On today's show, we have a great interview with Jim Jordan, who stopped by to talk to Glenn about quarantining, the healthy as well as the sick, and the negative aspects of printing money. Also, Rep. Karen Witsett of Detroit talks about how unprepared her city is to fight this virus. She is the representative that defended Trump on the hydroxychloroquine thing because she took it and it saved her life. Also a chilling hour with Harry Dent, who spent an hour with him talking about what may be on the way. And a bar owner in Georgia who took it all down and gave it to her employees to keep them going for the next couple of weeks.
00:00:16.600And you can vote in the meantime for your local, state, or national official who deserves this dictator award.
00:00:25.040Today on the podcast, you're going to hear a great interview with Jim Jordan, who stopped by to talk to Glenn about quarantining, the healthy as well as the negative aspects of printing money.
00:00:36.300Also, Representative Karen Whitsett of Detroit talks about how unprepared her city is to fight this virus.
00:00:43.080She is the representative that defended Trump on the hydroxychloroquine thing because she took it and it saved her life.
00:00:49.080Also, Harry Dent, a chilling hour spent with him talking about what may be on the way.
00:00:57.760And a bar owner in Georgia, Jennifer Knox, who owns a bar and had a tradition where people came in and pinned dollar bills to the wall and the ceiling in the bar.
00:01:10.960She took it all down and gave it to her employees to keep them going for the next couple of weeks.
00:01:14.700All of that and more coming up on the podcast.
00:01:19.080You're listening to the best of the Glenn Beck program.
00:02:32.500Well, it was an amazing experience to be able to be at the White House, not for myself, but for the city of Detroit and for the people that I represent that I call my family.
00:02:43.620So to be able to speak to the president as well as to the vice president was first off an honor that I did not expect.
00:02:55.460But to be able to let them know firsthand that I did not feel that they were being handed the truth of what was going down in the city of Detroit and that they needed to be made aware that we need to put people over politics and that I'm not going to let my people in the city of Detroit be a political pawn in this game.
00:03:13.880This has been going on for far too long.
00:03:15.780And we know that as far as history goes back, that people will be used as a political pawn, whatever the issue may be.
00:03:22.280And that is what I'm not going to allow.
00:03:24.080So I am on here and I went on there and I went there to talk about the fact that my people will not be used for the Democratic Party.
00:04:40.680They were genuinely surprised that they, you know, because up in the upper part of Michigan, in the upper part of Michigan, everyone is doing what they need to do.
00:04:48.720So the executive, they're honoring the executive orders in the lower part of Michigan, where I am in Detroit, Dearborn area, the executive orders are not being honored, but they can't be honored if you don't have what you need.
00:05:00.380I'm tired of getting the phone calls that I'm receiving.
00:05:04.080Yesterday, I got the most heartbreaking phone call from Beaumont Hospital nurse who is crying and she's at home.
00:05:11.640She's sick with the virus and she's talking about how the reuse of equipment at Beaumont Royal Oak.
00:05:19.700She's talking about how babies are being tested positive for the COVID virus.
00:05:24.480And she's talking about how she's at home sick and how I have to do something and please do something and to stop this and how we're losing Wayne County Sheriff's to this virus and how many are sick because they don't have not even thermometers, not even proper PPE.
00:05:41.640How people are still having water shut off here when we're not supposed to have water shut off.
00:05:46.100How people have started evictions here in February and they're still being carried out in March and April.
00:06:07.300And let's not talk about the hotbeds in our senior citizen homes and our charter schools.
00:06:13.980Our charter schools kids are not getting food.
00:06:16.560You are at the level that no one in this country is really talking about, except I think, like my friends and neighbors, we are.
00:06:28.240We're talking about how are people doing it that are at the very bottom level that don't have computers, let alone have internet access for their kids.
00:08:50.940You tell us what we need to do, and we will do it.
00:08:54.540And if you need people that are there, I can guarantee you that we can send volunteers up there that will deliver whatever needs to be delivered.
00:09:03.360You tell us what you need, and we will do it as a community.
00:09:07.240I need, you know, from my mothers and my fathers that are at home with their kids in these charter schools that have fallen through the cracks that don't fall under the Detroit public school system.
00:09:56.420If we can get more testing kits, if we can test, if we can get thermometers, if we can help the Wayne County sheriffs, if we can help our Detroit police officers and our first responders.
00:10:09.680We had over 1,600 nurses walk out and staff walk out of hospitals and more than one hospital, even Sinai Grace Hospital.
00:11:32.200I just got a notification that Facebook is going to be alerting people.
00:11:56.580If you have come up and crossed misinformation about the coronavirus, I warn you, be very careful.
00:12:06.700They demonetized us and throttled us way back at Glenn Beck, my Facebook page,
00:12:14.340because I posted the show two weeks ago that it looks like not as a weapon, but it looks like the Chinese were doing a study on bats,
00:12:26.740and they brought them back to this laboratory in Wuhan, and that's where this thing came from, not from bat soup.
00:12:36.840Well, two weeks ago, that was new information, and USA Today deemed that fake information and fake news.
00:12:45.560We are still being penalized for that and been on the list of fake news.
00:12:51.580You might get a notice saying Glenn Beck has been passing around fake news.
00:12:54.940That is not fake news, and we stand by it, and we demand that our ban be taken off.
00:13:00.660But this is one reason why please, please become a member of Blaze TV, because you're going to get information in real time,
00:13:10.020and if the media decides they don't like that information, for instance, AP is now saying that it's just the far right that has a problem in Michigan.
00:13:22.460No, I think there's a lot of people that are having a problem with the governor of Michigan, and they're not all far right.
00:13:27.000Just because you believe in the Bill of Rights is not far right, and I say this now because I've asked Harry Dent to come back on the program.
00:13:35.860He is a guy who was here in the fall, and he predicted that we would hit a Great Depression.
00:13:42.400At the time, that looked like it was insane.
00:15:18.820The Federal Reserve and central banks have had us now since early 2009 on emergency support,
00:15:25.340endless money printing to keep the whole banking system and weak demographics and excessive debt here and around the world from breaking down,
00:15:33.580which it wants to do so we can get healthy again and get rid of a lot of these excesses.
00:15:38.380And so in, you know, 2017, they said, well, we'll taper.
00:15:42.020Well, you know, this was just a short-term black swan, and we're over it now.
00:16:43.780It may cushion the economy less and less.
00:16:46.200It didn't stop this virus, and the virus took this thing down.
00:16:49.240And I always said, Clint, I mean, way back, you'll know this bubble's over when you get a first sudden 40% give or take crash in two, two and a half months.
00:16:59.380And that's exactly what we just got, and I think we still have, chances are we got one more leg down in this until we get a rebound that allows people to get out.
00:17:07.800And that's going to be the real reprieve here.
00:17:09.380A lot of people are going to miss this first, but there is going to be a better chance to get out and reposition.
00:17:14.580Okay, so hang on just a second, Harry, because I don't believe in the stock market at all.
00:17:41.460And now the Fed's buying all types of bonds, corporate, munis, junk bonds.
00:17:46.720They're propping everything up, and they've been doing it for now 11 years, and it doesn't work.
00:17:52.540Japan has never come out of a long downturn 30 years later, and it's getting ready to go deeper.
00:17:59.080And we're getting ready to finally see the deleveraging and getting rid of debt and excessive bubbles that should have happened in 2009 and 2010.
00:18:08.940We would have been over this by now if they hadn't stepped in and just goosed everything up artificially.
00:18:15.680The stock market has nothing to do with the economy.
00:18:18.860It is 120% overvalued at the recent peak, 10 times more any time in history because of this money printing has only created asset price inflation, especially in stocks.
00:18:30.640It has not reignited the economy, which has been growing the slowest in all of history.
00:18:35.580Okay, so I said a couple of years ago that I felt that stocks could go 30,000 to 40,000, and we would have a melt up, and then it would just shut down.
00:18:50.680I don't think we're – we haven't hit that, and I think with all this money printing and everything else, and everybody is just screaming about, oh, my gosh, look, the stocks are up today.
00:19:01.440I think we're still going – we're headed for a melt up.
00:19:23.940It was only 14% of consumer debt only in the United States only.
00:19:28.220Nobody else had a subprime crisis, but it triggered a worldwide collapse because the world was heavily in debt.
00:19:34.840Demographic trends were turning down, which is something I can easily predict decades in advance.
00:19:40.620And so that's what caused the – it was a trigger, but the bigger thing was a change in demographic trends when the world was awash in debt way more than in time in history.
00:19:50.300Well, now we're way more awash, another $90 trillion in global debt, most of that in emerging countries who are less creditworthy, most of it in corporate debt and government debt, not consumer this time.
00:20:02.640And so we're just worse off, more overstretched.
00:20:06.100And what I think happens here – and it is possible we have one more new high in the markets, but I think only the NASDAQ may make that.
00:20:12.940And I don't even know if that – because we're going into this deep shock.
00:20:16.540I mean, I went through this at the hurricane in Puerto Rico, three months of total zero, the economy knocked out, no Internet, no TV, no phones, no nothing.
00:20:29.580I had to go to New York for three months and come back for a slow recovery, but it was dead.
00:20:36.620Now, what that does is it shows how weak the economy is, how many corporations are going to default, and even if they get some level of government assistance, which is going to be too little and too late.
00:20:47.760And consumers who get laid off for the third time in the last 10 years and baby boomers, a lot of them very close to retirement anyway, and just decide, I'm not coming back.
00:20:56.100We're not going to come back full way.
00:21:21.040I think we got one more leg down when the reality sets in.
00:21:24.200And then we're going to rally like we did in the first 1929 crash, the biggest bubble before this one, the last tech bubble that crashed in early 2000, that first crash.
00:21:39.120Then we have like maybe three, four, five months rally into the election, and that's when, boy, we can – yeah, take – then get out of stocks.
00:21:46.480Let them bounce and then get out and, boy, really play it safe.
00:21:49.680Okay, so, Harry, I want to talk to you beyond stocks because I don't see – I don't see a way out.
00:34:40.360In this crash, the Treasury bonds did great.
00:34:43.340The AAA corporates didn't do so well, because when you see you're a cruise line or an airline or a retail store and you see 50% to 80% declines, your AAA rating turns into junk overnight, and you trade like a junk bond.
00:34:55.420So really, it's the Treasury bonds at first, and then when things settle down, the AAA – so that is the best.
00:35:46.360Loans around the world are made in dollars.
00:35:48.400When those loans go bad, especially in the emerging world, dollars are going to disappear.
00:35:52.120There's going to be fewer dollars, which means they're worth more temporarily.
00:35:56.740I say the U.S. dollar, and particularly the U.S. Treasury bonds and highest quality corporate bonds, hold up the best in deflation at first.
00:36:04.460After that, no, I'm not in the dollar after.
00:36:43.240Gold went up in the early stages, as it did in 2008, and then retreated some.
00:36:47.160Gold was still the next best to those high-quality bonds because it held its value better than other commodities and way better than stocks.
00:36:55.200But the ultimate safe haven, I'm telling you, it's going to be the 10- to 30-year Treasury bond during the crisis.
00:37:01.620After that, those very Treasury bonds and all bonds are going to go into a 20-year-plus bear market with rising rates.