00:00:35.000He's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
00:00:41.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:01:16.000Yeah, I'll work with anyone and everyone to make Congress less corrupt.
00:01:20.000And you can disagree with a lot of AOC's views.
00:01:23.000I certainly do, and she probably disagrees a lot with mine, but we are not part of the bought and paid for caucus.
00:01:30.000She holds her views sincerely, whether you like them or not, and so do I.
00:01:34.000And one of the things that's really frustrating is when you even try to engage in debate with some of the colleagues, you don't get a sincere reaction or response to the substance of the argument because it's all about what stock trades they have, what lobbyists pay for their votes, and what interests they're beholden to.
00:01:52.000The legislation I've sponsored with Congresswoman Ocasio-Cortez ends Congress insider trading stocks.
00:02:00.000Members of Congress should not be allowed to trade individual stocks.
00:02:04.000It's like letting the referee bet on the game.
00:02:07.000And I can't believe we've allowed it to occur so frequently.
00:02:11.000And when you look at the backgrounds of some of the representatives and then see the wizardry that they are able to deploy in their stock trades, it's really a head scratcher.
00:02:22.000So I've heard you say that over $788 million of securities were traded last year.
00:02:27.000So Matt, how is this different than the Stock Act?
00:02:30.000I mean, is it kind of a joke, that Stock Act, basically?
00:02:35.000Well, there were so many holes in the legislation that Nancy Pelosi allowed to move forward just a tad.
00:02:44.000And that really doesn't provide the level of accountability we're talking about.
00:02:47.000In our legislation, if you own any individual stocks today, you have to dump those into a blind trust.
00:02:55.000And then the blind trust doesn't just manage those.
00:02:58.000They have to actually dispose of those stocks, dispose of those securities within a period of 90 days.
00:03:55.000But there are ways members of Congress can impact stock prices without a legislative act.
00:04:01.000For example, who a committee chairman calls before a hearing, how a particular CEO is treated with white gloves or going after them, whether or not you have requests for information, subpoenas that go out to particular entities.
00:04:16.000If members of Congress have securities in a particular entity, then they function as part of the protection ring for that entity for stuff that you, the American people, will never see.
00:04:28.000Yeah, so Matt, just so our audience understands, are you trying to say it's technically legal?
00:04:33.000Let's just take Maxine Waters, who was previously chair of Financial Services Committee, if I'm not mistaken.
00:04:40.000You're trying to tell me that Maxine Waters could subpoena Jamie Dimon and whoever else, and then before the committee meeting, she could short the stock of J.P. Morgan.
00:04:55.000Are you trying to tell me that Maxine Waters, if she got private information?
00:05:00.000What I'm trying to get at, wasn't Senator Burr investigated for this?
00:05:04.000Wasn't Congressman Collins eventually convicted for this?
00:05:22.000That's correct, Charlie, because to get caught by our current suite of laws, you have to be universally so corrupt and so stupid that you explicitly lay out the insider information that you are acting on.
00:05:36.000The problem is that right now, you don't really have an effective enforcement scheme to determine how those decisions are linked with trades and with actions as a lawmaker in the House of Representatives.
00:05:48.000I just think we should go cold turkey.
00:05:51.000I don't think we should try to shake this addiction in a 12-step program like some of the other bills that have been considered.
00:05:57.000I think we just should just say no, this is not allowed.
00:06:00.000If the deal of being a member of Congress isn't sweet enough for you without the ability to manage an individual stock portfolio, then just don't run.
00:06:10.000We'll take folks who don't view that as central to their public service.
00:06:15.000Yeah, and so then, but I mean, for example, Matt, are you allowed to then trade on information that is shared in private committee as well?
00:06:29.000Well, again, if you are trading on non-public information, technically that would violate the letter of the law, but there is not a robust enough enforcement regime to track.
00:06:42.000I mean, for example, Nancy Pelosi has...
00:06:44.000On the judiciary committee, right now, I know some companies that are going to get subpoenas.
00:06:48.000I know them, you don't know them, and they're in the pipeline.
00:06:52.000And so, you know, if some family member of mine, if I go out and engage in stock trades around those eventualities, shorting those stocks, because I know it's going to be bad news when these companies get these subpoenas, like you wouldn't necessarily be able to prove that it was the insider information, which is why those prosecutions don't get really developed.
00:07:13.000But at the same time, I see how often the opportunities present, particularly around big tech, around the energy sector, and around particular committees where they have such an ability to shape how the market views individual securities by their actions or inaction.
00:07:45.000Probably it wouldn't pass if we had a vote on it.
00:07:47.000One in four members of Congress are engaged in this activity now.
00:07:51.000And I'm going to try to make the case to the other three out of every four members of Congress doing these trades that we don't need this, that this is not a way to build trust and confidence, regardless of which political party is in power.
00:08:04.000And I guess what gives us some sense of momentum is it's pretty rare to have a pro-impeachment Republican, Brian Fitzpatrick, a Centrist Democrat, Raja Krishnamurthy, Alexandria Ocasio-Cortez, and Matt Gates all together on one legislative device.
00:08:20.000Our hope is to force pressure on other members to join us or have to go explain to their constituents why we ought to have a system that allows nearly $800 million to get traded each year from lawmakers who have an oversized impact on the information space and on the market space.
00:08:42.000It's going to be very interesting to see.
00:08:44.000Again, I'm not immediately optimistic about it, but it's just nauseating how these lawmakers look at their ability.
00:09:04.000So I think it's an admirable and courageous effort, truly.
00:09:09.000Look, it is time to consider a rollover of that 401k into an IRA.
00:09:15.000The investment world is completely different in 2023, and you cannot do the same thing as last year.
00:09:20.000Woke companies are aggressively implementing ESG.
00:09:24.000Interest rates are going up and inflation is still lingering.
00:09:27.000If you have over $150,000, now is the time to move your money to a biblical responsible investing strategy with my friends at PAX Financial Group.
00:10:09.000I'm not going to talk about that, but I have been standing against this U.S. involvement in this European war.
00:10:17.000I was one of the first three who tried to block the hostilities that I thought we were stumbling into.
00:10:26.000It was me, Thomas Massey, and Marjorie Taylor Green.
00:10:28.000Now there's close to 70 Republicans who hold my view, but we just heard Speaker McCarthy in Israel talk about how much more he thinks we need to do for Ukraine.
00:10:39.000And that is not a position I agree with, respectfully.
00:10:42.000I think that we need to do more for our own country.
00:10:44.000And particularly when we're talking about raising the debt limit $1.5 trillion, maybe we shouldn't be securing the pensions of the government officials in Ukraine.
00:10:53.000I saw your tweet earlier that really, I think, drew a more pointed criticism on this particular event with these drone strikes, but I'm just not able to talk about that open source.
00:11:20.000Well, I don't think you're going to like the answer to this, Charlie.
00:11:22.000How it's going to play out is Chuck Schumer is going to hold weeks of hearings to distort the truth about the House plan.
00:11:29.000He's going to make a cap on the growth of the federal budget appear as if we are going after veterans and seniors, which is completely nonsense.
00:11:40.000And then I suspect the Schumer-Biden strategy will be to run out the clock, put our nation on the brink of default, and then send over either a clean increase in the debt limit or a mostly clean increase in the debt limit.
00:11:55.000That'll be opposed by the fiscal hawks, which are an increasingly threatened and endangered species in the House of Representatives.
00:12:03.000And there will be a broad, I think, bipartisan push to simply raise the debt limit, act as though we're studying federal spending going forward, and kick the fights to the appropriations process and the budgeting process, where those of us who seek to put downward pressure on spending will have less leverage.
00:12:21.000So I'm not particularly optimistic, though I do believe that Speaker McCarthy and his team do deserve credit for at least putting a plan on the table that would be the most downward pressure on spending I've seen in my time in Congress.
00:12:34.000Yeah, and we're seeing already the kind of bank collapse pattern, the overspending, the addiction to spending that Washington, D.C. has, and the impact that it's occurring.
00:12:48.000Can we talk about, wait, can we talk about the bank thing for a minute?
00:12:51.000Because like with no vote of the Congress, has Joe Biden not just nationalized the banking system in this country by securing deposits even when management fails, you now create this hyper-incentive structure for risk.
00:13:08.000Because if you drain the consequence for depositors who are over the FDIC limit out of the banking enterprise, then any bank manager of even a medium-sized banking system is going to have every incentive to do crazy risky things at the hopes of achieving some quarterly earning.
00:13:26.000And if it all goes to hell, they just throw their hands up in the air and turn to the federal government.
00:13:30.000This is a terrible thing for our economy.
00:13:33.000And it happened without so much as a vote in the United States Congress.
00:13:36.000Yeah, I mean, it seems as if they are nationalizing all the banks.
00:13:43.000He wasn't the first one to say this, but they want to privatize the gains and socialize the losses, which is, I mean, you're allowed to make as much profit as you can.
00:13:51.000If you dare have any sort of decline, we're going to then have the taxpayers swoop that up.
00:13:56.000And so, Matt, we only have about a minute remaining.
00:13:59.000What should House Republicans then do about this disturbing pattern of bank collapses?
00:14:07.000Well, I don't think we should be captive to the banking industry.
00:14:11.000And increasingly, the way people get on the Financial Services Committee is that the banks want them there.
00:14:16.000So part of the broader reforms we want to make Congress more honest, less self-interested would certainly help.
00:14:23.000But specifically, I think we need to disfavor, disallow, defund, and deauthorize any system by which the Treasury Department can literally nationalize the banking system.
00:14:33.000And you said it perfectly, privatize the gains, socialize the losses.
00:14:37.000Who do you think gets screwed in that system?
00:14:39.000Regular Americans who just want a financial system that treats everyone fairly.
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00:16:34.000Glenn, do you think Tucker Carlson is going to be able to get out of this contract mess, this struggle that he has right now with Fox News?
00:16:41.000I have no idea what's in his contract.
00:16:45.000I just know that it is important to understand they did not fire him.
00:16:50.000He is still being paid, and they did that for a reason.
00:19:11.000But when I left, we had trained people to watch at 5 p.m.
00:19:16.000So the five, which is good, the five replaced me and it held.
00:19:21.000But the rest of the network was healthy.
00:19:24.000Now they have gotten rid of so many people.
00:19:27.000Tucker was, for many people, kind of an island, and it was the last holdout for somebody who would say the really uncomfortable things that people felt were true.
00:19:42.000When they did that, this is a Budweiser moment for Fox.
00:19:47.000I really don't know if Budweiser ever returns to the number one beer in the country anymore because it was easy for people just to say, Give me a miller.
00:19:58.000This now, when I left, it was only me and Major League Baseball that were streaming online live.
00:22:39.000It's rational, reasonable to go through that.
00:22:42.000Get through it right now as fast as you can because now we need you back on the line.
00:22:47.000And when you betray people who are true, everything in me, I will stand, Charlie, with you till the bitter end unless you betray the values and the principles that we're both speaking for.
00:24:25.000An entrepreneurial billionaire needs to go to Blaze, Daily Wire, Charlie Kirk Show, Bannon, and come up with some sort of an amazing user experience and basically have it, hey, you don't have to pay any extra money, but we can somehow have an umbrella almost, right?
00:24:45.000But the problem, Glenn, and this is the issue, only 20 seconds talking about the break, to get Daily Wire and Blaze and Rav and Bannon, to get conservatives to work in harmony.
00:28:31.000That's what's coming at the end of this road.
00:28:34.000But along the way to that, which is a nightmare, by the way, because it's complete and total control, along the way, there's going to be massive wealth destruction.
00:28:44.000We could end up looking like Venezuela because we were at 80 or 70 something percent of the world's reserve currency.
00:30:53.000Digital currency is like Bitcoin, except absolutely not.
00:30:58.000All of the things that make Bitcoin good, the fact that you can't track it, it's secure, blah, blah, blah, is gone with a central bank digital currency.
00:31:09.000There will be one bank in the end, and there will be one currency, and it'll all be digital, and it is programmable.
00:31:16.000So the idea behind modern monetary theory, which we are now doing in Washington, is we can print as much money as we want.
00:31:23.000We can make as many digital coins as we want, but we have to have control of the user.
00:31:28.000So all Americans will only be able to use this digital currency from the Fed, which if there's inflation or if you're out of favor, they can turn your money off.
00:31:41.000So you can't buy gas anymore, or at least for a couple of weeks.
00:31:46.000It is total control, and it is a socialized rating system like they have in China.