The price of oil has gone down, which is good news, but Russia is warning of a $300 price hike if we continue to pump oil. Glenn takes a look at the history of demand destruction, and talks about how the Fed manipulated the economy in order to keep prices high.
00:09:36.500And I, I want to explain, I want you to understand, um, why I say it's really bad to get off Russian oil without opening up our own oil fields.
00:09:56.540We, I like that morally we're trying to help Ukraine and we do it by canceling, cutting off their blood supply.
00:10:06.500Over in Russia, but we're also cutting it off here and the rest of the world.
00:10:13.640When you think of a barrel of oil, I want you to think that every time, if you have, let's say you, you know, you have 20 gallon tank.
00:10:22.920Every time you fill up, you're using one barrel of oil, one barrel of oil will only, uh, produce, that's like 19 and a half gallons of gasoline.
00:10:52.500So I want you to understand if the price of gasoline is going up because of the oil shock, there are a few other things that are made from that other about 55%.
00:11:09.960Let me just give you a couple of them.
00:11:13.180Solvents, diesel fuel, motor oil, bearing grease, ink, floor wax, ballpoint pins, football cleats, insecticides, boats, sweaters, upholstery, bicycle tires, sports car bodies, nail polish, fishing lures, perfumes, golf bags, tires, dresses, cassettes, uh, dishwasher parts, toolboxes,
00:12:40.460house paint, water pipes, uh, and, uh, hand lotion, and roller skates, and surfboards, and shampoo, wheels, um, paint rollers, shower curtains, safety glasses, aspirin, luggage, guitar strings, antifreeze, football helmets, awnings, eyeglasses, clothes, toothbrushes, uh, ice chest, footballs, combs, CDs, DVDs, paintbrushes, detergents, tents, uh, balloons, vaporizers,
00:13:07.540heart valves, crayons, parachutes, telephones, enamel, pillows, dishes, cameras, and, uh, anesthetics, uh, um, let's see, artificial turf, turf, artificial limbs, bandages, hair curlers, folding doors, model cars, dentures, cold cream, movie film, soft contact lenses, drinking cups, ammonia, shaving cream, car enamel, fan belts, refrigerators, golf balls,
00:13:34.020and, of course, toothpaste, I'm sorry, gasoline, okay, but other than that, but other than that, okay, so now, here's what's happening, when you take that, uh, under half a barrel of oil,
00:13:50.540that is made into gasoline, each barrel of oil is about 20 gallons of gas, that's remarkably low, I always thought it was much more than that, the rest of it goes into these refineries, and they are doing something, uh, these refineries become crackers, not crack us, but crackers,
00:14:14.500what does a cracker do? A cracker takes the remaining part of the oil and breaks it up through high pressure and heat and, uh, takes the molecules and breaks them apart and then says, okay, we're going to make styrofoams, we're going to make, uh, we're going to make motor oil, we're going to take these, uh, molecules, and we're going to make, um, you know, uh,
00:14:44.480car bodies, whatever, car interiors, glasses, any of these other things, that's what a cracker does, that is always running at a hundred percent, because there's never enough styrofoam and plastic to cover all the meat,
00:15:00.920so we always run these things 100 percent capacity, they are now being backed off to 80 percent capacity, because the crackers run by crack us, I would assume, uh, oh my gosh, why would you assume that?
00:15:20.760Well, because they're evil, that's why, anyway, the crackers, running the crackers, say, we can't make enough money, because there's going to be a, uh, a price, uh, destruction, there's going to be demand destruction, people aren't going to want that little play thing for their baby made out of plastic, because it's going to cost way too much money.
00:15:46.280So, if you thought that there was a problem with supply and demand, you ain't seen nothing yet, and when people are telling you, well, we're willing to pay higher prices for gas, are you?
00:16:06.380Because I've never met that person before, never, uh, well, Stephen Colbert, he doesn't care, he doesn't care.
00:16:16.680Yeah, that's a fascinating one, too, because he doesn't care, because he says he drives a Tesla.
00:16:43.180So, go ahead with your electric cars and act as if it makes us, you know, less energy independent.
00:16:49.180And when you see the price of everything going up, just remember, the people who are leading you to this are the ones that say we have to get rid of fossil fuels.
00:16:59.340Less than half of each barrel goes to gasoline.
00:17:05.640The rest of that barrel goes to make everything else we have grown accustomed to.
00:17:13.720So, when you think that your friends tell you, well, the price, it's worth it, really, you cannot disconnect the price of oil and the price of gasoline to the price of food or plastic or anything else that you are used to buying.
00:17:35.340Demand destruction is going, is coming, and it is coming fast.
00:17:41.660So, every morning when you get up, you step in the bathroom.
00:17:47.820You've got the, you're going to face the same thing, that bathroom mirror.
00:18:14.380It says it shrinks, you know, shrinks things and it didn't.
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00:19:40.660People we've spoken to over the last couple of weeks, they're OK paying higher prices if it means holding Russia accountable for what they are doing.
00:19:48.920But these prices are likely going to creep higher, Kate.
00:19:52.720We'll see how they feel in the next week or so.
00:22:00.740It's like if Elon Musk said, you know what?
00:22:04.640People have to get off this planet and go to Mars with me.
00:22:09.940Uh, and so, uh, don't build anything else but a rocket ship and houses on Mars.
00:22:19.880That might be a problem for everybody who's still living in the present instead of, uh, you know, that utopia on Mars that I'm sure it's going to be.
00:22:31.500Actually, Elon, if you're listening, I would sign up right now.
00:26:45.820For the rest of us that aren't Ukrainians, I think the world, quite frankly, Kira, is surprised by the will of the Ukrainian people to stand up and fight.
00:26:56.900I, uh, we have been fighting, uh, Putin for the last eight years and we had three revolutions in our country when we did not agree with what was going on with, uh, the direction of where we're moving in.
00:27:11.000But right now it's a critical time because we know that we not only fight for Ukraine.
00:27:16.540We fight for this new world order for the democratic countries.
00:27:20.960We knew that we are the shield for the Europe.
00:27:24.180We knew that we are protecting not only Ukraine.
00:27:27.340We are protecting like all the other countries that would be next.
00:29:37.680If you want to say we have a moral responsibility to help the people in Ukraine, I disagree with that.
00:29:45.020I don't think we do have a moral responsibility as a nation.
00:29:48.740Maybe as individuals and people, we do have that responsibility to see it, to say something and to help in all we can.
00:29:57.520But the moral responsibility for our leadership is to make sure that the United States of America remains stable and secure and that its people can actually continue to move on with their lives.
00:30:15.800So you strengthen the United States and then you can help more people.
00:30:21.920What they're doing is helping Ukraine and Europe and everybody else and hurting us just as badly.
00:30:29.460That's that's not that's not a group of people that represent me because that's suicide.
00:31:03.260The Ukraine situation is going on for two weeks.
00:31:05.720So some of it, you know, it's gone up the last few days because of Russia and Ukraine, but it's it's gone up mostly because of him and his policies.
00:31:16.800I mean, I remember everyone was like, oh, you know, if this stuff happens and we could see five dollar gallon gas in California before any of this Russia, Ukraine stuff happened.
00:31:26.680I was in California and saw five dollar a gallon gas.
00:31:29.420It was there before any of this stuff occurred.
00:41:03.180Sure, it does nothing more than bias time.
00:41:06.440But I think that is a positive development compared to what could have been here with all the stuff going on.
00:41:12.560They could have buried all sorts of nonsense in an executive order here that could have done real harm to the entire industry as it develops.
00:41:30.660If you haven't already started, now is the time to start focusing on what you can do to shore up your finances.
00:41:36.940You should be saving money wherever you can.
00:41:39.100Likewise, cutting costs wherever you can.
00:41:41.300Nobody expects you to do it all at once and without a little bit of help.
00:41:45.860There are some professionals that can help you save what could be a buttload of money, a couple hundred dollars a month to up to $1,000 a month, depending on your credit cards.
00:41:57.700If you have these high interest credit cards, they're in double digits now.
00:42:01.500How are you going to pay those off, especially if they start raising interest rates?
00:45:07.000And right now, you being a trusted source of truth to your friends is critical.
00:45:16.120You need to know when you're talking to them, this is true.
00:45:21.440There's nothing that will hurt you more than saying this is true and then finding out when they get on Google and they're like, no, it's not.
00:45:39.800A Kentucky-based virtual sex education summer camp taught young attendees how to masturbate, obtain an abortion, and have sex while on drugs.
00:45:50.240The Sexy Sex Ed Camp was a virtual camp based out of Hazard, Kentucky.
00:46:10.200I mean, you know, they had that on their mind, obviously, a long time ago.
00:46:14.640The organizers have been operating sex education workshops for children since 2012.
00:46:20.240The camp first gained attention on Twitter Tuesday after the account Libs of TikTok and Manhattan Institute scholar Christopher Rufo, God bless him, shared information about the camp, including details about the camp curriculum, which includes a workshop on masturbation.
00:46:39.000Look, I don't think I need to go any further.
00:47:24.920Looks very similar to this one, except lately, everything is different.
00:47:30.760In my universe, that wouldn't have happened.
00:47:34.980You know, the America I grew up in, in that parallel universe, everybody would have gone, excuse me, especially in a place like Hazard, Kentucky.
00:47:44.540They would have been, you're doing a what?
00:47:47.060Nah, I don't think I can give you a business license for that.
00:47:49.240Uh, parents would just know, yeah, I don't think my child needs a, uh, a masturbation workshop.
00:47:58.760I think he probably, no pun intended, has it handled, you know?
00:48:02.180I think he's, I think he probably has that, you know, on his own.
00:48:04.820I don't think you need a workshop on that.
00:48:06.620I feel like the pun was intended there.
00:51:26.520You know, but like making it so that Russian citizens who very well might be against the war can't have an egg McMuffin is not a solution to this problem.
00:53:16.060I am an enemy and I don't mean that I'm going to come and get you.
00:53:20.020I mean, I'm going to do everything I can in my power to make sure that everyone else in the community knows that what you're preaching is poison.
00:56:40.800Because the Don't Say Gay Bill, if that's what it is, they win.
00:56:46.560Because it's insane to ban the word gay from all conversations.
00:56:52.320Instead, what the bill actually does is something totally different.
00:56:56.380And when you get them on the turf where it exists, you win.
00:56:59.100The same thing is happening here in Texas, Glenn.
00:57:01.260If you look at the, they're talking about whether you should be able to have very harmful surgeries and treatments on children who may be questioning their gender for whatever reason.
00:57:16.760Read any article about this bill in Texas.
00:57:21.780And what they will say is, Governor Greg Abbott is banning gender affirmation treatment.
00:57:29.680Now, gender affirmation treatment, first of all, doesn't sound bad and kind of just sounds good, right?
00:57:59.560Why don't you say you're taking body parts off of children?
00:58:03.080Why don't you say you're adjusting their entire development as a child into an adult and with different medications and unproven treatments and all these other weird experiments you're going to try on a bunch of kids?
00:58:18.380Because they know they lose if they discuss it as it is.
00:58:21.980So what DeSantis did there, and I think it's brilliant and it's a model.
00:58:26.080There's a reason why this guy is ahead of everybody else, with the exception of President Trump when it comes to these polls, because he does this better than anybody.
00:58:32.660He puts the discussion where it should be, on the playing field it should be.
00:58:37.020We don't mind defending our ideas and our arguments and our plans for the future.
01:17:01.900They're going to pass it in the House today.
01:17:05.440So you've got to call them right now and then it'll head over to the Senate.
01:17:09.000And by the way, make sure you call the the weasels, the Romneys in the Senate who will not stand up against this, won't stand up by any stretch of the imagination,
01:17:53.620Do not let your Republican leadership, your Republican representatives who claim fiscal conservative, who claim to fight for you, get away with this crap.
01:20:59.980There were so many people that were really mad at you that they were saying, I'm never going to buy a McDonald's burger again unless you do this.
01:21:07.420The reputational risk is not from the public.
01:21:10.680It is from the insurance companies and the banks and everyone else being cut out because you're not on the right side of things.
01:21:18.080You know, I was they were showing some of the McDonald's that were set to close down the next day and there were lines of Russians, you know, going like a mile because they wanted to get their last McDonald's purchase in before they closed down.
01:21:31.060And I thought to myself, we have a lot of cultural differences, but I felt almost Russian in that moment.
01:29:35.340And you've convinced yourself things would be better for your family and everybody you love if you were gone.
01:29:40.440If we take his family at their word, Matthew lost so much faith in America and our justice system that suicide seemed a more reasonable thing than going to court.
01:30:01.500The story of his broken faith hit Americans hard when they heard it.
01:30:10.440But it sends an ominous message about the state of our union.
01:30:16.780We now no longer trust our own nation to deal justly with us.
01:30:24.860Violent criminals released without bail.
01:30:27.300I just saw a sentence for a guy who just completely beat almost to death this elderly man.
01:31:24.960If the goal of our justice department is to break the spirit of our political prisoners, then they succeeded in the case of Matthew Perna.
01:31:36.540But if the goal is, as their mission states, to ensure fair and impartial administration of justice for all Americans, then we've got a lot of work to do.
01:31:47.280For the guilty and for the innocent, we need real justice.
01:31:53.920But what we're getting now is social justice, and it will turn.
01:31:57.320If you're for social justice, it will turn on you in your lifetime.
01:53:12.040But it's a protection that the Founding Fathers put in so that it's not just government officers saying there's probable cause that you committed a crime.
01:53:28.940Instead, what happened was the judge in Texas, for reasons that are unclear, believed that he could transfer Mr. Denny from Texas to D.C. for the preliminary hearing.
01:53:42.780The rule required the judge in Texas to hold the preliminary hearing, and for good reason, because you would think it wouldn't take that long to ship someone from Texas to Washington, but in the criminal system, you'd be wrong about that.
01:53:56.880So it took them 46 days to send him from Texas to D.C.
01:54:04.220So what you're talking about, the 10-day rule, is the federal statute says, yes, you have to be indicted within 30 days, but we're going to add 10 days.
01:54:14.56010 days is reasonable to add if you have to go from one district to another.
01:54:19.700So effectively, that makes it 40 days.
01:54:22.140But, you know, they blew by that here, too, because Mr. Denny was indicted on the 84th day, 84, 84th day after he was arrested.
01:54:34.300So even allowing the government 10 days to transport him would have been 40 days, but they more than doubled that before they indicted him.
01:54:41.760So, Leslie, I just want to make it clear from just the charges, if he did these things, he's not a he's not a guy that, you know, I want out on the streets and probably deserves things.
01:54:59.780So I'm not necessarily fighting for him because I don't know if he's guilty or innocent, but the charges look pretty bad.
01:55:06.620But I in a case like this, at least, you know, in old episodes of Matlock and murder, she wrote, if you if you weren't read your Miranda rights, you were the judge was always like, I'm sorry.
01:56:24.360The judge said he was at a loss that really it's a clear violation of Mr.
01:56:29.100Denny's right to have a preliminary hearing.
01:56:31.040But the judge couldn't do anything about that because when the government indicted him, which they did on the morning of the hearing, when they did that, that unfortunately mooted out the problem that he was denied a preliminary hearing.
01:56:44.380But it doesn't solve the problem that under the Speedy Trial Act, they had to indict him within 30 days.
01:56:53.500And you can't fix the fact that you didn't indict in 30 days by indicting him on day 84.
01:57:56.500Now, the magistrate judge is correct that he was he kind of had his hands tied by two things.
01:58:02.820One, the government got the indictment to the chief judge had issued an order that required the magistrate to write a report and make a recommendation to her.
01:58:13.080So she could act on the defense motion to dismiss the case.
01:58:17.380So the magistrate judge is, you know, he's a lower judge.
01:58:22.540So what he did was he ordered the government to brief the issue about the Speedy Trial Act violation and also, you know, for Mr. Denny's lawyer to respond to the briefing.
01:58:33.700And he set a hearing for later on in the month.
01:58:36.080Now, you know, at that point, I mean, you're just so far out of time with the Speedy Trial Act that he's just sitting in jail for more days that aren't that are not valid.
01:58:46.280I think it's illegal, his current detention.
01:58:48.800But there will there will be a hearing.
01:58:50.760But because the government got the indictment, the case has now been transferred to a regular judge, Judge Moss, instead of the magistrate handling the case.
01:59:02.680So it's a little unclear whether the report from the magistrate will now go to the chief judge or whether it will go to Judge Moss, probably Judge Moss.
01:59:10.740I want to we'll follow up with you on this, Leslie.
01:59:13.860But I would like to if you don't if you have time to hold for just a couple of minutes, I've got to take a quick break.
01:59:19.080And I want to come back and ask you about what James Colmey said in a in an op ed piece earlier this week that they've got to make an example out of these people.
01:59:30.260That doesn't seem like blind justice to me, but I don't know.
01:59:36.120I'd love to get your opinion on that coming up in a second.
01:59:38.720First, these days you can't take anything for granted when it comes to your cyber security.
01:59:43.020Just about everything from your phone to literally your refrigerator is now on the Internet.
01:59:48.980And cyber criminals are out there looking for anything they can get.
02:01:15.300And, Leslie, I want to be really careful because I know you're currently representing Carter Page in his lawsuit in D.C.
02:01:24.120Federal Court against the FBI and James Comey and Andy McCabe and everybody else.
02:01:29.460So if you can answer this, you know, that's fine.
02:01:33.620But I don't know if you read what Jim Comey said in The Washington Post, but he said this investigation is mostly about something that you may not want to think about as an FBI agent.
02:01:48.300It's about sending a message, a shockwave of deterrence.
02:01:52.520So future Americans, whether led by a lying demigod or rightly concerned about the loss of their rights, never again assault the institutions of government.
02:02:00.860That means even those who merely trespass by following the crowd inside must be held accountable, even if only guilty of a misdemeanor.
02:02:09.680That's fine, I think, if that means you go through the system and you pay the fine for a misdemeanor.
02:02:17.760But you're not locked up for months and months.
02:02:21.740If you hit a police officer, OK, you're going to go to jail and whatever the judge.
02:02:26.020But can he say this? Can he go after as general deterrence?
02:02:36.940Well, the concept of general deterrence is one that the courts have long said is a function of the criminal justice system.
02:02:44.260And you're right that because I represent Carter Page and Mr. Comey is a defendant in that lawsuit.