The Glenn Beck Program - Best of the Program ｜ Guests： Justin Haskins & Carol Roth ｜ 5⧸28⧸24

00:00:00.000 i'm tired of doing the introduction it's a lot of work i've carried the show for three hours

00:00:04.780 yeah and here we are at the end doing the beginning i can do it if you want podcast go

00:00:09.440 ahead uh today on the podcast glenn talks about stuff and things with people and places all

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00:01:31.260 you're listening to the best of the glenn beck program well hello stu glenn how are you i am great

00:01:48.380 glad to be back in the studio back in the studio yeah um we have i have some good news and i have some

00:01:54.940 bad news which do you want first um i'm a glutton for punishment so they'll take the bad news first

00:02:01.620 okay you sure okay here we go okay this is this is extraordinarily bad news from the european union

00:02:11.660 this is something that i have been warning um listeners and readers about for over three years now

00:02:20.800 it was included in both the great reset and the dark future books uh we really went into it in dark future

00:02:28.700 talking about this this can't happen if this happens don't this no really well it's just happened

00:02:36.940 we've talked about it on the air several times but i don't it now it's official and it's in writing

00:02:43.680 and so i'm going to explain it and tell you what it is and what it's going to do

00:02:47.440 uh it looked like this bill was going to die several times over the past few months in fact

00:02:53.380 justin haskins and i had a big argument i should have made a three thousand dollar bet with him and

00:02:58.000 then i could have paid you off for the michelle obama thing uh but uh uh it it he said it you know

00:03:07.060 it would fail and it is not now it is one of the biggest threats to freedom in america both in the

00:03:14.200 short and the long term because this law because of this law in europe our society through corporate

00:03:23.640 decision making and business partnerships are going to be forced to conform with the european

00:03:31.420 rules values and environmental standards european social justice metrics are now officially they have

00:03:40.860 to be imposed on america through this law the only thing that will change the change this is if congress

00:03:48.920 acts and the president acts this president and this at least senate will never stop this

00:03:58.020 here's what's going to happen the eu has established an extraordinarily complex very large esg system

00:04:09.740 that covers all companies and when i say all companies all companies will need to comply with

00:04:18.340 this includes both covered companies based in the u.s as well as non-eu companies such as those in

00:04:26.260 america and canada that operate in the eu so in other words you sell i think it's half a billion

00:04:34.260 dollars worth of stuff and you have to comply you sell a half a billion dollars in europe just under

00:04:40.760 that then you have to comply but so do all of the companies that you do business with so if you're a

00:04:49.680 small company and you're making widgets and you sell them to a company that is making big money

00:04:57.260 and i wonder if this applies to amazon you sell something on amazon that's a company that's making

00:05:05.300 at least half a billion dollars in europe you're going to have to comply um the cover the covered

00:05:14.260 companies will be required to submit reports to the european government authorities if they are

00:05:22.060 eu based customers or companies with more than a thousand employees and a worldwide turnover of

00:05:30.820 more than 489 million dollars turnover is another word for revenue or income but why wouldn't you say

00:05:40.240 that this word bothers me i i just think it's one of those it's like stakeholders that nobody notices

00:05:48.120 and then you hear stakeholders and you know what it means you're like oh crap that's everybody

00:05:52.820 non-eu based companies such as u.s companies now fall under the requirements if they have a net

00:06:01.160 turnover of more than 489 million dollars with the european union franchise and licensing agreements

00:06:09.840 as well as subsidiaries of larger companies will also fall under the eu's esg regime

00:06:17.180 i don't know exactly the lawyers have not even really explained this yet um but we have been

00:06:24.760 covering this for so long we think we know what this means but licensing agreements

00:06:30.680 i write books some of them sell in europe simon and schuster sells books like crazy over in europe they're

00:06:43.000 making over 489 million i'm sure in europe am i now forced to comply thank god i have mercury inc now and i

00:06:52.400 don't have to do simon and schuster but am i am i required most importantly all covered companies will

00:07:01.140 need to ensure that the businesses in their supply and value chains i don't know what that means you know

00:07:10.220 what supply and value chain is stew uh you're the head of uh ford uh have you checked your value

00:07:18.360 change what what is exactly the numbers on your value change what the hell does that mean value chain or

00:07:24.580 value change value chains i mean i'm i'm very in touch with my value chain yeah okay on a daily basis

00:07:33.680 uh also though those companies anybody who makes a widget for these companies has to adhere to the

00:07:41.680 relevant esg rules remember esg is environmental social and governance so do you have enough um you know 0.98

00:07:51.280 gay the gay black uh hermaphrodites that only have one leg do you have them on your board well why not 1.00

00:08:01.820 that's your governance part social is all of the social justice crap that we've been fighting and e of 1.00

00:08:11.720 course is environment this bill by the way will destroy the petroleum industry and don't worry petroleum

00:08:21.700 is not used in anything nothing in petroleum this will indirectly impose europe's esg standards on

00:08:31.560 countless american companies including many small businesses all covered companies will need to create

00:08:39.280 climate change transition plans prevention action plans establish contractual assurances from a direct

00:08:49.960 business partner that it will ensure compliance with the businesses prevention action plan so you make a

00:08:59.000 widget but you don't sell it to ford you sell it to somebody that is making radios for ford

00:09:06.600 you don't have anything to do with ford but if you want to sell a widget to another company

00:09:14.220 that does business with ford or sell it to another company that that company sells to another company

00:09:21.500 to sell to ford you see how this is working and if you don't comply in america you cannot sell anything

00:09:31.820 in europe you also uh establish contractual assurances business prevention and make necessary

00:09:41.420 financial or non-financial investments or upgrades the hell does that mean individual countries will write

00:09:50.380 their own laws in accordance with this new eu esg law each country in the eu eu will be responsible for

00:09:58.140 enforcing its rules and issuing punishments civilian and activist groups also are covered in this bill

00:10:07.660 activist groups can bring private cause of action against companies for failing to meet guidelines

00:10:15.580 will open up the floodgates for attorneys right there the eu requirements are going to be phased in

00:10:24.940 beginning in 2027 now let me get into the actual requirements that we can this a very complex and

00:10:34.860 very big bill over the weekend thank god for justin haskins and his team he went through all of it so let me

00:10:41.580 tell you what these rules are it's the economy it's the environment uh it's free speech it's all of it

00:10:51.500 so there's not a single long list of specific rules that companies need to comply with there are some

00:10:59.180 specific rules that are included however this new law includes hundreds of vague statements and references

00:11:07.420 to existing international agreements and eu regulations many of those are also long agreements

00:11:15.100 featuring many more rules such as the paris climate agreement and the international covenant on economic

00:11:23.340 social and cultural rights you know that you're complying i'm sure oh you're not i guess we should read up on

00:11:31.180 it as a result of the complexity and expansiveness of the rules the total number of social credit

00:11:37.980 scoring metrics let me say that again the total number of social credit scoring metrics included in

00:11:48.300 this law is currently unknown but is likely in the hundreds if not more than a thousand it's hard to tell

00:11:57.340 currently you get social credit scores now let me ask you something is the eu actually going to stop

00:12:07.420 buying everything that comes from china because there's no way china will comply with this do you know what

00:12:14.780 that will do to the prices to the european union if they stop buying things from china and if we don't

00:12:22.140 stop this if we stop buying things from china prices you will go broke quickly businesses will go out of

00:12:33.820 business quickly now here's just one example of the law where it's not economic it's actually on climate

00:12:41.900 change and free speech the directive is an important legislative tool to ensure corporate transition to a

00:12:50.460 sustainable economy what they're saying there is no longer a capitalist system including to reduce the

00:12:59.180 existential harms and costs of climate change to ensure alignment with the global net zero by 2050 and to

00:13:09.740 avoid any misleading claims regarding such alignment and stop greenwashing disinformation and fossil fuel

00:13:20.300 expansion worldwide in order to achieve international and european climate objectives so notice they

00:13:28.780 throw in misinformation one law one law firm uh notes companies are required to effectively engage with

00:13:38.860 stakeholders let me say that again companies are required to effectively engage with stakeholders

00:13:50.060 do you remember who the stakeholders do you remember who the stakeholders are because they're not you

00:13:55.980 the stakeholders are the governments the social activists uh and

00:14:08.460 i think that's it and the companies themselves those three get together because you know the sierra club

00:14:17.420 is a stakeholder is a stakeholder and making sure that our trees are okay and our environment is clean

00:14:23.500 the government is just a representative of you yeah yeah i stopped believing that a long time ago

00:14:31.740 so you're you don't have a voice your voice is the senate and the house and the and the president

00:14:38.700 that's the stakeholder that they have to deal with companies have to sit down when they're making these

00:14:46.300 rules with those guys this includes carrying out consultations at various stages of the due diligence

00:14:55.260 process that's going to be cheap during which companies must provide comprehensive information

00:15:04.460 now according to the european parliament member states will be required to provide companies with

00:15:09.580 detailed online information on their of their due diligence obligations via practical portals

00:15:16.860 containing the commission's guidance they will also create or design and designate

00:15:22.380 a supervisory authority to investigate and impose penalties on any non-compliant firms these will

00:15:31.420 include naming and shaming that's a quote this will include in quotes naming and shaming and fines of up to

00:15:42.460 five percent of the company's net worldwide turnover again worldwide turnover why not use revenue

00:15:52.460 additionally a breach of certain c s d d d d d obligations this is the that's the catchy acronym for it

00:16:03.020 may result in civil liability for damages however a company cannot be held liable for any damage caused by

00:16:10.860 its business partners in its chain of activities that's the bad news

00:16:23.740 i can guarantee you we are at least a year maybe two years ahead of everyone else they are not paying

00:16:34.220 attention to this do not dismiss this when you go in to vote which candidate is most and and i mean every

00:16:44.780 candidate is most likely to stand up and say no if the united states a huge market decides to say we're not

00:16:58.380 not playing your game europe will not be able to stand on its own

00:17:05.900 china they'll just give a pass to because everybody for some reason thinks that authoritarian state

00:17:12.860 that puts their own people with social credit scores and puts them in camps is okay let me ask you

00:17:20.940 this do you think europe is actually gonna have apple pay a fine or stop making its products in china because

00:17:29.100 they're made by slaves no this is a way look there is a book over in our museum very rare because the king had

00:17:39.820 them all burned it was during the witch trials over in in europe and it was one book that says this is

00:17:49.260 hogwash this is just the king wanting these rules so he can get rid of his enemies king had them all

00:17:57.020 burned we can find all kinds of stuff that say witches are real that book is extraordinarily rare

00:18:06.380 why the king needed them to go away because he could have anybody who displeased him he's a witch 1.00

00:18:16.620 she's a witch burn them at the stake that's exactly what's going to happen here companies like apple will 1.00

00:18:25.180 be fine facebook fine doing business over in europe even though they're working with the chinese 0.90

00:18:35.020 but any company that decides to stand and say no we don't believe in this we're not doing this you're

00:18:42.300 doomed you're doomed if you play ball with the government in one way or another you're all right

00:18:52.300 let me tell you about my patriot supply when it comes to your own home you're in charge of holding

00:18:57.580 down the fort well if you're in new york good luck with that now that means you know being ready in case

00:19:06.700 of you know a robber or a natural or economic disaster holding down the fort when things really

00:19:13.180 go south and they're going to go fast remember how did how did this is the old saying how did your

00:19:19.580 company go bankrupt over a long period of time and then all of a sudden when this happens our country is

00:19:28.300 going to be all of a sudden overnight i mean you read the diaries of people from and believe me i have no

00:19:34.700 life i did this read the diaries of people from uh germany in the weimar republic when they started

00:19:43.580 hyperinflation no one knew what the word was kind of like zillion nobody knew what the word even meant

00:19:53.180 one week later their diaries say that's everybody is talking about hyperinflation it happens over a long

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00:21:01.100 this is the best of the glenbeck program justin naskins is with us now hello justin how are you

00:21:08.460 uh i'm i'm doing okay today is a uh is a very dark day glenn today is a very dark day and i'm not

00:21:16.540 referring to the social credit scoring system in europe that's going to transform all of life in america and

00:21:21.740 probably destroy freedom i'm talking about coming on the air having to admit that i'm wrong and that

00:21:28.540 you were right i wasn't going to bring it up never going to be able to live it down i wouldn't i wasn't

00:21:32.860 going to bring it up uh i mentioned it you know behind your back but i was never never going to

00:21:38.220 bring it up no you know what it you know i i just i'm such a cynic on on especially the eu and now our

00:21:48.140 government that they'll do they'll do the wrong thing every time every time and what they passed

00:21:55.820 uh when when was it this weekend friday friday friday friday yep okay what they passed is a little

00:22:03.740 terrifying because everything we talked about in dark future and the great reset is now in stone

00:22:12.460 please explain this to people right so for three years you and i have been warning people about this

00:22:21.580 pending legislation that was working its way through the massive bureaucracy of the european

00:22:27.900 union and their legislating process their legislative process uh that would essentially create a global

00:22:34.780 social credit scoring system that would be imposed on on companies that do business in europe

00:22:41.340 companies that are based in europe and then many of the companies that they do business with so

00:22:46.940 we're not talking about just european companies we're talking about american companies that do business

00:22:52.300 in europe and american companies that do business with someone who does business in europe so massive

00:22:58.140 massive numbers of companies and i i think that'll go all the way down the chain we were talking about

00:23:02.780 this that it goes all the way down down the chain if if you are uh philco and you are providing the radios and

00:23:11.900 the stereos in a ford everybody who makes a part philco is part of it now because they're selling to ford

00:23:19.740 but everyone who makes a part for philco i believe will also be a part because it goes down the chain all the way right

00:23:27.900 yeah i mean that that is that is essentially how it works there are some exceptions to this but i'll

00:23:33.900 but i'll give you a specific example because the law is incredibly complicated i'll give you a specific

00:23:39.340 example that i think a lot of people can relate to this is related to the agricultural industry okay

00:23:44.860 this covers all sorts of things not just agriculture but this is one specific example there's a company called

00:23:50.780 bear now everybody has heard of bear this is like bear aspirin that company it's a major

00:23:56.140 pharmaceutical company yeah i believe they used to make the zyklon isn't that the company that

00:24:00.140 made the zyklon b to kill all the jews i'm not sure we'll look into it check that uh so they're they 0.98

00:24:07.020 are based in germany and uh they several years back bought a large they're a 50 billion dollar

00:24:14.300 company they're covered by this esg law that's happening in europe now they uh bought a company several

00:24:20.940 years back called monsanto monsanto monsanto is one of the largest biotech companies or it was

00:24:28.220 in the world they're they were based in missouri now monsanto owns a whole bunch of agricultural

00:24:34.780 companies in the united states they did they're now all owned by bear so for example um there's a company

00:24:43.020 called american seeds which owns a bunch of seed companies this is all now owned by bear they are bear is

00:24:50.700 now one of the largest agricultural companies in the united states they're one of the largest

00:24:56.460 seed companies in the united states so all of these farmers all across the united states that are

00:25:02.220 buying seeds many of them are buying seeds from bear which now has to comply with these esg rules

00:25:09.660 and so think of all of these of these farmers not just the farmers but all of the transportation

00:25:16.780 companies all of the storage companies the warehouses all of the people who are supplying parts and

00:25:24.140 machines related to these various businesses many of them not all of them but many of them are going to

00:25:30.940 be directly or indirectly tied to this esg law and that's just one tiny part of it there are a million

00:25:38.940 different ways that this that the tentacles of this is going to reach out into american society you could

00:25:45.180 be just a owner operator of a transportation truck you have your own truck you're an owner operator

00:25:51.580 you're a one-person show and you're just driving seeds around iowa and if you happen to do business

00:25:57.740 with one of these businesses that's owned by bear you're going to have to comply with these rules too

00:26:03.100 and it goes on and on and on and on and on down the line now people will say and please read dark

00:26:10.620 future if you haven't if you haven't read it yet listen to the audio tape i try to make it

00:26:16.860 a little more fun uh because it's i mean it's talking about this stuff uh or the great reset i

00:26:23.500 highly recommend that you read both of those because that is now spelling the future and this was one of

00:26:31.180 the big ones we could stop esg possibly and we've done a good job at moving in that direction but we

00:26:37.980 didn't stop it um we've we can stop it in our own states uh and hopefully in our own government but we

00:26:46.140 told you the the the trump card on that sorry donald trump the trump card on that is if the eu passes it

00:26:55.180 then we have to do it if we want to do business with the eu well of course we want to do business

00:27:01.260 with the eu and it would not only mean that we wouldn't be selling stuff to them it would mean

00:27:08.460 i believe they can't buy stuff from us right yeah it's it's um if you're a business in the european

00:27:17.020 union and you're buying something from a company that's based in the united states like say you're an

00:27:21.820 energy company in the united states and you're getting natural gas out of the ground and you're

00:27:25.660 selling natural gas to europe yes this is going to apply to you directly there's there's no question

00:27:32.220 about it and then all of the companies that that natural gas company is doing business with

00:27:36.860 are also going to be caught up in this too this is the most diabolical uh plan that i've ever seen

00:27:47.580 it is now the law in europe and unless the united states of america stands up immediately and says

00:27:55.420 nope you can do this to everybody else but you can't do this to us unless they do that immediately

00:28:01.100 the fundamental transformation of the united states of america that barack obama talked about

00:28:05.740 that all the great reset people were talking about four years ago anybody who has talked anybody who has

00:28:12.860 talked about a global governance system this is it all of those things this is it and it passed in

00:28:21.580 the eu now i immediately sent this to a couple of friends in washington and said this is the most

00:28:32.620 important thing you can talk about and work on right now nothing else trumps this with all of the

00:28:39.340 problems we have nothing else do you believe that justin that is 1000 true this affects everything

00:28:48.380 else and you will everything you will not hear about this on 99 of podcasts because 99 of podcasts

00:28:58.140 aren't following this they don't know what it is and it's not a story here it's a european thing

00:29:03.900 this is crucial that you understand and you begin to um talk to your senators and your congressmen

00:29:13.260 that you vote for somebody who will stop this this this puts all of the great reset plans

00:29:23.180 from europe which now will have to do it into the united states and everywhere else and i will bet you

00:29:30.620 justin it will not affect china china china will say screw you you don't want our products don't buy 0.81

00:29:36.780 our products and they'll end up buying their products you agree yes i i i completely agree and

00:29:42.860 the reason for that is because the way that they set up the enforcement mechanisms and this was very

00:29:47.660 tricky essentially what they did was say all the countries of the european union have to pass laws

00:29:53.740 that comply with this law and then it's up to each individual country to enforce those laws so in

00:29:59.900 other words if the countries of the european union decide yeah we're not going to enforce the law on

00:30:04.860 china then they don't they don't have to enforce the law on china and so i think that's exactly what's

00:30:11.580 going to happen this is a license for european union countries to go after anyone they want or to

00:30:17.980 not go after anyone they want depending on what their agenda is and so china absolutely we'll get

00:30:23.420 a pass and we won't and before we lose all of our status in the world and all of our you know ability

00:30:31.260 to sell anything we have to have a president a senate and a congress that will stand up to you to europe

00:30:39.500 and say we're not playing ball and if you if that's it then fine we won't sell any of our products to you

00:30:47.260 but we are not uh going to bend our knee to the european union no it's freedom of speech as well

00:30:58.140 the republic is over as you know it if we don't stop it here in america and you got two years to do it

00:31:09.740 this is the best of the glenn beck podcast it's a compilation of clips from various episodes

00:31:14.380 if you want to dig deeper into this interview check out the full podcast episode carol roth uh

00:31:20.460 the author of that book you will own nothing which is ridiculous how would you possibly bankrupt

00:31:29.180 people so they would have to sell everything or couldn't afford it and have it taken taken away 0.95

00:31:34.860 from them i mean you'll own nothing by 2030 ha ha ha what a ridiculous idea hello prophet carol 0.73

00:31:43.020 how are you i thought i was a conspiracy theorist glenn but i'll take profit slash conspiracy theorist 0.84

00:31:50.140 isn't it amazing carol every day every day i see something just mcdonald's you go to mcdonald's

00:31:58.620 this is how you have a country that owns nothing because they no longer can afford to buy anything

00:32:06.220 anything yeah it's so frustrating when i read this in the media the the corporate press all of a sudden

00:32:13.980 waking up and saying things like oh fast food is in restaurants are more expensive than ever and

00:32:19.660 people can't afford them it's like wow that's a giant shock to me who's been telling you this for

00:32:24.940 years and years based on the fiscal and monetary policies of this country you know it's you know it's

00:32:30.940 you know it's more frustrating to me is the fact that we know that they're wrong we've seen that

00:32:37.820 they're wrong over and over and over again they're lying to us and saying we're conspiracy and then

00:32:42.300 when it turns out to be right they announce that it's suddenly true and right and then people go back

00:32:47.980 to them for the answer on how to solve it it's crazy right it's the arsonists who are burning down

00:32:56.220 your house and then they bring a water bottle and say hey i'm gonna help push it put out the fire

00:33:00.540 and rebuild it it is frustrating and the gaslighting when we're telling people what it is that they're

00:33:07.580 going to experience or what they are experience from the biden administration from the press saying

00:33:13.420 no no you don't you just don't understand you're just not smart enough right people are experiencing

00:33:18.460 this every day right it's just like a an extra gut punch um talk to me about freddie mac and fannie mae

00:33:24.540 this this this was uh one of the biggest collapses um during 2008 but if i'm not mistaken it wasn't

00:33:35.740 really taken that way because the federal government we the taxpayers foot the bill for that one so

00:33:43.580 they didn't actually fail but they did so do you remember the scene in after trading places when

00:33:52.780 randolph and mortimer duke went bankrupt and then they pop up and coming to america and eddie murphy

00:33:58.300 hands them this wad of cash and all of a sudden randolph says mortimer we're back i feel like this is the

00:34:04.780 exact same thing that's going on with freddie mac and certainly if it happens with freddie mac it gains

00:34:11.100 acceptance it's going to happen with fannie mae so right now these two government-sponsored enterprises

00:34:16.860 based on what happened out of the uh great financial great recession financial crisis they

00:34:22.380 were put into conservatorships with the fhfa as well as the treasury so they've been watching them

00:34:29.740 and making sure that you know they don't do anything risky right well now freddie mac had this great idea

00:34:36.300 because people have so much equity in their homes let us go ahead and offer second mortgages now you have

00:34:44.380 to remember that these government-sponsored enterprises freddie mac and you know as well as

00:34:48.700 fannie mae the whole point of them is to you know extend credit make sure that people can get into

00:34:54.700 housing but second mortgages don't get you into housing those are consumer loans those are people

00:35:01.500 taking money out of their homes and using them for whatever it is and that equity is perceived equity

00:35:09.500 right because they haven't cashed out the house uh they haven't sold the house they haven't cashed out

00:35:14.220 so they don't have that guarantee they just think that it happens to be it today worth this this much

00:35:19.660 money and they put a loan against it so wait wait wait let me make a case for this because um i did a

00:35:26.540 lot of thinking on this a couple of years ago some people that may be good for other people

00:35:34.380 horrible or do you think it's always horrible well here's what it is it's taking the money out of your

00:35:43.500 your home right the equity that you have the ownership that you have right and saying okay no

00:35:48.460 longer i have this ownership now i have the pile of cash so what are you doing with that cash are you

00:35:55.100 using it to reinvest because right now that's very expensive to do we're not in zero interest rate

00:36:00.860 environment so you know if you're paying even on a a second mortgage eight or nine or whatever percent

00:36:07.500 it is how are you going to get a better return on that it seems to me that that is people taking

00:36:13.740 their wealth their ownership and going and blowing it and spending it that's what will happen that's

00:36:19.740 what will that's what will happen i mean second mortgages to pay down like a credit card at 25

00:36:26.300 25 i'd rather pay nine than 25 sure sure but obviously we would rather to use other money if

00:36:34.540 we can't yes yes yes yes yes taking down your ownership so obviously it is specific to everyone

00:36:40.140 but overall i think we have to ask ourselves a few questions here one why is it that the taxpayers

00:36:47.100 should all of a sudden back consumer loans why is it that we want to encourage more consumer debt

00:36:54.060 spending particularly during a time of inflation and why do we want people to reduce the ownership

00:37:01.580 the equity in their homes may i guess and so sure please do i guess i gotta guess because i am a helper

00:37:10.460 and if you re-elect me i can help you with all of your troubles um but the other guy he's not going to

00:37:19.260 help you with that i i'll i'll help you get a loan so you can do the things you need to do invest in

00:37:24.940 your business and pay down your loans and a lot of people are struggling even to pay for food so i'll

00:37:30.620 help you bang bang bang bang we have an election around the corner and obviously we've seen biden

00:37:37.260 try to do this cancellation of student loan debt and uh you know that is not working out as well as he had

00:37:43.740 hoped although he keeps pushing it so now how do we make people who are maybe struggling financially

00:37:49.900 feel like they're wealthy or feel like they have more cash in their hands oh we'll let them take

00:37:55.420 this you know quote unquote equity out of their homes which is buying votes which is increasing

00:38:01.260 consumer spending which pushes up the gdp which we know is is you know faltering based on last quarter

00:38:08.140 so all of these things make him look like the economy is doing better by the way also likely

00:38:13.980 highly inflationary that we're adding more consumer spending into the mix here so this is being proposed

00:38:21.020 and hang on just a second hang on just a second and more inflation makes it harder for you to buy things

00:38:29.260 later you've got now a second mortgage and you're going to be in the same situation you were in

00:38:36.300 if you spend that money to do anything other than pay off very high interest rates you take a loan out

00:38:45.180 and do anything with it when the because this won't happen until after the election i mean you won't feel

00:38:53.260 the effects but i'm telling you inflation next year is going to be insane do you agree with that well

00:39:00.620 particularly if these programs that he's pushing uh continue right so if this if this if fhfa comes

00:39:08.220 back and says sorry we're not going to do this which one of the things is pretty interesting here

00:39:12.940 and it goes back to this election thesis is normally when you have a a rule like this that pops up there's

00:39:18.140 a comment period and that comment period is about six to twelve months depending on a variety of

00:39:23.820 factors do you know what the comment period on this was glenn two weeks 30 days 30 days which again

00:39:31.340 goes back to say there's an urgency of why it is they're trying to push this through now i'll add

00:39:38.220 something else super fun in here so in addition so if freddie mac does this there's no reason why

00:39:43.900 fannie mae is not going to try to do this but they're under conservatorships right so how do they really

00:39:50.700 expand this market you know which is you know right now it's a decent sized market but this could

00:39:55.980 expand you know up to for both of those agencies maybe two trillion i've heard maybe four to five

00:40:01.580 trillion with leverage of capacity how do they how do they extend that well they could then if the

00:40:08.060 conservators which again is fhfa and the treasury say okay you're no longer under conservatorship

00:40:14.300 they can go back to securitizing these does this sound familiar that means that they take

00:40:20.380 a bunch of these secondary mortgages they package them together into a new security and they sell

00:40:26.380 them into the market and these were the same types of securities if you recall which started the whole

00:40:32.860 ball rolling with the great recession financial crisis so nothing to see her guys i'm sure this

00:40:38.220 will work out really well and i'm super excited for taxpayers to back consumer loans you're not even

00:40:45.580 backing first mortgages you're now backing consumer loans way to go really glad that the government

00:40:51.580 wants to get into that and again it is estimated to be two trillion dollars um however you and i both know

00:40:59.500 uh-huh uh it could go as high as five trillion dollars don't just think of that as your debt that we need

00:41:10.380 to pay think of it this way as well that's two to five trillion dollars being dumped into the economy

00:41:21.980 what do you think will happen to the value of the dollar and your buying power five trillion dollars

00:41:31.420 out of thin air it's insane and at a time when we have the federal reserve who is frustrated with

00:41:38.380 their their fight to or to their attempt to fight inflation and the government continuing to spend

00:41:43.980 like drunken sailors no disrespect meant to the drunken sailors then you keep having these consumer

00:41:50.300 stimuluses and this is what happened with the biden administration when they came out you know right

00:41:56.380 out of the gate a few months later and they did direct consumer stimulus it's in the name stimulus it

00:42:02.700 stimulates the economy that is the intention and the same thing here if you take money that is locked

00:42:09.180 up in homes and all of a sudden you unlock that and again it's theoretical money because if the price of

00:42:15.660 houses end up going down in that area then they make they could end up being underwater and and and you

00:42:21.900 know be in real financial trouble so this is theoretical dollars that they have that they're going to take

00:42:27.820 out and use the dollars to spend in the economy it artificially inflates the gdp it makes everything

00:42:34.300 look like the consumer is doing much better and it absolutely will eat away at your purchasing power

00:42:41.100 devalue your labor and devalue your wealth once again it is the same cycle repeating for political

00:42:47.420 purposes carol love to have you on again later this week because there's a couple of other things

00:42:52.700 that are affecting small businesses and independent workers uh again you know so you will own nothing

00:42:59.660 but you'll be happy apparently we're gonna can can i invite you back later this week i'm always happy

00:43:05.020 to be back with you thank you very much carol roth uh the author of you will own nothing you can find

00:43:11.420 her at carol roth.com make sure you go to carol roth.com slash news because she follows all of this and

00:43:18.540 explains all of it uh every day carol roth.com slash news or you can follow her on twitter at carol j uh j s roth

The Glenn Beck Program - May 28, 2024

Best of the Program ｜ Guests： Justin Haskins & Carol Roth ｜ 5⧸28⧸24

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