The Glenn Beck Program - August 16, 2023


Best of the Program ｜ Guests： Winston Marshall & Carol Roth ｜ 8⧸16⧸23


Episode Stats


Length

42 minutes

Words per minute

157.62971

Word count

6,699

Sentence count

401

Harmful content

Misogyny

3

sentences flagged

Hate speech

8

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Rolling Stone and others have gone berserk over Oliver Anthony's new song, Rich Men, North of Richmond. Glenn and W.E.W. talk with singer-songwriter Winston Marshall about why this is happening.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.200 Welcome to the podcast. So why has there been such a backlash by Rolling Stone and others over Oliver Anthony's song, Rich Men, North of Richmond?
00:00:08.820 We're going to talk with Winston Marshall, a musician who's also been canceled over all the outrage.
00:00:16.040 They only come to us once they're canceled, though.
00:00:18.800 No cool people come and talk to us. They come to us after their lives have been destroyed.
00:00:22.300 No, all the cool people are like, I'm not on the Glenn Beck program. I don't even know him.
00:00:25.820 And then they're canceled and are like, I love that guy.
00:00:27.920 We also have Carol Roth on to discuss Janet Yellen, who is the owner of the world's strangest accent.
00:00:35.220 I don't understand. It's like a Brooklyn slash Eastern European accent. I don't know what it is.
00:00:41.560 She may be a vampire, which we find out somebody else in the world is a vampire from a woman pretending. 0.89
00:00:48.900 No, from a man pretending to be a woman. It is a crazy story.
00:00:52.840 It really is. And it's all on today's podcast.
00:00:57.920 All right. We have Winston Marshall on with us. Welcome to the program.
00:01:11.560 Hi.
00:01:12.340 How you doing, man?
00:01:12.980 How much?
00:01:14.560 Very good.
00:01:15.860 Is it where I'm speaking to Glenn? Oh, great.
00:01:17.780 Yes, you speak. Yes.
00:01:19.220 And this is Winston, right?
00:01:21.520 That's me.
00:01:22.160 Okay, good.
00:01:22.520 Good to hear your voice again.
00:01:23.420 Yeah, good to talk to you. One of these days, will you just bring your banjo? Even if it's on the phone, will you just bring the banjo?
00:01:32.380 Well, I think one of these days.
00:01:34.880 I think you do. I think you do. So, Winston, I saw a piece that you wrote, I think it was in The Spectator, about Rolling Stone magazine.
00:01:46.720 They are losing their mind over Oliver Anthony. They're just going crazy.
00:01:55.080 That's right. Yeah, well, we should start by saying the story of Oliver Anthony is absolutely wonderful.
00:02:01.060 He's a kid, factory worker from Appalachian, America, and he has currently got four songs in the top 10, 10 songs in the top 25 iTunes chart, and all three of the top three.
00:02:19.200 This is a huge moment. These songs have been recorded on his phone, just his beautiful voice as a guitar.
00:02:28.900 It's so authentic, and it's so real, and this, Glenn, is the counterculture that we've been looking for.
00:02:37.280 All of this music that we hear a lot of the time that just enforces the establishment.
00:02:43.280 This is a real, authentic musician who's howling against both Republicans and Democrats, the rich men north of Richmond.
00:02:53.780 It's just so exciting, and very rarely do I get this excited about things happening in music.
00:03:02.580 Well, certainly it's been a while anyway.
00:03:05.100 And yes, the music press, Rolling Stone, and not just them, a lot of the music press immediately,
00:03:11.780 instead of sharing in this excitement of a truly countercultural moment,
00:03:16.480 instead they look at who's enjoying this music, and they denigrate it accordingly.
00:03:22.160 So, for example, for Oliver Antony, they run the headlines, right-wing influencers have a favorite new country singer.
00:03:36.260 And I think that, you know, it almost sounded completely backhanded, as if that has anything to do with them.
00:03:43.360 So what, who likes the music?
00:03:44.760 The music is for everyone.
00:03:46.380 Why would they lead with that?
00:03:48.120 And this is part of a bigger picture we're seeing.
00:03:51.800 When Jason Aldean, who is number four in the iTunes charts, let's say, just behind Oliver Antony,
00:03:57.240 had the incident a month ago with Try That In A Small Town, a song bemoaning the rise in crime.
00:04:05.160 Crime, we know, has gone up something like, I think, 44% in the last 10 years, 8% since 2021.
00:04:11.200 These are FBI statistics.
00:04:12.280 And instead of, you know, sort of understanding that sentiment, they paint the whole thing.
00:04:21.700 They ran a title, the most ridiculous right-wing country songs of all time, you know, hooking it onto the Jason Aldean song.
00:04:29.900 As if being worried about crime is a right-wing talking point.
00:04:33.680 No, it doesn't matter who you are.
00:04:36.360 Crime is an issue that we all are concerned about.
00:04:39.020 We all care about.
00:04:40.400 It's so shocking to me.
00:04:41.800 And, you know, I could speak at length about Rolling Stone.
00:04:45.240 Last year, for example, there's another huge story.
00:04:48.900 Bryson Gray, who is a rapper, unknown rapper, beat Adele, the biggest selling music artist of the 21st century.
00:04:57.900 She's untouchable. 0.98
00:04:59.800 He put out a song called Let's Know Brandon, and it beat her to number one in the iTunes chart.
00:05:05.220 But, you know, in music, and I know this music, when you have an album or a single you're about to put out, you work out who's putting out albums.
00:05:14.960 Because you don't want to put out at the same time as an artist.
00:05:18.080 Because then no one, you'll just get clouded out.
00:05:20.840 Adele, no one dares put out a song at the same time as Adele.
00:05:23.960 Well, because she's definitely going to get to number one.
00:05:26.660 And then here comes Bryson Gray with the song Let's Go Brandon.
00:05:30.180 And it goes to number one.
00:05:30.900 Now, Rolling Stone didn't even report on that story.
00:05:35.000 They're so in their own bubble that they didn't.
00:05:38.600 This magazine that has been the countercultural magazine of American post-war history.
00:05:45.780 They're so blind to genuine counterculture today in the 21st century that they miss these massive stories or they spin them into this bizarre narrative.
00:05:59.260 It blows my mind.
00:06:01.040 So I'm not sure that it is, you know, counterculture.
00:06:07.860 I think they were only counterculture because maybe, perhaps, they were all leftists.
00:06:14.200 Now, they're not covering it because they never were counterculture.
00:06:19.340 They had their ideology and they were always leftist.
00:06:23.380 And now that the right is – and I can't even say this guy is right other than meaning non-politically.
00:06:31.200 He's correct.
00:06:32.600 His words are the feeling of America, which is counterculture.
00:06:38.840 So why wouldn't they be covering it unless they weren't counterculture the whole time?
00:06:44.540 They weren't really about that.
00:06:47.540 Well, I think it would be unfair to say that they weren't counterculture back in the 60s and 70s when they started.
00:06:55.400 They were the counterculture.
00:06:56.720 They were – it was boomer.
00:06:58.080 It was hippie.
00:06:58.580 They were the drug-taking, you know, avant-garde musicians.
00:07:03.860 It was counterculture.
00:07:04.540 But what happened in that boomer generation – and they had some truly great writers.
00:07:09.800 I mean, Huntress Thompson.
00:07:11.280 Oh, yeah.
00:07:12.660 P.J. O'Rourke.
00:07:16.000 Tom Wolfe is even now considered a conservative author to some people.
00:07:20.300 They had some of the great post-war American writers.
00:07:23.580 But they were the boomer generation, and the boomer generation are now the establishment.
00:07:29.860 Back then, they were the counterculture because of how the culture or the people in charge were.
00:07:34.220 It was the majoritarian Christian right.
00:07:35.960 Not all the time, but a lot of the time.
00:07:37.580 Now, it is – I don't know if you necessarily call it leftists, but the progressives, I would say, are in charge.
00:07:46.380 They are the culture.
00:07:47.520 They are what's the establishment.
00:07:50.420 And so, counterculture now needs to be against that.
00:07:55.080 And when these counterculture moments happen, as with Olive Antony, as with Jason Albine, as with Bryson Gray, as with the Sound of Freedom movie – oh, I didn't even mention that.
00:08:05.660 The way they documented this astonishing film, a beautiful – I saw it in a metropolitan city in Los Angeles, in a middle-working-class area, part of town, a multi-ethnic audience.
00:08:17.760 The whole theater was in tears, and there was a standing ovation at the end.
00:08:22.140 This is a film exposing the two million children across the world being sex-trafficked.
00:08:27.680 So, you know, Winston, I can't let you talk about this without pointing out, because I'm so – I've told you, I think, when you were here, this audience that you're speaking to now is, I think, the greatest collection of human beings as an audience ever assembled.
00:08:44.980 This audience is the one that paid for that operation.
00:08:48.800 Not the movie, but paid for that operation to save those kids.
00:08:54.940 That money came from this audience.
00:08:57.680 Can you believe that?
00:08:58.400 Well, God bless your audience, then.
00:08:59.800 Yeah, they're great.
00:09:01.120 They're great.
00:09:02.560 It's absolutely astonishing, and it is God's work.
00:09:06.660 And, you know, there's a famous line – well, there's a line that's become famous from that film – God's children are not for sale.
00:09:13.740 And when you see the attacks by establishing magazines like Rolling Stone, calling it far right and queuing on conspiracy theories,
00:09:24.040 you cannot help but see this all as some sort of spiritual war.
00:09:28.480 Clearly, this film and the work of Tim Ballard is God's work saving children, and anyone who's immediately leading by attacking that,
00:09:38.700 it's pretty obvious which side they're on, and it's not the side of the angels.
00:09:42.960 And that is just shocking to me.
00:09:47.460 When I saw them go after this song and say that it was far right, okay, because he was talking about high taxes and welfare and everything else.
00:09:55.320 Okay, I get it.
00:09:56.320 But then to say it was QAnon and a weird subset of the right that seems to be obsessed with pedophilia,
00:10:10.720 but obsessed in the right way, you know, trying to stop it and stop children from the sex slavery industry,
00:10:19.380 I don't even know how you defend that.
00:10:22.520 How are they sitting around going, yeah, I know, it's just crazy, these people against pedophilia?
00:10:28.300 Well, there's one Vox.com article that argued that the film did more damage than the evil it was purporting to expose,
00:10:38.740 which is just absolutely astonishing.
00:10:42.420 And you just – I suppose one has to pray for these people that are cooped up in their bedrooms,
00:10:47.340 tapping away at their keyboard, not actually offering anything to the world except to tear down,
00:10:53.520 like Sons of Cain, anything good that they see.
00:10:56.960 And they're just lost.
00:10:58.100 They're just so lost.
00:10:59.800 It's horrific.
00:11:01.220 And to be – I mean, I can get angry about it, Glenn, but actually, maybe I should be laughing.
00:11:06.100 No, I think you're right.
00:11:08.500 Look at the success of Oliver Antony.
00:11:10.800 As I said, 10 songs in the top 25.
00:11:12.780 Look at the success of Sound of Freedom.
00:11:15.060 I think they gross – something like $150 million on a $15 million budget.
00:11:23.420 Look at the success of Jason Aldean.
00:11:25.880 He's got his number one still in the charts.
00:11:28.700 The people, they are speaking volumes.
00:11:34.480 They're speaking in a way that these magazines who no one reads anymore anyway,
00:11:38.340 they're just desperately scraping at the night in – I don't know.
00:11:45.520 I guess I'm going to – I split it between frustration and anger at what they say,
00:11:52.200 but also it's just so ludicrous, I suppose, out of the law.
00:11:55.280 We're talking to Winston Marshall.
00:11:58.180 He is from Mumford & Sons, and he was the guy who was kind of kicked out
00:12:05.160 because he just was saying what he thought.
00:12:09.240 Let me take you one last place, and that is to Variety Magazine.
00:12:13.800 They are now saying that perhaps Oliver Antony is too good to be true,
00:12:21.860 that he's not authentic, that he's a plant.
00:12:26.700 The hell is that?
00:12:31.260 Well, this is the conspiratorial left, I think.
00:12:34.080 You know, we get called conspiratorial for all our perfectly normal opinions,
00:12:38.820 and now we can see that the conspiracy theories are really coming from it,
00:12:42.640 but genuine ones, because – where I do agree with him, though,
00:12:47.860 is that Oliver Antony does seem to be too good to be true,
00:12:51.380 and there's a spark in him, that God's working for him,
00:12:56.280 and I can only pray that he keeps this
00:13:02.100 and that he's not manipulated by these evil actors
00:13:05.880 and that he's not brought down by quite something –
00:13:09.460 you know, I've been through it a few times,
00:13:10.800 and I'm sure you have as well, Glenn,
00:13:12.260 that when you have that sort of limelight, that sort of spotlight,
00:13:16.920 you have a lot of people attacking you,
00:13:19.220 it does affect you, and it affects your soul,
00:13:21.540 and we must pray for Oliver right now
00:13:24.400 that he's not affected by this stuff
00:13:28.000 because he's really doing God's work
00:13:30.500 and he's exposing these foul actors for who they really are.
00:13:38.820 We, the people, can see how ludicrous their comments are.
00:13:42.720 So he is not doing anything, which I think is smart,
00:13:46.600 and then at the same time I have a problem with it.
00:13:49.120 He is not doing anything with anyone political,
00:13:52.860 so he's not reaching out, he's just not taking anything
00:13:57.620 to gain additional exposure, not that he needs it,
00:14:01.520 but I heard somebody say that, well, that hurts the right
00:14:07.280 because somebody should, you know,
00:14:09.060 if he's singing about these things and we agree with them
00:14:11.420 and they don't, but I don't feel that way.
00:14:14.460 I feel like just do your thing.
00:14:16.460 Just do your thing.
00:14:17.500 Don't make it about politics.
00:14:18.820 I think you're right, Glenn,
00:14:21.160 and I don't think we should see this as a right and left wing.
00:14:25.200 That's playing the same bloody game
00:14:26.740 that Rolling Stone magazine is playing.
00:14:28.540 Music has the ability to transcend and unite,
00:14:32.000 and there's no reason why,
00:14:34.220 whatever your political identity is,
00:14:37.260 and as it changes through your life,
00:14:39.320 there's no reason why you can't enjoy this music
00:14:41.400 for what it is,
00:14:42.480 and I actually disagree with whoever said that
00:14:45.020 because Oliver should take his time.
00:14:48.000 He's got a long career ahead of him.
00:14:50.200 I've been listening to his songs on repeat.
00:14:52.200 This is not a one-hit wonder.
00:14:53.500 This is a real talent,
00:14:55.080 but we're going to know the name of Oliver Anthony
00:14:56.860 for many years to come,
00:14:58.280 and let's hope that this guy can unite us.
00:15:02.360 I love your country, and I'm here a lot,
00:15:05.360 and I always have this sense of two Americas,
00:15:09.000 and I really hope that they can be reconciled,
00:15:11.760 and it's people like Oliver, authentic, talented people like him
00:15:16.900 who are in that position to do that,
00:15:18.460 and I think it would be a shame for him
00:15:19.920 to suddenly play into the hands of the right
00:15:22.620 when he can transcend that.
00:15:25.100 Winston Marshall, he is the host of Marshall Matters.
00:15:28.660 You can watch his podcast wherever you get your podcast,
00:15:31.520 and Winston, it's always good to talk to you,
00:15:33.020 and one of these days, show up with a banjo.
00:15:36.580 One, just one of these.
00:15:38.680 Ben, great to speak to you again.
00:15:40.800 And it sounds like you're doing very well.
00:15:42.300 Thank you.
00:15:42.700 Have a meal.
00:15:43.220 You bet.
00:15:43.680 God bless you.
00:15:44.500 This is the best of the Glenn Beck Program,
00:15:46.400 and don't forget, rate us on iTunes.
00:15:49.740 Carol Roth, a recovering investment banker
00:15:52.640 and the author of the new book,
00:15:55.560 You Will Own Nothing.
00:15:57.860 Hello, Carol.
00:15:58.440 How are you?
00:15:59.620 I'm doing well, Glenn,
00:16:01.160 and I have to say I loved that cut of Janet Yellen.
00:16:04.900 This is a woman who seems like she's been hallucinating 1.00
00:16:07.640 for decades now,
00:16:08.840 so perhaps when she ate those magic mushrooms,
00:16:11.660 it was an antidote,
00:16:12.920 and she had an actual moment of lucidity
00:16:15.400 because, remember, inflation is transitory.
00:16:17.960 There's going to be no inflation.
00:16:19.640 All of that good stuff came from her.
00:16:22.200 I know.
00:16:22.240 She was also the same person
00:16:23.460 who wanted to go and peek into our bank accounts
00:16:26.300 for every $600 transactions,
00:16:28.580 you know, to go after the billionaires
00:16:30.040 because all of those billionaires
00:16:31.580 with $600 transactions on Etsy,
00:16:33.820 this is the Yellen way.
00:16:36.380 Yeah, I know.
00:16:37.040 She's really good.
00:16:37.980 By the way,
00:16:39.280 if you are an American official
00:16:41.400 and you're going over to China,
00:16:44.200 I would think it's important
00:16:46.540 that someone is either with you
00:16:49.100 from our side or their side
00:16:51.480 and would say,
00:16:53.540 by the way,
00:16:54.260 these are hallucinogenic mushrooms.
00:16:56.760 I mean,
00:16:57.080 how do we let our Secretary of the Treasury
00:17:00.380 having business meetings
00:17:01.940 eat hallucinogenic mushrooms?
00:17:06.140 It really is incredible.
00:17:09.360 Yeah, you would think
00:17:10.120 that they would have somebody
00:17:11.180 who is checking the kitchen,
00:17:13.400 ordering the food,
00:17:14.540 you know,
00:17:14.680 putting protocols in place anywhere,
00:17:16.700 even if you were domestic,
00:17:18.580 let alone in a foreign country,
00:17:20.400 let alone in China.
00:17:21.320 So it just goes to show
00:17:22.620 what a bang-up job
00:17:24.460 this administration is doing once again.
00:17:26.820 Okay, so there was somebody,
00:17:28.860 let me see if I can find this.
00:17:30.840 There was somebody that came in yesterday,
00:17:36.320 economist Kalao Schwab,
00:17:39.640 I didn't realize that,
00:17:40.780 founder of the World Economic Forum,
00:17:43.960 said that the biggest threat
00:17:46.400 to economic stability
00:17:47.520 is the imbalances of the world
00:17:49.260 and laughed at the idea
00:17:52.580 of a common currency
00:17:54.420 for the BRICS countries.
00:17:58.860 Yeah, I mean, listen,
00:18:00.340 Klaus Schwab
00:18:01.300 has been peddling communism
00:18:04.380 under a different brand
00:18:05.940 for more than 50 years now.
00:18:08.140 He is the generator
00:18:10.280 of the idea of stakeholders,
00:18:12.880 that, you know,
00:18:13.300 he gets to shape things
00:18:15.600 without having any sort of risk
00:18:17.440 in the game
00:18:17.920 versus a shareholder
00:18:19.860 who obviously takes some risk.
00:18:21.760 I do think that he has biases
00:18:24.060 towards certain parts of the world,
00:18:26.160 and perhaps the BRICS
00:18:27.940 aren't included in that
00:18:29.240 for whatever reason.
00:18:31.800 But you also have Jim O'Neill,
00:18:34.800 former Goldman Sachs economist,
00:18:36.840 saying the same thing.
00:18:37.900 This is ridiculous.
00:18:38.540 It's not going to happen.
00:18:39.860 It's just not going to happen.
00:18:41.940 The BRICS currency
00:18:43.000 taking on the dollar.
00:18:44.680 How can you say that?
00:18:46.540 Well, so, I mean,
00:18:47.500 there are so many different projects
00:18:49.700 that are going on
00:18:51.020 that, you know,
00:18:51.560 perhaps it's not the BRICS currency,
00:18:53.680 but one thing that has been underreported
00:18:56.580 is that the Bank
00:18:58.040 for International Settlements,
00:19:00.040 you may hear of it as BIS,
00:19:02.060 which is the central bank's bank,
00:19:04.780 has been doing all kinds
00:19:06.120 of interesting CBDC projects
00:19:08.540 with different groups.
00:19:10.560 And there is one
00:19:11.320 that is for China, Hong Kong, Thailand,
00:19:14.580 and I believe it's the UAE
00:19:16.660 that's actually made a ton of progress.
00:19:19.620 And we've spent a lot of time, Glenn,
00:19:21.180 you and I talking about, you know,
00:19:22.700 the reserve currency situation
00:19:24.960 and how the dollar is going down
00:19:27.200 as a percentage of reserve holdings.
00:19:29.960 But the other reason
00:19:30.980 why the U.S. dollar is so sticky
00:19:32.700 is that it's used in so much of payments.
00:19:35.320 I've seen numbers anywhere
00:19:36.680 from 80 to 88 percent
00:19:38.480 of all foreign transactions
00:19:40.980 from country to country.
00:19:42.540 The U.S. dollar is on one side
00:19:44.080 or the other.
00:19:45.140 So they are trying to attack
00:19:46.820 not just this reserve currency,
00:19:48.840 but the payments.
00:19:50.000 That's what this BRICS currency is about.
00:19:52.620 But it's also what these projects
00:19:54.620 and places like the Bank
00:19:56.080 for International Settlements are about
00:19:57.740 is chipping away
00:19:59.280 the U.S. dollar's dominance.
00:20:01.300 And if countries can trade
00:20:02.800 amongst themselves
00:20:03.960 going around the dollar,
00:20:06.180 then that has, you know,
00:20:07.400 not only the economic implications
00:20:09.560 here at home,
00:20:10.640 but it also has geopolitical implications
00:20:13.440 because that means
00:20:14.500 they can get around things
00:20:15.900 like sanctions
00:20:17.080 and regulations
00:20:18.300 and taxes.
00:20:20.020 And for people to poo-poo 0.99
00:20:22.160 that that's going to happen
00:20:24.040 is insane
00:20:24.660 because we're already seeing that.
00:20:26.300 We're already seeing China
00:20:27.480 make deals
00:20:28.280 with other countries
00:20:30.160 for energy
00:20:31.200 and trying to settle that
00:20:32.700 in the yuan
00:20:33.760 that has some
00:20:34.700 physical settlement
00:20:35.860 in gold.
00:20:37.240 China and many other
00:20:38.560 central banks
00:20:39.260 have been loading up
00:20:40.240 on gold
00:20:40.860 in their reserves,
00:20:42.360 probably as a
00:20:43.600 not one-to-one backing,
00:20:44.900 but some level
00:20:45.800 of backing
00:20:46.320 for their currency.
00:20:48.020 So the idea
00:20:48.580 that these countries
00:20:49.560 are not trying
00:20:50.240 to chip away
00:20:51.200 at the U.S.'s dominance
00:20:52.780 doesn't mean
00:20:53.540 the U.S. dollar
00:20:54.240 is going away,
00:20:55.740 but taking us
00:20:56.840 out of that pole position
00:20:58.300 and having the inability
00:21:00.260 to leverage the dollar
00:21:01.840 for the benefit
00:21:03.140 of the government's
00:21:04.320 expansion
00:21:04.820 and financing,
00:21:06.080 for our benefit
00:21:07.180 of, you know,
00:21:07.760 cheap financing
00:21:08.640 around the world,
00:21:09.900 and for, you know,
00:21:11.120 these sort of
00:21:11.680 geopolitical endeavors,
00:21:13.300 I think,
00:21:14.140 is absolutely naive.
00:21:16.720 So Michael Burry,
00:21:18.200 you know who he is.
00:21:19.260 I do know who he is.
00:21:20.520 So he's the guy
00:21:22.040 who, you know,
00:21:23.700 bet against
00:21:24.440 the stock market
00:21:25.560 in 2008,
00:21:27.040 made more than,
00:21:28.080 what,
00:21:29.040 $1.5,
00:21:29.780 $1.6 billion.
00:21:32.460 He has just
00:21:34.200 bet against
00:21:35.800 the U.S. stock market
00:21:37.640 to a large,
00:21:41.060 with a large sum
00:21:42.180 over a trillion dollars.
00:21:44.900 What's happening here?
00:21:46.860 So people who may know
00:21:48.800 Michael Burry
00:21:49.440 will know him
00:21:50.120 from the book
00:21:51.040 or the movie
00:21:51.660 The Big Short,
00:21:52.640 and he was one
00:21:53.300 of the key figures
00:21:54.360 that snipped out
00:21:55.580 what was going on
00:21:56.560 with the mortgage crisis,
00:21:57.640 made these big bets,
00:21:59.540 and won
00:22:00.720 in that particular case.
00:22:01.940 He's made a lot
00:22:02.500 of predictions,
00:22:03.440 some of them,
00:22:04.060 you know,
00:22:04.220 just like anybody else
00:22:05.180 in the stock market,
00:22:05.920 some of them work,
00:22:06.960 some of them don't,
00:22:08.200 and obviously
00:22:08.920 it's a function
00:22:10.480 of timing.
00:22:11.520 He has done this
00:22:12.260 with options,
00:22:13.040 so that the trillion dollars
00:22:14.580 that you're looking at
00:22:15.680 is the notional value,
00:22:17.420 that means if everything
00:22:18.440 were to come to fruition,
00:22:20.180 that could be,
00:22:21.160 you know,
00:22:21.540 potentially what it's worth,
00:22:23.000 but that's not
00:22:24.040 how much he put up.
00:22:24.980 He put up a fraction
00:22:25.720 of that because he's
00:22:26.500 putting on options
00:22:27.640 and betting against it.
00:22:29.140 I think the concern...
00:22:30.580 When you do that
00:22:31.720 and you lose,
00:22:33.160 don't you have
00:22:33.680 to cough up the money?
00:22:35.300 No.
00:22:35.580 So when you buy
00:22:36.440 an option,
00:22:37.300 you're buying a contract
00:22:38.520 for a fraction
00:22:39.560 of its value.
00:22:40.880 So it's sort of like
00:22:42.000 placing a fractional bet.
00:22:44.140 So if I think
00:22:45.180 that the stock market
00:22:46.460 is going to go up,
00:22:48.340 I might buy a call option
00:22:50.160 and it says,
00:22:51.120 okay,
00:22:51.720 well,
00:22:52.020 in the future
00:22:52.540 on this particular date,
00:22:54.100 if it's gone up 20%,
00:22:55.660 I get a huge windfall,
00:22:57.300 but I only have to pay
00:22:58.440 a tiny fraction of that
00:23:00.040 to make that bet.
00:23:01.020 And so most of these things
00:23:03.840 expire and you lose
00:23:05.980 that small amount,
00:23:07.080 but when you get it right,
00:23:08.740 it's a big potential payout.
00:23:10.020 So according to the
00:23:12.420 Securities and Exchange Commission,
00:23:14.240 he filed on Monday,
00:23:16.280 more than 93%
00:23:17.920 of his entire portfolio
00:23:19.740 is now betting
00:23:20.780 against the stock market.
00:23:23.120 Yes.
00:23:23.520 So basically,
00:23:24.500 there is this notion
00:23:25.640 out there amongst
00:23:26.660 the investors
00:23:27.360 that the Fed is putting forth
00:23:28.800 of what is called
00:23:30.180 a soft landing.
00:23:31.800 And that is that
00:23:32.640 the Fed is going to be able
00:23:34.000 to control inflation
00:23:35.360 without disrupting
00:23:36.980 the economy.
00:23:37.960 And some of the issues
00:23:39.780 that we've been talking about,
00:23:41.680 you know,
00:23:42.160 whether it's the bank
00:23:43.380 potential for a bank crisis
00:23:45.040 or the stickiness
00:23:46.800 of inflation
00:23:47.540 creates a lot of concerns
00:23:49.460 over whether that
00:23:50.500 can actually be achieved.
00:23:51.680 And it may not be achieved
00:23:53.380 in one of two ways.
00:23:54.500 Either you don't get
00:23:55.900 the inflation down
00:23:56.900 and that causes
00:23:57.480 a series of problems
00:23:58.920 or you do get
00:23:59.600 the inflation down
00:24:00.660 and you do that
00:24:02.320 by disrupting the economy.
00:24:04.180 So based on the things
00:24:05.380 that he's seeing,
00:24:06.380 and certainly I haven't had
00:24:07.480 the chance to speak
00:24:08.280 with him yet,
00:24:09.020 but given his interest
00:24:11.160 in banks,
00:24:11.880 it could be some
00:24:12.600 of the headwinds in banks.
00:24:14.240 We've seen a downgrade
00:24:15.540 of some of the banks.
00:24:17.040 We've seen Fitch say
00:24:18.440 that they may have
00:24:19.440 to downgrade
00:24:20.020 even the big banks.
00:24:21.200 We've seen an FDIC report
00:24:23.100 showing concern.
00:24:24.300 We've seen an academic report
00:24:25.760 showing concern
00:24:26.660 over the banking sector,
00:24:28.140 even though we're telling
00:24:29.000 that that's correct.
00:24:30.300 You know,
00:24:30.760 that may be the source
00:24:32.420 of what he's concerned about,
00:24:33.720 you know,
00:24:34.040 not to mention
00:24:34.540 the commercial real estate
00:24:35.620 issues there,
00:24:36.480 since that's an area
00:24:37.760 that he's been focused
00:24:38.700 on previously.
00:24:39.460 But that's just speculation
00:24:40.900 on my part
00:24:41.880 because I haven't heard
00:24:42.780 why it is that specifically
00:24:44.440 that he's betting against him.
00:24:45.820 But there's plenty
00:24:46.760 of choices to be made.
00:24:48.100 So let me take a break
00:24:50.420 and when we come back,
00:24:51.380 I want to talk to you
00:24:52.240 about the commercial
00:24:53.080 real estate market
00:24:54.440 because there's
00:24:56.680 an enormous amount
00:24:58.040 of money
00:24:59.680 and buildings
00:25:01.500 that need to be refinanced.
00:25:04.460 And some of these
00:25:06.720 big companies
00:25:07.480 are just turning
00:25:08.340 the buildings over
00:25:09.120 to the banks
00:25:09.740 and saying,
00:25:10.480 take it,
00:25:11.000 and walking away.
00:25:12.020 that can't happen
00:25:14.140 very many times
00:25:16.320 before things begin
00:25:18.680 to collapse.
00:25:19.620 And if you look
00:25:20.280 at San Francisco
00:25:21.560 and Los Angeles,
00:25:23.120 they are ghost towns
00:25:25.360 and somebody is responsible
00:25:27.740 for all of that money
00:25:29.260 in those buildings.
00:25:30.280 So I want to talk
00:25:31.500 to you about that
00:25:32.640 and also Ford.
00:25:35.600 Ford seems to be
00:25:37.720 hemorrhaging money
00:25:39.480 and how long
00:25:41.360 can that go on
00:25:42.520 before somebody says,
00:25:43.840 okay,
00:25:44.100 we're out
00:25:44.780 of the electric vehicle
00:25:46.000 business.
00:25:47.020 You're listening
00:25:47.460 to the best
00:25:48.160 of the Glenn Beck program.
00:25:50.060 So I was talking
00:25:51.380 to a real estate guy
00:25:54.220 and he said,
00:25:55.860 in the future,
00:25:57.300 when we have all EVs,
00:26:00.540 all of these parking garages
00:26:02.640 are not built
00:26:04.400 to hold that much weight.
00:26:06.580 if you swap cars
00:26:09.260 out for EVs,
00:26:10.340 those things
00:26:10.780 are just going
00:26:11.220 to collapse.
00:26:12.880 And he said,
00:26:13.900 and we're not sure
00:26:14.840 if cars are really
00:26:16.000 going to be around,
00:26:16.780 so some of us
00:26:17.640 are looking at
00:26:18.180 parking structures
00:26:18.960 and can we build them
00:26:20.480 in such a way
00:26:21.040 where we can make
00:26:21.780 apartments out of them
00:26:23.160 eventually?
00:26:23.980 And it's like,
00:26:24.420 this is crazy.
00:26:26.140 Just crazy.
00:26:27.680 And I know
00:26:28.200 some cities
00:26:30.000 are looking
00:26:30.700 to convert
00:26:31.460 these giant
00:26:32.940 work towers
00:26:34.260 into apartments
00:26:35.900 and condominiums,
00:26:37.120 but there's no place
00:26:38.960 for people
00:26:39.420 to go
00:26:39.940 and to shop
00:26:40.680 and to work
00:26:41.600 in some of these cities.
00:26:43.520 How much commercial
00:26:44.980 real estate
00:26:45.600 is coming up
00:26:46.820 for renewal
00:26:47.520 and what do you
00:26:50.260 suppose is going
00:26:50.880 to happen?
00:26:52.480 Yes,
00:26:52.680 it just so happens
00:26:53.560 that I have written
00:26:54.820 on this previously.
00:26:56.340 So there was a report
00:26:57.160 from Morgan Stanley
00:26:58.160 from their chief
00:26:58.840 investment officer
00:26:59.800 and they said
00:27:01.040 that basically
00:27:02.320 about half
00:27:03.620 of mortgage debt
00:27:04.860 in commercial real estate
00:27:06.220 is coming up
00:27:07.040 for financing
00:27:07.760 in the next two years.
00:27:09.660 But the part
00:27:10.380 of commercial real estate
00:27:11.640 that really
00:27:12.340 is having
00:27:13.460 the biggest issues
00:27:14.500 is the office space,
00:27:15.660 right?
00:27:15.840 Because they're dealing
00:27:16.640 with the work
00:27:17.760 from home situation
00:27:18.920 and the fact
00:27:19.420 that these cities
00:27:20.040 have been decimated
00:27:20.920 by crime
00:27:21.620 and nobody wants
00:27:22.220 to go into the office.
00:27:23.980 So basically,
00:27:24.980 they said
00:27:25.260 almost a quarter
00:27:26.340 of the mortgages
00:27:27.700 on office buildings
00:27:28.980 have to be refinanced
00:27:30.360 by the end of this year.
00:27:32.220 And one of the
00:27:32.740 This year?
00:27:33.720 This year,
00:27:34.500 2023.
00:27:35.900 So this is an ongoing issue
00:27:37.940 and so they're facing
00:27:39.140 that double whammy
00:27:40.300 that now the interest rates
00:27:41.900 are higher
00:27:42.460 and their occupancy rates
00:27:44.280 are lower
00:27:44.740 because people aren't
00:27:45.700 going back to work
00:27:46.620 which is why you're seeing
00:27:47.680 in some cases
00:27:48.920 the people just giving up
00:27:50.720 and giving the keys
00:27:51.700 back to the bank.
00:27:52.840 The issue,
00:27:54.080 you know,
00:27:54.220 as it relates
00:27:54.700 to the banking sector
00:27:55.620 as we were just talking about
00:27:57.060 is that in some cases
00:27:58.600 it's some of these
00:27:59.600 smaller regional banks
00:28:00.960 that have a lot of exposure
00:28:02.480 to commercial real estate.
00:28:04.640 So that is
00:28:05.780 a big potential issue
00:28:07.500 in terms of stability.
00:28:09.140 Now,
00:28:09.280 we've seen
00:28:09.740 the Federal Reserve
00:28:10.620 step up
00:28:11.540 and backstop
00:28:12.900 all kinds of,
00:28:14.160 you know,
00:28:14.380 crazy things
00:28:15.000 on balance sheets
00:28:15.760 before
00:28:16.240 and certainly
00:28:16.900 in the short term
00:28:18.500 we've seen them
00:28:19.160 backstop
00:28:19.760 the long-dated
00:28:21.060 treasury securities.
00:28:22.560 So whether they're
00:28:23.120 going to have to come in
00:28:24.120 and do something
00:28:24.760 for commercial real estate,
00:28:26.560 you know,
00:28:27.160 I think that's
00:28:27.760 a big possibility
00:28:29.360 and it seems like
00:28:30.820 so far
00:28:31.320 they've been willing
00:28:31.960 to do that
00:28:32.680 because if they don't
00:28:33.880 do that
00:28:34.540 then it is utter chaos
00:28:36.180 in the banking sector
00:28:37.240 and then all bets are off
00:28:38.800 which is,
00:28:39.220 you know,
00:28:39.560 tying it back
00:28:40.060 to what we were talking
00:28:40.780 about with Michael Burry
00:28:41.660 given the fact
00:28:42.340 that he has been
00:28:43.240 so focused
00:28:44.000 on the banking sector
00:28:45.180 I do just wonder
00:28:46.640 if,
00:28:47.520 you know,
00:28:47.680 that is the area
00:28:48.700 that he's most
00:28:49.380 laser focused on here.
00:28:50.640 So,
00:28:51.320 I mean,
00:28:53.620 how much
00:28:55.300 can a bank
00:28:56.260 take on,
00:28:56.880 I just look
00:28:57.680 at San Francisco.
00:28:59.500 San Francisco
00:29:00.200 is a ghost town.
00:29:03.160 It is,
00:29:03.580 it's unlike anything,
00:29:05.040 every time I see it,
00:29:06.280 do you remember
00:29:06.700 the movie
00:29:07.180 with Charlton Heston
00:29:08.080 called The Omega Man
00:29:09.280 or the Will Smith movie,
00:29:14.100 what was it?
00:29:15.640 Yeah,
00:29:16.120 I Am Legend.
00:29:17.140 Oh,
00:29:17.340 I Am Legend,
00:29:17.820 yeah.
00:29:17.940 where he's alone
00:29:18.880 in New York.
00:29:19.740 It's like that
00:29:21.160 in San Francisco.
00:29:22.840 It's crazy.
00:29:24.880 It is.
00:29:25.280 I don't know if you know
00:29:25.860 that I started my career
00:29:26.920 in San Francisco.
00:29:27.800 I actually worked
00:29:28.620 in the Transamerica
00:29:29.480 Pyramid Building.
00:29:30.480 That's where I started
00:29:31.440 my career
00:29:32.040 and my husband's
00:29:32.860 from the Bay Area
00:29:33.900 and to see
00:29:35.120 what has happened
00:29:36.140 to that city
00:29:37.240 is an utter travesty.
00:29:39.000 In fact,
00:29:39.340 one of its
00:29:39.860 long-term retailers,
00:29:41.900 this fabulous,
00:29:42.860 high-end,
00:29:43.400 beautiful retailer
00:29:44.100 called Gumps
00:29:44.940 that's an independent
00:29:46.480 boutique
00:29:47.580 store
00:29:48.320 put this letter,
00:29:49.980 this open letter
00:29:50.860 to the mayor
00:29:52.200 and to Gavin Newsom
00:29:53.780 basically begging
00:29:55.380 and pleading
00:29:56.040 for them
00:29:56.380 to just do their jobs.
00:29:58.120 Yes.
00:29:58.540 This is untenable
00:29:59.660 and saying that,
00:30:01.060 you know,
00:30:01.180 they've been around
00:30:01.660 for over 100 years
00:30:03.300 that this may be
00:30:04.440 their last year
00:30:05.560 in business
00:30:06.320 because they just
00:30:07.280 can't do it
00:30:08.180 from a safety perspective
00:30:09.700 and from all the issues,
00:30:12.680 the crime
00:30:13.120 and everything else
00:30:14.180 that's going on
00:30:14.820 in that city.
00:30:15.420 So it's a huge issue.
00:30:18.160 Right.
00:30:18.400 So just that one city,
00:30:20.860 if they don't turn
00:30:21.940 that one city around,
00:30:24.140 that could take banks down,
00:30:25.960 could it not?
00:30:27.180 Several.
00:30:28.200 I mean,
00:30:28.500 I think it would certainly
00:30:29.480 create a lot
00:30:31.180 of potential issues
00:30:32.360 and you have to realize,
00:30:33.520 as you said,
00:30:33.900 it's just that one city
00:30:34.800 but it's not just
00:30:35.440 that one city
00:30:36.160 if you see what's happening.
00:30:37.160 One of my other places
00:30:38.880 of residence,
00:30:39.560 Chicago
00:30:40.000 and particularly
00:30:41.800 on Michigan Avenue
00:30:43.060 which was the shopping mecca
00:30:44.440 and all of the retailers
00:30:46.280 that have flown out there.
00:30:48.340 What's that?
00:30:48.800 No,
00:30:49.140 people have just
00:30:50.200 absolutely hightailed it
00:30:51.700 out of there
00:30:52.340 because they can't deal
00:30:53.400 with the crime situation
00:30:55.140 and all of the looting
00:30:56.640 and the fact
00:30:57.140 that people haven't
00:30:58.160 been coming back
00:30:58.940 to the city
00:30:59.580 in the same way.
00:31:01.340 So these are
00:31:02.380 substantial issues.
00:31:03.620 So you have that
00:31:04.620 from a retail perspective
00:31:07.340 and then you have
00:31:08.340 the office building perspective
00:31:10.200 and all of these things
00:31:11.220 feed on each other
00:31:12.080 because if you don't have
00:31:12.900 people coming
00:31:13.540 into the offices
00:31:14.340 then you don't have
00:31:15.420 the foot traffic
00:31:16.240 for say the other
00:31:17.060 small businesses.
00:31:18.160 So it really becomes
00:31:19.040 this big chain
00:31:20.020 and yes,
00:31:21.280 there are a lot
00:31:21.860 of banks
00:31:22.940 and financial institutions
00:31:24.300 that are financing this
00:31:25.840 and some of the big banks
00:31:27.820 may be able
00:31:28.420 to absorb it
00:31:29.560 but from a smaller
00:31:31.140 or regional bank perspective
00:31:33.020 that has any level
00:31:34.700 of meaningful exposure
00:31:36.120 to this industry
00:31:37.800 it is a huge issue
00:31:39.200 and that's why
00:31:39.760 those red flags
00:31:40.580 are being raised.
00:31:41.960 Okay, back in just a second
00:31:43.400 I want to talk about
00:31:44.420 your finances.
00:31:46.440 You know,
00:31:46.880 what does all of this
00:31:48.240 mean to you
00:31:49.440 and are we living
00:31:52.080 in an age
00:31:52.940 like happened
00:31:54.100 in the Great Depression
00:31:55.240 where household names
00:31:57.620 are just gone?
00:31:59.980 How long can Ford
00:32:01.780 lose billions
00:32:03.560 of dollars
00:32:04.360 year after year
00:32:05.640 after year
00:32:06.380 and still stay
00:32:08.460 in business
00:32:09.080 and they're losing it
00:32:10.880 because of the EV?
00:32:13.580 Back in a minute.
00:32:15.200 This is the best
00:32:15.940 of the Glenn Beck Program.
00:32:17.640 This is the Glenn Beck Program.
00:32:20.720 We're with Carol Roth.
00:32:22.100 Her new book
00:32:22.900 is out.
00:32:24.000 It is called
00:32:24.620 You Will Own Nothing.
00:32:26.900 Makes a great
00:32:27.660 companion book
00:32:28.520 to Dark Future
00:32:29.660 which is
00:32:30.220 both of them
00:32:30.820 are on sale
00:32:31.460 wherever you buy
00:32:32.040 your books.
00:32:32.860 A lot of people
00:32:33.500 buy them together.
00:32:35.260 They're good
00:32:35.640 companion books.
00:32:37.120 I wanted to talk
00:32:38.180 to you Carol
00:32:38.680 about the idea
00:32:41.000 that we're living
00:32:41.920 in a time period
00:32:42.980 where we could see
00:32:44.160 brand names
00:32:45.740 that we all
00:32:46.240 grew up with
00:32:47.140 just gone
00:32:48.660 like Ford
00:32:50.400 is
00:32:51.480 how long
00:32:52.960 can Ford
00:32:53.640 make EVs
00:32:54.760 lose the kind
00:32:56.120 of money
00:32:56.660 that they are
00:32:57.520 and
00:32:59.860 still maintain
00:33:01.580 Ford.
00:33:04.860 So this
00:33:05.940 is an incredible
00:33:07.040 history rhyming
00:33:08.520 situation
00:33:09.460 if you follow me
00:33:10.500 for a second.
00:33:11.520 So as we know
00:33:12.460 Ford lost
00:33:13.320 more than
00:33:13.700 two billion dollars
00:33:14.740 last year.
00:33:16.240 The first half
00:33:17.160 of this year
00:33:18.000 was about
00:33:18.680 one point eight
00:33:19.720 billion dollars
00:33:21.200 and basically
00:33:22.340 that is because
00:33:23.540 of their EVs.
00:33:24.560 They have this
00:33:24.980 high cost
00:33:25.860 of EVs.
00:33:26.940 They cannot
00:33:27.340 compete
00:33:28.040 for the components.
00:33:30.460 They're getting
00:33:30.880 a lot of the
00:33:31.320 materials from China.
00:33:32.260 It's costing more
00:33:33.240 than they had
00:33:33.780 expected.
00:33:35.000 And on top of
00:33:35.640 that people
00:33:36.200 aren't really
00:33:36.880 that interested
00:33:37.480 in paying that
00:33:38.160 much for electric
00:33:38.940 vehicles.
00:33:39.660 So the rest
00:33:40.200 of their business
00:33:40.960 is subsidizing
00:33:42.840 the EV business
00:33:43.860 to a point
00:33:44.480 but obviously
00:33:45.120 they are losing
00:33:46.060 money.
00:33:47.120 Not to mention
00:33:48.140 the fact that
00:33:48.840 China has these
00:33:49.660 tiny little EVs
00:33:51.700 some of which
00:33:52.300 start just
00:33:53.160 over 10,000
00:33:54.280 U.S.
00:33:54.800 dollars that
00:33:55.820 have been
00:33:56.280 penetrating not
00:33:57.160 only China
00:33:57.780 but Europe.
00:33:59.320 Here's the
00:34:00.040 rhyme for me
00:34:00.920 Glenn.
00:34:01.700 Go back
00:34:02.360 to 1979.
00:34:04.620 What happened
00:34:05.160 in 1979
00:34:06.180 is the U.S.
00:34:07.320 under Jimmy
00:34:07.840 Carter which
00:34:08.640 we're feeling
00:34:09.680 very much like
00:34:10.380 this is a repeat
00:34:11.020 of the Jimmy
00:34:11.500 Carter administration.
00:34:12.740 They gave
00:34:13.660 China most
00:34:15.180 favored nation
00:34:16.140 status and
00:34:17.560 that started
00:34:18.200 to accelerate
00:34:19.140 this export
00:34:20.180 of capitalism
00:34:21.200 to China.
00:34:23.620 Eventually
00:34:24.220 by the
00:34:24.840 Clinton
00:34:25.080 administration
00:34:25.800 we got
00:34:26.420 to permanent
00:34:27.460 normalized
00:34:27.900 trade relations
00:34:28.740 and then
00:34:29.360 walk them
00:34:29.940 into the
00:34:30.340 World Trade
00:34:30.740 Organization.
00:34:31.860 We lifted
00:34:32.240 up almost
00:34:32.900 a billion
00:34:33.380 people out
00:34:34.600 of poverty
00:34:35.120 in China
00:34:35.740 but that
00:34:36.800 export of
00:34:37.400 capitalism
00:34:37.980 decimated
00:34:38.800 our manufacturing
00:34:39.900 decimated
00:34:41.000 our wages
00:34:41.540 here in the
00:34:42.120 U.S.
00:34:42.540 and basically
00:34:43.300 gave China 0.99
00:34:44.040 this huge
00:34:44.520 advantage
00:34:44.900 on the
00:34:45.200 international
00:34:45.680 stage.
00:34:46.300 the green
00:34:47.440 movement
00:34:48.040 is doing
00:34:48.900 the same
00:34:49.700 thing again.
00:34:51.220 China has 0.91
00:34:52.040 an advantage
00:34:52.660 from a
00:34:53.220 manufacturing
00:34:53.860 standpoint.
00:34:54.700 They have
00:34:54.980 an advantage
00:34:56.080 from a
00:34:56.460 wage
00:34:56.700 standpoint.
00:34:57.600 We are
00:34:57.840 moving away
00:34:58.420 from traditional
00:34:59.260 energy so
00:34:59.980 they have
00:35:00.440 an advantage
00:35:01.260 from that
00:35:01.680 standpoint.
00:35:02.260 They have
00:35:02.580 the rare
00:35:03.020 earth minerals
00:35:03.820 and whatnot
00:35:04.820 that they
00:35:05.260 can mine.
00:35:06.440 So we
00:35:07.160 are basically
00:35:07.900 giving them
00:35:08.780 the opportunity
00:35:09.720 to put
00:35:11.180 our companies
00:35:12.500 here,
00:35:13.100 our flagship
00:35:13.940 companies,
00:35:14.520 companies like
00:35:15.240 Ford out
00:35:16.520 of business
00:35:17.140 by pushing
00:35:18.080 this insane
00:35:19.580 green agenda
00:35:20.920 and I am
00:35:21.560 just watching
00:35:22.200 this and
00:35:22.920 going this
00:35:23.660 is exactly
00:35:24.520 what happened.
00:35:25.700 People were
00:35:26.240 greedy.
00:35:26.940 The leaders
00:35:27.480 thought that
00:35:28.100 they could
00:35:28.540 take advantage
00:35:29.820 of the
00:35:30.220 situation and
00:35:31.340 it would
00:35:31.820 really work
00:35:32.440 out and
00:35:32.840 it decimated
00:35:33.900 so many
00:35:35.260 people at
00:35:36.040 the expense
00:35:36.840 of just a
00:35:37.340 handful of
00:35:37.880 people and
00:35:38.700 the absolute
00:35:39.380 same thing
00:35:40.240 is happening
00:35:40.720 again.
00:35:42.040 So Ford
00:35:42.800 sells trucks
00:35:44.360 they're
00:35:45.060 known for
00:35:46.200 their trucks
00:35:47.220 and to
00:35:48.940 get a
00:35:49.420 truck,
00:35:49.920 a new
00:35:50.460 Ford truck,
00:35:51.560 you'll wait
00:35:52.120 months for
00:35:53.140 it.
00:35:56.080 Again,
00:35:57.420 how long
00:35:58.340 can Ford
00:35:59.220 abuse its
00:36:00.220 brand,
00:36:01.520 abuse its
00:36:02.640 buyers,
00:36:04.180 not be able
00:36:06.040 to produce
00:36:06.960 in mass
00:36:08.440 what they
00:36:09.100 are known
00:36:09.880 for,
00:36:10.260 what the
00:36:10.520 people want
00:36:11.240 from them
00:36:11.900 and
00:36:13.140 hemorrhage
00:36:13.880 this kind
00:36:14.360 of money?
00:36:15.160 How long
00:36:15.600 can a
00:36:15.860 company like
00:36:16.380 that last?
00:36:18.740 Well,
00:36:19.260 it depends
00:36:19.860 on the
00:36:20.540 powers that
00:36:21.280 be that
00:36:22.260 did the
00:36:23.180 auto bailouts
00:36:24.160 and now
00:36:24.520 are pushing
00:36:25.100 the green
00:36:26.000 agenda.
00:36:26.600 It depends
00:36:26.900 if they
00:36:27.200 want to
00:36:27.520 come to
00:36:27.940 the rescue.
00:36:28.680 Are they
00:36:28.880 going to
00:36:29.280 give them
00:36:29.840 special
00:36:30.560 subsidies?
00:36:31.440 Are they
00:36:31.640 going to
00:36:32.020 give them
00:36:32.420 special tax
00:36:33.240 breaks?
00:36:33.720 Are they
00:36:33.940 going to
00:36:34.200 funnel some
00:36:35.020 kind of
00:36:35.480 money their
00:36:36.020 way in
00:36:36.900 order to
00:36:37.500 make this
00:36:38.100 insane dream
00:36:39.220 that really
00:36:39.680 can't happen
00:36:40.420 at scale
00:36:40.960 and reality
00:36:41.700 try to
00:36:42.720 come to
00:36:43.120 fruition?
00:36:44.000 So without
00:36:44.740 that,
00:36:45.760 I would
00:36:46.320 think that
00:36:46.780 it would
00:36:47.000 be a much
00:36:47.680 shorter
00:36:48.100 trajectory,
00:36:49.100 although we've
00:36:49.820 seen companies
00:36:50.680 hang on
00:36:51.640 longer than
00:36:52.920 expected.
00:36:54.100 But with
00:36:55.180 the aid
00:36:55.880 of the
00:36:56.260 people who
00:36:56.720 want this
00:36:57.380 to be a
00:36:57.880 reality,
00:36:58.900 this can
00:36:59.340 go on
00:36:59.700 for a
00:37:00.020 very long
00:37:00.640 time.
00:37:01.560 But eventually
00:37:02.320 what will
00:37:03.500 happen is
00:37:04.320 you will
00:37:04.580 get some
00:37:05.060 administration
00:37:05.780 that will
00:37:06.740 allow Chinese
00:37:07.840 vehicles to
00:37:08.680 come into
00:37:09.160 this market
00:37:09.740 and they
00:37:10.460 will have
00:37:10.740 to make
00:37:10.960 some
00:37:11.100 modifications
00:37:11.700 so they
00:37:12.140 will be
00:37:12.360 slightly
00:37:12.700 more
00:37:13.000 expensive
00:37:13.460 than the
00:37:14.200 $10,000
00:37:15.200 or $15,000
00:37:16.040 we see,
00:37:17.000 but they
00:37:17.260 will still
00:37:17.580 be less
00:37:18.060 expensive
00:37:18.540 than Ford
00:37:19.720 or GM
00:37:20.560 or any
00:37:21.100 of the
00:37:21.640 other major
00:37:22.360 car companies
00:37:23.620 here in the
00:37:24.100 United States.
00:37:25.400 And for
00:37:25.760 anybody who
00:37:26.560 wants an
00:37:27.100 electric vehicle
00:37:28.120 or is forced
00:37:29.500 into one,
00:37:30.460 they're going
00:37:30.960 to probably
00:37:31.700 go in many
00:37:32.720 cases with
00:37:33.400 a low-cost
00:37:33.960 provider.
00:37:35.380 And yeah,
00:37:36.120 eventually these
00:37:37.180 companies will
00:37:37.960 be put out
00:37:38.600 of business
00:37:39.140 and China
00:37:39.980 will be
00:37:40.380 the one
00:37:40.780 who ends
00:37:41.280 up winning
00:37:41.780 because of
00:37:42.860 our own
00:37:43.500 stupidity
00:37:44.180 and policy.
00:37:45.220 Why can
00:37:45.800 they make
00:37:46.380 those cars
00:37:47.080 so much
00:37:47.640 cheaper than
00:37:48.260 us?
00:37:49.900 I mean,
00:37:50.400 it's $40,000
00:37:52.480 cheaper.
00:37:53.540 That's a lot
00:37:54.200 of money.
00:37:55.740 So they
00:37:56.700 have access
00:37:57.600 to the raw
00:37:58.320 materials,
00:37:59.040 right?
00:37:59.220 It's their
00:37:59.600 raw materials
00:38:00.340 so we can't
00:38:01.200 get them
00:38:01.780 at a markup.
00:38:02.640 From a
00:38:03.420 manufacturing
00:38:04.120 standpoint,
00:38:05.220 they have
00:38:05.880 a wage
00:38:06.640 advantage.
00:38:07.220 We know
00:38:07.860 that we
00:38:08.100 have a
00:38:08.380 very high
00:38:08.940 cost of
00:38:09.600 labor here
00:38:10.260 in the
00:38:10.500 United States
00:38:11.320 vis-a-vis
00:38:12.040 most places,
00:38:13.580 but particularly
00:38:14.280 vis-a-vis
00:38:14.740 China.
00:38:15.840 And as we
00:38:16.540 continue to
00:38:17.880 transition away 1.00
00:38:19.300 from other
00:38:19.940 energy,
00:38:20.760 traditional
00:38:21.240 fossil fuels
00:38:22.240 that are
00:38:23.180 required as
00:38:25.040 part of the
00:38:25.580 manufacturing
00:38:26.160 process,
00:38:26.860 that's going
00:38:27.420 to be part
00:38:27.920 of the
00:38:28.180 issues as
00:38:28.720 well.
00:38:29.340 So all
00:38:29.840 of those
00:38:30.300 costs end
00:38:31.400 up adding
00:38:32.060 up.
00:38:33.400 And you
00:38:33.920 can put
00:38:34.260 some tariffs
00:38:34.760 on,
00:38:35.100 you can put
00:38:35.400 some duties,
00:38:36.180 but China
00:38:36.760 has a
00:38:37.440 massive
00:38:38.040 advantage.
00:38:39.220 And we
00:38:39.540 keep talking
00:38:40.120 about bringing
00:38:40.820 manufacturing
00:38:41.620 back here
00:38:42.500 to America.
00:38:43.240 We're not
00:38:44.140 going to be
00:38:44.800 able to
00:38:45.200 compete on
00:38:45.760 wages.
00:38:46.320 Nobody's
00:38:46.740 going to
00:38:47.000 want to
00:38:47.360 get the
00:38:48.120 wages down.
00:38:49.040 Certainly
00:38:49.300 the unions
00:38:49.900 don't want
00:38:50.420 to stand
00:38:50.800 down.
00:38:51.560 So that
00:38:51.920 means in
00:38:52.700 order for
00:38:53.040 us to be
00:38:53.440 competitive
00:38:53.820 at all,
00:38:55.100 we need
00:38:55.580 to be
00:38:55.900 all in
00:38:56.880 on traditional
00:38:57.800 energy
00:38:58.360 sources.
00:38:59.200 And what's
00:38:59.820 happening,
00:39:00.380 we have
00:39:00.840 this huge
00:39:01.420 move in
00:39:01.880 the opposite
00:39:02.400 direction.
00:39:03.000 This is
00:39:03.720 basic
00:39:04.520 common
00:39:04.880 sense.
00:39:05.320 This is
00:39:05.540 basic
00:39:05.980 math.
00:39:07.140 And these
00:39:07.880 ideas that
00:39:09.020 they have
00:39:09.660 are just
00:39:10.400 again,
00:39:11.080 rainbows
00:39:11.720 and unicorns 0.58
00:39:13.000 that don't
00:39:13.480 exist in
00:39:14.000 reality.
00:39:15.160 So do
00:39:15.420 you ever
00:39:15.880 think,
00:39:17.840 Carol,
00:39:19.200 my wife
00:39:19.740 came home
00:39:20.200 the other
00:39:20.540 day and
00:39:20.880 she had
00:39:22.340 a stop
00:39:22.620 for gas
00:39:23.140 and it
00:39:23.360 was at
00:39:23.600 night.
00:39:24.600 And she
00:39:24.800 stopped
00:39:25.200 in not
00:39:26.500 the best
00:39:27.020 neighborhood.
00:39:28.380 And she
00:39:28.660 said,
00:39:29.040 honey,
00:39:29.260 I was
00:39:29.580 terrified to
00:39:30.860 get out
00:39:31.140 of the
00:39:31.300 car.
00:39:31.780 She
00:39:31.920 said,
00:39:32.180 I don't
00:39:32.420 think I
00:39:33.000 want my
00:39:33.360 car anymore.
00:39:33.920 She
00:39:34.000 has a
00:39:34.220 nice
00:39:34.360 car.
00:39:34.680 She
00:39:34.780 said,
00:39:34.980 I just
00:39:35.240 want to
00:39:35.480 beat her.
00:39:36.560 She
00:39:36.760 said,
00:39:37.020 because I
00:39:37.840 don't want
00:39:38.160 to be a
00:39:38.420 target at
00:39:39.100 a gas
00:39:39.420 station.
00:39:40.320 And she's
00:39:40.880 right.
00:39:42.200 And there
00:39:42.960 are,
00:39:43.860 things are
00:39:44.560 changing on
00:39:45.480 the ground.
00:39:47.080 Harvard
00:39:47.480 is now
00:39:48.740 telling their
00:39:49.720 grad students
00:39:50.660 to apply
00:39:51.240 for food
00:39:52.060 stamps.
00:39:53.500 Food
00:39:53.900 stamps.
00:39:54.660 Harvard
00:39:55.020 is saying
00:39:55.820 that.
00:39:56.780 At what
00:39:57.120 point do
00:39:58.240 the American
00:39:58.980 people,
00:40:00.380 do you ever
00:40:00.900 think about
00:40:01.540 this,
00:40:01.860 where they
00:40:02.560 go,
00:40:03.020 you know,
00:40:03.320 those rich
00:40:03.800 sons,
00:40:04.480 and they
00:40:04.840 just go
00:40:05.760 get them.
00:40:07.120 I mean,
00:40:07.480 that is a
00:40:08.560 huge fear
00:40:09.820 of mine.
00:40:11.520 I think
00:40:12.340 about this
00:40:13.060 constantly.
00:40:14.060 I think about
00:40:14.440 it constantly.
00:40:15.020 I mean,
00:40:15.120 Harvard,
00:40:15.740 I'm the one
00:40:16.260 that coined
00:40:16.680 the phrase
00:40:17.200 that Harvard
00:40:18.020 is a hedge
00:40:18.600 fund with
00:40:19.560 a university
00:40:20.440 attached to
00:40:21.380 it.
00:40:21.680 It is.
00:40:21.940 The fact
00:40:22.460 that they
00:40:22.780 have a
00:40:23.180 $53 billion
00:40:24.840 endowment
00:40:25.760 that's going
00:40:26.340 out and doing
00:40:26.820 things like
00:40:27.220 buying up land
00:40:28.160 and water
00:40:28.660 rights,
00:40:29.080 and that
00:40:29.740 they're
00:40:29.940 encouraging
00:40:30.560 their grad
00:40:31.300 students who
00:40:31.980 are doing
00:40:32.360 a bulk
00:40:32.880 of the
00:40:33.220 teaching
00:40:33.680 and that
00:40:34.520 they severely
00:40:35.300 underpaid
00:40:36.180 to go on
00:40:37.020 the government
00:40:37.800 dole is
00:40:38.540 absolutely
00:40:39.120 disgusting,
00:40:40.300 just like it
00:40:40.780 was disgusting
00:40:41.380 that they
00:40:41.800 were going
00:40:42.160 to take
00:40:42.740 some of
00:40:43.400 the CARES
00:40:44.480 Act dollars
00:40:45.120 until some
00:40:45.740 of us
00:40:46.100 raised our
00:40:46.500 voices about
00:40:47.160 that and
00:40:47.820 forced them
00:40:48.840 to change
00:40:49.640 that around.
00:40:50.660 But I think
00:40:51.020 about this
00:40:51.500 all the time.
00:40:52.320 I mean,
00:40:52.480 this is the
00:40:52.940 issue.
00:40:53.340 When you look
00:40:53.840 at the
00:40:54.360 quote-unquote
00:40:55.140 overall economy,
00:40:56.760 it looks
00:40:57.380 stable because
00:40:58.080 there's a
00:40:58.480 small group
00:40:59.020 of people
00:40:59.520 who have
00:40:59.900 done incredibly
00:41:00.660 well on
00:41:01.320 the back
00:41:01.700 of monetary
00:41:02.280 and fiscal
00:41:02.820 policy.
00:41:03.860 But the
00:41:04.140 average person,
00:41:05.620 Main Street
00:41:06.160 America,
00:41:06.820 is suffering
00:41:07.800 and they
00:41:08.660 are not
00:41:09.140 being able
00:41:09.580 to participate
00:41:10.240 in the
00:41:10.640 American dream.
00:41:11.380 They have
00:41:11.620 Wall Street
00:41:12.120 coming in
00:41:12.700 and trying
00:41:13.040 to compete
00:41:13.580 with them
00:41:14.020 for a home.
00:41:15.020 They cannot
00:41:15.500 buy their
00:41:16.240 food.
00:41:17.000 This is not
00:41:17.600 how we
00:41:18.540 allow America
00:41:19.920 to move
00:41:20.440 forward.
00:41:21.060 And if we
00:41:21.540 don't stop
00:41:22.200 this,
00:41:22.400 if we don't
00:41:22.880 allow the
00:41:23.720 American dream
00:41:24.380 to exist
00:41:25.120 for everyone,
00:41:26.320 there will
00:41:27.240 be civil
00:41:28.740 unrest because
00:41:30.080 it just
00:41:31.220 cannot be
00:41:31.880 sustained.
00:41:32.860 There's
00:41:33.140 absolutely
00:41:33.840 no reason
00:41:34.680 why Harvard
00:41:35.760 should not
00:41:36.460 be providing
00:41:37.100 food for
00:41:38.200 their grad
00:41:38.760 students when
00:41:39.380 they have
00:41:39.680 a $53
00:41:40.320 billion
00:41:40.980 endowment.
00:41:42.400 And it
00:41:43.160 seems almost
00:41:44.180 like it's
00:41:45.120 deliberate because
00:41:45.960 I don't know
00:41:46.600 how these
00:41:47.300 big entities,
00:41:48.460 these incredibly
00:41:49.420 wealthy entities,
00:41:50.480 are not seeing
00:41:51.560 the writing
00:41:51.960 on the wall.
00:41:52.640 If you go
00:41:52.900 back to
00:41:53.260 Henry Ford,
00:41:54.180 it was,
00:41:54.660 yes,
00:41:54.820 I want to
00:41:55.120 make a
00:41:55.380 bunch of
00:41:55.700 money making
00:41:56.680 cars,
00:41:57.260 but I want
00:41:57.660 to make
00:41:57.960 sure that
00:41:58.640 everyone who
00:41:59.140 works in my
00:41:59.580 factory can
00:42:00.320 get paid and
00:42:01.140 afford to buy
00:42:02.060 one.
00:42:02.640 And we have
00:42:02.980 gotten away
00:42:03.500 from that
00:42:03.880 principle and
00:42:04.720 we have to
00:42:05.440 preserve the
00:42:06.060 American dream
00:42:06.900 for the
00:42:07.760 middle class.
00:42:09.300 Carol,
00:42:09.420 thank you so
00:42:09.900 much.
00:42:10.280 As always,
00:42:11.120 good to talk
00:42:11.580 to you.
00:42:12.460 Carol Roth,
00:42:13.720 she has
00:42:14.460 written the
00:42:15.120 new book,
00:42:16.120 You Will Own 0.90
00:42:16.620 Nothing.
00:42:17.640 It's a
00:42:18.140 companion book
00:42:19.400 to my book
00:42:20.460 Dark Future.
00:42:22.280 Find out how
00:42:22.960 you can fight
00:42:23.980 what's happening
00:42:25.120 right now with
00:42:26.900 Dark Future and
00:42:28.160 You Will Own 0.90
00:42:29.280 Nothing.