protecting depositors, protecting the banking system, protecting the economic gains
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we've made together for the American people. We've got to protect it all. We've got to protect
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the system. We've got to protect our donors and our supporters, because that's what it really is here
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for Biden, for all of this. 98%. We pulled, we pulled the numbers over the weekend. 98%
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of tech company donations went to the Democrat party, Democrat members of the house and Senate,
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the number one donor of Silicon Valley bank last year, according to open secrets.org nonpartisan center
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president Joe Biden. Joining me to walk through all of this insanity, the editor-in-chief of human
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events and the post-millennial Ms. Libby Evans. Hey Jack, how's it going? Well, it's, it's crazy out
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there and it feels like we're in this situation where suddenly all of the people, all of these
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mavens of Silicon Valley and the tech industry that we're told are the greatest innovators. They're
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the smartest of the smart out there. They're the ones that are better than us. They're paving the
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way to the future and they can't seem to actually run a bank. Libby, why is that? Yeah, that's a really
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good question. Why can't they run a bank? I think what we have, um, in the tech sector are depositors
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who, um, when they're not filling their coffers with, uh, you know, money from VCs are actually
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rapidly spending it. Tech companies typically, um, the past few months have been spending an
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awful lot of money, making an awful lot of withdrawals, writing a lot of checks, and they
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haven't been putting a lot of money back in the bank, um, which led to a depletion of assets for sure
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for SVB. But so, so, I mean, I get that that's what happened. I understand that a lot of this is
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because of Biden spending the raising of rates, but when we see interest rates rise and zero hedge was
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talking about this the other day, it always seems like the fakest part of our sector always blows up
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first. And in the, in the late nineties, that was.coms in 2008, it was the subprime mortgage
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crisis. And now of course it's Silicon Valley, because you look at the amount of funny money
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that the fed has been spending and spreading throughout this system that we talk about it all
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the time, because Libby, even over at, at post-landial, I know you guys cover it. I know
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we cover it at human events. They haven't even been putting it behind assets that make any sense
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anymore. Now, when they get this money from the fed, they get, you know, money printer go burr
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and they're putting it behind every single ESG project that they can find. And they use,
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use the ESG score. And isn't this a huge function of the Silicon Valley bank?
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Yeah. Well, a lot of tech companies do pour all of that money and SVB pours money into that for
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their own, uh, for their own DEI and diversity initiatives. Um, the, you know, the bank itself,
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I've seen reports has been doing that as do so many of these tech companies, you know, they hire
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diversity experts to pay them hundreds of thousands of dollars a year and make sure that they are
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elevating and promoting people with the right skin color and with the right, uh, identifiers and what
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have you. And I really do think that, uh, that, that is exposed here. I think there's a number of other
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bubbles too, that we're going to see exposed. We're already seeing issues with student loans,
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the complete uselessness of the tuition that colleges charge, um, for students to attend their
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universities and study all of this diversity and inclusion and equity garbage, uh, so that they
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can all graduate and go get these jobs, um, and build up this massive diversity, uh, spending bubble
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that, um, you know, here we see the collapse of that. Clearly the color of a person's skin or their
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lived experience or how inclusive their identifiers are should have absolutely no impact on how they're
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hired and what kind of jobs they get to do or, you know, are elevated to do. It's totally absurd when
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we look at it from a civil rights perspective and from the perspective of, you know, Dr. King and other
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great civil rights leaders, um, who knew that the color of our skin is not the thing that should
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elevate us. It's simply, well, and it's exactly that because what they've done is they've been
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given, they've been handed the keys of the kingdom with all of this money from the fed. They're told
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basically, if you can talk a good game, if you can get on the hype train, if you can get access to a
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lot of this is VC money, by the way, we have to point that out that once you get access to that,
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they're going to give it to whoever's the wokest, whoever the biggest disruptor is,
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whether the loudest voice in the room is, and they're not actually looking at any of the
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fundamentals in many of these cases for a lot of these businesses. And yet people are making
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tens of millions of dollars off of this. We hold on one second, because Libby, we're going to come
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right back. We have to take an obscene profit timeout right here because a lot of people complain
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about the state of our country and the way woke corporations, as we've been talking about,
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The ninth best performer year-to-date is SVB Financial, don't yawn. This company's a merchant
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bank with a deposit base that Wall Street had mistakenly concerned about. SVB, it's the old
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Silicon Valley Bank, recently bought one of our favorite research firms, Moffitt and Nathanson,
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and it's become less dependent upon private equity and venture capitalists offerings. Wait a second,
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those dried up last year, they could come back. Yeah, some of the come back here with the stock
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directly affects an oversold position. Stock was the fourth worst performer in 2022. I think the
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fears were not justified, and it's a very compelling situation. Hey, by the way, long-term private equity
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and venture capital, they're not going away. Being the banker to these immense pools of capital
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has always been a very good business. Stock's still cheap. Now, you have to remember that a stock
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that falls 66%, like SVB Financial did last year, it takes it a lot more to recover. After losing
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two-thirds of your value, you need a 200% gain to get back to even. This is arithmetic. Some people
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call it geometry. So you could argue SVB's nearly 40% rally this year is barely a drop in the bucket,
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and that's how I want you to think it. I think it's also a good example of why these bounce-back
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moves might be far from over. These stocks should have more room to run, especially if you think they
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were driven down to artificially low levels by tax law selling, artificial dumping.
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Look, we see this again, and we're back with Libby Emmons. Libby, so Bernie Marcus, the founder of
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Home Depot is out there, and he's got this piece where he's saying, look, maybe the American people
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will finally wake up and understand that we are actually living in very tough times. So when
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you're living in tough times, you have to tighten your belt, and the American people already know
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that, right? I think most Americans have seen the inflation going up. They've seen the prices going
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up. They've seen their dollar not being able to stretch as far as it was. And another thing too,
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and I'd love to get your take on this. Where are the workers? Nobody wants to work anymore. Nobody
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wants to do it as Libby. We've been doing, okay, so just, just take, put a pin and all that. We go,
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and we've been doing breakfast for dinner on every Sunday night with the family. So, and we've been
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doing no, no screens on Sundays. So Sunday's like family fun day. Now there's no screens. There's no
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TVs. There's no movies. It's just us and the kids. And we like to go out and do something.
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So we're out, we went to those, one of those like indoor parks with the trampolines and stuff. And
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we just have a ton of fun. And afterwards we're like, okay, let's go to a diner. And I said,
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well, I have the last couple of weeks. Let's, let's try the Denny's near our house.
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Libby, we go to the Denny's. There were like two people working there. And actually when we went to get
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a, a seat, the, you know, server slash hostess slash everything manager said to us, look, I'm just
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going to be honest with you. Uh, it's going to be a 35 minute wait. And I have no idea when your
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food's going to be ready because we've got one person working behind the counter and she's a
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server. She's not even a cook, but she's cooking the food tonight. And then I just kind of like,
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I realized as I'm looking around that there are signs up all over the entire diner that say help
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wanted now hiring, et cetera, et cetera. So this is the crazy part. Inflation is all over the plate,
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all over the map. Yet at the same time, nobody wants to work where I remember working in food
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services. That was like, that's what you did when you were in high school. That was like a great first
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job for a lot of people. Um, most people I know that are, you know, like, you know, millennial or,
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or about their, had their first job in, in food services or landscaping, general constructions,
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contracting, that kind of thing. What's going on? Yeah, I don't know. My first, my first job was
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when I was, I think, uh, was I 18? I was 18 years old and I was scooping ice cream for the summer.
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So working under the table and eating all the gummy bears, but yeah, I could totally see you scooping
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ice cream and eating gummy bears. Yeah. But yeah, I don't really understand why people aren't working.
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I worked a, I worked a job from the time I got that job when I was 18. I worked throughout college.
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I, I mean, I've been just working this whole time. I don't understand how these people who are not
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working, I don't know how they are eating. I don't know how they are driving around in their cars or
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getting anywhere. What are they doing? Why are they not, are they not working? Why are they not
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interested in doing something productive and earning their own money? I am so, I love having my own money.
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I gotta say, I love spending my own money. I think it's also, I think it's also because
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I don't know where these people are, how they're existing. I think it's also because three years ago
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during the lockdowns, we, we started sending money out to people for free. And, and I understand that
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by the way, I did understand it at the time because I said, look, if the government is causing you to lose
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your job, causing you to not be able to work, then, then the government should step up and pay
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its dues. But here's the issue that that led to, I think for a lot of younger people is that suddenly
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they were told that you don't have to work and you get money and that you can sit around.
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No, they're not. But I think what they're trying to do, I think what it broke was that loop of
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understanding that, you know, you've got to put in some time or, or generate some value to receive
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money. And so what a lot of people did was they put that into crypto, they put that into stocks,
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they put that into stuff like Silicon Valley bank. They were speculating on it like crazy.
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And so the crypto market has unfortunately taken it on the chin big time, absolutely big time.
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Even though I will say that there is, there's been some life in Bitcoin today. Bitcoin is actually
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up over, over the last couple of days. So we'll see because people are, are spilling into it as
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they're spilling out of other places, but we'll see if that continues. But just in general, crypto
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has taken it on the chin. And so people are thinking that like, you know what, there are easier
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ways to make money than making pancakes and flipping sausage.
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There may be easier ways to make money and perhaps you can get your money to work for you, but
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Yeah, I put a while back as an experiment, I put $300 into Bitcoin. And you know, it's enough money
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that I would like to not lose it, but it's not so much money that I'm gonna, you know, die if it
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disappears. And I keep hoping that it gets back up to 300. So I could just take it out.
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You know, that was kind of the deal I had with myself. It's like, it comes back. But the thing
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too, that I don't understand is why people aren't interested in being productive, aren't interested
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in pursuing goals and making their own way in the world and making sure that they provide for
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I would argue before, before, because we're coming over in the segment, but I would argue
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it's because of stuff like this. They see people getting bailed out. They see Silicon Valley getting
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bailed out. They see the government coming in and saying, Oh, by the way, we're not just going
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to cover up to 250,000. We're going to cover your entire deposit. Good luck turning that off,
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by the way. Good luck turning that off. So now every, every deposit unlimited is, is going to be
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covered. So what happens when, uh, you know, a regional bank in the Midwest goes down, you're
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going to cover that too. Are you going to cover everybody? You understand this is never going to
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stop. And so people see that and they say, well, if money's all just flying around, why should I go
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sit behind? Why would I go behind the counter and work under the table for a couple of bucks and a
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couple of extra gummy bears on the side when there's all this, all this other funny money
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just floating around in the system? Yeah. I mean, I think that it's really a shame and I think that
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it is a failure of imagination and human ingenuity when people do not feel compelled to go earn their
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own living and provide for themselves and their families. It's really a shame. And also the full
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depletion of the, uh, you know, insurance funds that is there to, um, secure the 250 deposit,
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thousand deposit limit that the FDIC has set. That's basically going to get completely depleted
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now. And the Biden administration is very happy to, uh, destroy the savings of the American people.
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They've spent all of our oil reserves, you know, not all of it, but like they've spent a ton of our oil
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reserves totally recklessly. Um, and we're still seeing Saudi profits on oil, like through the roof
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this year. Um, I just, you just have a sense that they don't care about our future and they certainly
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don't care about, you know, the value of the American spirit. Libby, hold that thought because
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we are going to come right back from the break and I want to get into it more.
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Obviously have made a decision to make sure the economy doesn't collapse. I've abandoned free
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market principles to save the free market system. And I think when people review what's taking place
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in the last six months, uh, and put it all in one, in one, you know, in one package, they'll,
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they'll realize how significantly we have moved. And, uh, I'm so sorry we're having to do it. I'm not
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real happy about the fact that there have been excesses in the financial markets, which are
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affecting hardworking people and affecting their retirement accounts. Having said that, I'm very
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confident that, that with time, the economy will come out and grow and people's wealth will return.
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So that was George W. Bush, December, 2008, the height of the financial crisis with an infamous clip.
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I had to abandon free market principles to save the free market system. That clip has been almost
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completely scrubbed from the internet. Our team here had to dig and dig to find it. YouTube,
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nowhere to be found. Just regular, uh, using front page of Google. I need that nowhere to be found.
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We were able to find it finally on a left-wing blog that had actually clipped it and uploaded it
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from CNN, CNN.com, nowhere to be found. The regime gets rid of the videos. They don't want you to find.
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And here's, what's amazing about that. Because if you remember, he's listened to that clip.
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He's not talking about the whole system. He says, he's just talking about the auto companies.
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But if you remember what Raheem Kassam said here a few weeks ago on our Sunday special, he said, Jack,
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this has been the entire system since 2008. That was the phrase where the federal reserve has been
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pouring money into every single one of their latest things, their current things, whether it be
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wokeness, whether it be ESG, whether it be climate, whether it be pharma, whether it be vaccines,
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whether it be Ukraine, whether it be this thing or that thing, they just turn the money printer on
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and go for it. And the problem is, if you go for them, if you go back and listen to that clip,
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it sounds like he's talking about the audio industry, when in reality, they used it for
00:20:06.220
everything. And who ended up, and Libby, by the way, bring you back in. You remember, you know the
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answer to this one. Who ended up owning all of those subprime loans? Who ended up taking control of
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so much of the housing market in this country, transforming us from a home ownership society where
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we owned things, right? You see where I'm going with this, where we owned things to where Wall
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Street ended up owning so much of the single family homes in this country.
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Yeah. And that was really a shame, you know, because that, well, first of all,
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it tanked our entire economy. But also all of those people who had bought homes, hopefully
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were not able to keep them, you know, and all of that debt completely destroyed everything.
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And so many people's retirements were all wrapped up in that. We saw that with the crypto collapse
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earlier at the end of 2022. There were Ontario, the Ontario Teachers Union had money
00:21:07.260
in Sam Bankman-Fried's project and lost all of it. So what happens is we have these big
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financial outlays. Everybody in the society, everyone in our economy trusts it all the way
00:21:22.020
down. People put their pennies into it and it all, it all falls apart. And then we have people
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talking about raising the retirement age. Well, cause we're not. And then who comes in,
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who comes in? It's BlackRock. It's Blackstone. It's the World Economic Forum saying you can't own,
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they're going to buy all these things at a fire sale, by the way, all these startups,
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all these things that didn't have any money, any, any money that only existed on paper.
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And Libby, here's the amazing thing for us, because we saw over the weekend, I know you saw
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more than I did because I took Sunday off of social media, this, this idea that it's not the 1920s
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anymore. It's the 2020s now. So it's not just, you know, the groups of people sitting on the,
00:22:06.540
the floor of the New York Stock Exchange. We've got Twitter, we've got social media,
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and that is where the fear, uncertainty, and doubt is spread like wildfire by people who say the
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only way, the only way to fix everything is for Uncle Sam to step up with the money printer. And when
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they do that, by the way, that's only going to eventually make the prices go up. It's going to make
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inflation go up. The U S taxpayer will be on the hook for this because if the Katiyan effect that
00:22:37.380
we've talked about here for years at this point on this program, at least two years now, we've been
00:22:42.180
saying that when you give the gold to the people closest to the King, the people closest to the
00:22:49.180
throne, then they go out and start making purchases in the market. You know who it affects the little
00:22:54.280
guy at the far end. And who are these taxpayers? If no one's going to work, where is the tax money
00:23:00.860
going to come from? Exactly. That's exactly right. That's weird. This is a, what, how can, how Libby,
00:23:08.320
how can you run a country like this? How can you run an economy like this? This is not looking so
00:23:13.220
great. You know, it's interesting because I often have the idea that, you know, the country should
00:23:18.220
be open and we should have trade and all of this stuff. And increasingly, and, you know, probably
00:23:24.240
backwardsly, I keep thinking, you know what, just, just shut it down. Just close it up, shut it down.
00:23:30.120
Let's get our house sorted and then let's figure out what we're going to do, you know, like bring
00:23:35.460
home the factories, bring home the, all of the manufacturing. Let's, and let's go back to work.
00:23:41.540
Let's remember that. I mean, Joe Biden talks all day about, you know, the value of a hard day's work
00:23:46.600
and all that stuff. And he's facilitating a country where no one knows how to lift a finger. No one
00:23:51.500
knows how to get any work done. It's not a bailout. It's not a bailout. It's just increasing the
00:23:58.440
liquidity, right? How are you doing that? We're just, we're taking on, we're, you know,
00:24:02.600
we're increasing the federal balance sheet. It's totally not a bailout. Okay. It's, it's
00:24:06.520
definitely a bailout. It's definitely a bailout. Like just because you're using money that you
00:24:10.560
already have and you don't have to go get the money before you spend it. That doesn't mean it's
00:24:15.220
not a bailout. You know, that's a ridiculous concept. And in the UK, the UK government bought
00:24:21.900
their branch of Silicon Valley bank, I think for a dollar or HSBC bought it for just a dollar,
00:24:28.480
something like that. It's absolutely a ridiculous way to go about doing things. And what happens to
00:24:33.460
all of these companies now? Like they're just going to keep spending exactly the way they were
00:24:38.040
spending in the first place. They're not going to have to change anything. They're not going to
00:24:44.160
have to do a thing. You know what that's called? That's called moral hazard. You've created
00:24:48.320
moral hazard. And anyone, by the way, who's a parent understands this.
00:24:53.340
And they probably have savings because they probably sold off their shares before this
00:24:57.120
whole thing happened anyway. I mean, it's absolutely like, I don't know why the thing
00:25:02.620
with the not working, like that really gets to me because I've worked this whole time. I'm
00:25:07.480
perfectly happy to work. I'm happy to, you know, support my son, support myself, you know, have money
00:25:14.540
if it's needed. I don't know why other people don't want that. Like when I raise, you know,
00:25:18.660
I'm raising my son and I say, you're going to grow up to being a strong and resilient man who can
00:25:23.420
support himself and his family and clean up after himself and take care of the people he loves.
00:25:28.340
Don't we value that anymore? Don't we value our own labor and our ability to make our own way in
00:25:34.340
the world? I don't want anyone giving me anything. I think we need to question who exactly are the
00:25:41.220
people that are trying to make us devalue those things. Libby Emmons, the editor in chief of
00:25:47.260
human events, my boss kind of sort of, uh, over at human events. Thank you so much for joining us
00:25:52.360
today. I love saying that for being here. Obviously you have no boss. We are, we are completely out of
00:25:58.020
time, completely out of time. Ladies and gentlemen, as always, you have my permission to lay a short.