Best of The Program ｜ 3⧸16⧸20
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Summary
The coronavirus outbreak continues to grow and the death toll continues to rise. Is this a media hoax? Or is this a real problem? Is this something that needs to be dealt with? What are the long-term implications of this outbreak? And is this just the beginning?
Transcript
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Welcome to the podcast. What a crazy weekend. We are here now looking at a totally new world,
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some kind of a totally new reality with the COVID-19 situation. We go through a lot of that
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today. There's some stuff that's really important and serious. Glenn has some information that is
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not really anywhere else that you're going to need to know on this and the effects and how
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this is all going to play out. We get into that today. We also, it was a little fun to be had
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as well, because honestly, we're all going to go insane if we don't laugh at this at least a little
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bit. We'll get into that as well. And the big coronavirus update, I mean, the numbers are
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increasing at really scary levels right now. That's why people are afraid. Is this real? Is
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this some media hoax? It's not a media hoax, but it is, it still doesn't mean that they won't treat it
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in this typical ridiculous way they've been treating everything else. Glenn will have more
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on this on Wednesday night on TV. Also, I'll be talking about it tonight on Stu Does America.
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You can get that, of course, wherever you get your podcast. You're probably on a podcast app
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right now. Just go over, click Stu Does America, and click subscribe while you're there. We'll be
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talking about that tonight. You can get that on YouTube as well. Here's the podcast.
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All right, it is Monday, the 16th of March 2020. Let me give you the look into where we are on the
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coronavirus. Total cases confirmed worldwide, 171,000. That is up from 136,000 on Friday.
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Total confirmed deaths worldwide, 6,531. That's up about almost 2,000 deaths worldwide. Total
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confirmed recoveries, 77,000. That's up 7,000 from Friday. 158 countries now have confirmed. That was
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129,000 on Friday. Four more have suspected cases. 7% of active cases are now considered serious. This
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is the best news. Three weeks ago, that number was 19%, down on Friday to 9%, and today, three days
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later, 7% of active cases are considered serious, requiring hospitalization. This will be really good
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news if we don't overwhelm our health system with other people going, I've got to have a test. No,
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you're not going to get a test unless you have the symptoms. You don't need the test. I want to thank
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our private industry, CVS and Walgreens and Walmart and all of these people that are involved now on the
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private level. You're going to start seeing tents go up in your area at some of these places where
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you're going to be able to have the swab test at one of those stores. And the vice president
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announced yesterday that all of them are going to be free. So you're not going to have to worry
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about it. Now, is this a sign of things to come? By the way, U.S. has 3,802 confirmed cases and 69
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deaths. That's up from 1,700 cases and 41 deaths on Friday. You're going to see this number skyrocket.
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We are at the beginning of that hockey stick curve that we had in China and we've seen all over the
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world. We are also doing more tests, but we are now just at the beginning. If you think you're
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getting rid of your kids in two weeks and they're going back to school, think again. Can you buy
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alcohol on Amazon.com? I don't know if Jack Daniels will send it directly to your house, but whatever
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alcohol you bought wasn't enough. Uh, I think you're looking at anywhere from four. My feeling
00:03:56.740
is probably closer to eight weeks of this. We are only at the beginning. Um, people who were mocking
00:04:02.860
this this weekend. I think by next weekend, you will see, do not feel stupid by, by if your friend,
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friends or family say, ah, we're not gonna, I'm going to just say, well, I'm not going to,
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and you're not going to be around me for two weeks. Um, because no, I'm not taking any chance
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and they can mock you if you want. It's better to be prepared and made fun of than laugh along
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with everyone else and then be wrong in the end. I'd rather be wrong and prepared. So don't worry
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about what other people say. If you have parents that are elderly, please, please, please keep the
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kids at home. I know they just want to go to a birthday party. Otherwise make the decision. Now
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you're not going to see parents until you quarantine your house for two weeks. Our parents, I mean,
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if I went on vacation today, Tanya's parents are ill. If I went on vacation today and I didn't take it
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seriously and I go out and I'm going to Disneyland and I realized they're closed, but I'm going to
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just going to eat at the, at the Denny's across the street and I'm going to do all the things I want
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on vacation. If Tanya's parents get sick, I'm not going to be able to see them. When I come home,
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I have to stay away from them for two weeks to make sure I don't give them anything in that two
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week period. They could get sick and then I can't see them. It's not worth it. It's just not worth it.
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Earlier today, uh, I talked to you about, uh, in our number two, if you missed it,
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please go back and listen. Today is definitely a day that you want to listen to on the podcast or go
00:06:06.860
as a blaze subscriber to the archives and watch and listen to the entire show today.
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Today is a really important show packed with information. Our, my job is to inform you.
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You may disagree with me, but I, you pay me to do this through your listening habits.
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So I'm trying to do my job the best I know how, and that is today to inform you. I will also
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hopefully enlighten you and entertain you along the way, but we need information first. So I want to
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share something and I'm not going to give you, I don't mean to be cryptic, but I've been asked to
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be cryptic. Um, this is not, this is proprietary information. It was, um, uh, prepared for heads of
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state and, uh, and, and others, uh, by a company that assess risks. Let's just leave it at that.
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Uh, and, uh, I've asked them for permission to use it and they've said, no, uh, you can use parts
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of it. Uh, and I asked which parts I could use. And so I'm going to give you those parts that I could
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use because I think this is important. Uh, first thing Americans need to know and the world needs
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to know you need to go or stay at the place you want to be. If the situation worses, worsens,
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focus your decision on being somewhere for four to eight weeks. So if you want to be with your
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family elsewhere, then you should be there now, uh, and stay where you're at. For many people,
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this means staying where they already are because it's a good place and they have the resources in
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place, families in the same city. It's a good stock of food and supplies, sufficient security,
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et cetera, et cetera. I think this is an important line. This is not a prediction that things will
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be getting much worse, but rather an acknowledgement that things could get much worse. Um, there are
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two ways to make a decision on where you should be. There's two things, the social order and the
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medical. Let's do medical. The medical risk arise from the likelihood of you or your loved ones
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contracting this particular virus and the availability of effective medical care. If needed
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social order, social order risks arise from the interruption of services and supply chain
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and how people behave in unwanted situations. So for the most part, most Americans, uh, will be able
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to get the healthcare, just not the way that we're used to getting our healthcare. We're not used to
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going in and be swabbed in a parking lot of a Walgreens or a CVS or a Walmart, but that's the
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way it's going to be. We're used to just going to our doctor. We're not going to our doctor. They're
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going to tell us to stay home unless things get really bad. You have a fever. They're not going to
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see if you have the coronavirus right away. They're going to say, stay at home, take aspirin, drink lots
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of fluid. Call me back. Let me know. You don't want to be in the hospital waiting room or the urgent
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care center. They don't want you there. Stay home. So we're not going to be getting the care that we
00:09:28.720
normally get. But if this gets really bad again, if this gets really bad, which Dr. Fauci has said
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that he's the, the head of, uh, not the CDC stew, which is he the head of one, another one of those
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organizations. Um, he said that we could be out of hospital beds in the next eight to 16 days.
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That's a lot. That's a lot. Uh, and that will cause panic in a lot of people, which then risk the
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social order. You remember years ago, it's one of the reasons why I moved to Texas. Um, I said,
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be around people you want to be around, you know, in case there's an emergency people that will help
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you. How are people going to behave in your area? If you're in an area where people are not going to
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behave well, you're not going to want to be there. Now, medical risk is influenced in part by chance
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precautions, nature, the nature of the virus. I'm reading from the report now, but the social order
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risks are influenced by fear, moral outrage, anger, and desperation. In other words, emotion.
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Social order risks can be elevated by many factors. For example, when grocery stores have
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insufficient stock, I'm again, quoting from this document. I think we're okay, but quoting from
00:10:48.320
this document, um, that's when not if, and it's all boldened, uh, or bolded, uh, some people will
00:10:56.340
behave poorly, impulsively, alarmingly. Those behaviors are another kind of virus that can also go viral.
00:11:01.800
When sweeping restrictions are imposed by government or scary news stories are repeated or clashes with
00:11:07.380
police occur, emotion can gain the upper hand. Italy is a useful proxy for considering viral
00:11:14.140
behavior. In order to curb new COVID-19 infections, officials ruled that prison inmates could not have
00:11:20.800
visitors. Prison, uh, prisoners at one detention facility rioted and within two days, 27 prisons had
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been overrun. Prisoners were also protesting that they had not received the benefit of testing for
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the virus. On the medical side, Italy was seeing the reduction of the number of new infections, but at
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least six inmates died as a result of the violence. All 27 prisons were badly damaged, one so that it had
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to be closed requiring prisoners to be moved to an already overcrowded facility. Emotion. So is it better
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to be in a big city or a rural area? Rural locations have fewer people, low population density,
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and generally fewer risk posed by emotion and behavior. Big cities have the presumed benefit of
00:12:06.560
emergency hospitals and big cities have millions of other people expecting to rely on those hospitals.
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And if, as the current rate of new COVID-19 infections require hospitalization increases,
00:12:18.760
the benefit of proximity to big city hospitals declines sharply. In other words, a big fancy hospital
00:12:26.300
is only valued if they have available beds, sufficient staffing, and sufficient supplies.
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To state this another way, being near world-class medical care is likely to be less value at a price
00:12:40.820
at precisely the time medical care is most needed by many people, because that need overwhelms the system.
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Every place, the kind of place you might consider, has benefits and detractions.
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We therefore recommend deciding where you want to be in the event of having to stay for many weeks.
00:13:01.780
If you're already there, great. If not, consider going there soon, because transportation and freedom
00:13:08.800
of movement are not guaranteed over the long run. This is not a prediction of a national shutdown like
00:13:15.580
Italy, but rather an acknowledgement of the range of options available to the government.
00:13:20.340
Let me say that again. This is not a prediction of a national shutdown, but rather an acknowledgement
00:13:27.160
of the range of options available to the government. We restate our recommendation of some weeks ago of
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having resources sufficient to grant you as little dependence on others as possible,
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and as little dependence on trucking, shipping, restocking, and continuity of services,
00:13:43.580
all of which is less dependable today than it was last week. Did you hear that? Have as little
00:13:50.200
dependence on trucking, shipping, restocking, and continuity of services. Using groceries is one
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example. It is not possible for the supply chain to be the same next week as it was last week,
00:14:04.160
because the demand has sharply increased. As of today, we're edging into what has been described
00:14:09.920
to retailers as phase two. Phase one is the virus is present, but not get infected. Many people day
00:14:17.200
to day life is mostly normal phase two. We're at the beginning of this phase two. The virus has become
00:14:23.580
prevalent in the market or markets where supplies originate with governments taking restrictive actions
00:14:29.780
such as quarantine or closing schools in public places that result in labor shortages and considerable
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disruption to supply and demand. To put the rate of increased demand into perspective, last Thursday
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and Friday, March 5th and 6th saw a 10% increase in grocery store foot traffic. This Thursday and Friday,
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March 12th and 13th, the increase jumped to 200% and 300% in some areas.
00:14:59.000
The director of MIT Center for Transportation Logistics has said the current moment can be
00:15:05.320
compared to what happens in a region expecting a big snowstorm. People stock up. However, the present
00:15:11.540
situation is not regional. It's national, meaning an affected region can only reply, rely on nearby
00:15:19.040
unaffected regions for restocking supplies. There's no, there's nobody sending in shipments from Texas or
00:15:26.360
California or wherever. If you're contemplating a move to another location, it is likely you will have
00:15:32.680
more options today than in the coming weeks, mostly due to the risk of travel disruptions or government
00:15:38.360
intervention that restrict the freedom of movement. If you decide to travel, relocate, yada, yada, yada.
00:15:44.760
Uh, uh, I'm just not going to be able to get to all of this. Um, he goes into, uh, the things that,
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uh, important note. If draconian restrictions are imposed, there might be little or no warning
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or little or no lead time afforded. We learned yesterday, the advanced discussions about imposing
00:16:04.940
additional restrictions in San Francisco and Santa Clara as early as next week. That's this week
00:16:09.440
information, not yet public is shared. Here's an example of the form of such restrictions that it
00:16:14.960
might take. Nobody can enter or exit designated lockdown areas unless they are proven family or
00:16:22.020
proven work reasons. Movement in movements inside these areas is to be avoided unless justified
00:16:28.600
closure of all educational and social centers, restaurants, limiting public transportation and
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asking everyone encouraging to work from their home. But there are other things that are now being
00:16:39.040
decided, uh, at the government level and more travel restrictions are part of that.
00:16:51.440
You're listening to the best of the Glenn Beck program.
00:16:54.260
Well, uh, just in the commercial break, uh, something happened. Uh, the Dow opened and the Dow
00:17:12.160
closed. Uh, we are already down what? 9%? No, not 9.7%. Uh, 2,250 points in the Dow in the last, uh,
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three minutes. And so trading is halted. If you remember this from last week, twice, the first
00:17:28.740
two times that it happened, uh, this is going to be the third time. And now two weeks where they have
00:17:32.280
the circuit breaker situation with the S and P 500. If it's down 7%, uh, trading turns off for 15
00:17:37.600
minutes. If it goes down another 6%, uh, it goes, uh, it turns off for another 15 minutes. And if it
00:17:42.880
goes down another 7% after that, it turns off for the day, that'd be 20%. So, uh, I'm part of that.
00:17:49.700
I took everything out of the stock market last night. So I am part of that. Well, I mean,
00:17:56.300
I will this morning really, right? If, if my pardon me, well, last night, I mean, I don't know. I
00:18:02.720
don't know what your situation is. I know there are people that do, that do a future. So you, yeah,
00:18:08.300
go ahead. I was going to say there are people who, I mean, like I, I, I don't have any ability
00:18:12.880
to trade stocks in the middle of the night off the market. Maybe you do. I mean, seriously,
00:18:16.800
obviously, no, I called no, no, no, no, no, no. Yes. You can, you can trade in the middle
00:18:21.220
of the night. I called my broker last night and I said, first thing. So hopefully I'm
00:18:26.960
in this first wave. Right. Right. I don't know how long it's going to take him, but hopefully
00:18:32.700
I'm in that first wave. Yeah. You can place those, those, those orders, uh, overnight.
00:18:37.240
I mean, obviously there are people at higher levels that do all sorts of different things.
00:18:41.480
They have futures that are traded. I just don't, I mean, I, I don't like, no, I'm a regular.
00:18:46.300
Yeah. No, I get the regular thing too, but I will tell you why I did it. And I, you really
00:18:53.020
need to pay attention to this, uh, coming up in about 25 minutes from now. This is the
00:18:58.980
thing this, uh, when this hit me this weekend, cause something bothered me in the president's
00:19:04.340
speech. I think it was from the oval and he said something and I was like, wow, that's weird.
00:19:10.480
Why would he say that? Well, I figured it out this weekend and, uh, I'll give you that
00:19:16.200
at the top of the hour. Please, please pay attention to what is, is happening. Um, welcome
00:19:22.520
to Pat Gray from Pat Gray unleashed. Thank you. You know, I was just, I was just talking
00:19:26.040
Pat about, uh, Chicago and how Chicago said, you know what, we're just going to close things
00:19:30.500
down. And a lot of, a lot of towns are doing that, but Champaign, Illinois is really taking
00:19:35.080
it to a new level. Yeah, they, they really are. The mayor of Champaign, Illinois gave herself the
00:19:40.980
power to ban the sale of guns and alcohol after declaring a citywide emergency. So the citywide
00:19:48.200
emergency kicked in the municipal code and that includes the extraordinary power for the mayor to
00:19:55.980
do pretty much whatever she wants. She can take possession of private property. Uh, she can, she,
00:20:02.520
she, yes, she can, she can cut off access to individuals, gas, water, or electricity. She can
00:20:10.680
ban the sale of guns, ammo, alcohol, and gasoline. I'm wondering where she gets these powers, uh,
00:20:19.180
in the municipal code, which has got to be unconstitutional. That can't be real. That's
00:20:23.160
not how any of this works. No, you've got to be able to challenge this and say, um, no, we have
00:20:28.300
something called, uh, Oh, the constitution, which should include your municipal order. Yeah. The
00:20:35.740
constitution, remember, regulates what the federal government can do, not what the states and local
00:20:40.960
government can do. Right. But it prohibits the states and local government from doing certain
00:20:44.280
things. Yes. Yes. It, it does circumvent municipal laws like this. In other words, you can't violate
00:20:50.080
the constitution locally. Really? Yeah. You think just because of the constitution, we somehow or
00:20:56.760
another cannot just take people's property. Yeah. That's a, especially guns would be one of the
00:21:02.440
hardest things to take. May I just give you some advice here as a recovering alcoholic by alcohol now.
00:21:12.560
No. And I'm not saying because, Oh, Glenn saying it can be parted or no, I'm saying you're going to
00:21:19.920
need those blackouts. You got your kids home. I guarantee you for the next eight weeks, guarantee
00:21:27.340
you, they're going to be home for the next eight weeks. Easy. You are going to need more alcohol than
00:21:32.640
you purchased. Okay. Whatever it is you purchased, you need more. Well, not enough. I don't even
00:21:38.400
understand this thing where they're like, Oh, you got to stay out of the bars. It's like, you guys
00:21:41.800
realize you can drink at home, right? Like all the problems with go to the bar. Like
00:21:46.440
you said, the, the annoying part about drinking is like bumping into people and people spilling
00:21:50.840
things on you. You're going to sit right on the couch and watch Netflix hammered. I hate
00:21:55.300
all those drunk people. There's no reason to go. I mean, sure. You might say only alcoholics
00:22:03.180
drink alone, not in the time of a quarantine. There's another loophole for you. I was, I thought
00:22:10.980
I'd be an alcoholic if I was drinking alone, but I'm drinking morning till night alone, but
00:22:17.160
I am quarantined now. So can I also ask, alcoholics don't care. Ask a question at this point that
00:22:24.300
it seems sort of obvious. Okay. How stupid do those preppers look right now?
00:22:31.300
Oh my gosh. You are so right. Do they look like morons? Oh, I'm going to get prepared for some kind
00:22:41.820
of emergency. Can I tell you something? I can't tell you how relaxed my family has been. We've
00:22:52.160
been like, okay, we got to do this. We got to do that. All right. We got it. Well, you have to have
00:22:57.400
these. Yeah, we got that. I mean, it's, if you've, if you've been paying attention and you've been
00:23:04.140
prepping, you know what I've been saying for the longest time. The peace of mind that you will have
00:23:10.540
is so great. Right. All I've had to worry about are, you know, Hey, how do we get the network on
00:23:18.900
the air in case there's nobody there? Uh, how do we, you know, how do we do these things? How do we,
00:23:25.520
how do we make sure that all of the guns are loaded for? So when the people are like, I was at the St.
00:23:31.500
Patrick's day party and I just missed that somehow or another. Do we have enough ammunition for those
00:23:37.500
people? I'll say too, like there's been a lot of overblown stuff, I think on how crazy it's been
00:23:44.920
at these stores. We all know this is going to get worse. And we've talked about this for weeks,
00:23:49.520
but just because of the numbers and the way they're going to work, it's going to look a lot
00:23:52.460
worse and it's going to be worse over the next few weeks. But like, I, you know, I went to the store
00:23:56.480
this weekend. Uh, you know, yes, there are, there are incidents of people fighting in the stores,
00:24:01.960
just like black Friday. There are, there are ridiculous toilet paper outages in certain
00:24:06.800
places. When I went to the store this weekend, there were certain things that were, there were
00:24:11.640
very specific, um, limited supplies of things. There were certain, you know, there's less water
00:24:17.740
than there would have normally been. There was toilet paper. There was less toilet paper. There's
00:24:21.660
some of those things, but they're going to be out for it. What's that? Did you claw anybody's
00:24:27.460
out for it? Yeah. I mean, there's, there's blood still under my fingernail. Sure. All right.
00:24:32.140
All right. Obviously. The point is there was still tons of stuff in these stores. And there's
00:24:36.540
going to be more tomorrow. Yeah. You know, or the day after. They are focused very heavily. Trump
00:24:41.760
is too on, on making sure these, these grocery stores are going to be restocked. And that's,
00:24:46.420
that's important. It doesn't mean you need to go in there and buy every single thing that
00:24:50.120
you see, but I will say that like there's still tons in the stores. May I just ask this
00:24:55.080
question. What part of amazon.com can we not spell? I mean, when you make it easier,
00:25:03.160
I, we got to go out to the store. The president is telling us stay inside, stay inside, but
00:25:11.060
we need food. How else could we possibly get food? I've got to claw somebody's eyes out
00:25:17.000
in a crowd in the grocery store. I just like to point out amazon.com is delivering, you know,
00:25:23.420
it's right there. They deliver right to your door. Yeah. Yeah. Shut up. How are we going
00:25:27.660
to get the toilet paper? That one last roll that's on that shelf at the Kroger? I again
00:25:32.720
like to shut up. Will you? We're trying to talk over here. I don't understand how this,
00:25:39.160
how we're missing Amazon. My wife said to me on Saturday, I got to go to the store. Cause
00:25:43.660
I have to, I said, honey, well, didn't we just say that we weren't going to go to store? Yeah,
00:25:49.740
I know, but I have to get some things. I'd like to point out amazon.com. I guess you can do, uh,
00:25:56.640
groceries are not, there's also Instacart, which I've used for, for grocery delivery,
00:26:01.040
which is kind of nice. There's a bunch of services that will do this type of thing for you. Um, but it
00:26:05.680
does feel like people aren't used to ordering milk online. Like that's not a normal thing people are
00:26:11.160
used to doing. So it is out of the norm, but you can do it. There are plenty of places that will
00:26:15.220
deliver all that stuff. If you don't mean the milk, cause I wasn't even, it wasn't even milk. It was
00:26:20.060
like, I need some more pasta. Okay. Yeah. You're probably, yeah. You're, you might pay more for it
00:26:26.400
right now online. Um, but yeah, there wasn't a lot. The pasta was definitely one of the things that had
00:26:31.540
been cleared out. It's the type of thing. I feel like I've had the same box of pasta on my shelf for
00:26:35.940
the last 14 years. So I feel like people just are like, eh, you're going to get pasta. It's going to be
00:26:40.540
around even if you don't use it right away. And hopefully we will all be looking at boxes of pasta
00:26:45.960
and toilet paper that we purchased. Remember this? Ah, this was the great pasta scare of 2020.
00:26:53.060
Hopefully we won't need all of this stuff, but you, but you do have to recognize that this is the
00:26:59.540
last week that this is probably going to be funny. Uh, this is going to be the last week where people
00:27:05.100
are still arguing. Oh, that's nothing. Oh, it's nothing but a hype. This is going to be the last
00:27:11.960
week. I think of that. Yeah. Well, the numbers went from 2,900 last night when I went to bed and
00:27:17.160
they were saying 3,700 plus now. Yeah. That's pretty quick. Well, yeah, that's really fast.
00:27:22.460
There's a, there's a New York times, um, uh, like breakdown of all these numbers and I, you know,
00:27:27.260
I check it, you know, a couple of times a day just to see how they're going. And they've had this chart
00:27:31.020
at the bottom, which compares world cases versus Chinese cases. Yeah. And so the chart
00:27:37.320
every day looks like basically the Chinese cases go way up to the top of the chart and they've
00:27:43.220
started to flat it out as we've, as we've covered. And then the other side was this line very close
00:27:47.800
to the bottom that just started to curve up a little bit, uh, went to bed last night and it had
00:27:53.080
gone all the way up to halfway up the chart, um, halfway up to the Chinese cases, which, you know,
00:27:58.500
and it's sloping almost directly straight up, got up this morning. It's past China.
00:28:02.940
It's now past. So the rest of the world has more cases outside of China than there were
00:28:07.320
inside of China. Well, there was what, 25 or 30,000 in Italy alone and 368 deaths yesterday.
00:28:13.800
Yesterday alone. So listen to this. I just said this, uh, it just said this, what a few weeks
00:28:19.660
ago, we're about 50 days behind China. Uh, all right. If it's true, let's compare what
00:28:27.860
China was doing 50 days ago. Uh, 40,000 people into their house, weren't they? Uh, not, not yet.
00:28:35.720
Weren't they yet? Nope. Uh, coronavirus. These are the headlines. These are the headlines. 48 days
00:28:40.680
ago, coronavirus death toll climbs to 106 cases. What is the death toll here in America today?
00:28:48.020
68, I think. Okay. Death toll climbs to, uh, 106 and cases near 4,500 as China emits shortage
00:28:57.600
of medical supplies today. We will probably hit 4,500, uh, Hong Kong medical workers draw
00:29:04.620
sticks to decide who works in the quarantine wards. Villages start to build walls and checkpoints
00:29:09.300
to stop outsiders spreading infection. Buses are not running in China's biggest steel town
00:29:14.980
is gold heading to 2000 prices surge on global fear. Asian stocks tumble as China virus worries
00:29:22.040
deepen. Corona beer virus searches suddenly spike on Google after that. And when, and when again
00:29:31.460
is St. Patrick's day? Uh, so 4,500 infections is probably where we're going to be today by
00:29:38.800
the end of the day. Uh, but in positive news now, remember we're 50 days behind. So here are
00:29:45.160
the headlines from today in China, parks and tourists, uh, and tourist attractions reopen
00:29:51.400
in China as it gets back on its feet. China records 16 infections. 12 are imported from travelers
00:29:57.600
outside of China. So if we follow the same timeline, we're at the beginning of that China. This is,
00:30:03.300
this is the, this is the ramp almost straight up. We're there this week. Uh, and which will
00:30:09.660
mean that we're going to understand it a week from now. We're, we're, we, we are two weeks behind
00:30:16.060
Italy where Italy is now saying to us, Hey, two weeks ago, we thought this was a joke. Please
00:30:21.340
America and the rest of the world. Don't, don't laugh this off. We're freaked out of our minds
00:30:26.120
now. Um, so we're in that slope. So if you follow the same timeline, it means we're about 50
00:30:32.280
days from Disney getting ready to reopen and maybe talking about sports getting restarted and things
00:30:38.020
getting back to normal, but we are 50 days approximately behind China. This is the best of
00:30:50.240
the Glenn Beck program. We are down now in the stock market, about 10% today.
00:31:08.020
I hope my stocks are part of that 10%. Um, because, uh, last night, uh, some things came together for
00:31:16.600
me. And if you are looking at the stock market, if you are looking at a conventional wisdom,
00:31:23.340
it will always tell you, do not draw your money out three, four, no, four weeks ago. I said to my
00:31:30.220
wife, honey, I want to pull the money out of the stock market. Now I've done it before
00:31:34.440
and we have lost money because we have pulled, we've pulled money out and something didn't happen.
00:31:41.740
It was just a temporary thing, but I can't stop from hearing my grandfather's voice. My grandfather
00:31:48.180
lived through the great depression and anybody who had grandparents that lived through the great
00:31:52.480
depression, you knew a couple of things. Don't waste food. Don't waste anything. What do you mean?
00:31:59.120
You're going to throw that pair of pants away or that shirt? No, give it to me. I'll bend it.
00:32:03.760
They learn things. And I want you to really understand this. If you didn't, if you don't
00:32:09.800
know somebody who grew up in the great depression, you won't be able to relate to this because there's
00:32:13.760
no one like this in America anymore. They were so spooked by the great depression. They still
00:32:20.240
saved all of their scraps. They still saved all of their wrapping paper on Christmas. They did
00:32:25.600
everything. Save, save, save, save, save, save, because quote, you don't know what it was like
00:32:31.560
and it can come back. And I remember my grandfather saying all the time, those people who had money
00:32:39.280
in the, in the depression, those people who made money in the depression are the ones who didn't
00:32:44.800
lose it in the stock market. And so it was a generational thing that they got and we didn't
00:32:52.800
from October, 1929 to 1932, the U S stocks lost 90% of their value that kicked off the great
00:33:02.500
depression. They kicked off that three year decline by losing 30% of the value of the stock
00:33:09.880
market in 45 days. Now I want you to listen carefully starting February 12th, 2020. And through
00:33:18.220
last week, U S stocks lost 30% of their value in 20 days, more than twice as fast in 1929.
00:33:28.540
In the last 10 trading days, stocks have hit their 7% loss trading stop, so-called circuit breaker
00:33:35.040
designed to stop panic selling. It's been hit three times as of today, four. We just hit another one.
00:33:42.160
We're now down 10% for the day. We were down almost 9% before they could close it. It's supposed
00:33:49.660
circuit breaker blows at seven. By the time they got that thing closed, it was down 9%. We're down
00:33:55.660
almost 10. The next circuit breaker is at 13. And the one after that is at 20. Now there's a reason
00:34:02.860
why I'm telling you all of this history. And I want you to pay attention closely. And I am not a
00:34:10.000
financial advisor. I am not somebody. I lose money more than I keep money. So take my advice.
00:34:20.000
Take my advice. Sorry, just got an urgent message from somebody regarding this. So I'm going to
00:34:24.880
try to remember that. Don't take my advice as gospel. Take it as these are the facts. Then do your own
00:34:37.260
homework. We have something. Let's start here. Starting in September 2019. And this is one thing
00:34:52.620
that really bothered me a lot. And we did several episodes on it. In fact, we should put them all
00:34:58.300
together because if you're at home, you can binge watch a few things on the archives of the Glenn Beck
00:35:04.720
TV program. But in September 2019, the Fed started making overnight repo loans at the rate of $75 billion
00:35:13.500
a night to the banking sector. Now what this means is when banks close their door at night, they close
00:35:21.920
the shop at five o'clock, they have to have enough money in the vault to cover any of the so-called assets
00:35:33.360
that they have that are actually loans, the liabilities. So they have to cover the the liabilities in case
00:35:41.200
something happens. They have to be able to have enough cash in the bank to be able to cover all of those
00:35:46.860
liabilities. We've we've had this now since the Great Depression. And we used to have something that would was
00:35:54.520
called the discount window. If you couldn't do that, you would go to the Fed's discount window where you would get a
00:36:01.460
special rate. It was not someone prior to 2008. Any bank wanted to use because it was kind of made as a
00:36:09.240
shame kind of place where you would go and it let the other banks. Oh, he may not be solvent. I don't
00:36:16.320
know if we should really trust that bank. Should we loan to that bank? So nobody wanted to use that.
00:36:21.380
Well, the start of the Fed started making overnight loans at the rate of 75 billion per night. That means
00:36:29.840
some of the banks collection of the banks or one of the banks was short 75 billion dollars in cash and
00:36:37.340
needed to borrow that just to cover the shortfall. In November, they increased overnight lending to 100
00:36:44.760
billion. Last week, they made it 150 billion dollars a night. Over the weekend, it was increased to 175
00:36:55.080
billion per night. To put this into perspective, Bear Stearns and Lehman Brothers needed 50 billion.
00:37:04.140
We now have increased it to 175 billion dollars per night on top of the one trillion dollars announced in
00:37:19.000
new asset purchases. Do you remember when we said we were going to bail out the loan to the trouble
00:37:23.960
assets recovery program TARP? That was seven. I think it was 775 billion dollars to bail out the banks
00:37:33.860
and their troubled assets. They have just added one trillion dollars to TARP. They don't call it that
00:37:43.000
anymore, but new asset purchases. So the Fed is buying a trillion dollars. Plus, they're letting
00:37:51.340
these banks borrow 170 billion every night. On Friday, the U.S. Treasury held an auction for 30-year
00:37:59.160
treasury bonds. You know how many we received? How many people raised their hand and said,
00:38:05.620
I'll buy a U.S. Treasury bond? You know how many? Zero. Zero. What does that mean? Any money that we now
00:38:17.280
borrow, we can't borrow it because nobody wants to take that debt. We are spending out of control,
00:38:26.020
and no one wants to buy a 30-year treasury bond. As of today, March 16th, the Federal Reserve has
00:38:34.380
become the last buyer of resort for the U.S. Treasuries. We are out of countries that now want to take our
00:38:42.660
debt, at least at this time. Now, the Dow is down 25% from all-time highs. Bank stocks are down 50%.
00:38:53.100
Let me say that again. The Dow is down 25%, but bank stocks are now down 50% and leading the way down.
00:39:07.600
is because something really hinky is going on. It's been going on for a while. I haven't been able
00:39:15.480
to put my finger on it. I still don't know what it is. Nobody does, but nobody's talking about it.
00:39:20.960
When the last time nobody would talk about things was 2007 and 2008. I couldn't get anybody to give
00:39:28.100
me any, well, it's very complex. You know, you don't understand the system. Yeah. Can you explain
00:39:33.120
it to me? Well, no, it's very complex. Okay. So it's so complex. You can't even break it down and
00:39:38.480
explain it to me. Glenn, there are systems. Really? Can you tell me what those systems are? Because they
00:39:43.600
don't seem to make sense to me. Explain it to me. You just don't know. That's the kind of runaround
00:39:51.460
I'm getting right now. Now, why are the bank stocks down over 50% when the Dow is only down 25? Why
00:40:01.380
is the banking sector down? Now, this leads me to what I heard from the president last week,
00:40:06.740
and he said it in such a nonchalant way. It just passed by everyone except those with eyes and
00:40:15.820
ears. And I heard that and I went, why, why, why are you saying that? Remember before he gave his
00:40:21.840
speech, he met with the heads of all of the big banks. Now that's spun as well, he's meeting with
00:40:28.320
the heads of the bed, big banks, because you know, what are we going to do about this financial crisis?
00:40:32.460
Okay. But what he said that night was, and I just want you to know, you know, our banks are fine.
00:40:38.760
They're tip top. They're fully liquidized. I mean, they've got liquidation that they just take all
00:40:47.200
this money and they're just, it's growing on trees. They can throw it around. They've got so much money.
00:40:52.440
They're so liquid. It's almost like you could drink a bank right now. Really?
00:40:57.340
Production economies have crashed in the anticipation of a global slowdown in manufacturing. Oil is down
00:41:08.140
more than 50%, made worse by the Soviet or the Russia-Saudi price war. Copper is down 30%. Steel is
00:41:16.160
down 30%. Aluminum down 22%. They're all indications of a global slowdown not seen since at least 2008.
00:41:24.140
The world is still entering its shutdown mode. So China is reemerging for their shutdown. But who's
00:41:30.820
going to be placing any orders of the next month or two? This is the real problem. The Fed just shot
00:41:37.900
everything. They just, they don't have anything left. They don't have anything left. We're almost at
00:41:42.820
zero. They can go to negative interest rates, but you don't need a lower interest rate right now.
00:41:49.080
We need to be buying things. We need to be going out to restaurants. That's why you know how serious
00:41:56.920
this is. This is either an evil, spooky dude, complete hoax on the entire world. We've got all of them.
00:42:07.660
We've got China. We've got Russia. We've got oil. We've got everyone. And everyone is in on this,
00:42:14.640
which I think a lot of people will be playing into this, but it's not a hoax
00:42:21.520
for people, for us to make the choices that we're making right now to shut our airlines down and
00:42:28.700
everything else. Donald Trump does not want to do this. He's smart enough to know exactly what this
00:42:36.000
means. Now, let me tell you what they did just last night. This is what made me say,
00:42:42.260
honey, go to the bank tomorrow morning. And I want to, and I wrote to our stock broker and I said,
00:42:49.100
I don't care how much money I don't care what the excuse is. No, I don't care how dumb I look in the
00:42:55.400
end. I'm pulling my money out of the stock market. We're going to the bank. We're getting some cash.
00:43:01.860
And I'll tell you what they did last night that made the blood drain out of my face. That makes
00:43:08.800
absolutely no financial sense whatsoever, unless you got nothing left.