Best of the Program ｜ Guests： Michael Malice & Carol Roth ｜ 4⧸8⧸22
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Summary
On today's show, Glenn Beck is joined by Michael Malice to talk about the dangers of a central bank cryptocurrency from the Federal Reserve, the use of unverifiable sources and facts as propaganda in the Ukraine, and much more!
Transcript
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Today's podcast, great one. Michael Malice is on. We talked to a couple of people that really know what's going on in Washington.
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One is a Republican that's going to probably be the head of the Finance Committee in Washington that looks over the financial sector.
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He's talking to us about what's really going on and the dangers of a central bank cryptocurrency from the Fed.
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Also, we talk about the dangerous pattern that we now have in our intelligence community using unverified sources and facts as propaganda in the war in Ukraine.
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Carol Roth also joins us about the economy and what's ahead there.
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By the way, if you want to save a little bit of money, you have an opportunity. I think it's open until Sunday.
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You said at one point it's Friday, but maybe it is Sunday.
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I think it might be this weekend again. If you try it, if you listen to the podcast on Saturday and give it a shot, feel free.
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But it's the code THEALAMO when you sign up for Blaze TV at blazetv.com slash Glenn.
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If you do it there, use the code THEALAMO. You'll save 20 bucks off your subscription going forward.
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And one of the things you get, you get access to the weekly Wednesday night television show, which next week is a dangerous show, but a very serious show.
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You don't want to miss this interview this week on the podcast.
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It comes out Saturday. It's been out for two days if you're a Blaze subscriber.
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But it is, it's all about Hunter Biden's laptop and the Biden family.
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This is the last day for the promo code THEALAMO.
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The whole company's going out of business, isn't it?
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So this is the last day you can save, because tomorrow, bankruptcy.
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Oh, that's right. CNN Plus. I'm sorry. You're right.
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They have us by the throat, and we built this to be able to withstand several attacks on us,
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I built this to be the last man standing, and we are going to do that, but we really need your support.
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If you find the things that we do useful to you, and you want to keep our voice going,
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Save $20 right now, and today is the last day you can do that.
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So, speaking of CNN Plus, which on day two, they gave a 50% cut on the rate.
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That means day one went so well that they didn't have to charge as much anymore, right?
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I have been speculating in my own head how few people actually subscribed, and I'll bet
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They're already talking about laying off employees.
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I'd love to do an interview on that with Brian Stelter.
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Because I do remember you've been interviewed by Brian Stelter before.
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Well, what I'd like to do is invite him on to talk about something very important
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And then right at the point where you're making the point, I would say, Brian, isn't
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How do you think he'd react to something like that?
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Do you think he might just stand up and turn around and walk out of the interview?
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So yesterday, they had this big, I don't even know, conference where they brought in
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all of the liars and they set them on a stage and they said, we've got to talk about misinformation
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and disinformation and malinformation and how it's destroying our democracy.
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So the guy I pick right away is the fat lump from CNN.
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Uh, and he was asked a question about Disney and he said, you know, the theme, the talking
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point of the right about protecting kids from the dangers of the Walt Disney company, it's
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It's a symbol for something bigger, a conservative backlash to growing acceptance of gay and transgender
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It's again, the, the bill they're talking about would also prohibit you talking about
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It's not how it can possibly be about being gay when it also would prohibit straight conversations
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It is truly about, cause I looked up the definition today from, uh, the justice department, uh,
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This is a, this is that big debate right now of whether you use that term.
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I think, you know, I thought who really made a good explanation of this was, uh, was
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And one of the things he mentioned was people keep saying grooming, like, like, look, I
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think Chris Hayes is wrong on basically every issue on MSNBC.
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That people like that is one definition, like Jeffrey Epstein.
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The, uh, uh, Gladwell, whatever her name was.
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No, I know that, but she was doing the grooming.
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I, I would say some of the stories like, you know, they, they both imported a young teenage
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painter to their house and kept the, like, there's, there are cases where Epstein, I would
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What, what, what, uh, James Lindsay said on the show is that like, think of grooming as
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You're trying to, to look at the craziness we're talking about.
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Uh, men are women and women are men, right?
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Like these basic facts that everyone understands.
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You're trying to convince people to question a foundational truth that they all know that
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But here, and here's the other part that cults do.
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They also separate you mainly from your family.
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They start separating you and making sure that they are between you and mom and dad or
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you and the family and anyone who comes up against it, they are discredited and they're
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I mean, listen to some of the people who have left, you know, uh, Scientology who, who believe
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Uh, you know, the, I can't think of her name, but the lady that was on King of Queens.
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She's not talking about, uh, this, the grooming stuff like Jeffrey Epstein.
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Pat Gray joins us from Pat Gray Unleashed, the podcast you can get anywhere at the, uh, disinformation
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A university of Chicago freshman stood up and said, I've got a question for Brian Stelter.
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Stelter, uh, you've all spoken extensively about Fox news being a purveyor of, uh, disinformation,
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And they also smeared Nick Salmon as a white supremacist.
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And yes, they dismissed the Hunter Biden laptop affair as pure Russian disinformation.
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Uh, with mainstream corporate journalists becoming little more than, uh, apologists and cheerleaders
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for the regime, is it time to finally declare that the, uh, the canon of journalistic ethics
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Uh, all the mistakes of the mainstream media and CNN in particular seem to magically all
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Are we expected to believe that this is all just some sort of random coincidence or is
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No, I mean, there's a clock that says 30 seconds.
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But, but I think my honest answer to you, and I will, I'll come over and talk in more
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detail after this, is that I think you're describing a different channel than the one
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that I watch, uh, but I understand that that is a popular right-wing narrative about CNN.
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I think it's important when we talk about shared reality and democracy, all these networks,
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Uh, but when Benjamin Hall, the Fox correspondent was wounded in Ukraine, he, but he refused to
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He said those, basically those things didn't happen.
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You know, you just have to admit it, but he's part of the disinformation and yet he's
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the expert trying to point to the disinformation.
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Let me give you one more, um, college student that went after, um, an Apple bomb.
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So in 2020, you wrote those who live outside the Fox news bubble do not, of course, need
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to learn any of the stuff about Hunter Biden referring to his laptop.
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Of course, uh, a poll later after that found that if voters knew about the content of the
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laptop, 16% of Joe Biden voters would have acted differently.
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Now, of course, we know a few weeks ago, the New York times confirmed that the content
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Do you think the media acted inappropriately when they instantly dismissed a hundred Biden's
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laptop as Russian disinformation and what can we learn from that and ensuring that what
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we label as disinformation is truly disinformation and not reality?
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I mean, my, my problem with Hunter Biden's laptop is I think totally irrelevant.
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I mean, it's not whether it's disinformation or, I mean, I don't think the Hunter Biden's,
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um, business relationships have anything to do with who should be president of the United
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I didn't find, I didn't find it to be interesting.
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That would be my problem with the, that as a, as a major news story.
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Here are the headlines that she has written lately.
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Tucker Carlson is stirring up hatred of America.
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The, my pillow guy could really destroy democracy.
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Laura Ingram's descent into despair that she finds interesting, but the relationships that
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are providing money to the current president, not interesting, not interesting.
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If he's making millions from a foreign country and has written emails that like a 10th or
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I can, I, I know I would lay, I bet my house and everything I have on the two of you, but
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I don't know if I can say that about most of the media on the right or the left, that
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if this were reversed, we'd cover it, we would cover it.
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And I'd call for the impeachment of the president.
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I think we have to, I think we have to, it's very interesting and it's, it's fascinating
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They have decided what the role of the media is and the role of the media is to protect
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And now they are taking the step further and they are openly saying anything that disagrees
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with us up on this stage is disinformation and a threat to democracy that should scare
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Now, what's really good, the college students that were there.
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And the fact that we're not a democracy, that's also really good.
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You're listening to the best of the Glenn Beck program.
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Welcome to Michael Malice, the author of The Anarchist Handbook, Dear Reader, The Unauthorized
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Autobiography of Kim Jong-un, too, and The New Right, A Journey to the Fringe of American
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Politics, co-author, strangely, of two New York Times bestsellers.
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I, huh, who knew he could get on the New York Times?
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Yeah, you're number one in sales, but number 15 on the New York Times list.
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First of all, love to hear your opinion on the AP reporter that absolutely knew the
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Pentagon was lying when they were like, yeah, and Russia might be using chemical weapons.
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And now we find out that our National Security Council and our intelligence are spreading
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They're using it and they think it's a noble lie.
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You know, we're just trying to stop Russia, trying to beat them to the punch.
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So they are using disinformation on the American people and on the rest of the world.
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It may have been a good idea maybe 20 years ago when you wouldn't have social media and
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other such mechanisms that can demonstrate things that aren't true and have them spread,
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you know, quite literally at the speed of light.
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I think if you want to whip people into a frenzy against Russia and talk about the things
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that the Russians are doing, anytime you add lies on top of that pile, it's just going
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And there is a huge percentage of population, both from Democrats and from Republicans, that
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whoever the sitting president is, they're just going to immediately disbelieve anything they
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So to have like actual receipts that they're being deceptive is really crazy.
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And also it just speaks to the why I'm hopeful about the future.
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You know, the enemy class, which includes corporate journalists, these are not clever,
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They've just been at it for 100 years and they're not in a position to change their strategy.
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And I, you know, I was thinking, I was thought about you this morning when I was reading this
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article because I thought this is what the founders wanted us to feel like, not about
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And they were counting on journalists holding the line, but they wanted us.
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The government should never be feared by the people.
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The government should fear the people rising up and the peoples holding them accountable
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And I think this is actually a good thing that we don't really trust them anymore.
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Well, I don't know who we is here, sir, but you're speaking to an anarchist, so we have
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But I will also point out that you're, that Jeff, I'm a big Alexander Hamilton fan, but
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Jefferson was a good example of this because Glenn, as you know, and I know people find
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interesting when Jefferson was in the cabinet, Washington's cabinet, he's leaking left and
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right to the press to make Washington look bad.
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So he, in this case, put his money where his mouth is, and he used the press as a mechanism
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So this has been going on, this kind of backdoor collusion between the media and the federal
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government since, again, the Washington administration.
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But, you know, the one thing we did have is we had a media that, I mean, when I was watching
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that video, it was about two months ago, with the AP reporter sitting there and just not
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You say something like that, and you usually come out here and you'll show us declassify,
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But there was only one guy in the press that did that.
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I'll defend them, broadly speaking, in one sense.
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I don't think any of us are privy to what kind of pressure the Pentagon and the state
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is capable of exerting on media outlets, what kind of phone calls they can make behind closed
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I think they have a lot more leverage than any of us realize.
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Well, not you, of course, but that can manifest in things like reporters being told, okay,
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And what is that individual reporter working for a media conglomerate supposed to do?
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That media reporter has what's called the Internet and should go out and expose it.
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Anybody at this point that looks at their job and says, I'm going to be quiet when I have
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information that is really critical to the survival of our country and our republic, I hold you
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It drives me nuts when these people leave years of service at the Pentagon or whatever,
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and then they come out a year later with a tell-all book.
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Why didn't you say something when you were there?
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Yeah, I mean, you're not going to have me defend them in the sense of saying that they're courageous
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I'm just saying that it makes sense in many cases why they would make those decisions that
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So the New York Times or the Washington Post came out this week and said, Elon Musk investing
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I was ecstatic because I think what is Elon Musk, I had this tweet that Elon Musk has done
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a better job of going on offense than practically the entire conservative movement.
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What's wonderful about this, and I don't think Elon particularly cares about free speech so
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much as being a counterpuncher like President Trump was in certain contexts.
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This was their place to manage the conversation, to discuss the political issues.
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And now you have this heretic crossing the Rubicon saying, this is my house now, and this
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is causing them before he's done one single thing.
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The only thing he's teased is, do you guys want an edit button?
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So the fact that he's in their house is causing them so much existential distress.
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It's absolutely hilarious because the key is you have to go where the enemy class is and
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make them feel unsafe, make them feel that their forts are breached because then they don't
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have that air of smugness and they're going to have that shrieking of fear correctly because
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I mean, he is, he has, is it his, his kind of, I hate to say this because I hate Thomas
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Edison, but is it his Thomas Edison kind of, I'm just going to go out and do it.
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Uh, that kind of, that kind of American spirit that gives him a little protection from people
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talking about Elon Musk and you're using Edison.
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So I think, but you know, Tesla is another better example because Elon Musk is an immigrant.
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And when you're born in another country, a lot of the things that Americans kind of take
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for granted and you absorb through osmosis, you're not going to kind of be raised in that
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Um, and I think Elon, and I'm being quite serious here, Elon's on the spectrum.
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He's, he's got Asperger's by his own admission.
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When you have that kind of hyperlogical mindset, a lot of things that other people might kind
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of fall prey to, you're not, you're going to have more strength to stand up.
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So when he sees who is up against him and the smears and the lies, uh, he's in a much
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And it's also his idiosyncratic personality, uh, to fight back and realize, okay, these
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These are people who, if they had their druthers loved me yesterday and now want to put me out
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Uh, you know, I, I will tell you that, you know, everybody looks at Asperger's as, you
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know, something horrible your kids would, uh, would have.
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Um, however, it's actually, uh, turning out, you know, if you can control it, it's like
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ADD, if you can control it, it actually works out to be something really good for the culture
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There's certain great advantages, uh, people are on the spectrum have that others don't.
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So I think there's a big movement among people with autism to kind of humanize and be like,
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Hey, we're not disabled that we just think differently.
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Um, so the, the, the Twitter thing with Elon Musk came out, what April 5th is when they
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were first reporting on that's when the Washington post said it was a danger.
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The seventh, uh, we get a story about the New York times coming out and saying, you know,
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you reporters here at the New York times, you don't have to use Twitter, uh, because we run
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If we're spending too much, too much time, they just thought of this too much time on
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Uh, and there's a lot of really dangerous people on Twitter.
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Well, it's, I don't think they're connected per se.
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I think it speaks to when Taylor Lorenz, who's a, you know, one of the most malevolent New
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York times reporters, she was embassy, MSNBC, you know, crying about how mean people are
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her and Twitter notice the two contradictory statements, Glenn, if it's an echo chamber,
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If you're just talking to each other, how are you getting all this hate?
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Um, then Twitter has demonstrated to corporate journalists, how much hatred and contempt the
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Uh, I think what happened is I'm sure after that crying fit, um, there were phone calls
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behind the scenes to Twitter asking them to crack down and make people treat journalists
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And as a result, the New York times is somewhat retreating.
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I think we all remember in 2016 after president Trump won Dean banquet, who's head of the
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New York times said, Oh, we're going to do a better job of trying to accommodate, you know,
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Our reporting was way off and instead they double, triple, quadruple down.
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Uh, this is them, you know, we had four years of like social media misinformation, you know,
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journalists are being treated poorly when they're the heroes of our society.
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And, you know, the more they're crapped on instead of doubling down, now they're having
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So this is a victory that people should be very grateful for, even though it's a very
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Uh, one last thing I've, we've got about 90 seconds for this.
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Um, ESI energy on Tuesday pleaded guilty to three counts of violations, um, in their, their
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They, uh, are a big wind power developer and apparently they pled guilty to the murder of
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Uh, apparently the birds were killed by blunt force trauma after being quote struck.
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By the wind turbine blades at its facilities in Wyoming or New Mexico.
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Uh, and, uh, they're, they're paying $6.2 million in rest, restitution, I, I, I guess to
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Um, but this is just, to me, this is just another thing that shows environmentalists are never
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I've got 200 species of succulents in my house and I just looked it up while we're talking.
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The golden eagle is the most widely distributed species species of eagle.
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It's not even vulnerable in your threat and it's least concern.
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If this was some kind of bird where there's like 50 of them left, then I could understand
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the idea of, all right, we have to have draconian measures to kind of protect them.
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But that is not the case with this species at all.
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So this is just, you know, very bizarre, but this isn't unusual when farms are known,
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And by the way, those of you who have cats that live outside, your cat's entire life
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I had a, I had a, uh, a hawk, I think land in my backyard the other day and, uh, we were
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And then we realized the reason why it landed is it was having dinner as well.
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I mean, it's, it's a, it's a vicious way to die, uh, by Talon, but I don't have to worry
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Uh, Michael Malice, you can, uh, follow him, uh, on Twitter, but it, remember it's just
00:27:40.900
an echo chamber, uh, michaelmalice.com is his website back in just a minute.
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Carol Roth, a recovering investment baker and the author of the war on small business.
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You'll find it at the blaze.com creative ways to come.
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Carol, I went over that, uh, with the audience yesterday.
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Um, really, really good and so much better than, uh, uh, uh, take the bus and what, what
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So grab that article now at the blaze.com creative ways to help combat inflation.
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She has some really good advice on what people should be doing right now to save.
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Um, let me ask you about the, uh, mortgage situation.
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I'm getting a ton of calls and emails from people that say, should I buy?
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What, what do you have any advice on that or any insight?
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So I'll give insight because we're not allowed to give financial advice.
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This is just information for you to research and to consider.
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So there are a couple of things to think about.
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Um, this is again, a rule of thumb, um, for every 1% that a mortgage rate goes up, you are
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going to add about 10% to the cost of your home over the time that you buy the home.
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So, you know, as you can, as you see it kind of tick up and tick up, you know, if you wait
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and you have to get a higher and higher mortgage rate, just keep in mind that, you know, that's
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going to add 10% on the backend, which you're not seeing upfront when you pay it.
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Um, I also heard, I was with Neil Cavuto earlier this week and he gave me a statistic that apparently
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the breaking point where it becomes unaffordable for people to buy homes.
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Um, and we haven't seen this in a while, so I just don't know how accurate it is today
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So apparently, um, that's kind of what the industry thinks is the magic number.
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There are a couple of competing things that we have going on right now.
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Um, we obviously have home prices that have been severely inflated because of the federal
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reserves intervention in the market, but we also have now a, um, a situation where our
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We also have a severe undersupply of homes in the market after the great recession financial
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crisis, that next decade, we were underbuilt by, you know, kind of four to 5 million homes.
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So depending on who you ask, uh, four to five plus million homes that we need in terms of
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And we've obviously had a slowdown on immigration.
00:30:49.920
So we know the Biden administration is going to ramp that up again.
00:30:55.780
So I would imagine that even if there is some pullback, you know, for some point in time,
00:31:02.000
the fact that we have such undersupply and it's going to take so long to fill that in
00:31:07.320
is going to, at some point, provide a level of support.
00:31:10.280
Not to mention, as we've talked about Glenn, and we've written some articles at the blaze
00:31:14.020
about, um, you've got these corporations who are flush with cash, who are coming in
00:31:19.100
So you've got more buyers than just homeowners in the market that also provides some support
00:31:28.740
Yeah, but this time it's different because it usually never is.
00:31:31.600
But this time, um, there is one additional element and that is we don't have a glut of housing.
00:31:40.800
Um, now let me ask you this because the interest rates at the banks are already going up for
00:31:47.160
Uh, and it's up, it's already up in the fours in some places close to five or five.
00:31:52.660
Um, and, uh, yet the banks are only paying 0.5% interest for the loans.
00:32:01.580
Uh, I don't know the exact amount that sort of the national average now, but in terms of
00:32:07.740
the spreads, obviously a rising interest rate environment is more favorable to banks.
00:32:13.700
And we have a situation where banks are flush with cash from what's been going on over the
00:32:20.120
So even if you have savings in your bank, um, they're not going to be paying you very much
00:32:25.480
on that because they don't need to incentivize people to give them more money.
00:32:29.120
No, I'm, I'm asking about the, the way you curb inflation is the fed charges, the banks
00:32:37.020
more money, more, uh, more interest for them to borrow money from the fed to be able to lend
00:32:45.080
So they're paying maybe 2% you're paying 5% and, uh, they get to keep the 3% that 2% goes
00:32:55.000
So I, so I don't, I don't have the specific kind of number of average of where banks are
00:33:01.460
in terms of their capital to give you a really specific answer.
00:33:05.760
I can answer that next time, but yes, that is sort of the spread.
00:33:10.780
They, they take it, they take money at a lower rate.
00:33:13.220
They, they put it out at a higher rate, but you have to remember too, they're also projecting
00:33:17.700
into the future because they're locking in, in some cases, that rate for you for up to
00:33:23.720
So they're, they're kind of projecting it over time.
00:33:26.140
So I'm not, I'm not bashing the banks for making profit.
00:33:31.280
Um, what I'm, what I'm questioning is how does the fed suck that money back in from
00:33:42.520
So basically what they have done, um, well, really over the last 10 to 12 years, but then
00:33:49.200
they accelerated over the last couple of years is they have bought assets in the market.
00:33:54.160
So they went in, they bought two different asset classes.
00:33:57.400
They bought treasury securities and they bought mortgage backed securities.
00:34:01.720
And they're sitting with 9 trillion of those, the fed $9 trillion worth of those on their
00:34:07.560
balance sheet, which by the way, as we've talked about before, they bought that with
00:34:12.800
When we, when we do that, we create money out of nowhere and go buy things.
00:34:15.900
It's fraud when the fed does it, it's monetary policy.
00:34:18.980
So they created money, which is, you know, what is driving up the price of everything because
00:34:25.180
They just added more to the money supply and they went out into the market and they bought
00:34:31.440
Now, in addition to raising the interest rate, the other thing that you heard out of the
00:34:36.040
fed, um, from their minutes this week is quantitative tightening.
00:34:40.160
They're going to let that balance sheet run off, um, either with direct sales or just
00:34:45.600
by letting those assets mature and not reinvesting the money.
00:34:49.700
And that's what changes the dynamic of getting the money out of the market.
00:34:54.600
But, but you can't just, if you bought treasury bills, you can let it expire, but that means
00:35:03.940
And, uh, right now the treasury is not having to really pay interest to the federal reserve
00:35:14.020
So those are almost interest free loans for our debt.
00:35:20.520
And the rub is when they, when they take back in any profit off their securities, they actually
00:35:29.940
So we're getting, we are actually getting free loans, but that ride is going to come
00:35:36.900
And in, in, in high inflation, I mean, you're looking at if, I mean, if they can't sell those
00:35:44.420
treasuries and you can't pay the interest rate, then you are technically in default.
00:35:51.680
As I said, there's sort of two different strategies they have.
00:35:54.180
They either let them mature and then they just run off the balance sheets, you know,
00:35:59.500
cause they have them at different, um, maturities.
00:36:01.920
So they don't actually sell them into the market.
00:36:04.200
And then the secondary strategy is actually selling them back into the market.
00:36:08.360
But going back to bonds, which is super complicated, it goes back to the differential between yields
00:36:15.860
So when you, you know, they trade on an inverse basis and that's why you're seeing the yields
00:36:24.940
Let me, let me just, let me just ask one more question on this.
00:36:29.220
How possible do you think it is that, uh, I mean, the government pensions already have
00:36:37.620
to buy railroad, U S postal service, U S military, et cetera, et cetera.
00:36:43.140
They have a requirement that those pensions hold 20% in treasuries.
00:36:51.700
Um, it's a great way to force people to buy your treasuries.
00:36:56.560
So whatever, how likely is it that when we run out of people who want to buy our bonds
00:37:02.560
and our debt that they just go to a couple of things, they, they go and say, you're not
00:37:08.460
going to get the federal insurance on this, unless you buy and balance us treasuries with
00:37:15.680
Um, and also the same kind of thing is with uncle Sam and ESG, you, you won't be able to
00:37:23.660
get insurance unless you buy these certain things.
00:37:27.940
I mean, it's a possibility, but look at what they just did during COVID.
00:37:35.440
There were no domestic buyers to stand by and buy trillions of dollars worth of bonds
00:37:40.320
to cover the spending that we did for quote unquote COVID relief.
00:37:46.440
I mean, it was basically the monetization of the debt.
00:37:49.220
And obviously that's part of what caused inflation.
00:37:51.820
The thought process is that as they raise interest rates, start to just decrease the balance
00:37:57.480
sheet, they hit a wall, they can't do it anymore.
00:38:01.020
And we've seen this happen over and over again, over the last 12 years where, Oh, we're going
00:38:07.200
The market kind of freaks out, you know, the Congress has their spending plans and they change
00:38:12.540
So the reality is, um, in terms of the cycle that there's some point in which they probably
00:38:18.680
end up changing and going back and buying more assets again.
00:38:30.180
Louis federal reserve leader has come out and said, we need to raise interest rates immediately
00:38:38.840
Um, that would bring us to 3.5 at the bank level.
00:38:51.860
Um, well, we've been hearing from a number of people at the fed, including the, what who's
00:38:58.160
considered to be the, the most dovish or the one who's in most favor of a lot of support
00:39:03.780
and stimulus, Lyle Brainerd, who's up for vice chair of the fed.
00:39:07.080
And we've been hearing pretty much sheer panic out of them, which is not really comforting
00:39:14.680
You should be so angry about this because they had so many opportunities where they could
00:39:19.960
start to raise interest rates or they could have pulled back the buying program, which
00:39:24.320
as we talked about, has the same impact in terms of rates.
00:39:27.940
They were buying securities up until last month.
00:39:31.500
So they could have stopped this a long time ago.
00:39:34.180
They could have had a nice slow trajectory, um, you know, 25 basis points here, 25 basis
00:39:40.020
They could have put us on a normalization path back in June of 2020, the market reached
00:39:44.840
So this was not something in my opinion that was necessary.
00:39:48.660
Um, and you know, they just sort of didn't let a crisis go to waste.
00:39:51.820
And now the same people who created this situation, who didn't know there was going to be inflation,
00:39:57.400
who didn't realize all these things are going to happen are now promising.
00:40:00.300
They know exactly what to do to save us from, you know, this economic catastrophe or a
00:40:06.980
Um, and the idea that you can just all of a sudden start to run off the securities in
00:40:15.420
And that's not going to have major repercussions across the economy is absolutely insane.
00:40:23.840
So I have a piece of good news that I want to run by you because I've seen this more than
00:40:28.360
ones and I would love to get your opinion on this.