The Ben Shapiro Show - Team Biden's Attack On Bitcoin | Ep. 1397

00:00:00.000 The Federal Reserve announces three potential rate hikes next year.

00:00:03.000 Joe Biden can't convince Joe Manchin to join his suicide squad.

00:00:06.000 And Nancy Pelosi defends insider trading for Congress people.

00:00:09.000 I'm Ben Shapiro.

00:00:10.000 This is the Ben Shapiro Show.

00:00:17.000 Today's show is sponsored by ExpressVPN.

00:00:19.000 Don't let big tech track what you do.

00:00:20.000 Anonymize your web browsing at expressvpn.com.

00:00:23.000 Slash, bet we'll get to all the news in just one moment.

00:00:26.000 First, let me remind you that going online without ExpressVPN, it's like using your smartphone without any sort of protective case.

00:00:31.000 Most of the time, you're probably okay.

00:00:32.000 And then there's that one time where you're playing with it in the bathroom and it falls.

00:00:35.000 In the toilet, and it's just no good.

00:00:37.000 You should be protecting all of your technological devices.

00:00:41.000 Not just physically, but also in terms of their data.

00:00:43.000 Every time you connect to an unencrypted network, in cafes, hotels, airports, etc., your online data is not secured.

00:00:49.000 Any hacker on the same network can gain access to and steal your personal data.

00:00:52.000 We're talking passwords, financial details, family secrets.

00:00:56.000 It doesn't take much technical knowledge to hack somebody, some cheap hardware.

00:00:59.000 Smart 12-year-old could probably do it.

00:01:04.000 Why use ExpressVPN?

00:01:06.000 Well, it's got that encrypted tunnel.

00:01:08.000 It creates the secure encrypted tunnel between your device and the internet.

00:01:10.000 Hackers can't steal your sensitive data.

00:01:12.000 It's really easy to use.

00:01:13.000 So, one button to download, one button to fire up the app, and you are good to go.

00:01:17.000 It's really convenient.

00:01:17.000 Works on all your devices.

00:01:19.000 Just protect yourself the easy way.

00:01:21.000 Secure your online data today.

00:01:22.000 Visit expressvpn.com slash ben.

00:01:25.000 That's e-x-p-r-e-s-s-v-p-n dot com slash ben.

00:01:28.000 You get an extra three months for free.

00:01:29.000 Expressvpn.com slash ben.

00:01:32.000 Well, it looks as though the reality of the financial situation is beginning to sink in.

00:01:39.000 According to the Washington Post, the Federal Reserve made its strongest move yet toward tackling inflation on Wednesday, moving up the timeline for what could be as many as three interest rate hikes next year.

00:01:50.000 Okay, so if you're president of the United States, generally speaking, the last thing you want is the Federal Reserve hiking interest rates right before a midterm election.

00:01:50.000 Three.

00:01:58.000 That's pretty much the worst thing that could happen, except for it happening in your re-elect year yourself.

00:02:03.000 But when the Federal Reserve hikes interest rates, this makes it more expensive for banks to take on debt.

00:02:08.000 When banks can't take on debt, they can't lend to you at lower rates.

00:02:10.000 Your mortgage rates go up, your loan rates go up.

00:02:12.000 It means less velocity in terms of the money flow in the economy.

00:02:16.000 Well, when you've got inflation, the Federal Reserve, of course, has to raise those interest rates because You have price inflation and wage inflation and it's spiraling out of control.

00:02:24.000 People's savings are worth less.

00:02:26.000 It's harder for people to actually get commodities.

00:02:28.000 Production is not keeping up with demand and all the rest of this.

00:02:31.000 And so the Federal Reserve has to cut back on some of that to prevent these giant bubbles from happening.

00:02:35.000 Well, the problem is that the statistical ramifications of that for the administration in power are usually quite dire because whenever you ramp up the interest rates, They generally work in inverse proportion to the unemployment rates.

00:02:47.000 So usually when you ramp up the interest rates, that means that if you're a small business and you've been taking out loans, you're getting an easy credit, well now you have to consider the fact that those loans are more expensive.

00:02:57.000 That might mean you need to cut back a little bit.

00:02:58.000 You might need to lay some people off.

00:03:00.000 So typically speaking, you get a jump in unemployment when you have a spike in interest rates.

00:03:03.000 This is what happened in the early 1980s.

00:03:05.000 If you look at the 1982 elections, for example, the Reagan administration In 1982, there were a bunch of interest rate hikes, and the interest rate hikes at the very beginning from Paul Volcker were intended to create pain.

00:03:20.000 That was the goal, right?

00:03:21.000 The goal was to drive the interest rates down because we had stagflation.

00:03:27.000 Democrats picked up a seat in the midterm elections in 1982.

00:03:32.000 They picked up one seat in the Senate, and they picked up 26 seats in the House.

00:03:37.000 And that was largely a result of the interest rate hikes that had happened before.

00:03:40.000 Now, by 1983, the economy was booming again.

00:03:44.000 And the reason that it was starting to boom again is because those interest rate hikes had brought back into some sort of stasis the actual economic growth rates, right?

00:03:54.000 Basically, the real economic growth was allowed to boom because Ronald Reagan cut regulation and he cut taxes and he lowered the interest rates.

00:04:00.000 And now the money had a solid basis, a solid footing.

00:04:03.000 But Joe Biden isn't doing any of those things.

00:04:04.000 So the likely outcome of this is that you're going to see the interest rates spike.

00:04:08.000 And when the interest rates spike, you're likely to see an increase in the unemployment You're likely to see a slowing economy.

00:04:13.000 And unlike the Reagan administration, which was focused in on making it easier to do business while solidifying the dollar, now you're solidifying the dollar, which means that credit is less cheap.

00:04:22.000 But at the same time, you are also increasing regulation and increasing taxes.

00:04:27.000 So that is not a good recipe.

00:04:29.000 It's a recipe for stagnation.

00:04:31.000 Joe Biden, by the way, understands that this is a recipe for stagnation.

00:04:33.000 This is the part that boggles the mind.

00:04:35.000 When he put out, at the beginning of his administration, his forecast for the next 10 years of economic growth in the United States, he said, we're going to get heavy economic growth in the next two years.

00:04:43.000 We've gotten some, not nearly as heavy as it should be.

00:04:45.000 And then he said that we were going to be growing at like 1.6, 1.7 percent a year.

00:04:49.000 That doesn't even outpace inflation.

00:04:51.000 Those are really, really bad rates.

00:04:53.000 So Joe Biden knows exactly what he is doing.

00:04:56.000 The Federal Reserve, jumping in right now, it means that they've misread the tea leaves.

00:05:00.000 They thought that the inflation would not be this strong, and now they've got a problem.

00:05:04.000 They have to ramp up the interest rates in order to tamp down the inflation.

00:05:09.000 Jerome Powell has completely abandoned his talk about how this is a transitory phenomenon based on supply chain shortages.

00:05:15.000 He said yesterday, the rapid price increases are going to continue well into next year.

00:05:20.000 Bottlenecks and supply constraints are limiting how quickly production can respond to higher demand in the near term.

00:05:27.000 These problems have been larger and longer lasting than anticipated, exacerbated by waves of the virus.

00:05:35.000 As a result, overall inflation is running well above our 2% longer run goal and will likely continue to do so well into next year.

00:05:45.000 In fact, he said more than that.

00:05:46.000 He said there's a real risk that inflation may be more persistent.

00:05:49.000 The risk of higher inflation becoming entrenched has certainly increased.

00:05:52.000 I don't think it's high at this moment, but I think it's increased.

00:05:56.000 So according to the Washington Post, the Fed has been holding off on cooling down the economy in the hopes that the vast economic supports would continue to help the labor market grow.

00:06:03.000 The Fed this week reiterated that for now it will keep rates near zero until the labor market hits policymakers' threshold of maximum employment.

00:06:09.000 Well, I mean, I think we're pretty much at maximum employment considering that we have some 10 million open jobs and only 7 million people who are willing to fill them.

00:06:16.000 When you have more people who are When you have more jobs available than people who are looking for the work, that's kind of definitionally maximum employment at this point.

00:06:25.000 One of the problems, of course, for the Biden administration, again, is that the likely outcome of ramping up the interest rates is going to be a slowing economy.

00:06:32.000 Again, this typically happens.

00:06:34.000 The Fed has two mandates, according to the Washington Post, keeping prices stable and getting the economy to full employment, but combating inflation by raising interest rates can slow job market growth.

00:06:42.000 Powell defended the Fed, saying it was not behind the curve in addressing the inflation, but recent data convinced him and others it was time for a shift in policy.

00:06:49.000 Yeah, no bleep.

00:06:49.000 I mean, you guys had forecasted there was going to be, like, 4, 5, 6 percent inflation this year.

00:06:54.000 Instead, it's showing, like, 9 percent to 10 percent price inflation this year.

00:06:58.000 There's been notable progress in the job market, but again, some 4 million jobs are missing from the labor market compared to the pre-COVID days.

00:07:07.000 Powell is still trying to blame the pandemic for this, but again, it's not about the pandemic as we will discuss in short order. 0.97

00:07:11.000 It really is about the insane reaction to the pandemic that we have seen from our garbage policymakers.

00:07:17.000 Fed watchers are waiting to see how the Fed will decide if the full employment threshold has been met before addressing high inflation. 0.69

00:07:22.000 For example, Powell points its labor force participation, which has been slow to recover.

00:07:26.000 Well, maybe the reason it's been slow to recover is because the government paid people to stay home and then basically trained people to stay home.

00:07:33.000 Powell says we don't have a strong labor force participation recovery yet.

00:07:37.000 We may not have it for some time.

00:07:38.000 At the same time, we have to make policy now.

00:07:40.000 Inflation is well above target.

00:07:41.000 This is something we need to take into account.

00:07:44.000 Also, the Fed revealed new details on speeding up the full winding down of its vast asset purchase program to March, as opposed to its initial goal of mid-2022.

00:07:53.000 Feds want the taper of supports for the financial system to end sooner so they can better be prepared to raise interest rates.

00:07:58.000 So they've been buying up all of these assets, and there's no reason for them to be buying up all of these assets at this point.

00:08:06.000 So all of this is bad news for the Biden administration.

00:08:09.000 They're going to try and spin it as good news, but it is a realization and an understanding that the economy is inflated beyond all recognition.

00:08:17.000 The Federal Reserve has to step in and do something.

00:08:21.000 But that's not stopping Joe Biden from continuing to push really, really bad fiscal policy.

00:08:25.000 We'll get to more of this in just one moment.

00:08:26.000 First, let's talk about your sleep quality.

00:08:28.000 So last night I went to bed at a good hour and then my wife had to wake us up very, very early for a doctor's appointment for one of the kids.

00:08:35.000 Well, you know, that means that I really value the hours that I've got on my mattress, and that is why we need a mattress made just for us.

00:08:41.000 We took a two-minute sleep quiz from Helix Sleep, and they shipped us a mattress made just for us.

00:08:45.000 Everybody is unique.

00:08:46.000 Helix knows that.

00:08:47.000 They have several different mattress models to choose from.

00:08:49.000 They have soft, medium, and firm mattresses.

00:08:50.000 Mattress is great for cooling you down if you sleep hot.

00:08:52.000 Mattress is great for spinal alignment to prevent morning aches and pains.

00:08:55.000 Even a Helix Plus mattress for plus-size sleepers.

00:08:58.000 Helix even has mattresses with specialized cooling technology.

00:09:00.000 If you and your family can never agree on the temperature of the thermostat, So, if you're looking for a mattress, you take the quiz, you order the mattress you're matched to, the mattress comes directly to your door, shipped for free.

00:09:09.000 You don't need to go to a mattress store.

00:09:10.000 Again, they've got a 10-year warranty.

00:09:11.000 You can try it out for 100 nights risk-free.

00:09:13.000 Really, there is nothing to lose here and everything to gain.

00:09:15.000 You're spending eight hours of your life every night, if you're smart, on a mattress, and that mattress better be good.

00:09:20.000 Go to helixsleep.com slash Ben.

00:09:22.000 Take that two-minute sleep quiz the same way we did.

00:09:24.000 They will match you to a customized mattress that'll give you the best sleep of your life.

00:09:27.000 Helix is offering up to 200 bucks off all mattress orders and two free pillows for our listeners at helixsleep.com slash Ben.

00:09:34.000 That's helixsleep.com slash Ben.

00:09:36.000 Okay, meanwhile, You would think that the Biden administration, if they were pursuing something that remotely approached sort of the Reagan policies of the early 80s, where Paul Volcker was ramping up the interest rates to cut down on inflation, you'd imagine that they would be seeking to incentivize business to keep investing.

00:09:51.000 That basically their goal would be to say to the business community, listen, the reason we're ramping up the interest rates at this point is in order to curb a runaway inflationary spiral.

00:10:01.000 This is going to provide you a more solid basis to Tell what demand actually looks like as opposed to too many dollars chasing after too few resources.

00:10:09.000 Instead, it'll be the right number of dollars chasing after resources.

00:10:12.000 And you should continue to invest because we're going to loosen the regulation.

00:10:14.000 We're going to make it pay less tax.

00:10:16.000 So if we are going to create more risk on this end for businesses in the form of less demand in terms of dollars flowing through the economy, we are going to lower risk on this end.

00:10:25.000 By taking away some of your tax burden and taking away a regulatory burden, right?

00:10:28.000 That would be the deal.

00:10:29.000 And that would create a solid growth rate in the economy where it's not all fungible and created magically by the government.

00:10:35.000 That's not what Joe Biden is doing.

00:10:36.000 Instead, he is insisting that we regulate all of these companies up the wazoo.

00:10:40.000 He has all of his financial bureaucrats honed in on how do we regulate big businesses, how do we regulate the stock market, how do we regulate people.

00:10:50.000 And at the same time, he's saying we should raise taxes and he's saying that we should spend more and more and more money on various social services, which creates an inflation Inflation can be created in a couple of ways, and one of them is the federal government essentially borrowing money and then just spending enormous sums of money.

00:11:11.000 It's not the Federal Reserve doing direct quantitative easing.

00:11:13.000 It is instead the federal government borrowing lots of money via the Federal Reserve and then blowing it out that way to the citizenry.

00:11:19.000 Okay, so Joe Biden is not stopping on all of this.

00:11:24.000 Joe Biden yesterday said that he is still hoping to pass Build Back Better.

00:11:28.000 They lie.

00:11:28.000 They say it's a $2 trillion bill.

00:11:29.000 It's not.

00:11:30.000 It's a $5 trillion bill.

00:11:31.000 They said that they hope to push that through by Christmas.

00:11:35.000 And Nancy Pelosi, for one, is very optimistic about all of this.

00:11:37.000 She says, you know, if we pass Build Back Better, you're not gonna have to worry about inflation.

00:11:40.000 You're not gonna have to worry about anything.

00:11:41.000 We'll take care of all your problems.

00:11:43.000 Here is Nancy Pelosi, a clickin' and a clackin' away. 1.00

00:11:47.000 It lowers cost.

00:11:48.000 It lowers cost of childcare.

00:11:50.000 It lowers cost of health care.

00:11:52.000 It lowers cost of food.

00:11:54.000 It lowers cost in so many ways that are essential to America's working families.

00:11:59.000 The very issues that people struggle over the kitchen table to figure out how we're going to pay the bills.

00:12:06.000 The very issues, very frightening things that people have trying to go to sleep at night.

00:12:13.000 How are we going to pay the bills?

00:12:15.000 Well, Build Back Better helps you to do that.

00:12:20.000 I know.

00:12:20.000 Build Back Better helps to inflate the cost of virtually everything, including childcare.

00:12:25.000 And when she talks about childcare, she's saying we're going to subsidize a particular type of childcare.

00:12:29.000 But we're not going to subsidize another type of childcare, and we're going to regulate it pretty heavily.

00:12:32.000 So the cost of childcare for a lot of families who don't feel like sending their kids to a government daycare center, that cost is actually going to rise pretty precipitously.

00:12:40.000 Meanwhile, Nancy Pelosi continues to praise Biden and pretend that he's doing an amazing job. 1.00

00:12:45.000 We cannot have geriatric delusional morons running the country. 0.99

00:12:49.000 It's just it is not a good solution to our problem. 1.00

00:12:51.000 Like the level of incompetence.

00:12:53.000 This is the thing that always boggles my mind.

00:12:56.000 It boggles my mind.

00:12:57.000 If the levels of incompetence, the staggering levels of incompetence you saw in government, you saw in any other area of life, you would never delegate power to the people in the other areas of your life.

00:13:08.000 If you went to the doctor and every time you went to the doctor, the doctor misdiagnosed you and or provided for a surgery that made you worse than you were before, you would stop going to that doctor.

00:13:19.000 If you went to a lawyer and every time you went to that lawyer, you ended up in jail, you would not use that lawyer anymore.

00:13:24.000 And yet you go to these politicians Average IQ 37, basically vegetables, who spend all day figuring out solutions to problems that don't exist or solutions that make the problem significantly worse.

00:13:38.000 And you want to give them more power?

00:13:40.000 Your solution is to give Nancy Pelosi and Joe Biden more power.

00:13:42.000 By the way, I feel like this across the board, it's not just a Republican Democrat thing.

00:13:46.000 Why do you want these people to have power over your life? 0.94

00:13:48.000 The only person who you should give power to is somebody who doesn't want to use it.

00:13:52.000 The first rule for a politician should be somebody who doesn't want to be in politics.

00:13:56.000 Because if you want to be in politics, this means you want power over other people's lives.

00:13:59.000 People should be reluctant about how they gain power.

00:14:02.000 People should be reluctant about how they use power.

00:14:04.000 The only politician you can trust is one who promises not to do anything or to give power back to you.

00:14:09.000 But anybody who claims they can solve your problems the way Nancy Pelosi and Joe Biden do, and by the way, how many Republican politicians, they're lying to you.

00:14:15.000 They can't.

00:14:16.000 They don't have the power to do this.

00:14:18.000 A little bit of epistemic humility would be a nice thing around here.

00:14:21.000 Frederick Hayek famously wrote, when it came to economics, that when you centralize all power in certain pairs of hands, what you are doing is you are actually ending up with people with a fraction of the knowledge of the generalized market running the entire thing.

00:14:35.000 If you were to use the sort of centralized economic system of the Soviet Union, you basically have seven people in a room, you have the commissars who are sitting together, At the top of the economy and they're making the rules for everybody.

00:14:48.000 Why doesn't that work even if they're really high IQ?

00:14:50.000 Because their level of knowledge is not as great as the aggregate knowledge of the entire society.

00:14:54.000 This is true across politics.

00:14:56.000 Why in the world you would have a group of people who could not run a popsicle stand figuring out for everyone else how the economy is going to run, how your life is going to run, how you're going to take care of your family.

00:15:07.000 It is beyond comprehension.

00:15:09.000 How about a little bit of humility about the fact that there is a system that you do not run and that no one runs and has been running for hundreds of years in terms of how people actually run their individual lives and interact with one another.

00:15:21.000 You don't control it and attempting to rationalize that into a set of rules whereby a group of elites is going to run everything using the set of rules. 1.00

00:15:30.000 It's a pursuit of stupidity. 1.00

00:15:32.000 It's idiocy. 1.00

00:15:33.000 The famous philosopher Michael Oakeshott suggested that to try and pretend that a group of rational rules made up by a group of people sitting in a room and sort of boiling it all down to paper That those people are not capable of grasping the complexities of the universe. 0.99

00:15:49.000 You're not capable of... No one is capable of complexing, of grasping the complexities of the economy, of human interactions, and yet you want to centralize all of that in the pea brains of people like Nancy Pelosi?

00:16:00.000 Or the misfiring neuronal connections of Joe Biden?

00:16:03.000 I'll never understand it.

00:16:04.000 I really will never understand it.

00:16:06.000 We'll get to Joe Biden trying to ram Build Back Better through in just one second.

00:16:10.000 Joe Manchin is standing in the way first.

00:16:13.000 We know that you want a better night's sleep.

00:16:14.000 I've already told you about your mattress.

00:16:15.000 You need a great sheet on that mattress.

00:16:17.000 And we're putting together your entire bedding plan right now here on this show.

00:16:22.000 You don't just need a great mattress made for you.

00:16:23.000 You need a great set of sheets.

00:16:25.000 I'm talking about the best set of sheets.

00:16:26.000 Bull and Branch.

00:16:27.000 They are the best sheets.

00:16:28.000 They are the sheets that my wife and I use.

00:16:30.000 They're the sheets that we put on our kids' beds at night.

00:16:32.000 They're just terrific.

00:16:34.000 And they get better with each use.

00:16:35.000 Bull and branch sheets are incredibly comfortable.

00:16:37.000 They're really breathable.

00:16:38.000 And sometimes you buy a set of sheets and it feels kind of sticky and gripping your body.

00:16:42.000 It kind of feels gross.

00:16:43.000 Not with bull and branch.

00:16:44.000 Bull and branch, man, it's like sleeping in the sheets made from heavenly clouds.

00:16:49.000 They're just great.

00:16:50.000 Husband and wife team Scott and Missy Tannen founded Bull and Branch to create a new standard in bedding by doing things the right way, not the easy way.

00:16:56.000 Bullenbranch holds themselves to high standards across the board, and you can feel it.

00:16:59.000 It's not just their sheets.

00:17:00.000 They do pillows, bath towels, robes as well.

00:17:02.000 They've got signature hem sheets.

00:17:03.000 Those are the all-time bestseller.

00:17:05.000 First of all, they really fit the mattress.

00:17:06.000 They're not, like, gonna pop off and your face ends up on the mattress.

00:17:08.000 You're like, ugh!

00:17:09.000 No, it's not like that.

00:17:10.000 Bullenbranch sheets fit the bed perfectly.

00:17:12.000 Again, super comfortable.

00:17:13.000 Get better with each wash.

00:17:14.000 Treat yourself and your loved ones to the new standard embedding from Bull & Branch.

00:17:18.000 Their gifts come wrapped and ready in their special holiday packaging order by December 19th for guaranteed delivery by Christmas.

00:17:24.000 Best deals of the year going on right now, from now until December 23rd with promo code Shapiro at bullandbranch.com.

00:17:30.000 That's B-O-L-L-A-N-D-B-R-A-N-C-H.com. 1.00

00:17:32.000 Promo code Shapiro.

00:17:33.000 Exclusions may apply.

00:17:35.000 All righty, so Joe Biden is trying to convince Joe Manchin to go along with Build Back Better, and it is going extremely poorly, as it should, because Joe Manchin made this very clear.

00:17:44.000 He kept saying it, Joe Manchin, throughout this entire process, he's felt like an American tourist in China, right?

00:17:50.000 Like the root American tourist in China, where nobody speaks his language, and so he just says it louder, and still nobody speaks his language, so he just says it louder. 0.50

00:17:58.000 Like, where is the bathroom?

00:18:00.000 People are like, No.

00:18:04.000 Don't understand.

00:18:04.000 He's like, where is the bathroom?

00:18:07.000 This is what Joe Manchin has been doing to the Democrats and they refuse to understand.

00:18:10.000 The difference in this scenario is that Joe Manchin isn't the rude tourist.

00:18:13.000 He's the only person speaking the language of the rest of the people.

00:18:16.000 It's the Democrats who are out of control.

00:18:18.000 So he keeps saying, I'm not spending this kind of money.

00:18:22.000 It's too much money.

00:18:24.000 Stop.

00:18:26.000 And Nancy was like, maybe if we appeal to him this way, he'll do it.

00:18:29.000 And the media is like, maybe, you know, Joe Manchin, maybe he'll break the filibuster.

00:18:33.000 And then Joe Biden's like, I'm sorry, I'm track my corn pop is Joe Manchin.

00:18:39.000 And surprisingly, Joe Manchin does nothing.

00:18:43.000 Joe Manchin is like, nah, I got to get back on my houseboat after this and go back down to West Virginia, where Joe Biden lost by one million points and where he's currently underwater by like 40 points.

00:18:55.000 And I've got to explain to those people why I felt it was vital to vote for a $2 trillion bill minimum in a time of massive inflation, where my people don't want this bill.

00:19:04.000 So yeah, they've run into an impasse.

00:19:06.000 There's a shocker.

00:19:07.000 It's not shocking at all, by the way.

00:19:08.000 Joe Manchin's only hope of staying in the Senate is being the Democrat who stopped Build Back Better.

00:19:12.000 If he's the Democrat who voted for Build Back Better, then he's just Chuck Schumer in West Virginia, which means he's out of a job.

00:19:18.000 According to Politico, tensions are boiling over as discussions about finishing Democrats $1.7 trillion domestic spending bill drag on between Joe Biden and Joe Manchin.

00:19:26.000 The legislation looks increasingly likely to stall over the impending holiday break, prompting Biden himself to bemoan the slow pace.

00:19:33.000 Well, the good news is that you can always just tell Joe Biden that it's the middle of May 2021.

00:19:36.000 He'll believe you. 0.85

00:19:37.000 Manchin grew frustrated on Wednesday when questioned about whether he opposes a provision of the bill to extend the expanded child tax credit, deeming those queries bullshit.

00:19:46.000 In denying that he wants to end the $300 monthly check many families receive for children.

00:19:51.000 That provision expires this month.

00:19:52.000 Democrats had hoped it would drive a year-end deal.

00:19:54.000 Instead, Biden and Manchin don't appear particularly close to clinching anything.

00:19:58.000 Manchin has suggested pulling the child tax credit from the bill.

00:20:00.000 Publicly, Manchin says he doesn't oppose the tax credit. 0.99

00:20:03.000 He's just saying, you don't get to wrap it up in this sandwich made of crap and then sell it to me. 0.98

00:20:09.000 Yeah, that's gonna work. 0.99

00:20:10.000 That's gonna work.

00:20:10.000 What's Joe Biden gonna do?

00:20:11.000 the source said.

00:20:12.000 Though Manchin and Biden developed a warm rapport this year and collaborated on several prominent pieces of legislation.

00:20:17.000 The plodding pace of the talks between the two Joes is straining their friendly relationship. 1.00

00:20:21.000 Frustration among the White House aides with Manchin is high and growing.

00:20:24.000 And while Biden likes Manchin personally, he too has grown tired of the elongated talks and will soon push him to make a decision and support the legislation according to two White House sources.

00:20:32.000 Yeah, that's gonna work.

00:20:33.000 That's gonna work.

00:20:34.000 What's Joe Biden gonna do?

00:20:35.000 He's gonna call up Joe Manchin and be like, Joe, gotta tell you, man.

00:20:39.000 Come on, man.

00:20:40.000 It's time to vote for the Bill Black badangadoo.

00:20:43.000 And Joe Manchin's gonna be like, I live in West Virginia, why would I do that?

00:20:46.000 He's gonna go, well, I'm growing impatient, Joseph McMansion.

00:20:50.000 I'm just, I'm very impatient.

00:20:52.000 He's like, so?

00:20:53.000 I don't care.

00:20:54.000 By the way, you notice whose name has completely fallen out of this?

00:20:57.000 Kyrsten Sinema.

00:20:58.000 He could get Manchin, and Sinema still would not vote for this.

00:21:02.000 Because it doesn't meet her test either.

00:21:03.000 This is not just Joe Manchin.

00:21:05.000 This is Kyrsten Sinema.

00:21:07.000 Neither Biden nor Manchin view the likelihood this bill won't pass until 2022 is damaging to their relationship or fatal to the legislation itself.

00:21:13.000 Manchin's friends in the Senate say he's not looking to tank Biden's agenda.

00:21:16.000 They may have different views about timing.

00:21:18.000 It's less about weather than about when and how much, said Senator Tim Kaine.

00:21:21.000 Well, those would be rather large questions, right?

00:21:24.000 How much?

00:21:25.000 What's in the bill?

00:21:26.000 Et cetera.

00:21:26.000 Like, you think in a midterm election year, people are going to be voting for this?

00:21:30.000 You really?

00:21:31.000 Like, once we hit midterm election year, I'm sorry, people are going to be a little distracted trying to save their seats.

00:21:36.000 So good luck with this.

00:21:38.000 Biden had a lengthy phone call with Manchin on Monday, again, spoke to him on Tuesday.

00:21:42.000 Asked how often he's talking to Biden.

00:21:43.000 Manchin said on Tuesday, I'm just waiting.

00:21:45.000 I'm not in charge.

00:21:45.000 Of course, it's not just Biden who's pushing Manchin.

00:21:49.000 Senate Majority Leader Chuck Schumer is coordinating with both.

00:21:51.000 See, here's the thing. 1.00

00:21:52.000 Chuck Schumer is an idiot. 1.00

00:21:53.000 He's a terrible majority leader. 1.00

00:21:55.000 What Chuck Schumer really could do is he could go back to Joe Biden and he could say, why don't we shift our specs a little bit?

00:22:00.000 Why don't we actually break this bill down into a series of smaller bills that would make it difficult for Republicans to vote against?

00:22:06.000 They keep saying, each constituent part of this bill has 65% approval.

00:22:09.000 Okay, so why don't you break it down into 65% approval bills?

00:22:12.000 And the answer is because they can't get those passed.

00:22:15.000 They have to wrap it up this way, because if they don't wrap it up this way, they will not be able to cobble together the progressives and the radicals and the moderates.

00:22:22.000 They won't be able to do it.

00:22:23.000 So they have to wrap it up into a giant omnibus package, and they can't pass that giant omnibus package.

00:22:27.000 So the only good news here is that reality is starting to hit the Biden administration, and they're having a real problem coming up with answers on all of this.

00:22:38.000 But the answer the Democrats will eventually come up with when it comes to all of this, is they're just going to get angry at the institutions.

00:22:45.000 Because when they don't get what they want, they just start attacking everything else.

00:22:49.000 So they've already created a massive inflationary bubble.

00:22:53.000 Now the Federal Reserve is going to crack down on the inflation, which is going to ramp up the unemployment.

00:22:57.000 When it ramps up the unemployment, Joe Biden is going to push harder on the institution.

00:23:00.000 Let's break the filibuster.

00:23:02.000 Let's stack the Supreme Court. 0.95

00:23:03.000 Let's change all the institutions.

00:23:05.000 When they don't get what they want, the answer is to break the system.

00:23:08.000 And not just to break the system, to break private competitors.

00:23:11.000 In one second, we'll get to the apparently New passion among Democrats for cracking down on cryptocurrency because what they're afraid of is that the alternative to the dollar being manipulated by the central government will be a non-manipulable form of currency.

00:23:25.000 We'll get to that in just one moment.

00:23:26.000 First, let's talk about the fact that, as we say, inflation is dominating the country.

00:23:31.000 The cost of everything is going up.

00:23:33.000 That includes rent.

00:23:34.000 But in the future, what you're going to be seeing as the Fed tapers is you're going to be seeing rising interest rates on the mortgages, right?

00:23:40.000 Mortgage rates are going to go up when they go up.

00:23:43.000 You're going to lose your chance to refinance your mortgage.

00:23:45.000 That'd be a great way of saving money right now.

00:23:47.000 Inflation's going up, so you need to save money, and the mortgage rates remain low.

00:23:50.000 So now's an excellent time to refinance.

00:23:52.000 You need to check out my friends over at American Financing.

00:23:54.000 You'll get a free, no-pressure mortgage review.

00:23:56.000 You can learn about custom loans that fit your life better.

00:23:58.000 From lower rates to shorter terms, even high-interest debt consolidation, they can do all of it.

00:24:02.000 They're currently saving customers up to $1,000 a month.

00:24:04.000 They're helping many people skip two mortgage payments.

00:24:07.000 Why not see what they can do for you?

00:24:09.000 Give them a call at 866-721-3300.

00:24:09.000 That's 866-721-3300.

00:24:10.000 Or, visit AmericanFinancing.net, NMLS182334, NMLSConsumerAccess.org.

00:24:13.000 Again, go check them out.

00:24:15.000 866-721-3300.

00:24:15.000 Now is an excellent time to refinance, and you're going to lose your opportunity if you don't do it now.

00:24:19.000 NMLSconsumeraccess.org. Again, go check them out. 866-721-3300.

00:24:24.000 Now is an excellent time to refinance, and you're going to lose your opportunity if you don't do it now. Head on over to AmericanFinancing.net to get started. Okay, so when you are in trouble, you need to find somebody else to attack.

00:24:37.000 And it seems that the Democrats have found a couple of things to attack.

00:24:40.000 Thing number one is they're going to attack private industry.

00:24:44.000 You saw this yesterday when Chen Psaki was claiming that inflationary spirals in meat and oil were created by greed in private industry, not by bad government policy.

00:24:51.000 Well, now It seems that many of our nation's foremost financial innovators on the Democratic side of the aisle, or at the Federal Reserve, they're very upset at the possibility that you might take your money out of the system and put it into something like Bitcoin.

00:25:04.000 Now, full disclosure, I own Bitcoin, I own Ethereum.

00:25:06.000 I'm big advocates for both.

00:25:08.000 I think that Bitcoin is excellent.

00:25:09.000 I think that the possibility of a currency that is not under the centralized control of a government with its own political priorities, I think putting some of your money there is a good idea, which is why I own Bitcoin.

00:25:19.000 I think Ethereum, which is attempting to cut down On the banking system's transaction costs by creating all sorts of innovative new ways to create a trustless financial system, that is a good thing.

00:25:32.000 Understand that the innovation that Bitcoin represents and that a lot of decentralized finance represents is a way to cut out the middleman.

00:25:39.000 The reason that you go to a bank is because banks verify your transactions, right?

00:25:43.000 You know that when you put your money in a bank, the bank is going to be held accountable if the money is gone.

00:25:48.000 So you trust the bank, which is why you put your money in the bank.

00:25:50.000 But that also means massive transaction costs, because every time you run a credit card, the credit card company has to get in touch with a middleman, the middleman then has to get in touch with the bank.

00:25:57.000 There are like seven or eight companies involved in every credit card transaction, which is why it takes two or three days for a credit card transaction to actually clear.

00:26:04.000 You know this if you own a business.

00:26:05.000 That just because someone swiped the credit card doesn't mean the money is now in your account.

00:26:08.000 Now the money has to go all the way through the system of verification in order for the money to reach your account.

00:26:13.000 When it comes to international transactions, it can take like a week for an international transaction to clear.

00:26:18.000 When it comes to decentralized finance, these transactions can clear like that very, very quickly.

00:26:22.000 And in areas of the world, particularly impoverished areas of the world, where you don't have a good banking system, if you're in Afghanistan, you can't deposit your money in a bank account because there are no banks.

00:26:31.000 What Bitcoin does, what decentralized finance allows, is for you to have that money digitally and transfer it digitally instantaneously.

00:26:37.000 That's a very good thing for the world.

00:26:39.000 And it cuts out a lot of the transaction costs in the middle.

00:26:42.000 The way that it does this is through the blockchain.

00:26:44.000 The blockchain is a way of verifying transactions because it basically has a history of every transaction that has happened With blockchain, that verifies that these are real transactions because everything is encoded.

00:26:57.000 And what blockchain does, it's a way, the way that you earn Bitcoin, for example, is by verifying transactions.

00:27:02.000 When people talk about mining Bitcoin, it's not somebody on a computer with a pickaxe, right?

00:27:07.000 What mining Bitcoin means is that you have an entire computer system that is essentially decrypting all sorts of transactions and verifying the transactions actually occur.

00:27:16.000 This is how you provide some sort of stability in the transactional system.

00:27:20.000 Now, the drawback for Bitcoin or Ethereum or any of these other cryptocurrencies is that if somebody were to get your password, they can take all of your money, right?

00:27:28.000 Whereas that is not true with a bank.

00:27:30.000 However, that just means make a better password, right? 0.99

00:27:33.000 Don't be an idiot and don't use the same password for all of your stuff. 0.99

00:27:36.000 And don't forget your password, right? 1.00

00:27:37.000 But the attraction of crypto is that it cuts out the banking system.

00:27:42.000 The attraction of crypto is that it creates a trustless system in which you don't have to trust the person that you're transacting with.

00:27:47.000 And you also don't have to trust a bank to keep your money.

00:27:50.000 Right, the blockchain itself is the trust because it is verified, right?

00:27:54.000 Okay, that is the attraction of it.

00:27:57.000 The other attraction of it is that you don't have a centralized government that is going to inflate the currency, where you put your money in a bank and then you just wait for the government to inflate it out of existence, right?

00:28:06.000 If you took $100 and you put it in the bank at a 0% interest rate, just to make the math easy, back in like...

00:28:12.000 And then you took that $100 out of the bank today, it'll be worth like, I don't know, 50 bucks, 60 bucks, maybe.

00:28:19.000 Okay, so like the inflation rates eat away at savings.

00:28:23.000 This is not true with Bitcoin.

00:28:24.000 And when you buy Bitcoin, or any other form of crypto that is worth its salt, then what you are actually doing is you are buying a value that is not dependent on infusions of money into the system.

00:28:36.000 Right, so that is the attraction of Bitcoin.

00:28:39.000 And then there are things called stablecoins, which are pegged to, for example, the value of the United States dollar.

00:28:43.000 Right, so you can buy a digital form of currency that cuts out the transaction cost and is pegged to the price of the dollar.

00:28:49.000 Right, so you would think this is a good thing, right?

00:28:51.000 This is a good alternative, and it takes enormous amounts of power away from the government.

00:28:54.000 This is why the government is so scared crapless of cryptocurrency.

00:28:57.000 They are scared so crapless of it that you are going to stop, like, if cryptocurrency ever became a denomination in use, Not denominated in dollars, but things started to be denominated in Bitcoin or you started trading in Bitcoin.

00:29:08.000 It's not stable enough right now for people to really trade in Bitcoin.

00:29:11.000 This is one of the problems with Bitcoin is that it used to be that there was this concept that Bitcoin would be used in transactions, right?

00:29:17.000 Instead of paying for a car in dollars, you pay for it in Bitcoin.

00:29:19.000 The problem is because Bitcoin is still volatile because not enough people buy it and use it.

00:29:24.000 Because of that, the price of a Bitcoin could go up or down.

00:29:26.000 So if you sell a car for A Bitcoin, and Bitcoin is worth $30,000 today, so you're selling a car for 30 grand.

00:29:34.000 Tomorrow, that Bitcoin could be worth $20,000, and so you just lost $10,000, right?

00:29:37.000 So this is the problem with Bitcoin, but it's going to get more stable over time as there is more and more buy-in.

00:29:41.000 The government is so scared of this stuff.

00:29:43.000 They are so scared of this stuff.

00:29:44.000 They are afraid that they are no longer going to be able to control your monetary future.

00:29:47.000 They're paralyzed in fear from this stuff.

00:29:50.000 So you have Jerome Powell over at the Federal Reserve.

00:29:53.000 It is amazing to me that we are willing to trust people who are actively manipulating the money supply in the United States.

00:29:58.000 I mean, this is literally their job.

00:30:00.000 It is not as though they are hiding the ball.

00:30:02.000 They actively acknowledge that what they do every day is manipulate how much your savings are worth.

00:30:07.000 And yet we're supposed to trust them, but not trust a trustless system verified by blockchain.

00:30:12.000 Here's Jerome Powell ribbing on Bitcoin.

00:30:15.000 In terms of the cryptocurrencies that are really speculative assets, I don't see them as a financial stability concern at the moment.

00:30:28.000 I do think they are risky, they're not backed by anything, and I think they're big consumer issues for consumers who may or may not understand what they're getting, and they're certainly They're not backed by anything, really.

00:30:58.000 So what is the United States dollar backed by?

00:31:00.000 What is it backed by?

00:31:00.000 It used to be backed by gold, not backed by gold anymore.

00:31:04.000 It's backed by the full faith and credit of the United States, which is solid as long as you trust the United States.

00:31:08.000 It's solid as long as you trust the United States government.

00:31:11.000 Well, you know what's one thing that undermines trust in the full faith and credit of the United States?

00:31:15.000 One of those things would be a massive national debt that is eventually going to come to eat up a huge percentage of our GDP every year and make it nearly impossible for us to continue to operate as a free economy without massive rates of taxation or massive cuts to social services.

00:31:31.000 The question is, which do you trust more?

00:31:34.000 A decentralized system where no one controls it, or a centralized system where Jerome Powell controls it?

00:31:40.000 And the full faith and credit of the United States, which is being blown out on a daily basis?

00:31:44.000 At a certain point, there will be another country that gets wise, lowers its corporate tax rate to 10%, and just eats everybody's lunch.

00:31:51.000 Truly, I mean, that will be like the notion that the United States has to lead the world in terms of in terms of sort of the economy.

00:31:58.000 It doesn't have to, but we are a massive country that gives us certain advantages.

00:32:03.000 We have 340 million people in it.

00:32:05.000 We have this huge territorial grasp, but That doesn't mean that if we spend ourselves into oblivion, there won't be somebody else who comes and eats our lunch. 0.97

00:32:13.000 We are benefiting from the fact that the Chinese government, for example, has embraced the stupidest form of economics in terms of communism. 0.95

00:32:19.000 Then they moved into a sort of mercantilism. 0.96

00:32:21.000 That's also a dumb form of economics, which is why their outsized growth statistics are rooted in the fact that they started from a really, really low baseline.

00:32:28.000 Basically, everyone in China had zero dollars, and now everybody in China has five dollars, and so they've had a massive growth rate.

00:32:32.000 That does not mean that China's per capita GDP is anywhere near on par with Western Europe or with the United States.

00:32:38.000 The per capita GDP in China right now is still really pretty low.

00:32:44.000 The per capita GDP in China right now is about $10,500 per year.

00:32:48.000 So all of the talk about how the Chinese communist regime has created massive prosperity in China is not true.

00:32:55.000 They just have a billion and a half people. 0.95

00:32:57.000 However, that does not mean that there could not be a country that comes up and realizes that all of the regulatory structures the United States has set up are garbage, that our tax structures are garbage. 0.62

00:33:06.000 Joe Biden has pushed a global 15% corporate tax rate. 0.80

00:33:09.000 If there were a country that went to 10% corporate tax rate, it would just suck in investors from everywhere. 0.92

00:33:15.000 The amount of money that would flow in, if you could guarantee property rights and a predictable legal regime in a state with 10% corporate tax rates, that place would eat our lunch within a decade.

00:33:26.000 It is truly that simple.

00:33:28.000 Okay, but unfortunately, at the same time, these people are saying you should trust the full faith and credit of the United States and you should crack down on Bitcoin.

00:33:36.000 Elizabeth Warren is doing the same thing, right?

00:33:38.000 She's saying decentralized finance is really bad because it allows for illegal transactions.

00:33:41.000 Oh, what does cash do?

00:33:43.000 Also, you know what's one thing that has allowed for massive illegal transactions?

00:33:47.000 A government-based banking system that has essentially created massive incentives to bail out companies who take bad risks.

00:33:55.000 I mean, seriously, what is more dangerous?

00:33:57.000 To the stability and health of the world economy?

00:33:59.000 Truly, what's more dangerous?

00:34:00.000 The fact that some people use decentralized finance to do drug deals?

00:34:03.000 Or the fact that every time there's a financial crisis, the taxpayers are on the hook for trillions of dollars?

00:34:08.000 Which one seems more risky to you?

00:34:09.000 Here's Elizabeth Warren ripping on crypto, however. 1.00

00:34:12.000 DeFi is the most dangerous part of the crypto world.

00:34:16.000 This is where the regulation is effectively absent, and no surprise, it's where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders.

00:34:28.000 Shoot, in DeFi, someone can't even tell if they're dealing with a terrorist.

00:34:33.000 Stablecoins provide the lifeblood of the DeFi ecosystem.

00:34:37.000 In DeFi, people need stablecoins to trade between different coins, to trade derivatives, to lend and borrow money, all outside the regulated banking system.

00:34:47.000 Without stablecoins, DeFi comes to a halt.

00:34:53.000 Okay, so without Elizabeth Warren overlooking a financial system, you should be scared?

00:34:57.000 No, with Elizabeth Warren overlooking the financial system, you should be scared.

00:35:00.000 Again, why would you give these people power?

00:35:02.000 Why, why, why, why, why?

00:35:03.000 And the answer is they want the power, of course.

00:35:05.000 They desperately want the power, which is why they're now pushing against that.

00:35:08.000 They're also pushing against the institutions.

00:35:10.000 It is not a coincidence that the same day that Elizabeth Warren is calling for a crackdown on decentralized finance, she's also calling for court packing in the pages of the Boston Globe. 0.98

00:35:19.000 These people don't care about institutions, they care about power. 0.70

00:35:22.000 And mainly they care about their own power.

00:35:23.000 We'll get to Nancy Pelosi and an amazing statement that she made yesterday with regard to members of Congress and insider trading.

00:35:31.000 We'll get to that in a moment.

00:35:32.000 The rules apply to the little bit.

00:35:33.000 You're supposed to trust them to run your financial future.

00:35:36.000 They get to insider trade.

00:35:37.000 We'll get to that in just one moment.

00:35:38.000 First, there are right now over 10 million job openings in the United States, but only 7.6 million unemployed job seekers.

00:35:44.000 That issue is being worsened due to a mismatch of employers and qualified talent.

00:35:47.000 Employers are having to go above and beyond to entice people to want to work for them.

00:35:52.000 They're offering, like, legal services, or ID theft protection, or pet insurance.

00:35:56.000 Well, if you can relate to any of these challenges of trying to grow your team, and I'm talking to employers every day, looking for people to work, you need to try ZipRecruiter.

00:36:03.000 Right now, you can try it for free at ziprecruiter.com slash dailywire.

00:36:06.000 ZipRecruiter uses powerful technology to find and match the right candidates up with your job.

00:36:10.000 Then, it proactively presents these candidates to you.

00:36:13.000 You can easily review these recommended candidates and invite your top choices to apply for your job.

00:36:17.000 That encourages them to apply faster.

00:36:19.000 No wonder ZipRecruiter is the number one rated hiring site in the United States based on G2 ratings.

00:36:23.000 ZipRecruiter's technology is so effective that four out of five employers who post on ZipRecruiter get a quality candidate within the very first day.

00:36:29.000 And right now you can try ZipRecruiter for free at this exclusive web address, ZipRecruiter.com slash DailyWire.

00:36:35.000 That's ZipRecruiter.com slash D-A-I-L-Y-W-I-R-E.

00:36:39.000 ZipRecruiter is indeed the smartest way to hire. 0.73

00:36:42.000 Now, before we go any further, here's a reminder, this company, The Daily Wire, We were ready day one to challenge the Biden administration on the constitutional vaccine mandate.

00:36:51.000 And we are getting very close to a million signatures on our do not comply petition.

00:36:56.000 And we're getting very, very close because people are recognizing that they need to sound off.

00:37:00.000 And we're going to get to all the COVID craziness right now.

00:37:02.000 Democrats are considering new shutdowns and all this.

00:37:04.000 You have to resist.

00:37:05.000 You have to push back.

00:37:06.000 This is what we are doing right now with our petition.

00:37:08.000 We have a goal of reaching a million signatures.

00:37:10.000 As I've said, we have over 875,000 signatures.

00:37:13.000 We want to finish this before the end of the year.

00:37:14.000 Get to a million signatures before the end of the year.

00:37:16.000 Please, if you haven't already, sign the petition at dailywire.com slash do not comply and then share our petition with everybody, like far and wide.

00:37:23.000 We can get to a million.

00:37:24.000 Let's send a message so loud the Biden administration can't ignore us.

00:37:28.000 Hey, also, I am truly pumped about this.

00:37:30.000 We have a brand new series available exclusively at Daily Wire.

00:37:34.000 If you've ever wanted to be a fly on the wall for my conversations with my closest and most influential friends, you're gonna love this.

00:37:39.000 Like, seriously, this is what this is.

00:37:41.000 I get to hang out with all my friends, and you're gonna see what our conversations are like, usually when the cameras are off.

00:37:46.000 In the premiere episode, Jordan Peterson joined me for coffee while he was visiting Nashville, and we have, I would say, a unique and pretty awesome conversation.

00:37:56.000 All righty, so I'm here in Nashville with Jordan Peterson.

00:37:59.000 Jordan's spending a lot of time in Nashville.

00:38:00.000 In fact, I think Jordan may know Nashville better than I do.

00:38:02.000 Last night, you dragged me to Robert's Western World, and you were like the guy of the house.

00:38:09.000 They all knew you.

00:38:10.000 No, no, Luke McQuarrie was the guy of the house, the guitarist.

00:38:13.000 Playing the guitar with Steve?

00:38:14.000 He's a deadly man, yeah.

00:38:15.000 Kelly's Heroes, they're a deadly band.

00:38:17.000 I will say, I feel like I was a little more dressed for it.

00:38:19.000 Like, I was wearing a t-shirt and a leather jacket and you were wearing this.

00:38:23.000 Yeah, I didn't have my Kobe boots.

00:38:25.000 I haven't bought them yet.

00:38:26.000 I'll get a cowboy boots for my show.

00:38:28.000 We're gonna get you Nashville'd up, exactly.

00:38:30.000 It was really fun being there with you.

00:38:32.000 Oh yeah, that was awesome.

00:38:33.000 You're a classically trained violinist.

00:38:35.000 I am, I am.

00:38:36.000 And you like the music.

00:38:37.000 Oh, yeah.

00:38:38.000 I love that stuff.

00:38:38.000 I mean, if you're a good musician, you're a good musician.

00:38:40.000 Those guys know how to play.

00:38:41.000 Yeah, no kidding.

00:38:41.000 That's right.

00:38:41.000 They really know how to play.

00:38:43.000 Sunday Special is a lot more formal.

00:38:44.000 I mean, I'm coming in with questions, and it's much less of kind of a discussion between the two of us, and it's much more of kind of just me probing in Jordan's ideas.

00:38:53.000 But this is much more like how we talk normally.

00:38:55.000 I mean, Jordan, you called me, we talked on the phone like a month ago, and this was basically the same conversation, right?

00:39:00.000 This is how we talk when... Different topics, but... Yeah, different topics, but I mean, like, this is how we talk when the cameras aren't on us.

00:39:05.000 People really love being in on those conversations.

00:39:08.000 Yeah, no, I think that the fact that people are going to kind of get the fly-on-the-wall view of these kind of conversations is pretty awesome.

00:39:17.000 So you'll be able to see clips of my conversation with Jordan here at the coffee shop on YouTube.

00:39:21.000 But if you want to see the whole conversation, which really is the way you should see it, you need to head on over to dailywire.com or check us out on the Daily Wire app.

00:39:28.000 You'll be able to see the whole thing there, and it's pretty fantastic.

00:39:31.000 So go check that out.

00:39:32.000 My conversation with Jordan Peterson drops tomorrow at dailywire.com.

00:39:35.000 If you're not a member yet, now is the perfect time to sign up.

00:39:38.000 We're gonna do a bunch of these.

00:39:40.000 I mean, this is really how it works.

00:39:41.000 I have a bunch of really interesting friends, and I talk with all of them off in the air.

00:39:44.000 And then we do shows where we're very formal, and I sit there and I interview them like it's inside the actor's studio.

00:39:48.000 This isn't that.

00:39:49.000 What this is, is how we talk.

00:39:50.000 I mean, we talk about our kids, we talk about our families, we talk about our wives.

00:39:53.000 It gets very intimate, and it gets really deep and profound.

00:39:56.000 It's pretty mind-boggling, honestly.

00:39:59.000 One of the great aspects of my life is that I get to talk to the most interesting high IQ people on the planet, like off camera, in private.

00:40:06.000 But now we wanted to put that on camera so you can enjoy those conversations too, because honestly, some of the best conversations you have are the casual conversations over coffee.

00:40:12.000 Head on over to dailyware.com slash subscribe.

00:40:15.000 They're great.

00:40:15.000 Sign up today.

00:40:16.000 You're going to love them.

00:40:17.000 You're listening to the largest, fastest growing conservative podcast and radio show in the nation.

00:40:20.000 Alrighty, so meanwhile, Nancy Pelosi, again, these are the people you want to lead you.

00:40:29.000 I'm not going to stop saying this.

00:40:31.000 Stop asking these people to lead you. 0.99

00:40:33.000 They are corrupt. 0.98

00:40:34.000 They don't care about you. 1.00

00:40:35.000 They care about their own power.

00:40:36.000 They've convinced themselves they care about you.

00:40:37.000 I'm not saying they're not sincere.

00:40:37.000 Okay?

00:40:39.000 I'm saying they're delusional.

00:40:40.000 They are sincere.

00:40:41.000 They sincerely believe that they are helping you.

00:40:43.000 It just so happens they help themselves around the edges a little bit too.

00:40:45.000 I mean, does it really matter?

00:40:47.000 I mean, if you are, they just have to take a taste.

00:40:50.000 Okay, so Nancy Pelosi yesterday, she was asked about members of Congress trading individual stocks.

00:40:54.000 Now, I'm of the belief that once you're in Congress, you should not be able to trade on the information that you receive in Congress.

00:41:00.000 Because if we are going to bar insider trading for private entities, we should bar insider trading for members of Congress.

00:41:07.000 Because they can, in fact, even if you were to allow insider trading for people in the private sector, which again, I think there's a kind of libertarian case for that.

00:41:14.000 actually allows for free flow of information, more free flow of information for market response than there otherwise would be.

00:41:20.000 Right?

00:41:21.000 People actually get information faster when insider trading is available.

00:41:23.000 But put that aside.

00:41:24.000 If you're a member of Congress and you can actually control policy, knowing that you can get a majority to do a thing that is going to impact business in a particular way, so you short sell the business, or you know that a business is about to get a subsidy because you know it's been formulating behind closed doors and you control the system.

00:41:41.000 And so you're using the power of a democracy to make yourself more rich?

00:41:46.000 That's super-duper corrupt.

00:41:47.000 Nancy Pelosi was asked about this yesterday.

00:41:49.000 She, of course, has a long history of questionable insider trading issues. 0.99

00:41:53.000 And she was like, well, we are a free market system.

00:41:56.000 Hearing Marxist-leaning Nancy Pelosi talk about what a wonderful free market system we are by utilizing government power to make herself richer is pretty vomit-inducing.

00:42:06.000 Here we go.

00:42:07.000 Should members of Congress and their spouses be banned from trading individual stocks while serving in Congress?

00:42:14.000 No, to the second one.

00:42:17.000 We have a responsibility to report on the stock, but I'm not familiar with that five-month review.

00:42:25.000 but if people aren't reporting, they should be.

00:42:29.000 Why is that?

00:42:31.000 Because this is a free market and people, we have a free market economy.

00:42:36.000 They should be able to participate in that.

00:42:40.000 That's not the question.

00:42:41.000 The question is whether you are participating in a free market economy or whether you are using your regulatory power to get rich.

00:42:47.000 If you're a Soviet Commissar and you can dictate the price of shoes until you go abroad and you buy a bunch of shoes and you sell them in the Soviet economy while dictating the price, that is not a free market.

00:42:56.000 And if you're a member of Congress and you're using your regulatory power to subsidize or crack down on a particular business, and then you are trading in that business at the same time, that is unbelievably corrupt.

00:43:04.000 That is not free market stuff.

00:43:06.000 This has been a longstanding issue with Congress.

00:43:09.000 Peter Schweitzer has been writing on this for years and years and years, all the way back in 2012.

00:43:13.000 He talked about congressional corruption.

00:43:16.000 Newsweek wrote about it. 0.95

00:43:18.000 While examining trades made around the time of the 2003 Medicare overhaul, Peter Schweitzer experienced what he called his holy crap moment, according to Newsweek.

00:43:25.000 The legislation, which created a new prescription drug entitlement, promised to be a huge boon to the pharmaceutical industry and savvy investors in the capital.

00:43:32.000 Among those with special insight on the issue is Massachusetts Senator John Kerry, chairman of the health subcommittee of the Finance Committee.

00:43:38.000 Kerry is one of the wealthiest members of the Senate, heavily invested in the stock market.

00:43:41.000 As the final version of the drug program neared approval, one that did not include limits on the price of drugs, brokers for Kerry and his wife were busy trading in Big Pharma.

00:43:49.000 Schweitzer found they completed 111 stock transactions of pharmaceutical companies in 2003, 103 of which were buys.

00:43:56.000 They were all great picks, Schweitzer notes.

00:43:57.000 Kerry's capital gains on the transactions were at least half a million dollars and as high as two million dollars.

00:44:02.000 It was instructive to Schweitzer that Kerry didn't try to shape legislation to benefit his portfolio.

00:44:06.000 The key was that he knew exactly what the government was about to do, and then he... and then he spent money in order to make money from it.

00:44:14.000 Kerry's spokesperson said, Senator Kerry does not buy, sell, or trade stocks.

00:44:17.000 She noted that Kerry's holdings were in family trusts managed by independent trustees.

00:44:21.000 Further, Kerry was not a beneficiary of Theresa Hines Kerry's Trust, which were established before they were married.

00:44:26.000 Also, Kerry was running for president.

00:44:27.000 Mitch missed much of the debate.

00:44:29.000 But Schweitzer says, it's not that I think John Kerry is calling up his broker on health care and saying, buy the company, sell the company.

00:44:33.000 The issue is one of a double standard.

00:44:35.000 He notes that if the executive of a health care company were in discussions with the White House over pending legislation that would affect his industry, And then, made a bunch of unusual stock transactions related to the industry, the SEC would probably open an insider trading investigation.

00:44:47.000 This is the only group in America we exempt as politicians, who are probably the last people about whom we should be saying, oh, we'll take their word for it.

00:44:53.000 That's what's so amazing to me.

00:44:56.000 And this has been a major issue for years and years and years and years.

00:45:00.000 A bipartisan issue, by the way.

00:45:01.000 Members of Congress who are benefiting from this sort of insider trading.

00:45:04.000 Of course Nancy Pelosi thinks that that's the free market. 1.00

00:45:07.000 Because according to Nancy Pelosi, using government money to do things she wants is the free market. 0.67

00:45:13.000 And then these are the people that you trust with, like, are you getting the benefit of their bargain?

00:45:18.000 Are you really?

00:45:19.000 And meanwhile, speaking of Nancy Pelosi and her delusional policies, she made a statement yesterday that's just insane. 0.85

00:45:23.000 She was talking about rising crime in America's major cities, and the Speaker of the House, she said, Do you not?

00:45:33.000 Do you not know Nancy Pelosi?

00:45:35.000 Because I feel like you do, or you're completely addled and the moths have made their home directly in the center of your medulla oblongata.

00:45:42.000 Here we go.

00:45:44.000 The fact is that there is an attitude of lawlessness in our country that springs from I don't know where.

00:45:53.000 Maybe you do.

00:45:56.000 No, I do.

00:45:57.000 I do.

00:45:57.000 It's from you.

00:45:58.000 It's from you and your friends.

00:45:59.000 Greenlighting rioting all of last year.

00:46:02.000 You and your wildly liberal George Soros best prosecutorial friends who have decided they are going to undermine law enforcement throughout the United States.

00:46:09.000 Like, I know.

00:46:10.000 And I think Nancy Pelosi does too.

00:46:12.000 Reality is starting to hit home for this crew.

00:46:14.000 And when it hits, it is going to be ugly.

00:46:15.000 So they have two choices.

00:46:16.000 They can burrow deeper into the delusion or they can realize that Joe Manchin is kind of right.

00:46:21.000 They can realize that That they've undermined the full faith and credit of the United States.

00:46:25.000 They can recognize that they've destroyed their own economic hubs because of their COVID insanity and through crime.

00:46:33.000 They can recognize all this or they can just keep doubling down.

00:46:36.000 Oddly enough, some of them are starting to recognize it and it's very weird. 0.73

00:46:38.000 So for example, San Francisco Mayor London Breed, who's a nut.

00:46:41.000 And London Breed backed the defund the police movement five seconds ago.

00:46:45.000 And according to Daily Wire, Speaking at a press conference on Tuesday, Breed erupted at the surge in crime around San Francisco.

00:46:53.000 Here's what London Breed had to say.

00:46:54.000 It's time that the reign of criminals who are destroying our city, it is time for it to come to an end.

00:47:04.000 And it comes to an end when we take the steps to be more aggressive with law enforcement, more aggressive with the changes in our policies, and less tolerant I mean, she is one of the chief manufacturers of the bullet.

00:47:31.000 Like, that's a, that's a weird take.

00:47:34.000 So I'm glad that she's come around to this. 0.95

00:47:35.000 It is weird to see Rudy Giuliani inhabit the body of a black woman. 0.96

00:47:38.000 That's strange.

00:47:39.000 And she's talking and all of a sudden she's morphing to Rudy Giuliani talking about cutting down on crime.

00:47:44.000 It's unbelievable.

00:47:46.000 If you see the morphing happening in real time, so bizarre.

00:47:49.000 Maybe reality is starting to hit.

00:47:51.000 Because as of last year, she tried to divert $100 million from the San Francisco Police Department's social justice programs. 0.85

00:47:58.000 So yeah, reality is starting to hit.

00:48:02.000 So the question for the Democrats is how fast it hits.

00:48:04.000 Because maybe the Democrats can pull their chestnuts out of the fire for 2022 if they allow reality to intervene.

00:48:09.000 But it seems like they're not going to allow reality to intervene.

00:48:12.000 It seems like they are focused in like a laser beam on not allowing reality to intervene on any of these subjects.

00:48:21.000 A little bit on crime, maybe.

00:48:23.000 Although Eric Adams swore in the new NYPD commissioner in front of a mural that included actual cop killers, which is a strange move by Eric Adams yesterday in New York.

00:48:34.000 Still, it seems like in some of the major cities, the chickens are coming home to roost a little bit for Democrats.

00:48:40.000 Nationally, however, I think they're going to have to get walloped first.

00:48:43.000 Honestly, I think the Democrats are going to have to lose an election.

00:48:44.000 They're going to have to lose it in massive fashion.

00:48:47.000 What's so ironic about all of this is that Joe Biden was supposed to be the guy who was still steeped in reality.

00:48:53.000 He was supposed to be the guy when he was elected, who's going to be moderate, who's going to have both feet on the ground, who is not going to run after the radical proposals of his base.

00:49:01.000 And instead, he decided to go as radical as humanly possible.

00:49:03.000 It is truly amazing.

00:49:04.000 And he's still doing it.

00:49:05.000 Yesterday, Joe Biden was talking about COVID, and he's just like ripping on freedom, like openly ripping on freedom.

00:49:11.000 It's pretty amazing.

00:49:14.000 Everybody talks about freedom and not to have a shot or have a test.

00:49:19.000 Well, guess what?

00:49:19.000 How about patriotism?

00:49:22.000 How about making sure that you're vaccinated so you do not spread the disease to anybody else?

00:49:27.000 What about that?

00:49:29.000 What's the big deal?

00:49:30.000 Okay, so first of all, what he's saying right there, what he's saying right there is inaccurate.

00:49:33.000 If you're vaccinated, you can in fact spread the disease to other people according to his own CDC.

00:49:37.000 So he's contradicting his own CDC. But the more important statement he makes there is, what about freedom? I hear all these people talking about freedom. What about, what about patriotism? What about patriotism a little bit? It's like, well, Joe, your definition of patriotism, so far as I'm aware, consists in giving up Afghanistan to the Taliban, paying higher taxes, destroying businesses, allowing crime to run rampant in your cities, and taking shots. 0.53

00:50:04.000 This is the definition of patriotism, according to Joe Biden.

00:50:08.000 Good luck with this message.

00:50:09.000 Truly.

00:50:09.000 I hope that you run on this in 2022.

00:50:11.000 I hope you run on this message in 2024.

00:50:13.000 It seems like his definition of patriotism runs directly counter to the message of freedom.

00:50:17.000 Those two are supposed to work in tandem in the United States.

00:50:20.000 To be free and to be patriotic are supposed to be things that work together in the United States.

00:50:24.000 For Joe Biden, they work in direct opposition, which suggests that he is neither free nor patriotic.

00:50:28.000 It suggests that he doesn't understand the foundational principles of the United States.

00:50:31.000 In other countries, patriotism runs directly counter to freedom.

00:50:34.000 In the United States, they're not supposed to run against each other.

00:50:37.000 But Joe Biden has a different idea if he has any ideas at all left rattling around up there.

00:50:42.000 Alrighty, we'll be back here later today with an additional hour of content.

00:50:45.000 In the meantime, please head on over to dailywire.com slash do not comply.

00:50:49.000 We're at almost 900,000 signatures on our do not comply Petition and check out the Michael Knowles show today.

00:50:54.000 He'll be talking about some wacky protesting from high school and middle school girls in Oregon.

00:50:57.000 The Daily Wire has been exclusively reporting on that.

00:51:00.000 You can hear more about that story over on Michael's show that's available right now.

00:51:03.000 I'm Ben Shapiro.

00:51:03.000 This is The Ben Shapiro Show.

00:51:04.000 The Ben Shapiro Show is produced by Elliot Feld.

00:51:12.000 Executive producer Jeremy Boring.

00:51:14.000 Our supervising producer is Mathis Glover.

00:51:16.000 Production manager Pavel Lydowsky.

00:51:18.000 Associate producer Bradford Carrington.

00:51:20.000 Host producer Justin Barber.

00:51:22.000 The show is edited by Adam Sajovic.

00:51:24.000 Audio is mixed by Mike Koromina.

00:51:26.000 Hair and makeup is by Fabiola Cristina.

00:51:28.000 Production assistant Jessica Kranz.

00:51:30.000 The Ben Shapiro Show is a Daily Wire production.

00:51:32.000 Copyright Daily Wire 2021.

00:51:35.000 Ron DeSantis introduces the Stop WOKE Act in Florida.

00:51:39.000 Vladimir Putin tries to rebuild the Soviet Union.

00:51:42.000 And high school girls protest sexualization by taking off their clothes at school.

00:51:46.000 Bold strategy.

00:51:47.000 We will see how it plays out for them.

The Ben Shapiro Show - December 16, 2021

Team Biden's Attack On Bitcoin | Ep. 1397

Episode Stats

Summary

Transcript