The GameStop nightmare continues, as Robinhood shuts down small traders, AOC rejects cooperation with Ted Cruz, while accusing him of attempted murder, and the Biden economic cramdown is coming. This is the Ben Shapiro Show, and it's sponsored by ExpressVPN. It's time to stand up to big tech and protect your data. Protect your data at expressvpn.co/ProtectYourData and spread the word to your friends and family about what's going on in the world. Ben Shapiro's new book, "The Dark Side of Wall Street" is out now, and is available for pre-order on Amazon Prime and Vimeo worldwide. It's also available for Kindle, iBook, Paperback, Hardcover, Audio Book, and Audio only version of the Kindle format. If you don't have a Kindle device, you can get a free eReader app from Amazon so you can read, write, and subscribe to my book on any laptop, desktop, smartphone, or tablet device. I'm giving away a Kindle eReader edition for free! Kindle $9.99, $16, $24,99, or $99, and shipping is free for Prime membership starting January 1st, 2020. Kindle Freebie $99.99. Audio Book is also available on Audible $19.95, and Audible is Free! Audible Free, $49, $99 or Audible 49,99 or GOOGLE Free, Free, and G&G is Free, too! All other options are available for purchase at=1.99/month, and $99/year, plus shipping & shipping at +$99/Vimeo Free, shipping is also workspace is also included in the deal. Free shipping policy is available. . Free Training is also being offered at==1p&mt=1s=3p&qid=3s=4s=2s=1f&q&qref=3a&q=3c=3f=1P&q? Thank you for listening to this podcast? You'll get a discount code for this episode? Subscribe to my new book and other links are also available in Kindle $1p=2c=1a=1m & other I'll send you a $5 discount code: 3s=8p=1c=4c=2f=3g=3m=3S=3M=1g=1S=1M=3C=3R=3F=1R=1C=1AQ&3C&c=5S=4M=2C=2S=2M=4S=5C=4C=AQQ&f=4Q&Q&c?
00:00:00.000Wall Street's GameStop nightmare continues as Robinhood shuts down small traders, AOC rejects cooperation with Ted Cruz while accusing him of attempted murder, and the Biden economic cramdown is coming.
00:01:29.000Alrighty, so the big story of the day continues to be GameStop.
00:01:34.000So, if you want to see a YouTube video where I actually explain what the hell just happened with GameStop, we put one up last night where I actually take out the Glenn Beck whiteboard, and I explain to you step-by-step exactly how a bunch of folks on Reddit basically blew out the hedge fund managers by artificially boosting the price of the GameStop stock in order to short squeeze all of these hedge fund guys.
00:01:55.000Basically, all those hedge fund guys, they had short sold the stock, which means that they had borrowed the stock, believing that the price would drop.
00:02:01.000They borrowed the stock, they sold the stock, and then they were hoping that when they had to pay that stock back, they were going to be able essentially to buy the stock at a lower price and then they would pocket the difference.
00:02:12.000Well, instead, what the Reddit guys did is they saw that people were sort of overbought into the short sales.
00:02:18.000In fact, 140% of all of the stock, 140% of the float is what they call it, of GameStop had actually been short sold, which yes, is actually possible.
00:02:26.000And so they started buying up the stock like nobody's business.
00:02:30.000And this forced all of these hedge fund guys to buy stock at exorbitant prices in order to pay back the short sales.
00:02:36.000And this, of course, drove the market up even higher.
00:02:38.000And so now the line from the Reddit guys is, hold the line.
00:03:19.000And all this means is that now the hedge fund managers are going to create a whole new risk assessment category.
00:03:24.000They're going to start taking out derivatives and insurance, essentially, for the possibility that basically a roving mob of Redditors decide that they're going to blow out a bunch of hedge fund managers.
00:03:33.000So capitalism always wins, and people are going to find ways to mitigate their risk on this stuff.
00:03:39.000So was it like a massive overall threat to the market, what happened with GameStop?
00:04:07.000It's funny that a bunch of people on Reddit who are like taking a break from playing Call of Duty just decided to band together to take down these major institutional investors.
00:04:17.000In and of itself, the sort of little guy versus big guy nature of it is funny.
00:04:45.000It also happens to be the case that small investors should be able to get into the game because there are people in the markets right now, institutional investors, who do play with the markets and do game the markets and do treat the markets like a casino.
00:04:55.000That does not mean that the market is a casino.
00:04:57.000It means that there are bad players who do that on the institutional side.
00:05:01.000And so if people decide that they want to do that on the individual side, It's a free country.
00:05:06.000Well, here is where things get actually dangerous.
00:05:08.000So I think that it is fair to say that there's some moral ambiguity to what happened with these folks driving up the price of GameStop in order to hurt the hedge fund managers.
00:05:15.000There is no moral ambiguity to what Robinhood just did.
00:05:21.000It is designed so that you or I, non-institutional investors, can trade.
00:05:26.000The difference between Robinhood and places like E-Trade is that E-Trade will charge you for each trade, which makes you think twice about whether you actually want to make the trade.
00:05:33.000If you don't think that the value of the trade is going to rise above the margin of the charge that you're going to pay for just making the trade, then you don't make the trade.
00:05:42.000Robinhood is a zero-commission service.
00:05:44.000It makes its money in a variety of other ways.
00:05:47.000But what Robinhood did yesterday is absolutely insane, and we are going to have to get to the bottom of this.
00:05:53.000We're going to have to find out why Robinhood did this, whether it was an inside job, whether members of the government were calling up Robinhood to help up their hedge fund buddies because the hedge funds were losing hand over fist yesterday.
00:06:06.000Well, Robinhood decided that it was going to simply cut off trading on GameStop and a variety of other stocks that the Reddit guys were going after.
00:06:13.000They just decided we're not going to allow you to participate in buying of that stock.
00:06:17.000Then apparently, they also engaged in forced sale of some of the stock.
00:06:21.000So they were saying to people, okay, we know you don't want to sell the stock.
00:06:23.000We know you want to hold the stock because you want to burn these hedge fund guys.
00:06:31.000If it is not illegal, it should be illegal.
00:06:33.000The basic idea that you can essentially sell people's stock without their permission is crazy.
00:06:40.000It's just as crazy to say that small stock players don't get to be involved in the market in the same way that the hedge fund guys are, and that Robinhood is just going to cut it off if they don't like what they are seeing.
00:07:00.000We now need to know more about Robinhood App's decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.
00:07:07.000As a member of the Financial Services Committee, I'd support a hearing if necessary.
00:07:49.000I don't know why she's all of a sudden... I guess it's the double standard that is her motivation.
00:07:52.000In reality, her preferred cure would not be that you, the small investor, get to play in the markets.
00:07:57.000Her preferred cure would be to shut down the markets altogether, presumably.
00:08:00.000She's not wrong that what Robinhood did yesterday is truly egregious.
00:08:05.000The New York State Attorney General said that her office was actively reviewing concerns about activity on the Robinhood app, including trading related to GameStop stock.
00:08:12.000Unclear whether she is investigating the Reddit folks or whether she's actually investigating Robinhood.
00:08:18.000Now again, I don't think there's anything morally wrong with shorting.
00:08:20.000I think that shorting is just a way of repricing the market.
00:08:22.000A lot of that GameStop trading happened on Robinhood, a free app that allows people to trade small amounts of stocks.
00:08:26.000with the explicit aim of hurting hedge funds that profit off shorting the typically falling stock.
00:08:31.000Now again, I don't think there's anything morally wrong with shorting.
00:08:33.000I think that shorting is just a way of repricing the market.
00:08:35.000A lot of that GameStop trading happened on Robinhood, a free app that allows people to trade small amounts of stocks.
00:08:41.000But on Thursday, Robinhood decided to betray its name and halt purchases of GameStop stock, as well as stock from other nostalgic companies.
00:08:48.000Now that is a far bigger problem than anything that the Redditors decided to do.
00:08:54.000When you are saying a particular class of people are not allowed to trade in the stock market because we don't like what they are doing, that is elitism at its finest.
00:09:03.000If you think that the Reddit guys were manipulating the market by banding together and buying GameStop stock in order to shoot up the price artificially and thus to squeeze all the hedge fund guys, if you think that was artificially playing with the markets and manipulating the markets, it is way worse for the app itself, not individuals, to collude together.
00:09:18.000The app itself and the big hedge fund guys to collude to basically stop small investors from trading in the markets.
00:09:26.000It's absolutely tyrannical in the colloquial sense.
00:09:30.000Robinhood said in a Thursday blog post that after the recent volatility, it wasn't allowing the purchase of new stock from GameStop, AMC, BlackBerry, Bed Bath & Beyond, Koss Headphones, and Nokia, as well as naked brands, which may have gotten caught up in the shutdown after a Wednesday direct offering campaign.
00:09:44.000Robinhood also raised the margin requirements for some securities, meaning users have to now front more of their own money to buy the securities, ostensibly benefiting those with more cash.
00:09:52.000So now, instead of you being able to borrow money in order to buy the stock, now they're gonna make you put up your own money in order to buy the stock.
00:09:59.000TD Ameritrade and Charles Schwab also increased margin requirements for GameStop stock on Wednesday.
00:10:17.000They said that they were trying to help their customers navigate this uncertainty.
00:10:21.000Okay, everybody who's buying in knows exactly what the game is.
00:10:23.000If you don't know what the game is, you shouldn't be buying in.
00:10:26.000Everybody knows that this is basically a giant-ass prank in which a bunch of people who got in early on the action are gonna make a lot of money, and the hedge fund guys are gonna pay through the nose.
00:10:34.000The Verge noted that one hedge fund suffering amid the GameStop surge was Melvin Capital Management, and this is where things get really ugly.
00:10:41.000So one of the things that is suspected here is that Robinhood basically stopped trading on GameStop because one of the big Institutional investors that had shorted GameStop was Melvin Capital Management.
00:10:59.000It incurred like $2 billion of losses over the past 48 hours.
00:11:03.000It also happens that they are a borrower, apparently, from another hedge fund called Citadel.
00:11:09.000So Citadel has a big share of Melvin Capital Management or some assets under management.
00:11:14.000Citadel's founder is Ken Griffin, who founded Citadel Securities.
00:11:18.000Citadel Securities is a giant investor in Robinhood.
00:11:20.000They also work with TD Ameritrade and Charles Schwab.
00:11:23.000So what it looks like to the suspicious eye is like Citadel was losing money via Melvin Capital because they had to keep bailing out Melvin Capital.
00:11:33.000And so they went to this other app that they essentially own or are heavy investors in.
00:11:39.000And they said, you know what would be great is if you guys could stop, if you could stop the bleeding, that'd be amazing.
00:11:42.000And then Robinhood, because they know that they're chief investors, Okay, that is really, really bad stuff.
00:12:01.000Now, as of this morning, several retailers, stockbrokers, including Robinhood, said they would allow trades of GameStop again and other volatile companies after restricting customer ability to purchase securities earlier in the day.
00:12:11.000Starting tomorrow, they said, we plan to allow limited buys of these securities, only limited though, right?
00:12:16.000So they're not gonna allow you to run up the stock price again.
00:12:17.000We'll continue to monitor the situation and may make adjustments as needed.
00:12:22.000Robinhood said Thursday morning it would limit buying of the kinds of securities that have sparked an enormous rally in shares of GameStop, the video game retailer at the heart of the frenzy, and AMC Entertainment Holdings, the movie theater chain, and a number of other companies.
00:12:38.000Again, I don't really understand why AOC doesn't like it, other than she doesn't like Wall Street and sees an opportunity to bash Wall Street.
00:12:44.000The reality is she doesn't want you to be able to trade in the markets.
00:12:48.000I'm seeing a lot of folks on the left being like, yeah, Robinhood needs to allow everybody to trade in the markets.
00:12:54.000What they're really interested in is the fact that these guys hurt the hedge funds.
00:12:56.000They're not interested in people being able to trade in the markets.
00:13:00.000If Robinhood had decided to restrict its users to fewer trades overall, without any of the attempts to take down the hedge funds, I don't think anybody on the left would be complaining about that.
00:13:22.000Robinhood said that it was not favoring big traders.
00:13:25.000They said that they did all of this because of financial requirements, including SEC net capital obligations and clearinghouse deposits.
00:13:31.000They say it was a risk management decision was not made on the direction of the market makers we route to.
00:13:37.000Webull, another trading app, said customers would only be able to liquidate positions they had in GameStop, AMC, and Kaas before they lifted restrictions in the afternoon.
00:13:45.000So it looked like all of a sudden, all of these apps decided all at once that they were going to restrict people from doing what they were doing, which is wild and crazy and dangerous and obviously requires investigation.
00:13:55.000Senator Mike Lee has pledged that he would like to launch an investigation into all of this.
00:14:23.000That does not mean that government regulation is per se the answer to this.
00:14:28.000It does mean that if all of these apps can be leveraged into shutting down the common man, then these apps have way too much power.
00:14:36.000And unfortunately, as we have seen with Parler, when you start building alternatives, the new move is shut down the alternatives by big tech and by government.
00:14:43.000So we are living in an authoritarian moment.
00:14:46.000It is an authoritarian moment and it's coming very often from the people who said at the beginning that they were going to be the democratizers.
00:14:52.000Remember Robinhood's thing was let everyone trade.
00:14:55.000Well, everyone with a little asterisk.
00:14:57.000Yeah, the Everons does not include you, so long as you're hurting hedge fund guys.
00:15:00.000We'll get to more of this in just one moment.
00:15:04.000So big tech companies, they have too much power, like way too much power.
00:15:07.000As private entities, they can operate pretty much as they choose.
00:15:10.000Well, that means that you should not be giving them your data because they're using your data and they're monetizing your data.
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00:16:47.000I do not think the neutral principle applies to people who are conveniently joining this cause from the left.
00:16:52.000I think that a lot of people conveniently joining the free market cause from the left are doing so specifically because they like that in this instance, this is targeted at hurting Wall Street generally.
00:17:02.000Now, that was my sort of objection yesterday, is I was pointing out that what this really does is it undermines confidence in markets generally.
00:17:15.000So the alliance of convenience remains an alliance of convenience, but better than not having an alliance of convenience, I suppose.
00:17:20.000CNN's Poppy Harlow, again, not somebody who I would generally think of as a free marketeer, was asking, how is it not rigging the game?
00:17:28.000If you can just cut off Reddit investors anytime you don't like what they're doing.
00:17:31.000These folks feel like this whole thing is rigged against them and this is their chance, with social media, their chance to actually have a voice.
00:17:40.000I mean, I read it as saying, look, we want to protect our investors.
00:17:43.000But by the way, if you cut them off from making the moves that they want to make with their own money, for whatever reason they want to make it, and you don't cut off the hedge funds, and you don't cut out Wall Street, how is that not rigging the game?
00:17:55.000That's exactly, exactly what people are complaining about this morning.
00:17:58.000Okay, and that complaint is, it happens to be exactly right.
00:18:13.000And the answer is, the real reason that many of these people are doing this is not because they wanna make a massive profit, it's because they wanna screw the hedge fund guys.
00:18:19.000I mean, that's really what this is about.
00:18:26.000I have the same standards when it comes to free markets as I do when it comes to free speech.
00:18:29.000I may not like what you say, but you have the right to say it.
00:18:32.000I may not like how you trade, but you do in fact have the right to trade.
00:18:36.000Okay, so a little bit of a neutral principle I think would go a long way here.
00:18:39.000There will be an investigation into, like, I want to know, did anybody in the Biden White House, there were rumors flying around yesterday from insiders at Robinhood that people in the White House had called up Robinhood and tried to exert pressure.
00:18:50.000If that's true, that should be a massive scandal.
00:18:53.000If it's true that there are folks in the government who are calling up a private company like Robinhood and telling Robinhood to essentially cut off its own users, That's crazy, okay?
00:19:04.000And that needs to be fully investigated.
00:19:06.000I would expect a congressional investigation on that.
00:19:10.000By the way, if it turns out that Citadel decided that they were going to go to Robinhood and pressure Robinhood into cutting off their own users, that seems like market manipulation at a fairly high level and probably violates the law.
00:19:20.000So, the really bad thing that happened over the past 48 hours is not these jokers burning the money, right?
00:19:27.000The really bad thing that happened over the past 48 hours is the reaction to that.
00:19:31.000As always in America, or as usual in America, even when something happens that a lot of people don't like, the reaction tends to be significantly worse than the original action.
00:19:40.000Even if you didn't like the original, actually, I know there are a lot of people who did.
00:19:42.000I got a lot of feedback on yesterday's show.
00:19:44.000People were very angry that I wasn't fully on board with the giant attempt to take down the hedge fund, guys.
00:19:52.000What I think we all agree on is that it is deeply wrong, deeply wrong for Robinhood or any other app to deplatform its own users because they don't like how the users are engaging in free market transactions.
00:20:06.000Okay, meanwhile, Janet Yellen, who's the Treasury Secretary, it turns out that she received around $810,000 in speaking fees from the hedge fund that bailed out one of the primary losers in the recent GameStop frenzy, according to Fox News.
00:20:16.000Janet Yellen's financial disclosure shows her making $337,500 for multiple days in October 2020 from Citadel.
00:20:19.000$2,500 for multiple days in October 2020 from Citadel.
00:20:23.000She banked $292,500 in October 2019, $180,000 in December of that year.
00:20:30.000The Senate confirmed Yellen on Monday.
00:20:31.000Now the good news is, we were informed by Jen Psaki yesterday that Janet Yellen has a vagina, so we really have nothing to worry about.
00:20:36.000She said that we have the first female Treasury Secretary, so that's really exciting stuff.
00:20:40.000Now, is she actually going to recuse herself when it comes time to look at the regulations here?
00:20:45.000So Jen Psaki was asked about this yesterday.
00:20:48.000Are there any plans to have her recuse herself from advising the President on GameStop and the whole Robin Hood situation?
00:20:56.000Well, just to be clear, what I said was that the Treasury Secretary is now confirmed.
00:21:01.000Obviously, we have a broad economic team.
00:21:04.000The SEC put out a statement yesterday that I referred to, but I don't think I have anything more for you on it, other than to say, separate from the GameStop issue, The Secretary of Treasury is one of the world-renowned experts on markets, on the economy.
00:21:20.000It shouldn't be a surprise to anyone she was paid to give her perspective and advice before she came into office.
00:21:27.000Okay, that does not answer the question as to whether she will recuse herself.
00:21:30.000The reports are this morning that she will, in fact, recuse herself as well.
00:21:33.000She should, considering that she has a stake in this one.
00:21:36.000Okay, in just a second, we are going to get to more of this.
00:21:39.000We're also going to talk about the brand new unity breaking out on Capitol Hill.
00:21:45.000First, let us talk about life insurance.
00:21:47.000So, if you are a rational, reasonable human being, you wanna make sure that God forbid something happens to you, your family is taken care of, right?
00:22:41.000Go to policygenius.com and get started.
00:22:44.000You could say 50% or more by comparing, quotes, start the new year with one less thing to worry about, policy genius, when it comes to insurance.
00:22:51.000It's nice and quite important to get it right.
00:22:54.000Okay, so the Winklevoss twins, right, who are a couple of the founding members of the Facebook company, obviously they know something about investment and they were pointing out that this is a lockout of regular people.
00:23:08.000I think this is a much larger issue and the threat of our country and its fragility and what's happening in the inequality.
00:23:16.000And frankly, the hypocrisy of the political leaders who say you can't open your business and run your business and make a living during the pandemic.
00:23:23.000We won't pass a stimulus bill in time.
00:23:27.000And oh, by the way, now you can't trade.
00:23:29.000You know, what's the next thing they're going to control and say you can't do?
00:23:38.000Okay, the levels of control that are now being exerted by institutions inside and outside the government should terrify everybody who believes in individual freedom.
00:23:44.000Okay, freedom is not only dependent on government non-regulation, freedom is also dependent on a culture of freedom.
00:23:51.000A culture of freedom where people tolerate other people's activities even if they disagree with those activities.
00:23:55.000This holds true in freedom of religion, it holds true in freedom of association, it holds true in freedom of speech, and it holds true in freedom of contract in free markets.
00:24:03.000The fact that there are so many people who seem willing to throw that out depending on where their interest lies on a daily basis is pretty ugly stuff.
00:24:09.000Speaking of which, we should be able to unify around individual rights.
00:24:13.000We should be able to unify around basic American principles.
00:24:48.000I'm Jen Psaki, White House Press Secretary.
00:24:51.000She suggested yesterday that Joe Biden's massive executive orders, executive orders, by the way, that are so extensive and so numerous that the New York Times wrote an editorial yesterday asking Joe Biden to cut back on the executive orders.
00:25:03.000The New York Times, because Joe Biden in his first week in office issued well over 30 executive orders compared to like five from Trump, four from Obama, zero from Clinton, I believe, one from George W. Bush.
00:25:17.000Biden basically just threw them out there like candy.
00:25:20.000Here's Jen Psaki saying that's all unifying.
00:25:24.000Part of unifying the country is addressing the problems that the American people are facing and working to reach out to Democrats and Republicans to do exactly that.
00:25:35.000In terms of executive actions, he also ran with a commitment to take steps immediately to address the pain and suffering that the American people were feeling.
00:25:45.000And that includes overturning some of the detrimental, harmful, It's so unifying.
00:25:55.000Don't you see how unifying it is to have a rotating dictator that we elect every four years who just puts forth a bunch of executive orders?
00:26:02.000Speaking of some of that unity, so what was one of the executive orders?
00:26:05.000Well, he signed a presidential memorandum on Thursday to reverse restrictions on abortion access domestically and abroad, imposed and expanded by the Trump administration.
00:26:35.000So that rescinds the so-called Mexico City policy.
00:26:37.000states the changes made to Title X and other things making it harder for women to have access to affordable health care as it relates to their reproductive rights.
00:26:43.000Oh, so many euphemisms there for killing babies.
00:26:47.000So that rescinds the so-called Mexico City policy.
00:26:49.000Every four years it is reversed, essentially, depending on who is in office.
00:26:53.000The memorandum also directs the Health and Human Services Department to immediately move to consider rescinding the Trump administration rule blocking health care providers in the federally funded Title IX family planning program from referring patients for abortions.
00:27:04.000So that was meant to deprive Planned Parenthood of Title X funding.
00:27:07.000Now Planned Parenthood will be given Title X funding again.
00:27:16.000So I mentioned a few moments ago That the honorable and venerable representative Alexandra Ocasio-Cortez, again, we are not allowed to call her AOC because she has said that this is either sexist or derogatory in some way, even though it's literally her Twitter handle, but Alexandra Ocasio-Cortez, Representative D-Twitch.
00:27:35.000She had tweeted out in favor of going after Robin Hood, and Ted Cruz said, fully agree.
00:27:42.000I am happy to work with Republicans on this issue where there's common ground, but you almost had me murdered three weeks ago, so you can sit this one out.
00:27:49.000Happy to work with almost any other GOP that aren't trying to get me killed.
00:27:53.000In the meantime, if you want to help, you can resign.
00:27:56.000And the entire Twitterverse is like, oh, clap back, clap back.
00:28:21.000You haven't even apologized for the serious physical and mental harm you contributed to from Capitol Police and custodial workers to your own fellow members of Congress.
00:28:28.000In the meantime, you can get off my timeline and stop clout chasing.
00:29:42.000Does anyone reasonably think, like on any reasonable, rational level, that Ted Cruz was complicit in the attempted murder of Alexander Ocasio-Cortez?
00:29:50.000I understand the man's the Zodiac Killer, but put that aside.
00:29:53.000Is there, like, any evidence of that at all?
00:29:56.000You know that that tweet that she sent out that that one where she accused a senator, a sitting senator of murder has 739,000 likes as of this moment. 739,000.
00:30:07.000Yeah, our country is coming together like nobody's business.
00:30:11.000I can feel that unity breaking out all over.
00:30:14.000There's plenty of reason that you can chide Ted Cruz for getting in on what I think was a cynical play to pretend that there was the ability to overthrow electors at the senatorial level during the vote verification.
00:30:27.000I think that those are legit criticisms.
00:30:29.000To suggest that he is responsible for attempted murder by nuts shouting QAnon slogans who broke into the Capitol building looking for blood is, honestly, it's sick.
00:30:38.000I mean, you have to be kind of a sick puppy to say that sort of thing.
00:30:59.000For Alexandra Ocasio-Cortez, the whole purpose for her is disunity.
00:31:03.000Lack of unity is going to be the theme.
00:31:05.000Because the less unity there is, the more people like Alexander Ocasio-Cortez get to claim that they are on the side of the angels, and they are the fully vested crusaders for truth, justice, and the American way.
00:31:21.000Or the Soviet way, as the case may be.
00:31:23.000In just a second, we'll get to more unity from our members of the House.
00:31:26.000Lots of unity breaking out, I'm seeing.
00:31:29.000It truly is amazing, because there could be, there was, I mean, I was there, I remember, right?
00:31:36.000If you're listening to the sound of my voice, the chances are you were alive when the January 6th riots happened.
00:31:40.000And I seem to recall Vice President Mike Pence, the Vice President to Donald Trump, standing there and condemning that stuff, and Mitch McConnell, and every other Republican.
00:31:49.000The notion that they were complicit in the attempted murder.
00:31:51.000Unless you have some hard evidence of that.
00:31:52.000Democrats, by the way, have been saying this since January 6th.
00:31:55.000I would love to see hard evidence of Congress people who are actively involved with the attempt to kill Congress people and cops at the Capitol.
00:32:04.000Mainly because I want to see anybody who was go to jail.
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00:34:52.000You're listening to the largest, fastest growing conservative podcast and radio show All righty, so all that unity breaking out in the Capitol building, it's really exciting stuff.
00:35:05.000That's the theme of the Biden administration, is unity.
00:35:07.000So Nancy Pelosi says the enemy is in the House.
00:35:10.000That's always good, when you say that there are lots of your actual enemies in the House.
00:35:15.000So here's Nancy Pelosi talking about this.
00:35:17.000I do believe, and I have said this all along, that we will probably need a supplemental for more security for members when the enemy is within the House of Representatives.
00:35:30.000What exactly did you mean when you said that the enemy is within?
00:35:34.000It means that we have members of Congress who want to bring guns on the floor and have threatened violence on other members of Congress.
00:35:41.000Oh, okay, well, how about some evidence of that?
00:35:43.000Like, lots of evidence would be great there.
00:35:45.000If you're literally accusing members of Congress of being complicit with people who are attempting to kill other Congress people, some evidence would be nice, because that's a criminal charge that you're throwing at somebody right there.
00:35:56.000By the way, there would be unity if you show evidence of that, and not only expelling those members of Congress, but having them prosecuted.
00:36:06.000Any time in here would be really, really nice.
00:36:08.000Meanwhile, speaking of, you know, lowering the temperature, so MSNBC had a guest.
00:36:12.000That guest yesterday suggested that if a radical Muslim used Donald Trump's rhetoric, we would be talking about drone striking them.
00:36:19.000That definitely is not threatening or violent language in any way.
00:36:23.000You know, we had a period after 9-11 where we were trying to get left to boom, as they would say, you know, in counterterrorism, which is, can you get way up the stream of an attack and start to root out all of the confluences which bring about that attack?
00:36:37.000So as Miles was talking about, it's exactly right.
00:36:40.000If you took what President Trump said and you instead put it in Anwar al-Awlaki's mouth, we would be talking about a drone strike overseas.
00:36:48.000So that's one aspect with our political leaders, you know, talking about this rhetoric.
00:37:18.000Where if you said, Joe Biden seems like he kind of has a corrupt family that are happy to use his name in order to run around the world picking up bags of cash.
00:37:33.000Now the media have decided the election is safely over.
00:37:36.000So we're allowed to report on the fact that Joe Biden's family is super duper duper corrupt.
00:37:40.000Both the Daily Mail and Fox News reported in late December that Hunter Biden was in the process of offloading his stake in a Chinese private equity firm called BHR, according to the Daily Caller.
00:37:50.000Only one problem, Hunter Biden still is holding a 10% stake in that Chinese private equity firm.
00:37:55.000The Daily Mail and Fox News cited an unnamed source with Hunter Biden and his business dealings.
00:38:00.000But Hunter Biden continues to hold that equity stake through his company, Skneedle's LLC, as of Wednesday, according to Cuisinbao and Baidu, two independent services that provide business records on Chinese corporations.
00:38:12.000Hunter Biden is the sole beneficial owner of that LLC.
00:38:31.000Meanwhile, Joe Biden had to issue like an actual overt warning to other members of his family for using his name in their advertising.
00:38:38.000According to Politico, in the midst of his campaign for president, Joe Biden took his younger brother, Frank, aside to issue a warning.
00:38:43.000For Christ's sake, watch yourself, Biden said of his brother's potential business dealings.
00:38:47.000According to a person with knowledge of the conversation, don't get sucked into something that would, first of all, hurt you.
00:38:52.000Yeah, I'm sure that that was what Joe was typically worried about.
00:38:55.000Biden, whose tone was both jocular and serious, according to the person, seemed to know what is becoming plainly obvious now, his family's business ties threatened to undermine an administration whose messaging is centered on restoring integrity in the White House.
00:39:07.000Oh, it's becoming plainly obvious now, you say?
00:39:10.000Why, oh my, what, like now, in January of 2021?
00:39:16.000Some of us had been pointing out that there were corrupt dealings inside the Biden family for years, but it only became relevant, and now, you know what, it's not threatening his campaign anymore, now it's only threatening his White House.
00:39:27.000I mean, imagine if we had had a copy of Hunter Biden's laptop that was publicly available as of October and being printed in the New York Post.
00:39:34.000That seems like that might've been relevant.
00:39:36.000Maybe there's some information on that laptop about corrupt business dealings between members of Joe Biden's family and foreign adversaries.
00:39:42.000Maybe we should've reported on that at the time.
00:39:45.000Oh, wait, you say that social media shut down all dissemination of that information and that the mainstream news media decided to essentially ignore it, calling it a right-wing plot?
00:40:00.000Relatives' money-making ventures, most prominently his son Hunter's overseas dealings, have long dogged Biden, but it's taking on a new dimension now that he's in the White House.
00:40:07.000Only a week into his presidency, Biden already has had to answer for matters related to his family.
00:40:12.000A law firm ad promoting Frank Biden's relationship with the president caused a stir when it ran on Inauguration Day.
00:40:17.000A federal investigation into Biden's son Hunter has invited scrutiny of just how strict a firewall he'll keep between the White House and the Justice Department.
00:40:23.000Another one of the president's brothers, James, has previously come under fire for his business dealings.
00:40:29.000Florida Super Attorney and Democratic donor John Morgan said business sensitivities were coursing through Biden world this week after the report about Frank Biden's law firm.
00:40:36.000What Frank told me is, my brother loves me dearly, but if I lobbied, he would cut my legs from underneath me.
00:40:41.000Morgan said Frank Biden told him this week.
00:40:44.000I'm sure that that's perfectly accurate.
00:40:45.000I'm sure that if Frank Biden lobbied Joe, Joe would just cut him off dead.
00:40:49.000That's not stopping Frank from going around touting the fact that Joe's his brother, is it?
00:40:53.000The intent of Joe Biden's initial conversation, according to the person with knowledge of the conversation, was to protect Frank from being hurt and vilified in the events his big brother, Joey, was elected to the most powerful position in the world.
00:41:04.000Okay, I have a feeling that the person who reported this initial conversation might be connected with Joe Biden.
00:41:29.000Speaking of which, the Biden administration agenda is already starting to make itself felt in terms of what people would call crony capitalism.
00:41:39.000It is just called corporatism, where the federal government essentially subsidizes particular business lines that are in line with its thinking.
00:41:45.000Okay, companies are already taking advantage of this.
00:41:47.000It is super corrupt and it is really bad.
00:41:49.000Typically, companies should serve the customer.
00:41:52.000They should serve markets instead of serving government subsidies.
00:41:55.000Unfortunately, now that you have a big government liberal in charge, this is exactly what you're going to get.
00:41:59.000GM has now announced it will sell only zero emission vehicles by 2035.
00:42:04.000Why, amazing that they waited until after Joe Biden took office to announce that they were shifting their entire production line.
00:42:09.000Almost as though they know that if they do that, and then Joe Biden either forces all the other car companies to do it, or they fail, Joe Biden ends up paying them, that they're fine.
00:42:22.000They can get into this with all sorts of government subsidies.
00:42:25.000They can know that other companies are going to have to do the same thing.
00:42:27.000And then, if things go bad, they know that because they did their best for Uncle Joe, Joe is going to pay them.
00:42:32.000I mean, it's fairly obvious that this is the case.
00:42:35.000According to the New York Times, The days of the internal combustion engine are numbered.
00:42:40.000General Motors said on Thursday it would phase out petroleum-powered cars and trucks and sell only vehicles that have zero tailpipe emissions by 2035, a seismic shift by one of the world's largest automakers that makes billions of dollars today from gas-guzzling pickup trucks and sport utility vehicles.
00:42:54.000The announcement is likely to put pressure on automakers around the world to make similar commitments.
00:42:58.000It could also embolden President Biden and other elected officials to push for even more aggressive policies to fight climate change.
00:43:03.000Okay, what it's actually going to push for is Joe Biden to provide massive subsidies to GM.
00:43:08.000If you think that major corporations don't know where their bread is buttered when a Democrat is in the White House, they know exactly where their bread is buttered when a Democrat is in the White House.
00:43:16.000Leaders could point to GM's decision as evidence that even big businesses have decided it is time for the world to begin to transition away from fossil fuels that have powered the global economy for more than a century.
00:43:25.000Love the way the New York Times is pitching this, as though GM doesn't see the writing on the wall.
00:43:29.000As though GM, in a perfectly free market situation without government subsidies on the table or government compulsion on the other end, would be throwing away its most lucrative lines of business.
00:43:37.000Nope, they just know, again, that if things go wrong, they get filled in by the feds, meaning you and by me, and that they can also leverage the government into essentially forcing smaller automakers or automakers who don't have the same sort of potential connections with the government into doing things that are costly for them and wiping them out.
00:43:56.000According to the New York Times, Jim's move is sure to roil the auto industry, which between car and parts makers employed about 1 million people in the US in 2019, more than any other manufacturing sector by far.
00:44:05.000It will also have huge ramifications for the oil and gas sector, whose fortunes are closely tied to the internal combustion engine.
00:44:12.000Electric cars are the fastest growing segment of the auto industry.
00:44:15.000They still make up a small proportion of new car sales, only about 3% of the global total.
00:44:20.000Sales of such cars jumped last year in Europe and China.
00:44:22.000They remain niche products in the United States.
00:44:24.000They're bought primarily by affluent early adopters who are drawn to the luxury models made by Tesla, which dominates the business and by environmentally conscious consumers.
00:44:33.000And there have been a lot of studies on this, and it turns out a lot of the folks who buy electric cars do so because they sort of want respect from their neighbors.
00:44:39.000It really isn't about the wonders of the electric car.
00:44:42.000Tesla makes a really good product, but they did a study, I believe it was in San Francisco, where they examined how many people were buying Priuses, which look all weird, and so you know they're electric, and how many people bought the Honda Hybrid, which looks the same as the Honda non-hybrid.
00:44:55.000Very few people bought the Honda hybrid.
00:44:56.000So it wasn't about the environmentalism.
00:44:58.000It was about the virtue signaling to your friends and neighbors.
00:45:01.000But the idea that you're gonna replace 90% of the American auto market with electric vehicles, which are significantly more expensive and generally require government subsidies.
00:45:08.000The reason GM is doing this is they know that there is taxpayer money on the table for them.
00:45:25.000All this is for GM is about market capture.
00:45:28.000And that's what happens when you have somebody with a giant bag of taxpayer cash in the White House waiting to blow it, which is exactly what we have right now.
00:45:35.000Okay, meanwhile, we are now learning shock of shocks that Andrew Cuomo is in fact a garbage heap.
00:45:43.000So when it comes to COVID policy, Andrew Cuomo has obviously been horrible all the way through.
00:45:49.000Some of us were mentioning the fact that Andrew Cuomo was wildly, wildly undercounting deaths inside his own state for a long time.
00:45:57.000He had been suggesting for a long time to Andrew Cuomo that not that many people We've known this for months.
00:46:01.000And there are reports for months that Andrew Cuomo was deliberately undercounting deaths in nursing homes by gaming the system.
00:46:07.000What he was saying is, if you were diagnosed with COVID and you lived in a nursing home, and then you went to a hospital and you died there, not in the nursing home, he counted that as not a death in a nursing home.
00:46:21.000Now, the mainstream media have decided to catch up on all of this.
00:46:24.000According to Mediaite, New York State Attorney General Letitia James has accused Andrew Cuomo and his administration of drastically undercounting COVID-related deaths Citing a 76-page report released on Tuesday, New York Times reporter Jesse McKinley revealed the administration may have cut the death rate in nursing homes by up to 50%.
00:46:40.000Remember that time when Andrew Cuomo was the most honest of all governors and Ron DeSantis was gaming the stats?
00:46:45.000And it turns out Ron DeSantis has been way more transparent with the stats than virtually anybody in American government.
00:46:50.000And Andrew Cuomo is just a damned liar who writes books for profit about how he overcame the COVID crisis by killing all the olds.
00:46:56.000Preliminary data obtained by OAG suggests that many nursing home residents died from COVID-19 in hospitals after being transferred from their nursing homes, which is not reflected in the Department of Health's published total nursing home death data.
00:47:07.000Read the summary of the report's findings.
00:47:09.000The Attorney General's office began receiving complaints regarding COVID-related neglect at nursing as early as March 2020.
00:47:16.000The office has received more than 770 complaints through August 3rd, another 179 complaints through November 16th, His administration has been accused of hiding the accurate estimate of nursing home deaths as they only counted deaths in the actual homes.
00:47:29.000One specific facility, for example, reported 11 deaths to the health department, for example.
00:47:33.000James' survey of the same facility found 29 unrecorded deaths, noting 27 died while at the home, 13 died after being transferred to a hospital.
00:47:42.000So truly, well done there, Andrew Cuomo.
00:48:09.000Even lifelong Republicans tell me they look at Cuomo and they're like, God, there's a leader.
00:48:14.000Governor Cuomo, who has been a leader in calling for science-based ways to fight this coronavirus.
00:48:22.000The Academy says that he's being recognized for, quote, his leadership during the COVID pandemic and his masterful use of television to inform and calm people around this world.
00:49:06.000Don't they know that Anthony Fauci has a monopoly on the science?
00:49:10.000Well, here is a Biden COVID advisor rebutting Fauci and saying that double masking makes no sense at all, actually.
00:49:16.000In terms of using the face cloth coverings, doubling them, actually we need to be very careful about that.
00:49:21.000That may actually be counterproductive, not helpful.
00:49:24.000We know, and I'm not an aerobiologist, but we know that in fact they may actually impede the movement of air in and out, causing it to actually escape in the big crevices between the cloth and your face.
00:49:36.000That's a bigger problem, not a lesser problem, than one.