The Ben Shapiro Show - The Banking Meltdown Gets Worse

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00:00:07.000 So yesterday the Biden administration announced that they were bailing out Silicon Valley Bank's depositors, not the bank itself.

00:00:13.000 This is going to be a serious problem going forward, not because the depositors are going to have their deposits wiped out.

00:00:19.000 Remember, when you deposit money into a bank covered by the Federal Deposit Insurance Corporation, what you are doing is having the first $250,000 insured against complete loss.

00:00:29.000 That is a thing that was put in place in the aftermath of bank runs of the early Great Depression.

00:00:34.000 But now the federal government has basically suggested that if you put your money in a bank that is supported by the FDIC, then you are going to get back all of your money.

00:00:42.000 So, all the people who had put their money in Silicon Valley Bank will be able to get their money out, but that doesn't actually solve the entire problem as we're about to discuss in just one second.

00:00:51.000 Because here is the bigger, bigger problem.

00:00:54.000 The people who are not going to be bailed out here are the Silicon Valley Bank investors.

00:00:58.000 All of those investors are probably going to just take it.

00:01:02.000 And that's true for a large number of these regional banks.

00:01:05.000 If a regional bank goes under, the depositors will probably be bailed out by the federal government, but all of the investors will not be bailed out by the federal government.

00:01:13.000 And herein lies the problem if you're looking at the sort of future of where the economy is going over the next two years.

00:01:19.000 The big problem is that if you are an investor, and you're looking at this formula, and the formula is that depositors are being insured, and so what that means is that the banks are now going to take outside risks, or they have been taking outside risks for years, and you are not going to get bailed out, what's your first move as an investor?

00:01:35.000 It is to pull your money out of any bank that you think has taken a risky strategy.

00:01:39.000 Well, what that means is that these banks are then going to have all of the investment capital pulled out of them.

00:01:45.000 And that means they're going to have a real problem raising new capital in order to do things.

00:01:49.000 If their stock price drops and they issue new stock in order to raise new capital, they're not going to bring in as much money as they normally would have.

00:01:54.000 And if that happens, and then let's say you have a bunch of depositors who are going to have to, for example, pull their money out of the bank, your depository, put your money in the bank.

00:02:03.000 Now you take your money out of the bank because the economy is getting rough, right?

00:02:06.000 You got stagflation that's set in.

00:02:08.000 You need to pay your employees.

00:02:09.000 You take some money out of the bank.

00:02:10.000 The problem is the money that you put into the bank isn't just sitting in a box with your name on it at the bank.

00:02:15.000 The bank lends that out or invest it, as it turns out, in bonds.

00:02:19.000 And now the bank has to fill that back in, right?

00:02:21.000 You call in the money and the bank doesn't have the money.

00:02:23.000 So they have a couple of options.

00:02:24.000 One is they can sell off some of their assets.

00:02:25.000 The other is they can try to raise new money through new issuance of stock.

00:02:28.000 If they cannot raise new money through issuance of stock, and if they cannot sell the assets because the assets are now at a loss, then they have a real problem on their hands and the banks start to go under.

00:02:37.000 And that's precisely what we are starting to see, not just with regard to Silicon Valley Bank, but also with regard to a wide variety of banks, which is why bank stocks yesterday dropped like a stone.

00:02:47.000 Signature Bank, of course, has now been put essentially into receivership.

00:02:50.000 The Daily Mail reports, More than $100 billion was wiped off U.S.

00:02:53.000 banks' value today in a bloodbath on Wall Street sparked by the collapse of Silicon Valley Bank.

00:02:58.000 Trading was intermittently halted on at least 20 regional banks as the velocity of money forced regulators to intervene.

00:03:04.000 The big four of U.S. 0.86

00:03:05.000 banks were also drawn into the bloodletting.

00:03:06.000 Citigroup's share price dived 7.45%.

00:03:08.000 Wells Fargo sank 7%.

00:03:08.000 Bank of America pledged 5.8%.

00:03:09.000 Wells Fargo sank 7%, Bank of America pledged 5.8%, JPMorgan fell by 1.8%.

00:03:09.000 J.P.

00:03:15.000 But that's nothing compared to the regional banks.

00:03:17.000 I mean, the big banks, everybody is sort of assuming that they've diversified their risk.

00:03:20.000 Not only that, they are so big that if the government decides to bail them out, they will bail out everybody, including the investors.

00:03:26.000 If you're a regional size bank, however, then the assumption by investors is that the government will come and bail out the depositors, but not you if you're an investor in that firm.

00:03:34.000 So if you're an unsecured investor in the firm, you could lose all your money.

00:03:37.000 So people are starting to sell off their stock.

00:03:39.000 And that's exactly what happened yesterday on the stock market.

00:03:41.000 Among the worst affected regional banks were First Republic.

00:03:44.000 It fell by 62 percent.

00:03:45.000 Western Alliance closed with a loss of 47 percent.

00:03:48.000 Key Corp dropped by 21 percent.

00:03:51.000 All of that happened because, you know, despite the fact that Joe Biden had suggested that he had now fixed the problem, former Trump White House advisor Steve Moore warned that SVB may just be the tip of the iceberg.

00:04:01.000 And he's not wrong about that, because when you look at at the unrealized losses that exist in the banking industry right now, it's a real problem.

00:04:08.000 So the assumption by Silicon Valley Bank to just review what happened in Silicon Valley Bank, Silicon Valley Bank wildly expanded its balance sheet from 2020 to 2022 because of the inflationary economy.

00:04:18.000 Because the Federal Reserve decided to inject trillions of dollars of liquidity into the system.

00:04:22.000 Banks ate up all the liquidity.

00:04:24.000 A lot of that liquidity went into tech companies.

00:04:26.000 Those tech companies put their deposits down at Silicon Valley Bank.

00:04:29.000 Now Silicon Valley Bank was looking around and said, where do we put this money?

00:04:32.000 How do we invest this cash in some safe and secure?

00:04:35.000 government bonds?

00:04:35.000 Well, how about U.S.

00:04:36.000 That seems pretty safe.

00:04:36.000 I mean, there's a guaranteed return at the end of term.

00:04:39.000 What they didn't count on is the idea that at some point, inflation would run out of control and the federal government would start to jack up the interest rates.

00:04:45.000 As we discussed yesterday, when the federal government jacks up interest rates on new bonds, what they do is they tank the market for the old bonds.

00:04:51.000 Because let's say that you had an interest rate bond that was guaranteeing 4% over the course of the next 10 years.

00:04:57.000 And now the interest rate on that bond is running 7%.

00:05:00.000 You can't sell your interest rate bond That gets a 4% return.

00:05:04.000 You have to sell it at a discount in order to equal the 7%.

00:05:04.000 There's one on the market at 7%.

00:05:07.000 So the asset that you bought that was worth a certain price is now worth a lot less money.

00:05:12.000 Now, for a lot of these banks, that wouldn't make a difference if they didn't have to liquidate the asset right away.

00:05:17.000 But again, when the depositors start to draw out the cash, if you don't have the assets on hand, you have to liquidate in order to pay off all the depositors.

00:05:24.000 And that's exactly what happened with Silicon Valley Bank.

00:05:26.000 The problem is that that exact same problem exists across the industry.

00:05:30.000 The Washington Examiner points out, quote, fallout from the Silicon Valley Bank collapse has directed attention to a $620 billion ticking time bomb in the banking system that has the potential to spell doom for the financial system.

00:05:44.000 SVB's meltdown was partly caused by a chasm between its assets and what they were worth in the market.

00:05:48.000 Eventually, SVP sold some of those assets, spooking investors and triggering a run on the bank.

00:05:52.000 But SVB isn't alone, because banks across the United States are sitting on $620 billion in unrealized potential losses at the end of last year, per the FDIC.

00:06:02.000 That whole illustrates why authorities at the Federal Reserve, the Treasury Department, and the FDIC were so eager to stave off contagion or panic spread from SVB's demise across the banking sector.

00:06:11.000 The reason for this predicament is because the banks compiled a plethora of bonds and treasuries during times when the interest rates were near zero.

00:06:18.000 Now, the Federal Reserve has begun jacking up the rates in an effort to combat inflation, and that has caused a lot of those assets to plunge in value, as we've discussed.

00:06:25.000 Again, higher interest rates means that new bonds are now more valuable and the old bonds are not worth nearly what they once were.

00:06:31.000 A consequence of the $620 billion unrealized potential loss is that banks may quickly find themselves with less cash on hand than books might have suggested.

00:06:38.000 So on the books, you have assets that are worth par value, but in the market, they're worth a lot less than that.

00:06:44.000 You bought a bond for $950.

00:06:45.000 It's theoretically worth $1,000 at the time that it matures.

00:06:50.000 So really, it should be worth something between $950 and $1,000 right now.

00:06:53.000 But when a new bond comes onto the market, and that new bond is, for your $950, going to give you $1,100, it turns out that your original bond is no longer worth between $950 and $1,000.

00:07:02.000 It's now worth much, much less because who's going to buy that thing?

00:07:06.000 And so all these unrealized potential losses, they would stay unrealized unless people start to draw down their money.

00:07:11.000 And people are starting to draw down their money.

00:07:14.000 Those unrealized potential losses become realized very quickly.

00:07:17.000 And the investors are the ones who end up getting shafted.

00:07:20.000 Well, what does all of this mean?

00:07:22.000 Well, it does mean that centralized government banking policy has serious consequences for the rest of the economy, which is just another reason why you should diversify into precious metals like gold.

00:07:32.000 Things are extremely turbulent right now.

00:07:33.000 The stock market does not like turbulence.

00:07:35.000 You need to diversify at least some of your assets into a thing that is not controlled by the federal government, precious metals.

00:07:40.000 I've bought gold from Birch Gold before.

00:07:41.000 In preparation for uncertain economic times, diversification is just a smart strategy.

00:07:44.000 I'm not saying liquidate all your asset base and then sink it into gold bars or something, but you should diversify because that is indeed a smart strategy.

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00:08:06.000 That's Ben to 989898 today.

00:08:09.000 Again, you got to protect your assets, and those assets right now are at the disposal of the federal government.

00:08:14.000 How about get some assets that aren't at the disposal of the federal government?

00:08:17.000 This is the reason why gold has always been a hedge against inflation, uncertainty in the market, as well as government control of your asset base.

00:08:24.000 Text Ben to 989898, get all your questions, answers from Birch Gold, and then invest at least a little bit of your money into precious metals with Birch Gold.

00:08:31.000 Okay, so The market stress indicators have been reacting very sharply, according to Yahoo Finance.

00:08:36.000 Financial stress market indicators reacted sharply on Monday after the failure of three U.S.

00:08:39.000 banks within five days.

00:08:41.000 State regulators actually closed down the New York-based Signature Bank on Sunday, two days after California authorities shuttered Silicon Valley bank, crypto-focused bank Silvergate, said last week it would also have to wind down its operations.

00:08:53.000 So obviously that is freaking people out, but there is another shoe that is yet to drop.

00:08:57.000 The other shoe that is yet to drop here is the fact that the Federal Reserve is trying to quash inflation.

00:09:02.000 Remember, in the middle of all this, what caused a lot of this meltdown is the fact that the Federal Reserve injected trillions of dollars in liquidity into the system in 2020, 2021, supposedly to combat the pandemic.

00:09:13.000 In 2020, you can make the case.

00:09:15.000 In 2021, you absolutely cannot make the case that that's what the Federal Reserve should have been doing.

00:09:18.000 They did it anyway.

00:09:19.000 The Biden administration did it in terms of trillions of dollars of spending, and so you got this inflationary spiral.

00:09:24.000 Because of the inflationary spiral, 40-year highs in inflation, the Federal Reserve has one tool at its disposal, and that is you increase the interest rates.

00:09:31.000 You increase the interest rates to suck liquidity out of the system, and that brings down the inflation rates.

00:09:36.000 There's only one problem.

00:09:37.000 When you increase those interest rates, what is the side effect of that as we just saw with Silicon Valley Bank?

00:09:41.000 Well, it turns out all your old bonds are now valueless.

00:09:43.000 And so, you have a bunch of firms who are holding bad assets on their books.

00:09:48.000 In the same way that in 2007, 2008, people had marked up real estate assets on their books and all those went south, a lot of people are holding bad financial assets on their books, old bonds.

00:09:56.000 And those bonds are losing their value the more that the Federal Reserve increases the interest rates.

00:10:00.000 So now the Federal Reserve is caught.

00:10:02.000 They're in a catch-22.

00:10:03.000 If they raise the interest rates, those bonds become less and less valuable, which means that banks have no backstop for their investors, which means investors pull their money out of the banks, helping to sink the banking system.

00:10:14.000 If, on the other hand, they do not raise the interest rates, inflation continues to rage out of control.

00:10:18.000 Remember, inflation is still raging at 7% in this country.

00:10:21.000 Which is more than three times what the normal rate of inflation is supposed to be, according to the Federal Reserve.

00:10:26.000 They caught themselves in a trap of their own making.

00:10:29.000 This is the biggest problem in the world when it comes to centralized banks having too much control over the economy.

00:10:35.000 Mohamed El-Erian.

00:10:37.000 Was the chief economist at Allianz.

00:10:39.000 He's been saying for literally years on end that when the central banks are your chief form of economic policymaking, you end up with a real problem because everybody just tries to read what is in Jay Powell's brain or Janet Yellen's brain or whoever's brain is supposedly in charge of the Federal Reserve and you have one person in charge of all of the levers of economic power.

00:10:58.000 I can run out of control real fast.

00:10:59.000 And that's precisely what happened here.

00:11:01.000 They inflated the currency.

00:11:02.000 They spent too much money.

00:11:03.000 They did it between 2020 and 2022.

00:11:04.000 Everybody bought in thinking that the party was going to go on forever.

00:11:08.000 And then the party did not go on forever.

00:11:09.000 And the problem is, now that the consequent, now everybody's getting the hangover.

00:11:12.000 Now that the hangover is coming, there is the tough treatment of the hangover, which is, okay, here's what we're going to do.

00:11:17.000 We are going to just soldier through this, right?

00:11:19.000 Which is the way you should do this.

00:11:21.000 Jay Powell, the Fed, they're going to need to just, the Federal Reserve, they're just going to need to cram through more interest rate increases.

00:11:28.000 And then if there are banks that took bad risks, we're going to have to put them into receivership.

00:11:31.000 We're going to have to sell them off.

00:11:32.000 We're not going to bail them out.

00:11:33.000 We're going to have other firms that are in better position buy off those assets.

00:11:37.000 Which is how the market is supposed to work.

00:11:39.000 Because if you don't do that, you end up with this massive moral hazard of people over and over and over again engaging in risky behavior knowing the taxpayer is going to bail them out.

00:11:47.000 That's the way this should work.

00:11:48.000 But the Federal Reserve, especially under Joe Biden, who is now running for re-election, they are deeply afraid of what happens.

00:11:55.000 If they raise the interest rates, the economy could tank.

00:11:57.000 You could have banks go under.

00:12:00.000 More regional banks, you could have in serious, serious trouble.

00:12:03.000 You could have something that looks more like a financial meltdown.

00:12:05.000 You have a snowball effect.

00:12:07.000 When those banks start to go under, then liquidity really drives up.

00:12:11.000 A lot of the firms that rely on liquidity in order to operate go under.

00:12:13.000 They could have a serious actual recession.

00:12:16.000 So that's problem number one.

00:12:18.000 Problem number two is if you don't raise those interest rates, inflation continues to rage and you get stagflation, which is what you have right now.

00:12:25.000 Again, there's always a hangover.

00:12:27.000 Gravity applies in the economic sphere just as it applies in the political sphere just as it applies in real life. 0.99

00:12:33.000 There was a happy, weird moment in American history where there was a literal economic theory put forward by idiots like Elizabeth Warren that you could spend money endlessly with no consequences whatsoever. 0.99

00:12:43.000 And it turns out that's nonsense. 1.00

00:12:45.000 It's always been nonsense. 0.76

00:12:46.000 It will always be nonsense.

00:12:48.000 It may be a longer delay between when you spend the money and when the consequences are felt.

00:12:52.000 You may have a long delay between when you binge drink and when the hangover hits.

00:12:56.000 But the hangover is coming.

00:12:57.000 And you may think for a brief moment in time, man, I don't feel the hangover yet.

00:13:00.000 Don't worry.

00:13:00.000 It's coming.

00:13:01.000 And right now, the hangover is here.

00:13:01.000 The hangover.

00:13:03.000 And the only question is going to be how bad it is.

00:13:07.000 Again, Jay Powell said a week ago that the Fed might need to raise interest rates again at a faster pace.

00:13:12.000 And this all follows bad policymaking by the Federal Reserve.

00:13:14.000 Remember, Jay Powell sort of reversed course.

00:13:17.000 He said, it looks like inflation is petering out.

00:13:19.000 Instead of a 50 basis point increase in the interest rates, we're going to do a 25 basis point rate increase.

00:13:24.000 And the markets went crazy.

00:13:25.000 Like, oh, look, it looks like inflation is over.

00:13:27.000 Inflation, number one.

00:13:28.000 And then he started signaling that he got it wrong.

00:13:30.000 So inflation is not over.

00:13:31.000 And also, you don't have the ability to raise the interest rates without bankrupting a bunch of these banks.

00:13:36.000 It's a disaster area.

00:13:38.000 Now the media are going to try and play it as a Biden victory because that's what they always do.

00:13:41.000 Yeah, good luck with that.

00:13:42.000 We'll get to more on this in a second.

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00:14:49.000 Politico is trying to play this as a win for Joe Biden.

00:14:51.000 They have an entire piece leading the website at Politico saying, I love how when Joe Biden does a thing, it is historic.

00:15:04.000 When we get historic inflation, it's not historic.

00:15:07.000 When we get stagflation, that's not historic.

00:15:10.000 It's only historic when he does something that the left-wing press likes or that they can try to play off as an actual victory.

00:15:17.000 So the federal government, according to Politico, would provide SVPs, depositors, with access to all their funds, effectively averting painful financial uncertainty for thousands of venture-backed startups.

00:15:25.000 Signature Bank would receive the same guarantee.

00:15:28.000 Also, the Federal Reserve would single-handedly give all other similar lenders access to funds designed to keep them afloat and quell the panic brewing across the country.

00:15:35.000 And it almost didn't happen.

00:15:37.000 Joe Biden began the weekend highly skeptical of anything that could be labeled a taxpayer-funded bailout, according to four people close to the situation who are not authorized to speak for attribution.

00:15:45.000 I love this.

00:15:45.000 I love that you have people close to Joe Biden like, oh, it's a gutsy call, guys, a gutsy call.

00:15:49.000 He really didn't want to do it.

00:15:50.000 He didn't care about doing it.

00:15:52.000 Of course he's going to do it.

00:15:53.000 He's bailing, like, since when have Democrats been against bailing things out?

00:15:57.000 I know they like to pretend they're against bailing things out, but they kind of like bailing things out.

00:16:00.000 It means more government involvement in the economy.

00:16:02.000 This is why the Occupy Wall Street movement was always a lie.

00:16:04.000 It should have been Occupy D.C.

00:16:06.000 if you actually cared about anything.

00:16:07.000 It wasn't about Wall Street corruption.

00:16:08.000 It was about D.C.

00:16:09.000 sponsoring Wall Street corruption.

00:16:11.000 The Tea Party was protesting in the right place. 0.57

00:16:12.000 Occupy Wall Street should have been Occupying K Street.

00:16:16.000 According to Politico, this would be a serious political risk for the president, given that many of SVB's customers were startup entrepreneurs and investors, with so much money deposited in the bank that they far exceeded the federal government's $250,000 insurance limit, signature catered in part to once high-flying crypto investors.

00:16:31.000 Okay, so Joe Biden did a presser yesterday at 9 o'clock in the morning, which apparently is a big deal, in which he blamed the bank failures on the Trump administration.

00:16:36.000 Yes, it wasn't his massive inflationary policy or the massive inflationary policy of his Federal Reserve.

00:16:40.000 Joe Biden did a presser yesterday at 9 o'clock in the morning, which apparently is a big deal in which he blamed the bank failures on the Trump administration.

00:16:47.000 Yes, it wasn't his massive inflationary policy or the massive inflationary policy of his Federal Reserve.

00:16:52.000 It wasn't any of that stuff.

00:16:54.000 Wait for it.

00:16:55.000 It was Donald Trump, of course.

00:16:56.000 And it was Donald Trump, particularly with 17 Democratic votes in the Senate, repealing certain parts of the Dodd-Frank bill.

00:17:01.000 Here is Joe Biden blaming his predecessor, as is our usual arrangement.

00:17:05.000 Finally, we must reduce the risk of this happening again. 0.99

00:17:10.000 During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 Okay, this is a bunch of crap. 0.96

00:17:25.000 The reason that you know this is a bunch of crap is because, as you'll notice, he is talking there about the so-called Dodd-Frank bill. 0.94

00:17:32.000 That would be Chris Dodd and Barney Frank. 0.98

00:17:34.000 make it less likely this kind of bank failure would happen again. 0.99

00:17:38.000 Okay, this is a bunch of crap. 0.99

00:17:40.000 The reason that you know this is a bunch of crap is because, as you'll notice, he is talking there about the so-called Dodd-Frank bill. 0.99

00:17:46.000 That would be Chris Dodd and Barney Frank. 0.99

00:17:48.000 You know who's on the board of Signature Bank, which is one of the banks that just went under?

00:17:51.000 Barney Frank, who's the head of the Financial Services Committee for Dodd-Frank.

00:17:56.000 He's on the board of a bank that just went under.

00:17:59.000 This is not about under-regulation of regional banks.

00:18:02.000 This is about them taking a calculated risk on the United States government and then getting the shaft. 0.94

00:18:07.000 Because as I always suggest, when you get in bed with the government, somebody gets screwed. 0.94

00:18:12.000 Always.

00:18:13.000 The Wall Street Journal editorial board points out the president blamed panic on the Trump administration, in this case for modifying some of the 2010 Dodd-Frank Act rules.

00:18:21.000 He seems to be referring to the 2018 bipartisan banking law, which raised the threshold for systemically important financial institution classification to $250 billion from $50 billion in assets, but not even Barney Frank believes that is to blame.

00:18:33.000 The point of the 2018 law was to ease costly compliance burdens on mid-sized banks that made them less competitive with the giants, which benefit from lower cost of funding because of their implicit government backstop.

00:18:42.000 Excessive Dodd-Frank regulation was driving more deposits to big banks.

00:18:46.000 Before the 2018 law, most mid-sized banks had to comply with the same regulations as the big banks, but those wouldn't have prevented either bank's failure from their risk management mistakes.

00:18:54.000 Again, that's the point.

00:18:55.000 Nobody can actually point to the provision of Dodd-Frank that was relieved, that would have stopped all of this.

00:18:59.000 So, as always, this is Joe Biden just suggesting, as Democrats always do, that if the government had more control, this wouldn't have happened.

00:19:04.000 It's because the government has control of the centralized spending policy in the United States that this happened in the first place.

00:19:11.000 Again, even Barney Frank, the guy who does—his name is on Dodd-Frank.

00:19:14.000 His bank went under in the middle of all of this.

00:19:18.000 So it's just a lie.

00:19:19.000 It's just not true at all.

00:19:21.000 Joe Biden didn't stop there, by the way.

00:19:24.000 He said, don't worry, we won't stop at this.

00:19:25.000 We'll do whatever is necessary.

00:19:27.000 Whatever is necessary is what we'll do.

00:19:29.000 Americans can rest assured that our banking system is safe.

00:19:34.000 Your deposits are safe.

00:19:36.000 Let me also assure you, we will not stop at this.

00:19:39.000 We'll do whatever is needed on top of all of it.

00:19:42.000 Let's also take a look at a moment to put the situation in a broader context.

00:19:47.000 We've made strong economic progress in the past two years.

00:19:52.000 Okay, but we've made strong economic— In what way?

00:19:54.000 In what respect have we made strong economic progress?

00:19:57.000 7% inflation, stagnation setting in, liquidity drying up, and now runs on the banks?

00:20:02.000 Yeah, that— Sure, Joe.

00:20:04.000 Just keep snoozing your way through this one.

00:20:06.000 Speaking of snoozing your way through things, well, here's the reality.

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00:21:11.000 Okay, so Again, Joe Biden is congratulating himself on a job well done as banks implode and as he has now caught his Federal Reserve in a vice grip between allow inflation to rise and allow banks to fail.

00:21:27.000 So here is Joe Biden congratulating himself, growing a third arm to pat himself on the back.

00:21:31.000 Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe.

00:21:39.000 Your deposits will be there when you need them.

00:21:42.000 Small businesses across the country that deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills.

00:21:52.000 Okay, that is true in the short term, but in the long term, as these banks, as their liquidity dries up, they're going to have a much bigger problem, which is, how do you even get your business started?

00:21:59.000 How do you start a business in an environment where liquidity does not exist?

00:22:02.000 We're going to have more capital sitting on the sidelines than at any time since 2007, 2008.

00:22:06.000 Trillions of dollars of capital is just going to sit on the sidelines.

00:22:09.000 Because what do you do with your money?

00:22:10.000 You're an investor.

00:22:10.000 Do you put it in a bank fund?

00:22:11.000 Probably not.

00:22:12.000 Depending on whether you vetted that bank fund?

00:22:14.000 Probably not.

00:22:15.000 Do you take that money and do you convert it into a U.S.

00:22:17.000 bond?

00:22:18.000 Maybe, but they might increase the interest rates, which makes your bond less valuable tomorrow.

00:22:23.000 Or do you just sit on the cash?

00:22:24.000 Or do you just sit on the cash?

00:22:25.000 Well, the problem is if you sit on the cash, it's becoming less valuable too.

00:22:28.000 So where do people put that money?

00:22:30.000 The answer is it's going to sit on the sidelines.

00:22:31.000 Nobody knows where to put their money at this point, which means liquidity is about to dry up in a very serious way in this country.

00:22:38.000 Joe Biden, you know, when asked a serious question about like why the banks are experiencing runs in the first place, which would really be the question, right?

00:22:44.000 Why are people taking their money out of the bank in the first place?

00:22:46.000 He has no answer for this one.

00:22:49.000 Now we need to keep the program, this progress going.

00:22:52.000 That's what swift action that my administration over the past few years is all about.

00:22:56.000 Protecting depositors, protecting the banking system, protecting the economic gains we've made together for the American people.

00:23:04.000 Thank you.

00:23:05.000 And may God protect our troops.

00:23:05.000 God bless you.

00:23:06.000 See you in California.

00:23:13.000 Every time he walks, I swear, it is so stressful watching him walk.

00:23:17.000 Because, like, he is on the same footing as our financial system, apparently.

00:23:21.000 All it would take is one banana peel from Kamala Harris to end this presidency at this point. 1.00

00:23:27.000 My goodness.

00:23:28.000 How bad is this presidency, by the way?

00:23:29.000 Jen Psaki, this is the best clip of the day.

00:23:31.000 Jen Psaki, the former White House press secretary.

00:23:33.000 She says, you know, it was amazing that Joe Biden got out of bed and actually gave a speech.

00:23:36.000 This is the new standard. 0.98

00:23:37.000 It is amazing that the president of the United States got his old ass out of bed and made a speech at 9 a.m. 0.98

00:23:42.000 Now, I know for the rest of us, we actually have jobs and we come into work before 9 a.m. 0.98

00:23:46.000 very often.

00:23:47.000 But, you know, the president of the United States says, Jen Psaki, man, you could tell it was an emergency because he was up and about at 9 a.m.

00:23:54.000 And that's what people need to hear from him.

00:23:56.000 Now, it's important to note, President Biden does nothing at 9am.

00:23:59.000 He is a night owl.

00:24:00.000 So the fact that he is doing this at 9am anyway, speaks to how vital the White House recognizes it is for him to have his voice out there conveying that to the American public.

00:24:13.000 Oh, he's a night owl, is he?

00:24:15.000 CNN, February 2021, quote, Biden is more of an early to bed type.

00:24:20.000 Oh, so what you mean is that he doesn't work ever because he's not alive?

00:24:25.000 You mean he goes to bed at 7 o'clock p.m., like my three-year-old, and then he wakes up, apparently at 10 a.m., like none of my children, who actually wake up at a normal hour?

00:24:36.000 I'm so glad that we have this man in charge of our economy.

00:24:38.000 Meanwhile, one of the things that, you know, a lot of people on the right have been talking about is the wokeness and diversity of these various banks.

00:24:43.000 And they're suggesting that that is to blame for their failure.

00:24:45.000 OK, well, it happens to be true that in times of loose economic money, people invest their time and effort in really dumb ideas like environmental social governance. 1.00

00:24:53.000 Those are stupid ideas. 0.99

00:24:55.000 And the idea that you don't have to take care of your state, your actual shareholders, you take care of the world at large, take care of the stakeholders, you invest in idiotic green boondoggles, because after all, the money is easy and cheap. 1.00

00:25:06.000 Hey, so is wokeness to blame for what just happened? 0.93

00:25:09.000 No, I mean, wokeness actually is not to blame for what just happened.

00:25:12.000 Wokeness is a predictable result of everybody else paying your bills for years on end with cheap and loose money from the Federal Reserve.

00:25:19.000 Basically, there's a giant.

00:25:21.000 Inflatable bag of cash and all of these all of these bank managers were able to jump from the third story of the financial building knowing that there was this giant inflatable bag of cash that could land on.

00:25:31.000 Well, there's only one problem.

00:25:32.000 The air that's out of that bag gets real ugly when you hit the floor. 0.99

00:25:36.000 And so now, in retrospect, you look back at all the stupid woke crap that they were doing during the last three years. 0.99

00:25:39.000 You're like, oh, it's because of the wokeness. 0.99

00:25:41.000 No, that was a symptom of the fact that the money was cheap and easy.

00:25:44.000 Now, does that mean that the wokeness helped? 1.00

00:25:46.000 Of course not.

00:25:47.000 They should have been a lot more conservative in how they approach both their investment strategy and how they approach their actual job, which is the banking. 1.00

00:25:53.000 But it does make them look quite stupid. 0.99

00:25:55.000 So, for example, you have this SVB video focusing on diversity that came out yesterday. 1.00

00:25:59.000 Here's what that looked like.

00:26:01.000 We want to help close the Latino wealth gap.

00:26:04.000 I want to be able to help them build generational wealth.

00:26:07.000 We want to help close the Latino wealth gap.

00:26:11.000 I want to be able to help them build generational wealth.

00:26:15.000 I love access to innovation because of what it stands for.

00:26:19.000 Giving access to opportunities such as training, such as financing, introductions that people would not necessarily get.

00:26:26.000 This is part of an initiative that everyone is committed to, from the CEO down.

00:26:32.000 It's meaningful work that has to be done.

00:26:35.000 It's meaningful work that has to be done.

00:26:37.000 By your dollars.

00:26:38.000 By your dollars, investors.

00:26:41.000 Again, these banks were perfectly happy to invest.

00:26:44.000 SVB is committed to advancing Black, Latinx, and women founders, investors, and leaders in innovation.

00:26:49.000 First of all, there has never been nor will there ever be a Latinx person on the planet because that's not a real word.

00:26:54.000 Hey, it's Latino or Latina. 0.98

00:26:55.000 And there's not a Latino or Latina on planet Earth outside of the hallowed halls of white Academia that thinks that anyone wants to use the term Latinx.

00:27:05.000 It just does not exist in the Latino community, does not exist.

00:27:08.000 But SVB is committed to advancing.

00:27:10.000 OK, so is that the reason they went under?

00:27:12.000 No.

00:27:12.000 But does it show that their priorities were in order?

00:27:14.000 Also, their priorities were not in order.

00:27:17.000 Because it turns out that when money is cheap and easy, you can waste money on bad borrowers.

00:27:21.000 You can waste money on subprime mortgages in 2007, 2008, when everything is cheap and easy.

00:27:25.000 And you can waste money on bad investments in 2022, when the money is cheap and easy.

00:27:29.000 When money starts to dry up, things get awkward.

00:27:31.000 Or, theoretically, over at Signature Bank, another one of these banks that went under, you could spend your money making bad parody videos talking about how you're not a generic megabank.

00:27:42.000 This is weird.

00:27:42.000 I don't know why you're spending your money this way, Signature Bank.

00:27:46.000 This is Barney Frank's bank, by the way.

00:27:48.000 Here is some of their... This is a video they actually cut.

00:27:51.000 The managers actually cut this video in which they sang parody songs about how they're not like the generic megabanks.

00:27:57.000 Right, the generic megabanks are the ones who are still in business, guys.

00:28:01.000 Oh, unlicensed music from, uh, from... They sell their souls, but we don't.

00:28:12.000 Oh, no.

00:28:15.000 This is amazing.

00:28:21.000 This is Signature.

00:28:22.000 Signature Banks Managers singing songs.

00:28:26.000 They're better than the others.

00:28:29.000 Oh my goodness.

00:28:30.000 Oh no, this is just, it's a video from the office.

00:28:33.000 This is like direct Michael Scott office style music videos from Scranton, Pennsylvania.

00:28:39.000 Oh no.

00:28:41.000 That's, oh no.

00:28:42.000 Generic mega, oh no.

00:28:45.000 I'm so glad they spent their money on this.

00:28:47.000 Can't imagine why they went under.

00:28:49.000 Okay, so what does all of this mean?

00:28:51.000 Well, it means moving forward into 2024 that Joe Biden, again, is going to be vulnerable.

00:28:56.000 The economy is not going to be good.

00:28:57.000 The systemic problems in U.S.

00:28:58.000 banking and in the U.S.

00:28:59.000 economy are not going to go away over the course of the next few weeks.

00:29:02.000 They're going to remain quite serious.

00:29:04.000 The Federal Reserve, again, they're caught between a rock and a hard place.

00:29:08.000 The banks, many of them, are caught between a rock and a hard place.

00:29:11.000 Liquidity is about to dry up.

00:29:12.000 It's gonna be very hard for even solid companies to find the liquidity they need to keep on operating.

00:29:18.000 That means that Joe Biden has some very, very serious issues moving forward into 2024.

00:29:22.000 So now would be an excellent time for Republicans to take advantage of that.

00:29:25.000 No, while Joe Biden is soiling his underwear.

00:29:25.000 Would it not?

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00:30:31.000 Also, Back in 2021, during a five-hour hearing before Congress, Mark Zuckerberg admitted he didn't let his own kids use Facebook.

00:30:38.000 That should be enough to make you think twice about letting your kids use any social media, especially TikTok.

00:30:42.000 Well, we have a brand new book out, published by DW Books.

00:30:44.000 It is an excellent book.

00:30:45.000 It is a bestseller already.

00:30:46.000 It's written by my friends Bethany Mandela and Carol Markowitz.

00:30:49.000 It drives the point home.

00:30:50.000 It's called Stolen Youth, How Radicals Are Erasing Innocence and Indoctrinating a Generation. 1.00

00:30:55.000 When I read this passage, I wanted to delete every social media app I have and throw my phone away.

00:30:59.000 Here's what they say, quote, TikTok was the center of a 2021 Wall Street Journal investigation, which uncovered how the app targets users with content revolving around sex, drugs, eating disorders and more, calling it an addiction machine.

00:31:09.000 Investigators created 31 accounts registered to young teens and turned them loose to browse TikTok's 4U feed, the highly personalized, never-ending feed curated by the algorithm.

00:31:17.000 The article explained, quote, an analysis of the videos served to these accounts found that through its powerful algorithms, TikTok can quickly drive minors among the biggest users of the app into endless spools of content about sex and drugs.

00:31:27.000 TikTok served one account registered as a 13 year old at least 569 videos about drug use.

00:31:32.000 Remember, this is by design.

00:31:34.000 Radicals would like their children to be sick and corrupted. 0.98

00:31:36.000 The good news is you can fight back if you know how. 0.98

00:31:38.000 Stolen youth.

00:31:39.000 How radicals are erasing innocence, indoctrinating a generation.

00:31:41.000 It comes out today.

00:31:42.000 Order your copy on Amazon or wherever you get your books right now.

00:31:46.000 Well, meanwhile, as the Republicans roll forward toward 2024, they're going to have to decide which person is best positioned to beat Joe Biden in a general election.

00:31:53.000 And let's make no mistake, Republicans need to make that decision.

00:31:56.000 OK, the decision is not about which candidate you love on a personal level.

00:32:00.000 The question is, who beats Joe Biden? 0.93

00:32:02.000 Thinking any other way would be an exercise in foolishness.

00:32:05.000 Speaking of exercise in foolishness, there's a poll out from Pennsylvania right now and it is showing Doug Mastriano in the lead in a senatorial primary against Dave McCormick.

00:32:14.000 This makes no sense.

00:32:15.000 This makes no sense. 0.99

00:32:16.000 Doug Mastriano just got his ass kicked in the gubernatorial race by Josh Shapiro by 14 points. 0.95

00:32:20.000 So your plan is to re-nominate that person for a Senate seat? 0.94

00:32:24.000 Like, do you like to win sometimes or is losing the only thing?

00:32:28.000 Is losing on principle like a thing?

00:32:30.000 This is a thing that we should keep in mind as we move forward to an actual presidential election that a lot rides on, as it turns out.

00:32:37.000 And this brings us to today's episode of Good Trump, Bad Trump.

00:32:48.000 Well, I think you knew this was coming.

00:32:53.000 It's the bad Trump.

00:32:54.000 Donald Trump put out what is one of the worst attack videos I've ever seen.

00:32:59.000 I mean, truthfully, a horrible attack video, not because the video itself is like morally egregious or something.

00:33:03.000 It's not as bad as some of the stuff Trump has said, but I don't even understand the angle.

00:33:07.000 This is a this is desperate flailing from the president of the United States.

00:33:11.000 He's struggling to come up with an attack angle on the Florida governor that is going to be effective because he can't really attack him from the right on anything per se.

00:33:19.000 This answers to his right on nearly every issue.

00:33:21.000 Also, Donald Trump running in 2024 is different than Donald Trump running in 2016.

00:33:26.000 He's been president.

00:33:27.000 So many of the things that Donald Trump right now says that he will do, a lot of people are looking at, they're like, well, you were the president.

00:33:32.000 You could have done that when you were the president.

00:33:34.000 So he talks about wiping away DEI.

00:33:36.000 When when he is president again.

00:33:38.000 Great.

00:33:39.000 That sounds great.

00:33:39.000 Also, you should have done that while you were the actual president of the United States.

00:33:42.000 You can't run as an outsider once you have been the president of the United States.

00:33:45.000 Right now, you're the ultimate insider.

00:33:47.000 It's very difficult to run as the guy who's outside the system when you had control over the levers of power.

00:33:53.000 So he's been struggling to come up with some angle of attack on DeSantis.

00:33:57.000 And it's been tough.

00:33:58.000 I mean, first of all, DeSantis hasn't yet declared.

00:34:00.000 That makes it particularly rough for him.

00:34:01.000 But beyond that, He was hoping to crowd everybody else out of the field.

00:34:05.000 It hasn't happened as of yet.

00:34:06.000 And so he's come up with a couple of nicknames, right?

00:34:08.000 He's been saying, Ron DeSanctimonious, Ron DeSanctimonious.

00:34:11.000 Well, one problem with the Ron DeSanctimonious thing is that he doesn't actually understand what the word sanctimonious means.

00:34:18.000 I'm not kidding.

00:34:20.000 According to the Washington Post, questioned on whether he regrets endorsing DeSantis when he ran for governor in 2018, Trump replied, yeah, maybe.

00:34:28.000 This is precisely the wrong angle.

00:34:30.000 Precisely the wrong angle.

00:34:31.000 Like, if you want to win again, and you're running against DeSantis, what you say is, I'm super glad I endorsed DeSantis, he's been wildly popular.

00:34:37.000 The reason that Florida had the popular Ron DeSantis is because of me!

00:34:42.000 That's what he should say.

00:34:44.000 He should try to grab some of the credit for Florida's achievements.

00:34:47.000 Instead, his plan is to rip down DeSantis.

00:34:50.000 Trump said, he nicknamed DeSantis, run to sanctimonious.

00:34:53.000 In reference to the lack of gratitude, he claimed that DeSantis had shown after Trump bolstered his political rise.

00:34:59.000 That's not what the word sanctimonious means.

00:35:02.000 Sanctimonious does not refer to a lack of gratitude.

00:35:04.000 I want to find the actual dictionary definition.

00:35:07.000 Okay, the dictionary definition is making a show of being morally superior to other people.

00:35:12.000 That is not a lack of gra- Like, what?

00:35:14.000 I guess in order to give a nickname, you should have to understand the word you're using for the nickname.

00:35:18.000 We should start with that, but that wasn't- Okay, all of that is just silliness.

00:35:21.000 Here is where things get very dicey for Trump. 0.98

00:35:24.000 Because he will use anything at his disposal to attack his opponents, up to and including Ted Cruz's father, shot JFK, and his wife is ugly. 0.97

00:35:31.000 Because he will do anything. 0.70

00:35:33.000 That means that he sometimes just attacks randomly from like the far left.

00:35:38.000 So here was Donald Trump talking down the transformation of Florida that again, he could help take credit for.

00:35:43.000 He could be saying, it's because of me that Ron DeSantis became governor of Florida.

00:35:47.000 It's because of me as president of the United States that Ron DeSantis was able to keep Florida open.

00:35:53.000 Another president would have crammed down national mandates. 0.98

00:35:55.000 Ron DeSantis was able to do what he was able to do because I didn't do that thing.

00:35:55.000 I didn't.

00:35:59.000 He could say all that stuff.

00:36:00.000 He's not saying all that stuff because he wants to go after DeSantis personally. 0.95

00:36:03.000 And so he then decides to take the stupidest angle, which is that Florida is badly run or something, or that it was run amazing before Ron DeSantis got here. 0.91

00:36:11.000 Here was his video yesterday. 0.96

00:36:13.000 For those of you that didn't notice, Florida was doing great long before Ron DeSantis got there.

00:36:20.000 People are fleeing from New York to Florida and other places.

00:36:24.000 Because of high taxes and out-of-control crime, it's really bad.

00:36:28.000 Not because of the governor.

00:36:30.000 Thank you, Mr. President, for doing that.

00:36:37.000 So, it was doing amazing before.

00:36:39.000 By the way, he then name-checks Rick Scott, who he doesn't like particularly much, and Charlie Crist.

00:36:45.000 He literally, in that video, starts praising Charlie Crist, who just ran against Ron DeSantis, and who is not a good governor of Florida, and who is a Democrat, by the way.

00:36:54.000 So he's attacking Ron DeSantis, which isn't even a word, and he's doing it by propping up Charlie Crist?

00:37:02.000 I'm gonna need to see your work on that one.

00:37:04.000 I'm sorry, I need to see a little bit of work on that one from the President of the United States.

00:37:09.000 And by the way, if you're looking at the in-migration to Florida, the in-migration to Florida clearly spiked during DeSantis' government, including my own family.

00:37:20.000 I am personally responsible for bringing me, my wife, our three kids, that's five, my parents, that's seven, my wife's parents, that's nine, my sister's family from New Jersey, that's another six, that's 15, my sister, my other sister, her husband, and their baby, that's 18 people.

00:37:35.000 I'm personally responsible for bringing 18 people, minimum, that's just my immediate family, down to Florida because Governor DeSantis is very good at his job.

00:37:43.000 So that dog ain't gonna hunt.

00:37:44.000 No one believed that Florida was like a giant magnet in the way that it has become under DeSantis.

00:37:49.000 That is a weak attack.

00:37:50.000 And I'm sorry, praising Charlie Crist.

00:37:52.000 No one should ever praise Charlie Crist.

00:37:53.000 No one.

00:37:54.000 There is no rationale for praising Charlie Crist.

00:37:56.000 Then Trump tried another line of attack.

00:37:57.000 He tried to compare Ron DeSantis to Mitt Romney.

00:38:00.000 Yeah, good luck on that one, dude.

00:38:02.000 Ron was a disciple of Paul Ryan, who is a...

00:38:09.000 You signed bills from Paul Ryan.

00:38:11.000 ...is destroying Fox and would constantly vote against entitlements.

00:38:15.000 He would just vote against, remember that?

00:38:17.000 The wheelchair over the cliffs, the Democrats used it. 0.98

00:38:20.000 The wheelchair over the cliff commercial, very effective.

00:38:23.000 That was about him.

00:38:24.000 But Ryan, Paul Ryan's a big reason that Mitt Romney, I'm not a big fan of Mitt Romney, lost his election.

00:38:30.000 Oh.

00:38:32.000 And to be honest with you, Paul Ryan lost a lot of Mitt Romney.

00:38:37.000 So I don't think you're going to be doing so well here, but we're going to find out.

00:38:40.000 out, but those are the facts.

00:38:52.000 He's literally citing a campaign commercial cut by Democrats showing Paul Ryan murdering elderly people in order to attack Ron DeSantis.

00:38:59.000 And also in that same speech, he's talking about ethanol and how he's going to blow up the payments for ethanol in the state of Iowa.

00:39:06.000 This is really weak tea.

00:39:07.000 I just don't think it plays.

00:39:08.000 By the way, in the crowd, you can hear it doesn't play.

00:39:11.000 The crowd is not cheering the lines against DeSantis.

00:39:13.000 They don't like Paul Ryan very much, but they are not cheering the lines against DeSantis.

00:39:17.000 DeSantis, for his part, is doing the smart thing.

00:39:19.000 DeSantis is saying, you know, I'm going to basically just ignore this.

00:39:22.000 DeSantis is holding Trump out here the way that I hold my six-year-old son when he's in a really bad mood and swinging his arms.

00:39:26.000 I'm like, hold him out here.

00:39:27.000 Here is DeSantis answering some questions about this on Fox.

00:39:31.000 There's a lot of people that want you to jump in.

00:39:34.000 I don't really know too many people who aren't expecting you to jump in.

00:39:37.000 But are you worried of being defined before you do it?

00:39:40.000 Because you watch President Trump come out and try to label you as a Paul Ryan, Jeb Bush type of Republican.

00:39:47.000 And are you worried about being defined because you're a governor and you're not a candidate yet?

00:39:51.000 So when you have a record of achievement, people can call you a name, but that's not going to trump the achievement.

00:39:57.000 And so we've built an astounding record of achievement.

00:40:01.000 The best is yet to come.

00:40:02.000 We're going to do a lot more over the next few months.

00:40:04.000 And that's what people look to.

00:40:07.000 Okay, and this is the smart play by DeSantis.

00:40:09.000 Again, don't give air to the giant sort of attention machine that is Trump.

00:40:14.000 Don't engage in the battle.

00:40:15.000 DeSantis will at some point have to address some of this stuff, but he's flying above the fray right now, which is indeed smart.

00:40:20.000 Meanwhile, Trump himself is attacking Mike Pence for January 6th now.

00:40:23.000 He says he sent the votes back to the legislatures.

00:40:26.000 They wouldn't have had a problem with January 6th.

00:40:27.000 So in many ways, you can blame him for January 6th.

00:40:30.000 In other words, if he had simply destroyed, you know, the certification of the election, then there wouldn't have been January 6th.

00:40:36.000 Which, by the way, is a tacit admission by Trump that January 6th was not a great thing.

00:40:40.000 So, all of that is pretty weak tea.

00:40:42.000 Meanwhile, some criticism is arising for DeSantis that is, you know, at least half interesting.

00:40:47.000 Not like, he's like Paul Rea, he's not Charlie Critt.

00:40:50.000 Like, actual interesting criticism.

00:40:51.000 So, Tucker Carlson issued a series of questions to a wide variety of Republican candidates, ranging from Vivek Ramaswamy to Donald Trump.

00:41:00.000 That included Mike Pence, DeSantis, Kristi Noem from South Dakota, Greg Abbott, Tim Scott, Chris Christie.

00:41:07.000 The one that drew the most attention was the answer about Ukraine.

00:41:12.000 So the question was, is opposing Russia and Ukraine a vital American national strategic interest?

00:41:17.000 Trump said, no, but it is for Europe, adding that European allies should be paying far more than we are or equal, which is not totally wrong.

00:41:26.000 DeSantis wrote, quote, While the U.S.

00:41:27.000 has many vital national interests, securing our borders, addressing the crisis of readiness within our military, achieving energy security and independence, and checking the economic, cultural, and military power of the Chinese Communist Party, becoming further entangled in a territorial dispute between Ukraine and Russia is not one of them.

00:41:40.000 The Biden administration's virtual blank check funding of this conflict for as long as it takes, without any defined objectives or accountability, distracts from our country's most pressing challenges.

00:41:47.000 He argued that peace should be the objective, and that the United States Should not send F-16s and long-range missiles to help Ukraine move into offensive territory against the Russians.

00:41:57.000 So a lot of people on the right, some more interventionist sides of the right, are upset with this because they're saying, well, it is a vital national security interest of the United States to continue to push this war.

00:42:07.000 But what DeSantis is doing there is actually fairly smart politics.

00:42:09.000 He's actually kind of mushing it a little bit, to be perfectly frank.

00:42:12.000 He's mushing the answer because what he is saying is that you actually have to have an achievable goal.

00:42:17.000 What is the achievable goal there?

00:42:18.000 If peace is the achievable goal, then you have to decide what that peace looks like.

00:42:21.000 If what we have now is a territorial dispute over the Donbass or Crimea, you're going to have to draw a middle line and figure out exactly how to achieve that middle line.

00:42:27.000 If what you are saying is that you think that there is no territorial dispute, which no one says, including the Biden administration, and that this war only ends when Russia pushes When Russia is pushed out of all sovereign Ukrainian territory, then you would have to fund them all the way to the wall.

00:42:41.000 But even the Biden administration is not willing to do that.

00:42:43.000 So DeSantis is coming under fire for that.

00:42:45.000 It is interesting that the Republican Party has decided to sort of take a middle line on a lot of this material, and that's going to be the line going forward.

00:42:54.000 Questionable as to as to whether that would still be the Republican line if, for example, Joe Biden were not president of the United States at this point.

00:43:02.000 What is clear is that Joe Biden doesn't have a plan has been leading from behind, and I think that's helping to muddy the waters a lot when it comes to Ukraine.

00:43:08.000 So Joe Biden decided to tell what is my favorite Joe Biden story.

00:43:12.000 I love this story.

00:43:13.000 This is the story where he explains that he first became in favor of gay marriage.

00:43:17.000 When he was, I kid you not, a senior in high school.

00:43:19.000 Now, some of you may own a calendar.

00:43:22.000 If you do, I wish you to turn back that calendar to the year 1959.

00:43:25.000 Because that's when Joe Biden was a senior in high school.

00:43:28.000 Joe Biden was born in 1942.

00:43:30.000 Like we were still at war with Japan when this guy was born.

00:43:36.000 And there were still three more years of that war to go when he was born.

00:43:41.000 Which means he was a senior in high school.

00:43:44.000 In 1959, 1960.

00:43:46.000 Here's the story he tells about how he became in favor of marriage in 1959 slash 1960 when literally no one was in favor of saying he was just a forward thinker, which is why he spent the next five decades.

00:43:56.000 Backing traditional marriage in the face of same-sex marriage. 0.91

00:44:00.000 He voted over and over and over in favor of things like the Defense of Marriage Act.

00:44:00.000 Literally five decades.

00:44:04.000 He, in rhetoric, backed a constitutional amendment to protect traditional marriage.

00:44:07.000 But don't worry.

00:44:08.000 He is now retconning history.

00:44:10.000 He's going back in time.

00:44:11.000 1959 is when he decided he was in favor of gay marriage.

00:44:14.000 And he's going to tell my personal favorite Joe Biden story.

00:44:18.000 I can remember exactly where my, uh, epiphany was.

00:44:22.000 Okay.

00:44:22.000 I hadn't thought much about it, to tell you the truth, and I was a... I was a senior in high school, and my dad was dropping me off.

00:44:30.000 I remember about to get out of the car, and I looked to my right, and two well-dressed men in suits kissed each other.

00:44:30.000 1959.

00:44:37.000 I mean, they gave each other a kiss.

00:44:41.000 Well, they gave each other a kiss.

00:44:42.000 My dad said, Joey, that's what love looks like.

00:44:46.000 I was pulling over.

00:44:46.000 It really happened.

00:44:48.000 I was a junior in high school.

00:44:50.000 And I pulled over a DeLorean. 0.97

00:44:52.000 And he said, Joey, look at those two men and assless chaps banging it out. 1.00

00:44:57.000 That's what love looks like, Joey. 0.99

00:44:58.000 And that's when I decided I was in favor of gay marriage.

00:45:01.000 And YMCA began to play from the sky.

00:45:04.000 That's when I decided gay marriage was the thing for me.

00:45:07.000 The year was 1959.

00:45:11.000 Okay, and if you believe that, I have a bridge in Brooklyn to tell you that is not a true story.

00:45:15.000 He tells it all the time.

00:45:16.000 That is not a true story, but he is a social radical, which, as always, raises the question, why would they run him?

00:45:25.000 And as always, the answer is the same.

00:45:27.000 Because the person who stands behind Joe Biden is, in fact, Kamala Harris.

00:45:32.000 It's not Pete Buttigieg, right?

00:45:33.000 Pete Buttigieg, that dude's political career is effectively over after blowing it in East Palestine, Ohio, after taking a two-month paternity leave.

00:45:41.000 Now, what the left is trying to do is say you're not allowed to joke about his paternity leave.

00:45:44.000 I'm going to joke about his paternity leave. 0.99

00:45:46.000 I am.

00:45:46.000 I'm sorry.

00:45:47.000 He took a two-month paternity leave.

00:45:49.000 As I've said before, paternity leave is usually constructed around the idea of you have a partner who has had a physical problem because she gave birth.

00:45:57.000 As a father of three, having watched my wife push babies out of her three times, and soon to be a fourth time, I can tell you, there will be, you know, physical issues that arise from this.

00:46:06.000 You know where physical issues do not arise?

00:46:08.000 When you don't actually have to do that because you're a dude.

00:46:10.000 Paternity leave came from the idea that you need to provide extra support to your partner because your partner has undergone a physical trauma.

00:46:17.000 Pete Buttigieg took two months off, which means we get to joke about him.

00:46:21.000 So the White House is very angry at Mike Pence for making a joke about this at the Gridiron Club dinner.

00:46:27.000 Now, the Gridiron Club dinner is a comedy routine, and Mike Pence made a joke at a comedy routine.

00:46:33.000 His joke was that Buttigieg took maternity leave after he and his husband adopted newborn twins.

00:46:37.000 He should have said paternity leave instead of maternity. 0.99

00:46:38.000 He said, Pete is the only person in human history to have, and then he said, trains started going offline and planes started falling from the sky.

00:46:43.000 He said, Pete is the only person in human history to have a child and everyone else gets postpartum depression.

00:46:48.000 That's called a joke.

00:46:49.000 This prompted the White House to suggest that it was homophobic.

00:46:52.000 Quote, this is Corinne Jean-Pierre, world's most untalented press secretary.

00:46:55.000 No, he didn't.

00:46:56.000 No, he didn't.

00:46:57.000 How is he treating women?

00:46:57.000 about Secretary Buttigieg was offensive and inappropriate, all the more so because he treated women suffering from postpartum depression as a punchline.

00:47:04.000 No, he didn't.

00:47:06.000 How is he treating women?

00:47:07.000 What did that have to do with women suffering from postpartum depression?

00:47:09.000 Guys, it's called a joke.

00:47:13.000 And I like when you guys pretend the jokes don't exist so that you can yell at people, but it's not really a thing.

00:47:18.000 But again, the reason that Joe Biden continues to be the person they need on that wall is because the person backing him up is Kamala Harris.

00:47:25.000 Now, one of my favorite stories that's happening right now ...is the fight between Elizabeth Warren and Kamala Harris, in which I root for casualties.

00:47:33.000 So, back at the end of January, Elizabeth Warren was on GBH News, and she stopped short of endorsing Kamala Harris as the VP on the ticket.

00:47:43.000 Could Kamala Harris be his choice a second time around?

00:47:46.000 You know, I really want to defer to what makes Biden comfortable on his team.

00:47:52.000 But they need, they have to be a team.

00:47:55.000 And my sense is they are.

00:47:56.000 I don't mean that by suggesting I think there are any problems.

00:47:59.000 I think they are.

00:48:02.000 Apparently, Kamala Harris is now angry at Elizabeth Warren. 1.00

00:48:05.000 And she won't talk to her anymore, which I would say is to Elizabeth Warren's benefit.

00:48:09.000 What can I do so that Kamala Harris would stop talking at me or to me? 0.96

00:48:13.000 That sounds amazing.

00:48:15.000 Apparently she will not return Warren's phone calls after the senator stopped short of endorsing her as president.

00:48:20.000 Warren apparently has called Harris twice to apologize for her comments.

00:48:23.000 But Kamala's like, I'm not gonna.

00:48:25.000 No, I'm not gonna take those calls.

00:48:27.000 And then she started laughing all weird.

00:48:30.000 This prompted the women of The View to say that people don't like Kamala Harris because of racism and sexism, which is hilarious because now they are calling Elizabeth Warren a racist and a sexist, which I'm here for it.

00:48:38.000 All right.

00:48:40.000 At a time when voters, I get age is not the most important thing.

00:48:45.000 But if you're electing someone who's an 82-year-old in 2024, you need to believe that the vice president is able and willing the next day to be the president.

00:48:53.000 And I think there's some concern about just the lack of a policy accomplishments that she's made as vice president. 0.97

00:48:59.000 I'm surprised that there's concern.

00:49:00.000 I think it has a lot to do with this. 0.88

00:49:02.000 She's a black woman. 1.00

00:49:03.000 Black women get everything done. 1.00

00:49:05.000 We've saved this country's democracy for centuries. 0.85

00:49:10.000 It's because, Sunny Hassan, it's because she's a black woman.

00:49:12.000 I agree. 1.00

00:49:12.000 Elizabeth Warren is a racist and a sexist. 1.00

00:49:15.000 Agree. 1.00

00:49:15.000 I'm here for it. 1.00

00:49:16.000 Okay, time for some things I like and then some things that I hate.

00:49:18.000 So, things that I like today.

00:49:21.000 This is really funny.

00:49:22.000 So, Greta Thunberg.

00:49:23.000 Greta, so angry.

00:49:25.000 How dare you?

00:49:26.000 How dare you?

00:49:27.000 Well, apparently, she tweeted out June 21st, 2018, quote, a top climate scientist is warning that climate change will wipe out all of humanity unless we stop using fossil fuels over the next five years.

00:49:38.000 Well, just short of the five-year mark, she went and deleted the tweet, which is hysterically funny.

00:49:46.000 So, apparently, I guess that the tweet is no longer relevant because we didn't stop using fossil fuels over the course of the next five years.

00:49:55.000 So, apparently, we are now past the tipping point.

00:49:58.000 It's all over.

00:49:59.000 We still have three months.

00:50:00.000 Maybe if we stop using all fossil fuels in the next three months, it can all be fixed.

00:50:04.000 I look forward to all of the environmental doomsayers deleting all of their forecasts about how the world will end.

00:50:11.000 Remember when Al Gore did an entire documentary that got him an Academy Award, I believe, in which he suggested all the polar bears would be dead by like 2020, and that didn't happen, and all the polar ice caps would be gone, and we would all be floating.

00:50:23.000 Like in Iowa, you'd be floating above an ocean.

00:50:25.000 It was good times.

00:50:28.000 The environmental doomsayers having to go back and then recapitulate all of their predictions is one of my favorite things.

00:50:33.000 I really do enjoy it.

00:50:35.000 Okay, time for some things that I hate.

00:50:37.000 Oh, there are so many things that I hate today.

00:50:44.000 So I discussed yesterday the Oscars and the fact that everything, everywhere, all at once, all the time, forever, in all eternity, in the multiverse, that that movie won best picture.

00:50:52.000 And I said I was kind of Luke Cold on that particular picture.

00:50:55.000 And one of the points I made online, it's drawn an awful lot of flack, is I said, in five years, no one will watch that film.

00:51:00.000 And so that's a prediction.

00:51:02.000 I will not delete that prediction because I think that prediction is true.

00:51:04.000 In five years hence, we'll look at the numbers and we'll see how many people are still watching everything, everywhere, all at once, forever, for all time.

00:51:11.000 Um, I think the answer is going to be no.

00:51:13.000 And I think I have a good track record on this because let me point out that no one has actually rewatched a single film awarded Best Picture since about 2007.

00:51:22.000 No one.

00:51:23.000 In fact, let me name for you the films that have won Best Picture over the course of the last 15 years.

00:51:28.000 And you tell me if you have ever rewatched any of them.

00:51:31.000 So 2021's winner was CODA, or as we like to call it, disability Oscar bait. 0.62

00:51:38.000 I'm going to give some alternative titles.

00:51:40.000 The movie's fine.

00:51:41.000 I enjoyed CODA.

00:51:43.000 Not worth watching twice.

00:51:45.000 Or how about 2020 Francis McDormand Poops in a Bucket?

00:51:49.000 That's Nomadland, in which Francis McDormand poops in a bucket.

00:51:54.000 Has that been a big rewatch for you?

00:51:56.000 Pulling that one out of the DVD stack lately?

00:51:58.000 Putting that up on the streamer?

00:51:59.000 You gotta watch Francis McDormand poop in a bucket 2021?

00:52:01.000 Nope.

00:52:03.000 I didn't think so.

00:52:03.000 For 2020?

00:52:04.000 How about Rich Korean People Should Be Murdered? 1.00

00:52:07.000 A.K.A. 1.00

00:52:07.000 Parasite. 1.00

00:52:09.000 2019. 1.00

00:52:09.000 Rich Korean People Should Be Murdered. 1.00

00:52:10.000 I know a lot of people are like, I love Parasite. 1.00

00:52:12.000 Just love that movie.

00:52:12.000 Really?

00:52:13.000 When was the last time you watched it?

00:52:15.000 Was it 2019?

00:52:16.000 Perhaps?

00:52:17.000 Like when it won Best Picture?

00:52:19.000 How about, um, how about 1950s racism and homophobia is bad, a.k.a.

00:52:24.000 Green Book?

00:52:25.000 How many people actually watched it at the time?

00:52:27.000 How many people are watching it now?

00:52:28.000 Are you, like, pulling that one out?

00:52:30.000 Streaming Green Book, are you?

00:52:32.000 Or, how about the worst best picture winner of all time from 2017? 0.92

00:52:34.000 I f***ed a fish.

00:52:38.000 That one, that's a big winner. 0.92

00:52:40.000 The Shape of Water.

00:52:42.000 Yes, the worst, maybe, forget worst best picture winner, worst movie of all time.

00:52:45.000 I mean, that one is definitely in competition.

00:52:47.000 Have you pulled that one out?

00:52:48.000 Have you rewatched it?

00:52:49.000 I'm just explaining why.

00:52:51.000 My prediction that no one will ever watch everything everywhere all at once forever for all time across the multiverse again?

00:52:56.000 A.K.A.

00:52:58.000 immigrant Asian families must accept lesbians across the multiverse? 0.99

00:53:02.000 Like, is anyone going to watch that again?

00:53:03.000 I have serious doubts.

00:53:05.000 And the reason, again, I say that is because no one has ever watched a Best Picture winner in the last five years later.

00:53:11.000 Anyone that has won in the last 15 years.

00:53:13.000 Just going back in time here.

00:53:15.000 How about Growing Up Gay and Black in Miami, aka Moonlight 2016?

00:53:18.000 You were watching that.

00:53:19.000 How about Journalists Are Awesome at Spotlight from 2015?

00:53:21.000 How about art?

00:53:24.000 That's Birdman.

00:53:24.000 Has anyone ever seen Birdman again?

00:53:26.000 It existed for a brief moment in time during the Keaton Renaissance, and then it was just gone.

00:53:31.000 How about Slavery Was Bad?

00:53:33.000 That was 12 years a slave, right?

00:53:35.000 2013?

00:53:37.000 Again, I'm not saying all these movies are bad.

00:53:38.000 I'm saying no one's ever rewatched any of them.

00:53:41.000 How about Argo?

00:53:41.000 Remember when Argo was a thing?

00:53:43.000 A.K.A.

00:53:44.000 Jimmy Carter wasn't that bad.

00:53:45.000 Remember that one?

00:53:47.000 Yeah, like, no, you don't?

00:53:48.000 You don't?

00:53:49.000 How about The Artist?

00:53:50.000 You're watching that one, are you?

00:53:51.000 The Artist?

00:53:53.000 2011 Best Picture winner?

00:53:55.000 Literally the only one of these movies I've ever watched, even two years beyond its sell-by date, was The King's Speech from 2010, right?

00:54:01.000 The Brits can be good if they're fighting Nazis. 0.78

00:54:02.000 That was the last time we allowed such a movie to win Best Picture.

00:54:06.000 There was also War is Bad, right, which was The Hurt Locker, 2009.

00:54:09.000 The first five minutes of the film are great.

00:54:10.000 The rest of it, I don't even remember any of it.

00:54:12.000 And then Slumdog Millionaire won in 2008, aka, we're not nominating Dark Knight for Best Picture.

00:54:17.000 In fact, that was such an egregious non-nomination that the Academy Awards then expanded its Best Picture category to eight to ten films, you recall.

00:54:25.000 In order to get more popular films nominated and not a single one has won since then.

00:54:29.000 You want to know why the Oscars are failing guys?

00:54:31.000 It's because you won't nominate films that people like to watch, that people enjoy watching and don't feel obligated to watch.

00:54:37.000 I understand that people are pretending right now to like everything everywhere all at once forever for all time.

00:54:42.000 Some people may like it.

00:54:44.000 I have some real doubts about that one.

00:54:48.000 Alrighty guys, the rest of the show is continuing right now.

00:54:49.000 You're not going to want to miss it.

00:54:50.000 We will be talking with Dave McCormick.

00:54:52.000 He ran for Senate in Pennsylvania, narrowly lost.

00:54:55.000 He has a brand new book out.

00:54:56.000 If you're not a member, become a member.

00:54:57.000 Use code Shapiro at checkout for two months free on all annual plans.

The Ben Shapiro Show - March 14, 2023

The Banking Meltdown Gets Worse

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Summary

Transcript