Alec Baldwin accidentally kills someone on the set of a new movie or TV show, and Bill O'Reilly has some interesting things to say about President Joe Biden. Also, a look at what the Fed should do about Bernie Sanders.
00:00:00.000Hey, it's Friday. We're back with another great show for you today. First of all, if you know a veteran, they need to listen to the message from two of the people that you saved for through the Nazarene Fund and are here in America. An unbelievable message to our vets from them. It came spontaneously on our studio floor. We'll explain. Also, Bill O'Reilly is joining us.
00:00:25.440He has some interesting things to say about President Biden, which I don't necessarily agree with, but worth hearing. Also, the banking and what's happening with our treasury. We open up the podcast with that. It is a definite don't miss the metaverse and Alec Baldwin actually accidentally killed someone on the set of a of a new movie or TV show. A story that's tragic that you need to hear.
00:00:55.440All right. I want to start with the opinion piece from the Washington Post today. All right.
00:01:16.340Saul Almarova. Do you know who she is, Pat? Do you know who she is?
00:01:24.420She is the nominee to be the head of the office of the comptroller of the currency.
00:01:33.060OK, do you know why? What do you know about her?
00:01:35.940She wants the Fed. She wants banking to be completely different.
00:01:41.860She wants deposits to be with the Fed, I believe.
00:01:46.660And she wants virtually everything to come from the Fed.
00:01:49.860OK, so you are well informed on this, much more so than most people.
00:01:55.920Most people will say she wrote a paper about Karl Marx in school because she was educated in the Soviet Union.
00:02:03.840And she won't turn it over in Republicans.
00:02:06.120That's what most people know about her.
00:02:07.980Yeah, she is. Now, this is this is from the Washington Post.
00:02:11.040I'm not going to read the whole thing, but I'm going to read highlights.
00:02:13.320The Cornell University law professor is a well-respected scholar in the financial system with both government and private sector experience,
00:02:21.240including a stint in the Treasury Department during the George Bush administration.
00:02:25.020What a surprise. She is, moreover, a woman of color and an immigrant born in what was then the Soviet Union and is now Kazakhstan.
00:02:35.000Boy, you remember when the press and the Washington Post said that about Melania Trump and they were like, hey, let's not be mean to her.
00:02:44.060But instead of attracting bipartisan support to oversee regulation of the nation's largest banks, Amarova is mired in nasty controversies over her education in the Soviet Union
00:02:55.940and her most innovative ideas on how to reform banking.
00:02:59.880Her progressive supporters believe, with justification, these tempests are ginned up to disguise the financial sector's real objection, her tough approach to banking regulation.
00:03:12.200OK, so they go on and on and on and on and on and on about how critical these Republicans are and how wrong this really is.
00:03:24.180I want to give you a couple of things.
00:03:27.580And I'm going to give you quotes from her now.
00:03:31.200They will say, well, that's when she was just a professor.
00:03:35.480Well, yeah, but let me ask you something.
00:03:38.460If you had a professor who was saying, you know what, January 6th was justified and I think they should have gone further.
00:03:47.180I think they should have gone and burned the entire place down to the ground.
00:03:51.300Now, this is just an educational exercise.
00:03:54.420Do you think anyone would seriously believe that?
00:03:58.200I wouldn't even believe that the professor was saying that that was just an exercise.
00:04:03.520These guys are not engaged in critical thinking.
00:04:27.600These people shut everyone down who is against them.
00:04:32.080They are teaching what they actually believe.
00:04:35.020And this is what she actually believes.
00:04:38.360The Federal Reserve should be the monopoly provider of retail and commercial deposits.
00:04:46.420The Fed should perform national credit allocation.
00:04:49.260The Federal Reserve Bank of New York should intervene in investment markets whenever it thinks prices are too high or too low, shorting or buying a wide range of investments accordingly.
00:05:01.660So the Federal Reserve, a shadow bank, we know who they are because there's only like five banks left.
00:05:09.300And we know that the five there are five banks in the Fed that make up the Federal Treasury or the Federal Reserve.
00:05:30.340However, this would be able to perform credit allocation.
00:05:35.540So it would be able when it sees the stock market going up, they can short certain stocks to make the stock market go down.
00:05:44.480They can buy certain stocks to make it go up.
00:05:48.420So the free market is completely dead.
00:05:51.820If they started to see that solar panel companies were going down in stocks in stock prices, they would, of course, rush in to fix that because they believe that solar panels need to be done.
00:06:06.820However, she also says the government, the government should sit on boards of directors of private banks with special powers and disproportionate voting power.
00:06:22.040The new federal bureaucrats should be set up to regulate financial regulators and carry out national investment policy, national investment policy, and in general, watch over the banks on the liability side of the banking system.
00:06:42.280Quote, I envision the ultimate end state where the central bank accounts fully replace rather than compete with private bank accounts.
00:06:52.240In her paper, The People's Ledger, How to Democratize Money and Finance on the Economy.
00:06:58.880On the asset side, quote, she lays out a proposal for restructuring the Fed's investment portfolio and redirecting its credit allocation power, leaving the asset side free to serve as a tool of the economy.
00:07:13.460The key is, she writes, eliminating private bank depositing, taking function and giving the Fed new asset side side tools of shaping the economy.
00:07:26.480In her paper, Too Big to Fail, she says an expansion of the Federal Reserve's so-called open market operations to encompass trading in a wide range of financial assets.
00:07:37.700If, for example, a particular asset class, such as mortgage-backed securities or technology stocks, rises in market value at rates suggestive of a bubble trend, then the Fed's trading desk would start shorting these securities.
00:07:53.720Also, a, quote, national investment authority would be charged with development and implementing a comprehensive strategy of national economic development, end quote.
00:08:05.020In the climate crisis, she says, the NIA, quoting, will act directly within markets as a lender, guarantor, market maker, venture capital investor, and asset manager.
00:08:18.880It will use these modalities of finance in a far more assertive and creative manner, end quote.
00:08:57.340We need a new golden share mechanism, and the government would hold the golden share.
00:09:06.080The government special, exclusive, and non-transferable corporate government rights in privately owned enterprises.
00:09:15.200And as a holder of the golden share, the government could have disproportionate voting power with respect to the election of the company's directors and various strategic decisions.
00:09:25.400This ability to affect directly a private firm's substantive business decisions without holding a controlling economic equity stake.
00:09:34.340It's a particularly promising feature of the golden share.
00:09:39.440Now, that doesn't seem like something that people should panic about.
00:09:44.720That doesn't seem too far off the beaten path, does it?
00:09:52.800Are we really supposed to believe that the Trump appointee at the Fed is running a long con to bring down the nation's backing, a banking system?
00:14:52.040How about our appendage, the cable news network, CNN, and in the process, we'll get our pal, our buddy, Anderson Cooper to go up and we'll do a 90 minute town hall for Joe Biden in Baltimore with all liberal people submitting questions in advance.
00:15:27.460So, um, the deal, and I know this to be true, uh, was you'll spend the first half hour on how great Biden's massive spending bills are and how everybody who matters.